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[bus. ao to JAN 17 1938 LIBRARY TWO SECTIONS—SECTION ONE I (PA U amitu'ttial HI |t (P < TV , *EO. ' COPYRIGHTED IN 1938 BY WILLIAM B. DANA COMPANY, NEW YORK. VOL. 146. '.-ow-^c.nu.cop,$15.00 Per Year ENTERED AS SECOND-Cl ASS r OFFICE O. MATTER JUNE 23, 1B79, ATTHE POST OFFICE AT NEW YORK. NEW YORK, UNDER THE ACT OF MARCH 3, 1879. NO. 3786 NEW YORK, JANUARY 15, 1938 X BROOKLYN TRUST THE CHASE BANK COMPANY NATIONAL BANK Chartered 1866 OF George V. McLaughlin New York President Federal Member CITY The BROOKLYN NEW YORK THE OF NEW YORK chase is tra- ditionally a bankers* bank. For Deposit Insurance Corporation many served years of banks and company it has large number a bankers as New York correspondent and depository. reserve White, Weld & Co. Member* New York Stock Exchange Member f ederal United States Boston New York Amsterdam London Vli Government fj IS United States Securities Representatives' Offices Government Buenos Aires Paris Deposit Insurance Corporathn Securities The Hallgarten & Co. Brown Harriman & Co. BOSTON FIRST CORPORATION Establshed 1850 CHICAGO YORK AND OTHER Chicago Philadelphia Boston > SAN FRANCISCO PHILADELPHIA London Chicago Street, New York Telephone: BOwling Green 9-5000 BOSTON NEW YORK NEW Incorporated 63 Wall Washington San Francisco Representatives in other leading Cities PRINCIPAL CITIES Wertheim & Co. HPl 120 The Broadway State and New York Amsterdam London NewTorkTrust Company CARL Ma LOEB & CO. Barr Brothers & Co. BROADWAY 61 Municipal Bonds Capital Funds NEW YORK . . $37,500,000 INC. New York Berlin Amsterdam London Chicago Pans lOO BROADWAY 57TH ST- & FIFTH AVE. SMITH, BARNEY & CO. 40TH ST. & MADISON AVE. NEW YORK Service to Banks and Dealers since 1888 14 WALL STREET, NEW YORK 522 FIFTH AVENUE, NEW YORK European Representative s Office: 8 principal offices KING WILLIAM STREET HORNBLOWER Sc WEEKS in Established 1888 LONDON. E. C 4 1411 Chestnut St. CHICAGO 105 W. Adams St. 40 BOSTON PHILADELPHIA 111 Devonshire St. Members LONDON 11 Birchin Member of the Federal Reserve System, Lane, EC3 the New York Clearing House ana of the Federal Deposit Wall Street NEW YORK * Association Insurance Corporation New Cleveland, Boston, Chicago, Philadelphia and York, Detroit Stock Exchanges Jan. IS, 1938 Chronicle Financial n Leading Out-of-Town Investment Bankers & Brokers DETROIT Becker & Co. G. A. J. & W. Seligman & Co. Incorporated MUNICIPALS MICHIGAN Established 1893 and No. 64 Wall Street BONDS CORPORATION Investment Securities YORK NEW WATLING, LERCHEN & HAYES Members Commercial Paper York Stock New London Exch. Correspondents BUHL 834 York Curb Assoc. New Chicago Stock Exch. Detroit Stock Exchange DETROIT BLDG., Chicago New York BROTHERS SELIGMAN And Other Cities UNLISTED AND LISTED SECURITIES Charles A. Parcells & Co. Leading Out-of-Town Investment Bankers and Brokers Members of Detroit Stock Exchange PENOBSCOT BUILDING, DETROIT, MICH. MILWAUKEE BIRMINGHAM HARTFORD MARX & CO. Specialists in Connecticut WISCONSIN CORPORATION SECURITIES Securities BIRMINGHAM, ALABAMA Teletype—Milwaukee 92 PUTNAM & CO. EDGAR, RICKER&CO. Members New York Stock Exchange MUNICIPAL SOUTHERN AND 6 BONDS CORPORATION Tel. 6-0151. A. T. T. 750 North Water Street, HARTFORD CENTRAL ROW Milwaukee, Wis. Teletype—Hartford 564 ST. LO CHARTER NO. IS RESERVE DISTRICT NO. 7 13738 Missouri and Southwestern REPORT OF CONDITION OF THE MANUFACTURERS Stocks and Bonds NATIONAL Smith, Moore Si Co, BANK OF DETROIT the in State A. T. & T. DECEMBER 31, 1937 AT THE CLOSE OF BUSINESS ON Published in 5211, Section under Currency, Exchange St. L. 587 U. Revised S. Statutes ASSETS ST. $22,616,561.95 Loans and discounts Mortgage loans St. Louis Stock Teletype call made by Comptroller of the to response Louis St. of Michigan 6,011,174.63 . LOUIS $28,627,736.58 ............ 4,053.55 States Government obligations, direct and fully guaranteed Other bonds, stocks and securities Banking houses, ($288,246.67) Furniture and fixtures, ($1.00) Reserve with Federal Reserve bank . . . . . . 36,399,873.39 13,668,878.26 288,247.67 Overdrafts United Cash, balances with other banks, and of collection cash items in process .. Income accrued but not collected . 16,423,524.51 $201,509.15 106,884.76 . Other Assets Sirnf & Co. 26,162,040.76 308,393.91 ^ $121,882,748.63 SAINT LOUIS ao<) ouvt st TOTAL ASSETS . . . . . . . '~7 ] ! LIABILITIES Deposits: Demand deposits of individuals, rations ..... Time deposits rations individuals, of $66,250,923.04 and corpo¬ 23,214,818.29 . . . State, county and municipal deposits United States Government deposits Deposits of other banks, certified and outstanding . . . TOTAL DEPOSITS (Not investments) Members St. Louis Stock Exchange partnerships, and corpo¬ . partnerships, ..... . . 8,984,259.51 37,735.72 . . ^ cashier's checks . secured by pledge of loans and/or . . . Notices 15,884,783.73 $114,372,520.29 NOTICE OF VOLUNTARY LIQUIDATION 83,042.13 Interest, taxes, and other expenses accrued and unpaid . . Dividends declared but not yet payable and amounts set aside for dividends not declared Loan commitments $402,112.76 Other liabilities 63,628.36 OF THE 29,831.22 MT. Mt. 465,741.12 (Common $50.00) stock 60,000 shares, par $3,000,000.00 ........ 3,000,000.00 Surplus Undivided profits—net . Reserves for contingencies . .... ~ TOTAL LIABILITIES MEMORANDUM: TO SECURE 619,787.17 311,826.70 . . 6,931,613.87 T $121,882,748.63 [ ~ Gilead, Ohio NO. CHARTER 6620 hereby given that the shareholders owning more than two-thirds of the stock of the Mt. Gilead National Bank, Mt. Gilead, Ohio, at a meeting regularly called and held for that Notice Capital GILEAD NATIONAL BANK INVESTMENTS PLEDGED LIABILITIES NONE the 22nd day of August, 1935, voted liquida¬ purpose on that said Bank should go into voluntary tion and be Notice is closing is LOANS AND is and notes closed. further given that the Association its affairs and the holders of its other creditors are hereby notified up present the notes and to other claims against the Association for payment. By order of its Board of State of Michigan, County of Wayne, ssI, C.K. Bartow, Cashier of the above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. > Sworn to and subscribed before 5th day of this Notary Public Correct-Attest. C. K. SEAL F. Directors. BRUCE, President. (SEAL) Bartow, Cashier Henry H. Sanger Alex Dow January, 1938 J. F. Carlson, me WM. The Little Ferry National located at Jersey, is closing Bank, Little Ferry, in the State of New affairs. All note holders and other creditors of the association are therefore hereby notified its Clifford B. Longley Directors to present ment the notes and other claims for pay¬ . LOFTUS V. Dated November 23, BUNN, President. 1937. No. 3786, JANUARY 15, 1938 Vol. 146 CONTENTS Editorials pa an Financial Situation 314 ... Transformation of the Federal Courts 327 Public 329 Opinion and War Comment and Review Clearings in 1937 and the Course of Trade and Speculation 330 Bank States Railroads and Net Earnings of United During November Gross Annual Report New 341 346 345 of the Secretary of the Treasury Capital Issues in Great Britain Book Reviews: The Brotherhood of International Raw Week on 349 349 Railway Clerks Commodity Price Control the European Stock 318 319 324 & 386 Exchanges — Foreign Political aDd Economic Situation Foreign Exchange Rates and Comment Course of the Bond Market 348 - 349 317 385 Indications of Business Activity Week on the New York Stock Exchange Week on the New York Curb Exchange News Current Events and Discussions Bank and Trust - General Corporation and Investment News 461 Dry Goods Trade State and 360 382 430 Company Items Municipal Department — 462 Stocks and Bonds .395 & 422 Foreign Stock Exchange Quotations Dividends Declared 390 . 422 Auction Sales New York Stock Exchange—Stock Quotations New York Stock Exchange—Bond Quotations New York Curb Exchange—Stock Quotations New York Curb Exchange—Bond Quotations Other Exchanges—Stock and Bond Quotations 396 396 & 406 412 416 — 418 423 Over-the-Counter Securities—Stock & Bond Quotations. 426 Canadian Markets—Stock and Bond Quotations Reports Foreign Bank Statements . 323 Course of Bank Clearings 386 Federal Reserve Bank Statements 393 General Corporation and Investment News 430 Commodities The Commercial Markets and the Crops Cotton Breadstuffs Published Every Saturday 451 454 459 Morning by the William B. Dana Company, 25 Spruce Street, New York City RiK^Bminess (Telepnone Dana Company. Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Manager. Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street State 0613). London—Edwards & Smith, 1 Drapers' Gardens, London, E. C. Copyright 1938 by William B. Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879. SuMCTiptlons in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 f°r 6 inonths. South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental (except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months. Transient display advertising matter, 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. Europe 45 cents The Financial Situation various facts during the past week yielded place in the spot¬ have that what in railroad industrial and officials leaders have of encouragement have followed. is scheduled to discuss must, with the in the future. numerous of "another frontier I con¬ by President Hoover early days after the dent that they will be more successful. The general derstanding is that the pose almost ished un¬ pur¬ of all these discussions and business can cooperate to end the one done by the as felt de¬ Govern¬ is vious the have occasions view, some the we length the pre¬ expressed and given reasons belief, that the way for tems so do, spend¬ wayfaring a really understand the an¬ undertaking to for fact sidies, and plaguing it with directed laws more un¬ it the is—that really and our any New Deal concen¬ upon his particular He may not able to al¬ the see It is forest for the trees. coun¬ true, of course, that there sys¬ are special situations which beset err special branches business, such, as try is for of exam¬ the utilities indus¬ ple, threat and the investment banking community. Yet it is cer¬ life. equally true that affect largely to let it alone. convince to tain conditions exist which busi¬ No conferences needed to disclose this fact, nor are conferences to be ways Executive. In other words, is apt attention business. to the the best cooperation the Government can give ness too surrounds as being in other aspects of in it, part of the field which some seriously against "the abundant life" as it is against our wellas man, answer his trate con¬ need not current all is or trial. on question. The business average Meanwhile, let the fact not be overlooked— riotous socialism and sub¬ to this swer It is not democracy but autocracy in its various forms that is ing most of its substance in man It is of importance that the public do not work well in actual practice, and clearly that of experience, ren¬ ally obscure and filled with painful, therein. are money judgment of practi¬ men unusual hazard? history will again demonstrate their weakness ing with it, telling it what power share this History has well shown that other try. great to ders the future exception¬ our permanently must too . revival will not remain confined to this quit badgering it, try¬ precedented cal of social unrespectability to this kind, and you have gone them that warns are Now, just what is it in of Whether it is un¬ Otherwise their the current situation that, perhaps, and certainly very costly experience, will bring a revival of faith in doctrines very like those whose neglect now so grieves this learned educator, and that the ence, way, making grants of or reasonably than to make it. longer the mark of intellectual views great¬ no likely to lose in the . the future assumed, that they more cern of the speaker, but for our part, we are firmly convinced that sooner or later experi¬ for ing to control it, compet¬ to do and not to be . . than is the risks cher¬ almost sacred was not, who shall say?" All thoughtful men business, and the only really effective is to that they undertake the experience have sense no is gone. at the Government to cooper¬ ate with . certainty, but merely avoidable. journals published in this city which exploit day by day a philosophy which is essentially and fundamentally antagonistic to that which we have thought of as our na¬ tive American philosophy, and that frontier and on . some¬ They demand study er abundant be¬ cooperation business, a eccentricity cherish Government we philosophy of government. How to Cooperate tween had to listen. one that of own or obscuring haze be great our back their were, to great concern. was it that when a me conception of tected in "It to which The passed into an era, and quite recently, in which abundant attack is made upon the very bases of our philosophy of government and that frontier which pro¬ ment to restore confidence. As pass concern. sacred shrine in which a our "Now, pression, and just what can be seen Republic, our conception of the Democracy which un¬ derlies that Republic, the philosophy of our American conception of government. That was a frontier which until quite recently was rarely or never challenged by any one to whom is to discover how the Gov¬ ernment have greater They large risks. as else. one different kind and one It is not only within my easy memory, it is within the easy memory of all of you here; in fact, it is almost the passing of the contemporary, frontier which until a little while ago existed at all evi¬ appear much which does give particularly clear. Nor does it very continued, "is of collapse of the New Era is not me in passing of the land frontier, after all, meant simply that our people had to face a new conception of the frontier. . . . "This last frontier which I speak of," he from similar consultations in the not gives basically differ called their point one owners judgments with cash, own his address to the Bond Club of New York on Thursday last, the President-emeritus of Yale University spoke Just near ferences At Executive Chief how these A Frontier That Is Gone particular, in The capital and the managers of capital assume eral, and presumably the today more, It is of course men invested or seeking investment must, in the nature of the case, of problems in gen¬ depression business inevitable that such should be the case. Another and much larger group current "fog of uncertainty" weighs upon perhaps than almost anything else. been visiting the President upon invitation, and the usual pronouncements during the week witness in Washington the minds of practical Groups of public utility executives, prospect. one It is clear repetition. at the risk of some even called the existing light to White House conferences actually occurring or of the relevant country, it appears well to review some CONGRESSIONAL debates House and the Senate committees of the and the work of the manager that a are likely fact it is. business and cast shadows of obscurity across generally the vista of all industry and trade, and if anything these are more confidence than the devastating to more specific hazards. It is doubtful, however, if there is anything to be gained by further exposition of this ancient American doctrine at this point, since to do so Government We would entail repetition of much that has already often been said past, in these columns. be As to the and the causes means of the current lack of confidence available for instilling confidence in the mind of the rank and file of the business men of the today, in are degree never dreamed of in the governed not by laws but by men—or, to precise, by tant a by Men legislation enactment, a man. was In years past, when impor¬ being formulated or in process of business regularly suffered from uncer¬ tainty if the measures under consideration were of a Volume character. restrictive lation and Financial 146 Final new legis¬ some doubt adoption of usually followed by was period of a hesitancy until such time its provisions were as Chronicle and objectives, and with which he still is changing them he lar situations All fairly well settled either by common When these enact¬ by court decisions. or ments set up new administrative boards to administer regulatory provisions of law, the business community, or that part of it less directly affected, found more or that uncertainty was not able proportions bodies such definite until sufficient time had elapsed for and formulate to lines occasions always reduced to reason¬ of But prior to 1933 these policies. relatively infrequent, the laws en¬ were acted comparatively simple ministrators not the and clear, and the ad¬ particularly fired with zeal to reform universe—and rather give effect to fairly in any event their powers were strictly limited. New Deal almost without measures The of visions two, when year or Almost without exception these been have drafted. the heels of cessation, except for short periods of time during the past Congress balked. hastily conceived and poorly majority of them have contained pro¬ than more leged to doubtful constitutionality. effect, all these of of the executive branch In practical have been placed in the hands powers single individual, the President of the United a A few States. of the unconstitutional, sions have not and root yet faced have been ments measures declared been have branch. Many provi¬ Amend¬ final court test. a frequent that it is all but im¬ so possible for the business man, who is supposed to give his attention primarily to the conduct of his affairs, to know at any A veritable flood of rules and these laws has the executive arise been, and is being, poured out by statute and book confusion, even even Administration more of the same To add to to have can longer reasonably certain what is and what is not or, fine, the rules of the state of flux. largely game seem, as more or any upon as will be interpreted. Their content, application at highest court at were, to be in a their interpretation and particular moment seem to decisions of bureaucrats the less direct it In supervision of one man, the President. and a no matter who at any given operates and controls it. ticularly troublesome in President It is, however, existing conditions. mo¬ which on at None travel. to any grasp of of the basic prin¬ to be appear determination to work miracles a and beliefs. controlled With such by by the a system di¬ is it personnel, such strange, not that there is lack of confidence, but that any confidence at all business man Nor is this the full subordinates extra-legal can The President and his story. associates and be summoned by the who must plan for the future. possess they have shown neither temperance ment in using. In one needed) much nor good judg¬ another this is, of Most conducted them¬ so associates (as far as that the business community greater degree of confidence that the high office would be employed constructively, if need To past have controlled their so was informal influence of all. or of President Roosevelt. Chief Executives in the a degree true of all Presidents, but it is true in ex¬ course, traordinary degree felt powerful a and influence, which in the past power for its employment at arose illustrate, is there anyone who doubts that developments in the labor field during late 1936 and the first half of 1937 had as much as factor to do with the boom and the recession in activity from which Certainly fering? no one and even any other single subsequent sharp we are today suf¬ who recalls the campaign addresses of the President in 1936, his semi-official official utterances both prior to the cam¬ paign and subsequent to it, and his official attitude after trouble of an out in the motor moment obviously serious sort had broken industry and elsewhere, can for a question the fact that, more than any other single individual in the Nation, the President was responsible for these untoward labor developments —not so quence much by reason of official acts as in conse¬ of the exercise of his extraordinarily power¬ ful influence in to a fashion that was most destructive legitimate business, and his later failure to exer¬ Sincere but puzzled cise it at all. Deal are President. of this But not friends of the New repeatedly asking why business fears the them To course there we suggest a careful review of development. is still more. The Administration is only clothed with powers under which it can regulate, restrict, and generally interfere directly largely at its discretion, but it has with business been empowered to take various steps of a some¬ character, some of which are even what different more unsettling than regulation and control. Not banker replied Congressional inquirer, who had asked ahout with which he in a football has changed game. a the view of the financial community concerning the stability of the dollar, by asserting that so long as possessed the power to alter the gold par¬ the President The content of the currency during his early days in office likened himself to the quarterback readiness as hither and thither, but obligated to ditional American rected to system in which uncertainty is inherent ineradicable, ment apparently being not only privi¬ long ago a well-known investment Uncertainty Inherent in System Here is as employment of methods quite in conflict with tra¬ for that matter, how loosely drawn and obscure passages under pressing seems the ablest member of the bar present constituted, depend the least, from its ancient moorings, constitutional in the view of the their they as upon is sort. Supreme Court of mass Much the legislation is still the the broken in part, at and not always self-evident. new upon undergoing legislation to day-to-day situations any means Congress to enact the are Nor is the application of this larger part of this be regulations issued under hapless executive, and these, too, daily revision. own given moment where he stands. business, and ciples of practical economics, and all fired with Nearly all of them have endowed various commis¬ arms of themselves highway control undreamed of power. think gives evidence of selves and with heretofore compari¬ equally subject to change of mind. are swerve Some of them in toto have fallen within that category. sions, boards and other time, is evidence enough that in order to seek out the smoothest and most agreeable them sweeping one enactment has followed close upon another them average Since the advent of the new of the wheel of do so, to in dead earnest when he made this His aides son. consent from time was clearly understood and their application to particu¬ 315 The his policies man must feel unit the practical business uncertainty about the situation, or words to this effect. the Federal Reserve Complete political control of System inevitably results in a Financial Chronicle 316 of uncertainty about money and credit, similar type possession by the Treasury of billions of dol- The gold and silver which it can at discretion in- lars in ject into the economic stream or withhold indefinitely is another cause which naturally produces like results. Again, the Federal Government is en- gaged in sundry activities directly in competition with private business, and is empowered to expand activities in several directions. these funds for the purpose, or mous the It has enor- ing meanwhile been immensely enhanced by such What the Presi- additional legislation as the undistributed profits tax. It naturally took a period of time for the New Deal program to produce its inevitable effect. Some decides, or may decide, any morning before breakfast well do in any or all these matters to the best laid cause could plans of business men to go Why Afraid of the President? point to turn to question with a which the defenders of recent governmental policies There is nothing in recent his- security program. tory, the Roosevelt boom included, to discredit the "If all of complaint of business that the uncertainties and true," they ask, "how did it happen that hazards of the times are too great for it to endure wont to dismiss are fully in force, parts of the program are even yet not such for example as the thoroughly unsound payroll taxes, which form a part of the so-called social badly awry. It is well at this public funds created at the banks for the purpose, as was true from 1934 to 1937, they leave us with vastly increased public debt and many other maladjustments. In either case their duration is selflimited. In the most recent instance, the pump¬ priming process was discontinued, and business was unable to proceed, amid prevailing uncertainties and hazards, even with relatively routine operations under its own steam, its difficulties, incidentally, hav- is authorized to take steps necessary to obtain them. dent Jan. is, 1938 this is business this array of fact. relatively steadily gained momentum and increased and prosper. In light of all that has been said, it is evident profits from the early days of the Roose- velt Administration until Gener- early this year?" that much more than official conferences, carefully ally speaking the Roosevelt policies, they with much staged, will be necessary to restore real and abiding truth confidence to business. point out, sort that for the be are were now almost from the very first of the roundly condemned and blamed uncertainty and difficulty which are said to making it impossible for business to proceed farThis is ther. fair a the allurement it seems than because of any in the first too much covery by more to hold for the difficulty its plain a of reason unthinking answer presents, place, those who ask the question attach significance to the "recovery" of 1934-1937. have We question and deserves although it is important answer, enjoyed no really robust, full-blooded at any time since the collapse of 1929. Such discussions may help to allay some of the most urgent and they conceivably probably) (although fears of the day, afraid not we are lay a basis for really effective work may at some later time. Meanwhile it must be added that, if reports from Washington are to be taken at face value, we shall be fortunate to escape from all consultations without another National Re¬ these covery Administration scheme under some other name. re- Federal Reserve Bank Statement Due in part to almost irresistible natural forces, in part. /CREDIT and currency developments reflected in to inflationary factors, and in part (paradoxical ^ it may face of continued consumer demand of large propor- tions, branches of business concerned with ers' the their longer term future own long. minds that the They, as the pre-Christmas peak $285,000,000. far a as plans concerned, lived serve really certain in member bank excess reserves by $120,000,000 in the capital equipment, normally toward a more banks, this occasioned a further increase of were upward movement would accompaniment an assurance of continued abundant life in the future, the movement faltered and expired without permit- Excess reserves now are reported statement week. at $1,390,000,000, or the largest total since the in¬ crease of reserve requirements was completed. banks again failed to dispose of the $37,825,000 serve Treasury securities added to the open market port- open This strengthens the view that folio in November. stage, and that despite the fact that more than one industry found itself unable with existing equipment to handle the business actually offered it. There are, moreover, a number of reasons why even this type of recovery could not longer continue, and why a more vigorous and healthy recovery expected under existing conditions. eries" always carry destruction. own Such "recov- within them the seeds of their When they are attended by eral over-enthusiasm and unwarranted was the case in the system, overloaded structed more plant. is not to gen- market operations are a one-way affair under the current political domination of the System, Although some gold transactions unquestionably occurred in the week covered by the current statistics, no change is reported in the monetary gold stock, which remains at $12,755,000,000. The com¬ bined condition statement of the 12 Federal Reserve banks reflects certificates a drop of $1,000 in holdings of gold to $9,119,891,000. But other cash as naturally moved up sharply on the drop in currency 1920's, they leave the economic circulation, and total reserves advanced $40,150,000 with debt to $9,532,109,000. and When the business optimism, unwisely man con- proceeds cautiously and the boom is spoon-fed with Not- withstanding these circumstances, the Federal Re- ting such activity to get much beyond the planning branch of Together with modest drop in the Treasury balances with the Re- never As to the improvement in and additions good business and the only progress all branches but practically largely from hand to mouth, be In the week to Wednesday from circulation, making the aggregate decline from years "kept their fingers crossed." of corresponding advance. of the Roosevelt Administration four closely related thereto, during the or urally their profits, to a substantially increased their activity and nat- first very last consum- the current banking statistics consist mainly further rapid post-holiday return flow of curreney to the banks, with banking reserves showing a of night, according to the Federal Reserve credit summary, no less than $115,000,600 currency was retired goods, for as apear) at times to fear of the future in the circulation Total Federal Reserve notes in actual receded $67,712,000 to $4,190,134,000. deposits with the regional banks advanced Volume Financial 146 $107,852,000 to $7,709,738,000, account the with member bank $7,193,380,000 ; a drop of the Treasury general account balance by $11,575,000 to $115,321,000; a decrease of foreign bank deposits by $609,000 to $174,704,000, and a drop of other deposits by $2,095,000 to $226,333,000. changes consisting of an increase of deposits by $122,131,000 to reserve The reserve advanced to 80.1% from 80.0%. ratio $35,000 to $11,115,000, while industrial advances receded $11,000 to $17,883,000. Open market holdings of bankers' bills were unchanged at $540,000, and open market holdings of Treasury securities remained at $2,564,Discounts by the System increased 015,000. Business Failures in caution in mak¬ ing commitments. The rise in levels which started with the new year was continued last Saturday and and 35% above the number re¬ ported for Dec., 1936. In the last five months of 1937 every month except September had more failures than the corresponding month of the preceding year but the year's total nevertheless, because of the very few casualties in the first half year was under the very low 1936 figures and the smallest in fact since 1920. 932 firms failed for $13,291,000 in 786 failures for $10,078,000 in with November and 692 for $12,288,000 in Dec., 1936. failures aggregated 9,017 involving In the entire year compared with 9,185 involving $147,253,000 in 1936 and 11,510 involving $183,013,- $135,594,000 liabilities 000 liabilities in 1935. Separating the December figures according to the branches of industry shows increases over various Manufacturing 1936 in every classification. Dec., failures numbered 200 in Dec., 1937 compared with 141 Dec., 1936 and liabilities in in that line were $5,117,000 last December as compared with $3,120,000 in the same month of the preceding year. In the retail trade division 527 firms failed for $4,622,000 compared with 398 involving $3,953,000 in Dec., 1936. One hundred and four wholesale trade organizations compared with 78 failed last month liabilities in Dec., a year 1937 amounted to considerably less than in the same when failures involved $3,136,000. earlier but $1,991,000, month of 1936 In the construc¬ were 53 failures last December and preceding; here too liabilities were smaller however, amounting to $852,000, hardly more than half the $1,601,000 involved in the Dec., tion group the in 43 there year 1936 disasters. Commercial service failures totaled 48 with liabilities of $709,000 compared with 32 with $478,000 liabilities the previous year. only section of the country where there were The fewer failures in Dec., 1937 than in Dec., 1936 was area comprising the St. Louis Federal Reserve District. In all other Districts there was a rather the substantial increase from the preceding year. the standpoint of liabilities involved, however, there was an increase in the St. Louis District while in Boston, New York, a From reduction from a and Dallas districts there year the was earlier. in set that were early this week, there ample indications that internal and interna¬ tional uncertainties are causing much apprehension close yesterday. They were not entirely can¬ gains were modified. celed, and the list as a whole thus displayed small net increases for the week. Turnover on the New to Exchange dwindled steadily from near 2,000,000 mark in the initial session of the less than 1,000,000 in the later periods. gains were due largely to Initial vances in some continued ad¬ important commodities, such as cop¬ long sustained. added of week But this trend was not An advance in steel operations confidence, as did a rapid increase and some of the grains. per little to a employment in the automobile industry. Annual began on Tuesday, but the managers of the great institutions contented themselves largely with sensible analyses of the meetings of bank stockholders When the commodity advance existing situation. failed took to profits Wednesday, and the selling started a through, some realizing of carry place on slowly for the remainder of decline that continued the week. Roosevelt made known President on invited some scores of indus¬ House conferences in the endeavor to overcome our own business troubles, but this failed to stimulate the market. French diffi¬ Wednesday that he had leaders trial to White culties began to impress traders and investors un¬ favorably, which added to the mild pressure on the market. the listed In bond market the reflected with equal accuracy. uncertainty was United States Treas¬ intermittent demand, owing to bank resources. Bestgrade corporate bonds remained firm, with the quick success of a new flotation of $30,060,000 Consoli¬ dated Edison debentures adding a bit to the demand for issues already listed. Among secondary rail¬ road liens the movements- were irregular and ury issues were in the rapid increase of idle changes were lower small. levels early in Japanese bonds plunged to appeared the week, when it that war would be declared United States neutrality legislation thus automatically called into operation. In the commodity markets the improvement of the first week of the year was continued for a while, but it came to a halt on Jan. 12 and induced a spirit of caution. Foreign exchange dealings reflected possible for a time against China, and the the growing crisis in France and the tremendous to London and New York. outflow of nervous money suffered Francs was a virtual collapse, and sterling also The official stabilization funds under pressure. much of the shock, as a matter of course. loans on the New York Stock Exchange re¬ took up Call unchanged at 1%. On the in the New York market until the continued Liquidation on a modest scale was the rule in the latter half of the week, with the result that early The New York Stock Market ALTHOUGH stock prices moved somewhat higher mid-week session a period of dulness and with the mained /a ending. enthusiastic, but it sufficed to lift prominent issues 2 to 3 points, and smaller gains appeared in the remainder of the list. The force of the advance quickly was spent, however, the year ceding month and were sessions of the week now Buying was never York Stock December COMMERCIAL failures in increase frommonth of showed a sharp the closing the pre¬ In December, tendency toward the greatest a the first two in the comparison 317 Chronicle the New York Stock Exchange the sales at half-day session on Saturday shares; on Monday last were 779,010 they were 1,826,710 shares; on Tuesday, 1,506,260 shares; on shares; on Thursday, Wednesday, 1,209,850 970,610 shares, and on Friday, Financial 318 Chronicle On the New York Curb Exchange 847,600 shares. Jan. Pacific at 12% against 11%. ern 15, 1938 Among the oil on stocks, Standard Oil of N. J. closed yesterday at Monday, 293,370 shares; on Tuesday, 247,750 shares; 49% against 49% on Friday of last week; Shell Union Oil at 17% against 17%, and Atlantic Refin- the last sales Saturday 110,425 shares; were Wednesday, 229,810 shares; on Thursday, 227,235 on shares, and ing at 21% against 21%. Friday, 185,970 shares. on market Saturday and Monday, with prices on from fractions to three In the active metal shares, with other profit-taking, but a the closed marked trading the Wednesday, on Industrial issues curred vailed were of the most changes characterized trading yesterday's and activity, car were esti- production for the power 1,998,135,000 in the previous week, which contained holiday, and 2,244,030,000 kilowatt hours in the a pre- similar week of last year. Car loadings of revenue freight for the week to Jan. 8 are reported at 552,314 cars by the Association of American Railroads, This was an increase of 94,955 cars over the pre- with ceding week, but a drop of 147,732 General Electric on Electric trie Institute at 2,139,582,600 kilowatt hours against irregular dealings, yesterday at 44% against 42% motor week ended Jan. 8 was reported by the Edison Elec- prices closed the session around prices rather mixed at the close. closed time last year. pres- In late trading gradual Slow added 27.8% against 25.6% last week and 78.8% at this a and narrow movements levels. lowest and result as subjected to the most day. more mated by the American Iron and Steel Institute at on Thursday slightly are Steel operations for the week ending today oc- on operations steel rally points declines set in and their Trade and industrial reports encouraging this week, largely because of greater prices A perceptible decline in sales volume day. last and and eased off from fractions to two sure against 29%. scaled down to irregularly lower levels, were Friday of last week; American Smelting & Refin- Indecision higher. irregularly day copper group, Ana- ing at 53% against 51%, and Phelps Dodge at 29% taking groups late in the afternoon checked the decline and prices on up lively trading, On Tuesday the market experienced part. reaction induced by some very vanguard of the rise were the automotive, and steel points in In the conda Copper closed yesterday at 34% against 33% Advancing tendencies were the rule in the stock Friday of same from the cars week of 1937. As indicating the course of the commodity week; Consolidated Edison Co. of N. Y. at 25% mar- against 23%; Columbia Gas & Elec. at 9% against kets, the May option for wheat in Chicago closed 8%; Public Service of N. J. at 34% against 33%; yesterday at 97%c. J. I. Case Friday of last week. Threshing Machine at 90 against 92; In- ternational Harvester at Roebuck & Co. at Ward & Co. at 66% against 65%; Sears, Chemical & The spot price for cotton here in New York closed yesterday at 8.60c. Friday of last week; Allied at 118 against 8.58c. the close as Friday of last week. Dye at 171 against 173%; E. I. du Pont Nemours de yesterday was 14.57c. against 114%; National Cash as on at 50 yesterday at 10%c. to 11c. against 47%; National Dairy Products at 15% against 14%; National Biscuit at 20 against 19%; Gulf Sulphur at 32% against 30%; Conti- nental Can at 42 against 41% Friday of last week. the close against 14.44c. the close Domestic as closed copper against 10%c. to 11c. Friday of last week. on In London the price of bar silver yesterday ; on The spot price for rubber Register at 17% against 17%; International Nickel Texas on Friday of last week. Western Union closed yesterday at on on Chicago closed corn at Friday of last week. May oats at Chicago closed yesterday at 31%c. as against 32%c. the close on 34% against 33%; Woolworth at 40 26% against 26% May yesterday at 60%c. as against 62%c. the close 62% against 59%; Montgomery against 39%, and American Tel. & Tel. at 147% against 147%. against 96%c. the close as was Eastman Kodak at ; 19 13/16 pence per ounce as Friday of last week, and spot silver in New against 19% 163% against 164; Standard Brands at 9 against 9; ounce on Westinghouse Elec. & Mfg. at 106% against 103%; York closed yesterday at 44%c., the close Lorillard at 17% against 16%; U. S. Industrial Al- of last week. cohol at 22 against 21; Canada Dry at 19 against pence per 15; Schenley Distillers at 25% against 26%, and National Distillers at 22 The week. steel stocks against 22%. advanced to higher levels this United States Steel closed yesterday at 59% against 57% on Friday of last week; Inland Steel at 40%. In the motor group, yesterday at 5% against 4% General Motors at at closed Friday of last week; 36% against 33%; Chrysler at against 51%, and Hupp Motors at 1% against In the rubber group, Goodyear Tire & Rubber 1%. closed yesterday at 21% against 20 on Friday of last exchanges, cable London closed yesterday at $4.99% as against $5.00 3/16 the close on Friday of last week, and cable transfers 3.33%c. as Paris closed yesterday at on against 3.39 9/16c. the close on Friday of last week. _ e i iu i European Stock Markets 41% against Auburn Auto on Friday on 75% against 74; Bethlehem Steel at 63% against 61%, and Youngstown Sheet & Tube 59 In the matter of the foreign transfers on jPRESH uncertainties afflicted the stock exchanges * and in Europe's leading financial centers this week, irregular movements developed, with losses rather pronounced than the gains. more ment at New York heartened Improve- European traders investors, for the world trend of business and is be- now week; United States Rubber at 28% against 25%, and B. F. Goodrich at 17% against 16%. Fur- lieved across covery in the United States from the current slump ther and gains were enjoyed by the railroad shares the a the Atlantic to depend largely this favorable factor at newal of French internal troubles, which son Topeka & Santa Fe at 49 against 37; New York Central at 19 against 17%; Union Pacific at 86% against 86; Southern Pacific at 29% against 19%; Southern Railway at 13% against 11%, and North- re- resumption of commodity purchases here. But present week. Pennsylvania RR. closed yesterday 23% against 22% on Friday of last week; Atchi- on Bourse into a wTas more than offset by a re- sent the tail-spin in the first half of the week. Fears that exchange controls might be adopted by the Chautemps regime occasioned a huge outflow of funds from France and the pressure on the franc Volume Financial 146 apparently reached proportions on Thursday that the official stabilization funds were not prepared to combat, for the currency was permitted to slip dras- tically in international dealings. The nervousness in Paris was communicated to London, to a degree, continued market Berlin its but the way and showed only minor variations. British of sections industry up- covery immigrate. the on modest at the start supported industrial stocks. InAnglo-American favorites, changes were minor in the in centered favorable week-end reports from which advanced on York. with copper issues the preferred firm start on Tuesday, the of departments Gilt-edged market. London also issues After securities. prices turned soft in most ground, and most domestic in- stocks lost a little dustrial stocks also were strong, Commodity New drifted Copper downward. upward, however, and international securities were stimulated as a whole by sharp gains in Anglo-Americans. Move- stocks again led the commodity group ments on Wednesday were irregular, largely because Gilt- developments caused nervousness. the French edge'd issues were dull, and weak spots appeared in the industrial section. Further inquiry developed The foreign section was commodity securities. marked favorites, and gains in transatlantic by were and Chinese issues. In dealings on Thursday, gilt-edged obligations well maintained, and commodity stocks also held their sharp declines in Japanese small ground, but weakness prevailed otherindustrial stocks moved slowly Domestic wise. downward, and a more rapid movement levels to lower foreign issues, including the recorded by was Gilt-edged issues were small appeared in industrial stocks and inter- Anglo-American favorites. maintained inereases yesterday in a dull market, while securities. national It * knowledge in Paris, last Monday, was common that the French stabilization fund once again was finding it necessary to support the lower and ties also lost other hand, trends franc, and an developed. Rentes were marked French bank, industrial and oilier equi- feeling uneasy ground. were International issues, on the diverse reactions to Tuesday again was in keen demand, these reflecting the customary French currency The tone on fears. Rentes nervous. tumbled in a and French stocks announcement Algerian Government adding to the confusion. Inter- general of a wave new of liquidation, with an 600,000,000 franc loan at 6% to the national issues soared on excited session on renewed demand. Wednesday losses were In an registered circulated that exchange controls might be clapped down by the Chautemps regime, and a flight from all kinds of securities took place. - Rentes and French equities suffered drastically, while international issues also throughout the list. were sold Rumors were because holders feared restrictions. Thursday the Bourse neared collapse Premier Chautemps On at times, but a rally finally developed when it was that place yesterday when the event occurred. Rentes were marked sharply higher, and other issues also improved. Hardly any trading was done on the Berlin Boerse in the initial session of the week, but the tone was firm. Fractional advances were registered in heavy industrial, chemical and other stocks. FixedLondon Stock Exchange were'• income securities were quiet and steady. The openof the week, but a cheerful tone ing on Tuesday was uncertain, but fresh inquiry Gilt-edged issues were well prevailed. for bounded from their early lows and closed at materially better figures. International securities were steady. Fall of the Chautemps regime was overdiscounted early in the week, and a rally took by arranging for 30,000 Dealings terest refuse firmly to place restrictions on foreign exchange trading. Rentes and French stocks re- Reich emphasized its reItalian farm workers ing with the advance. The a still report an of strikes and disorders wave and isolated Important production, but in France the newest naturally is interfer- ward trend of to on 319 Chronicle made known and his associates would developed and occasioned a recovery that left quotations slightly improved at the end. There were, however, a few minus signs interspersed among the advances. The situation was unchanged Wednesday, with trading still on a very small scale, Gains and losses were about equally numerous at the end, while fixed-interest issues were stagnant throughout. International nervousness finally penetrated even to the Berlin market on Thursday, and losses were the rule in that session. Declines of one to two points were common, although electrical issues resisted the movement. Investment bonds were firm. Small gains were recorded in a quiet session on the Boerse yesterday, soon _ rafip I ^ rp£tti6S . I F'ORMAL steps toward the long-discussed recipro* cal trade agreements between the United States and Great Britain were taken last Saturday by Secretary of State Cordell Hull, through publication of a notice of intention to negotiate. At the same time, Mr. Hull issued a list of hundreds of commodities and articles on which tariff concessions will be considered. These measures were taken in compliance with the requirements of the Trade Agreements Act. Public hearings are to begin in Washington on this question on March 14, and in view of the scope and importance of Anglo-American trade there is every prospect that the sessions will be both lengthy and difficult. It is through this proposed Anglo-American accord that Mr. Hull plainly seeks to effect the greatest reductions in our tariff rates, while obtaining equivalent concessions from the United Kingdom and all other countries to which the concessions will be generalized. Negotiations for the accord will take place in Washington, it is indicated. An extensive delegation from the British Board of Trade is expected in the capital next month or early in March. London dispatches assert that trade associations and manufac- turing groups in the United Kingdom already are being asked for their views on the problem. The now is being pursued long drawn preliminary talks, and it suggests that a final agreement may be only a few months distant, Secretary Hull made it known on Monday that he does not propose to let negotiations with other countries lag, while awaiting the outcome of the discussions with London representatives. Announcement was made of an intention to conclude a reciprocal pact on trade with Turkey. In this case hearings are to begin in Washington on Feb. 23. It appeared last Monday, however, that Mr. Hull's energy with which the matter contrasts favorably with the Financial 320 Chronicle for stimulating world trade through low- program ering of tariff barriers had struck gard to Italy. with that A is, vent serious fluctuations and to maintain an ms orderly market for ordinary commercial treaty new re- States. It is obvious that the silver which Mr. Mor- a snag with Jan. country was contemplated, to replace the genthau silver produced outside the benignly is purchasing at 45c. United an ounce antiquated document that lapsed at the year-end. with taxpayers' money could well be acquired at Under the lesser prices, if the world price accord new Italy prepared to grant was most-favored-nation treatment to the United in itself this and siderable regarded was as States, step of a con- importance, since all sorts of quota and other restrictions have been adopted by the govern- ment at Rome in recent years. These conversations were interrupted suddenly, it appears, by introduc- tion of less the strictly political and largely meaning- question whether the accord could be concluded Italy's part in the on name Emperor of Ethiopia. not of the King of Italy and Washington, of does course, recognize diplomatically the Italian conquest of Ethiopia, and efforts being made to find now are formula that would content both governments. meantime the the temporary agreement which tends the old commercial treaty a In ex- remains in force. the Roosevelt new arrange- purchase of Mexican silver, first ported from that country last Saturday and Washington Mexico to return States, Finance that nounced accumulated on Monday. City from Minister 35,000,000 Suarez an- of the white metal ounces treaty would be sold to the United States Treasury, while 5,000,000 silver would It that Soon after his Eduardo mined ister con- by Mexico under the four-year inter- national silver hereafter. re- visit to the United a was an be sold f There is faint possibility, a that the disclosures so Mexican purchases are the other hand, on far made with regard to the incomplete. It in- seems credible that such largesse should be handed out by the United States Treasury to government that a is steadily and consistently pursuing a policy that is causing enormous losses to American oil com- panies, and to the thousands of stockholders in such unless concerns, been obtained. suitable quid some pro Under the agrarian resources programs has quo and natural of the Cardenas regime in Mex- ico, almost incalculable losses have been sustained by American citizens. In a Mexico City dispatch to the New York "Times," revealing the silver purchase was remarked that the "United States Government FRESH light is thrown on the silver program of Administration by firmed in permitted to essentials, it Silver Program ments for the were sink to its natural level. has given assistance to Mexico in a m0ment of great need, to enabling the regime of President Lazaro Cardenas continue its social reform and pr0gram assistance strengthening its position." given, of course, at the was Such expense of taxpayers in the United States, and if it should de- velop that compensating advantages no Ceived, then it would concerned with the well more zens were re- that Mr. Roosevelt is seem being of Mexican citi- than the welfare of those of who us happen to nve n0rth of the Rio Grande. of newly- ounces similarly each month Van Zeeland Report by the Mexican Min- \y/IlEN Paul van Zeeland was Premier of BelW gium, early last year, the French and British also stated had arrangement been concluded whereunder the United States stabilization fund is Governments to maintain nomic situation and to submit recommendations for 3.6 ratio of the peso to the dollar. a In invited him to study the world eco- Washington, Secretary of the Treasury Henry Mor- removing obstacles to international trade. genthau Zeeland dutifully observed this joint request by the Jr. confirmed Monday on that the 35,- 000,000-ounce purchase had been effected, and he disclosed also that the Mr. on price paid was 45c. an ounce, Morgenthau also revealed that the agreement silver with 2,000,000 Canada involves monthly. ounces Canadian silver our purchase of Both the Mexican and agreements now are on monthly bases, he said. There latest silver. press are When two very or curious aspects to the by the Roosevelt Administration Mr. Morgenthau was questioned by correspondents regarding the bulk purchase of Mexican out that dition accumulations, he is said to have pointed the Silver of metal to Purchase Act requires the adour holdings. ditionally, that Mexico could have ounces He declared, ad- findings virtually completed. are four hours with lain. M. Minister Prime Neville At the end of the conference a Chamber- statement was by the British Government to the effect that van Zeeland desired to ascertain the London particular the views of regime "on the general situation and in the prospects of international action on in the economic and financial spheres." London dis- patches suggest that the reaction of the British Government was negative, is concerned. so far as international action It appears, moreover, that the essence 35,000,000 of the findings was reported also to the French Gov- the result ernment, prices would have been subjected to seriThe agreements maintain orderly silver market," the Secretary added. "an Al- "futile" the which under likewise means genthau By his appears to be own more admission, Mr. Mor- concerned with main- artificial price for silver than in merely accumulating the metal. No explanation is availan why the Secretary thinks it necessary to pre- report vigorous action with a view to as Details of study have not yet been published, but all the democratic countries. than is necessary. the ports agree that it contains recommendations Secretary of the Treasury must pay more for silver viewed circumstances. present though it probably never occurred to Mr. Morgenthau, there is nothing in the Silver Purchase Act, absurd as that legislation is, to indicate that the able He appeared in London, late last week, and discussed his report for sold its fluctuations." taining Europe, lor recent through the London market "with that world ous on van dispatches from London and Paris indicate that his issued one moves two leading democratic States of Dr. re- for terminating the fascist trend toward autarchy, or self-sufficiency, by that of financial aid to such Germany and Italy from It is is reported as be Some to whether the will be published. can than possible suggestions occasioned the unfavorable London and Paris reactions. little more said uncertainty van now Zeeland report Until the full text is available on the matter, but it obviously Volume Financial 146' would be advisable to shed all question and to avoid the The entire matter began to come to a head on possible inference that any political considerations possible light Thursday, when the crucial Parliamentary debate were on permitted to play part in what was intended to be economic a purely objective a met and took stock of the situation. it to the International Settle- doing little of the business for which gather at Basle for the monthly meetings and the always accompany occasioned general matters which Problems by the latest spurt in the armaments race that main was announced a that the demands on the long Cabinet ses- Cabinet would re- intact, and it also was made clear that no exchange controls would be adopted. The debate in the Chamber of Deputies thereafter was directed by the Chautemps forces with a view to keeping the Popular Front session as nearly intact dragged all as possible. The through the night, but early yesterday it was apparent that M. Cautemps could not count upon either the communists or the social- the added reported to be in agreement were competition provide may for business, temporary some ists. Eight socialist Ministers resigned from the Cabinet, and the Chamber then informed that the Premier took no further interest in the debate, expenditure "solves nothing political or eco- The resignation of Premier Chautemps produced a leads and nomic Not much only to destruction." eventual hope appeared to be placed by the bank- in the economic survey and recommendations by Belgian Premier, Paul van Zeeland. the former to There and was It now. of the defeat, . Armaments and Diplomacy of self-sufficiency for any JNCREASES inofnavalday, with all now appear to armaments participants in A be the order the that might be offered under the van the rapidly developing naval race protesting volubly, abandon their programs financial help This means, in turn, that ex- proposals. change controls and trade restrictions would be con- The French by the leading fascist countries. difficulties effects would attempt to organize an effective coalition, was, Germany and Italy would not be inclined to tinued international prompt tendency of all the disparate and the expectation was that M. Blum once more apparently, made plain by the respective spokesmen Zeeland a elements of the Popular Front to join forces again, "premature" just appear internal In plan that may be suggested by Dr. van Zeeland sure change in the situation, and much anxiety as to both world, the bankers believe, view of the state of the that was but they also held that the stimulus any sion it After dispatch to the New York "Times" indicates, a Central bankers ers Finance Min- surveyed in the meeting which ended last Mon- were day, on the Board sessions. extremist to social reform program. designed, European central bankers continue was illuminating discussions is for Bank submit than rather Bank for International Settlements ments is As the session proceeded the Cabinet took place. ister Georges Bonnet was reported ready to resign study. ALTHOUGH 321 Chronicle discussed, it seems, but spokesmen were usual, that peace and self-protection are the only aims. Plans for a huge increase of the United States navy now are taking shape in Washington, The strenuous building of the British and Japanese as from Paris insisted that the economic and financial Governments is no secret, while France and Ger- position of France has improved of late, despite the many new evidences of social and political unrest. work French Crisis ACK of L French certain an(^ the soon will start on two 35,000-ton battleships, prench indicated Wednesday that they in- yesterday, with the outcome un- encouraging, where apparently are to be subjected to further ex- Popular Front occasioned another Cab- and Italian Russia is preparing to build ships on a huge scale, with machinery now being imported or assembled. Taxpayers every- unity among the divergent forces of the inet crisis in Paris also are adding hastily to their fleets. authorities announced over the last week-end that prospects none too tend to match such construction. increasing for months in France, actions by governments that clearly are far more partly because the Popular Front combination of inclined to foster the arts of war than the simplicities of peace. In Europe, meanwhile, the diplomatic outlook showed no improvement whatsoever. Signatories of the Rome protocols gathered in Budapest, last Sun- has been Unrest Radical-Socialists, Socialists and Communists somehow found it realities as quite as necessary did other regimes. to bow to economic The wide social re- forms enacted in a "new deal" manner by the first Popular Front Government of Premier Leon Blum, after this coalition took office in too June, 1936, proved Last June M. widely that Italy called this conference in order to Chautemps took over the Premiership, and restore her waning influence in central European But this affairs, but dispatches from the Hungarian capital expensive for the country to bear. Camille day, for a conference on problems of general interest Italy, Austria and Hungary. It was assumed to of modifications the reforms followed. sensible and necessary that bound the procedure lossened the ties Popular Front together, and as the suggest that little progress was made along lines. such The gathering ended on Wednesday with the political fog thickened an export movement of capital was resumed. Early this week it began to ap- issuance of a statement that Austria and Hungary would extend recognition to the insurgent regime of questionable whether the Chautemps regime General Francisco Franco in Spain. Satisfaction was expressed with the positive results of the meet- pear could attacks survive being made by communist Deputies on the question of social reforms, and a period of skillful maneuvering followed M. Chautemps tried to hold at least tion to loyalty. vated by a the in which the socialist fac- The difficulties quickly were aggra- huge outflow of nervous money, and even problem of possible debated. exchange controls was Rome accords. It appeared, however, that Italy did not sueceed in inducing either Austria or Hungary to resign from the League of Nations, or to join the anticommunist bloc. Perhaps of equal importance was ing and the favorable development of the a meeting in Belgrade, Tuesday, of the Rumanian and Yugoslavian Foreign Ministers, which ended Financial 322 with These existed. Entente Little camp. that understanding countries rapidly are loosening their ties, and sidling into the fascist announcement that a full an It was made known in Rome, last Saturday, the Rome-Berlin axis will receive a little migration of 30,000 Italian strengthening through a the Reich and a counter move¬ farm laborers into advisers into Italy. German industrial ment of a few Jan- Chronicle all thus placed matters considered, but it appears that no action was agreed upon. of that sort was tion it was rumored that new and out, but by Thursday modified peace No definite informa¬ decisions was permitted to leak the Japanese on terms might be submitted to the authorities. nese before Emperor Hirohito. dispatches stated that a formal declaration of Some Avar isss making heavy inroads on Japanese resources, Japan and China FIGHTING was continued bitterly this week in undeclared forced by Japan the that factor which the is incidents again began to although they proved of far less importance crop up, a of last events the of some authorities at British year. Shanghai found it necessary to lodge alleged attacks British municipal police. protest with the Japanese against by Japanese soldiers upon The French Government on Tuesday made an "ener¬ getic protest" against the bombing of a French mis¬ sion in southern China. At Nanking, it appears, property was looted extensively after the American Japanese occupation of the former capital, Shanghai remains tense, with the The situation at reaching out continually for more power conquerors the was expressed which is the now colony. In the battles ers expedition against the v // anything else. than almost Spain reported this week, although the invad¬ were intent upon rounding out their conquests Some engagements through drives here and there. reported north of Nanking, while the southern were was what their with the Chinese slowly retreating defenders The foes. have developed they call a "scorched earth" policy, consisting methodical destruction of the and retreat Chinese Notwithstanding flambuoyant claims by the insur¬ gents, the place appears to the leave of property as they Japanese to advance. The Generalissimo, Chiang Kai-shek, flew from Hankow to the northern front to assume Teruel greatest battles now are raging. to indicate that lation This Guerrilla tactics founded. defenders with are are It Avas again reported this Aveek that each side has 150,000 troops in and around Teruel, and it appears now side the appears not well being used by the For the time being there is little information of any realized that whichever side suffers defeat must then that the It Avas reported Thursday from Lon¬ loyalists suffered a serious reverse in kind seeping through from underground transit system. the on a International complica¬ state. reports again loomed, owing to a submarine attack a\rithout loss of life. fied. on The London The submarine Avas not identi¬ Non-InterArention Committee met Tuesday, but accomplished nothing. Foreign Central Banks Discount Rates of THERE have been of changesthe foreign central no this week in the rediscount of rates any Present rates at the leading centers are banks. in the table RATES OF FOREIGN CENTRAL Effect Argentina.. Date vious Jan. 14 Established Mar. war or peace seemingly was faced Dec. 4 India 3 Aug. 28 1935 Nov. 29 1935 3 June 30 1932 Mar. 11 1935 Chile 4 Jan. 24 1935 43* Java 4 July 18 1933 5 Jugoslavia 23* Ireland 7 Italy - - Danzig that peace to rumored last week terms had been communicated by Japan China, through the offices of the German Ambas¬ sador to Nanking. Tokio reports of Tuesday sug¬ vakia Denmark Apr. 6 1936 14 1937 6 3.65 4 5 Feb. 1 1935 63* July 1 1936 6 Jan. 1 1936 3M Morocco 53* 63* Jan. 2 1937 5 Norway 33* 4 Oct. 19 1936 3H 2H 53* 43* 33* Poland 43* May 28 1935 Jan. 5 1938 Dec. 17 1937 . . Portugal 4 Aug. 11 1937 Dec. 8outh Africa 43* 33* Spain 5 July 10 1935 Sweden Dec. 1 1933 3 Switzerland 23* 13* Nov. 25 1936 2 England 2 June 30 Estonia 5 1932 Finland.... 4 Sept. 25 1934 Dec. 4 1934 France 3 Nov. 12 1937 Germany 4 Sept. 30 1932 5 6 Jan. 4 1937 7 Greece . May 18 1936 Jan. 4 first 10 was 3 23* 43* 33* S3* 3 by the Japanese and Chinese Governments in the It 43* 3.29 Japan Lithuania.. Czechoslo¬ days of this year. 2 1936 2 Hungary 2H 2 Rate Holland 6 4 vious 4H Bulgaria... Batavla Date Established 4~ 1 1936 10 1935 July 1 1935 May 15 1935 Aug. 15 1935 July Pre¬ Effect Jan. 14 Country Rate 3H 33* BANKS Rate in Pre¬ Rate iv Country shown Avhich follows: DISCOUNT Belgium currently are located. question of The vessel, Netherlands steamship, Tuesday. carrying food to a loyalist port, Avas attacked seven miles off the coast in the Mediterranean, and it sank Colombia.. The A great area killed, these devastated and 700 persons Avere Avas Canada interior, where the most advanced Japanese battalions munitions stored Madrid, through an explosion of in exceedingly This tends to make the battle an grim affair. don possibly it is well great discouragement among its MIoav- count upon Austria the far On either for the battle. contest has been depicted as the deciding factor in the entire war, and good effect in a vast section of the report. that the strategic value of the place no longer is the sole reason territory conquered by the Japanese, independent observers foes captive. personal Japanese hopes for an early capitu¬ by the National Government the struggle last Sunday, and the up gave be held still by the loyal¬ in of insurgents surrounded groups loyalists reported that they took 6,200 of their charge of the defense of Shantung Province, where the Small ists. unofficial in progress, which the loyal¬ by surprise during a heavy snowstorm. took ists tions bitter struggle a a tip of the insurgent lines in Aragon Japanese salient was moderately active however, this locked possession of Teruel, the town at the southern the In the north, of the at times. before week in desperate struggle for SPANISH loyalist and insurgent forces remained ers. great Yangtze River basin only desultory appear arc Hongkong, The fear persisted that Japan might attempt a military British over concern principal avenue of entry for Chi¬ supplies. war British the by Much Settlement. International over nese but no representations were made in this instance. formal and it Chinese count upon more upon war China, and international than Chi¬ Meanwhile, the cost of the war is . . Rumania . _ 43* 4 5 43* 7 1934 6 May 15 1933 4 53* gest that these terms were open to acceptance by China until Jan. that the Chinese in the highest 10, and it was spurned the offer. Japanese Intense activity Government circles fol¬ lowed, the Imperial Conference being convened and Foreign Money Rates further indicated IN bills Friday Avere 9-16%, as against 9-16% on LONDON open market discount rates for short on Friday of last week, and 9-16% for three-months' Volume Financial 146 # bills, call at London on Friday on Y<i%> was Changes At Paris the + . —3,000,000 8,831,719,414 7,121,056,051 1,318,451,006 1,442,552,779 874,656,976 3,650,286,826 3,375,400,407 3,908,506,397 —363,000,000 93,468,046,330 88,417,422,085 81,260,371,510 —1,164,000,000 21,623,471,082 16,569,186,717 11,400,430,430 bills discounted., —14,000,000 + 127,000,000 Note circulation contraction note culation, since the year-end peak, is running well ahead of the downward movement in the ing period of last In the week ended Jan. 12 year. notes in circulation decreased with £10,443,000 compared reduction of £7,655,594 in a the The total contraction since the 1937. correspond¬ last to Jan. 12 amounts to Credit current accts. c Temp. advs. with¬ on hand to sight liab. 71.52% 57.49% 51.20% +0.67% b Includes bills discounted abroad, c Rep¬ resenting drafts on Treasury on 10-blllion-tranc credit opened at Bank. Since the statement of June 29. 1937, gold valuation has been at rate of 43 mg. a Includes bills purchased In France gold, 0.9 fine, per franc, previous to that time and subsequent to Sept. gold valuation was 49 mg. per franc prior to Sept. 26. 1936, there were 26, 1936, 65.6 mg. of gold to the franc. Bank of peak of Dec. 22 £27,183,000 compared with 31,908,805,755 19,048,092,309 No change out int. to State.. Propor'n of gold week of same 8.540,560,787 —1,447,000,000 Adv. against secure. that 1936 Francs French commercial b Bills bought abr'd THE statement for the week ended Jan. 12 offers further evidence the in cir¬ Jan. 10, 8, 1937 Francs +20,866 58,932,730,028 60,358,742,140 66,267,831,027 10,492,931 14,162,313 19,444,777 Credit bals. abroad, England Statement Jan. 1938 6, Francs Francs a Bank of Jan. for Week Gold holdings 1%. STATEMENT FRANCE'S COMPARATIVE OF Friday of last week. Money on market rate remains at 3}4% ar*d in Switzerland open at BANK against 9-16% as 323 Chronicle i Germany Statement THE quarterincrease statement dated Jan. of showed slight month in gold and bullion 7 22,000 a only £19,068,530 in the like period (Dec. 23, 1936 to Jan. 13, 1937) of last year. Last movement ceased in the week decline amounted to £23,651,431 to that date the total which is the downward year ended Jan. 20 and up considerably less than the drop this year to only Jan. 12. in circulation a little, and the gain in reserves there¬ amounted to at deposits exactly the week earlier; same a year ago Public level, 37.40%. £1,252,000 and decreased deposits other Of the latter amount, £5,866,374 £6,473,701. bankers from a another was proportion which raised reserve 37.40% from 30.1% was There £10,388,000. sharp increase in the it on and £18,170,000 and accounts Loans accounts. a was other from £607,327 other on securities Reserves in foreign before 82,527,000 marks. and currency showed also investments increases, namely 51,000 marks and 1,193,000 marks, while exchange and checks, advances, other daily maturing obligations and notes creased 804,365,000 circulation de¬ in marks, 12,507,000 marks, 335,- 385,000 marks, and 375,000,000 marks, respectievly. Circulation totals now 5,117,900,000 marks, pared with 4,637,743,000 marks last marks 530,000 ratio reserve the previous parison of Bank's a year ago 2.18%. ago years com¬ and 4,563,- The year. for three different items the year slightly to 1.49%; rose 1.56% and two was A it com¬ years is furnished below: government securities fell off those aggregated 66,758,000 marks and ago year small loss, a was £45,533, of gold, which offset the affect of the decline it to Gold the year bills of In the week ended Jan. 12 there fore marks, which raised the total to 70,661,000 marks. REICHSBANK'S COMPARATIVE STATEMENT rose Changes The latter consists of discounts and ad¬ £78,157. which increased vances £707,145and securities which for Week Jan. 7, 1938 Jan. Reichsmarks Assets— Reichsmarks Reichsmarks count £628,988. which remains at rate different the No change with items made in the dis¬ was 2%. Below show we comparisons for previous Of which depos. abr'd Silver and other coin... „ years. . .. Other assets... .... OF Other liabilities Jan. 12 Jan. 13 Jan. 15 Jan. 17 Jan. 16 5,728,000 5,101,000 Propor. of gold & for'n ♦ Circulation Public deposits Other deposits .. Bankers' accounts. Other accounts 90.168,165 Disct. & advances. Securities Reserve notes & coin Coin and bullion 83,156,199 83,890,001 83,356,413 81,770,807 36,302.673 securities Other securities 33,326,515 12,520,596 32,556,245 20,029,255 18,939,009 9,052,730 21,924,570 15,795,057 8,268,075 13,656,495 9,886,279 20,507.616 20,805,919 12,526,990 74.836.823 85.948,209 64,921,000 63,115,208 58,986.304 327,063,811 314,033,335 200,837,292 192,944,041 191,686,153 Proportion of reserve 37.40% 37.40% 39.09% 47.06% 50.06% 2% to liabilities figures of Dec. 31, 1937. 482,132,000 455,047,031 397,722,084 378,107,218 365,837,944 19,366,162 14,163,044 13,816,260 13,189,000 12,384,131 160,147,732 144,985,659 147,644,125 144,854,591 152,088,832 123,368,148 106,720,106 110,105,314 108,738,416 114,981,108 37.104,724 36,116,175 36,779,584 38,265,553 37,538,811 2% 2% 2% New York Reserve member prevailing conditions of the New York money mar¬ Funds ket. but demand ury last THE statement for the circulation of 363,000,000 week ended Jan. 6 showed decline in a francs, the total note of which is 93,468,046,330 now francs, compared with 88,417,422,085 francs ago and 81,260,371,510 francs two loss was also 3,000,000 shown francs, in in credit French commercial counted of 1,447,000,000 francs, in of 14,000,000 francs a which dis¬ bills The Bank's gold holdings slight increase of 20,866 francs, the total stands at 58,932,730,028 Gold francs. year aggre¬ gated 60,358,742,140 francs and the previous 66,267,831,027 francs. 71.52% of bills bought abroad holdings the corresponding period last 51.20%, A ago. abroad The reserve compared with 57.49% the before. year various items with Below a ratio year we furnish to and the comparisons for previous years: huge amounts, The Treasury sold days, and awards were at an average 0.097%, computed basis. Banks also $100,000,000 New on an annual bank discount absorbed York eagerly an issue of State notes, offered last Tuesday with interest at %% for a maturity of four months, and $15,000,000 bills, offered yesterday three months' paper dating. New York City revenue with y2% interest for a Bankers' bill and commercial dealings were small, with rates unchanged. on the New York Stock Exchange held Call loans at 1% for all transactions, while time loans were 1%% for maturities to 90 days, and 1 %% for to six months' four datings. year rose ago surplus funds employed. bills due in 91 of in Banks turned to the Treas¬ small. Monday another issue of $50,000,006 discount and in creditor current accounts 1,164,000,000 francs. showed years balances a year remained available was issues market in order to keep at least some of their Bank of France Statement Money Market RAPIDLY increasing excess reserves ofweek the banks reflected this Federal 2% Bank rate 2;18% 1.56% 1.49% +0.10% to note circul'n. curr. 1934 1935 1936 1937 1938 of 82,527,000 20,264,000 5,753,000 -375,000,000 5,117,900,000 4,637,743,000 4,563,530,000 716,857,000 731,606,000 723,143,000 -335,385,000 300,929,000 326,710,000 *326,556,000 Notes in circulation ENGLAND'S COMPARATIVE STATEMENT Other dally matur. oblig of 26,564,000 Liabilities— BANK Govt, 66,758,000 —804,365,000 5,327,132,000 4,814,178,000 3,895,946,000 220,391,000 202,699,000 *110,958,000 44,211,000 47,787,000 35,834,000 —12".507", 000 663,713,000 524,044,000 + 1.193,000 392,444,000 727,889,000 670,379,000 *749,694,000 Bills of exch. and checks Investments Reichsmarks 70,661,000 + 51,000 Reserve in foreign curr. Advances Jan. 7, 1936 *20,333,000 +22,000 Gold and bullion fell off 7, 1937 New York Money Rates Stock the DEALINGExchange from day toloan rates on the in detail with call day, 1% was ruling quotation all through the week for both new Financial 324 and renewals .ft The market loans for time money been reported this week. Rates continued nominal at 1%% up to 90 days and 1%% for four to six months' maturities. The market for prime commercial paper has been active and strong this week. Taper has been fairly plentiful and the demand has been good. Rates are quoted at 1% for all maturities. continues quiet, no transactions having TRANSACTIONS in prime bankers' acceptances shown moderate improvement this week. have bills have been coming out in Prime volume and the slightly large The official the rates. issued by the Federal Reserve Bank of for bills up to and including 90 days are pound permitted to fall too sharply thirty-five countries, especially consisting of some South Africa, India, Australia, Scandinavia, Zealand, pared with a range of between $4.99 9-16 and $5.01 week. The range for cable transfers has been last and $5.00%, compared with a between $4.98 15-16 and $5.01% a week ago. nothing essentially new in the exchange situation since early in November. of between $4.99% range foreign been has There impends not only induces The French crisis which now a The bill-buying rate Bank is %% for bills run¬ asked. York Reserve of the New days; %% for 91- to 120-day bills, and 1% for 121- to 180-day bills. The Federal Reserve Bank's holdings of acceptances remain un¬ ning from 1 to 90 changed at Open market dealers are $540,000. quoting the same rates as those reported by the Federal Reserve Bank of New York. The rates for market acceptances are as follows: open flow of French money been felt abroad that there upward 1150 Days— Ashed Ashed - Bid *At Bid Prime eligible bills % Vt 90 Days FOR ■ ■ Bid 7As K K .......... Eligible non-member banks Ks DAYS ........... Discount Rates of 30 Days Ashed Bid K 'Ks DELIVERY WITHIN THIRTY Eligible member banks K *As 60 Days—— Ashed Ashed Bid Prime eligible bills 120 Days Bid Ashed % % bid H% bid ......... .... the Federal Reserve Banks THERE haverates ofno changes this week banks. been the Federal Reserve in the rediscount the schedule of rates now in effect various classes of paper at the different The following is the for DISCOUNT RATES OF to have world to London due to the necessity of maintaining heavy balances there. It is believed that if the depression here were parts of the dollar with a consequent flow of foreign money to New York, which would counteract ness in the London assert reach such a level to favor the as western have hemisphere upon London and Europe been rate should from Aug. Sept. Minneapolis Dallas San Francisco May Aug. Aug. Aug. Sept. Aug. Sept. Aug. Sept. Course of Sterling 2 1937 27 1937 4 1937 11 1935 27 1937 21 1937 21 1937 2 1937 24 1937 3 1937 31 1937 3 1937 IK 2 2 2 2 2 2 2 2 ary ber. According to former seasonal trends Decem¬ of the foreign exchange market sterling should have been easier in terms of the dollar from toward the end of August until after mid-January. Two factors, it would seem, are largely responsible for the present overvaluation of the pound. First, here caused a movement of the recession in business New York and into London and at time arrested the heavy flow of foreign funds away from the same money which had been coming here for several years, renewed depression in French francs and currently a is causing a flight of French into and other European funds equalization fund could not expected to operate to depress the pound in view months. ... favor the pound as , Business interests both here and on Commonwealths is and in the British the other side now centered British-American trade agreement. It will be many months before such an agreement can be concluded, surely not before the heavy demand for sterling and European currencies on tourist account begins. Such a trade agreement on the will plans for effecting a doubtless be the volume it of an important factor in enlarging international has increased in the past which though two is still far existed Trade move¬ little to do with fluctuations in the volume under the automatic gold ments have trade, year or and the freedom which below had very standard. exchange rates ever since the outbreak of the World War. The plan of former Premier Paul van Zeeland of looked forward to as a means of promoting international trade and the stabilization of currencies seems to have received little enthusiasm. Belgium which was True, Mr. Van Zeeland's endeavors have not as yet published, perhaps not even completely for¬ mulated. Even if the results are to be published it will not be for some time to come, but in the opinion been sterling. The British exchange be on now which should steadily with the heavy European exchange during the demands for summer 2 Exchange which has been manifest since early in tourist 2 STERLING exchange in the second week of Janu¬ continues to display the extraordinary firm¬ ness normal exchange conditions gather force and reach culmination IK IK IK IK IK IK IK IK IK IK Kansas City In the ordinary well liquidated. of business under against the dollar, an influence 1 .... against the commercial claims of By this time practically all the 2 IK St. Louis as pound unless business here takes a sharper upturn than now seems immediately probable. Rate New York Chicago dollar Established Boston Atlanta cannot be expected to securities, but it American the present firm¬ In the past week reports from that there is a revival of interest in pound. Previous Philadelphia Richmond reposed in the confidence would again be halted, Dale Sept. Cleveland funds from all There is the usual flow of sterling. the Federal Reserve Banh change either downward in the American gold prices entirely subsided and gold hoarders or Rate in Effect on Jan. 14 a market. course FEDERAL RESERVE BANKS would be again bidding actively for the metal in the London This of course is a source of strength to are must Reserve banks: months The fears that had for some other centers. seem now the funds in into sterling but makes attractive to uneasy market also London SPOT DELIVERY —180 Days— New and The range this week has been between and $5.00 5-16 for bankers' sight, com¬ Japan. New York months, % bid and 9-16 countries, American South some quotation as %% bid and 7-16% asked; for bills running for four months, 9-16% bid and %% asked; for five and six- seasonal against the customary with it the entire sterling alignment it would carry demand has increased to some extent. There has been no change in Were the $4.98% Bankers' Acceptances which have forced the unit up of the circumstances in world estimation trend. 15, 1938 Jan. Chronicle Volume Financial side who seem Saturday, Jan. 325 Chronicle 146 GOLD PRICE LONDON OPEN MARKET of competent observers on the other to have received sufficient official intimation character, the plan is too ambitious of its and, in the current international trade, lessen economic tension, eliminate trade barriers, or effect stabiliza¬ to promote tion of currencies. market is accustomed to see the year-end demand, but the credit position at this time is con¬ sidered abnormally easy. The market turned the year without recourse to borrowing from the Bank of England. This was the first time since 1918 that no year-end assistance has been required. The big clearing banks were in an exceptionally strong posi¬ tion, which may have been a contributing factor conditions in January following position of the market, but favorable to the technical probability long-continued intervention by the authorities must have had something to do with the in all easy money rates. has lasted for so long The condition of easy money period that the profits of discount houses have been reduced to such an extent that they have had to resort a in order to main¬ other forms of financial business to The excessive themselves. tain national trade has had its effect in of the discount market four-months' bills are decrease in inter¬ reducing the scope Currently two-, three-, and . Six-months' bills are 9-16%. 19-32%.. All the gold on offer in the London open market unknown destination, have been taken for to seems On Satur¬ chiefly for account of hoarding interests. £305,000, on Monday Tuesday £606,000, on Wednesday Thursday £631,000, and on Friday day last there was available £198,000, on £581,000, on JrU £725,000. At the Port of for reported by the Federal New York the gold movement the week ended Jan. 12, as Reserve Bank of New GOLD MOVEMENT York, Net Change in figures change. for the week ended on are On Thursday there were no imports Wednesday. change in gold held ear¬ On Friday there were exports of the metal or change in gold exports of the metal or marked for foreign account. imports or no account. held earmarked for foreign Gold held in the inactive daily Treasury statements fund, day changes are our own GOLD HELD IN THE as indicated in the issued during the week ended last Wednesday was as follows. The day-to¬ TREASURY'S INACTIVE FUND $1,222,737,174 1,222,739,261 1,222,885,439 1,222,896,893 1,222,907,400 1,222,916,569 1— 6 Jan. 7 Jan. 8 Jan. 10 Jan. 11 Jan. 12.. Increase for Daily Change +$8,279 +2,087 +146,178 +11,454 +10,507 +9,169 the Week Ended Wednesday $187,674 Canadian exchange is funds ranged and a relatively steady. Montreal this week between a discount of 1-32% discount of 1-128%. The following rate Jan. 11 PRICE on tables show the mean London check Paris, the open market price paid for 8 Monday, Jan. 10 Tuesday, Jan. 11 gold price, and the gold by the United States: MEAN LONDON CHECK Saturday, Jan. — Jan. 13 ...139s. 7d. Friday, Jan. 14 ___139s. 7tfd. PAID FOR GOLD BY THE UNITED RESERVE BANK) Saturday, Jan. $35.00 35.00 35.00 8 Jan. 10. Monday, Tuesday, Jan. 11 147.41 .147.45 ,..147.53 RATE ON PARIS Wednesday, Jan. 12 Thursday, Jan. 13 Friday, Jan. 14 Saturday last STATES (FEDERAL Wednesday, Jan. 12 $35.00 Thursday, Jan. 13 Friday, Jan. 14 35.00 35.00 sterling exchange on firm, up from previous was close. 1-16@$5.00%; cable trans¬ fers $5.00%@$5.00 5-16. On Monday the pound was firmer in limited trading. The range was $5.00 3-16® $5.00 5-16 for bankers' sight and $5.00%@$5.00% for cable transfers. On Tuesday the pound receded Bankers' sight was $5.00 firm. Bankers' cable transfers $4.99 15-16@$5.00 5-16. On Wednesday sterling, while still firm, was slightly easier in limited trading. The range was $4.99 11-16@$4.99% for bankers' sight and $4.99%@$4.99 15-16 for cable transfers. On Thursday the dollar firmed against European units as a consequence of the franc collapse. Bankers' sight was $4.99 5-16@$4.99%; cable transfers $4.99%@$4.99 13-16. On Friday sterling was easier in limited trading. The range was $4.98%® $4.99 11-16 for bankers' sight and $4.99 15-16® $4.99% for cable transfers. Closing quotations on Friday were $4.99 9-16 for demand and $4.99% for cable, transfers. Commercial sight bills finished at $4.99%; 60-day bills at $4.98%; 90-day bills at '$4.98 5-16; documents for payment (60 days) at $4.98%; and seven-day grain bills at $4.99 1-16. Cotton and grain for payment closed at $4.99%. slightly, although the undertone was sight was $4.99% @ $5.00%; Continental and Other Foreign Exchange ON ordered all trading14, the Bank of France FRIDAY, Jan. in foreign exchange sus¬ The Chautemps Cabinet pended. The French is franc resigned. experiencing another new of going to press the complete seemed to threaten. The present crisis, which is only another phase of the crucial monetary situation of France which developed during the war, showed signs of impending trouble on Wednesday of last week, Jan. 5. Until Thursday of this week the French Equaliza¬ tion Fund was fairly successful in maintaining spot francs between 3.38% and 3.40 cents. During this collapse of the unit period future francs were giving evidence of accel¬ erated weakness with the result that, contrary to its custom, 147.65 150.13 150.37 the Equalization steady both 30- and 90-day Fund also operated to francs as well as the spot rate. On calculations: Amount Jan. Tuesday, 139s. 7^d. Thursday, crisis, and at the time 12, INCLUSIVE Gold Earmarked for Foreign Account No above follows: Exports None | | Imports The was as AT NEW YORK, JAN. 6-JAN. $706,000 from India or Jan. 10 Wednesday, Jan. 12 Referring to day-to-day rates ^ The London money easy Monday, international unrest, ineffective as a means state of 139s. 9^d. 139s. 9d. 139s. 8d. 8. Wednesday foreign exchange observers found abandoned operations in the futures market. On that day the spot franc had a range of from 3.38% to 3.38%. Thirty-day francs were quoted at a discount of 13 points below the basic cable rate, whereas on Jan. 4 the discount was three points, itself a strong indi¬ cation of uneasiness. In Wednesday's market 90-day indications that the francs went to a French control had discount of 21% points The situation in Paris under spot. became so critical following there was and other markets that the exchange control seemed to abandon even the effort to maintain the spot rate at the desired debates in the such an Chamber of Deputies and exodus of funds to London parity of 3.40 cents and 147.30 francs to the pound. On Thursday the franc broke to the lowest price witnessed since Nov. 11, 1926. The opening quotation Financial 326 York New in 3.26% was immediately by followed almost cents, drop to 3.25% and later in the a On in London check rate on francs the to (favoring of 0.74%; were low a closed schillings Austrian 3.51%; against francs 147.24 15, 1938 5.26% for cable transfers, against 5.26% 5.26%. considered pound, against Paris) bills and at and terms of sterling when the Paris had moved up to 147.35 Friday of last week francs Jan. 18.90 at against 19.01; exchange on Czechoslovakia at 3.51%, morning by a sharp decline to 3.23. exceedingly weak Chronicle the week on at 0.74%, at against 2.21%. 2.21, closed at 0.91%, against against on Greek exchange 0.91%. pound. the to Finland Bucharest on Poland at 19.00, against 19.01; and on *— ' the Before collapse Thursday heavy selling of on francs abroad sent the London check rate to 147.68 francs to the pound. quotations could be had check rate on Deputies financial progressed in the Thursday on reports pound. EXCHANGE on the countries neutral during the presents features from those of war no of currencies, especially the Swiss franc and the Holland in guilder, $99,000,000 Exchange The comparative franc. ment keep the franc pegged below the level of 30 to the accepted of its 148 the to pound. It generally was fact that the French fund had lost much as sterling assets in its futile attempt to support the franc in face of the heavy flight of capital. The fact that two weeks ago borrowed 5,000,000,000 the from Bank of France and that labor disturbances have increased in Paris and in the industrial centers of the present crisis. causes that the franc should be control. It This the clear was The labor leaders insist placed under strict exchange Chautemps Cabinet objected to. informed to correspondents in Paris that the recrudescence of strikes since the was new of deavors to the Chautemps out France, but this is turbances and in state of by are such false picture a There even in communes France, of which 33,000 have populations of only 1,500 less. or communes The 30,000,000 pay little or more living in these attention to what goes on or no in Paris and least of all to the turmoil and disputes the relation the of leading European currencies to the United States dollar: Parity (franc) Parity Bankers' at 3.92 6.63 3.23 16.95 16.89 to 3.39% Switzerland (franc) 19.30 32.67 23.08 Holland (guilder)...... 40.20 68.06 55.62% to 55.72% between Sept. 26 and Oct. 3, 1936. "float" on June 30, 1937. New York sight bills 3.33, against 3.39% transfers at 3.33%, transfers bills and at 16.90% 16.97% and 16.97%. marks were cable 40.30. on Paris closed Friday In Friday of last week; cable 3.39 9-16. Antwerp 16.90% for bankers' sight for cable transfers, against Final quotations for Berlin sight bills and 40.24 in comparison with 40.30 and Italian lire closed at on Friday of last week. 40.24 for bankers' transfers, European currencies the French center finished on at at 55.65, on Friday on Friday of last week; cable against 55.66; and commercial sight bills at 55.60, against 55.62. Swiss francs closed at 23.09 for checks and at 23.09 for cable 22.32% and 22.32%. 25.75% ished transfers, and cable Copenhagen checks Checks on Sweden closed at at transfers 25.75%, at 25.10% and cable on transfers against Norway fin¬ at 25.10%, against 25.13% and 25.13%. ♦— EXCHANGE on show South American largely in the mixed trends, countries continues various down to of the consequence difficulty encountered by the exchange controls in their endeavors to hold the tendency of imports to increase dispro¬ portionately as result a of the past seasons has had in its few of the successful export years. of the most one satisfactory financial years history and that authorities there anticipate prosperity in a successful year. 1938. The country's eco¬ Argentina's foreign trade showed remarkable expansion to establish 5.26% for bankers' sight record a a during 1937, which is expected exceeding 800,000,000 favorable pesos. balance of trade Exports for 1937 were approximately 50% above those in 1936, and imports rose on against belga transfers closed for on to 23.17 b Franc'cut from gold and allowed to The London check rate at 5.26% to 5.26% New dollar parity as before devaluation of the 150.37, against 147.35 Amsterdam finished on to 16.99 8.91 at ratio a nomic, agricultural, and trade prospects all point to 5.26 a sight 55.65, against 55.66 Range This Week a 13.90 Italy (lira) 3 showed gold to total sight liabilities of 84.4%. continued New Dollar Old Dollar b France The Bank of gold holdings of 1,375,800,000 guilders and of gold ratio of a Dispatches from Buenos Aires show that Argentina following table shows Belgium (belga) Swiss francs and The Netherlands in its statement of Jan. in the French Parliament. The of Jan. 7 showed total of 2,699,000,000 areas by the majority 38,000 are as stocks the dis¬ as large industrial approved no means districts. land in its statement 25.78% and 25.78%; while checks complete unrest through¬ confined to the are impetus also derived from the The National Bank of Switzer¬ finished at 22.30 and cable transfers at 22.30, against en¬ dispatches relating to the disturbed conditions a American securities, an as a Government's inaugurated by M. Blum's administration. All move¬ against 23.16% and 23.16%. modify the economic and social reforms in Paris indicate renewed year entirely political in origin and did not arise consequence a Holland and Switzerland into of funds from collapse of the franc. the principal were con¬ weakness in the Swiss and also attributed to was gold to notes outstanding of 184.27%. the French Treasury francs off, largely in move of the renewed disturbance in the French days the $198,300,000 to inclined to were sequence Dutch units and some Wednesday and Thursday the neutral on Equalization Fund, and that in the previous five dollar in close sym¬ current remained in the Government's $495,750,000 Government had spent move When the dollar showed pathy with sterling. strength new These currencies recent weeks. Chamber were Paris that less than circles in no The London Paris went to 153.75 francs to the debates the As Most of the time futures. on Paris on nearly 40%. A recent finance Bank dispatch from Montevideo stated that the of ministry of the Commission Uruguay has to grant exchange permits importation of automobiles, trucks, well On the Control for the and busses as chassis, bodies, and motors thereof in accord¬ as ance authorized Republic and the Exchange with market necessities. Jan. United 7 States the Governments of Chile and the began negotiations leading toward a reciprocal trade treaty following the signing of a provisional commercial agreement by Foreign Min- Volume United and Gutierrez Ramon Jose ister Financial 146 States 327 Chronicle Charge d'Affaires at Santiago, Mr. Wesley Frost. 10 the Bank of Brazil in furtherance On Jan. of France allot the ease Government Brazilian declared foreign a ex¬ 314,033,335 1,928,350 87,323,000 42,575,000 ceased, milreis deposits. By milreis deposits is meant that unable to allot foreign exchange to liquidate import drafts, the exchange, of import covering drafts resulting thus far in large accumulations in milreis deposits at the Bank of Brazil ruled to make prevailing rates for free exchange, amounting to 17.5 milreis to the United States dollar, in order to the cover ago foreign exchange to lack of the when cover and resulted in large accumulations of frozen credits Eventually these credits were liquidated piece meal in accordance with an agreement negotiated by the Bank of Brazil and the National Foreign Trade Council in the United States, the Bank of Brazil issuing time notes en¬ dorsed by the Brazilian Government to meet the for account of foreign Whether credits. now is by a exporters. similar situation will develop certain. no means are no paper pesos closed on longer quoted. Chilean against exchange 5.19. is 76,828,000 70,170,000 76,789,000 113,820,000 59,963,000 100,701,000 106,515,000 72,856,000 78.480,000 83,351,000 46,825,000 69,392,000 67,518,000 15.872,000 7,395,000 7,515,000 6,603,000 22,654,000 6,555,000 6,602,000 14,430,000 6,544,000 25,524,000 6,551,000 82,160,000 26,145,000 Switzerland Denmark _ . Norway Total week. Prev. week. 7,398,000 6.573,000 6,582,000 1,089,192,474 1,100,177,243 1,101,012,790 1,247,339,815 1,245,214,191 1.087,598.707 1.100,360.845 1,101,058.980 1,245,878,043 1,244,565,499 1936, latest figures available, b Gold holdings of the gold held abroad, the amount of which Is now Amount held Aug. 1, 1936, the latest figure available. The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams of gold 0.9 fine, equal to one franc: this was the second change In the gold's values within less than a year, the previous revaluation took place on Sept. 26, 1936, when the gold was given a value of 49 milligrams to the franc as compared with 65.5 mgs. previously. On the basis of 65.5 mgs., approximately 125 francs equaled £1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at 43 mgs., there are about 190 francs to £1. a Amount hold Dec. 31, Bank of Germany are exclusive of reported at £1.016,650 c Transformation of the Federal Courts The retirement of Associate Justice States United the nominally quoted at 5.19, 24%, against at 24%. Sutherland of Supreme Court carries a long step farther the transformation of the Federal ju¬ diciary which began when Associate Justice Van Deand the withdrew vanter Senator Black then nominated and confirmed in his nominated be it will to be, certainly policies. be one any successor, who is known suspected of being, out of sympathy with the general the not principles and aims of the Roose¬ It may be that the Senate, warned by received for criticism that it deservedly severe prompt confirmation of Senator Black, its quire was place. Whoever may Sutherland's Justice as or even will in¬ carefully into the qualifications as well more political affiliations of the nominee, but there as the is slight reason to expect that the person will not be Peru is nominal 17,022,000 90,458,000 62,400,000 Nat. Belg'm velt Friday, official quotations, at 33.29 for bankers' sight bills, against 33.34 on Friday of last week; cable transfers at 33.29, against 33.34. The unofficial or free market close was 29.30, against 29.30@29%. Brazilian milreis Argentine 2,897.600 90,702,000 Italy com¬ prevented the liquidation of import bills mitments 2,814,850 Netherlands existed in Rio de Janeiro, similar situation £ 191,686,153 618,032,038 192,944,041 656,129,174 Several years commitments in foreign money. a 200,837,292 530,142,648 90,203,000 42,575,000 53,620,000 98,184,000 Spain Sweden change monopoly and decreed also an embargo on 365,810,558 2,516,400 c87,323,000 a25,232,000 Germany b. the foreign exchange embargo began to coverage on import bills. On Dec. 23, when plans to £ 327,063,811 310.172,263 England £ £ £ 1934 1935 1936 1937 1938 Banks of— approved. nominated President Roosevelt's court- the time and packing proposal failed, and for the moment Supreme Court appeared to be safe, but circumstances have conspired to make possible a —♦— reconstitution of the Court in entire accord EXCHANGE on theof importance. On Wednesday features Far Eastern countries presents no new arrived in New York from London. The shipment was entirely in coin and was valued at approximately $4,500,000. This movement has been under way since midsilver shipment Chinese sixth the November and will shipments to bring the total Chinese silver 60,000,000 ounces, valued at ap¬ proximately $27,000,000. The metal is being valued at the United States Treasury's buying price for foreign silver 253,000,000 11 first believed of 45 cents ounces were months of the that about Altogether ounce. an exported from China in the year. Of this amount it is 190,000,000 ounces are being with the President's wishes. It is not the Supreme Court alone, however, that will be transformed. Indirectly, but in an important respect, the change will affect judicial system. the entire Federal Until now it has been possible to with varying degrees of confidence, that a a District or Circuit court affirming the hope, decision of constitutionality of New Deal legislation whose con¬ jurists felt com¬ if only by a five decision, by the Supreme Court. It was stitutionality many lawyers and pelled to deny might be reversed, to four equally possible to hope that the adverse decisions measures held in London. have which Congress, aware of some radical New Deal encountered, would be inclined to attention to the constitutional limitations Supreme Court has pointed out and af¬ Both of those hopes have now been appre¬ pay more yesterday were 29.08, against 29.11 on Friday of last week. Hong¬ kong closed at 31.30@31%, against 31.32(5^31%; Shanghai at 29%@29 25-32 against 29%@29 25-32; Closing quotations for yen checks Manila at 50 3-16, against 50 3-16; 58.70, against 58%; Bombay at and Calcutta at 37.73, against Singapore at 37.73, against 37.76; 37.76. Gold Bullion in European the which firmed. ciably dimmed. With at least a working majority contentions of the Government have Banks The whole process THE following table indicates the amounts of gold bullion (converted into pounds sterling at par of exchange) in the principal European banks as of respective dates of most recent statements, to us are by special cable yesterday shown for the reported (Friday); comparisons corresponding dates in the previous four years: of essentials of the New Deal philosophy, there will be little reason to look for reversals, save upon jurisdictional or tech¬ nical grounds, of lower court decisions in which the Supreme Court favorable to the the constitutional inevitably take been sustained. of judicial review through which rights have been safeguarded must on a different character once the highest Court on the Constitution is believed accord with an Administration opinion of a majority of the meaning and scope of the to be in and to a substantial Congress whose acts a question. litigant has ventured Financial 328 What the ingly, is country has to look forward to, accord- The Executive represents the public opinion as last expressed at the polls, and it is his duty and privi- judiciary. The "judicial power" which the Constitution vests in the and such inferior courts time establish It Congress as is both Supreme Court from time may independent and limited, extends, by the terms of the grant, to "all cases arising under" the Constitution, but it extends The Federal courts farther. no policies is in called in question, some way They have nothing to do with parties or party poliTheir sole business is to tics. the Constitution to such under" "arise Constitution and the cases interpret and apply of the measure may prop- erly exercise, and the application of the test is the tion in the the of independence with which the Supreme Court, attaches to the Court which has lately been heard ignores independent position which that body, and the lower courts as One hears it said, for example, that wise legislation is disallowed well, because Court thinks it reactionary. under the Constitution, occupy majority of the a foolish, tion is set aside because or a Certainly judges, elevation with prophetic vision. Political in few critical a without like other people, to the bench cases, to does not endow pressure them has seemed, dictate decisions which, it, would quite possibly not have been made, would be difficult to of the recent With Parliament law-making body, every Act of ParliaWhat is called the British merit is constitutional. Constitution is not, as in this country, a single fun- damental document by which all legislation is to be tested, but indefinitely large and varied coi¬ an the so-called Constitution have been stated or elaboThe task of the courts, accordingly, is to in- rated. terpret and apply an Act of Parliament in the light of this body of principle and precept, to fit it into show, however, from any enlargement. or to which every Act of contributes either example, Parliament lion confirma- The system conforms to the history, traditions and temper of the British people the American system conforms to ours, but be- as the tween two whatever. that progressive legisla- majority of the Court is and It Supreme human, they have their opinions and prejudices, are supreme the constitutional structure good deal of the popular criticism of the Su- preme independent branch of the Federal Government to a dependent and auxiliary branch similar to that dicial decisions in which the theory and practice of do, but it propose to decisions. A for the transformation of the Federal judiciary from an implied obligation to consider the an is to be exercised and the finality which, case membership already accom- apparently in prospect, the way is open or lection of documents, statutes, declarations and ju- is exclusive in the entire in With the changes of plished Congress constitutionality of what they the power exclusive func- an that the Executive and sense not under are It is not If so, well and good; if not, it cannot be upheld." of the courts of Great Britain. Constitution, Does the the proposed act which is before the Court? the alone, is the function of the courts. Its question simply is: specific grant of powers in the Constitution include The which the Executive and Congress powers tion. With neither of these has the Supreme Court anything to do. in their judgment, as, instrument. that lege to proceed upon the basis of that representa- not concerned with are government policies except as the constitutionality of such J*n. is, ms fundamental change in the constitutional a status of the Federal to Chronicle There systems there is resemblance no . are undoubtedly many people in this coun- try, especially in New Deal circles, who prefer the flexibility of the British system to the comparative rigidity of the American system, and who would like to eral" see the Constitution "loosened judicial interpretation. mention, of the however, the two between systems Britain enjoys, in an They up" by "libmake seldom fundamental difference of Great government. exceptionally high degree, re- in which the Court has been most sponsible government. The House of Commons, like sharply attacked, that the decision has been deter- the American Congress, represents more or less ac- mined the cases by the political, economic or social views of majority that rendered it. The majority the as well minority have applied to the issue before them the test of the Constitution, and where they have differed it has been their as because, notwithstanding learning, experience and high sense of con- stitutional obligation, they could not all agree. There is another The one represents the majority for the time-being in the House, and it of the three may be turned out of office at any time if its conduct is unsatisfactory to that ma- The government of the United States, the contrary, is in a high degree irresponsible. on Sen- ators, Representatives and the President are elected branches of the national government that represents for the whole at the last election, but the Ministry, in which all executive and administrative authority is vested, jority. point which is often overlooked, Supreme Court is the only eurately the party complexion of the country as it was fixed and while they terms, may resign and people, and each individual citizen as sometimes die, no one of them can be displaced un¬ well, all the time, irrespective of party changes, po- til the chronological period for which he was elected litical of or special economic groups. controversies, the influence has It is concerned only with what can the Constitution sanctions this or that interest or or forbids, not with what insists that the Constitution run its course, except for conduct for which he be impeached. The Cabinet has none of the functions of the British Ministry, and there is no requirement that the President shall be of the party ought to be, and until the Constitution is amended it which has must overrule any branches. its attempt to evade or requirements by adroit legislation usurpation. The case was very circumvent or Executive well put by President Nicholas an of Murray Butler, of Columbia University, in address in June, 1937, before the American Club Paris. minded "The his Legislature, the Congress," he hearers, "represents districts, sections, political parties, pressure groups, private interests, anybody who can get a re- States, lobbies, hearing, What a the majority in Congress country be far-reaching. either of its is facing, in the impending transformation of the courts, is the constitutional or a radical change in system whose consequences will To the extent that the membership of the Supreme Court is made over, as it is in process of being made over, to support the political and economic ideas of the President, a practically irre- sponsible Executive power will be increased and Volume the Financial 146 independence of the Federal judiciary will With less and less likelihod that the will be the obstacle, Congress, under an President, will be favor wane. Supreme Court from pressure and more disposed to more legislation which will "enlarge" the Constitu¬ tion, confident that such "enlargement" will not counter en¬ judicial opposition. The practical effect, as clearly pointed out in the Senate debate on the was 329 Chronicle the privacy of the election booth." Caroline resolution "is not the result of a sudden awakening It is of California, saw services to stead of borders of vides. There is much force in the contention that constitutional dictatorship, such as a would thus be of in the resolution a strengthening of right "to detain our an Nation," while Representative Hill, defeated and the present Congress or the next one the rule of those who vote for such ment of Executive authority will be camouflaged as be engage in foreign foreign a without giving war portunity to revolution. "I sincerely hope war, war may be the first to If I could vote to engage in a gardless of station. the assumed needs of adaptation will be, in effect, a put into the trenches, regardless of age and re¬ merely a process of adapting the Constitution to changing times, whereas the professional armed force far beyond the Washington, declared that if the resolution were should personal dictator, since the entrench¬ use our enemy brought about, will be more difficult to resist than a . Representative Izac, of generations to come." by legislative action and judicial interpretation in¬ which the Constitution pro¬ . people, for all humanity, and for the salvation the the President's process . people, by the people, for movement of the a hysterical the part of the American people. on court-packing bill, will be to amend the Constitution by the Representative O'Day, of New York, declared that the pass on my constituents an op¬ this momentous matter, would be the first to enlist and make my I vote seem rational and sincere." Public Opinion and War There is Only by a narrow vote of 209 to 188 did the op¬ ponents of the Ludlow resolution for a popular ref¬ erendum succeed, war on on Monday, in preventing consideration of the resolution in the House of Even that small resentatives. majority, it Rep¬ may be similar no need to examine at length these or It is true that the American arguments. government is popular or democratic, but its democ¬ is of the representative type in which the con¬ racy duct of government is intrusted to representatives whom the people choose and who have power to act. resolution would take from Congress, suspected, might not have been obtained had not The Ludlow President in the sole matter of a declaration of war, Roosevelt, in short and clear-cut letter a Speaker Bankhead, declared to the his opposition to proposal. The resolution was fairly open to all the criticisms that endum war," vote as a the President voiced. prerequisite for a "A refer¬ declaration of he said, "would be impracticable in its as application and incompatible with our representa¬ of tive form of government," which vests the conduct government in representatives whom the people It would choose. duct of "cripple any President in his con¬ foreign relations," and "encourage other our nations to believe that they could violate American Instead of being helpful in rights with impunity." it enjoys in all other matters, and commit the deci¬ sion to intelligence, fair-mindedness, judicial calm and within bounds in procedure endum opinion, "have the opposite effect." spite of this cogent criticism, the majority As with themselves answering when the roll of the House was abstained from The "present" called, 30 members voting, and 32 members were paired. arguments that were urged in favor of the resolution are significant because they undoubtedly expressed group as well as personal opinions. resentative Fish of New terized the resolution Rep¬ York, for example, charac¬ as "the greatest peace pro¬ posal before Congress" during the 18 years that he had been if a member of the House, and declared that the United of other States nations set the example, "the people will want the same right in the future, whether they be in Italy, Germany or Russia." Soviet The defeat of the demand for considera¬ tion, he added, will mean that "there is only one answer, and that is to carry the fight by way of referendum election tative into every throughout the United States." constitutes is a lawmaking by the people which government a democracy," and that long as there is difference of opinion as to what people have right to the final decision by their own vote in right and wrong in government the the Represen¬ Crosser, of Ohio, asserted that "it is the direct and final control of "as congressional primary and a it. Merely as a matter of referendum would be a slow and clumsy device, and in the interval while the call for a for contented than to oppose war Mr. Roosevelt was well believing that a popular decision circumstances would be more likely to under such favor itself against consideration was only 21, four members popular vote in which ignorance, prejudice, unquestioned patriotism. Mr. Roosevelt's in a passion and ulterior motives would weigh equally with keeping the United States out of war, it would, in Yet the con¬ of representing the people which stitutional right was being taken and counted, the opportunity was foreign aggression would be greatly a war matter of led than enlarged. fact, Congress has followed rather public opinion in the instances in has been declared. a of need of proof that, under the incitement less declaration of such, a referen¬ aggressive acts, the people would be any likely than Congress to vote for a war. For the dum could a im¬ for un¬ serious stage, and controversy had reached a there is which In any case, it is highly probable that a referendum would be called til refer¬ being debated in Congress and the vote defensive prevention of war as at best be only war It would be more the outcome of a outside its scope. helpful to the cause of peace if hang a declaration of war upon those who want to themselves to halfway effective, since is obviously popular referendum would devote spreading abroad in the land more sensible views of international number of individuals and affairs. A surprising organizations are en¬ gaged, on the platform and in print, in cally denouncing Nazi Germany, munist Russia and militarist Japan. criticism is well founded and to deal of it is Communism sins to answer much Much of the the point; a good partisan or personal rant. and Fascism, militarism certainly have many for, and neither of them holds out the world They are obvi- prospect of peace in the parts of in which systemati¬ Fascist Italy, Com¬ they press their advance. Financial 330 ously antagonistic to democracy, and they contain very little that democracy could safely The copy. Chronicle Jan. 15, 1938 vigorous policy toward Japan, and support a more for China in its struggle to maintain its national trouble is that the kind of denunciation that bulks integrity. large in some sections of the American press, in efforts to involve the United States in the political speeches at public meetings, and in the ment of pronounce- propaganda organizations does nothing to strengthen democracy's defenses. What is said is addressed, for the most part, to those who ready convinced. It does not make democracy workable effectively the inroads of more opposing systems that would destroy it. since 1933 have been same years The years prolific in such attacks, but the have seen steady growth of dictatorial a methods in American at more system of government in this country, as a enable it to resist or al- are government, and in the world large democratic institutions are in greater peril than controversies of Europe. been given of in the House of Representatives, outspoken in favor of If the present Congress which has a on that sub- Monday, on enlarged and efficient an was navy, is insufficient for legitimate navy American needs it should by all be made means sufficient, but in the present state of naval building in Great Britain, Germany, Italy, Russia programs and Japan any considerable expansion of the Amer- participation ican navy race, and the armament means the greatest single in the armament race, as everyone knows, is to world peace, menace It will be a great disservice to the by war direct popular mandate no One of the most emphatic upholders of the Ludlow resolution in the debate they have ever been. declaration A The second is implicit in the persistent of cause peace if American public opinion, stirred by denunciations of political systems whose principles and methods it ject is not, moreover, the greatest danger to which repudiates and by aggressions which it condemns, American supports a policy of interference in foreign contro- foreign relations exposed. The gravest are danger at the moment is that the United States in become involved tional a but defense, whose war the imposition determined settlement upon other by or, ment upon nations which The first of these The year business 1937 opened on regeneration—a "new era," and the hope of deficit and born of the the country without war. a wave make others that, despite many government's was continuing really entering upon And these hopes business trend pointed upward began. horizon, program was in endured wrere symptoms of as a capacity, were operating at high rates shown by the index of industrial as Either It is obvious that the war. as Fascism in one form or another advances, personal and public liberty recedes. (<continued on There is lover of no 348) Va0e At the year's close the index of industrial duction of the Reserve Board, pro- according to pre- liminary estimate of Chairman Marriner S. Eccles, stood at 85, as compared with 112 in January, 117 in February, 122 in March, April and May, and 114 in December, 1936. From December, 1936, to December, 1937, therefore, the index declined just about 25%. drop in Moody's Between the same production steel of index of staple periods there was a than 67%. no less commodity prices on earlier and a high for the Employment, based year of 228.1 on April 5. indexes of the Bureau of on Labor Statistics, rose in all manufacturing industries from 96.4 in January to 102.3 in August, and recovery. The basic industries of powerful enough to a navy Dec. 31, 1937, was down to 149.3 from 207.5 a year relatively moderate legislative the on clamors for impressive international showing. world area of democracy is shrinking, and that prospect, and labor troubles, about the only shadow period of or an of those courses means of foundation, for virtually all the the of when the year A to carrying the expecta- long upward cycle in business. indications go settle- revolutionary legislative enactments of recent years, not a for the fulfillment of the promised many fears, the crest of wave of a warring nations, likely to seem pre- versies Clearings in 1937 and the Course of Trade and Speculation tion were some na- dangers inheres in the demand for Bank their of display of force, to impose such a may object is not duction of the Reserve System, which pro- Board of Governors of the Federal were at 100.4 in October. Similarly, payrolls rose from 90.6 to 105.1 in May, but were down to 100.2 in October. In November, the latest month for only slightly lower in which figures are available, employment was down January than at the close of 1936, when the figure to 94.7 and payrolls to 89.3, and regarding this the the was payrolls the highest in were was Factory employment and years. at the same closing months of 1936, high levels prevailing in January, 1938, issue of the "Monthly Review" of the Federal Reserve Bank of New York states: * also freight car "Factory employment and payrolls, affected by loadings and department store sales; and at the the general slackening of business activity, as well time same all of these as were indexes were considerably as the usual seasonal curtailment, declined sharply higher than they had been at the opening of the from October to November. previous employment exceeded that recorded in year. With such strange that an auspicious beginning it the reversal in business was not conditions which occurred in the latter part of the year should have brought with it complete consternation. direct the In opposition to the feeling which prevailed at year's outset, the end of the year leaders and students of economy the malady the nature found business debating whether then afflicting business might be of cession. a depression or a temporary in re- ber since 1920, The decrease in factory any Novem- and factory payrolls declined to a greater extent than in any November since the com- pilation of comparable figures Payroll declines tended to be reductions in employment, was more begun in 1919. pronounced than owing to reduced operat- ing schedules and also to plant shutdowns tion Day and Armistice Day. was 2.3% lower in November than in sponding period of a year first year-to-year decrease on Elec- Factory employment the corre- previous, representing the since June, 1935. Factory 146 Financial were 1.5% below the November, 1936, level, Volume payrolls the reduction year-to-year Septem¬ since ber, 1931." loadings at the year's close car ning nearly 20% below the preceding consumption, motor below 1936 in the tail production, car that up were run¬ year. were closing months of the trade, however, held at the Cotton also well year. Re¬ remarkably well, even year's end, and preliminary reports indicated December, 1937, trade only slightly below was the year statistically of the first a 1937, regarded in its entirety, was better year than 1936, for the results eight or nine months were so eminently satisfactory that they tended to hold up the year's totals in The of 1937 in income national President which was estimated by Roosevelt, in his annual message to Con¬ Jan. 3, 1938, to have been $68,000,000,000, with estimates of the Department compares of Commerce culties with the C. I. O. and In the the month the General Motors same with the C. I. to be sole O., but did not concede to its demand bargaining agency. Difficulties with labor persisted however at their plants for many months the "little steel" In until the $60,000,000,000 in 1936, $53,000,- in 1929 the Nation's income was $80,000,The national cash farm income for 1937, of the Agriculture Depart¬ according to officials reached which did not, however, grant sole bargain¬ ing privileges demanded by the 0. I. O. bombshell Feb. followed 4 as interminable in 1935, only and 1936 and $4,328,000,000 The country's foreign trade, both imports and 1936, and the largest of any year since 1930. Ex¬ $3,026,- 872,000 in comparison with $2,226,178,000 in 1936, and $1,479,402,000 in 1932. period Imports in the same $2,875,202,000 in 1937, $2,177,431,000 in were It be can readily were a seen from the United States De¬ would not on defeat or the Man-hours lost, according to same source, show an even greater proportionate increase, amounting to 25,380,685 in the nine months 1937 of against months of the the to 8,841,717 previous year. in the corresponding Estimates of the cost country of 1937's strikes range as high as $5,000,000,000." The its Committee for Industrial Organization and leader, John L. Lewis, started an extensive cam¬ paign early in the year to gain recognition in many industries, and introduced the medium of the socalled "sit-down" strike to gain their objectives. Notoriously little effort was made by governmental officials to remove the "sit-downers" from the erty of the rightful owners, prop¬ and indignant public in curbing opinion was probably the chief influence the strikers' The activities. motor industry, starting with General Mo¬ tors, and later afflicted and in including other large producers, was by strikes from the very outset of the year, May the C. I. O. shifted its campaign of bill was struggle which lasted over a President Roosevelt, not, as a consequence of the harangues and rights from the of the in cisions consent of President's court were during Labor the of the Supreme Court which powers figures, there were 3,757 strikes called which lasted period of 1936. continued acquiescent legislative Congress and throughout the country over in National in comparison with 1,712 such strikes in the a by that body. Administration same necessarily be able to enforce his Congress, here met with his first major the over put of industry in that period, for, according to the ers, bill, however, had demonstrating that the Presi¬ enjoying several years of virtual dictatorship cisions day and involved no less than six work¬ government would ulti¬ period of about six months. after resulted one to pass, the final outcome of a of the year at least slump in the fall body, for refusal of Congress to pass the partment of Labor figures for the first nine months how seriously strikes hampered the out¬ the business world undoubtedly con¬ The battle over this Whether prominent feature of 1937. States. on anxiety which this bill, and the the favorable effect of 1936, and $1,225,687,000 in 1932. Labor activities the United President of were measure 1937, and in the first 11 months of the year was ports in these 11 months of 1937 aggregated second mately seek to control every phase of industry and dent 30% above the corresponding period for his It was the feeling everywhere that, if radical views than the tributed its share to the business exports, was at a higher level than 1936 throughout more bill of two arguments it occasioned in Congress, inflicted upon endeavor. 1932. only by weeks introduction Roosevelt's President this in over¬ dropped by the President early in the and $7,865,000,000 maneuverings stunning effect of the in the form of his court "packing" proposal. year ment, reached $8,500,000,000, the highest since 1929, with Lewis's L. John of whelmed the Nation with the of the year. compares plants the strikes continued early part of July, when a settlement was inauguration in Corp. and Co. reached agreements Car Chrysler Motor The immeasurable $7,090,000,000 by granting wage increases recognition to that organization. 600,000,000 in 1932, the leanest of the depression 000,000. The United companies. 000,000 in 1935, $48,400,000,000 in 1934, and $39,- years; States and Corp., in March, had averted looming diffi¬ None spite of the year-end declines. gress on Inland town thereafter. December, 1936. But aggression to the steel mills of the Republic, YoungsSteel first Freight 331 Chronicle 1937. Relations Act five different court proposal, de¬ largely in favor of the cases, On April 12 the was upheld in de¬ one by unanimous the court and the others by a ratio of five to four* Great for it importance was attached to these was widened the Federal power They were decisions, considered that the majority opinions in dealing with industry. also regarded as giving a broader inter¬ pretation of the Interstate Commerce clause in the Constitution. On May 24 the court handed down three decisions upholding the validity of both major sections of the Social ment insurance and Security Act, i.e., unemploy¬ old-age pensions. Justice Willis Van Devanter, the more conservative regarded as one of members of the Supreme the President on June 2. Whatever may have been his private reasons for leaving the bench, the Justice's resignation provided Mr. Roosevelt with the opportunity of graciously relinquishing his insistent demands for passage of his Supreme Court bill without "losing face," because in the natural Court, tendered his resignation to May 18 to become effective process of filling the vacancy he was to the bench. additional supporter on gain ar Financial 332 On Aug. 12 the nomination of the Democratic Senator, Hugo L. Black of Alabama, a proven New Deal adherent, received be to his was Mr. President's choice. the commission proved to be Black The 19. Aug. on was received appointment unhappy one for the Administra¬ an tion, for evidence of the new Justice's affiliation the Ku Klux Klan with out the for country created an embarrassing situation the which it with had appointment The issue was President's the nullified by the Supreme Congress insistence the court bill and its on priority during the regular session. succeeded in bills which gress adjourned, Aug. 21, of im¬ Chief among the being passed before Con¬ the Bituminous Coal were Act, Wagner-Steagall housing measure, trol sugar con¬ bill, and bill designed to prevent tax evasion and avoidance. Nov. 15 through what the a special session of Congress specific purpose of pushing urgent legislation, considered he the most notable being a general among trol for crop carrying the "ever-normal" measure con¬ granary proposals of Secretary of Agriculture Wallace, the and hour bill providing for Federal control wage of hours in industry, and the bill to and wages reorganize government agencies. enactment when Action All had failed of designed to harness the inflationary threat represented by the large excess reserves of the was when Reserve the ments. taken in the Board mem¬ early part of the year increased Unfortunately they felt it this sound money verse holdings, and in February disposed of Sales continued in March that month sold by the States According to Moody's figures, United was cern Feb. 26 to 107.19 aroused prices bonds government on scale, and in serious effects on with but banks, the price. 112.18 broader on a f698,000,000 of government bonds were from dropped Great April 2. on con¬ by this striking decline of govern¬ ments, and the Reserve banks resumed open market their In a holdings further by $26,000,000. April the price of governments, after reaching low of legal require¬ necessary to re¬ policy, first in April when the Reserve banks started 107.01, leveled out and presented a rising tendency until August, when they developed some not fall to the and closed the year of action The April low levels, at 109.67. Reserve banks in the purchasing governments had the effect of offsetting to some extent the increase in reserve reserves of all member Federal Reserve Excess requirements. banks, as estimated in the amounted to $2,093,- "Bulletin," 000,000 in January, $1,371,000,000 in March after the first increase in requirements, $1,552,000,000 in and $927,000,000 in May after giving full effect to the increase in reserves excess requirements. placed were At Dec. 29 approximately at $1,160,000,000. During the showed year Dec. 31 there these the Treasury's inactive gold fund increase net a was of $1,201,198,179, in the fund and $1,227,696,323. buying in the declining on But figures do not reveal the entire record of the fund, for in September, on the recommendation of the Open Market Committee, request was made by the Board of Governors of the Federal Reserve Congress adjourned Dec. 21. ber banks Reserve the 1118,000,000 without very much effect on the price. April, The President called for bond ment weakness but did over portance interfered with the passage of other legis¬ lation of announcement the an source. Board, the member banks began to sell their govern¬ set¬ Court itself met with failure. The debacle in possibility of 013,000 in April, while the member banks reduced ora¬ apparently for all time when various efforts to the the from that purchases of United States obligations, buying $96,- tory, into public consciousness. have reserves excess Following off staved have appeared of the newspapers and the President's pages to themselves, via the front when crises abroad thrust tled after dropped from serious attention suddenness the However, unprecedented upheaval, cause. an whole matter with Washington. in powers threatening to the received nation-wide soon The furor which it occasioned through¬ prominence. sidered Jtst 1938 increase in sent to the Senate, which had previous intimation that Mr. Black no Chronicle that tem Treasury's inactive fund, and this the Sys¬ $300,000,000 of gold be released from the Secretary of the Treasury. was agreed to by In making the pro¬ posal the Open Market Committee explained: "This is action in conformity with the usual policy of the System to facilitate the financing of orderly marketing of crops and of autumn trade. government bond market, and again in September Together with when rates at the several Federal Reserve banks, it will enable the banks to meet increased the downward seemed to that the stock market give the Washington medicos the notion jab of their cure-all inflation remedy a what of course needed and was was they proceeded to apply the gold desterilization needle. the recent reductions for demands sonal tribute of Oct. 1 any currency of easy and credit sea¬ con¬ con¬ ditions." On J an. 30 the Board of Governors of the Federal and continuation the to To briefly recount the readily credit of discount steps taken: Reserve It System took the necessary action of reduc¬ ing the highly excessive reserves banks with the announcement that ments would vance to and the were be become increased far effective the and the reserve any require¬ ministration possible estimated at excess reserves as $1,059,€00,000 compared $771,000,000 Sept. 3. Another following March 1, Since excess reserves beyond needs for with were member 33%%, half of the ad¬ remaining half May 1. then of might be well to note that March problem which presented itself to the Ad¬ early in the year came shortly after the 15 tax date whenjthe tally of the receipts made it evident that the much touted undistributed not panning out on the grand scale profits tax was forecast by its sponsors. On April 20 the President justified expansion of credit, the action left the laid banks which he admitted that income tax as a whole with this action the reserve plenty of funds to lend. authorities felt that sufficiently reacquired control over By they had the credit situa¬ tion, for the policy inaugurated Dec. 21, 1936, by the Treasury Department of "sterilizing" gold im¬ ports, and carried on throughout 1937, was con- before fiscal year than Congress a budget-relief measure in receipts in the 1937 would probably be $267,200,000 less estimated in January, and other revenues $337,000,000 below the January forecast, a total of $604,200,000. He added that expenditures would therefore have to be reduced as far as possible, and Volume Financial 146 calculated the reduction from the at $295,000,000. He forecast a January estimate deficit for 1937 of $2,557,000,000, but the final result for 1937 showed deficit of a $2,707,317,110, exclusive of debt retire¬ ment. In the budget of Jan. 5, 1938, the deficit message estimated at $1,088,- 129,600, not considering debt retirement, whereas a earlier it had been forecast by the President year that there would be time he same 606,000, whereas been given by President Gay of the New York Stock Exchange in his annual report for the year ended May, 1937, which was released Aug. 18, 1939 the deficit at $949,- debt retirement, before Commerce, on radical "the increased 000,000 during 1937, and est-bearing debt more than $3,000,- Dec. 31 the total inter¬ on stood at $36,708,457,609 com¬ as pared with $33,698,828,000 at the close of 1936. Thus it is progressing apparent that farther financial state. balance within that we have been and farther and A year ago from a are and at least the hope of a hope is removed. Reasons there are, no 2,600 per shares As to ascribed the the causes that no government has ever expended great sums of borrowed money year severely sooner The year two preceding year and not suffered saw years the stock market gains of the virtually wiped time the averages, of index 50 based in out year. the In that issue, declined points; the gains in 1936 and 1935 49.49 respec¬ were, tively, 23.81 points and 26.34 points, according to the same the in averages was a rather steady from February until the end of June, at which time the net loss for the year amounted to 13.16 loss a was Substantially all of this points. regained, however, in the next month and half. Trading volume for the year on the New York Stock Exchange dropped to a total of 409,464,570 shares compared with 496,046,869 shares in 1936; in 1933 volume the 381,635,752 was 323,836,634 shares. volume than in the the New the with in and in 1934, was trading in year, greater Curb Exchange turnover for 104,178,804 shares compared 1935, and 60,027,441 shares in 1934. first the 1% decline on May 13, 1937, 1% decline thinness, Oct. 27 took on half-year the market, as already just after the settlement of the steel strikes in market became buoyant. War in Spain, and latterly in China, also was a considera¬ which the market had to contend dur¬ to and on loans made by banks for carrying stocks At the same time they fixed a required 40%. margin of 50% on short sales, over which they From the following comparison of prices of lead¬ ing stocks at the end of 1936 and 1937 it can be a serious situation which had been develop¬ ing over a long period of time but had not had opportunity to demonstrate itself was the thinness of the market. This was gravely illustrated by the heavy breaks of the year, had previously exercised control. not seen what drastic mark-downs the year: readily occurred during Allied Chemical & Dye closed in 1937 at American 93% in 1936; American Telephone & Telegraph, 144% com¬ pared with 184%; Chrysler, 47% compared with 1153%; Detroit Edison, 93% bid, 100 asked, com¬ pared with 147; Dupont, 112 compared with 173; General Motors, 30 compared with 63%; Interna¬ tional Harvester, 62 compared with 105%; Nor¬ folk & Western, 1913^ compared with 267; Sears, Roebuck, 54 compared with 83%; Standard Oil of New Jersey, 45% compared with 68%; United States Steel, 54 compared with 78, and Westinghouse Electric, 99% compared with 147%. Smelting & Refining, 46 in 1937 as against highs of every classifica¬ tion in were recorded in January, the bond price tabulation Moody's computed first week of and in most instances in month. that in the market during the latter half under very little selling pressure; it appeared that there were no buyers except well Except for the triple-A corporate issues which, like governments, their lowest levels in April, all corporate struck last week of November. group, a industrial group, of the year, notably the Low-grade corporates, as a suffered most, the year's spread ranging from high of 92,43 in January to a low of 69.27 in November. Transactions in bonds ing 1937. But stock prices in action, effective Nov. 1, to reduce especially in the motor and steel industries, and it with protective buy¬ margin requirements on advances by security brok¬ classifications, both by grade and tion others, are 55% margin requirements, and reached low toward the end July that the 10, finally recognized the Reserve authorities stated, had to contend with serious labor troubles, was Sept. on among Following the severe break in In the bond market the 134,843,049 shares in 1936, 75,783,794 shares In 1% price decline October, culminating with the crash on Oct. 19, the corresponding month of 1936. York aggregated year shares, In only two months of the October, September and On per 162% compared with 226% a year earlier; index. In the first half of 1937 there decline According to these fig¬ elimination of informed trading and the New York "Times" on representative selling ing by insiders, high margins, &c., &c. ers later. or 1937 after period from Aug. 14 to the end of the , of excessiveness of the come; of capital gains tax, high income taxes, Federal day of reckoning must volume compared with only 4,700 as per not a the sold were doubt, why the picture has changed, but they do help the fact that of 1937. few years was held out, but now a ad¬ 1% price decline in 12 days, 1936- 1937; 3,600 shares ' healthy in selected list of 30 stocks." the budget would be completely bal¬ debt an required to bring about a given price decline in a days in 1930-1931 national in Chamber Y.) (N. Oct. 14, amply showed statistically reduction shares sold per The Rochester the in 12 was of New York, Chase National Bank dress stated that in that it anced. even Winthrop W. Aldrich, Chairman of the Board of the 13,100 shares year but pre¬ time before. course, some ures, only last (1939) year calculated $1,151,121,000 after and At the balance at that date. a Warning of this situation had under the market. pared, of for the current fiscal year was 333 Chronicle on the New York Stock Exchange in 1937 dropped to $2,792,531,000 from $3,576,874,000 in 1936 and $3,339,458,000 in 1935. It is interesting to note that despite the drop in total volume there was a gain in amount of United State Government bonds traded; in this classifica¬ tion volume reached with $348,644,000 in 1937 compared $318,887,000 in 1936. In the railroad and mis- Financial 334 cellaneous in 1937 An the State, foreign, &c., divsion of the figures, the not was $346,778,000 pronounced, the 1937 total of so with $358,615,000 in 1936. compared the New York Curb On 1937 reduced were Stock Exchange bond sales in drastically more Exchange, amounting to 361,000 in 1937 no more the on than $442,- compared with $823,050,000 in as $1,172,064,000 1936, than 1935, in $1,013,909,000 and in 1934. new security issues virtually dried in the latter part of 1937, and total offerings for up the year, to both than more no capital and refunding, amounted new 1936. in $4,631,945,681 $2,336,974,882 Nevertheless, the figures $2,267,428,765 offered in 1935, and by far exceeded 1934, when A issued. than $491,094,449 redeeming feature of the 1937 fig¬ that the was ures no more issued for amount capital, new $1,158,527,295, represented nearly half the total and not far under the was the latter amount less than 25% of the total upward climb of commodity prices in 1936 in continued prices in It the some this that resulted in was high. indicated an April in statements in prices of certain At about the of number carrying quarters to the effect that the considered ernment too early months of 1937, instances to dangerously high levels. Administration commodities time foreign prices same over-extended gov¬ speculative position in markets, and rumors gained a credence that the United States intended to reduce the Treas¬ buying price for gold. ury A change in sentiment resulted, causing liquidation in the In non-ferrous the gave influenced ment rose market metal the price spectacular performance. the price of Lake from 17.12%c. on 12.12%c. a copper rearma¬ at New pound as the year opened March 31; thereafter in which carried the of Strongly by rising prices abroad, due to programs, York to a decline set a price to 11.12%c. at the close of the year. lower than they had opened, after rising in the early months. Dec. 31. was Lead 51.35c. per pound Jan. at New throughout January, 4.75c. Jan. 2, 1937 York and at was 5.35c. was on 6c. pound a end was 5.82%c. was on on the price of cotton in chronologically, first, the stimulating fac¬ tors in the President Iioosevelt July 23 issued on to the effect that the outlook each succeeding monthly a statement then for was 14,590,060 bales; the first official almost a crop constantly until it reached its low for the As of Dec. 31 the price 8.38c. was Cotton totaled exports in months of 1937 the first 11 5,213,506 bales, valued at $328,735,869, com¬ pared with 4,998,205 bales worth $326,755,011 in the corresponding period of 1936. of ment half of the Despite the curtail¬ purchases by the Japanese in the second 1937, exports in that period also exceeded period of 1936. same Consumption of cotton started the record same the respective months March on at consumption record. In were record figures for In fact, in reported. the highest of was any month May and June production continued high rate, but in July there a at the year at which it concluded 1936, and pace considerable was a contraction, bringing the monthly figures for the first time below the of the year balance cline, and all but one comparison with the months below the were 1936 the 1936. month of same month showed previous poorest, The November closing 23% being figure, and December 38% for the was history, and lower. with the previous high of compares 7,102,666 bales established in 1936. Prices of the principal grains started the generally high levels, but before the drastic reductions Following the were made bullish all year year around. enthusiasm which" beginning of the year, such as the improv¬ May option from 117% at the start of Decem¬ ber to 135% at the end of the month, place in January, 1937, and the a reversal took May option closed at 127%@127%. spasmodic, wras but in In February the market March developed decided strength, and prices reached the highest levels for season and since 1929. European promise. vided crop conditions did not hold too much Markets abroad the were strong, and this pro¬ principal basis for the rise. The May April the commodity markets; second, the depressing warning from Washington in the early Spring concerning the advisability of measures to cope with inflationary price rises; and, lastly, the declining consumption and the record domestic duction and pro¬ preliminary forecasts thereof. expected to reach 18,746,000, larger than domestic crop any is other record, compared with 12,399,000 bales in the At was the By the end of May opening in June, the July option, which then the 112%. ried the option nearest maturity, was 112%@ News of failure of the Canadian crop car¬ price upward, and on July 28 it closed at tion closed at In crashed price of the May option had dropped to 120 of 1926. markets on weakening influence of statements from Wash¬ ington criticizing high prices. 124@126%. year world of 144% badly, due to overbought conditions abroad and to the 1936,10,638,000 bales in 1935, and the previous high 17,978,000 bales in the and year @119%. finally estimated by the Department of Agri¬ culture, in its report of Dec. 1, the 1937 in Chicago, which opened the month at 135% @136%, 31, and closed that day at 142%@142%. foreign spinners and the strength in other major on was rampant at the end of 1936, and which drove the March crop at had passed and As of year the highest option reached its high for the threatened the unfavorable an year. Despite this, however, the total in In consumption continued to de¬ ing statistical position, active demand of domestic statements of report, and crop raised the estimate by one, of 7.79c. on Nov. 4. year the Dec. 31. prime influences were at Tin at 4, and 41c. the year's Spelter at New York, which The price started to recede in April, wheat Other metals closed the year New York The only commencing to level out in July when was 7,425,230 bales, excluding linters, markets and many consequent drop in prices. copper March 30. on and in each of the first four months issues in that year. The steadily and rapidly until reaching a peak of 15.25c. $1,214,950,299 sold in 1936; was spot cotton in upland day of 1937 were 12.91c. per pound, and from this point the price rose fairly with compared exceeded the were the first on 500,000 to 1,500,000 bales, and the price dropped . The market for New York 1938 Jan. IS, Quotations for middling bonds, volume amounted to $2,007,109,000 compared with $2,899,372,000 in 1936, while decrease Chronicle On the 31st of July the September op¬ 116%@116%, but dropped in August Volume —when 146 Financial export demands did not develop in expected Chronicle at were volume—and the decline continued almost uninter¬ not ruptedly until its close "Iron In November which had sold to low a was of the 81% 92@92%. December high as Sept. 30 at 108%@108%. on on duction to such option closed at 90@89%. At the corn high quoted 137. as at 107, and in May reached as At the end of the the December year at May option for oats started in January, 1937, 52%@52%, and the December option closed the at 31% year The first based winter official wheat April 1 conditions, on was harvest of a of earlier month a The forecast of June 1 as 648,597,000 bushels and of was 630,000,000 bushels. for spring a a winter of between crop 175,000,000 and 200,000,000 bushels, from 'crop of total of a or 825,000,600 bushels to 850,000,000 bushels. July 1 conditions were found to point to 882,287,000 bushels, which bushels final was issued report, 17, Dec. 873,993,000 bushels. The 1936 a crop of raised to 890,419,000 the basis of conditions on On of as Aug. 1. placed crop the The crop at for yield of 2,644,995,000 bushels, compared with a the short 1936 harvest of the crop was 1,507,089,000 bushels and (1928-1932) five-year of 2,554,772,000 average a The harvest than of ter the 1,146,258,000 bushels compared bushels in 1936 and the age 785,506,000 industry of reversal This from the unexampled instance was of the year, and even into the in spite of great labor difficulties. mer, due to advance orders of was of advent higher prices, ber and The a future date. and buyers fearing the that labor troubles Another incentive from abroad for of war materials. was The the demand weekly figures operation reported by the American Iron and Steel Institute show beginning Jan. 4 rose rather week that was compare with 10,784,273 Here, too, higher than the month of 1936, same increase, however, diminishing December's shipments the as were only 1,067,365 tons in December, 1936. 1936 in and for considerable was substantial a whose further expansion expectation in the beginning in the first eight months, according to by 16%; value of construction contracts awarded in the 37 States east of the tains Rocky Moun¬ aggregated $2,099,942,500 in the eight months 1937 and $1,807,356,700 in the same period of In the next three months of 1937 the lower than show a figures 1936, but in December managed to 4%% gain the previous over For the year. $2,913,060,000 compared year 1937 the figures $2,675,296,000 in 1936, $1,844,544,900 in 1935, were $1,543,108,400 in 1934, and $1,255,708,400 in 1933. The Reserve Federal "Bulletin," in its issue of December, 1937, commented as follows: "Construction, which previously had not shown recovery declined also ment in creases a commensurate with that in other lines, has The curtail¬ during recent months. construction in the cost of projects followed sharp in¬ building materials and build¬ ing labor and in contractors' margins, and was later accentuated by the general decline in business activity." In 1937 the petroleum industry enjoyed its best earnings year since 1929. A factor was the un¬ consistently from that time until the usually large exports of petroleum and its products, beginning April 26, when it reached 92.3%, just under that level until the week ing to the latest available report of the Department starting which on May 31, when, due to the sit-down strike started that week at the mills of and companies, Youngstown Inland Republic, operations dropped sharply to 77.4%, at about which rate they continued until the conclusion of the strike stimulated of third week in months of the same with $242,376,000 in Production of crude oil attained a high record in tion, according to preliminary estimates of the "Oil weekly operations ranged from 82.5% In September there which 1937 compared period of 1936. July until the end of 85.5%. operations, material demands which, accord¬ 1937, estimated at 1,276,000,000 barrels compared August of war Commerce, amounted to $347,540,000 in the first 11 with the by early July. From down and building industry, which made 1936 of production in the week at 79.4% of capacity, that it and remained at in against period of 1936. figures of F. W. Dodge Corp., bettered that period sum¬ In part, might prevent them from filling their requirements at tons gross same 489,070 tons compared with 587,241 tons in Novem¬ prosperity to depression in 1937. industry showed remarkably good results in the first half for the with aver¬ of 1,215,102,000 bushels. The steel this with five-year (1928-1932) The increase, there¬ 5,905,966 tons in 1934. progressed. year were much 1929, was of rate larger a In 1937, for from January through September each month 1936, the figure for 1937 being in indicated also 46,807,780 great contrast is shown between the shipments 1936. estimate oat was in the first nine months and those in the final quar¬ of bushels. 42,489,053 was of the year, corn output tons compared with 13,281,638 gross tons since there of the 1937 gross tons in 1936 and (1928-1932) The latest calculation gross Corp. aggregated 12,825,467 tons in 1937, the highest the bushels. gone Shipments of steel products by the United States Steel advance 864,532,000 or wholly in the first nine months, when 1937 was production of spring and was rapidity span." greatest in history and the larg¬ closing quarter of 1936. yielded only 626,766,000 bushels, but average a quarter of 1937, however, production was winter wheat five-year short In 1936 the only 7,018,713 estimate, crop for 656,019,000 bushels, and compared with private esti¬ mates last fore, with such so pro¬ tons, and in 1935, 33,417,985 gross tons. gross the The "No recession in steel come the third 33,526,142 Dec. 28. on 19.2% of capacity, the lowest ingot production in 1937 of 49,507,766 was in the option closed at 59%@59%. The tons ever est since 1929. opening of 1937 the May option (old) for was lias depth within Steel Dec. 28 on At the end of 1937 the May, 1938, than more Age" declared: wheat, on Nov. 8; its close on no only of the year but since Sept. 4, 1934. July 16, dropped option 131% as 335 was a to gradual slowing continued with ever- and 1,098,516,000 barrels in 1936. Gas World produc¬ Journal," passed the 2,000,000,000-barrel mark for the first time in Production of history. electricity in 1937, according to increasing momentum during the next three months preliminary estimates of the Edison Electric Insti¬ until the week tute, was 7.2% above 1936, and the total power gen- beginning Dec. 27, when operations Financial 336 erated was pared with placed and The weekly figures k.w.li. 106,566,313,000 92,611,423,000 k.w.li. in 1935. 1936 in 1937 showed their greatest increase during over in the first half-year, and more particu¬ last year larly in the first quarter; for example, the Jan. 9 week 21% above 1936, the week ended June 26 was plus 11.6%, and in October the weekly rates was of increase were just over In the closing month 5%. of the year small weekly decreases were shown. Automobile and truck production in 1937 in the United States and Canada was second only to 1929, according to the revised estimate of the Auto¬ and Association Manufacturers mobile In the totals for the year 114,200,000,000 k.w.h. com¬ at aggregated all we have production alone in 1937 estab¬ on the the without year, one substantially higher than in 1936. 6.0% instead of 13.3%, excluding New York, and to the decrease in the as a managed just City, fiqal quarter rises to 10.4% in¬ The year 3.2%. whole, including New to top 1936,-with a gain of 1.5%. The figures for 1937, with New York City, were compared with $328,345,828,983 as 1936, $297,039,343,808 in 1935, and $261,316,- 869,532 in 1934. Excluding New York City from the totals, the amounts become $146,517,929,718 in 1937, The November $134,797,031,556 in 1936, $115,488,335,445 in 1935, 9% below the 1936 figure, estimate of only 332,559 units December the outside New were exception, output, however, was and and bined, the increase for the first nine months drops high established in 1929 of 826,817 units. of greatly affected When the total clearings in monthly production figures in the first 10 are City and those for New York City are com¬ York 818,377 in 1936, 732,005 in 1935, and the previous months figures compilation com¬ exchanges in 1937 was considerably below $333,257,707,239 The our already shown that the volume of trading that of 1936. record of 925,000 units compared with a new in by volume of trading on the stock exchanges, 4,119,811 in 1935, and 1,431,494 in 1932, the depres¬ lished City clearings were alone greater other cities the The New York bined. York Truck York New The than 5,002,188 units as compared with 4,616,274 in 1936, low. the first three quarters' gains outweighed the final three months' losses, and there was a resultant increase for the year of 8.7%. stead of sion J™- i5> 1938 Chronicle compared with 518,958 for the same months of the $99,810,074,309 in 1934. and MONTHLY CLEARINGS 190 Clearings Outside New York Clearings, Total AU Month previous year and 418,317 in December, 1935. In the first nine months of 1937 freight load¬ car ings in each month were greater than in the same months of 1936 the 1936, but in the last quarter were below The year, however, as figures. whole a In the 52 weeks of 1937 loadings ag¬ topped 1936. gregated 37,992,928 cars compared with 36,062,675 1936. in cars Gross monthly earnings of the roads followed the and were below that year in November and 1936 that they exceeded in trend through September October (December figures not yet Net earnings, however, due to increas¬ available). ing costs of operation, only exceeded 1936 in the first five months and the preceding that were would % % % % +8.2 12,400,970,697 10,876,517,032 + 14.0 Jan... 29,924,287,813 27.663,352,857 +8.2 10,750,471,638 9,502,491,474 + 13.1 26,070,426,220 24,084,886,600 Feb Mar 32,233,110,651 28,937,356,633 + 11.4 13,244,083,177 10.466,721,409 +26.5 thereafter lower than in Indications at the year's end year. the were Interstate shortly render Commerce Commission favorable decision in the a application of the roads for a much-needed increase in rates. net production in 1937 aggregated 440,265,000 of bituminous tons Pennsylvania for the year compares net tons is and 50,091,000 net tons of The anthracite. bituminous figure favorably with the 434,070,000 produced in 1936, but the anthracite figure under the Production 1936 .. 80,685,596,090 +9.3 36,395,525,412 30,844,729.915 + 18.0 April- 28,818,231,387 27,067,061,596 May.. 26,605,325,643 24,779,150,469 June.. 28.697.184,405 28.599,694.452 + 6.5 12,744,647,797 10,863,640.546 + 17.3 + 7.3 12,037,903,347 10,326,237,123 + 16.5 +0.3 12,420,968,079 11,274,260,853 + 10.2 QU. 84,120,741,435 80,445,906.517 +4.6 37,203,519,223 32,464,138,522 + 14.6 mos. 172348 566,119 161131502,607 2d +5.5 12.691,807,678 11,854,065,151 + 5.1 11,645,643,608 10,789,275,911 + 1.4 12,064,287,840 11,117,622,413 +7.1 qu. 80,331,336.376 77.274,634,350 +4.0 36,401,739,126 33,760,963,475 +7.8 mos. 252679 902,495 238406136,957 +6.0 110000 783,761 97,069,831,912 + 13.3 3d 9 .. of bituminous 4th qu. 80,577,804,744 12 Now let us see was 1934. for New monthly bank clearings, Considering City, we or 1931 1929 figures for cities exchanges, in 1937. outside New York find clearings in the first three months 18% higher than the corresponding period of 1936; in the second to quarter the proportion of gain dropped 14.6%, and in the third to 7.8%. The figures 1926 .... .... 1926 1924 1923 1922 1921 1920 1919 1918.... 1917 1916 1914 for the nine months previous. more loss of than of were 13.3% higher than the year But in October we find the gain was no 6.4%, while in November it became 0.3%; December clearings showed a a drop 8.9% from that month in 1936, and the result for the last quarter as a whole was 3.2% below the 1936 period. 1913 1912 1910 1909 1908 1907.... 1900 1906 with 10.5% in 1936, show below in the past 1.5% four years 13.7% in 1935, and 8.3% the totals for country and the York alone for a long period of years: Clearings Inc. Inc. or Outside or Total or Dec. New York Dec. Clearings Dec. 8 1927 the gain Clearings 1932 1928 We percentage Inc. Year 1930 reflected in smallest YEARLY TOTALS OF BANK CLEARINGS 1934 was + 8.7 reveals that the increase in the grand total of the and compares spurted in the two how well all this —3.2 + 1.5 146517929,718 134797031,556 Comparing the results for 1937 with the figures of other years 1936 price regulations under the Bituminous Coal Act. —0.3 —8.9 89,939,692,026 —10.4 36,517,145,957 37,727,199.644 333257707.239 328345828.983 mos tons. prior to Dec. 16, the effective date of the +0.4 —3.9 12,676,020.156 12,621,381,158 27,076,974,030 —9.9 11,343,129,106 11.381,033,128 —16.3 12,497,996,695 13,724,785,358 Dec... 28,646,741,055 34,206,866,886 1933 weeks +8.5 Nov.. 24,390,053,855 1936 coal + 7.9 Oct... 27,541,009,834 28,655,851,110 1937 output of 54,760,000 net +7.0 73,599.044,635 63,308,868,437 + 16.3 28,792,060,433 27,302,371,638 July Aug... 24,766,234,335 23,567,963,759 Sept.. 26,773,041,608 26,404,298,953 in Coal S 3 1st QU. 88,227,824,684 6 general same 1936 1937 1936 1937 % York New % % + 8,7 333,257,707,239 186,739,777,521 —3.5 146,517,929,718 193,548,797,427 + 6.6 134,797,031,556 + 16.7 328,345,828,983 181.551,008.363 + 12.4 115,488,336,445 + 15.7 297,039,343,808 +2.6 99,810,074,309 + 19.0 261,316,869,532 161,506,795,223 157,413.993,750 —1.7 83,901.416,968 —13.0 241.315,410,718 160.138,463.783 —39.2 96,443,778,646 —34.0 256,582,242.429 25.0 409,496,283.920 263,270,393.958 —24.2 146,225.889.962 347,109,628,120 —27.3 195,049,961,784 —21.8 542,159,489,904 + 3.1 726,787,846,647 477,242,282,161 + 21.8 249,545,664,486 391.727,470,204 +22.0 242,144,079,206 +3.7 633,872,155,470 321,234,213.001 290.354,943.483 283,019,244,037 249,808,181,339 213,990,182,727 217,900,380,110 194,331,219,003 243,135,013,304 236.802,034,887 178,633,248,782 177.404.905,589 169,680,6*5,590 110,664,392,634 83.018.580,010 94,034.281,984 100,743.967.262 92,372,812,736 97,274,600,093 103.588.738,321 79,275,880,260 87,182.108,381 105.076,828,050 93.822.000.202 —1.8 199.456.248.072 +0.2 +2.1 + 11.0 +3.1 + 14.8 + 12.1 173,600,925,839 +7.7 + 10.6 233,875,528.415 +2.4 233.418.828.972 + 13.5 228.596.600,498 + 16.8 206,891,101,152 —20.0 161,256,972,863 —21.9 +3.1 +32.0 +0.6 + 11.6 +44.4 +33.2 —12.3 —O.l +9.1 —6.0 —O.l +30.7 —9.1 —17.5 —12.5 +80.7 206.592.968.070 181.982,219,804 153,820,777.681 129,539,700,728 102.275.125.073 77,253,171,911 72.220.538.218 75,181,418,610 73,208,947,049 07.850.900,931 00,820,729,900 62,249,403,009 53.132.908,880 57,843,565,112 65,229,888,077 50.005.388,239 + 12.3 + 18.3 + 18.7 +26.7 +82.4 +7.0 —3.9 +2.7 +7.9 + 1.6 +7.3 + 17.2 —8.4 +4.8 + 10.1 + 13.9 555,109,742,076 523,773,772,455 512,215.805,135 455.759,342,491 413,452,431,399 391,607,311,955 355,588,192,530 449.727.981.440 417.784,854,091 332,354,020,403 306,944.720.317 261,855,773.003 187,817.504,546 165,245,118,234 169.815,700.600 173,952,914,911 100,229,773.000 104,095,229,999 106.838.141.330 132.408,849.130 145,025,733,493 159,905.717,633 143.827.448.441 Note.—Beginnlnglwlth 1920 clearings outside of New York + 1.5 + 10.5 + 13.7 +8.3 —6.0 —37.3 —24.6 —25.4 + 14.7 + 14.2 +6.0 +2.3 + 12.4 + 10.2 +5.6 + 10.1 —20.5 + 7.6 +25.7 +8.3 + 17.2 +39.4 +20.9 —8.6 —2.4 +8.6 —2.4 —1.0 +25.2 —8.8 —9.3 + 11.0 +27.7 do not Include St. years The Joeepb, Toledo, and about * dozen minor places which In 1919 and previous contributed regular returns, but now refuse to furnish reports of clearings. omitted places added, roughly, 32,000.000.000 to the total In 1919. Volume 146 Financial The figures at New York alone were CLEARINGS AT unsatisfactory very in the last quarter of the year, when they were 15.6% below the same period of 1936; even in the first nine months no bet¬ a sent the monthly clearings at New York City for four MONTHLY 1936 over CLEARINGS AT Beiow shown. was NEW we (000,000s 1937 1936 1935 omitted) ter than 1% increase $ $ $ years: New Inc. or 1937 1936 Chicago 17,013 11,914 19,724 4,815 7,387 7,914 3,643 3,230 5,258 5,128 1,973 3,686 $ S P Dec. 1935 1934 Louis.. ttsburgh San Fran.. Baltimore.. Jan 17,523,317,216 15.319,954,582 Feb March 18,989,027,474 _ % $ 8 +4.4 16,206,525,269 + 5.1 16,786,835,825 14,582,395,126 18,471,635,224 12,851,957,185 17,031,307,450 + 2.8 Cincinnati 13,552,254.394 13,499,901,998 15,158,367,056 s 51,832.299,272 49,840,888,175 + 4.0 46.089,789,904 42,210,523.448 Louisville.. Detroit April 16,073,583,590 14,567,422,296 16,276,216,326 16.203,421,050 14.452,913,346 17,325,433,599 —0.8 15,465,200,180 16,088,614,702 Milwaukee. +0.8 15,173,517,459 —6.1 15.002,041,283 14,458.915.350 14.425,804,384 ... 46,917,222,212 47,981,767,995 —2.2 45,640,758,922 44,973,334,436 98,749,521,484 mos. 1931. 1930. 1929. $ 8 1 % 97,822,654.170 +0.9 91,730,548,826 87.183,857,884 14,515 4,498 3,941 5,246 6.469 2,911 3,451 4,465 5,475 2,640 6,664 7,230 10,554 18,373 23,070 13,970 3,070 19,701 26,360 6,146 3,795 4,160 6,656 4,685 5,054 2,893 7,142 3,852 2,089 2,838 3,203 3,186 4,400 6,302 6,638 2,897 4,588 9,240 9,559 4.820 4,348 2,124 3,619 2,044 1,815 2,864 3,417 1,434 3,045 3,349 2,979 2,531 1,251 2,704 934 3,344 1,362 6,123 2,010 2,518 2,438; 4,016 lj 3,172 1,134 8,440 1,487 1,395 5,351 1,027 a 263,270347,190477,242 10,937 19,201 28,707 36,714 9,612 9,405 12,424 11,194 9,843 1,631 916 91 4,523 1,189 3,575 1,941 3.236 695 562 774 1,850 6,167 829 2,315 1,157 a a I a a a a a 27,610 31,837 7,278 10,163 10,938 5,287 3,911 7,451 7,964 2,734 4,705 1,941 11,558 1,825 10,066 571 539 460 411 379 428 574 684 876 1.611 1,887 1,348 Buffalo 1,647 1,503 997 1,102 2,398 1,474 1,171 1,206 1,294 1,725 1,930 2,183 1,693 1,290 1,375 1,342 2,594 3,396 1,438 Indianapolis St. 6 10,646 16,909 2,466 Omaha 2d quar. 13,195 2,881 4,769 4,265 1,706 3,337 Los Angeles Providence- ___ 15,728 11,863 18,745 5,868 1,095 Cleveland.. New Orl'ns. Minneapol May 1932. $ 5 1,786 _ Kansas City 1st quar. June 1933. 1934 York. 186.740193,549 181,551 161,507 157,414 160,138 Boston YORK St. s CITIES LEADING pre¬ Philadelphia Month 337 Chronicle Paul... 1,034 760 768 1,016 1,200 956 862 724 597 490 630 850 1,666 1,481 1,863 1,264 1,697 1,050 862 960 1,558 1,288 1,369 1,295 1.749 1,092 1,694 2.287 1,036 828 760 600 5511 660 954 1,286 1,861 2,333 1,240 1,986 1,727 1,460 1,184 985 1.141 1,663 1,998 2,654 Hartford 605 591 558 445 421 424 589 768 Salt LakeC. 857 756 648 549 460 490 715 918 1,035 1,035 Denver 16,100.252,755 13,120,590,727 14,708,753,768 July Aug..:. Sept ... 3d quar. 9 43,929,597,250 + 4.2 15,448,306,487 12.778,687.848 15,286,676,540 +2.7 —3.8 + 1.0 43.513,670,875 36,304,208,113 44,666,500,799 + 1.0 142.679,118,734 141,336,325,045 mos. 13,048,392,543 11,634,798,310 11,621,017,260 16,271,458,422 14,750,476,223 13,644,566,154 Richmond Memphis 2,112 1,043 . . Seattle 136,397,049,625 123,488,065,997 Total 301,816300,078274,112 241,532 224,805237.273 381.450505.634678,731 31,442i 28.268! 23,065 19,827 16,5471 19,361 28,118, 36,609. 48.154 Other Oct ... 52,212.492,382 15,553,447,333 14,053,481,209 15,547,030,196 —15.6 —3.5 —16.9 12,286,895,337 11,179,980,305 14,551,853,584 45,153,958,738 —21.2 44,060,658,787 4th quar 16,034,469,952 15,695,940,902 20,482,081,528 186,739,777,521. 193,548,817,427 Nov Dec Year —7.3 14,864,989,678 13,046,924,749 16,148,744,360 38,018,729,226 and Omaha smaller were show figures at all the larger cities since for New Below 1936. in than we Will a 181,551,008,363 161,506,795,223 Of the country's principal cities, only the figures York Total all... 333,258 328,346297,039 261,316 241,315 256,582 Outside NY 146,518134,797115.488 99,810 83.90F 96,443 longer report clearings. no Only the Second Federal Reserve District showed a de¬ crease 1937 from the previous year. in in the Eleventh District. was all the districts for eight 1929: 409.496 542,159 726,787 146,225 195.049 249.546 The greatest gain Following are the results in years: SUMMARY OF BANK CLEARINGS Inc. or Year 1937 Year 1936 Dec. Year 1935 Year 1934 Year 1933 Year 1932 Year 1931 Year 1930 $ $ % $ % $ S $ % Federal Reserve Districts 1st Boston 2d New York 3d -.14 cities 5 " + 10.4 27,259,768,038 7,728,174.846 25,110,563.783 + 8.6 + 6.8 5,742,461,478 5,286,467,352 + 8.6 17,631,127,894 12,119,967,349 5,815,926,338 5,335,677,790 20,891,647,701 6,189,041,291 4,767,297,866 9,987,800,720 6,073,586,065 9,212,121,290 + 8.4 5,218,927,273 + 16.4 4,235,969,205 " 14,521,869,792 13,113,443,808 + 10.7 11,477,857,599 19 *' 10 " 7,622,630,175 6th Atlanta.. 16 " 8,500,239,904 7th Chicago 8th St. Louis .31 7 " " 16 18 " " ..11 12th San Francisco-.20 11th Dallas + 5.3 + 13.8 + 14,1 7,239,321,043 194 cities 146,517,929,718 134,797,031,556 Total 32 cities Canada In of only 1936, —1.8 19,203,324,678 16,927,457,721 September and October did the volume of sales the New York on 18.849,552,327 as a Stock Exchange exceed the same month NEW THE YORK EXCHANGE STOCK 4,160,160,815 6,931,394,176 3,727,272,991 9,925,187,182 5,459.341.208 14.720,600,993 been the smallest of and 1935, since Month of January February Shares 58,671.416 50,248,010 50,346,280 . . March Shares No. No. Shares 67,201,745 60,884,392 51,016,548 Total first quarter. 159,265,706 179,102,685 34.606.839 Month of April May 18,549,189 June 16,449,193 69,605,221 Total second quar. Tota six months.. 228,870,927 39,609,538 20,613,670 21,428,647 81,651,855 No Shares No. 54,565,349 56,829,952 29,900,904 19,409,132 14,404,525 15,850,057 49,663,714 141.296,205 Shares. 18,718,292 19,314,200 20,096,557 58,129,049 52,896,596 25.335,680 104,213,954 16,800,165 125,619,530 29,845,282 22,408,575 30,439,671 22,336,422 71,981,117 282,730,080 75,184,668 260,754,540 124,848,382 213,277,322 340,859,129 33,854,188 26,563,970 30,872,559 29,427,720 42,925,480 34,726,590 21,113,076 120,271,243 16,690,972 42,456,772 12,635,870 43,333,974 71,789,026 92,229,688 107,079,790 50,439,918 206,061,989 20,722,285 34,793,159 August 17.212,553 September Month of July Total third quarter 8,754,834.077 12.909.613.409 any 1924. 20.094.909,690 16.843.377.545 with the exception of 1934 year, Following are the yearly amounts 1880: EXCHANGE NEW YORK STOCK SHARES SOLD AT THE NUMBER OF Cal. CALENDAR YEARS. Stocks, Shares. Year. 937.. 409,464,570 1922. 936.. 496,046,869 381,635,752 323,836,634 654,816.452 425,228.894 576,818.337 810,038,161 1124,991.490 919,661,825 576,563.218 450.845,256 454,404.803 281,931,597 1921. 935.. 934 .. 933.. 932.. 931.. 930.. 1929.. 1928.. 1927.. 1926.. 1925.. 1924.. l923_. 236,115,320 Cal. Stocks, Cal. Stocks, Shares. Cal Stocks. Year. No 4,305.930.032 13,241,600,916 21,145,822,948 9,076,063,317 8,156.611,273 43,810.366,289 9,396,706,727 6,135,244,372 12,011,213,880 5,344,350,252 17,482,397,665 1933. 1934 1935 3,150,573,108 9,225,812,317 28,151,933,648 21,079,719,290 15.753,157.856 7,332,845,298 6,350,511,970 30,448.706,642 6.506,155,423 4,912,276.129 8,254,163,516 BY 1936 1937 14,801.916.127 10,237.489,676 5,507.126.307 4,568,550,464 17,255,769,616 4,635,322,762 3,693,211,987 6.184,439,289 3,101,842,486 15,963,488,513 since glance at the following table reveals: SALES OF STOCKS ON 13,041,677,348 8,735,434,280 4,124,091,288 4,204,971,152 13,661,877,933 4,457,710,424 3,650,851,008 10,311,541,484 5,193,382,429 5,475,162,878 17,404,549,334 6,422,573,564 + 1.5 297,039,343,808 261,316,869,532 241,315,410.718 256,582,242,429 409,496,283,920 542,159,489,904 + 8.7 115,488,335,445 99,810,074,309 83,901,416,968 96,443,778,646 146.225,889,962 195.049,961,784 333,257,707,239 328,345,828,983 Outside N. Y. City..-.—.. 20.712,338,670 25,914,935.994 270,170,414,617 355,520,907,309 12,228,772,708 10,827,634,845 15,163,257,683 8,148,325,808 " " Cleveland Richmond Minneapolis 10th Kansas City 11,349,934,224 —3.2 187,056,729,985 166,294,861,072 161,832,904,230 165,145,310,068 6,905,373,211 7,452,002,879 Philadelphia... 17 4th 5th 9th 12,369,774,982 + 1.1 13,971.125,946 13,817,133,037 193,342,655,354 199,681,390,197 20,867,872,825 19,810,968,155 17,639,522,096 15,498,116,955 Year. Shares. Year Shares. 1920. 1905 1919 316,787,725 1904 1917 1903 185.628.948 1915 1900 47.900,568 . 1901 173,146,203 . 1914 1902 233,311,993 . . . 1906 144,118,469 1918 t91o 1899 .. .. .. .. .. .. .. .. 83.470.693 1898 131,128,426 127.208,258 1896 1910. 164.051,061 1895 1909 214.632.194 1894.. 1913 1912 1911 . . . . 1897 .. .. .. .. 196.438.824 80,977,839 1893 284,298,010 1892 86,875,092 263.081.156 187.312.065 1891 69,031,689 1890 71,282,885 72.014,000 65.179,106 161,102,101 1889 188.603,403 1888 265,944.659 138.380,184 1887 84,914,616 1886 100,802,050 92,538,947 176.421,136 112,699,957 77.324.172 54.664,096 66.583,232 49,075,032 1885. 1884 1883 . 1882 . 1881 . 1880 96,154,971 97,049,909 116,307,271 114.611.248 97,919,099 197,206.346 1908. of transactions Volume 1907 258,652.519 172,712,716 226,640,400 in both stocks and bonds on New York Curb Exchange was lower than in the the preceding Total nine months 300,659,953 352,984,228 231,928.172 263,717,240 546,921,118 Bond year. 51,127,611 Month of October... November 29,254,626 December. 28,422,380 43,995,282 50,467,182 48,600,177 46,658,488 57,459,775 45,589,317 15,659,921 20,870,861 23,588,612 Total fourth quar. 108,804.617 143,062,741 149,707,580 Tot. second six moe 180,593.643 39,372,212 33,646,666 34,876,456 sales 50% were and lower the NUMBER OF SHARES AND VALUE OF BONDS CURB EXCHANGE BY 60,119,394 107,895,334 235,292,329 256,787.370 110,599,312 313,957,323 SOLD AT NEW YORK CALENDAR YEARS. Slocks, Bonds. $ Shares, 104,178,804 442,361,000 1936 134,843,049 75,783,794 409,464,570 496,046,869 381,635,752 323,836,634 654,816,452 Par value of bonds sold last year was lower than on the New York Stock Exchange 1935 are either 1936 falling off in volume from 1936 1935. or was 22%. The extent Following OF STOCKS 60.027,441 100,920,771 56,975,777 110,349,385 222,286,725 477.278,229 1932 1931 the figures: SALES 1934 1933 of the 1930 AND BONDS Descrivtion Stock—Number of shares Railroad and miscellaneous bonds State, foreign, Ac., bonds.. United States Government bonds ON NEW YORK 1937 409,464,570 STOCK 1936 EXCHANGE 1935 496,046,869 381,635,752 $2,097,109,000 $2,899,372,000 $2,287,488,000 346,778,000 358,615,000 378,026,000 348,644,000 673,944,000 318,887,000 1929 The New York. some $2,792,531,000 $3,576,374,000 $3,339,458,000 Regarding the volume of transactions Stock on the New York Exchange by years shows the total in 1937 to have 823,050,000 1927 1926 for 1924 38,406,350 72,243,900 1923 50,968,680 1922 21,741,230 15,522,415 1925 1921 833,056,000 576,472,000 525,810,000 600,533,000 200,315,000 90,793,000 55,212,000 25,510,000 exchanges of the country, in general, the same reduction in volume evidenced in An exception was St. Louis, where there was increase over 1936, in volume of both Minor gains in bond volume were Pittsburgh and Los Angeles. lation $ 221,171,781 125,116,566 115.531,800 1928 1172,064,000 1013,909,000 947,385,000 952.630,100 979,895,000 863,568,000 554,874,500 smaller stock suffered from bonds. Total par value of bonds Bonds. Stocks, Shares. 1937 Total full year smallest since 1924: shows sales on all the long periods of years: stocks and also recorded in The following extensive tabu¬ principal out-of-town markets 338 111999233857024 6 NUMBER SHARES OF OF 11199923382574 6 1199325453 119932654435 2 2 Stock*, Bond*. Share*. % 1037 45,000 1937...,. 14.239.000 1936 19,456,000 194,000 12,483,000 429,000 119932302487650 1978 10,178.000 1932865407 1.433,000 15,642.000 34,404,2u0 10,597,000 12.480,500 69.747,500 82,216,000 38,941,589 27.462,000 10,712,850 10,253,664 14J02.892 14,827,950 22.604,900 1921 10349,173 13,337,361 9,145,205 5,165,972 1920 7,367,441 4,662,400 1925 % 6,606,434 — 4.975,500 7.534,600 7.941,300 8,748,300 19,954,860 10,028,200 4,170.450 483,350 602,950 5.736,490 989,350 8.048.051 1,454,450 1937.. 1934- 635,743 350,285 504,880 712,780 1,300,707 1.019,056 919,365 951,426 468,063 — 24,652,115 18,240,330 11,147,245 Clearings First Second Third Fourth Total 8,726,199 7,742,313 Reported Quarter Quarter Quarter Quarter Year 8,807,874 9,562,931 9,912.352 7,153.447 1937— 5,495,041 28.488.950 1934... 3.974,005 10.323,920 1933... 6.696,423 - 24,674,300 1932... 1937 127,359 1,654.000 1,533,100 161,000 64,578 145,399 161,000 1933 165.041 194,500 467,186 424,455 149,630 1935 4,948,902 1928... 3,492.972 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 2,485.894 1925—. 1924... 1923... 1921 2.609,852 3,000 3,228,819 151,000 3,068,749 148.000 1932 1931 5,450,543 9,171,442 15,406,993 2,800,500 49,403.086 27,082,349 1930 1929 2,365,928 3,840,360 1928 382,839 2,325,000 1926 591,667 2,355,200 2.424,100 1925 44,067,288 36.230,111 1924 24,131,544 1927 1933 1929 2,007,110 1929— 1928 2,117.649 1928* 1927 1,263,708 1,035,383 1,859,390 736,976 846.055 833,957 843,644 943,257 1927* 8,129,554 7,058,715 9,875,057 15,262,932 19,188,822 31,530.016 11,332,159 1926* 9,702,078 1925* 9,464.660 1924* 6.848,625 1923* 1921* 5,948,638 2,863,850 1,599,410 1920* 1,873,326 1930— 1932 1930 1922* 1932 1931 1930 27,234,794 35,520,785 17,649,062 1929 1928 1927 7.959,556 10,174,589 6,297,878 3,434,690 2,319,270 2,456,631 1,579,470 1926 1925 1924 1923 1922 1921 2,541,098 1,527,925 1936 1,190,981 1,618,725 4,495,681 3,081,205 7,614,622 6,592,342 10.589,837 1937. 1935 2,942,637 2,329,690 1,685,540 2,409,566 1,551,958 1,625,014 3,542,446 5,300,096 2,013,255 1,347,563 1,562,769 1,778,138 1,372,711 2,506,032 898,100 4,862,114 5,363,832 1934 1934 1933 1,560,188 3,948,602 11,089,222 5,882,125 1932 1931 1930 6,057,074 1929 8,287,827 9,401,361 9,087,564 14,310,920 44,418,116 42,996,225 1928 1927 — 1926 1925 1924 1923— 2,230,146 2.630.740 1922 30,444,191 53.096.390 1921... t Not Including 446,433 sales of •For fiscal years ending Sept. 30. CLEARINGS IN BANK 85,285,826 DETAIL FOR THE 1 9.992,627 1927 180,272 16,077,600 17.807.921 381,745 1926 6.751.570 23,040,423 608,545 1925 4,316.626 17.715,503 28,862.906 5,119,645 1924 2,686,603 22.153,753 31,520,701 7,137,873 1923. 2,091,002 38.003.500 2,897,388 5,264,818 8.598,192 6,611,580 1922 2,910.878 48,519.402 1921 2,068.613 67,776.342 1920 4,177.962 27,340.080 1919 3,865,683 71,681.901 854,500 1931 1,530,000 2,381,000 1930 11,047,472 1929 23.203.463 11,023.025 13,212,555 2,457,500 1928 18,990,039 20,139,200 3,384,500 2,857.000 6.791,000 15,071,500 * Figures for these NUMBER SOLD SHARES OF 38,130,000 25,000 6,000 73,850 50,000 119,000 43,000 AT TORONTO CALENDAR STOCK Stocks, Shares. Shares. —————276,519,107 1936 450.783,324 1935 173,215.625 1934 8,442,184 1933 12,709.268 1932 3,238.478 1931 2,973,358 1930— 6 638,594 1929 10.471,819 1937 BY EXCHANGE YEARS. Stocks, 67,013,600 70,342,050 61,870,800 Montreal Curb Market as well as Include sales on years Montreal Stock Exchange. 28,101,000 38,426,000 Pittsburgh Phil ad el ph (a— 1935 Shares. 1935* 1932 1931 Bond*. Slocks, % 121,000 1933* 619,460 779,056 BY CALENDAR YEARS. Bonds. 60,782,146 865,119 488,281 407,463 1932 1933 VALUE OF BONDS SOLD AT MONTREAL Stocks, 507.500 1933 1931 Exchanges trading Shares. 593.500 8,943,720 13,718 573.000 higher than all other years in the SHARES AND OF 18,392,900 7.723,780 321,032 16,263 805,000 17,444 720,00J 20,232 406,000 16,702 925,000 by the tabulations below: STOCK EXCHANGE 4,635,352 529,069 1934 1936 NUMBER 1934 2,075 Stock and Toronto nevertheless, was, 1935 1936 788,418 1936 24,556 298,549 594 ,208,6)0 20,566 490,856 greatly reduced from the preceding year long period covered 1934* 1935 1937 Montreal 1936* 6,921,668 _ 12,909 ,613,409 16.843 .377.545 20,094 .909.690 ;5,085 039,125 !.n 18.482.000 2.480, M8.000 3.236, ,383.000 in,50fi 59<i .nnr 1.142,216+00 the 779,500 Franc Isco San 1937 612.399 15.963 ,488,513 14,720 600,993 i,657.205,000 3.363.807.00O 2.923,735,000 3,611, ,971.000 12,656 718,000 1937*.. Cleveland- 1937 1920 ' volume in 11)37 was but -» 18,849 ,552.327 19.203 ,324,678 16,927 457,721 3,929,891,00<» 4,388,475,0OO 4,217,059,000 5.111 ,536.000 17,646 .961,000 243.00C 3,708 304,000 3.854,678.000 1.904.277,000 5.263 ,984.000 16,731 3.834.897.000 3.950,010,000 1.072.622,000 5.120 ,395.000 16.977 924,000 3.606.308.000 4,158.184,000 -1,864.938,000 5,702 ,913,000 17,332 342,000 26,513.400 139,482 1924 1921 149.204 4.910.336.76' 4,737.796,279 ♦, 33,243,300 ... 1924 2.805.889.88 J 3.672,547.485 4,388,878.432 3,853 ,285,195 3,103,494,918 3,189,615,159 3,248.885,858 3,367 .617,474 4,148.010.920 4,632,082,461 3.806,438.089 4,256 ,846,075 4,952,120.236 5,207.727,374 4.791,115.007 5,164 ,057,073 6.016.432.641 6.041,113,66) 8,170,260,921 6,857 ,231,902 5,540,519,953 6.224,576.655 5,819,332,605 7,171 ,369.386 11,351,600 10,707.000 623,500 1.730,224 1,838,556 1926.* 1923 0 1916. On S $ 1,840,001,000 4,031,429.000 3,706.793,000 4,685, ,582.000 1.127,525.000 4,447,088.000 3,983.965.000 4,886, ,142.000 4,638.357 000 4,924.428,000 4,819,806 000 5,849, ,805.000 3.329.475.000 3,970.863,000 4.127,237,900 5,275, ,350,000 2,818,417.000 3,387,131.000 1,212.600.000 4,300, ,425.000 1918... 1,200 36,400 8,156,706 - » 1919... 5,500 . * m . — 1917... 12,662,164 1034 * 920... 13,724,472 1935 #» m » CANADA 4,610,159,510 4,864,945,572 4,456,822,438 4,917 .624,807 4,403,127,022 4,737,138,33f 1.728,025,671 5,335 ,033,648 3,577.761,607 4,466,554,082 4,089,727,904 4,793 ,414,128 3.473,080,453 4,067.401.029 3.974,559,885 4,448 ,447,146 1.32 1922... Angele — mm 1926... 500,601 1922 • 1927... 548,800 1926 • 1929... 1.304,229 1,077,984 1925 . 7,094,262 5,777,0 dl — +•>. — — 1930... 1936 590,212 380,354 1935 1931... Los — — l'»36_ THE DOMINION OF $ $ 8,141,090 15,613,169 20,294,840 5.300,862 IN CLEARINGS 4.783.324 1931 8.246.000 for more than two decades: years, 3.370,800 6.599.376 1937—* St. Louis— of the year but smaller 1,243,800 1921 7.882,500 9.623,000 590.730 quarters 12,419.793 15,251,177 —r — 1920 2,137,500 2,033,700 3,034,300 6,436,900 7,947,300 9,004,106 12,032,800 two 1.870.000 1922 1,961,150 2,877,550 2,312,100 1,929,550 858,504 899,543 656,102 445,979 —— first the 10,299,500 Detroit— 1936 193G in the last two and in the year as a whole. As against the, slight gain for the year shown by the United States total, the Canadian exchanges in 1937 were 1.8% below 1930. The tabulation below shows the Canadian figures, by quarter Canadian cities were greater than Bank clearings in 13,672,390 1930. Baltimore 1937 Bond*. 6,747,981 — 1936 847.000 18.289.000 1922 Stock*, Share*. 1938 15, Jan. Chronicle in Boston— Chicago— .... AT 8TOCK8 AND VALUE OF BONDS SOLD OUTSIDE OF NEW YORK. EXCHANGES 1933 Financial 1928. 916,923 1927. .663.042 1926. 470,167 999,218 1925. 907,871 025,923 214,543 1924. 1923. 1922. 1921. 548,017 1920. 670,064 100,000 284,000 125,000 187,000 To complete our ment of the analysis we now give the complete state¬ clearings at the different cities for the 214,000 168,000 years, 396,500 also the ratios of increase or decrease as last eight classified according to Federal Reserve districts, and between 1937 and 475,000 801,350 1936. The eight Canadian years 1,145,150 1,318.950 pilations "rights." bank clearings in detail added are for the last end of the com¬ extreme to the : LAST EIGHT CALENDAR YEARS ACCORDING TO FEDERAL RESERVE DISTRICTS Inc. or Year 1537 Year 1936 Dec. Year 1935 Year 1934 Year 1933 S Clearings al- $ % $ S Year 1932 S S First Federal Reserve Dls trict—Boston- Fall River + 6.0 18 .532,496 + 9.9 36 ,876,820 +0.8 161 ,541,023 + 5.8 110,507,152 94 ,883,369 + 16.5 71, 284,759 604,794,404 591 ,262,442 + 2.3 204 ,753,776 557, 685,210 173, 213,155 460, 180,200 26. 132,997 90,274,000 Island—Providence.. H.—Manchester Total (14 cities) 79 ,031,000 570,601,300 539 ,411,600 +9.1 + 14.2 +5.8 29,526,955 Haven 30 ,761,044 —4.0 13,971,125,946 Second Federal Reserve District—New 13,817,133,037 + 1.1 66 381,000 12,369.774,982 York— 64,520,385 59, 205,340 + 9.0 473,466,159 52,448,301 1,886,835,575 33,807,398 York—Albany.. 1,692, 936,197 + 11.5 1,473,020,558 507,071,433 Blnghamton Buffalo 444 645,929 + 14.0 587,550 + 26.2 30,320,938 27,587,285 186,739,777,521 193,548 797,427 394 483,742 426,604,215 —3.5 181,551,008.363 + 8.1 250,245,451 212 275,449 + 17.9 344,539,535 190.041,844 44,069,794 Elmira Jamestown 38 662,229 + 14.0 191,610,128 169 992,869 + 12.7 39,868,449 New York Rochester Syracuse .... Utlca Westchester County 34, 500,601 31 —2.0 229,478,310 21,989,501 193 376,084 + 18.7 20 698,762 + 6.2 Newark 1,057,365,635 + 4.4 Northern New Jersey 1,801,449,760 47,961,799 1,012 ,825,606 1,780 ,762,955 46 ,639,457 +2.8 193,342,655,35199,681,390,197 —3.2 Connecticut—Stamford New Jersey—Montclair Oranges Total (15 cities). 31 042.930 90 994,065 10,645 822,754 33 694,079 18 240,019 16 693,967 33, 761,752 144, 648,095 223,383,309 — Water bury New 19 ,002,584 37,171,351 170,930,531 Bedford Springfield N. + 7.1 20,140,258 Worcester Rhode + 0.4 20,361,209 ; .'* Connecticut—Hartford New —1.7 36,199,025 Holyoke New + 2.5 111 ,233,922 11,862 ,695,393 33 ,788,745 34,199,369 Portland Massachusetts—Boston Lowell 33 ,358,823 109,334,858 11,913,702,225 Maine—Bangor.—. — + 1.2 26,453,749 85,549,737 9.843,325.469 31,216,876 17.698,215 14,463,881 30,379,607 21,818,144 72,724,139 9,405,283,453 29.390.017 17,564,572 13,430,010 27,661.969 132,658,694 Year 1930 $ 21,735,216 30 ,871,677 34 873.633 112,486,341 10,553.707,435 157 ,470.412 18.373 ,439,759 ,965,338 197, 868,116 23,080 468,729 57, 280,304 26, ,973,066 30, 299,066 35,521,668 20,442,820 15.898.748 31,131,456 160.313.913 103,799,943 48 ,476,328 38, 136,771 46, 114,827 225, 083.803 243, 701,444 24 53, 088,956 134,540.696 63,150,219 444.687,983 420.508.392 165,219.211 173,211.347 57,986,000 411,388,200 23.874.381 51,056.000 56,581,600 145, 679,693 o89, 290,196 347, 367,091 92, 233,400 378.617.900 428,493,500 573, 896,200 21.615.018 23,243,184 30, 476,880 40. 029.420 20.712,338,670 25.914,935,994 11,349,934,224 62,095,190 10,827,634,845 423,792,173 241,624.711 12,228,772,708 174, 694,717 768, 282.453 401, 300,685 111, 115.600 683, 796,100 353,497,666 325,552,925 269,461,242 419.502,248 445,177,938 70,199.795 56,384,503 42,310,615 39.279.034 44,354,109 2.604,443,330 1,929,918,055 1,294,195,734 1.206.417.400 1,342.319,027 51,364,283 50,753,092 35,458,350 28,551,043 25,031,132 61.741,471 45.134,008 29,194,920 19,494,833 23,320,397 263.270.393.958 347,109,528.120 161.506.795.223 157.413,993.750 160,138,463.783 599,571,946 494,981,674 360,161,965 303.418,067 311,115,953 290.261.978 248,170.737 191,618,716 161.292,632 168,854,931 a a el53,437.091 152,490,015 20,138,878 915,488,913 1,783,679,320 42,499,876 Year 1931 18,605.926 e84,229,066 127,310,307 20.302.153 860,957,497 1,368,819,562 41,306,326 785.376,530 1,269,343,976 38,622,257 el04.945,459 138,203,051 187.056.729.985 166.294.861.072 * 13+936,253 27,849,237 1,100,022,410 1,463,517,273 61,119,570 a 170?732,540 a 208?474.112 36,619,217 41.073,525 1,541,778,681 1,918,084,694 81.910,533 2,250,855,686 161.832,904.230 165.145.310.068 270,170.414.617 355.520.097.309 1,790,926.944 88,788,453 Volume 146 Financial BANK CLEARINGS IN DETAIL FOR THE LAST RESERVE Inc. Clearings at- Year 1937 % 26,399,698 23,763,964 24,430,800 17,650,791 120,061,078 Chester Lancaster 16,627,048 + 9.9 Norristown. 23,232,010 Philadelphia Reading 19.724,000,000 18,745,000,000 76,507,766 66,850,995 128,129,487 57,734,005 78,250,662 17,332,177 6,198,074 34,497,276 171,538,644 Scranton. 24,855,696 127,521,224 55,866,619 Wilkes-Barre York 90,441,534 18,134,203 7,452,158 Potts vllle Du BoiS-_ Hazleton 34,538,941 193,184,244 Delaware—Wilmington New Jersey—Camden a + 11.1 19,484,745 16.664,704 14,034.378 + 14.8 a 13.676,691 80,627,567 43,647.131 —16.5 14,710,771 92,462,196 53,097,047 18,674,008 24,748,832 + 5.2 16,909,000,000 14.515,000,000 + 14.4 61,553,786 114,341,292 49,877,120 66,912,697 + 15.8 '—0.5 —3.2 + 15.6 Year 1932 Year 1931 Year 1930 $ 15,793,326 22,955.183 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 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 68,915,606 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 + 4.6 a a a a $ V a a a a a + 0.1 a a a a a a a 68,868,072 225,717,798 64,190.321 222,550,947 100,081,996 34,870,724 38,811,301 26.360,000,000 178,233,147 245,741,796 178,381.878 105,501.365 a + 20.2 a a a ,< " + 12.6 a ! a 3 i I - a a a i a 118?145.203 Federal Reserve 219,439,000 +3.4 206,265,400 177?562,000 160.425,300 165?824,000 84,837,000 216,225,600 220,839,000 19,810,968,155 +5.3 17,631,127,894 15.163.257.683 13.041.677.348 14,801.916,127 21,079.719,290 28,151,933,548 59,099,320 43.371,165 1,814.782,185 2,530.896,775 346,380,650 17,542.891 3.745.165 44,241,486 District—Clev eland— Ohio—Akron a Canton ;—.. Cincinnati. . -. .. - „ . ---- - - . .. _ — Columbus ... Hamilton ... Lorain.. 126,093,320 104.127,192 2,880,749,980 4,265,016,595 610,964,300 26,440,216 13,370,667 79,667,144 139,392,654 3,229,667,260 5,128,345,199 644,086,100 28,073,487 , 19,589,112 Mansfield 101,770,891 Youngstown.. ... Newark 153,227,452 77,527,067 292,146,128 11,621,783 a +21.1 + 12.1 + 20.2 +5.4 + 6.2 +46.5 + 27.7 +9.9 20,416.000 84,348,282 2,466,319,282 3,417,055,094 526,282,600 22,995,266 10.391,357 63,838,909 112,909,268 2,123,727,180 2,978.666.477 446,690,900 19,879,787 7,138,947 55,220.865 a 244,201,000 3,202,938.421 6.637,913,338 209,510,783 6,169,892 40.929,770 a a 142,973,000 2,837,577.247 5,123,450.082 602,282,400 36,640.370 13,906,676 73,516,115 a 2,088,859.937 3,344,466,086 386,397.500 22,717,180 a a a 792,932,400 48.898,612 18,490,723 93,261,261 259,844,604 + 15.5 9,013,511 7,387,019,411 78,278,307 116,934,868 + 14.2 a a a a a + 17.9 a a a a a 8,603,387 + 11.2 79,323,644 70,053,399 98,259,160 + 13.2 62/760,856 108,836,769 43,810,966 76.914.172 62*092.335 83,065,901 55.501,091 77,252,809 63?541,288 + 10.8 86,046,630 142,325,210 82,259,046 194,707.150 17,639,522,096 County Franklin + 17.5 252,965,251 9,759,217 5,747,133 7,786,417 6,663,998,001 9,566,363 Pa.—Beaver 66,003,167 89,422,718 137,843,231 Toledo....: 15,498,116,955 + 13.8 12,119,967,349 10.311,541,484 8,735.434.280 10.237.489,676 15,753.167.856 21.145.822.948 + 32.1 8,081,893 121,797,000 1,697,211,599 7,026,874 110,665,000 7,720,027 19,532,286 136,068,783 30.830,709 178,403,799 1.748.566.339 85.568,908 84,584,416 101.035.483 6,348,650 Greensburg Pittsburgh ...... .... Erie Oil Year 1933 226,801,000 Total (17 cities) Cleveland FEDERAL 20,867,872,825 Trenton.. Fourth Year 1934 $ + 14.0 66,605,541 21,461,140 27,810,394 ... Year 1935 + 6.2 105,298,948 73,194,243 Lebanon TO ■ 28,041,620 Harrisburg. YEARS ACCORDING DISTRICTS—(Continued) Dec. Thlrd Federal Reserve Dl strict—Phllad elphia— Bethlehem 339 or Year 1936 S Pennsylvania—Altoona Chronicle EIGHT CALENDAR City. Warren.. Kentucky—Lexington.... West Virginia—Wheeling .. Total (19 cities) + 19.1 a 7?462,826 + 15.8 4,812,491 12,007,318 + 10.8 5,245,717,899 + 10.5 8?118,247 4,375,961 10,932,245 4,464,937.655 7*976.341 3.661,657 7.406,777 3.794.704,050 a a 10.225,223 16^603,484 23*384,039 4,938,349 7,229,166 38,941,357 6.655,620.424 9.246,960,330 13.947,659 4,169,834,262 9.368.775 81,102,560 a a Fifth Federal Reserve Pis trict—Richmo nd— West Virginia—Huntington. Virginia—Norfolk Richmond ... North Carolina—Raleigh.... South Carolina—Charleston- 144,259,000 2,111,801,349 14,735,052 131,899,000 1,862,526,216 a +9.4 + 13.4 a ... 70,398,304 North Carolina—Durham... + 17.8 195,375,855 59,768,967 93,460,031 57,624,677 190,441,284 3,349,477,081 + 8.8 100,847,185 60,723,976 + 7.9 50,503,403 76,797,514 + 5.4 + 2.6 1,558,199,157 109.925,000 1.288.377.373 a a 3,642,964,591 Columbia Greenville Maryland—^Baltimore. Frederick J 19,463,533 a 1,369.431,275 35,824,898 41.086,467 43.622,843 43,098,346 82,116.807 38,358,700 b6.205,325 2,640,026,816 2,892*638,534 a a a 56,337,080 213.137.682 2.286,520.865 117.088,062 110,235.165 108,282.902 a a 2,910?636,583 4.820*464.324 15.841,503 13,558,760 2.044,121,827 10,923,323 12,114,118 18,963,999 1,255,990,906 1,127,930,222 + 11.4 935,056,843 738,690,669 618.459,713 956,807,113 1,233.276,777 24.658,271 31.730,772 1,317.607,694 7,622,630,175 _ 6,905,373,211 + 10.4 5,815,926,338 5.193,382,429 4.124.091.288 5,607,126,307 7.332.846.298 9.070.063.317 174, 993,018 809, 122,151 2,601, 000,000 + 15.4 146,583,478 696,558,308 117,916,060 574,513,170 148,907,909 468,491,661 + 10.7 2,204,500,000 1,957,400,000 1.503,200.000 + 6.3 55,199,615 31,282,701 42,029,408 625,438,971 51,064,057 46,493,163 25,477,145 127, 219,199 460, 439,179 1.414, 100,000 43, 898,263 20,805,476 Hagerstown Dist. of Col.—Washington.. Total (10 cities).... 17,510,681 a + 18.8 a 3.851.615,868 a Sixth Federal Reserve Dls trict—Atlanta Tennessee—Knoxvllle Nashville 203,163,433 .... 933,702,393 Georgia—Atlanta Augusta 2,879,900,000 66,170,323 Columbus 52,518,895 920,545,262 Flor da—Jacksonville Tampa 65,162,890 Alabama—Birmingham. . _ _ Mobile... Montgomery „ 89,733,507 45,334,589 59,080,000 83,111,013 17,560,767 ... Vtcksburg Louisiana—New Orleans Seventh Federal Reserve Mlch.gan—Adr.an +5.3 + 13.8 + 22.2 53, 475.171 74,091,638 455, 305,130 668,758,940 67,631.437 36.472.025 44, 098,780 24, 543,761 + 7.3 7, 997,368 1,706, 496,246 + 11.4 5,759,553 5,777,793 5, 851,462 + 15.6 1,434,458,217 1,251,418.602 934,281.827 7,452,002,879 + 14.1 6,335.677,790 6,475,162,878 2,888,423 22,689.776 a a 18.791,653 + 10.4 5,350,618,257 + 9.7 64,545,320 165,393,450 57,307,814 149,606,126 22,611,590 76,792,248 30,157,931 30,306,872 55,515,438 147,972,857 862,322,000 66,182,040 250,390,993 Lansing Muskegon 84,055,161 34,847,527 Bay City 36,069,468 Wayne 60,188,095 + 12.2 26,215,143 4,523,166,839 47,149,901 108,254,084 19,111,730 + 9.5 60,635.640 + 12.6 + 10.6 + 15.5 + 8.4 1,026,855,064 + 6.7 22,975,541 35,744,519 5,826,381 15,782,332 + 10.4 ,19,679,447 956,086,589 South 78.871,025 265,073,402 58,435,038 Milwaukee Oshkosh Sheboygan. 48,220,037 6,021,948 ... Manitowoc 16,230,318 Rapids 58,461,120 + 24.1 + 10.9 + 19.2 +5.9 + 21.2 + 4.0 54,376.632 + 7.5 +4.7 164,903,506 174,556,808 —5.5 9,456,141 City.. City..: 2,315, 409,043 4,204,971,152 4,568,550.464 6,350,511.970 8.156.611.273 cl.279,129 24.070,384 1,940,556.328 5,434,981 8,180,171 3.674.899,424 30,322,779 3,236,378,646 41,590.133 6,167,174,197 12,697,339 7,792,016 + 21.4 Waterloo 44,404,377 35,668,636 61.650.930 108,036,196 83,584.106 59.634.435 226,598.530 14,733.239 29.940.971 25.415.366 142,258,285 26,038,273 10,745,160 40,278,924 8.440,161.513 145,805,362 287.853,084 39,554,042 145.420.362 57,646,083 176.838,800 49,814,697 a 61,996,273 a ,110 24,876.368 88,726.545 75,338,664 697 359.568 490,245.009 52?982,771 33.654,577 105,873,979 174.387.000 40.094.659 28.182,478 164.284,709 26.282.737 16.989.639 696.437,071 561.860.976 159,418,789 50,010,133 773,558,234 16.271,010 10.243.866 20,914,981 1,092,108,000 88,575.408 217.980.321 59.069,090 189,337,859 263.971,064 852.191.683 77,977,081 629,724,858 136.223,195 263.191.437 136,958,500 1.487.463.843 119.292,200 1.166.635.380 31,488,526 160.730.698 40,009,150 a a a a a a a a a d9?480,227 45,107,313 26,314.577 384,830,631 310,490.729 238.540.17v 147,043,590 129,679.143 99,761.460 a a 35.846,030 119?839.034 229.848,922 257.947.159 335.156.684 439.220,462 24,250,693 119,261,277 202.166.116 298.998.273 543.981.296 a a a a 168,788,202 637.723,680 a a Illinois—Aurora 9. 958,037 a a a Ames 71. 415.000 108. 145,650 33. 982,638 1,362, 194,381 + 2.8 434,723,450 a Moines..... 96, 642.806 56, 258.519 a a +3.4 455,110,296 Davenport.. 64,814,000 a 25,372,949 37,173,779 Indianapolis Bend.. 35, 139,000 49, 260,840 14, 065,389 88, 717.724 1.010, 297.055 72.851,103 18.532,290 7.230.656 2.010.081,171 + 19.0 1,095,427,491 183,601,777 Terre Haute a 13.768.947 a 4+287,156 113,007,665 723,918.000 48,356,968 212,171,732 39,882,444 829,442.858 Gary Wisconsin—Madison 25,491,026 18, 242,835 72, 467,235 675, 293.206 District—Chic ago— 25,380,654 Iowa—Cedar 42,469.629 16, 359,272 + 10.2 589.169 980 506.819,861 45,077.022 35.940.000 143 741,304 1,078 748,051 2,258, 280,160 89 214,260 68,233,406 35,921,053 38,868.396 24, 902,278 431, 454,576 42.798.557 45,316.000 60.643,289 13,773.311 7.599,830 20,739,219 Rapids Watertown 50.158,742 737.163,730 53,274,779 34,950,218 41,264.000 144.145.834 628.043.516 1,835.666.525 22, 603,056 +0.4 Jackson. Indiana—Fort 815,852,246 63,579,802 46,189.885 21,023,031 25,784,256 383,829.913 + 19.6 5,868,433,887 Flint Sioux + 22.1 36.375,198 630,229,581 49, 388,000 75, 426,977 a Arbor.. Detroit Iowa + 8.6 45, 139,540 8,909,209 Total (16 cities)... Des + 23.0 8,500,239,904 Jackson Meridian... 1,055,022,308 754, 015,099 61, 854,935 927, 378,113 73, 453,658 + 16.1 1,972,629,039 M ississi ppl—Hattiesburg Grand 62, 232,159 38, 782,679 48, 363,664 47,696,276 Macon Ann : 15?591,957 10*816,689 8*048.138 15.873.682 17.068,214 13,194,988,368 23.237.192 18.442.636 49.497.539 11,193,884.480 9.611.744,417 10.936,884.811 37.653.768 41,727.767 74.462.762 19.201.221.287 71,518,177 53,739,239 20,804,501 22,266,884 15,727,768,033 43,189,615 + 61.8 + 15.7 32,452,925 28.333.706 22.346.355 27,132,821 45.262.258 02,009,970 224,850,073 56,479,149 63,156,087 6,620,842 —3.2 147,301,420 105.109.257 116,547,216 158.019.046 233.987.210 27.411.143 94.715.140 42,517,374 34,675,720 81,364,466 166,682,125 133,250.054 7,480,195 27,259,768,038 Bloomington Chicago 25,110,563,783 22,616,003 17,013,474,941 Decatur 49,986,550 Peoria 217,650,361 Rockford 73,209,927 Springfield 71,817,324 Sterling.. Total (31 cities)... + 1.6 + 8.2 + 29.6 42,856,307 125.551.930 31.694.644 + 13.7 51.127,370 45.854.928 + 13.0 + 8.6 a a 20.891,647,701 17.404.549.334 13.661.877.933 111,633,366 a 17,255.769,616 92.540.349 28,707,627,130 a a 30.448.706.642 43,810,366,289 Eighth Federal Reserve D istrict—St. Lo uis— Indiana—Evansville a a New Albany... Missouri—St. 4,815,001,861 Cape Girardeau... Independence 42,467,526 6,210,417 4,497,830,366 37,840,603 5,618,668 + 12.2 Kentucky—Louisville 1,786,445,321 1,631,057,919 + 9.5 Owens boro a Paducah a a + 7.1 a 3,609,981 31,167,000 Illinois—Jacksonville Quincy — 3,940,653,793 a 1.395?116,493 a 3,396,902 + 6.3 27,337,000 + 14.0 7,728,174,846 7,239,321.043 + 6.8 + 0.7 3.451.741.408 a 1.189?400.966 a 828?308.249 2,646,756 22,316,000 6.189.041.291 241.854,305 a a 2.897.125.979 11 4.957.063 4,587.620,932 911,287,760 1.134*398.884 a a 915*949.001 a 776.615 ,069.960,302 a 8,868.206 0.146.332.080 a a 1.850?136.498 20,886,427 104.086.692 954,000.029 10,667,362 29,040,978 65.711.500 63.876.121 600.086.326 650.523.885 660.399.481 1,701,144 13.807,996 6.174,676 7.603.089 19.341.000 27,717,577 40.480.301 60.986.238 5 422.673.6«4 4.457 710 424 4 635.322.762 1 ftft 423 9.396 706.727 a a 1,036,239,585 a a + 10.5 1,043*272,740 Te nnessee—M em ph is Total (7 cities) a a Louis 759,789.887 2.300.303 6 fi06 Financial 340 CLEARINGS IN DETAIL FOR BANK Jan. 15, 1938 Chronicle THE LAST EIGHT CALENDAR YEARS DISTRICTS—{Concluded) ACCORDING TO FEDERAL RESERVE Inc. or Year 1936 Year 1937 Clearing at— * strict—Mlnne Ninth Federal Reserve Di 189,674,147 Minnesota—Duluth— 3.686.111,280 Minneapolis.---— — Winona---————--- Fergus Falls North Dakota—Fargo Grand Forks Mlnot-— South Dakota—Aberdeen— Falls-- Bloux Huron Montana—Billings —- - Helena Lewis town — — Total (16 cities) Tenth Federal Lincoln Parsons-- Topeka— Wichita - M issour 1—Joplln +6.0 133,650,063 +4.6 3,258,237 —10.2 5,286,467,352 Carthage Oklahoma—Tulsa 4,117,752,515 —4.5 + 9.1 —5.0 5,105,867 5.423,947 120,181,318 1,646,788,876 153,774,148 6,069,089 —2.2 1,503,195.104 +30.0 68,975,947 5,780,845 9.235,578 111,380,296 164,494,117 24,038,673 + 14.9 + 5.6 4.768,638,222 + 10.3 162,350,688 —1.1 6,852,188 435,631,190 + 17.6 33.601.462 +3.7 1.480,896,087 + 12.5 33,537,057 16,234,337 35,727,764 —6.1 14.213.463 9,212,121,290 9,987,800,720 District—Dall 25,693,563 89,079,362 1,895,406 2,164.140 40,200,012 129,487,579 3,119,445 3,613,762,008 3,641,159.987 4,840.069.129 6,051,673,372 3,034,341 b950,000 83,310,389 996,877,087 63.581.182 26,305,091 175.817,374 1,102,436,600 87,338,172 1.724.857,290 119,217,029 2,183.257,401 Louisiana—Shreveport Total (11 cities) 112?525,134 4,348,112,547 152,587,831 104,021,086 123,608,559 16,485,011 3,618,798,986 148,803,397 342,644,169 29,863,143 1,264,029,832 30.482,372 77,066,598 107,650.616 263,846.799 25,400,515 1,050,048,675 26.846,685 144,325,076 20,873,521 88,550,152 201,101,302 16,061,956 15,146,683 2,864,297.991 128,383.305 3,185,864,846 205,959,201 25,341,584 861.523,862 960,057,247 36,266,412 Spokane 26,218,469 133,442,013 a a a 35,460,095 28,911,392 1,401,169,882 258,998.181 241,650,309 74.429.043 75,506.339 1,803,330.859 207,711,013 380,876.507 107,458,000 1.246,139,725 14,818,879 100,828,000 1.051,135.777 11,889,995 41,840,979 39,415,845 1.381,360,860 122,988,459 278,396,143 119,756,000 1,008.616.606 12,726,905 1,385,063,611 23,383,171 25,922,648 96,808,976 27,723,000 117,848,311 52,992,00( 170.470.477 237,800,692 4,305.930,03i 5.344,350.252 33,466.194 50,040,884 1,997.926,280 + 12.4 109,293,000 1,808,758,478 19,475,929 15,548,582 40,310,614 162.007,926 + 19.7 1,420,404,459 16,371,328 + 15.6 113,607,489 31,907,778 104,773,164 5.218,927,273 + 16.4 4,235,969,205 3,727,272,991 3,101,842,486 3,150.573,108 20,551,984 1,184,192,448 375,656,934 27,272,960 45,369,745 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 20,692,640 1,141,237,255 285.351,000 22,906,861 42,037,589 6,812,575 895,782,665 24,428,708 489,682,538 + 17.8 + 31.6 Francisco— 30,505,738 —13.0 24,251,057 1,727,459,279 + 15.0 1,459,645,969 484,631,000 —0.7 49,189,433 436,953,000 35,724,785 56,332,426 62,414,637 + 15.9 + 9.5 10,488,000 + 24.9 8,999,466 7,012,000 1,471,756,115 40,385,430 + 12.2 + 1.6 1,077,794,625 26.602,877 755,931,770 + 13.3 165,762,278 + 14.8 72,663,623 1,278,957,000 36,386,824 648,247,800 131,488,045 57,459,968 190,145,384 225.071,465 205,623,861 +37.5 + 15.9 + 6.5 47,142.343 38.648,581 +22.0 950.449 + 15.5 + 7.2 209,351,235 - -81 42, ot 0.638 45,619,759 7,913,846,281 154,757,584 7,230,151.707 137,438,473 79,435,269 San Francisco 74,188.822 128,540,941 31,966,365 237,276,460 a a San Diego 549,374,665 105,253,879 45,617,585 212,965,852 137,205.788 24,924,181 174,486,406 30,786,473 146,110,341 35.W9.430 a a a Sacramento a + 9.5 162,840.991 156,230.105 115,331,953 59,914,224 Santa Barbara 15,124,000 1,769,799,112 82.968,375 917.786.774 715,077.670 156,930,482 199.040.000 48,426,908 200,954.406 87,256,303 232.253.785 272,436.183 Stockton Total (20cities)--- 30,577.718 240,082,609 37.658,984 323,537,317 41,590,830 389.910.876 293,876,641 49.565,876 354,648,306 276,387.907 5.053?860,846 7,142,159.353 9,558,593,667 75,193,514 45,948,070 83,484,854 56,237,798 46,204,011 157.352,616 17.482,397.665 4.684,614.157 + 12.1 8+993,166 65,025,016 52,278,639 60.161,524 13,113,443,808 + 10.7 11.477,857.599 9.925.187,182 8,254,163.516 9,225,812,317 13,341,600,916 a Grand total (194 cities)--. 333.267,707,239 328,345,828,983 146,517.929,718 134,797,031.556 Outside New York 99,810.074.30" + 8.7 115.488,335.445 83,901.416.968 THE LAST EIGHT Iftur1936 Year 1935 DiC. Vancouver-- 2,030,163,981 975,233,058 Ottawa 1,091,883,247 6,465,263,740 5,386,188,857 2,925,627,890 953,566,363 1,132,979,501 6,397,987.564 5.874,146,518 Toronto— Montreal Winnipeg —1 ^ + 9.1 —30.6 5. V 20,065.081 4,5*? '' 4 n73 2,622,557,/t»6| +2.3 781,264,535 —3.6 1,076,864,472 Quebec 264,680,505 222,901,251 + 18.7 207,012,322 Halifax 134,094,626 + 12.2 Hamilton 285,024,414 119,545,816 236,482,873 306,818,675 306,317,532 99,326,689 84,982,678 90,730.398 +9.5 87.484,888 —2.9 146,861,077 206,183,407 145,222,921 Edmonton 197,022,172 +4.6 Reglna 186,954,510 218,683,821 —14.5 16,404,775 +3.3 —9.1 Moose Jaw 31,006 707 24,005,888 77,033,722 31,587,919 +5.1 Saskatoon 16,950,884 25,229,839 70,019,705 Brantford 50,506,997 40,556,659 35,055,324 12,092,715 33,244,953 45.356,164 + 11.4 37,944,011 32,166,198 + 6.9 12,367,705 32,347,673 —2.2 + 2.8 112,710,682 197.844.548 292.584.549 84,059,113 79,007,806 134,707,964 199,411,079 191,995,407 15,020,604 23,963,851 74,956,724 27,283,900 41,207,595 30,651,099 27,463,691 12,995.361 31,325,062 35,528,450 56,542,065 161,779,776 18,048,670 41,517,849 29,466,619 31,711,834 25,205,942 50,746,390 29,959,126 54,834.962 + 18.6 28,659,155 +3.1 142,249.058 + 13.7 50,410,984 115.902.542 Calgary — John Victoria..— — London Brandon Leth bridge Fort William New Westminster Medicine Hat Peterborough.. Sherbrooke — Kitchener Windsor. - Prince Aloert Moncton Kingston Chatham 1 - Sudbury Total (32 cities). No figures available, 18,849,552,327 + 20.5 + 0.2 + 1.1 —1.8 +9.0 17.814.601 +1 3 37,250,498 28,025,965 25,865,396 23,754,493 46,338,501 + 11.5 19,203,324,678 b Two months' figures c + 5.1 + 22.6 +6.1 4-9 5 —1.8 18,437,203 35,753,000 26,779,593 22,192,630 23,057.600 38,895,230 16,927,457,721 Eight months' figures, 5.64-.^° 459 .2" ,4>. "* . o Year 1932 Yea: 1933 Year 1934 % <H 755,532,3521 219,698.92: 200.66 .727 r v,085,559 191.235,709 255,085,201 84,066,825 73,931.173 128,018,177 189,164,864 181,277.354 15,458,987 20,785,706 65,343,280 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 26,825,520 22,129,849 20,886,630 34,881,455 15,963,488,513 d Three months' figures, 4.916,531,044 4 249 • 96,443.778,646 146,225.889,962 195,049,961.784 CALENDAR YEARS Inc. oi Year 1937 104,427,920 102,745.953 108,272,700 256,582,242,429 409,496,283,920 542,159,489,904 + 1.5 297.039,143,808 261,316,869,532 241,315,410,718 CANADIAN BANK CLEARINGS FOR Clearings at- 365.062,994 50.561.882 20,672.371 160,692,209 107,312,509 a Santa Monica a 48,712,606 132,151,816 86,054,117 82,058.604 81,320.606 -t 35.361,870 100,312,041 1,384,174,312 14,521.869,792 - 520,252,889 179.440 290 1,676,248,710 569.737,000 60.000,038 72,789,413 21,303,239 466,630,000 42,897,787 67.407.994 120,287,890 Jose 76.981,831 62,096,573 5,475,265,205 95.221,099 6,468,834,882 7.1 99,607,969 35,791.607 1,563.461,846 a a + .2.6 132,167,00( a 40,372,635 +21.8 260 773 787 Riverside 108,065,512 + 12.7 218.923.045 Beach. 96.974,276 2,122,364,049 298.613,604 43,171,694 34,541,051 1,743,402,700 142,061,819 99.898,625 Modesto 12.011.213.880 65.584,047 41,325,384 1,969,290,258 169,198,993 290,521,612 190,352.270 Berkeley a a 6,184,439,289 856,541.593 California—Bakersfleld 61,740,658 1.694.207.214 79.301.193 5.459,341,208 41,045,064 Utah—Ogden Salt Lake City Arizona—Phoenix 487.608.641 51,016.097 1,295,070,787 62,042,178 6,931,394,176 68,315,456 13,101,000 -- Portland 304,545.105 i. 8,148,325,808 1,651.542.959 Idaho—Boise Oregon—Eugene 6.302.246,728 289,851,742 + 8.4 481,017,848 56.988,773 - 366.334.805 47.687,133 8,754,834,077 26,551,163 -— Yakima 258,977,982 25.247.753 4.399,861.852 203,405,836 229,531,857 34,377,505 134.079,333 170,679,470 a a 1,986,377,848 Seattle a a +25.6 District—San Twelfth Federal Reserve Washington—Bellingham 109,882,111 a a 6,073,586,065 Wichita Falls 16.296,319 12,977,782 16.382,735 147,152,318 7,986,310 328,269,894 130,036,000 25,610,960 Port Arthur 4,736,821 7,124,156 94,300,761 J.7,516,202 49,089,516 187,357,390 Houston 53,202,133 92,093,077 + 12.4 2,165,962,723 Texarkana 20.082,098 54,660,708 158,239.335 + 21.8 146,200 000 Galveston— • 33,136,648 2,699,944,350 - Sarnia 26.844,486 + 17.1 412,283,932 St. 16,863,142 62,830,872 240,023,454 San 99.433.856 45,982,307 Paso Pasadena 40,379,680 14,096,306 40,694,983 77.531,404 2.401,917,089 203.789,582 Fort Worth Long 8,930,597 29,701,849 as— 73,591,466 - Dallas El 102,983,785 56,006,072 Texas—Austin Beaumont 14,455,233 18,653,217 a a + 14.2 Eleventh Federal Reserve 98,629,575 —6.8 1,665,857,014 Total (18 cities) a . a +0.4 +4.4 +9.5 Denvei Wyoming—Casper— 23,375,717 39,216,329 4,415,714 3,504,695 99,004,093 1.374,821,061 71,889,000 6,574,057 146,074,547 Pueblo Colorado—Colorado Springs- 1.200,088.456 a City— 512,145,985 34,845,146 — 1,016,105.672 a 4,767,297,866 160,608,436 —-- 28,948,330 768,083,755 86,620,147 6?680,285 6,706,510 23,936,910 46,599,479 + 8.6 6,457,219 St. Joseph--. 19,812,205 28,911,576 118,424,513 2,177,732 + 18.6 5,258,142,334 Kansas City-.-— 16,116,042 + 2.6 +8.3 27,497.608 37,779,284 138,492,287 2,839,708 —10.5 33,833,785 39,249,071 3.172.021,285 11.796.474 a a e79.015,141 + 11.5 7.205,488 279,895,777 4,016,265,425 205.222.340 124,249,575 2,437,597,703 a a a 94,138,505 e9,865,000 8,013,276 29,719,141 64,355,618 + 19.9 87,003,766 199,899.968 6,974,124 9,274,696 116,235,352 180,126,205 25,376,321 Manhattan 1,034,463,068 a + 4.6 10,067,000 9,109,789 1,610,593,487 Omaha 12,630,486 1,171.034.947 —0.9 32,110,879 5,520,136 7,173,196 138,799,707 Kansas—Kansas City—-— 130,713,267 2,618,077,098 8,749,470 759,852,909 —0.6 6,378,613 Reserve D istrlct—Kansa Hastings +4.5 122,706,582 2,704,320,377 9,693,563 136,061.636 3,044,735,370 —0.5 108,322,047 5,742,461,478 Nebraska— Fremont + 10.5 15,707,777 41,602.370 139,845,138 2,925,014 Great Falls.— % +21.8 1.289,777,170 18,535.239 18,423,391 6,324,037 113,245,138 12,071,000 10,803,287 35,789,837 77,833,905 7,392,910 36,630,721 Year 1930 Year 1931 Year 1932 Year 1933 Year 1934 polls— 165,717,562 3,336,540,866 15,630,019 1,348,169,284 Rochester 8t. Paul " a Year 1936 Dec. 531,044 -u/,734,oC9 er>7,95o.703 196,686,200 191.7?4.625 100 869.482 17. 111,440 256 <92.620 4,072,710.626 3,970,526,109 1.970.176.565 5,134,895.419 6,773,473,678 2,253,265,542 636,113,008 227,999,783 210.822,180 115,174,903 190,818,350 258.189.363 815,227,626 21.278,151 9,819,336 27.848,985 27,452,933 43,365,052 106.323,870 12,108,242 31,567,841 25,953,783 21,461,348 18,781,335 26.470,127 85,895,057 70,573,098 127.363.404 194,556,920 177,159,334 17.380,404 17,284,264 73,352,974 28,606,507 39,549,377 28,973,994 23.365,496 9.589,500 30,217.665 28.246.454 43,767.026 117,006,345 14,343.182 35,940,771 27,468,131 22,190.244 20.037,081 24,215,294 14,720,600,993 12,909.613,409 74.776,201 69.300.609 lio,906 848 173.43? ,'£?8 6 14,63o, 170,: 0 17,301,730 59,500,607 25,548,000 36.878,757 26,551,154 e Not Year 1931 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 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 10,843.377.545 Included In total, x Partly estimated. Year 1930 6,036,838,536 6.917,957,798 2,617,469,597 914,132,520 372,586,710 339,596.344 174.720.945 310,970,401 451,865,100 124,234,187 125,903,053 168,006,976 290,550,901 252,891,214 26,763,125 29,064,091 117,770,087 59,359,874 58,149,011 43,514,483 43.641.532 17.302.533 47,057,616 45.958,555 63,411,042 214,689,007 22,887.312 51,039,289 44,029,368 32,213,088 36.465.041 57,857,754 20.094.909.690 Volume Gross 146 Financial and Net Recent Earnings of United Stat in events the immense and highly im¬ Chronicle 341 Railroads for the Month of November ? likely that the financing of previous decades was portant field of transportation indicate plainly that quite reasonable at the time, since the development another of the crisis has developed, involving not merely trucks and inroads precipitate decline of business but also the measures which the weeks and the railroads two important competitive reeling. are blows from In the fast few railroad found systems it been the competition and the increasing transportation foreseen. critics roads. bus airplane regu¬ have latory of oversimplify Far such critical statements, of the evil effects principal carriers of regulatory fixed debt crease charges. decisions The circumstances surrounding too are detail, but the fundamentals biased observers. The list to numerous in here plain to all are un¬ Minneapolis St. Paul & Sault ing cerity Marie filed Dec. in the 31, Erie RR., usually known Federal at Minneapolis, petition in bankruptcy. a RR. followed Cleveland Court the Soo Line, as that not be met. with interest In the of the bond five on On Jan. 3 the bond issues of the Erie the case from announcement an on could provisions allow six months before the contracts offset. as becomes a legal ground for declaring the system bankrupt, and it is to be hoped that in the interim some means will be found for difficulty which this with already these railroads by payments is encountering road along The suspensions of fixed-debt others. many adjusting the alarming total add sharply in of lines the to stage one 1929, after found that drop upon railroad primary cause naturally is the revenues of the latest of defaults. wave to six months ago the principal carriers ing and the hope existed that some progress, the Up mak¬ a more and reasonable treatment of the railroads generous by were Commerce Interstate stimulate the advance. Commission might But the newest recession depression thereafter swept the away of man¬ datory increases in costs of operation, particularly in wage scales, stripped from possibility of reducing costs to even and reasonable a other the managers corresponding or The net effect of these degree, circumstances the a made is evident in for the month of Gross In materials from no $357,792,100 in November, 1936, less than the reduce $40,241,684, of 11.25%. managers expenses, operation earlier. result as on 37.47%. 1936, a found the costs of with earnings was a a year reduc¬ $41,299,108, 1936 Inc. (+) or Dec. 0.22% ....$317,550,416 $357,792,100 —$40,241,684 (09.19%) $68,915,594 Net earnings 247,577,398 $110,214,702 become the fashion of +1.057,424 0.43% —$41,299,108 37.47% unsound late, for political what the critics prefer to regard financing of the railroads. Some abuses indeed have occurred, although it seems more of the boom year many months excessively high prices for the they buy so liberally for maintenance of manipulations of rather than the agers, price developments. Oil the revenue side niggardly the brief as they on monetary our man¬ railroads, occasioned such the regulations railroads. freight rates which quite were to the workers were generous of the expense charges Even the sur¬ permitted for were a period had to be discontinued because the ICC would extend not the authority collect to such The carriers followed with their plea for charges. general increase of ditional revenues are of fication the freight rates, and fare reduction a a ad¬ some being sought through passenger modi¬ in the part of the country ordered by the ICC. Only slow and halting increases of found been have proaches far revenues so means The problem. the to possible by of these ICC, it is ap¬ true, speeded the hearings on the general application for increase of an this freight rates by 15%, but action on request still is a matter for the future to deter¬ Even the finally was regulation of motor carriers, which placed with the ICC after years of un¬ principled competition with the railroads regardless of State boundaries, is being effected slowly, at best, and the railroads still suffer unduly from such com¬ peting modes of transportation. the essentials of railroad These are some difficulties, and they gest the absurdity of limiting a survey of sug¬ of the ques¬ financing that was done, in most instances, tion to long before automobiles and airplanes were devel¬ oped brought into general use. or The fundamental question, that of the course of meanwhile, remains general business, for the rail¬ roads suffer and benefit as business declines or im¬ In this connection we now survey some of factors that entered into the change recorded in proves. the to place the blame for the difficulties of the railroads upon even addition, the railroads for that the ous 11.25% (78.29%) made during again under orders of the ICC, (—) —520 248,634,822 was and other purposes, and it is altogether obvi¬ way or 235,624 Ratio of expenses to earnings. purposes, of 235,104 Operating expenses has decline 1937 November— Gross earnings— may Despite great We present the results in tabular form: Miles of road (136 roads).— as decline of not merely unable to compared net a $68,915,594 in November from $110,214,702 November, Month of were but actually increased, The tion to It present. earnings fell to $317,550,416 in that month efforts in we now pre¬ both of operating and non-operat¬ forced to pay were forced In recent months they ing workers, far beyond levels the earnings of the railroads November, which depression. it necessary, The railroads, were again to the levels of up modest concession mine. tabulation of gross and net Senator as or revenues companies, while regulatory and a to increase wages eastern the railroad charges. informed observer knows, the worst of the at general business and the effect of critics such or reorganization. The decline in of part maturely to bring wages as another of operation sharply without provid¬ the basis of fixed debt every of 1929. default that in¬ This neglect suggests a lack of sin¬ the on the upon measures Wheeler, who attempt to judge the situation entirely on Ste. the costs of any rail¬ complete neglect, in impossible under present conditions to meet their these hradly problem of the the serious is the more could This, in itself, indicates that rail revenues last November, as against that month In taking, as is our custom, the leading trade indices as the measure of business a year earlier. activity, one naturally turns to those two great industries, the iron and steel trades, as first in the order of importance. Here a tremendous falling off Financial Chronicle 342 is shown compared with November a year ago. as According to the figures compiled by the American Iron of Steel and steel Institute, only 2,153,781 gross tons ingots were turned out in November the Jan. is, 560 identical mills of decrease reduced scale The present year's output, how¬ with only 1,610,625 gross tons in compares ever, 1933; 1,521,189 in 1934; November, 1,032,221 in Back in 1930, however, 1932, and 1,591,644 in 1931. production of steel ingots was 2,212,220 tons, and in 1937 of also were on greatly a compared with the previous year, as aggregating only 630,628,000 feet as against 763,135,000 feet in the same period of 1936, or a decrease of received totaled only 602,- while orders 17%, 679,000 feet compared with 899,284,000 feet, or as 33% below the corresponding weeks of 1936. On the other In the case of pig iron, the 1929, 3,521,111 tons. Shipments of lumber during the 9%. weeks four present year as compared with 4,323,025 gross tons November, 1936 (a drop of 50%), and 3,150,409 27, 1937, against 808,573,000 feet in November, 1936, or a as in November, 1935. of only 737,241,000 a cut feet of lumber in the four weeks ended Nov. same in reported 1938 hand, the grain traffic over Western November, 1937, output was only 2,006,724 gross roads was not tons compared with November, 1936, but is the largest against 2,947,365 in November last year and as only greatly increased scale as on a 2,065,913 in November, 1935, but comparing with recorded for the month in all only 956,940 gross tons in 1934; 1,085,239 in 1933; to and 631,280 in 1932; 1,103,472 in 1931, and 1,867,107 in greater or less degree, contributed to the increase, Back in 1929, however, the pig iron November, 1930. output reached 3,181,411 tons. basic the industry—the manufacture of automobiles— of motor vehicles production scale reduced and As to another great compared with as on a 1936 November, 1935, the Bureau of the Census at Washington reporting that only 360,063 cars November the present year as the also was previous year and 395,057 produced in were against 394,987 in 1935. cars ing the comparisons further back, however, that only 83,482 cars were cars Carry¬ we find turned out in November, with the were very of exception rye, years back the receipts of which much smaller than in 1936. detail with the Western We deal in grain movement in a sepa¬ paragraph further along in this article, and rate therefore need the Western wheat, the preceding All the different cereals, in including 1929. only note here that the receipts at primary markets of the five staples— oats, barley and rye—combined, during corn, ended weeks four 72,393,000 bushels in the Nov. 1937, 27, aggregated against only 38,689,000 bushels 1936, and contrasting with as four weeks of same 46,086,000 bushels in preceding years as follows: 1933; 34,- 1934; 60,683 in 1933; 59,557 in 1932; 68,867 in 1931; 1935; 28,220,000 in 1934; 41,452,000 in 136,754 in 1930, and 217,573 in 1929. 437,000 in 1932; 42,994,000 in 1931; 50,186,000 in Turning to the mining of coal, we find that now here, too, there was a tion both in the case of bituminous and anthracite coal, but particularly the former. statistics According to the prepared by the United States Bureau of Mines, the quantity of soft coal mined in November, 1937, only 35,300,000 net tons was 1930, and 46,806,000 in 1929. Turning now to the loading of revenue freight on heavy falling off in produc¬ against 41,- as the railroads of the of country, which furnishes a sort composite picture of the freight traffic of all kinds, find from the figures compiled by the Car we of Division Service Railroads that Association the of American during the four weeks of November, 879,000 net tons in November, 1936, but comparing 1937, only 2,627,637 cars were loaded with revenue with freight 33,404,000 tons in 1935; 30,856,000 in 1934; 30,582,000 in 1933; 30,632,000 in 1932, and 30,110,000 in 1931. output in Back was November, 1930, the soft 38,609,000 tons, and in 1929 46,514,000 tons. Production of no Pennsylvania anthracite in November, 1937, reached only net tons of as 1936, against 4,334,000 tons in the but comparing with 4,273,000 same 3,160,000 November, 1935, and 4,181,000 in 1934. years, coal less than 1936, in In previous back to and including 1929, the output was: In view of the Dodge Corp. show that there in the money in the month under review ber, 1936. was a decrease of 5% value of construction contracts issued as compared with Novem¬ According to the figures, construction contracts awarded in the 37 States east of the Mountains in November, 1937, involved Rocky a money out¬ what of 1930, and has been said above, it is no one and net earnings In many too, the losses are for large amounts. cases, Only in every part of the country. Louisiana road—the & Arkansas—is able to report an increase in both gross and net earnings above $100,000, and only seven roads in all are able gain in the gross in excess of that amount. to show a Lack of space their losses, prevents our naming separately, with the numerous roads and systems which have suffered decreases in both gross ings alike, corresponding period of 1936, but comparing with outstanding: $188,115,000 in 1935. the list of both so we and net earn¬ will mention only a few of the most The Pennsylvania RR. (which heads gross and net decreases) reports a loss of $5,891,800 in gross earnings and of $3,541,255 $105,302,300 in net earnings; the New York Central shows a de¬ 1932; $151,195,900 in 1931; $253,573,700 in 1930, crease of immediately preceding 1935 is as follows: 691,000 in 1934; $162,340,600 in 1933 in in long and dismal, and embraces roads and lay of only $198,464,600 against $208,204,200 in the Comparison with the years 3,191,342 1931; separate roads and systems are scrutinized systems by the F. W. in 1935; in 1933; 2,189,930 in the list of decreases in both gross in building trade—statistics compiled as surprise to find that when the figures of earnings alike is 1931; 5,176,000 in 1930, and 5,820,000 in 1929. States 3,817,920 in the corresponding four weeks of 1929. 4,811,000 tons in 1933; 4,271,000 in 1932; 4,149,000 Regarding still another important industry—the 2,504,477 1934; 2,385,655 in in 2,619,309 1932; with comparing but 2,229,951 period tons the railroads of the United on against 3,014,667 cars in the same four weeks of and no in the $391,012,500 in 1929. building trade lumber The less than was compiled by the so closely allied. National Manufacturers Association show that The decline naturally reflected in the industry, with which it is statistics ; $111,- an Lumber average of $3,205,229 in gross and a loss of $3,360,989 in the net (these figures cover the operations of the New York Central and its leased ever, result lines; when, how¬ the Pittsburgh & Lake Erie is included, the is a loss $3,815,262 in the in case gross of $3,848,731 of the net) ; and of the Baltimore & Volume Financial 146 343 Chronicle BY SUMMARY Ohio, with loss in a decrease in net of reporting in of $3,366,393, shows a of $2,848,968 the net; in and gross Pacific Southern of System Gross Earnings District and Region Month of November— $2,207,397; the Chesapeake & Ohio loss a $3,105,119 gross GROUPS 1937 1936 $ $ Eastern District— 13,934,290 68,276,372 74,119,333 (10 roads)... 12,113,602 Great Lakes region (24 roads) 59,764,832 Central Eastern region (18 roads).. 61,552,519 New England region Inc. (+) or Dec. (—) $ % —1,820,688 13.07 —8,511,540 12.47 —12,566,814 16.96 in decrease $1,945,523 loss in Atchison in net 156,329,995 —22,899,042 14.65 40,833,029 19,437,949 45,065,415 24,108,944 —4,232,386 —4,670,995 9.39 19.37 60,270,978 69,174,359 —8,903,381 12.87 34,695,316 Central Western region 62,709,093 38,584,062 65,678,975 28,024,709 —3,888,746 —2,969,882 —1,580,633 10.08 4.52 26,444,076 ......123,848,485 132,287,746 —8,439,261 6.38 Total all districts (136 roads)...317,550,416 357,792,100 —40,241,684 11.25 Total and $2,383,264 gross & Western showing the Norfolk net; 133,430,953 Northwestern region (15 roads)... showing $1,633,062 decrease in Southern region a Total (32 roads) loss earnings of $1,526,391 after a decrease in (28 roads) (4roads)..-. Pocahontas region and $1,646,632 in net; the gross Topeka & Santa Fe, which reports (52 roads) Southern District— 'Westertt' District***" (16 roads). Southwestern region (21 roads) of $558,357; the Erie, with $1,469,393 decrease gross in Southern and decrease in net, and the and $1,451,941 gross Railway, reporting $1,086,597 loss in gross show we and all in systems changes for the separate roads amounts in District and Region excess of $100,000, Eastern District— or 6,976 7,040 2,163,518 4,361,668 —2,198,150 Great Lakes region.. 26,361 19,874,464 —8,843,035 24,753 26,533 24,839 11,031,429 Central Eastern reg'n 12,603,908 21,641,362 —9,037,454 58,090 58,412 25,798,855 45,877,494—20,078,639 43.77 38,722 38,772 8,414,068 13,388,040 —4,973,972 6,044 6.048 7,853,892 12.606,073 —4,752,181 37.15 37.69 44,766 44,820 16,267,960 25,994,113 —9,726,153 37.41 region 45,986 Central West, region 56,853 46,069 56,752 6,835,677 14,612,463 Southwestern region. 29,571 5,400,639 11,014,654 —4,178,977 19,569,563 —4,957,100 7,758,878 —2,358,239 37.94 25.33 30.39 Total. 1937 "Western District***** Northwestern Decrease Increase $177,460 Atlantic Coast Line $555,976 495,003 486,979 486,553 462,717 380,602 361,579 334,100 320,691 298,254 292,072 289,667 267,215 262,606 253,677 230,392 204,532 197,897 Lehigh Valley Missouri Pacific N O Texas & Mex (3 rds.) Louisiana & Arkansas 166,838 134,469 115,648 N Y Chic & St Louis Chicago St Paul M & 0_ 101,363 Chicago & North West.- Virginian Chic Mil St P & Pac _ Wabash Total $695,778 (7 roads) $5,891,800 3.366,393 a,3,205,229 Chesapeake & Ohio 2,848,968 Norfolk & Western.. 1,945,523 Southern Pacific (2 roads) 1,633,062 Erie (2 roads) 1,469,393 Dul Missabe & Ir Range. 1,177.753 Louisville & Nashville. 1,129,143 Southern. 1,086,597 Illinois Central 1,048,369 Great Northern 844,535 N Y N H & Hartford... 831,554 Union Pacific 695,540 Pennsylvania Baltimore New Ohio & Central York Northern Pacific Pere Marquette Delaware & Hudson Tiprrffi _ Del Lack & Western Long Island Wheeling & Lake Erie.. Grand Trunk Western. Yazoo & Mississippi _ Val. Central of New Jersey. _ M St P & S S M of Central Georgia Chicago Great Western. 190.681 Cin N O & Texas Pac Missouri-Kansas-Texas 181,341 _ Nash Chatt & St Louis._ 161,697 157,312 138,426 138,002 130,869 120,409 108,223 105,407 Chic Ind & Louisville N Y Ont & Western Elgin Joliet & Eastern._ Pittsburgh & L Erie St Louis-San Fran (2 rds) 687,303 643,505 Texas & Pacific 600.993 Maine Central Reading 598,476 Boston & Maine 580,399 Lake Superior & Ishemp. Mobile & Ohio Bessemer & Lake Erie.. 579,305 558,357 Atch Top & Santa Fe— Spokane Portl & Seattle- Total 50.39 44.49 41.76 Souther?i District*"** PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH NOVEMBER, S Inc. (+) or Dec. i—) .« % New England region. Southern region Pocahontas region.. OF $ 1936 decreases, and in both gross and net: 1936 1937 1937 Total whether increases 5.64 —Net Earnings Month of November—Mileage— In the following $1,423,864 decrease in net. table Total (52 roads) .... $39,035,076 (52 roads) Total 29,409 132,248 132,392 26,848,779 38,343,095—11,494.316 29.97 Total all districts.-.235,104 235,624 68,915,594 110,214,702—41,299,108 37.47 NOTE—Our grouping of the roads conforms to the classification of the Commerce Commission, and the following indicates the confines of Interstate the differen groups and regions: EASTERN DISTRICT New England Region—Comprises the New England States Great Lakes Region—Comprises the section on the Canadian boundary between to Chicago, and north New England and the westerly shore of Lake Michigan a of line from Chicago via Pittsburgh to New York. Central Eastern Region—Comprises the section south of east of a line from Chicago through Peoria to the Great Lakes Region St. Louis and the Mississippi River to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va., and a line thence tothe southwestern corner of Maryland and by the Potomac River to Its mouth DISTRICT SOUTHERN Southern Region—Comprises the section east of the Mississippi River and south of the Ohio River to a point near Kenova, W. Va., and a eastern boundary of Kentucky and the southern boundary line thence following the of Virginia to the Atlantic, Region—Comprises the section north of the southern Pocahontas a These 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¬ and south of a line from Parkersburg to the southwestern corner ing Pittsburgh & Lake Erie, the result is a decrease of $3,848,734. boundary of thence by the Potomac River to Its mouth. CHANGES PRINCIPAL IN OF NET EARNINGS NOVEMBER, FOR THE 1937 Decrease $3,541,255 Decrease Del Lack & Western New York Central a3,360,989 3,105,119 2,383,264 2,207,397 1,646,632 1,526,391 1,451,941 1,423,864 1,220,649 1,096,265 997,173 949,743 721,779 694,892 655,832 584,730 Chesapeake & Ohio Southern Pacific (2 roads) Baltimore & Ohio ... Norfolk & Western Atch Top & Santa Fe Erie (2 roads) Southern N Y N H & Hartford-.. Louisville & Nashville..1 Dul Missabe & Ir Range Chicago & North West.. Reading Chic Mil St P & Pac St Louis-San Fran (2 rds) Elgin Joliet & East Bessemer & Boston & Lake Erie.. 557,575 Maine.j _ N Y Chicago & St Louis. Lehigh Valley Wabash. Illinois Central Great Northern figures _ Wheeling & Lake Erie.. Western Pacific Seaboard Air Line Chic R I & Pac (2 roads) Cin N O & Texas Pacific Yazoo & Miss Valley Mobile & Ohio Alton. Central of Georgia Denver & Rio Gr West.. Nash Chatt & St Louis._ Gulf Mobile & North Chic Great Western Chic Ind & Louisville. . _ Chic & East Illinois .. Pere Marquette Pittsburgh & Lake Erie. These Central of New Jersey. MStP&SSM cover $447,275 415,899 402,237 328,784 306,721 263,770 263,493 258,535 256,890 229.278 227,130 222,533 210,212 204.279 202,617 195,347 189,350 174,884 166,141 162,344 151,466 143,901 129,588 125,260 123,588 118,992 112,186 108,226 105,245 101,828 Spokane Portl & Seattle. 507,523 St Louis Southwest 498,214 N Y Ont & Western 479,989 Long Island 468,770 Western Maryland 464,677 Maine Central 463,866 Colorado & South (2 rds) 455,995 Alabama Great South 455,077 Lake Superior Ishemp.. 454,273 Total (64 roads).: 451,418 $39,683,381 Pacific Missouri-Kansas-Texas a Hudson 510,090 Missouri Pacific Northern Grand Trunk Western.. Delaware & 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¬ roads the are arranged in groups or geo¬ graphical divisions, according to their location, the very unfavorable character of the returns is brought out very the strikingly, inasmuch different districts—the as it is found that all Eastern, the Southern and the Western—as well as all the various regions grouped under these districts, without a single ex¬ ception, report decreases in both gross and net earn¬ ings alike. As Our summary previously explained, by groups is we group cated in the footnote to the table: as below. the roads to form with the classification of the ICC. daries of the different groups and WESTERN of Maryland and DISTRICT Region—Comprises the section adjoining Canada lying west of the Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland and by the Columbia River to the Pacific. con¬ The boun¬ regions are indi¬ section south of the Northwestern Region Central Western Region—Comprises the Chicago to Peoria and thence to St. Louis, and north of a line El Paso and by the Mexican boundary west of a line from from St. Louis to Kansas City and thence to to the Pacific. Southwestern Region— Comprises the section lying between the Mississippi River Kansas City and thence to El Paso, south of St. Louis and a line from St. Louis to and by the Rio Grande to the Western roads, Gulf of Mexico as we have already indicated, had advantage of a very much larger grain move¬ the ment in the month under review—in fact, the largest recorded for November in all to and including 1929. preceding years back Moreover, with the single exception of rye, the increases extended in greater or less of degree to all the various staples, and in the case corn and Thus the markets of oats was particularly pronounced. receipts of wheat at the Western primary in the four weeks ended Nov. 27 reached 14,849,000 bushels as against only 10,776,000 bushels in the same four weeks of 1936; the receipts of corn, 39,505,000 bushels as ing Pittsburgh & Lake Erie, the result is a decrease of $3,815,262. When and the Ohio River north to Parkersburg, W. Va., Northwestern Union Pacific Pennsylvania of Kentucky east MONTH Increase $136,427 Louisiana & Arkansas Virginia, oats, 7,121,000 against only 16,826,000; of and of barley, against 2,990,000, 9,507,000 against 6,012,000, but in the case of rye, only 1,411,000 bushels as compared with 2,085,000. markets the receipts at the Western primary of the five items, wheat, corn, oats, barley and rye, in the four weeks ended Nov. 27 aggregated Altogether, 72,393,000 bushels as compared with only 38,689,000 bushels in the similar period of 1936; 46,086,000 in 1935; 28,220,000 bushels in 1934; 41,452,000 in 1933; 34,437,000 in 1932; 42,994,000 in 1931; 50,186,000 in 1930, and 46,806,000 bushels in 1929. In the sub¬ joined table we give the details of the Western grain movement in our usual form: Financial 344 AND GRAIN RECEIPTS WESTERN FLOUR Flour Wheat Corn Oats (Bbls.) (Bush.) (.Bush.) (Bush.) 4 Witt. End. Nov. 21— Chronicle other the on Barley (Bush.) J^n. is, 1938 hand, totaled only 907,613 bales in Rye (Bush.) November, 1937, 452,000 and against 1,044,883 bales in 1936 as Chicago— 916,000 1,162,000 5.132,000 4,390,000 830,000 1,572,000 326,000 3,492,000 1,556,000 367,000 2,723,000 1,775,000 2,275,000 225,000 54,000 17,000 249,000 94,000 930,000 Minneapolis— 1937 .... .m 2,748,000 1930.... 1,314,345 bales in 1935, but comparing with only 1,204,000 1,073,000 2,258,000 857,000 1930 ,776,000 451,000 3 078,000 1937 456,000 Going further bales in November, 1934. 589,254 back, comparison is with 1,167,881 bales in Novem¬ Dvlulh— 1937 3,090,000 1,418,000 ...... 1936. , ______ ber, 1933; 1,665,269 bales in 1932; 1,586,882 bales in 127,000 47,000 2,287,000 45,000 275,000 234,000 787,000 151,000 224,000 24,000 2,000 22,000 78,000 122,000 49.000 1937 60,000 84,000 1,114,000 1936.... 75,000 10,000 578,000 299,000 473,000 429,000 Toledo— 1937-... .: m m 1936.... . ■ ......... 1930, 1,389,118 and bales in 64,000 2,171,000 in 1,459,571 1931; Milwaukee— Detroit— In the following table we give the November, 1929. port movement of cotton for the past details of the three years: ' 1937.... ...... 1930.... 109,000 ....... 1936 670,000 ....... 1930— 6,924,000 600,000 4,500,000 442,000 423,000 1,231,000 1936.... 490,000 572,000 3,054,000 2,205,000 351,000 Month of 1937 139,000 158,000 3,492,000 208,000 1,415,000 103,000 91,000 96,000 mi 50,000 3,145,000 2.4.54,000 103,000 202,000 284,000 132,000 65,000 2,043,000 999,000 70,000 382,167 313,152 1,499,793 1,628,095 1,218,385 Houston, <fcc— 209,397 New Orleans... 358,312 25,111 11,517 4,869 278,956 299,191 29,427 2,238 4,182 20,872 5,096 7,025 10,852 4,205 3,684 432,593 1,394,818 1,374,540 1,330,091 356,763 1,925,565 1,698,850 1,460,784 304,827 223,254 304,689 86,447 117,963 83,436 12,160 33,089 285,620 136,352 159,359 37,787 204,886 154,198 189,278 43,379 19,486 19,806 18,220 5,704 39.749 40,342 51,538 5,538 307,681 309,722 455,434 15,863 56,445 53,081 72,309 4,902 Mobile '...... 423,000 91,000 ....... 115,000 169,000 201,000 ...... 1936.... 144,000 724,000 54,000 Brunswick 33,000 Beaumont • Corpus Christi. Lake Charles... 1937.... 1936 ...... 752,000 - 1936.... 17,000 23,000 ...... — '.« . 1937 ■■'• 782,000 27,000 608,000 95,000 22,000 23,000 39,505,000 16,820,000 7,121,000 2,990,000 9,507,000 0,012,000 20,000 8,000 10.770.000 Flour Wheat Corn Oats Barley Rye (Bush ) (Bush.) (Bush.) (Bush.) (Bush.) 9,889.000 5,274,000 6,900,000 9,618,000 9.720,000 37,558,000 59,639,000 23,085,000 52,869,000 21,148,000 22,698,000 14,749,000 Minneapolismi.... 49,418,000 1930... ... 8,094,000 21,205,000 20,661,000 9,841,000 20,800.000 33,807,000 7,295,000 42,023,000 27,982,000 11,493,000 2,862,000 2,487,000 8,287,000 10,727,000 3,429,000 6,207,000 6,420,000 0,613,000 3,091,000 ...... 3,327,000 1.584,000 1,174,000 415,000 5,700,000 Duluth— ' 1937.... ....... 1936.... ...... 2,844,000 Milwaukee— 1937—.. 095,000 772,000 1930.... 14,028,000 902,000 20,785,000 6,350,000 Toledo— 1937 9,915,000 10,092,000 1,912,000 3,080,000 4,737,000 6,345,000 67,000 1,833,000 2,000 240,000 54,000 80,000 63,000 1,078,000 1,463,000 840,000 27.294,000 25,597,000 23,704,000 15,371,000 38,749,000 11,702,000 3,000 16,403,000 18,923,000 6,216,000 7,863,000 2,251,000 2,052,000 396,000 654,000 16,659,000 18,768,000 3,379,000 2,377,000 2,902,000 3,531,000 1,689,000 1,911.000 9,495,000 17,331,000 3,187,000 3,213,000 ... 1936-... 244,000 312,000 604,000 255,000 Detroit— 1937 ...... 1930 ...... Indianapolis-Omaha— 1937 ...... 1930 085,000 1,179,000 St. Louis— 1937 5,304,000 23,449,000 1930— 5,598,000 10,904,000 1,905,000 1.815,000 2,560,000 Peoria— 1937 1930— 1,939,000 Kansas City— 619,000 93,006.000 1936 718,000 59,622,000 34.000 8,259,000 1,527,000 1,085,000 1936— 5,071,000 2,968,000 large 25,105,000 159,000 14,808,000 200,000 1,832,000 ...... 1,900,000 2,554,000 69/00 112.000 2,000 City— 1937— ______ 1936— 1.186,000 1,012,000 509,000 244,000 630,000 655,000 174,000 Total all— .18,141,000 312,497,000 145,743,000 89,871,000 67,914,000 23,554,000 .18,029,000 218,738,000 174,360,000 82.125,000 90,513,000 20,906,000 the Western other roads smaller than hand, the livestock have to appears traffic been over somewhat as in November, 1936. At Chicago the compared with 11,636 carloads in the period of 1936, but at Kansas City and Omaha they totaled 4,566 and 3,569 against only 4,479 and 2,408 cars, cars, respectively, respectively, in now roads, this, to the cotton movement we November, 1936, find, so was very far as concerned, but scale in the case over South¬ much larger than the overland movement was on a greatly reduced of the port movement of the staple. shipments overland aggregated 223,897 bales November, 1937 (the largest quantity moved in November in all recent years), as compared with 221,579 bales in November, 1936; 138,940 bales in 1935; 153,992 bales in 1934; 175,795 in 1933; 82,172 1932; 103,352 in 1931; 93,125 in 1930, and 67,874 bales in 1929. both $29,896,691 gain in net in 1928, but these latter gains a recovery of only a portion of the large falling which the roads suffered in November, 1927, when gen¬ trade was on results the decline and other adverse conditions unfavorably, when and tabulations our $58,159,905 in gross and $32,544,547 in net. Extending the comparisons still further back, it is found that the heavy loss in 1927 came after only moderate increases in November, 1926, our compilations for this last-mentioned year having shown only $28,736,430 in¬ crease in gross and $10,065,218 increase in net. In Novem¬ registered contraction a of ber of the preceding year (1925) the gains likewise were moderate, our tabulation at that time recording $26,960,296 in gross, 5.34%, $16,775,769 gain net, or after a virtually the same amount in November, 1924, as compared with 1923. It amounted, therefore, to merely a recovery of what had been lost the previous year. Novem¬ ber, 1924, it will be recalled, was the time of the Presidential election, when industrial activity was greatly stimulated by the result of that election. But trade, nevertheless, was of much smaller volume than in November, 1923, which ac¬ counts for the $26,135,505 decrease then shown. However, gain or and Moreover, this 1925 gain in 12.77%. gross in came while the 1924 was at gross that was time diminished no loss in in the the sum Receipts at the Southern outporis. named, inasmuch net, operating expenses were curtailed in amount of of cotton is Gross in represented there November, 1936. Coming (or 37.47%) increases decrease of receipts comprised only 10,178 carloads in Novem¬ ber, 1937, Years pression was already in its initial stages. The falling off in gross in November, 1929, was $32,806,074 and in net $30,028,982. This came, it is true, after $26,968,447 gain in gross affected 1930 Earlier for in the case of the net, fol¬ gross and net alike in November, 1936, viz.: $57,039,877 (or 18.95%) in gross and $27,536,752 (or 33.30%) in net, and these gains, in turn, came after substantial increases, $44,278,559 in gross and of $22,685,802 in net, during November, 1935. But these cumulative gains in 1935 and 1936 followed a decrease in the month the previous year (1934) of $747,213 in gross earnings and of $6,732,119 in net earnings, which, in turn, came after an increase of $7,278,342 in gross and of $2,904,522 in net in November, 1933. In the previous year (1932), however? there was a decrease in gross of $51,606,559 and $2,888,514 in net, and this, hi turn, followed a shrinkage in gross of $93,375,649 and in net of $32,706,576, which came on top of a loss of $100,671,064 in gross and of $27,596,760 in net in 1930. It happens, too, that there was some shrinkage even in November, 1929, when business de¬ $41,299,108 lowed eral Wichita— 1937— 4,117 heavy losses loss of 2,466,000 • 30,733 (as indicated above) sustained by the railroads of the country in November, 1937, namely, a de¬ crease of $40,241,684 (or 11.25%) in gross earnings and a The off St. Joseph— 1937.... 15,767 3,941 6,005 907,613 1,044,883 1,314,345 6,129,576 5,741,444 5,380,767 Total. and 1937 18", 879 57 1,411,000 2,085,000 (Bbls.) . Nov. 27— 1937— 232 Results 14,849,000 Chicago— 1936 961 572 ■ 1,529,000 1,718,000 1936 11 Mob. End 0,000 ""321 Jacksonville Sioux Citymi.... On 17,094 1,937 Norfolk Wichita— 1936. ~7~896 Wilmington 1937.... 1937. — Savannah Charleston St. Joseph— in 1935 1936 1937 1935 260,322 Pensacola, &c 354,000 1936.... in Since Jan. 1 November 1936 Gaiventon 1930 in 1937, 1937, 1936 AND 1935 02,000 Kansas City- ern 1. NOVEMBER. PORTS IN 1937 28,000 162,000 221,000 374,000 Peoria— same SOUTHERN SINCE JAN. Boris mi Sioux 1935, 122,000 St. Louis- Total al AND 39,000 749,000 1937.... AT AND COTTON OF RECEIPTS Indianapolis-Omaha— no as less than $32,485,896, leaving the net at that time larger by $6,350,391. As a matter of fact, up to 1927 the improvement in the net wTas continuous year by year ever since 1919, often in the face of a heavy falling off in the gross earnings. In November. 1923, the change from the previous year was small, there having been $7,648,500 increase in gross and $7,307,781 increase in net. In November, 1922, our state¬ showed $57,618,155 gain in the gross and $15,846,050 ment gain in the net. In November. ment in the net even in face of revenues. By drastic cuts in expenses was 1921, there was improve¬ the great falling off in gross every direction, a saving in then effected in the extraordinary amount of $144,962,518, leaving, therefore, $18,934,852 increase in the notwithstanding a loss of $126,927,666 in the gross. net, November of the of the year our previous year was one of the few months 1920 that netted fairly satisfactory net results, compilations for November, 1920, having registered Volume 146 Financial Chronicle $154,239,572 increase in schedules of months forward In (mainly because of the higher gross transportation charges put into effect a few before), and $37,533,530 of this having been carried as a gain in the net. the immediately preceding 1920, however, the November showing was bad, large losses in the net having piled up in 1919, 1918 and 1917. In 1919, particularly, the showing was extremely poor, this having been the period years of the strike at the bituminous coal mines. the This strike had effect of very materially contracting the coal traffic railroads, and proved a highly disturbing influence other respects. The result was that our tabulations the over in recorded loss in gross and net earnings alike for the month a —only $2,593,438 in the former, but $26,848,880 in the net 11993026485 earnings, 35%. over or time to this Added emphasis large loss in the net because it attached at came on the top of a 1199203 345 authorities which the figures are In November, year. 1918, Month of Year to Month of Year to December Dec. 31 December Dec. 31 ^ £ 46,779,000 8,463,000 237,541,000 384,211,000 215,795,000 235,669,000 203.760,000 223,546.000 19,353,000 7.537,000 1,695,000 1924... 1925 1926....... 1927.. 1928. NEW 26,067,000 24,402,000 20,163,000 26,362,000 24,697.000 CAPITAL that the increase in the latter far in gross revenues, even though these the higher rates put in force months some before. The gain in the gross then reached $82,163,408, or 23.06%, the augmentation in expenses amounted to no less than $102,091,182, or 39.16%, leaving the net reduced by $19,927,774, or 20.80%. The year before (1917) a closely similar situation existed and our tabulation for November, 1917, recorded $33,304,905 increase in gross earnings, but $20,830,409 decrease in the net. It was in the prodigious 1199326586073254 basis for the retrenchment subsequent years. and Year Preceding KINGDOM UNITED THE 182,824,000 170,906,000 BY we 1936 May June 12.048.454 20 610.166 July 14,997.397 53.909,166 9,878,332 6.747,571 13,056,095 13,041,644 6,682,428 7,719,440 4,706,804 12,543,554 11,217,941 £150,189,757 £182.824,210 February March August September October 23,446,272 November December ... Year.. GEOGRAPHICAL DISTRIBUTION UNITED 10.671.858 11,257,125 11,947,382 11,410.592 24.514.648 20.305,459 7,141,184 1,963,697 6.194,413 9.646,101 26,943,859 13,855,183 20,939,125 20,211,176 12,400,174 17,824,624 £217,221,225 NEW OF 1937 £27,614,265 £170,906.191 CAPITAL ISSUES Per Cent ...... 1919 1920 ...... 1921 ...... 1922 1923 ...... 1925 1926 1927 1928 ...... 1930 263,223,409 ...... 1933 260,503,983 1934 256,629,163 1936 300,916,282 357,966,993 317,550.416 ...... 1937 304,829,968 253,225,641 257,376,376 —51,606,559 + 7,278,342 —747,213 256,637,723 300,927,116 357,792,100 —16.93 United India and Ceylon Countries Countries £ £ £ 1935—January. 9,688,000 11,076,000 March Year Given 222,966 233,340 231,563 233,305 June.... July 241,452 October 246,497 246,910 248,863 242,849 245,858 248,058 241,621 236,043 232,259 232,911 233,839 234,972 15,000 1,395,000 236,122 235,917 236.369 238.142 239,982 241,326 242,625 242,734 237,306 236,428 240,836 238,668 237,485 —40.241,684 —11.25 235,104 1933.— .... 1934..... ....... 1937— 82,069,166 80,316,771 93,282,860 77,567,898 67,999,131 118,050,446 117,102,625 95,809,962 194,000 12,544,000 11,218,000 221,000 33,963.000 19,687,000 6,961,000 232,000 1,356,000 73,000 10,456,000 27,000 2,014,000 268,000 19,505,000 2,939,000 128,000 153,000 18.411,000 24,403,000 ------ 4,346,000 ------ 8,018,000 September ------ 451,000 22,730,000 November 18,271,000 30,000 December 16,997,000 155,000 4 +2.87 3,537,000 1,770,000 1,628,000 3,763,000 2,069,000 1,572,000 190,808,000 Year.. 1937—January February... .... 78.000 ------ ------ 568,000 1,487,000 1,090,000 22,264,000 24,802,000 8,043,000 9,756,000 7,135,000 8,313,000 22.611,000 14,558,000 2,405,000 2,581,000 1,467,000 4,792.000 2,097,000 830,000 4,481,000 March...... April ...... July Per Cent 74,979,347 48,244,641 78,431,312 97,816,937 117,623,537 126,084,714 131,381,847 148,132,228 158,501,561 127.243,825 157,192,289 127,125,694 99,557,310 66,854,615 + $18,749,484 6.194.000 9,646,000 26,944,000 20.939,000 20,211,000 3,060,000 217,221,000 - - 1,000,000 396,000 141,000 17,000 ------ 20.000 ------ 678,000 1,125,000 53,000 586,000 ------ 1,867,000 13,141,000 11,372,000 407,000 96,000 ------ ------ 680.000 2,000 1,015.000 13,000 10,667,000 October +25.59 —10,488,886 —3,018,867 + 12,701,071 —15,069,894 —9,578,383 + 50,002,894 34,000 6,503,000 September Amount 31,000 2,273,000 4,885,000 138,768,000 1,634,000 23,304,000 32,000 ------ 27,614,000 10,672,000 11,257,000 11,947.000 11,411,000 24,515,000 20,305,000 7.141.000 1,964,000 13,855.000 12,400,000 17,825,000 —11.02 +323,090 —20,830,409 —19,927,774 —26,848,880 +37.533,530 + 18,934,852 +15,846,050 + 7,307,781 + 6,350,391 + 16,775,769 + 10,065,218 —32,544,547 +29,896,691 —30,028,982 —27,596,760 —32,706,576 December —3.68 Year ...... 7,200,000 170,906,000 + 15.81 NEW —16.15 CAPITAL ISSUES —12.35 IN THE UNITED KINGDOM BY GROUPS IComplied by the Midland Bank Llmltedj + 73.52 + 0-28 Year 1935 Year 1936 Year 1937 £ —17.79 £ £ —20.80 —35.89 Governments: + 77.89 United Kingdom + 24.14 India and Ceylon + 16.19 +6.21 — . —— 2,907*500 Other British countries.. 896,355 3,021,655 5,790,000 508,800 Foreign countries +5.08 3,416,300 896,355 8,811,555 24,576,954 48,118,991 34,740.219 11I1•111 3",813",000 24,576,954 48,118,991 38,653,219 31,720.517 Total. + 12.77 31,198,500 8,926,250 + 6.79 —20.53 + 23.49 —19.11 Municipalities and public boards: United Kingdom India and Ceylon —22.35 Other British countries —32.85 Foreign countries 110.214,702 —41.299,108 —37.47 t I • » t 1 1 ; —10.22 60,061,636 82,690,190 —2,888,514 +2.904,522 —6,732,119 + 22,685,802 +27,536,752 t 63,962.092 65,899,592 —4.32 Total. + 4.54 +37.77 +33.30 Railways: United Kingdom India and Ceylon " Capital Issues in Great Britain following statistics have been compiled by the Midland Bank Limited. These compilations of issues of new capital, which are subject to revision, exclude all borrowings by the British Government for purely financial purposes; shares issued to vendors; allotments arising from the capitalization of reserve funds and undivided profits; sales of already issued securities which add nothing to the capital resources of the company whose securities have been offered; issues for con¬ version or redemption of securities previously held in the United Kingdom; short-dated bills sold in anticipation of long-term borrowings; and loans of municipal and county 318*830 31,380,250 9,245,080 2,968,738 12,585,717 2,822,170 6,623,981 16,532,438 16,928,219 ....— Investment and finance Iron, coal, steel and engineering * Mines - Property Total 11,394,451 47,676 304,688 42,824,744 1,785,758 6,518,692 474,380 1,454,450 1,945,494 213,469 44,879,381 182,824.210 217,221,225 — — 12,071,910 — 687,200 Shipping and canals and docks .... Tea, coffee and rubber Telegraphs and telephones Miscellaneous commercial and industrial Including motors and aviation. 21,880,237 22,354,675 2,262.665 11,715,518 Gas and water Road transport 3,890,380 5,070,910 6.902,899 8,060.453 8,999,865 Banking and insurance Breweries and distilleries * 181*750 32.059,238 Electric light and power Oil " "338",721 Total. 6,682,000 7.719,000 4,707,000 2,852,000 182,824.000 84.000 Foreign countries— New ...... 751,000 964,000 Other British countries The 188,000 828,000 17,210,000 October Inc. (+) or Dec. (—) $73,266,874 93,778,921 68,915,594 ------ 8.795,000 July 235,624 96,272,216 75,882,188 ..... ■ 242.636 + 17.25 79,050,299 93,017,842 78,212,966 67,989,515 118,002,025 157,140,516 127.163,307 99,528,934 66,850,734 63,966,101 66,866,614 59,167,473 82,747,438 110,226,942 375,000 — 6.877,000 August 238.711 241,138 241,695 242,616 - 17,196,000 15,344,000 20,712,000 June..... 237,335 - 18,502,000 February 236,726 - 33,019,000 March.......... 236,309 ------ 161,934,000 Year.. 1936—January April. + 18.95 118.373,536 ... 53,909,000 ------ 137,000 May + 57.039,877 $92,016,358 83,290,035 125,957,014 287,000 1,921,000 9,686,000 November...... ... 20,610,000 3,622,000 November 235,679 + 44,278,559 Receding ..... . 222,000 3,136,000 242,027 Given 1924............ ----- 545,000 August 124,931,318 131,435,105 148,157,616 158,197,446 164,000 244.143 November ....... 872.000 176,000 December Year 48,130,467 85,778,171 97,366,264 113,662,987 254,000 7.344,000 3,940,000 9,204,000 253,793 242,708 238,826 Net Earnings ........ 5,000 568,000 September 253.589 241,971 Year 1921............ 660,000 16,592,000 12,620,000 12,386,000 4,108,000 19,728,000 4,761,000 235,748 —0.29 of 1918—. 586,000 August Month ........ ■ Total £ 1,202,000 ------ 49,999,000 243,745 Foreign 2,346,000 1,135,000 118,000 13,000 19.571.000 May.. 1910.... ------ 18,788,000 226,204 237,596 234.209 237,376 Brit. 957,000 ------ 3,443,000 April Preced'g 242,407 232,274 233,032 235,213 Other 14,433,000 February Mileage June........... 1909... THE IN BY MONTHS KINGDOM iComplied by the Midland Bank Limltedl furnish Year Amount $242,115,779 $207,816,169 +$34,299,610 + 16.51 + 999,511 + 0.41 246,650,774 245,651,263 —1,767,625 + 0.73 241,343,763 243,111,388 +31.968,171 + 13.07 276,430,016 244,461,845 —3.35 —9,143,593 269,220,882 278,364,475 —32.646,340 —11.96 240,235,841 272,882,181 + 27.58 +66,310,622 306,733,317 240,422,695 + 23,652,274 330,258,745 306,606,471 + 7.71 + 33,304,905 + 10.19 360,062,052 326,757,147 + 82,163,408 + 23.06 438,602,283 356,438,875 —0.59 436,436,551 439,029,989 —2,593,438 592,277.620 438,038,048 + 154,239,572 +35.21 464,440,498 590,468,164 —126,027,666 —21.34 + 57,618,155 523,748,483 466,130,328 + 12.35 + 7,648,500 530,106.708 522,458,208 + 1.46 —4.92 504,589.062 530,724,567 —26,135,505 + 26,960,296 + 5.34 504.781.775 531,742,071 + 5.41 559,935,895 531,199,465 +28,736,430 502.994,051 561,153,956 —58,159,905 —10.37 530.909.223 503.940.776 +26,968,447 J +5.35 —6.18 498,316,925 531,122,999 —32,806,074 398,211,453 498,882,517 —100,671,064 —20.18 304,896,868 398,272,517 —93,375,649 —23.44 .. MONTHS £33,963,149 19,687,120 6,961,500 10,456,037 19,505,122 18.410,698 24,402.926 May 1911 1936 IN 150,190,000 217,221,000 Kingdom Year Given 1932 1937 — 1935 Decrease (—) of 1929 314,714,000 362,519.000 ■ economies In the following Increase (+) or Gross Earnings November 1924 1936... .. 1935 88,666,000 113,038,000 132,869,000 £ Month 1917 1934... 253,266,000 2,692,000 4,312,000 6,353,000 13,042,000 11,218,000 20.211,000 17,825,000 £16,592,347 12,620,080 12,386,235 4.108,238 19,727,811 the November summaries back to 1909: 1913 _. 1934 expansion of the expenses in these early years that there the .. 1933 £10,853.233 7,007.995 7,081,462 9,590,367 22,440,935 April effected in 1931... 1932... 253,749,000 236,160,000 15,862,000 -- tremendous augmentation a mented railroad expenses existed 5,283,000 1930... [Compiled by the Midland Bank Limited] January swollen by 1929 219,897,000 ISSUES £ £ £ — had occurred, owing to the prodigious advances in wages made that year. These wage advances, with the great rise in operating costs in other directions, so aug¬ were In all cases [Com piled by the Midland Bank Limited] in expenses outdistanced the gain upon SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM considerable shrinkage in the net in November of the previ¬ ous sjiecifically limited. the prices of issue. not are based — " 804*076 4,766,976 4,074,384 13,270,237 18,919,704 10,966,701 868,913 6,346,265 681,390 1,075,675 2,002,924 165,000 35,750,281 170.906,191 Financial 346 Chronicle Jan. 15, 1938 of Treasury—Receipts in Fiscal Year 1937 at $5,293,800- Annual Report of Secretary Compare with $4,116,000,000 in 1936—Increase Largest Since 1933—Taxes Under Social Security Act new Source of Receipts—Expenditures in 1937 Totaled 000 $8,105,200,000 Against $8,879,800,000 Previous Year. the of Secretary Morgenthau. in. his annual beoeipts by major sou bces ton tbf fiscal years issb and 1937 . Treasury v, report , / ., . . 1 (In millions of dollars) , Congress submitted figures showing receipts in to Incraese general and special accounts amounting to $5,293,800,000 during the fiscal fiscal the in the total for "was the largest 1936 610.0 894.3 +284.3 Current individual. 589.4 996.0 + 406.6 Back taxes.. 213.5 258.3 +44.8 14.5 25.1 + 10.6 1,427.4 2,173.7 + 746.3 Current corporation b_ says: of _ _, Total income taxes (collection basis) revenue, Adjustment back taxes and excess-profits taxes, the rise in income tax receipts, including daily to (un- statement Treasury Total Income taxes. more than $280,000,000. The large augmentation of receipts from these level of incomes in 1935 and 1936 is ascribable both to the higher and to sundry features of the Revenue Miscellaneous internal the to normal the estate, tions from 1936, was by the States Supreme Court on Jan. United + 32.5 551.9 + 51.1 69.9 + .9 196.5 + 19.2 94 5 ..... 281.6 69.0 ..... _ 125.2 + 30.7 Automobiles, trucks, tires, tubes, and parts or ■ accessories...... _... _ . i. 33.6 36.0 27.1 31.5 + 4.4 50.2 61.4 + 11.2 382.7 450.6 + 67.9 21.1 24.6 + 3.5 Electrical energy Lubricating oils Act taxes + 56.1 249.1 500.8 taxes) b_. ....... Gasoline.. the virtual disappearance of collec¬ processing taxes following the invalidation of the Agricultural Adjustment 312.2 + 42.6 Manufacturers' excise taxes: The only cigarette, and capital stock taxes. decrease of significant size, apart from + 136.2 177.3 Stamp. worthy increases of lesser amount occurred in the customs receipts and in + 62.8 23.9 special taxes) b Fermented malt liquors (incl. special Tobacco.... Note¬ 137.5 281.6 256.1 .. . _ Distilled and spirits and wines (including social from received $265,000,000 The tax. 94.9 ... . ...... 218.8 160.1 . . Gift Act of 1936 such as increases in rate security taxes constituted receipts from a new source of revenue. collections from —15.4 + 730.9 revenue: ': Capital stock..'-...... Estate ■_ J........ scales, imposition of surtaxes on undistributed profits, and subjection of dividends —16.2 2,157.5 advanced by than $400,000,000 and corporation income tax receipts more sources .8 1,426.6 — revised) Individual income tax receipts showed a gain of especially marked. was Income taxes: Excess-profits tax.. „ Although gains were widespread among the numerous sources De¬ (—) Internal revenue: began to rise in the fiscal since receipts Continuing the report 1933." year stated that the increase of 1936, and over increase recorded (+), crease 1937, comparing with $4,116,000,OCX) year year $1,178,000,000 1937 1936 6, ; All other... that in gift tax receipts, which having reached the unprecedented V + 2.4 . Total manufacturers' excise taxes... figure of $160,000,000 in the fiscal year 1936, declined to $24,000,000 in Telegraph, telephone, cable & radio facilities,&c. Transportation of oil by pipe line. 1937. Sources—As is regularly the case, the bulk relatively few Nine sources. accounted for almost 85% of ordinary receipts the domestic taxes, plus came customs from + 1.4 + 2.6 11.6 duties, —.1 13.3 12.4 —.9 2,004.5 2,188.7 + 184.2 + 5.1 Ail other miscellaneous _i —7.5 —12.6 2,009.6 — 2,181.2 + 171.6 - The remainder was derived from of the total. Total sources, 11.2 19.7 , ...... Coconut, &c., oils processed b several score minor taxes and miscellaneous sources. Among primary 9.8 17.1 11.7 Admissions miscellaneous internal taxes revenue (collection basis) Adjustment to the individual income tax ranked first, yielding daily Treasury (un- statement revised).. in current collections alone close to $1,000,000,000. The corporate income Total miscellaneous internal tax, of almost equal importance, brought in nearly $900,000,000 on current In addition, over account. $250,000,000 were collected from individuals and corporations in back income taxes. tributed two-fifths of total receipts. Agricultural (col- taxes C67.6 Adjustment to daily —9.1 76.7 -76.7 Treasury statement basis (unrevised) The estate and the capital stock tax« —67 6 + 9.1 lection basis). Together, these two sources con¬ though much less important 'ranking fifth and tenth, respectively, in size related and adjustment revenue taxes Agricultural adjustment and related taxes. of collections), added respectively some $280,000,000 and $140,000,000 to Other internal revenue: collections, bringing the aggregate of these four principal individual and .3 + .3 265.4 + 265.4 6.1 Taxes upon carriers and their employeesSocial security taxes corporate levies to approximately $2,550,000,000, or just short of half the + 6.1 t Tax on enrichment...*.. unjust total receipts. Total other internal New Sources of Receipts basis). A significant taxes received amounted to 000,000. new of receipts, seventh in order of size, was the source under the Social Security While there in general, due under title appear as the payment of tax liabilities was not, VIII until Feb. 28, 1937, and consequently did in receipts until March, whereas the time for filing the initial title IX returns was extended from Jan. 31, 1937 to April 1, 1937. The five remaining major sources of revenue comprised levies identified with Customs commodities. duties, third in place collections, amounted to nearly half a billion dollars. yielded almost the same revenue as the customs. as respects The tax on size of spirits, and gasoline, in the order named, comprised the other chief com¬ - - v - - - —13.4 + 258.4 3,499.5 4,634.2 + 13.4 —37.1 taxes. 3,512.9 4,597.1 486.4 and customs.... 3,899.7 5,083.5 (collection basis)_ Treasury revenue revenue taxes + 1,134.7 + 1,084.2 + 1,183.8 bask statement Customs Total internal + 271.8 —13.4 258.4 —- revenue taxes. revenue taxes daily to Total internal —50.5 +99.6 Miscellaneous receipts: Proceeds of Government-owned securities: Foreign obligations.- cigarettes Beer, domestic distilled - (unrevIsed)._.-._._.._— October, 1936, most of the fiscal year collections represent collec¬ as 271.8 (un¬ statement 386.8 Total internal Adjustment as (collection v- Treasury _ Total other internal titles during the last 1937, and under title IX some collections tions of but four months inasmuch not Revenues under title VIII under both collections were taxes revenue _ daily to revised )- $207,000,000 and title IX to $58,000,000, a total of $265,- six months of the fiscal year early Act. Adjustment -- -- + .1 .5 - 90.4 68.2 -22.2 39 3 All other. Sei g n iorave 48.9 + 9.6 86.1 92.6 + 6.5 216.3 210.3 —6.0 4,116.0 5,293.8 + 1,177.8 All other miscellaneous receipts modity sources, with collections approximating respectively $280,000,000, Total miscellaneous receipts $240,000,000, and $200,000,000. The importance of commodity taxes as a whole was enhanced by other tobacco and liquor taxes than those just named, additional collections for Total receipts, general and special accounts The detail of income taxes, miscellaneous internal revenue taxes, agricultural adjustment and related taxes, and other internal revenue taxes is on the basis of internal revenue collections with totals adjusted to basis of daily Treasury statement (unrevised). Customs and miscellaneous receipts are shown on the bass of the a each group amounting to about $75,000,000; by other excises besides that gasoline, on collections amounting to miscellaneous and regulatory taxes. among a ally only on over $250,000,000; and These additions, however, by were some spread long list of items the great majority of which contributed individu¬ a fraction of 1% to total receipts. automobiles passenger Two exceptions were the tax and motorcycles and the tax on chewing and smoking tobacco, each of which brought in slightly more than 1% of the total. Collections from all such items together, if added to collections from the customs and the four major domestic commodity sources—cigarettes, beer, distilled spirits, and gasoline—raise the relative importance of receipts from commodity taxes in the fiscal year 1937 to about 40% of total ordinary receipts. Significant shifts in the composition of receipts have occurred in recent The proportion derived from income and related taxes years. on individuals b Collections for credit This In total expenditures of the Federal and special accounts amounted to $8,105,200,000 in the fiscal year 1937, compared with $8,879,800,000 in 1930, representing a decrease of $774,600,000, the report has the following to say: were of the aggregate, including the customs, course increased by the processing taxes In considerable part these shifts result from changes in the affect income which tion, tax receipts more business situa¬ sharply than receipts from that stating The 1937 the The latter decrease was of $774,600,000 in total expenditures increased The decrease the Government included other things, heavier direct taxation on It should be noted, however, that individual and corporate income taxes when together they supplied from one-half to three-fifths of total receipts. The estate tax, though it still constitutes but 5% of total receipts, contributed a larger absolute amount than in any prior year. Miscellaneous veterans' were not adjusted service ments and was realizing upon its war invest¬ loans, have been comparatively small in the past few years. The following table showing the receipts by major source for 1936 and 1937 is taken from the report: which, under the original terms, the adjusted service certificate fund. for national defense, including expenditures vessels, aircraft, and subsidiary on Government certificates, due until 1945 and thereafter, and to the discontinuance annual appropriation to decade when the expendi¬ This decrease was due principally compensation payment made as a result of the act receipts, not in the main of tax origin, which had large significance in the more and benefits. (Public No. 425), directing the immediate payment of the treaties of 1922 and 1930, or expenditures of net decrease of $1,220,400,000 in the completion of the transfers to the adjusted service certificate fund for of Jan. 27, 1936 have not yet resumed the relative importance they had in 1932 and prior years, $641,400,000. a tures for veterans' pensions the veterans' adjusted among 1936 and Excluding these items, of $997,200,000 in the regular operating law involving, expenditures between total and for debt retirement. prepayment to the changes the accounted for in the most part by the decrease in expenditures for bonus relatively stable consumption sources; and jn part they reflect also revenue individual incomes and estates. funds are not included. Government under general and corporations has increased conspicuously since 1934, while the propor¬ has decreased. to trust item Includes $5,240,842.81 originally allocated to the trust fund of the processing tax on Philippine surar, which amount was transferred to the general fund in 1936 in accordance with Presidential Proclamation No. 2103 of Oct. 15, 1934. c tion derived from commodity levies in in 1934 and 1935, but have declined in relative importance even from 1936- General and special accounts are combined, daily Treasury statement (unrevised). and civil to for the construction of naval meet increased $18,100,000. the public debt increased judicial, works of the Expenditures provisions of the naval Expenditures for interest $117,000,000; and expendiutres for legislative, establishments increased $81,100,000. Other regular operating expenditures increased $7,000,000. The increase of $166,900,000 large part to an increase in in public works expenditures was due in public highway expenditures of $106,700,000. Volume 146 Financial The increase of $124,400,000 in relief expenditures was the result of the Chronicle PUBLIC 347 ISSUES, MATURITIES substitution in 1936 of work relief under the Works Progress Administra¬ for tion direct relief. Expenditures of the Federal REDEMPTIONS FISCAL YEAR DURING Administration (including the Federal Surplus Commodities Corporation) declined $483,200,000, and expenditures of the Civilian Conservation Corps declined $100,500,000. The Works Progress $1,896,400,000 for work relief in 1937, Administration Maturities and Issued expended increase of $632,800,000 over the an previous year. Public Issues: Pre-war and postal savings bonds. Treasury bonds.. United States savings bonds... Repayments of loans exceeded the loans and expenditures from revolving previous year, due principally to the collections of Total bonds Reconstruction Finance Corporation of $419,300,000 in social security expenditures includes transfers of $265,000,000 to the old-age reserve account, established under title II of the Social Security Act. Such transfers were made monthly detailing the expenditures for the two Total public issues EXPENDITURES BY MAJOR FUNCTIONS, FISCAL YEARS 1936 AND 1937 [On basis of daily Treasury statements (unrevised) ,of the. Budget. (In and millions of of classifications a the of dollars)] 1937 1936 (+)or De¬ er ease (—) 81.1 Legislative, judicial, and civil establishments 733.6 814.7 + National defense 870.5 888.6 + 18.1 2,348.6 1,128.2 749.4 866.4 —1,220.4 + 117.0 pensions and benefits (including increased __ the public debt-. (refunds of receipts, settlement of war 41.1 48.1 + 7.0 4,743.2 claims, &c.) from $845,000,000 to during 1937 3,746.0 —997.2 __ Public works: _ i i.. ... . _ _ _ . . . . . 243.9 . Reclamation 350.6 + 106.7 48.8 ...... of trust and three of funds, &c.—included three issues of Treasury bonds Public buildings.... Cumulative Sinking Fund 41.2 —7.6 ment and in cash. exchange offerings 52.3 +2.4 ponding increase in the cash offerings without 142.4 + 4.6 + 2.3 The total amount available for the 76.3 + 4.4 272.9 + 39.0 000,000, including from the previous year. 74.0 89.1 + 15.1 1,079.4 + 166.9 Relief- 591.7 184.3 —407.4 total 1,896.7 + 632.3 carried 486.3 385.8 an 2,466.8 + 124.4 bl80.8 b307.1 —126.3 ........... Subscriptions to stock and surplus. Agricultural adjustment program.. of There $104,000,000. over to —41.8 into the —25.8 priation by Congress. 447.7 + 419.3 5.5 + 5.2 403.3 ........ 104.0 —299.3 and The 8.879.8 8.87£t.8 Classification includes both general and emergency funds, deduct. a —774.6 8,105.2 b Excess of credits, Treasury which also quote: liabilities, Deficit amounted to for the fiscal $2,811,300,000. year If public debt retirements are deducted, the net a $2,707,300,000. This compares with deficit of $4,360,600,000 for the previous year. The an due to increase of $2,646,000,000. the purchase of gold which on June 30, Of this increase, $1,087,000,000 was was Treasury. The total amount of the amount of the liabilities represents of securities which make up the outstanding debt are shown in the two tables which follow, the first presenting, by classes, a comparison of the amounts outstanding at the beginning and at the end of the year, and the second showing in summary form the public, or open market, issues and maturities assets 1937, of the > General Fund consist of outstanding 30, 1937 $ Decrease ) or (—) S Public Issues: and Treasurer's checks, deposits of certain Government officers composed of balances to the credit of the Post Office Department, the Board of Trustees, Postal exchanges, &c. The balance in the General Fund is classified according to inactive gold, increment on gold, seigniorage, and working balance. The net change in the balance of the General Fund from the beginning to the close of the fiscal year is accounted for as follows: >; ANALYSIS OF THE CHANGE IN THE GENERAL FUND BALANCE BETWEEN JUNE 30, 1936, AND JUNE 30, fOn basis of daily Treasury statements Balance, June 30, 1936. - 1937 (unrevised). 52,681,510,203.96 - Add: Ordinary receipts: General and special funds ........—... Trust funds, increment on gold, &c... 5,293,840,236.87 592,135,615.14 2,646,070,238.56 .......... ..... — .....811,213,556,294.53 Deduct: General & special Increase ( + Pre-war the above the total Expenditures chargeable against ordinary receipts: (On basis of daily Treasury statements (unrevised), June or daily statement of the balance in the General Fund avail¬ Total funds available COMPARISON OF PUBLIC DEBT OUTSTANDING JUNE 30, 1936 AND BY CLASSES $ over source, assets bank depositaries, foreign depositaries, and the treasury The liabilities Net Increase in gross public debt redemptions. Interest-bearing debt: in the the officers, in Federal Reserve banks, special depositaries account of sales of Government securities, na¬ The net changes during the year in the various classes June 30, 1936 either unclassified collection items, &c., and deposits to the credit of the Treasurer of the United States and other Government special series of adjusted service bonds for the account of the Government or affect held in inactive account in the General Fund of the Treasury: and $500,000,000 was due to the issue of a life insurance fund. was Savings System, and postmasters, clerks of courts, disbursing officers, &c., $36,425,000,000, compared with $33,779,000,000 outstanding 1936, $619,000,000 able to meet Government expenditures. and uncollected items, Public Debt At the close of the fiscal year the gross public debt outstanding amounted to of be withdrawn only in pursuance of an appro¬ of whatever nature, of the Philippine Islands. 1937, in general and special accounts, net deficit for the year amounted to can both, of the General Fund shown or tional and other deficit balance The assets in the General Fund consist of gold, silver, currency, coin, According to the report Public debt retirements amounted $104,00u,000 in the fiscal year 1937. Prom the report The unexpended Every receipt of the Treasury, from whatever expenditure, every the we of including the moneys covered 47.1 515.8 .3 ^ redeemed for the fund $15,000,000 General Fund 28.4 j were The General Fund includes all moneys of the Government deposited with and held by the Treasurer of the United States 88.9 .... Total expenditures $723,- was the fiscal year 1938. 541.6 Social security .; change in the public unexpended balance of $150,000,000 brought forward * . any net sinking fund during 1937 —100.5 2,342.4 Debt retirement.. apply maturing First Liberty Loan bonds, $19,000,000 of Fourth Liberty Loan bonds, $376,400 of Treasury bonds, and $69,000,000 of Treasury notes, making a 1,264.4 Direct relief..... Work relief (WPA apd CWA). Civilian Conservation Corps.. Total- purchased for retire¬ sinking fund appropriation. debt. 54.6 912.5 ... were not To have exhausted the full credit available would have required a corres 233.9 Total.. to Securities were not reduced in order to notes and so reduce the available balance in the 71.9 Railroad retirement con¬ The Treasury followed the policy pursued during the previous year of applying to the sinking fund only Liberty bonds, Treasury notes, and 52.3 Grants to public bodies, including administration.. .... computed Treasury notes, weekly issues of Treasury bills, and the 49.9 ........ Loans (net) the Actual expendi¬ tinued sale of United States savings bonds. 137.8 Rivers and harbors, improvement Flood control... ......i....i...... Other.......... and 2.582%. open market issues during the year—that is, the issues offered for public subscription, either for cash or on an optional exchange basis for other maturing obligations, as distinguished from the special issues for the Treasury bonds redeemed Total.... Public high ways.... ^ Tennessee Valley Authority., $924,000,000, $866,000,000. were bonus prepayment) on 55,514,572,282 average rate of interest increased fiom 2.562 to tures for interest investment Regular operating expenditures: Interest .57,949,955,609 „ The Increase Class of Expendi'ures Other .538,533,982 1,821,073,300 3,654,965,000 computed annual interest charge, on the basis (unrevised) of the interest-bearing debt outstanding at the beginning and at the end of the year, Veterans' 53,288,083,109 1,057,329,500 3,604,543,000 . The is years annexed: Bureau 36,206,922 Cash receipts transferred to the Treasurer of the United States. a beginning in January, 1937. The table 532,400 a519,731,009 Treasury notes. Treasury bills.. and the Commodity Credit Corporation. increase .51,794,660 52,768,352,100 .. over the loans made in previous years by the The Redemptions Interest-bearing debt: and other funds of credit agencies by $307,100,000 in 1937, an increase of $126,300,000 THE 1937 (On basis of dally Treasury statements (unrevised), Relief Emergency AND acc'ts.$8,105,158,547.47 103,971,200.00 Less pub. debt retirem ts 88,001,187,347.47 Trust funds, increment gold, &CLess Nat. bank note 758,468,840.25 on re¬ tirements postal 99,573,790.50 658.895,049.75 savings bonds. 199,575,520.00 197,780,860.00 —1,794,660.00 17,167,930,100.00 19,935,749,800.00 +2,767,819,700.00 + 483,524,087.27 savings bonds.. a.316,124,814.50 a799,648,901.77 Treasury bonds U. S. Total bonds _ Treasury notes Treasury bills 17,683,630,434.50 20,933,179,561.77 +3.249,549,127.27 11,380,985,050.00 10,617,241,250.00 —763,743,800.00 2,353,516,000.00 —50,422,000.00 2,303,094,000.00 Total expenditures (excluding retirements of public debt 8,660,082,397.22 and National bank notes). 82,553,473,897.31 Balance, June 30, 1937 A comparative analysis of the assets and liabilities and the balance of the General Fund is shown below for the beginning and close of the Total public issues- Restricted Issue: 31,418,131,484. ,50 33,853,514,811.77 + 2,435,383,327.27 CURRENT CASH ASSETS AND JUNE Ad¬ 30, 1936 AND 1937, fiscal AND CHANGES DURING THE YEAR On basis of daily Treasury statements (unrevLsed). justed service bonds ol 1945 944,516,650.00 388,574.650.00 —555,942,000.00 Increase Special issues: June Adjusted serv. bonds. Govt, life insurance fund series. year. LIABILITIES OF THE TREASURY, Total special Issues. 626,142,000.00 1,558,019,956.40 +931,877,956.40 ( + ) or Decrease (—) % +227,534,000.00 Ctfs. of indebtedness. 500,157,956.40 707,967,000.00 349,895,000.00 30, 1937 S $ Gold— + .500,157,956.40 480,433,000.00 145,709,000.00 June 30, 1936 _ - Treasury notes — + 204,186,000.00 10,608,304,157.23 12.318,172,420.10 + 1,709,868,262.87 Liabilities: Gold ctfs. outstanding (outside of Treasury). certificate fund, 2,916,285,859.00 2,903,632,809.00 5,291,078,912.60 6,020,442,436.78 —12.653,050.00 Gold Total int.-bearing debt... 32,988,790,134.50 35,800.109,418.17 +2,811.319,283.67 Matured debt on which int. of 169,363,395.26 620,389,963.97 . 118,529,815.26 505,974,498.8P —50,833,580.00 —114,415,465.11 Redemption . 33,778,543,493.73 36,424,613,732.29 + 2,646,070,238.56 2,681,510,203.96 2,553,473,897.31 —128,036.306.65 a..__ Exch. stabilization fund- Total Gross debt less balance in General Fund a 31,097,033,289.77 33,871.139,834.98 4-2.774.10". 54.5.21 Cash receipts transferred to the Treasurer of the United States less redemptio n + 729,363,524.18 fund, Fed'l Reserve notes.. Gold reserve Total gross debt Balance in General Fund. Governors, Fed- Reserve System. has ceased Debt bearing no interest. Board Gold in General Fund. 12,948,478.00 156,039,430.93 1,800,000,000.00 ; 10,470,461.75 156,039,430.93 1,800,000,000.00 10,176,352,680.53 10,890,585,138.46 431,951,476.70 —2,478,016.25 1,427,587,281.64 + 714,232,457.93 + 995,635,804.94 Financial 348 or (—) 708,210,842.21 508,582,714.00 835,195,892.46 505,002,800.00 + 1,216,793,556.21 1.340,798,692.40 Total •--- 126,985,050.25 —2,979,914.00 + Silver— unallocated on June 30. 1937. 124,005,130.25 Revenue legislation Revenue 1,133,777,786.00 1,176,622.00 1,300,454,009.00 81,839,148.21 —4,600.00 1,172,022.00 1,134,954,408.00 of Treasury) 171,.504.201.00 provided for in the Revenue rates 1937 included the increased postal taxes and the Act of 1932, as amended; the Carriers Coal Act of 1937; and the extension Taxing Act of 1937; the Bituminous (outside /outstanding + 1,305,281.987.00 Legislation enacted during the fiscal year for two years of the temporary extension outstanding (outside oI Treasury). Treasury notes of 1890 ctts. $6,927,000,000 appropriated under the Emer¬ 1935 and 1936, as amended, remained Relief Appropriation Acts of gency Liabilities: Silver established the for a period of three years • . $12,020,000 of the Only Af>sets: Corps, which is to continue . and appropriated $95,- An act approved June 28. 1937, 000,000 for this purpose. Civilian Conservation after July 1, 1937. % $ S Wier— Decrease June 30,1937 1936 (Civilian Conservation Corps) work conservation (+) Increase June 30, J^a. is, i9J8 Chronicle 34,344,083.46 — - the unjust enrichment tax of time for filing returns on under title III of the Revenue Act of 1936. Total. General Fund Silver in + 171.499,601.00 Fiscal Year 1938 —47,494,464.75 ascribed offices: 34,344,083.40 above) Other coin, currency, Silver (as 995,035.804.94 —47.494,464.75 401,320,149.97 + 49,890,308.85 1,427,587,281.04 431,951,470.70 81,839.148.21 Gold (as above)....- + 351,429,841.12 serve 843,380,402.81 —1,224,706,571.54 +233,630.15 2,601,573.73 2,008,087,034.35 lands.. 2,427,943.58 Unclassified, coll'ns, &c„ Total.. yield larger collections in 1938 than and their employees. Moreover, against the numerous be set anticipated decreases of small amounts in levied upon carriers Ls- of Philippine ury Numerous other sources of receipts are expected in 1937, but the increases do not approach in magnitude the $535,000,000 estimated gain from income taxes, nor the $456,000,000 increase from social security taxes, including those (including carrier) taxes. to depositary banks, re¬ banks, & treas In 1937. The rise from the 1937 level may be primarily to two sources—the income and the social security cf the fiscal year receipts Assets: 2.035,735,443.90 2,709,294,151.61 —220,441,292.35 254,225,240.00 — 155,820,254.30 for $1,027,000,000 higher than the under general and special accounts 1938 at $6,321,000,000, or the fiscal year General Fund,— In Treasury estimates place receipts Present increases are to smaller the tobacco and stamp taxes well as a and in miscellaneous receipts, as substantial decrease in the customs. ... —98,404,985.70 Fiscal Year 1939 Liabilities—. Bal. In the - For 2,081,510,203.90 General Fund.. —128,030,306.65 2,553,473,897.31 the fiscal from Seigniorage b. „.......... Working balance......... Bal. in the General Fund 2,681,510,203.96 gold dollar. +468,033.90 +39,780,924.30 970,033,862.32 -—1,255,078,487.95 140,905,030.63 355,087,781.20 are —128,036,300.65 3346,081,016 of United States notes and against Treasury notes in the amount of $1,178,622 in 1936 and $1,172,022 in 1937. Treasury notes of 1890 are also secured by silver dollars in the Treasury. Reserve against of 1890 outstanding b This item represents seigniorage resulting from the issuance of silver certificates equal to the cost of the silver acquired under the Silver Purchase Act of 1934 and the returned for the silver received under the President's proclamation dated markedly above the 1937 figure of $5,294,000,000. 1937 level is attributable, Smaller gains from 1937 and gift taxes, as well as for the social security and income taxes. indicated for the capital stock, estate, group 2.553.473,897.31 to for 1938, the net expansion over the in the main, to of miscellaneous taxes as a whole, but are more than outweighed by which suffice even to reduce to some declines in numerous other sources, gain recorded by the social security extent the a 1938 for points to a volume still For 1939, as 140,490,990.73 315,900,850.96 2,225,112,350.27 of the the exceptional total of $6,321,000,000 $5,919,000,000. The latter estimate, however, special accounts is anticipated, from estimated 1,086,787,223.10 + 1,080,787,223.10 resulting reduction In weight Bal. of increment general and 1939 a slight decline in receipts under year (including carrier) and the Moreover, though a net expansion over estimates. tax income 1937 is anticipated, receipts from most sources, including the two important groups of taxes last mentioned, are expected to be lower in the fiscal year 1939 1938. than in the fiscal year amount Aug. 9, 1934. . . Emergency Legislation funds made for the purpose of continuing the were furnish relief and By Public Opinion 1937, further appropriations and allocations of Federal program to During the fiscal year an act to aid recovery. approved Jan. 26, 1937, the RFC was authorized to continue its operations until June 30, 1939- The act provides for withdrawal of the when sufficient credit for any class of borrowers activities of the Corporation The Disaster Loan Corporation, exceed Under this act the RFC was 11, 1937- of the United States, however, to re¬ balance. It has no mission to impose its the power in authorized to lend for catastrophe relief was tions 1937, the amount of capital stock and obligations that the On June 30, was authorized to have outstanding at any one time was $6,200,- for which there is no statu¬ limitation. During the year the RFC made redemptions of its notes by the Secretary of the Treasury in the net amount of $425,000,000. 000,000, exclusive of indefinite authorizations As of June 30, 1937, the amounted to total notes sold to the Treasury, less redemptions, This figure does not include the original $3,605,000,000. $500,000,000 of the Corporation's capital stock purchased by the Treasury. Notes originally issued by the Corporation directly to institutions increased by principles. The moment that an Administra¬ Under the First Deficiency Appropriation to, and proportionately increase under, the appropriation Act, fiscal year 1937, approved $789,000,000 which was to be added the amounts of the limitations prescribed made in the cause, takes Act of 1937, title Relief Appropriation I of the act approved June 29, 1937, provided a direct appropriation of $1,500,000,000 for relief and work relief on useful projects, including projects previously approved for the WPA. might maneuvered been the role of a crusader for world up ments whose end no one can service it its States United will enter entangle¬ guard itself against encroach¬ It without. can succeed in that task only if an enlightened and sober public sists that the task shall be performed. of appropriations made by the Emergency Deficiency Appropriation Act, fiscal year 1937, and the Emergency Relief Appropria¬ Act of 1935, were opinion in¬ In addition, such unexpended balances, as the determine, Relief Appropriation Act of 1936, as supplemented by the First tion within render, is to maintain liberty can from The most that foresee. do, and the greatest world can borders and own of the support into democracy, the United States ments Emergency President has the opinion Congress, backed by a public a which Emergency Relief Appropriation Act of 1936. The and tion banks and other $3,605,000 to $255,234,667 during the fiscal year. Feb. 9, 1937, there was appropriated abandonment of demo¬ their for account to cratic RFC held system upon other peoples, or to call other na¬ own by section 1 of the act of April 17, 1936. tory the dress authorized and directed to acquire such stock unexpended balance of the $50,000,000 which the RFC of the out with nonassessable capital stock of not $20,000,000, was created by an act approved Feb, It is not liberty who does not deplore the change. is available from private sources. to and War {Concluded from page 330) reappropriated for these The purposes. The Course of the Bond direct Market appropriation was made available for the following classes of projects in the amounts indicated: ' Highways, roads and streets The have recorded advances this groups 630,000.000 lias projects... 380,000,000 losses National Youth Administration.. grades of bonds and many better $415,000,000 Public buildings, parks, and other recreational facilities, public utilities, 75,000,000 transportation facilities, flood control, conservation, &c Assistance for educational, persons and women's professional, and self-help, and Total.... $1,500,000,000 The amounts specified for any of the foregoing classes may be increased proportionately in accordance with the amount of unexpended balances be tiansferred from the appropriations made by the Emergency Relief Appropriation Act of 1935 and the Emergency Relief Appropriation Act of 1936, as supplemented, and may be increased 15% of amounts from other classes. for expenditure persons as by the transfer The appropriation was also made available by the Resettlement Administration (now the Farm Security Administration) for such loans, relief, and rural rehabilitation for needy the President may determine. The act provides that the funds appropriated shall be so apportioned and distributed over the 12 months of the fiscal year 1938 as to constitute the total amount that will be furnished during such fiscal year for relief purposes. The Public Works Administration Extension Act of 1937, title act that Administration of Public Works until July 1, 1939. purchased from the Administration was increased from $400,000,000. realized from Governments sale of securities was from securities $300,000,000 to $359,000,000. The First June 30, Deficiency Appropriation Act, fiscal year suffered which instances. United advancing to new relatively quiet, Atchison gen. 4s, 1995, declined % to 109% : Virginian 3%s, 1966, at 104% lost !4; Texas and Pacific 5s, 2000, advanced 1% points to 116%. with gains and weakness newed have bonds been losses being evenly divided. Among the second-grade and speculative railroad bonds re¬ been witnessed, particularly in has again the Baltimore & Ohio 4s, 1948, which lost 4% points at 64%, 4s, 1996, which dropped 10% points to 58. and Erie p.l. settling bonds with at a staged a The Strength the rise 1968, new a 1937-38 brisk low of 65. Defaulted railroad rally during the week, in sympathy rising stock market. been 1937, extended to 1937, the authority of the President with respect to emergency some strength, revealed railroad High-grade The increased in severe since last March. highs $250,000,000 to The amount of funds to be used for grants from moneys the quite II of the The amount which the RFC is authorized to have invested at any one time in were inactively traded Genesee River Gs, 1957, dropped 20 points, approved June 29, 1937, authorized continuation of the Federal Emer gency lower-grade rails, the speculative The exception clerical States that may in found been more week. in medium-grade outstanding feature was quite general. and in speculative issues has the utility bond market. Birmingham Electric 4%s, advanced 3 to 85; Kentucky Utilities 5s, 1961, closed Volume 79%, at 78. Financial 146 3% up Bonds Utah Power & Light 6s, 2022, gained 6 at ; New of York scored tractions substantial ad¬ Brooklyn-Manhattan Transit 4%s, I960, advanced vances. 10% to 61; Interborough Rapid Transit 7s, 1932, closed at 55. up Higher grades have been firm. 3%. week, following last week's sharp Prices rise. receded slightly in the first part of the week but recovered toward the week-end. 3% points to 74% steel group was featured by rich 6s, a rise of lower, eign Oil bonds V. S. 120 All on list. Govt. Moody's computed AU 120 Domestic Aaa Aa A Baa h. P. R. U. Indus. closed which bonds, and Italian issues, German on French small turnover. bond prices and bond yield averages the following tables: in BOND (Based 120 1938 AVERAGES (REVISED) Individual Closing Prices) Corp. 120 Domestic by Ratings Corporate by Groups * tic Averages YIELD on 120 Domestic Corporate * Domes¬ tic Corp.* European Governments declined Corporate by Groups * Japanese quite well, as did Polish bonds, but up MOODY'S by Ratings of responsible for the general weakness in the for¬ Average Yields) 120 Domestic Corporal* * Domes¬ Bonds United Drug 5s, 1953, to 81%. Among given 30 For- Aaa Aa A \ Baa R. R. P. U. Indus. 14— 110.15 95.78 116.00 107.69 95.62 72.32 80.84 100.53 109.24 14- 4.25 3.17 3.58 4.26 6.00 5.28 3.97 95.78 116.00 107.88 95.78 72.43 81.09 100.53 109.24 13— 4.25 3.17 3.57 4.25 5.99 5.26 3.97 3.50 12- 109.98 95.95 116.00 107.69 95.78 72.65 81.22 100.53 109.24 12— 4.24 3.17 3.58 4.25 5.97 5.25 3.97 3.50 11.. 109.97 95.95 116.00 108.08 95.95 72.54 81.35 100.35 109.24 11 4.24 3.17 3.56 4.24 5.98 5.24 3.98 3.50 95.78 elgns 3.50 13- 110.07 Jan. un¬ were Tire and rubber bonds strengthened, Good¬ movements were Daily 1988 Daily Averages 2% bonds held are Cable 5%s, 1947, 1945, advancing 2% to 97%. advanced MOODY'S BOND PRICES (REVISED) (Based 106%, but General to changed at 98%. in the Otis Steel 4%s, 1902. and by a to 92 in Wheeling Steel 4%s, 1966. of 3% gain The % Erratic bond market has fluctuated narrowly this The industrial 1952, In the metal group, Phelps Dodge conv. 3%s, 107%. rose 1950, gaining % at Socony-Vacuum 3%s, moderately, rose 1958. Co. of New York 3%% debentures due son Financing was $30,000,000 Consolidated Edi¬ resumed with the offering of 349 Chronicle Jan. — 109.99 95.95 115.78 72.65 81.61 100.00 109.24 10— 4.24 3.18 3.56 4.25 5.97 5.22 4.00 95.62 115.57 107.88 95.46 72.21 81.35 99.83 108.66 8.. 4.26 3.19 3.57 4.27 6.01 5.24 4.01 95.62 115.78 107.88 95.46 72.00 81.35 99.83 108.46 7— 4.26 3.18 3.57 4.27 6.03 5.24 4.02 95.29 115.78 107.88 95.13 71.57 81.22 99.48 108.08 6.. 4.28 3.18 3.57 4.29 6.07 5.25 4.03 3.56 5— 109.90 95.13 115.35 107.88 94.97 71.25 81.09 99.48 107.49 5 4.29 3.20 3.57 4.30 6.10 5.26 4.03 95.29 115.57 107.88 95.13 71.46 81.61 99.48 107.11 4— 4.28 3.19 3.57 4.29 0.08 5.22 4.03 3.20 3.55 4.28 6.06 5.18 4.03 3.62 - - 3.61 4.27 - 3.59 109.69 «# - • 3.54 6.. 110.01 * _ 3.53 7— 109.97 m 3.50 8— 109.97 5.83 10-. 4-. 108.08 — 5.75 „-- - 3-- 109.69 95.46 115.35 108.27 95.29 71.68 82.13 99.48 106.92 3.. Hlgh 1937 112.78 Low 1937 107.01 106.54 118.16 113.89 104.67 92.43 101.41 106.17 112.45 High 1937 4.40 3.48 3.67 4.41 6.29 5.38 4.22 3.76 5.78 93.37 109.64 105.98 93.21 69.27 79.57 96.28 104.30 Low 1937 3.64 3.07 3.27 3.74 4.46 3.92 3.66 3.34 5.08 106.36 117.94 113.68 104.30 92.12 101.23 105.98 112.05 Jan. 14'37 3.65 3.08 3.28 3.76 4.48 3.93 3.67 3.36 5.41 4.03 3.36 3.56 4.21 4.98 4.48 4.03 3.58 6.20 1 1 Yr. Ago Jan. 14'37 112.50 - - Yr. Ago 2 Yrs.Ago 2 Yrs.Ago Jan. 14-30 108.20 * - 99.48 112.05 108.08 99.48 92.12 84.83 96.44 107.69 Jan.14*36 "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of These prices are computed from average yields on the basis of one level or the average movement of actual price quotations. field averages, the latter being the truer picture of the bond market. BOOK The Brotherhood of Railway Clerks. 300 pages. New York: Press. $3. The full International Raw Commodity Price Control. By Robert F. Martin. 166 pages. New York: National Indus¬ REVIEWS By Harry Henig. Columbia University of the organization with which this book and Steamship Clerks, Freight Handlers, Express and Station Employees. From 1899, when it was formed, until Federal operation of the railroads began, the organization, Professor Henig reports, "showed no steady trend of growth and no real economic power. Then, overnight as it were, it became a leading railway union." Since the World War, as during that conflict, its development and problems have been much influenced by Federal legislation, although the results of such legislation are difficult to appraise. Some unique problems are presented by the fact that most of the members "are either white-collar clerical employees, or in occupations which are in considerable part clerical." Moreover, while the Brotherhood, like all unions, is "interested in wages, hours, shop conditions, and in the attainment of innumer¬ able economic rights and privileges" for its members, it has also interested itself in "the wider problems of unionism" and has been active in regard to "unemployment insurance, pensions, united action of the various railway unions," and name deals is the Brotherhood of Railway so on. The book is well-planned and comprehensive history of Successive chap¬ ters discuss the establishment and early history of the organization, its development from Federal control to private ownership of the railroads, wages, grievances, rules and working conditions, collective bargaining under Federal legislation, jurisdictional and membership questions, the social and industrial program, and the government of the Brotherhood and its finances. Appendices give supple¬ mentary statistical and documentary data. The author has had full access to the records of the union, but his judgments and conclusions are entirely independent. The book is an excellent example of the informative fruit that may be expected from an intensive study of individual unions. a the Brotherhood and its various activities. THE STATE OF TRADE—COMMERCIAL EPITOME Friday Fight, Jan. 14, 1938. There was a to a more . scope.and importance of this study. The various chap¬ include, among other things, detailed surveys of the American cotton control programs, the control of wheat in Australia, Argentina, Canada and the United States, the Cuban sugar situation, coffee control in Brazil/the AngloDutch and international rubber control plans, and price and stock controls of silk, tea, copper and tin. There are ters five statistical tables and 48 charts to illustrate the text. Looking at the future, the author concludes that controls "may be partially abandoned and market price allowed to function" through the action of consumers of the same nationality; or they may "fumble along, undergoing a further series of collapses and reorganizations, driven to more and more costly measures in order to postpone the time of eventual adjustment of productive capacity to the needs of consumption;" or more governments may inaugurate State planning, "with State dictation to individual producers of how much of a particular commodity each must or must not produce." In the latter case the clash of economic plans will increase the difficulties of international agreements. in business activity than seasonal im¬ take effect almost after. For weekly business index snapped back to 67.2 as against 60.2 material and preceding week and 75.7 for the week before Christ¬ brightening as concerns co¬ operation of business and government, though observers are not taking too much for granted. The securities market has been acting reflect a better better the past week, which would seem to feeling generally as to business prospects. Observers state that prospects for a material during the last half of 1938 are bolstered improvement simultaneously in late operative on a volume summer and there¬ 90% mortgage plan may be¬ sufficiently broad scale by fall to lift instance, the new the to be . the come Prospects appear . The foregoing summary by Dr. Virgil Jordan, President of the National Industrial Conference Board/shows clearly provement in car loadings and gains in steel production as as automotive activity. The "Journal of Commerce" mas. $3.50 to it," well for the Inc. study of the attempts that have been made during the past 17 years, by groups and government, na¬ tionally and internationally, to control the prices of coffee, copper, cotton, rubber, silk, sugar, tea, tin and wheat. It analyzes in detail the economic record of these efforts in their effect upon the prices of those important foodstuffs and raw materials. The story that emerges from it, for each of these attempts, is one of temporary success followed by failure and collapse; reorganization; a shorter period of success followed by another collapse. In most cases this has been repeated until what began as temporary market intervention has become government control of the entire industry. In all, the process is one of progressive dependence upon State authority and ultimate subjection by the likelihood that several important stimuli will actually sharp rebound in business activity the past week, this being due largely trial Conference Board, This book is ''a of home building very materially. Moreover, equipment orders for the big merchant ship¬ building program may reach sizable proportions by the last Although there has been further few months of the year. small recovery in ingot production this week, with the ground lost in December recovered, no definite trend in new business has developed in steel, "Iron Age" says in its cur¬ rent summary. "While steel companies expect business to improve somewhat over the present low volume, no rapid Financial 350 acceleration in demand ter the next month or cen¬ made clear at Washington last week by the Presi¬ was dent of General Its out¬ Motors, is buying very little steel. week of the year was about 54,000 cars and trucks against 92,000 in the corresponding week last put for the first In the construction field a significant development survey conducted by the Illinois Manufacturers year. the was Association, which revealed that building plans amounting $39,558,000 have been deferred or abandoned by 58 com¬ to panies because of the undistributed x>rofits tax." This lat¬ ter report of the "Iron Age" could hardly be regarded as stimulating. Engineering construction awards for the week total $42,590,000. This is a decrease of 13% from last week 3% from the corresponding week in 1937, as reported and 14% the preceding week below week. Public above a Private construction is and 19% below the 1937 are 13% below last week but 10% Production of electricity in the United 2,139,582,(XX) kilowatt hours in the week awards ago. year totaled States Record." News "Engineering by 4.7% under the corresponding week Electric Institute revealed in its latest report. Authoritative traffic executives who have followed closely the ex parte 123 proceedings before the ended Jan. 8, a loss of last of the Edison year, Commission Commerce Interstate that the rail¬ The railroads have asked for an aggre¬ learned today. was estimate 10% increase in freight rates, it roads will receive about a increase, which would yield Pas¬ senger fare increases for the Eastern railroads would boost this total to $500,000,(XX). The estimated 10% rate rise would bring $300,000,000 of additional revenues. Retail volume for the Nation as a whole increased 2% to 0% over gate 15% blanket freight rate an parisons, is Tues., Jan. 11 Jan. 12 Thurs. Jan. Fri., of 1937, according to Dun & Bradstreet's trade review today. It is stated that inventories were thinned considerably last week when wide retail marklike period particularly in apparel items, gave added impetus spending. The Association of American Rail¬ downs, to consumer reported today 552,314 cars of revenue freight were roads This was an in¬ crease of 94,955 cars, or 20.8%, compared with the preceding week; a decrease of 147,732, or 21%, compared with a year ago, and a decrease of 223,441, or 28.8%, compared with the week ended Saturday. loaded during Gross revenues of 92 1930. 83.2% of total rail Class I railroads, representing declined 19.0% in December from gross, earlier, the Association of American Railroads esti¬ year mated 152.1 During the lay-off period, the company announced, Dearborn plant were cated death a 20.7% from the preceding week; a decrease of 147,732 cars, 21.1%, from the total for the like week a year ago, and a drop of 62,539 cars or 10.2% from the total loadings for the corresponding week two years ago. For the week ended Jan. 1, 1938, loadings were 22.2% below those for the like week of 1936, and 15.5% below those for the corresponding week of 1935. Loadings for the week ended Dec. 25, 1937, showed a loss of 18.1 % when compared with 1936 and a drop of 1.4% when comparison is made with the same week of or 1935. major railroads to report for the week ended loaded a total of 260,567 cars of revenue freight their own lines, compared with 213,073 cars in the pre¬ ceding week and 336,558 cars in the seven days ended Jan. 9, 1937. A comparative table follows: The first 18 Jan. 8, 1938, on for all holding companies. AND RECEIVED FROM CONNECTIONS REVENUE FREIGHT LOADED (Number of Cars) Loaded ■■■'.' V V.' : •' '• on Weeks 1 • Own Jan. I Jan. 9 1938 1937 1938 1938 1937 16,018 19,598 4,158 3,783 5,908 22,487 17,109 32,668 11,754 9,356 15,399 17,462 Atchison Topeka & Santa Fe Baltimore & Ohio Jan. 8 14,732 25,361 5,937 4,869 8,321 16,545 18,829 Ry. RR Chesapeake & Ohio Ry Chicago Burlington & Qulncy RR. 15,515 11,617 6,359 5,451 Paul & Pac. Ry 18,382 14,250 18,875 7,406 5,549 7,946 Chicago & North Western Ry— 14,349 10,832 15,042 8,884 7,240 10,323 Chicago Milw. St 2,750 4,237 1,928 1,265 International Great Northern RR 1,962 1.298 2,198 2,825 1,776 2,040 4,326 3,193 4,553 2,677 1,896 2,876 3,624 Missouri Pacific RR in 14,149 10,640 16,575 8,714 6,493 9,775 24,844 42,769 28,057 24,255 41,514 3,883 - 3,130 4,788 7,561 6,542 10,773 Louis Ry— Norfolk & Western Ry... 14,428 12,499 23,363 3,513 2,618 4,842 Pennsylvania RR 45,787 39,936 65,821 27,869 24,242 41,811 4,140 3,417 4,907 3,941 3,285 _ Pere Marquette Ry 2,463 7,518 2,959 2,609 6,775 20,439 26,075 x7,561 x6,474 X8.682 5,197 3,906 5,665 6,950 6,484 8,807 Wabash Ry 260,567 213,073 336,558 149,053 124,187 200,489 Total * between S. P. Co.-Paclflc Lines and Texas & New Excludes cars Interchanged Orleans RR. Co. AND LOADINGS TOTAL RECEIPTS FROM CONNECTIONS (Number of Cars) M , — Weeks Ended— Jan. 8, 1938 Jan, 1, 1938 Chicago Rock Island & Pacific Ry. 24,248 17,092 23,211 Illinois Central System 29,258 12,363 22,296 9,331 33.700 St. Louts-San PYanclsco Ry 65,869 48,719 71,102 wide areas of domestic winter wheat territory Southwest, Kansas in particular, and boding ill consequences The Association of American Railroads in week ended Jan. 1, 1938 weather, especially as concerns temperatures, was above normal in many sections of the country. This latter state¬ applies to the North Atlantic coast and quite generally from the southern Great Plains northwestward. The week ment abnormally warm the weekly where in means the northwestern Great Plains, ranged from 9 degrees to 17 de¬ Temperatures were abnormally high the northern and eastern Great Basin, where the plus above normal. grees in Total Dispatches from various Kansas for crops. points said visibility was limited to about half a city block. "was than for the the preceding Gulf east slightly lower with freezing weather reported for the week temperatures one, coast and to Sub-zero weather covered central were and large northern a western area Texas. from north¬ ern New England and New York westward over the north¬ ern Lake region and northern in Iowa it Great Plains. reported 25 degrees below, was At some points and at Huron, S. Dak., 24 degrees below zero. weather for the week was In the New York City area generally stormy, with rain and with temperaThe forecast was for cloudy and somewhat colder tonight, probably clearing and Today it snow. was cloudy and cold here, ranging from 31 to 35 degrees. tures colder Saturday. grees; Overnight at Boston it was 24 to 30 de¬ Baltimore, 28 to 42; Pittsburgh, 20 to 28; Portland, 26; Chicago, 28 to 32 ; Cincinnati, 28 to 36; Cleveland, 22 to 30; Detroit, 24 to 30; Charleston, 42 to 52; Me., 18 to Milwaukee, 24 to 32; Savannah, 42 to 56; Dallas, 40 to 48; Kansas City, 24 to 48; Springfield, Mo., 32 to 48; Oklahoma City, 36 to 56; Salt Lake City, 28 to 54; Seattle, 46 to 50; Montreal, 16 to 18, and Winnipeg, 14 below to 12 above. This Moody's Index of Staple Commodity Prices advanced slightly this week, closing at 152.1 on Friday, as compared with 151.4 a Jan. 9, 1937 14,191 Prices of silk, cocoa, rubber, wheat, copper, lead, cotton and sugar were higher. There were declines for corn, hogs, steel scrap and wool, and no net changes for hides, silver and as reviewing the follows: 1 totaled 457,359 decrease of 130,904 cars or 22.3% below the corresponding a decrease of 318,396 cars or 41% below the week same in 1930. Loading of revenue freight for the week of Jan. 1 was a decrease of 3,008 7-10 of 1 % below the preceding cars or Miscellaneous freight loading cars above the preceding week. totaled 171,702 cars, an increase of 2,249 week, but a decrease of 70,620 cars below the corresponding week in 1937- Loading of merchandise less than carload lot freight totaled 115,520 cars, a decrease of 3,996 cars below the corresponding the preceding week, and 17,309 cars below week in 1937. 103,880 cars, an increase of 2,443 Coal loading amounted to the preceding week, but a decrease of 27,258 cars above below the corresponding cars week in 1937. Grain and 1,058 week in grain products loading totaled 28,991 cars, an increase of above the preceding week, and 3,244 cars above the corresponding cars 1937. In the western districts alone, grain and grain products loading for the week of Jan. 1, totaled 18,315 cars, an increase of 721 above the preceding week, cars and an increase of 2,445 cars above the cor¬ responding week in 1937. Live above stock the responding week in 1937. stock above for the week of Jan. the 10,091 cars, increase of 536 cars but a decrease of 1,553 cars below the cor¬ loading amounted to preceding week, an In the western districts alone, loading of live 1, totaled 7,369 cars, increase of 250 cars but a decrease of 1,318 cars below the preceding week, cor¬ an responding week in 1937. Forest products loading below the preceding week, totaled 16,769 cars, a decrease of 3,832 cars and 8,301 cars below the corresponding week in 1937. Ore loading amounted to 5,344 cars, a decrease of 1,616 cars below the preceding week, and 3,625 cars below the corresponding week in 1937. Coke loading amounted to week, but a 5,062 cars, an increase of 150 cars above the decrease of 5,482 cars below the corresponding week in 1937. All districts, reported decreases compared with the corresponding weeks in 1937 and 1930. In the week ago. coffee. was a week in 1937 and preceding Moody's Commodity Index Higher reported Loading of revenue freight for the week ended Jan. cars. departures from normal ranged from 6 degrees to 9 degrees. Minimum on 5,207 3,095 23,906 Pittsburgh & Lake Erie RR Southern Pacific Lines over the The 1,569 29,046 RR New York Central Lines N. Y. Chicago & St. to raging 7,921 Missouri-Kansas-Texas Gulf Coast Lines should there be any holding companies in the business structure? He said it was his objective snip the muscle in the tail that wags the business dog. of the week's weather was the big dust storms—asserted to be among the earliest ever known— Ended— Jan. 9 1938 Why, The outstanding feature Weeks Jan. 1 he demanded, American Received from Connections Lines Ended— Jan. 8 President Roosevelt today advo¬ idle. sentence Week Loadings of revenue freight for the week ending Jan. 8, 1938, totaled 552,314 cars. This is a gain of 94,955 cars or 25,000 of the 87,000 normally employed at the than fewer 144.6 Loadings Gain 20.7% in Car Freight returned to work 10,(XX) employees laid off Dec. 23 will be Monday. 152.6 148.3 Ended Jan. 8, 1938 The Ford Motor Co. today announced that today. 1938 High—Jan. 11_ Low Jan. 3 152.4 13- Revenue com¬ -.-149.3 __149.1 210.1 228.1 Jan. 14 j during the week, with -151.4 2 weeks ago, Dec. 31 151.6 Month ago, Dec. 14 152.9 Year ago, Jan. 14 152.6 1937 High—Apr. 5 Low—Nov. 24 152.1 Fri., Jan. 7 Sat., Jan. 8 Mon., Jan. 10 Wed., 1938 follows: as approximate $450,000,000 of added revenues yearly. the a Jan. 15 The movement of the index two is indi¬ uncertainties that The automobile industry, whose situa¬ Washington. at tion over because of the continuance of cated Chronicle following undertake to show also the loadings for the week ended Jan. 1, 21 roads out of a total of increases when compared with the same we for separate roads and systems 1938. During this period only 138 roads showed week last year: Volume Financial 146 351 Chronicle REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF Total Revenues from Connections 1937 Eastern District— 438 405 595 679 Bangor & Aroostook.. 1,026 1,782 7,285 218 5,682 6,642 Chicago Indianapolis & Louisv. 1,242 1,841 7,585 1,412 151 Boston & Maine 1.239 1,334 9,567 1,999 Ann Arbor 17 22 15 28 77 1,020 3,521 8,014 1,127 4,487 7,937 799 5,077 8,713 1,262 5,081 4,258 1,852 6,847 5,983 178 286 166 58 78 1,493 3,413 13,297 7,408 1,511 1,081 6,670 2,534 Central Indiana Central Vermont Delaware & Hudson Delaware Lackawanna & West. Detroit & Mackinac 1,490 987 125 295 310 2,050 9,110 10,412 4,275 10,546 3.240 8,708 5,170 1,148 1,904 Detroit Toledo & lronton Detroit & Toledo Shore Line.. Erie - Grand Trunk 2,356 2,227 Western 109 114 93 1,250 6,797 2,429 2,010 950 1,316 7.695 2.696 3,863 2,258 33,199 8,817 1,734 3,740 4,497 4,507 !. Lehigh & Hudson River Lehigh & New England. Lehigh Valley Maine Central ... Monongahela 7,452 2,860 4,193 1,928 36,065 9,114 1,438 3,994 6,987 : 5,469 991 Montour 24,844 6,846 New York Central Lines N. Y. N. H. & Hartford 1,038 3,130 2,457 3,417 New York Ontario & Western. N. 1,226 Y. Chicago & St. Louis.... Pittsburgh & Lake Erie Pere Marquette 596 5,638 1,980 123 202 13 23 24,255 8,465 1,315 6,542 34,161 10,382 1,497 9,103 5,035 4,585 2,615 3,285 26 Pittsburgh & Shawmut. 152 364 11 Pittsburgh Shawmut & North.. 260 374 330 146 173 Pittsburgh & West Virginia 400 1,085 1,215 876 1,184 436 392 502 451 669 854 Wabash. 3,906 Wheeling & Lake Erie 1,638 4,452 3,510 4,389 3,048 6,484 1,581 3,216 97,170 133,363 125,461 102,150 464 409 390 Southern District— {Concl.) Norfolk Southern 1935 1936 1930 1937 531 899 700 555 839 399 423 367 729 770 234 297 211 6,419 13,363 6,514 16,964 5,709 15,708 2,788 2,712 8,704 3,165 3,338 12,046 254 368 310 369 528 104 150 119 387 619 70,207 85,996 79,281 41,081 52,976 1,202 7,240 2,118 1,755 9,253 2,073 6,886 2,442 Piedmont Northern Richmond Fred. & Potomac... Seaboard Air Line Southern System Tennessee Central., Winston-Salem Southbound... Total ___ Northwestern District— Belt Ry. of Chicago Chicago & North Western 451 584 491 10,832 14,250 3,013 12,332 2,027 15,262 3,069 11,625 1,795 15,926 3,851 643 818 533 131 119 302 545 465 239 306 3,645 Chicago Great Western Chicago Milw. St. P. & Pacific Chicago St. P. Minn. & Omaha 7,081 5,154 3,313 6,263 1,991 Duluth Missabe & I. R Duluth South Shore & Atlantic. Elgin Joliet & Eastern. Ft. Dodge Des Moines & South. 5,549 2,398 233 216 193 94 108 7,238 7,157 7,776 1,796 2,286 432 Great Northern 469 495 388 528 Green Bay & Western Lake Superior & Ishpemlng 249 300 216 53 45 1,334 4,028 6,455 Minneapolis & St. Louis Minn. St. Paul & S. S. M Northern Pacific 143,001 231 from Connections Freight Loaded Railroads 1930 1937 1935 1936 1937 1 Total Load»Received Total Revenue Total Loads Received Freight Loaded Railroads CARS)—WEEK ENDED JAN. 1,307 3,852 0,901 1,336 4,115 7,369 1,310 1,593 2,166 1,390 1,939 2,944 701 Rutland Total.. 7,306 Spokane International Spokane Portland & Seattle. 51 85 78 149 222 581 1,297 1,395 897 1,144 56,328 63,302 62,813 30,636 40,303 5,241 2,123 ... Total Central Western District— Allegheny District— Akron Canton A Youngstown. Baltimore & Ohio 517 28,096 2,862 24,429 1,533 9,356 Bessemer & Lake Erie 624 12,970 2,232 Buffalo Creek & Gauley Cambria & Indiana 308 419 305 6 7 1,363 10 14 5,434 7,561 9,758 17,109 881 1,367 5,675 Central RR. of New Jersey... Cornwall 4,871 365 84 38 37 68 Cumberland & Pennsylvania.. 137 310 322 23 22 Llgonier 146 199 230 11 31 Valley 386 Long Island 468 604 681 Reading Co Union (Pittsburgh) West Virginia Northern 846 783 39,936 10,047 4,342 Penn-Reading Seashore Lines. Pennsylvania System 56,466 11,661 15,104 50,097 11,186 8,101 2,132 1,422 1,833 1,028 24,242 9,992 35,828 15,302 965 2,642 34 78 81 0 0 2,264 2,984 2,589 3,007 5,691 82,255 Western Maryland 127,083 107,504 59,085 88,820 Atch. Top. & Santa Fe System. 16,018 2,162 16,417 2,575 15,907 2,404 3,783 I..1. 481 392 325 90 102 Burlington & Quincy.. & Illinois Midland 11,617 1,357 9,182 2,341 12,460 2,247 12,848 5,451 1,515 8,949 ,739 6,990 1,057 Alton Bingham & Garfield Chicago Chicago Chicago Chicago Rock Island 3,229 779 692 6 958 971 615 890 1,387 1,053 1,808 1,208 1,254 684 Denver & Rio Grande Western. Denver & Salt Lake Fort Worth & Denver 9,860 2,577 1,036 3,304 916 & Eastern Illinois Colorado <fe Southern City Illinois Terminal 2,808 826 3,191 7,054 2,269 1,148 2,266 5,295 1,595 942 1,945 8 23 1,669 1,529 517 82 104 349 499 514 240 351 20 26 49 0 29 14,486 15,549 12,981 242 276 3,561 939 5,470 227 11,009 Nevada Northern 11,520 10,642 5,082 6,961 .... North Western Pacific Peoria & Pekin Union Southern Pacific Total. <fc Pacific. 1,482 (Pacific) Toledo Peoria & Western Union Pacific System Utah 972 757 716 666 7 7 1,380 1,151 1,014 1,369 1,534 78,583 85,519 79,101 34,915 45,830 4,112 Western Pacific Pocahontas District— Chesapeake & Ohio. 14,732 21,141 12,499 18,512 20,493 18,174 4,869 2,618 883 1,005 663 952 Total. 6,289 Norfolk & Western 968 Norfolk <fr Portsmouth Belt Line Virginian 3,530 3,470 3,403 3,200 710 653 31,584 44,061 42,530 9,149 11,440 Southwestern District— Alton & Southern 187 3,944 Burlington-Rock Island 146 151 89 420 Fort Smith & Western Total. 132 203 232 168 206 2,750 1,298 3,314 2,469 1,752 1,265 1,776 1,388 148 Gulf Coast Lines International-Great Northern.. Southern District— Alabama Tennessee & Northern 119 Kansas Oklahoma & Gulf 122 163 611 608 834 1,091 415 661 580 711 742 6,981 2,595 7,811 7,096 2,958 3,191 1,843 3,804 2,129 294 373 281 888 1,019 810 1,186 939 1,240 1,693 194 220 310 185 212 Missouri-Kansas-Texas Lines.. Durham & Southern 101 94 122 174 177 Missouri Pacific... 801 971 623 892 804 1,517 1,706 1,180 853 820 Missouri & Arkansas... Columbus & Greenville 137 1,579 Midland Valley Clinehfield 172 1,781 1,225 Louisiana Arkansas & Texas.. 3,576 Florida East Coast Gainsvllle Midland Georgia & Florida 289 396 590 755 506 680 127 190 93 64 114 149 3,193 3,584 12,542 3,792 1,896 6,493 2,192 Natchez & Southern 33 12,891 38 36 7,922 13 11 39 32 50 73 Quanah Acme & Pacific 126 93 79 91 89 744 450 1,013 1,255 St. Louis-San Francisco 5,691 0,567 1,889 2,514 1,941 Texas & New Orleans 5,953 3,620 6,506 5,693 Texas & Pacific 4,428 Terminal RR. Assn. of St. Louis 15,98 2,531 3,671 1,513 2,913 2,936 13,967 3,677 2,065 2,562 3,380 16,900 243 232 197 104 63 19 35 24 25 36 41,232 48,939 45,136 44,854 51,459 235 385 385 1,368 17,948 18,892 781 759 6,640 3,163 9,517 4,090 125 ; 342 1,347 18,600 19,436 174 97 239 310 Wichita Falls & Southern 196 85 281 236 Wetherford M. W. & N. W .... 1,597 1,454 1,275 1,845 2,441 1,240 2,291 1,301 1,828 St. L. Note—Previous year's figures revised. 1.544 Total Description of Business in Report of National Describing "over large inventories" built up by business¬ as already "being worked down" Col. Leonard P. Ayres, Vice-President of the Cleveland Trust Company of Cleveland, Ohio, refers to this as constituting "the most hopeful aspect of the business situation as we enter the new year." These comments are contained in the Jan. 15 "Business Bulletin" of the Cleveland Trust, edited by Col. Ayres, from which we quote as follows: those in These occurred cover costs poorer, were business conditioas in December credit supplies weaker, were says as that business activity inventories were ample, employment compared was slower, lower, collections was were less, and that buying policies aimed at covering current needs only. printed bulletin which carries this of fine print to short comments by a summary a common devotes nearly 20 large large number of purchasing agents for important corporations concerning conditions as There is these men view them. burden of comment running throughout the observations nearly all of them. probable that the primary cause throughout industry, and in order to make them and still producers lifted prices. by the huge bonus payments to the veterans, and then the price advances were It is to the effect that they bought too freely in the early months of last year, and made over heavy commitments too far ahead, and that this resulted in piling up inventories that appeared to be none coo large as long as business was active and prices were advancing, but which a prompt re¬ It seems more and prices rose, was were the real causes caused by inflation fears. and demand remained active, business built up inventories-and overdid it. are likely that these advances than that over-buying men Fortunately these over-large inventories already being worked down, and that constitutes the most hopeful aspect of the business situation "Annalist" Time as Index Advanced we enter the new year. Wholesale of Week During Since Commodity Ended Jan. 12 for Prices First Sept. 21, 1937 "For the first time since Sept. 21, when the index showed a gain of 0.1 of a point, the "Annalist" Weekly Index of Wholesale Commodity Prices enjoyed a rise," it was an¬ nounced by the "Annalist" on Jan 13 "For Jan 12 the index a was year 84.9 as contrasted with 8407 on Jan. 5 and 9^.7 ago," said the announcement, which added: Led by the metals, prices advanced on a wide front. zinc were Copper, lead and higher; prices for various textile items were increased; wheat led most farm products into higher ground, while meat prices rebounded from their recent lows. The advance in the futures lators sold contracts on which two or three weeks. distressingly heavy when these conditions changed. Probably it is true thai the most serious obstacle against easily absorbed. of the price As wages rose, of the National Association of Purchasing Agents. November, and it commodity prices seems advances in wage rates that took place in 1936 and the first half of 1937. description of business conditions during December This report covers general It of the building up of these too heavy inventories was the series of rapid Daring part of that period the demand for goods was artificially stimulated men is to be found in a report .. deaiers throughout the country. Association of Purchasing Agents The best condensed ... 1,949 * Previous figures. Over-Large Inventories Being Worked Down, Constitut¬ ing, Says Col, Ayres of Cleveland Trust Co., "Most Hopeful Aspect of Business Situation."—Finds Best St. Louis Southwestern 6,930 1,945 164 Nashville Chattanooga were 86 327 10,640 949 Dublin & Savannah Mobile & Ohio of 120 317 113 226 Louisville & Nashville The .... 16,011 14,531 Mississippi Central. pages 84 109 290 Litchfield & Madison 27 Gulf Mobile & Northern... Illinois Central System with City Southern Louisiana & Arkansas 569 Georgia Macon 827 727 1,759 199 171 525 Atlanta Birmingham & Coast.. Atlantic Coast Line Central of Georgia Charleston <fe Western Carolina 2,027 215 1,632 1,274 165 Atl. & W. P.—W. RR. of Ala- Kansas 108 Cocoa markets slowed they had made was a down somewhat as specu¬ sizable profit within the last unusually active, and after soaring to high ground for the movement broke sharply. Copper and rubber new came in sumption of business recovery is the existence of over-large inventories of for materials and finished goods in the warehouses of thousands of factories and effects of profit-taking despite the largest export demand in recent years. some good buying. Cotton and wheat moved higher, but corn felt the Financial 352 INDEX WEEKLY "ANNALIST" THE PRICES COMMODITY WHOLESALE OF Chronicle (1926=100) Higher Jan. both anthracite and bituminous coal caused prices for average the fuel and lighting 1958 15, materials group to advance 0.1%. Other subgroups remained stationery. Jan. Farm products 12, 1938 12. 1937 Jan. 75.6 86.3 *60.5 —— ments advanced 104.9 83.8 76.0 products x60.3 82.2 drugs group. Agricultural imple¬ Drugs and pharmaceuticals declined 0.7%. Other 0.2%. subgroups remained at the levels of last week. 91.3 — — — materials- -.... Building Chemicals 91.3 88.5 103.8 97.6 weighted according to their relative importance in the country's markets and is based on the average 68.6 — . - -- -- -- - 80.8 73.9 73.5 84.9 .(1926=100) ■ ■ . 0.2% in Wholesale Commodity Prices Dur¬ ing Week Ended Jan. 8 Reported by United States Department of Labor The Bureau of Labor Statistics, United States Department of wholesale commodity prices for the first of Labor, index week of the year declined 0.2%, according to ment made on Jan. an announce¬ Commissioner Lubin. 13 by "A sharp droi> of 1.3% in wholesale market market prices for foods," Lubin said, "was largely responsible for the decrease composite index. In addition to the pronounced drop in food prices, marked declines were also registered for farm products, hides and leather products, and house fur¬ nishing goods. Minor declines were reported for building materials and miscellaneous commodities. Fuel and light¬ ing materials advanced fractionally and metals and metal products and chemicals and drugs remained unchanged. Mr. Lubin continued: AH commodities With the exception 80.8% of the steadily downward since the week ended month ago, when the index was 81-9, aggregated 1.3%. a since a crease year ago, when the index stood at 85-2, current index is at the lowest mulated decline of 8.5% week ended April 3, and 1937), when the index group week in August. month ago a has been steadily on the down grade The current level—77.0— is 1.4% below 1.9%. Compared week of December, prices of finished products They are 0.4% below are 1936 81.0 81.2 81.5 81.9 85.2 80.5 78.6 71.7 73.0 72.9 73.2 73.4 90.9 78.3 77.2 58.6 76.8 77.8 78.1 79.7 80.7 86.7 84.6 79.7 64.2 97.( 98.3 98.4 98.2 98.3 102.0 97.7 86.9 90.2 69.2 69.4 69.4 69.5 69.1' 76.8 72.4 70.0 Fuel and lighting materials.. Metals and metal products— 78.8 78.7 78.6 78.6 78.6 77.5 75.4 74.2 74.4 96.1 96.1 96.2 96.4 96.2 90.1 86.0 85.6 83.7 Building materials 92.3 92.4 92.5 92.8 93.0 90.8 85.2 84.8 85.6 79.2 Housefurnishing goods. —. Finished products 79.1 78.1' 86.8 80.2 79.6 92.1 92.1 85.3 82.4 82.2 81.7 74.11 74.8 74.8 74.9 67.8 71.0 66.2 75.5 74.3 75.2 75.3 77.6 77.6 commodities other # * 77.0 77.2 77.4 77.6 78.1 84.9 75.0 * 84.6 85.0 85.5 85.9 84.6 82.9 * 82.6 82.8 83.1 83.4 83.8 84.0 80.9 78.9 74.4 83.5 83.0 83.6 83.7 83.7 83.0 78.8 78.1 77.9 . ■/'. farm products and foods. — Not computed. 1.2% in Retail Costs of Food During Month Reported by United States Depart¬ Ended Dec. 14 Labor of ment "The retail cost of food declined 1.2% ended Dec. 14," Commissioner Lubin during the month of the Bureau of Labor Statistics, United States Department of Labor, announced on Jan. 6. "Continued decreases in prices of meats and a sharp break in egg prices were largely respon¬ sible for this decline," Mr. Lubin said. "Prices were lower for 55 of the 84 items included in the index and lower costs reported from 43 of the 51 reporting cities." were Mr. Lubin continued: food The cost This is 0.4% than in for index Dec. 14 1923-25 of the 82.6% was Food costs below the level of a year ago. December, 1932, when the index was 64.7. average. 27.6% higher are They are 21.9% below well above their present level. The cost of cereals and bakery products which has declined slowly but steadily since July, decreased 0.3% between Nov. 16 and Dec. 14. of last month and were below that for last prices, as measured by the index products and foods," showed for 0.2% lower than compared with are "all commodities other than farm month a Industrial commodity year. fractionally lower a Compared with the index for average than last week. industrial commodity prices ago, a year ago they are reporting these remarks of Commissioner Lubin, announcement by the Labor Department said: dropped 1.3% Meat l>een 4.8%. that for the week ended Jan. 9, 1937. dropped 2.0%. Dairy products fell 3.5% and meats Other foods decreased 1.3%. ward movement for other butter, cheese continued costs November the Contrasted with the down¬ milk highest level for the higher than for increased any lamb, mutton, fresh veal, fresh pork, cose, lard, salt, corn Fresh 0.1%. cows, NUMBERS OF Dec. beans, powdered cocoa calves, Ix>wer average prices heavy hogs, cocoa, glu¬ Livestock and poultry light hogs, were shown for lambs, live poultry, ewes, were reported for barley, wethers, flaxseed, and other items included in Higher prices group. which 5.3%, rose was a quart was reported from both RETAIL COSTS OF FOOD BY- GROUPS Nov. 16 14 1937 Oct. 12 Dec. 15 15 Dec. Dec. 15 1937 1937 1936 1932 93.7 94.0 94.7 91.9 71.1 97.8 Meats-... 98.0 102.8 108.8 93.0 60.8 117.6 Dairy products 88.2 86.6 85.1 82.5 65.7 100.5 Commodity Group a Cereals & bakery products 1929 78.0 Fruits oats, corn, cotton, hops, rye, wheat, and vegetables. Fresh 84.9 81.6 85.9 80.6 128.7 58.4 56.2 56.5 69.1 51.8 103.7 50.2 Eggs steers, foods by 1.9% and reached the The average price of fresh milk Three-Year Average 1923-25—100 change and grains advanced 2.2% on the average. The current index—72.7—is 1.0% below the level of a month ago and 20.0% the cent COMMODITY apples oil, cottonseed oil, and peanut oil showed higher aver¬ year ago. 18 of the Beef and veal, 4.9%; follows: The price of butter, year. An increase of 1 INDEX no a 4.7% were oranges, onions, white potatoes, The farm products group index declined 0.4%. below that of than 2%. more and reported for were Buffalo and Peoria, with prices unchanged in most of the reporting cities. (New- age prices. prices showed were as December since 1929. York market), rye flour, canned and dried apricots, raisins, sweet potatoes, (New York and Seattle markets), lemons, of slightly all reporting cities decreases The declines fresh and cured beef, cured pork, dressed poultry (Chicago market), Santos coffee, eggs, oleomargarine, peanut butter, and coconut oil. Price The cost of dairy products advanced seasonally Important food items showing (New York market), fresh decline in to level. 21 items in the group. subgroups, fruits and vegetables moved upward 3.2% and cereal products remained steady. price declinas were Price decreases Pork, 7-7%; Lamb, 1.8%, and Chickens, 1%. The accumulated decrease in food prices for the past This week's food index—76.8—is 11.4% below • white bread remained unchanged. bread reported from four cities were offset by increases in two cities. below an Prices Flour decreased 1.7% eight of the 13 items in the group. The average price for for Continuing the sharp decline of the preceding week, wholesale prices of 4 weeks has lower for Corn meal and hominy grits showed decreases 0.6% higher. Jn foods * than other The index for the group is 1.4% below the level for the corresponding week 1.7% * than ----- commodities 73.5 84.3 — ------ farm products * 79.2 91.4 74.6 75.3 Semi-manufactured articles All 79.2 91.2 74..f —... Miscellaneous- AH 76.1 90.8 Chemicals and drugs 0.2% lower than the week before. are 1937 the level of December, 1929, when indexes for all commodity groups were a year ago. According to the index for "all commodities other than farm products," non-agricultural commodity prices 1937 Textile products below the level for the week ended Jan. 9. The index for the finished products group dropped 0.4%. 1937. down material prices-turned raw Semi-manufactured commodity prices ago. that of 4 weeks ago and 9-3% with the corresponding The 88.3. was The present index—75.3—is at the level of The index for this since the last The de¬ 5.2%. was point since Aug. 1, 1936, and shows an accu¬ 13.8% lower than a year fell 0.3%. The decline from the high point of the past 12 months (the Following the advance of the preceding week, downward 0.3%. Sept. 25. 13 1934 1937 Hides and leather products-. of the week ended Dec. 4, the composite index has moved Jan. 12 1935 1937 72.7 ----- Foods.-- 1926 averate. from Jan. 11 1938 80.8 ------- Farm products Decline of all-commodity index now stands at Jan. 9 1938 Raw materials the Jan. 11 18 25 1 8 Dec. Dec. Dec. Jan. Jan. Commodity Groups Decrease of The .<■ t Revised. Preliminary, Mr. numbers for the main groups of commodi¬ five weeks and for Jan. 9, 1937, Jan. 11, 1936, Jan. 12, 1935, and Jan. 13, 1934. -;.c: : 92.7 t84.7 for the year 1926 as 100. The following table shows index ties for the past commodities All 67.6 88.9 74.3 -- -- -- t68.6 88.9 —. ————— Miscellaneous in Statistics includes 784 price series Bureau of Labor of the The index 104.2 Fuels Metals ♦ andfmetal the general average for the metals No change was reported in products group and the chemicals and 83.6 ...— Food products-.-Textile Tuesday, Wednesday, Jan. 5, 1938 Wednesday, 53.5 53.5 67.6 50.7 104.1 79.9 . 81.0 81.6 66.8 94.6 64.1 67.9 70.6 49.5 106.9 69.4 Dried 80.5 62.4 Canned Beverages and chocolate. 70.1 70.3 67.8 72.8 105.3 90.7 Fats and oils 72.0 74.8 77.5 77.2 49.0 Sugar and sweets 66.8 67.1 67.4 63.9 58.5 75.1 82.6 83.6 84.9 82.9 64.7 105.7 alfalfa seed, Ail foods and Ohio wool. A decrease of 0.4% The .decline group. a also reported for the hides and leather products was was skins and other leather products including traveling of shoes remained unchanged from the bags. Average prices preceding week and leather prices Average prices for mattresses, gas stoves, and woolen blankets were lower. The for index the textile usually at their peak at this season of the year, Nine of the 10 cities that reported Seasonal advances in the prices of fresh fruits and vegetables resulted in furnishings shared in the 0.4% drop in the index for housefurnishing goods. are broke sharply with a decrease of 9.7%. increases for eggs were in the central States. showed only a fractional decline. Both furniture and Preliminary. Egg prices, which largely the result of lower prices for hides and a cost increase of products 3.8%, and products group was down 0.3%. Sweet potatoes, Oranges alone Clothing 3.9% for this group. Price increases reported for staple Apples, 2.8%; Cabbage, 24.4%; Onions, 7.1%; Potatoes, were: were 11.4%. lower, showing a decrease of 16.4%. The canned prices declined 0-3%: cotton textiles, 0.3%; knit goods, 0.5%; other textile items showed products including burlap, these subgroups were generally lower, with the heaviest decreases reported rayon, 0.7%. raw jute and manila rope, 0.6%; and silk and Woolen and worsted goods averaged slightly higher than the week before. The present index for the group—69.2—is 1.0% below 4 weeks ago and 9-9% below the average for a A decrease of 1% in the cost result Building material prices moved fractionally downward because of the decrease of 0.7% and the dried 2.6%. of a of beverages and chocolate price decline of 1.5% for coffee. following the trend of pork prices. the other subgroups though minor fluctuations vegetable shortening were shown for a few indi¬ The cost of fats and oils declined 3.6%. vidual items. 92.3—shows level for a a creased a prices declined 4.5%, Cattle feed prices fractionally higher, average. changed from the preceding week. rose and Pennsylvania neutral oil de¬ 2.2% and paper and pulp showed Automobile tires and tubes remained un¬ largely the while The of was The price of lard dropped 8-4%, Lard compound declined decrease in was with food sugar costs Prices amounted to greatest in the New England area. 3.9% and Providence of 3-7%. vegetables declined 5.1%, 3.9%. and were lower for all declining by 0.5%. which 1.2%, for the 51 Boston showed as a cities decline In both cities the cost of meats and eggs decreased far more than the average for all cities. and 2-1% 1.6%. lower. and sweets group declined 0.5%. items in the group, combined year ago. 8-1%. The sugar drop of 0.8% during the past month but is 1.7% above the Crude rubber was Cocoa declined 2.6% prices of tea and chocolate remained practically unchanged. 0.3% drop in average prices for certain lumber items, including yellow pine lath, ponderosa pine, and white oak. No change was reported in any of Rosin, turpentine, and gravel averaged higher in price and carbon black, lime, and sand showed lower average prices. The index— Prices of items in for both canned and dried beans. below year ago. a compared In Providence, fruits with the general increase of Volume Financial 146 NUMBERS OF RETAIL COSTS OF FOOD BY INDEX Horwath—Sales During November Regional Area ably with Two Preceding Months Dec. Dec. 15 15 Dec. 15 1937 1937 a 12 Oct. Nov. 16 According to Horwath & Compare Favor¬ Trend of Business in Hotels, REGIONAL AREAS Three-Year Average 1923-25=100 Dec. 14 353 Chronicle 1937 1936 1932 1929 of the trend increases in Horwath & Horwath, in their monthly survey of business in hotels, state that "while sales November over a somewhat below the averages rather favorably with those In their survey Horwath follows a three-months comparison year ago are New England 81.0 83.8 85.0 80.9 66.0 105.8 Middle Atlantic 84.0 84.9 86.1 83.4 66.6 106.0 East North Central 82.9 83.6 85.0 83.4 62.2 107.0 West North Central 84.3 85.2 85.7 87.1 64.0 107.1 for the 11 months, they compare of the two preceding months." South Atlantic 81.0 81.8 83.4 83.4 63.1 104.2 & East South Central 77.2 77.4 79.7 79.5 60.4 103.9 West South Central 80.7 81.2 82.8 81.6 62.5 104.9 84.9 85.6 86.9 86.6 64.8 102.5 80.0 80.9 82.1 80.1 66.4 102.4 82.6 83.6 84.9 82.9 64.7 105.7 Mountain - Pacific United States -— present as Increases Restaurant Rooms Total Preliminary. a Horwath of the increases in sales: Wholesale Commodity Price Average Advanced Slightly National During Week Ended Jan. 8 According to Fertilizer Association 100%) from 77.7% in the preceding week. A month ago the index registered 78.5% and a year ago 85.5%. The Association's announcement, under date of Jan. 10, continued: 1926-28 average of Higher prices for foodstuffs, crops, and fuels were mainly the increase in the all-commodity responsible for An increase in the index of food index. prices was brought about by higher quotations Advancing prices for meats. 2 6 4 From the survey we The others" "all group the level reached early last metal prices, the year, also and materials, fertilizer decreases fractional while Slight registered last week by the indexes representing the textiles, occurred in commodities, miscellaneous building materials and chemicals August, the total average occupancy was one point below that of November, 1936. In New York City the sales were lower than in of the have been getting poorer better than month and rates room Co^st menu decreases months of 1929 declines; the in of special business and increased All the other localities except the Pacific prices. better comparisons in November than in October. in and room restaurant sales from corresponding the shown in the following: are Rooms New York City 20 advances and second preceding week there were Restaurant Nov. Oct. Sept. Aug. 25% *3% Nov. Oct. Sept. 3% 12% 8% 23% 23% 26 15 21 19 *7 *17 *14 *14 39 39 29 34 44 43 33 36 23% Chicago __ Philadelphia 7 *3 ..... 32 15 2 18 30 24 24 3 37 26 9 5 19 17 3 3 *9 *6 2 - Detroit 22 29 Cleveland 19 20 Washington 4 2 16 10 25 14 22 *3 7 3 10 3 1 *9 *11 24 22 18 18 5 7 *2 *2 19% 19% 20% 19% 5% 8% 3% 27 - All others 23 25 28 9 9 5 19 advances and 24 in the preceding week there were 24 Total Same month of last yr declines. the result Aug. Texas week Thirty-two price series included in the index advanced during the declined; Cleveland had a during the last three months. usual as made slightly The the corersponding month before for the first time in four years, and the comparisons year Pacific Coast and drugs. 21 The occupancy for this time since A small rise in the index of November. which was declining rather steadily from August to the end of were of prices sales since in room increase higher than in the corresponding month of last year for the first showed a moderate resulted from higher prices for steel scrap, copper, and tin. increases largest group was Higher coal prices caused an upturn in the fuel group index, taking it rise. also quote: had the effect of declines in eggs and and grains more than offset the cattle, with the result that the farm product price average and 6 5 July and the largest restaurant sales since June. weekly wholesale commodity price index compiled by the National Fertilizer Association was somewhat higher in the week ended Jan. 8, advancing to 77.9% (based on the The to 1% 4 November cotton 6% October ♦ for 3% September 0% 10 . * WEEKLY WHOLESALE Increase. COMMODITY PRICE INDEX The (1926-1928=100) Compiled by the National Fertilizer Association. analysis by cities is also from the report following of Horwath & Horwath: Latest Per Cent Preced'g Week Group Each Group Jan. Bears to the Week Foods 25.3 * 62.2 ' 69.0 Cottonseed oil. Ago Ago Dec. 11, 1937 76 .Or 79.2 61.4r 63.9 94.7 68.5 109.8 1, Room Sales 69.0 69.6 47.7 46.4 45.1 Percent¬ Decrease (—) or age 71.6 Grains 73 3 70.8 111.1 70.2 Rate Occupancy Percentage of Increase (+) 87.2 69.4 products 72.9 73.6 74.7 83.8 83.8 Inc. Same Res¬ taurant Month This Month Rooms Total 82.9 84.6 of ( +) or Last Year Dec. (—) 80.2 Livestock Fuels 17.3 1936 WITH NOVEMBER, 87.3 Cotton Farm 23.0 BUSINESS IN HOTELS IN NOVEMBER, 1937, COMPARED OF TREND Jan. 9, 1937 67.6 76.6 - Fats and oils.. Year 1938 Jan. 8, 1938 Total Index Month —1 —3 —5 76 70 +7 + 14 80.6 79.2 84.1 New York City 8.2 Textiles 62.1 62.0 62.2 79.1 Chicago +9 +2 68 71 7.1 Metals 98.2 98 0 98.4 93.9 Philadelphia + •5 +9 +2 53 50 +5 6.1 Building materials Chemicals and drugs 83.3 83.4 83.4 86.6 Washington + 10 + 11 +9 58 52 +3 95.3 95.5 95 5 93.6 Cleveland +20 +22 77 72 72.4 72.2 73.1 70.7 Detroit- —1 + 16 +2 —3 68 71 +9 +7 79.8 79.8 79.9 75.9 Pacific Coast + 1 + 4 —1 56 58 +7 96.5 96.5 96.5 92.7 Texas 80.8 Miscellaneous commodities.. 10.8 1.3 .3 Fertilizer materials .3 Fertilizers .3 Farm machinery - +5 r 77.7 r —9 +1 71 75 —4 +8 +9 +8 63 62 +7 Total 77.9 All groups combined 100.0 —4 All others +5 +6 +4 64 65 +7 +9 + 10 +8 67 65 +7 85.5 78.5 Revised. Year to Chain Store Trade Better Chain store business in December in December showed substantial im¬ to were the practically current review Sharply for Third Consecutive Month, According with December, 1936, according by "Chain Store Age", released on National Industrial Conference Board to even Industrial outstanding in the variety-department chains as well as in drug chains. Other departments showed further recessions in volume, but the increases reported by the former were sufficiently great to leave a substantial net gain for the field as were a whole. The index of total sales vember. figure for the other these were groups were as follows: Shoe—130 against 138 in November; Apparel—117 against 118 in November, and Grocery—101 against 102 in No¬ distribution trade and weekly report, of electricity by the electric light and power industry of the United States for the week ended Jan. 8, 1938, was 2,139,582,000 kwh. This was a decrease of 4.7% from the output for the corresponding week of 1937, when production totaled 2,244,030,000 kwh. The final output for the week ended Jan. 1, 1938, was estimated to be 1,998,135,000 kwh., a decrease of 3.4% from the like week a year ago. but November, amounted was indicated trends by in bank debits, retail decline to The year be to second 1933. Business failures increased Security prices reached a new 1937 low point in advanced slightly. Total corporate flotations $36,000,000, the lowest for any month since Febru¬ only It short since too early to or which whether the present the recovery will enter recession upon a whether it represents the beginning of another long and depression. already is of determine after duration evident, activity lias already its in just past has witnessed the culmination of the recent recovery of phase, serious end early 1936. have It is still period. is 6ince the Dun & Bradstreet insolvency index io the highest 1935. ary, The Edison Electric Institute, in its current estimated that production pig iron, and steel Mild recession in the field's output of automobiles, There was little evidence of progress in reducing- stocks of basic raw materials, and silk and nonferrous metal supplies continuing to advance. All classes of prices de¬ clined, with the recession in wholesale raw materials finally bringing about a fairly sharp recession in prices of finished goods. Retail prices again declined fractionally, and the cost of living showed the largest point since April, 1938, Totals The Board of miscellaneous freight. somewhat, bringing Output for Week Ended Jan. 8, 2,139,582,000 Kwh. in orders for machine tools. and loadings sales, month-to-month vember. Electric month had the following to say: occurred declines ingots and in new of lower than in November, 1936. 4.7% Dec. 23 also 011 Abrupt variety-department store group was 121 against 113 in November, and 121 last year. For the drug group, the figure was 139 in December" against 132 in No¬ index The only im¬ the preceding volume of building contracts awarded, but the in Board. Conference compared with as was in December, 1936. The index for the The Industrial advance portant occurred approximately 113.0 in De¬ cember, relative to the 1929-1931 average sales taken as 100. This compares with an index of 109 in November, and 113.0 monthly survey of business conditions by according to the National declined adjusted, third consecutive month during November, sharply for the the seasonally production, Jan.12. Gains Declined November During Production Industrial provement over November totals, although results for the month date the year been industrial however, that August level, whereas the decline in amounted to only 15%. the current decline in business serious as that in the fall of 1929. By the production will have fallen about 25% lielow as the corresponding months of 1929 Financial 354 National Conference Industrial Chronicle but Board Computes Workers in United States During 7,685,000—Total Since September Increased by 1,500,000 bakeries, Unemployed busier. November repair at there unemployed workers in the United States during November was 7,585,000, according to the latest computations of the National Industrial Conference Board. Since September the total increased approximately by number of unemployed 1,500,000. Although increase in unemployment from September to October only 300,000, The Board'g Conference the 2,048,000 namely, the Civilian from the taken planted The such 7,724,000 turing; service in 180,000 in government emergency projects and the It is not forced possible, however, of in Binghamton-Endicott-Johnson public in unemployed Board's unemployment and 767,000 fishing, and declines greatest months finance; in the in transportation, showed only in the transportation; extraction :■ :: v —6.0 —2.3 Rochester. in Buffalo AND Agriculture of 1937 1937* 1937* 14,984 7,670 6,065 6,363 7.585 44,977 45,655 10,951 47,076 11,763 46,828 9,920 11,579 11,157 than than last indexes 201 195 180 16,707 16,547 15,859 1,087 745 779 789 767 11,071 7,013 11,234 11,683 11,596 11,033 2.841 989 1,327 1,287 1,224 1,197 Transportation 2,416 1,545 1,867 1,962 1,943 1,879 Public utilities 1,167 864 940 997 995 985 Trade, distribution and finance 7,325 5,869 7,372 7,640 7,725 7,724 November was Service Industries 9,160 7,549 8,988 9,331 9,349 9,323 lines in 1,383 1,114 1.368 1,435 1,434 1,411 and slightly 41.1 hours than decreases New in Payrolls York from State Factory Mid-October to Mid-November—Continue Above Year Ago the in New York middle of according to Industrial Commissioner 9.1% during still was The usual losses this this that plants, greater New fruit fur of average decreases are in payrolls. the usual in October. the employment The seasonal A number on and machinery Unusual mills. declines Sharp payrolls industries were seasonal goods manufacturers of Labor's of index 415,335 week a average, 4% lower or which in year The average 1936. The number of against 36.3 in as A year. year these weekly hours average October and working ago a high averaged time in in employment widespread, although Plants 40.7 it from payments wage much was more October in severe to some producing durable goods experienced greater employment and payrolls in November than did those engaged of consumers' high level in late a and goods. At factories engaged Following sharp a in the production of consumers' employment and payrolls reached their peaks early in the only moderate recessions up to expansion activity at these plants has declined summer, November, when declines goods and showed year much were more The following is also from the Bank's announcement re¬ garding employment conditions in Delaware factories: Employment and payrolls in 88 Delaware factories in November decreased respectively 10% and 8%. in 80 establishments, the number of ago, their compensation Working time, chewed wage was decline a earners on as of measured by employee hours 10%. the rolls Compared was about with 4% a year smaller and 1% less. felt as 100. from index 76.8. was were still taking in in Employment this and districts indexes for each All in in sheet for in current In the announcement it October-November changes November's preliminary the number of persons same weekly month and under factories payroll the the of results direction metal chemical sharp in further stated: was employment and fell York changes employed and records show that the current were 1.5% decreases of 0.6 Binghamton less in factories made the metal industries, and showing net flour oil increases products, and there considerable were machinery and shoe candy, meat and, in employment packing, in each net industries. The the were automobile of the last and four shoe in and hardware, railroad equipment and repair, and industries, while the men's clothing, instrument industries would losses Syracuse one in single reported net have concerns. losses in shown All both net increases metal forces and and had it machinery payrolls, in These October-November rate of decline in It is significant to note that employment and payroll declines were not October. lower Albany-Schenectady-Troy 1% in total wages paid. both employment and payrolls for all reporting industreis was the largest appeared in showed 1923-36 of in 14 years. with State payrolls For the 14-year period, inclusive, the records of the Division of Statistics and Research show that October-November Districts New November. Payrolls appliance, repair, appliance and been The average are industries, the net gain was due entirely to increased activity in only plant. Slight net increases in employment and payrolls were felt industries ment of Labor. the total a employment In New York City, in addition to seasonal losses millinery the only industries in Buffalo Rochester's employment and total wage payments in during November, as compared with October, accord¬ ing to a statistical summary of the data contained in reports from 6,236 manufacturing and non-manufacturing enter¬ prises, show "decreases of 3.4% in employment and 7% in total wages paid." it was announced on Dec. 26 by the Division of Statistics and Research of the Illinois Depart¬ based Statistics and Information forces. and forces railroad Industrial Illinois representative This on collected of These 1,557 workers are industrial and payrolls miscellaneous in reductions Employment and Payrolls in Illinois Industries During November Below October, According to Illinois Department of Labor confined to any particular industry group during November other district. instruments metal millinery factories, cement vegetable canneries and breweries. On fur reports reports Division clothing in the Patton. reductions declines not with 1923-25 83, was this compared with $25.45 in the previous month as represent greater than seasonal declines. based These than in any and and The payroll All of the eight and of clothing and Department employing B. in textile some Lowered parts, combination a the years 1925-27 were in E. among years, of the recession noted women's State 85.1. was were Dr. least month compared workers. the average of analyzed and and York $10,940,272. . first higher. shown by the as 23 employment and 0.9 of 1% continued factories, more tabulations of 2.2% closed for Armistice Day and reported lower hand, several few which in last degree than in October. men'6 brick November on However, employ¬ than in November of the over represented losses factories in other The 1% remained even occurred a by account. furniture on 10, Payrolls de¬ period. same period continuation a Employment an of November concerns the 5.3% November, Dec. Andrews. changes from October to November, reductions and to F. of Albany, 0.4% greater payrolls were approximately within approximately 0.5 on in about and year, Elmer the middle the issued the Andrews continued: movements of statement a to of pronounced. State factories decreased October 33.5 others. substantially. Preliminary tabulations showed that the number of work¬ employed when this manufacture reaching Noted 90% in week. recession the 86% of the was The index of payrolls was $23.40 was March in a The in and approximately considerably less for this period. were expected $24.00 in November, 1936. over actually worked of November year ago. earnings declined to 185 Declines index in a decreases showed 16,113 Employment of worked building materials, and leather seasonally November year. 136 Further actually following to say: 587 services hours from payroll These changes was employment 2% lower than or 10,998 Preliminary. weekly a Philadelphia Reserve Bank, under date of Dec. 20, also The 268 Miscellaneous Industries received reports textiles and clothing, ucts, 18,582 Construction of reporting establishments were nearly 14% less than in October and 18% smaller than a year ago. The sharpest decreases in working time occurred in iron and steel prod¬ Nov. 1936 in¬ Philadelphia 2,336 plants with the The 1936 and from the middle of October to November, according to the preliminary basis the favorable Oct. De¬ dexes prepared by the Federal Reserve Bank of and rubber products. EMPLOYMENT Also Report payments almost 13% middle the Factories Pennsylvania decreased 5% Factory employment in wage Between 35,586 Manufacturing Delaware agriculture. 10,650 industry — registered Sept. Extraction of minerals.. —19.5 Noted in Employment and Payrolls in Pennsylvania Factories from Mid-October to Mid- were Nov. Forestry and fishing —15.5 —12.7 —. Decreases on and —11.1 —10.2 vi.--- — —4.1 —6.3 -. - ...——- Utica 553,000 employees and $13,000,000. Employee 920 - - industries Mar. - - minerals; 47,368 _ - months recent construction - —8.0 —5.1 — Syracuse of 1929 Employment total Mr. Payroh —3.7 miscellaneous in slight increase. a Unemployment total last pay¬ appliance factories. —3.7 November Average ment lowering employment and instrument and clines manufac¬ 9,323,000 in in off the reporting shoe factories Albany-Schenectady-Troy------- had the '■-'".'v.'V:'W/- clined and laid New York City may In Thousands from goods industries were —0.8 sup¬ have or estimates 11,033,000 1,879,000 1,411,000 employment in UNEMPLOYMENT ers knit October to November, 1937 the To September arid November employment in manufacturing declined by 650,000 workers; in transportation by 83,000 ; in construction by 90,000 ; in agri¬ by 006,000 workers. Emi>loyment in trade and distribution in * All were in collar, machinery employees many Employment situation. agriculture; construction; utilities; forestry and employment. culture Total City felt also were and industries. knit and silk goods losses and City 45,655,000 employed workers in November distribution trade, seek to Conference 11,157,000 in in manufacturing, these cotton, net and metal workers, fewer of the railroad repair and some shirt the of to ordinarily result of the depression a joined the the the of total as services. The in workers 1,197,000 fields; 985,000 and follows: as been have either persons understatement an figures. workers but who, have Board's estimated divided these in gainful former represent is the to Progress Administration undetermined number of persons who would gainful as circumstance, that extent Works Corps. Additions to the labor force, resulting population and estimated at 4,952,000 since 1929, are in consideration be classified special attached workers on 7,500,000 unemployed in November Conservation increase into of estimate those taki* into account the or somewhat were Blnghamton-Endlcott-Johnson City labor force, not Most in and factories and shops, equipment factories. employing were rolls, products was : includes in Utica and steel from October to November aggregated The Board's announcement, Jan. 1, con¬ that 1,200,000 workers. tinued the and oil sharp reductions in workers in were iron and clothing 1938 IS, Albany-Schenectady-Troy the printing and paper goods, railroad shirt and collar industries showed net gains in payrolls, but and locomotive The average number of has In Jan. men's Decreases every in both employment industry classification except mining, and miscellaneous non-manufacturing. employment rose 0.6 and compared as total wages paid the services group, coal In the former classification of 1 %, while total wage payments increased 0.4 of 1 %. Increases in the number of persons employed and total wages paid in the services industries during the October-November period represent a contra- seasonal change. As compared with November. increases index of 2.8% in of employment 1936. the November, 1937. indexes show emplyoment and 6.4% in for all reporting industries total rose wages from paid. 84.7 in vember. 1936, to 87.1 in November, 1937, while the index of payrolls from 73.0 to 77,-7 during the same period. Thirty-two reports of Statistics and pay envelopes industries, ployed. with a or Research wage The No¬ rose increases were received by the Division of during November. Wage increases affected the of 1,803 workers in manufacturing and non-manufacturing 0.4 of 1% of the total number of workers reported The weighted average rate of increase was 8.7%, as as em¬ compared weighted average of 7-1% in October and 7.3% in September. Financial 146 Volume Total Wages Paid, According to Changes in Employment and decreased 8.8%. Within the manufacturing classification of industry, 2,316 reporting establishments, the number of male and female workers decreased 4.6% and 6-1%, respectively. Total wage payments to male workers declined paid female workers 1,908 male, wages increased 0.3 of 1%, while total wage payments to declined 1.5% during November in comparison with paid to male workers workers for earnings Weekly averaged $26.19; Earnings—November Weekly Average all reporting industries $15.43 for women. In the manu¬ weekly earnings were $25.89 for male and female workers combined; $27.92 for men and $15.78 for women. In the non-manufacturing industries weekly earnings averaged $26.85 for both sexes combined; $30.35 for male and $14.13 for female workers. facturing industries average Changes in workers combined, in all decreased decreased during November workers female workers Compared with October reporting industries, the 7.7%. Total hours worked by male 8.9%, while total hours worked by Man-Hours During November as of man-hours total number mills 2,198 enterprises re¬ and female workers combined, and in these the total hours worked were 9-7% less in November than in October. Hours worked in establishments reporting mandecreased 10.7% and 10% 2,072 manufacturing female workers separately, hours for male and shipments week; 5% were of 1.6% Within 1,302 concerns showed a decrease of 0.3 in the total man-hours worked by male 1,695 firms reported a decrease worked by male and female workers combined. In the non-manufacturing group, in total man-hours of industries, this classification of and a decrease of 1.2% 1% and female employees, respectively. Average actual hours worked in 3,893 enterprises reporting in October, or a decrease In of 4.3%. manufacturing the November were in the compared with 39.6 November by 508,194 workers man-hours were 37-9 as In the non-manufacturing average hours worked in 39.3 in October, or a decrease classification, the average week during November was number of hours 40.0, or 1.5% less than in shipments and orders were, respectively, 42%, similar items in corresponding period of a year ago. of October. During Five 1, 1938 Weeks Ended Jan. give herewith data on identical mills for five weeks ended Jan. 1, 1938, as reported by the National Lumber Manufacturers Association on Jan. 11: We follows to the National for the five weeks ended Jan. 1, 1938: of 545 mills reported as Trade Barometer Lumber 505 mills produced 83,847,000 feet shipped 129,105,000 feet; booked 134,145,000 feet. Revised figures for the preceding week were: 562 ; production, 117,820,000 feet; shipments, 116,731,000 feet; of Mills, orders, 141,541,000 feet. below sponding week of a year ago; all but West Coast reported shipments all softwood regions reported production below similar week of 1936 1937 1936 1937 1936 612,673 842,224 651,278 912,182 1,285,756 62,138 1,347,894 47,634 60,950 29,619 60,400 724,906 22,805 660.307 903.174 680.897 972,582 747.711 reported for the week ended Jan. orders Lumber mills mills. Shipments as was 27% five weeks ended Jan. below that of hardwoods, loss of 51%. 1938, were 45% below those of corresponding weeks of 1936. Softwood orders in 1937 were 44% below those of similar weeks of 1936 and 38% below the same weeks of 1935. Hardwood orders showed loss of 63% as compared with Orders received feet, or Production was 77,316,000 feet. 60% above production. feet, or hardwood mills give new business as 4,005,000 feet, or 39% below production. Shipments as reported for the same week were 5,416,000 feet, or 17% below production. Production was 6,531,000 feet. 85 from Reports Mill Reports identical softwood mills was 76,704,000 feet, and a year ago it was 132,288,000 feet; shipments were, respectively, 123,047,000 feet and 158,655,000 feet, and orders received, 129,242,000 week's Last 428 199,788,000 feet. and feet of production During First Ago . Refined sugar exports by the United States during the first 11 months of 1937, January through November, totaled 58,439 long tons as against 52,002 tons during the similar period of 1936, an increase of 6,437 tons, or approximately 12.4%, according to Lambom & Co., New York, which fur¬ Exports by United States 11 Months of 1937 Increased 12.4% Above Year January-November period of 1937 The United Kingdom leads this year with 29,991 tons, being followed by Colombia and Holland with 9,465 tons and 3,122 tons, respectively. The previous season the United Kingdom, with 25,578 tons, also headed the list, while Colombia and refined The to went during the five exports during the sugar 40 over countries. different tons and 3,699 tons, with 4,567 Reported during the month of Novem¬ 93,970 long tons, according to B. W. Exports of sugar from Java ber, 1937, amounted to Dyer & Co., New York, sugar economists and of 7,074 tons over the same month exports for the first weeks ended Jan. 1, 11 months of 1937 compared that for On Jan. 1, 1938, unfilled days' average production. orders as reported by 502,963.000 feet, the equivalent of 17 with 1,340,864,000 amounted with 583,031 tons in firm, stocks in Java on 651,299 tons compared were days' average production, compared equivalent of 45 days' average feet on Jan. 2, 1937, the Dec. 1, 1937, with 736,893 tons on the same 1936. date in Union of South Africa Prohibits Except Under Exportation of Sugar Government Permit export of sugar from the Union of South Africa government permission is now forbidden, according the terms of a recent decree published in Johannesburg The without to the Department of Commerce by the office Commercial Attache at Johannesburg and by the Commerce Department Jan. 7. The and reported to of the American known Under the terms of a special to according be exported to any country protectorates except by authority the decree no sugar may Africa and the native except South West of 449 softwood mills were 3936, the total production year. department said: 1938, gross stocks as 1937, the equivalent of 125 brokers, an a year ago. 1,035,224 tons compared with 779,193 tons for the corre¬ sponding period of 1930, an increase of 256,031 tons. To the end of November production amounted to 1,389,733 tons made 1, Also Higher reported by 456 softwood mills were 4,044,218,000 feet, the equivalent of 133 days' average production (three year average 1934-35-36), as compared with 3,779,114,000 feet on Jan. 2. Jan. respectively, followed. Sugar Exports from Java During November Above November Year Ago—11-Month Total corresponding weeks of 1936. On 1, 1938, by 437 soft¬ 68% above the production of the reported for the same week were 123,689,000 totaled 130,140,000 wood According to the Dyer 1, 1938, as reported by corresponding weeks of 1936. Soft¬ wood production in 1937 was 27% below that of the same weeks of 1936 and 27% below the record of comparable mills during the same period of 1935 Hardwood output was 22% below production of the 1936 period. Shipments during the five weeks ended Jan. 1, 1938, were 30% below those of corresponding weeks of 1936, softwoods showing loss of 29% and Production during the these mills, the previous year. to 1937 Total lumber Northern Hard¬ and The total Orders Received Shipments Production Hardwoods Northern Hemlock and regions but Southern Cypress, reported orders above production and shipments above production in the week ended Jan. 1. All regions reported orders below those of corre¬ increase Feet) (Figures in 1,000 Softwoods 22%* and 35% During the week ended Jan. 1, 1938, hardwoods and softwoods combined; orders Honduras, Lumber of Shipments and Production An average were that below 10% ther said: the establishments 37.2 as compared with of 5.3%. worked per ended Jan. 1, 1938, by (revised figure) of the preceding 11% above shipments of that week; new orders week's orders. In the week ended Jan. 1, 1938, production, Refined Sugar respectively. for male and female workers, disclosed output the below Identical classification of industries, ported man-hours for male enterprises 29% was decreased 8 7%. In the manufacturing mills. below the the Association further Reports to production reported for the week National fewer same For male and female hardwood wood both sexes combined in $28-35 for men and and 1937 were nearly 11% orders in that: All \ October. new record. 1936 below paid to women decreased 10.4%. In the non-manufacturing classification of industrial enterprises. establishments reported a decrease of 0.6 of 1% in the number of but an increase of 1.0% in the number of female, workers. Total 10.6% while total wages female Cumulated softwood important of operations Sex which designated the sex of their working forces, showed decreases of 3.9% in the number of male and 4.7% in the number of female workers employed during November, as compared with October. Total wage payments to male workers declined 8.7% while Reports from 4,224 enterprises total wages 355 Chronicle the Minister of Commerce permit granted by and Industries, the report. Favorable Outlook for production. 1938 in Rayon Industry by "Rayon Viewed Organon" decline in rayon yarn deliveries to do¬ accompanied by drastic curtailment of pro¬ during the closing months of 1937, both of which in an increase in surplus stocks to what the indus¬ Despite the sharp Weekly Report of Lumber Jan. 1, Movement, Week Ended 1938 below lumber the corresponding duction and 1936, industry as facturers during the reported weekly to the Association by regional holiday week of a year ago. shipments in the year mills, duction week ended Jan. 1, 1938, stood at 25% of the 1929 weekly average of production and 39% of average 1929 shipments. Production was about 40% of the corresponding year-end week of 1929; shipments, about 58% of that week's shipments. The yearend is always the lowest period in lumber output and move¬ ment, due to holiday shutdowns, which this year have been more general and protracted than usual. Reported produc¬ tion in the week ended Jan. 1, 1938, was 37% less than new business booked and 35% less than reported shipments. This is the fourth consecutive week since May that new orders have exceeded production. Reported production was appreciably below the preceding week; new business was slightly below and shipments were above. All items were The mestic Lumber pro¬ 1937 were each 1% below National Lumber Manu¬ associations covering the resulted characterizes as a "more workable level," the outlook industry is favorable for the new year, according to issue of the "Rayon Organon," published by the Textile Economics Bureau, Inc., New York. One of the outstanding causes for the reaction of late 1937 in the indus¬ try, it is stated, "was the speculative accumulation of inven¬ tories over the year ending August, 1937. And, generally speaking, this inventory excess was held by distributors rather than by producers or fabricators. Disposal of this try for the the current inventory has been progressing rapidly over the past 100 itself," it is said, "is a hope¬ ful sign for improved business from present levels during 3938." From the announcement by the Bureau, Jan. 7, we days in most lines, and this in also quote; Cost 1937, Increase Outstrips Price Advance deniers were reduced in price during and guarantees against further price reductions for 60 Although certain yarn December, days from 356 date of Financial invoice granted by most manufacturers, this is not viewed arc unfavorable in "Organon," "it the industry the opposite situation Costs In of this of costs hourly of 55c. of especially States the in chief states they do not in this in factor 1937 REFINED as the and material. raw 64% in late 78.1%, that prices were 150 denier viscose increased 35% by barrels to from Jan. 8. figure, a deliveries Domestic measured from the of already low monthly shipments indicates data American index of November index producers at the year-end stock to rayon by the "Organon'e" over the totaled the a of producers 242, 252. Stocks 2.5 months' previous 12 during of months. This industry operated at about decline held on its by average shipment 75% of and capacity during December. "Based of rate the data of the on 1937, August level. level, August, their National loom operation rayon it is With clear Rayon Weavers Association, the average December is estimated at 38% of during December shipments rayon that weavers' rayon 35% at stocks yarn during the month. Thus when rayon weaving demand increase, there will be an immediate and direct demand felt by the producers." Petroleum Its and Products—Bureau of Crude Stocks at 303,468,000 Barrels Mines on of continued decrease to docs yarn Puts January 1, Up 174,000 Barrels—General Sunday Shutdown of Wells Indicated—Well Completions Increase left with a a cut The Standard Oil Co. of Indiana this week restored normal Indiana, Iowa, Minnesota, Missouri, Dakota, South Dakota and Wisconsin, effective Jan.12. No change was made in Chicago. In some instances the action amounted to an increase in prices, but in other cases no change was made. Several of the major kerosene marketing companies have reduced prices at important Southern At Rich¬ points. mond, Va., the tank car price of kerosene was dropped % cent a gallon to 634 cents, while at Baltimore and Norfolk many companies are posting 6 cents a gallon, against 6Y cents previously. The Wilmington, N. C., and Charleston, S. C., markets were reported easier. A move to institute legal action preventing illegal use of the New York State's tax funds as proposed in the budget sub¬ mitted to the General Assembly came to light this week. Montagu Worthley, executive secretary of the United Motor¬ ists of America, declared January 13 that unless steps are taken to eliminate one or both of the emergency gasoline taxes and gradually to end the misuse of automotive tax money an injunction will be sought. North companies producers portion of their output. Meanwhile, considerable interest was being shown in petroleum circles toward the meeting on Jan. 17 of the Interstate Oil Compact Commission. Ernest.O. Thompson, Chairman of the group, who has been holding conferences with officials and leading oil men in various States, has in¬ dicated that a shutdown of all oil fields on Sundays for several months may be attempted. The trial of sixteen major midwest oil companies on anti¬ trust charges, being conducted before Judge Stone in Madison, Wis., advanced this week. Patrick U. S. Gasoline (Above 65 Octane), Tank Car Lots. New T. Allowable production of Turner Valley wells is to be in¬ 40% of potential capacity, it was announced on The date when the new allowable takes effect has not been fixed yet. Recent tests of crude producers con¬ ducted by government engineers revealed a present dailv potential production of 26,000 barrels. country^during the week ended Jan. which 379 ^ were In the 8 numbered 522, of were dry oil wells, 55 were gas wells and 88 preceding week the total was A dispatch from Houston stated that Corp. has acquired the assets of ported consideration of $2,250,000. Greta controlled 1,000 of producing leases, mostly in the Greta field in Refugio County and in the Saxet field in Nueces County, two of the largest fields in the Texas Lower Coast. Barnsdall will acres liquidate all of the acquired company's corporate stock and take over complete control of all properties. The Pan-American Production Co. will shortly make the first deep test for oil ever to be drilled in the State of Georgia. The Houston Post reported that the exact location has not yet been decided, but will be somewhere in the southeastern part of the State. Georgia has no oil production and the deepest test yet drilled has been only to 3,000 feet. Prices of Typical Crudes per Barrel (All gravities where A. P. I. degrees Bradford, Pa at Wells *1.27 1.35 over Corning, Pa 1.27 Darst Creek Illinois 1.09 1.35 Central Field, Mich Western Kentucky Mid-Cont't, Okla., 40 and above Rodessa, Ark., 40 and above 1.42 1.40 Sunburst, Mont Huntington, Calif., 30 and 1.22 1.30 1.25 Kettleman Hills, 39 and Smackover. Ark., 24 and 0.90 Petrolia. over Canada.. over over 1.22 1.42 2.10 Cities— .0834! .07% .0734 Shell Eastern J.05 08% New Orleans.. .07% Gulf ports Tulsa.. New York iNorth - (Bayonne) Texas $.04 -.0534 .0634-07 .0534 .04%-.04% INew Orleans.-$.05%-.0534 $.05%|Los Angelee... .03%-.05 Fuel Oil, F.O.B. Refinery 03%-.04 ITulsa Terminal or N. Y. (Bayonne)— iCalifornia 24 plus D New Orleans C $1.05 Bunker C ..$1.25 $1.00-1.25 Phlla., Bunker C.... 1.35Diesel 28-30 D 2.201 Gas Oil, N. Y. (Bayonne)— 27 plus 28-30 Gasoline, z New York z Brooklyn $.19 Daily 2% Average Jan. 8, 1938, the current $.1651 Buffalo $.175 .181 Oil Crude American barrels Ser/ice Station, Tax Included |Boston was over During Week Institute estimates that the crude oil production for the week ended 3,437,100 barrels. This was a gain of the week's Production 1938 Placed at 3,437,100 Barrels Petroleum average gross 500 $.02%-.03 I $.053 city sales tax. Ended Jan, 8, daily Terminal or ITulsa D INewark .19 Not Including z F.O.B. Refinery iChlcago— $.04%I output figure was of the previous week, and above the 3,406,800 barrels calculated by the United States Department of the Interior to be the total of the restrictions imposed by the various Daily average pro¬ oil-producing States during January. duction for the four weeks ended Jan. 8, 1938, is estimated at 3,451,550 barrels. The daily average output week ended Jan. 9, 1937, totaled 3,117,800 barrels. details, United a for the Further reported by the Institute, follow: as Imports of petroleum for domestic States ports for the use week ended and receipts in bond at principal Jan. 8 totaled 821,000 barrels, daily average of 117,286 barrels, compared with a daily average of 213,571 barrels for the week ended Jan. 1 are not shown) 12.20 1 Eldorado, Ark., 40 125 Rusk, Texas, 40 and Lima (Ohio Oil Co.) Gulf Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery The the Barnsdall Oil Corp. for a re¬ F.O.B* Refinery Other 1.07% Chicago ,08 .. Warner-Qulnlan.. 457. Greta Oil York— Texaa J__$.07% Richfield OIKGal.) Drilling activity showed a noticeable pick-up after the year-end holiday period. Well completions throughout the holes. New N. Tide Water Oil Co. an adjournment of the case over the week-end. Before adjourn¬ ing around noon of Friday, Judge Stone directed a verdict of acquittal dismissing charges against James Nagle, manager of the Skelly Oil Co. offices at Tulsa, Okla. Thursday. OH Socony-Vacuurn the defense rested its case and the government opened in re¬ buttal. It was the hope of the government that it could creased to York— Stand. On Thursday complete its rebuttal by Friday, but Judge Stone ordered Perfection kerosene, Standard tractor fuel and on Stanolex furnace oil in few months in the crude-oil price since The failed markets takings in pipe lines to a level below allowable production. This is said to be particu¬ true in Kansas. The slash in pipe-line takings is tantamount to Runs day other leading fuel oil marketers met the re¬ upper New York State and New England to follow, the subsequent cold and snow probably playing an important part in their decision to hold prices. larly are high attained at the end of last March. markets The output figure compares with the Bureau of Mines quota of 3,406,800 barrels daily. last The boost lifted the total to within 2,320,000 barrels duction. January 1 aggregated 303,468,000 barrels, an increase of 174,000 barrels over the preceding week, ac¬ cording to the Bureau of Mines. Significantly enough, all of the expansion occurred in the domestic picture, home sup¬ plies rising 184,000 barrels during the week while foreign stocks fell by 10,000 barrels. Crude-oil production in the first week of January was virtually unchanged. The American Petroleum Institute reported that the flow for the period was 3,437,100 barrels, or 500 barrels ahead of the immediately preceding week. some in refinery operations to inventory rose 2,040,000 of 79,331,000 barrels during the week ended gasoline The next Stocks of domestic and foreign crude petroleum at the close of the week ended Information this week indicated that added to their storage stocks during the and have now brought down their 2.5 point drop a drop of 110,000 barrels from the preceding week. Refiners are now showing some concern over the gasoline price structure. Current prices for bulk gasoline in the MidContinent, are about equal to production cost and as yet there has not been any "distress" gasoline on the market. On the eastern seaboard prices still allow a small profit margin. But the feeling is that a slash in prices will eventuate if stocks increase at the same rate as recently. Proof of the skaky structure developed near the close of the week in New York, when reports were heard of an ea.sier tone in the retail gasoline market. Information was to the effect that regular gasoline is being posted at seven gallons for $1.12 at some Nassau County stations. The unseasonable weather in the east finally forced a break in heating oils this week. On Jan. 10 the Standard Oil Co. of New Jersey announced a reduction of Y\ cent a gallon in heating oils numbers 1, 2 and 4, retroactive to Jan. 1. The company blamed the slash on an accumulation of stocks resulting from the mild weather. The change applies to New York, Baltimore, Norfolk and Charleston. December, yarn supply, based NEW a small represent a SPURT IN of crude oil to refineries last week averaged 3,210,000 barrels,, level 15%." or UNITS SOUTH total a 1938 AGAIN OPERATIONS—LARGE industry's of the record 1937. had increased only from rayon TO the STOCKS 15, SLASH HEATING OILS—KEROSENE CUTTING In the face of The by increased SPREADS situation. by increased IN DROP YORK AREA Surplus Stocks Again Higher in December as PRODUCTS—GASOLINE DESPITE cover Labor Statistics show of industry rayon featured was labor Bureau pound in 1933 to the current 63c. per Because, that 1937. pulp rayon the price the "the year states, rates wage 1933, to August, be to appears paper time. present incidentally, Jan. price advance." a production, rayon "Similarly, Yet the the at noted, figures of the United average March, of operation respect, official be should Chronicle and 144,893 barrels daily for the four weeks ended Jan. 8. Receipts of California oil ended Jan. 8 compared with totaled a daily at 65,000 average Atlantic and Gulf Coast ports for the week barrels, a daily average of 9,286 barrels, of 4,143 barrels for the week ended Jan. 1 and 8,893 barrels daily for the four weeks ended Jan. 8. Reports received from refining companies owning 89% of the 4,159,000 barrel estimated daily potential refining caDacitv of the United States. Financial 146 Volume the week, and that all barrels of crude oil daily during basis, 3,210,000 of the end of the week, 79,331,000 barrels gasoline and 119,146,000 barrels of gas and fuel pipe lines as unfinished and in of finished and bulk terminals, in transit at refineries, companies had in storage of Mines' stills, on a Bureau industry as a whole ran to indicate that the oil. owning 94.8% of the potential charging capacity of all cracking units indicates that the industry as a whole, on a Bureau of Mines' basis, produced an average of 720,000 barrels production by companies Cracked gasoline 357 Chronicle barrels above the corresponding figure of a year ago. and 79% in crude-oil capacity of 83% of capacity, compared These refineries operated at of re¬ 3,993,000 barrels. compiled from schedules of this report were The refinery data fineries having an aggregate daily with 85% in October November, 1936. DEMAND OF ALL OILS SUPPLY AND (Figures In Barrels) gallons) (Thousands of barrels of 42 , Jan. to Jan. to Oct., Nov., Nov., Not., 1937 1936 1937 1936 . B. Nov., 1937 Four of M., Change Interior Allowable Jan. 1 Previous Jan. 8 Ended Jan. 8 Jan. 1 1938 1937 Ended Calcu¬ Week Ended Week State Weeks from Week Dept. of 1938 lations New Supply— Domestic production: 104,206 Oklahoma. 566,600 550,000 538,850 +5,150 Kansas 179.300 186,472 162,650 —3,950 156,250 Benzol, 4,217 Natural gasoline + 150 492,150 + 950 472,850 447,700 238,250 193,450 East Central Texas East Texas Sout hwest Texas Coastal Texas.. + 1,000 243,500 183,950 Receipts In bond —3,300 194,000 178,200 Receipts for domestic use + 100 65,200 170,450 78,400 + 2,000 77,600 75,400 —5,800 170,850 —3,800 248,450 240,200 35,200 .v. - 42,550 —6,250 45,100 27,550 138,400 + 6,650 134.350 51,400 45,450 + 1,300 51,100 48,750 47,200 Total east of Calif. 20,643 16,893 new 112,683 3,756 120,071 3,873 cl,470 3,488 114,153 116,583 3,805 3,761 6,645 9.814 supply, all oils 548 9,457 5,492 6,810 376 99,783 1270,499 1093,329 3,264 3,804 3,326 678,300 California Total United States. Refined products Domestic 39,919 479,303 442,198 42,666 4,943 48.531 11,131 101,549 296,801 21,885 45,331 89,302 227,197 20,855 Motor fuel Gas oil & distillate fuels 11,639 Residual fuel oils 26,057 9,957 26,847 2,037 1,972 78 83 ... 5 705 Kerosene Lubricants —7,300 2,744,950 2,520,700 512 5,259 5,711 1,689 22,120 7,846 56,424 2,091 24,438 21,104 92,855 1067,214 3,195 3,095 992,912 2,964 288,998 4,153 £26 308 5,250 4,437 142 193 161 2,364 2,286 2,846 97,694 100,434 3,256 3,240 305,747 5,147 250,773 308,472 288,998 305,747 5,444 4,153 249,221 229,122 5,147 250,773 561,667 563,137 522,273 561,667 522,273 148 150 149 153 157 Miscellaneous Losses Total domestic demand might have been surreptitiously produced. CRUDE RUNS TO STILLS AND Dally average STOCKS OF FINISHED AND FUEL OIL WEEK ENDED UNFINISHED JAN. 8, 1938 Stocks— Crude petroleum barrels of 42 gallons each) (Figures in thousands of Natural gasoline Refined products Daily Refining Capacity Finished and Unfinished Gasoline Stocks of Crude Runs to Stills P. Aver¬ C, and in C. Daily Reporting Oper¬ At Re- age ated fineries Days' supply Gas Unfin'd Finished tial Stocks Total, all oils of District a c Imports 2,058 30,898 229,122 reported to Bureau of Mines: all exports from Bureau of Foreign and Domestic Commerce, b Imports of crude as From Coal Division, other Fuel Terms., Nap'tha Distil. Ac. 7,440 49,844 276 4,876 Road oil 18th. 974 967 79 706 2,268 Still gas 1,357,573, effective Dec. 24,892 1,938 347 Asphalt +500 3,451,550 3,117,800 3,437.100 73,326 1,507 Coke 597,100 706,600 + 7,800 709,500 California Oil Producers. above do not include any estimate of any oil which P 45,361 4,985 16,900 3,650 16th again revised to Total 46,518 92,300 + 450 Recommendation of Central Committee of Rate 62,170 98,094 demand: 14,200 4,450 Allowable effective Dec, Poten¬ 4,145 7,941 6,692 107,600 y GAS AND • Crude petroleum + 50 x AND 104,941 1227,478 1112,756 3,322 3,675 3,498 Exports: Wax 3,406,800 Note—The figures indicated demand Total —650 2,727,600 y678,300 C19.427 43,021 c5,158 4,450 107,100 2,728,500 . —2,650 14,200 4,300 103,100 New Mexico and Decrease. . Oil PETROLEUM BY STATES PRODUCTION OF CRUDE 669 669 100.0 525 78.5 6,270 11,423 1,126 146 88.4 100 77.5 1,218 1,657 239 529 489 92.4 402 82.2 7.203 4,717 739 1,164 6,931 452 383 84.7 253 66.1 3.984 2,269 538 AND PRINCIPAL FIELDS 12,284 129 3,664 Appalachian. Ind„ Ill.,Ky. 1 1,589 1,530 107,100 13,100 Montana. ■Colorado..... Okla., 2,262 27.451 279 Decrease in stocks, all oils 29,450 55,500 East Coast.. 1,774 23,318 1,378 Daily average 115,550 54,100 . Wyoming. GASOLINE 316 2,440 Refined products: Dally average 128.000 Eastern _ , Demand— 256,000 238,400 Arkansas .. 2,278 Receipts for domestic use 164,800 247,250 145 2,290 147 Receipts in bond 96,850 168,850 Louisiana Michigan.... Crude petroleum: Total Louisiana. 95,062 1217,954 1041,231 3,108 3,647 3,169 Imports b: 32,800 —3,600 1,370,150 1,231,550 1,350,900 X1357573 1,375,300 North Louisiana Total +3+50 85,950 West Texas... 3,728 Dally average 197,700 —5,950 73,600 32,700 West Central Texas Coastal 56,400 69,800 73,300 32,750 193,950 90,000 61,500 .. North Texas 229 115,558 3,620 2,291 2,635 228 178 108,601 a Total production Total Texas 3,578 4,418 Daily average 660,100 548,250 172,550 91,018 1171,074 1000,864 2,988 3,506 3,034 38,076 44,245 3,816 110.911 3,474 Crude petroleum {Jan.) Panhandle Texas in October, November, 1937, was 61.7, the same as of a year ago. 3.6 higher than the index PRODUCTION CRUDE OIL DAILY AVERAGE index for of Labor Statistics, the price According to data of the Bureau petroleum products in week. daily during the about 12,000,000 the end of the month was first time in history, the total at (Thousands of barrels November, Kan., Mo Inland Texas 355 201 56.6 136 67.7 1,998 236 314 Texas Gulf.. 833 797 95.7 735 92.2 9,321 201 1,999 174 168 96.6 124 73.8 1,724 545 430 58 63.7 34 58.6 264 82 51 474 89 62 69.7 41 66.1 1,663 92 662 821 746 90.9 542 72.7 10,779 2~507 1,252 74.694 October, 1937 Jan. to Nov., Daily 3,454 91 1937 Daily 1,720 11,299 La. Gulf of 42 gallons) No. La .-Ark. Rocky Mtn. California Reported 2,892 89.0 3,702 ... 44,424 23,637 3,600 78.1 318 457 Est. unrpd.. 600 6,780 116,346 290 2,800 Total 389 Arkansas—Rodessa Jan. 1, '38. 3,210 48,024 3,320 4,159 4,159 4,159 4,159 8, "38 Jan. 46,296 Z24.068 7,065,118,660 xjan. 8. Estimated x are Bureau of Mines basis, For comparison with subsequent basis. 19,516 6,892 105,817 y January, 1937 daily average, weeks, East Coast stocks as of Jan. z New 1, 1938 11,152,000 barrels. 930 30.0 9,422 9,591 1,259 1,125 40.6 10,372 36.0 36.3 12,157 9,591 12,151 2,454 81.8 2,520 81.3 26,582 26,871 1,736 57.9 1,791 57.8 20,068 23,021 1,247 14,542 41.6 1,282 41.4 14,474 15,085 484.7 14,811 477.7 143,386 119,546 21,060 702.0 21,529 694.5 216,667 196,674 1,656 4,058 Total California — 132 and The U.S. Bureau of Mines in its monthly petroleum state¬ that the daily average ment disclosed production of crude petroleum in November, 1937, was 3,473,500 barrels; this was 104,300 below the average of October. This marked the second successive decline of about 100,000 barrels in daily The production. average Bureau's statement further showed that: as in October. the by States in November were much the same California's average again increased, Illinois, and that time were experiencing active development, also increased in November. The Sunday shutdowns in East Texas, two of which fell in November, were reflected in the daily average output of the field, which fell from decreases also registered in Oklahoma, Louisiana, and 52,940 5.047 5.136 168.5 5,220 168.4 56.700 48,060 42.7 1,531 49.4 16,639 17,224 27.5 849 27.4 238.7 7,600 245.2 9,674 83,013 72,522 54.0 1,659 53.6 14,334 10,983 7,238 415 13.8 394 12.7 5,380 5,072 106.9 3,297 106.4 35,427 24,487 15.1 444 14.3 5,015 .... 4.217 272 Oklahoma—Oklahoma City 9.1 262 8.5 3,274 3,524 4,223 Ohio 140.8 4,914 158.5 57,099 50,018 46,725 3,898 129.9 4,126 133.1 45,862 Seminole.......... .... 9,274 309.1 9,514 306.9 108,310 91,298 Rest of State 579.8 18,554 598.5 211,271 188,041 ... 17,395 Total Oklahoma 15,537 1,608 53.6 1,652 53.3 17,515 Pennsylvania 9,267 308.9 10,340 333.5 105,837 78,239 Texas—Gulf Coast 5,908 197.0 6,621 213.6 69,716 56,568 13,786 2,142 459.5 15,089 486.7 156,318 71.4 2,277 73.5 25,423 154,075 20,559 648 21.6 873 28.2 12,065 295.6 8,868 40,619 1,354.0 9,616 310.2 99,943 77,531 44,816 1,445.7 469,302 389,182 3,507 5,553 West Texas ........ East Texas.... ... Rodessa ... Rest of State.......... Total Texas 494 Rest of State Other, 16.4 424 13.7 3,£19 5,295 36.4 1,154 37.2 11,899 Wyoming. 7,506 52.8 1,578 50.9 17,194 13,059 55 51 5 5 a. 104.206 3,473.5 110,911 a 10.5 324 10.2 307 Virginia.......*... Wyoming—Salt Creek Total 2,210 1,091 1,585 West 486,700 barrels in October to 459,500 barrels in of the national decline took place in Texas, were 65,232 14.1 453 New York The major portion November. although 193.6 436 3,206 ..... New Mexico this time to just above The daily averages for Arkansas, 700,000-barrel mark. Michigan, all of which at 727 6,002 14.6 1,619 Montana Panhandle The trends in production 753 186.4 824 Michigan Petroleum Products, November, 1937 Petroleum 2.2 7,161 Rest of State 6,341 68 5,055 1.282 Rodessa 1,363 29.4 66 Kentucky Louisiana—Gulf Coast 3.9 912 2.2 436 ...... Kansas. 120 33 0 5,591 ... 4.4 990 Colorado Total Louisiana Crude 950 42.9 Long Beach Indiana 38,819 y3,038 '37 1936 1937 10.6 29.9 Illinois U.S.B. of M. 329 897 California—Huntington Beach. Kettleman Hills ... 7,070 119,146 Average Total 1,286 Total Arkansas Rest of State 24,237 13.0 1,081 Rest of State Santa Fe Springs xEst.tot.U.S Averag" Includes Mississippi, Missouri. Tennessee and 3,677.8 1171,074 1000,864 Utah. +. Kansas. though not as much as production, consequently The withdrawal from refinable crude 2,725,000 barrels, or more than double the with¬ Crude runs also declined, more oil was drawal in October. Refined Products f The yield of gasoline declined in November as expected, the average being 44.0% compared with 44.6% in October. The decrease of 0.6% was more than offset by a gain in the yield of domestic beating oils. |) The indicated domestic demand for motor fuel in November was 42,666,000 barrels, or 7% above the final figure for November, 1936. Exports of motor fuel were but materially 3,309,000 barrels, considerably below the October figure of a year ago. Stocks of gasoline were higher than exports 2,591,000 barrels, reaching a total of 70,628,000 barrels on Though the increase was less than in October, probably for the increased by Nov. 30. Natural Gasoline Production Statistics for November 1937 taken from stocks. stocks in November was The daily average November, 1937 was production of natural gapoline for 5,904,000 gallons, according to a report prepared by the Bureau of Mines for Harold L. Ickes, Secretary of the Interior. This is 82,000 gallons below the average for October but 562,000 gallons (10%) above the average for November, 1936. The largest decreases were noted in the East Texas, Seminole, and Oklahoma City districts. Stocks at refineries 12,474,000 gallons in and plants and terminals decreased November, or from 228,648,000 358 Financial gallons the first of the month to 216,174,000 gallons Chronicle Jan. IS, Nov. 30. Weekly Production PRODUCTION AND 8TOCKS OF NATURAL GASOLINE Dec. 25 Dec. Alaska Production Stock* Nov. 30, 1937 Jan.- . Jan.- Oct. r 1937 1937 Nov. 3 2 15 15 10 170 280 200 1,070 1,160 1.050 88 122 60 340 442 335 Alabama... Oct. 31. 1937 At Colorado.. 163 Oct. Nov. Nov. At Plants 1937 1937 1937 1936 Refin¬ dk Ter¬ eries minals At dk Ter¬ eries 180 162 726 1936 705 736 minals 1 1 1 5 5 2 968 1,382 1,215 4,782 4,954 5,062 Indiana Plants Refin' 1936 Illinois........... At Nov. East coast..- Nov. 2 . Georgia and North Carolina v ' 26 1937 p Arkansas and Oklahoma . Monthly Production 18 Dec. 1937 p (In Thousands of Gallons) V 1938 on 316 456 404 1,574 1,518 1,700 Iowa 66 80 73 6,384 — 306 300 344 6",745 Appalachian III., Mich., Ky._ 6", 556 66^372 60,278 1,253 11,308 9,702 45,128 443,915 378,834 1,260 Oklahoma 42,016 Kansas. 5,107 Texas 4.806 50.863 32,855 57,736 557,660 454,396 9,437 91,491 57,606 53,595 Louisiana.. 9,061 825 Arkansas Rocky Mountain California.. 923 10,162 52 096 164 178 149 656 637 633 443 750 585 3,163 3.728 3,748 •Western 146 258 199 800 802 898 Maryland. 20 35 32 140 142 7 f 12 58 54 67 Montana 68 81 71 350 336 343 New 27 35 39 136 150 156 6,762 1,050 3^838 1,008 5~46l" 2,688 372 4,830 477 3,528 23,264 3,402 25,176 84 1,682 42 1,828 11,340 69,632 13,104 68,792 168 1,180 168 3,394 168 177 10,907 210 7,090 67,769 58,301 52,627 558,750 536.313 6,409 Kansas and Missouri Kentucky—Eastern 4,326 1,680 6,174 2,215 83,706 2,388 171 Mexicc North aDd South Dakota Ohio 1,591 82,362 Michigan 57 41 26" 309 548 442 2,055 2,200 2,249 1.270 1,596 2,069 7.89? J 3,421 I 6,097 3,536 __ Penna. bituminous—Eastern Western e_ f _ 65 130 __ _.... Tennessee. \ J 27 282 6,832 Total Dally aver. 177,114 185,556 1858290 1599192 112,140 104,034 119,364 109,284 5,904 5,986 5,564 4,774 110 89 497 487 14 18 13 66 65 80 Utah 79 87 59 343 380 383 186 276 188 1,146 1,388 1,145 - Virginia. Washington Total (thousands West of barrels).... Dally 59 Texas 4,217 4,418 44,245 38,076 141 143 132 114 aver December 2,670 2,477 2,842 Total This is increase, as compared with shipments during the preceding month of November, of 465,416 net tons, or 12.60%, and when compared with December, 1936, shows a decrease of 156,785 net tons, or 3.63%. Shipments an (in net tons) 117 — are Reading Co 798,222 770,693 960,912 813,882 849.195 712,351 973,393 831,511 348,096 304,881 342,984 Del. Lack. & Western RR.... 326,948 567,462 526,057 452,544 Delaware & Hudson RR. Corp. Pennsylvania RR.. 402,406 369,794 300,676 432,329 519,852 427,808 475,739 Erie RR 408,258 333,777 321,953 290,191 223,147 385,225 N. Y. Ontario & Western Ry.. 153,392 127,545 208,580 196,076 Lehigh & New England RR... 219,948 202,358 179,851 196,382 4,316.523 3.783.385 4.150.738 3,6°4.322 Weekly Coal Production Statistics The National Bituminous Coal Commission in its current weekly coal report estimates the production of soft coal during the week ended Jan. 1, 1938 to be 6,065,000 net tons. This compares with 6,1.50,000 tons produced during the previous week which included the Christmas holiday. In the corre¬ 8,995,000 tons. sponding week a year ago, output was The total production of soft coal in the estimated at 440,265,000 net tons. the sum of the published year 1937 is This figure represents weekly estimates reduced to an actual calendar year basis. Compared with the estimated production of 434,070,000 tons in 1936, the year 1937 shows an increase of 1.4%. The United States Bureau of Mines, in its Weekly state¬ ment, estimates the production of Pennsvlvania anthracite for the week ended Jan. 1, 1938 at 979,000 tons, or 195,800 tons per working day, an increase of 5.3% when compared with produ tion in the week of Dec. 25, 1937, and of 14.5% compared with the corresponding week of the previous Accumulated output for the calendar year 1937 amounted to 50,091,000 net tons, as against 54,760,000 tons produced in 1936. when year. The consolidated report of both of the above-mentioned ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE COKE (IN NET TONS) Jan. 1, 1938 portion of the State not parable with defined by records included for 1935 41,879 1.186 852 4.302 4,684 4,334 10,045 8.156 40,557 45.408 46,213 In and Western Pennsylvania, f Figures are com¬ production of Western Pennsylvania as Code Authority, p Preliminary, r Revised cover the NRA Sub-divisional Less than 1,000 tons. Metals—Copper "Metals and Gains Mineral Lead and Advanced Volume—Tin Markets" in its as Active issue of Jan. 13 reported that improved sentiment in business brought in a good volume of buying in major non-ferrous metals during the last week. The sales volume, taking the metals as a group, was the largest for any single week since last August. In view of the slack buying of recent months, however, the spectacular price advances. Copper of a cent; lead unchanged; and tin advanced le. The London market was higher on continued heavy buying for rearmament, steady purchases for ordinary activity resulted in no in the domestic market moved up five-eighths was raised only 15 points; zinc remained industrial needs, and increased speculative activity. The publication further reported: Copper Domestic copper prices advanced steadily during the last week from 10.250c., to 10.875c. Valley, following the rising trend abroad and increased confidence in business. prices on Wall Street, Producers believe the better feeling reflected rising which encouraged speculators abroad to enter the market and add to the already heavy buying by Russia and Japan. were in good volume, totaling 12,710 tons for the week, against copper Sales here 4,215 tons in the previous week. The advances here one-quarter cent on Jan. 7 to 10)^c.; one-eighth cent and one-eighth cent on Jan. 11 to 10.875c. at 10Mc., Valley, but this did increase in stocks here, but the here settled at 10%c., on our Valley basis were Jan. 10 to 10.625c.; on A small lot influence not Producers believe statistics for sold was on Jan. 10 quotation for that day. December will show another substantial foreign position will be good. Valley, with most The quotation sellers reporting little business yesterday. Lead An for a underbought condition of the lead market was largely responsible substantial volume of business in the week that ended Jan. 12. Sales for the period amounted to than a 14,964 tons, the largest weekly total in As most producers were anxious to book year. chiefly because of the abnormal dullness of vanced only moderately. recent a On Jan. 7, the American Smelting & an same pi ice of 4.90c., an 11, on which date the advance of 5 points. more fairly large tonnage, months, the price ad¬ Co. raised its contract basis of 4.85c., New York, Dec. 25, 1937 Jan. 2, 1937 about covered. About Refining advance of 10 points. company posted a Other sellers followed these moves. one-third of the February needs have been pur¬ On Jan. 7, St. Joseph Lead Co. announced that its mines and mills would d6,150.000 cl,189,000 1,230,000 8,995,000 1,764,000 979,000 930,000 855,000 195,800 932,000 186,000 in other directions is expected. 171,000 to 886,000 814,000 25,300 27.900 56,900 4,217 5,580 9,483 curtail operations one-third, effective Jan. 10. duction by St. Joe about 4,000 tons a month. Dally average Dally average prevent 1937 a This will reduced pro¬ Some reduction in output The step to curtail output is being taken further accumulation in stocks. Zinc Rising prices in outlook, Total Calendar Year— 1936 zinc 1929 copper influenced zinc and lead, plus the better feeling for the business buyers to contract for during the week which ended yesterday. more than Sales, in 3,500 tons of most instances, for second quarter and beyond, on the 5c. basis, St. Louis, for Prime Western. The week's business compares favorably with the volume booked all through December, the sales for the last month of 1937 were a TotPl, Including mine fuel Dally average 440,265,000 1,439,000 1,740,000 54,760,000 179,800 73,828,000 165,000 Beehive coke" United States total. Daily average 1,416,000 c47.651.000 Dally average Commercial production.e 434,070,000 50,091,000 Pennsylvania anthracite: b Total, Including mine fuel c52,022,000 c68,527,000 534,989,000 totaling 4,562 tons. 243,000 was 3,156,300 10.149 1,706,100 6,472,000 5,486 A satisfactory development in the closing months last year the reduction in unfilled orders from 92,319 tons at the October showed to an 48,339 at the end STATES (The current estimates AND MONTHLY PRODUCTION (IN THOUSANDS OF NET TONS) are baaed on railroad COAL BY car loadings and river shipments of monthly tonnage reports from district and State sources, or of final annual returns from the revision on receipt operators.) Statistics beginning of for December The tone of the market was . Tin Tin was quite active in the last week, sales here for the period totaling Tin-plate mills were the largest buyers, though other close to 2,000 tons. consumers as OF December. steady. a WEEKLY of increase in stocks of 22,424 tons. 20,810 Includes for purposes of historical comparison and statistical convenience the production of lignite and anthracite and semi-anthracite outside of Pennsylvania, b Includes washery and dredge coal and coal shipped by truck from authorized operations, c Preliminary figures, d Revised, e Excludes colliery fuel. to 40,722 a c6,065,000 Commercial production.e Beehive coke: United States total sublect 2 36,255 8,104 Buying yesterday slackened, but the tone of the market continued firm. a Pennsylvania anthracite: b Total, including mine fuel and are 8,860 chased. Total, Including mine fuel Dally average ESTIMATED 613 7 From present indications, the January requirements of consumers must be Week Ended— Bituminous coal: 630 8 This price held until Jan. organizations follows: Bituminous coal; 569 * Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. G., on the B. & O. in Kanawha, Mason and Clay Counties, b Rest of State, including the Panhandle District and Grant, Mineral and Tucker counties, c In¬ cludes Arizona, California. Idaho, Nevada and Oregon, d Data for Pennsylvania anthracite from published records of the Bureau of Mines, e Represents that Nov.. 1936 Lehigh Valley RR. Central RR. of New Jersey Total....... 2,707 930 Buying Movement Dec., 1936 8,188 2,405 7,080 ... Non-Ferrous Nov., 1937 170 8.240 as follows: Dec., 1937 175 f i 111 * 6,150 163 9,127 1 502 141 * bituminous coal 36 1,350 ) and * by originating carriers 561 Pennsylvania Anthracite d Shipments of anthracite for the month of December, 1937, reported to the Anthracite Institute, amounted to 4,- 159,738 net tons. a. a All coal.. as 35 1,57? 260 Wyoming. Other Western States Anthracite Shipments Total 4,159,738 Net Tons 34 1,116 — Virginia—8c uthern Northern b 2,602 478 also were in evidence. far ahead out an as next Several consumers bought tin for delivery The demand for tin from this country brought upward trend in prices in London. Straits tin here scored a net August. gain for the week of about lc. per pound, settling at 43c., spot. Chinese tin, 99%, was nominally as follows; Jan. 6th, 40.250c.; 7th, 40.500c.; 8th, 40.500c.; 10th, 40.625c.; 11th, 41.375c.; 12th, 41.500c. v show QUOTATIONS) METALS ("E. A M. J." DAILY PRICES OF 359 Chronicle Financial 146 Volume from November. For the full 2,000,335 tons above those for decline of 98,171 tons a 1937 shipments were 1936, an increase of 18%. year Straits Electrolytic Copper Zinc Lead Tin Following is Louis St. Louis St. New York New York 9.850 41.750 4.75 4.60 a since tabulation of the monthly shipments 5.00 Dom.,Refy. Exp.. Refy. 1933: 6 10.025 v 9.975 42.000 4.85 5.00 7 10.275 4.70 Jan. 10.050 42.000 4.85 5.00 8 10.275 4.70 Jan. 42.125 4.85 4.70 10 10.150 5.00 10.400 10.250 42.875 4.90 5.00 10.650 4.75 Jan. in.... 10.450 43.000 4.00 5.00 10.650 4.75 12 Jan. Jan. Jan Average. YEARS INDICATED f.o.bYork lead. St. Ptates reduced to the pound sales for both prompt and future quotations are based on deliveries: tin quotations are for prompt delivery only. In the trade, domestic copper prices are quoted on a delivered basis; that is, de¬ livered at consumers' plants. As delivery charges vary with the destination, the figures shown above are net prices at refineries on the Atlantic seaboard. Delivered prices in New England average 0.225c. per pound above the refinery basis. Copper, lead and zinc net at refineries on the Atlantic usually name a c.i.f. price—Ham¬ Liverpool. The c.i.f. basis commands a premium of 0.350c. per Export quotations for copper are reduced to seaboard. On foreign business in copper sellers burg, Havre, and 285.138 331,777 275.929 385.500 582,137 March 256.793 588,209 668.056 April.. 335.321 643,009 591.728 May 455,302 745.064 598.915 578,108 979,907 984,097 886,065 950.851 603,937 985.337 July 701.322 369.938 547.794 August 668,155 575,161 378,023 624.497 September 370,306 October 572,897 343,962 614,933 686.741 430,358 366,119 600.639 418.630 June.. November December ... Daily London Prices Electro. (.Bid) 3M Spot The Jan. 13 issue of the "Iron 3M Spot 3M Spot 3M Spot 16*16 14% 15 steel ingot Jan. 6 40'*i« 41 45 184 183% 151*16 4F'n 46 186% 186 16*16 16% 15*16 7.. 41 % 15116 Jan. 16% 16iiie 15*16 11 — — 421*16 46% 185% 175% 44*ie 12_ 44% 48 188% 188% 161*16 17*16 15% 151*16 44s 48% 191 190% 179i6 17% 15% 16 ll 44% i6 6 definite trend and *lnc are the official buyers' mills was ber, in instances as much as Output Placed at 1,490,321 The "Iron Age" reported that on the companies producing pig iron, in its issue of Jan. 13 basis of revised returns from production of coke pig iron in actual too Tons Dec9mb3r was 1,490,324 compared with 2,006,724 tons in November. The daily rate last month showed a decline of 28.1% from that of November, or from 66,891 tons to 48;075 tons. The "Iron Age" further disclosed that: gross tons, Total output tons in 1936, a On Jan. for 1937 was 36,611,317 tons, gain of 19.6% and was the compared with 30,618,797 produc¬ highest since 1929, when 42,285,769 tons. tion totaled 1, there were 95 furnaces making iron, operating at a rate of with 113 furnaces on Dec. 1, producing at the Twenty furnaces were blown out or banked and 44,470 tons daily, compared rate of 58.965 tons daily. two furnaces were put in blast. Troy furnace, South Chicago (old), one Gary. Carnegie-Illinois Steel Corp.; two Tennessee Coal Iron & Railroad Co.; one Cambria, one Sparrows Point, Bethlehem Steel Co.; one Perry, one Toledo, Pickands Mather & Co.; one Oriskany, E. J. Lavino & Co.; one Riverside, Wheeling Steel Corp.; one Weirton and one Detroit, National Steel Corp.; one Pioneer, one River, one Haselton, and blown out or banked were the following: of the Troy Furnace Corp.; one Clairton, one Ohio, two Among one the furnaces Trumbull Cliffs, Republic The two furnaces put in and the Ironton furnace DAILY AVERAGE 8TATES BY Steel Corp. 2 of the Inland Steel Co., Co. blast were Madeline No. of the Columbia Steel PRODUCTION OF COKE PIG IRON IN THE UNITED MONTHS SINCE JAN 1. 1932—GROSS TONS January 1937 1933 1935 1936 39,201 47,656 65,351 103,597 19.798 31,380 1934 18,348 1932 February 33,251 62,886 107,115 31.201 17,484 45,131 52,243 57.448 March... 57.098 65,816 111,596 April 28.430 20,787 57,561 55.449 80.125 113,055 May 25;276 28,621 65,900 55,713 85,432 114.104 20,935 42,166 64,338 51.570 86.208 103.584 28,412 24,536 54,134 54,138 74,331 108,876 18,461 57.821 39.510 49.041 83,686 112,866 17,115 19,753 59,142 34,012 29,935 56.816 87,475 116.317 50.742 59.216 91,010 113.679 October 20,800 43.754 30,679 63,820 96,512 93.311 November 21.042 36,174 98,246 66.891 17,615 38,131 31,898 33,149 68,864 December 67,950 100,485 48,075 23.733 20,199 43.592 67.556 83,658 First six months. July August September .... half points this incoming tonnage at most 25%, and some mills are not as much change, as many manufacturers have not concluded inventory taking. The "Iron Age" further stated: Some of the mill activity last week was brought about by orders that were placed in late December for delivery immediately after Jan. 1, but when these were completed there wasn't sufficient additional business to maintain the same rate of operations. For example, the Pittsburgh district ran last week at 30% (revised estimate) and this week is down six points to 24%, while the nearby Wheeling-Weirton district is up two points to 46%, with a further slight increase in prospect for next week. The Chicago area is doing a little better at 26% against 24%% last week, the Valley rate has risen from 22 to 28%, the Cleveland-Lorain area has gained one point to 26%, the southern Ohio district is at 31% from no production last week, while the Detroit average is up from 22 to 46% because of the starting up of open-hearth furnaces at the Great Lakes plant, which was not making steel for two weeks. two is or somewhat over the demand over the next month continuance of uncertainties that center business to improve companies expect While steel rapid acceleration in present low volume, no indicated because of the at Washington. whose situation was made clear at Washington of General Motors, is buying very little steel. week of the new year was about 54,000 cars and trucks against 92,000 in the corresponding week last year. In the construction field a significant development was the survey con¬ The automobile industry, last Its week by the President output for the first Manufacturers' Association, which revealed that $39,558,000 have been deferred or abandoned of the undistributed profits tax. Meanwhile, structural steel lettings continue at a seasonal low point, having been a little more than 11,000 tons in the week, a good deal of which was public work. New projects out for bids total 1.5,000 tons, including 3,000 tons for a dam at Clarksville, Mo., 1,700 tons for a New York World's Fair building, 1,500 tons for two schools in the Bronx, New York, and 1,075 tons for one in Queens, N. Y., and 1,250 tons for a dam at Possum Kingdom Bend, Tex., which also requires 4,500 tons of reinforcing bars. Reinforcing steel awards of 12,000 tons include 4,195 tons for the United States En¬ gineer's office at Los Angeles and 1,900 tons for a canal at Knob, Cal., while new projects also total close to 12,000 tons. The Government's naval construction program, to be announced shortly, will take about 175,000 tons of steel, while the plans for the Maritime Com¬ mission for perhaps as many as 63 ships over the next five years will also call for substantial quantities of steel, but these requirements will afford no immediate aid for the steel industry. The Inland Waterways Corp. is expected to award shortly a contract for 20 barges taking 13,000 tons of ducted by the Illinois building plans amounting to by 100,305 June Age" reported that although well this week as they were last week. However, little time has elapsed since the turn of the year to expect operating December Pig Iron Buying Develops correspoinding period of Decem¬ smaller than in the Metal Exchange; prices tor copper All are 10,784,273 12,825,467 recovering the ground lost in December, no in new business has developed. In the first eight business days of January prices for the first session of the and tin are the official closing buyers' in pounds sterling per long ton (2,240 lb.) Prices for lead London prices week to 28%, 42% 10-. 489,070 687.241 -(40,859) production has risen two and a 159i6 Jan. 7,347,549 792,310 1,067,365 (23,750) 5,905,966 Steel Ingot Output at 28% But New No Definite Trend Zinc Lead Tin. Std. Copper Coppe*•. Std. Jan. —(19.907) 5,805,235 Total for year 1,149,918 1,133,724 1.414.399 1,343.644 1,304,039 1.268.550 1,186,752 1,107,858 1,047,962 1,007,417 882.643 681,820 661.615 + (44.283) Yearly adjustment 923,703 961.803 Year 1937 f.o.b. refinery quotation. pound above the Jan. 676,315 783,552 January prices for calendar week ended Jan. 8 are: Domestic copper, 10.067c.; export copper, 9.763c,; Straits tin, 41.750c.; New Louis lead, 4.633c.; St. Louis zinc, 5.000c., and silver, 44.750c. The above quotations are "M. A M. M/s" appraisal of the major United markets, based on sales reported by producers and agencies. They are basis of cash. New York or St. Louis, as noted. All prices are In cents per Average i 721.414 534.055 February refinery 4.783c. Year 1936 Year 1935 Year 1934 Year 1933 Month 5.00 4.70 4 85 42.2°2 10.121 10.379 . PRODUCTS BY MONTHS FOR OF STEEL SHIPMENTS OF TONNAGE 58 companies because steel. 12 tnos. average PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE (GROSS TON8) Ferromanganese y Pig Iron x 1937 1936 1937 1936 23.060 24,76r 24,228 24.988 27,757 19,667 19,706,593 3,498,858 3,605.818 January 3.211.600 February 2,999.218 March 3,459.473 April 3,391,665 May 3,537,231 34,632 18.363 34.415 17,549 13,528.226 170,857 23.913 November 2.006.724 December 1,490,324 expected to buy and on 20.658 October was awarded 18,750 tons 1,100 cars on Tuesday, certificates. The scrap the "Iron Half year July August September.. 36,611,317 Year follow through on its recent upward trend, composite price remaining at last week's figure of $14. market has failed to Age" THE 26,100 15,919 26.348 19.805 2,947,365 25.473 24,368 3,115,037 22,674 26.715 30,618.797 324,961 254.728 "IRON include charcoal pig iron, y Included In pig iron figures. Jan One month ago 2.605c. 2 605c. - —2.330c One year ago Steel Corp. Shipments Smaller Shipments of finished steel products by subsidiary com¬ panies of the United States Steel Corp. for the month of December, 1937 were 489,070 tons and for the year 1937 amounted to 12,825,467 tons. December, 1937 shipments wire, en PRICES steel ra'N. beams, tank plates pipe, sheets and hot bars, black rolled sfrlos These pro-Hots represent 85% of the United States output Low High 1937 - 1935 -- 1933 States Based Lb 11, 1938, 2.605c. a One week ago 1934 United AGE" COMPOSITE Finished Steei 1936 xTbeee totals do not rejected all bids on the cars equipment trust 20.205 29.596 3.410,371 2.892.629 2,594,268 2,711,721 2,730.293 2,991.887 rate decision has of rails to Carnegie-Illinois and 6,250 tons to Bethlehem, besides a few thousand tons of tie plates and spikes to other makers. Inquiries include 2,700 freight cars and 10 locomotives for the Canadian Pacific, 150 car underframes for the Missouri Pacific, six locomotives for the Milwaukee, 12 passenger cars for the Chicago & North Western. The Paulista Railway of Brazil has ordered 250 cars and 95 underframes from Pullman-Standard. The Western Maryland, which 128.058 June though no strong movement been announced. The Norfolk looks more promising even expected until a freight & Western has 22,725 26,765 3.107,606 2,025.885 1,823,706 2,040.311 2.403,683 2,648.401 2,586,240 Railroad buying is 1932 - 1931.. ,2.605c. 2.330c. .2.130c. 2.199c. 2.015c. ....1.977c 2 037c Pig Jan. 11, 1938. $23.25 a Gross One week ago One month ago... One year ago Mar. 9 Dec. 28 Oct. 1 Apr. 24 Oct. 3 Oct. 4 Jan 13 2.330c. Mar. 2.084c. 2.124c. 2.008c. 1 867c. 1.926c. 1.945c. Mar. Jan. Jan. Apr. Feb. Dec. 29 Iron [Based on average of basic Iron at Valley $23.25j furnace and foundry Irons at Chicago, 23.25{ Philadelphia. Buffalo. Valley and 20 251 Southern iron at Cincinnati. Ton 1119993331246 360 Financial High 1199332457 Low Chronicle $23.25 19.73 Nov. 24 18.73 1935 18.84 Nov. 5 17.83 May 14 the 17.90 May 1 16.90 Jan. 27 tons 16.90 Dec. 5 13..56 Jan. 3 14.81 Jan. 5 13.56 Dec. 6 15.90 Jan. 6 14.79 Dec. 15 Mar. 9 $20.25 Feb. 16 Aug. 11 11, 1938, $14.00 a Grose Ton* ago..... One month ago... on No. 1 heavy, melting quotations at Pittsburgh, 13.42{ One year ago steel Philadelphia and Chicago. High ...$21.92 $12.92 Dec. 21 Nov 12.67 16 . JUDe 9 13.42 Dec. 10 10.33 13.00 Mar. 13 9.50 Sent. 25 12.25 Aug. 6.75 Jan. 3 6 2t 8 23 Ap 8.50 Jan. 12 6.43 July 11.33 Jan. 6 8.50 Dec. Iron and Steel Institute on Jan. 10 an¬ companies having 98% of the steel capacity of the industry will be 27.8% of capacity for the week beginning Jan. 10, compared with 25.6% one week ago, 27.4% one month ago, and 78.8% This represents an increase of 2.2 points, or 8.6%, from the estimate for the week ended Jan. 3, 1938. Weekly indicated rates of steel operations since Jan. 4, 1937, follow: one use Jan, 1937— 4 79.4% 78.8% 80.6% 77.9% 79.6% 11 Apr. 19 Apr. 26 Jan. 18 Jan. 25 Feb. 1 Feb. 8 80.6% May 24 Feb. 15. 81.6% May 31 82.5% June 7 Feb. 22 Mar. 1 Mar. May 3 May 10 May 17 85.8% June 14 87.3% June 21 8 Mar. 15 June 28 88.9% 89.6% 90.7% 89.9% 90.3% Mar. 22 Mar. 29 Apr. 6 Apr. 12 "Steel" of July July 12 July 19 5 July 26 1937— 91.3% 92.3% 91.0% 91.2% 90.0% 91.0% 77.4% 76.2% 78.6% 75.9% 75.0% _.67.3% 82.7% 82.5% 84.3% Aug. Aug. Aug. Aug. Aug. Sept. Sept. Sept. 2 85.5% 84.6% 83.2% 83.8% 84.1% 71.6% 80.4% 76.1% 74.4% 66.1% 63.6% 55.8% 62.1% 48.6% 41.0% 9 16 23 30 7 13 20 Sept. 27 Oct. 4 Oct. 11 Oct. 18 Oct. 25 Nov. Nov. Cleveland, in its 1937— 1 8 summary steel markets, on Jan. 10, stated: Moderate upturn in steel sufficient battleships now 50,000 the on way about 13,696 on plate. in some features, the Texas Co. dividing about 24,000 pipe between three producers. The pipe is for Colombia, South America. A line 1,350 miles long, from Texas to Resumption of operations after holiday interruptions brought a steelrate of 26% last week, 5 points higher than the preceding week and on level a with the of December. middle Schedules for this week indicate further activity. 2 to 24.5%, eastern Pittsburgh gained 10.5 points to 25.5%, Chicago Pennsylvania 1 point to 31, Youngstown 10 to 24, Wheeling 7 points to 26, Cleveland 8 to 26, Buffalo 7 to 23 and St. Louis No change was made at Birmingham, 63% New England 19% 9 to 21. but a 36.4% 31.0% 29.6% 27.5% 27.4% 23.5% 19.2% Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Dec. 27 1938— Steel ingot production in December in 39 months and were accumulations of member banks on of Jan. 12 approximately $1,390,000,000, of the year, orders the over next > bank ' reserve member to were 1937 was 36,709,139 tons, over the week before; holiday The statement in full for the week ended Jan. 12 in com¬ parison with the preceding week and with the corresponding date last year will be found on pages 394 and 395. Changes in the amount of Reserve bank credit outstanding and related items during the week and the year ended Jan. 12, 1938, were as follows: (+) or Decrease (—) 42,270,183 $ Jan, 5. 1038 $ 11 ooo 000 Jan. 13, 1937 $ + 9,000,000 LOOOIOOO Government securities advances (not including $13,000,000 commttm'ts—Jan. 12) —2,000,000 2,564,000,000 + 134,000,000 18,000,000 —6,000,000 Ford's output at 1929. In slow a pace although slightly im¬ 22,765, compared with 23,715 in the was steel Tin plate exports through November for November was was 6,000,000 -3,000,000 —10,000,000 2,599,000,000 12,755,000,000 2,640,000,000 —4,000,000 +123,000,000 +1,449,000,000 + 1,000,000 +453,000,000 history. Imports Steel's" composite of steelmaking scrap to advance 8 cents, to $13 83, the sixth consecutive weekly increase. This is $1.08 higher than the low point at the end of November. The iron and steel composite is advanced The finished steel average is unchanged at $61.70. 1 cent to $38.93. Copper and lead last week make the first advance in months, the former gaining He. to the basis of 10.50c., Connecticut, and the latter $2 per ton to 4.85c. New York. This break in the continuous decline of many weeks is regarded as significant. banks, which latter will Monday: not be available until the coming ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES (In Millions of Dollars) - -New York City Jan. 12 Jan. 5 Chicago Jan. 13 Jan. 12 Jan. 5 Jan. 13 1938 Loans and investments—total.. Loans—total Commercial, Industrial, 1938 1937 1938 1938 1937 $ A.SS€tS: § $ S $ S 7,852 3,413 7,776 8,634 3,544 3,417 1,941 1,937 2,127 622 624 630 and agricultural loans: On securities 222 223 * 30 30 1,518 1,523 * 389 385 * 186 191 * 26 27 * Loans to brokers and dealers. Other loans for purchasing or 682 674 37 38 carrying securities Real estate loans 213 214 73 74 129 128 130 13 13 37 38 26 1 1 234 233 21 21 Otherwise secured & unsee'd Open market paper. Loans to banks Other loans: ... Otherwise secured & unsee'd U. S. Govt, direct obligations... 192 * * 193 3,069 1,021 3,052 * 32 3,573 35 962 958 Obligations fully guaranteed by United States Government Other securities 383 375 454 * 46 * 14 5 * * 1,126 102 102 95 987 Reserve with Fed. Res. banks.. 932 1,063 255 253 276 2,660 2,586 2,544 618 582 571 Cash in vault 56 58 28 28 36 71 73 81 149 169 183 475 463 489 58 58 74 5,785 5,664 6,392 1,430 1,417 1,575 641 652 597 465 465 456 364 365 193 65 65 67 2,083 2,034 2,431 564 557 626 392 404 Balances with domestic banks.. Other assets—net 56 Liabilities— Time deposits United States Govt, deposits Inter-bank deposits: Domestic banks Foreign banks 378 6 5 4 6 7 361 347 349 15 15 25 1,482 Other liabilities Capital account. * 1,481 1,466 249 250 238 Comparable figures not available. . +112,000,000 +122,000,000 Money In circulation 6,395,000,000 —115,000,000 Treasury cash 3,628,000,000 +6,000,000 Preasury deposits with F. R. bank.. 115,000,000 —12,000,000 Non-member deposits and other Fed¬ larger than for all were the largest month in somewhat less than in October. Borrowings Other Reserve bank credit tons in 1936 the gain was Chrysler, closed over the holidays, reopened to produce All other builders made 6,144, against 6,510 in the preceding Demand deposits—adjusted Since Treasury currency with week; On securities Bills discounted Bllla bought 25.1% Total output was 54,084, against 49,550 General Motors built 22,425, compared with 19,325 of 1929 and the November total an Increase was the holiday week. the preceding period. bonds. Total Reserve bank credit Gold stock.... compared the total of 30,682,704 tons made in Automobile assemblies continued proved estimated principal changes in holdings of bills and securities an increase of $4,000,000 in United States Treasury and a decrease of $4,000,000 in United States Treasury Jan. 12, 1938 1929 production 1,503,474 tons 19.6%. also in 1929. of the iron and from decreases of Industrial 1928 and at was November The were Only exports of 301,280 gross tons were 10 6% less than October total, smaller pig iron shipments accounting for most of the loss. For 11 months exports continued to exceed the similar period in 1936 and increase of $120,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,223,000,000 on Jan. 12, unchanged for the week. notes Despite this shrinkage in period. $115,000,000 in money in circulation, $12,000,000 in Treasury deposits with Federal Reserve banks and $3,000,000 in non-member deposits and other Federal Reserve accounts, offset in part by a decrease of $4,000,000 in Reserve bank credit and an increase of $6,000,000 in Treasury cash other than inactive gold. be in hisftory. daily rate was 27.5% lower, total output the highest for any year since 1929The December figures the lowest for any month since January, 1935. The total output for 1937 27.8% The Week with the Federal Reserve Banks reserves for 10 activity has followed the turn from idle, less than in November and the Jan. During the week ended Jan. 12 member balances increased $122,000,000. Additions Excess year Although pig iron production in December 2,750 units. 00,000 tons of steel, principally plates, to place with mills in the reserves arose 32% lower than in November. Strength in scrap in eastern markets has caused results were the lowest gross tons, exceeded last year. 25.6% holidays and also from light current buying to fill in gaps in inventories. New ship tonnage has been awarded and shipbuilders will have some bank 1,472,241 was the closing months of 1937 total ingot production for the year was 49,507,766 tons, the third highest 3 needs. production In the Cincinnati district all open hearths 30% operation is indicated for this week. Jan. coming in to make possible better rolling schedules. spirit of caution prevails and buying is mainly for immediate Increased Detroit 33%. comparison with Nov. 15 business However, 8. ships, requiring about Bids have been taken making year ago. 1937— U. Twelve cargo pending and steel for two out from time to time. tons of electric welded line and nounced that telegraphic reports which it has received indi¬ cated that the operating rate of steel to auxiliaries. are , The American Jan. naval of steel tons of armor Low Mar. 30 17.75 1931 1938 Iowa, has been surveyed. 18.171 1936...* IS, Pipe tonnage offers (Based $14 00< craft willfcome Steel Scrap Jan. One week Jan. months, for 12 tankers for Standard Oil of New Jersey. The maritime commission pays part of the cost, to cover additional equipment to make 1937 Member bank eral reserve balances 7.193,000,000 Reserve accounts 663,000,000 —3,000,000 +24,000,000 +1,189,000,000 —75,000,000 +94,000,000 Complete Returns As of Member Banks in New York City and Below is the statement of the Board of Governors of the Federal Reserve System for the New York City member banks and also for the Chicago member banks for the cur¬ rent week, issued in advance the of full statements of the mem't Banks until the are given out figures for the selves, and covering the Chicago—Brokers' Loans Member of the Federal explained above, the statements of the New York and Chicago member banks taneously with Returns of Reserve System for the Preceding Week same on Thursday, simul¬ Reserve banks them¬ week, instead of being held following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities cannot be compiled. In the following will be found the comments of the Board of Governors of the Federal Reserve System respecting the returns of the entire body of reporting member banks of Financial 146 Volume Federal Reserve System the for the week ended with the elose of business Jan. 5: shows the following weekly reporting member principal changes for the domestic banks. and agricultural loans deposits credited to declined $41,000,000 in and $84,000,000 at all reporting member banks. Loans to brokers and dealers in securities de¬ clined $45,000,000 in New York City and $54,000,000 at all reporting member banks. "Other loans" declined $9,000,000 in New York City and $21,000,000 at all reporting member banks. Holdings of United States Government direct obligations increased $21,000,000 in New York City, $26,000,000 in the Chicago district and $38,000,000 at all reporting member banks, and declined $9,000,000 in the San Francisco district. Holdings of obligations fully guaranteed by the United States Government increased $9,000,000 in New York City and at all reporting member banks. Holdings of "other securities" declined $15,000,000 in New York City and $39,000,000 at all reporting member Commercial, industrial $18,000,000 in the Chicago district New York City, dependent mainly upon large scale govern¬ expenditures vastly in excess of revenue, the origin from foreign trade. The record of Canadian exports since 1933 is impressive. Without doubt, prosperity based upon world demand for Canadian products, is more soundly estab¬ lished than that based upon deficit spending. Sixty per cent of our exports has been in the United Stages i. deficits, ment Canadian banks in 101 leading week ended Jan. 5: Decreases of $84,000,000 in commercial, industrial and agricultural loans and $54,000,000 in loans to brokers and dealers in securities; an increase $38,000,000 in holdings of United States Government direct obligations and a decrease of $39,000,000 in "other securities;" a decrease of $212,000,000 in demand deposits-adjusted and an increase of $134,000,000 in The condition statement of cities 361 Chronicle upon e., took its recovery with a substantial Canadian prosperity should be only moderately affected. This statement assumes that exports to other coun¬ tries will continue to increase or at least be maintained at present levels. With wheat exports as small as they have been in 1937 this assumption is conservative. Against this viewpoint stands the incontrovertible fact that it is difficult for business men in Canada to remain optimistic when con¬ go to United States, and even countries other than the decline in exports to that country total unsettled in the United ditions are States." of Condition of Canadian Banks the condition of the Canadian 1937, with the figures for Oct. 30, 1937, Comparative Figures In the following we compare banks for Nov. 30, 1936: and Nov. 30, CONDITION OF THE OF STATEMENT OF BANKS OF THE DOMINION CANADA Nov. 30, Assets 1937 Oct. 30, 1937 Nov. 30, 1936 banks. the principal $50,000,000 in the Chicago and $18,000,000 each in the Cleveland and San Francisco districts, and the total decrease being $212,000,000. Time deposits increased $11,000,000 in the Chicago district and $20,000,000 at all reporting member banks and declined $8,000,000 in New York City. Government deposits declined $12,000,000 in the Demand deposits-adjusted declined in nearly all districts, $67,000,000 in New York City, decreases being district, $28,000,000 in the Kansas City district Boston district and at all reporting member banks. banks increased in most of the districts, New York City, $32,000,000 Chicago district, $17,000,000 in the Philadelphia district and $11,- Deposits credited to domestic principal increases being $29,000,000 in the in the being $134,000,000. $8,000,000 on Jan. 5. 000,000 in the St. Louis district, and the total increase Borrowings of weekly reporting member banks were A summary of the principal assets and liabilities of the reporting member banks, together with changes for the week and year ended Jan. 5, 1938, folloAvs: Increase (+) SinceDecrease (—) or , Jan. 5, Dec. 29, 1937 —153,000,000 —1,604,000,000 —161,000,000 +141,000,000 investments—total....21,249,000,000 Loans—total 9,226,000,000 and Loans $ ... " * * 465,000,000 —9,000,000 —75,000,000 + 4,000,000 840,000,000 —54,000,000 —415,000,000 628,000,000 —7,000,000 1,163,000,000 69,000,000 —2,000,000 + 3,000,000 570,000,000 secured and unsec'd 3,947,000,000 On securities Otherwise Open market paper Loans to brokers and dealers in securities Other purchasing for Joans Notes of Bank of _ Loans to banks Canada +9,000,000 —39,000,000 +46,000,000 —33,000,000 + 32,000,000 —115,000,000 —383,000,000 +289,000,000 —89,000,000 —395,000,000 United States Government 214.920,328 7,425,852 22,786,330 113,733,031 25,530,606 "44,178",891 secured, rediscounted made with and balance due from other banks in Canada Due from banks and banking correspond¬ ents in the United Kingdom. Due from banks and banking correspond¬ ents elsewhere than in Canada and the Including bills 4,080,637 and Provincial Government Government securities 3,408,009 22,788,808 22,994,937 88,773,383 United Kingdom Dominion 3,915,135 26,138,803 86,395.247 120,314,085 1,085,302,989 1,093,995,502 1,058,659,966 ish, foreign and colonial public curities other than Canadian se- bonds, debR. stocks and short (not exceeding 30 days) loans in Canada on stocks, deben¬ tures, bonds and other securities of a sufficient marketable value to Railway and other — Canada current loans & discts. in Canada. Other Elsewhere vided for. bank premises... Mortgages on real estate sold by bank.. Bank premises at not more than cost less amounts (if any) written off Liabilities of customers under letters of Real estate other than credit as per contra —212,000,000 —1,206,000.000 +20,000,000 +173,000,000 —12,000,000 —23,000,000 182,903,952 133,786,565 149,215,821 108,183,042 86,806,562 51,567,790 768,263,684 158,569,260 81,520,704 53,200,038 769,731,884 173,452,175 115,669,406 74,671,142 692,647,974 156,407,516 25,318,630 26,384,622 17,943,695 90,700,879 94,314,723 89,638,474 10,359,366 8,347,946 4,296,918 11,475,903 8,746,584 4,198,243 12,302,439 8,790,766 4,380,806 73,411,455 73,965,337 74,966,319 63,551,781 63,929,170 62,856,534 5,981,194 11,532,796 5,9 76,786 11,591,817 7,035,985 9,561,794 1,749,698 1,906,341 1,521,656 ... with the Minister of Finance of note circulation Deposit 174,139,191 131,599,766 . Government of Canada... Provincial governments.. Loans to cities, towns, municipalities and school districts Non-current loans, estimated loss pro¬ Loans to for the security controlled cos included under the fore¬ Shares of and loans to Liabilities— 14,219,000,000 5.225,000,000 deposits 679,000,000 48,913,047 198,522,918 5,900,900 24,074,815 108,876,484 114,060,401 Deposits Loans to the * + 8,000,000 + 9,000.000 —14,000,000 ♦ —7,000,000 * +38,000,000 —1,247,000,000 723,000,000 Otherwise secured and unsec'd 821,000,000 U. 8. Govt, direct obligations 8,056,000,000 Obligations fully guaranteed by United States Government 1,125,000,000 Other securities 2,842,000,000 Reserve with Fed. Res. banks 5,473,000,000 Cash in vault 322,000,000 Balances with domestic banks.... 1,918,000,000 On securities. Time deposits 12,314,146 . Elsewhere than in Other loans: Demand deposits—adjusted 8,529,272 216,095,443 6,022,394 Deposits with Bank of Canada Notes of other banks United States & other foreign currenciesCheques on other banks Loans to other banks In Canada, 5,077,409 7,236,737 51,526^139 Dominion notes.- 4,603,003 3,926,269 9,196,102 Total. cover * or carrying securities Real estate loans. 5,066,131 4,129,971 Elsewhere Call Commercial, industrial, and agri¬ cultural loans: gold and subsidiary coin- In Canada Jan. 6, 1937 $ 1938 $ Assets— Current $ $ $ Other assets not going heads — - 3,292,923,935 3,298,987,096 3,206,528,944 Inter-bank deposits: 5,224,000,000 +134,000,000 —906,000,000 441,000,000 8,000,000 Domestic banks. —1,000,000 —1,000,000 +25,000,000 + 7,000,000 Foreign banks Borrowings * Comparable figures not available. Liabilities Dominion Govt, after de¬ ducting adv. for credits, pay-lists, &o Advances under the Finance Act Balance due to Provincial governments. Balance due to Deposits by the public, Business Activity in Volume of Canada in 1937 Com¬ Favorably With 1929 According to President Royal Bank of Canada—Canadian Out¬ Dependent On Conditions In U. S. pares Wilson of look Predicting improvement from present levels in the a further orderly economic reconstruction an United States and foreign countries during 1938—barring some upset international affairs not presently anticipated—M. W. in many in Wilson, President of the Royal Bank of Canada, told stock¬ Jan. 13 that "if this proves holders at the annual meeting on be to an substantial further to believe, look forward towards full recovery in accurate forecast, we can, I Canada." progress "During 1936 the rate of recovery in Canada was phenomenal, and the high level attained in that year was maintained in 1937", Mr. Wilson stated. He added: "In spite of the moderate recession at the activity in most lines of business year 1929, and in many lines, been established." In their effect upon upon for Canada cannot be considered satisfactory while con¬ ditions remain unsettled in the United States. business gave promise of a In the early part of 1937, rapid and continued improvement, so felt it necessary to warn against that the Government too abruptly." less between labor Canada............. and banking correspond¬ ents in the United Kingdom Elsewhere than In Canada and the United Kingdom Bills payable. Acceptances standing and letters of credit out¬ Liabilities not incl. under foregoing heads and unpaid Dividends declared Rest or reserve fund Capital paid up.. being confronted with problems much United States. In general, the relationship and employers has been reasonably harmonious. A high of cooperation has been maintained between the government, business. Moreover, where the recent prosperity financial institutions and 38,617,001 37,470,354 695,342,882 679,125,141 679,975,818 15,441,992 10,273,881 11,280,503 7,747,355 35,350,028 1,285,510 36,968,501 1,326,765 30,843,056 63,551,781 4,178,685 2,953,184 133,750,000 146,500,000 63,929,170 3,207,435 62,856,534 2,952,955 2,947,693 133,750,000 145,500,000 2,551,540 133,750,000 145,500,000 833,901 3,283,558,012 3,283,701,366 3,198,440,531 Note—Owing to the omission the above do not exactly agree of the cents in the official with the totals given. Canadian Bond reports, the footings In Financing Lower in 1937 borrowing by corporations resulted in a sub¬ stantial decline in the volume of Canadian bond financing Reduced year, according to Dominion Securities Corp. Total offerings of new Canadian bond issues amounted to $671,226,488, compared with $769,285,779 in the preceding year. The following table shows offerings of new Canadian bond issues for 1937 compared with 1936: 1937 Dominion of Canada. Provincials. — -- Municipals Public utilities Industrial and miscellaneous said in part: Canada we are fortunate in complex than those in the degree other banks in Railways Mr. Wilson further "In 8,187,337 33,821,957 much rising prices, to threaten postponement of Government purchasing, and to adopt antiinflationary monetary policies. Personally, I think the brakes were applied so 32,431,107 by the Due to banks last conditions in the United States and Canadian business, Mr. Wilson said: commenting "The outlook particularly mining, new high records have N 112,206,341 46,907,119 public, payable after 1,570,213,802 1,583,694,718 1,546,776,305 notice or on a fixed day in Canada 414,548,166 426,210,980 413,404,322 Deposits elsewhere than in Canada Loans from other banks in Canada, secured, including bills rediscounted.. Deposits made by and balances due to 11,685,193 14,048,763 Deposits end of the year, induced by compared not unfavorably with the record payable on de¬ mand in Canada outlook in the United States, the volume of uncertainty of the business 116,023,209 106,787,781 Notes in circulation - 1936 $298,500,000 143,362,000 $282,335,000 93,985.000 34.340,555 113,025,000 133,000,000 112,600,224 51,960,688 49,918,500 65,880,000 61,605,300 $671,226,488 $769,285,779 reported in the new issue market in December aside from Provincial offerings totaling $5,135,000 and municipal loans of $3,625,300. Total Little activity was 362 Chile Financial Offers Payment of $7.86 Dollar on Bonds, Chronicle much in interest Due After Feb. 1—Foreign Bondholders Protective Council, Inc., Advises Bondholders Not to Accept The Autonomous Institute for the Amortization of have been the of the Co. meagre amount the $4.75 per of the Institute in available for debt service responsibility of the debtor. under the existing Chilean decree, the will remain for at least open from Jan. 1, 1938. Chilean Government The over Council register at once to make that urges of any future acceptable offer to the bondholders. who have not already done so, with the Committee of Holders of Chilean Bonds, 90 Broad and amounts held by were an bondholders, St., New York, N. Y., their 1937 1% has been offered million dollars face amount of bonds The Council will continue to do whatever it properly may to induce the $0,100,751.41, compared with $4,919,- as understood to This subsequent impairment of the offer, and the two previous offers, present two years bond declared in 1930. Total receipts are industries and hence the The repatriation has been made possible Bondholders should know that, and after Feb. 1, 1938, at the office of Schroder Trust reported in advices to New York being served, of interest to the bondholders, coupled with the provision in the law extinguishing the original 1938 payment of $7.80 declaration of $0.05 per bond in 1937 which, in turn, was an increase have through the action of the Chilean Government in continuing to offer such a This payment, the third annuai interest disbursement since the resump¬ of debt service in 1930, represents a substantial increase over the tion 46 H over approximately 7H million dollars. $1,000 bond on the 13 direct and guaranteed external dollar Joans of the on are now as Further¬ have been purchased on the market by Chile with an expenditure of only behalf of the Institute read: Republic, payable 1938 proposed Chilean bond offer. them for interest service, The Autonomous Institute for the Amortization of the Public Debt of the a in The unfairness of the plan to the bondholders is indicated by the fact in Republic of Chile announced yesterday (Monday; much as the Government's participation that while from less than one-half to three-fourths of Jan. 11 issued a statement reiterating its previous recommending bondholders not to accept the Chilean offer which, the Council said, amounted to $3.93 for each coupon, or about % of 1 % interest. The announce¬ per which the bonds n aside under Law 5580 is another most unsatisfactory feature revenues set on on 1937, and twice Law 5580 for the service of its bonds. and after Feb. 1 at the office of the Schroder Trust the third since the resumption of debt service in 1936, and compares with $6.05 in 1937 and The Foreign Bondholders Protective Council, ment January, have decreased appreciably the profits of those $4.75 in 1936. Inc., 1938 amounts which the Government otherwise could have had available under This declaration is stand 15, and this without increasing the tax burden. imposed on the industries fro in the profits of payment of $7.86 on each $1,000 bond of the 13 direct and guaranteed external Chilean dollar loans for 1933, pay¬ on offered in more, taxes Public Debt of the Republic of Chile on Jan. 11 announced Co. was actually been offered a able Jan. actually offered. By similarly using the budgetary surpluses of 1936 and 1937, nearly four times greater interest service could as names and addresses, giving the issues of bonds them, in order that such bondholders may be advised developments in the situation. 573.90 in 1936. Of this amount $2,981,957.53 represented the receipts from the Government's participation in the profits of the Chilean Nitrate Iodine Sales Corporation and and of certain taxes from both on sources Drawing for Redemption March 1 of $183,000 of Credit Consortium for Public Works, of Italy External Loan 7% Gold Bonds, Series B, Due March 1, 1947 $3,124,793.88 represented the receipts or working copper mines. Receipts companies operating were than in 1936, the comparable figures being larger $2,671,068.26 from nitrate and $2,248,505.64 from copper. J. P. of has been applied to the purchase and retirement of $13,198,500 principal amount of dodar bonds, £381,820 of sterling bonds and Fr. 1,727,expenses, 000 of Swiss franc bonds. Since the inauguration of the plan three years ago, the external dollar debt of the Republic has been reduced through purchases and retirements by approximately 16%. The amount of external dollar bonds currently out¬ During the same period, interest declara¬ standing is about $220,000,000. tions have aggregated $18.66 per $1,000 bond. Bondholders or noteholders who have not yet received any payment, the notice points out, are entitled to this full sum upon surrender of the appropriate coupons. have the benefits drawn 20-year 7% external loan sinking fund bonds, dated Nov. 1, 1922, coupons Nov. 1, 1933, and May 1, 1934; 6% external sinking fund bonds, dated Oct. 1, 1926, coupons Oct. 1, 1933, and April 1, 1934; 6% Feb. 1, sinking fund bonds, dated Feb. 1, 1927, coupons Aug. 1, 1933, and 1934; railway refunding sinking fund 6% external bonds, dated Jan. 1, 1928, coupons Jan. 1, 1934, and July 1, 1934; external loan sinking fund 6% bonds, dated Sept. 1, 1928, coupons Sept 1, 1933, and March 1, 1934; external loan sinking fund 6% bonds, dated March 1, 1929, coupons Sept. 1, 1933, and March 1, 1934; external loan sinking fund 6% bonds, 1, 1933, and May 1, 1934. dated May 1, 1930, coupons Nov. Water Company of Valparaiso 6% dated Dec. 8, 1915, coupons Feb. 9, bonds, guaranteed loan of and June April 30, 30. 1934; 1928, guaranteed 1934, and Aug. 9, 1934. coupons Oct. sinking fund 31, 1933, and coupons Dec. 6% bonds April of 31, 1933, 1928, 1934; 30, dated guaranteed sinking fund 6% bonds of 1929, dated May 1, 1929, coupons Nov. 1, 1933, and May 1, 1934; and guaranteed five-year 6% agricultural notes of 1926, dated Dec. 31, 1926, supplementary coupons No. 4 and No. 5. In replying to the above statement, the Foreign Bond¬ holders Protective Council, Inc., said: An offer is coupons due today being published for the purchase of $7.86 of on bonds of the Chilean two more Government and of the Mortgage Bank of Chile, and the Valparaiso Water Works. This offer amounts to $3.93 per coupon or about % of 1% interest. These payments are subject to the provisions of the Chilean Council, Law No. 5580 cf Jan. 31, Feb. 15 The National City Bank of New York, fiscal agent, an¬ principal amount of Kingdom of Norway 20-year 6% sinking fund external loan gold bonds, due Aug. 15, 1943, have been selected by lot for redemption on Feb. 15, 1938, at par, through operation of the sinking fund. Designated bonds will be redeemed on that date at to $716,000 the head office of the bank, 55 Wall St., New York. Odd-Lot Trading on New York Stock Exchange During Week Ended Jan. 8 The Securities and Exchange Commission made public for the week ended Jan. 8, 1938, daily corrected figures on odd-lot transactions of odd-lot dealers and specialists in stocks, rights and war¬ rants on the New York Stock Exchange, continuing a series of current figures being published weekly by the Com¬ mission. The figures for the week ended Jan. 1 were given Jan. on of 13 a summary the in the "Chronicle" of Jan. 8, page 188. The data published are based upon reports filed daily and specialists. The figures for the week ended Jan. 8 follow: with the Commission by odd-lot dealers ODD-LOT TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS IN STOCKS, RIGHTS, AND WARRANTS ON THE NEW YORK STOCK ENDED JAN. 8, 1938 1935, and the in previous years, recommends bondholders not payment offered. as that nounces 1915, Mortgage Bank of Chile: Guaranteed sinking fund 6J£% bonds, dated June 30, 1925, coupons Dec. 31, 1933, and June 30, 1934; guaranteed sink¬ ing fund 6% % bonds of 1926, dated June 30, 1926, still unredeemed. were $716,000 of Kingdom of Norway 6% External Loan Gold Bonds, Due Aug. 15, 1943, Drawn for Redemption coupons: Republic of Chile: external Jan. 11, 1938, $5,000 on thereof. The interest disbursement declared yesterday is applicable to the follow¬ ing bonds and as Consortium for principal amount of the Series A bonds due March 1, 1937, and $12,000 principal amount of the Series B bonds previously that if any different treatment is accorded in the future, assenting as well non-assenting bondholders will Credit Attention is called to the fact that Bondholders accepting the interest payment agree thereby, the notice points out. to the terms of loan service provided in Law 5580 of the Republic of Chile. Decree No. 37, issued pursuant to this law, provides, however, as Morgan & Co., fiscal agents, are notifying holders Public Works, of Italy external loan sinking fund 7% secured gold bonds, Series B, due March 1, 1947, that $183,000 principal amount of the bonds have been drawn by lot for redemption on March 1, 1938, 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, 1938. Fifty per cent of the total is being applied by the Institute, under the terms of the Chilean law, to the interest payment, and the balance, less EXCHANGE—WEEK accept the The Chilean debt situation was considered at a meeting in London on Dec. 15 and 16, 1937, of the bondholders' associations of the United States, Great Britain, France, Belgium, Holland, Switzerland, Germany and Italy, and it was the unanimous opinion of all bondholders' associations , represented, that while this law is not changed, there should be no change in the attitude of the bondholders' associations and that none of the bond¬ holders' associations would recommend acceptance of the sum offered. On Jan. 10, 1936, and on Jan. 18, 1937, Foreign Bondholders Protective Council, Inc., recommended that bondholders should posal of the Chilean Government on the value. for a Chilean external The Council loans to at not SALES No. Ord. Jan. 3.. ^ recommended bondholders not number of reasons, one of the most important of 7,950 194,372 6,880 Jan.5 10,127 167,004 247,633 Jan. 6 7,877 Jan. 7 and 8 accept the pro¬ to 1% accept this service being that any bond¬ the preceding para¬ graph shall extinguish the original responsibility of the debtor, who shall then only be bound by the terms of the present law." The Any bondholder who has setting forth in fuller detail the Council finds these offers unacceptable may obtain the not received reasons same application to the Council. The New York Stock Exchange has ruled why an assenting bond on upon these offers is not good delivery on the New York ^.tock Exchange. The Council's statement of Jan. 18, 1937, indicated that Chile, without increasing her tax burden, but by applying available for debt service, and by using the 1935. could have offered the bondholders in to interest alone all amounts Treasury surplus for the year January, 1936, five times as Value No. Ord. to Shares Sell) Value 4,589 132,244 $4,108,707 4,156 109,058 3,490,799 7,166,920 5,572 149,923 4,655,366 6,096,509 5,670 4,750,067 10,846,850 8,963 157,762 242,308 1.168,385 $35,007,976 28,950 195,683 361,693 47,446 Commission also announced the covering 6,948,163 791,295 $28,953,102 correction the week Jan. of Colombia Bondholders Bank of Canada on Committee Protests 2,000,000 Peso Loan to to a ended 1, 1938. The number of shares sold in odd-lots odd-lot dealers and specialists on Dec. 31 was 166,134. by Royal Munici¬ pality of Bogota The Bondholders Committee for the on Jan. 6 sent the a Republic of Colombia Royal Bank of Canada a letter protesting 2,000,000-peso loan bia. that (Customers' Orders Buy) figure contained in the release That law being still in effect the Council continues to recommend bond¬ holders not to accept the payment. the Council's previous statements to $5,657,773 5,239,924 14,612 Total for week.. of their face holder accepting this payment consented thereby, under Chilean Law 5580, to the wiping out of the obligation on his bond. That Chilean law provides: "The acceptance by the holder of bonds of the payment of a coupon in the manner established in Shares Jan. 4 pay for the years 1936 and 1937 interest approximately PURCHASES (Customers' Orders Trade Date This loan was to the secured municipality of Bogota, Colom¬ partially by a pledge of from the municipal enterprise and from the beer tax, pledged to the city's 8 and 6^% loans. revenue already On Jan. 3 the Committee sent to the Governor of Antio- quia, Colombia, tariff of the a letter protesting a proposal to reduce the on the transportation of coffee. This Antioquia Volume Financial 146 communication said that such Antioquia Railway by approximately 345,000 annually; the letter also says: pesos f reduction would lower the a of the income In view of the fact that the from this railway are pledged revenues the security of the 7% bonds of 1945 Series A, B, the freight rates as proposed for C & D, the reduction in would seriously impair the security pledged for these bonds. Market Value of Listed Bonds York New on Stock Exchange Jan. 1 Above Dec. 1 The following announcement showing the value of listed bonds on total market the New York Stock Exchange was issued by the Exchange on Jan. 8: As of Jan. 471,418 1, 1938, there were Stock Exchange, with a total market value of $42,782,348,673. the New York Curb Exchange represent round-lot sales of stock effected on tinguished from the volume reported by the ticker. The total round-lot volume for the week ended Dec. 18 on the York Stock Exchange, 5,654,540 shares, was 9.4% larger than the volume reported on the ticker. On the New York Curb Exchange, total round-lot volume in the same week, 1,140,925 shares exceeded by 4.4% the ticker volume (exclusive of rights and warrants). For the week ended Dec. 11 the total round-lot volume on the Stock Exchange, New 6,344,530 shares, was 8.1% larger than the volume reported on the ticker, while on the Curb Exchange the total transac¬ 1,375 bond issues aggregating value listed on the Exchange, with a total market value of $12,109,154,661. In the following table, listed bonds are classified by governmental and industrial groups with the aggregate market value and average price for each: par The Dec. 1, 1937 Jan. 1, 1938 data are upon reports filed based Exchange and the New York York Stock Curb Exchange by their respective members. calssified are Aver. Market Price Value Price % $ ■ % ,419,550 ,823 104.77 25,729,793,716 104,27 60.78 61.21 1,963.948,361 ,965,079 ,989 ... Foreign government 14.567 332 Financial Chemical.. Building 73.99 15,458,033 78.52 242,084 ,003 91,613 ,798 19,758 675 Autos and accessories 99.34 240,803,833 91.361.146 98.82 91.50 225,562 881 96.49 151,064 754 99.91 72,090 893 81.46 Land and realty 10,093 628 49.26 Machinery and metals 50,691 712 88.18 Food ... Amusements 59.59 131,916 251 419,410 304 101.28 Mining (excluding iron) Petroleum 67.678 078 87.85 34,788 378 87.61 ,018,652 156 Paper and publishing Retail merchandising 91.07 20.706,205 67.29 35,578,819 99.73 95.39 223,748,673 149,924,926 99.16 84.85 75,061,302 10.592,564 51.71 51,313,624 89.21 57.57 127.786,149 414,771,475 100.05 69,750,734 90.47 81.97 35,502,209 7,037.626.285 65.87 64.21 36,125 495 101.26 manufacturing.. 65.66 Railway and equipment Steel, iron and coke 470,190 885 91.02 468.691,069 2,027 708 24.47 2,353,467 York Exchange Exchange 1,073 867 209 105 208 263 54 111 165,915 766 84.63 164.251,910 253 286 Number of reports received 006,324 407 99.41 1,007.669.744 99.54 Miscellaneous utilities 213,971 749 43.63 231,798,234 47.26 18,018 000 91.00 18,300,000 specialists * as __ 46.93 14,480,173 47.15 11,638 954 50.68 54.49 12,514,455 4,509,671 104.08 42.403,597 122.98 105 specialists: floor on 319 Initiated off floor 59 121 601 Reports showing no transactions 462 612 496 * Note—On the New York Curb Exchange the round-lot transactions of "In in stocks specialists data similarly the New York the functions of the New York Stock Exchange odd-lot registered" which not strictly comparable with specialists on are designated for the New York Stock Exchange, since Curb Exchange perform dealer, as well as those of the specialist. the various classifications may total more The number of reports in the number of reports received entries in more than because, at times, a single report may carry than one classification. made available by the SEC shows the proportion of trading on the New York Stock and New York Curb Exchange done by members for their own ac¬ count during the weeks ended Dec. 11 and Dec. 18: The following data NEW YORK STOCK EXCHANGE—TRANSACTIONS IN ALL STOCKS FOR ACCOUNT OF MEMBERS a (SHARES) Week End. Dec. 11 Per Total Week End. Dec. 18 Total Per 91.50 14,410 520 871 1,074 Reports showing transactions: 83.78 Communication (cable, tel. & radio).. New Stock Exchange 2,591,601,336 101.65 ,606,191 253 101.94 York Curb Exchange York Curb 26.18 (operating) Gas and electric (holding) New York New Stock 90.69 Textile —Week Ended Dec. IS— Week Ended Dec. 11— New Aver. Value These reports follows: as — Initiated Rubber and tires published today New Other than Market Electrical equipment of the ticker the As U. S. Govt. (incl. States, cities, Ac.) excess 7.2% in volume. with On Dec. 1. 1937, there were $47,175,452,551 Exchange and the volume of all those Exchanges as dis¬ total round-lot volume for the New York Stock tions of 1,066,675 shares were 1,376 bond issues aggregating $47,694,- value listed on the New York par 363 Chronicle Gas and electric Business and office equipment Shipping services Shipbuilding and operating 4,472 526 104.71 43.568 473 126.35 Leather and boots Tobacco 163,446 ,795 operating abroad (Incl. Cuba & Canada).. ForeigB cos. Miscellaneous businesses 54.52 165.159,774 54.90 ,057,194 ,362 34,248 ,125 U. S. companies 65.34 1,057,088.802 34,604,375 89.70 42,109,154,661 89.26 compiled by us, gives a two-year comparison of the total market value and the total average price of bonds listed on the Exchange: The the Exchange 6,344,530 transactions of specialists dealers in stocks in which 524,630 529,780 Sold.. Total.. Average Market Value Sold... specialists in which registered—Bought- transactions in stocks in % S 1936— % $ 1937— Jan. 1 39,398 ,759.628 91.85 Jan. 1... 45,053 593,776 1..... 40.347 ,862,478 93.50 Feb. 1 45.113 047.758 40,624 .571,422 94.44 Mar. 1... 45,007, 329,915 44,115 628.647 96.64 Mar. 1 May 1 41,524 ,856,027 93.90 May 1.., 1... 43,920 989.575 39.648 ,252.468 93.83 June 1-. 44.170 837.675 1 1... 8.49 959.710 in stocks in which of odd-lot dealers registered—Bought. 1,034,485 1,001,950 1,395,105 1,453,665 - 93.89 July 10.24 1,299,110 transactions of members, Sold...... 93.33 1 484.310 475,400 640,420 658,690 93.88 June 3.69 417,165 except transactions 96.83 — 3.90 of Total Total round-lot 97.35 Feb. 5.83 659,560 222,175 194.990 495,250 Total Round-lot Price 8.31 230,055 265,195 Average Price 328,000 331.560 1,054,410 - Initiated off the floor—Bought...... 2. Sold Value 5,654,540 and odd-lot registered: Initiated on the floor—Bought 1 following table, Market Cent b for Week effected on ... Round-lot transactions of members except 98.87 42,782,348.673 All listed bonds Total volume of round-lot sales 65.12 97.85 Cent b for Week Apr. 41,807 ,142,328 1 94.47 Apr. 41,618 ,750,056 94.24 July 44,001 162.031 92.98 Aug. 1 41,685 ,172,818 94.78 Aug. 1-. 44,296 135,580 93,93 Sept. 1 42,235 ,760.556 95.39 Sept. 1__ 43,808 755.638 92.76 Oct. 43,305 ,464,747 95.79 Oct. 1.. 43,270 ,678.790 42,591 ,139.774 91.51 1 1__ Nov.1..... 43,179 ,898,504 95.92 Nov. 1 43,779 ,640.206 97.01 Dec. 1. Dec. . in 1. Jan. l._ odd-lot dealers which registered: stocks In In rounds 90.11 42,109 .154,661 42,782,348.673 89.70 2. odd-lot transacspecialists;—Bought 840,774 .---- 1,020,188 tions of Trading on New York Curb Exchanges- —Figures Stock and New York for Weeks Ended Dec. 11 --- 1,860,962 - Total NEW - announced by the Securities and Exchange Com¬ yesterday (Jan. 14), which amount was 18.01% transactions on the Exchange of 5,654,540 shares. 1,786,626 EXCHANGE—TRANSACTIONS IN ALL STOCKS FOR ACCOUNT OF MEMBERS a (SHARES) Week End. 18, it 787,749 998,877 ■ YORK CURB and Dec. 18 Trading in stocks on the New York Stock Exchange by members, except odd-lot dealers, for their own account, amounted to 2,036,4-35 shares during the week ended Dec. 3.94 445,280 In odd lots (including Sold Member 121.250 3.42 434,380 Total...... 89.26 18.01 324,030 308,000 126,380 - — ^2,036,435 * lots—Bought-.....-----. Sold 1938— 22.45 2,848,770 Total Transactions for account of Total Dec. 11 Per for Week Total volume of round-lot Cent b Week End. Dec. 18 Total Per Cent b for Week sales effected on the Exchange - L.'I b0(5l5'675 £ was mission of total During the previous week ended Dec. 11 (as announced by the SEC on Jan. 7) round-lot purchases and sales of stocks for the account of the members, except odd-lot dealers, totaled 2,848,770 shares, this amount was 22.45% of total transactions for the week of 6,344,530 shares. promulgated figures showing the relation of trading by members of the New York Curb Ex¬ change for their own account to total transactions on the Exchange. During the week ended Dec. 18 the member trading was 379,005 shares, or 16.61% of total transactions of 1,014,925 shares, while in the preceding week (ended Dec. 11) the Curb members traded in stocks for their own account in amount of 366,125, wrhich was 17.16% to total volume of 1,066,675 shares. The data issued by the SEC is in the series of current The Commission being members, except in stocks in transactions of specialists which registered: 1. Initiated on the - 44,600 ; Total. Initiated off the 2. Sold- .. ^ -- - 66,650 Total transactions of specialists in stocks in which registered-—Bought... 2.09 53,350 , 2,34 £3,850 34,425 36,180 30,470 floor—Bought ... 2o,450 27,900 20,550 24,050 floor—Bought Sold.. also published weekly, in accordance with its program embodied in its report to Congress in June, 1936, on the "Feasibility and Advisability of the Complete Segregaof the Functions of Broker and Dealer." The figures for the week ended Dec. 4 were given in our issue of Jan. 1, page 35. In making available the data for the weeks ended Dec. 11 and Dec. 18 the Commission explained that the figures for figures Round-lot transactions of 3.12 88,275 3.87 Round-lot 254,875 TotaI Total round-lot of all 180,805 366,125 transactions of specialists in which The 17.16 68'£8£ 59,767 registered—Bought term 10.40 379,005 16.61 in stocks SoKj Total 237,380 185,845 193,160 }8£,320 members—Bought Total.. a 11.95 transactions for accounts 8old Odd-lot 106,54o 130,835 128,590 126,285 Sold.. 64.300 128,156 139,918 "members" includes all Exchange members, their firms and thei partners, including b Percentage of calculating these special partners. members' transcriptions to percentages the total Exchange transactions. total of members' transactions is In compared with 364 Financial Chronicle twice the total Exchange volume for the reawon that the total of members' transac¬ tions Includes both purchases and sales while the total Exchange volume Includes tions begun Jan. the as result of preliminary investigations, authorized without preliminary investigations. only sales. investigations carried from the over The Securities and Dec. 31 of vestigations, 31 the on that it has adopted a rule under the Public sought for wise arise result a General of differences Counsel between (Release No. an 54) the opinions recently announced in the matter of the Peoples Light & Power Co. as to the manner of handling these cases (Release No. 885). The announcement of the SEC con¬ tinued The : rule new ganization plan provides to any subsidiary, any that for court file proposing person any Federal first must with submit to registered a the holding Commission an any reor¬ company application or for approval of the plan. Under the 12(e) rule, designated Rule 11F-1, such new combined with and application for an and forms thereunder. will determine whether additional material retain but the those not plan, When additional consider but in an applicant on Release No. be may 64 was an be submitted for receiver had or In the Peoples relied company the both & good Broadens New Rule the theretofore of the of the or In the to plan or issuance of by Power faith case, that on opinion, Effective results in of and in flowing the Commission Definition in for approval were a concurring from Release pointed out. "Manipulative Exchange Act— March definition of the term "manipulative, decep¬ on Jan. 5. The rule, to be known as Rule MC9, will become effective March 1. The following is the text of the rule: Rule MC9—Use of Pro Forma Balance Sheets term trivance," "manipulative, include the receipt and each in used as use of financial application of of securities, statement deceptive, Section is unless based such statement in of part the are the of statements any other or 15(c) the large give proceeds assumptions as as device hereby purporting to clearly set forth type at least is con¬ effect to the sale from which upon or defined each to the or such as part of the caption to that used generally in the body of the statement. Called Council on international economic matters. The Board recom¬ mended that the idea of a Government agency to represent holders of foreign bonds, as provided by the Securities Act of 1933, be abandoned because the Council was "the more appropriate agency." In discussing the duties performed by the Council, the Board said in its report: The of success outside its the control. Council's Progress of impediments work in is dependent general on economic international to many may conditions and recovery payments Still each as well debt remains a Annual Report of SEC Warns Exchanges to Improve Checks of Manipulation and Deception— Commission Says They Have Failed to Police Mar¬ kets Effectively—Outlines Investigations in Prog¬ ress manipu¬ lative and deceptive practices," the Securities and Exchange annual report to Congress, said Commission, in its third that "in the consequence, burden of detecting and insti¬ tuting proceedings against such practices has rested almost entirely upon the Commission." The report, covering the fiscal year ended June 30, 1937, was made public on Dec. 30. "During the year," the report stated, "machinery was set up a systematic coverage of trading in as large a number of There is no uniform picture. A few improved their foreign payment relations that they were willing this year to undertake permanent debt settlements on terms which bondholders However, organizations could recommend there network of the has been only limited fair as progress interdependent restrictions which to residents of other countries other purposes. which to the toward bondholders. removal as was considered practical in the problem of detection of A total of 2,778 exchange issues close of the fiscal year and 225 securities traded in To facilitate the an manipulation." were effort to solve It continued: under regular observation at the price and volume records of approximately over the counter detection were for bond service in, were classified persons called upon to report under Section 16a of the Act (officers, directors and principal stockholders) were reviewed. The stock ticker tape quotations of the New York Stock Exchange and the New York Curb Exchange were under continued surveillance and lists of daily security transactions were regularly examined. Transactions on all exchangas were tinized. On July 1, process. 1936, 54 preliminary and 30 formal constantly investigations scru¬ were in During the year, 420 reports dealing with the probability of exchange markets, and 72 preliminary investigations were made. As a result of these preliminary investigations, 18 new formal investigations were authorized, 60 were closed or completed, and 48 were manipulation on in process as of June 30, 1937. In addition to the 18 new formal investiga¬ the for Regimes of partial payment of foreign bond service under During 1937 there have been cases time continue widely of defaults in bond service had failure to make cases new adjustments to succeed expired temporary adjustments; of direct tender to bondholders of partial payments by debtors long in default, and by debtors whose proposals for the current year have been default which have shown in 1937 a disposition to negotiate, and long in cases of others which have not yet manifasted readiness to discuss their indebtedness with bondholders or their organizations. In these varied circumstances the Board of Visitors beiiewes that the Council has been earnestly and actively endeavoring to obtain adequate consideration for American bondholders work and the recognition it American bondholders have unilateral action has obtained as a discouraged foreign Its active competent spokesman for governments from taking adversely affecting American bondholders, and have been cases in obtaining the initiation of negotiations where influential in several default or unilateral action ductiveness of its work for otherwise might have continued. The pro¬ is, of course, not to be measured by the negotiations completed in the year. Besides these and the several incom¬ plete negotiations in progress, which may soon result in settlements which the Council can a year, recommend to bondholders, the Council has been of service to American bondholders in many ways less of persons not likely to come to the attention directly affected thereby. The Council reports that its expenditures for the 11 months Nov. 30, 1937 were $82,630.44, as ended compared with $75,065.75, $77,027.49, and $100,860.65 for the full years 1936, 1935 and 1934, respectively. In part the report also said: The manipulation, all securities, wherever according to the broad categories of industry. The reports of changes in beneficial ownership of equity securities by those traded or previously been paid in full throughout the depression; cases of break-downs of temporary adjustments before their expiration and of made. of of many countries enforce on whether temporary arrangements negotiated from time to prevalent. for securities as so and to accord them forceful and single-minded representation. Asserting that the national securities exchanges of the country "have not as yet demonstrated the capacity them¬ selves to police their markets effectively against the separate problem subject to national and local international conditions. as countries have viewed with disfavor by bondholders organizations; cases of debtors Third in be regarded prerequisite to general termination of defaults by permanent adjustments. payments fraudulent Act, Protective the removal 1 Bondholders The Board was formed in 1937 at the request Council itself, and comprises William O. Douglas, SEC Chairman and Herbert Feis, State Department adviser Tprm Securities or contrivance," as used in Exchange Act of 1934, is contained in a new rule adopted by the Securities and Exchange Commission financial other or to the Council. of where cases Federal court before registra¬ the Commission found that a other fraudulent device exchange registrants Foreign Bondholders Protective Council, Inc., has obtaining recognition as a "competent spokes¬ man" for American holders of foreign issues, and has dis¬ couraged foreign governments from taking unilateral action adversely affecting American holders of foreign bonds, it was reported on Jan. 8 to the Securities and Exchange Com¬ mission and the State Department by the Board of Visitors passed the Securities The the succeeded in shall plan. returning approval Commission administrative Used as A broadened or of accounts The substantially Commission not necessity after the companies and Device" the subsequent to not the socilitations, acquisitions any to the Light in filed amendments out the provisions of avoid been appointed "unsatisfactory 64," to tive, the "Competent Spokesman" for United States Bond¬ holders—State Department and SEC Make Public Report of Federal Board—Adjustments with Poland—Settlements with China and Uruguay opinion of the General Counsel to the effect that registered holding companies and their subsidi¬ aries need not SEC for Foreign it involved. plans No. of the plan, on even though this The Commission, however, amendments any occasions numerous which opinion, passes satisfied, are case carry will reorganization the the specific approval of securities tion. sections completely detailed. to by it is appropriate to manner trustee Commission including only definitive documents, inquiry to whether or not any matter Commission a the or its not this is jurisdiction of modifying limit closed and 5 were on rules approval trading, the Commission Of these, 10 of June 30, 1937. persons. solicitation of proxies. If the plan includes acquisition of assets or issuance of securities the application, in addition to other appropriate matter, may at the same time include the information required by Sections 6(b), 7 and 10, and the will . . as siderations an application may be Commission report under Section 11(g) a . 60 were pendingjat fully compared with $4,677,302,000 effectively regis¬ tered in the year ended June 30, 1936,,and $948,471,000 during the preceding fiscal year. In addition, there were effectively registered during the year $164,462,000 of voting trust certificates, certificates of deposit, and securities pro¬ posed to be offered in exchange for registrants' or prede¬ cessors' securities. This total compared with $157,747,000 of similar securities registered in the preceding fiscal year. Of the aggregate new securities effectively registered, about $298,515,000 were registered for reserve against the conversion of other securities. Thus a total of $4,387,781,000 was available for present or future sale for cash or other con¬ effective, early and there The report said that during the year new securities with estimated gross proceeds of $4,686,296,000 became a as of year. 15 preliminary investigations. were in process as reorganization plan of a registered holding company in the Federal courts. The new rule, the Commis¬ sion explained, eliminates uncertainties which might other¬ opinion of the 12 were Of these 60 formal in¬ closed during the year and 29 were still were result of surveillance of over-the-counter a authorized Utility Holding Company Act of 1935 to clarify and simplify the procedure to be followed when the Commission's approval is end As Exchange Commission announced there Thus, with the 30 formal previous fiscal year, formal investigations in process during the year. Ruling Simplifying Procedure for Reorganization Registered Holding Companies Adopted by SEC 1938 IS, ordinary operating expenses for the Council for the 11 months ended Nov. 30, 1937 (exclusive of charges directly allocable to negotiations with foreign governments), showed but a slight increase over the comparable figures for 1935 and 1936. The Council's payroll for its four officers (two at $15,000 each, one at $7,000 and one at $4,000) and for its five or six clerks, is approximately $50,000 per annum. Over $4,000 was directly allocated to the cost of the annual report, for the year 1936, a useful and informative volume of 866 pages. Direct outlays for negotiations during the first 11 months of 1937 were, in round figures, $14,800, as compared with $8,900 for 1936, and $4,100 for 1935, this increase accounting principally for the increase in total expenditures over these two years. These outlays were with respect thereof. period to negotiations Slightly with more respect to with 22 foreign governments than $10,400 of this negotiations with nection with those negotiations, sum was Cuba Dana C. Munro, and as or subdivisions expended during the Colombia. In con¬ the special representa¬ tive of the Council, made several trips to Cuba and Colombia. . . Volume Financial 146 $7,369,114 for 1937, Compared $7,326,847 for Previous Year—Year's Report sented by President S. Sloan Colt Earnings by its total expenditures of $82,630.44 for the first 11 months of this year may be briefly summarized. The Council has arranged two temporary adjustments with Poland involving of the Council's operations, as financed eight bond issues, two permanent settlements with China involving two permanent settlement with Uruguay involving and one different issues, another Uruguayan negotia¬ tion shortly.) It is understood that in two other cases prolonged negotia¬ tions have virtually resulted in debt settlements. The Council has also taken action with reference to many other debtors. These various nego¬ tiations involved four trips by the Council's officers or its representative to (The Council hopes to conclude four issues. Cuba, two to Colombia, Value and two to Europe. Commercial Paper Outstanding as of Reported Federal Reserve Bank—Total of $279,200,000 Dec. 31 Compares with $311,000,000 York New by Nov. 30 The following total value of announcement showing the outstanding on Dec. 31 was issued on Jan. 11 by the Federal Reserve Bank of New York: Reports received by this Bank from commercial paper dealers show total of $279,200,000 of open market paper outstanding on Dec. 31, 1937. commercial paper a This figure for Dec. 31 compares with $311,000,000 out¬ standing on Nov. 30 and with $215,200,000 at the close of December, 1936. Below we furnish a two-year com¬ pilation of the figures: Nov.30... Sept. 30.. 267,600,000 243,800,000 . June 30.. May 31.. Aug. 31... May 31. Apr. . 30.-. 286,900,000 285,000,000 .. . . Mar. 31.. Feb. 20-. . Jan. 21.. . 197,300,000 205,200,000 Sept. 30--..Aug. 31 173 700,000 .180 ,200,000 191,300,000 198,800,000 . . 184, 300,000 . 215,200,000 . 31... June 30... 30.. Apr. . . 168, 700,000 . 175 ,600,000 177 ,721,250 1935— Colt, President of Bankers Trust Company of York, reported to the stockholders at their annual meeting on Jan. 13 an increase in the bank's undivided profits for the year of $2,994,601 to a total of $26,932,372 as of December 31, 1937, increasing total capital funds to $101,932,372. This compares with undivided profits of $23,937,771 and total capital funds of $98,937,771 at the end of the previous year. Net operating earnings for the year were reported at $7,369,114 compared with $7,326,847 for the preceding year. In addition to these earnings, there was credited to profits $1,228,013, representing net and miscellaneous credits. Divi¬ undivided recoveries from reserves totaling $5,000,000 were declared and further net charges of $602,525 against undivided profits were used to write down securities and other assets. The market value of all of the bank's securities at the end of the year, based dends quoted prices, was $8,802,609 in excess of the amount they are carried on the bank's statement, Mr. Colt reported. Tnere has been no change in the method of valu¬ ing securities in the investment account, it is stated. The bankV contingency fund, shown at $5,500,000, reflects a reduction of $2,700,000 during 1937, which was credited to reserve accounts. In the "Wall Street Journal" of Jan. 13 upon at which stated: was Mr. Colt revealed, when questioned by a stockholder, that approximately 22% of the bank's holdings of U. S. Government obligations in excess of five years, with of "other securities $12,000,000, and amounting to a little less than With one exception, Mr. Colt of short maturity. are have a maturity Holdings the rest having a shorter maturity. investments," 171,500,000 31. utility and railroad securities, with the exception of the bank's German The German credit is carried at approximately $2,500,000 and has a full reserve against it. Mr. Colo declined to forecast the trend of commercial loans. During December Noted in Volume of Outstanding Bankers' Acceptances— Dec. 31 Total of $343,065,947 Compares with $348,026,993 Nov. 30—$29,751,016 Below Year Ago The of volume outstanding bankers' acceptances on that the bank had "been making a Security loans, in line with the decrease of $4,961,046 from the Nov. 30 figure Jan. on BANKERS' 11: ACCEPTANCES OUTSTANDING—UNITED FEDERAL RESERVE DISTRICTS DOLLAR STATES —BY Dec. 31, Federal Reserve District 1. Boston 2. New York 6. 12,115,999 1,049,060 Atlanta Chicago— t, 874,387 1,192,110 1,961,236 Richmond ... Q. St. Louis........ . 532,927 1,390,914 17,645,001 868,588 2,587,116 1,933,208 2,159,497 2,251,005 26,527,937 "3",007,922 2,412,043 25,921,428 George W. Davison, Chairman of the $348,026,993 of Jan. 13 had the following to of Government from 7% to 10 years, 10% from three to five years and the remainder less than three years. In answer to a question about foreign credits, he said Central said that about 7 A% have maturities ranging Hanover had a few foreign loans, some German loans "which are States Government bonds." of the employees rated last year ...... San Francisco Grand total United 90% voluntary pension play inaugu¬ Mr. Davison said that approximately had become members of a Net Profits of New York Trust Co. in 1937 $3,195,931— Report Presented at Annual Meeting N. Buckner Chairman of Board by Mortimer profits for 1937 of $3,195,931, before adjustments charge-offs, were reported by Mortimer N. Buckner, Chairman of the Board of the New York Trust Company at the stockholders annual meeting on Jan. 12. Net operat¬ Net decrease for year, $29,751,016. Decrease for month, $4,961,046; all of which were current, and including in every case secured either by cash or and made effective Aug. 1. 6,413 Dallas say: question about the company's holdings a securities, Mr. Davison $372,816,963 Kansas City Board, stated that the earned approximately $7.50 a share on the bank's capital stock in 1937, compared with $6.50 a share in 1936. Mr. Davison is quoted as saying that the earnings and the addition "to our undivided profits is noteworthy and satis¬ factory." Regarding his comments the New York "Sun" company 27,395,390 Minneapolis.. 1. 12. 4,273,483 the stockholders of the Central Company of New York on Jan. 13, At the annual meeting of Hanover Bank & Trust 13,478,081 $343,065,947 9. 11. $38,783,135 263,443,872 $31,567,951 248,613,273 16,079,328 3,114,408 1,214,131 1,950,589 13,524,079 246,738,783 15,351,543 3,320,882 . 1936 & Trust Company New Ydrk Replying to Dec. 31, Nov. 30, 1937 $30,624,184 — Philadelphia 4. Cleveland 3. 5. 1937 the end of 1937 than a year earlier. Approximately $7.50 a Share in 1937 Compared with $6.50 a Share in 1936—Report to Stockholders by G. W. Davison, Chiarman of of $348,- The acceptances on Dec. 31 were $29,751,016 below those outstanding on Dec. 31, 1936. During Decem¬ ber gains occurred only in the case of credits drawn for exports and for dollar exchange in the comparison of the Nov. 30 and Dec. 31, 1936 figures. The report for Dec. 31 was issued as follows by the New York Federal Reserve Bank He remarked loans." Its general trend, were down. Earnings of Central Hanover Bank reported by the acceptance analysis unit of the Federal Reserve Bank of New York, totaled $343,065,947, 026,993. special effort to find good commercial loans, he said, were higher at Dec. 31, as a said, They are about evenly divided between they mature no later than 1940. credit which is included in this item. Dec. $4,961,046 of Decrease with Pre¬ Sloan S. .$187, 600,000 31.. July of New it 1936— . 31... July ' $290,400,000 .$279,200,000 Mar. 31 311,000,000 Feb. 28 323,400,000 Jan. 31 1936— 331,400,000 329,000,000 Dec. 31 324,700,000 Nov. 30 284,600,000 Oct. 31 31... Oct. " ' 1937— 1937— Dec. Operating New York Shows Net Bankers Trust Co. of Use of Funds The scope 365 Chronicle and ACCORDING TO NATURE OF CREDIT Dec. 31. 1937 Domestic warehouse credits——. Dollar exchange Based on goods stored between foreign 31. 1936 83,854,495 $126,154,852 85,899,812 8,691,609 70.487,210 11,911,341 70,799,651 1,489,015 1,817,854 61,446,651 76,233,453 $122,058,013 1,869,903 Exports Domestic shipments Dec. 1937 Nov. 30, $117,248,428 86,764,838 7,688,659 69,999,661 Imports in or shipped 59,494,458 countries BILLS HELD BY ACCEPTING The decline in 1937 was less funds were employed and to the increased reserve requirements, explained Mr. Buck¬ ner, according to the New York "Herald Tribune" which recoveries, of ..-$147,468,635 130,931,153 Bills of others $278,399,788 Total Of the was profit for 1937, $2,500,000 was Selling Rate Rate Buying Days— Rale Dealers' Selling Rate $27,106 was added to undivided end, of the bank's total 120 »« A A ®i« A »n 60 A ht 150 90 A 7ie 180. ... table, compiled by us, furnishes a record of the volume of bankers' acceptances outstanding at the close of each month since Dec. 31, 1935: The following Dec. 31. 396,957,504 June 30 384,146,875 376,804,749 359.004.507 343.694,299 330.531.460 316,531,732 31 315,528,440 31 Feb. 29 Mar. 31 30 May 30 Apr. July Aug. 31 Sept. 30 1936— Jan. 1937— 1936— 1935— Oct. 31 Nov. 30. Dec. 31 Jan. 30 Feb. 27 Mar. 31 $395,031,279 385,795,967 364,203,843 July 31 351,556,950 Aug. 31 343,881,754 Sept. 30..... 344,419,113 $308,112,141 315,000,590 330,205,152 349,053,490 372,816,963 Apr. 387,227,280 401,107,760 396,471,668 Oct. 1937— 71% mature in from one to against special deposits. ht A 30 Dealers' Dealers' Dealers' Buying BANKERS ACCEPTANCES distributed in dividends, $650,000 contingencies, $18,825 was used for adjust¬ profits. holdings of United States govern¬ five years, 21 ]4% from five to ten years and 7A% have longer maturity. Of the total holdings of other bonds and securities, 20% are in state and municipal classifications, 17% in rails, 17% in industrials, 8H % in utilities, 11% in stocks and 26.4% have a special nature, such as Reserve Bank stock and securities carried ments and ment securities, Days— $4,568,282. transferred to reserve for At the year $664,801. CURRENT MARKET RATES ON PRIME JAN. 11, 1938 was largely due to the fact that added: BANKS Own bills Decrease for month, ing earnings, it is stated, exclusive of security profits, totaled in 1937 $3,059,168; net operating income in 1936, exclusive 30 May 29 June 30 30 346.246.657 Nov. 30 348,026,993 31 343,065.947 Dec. Report to Stockholders of National New York Finds Three Causes for Recession—End of Inflationary Support James H. Perkins in City Bank of Business by Government, Increased Production Cost and Existing Uncertainties—Combined Net Eearnings of Bank and City Bank Farmers Trust Co $11,- 431,129 "The natural slackening after the forward buying and' stocking up of inventories last spring was important among the immediate causes of the recession," says James H. Perkins of the National City Bank of New York, "but," 366 Financial he "other notes, ficance." causes to me seem Chronicle be of to deeper signi¬ "These," he says, "may be grouped under three general headings: one, the increased cost of production; two, the ending of the inflationary support previously given to business by the Government's deficit financing, and, three, the effect of existing uncertainties in retarding the flow of savings into new industries and private enterprise, thereby making impossible the sale of stocks or even bonds in the amounts required to create new facilities or increase output." These comments by Mr. Perkins, who is Chairman of the board of directors of both the National During the first is causes Operating Jn part, due to a heavily taxed community is in agency the what the people. we never, on higher and more Economic systems rise out in to a Mr. or Mr. But the moment Perkins explained Mr. us . Col. community, thereby building up the sale the Government gets its money by selling its securities to the has been largely the case in preceding years, the Government without taking purchasing power away from individuals, and the spending power is increased. When, however, the 'Government receives the money from taxes, as the figures now evidence, it merely transfers the ability to spend the money from the taxpayer to the recipient of the Government check, and there is no added spending power in the total. avoid any possible misunderstanding, Treasury years, I wish debt wo cannot to state emphatically balanced budget is necessary a showing go on a gross increase indefinitely relying of upon Government spending, and courting the dangers that lie in great Treasury deficits. is that when the Government stops or reduces its "pump be such that private industry will take up the must slack. brings to me the third element, which is closely related to the other two; that is the capital market, or the market in which the savings of the people are invested in the securities of industry. It has become plain that saving is handicapped by present tax laws, and . opinion modification but taxes should enterprise. be levied so to as preserve dicts the incentive to saving and the savings of the The problem is to restore that flow, problem ought to be possible through the initiative intelligence of the private industry of the country under adequate trust com¬ $11,431,129.34 for Perkins, who continued: bank earned $9,405,125.69 after deduction of $1,782,000 $1,649,000 for depreciation of bank and reserves having been on for, stock common of trust company which amounting amount $496,000. the bank to Recoveries $6,200,000 provided The surplus of the bank 750,000 to $44,250,000. are paid were $5,704,000 was and increased After setting aside $1,100,000 to cover Federal Deposit Insurance or the by $1,- estimated In the trust company, the policy of using a liberal amount of the earnings to build up reserves was continued. Of the $2,026,003.65 earned, $497,- was paid as dividend, and the by $843,395.72 and undivided the undivided During the applied now year to the with since been reduced profits $1,798,000 stand at $65,400,000 writing down $54,821,953.58. four mortgages has applied to stands at increase At trust been $4,120,758.61. by the bank and day, said that the need for same Com¬ Pre¬ rural relief was 5 to 10% reduction in farm of E. I. du Pont de Nemours testifying before the Committee on Jan. 10, said new that date the to New con¬ probable 23% in sales during the next six months. Testimony on Jan. 11 was outlined as follows in ington dispatch of con¬ a that his company plans to spend $38,000,000 on struction this year, although it has estimated a a York Wash¬ "Herald "But," insisted Colonel Ayres, "the key to this situation lies in the first link of-that chain, namely, with the have public utilities, which cannot fail to great effect on all these other industries." He expressed the belief thai the utilities were able and would be eager a to return to their old billion-dollar-a-year level of expenditures and develop¬ ment, "if they could feel that prospects for a' return would be reasonably good." their on Colonel Ayres made three other pertinent suggestions. bottom of the current slump should be reached the of investment bank and trust company premise In 1933 the bank premises stood at outstanding. company are These mortgages have by sale of $1,200,000 and through the $15,150,000. year about $1,900,000,000 and the resources averaged higher than At the year-end company at are about $100,000,000. . . ever . before in the history they stand at $1,711,552,123.76 and those of $73,396,509.84. Although the net deposits of the Clearing House banks, as a group, have declined nearly 10%, deposits are approximately at the level of a year ago. New York First, he thought during the first half 1938, although recovery would probably be slower which have he pointed out was had in a more our than the descent, "one of the sharpest declines in production we business history," Second, he warned that avoidance general and world-wide depression might depend in large measure "upon how serious soon we can recover here"; otherwise, world a downturn of proportions might develop to retard seriously America's own re¬ Third, he recommended that Congress concentrate on a series of designed to restore business confidence. "I think the most productive investment Congress could make would be repeal of the undistributed profits tax," he said. He urged this step on the practical grounds that what was needed was to eradicate the widespread feeling on the part of business that the government was definitely unfriendly to it. Wallace Tells Farm Plight Henry A. Wallace, Secretary of Agriculture, told the Senate committee "urgent necessity for expanding rural relief" had arisen and was in¬ that creasing daily due to impending drought in certain areas, sagging farm prices, rapid mechanization of agriculture and the industrial slump. He said distress were now Mr. was already widespread and neither Federal local agencies nor equipped to cope with it. Wallace said 532,000 families Security Administration as had received loans from necessity." These grants averaged $20 a month barely enough for the minimum necessities of living, he said. As the most Farm than 500,000 families of $56,500,000 more for "cases of dire or the of December 1, 1937, to a total of $151,000,000. He listed "subsistence grants" to named trust company accomplished Deposits during the the trust Key to as Senate Drop in Farm Income This Year—Lammot du Company Plans Large Expenditures stantly growing, and he forecast the by $4,650,000 and $1,100,000 has been spent on new therefore, the net reduction in our bank off of approximately of the bank. our of was by $685,564.23. was set aside The total resources of the bank of the account balance profits In the last five years, wiriting Before Unemployment—Secretary Wallace not assessments in 1938, the balance of net earnings transferred to the undivided profits account which stands at $14,314,078.91 at the year-end. premises on Utilities to Recession—Testifies income this year. Lammot du Pont, President & Co., Inc., acts was offices. give real consideration Agriculture Wallace, testifying the on for the premises. set aside at the end of the previous year. Dividends which said before. ever Unemployment on Jan. 11, in recommending that the Ad¬ ministration initiate measures to return the utilities to their pre-depression level of spending $1,000,000,000 annually for construction. Secretary of included in the earnings of either institution. year-end He contracts. off covery. The trust company earned $2,026,003.65 after customary reserves of $192,000 and depreciation of bank premises of $149,000. Federal Deposit Insurance assessments paid by the bank in 1937, amounting to $1,110,172.89, were not charged against the current year's earnings of the bank, and pay The public utilities are the "first link in the chain" that could start industrial recovery, Colonel Leonard P. Ayres of the Cleveland Trust Co. told the Senate Committee on of earnings of the bank and pany available for dividends amounted to the year," said Mr. customary of railroads. more details in income statements and balance sheets ■ • "The combined net 043.70 purchase than that he will of 3.13% continuing to Urges Program for Congress which requires that and wise laws. reserves giving are 3.94% Pont Says His productivity is possible without expendi¬ plant and equipment, and the solution of that reserved stock $130,000,000. made up and ... people flow freely into the industries. The with made last year told stockholders also of mittee . the undistributed earnings tax and the We should bear necessary taxation cheerfully, No great or general increase in upon . of capital gains tax is dasirable. and that officers of the bank connection around to was foreign Tribune": The Capital Market ture in amounted 2.58% decline of point my year-end utilities, Ayres Sees Encouragement End . as priming," conditions cus¬ recognize spends in dealing with 900,000 organization When seven are the annual report. underlying the recession, I feel, is the slowing that the progress made in the direction of and constructive. With the Perkins to the matter of increase in labor costs raises the prices of an of consumers' goods.... $21,000,000,000 in we part of this amount 2.13% payments had been all down in the "pump priming," which the Government undertook during the depression. The theory of "pump priming" is that in time of depression the Government initiates various activities which put men to work, and distributes money throughout the This bonds, the that obligations in The second of the factors My at stated more fall in accordance with their capacity . To At home and abroad which Perkins beyond the capacity of consumers to buy, trade and employment necessarily decline and labor, instead of gaining, has lost. total were made by a stockholder. request goods banks, greater in 1937. A its satisfying standard of life for Prosperous labor means a prosperous country, and all of that labor should receive the highest wage that the economic afford. were request was made also by a stockholder that the bank in the future itemize the various items comprising its investments in bonds and other any recognize that the purpose of organized for making life better. can foreseen, was operating expenses their a as City Bank directors will consider the question of paying divi¬ dends quarterly instead of semi-annually, as now is the practice. Mr. Per¬ kins told stockholders he would put this matter before the board in response industrial society is to provide bank, increase of an securities mention labor costs we an .■ expenditure. When It than J:''' ' : In the "Wall Street Journal" of Jan. 12, it was stated: of the unemployed during the crisis, and the attempt been called "piiming the pump" through Government has would add more tomers. by increasing the cost of living. are many, but principally the causes do expenses of the separate checks. necessary support to it In spite of the slowing up of business, the volume of trans¬ going through the bank has reached a new high level. In one day this fall our bookkeeping department and tellers handled half a million brought taxes community spreads itself the whole community, chiefly of the increased taxation over earn¬ National imposition of The our ^ of 1 % in the rate actions of the believe history will show that effect encourag¬ 2.75%. up City Bank and the in the long run, a prosperous community; and I think it should be to the attention of people generally that the or could get an increase of we an and increase of 433 in personnel made necessary by shorter working increased volume of business. Other an hours and he added: particular element months, same rate as last year. 5.36%, partly due to raises, principally employees whose compensation was in the lower brackets, and partly to and increased cost of labor." I in later available domestic funds our Total payrolls showed Jan. 11. on all of on was reversed approximately the 1938 $5,000,000 to the income of the bank. were contained in his report two institutions, at the annual Mr. Perkins cited as the two principal for the increased cost of production "increased taxes the stockholders to source were at interesting to note that if of return IS, part of the year, the volume of loans showed ing trend, which, unhappily, ings from this City Bank Farmers Trust Co., meeting Jan. immediate cause the over-large inventories of the business slump, which piled up last a family, Colonel Ayres winter and spring. Last fall's sharp curtailment of production followed, he pointed out, and if the bottom of decline should be hit by next summer or before, as he believed, the question would still remain whether the relapse would become part of long depression a ATter Mr. his insistence there we was had must be Loyalty A no or only a pause in recovery. Ayres's appeal for repeal of the undistributed Senator Carl A. Hatch, on Democrat, of New restoration of confidence lack of confidence in the '20s recessions. loyalty as I or think confidence is well as confidence. Mexico, picked by remarking: a in the profits him tax, up on "As I look back, beginning of 1937, yet two-edged element. Confidence may be There betrayed. cannot be bought." Washington dispatch of Jan. to the New York testimony of Mr. du 10 "Times" by Louis Stark described the Pont as follows: Volume Financial 146 Questioned by Senator Murray of Wyoming, been a tremendous improvement in there had the justify any fear of the future?" would be detri¬ of our country that would asked Senator Murray. "As I stated, our orders (in in stock, as about $7 a share on the common were for 1937 compared with about $6 his corporation's earnings previously estimated that 1936. Cautious in His Mr. du Pont's attitude discuss that he Suggestions toward the committee members during exmina- prepared views were cautious. He refused to unemployment insurance, aid to the aged indigent and declared had "not thought through" the taxation of profits and other financial "remedy" the capital gains tax, but declined to say whether it should be repealed or modified. While Mr. du Pont said he favored high wages, his main criticism of the Administration was that it permitted a "fog of uncertainty" to cover the industrial scene. This he wanted-to have dispelled. He defined the component factors of the "fog" but declined to offer any specific detail of what should be done by Congress, contenting himself with suggesting that the labor laws should be "clarified" and stating a belief that the Robinson-Patman act and the tax laws had-been so drawn that the layman could not understand their meaning. suggested that Congress ' New Fin¬ United States enterprises generally have for the past few years been endeavoring to adapt them¬ selves to the economic changes taking place," said Orie R. Co. of New York in presenting his report to the stockholders on Jan. 12. ' "Dur¬ ing the latter half of 1937 economists and students of business conditions have admitted their inability to predict the future outlook for business generally" he stated. Continuing he Kelly, President of the Lawyers' Trust required semi-annually, prohibition against pay¬ quarterly. In his report to the stockholders Mr. Fra¬ ments stated that the bank's holdings of ser United States govern¬ securities at the end of 1937 amounted to ment $236,000,000 Of these securities, he said, 401-5% are callable within five years. In addition, 51% are callable or payable within ten years making a total of 91% plus, callable or payable within ten years. From the New York "Herald Tribune" of Jan. 12 we take against $235,000,000 the year before. as the following: discussing the fall in loans and discounts In from . $565,291 to commissions, 4,708 arising from $580,000. The bank's The .number of stockholders increased to 5,102 $1,027,000, from the close at The decline 1936. of deposits to $455,755,000 from in the bank's extent of $31,000,000 to the attributable to the was deposits, owing in part to the increase $526,218,000 in decline in bank in reserve requirements during the The bank had $16,573,000 of government deposits at the year end, a year ago it had none. Reserves for taxes and assessments amounted year. while to but other earnings, etc., increased to $955,364 from 74% rented. building was from $10,600,000 of excess reserves at the Net earnings were Bank. rents, had $121,000,000 total cash and due from the Federal Re¬ $13,916,683 in 1936. Net profits on securi¬ of out end, Fraser said, Mr. bank, fell 1937 non-commercial loans had increased in the year, he " < The serve in the year to $55,264,000 that certain Actual commercial loans lrad really repaid. year said Fraser Mr. $70,538,000 ties "Industrial, commercial and business again declare dividends Comptroller's office in 1935 to been had although, it is stated there was no said.. R.Kelly, President of Lawyers' Trust Co. of York Notes Effect of Various Influences on ancial Capital of Currency dividends of declaration been Orie on quarterly; under a ruling of the and economic questions. He bank the of of the York New the that nounced stockholders of the First Jan. 11 Leon Fraser an¬ has received permission from the meeting of Bank Comptroller he had read his tion after National of Ruling 1935 Securities Government annual Declaration Had Called for Declarations—Bank's Holdings of Semi-Annual At the Quarterly Permits Currency Dividends—Since December) fell off rapidly." had President Leon Fraser Indicates of replied Mr. du Pom. "I think there is," He First National Bank of New York—» That Comptroller Annual Meeting of run." present conditions "There is nothing in the Mr. du Pont agreed that business conditions during but he felt that its policies Roosevelt Administration mental to business "in the long 367 Chronicle in 1936. $1,874,000 in 1937, against $2,424,000 to $1,465,494 from $1,536,959. Operating expenses de¬ clined said: This, together with old gives rise to a future progress in every line of world disturbances quite naturally widespread feeling of uncertainty as to the endeavor. business Insofar as commercial banks have been country with respect trend the time, affected, the trend throughout the downward while, at the same requirements—restricting funds available for The effect of these various influences has perhaps, in New York City, the financial capita to deposits has been of reserve investment—has been upward. been felt most markedly, of the United States. commercial Our and brokerage throughout the year but the toward an loans have remained fairly constant indications in the early part of 1937 of a trend and at firmer rates failed to ma¬ increased demand for money terialize, and the return on loans and investments continued at low levels. requirements were generally increased by the Federal Reserve Board from 193^ to 26% of demand deposits which necessi¬ tated a further sterilization in working funds for our bank of approximately Also, during the year, reserve $2,100,000. The items yearly figures of the company are Banks, Trust Companies, &c. referred to in our on Problems Possible Through Cooperation of Leaders in Government, Labor and Industry if Importance of Intellectual Honesty Is Realized Says President Maguire of Federation Bank & Trust Co. of New York—Bank's Opera¬ Solution tions Country's of for for Bank McLaughlin of Brooklyn Trust Co. as Partly Responsible for Company's Lower Earnings in 1937 Earnings of the Brooklyn Trust Co. of Brooklyn, N. Y. for the year 1937 were $611,215, comparing with $1,100,888 for the year 1936 according to the statement presented by George V. McLaughlin, President of the company, at the annual meeting of the stockholders on Jan. 10. The decrease, said Mr. McLaughlin, is accounted for largely by the fact that in 1936 the company received certain non-recurring commissions upon individual personal trusts, as was explained Credit Such honesty on the past of Government would recognize the of constant attacks on business and unfairness industry and the harm done by such inequalities in the tax structure, and the capital loss and gains tax. Concerning the former, the opinion is very nearly unanimous as to its sad results, and its early repeal should do much to revive industry. Labor should recognize the danger of being used because of its voting strength, for purposes which, in the final analysis, are destructive to labor itself. It should repudiate those of its leaders who are false and unable to tactics. It would recognize and correct especially the undistributed surplus tax make these include profits on directly to reserve for depreciation securities. Recoveries on chaged-off loans, which amounted to a total $86,000 during the year, likewise were not included in earnings,but were cairied directly $875,000 compared with $675,000 at the close of the year 1932. After making provision for dividends of 50 cents per made Un¬ divided profits and reserves at the end of 1937 amounted to $204,556 against $189,476 at the end of the previous year. William Green, President of the American Federation of Labor, is Chairman of the Board of Federation Bank & the past year, a substantial increment was reserve and undivided profits accounts. Trust Co. In our In 1937. items today about reference is made to the which Banks and Trust Companies, Dec. 31 statement of the company. I have stated does not which were credited to reserve accounts. maturing within The company loan of paid approximately 1938, it will pay a minimum five years. has no foreign credits or approximately $73,000, which is commitments except a Hungarian completely covered by a reserve. 4. H. D. Gibson Sound Trust Co. Sees No Depression—Finds Need of by Government, Labor and Earnings of Company Last Year Manufacturers of for Action Reason Constructive $7,467,951—Statement as to Position of German Obligations Declaring that he must tain that Commenting on the bank's operations for the year, Maguire said that there had been added to +he surplus account the sum of $50,000, bringing that item to a total of both the figure $29,000 in social security taxes during of $44,000 and a maximum of $58,000, depending on whether certain legislative changes are made. The cost to the company for group life insurance for employees was approxi¬ mately $11,300 for the year. Our Federal Deposit Insurance assessment was approximately $95,000. We believe our reserves are sufficient to take care of contingencies. Our largest single security position, as is the case among banks generally at present, is in United States Government securities. Over 93% of our Government security position consists of obligations The company cleared of the fog created by third parties to Mr. to earnings The sales of securities, Industry—Net disputes. share during the $25,371 was added to undivided remainder of earnings was either used for write-offs or $328,COO were paid to stockholders during carried into reserve accounts. is not a threat to American and that much is to be gained by cooperation with labor. to see the atmosphere surrounding the innumerable and costly labor disputes of the past year coup'ed $100,000 was added to surplus, profits, and the good their alluring promises. I would like Demand Continuation of low interest rates, Dividends amounting to Industry should recognize that unionism per se institutions, of lack of demand for bank a year, of perplexing problems can be solved by cooperation of leaders in government, labor and industry if they come to realize that intellectual honesty is as important as honesty in the ordinary sense and act accordingly, Jeremiah D. Maguire, President of Federation Bank & Trust Cc., told stockholders at their annual meet¬ ing on Jan. 11, Mr. Maguire said: Lack by President George V. credit, were also, it is indi¬ cated, a depressing influence. These earnings figures are after reserves for depreciation of bank buildings and other real estate, which in 1937 amounted to $183,400. Mr. McLaughlin further stated: with of Year Many of the country's most Cited time. the at and Rates Interest Low "definitely join those who main¬ fundamentally there is no sound economic reason, control, why the United States should now serious business depression," Harvey D. Gibson, President of the Manufacturers Trust Company of New York, in his report to the stockholders at the annual meeting on Jan. 12 added that "certainly the conditions and circumstances which were the direct cause of the post-war depression of 1920-1921, and which later brought about the crash in 1929 and the years following, are not now present." "Our greatest handicap at the amount," said Mr. Gibson, "seems to be a difference in point of view on the part of the Government, labor, and industry, as to which is responsible for the unfortunate downswing in business and employment which we are now experiencing." "What is needed," he asserted, "is realistic thinking and constructive action in beyond be our own suffering a Financial 368 and by the sale of that amount unfortunately seem at the moment conspicuously lacking." In this basis of settlement part Mr. Gibson went on to say: does not unprejudiced understanding of each other's problems is essential; for An interest faith apparent lack of team have for portion of our are . . . Perhaps the present work may be accounted for by the fact that that population finds it difficult to understand, from the available, the operations of our important industries, information which And its operations interested in a new by large corporations generally. It shows, in the simplest of terms, what became of nearly six billion dollars received from the public in exchange goods and services sold over the nine year period. went to pay the time is borne out exports is industry and labor; of the balance, 85% went to Effect the upon could not operate. concludes with the statement: ates us are dependent, one, which we should all approach present problems. A house divided against itself cannot stand. In fact, the of mutual good will would go far toward reestablishing nomic stability, mere our eco¬ the stockholders stated that that the net earnings of the Manufacturers Trust Company from all sources for the year 1937, after all expenses and taxes, and after deducting dividends on Preferred Stock out¬ standing, had amounted to $7,467,951.31. He further reported. during the past heretofore charged off, amounted to $1,391,021.37, $8,858,972,68, of the was making items grand total a position of-the Trust Company during 1937 available for dividends the Common Stock and for other purposes. on year on $5.37 per share, which represents the totai betterment or If this total, $3,299,730 paid in dividends to common stockholders, write down bank $740,191 25 was used to buildings and safe deposit vaults, in accordance with the bank's established custom, $752,479.48 was credited to Reserve account, and the remainder $4,066,571.95 was credited to Undivided Profits account. Of the total net earnings. $7,366,301.95 represents net operating earnings, after deduction of dividends net on Preferred Stock, and $19,289.81 represents profits from the sale of securities after deducting losses. The net oper¬ ating earnings equal $4.46 per share on the Common Stock. compares with $8,111,569, or $.92 per $6,645,992, common share, for the This figure year 1936; $4.04 per common share, for the year 1935; $5,163,600, or or $3.13 per common share, for the year 1934. In explanation of the reduction in net operating earnings prior year, Mr. Gibson cited considerably higher taxes, greater cost of unemploment insurance, and the change in cash reserve requirements by the Federal Reserve Board which has increased the bank's unproductive funds to the extent of some $60,000,000, much of which might otherwise have yielded an income. Deposits on December 31, 1937, were $610,292,.530 as against $631,405,868 at the close of 1936. While this figure shows a decrease, it was pointed out that average deposits for 1937 exceeded the average for 1936. The decrease at the end of the year was brought about by the reduction in U. S. Government funds on deposit and in accounts from States and Municipalities, the shrinkage in tlhs particular group more than accounting for the entire decrease shown at the end of the year. Other types of deposits showed an increase. The December 31, 1937, statement showed total loans of $231,644,434 or approximately $34,000,000 more from the than December 31,1936. Mr. Gibson stated that the peak of the bank's Govern¬ on throp holdings was reached in July, 1936, when the total was $262,500,000. From that time on the bank had effected a gradual and substantial liquidation of Government Bonds, so that by September, 1937, they had been reduced by $135,000,000, or 52%. It is added: Since then, however, the accumulation of idle funds has resulted Notwithstanding this »arge liquidation of securities, that in carried out at times when the market was not some part was on securities sold by $19,289.81. Mr. Gibson, who is Chairman of the American Committee Germany and who returned from London a short time ago where he participated in the annual conference on these obligations, reported that encouraging progress had been made, and cited in detail three new devel¬ opments which will vastly improve the situation, on the one hand by reducing the amount due by liquidation without discount, and on the other hand by improving the quality of the remaining obligations. He stated that the bank con¬ tinued to maintain its position, as reported at the last stock¬ holders' meeting, namely, that it believes in the ability of the German banks and bankers, who are guarantors of practi¬ cally all the obligations held by Manufacturers Trust Com¬ pany, eventually, when existing regulations permit them to do so, to arrange for the satisfaction of such debts in full on the basis originally contracted. In discussing this situa¬ tion, Mr. Gibson said: has continued to be possible during the past for liquidation at about 50 cents on year, the dollar. and still is, to This can be accom¬ National Report to at Chairman said I the Board Chase the of of government Leading up policy regarding the major a to this contribution statement busi¬ to Aldrich Mr. : have stated importance into of been in describing In have began industries capital the in 1933. free discussion flow of few have industrial producing had years, deal great a industries that the capital our The producing of activity since capital goods and Unemployment has been heavy in the far behind. industries at the the tendencies which I terms, last consumption have in and The industries concerned with one-sided. equipment have lagged capital goods the beginning of this at of concrete more meant, very immediate revival terms accumulation uses. activity has been goods for general the industrial the of York, declared that "a prompt and market would make revival." ness times when employment was good very in the producing consumers' goods. Not only have our enterprises not but they have not, to anything like an adequate degree, made good the obsolescence of the great depression. expanded they should, as In the early part of his report Mr. Aldrich observed that "there is at present going on a very helpful interchange of opinion with respect to government economic policy between and the business and financial community," Washington and he this helpful added: "It is with the hope of contributing to interchange of opinion that I turn now to a discussion of one of the most important elements in the business situation, namely, the state of the capital market." Mr. Aldrich pointed out that "it is an economic current truism and that increases This is the durable a living standards." He to say: went on principal way by which the stream of consumers' and in occurs in savings in relation to population, productive use of the savings fund, economically an will result in higher the non-durable growth of character) is increased. If goods (of retardation a the savings fund, if the savings fund is used non-productively, if the volume of capital willing to assume risk is greatly reduced, if capital equipment is not maintained, a deterioration in living standards can be expected. . . . Effects of Governmental Policies Exceedingly portant flow Taxation to low of for investors tive have rates which But, for the is the has ceased, absorbing from a of and capital, in reinvest country im¬ in produc¬ currently, even and governmental the that it returns capital as and Market reduce thrift. general, years, balance, capital of who, few past on Capital saving individual source securities government the on discourage comes debt retirement in of capital been interest capital enterprise. source this bodies, instead, through increasing the public debt instead of retiring it. Taxation, the that radically to at moreover, extremely high capital of the community. high sell savings the on reduced. Such securities enough. But inheritance combined) run estates of nine more, millions, destroy the which, men, new and the in the productive are spent of use only The capital brackets, similarly receiving capital the of government community, takes properties of capital at it Indeed, it has offset to tax forms capital on millions of 30 involved It does not, to be the in But estate. the bought with the savings of other liquidation, would be available for savings into go the public This treasuries clearly like truly is, however, asset sold at a it, it is of the A capital It the means profit. upper gain to part of an the And if the dissipating the capital of the of Capital Gains taken a of capital. rates consumption. should be been high profit. as spends for the taken out out of Tax of the income that category tax category. because, if the part of the income tax, capital losses could To avoid this, the government lias continued gains but has refused to allow capital losses to offset other in excess of $2,000. This is an essentially unmoral income, proceeding. low taxes 50% millions, estates by the government. bought form of income. any of tax were three on are Federal are the dissipation and already capital gains tax obliged taxes. State and of upwards anything appears capital gains this These Revision The been so been consumption. tax, this using cases, are have by the partial liquidation of the estate, which income who man many brackets means order to pay the estates and by the estate causes individual in (New York on 65% absence gains the upper substantial the capital of the community. of for in which 33% and current capital of indeed, dissipate to Effects of Certain Taxes enterprises. as men money taxes physical capital items liquidated has operated paid out of current income if the rates approximately be paid can the dissipation means sure, be of have, Economic can rates, Income taxes in part men borrow to or Inheiitance taxes or of Short-term Creditors of It Aldrich, in the propitious for that purpose, the figures for the year show that profits exceeded losses arrange W. capital shown by the year-end statement. as Chase of Annual in Capital Market on Aldrich to National Bank of New ment holdings being somewhat Increased, York adequate modification and insuring prosperity for all of us. Mr. Gibson in his report to In addition to these net earnings, recoveries New Policies W. In liis annual report to the stockholders, on Jan. 11, Win- Only together can we carry on the traditions and the work of our great of hand, constantly the other on Stock¬ Extremely High Rates Oper¬ Dissipate Capital—Bank's Net Earnings for Year $15,016,494, Compared with $17,264,566 Previous Year—Cuban Government Financing The period covered by the "All of of W. by holders—Taxation Only together can we earn a living." And that is the spirit in recovery to year, and that the figures of the total year credits outstanding, Governmental Bank includes years of great prosperity as well as of deep depression. the other. of Discussed their ownership of the plants, equipment, and tools, without which the company country. increasing from reduction." a wages and salaries, leaving, of interest, a net return to stockholders of 2^% amount representing The report realization all nearer for goods and services purchased from others, for taxes and for after payment report That this is coming by the fact that the total of Germany's imports and of Standstill amount show required in such shape so satisfactory current banking transactions that could, if requested, It shows that 50.3% depreciation—all uncontrollable expense incurred equally in the interest of on the total amount of the Standstill credits as be paid in full at each maturity. United States Steei Corporation in a recent report covering materials and finished goods representing raw When and that it equalizes this necessary amount, then it should not be so problem for Germany to put the credits to be as approach to this problem which for the years 1928 to 1936, and which might well be followed who naturally now certain amount of short term credit to finance neces¬ a and exports of the foreign trade. serious a complicated and misleading. 1 am deeply so is made by the for her is reduced speak in terms of many millions of dollars, and these large totals are too often them and had financial dealings with years sary imports issued by most corporations gives little, if any, idea to the average for such reports However, loaned and by her leading banks and industrialists with the foreign banks that Germany requires who works and votes as to the equation of returns to capital and labor man accepted. money was so agreed when the refuse to beiieve that in the final analysis we expect contracts to be carried out on the basis originally arranged. Certaimy, the ordinary form largely responsible for their employment. of report of discount of marks was not as and us, Germany will allow default in the fulfilment of the contracts made in good they involve the economic welfare of us all. the great Jan. IS, 1938 plished by the acceptance by us of Registered Marks in lieu of dollars, welfare; and these elements the whole country's of terms Chronicle Its obvious unfairness must lead to its abandonment. Volume 111 the urging One out this to With profits undistributed the important of all reinvested dividends. as blow of tax, adopted. in instead enterprise profits has tax being paid devastating of dealt a be repealed. It should of capital. source of capital has been corpo¬ sources our corporate undistributed The major the following to Mr. The motion against; 8,940 held of The Issue of New Securities to the period, have to were responsible material of policy was issues was unduly and the fair legislative reconsideration in certain particulars. Since 1933 the new issues and especially of stocks, has been a fraction of what needs of volume it to be made were to be prohibited and heavily right, but the legislation regarding new drastic, even as interpreted and applied under intelligent rulings of the Securities and Exchange Commission. The penalized. security It Investors 1934. Suppression information. full them giving issuing securities Those information. full for the in legislation reform the Securities Exchange Act of 1933 and misstatements of material facts were and facts undertook properly government Act of Securities John 1923, or 14 years ago. There was real improvement but, 1937, $15,016,494.42, of 1937, after taxes, "amounted to the year for reported that net earnings of the bank Aldrich Mr. 1936 and the first half in this matter in the figure remained much too low. so, even $6,665,725.63 was earned in the first six months and which $8,350,768.79 in the last six months. This was equivalent to annual earnings of $2.03 per share on the capital stock." previous year the net earnings of the bank were The The $17,- In his report covering 1937 Mr. Aldrich said: 264,566. income of rate average it than lower was loans in outstanding prevailing interest although realized of the the from sale The years. many rates to in the average volume of additional interest income, at low levels. Profits much smaller proportion have continued securities of rise moderately contributed represented a 1937 than in the two preceding years. bank's income in of in several income, and the 1937 received dividends of amount the in than year. lightly less #■ undivided the in ... own name addition $41,480,741.37 ......... .......... 70c. The set on been since has amount that semi-annual dividend the capital stock of the bank, payable Feb. 1, 1938. aside for the payment of this dividend was $5,180,000, which share per sum $31,120,741.37 31, 1937.. 5, 1938, the Board of Directors declared a Jan. On undivided profits account the from transferred for purpose. by the Cuban Congress, a plan of settlement for the Works bonds, bank credit and serial certificates, now in by default, has been proposed to the respective creditors sion to put the end the bank, and Cuba in creditor other The has value face been has It 1933. that recall will the debt this special commis¬ constant default since in been has of subject the of in holdings attention on the National Chase the Bank in To Principal Amount Principal Amount $3,008,000 9,666,667 $3,308,800 9,666,667 . credit In the $20,000,000 bank 482,718 $13,157,385 I....... Totals proposed settlement calls No new 40-year sinking fund be exchanged detached. The plan provides that the new issue will amount in total to about $85,000,000, secured by the good faith and credit of the republic, and Dec. 31, 1937, and the bank credit will the first coupon dated at par the for the same new bonds, but with the first coupon June after case The 30, 1938, public works revenues, as in. and bank credit. associates in the bank credit and the small outstand¬ by the pledge of the of the present bonds bank and its ing remainder of serial certificates have commission the accepting proposed exchanged letters with the Cuban settlement in so 12 we far as they are concerned. From the New York "Times" of Jan. Lewis held I>. Gilbert, a shareholder who by investors in various parts of the country, given also that the bank's Another 1,594 shares asked that consideration bonds and He urged statement be audited publicly. shareholder dends instead of the raised the question of quarterly payment of divi¬ semi-annual payments now made, to which Mr. Aldrich that he had taken this question up with directors and that they disapproved. Nevertheless, shareholders present moved and seconded motion that it was the sense of the meeting that quarterly payments be replied had a of for tender of shares in changes these controlled by these since they might have holdings names. An issue interest. $500,000, $100,000. $10,000, $1,000, less amount an of similar and $1,000,000 will be considered. $1,000 than Each The price offered must be expressed $1,000. Tenders will be accepted without ment three decimal places, e.g., 99.125. cash deposit from incorporated banks companies-and from responsible and recognized dealers in invest¬ Tenders from others must securities. of 10% of the face amount be accompanied by a deposit of Treasury bills applied for, unless the tenders accompanied by an express guaranty of payment by an incorporated bank or trust company. up 17, the closing hour will be opened and public announcement of the to acceptable prices will follow as soon as possible thereafter, probably on the The Secretary of the Treasury expressly reserves the following morning. right to reject any or all tenders or parts of tenders, Those submitting tenders will be advised of the acceptance or rejection Payment at the price offered for Treasury bills allotted must be thereof. other immediately available Jan. 19, 1938. on taxation, be exempt, as to principal and interest, and any thereof will also be exempt, from all (Attention is invited to estate and inheritance taxes. except Treasury Decision 4550, ruling that Treasury bills are not exempt from No loss from the sale or other disposition of the Treasury the gift tax.) bills shall be allowed as a deduction, or otherwise poses and to allot less than applied for, and his action in any such respect shall be final. the amount of recognized, for the pur¬ tax now or hereafter imposed by the United States or any of any its possessions. Treasury Department Circular No. 418, as amended, and this notice prescribe the terms of the Treasury bills and govern the conditions of their v;: issue. — $138,807,000 Received to Offering of $50,Dated Jan. 12— $50,027,000 Accepted at Average Rate of 0.097% of 000,000 of 91-Day Treasury Bills Secretary nounced of on of the Treasury Henry Morgenthau Jr., an¬ Jan. 10 that the tenders to the offering last week $.50,000,000, The 10. made in thereabouts, of 91-day Treasury bills or Eastern Standard Time, 12 and will Previous reference to the offering was Treasury bills are dated Jan. April 13. our issue of Jan. 8, page 191. Regarding the accepted bids to the offering, Secretary Morgenthau's announcement of Jan. 10 had the following to say: Total applied for Total accepted Range of accepted High $138,807,000 50,027,000 : bids: ..99.987 equivalent rate approximately 0.051% _ 99.973 equivalent rate approximately 0.107% Low Average price (80% of the amount .99.976 equivalent rate approximately 0.097% bid for at the low price was accepted.) Offering of $23,000,000 of llA% Debentures of Federal Intermediate Credit Banks—Issue Over-Subscribed The Federal quote: said he represented to a more detailed statement of the item of "other securities" amounting to $162,019,140 in the bank's statement. be say, their in the basis of 100, with not more than on mature on for the delivery to holders of the present bonds of a uniform issue bearing 4V£% interest, to be dated June 30, 1937. Each $1,000 of the old bonds and serial certificates is to be exchanged for $1,100 of the new bonds, with of the amount without amount tender must be in multiples of Jan. debt directly shown, was Whether shares. the branches thereof up to 2 p. m., 530.990 $13,506,457 - The in impossible to was listed block again This 20,000 totaled $138,807,000, of which $50,027,000 were accepted. The tenders were received at the P'ederal Reserve banks and $867,000 serial certificates due June 30, 1933 of former Wiggin's holdings in his They (the bills) will be issued in bearer form only, and in amounts or Exchanged Re for New Bonds, Works bonds due $40,000,000 Public June 30, 1945 In the face denominations received by it according to the Present the holding Wiggin, believed to be the largest Mr. ment of Jan. 13: the Holdings, In became securities in amount of $50,300,000 will mature on Jan. 19. The following is from Acting Secretary Magill's announce¬ the following: are those Tenders Havana. of public works debt and the amounts to be plan 47,599 shares. as Albert H. Rockefeller, former years and since the reestablishment of constitutional govern¬ involved protracted negotiations by officers of the bank representatives first Announcement of a new offering of $50,000,000, or there¬ abouts, of 91-day Treasury bills, dated Jan. 19, 1938, and maturing April 20, 1938, was made on Jan. 13 by Acting Secretary of the Treasury Magill. Tenders will be received at the Federal Reserve banks, or the branches thereof, up to 2 p.m., Eastern Standard Time, Jan. 17, but will not be received at the Treasury Department, Washington. The bills, which will be sold on a discount basi to the highest bidders, will, on their maturity date, be payable at Government. Cuban effect. into plan of part of ment the shareholders The the a A special session of the Congress has already been called to consider the legislation necessary by appointed Cuban listed separate In gain from the sale or other disposition Subject to action Public holdings these 6ince holdings of Mr. next to The Treasury bills will Financing Government Mr. the Offering of $50,000,000, or Thereabouts, of 91-Day Treasury Bills—To be Dated Jan. 19, 1938 funds report we also take the following: Cuban Cuban the actual alterations than New change that of the in had been 264,247 shares, a drop of Rockefeller's holdings total stock of the bank to of amount 3.84% made at the Federal Reserve Banks in cash or the From and, large shareholders it other holdings 1938, all tenders received at the Federal Reserve Banks or branches thereof 10,360,000.00 : Unidivided profits Dec. a the from increased. were to the was Immediately after the closing hour for receipt of tenders on Jan. $5,180,000 5,180,000 1 Aug. 1. bank represented are ;;" . not which the bank's largest stockholder, first showed stockholder, had and trust $26,464,246.95 15,016,494.42 ..... Dividends paid during 1937: Feb. of in profits in the following table: 1937.,. Earnings for 1937.. Less: present, Fractions must not be used. Undivided profits Jan. 1, Add: stocks was source $4,656,494.42 during the year, as shown account this from of ... of increase an holdings bank's derived revenue previous been has There the on shares shareholders, that found meeting, meeting from 284,247 the of 1934. also the list (maturity value). companies in the motion picture industry are included in our gross The 1,067 and official Jr., changed was June, book their investments was the bank's loans and on fractionally higher for 1937 than for 1936, but with that single exception shares 2,180 shares present at the meeting, favor, the the name own It in last This his 3.57%. year, of in of Rockefeller shares. The indeed, of what it was in our last normal financial ought to be, and, in present, examined close D. since the known, head who the at open reduced reported Deeply shocked by the financial follies, abuses and tragedies of the 1929 shares Stockholders 20,000 say: defeated by a vote consisting of 4,756,000 was voting. name respect to the Acts regulating security issues, Aldrich had the 369 by the official proxies, against; says: the moet of profits repeal Chronicle voted Mr. Aldrich rate Financial 146 Intermediate Credit Bank System sold $23,000,000 a week ago of \lA% consolidated debentures at a slight dated Jan. 15, 1938, premium They and which will mature in 90 days, The debentures, which are the over par value. consist of three series nine months and a year. are joint and several obligations of the 12 Credit banks, were offered on Jan. 5 and the books were closed shortly there¬ after, There following, it is stated, a heavy over-subscription. maturity on Jan. 5 of about $21,000,000 and the now outstanding total approximately $180,000,000. was a securities Financial 370 Credit Bank at End Showing of Federal Intermediate Bank of Springfield, end of 1937 "again without finding it necessary to use any of its profits to cover losses, actual or contemplated" on a volume of business for the year of more than $17,(XX),000, according to Allen L. Gillett, the Bank's President. Regarding the showing of the Bank, The Credit Intermediate Federal The difference Mass., closed its books at the New England, New York and New Jersey. duction credit associations in The balance consisted of loans to farmers' cooperatives against inventories warehoused farm products, and direct loans and rediscounts for other agricultural financing institutions, including agricultural credit corporations. Chartered in 1923, the Bank obtains most of its lending funds by public debentures that are secured by rediscounted notes sales of collateral trust During 1937 its rediscount rate was 2% Bank. and other assets of the Of this amount, $160,000. and its earnings for the year were slightly over $40,000, is payable to the United States added to surplus to bring one-quarter, or approximately Treasury as a franchise tax, and the balance was earnings Bank, amounting to $5,400,000, the 1937 amounted have Administration The life of the National this unit of the Farm than $133,000,000, of to more Executive Order under which the Council was to have been abolished issued in "The Bank has on 1998. page The earlier Executive Order, referred to in our issue of Sept. 25, In advices from its Washington bureau Dec. 29 Dec. 31, September, The extension made necessary by the failure was In Dec. 31 was September when the order abolishing the council on issued, it had been contemplated that reorganization legislation would be and Bureau. the that The Council Council and Bureau the with the Budget coordinating various consolidated be would been have activities during the past few months. The following is the President's Executive Order of Dec. 27: ORDER EXECUTIVE Gillett said. of business," Mr. of passage by Congress of governmental reorganization legislation. taken any loss on this latter class never 1937. was the "Wall Street Journal" said: half has been in rediscounted notes of individual farmers. which nearly 1938 Emergency Council is extended to June 30, 1938 in an Executive Order issued by President Roosevelt under date of Dec. 27, which modifies a previous enacted approximately 3%. were During the past 14 years, loans and discounts by Credit President Roosevelt of Executive Order National Emergency Council—Life of Abolishing On the investment earnings up to $1,335,000. Bank's accumulated of the Federal Government in the representing the as purchases of silver from Mexico, as well as Canada in our Jan. 1 issue, page 40 and Council Extended to June 30, discounts for pro¬ 1938 between the two countries. Modification By farm paper, over Primarily, a rediscounting agency handling short-term two-thirds of the Bank's business this past year was in the explained between these two amounts was 15, and China, was referred to Jan. 8, page 191. it is added: or Jan. ratio of production Year of Chronicle Modification of Executive Order No. 7709-A of Sept. 16, 1937, Abolishing The National Emergency Council Planned For January— Secretary Morgenthau Indicates That Operations Will Be Confined to 91-Day Treasury Bill Offer¬ No New Financing Treasury ings—To Meet Maturing Issues. "We have no Relief Appropriation Act of 1935 (49 Stat. 115) and the Emergency gency Relief Appropriation Act of 1937, approved June 29, 1937 tion No. 47, 75th Cong.), and otherwise, Executive other plans for this month, other than to Emergency Council, is hereby modified of its was FRANKLIN President Five noted that the maturing nine-months bills which with 91-day bills consist of $50,300,000 Messrs. on of the holdings of gold, which totaled $1,222,739,260. that the Treasury is under a great deal It has been indicated of pressure to release this gold as an aid to the Government's "easy money" policy. the about desterilization But it appeared today that Treasury head is successfully withstanding that pressure for he insisted that he had for morrow further plans for the month and he leaves Washington to¬ no a ten That of Treasury Arrangement Morgenthau Denies Reports for Purchase of Silver From Mexico Involves Use of Stabilization Fund—Similar Denial methods conversations Foods Mexican press, had were to which it refers. upon between Secretary Mor¬ issued was In order to avoid any of impressions my recent my discrepancy on one of the points some "On December York ounces San or 31, agreements, may use the stabilization fund of the we Corp. Government of silver at 45c. per ounce, to be delivered either at New Francisco," said Secretary Morgenthau. "There was is to maintain the dollar and not to hold up the so currencies of other pointed out that to deviate from such to load the fund up of a was with foreign currencies and there is govern¬ no the the market and so the was so maintain the price Silver Purchase Act, it prudent thing to stable. . . was felt by do to take the spokesman for the group as he as Organization, they left President Roosevelt's office. in the country," said. and the administration a all possible, of working out with the President definite program af action by government, business and labor. "The discussions will be continued at the President's discretion." Others at the conference Owen D. were Young, Chairman of the General Electric Co.; Thomas W. Lamont, a partner of J. P. Morgan & Co.; Philip Taussig, President of the American Molasses Co., and A. A. Berle of New York, former 50 administration adviser. 12 Secretary of Commerce Roper announced that the Nation's leading business men would meet with of the President toward 19 Jan. on economic Donald R. discuss to cooperative efforts recovery. Ricliberg, former Administrator of the National Administration, 11. This attended the conference on reported as follows in a Washington dispatch of that date to the New York "Times": Alfred "We us P. had an have we was Sloan Jr., have agree Donald a one of the tnterseting and conferees, said: instructive talk better understanding of each with tiie President. All of other's problem's, out of which will come closer cooperation in meeting the difficulties R. Richberg sat in All A of the moment." considerable air of confined the statement mined white metal from Canada. The of there to General Not only but of "unofficial observer" at the conference. Tells Origin of Talks appeared to be in good humor as they left the Executive Offices. White ounces an as President Board agreement above referred to supplements the so-called month-to- regarding yesterday's "This group had had some preliminary discussions and were impressed month agreement whereby we will take 5,000,000 ounces of Mexican newly 2,000,000 say the gravity of the existing economic and industrial situation was and cooperation Administration. the mystery surrounded the meeting, and all comment . Supplements Monthly Agreement silver closer predicted he and \ tend to demoralize the price, and as long as Secretary Morgenthau that it The and men said that than there . Treasury is operating under the offering and Sloan John L. Lewis, Chairman of the Committee for Industrial we are sure . Instead of leaving it to the Mexcian Government to throw so large an amount on ago," ington Jan. 14 had the following to This is spot silver which has been part of the Mexican Government's reserves and an accumulated excass . Mr. half, a conference: Jan. of the Washington Treasury to take off the hands of the mined silver. Johns- of the "definite program of action", in dealing with the present economic situation. Associated Press accounts from Wash¬ Mexican Government the 35,000,000 ounces of silver was for the purpose of newly hour and an business Recovery of maintaining an orderly silver market. Brown, President try and labor declared after a White House conference that they were desirous of working out with the administration a intention here Orderly Market Sought a month a between policy would tend doing. The agreement included After the conference at the White House, occupied On Jan. It is the stated policy of the Treasury to withhold any comment upon the was recovery nothing operations of the stabilization fund but it has commented that this fund It Lewis and "there is distinctly a better feeling about business other than that in the agreement." ments. on They Murray, Chairman of the C. I. O. steel organizing committee; Charles W. buy from the Mexican agreed to conferred 11 Corp.; M. W. Clement, President of the Penn¬ RR., misunderstanding I wish to make United States of America is erroneous." 35,000,000 At With Corp. and Chairman of the National Manufacturers sylvania it clear that information according to which the Mexican Government, in connection with recent Jan. on major business leaders. with the desirability if at commenting Sloan "We attended this conference with the President and discussed with him Finance Minister Suares: "The P. 19—Alfred Sloan, Chairman of the Board of General Motors National Steel Embassy the following statement telegraphed here by trip to the United States, has shown Jan. Yesterday (Jan. 14) six representatives of finance, indus¬ genthau and the Mexican Ambassador and later in the day there from the Mexican Policy with Recovery Association; Ernest T. Weir, Chairman of the Board of the acted that on Corp.; Colby M. Chester, Chairman of the Board of General Embassy Denial Issued understood five with Alfred P. By Mexican Embassy Reports of the use of the American stabilization fund for the support of the Mexican peso brought denials on Jan. 10 from both of the interested governments and an explanation of the silver purchase agreement consummated by the Treasury said advices to the New York "Journal of Com¬ merce" on that day from its Washington bureau which also had the following to say in part: It is Executives Roosevelt Manville days' vacation. Confers Lewis, Young and Lamont President which Secretary Roosevelt White House Meeting—Conference Yesterday From its Mr. Morgenthau insisted there was nothing to say ROOSEVELT D. Major Business Leaders—Plans to Meet with Other 50 January 19 and $50,052,000 on January 26. Washington bureau Jan. 10 to the New York "Journal of Commerce" reported in part: abolished by action of the President. sooner The White House, December 27, 1937. refunded falling due for the to extend the date as funds, records and property, to June 30, 1938, unless the said Council shall be due each week." be so abolishment of the said National Emergency Council and for the transfer refund the bills come It will (Public Resolu¬ Order No. 7709-A of September 16, 1937, abolishing, effective December 31, 1937, the National That the Treasury Department will undertake no new financing on Jan. 15, was indicated on Jan. 10 by Secretary of the Treasury Morgenthau, who stated that the operations will be confined to the regular weekly issues of 91-day Treasury bills to refund maturing nine-months bills; in stating that "we have enough money" Secretary Morgenthau was quoted in Washington advices Jan. 10 to the New York "HeraldTribune" as saying: which By virtue of and pursuant to the authority vested in me under the Emer¬ Motors, to read by newspaper Mr. would the four other business was House. no indication of its Sloan, the Chairman of the men. scope men or add nothing to this account, forthcoming from the intent Volume The At mystery a the visitors had This just he earlier was had time that the idea visitors expected which in citizens." two Mr. come was his Jackson of door House that there Mr. and is Asked asked "there his is he thought Better he received his opinion invited Secretary, House in like manner. feeling than there the because such business between hollows of described The and the the entire that Mr. result a conflict between and as gov¬ was he was iron in town. He humps and from Washington the reference to Jan. the back Secretary the invited the to Jan. 19 conference virtually represent quasi-governmental a House Council when their next he the that regular the that on Council meeting B. Chairman, Adams, President, S. Batt, K. F. Industries, Inc., President, Libbey-Owens-Ford President, Cannon Chairman, Anderson-Clayton Coker's Pedigreed Chairman, Dennison W. Y. Federal Sons Loan Co., York; B. Henry Credit Men, Mill Co., New Kendall Paul man, Ala.; George H. McGowin, Roosevelt, Stannard, President, American International partner, Oil New John Engi¬ New York; Fahey II. Dr. ; Eastman the Kodak Foods Mr. Carpenter, "was distribution of by power C. K. W. B. T. United New Jersey, Inc., New Machines New York; Corp., we West told or private." newspapermen He added that the utility heads had told the President of the difficulties utility companies in getting junior money for expansion facilities. Judge Frank McNinch, former Federal Power Commission Chairman, adviser to the President on utility matters, also attended the conference. Dam Sites Involved the lower Colorado River and two the on four small dams were Brazos River. on Community fought in the courts the granting-of loans by the Public Works Administration for public power projects. However, United States District Judge suit against the National President, Association American President, I. Kent, of Rolling the Okonite Co., H. P. Kendall, Treasurer, DeLancey Smith Co., Kountze, National Chairman, Lumber Co., Akron; Inc., Chap¬ Dayton, Ohio; Kermit Inc., New E. York; It. States Steel Corp.; York; J. Thomas New Jennings Bailey today dismissed an injunction Lower Colorado River Authority on the basis of the Supreme York; T. J. E. T. Stettinius R. Trippe, Watson, Sydney United structure. Washington added: The President made the advices Press reporting this 4 assertion in discussing the general situation regarding public utilities. He said that the utility his opposition to holding companies was not confined to field and cited those which control banking activities as another example of the type which should be eliminated. Mr. Roosevelt was elimination of all that asked flatly whether he was driving toward the holding companies of whatever type, and he replied that his purpose. was He declared that there of were several methods of achieving the elimination holding companies in all lines of business, but declined to state at this time what avenue of approach he would He indicated this decision use. still is in the formative stage. President Roosevelt Delcares He Will Douglas J. Continue to At¬ tack "Mere Handful" of Those Who Seek "Autocratic Controls" Business Over to Retain Industry and Finance —Speaks at Jackson Day Dinner President Roosevelt, addressing 1,200 Democrats who Washington on Jan. 8 celebrating Jackson Day, declared that he would continue to fight against "autocratic controls over the industry and finances of the country" until victory is gained over a "mere handful attended of dinner a total the of in business bankers men, and industrialists" contending "to the last ditch to retain such autocratic con¬ trols over the industry and finances of the country as they now possess." The President asserted that his critics have distorted his policies into an attack upon all business and upon the Nation's system of private profit and private enter¬ prise. In that connection he said, in part: There is an ancient strategy, recently used, whereby those who would President, exploit or dominate a people seek to delude their victims into fighting their President, battles for them. Weinberg, Engineering Co., Inc., Postage What "We stressed the need for investor confidence in utility securities," said West, "which will in itself bring about new construction." Friele, Leith, Wisconsin University, Madi¬ Steamship Committee, duplication. Mr. Union Pacific KB. Co., New Jones, Fred H. Harriman, Copper Corp., New York; Kennecott Airways, agreed on the fact, that every effort were American Co., Rochester, Corp.; A. Mead, President, Mead Cory)., Business Pitney-Bowes the in Mr. avoiding the duplication of in response to inquiries, that there was comparatively little discussion of the President's request for new consolida¬ Holland J. Hamilton, Presi¬ W. Hook, National Iiiggs North President, Goodyear Tire & Rubber Co., Roosevelt of public any agency, of William Chairman, President, Manager, York; White G. retired, Philadelphia; W. H. Wheeler, Vice-Presi¬ Corp., Stamford, Conn.; II. Hyer Whiting, San Francisco; S. Clay Williams, Chairman, R. J. Reynolds Tobacco Co., Winston-Salem, N. C., and General Robert E. Wood, Presi¬ dent, Seam, Roebuck k Co., Chicago; George A. Sloan, New York. dent, facilities said in agreed upon was that, if possible, the duplication by the transmission lines of distribution facilities should be avoided in the distribution of power by Dines, President, United President, Thomasville Chair York; C. President, Goldman, Sachs & Co., New York ; Samuel P. Wetherill, President, Wetherill conference," from Danforth, Diekerman, President, General Boston; Co., Finance Standard the distribution should be made to avoid the waste involved in such Vice-President, Quaker Oats Co., Chicago; Walter C. Teagle, Chair¬ Stuart, and "We found all the conferees President, Filene, Fleming, It. Vice-President, President, Jr., Chairman Pan C. Elbert, of the Board, Frank Board, Litchfield, W. M. man, V. New Charles Philadelphia Earl of considering problems involved economic Reynolds Co., Inc., New York; Morris E. Leeds, President, Leeds & Co., portion Cannon, H. President, J. Lincoln Executive Ohio; Conference Northrup to President Roosevelt declared yesterday (Jan. 14) that all holding companies must be eliminated from the nation's L. Dennison, Chairman Treasurer, Co., York; the Devoe & Seek to" Avoid Duplication greater devoted President, Coker, William Henry S. Dunn, President, Chairman Middletown, President, ; C.; II. N. J.; William A. Julian, United States Treasurer; Passaic, has Clayton, L. Robert G. Fogarty, Fulsom, Heimann, II. Carmody hand in the matter. a Biggers, A. Austin Finch, F. Radiator Industrial son the at D. Charles Packing Coi-p., Seattle; Chairman and York; T. Francis, American Council him William York; William C.; S. University; Robert C.; Jarnes Vice-President, Nakut dent, New Thomas A. Board; Boston ; M. taking were: David William Gano Colonel Bank N. Clarence Y.; Mr. difficulties, but apparently without was seen Court's decision of the right of the Government to make such loans. N. Louis; York; Denver; Harvard Washington; Co., New N. Elliott, Home Bank, Co., New Bank, Thomasville, Co., St. Cincinnati; New York; Corp., Filene's Co., Locomotive National neering Hartsville, Co., him Toledo; Houston the of with 19. Philadelphia; John Co., Co., meeting carried with Jan. Co., Kannapolis, & Co,, Purina Gamble & American States Glass Co., Seed Ralston as Manufacturing Co., Framingham, Mass.; It. R. Deupree, President, Procter Dr. Mills he confer on Reduction Air latest date Among those accepting presidential invitations F. today the President character. in settlement of the Ihiblic Service Co. of Texas had attended Chicago at "suggestion" at doing everything are outside the jurisdiction of the Federal secure a relations between on ; said that Roper are being purely intra-State endeavored to Involved in the discussion of the Texas situation 1. Advisory President's White The problems thus presented Government, government. Dec. as Business Many complaints have been made that the utilities discourage the creation of service cooperatives, even putting poles beside those of the latter and making such inducements to consumers of Secretary Roper disclosed that the President extended the invitations far a possible to 19 follows: men rejoinder from Wendell L. Willkie, Southern, in effect challenging the good tion. to achieve. eager 12 Jan. personnel of the Business Advisory Council, and asked to only the out which advises with the Secretary of Commerce business meeting." example of the cooperation might with economic an was "useful a and hear to an Roosevelt is of announcement as business happened government advices NRA lie said, might be considered Press conference the the conference had President production, United & Carmody in rushing his story into print before seeking solution with Mr. Willkie. transmission with arranging it, gathering a Commonwealth month a it would look dark for the future." headed formerly nothing to do attend of Mr. public projects. President, described the to of answered was replied: "if there were, who Riehberg, hud faith "The irreconcilable any Sloan Mr. business, was supply of electrical energy to Tri-County Electric Cooperative, The Carmody attack drew prompt success and certainly not." Mr. group invitation business situation, the of better byrRural Electrification attack an that they have shifted their patronage. Feeling Mclntyre, White H. had been little a there Weir added that adviser said Marvin from ago when and "No, Mr. our upon serving Ingham County, Mich., and with duplicating the service of the latter. Mr. Weir concurred in this estimate. if ernment Finds Sloan that the others believed ago," and He days" Sloan, he all to open Day connection between the no leaving the conference that on presumed Mr. that said two he to whether as followed closely Commonwealth & Southern group, which he charged with refusal to quote President result a, as could it 371 Administrator John M. Oarmody upon Consumer Power Co., one of the rates for the that added ^■■ Weir "about in side. either on "the White that that who indicated, and he had He invitations. to Roosevelt replied said his, of events. Mr. > friends to made in response to a question asked he said The meeting the Roosevelt President spoken Chronicle gathering. origin' of the President ago, originated was had the day had the cut of talk with them. a months send to the in suggested that he have be said dinner, question expecting The President's remark the the to happened several now not Financial extended conference press five turn 146 Meter the strategy to And in these days of organized Nation-wide publicity for undermining make this appear to be a Government an move against minority abuses is attack upon the exploited majority itself. Thus during the past few months, attacks on the misuse of concentrated power have been distorted into attacks and upon our the past all business, big and little, upon whole system of private profit and private enterprise. few days I have been happy to note a During definite improvement of understanding on the part of many who have been led to follow this false guidance. In his address the President said "as you President Roosevelt Confers with Three tives—Reported Opposed to All Utility Execu¬ Holding Com¬ panies leading utility executives this week when on Jan. 11 his callers at the House included Central Service Daniel C. Green, Light Co. of Dallas, and A. B. West, President of the Nevada-California Electric Corp. of River¬ Mr. Roosevelt his visitors that he opposed du¬ plication of lines, and he later expressed the same view at a conference, although he indicated that public munic¬ ipalities had freedom of choice as to what activities they would enter. In discussing the conference, a Washington dispatch of Jan. 11 to the New York "Journal of Commerce" press said: with am convinced that the great the men and lawyers and public In part he added: majority of local people of the territories which they serve. or regional operating That would enable them to obtain, within their own localities or regions all of the necessary President of the Corp. of Chicago; John Carpenter, President of the Texas Power & side, Calif. officials during the past month or two." I know, I have been discussing of the electric utilities with business utility companies can come to an understanding with the Government and President Roosevelt resumed his conferences with White the problem for the extension or improvement of their services. new capital ... But most of these operating companies are owned by holding companies —pyramided holding companies— which ating utility companies. have lost money. holding company are finance companies, not oper¬ Very few investors in the operating companies But thousands of investors have lost securities which had blue money in buying sky above them instead of tangible assets behind them. That evil of utility holding company control will not grow in the to come because occurrences this Government has in the future. But we that flow from mistakes of the past. now days passed laws to prevent similar have not yet corrected the existing evils We cannot condone their continuance. I have recently described many other activities that should not be toler¬ ated in our democracy—price rigging, unfair competition directed against the little man, and monopolistic practices of many kinds. . . . Financial 372 of that overwhelming majority. open to all our citizens who come offering to unfair business practices—who offer to do all that is possible by power or cooperative endeavor and to aid in corrective and helpful legislation where by ment evil Jefferson fought—the control of govern day, aligned all of the nationally known press were No spoke President SlOO-a-plate repast here a Hotel, before 1,200 of the party's principal officeholders in the Mayflower campaign contributors. and large the In the main dinner, at oratorical attack—the theme that the Administration democracy, "to make ef¬ embarking on a new campaign to preserve was overwhelming majority of our citizens" and to curb fective the will of the "abuses of power and privilege by small minorities." William B. Bankhead to It remained, however, for Speaker applause. derision of the Republican party in oldfashioned Southern stir the diners with oratorical style. Equally warm approval was given battle cry first sounded by the shriller Administration break the grip of the . . of the Interior—that the of "holy war" against the "auto¬ press." carried the President's speech to diners at the lesser dinners in other cities, broadcasts enlarged the audiences of the New Deal lieutenants. and regional The President's address follows in full: I am happy to realize that the audience is not confined to active members of my own party, and that there is less of unthinking partisanship in this country today than at any time since the administration of President Washington. and in what you are trying to do for the vote for you, up as a I do wish I could Nation. but, you see, my parents were Republicans, and I was brought "My father and grandfather were Demo¬ crats, and I was brought up as a Democrat, but in 1904, when I cast my first vote for President I voted for the Republican candidate, Theodore better Democrat than the Democratic I have told that story many times, and if I had to do it over again I Nevertheless Party, as it exists today, is a national party, reflecting the essential unity of the whole country. As we move forward under our present momentum, it is not only necessary but it is right that the party slough off any remains of sec¬ and Conditions change parties with tionalism and class consciousness. Their "Nature abhors a by thr rising generation. In these recent the average American seldom thinks of Jefferson years Democrats or of Lincoln and as Theodore Roosevelt as Re¬ publicans, but labels each one of them according to his attitude toward the fundamental problems that confronted him when he was active in the affairs men stand because of the constructive battles they waged, out but battles for things merely battles against things temporarily evil by a small minority class unfailingly makes worse mistakes—for rule by class takes counsel from itself and fails to heed conditions of the problems and, therefore, the good of all kinds and In men. the of the long run the instincts willing to live and let live, work out the best and common common man, safest balance for the That is what I mean by the battle to restore and maintain good. make to they some of the small minority on the other side seek and use power themselves instead of servants of mankind. heart in the process of democracy. And we Republic, questioned whether government would not be most Jefferson saw that would be destructive of a this control, if long exercised by minority, a sound, representative, democratic system. preached the extension of the franchise and government more to the He responsive almost all the newspaper and magazines of the day. were And so, to disseminate their policies in every hamlet and town, his asso¬ ciates resorted to printing simple leaflets and pamphlets. In our Nation arrested with the full approval of the great papers and magazines of the the first effort, with the cooperation of the owners of the day. This press, to curb the essential freedom of the press. It failed just as any similar effort would fail today. Time went today we have still the continuing menace of a compara¬ tively small number of people who honestly to Men by. were the practices by admit that which they maintain their The Government's face was privileges are harmful to the body politic. After Jefferson's election over their violent to "Let him, won us opposition, such people said After Jackson had alone—do not destroy confidence." his fight against the Bank of the United States, they said the same Wilson. confidence in a people's govern¬ They said it to Lincoln, to Theodore Roosevelt, and to Strangely enough, although they had no people's government have confidence in them. In my message to the Congress on Monday last, I made it abundantly the needs, and to make effec¬ clear that this administration seeks to serve curb only by small minorities. abuses of power and privilege in turn are striving to There majority of our citizens and seeks to of the overwhelming the will tive is Thus we uphold the integrity of the morals of our democracy. ancient an which strategy have seen recently employed we whereby those who would exploit or dominate a people seek to delude their publicity, the strategy for undermining a Government attack minority abuses is to upon And in these days of organized for them. victims into fighting their battles make this appear to be an attack upon the Thus during the past few months attacks on exploited majority itself. the misuse of concentrated power have been distorted into attacks upon all of private profit and business, big and little, and upon our whole system a During the past few days I have been happy to note definite improvement of understanding on the part of many who have been led to follow this false guidance. The I a and influence of such misguidance source of public opinion can be interested the other day to read the report was London financial who magazine financial centers such as trolled locally its managers have a local conditions in He found a point of view business is independent point of view. But centers, the local controlled from great financial saying and reflects the prevailing hundreds of miles away. an outsider, confirms our traditional democratic antagonism the needs large areas of industry beyond to concentration of control over of operating local or Let And he Wrherever an enterprise is con¬ takes his cue from what his bosses are state of mind correspondent of New York, Philadelphia and Chicago. found this other interesting development: the a of the country wholly different from that of the principal in other parts manager of had recently surveyed of the Nation. the Middle West and other parts efficieny and strengthens our resolve to outlaw the methods independence of regional enterprise. me As you know, I have been discussing the give you an example. a more the group of turned toward the public officials during the past month or two. I am convinced that utility companies the great majority can come to an of local or regional operating understanding with the Government and which they serve. That would enable them to obtain, within their own localities or regions, all of the new capital necessary for the extension or improvement of their services. companies are owned by holding companies- pyramided holding companies—which are finance companies, not operating have hold¬ above them instead of tangible Very few investors in the operating companies utility companies. But thousands of investors have lost money in buying lost money. ing company securities which had "blue sky" assets not eternally vigilant, and once control of national affairs was maneuvered into the hands of citizens small in number. believe in their superior right influence and direct government, and who are unable to see or unwilling But most of these operating The handful of printers and editors who helped them were harried and was the enmities, the defeats, and the generations that have followed. victories of those who have lived in all the with the people of the territories popular will. Against him defeats he suffered, and the victories he part and parcel of the struggles, problem of the electric utilities with businessmen and lawyers and safely conducted by the minority of education and wealth. But We look back on his amaz¬ because the struggles he went through, by which such control is achieved and to reestablish the of winning it. President Washington, feeling his way through the organizing years of the infant I would today be January we honor Andrew Jackson for his unending he encountered, the the enemies won are That, from of the great struggle we are engaged in—a struggle cause for the maintenance of the integrity of the morals are At American form of government. oppose our That is the masters If the cataclysm of the difficult task of reconstruction and reform. a On the 8th of every when the moral integrity of democracy. At heart the fight. on contribution to the vitality of our democracy. They knew, with the wisdom of experience, that the majority often makes But they believed passionately that rule claimed easily located. respect for the right of self-government and faith in majority rule. mistakes. carried ing personality, we review his battles permanently good—battles for the basic morals of democracy, which rest on Wilson how private enterprise. of government. These facing such nation-wide vacuum." and Jackson He laughed at those who called him well as in private life. as You know Party progress cannot stop just because public officials and private groups fail to move with the times. places will be amply filled not public World War had not stopped his hand, neither you nor generation. every help but feel pride in the fact that the Democratic I cannot of the He pleaded for decency—strenuous decency vested rights to power. ment, they demanded that a would not alter that vote. life, morals of de¬ of the He, too, preached majority rule to end the autocracy old type of opposition. same and resurgence Roosevelt Theodore came thing. candidate." some Then mocracy. to Republican, and so I have to vote for your opponent." My reply to her ran as follows: Roosevelt, because I thought he was a itself on the basis of those "reconstructed" by martial law and carpetbaggers. uninspired commercialized era in our national an lighted briefly by the stubborn integrity of Grover Cleveland. charming lady wrote me as follows: "I believe In the last campaign a in you There followed « speaking before a party gathering in these modern times, When * for the morals of democracy—and had he lived the fought He, too, free leave them unprintable names, and challenged again thesmall minority which Used hook-up embracing all the principal radio systems extensive radio An would Government the their private gains. morals instead of being —in Hook-Up cheered defeats of their own armies because the price South would have been allowed to rehabilitate .. privilege" supported by "concentrated wealth" and a "reactionary Extensive first and last of their own selfish their Government unless and They pictured the masses wealthy. algined solidly with the President in a sort crats of aims—by gold speculators in of their gold might rise; by Army contractors who founded fortunes at the expense of the boys at the front—a minority unwilling to support their people Robert H. Jackson, Assistant At¬ General, and Harold L. Ickes, Secretary torney fighting for the integrity of the morals was who thought Vice-President John Nance Garner, audience with wit and humor. speakers scattered over the country as with one voice took up Other rum—because fighting on the side of the people, whose instincts was He pursue who entertained his all such fights are won in the long did not fail of democracy. Another generation went by. Lincoln emerged—and was scorned for his uncouthness, his simplicity, his homely stories, and his solicitude for the little man. He faced opposition far behind his battle lines from those Jackson Wall Street, who accorded a polite reception with occasional The President's speech was majority of these elements opposed to either one of them. The fight was won—as him. Monday's special message, he set the of last tone temperate thesis for the general bankers, all of the merchants, or all of Nor can anyone say that even a in the population were The of their period can allege that either Jeffer¬ Jackson attacked all of the those of wealth. Tribune" said: him. who reads the history one or of the day with the The bank sought to array all the money exception of three newspapers. in the country against son by the few. heart in favor of control were at and sword of the opposition, who, like the early Federalists in Jefferson's and with it were alined all those With it the address and on other speeches de¬ livered at Jackson Day celebrations, a Washington dispatch of Jan. 8 from John C. O'Brien to the New York "Herald popular opinion duly heeded by a the courts, and the President. The Bank of the United States was the purse necessary. In commenting on of by small minority instead a the Congress, undue concentration of economic help eradicate the evils that flow from Jan. is, 1938 He had to fight the same and abuses will in greater part be We hope and believe that these evils eliminated by cooperative action The White House door is Chronicle behind them. control will not grow in the days passed laws to prevent similar have not yet corrected the existing That evil of utility holding company to come because this in occurrences the Government has now But future. we handful of citizens of the seaboard who owned the Bank of the United States evils that flow from mistakes of the past. and We cannot condone their con¬ tinuance. back the was great merchant turned on mountain regions and shipping companies. The Government's the tens of thousands of pioneers who were settling the and spreading over into the new country that lay west¬ ward to the Mississippi. Jackson took up the battle of these pioneers of the West and South and the battle of the inarticulate poor of the great cities. oson, he was called a rabble rouser. It has been estimated that there are of electric utility securities outstanding some $13,000,000,000 and that the substantial control of this total of less than $600,000,000 of the total. is vested in the hands of the owners For that, like Jeffer- That means that the ownership of about 4% of the securities controls the other 96%. Here is a 96-inch dog being wagged by a 4-inch tail. Volume Financial 146 activities that should not be tole¬ I have recently described many other directed against the little man, and monopolistic practices of many kinds. Call them evils, call them abuses, call them unfortunate facts. It makes no difference. Give to me and give to your Government the credit for a definite intention to eradicate them. Give to me and give to your Government the credit rated in democracy—price rigging, unfair competition our and not hurting the over¬ whelming majority of businessmen and industrialists in the United States. We hope and believe that these evils and abuses will in greater part be eliminated by cooperative action of that overwhelming majority. The White House door is open to all our citizens who come offering to for believing that in so doing we are helping undue concentration of economic that is possible by and helpful legislation where help eradicate the evils that flow from unfair business practices—who offer to do all power or cooperative endeavor and to aid in corrective necessary. Several 1936, such autocratic controls will fight to the last ditch to the industry and the finances of the over With this handful it is going to be a fight— a cheerful fight on my part, but a fight in which there will be no compromise with evil—no let-up until the inevitable day of victory. head of the Nation is working with all his might and Once more, the uphold the integrity of the morals of democracy— leadership—from Jefferson to preeminently from Andrew Jackson. heritage from the long line of national our Wilson—and Alfred ago said that that he, Republican standard-bearer inwas strongly opposed to a too, referendum proposal would be "the most formation of the union." Representative war a since Majority Leader Ray- sides of the aisle, both on adoption of blunder tremendous Landon, M. President the amendment. Appealing to members burn the O'Connor, Democrat of New York, said it would be a move "toward John democracy" and pure representative government. from away Progressive of Wis¬ opposed by the foes of democracy, and Representative Robert Crosser, Democrat of Ohio, reminded his party colleagues of the words of Thomas Jefferson, who once said that On the consin, "an other elective of proposal a is the sounded the confidence of the the movement in its behalf was gaining Representative-at-Large, that proposal movement a States but throughout the world. people, by the people, of the humanity—for the salvation of has a It taken the on New by Representative Caroline O'Day, the resolution for strength not only in the United "It founders of the American Gov¬ what the not was always is for. Democratic advocates such despotism" fought argument York's Representative Gerald Boileau, side, that argued ernment country as they now possess. main to restore and to weeks telegraphed referendum war An few—a mere handful of the total of business¬ bankers and industrialists—who and men retain it. „ We know that there will be a 373 Chronicle of nature for the people, for all the generations to come," she said. "It crusade and transcends all other loyalties. opposing States alone, but be defeated today but it will not die, and those who are may it may yet live to throughout the However, delegation whole the in it triumphant, not in these United see world." wide record vote today House voting the showed a majority against the motion of York the New to consider the reso¬ lution. House Defeats Motion to Consider Ludlow Resolution—President Roosevelt and Vote by Anti-War Speaker Bankhead Opposed to Amendment Re¬ quiring Popular Vote to Sanction War by United States Under Jan. Roosevelt, 10, by leaders, including Representatives 011 to 188 yeas, refused to con¬ Administration from pressure President House the vote of 209 nays a sider the Ludlow resolution for requiring tion of take The war. vote resolution the cast was defeating in motion to a consideration committee for of out formal declara¬ before a at a reply to your inquiry I would say that on Dec. In Ludlow to the of promoting The that in which the said latter President from letter a resolution the believed he that Roosevelt be likely to lead the United States more than to keep into war The President's letter said: it out of conflict. White Home, The Washington, Jan. In to your request for an expression of my views respecting the response calling for proposed resolution of declaration referendum a vote as It their the of Such such upon amendment an application and incompatible with representative form and free of govern¬ Constitution the to would cripple that proposed as President in his conduct of our foreign relations and it would encour¬ age other nations to believe that they could violate American rights with impunity. fully realize that the sponsors of this proposal sincerely I it in keeping the United States out of war. be helpful would the have sincerely, very FRANKLIN B. William Hon. Speaker of the believe that it I am convinced opposite effect. Yours The D. ROOSEVELT. Bankhead, House of Representatives. House action the on described was measure in the fol¬ Jan. .10 to the New York dispatch of lowing Washington "Herald Tribune": After minutes 20 the floor took to of read debate, William Speaker which in Bankhead B. warning that adoption President's sharp the of the proposal would lead foreign nations "to believe they could violate American impunity," the roll call showed members of the House lining rights with up follows: as the motion For Progressives, 64; to take Of Republicans, 21. 188; signed a petition making it pos¬ of Democrat Ludlow, Louis Representative 5. House who members of the the 218 for 111; Republicans, the resolution—Democrats, up Farmer-Labor, 8; Against the motion—Democrats, sible Indiana, to present 55, of whom 52 were Democrats and three Republicans, reversed the motion, themselves today. The action Senators, of the say, Congress proposal promise now referendum war concentrate to reading Bankhead's of resolution the for their drive, heartened, House for defeat of the motion the In resolution. leaders united were was with contrast convened to prevent consideration and split the reluctant Loathing and the ill-fated wage-hours bill, the majority although unable to hold all of their party law like times in their trust today, "abominating" nevertheless, was, chosen unwilling these to war, Speaker Bankhead told the House he from depart to that the say representatives in the people no fundamental longer are American willing to Congress to reflect their views or to Chief public security. those, my friends," continued the Speaker, "are the views of the Executive of this Nation, our Commander in Chief, a man who loves peace as protect "And God passionately and devotedly as any man who breathes the aid of the world." in America today, or anywhere in Many Bertrand Robert L. in the H. Snell Bacon, Massachusetts, would most the conduct of our foreign affairs its ability to safeguard the the American people. high Republican New of also voted of York, New against Independent Offices Appropriation Passes including command, Representative minority floor leader; John York, and the motion, Mrs. and Taber and Edith Nourse Rogers Mrs. Bill, Independent Offices Appropriations Bill, alloting $1,414,818,515 for 39 independent Government agencies for approved by the House of Repre¬ 11, shortly after the House had accepted an amendment voting power to President Roosevelt to reduce or eliminate in the interest of economy any appropriation item in a bill passed by Congres without vetoing the entire bill. This action was in line with the recommendations contained in the President's budget message to Congress. The "item veto" amendment was proposed by Representative Woodrum after three days of debate during which Republicans unsuccessfully sought further reductions in several of the appropriations. Passage of the measure by the House was described as follows in atWashington|dispatch of Jan. 11 to the New the next fiscal year, was sentatives without of Rogers spoke against record vote, on Jan. a York "Times": Representative Taber, ranking Appropriations Committee, to except appro¬ priations for veterans from the Executive's authority to "reduce or elim¬ inate," and the amendment was passed by a voice vote. "This proposal merely gives the President the same authority which he receives under the reorganization legislation that we passed, and the same authority that was granted to President Hoover in economic reorgan¬ ization," Representative Woodrum said. "It is the authority for which he asked in his budget message and its addition will do more to help Congress and to help the President to aid Woodrum Mr. agreed to a proposal by Republican member of the economy than anything else that we could do." Savings Must Be It was not until after ment act or Administration opponents, whose cry has been realized that the amend¬ under consideration, but to "any other already has too much power, applied not only to the bill joint resolution" involving appropriations. provides, however, that action The amendment not Impounded adjournment, when the measure was on its way Senate, that some that the Executive Democratic line. in in Appropriation Item in Interest of Economy to the leadership which wrestled with members possible under the operation of any such Alloting $1,414,818,515—Also Approves Amend¬ ment Giving President Authority to Eliminate Any they President's letter and his unusual the high point of an intensive drive the has been under way since Congress which be at all handicap the government its counterpart, sponsored by several that chamber. It is there that advocates by the large vote in the House. appeal would unless be brought up in can Speaker of of the killed effectually session present than The any would people and for the people," our foreign affairs can be more efficiently from the standpoint of keeping this country prerequisite for a a only practical means of government by the people. the as far war of peace It choosing. Republic agreed ment government "of the the plan as the Ludlow resolution proposes. After the fullest consideration I am satisfied that this plan conducted by the people through representatives of is with singular unanimity that the founders of is government own judgment that under our present form of by conducted representative form of government. Our my is people, I must frankly state that I consider that the proposed war, amendment would be impracticable in its our foreign affairs is to safe¬ United States. All American citizens agree alike should be safeguarded against war to the fullest possible generally and would thus impair disastrously My dear Mr. Speaker: I am unable to practicability of this proposal." or of the this country seriously 6, 1938. wisdom peace 15, 1937, in referring that "from the standpoint press extent. out would to the stated I and keeping this country out of war, primary objective in the conduct of our guard the read resolution, peace the either see For¬ Committee, made public Jan. 8, said: eign Affairs would continue efforts for its passage. in conclusion Presi¬ press Representative McReynolds, Chairman of the House to the floor, but supporters of the measure and issue, page 3902, reference was made to conference, Dec. 17, as well as to similar views voiced by Secretary of State Hull. The latter since reiterated his objection to the resolution, and in a letter 011 declared that they Actual approval of the resolution would require a two-thirds vote. Speaker Bankhead, in an address, strongly condemned the measure, Dec. 18 our dent constitutional amendment a referendum popular a of In opposition to the Ludlow resolution indicated by the become effective until money thus saved shall be The text of the by the President shall 60 calendar days later, and requires that any impounded and returned to the Treasury. amendment is as follows: authorized to eliminate or reduce by Executive order, appropriation or appropriations made by this Act, other act, or joint resolution, whenever after investigation he shall find and declare that such action will aid in balancing the budget or in reducing the public debt, and that the public interest will be served there¬ by: Provided, That whenever the President issues an Executive order under the provisions of this section, such Executive order shall be submitted to the Congress while in session and snail not become effective until after the expiration of 60 calendar days after such transmission, unless the Congress shall by law provide for an earlier effective date of such Executive order; Provided further, That any appropriations or parts thereof eliminated under the authority of this section shall be impounded and returned to the Treas¬ ury, and that the same action shall be taken with respect to any amounts by which any appropriations or parts thereof may be reduced under the authority of this section. Provided further, That this section shall not apply to any appropriations made for the Veterans Administration. The President is in whole or in part, any or any Financial 374 Tennessee Valley Authority funds for fertilizer and soil conservation experiments and, at the behest of Representative Phillips of Connecticut, $2,830,000 to $1,000,000. an was defeated by a vote of A similar amendment offered by Representative Hoffman of Michigan, would have cut the appropriation by $1,000,000 was rejected by ,r a disclose a tinued after its expiration, June River and tributary in the jurisdiction of the TVA also a was defeated. During the debate on the Tariff Commission appropriation of $918,000, Representative Treadway and other Republicans attacked the reciprocal trade agreements. to cut The House voted down Mr. Treadway's amendment $25,000 from the appropriation. Americans Taxes by Not Permitted from to Deduct Foreign (British) Income, According to Ruling Taxable United States Approves Tax Supreme Assessment Court—-Tribunal Also Against du Pont domestic silver producers or "any inflation, was partly respon¬ 30, 1939. Budget-balancing should be accomplished through 5. TVA approprication by $928,000, but An effort to include the Cumberland business situation Morgenthau testified, it is now," as "we do not feel like recommending additional taxes over and above the present I think it is most important that we keep the revenue that tax structure. have we the present tax on basis." With regard to the subcommittee's report to the House Ways and Means Committee the United Press yesterday (Jan. 14) said: The subcommittee, headed by Representative has written Fred M. Vinson (D., Ky.), 100-page report drastically revising corporate levies and the a capital gains and losses tax—paid mostly by businessmen—without chang¬ ing the rates on individual income. The report went to the full Ways and Means draft Decisions economies rather taxation. "With the the basis for public hearings starting to-morrow. Company. the Treasury's stabilization fund be con¬ "most essential" that the It is than defeated by a vote of 49 to 29. was that sible for the recession. of the TVA would bigger scandle that the Teapot Dome. is most important" the Administration could not check runaway ^ Mr. Taber had sought to cut the "it based on the false assumption that Overstocking by business men, 4. Representative Knutson led another Republican attack on the TVA, in which he charged that an investigation he was making setback business kind" of subsidies. 3. voice vote. of basis be maintained. He opposes payment of subsidies to 2. 83 to 19. which appropriation an , of the Because present tax amendment cutting its appropriation from The amendment 1938 Morgenthau told the committee: 1. Representative Taber led a Republican assault on the National Labor requested Treasury $2,186,595,399. servation Corps who donate blood to transfusion cases. Relations Board and offered 15, testified at secret sessions of a House Appro¬ The Subcommittee. priations provision for the payment of $50 each to members of the Civilian Con¬ a Jan. He (Secretary Morgenthau) voted, an increase of $150,000 Two minor changes in appropriations were in Chronicle Committee and will form Then the Committee will bill, which leaders hope to get through Congress by mid-March. a by the United States Supreme Court on Jan. 10 resulted in two important victories for the Administration. The Court, but a vote of 6 to 3, ruled that Americans may earnings on to stockholders so the federal government could levy on them as not income. investments by foreign Governments. 8 to 15% and an undistributed profits tax of 7 to 27%, depending on the legally deduct from their taxable income taxes on their The Court also ap¬ proved a $2,000,000 assessment against a holding company controlled by du Pont interests. In another formal opinion, the Court by a vote of 7 to 2 held that the rotting of a banana cargo through the stranding of the Norwegian steamer Smaragd in Chesapeake Bay was a 4'peril of the sea" which entitled the shipping company to collect insurance on the cargo. The tribunal also agreed to rule on whether a State may tax income derived wholly from Interstate commerce and that derived from tax-exempt municij)al bonds. The decision in connection with foreign taxes found that taxes paid by stockholders on profits by British corporations before the profits were distributed as dividends cannot be The most important undistributed changes to be recommended Corporations under that law are required to pay normal taxes of The tax sub-committee will recommend: That corporations earning $25,000 a year or less be exempt from the un¬ distributed profits tax and pay normal taxes as follows: 12 H% on the first $5,000: 14% on the next $15,000; and 16% on the remaining $5,000. That corporations earning more than $25,000 a year pay an profits tax of 16 to 20%, depending That corporations rising from undistributed the amount of earnings distributed. on to the other be given the option of one paying taxes under a complicated "notch" provision designed to level out the jump from one category to the other. Special treatment decided on for closely held corporations, many of was which the committee felt of their owners. $50,000 a year were created to reduce the personal income taxes After exempting those corporations which earn lees than and distribute at least 60% of their income in dividends, the deducted from the income taxes which Americans must pay, committee will recommend that they be tax land. those affecting the percentage of earnings distributed. and thus rejected pleas made by Mary Duke Biddle of New York and George E. Elkins of Elkins Park, Pa. Dissenting votes were cast by Justices McReynolds, Butler and Suther¬ are 1936 to force corporations to pass profits tax, adopted in of 16 to subject to the undistributed profits Then, after deducting $40,000 or 30%, whichever is 20%. greater, from income remaining, these corporations would pay another flat 20% the balance. on In capital gains arid losses, now counted as ordinary income and taxed . accordingly, the committee will recommend: The tax decision and other Supreme Court proceedings of Jan. 10 were described in United Press Washington advices mitted to carry over any losses above of that date following The issue as was follows: brought by Mary Biddle, of New York, who sought That taxpayers with losses, now That au¬ thority to deduct from her American taxable income the amount of $47,380 The Internal Revenue Bureau contended that she actually received only $193,406 and had paid no taxes on that sum. eiifbouraged profit-taking be tax at the end of five years a accepting deduction of $2,000, be per¬ $2,000 to offset against gains the by granting maximum relief from the instead of ten as at present. That taxpayers whose personal incomes are which her attorney said was paid to the British Government in 1929 as taxes $240,786 in dividends declared by the British American Tobacco Co., Ltd., and the Tobacco Securities Trust Co., Ltd. on limited to year. a high be given the option of flat 40% tax on capital gains, if it would be less than their surtax This option would be profitable for incomes above $65,000 in most rate. cases. The controversy involves different methods applied by Great Britain and the United States in taxing corporate earnings. on dividends at the In Britain, source this country it is paid A similar challenge and withholds the amount a company pays of tax it directly to the Government. NLRB Asks Court of In Ford directly by the taxpayer. was and-Desist Decision Elkins said he actually received only $23,993, the remainder going to the British Government. Third Circuit Court but was His contention was approved by the rejected today by the high court. The du Pont decision's importance lies in its connection with the Treas¬ ury's drive to plug loopholes in the revenue laws through which some wealthy taxpayers legally have escaped the payment of millions of dollars. The dispute began when the Internal Revenue Bureau ruled that the Al- mours Securities, Inc., was a personal holding company formed by Alfred I. du Pont and his family for the purpose of avoiding personal surtaxes and imposed assessments of $1,282,169 for 1931 and $787,652 for 1932. assessments were The upheld by the Fifth Circuit Court of Appeals and today the Supreme Court refused to review the The corporation, through assessments were John W. case. Davis, attorney, charged that the confiscatory and contended that a previous investigation by the Government refuted its contention that the corporation was formed employed to avoid taxes. or The J. D. Adams Appeals to Enforce Order Against Compliance with Cease- Co.—Seeks brought by George E. Elkins, of Philadelphia, The National Labor Relations Board who sought deductions of $7,017 on gross dividends of $31,010 from British securities. Motor Mfg. Co., of Indianapolis, brought the action to test the validity of Indiana's gross income tax law's applicability to Interstate on Jan. 6 announced Court of Appeals in Covington, Ky., to enforce its decision which accused the Ford Motor Co. of violating the Wagner Labor Act and ordered it to cease any attempts to discourage membership that in had it the asked United the Circuit Sixth Workers Automobile Union, an affiliate of the Committee for Industrial Organization. The company has denied the Board's charges. Previous developments in the controversy were discussed in the "Chronicle" of Jan. 8, page 197. The petition to the Kentucky Court said that judicial action was necessary as a result of the Ford refusal to abide by the Board's ruling. A Detroit dispatch of Jan. 6 to the New York "Times" discussed the issue The Kentucky Michigan. Earlier, been had city held is because in hearings Kansas City and in Judicial Sixth the in cases as follows: District, involving which includes Ford workers Louis, it was believed that the St. revenues. Counsel for the company said the levy would place an undue Board would attempt to take the case to burden Interstate commerce in violation of the Constitution. of Columbia. on The attorneys also charge that it would be to a violation of the Constitution levy on the income from tax-exempt securities. Officials of the for order, an as Board disclosed the company filed with the Board's regional director here its reply to the charge that it Tax Program Submitted by Sub-Committee to House Ways and Means Committee—Most Impor¬ tant Changes Affect Undistributed Profits Tax— Secretary Morgenthau Opposed to New Taxes The report was embodying changes in the existing tax laws submitted to the House Ways and Means Committee yesterday (Jan. 14) by the subcommittee headed by Repre¬ sentative Vinson; various references to the action of the sub¬ committee during its weeks of study in drafting the changes have been referred to in these columns, the latest item appearing in our issue of Jan. 8, page 193. It became known this week that Secretary of the Treasury Morgenthau re¬ cently voiced his opposition to new taxes at the present time, his views having been disclosed with the publication on Jan. 13 of testimony on Dec. 8 on the Treasury Depart¬ ment's appropriation bill for 1939. From United Press advices from Washington Jan. 13 we quote: had violated the Act. The reply, the terms of which were Revision by P. E. the Circuit bench of the District they had mailed the application that Martin, Vice-President made public yesterday, was signed of the corporation. It declared that of doing so in the future, it had not violated the Act and had no intention and challenged the findings that it had discriminated against or intimidated members of the United Automobile Workers of America, a C. I. O. affiliate, as "unjustified by the facts and unsupported by the evidence." The plants, side Board's on one review of the views "is incomplete and said that the latter opinion of their consequently unfair," it charged. was not for the Board to determine whether this was not, the response set forth that nevertheless, the company, own But it enjoyed by his employees, and the history well-being. Declaring that it or his better off in a union or out¬ would seem to be justified by the high wages and improved working conditions so Henry Ford, distributed at of whether his employees would be judgment his views was had recognized the right on Mr. Ford, as well as of every employee to exercise his Mr. Ford in expressing whether to join or not, and that exercising his constitutional right would not pledge to of free speech, which it forego in the future. While denying any connection with any of union literature near its River interference with the distribution Rouge plant in the May rioting, it asserted Volume Financial 146 With of undesirable persons, to eject trespassers and its right to prevent entry lawfully to protect its and its employees' rights from this Production 1,760,000 Now Receiving Federal Relief, WPA Reports —About 10% of United States Citizens Dependent Employed" in November "Partially as September—3,209,211 Last Aid Government Registered Census receiving Fed¬ 11 in a Works Progress Administration, which said Relief, President Roosevelt was told on Jan. by the report of between 250,000 and 300,000 had that since Dec. 1 a total Another report on the same date been added to WPA rolls. Hopkins, WPA Administrator, said that 10% of the people in the United States received public aid in some form during September of last year. The WPA announced on Jan. 8 that its workers who are Harry by eligible compensation unemployment for must apply for such benefits in the amount and for the period to which they are entitled to them, meanwhile forfeiting their WPA jobs, and no applicants who are eligible for and accept compensation will be eligible for WPA employment the expiration of the period during which com¬ such until after benefits pensation D. John paid. are Administrator Riggers, the national of reported number The test our census, total as unemployed males between partial employment and regularly work only part time and not need or want more work. They are partially employed. Others reduced to part-time work by force of circumstances and want more They 715,158, including New York, New Jersey and Penn¬ had the largest number of partially employed persons, a New total of divided betwen 580,934 males and 134.224 females. York bad the highest State total with 319,566, comprising 250,264 and which 257,945 lowest number of and men were 42,864 working partly second with 300,809, of women. Nevada reported the 1,378, divided between 1,228 was were persons, females. 150 and 1937 the net number of recipients of general relief and relief rolls on projects of the WPA and other Federal September, workers from agencies amounted 2,700,000. to about assisted households additional through If allowance were made for the CCC and NYA work, aid to de¬ old-age assistance and rural rehabilita¬ grants the aggregate total of different households would he increased by about 50 or 60%. During September, 1937, it may be concluded that roughly 10% of the people in the United States received public aid in pendent children, aid to the blind, tion form. some "Comparison the with 1937, total works program employment From November, 1935, through May, of unemployment. WPA on be made also may estimate of workers CCC projects, personnel, and workers on works projects of other Federal agencies totaled between 30 and 36% estimated unemployment. By September, 1937, however, this percentage program of had dropped "Total acts 24. to funds amounted "Total three emergency relief appropriation approximately $8,421,000,000 as of October 31, 1937. provided to allocations; arid funds provided under the ERA acts amounted of October 31, 1937. This represented 90% of all Funds expended by the WPA alone aggregated $3,623,000,000, accounted as in census Jan. 8 issue, pagre 8% of the allocations to this agency." of unemployed as revealed in mid-November was made in our number the to national except about all for Reference the the under expenditures from $6,893,000,000 to Rate-Making Function Will Be Invalidated Supreme Court Reverses Stand on Utility Valuation—Annual Report Is Submitted to Con¬ gress Federal Power Commission, in its annual report to rate-making authority admin¬ ister unless the Supreme Court reversed its position on utility valuations. The report said that the Commission was "deeply concerned in the establishment of a legal prin¬ ciple which will be consistent with and not obstructive to a sound administration of the rate-making power." Both the Commission and President Roosevelt have recently advo¬ cated a rate-making theory based on actual investment less depresiation. rather than the generally accepted principle that reproduction cost must also be considered. Associated Press Washington advices of Jan. 9 summarized the annual report as follows: Congress on Jan. 9, asserted that its electric utilities would The Commission reminded the Commission's assets of $10,060,000,000, the threshold of "a it had amended the Power Act to powers over 292 utilities which claimed and that the change had placed new be almost impossible to Congress regulatory extend on the During estimated ultimate fiscal Commission the year collected from distributed pursuant to the requirements was licenses $722,of the Federal Act, the report says. 1932, to Nov. 30, $12,095,766,006 Authorized During $1,750,053,542 Canceled $6,682,171,262 Disbursed for Loans and Investments—$4,829,893,- 1937—Loans of Period — Repaid Authorizations and of commitments era of Federal regulation." the Commission in Corporation November amounted and authorizations to the the recovery commitments during to $4,854,467, Nov. 30, 1937, and amounted through tentative commitments outstanding at the end of the month, $12,095,756,000, it was announced on Dec. 16 by Jesse of ized a Reconstruction program $84,569,173, rescissions of previous authorizations total making J. These amounts include $1,271,569 author¬ agencies during November, and other governmental to $1,027,828,612 to other governmental agencies and total of $1,800,000,000 for relief from organization through Nov. 30, 1937. Authorizations of loans and investments aggregating were canceled or withdrawn during November, said, making total cancellations and withdrawals $3,305,609 Mr. Jones $1,750,053,542. borrowers to and A total of $717,185,433 remains available to banks in the purchase of preferred capital notes and debentures. The relief include $299,984,999 advanced directly to ments disburse¬ States by States upon certifica¬ $500,Emergency Relief Administrator Corporation, $499,999,881 to the the tion of the Federal 000,000 Federal the to Emergency Relief Administrator, provisions of the Emergency Appropriation Act, 1935, and $500,000,000 under the provisions of the Emergency Re¬ lief Appropriation Act, 1935. During November $63,414,401 was disbursed for loans and investments and $16,958,408 was repaid, making total dis¬ bursements through Nov. 30, 1937, of $6,082,171,262, and under 72%). (approximately Jones continued: During November panies cissions $4,829,803,789 of repayments Chairman loans were authorized to nine banks and trust com¬ (including those in liquidation) in the amount of $319,659. Res¬ and withdrawals of loans to banks and trust companies (including amounted to $622,125; $308,556 was disbursed and Through Nov. 30, 1937, loans have been authorized to 7,511 banks and trust companies (including those in receivership) aggre¬ gating $2,533,096,952. Of this amount $467,959,298 has been withdrawn, $72,052,077 remains available to borrowers, and $1,993,085,577 has been liquidation) in those $5,383,521 repaid. disbursed. Of this latter amount Only $10,259,122 one were banks, and that includes trust company. made during November to $8,515,836 purchase preferred stock, and debentures of three banks and trust companies in the amount of $455,000. Through Nov. 30, 1937, authorizations made for the purchase of preferred stock, capital notes and notes aggregate have $1,838,917,371, or 92%, has been repaid. is owing by open mortgage and Authorizations Says over an 144.91, which Power from 196. Unless The represent 728 installation of 9,290,935 horsepower. Applications for authorizations relating to dispositions of property, mergers, consolidations and security issues during the fiscal year involved securities aggregating $146,667,500 ; those received from June 30 to Oct. 13, 1937, $29,859,000, making a total of $176,526,500. Claimed cost of the 117 projects, the accounts for which are subject to accounting supervision by the Commission, aggregate $678,053,740.36. capital FPC were outstanding, together with the pending applications, projects with stock, part: In lines for exclusive of transmission lines, and 293 outstanding. The 589 permits and complete projects transmission for licenses of 11 to President Roosevelt said, report of Jan. WPA The Pennsylvania females. 69,304 males males of parts licenses Jones, Chairman. partially unemployed." are Middle Atlantic States, The sylvania, in Many persons unemployment. partial work. the rapidly 1937, 113 major licenses, 144 minor licenses, 32 licenses On June 30, minor Finance Time in Part distinction important an foresight and the build and supply to horsepower. and who were to report the partially Mr. Biggers emphasized the registration in the follow¬ survey is "There are has it promptly and on a large scale more increasing demand." The report shows that 56 new applications for licenses cr preliminary permits for power projects were received during the fiscal year, making a total of 1,442 received during the 17 years since the Commission was established. Seven new applications for preliminary permits covered pro¬ posed total installation of 496,000 horsepower; the 10 applications for licenses for major projects covered a proposed total installation of 679,965 build to plants 789 2,641.600 ing language: do whether but rendered, service the for with the 72% compared special notice to correspondents a generating by statement a females. Distinction In Indicating the need of increased its Chairman on Sept. 1 that the and urgent problem before the power industry today "is not it can sell all of the energy it can produce and earn a fair generating the enumerators as totally unem¬ Biggers pointed out in his report. registrations reported today included Mr. 567,551 in number reported ,to the of registration ployed," whether profit the partially unemployed was only 57% registration of voluntary the of concrete States has broken electricity for public use in the United quoted it Report of Operations of RFC Feb. 2, report as follows : "The of records, the report stated. capacity, unem¬ Jan. 8 in a report to President persons registered as "partially employed between Nov. 16 and 20, 1937. A Washington dispatch of Jan. 8 to the New York "Times" quoted from ployment census, said on Roosevelt that 3,209,211 this all imagination Approximately 1,700,000 persons are now eral rule cost impossible of performance." ♦ on jurisdiction, the report 6aid, fixing rates under the would make its administrative task "well nigh greater reproduction attack. 375 Chronicle been aggregating $1,266,413,584, of $23,322,755 to be secured by preferred stock, a total authorization for preferred stock, capital notes and debentures in 6,834 banks and trust companies of $1,289,736,339; $169,318,286 of this has been withdrawn and $36,483,500 remains available to the banks when conditions of authorizations have been met. Loans were authorized during November for distribution to depositors of eight closed banks in the amount of $249,659, rescissions and with¬ drawals amounted to $642,499, disbursements amounted to $289,527, and repayments amounted to $3,269,059. Through Nov. 30, 1937, loans have been authorized for distribution to depositors of 2,744 closed banks aggregating $1,318,494,622; $289,226,161 of this amount has been with¬ drawn and $72,863\169 remains available to the borrowers; $956,405,292 has been disbursed, and $877,687,832, over 91%, has been repaid. During November the authorizations to finance drainage, levee and irrigation districts were increased $1,401,500, authorizations in the amount of $11,063 were withdrawn, and $57,601 was disbursed. Through Nov. 30, 1937, loans have been authorized to refinance 619 drainage, levee and irri¬ gation districts aggregating $138,083,791. of which $18,208,201 has been withdrawn, $41,144,329 remains available to the borrowers, and $78,731,261 of debentures and has 1.121 been Under struction 6,750 banks and loans were trust companies authorized in the amount disbursed. the provisions of Section 5(d), which was added to the Recon¬ Financ§ Corporation Act. June 19, 1934, seven loans to industry Financial 376 the of amount Nov. $2,651,700 and business assist Administration the of benefit 764,758 borrowers. purchase In in industry the program, Corporation withdrawn addition, authorized has $169,873,859. $20,185,601 and the Corporation 2,268 loans Of this amount, remains authorized, two businesses participations of of mortgage loan companies to with the National Recovery including industry aggregating been has Authorizations in withdrawn during November. rescinded were 1937, 30, or Jan. IS, available for $56,the to has agreed to, the or aggregating $210,000 during November, and similar authorizations aggregating $18,586 withdrawn. were Canceled Authorized ing a value of par $1,535,524 at ing 1937, a $44,952,918 having Corporation the securities of securities having $12,106,888. blocks 842 and has purchased having of $222,800. from value par value par value par (817 issues) the PWA Through \Vere sold Of at this 30, (2,500 amount, premium a Securities having a par value of $133,034,709 Nov. blocks 3,325 $551,528,840. of $402,278,559 of of securities hav¬ sold securities having par value of The Corporation also collected matur¬ premium of $5,001. securities PWA issues) Public Works of are still of held. In addition, to the Corporation has agreed with the Administrator to purchase, held and collected or sold at a later date, such part of securities be having aggregate an value of par $138,883,236.37 as the PWA is in a Ala. Tenn. & Northern RR. Corp. 275,000 275,000 2.500,000 2.500,000 Ann Arbor RR. Co. (receivers).. 634,757 400,000 Ashley Drew & Northern Ry. Co. Baltimore & Ohio RR. Co. (note) 87,125,000 634,757 Alton RR. Co Birmingham & So'eastern RR.Co. The report listed disbursements and repay¬ Disbursements $ Banks and trust companies (lncl. receivers) Railroads (Including receivers) Federal Land banks Mortgage loan companies Regional Agricultural Credit corporations Building and loan associations (lncl. receivers). .... Joint Stock Land banks.... Livestock Credit corporations State funds for insurance of deposits of public moneys ... Fishing industry Credit unions Processors of Agriculture to 14,718.06 3,087,398,901.40 3,300,000.00 Secretary 3,300,000.00 535*800 123,632 3,124,319 220,692 3*5*701 464,298 140,000 Chicago & Eastern 111. RR. Co— 6,916,500 Chicago & North Western RR. Co 46,589,133 Chicago Great Western RR. Co.1,289,000 ChicGt. West. RR.Co.(receiver) 150,000 464,299 32,000 5,916,500 155,632 1,000 46,588,133 4,338,000 78,731,260.84 1,551,828.94 of teachers' salaries and for refinancing out¬ standing indebtedness Loans to aid in financing self-liquidating construc¬ tion projects 22,450,000.00 282,960,506.48 22,300,000.00 55,246,783.90 Loans for reoalr and reconstruction of property by earthquake, fire, tornado, Chic. Milw.St.P.&Pac. RR.Co. flood and other catastrophes 11,948,395.32 5,549,077.80 20,224,586.66 94,964,789.93 3,042,500.00 12,589,616.13 Loans to aid In financing the sale of agricultural surpluses in foreign markets Loans to Industrial and commercial businesses. Loans to mining businesses. on and purchases of assets of closed banks.. Loans to finance the carrying and orderly market¬ ing of agricultural commodities and livestock: 3,840,000 (receiver) Commodity Credit Corporation 20,177,690.67 22,278,627.32 813,191.02 11,341,583.81 693,034,692.53 19,484,491.78 16,850,000.00 661,736,845.10 18,503,022.30 2,425.46 the purchase of preferred stock) 10,398,925 2,098,925 8,300.000 8,300,000 Colorado & Southern Ry. Co Columbus & Greenville Co 28,978,900 60,000 53,600 28,925,300 1,481,000 60,000 Denver & Rio Grande W. RR.Co. Denver & Salt Lake West.RR.Co. — Ft. Worth & Den. City Ry. Co. 500,232,813.27 Galv. Houston & Hend. RR. Co. 1,061,000 Gulf, Mobile & Northern RR. Co. Illinois Central RR. Co 35,312,667 Lehigh Valley RR. Co 9,500,000 800,000 145.000.000.00 """" 2,600,000.00 55,000,000.00 To create mutual mortgage Insurance fund.. For other purposes 10,000,000.00 46,621,074.55 115,000,000.00 Sec. of Agrlcul for crop loans to farmers (net).. Governor of the Farm Credit Administration for For relief—To States directly by Corporation To States on certification of Federal Relief 299,984,999.00 Administrator Under E mergency Appropriation Act—1935.. Under Emergency Relief Minn. St. P. & SS. Marie Ry. Co. Mississippi Export RR. Co Missouri-Kansas-Texas RR. Co. Missouri Pacific RR. Co Appropriation Missouri Southern RR. Co 6.843,082 656.368 100,000 62,500 2,300,000 2,300,000 23,134,800 99,200 200 785,000 785,000 1,070,599 785,000 570,599 1,070,599 25,000 25,000 New York Central RR. Co 27,499,000 27.499,000 18,200,000 18,200,000 Murfreesboro-Nashvllle Ry. Co.. N. Y. N. H. & Hartford RR. Co. 29,500,000 Pere Marquette Ry. Co 3,000,000 Pioneer & Fayette RR 17,000 4,475,207 Pittsburgh & W. Va. RR. Co.... 300,000 Puget Sound & Cascade Ry. Co St. Louis-San. Fran. Ry. Co 7,995,175 St. Louis-Southwestern Ry. Co.. 18,790,000 Salt Lake & Utah RR. (receivers) 200,000 Sand Springs Ry. Co 162,600 Southern Pacific Co 23,200,000 Southern Ry. Co 19,610,000 . 18.200,000 175,102 28,900,000 28,900,000 3,000,000 17,000 600,000 3,000,000 10,500 4.475.207 300,000 2,805,175 117,750 18,672,250 18,672,250 162,600 162*666 1,200,000 22,000,000 22,000,000 19,610,000 2.257,460 100,000 100,000 200,000 100,000 5,147,700 147,700 700*666 7*o6",666 30,000 39,000 15,731,583 30,000 39,000 15,731,583 4,366,000 4,366,000 1,40*3*666 400,000 400,000 100,000 22,525 Tennessee Central Ry. Co 22,525 22,525 5,147,700 108,740 700,000 Texas Southern-Eastern RR. Co. 45,000 Wabash Ry. Co. (receivers) Wichita Falls & Southern RR.Co. Wrlghtsville & Tennllle RR the to 6,000 ..643,597,795 106,393,556 537,126,239 181,203,225 - addition 108.740 30,000 Tuckerton RR. Co In 750,000 300,000 7,995,175 . Sumpter Valley Ry Co 27,4*99*666 7,699,779 95>1 7,700,000 above loans authorized the Corporation has approved principle, loans in the amount of $56,842,984.65 upon the performance of + TVA Concludes Defense of Unconstitutionality Charges by 18 Private Utilities—Federal Court Early End of Hearing—Judge Allen Says Supreme Court Ruling on Allocation of PWA Funds Indicates Judge Allen had indicated that the decision of the followed Charles Mr. was James S. Bowman, head project planning en¬ He had testified previously in the bearing and Karr, TVA superintendent of power supply, to the Bowman said "there TVA dams Act, 1.799,984,879.89 _ L. stand this time. 500,000 000.00 500,000,000.00 or are valuable power resources" proposed dams, but that the dams were at the site of being designed for flood control and navigation primarily and that construction of the dams 17,084,858.00 notes Issued for funds for allocations would have been different if "generation of power had been the primary objective." During 23,195.857.06 an argument concerning introduction of an exhibit during Mr. Karr's testimony, Raymond T. Jackson, chief counsel for the utilities, told 9,410,101,204.79 4,846,978,646.64 repaid by each are shown in the following table (as 30, 1937), contained in the report: 985,000 6,843,082 Mobile & Ohio RR. Co Final TVA witness The loans authorized and authorizations canceled or with¬ drawn for each railroad, together with the amount disbursed of Nov. 744.252 100,000 2,300,000 23,134,800 99,200 Mobile & Ohio RR. Co. (receivers) gineer for the authority. 17,084,858.00 499,999,880.89 . 1935 to and 50,000 1,729,252 (trustee) merce": 904,749,206.11 Grand total 800,000 2,550,000 197,000 12,678,852.92 _ and relief advances 800,000 2,550,000 3,000 Maryland & Penna. RR. Co Meridian & Bigbee River Ry. Co. facilities, "should somewhat narrow" the case on trial. Conclusion of TVA testimony was noted in the following dispatch of Jan. 11 to the New York "Journal of Com¬ Total allocations to Governmental agencies on 8,500.000 2,550,000 44,500,000.00 3.108,278.64 Expenses—Prior to May 27, 1933 Since May 26, 1933.. Total for relief 105,000 8,500,000 200,000 Litchfield & Madison Ry. Co Maine Central RR. Co On Jan. 8 40,500,000.00 97,000,000.00 8,COO,000.00 . Credit Corporation Stock—Disaster Loan Corporation Regional Agricultural Credit corporations for: Purchase of capital stock (lncl. $34,500,000 held In revolving fund) Interest 13,915 520,000 35,290,000 United States Supreme Court upholding the right of munici¬ palities to borrow or receive money grants from the Public Works Administration to construct electricity distribution pro¬ Stock—Commodity , 22,667 1,000,000 completed its the TVA was unconstitutional. Rebuttal testimony was begun before the Federal Court at Chattanooga, Tenn., which is hearing the case, on Jan. 12. The utilities utilized 20 days in presenting their testimony, while the TVA defense occupied 17 days. Circuit Court of Appeals Judge Florence E. Allen presided over the hearing, which was expected to end today (Jan. 15). 124,741,000.00 .... duction Credit corporations 6.000,000 The Tennessee Valley Authority on Jan. 11 defense of a charge by 18 private utilities that 200,000,000.00 Federal Farm Mtge. Corp. for loans to farmers. Federal Housing Administrator: for 13,915 520,000 520,000 Must Be Considered _ capital 1,061,000 354,721 6,000,000 99,422,400 Brought for loans to: provide 15,000 10,539 10,539 Georgia & Fla. RR. Co. (receivers) 354,721 Great Northern Ry. Co 105,422,400 Green County RR. Co 13,915 419,460,997.65 Capital stock Home Owners' Loan Corp to 8,176,000 15,000 Public Capital stock of Federal Home Loan banks. Farm Loan (now Land Bank) Commissioner fund 320^000 227,434 227,434 8,176,000 . 78,000 6,682,171,261.73 4,829,893,788.64 revolving 627,075 3,000 90,000 specified conditions. Allocations to Governmental agencies under pro¬ visions of existing statutes: Secretary of the Treasury to purchase: ...I 16,582,000 500,000 71,300 582,000 3,182,150 3,000 717,075 Galnsvllle Midland Ry. (receivers) Gainesville Midland KR. Co in 536,964,500.35 Joint Stock Land banks 53* 500 8.081,000 219,000 3,182,150 16.582,000 6,582,279.49 Works security transactions Farmers 53,500 8,300,000 Ft.Smith & W.Ry.Co. (receivers) 493,650,533.78 1,143,309,553.23 TotaI 13,718,700 53,500 Copper Range RR. Co Totals 34,375,000.00 of 1,150,000 1,150,000 13,718,700 eluding $18,148,730 disbursed and $7,387.713.43 repaid on loans secured by pref. stock)..1,083,934,553.23 Purchase of stock of the RFC Mortgage Co 25,000,000.00 Loans secured by preferred stock of Insurance companies (Including $100,000 disbursed for 538 Chic. No. Shore & MUw. RR. Co. Western Pacific RR. Co Total loans,excl.of loans secured by pref.stock.5,001,897,208.15 3,910,199,977.72 of preferred stock, capital notes and debentures of banks and trust companies (in< Purchase Administration 597.000 Chicago R. I. & Pac. Ry. Co Cincinnati Union Terminal Co... Texas & Pacific Ry. Co.. Other Emergency 16,000 Chic. Milw. St .P. & Pac. RR. Co. Texas Okla. & Eastern RR. Co.. Loans to Rural Electrification Administration... Federal 500,000 838 150,000 11,500,000 3,840,000 12,000,000 - Loans Total 1,289,000 Pennsylvanla RR. Co public school authorities for payment damaged 140,000 Charles City Western Ry. Co N. Y. Chic. & St. L. RR. Co purchase cotton. to 9,250.000.00 5,544,991.44 157,273.50 449,589.21 14,718.06 Loans for refinancing drainage, levee and Irriga¬ tion districts Loans 13,064,631.18 3 ,742,316,368.48 Total loans under Section 5... to 181,203,224.62 374,928,146.80 271,095,161.27 173.243.640.72 115.353.500.73 86,720,308.01 15,913,054.42 12,884,874.69 distributors for payment of pro¬ or cessing tax Loans 537,126,239.11 387,236,000.00 397,289,557.43 173,243,640.72 117,005,895.34 89,675,416.42 17,979,621.38 12,971,598.69 13,064,631.18 9,250,000.00 5,643,618.22 719,375.00 600,095.79 Federal Intermediate Credit banks Agricultural Credit corporations ' 1 ,980,495,961.14 1,827,575,786.75 - Insurance companies $ 41,300 7,569,437 53,960 13,200 549,000 Fredericksburg & North, Ry. Co. Repayments " Loans under Section 5: 400,000 600,000 Fla. E. Coast Ry. Co. (receivers) from Feb. 2, 1932, to Nov. 30, 1937: 434,757 12,150,477 41,300 3,124,319 Eureka-Nevada Ry. Co follows as ments for all purposes 605*367 87,110,400 14,600 7,569,437 53,960 Boston & Maine RR 127,000 400,000 41,300 Buffalo Union-Carolina RR Erie RR. Co to deliver from time to time. position Repaid $ 127,000 Carlton & Coast RR. Co Administration $ 127.000 Central of Georgia Ry. Co___— Central RR. Co. of N. J 1937, the Corporation has authorized, or has agreed to, aggregating $21,202,423 of 403 businesses, $8,608,463 of which has been withdrawn and $4,790,835 remains available. During November the Corporation purchased from the Federal Emergency Disbursed % Aberdeen & Rockflsh RR. Co the of participations or Withdrawn $ Through Nov. 30, purchase 1938 Authorizations aggregating $497,417 were authorized during November. Through loans to cooperation Chronicle 3»>~ the court that private utilities had purchased TVA power in the past "for its nuisance value." Objects to Contract Mr. Jackson objected to TVA attorneys introducing the contract under which whom TVA are sold Commonwealth & Southern Corp. subsidiaries—four complainants in this suit—electrical power until last February. of Volume Financial 146 'If it (the contract) is material to be received in replace¬ had at all cimes generating "First, this power which was purchased was used only as steam request of the Government, and we could produce it (power) cheaper than this incuremental power (purchased from TVA)." The court overruled Mr. Jackson's objection and admitted the contract "We 1 can produce evidence to show that we in evidence. Adopt Resolution Ap¬ Governors proving "Principle" of Wages-and-Hours Legisla¬ tion—Statement Issued After Conference with and encouragement Governors of Southeastern States, after conferring seven Washington on Jan. 7, issued a the principle of the Administration's indorsing statement designed to fix maximum working hours and minimum in industry. While the Governors did not specific¬ ally pledge themselves to support the bill in the form which was passed by the Senate but was later sent to a House Committee as a result of a combination of Southern Demo¬ crats and Northern Republicans, it was generally believed in Washington that their action would have a bearing on passage of wages-and-hours legislation in some form during the present session of Congress. The resolution adopted by bill wages the seven Governors read: record and Governors' conference does hereby endorsing the principle of establishing "a floor for wages as ceiling for hours" and expresses confidence a that the Congress of the United States and the President of the United States, as is their perroga- tive, will work out the necessary legislation along these lines and provide nationals of adopted by the conference was Nowhere in the preamble or resolutions hint of a a quid pro quo in connection with the Governors' endorse¬ and hours legislation, and one of their number insisted that ment of wages the understanding with the President could not actually be considered as such. said was conference that to President Roosevelt would give his support to the inclu¬ in mind the fact that we have go that every abroad; that these include large num¬ leaders, religious executives laborers, and and children; that the number of Americans pro¬ is not greater than, is probably less purposes and philan¬ American nationals in repercussions adverse to the legitimate rights of Americans and the legitimate interests of this country in other parts, in most parts, of the world. who go abroad for educational, cultural thropic purposes, and that a policy of abandoning of the world would have inevitable and serious East, affording a course based upon calm reason. We endeavor to of protection which are called for by and are in which now prevails in the Far In emergency situations such as that the Government endeavors to pursue appropriate protection afford those measures in regard to the question of accord with the realities of the situation. Since the and ment beginning of the present Chinese-Japanese conflict its officers in China have means develop situations of danger, to effort to provide When situations of acute danger whereby they may depart. or seem this Govern¬ earnestly advised and repeatedly in face of dangers incident to withdraw, and in the present situation we are making every safe likely to develop at particular points, our their efforts to effect the safe withdrawal of American officers redouble citizens from those When the situation at particular points becomes more points. points. In the present situation tionals, is also tranquil American citizens, the armed forces which may have been sent likely to present serious hazard to the lives of is followed of withdrawing to those as in the Far East, the Government of the United protection and assistance to American na¬ The American Government this Government always has done. It has asked and is rights of our people be the same time it has sought and is seeking to avoid in¬ country in the disputes of other countries. upholding principles, as it has always done. asking that the rights of the United States and the respected, and at volvement of .his to removing of the Ohio Rivers, with view a freight "discriminations," of which the South has long com¬ ;■ plained. The Governors present Rivers of Georgia, at Graves of Alabama, conference were: the Johnston of South Carolina, Hoey of North Carolina. Browning of Tennessee, Cone of Florida and Leche of Louisiana. What President In response to the resolution, R. Reynolds, evidence of their belief that he would do so. As to this matter, one Numbers of armed forces were listed as: Ten-Vote Margin Recalled Wages-and-Hours Bill was sent back to committee during the last days of the extra session of Congress, observers pointed out tonight that the action of the Governors' conference seemed likely to remove the greatest single obstacle to its passage at the present session. In his letter to Vice-President than as a "The of the the attraction of Eastern industries southward that industrial wage levels in that section. Concerning the endorsement of wages and hour legislation by Governors which measure, some Alabama Hefiin in the only recently provided much of the opposition to that Lister Hill over former Representative Democratic primaries, with New Deal ticket, including the enactment Secretary Hull Processes" Senate ascribed it to the victory in Administration spokesmen of Says in United Far Resolution Disturbed Senator Thomas Mr. Hill running on a straight of wages-and-hours legislation. States East—Letter Defines Seeks in "Orderly Response American Policy to in Areas The policy of the United States in the Far Eastern conflict is based on maintenance of "orderly processes in international relationships," Secretary of State Cordell Hull said on Jan. 10 in a letter addressed to Vice-President Garner, in response to -a Senate resolution requesting latest available information on American interests in China and the size of American armed forces in that country. Mr. Hull said that the basic policy animating the United States in disturbed areas is one that has been pursued since 1825 and one that, if abandoned in any one place, "would have inevitable and serious reper¬ cussions adverse to the legitimate rights of Americans and the legitimate interests of this country in other parts, in most parts, of the world." He added, according to a dis¬ patch from Washington Jan. 10 to the New York "Times": abroad on a by- for some purposes, may the same as in be added (1) approximately charitable organizations." previous reference to Secretary Hull's discussions of American policy in the Far East was given in the "Chronicle" of Dec. 11, page 3748. A W. conceded that if Southern otherwise might result through increasing the average of States of American investments published in the Balance of International Payments 1933, pages 53 to 62. Insofar as China is con¬ properties of American missionary and put within official classification territory, the change might offset any handicap to official figures 1933—$132,000,000. $40,000,000 of Chinese obligations that have been in default since the World War; (2) from $25,000,000 to $30,000,000 to cover the properties of American citizens permanently residing in China; and (3) about $40,000,000 of To this total, "deal" with the Administration in¬ Within the Governors' group, however, it was were latest United States in cerned, the total remains practically volving the removal of an economic disadvantage. rail lines Garner, Secretary Hull also several well acquainted with Senators of the seven Southeastern States involved, regarded Governors' resolution more as an outward manifestation of political and Representatives States 1,671 men, including 13 vessels of the Asiatic fleet based Manila. at country basis are those Remembering the ten-vote margin by which the Administration-spon¬ such Hull said, had about 129 officers and The Navy, marines on ships in China waters on of those who participated in the conference pointed seeks a complete uniformity in wages in every part of the United States; nor does any reasonable person seek an immedi¬ ate and drastic change from the lowest pay to the highest pay. We are seeking, of course, only legislation to end starvation wages and intoler¬ able hours; more desirable wages are and should continue to be the product of collective bargaining." in approximately 6,000 at Peiping (marines), 528; Tientsin said: "No reasonable person sentiment in compared to 10,500 in July, 1937, and No less positive were they in the President's message to Congress: Some of these observers, including as Robert the following figures: China in August, 1936, was about present. that whatever labor standards act was finally passed by Congress, it would include the North-South differential principle. to this passage which was introduced by Senator (Army), 814; Shanghai (marines), 2,555. of the Southern But several of their number gave freight rate structure was not disclosed. Jan. 10 we Democrat, of North Carolina, Hull gave Number of American residents 10,350, Roosevelt may have said to the visiting Governors to believe he would support a re-examination lead them to From United Press advices from Washington quote: classification territory, now embrac¬ ing the area north of the Potomac and east in women the number any one part be the understanding of participants in the sion of Southern railroads in official the affording appropriate protection to ■ ; However, it sored men, citizens our teachers, States is affording appropriate "Times" said: there 200,000 of students, ceeding abroad for business than, and less on the action by the Governors, a Washingdispatch of Jan. 7 by Felix Belair Jr. to the New York of orderly processes. the problem of residing in practically every country of the world and year some course Commenting interest—which is relationships be maintained. Americans in China, there must be kept satisfactory advisory machinery. ton with American citizens, Be it resolved that the Southeastern go on connection merchants, with President Roosevelt in broader and much more fundamental a particular a by the amount of investment nor by volume of American citizens there nor by the Referring contains approxi¬ mately half the population of the world, the United States is deeply in¬ terested in supporting by peaceful means influences contributory to preserva¬ bers Roosevelt President There is or expressly to the situation in the Far East, an area which In Southeastern this Continent are not citizens residing in of American number that orderly process in international tion Seven by the country at a particular moment nor trade. for its nuisance value. "We bought it partly, frankly, measured the amount of investment needs. capacity more than enough to supply our Far Eastern situa¬ The interest and concern of the United States in the tion, in the European situation and in situations on said, "it requires us to offer proof to show: ment at the 377 Chronicle f evidence," Mr. Jackson ■ Douglas Urges Legislation Designed to Foster Self-Regulation by Dealer Groups—SEC Chairman Envisages Voluntary Associations of Brokers— Would Regulate Over-the-Counter Industry O. Legal status should be given to voluntary associations of Securities and Exchange Com¬ mission should be given the authority to review their rejec¬ tions of applicants, William 0. Douglas, SEC Chairman, said on Jan. 7 in an address before the Bond Club of Hart¬ ford, Conn. His speech was interpreted in financial circles brokers and dealers, and the is prepared to sponsor nation-wide self-regulatory organization of over-the-counter brokers and dealers, with their activities under close supervision of the SEC. Such a program would provide for the registration with the Commission of one or more national securities associations in which member¬ ship would include all brokers and dealers. Legislation by Congress would provide that members of the associations could not refuse to accord to non-member brokers or dealers in transactions in over-the-counter market, terms as favor¬ able as those granted in dealings with members of a regis¬ tered association. Such a plan was first contemplated when the SEC was established in 1934. Mr. Douglas, in his address, said in part: as indicating that the Administration legislation Perfection for of a a regulatory process of the required scope can conceivably The first and most obvious method would be to expand our present licensing process for brokers and dealers to include a proscription not only of the dishonest but also of tlioee unwilling or unable to conform to rigid standards of financial responsibility, pro¬ fessional conduct and technical proficiency. This would, of course, entail be a accomplished in two ways. regulation by the Federal Government of placency. this business too detailed and brokers and dealers of the country to view with com¬ To select but one example alone of the many further possibilities perversive for the Financial 378 while to occur bution to dealers in near-by cities, and in addition obtained earlier distri¬ the realm of possibility, would undoubtedly be bur¬ and government alike. Multiplied many times in entirely within densome business to manipulation, adver¬ tising, fees, commissions, and spreads and the like, it would entail constant scrutiny of the business conduct of the entire industry. The prospect of such an undertaking is no more agreeable to our Commission than to the discretionary accounts, primary distributions, of terms and brokers to is one from which we however, It, country. I do not mean private law-making. By 6elf-regulation private club whereby the few can control the many. By do not imply do I self-regulation self-regulation By do I a not nothing left for government repre¬ obedience to ethical standards beyond any law can establish. I mean a form of organization of the general (but with 1938 improvements) which exchanges have evolved over a obedience so to do; that complete sentatives those kind long period and organized voluntarily be deemed Government Federal mean I mean groups organized under Federal auspices Federal supervision with ample contractual powers enable them to take a hand in enforcing the law. These to would groups is there I under members over second, time. of operated the system operating above the law. guild a mean do not mean monopoly nor a monopolistic franchise. self-discipline in conformity to law—voluntary law I first, mean, it only such have and wise give them. to The powers as government appropriate to make certain that their jurisdiction was adequately delimited, their activities properly circumscribed, their powers appropriately curtailed. The pattern is simply that provided by the Congress for the exchanges in the Securities Exchange Act of 1934. That is the type of self-regulation envisaged here, nothing more and nothing less, except as the differences between exchanges and would such retain organization It not of laws, has law The the in the dealers and would the han of It effective been made of made just insure the exercise of permit the great over-the-counter securi¬ forestall minutely detailed regulation at It the extent creation themselves. themselves of for another they or reason are provided in that way, it would of course be the only other alternative and to regulation. of Jan. issue our one brokers and dealers as do not avail to adopt the Commission for additional direct In which in areas the opportunities for necessary self-governing organiza¬ will be accomplished by such In 8, page 194, it was noted that Mr. Committee, recently expressed the hope that the Stock Ex¬ reorganization to enable into the background. effect satisfactory would change the government to move Publishers' Committee Denies that Newspapers Seek Postal Subsidy—Statement Replies to Recent Re¬ mark by President Roosevelt at Press Conference A recent suggestion by President Roosevelt at a press publishers might take the initiative in reducing postal subsidies they enjoyed was answered on Jan. 8 by the Postal Committee of the American Newspaper Publishers Association, which furnished figures designed to show that postal handling of papers cost publishers more than distribution by private agencies. The President had remarked that he believed the time was past when the conference that "Herald Tribune" said in part: The of question "press subsidy" a asked the President if he favored a "subsidy The correspondent it cost the government daily newspapers receive a subsidy from the United States Government in the nature of less-than-cost postal rates was settled in favor of the newspapers in 1925 by a joint committee of Congress, which investigated postal rates for all classes of mail At that time the official representative of the Post appearing before the committee, testified removed from the mails there would be ernment because the postal the public's benefit in 1925 and for the same were every newspaper was newspapers or not. charges of private agencies of transportation Office Department of $1.25 a on Western afternoon newspaper distributed the day of publication outside the mails at hundred pounds. an Had this newspaper used the mails it could not have obtained distribution until the day after publication, only $9,000,000, and $33,000,000 to carry for delivery outside the mails on the day of publication. For straight transportation competing agencies' charges ranged from 30 cents to $1 hundred pounds as against a postal charge averaging $1.75 a a hundred. A morning newspaper published in up-State New York in 1925 effected a magazines, while the $9,250,000. President replied The because means that he thought such a "press subsidy" an un- • The low mailing rates for newspapers and magazines, he healthy thing. said, was survival from early days when such a concession was a of getting news except the newspapers Asked if he thought the government dertaken justifiable had no communities, remote from centers of publication, many and the magazines. should do something afcout adjusting the rates, the President replied he thought it was time that reform was un¬ by some agency other than the government. "press subsidy" afforded an opportunity for a little ethical He thought the reform. Discussing Railroad Situation, S. B. Lurie of Redmond & Co. Sees Earnings Outlook "None Too Prom¬ ising" Rate Increase Needed In analysis of the railroad situation, Sidney B. Lurie & Co., members of the New York Stock Ex¬ change, comments on the unsatisfactory showing of railroad earnings in the second half of last year, and observes that "the 1938 earnings outlook is none too promising what with costs up and volume down." Mr. Lurie observes: an of Redmond Although gross revenues may not decline 10% in 1938, our estimate Thus, if gross revenues only decline 6H% exceeded in actual practice. 50% of the decline is carried to net, there would still be a loss in earnings but Continued solvency for many carriers therefore appears of $136,000,000. dependent on loans from the Reconstruction Finance favorable decision by the Interstate Commerce for of of the decline that may be transmitted to net is apt to be the proportion Corporation and a Commission on the request 15% increase in freight rates. a In part A Mr. Lurie continued: months ago the few railroads filed a petition for a 15% increase in one-half cent per mile increase Although the ICC has expedited hearings freight rates, with certain exceptions, and a in Eastern passenger on coach fares. the rate case in an effort to carriers cannot look for any of first the or not speed the final decision. It is doubtful if any before March. action will be forthcoming Moreover, quarter. Thus, it would appear that the relief in the form of higher rates before the end there is some question as to whether the ICC will grant the Eastern passenger fare increase, estimated to yield $32,400,000 annually, and it is unlikely that the estimated to yield estimates freight rate increase, $437,300,000 annually, will be granted in full. These should be noted are on the basis of of additional revenues, it higher traffic levels than at present. business in There is little question, however, even a 7H% 1938 is worse than we anticipate, that freight rate increase spells the difference between solvency and for ship many carriers. receiver¬ The logic of this opinion is indicated by the following figures: of $140,000,000 net) the estimated 1937 net income of $85,000,000 will be turned into a net loss of $55,000,000 in 1938. Adding to this figure the Standard Statistics estimated net increase in operating costs over 1937 of $55,000,000, the net loss after charges would be increased to $110,000,000. Against this if the rails receive only half the freight rate increase petitioned for and it is applicable from April to December, there would be a credit of approximately $164,000,000 to income. In other words, even if 1938 witnesses a 10% decline in total operating revenues the railroads should be "in the black" if the rate increase is 7H% or more. In fact, given a reasonable rate increase Assuming at worst a decline in net earnings this year (10% and a drop in gross, one-third of which is carried to sustained business upswing in the second half of 1938 we can visualize betterment of 1937 earnings. Inventory Surveying Position of Business Secretary Roper Regards Stocks at End of Year not Exces¬ sively Large In statement issued Jan. 5 on a at the close of Daniel C. Roper the inventory position of 1937 Secretary of Com¬ said that from the facts brought out from the survey "it is fair to assume that with the excep¬ tion of a relatively small number of industries, general stocks as goods on hand as of Dec. 31, 1937, while somewhat higher than at the end of 1936, are not excessively large, and that of with the resumption of normal consumer purchasing, these point where an increase in the stocks will be reduced to the rate of replenishment will be necessary." The results of the survey were based upon statistical series, supplemented by reports generously contributed by a large cross-section of American business men said Secretary Roper who "stated that the survey had to do with "inventories in hands of most manufacturers, retailers at the close of said and the cost would have been $1.92 a hundred pounds as against the lower cost to carry newspapers, while the a year return was return was The hearings service. its entire rural circulation cost if appreciable saving to the Gov¬ far less than those of the Post To illustrate: A large Middle average that Office Department, establishment would have to be maintained for whether it handled demonstrated that distribution no users. $38,000,000 of the The President was reminded that press" through mailing rates below cost. merce It said: whether which had and magazines should be adjusted to meet the carrying costs. the Postal Committee. to brought up at the President's was suggested editorially that the postal rates for newspapers American business as and magazines through the mails. conference by the correspondent for a New York newspaper press The statement was issued at Atlanta, Ga., from the office of Major Clark Howell, Vice-Chairman of question publishers should pay the full lYesident Roosevelt said today he thought cost of sending newspapers magazines. The the Government in Regarding the press conference at which the question up, a Washington dispatch Jan. 7 to the New York Government should continue mail subsidies to newspapers and vital sources of information. want any subsidy from otherwise and do not ask for one. came unless Douglas, before a subcommittee of the House Appropriations would decrease postal revenues and take from Daily newspapers do not the form of postal rates or the of of be effective and among such to students them are aggravated in the over-the-counter hope of the Commission that to the greatest possible and maintenance of high professional standards in the over-the-counter field unable fair-minded and exchanges, we cannot blink our eyes to the on many the is informed all to securities markets that while a sound beginning towards the achievement of professional standards within much remains to be done. Whatever criticism may be sometimes market. to The removal of these papers would not decrease the the residents of many rural routes good faith, the maintenance of appropriate standards of administration of discipline. This program than 90% of the newspapers handled by the mails are for more number of rural routes, but unlisted trading practices that move self-regulation of for scope only if the our markets those tions Ilence, such which constitutional pattern provide maximum country obvious be must problems of fact to that But it must be remembered that such a program can industry wants it. self-regulation. become has of governmental authority by the adoption of an effective scheme of .s the of Today limitations. government a represent a sincere desire to business ties the and is properly organized while at the same time retaining as minorities, of this . adequate controls to Commission protection business conduct that of type delegate its law-making power. conform . . should legislation brokers of constitutional view place This details. in the second place, the Supreme Court has often told clearly must prescribed. in first the in or adaptation for an Congress cannot organizations necessary restricted so In men. the that us be must remembered be must call markets over-the-counter was power as The mail cost was $283 a week as against a truck cost of $70 a week. bution. rural route delivery. logic of events should shrink not By self-regulation I the of dealers demonstrate its necessity. But there is, I think, a preferable alternative course of action. I refer effective self-government among the brokers and dealers of the country. will 1938 saving of $213 a week by leaving the mails and going to trucks for distri¬ system a IS, for it you, supervision Jan. might well be necessary to organize under insuring public dissemination of only 6uch quotations of bid and offering prices for securities as were demon¬ strably reflective of actual markets and perhaps for the recording of trans¬ actions to the end that the fiduciary obligation of a member could be enforced in courts of law. Such a solution of the problem of quotations, will which Federal Chronicle in wholesale distributors, and In his statement Mr. Roper part: Our study reveals factured goods a 1937." semi manufactures and manu toward the middle of 1937, but tha^ caused business men to make efforts to work oft the third and fourth quarters of the year. The that stocks of certain reached excessive levels realization of this fact these inventories during of the Drice structure which developed early last summer led to Volume the of curtailment and production, Financial 146 by purchasing the manufacturers, inventories by the end of the last quarter and entered the new year in a fairly strong The retail trades had also reduced inventories in most lines from position. mid-year and third quarter highs to positions which were not dangerously excessive at the close of the year. 1 "Today For the most part, these are certain tinctly excessive inventories continue. to make who caused the only chemicals and products, food¬ allied stuffs, metals and textile materials, indicates that the low point for inven¬ tories in those lines last reached in April of There was a sharp increase in these inventories 1937. serious that so are now Govern¬ seeking frantically Some of these officials allege that the be, I may depression and should direct Jackson has If previously spoken of there is strike any I point in arguing it. no see reached the time when now we should stop discussing attention to how to cure it. our strike of capital against the a of capital it comesfrom these mil¬ few. "The main problem is to restore the confidence of investors in American business and to do this will require more than pleasant speaking on the part of Government." In his main address Mr. with allowances for seasonal variation, was year, without catchwords," of analysis lions of small investors, not from the wealthy department's index for domestic stocks of selected includes which materials raw need willing to destroy themselves in order to pull down the house. "However absurd this charge suggest that we have "Mr. Inventories in the Hands of Manufacturers much in big business responsible. Government. Raw Materials—The very "The business decline has become present slump was caused by a few business 'strong men,' who, like Samson, material industries and some of the durable goods lines. raw are officials, who at first sought to minimize it, were number of industries and trades in which dis¬ we he continued. ment Although the general situation does not appear to be such as to cause serious concern, there are a 379 How to Cure It positions. of long inventory reduction consequent Wholesale distributors in most trades had liquidated excessive Chronicle of down the slowing Jackson said that the people expect business whole "to furnish steady jobs for all who want to work and to furnish as a during the summer and the last quarter goods to make up that standard of living which our people have come to increase due largely to regard of the year showed even greater the sharp increase in the textile raw materials index. In the durable goods normally maintain large inventories since they adjust Their inventories are in a relatively good condition. ment, in a nation of such unlimited "First production to consumer demand more closely than do most industries. however, have not yet stocks in the hands of consumers, off and worked of steel production revival a must inventories in the hands of some of the larger steel consuming industries. The chemical industry while showing somewhat heavier inventories a trial chemicals or in the consumer type, such as Lumber stocks at the mills than a than is apparently not burdened with excess stocks either in indus¬ year ago down these were vide same 1936 as is held inventories of finished goods which were about 8% higher towards the end of 1937 than in 1936. The index reveals The particular some 5 showing chemicals and allied products, and iron steel drop in the first quarter followed a 6% in inventory between April and November. or commodities Reductions products. inventory greatest increases were and newsprint, forest products, and paper were non-ferrous metals, and food products. evident products, in rubber In the latter industry some 80% of the manufacturers reported inventories Government. a man the on tax roll, And as a whether Dr. of finished products at the close consumers attack is 1938. It is notably in the durable exception of a few wholesale trades i goods field, it appears that inventories of wholesalers have been trends, any surplus stocks will be largely eliminated Today, wholesale inventories much as are early in the past as three months, caused by a This decline declining sales trend which began as last May and continued downward to October and November when decreases of 4 and 3% from the same our made an months of 1936 were recorded. a whole are are generally larger than they were last year at not large enough to cause serious concern. As soon as large retail firms found their sales declining, which began in late spring for some, every effort made to inci was inventories. By fall, hand-to-mouth many the movement of merchandise and reduce ease of the larger stores ceased to buy except on a basis and relied upon a New by York "in which abundant era have abundant journals pub¬ philosophy which is a essen¬ philosophy and that frontier has sent, the social climate in which your generation I lived contrasted with that in which as Whether it is extraordinary changes which these other things do, as gone. But, in all events, it does as a repre¬ have come and mine is living today, child and in which I lived during the larger part of my life. Those things have gone, and group if turn just an instant to think of another we of circumstances quite familiar to us all, but not always brought into with, when for an instant need not be a devotee of the we give thoughtful attention to them, somewhat outworn philosophy of now Technocracy, so-called, to realize how completely modern life in the easy but, with the exception of certain lines of consumers' durable goods, they you by day permanently or not, who shall say? of every one in this room, has been completely ordered, to say memory as as longer the mark of intellectual eccentricity or of social unrespec- no contact Retail Inventories Retail stocks this upon native American gone one this time, business likes tially and fundamentally antagonistic to that which we have thought of as somewhat higher than a year ago, greater as they were relatively in August. brought about largely by strenuous efforts toward liquidation during early re¬ the very bases of our philosophy of Government," Dr. James R. Angell, President of Yale University, told the Bond Club of New York on Jan. 13. Dr. Angell said that Governments which recently' had an entirely different philosophy of the State and a different conception of humanity have been transformed into Govern¬ ments with philosophies fundamentally and radically hostile to that of the American Republic. He continued, in part: over but not was not Ideals—Yale President Addresses lished in this city which exploit day fairly well liquidated during the past few months, and with the continuation of present has off the payroll Angell Sees American Philosophy Threatened Alien tability to cherish views of this kind and Wholesaler's Inventories the This nation man Bond Club of 1937 the same or smaller than at the end of 1936. With or A fact." The United States has entered stocks of manufactured goods indicates that manufacturers generally increase of through their philosophy, it must face it about two-thirds of the Finished Products—The Survey of Current Business index for domestic an themselves dogma that the helpless must help themselves.' industry, only one-third indicating larger inventories. by economic arrange¬ give that. 1937 would soon cut program smaller for or for it food manufacturing industry reports inventories of raw be the materials to proper pudiated for all time what Senator "Wagner has so well called 'the outmoded excesses. The important a paints. somewhat higher at the close of The expansion of the housing year ago. "that resources, can look to business for it. we must "But, if industry will not provide it, the people are determined to pro¬ Steel been entirely liquidation of await American." as "The public is convinced," he said, industries, the raw materials inventory position is Steel producers do not mixed. holiday purchases and widespread nothing of industrial life and commercial practice, by the changes brought by modern science into our life. ... I do not think anybody can survey the conditions of civlization at the compare them with those of the present year of Grace, without discovering that the changes which have greater than those by of the time Revolution American and occurred in the last half-century of our lifetime are far which had occurred from the time of Christ down to 1776- promotional sales in order to reduce further whatever existing stocks remain on hand. Retail inventories end of January, as a whole should be close to normal ♦ by the 1938. End Strike Five-Month of of Workers in Hardart Provide W. L. Willkie Says Big and Little Business, Labor, and Investing Public Must Join to Restore Confidence —Utility Head Debates with Assistant Attorney General The Jackson welfare of Southern debate big business, little labor, and business, L. Willkie, President of the Commonwealth & Corp., asserted on Jan. 6 in the course of a radio wtih Robert H. Jackson, Assistant United Mr. Willkie said that the Attorney General. cure States for the present business recession "consists in convincing the millions of small investors throughout America that the Government on American industry, big or littli, for it is these investors upon whom industry depends for its funds/' Mr. Jackson, on the contrary, declared that big business should adopt a policy of highvolume production, low prices, and the highest wage scale possible, and he contended that big business is in direct does not intend to continue its attack conflict with small businesses. Extracts from the debate follow, as given in the New York "Sun" of Jan. 7: under exactly the same conditions and the conditions that more and one are small harmful to the other. of investment, business not general because it itself in times of adversity. market. has no Government hostility reserves with Big business supplies only by buying its products, Moreover, it are In fact, small business suffers acutely from such things as heavy taxation, timidity preserve furnishes small a which to market to but by stimulating the business with low cost The two are dependent, one upon the other. is prosperous we mean When we say that American that the small businesses of America, He scored the President's use of catchwords—"such Increases— employees of the Horn & Hardart York City, which had resulted in more 1,150 arrests and in mass picketing which obstructed public use of the sidewalks, was ended on Jan. 5 with an interchange of letters among the management, the two American Federation of Labor unions which had sponsored Board. provide recognition for the union, no wage increase was granted, and all strikers lost their seniority rights. It provided that 345 strikers would regain their jobs within six months. Terms of the settlement were walkout, and the The the New York State Mediation agreement did not outlined as follows in the New York "Times" cf Jan. 6: forth the terms of agreement. Two letters set One, addressed to Mr. President of the Cafeteria Employees Union, 302, and Frank Dutto, Secretary of the Bakery Workers Union, 87, outlined the provisions and the unions' readiness to accept The other, also addressed to Mr. Meyer and signed by E. K. Daly, Meyer by William Mesevich, Local Local them. of the President Hardart Co., made known the management's Horn & agreement to accept the same terms. promised to reemploy at once 25 of the 450 strikers and period of six months, 320 others. Selection of the 345 The company be left wholly in the company's that, if "business conditions make it necessary or expedient for the company to lay off any of the indi¬ viduals whom it has so rehired, we shall not consider such layoff an unfair reemployment will be offered is to discretion. The unions nonsense about the further discrimination on the part specified of the company." "We understand, however, that when business conditions warrant the preference to those who have been so rehired and laid off," the agreement said. "Such preference shall, however, not continue for longer than a year from the date hereof." company taking on additional help, it will give a other than those at the any Their hourly rate of pay is to remain claim of discrimination, to hours of any or this be rehired as new employees, with no seniority rights of new employees. pre-strike level, but the settlement gives the management the right, without which comprise the larger part of our industry, are prosperous. 60 ruling families." Wage than The strikers will materials and supplies. industry A five-month strike of to whom "The fact of the matter is," he said, "that small business and big business harmful to Recognition or Jobs* to take on, over a Mr. Willkie scoffed at the idea of conflict. prosper Union & Fails to Horn 345 Strikers Will Regain Automats in New the investing public combined constitute the basis upon which the Government must build in order to restore confidence, Wendell New York Automats—Agreement "reduce the number of weekly all the individuals reemployed to 44 if the company finds necessary" in order to rehire the 345 persons specified. Financial 380 If company's employees in 1938, the bonus is distributed among the a former strikers will participate on the same basis as other one-year employees 1938. —namely, 2% of the wages paid to them in of these terms All by conveyed in a three-line detailed in the letter sent to Mr. Meyer were The company's acceptance was the two unions. note from Mr. Daly. Chronicle for the Second (New York) Federal Reserve District, to serve 1938. Mr. Aldrich, who is Chairman of the Board of the Chase National Bank, New York, was originally during the appointed to the Council a year ago. The Board of Directors of the Federal Reserve rector Staff—M. Katz Made Special Counsel, E. A. Sheridan Executive Assistant to Chairman, and J. Allen Supervisor of Informa¬ Research Commission The Securities and Exchange Dec. 29 an¬ on of three members of its staff under the merit system. Milton Katz, Executive Assistant to Chairman William 0. Douglas, was appointed to the staff of the General Counsel as Special Counsel, with particular nounced the promotion problems arising under the Holding Company reference to ending Dec. 31, 1940, it was announced by the bank Mr. Dusenbury is President of the First National Bank, Olean, New York,*and has served as a Director of the Buffalo branch of the Federal Reserve Bank since Jan. 9, years, 1936, when he bearing following the on the of careers new ap¬ pointees is from a Washington dispatch of Dec. 29 to the "Herald Tribune" York New Katz Mr. to the came of Dec. Commission in 1935 30: attorney as an on the staff of general counsel and was later appointed executive assistant to the chairman. Previously istration member a of the He is Advisory Harvard College and Harvard graduate of a School. Law Bowdoin 1934. "Times" for for that Mr. six of been and years, from Mass., he 1929 of the a was graduate of Before coming York of the New staff 1934 to is Journalism. of rneml>er a Supervisor of Information as Haverhill, the Columbia School he had has been correspondent, York and he is the Harvard Davis N. Supervisor Assistant Commission's staff the joined newspaper A. native financial a writer paper. Allen he since A College and the Commission New the Commission Sheridan has been with Mr. Research since to affiliated with National Recovery Admin¬ Council and as Special Assistant that he had been to as Administrator. to the a 1934. in as A Research and former Washington graduate of the College of the City of of Business Graduate School Resigns Information for Administration. Assistant Director of Trading SEC and Exchange Division of Securities and The 31 the Dec. Exchange Commission announced N. Davis resignation of Abraham as on Division. Mr. Davis resigned to return to private practice of law as a mem¬ of the New York firm of McCauley, Spiegelberg, Davis & has ber Mr. Davis came to the SEC in 1936. He was General of the State of New York Gallagher. Assistant Attorney 1931. an Dallas Institutions The Board of Governors of the Federal Reserve System on Dec. 31 announced the redesignated Deputy Chairman of the New York Reserve Bank for one year and was reappointed for a three-year term as a Class C Director of the Bank. The post of Chairman is vacant at the New York Bank. The Board also appointed Howard Kellogg, of Buffalo, for a three-year term as branch director of the Buffalo Branch In United States Mrs. Senate—To Serve Un¬ Dixie Bibb Graves who had been member of the Senate sworn Aug. 20 last, succeeding Hugo L. Black, who on the previous day took the oath of office as Associate Justice of the United States. Mrs. Graves, as a on wife of Gov. Graves of Alabama named was as Senator by her husband, as noted in these columns Aug. 28, page 1357. Mr. Hill, who it is stated, is an advocate of wage and hour legislation, and other administration measures, will fill out the unexpired term in the Senate of Justice Black. Mr. Hill was the successful Senatorial candidate in the recent Ala¬ bama primary election, Associated Press advices Birmingham Jan. 5 reporting this as follows: Representative Lister Hiil, staunch New Deal supporter, has Senate seat of Justice Hugo L. Black in emphatic victory an from with lobar Mr. pneumonia, political campaigns, the Senate seat he was once won over the Tom Representative Hill unaware had named by the Board for the Atlanta F. H. Neely, of Atlanta, was designated Chairman of the Atlanta Bank for 1938, to succeed W. H. Kettig, and J. H. Merritt, of McKinney, Texas, was appointed Chairman of the Dallas institution succeeding C. C. Walsh. Among new designations were those as Deputy Chairmen of H. S. Dennison, of Framingham, Mass., for the Federal Reserve Bank of Boston; T. B. McCabe, of Chester, Pa., for the Reserve Bank of Phila¬ delphia, and W. G. Wysor, of Richmond, for the Reserve Bank of Richmond. The various Board appointments were announced by the Reserve follows: as Reserve Federal Deputy Chairman, H. S. Dennison of Framingham, of Bank New York—Deputy Heflin, a walkaway Young. Mr. 68 old year of veteran in the January. 1939. Branch—Branch many primary out Unofficial returns from Bank and of Cleveland—Chairman Dec. 31, 1939, H. S. Branch— Branch Director, for two-year term ending Wherrett of Federal Pittsburgh. Reserve Bank of Richmond—Chairman and Wysor of Richmond; Class C Director, for three-year term ending 1940, Robert Director, N. Lassiter of Charlotte, for three-year term ending States Senate 31, Dec. 1940, W. Joseph confirmed on Jan. 13 Jan. 7, as was noted in these columns Jan. 8, page Federal Reserve Bank of Atlanta—Chairman and Federal Reserve 1940, Donald Comer of Birmingham, Ala. Jacksonville Branch—Branch Dec. 31, Birmingham Branch—Branch J. the 198. Reserve Bank of Chicago—Deputy Chairman, R. E. Wood of C Director, for three-year term ending Dec .31, 1940, of Chicago. Detroit Branch—Branch Director, for threeending Dec. 31, 1940, A. C. Marshall of Detroit. Class Lewis year term Reserve Federal Bank of St. Louis—Chairman and Branch of New York Reserve The Board of Directors of the Federal Reserve W. Aldrich as Bank of meeting held Jan. 6, reappointed Winthrop a member of the Federal Advisory Council Reserve Little Rock Branch ending Dec. 31,1940,1. N. Barnett Reserve Bank of Minneapolis—Chairman for two-year term ending and Federal Reserve Helena Branch—Branch Director, Dec. 31, 1939, H. D. Myrick of Square Butte, Federal Reserve Bank of Kansas City—Chairman and Agent, J. J. Thomas of Seward, Neb. for three-year term Oklahoma City Federal Reserve Denver Branch—Branch Director, N. M. ending Okla. Omaha Branch—Branch Direc¬ ending Dec. 31, 1940, W. H. Schellberg of Omaha, ending Dec. 31, 1940, A. K. Mitchell of Albert, Branch—Branch Director, for three-year term Dec. 31,1940, Lee Clinton of Tulsa, tor, for three-year term Neb. Federal Reserve Bank of Dallas—Chairman and J. H. Merritt of McKinney, Branch—Branch Texas. Federal Reserve Agent, El Paso Branch—Branch Director, Dec. 31, 1940, J. B. Martin of Tucson, Ariz. Dec. 31, Director, for three-year term ending 1940, G. G. Chance of Bryan, Texas. Federal Reserve Bank of San Francisco—Chairman and Federal Reserve Los Angeles Branch—Branch Dec. 31, 1939, C. V. Newman of for two-year term ending Dec. 31, 1939, G. T. Gerlinger of Portland. Salt Lake City Branch —Branch Director, for two-year term ending Dec. 31,1939, H. S. Auerbach of Salt Lake City. Seattle Branch—Branch Director, for two-year term ending Dec. 31, 1939, C. F. Larrabee of BeUingham, Wash. Spokane Agent, A. Director, O. Stewart of San Francisco. for two-year term ending Santa Ana, Calif. Bank New l^ork, at a Federal Agent, W. T. Nardin of St. Louis; Class C Director, for>the three-year term Houston Winthrop W. Aldrich Reappointed Member of Federal Advisory Council Representing New York Federal Reserve District—W. A. Dusenbury Reappointed Buffalo of Birming¬ Director, for three-year term ending 1940, B. W. Haynes of Jacksonville. Federal Chicago: Agent, for three-year term ending Dec. 31, Director, for three-year term ending Dec. 31,1940, E. L. Norton for three-year term ending of Roberts of end¬ C. Mont. Kennedy to be Ambassador to Great Britain, succeeding the late Robert W. Bingham. On the previous day the nomination of Mr. Kennedy was favorably reported by the Senate Foreign Relations Committee Mr. Kennedy (who is at present Chairman of the Maritime Com¬ mission) was named as Ambassador by President Roosevelt Director F. Charlotte Branch—Branch Director, for three-year term Baltimore. ing Dec. 31, 1940, G. M. Wright of Great Falls, S. Agent, W. B. Geery of Minneapolis. Nomination of nomination of Joseph P. on Dec. 31, Baltimore Branch—Branch C. Jr., of Batesville, Ark. Kennedy As Ambassador to Great Britain United Federal Reserve C.; Deputy Chairman, W. G. Agent, Robert Lassiter of Charlotte, N. Federal P. Reserve Brainard Youngstown, Ohio; Class C Director, for three-year term ending Dec. 31, 1940, Mr. Brainard. Cincinnati Branch—Branch Director, for twoyear term ending Dec. 31, 1939, S. B. Sutphin of Cincinnati. Pittsburgh of ending Dec. 31, 1940, Oscar Johnston of Scott, Miss. Confirms Federal Agent, E. S. Burke Jr., of Cleveland; Deputy Chairman, G. C. —Branch Director, for three-year term Hill carried 59 counties, Mr. Heflin, 8. States Senate three-year Federal Reserve Pa. Reserve Federal ... serve for Director, Agent, R. L. Austin of Philadelphia; Deputy Chairman, T. B. McCabe F. three-cornered Buffalo 1,508 of 2,200 boxes in the State gave: Hill, 76,371; Heflin, 41,521; Williams, The D. ending Dec. 31, 1940, Howard Kellogg of Buffalo. 4,437. United Owen Chairman, Federal Reserve Bank of Philadelphia—Chairman and that Alabama had rejected his bid for Mr. Heflin and Charles W. Williams, and will Justice Black's term, which expires Mr. Agent, Federal Reserve Bank of Boston—Chairman and Federal Reserve F. H. Cur tiss of Boston; Mass. ham. held, and had chosen instead the Representative from Montgomery, a member of the House for 15 years. election against were F. H. Neely of Atlanta; Class C Director, Heflin, who did not know his comeback effort had failed. Ill York Reserve Bank. and Dallas Reserve banks. of Chester, Representative Lister Hill, (Democrat) of Alabama, be¬ came a United States Senator on Jan 11, when he replaced in was New chairmen Bibb Dixie expired Term of Hugo Black in the Senate Mrs York, of the New term Graves Owen D. Young, of the Reserve banks and their branches. of New 1940, + Hill Succeeds Lister Representative designation and appointment of Chairmen and Deputy Chairmen of the 12 Federal Reserve banks for the year 1938, and the appointment of directors Young, of New York; Class C Director, for three-year term ending Dec. 31, 1930 and in appointed to complete the unexpired term expired Dec. 31, 1937. Appointments at Reserve Banks and Branches Made by Board of Governors of Federal Reserve System —Owen D. Young Redesignated Deputy Chairman of New York Bank—New Chairmen at Atlanta and Assistant Director of the Trading and Exchange was of the late E. B. Vreeland, wdiich Douglas, and James Allen, Assistant Supervisor of Informa¬ tion and Research, was made Supervisor. The Bank of reappointed William A. Dusenbury a Di¬ of the Buffalo Branch of the bank for a term of three Jan. 10. 1934, since search Sheridan, Supervisor of Information Re¬ succeeds Mr. Katz as Assistant to Mr. A. Edwin Act; year New York have SEC Promotes Three Members of tion 15, 1938 Jan. Portland Branch—Branch Director, Volume Financial 146 which decline severe ending Dec. 31, 1939, S. A. Branch—Branch Director, for two-year term 381 Chronicle the markets The On Jan. 7 the Board of Governors of the Federal Reserve largest contributor to land term ending Dec. 31, 1939, to succeed F. W. Peck whose resignation as class "C" director has been submitted to the Board and accepted to be effective at the close of United Jan. 31, 1938. ' /, ' second is nations, Sept. year with only States the with $19,138,000. reduced Italy the Investment Bankers Asso¬ will hold its regular winter meeting, America of again second, while The Netherlands is third. The the net dropping to only war Absecon, N. J. Francis E. Frothingham Boston, President of the Association, in announcing the meeting at Chicago on Jan. 7, said that the program of new activities approved at the convention last November would be among other "more than ordinarily 1937, foreign of Coffin & Burr, Inc., 015,000. June of assets The Sept. on Net foreign the 1937. 30, to from Over purchases Suffer¬ Study securities of 1937. of months against as in the the in The danger of inflation in the United States, unbalanced budget, Dr. Marcus Nadler, Research Director of the ' Institute of International Finance and Professor of Banking and Finance at New York University, told the January meeting of the New York State Society of Certified Public Accountants on Jan. 10. He added that the an suffering from a "confidence crisis" rarely witnessed in a period when fundamentals are as sound present, and asserted that just as there is no need to fear inflation, there is also no need to fear a prolonged depression. Dr. Nadler said, in part: at first nine months totaled half and $152,183,000 in net flight from currency into commodities and By inflation is meant simply a sharp increase in prices of com¬ modities and a corresponding decline in the purchasing power of the dollar. outside of further definite action by the Administra¬ The reasons why, tion, there is no danger of inflation, may be briefly summarized as : of the country is very great. Any increased be met by the already existing pro¬ The productive capacity demand for commodities could easily ductive machinery. Washington have clearly recognized the dangers The authorities in inherent in the accumulation excess reserve of large amounts of gold and in the existence Three billion dollars of gold have been sterilized, balances. In fact, one may say that the Reserve afraid of inflation and acted, too hastily, at least in authorities too were part, by restricting the volume The deficit of the budget is of credit. inflationary only when the deficit is met by When the deficit of the government is banks. the sale of bonds to the through the utilization of social security taxes or through the sale of bonds) to individuals, it is not inflationary at all create additional deposits. There is to judge from the savings certificates (baby because it does not message of the President Administration will take President, as well to the Congress, measures to as President in his general message, in 68 Secondly, the speaking about the increased purchasing the future of to 100 billion dollars, contrasted with the national income for 1937 of billions. This does not look like a major inflation, particularly if based an increase in production in order to absorb a number of unemployed. of the United States, envisages a national income in power on a unsound, and the budget message promises 1938-1939 than during 1937-1938. smaller deficit during 90 also no fear that the In the first place, create inflation. the Congress, is thoroughly convinced that continued deficit of the buoget is s study to demonstrate to banks methods a for testing public opinion in their communities is announced by the American Bankers Association through its Research Council, wards Gurd'en Edwards is Director. of which Mr. Ed¬ formerly Publicity Director of the Association. was The purpose the announcement states, of the study, is to practical, workable methods available to bankers for make ascertaining what communities are The objective effective diagnoses of public people the in their thinking about banks and banking generally. is the making of banks by opinion as the basis of their public relations through information definite of instead of indefinite the beliefs recent know Emphasizing the need for such an approach, demonstrated again and again that to thinking about banks is a major have years what people are requirement of sound hank management." The study was prepared by Mr. Edwards in collaboration with Dr. Ray¬ mond* Franzen, survey and statistical specialist associated with the Market Research Corporation of America. It is one of a series of four studies by Mr. Edwards on public banks. relations for ♦ Frank Dunne Reelected President of New York Security Dealers Association billion dollars have been made ineffective by the and an additional three raising of reserve requirements. the Completion of Evolve of A. B. A. to Public Opinion guesswork. the people and cause a recent Council study declares in its opening statement that "events of equities. met the the of paper money, which would of purchases in and Congress or the President, such as the issue 2. on gold and the large volume of credit, there seems definite action is taken by the 1. $1,542,726,000 use of the large to be no danger of inflation in the United States unless some scare $586,- of the accumulated deficits of the budget, in spite In spite amount of to first increase Methods for Analyzing There is little as short-term period this the first half measured only $49,421,000. Research by ing from "Confidence Crisis" now to as 2, Inflation in United Finds Little Danger of States—Dr. Marcus Nadler Says Country Is United States is 1935, $2,304,755,000 $1,139,939,000 from $1,718,740,000 $158,350,000 against as three first third quarter over despite 30, short-term foreign liabilities over short-term assets + Speaker on Jan. aggregated date banks declined of short-term amounted 29 "latter June on American excess foreign countries $1,743,630,000 by the on to 1937. 30, $207,771,000 in and $2,164,972,000 against Jan. 21 to 23, at important" matters under discussion. $37,349,000 in the period from Dec. States United increased account 29, an \ the of have capital restrictions, severe 1936, to Sept. 29, 1937. banking 1935, to Sept. 30, 2, Italy unimportant has reduced the Far East's contributions to the United is Germany, with their Sept. States, Great Britain in the period from Jan. $1,105,897,000 Switzerland States, Jan. 21-23 European among from capital movement to the United net Total liabilities The Board of Governors of last Dec. 30, 1936, to its short-term banking funds held in the In the period place. Meeting of Board of Governors of Investment Bankers Association to Be Held at Absecon, N. J. ranks Italy $415,743,000. by $20,127,000. total contributed 1937. with 1937, 29, In and Winter ciation of month inward movement of short-term banking a total of $530,482,000, while Switzer¬ an funds to date is Great Britain, System announced the appointment of W. C. Coffey of St. Paul, Minnesota, as class "C" director of the Federal Reserve Bank of Minneapolis for the unexpired portion of the three- . the throughout experienced August and part of November. Easton of Kellogg, Idaho. At the annual meeting of the New York Security Dealers Association, held Jan. 5, Frank Dunne was reelected Presi¬ dent for the current year. Clarence E. Unterborg, Second Vice-President of the Association in 1937, was elected First Vice-President for 1938, and John J. John E. Vice-President. Second O'Kane Jr. was elected Sloane and William Hart Smith were reelected Treasurer and Secretary, respectively. Peter Ross is Executive was Secretary. William A. Titus Jr. elected to the Board of Governors for three years, and Sloane, Oliver J. Troster and Gibbs, John E. Louis Albert Meyer Willet were reelected to serve with Frank Y. Cannon, Henry Dick, C. Frank Dunne, David J. Lewis, John Hart Smith and C. E. Unterberg. J. O'Kane Jr., William Forty-Eighth Annual Convention of Illinois Bankers Association to be Held in Springfield, 111., May 23-24 *, The forty-eighth Capital Influx Totaled $360,976,000, $621,298,000 in Second Quarter of 1937—Treasury Statistics Show Sharp Net Capital Gain Since 1935 Third-Quarter Compared with United States in the third quarter of 1937 reached a net of $360,796,000 as com¬ pared with $323,000,000 in the first quarter of the year and $621,298,000 in the following three months, according to Capital inflow from abroad to the issued statistics The gain net totaled 7 Jan. on by the Treasury Department. Jan. 2, 1935, and Sept. 29, 1937, This last figure is composed of between $3,911,943,000. $2,261,708,000 of an influx of short-term banking funds, $31,958,000 of brokerage balances and $1,618,376,000 in security transactions. Short-term banking funds received in the third quarter of 1937 amounted to $193,603,000 as compared with $170,600,000 in the first quarter and $537,205,000 in the second quarter. The Treasury statistics were discussed in greater detail as follows in a Washington dispatch of Jan. 7 to the New "Herald Tribune": York Net foreign increased cating June a to to of securities in this country in the third quarter from $65,946,000 in the second quarter, indi¬ purchases $153,630,000 greater participation in domestic securities by foreigners in the In the first quarter such transatcions totaled September interim. $171,200,000. following a gradually declining market, the accentuation of the decline brought about a greater foreign participation in bur markets, with foreign transactions reaching a weekly peak of $387,042,000 in the week ended Sept. 15. After From actions ensuing the the were comparative first week in above the reporting in security trading, July to the first week in August security trans¬ $200,000,000 mark, but spurted perceptibly in the periods. lull Of course, the statistics do not include the Association and will annual convention of the Illinois Bankers held in Springfield, 111., on May 23 be 24, as announced by the Association's President, J. F. Sessions will be held at the Abraham Lincoln Schmidt. Hotel, which will be Association headquarters. The Spring¬ Clearing House Association will be host to convention field This will be the tenth time that Springfield has for the convention of the Illinois hankers. delegates. been selected Annual Meeting of Stockholders Bank Trust Company In 1937 of Corn Exchange of New York—Net Earnings $2,363,883 Walter E. Frew, Chairman of the Board of the Corn Ex¬ change Bank Trust Company of New York reported to the Stockholders at the annual meeting on Jan. 11 that net earnings from operations for the year ending Dec. 31, 1937 providing for expenses, taxes and losses, amounted to $2,363,883. Undivided profits which on Dec. 31, 1936 amounted to $2,438,037, a year later (Dec. 31, 1937) were $3,052,039. The profit and loss account shows that the net amount received during 1937 in excess of book value for securities, Sold, Called or Matured, amounted to $1,741,933: out of a total of $6,543,853 standing to the credit of profit and loss account Dec. 31, 1937 appropriations were as fol¬ after lows: Dividends paid to stockholders, $2,250,000.00; amount charged off in reducing securities purchased above par during the year 1937 to par value, $685,605.63; amount charged off in adjusting bond account, $141,222.80; fixtures and alterations Real Estate Owned, charged off, $214,985.81; addition to Reserve for $200,000.00. Mr. Frew and Durham point out that: *' B. Sherer, President of the bank Financial 382 Since been last annual statement the New our requiring bonds and other interest-paying amended chased by trust company to a York State Banking Law has securities pur¬ be entered on its books at the actual cost exceeding of bringing them to thereof, and not thereafter carried upon the books at a valuation their cost par at adjusted by amortization for the purpose as tf maturity. <«»i We have, therefore, adjusted our bond account so that ail bonds paying interest and Chronicle Jan. IS, 1938 Functions, Credits, Investment Banking and Brokerage Practice, Bank Correspondence, Municipal Securities, Busi¬ ness Statistics, Economics, Foreign Banking Systems, In¬ vestment Seminar, English Composition, Money Market and Accounting. The faculty of 75 members includes men prominent in the field of banking and education. purchased below par are carried on our books at cost, and all bonds paying interest and All sundry bonds not paying interest are carried at market value. par. *— company's securities at the end of 1937 was $159,407,550, while the market value, Mr. Frew is reported as stating, was $163,082,228. The book value of the the At purchased above par are carried on our books at National COMPANIES, &c. January meeting (Jan. 12) of the Board of Trustees At the The Directors of the Chase National Bank, reelected. were Jan. 12 elected the following: Charles TRUST BANKS, ABOUT Bank, Secretary of the bank, was elected to the Board of Directors to succeed the late Ogden L. Mills. All retiring directors on ITEMS meeting of stockholders of the Chase New York, Jan. 11, William P. Holly, annual Cain, Jr., Marcus E. Sheldon and Conrad R. Green, Vice- Presidents. J. Scully and Edwin R. Also Edward Bartsch, Frank E. Bremner, John Williams, Second Vice-Presidents. 280 4th Ave., New York City, appointed Assistant Auditor. Mr. Johnson has been with the Bank for 10 years. Cashiers. • John of The Bank of Savings, at Parker D. Johnson Total resources was City, in its statement compared with $189,235,683 of Dec. 31, 1937, as Sept. 30 last, and $191,578,809 on June 30, 1937. The deposits now at $177,683,178 have risen from $163,573,316 since Sept. 30. Cash on hand, in Federal Reserve Bank and due from banks and bankers, on Dec. 31 amounted to on $48,799,102, increasing from $43,560,695 on Sept. 30; hold¬ ings of United in were States Government securities on Dec. 31 of $60,720,431 as against $48,885,529 amount Sept. 30, while loans and discounts are shown as $47,372,696 in the year-end statement, contrasting with $55,277,777 on Sept. 30. Capital and surplus remained unchanged at $6,000,000 and $9,000,000, respectively, while undivided profits have risen from $4,252,381 Sept. 30 to $4,372,665 Dec. 31. on I. Phillips, Jr., were appointed Assistant deMilhau, Assistant Manager of the Bond W. K. Mat-erne, Stewart of $203,926,382 are reported by the Bank of New York and Trust Co., New York at the close Oscar Armbruster and Elmer J. Frank Honold and William E. Horton, Assistant Trust officers. Department and Assistant Manager Rockefeller Center branches. Francis E. Andrews and Albert J. C. Williams were appointed Manager and Assistant Manager respectively of the London branches. # Dec. Hanseatic Corp., New York, disclosed that the surplus account now stands at $751,281, indicating that this corporation added, during 1937, $26,258 to its surplus. Total assets as of Dec. 31, 1937 were $18,972,384, against $21,647,451 as of Dec. 31, The Cash 1936. 1937 statement of New York 31, hand and in banks totaled $1,032,592, on com¬ of the close of 1936. Bankers' acceptances including those pledged as collateral totaled $1,838,409, compared with $3,708,391, and United States Government securities including those pledged as collateral amounted to $12,225,881, as against $14,976,264. Capital stock was unchanged from a year ago at $2,000,000. pared with $1,383,320 as ♦ , ♦ * at Lawyers Trust Co., of New Vork, reported to stockholders the annual meeting, which was held on Jan. 12 at the 160 Broadway, that net income 1937, after deduction of operating reserves, including taxes, was $193,837, or $2.42 a share on the capital stock, as compared to $4.01 a share in 1936. Total dividends paid during the year aggregated $172,000 main office of the company, for or the $2.15 Total reflect a calendar year a last was named an Assistant Treasurer. ♦ share. capital funds of $3,916,276 as of Dec. 31, 1937, reduction of $177,058, or 4.3%, as compared with end. Deposits of $36,288,642 on Dec. 31 with $41,245,982 at the close of 1936 and represents a decline of 7.16%. Quick assets of the company Dec. 31, 1937, are reported as equal to 93% of total deposits. the Following the annual meeting of stockholders of the Marine Midland Trust Co., New York, held Jan. 12, announce¬ ment was made that J. Lester Parsons and George B. St. George had resigned from the Board of Directors. Henry J. Wyatt, Vice-President of Crum & Forster, Inc., was elected to succeed Mr. Parsons on the Board, and Sterling S. Adams previous year compare New York bonds comprised 69.1% of all securities with 54.4% of the total represented by United Investments in United Governments, States State and other State and municipal States Governments alone. capital funds was explained by charges the undivided profits accounts, primarily due to adjusting the book value of bonds and the creation of a reserve for amortization in compliance with new banking laws of New York which became effective June 30, 1937. The reduction in of $177,058 against Removal of the main office from its present location at Broadway to the new bank quarters at 135 Broadway, is planned to take place about the middle of February, according to Oril R. Kelly, President of the company. The company will occupy four entire floors at 135 Broadway, affording larger space for the trust department. Comments by Mr. Kelly in presenting the annual statement are noted elsewhere in these columns today. The Discount Corporation of New York in its statement of condition as of Dec. 31, 1937 reports total assets of $98,418,728 compared with $73,442,344 at the end of 1936. The latest statement shows^, among the assets, acceptances dis¬ counted of $5,567,874 as against $7,974,556 for Dec. 31, 1936. Cash and due from banks is reported at $3,229,057 as against $3,753,524; United States Government securities and bought under resale agreements $89,319,073 as against $61,494,682. Loans payable and due to banks and customers increased to $70,929,745 from $50,981,563, while United States Government securities—repurchase agreements— amounted to $14,600,060 on Dec. 31, last, compared with $9,500,000 at the end of the previous year. The capital ac¬ count shows capital and surplus unchanged at $5,000,000 with undivided profits increased from $2,504,745 at the end of 1936 to $2,510,628 at the end of 1937. * 160 • In its statement of condition Trust a *— report of condition as of Dec. 31, the Dunbar of $4,000,000. This is an increase of approximately $275,000 during the past year. Capital and surplus are reported at $800,000 with undivided profits at $81,000, and excess deposits in excess of $3,060,000. ♦ i During the week of Jan. 17, registration for the Spring Semester of the New York Chapter, American Institute of Banking, will be made. Classes commence the week of Jan. 24. The Chapter, which is located in the Woolworth Building, offers 39 courses in Banking and Investments. Practical courses include Public .Utility Security Analysis, Savings Bank "Management, Bank Organization,. Trust year ♦ At annual the the National Jan. organization meeting Shawmut of the directors of Boston, Mass., on of Boston, Bank officers were elected: Roy H. Martin, Edward S. Simpson and Assistant Cashiers, and Norman W. 11, the following new Booth, Jr., Lawrence H. Wilbar Wliittemore, Strickland is an Assistant President of Officer. Trust Walter S. Bucklin institution. the ♦ At the tional annual Bank of was was appointed meeting of the Merchants' Na¬ Boston, Mass., elected ball directors' a an on Jan. 11, Charles C. Kim¬ Herbert W. Spring Vice-President, and Assistant Trust Officer. • Stockholders of the Phoenix State Bank & Trust Co. of Conn., at their annual meeting on Jan. 11 re¬ elected the directors and added Viggo E. Bird and O. M. Hartford, National Bank, of New York City, for the first time since its inception in September, 1928, shows total resources in total for the company respecting the earnings of the is referred to in another item in this of Dec. 31,1937 Federation in total resources to $12,891,715 from $12,741,813 reported on Sept. 30, 1937. Loans (secured and unsecured) amounted to $2,260,857 com¬ pared with $2,731,919 three months ago. Deposits on Dec. 31 totaled $10,773,649 compared with $10,634,616 on Sept. 30. Undivided profits of $191,653 compared with $211,628 three months ago while capital and surplus increased to $1,700,000 from $1,650,000. Other items showed the following comparisons with Sept. 30: Cash, $3,778,254 against $3,160,910; United States Government securities, $1,232,477 compared with $1,314,970; and New York State, City and County bonds, $2,469,159 against $2,391,549. Comments by President Maguire at the annual meeting on Jan. 11 are noted elsewhere in these columns today. its Presi¬ reduction in the number of trustees to 18 from 20. dent McLoughlin's statement Bank & Trust Co. reports an increase In Company of Brooklyn, N. Y., on Jan. 10, trustees expired were re-elected. Stockholders approved whose terms issue. ■ as meeting of the stockholders of the Brooklyn At the annual Hibler to the Board, we learn of Jan. 12. from the Hartford "Courant" directors' meeting, all the old At the subsequent were re-appointed, and four junior members of the promoted as follows: Edgar T. Sloan and John A. Ostrich named Assistant Cashiers in the banking department and W. C. Poole, Jr., and W. C. Fenniman named Assistant Trust Officers in the trust department. Leon P. Broadhurst is President of the bank; Charles E. Lillie, First Vice-Presi¬ officers staff dent, and 0. M. Hibler, Vice-President and Cashier. «—.— Directors Jan. 11 the Capitol National Bank & Trust Co. of Conn., at their annual meeting on advanced Richard H. Van Ausdall from Assistant to Cashier, to succeed in that capacity Calvin C. Hartford, Cashier of Hartford, Volume Financial 146 Bolles, who for several years past held the dual position of Vice-President and Cashier. Mr. Bolles, who continues as a larger executive responsibili¬ Cashier, joined the Capitol National Bank & Trust Co. 11 years ago, prior to which time he was with the State Bank & Trust Co. and the Phoenix will Vice-President, Mr. ties. for Trust Co. Bank & State assume Van Ausdall, the new Directors of the Middletown National of a 11, advanced of Executive while continuing as previously a director, was named institution, the annual Bank of the bank. ♦ Bank, Middletown, Conn., at their 137th annual meeting, on Jan. Leonard B. Markham, Cashier, to the office Cashier; Clyde O. Fisher, the meeting of stockholders of the Mellon Pittsburgh, Pa., on Jan. 11, Henry A. Phillips and L. N. Murray were elected to the Board and Childs Fnck, who served on the Board until a year ago, was again elected a director. Mr. Murray is a Vice-President of A _* Vice-President At National of years. period a 383 Chronicle small Maryland bank, the Hartford Bank of Bel Air, failed to open for business on Baltimore of 4. "Sun" Jan. Jan. 3, it is learned from the The institution, which was organized in 1882, went into voluntary receivership, and the State Bank Commissioner, Warren F. Sterling, was named statement issued by the Bank Commissioner's (as printed in the "Sun") was, in part, as follows: receiver. office Vice-President. Bank A Commissioner Warren • F. Sterling announced today 4) (Jan. that, by resolution of the Board of Directors of the Hartford Bank of Bel Air, Vice-Chairman of the Board of Hartford National Bank & Trust Co. of Parsons, former Francis the of Directors 30 after a short illness. Hartford, Conn., died on Dec. Mr. Parsons was born in Hartford old. 66 years was He and graduated from Yale University in 1893. Early in his he practised law in Hartford until 1904, when lie became Secretary and later Trust Officer of the Security Trust Co. of Hartford. Still later he became a Vice-Presi¬ the provisions of Section S-A of Article 11 of the public general laws of the banking moratorium of 1933 and that the closing was due to certain loans which were continued in the bank after the holiday period which did not work Md., out the States Security Trust Co. when a con¬ of the United dent solidation of the Security Trust Co. and other banks created In 1927, when his company merged with the Hartford-Aetna National Bank to form the Hartford National Bank & Trust Co., Mr. Parsons was made a ViceChairman of the Board of Directors, an office he continued to hold until January, 1934, when he declined reelection. Among his numerous activities, the deceased banker was a director of the Connecticut General Life Insurance Co., the Phoenix Fire Insurance Co., and the Connecticut Fire In¬ surance Co., and a trustee of the Society for Savings. Mr. Parsons had written articles on banking and on journalism, that gated author of several books. Insurance Mr. Withers, annual organization meeting on Jan. as soon the as Raymond Riley, heretofore Executive Vice-President Orange First National Bank, Orange, N. J., was named President of the institution on Jan. 11 at the annual the meeting of the Board of Directors, succeeding State Com- who became Chairman of the Board of Directors. The only other change was the election of William Howe Davis, the bank's counsel, as Vice-President. In noting this the Newark "News" of Jan. 11 said: troller Frank J. Murray, The office of Chairman of the Board of Directors was created for Murray, who had served as President since Mr. the organization of the bank Nov. 16, 1933. Trust condition of total 644,160 and of Philadelphia, Co. as of Dec. 31, assets of Pa., in its state¬ Sterling also stated that he had been endeavoring for some time to sale of this institution to some other financial unit with the Board the of and it respect, of but FDIC, took Directors his that Sept. 30) ; United States Government on securi¬ (down from $50,923,871) ; other securities (including stocks of office buildings), $23,635,517 (against ties, $50,869,089 $23,093,233), and loans, $13,824,556 (comparing with $13,084,584). The company's capital and surplus remain the same at $4,000,00Q and $9,000,000, respectively, but undivided profits are lower at $2,370,539 against $2,382,438 on Sept. 30. action ——• of the Tradesmens National Bank & Trust Co. Nearly 6,000 depositors of tlie Moline State Trust & Sav¬ when bank the that date to the Chicago the dispatch a of paper of National partner of Wolf Brothers, manufacturers is also and a partner in the firm Edge Box Co. Metal "Tribune." Exchange National Bank & Trust Co. of Phila¬ delphia, Pa., shows total deposits of $101,669,121 and total resources of $117,557,310 in its condition statement as of Dec. of 31, 1937, comparing with total deposits and total assets $103,067,293 and $119,245,746, respectively, on Sept. 30, The principal items making up 1937. current 428,559 United statement are: Cash and the resources in the banks, $37,- due from (comparing with $33,247,015 at the earlier date) ; government securities, $22,800,947 (against States $22,187,377) ; bills discounted, $18,428,333 (down from $22,340,463) ; other securities, $10,034,015 (up from $9,466,613), and demand loans, $8,916,294 (down from $10,148,715). The bank's capital and remains the same at $4,550,000. but surplus profits have risen to $8,832,491 * from undivided $8,640,330 on Sept. 30. Paul Thompson is President of the 1858. institution, which was founded in # 5% second The amount paid was Bloomington, 111., on "Journal of Commerce," payment has been made to depositors of the First According Dec. 22, final Bank the Chicago in The National the Helm, At Bank of Ned E. the 50% Grover C. Bloomington, formed June 7, 1934, took over and the bank was given Kirkpatrick as was S. there closed charge of in rest and Charles Dolan time The in part: deposit liability the closed which Bloomington, of deposit liabilities of $2,151,788. 31, 1933, with dispatch continued, of Co. Trust & from dispatch a printed National March to were trustees. . . . about 6,600 depositors. • 111., cago, National Bank of Chicago, Chi¬ re-elected were the bank, President of following the subsequent meeting of the Board of as President Carl follows; promotions four announced Directors, sonnel meeting of the Edward E. Brown, Jan. 11. shareholders held the annual at Schiffner E. Vice-President to in the bank's from Assistant G of the loaning Division in per¬ Vice- Frank G. Guthridge from Assistant Manager Vice-President in the real estate loan department; Wil¬ organization; to liam W. O'Brien from Assistant Secretary to Assistant Vice- department, and the election of John Assistant Cashier. Mr. Overlook has been President in the trust A. Overlook as bank the with officers of the bank were for a number of years. Other re-elected. • of Directors their annual Smith, the Northern meeting Cashier Assistant heretofore President Trust Co. and advanced of Chicago, 111., at Jan. 11, promoted Edward Byron on to be second Vice- John M. Maxwell to Second Vice- served for the Manager, it is learned from the Chicago "Journal of Commerce" of Jan. 12, which added that other new officers were named as follows: Grover C. Rinehart, Harry McLeod and John V. Haas, Assistant Cash¬ iers, and Paul A .Dice, Assistant Secretary. President, in bond department, where he has past five years as Assistant ♦ made in the personnel of the City National Bank & Trust Co. of Chicago, Chicago, 111., at the directors' annual meeting on Jan. 11, it is learned from the were of Jan. 12. G. J. Chartier, Assistant Vice-President, was promoted to a Vice-President; L. B. McMahon, formerly Cashier, was named a Vice-President in charge of operations: Frank R. Curda was advanced from an Assistant Vice-President to an Cashier; L. K. Billings was promoted to an — The Corn a said. formerly products, received reorganized, was repayment on Dec. 22, it is learned from Moline advices on Chicago "Journal of Commerce" Wolf is this ings Bank of Moline, 111., who waived 50% of their deposits A. meeting on Jan. 7 elected Howard member of the Board to fill a vacancy. Mr. a in hands. his the unit in placing of Philadelphia, Pa., at a Wolf unsuccessful were of these negotiations that the ♦ Several changes Albert A. Jackson is President. Directors efforts the termination after was reports deposits of $110,- $127,961,446, contrasting with $103,479,882 and $120,883,715, respectively, on Sept. 30 last. The principal items making up the present assets are: Cash, reserves and due from banks, $32,539,843 (against $26,637,207 be prepared to pay the properly Bet up for were a associated ♦- The Girard records detail All directors of The First M. ment deposits assistance surance. of $26,000. Corporation would not exceed purpose. Mr. effect State 11. At the same time, Arthur L. Bowerman, who has been Acting Chairman of the Board for several months, was elected Chairman, and Henry A. Malil was elected a Vice-President. Mr. Withers, who succeeds the late Franklin W. Fort, will assume the presidency of the Lincoln National on Jan. 17. He plans to resign as Commissioner of Banking and In¬ directors' the time of the last examination aggre¬ Sterling understood the FDIC staff would insured the conditions. economic general —4 Commissioner of Banking and Insurance for New Jersey, was elected President of the Lincoln National Bank of Newark, N. J., on Jan. 11, at the K. Carl the to under $846,000, and the total deposits not insured by the Federal Deposit $105,000, ♦ due hands his in The total deposits of the bank at organization. and also figured as the placed was anticipated, as was career institution Assistant Vice- President, and P. R. Abrams was named Trust Officer. At the stockholders' meeting held previously, James M. Hop¬ kins, President of the Hopkins Corp., was elected a director. ♦ . made in the personnel of the American National Bank & Trust Co. of Chicago, 111., at the annual meeting of the directors on Jan. 11: Harold E. Foreman was elected Senior Vice-President; Edwin N. Van The Home following was changes were named Executive Vice-President, and James H. Assistant Vice-President. At the same meeting, the directors declared a special dividend of $2 a share on the common stock of the institution, in addition to the regular semi-annual dividend of $2 a share, payable Jan. 15 to stockholders of record Jan. 14. They voted also to transfer $100,000 from undivided profits account to sur¬ Clarke was made an plus, increasing the latter item to $800,000. ♦ Financial Chronicle 384 its condition statement as In of Dec. 31, 1937, the Sea¬ of Norfolk, Va., reported total board Citizens National Bank assets of $16,307,031 com¬ deposits of $13,293,330 and total pared, respectively, with $15,473,308 and $18,650,801 on Dec. 31, 1930. Cash items were given as $4,304,097 against $4 911,128; United States Government obligations as $3,137,170 against $4,992,773, and loans and discounts as $6,552,541 against $0,250,661. Capital remained unchanged at $1,500,000, while surplus and undivided profits amounted to $800,917 against $770,086 a year ago. • ment in its condition state¬ Bank, Detroit, Mich., The Detroit of $145,086,954 as of Dec. 31, reports total assets as compared with $148,131,795 on June 30 last, of which $40,891,202 represents cash on hand and due from banks (against $42,896,549) ; $44,874,998 United States obligations, direct or fully guaranteed (against $47,822,765), and $14,- $16,339,331 (against discounts and 827,226 loans 30). On on total deposits are shown as $138,737,568 (as compared with $141,264,948), and capital structure as $6,900,000 (against $6,600,000 in the previous statement). According to the Detroit "Free Press" of Jan, 12, Eustace A. Wellensick, Auditor of the bank, and Cecil Hunt, Assis¬ tant Cashier, were made Assistant Vice-Presidents at the directors' annual meeting on Jan. 11. All other officers were reelected. Joseph M. Dodge is President. the debit side of the report, June promotions were made in the official staff of the institution. Henry H. Sanger (heretofore Senior Vice-President of the bank) was elected President to succeed the late John Ballantyne; Charles A. Kanter was named Senior Vice-President; Charles K. Bartow, Vice-President and Secretary of the Board; Joseph F. Verhelle, Vice-President and Comptroller; and R. C. Wandel, Cashier. Other officers elected were: Fred J. Beyer, It. P. Fraser, H. H. Gardner, John H. Hart, S. R. Kingston, Frank J. Maurice, Norman H. Moysey, George It. Tait and Benjamin G. Vernor, Vice-Presidents; with L. George Bott, Wm. A. May berry and H. C. Newland, Second Vice-Presidents, and A. A. Zahrn and A. A. Jenkins Trust Officer, respectively. meeting elected Sherwin Hill of Hill-Hamblen-Essery & Lewis and Mr. Kanter (the new Senior Vice-President) members of the Board to iill the vacancies created by the deaths of John of firm law Ballantyne and Charles H. Hodges. Sanger's banking career, in a brief outline of He has received many honors, among them the presidency of the Michigan Bankers For many years he was a member of the Executive Council of the American Bankers Association. of Reserve City Bank National First & Co. Trust He is director of the Association a Bankers. Cash of which the chief items are: hand and due from on banks, $47,094,291 (against $48,725,219) ; United States Gov¬ securities, ernment direct fully guaranteed, $52,701,267 or (against $54,365,767), and loans and discounts, McLucas, President of the National Bank of Detroit, Mich., since its organization in 1933, was elected Chairman of the Board of Directors at the directors' annual organization meeting on Jan. 11, and Charles T. Fisher, Jr., former Manager of the Detroit office of the Reconstruction Finance Corporation, director of that corporation in Wash¬ ington, and more recently State Banking Commissioner for Michigan, was elected President of the institution. Mr. Fisher was also elected a director at the shareholders' annual meeting held previously on the same day. With the election of Mr. McLucas, who succeeds James Inglis who retired, the directors approved a change in the bank's by-laws making the Chairman the chief executive of the bank. The following promotions were also made by the directors: Harold B. Asplin, William H. Hoey and Harry C. Cashiers sistant Assistant to Auditor; Assistant Gerald F. Vice-Presidents; Dewhirst, Schaefer from As¬ Robert Sidney P. Campbell, Dowding, J. James 4 Total of $135,015,477 and total deposits of $119,050,484 are reported in the statement of condition of the First National Bank of St. Paul, St. Paul, Minn., as com¬ pared with $149,528,610 and $133,562,896, respectively, on June 30 last. The principal items making up the assets resources Cash hand and due from on $38,915,667 (comparing with $49,737,970 on the date) ; United States Government securities, $33,- banks, earlier 893,178 (against $44,468,327), and loans and discounts, $53,196,816 (comparing with $44,815,100 on the earlier date). The bank's capital and tofore $6,000,000 at surplus continue the each, but Stoneburgh to Assistant Cashiers. Trust Department: Henry T. Bodman and George E. Parker promoted Assistant to Vice-Presidents and Assistant Trust Officers and Ray Young and Lester E. Zubrigg promoted to Assistant Trust Officers. with one D. All exception, had been with the bank since its organization in 1933. James Inglis, retiring Chairman of the Board (says an announcement), had originally consented to lished , serve only until the bank was thoroughly estab¬ but had been persuaded to continue for the past three years. Nation¬ ally known as a continue to act leader in financial and industrial Detroit, Mr. Inglis will as a director of the bank, devoting most of his time to per¬ sonal business affairs and other responsibilities. 4 Bank of Chattanooga, Tenn., reported total deposits of $40,261,697 and total assets of $44,668,635, comparing, respectively, with $40,446,020 and $44,914,787 on Dec. 31, 1936. Cash on hand and due banks from ment loans given was the in ago). The bank's capital is now $2,800,000 (against $3,000,000 on Dec. 31, 1936), and surplus and undivided T. R. Preston is President. ago). of Stockholders Tha Hibernia National a named Assistant an Assistant Cashier advanced to the office of Cashier, and B. V. Vice-President since 1929, was promoted to Vicevvas New Shipping William G. Zetzmann of the Zetz7 Up Bottling Co., as new directors of the bank, and re¬ Co., and President Later on the same day the directors, at their organization meeting, promoted Frank J. Swain from Assistant Cashier to Assistant Vice- President; appointed Addison O Wood, Assistant Cashier, and elected George J. Ruhlman, Auditor. All the officers were re-elected as follows: R. S. Hecht, Chairman of the Board, A. P. Imahorn, President, J. H. Kepper, Executive Vice-President; Bernard McCloskev, Fred W. Ellsworth, Willis G. Wilmot, and E. F. LeBreton, Vice-Presidents; G. W. Owen Jr., Cashier; Paul Villere, W. B. Machado, R. G. Fitzgerald, J. M. O. Monasterio, and W. W. Pope, Assistant Vice-Presidents; Louis V. DeGruy, Trust Officer; A. C. Lapeyre and Kenner S. Baetjer, Assistant Trust Officers; R. F. Schwaner, and Georgje H. Dobelman, As¬ sistant Cashiers, and James A. Stouse, Manager of Bond Department. ♦ In its statement of condition the at close Dec. 31, 1937, the Whitney National Bank La., shows total June 30 due total assets of resources of $127,411,974 $116,869,571 at the of business of New Orleans, as compared with of business close Cash and $29,349,291 on the last, of which the principal items are: from $36,057,056 banks, (against earlier date) ; United States Government obligations, direct and fully guaranteed, $42,461,358 loans, discounts and acceptances, (against $44,364,460), and $36,196,848 (against $30,- On the liabilities side of the statement, deposits 828,268). (as compared with $107,000,721). spurlus remain unchanged at $2,800,000 and $4,200,000, respectively, but undivided profits account has increased to $2,037,580 (up from $1,782,223 on given as bank's J. were in elected President N. O. Pedrick of the Mississippi 30). Assistant Cashier since 1917, Vice-Presidents; John G. Maclean, Bank Orleans, New Orleans, La., at their annual meeting Jan. 11 June Moore, as (against year 1883. Minneapolis on Jan. II. Stanley Bezoier, Cashier since 1920, and Arthur H. Quay, Assis¬ tant Cashier since 1927, were made Vice-Presidents; Henry Verdelin, an Assistant Cashier since 1937, and C. B. Broni- 1914, statement current $14,349,698) ; United States Govern¬ securities as $12,139,798 (against $13,760,751), and and discounts as $11,103,514 (against $12,210,245 a H. since as 31 Dec. of National Hamilton The tional Bank & Trust Co. of an now Lilly, President of the institution. are officers were promoted and five new officers elected the annual meeting of the directors of the First Na¬ bach, here¬ are (up from $1,137,539 on June 30). Frederick It. Bigelow is Chairman of the Board of Directors and Richard The 4 Six at same as profits undivided $1,468,850 to H. Farrar, William A. Letton, Lyle E. Madden, Jay W. Schoch and Orville H. $36,420,108 On the debit side of the report, total deposits are shown at $131,549,040 (comparing with $132,440,512 on the earlier date). Capital and surplus remain the same at $6,000,000 each, but undivided profits are up to $1,623,513 from $1,020,505 on June 30. (as compared with $34,639,526). elected all the old members of the Board. Walter S. Minneapolis, of of condition as of of $147,079,792 (as compared with total assets of $146,559,280 on June 30, 1937), Minneapolis, Minn., in its statement Dec. 31, 1937, reports total resources 4 in 1891 as a clerk in the old First National Bank of Detroit. Association. 4 The said: Sanger, new President of the Manufacturers National, started his banking career re-elected. profits total $1,271,682 (as compared with $1,127,996 a year The Detroit "Free Press" of Jan. 12, Mr. meeting, held earlier in the day, all directors were annual $16,732,044 The shareholders at their the Corporation and the agency division of the trust department 1933, was named an Assistant Secretary. All other officers of the bank were re-elected. At the stockholders since in the current statement are: 4 meeting of the directors of the Manufactur¬ ers National Bank of Detroit, Detroit, Mich., which followed the shareholders' annual meeting on Jan. 11, many important At the annual Trust Officer and Assistant Jan. is, ms Maloney, in the department of banks and bankers since 1928, while Robert M. Bell, former officer of the First Securities $117,589,045 capital Whitney The D. and O'Keefe is National Bank was founded in President. 4 Total 018.365 assets are of $127,588,514 shown in the and total deposits of $115,of condition of the statement Citizens National Trust & Savings Angeles, Calif., contrasting Bank of Los Angeles, Los at the close of business Dec. 31, 1937, assets and deposits of $124,687,730 and as with Chairman of the trust committee, a newly created position. The following were elected Assistant Cashiers: A. M. Rolf- $114,158,323, respectively, at the close of business June 30 Manager of the collections department since 1926: L. Carhart, in the credit department since 1931; Gor¬ don Murray, eight years in the credit department, and J. J. ing nes, Ashton last. (up In the the present statement the principal items compris¬ are: Loans and discounts, $50,475,466 resources from United States $35,061,519 (against $45,766,226 on the earlier date) ; obligations, direct or fully guaranteed, Volume Financial 146 from banks, $29,231,760 The bank's capital and undi¬ vided profits remain unchanged at $5,000,000 and $1,150,000, respectively, but surplus account has increased to $3,116,000 from $3,090,000 on June 30. and $34,347,574), and cash due (compared with $30,536,110). profit of Wells Fargo Indicated net Co., San Francisco, Calif., for the year is amortization, needed re¬ $13.71 a share on 90,000 of capital stock. This compares with indicated net of $1,231,940, or $13.69 a share on the same number $1,234,130 serves, shares profit depreciation, after interest and taxes, equal to at the Deposits 1936. in shares of Bank & Union Trust ended Dec. 31, 1937, end of 1937 totaled $212,997,854 against $250,707,814 at the end of 1936, the decline being due chiefly to the withdrawal of deposits of other banks from which the bank had accepted time money. of depositors of the bank increased during 88,751 to 90,590, a gain of 1,839. The aver¬ age account in the savings department increased during 1937 from $1,112.68 to $1,135.59, which is somewhat more than double the average savings account for the Nation as a whole. Commercial loans and discounts increased during number Total the year from 1937, the total at the end of the year being $55,985,000, the highest in seven years, comparing with $46,193,000 a year earlier, ileal estate loans were down from the total re¬ Stockholders of the bank re¬ ported at the end of 1936. directors at the annual meeting, and elected all charge of the bank's trust operations, to in the board reappointed all officers, promoting W. F. Gabriel, and met Directors Midland the of Bank, Vice-President. (head office Lon¬ Ltd. don), report that after making full provision for all bad and doubtful debts, net profits for the year 1937 amount to £2,508,009, which, with £547,084 brought forward from the previous year, gives a total of £3,055,093, out of which the following appropriations amounting to £1,554,881 have been made: To interim dividend, paid July 15, for the half-year less income tax, £854,881; to reduction of bank premises account, £400,000, and to reserve for future contingencies, £300,000, leaving the sum of £1,500,212, from which the directors recommend a dividend be paid on Feb. 1 for the half-year ended Dec. 31 at the rate of 16% per annum, less income tax, amounting to £909,168. and a balance of £591,044 be carried forward to the current year's profit and loss at the rate of 16% per annum, ended June 30, account. Ltd., of London, one of the "Big Five" shows in its statement of accounts as of 31, 1937, a further increase in deposits, which now amount of £434,645,323, a gain of more than £5,000,0(X> over Barclays Bank, banks, English Dec. £429,538,416 reported 12 months ago. Cash on hand and the Bank of England total £54,839,825; balances with other British banks and checks in course of collection the wTith amount £15,943,494; to at money call and short notice, £27,068,850, and bills discounted to £50,362,681. The bank's investment account stands at £102,423,395, consisting almost exclusively securities of of guaranteed by the British or Government, which total £95,033,196. Continued expansion in British trade conditions covered by the period are re¬ flected in the total for advances, which are £196,264,896 as compared with £179,655,011 twelve of months ago, an increase The reserve fund of the bank has £500,000 out of the year's results and now £10,750,000, issued capital remaining unchanged nearly £17,000,000. been increased by amounts to at Barclays Bank, Ltd., recently declared divihalf of 1937 at the rate of 10% per the "A" shares and 14% per annum on the "B" £15,858,217. the for dents annum on second these rates of dividends being the same as and "O" shares, those maintained for many years past. regularly 385 Chronicle higher priced issues recorded substantial improvement, though part of the gain was canceled due to profit taking. Specialties, oils and mining and metal shares moved to the front during the brief period of trading on Saturday and a number of prominent issues in these groups scored sub¬ stantial advances. The general list also registered a fairly large number of gains, the total shares traded in being 299 with 188 advances and 34 declines. The transfers for the day were 112,000. Prominent among the stocks closing on the upside were Bell Telephone of Canada, 2 points to 165; Brill Corp. pref., 3 points to 25; Nehi Corp, 2 points to 37; New Jersey Zinc, 2% points to 66%; Aluminum Co. of America, 1% points to 84%; American Gas & Electric, 1% points to 110%; Carrier Corp., 1% points to 31%, and Florida Power & Light pref., 2% points to 38%. The broad rally that developed during the morning deal¬ ings on Monday carried a number of the higher priced special¬ ties upward from 1 to 2 of more points. Mining and metals also attracted a generous amount of buying and oil shares were active on the side of the advance. Public utilities were quiet, with most of the changes on the side of the decline. Following the report that the President would ask for a larger air force in his message on national defense, there was a decided uplift in the aviation issues. The best gains included Babcock & Wilcox, 6% points to 92%; Fisk Rubber pref., 4: points to 58; Royal Typewriter, 2% points to 45; Detroit Steel Products, 3% points to 21%, and Eureka Pipe Line, 4 points to 31. Public utilities, which had been lagging behind for several days, moved sharply upward on Tuesday with gains ranging from fractions to 6 or more points. Specialties continued to move slowly ahead and the advance in the price of domestic copper helped along the mining and metal group. Some profit-taking appeared as the day progressed, and while it checked the upswing for a brief period, most of the active stocks closed on the side of the advance. Noteworthy among gains were such trading favorites as National Power & Light pref., 6%% points to 63; Newmont Mining, 6 points to 72; Quaker Oats, 2 points to 100; Safety Car Heating & Lighting, 7 points to 92; Tubize Chatillon A, 5 points to 35, and Hartford Electric, 4 points to 58. Higher prices prevailed on Wednesday, and while there the profit-taking apparent from time generally absorbed without serious setback to the general list. Mining and metal stocks continued their modest advance and public utilities again edged forward to slightly higher levels. The transfers for the day were under the preceding session, the total sales dropping to 230,310, against 248,050 on Tuesday. The gains included among others. Pennsylvania Salt, 6 points to 144; Pitts¬ burgh & Lake Erie, 3 points to 62; Singer Manufacturing Co., 4% points to 243; Mead Johnson, 4 points to 104; Toledo Edison, 6% pref., 3 points to 92, and Oklahoma Natural Gas pref., 2% points to 26. Narrow price movements with a moderate amount of profit taking characterized the dealings on the Curb Exchange during a goodly part of the session on Thursday. Low priced stocks were in demand in a small way and a few of the was to moderate amount of a time, it was specialties moved on the side of the advance, but the changes general list were mainly in minor fractions. Public utilities were quiet and the mining and metal stocks showed little change from the preceding close. The few strong spots included Nehi Corp., 2% points to 41; Niagara Hudson 2d in the 3% points to 32%; pref. 5 points to 66; Godchaux Sugar A, Kansas Gas & Electric 2% points to 107; Long Island Lighting pref., 1% points to 40% and Royal Typewriter, 1% points to 49. Irregular price movements were apparent during most of the trading on Friday. Some of the more active stocks among the specialties, mining and metal issues and public utilities slightly higher but the market, as a whole, was lower. demand, particularly in the preferred were Public utilities were in Net Ltd. (head office providing for rebate, profits of the Westminster Bank, London), income for the year, national and tax past after defence contribution, and after appropriations to the credit of contingency accounts, out of which accounts full provision for bad and doubtful debts has been made, sum last amount to £1,750,590. This sum, added to from 1936, leaves available the of £2,267,526. The dividend of 9% paid in August on the £4 shares and 6%% on the £1 shares absorbs £516,327 brought £582,722. A forward further dividend of 9% is now but the advances were not especially noteworthy. compared with Friday of last week, prices were slightly higher, American Cyanamid B closing last night at 25% against 24 on Friday a week ago; American Light & Traction at 14 against 13%; Creole Petroleum at 26% against 25%; Ford of Canada A at 17% against 16; Gulf Oil Corp. at 40% group, As against 40; Hudson Bay making the maximum of 12%% for the year; there is also declared a bonus of 2% on the £4 shares. The dividends (less income tax) on Feb. 1. transferred to bank premises and £300,000 to officers' pension fund, leaving a bonus The sum account balance will be payable of £200,000 has been of £41)6,018 to be carried forward. THE CURB EXCHANGE York Curb Exchange have this week though the advances for the most part have been small and without special signif¬ icance. Mining and metal stocks have moved gradually Price movements on the New been somewhat stronger upward stimulated to some extent by the improvement in the price of domestic copper. Public utilities were quiet during the forepart of the week, but gradually improved. Specialties continued their modest advance and some of the AT TRANSACTIONS DAILY YORK CURB EXCHANGE THE NEW declared in respect of the £4 shares, making 18% for the year; and a further dividend of 6%% on the £1 shares will be paid, and Mining & Smelting at 26% against Co. at 87 against 84. 25%; and Sherwin Williams Bonds (Par Value) Stocks (Number of Shares) Week Ended Jan. 14. 1938 5688,000 $40,000 1,078,000 1,296,000 1,460,000 1,077.000 26.000 8,000 28,000 15,000 1,339,000 24,000 7,000 24,000 11,000 1,491,000 247,750 . Wednesday. — Thursday 229,810 227,235 18,000 185 970 _ 919.000 7,000 1,294,560 56.518,000 $143,000 1,112,000 • 1,119.000 937,000 _ Total Sales at Week Ended Jan. 14 New York Curb Exchange Stocks—No. of shares. 1938 1937 $73,000 government.. Foreign corporate Total.. $6,734,000 Jan. 1 to Jan. 14 1938 1937 1,294,560 5,951,755 2.096,210 9,686,160 $6,518,000 $14,244,000 $10,566,000 $29,812,000 143,000 298,000 286,000 1,130,000 73,000 357,000 209,000 760,000 $6,734,000 $14,899,000 $11,061,000 $31,702,000 Bonds Domestic.. Foreign $736,000 $8,000 110.425 . Tuesday Friday Total Corporate 293,370 Saturday Monday. Foreign Foreign Government Domestic Financial 386 We Bear drafts, with securities attached, drawn their MANUFACTURERS TRUST COMPANY !))><! BROAD 55 JCllJ«> /M STREET. Member Federal Reserve System Malta. x Coin not tender in the BY CERTIFIED RATES 8, 14, 1938, TO JAN. RESERVE OF 1930 1938, INCLUSIVE — — — £24,000 the legal tender in United Kingdom. IN Kingdom, United IN LONDON Bar Silver per 23-. y Coin of legal 18 5-16d. Dec. 18 3-16d. 18 7-16d. 18%d. I8%d. 18^d. 18.391d. 24 Dec. 28. Dec. 29 18.266d. Dec. 23 Dec. 24 Dec. 27Dec. 28- —-18 7-16d. —— - NEW YORK (Per Ounce .999 Fine) Oz.Std. 2 Mos. 18Hd. Dec. Average Noon Buying Rate for Cable Transfers in New York Value in United States Money Country and Monetary — Quotations during the week: Dec. FEDERAL BANKS TO TREASURY UNDER TARIFF ACT JAN. of Cash record for the week just passed: a _ £2,662,087 requirements of Section 522 of the Tariff EXCHANGE FOREIGN — RATES daily to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the world. We give below _ — Other countries.- 1930, the Federal Reserve Bank is now certifying of Act — France Corporation EXCHANGE FOREIGN 18 7-16d. and and Bermuda 33,818 y2,000 18,263 3,357 2,721 Belgium Member New York Clearing House Association Aden z£2,601,928 — . Australia Pursuant to the today to Exports Dependencies-.x£l2,300 y3,500 Ceylon 1,300 Austria. 2,590 Denmark 1,020 Norway 1,263 Other countries 2,027 Imports Hongkong. YORK Member Federal Deposit Insurance recover The following were the United Kingdom imports and exports of silver registered from midday on Dec. 20 to midday on Dec. 24: DKPAKlMfcNli NEW caused prices to covering orders 18 %d. for the respective deliveries, but the outlook is still uncertain and market is awaiting the statement regarding American silver policy which President Roosevelt has stated that either he or Mr. Morgenthau would make before midnight on Friday. the foreign correspondents and clients. )}.](>)/) Jan. IS, 1938 that is about 44 cents per ounce. An official confirmation made it clear that this was a stopgap pending negotiation of a permanent agreement and it is understood that a permanent pact cannot be reached until President Roosevelt announces domestic prices for next year. purchase from Brokers and Investment Firms on Chronicle 22 45 cents 45 cents 45 cents - 45 cents -.45 cents The righest rate of exchange on New York recorded during the period from Dec. 23 to 29 was $5.00 and the lowest $4.9954. The London bullion market will be closed Saturday, Jan. 1, 1938. on Unit Jan. 8 | $ 188960* Europe— Austria, schilling Jan. 10 Jan. 11 | Jan. 12 | Jan. 13 $ * S .188933* .188966* .188950* .169821 .169598 Jan. 14 * .169800 .012600* .012600* .012600* .012600* .012600* .035104 .035128 .035120 .035118 .035110 CABLE 223279 .223263 .223252 .223011 .223054 .222729 England, pound sterl'g 5.002000 5 .002208 >.001291 1.997708 1.997125 4.990500 daily closing quotations for securities, &c., at London, reported by cable, have been as follows the past week: .035082 Denmark, krone MARKET—PER The .188883* .169778 012725* Belgium, belga Bulgaria, lev. Czecboslo'kla. koruna FINANCIAL ENGLISH $ .188916* ,169078 .168951 as Sal., Mon., Jan. 8 Sliver, Jan. 10 Tues., Gold. p. .022100 .022103 .022081 033948 .033913 .033867 .033851 .032933 .033224 Consols. 214%. Germany, relchamark Greece, drachma Hungary, pengo. Italy, lira .403038 009162* .403170 .403042 .402876 .402760 .402261 .009169* .009167* .009160* .00)164* .00)163* British 3)4% War Loan— 198375* .198375* .198250* .198250* .198375* .198200* .052609 .052607 .052607 .052607 .052607 Netherland Fri., Thurs., Jan. 12 Jan. 13 Jan. 14 19 15-16d. 19 13~16d. 139s. 8d. 19%d. 139s.7%d, 139s. 7d. 139s.7%d. £74% £75 £75 K British 4% 052609 Wed., Jan. 11 ' 19 13-16d. 19 ll-16d. 19 9-16d. fine oz.139s.9 J4d. 139s. 9d. per oz- Finland, markka. 022100 France, franc .022043 .022081 1960-90 Holiday Holiday .556957 .557075 .557035 .556678 .556239 Norway, krone 251304 .251304 .251289 .261114 .251079 .250708 Poland, zloty Portugal, escudo 189933 .188900 .189566 .189900 .189800 1.89600 045250 .045250 .045250 .045250 Rumania, leu 007350* .007350* .007350* .007421* .007335* .007350* BarN.Y. (for.) U. S. Treasury. Spain, peseta 061375* .061250* .061562* .060625* .061875* .062000* U. 8. 257808 .257825 .257793 .257606 .257575 .257183 .231603 .231555 .231491 .231375 .231039 .023180* .023250* .023170* .294750 .294750 .294750 .294645 .294479 .294750 .294750 .294645 .294645 £101X £10114 £102% £113 £113 £113 .294479 .924750 £10114 £113 .023170* .294750. £102 £113 £73% .230769 .023170* £75 Holiday guilder. , Sweden, krona.. Switzerland, franc... Yugoslavia, dinar 023180* .556678 .045233 .045200 The price of silver per ounce (in cents) in the United the same days has been: States on Closed 44% 44% 44% 4454 50.00 50.00 50.00 50.00 50.00 64.64 (newly mined) Asia— 44% 50.00 64.64 64.64 64.64 64.64 64.64 , Treasury The London and Berlin Stock China— Chefoo (yuan) dol'r Hankow(yuan) dol'r .294750 .294750 Shanghai (yuan) dol Tientsln(yuan) dol'r .294750 .294750 .294750 .294750 .294750 .294750 .294750 .294645 .294479 Hongkong, dollar.. British India, rupee.. Japan, yen .312109 .312343 .312631 .312062 .311906 .377700 .377481 .377235 .277196 .376762 290935 .290677 .290625 .290575 .290556 .290162 Straits bettlem'ta, dol. Australasia— .586437 .586750 .586437 .586125 .586125 .585250 Exchanges, usually on page ap¬ 422. .311906 .377537 pearing here, will be found .294479 Australia, pound 3.983854*3 .984062* 3.983281 * 3.982135* 3.980572*3.975750* New Zealand, pound. 4.013854*4 .015729*4.013281*4.013169*4.012239*4.006964* CURRENT —J. associated Scarlett North South formerly Clark with Sinsabaugh & Co., Inc., and Mr. before —H. Sellers McKee, which McKee and Luke C. was dissolved as Doyle, former partners of Phelps & of Dec. 31, 1937, have become associated .999915 .999759 999807 .999843 .999739 .999735 .999166 .999166 .999166 999166 .999166 .277500 .277500 .277500 .277500 .277500 and Patrick B. McOinnis have become associated with them in their bond .997324 dollar :997382 .997441 .997226 .997246 .997207 department. —Pflugfelder, Bampton & Rust announce that William J. Swords America— .333475* .333233* .333191* .051680* .051680* .051680* .051680* .051680* .05*680* export.. .040000* .040000* .040000* .040000* .040000* .040000* 549500* .549500* .549500*1 .551000* .553225*i .558700* 657990* .658060* .658225* .657696* .657575* .656995* Colomba. Uruguay, .333466* peso THE a .333500* a a peso Nominal rates, We was now 277500 Argentina, peso Brazil, mllrels Chile, peso—official.. * that Joseph H. Scarlett is with them in charge of the investment advisory service. .999166 peso... Newfoundland, NOTICES announce with Redmond & Co. America— Canada, dollar.. Cuba, peso Mexico, Hynson & Co., Inc., that with Standard Statistics Co., Inc. Africa— South Africa, pound.. 4.956328* 4.956328* 4.954921* 4.952187* 4.951718* 4.945468* N. .332625* GOLD OF BANK CLEARINGS Bank clearings this week will again show a decrease com- Earod with a telegraph advices from figures compiled of the ased year ago. Preliminary the chief cities by us, upon country, indicate that for the week ended today (Saturday, Jan. 15) bank clearings from all cities of the United States No rates available. ENGLISH COURSE a AND SILVER MARKETS reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of Dec. 29, 1937: GOLD The Bank of England gold reserve against notes amounted to £326,406,625 Dec. 22, showing no change as compared with the previous Wednesday. In the open market about £2,050,000 of bar gold changed hands at the from which it is possible to obtain weekly returns will be 23.3% below those for the corresponding week last year, Our preliminary total stands at $5,394,664,115, against $7,029,611,586 for the same week in 1936. At this center there is a loss for the week ended Friday of 24.5%. Our comparative summary for the week follows: on daily fixing. Demand from the Continent continued steadily and prices included premiums over dollar parity which, however, were rather smaller than of late, ranging between 5d and 6 Hd. Per Fine Equivalent Value of £ Sterling Ounce _ „ 23 139s. 8d. 24- 28 29-- 12s. _139s. 7^d. 139s. 7d. 139s. 6%d. — Average 1.98d. 12s. 2.03d. St. Louis 12s. 2.lid. 139s. 7.25d. Pittsburgh.. 12s. 2.05d. Imports British South Africa.. —£1,130,628 Netherlands Belgium ... New Zealand Canada United States of America. France. — — Other countries 2,594 2,854 40,104 118.257 247,718 150,000 64,462 18,270 9,822 —— France- Switzerland - - - Other countries £1,784,709 £125,155 173,800 147,111 158.520 Yugoslavia.. Hongkong 100,279 4.000 £712,465 £437,000. SILVER Owing to the Christmas holidays, the week under review comprised only four working days, during which the main features were selling by the Indian Bazaars and purchases of cash sUver by America in the after¬ noons. Mainly as a result of the former, prices moved sharply downward and by yesterday had touched 18 3-16d. and 18Kd. for cash and two months* delivery respectively. In the afternoon, however, the tone of the market became firmer and business was done at considerably higher prices following news that a tentative agreement had been concluded be¬ tween the United States and Mexico whereby purchases of Mexican silver during January will be made at the same price as that ruling in 1937— Other cities, five days Total all cities, five days. All cities, one day 116,231,424 93,774,346 —25.5 80,494,166 —11.7 62,676,107 —10.4 $4,857,908,905 -23.2 812,148,870 -5.7 $5,670,057,775 1,359,553.811 —20.7 ... Total all cities for week $7,029,611,586 -23.3 Cent —24.5 —22.5 —21.2 —26.2 —16.5 —24.3 —33.9 3,600 The SS. Rajputana which sailed from Bombay on Dec. 25 carries gold to the value of about <r Eleven cities, five days. Exports Tanganyika Territory Kenya Baltimore —9.8 —16.6 313,964,431 326,000,000 216,370,000 85,896,008 70,960,533 71,038,942 56,184,193 Detroit Cleveland The following were the United Kingdom imports and exports of gold, registered from midday on Dec. 20 to midday on Dec. 24: 76,800,000 $5,394,664,115 - 137.648,000 $4,495,553,429 899,110,686 Kansas City San Francisco $3,348,054,423 766,241,940 Boston $2,528,569,926 243,381,851 257,000,000 159,603,686 71,840,615 69,300,000 114,785,000 $3,729,311,489 - 1937 86,646,743 New York Philadelphia 12s. 2.07d. — Uruguay Belgium. 1938 Week Ending Jan. 15 Chicago Quotations: Dec. Dec. Dec. Dec. Per Clearings—Returns by Telegraph Complete and exact details for the week covered by the foregoing will appear in our issue of next week. We cannot furnish them today, inasmuch as the week ends today (Saturday) and the Saturday figures will not be available until noon today. Accordingly, in the above the last day of the week in all In cases has to be estimated. the elaborate detailed statement, however, which we present further below, we are able to give final and complete for the week previous—the week ended Jan. 8. results was a decrease of 0.9%, the aggregate the whole country having amounted to $6,833,068,444, against $6,892,785,236 in the same week in 1937. Outside of this city there was an increase of 1.1%, For that week there of clearings for Volume Financial 146 387 Chronicle the* bank clearings at this center having recorded a loss of the Federal Re¬ and from this it appears that in the New York Reserve District (including this city) the totals register a decrease of 2.2%, in the Boston Reserve District of 4.6%, and in the Philadelphia Reserve District of 3.6%. In the Cleveland Reserve Dis¬ trict the totals show a loss of 5.5% and in the Richmond Reserve District of 4.7%, but in the Atlanta Reserve District the totals record a gain of 6.1%. In the Chicago Reserve District there is an improvement of 4.8%, in the St. Louis Reserve District of 0.2%, and in the Minneapolis Reserve District of 13.1%. In the Kansas City Reserve District the totals show an increase of 2.8%, in the Dallas Reserve District of 9.8%, and in the San Francisco Reserve 2.3%. serve We group the cities according to districts in which they are located, District of Week Ended Jan. 8 Clearings atInc. or 1937 Dec. 1926 $ $ % % % Seventh Feder al Reserve D Istrict 546.099 812,934 116,460,911 +0.4 3,280,571 115,944,932 3,696,186 —11.2 85,797,698 3,152,077 Lansing 1,857,835 1,428,001 1,676,420 + 10.8 1,267,713 79,755,946 1,837,214 912,281 1,204,681 + 18.5 24,373,000 1,764,605 23,191,000 1,401,212 1,142,169 16,754,000 746,941 16,815,000 +25.9 5,794,789 —5.3 W Is.—Milwaukee 5,487,842 24,295,529 933,445 4,864,746 22,513,862 + 7.9 19,203,980 Iowa—Ced. Rap. 1,508,800 1,246,630 9,450,983 + 21.0 Ind.—Ft. Wayne Indianapolis South Bend Terre Haute Des Moines 9,931,835 5,982,197 3,101,817 361,999 2,444,590 3,870,978 3,027,485 + 27.9 505,261 —19.3 355,030,792 + 6.2 1,254,638 +0.1 269,876,148 638,905 255,074,573 784,612 4,900,230 —6.2 3,283,608 2,565,545 1,491,262 1,306.555 —14.1 680,735 741,667 + 11.1 965,579 961,097 554,350,708 +4.8 421,627,970 392,695,478 1,255,445 4,594,108 1,281,317 1,451,799 Total (18 cities) 580,838,286 Rockford CLEARINGS OF BANK 767,704 1,178,310 7,878,942 + 5.1 407,612 376,965,431 Chicago districts: SUMMARY 1,311,553 4,531,843 16,397,432 Sioux City.... by Federal Reserve a summary +5.1 111.—Bloom'gton. Springfield.... furnish — —12.8 Decatur we Chi cago 713.790 Grand Rapids. Detroit 11.5%. following — 622,667 Mich.—Ann Arbor Peoria In the 1935 1938 252,349 \ Inc. or 1938 1st 13 York $ * 5th Richmond 6th 95,500,000 94,900,000 +0.6 80,200.000 64,600,000 Ky.—Louisville.. 38,229,841 22,067,090 38,190,662 22,557,878 +0.1 30, >1)1,304 26,4*9,201 —2.2 16,807,713 15,740,907 302,407,727 316,900,815 —4.6 260,365,299 207,973,806 4,178,167,469 —2.2 3,737,141,086 3,383,433,534 111.—Jacksonville —3.6 372,676,964 323,299,269 " 438,064,881 454,355,698 5 * 315,468,762 333,736,937 —5.5 229,322,590 " 150,218,665 157,665,102 —4.7 112,721,205 183,035,893 175,262,295 +6.1 129,890,598 +4.8 421,627,970 107,137,108 Chicago... 18 St Louis.. 4 " 8th " 156,576,931 156,276,540 +0.2 128,451,017 9th Minneapolis 7 '* 108,597,356 + 13.1 +2.8 147,994,258 +9.8 70,242,571 251,771,293 + 11.5 81,419,859 78,253,720 134,705,643 53,491,986 44,474,843 224,885,600 193,971,442 —0.9 5,886,699,817 5,253,822,750 Total (4 cities). 106,770,785 10th KansaaCity 10 " 6 Fran..11 " " 280,743,145 Uth Dallas 77,134,355 6,833,068,444 + 1.1 2,258,286,338 383,941,846 —7.2 453,980,392 32 cities Canada.. We 2,855,565,959 356,258,687 Outside N. Y. City 6,892,785,236 2,887,760,548 112 cities Total now 452.000 347,000 156,576,931 156,276,540 +0.2 128,451,017 107,137,108 add our Ninth Federal Reserve Dls trict + 11.1 2,445,923 2,049,586 + 14.3 + 9.8 51,671,116 21,660,782 + 22.2 1,825,103 727,429 642,370 + 13.2 48,980,874 21,496,913 1,621,252 455,582 Mont—Billings.. 700,270 618,339 + 13.3 509,935 438,826 3,003,635 2,712,152 + 10.7 2,756,655 3,210,687 108,597,356 96,061.550 + 13.1 81,419,859 78,253,720 Minneapolis St. Paul N. D.—Fargo 3,104,353 Helena Total 311,076,09 (7cities). Tenth Federal Reserve Dls trict Dec. 1936 $ 76,954 2,721.333 +3.5 30,087,611 780,332 152,143,364 147.994,258 731,634 852,199 —14.1 586,027 538,010 3,255,007 269,870,924 +3.8 —6.1 1,695,726 178,794.003 763,038 + 9.9 2,622,477 222,162,661 730,100 418,655 + 0.6 366,128 796,041 3,037,622 2,528,778 1,712,574 12,899,632 1,499,470 8,827,613 3,172,605 421,167 Lowell 807,869 Springfield Conn.—Hartford. 760,035 4,208,235 2.470.739 New Bedford.. Worcester 4,056,431 17,530,961 14,278,457 +6.3 +3.7 +4.9 + 22.8 5,094,091 +5.3 4,050,240 14,502,600 694,945 —13.0 10,876,700 —3.2 525,097 R.I.—Providence 5,366,042 12,623,400 N.H.—Manches'r 672,882 New Haven 3,212,812 St. Joseph 831,172 Pueblo 2,354,433 8,807,200 379,289 Total (10 cities) Eleventh Fede ral Dallas Reserve 90,737,929 —16.1 3,663,073 3,129,322 + 25.4 751,796 735,437 535,250 +0.1 +2.8 134,705,643 106,770,785 2,594,301 611,055 District—Da Has— 1,843,183 1,409,566 + 30.8 1,003,222 1,441,485 54,278,030 7,039,638 + 7.< + 21.2 40,754,6.>3 6,433,670 34,010,732 5,194,873 8,532,734 2,846,000 Ft. Worth Galveston —4.6 316,900,815 260.365,299 1,742,000 —3.3 1,085,536 +28.8 + 13.8 3,295,401 2,085,753 + 9.8 53,491,986 44,474,843 77,134,355 70,242,571 X X 207,973,806 6,538 ,325 Wichita Falls- 2,005,000 2,942,000 3,487,801 1,397,856 3,969,846 Total (6 cities). Second 3,184,666 + 1.8 + 22.8 58,044,736 Texas—Austin... La .—Shreveport. 302,407,727 Total (12 cities) + 30.0 2,310.681 26,261,077 2,260,341 2,318,057 69,192,944 732,446 308,643 690,023 253,356,277 838,852 _ Fall River 3,788,146 4,097,450 104,577,256 Colo.—Colo. Spgs 3,379,669 L Portland Mass.—Boston. . _% Boston 75,104 129,058 —0.8 ... Mo.—Kan. City. Reserve Dist rict 100,439 3,239,672 30,298,601 3.083,912 3,152,189 102,717,069 3,829,867 662,755 779,189 31,344,371 Wichita 1935 City +37.7 Kan.—Topeka... Inc. or 1937 as + 18.5 Omaha 1938 Kans 121,645 129,581 167,518 3,214.726 Lincoln Clearings al- — 109,359 Neb.—Fremont- Week Ended Jan. 8 Me.—Bangor... 550,345 detailed statement showing last week's Hastings Federal Minn eapolis 2,793.513 61,130,249 26,193,737 1,971,190 Minn.—Duluth.. 1,973,980,878 figures for each city separately for the four years: First — 69,894,150 28,759,156 2,408,363 vS. D.—Aoerdeen. 93,061,550 152,143,364 12th San +24.2 392,695,478 - 580,838,286 7th 628,000 113,281,517 554,350,708 X 780,000 Quincy 103,399,594 " X X X X 199,131,654 6 Atlanta Lo uis— 1 Reserve Dis trict—St Tenn.—Memphis 10 Cleveland.. 4th % 4,084,839,079 " Philadelphia 10 3d S Eighth Federa 1935 Mo.—St. Louis.. .12 clues Boston New 1936 Dlsta. Reserve 2d Dec. S Week End. Jan. 8, 1938 Federal 1937 York Feder al Reserve D istrict—New 7,981,070 1,551,765 36.400,000 + 22.1 1,114 ,411 12,570.069 923.714 38,597,202 —5.7 Elmlra 718,269 997.794 —28.0 30,000 ,000 593 ,558 27,700,000 524,720 Jamestown 805,506 733,886 +9.8 767 ,015 605,156 N. Y.—Albany _. Binghamton Buffalo + 16.6 6,845,516 1.270,650 3,945,307,896 4,037,219.277, 9,633,336 Rochester 11,138,125 4,974,703 5,153,383 Syracuse...... 3,382,728 4,090,544 Westchester Co New York Conn.—Stamford N. J.—Montciair Newark Northern N. J. Total (13 cities) —2.3 3,628,413 479 3,279,841,872 Twelfth Feder al Reserve D istrict—San Wash.—Seattle. . Spokane Yakima 6,145,588 Ore.—Portland.. 3,401,211 Utah—S. L. City +20.9 7,177 ,281 3,690 ,272 2,973 ,283 2,002,758 Calif.—L'g Beach +3.9 3,787 ,319 3,024,034 + 15.6 +3.6 + 18.0 29,360,441 9,653,000 —10.0 904,524 +3.7 7,488,000 712,855 8,607,563 938,023 31,249,735 17,682,821 3,856,558 27,938,580 + 11.9 25,566,066 22,487,116 16,082,222 + 10.0 12,849,959 4,793,301 —19.5 13,447.287 2,844,977 4,870,786 5,245,641 —7.1 3,989,481 3,633,686 167,139,000 148,180,000 + 12.8 135,478,049 2,509,859 1,421,560 456,727 *47o,000 21,458,273 44.698,920 21,449,180! +0.1 16,769 289 15,509,402 San Jose... 3,800,006 2,975,089 +27.7 47,786,110 —6.5 34,866 ,854 31,035,010 Santa Barbara. 2,187,473 2,491,933 1,761,427 + 24.2 2,172,934 + 14.7 1.875,644 2,735.071 114,327,063 2,113,281 1,111,333 1,436,569 280,743,146 251,771,293 + 11.5 224,885,600 193,971,442 4,802,087j + lo.3 i 4,084,839,079 4,178,167,469 Reserve Dist 4 0 000 2o0,000 Pasadena San Francisco . Stockton —2.2 3,737,141,086 3,383,433,534 rict—Phil ad elphia 566,885 519,053 Pa.—Altoona 24.404,455 32,064,675 547,902 4,987.426 Total (11 cities) Third Federal Franc isco— 37,836,810 8,690 000 —8.4 .413,676 271,954 Bethleuem.... 318,315 723,6\)2 —56.0 274,110 x Chester 389,797 458,865 —15.1 313,688 Grand total (112 6,833,068,444 6,892,785,236 —0.9 5,886,699,817 5,253,822,750 Outside New York 2,887,760,548 2,855,565,959 + 1.1 2,258,286,338 1,973,980,878 210,575 N. J.—Trenton._ 1,418,021 422,000.000 2,528,873 3,036,715 1,403,248 1,807,359 4,643,500 Total (10 cities) 438,064,881 Lancaster Philadelphia... Reading Scranton...... Wllkes-Barre.. York 1,518,975 —6.6 1,057,400 1,079,064 439,000,000 —3.9 360,000,000 313,000,000 974,713 2,449,464 cities).... 1,094,518 1,543,082 + 63.9 3,217,014 1,255,076 + 11.8 1,286,852 972,082 1,826,409 —1.0 1,400,461 1,260,482 4,246,000 +9.4 4,506,700 3,118,000 454,355,698 —3.6 372,676,964 323,299,269 —5.6 2,292,594 Week Ended Jan. 6 Clearings at— Inc. or 1938 Canada— 1937 Dec. 1936 % $ % $ Toronto Fourth Ohio—Canton... Cincinnati Cleveland..... x x 63,160,000 97,296,226 63,949,873 93,626,266 x 48,036,018 +3.9 70,345,050 Columbus 13,705,400 12,406,800 + 10.5 Mansfield 1,594,441 1,883,605 —15.4 1,568,722 . 44,424,004 60,908,188 8,482,600 1,156,478 x Youngstown... 139,712,695 161,870,393 —13.7 333,736,937 —5.5 107,787,279 34,271,198 19,284,028 24,171.715 4,173.465 2,850,070 5,931,563 Winnipeg —1.2 10,586,500 Pa.—Pittsburgh 121,042,788 Montreal Feder al Reserve D istrict—Clev eland- Vancouver Ottawa Quebec Halifax Hamilton 98,786,300 84,160,384 229,322,590 199,131,654 Calgary St. John Total (5 cities). 315,468,762 Victoria. London Fifth Reserve Dist rict Federal Edmonton Va.—Norfolk 309,575 351,047 —11.8 185,655 176,774 3.098,000 W.Va.—Hunt'ton 3,047,000 + 1.7 2,212,000 49,735,657 1,783,530 —12.5 2,119,000 31,142,603 76,992,121 —2.2 1,097,967 57,119,613 25,755,747 +4 7 21,056,367 43,530,277 Richmond Md.—Baltimore. 1,059,552 75,262,424 C.—Wash'g'n 26.958,837 S. C.—Charleston D. -Richm ond— —40.6 Regina Brandon. 30,143,573 916,989 Saskatoon 52,809,983 17,140.275 Brantford Leth bridge Moose Jaw Fort William —4.7 112,721,205 103,399,594 5,315,475 1,878,305 1,787,543 3,114,792 4,288,392 3,562,183 350,060 478,991 1,419,709 680.986 1.209.351 823.201 150,218,665 157.665,102 Reserve Dist rict—Atlant Sixth Federal a+16.2 New Westminster 661,081 Medicine Hat Total (6 cities). 205,714 Peterborough 2,485,309 Nashville 19.801,967 18,303,005 + 812 3,291,626 14,628,852 12,639,431 Kitchener Ga.—Atlanta 62,400,000 61,700,000 + 1.1 43,100,000 40,400.000 Windsor. 1,484,970 1,591,223 —6.7 1,144,401 1,148,084 25,586,000 1,136,827 21,983,000 + 1.0 + 16.4 804,924 18,792.000 911,093 709,947 13,626,000 25,283,800 2,211,316 22,427,396 3,664,625 —39.7 17,758,024 1,338,715 16,629,310 1,107,639 Tenn—Knoxville. Augusta Macon — Fla.—J'ksonvllle. Ala.—Birm'ham _ Mobile 5,639,260 4,852.585 + 12.7 x Miss.—Jackson.. Vlcksburg..... 193,514 194,904 —0.7 247,709 42,286,982 39.408,730 + 7.3 28,784,347 24,642,881 Total (10 cities) 186,035,893 175,262,295 + 6.1 129,890,598 706,017 720,295 40,939,268 20,426,900 24,589.717 4,122,149 3,099,237 5,358,690 5,585,457 2,109,369 1,715,616 3,324,791 4,063,011 3,363,018 397,414 379,743 1,593,018 740,039 1,081,078 725,280 612,964 275,251 783,496 545,832 —15.7 + 1.2 —16.3 $ 141,414,543 117,388,522 117,376,013 96,910,721 102,380,090 38,210,336 —5 6 18,476,310 15,069,860 —1.7 25,350,899 5,361,689 +1.2 4,283,010 3,536,689 —8.0 2,771,640 + 10.7 6,107,661 2,151.606 3,578,311 —4.8 6,437,303 —7.0 1,844.830 +4.2 —6.3 1,744,807 4,644.410 5,026,488 1,584,670 1,578,940 2,770,801 3,969,726 +5.5 4,077,162 + 5.9 —11.9 3,014,253 383,583 2,767,870 + 26.1 —10.9 421,725 1,539,885 403,213 1,229,088 455,721 323,630 —8.0 673,345 + 11.9 926,701 707,714 + 13.5 634,922 597,716 446,859 + 7.8 577,010 —25.3 303,388 205,930 —9.9 739,704 +32.0 + 22.2 612,943 653,234 571,944 1,421,766 4,276,498 334,101 1,163,892 2,924,592 1,265.845 897,262 + 46.2 2,370,379 1,952,602 396,723 —15 8 410,442 296,652 Moncton 736,223 753,971 577,798 620.242 —0 3 702,114 514,777 Chatham 606,020 743,219 622,005 679,021 —0.9 Kingston —10.8 475,634 391,303 Sarnla 589,184 960.452 673,356 —12.5 522,994 390,189 835,895 + 14.9 356,258,687 383,941,846 —7.2 Prince Albert 113,281,517 730,367 596,743 453,980,392 311,076,095 „• - 129,907 La.—NewOrleans Sherbrooke 143,606,354 106.555.451 1935 Sudbury Total (32 cities) x Estimated. * No figures available. Financial 388 Chronicle Jan. Trust Accounts, Increment GOVERNMENT RECEIPTS AND EXPENDITURES - Gold, &c. on Through the courtesy of the Secretary of the Treasury, we are enabled to place before our readers today the details of Government receipts and disbursements for December, 1937 and 1936, and the six months of the fiscal years 1937-38 Trust accounts - Receipts— tax —July 1 to Dec. 31—- 1937-38 $ $ 466,502,229 285,729,104 1,157,249,593 705,562,977 Miscell. Internal revenue.—,. 191,367,866 174,367,068 1,268,368,867 1,132,929,935 346,052 458,328 2,095,612 73,902,264 17,338 345,471,920 23,283 64,090,155 82,924 68,316,259 38,697,853 213,768,438 For 71,649 Interest—for'n obligations. 69,547 71,649 170,322 161,768 170,323 357,897 3,690,690 37,379,191 1,778,628 13,179,753 12,682,498 4,564,105 7,223,322 23,686,181 33,025,153 Other miscellaneous., 5,841,248 5,166,710 46,455,730 865,633,269 517,443,280 3,176,213,516 2,158,305,453 48,833,435 288,848,193 3,672,678 36,086,892 12,000,407 99,574,439 59,179,928 15,291,087 14,619,780 90,880,870 4,057,549 898,182 587,765 6,118,945 22,527,758 1,862,619 302,275 3,885,943 140,750,908 78,272,835 .......... ..... ...... ~ Farm Security Adinlnls.a 201,993,952 183,442,051 S. savings 237,764,090 Deposits for 78,314,380 162,021,893 69,153 213,397 d3,273,839 600,000 Sub-total 4,105,050 22,351,554 432,295,693 2,288,292 1,221,265 8,503,331 2,237,277 17,095,027 15,010,460 367,858 399.244 2,458,476 4,655,318 438,215,965 Federal Farm 407,359,701 2.210,400,335 1,971,882,452 Int. In 123,065,55* 247,330,300 1,063,093,500 755,648,100 1,036,274,000 1,267,518,900 16,692,000 312,416,000 44,924,000 246,000,000 10,000,000 (notes).................. 50,000.000 .......... 71,300,000 ...... 367,000 363,000 469,000 (notes). Canal Zone 1,338,089 —. Federal Land banks 4,492,669 4,366,282 34,621,717 27,464,109 322,382 2,534,058 2,258,365 66,798,295 500,000 fund retirement (notes) ■' Reclamation projects b 1,978,179 789,056 14,051,664 25,067,176 60,038,439 180,510,129 (notes) 6,422,864 7,398,174 control 2,187,476 Rural Electrification Adm. 7,221,169 17,582,714 Deposit Insurance Corporation (notes) 69,911.110 5,952,586 817,387 21,032,537 191,005,802 649,758,438 1,019,563,423 34,324,351 107,373,276 d884 7,352,627 4,745,116 18,533,220 Emergency housing 76,740 4,779,270 23,075,392 4,290,912 8,011,121 582,251 1,247,031 6,911,539 690,779,000 89,487,000 2,060,887,792 4,193,477,098 4.475,180,160 689,910,000 636,903,000 2,101,357,000 1,744,863,000 Treasury bills Certificates of indebtedness Security Admlnlstra'n 14,517,671 14,955,674 81,699,619 77,462,386 141 d57 173,018,016 294,459,826 Treasury 5,175 10,012 1,032,492,851 bonds.. 1,697,815,443 30,945,866 56,831,344 dl, 994,973 dlO,567,156 d 13,763,399 bank 13,174,777 50,585,550 616,708,750 2,983,350 9,174,900 9,372,700 1,908,250 11,518,050 11,961,050 500 980 720,000 902,120 731,336 notes 29,707,715 7,237,250 27,620 963,217 237,618 and Fed. Res. bank notes.... works: 5,298,390 8,597,305 municipalities, &c. 11,859,940 14,344,828 59,206,874 56,982 d3,318,525 d3,237,109 Treasury notes Bank Reconstruction Finance Corp.—direct d613,789 d 464,031 491,108 expenditures 17,699,792 d 58,913,017 23,122,804 55,630,698 ... d 46,731,667 125,766,449 d269.517.491 Transfers to trust accts., &c.: reserve account..... Railroad retirement account.. 43,000,000 Adjusted service ctf. fund employees' .......... 4,000,000 6,800,000 74,000,000 2,000,000 10,000,000 9,300,000 24,000 19,000 136,000 138,000 8,000 109,000 3,234,000 6,027,000 988,597,541 1,448,129,549 3,338,799,312 3,846,802,692 185,768,477 retirement 612,758,244 854,677,786 628,377,468 —349.275,000 —142,953,000 —813,550 —1,084,900 50,000 fund retirement fund (notes) 55,918,013 retirement Fed. Dep. Ins. Corp. (notes) funds (U. 8. share) 73,255,000 Sub-total 63,000,000 retirements 1,000,000 10,000 (notes) Canal Zone 92,000,000 562,794 1,267,518,900 Foreign Service retlrem't fund 249.000,000 ' 20,000,000 service (notes) , Old-age 1,267,518,900 1,036,274,000 certificate fund (certificates) Unemploy. trust fund (ctfs.) d298,987,575 Civil Sub-total 1,036,274,000 755,648,100 2,200,000 Special series: Adjusted service and loans 755,648,100 260,669,800 Sub-total of d366,952 2,495,699,792 Treasury bonds Miscellaneous: Export-Import Washington 66,297.977 2,280,480,312 Exchanges: 107,136,820 d3,210,061 34,524,980 686,454,448 Sub-total States, Loans to railroads 562,794 46,735,300 414,255,000 102,653,313 (sinking 2,088,200 11,718,300 38,367,650 Total public debt expend's. 731.952,879 667,368,954 3,821,282.286 3,552,829,119 Increase 49,995,400 (+) or 96,000 5,000,000 Sub-total Excess of receipts Excess of expenditures fund, &c.) 376,400 2,608 J 93 25,491,000 7,025,950 Savings bonds National d60,202,197 d 1,297,887 Farm Credit Adminlstra'n. 388.302 1,084,900 30,720,500 306,500 5,098,665 Other debt items Commodity Credit Corp 813,550 40,508,850 6,453,550 ... First Liberty bonds Fourth Liberty bonds Postal e 259,250 7,675,500 210,500 U. S. savings bonds Adjusted service bonds Miscellaneous: d 154,000 2,573,600 Treasury notes 7,707,554 Sub-total 16,692,000 1,174,366,018 Market operations: Cash: ... Housing Admin... Admin, for Indus. Recovery 111,880,000 Total public debt receipts.. 19,007,738 Aid to home-owners: U. 8. Housing Authority... 10,000,000 201,777,522 15,919,622 Home Loan system __ 227,000 10,000,000 Sub-total 2,647,081 115,300,097 Works Progress Admin All other " Federal River and harbor work and Loans and grants to 43,700,000 Alaska Railroad retlrem't fund Public highways Revolving funds (net): Agricultural aid: 551,222,700 Foreign Service retlrem't fund rate mortgages Debt 204,425,400 41,000,000 Railroad retlrem't acc't(notes) Civil service retirement fund Relief 5. 788,943,700 50,880,000 Unemploy. trust fund (ctfs.). Old-age reserve acc't (notes). Public works (incl. work relief) Govt, 204,425,400 2,995,108,710 260,669,800 Sub-total Mtge. Corp. —reduction 4. 7.398,550 Special series: Agricultural aid: Public 6,733,100 13,339,500 Treasury notes. 7,570,665 2,375,644 ......... Sub-total 3. 2,459,025,448 Exchanges: 402,908,716 Recovery and relief: Farm 1,281.814,592 1,040,050 21,513,944 140,130,375 600,000 800,776,168 4,252,560 2,895,276 Processing tax on farm prod. Federal 171,785,710 42 133,265,887 163,484,809 Internal revenue... flood 193,794,556 247,330,300 Customs on 1,221,413,000 29,853,842 of national bank notes.—. .... 174,848,874 retirement Refunds: 2. 293,513,250 Treasury savings securities. 289,796,944 29,433,170 1,601,910,000 219,035,700 (incl. 274,215,193 38,050,542 1,752,082,000 751,435,750 37,240,218 bonds unclassified sales).. 292,439,144 .......... 337,640,861 293,513,250 40,382,952 <11,222,536 the public debt... 500,525,000 219,035,700 ... 48,006,754 32,974 Tennessee Valley Authority.. 141,411,866 250,387,000 Treasury notes 27,291,733 a 17,711,473 Treasury bonds— 48,300,191 10,854,846 Agricultural Adjust. Program Civilian Conservation Corps a 38,426,512 117,392,143 49,068,089 .. a.. Farm Credit Administration, 28,693,936 744,143,698 Treasury bills 5,000,000 U. 36,246,068 64,187,259 Cash: a Administration 30,511,141 8,229,383 453,546,450' Market operations: d322,895 5,000,000 .......... Army 989,506 50,000,000 Receipts— 1,208.760 d85,371 Social Security Act— U S, Housing Authority a... 150,000 246,000,000 247,000,000 " Excess of receipts or credits Excess of expenditures 6,252,939 19,307,256 385,731 270,584 Dist. of Col. (U. 8. share) 44,874,000 1,250,000 Public Debt Accounts d.10,000,000 .......... Retirement Act 312,416,000 82,000,000 Total 20,982,270 13,461,085 Postal deficiency c 16,692,000 68,702,777 and work a Reclamation projects a b Panama Canal a.. 57,983,550 reserve account: 13,049,319 15,640,268 29,978,530 Railroad retirement account: 255.483,610 4,558,627 575,000 8.073,855 50,000 ■ — 42,140,710 a Public highways a on 125,000 4,649,240 national Investm'ts A transfers (net).. Benefit payments General: Interest 295,568 50,880,000 of Investm'ts A transfers (net)-Benefit payments Public buildings a Navy 78,062,358 31,887 Investments _ receipts Veterans' 155,700,385 dll2,594,186 Withdrawals by States Expenditures— defense: 185,435,820 d 26,245,433 ....... retirement Old-age 28,691,159 National 65,616,837 <133,776,117 Unemployment trust fund: 26,925,571 2,014,487 Seigniorage Railroad 92,000,000 on bank notes 69,547 6,633,871 other harbor 220,248,718 249,000,000 94,261,669 amended)... Govt.-owned se¬ Panama Canal tolls, Ac and 885,555,564 Melting losses, Ac Payments to Fed. Res. banks 217,390,143 curities: flood control 81,898,732 491,972,962 (sec. 13b, Fed. Res. Act, as Principal—for'n obllga'ns— River 46,106,310 checking acc'ts Chargeable against increment receipts: Departmental 1,374,409 21,467,317 92,000,000 of Govt, agencies (net), Ac... 182,629 30,129,021 employees 1. 902,004 45,632,099 326,445,246 gold: Customs Total 37,910 % 151,300,682 4,001,515 249,000,000 ~ Transactions in Taxes upon carriers and their All 1936-37 171,576,215 16,703,856 721,465 Trust accounts 464,661 Proceeds!of 1937-38 J 61,155,451 Expenditures (see Note 1)— Unjust enrichment tax Taxes under Social Secur. Act Miscellaneous ■ S 7,374,308 Total 1936-37 * $ Internal Revenue: Income -Month of December1937 1936 1936 51,523,404 Seigniorage Unemployment trust fund Old-age reserve account Railroad retirement account... General & Special Accounts 1938 —July 1 to Dec. 31 December 91,353,785 Increment resulting from reduc¬ tion In weight of gold dollar.. and 1936-37: -Month of 1937 $ Receipts (see Note 1)— 15, 22,045,000" 83,584,000 _. Decrease ' (—)~ ' in Public Debt— Total expenditures Market operations: Treasury Excess of receipts Excess of expenditures 149,925,674 645,068,770 Treasury 1,394,523.666 of expenditures (+) Less public debt retirements.. -133,680,390 + 149,925,674 2,088,200 - of expenditures (+) 11,718,300 38,367,650 Sub-tOtal 49,995,400 +138,207,374 + 606,701,120 +1,344,528,266 Trust accts.. Increment on gold, Ac., excess of receipts (—) or —38,426,512 —17,711,473 —174,195,102 +120,495,901 4,649,240 8,073,855 —178,844,342 +112,422,046 —731,337 —141,411.866 +117,392,143 —27,620 —963,175 —237,618 —4,698,390 —8,597,305 —33,924,981 —66.297,977 +185,943,786 + 622.474.468 +77,122,477 + 602,093,244 +io8,646,ooo +10,665,000 +185,768,477 Total —135,768,590 — +640,023,941 +1,926,861,963 +645,068,770 +1,394,523,666 receipts (—) (excluding public expenditures ( + ) —69,103,450 —1,093,814,000 eral Reserve bank notes or debt retirements) —259,250 —558,898,200 +553,097,403+1,306,253,619 Special series Excess —136,378,000 —154,000 —30,568,200 Other debt items National bank notes and Fed¬ or receipts (—) —439,523,000 notes Bonds Summary Excess bills Certificates of Indebtedness.. 133,680,390 + 612,758,244 f~+668.734.000' + 854,677,786 +5,903.000 + 628,377,468 Note 1—Effective Dec. 31, 1937, transfers from the general fund, as set forth in section IV, p. 2, exclusive of the adjusted service certificate fund, will be treated as receipts, Instead of offsets against expenditures. The figures for December include adjustments on this account from the beginning of the fiscal years. Additional expenditures on these accounts are Included under "Recovery and "Revolving funds (net)," the classification of which will be shown In the statement of classified receipts and expenditures appearing on page 7 of the daily a Less nat. bank note retlrem'ts Total excess of +465,289,254+1,461,920,409 29,978,530 57,983,550 relief" and Treasury statement for the 15th of each month. expenditures ( + ) or receipts (—) Increase (+) or decrease general fund balance b General expenditures under this caption for the fiscal year 1937 are Included +435,310,724+1,403.936,859 (—) In .... +364,612,819 + 500,336,198 + 419,367,062 —775,559,391 185,768,477 612,758,244 854,677,786 628,377,468 37,093,523,041 33,794,162,718 36,424,613,732 33,778,543,494 In "Departmental." "Recovery and relief expenditures" under this caption for the 1937 Include only Boulaer Canyon project, other reclamation projects for that year belne Included In "Public Works—All other." fiscal year The expenditures under this classification for the fiscal year 1938 are exclusive 1718,699.88 on account of transfers of appropriations from the Post Office Department to the United States Maritime Commission pursuant to the Act of c Increase (+) or decrease (—) In the public debt Gross public debt at beginning Of month or year of June 29. 37,279,291,518 34,406,920.962 37,279,291,518 34,406,920,96 U. B. on Public debt thte date.... p4 1 1936 (49 Stat. 1988). These transferred funds when expended by the Maritime Commission are classified on this page as "Departmental," and 7 on the 15th of the month as "Departmental—U. 8. Maritime Commission. Mtf-fc of mdlt* (etcLit) e Details are shown in supplementary statement* COMPLETE PUBLIC DEBT OF THE The statement of the Deduct outstanding 2,187,582,078 —343,324 —26,926,451 47,937,045 490,879,998 3,593,860 902,154 32,474,525 592,863,299 3,677,500 885,037 543,313,057 629,900.361 CURRENT ASSETS AND checks Discount accrued on War Savings certificates Settlement on warrant checks Total -- - Interest Sept. 1946-1947 3s convertible bonds of of .12.759,983,523.80 Gold certificates: Outstanding (outside fund—Bd. R.Sys 6,304,443,051.08 Redemption fund— of Govs., F. Gold reserve 1936 $ 49,800,000 28,894,500 11,168,362,695.83 1945-1947 of 1948-1951 of 1951-1954 of 1956-1959 of 1949-1953 — .--. A U. S. Savings bonds, series B U. S. Savings bonds, series C 1,214,428,950 1,223,496,350 1,626,687,650 981,838,050 M.-S. ...M.-S. J.-D. M.-S. J.-D. ..... . 3s Adjusted Service - Aggregate of . , SILVER $ 938,759,528.70 503,731.682.00 Assets— Silver Sliver dollars . - Deduct Treasury surplus or Liabilities— $ Sliver ctfs. outstanding. 1,400,219,104.00 Treasury notes of 1890 outstanding Liabilities— Assets— Gold (as above) — — 508,948,950 1 ,591,620,827.97 41,101,534.70 3,149,555.00 16,794,520.00 Silver (as above) United States notes Federal Reserve notes.- Treasurer's 313,717.50 Board Minor coin...- - Silver bullion (cost val.) 3,176,188.60 180,582,677.81 sales of Govt^ecur. 30, 1937 Principal Detail— Guaranteed by the United of Contingent urer Total a Interest To Redemption of Nat. bank notes(5% fund States: 125,152.50 871.855,903.47 98,170,196.87 237,979,920.60 103,383,879.69 100,247,152.50 •1,399,865,900.00 11,771,153.13 bl411637,053.13 805.19 112,686.71 862,085,600.00 98,028,600.00 3% bonds of 1942-47 2 H% bonds of 1942-47 1H% bonds of 1939 1,497,720.60 103,147,500.00 100.122,000.00 3H% bonds of 1944-64 9,770,303.47 236,482,200.00 3% bonds of 1944-49 236,379.69 141.596.87 Total. — 111,881.52 3% debentures 18,795,349.09 189,064,408.92 Balance today: 141,710,148.57 above) Seigniorage (silver) see other of (as above) 1,227,696,322.52 gold (as Inact. gold Increment on 1,338,475.62 U. S 401,319,879.65 notel 1,478,027.98 1,202,114,608.38 Working balance 2,972,840,959.12 1,751,547.80 U. S —3,161,905,368.04 Total 3,161,905,368.04 . represents seigniorage resulting from the Issuance of silver the cost of the silver acquired under the Silver Purchase Act 1934 and the amount returned for the silver received under the President's proclama¬ tion dated Aug. 9, 1934. Note 1—This Federal Housing Administration: ex¬ 15,079,864.71 34,364,041 07 Philippine Treasury: To credit of Treas¬ urer items, changes. Ac Govt, officers— Federal Farm Mortgage Corp.: 335,031.62 lawful money) Uncollected other of credit 88,162,133.05 — Deposits for: 834,858,000.00 Govt, officers— Liability- 59,300,000.00 12,716,270.45 disbursing courts, officers, Ac U. S credit lawful ------ deposits Postmasters, clerks of Foreign depositaries: To credit of Treas¬ Amount urer To reserve, Other and other bank 30, 1937, on the basis of daily Treasury statements, was 836,875,090,831.26, and the net amount of public debt redemption and receipts in transit, Ac., was $2,450,770.03. b No reduction is made on account of obliga¬ tions of foreign governments or other Investments. Total gross debt Sept. Savings System: 5% 1,664.00 value) Unclassified— b34,561,536,210 32,300,073,594 Trustees, of Postal money Collections, Ac---— LIABILITIES OF THE UNITED STATES, SEPT. 2,641,413.62 Post Office Dept 943,824.50 5,420,654.75 3.165,636.34 426,764,609.69 National depositaries: To credit of Treas¬ CONTINGENT 7,114,211.09 officers: bank notes— Fed. Reserve bank notes Nat. a out¬ Deposits of Government Subsidiary silver coin- 42,316,005,391+1,530,755,266 - checks standing Special depos. acct. of Net debt 1.442 491,210.70 GENERAL FUND 193,107,942 206,600,569 Deposits in: Fed. Reserve banks.- add Treasury deficit fund— Total 1,442,491,210.70 Total — 1,170,572.00 41,101,534.70 .. Sliver In general a36,877,541,601 33,830,828,860 Matured, Interest ceased 12.759,983,523.80 of by Total United States notes and $1,170,572 Treasury notes of 1890 are also secured against $346,681,016 of Note—Reserve 36,266,690,200 33,085,772,581 489,008,446 582,308,634 121,842,955 162,747,645 Interest-bearing debt Total debt... 12,759,983,523.80 Total Treasury notes of 1890 outstandnog. silver dollars in the Treasury. Silver bullion (recolnage Bearing do Interest 141,710,148.57 222,214,356.88 1,591,620,827.97 J.-J. Treasury notes of the gold dollar 500,157,957 118,367,560 119,974,320 ...11,489,572,950 11,369,785,550 ... 2,402,649,000 2,353,446,000 - weight in tion In working balance— Life Insurance Fund series 1946) 2l$B Postal Savings bonds Treasury bills 105,818,000 758,955,800 1,036,702,900 489,080,100 454,135,200 352,993,950 544,870,050 818,627,500 755,476,000 834,463,200 1,400,534,750 1,518,737,650 1,035,874,900 491,375,100 2,611,112,650 1,214,428,950 1,223,496,850 1,626,688,150 981,843,050 185,923,349 346,139,379 308,248,962 47,241,193 363,221,550 sales bonds of 1945 4Hs Adjusted Service bonds, (Govt. result, from reduc¬ 1,786,362,050 U. 8. Savings bonds, series Unclassified Increment Balance of 2^s Treasury bonds of 2J4s Treasury bonds 1,227,696,322.52 Inactive Fund—Series 1938 32,800,000 \ 2}^s Unemployment Trust Fund—Series 1938.457,934,000/ 4tfs Treasury bonds of 1947-1952 A.-O. 758,955,800 8s Treasury bonds of 1944-1954 J.-D. 1,036,702,900 8Kb Treasury bonds of 1946-1956 M.-S. 489,080,100 SHs Treasury bonds of 1943-1947 J.-D. 454,135,200 3^8 Treasury bonds of 1940-1943 J.-D. 352,993,450 8^s Treasury bonds of 1941-1943 M.-S. 544,870,050 3Hs Treasury bonds of 1946-1949 ...J.-D. 818,627,000 8s Treasury bonds of 1951-1955 M.-S. 755,469,500 8)48 Treasury bonds of 1941—. —_.F.-A. 834,463,200 4J4s-3Jis Treasury bonds of 1943-1945.-. A.-O. 1,400,534,750 3Hs Treasury bonds of 1944-1946 A.-O. 1,518,737,650 8s Treasury bonds of 1946-1948 J.-D. 1,035,874,400 3Kb Treasury bonds of 1949-1952 Jr.-D. 491,375,100 2J4s Treasury bonds of 1955-1960 M.-S. 2,611,107,650 2Hb Treasury bonds fund. 1,800,000,000.00 general fund: Gold in Special: 4s Adjusted Service Ctf. 2Hb Treasury bonds 9,435,274.82 156,039,430.93 - Exch. stablliza'n indebtedness: 2Hb Treasury bonds 2,898,444,939.00 of Treasury) Gold ctf. Fed. Res. notes 1937 Sept. 30, $ 49,800,000 28,894,500 Payable Q.-M. Q.-J. Title of Loan— 3s Of 1961 30, 8 Liabilities— Assets— Gold OUTSTANDING INTEREST-BEARING DEBT LIABILITIES GOLD 2,316,005,391 +1530,755,266 surplus (+) Balance, deficit (—) or items stood The figures the United 2,160,655,627 obligations: Matured Interest obligations Disbursing officers' Certificates holdings of the Government as the Dec. 31, 1937, are set out in the following. are taken entirely from the daily statement of States Treasury of Dec. 31, 1937. The cash 5 2,859,318,448 belated items under disbursements on and accrued CURRENT LIABILITIES TREASURY CASH AND Sept. 30, 1936 2,859,661,772 dally statements, Ac__--.Deduct—Excess or deficiency of receipts over Balance end of month by or presented for redemption. include $25,000,000 face amount of Series "H" bonds by Treasury and reflected in the public debt. £ Does not Interest thereon, held date in 1936: S or f Includes posited with have not been MATURING OBLIGATIONS Sept. 30. 1937 Add for Federal Reserve notes 633,132,130 in gold certificates and credits with the Treasurer payable In gold certificates: (2) United States Government of $32,000,000, and (3) commercial paper of a face amount of public debt and Treasury cash hold¬ AVAILABLE TO PAY CASH issued are (1) $4,of the United States securities of a face value $20,894,000. only unmatured bonds Issued and outstanding. Funds have been de¬ the Treasurer of the United States for payment of matured bonds which The collateral security issuing banks. UNITED STATES ings of the United States, as officially issued as of Sept. 30, 1937, 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, making comparison with the same 389 Chronicle Financial 146 Volume item of certificates equal to Note 2—The was amount to the credit of disbursing officers and certain agencies today $2,153,529,036.11. Home Owners' Loan Corporation: 3% bonds, series A, 1944-52 937,465,400.00 2 H % bonds, series B, 1939-49. -1,132,411,925.00 2% bonds, series E, 1938 49,532,100.00 1X% bonds, series F, 1939 325,254,750.00 2H% bonds, series G, 1942-44 . 492,537,575.00 949,183,717.50 11,718,317.50 5,190,209.29 1,137,602,134.29 49,655,930.25 123,830.2,5 326,881,023.75 1,626,273.75 495,307,901.98 2,770,326.98 f2,937,201,750.00 21,428,957.77 £2958630,707.77 TREASURY MONEY The following compilation, HOLDINGS made up from the daily Gov¬ shows the money holdings of the Treasury at the beginning of business on the first of October, ernment statements, r "vr 1 1 no"7 j _ 1 T moo. Reconstruction Finance Corp.: 296,122,666.67 1^% notes, series K 1,310,706.89 c297,433,373.56 . United States Housting Authority, _ __ Oct. 1, 1937 Nov. 1, 1937 Dec. 1, 1937 $ Holdings in U. S. Treasury Tennessee Valley Authority $ $ Jan. 1,1938 $ 1,758,006,399 1,747,660,257 and bullion. 1,716,738,015 1,783,993,334 467,867,809 462,303,030 463,706,191 446,293,625 Net silver coin and bullion 3,149,555 2,787,322 2,510,959 2,685,041 Net United States notes-. 943 824 1,084.600 916,812 1,037,767 Net National bank notes. 16,794,520 15,774.175 14,403,260 13,469,707 Net Federal Reserve notes Net gold coin 4,667,813,821.17 Total, based upon guarantees.On Credit of the United States: Secretary of Agriculture Net subsidiary sliver 1,271,433,524.90 31,791,465.79 dl303224,990.69 Funds due depositors 5,068,640 bank notes. Total, based upon credit of the Total cash In Treasury - 1,303,224,990.69 United States fund Less gold reserve Other Obligations: e4252 Fed. Res. notes (face amount) 675,758 473,057 3,764,784 6,222,776 447,131 3,237,759 Minor coin, Ac Net Fed. Res. Postal Savings System: 5,223,291 5,502,362 313,718 5,420,655 6,341,825 *2248492,163 2,188,977,685 2,276,193,874 2,251,154,236 156.039,431 156,039,431 156,039,431 156,039,431 2,095,114.805 2,092,452,732 Cash balance In Treas.. 2,032,938,254 2,120,154,443 804,108.25 Dep. In spec'I depositories account Treas'y bonds. • a Includes only bonds issued and outstanding. After deducting amounts of funds b Does not c Does not , accrued interest thereon, and accrued interest and reflected In the public debt. 1937, not available. Offset by cash in designated depositary banks and accrued interest amounting to $134,078,990.70, which is secured by the pledge of collateral as provided in the Regulations of the Postal Savings System, having a face value of $137,142,368.25, cash in pos¬ session of the System amounting to $66,900,006.34 and Government and GovernmenUguaranteed securities with a face value of $1,090,689,730 held as investments, d Figures as tificates of indebtedness banks Dep. In National banks— To credit Treas. U. 8. To credit disb. officersCash in Philippine Islands Deposits In foreign depta. Dep. in Fed. Res. _ in the public debt. Include $3,485,000,000 face amount of notes thereon, held by Treasury of the United - include $10,000,000 face amount of bonds and held by Treasury and reflected In 767,955,000 161,160,388 652,317,000 127,894,164 485,038,000 132,298.398 834,858,000 180,582,678 16,817,015 14,698,840 32,173,933 2,185,515 2,513,600 17,012,008 30,064,298 1,843,557 2,864,681 15,079,865 34,364,041 1,751,548 2,816,504 29,358,197 2,195,036 2,600,297 of July 31, 1937—figures as of Sept. 30, Net exclusive of $10,422,961.75 redemption fund and $333,046,450 of their own deposited Federal Reserve notes held by the in Treasury labllltiee- 3,013,024,187 2,851,937,495 2,764.235,747 3,161,905,368 189,064,409 156.007,607 176,137,262 153,362,415 2,972,840,959 Avallable casb balance. 2,859,661.772 2,675,800,233 2,608.228,140 • actual circulation, in the Treasury cash and In banks Deduct current and other assets. e and cer¬ Treasury notes deposited with the Treasurer States to meet interest payments. t Includes on Jan. 1 $426,766,274 silver bullion and included in statement "Stock of Money." $3,165,636 minor, Ac., coin 390 Financial PRELIMINARY DEBT STATEMENT STATES UNITED DEC. 31, OF Chronicle When Name of Company preliminary statement of the public debt of the United States Dec. 31, 1937, as made up on the basis of the daily Treasury statement usually appearing here, will be found page 422. Dividend Shares, Inc Duquesne Brewing Co 2.2c _ The following information regarding National banks is from the office of the Comptroller of the Currency, Treasury Department: CHARTERS ISSUED Amount Dec. 31—The Baraboo National Rank, Baraboo, Wis $75,000 Capital stock consists of $75,000, ail common stock. Presi¬ dent, H. J. Steeps; Cashier, Geo. A. Weber. Conversion Bank of Baraboo, Ful National Bank & Trust Co. of Sioux Falls, amended, under the charter of Citizens 100,000 125,000 75,000 National on 19 Jan. - _ _ _ - 35,000 35,000 Savings Bank, Ithaca, Mich Feb. Jan. Feb. Jan. 6% preferred (monthly) : General Discount Corp. (Atlanta, Ga.) General Foods Corp. (quar.) - 1oyS Feb. Jan. 15 Feb. Jan. Jan. Jan. 15 20 — - 15c $100,000 Bank of South Dakota, Sioux Falls, Sioux Falls, Location of branches: No. 1 East Main Street, City of Ver¬ million, Clay County, S. Dak.; 76 Third Street, City of Huron, Beadle County, 8. Dak. Certificates Nos. 1401-A and 1402-A. Dec. 31—The National Bank of Commerce, Seattle, Wash. Location of branch: Southwest corner of Wenatchee Avenue and Orondo Avenue, Certificate No. 1403-A. Dec. 31—Seattle-First National Bank, Seattle, Wash. Location of branch: 2 South Wenatchee Avenue, City of Wenatchee, Chelan County, Wash. Certificate No. 1404-A. INCREASED Jan. 5—The Peoples National Bank of Tyler, Tyler, From $250,000 to $300,000. Amount of increase Jan. 25 Feb. 15 Feb. 5—The Glen Lyon National Bank, Glen Lyon, Pa. $75,000 to $100,000. Amount of increase 25c Jan. Jan. '3 50c — Jan. Jan. 25 t$l^ 68 Mc 6834c Jan. 3 Jan. Feb. 1 Jan. 15 Feb. 1 Jan. 15 — Hammond Lumber Co., 5% preferred-Hartford Electric Light Co--_ Hartford Times, Inc., 5X% pref- (qu.) Hat Corp, of America, class A and B 5X% preferred w. w Hawaiian Agricultural (mo.) Hawaiian Electric Co., Ltd., 6% pref. (qu.^ Border's, Inc. (quar.) Extra—_. — Texas. $50,000 From 1 Jan. 20 Feb. 1 Jan. 20 20c Jan. 30 Jan. 30c Jan. 15 Jan. 10 50c Feb. 5 Jan. 25 8Xc J5c Jan. 3 Dec. Jan. 28 Jan. 14 15c (quar.)____.- Jan. 10 Dec. 31 we 25,000 current week. we show the grouped in two separate tables. In the together all the dividends announced the are bring Then we follow with dividends a second table in which previously announced, but which, have not yet been paid. Further details and record of past dividend payments in many cases are given under the com¬ pany News in our "General Corporation and Investment Department" in the week when declared. name The dividends announced this week Jan. 10 Jan. 28 Jan. 18 Jan. 28 Jan. 18 37 Xc Feb. SIX Feb. 15 Jan. 15 Jan. 29 30c - - Feb. 1 Jan. 10c —. Abbots Dairies, Inc. Share (quar.) Allied Kid Co. Aloe (A. S.) Co. Payable of Record 1 Feb. Jan. 70c Jan. 12 Jan International Products Corp., 6% pref-- t$3 Jan. 15 Jan. SIX Feb. 1 Jan. 21 Feb. 1 Jan. 21 Mar. 1 Feb. 15 IX % Feb. 75c (qaar.) Apr. $2 25c 50c 1 Mar S3X prior preferred (quar.) Intertype Corp., 1st pref. (quar.) Jan. 20 Feb. 1 Jan. 21 Feb. 1 Jan. 20 SIX Kansas City Life Insur. Co. (Mo. (s.-a.) Feb. 1 Jan 1 Mar. 15 Feb. llJan. 20 Feb. l'Jan. 21 lOjJan. 1 Jan. 20 25c _ - Feb. 75c , Feb. 15 Jan. SIX SIX 4 Jan. 15 Jan. 5 Jan. 15 Dec. 21 8c 20c Jan. Jan. 15 Jan. 25 Jan. 25c Feb. Feb. 1 Jan. 10 Feb. 75c Jan. 13 Jan. 7 Feb. Jan. 20 22 40c __ Loew's Boston Theatres (quar.) 15c 40c 75c McLennan, McFeeley & Prior, A & B (quar.) 5X% preferred (quar.)__ Meadville Telephone Co. (quar.) Mercantile Stores Co., Inc., 7% pref. (qu.) Feb. Partic. preferred (partic. div.)_ j. Michigan-Davis Co. (liquidating). Mine Hill & Schuylkill Haven RR Minneapolis-Honeywell Regulator, pref. B (qu.) Morris Plan Insurance Society (quar.)___ Quarterly 26c Feb. Feb. 4 $20 Jan. Dec. 31 MX Feb. Jan. 15 Feb. 19 24 25c Feb. Feb. $1 26 Jan. 21 Feb. 1 Jan. 15 Feb. 1 Jan. 15 $1 Jan. 25 Jan. Canadian Investment Fund, special shs Carter (Wm.) Co.. pref. (quar.) Central Siat.es Electric Co., 7% pref. A 6% preferred B &C_ 1 Jan. 29 15 Jan. 1 Jan. 18 5c Feb. 1 Jan. 15 t46 Xc 34c Investment Corp., %5X pf. (quar.) I. ______ Less tax and deduction for expenses of dep. w. w 17 (quar.) Jan. 31 Feb. Jan. 31 Jan. 8 20c Jan. Jan. 8 15c Jan. Jan. 8 Feb. 5 Feb. Jan. Jan. 21 Jan. 5 6M% Feb. Jan. 11 Feb. Jan. 10c Jan. Tan. 10 25c ______ Feb. 40c Mar. Feb. 10 1 Jan. 15 Jan. 20 Jan. 20 Jan. 20 Jan. 10 Jan. 20 Jan. 10 Super Mold 68 Xc Feb. 15 Feb. Tan. 15 Jan. 25 $7 15c Jan. 15 Jan. 10 1 Jan. 20 Jan. Feb. 15 Feb. 20 Series F, registered Series F, coupon Mar. 1 Feb. 1 Feb. 11 7X% Feb. 8 Jan. 11 SIX Feb. 1 Jan. 21 Jan. Jan. 11 Feb. Jan. 22 Jan. mx Feb. Jan. Jan. 8 60c Feb. Jan. 25 Jan. Jan. 15 25 15 SIX Feb. Jan. 15 Feb. Jan. 20 Feb. Tan. 19 Feb. Feb. Feb. 25c Feb. 1 25c Feb. Jan. 20 Feb. Jan. Jan. Jan. 20 18 25c ___ 1 87 Xc Feb. Jan. 19 SIX ^eb. Jan. 25c Feb. Jan. 31 21 SIX — Feb. an. 21 5c 37 Xc 25c 20c Feb. Jan. 24 Feb. Jan. 24 Jan. Jan. Feb. Jan. 15 25 SIX SIX Feb. Jan. 15 Feb. Jan. Jan. Jan. $1 Dec. 31 Dec. 15 10 21 4c (quar.)__ Virginian Railway Weill (Raphael) & Co 11 Mar. Feb. Jan. Extra 1 Western Cartridge Co., 6% pref. (quar.) ' Wheeling & Lake Erie Ry. Co., 514% pref Prior lien (quar.) Feb. 4c - United New Jersey RR. & Canal Mar. 15 Mar. 1 Fed. 1 Jan. 20 $2 50c 2c Light, 7% pref. (quar.) Union Stockyards Co. of Omaha, Ltd 18 25c 20 United Insurance Trust Shares— 10 Jan. 1 20 $1,109 — — $6 preferred (quarterly) Tom Reed Gold Mines Co 14 Feb. 24 Jan. Jan. 37 Xc Stix, Baer & Fuller Co. (quar.), Feb. Dec. Feb. Feb. $6 ----- (guar.) Texas Power & .Jan. six $1X 1 1 11 17 Xc SI X — 1 Feb. Feb. Jan. 25c Feb. SIX S2 15 15 40c (quar.) Jan. Jan. 34 Xc 37 Xc (quar.).. Feb. Preferred 10 Feb. Feb. $1 Feb. 43 Xc 50c 18 10c — six 2Xc 4c I . Jan. 1 50c Crowley Milner & Co_ Crown Drug Co., pref. (quar.)_ Cuneo Press, Inc. (quar.) Preferred (quarterly). Dennison Mfg. Co., deoenture (qu.) Dictaphone Corp Preferred (quarterly) 1 Distillers Co., Ltd., Am. dep.rec. ord.reg 18 Jan. Jan. 15c 25c ; Jan. Feb. Jan. 3X% Sharp & Dohme. Inc., S3X pref.. serA Sioux City Gas & Electric, pref. (quar.)_ Smith Agricultural Chemical Co 6% preferred (quarterly), Sterling, Inc. (quar.) 3 Feb. 16 75c 25c Coca-Cola Bottling Co. of St. Louis (qu.) Continental Gas & Electric Corp Feb. 10 Jan. 20 75c 20c Civic Finance Corp., class A Preferred (quarterly) Columbia Pictures, pref. (quar.),, Commonwealth Investment Co. (Del.),, Continental Can Co. (interim) Jan. (s.-a.) Schwitzer-Cummins Co. (quar.) Mar. 15 Mar. 10 six t 54 .687c Jan. 10 Jan. 3 Jan. 20c — Preferred 20 Feb. SIX SIX Royal Dutch Co. N. Y. Shs. (interim) Saco-Lowell Shops, new (initial) Conv. preferred class A & B (quar.)_ St. Lawrence Flour Mills (quar.) 31 Feb. Nov. 26 Feb. Jan. SIX Riverside Cement Co., pref. Rose's 5-10-25c. Stores, Inc 15 5 Jan. Feb. Century Shares Trust, partic. shares Distillers Corp.-Seagrams Ltd.. pref. Feb. Mar. tlOc (quar.) 20c (quar.) Rike-Kumler Co 20 20c 25c California Packing Corp. (stock div.) 2-200ths of a sh. of $50 pref. stock. Canadian Inves .ment Corp. ■ Jan. SIX (monthly) Bullock Fund Ltd. (reduced) Burroughs Adding Machine Co 21 Dec. Feb. - 15c 26 Jan. Sept. Mar. Republic Investors Fund, pref. A & B (qu.) Reserve Investing Corp., $7 preferred Reynolds (R. J.) Tooacco Co., com. & com. B. Jan. 25c , Feb. May 27 Aug. 27 Reliance Mfg. Co. (quar.) Feb. 13 52 Xc 50c Extra Birtman Electric Co. (quar.) Preferred (quarterly) Brewer (O.) & Co., Did. Mar. June $1 Niagara Hudson Power, 1st pref. (quar.) 4 $1 — New England Fund New York Merchandise Co. (quar.) Mar. 20 $1 21 11 Jan. 75c $1 25 11 Feb. 1 20 20 Dec. 31 Dec. 24 Dec. 31 Dec. 24 Feb. 15 Jan. 31 Feb. 15 Jan. 31 29 Jan. 25 Feb. 1 Feb. Jan. Feb. Jan. 1 Mar. Jan. Jan. Jan. Jan. Mar. Feb. Jan. Jan. 15c 1 15 10 15c Common 20 Jan. 5 17 21 Merchants & Manufacturers Fire Insurance Merchants & Manufacturers Security— Class A & B (quarterly) 1 Jan. 1 31c — 12Xc six 37 XC $1 % 15 Jan. 1 Mar. 31 Mar. 10 85c 21c Pepeeko Sugar Co. (monthly) Philadelphia Co., 5% pref. (s.-a.)_ Pneumatic Scale Corp., 7% pref. (quar.)_ Potomac Edison Co., 7% pref. (quar.) 6% preferred (quar.) Procter & Gamble Co. (quar.)___ Reliance Life Insurance Co. (Pittsburgh). Feb. Feb. 10 S3 Xl Lawrence Gas & Electric Co_-___ Preferred 20 1 Feb. Louisiana & Missouri River RR.— Pennsylvania Gas Co Peoples National Bank (B'klyn) Payable in stock. 8 Jan. 28 Feb. 68 %c six SIX six _ _ Jan. 50c 31 22* Jan. _ City St. Louis & Chicago RR.— 6% guaranteed preferred (quar.) Kaufmann Dept. Stores, pref. (quar.)-.—„ Keystone Custodian Fund, B-3 (s.-a.) Series K-2 (semi-ann.) Series S-4 (semi-ann.) Knickerbocker Insurance (N. Y.) (quar.)._. Kress (S. H.) & Co. (quar.) Lansing Co. (quar.) Penmans, Ltd. (quar.).. 17 15 Dec. 22* Apr. Kansas Packer Corp. (quar.) Payne Furnace & Supply Co., Inc Cumulative convertible preferred 17 25 Jan. 25c Anglo-Canadian Telep. Co., 5X% pref Associated Dry Goods Corp., 6% 1st pref 7% 2nd preferred. Atlantic City Electric Co., $6 pref. (qu.) Atlas Plywood Corp. (quar.) Preferred (quarterly) Badger Paper Mills, 6% pref. (quar.) Best & Co., Inc ; 25 Jan. Jan. SIX American Thermos Bottle ores Jan. 10c American General Equities (quar.)__ American Investment Co. (111.) $2 pref. (qu.) American Smelting & Refining Co Jan. 40c 10 13 ljJan. $2 6% preferred (quarterly) 31 1 Feb. 20c 87 Paauhau Sugar Plantation (monthly) Pacific Gas & Electric 5J^ % pref. (quar.) 15 10 Jan. Feb. Jan. 18 ^ c Ironrite Ironer Co., 8% pref. (quar.)_____ Kalamazoo Stove & Furnace Co 2d preferred A & B (quar.) Onomea Sugar Co. (monthly) Oxford Pipe Line Co., 7% pref. 15 Feb. 30c Extra Extra Holders Mar. SIX _ Altorfer Bros., pref. (quar.) American An, Woras, 6% pref. (quar.)-_,_ American Equitable Assurance (quar.) Chain S When 25c Agnew-Surpass Shoe Stores (s.-a.) Preference (quarterly) Alaska Packer Assoc. (quar.) 29 $1^ Jan. 5c (s.-a.) Quarterly 50c Adams-Millis Corp Preferred (quarterly) 6 11 15 Jan. 8 21 Feb. 10 17 D3c. 31 26 Jan. 24 t$l ------ Newberry (J. J.), 5% pref. A (quar.) Name of Company 15 15c ------ ----- Quarterly are: Per Jan. 25 25c —. — — 7% guaranteed preferred (s.-a.) DIVIDENDS Dividends Feb. 20c 1 $1^ Mandel Bros., Inc. (special) McLellan Stores Co first 15 Nov. 24 Nov. 15 50c - Insurance Co. of the State of Penna. Dec. 31—The National STOCK Jan. Mar. Mar. International Utilities Corp., $7 prior pref—__ ISSUED AUTHORIZED CAPITAL Feb. 50c 50c Extra (N. Y.) (quar.) Hutchins Investing Corp.. $7 pref Idaho Maryland Mines (monthly) Industrial Securities Corp., 6% pref. Interstate Dept. Stores, pref. (quar.) Dec. 31—The First National Bank of Highland Park, Highland Park, 111. Sold to Reconstruction Finance Corporation COMMON 15 20c ------ Gibraltar Fire & Marine Iasurance Horn & Hardart Co. capital stock of $70,000 and surplus of $50,000, The consolidation becomes effective close of business today. City of Wenatchee, Chelan County, Wash. 20 10c Hormel (Geo. A.) & Co Class A preferred (quar.) common BRANCHES 20 20 — Gas Securities Co. (mo.). Hollinger Consol. Gold Mines Honolulu Plantation (monthly) Honomu Sugar, Ltd Mich STOCK Jan. Jan. 87Hc - - - Consolidated today under the provisions of the Act of Nov. 7, 1918, as amended, under the charter and title of "The Com¬ mercial National Bank of Ithaca" (Charter No. 9,654), with PREFERRED 10 Feb. Feb. Indus rial Securities Corp., Hawaiian Pineapple Co_ HilJ Packing Co., 7% eonv. pref. Sioux Falls," with common capital stock of $250,000 and surplus of $100,000. The consolidation becomes effective close of business today. Dec. 31—The Commercial National Bank of Ithaca, Ithaca, Dak. Jan. Jan. 25c $3 X cumulative preferred (tquar.) Great Southern Life Iasurance Bank & Trust Co. of Sioux Falls (Charter No. 12,881), and under the title of "The National Bank of South Dakota, S. 15 Jan. 15 22 Incorrectly published in Oct. 30, 1937 issue as a S2X dividend. Wis. Sioux Falls, S. Dak Ffrst National Bank in Huron, Huron, 8. Dak.. First National Bank in Vermillion, Vermillion, S. Dak-_ Consolidated today under the provisions of the Act of Nov. 7, Ithaca Jan. 25c Halle Bros. Co Dec. 31—Citizens as Jan. Feb. $1^ — Gossard (H. W.) Co CONSOLIDATIONS 1918, Jan. Feb. 70c 25c Fidelity Fund, Inc. (quar.) of The Feb. 25c Easy Washing Machine, Ltd., pref Federated Dept. Stores, Inc.Felin (J. J.) & Co., Inc., 7% pref. (quar.) PYanklin Fire Insurance (quar.). Extra ; ■ BANKS Holders Payable of Record — NATIONAL 1938 THE 1937 The on Jan. 15, Feb. $2 X $2 $3 Apr. Jan. Mar. 21 Jan. 17 Jan. Jan. 10 $3 Jan. Tan. 10 SIX SIX Feb. Feb. Feb. liJan. 25 $1 Feb. 1 Jan. 25 Dec. 31 1 Volume Financial 146 W J R Jan. 60c Station (quar.) (F. W.) Co. (quar.) Woolworth (F. W.) Ltd., ordinary (final) Name Payable of Record 40c Goodwill the Woolworth 1 Feb. 10 15 3 15 25 Jan. 15 15 Dec. 31 1 Jan. 22 1 Jan. 22 1 Jan. 1 Jan. (quar.)_ 15 JaD. (quar.) Oil (quarterly) N. J. (s.-a.)Coon (W. B.) Co. (quar.) 7% preferred (quar.) Corn Exchange Bank Trust (auar.) Corn Products Refining Co Preferred (quarterly) Cosmos imperial Mills 5% preferred (quar.) — Crowell Publishing, pref. 's.-a.) Crum & Forster pref. (quar.) Darby Petroleum Corp (s -a.) Davenport Water, 6% pref. (quar.) Davidson Bros, (quar.) De Met's, Inc., $2.20 preferred Deposited Insurance Shares, series A Consolidated Oil Corp. 6d. Ordinary (bonus) Consolidated Royalty Consolidated Traction Co. of Below weeks give the dividends announced in previous we and not yet paid. The list does nor include dividends an¬ nounced this week, these being given in the preceding table. Holders Per Name Laboratories, Affiliated Fund. Payable of Record Share of Company preferred (quarterly)--. Adams (J. D.) Mfg. Co. (quarterly). Abbott 46 He Jan Alaska Juueau Gold Mining (quar.). Jan. 3% Feb. 15c preferred Jan. Jan. 25c Alabama Great Southern RR. Co. 15c 15 Jan. Feb. class A (quar.). Jan. 15* Feb. 1 Jan. 12 Jan. 15 Jan. 6 Jan. 15 Jan. 6 Dobeckmun $1 75c Feb. 15 Jan. 1 Jan. 25 Feb. Preferred 15 Dec. 15 Jan. Jan. 15 Jan. 14 Feb. (quar.) pref. (quar.) American Gas & Electric Co. pref. (quar.) American Home Products (monthly). American ^ight & Traction (quar.). Preferred (quarterly) American Machine & Foundry Co American Reserve Insurance (s.-a.) & Hoe preferred 1 Jan. 8 Feb. Feb. 1 Jan. 14* 15 Feb. 1 Jan. 15 Feb. 1 Jan. 15 Feb. 15 Feb. 1 Jan. 1 Jan. Jan. 15 Dec 20 Feb. 1 Jan. 15 Dec. 15 , Extra American Rolling Mill, preferred American Ship Building Co American Telephone & Telegraph Amoskeag Co.. common Jan. (quar.). (s.-a.)-i^-.- Preferred (semi-ann.) Archnr-iJaMiels-Midland, (quar.) Feb. Feb. Dec. 31 1 Jan. 5 1 Jan. Dec. 24 Feb. - m m. 20 15 Jan. 15 Jan. 8 8 15 Dec. 15 1 Feb. 15 Feb. 15 Feb. Feb. 1 Jan. 10 Feb. 1 Jan. 13 Feb. 5 Feb. 5 Jan. 31 Jan. 15 Jan. 31 Jan. 15 10 Mar. (quarterly) (quarterly). Mar. 25 Mar. 10 Bower Roller Bearing Co., common. Jan. Power Co., ordinary. 22 15 Dec. 31 Jan. 17 Dec. 21 15 Dec. 31 Jan. Feb. 1 Jan. Jan. 15 Apr Feb. 28 Feb. Feb. 1 Jan. Apr. Apr. 1 Mar. 15 1 Mar. 15 Jam 15 Dec. 31 15 Dec. 31 Jan. 15 Dec. 31 16 Jan. 31 Feb. 15 Jan. 31 Mar. 21 Feb. 28 Jan. Feb. Mar. 21 Feb. 28 25 Dec. 31 Jan. 15 Dec. 31 Feb. 1 Dec. 28 Jan. 15 Dec. 31 Canada Northern Power Corp., Ltd. 7% cumulative preferred (quar.). Canada Southern Ry. (s-a) preferred- Feb. Canadian Bronze Co., Ltd., common. Common (interim). Feb. Feb. Preferred (quarterly). Canadian Dredge & Dock (s.-a.) Canadian Fairbanks Morse, pref. (quar.) Canadian General Investment Ltd., reg— Bearer (quarterly). Canadian Tube & Steel Products, pref. Carolina, CJinchfield & Ohio stamped (quar)... Common (quarterly) Central Hudson Gas & Electric Corp. com. Central New York Power Corp.. 5% pref.. Central Power Co., 7% cum. pref (qu.). 6% cum. preferred (quar.). Central Power & Light, 7% pref6% preferred. Century Ribbon Mills, pref. (quar ). Cerro de Pasco Copper Corp.. Jan. Jan. Jan. 5% cum. preferred (quarterly). 5% cum. preference (quarterly). Columbus & Southern O Elec. 6X% pf. (qu.)-Commercial Alcohols. Ltd.. 8% pref. (quar.)... Commonwealth Edison. Commonwealth Utilities Corp. 6J^% pf. C (qu.) Community Public Service. . _ ., Connecticut & Passumpsic River RR. Co.6% preferred (semi-annual) Connecticut River Power Co. 6% pref. (quar.)_. Consolidated Car Heating Co., Inc. (quar.) Consolidated Laundries Corp.. pref. (quar.) 20 Jan. 20 18 1 31 15 Dec. 31 15 15 Jan. 20 Jan. Jan. 20 Jan. 10 5 10 Feb. 1 Dec. 31 Feb. 1 Jan. 10 Jan. Jan. 15 Dec. 31 15 Dec. 31 Feb. 1 Jan. 15 Feb. 1 Jan. 1 Feb. 15 18 Mar. Feb. Feb. Jan. 7% pref. (quar.) Inc., common (quar.).. Coast Breweries, Ltd. (quar.) Columbia Gas & Elec. Corp., 6% ser. A pf. (qu.) 1 Jan. 31 Jan. 15 Dec. Jan. Chase National Bank (N. Y.). 5% preferred (quar.). 20 Jan. Chilton Co. common. Clinton Water Works Co., Jan. 1 Jan. _, Cluett, Peabody & Co., l'Jan. Jan. $1H 1 Jan. 1 Jan. 15 Jan. 15 Jan 18 15* 1 Jan. , 1 Jan. 1 Jan. 25 Jan. 1 Jan. 20 Jan. Jan. 31 Jan — 15 Jan. 3 Ian. 21 1 Jan. 15 Jan. 14 20 Fe-y. 15 Jan. 20 Feb. 15 Jan 20 Feb. Feb. SIX Feb. SIX SIX SIX Feb. 10c Ian. 31 Xc Feb. Mar. SIX Feb. 50c 1 1 Jan. 4 Jan. I Jan. Extra - — 1 Jan. 1 Jan. .... 15 Dec. 31 15 Dec. 31 1 Jan. 15 1 Feb. — 28 Jan. 1 Jan. 1 Jan. Lehigh & Wilkes-Barre Corp. (quar.) Lerner Stores Corp. (quar.) Preferred (quar.) Lewis (Edgar P.) & Sons. Inc., common Lincoln Printing, pref. (quar.) Link Belt Co. (qtiar.) $1 15* 14 __ 12 10 15 Jan. SIX 12Xc 1 Jan. 15 15 Jan. 10 87 Xc 1 Jan. 18 1 Feb. 15 50c SIX 15c -------- Co. (Ky.), 7% pref. 22 Jan. 50c ; —. Preferred (quar.) —. - 31 1 Mar. 14 — -■- St. Louis RR (semi-ann.) 5% preferred (semi-ann.) 5% preferred (semi-ann.) 8 20 14 15 Dec. Co.. common 6% preferred (quar.) 5% preferred (quar.) Louisville Henderson & 11 20 1 Jan. Inc., class A 3 3 1 Jan (quar.) 25 11 1 Jan. pref. (quar.) 7% pref. (quar.)-. 15 Jan. 10 15 Dec. 27 2 Jan. 20 Works Co. 6% Louisville Gas & Elec. 3 31 Jan. 31 Jan. 15 J an. - 5 15 Jan. 15 Jan. Kentucky Utilities. 6% pref. (quar.) Klein (D. Emil) pref. (quar.) 15 25 15 Jan. & Shinkle Shoe Co--Joplin Water Works. 6% pref. (quar.) Julian & Kokenge Co., common Kaufmann Dept. Stores. Inc. quarterly) Kellogg Switchboard Supply (quar.) Preferred (quar.) — 15 15 Dec. 20 1 Jan. 3 Johnson, Stephens (quar.) 15 1 Mar. 16 div.) — (quarterly). Knitting Mills (quar.)_ Kennedy's. Inc.. 15 15 Dec. 31 15 Dec. 31 Preferred Preferred (quar.) 14 4 25 Jan. ------- International Harvester Co. (quar.). international Nickel of Canada, preferred Investment Foundation, Ltd., preferred 20 15 Jan. Jan. Illinois Northern Utilities, 6% pref. (quar.) Insurance Co. of N. Amer. (semi-ann.) Feb. 15 Dec. 31 15 1 Jan. Dec. 31* 5% preferred (quarterly) Hussman-Ligonier (quar.) Hydro-Electric Securities, pref. B (s.-a.) Hyde Park Breweries Assoc., Inc Idaho Maryland Mines (extra)--..- International Business Machines (stock Internalional Cigar Machine Co.. com 15 20 Dec. 31* (quar.) Household Finance Corp.. com. Common 15 15 Jan. 1 15 4 Feb. (monthly) Loew's Boston Theatres Co. (quar.) Lone Star Gas.6^% pref. (quar.) Feb. 10 25 25 25 Jan. (quarterly) 1 1 8 6 5 Jan. 15 Mar. Feb. 15 Jan. Jan. Jan. 1 Jan. 15 Feb. 15 Jan. 15 Jan. 1 1 __ 15 Jan. class A (quar.) Homestake Mining Co. Preferred 14 15 Jan. Holly Sugar Corp Jantzen 14 20 Jan. preferred (quarterly) Preferred 14 15 Dec. 31 15 Dec. 31 Additional dividend (Chas. E.) Co., 18 20 Jan. Hershey Chocolate Corp Conv. 6 14 20 Jan. 15 Jan. Feb. Jan. 15 6 15 Jan. pref. (quar.) 1 Jan. 25c 30c Hercules Powder Co., Kroger Grocery & Baking Co. Lane Bryant. Inc.. 7% pref. 21 12 10 15 Jan. preferred (quar.) Co., pref. (quar.) (quar.) Products Corp. (quar.) Kokomo Water 31 Jan. _ 31 Jan. Halle Bro-. Co., 5 Jan. SIX SIX 3 10 15 Dec. 31 (quarterly) Lehigh Portland Cement $5 15 1 25 (quarterly) Co. of North America (quar.) 21 1 Jan. 3 1 Jan. 1 Jan. (H. L.) Co. 20 1 10 10 15 Jan. 1 Jan. Preferred Langendorf United Bakeries. Lee Rubber & Tire Corp Feb. 20 18 15 Jan. -—-— 24 Feb. 1 Feb. liMay 20 - Jan. SIX SIX 15 15 Dec. 20 Extra Hires 5 13 15 Dec. 20 Ore Properties Western Sugar Co. Hecker 1 5 i Man. Hawaiian Sugar 14 15 22 15 Jan. 20 Jan. Extra 17 Jan. Co., Great 15 25 Jan. Great Northern Iron Green 8 20 1 Jan. (quar.) '• Extra Guarantee 15 Dec. 31 Apr. preferred. 6X% preferred (quarterly). City Baking Co. 7% pref. (quar.) City Water Co. of Chattanooga. 6% pr Cleveland Cincinnati Chic. & St. L. Rj 1 Jan. 1 Jan. — - 4 17 25 15* 15 Jan. Harbison-Walker Refractories (quarterly) Cincinnati Postal Terminal & Realty 25 Dec. Jan. Bridgeport Hydraulic Co. (quar.) British-American Tobacco Co.. ord. (interim)... British Columbia Power Corp.. class A stock British Columbia Telep. Co. 6% 2nd pref. (quar) Brooklyn-Manhattan Transit— Preferred (quar.). Preferred (quar ). Brown Fence & Wire Co., pref. A (semi-annual). Buffalo Niagara & Eastern Power, 1st pref Calamba Sugar Estates (quarterly) 7% preferred (quarterly) California-Oregon Power Co.. 7% pref. (qu.) 6% preferred (quarterly) 6% preferred series of 1927 (quar.). alifornia Packing (quarterly) Califo " anada Canada Cement Co., Ltd., 6X°) 6X% Additional 1 Jan. Feb. Boston Edison Co. (W. T.) Co 4 15 Jan. 31 Jan. 1 Jan. . Gray Telep. Pay Station (quar.) Great American Insurance Co. (quar.) 20 18 Jan. Grant 15 Dec. 20 Jan. 15 Feb. 31 Feb. 1 3 23 6 Dec 6 15 1 Jan. Jan. cash. (quar.) 6 Jan. (quar.) 7% preferred 15 Jan. (quar.) (111.) preferred 8 1 Jan. Allied Corp., $6 pref. (qu.) Georgia RR. & Banking Co (quar.) -. Gillette Safety Razor Co. $5 conv. pref. (quar.) Gimbel Bros.. 6% pref. (quar.) Globe Knit Works 7% pref. (s.-a.) Gotham Silk Hosiery Co., Inc., pref. (quar.) 15 Dec. pref. (quar.). Payable in common stock or Bon Ami Co., class A (quar.). 18 Jan. General Telep. 31 Jan. Feb. 21 Jan. General Shoe Corp Feb. Jan. 15 Dec. 31 15 pref. (qu.)_. preferred (semi-ann.) Employers Group A (quar.) — Eppens Smith Co. (semi-ann ) Eureka Pipe Line Co Exolon Co. (quarterly) Faber, Coe & Gregg, Inc.. 7% pref. (quar.) — Fibreboard Products. Inc., 6% pref. (quar.) Filene's (Wm.) & Sons, pref (quar.) Fireman's Fund Insurance (quar.) Firestone Tire & Rubber Co Freeport Sulphur Co., pref. (quar.) Froedtert Grain & Malting Co Inc.— Part, c. conv. preferred Fyr Fyter Co., class A (quar.)— General Mills, Inc. (quar.) General Motors Corp. preferred Jan. 3 14 15 Dec. 31 15 Feb. 1 /5 Jan. 10 25 Jan. 10 1 Jan. RR. 6% gtd. (s.-a.) Eastern Steel Products, Ltd Electric Bond & Share Co., $6 preferred $5 preferred E' Paso Electric Co. $6 pref (quar .) Ely & Walker Dry Goods (quarterly) 1st preferred (s.-a.) 7%. preterred 1 Jan. Blauner's, common. Preferred (quarterly). 1 Mar. 10 20 Dec. 31 East Pennsylvania General Cigar Co., Inc., 15 Dec. 31 15 1 Jan. Jan. llMar. 10 Co Gardner Denver Co. 15 20 15 Jan. Extra 28 20 Jan, 5 l|Feb. 15 Dec. , 21 Feb. Extra. » Jan. Bangor Hydro Electric. Barnsdall Oil Co. (quarterly). Bayuk Cigars, Inc.. 1st preferred. Beatty Bros., Ltd.. 1st pref. (quar.). Beatty Bros., 1st pref. (quar.). Belding-Heminway Co Bell Telephone of Canada (quar.). Bell Telep. of Penna., 6X% pref. (quar.). Canadian Breweries, Ltd., mm Jan. Baltimore American Insurance Co. (s.-a.)-_. Preferred — Jan (quarterly). Brazilian Traction Light & m. Jan. Co. (quar.). Blue Ridge Corp., $3 „ Jan. Backstay Welt Co. (quarterly). B 1 Feb. Atchison Topeka & Baldwin Rubber Co. 1 15 Feb. . Assoc. Standard Oilstocks Shares, Axelson Mfg. Extra 15 Dec. 31 Jan. $1 40 pref (quar), series A. Santa Fe, pref. (s.-a.) Atlantic Refining Co., pref. (quar.). Atlas Powdei Co., preferred (quar.) Avon Geneseo & Mt. Morris RR. (s.-a.). < 'o 5 June 25 21 1 Jan. Jan. (quar.) Arlington Mills Mf« 15 _ 20 Jan. . 2nd 5 June 25 July July - pref. 15 21 15jDec. 27 Duro-Test Cop 1 Jan. 3 1 Feb. pref. (quar.) — $4 X preferred . Duquesne Light Co., 1st 5% cum. 5 3 1 Jan. (quar.) Dominion Textile Co., Ltd., preferred (qu.) Duplan Silk (semi-annual) Du Pont de Nemours (E. I.) & Co. debenture.. 15 Jan. Jan. (quarterly) Fork American Furnace Co., 7% 31 1 Jan. Dome Mines, Ltd Dominion Tar & Chemical, pref. 12 21 1 Jan. Dixie-Vortex Co. (quarterly) Class A (quarterly) 31 Jan. __ 31 Jan. (quar.) 50c 24 31 Mar. 21 15 Jan. 4 1 Jan. 20 . f. < semi-ann.) pit 25c Payable in class B stock or cash. Telegraph of New Jersey— Class Match < 'n., t Ma mono 3 31 1 Jan. — Diamond State Telep.. 6X% 3 l5 Dec. Derby Oil & Refining Co.. $4 pref Detroit Gasket & Mfg. Co. 20 15 Jan. . Detroit Edison Co. (final) 15 Dec. 31 1 Jan. 17 American District AsbHsio* 5 20c American Can Co. (quar.). American Ciiies Power & Light, l'Jan. 20 Jan. - 70c Extra.- American Series B 5 1 Jan. 1 Jan. Feb. 10c (quar.)._ Amalgamated Sugar Co., pref. (quar.) Amerada Corp. (quarterly). Amerex Holding Corp. (s.-a.). American Alliance, Inc. (quarterly). 1 Jan. 15 Dec. 31 15 Dec. 31 15 Dec. 31 4 15 Jan. Feb. 12Hc Extra Aluminum Industries 3 Feb. 15c 15c 25c Inc Air Reduction Co. (quar.). Extra : 15 Jan. 15 1 Feb. . pref. (quar.)__ (N. Y.), pref. Consolidated Edison Co. Is. 9d. Share of Company Consolidated Cigar Corp. 7% Prior preferred (quarterly) 20 31 Jan. Mar. When ! Holders Payable of Record Per Holders When Per Share Name of Company 391 Chronicle (qu.) —. $1.63 1X% IX % 1X% 1 Mar. 15 1 Jan. 22 1 Jan. 19 15 Dec. 31 15 Dec. 31 15 Dec. 31 $4 15 Feb. 1 $4 15 Aug. 15 Feb. 1 15 Aug. 1 $2X S2X 1 392 Financial Per Name of MacAndrews & Forbes Co., common.. Extra Preferred (quarterly) Massachusetts Jan. Jan. 60c Jan. 55c Jan. 50c Jan. *!% Jan. Jan. Jan. 50c Jan. 7 Preferred (quar.) Feb. Jan. 15 Dec. 31 1 Dec. 31 20 Jan. 10 75c Feb. 1 Jan. 15 $1)4 3734c $1« $1A Feb. Feb. 1 Jan. II Jan. 15 15 Jan. 15;Dec. 31 Shell Mission Oil Co «Missouri River-Sioux City Bridge Co.— 7% preferred (quar.) Monongahela Valley Water Co.— 7% preferred (quarterly) Montgomery Ward & Co., Inc Monsanto Chemical Co. $434 class A pref. (s.-a.) Montreal Light, Heat & Power Consol. (quar.).. Montreal Telegraph Montreal Tramways (quar.) Morris (Philip) & Co., Ltd., Inc l._ Montana Power Co., $6 pref. (quar Mountain States Telep. & Teleg. (quar.). Mutual System, Inc. (quar.) Feb. Jan. Feb. Feb. $ik Jan. 31 Jan. Jan. 20 Jan. 3 $1H Jan. 15 Dec. 31 Jan. 3 10 21 15 1 Jan. 15 15 Jan. 15 Dec. June 1 May Jan. Jan. 10 31 Dec. 31 15 Dec. 31 Jan. Jan. 15 Jan. Jan. 15 Jan. 4 Jan. 3 1 Jan. 12 15 Dec. 31 an. 15 Nov. 30 Jan. 15 Nov. 30 15 Dec. 31 Feb. Extra 7% preferred (quarterly) Jan. Feb. National Automotive Finance, 6% pref. (qu.)_. National Bond & Share.., National City Bank of N. Y Jan. 15 Dec. 31 1 Jan. 15 1 Jan. 20 Jan. Feb. National City Lines, $3 pref. (quar.) National Distillers Products (quar.) Feb. Feb. National Fuel Gas Co. (quar.) National Lead Co. pref. B 1 Jan. Jan. Feb. Extra National Power & Light Co., $6% pref. (quar.). National Steel Car Corp Neisner Bros., pref. (quar.) Nevada-Calif. Electric Corp., 7% pref Feb. Feb. 50c 15 15 Dec. 31 1 Jan. 21 15 Feb. 1 Feb. Liberty Insurance of Amer 10 15 Feb. 1 Dec. 15 Dec. Jan. $1-1834 Feb. Feb. %IH 1 Jan. 1 27 31 15 1 Dec. 30 Newberry (J. J.) Realty, 634 % pref. A (qu.) Feb. 1 Jan. 6% preferred B (quarterly) New Brunswick Telephone Co. (quar.) Norfolk & Western Ry., Feb. 1 Jan. Feb. Mar. 15 Jan. 15 7 Jan. 15 Jan. 7 15 Jan. 7 15 Dec. 31 1 Jan. Voting trust certificates (quar.) 6% preferred (quarterly) Northern Central Iiy. Co Jan. Northern Oklahoma Gas, 6% pref Northern RR. (N. H.) (quar.) Northern States Power (Del.), 7% pref. (quar.). 6% preferred (quar.). Northern States Power (Minn.), $5 pref. (quar.) Oahu Sugar Co. (monthly).. Ohio Public Service Co., 7% pref. (monthly) 6% preferred (monthly) 5% preferred (monthly) 5)4% 1st preferred (quarterly) Ohio Telephone Service Co., 7% pref. (quar.).. Outboard, Marine & Mfg. Co (quarterly) Feb. Jan. Jan. 31 Jan. 20 Dec. 10 31 31 31 Jan. 20 Dec. Jan. 15 Dec. Jan. Feb. 15 Jan. 5 1 Jan. 15 Feb. 1 Jan. 15 Feb. 1 Jan. 15 Feb. 15 Feb. 1 2 Dec. 24 Feb. Feb. Jan. Extra Jan. Jan. Jan Pacific American Fisheries, Inc. Pacific Gas & Electric (quar.).. Pacific Jan. Jan Lighting Corp. (quar.). (quarterly) Feb. Preferred Jan. Pacific Public Service Co.. 1st pref. (quar.) Pacific Tel. & Tel. Co. pref. (quar.) Pan America Feb. Jan. Airways Paraffine Cos., Inc., pref. (quar.) Parker Rust-Proof Co. common Common (no par) (quar.) 1 Feb. Jan. (quar.) Outlet Co. 15 15 Dec. 31 19 Jan. 31 Jan. pref. (quar.) North American Edison Co., preferred— North Boston Lighting Properties 15 Feb. ... ($2)4 par).... Payable at such time as said stock is turned in for exchange into $2 34 par com. stock Peninsular Telephone Co. 7% preferred (quar.). Jan. Mar. 10 Jan. 25 18 24 Jan. 18 24 Jan. 18 24 Jan. 18 15 Jan. 3 15 Dec. 31 15 Jan. 20 15 Dec. 31 24 Jan. 1 Jan. 15 15 Dec. 31 1 Jan. 20 15 Jan. 3 1 Feb. 10 Feb. 10 Extra Feb. (monthly) ...... ' : Philadelphia Co. common (quar.)_II.I."IIHZ Philadelphia Electric Co., $5 pref. (quar.) Phillips-Jones Corp preferred , ..... Piedmont & Northern Ry. (quar.) I Pittsburgh Bessemer & Lake Erie RR. (s.-a.)... Pittsburgh Cincinnati Cnicago & St. Louis Pittsburgh Screw & Bolt Corp. pref. (quar.) Plymouth Cordage Co. (quar.)... Portland Gas Light, $6 pref. (reduced) _.I I Power Corp. of Canada, Ltd., 6% cum. pf.(qu.) 6% non-cum. preferred (quarterly).. Premier Gold Mining (quarl) 5 Jan. 20 Feb. 21 Feb. 21 Jan. pref. Jan. Jan. Jan. Feb. Mar. Jan. Feb. Feb. Jan. 10 10 Dec. 31 Jan. 10 Jan. 20 Dec. 21 Apr. Mar. 15 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 10 3 Dec. 31 Jan. 3 Dec. 31 Dec. Dec. Jan. 15 Jan. 15 Feb. 8% pref. (quar.)Ill"I Colorado, 7% pref. (mo.) 6% preferred (monthly) — . i". vmV* Common (no par) (quarterly) Prudential Investors $6 pref. (quar.) Quaker Oats Co. pref. (quar.) 15 Jan. 3 Jan. Feb. Jan. Quarterly Income Shares (quar.) T Quebec Power Co. (quar.) I Railroad Employees' Corp., preferred (quar.)I" Railway Eequipment & Realty Co.— 6% preferred (quar.) Railway & Light Securities, preferred (quar ). Raymond Concrete Pile Co. (quar.) 26 Jan. 22 Feb. 1 Jan. 15 Jan. 15 Jan. tlH $1% Jan. 15 Jan. 5 5 Feb. 1 Jan. 17 20c Jan. 15 Jan. 50c — Jan, 15 Jan. 3 5 Jan. 15 Dec. 31 $3 $2)4 $154 $134 Jan. 15 Dec. 31 20c Feb. Feb. 154% ls.6d. 50c $334 $134 $1)4 $154 $154 — Smith (Howard) Paper Mills, pref. (qu.) Solvay American Corp., 5)4% Pref. (qu.) South Pittsburgh Water Co., 7% pref. (quar.)._ 6% preferred (quarterly) 5% preferred (semi-ann.) Southern Calif. Edison Co., Ltd $1 $1 — 3734c Extra Jan. 120 Dec .J28 Feb. Feb. Jan. Jan. 5 Feb. Jan. 14 Jan. Dec. 31 Jan. 15 Jan. 3 3 Jan. Feb 10 Jan. 20 Jan. 20 Mar. 19 Dec. 20 Dec. 20 Dec. 31 Dec. 31 Feb. Jan. Jan. Feb. Feb. (quar.) Feb. 25c ... Apr. 3454 c 3734c 3734c 3734c Jan. Jan. Jan. Feb. 75c Spicer Mfg. Corp., $3 preferred Spiegel, Inc. (quarterly) (quarterly) Jan, Jan. Jan. 25c — $1)4 $1)4 $1)4 — Standard Brands, Inc., $434 cum. pref. (qu Standard Oil of Ohio preferred (quar.) )__ Standard Wholesale Phosphate & Acid Works__ 30c Stanley Works (New Britain) preferred (quar.)_ Corp. (quar.) Steel Co. of Canada (equalizing dividend) Quarterly t4354c Preferred (quar.) 14354c Stetson (John B.) Co. preferred (s.-a.).SI Sun Ray Drug Co. (quarterly) 20c Sl& State Street Investment Extra '. Jan. 20c Southern Canada Power Co. common (quar.)-. Southern Canada Power Ltd., 6% pref Southern New England Telephone (quar.) 50c • Preferred (quarterly) Superheater Co. all outstanding stock (quar.) Supervised Shares, Inc. (quarterly) Symington-Gould Corp., with warrants 37iit Feb. Jan. 31 Dec. 20 Dec. 31 Jan. 6 Jan. 15 Mar. Mar. Mar. Mar. Jan. Jan Feb. Jan. Feb. Feb. Feb. Jan. 1 1 Dec. 31 Dec. 30 Jan. 29 Dec. 31 Jan, 7 Jan. 7 Jan. 7 Dec. 30 Jan. Jan. Jan. Jan. 17 Jan. Jan. Jan. Jan. 17 5 17 12c Jan. Dec. 31 25c Jan. 25c Ex-warrants Jan. Feb. Dec. 31 Dec. 31 Dec. 17 Tacony-Palmyra Bridge, preferred (quarterly)__ $1)4 Telautograph Corp. (quar.) 15c Thatcher Mfg. Co., con v. preferred 90c The Fair, (Chicago), pref. (quar.) $154 Toledo Edison Co., 7% pref. (monthly) 58 l-3c 6% preferred (monthly) 50c 5% preferred (monthly) 41 2-3c Towle Mfg. Co $1)4 Trade Bank (N. Y.) (quar.). 15c Traasamerica Corp. (new) (s.'a.) 3734c — Truax-Traer Coal Co Tuckett Tobacco, Ltd., pref. (quar.) Feb. Jan. 15 Feb. Jan. 31 Feb. Jan. 20 Feb. Jan. 15 Feb. Jan. 15 Feb. Jan. 15 Jan. Jan. Feb. Jan. 5 Jan. Jan. 15 21 20c Jan. $154 Jan. 20c Feb. Jan. $154 Feb. Jan. 20c 8 Jan. 20c Tung-Sol Lamp Works, pref. (quar.) United Biscuit Co. of America, pref. (quar.). United Bond & Share Ltd., common. Common Jan, Dec. 31 19 18 Dec. 31 Mar. 21 15c Apr. July 75c Jan. 15 Dec. 20 58 l-3c Feb. 1 Jan. Mar. 1 Feb. 15 15 Apr. 1 Mar. 15 Common United Fruit Co. (quar.) United Light & Rys., 7% pref. (mo.). 7% preferred (monthly) 581-3c 7% preferred (monthly). 58 l-3c I 6.36% preferred (monthly) 53c 6.36% preferred (monthly) 53c 6.36% preferred (monthly) 53c 6% preferred (monthly) 50c 6% preferred (monthly) 50c 6% preferred (monthly) 50c United Securities, Ltd. (quar.) 50c United States Hoffman Machinery preferred— 6854c United States Smelt., Ref. & MIn. Co. common. Preferred (quar.) 8734c United States Sugar Corp pref. (quar.) $1)4 Preferred (quar.) $1)4 — (quar.).. $1)4 12)4c 1734c United Stockyards (quar.) Preferred (quarterly) Universal Leaf Tobacco Co.. Inc 75c Feb. June 30 Jan. 15 Mar. Feb. Apr. Mar. 15 Feb. Jan. Feb. Mar. Apr. Jan. Feb. Jan. 15 15 15 Mar. 15 Dec. 2' Jan. 21 Dec. l6 Jan. Dec. 28 Jan. Apr. July Dec. 15 Mar. 15 June 15 Jan. Jan. 3 Jan. Jan. Jan. 12 3 25 Jan. 25 Dec. 31 Feb. Feb. Feb. Jan. 15 Feb. Jan. 25 Jan. Dec. 31* 1 Feb. Feb. July Virginian Ry., pref. (quarterly) Vulcan Detinning pref. (quar.) Preferred (quarterly) Preferred (quarterly) Preferred (quarterly) Walgreen Co. (quarterly) $434 preferred (quarterly) Waltham Watch Co. prior preferred (quar.).. Prior preferred (quar.). Prior preferred (quar Warren Foundry & Pipe (quar.) Warwick Co., voting trust certificates Washington Gas Light (quar.) Cum. con v. preferred (quar.) Western Grocers, Ltd. (quar.) Preferred (quar.) Western Tablet & Stationery Corp.. com Westinghouse Air Brakes (quar.) Quarterly Quarterly Quarterly Westminster Paper Co. (semi-ann.) Weston, Geo., Ltd., pref. (quar.) Westvaco Chlorine Products, pref. (quar.)_ West Jersey & Seashore RR. (s.-a.) West Penn Electric Co., 6% preferred 7% preferred West Penn Power Co., 6% preferred 7% preferred Wichita Union Stockyards, 6% pref. (s.-a.) Wilson & Co., preferred (quar.) Wright-Hargreaves Mines, Ltd., interim (spec.) Wrigley (Wm.) Jr. Co. (monthly) Feb. Jan. 15 Jan. Jan. 10 Apr. July Apr. 11 July 11 , — — !1B $154 $154 $154 50c 118 iii Jan. 27 June 15 Oct. Oct. Feb. Jan. 15 Mar. Feb. 25 Apr. July 10 Mar. 26 June 25 Oct. Sept. 24 50c Feb. Jan. 15 $1 3uc Jan. Jan. Jan. 18 Feb. $134 Feb. 75c Jan. $154 Jan. 15 50c Feb. 25c Jan. Jan. 3 Dec. 20 Dec. 20 Feb. 4 Dec. 31 25c Mar. 31 June 30 25c Apr. July 25c Oct. Sept. 30 25c May $1)4 Feb. Jan. 37 34c Feb. Jan. $134 July June 15 Feb. 21 15 14 $1)4 $154 Feb. Jan. Jan. Jan. Feb. Jan. 5 53 Jan. 10 Feb. Jan. Jan. Jan. Dec. Jan. Dec. 31 25c Feb. Dec. 27 Jan. 20 Jan. 20 Monthly 25c Mar. Monthly. 25c Apr. Jan. 13 Jan. 13 Dec. 23 15 Jan. 5 Transfer books not closed for this dividend, t On account of accumulated dividends. Jan. 21 Jan. Feb. Feb. _IIII 5 Jan. Jan. 25c 5% cumul. partic. pref. (extra) Original preferred C (quar.) Original preferred (quar.) Southern Calil. Gas, pref. (quar.) 1 Jan. 20 1 Jan. 20 15 Jan. 125 15 Jan. 25 Feb. (quarterly) Reading Co 2nd preferred (quar.) Regent Co., voting trust certificates Jan. Jan. Feb. (monthly) Feb. Jan. Jan. Public Serivce Co. of Preferred Jan. 31 17 Dec. 31 Dec. 24 Feb. Premier Shares, Inc Procter & Gamble, Jan. Upper Michigan Power & Light Co., pref Feb. Mar. PP^lvanla P°wer Co., $6.60 Jan. 5c Preferred A 1 Mar. 10 75c 7% cumulative preferred Skelly Oil Co., preferred (quar.) Preferred Apr. July 6% — Transport & Trading (interim).. Preferred Jan. Vermont & Boston Telegraph Co _ $6.60 preferred (monthly) $6 preferred (quar.) Penn Traffic Co (semi-ann.) 10 Mar. 1 June 10 19 Dec. 18 %l ... 31 Jan. 1 Jan. 15 Jan. Extra 15 $2.65 — 25c $1M $i)4 19 %IV* Simon (H.) & Sons Ltd., com. (interim) 1 Jan. 22 15 Dec. 24 1 Dec. 24 1 Dec. 24 1 Feb. 25c Preferred (quarterly) Saratoga & Schenectady RR. (s.-a.) Sears, Roebuck & Co. (extra) Securities Corp. General. $7 pref. (quar.) $6 preferred (quarterly) Shawinigan Water & Power (quar.) 14 Feb. 6 10 25c 14 Jan. 15 Jan. 20 Jan. m Pendleton, Inc. (quar.) Quarterly Rolls-Royce, Ltd., ord. reg. (Interim) Amer. dep. rec. for ord. reg. (interim) Roos Bros., Inc. (Dela.) $6)4 pref. (quar.) Royal Dutch Co. interim) Royal Typewriter Co., Inc., common Preferred (quar.) Saguenay Power Co.. pref. (quar.) San Carlos Milling Co., Ltd. (mo.) II Jan. HJan. Zft 6 Jan. Keener & 20 Feb. 15 15 Jan. Jan. Rochester Capital Corp 20 20 $25 - 37 1 Jan. Feb. — $1 34 preferred (quar.) 1 'Jan. 25 Jan. Feb. Jan. 15 Jan. 10c Feb. Jan. Feb. Jan. 20c Feb. 25c Feb. $1 50c Extra Holders Payable of Record 25c xquar.) Santa Cruz Portland Cement Co San Diego Consol. Gas & Electric Co.— 10c Merchants Refrigerating Co. 7% pref. (quar.).. Michigan Baking, Inc. $7 preferred (quar.) Non-cum. prior pref Michigan Central RR. (semi-ann.) Michigan Public Service Co., 7% pref. (qu.) 6% preferred (quarterly) Milwaukee Electric Ry. & Light Co— 6% pref. (quar.) i. Jan. *3 75c $2 preferred (quarterly) Rochester American Insurance When Share Rochester Button Co 15 Jan. 6234c Name of Company Rhode Island Public Service, class A (quar.) Associates— 5% participating preferred (quar.) Massawippi Valley Iiy. Co. (s.-a.) May Department Stores (quar.) This div. is in lieu of the div. usually pay¬ able Mar. 1, 1938. Maytag Co., $3 pref. (quar.) 1st $8 preferred (quarterly) McCall Corp., common (quar.).McColl Frontenac Oil preferred (quar.) McCrory Stores Corp., pref. (quar.)__. McGraw Electric (quar.) McLellan Stores, 6% pref. (quar.) Melville Shoe Corp. (quar.) Per 1 15 Dec. 31* 15 Dec. 31* 15 Dec. 31* 24 Jan. 14 15 Dec. 31 15 Dec. 31 Jan. Jan. IS, 1938 15 Dec. 31 15 Dec. 31 15 Dec. 31 15 Dec. 30 20 Dec. 31 Jan. Jan. Utilities I Holders Payable of Record 50c 50c Macy (R. H.) & Co Mahon (R. C.) Co., preferred A (quar.) Convertible preferred (quarterly) Manufacturers Trust Co. preferred (quar.) Masback Hardware Co., Inc., 6% pref Massachusetts Investors Trust (quar.) Massachusetts Lighting Cos., $8pref. (quar.), $6 preferred (quarterly) Massachusetts Power & Lighting Assoc.— $2 preferred (quar.) National When Share Company Chronicle Feb. 2 - $1)4 10c Feb. 15 1 20 Feb. 19 Mar. 19 ♦ i Payable in Canadian funds, and in the case of non-residents of Canada, reduction of a tax of 5% of the amount of such dividend will be made. Volume Financial 146 The MEMBERS OF Capital week and the corresponding * Jan. 12, Net Demand Deposits, Average Average 1938 Jan. 1938 Jan. 13, 1937 5, Deposits, Profits • Clearing House date last year: Time Undivided * comparison with the previous in YORK CLEARING HOUSE SATURDAY, JAN. 8, 1938 NEW THE OF THE WEEK ENDED FOR following shows the condition of the Federal Reserve the close of business Jan. 12, 1938, Bank of New York at Clearing House is given in full below: ASSOCIATION Bank of Condition of the Federal Reserve New York Weekly Return of the New York City Clearing House The weekly statement issued by the New York City STATEMENT 393 Chronicle Surplus and Members $ $ $ Assets— and due from Gold certificates on hand Bank of N Y A Trust Co 6,000,000 13,372,700 146,745,000 12,229,000 Bank of Manhattan Co. 20,000,000 25,862,300 396.591,000 38,665,000 758,834,500 al,417,679.000 429,274,000 54,625,900 171,208,000 55,389,000 National City 77,500,000 Bank Chem Bank A Trust Co. 20.000,000 Guaranty Trust Co 90,000,000 Manufacturers Trust Co United States Treasury.* Redemption fund—F. R. notes Other cash Cent Hanover BkATr Co Corn Exch Bank Tr Co- 15,000,000 181,690,100 61,284,353,000 452,270,000 45,129,300 698,485,000 70,476,200 246,475,000 18,052,000 First National Bank 10,000,000 108,207,600 410,766,000 Irving Trust Co Continental Bk A Tr Co 50,000,000 61,732,200 4,158,700 459,021,000 Total reserves 52,552,000 25,254,000 4,218,000 5,905,000 3,714,961,000 3,682,600,000 3,567,251,000 ... 94,863,000 Bills discounted: Secured by U. S. Govt, obligations guaranteed .... 25,000,000 10.000,000 Bankers Trust Co Title Guar A Trust Co.. 681,000 630,000 3,712,000 3,191,000 1,311,000 212,000 212,000 4,394,000 4,382,000 1,100,000 5,916,000 Bonds.. 215,473,000 Treasury notes 334,440,000 189,641,000 216,771,000 333,142,000 189,641,000 131,699,000 360,713,000 159,848,000 739,554,000 739,554,000 652,260,000 747,872,000 747,339,000 660,587,000 68,000 6,988,000 68,000 6,582,000 8,948,000 138,409,000 148,643,000 170,465,000 9,973,000 9,973,000 10,972,000 10,134,000 10,353,000 48,957,000 2,803,000 Bills bought In open 9,021,000 92,942,000 27,798,700 8,154,000 268,587,000 36,463,000 77,207,000 7.000,000 8,949,900 80,956,000 2,826,000 53,865,000 market advances Industrial 2,700,000 5,000,000 bills discounted Total 36,270,000 12,500.000 7,000,000 Public Nat Bk A Tr Co official reports: National, Dec. 31, 1937; companies, Dec. 31, 1937. x As of Jan. 4, 1938. Includes deposits In foreign branches as foUows: a United States Government securities: 674,633,000 9,142,168,000 909,313,700 523.189,500 Totals 385,000 , 10,270,000 Marine Midland Tr Co.. New York Trust Co Comm'l Nat Bk A Tr Co 2,806,000 Treasury bills 39,320,000 131,390,700 cl,841,343.000 51,008,000 3,660,300 <1735,820,000 76,932,400 13,326,000 1,265,200 500,000 Fifth Avenue Bank 3,338,000 374,000 direct or fully Other bills discounted 9,261,000 4,000,000 100,270,000 Chase National Bank As 3,620,195,000 3,596,835.000 3,488,872,000 1,158,000 1,124,000 875,000 77,221,000 84,641,000 93,891,000 10,935,000 42,419,500 21,000,000 * t Total U S. Government securities- State, Dec. 31, 1937; trust per Total bills and securities 1274,200,000; 6 $91,845,000; C$118,386,000; d $51,215,000. Due from foreign banks The "Times" publishes regularly each week of a number of banks and trust companies which members of the New York Clearing House. The returns are York New not following are INSTITUTIONS BUSINESS CLEARING HOUSE WITH THE IN banks. Uncollected items Bank premises 11,380,000 All other assets 7: the figures for the week ended Jan. NOT Federal Reserve notes of other 84,000 4,629,651,000 4,606,177,000 4,427,822,000 Total assets. CLOSING OF FRIDAY, JAN. 7, 1938 STATE BANKS—AVERAGE FIGURES FOR THE WEEK ENDED AND NATIONAL Liabilities— 884,333,000 951,772,000 925,905,000 circulation 2,996,496,000 Deposits—Member bank reserve acc't.. 3,181,445,000 3,126,502,000 81,144,000 16,766,000 24,831,000 U. S. Treasurer—General account33,812,000 64,455,000 63,845,000 Foreign bank 146,756,000 184,706,000 182,147,000 Other deposits F. R. notes In actual Res. Dep., Other Cash, Loans, Disc, and Bank Nous Banks and Cross Trust Cos. Deposits Elsewhere 1 $ $ $ $ Manhattan— Dep. Other Y. and N. Including Investments Grace National 20,359,400 104,400 7,345,700 Sterling National Trade Bank of N Y.. 540,000 6,622,000 3,512,100 6,056,000 6,426,690 8,002,200 4,305,240 311,226 2,704.812 6,470,700 4,904,000 1,733,300 112.000 216,000 26,618,000 230,153 342,700 351,600 437,000 People's National... TRUST % Investments Fiduciary Fulton Lawyers United States $ $ $ $ 53,800,300 *13,751,800 232,651 8,959,136 *1,323,307 10,644,739 *6,377,000 20,201,000 28,174,700 *10,393,800 68,414,946 30,803,123 Federation Deposits Y. and 76,152,000 30,447,587 amount ♦Includes 3,418,000 2,072,489 Federal with Fiduciary, $946,841; Fulton. Reserve 4,629,651,000 4,606,177,000 4,427,822,000 3,953,800 1,940,390 21,651 749,800 672,700 deposit and F. R. note liabilities combined Contingent liability on bills purchased for foreign correspondents Ratio 72,871,000 3,038,388 23,707,500 12,414,400 1,529,294 10,670,318 86,328,467 as follows: industrial 86.1% 84.8% 382,000 4,703,000 ad- 8,494,000 Federal Reserve notes or a bank's own Federal by the United States Treasury for the gold taken over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from 100 cents to 59.06 cents, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under the provisions of the Gold Reserve Act of 1934. x 39,086,573 Empire, make 84.9% 995,000 4,655,000 to t "Other cash" does not include Reserve bank notes. 78.000 116,671,000 45,088,000 12,086,078 to reserve vances 38,160,400 17,155,635 total of Commitments 12,563,898 753,000 Brooklyn— Brooklyn Kings County 51,192,000 51,474,000 7,744,000 9,260,000 1,566,000 Cross Trust Cos. 8,210,000 655,000 783,000 Total liabilities. Dep. Other Banks and N. Cash 164,045,000 7,744,000 8,210,000 All other liabilities Elsewhere Res. Dep., Loans, Disc, and Empire 7,744,000 ..... - Surplus (Section 13b) Reserve for contingencies 5,614,000 142,345,000 51,079,000 51,943,000 51,102,000 Surplus (Section 7) COMPANIES—AVERAGE FIGURES Manhattan— 51,943,000 131,696,000 Deferred availability items Capital paid In Brooklyn— Lafayette National.. 3,452,268,000 3,392,429,000 3,258,208,000 Total deposits. 27,477,600 16,945,000 $11,651,600: $6,063,800; Lawyers, $9,716,400. These are certificates given the Federal Reserve System Weekly Return for the Member Banks of Following is the weekly statement issued by the Board of Governors of the items of the resources and liabilities of the reporting member banks in 101 leading Federal Reserve System, giving the principal cities from which weekly returns are obtained. of the Board of Governors of Events and Discussions", also give the figures of New York and Chicago reporting member banks for a week later. figures are always a week behind those for the Reserve banks themselves. The comment the Federal Reserve System upon the figures for the latest week appears in our department of "Current These immediately preceding which we Commencing with the statement of May described in an announcement of the Federal 19, 1937, various changes were made in the breakdown of Reserve Bank of New York of April 20, 1937, as follows: loans as reported in this statement, which were been changed primarily to show the the purpose of purchasing or carrying in New York City and those located discounted" with "acceptances and commer¬ paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly. Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural loans" and "other loans' the report form are confined to the classification of loans and discounts. This classification has (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for The revised form also eliminates the distinction between loans to brokers and dealers in securities located outside New York City. Provision has been made also to include "acceptances of own bank purchased or The changes in amounts of securities. cial would each be segregated as A "on securities" and "otherwise secured and detailed explanation of the revisions was more ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN New York % % "Chronicle," page 3590. 101 LEADING CITIES BY Cleveland Richmond Phila. $ $ ASSETS Loans and Boston Total Federal Reserve Districtt- unsecured." published in the May 29, 1937, issue of the DISTRICTS, ON JAN. 5, 1938, (In Millions of St. Louis Chicago Atlanta Minneap. Kan. City $ $ S Dollars) San Fran. Dallas 1,823 640 554 2.972 655 384 2,120 3,853 454 710 252 293 959 321 275 247 642 79 1,041 9,228 12 51 50 17 45 15 41 235 45 11 38 10 570 Loans—total 8,630 1,104 503 1,197 667 21,249 Investments—total 165 240 99 148 529 149 146 330 1,644 157 262 78 3,947 48 10 7 20 3 39 45 5 2 4 3 15 9 13 15 59 6 21 19 373 1 1 3 14 11 76 Commercial, Indus, and agricul. loans: On securities Otherwise secured and unsecured._ 465 77 203 21 18 15 4. 840 Open market paper Loans to brokers and dealers Other loans for purchasing or , 29 685 19 23 4 6 carrying 628 securities 34 289 35 39 18 15 89 13 84 235 59 174 30 28 87 47 1,163 69 5 39 2 3 2 2 4 7 49 126 29 25 46 11 ' . Real estate loans Loans to banks Other loans: 723 On securities 60 264 12 59 42 53 60 28 38 259 55 105 53 29 821 40 secured and unsecured._ 301 793 1,434 152 233 178 667 3,262 195 8,056 407 155 obligations Obligations fully guar, by U. 8. Govt. 279 United States Government 91 63 48 45 28 423 46 13 22 190 1,125 32 258 257 74 93 114 50 288 1.092 40 126 389 2,842 61 Other securities 341 796 73 162 116 319 306 103 142 5,473 135 Otherwise Reserve with Federal Reserve Bank.. 252 2,728 39 18 11 63 6 150 186 109 103 338 111 78 200 160 199 153 85 102 37 37 22 28 202 539 23 16 76 88 1,052 403 316 2,132 401 256 382 863 6,201 783 460 970 276 736 196 183 883 145 128 1,063 122 268 184 1,041 5,225 Other assets—net 14 18 90 10 2 14 22 61 211 195 755 251 113 349 198 243 . LIABILITIES Demand 21 18 11 73 12 39 131 14,219 domestic banks 11 322 1,918 1,255 Cash In vault Balances with 124 deposits—adjusted— Time deposits United States Government — Foreign banks 376 25 5,224 2,102 276 318 9 405 - 1 13 3 1 6 1 16 25 5 19 7 "312 349 90 88 372 56 328 2 1 7 801 Other liabilities 28 213 8 Borrowings Capital account 679 441 deposits. _ Inter-bank deposits: Domestic banks 19 23 358 "*20 3,620 238 1,611 226 Financial 394 Chronicle Jan. is, 1938 Weekly Return of the Board of Governors of the Federal Reserve System The following issued by the Board of Governors of the Federal Reserve System was showing the condition of the twelve Reserve banks at the close of business for the System as a whole in comparison week last year. Reserve Agents Thursday afternoon. Jan. 13, on The first table presents the results Wednesday. with the figures for the eight preceding weeks and with those of the corresponding The second table shows the Reserve note statement on and the Federal Reserve banks. 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 BUSINESS Jan. Thru ciphert Jan. (000) omitted 12. Jan. 1938 Dec. Dec. 29, 1937 1 22, Dec. % Dec. 8, 15, 9,119,892 9,120,391 9,120.390 9,436 9,913 9.912 1, Nov. 24. 1937 % $ % 9.119,891 Dec. 1937 1937 1937 8,324 hand and due from U. 8. Treas.x on 5, 1938 % ASSETS Gold ctfs. 1937 17. Nov. 1937 Jan. 13, 1937 $ $ % % 12. 1938 8,849,882 13,330 403,894 reserves 362,631 330.544 283,366 9,121,907 8,920 313,180 322,264 319,1$3 9,123,898 9,287 325,221 9,532,109 Redemption fund (Federal Reserve notes) Other cash * Total The Federal and liabilities separately for each of the twelve banks. resources (third table following) gives details regarding transactions in Federal Reserve notes between the 9.491.959 9,460,848 9.413,668 9,444,007 9.442.877 9,453,956 9,451,525 9,458,406 9,167,961 9,121,907 9,688 311.282 9,121,905 9.787 9,122,402 9,940 304,749 Bills discounted: Secured Government obligations, by U. 8. direct 7,420 Treasury notes.. 11,597 4.206 14,414 4,282 1,487 4.961 11,080 12,847 10,121 15.772 17.390 17,033 15,803 18,690 2,348 540 2,827 18,291 2,825 2.825 2,825 2,828 2,828 2.831 3,089 17,894 18,380 18,432 18,450 18,464 18.589 19,250 24,221 751,539 1,154,997 751,539 1,154,997 751,539 1,154,997 1,134,997 657,479 657,479 657.479 657,479 2,564,015 2,564,015 2.564,015 2,593,529 2,597,980 2,601,341 540 747,039 1,159,497 657,479 Treasury bills Total U. S. Government securities securities Foreign loans 12,072 5,180 17,883 United States Government securities—Bonds.. Other 12,210 3,768 2,593,553 — 12,004 4,422 2,564,015 Bills bought In open market Industrial advances 9,340 3,507 11.699 3,984 11,115 Total bills discounted...... 7,096 3,695 fully guaranteed or Other bills discounted.. , 861 738.073 738,073 738,073 1,168,463 1,168,463 1,168,463 738.073 1,168,463 657,479 657,479 057,479 048,179 1,343,963 595,574 2.564.015 2,504.015 2,564,015 2,504.016 2.554,715 2,430,227 2,001,044 2,002,080 2,602,340 2,001,295 2,595.498 2,459,885 771.539 - 490,690 . gold on ..... . ...... Total bills and securities Gold held abroad Due from foreign banks 179 Federal Reserve notes of other banks Uncollected 179 """181 179 """181 178 181 175 178 220 30,477 27,441 25,740 21.029 23,358 20,314 25.784 25.892 23.785 31,902 574,127 items 685,237 45,235 37,802 081,498 774,034 509.040 670,245 730.957 45,251 30,950 45.284 45,269 45.268 589,718 45,344 30,066 46,223 44,101 43,850 45,305 42,470 671,914 46,146 12,853,021 12,800,524 12,923,974 12,732,584 12,841,932 12,757.802 12.902.050 premises 45,034 All other assets 38,480 637,442 45,021 37,361 12,813,959 12,832,932 Federal Reserve notes in actual circulation 4,190,134 4,257,846 4,283.385 4,340,383 4,293,307 4.294.885 4.279,489 4.204.829 4.249.018 4,176,758 Deposits—Member banks' 7,193,380 7.071,249 0,854,904 152.593 0,884,407 231,540 6,836.282 241.843 6.906.472 0,948,927 0,922,400 6,739,615 176.637 113,302 135,105 190,033 188,837 216,438 225,938 272,492 270.068 260.227 280,868 202.583 219.700 186,855 214,742 237.178 92,638 215,592 Bank Total assets.... 39,200 12,417,228 LIABILITIES reserve account 115,321 126,896 Foreign banks 174,704 Other 226,333 175,313 228,428 6,982,752 139,604 172,634 239,983 United States Treasurer—General account.. deposits Total deposits 7,709,738 7.601,886 7,534,973 7,477,202 7,534,908 7.523.763 7.542,456 7.547.039 7,600,970 7,237,878 Deferred availability items 568,580 681,839 625.146 744,682 595,428 742,234 133,071 147,739 132,737 132,550 132,518 132.505 132.505 147,739 145.854 132,619 145,854 560,213 132,534 669,928 Capital paid In 628,339 132,927 145,854 145,854 145,854 145.854 27,683 ... . Ratio of total reserves to deposits and Federal Reserve note liabilities combined liability on 27,615 35,734 27,615 35,733 35,709 35.70' 9,301 11,987 8,338 8,823 8,151 12,813,959 Total liabilities.. foreign 27,015 35,697 10.032 656,123 131,792 145,854 27,190 36,268 5,365 12,832,932 12.853,021 12,800.524 12,923.974 12.732,584 12,841,932 12.757.802 12,902,051 12,417,228 80.3% 27,683 33,052 Reserve ror contingencies other liabilities All Contingent 27,615 35,673 27,015 33,052 3,460 27,615 35,673 10,945 145,854 27,61.' 3,962 Surplus (Section 7) Surplus (Section 13-B) ' 80.0% 80.1% 79.0% 79.8% 79.9% 80.0% 80.0% 80.17, 1,466 1,696 1,680 1,785 1.083 1,888 2,169 2,486 12,895 12,792 12,780 12,841 12,955 13,137 13,249 13,310 13,431 20,565 8,701 purchased 80.1% 1,836 bills 16,903 1,914 for correspondents. Commitments to make industrial advances... Maturity Distribution of Bills and Short-term Securities— 1-16 days bills discounted 16-30 days bills discounted 31-60 days bills discounted 61-90 days bills discounted 8,966 10,697 13,061 13,326 15,349 14,889 13,903 430 314 395 914 826 381 478 247 180 742 681 582 972 434 625 604 628 403 144 237 277 254 636 Over 90 days bills discounted 437 ■ 426 414 ' 275 428 383 16 606 1-15 days bills bought In open market 16-30 days bills bought In open market 31-60 days bills bought In open market 61-90 days bills bought In open market Over 90 days bills bought in open market 682 759 748 758 760 679 808 933 20 11,115 Total bills discounted 11,080 12,847 16,121 15,772 17,390 17,033 15.863 18,096 2,348 586 1,990 """438 400 """268 173 174 140 Total bills bought in open market 1,545 138 262 140 1,989 1,288 1,107 615 ""'791 2,825 2,825 1,037 64 539 485 1,451 544 278 1,451 767 1.269 1,269 185 215 220 ""353 297 2,527 2,828 2,828 2,831 3,089 1,091 922 1,226 1,010 540 540 2,827 2,825 1-15 days Industrial advances 16-30 days Industrial advances 31-60 days industrial advances 1,156 1,201 1,334 1,305 467 538 302 271 563 596 244 323 288 324 319 577 584 758 799 751 842 866 587 61-90 days industrial advances 803 624 438 471 515 392 802 624 689 1,158 15,133 15,212 15,640 15,749 15,075 15,626 15,576 15,878 16,187 21,146 Over 90 days industrial advances Total Industrial advances 921 320 17,883 Total U. 8. Government securities 18,380 18,432 18,450 18.464 18,589 19,256 24,221 24,385 26,333 49,011 33,103 23,499 33.296 27,720 72,582 259,626 68,350 66,471 24,385 63,926 28,285 38,083 31,255 32,746 46,083 26,333 32,103 51,768 58,029 265,085 240,424 180,299 2,171,341 2,172,899 2.203,067 2,564,015 Over 90 days U. 8. Government securities 18,291 27,720 78,087 260,101 2,161,901 31 60 days U. 8. Government securities 61-90 days U. 8. Government securities 17,894 33,296 30,630 1-15 days U. S. Government securities 16-30 days U S. Government securities 2,564,015 2.564.015 41,783 57,681 147,816 2,283,632 54,053 147,937 145.392 60,280 2,246,394 141,932 70,582 2,279,085 2,295,657 2,294,197 2,263,110 2,564,015 2,564.015 2,564,015 2,564,015 2,564,015 2,554,715 2,430,227 4,558,517 25,309 1-15 days other securities 16-30 days other securities 31-60 days other securities 61-90 days other securities Over 90 days other securities Total i other securities Federal Reserve Notes— Issued Federal Reserve Bank by F. R. Agent to In actual 4,683.094 399,709 4,709,922 4.669,198 375,891 4,665,962 371,077 4,623.603 344,114 4.608,797 343,968 4,615,443 363.539 365.825 381,759 4,190,134 4,257,846 4.283,385 4.346.383 4.293.307 4.294.885 4.279,489 4,264.829 4,249.618 4,176,758 4,671.132 4,685,632 4.735.132 4,705,632 14,801 4,645,632 4.644,632 4.654,132 4,540,838 11,950 4,730.632 15,118 4,690.632 9,538 25,000 16,677 16,450 15,293 18,195 1,735 25.000 20.000 20,000 20,000 20,000 20,000 20.000 101,000 4,706,130 ... 4,623,282 365,436 9,998 circulation 4,587,496 397,362 25,000 Held by Federal Reserve Bank 4,720,170 4,772,082 4,765,750 4,740.433 4,727,309 4,682,082 4.679,925 4,692,327 Collateral Held by Agent as Security for Notes Issued to Bank— Gold ctfs. hand and due from U. 8. Treas.. on By eligible paper United States Government securities. Total collateral • "Other x These cents on cash" are Jan. does not Include Federal Reserve notes f Revised 31. 1934, these certificates being worth less nrovinione of the Gold Reserve Act of 1934 to the 4,613,573 figure certificates given by the United States Treasury for the gold taken over from extent of the difference the Reserve hanks the difference tself when the dollar was devalued from having been appropriated as 100 cents to 59.00 profit by the Treasury under Volume Three Ciphers (000) Omitted on hand and 620 1,495 217 559 523 470 386 875 763 704 570 8,324 32,819 20,528 51,756 17,802 25,504 15,626 93,891 30,145 10,629 40,409 27,032 689,441 1,142 37,753 311,018 246,067 1,815,365 306,428 192,645 728,336 678,338 197,002 523,149 293,073 525,727 3,714.961 69 134 17 145 149 944 82 123 149 1,078 99 268 due . 9,532,109 Total reserves 492,534 484,614 3.620,195 9,119,891 from United States Treasury Redemption fund—Fed. Res. notes.. *_ % % % * 403,894 certificates Other cash I I San Fran. Dallas Minneap. Kan. dig St. Louis I 12, 1938 AT CLOSE OF BUSINESS Jan. Chicago Atlanta * % 1 * I % RESOURCES Gold Cleveland Richmond Phila. New Yort Boston Total Federal Reserve Agent at— THE 12 FEDERAL RESERVE BANKS LIABILITIES OF EACH OF (Concluded) of the Federal Reserve System Weekly Return of the Board of Governors STATEMENT OF RESOURCES AND WEEKLY 395 Chronicle Financial 146 283,366 644,960 181,159 267,046 181,630 287,863 224,044 1,763,039 Bills discounted: Secured by U. 8. Govt, obligations, direct and (or) fully 681 3,338 1,574 576 350 386 150 7,420 95 374 773 288 117 675 75 3,695 guaranteed.. Other bills discounted 2,347 864 467 1,061 225 11,115 776 3,712 19 38 23 16 50 16 55 2 212 3 41 65 540 1,761 39,711 126 943 867 456 3,549 617 4,394 235 2,719 696 17.883 Total bills discounted 1,520 62,884 Bills bought in open market Industrial advances. 61,654 31,309 82,276 114,430 61,636 48,596 34,950 27,556 97,603 55,345 64,885 25,583 54,262 33,875 189,641 21,346 48,269 127,702 72,412 45,116 95,694 59,739 85,126 334,440 37,646 1,159,497 657,479 33.354 51,769 29.355 38,489 54,844 215,473 24,254 747,039 73,723 29,068 136,297 107,461 282,390 99,767 215,832 253,038 132,103 739,554 211,610 83,246 188,239 114,478 2,564,015 138,548 108,667 283,376 114,785 84,014 133,653 100,825 217,658 . . U. 8. Government securities—Bonds. Treasury notes .. Treasury bills... Total U. 8. Govt, securities .... Uncollected 747,872 2 13 8 6 5 17 5 18 3 68 21 13 2,163 5,231 2,528 1,134 1,742 903 1,920 15,806 30,613 24,806 1,281 3,823 33,485 3,346 30,477 415 6,988 974 58,565 138,409 41,835 48,332 77,368 4,826 2,700 2,119 4,589 2,411 1,496 3,531 1,388 3,310 4,250 1,837 2,367 3,701 1,351 38,480 11,380 2,341 1.458 3,153 3,001 9,973 1,489 45,034 53,907 6,216 27,280 574,127 2,656 23,721 Items 464,076 326,210 792,064 454,823 296,441 781,863 4,629,651 505,180 384,732 2,189,481 989,971 999 467 203.851 158,315 976,844 179,053 84,033 339,342 427,650 166,295 314,268 135,890 925,905 219,872 124,317 243,244 192,181 554,921 459,432 178,355 1,029,799 38,551 20,124 1,049 6.328 4,227 8,604 5,205 3,990 5,031 3,923 5,031 10,008 12,318 5,366 3,166 650 3,043 15,314 190,096 1,089,523 236,771 135,700 257,529 204,178 592,561 28,562 15,527 2,895 30.296 27,021 4,099 3,910 33,761 10,091 9,805 2,121 2,000 premises Total resources 12,813,959 resources LIABILITIES 4,190.134 F. R. notes In actual circulation 278,688 Deposits: 7,193,380 115,321 Member bank reserve account U. 8. Treasurer—General account. Foreign Other 174,704 bank 7,746 17,002 15,961 7,460 984 3,822 383,649 182,147 4,542 404.302 486,961 239,406 47,086 9,392 51,102 40,905 12,259 52,881 4,901 23,551 4,416 78,552 13,004 133,071 5,626 22,387 3,613 51,943 13,466 3,153 9,900 4,964 3,892 147,739 27,683 Surplus (Section 13-B) 3,409 1,401 730 1,429 545 1,001 1,142 1,270 1,603 7,340 1,215 1,949 934 1,776 402 139 326 168 290 395 130 162 464,076 326,210 989,971 2,874 7.744 4,411 1,448 33,052 Reserve for contingencies 8.210 2,000 13,131 14,323 1,007 3,176 783 453 338 376 3,962 liabilities cash" does 454,823 296,441 40 30 38 38 93 176 52 101 269 2,933 999,467 505,180 995 129 121 57 46 1,836 1,699 4.655 173 896 1,609 332 12,895 Include Federal not 4,667 153 792,064 96 correspondents Commitments to make Indus, ad vs.. 3,871 384,732 2,189,481 781,863 4,629,651 12,813,959 Total liabilities Contingent liability on bills purchased "Other 2,014 4,236 131,696 Capital paid in 8urplus (Section 7) * 6,072 58,742 568,580 for foreign 3,655 420,443 3,452,268 7,709,738 Total deposits other 2,667 226,594 1,116 399,571 3,181,445 24,831 3,665 63,845 12,665 226,333 deposits Deferred availability items All 254,819 191,775 Fed. Res. notes of other banks Bank 217,561 2,593,553 179 Total bills and securities Due from foreign banks. All other 69 ' Reserve notes. FEDERAL RESERVE NOTE STATEMENT i Three Ciphers (000) Omitted Chicago $ $ % % $ San Fran. Dallas Minneap. Kan. City St. Louis % $ $ $ % Atlanta % Cleveland Richmond Phila. New Yort $ $ Federal Reserve notes: 218,587 14,736 179,910 1.014,446 37,602 21,595 195,511 141,757 5,867 176,012 9,717 95,365 16,458 11,332 387,754 48,412 Held by Federal Reserve 27,144 457,170 29,520 158,315 84,033 339,342 427,650 203.851 166.295 314,268 135,890 925,905 179,053 278,688 976,844 4,190,134 166,000 1,035,000 96,500 404,000 219,000 182,000 347.000 459,500 140.500 341,000 1,080,000 710 3,667 200,632 4,671,132 Issued to F. R. Bank by F. R. Agent In actual Boston Total Federal Reserve Bant of— 225 1,059 99 268 467 104 652 69 1,846 183,059 96,599 404,268 314,074 1,065,498 139,593 35,386 4,587,496 397,362 Bank circulation 341,412 Agent as security for notes issued to banks: Collateral held by Gold certificates on hand and due from United States Treasury 9,998 Eligible paper U. 8. 25,900 Government securities Securities Government States 348,846 341,710 1,083,667 4,706,130 Total collateral United 832 5,000 20,000 on the New 186,832 1,035,225 219,467 460,152 Transactions at Daily, Weekly and York Stock United States Treasury quoted are 26 1938 2 1938 Feb. 9 1938. Feb. Feb. 16 1938 Feb. 23 1938 Mar. 2 1938 Mar. 9 1938. Mar. 16 17 18&191938 Mar. 23 1938 April 27 1938 May 4 1938 May 11 1938 May 18 1938 May 25 1938 11938 0.14% 0.13% 0.13% 0.13% 0.13% 0.13% June 81938 June 15 1938 0.14% 0.14% June April 20 1938 July Banque de l'Union Canadian Pacific 20 1938 6,000 1,064 403 1,05.1 396 237 26,000 596 1.190 35 440 Cle Generale Generale Citroen B 0.15% 0.15% ..— Comptoir Natlonale d'Escompte Coty S A Courrieres .... Credit France.. Lyonnal.se Lyonnaise cap Eaux des 265 47* ........... 611 1,070 Energie Electrique du Kuhlmann Notes—Friday, Jan.14 L'Air Liqulde.. Lyon (PLM). Nord Ry._ Orleans Ry 6% Figures after decimal point represent one or more 32da of Pathe Capital.... Pechiney Rentes, Perpetual point. 3%.. Rente«4%. 1917 Rentes 4%, 1918 Int. Int. Rate Bid Asked Rate Maturity 1932. A 44%. 1932 B... 1920 Rentes 4,4%. Bid Asked Rentes Rentes 5%. 102.1 102.9 15 1938... 1 H% 101.5 101.7 Mar. 15 1940... 14% 101.31 15 1941... IH% 100.24 100.26 Mar. 15 1942... l 4% 102.7 IH% 101.16 101.18 Dec. ... 14% 102.3 Sept. 15 1939... Dec. 15 1939... 1H% 101.17 101.19 J«% 1 H% 2% 24% 103.9 101.10 Sept. 15 1942... June 15 1939 103.7 101.8 102.16 102.18 Sept. 15 1938... Feb. 1 1938... 2 4% 102.1 102.3 24% 100.2 2 4% 101.24 101.26 3% 101.10 101.14 Dec. Dec. June 151941 Mar. 15 1939... 1941... 101.15 101.17 24 15 1942 101 15 1940 14% 14% 101.22 June 101 24 101.26 June Dec 15 1940... 14% 101.24 101.26 Mar. 15 1938... Mar. 15 151938 102.5 Royal Dutch Saint Gobain C & C Schneider & Societe Cle Ford Fonciere Lyonnaise ...... Francaise Soclete Generale Society Soclete Marseillaise Silk preferred.. Union d'Electricit* Tubize Artificial Wagon-Llta 437 Nord.... Littoral.. Energie Electrique du Quotations for United States Treasury 652 170 212 437 1.360 J, 190 d'Electrlctte Transatlantique.. 239 26,200 572 1.170 34 431 652 180 212 _ Cie Distr d'Electrlcite Cie 10 Jan. 11 Francs Francs 6,200 Canal de Suez cap 0.15% Jan. -- - Banque de Paris et Des Credit Commercial de Maturity Exchange, BOURSE stocks as Pays Bas Parlsienne.. Bank of France 0.14% 0.14% 6 1938 13 1938 July Francs 0.13% 0.13% June 29 1938 July Jan. 8 0.13% June 22 1938 PARIS Quotations of representative each day of the past week: 0.12% 0.13% 0.12% 0.12% April 6 1938 April 13 1938 Asked Bid Asked 0.12% Mar. 30 1938 a Stock Averages—See page 411. THE 0.15% 0.15% 0.12% 0.12% 0.12% 0.12% 19 1938 Jan. York New Bills—Friday, Jan. 14 for discount at purchase. Bid Jan. the Yearly—See page 411. Exchange—See following page. Stock and Bond Kates 145,604 200,701 Holiday 777 875 371 24 1,907 69.70 67.40 66.25 75.30 74.30 94.30 6,170 1,915 1,020 60 97 1,158 743 143 369 86 1,3.50 1,130 265 478 611 1,040 777 875 371 23 1,867 69.10 66.90 65.50 74.80 73.60 93.60 6,240 1,875 1,008 60 98 1,135 474 146 360 87 received by Jan. 12 Francs Jan. 13 Francs 6,00J 6,100 1.039 Jan. 14 Francs 6,300 1,080 384 cable 388 941 941 241 26,500 25,900 26,300 565 584 1,150 1,200 f,210 34 35 34 421 421 650 658 170 170 207 433 1,330 1,130 1,370 1,130 265 170 213 433 265 470 1,400 1,150 476 592 615 1.040 1,080 775 787 756 775 370 366 22 366 21 1,860 1,110 1,939 68.50 69.60 69.90 65.40 66.00 65.90 64.25 64.90 65.00 74.10 73.80 74.90 73.50 72.70 73.10 92.80 92.80 93.20 6,260 1,875 6,200 6,290 983 1,000 60 1,965 60 95 97 1,134 1,135 143 140 351 355 85 81 63 15, 1938 Jan. 396 Stock and Bond Sales—New York Stock Exchange DAILY, WEEKLY AND YEARLY Occupying Altogether Sixteen Pages—Page .One in the day's range, unless they are the only NOTICE—Cash and deferred delivery sales are disregarded United States Government Securities the New York Stock Exchange on Below we furnish a daily record of the transactions in Treasury, Home Owners' Loan and Corporation bonds on the New York Stock Exchange during the current week. Quotations after decimal point represent one or more 32ds of a point. Jan. 8 Daily Record, of U. S. Bond Prices Treasury 11 Jan. 10 Jan. Jan. 12 Jan. Daily Record of U. S. Bond Prices 14 13 Jan. 117.2 117.4 High Treasury 2 Ha. (Low. Total sales in $1,000 units... 107.13 107.14 107.21 107.9 107.12 107.12 107.11 107.18 102.12 102.13 102.11 102.8 102.14 102.15 102.14 102.11 102.11 102.15 102.18 2 16 6 67 39 14 101.14 101.17 101.16 101.14 101.16 101.22 107.12 107.12 107.14 107.21 32 9 (High 112.16 112.12 112.16 Low. Close 112.15 112.12 112.11 112.22 112.16 112.12 112.16 $1,000 units... *2 * 20 3Ha. 1946-50 111 111 101.13 101.16 101.14 101.14 101.16 101.22 6 42 1 110.28 110.29 111 2 [High 3 Ha, 1943-47 107.25 107.23 107.28 107.25 107.28 107.25 1 104.13 104.11 104.11 28 1 14 105.16 105.19 105.18 105.16 105.18 105.26 105.16 105.19 105.18 99.30 70 43 102.31 102.30 102 30 102 28 102.30 102.28 102.30 6 19 114 1 30 [High 106.8 106.7 106.6 ( Low. 106.5 106.5 106.6 (Close 106.8 106.7 106.6 (Low 107.5 •(Low. I Close 107.5 (High (Low 106.3 (Close 106.8 106.7 104.10 104.10 106.3 Total sales in $1,000 units... 106.7 1 Low. 104.9 103.27 103.30 103.26 104 104.6 103.27 103.30 103.31 104.3 104.9 1 2 106.20 106.8 • *■ 105.29 1 107.11 104.12 104.8 104.12 102.28 102.28 102.28 102.28 21 - 2 103.26 104 104.4 104.11 Low. 103.26 103.30 103.30 103.28 104.1 104.7 103.26 104 104 104 104.3 104.11 3 High 104 104 3 8 High 101.29 102 Low. 101.28 101.31 101.30 .Close 101.29 102 101.30 2Ha. series B, 1939-49.. - 1 Low. Home Owners' Loan - 50 Total sales in $1,000 units... - Total sales in $1,000 units 10 107.10 104.5 104.9 Close 2 106.3 10 104.9 102.28 3s, series A, 1944-52 106.3 105.29 106 .... 104.12 102.28 ■ -r- Total sales in $1,000 units.. 22 104.8 High 106.20 11 30 104.9 Low. Home Owners' Loan 106.16 106.14 148 High C1086 106.3 106 .... (Close 104.3 (Low. (Close Total sales in $1,000 units... 1 105.29 106 103.31 107.0 16 (High 103.30 2 Ha, 1942-47 107.6 106.7 33 103.27 Federal Farm Mortgage 107.6 106.14 4 3 (High Close 106.5 «•» 103.3 51 104.10 104.7 3s, 1942-47 106.7 W 103.3 103.1 104.7 Total sales in $1,000 units 1 106.3 103 102.30 104.7 Total sales in $1,000 units.. 106.6 107.2 10 102.27 104.3 106.6 107.2 107.5 Total sales in $1,000 units.. 168 103.3 104.3 (High Federal Farm Mortgage 106.6 107.2 104.3 99.30 100 103.1 (Low. 3s, 1944-49 1 21 100 99.27 99.28 18 105.20 Total sales in $1,000 units. 3Hs. 1949-52 99.24 99.29 Federal Farm Mortgage 105.26 105.16 ( Close 3Hs, 1946-49 99.27 33 Total sales in $1,000 units... [High 3Hs, 1941-43 99.29 104.15 (High 16 99.30 99.31 (Close 104.13 104.11 12 99.28 48 Federal Farm Mortgage 3 Ha, 1944-64 104.15 104.10 104.10 $1,000 units.. 99 30 (High | Low. 3Hs, 1940-43 101.5 101.8 99.31 ici0s6 Close 3s, 1946-48 101.3 101.6 29 Total sales in $1,000 units... Low. Total sales in $1,000 units... 101.1 101.2 13 99.26 2Hs, 1945 1 High 101.3 101.4 31 99.29 108 1 101.4 101.5 99.29 (High 22 101.11 101.6 (Close 108 107.23 101.3 8 (Low. 108 Low. 101.4 101.4 Total sales in $1,000 units... 4 C1086 101.5 101.2 (Close 2 Ha, 1949-53 21 107.28 107.23 Total sales in $1,000 units... 3s, 1951-55.. (High Total sales in $1,000 units. 111 Total sales in $1,000 units... 101.4 (Low 2 Ha, 1956-59 111 110.28 (Low. 111.3 Low. Close • 6 5 High Total sales in 101.16 101.16 9 112.22 3 101.13 101.17 13 1951-54 112.22 4s, 1944-54 Total sales in 101.11 101.14 Total sales in $1,000 units... 108 6 2 Ha, 107.22 107.9 2 102.18 (Close Low. . Total sales in $1,000 units... 14 102.15 102.13 1948-51 108 Close 3Ha, 1943-45 13 Jan. 102.11 (High 117.2 117.2 5 107.12 12 Jan. 102.12 102.16 (Close 116.31 116.31 107.9 10 Jan. 11 Jan. 102.13 Total sales in $1,000 units... Low. High Federal Farm Mortgage Jan. Jan. 8 (High Olosc 4Hs, 1947-62 No transactions of the day. computing the range for the year. account is taken of such sales in 102 8 37 101.17 28 15 102 101.19 11 102.4 102.3 101.27 102.3 102.3 102 102.4 102.3 12 56 17 *4 101.21 101.24 101.29 * (High J Low. 3 Ha. 1941 107.11 • « 107.11 2 107.11 107.21 107.19 ♦ (High 3Hs. 1944-40 107.11 107.11 {Low. 107.9 107.10 107.10 107.9 (Close 107.10 107.11 107.10 107.9 $1,000 units... 12 6 16 . m 107.10 Total sales in 107.16 107.19 107.18 107.19 7 3 6 Low. 101.15 101.17 101.19 101.24 101.29 Close Total sales in $1,000 units... 4 .... High 2Hs. 1942-44 107.13 2 f» — .... Home Owners' Loan 107.11 107.10 107.9 (Close Total sales in $1,000 units... 107.13 101.17 101.19 101.21 101.24 101.29 50 22 234 5 4 Odd lot sales, t Deferred delivery sale. Note—The bonds. above table includes High . -• . 102.5 102.8 102.6 102.6 102.8 1 Treas. 4s, 1944-54....112.17 to 112.17 1 Treas. Low. 102.1 102.5 102.3 102 102.1 102.4 3 Treas. 2 Treas. (Close 2Hs. 1955-60 102.4 102.5 102.5 102.3 102.3 52 12 High ™ . . 19 of coupon 104.5 104.13 104.4 104.5 104.10 to 106.3 2^8, 1955-60. .101.31 to 101.31 2>£s, 1949-53. 99.27 to 99.27 . 104.5 104.13 104.15 3 12 Treasury Bills—See previous page. 104.13 104.4 United States 104.15 104.5 . 3^s, 1940-43..106.3 20 34 104.9 .... .. 102.3 15 104.9 Low. (Close . sales 102.8 Total sales in $1,000 units... 2Hs, 1945-47 only Transactions in registered bonds were: Total sales in $1,000 units... 17 104.5 10 1 United States Treasury Notes, &c.—See previous page. New York Stock Record LOW AND Saturday vcr share 3834 BALE PRICES—PER Tuesday Jan. 10 $ per share SHARE, NOT PER Wednesday ( 11 Jan. $ per share 12 $ per share Thursday Jan. *38 39 *29 *30l4 4312 *32 4312 40 *45 55 *46 55 *38i2 *30i2 *4634 50 50 50 *48 10*4 10ig 103s *19i8 2034 1*8 56 Us 97a 20i2 2034 1&8 56 lh 978 *20 2034 11*8 10i8 *30l2 3878 20 20 2078 21 21 21*4 134 5612 *134 57 178 571? 134 158 58 U 5534 lh 72 11*8 387g 21 15s 1 38 21 56U 72 11*8 103S 38 11®8 1 *63i2 11*4 *1978 1*8 72 1138 lh *63i2 11*8 21 1*4 72 11% 10 *20*4 2034 *134 5514 1&8 19 1* lh 16 17 17 *15 17 *15i2 17 15« 17*2 17*4 1534 17 *15 17 *16*4 167„ 1534 16i2 205« 20 I8 2034 9*4 9*4 93« 20 8U 8*4 172i2 173 *9*4 *13i4 77« 9^ 14 8*8 20 85S 173i2 1761? 95s 1312 958 14 8 9 52 52 174 912 1334 14*8 9*4 48*4 1314 278 4912 51*? 50 13i2 27« 13*4 1358 1434 27« *1912 22 22 22 65 6584 65l2 66*2 64 66 66 66 1384 1514 1434 15*4 53 5234 5234 * 9l2 5312 50 3 1751? 9 50 278 1678 5312 4984 *51 Sales 2034 178 56*2 IH4 Friday 5134 1514 318 1*2 1738 17* 17*4 173« 2058 9i2 2U4 174 *9*2 1334 8*2 5278 50 1434 Jan. 1178 14 $ per share *3858 *30l2 978 600 10 8,600 *134 178 5514 lh 1»8 *65 100 21 1,400 900 5,000 8,600 72 115s 175 10 1378 9-% 20 912 171 *9i2 1334 8i4 17 17 17l2 2034 9i2 174i2 10 14 5278 51*4 1434 485g *1334 33g 24 54 814 49l4 14 66*2 *62 66 15 155s 54 54 54 this day. 10 14 1334 15 5234 2,500 4834 667« 1434 914 14l2 64 64 734 3 3 *22 65l2 ♦6U2 15 *5212 X In receivership, a 100 300 900 5,400 169l2 171 *9l2 1334 8,300 4,400 2034 4978 3 15 1978 914 51 2234 a:66i8 6534 1634 \ 1634 *15l4 17 *15i4 17i8 *1634 17i2 51 3 66*2 "lh "ih 812 *51 2534 66 on 958 *15l4 *15l4 17l2 lh 17 2334 66% 63l2 153s 5334 4,500 200 Abbott Laboratories Ad ami 25 Express No par Adams-Millie ..No par Address Muitlgr Corp Advance Rumely Air 10 No par ..No par Air Reduction Ine Nov 65 Nov 26 69 Mar 6 42 Mar 70 85 Aug 13 69 Apr Apr 74* 177, June 35*4 37* per share 8 per 22«g Mar 11 283s Feb 3 36 Way El Appliance..No par Vicksburg RR Co..100 Mar 13 July Albany A Susq RR 100 Allegheny Corp. No par 5H %Pref A with $30 war 100 5H %Pref A with $40 warlOC 5H%Pref A without warlOO 146 conv 1 Allegheny SteeJ Co No Allen Industries Inc Allied Chemical A Dye_Ne 1 Allied Kid Co 59*4 Feb 11 Oct 20 10 Oct 19 58*2 Feb 17 12is 10i2 Oct 19 62*8 Feb 18 455g Mar 16 27 13 pai par Oct 19 11 pref.JVo par Oct 19 11 Oct 5 Oct 19 612 Oct 19 145 Nov 23 5 7U Dec 28 59 No par 34 Oct 19 8312 8% Oct 19 li4 Oct 19 39*4 Def'd delivery, 10 Alpha Portland Cem No par Amalgam Leather Cos Ine .1 6% eonv preferred.. 50 Amerada Corp No pai 19 n Preferred New stock, Cash sale, 217, Mar 6 85 9 Jan Jan Jan Apr 207a July Oct 6*8 103 Apr Nov 171f Sept 195 Mar 512 Nov 61*8 Nov 6018 Nov 60 Nov 541S Nov 40* Oot 167 " "Jan 246 Aug 23 Aug 34 Nov 20*8 NOV 90 Nov Jan 22 36«8 Jan 81 Dee Jan 28 19«4 May 87S Mar IE 52i4 Mar 15 1147a Mar 11 6*4 4 Oct 31* No* 76 Jan 101*2 Jan 22 49 July Jan 16 38 Dec 65 Jan Oct 19 418s 75*8 Feb y Apr Feb 21l| J an 86*2 Nov Jan Dec 30 Ex-div. 218 Feb Jan 10 x 178 Aug 123s 1214 Nov 16* Nov 69 Mar 50 50 r Oct 20 51i2Nov 23 53i2 Oct 19 Am AgrlcChem <Del)..Ne par American Bank Note 10 6% Oct 19 6i8 Oct 18 Wo par Feb 11 2378 Apr 12 258i2 Mar 9 17*8 Aug 14 33is Jan 16 Dec 29 180 Jan 91 15*4 Feb 25 160 Aug 10 5*t Feb 18 49 9,200 2 100*2 Jan 22 Oct 19 ..100 600 Jan xl* Jan 68 Apr Mar 11 5% preferred A lbs-Chalmers Mfg 6,600 22*8 8 600 600 95$ 97 No par 4,100 9 44*2 Nov 24 l2 Oct 19 Allied Mills Co Idc Allied Stores Corp 1,300 Jan 4<s Jan 26 80% Jan 7 5% Jan 25 per Alaska Juneau Gold M1E...10 $2.50 prior Highest share $ per share 37 No par Straus $ share Mar 8 4334 Dec 29 778 Nov 23 1712 Oct 19 1612 Oct 19 ll2 Oct 15 No pai A Acm# Steel Co Lowest Highest $ 36 $ 4,300 35,700 17,400 Range for Previous Year 1930 100-Shars Lots Lowest Par Aia A 17", 800 12 .. 3 *64 5234 171? lh 1634 On BasU of Abraham """360 2078 55 Range for Year 1937 STOCK Shares 3934 40 *20i4 *2034 YORK EXCHANGE Week 52 52 1*4 72 *22l2 66*4 22 1434 5284 1% 177« 16*2 1712 22 Bid and asked prices; no sales STOCKS NEW the " lh 17 16 16 3912 40 4934 10l4 2078 1'8 *65 *46 lh 16*4 *14i2 *1412 13 $ per share 3834 43i2 934 CENT for Monday Jan. Jan. 8 $ HIGH Ex-rights. 4' 34ix Nov 534 Dee 39* Dee 125*2 Mar 89 Nov 6512 Apr 73 Nov 1 Called for redemption. Volume SALE PRICES—PER HIGH AND LOW 27 * 25 "*7 "*712 1234 15l4 4% *478 *176i2 4 *21 *95g 48 40 20 49 *100 * 25 101 ♦ 25 """loo 8 8 8 """400 2,100 3,300 "*7% 8 *7% 13 13 12i2 I3I4 1314 13i8 16 I6I4 1534 1634 15i2 163s 16% 85 85 *8119 85 *8H2 *8112 85 412 414 4i2 434 43s 412 4% 4i2 4% 43a 9 9 9 *5i2 *55g *534 9 *584 9 *5l2 9 *17619 300 *176i2 300 *17612 300 *176i2 300 *17612 300 300 4: 414 4 4% 414 4l4 418 4 4i4 4ig 418 2219 24 2314 22 22 22 21 21 21% 2U2 21% 1H2 10 10% 1034 113s 1014 934 10i2 9i2 10 9% 4 4 *23 25 24 36 36 378 *17 *1084 11% *m4 4 4i4 25i2 2434 41g *24 '25 1% 2 2 2 *1534 18 *16 18 7% 21% 2238 22 2234 22 68 70 66 6934 697g 70 14 14 14i4 14l2 1412 1334 478 1384 47g I4I4 5l4 37i2 37i4 38i4 18 2258 67 7i4 21% *66i2 2 *1638 178 18 1% 1% 27 38 30i2 127g 20 74 *13% 30 31 32% 353g 1314 34% 5134 53% 5234 5534 55 834 283s 110 18% 18% 147 19 69% 4% 31% 115 *110 7 1234 32 34 35% 35% 361 34% 47 47 47i2 48 4934 50 4934 50 50 1634 17 17% 17% 17% 17% 1734 *17 *15 19 * 92 35% *634 36% "36% 714 *634 414 4% 438 # 85 "~7% * 7l2 69 *66 * 92 38% 38 7 5 7% *7 5 ♦ 734 85 "734 American Preferred *35 40 *35 40 *35 40 80% *75 80% *73 80% *73 *74 2134 107 834 8% 70l4 25% 634 13 21% 105 87« 26 40 70% 22% 27 26 105 93g 9% 4234 43 47 47 48 110 *105 4 5% ; 5% 4% 4% *27g 3% 23% *17 *18 42 109% 6% 6% 534 6 3% 23% 41% 39 70% 70% 71 71 71 27% 26 5% *2% 6% 3 24 *17% 2134 105 93s 43 734 14 22 105 9% 43 7% *12% 21% *105 9% 42% """166 26% 7% 14 21% 107 9% 4234 2534 7% *12% 21% 105 9% *42 *18% *1634 20 *16% 23,100 3,600 7% 2,000 14 2,200 21% 105% 7,700 1,000 9% 5,600 43 800 50 1,200 9,900 200 4% 43g 4% 438 4% 4% 4% 4% 4% 20,500 83g 87g 8% 9% 8% 9% 9% 9% 8% 9% 834 9% 9% 10% 934 1034 10% 10% 31,200 12% 12% *31% 13% 12% *31% 12% *83 90 35 *31 90 *85 16% 17% 16% 18 10 10 10 10 27% 27% 28 28% 1484 15% 16 11% 117g 15% 12% 112 *110 12% 10% 1234 13% 33 33 90 *83 *85 *734 13% 4,100 30% *28 30% Z1534 16% 12% 12% 12% 110 110 *17 18 105 17 99 *9234 99 *94 *30 42 *30% 42 *30% *98% 1378 17 *29 *29 16% *90 85% *83 17 17 10% 18 8 10 *10% 112 7% 90 10% *17 8 90 90 *10 *110 98 100 10% 112 97% 33 17% *110 97 9% 1134 *32 10% 29% 29% 15% 12% 99 *98 7% 8% 8% 16% 1234 17 42 "97" *85 10% 34 10% 17 1634 90 934 11% *32 17% 17% *10 99 163g *90 * 10% 1334 15% 1234 500 31%' 15% 1534 1234 12% 12% 17,200 1,200 *110% 112 *110% 112 173.1 1734 1734 17% 97 *94% 105 *94% 42 *31 42 *31 99 99 99 *98% 8% 8 8 85% *83 20 900 *83 83 83 85% 100 14% 17% 1434 14% 1434 1334 14% 22,200 17% 1734 13% 17% 14% 1734 17% 17% 15% 15% 16 163s 16% 16% 16% 16 16% 16 15% 95 95% 95% 97% 97% 98 98 98 98 98 *2434 25% *2534 27 27% 27% 28 28 28 26% 26% 17% 17% 1734 17% 17 17% 17 17 1634 17 *16% 97% 27% 173g 3,100 37 3,200 63% 108.800 16 1,500 1,800 98% 1334 13% 13% 13% 17% *15% 62 *45 17% 17% 32% 34 34 36 37% 38% 37 3734 36% 62% 637g 33% 627g 65% 6334 65% 64% 65% 62% 64% 62 *16 177g 13% *15% 17% 13% *15% *43% 62 *44% 62 *46 3384 35 1234 13 33% 33 2634 * 2634 28 13% 29 33% 29 Bid and asked prices; no 3434 2934 33% 29 13% 13% 17% 13% 17% *15% 17% *15% 100 6% preferred RR—100 Ati G A W I 88 Lines. .Ns par 6% prererred 100 Atlantic Refining 26 4% conv pref series A—100 Atlas Corp 1 Atlantic Coast Line 60 6% preierred *45 62 *45 34% 32% 3334 29 2834 29 29 sales on this day i in receivership, a Def. 10% Feb 27 Oct 19 17% Oct 19 100 Dec 29 84 Jan Aug 128 Deo 47% Feb 7% 8% Jan Jan 95 Jan 02% Mar 18% Nov 22% 108 Feb May 27% Nov 12% Apr Jan 28 96 Dec 112 Oct 9 98 Feb 124 Oot 69 Jan 90% Jan 107 Oct 21% Apr 11 Apr 49 Deo 24% Mar Mar 5 67% Feb 18 Feb 18 88 June 29 100 7184 Dec 22 70 Jan 21 July 23 104 Jan Jan Dec 16 9484 May Feb 32% Nov 23 104 66% Dec 27 18 Oct 19 9 7 66% Mar 17 29 Mar 13 5 Oct 19 9 Oct 19 44 Jan 18 18 Oct 19 37 Mar 11 101% Sept 29 7% Dec 29 Oct 19 39% 116% Feb 18% Mar 6 0 Apr 13% 26% June 109 Sept 88% Aug Oot 31% 64% Nov 36% 118% Apr Deo 62% Mar 10 38 Nov 26 94 Mar 11 48 Jan 84 Nov ..No par 101 Dec 30 133 Jan 13 xll2 Jan 131 Nov 9 2 1 26 12 29 14 June JAuburn Automobile..No par No par No par Austin Nichols Del (The)....3 Loco Works—No par Avla'U Corp of Vot Ohio 4% preierred Bangor A Aroostook ...60 Conv 6% prererred..—100 Barber Co 4% Oct 19 3% Dec 29 2 10 No par Inc.. Barker Brothers —60 6H% preferred —...6 Barnsdall Oil Co Bayuk Cigars mc 1st preferred...... N» par 100 26 Beatrice Creamery Sept 25 Dec 29 Jan 36% Feb 18% 9% Feb Oct 19 62% Mar 9% Jan 3% Sept 10 11% Jan 15 2% 3 13 100 .....100 tr ctfs Baltimore A 6 8% Sept 11 Oct 19 Oct 19 10 Oct 19 30 Oct 19 89 Dec 22 10% Oct 19 734 Dec 29 20 10 9% 108 13% Nov 24 Oct 19 Oct 19 Oct 20 Oct 19 Nov 10 9% Jau 30 26% June 5% June 10% 29% June 46% 3 Apr 2% July 47% Mar 17 46 Feb 11 110% Feb 43% Mar 8 9 32 Jan 21 42 Jan Jan 7% Mar 11% Deo 2% July 9% Dec "15% Apr "27% Nov 21 Apr 39 Deo 41% 49% Fob 23% Aug 18 40% Mar 17 30% Feb 64% Mar 24% Nov 13% Jan 14% Jan Oct 38% Dec 2% Nov Jan 21 35% Feb 1 20% Jan 17 115 Aug 16 28% Feb IO684 Mar 16% June May 110 Jan 9 18 Aug Feb 28% Dec 22% Nov 116 Dec 28% Nov 105 July 8 100 29% Dec 29 43% Feb 19 36 Beech-Nut Packing Co 9084 Oct 19 114% July 14 85 Feb 7% Oct 19 16% Feb 13 Dec 16% Mar 82% Dec 10 8% Oct 19 88% July 30% Feb 23*4 Jan 62% Jan 8 4 11 5 8 83 June 600 ....No par Bloomlngdale Brothers. No par Blumenthal A Co pref.....100 62 32% *28% 6 70% Mar 13 Nov 27 4% June 6% conv preferred... ..100 Atlas Tack Corp No par Atlas Powder 17% 62 34% Jan 120 4 Jan 60% 1 Dec 23 6,300 2,500 17% Jan 13% Feb 27 99% Mar 33 Blaw-Knox Co 8% 31% Jan 110% 7% 126 1,300 *8 1434 85% 122 101 No par 60 20 Beidlng-Hemlnway ...No par Belgian Nat Rys part prei Bendlx Aviation 6 Beneficial Indus Loan..No par Best A Co No par Bethlehem Steel (DeD.No par 6% preferred 20 7% preferred 100 Blgelow-Sanf Carp Inc. No par Black A Decker Mfg Co No par 87% *83 Jan May 105% 9 $5 preferred w w 500 1734 60 118 6 2 Beech Creek RR. 42 102% 1334 *83 Apr 8 Mar Dec 90 15% 37 121% Feb Nov 20 Assented........ 10% Nov 83 Baldwin 33 Nov 7 58 5,800 35 43 July 100 20,800 12 Jan June 3 preferred 100 Assoc Investment Co.. No par 6% pref with warrants.. 100 $6 pref without warrants 100 Atch Topeka A Santa Fe..l00 2d 89% Deo 20% Mar 9 Oct 19 1st preferred Deo 65% Nov 111 Feb 6% 7% Mar 60 Jan May 30 6 70% 10% Feb 10 40 Feb 18 4% Oct 19 Dec 29 2% Jan Feb Feb 97 111 15% Oct 11% Feb 13 96 26 prior A 4% 36 Jan 27% 109*4 Sept 37% Jan 12 57 4% 3% July May Feb 23 24% Aug 4 80 Jan 7% Sept 62% Sept 28 Co—No par Arnold Constable Corp 5 Artloom Corp —No par Preferred ..100 Associated Dry Goods...— .1 7% preierred Deo 24 111 Oct 18 93 Armstrong Cork 20 4% Oct 20 Oct 19 2% Dec 29 22 Dec 28 N* par 100 26 conv pref Oct 19 11634May Mar 18 19% Apr Feb 23 97 Oct 20 10 7 Feb 150 09% Mar 10 96 Jan Feb 102% 104 79% Feb 23 39 Cable..No par GlassCorpAo par 16.60 conv preferred.No par Andes Copper Mining 20 A P W Paper Co No par Archer Daniels Mldi'd.N# par 7% preferred .100 ArmourACo(Del)pf 7% gtdlOO Armour A Cool Illinois 6 26% 190% Nov Jan 92% 1 14% Jan 18 Jan 12 8 Jan Sept 145 8% June 136 79 20 *27% Oct 19 24% Nov Feb 107 Deo 63% Aug 88% Mar 4 3 29% Jan 13 20% Feb Oct 20 04 36 Mar 87 Jan 28 99% Feb 25% Dec 15 3% Oct 19 LeadfA Smelt.... 1 f 5 prior conv pref 26 Anaconda Copper Mining..60 Jan 150% Jan 26 3% Oct 19 No par 100 Preferred. Amer Zinc 1,100 4 ' No par 16 1st preferred American Woolen 1,500 2534 47 47 *45% 47 *45% 47% 109% 109% *109% 111% *109% 111% 7 634 634 7 7 7% 5% 5% 5% 5% 6% 6% 3% *2% 3 3% 3 *2% 20 Am Water Wks A 7% 72 26% 8 82 Founders Inc Elec.No par Am Type 149% Apr 99 Oct 19 Oct 19 73% Jan 145% Deo 20% Mar 8 187 4% 162% Mar Jan 26% Jan 25 Oct 19 Dec 28 6884 Dec 28 128%May 13 100 10 129 Dec Nov 103 Apr 24% Deo 48% Apr 60% Jan 11 Jan 13 67 ....26 6% preferred Jan 46% 20% Jan 21 143% 140 Co—100 ....26 Common class B 200 40% 7% 47 42 39% 13% 22% 21% *103 97g 42 734 14 110 5% *27g 15", 900 80% 40% 14% 734 7% 14% 105 41% 48 42% *45% 200 3,800 *70% *70% *70% *70% 40% 70i4 110 *413g *105 5,100 734 40 38i2 American Tobacco 100 82 *74 Amer Telep A Teleg 900 70 *74 8034 2l3g "7% *65 82 *70l4 106 24,100 85 70 8034 6% 200 7 *74 *73l4 12% 10 478 *64 *337g 25 8% ""400 38% 82 35 6% 20 1,000 92 69 35 11 "7% 68% Jan 29 Feb 6 1047g Oct 11 14 Oct 19 Anchor Hock 68 *70 24% 4*600 300 *70 82 73 8% 5,100 21,500 40 82 28% Nov Jan 66% 148 Am Sumatra Tobacco..No par 1,700 86 68 "6ot Apr1 136% Jan 57% Mar 133% Jan 26% Jan 20 Anaconda W A ♦ 2 Oct 19 Nov 16 7% Dec 29 24 Dec 28 1,100 434 Dec 46 125 American Stores 1,300 *658 85 122 100 No par American Sugar Refining.. 100 Preferred 100 2,400 18 3634 Nov 39% 25% Mar 19 73% 497g 7% 37 Dm 18 Mar 11 Jan 28 154 22% Oct 19 49% 5% * Snuff 58 J 06% 7 Nov 23 Amer Bteel Foundries.-No par 1~4~ 700 500 *70 40 *70 "77g 41 Co.No par Refg.No par 100 26 6% preferred 70 *66 *35 39% 85 24% Dec Amer Smelting A 35% 147,700 38% 165% Aug "3l" 8 300 68 *70 37i2 * 5 Jan 23% July """700 Amer Ship Building 34 47g 36% 734 647a Nov July 134 18% Apr 167 Jan 21 170 Feb 20 7,000 *6% 39 74% Sept 27% Jan 29 36,700 *80 87% Sept Feb 7% Oct 19 7% 92 14% July Feb 7% American Seating Co..No par 800 *66 82 *7014 5 8% *80 90 90 47g 38% 3814 714 85 "7I2 92 Feb 30% 1,300 1,590 36,600 5 5 5 *3% 5 *3% *3% 434 *3% *3i2 4i8 *3i2 3234 29 *29% 31 *30 30% 2834 2814 2834 28i4 *28 3234 120% 120% 120% 120% *119 120% *119 *118l2 120i2 *11812 12012 *119 *100 100% 100 100 100 100 *97% 100% *99 107 *9634 102 6 6% 6% 6% 6% 6% 67g 6% 678 6% 634 6% 71 71 72 *70 7134 68 68 7134 67i2 65 C712 64 * Feb 43 Feb 109% 109% *105 18 17% *15% 109% *105 *105 19 18 16 Dec 36 115 *17% 122% Nov 29% Jan 27 15% Dec 29 5% 50 17 Jan 15% Nov 48% Deo 101% Aug 18 30% 353g 24 118 63% Dec 29 7% *33% 40 Jan 1 72% Jan 12 29% Feb 3 Oct 19 Oct 23 9% 61% Nov 5% Jan Apr Apr 25 5% 7% 3634 105l4 *10214 109 140 American Rolling Mill. 29% 5% 32 *35 40 Oct 19 100 46 May 4)4 % conv pref 100 American Safety Razor.. 18,50 13 *80 86 7% *37 40 26 600 3034 7% 8% Oct 19 4,500 *5% 5% 5% Oct 19 18,000 2,100 71% *80 86 Dec 29 3 31 Oct 10 45% Mar 11 20 71 71% Deo Jan 21 15% Oct 19 *138 *80 26 Preferred *68% 70% 22% Oct 4% 8 129% Feb Nov 20 No par 25 preferred No par Am Rad A Stanu San'y.Ne par $6 preferred 139% *138% 139% 7 6% 6% 634 13% 12% 13% 12% 71% Deo 31% 6884 Mar 10 24'4 Nov 22 Light...No par Oct 00% 31% Deo 9 16% Jan 13 87% Jan 18 Oct 19 3 Fob 9% Mar 60% Deo 21% July 8% Mar 13% Jan 20 29% Mar 10% Oct 19 Deo 37 11% Mar 13 65*4 Mar 13 62% Mar 3 Oct 19 53 ..100 6% conv preferred *69 70 35% 18 10,300 200 36% 18 16% Sept 9% Apr 23% Apr 00 Apr 36% II,900 34% 105 17% Mar 11 68% Feb 4 125 Feb 6 Preferred 18% 40 18 27% Feb 15 Amer Mach A 147% 148% 40 109l2 Oct 20 684 Dec 29 14% Oct 19 14 100 pref non-cum Metals.-No par Amer Metal Co Ltd—No par *18 185g 8% 2% Sept No par Amer Mach A Fdy Co.-No par 1483g 149 *17% 148% 149 39% 17 484 Mar 16 10 Deo 14% Jan Feb 21 29% Deo 175 Apr 13 5% *110 120 *110 185 *17% 38% *103 25 6 American Locomotive..A 0 par 33 35 32% 54 52% 55% 53% 133 *130 *131% 133 51 51% 50% 50% 133% *127 133% *127 33% 32% 33% 32% 11 10 10% 10% 30 29% 29% 295g 8% 1634 12 68% Jan 22 I,000 3,100 2,400 *34 734 *1634 38% Jan 22 ..No par 8,800 13 Oct 68% Jan 18 American Ice 40 60% 6% Apr 1384 Jan 22 Dec 174 Jan 14% Dec 29 7»4 Oct 19 2% Oct 19 20% Oct 19 32% Oct 19 1% Oct 19 72 14 984 175 4 17% Dec 29 684 Oct 19 Hawaiian Sb Co 6% Apr Apr No par preferred A ...No pa> 16 preferred Amer Jan 3% Jan 18 Mar 137% July Jan Apr 2134 *19% 13 13 55% 33% 20 20 2078 2014 86 *37i2 2d 16% 89 2 13% Jan 28 2% Oct 19 Amer Interest Corp..-No par 5% 34% 39% 383s 313g 71% 77g 226 6,700 20,300 40i2 139% 8% 8% 17 Oct 19 32 32% 32 33 32% 13% 1378 13% 13% 13% 13% 165% 165% *157 16512 165i2 *157 21 21% 217g 2238 21% 2178 77 77 77 77% 77U 77% 71 514 Oct 19 38% 18% 32 33% 32 5 175 3,100 7234 53s 5% 5% 29% 11 1,100 28 35 *80 Sees..-No par Co 100 39% 139% 7% 71g 127g 12% 86 Nov 29 Oct 19 17 preferred 2,100 4,900 99% Mar 2 100 35% 563g 717g 12% Oct 19 Amer Power A 139 12% 11% *80 86 *80 72 139% 139% 7% 7% 12,600 7% July 20% July 80 Amer A For n Power...A# par Nov 27 30«4 Mar 31 33% Jan 21 .100 Amer Express 87% May 3 Encaustic Tiling.. 1 1st preferred American News Co new No par 14734 149 71 693s 68 69% Jan 25 23% Mar 8% Oct 19 "2", 300 13% 6% 6% 13 *70 70 68 139% 139% 7% 634 12 12% Aug 12 29 29,000 13«4| *17l4 14834 14934 149% 112 ""HO 39i4 120 *110 110 *18 110 *109 Oct 19 Amer European 119 134 *131 *130i2 134 52 *5034 51% *50i2 50% 133% *126 133% *126 33 34% 3314 3434 33% 9 9% 938 834 834 31 29 30% 3018 28% 33% 32% *8% 2734 1C Corp..20 Crystal Sugar 10 American "5", 200 1% 28 133% *126 *126 90 73s *105 50% 51% American 18 29 134 *130 135 *50 120% Deo 113% Oct 3584 Deo 10% Deo 36% Nov 32 Aug 101 Sept 678 20i8 14% Nov 63g 39 20 21 13 111 Oct 19 20% Dec 30 5% Oct 19 300 119 7i8 25 100 6% preferred 60 American Home Products...1 28 2878 6% 13 Apr American Hide A Leather... 1 *70 37 57 Deo 141 30% Apr 4 3384 Aug 25 150 Apr 25 Am Comm'l Aloohol 500 *105 119 *105 28i2 *2038 *129 5% 35% Feb 104% Feb Oct 19 100 67g 3184 30i2 3034 3012 13i2 13% 137g 13ig 13»g 169i2 169i2 *163 169i2 *163 223s 21% 22l4 207g 207g 76 76 75 75i2 7512 *20 1334 5% 3834 2834 37ig 3734 3734 3812 31% 5i8 37 7134 May 100 500 *7% 22 70 102 71 9 4 Co)25 200 21 21% 2:1334 Jau 86 6,000 1% *163g 7% 7% 6% 6i2 6ig 734 27i2 28 2734 18 758 5 119 *105 119 *103 2734 67g 634 *163 36 3678 119 *103 4% 4i2 4l2 35i4 178 178 *16 778 7% 7% 174 11% Oct 19 3734 3734 38% *37 3912 Dec Dec 36 11% 4 *23 26 110 1517g Oct 22 15% Oct 19 4% 2434 11% 43g 4% 26 7% 21% *15i2 11% *11% 4l8 25 *37 39 *37i8 37 37 11% 4 May 9 American Colortype Co 6% 19 19 19 19 20 20 *17 1H2 *1034 11% *1034 16U *80l2 4l2 18 18 19 13 16l2 85 *82 124 Jan No par Am Coal Co of N J(Alleg 13 ~~8 Feb 18 121 100 American Chicle 25 Deo Apr 160 69 5% preferred 150 *99 99 101 * 25 *100 150 99 150 *98 101 1634 163s 70% 40 1 109 Am Chain A Cable lnc.No par 6,300 163g Highest Lowest % per share S per share share 8O84 Feb 18 per Dec 29 28 100 Preferred 900 50 16 Range fo» Previous Year 1930 Highest 3 share Oct 19 per Fdy-No par pre! Can American Car A Fdy ...No par 3,900 26l4 25% *47i4. con v Preferred 100 164 164 47i4 4,800 8OI4 7912 5%, % American 2 25 100 Am Brake Shoe A 3,000 122i2 2612 173s *100 150 *98 13U 16 1534 *16i2 , 42i2 122 2512 27i2 48I2 17 173g * 8 13 1234 85 *80 48 *100 25 8 27 17lg 101 *97 101 *97 * 27i4 48 26i4 27i4 26i4 47l4 49 47i4 16i2 17% 16i2 *100 150 *9978 150 25i2 *46% 1578 Par Shares $ per share $ per share 42 *41 41 42 4034 4034 4H2 40l2 123i2 123i2 *121 12312 *121 123i2 *11634 123i2 *117 80 81 82 8134 817g 82 81% 82i2 7912 80 *164 16618 *163 166ig 166i8 *163U 168 *163% 166i8 *163 ' 4H4 4034 *11619 of Lowest Week 14 Jan. 13 Jan. $ per share $ per share $ per share % per share Friday Thursday 12 Jan. 11 Jan. 10 Jan. Wednesday Tuesday Monday Jan. 8 On Basis YORK STOCK EXCHANGE NEW the Year 1937 100--S/wr« Lots Range for STOCKS Sales CENT NOT PER SHARE, for Saturday 397 New York Stock Record—Continued—Page 2 146 41,700 1,300 delivery. Hoeing Airplane 15 Oct 19 29 Dec 29 41 Oct 19 14 Oct 19 85% Nov 24 22% Dec 30 13% Nov 24 9 Oct 19 1538.Deo 13 60 Dec 3 Co...——5 16 Oct 19 6 21 Oct 19 Bohn Aluminum A n New stock, 92 Brass r Cash sale, x Ex-dlv. 105% Mar 11 20 Jan 18 129% Feb 10 69% Feb 10 38 Jan 21 29% Mar 10 32% Jan 7 94% Jan 16 49% Mar 3 48% Feb 13 y Ex-rlghts. 5 42% Oct 112 Dec 21% Jan 89% May 32% Oct 20 Jan 26% 48 Jan 72 46% Apr Apr 77% Dec 20 Deo 10% 107% July Oct Nov 135% Nov 23 Jan 65% Dec 28% Dec *34% 24% Deo Deo 14% July 18% May 77% July 16% Apr 40% Dec 38% Nov 120 37% Oct Dec 63% Mar Called tor redemption New York Stock Record—Continued—Page 3 398 SHARK. BALK BRICKS—PER HIGH AND WW NOT PER Jan. Jan. 8 S % share ner Jan. 10 90 90 40% 13U 41% 91% 92 44% 43% 13% 19% 18 18% 18% 275s 378 27 28% 18 7a 2784 434 4% *12% 37S 12% 4% h 78 19% 13 13 % 19% 28% 434 78 NEW *21 *30% 33% 2% 7fi *21 22 21 IOI4 10% 10% 1034 23% 24% 24 25% 105s 24% 28 28 29% 30 30 34% 32% 2 2 2 32% 2% *32% 2% 77g 35% 2% 21 20*4 21% 36 36 39 39 9% 4*8 934 95« 984 4% 50 50 5 49 5 4% 27 27 28 30 I8I4 1834 19 19% 7\ 19% *135s 758 *1934 4% 6% 547g 5% 6% 52% 5% 31 31 20 20% 9 9 9% 934 105S 11 36 36 35 3034 36 19 19 22 237g 23% 1934 2334 1934 22% 19% 24% 15% *41 1534 15 16% 16% 44 44 77g 16% 8% 34% 32% 6 6 6 r6% 45 *37 45 *37 45 95 *79 95 *81 82% 80 80 *81. 85 *80 17 17 17 18 18 1534 8% 4% 10% 4 3534 170 1,900 *534 *38 * 378 91% 102 52U 75s 77g *32 34% 4 4% 92 90 103 103 53 92 ~2434 *58 *27 4 *10312 *9.'% 7i2 *514 104 4 91% *105 * 24 23% 5,200 230 By ere Co (A M)——No par Fartlc preferred... 100 97 45% 8% *95 97 44% 8% 8% 28 29% 8 30 3034 104 30 30 30% 10% 43% 1178 43% 3534 38 10 10 35 437g 357g *89 90% *89 1 1 *1 *284 3 3 *1 1% 1% 4% *2% 5 12% 125S 4% *2% 1284 1 1 1 *414 1% 1*4 46% *1 5 1% 1% I3g 1% 4% 1 1% 1% 31% 1% 12 1234 12 30 30 *30 31% 1 1 31% 1% *30 1 10 10 13% 484 13% 434 2% *2% *10% 1334 4% 49 *39 1 2% 2% 2% 1 2% 2% 2% 12% 2% 12 12 50 12 1334 *14% 4% 4% *40 52 5534 59% 5784 1278 13% 13% 13% 62% 62% 62 63% 65 65% *56 *3% 23% 3% 21% 23% *10678 107% 82 *151 257g .... *24% 107 25% 82 ♦ 26% *77 82 40 39 m. *77 - — - - 700 2,400 200 200 500 1,400 70 «. 169", 700 2,000 220 3% 3% 3% """600 23% *22% 23% 1,400 108" """326 23% 1,400 *151 2334 82 *77 *151 108" 23% 82 Oct 19 312 Oct 19 100 *77 82 ...... *47" 3984 3934 38% 15% 39% 39% 15% 15 15 14% 14% 15% 15% *115% 124 *114% 124 *112% 124 *114% 124 120 121 121 121 120 120 120% 120% *5734 *58 59 *58 59 59 *57% 10% 10 10% 10% 11% 11% 11% 95 95 95 95 95 95 94% 25 25 25% 26% 26% 27 27 * 98 98 8 *10% 29 *15" 18 18 8 11% 11% 9% 2078 8% 1134 9 9 2034 20% 7178 14% *3034 834 2034 20% 7378 20% 7178 15 15 33 *31 9 67 "36% 37% *831? 95 40% *91% 8% 178 *38% 42 93 6% prior preferred 100 CbampPap A Fib Co 0% pf 100 Common No par 8% 2 39% 8% 1% 3884 19 8% *10S4 834 *11 11% 10% 94% 273s 94% 26% 94% *14" 1934 *92 9",200 94 26% 26% 95 95 29 *14 800 26% 29 19* 19% 18% 8 834 10 2,500 " ,1034 98 * 29 10% 8 *7% 19 4,700 "5", 000 350 8% 1134 *9% 11% *9 11 *7% 11% 30 21% 21 21% 20% 21% 21% 21 21 4,100 1,700 76 75 76 21% 21% 74% *8% 21% 11 21% 15% 14% 33 74 1434 33 21% 33 834 8% 77 _■ "37" 67 37% 95 *86 95 42% 42% *91% 42% 884 9% 1% 2 93 8% 2 39% 9 9% 77 * . 14% *32 39% 93 3934 76% ♦ *86 43% *92 9% 1% 42 73 12 73 *71 15 14% 14% *14 32 32 *32% 34 9% 76% 9% 7638 38% 95 67 *86 43% 43 200 55,200 78 * 67 37% 37% 95 *86 42% *91% 8% 1% 4338 *91% 93 10 9% 10 2 1% 41% 2 42% t In receivership, 41 4",900 a "5", 900 93 Nov 97i2 May 47*4 Jau 8U June 108 Oct 74 Nov 57% Sept 4 101 Mar 6314 June 10 19 Aug 111 22U Jan 90% Mar 6 59 Jan Oct 19 687a Mar 4 61 Jan 100 89 Dec 15 tChlc A East 111 Ry Co... 100 6% preferred 100 tCbicago Great Western.. 100 »4 Oct 19 4<4 Mar 16 2 Oct 19 13i2Marl7 1 Oct 19 A 4% preferred.. 100 Chicago Mall Order Co ..6 IChlc Mil St P A Pac..No par 6% preferred 100 ^Chicago A North Weet'n.100 Preferred 100 Chicago Pneumai Tool. AT© 7% preferred 3 Oct 15 2i2 Dec 28 10 Dec 28 % Dec28 U8 Oct 19 48 Feb 13 4 Mar 8 18% Mar 0 1238May 19 Jan 20 32 3% Mar 18 7% Mar 17 08s Mar 4 19% Feb 17 33 Feb 45 Chile Copper Co Chrysler Corp City Ice & Fuel 6>S% preferred City Investing Co City Stores 3«8 Mar 17 12 Oct 19 22% Jan 29 3 Oct 19 167g Mar 25 6 36 Oct 19 40'8 Dec 29 No par 11 Oct 19 l*a May 27g Jan 1»4 Apr 4 Jan 6 May 258a May ll2 278 Apr Apr 2i2 Apr 80 57 Dec 31 92 Feb 18 58 Dec 21 74 July 15 2 Oct 19 Special guar 4% .50 Molybdenum..No par Coca-Cola Co (The)..-No par Class A No par Clas8B 2.50 Columbian Carbon Columbia Plct v v t c No pox t c No par $2.75 conv preferred.No par Columbia Gas A Elec_.No par 6% preferred series A 100 6% preferred Commercial Credit 100 10 4% conv preferred 100 Comm'l invest Trust ..No par 3"O",O66 $4.25 conv pf ser '35.No par Commercial Solvents..No par 35,300 Commonw'lth A Sou n Feb 90 Deo 51 48 48 Apr 297$ July 15 1327aJune 3 170% Apr June 124 Jan 129 July 84 Jan 134 Nov 5558 Jan 58 Nov 2584 Mar 19 13 June 21% Deo 0 100 Aug Apr 100% Feb 51 ?s Feb 10 27U Mar Dec 29 30 758 Dec 29 1084 Dec 29 105s Dec 28 05 Nov 23 29 5 39% Jan 30 Oct 48 Deo 19 Dec 30% Feb 8% Jan 14 19% Jan 377g Mar Jan 25 16 Jan 36 Aug 31% Aug 12584 Apr 2 94 Jan Oct 19 39% Jan 20 31 May Jan 20 207a Jan 14 39% Dec 14 Jan 1 46i s 136i2 Aug z45% 51% Jan 8 90% Jan 108*4 101 Jan 14 80*4 Jan 103 44 Jan 69% Jen Dec 14 Dec 28 114 86 Dec 21 120 5 8 Jan 12 100% July 80% Jan 26 55 Jan Jan 25 97 Jan 21% J&n 21 14U June Oct 19 Oct 19 4ig Jan 13 755g Jan 13 59% Ex-rlgbte 2% Apr Apr Jan Jan 23 >g July 108 34 v Mar 2 32 2534 Dec 28 «4% Oct 19 sc68% Oct 19 64% Dec 28 30*8 Dec 29 Ex-dlv. 6684 Nov 28% Sept Oct 19 x Deo 9 1 Cash sale 77% 2 34 r Oct Dec 24 No par New stock, Oct Mar 82 41 $0 preferred series...No par 1,800 Nov Oct Jan 14 80 50 Deo 50% Feb 26 10 Deo Nov 47% 90 8 51 138*4 Nov 111*4 82 6244 Feb 13 11284 Mar 11 45 Apr 12 100 Oct 30% Jan 14*4 Deo 200 104% Jaq 1st preferred July Jan Jan July 7 Dec 21 4% Mar 33 Jan 18 Jan 8 325g 89*4 Nov 150i2 59 Feb 8 13% Nov Dec 29 4% 2d preferred.. 100 Columbia Broad SysIncclA2.50 Jan "3" Jan 727g 45 107U 5i4 Dec 29 Feb 23 Oct 18 11% Oct 19 Feb Jan Jan 26 57g 478 125s Oot 247g Dee 46% Mar 18 100 Jan Jan 95 Colorado A Southern 12 3378 Nov 278 Feb 23*4 100 Colonial Beacon Oil...No par Colo Fuel A iron Corp. No par Jan 48is Aug 16 9834 Nov 24 Jan 8% Deo 25g Feb 145g Deo Aug 10 No par 100 314 Jan 179 8 Nov 77*4 Nov 15U 113 Oct 69lg Apr 100 85i2 Oct 18 47% Mar 31 Deo Jan 0% preferred Collins A Aikman preferred Jan 1912 Dec 29 24f2 Nov 26 13% Dec 29 110% Dec 28 9384 Oct 19 56% Jan 29 8% Oct 19 Deo Deo 4*4 par conv Apr 10284June 21 179 38*4 1 105s Mar Colgate-Palmollve-Peet No 5% li2 3i2 Apr 314 Apr 25 5 Clev Graph Bronze Co (The).l Clev A Pitta RR Co 7% gtd.50 Apr Mar 11 135% Feb 11 218a Feb 18 48 12i2 7 100 17% Dec 29 6*4 May 3 100 Clark Equipment No pai C C C & St Louis Ry Co. 100 Clev El Ilium $4.50 pf.No par 72i» 111 Aug 28 9 10 2 Def. delivery, Oct 19 19U Mar Mar 11 100 No par Chllds Co 93g 4134 Feb 12 Oct 19 600 " 95 4334 93 42 1,500 2,200 9% 78 76% "37% ♦ 38 72 9 9% Feb 57 Apr Nov 24 30 14% 34 67 "37% *21 Feb 10 Apr 0i2 5 20 11 *9% 82 35 31 Cluett Peabody A Co...No par Preferred 100 21% 21% Bid and asked prlces;no sales on this day 10% 115 59 Jan 14 86<s Mar 10 23% Feb 10 Sept Dec z40 3,800 118% 121 *58 115 3 Deo Dec 6 Checker Cab Climax *8 79 4134 *i2% 19 59 103i2 Dec 2 25i8 Nov 23 14% Mar 86 Jan Deo 9% Chesapeake Corp No par Chesapeake A Ohio Ry 25 3,700 37% 14% 21% 67 *86 29 8 115 121 11% 98 18% 9% 37% *91 * 121 *58 59 37% 14% 21% "36% * 98 *12% 29 8% *7434 75 75 * * 18% 8 *12% 17% • * 38% 37% 15 14% *115% 119 Sept 23 3ig Oct 19 1812 Oct 19 __ 3934 95 34*4 Dec 29 1 .. *107 24% Oct 19 4 397g 37i2 17*8 Sept 23% - 8 110 Jan Chlckasha Cotton Oil 75 ~ Central RR of New Jersey. 100 Central Vloleta Sugar Co... 19 Century Ribbon Mills..No 3214 05s Nov 19*4 35« 26 May 25*a 884 Mar 8 27i2 Jan 14 50 *56 54 1 900 *65% 7 0i2 Oct 19 4,000 75 Apr 6% preferred 100 Chicago Yellow Cab...No par 5% 69 Dec 19 107% Jan 26 4184 Jan 15 2484 Jan 11 Preferred Nov 106 June 29 Certain-Teed Products z91 8 90 Cerro de Pasco Copper.No par Jan 21*4 May 9 pref..100 par July June 12% Jan 28 Feb June 143 48% Mar 82i2 Jan Central 111 Lt 54*4 9«4 186 700 15% *56 Oct Dec Jan 10% Feb 19 1,200 13 Nov Jan ls-8 Oct 19 *14% 5% *65% I 684 May 92i2 116 100 12% 59% 115 Feb 39% Jan 12 900 13 19i« Dec 29 912 Apr 20 191% Aug 3 12934 Jan 22 28«4 Dec 14 a4 Dec 28 234 2 103*4 Feb 2 *3 conv preferred No par JChlc Rock 111 A Paclflo... 100 500 1,200 58 Jan par 12 *40 Jan zlOO 78 Dec 29 2% Dec 23 0«4 Oct 19 6,200 2,500 3,700 1% 13% 87 91 Oct 19 JChlc Ind A Loulsv 4% pf.100 31 50 8 Jan 18 Oct 19 2,700 12 5% Jan Feb Oct 21 Preferred series 1% 53 45>4 102 2 810 1% 18i2 106 358sJune Feb 08*4 Nov 8 Oct 52 5% preferred 10 4% Apr 12»4 May Nov 12 24 Central Foundry Co 6,600 16,400 15% 37 1 100 Central Agulrre Assoc.-No par 40 1,000 2 100 No par 1,300 78 13 prior pref 7% Ceiotex Co 9,200 1% 234 9 18i2 Mar 11 5214 Jan 2 Dec 21 1% *1 Aug 16 90 I. 1 6% preferred 100 334 31 3712 Dec 16 Dec 60 41%May 20 6 Caterpillar Tractor 91 31 Nov 24 4% Dec 29 3084 100 1,500 2,200 14,500 603* ~ Nov Jan 105U Aug 11 12 11% 107% *107 24% 3 % Jan Dec 29 50 75 *151 107% 107% 107% 107% 25 Deo Dec Jan Dec 15 Carpenter Steel Co 800 31 24 48*4 Dec 107S Nov 22 30 13 23% Oct Apr 29i8 88i2 54 13 5,800 138 1% 28 17i2Mar 0U2 Jan 40 17,600 1178 334 3384 6 Jan 14 01 97 784 4 0 100 13% 1% 25 No par Dec 6% Oct 19 No par 4434 58% 3% 16*4 Nov 10% Apr 64ia June Apr 0i8 Feb 25 Cclaneee Corp of Amer.No par 78 1% 100 Oct 19 Dec 16 2,000 106 4% 12% 1 97 34 2% 2% *56 334 23% 31*4 Nov 33U Nov 058 Mar 5218 Sept 29 100 12,000 2284 13% 65% 65 75 *3% 23% 334 *151 *151 *56 75 30% 100 1334 *40 2 1 Stamped 800 115 61 59% 13% 48% Feb Preferred 5 50 *41 60 13 18% Dec29 4978 Dec 28 Case 'J I) Co 5 5% 22 9 Jan 11 Carriers A General Corp 5 15% 2 3384 Mar 13% Nov 19 27g Oct 19 80 Nov 23 *2% 13% *2% 2% *12% 34*8 Mar 90 1% *1 5 2% 2% 1284 15% 5% 91 Oct 19 85 5,000 18 29 *3 1% 5% 50 5534 1% 1% 4% Oct 19 _ 100 105 *89% 1 15 15% 5% 13 75 43 91 34 12% 31% 1% 2% 527g * 2234 12 *2% 13% 78 1% 1% 4% 4% 12% 12 2% 2% 5 34 1% 134 11% 25 *90 50 Canadian Pacific Ry 120 45% 14 Oct 19 12% 1,600 37% 14 0 24 _ 5,000 4% 91 10734 36% *2% 4% 12% 3% 21% 1734 5% 34 4 *56 50% 377« 5 5 14 Jan Capital Admin class A 1 S3 preferred A 10 Carolina Clinch A Ohio Ry.100 600 17% *10% 451.1 5 5% *2% 25g Cannon Mills 60 10034 10034 1% 14 178 1% 4 *37 4% 90 *105% 1% 334 1 37g *2% *134 17% 46 334 9U Feb 25 500 6% 0% 29 *1 Dec Dec 700 34 "36" *1% 5 5% 1% 1»4 17,900 77g 734 * 1 131$ 293g Apr 29 3% 1% 5% Apr 3 108a 7% 1 1 2 14ia 18U Mar 38% Mar 19 *95 3% 45U Feb 36% Mar 10 9% Oct 19 8 *1% 1% Oct 19 5% Oct 19 I6I4 Oct 19 2% Oct 19 44 44% 1% Dec Canada Sou Ry Co 20 48 34 106 3% Mar 58,700 23 1% Oct 9 33i2 19% 18% *40% 115 3% 34ig Jan Jan 10i2 Nov 40U Apr 30 *89% 1 Jan 104 *89% Feb Apr 2% 8% 1184 Jan 29 39 Jan 19% 1134 9 368s Feb 1«4 Oct 19 6 67g 37% 188s July 14 30 8 46 25 Mar 20% Jan 12 29 377S Dec 14 37«« Feb 13 30 30% 11% 46% 38% 92% 35i2 Oct 19 104 46 381.1 95 7% Apr Dec 28 30 30% 11% 37% 13 334 104 30% 12% *89 43% Dec 20«4 Campbell W A C Fdy.-No par Canada Dry Ginger Ale 6 104 29% 104 *95 4534 8% 778 11% 46% 90% 1% 3% 1% 106 4334 • 3084 * 104 31 43 46% 8% 104 ( *28% *95 100 4434 59*8 Jan 18 45U 115i2 Sept 15 61 58 58 *57 57 57 *51 62% 62% 28 27 27 26 2734 2734 26% 2734 *26% 4 4% 4% 4% 4% 4% 4% 4% 4% 4% *103% 108 *103% 108 *103% 108 108 *10334 108 *10334 108 *10 11 10 10 934 934 11% *10 11% *934 11% 8 8 8% 734 77« 77S 8% 8% 8% 8% *7% *5 *5 6 6 *5 5% 5% 5% 534 *5% 534 447g Jan 4 27 97 Apr 1D2 10 4% 22% 88a 2 Callahan Zinc-Lead 91% *90 Feb 15 Calumet A Hecla Cons Cop..6 par No par 6% preferred - 4% 8 *28% 94 Jan 13 29,200 m 95 23% No Oct 19 Jan 85 Dec Sept 157a May 98 65% Mar 0i2 Dec 31 30 6 Byron Jackson Co California Packing ' 45 94 15 7 21*4 115 28,700 5,000 52 *38 23% Oct 19 35 Oct 9% 14% 55 52 537g 53% 10034 10034 *100Vi 101 18% 187g 18% 177g 23% 107% Sant 9ia Jan 24% Feb 58U Sept 2% 34% 4% 1171a Mar 12 148s Jan 11 Dec 27 51% Mar 9% 1834 8984 Dec Dec Apr 2 48 *105% 108 22ig 24% Jan 11 12% Mar 10,300 *84 4% Jan 50% July Jan 23% 95 4 Oct 65% 7 Jan 4% 09 1,000 45 93 90% *105% 108 67 3 44i2 May 45 Sept 8* May 8?a Jan 102% Jan 187g Feb 647g Mar Deo 19% *83% *18% 100 0l2 Oct 19 10 3512 *38 19 Feb 2% Oct 19 IBusb Term Bldg gu pf ctfs 100 Butler Bros 160 *18% Jan 97*4 76 par 100 Butte Copper A Zinc *58 61 277g 43 *95 *6% Debentures 8,800 45 82% 115 *92 92. "24" 25 77« 34% No tBusb Terminal 4% 10% 83 *38 4 95 108 8% 34% 678 *6% 5434 55% 10034 1007g 18% 17% 55% 52% 100% 10034 17 17% *10012 10034 17% I6I4 * 17% 4% 94% 77g 34 40% 5«4 Dec 14 6% conv preferred 2% *40% 33 Jan 12 Dec 28 1 600 97« 15% 15% 17% Jan 14 63 Dec 28 yl2% July 43% Apr 19% 23% *4778 52 2% 38t2 7 No par - 10 237« 9% 41 Jan 13 212 Oct 19 24% Dec 29 IOI4 Oct 19 —No par Watch *33% 19 Jan 23 8 5% Dec 29 Burroughs Add Mach_.No par 8% 21 47 Oct 19 21 100 ...No par Wheel Bullard Co 800 1534 8% *20% 7% preferred Burlington Mills Corp. < 85 7% *32 8% 32% 6% 16 207g *18% 23% *477« 48 *4134 - 11% 4% 10% *3334 2% 10% 15% 18% 15 *10% 33s Dec 28 1 _ 5 2,900 3,400 1958 8% 52 2% 97g 2% 10% 15% 17% 19% 3% 3% 10% 28 ...100 No par 4,000 734 20 207« 24% *477* 44 *41 44 2% 10 52 '2,000 .77« 3634 19 1934 8 47 Oct 19 Bulova Jan 5% Nov 53% Feb 13 Oct 19 0 Budd 1U2 Da July Oct 19 Bruns-Balke-Collender.No par 3,200 328a Aug Apr Dec 29 7 Jan 12,100 Jan 6 18 60 30% 30% *19% Nov 22 Dec 29 38,300 1,850 6% Apr 47 Aug 14 23% Feb 23 697a Feb 11 34 5% 578 5% thare per 100% 255g 4% Jan 11 No par Bucyrus-Erie Co— June 34 52>4 7% preferred 80fs June 39 15«4 Mar 23 1512 Dec 28 Brown Shoe Co Highest thare % 50% Aug 25 Oct 19 3 2 Jan 14 51% 6% 22*4 Dec 29 6 100 Bearing 5 9% 19 Roller 50 3 15 Corp.. Maine RR..i Burtd (E G) Mfg 8 16 Bower 90 19% 16 2,000 5,300 834 82 *78 53 5 8% 20% 4% 11% 2% 9% 8% 9% 81 3 16 10 *38 9% 834 81 8% 8% 20% 4% 10% 9% 14% 15% 200 43 20 1534 2% 40% 9% *38 27S 8% 20% 23g 4,800 20 8% 9% 14% 1534 20% 20% 27« 35 9i8 14i4 20% 19% 1534 *4778 2034 19% 20% 4% 52 20,800 28,000 5,800 20 15 *477g 13 30% 19% 8% *33i2 52 11% 35 30% 8% 20% 4% 11% 700 934 13% 30% 9 15,100 17,300 37 51 8 10% 247g 24% 234 6% *18 *477a 2% 10 10% 54% 5% 31% 4% 11% 22 I57g Dec 29 6 14% 7?8 20% 4% 10% 10 % Oct 19 Co. 17 Bridgeport Brass Co—No par Brlggs Manufacturing.No par Brlggs A Stratton No par Bristol-Myers Co 5 Brooklyn A Queens Tr.No par $6 preferred. No par Bkiyn-Manh Transit...iVs par $0 prerfered series A. No par Brooklyn Union Gas—No par 8% 82 *834 77g IBotany Cons Mills class A.60 1,000 9% 9% *78 2% 9% 2% 20% 4% 20 23s 914 147g *7% 2934 19% 7% 19% 2% 7% 20% 7% 7% 19% 2\ 9*4 82 Jan 18 1,800 21 11% 43 9% 9% 28 7« *34 34% 117S 35% 21% *38 9% 67g 578 5% 5% 49 *78 81 80 80% 43 Dec 28 Borden Co (The) Bore-Warner 900 300 20 10 I per Aug 16 8,700 5,000 21 25 9,000 2% 9% 20*4 Dec 28 4% 34% 8 II 19% *32% 2% 834 10 1 27% 35% 30% 20*4 40i2 Apr 13 19% *32% 2% 8 Oct 19 27 21 Jan 22 93 70*4 Oct 19 Bond 8tores Inc Boston A thare 39 4% 7« 22% 32 33% 2% 9% per No par 19% *30 22 $ No par Ami class A Class B 27% 30% 10% thare per 4% 247# 30 Bon I 19% 4% Year 1936 Lowest Highest 26% 30% 10 9% 87S 1,300 107g 297g 80% 5% 40i4 14% *13 137g 32 8% 10% 9% 9% 230 230 25% 29% 10 89 '4234 10% 10 934 89 4234 2484 29% *38 93 43% 43% 137g Par Shares $ per share Range for Previous 100-Share Lou Lowest Week *34 10 7% 14 22% 10% 24% 30 734 Jan. 34 93a 2878 7 *89 5 84 30 *3214 *4 13 On BatU of STOCK YORK EXCHANGE the Friday $ per share 92% 44% 13% 19% 28% 27% 217g 107S 25% 19 Jan. % per share 90 27 40% Thursday 12 Jan. *43 91% 41% 1234 187g •89 11 $ per share share per Wednesday Tuesday 1 Range for Year 1937 STOCKS Sales CENT for j" Monday Saturday Oct Aug 847g Sept 128 Nov 9144 NOV 136 Nov 24% Fob 5i| Fob 82 T Called for redemption Feb Volume LOW AND HIGH PRICES—PER SALE Monday Jan. 8 $ per share 7 $ per share 7 7 23% 23% *8 8 18% 7 6% ♦ 1% *1% !*6% 23% 6% 24% 5 5 9% 10% 104 *100 6 6% % 6% % % 5% 5% 734 400 Congress 9 9% 320 18% 13,300 7% 1,100 1834 1778 7% 734 734 1% 74 6% 24% 24 2478 67 10 7% 74 74 10 *6% 24% 41,600 Consol Edison of N Y..No par 95 67s 2538 94i2 95% 2,200 5% 5% 1,800 *20% 8578 25 85% 300 No par Consol Laundries Corp 5 Consol Oil Corp No par $5 preferred Ni par Consol RR of Cuba 6% pf.100 JConsolldated Textile.-No par Consol Coal Co (Del) v t C..25 5% preferred v t c 100 300 ConsumersPCo*4.50pfNo par 5% $5 2,300 25,700 "4", 100 7.000 23 *20 23 21 22 22 *22 29 *86 87% *85% 87% *86% 87 86 86% *84% 86 13% 14% 1434 14% 15 15% 153s 15 15% 14% 15 14% 14% 14% 14% 1434 13% 14% 14 14% 14% 15% 1434 1534 10,200 2% 10,300 2 2 2 *79 81 81 42 43% 4234 8 7% 29% 13s 1% *164% mm 164% 164% *161% 4% 4% 4% 26 2534 2434 — — 4% 4% 2434 *92% *21% 9% 3784 25 26% *34 *31 34% 11% 11% 77 *70 34 Dec21 30% Dec 29 8% Oct 19 60% Jan 9% 3634 37 *36 33% 11% 1134 41 90 90 1134 11% 33% 11% *92 100 100 1 1 1 1,100 8% 8% 9 9 9% 9% 10% 1,310 Cuba RR 6% pref 5% 5,400 5% 5% 5% 72% 5% 44% 42% *80 85 80 80 80 *18 20 18 18% 17% 17% 634 7% 6% 48% 50 50 *49% *23 31 *23 *6% 7% *1334 14% 7 *102% 103% 243s 2334 24% 103 103 23% 24% 2384 23% 12% 24 33% 8% 75 5334 *21% *113 35 9 22 22% *22% 10% *113 6% *% 12 *10 12% 40% 1934 3% 4% 21 8% 3% 9% 10% 334 26 *% 1 12 1 *% 12 *10% *10 11334 *112 7 6% 8% 2,900 15% 8% *15 1,500 Distil Corp-Seagr's 700 71 16% 16% 34 *32 80 2,400 57% 12,000 *6% 7 41% 43% 9534 96 96 *22 25 *% *% 3% 12 100 1 3 12 300 10 116% 118% 116 118 18,000 135% 134 134 *134 115 6% 165 6% 16534 *334 334 3% 700 20 41% 43 40 4234 41% 41% 5,600 38 38 3834 37 39% 39% 40 2,900 30% 30 3034 30% *% 303.1 30 30 1,100 *103 115 5 5% *45% *48 54% 51 *58 65 62 *103 2% *2% 2034 *38 47 115 *104 115 2% 20% 2% 2038 47 20% *39% *104 47 115 6 5% 5% 5% 5% 48% 48% 48% 49% *48% 52% 53 53 54 54 *52 54 *56 61 *55 61 5 5% 48% 51 62% 2% 20% ♦55 61% 2% 2% 2% 234 234 2% 5% 5% 5% 5% 5% 5% 8% 6% 8% 8% 8% 8% 7% *5% 6% 6% 4% 9% 6% 4% 2% 5% 6% cum preferred 100 Elec A Mus tnc Am shares... 41% *2% J)-No par 2,600 30% *% 20 Oct 20 66,700 35% *42% 130 $4.50 pref 45,800 39 2% 100 8% non-voting deb 334 17,100 30% 40 98 Nov 20 Nov 24 4 No par Ejectric Auto-Lite (The) 6 Electric Boat 3 37% 20 106 Eaton Manufacturing Co 40% *2% 1934 preferred 100 Du P de Nemours(E 1)4 Co 20 8% Eltlngon 8chUd 13% 40 Silk 1 .No par 8,700 3834 2% Dunblll International 4,700 12% 40% No par Class B fDulutb SKA Atlantic... 100 0% preferred 100 Eastman Kodak tN 20 13% 34 Dre8ser(SR)Mfg conv 34 200 2% 400 20% 2,900 *% *2% 20 45 *39% 115 *104 200 ------ Electric Power 4 Light-No par preferred Engineers Public Servloe 5% 6% 33,300 *48% 49% 300 $6conv 53 53 500 61 200 preferred....No par\ 2% 2% 2% 2,600 5% 4% 4% 16,200 6% 8% 7 7% 5,700 5% 534 434 5% 2,000 5% 5% 5 5 2,700 Eureka Vacuum Cleaner 10% 7,900 Evans Products Co 534 5% 4% 1st preferred 4% 2d preferred 9% 10% 10% 10% 10% 10% *1% 1% 1% 1% 134 134 *1% 134 1% 1% *1% 1% 800 Exchange Buffet 1% 1% *1% 1% 134 1% 1% 1% 1% *134 2 420 Fairbanks Co. 9% 10% *9 11% 350 30% 30% 29 30% 2,700 Fairbanks Morse 4 preferred. ..100 Fajardo Bug Co of Pr Rloo.20 Federal Light 4 Traction.. 16 4% 4% • 4% *9% 10 10 11 10% 11 11 1% 11% 33% 33% 3234 33 32 32% 31% 31% *96 _ _. *96 303t *96 *96 3234 32 33* -mm — 32 32% *31% 32% *934 10% *10 1034 *10 10% *10% 11 *70 74 *70 74 *70 7334 ♦70 7334 70 70 *67 75 71 71 *71 75 105 105 ,*95 10 10% *3«4 3% 1% 32% 1,500 10% 10% 300 *70 7334 ♦70 ♦70 75 *70 75 *95 105 4 4 3,900 Federal Motor 4 1,400 Federal Screw Works..No par 10% ♦95 105 16% • 105 *95 4 4 4 4% 4% 4% 4% 4% 3% 4% 4% 4% 4% 4% 4 4% 2 2 2 2 2 17% Bid and 17% 17% 18% 18% prloes: no sales ou this 2 day, Co.No par 10 *95 18% 100 preferred *31% 3% 2 Corp .No par 25 32% *3134 4 *18 8% 5 6% *96 *96 105 *95 9% 2 1734 2 18% *3% 1% 17% t In receivership, $0 7334 2 17% 200 preferred Federal Mln 4 Smelt Co... Preferred 2,400 2,200 a Def. delivery, 100 100 100 Truck..No par Federal.Water Serv A..No par Federated Dept Stores. No par n New stock, t Oasb wale, Oct 21 Nov 3 Nov 23 1% Dec 28 4% Oct 19 8% Oct 19 5 Oct 19 3 Oct 19 6% Dec 29 1% Oct 14 1 Oct 19 7% Oct 18 23% Oct 19 150 Mar 31 26 Oct 18 7% Oct 19 72% Dec 28 00 Nov 29 90 Oct 19 2 Oct 19 2% Oct 19 1% Oct 19 14% Deo 29 100 100 5 *5% 4% 934 19 Nov 24 51 preferred 2% 8% 41 45 preferred w w..No par No par Equitable Office Bidg. No par Erie Railroad 100 $6 19 19 1C0 Nov 30 3 Oct 19 100 1 95fi *55 33 Corp.—50 5% 19 Oct Oct Oct % Oct 1% Oct 14% Oct fElk Horn Coal Corp..No par 0% preferred 50 El Paso Natural Gas 3 Endlcott-Johnson 19 19 22 preferred- 4% 5 27 24 preferred $0 5% 53i 107% Oct 21 109% Oct 27 2% Oct 19 144 Nov 24 150 Apr 2 15% Dec 29 2% Dec 29 14% Dec 29 3% Oct 19 3% Oct 19 6% Oct 19 Ns par No par Battery..N» par $7 Elec Storage 2% 7% 5 Deo 2 26% Oct 19 79% Nov 26 21 Dec24 8% Dec 28 % Oct 25 % Oct 19 1% Oct 19 10 Oct 19 No par No par ANo par 3,300 12% h Dow Chemical Co 4,300 13% 34 Douglas Aircraft 112% 112% 6% 6% 163% 16434 13 % No par Dominion Stores Ltd..No par Dome Mines Ltd No par Duquesne Light 6% 1st pf.100 Eastern Rolling Mills. 6 12% 34 No par Class A Doehler Die CastlngCo No par 800 12 *% Ltd No par 113% 113% 334 Occ 15 5% Dec29 10 Oct 19 60% Oct 20 15 Oct 16 27 Oct 19 16% Oct 19 35 Oct 19 6% prei with warrants.-lOO Dlxle-Vortex Co No par Duplan 115 7% 334 4 3,700 ______ ------ 165 *158 165 165 *158 157% 157% *158 2034 20% 20% 20% 20% 20 20% 20% 4% 4% 434 4% 434 4% 4% 4% 20% 19% 2034 20% 21% 20% 20% 19% 984 9% 9% 9% 10% 9% 10% 9% 334 31,300 1,800 3 *10 1 2,900 1134 % 11% % 700 21% 21% 56% 1134 30 6% participating pref 25 Diamond T Motor Car Co..2 634 26 29% Dec29 18% Oct 19 1,200 *113 *113 165% 166 900 6% non-cum preferred.. 100 Reynolds A..No par Diamond Match No pur Devoe A 3484 43% 113% *112% 113% 11334 II384 *112 113% *112 166 *3 3% *3 135 113 11% *% % *% 3% *23% 12% 36 25 36 % 49% *23% 11% % 9534 96% 200 12% 30 4% *45 11% 42 mmmmmm 1134 12% 40% 37% 115 95% 119% 19% *103 24 634 634 4434 118 3% *2% 40-% 96% 6% 135 6% 1934 *19 55% 119 165 1934 *% 57% 113 7 167 19% 30 36% *29 56 113 11334 *112 157% 157% 334 21% 116 160 8% 16% 33% 133% 135 *153 334 16% 43% *34 70% 21 134 166 19 68 33% 11734 165 3% 19% 15% 68 17 115 11334 8% 15 70 21% 56% 7% 1884 *8 Co... 100 Det A Mackinac Ry 8% *4% *33% 34 34 *113 115 164 18% *3 3% 25 15% 15% *68% 105 24 34% 17 *% 1 9% 1834 34 55% % 34% *23% 33% 8% 35 8% 21% 16 45 95% 24% *33% 834 *2 105 108 22% 54 6% 10% *3 6% 32% Nov 29 5 58% Mar 17 19% Apr 30% Jan 33% Nov 54% Oot 24% Mar 17 14% Apr Jan Deo 108% 23% Feo 9H Feb ' 3434 *6% 42% 54% 43% 22 115% 114% 116% 134% 134% *133 113% 113% 11334 11134 11134 *112 6% 24% *33% 9 37% 24% *35 39 *22% 97 *10 115 Jan 30 16 *% 12 *10 Dec 27 12% Oct 15 *% 3% 107 1 5 116% *36 Jan 19% Nov Apr 7% 5 88% Dec 3 6 Oct 19 33% Dec 31% Mar 100 24 Jan 70% 6 Detroit Edison 37)2 90 Jan 800 *8 21% Jan Sept 36% May Feb 1% Oct 19 1834 9% Mar Jan 10% Nov fDenv A Rlc Gr West 6%pfl00 *7 Deo 27 24 600 1834 24% 109 9,200 10% 1 *h 3% Jan 10 2% 22 % 18% 734 *7 4 Jan Apr 44% 114 Oct 29 7% 9534 11 *% 27 2% *33 6% 24 *10% Feb 27 8 *4% Jan 69 02 2% 8% 14% Mar 129 Deo 36% May Jan 14 7% *4% 1 80 2% 18 42 96 96 8% Mar 23% Mar 734 1034 63% Deo Deo 20 16% June 2% *4% Oot Dec 3% 99% Mar 8 8% 66% Jan 0 4 0 2% 108 Dec 126 Sept 6% 20% Feb 11 2% 35 5334 6% 41% Mar 43 109% Jan 10 100 Delaware Lack A Western..60 108 9 4 Jan 11 Delaware * Hudson 9% 15% 2134 5434 6 127 Dlesel-Wemmer-Gllbert 108 19% Apr 96% Apr 1% Sept 14% Jan 12 9,500 110 49% Nov 28 3 17% Jan 1,000 *102 91% Nov 58% Nov Dec 7% May Jan 11 15% 1034 Oct 19 Oct 19 Oct 19 35% Sept Jan 44 Mar lO 15% 17% Dec 16% Mar 3 *15 68% *33 41 Nov 23 Nov 20 81% Mar *23% 15% 1634 21% 800 19% 20% 8 13 6 37% Nov 40% July 135 15% 68% 35 21 26,700 6 Oct 19 12% Oct 19 96% Oct 21 25 pref Mar 50% 108% Apr 15 25 15% 67% *1534 *33 24 23 5% Oct 43% 8 47% Jan 28 25% Apr 13 16% 67% *1534 24% Conv Dayton Pow A Lt \y%% pf-100 Deere A Co new No par Preferred.... 20 7% Mar July 35 28% Jan 15 3 *15 25 15% 15% 60 Oot Deo 170 Aug 4 Jan 10 *23% 1834 *22% 9 9 15% *68 100 600 Apr 41 37 17% 8% 102 37% 34% 23 15% ♦103% 40 Aug 13 2% *7 3734 *33% *13% 634 14% 2334 6% 1,900 Deo 158 116 8% *478 *34% 2234 *23% 6% 23% 0* mm- 30 Mar 25 171% Jan 14 10% Mar 10 60% Feb 3 15% 7% 1834 31 pref.. 100 $8 preferred No par Cutler-Hammer inc new No par Davega Stores Corp— 5 Feb 4 44% 82% June 24% 2% *7 55 *23 1 Class A Cushman's Sons 7% 40 28% June Deo Jan 09% 17 7% 9 6% 634 634 14% 1-4% 103% 103% *103% 25 24 23% *1334 55 1 Curtlss-Wrlght 31,700 35% Apr 2% Apr 8 24% Mar 65% Apr 24% 15% 7% *4% 88,700 No par Preferred 17% June 03% Aug 17% 17% 100 23% Curtis Pub Co (The)—No par Nov Feb 13 15% 14% 16% *24% 14% 24% 14% 1584 234 5 1734 17% *49% 60 Packing Cudaby 1,600 Nov 87% 71% Jan 15 77 16% 7% 24 13 98% 46% 4% 1734 10 100 Preferred 35% Mar 4 109 63% Dec July 19 25 15% *2% 17% 24 23 24 24 13,000 31 48% *22% 500 7 5% 5 18 31 18 6% 46 100 Sugar Cuban-American 49 57% Dec 28 21 Oct 19 80 Nov 26 % Dec 30 3 Oct 19 2% Oct 19 70 Dec 22 12 Dec 29 4 Oct 18 39% Dec 29 2 Oct 19 8% Oct 19 54% Dec20 24 Nov 20 18% Nov 23 $5 conv pref 350 *17% 46 46 5% 5% 17% 14% *13% 98% 4634 45% 5% 18% 5 31( 24% 7 14 103 103 7 54 *22% 23% 7 *6% *13% 4612 18 6% 17% 5% *48% 23% 23% 45% *1734 7% 20,800 80 80 82 18% 434 5 5% *80 18 *17% 634 46 5% 80 200 42% 41 42% 41 72% *70% 713s 71% 5% 5% 80 81 17 6 Crown Zellerbach Corp 100 5% 31 13,550 1 5% 54 11% 11% 11% 11% ♦91 8 *48% *22% 300 1 9 45 33% Feb 17 Jan 9 Dec 2 Jan 23 Jan 23 3% Feb 11 109% 09% 108% 25% 42% 6% Dec 29 $2.25conv pref w w_.No par Pref ex-warrants No par 38 *32 100 1% 434 *33 34% 1 8% 16% 38 *32 *91 1% 44 *36 1 443s 9% 16% Crown Cork A Seal 100 1% *42% 4% Cronley Radio Corp 6,000 1 42 9% 6% 4,900 *91 43% *89% 100 6% 10% 37 No par Crucible Steel of America. .100 Preferred 100 Cuba Co (The) No par 1% 6% *9% 36% 3334 12% 72% 82 *70 80 *70% 34% *33 33% 10% 37 38 *36 38 24 100 pref Dec Deo Jan 100% Feb 10% 3834 conv 9% 37% 67% 28% Nov 23 24 10% 3734 No par 26 Co June 2 20% Mar No par No par 24 10% 3884 100 Preferred 100 Jan 1% % May 12% June 35% Nov 24 24 25 10% 23% 6334 25 Corn Products Refining 12% Nov Jan Jan No par 4% 38 42 3934 *95 95 Corn Exch Bank Trust Co..20 106% June 1% Cream of Wheat ctfs 43, 4% 25% Continental Steel Corp. No par 360 3,900 Deo 17% Jan 5% Sept 101 16% May 600 ♦161% *161% - 10% 9% 38% *36 37 - 4% 39 25 *23 10 38% - 2634 95 *92% 113 95 . 63 64% 6334 1,600 9% Nov 10% 24 6234 1634 54% *1584 54% 63 63% *161% 4% 4% 55% 6 Oot July 37% Jan 14 5% Jan 15 5% 62% 64% 1534 55% *15% 1 Motors Continental Continental Oil of Del Feb 109 37% Apr 13 400 62 6,200 16,100 Jan 92% Aug 16 98 56 1% 32% Feb 48% 11% Apr 5 1% Feb 27 0 52% Apr 0 96 16% 55% 31 31% Nov 3% Abr 13% Apr 95% 16 55% 64% 17% Apr 95% 16% 55% 63% Continental Insurance...$2.60 3034 1% Nov 95 102 105% Jan 23 10% Jan 4 113 1534 55 2,900 600 85 Jan 72% 13% Feb 20 Crane 3334 16% 54% 32% 65% June 49% Jan 23 108 Jan 12 Coty Inc 33% 343s 34 16 53% $4.50 pref No par Continental Diamond Fibre..5 1% 1% 32 16% 3284 20 33% 31% 31 1% 34 53% 32 *16 9 100 preferred Continental Can Inc 3,700 107% 107% 9 9% 108 8% No par B Dec 20% 3,000 32 1% 8,100 8% 200 4334 Class 19% 15% Apr 27% Apr 8,500 31% 1% 1% 84% 42 43 108 9 *80 84% Continental Bak class A No par June 9 Jan 4% 8% 31% 31 1% 108 108 884 8% 30% 1% 4234 2% 2% 2% America.20 Jan 8 7 5% Jan 20 18% 26% 42 Container Corp of 33% 7% 26% *82 4534 8,800 Jan Aug 4% Sept 27 2% 84% 10734 10734 preferred Dec 25% Mar Jan 16 Mar 11 25% 2 *81 45 834 7% 30 29% 2% 82X2 44% 10734 10734 *107% 108 95 July 15% 44% 16 18% Jan 15 87 Mar 2 27 2% 44% Oct 18 Oct 21 20 share per 30% Aug Jan 14 10»4 Oct 19 7% Oct 19 1 Oct 19 65 Oct 18 37% Dec 28 106% Dec 17 5% Oct 19 23 Oct 19 % Oct 19 24 Oct 19 9% Oct 19 46»4 Nov 27 60% Oct 20 163 Apr 14 3 Oct 19 22% Nov 20 88% Dec 6 21 Nov 23 82% 2% 81 No par <2 partlc pref 700 22 Highest share $ July per 7 19% Feb 11 45% Mar 11 19% Jan 23 Oct 19 Dec 23 Dec 31 Dec 20 Oct 19 Oct 19 1 Oct 19 4% Oct 19 21% Dec 29 92 Nov 26 3% Oct 19 7 Oct 19 100 Dec 23 2% Oct 19 % Oct 16 3 Oct 19 16 Oct 19 7934 Dec28 1 Consol Film Industries 700 *20 21 preferred 134 634 2578 13.i 134 oh 5% 53s 5% 5 5% 100 100 6H % prior pref w w 5 5% 5% 5i8 514 5% 5% 5% a: 9 "8 934 10 10% 10% 10% 10% 10% 10% 1053s 1053s *100 1053s *100 105% *100 105% *100 6 7 6 6*2 6U 6% 534 5% 6% 3s % % J2 % % % % % 5% Consolidated Cigar..-.No par 67 24i2 94l2 95 5I4 9434 95% 95 1 Consol Aircraft Corp 74 67s 678 25% 678 6% No par Cigar 67 *71i.i *1% 178 178 7% 77s *7% * 67 *72* 74 177s 18 par $ $ per share share per 4% 20 7% 5% 8 4»4 65 63 Conn Ry A Ltg 4H % Dref. 100 9% 1% 96 5% 10% *100 *7% 9% 8 8% 67 2434 95 95% 95% 8 9% S Congoieum-Nalm Jno.-JVo par 8 7% 6% 6% 23% Conde Nasi Pub Inc 900 8 *72 1% *1% 300 24% 7% 23% 8% * 74 No 7% 24 18 S per share 23% 24 18% Par Shares Lowest Highest Lowest Week 14 7% *7% 24 18% Jan. Range for Previous Year 1930 1937 IM-Share Lois EXCHANGE 8 712 *7% 13 $ per share $ per share 7% 24 8 68 *72 74 Jan. On Basis of STOCK YORK NEW the Friday Thursday 12 Jan, 8 7%, 7% * 68 *71 7% 19% 7% 18% 18 24 8 6% *7 <N cc 23% 11 $ per share 7 8% 6% Jan. 10 Jan. Wednesday Tuesday Range for Year STOCKS Sales NOT PER CENT SHARE, for Saturday 399 New York Stock Record—Continued—Page 4 146 s E«-dlv 10% Feb 18 an 4 Feb 153 7 28 May 19 May 13 4 Apr 11% Oot 13 June 21% Jan 76% Feb 19 42 Jan 03 Dec 30% Feb 2 40% Feb 4 23 Apr 10 30% Oct 40% 37% Oct 43 22 Jan May Jan Aug Jan 29 Mar 17 18% Apr 34% 90 Mar 9 93 Dec 95% Deo 25 Feb 9 19 Oct 25 Nov 41% Jan 25 46% Feb 17 40 Aug 57% Dec 28 12% Mar 8 77% Jan 26 14334 July 13 66 Jan 16 39% Jan 7 6 3% Feb 19 8% Jan 16 17% Jan 19 Jan Dec 40% 61% June 41% 7% Apr 12% 60% Jan 82% Deo Oct .... Jan 29 6% 51 Dec Jan 30% Dec 1«4 Jan 3 Jan % May 1% Jan 1% Jan 4% July 13% Aug 8«4 18% Oct Jan Deo Jan 19 114 Feb 120 180% Jan 18 136% Feb 19 133 Apr 184*4 Nov 129 Feb 136% Dec 116 Deo 122 112 Nov 18 116% Jan 22 17 Mar 6 *111% June 5% July 12% Deo 198 Aug 16 156 Apr 185 Aug 104 Nov 162 July 166 Mar 4 28% Jan 40% Nov Mar 17 5% 46% Feb 11 30«4 47% NOV 10 Apr Apr Apr 17% Feb 6 Deo 6% Jan 7«4 25% Dec 3234 Jan 94% Dec Dec 37% Feb 11 10 16 Feb 23 7% Feb 0 26% Jan 14 92% Jan 7 15% Nov Feb 8 29% Jan 87% 44% Jan 16 39% Dec 56% % Jan 1% Feb 1% Jan 2234 Nov 6% Dec 87 Jan 2 Jan 19 8 Jan 18 29 Jan 18 60 Feb 11 116% Jan 19 17% Jan 16 63% July Aug 110 7% Jan 29% Jan Deo 09 Feb 110 July 16% Deo Oot 45% Jan 84% Feb 48 Jan 89%June 86% Feb 9% Jan 55 Jan 97 78% Jan 81 6% Apr Apr Apr 23% Mar 11 35% 28% 14% 34% Mar 10 Mar Jan Mar 11% 12 0% Jan 5% Jan 4% Jan 2% June 10% June Dec 18)4 Sept 34% Oot Jan 29 Oct Jan 15% Aug 23% July 40% Jan 8% Mar 4% Mar Jan 8% Apr 26 Dec 71% Jan 210% Jan 34*4 Jan 71% Deo 122% 210% Dec 61% Deo Deo 28 Jan 31% Jan Feb 29% Jan 18% Apr 27% 101% Deo 92 Mar 70 103 Jan 84 Jan 150 Mar 37 Aug 129 Apr 69% Mar 11% Feb 7% Jan 11% Feb 3 Apr 6 Jan 43% Mar v Et-rtghts 2% 20% Jan Jan 123% Nov 12% Mar 0 Dec 0 Oct 40% Nov 5 Called for redemption. New York Stock Record—Continued—Page 5 400 WW AND HALE PRICES—PER HIGH SHARE, Monday Saturday Jan. Jan. 8 32 »30«4 30 *10 31 207s 21 91 *4 33 *17% 79% 7034 32 32 32 31 31% *1514 21% 30 *15 30 *15 23 2178 *28 30 *18i2 25s 1934 33i2 91'2 32 32 32i2 91 91 91 1834 19% 75 4*4 *63 *40 46 *40 24 25 *106% HO *22*4 12 *2 93 32 32 16 1634 32 *29 31% 19 3 19 193s *06 75 5 434 25% 92 *42 25 2534 *1063s 110 28 26 1212 *23% 12% 13 2% 2% 4% 2«4 414 14% 2% *18 18% *18 19 *18 19 20% 75 3 2% 32% *92% 19% *66 3284 92 32% 46 75 105 Dec 1163s Nov 38 Apr Dec 29 3934 Feb 19 20% Jan 10% Oct 19 41% Mar 11 r24% Jan 100% Feb 40 Apr 49*4 40% 36% 105»4 58% 423s 6044 34% 11% 48% 46 22 Dec 22 100 Florshelm Shoe class A.No par 15 Dec 10 t Follansbee Brothers. .No par Food Machinery Corp 100 27 Oct 19 68 100 80 Oct 20 98 Sept 3 12% 2% 4% *23% 11% 12% *40 40% 25% preferred—No No F'k'n81mon<fcCoInc7% pf Free port Sulphur Co.— 6% conv preferred Fuller (G A) prior pref. No 16 2d preferred No 17 conv 70 120 4% 4% 10 11 15% Francisco Sugar Co 3,600 30 11 460 par par 100 10 100 1% Oct 19 11% Oct 19 60 Dec 23 234 Oct 19 40 Doc 10 18 Oct 19 102 Oct 19 4% 15% 10 15% 434 *14% 16 900 16 15% 16% ♦15 17 *15 17 40 *89 90 *89 90 *88 90 90 *89 90 *88 90 13 Mar 25 3 1 No par Dec 28 11% Dec 28 10% Oct 19 *05 90 *7012 *71 90 90 *71 90 ♦71 45 *30 56 *56 *30 45 56 57 *118% 119 33% *113 *27 *5% 9 21% *89 30 30 534 5% 9% 9% *104% 2% 22% *1% 22% 99 *89 134 I84 17 17% 26 2034 27% 13% 17% 26% 27% 1334 *19% 1% 25% 13 *19 * 22 105 "12% 12% * "12% 10 10 10% 59 59 9% 60 8% *53 31 30 *30 57% 368S 37% 11*4 Jan Deo *89 99 2 1% 18% 2634 27% 19 28 2834 14 13% *20 23 13% 10% .60 9% 60 * 28 14 23 13% ♦ 105 "13% 10% 10% 60% 13% 10% 59% 9% 10% 60 59% 9 *53 9% 60 9 27% 25% 26% 50 50 50 50 *51 20 *78 4% *55% 1% 83 19 2134 *55% 2034 88% 86 4% 4% 87% 4% 4% 65 1% 2 4% *55% 1% 534 1% *13% 17% 9% 8% 1% 22 6 17% 14% 30% 127 *40 19% 9% 7% 1% 22 *5% 17% 4% 65 *54 65 *54 *57 65 *91% 92% 7% 6% *57 2% 92% 7% 1«4 13% 17% 27% *20% 14% 23% 1% 1% 13% *13% 18 27 27% 20% 27% 20% 1434 2534 3034 127 64% 20% 10% 8% 1% 27 6% 17% 20% 14% 20 15% 26% 31% 15% 15% 2534 25 31% 9% 8% 1% *25 *5% 10 8% 134 27 634 18% 27 20 31 127% 127% *40 64% 20% 20% 13% 1734 27% *27% 25 31% 127 7% 19% 100 99 23% 128 7% 60 2% 92% 7% 89 89 89 140 *141 145 *- 55 127% 50% 92% 127 *40 24 1% 53% 10% 64% 19% 16% 93 7% 90% 7% 62 2% 2% 93 93 7% *88% 17 17 20% 2134 22% 22% 25 2134 22% 98 10% 10% 10% 10% 1034 11 24 25 25 25 25 24% 25% *101 53% 25 8 50% 2% 6 9% 1% 53% *23% *101 5334 25 53 *23% 11 11% 11% *49 49% *8134 7% 5034 84 49% *82% 8% 51% 834 52% 2 2% *2 *6 7% *5 9% 934 1% 9% *98 103 25 11% 49% 84% 8% 52% 2% 7% 9% 53% "<53% 25 1134 11% 49% 49% 51 2% *6% 9% 1% 6 18% *32 22% *20 94% 24% 128 10% X2278 53% *25 85 834 53% 2% 7 9% 25% 2% 51 Helme (G Hershey 22 3,500 100 30 3% 19,300 300 11% 11% $4 600 85 Holland 5% 8 27,200 9,300 10 1% 1134 11 11% 19% 20 19% 20 *19 38 35 35% 7% 35 35% 35 35 34 *7 734 134 7% In reoelv- rshlp 2% 700 734 a 6 77 Jan 4% Feb 9 2 June Jan 12 16 6% Jan 22 1% July Apr 90% July 4% Feb 11% Mar 47% 3% 44 Deo 22% Dec 10 28% Mar 8 6034 May 20 16 Jan 32% Jan 42% Jan 2 31 Jan 136 Jan 22% 40% 42% Oct Oct Deo 149% Aug 12 9% 69% Mar Oct 19 23% Dec 28 20% Apr 17 4*4 Oct 19 July Jan 0 30% Jan 02% Feb 8 30 Jan 34% Deo 36 Jan 7 33 June 37 Aug 20% Feb 10 6 Jan 31 Feb 10 14 Jan Nov 20 108 Feb 18 zl04 Deo Jan 22 lOO June 92 Oct 26 55% Dec 30 1% Oct 19 81 Nov 23 105 58% Mar 5 30% Jan Deo 120 Jan 12 Jan 107 Jan 11 Feb 20 104 Nov 115 Jan 8 Jan 14 4% Apr 9 Mar 117% Aug 13 99% Deo 133 Mar 17% 15% Jan 25 12% Aug 135% Dec 18% Nov 21% 117 May 141 Jan 165 Dec par 11 Oct 19 Apr 41 Oct Aug 135 Apr 39% Dec 29 26% 6734 37 ;an 21 Jan 19 120 68% 8ept 102 8ept 62% Feb 30% Jan Nov 19 120is Jan 108 June 30»4 Mar 9 Jan X39»4 Oct 19 21 Dec 29 Oct 19 Oct 19 4»4 37 43% Jan 11434 Mar 19% Jan Jan 33«4 42% 5 Feb 115 407 Dec 644 39% June 27% Feb 11 22% July 73 Jan 11 64*4 June 94 44% 33 Dec Deo Oct Dee Oct Feb Feb Mar Mar 20 z78% Nov Oct 19 17% Jan 22 0% Jan 13% Dee Oct 19 90% Mar 10 48*4 Jan 65 Deo 15,400 Oct 19 5% Jan 21 3% June 5% Jan 3% Oct 19 4 Oct 19 15% Jan 21 8% Apr 17% Feb No par Hupp Motor Car Corp 18,000 1% 100 Motor Car Illinois Central 1 1% Dec 30 23% Feb 17 4% Aug 17 13% May 100 8 Oct 19 38 0% preferred series A.-.100 16 Oct 19 67% Mar 11 30 June 34 Dec 28 72 58 Jan 5 Dec 29 25% Mar 11 4% 100 RR Sec ctfs series A —1000 New stooi 49*4 124 100 Manhattan Leased lines J an Feb 108 5334 Dec 27 41 80 119 June 734 Dec 29 15% Oct 19 Oct 19 109 93 Jan 6 2 64 111 6 6 Dec 135% Feb Nov 26 78% Dec 29 - 39% Feb 11 16% Dec 29 15% Oct 19 83 44 100 6% preferred n 55 Feb 20 140 150% July stk. No par Howe Sound Co 250 Deo Nov 125% Nov 105% Mar 6 Houston Oil of Texas v t 0..26 450 15% 32 Oct 9 No par com 6% preferred 1,400 Deo Deo 19*4 Mar 3434 1734 Dec 29 95 4*4 00 Jan 5 Class B 29,100 Dei. delivery, 24 Feb preferred.-No par 134 36 1% July 6 160 No par Furance A 11% Mar 18 434 Jan 11 Oct 126 No par preferred—No par conv Hudson 8 Nov 24 Dauche Paper Co. 10 11% 7 7 Deo Apr Jan Oct 5% Dec 29 Dec 28 Chocolate Hudson 1934 8ept 96 9 Nov 24 Household Fin 500 9% 36% Dee 80% NOV 31% Apr 106% Deo 14% Deo Jan 18 8% Feb Jan 21% July xlOO Feb 118 80 No par 7% preferred ..10Q Homes take Mining 12.60 Houdallle-Herehey cl A.No par 100 2% *6% 9% 1% 10% Mar 11 7% 10% Feb 13% Jan May 22 conv Hlnde A 7,500 4934 7% 47% Mar 11 Jan Deo 129 Holly Sugar Corp *49% 2% 74 17% Mar 50 2,200 51% 87% Mar 11 Oct 19 125 3,300 11% 7% 13% 69 100 10% 4934 51 60% Mar 11 141 Jan 0% Nov Oct 15 Powder new.-No par 22 11% 7% 7% Dec 29 % Oct 19 12 Motors.....-No Hollander A Sons (A) *102 8% 37s 116 55% 50 25 - 8% cum preferred 200 53% Dec 62% 8ept 100 W) Preferred 10 100 25 Glass Co Hecker Prod Corp v t o.No par 40 25 11 200 93 19% t Hazel-Atlas 7% 1,000 6,800 51 1134 7% 9134 Hercules 11 7% 100 Hanna (M A) Co $5 pf-No par 1,800 *19 7 No par preferred 4,300 1134 6% 6% 1534 20 Bid and asked prioes; no sales on tnia day, 25 25 10 Hamilton Watch Co 5634 1% 10% *35 100 Water Hall Printing 15% 19% 3534 --.100 6% preferred. Hack en sack 30 *1834 21% 7% 9% 134 -No par Gulf Mobile A Northern.. 100 ' «, 49% *8234 8 10 preferred preferred.. Hercules 10% 1% 6H% 100% 85 37% Nov 17% Nov 56 85 92 65 1 58% Oct 39% Nov Hayes Body Corp 25 Feb 17 Jan 84 Apr 1,700 57 8% Feb 19 Oct 27% Nov Deo 2% 25 6% Feb 25 116 19% 90 Jan 14*4 100 -.2 57% 25% Jan 18 6*4 22 6H % preferred w w 934 68% 13% June 70 Aug 60% Mar 7% Oct 19 1,800 21% Deo 16% Feb 8 Oct 19 10% Deo 44% Nov 39% Mar 10 Dec 5 23 89 31>4 Deo Oct 19 1 129 Oct 19 18% 134 » *90 52% 2% Oct 19 Dec 23 100 Dec 15% 8% 100 m 93 22 Deo 71 50% Sept 14 —100 - Guantanamo 8ugar 400 . 25 100 100 18 *43 47s 48% 62% Nov 121 *125% 128 Apr 5 100 16% 2 20% May 33% Apr 32% Apr 17 July 30% July Feb Deo 118% Mar Jan 3 Refrac.No par 56% Jan June Dec 1934 Dec 27 6% preferred Hat Corp of America cl A 144 100 0*s 22 Harbison-Walk 7% 67 6% Jan z25% Nov 10 *88 110 Apr 5,900 *141 Jan 3% Apr 32% Apr 105 10 95 7% 90% 145 123% Nov 69% Deo 15<4 Deo 24% Aug 28% Jan 24 9134 Jan 1 128 92 Jan 584 8 7% preferred class A 634 7% 18% Green (H L) Co Ino 200 65 Jan Jan 145% Mar 2 04% Mar 10 800 7% Nov 48% Feb 24 *61% 2% 77 27% Feb *121 7% 65 Jan Oct 19 Greyhound Corp (The)-No par 100 22% *94 637s 118 Oct Dec 29 1% 10 220 25% 3334 100 Aug 10 —20 Preferred 2,900 5% 634 *96 Oct 19 123 13 20% Dec 29 23% Oct 19 2,100 1% 20 *18 25% 3334 7% Oct 19 Oct Green Bay A West RR Co. 100 26 5% Oct 19 13g Oct 19 Great Western Sugar.-No par 3,300 8% 1% 65 Great Northern pref 12,500 10% 8 26 Oct 19 Gt Nor Iron Ore Prop. No par 80 19 9% 10% 3 1 5% pref 64% 19 1% *102 25 *82% 8% 93 *18% 21% 100 *101 "5334 7% 90% *43 92% 98 103 7% *62% 2% 16% 5534. 10% *98 *40 8 100 14% 24% 32 Oct 19 10 70% 10 Granite City Steel Grant (WT) 1,200 1,400 7,700 21,900 2,600 21% Oct 19 Feb Jan July No par pref series conv 1% 2 z83% Dec 30 1234 Dec 29 46 Dec 28 71 14 68 No par Union Co tr ctfs S3 400 61% Jan 28 6 Motors Grand 1,000 3,400 127% 27 *125% 128 51 92% *19 24 144 58 58 5634 127% *125% 128 *43 *634 *20 92 7% 90% 17 *32 *121 7% 62 1% 94% 2434 128 150 51 22% 24% 8 26% *5% 18% 25% *96 95 *92% *121 *142 25 *42% 7% 22% 100 145 95 9% 13s * 7% ♦88% *142 234 *19 6 3534 0% 93 7% 60 *91 85 10% 1734 2% *42 1034 49% 734 7% 60 95 24 128 19 *49 *184 *92% 2334 *121 57 55% 57% 127% 127% *125 *90 *7 *96 31% I84 13% 17% 27% *126 10% 6% *20 50% 92% *81 49 7% 127 10 28 *5% 21 *40 14% 25% 3134 a:19% 8% 1% 8% 100 19 *101 *23 *7 31% 127 27% 20% 10% 27 20 20% 214% 24% 13% 18 64% 21% 20% 9% *96 25 100 _ ~io% 16% 18% 184 13% 18% 18 19% Dec 29 Oct 25| 1 134 134 13% 9 3% Dec 29 Granby Consol MSA P 17% 90% Mar 72% Dec 29 -.--100 Preferred- ...... 9 No par Gotham Silk Hose 1,200 1 29% Mar 43 4% Deo Aug 30 6% Dec 29 49% Oct 19 No par preferred Graham-Paige 140 16% conv 15,600 *86 1638 15 23,600 19 238 -.No par 6% preferred Goodyear Tire A Rubb.No par 184 3334 60 No par 6 27 238 Goodrich Co (B F) I84 18% 7% 1 6 *32 *92% 23% 1 Goebel Brewing Co 1% *25% *121 Gobel (Adolf) 6% 134 par 60 134 3334 99 No preferred oonv 6 27 22% No par 6% 134 *32 128 88% Feb 23 2 *25 *7 24 No par Nov 4 20% Feb 1% 15 105% Jan Oct 19 6% 18% 6 Oct 19 700 65 4 Oct 19 1% 3334 18% *54 7 70% Feb 8 6% 27 *95 62 48% Jan 8 1,100 4% Oct 19 Oct 19 66 4H% 22,100 *4% 14 preferred. ..No par 134 *32 7 4% 56% 117% Jan 22 6»4 Jan 20 Nov 29 56 preferred Glldden Co (The) 22,100 87 Jan 19 95 Brothers Deo 44 Mar 20 5% Jan 13 65% Feb 4 100 Gold A Stock Telegraph Co 100 21% 19 110 18 __ 66 Feb Jan 1 Jan 25 534 *25% 18% 56 60% Jan 15% Feb Jan 1% 27 100 18% 2 9 122% Feb 88 6 3334 *42 18% 21 18% *25 *87% *16% 203s 17 88% 18% *32 54 334 83^ 55 127% 64% 19% *124 2% 3% 22% *127 15% 2% *77 334 55 2334 7 3 83 70% Feb 11 43% Feb 11 Glmbel 8,500 2,600 234 3% 1 33% 500 *77 Feb 69% June 162 % Dec 16 $5 conv 4,900 61% 87% 30% *57 2534 51% 2134 24 *6% 26% 8 124 00% Deo 128% Nov Jan Jan 18 64% Jan 29 05% Jan 18 Jan Oct 34% Apr 33% 16 Corp.No par General Tire A Rubber Co_. 5 200 55 14 *92% 2234 5734 25% *54% 25% *5034 85% 4% 23 *121 58 Oct 3*4 70% 9 44% Feb Gillette Safety Razor. -No par 11,700 22% *30 *0% 834 85% 4% 20 *95 8% 21% 26% *17% 9 1 64% Jan 21 13% Oct 19 9% Oct 19 1,300 *50 1 ..No par Gen Steel Cast S6 pref-No par 7,800 7,300 55 20% 14% 8 13% 10% 59 54 27 *1% 10% 59 83% 17% *17% *5% *1534 10% 58% 834 Nov 10 6% pref 10% 22% 14% 9% 3% 3% 334 "l2% 85 Gen Theat Equip ... 58% 13% 100 152 Gen Time Instru Corp-No par ------ 105 83 1834 1834 2% *77 ~13% * 5234 2034 16% 19 3% 3% 83 105 21% 53 *1% *13% *40 3 3% *77 ♦ 1334 22 Oct 19 General Refractories—No par 1,450 2,700 27% 13% 85 5% 20% 3% 2734 z99 Dec 16 1% Dec 27 10 16 preferred 900 20 -.1 No par No par 6% preferred. Gen Realty A Utilities 6,200 3% Oct 19 8% Oct 19 Nc par Railway Signal—No par Gen 10,000 18% 26% 17% 5534 5% *26 3% 85 134 18% *20 28% Dec 29 111 Oct 25 21% Oct 19 $0 preferred 26 13% 10 Gen Public Service 4,300 1 May —Nt par Motors Corp General Printing Ink 600 19% 22 preferred Common 4,200 27 *20 100 117 55 preferred 99 134 Oct 19 Gen Outdoor Adv A—No par 700 57 61 *54% 1% Nov 10 48 General 200 *90 33 No par General Mills 300 31 13% 13% 26 17 115 *30 99 No par $6 conv pref series A-No par 2734 28 50 17% Gen'l Gas & Elec A *114 *18% 22 26% 1638 4,800 28% Nov 23 % Oct 19 32 1»4 27% 50 2% 3% No par 26 20 2684 27% 13% *20% 2434 *77 Foods 115 *90 1% *18% 105 13% 1% 1% 19 2784 51% 2% 3% General 115 99 *90 99 243g 92 4,700 36% 174,400 35% 36% 140 Oct 19 5% 534 *50 *2% 3% 3534 Jan 13 Dec 16 6% Jan No par 34 520 17 Deo z99 "1,200 Deo Nov 49 100 50 76 20 166 52% Jan 23 Ne par 104% Apr Jan 120% Mar 31 05 106% Aug 17% Nov 14% Nov Apr Oct 19 Oct 25 58,900 56% 56% 118% 1193s Jan 10*4 Dec 29 Electric *30 32 *51% 23% *75 *30 57 118% 118% 37% *28 50 57 4 8% May 97 42% Apr 4 Mar Deo 66 preferred 7% Nov 28 14 32% Mar Nov 16% 22 14% 30 Oct Feb 11% May 100 No par General Cigar Inc General 1% 1% *30 11534 *114% 11534 31 1% 2% Oct 19 0% Oct 19 -.5 7% cum preferred 100 25% 5 Nov 31% Nov 22 No par A Class 2,300 80 TJSOO 26% 1% 57% 67% 118% 118% 118 Cable 110% 110% *110% 120 44% 43% 44% 43% 33 33 33% 32% 50 45 Bronze General 534 534 534 *5% *5% 9 9 9 9 9% 9% 9% 9% 9% *104% 108 *104% 108 *104% 108 108 *104% 108 *2 2 2% 1% *1% *1% 2% 2% 2% 23 24 24% 24% 23% 23% 23% 23% 23% *5% 5% 105 *57 8*4 118 *11814 119 36 35 35% 3634 11534 *113% II534 *115 *104% 108 2% 56% General 7,700 2534 26% 27% 2634 *26% 27l2 2734 *20l2 275s 120 *110 *110% 120 *110% 120 *106l2 120 44 45 44 43 44% 44% 4434 4512 32 32% 33% 33% 32% 32i2 3214 31^4 1% 1% 1% 1*4 1*4 Ha 1*4 Us *34 "3" 700 12% 2434 *70 90 $8 1st preferred 434 Feb Jan 153 121% Dec 7% Aug 6*4 Oct 13 preferred S6 78 63% 7 No par 117 6% Oct 19 Gen Amer Investors—No par 100 Apr Feb 11 Oct 19 3,600 Ool Feb Nov zl35 141 5 44 Feb 97% 35% 4 5 43% "4,000 98 Dec 100 Baking 45 44% 8% 6% 634 6% 6% *91 98 Dec Mar Deo Jan 16 General *91 Nov 23 Oct 19 88 4 Dec Deo Jan 28 Feb 1 Mar 9 Jan 5 Feb 17 Jan 14 9,800 45 7% 7% 7% 98 3 Gar Wood Industries Inc Nov 33 834 *91 Gannet Co conv $6 pf. .No par Nov 15% July 19 z39%June21 8 8% 8% 8. 8% 8% 8&8 85g 8»2 8l2 *118 121 121 *118 121% *118 121% *118 *118 121% *118 5 5 4% 4% 5% 434 4% 478 4% 4i2 414 12 12% 13 12% 12% 1234 12% 12% 123g 12i2 125a 25 2434 2434 *22% 25% 25% 2434 251s 25i2 24% 2514 44% 45l2 7% 7% 7 7% 7% 7% 7% 98 453s 127 Jan 91 45 *94 23% July 108 Jan No par Transportation 6 45 7% 718 July Apr Gen Am 4434 7% 73s 98 63 3*4 3,200 67s 65s *94 June 24% Apr 95*4 July 473s 4334 7 6:. 9334 32 31% Jan 4334 034 6% 9334 3% Aug 4 73 106% 19% 15% 105% 86% 19% *88 25% Mar 8 10 preferred Gamewell Co (The) 32% Jan 13 117 Dec 3 Galr Co Ino (Robert) 15 16 18% Jan 12 83 Jan 9 45 7% Mar 5,700 15 16 Jan 14 136 30% Sept 48% Jan 434 1512 *15 52% 40% 68% 39% 9% 1% Oct 18 2,800 16 107% Feb 20% Oct 19 0% Oct 19 Gabriel Co (The) cl A—No par 4i2 15% Nov 90 par par 2% 2% 2% 8,900 2434 106% *2234 12% 10 Foster-Wheeler "2,600 40 24% 106 30 % conv pref 310 75 2% 2% 434 2% 1,400 4% Nov Dec Dec 9 54% Feb 31% 9284 19% 114 *106 28 *23% 13 2434 107 zl07 28 40 25% 25% 8 No par 9234 18% 4% share per 9 Florence Stove Co 31% *65 Highest share % VST 45% Jan 18 108% Mar 100 94 5% S share 9 Mar 1 Feb 5 Feb 6 Mar 9 Feb 1 Apr 3 32 19% per 26% Dec 29 11% Oct 19 2.900 5 S No per 0% preferred series A—100 2% 75 *05 5% *40% 25% 19 20% 5% 5% 31% *9234 94 share Oct 19 Fllntkote Co (The) First National Stores.-No par *1378 4 20 700 *15 4% Co.No par 1,100 2% 2% 2% Year 1930 Lowest Highest 22% Oct 19 ' 3 *106% 110 26 12% 29% 29% 5% 40 16% 24 Rubber—10 Firestone Tire & 10,100 1012 35 4 *91 16% 93 32% 20 19% 91% 3234 *91 *32 *19 "5". 700 91% 32% 16% *28% 92 33 23% per x65 Filene's (Wm) Sons 30 17% 29% 9134 33 1712 17% ♦15 30 S Fed Dept Stores 4 X % pt-100 Fldei Pben Fire Ins N Y..2.60 900 900 23% 93 16% *28% 18% 27s *32% 79 31 23% 24% 2234 33 *28 *62l2 ♦75 79% Par Shares 31 *72% 78% 32 *75% 783s 1938 Rano* for Previous Share Lou Lowest Week $ per share 32 33 2% 13 % per share *92 J75s 2h Jan. 12 % per share 30 7678 2034 90*4 Jan. 11 I per share $ Per share $ per share 72 75 *30% *10% Jan. 10 Basil of 100 15, EXCHANGE the 14 Jan. On YORK STOCK NEW for Friday Range for Year 1937 STOCKS Sales NOT PER CENT Thursday Wednesday Tuesday Jan. r Cash sale x Ex dlv v Ei-righte Mar 17 Jan 20 18% 11 Apr May 22% Nov 29% Oct 64% Sept 73% Oct 20 1 Called tor redemption Oot Volume LOW AND 146 New York Stock Record—Continued—Page 6 HIGH SALE PRICES—PER SHARE, NOT PER CENT Sales STOCKS NEW for Saturday Jan. 8 Jan. $ per share 778 183s Monday 8 19*4 Tuesday 10 Jan. 9 per share 8*4 19*4 Wednesday 11 Jan. 12 $ per share 87s 8*2 19*2 19*4 8*2 203a *82 89 *85 89 *85 89 *135 138 *135 138 *135 138 74 7534 13*2 76 143g 14 *4 4*2 *4 4 412 22l2 * 23*2 95 *334 11 312 25 378 1178 334 27 142l2 142i2 653s 6634 4*2 22i2 ♦90 *8is 20I8 8i2 *85 87 138 78*2 1434 153a 145s 153g 4 4 45a 4l2 5*4 23 2334 24*4 94 93 93 2434 9312 4 4*a 13*4 12l2 334 35« 3*2 27 27*2 145 27*2 146*4 146*4 68*2 67 70 147 147 25 94 14U 61,000 600 1 X Interboro Rap Transit-—100 2,100 Interehemlcal Corp No 80 6% preferred Intercont'l Rubber No par Interlake No par 6 13 3i2 *2534 3*2 26*2 12i2 3&s 2712 27*2 2 Oct 19 1234 3i2 35g 14712 150 414 12 3I2 26 25 15012 152l2 7U 678 73a 4 4*2 9&S 984 9 458 95s 914 4l2 9*4 414 9*4 4*2 95a 47s 934 49*s 487S 503a 495a 5038 50 507s 4918 5018 4858 132 8*4 87s *125 87s 132 *125 9*2 6834 *125 132 934 9*4 3,300 63,100 4,600 1,400 1,500 14,300 *147 93s 132 *126 978 132 87S 20 100 Int Business Machines.No par Internat Harvester No par 100 4 35*2 4*2 38*4 38*4 36*4 4*4 38*2 41 41*8 37*2 4*2 41 41 *20*a 5 38*2 21 478 38 43a 40 39*2 38 43a 40 21 *20*4 Deo 122 Nov 20 16 16 Jan Jan Apr 4*2 133s Jan 8 Feb Deo 18*4 Deo 34 100 Dec Ian 9 7 tfar 10 Jan 5 19U Sept 22 6*4 Dec 29 5% preferred. 1678 Jan 29 12778May 27 Internet Rys of Cent Am.. 100 194 665s 148*2 2«4 Inter Pap A Pow Co.. 15 Class B No par Class C No par 730 Deo 57s Mar 714 Deo 6 21,200 2,690 Sept Deo 4 733, 135>4 5*4 Apr 578 18*4 Jan 18 Nov 23 42*2 160 112 Jan 37 41 Jan Aug 162 Int Nickel of Canada—No par 100 Apr 2i2 24U Deo 77g Jan 187s Jan 48>4 Nov 120 82,900 6% conv pref 37 107 278 July 2284 July 18«4 12,300 Oot 95s July 16*4 Apr 37*2 Jan Dec May Feb 189 Oct 19 8«4Sert 4i28ept 29*2 Dec 2i4 Oct 4l88ept 6 107s 11 Oct 19 100 6*8 Jan 18 178 Oct 19 36*a 434 434 4*2 40 140 6 40*4 37*4 147 Aug 3 Voting trust certlfs—No par 3334 May 1 Preferred shars 885s July 9i8 Apr 14 63i2 Apr 14 12712Nov 22 5312 Nov 22 138 Nov 30 Preferred per 15*8 Nov 413s Nov 125 64*4 Apr 11D2 July lli2 Mar 28i2Mar 18U Oct 19 Highest 106 6 1334 Jan 20 Dec 29 Internat Agricultural..No par Prior preferred 6 Jan 255s May 3318 Feb 23 Oct 19 92 4is share 9 5 Feb Internat Mining Corp 5,000 3,500 132 83g Iron.. par 100 per July 30 Int Hydro-Elec Sys cl A...25 Int Mercantile Marine.No par 13,400 50*4 *126 938 834 100 414 918 9 143 131*4 Mar Oct 19 94 13*2 144 2i8 Oct 19 27 Insuransharee Ctfs Ine Lowest 5 share 4712 Apr 20 112 Oct 19 *93i2 414 13 Oct 16 8,200 *25 434 Nov 24 578 94 4i2 43g 72 4l2 *4 24i4 94 Dec 29 132 No pari per 22U Jan 20 6i8 Oct 19 Inspiration Cons Copper...20 514 Steel $ share 15 10v 1318 7*8 ♦125 preferred per 58*4 Nov 23 6U Oct 19 378 Oct 19 914 48 6% Inland 434 148 No ptr 400 10 "3" 400 4 148 Ingersoll Rand $ No par 76 4 *145 Industrial Rayon 138 70 6678 68 66i8 667g 148&S *147 149l2 *147 149l2 7% 734 714 75« 634 714 147 Indian Refining 5,900 75i8 146*2 684 7*8 434 4*4 *145 2,000 634 418 5i8 2414 Lots Highest Lowest Par Shares 86 *135 On Basis of IW-Share „1458 418 137g 4*2 438 8i8 20i8 Range for Previous Year 1936 Ranye for Year 1937 STOCK 7734 77 *4 8is 19I2 85l2 YORK EXCHANGE Week 14 Jan. $ per share 203s *135 85*2 138 77 1278 66 8512 *135 8*2 203s 77*2 12*8 145 8i2 20 76 378 35g $ per share the Friday Jan. 13 % per share 76*2 15*4 4*2 434 3*2 27 Thursday 401 43*4 May 10 29 19 25 10 8A Deo 663s Nov Feb 2*4 Jan 1478 Deo 1*8 Jan 8*8 Deo 384 Jan 3 Jan Feb 16 Jan 30 19*4 67*i Feb 16 28>4 Jan 25 6 10*2 125*4 Apr 6 91, Apr 6 68i28ept 22 18 13 Deo 105*2 Deo Apr 160 23 Jan 136 Nov 11 if Oot 10&8 Oct 61*2 Nov *20*s 21 *20 21 21 21 21 100 International 8alt No par 19i2 Oct 19 32 32 3338 33*8 34 *34 35 34i2 34i2 600 International Shoe No par 30 Oct 19 493s Jan 4 47 Oct 18 32l2 *18*4 32i2 18 1934 19 19 *19*s 20 *18 21 19 19 300 International 81iver 100 16 Oct 19 52 Mar 11 15 Apr 35 Nov 65 74 *65 74 *68 79 *65 79 *66 79 *66 100 65 Oct 19 110 Feb 19 50 June 93 Nov par 4 *20*4 34 684 7 634 73a 7 7*2 7 73a 67g 73g 73s 7'8 738 734 7*2 734 7*4 105s 113s 75a 12*4 125g 1234 *74*4 13*8 *72 11 75 2234 117 *73 12 ♦10 *1078 2234 117 23*4 12 75 75 12 *1078 23*4 75 11*2 23*2 23*2 25 . 12 75 *74l2 *1178 23l2 22,700 5,700 12*4 *233a 127g 7% •.-.MM 7*2 9,700 67g • 7*8 11*8 *7438 IDa 10 75 preferred Inter Telep A Teleg Oct 19 1578 Feb 19 No par 6*8 Oct 23 Interstate Dept 8tores.No par Preferred 10*1 85s Dec 29 85s Nov 10 36's Jan 18 I07t2 Apr 6 26i2 Jan 30 30 Apr 15 No Foreign share ctfs 1178 100 Intertype 24 400 Island Creek Coal Corp 70 1 Dec 28 9 No par Nov 29 20i2 Oct 19 1 rll8 Sept 23 50 50 50 50 4978 50 4978 4978 50 50 50 50 1,900 Jewel Tea Inc No par 49 Dec 28 82 82 81*2 86 83 85 83 84*2 80*2 81*2 80 80*2 4,600 Johns-ManvHle No par 6512 Nov 22 124l2 124 *123 *115 11*2 *23*2 79 634 23*2 12 75 *1078 7*8 75> *116 118 *116 124*2 ♦18 *118*8 7 ♦17*2 *16*4 1334 124*2 124*2 *123 124*2 75 74 78 78 75*2 19 18*2 *118*8 734 734 20 *18*4 18*4 17*2 1334 ♦7484 100*2 9 9*8 6 6*4 *80 85 407s 42*4 9 9 *21 25 *2l2 ♦12*4 25a 48 14 19*2 *»«.— 6*2 *82 4134 *18*2 *118*s 8 83a 20 19*4 • 17*2 14 *7434 100 9 76*2 934 658 88 43*4 *18 14 *7434 9*4 6*4 *80 42 *8 25s *12*4 934 25 25a 48 9*4 *22 *2l2 *15 13 16*2 1534 16 1534 17 17*2 1778 26*2 1758 *5*4 26*2 ♦5 53g 26*s 76 *116 118 124*2 *124 77 75 75*2 538 *26 5-*a 28 28 17 17*4 17 17*4 17*s 17*8 17*2 18 17i2 17*2 25*2 26 27 27*4 28*2 2934 30 30 30 30 12 12 123a *6*8 1378 18*2 1278 12*2 1258 125s 1278 123s 123a 7 *63a 8 *6*4 18*4 *92 143a 18*2 100 6 63a 6*s 65g *7g 434 1 1 1 478 2634 934 47g 26 934 26 26*4 5*8 2734 978 26*4 3934 40 84 40 4134 8*4 27 26 9h *26*2 884 27 *95 98 *97 100 *160 166*2 *16 16*4 3178 *38 3284 40*s 18*4 49*2 *105 18*4 5034 106*2 1*8 *3478 4 1*4 36 4*8 1912 *104 19*2 106 167g *132 *1684 *54*4 18*4 30*2 *1215a 2H2 30*4 11*2 29*2 *2 17 *6 14*4 18*2 *92 . 14l2 19 100 *11*2 *2 7 15 1834 *92 6*4 7a 6*2 1 6*4 Da 478 5 5 27*a 27?a 27l2 10 10 26*2 27 10*2 263g 41 42 41 8 15*4 1934 100 1*8 1 5*8 283g 5 2758 1078 1034 263a 26 26 4134 40*4 40*2 D4 3434 4*4 *19*4 *104 17*s 114 1'4 36*4 35?s 43g 20 4*4 19*4 106 173a 1% 36 412 d4 36 4*4 27*2 102 *98 1*4 1*4 36*2 3534 *4i4 4l2 1738 2*4 7*2 8*2 2*4 7*2 25s 784 25g 8 7*4 75a 12iz 2*8 7*4 11 12 11 2*4 7*8 7*2 2l2 7*4 25a 7*4 34 *1 6 6 9*4 95g 10 h *1*2 *29 2 5*2 *1*2 *23s 8 8*2 3*8 8 8 17 19*4 8 8 834 12 12 234 7*2 1*4 5*2 10 2 2l2 7*4 *1 55a 10 *134 12 25g 7*2 D4 55a 11*2 2 28 884 1934 33a 9*2 9*4 934 20*4 20*4 21*8 33g 334 378 3*2 43s 3634 2412 37 36*8 3634 25*2 25 25 *155 157 31*8 3684 37 3714 2434 25 25 *154 157 578 25 90 884 15*2 9*4 *7278 79*2 7 Oct 19 1 4 Oct 19 40 Kendall Co $6 pt pf A .No par 80 Dec 31 Kennecott Copper 28*4 Nov 8 512 Oct 19 693s Mar 10 1734 Dec 29 134 Oct 19 46«4 Apr 14 67,900 Class B.. 2,600 MM- - - - No par 300 39*2 40 6 6 25 25 *80 14*2 93g *75 90 15*2 9*2 79*2 *29 313a 9*2 v'934 20 *154 21 157 41*2 63s 42i4 6*2 25 25 *80 15*4 934 *75 90 15*2 10 79*2 *29 95a 20 4*8 3138 97g 20*2 43a 4112 41*2 65s 678 *22 *80 155a 934 ♦75 25*2 8 7*2 1*4 6*4 *1 6*4 10 134 *28*4 9*8 19&8 378 *3534 25*4 *5 14*4 14l2 1812 183a *95 100 1,800 1,300 100 *2534 2612 800 13a I3g 35*2 35 4*4 4*4 *155 41 6l2 *25 *80*4 157s Xl4 934 79*2 9*2 *75 20 19l2 *3078 3134 1215g 1215g 2234 23*4 Lambert Co (The) No par Lane Bryant No par Lee Rubber A Tire 14 Oct 19 Dec 31 6% conv preferred... Lehman Corp (The) Lerner Stores Corp I 5 Oct 19 Dec 28 600 10 5,400 40 200 400 5,200 200 10 8,200 1087» '.ly 35s Feb 6178 Deo 8«8 Mar Inc... 1 June 22 32 Oct 19 Long Bell Lumber A Loose Wiles 6% 25 Biscuit. preferred 10 7% preferred Ludlum 6% preferred 10 No par 200 *23*2 2512 400 $3 preferred w w 3,666 MoCall Corp 9% 3,400 McCrory Stores Corp 79*2 a Def. delivery, 6% conv ft New stock, r Cash sale, 67 Nov Jan 9 Dec 7*4 Jan 21Apr 35*2 Deo 6 167s Jan 11 7 Jan 14 June 18 39 Oct 19 20 Jan 21 39 Jan 20 Dec 28 Oct 19 1'4 Oct 19 3334 Dec 29 4i2 Oct 19 678 Mar 27 5134 Mar 4 307s Mar lu 2914 Apr 30 1378 Jan 10 Feb 74 8 Jan 8*2 Apr 1*8 Jan 6*2 July 1884 Jan 214 July 41 May 11*8 Jan "6*2 Apr 27*2 1637a Apr 165 Jan 25 Deo 70 Nov Feb 65 Feb 43*2 44 Nov Nov 21 111 Jan 22 103 Jan 2 29 Ex-dlv. 1 Mar 428s Nov 21*2 Jan 13 Oct 19 "12" 163 Jan Jan 13 7*4 Oct 19 Nov 7*2 Deo 58*2 Nov 25*8 Nov 13*2 Apr 44 llU Dec 28 Nov 45 43*4 May 45 266 23 15*2 Jan 11 3 75 Deo 684 Mar 123# Aug 3*8 Mar 66*4 Mar 11 35 June Jan Feb 6 4184 Jan 2*4 20*4 Dec 29 z Nov 2434 714 Dec 29 1 100 Jan 17*2 May 10 No par preferred Jan 778 Jan 12 295s Jan 30 684 Feb 17 14U Feb 13 3t2 Mar 29 24 No par 1514 9*s Apr 85s 34*2 15a 57*4 23*4 84 Dec 28 $3 preferred ex-warr. No par $6 1st cum pref No par 90 40*8 MarlO 134*2 Nov 49*4 Oct 65*4 Nov 155a Deo Dec May 17 25l2 Jan Jan Dec 142 1,500 42 127s 7% preferred 100 May Department Stores...10 Maytag Co No par "2,800 6*2 Oot Feb 32 Oct 18 4134 14 7 Oct 19 Dec 29 157 *75 Dec 20 *6*4 Oct 36 16*2 Jan 20 3 1 Jan Jan 634 Dec 29 l»s Oct 19 No par Jan 273s Jan 11 22 MasonlteCorp 30*4 1023s 127*2 30 6t2 Oct 19 100 1 (Glenn L) Co.. 67*2 Jan 22*4 July 151 9 8 68*4 Mar 8 153s Jan 20 132i2 Feb 62*4 Mar Oct 16 Matbieeon Alkali Wka.No par 40*2 I In receivership, Martin Martin-Parry Corp Jan Sept 26*2 Mar 30 2,400 634 9l2 Marshall Field A Co 45 113 Oct Feb 11 7 No par No par 41*2 1518 Marlln-Rockwell Corp.. Oct Apr 9*2 Oct 19 H4 Oct 19 100 100 Deo 33 36 Oct 15 100 29 65 414 Oct 19 25* 29 4184 Mar 11 63 5l2 Dec 28 100 8% 2d preferred Dec 29 Mar 17 6 Exploration.. 1 5 31 *80*4 19 99 1 Midland Corp 60 *155 24 19 20 170*4 Deo 23*4 Feb 63*2 Nov May Deo 8*4 Oct 19 1812 Oct 19 112 Oct 19 Certificates of deposit—100 Preferred 100 2 21*s May 25 10 100 Market Street Ry 107 20 No par Manhattan Shirt 23884 140 17-38 Dec 29 deposit 8 Jan Jan 28<4 Jan 13 No par Pref ctfs of May 12 285s Feb 35*2 33s 14734 Jan 20 Mack Trucks Inc Magma Copper t Manatl Sugar 110 ±04*2 2{ 7514 Mar 11 10«4 Jan 26 43U Jan 8 Jan Oct 29 4812nov 13>8 Oct 2634 Oct 123is Nov -.1 MacAndrews A Forbes 378 Feb 9784 Mar 14l2 Oct 19 125 100 Steel Oct 30 1538 Dec 29 Louisville Gas A El A ..No par Louisville A Nashville 100 preferred. 79*2 17*8 Dec 29 101 100 prior preferred 90 2i8 Oct 19 No par Lorillard (P) Co 6% 700 Jan Feb 9934 Nov 24 ...No par Lone Star Cement Corp No par 6% 36 Jan Apr No parr $6.60 preferred.. Loft Maracaibo Oil 2534 Jan 116*8 67*8 Dee 435s Dec 29 Marine 3,200 Nov Apr No par Inc 9,100 17,000 31*8 115 43 Loew's 2,400 20,900 Mar July 12i2 23g 378 May 97 257s *1138 23« 93g 25 4 29 Nov 36 Oct 19 7,800 20 Aug 11314 Feb 13 Aug 14 Nov 24 14 83a 378 *3534 25*4 May 267s July 26 877g Aug 11 110 Jan 23 33 8*4 9 7 63 No par 6 19*4 Jan 2 5 153s Mar 12334 Nov 2I84 Nov Lima Locomotive Wka.No par May 20 Liquid Carbonic Corp.No par 10 30 Jan Link Belt Co No par d4 May 12 Apr 1 Manhattan Ry 7% guar. 100 Modified 6% guar 100 *5 Oot 89 19 Mandel Bros *1 19 23i2May 6 8312 Feb 16 900 700 Feb Apr 1512 Oct 19 I8I4 Oct 19 Lily Tulip Cup Corp...No par Macy (R H) Co Inc 7 Oct 4 Oct 151 250 65a 22 160 100 Madison Square Gard—No par 170 958 Nov Jan July Jan 13 Preferred 8312 Oct 19 8*4 8*2 19*2 8*a *8*4 *14 Jan 16 2 175 25 6,900 900 Oct 19 Feb Jan 28 B 100 157 5 203 114 Series 510 2534 80*4 Nov Oct 19 82 8 36*8 65 47*4 Oct 19 23 No par 1078 4*8 3878 May 79 8 23 200 180 18i2 Jan 18 43i2June 10 213s Feb 11 685s Jan 9 ...5 3,900 2,800 2,100 Apr Apr 278 Dec 29 2234 Dec 29 Liggett A Myers Tobacco..25 400 2634 Feb I8I2 Nov I884 Deo 45i2 Nov 334 Jan 18 Life Savers Corp 1,900 17,000 157# July 7*8 Jan 12 July 8*2 100 2,500 . June 18*i Nov 15*2 94*2 500 200 Nov 1 335s Dec 28 MM---- 61 Oot Deo Jan 245s Mar 17 Llbbey Owens Ford Gl.No par Llbby McNeill A Llbby No par 6,900 2,800 245s 46*2 73s 58 Dec 29 50 Lebn A Fink Prod Corp 24 638g Nov 4U Oct 19 Lehigh Valley Coal..—No par *9*4 *D4 9l2 1 2778 Mar 11 6112 Feb 1 97 100 —50 1,900 4,600 3 17»4 Mar Oct 19 Lehigh Portland Cement...25 31 *23g 6 Dec 30 934 4% conv preferred Lehigh Valley RR IDs 287S 30*2 1134 287s Mar 5 10*8 Dec 29 5 Oot Jan 32 2,500 Jan Jan Nov 4112 Jan 14 7 107 Feb Nov 337s Jan 05*4 July Oct 19 1212 12*2 288s 2478 61 8 ..100 33*4 28 200 preferred 36U Nov 110 19*8 June 30 6% Deo Apr 26 Apr 48*2 Aug 32»8 Nov 20*2 Apr Kresge Fept Storee Kress (S H) A Co 11*4 1*4 20 Apr 50*4 121 20*2 Apr 45s Apr 3584 Aug 277s Jan 14 7,000 1,800 2i2 30 6 2 Oct 19 11 12*4 Feb 30 6 27*4 7*4 35*2 July 29h Jan 15i2 Dec 29 37g May Laclede Gas Lt Co St Louis 100 11 1134 *238 71 Dec 29 Jan 320 1034 9 Dec 28 11 Jan 18*2 1578 Jan 16 2734 8l2 20 Feb 1784 June 8 938 Mar 30 ...No par Dec 28*4 4 47*2 Jan 23 24U Jan 14 2,900 8 20j2 Mar $5 prior preferred...-No par Kresge (8 8) Co 10 preferred 17*2 87 19*2 Jan 14 10912 Feb Oct 19 5 20*2 Dec Dec 29 *45S 27*a 8i2 19U 23«s Feb 11 Dec 29 1 3 Jan 4 1 1934 8*4 90 Bid and asked prices; no sales on this day. 3 1 80 14 400 5,300 1,900 4l2 par No par Jan 14 Kroger Grocery A Bak.No par 700 6*4 I3g 36*4 Klmberly Clark Kinney (G R) Co.. $8 360 3,600 6*a 100 Keystone Steel A W Co No Jan Deo 3,300 17*8 1734 8*2 3834 Kelsey Hayes Wheel conv cl A1 110 2378 5 22 19*4 165a 157 1,200 3,500 Keith AibeeOrpbeurn Jan 17 Jan 18 Mar No par 106 28 • *26*2 19*4 4478 Jan 16 No par 30 *2678 21 *20 *20*4 2034 19*4 207g 106 *104 106 104*4 104*4 *104 18 1778 175a 1734 1758 1734 132l2 132*2 *132*2 134*2 *132i2 134i2 *132l2 134l2 175g 17*2 17*2 1738 *17*2 175g *17*2 1738 54 56 *53 56 *53*4 56*a *533a 5514 *104 *8 1*8 *78*2 15*2 87g Jan Nov 20 - Dec 13 80 - Deo Mar 17 pf_.l00 MM Deo 133 29 27U Sept 933s Nov 12« Nov 35 126 75»8 May 39i2 July 6 Oct 19 Oct Apr 313s Nov Feb 116 1418 Oct 19 22»4 152 Mar 17 Nov 20 MM Jan 121 13 2,500 *99 9 Jan Apr 107 May 8 15 99 9912 10212 101*2 102 101*4 101*4 100*2 *162 166*2 *162 165*2 *160 165*2 *162 165*8 *160 165lg 16 16 16*4 16*4 16*4 *15*2 16*4 *15l2 *15*2 16*4 33 33 33 34 34*4 34*4 33% 34*4 3434 33*4 40 40 *39 40 *39 40 3878 387g 39*2 39*2 *19 20 20 20 1834 19*4 19*2 19*2 19l2 *19i8 5034 523a 5278 51*4 51*2 5234 5134 50*2 503g 5078 *10578 106*4 *106*8 108*2 106*4 106*4 *106*8 106*4 106*2 10612 *26*2 16 1*4 *23*2 6*2 1*8 5*4 121«4 6 27 34 *584 1858 100 63g 2 Kayeer (J) A Co 9812 27 100 9 5 38 *95 65a 88 Oct 19 5 100 113 68*2 Kaufmann Dept 8toree.S12.50 *26l2 98l2 *26*2 100 87s 16*2 10*4 preferred Jan 4 Jan 115»2 Apr 100 Jan 15 243s Aug 8 800 27*4 26*2 26*2 96*2 100 99 100*4 9 1578 »4 *154 arl434 11858 8 15 20 1834 20*2 21*4 19*4 19*2 20*a 20*4 31 31 31 31 30*2 *30*2 *30*4 *30*4 3112 125 ♦1215a 125 *1215a 125 *1215a 125 *1215a 125 22 24 2218 2312 23*2 233a 24*4 2484 2334 30*2 305a 31 32*4 305a 3134 31*2 X40*4 31*2 12 12 12 12 12 12 12 11*2 12*a 30 30 30 29*2 30*4 293s 29*4 2978 3078 5 *36*2 *245a *5 19 ♦85a 4% City Southern 82 Feb 15 46 Nov 5 136 15's Dec 28 Feb 37% Jan 126 Oot Feb Apr 1038 Jan Mar 18 53*2 19*4 Aug 6484 Nov 24' 1001 Kan City P A L pf ser B No par Kansas 8718 155 300 9 834 15*2 7*4 7 200 40 56*2 7 14,000 9 56 7*2 7 ♦14 *» 39 9 134*2 1734 212 M 9 863 134*2 *132 *17 1734 57l2 M 127 30 11*8 Sept 20 *16l2 *22l2 30 17*2 100 Kalamazoo Stove A Furn... 10 17 *26 15 18*4 1,000 120 Jonee 4 Laugh 8teet pref.. 100 7434 27 15*2 ♦92 Preferred 40 ~ 15*2 6 preferred 770 ' 16*2 1334 $6 75 — 1634 6 10 124 19 19 1734 18*2 187g 1758 *118*4 *118*4 *118*4 8 8 8*4 85s 8*4 8*4 8*8 20 1878 19*4 18?8 20*8 *17*2 *17*2 *18 18 18 18*4 18*4 18*4 18*2 * 14 14 14 137s 14*4 13*2 *1312 *75 *75 *75 100*2 100*2 100*2 100*2 9*4 93s 93s 93g 9*4 9*4 *85g 6 6 638 6*2 6*4 6*a 5i2 88 85 84 87 *82 85 *80*2 42 41i2 4234 4134 41*4 4034 4018 9*2 97g 912 9*4 9l2 9i8 9*8 25 23 *22l2 25 *2112 23 *21*8 234 *212 25a 2i2 2i2 234 *23g *17 48 40 48 48 *17 *1214 16 16 *14 16 16 16*2 16*2 18 18 18 18*4 18*s 18*4 18*4 6 5l2 6*2 *5*s 6*2 *5*a 6*2 — — 16*2 1334 118 19 — 17 ♦14 *116 ' 9*4 *22 17 26*s 16*s 123 118 Apr 36 Jan 24*a Feb 11 1O0*4 Mar 2 Ex-rights. Deo Feb 2*4 May June 50*2 Apr 110*2 Oot 37 Deo 23*2 Nov 101*2 Do K Called for redemption. AND LOW S Jan. 11 13 13 13 *9% 10 10 10 40*4 4114 2334 40% 41% 237g 734 33% 734 2534 8% 225g 734 712 33 32% 734 8 3334 77g 8 42 42% 4278 25% 26% 4134 24% 8 33% 8% *68% M34 *66% 547g 80 1434 69 14% *60% 53 *52 69 *00% 53 53 46 44% 5% 44% 534 47% 5% 21% 2134 *213g 69 55 ' 8% 15 1134 10% 21% 117g 22% 20% 100 101 *95 100 *95 100 ♦96 99 *96 61 62 714 65 5g 1% 1*2 17'4 27g 97g 2% 3 16l2 90 297g 34 34 1912 1314 197g 13i2 20% 14 20 21 20% 21% 6 57g 03g 56 49 *10 10% 20 20 20% 4% Oct 19 50 Dec 28 12 Dec 10 214 Jan 23 700 100 230 1,500 2,000 10,700 300 1,500 2,200 1,600 13% 500 57 500 101 101 103 104 *102 104 *102 104 90 50 15% 13 173g 12% 11% 14% 14% 14% 13% 1284 13 12% 10% 934 16 10 20% 21,300 450 3,900 3,200 17,100 17% 20 20% 1978 20% 150 152% 152% *145 17 17 17 17% 155 17 17% 1134 12% 934 20% 1984 *145 155 *17 *12 9,700 50 13 10% 7% *437g 11% 12% 14»4 10% *145 ♦437g 12% 1434 20% 20% *437g 50 7 7% 49 12% 10 1034 156 49 *437g 12% 14% 1234 12% 7 12 934 100 800 83 *42 ~ 1714 147g *50 80 74 74 *76 82 *76 80 *76 80 300 44 * ♦42 44 43 43 *42 43% *4184 43% 18% 15% *42 43% 100 18% 15% J7% 177g 15 15 110% *107*2 1087g 7 7% 108 *43g 5 2234 1087g 7% 434 434 2234 23% 7 227g 18 1734 15% 110 110 110 ♦108 15% 110 1087g 109 73g 784 47g *434 227g 18 18 18% 15% 1534 15% 111 *110 *109% 111 109 109 *108% 109 23% 7% 4% 227g *1734 7i8 2814 7% ♦18% 7% 29 29 *155 158% ♦155 *128 136 20 20 75g ♦34 *% 0014 *18% 22% *18% 7% 7% 7% 7% 7% 29 2934 29% 28% 2934 158% 158% *150 158% *157 134 134 *131 2134 7% 1 % 217g 77g *84 *% 6134 2034 77g 1 22% 7% 27% 28% 7% 8% *34 1 *% 62% 21% 60% *70% 24% 74% *70 90 *70 90 *3% 834 8 1 21% 243g % % 61 62 21% *70 22% 25% 74% 24% *72% 90 74% *70 % 62'4 22% 25% 74 *18% 27% 158% 158% *150 134 136 7% 27% 7,800 5,300 158% 7 7% 213s 2I84 3,000 734 *34 8% % 734 *34 8% % 12,400 *% 61% 20% % 38 100 2134 *% 60% 20% 24% 2434 73 62 24% *72% 8,200 14,900 24% 1634 39 18% 1734 193g 22 22 22% 34i2 377g 36 3734 22 22% 22% 22% 4 4 414 *914 10 9% 8% *11134 114 *11134 115 *111 0 % 54 95 4 % 63s 6% 1% 1% 93g 9% 88 88 60 *98% 100 1 1 1 197 197 *% 50 40 40 100 106 *103 106 110 14 30 14 *9% 16% *9% 14 1578 38% 16% 16% 17% 38% 38 39 1978 18% 19% 18% 21% *9% 36 38% 36% 23 22% 2334 35% 2378 20% 34% 25% 24 4% 97g 4% 4% 4% 10% 9% 1034 22% *21 10 114 114 *113% 120 *111 123 *111 % 67 % ♦56 234 234 6% 1% 10 60% 1% 197 *56 2% 2% 6% 6% 6 1% 984 1% 1% 6% 1% 10% 9% 978 60 *88% 60% 95 *98% 100 *1 *194 1% 197 59% *88% 20% 9*2 ♦95 54 97j 99 92i2 11*4 *95 92% 123j 28 218 *10 '8 13*8 27 10% *90 22 1412 *4514 ♦114 10% 113g 98 034 23 * 126 11% ~ii% *53 14% 48 .... 63 22 147{ 55% *50 2% *90 23% 126 03 15% ♦45 *5 10% 5% 15 15 16 714 • 7% 7% 126 99 99 3034 11% *97% *92% 1284 *29% 2% *18% 14% 3034 11% 98 *90 93 9434 13 30 2% 20 1434 7% 247S 126 *7% 24 126 11*4 11% 1134 55% 56 56 *53 11% 16 16 16 *15 48 *45% 48 48 *114 64% 1034 5% IOI4 24% 13% 30 29 6% "16% 24% 93% 14 98 * 7% *97% *93% 12% *29% 2% *17% 14% 2834 11% *90% 7% 28 14% 28% 10% 2234 99 93% 117g 29% 2% *17% 2'1 0l2 19ig Deo 155s Mar 3834 Jan 10312 Feb Nat Bond A Share Corp No par 39 Oct 19 No par Dairy Products—No par 13 Oct 19 57U Aug 3878 Feb 12 Oct 19 20i8 Feb 10012 Dec 20 104i2 Oct 19 5U Oct 19 Nat Cash Register 100 100 No par Nat Gypsum 1 10 100 100 Co National Lead preferred A 0% preferred B 7% 95 197 198 640 50 % 6 1% 9% 4,000 1,100 14,500 59 95 * *98" 20 1% 199 *114 66 16% 1034 5% 8 6334 10% 5% 16 8 93 13% 30 20 20 22 14% 14 14% 3 32 12% 784 24% 126 12 *90 *7 2334 *120 11% 94 *2% *17 155 Oet 171 Dec 137*4 Jan 147 Nov 64 Dec July 181$ Apr 22 9 Oct 19 5 i2Sept 9 USept 11 12 Jan 99% Aug 14 2014 Nov 12 5714 Apr 30 0312 Dec 20 75 14 30% 12% 29% 30 1178 12% 93 91 92 *7 7% 2334 734 2334 126 11% 55% 700 23% 1,000 20 22,800 11,800 8,600 50 700 5,600 122% 80 11% 14,200 54 100 16% *15 10 15 15 500 50 50 *47 55 60 50 *114 10% 55] 1034 11 ♦5 5% 16 15 15% 8% *114 6534 1034 5% 66" 16 16 8 *50 1034 5% 8 66" 64% *10% 11 *5 5% 15 16 8 734 t In receivership. a Nov Feb 43 Apr 9 Apr 40 Dec 9812 Feb 10 32% Jan 83 Dec 41«4 10i8 Oct 19 Nov 26 27*14 Jan Jan 495g 17*4 Jan 22 3012 Jan 95 Sept 31*8 July 15 Nov 1278 Jan 22 253s Jan 22 Jan 150 Mar 12 125 Jan 1 Jan Feb 10 90 Jan 8 2612 Feb 25 078 Feb 11 3 Sg Oct 18 97 418 Oct 19 1 "7",000 1,200 130 290 360 Def. delivery. Oct 19 3 Oct 15 1912 Feb 11 30 Oct 19 7012 Jan 22 102«4May ll2%May 434 Mar 63%June 14 73 June 9 Jan May 91 104i2 Jan Oct 27 105 Oct 14 53i2 Jan 22 678Mar 3 40 114 Feb 13 1938 Mar 5% Oct 19 1 45U Jan 21 2318 Apr 52*4 Feb 05g 98 Jan Jan1 9712 Apr 237g July 50 Aug 2 Jan 19 Aug 12ig Aug 24 ig Jan 17 July 107 Jan 8 Jan 2414 Apr 123 Jan Feb 3 0l8 Oct 19 48 Dec 31 2438 Mar 8 1212 July Mar 8 79 Deo 1284 Dec 29 Dec 21 28 Jan 12 47 Jan 4 115 9 114 13 114 97 May 51U Nov 20 115 Oct Oct 3512 July 59 14U June Deo IO6I2 Jul7 103 36*4 57 Nov Feb Mar 412 Mar 32 Nov 18 Dec 6912 Deo 25i| Mar 115i2 Feb 195g Nov 39*4 Nov 136 June 23 7ij Oct 19 40 4 Oct 19 Ex-dlv. y June 20*4 Mar 83i2 Deo "76" Nov July 114 July July 22 Dec 103's Aug 11 z9% Dec 31 2ij Oct 19 x 31012 Jan 26 75 140 44 No par No par Cash sale, 5 Apr 20 20i2 Feb 16 73 20is Oct 19 125 Nov 10 $5.50 conv 1 st pref--No par * Jan 18 227g Apr Nov 23 0lj Oct 19 Nov 19 Outboard Marine A Mfg New stock Jan 28 36% Mar 11 Dec 28 13s Oct 19 15 Oct 19 9 Oct 19 Outlet Co « 8 9% Oct 19 30 —No par pref lig Aug 105 3478 Jan 14 57U Feb 3 17*8 Jan 21 90 2d Nov 109U Aug 27g Jan 210 8% preferred A 100 Oppenhelm Coll A Co—No par Otis Elevator No par 1st preferred 104 Apr 8 No par Corp(The)vto No par 6 No par Preferred 100 Owens-Illinois Glass Co..12.50 Pacific Amer Fisheries Inc—5 Pacific Coast 10 Sept Mar 9312 Jan Oliver Farm Equip 100 99 83 Jan 14 93 Sept 2U Feb 99U Sept 0ig Deo I8I4 Deo 7is Feb 155g Mar 3 5 3 114 50 0% preferred July 912 Apr May 272 No par Otis Steel 4 57 8 14i8 Oct 19 48%June 18 3 Oct 19 24 Omnibus Apr 73s Apr i2 Oct 19 180 Oct 19 1 Preferred Jan 934 Mar Oct 15 Oct 138 7 54% Dec 31 pf.No par Northern Central Ry Co—50 Northern Pacific 100 Northwestern Telegraph.—50 Norwalk Tire A Rubb—No par 2914 Nov 119 Co..100 Ohio Oil Co IOI4 May Jan 20 2 Apr 63 ig 317$ Mar 19 137 102 Oct Oct l-f Mar 17 100 2»4 Oct 20 5 Oct 19 2 "4l" 72 Oct 19 15 Jan 18 55U Mar 3014 Nov 24 No Amer Edison $0 120 11 110 10U Oct 19 North Amer Aviation 35,700 122 Nov 10412 Apr Apr *64% Jan 11 Nov 24 preferred Jan Nov Mar 17 113 0% 13U 00 Sept 21 6434 Mar 10 110 38~606 12U Nov Apr 37 50 pref North American Co 7% July IOI4 June 32*4 109 50 Adjust 4% Feb 8 135 7% preferred N Y Steam $6 pref Feb Deo Oct 29 12is Jan 15 t N Y Investors Ino—No par 70 23% 9 {NY Ontario A Western. _ 100 78 87 99i2Nov N Y Shlpbldg Corp part li2 Deo Feb Nov 24 32 t N Y N H A Hartford—100 Conv preferred 100 3 Dec 28 Dec 29 02 No par 01i2 147g Dec 14 1318 Feb 25 57U Feb 13 2218 Dec 29 preferred series A... 100 NYC Omnibus Corp--No par New York Dock No par 3012 Nov 8018 Oct 30 Dec 14 Dec 28 75 0% stk__l ....100 No par No par 100 100 -...100 No par 50 Jan 20U Dec 29 N Y Chic A St Louis Co—100 N Y lack A West Ry 78 Jan 18 1 Oct 19 15i8 Oct 191 14 Oct 19 — 958 May 17% Dec 29 -100 100 1 N Y A Harlem— 26*8 June 0178 Jan 22 14*4 Jan 14 214 Jan 18 1012 Dec 29 No par 30,400 1384 377g Apr Jan 29 New York Central t Norfolk Southern 12% 333g Mar Oct 28 3 Jan 22 29 Norfolk A Western 2934 2% 12% 2934 2558 June Mar June 150 No par 500 100 24U Nov 1078 Jan 28 35 Mar 17 171 N Y Air Brake 300 *49 Bid and asked prices; no sales on this day. - 2934 12% 278 99 *98% *9234 Apr Oct 19 127 1 $7 pref series A 56 66% 734 9334 1278 30 65% 8% 93% 12% 99 *2934 278 *114 653j 99 112 10 153 4M% conv serial pre!...100 Newberry Co (J J) No par 100 *78 *197 710 Dec 9 21 Mar 11 - 2,900 200 107 44 25 (The)PcnnalO $2 pref 40 5M% prior pref 100 0% prior pref 100 "2,666 2% 67 Oct Nov 28i4 July 112*4 Mar Oct 19 55 6% preferred ~32% 107*4 Deo 18 National Supply 580 Apr Apr 24% Mar Oct 19 100 Newport Industries Deo 21 112% Mar 112 May Oct 19 4% pf-100 5% pref series A t New Orl Tex A Mex 10712 Jan Dec 38 National Power A Lt—No par Nelsner Bros Inc Deo Dec 307g 1734 Dec 13 4ia Oct 19 Nat Mall A St Cast's Co No par 6% 2d preferred National Steel Corp 104i2 3784 100 153 Jan 18 33»4 Jan 13 17 No par Oct Oct 3 17 25 8 11 20 107 4 10 preferred 2834 2 33% Mar Aug 20 10% pref 108% *106 108% *106 108% *106 108% *106 108% 22 21 21 20% 22 21% 207g 217g 21% 21% *52 54 54 54 53% 53% 53% 54% 54% *51% 10 97g 10 10 10% 10% 10% 9% 938 9% 213j 28 12ig Apr 912 Apr 90 *10514 108*2 *105 *51*2 47ig 9 Mar 18% Jan 21 Dec 29 123 2% 534 *1% 9% 58 84 59% *97% 100 *% 1% 112,700 21 2,400 6,700 3584 25 6,900 *56 07 234 19 % % % % 67 46,300 1,100 *4% 4% 9% 9% *113% 114 *111 123 18% 39 *38 38 95 *88% *98% 100 *98% 100 *40 *103 22 % *54% 234 50 19% 217g 19% 123 284 62 194 391 434 *111 54 194 1334 16% - 106 *38«4 *103 *112% 115 56 234 684 1% 9% 1*4 8% 18% 21% 36% 22% 10% 123 56 50 105 1534 *37% 16% % 102 *11 39 56% 2% *3884 12 107g '8 2012 May 24 0l8 Oct 19 6% Oct 19 38 *193 47i2Mar 11 Oct 19 3 12 12 *88 z24% Jan 28 Oct 20 Dec 28 0% 621* Nov Oct 19 May 18 Nat Distillers Prod Dec 22*4 Mar 5 13 Nat Depart Stores 79ig Aug 108 8 17 7% pref class A 7% pref class B Jan 43 IOU2 Nov 36*4 Dec 10 No par 50 *3834 100% 100% *53 2034 Feb 11 71 Mar 1 No par 40 55g Dec 24 Natomas Co 100 1021s July 14 Apr 44 National Tea Co 70 83g IO8I2 Jan 20 8 Oct 19 2,100 25 *1 Apr 447g May 3 2,100 *65 *2 102 9% *23% 23g Jan 4% 70 *53 May 21 9% 25 123 70 Mar 13 90 Nov 23 50 4 *65 *111 993g Mar 19 361s Feb 11 9 *23% 4 Dec 29 078 Dec 13 50 145 Nat Oct Nov 1514 Aug 16 414 Oct 19 B—1 preferred—No par Munslngwear Ino No par Murphy Co (G C)—No par 5% preferred 100 Murray Corp of America—10 Myers F A E Bros No par Nash-Kelvlnator Corp5 Nashv Chatt A St Louis. .100 National Acme 1 Nat Aviation Corp No par National Biscuit...--—-.10 7% cum pref.... 100 Nat Bond A Invest Co-No par 5% pref ser A w w 100 27 Jan Maris Mfg Co class 17 conv Feb 43% ifii. Feb 13 51 4% 70 20U 26 9 25 111* 8I4 Oct 19 1514 Dec28 Feb 2% Nov 28% Apr 3812 Jan 15 4% *01 155g 3012 312 Feb 26 87g *23% *11 0012 Jan 18 4% 63 Nov 14 Dec 29 12i2 Oct 19 878 25 Mar 30i8 Dec 28 4% 63 103 6984 71 87g *23% Dec 33% May 79 68 4 63 Feb Jan Jan 334 87g 25 784 Jan 9 *61 Feb Deo 334 *22 Oct 4 60% 84 884 63 Feb 9% 33% 41% 4,400 26 Deo 3584 200 74 29% Feb 17 90 *70 90 61 21 Feb MarlO 334 334 834 100 10712 Aug 27 109 Sept 24 Feb 6% 46 Nat Rys of Mex 1st *61 *3434 Oct 19 5% 69 60 134 22% 22 3% Jan 197g Aug 4078 Jan 23 Nov 23 Sept Feb 284 Oct 19 200 *21% 100 125s Dec 28 105 Jan Jan 2 12U Mar 17 x7l Nat Enam A Stamping .No par 22% 6% 14% 0i4 Mar 17 114 Dec 28 1% Oct 19 ' *70 90 934 Mar 17 345s Mar 17 Deo 94 Dec 10 500 0,600 Oct 19 12% Mar 30 340 3,300 5 6i8 Oct 19 Morrel (J) A Co 70 73 2334 8% 38 2314 *6912 24 23% 8 *34 6134 20% 23% 74% 20 2134 24 10,200 *18% *131 136 *131 136 4,200 15% 222% 434 23% 22%' 22% 173.4 111 *10838 109 7 7% 5% *4% 478 22 22% 22% 7% 47g 7% ' 22 17% 15% *110 Dec Jan Jan 1% July 2% Aug 234 Jan 1684 June 21 Mulllns 13% 7% Nov 120 Mont Ward A Co Ino—No par 9,700 270 Apr 34 Dec 28 2 20 10 7% 19 29,400 57 7% 112 6% 57% 4 8 15 No par $4.50 preferred 6I4 Jan 5% Mar «4 Dec 28 % Oct 19 100 100 J Missouri Pacific 5% conv preferred Mohawk Carpet MillsMonsanto Chemical Co 6,000 2,700 6,300 480 14 73g preferred-No par ASS Marie. 100 7% preferred 100 4% leased line ctfs 100 Mission Corp --No par Mo-Kan-Texas RR No par Preferred series A 100 10.60 conv Minn St Paul 13% 19% 38% % 60 7 Sept Apr 119 10i8 Mar 11 108 Aug 3 Marl 109 88 205 300 48*8 Sept 13112 Mar Dec Jan 22 MarlO *57 *12% Jan Feb Mar 17 *12% 13 12% Apr 21% 110 2 Jan 124 38,900 64 1I714 5 4812 Mar 122 ' No par Morris A Essex 50 Mother Lode Coalltlon.No par Motor Products Corp.-No par Motor Wheel --6 Mueller Brass Co 1 034 64% Oct 19 Nov 24 120 200 64 Oct 19 15 87 100 31% 19% 7% 64 64 64 1978 6% 6% 6% 6% 63 Nov 10«4 Deo 307s Nov Oct 20 18% 13% 13% Oct 65 Jan Nov 24 14 173g 17% 21 19% 13% 1934 45 Jan 5*4 98i« Oct 19 57 156% *150 17*4 14 Jan 40% 53 55 117g 14% 1234 10% 1934 197g 20% 1384 3112 5 2014 Feb 23 91 10,200 Nov 8 Jan 10 72j4 Mar 0% pf~100 60 *477g 12 12% 20% 14 Dec 4% conv pref ser B 100 Minn Mollne Pow lmpl No par ...... 35 9 Minn-Honeywell Regu.lVo par 37«4 % 39% % 1934 38% % % 34% *27 Oct 12 65% Jan 13 40 Milw El Ry <fe Lt 113 *110 3584 91 1234 "3",000 99 *55 7% 113g *13i2 117g 1434 % 6% 12% 7 *437g *150 3,400 103 103 67g 0i2 6,000 57 »547g 102 102 % 21% 62 63 12% 12l2 *5334 21% *94% 32 *26 39 20% 213g 1334 *12 38 113 34% 36% 2634 20 % 60 26% 38% 137g % 60 35% 20% 37% % 35% *2 00 ' 99 *94% *110 113 30 347g *26 27 *257g 35% % 534 1 99 ♦110 *110% 113 30% 3434 35 34 *25 113 ♦110 113 *110 30,900 61 63 60% 64% 62% 62% 64% 107 *105 *105 107 107 *105 *10334 105 103% 105 7 7 678 67g 7% 734 73g 7% 7% 7% 60 60 *55 58 58% 58 58% 65 *58% ♦57 1 34 % % *34 % *34 84 % «4 *34 1% 1% *78 1% 1% *7g 1% 1% *1% *1 1 1 1% 1% *1% 1% 1% 1% *1% 1734 17% 17% 17% 17% 17% 17% 17% 17% 17% 3 3% 3 3 3% *3% 3% 3% 3% 3% 10 11 10% 10% 10% 10% 11 10% 11% 9% 2 2 1% 1% *1% *1% 2% 2% *1% *1% 3 3% 3% 3% 3% 33s 3% 3% 3% 3% 16 16 17 16 17 16% *16% 16% 167g 16% 88 88 88 8734 87% 88 90 86% 89 90% 1031a 10312 *2% 16'2 895g 10% 10% 3334 Nov 23 4% Oct 19 14 Jan 07g May Dec 353s Mar 10 14 Co.--—-—5 Miami Copper 6 Mid-Continent Petrol 10 Midland Steel Prod No par 8% cum 1st pref 100 80 122 295 41 3 Merch <fe Min Trans Co-No par 03 65 62' Dec Deo Dec Jan Dec Feb 16 4734 Mar 10i2 Dec 28 40 1,500 21 26 25% 101% *101% 104% 26 1st pref 16% Meet a Machine 49U Nov IO8I4 2834 295 103s Feb 25% 26% 101% 1011" 21% 20% conv 1 50 14*4 Nov 213g Nov 9312 Aug 13 Oct 19 3 4184 11% 22% 27% 26% 6% Dec 29 10 41% 21% 11% 22% 11 $5.50 pref ser 390 21 20% *16 16% 42 *99 2 21 16% 42 99 9 21 10 99 278 Mengel Co. (The) 42% 25% *H4 *10*4 2,100 16 98 *1 Melville Shoe. 42% 11% 21% % 1,400 16 98 *55 300 48 42% 2534 7 65 477g 49*8 85s Apr 37«4 Jan IH2 Apr 11212 Jan 14 3484 Apr 19 1 86 *53% 48 5% 7812 Dec 3712 Dec 14 *68% 55 47g 471s Jan 12 19 Jan 8 Oct 19 6 101 09 5% 4212 Mar 24 10i4 Mar 17 Deo Jan 2414 Oct 38is 60l2 Dec 22 50 Dec 30 55 5% 10 4212 Jan 14 100 —No par A—..No par B w WbNo par 69 5478 47% 534 22% 22 22 16 pref series 30 June 2812 Jan 19 No par Mead Corp.- 3,500 21 Highest share $ per share $ per share Sept 21 I8iz Dec 29 53g Oct 19 No par — 1 6% conv preferred ...... 14% 14% 75 16 42% 11% 22% 80 *72 14% 10 4234 8% per 2812 Dec 29 Mlnee—5 McKeesport Tin Plato 10 McKesson & Robblna——__6 $3 conv preferred McLelJan Stores $ share Dec 28 11 Mclntyre Porcupine 15,100 6,000 9,100 2,000 4,500 per 7h Dec 15 30% Oct 19 McGraw-Hill Pub Co.-No par 247 69 5% 57g 33% 8% 80 14% 77g 33% $ -1 McGraw Elec Co new 1,000 600 25 *24% 7% 8% *72 80 47 47% 734 33% 8% 8% 33% 43 ♦14 107g 217g 2134 24&g 4134 *68% »435g 10 11 14% *49 42 14% *9% 80 14 21% 14 10% 42% 25% 8% 33% 8% *70 16 14% *97g 8 14 4134 10*8 14% 10% 33% 80 21 13% 10 257g 13% *6612 53g 13% 41% *65 53g $ per share $ per share $ per share 137g 10% 4034 25% 77g 333g Pat Lowest Highest Lowest Week Shares 10% *13 13 Range for Previous Year 1930 1937 100-Share Lou Range for Year On Basis of YORK 8TOCK EXCHANGE the 14 Jan. 13 Jan. 12 Jan. $ per share $ per share share ver Wednesday Tuesday Jan. 10 8 NEW for Friday Thursday STOCKS Sales SHARE, NOT PER CENT SALE PRICES—PER HIGH Monday Saturday Jan Jan. IS, 1938 New York Stock Record—Continued—Page 7 402 Jan 7 153s Feb 1 312 Mar 3 8U July 27U Feb 2 414 Ex-rlghts. Jan Jan 15 Dec 32% 297s Dec Deo T Called for redemption Volume LOW AND HIGH PRICES—PER Monday S per share $ *12% 13% 2734 2734 *3812 39 157g 1578 114i2 II4I2 Tuesday Jan. Jan. 8 *1314 SALE Jan. per 10 share 1334 27l2 28i8 39 39 16 14 112 114 112 113 113 135 135 134 135 *14 15 15i8 53s 518 812 85S 514 *8l2 112 112 1% 47 39 39 * 47 *41 * 98 155s 53s 1% 4712 44 10012 12 1278 93i2 12 2334 97i2 *23 *23 3l8 3312 20 1238 95 95 1178 5% 47 42 12 2334 *9378 1134 33 o3,« 3% 3314 33i2 *1914 19i2 19% 2014 2% 23s 2% 2i2 23g 2% 2% 23g 5% 534 57g 6% 11% 534 1214 6% 11% 5% 634 117g 1218 3 98 3 3314 *20 Par 14 27% 4,900 Pacific Finance Corp (Cal).lO Pacific Gas 4 Electric 26 39 40 1,400 Pacific Ltg Corp No par 1534 1534 2,800 Pacific Mills.. No par 11434 11434 480 Pacific Telep 4 Teleg 100 ...100 30 16 500 40,700 1% 900 49 52% 41 li" 40% 115g * 98 117s 97% 300 1,600 *91 99% 11% 234 10% Dec 29 3284 Jan 14 22 38 Oct 19 x3484 Oct 19 Jan 4 118 Jan 163 Deo Apr 28 149 Jan 2 140 Jan 152 July 1134 Dec 29 29 2984 Apr 6 I28g Feb 18 Oct 19 No par 80% Oct 19 1 Park Utah CM 8 17% Jan 2«4 July 40»4 May 1 1 Oct 19 Parke Davis 4 Co No par 28 Oct 19 Parker Rust Proof Co. ..2.60 12 Oct 19 2% 2% 1,300 6 6% 7,200 Parmelee Transporta'n.No par Pathe Film Corp No par 11% 5,900 2,800 20 June 8% Aug 34% Jan 5 8% Feb 25 1,200 33 20% 59 2684 Jan 28 3,000 333g Apr July 7% Aug Oct 19 33% 20 33% 20 67 103 18% Oct 19 10 Inc Jan MarlO 90 Sept 30 8% Oct 19 100 6% 1st preferred 6% 2d preferred.; 18% 1097g Mar 18 28>4 Jan 28 200% Jan 28 32% Nov 23 1 12% Aug 1% Jan 121 x95 100 Paramount Pictures Inc lla4 Apr 67g Jan 17% Jan 20 4% Jan 25 May 13 Oct 19 Par&fflne Co Inc share 39% Nov 41 July 68% July 47% Dec 133 Oct 19 100 Deo 152 Oct 19 preferred 30 30«4 Jan 44*4 Dec 14% May Nov 22 1 conv Highest S per share f per 110 7 8% Jan 12 63% Jan 14 447g Jan 9 10% Oct 19 Year 1936 Lowest S per share share 4 Park-Tilford 22",400 per No par 4,400 2334 27g S Range for Previous - Highest Pan-Amer Petrol 4 Transp__5 1 Panhandle Prod 4 Ref No par 300 11 *23 3 10 4% conv preferred 69" 200 11% 27s Oil Corp Packard Motor Car 98 2334 11% *23 6% preferred Pac Western 370 41 49 40*2 5% 9% 5% *8% *1% 1% 11% 400 137 *13% 47 • 14 *134 5% r *93l2 12l8 2334 3% 33% 20% *23 Shares 26% * 97i2 123g 2334 3i4 33i2 IHs *23 Lowest 1414 5% *8% 13s 95s 12% Week 2758 38*2 16 38i4 1584 15l2 1134 14 1384 16% * 314 3384 20 1134 Range for Year 1937 On Basts of 100-Shaie Lots EXCHANGE 27 39 *15i4 5% *812 1% 46% *41 ig 9% 1214 1412 28% STOCKS NEW YORK STOCK the $ per share 113 135 16 H2 98 $ per share *134 514 39 Jan. *1378 2734 *38% 16i8 95s III4 93i2 $ per share Sales CENT Friday 13 3834 '16% n2 38i2 Jan. 28i8 157g 46 12 27i2 1438 45 Jan. *38i2 163s 140 11 I4i2 5 *87 NOT PER Thursday ♦1334 H2I4 113 *134 140 Wednesday $ per share 1334 *8% *42 SHARE, 403 for Saturday *134 New York Stock Record—Continued—Page 8 146 4484 Feb 3 29% Aug 25 23 Apr 23% 13% 20% 4% 74% 97% 109% Deo Oct Jan Apr Apr Feb Deo 25 Deo 174 Deo 2284 Deo 37% Deo 5% Jan 47% Mar 32UVrg| ■mr- 11% 12 11&8 12 2i4 6% 11% 6% 1134 5% 5% 5% 43% 43% 43% 1,600 Penlck 4 Ford..... 70% 2% 703s 7058 3,200 Penney 2% 300 45g 2,200 5% 512 5% 5% 42% 4234 42 i4 42l2 42 42 43 43 5% 42% 68 6834 68 70 70 71 70 7034 70 2% 47g 24i2 1734 2334 *2i4 2% *214 458 23 *1414 22i8 *30 *109l2 2% 2l2 45s 4% 23 23 *15 1634 23 223s 5% 434 24% 15i2 23% 5% 258 5% 2l4 434 5 2i4 5 *23 2418 *147g 23% 2414 15% 2334 17 2334 *2% 4% 11% *2 4% 45« 22 23 22 17 *14% 227g *30% 233g 36 *31 36 *31 36 *31 36 *31 36 114 *110 114 *110 113 *110 113 *110 113 *33 34 33 *3i2 *1138 35i2 34i2 5% 14% 35i2 *414 1334 37 37 37 37% 36 37 37 17 *15 17 3734 *153g 3784 *14% 12i2 6% 30% 13ig 634 1234 33i2 1334 14 414 34% 414 34 14 3378 47g 15 3412 4l2 412 22 22 *147s *33% 4% 15 37 37 37 37% 23% 24,500 $7 36 conv Corp v t cNo Pennsylvania RR 6% Nov 23 15 Dec 29 Mar 4 5 37 260 30 37% 300 7 8 69 Jan 90 Dec 16 Jan 31 Nov 6% 6% 2,900 28% 29% 34,700 3734 400 Pbelps-Dodge Corp 26 Philadelphia Co 6% pref...60 *63 69 *627g 70 70 *63 70 $0 preferred No par JPhlla Rapid Tran Co 60 62 2 *63% *17g 70 *1% *3% *% % *6% 89% ♦6 8 *51 77 *2% 89 *51 4134 35 *22 22% 6 *26 *4% *49 *30 7% 40 *38 6% 32 32 7% *170 8% 1334 43 25l2 *40 *% 12 1% *60 1434 *% 18 *10 11 45 1% *7g 2 95 4 934 9% 28% 9% 28% 48% 11734 11734 34% 34% 7 534 8% 12% *95% 8% *15 634 *60 48 4% 217g 23% *28 20% *170 87g 834 15% 16% I684 46 *% 1% *9 *% 13% 2 2% *63 1% *9 15 2% 95 2% *70 95 16 1534 *% 1 *% 19% 1834 19 I884 1434 1134 *10 16% 1134 27g 1% 27g *% 4% 37g 10% 934 9% 10% 10 29 30 30 4734 50% *7g 4% 934 1% 4% 13% 13 98 97 97 97 8% *15 634 *65 87g 16% 7% 71 49% 434 4934 51% 4% 5% 217g 23% 2934 20% 22% 22% 24% 2934 *24 *28% 21 21 85g *15 7 *50 10% 98%^ 3634 13% 97 97 97 884 16% 13% 834 8% *15% 16% 7 7% *65 51 71 517g 23% *22% 5% 23% 21 24% 28% 21% *2834 z2034 24 23% 24 287g 30 *27% 29% *28 29% *28 *24 26% 4% *24% 26% *247g 4% 31 *26% 31 *26 44 *36 *36 517g 4% 517g *36 *3% *1% 1% *8% 9 *8% 10% *9% 13% 11% 14% *4 4% 52 *1% 9% 834 *8% 137g 10% 834 11% 1% 14% *1% 4% 4% *36 11 11% 65 65 65 *67 72 *65 70 *65 70 *65 70 2% 183g 2-% 19% 2% 27g 19% 20% *67% 75 *70 73 *62 70 *67 70 16 17% 17 17% 34 34 37 37 *82% 27g 19% 7078 6878 17% 90 *82% 90 *34% *82% *60% 63 63 63 *63 *17% 1734 1734 1734 *87 95 9 45% *51 9% 4534 60 *87 9% 45% *52 *77g 8% *7% 67g 7% lia4 7% *10 20% 20% 2134 2% 35% *1% 2% 22 2% 37% 1% 234 94 934 46% 60 8% 77g 1134 20% 1134 20% 22% 2% 37% *1% 234 23 2% 1734 ♦87 934 45% *52 3 20% 71% 69% 17% 2334 *2834 22 217g 29% 29% 28 *26 4% 4% 517g 1% 38% *1% 3,500 Pittston Co Oct Oct Oct Oct Oct 1% •»,. «. «, 3,000 934 13,100 t Postal Tel A Cable 7% pf.100 Pressed Steel Car Co Inc 1 3,700 1,100 143 5,500 270 6,500 1,200 500 400 50 200 9 6% pf (ser oi Feb. 1 '29). 100 0/ N J ..No par $5 preferred No par 6% preferred 100 7% preferred 100 8% preferred. ..100 Pub Ser El & Gas pf 15.No par 300 4,300 29,300 400 900 200 217g 1,800 29% 200 4% 39 4 % 1st preferred 4% 2d preferred 1,300 100 Preferred Rets (Robt) A 1st preferred 600 934 14 14 7,300 *66 69 *66 69 100 ♦65 70 *65 70 3 234 19 1934 75 75 75 75 *71 75 71% 73 17% 157g 16% *32 15" 100 Reo Republic Steel Corp 90 90 *83% 63 *63 65 30 1634 1734 17 1,700 10 60 1134 1134 20% 2334 *87 94 *87 167g *87 94 40 94 10% 934 9% 9% 457g 58% 45% 45% 44% 45 9% 59 58% *634 58% 7% 7 8% 7% 21,000 11% *11 12 20% *20% 20% 20% 20% 1,300 23 23% 22% 22% *21% 23% 900 3 ♦2% 40% 1% 1% 1% 3 234 27g 40% 1% 27g 8% 7% Bid apd asked prices; 00 vales on this day *52 *634 7 3 *2% 3934 40% 1% 1% 1% 3 3 3 5,700 12 *11 3 40% June 2% 58% Jan 21 Jan Oct *2% 3 200 3934 39 10 12,500 1% 800 27g Corp No par Mfg No par Dental t In receivership 27g a 2,400 Def dH»very June 17 113% Jan 25 112 Jan 114 Jan 697g Deo 247S Mar 117% Mar 20% Nov 19% Oct 14% Jan 108% June 25% Oct 19 884 Oct 19 85 Oct 18 684 Oct 19 13% Dec 1 484 Oct 19 44 6% preferred Nrwat./ck 367a 248, Feb 3 16 107 Feb 15 2384 Feb 25 187g Jan 21 1214 Mar 6 115 80 19% Dec 19 18% Dec 29 Nov 5 Jan 15 10% Apr 19 37% Aug 25 100 r Cash s Ue. Feb Aug 91% May 9% May 16% Oct 984 May 83% Jan 68% Apr 130 July 144% July 164 July 80 Apr July 6 Jan 287g Jan 107g Nov 38% Nov x Dec 11 36% Jan 6O84 30 Dec 23 49 Jan 11 39 Jan 50 Dec 23 Dec 43>4 Jan 8 133g Jan 16 37 Jan 47 NOV 83 65% Jan Oct 100 17g Apr 8 3% Oct 19 39 Dec 29 1 Sept 11 47 Mar 8 Jan 20 97» I684 Jan Deo 7% Dec 28 30 Mar 5 12% May 734 Dec 31 984 Oct 19 228g Feb 8 16 24% Nov 8% Oct 19 61% Nov 69 Dec 8 301 I84 Oct 19 12% Oct 19 4% Mar Oct 4% 3i 5 17% Aug 94% Jan 30 81 110 Feb 18 9% Feb 18 47% Mar 11 Apr 23 110% Mar 10 124 1234 Oct 19 80 112 7634 Dec 28 Nov 19 Nov 12 Aug 35% Mar 31 29% Mar 9 498g Apr 14 98 Apr 14 139 Apr 17 9584 Jan 26 308g Jan 14 Jan 8 Dec 99% Sept 4% July 167# Apr 77 May 78% May 10 Apr 24% June 90 Apr Oot 117 Jan 65 Oct 19 67 Jan 26 687g Sept 10% Nov 9 4% Oct 19 14 Feb 23 884 Nov 8% Oct 29 31% Feb 4 19% Feb 1% Oct 15| Ex-dlv y Oot 39% Deo 79% Deo Feb Apr Oct 19 Deo 104% Nov July Oct 19 128 98 60 1 Ap* 8% Mar 297j» Deo 34 25 1 Nov 90% Nov 114 138 58 8 Deo Dec 34% Jan 22 Jan "25" Deo 22% May 105 Apr 92 57g Dec 2 8 40% Dec 7 26% Nov 24 t St Louis-Ban Francisco.. 100 n 4 8 2% Oct 19 103% 72% Feb Dec 28 96% Dec 100 10 Lead Dee 122% Feb 60% Nov 113 July 110 834 Dec 29 18% Dec 29 17% Oct 19 Rutland RR 7% pref., St Joseph Apr 146 No par Copper Mines ' *1% 39 Deo Deo 58 Sept 29 60 Antelope 17«4 Oct 67% Oct 40% May 11584 Deo Deo Deo Deo 132 100 100 No par 6 >4% conv pref.... 100 Reyno ds Spring 1 Reynolds (R J) Tob class B.10 Ruberoid Co (The) Oct Deo 13% 28% 28% 73% Apr Apr Dec 29 Ritter 17% Mar Deo 113% Apr 26 Roan 1% Jan 6% May 26% 29% 11% 384 128 10 Rhine Westphalia Elec A Pow. 300 Jan Jan 140% Jan 20 162% Jan 25 Dec 29 Oct 19 Oil May 128% Jan 21 9 Common 4% 41% Apr 384 Feb 2784 Deo Oct 25 80 7% preferred 5H% preferred 12 Jan Oct 20 91 Dec 28 Richfield 1% Apr 4% Deo 30% Deo 9% Apr 112% Nov 117 65 Reynolds Metals Co 20 8% 6,100 97g 45% 58% *634 7% 11% 20% 6 ..No par Class A 200 4 26 Revere 90 63 1734 40 Deo 29% Deo 13 100 Car 110 6284 Jan 21 112% Feb 8 6% conv preferred 100 6% conv pnor pref ser A. 100 Copper A Brass 6 700 400 118% Jan Dec 28 Preferred with warrants..25 88,700 6,500 Feb 11 Dec 28 10 1 Remington-Rand Motor Feb 10 86 20 No par 100 Co Rensselaer A Bar RR Co 278 1934 31 65% Jan 15 26 6 .100 Real Silk Hosiery 60 1% 65 46 6 Jan 12 3 1 Reading 28 *82% 94 47% Mar 25 60 60 60 Rayonler Inc $2 preferred Deo Deo 103% Oct 19 Nc par Q% preferred 100 Purity Bakeries Nc par Quaker State Oil Ref Corp..10 Radio Corp of Amer No par $5 preferred B No par 13 60 conv 1st pref ..No par JRadlo-Kelth-Orph No par R»ybe"tos Manhattan.No par Oct 19 30% Oct 19 Pub Serv Corp Pure OH (The) 300 63,600 2334 20 19 19 19 19 19 43% Oct 19 114% Mar 26 No par 45,700 7% 29 ....6 60 1st pref No pari 16% 22% conv Pullman Inc 71 5 6% 6% conv 2d pref.... Procter A Gamble 15,100 5,800 51% No par Clsss B mm 4% Reliable Stores Corp...No par *83% Jan 1% May 14 20 Oct 19 *63 17% 8% Feb 1 141 July 14 22% Aug 30 33% Feb 4 1178 Jan 22 378 Jan 22 15% Jan 20 3178 Feb 11 Dec 30 Pond Reliance Mfg Co 14% % Oct 19 1% 84 2% 6% 6% 90 1734 Jan 12 7 - 300 *30 Jan 12 28 9 - 400 3934 *34 4 Deo 28 1% Oct 19 X97% Apr 29 8% Oct 19 Creek Pocabon_.No par - 12 16 49 Oct 137g 29 2 84 Nov 24 8 Poor A Co class B_... .No par . 11 17% Mar 10 1178 *10 80 17% Dec Deo Dec 11 45 297g Apr 22 934 *11% 74% 74% *70 187 Oct 19 10 234 Feb 176 13 11 19% 77 6 Plymouth Oil Co 11% 3 30 Dec 28 No par (The) 11 20% 197g 122 Dec 17 30 1 6% preferred 100 Pittsburgh United.. ....26 Conv pref unstamped 100 Pittsburgh A West Va 100 11 137g Dec 29 23 Porto Ric-Am Tob cl A.No par « 65 8% 77g Pitts Term Coal Corp *9 143g "27g 2334 *2% 39% 39 m "910 44 *684 7% *20 <* « 70 *6634 * Jan 62% Aug 18% Deo 7% June 36% Apr 32 69 14 14% *62 Deo 7% pref class B 100 6% pref class A .100 H 1st scr conv prior pref 100 6 10 *1034 18% 37% 7% Apr 13 *9 934 4% *1% Jan Dec Dec 23% Deo 11% *11 11 934 *9% 1334 13g 1% 1% 50% 4% 22% 4% *25 *35 67g *64 5134 24 8 27% 4984 8 1,200 10 884 157g 71 287g 21% 29% Feb July 8 3,200 35% 3534 13 12% *977g 100 127g 21% 29% Deo Deo 84 70 7 300 29 143 *977g 100 9% 8% I57g *1534 7 7% 29% 11% Jan 200 * *112 24 Mar 5% July Mar No par 11% *9% 141 *22% 2 Deo 29 IOI84 July Nov Mar 7,900 1834 29 29 4% Dec 29 3% 4% 9% 36% 51 2 76i2 Jan 22 14% Aug 16 100% Aug 14 4834 Dec 172 Feb 17 18% Jan Oct 19 4 6 Jan 18 Mar 167g Mar 3% Jan 18 43 1 *1 978 9% *64 25 100 Apr O01 12 62% 20 15% 1434 11% 1% 12% 4% Oct 19 100 0% preferred 66 Dec 14 Jan 13 Auf 102% 88 38% Apr May 190 110 95 *3 3534 36 Pitts Coke A Iron Corp No par 15 conv pref No par Pitts Ft W A Chi pref 100 70 2% 50% 497g 50% 118 *118 118 118% 118 35 34 34 78 35% 3434 98 98 98% 97% *97% 106% 106% *105% 108 108 127 123 130 123% *123 3534 1234 Oct 19 26 Pirelli Co of Italy "Am shares' Jan 20 Mar 19% Mar Jan 784 68 Oct 19 1% *10 338 4% 9% 4 20% Oct 19 pref...100 9% 74% 2084 333g 66 ' 1434 9% Oct 19 17g Dec 31 jan 3% Jan 8% Jan 1% July 8 18 *% 11 4% 30% Oct 19 27 Jan 16 87% Jan 6 64 July 26 81% 4% Oct 19 *1 50% 478 *22% 24% 28% *1 29 50'8 5 3% 20 Nov 22 ...100 2 3% Feb 1 95% Aug 31 Oct 19 No par 6 8 Jan 12 14 5% Oct 19 Plllsbury Flour Aillla 70 18% 106% Jan 7% Feb % Oct 15 60 20 187g Dec 11 134 Dec 31 2% Oct 19 Plttsb Screw A Bolt «. 39 *70 66>4 Dee 64% Pittsburgh Steel Co....No par m 45% 2% 10% June 25% Jan 45% Jan 54% Jan 14 6,400 - 15 45 *9 13% Feb 19 697gMarlO 3 3,400 '<*■ 8% *26 1834 107% *106% 130 *123% 142 142 141 139% 112 113% 112% *112 7% m *39 14% 10 98 «•«.-. *40 15% % 50% 34% 71 14% 95 15% 30% 5% 50% *70 *9% 118 ~ 1 50% 34% m " m 8% 2% 30 36% m Oct 19 18% Nov 22 34% Nov 26 100 Pittsburgh Coal of Pa Nov 18% Deo 65 Pierce Oil 8% conv 122 128g June No par 7% preferred Phillips Petroleum Phoenix Hosiery 48% Aug 21%Mar 11 Phillip Morris A Co Ltd...10 Phillips Jones Corp No par 100 600 6% 55 *170 10% 11 1% 934 33 *5% 8% 1,700 45% 26% *10 4% 50% 11734 H8 73g *48 15 20 45 1 Pbila & Read C A I Oct 15 93g Oct 19 50 1 Preferred 43 *30 5% 2% 1434 3% 30 700 10% 1178 3 50% 1,600 24% % 1878 11% 7% *23 7% 24% 100 ... 7% preferred 35 « *40 1 *10 1434 11% 3 16% *30% 7% '■ *42 27,800 40% 4 35 26 45 - *2% 55 14% • - 35 5% 8% - 4 *53 *170 8% 4034 *30 29 3434 7 6% 62 45 35% 16% 33 *5% *53 *43% 3334 12% 71 534 60 *26 33% 1234 87g *29 33 % 9% • 7% 42 II784 11734 34 34 3378 98 97% 97% 97% 97% *106% 108 10734 10734 107% ♦123% 130 *123% 130 *123% *138 145 *138 140 139% *112 113% *112% 113% *112% 3134 *634 *52% 39% - 75 *6 7% 16% *234 *34 4% 934 1% 48 *6 *6% 28 11 2% 9% 43 35 47 *10 1434 4 36 18% 11 2% *34 *34 3% *34 46 % 18% 75 46 42 95 2,300 10,000 8% *6% 8 35 4178 *26% 1% % 8834 % 87 24% 42% 3% 1434 1 % 89% 8% *43 2% *63 1434 75 *52% 40% *2% *30% % *6% 88 26% 12 *10 2% 8% 510 8 157g 46 26% *40 12 % 89% 48 46 25% 87g 15 % *6% 75 *170 8% 14 50 89 8% 4% 24% *52 *170 8% 14 8934 4% 4% 8 *29 5% 60 4 100 23% *34 7% 4% 3% 8 *30% 8% 3% % *178 2234 *2% 22% 3 *52% 39% *2% *30% 7% *23% 3% 32 434 *52 60 *6% 41% 46 6% % 88 42% 35 7% 22% 3% *51 75 41% *2% 3% *29% 7% 40 8% 34 88 41 3% % 9034 *3% 70 *2 Oct Feb Jan 11 *35% *63 7% Jan 3734 2% 58 Jan 30% 2 Oot 69% Nov 11684 June 25 *36 4 Deo 91 634 *63 45 87 37% 6% 10% Mar 74 27«4 July Dec 29 3138 ~3~666 Feb 11 658 1238 73 112% Nov 67g Jan 30% Dec 29 37l2 *1178 Ayr 100 Milk... No par Petroleum Corp of Am 6 Pfelffer Brewing Co...No par 6% Prior preferred 6% preferred... Pet 12% 10 117g Apr 17% Nov 384 Deo 25% Apr 64% Jan 2934 37% 17 3 Jan 6 17 48% Mar 37% 1 Apr 4 66% Feb Oct 19 31% 3 38 Oct 19 Oct 15 9 *36% 4 Feb Mar 3 *15% 28% Apr 30 22 17 Jan 110 *34 36% 3734 Jan June 9 100 313g *2 Mar 17 11684 Jan 27 100 37 678 4% 2884 Pere Marquette 3634 634 2 Peoria 4 Eastern People's G L 4 C (Chic)..100 2978 1234 Mar 17 3% June Feb 1 Feb 10 Feb 500 37 634 293s 13 Mar 300 2,400 5% *3634 12% Aug 69 14 34 1212 634 303s 12 17 *1578 60 8 14 *33% *4% 15 *34% *37% *153g 1238 6% 29% 17 9 63 Oct 19 27 4% Jan 6% June 10% May 1% Jan Jan 12% 76% 2984 60% 110% Sept 27 100 Feb 18 638 Jan 23 Oct 19 20 5 Mar 11 Jan 64 13% Dec 29 par Jan 14 IO384 Mar 1% Oct 19 2% Oct 19 No par conv preferred Oct 19 37 60 Peoples Drug Stores Oct 19 67% Nov 23 pref ser A.,.No par Penn G1 Sand 7% 10% 237g 7% 2% Oct 19 No par (J C) No par Penn Coal 4 Coke Corp 10 Penn-Dlxie Cement...No par 113 *110 35% 4% 15 100 4 8 Patlno Mines 4 EnterprNo par Peerless Corp 3 600 16% 1% Oct 19' 36% Nov 60% Nov 65% Feb 13% Apr 85 Mar 19% Dec21 38 June 4 984 Feb 19 65 Mar 11 4»4 Mar 17 11% Feb 25 Ex-rights, 5«8 June 22 1% 28g July 10% Feb 50% Dee Jan 3% Mar Jan 6% f Called for redemption Deo *5% *8% 612 18 *6i8 *812 2H8 22 22 2212 75 75 75 *73 *88 *88l2 93 101^4 102 93 *100 102 *8i2 22i2 7514 *88i2 *101 *Si2 2234 225s 7514 9014 93 I8J4 26I4 1834 27 *1712 2634 1812 2714 2678 78 80 *80 83 81 7*2 84 38»2 38 38*4 % 3 24 47g *3714 7g 3 25'8 478 635S 1512 8*2 197s 34 60 62 *2i2 24U 478 6134 14i2 1434 1458 *238 23 >2 *45s 8'8 83s 195g 19 19 17i2 5i8 27 27 9 223g 318 3'8 834 *19ig 3312 30 18% 99 100 9% 24% 3% 95 *76 78 78 81 100 *98 100 23% 24 23% 33 3 *22% 32% 95 *91 80 79% 82% 82% 100 100 19 20 20 20 *19 18% *19% 20 20% 20 1912 19'2 *14 15 15 15 15 15% 14% 13% 1378 137g 1234 13 13 13 *12% 12% 1234 12% 1234 1234 123g 12i4 1214 16 16 15% 1534 16 1534 16% 16% 1534 155s 1534 112 112 11234 11234 *111% 114 *113% 114 *11234 113% *11234 114 3 2% 25 2% 3% 2% 234 234 2% 25g 2% 25s 26% *25% 27% 28 27-% *2634 26 27% 26% 28 *2514 26i2 *128 *128 130% *128 128% 128% 1301 130% 130% *128 13012 *128 24 24 24 23% 24 23% 23% 24 2414 2334 23I4 2378 1134 19i2 312 2134 20% 27j8 *29% 31 3 8 75 4 *21" *20% 19 *14 *363S 40 ♦363s 11% 19% 14% *36% 1034 59 *20l2 9 14% III4 5912 21 gig 40 22 35 35 *1 33% 33 34% *30 35 51 2334 2334 58 58 6 *51 124 13 28% *2% 16% *19% *8% *18% *25% *9% 7% *7 42 484 30% 8% 9 10% 10% 10% 9 9 10 634 52% 6% 52 4934 124 124 1234 28% 2% 16% *19% Socony Vacuum Oil Co Inc. 16 13 Oct 19 110 Mar 18 23% Aug 14 June 9 110 14,100 Solvay Am Corp 6 >$ % pref 100 South Am Gold A Platinum. 1 1,500 So Porto Rico Sugar...No par 10 9 9 1834 18% 1834 25% 18% 25% 2534 26 9% 9% 10 7% 8 7% 47 434 31 434 7% 43% 4% 9% 8 ♦7% ♦45 47 4% 734 434 7% 44 -*4% 31 9% 9% 7% *7% 47 434 7% 43% 1734 20 9% 9% 21% 4% 434 55 54 124 12% 29% 3% 3% 16% 5434 125 13% 12% 29% 29% 3% 3% 22 22 9% 884 9 9% 23 23 *55% *4% *56 63 *56 63 *25 35 ~*2~ 2% *4% 434 1334 14% 3% *13% 14% *83 3% 15 14% 84% *2 434 15 35 2% 4% 4% . "*2~ 3% 81% 83% 84 13% 13% 46% 12% 7% 9% 4% 1234 47% 12% 6% 6% 8 684 7 8% 9% 4% 81% 6% 33 40 4% 4% 83 *82 6% 6% 12% 7% 9% 4% *82 86 6% 6% 9% 2 800 2,900 337| Apr Jan 13 59 Mar 54% Mar 3'2 Oct 20 13*4 Mar Nov 23 93% Jan 13% Feb *40 Sept U2 Oct 19 Dec 29 4 Tbompson-Starrett Co.No par $3 50 com pref No par Us Oct 19 6ig Oct 19 13ig Oct 19 72 Dec 29 10 Oct 19 6 1 4 3 2 8% Jan 13 15% Mar 5 28% Feb 11 10% Jan 25 40*« Jan 25 21% Feb 4 7% Jan 9%June 28 Jan 8% June 85 Oct 36% Jan 20% Deo 15% Deo Oct 9% Jan 13 Deo 65% Deo 8% Deo 44% Nov 15% Feb 14% Mar 49 July ■48% Nov 63% Oct 16 Nov 110 Feb 8% May 12% Mar 3% 8% Jan Jan "V% 24% 478 Jan 32% July 26 14*4 4 Oct 19 Oct 19 22% Jan 27% Jan 14% 5ig 11% Mar 7% $4 50 conv pref No par 884 Oct 19 Oct 19 10 12% 7% 7 7 5,900 Transcont 9% 9% 9% 1,600 Transue A Williams St'l No par 43s 4% *82 86 6% 6% *10% 22% 31 5% 534 44 44 4% 86 6% 11% 23 31 6 44 10 2 2% 5684 5634 11% 76% 12% 7734 934 2% 12% 4 6% 11 78 20% 20% 88% 87 87% 120 2% 58 11% 76% 20% 86% 86% ' 500 19,400 3,000 3,000 80 80 79% 79% *75 78% 78 78 700 23 23 23% *22% 24% 23% 25% 22% 2434 23 1,000 I in receivership a Del 49,600 delivery, 82 No par Jan Feb 13% Nov 8% Mar Jan 39% 21% Deo Deo Apr Feb 98% Aug 13 28% Feb 109% Jan 12 Mar Oct 19 Dec 29 26% Mar 20th Cen Fox FUm Corp No par 18*2 Oct 19 40% Mar $1 50 preferred No par Twin City Rap Trans..No par Preferred 100 25 1 7 4U No par 7 10 Truscon Steel Ulen A Co 23 25% $6 preferred Truax Tiaer Coal 1,200 9,700 3ig Dec 29 Dec 15 Tri-Continental Corp..No par Twin Coach Co 23% 26% Transamerlca Corp 6,600 934 75% 20% 88% 2,200 44 11% 21 600 5% *3714 9% 2% *56% 77 1,000 5,500 31 5% 87 1,100 2234 31 21 200 86 6% *10% 22% 78 6,900 4% *82 21 >11 nil- Feb 19 10 9 2 no sal«m Jan 64 100 26 7 80% urtces. Nov 33 A West'n Air Inc. 5 Zl2% 12% isneo 6 Mar 30 48 Thompson Prods Inc..No par Tide Water Assoc OU 9% Mar 15 Oct 19 2ig Oct 19 36 Sept 25 10 Thompson (J R) Jan 16% Jan 22 15% Jan 28 55 1 Third Avenue Ry Apr 18*2 Dec 29 100 7% 11% 1,100 2,700 6% 28% 44 65 No par Preferred Tbermotd Co 6% May 3 15% Mar 53g Oct 19 6% Oct 19 15% Nov 19 100 9% 1234 57 'Hi 35 700 2 25% $3 60 conv pref Oct 19 Nov 23«4 Oct 19 No par No par Thatcher Mfg ' 100 10% 2634 Co 2 13% Nov 26% Nov 65% Apr 22 Feb 12% 110 Texas A Pacific Ry 17,200 10% 25% 5U Oct 19 3434 Oct 19 (The) Texas Gulf Produc'g Co No par Texas Gulf Sulphur No par Texas Pacific Coal A OU 10 Texas Pacific Land Trust 1 37% Aug 56% 27% Oct 8 3 8% Jan 12 17 10% 77% 26 15% Jan 12% Nov 79 56% 26% Texas Corp 15 Oct 19 1% 23% 30% Deo Jan Apr 28% Apr 10 10% *80 67% Feb Oct 19 9 6% 36 56% 81 15*4 Jan Dec 28 4 $3 dlv conv pref 5 Jan Jan 20% 2 1% 23 6*4 Dec 29 41 The Fair 2% 23*4 Jan 20 17% Jan 21 6 6 25 (James).. Tennessee Corp 10 14% 33% Mar 31 23 Tlmken Roller Bearing.No par 10% *80 17*2 Dec 28 Tim ken Detroit Axle 56% *22% 25% Dec 6*4 Mar 42% Deo 6)4% preferred .........60 Telautograph Corp 3,200 4% 3 10% 2034 87% Oct 19 5,300 6,700 10% 87 60 Jan 9% July 6,500 5 77% 21% Jan 3 1334 5 76 27 3 2 47% Mar 11 397g Jan 25 20% Jan 20 28% Mar 8 46 5 2034 Oct 19 5U Oct 19 13% 44% 10% 86 * 15% 12% 2% 57% 76 -7«4 8 83% 30 86 •» a. «. 13% 13% 22% *40 .. 3 4634 10% 44 (The) Without warrants 200 «. 15 13% 30 5 Sweets Co of Amer Swift A Co 6,700 *12% 45% 22% 5% 1% Oct 19 1 100 10 50 26 Superior Steel Sutherland Paper Co 434 *14 Nov 61*4 Feb 7*4 Mar Talcott Inc 56 *4% 125 9% 20% July 12 120 9% "*2% Jan Oct 19 1434 3% 13% 13% 10% 21 • *12 5 Mar 118 Jan Oct 19 8% * 91 4 125 9 5,200 19,700 1,800 4% Dec 18 7% *4% 70 10 Superior OU .7*4 * ~14% 77% Jan 11 Superheater Co (The)..No par 8,500 2% 118 Mar Jan 47% Feb 48% Deo 17% Jan 20 Sunshine Mining Co 834 4% 100 jan 3% 33% Jan 29 20 Feb 17 1,300 4% 32% 434 4412 Dec 16 Aug 6 No par 6% preferred Oct 19 7,800 *4% 56 3 1 (The) Sun Oil 18,200 3IS4 47 23% 86 6*8 Dec 29 6i2 Oct 19 Studebaker Corp 83% 30 10% 7434 20% Stokely Bros A Co Inc.. 1 Stone A Webster No par 85 10% 934 24% Apr 84 30 42% 18% Apr 84 22% 9% Feb 11 15% 10% 42 21 14% 35 9% ...6 Sterling Products Ino 15 56% *184 *52 3 3% 14 23% 23 42 40 9 6% 9% 23% 4% 4% 83 9% 4% 48% 15% *30 8 22 *29 1434 *3% 83% 78% Nov 4% 35 1434 *13% 14% 12% * *4% 14% 3% 6% 4% "2% 13% 9 56 4% 5% 15% 13% Jan 43 63 2% 14% 4784 12% 65 25 *4% 4% 35 13% 12% Jan 29 2U Oct 19 484 Oct 19 *56 5 3% 46 Oct 10 75 4ig Oct 19 *22 "214 15% *83 Deo 53l2 Dec 29 6i2 Oct 19 ...1 63 2% 14% 12% 12% 35 14% 45 6% * 3% *13% 12 *8 4% 1434 3% 44% 12% 70% 40% Swift International Ltd 25 4% 85 Deo Jan 24*4 May 150 22 4% 15 31 65% Symington-Gould Corp ww..l *56 63 • 25 5 1,900 *21 23 63 Deo 9 3,900 9 Deo 72% 8 4,800 *20 62 Dec 32% 9% Apr Apr Mar 42 26% 934 22 2034 7 Mar 5,400 37,100 2134 Jan 12 76 7% 4234 23 * 72*g Jan 48 7% 4% 65 Oct 19 43 1,100 4% Oct 19 14 Nov 24 434 *55% *4% 4% 10 Jan 19*2 Dec 29 484 9 13% Mar 9% Feb 27% Deo Apr 30%May 14 4% 63 4% No par No par 8 8 S..No par 42% 9% 60 14% Mar 32% Mar Aug 7% 43% 23 4 Oct 19 18% Nov 32% *7 *55 4% 6 July 36 8% 4% 9% 6% 9% 24*4 26% 9 10% 32 43% Nov Feb 27 9% 21% Apr 14% Apr Feb 19 8 434 16% Jan 20 50 10 *20 *56 Nov 50 26% 32% Nov 53% Mar 2612 Oct 19 8% 9 37 Jan 44 27i8 Dec 28 10% 4% Jan 18 25 Standard OH of Kansas 10 Standard OU of New Jersey.25 26 4% Nov 23 Standard OU of Indiana 33,200 24,800 2,500 57 42 50 28*4 Feb 11 Standard Oil of Calif. .No par 3,900 7% 43% Dec 29 Dec 29 8i8 Dec 29 Oct 24% Aug 13,400 14,100 18% 8 10 39 23*4 Jan 12 35 Aug 14 Feb 18% 26% 44% Oct 19 2 18% 26% 7% 43% Jan Jan 11 18% 26% 934 7% 8 Oct 29% May 16% Apr 13*g Jan 9% Mar 4 18% 44% Oct Oct i2 Dec 28 18% 5 Dec 11% Nov Stand Investing Corp..No par 100 *434 59 2 No par preferred prior pref 400 4% Jan 100 11% 634 *7 64% 34 Jan 2l2 Oct 19 $4 2,900 43% z4% 7% 42% 7 -8 Oct 26% Dec Jan 36 JStand Gas A El Co...No par prior pref 9% 7% 32% July 19 6% July Feb Mar 92% 36% 12% Jan 22 cum 16% 45 7% 35% Aug 160 27 2% Oct 19 cum 21% *7% 30% Deo 17% Nov July 114 6*4 Apr 6% Jan 1 $6 *8% 45 "72" "Jan 107% Deo 23 $7 16% *20% 7% Nov 73% June ..No par 800 9% 4684 Apr 85 2 9% Jan 28 95% Apr 28 48% Mar 8 8,200 20% 9% 7% 47% Deo 132 Feb 16 Stand Coram Tobacco 10,700 *834 8 65% Jan 20 11% Mar 16 77% Mar 17 8 16,600 16% 20% 10 Jan 94 49 No par $4.50 pref 5,100 124% 124% 1234 1234 28% 28% 3 3% 16% r 1 7% Oct 19 101 Oct 20 100 10 1734 14% 63% June 1 Square D Co class B Standard Brands 24,500 20% 10% Deo 127% Nov Feb 26 No par Conv $4.50 pref 480 20% *8% 18% 17% 20 Nov 28% 31 10 2 Spiegel Inc 2,300 1034 *55% 13% 2934 3% 63 4 55 125 Deo 46 82 U2 Oct 19 $3 conv preferred A..No par 40 Stewart-Warner 23 4% 1,200 20,400 7,100 2,800 *55 60 45,600 11 7% 55% 124% 64 19*4 Dec 27 preferred Sparks Wltbington Spear A Co 11% 6% 19% Nov 32% Deo 104% DeO 11% Deo 5% Dec 29 73% Sept 20 ..100 No par 1 $5.60 preferred No par Spencer Kellogg A Sons No par Sperry Corp (The) vtc 1 Splcer Mfg Co... No par 1st 30 300 11 6% U2 Oct 19 35% Oct 19 Spalding (A G) A Bros.No par *57% *20 334 Dec 29 11% 21 *4 27 58% 20 *57 Mobile A Ohio Stk tr ctfs 100 Starrett Co (The) L 2134 9% 22 43% Mart 7 60% Mar 6 1,000 1,500 32 9 100 Oct 18 33,000 31% 9% 9% 31 31% 9% Oct 19 25% 5734 7 Feb 9 35 11% Jan 15 17«4 Oct 19 25 .100' 6% preferred.. 14,600 35 11 Apr 160 100 49% 634 26 2 Jan 23% Jan 12% Apr 4834 *2334 57% 1034 10% 10% 9% 3% July 42% Jan 12 165 25 *30 11 Mar 65% Ml 24% 58% 9% 6% Feb 26 12% May 32% Jan 13 50% 11«4 Oct 25 115 Sept Oct 19 35 10% U2 Oct 19 20% Oct 19 130 54% 17 24 *9 13 10% 16% 21 100 8% preferred 4934 *30 Jan Dec Sept 40% June 200 2434 35 Jan 11 41,500 32% 34% Deo 7% Nov 101% Nov 31% Nov 8 21 1034 29 3% 31% 35 2% Deo 8% Deo 44 40% Feb 16 1% r 33 54 29*4 Feb 15 51% 124 1234 35% 19% 97% Oct 19 58% 9 29 32% 3434 33% Feb Feb Oct Dec 28 50% 24% *30 11% 6% 13% 5 1% 32% 34% 58% 11% 29 3% 17% 19% *8% 3 7% *43% *4% 7% 58 24% 5734 124 13% 28% *1 24% 6% 52 *122 1 51% 10 6% 21% 24% *1 35 50% 10% *8% 9 26% 35% 50 10% 22% 25% 33% 35% *30 10% 10% 9 9% 4% 20% Jan 9»4 Oct 19 58 5% 1% 50% 2334 57 11% 25% 32 5834 5% 22 24% 35 1078 65% Nov 101% Mar 6% 13 15 10% 20% 19% 20% 9 8% 9% 107% *106% 107 3% 3% 3% 5% 434 5% 10% 11% 11% 22% 21% 22% 24 26 25% 9 Mar 17% Nov 48% 10 39 11% 1034 *21% 23l2 1% 32% *8% 9% *36% 5% 20 34% 9«4 39 *106% 107% *106% 3% 3% 3% 3% 11 31»4 57 1434 39 9% 120 114% Mar *3% June 10 75 1934 107 June 17 Snider Packing Corp...No par 2378 58 1% * 18% *14% 20% 97g 3% *19% 59% 96 -No par Oct 49% Nov 8% July 19% Jan Smith A Cor Typewr..No par 10 19% 21% MarlO Dec 102 1,200 1,200 52 3% 23% 58 197 200 1834 1434 21 60% Apr 22 102% Feb 4 Nov 24 200 *19% aril 26% Dec 29 Nov 23 4 1934 1134 4% Apr 21 26 Oct 8 67 32 23% 1434 2i2Nov 4 1534 Dec 29 88 20% 75 39 17*2 Oct 19 17% Mar 11 58 Mar 16 5i2 Oct 19 25 100 32 *8 2 105% Feb 10 32 *43 Nov 26 91 1 Feb 14 No par 21 19 11% 34*4 Feb 19 Southern Railway *19% 1434 I47g Nov 22 24,700 10,400 8% * No par 13% 3% 75 Jan 12% 1934 52 Jan Jan Apr Apr Southern Pacific Co.. 334 Jan July 89 4% Southern Calif Edison 8% 1134 3% 4*4 *1 49% *44 MarlO 13% 4,300 9 120 30% 14% 50,100 *3% Dec 15 8 21% 4 Jan Jan 21 20 2134 13% 4 39 10 1014 *23 *334 5934 434 22 2412 *25 4 40 9 *2014 *1 34 21% 107 10 24 20% *29% 2134 43 * 23% 19% 15% 11% 9 «4% 13 58 21 *106l4 10634 *107 3 3*g 3U 4l2 1334 21% 5912 20 20% 9 75 24 187g 14i2 *1912 1812 22% 3% 3% 10 ♦ 75 43 48 3% *8% 10 * 32 *42 31 314 *8]4 3% 8 21% *3% 52 *42 42 42 13% 19i2 27 *33g 13 21% 13% 20% *29% *334 21*4 2134 13i2 27ig 3i2 I25g 197g *25 20% 20% 12U 2034 15% 11% $6 preferred Smith (A O) Corp 1,100 ' 19% Jan 20% Sloes Bheff Steel A Iron...100 120 3% July 69% Feb 8kelly OU Co """336 100 Jan Apr 44 6% preferred 78% 78% *98 100 7g 2 30% Aug 65 Slmonds Paw A Steel ..No par 2,500 33% 7% June 3«4 Oct 19 Dec 2 Shell Union Oil 95 Dec 1% May 44 Simms Petroleum 3334 93 24% Dec 30 No par Simmons Co 21% 37% July 17% Feb 10 Oct 19 60 1,800 33% 4 June Co. No par Sheaffer (W A) Pen 200 Feb 11 42% Mar 10 15 9,400 23 *98 98% Aug S3.50 con* pref ser A.N0 par 500 23% 3% 21% 100 54% Apr 11% Mar 6*$% conv preferred... 100 Sliver King Coalition Mines.5 22 *91 8% Jan 3i2 Oct 19 7,800 *3 2% Jan Oct 19 49»4 Nov 23 *100% 102 8 8% 22% 23% Feb 45% Jan 1% Oct 19 4,500 22 95 34% Nov 26 «4 Oct 19 17% 23% 3% *92% 61*4 Mar 98% Mar No par Sharps A Do time 100 ♦3 82% *98 30 3% *3 95 80 *97 8% Dec 29 No par No par $5 conv pref Nov Dec 29 34 700 114 71 1234 Dec 27 6i2 Oct 19 200 Aug 22 1 (F G) Dec 108 Seagrave Corp No par Rears, Roebuck A Co..No par Serve! Inc 99 110% Sept 500 Sharon Steel Corp Dec 6 6,100 3,500 96 2 17 15 9 10 14 2 2 5 1 18 16 Shattuck July 3 ..100 4-2% preferred 2.500 27 Jan 3% Feb Oct 37 Feb 12 Oct 19 3% Oct 19 share 15 Jan 27% Mar Seaboard Oil Co of Del.No par 12,900 15,200 2,400 5% 17% 102 8% 113 600 48 *2734 30 4,700 66 5 47 9 34% *90 66 5% 8% 22 33*4 3434 *100 4012 7g 2% 24 512 6234 157g 8% 1934 720 1934 18 18% 100 400 83g 48 17% 47 1,600 714 153g 65 5% *47% »2734 5% 5% 47 3% *19% 22 *90 65 72 *65 63 >g I6I4 8% 20 113 9 Dec 11 per Jan 7% Oct 19 86 z98 6J4% preferred 100 JSchulte Retail Stores —1 8% preferred 100 Scott Paper Co No par 1 Sea board Air Line...No par 78 62 Dec 20 1,000 *434 5ig 6234 15% 8*a 1934 2034 2018 8% 23% 95 32i2 *90 *5 Dec 22 Savage Arms Corp No par Schenley Distillers Corp.....5 80i2 1 34 70 40 26 *23g 237g 512 100 100 100 6% preferred 6% preferred 7% preferred 110 80 4014 No par 18 I 18 5 20*4 Mar 37% Mar 11 46 .Jan 13 103 Mar 6 1,000 3,800 1714 2534 7g 2% 24% 3i2 Oct 29 Nov 10 Dec 28 100 167g 1714 27 81 78 7% 4012 1634 85s 27% 92 6334 16U 18 314 21 32i2 *1812 63 99 24 *3's 78 *2734 1734 9 8i2 22% 234 25i2 5 6% a27% 18*8 17«g *98i4 100 9 2 Us 39 34 *25g 24l2 478 46 46 714 39 70% 5% 4512 IOOI4 99 1978 53. 45i2 255g 1788 255g 8i2 *64% 514 45i2 514 *44 153s 92 78 2i2 2312 1 78 714 1 734 385s 78 3 2534 47« 6312 16i2 8% 2034 62i8 69 *62 70 *62 1 734 3838 78 *2i2 2412 478 1 78 7l2 I per share 10 Safeway Stores 3,200 10112 10112 1714 26i2 80i2 % 714 3914 81 *7 78 92 2718 78 1 26*4 *76*4 *% 227S 78 102 1834 I8I2 27 *17l4 22% 78 92 Lowest $ per share J St Louis Southwestern. .100 5% preferred 100 6 23 102 Par 18 78 9014 18 *5i8 *9 2278 102 102 $ per share 6 Highest Highest t per share Week Shares 18 ♦9 18 23*8 77 7584 102 ♦5ig 6 *5ig 6I2 18 *5i8 6I2 18 $ per share $ per share $ per share $ per share $ per share Range for Previous Year 1936 Lowest Jan. 14 13 Jan. the Friday Thursday 12 Jan. 11 Jan. 10 Jan. Jan. 8 Wednesday Tuesday Monday Saturday On Basis of YORK STOCK EXCHANGE NEW for 1937 10O-Share Lou Range for Year STOCKS Sales PER CENT SALE PRICES—PER SHARE, NOT HIGH AND LOW Jan. 15, 1938 New York Stock Record—Continued—Page 9 404 2«4 39 Under Elliott Fisher Co No par Union Bag A Pap Union OU 25 100 California 4% preferred. ..... a »ew st^ck r Jan 25 27% 74% Nov Jan 27% Apr 22% Deo Jan 12 Feb Jan 110 10% May 93 4% 7% Jan Apr 22% June 31% Apr 8% May 65% Jan 0% Jan 100% Jan 18% Sept 111 Feb 28% Feb 2% June 74% June "71% "jan 20% Aug 148*4 Mar 108% 78 Oct 19 99*4 Jan Nov 24 31% Feb 90% 22% Jan Jan Oct 19 35% Mar 20% Apr 1034 5 ' Et-dlv. v Oot 9% Nov 28 Deo 38% Nov 47% Nov 17% 109 Deo Deo Mar 22 ..100 Cash sale. 94 Jan Apr Nov 23 80 ..No par Union Tank Car United Aircraft Corp 17% Jan 87g Dec 29 61% Nov 23 17% Oct 19 new.No par Union Carbide A Carb. No par Union Pacific 50 Oct 19 Dec 29 Oct 19 lig Oct 19 46% Nov 24 No par Mar Nov 23 12% 58 Ex-rights Jan 8% Jan 102% Deo 105% Nov 28% Feb 149% Aug 100 June 31% Feb 32% Feb T Called f^r redempt.on. Volume LOW AND 7% 8 31 Jan. 12 $ per share $ per share 8 8% 19 1912 46 19 19l4 35g 18% 1834 80l2 534 33 33 6234 10% 64 33g 3034 7 7 9 9 11 105 81 534 3434 6214 lli8 105 *5 73g *71 *102 5]4 7% 90 312 *71 7% 912 *77 81 6 11 1034 80 *71 *7% *8% 7% *7% 8 9 9 70 71 7l2 9i4 67% 9 71 *166 .... 8 *6% 9i4 *63 63S 93s 75 29l2 30 5r58 26 2738 5678 68 68 *62 65 58 75 29% 6% 2634 5534 67% 6% 55% 22% *60 21 8% 8% 33% *3212 2112 9% 9i4 31 162 4% *148 4l2 23s 2% ♦41 10% *54 55 37% *32% 21% 21% 6% 6% 6% 6% 3,000 2,800 10% 9% 10% 5,200 *65 75 65 65 59'8 61 *65 114 114% 120 120 120 152 *148 152 2% 4l2 23g 4% 4% 2% 2% 75 Parttc A ~7~,666 2934 5% 27% 30% 5% 11,300 28%} 66,900 58% 57 57% 11,100 30% 5% 67 66% 2,800 200 6434 6434 5934 160,700 57% 112% 113% 113% 11334 4,000 120 600 120% *119% 145% 152 *148 *148 Corp...6 56 143 *141 143 53 52 54 48 13% *52% 10 Apr 23% 39% 125% 169% 20% 62% Nov Jan Nov Feb Nov Nov 13% Nov 23 4 534 Dec 29 2978 Dec 27 1618 Oct 19 Dec 14 Oct 19 3% Oct 18 Oct 19 137 Feb 172 Feb 10 3 231! Mar 22 70 Mar 22 43% Feb 9 15'8 Mar 13 22% Mar 17 112 Mar 30 No par 114 100 147 16 conv pref. A No Jan Jan Jan 47 Jan 150 Jan 22 Mar Oct 25 71 Apr 169 46 par Aug 7% 136 Oct 19 10 16% Oct 22 1 Aug 21% Apr 29 27g Oct 19 1 49 31% Aug 4% Oct 72% Mar 31 Mar 11 Dec 28 48% Nov 23 100U Oct 19 24% June 80% May May 8% Jan 160 72% Mar 9 19*8 Jan 12 105 Universal Leaf Tob 5414 *52 *41 Jan 20% Jan 19 347a Jan 13 76% Jan 18 126% Mar 11 100 13% Nov 6 53 Universal-Cyclops Steel Corp 1 48 Feb 100 Jan 58 400 *41 *12% *52% 20 Jan 154% Nov United Stores class A..No par 13% Apr 2 50 4,600 19% Jan 113% July 13 Feb 18 2% Doc Nov 91 118 2% 87 9 43% Dec 29 5212 Nov 23 Stockyards Corp Jan June 8% 0% Nov 3 50 Preferred 109 105 3*8 Jan 28 24 100 4 July 32% June 66% Jan 14% Nov 48% Aug 16% Feb 29% Aug 8 24*4 Mar 20 100 2®s 48 16 >s Feb 100% Feb 65 100 8 Tobacco.... United Jan 14 1137g Jan 14 Nov 23 334 Oct 19 6ig Oct 19 No par 2 Jan 43g Oct 20 5i2 Oct 19 No par Preferred 152 17 Mar 117 34 Oct 19 conv 2% *41 Jan 9% Mar 11 55g Deo 29 100 "lTsoS *13 93 70 .100 4% 12 106% Feb 26 3i2 Oct 19 No par 4% 48 Dec 22 25g Oct 19 Oct 20 4% 12 Jan Oct 19 4% 4% 2% 15 9 Preferred U 8 101 U 8 Steel Corp 60% Mar No par 8% 1st preferred U 8 Smelting Ref A Mln 6534 58% 16 No par U S Realty A Impt U S Rubber 68 67% *63 8*1 Jan 14 467s Jan 14 86®4 Mar 19 class A.No par Prior preferred 100 U 8 Pipe A Foundry.. 20 75 96% Nov 36% Nov 9% Feb Oct 19 5)4% conv pref 60 U S Industrial Alcohol-No par U S Leather No par 100 22 29 *41 48 *65 37% 55% 120 *148 8 734 30% 534 27% 29% 5934 69 69% *63 67% 5934 61% 113 114% 4% *41 6% 934 9% 68% 8 Jan 22% Jan 5% Apr 40% Apr 10% Apr Mar 17 52 ..No par 20 preferred U S Hoffman Maoh "2", 300 8 *32% Oct 68 35 63 7% *21 111 3 Oct 19 prererred.. U S Gypsum 3,200 8% 6% 152 67 Conv 24% Mar 6 24 10 share 25% Sept 37% Nov 33% Nov Feb 91 26*4 Apr 19 74 Highest per 13 16% 612 Oct 19 5 100 % per 117*4 Feb No par U S Freight... *166 35% 2134 31% 2% 49 *10% 70 534 4% 8% 67 30% 61 5834 11114 112i2 11234 114% *118% 120 *118% 120 150 Oct 19 243g Jan 12 31% Feb 10 30% Jan 11 5 $6 first preferred 800 Oct 19 5 U S Dlstrlb Corp......No par 8 *166 100 United Gas Improvt 15 preferred *5% 8% 65% 9 - 8 2 25% Oct 19 10 United Paperboard USA Foreign Secur 80 3634 Dec 17 17i2 Dec 29 6 ... Fruit 400 1% 7% Oct 16 No par 2,400 4,600 10,600 *1 9 71 United 1,500 5% 778 *71 Oct 19 United Electric Coal Cos United Eng A Fdy 300 1% 7% 28% 57% 58 778 $3 preferred 7,400 6378 107s 514 80 7% 6% 593s *148 734 *1 15 110 No par United Drug Inc United Dyewood Corp Preferred 10 5% 35 *105i4 107 5% 9% _ 1034 11% 109 *71 81 5% *34i2 *62i2 62% 5% li2 65 *62 1078 9i8 *77 578 35 *105 778 287s 5712 70 6 81 6234 80 9 6% 9% 934 75 31% 3078 2,300 2,100 7,100 578 Oct 19 United Carr Fast Corp No par United Corp No par 38,800 9 2778 56i2 67i2 6% 28% 334 31% 7 8% 6% *63 ig 3% 3118 634 35% 21% 21% 6 6% 35s 32% 7% 912 7 578 69% United Biscuit 1,900 63g Oct 19 5 7 United Carbon 19 *77 7% 8% 37 1834 Year 1936 Lowest S per share share No par No par Preferred 19 Range for Previous 100-Share Lots 100 700 "5", 100 19% 44% 3% 11% United Amer Bosch .. 43 32 I8 105 *166 19% *113 *34 *9 *166 ~ 778 *32% 21% 6% 934 34 21 7i2 9% 71 100 19 64 Dn Air Lines Transport 10,300 6i8 35 *1 S ver 8 45 On Basis of - Shares 10 19% Range for Year 1937 STOCK ZTdm%*»4 734 44% 405 Week *8% 934 *71 n2 14 I per share *113 5% 734 80 *1 Jan. 8 73s 11 55g 734 13 YORK EXCHANGE 10 81 105 107 512 712 1% *29 STOCKS NEW the 734 334 32i8 57s 3434 63i2 3434 63i2 11 *102 5% 778 *1 8 Sales *8is 19% 193g *79 6% *33i2 63% 1% 71 CENT Friday $ per share 46% 19% 7% 93g 934 Jan. .. 32 32 7 *1 *165% NOT PER Thursday 10 193g 3% 31% 107 5% 734 *8% *113 19 19% 35s 3114 7% 97g 80% 6% 334 31 5i2 8i4 934 45i2 18i4 9 *74% 8 113s 934 1912 634 *32% 62% 10 *113 *110% 116 42i2 4434 4312 18i2 41% 3^8 Jan. 11 *10 116 *17i2 Wednesday $ per share 8 8i2 10% 4178 SHARE, Tuesday Jan. $ per share *1734 SALE PRICES—PER Monday Jan. 8 *113 HIGH for Saturday *9 New York Stock Record—Concluded—Page 10 146 72% July 68% Jan 46% Jan 115% Jan 9 131 Jan 5 160 5 5 104 Apr Jan Jan Sept 63% Deo 19% Dec 49% Nov 101 Nov 103% Nov 75% 79% Apr Dec 154% Nov 144 July 9 8% Feb 9% 18% Oct 9% Feb 59 Apr 84ig Jan 11 Apr 67% May 8% Nov 102 Nov ' 10% *51 1475s 42l2 114 U4 42l2 % 55 143 *140 143 1 1 *24 187s 21l2 40 40 ll8 1% 1% 32 18% 2034 4934 1% 1% 17i2 *54% *141 48 44% 32 *23 1034 21i2 *40i4 4% 28i2 1]8 li8 *25 1978 22 1% 1% 32 *25 1% 2214 *40U 2214 42 478 22 22 *116 120 *49i2 120 120 57 57 57 *115 *40% 78 79 42 187t 1414 33j 42 4134 18% 18% 13% 3% 33s *38% 634 *36 42 73j 734 *39 334 3% *38% 7% 42 7% 40 334 15% 3% 40 334 *37 3% *79 81% 8% 42% 18% 15 41 18% 14i4 *80 79% 8% 8 8% 42 *115 120 43 *40% 28 4% 2834 27 81% 8 8% *11% 43 1834 1834 14% 1834 15% , 43 14% 3% 3% 3% 64 7% 4% 4% 12% 22% 23 24 24 24 24 24 £24 24 24% 24% *1534 2634 2l2 16 16 16% 16% 16% 17 16 16% 16 17 27% 2lj 28% 29% 2834 29 1% 32 32 32 75 *1% 31% *73% 28% 234 *1% 31% 28% 2% 1% 28% 2% *1% 29% 234 *1% 27% 2% *1% 30% 16% 29% 234 75 *73% *91 *73 75 32 *73 *90 99 *90 99 *95 100 *96 100 93 93 *93 9712 98 *90 98% 99 100 *94% 95 94% 119 119 120 11912 11912 *118 *11112 11278 ♦llllg 11278 *111% 112% 163s 4 *7 ii4 1712 4ia 812 1% 17%, 4% 8% 18 17% 4% 4% 9 9 119 27 1061? 27 106% 108% *137 137 2634 105 118 119 *118 120 15 *3234 34% *3234 *3234 1312 26 *14% *24% 14% 28% 15 *25 28 *26 *85 2434 105 105 90 *85 90 27 105 *85 90 15% *4% M 8 *8 1% *1% 8 77g Oct 19 60% Feb 2 2fil2 Dec 22 434 Oct 19 Nov 24 16 Oct 19 11% Oct 19 Motor Co 20 2lg Oct 19 1 July 15 23U Oct 19 *15 15% 27% £26 2634 99% Mar 2 18 5 Jan 69% Jan 23 12% Jan 25 35% Jan 16 44 4% 15% Apr Apr Jan Jan 46 21 Apr Mario 38% Feb 19 50% Aug 10 9% Feb 1 2% Jan 6 56 Mar 17 19% Apr 6% June 1 Aug 33% June Nov 62 Nov 7% Nov 106 Deo 37% Deo 39% Deo 11% 2% Feb Jan 52% 83% Deo Deo Jan 107 Jan 110 76 Oct 23 103 Aug 26 87 Feb 102 117% Oct 19 110% Apr 9 Co...10 100 .100 14% Dec 29 2% Oct 19 5i2 Oct 19 1 100 Pacific Oct 15 Ut Oct 19 22ig Dec 29 1734 Oct 19 preferred 1st preferred 50 87% Nov 23 113 60 Oct 18 1034 Oct 19 No par 31% Nov 19 1034 Oct 19 Class A 9 116% 111% Jan 8 Jan 116% 29% July 12 11% Mar 6 8% Apr 23% Mar 6 4% Mar 17 11% Mar 17 83% Jan 22 57% Mar 6 167% Jan 22 170 Jan 22 30% Jan 22 39 May 6 2634 500 5% conv preferred 30 Wheeling A L Erie Ry. Co. 100 2li8 Dec 29 70 Dec 17 34% Jan 7 115 Apr 13 preferred.—100 Wheeling Steel Corp...No par 90 Dec 10 126 conv Sept Apr 115% Jan 2634 6H% Feb 123% Mar Westvaco Chlor Prod.-No par 90 78 Sept 124% Sep 1,700 105 Deo 12% Deo 38% 91% Weston Elec Instrum't.No par • Nov 18% Deo 69 96 4 15% *85" 9% Nov 20 Feb 11 84% Feb 15 ♦ 47% Jan Aug 26 Westlnghouse El A Mfg 40 15 Apr Jan 108 6% 700 - 2% 109 Maryland 4% 2d preferred 5,200 - 1 10% Feb 26 Oct 25 Western 17,700 - Jan Apr Apr Oct 20 73% Nov 20 .....100 West Penn Power 7% pref. 100,' 6% preferred ...100 13,200 - 5% 26% 17% 10% Feb Feb 39% Deo 84 2634 «. 30 4% 88 2534 34 Oct 19 Jan 86 137%June 100 preferred preferred 100 Western Union Telegraph. 100 Westingh'se Air Brake.No par *3234 Dec 16 2% Oct 19 ..6 Western 2634 27 104% 107 Oct 19 9 1,600 34 90 19% Jan 2,500 *137% 105 Oct 20 1% *3234 *85" 17 33 Western Auto Supply 16 * 92% Aug 18 18®4 Mar 11 61% July 15 3 *15% 90 1534 9 8 Oct 19 3 3% 26% Feb 32 5 pref 2,400 3,000 1,000 4% 49 71% Dec 28 3U Oct 19 No par No par 7% 6% 80 18 1534 105 *85" 4% 26% 27% 104% 106% 34 13% 347g 15 *--._ 17% 4% *138% 1512 *17 17% Oct 19 Mar 17 Aug 2% Aug 54 conv preferred No par West Penn El class A..No par 60 *15 * - 112% 112% *112% 1133s 10734 12% Deo 49% Nov 18 1 No par 1 Wesson Oil A Snowdrift No par 210 15% * M. 94 13712 *137 61 Webster Eisenlohr . 94 15% * — «. 96 1434 3478 14i2 «. 94 1434 *3234 *23% _ 96 25% 26% 27 26% 267s 106i2 108 Jan Apr Wayne Pump Co.... 310 26% 27% 27% 26% mi 99 8 26 75 100 3 10% Mar 7% Mar 9% Waukesha 2,000 *90 *1% 27i8 31% *93 17% 4% 4% June Wells Fargo A Co 99 119 6 16 19% F«b 11 53 convertible pref.-No par Warren Fdy A Pipe No par 1% 97% 9% 26i2 234 Deo 18% Mar 16 No par f Warren Bros 1,100 1,600 4,300 1,700 Aug 13% 41% Deo 131% Aug 6% Dec 15 Warner Bros Pictures 400 98 1% 3% 15g 314 27 *90 1% 3% 13s 3 103 97% *74 14 100 *834 1% 3% *133 *73% 75 9 1% 3 28% 75 17% 43g 3 1% 32 4% 3 3 31 112% 11334 18% 4 *12 Apr May Jan 2t2 Oct 19 218 Oct 19 No par .100 Preferred 9,100 3% 4 14 #114% 70 No par Class B_. conv Mar 120 No par Preferred S3.85 8% Deo 58% Deo 114% May 109 100 100 Co 98 48% July 28% Aug Mar 12 4H% Pref with warrants 100 220 Dec 28 49% Nov Jan No par No par Walworth Co 33,500 4 Jan Apr 4% 10% Mar 16 Ward Baking class A 38% 6 Mar 11734 Feb Walk(H)Good A W Ltd No par 7 Jan 135 28% 40 122% Jan 11 300 100 7 37 9 Deo 2 1,800 1,000 46 12% Jan Oct 20 Dec Oct Dec 30% Oct 16 20,000 37 4% 13% 50 Feb 15 2% 57 Apr 16% 2 8 *41 Dec 20 115 May 12 6% Mar 100 44 12% 30% 100 Walgreen 46 7% 3 100 2,900 11 30 Detlnning 79 7% June 29 8 20 *43 40 105 113 5% preferred A 5% preferred B... 1,000 3 6 100 Preferred 3,600 *1% 74% Apr 79 11 1% 18i2 Oct 19 100, 20 13 3 6 Waldorf System *11 1% 12% Apr 10 3% 4 47 1,000 15% 13% 44*8 Jan 20 3534 Nov 24 23g Oct 19 No par 8 3% 4% 13% 4 14U Oct 19 6 Chem 6 *22 *10% June *7% *1434 7% 1 58% Jan 20 3938 Mar 11 30 Oct 19 9% par *3% 334 39 2% Jan 20 Oct 19 16 100 t Wabash Railway 3,600 3% % Oct 19 No par Corp of Am.No preferred Vulcan 20 47s Jan 13 Apr 6 Sales preferred 5% 57% Jan July Virginia Ry Co 6% pref—.100 3,200 *41 7% «4 Oct 19 No par Virginia Iron Coal A Coke. 100 20 117% 117% 2% 2% 334 334 18% 40 1 Va El A Pow 16 pref 70 18% 7% *36% 7% 40 Aug Apr 6% 20 18% 15% 46 115 Va-Carollna 100 *1834 14% 3% *42 46 43g 193g *52 165 Jan Vlck Chemical Co 15,400 120 *79% I 81% 7% 8% 43% T43% 8% 43 434 *115 Mar 50 200 43 *3% 13% 120 Nov 153 Jan 18 1,400 21% 10 13% 92 Jan 19 108 Van Raalte Co Inc 108% 108% *109% 113 *115 Jan 21 164 Oct 20 Vanadium 5,700 4 86 Nov 29 29 Preferred 27 4 Nov 26 135 Vadaco 2,100 2l",000 19% 4% 47 100 preferred futilities Pow A Light A 2,100 1 No par 8% 30 22 19% *59 65 65 63 *55% *55% 117% 117% ♦117% 125 *117% 125 2i2 25S 2% 2% 2% 2% 4 4 4% 3% 334 3% *3% 6 6 4% *3% *3% 7% 7% 7% 7% 7% 7% 20 20 20% 20% *1934 20% *11714 121 *117% 121 2% 218 2% 2% 312 334 334 3% *2% 3% 3% 3% *7% 9 7% 734 20 20 20 20% *76% 75s 122 1 18% 21% 434 1% *25 32 1834 2134 .42 40% 40% 434 5lg 458 434 4% 29 27l2 29 30 30 2834 2934 *108% 10934 *108% 10934 *108l2 10934 *108% 10934 *3 4 4 4 4 4% *3ig 43g *12 16 *12 16 1534 15% *13% 15% 4% 250 1% May 17 Universal Pictures 1st pref. 100 10 53 1% *23% 20% 143 52 1% 1% 19% 56 *141 53% 1% 30 20 ig 143 52% 1% 19% 56 *141 9«4 Dec 28' 2x 27% Feb 23 Aug 6 26 26 26% 2734 19 Oct 19 *85 105 *85 105 *87 105 95 95 95 95 *95 115 300 Preferred 100 75 Nov 23 *57 63 *57 62 *54 62 *57 62 *57 62 59 59 100 55 conv prior pref ...No par 55 Dec 29 126% Aug 14 90% Aug 31 16 *15 16 *15 16 *15 16 100 WhlteDent'lM fgCo(The S8> 20 14i2 Oct 19 Apr 1% Nov 5% Aug 72% 34% 94% 123% 22% 35% 19% 31% May Jan 34 99 Jan 4 Feb 9% Feb 96% Nov £60% Deo 163% Oct Jan June 160 Oct June Nov 39 Jan 32 July Jan 91 Nov July Z120 Oct 33% 35% Oct Jan Oct 23%May 15 Oct 19 15 Deo 12% Feb 23% Sept *14% 26% 27 25% 26% 15% 107g *15 1012 *I0i8 2% *14i4 11 1134 11% 12% 12% 13% 12 12% 10% 10 10% 10 10 10% 10% 1034 2% 15i2 *2 2% *14% 2% 16% 2% 2% 2% 1534 2% 1534 10*4 2% 17% 2% 2% 2% 2% *2% 2% 3 3 2% 6% 3 6% 534 *55% 13 6% 534 58 14 39% 18% 39% 18%. 5% *56 14% 39% 19 6% 534 58 16% 40 19% 3 6% 5% 56% 17% 39% 18% 3 634 5% 58 18 40% 19% 16 *2% 3 15 11% *10 2534 12% 7,900 26,200 11 White Motor Co White Rk Mln Sprctf— No par 800 White Sewing Mach...No par 17% 2% 2% *2% 2% 1,100 Wilcox Oil A Gas 6 1S4 Oct 19 3 2% 6% 5% 2% 234 534 2% 5,700 WlllysOverland Motors. 6% conv pref 1 2 6% 5% 62% 18 41 19% *5634 17% 40 18% 6% ,534 5% 2% 17 6 5% 700 S4 3,700 58 58 600 17% 17% 18 5,600 40% 19% 39% 18% 40 19 *62 100 *46% *30% 60 *50 60 *50 60 *50 60 *50 60 *50 60 34 34 34 37 45 *34% *43% 46 34% *44% 34% 45 3434 45% 35 *43 *34% 44% 46 900 89 92 88 91 85 85 *85 88 *63% *26% 12% 65 *64 65 *64% 65 *64% 65 2734 *26% 13% 2734 26 26 26 26 400 14 1234 13% 12% 13% 133,800 45 46 88 94 6234 28*4 63 27% 63% 27% 11 11% 1234 90 90 *26 10% *82 13% pm - - — «» — 400 90 91 93 18 18% 18% 18% 17% 18% 17% 1734 17% 17% 3,200 42% 41% 43% 18% 4134 18% 40% 43% 423g 4334 40% 42 40% 41% 41,000 *75 80 *75 21% 82 *75 82 » 15% 22% 16% 22% 22% 15% 16 17 3% 14% 3% 3% 3% 92 *75 22% 16% 3% 93 82 *76 92 82 91% *76 82 «.*• «• « 2034 22 20% 21% 7,500 17% 16% 1634 15% 16% 14,800 3% 3% 3% 3% 4,300 3% I In receivership, 34 Dec 29 12 Preferred 5)4% Apr 43 46% Jan 4 6% Jan 25 5% Sept 7 12 Sept 7 2% Oct 19 12% Feb 27 2 Jan 6% June 70 June NOV 6% Mar 11 Jan 87 Jan 65% Jan 20 "44% Jan 22 23% Apr 36% Deo 56 Apr Jan 86% 80% Deo Oct 47 112% Mar 25 Oct 19 100 MarlO 47 34 Dec 29 40% Dec Apr "7l" Nov 1 54 Nov 5 Oct 19 128 Mar 6 par 58% Oct 19 76 Jan 7 26 2134 Dec 29 7% Oct 19 62% Jan 27 No par 100 preferred 16 40 68 Young Spring A Wire..No par Youngstown 8 A T No par — 28% Nov 17% Nov 6% Nov 5412 Oct 20 Yellow Truck A Coach cl B..1 440 91% 22% Rid and asked prices; do sales on this day 92 ' Apr Feb 13% July Deo 13% Dec 13 38 100 3% 91% Mar 3934 Dec 2 9 *62 18% 6% Mar 22 10i2 Dec 28 Wright Aeronautical 100 33% Feb 16 18% Jan 25 10 Wrlgley (Wm) Jr (Del) .No Yale A Towne Mfg Co *62 39% 4% Dec 29 4*8 Oct 19 600 100 21% July 84 July 4934 Dec 30 10 420 *61 Mar 11 100 Wool worth (F W) Co......10 WorthingtonPAM(Del)No par Preferred A 7% 100 Preferred B 6% 100 Prior pref 4H% series 10 Prior pref 4H% convserleslO 100 84% Oct 19 Dec 27 66 No par preferred. Woodward Iron Co 4,200 *60 45 11 No pan preferred 56 14,600 100 6234 conv Wilson A Co Ino 12,500 63 *51% 84% 8i2 Oct 19 1% Oct 19 2% 17 6% 3434 6 1 800 *2% *1534 5% *58% 17% 40% 1834 15 25 Dec 29 12% Dec 29 34% Nov 24 100 70 Oct 25 37% Feb 16 142 Jan 23 46% Feb 15 101% Mar 115 6 Jan 27 62% Jan 63 Aug 33% 8% Apr Jan 83% Jan 42% July 41% Jan 105 Jan 140% Sept 79 Feb 51 Nov 23% 163% 55 87% 122 Dec Dec Apr Oot Aug Youngst'wnSteelDoorCoNopar Zenith Radio Corp Zonlte Products Corp a Def. delivery, n New stock, r No par Cash sale, 1178 Dec 29 2ig Oct 19 1 x Ex-div. y 43®4 Aug 31 9% Jan 16 Ex-rights. 11% Jan 6% July 42% Nov 9% Jan 1 Called for redemption. Jan. IS, 406 STOCK EXCHANGE YORK NEW Friday, Weekly and Yearly Bond Record, are disregarded to the week's' range, a footnote In the week in wnicn tney and defaulted bonds. Cash and deferred delivery tales are the only transactions of the week, and when selling outside of the regular weekly range are shown In acoount Is taken of such sales In computing the range for the year. NOTICE—Prices are "and Interest"—except for Income unless they No occur. Friday Range or N. Friday N.Y.STOCK EXCHANGE for Year Salt Price 14 Week Ended Jan. Bid Low High No. 7 113 16121.14 116.31 117.4 107.9 108 58 104 2 112.11 112.22 30 109 12115.20 S 110.28 111.3 O 18 1947-1952 A 16 1943-1945 A Treasury 4s ..Dec. 18 1944-1954 J M Treasury 3%s Mar. 15 1946-1956 J Treasury 3%s___June 15 1943-1947 Treasury 3s .Bept 15 1951-1955 M Treasury 3s -.June 16 1946-1948 J J Treasury 3%s...June 16 1940-1943 M Treasury 3%s„._Mar 16 1941-1943 Treasury 3%s...June 15 1946-1949 J J Treasury 3%s...Dec. 15 1949-1952 Treasury 3%s Aug. 16 1941 F A Treasury 3%s...Apr. 16 1944-1946 M Treasury 2 Vis...Mar. 16 1955-1960 M Treasury 2%s...Sept. 15 1945-1947 M Treasury 2 54 s...Bept. 15 1948-1951 Treasury 2%s...June 15 1951 1054 J Treasury 2%s...Sept. 15 1956-1959 M Treasury 2 V4s...Dec. 15 1949-1963 J Treasury 2 Vis Dec. 15 1945 J 108 27 109.20 107 .12114.9 4 104 .28110.18 3s 2V4s Mar. 2 Vis series 102 10107.30 D 106.6 100.5 106.8 35 104 .20107.27 S 107.0 107.2 107.6 12 104 ,24 108.24 106.20 34 102 .20108.24 ♦Costa Rica (Rep of) 7s 106.3 21 102 24 108.18 Cuba (Republic) 5s of 1904 D 106.20 106.3 D 105.29 A 107.13 107.9 107.13 107.19 107.9 107.21 50 S 102.8 102.8 S 104.15 104.4 104 .24108.24 8 O 102 104.15 104 109.25 99 104.30 152 43 100 .18106.16 102.18 102.8 154 99 .2 104.10 101.22 93 98 .4 103.17 101.8 S 102.18 101.22 101.11 S D 101.11 106 98 100 380 103.3 192 101.1 99.24 D 100 D 103.3 102.27 90 6 22 101 101. 27102.21 104.3 104.10 37 101.7 100.10 104.9" 104.12 104.5 104.12 58 101.8 105.23 8 102.28 102.28 23 99.0 104.10 104.11 103.26 104.11 68 99.24105.3 102.4 134 98.28103.2 101.29 315 103.20 104.9 203 100 11105.17 F A J J 102.3 101.27 101.29 101.15 98.10102.31 s f 7s 1st series ♦External sec s sec s Apr....1972 ....1955 External g 4 Vis of 1928 Austrian (Govt) s 1956 1957 7s. 6Vi 1942 1955 J J 105% 105Vi 25 Denmark 20-year extl 0s 101 Vi 102% 25 100 100 % 36 F A Apr 15 1902 A Deutsche Bk Am part ctf 6s...1932 105V4 O External gold 6 Vis M 766% Customs Admins 5 Vis 2d ser.1961 M 5 Vis 2nd series ♦Dresden (City) external *57 5 55 7S...1945 2 25 6 M N 24 24 Vi 99V4 7V4 7V4 554 20V4 6 17 Vi 79 99Vi 9354 95V4 85 85 88 163 80 85 85 88 59 80 77 J 104 % 104 V4 105 V4 S 105 105 105V4 15 10054 103 V4 8 M N 100 % J 103 100 Vi 103 22 ♦5 Vis of 1930 stamped ♦5 Vis unstamped 1965 1905 21 Vi 107Vi 107 Vi 108 105V4 115% 115V4 10654 11554 9954 10354 98 104 Vi Bergen (Norway) extl s f 6s.. .1960 M S 100 100 Vi 3 104 105% 22 97 Vi 97 97% 42 105 106% 49 *99% 100% 25% 25% 103 22% 7 105 25% D *20 "31 Vi O ♦Greek Government s 28% D 1958 J ♦(Cons Agric Loan) 0 Via 1964 1968 026% A "26~" 1908 14 7 25 Vi 21V4 5 18 8 18V4 25 Vi 25 92 2054 69 Vi ♦Hungary (Kingdom of) 7Vis..1944 17V4 1954 134 18 47Vi 19V4 19V4 119 18 47 Irish Free State extl s f 5s 18 4754 Italy (Kingdom of) extl 7s D 21 Vi f 6 Vis of 1920.. .1957 O ♦External a f 0Vis of 1927— .1957 ♦7s (Central Ry) .1952 O 17Vi 17Vi D 17Vi ♦6 Vis stamped Extl s f s 101 11 .1958 F A 10054 10154 14 .1950 D 102 102 Vi 1902 D 1961 F .... 22 Vi f t bonds 23 8 ♦80 S *70 97 V4 103 Vi 9754 10354 99 54 105 Vi 7 13 2154 106 85 A 79V4 1977 M S 1976 F A 1976 A O 1975 M N J 1984 f 4%s-4%s s 8 100 Vi Extl re-adj 4%s-4 Vis Extl s f 4V4S-4V4B 8% external 17V4 B 4Vis-4Vis Refunding 17Vi .1957 M 79V4 I 115 3354 9754 106 Vi 79 93V4 78 54 92 63 Vi 84 V4 10-year 2 %« 64 8554 70 14 65 Vi 80 Vi 72 Vi 11 67- 88 53 10 48 Vi 65 Vi ♦Assenting 5s large ♦Assenting 5s small 33 Vi 34 Vi 6 21 Vi 34 ♦4s of 1904 3354 ♦Assenting 4a of 1904 ♦Assenting 4s of 1910 large ♦Assenting 4a of 1910 small 109 10954 39 113V4 100 Vi 11254 10054 H3V4 52 101 26 97 24 96 54 103V4 1901 101 10054 101 V4 ...1944 J 100 100 10054 27 98 9954 96 Vi 118 91 95 Vi 60 Vi 60 Vi 1 45 60 37 37 1 32 Vi 54 Vi 3054 8 2654 40 1950 96 Vi M 30 I960 J I960 A O A O 1938 ♦Ry ref extl s f 6s Jan 1901 J ♦Extl sinking fund 0s..Sept 1961 M ♦External sinking bind 6s 1962 M S 1957 J 1901 J 1901 A D O ...1902 M N ♦Chilean Cons Munlc 7«......1960 M S f 0s 1961 J D ♦Cologne (City) Germany 5 Vis. 1950 M 8 Colombia (Republic of) ♦0s of 1928 .Oct 1901 A O s f g Jan 1961 J J ♦Sec extl s f 6 Vis ♦ D "22" 104% 6% 7% 2% 2% 3 26 Vi 40 Vi 6 28V4 48V4 New 80 Wales (State )extl 6s..1957 External 8 f 5s ...Apr 1958 47 12 17 1654 1754 32 12 25 Vi 25 Norway 20-year extl 6s 20-year external 6s 12 25 16% 16V4 1754 1654 1754 45 12 24 V4 17 17 17 19 11V4 2454 16V4 17 14 12 24 54 16V4 17V4 19 12 24 Vi "l5" 14V4 15V4 15V4 28 10V4 II 11 2154 2154 "15" 1454 14V4 15V4 7 14V4 14V4 14 11V4 12V4 40 18 *20 954 954 854 21 Vi 22 21 V4 33 Vi 73 18 54 *21 1454 85 12 V4 38 13V4 1454 31 12 V4 38 4% "3% 3 3% 3% 6 77 *3% 4% '64% "66% 36 10% 10% 23 10 11 13 60% 61 D Municipal Bank extl 1943 ...1944 s f 58...1970 ♦Nuremburg (City) extl 6s 1952 Oriental Devel guar 0s........1953 Extl deb 5 Vis 1958 Oslo (City) sf 4 Vis 1955 Panama (Rep) extl 5 Vis 1963 8 f 5s *55 ser 1903 A ....1963 ♦Stamped ♦Pernambuco (State of) 7s ♦Peru (Rep of) external 7s ♦Nat Loan extl s s 1947 ..1959 J F M 101 101% 101% 101% 105% 106% 106 106% 10 104% 104% 12 103 103% 18 102% 103% 36 *102% 104% 21% 'l02Vi D *19 A 8 A O J 9 7 57 48 47% 54% 71 102% ""55% 102% 7 51 '102% D * 104 *35" M N 37 M N "39% 11 3 M 8 9% 9% M S 11% 11% 7 D 10% 11% 97 10% 11% 85 65% 66% 26 80 80% 7 58% 61% 49 A A O 1947 A 1950 J 10% O O 1940 "_4 101% M N f 6s 1st ser.. 1900 J f 6s 2d ser.wl961 6 60 106% A External sink fund 4 Vis.....1956 M S External s f 4 Vis 1965 A O 4s s f ext loan .......1963 F A ♦Extl 64 Vi 101 Vi F 26 Vi 1354 ♦3% *3% 1959 M N ♦6s series A ♦External sink fund g 8s.. 411. ♦18% 2% 1952 J ♦Montevideo (City) 7s ♦Poland (Rep of) gold 0a ♦Stabilization loan s f 7s For footnotes see page *42% 1958 1959 M S Vis 1754 22 2 10 J ♦Nat Loan extl ♦0s extl 49% 57 J jSmall 3054 1354 196 J ♦ 3054 ♦Chinese (Hukuang Ry) 6s 61% ♦JTreas 6s of *13 assent(large) *33 J 16% 14% 142 Milan (City, Italy) extl 6V4S...1952 A O Mlnas Geraes (State)— M S ♦Sec extl s f 0 2954 3054 D 81 ... 17 16Vi 75% 80 ♦2% 30?4 16 Vi S ♦External sitting fund 6s...1903 M N ♦Chile Mtge Bank 0Vis ♦Sink fund 0Vis of 1920 ♦Guar s f 0s s 101 Vi J ♦Chile (Rep)—Extl s f 7s 1942 M N ♦External sinking fund 0s... 1960 A O ♦Extl sinking fund 0s...Feb 1961 F A ♦Guar 104 Vi 110V4 10954 114 Vi .Aug 15 1946 ♦Carlsbad (City) s f 8s ♦Cent Agric Bank (Ger) 7s ♦Farm Loan b f 6s..July 16 ♦Farm Loan 8 f 0s Oct 16 ♦Farm Loan 0s ser A Apr 16 65% 1954 3254 22 109 % 1967 J 1954 J 65% 63 79 Vi 1954 35V4 13 9 F 26-year 3Vis 7-year 2Vis 30-year 3s 79% 65% J 1954 J D ♦Mexican Irrlg assenting 4 Vis. 1943 M N J ♦Mexico (US) extl 5s of 1899 £ 1945 Q ♦Assenting 5s of 1899 1945 Q J 7054 70 79% 8 ♦Medellln (Colombia) 0V4s 70 Vi 57% *115 A 69Vi 69V4 O A 57% 1947 F 7Vis.l950 J 18% 19% 19% *18 A 69 1952 M N 1900 A 6a Lower Austria {Province) 18% 18% Japanese Govt 30-yr s f 0V4s... 1954 M N Extl sinking fund 5 Vis 1985 ♦Jugoslavia (State Mtge Bk) 7s 1957 A O ♦Leipzig (Germany) s f7s 5 105 18% F 51V4 ~69% Bulgaria (Kingdom of)— ♦Secured s f 7s J ......1907 J ♦Stabilization loan 7 Vis 1968 M N Canada (Dom of) 30-yr 4s Utility extl 7S...1952 11 *18 A Italian Cred Consortium 7sserB,'47 M J Italian Public 85 20 104% 1960 M N 1961 J D 7154 69% F 2 19 ♦Hungarian Land M Inst 7 Vis. 1901 M N ♦Sinking fund 7 Vis ser B 1901 ♦Brasll (U 8 of) external 8s... .1941 21 V4 23 6 52 84 k M N 21 Vi 21 026% 26% 19% ♦Hamburg (State) 0s 18Vi 26 84 Vi 1952 A O ....1946 A O J ♦Heidelberg (German) extl 7 Vis '50 J Helslngfors (City) ext 6 Vis 1960 A O Hungarian Cons MunicipalJLoan— J ♦7 Vis secured s f g .........1945 J ♦7s secured s f g 1940 Haiti (Republic) s f 6s ser A 21 ♦Buenos Aires (Prov) extl 0s...1961 M ♦0s stamped... 1961 M 1 29 "30% 30 30 F~ O ♦Budapest (City of) 6s 026% *29% f ser 7S..1964 M N ♦7s part paid ♦Sink fund secured 6s_. D Sinking fund gold 5s 20-year s f 6s........ "31% "32 31 a26 Vi 1949 ♦Berlin (Germany) s f 6 Vis... .1950 A ♦External sinking fund 6s.. .1958 .... 1 105V4 10554 111 10154 llOJi 10954 118V4 103 Vi 99 8 Brisbane (City) b f 6s 1 2 21% 22% J ♦5 Vis stamp(Canad'an Holder)'05 ♦German Rep extl 7s stamped. 1949 A ♦0s part paid 104V4 110 4I 106 Vi 21 95V4 94 Vi 10454 110V4 57 J s 99% 108 108 International— ♦7s unstamped 88 Vi 103% 95% D ♦External 15 German Prov A Communal Bka O A 58% 55 German Govt 10V4 55 58 % 20 102 61 55 S 20 5 64 *57 20 Vi 97 69 *57 6 6 86 1909 A O A () 1909 5 Vis 1st series 1 86 S ^Stamped extd to Sept 1 1935.. M S Dominican Rep Cust Ad 5 Vis..1942 1st ser 5 Vis of 1926 1940 A O 2d series sink fund 5 Vis 1940 A O 554 .1965 6s s I 104 554 .1956 External 104 5 99 3 O 22 10 Vi 138 A 16 5 2 74 Vi 1942 Sinking fund 8s ser B 7V4 6V4 654 102% 103 7 Vi 11 72 Vi "l3 103 18V4 ♦Bavaria (Free State) 6 Vis... .1945 F A .1949 M S Belgium 26-yr extl 0 Vis External 30-year s f 7s 102 % ~72% 97 654 2 ~99% O 7 *6% 6V4 *6Vi 6 103 92 97 J D 4 30 6 19 A 18J4 101 "21 62 85 Vi 1951 Czechoslovakia (Rep of) 8s 18% 7 1957 M External 5s of 1927 v 101 Vi 7V4 f 7s 3d serles.1957 Australia 30-year 6s A 7 J Antwerp (City) external 5s 1958 Argentine (National Government)— 8 f external 4 Vis 1971 M N A 8 t extl conv loan 4s Feb 1972 8 f extl conv loan 4s F 100 Vi 30 25 ♦103V4 7V4 100 % f 7s 2d series. 1957 ♦External A 3 17 Vi 4 98Vi 80 103 S F J dep....1948 J J 1907 J Finland (Republic) ext 6s -.1945 M S ♦Frankfort (City of) s f 0Vis... 1953 M N French Republic 7 Vis stamped.1941 J D 7Vis unstamped... 1941 External 7s stamped 1949 j"~D 7« unstamped 1949 18% O M N 1946 1957 f 7s series D s M J 9 40 18Vi M N Sinking fund 5Vis...Jan 15 1953 ♦Public wks 5 Vis.-.June 30 1945 J 18Vi 100Vi 82 85V4 1754 A ♦Antioqula (Dept) coll 7s A... 1945 J ♦External s f 7s series B 1946 ♦External s f 7a series C -.1946 ♦External External loan 4 Vis 18 60% Estonia (Republic of) 7s Agriculture IMtge Bank (Colombia) ♦Gtd sink fund 6s_......... 1947 F ♦Gtd sink fund 6s ...1948 A tExternal 1951 1944 Vi *75 J A....1949 1949 External 5s of 1914 ser 97 A J 100% A ♦EI Salvador 8s ctfs of Foreign Govt. A Municipals— ..1963 F F External g 4 Vis 8 Low 18% 17 103.18 J Akershus (Dept) Ext 6a 97 Vi 101 J 1942-1944 M N 30 M G 100 Vi 43 M N 1 1939-1949 2J4s series B..Aug. D 105.20 1 1944-1952 M N May J 104.15 Home Owners' Loan Corp— 3s series A A 108 M 1 1942-1947 F 104.10 106.28 16V4 M N ♦Sinking fund 7s of 107.23 «k «■ M — U Asked High 17% O A ♦Sinking fund 7s of 1920 105.26 105.16 Federal Farm Mortgage Corp— Mar. 15 1944-1964 May 15 1944-1949 Jan. 15 1942-1947 6%s...l947 1940 1927..-.1947 Copenhagen (City) 5s 1962 26-year gold 4 Vis 1953 ♦Cordoba (Ctty) 7s 1957 ♦7s stamped ..1957 Cordoba (Prov) Argentina 7S..1942 ♦Colombia Mtge Bank S «. A & Mun. {Com,) D D Bid Low High Low D O Treasury 3%s...Oct. Price 14 Week Ended Jan. Foreign Govt. Treasury 4%s...Oct. 3s.. Friday 1937 Asked A U. S. Government 3V4« Range or Sale Range EXCHANGE Y. STOCK Last Week's Last Week's BONDS Friday BONDS 1938 J "66 vi "60 High Volume 146 New York Bond Record—Continued—Page 2 Frida%r BONDS N. Latt Y. STOCK EXCHANGE Week Ended Jan. 14 D 11 11X 20 J 9 10 5 96 96 1 92 21 21 1 17 X 21M O 107* 107M A S 20* 107M 106* *23 1967 J 10* 9M 11M 1953 J 4 108 11 107M 106 12 10X "~~4 10M 98 8M 8 11M 10M 15 10H 15 10* 70% 10X 1 9M 9% 9M 99 Cons mtge 3Ms series E 34M Big Sandy 1st 4s J 1 ... 33 12M 72 1957 M N 1930 J 33 32 M 32 M ♦7s extl Water loan J 4Mb series JJ 36 X 25 M J 20 M 27 10* 2 10X 42 9M O D D 40 M 1945 J -.1946 J Serbs Croats A Slovenes (Kingdom) ♦88 secured extl 1902 M N ♦7s series B sec extl 1962 M N 10 A A 1940 F 1955 F —1971 J Tokyo City 5s loan of 1912 11 34 M F J 45 X 98 F 10-year deb 4M» stamped.. 1946 F cons 19 M 25 J D 22 25 "24" 31 * ♦ 33 32 X 33 M 30 24 33 A 58 60 M 18 40 M 28 60 J 39 M A 98 M J J A O 31M 48* <z44* 47 M "53" *102 M 54 52* 51X 52 M '~51* 61X *43 * 104" 55 55 1 56 M 57 73 M "1 54 38 ri 8 53 M 74 50 80 M 103 72 40 M 70 M 47 70% 47 52 M ' * 3 88 20 39 M 61M 80M 57* 62 M 49 109* 93 X 90 100 94 M 89 M 105* 93 % 105M 76 ♦5s stamped 1950 108M 109 115 *102 102 X 101 110 61 70 67 67 74 96M 90* 107 72 X 62 * Allied Stores Corp deb 4 Ms 4 Ms debentures 1951 A Ilia-Chalmers Mfg conv 4s...1952 F A M S 34 67M 35 35M 08 X 101M 59 96M 37 93 M 72 M 155 24 M 80 102 M 108 109 ~~6 107M 112M 91 1998 1942 M 76 45 "33" A O A O S 1950 A O Allegh A West 1st gu 4s Allegh Val gen guar g 4a 99 M *106M 75* 91 4 *51 108 ~87~ 86 105 104 M 74 X 87 106M 1955 Am A Foreign Pow deb 6s.....2030 conv M S M S 16 230 103 57 X D 98 M 56 M 98 1949 M N 103M 103M 1953 J f deb 5s 5 Ms Am Internat Corp conv 6 Ms.-1949 Amer Telep A Teleg— J J 95 58 91 101M 97M 113M 99 Anaconda Cop Mln s f deb 4 Ms 1950 A O 104 X 104* Jan Q J M S F A J J 29M 29 M 40 79 101M 147 107 1967 {Ann Arbor 1st g 4s 1955 Ark A Mem Bridge A Term 6s. 1904 Armour & Co (Del) 4s series B. 1955 1st M s f 4s ser C (Del) 1957 1995 A 96H 102X 96 M 102 % 1995 M ..1955 J 1955 J Conv gold 4s of 1910 Conv deb 4 Ms— J J 1965 J 1958 J 1960 1948 Rocky Mtn Div 1st 4s __ O N D D D D J J 1962 M 8 1946 J D Atl Knox A Nor 1st g 6s Atl&Charl A List 4 Ms A 1944 J J 1st 30-year 5s series B 1944 J J Atl Coast Line 1st cons 4s July 1952 M 8 General unified 4Mb A D May 1 1945 M N Oct 1952 M N 1948 J Second mortgage 4s Atl Gulf A W I 88 coll tr 6s 1948 J 40 gu 12% 10% *6% -mm****- 7 ^ m 113 99X 107 526 23 42 M O J J A O 104M F 1 A 96 X A 100 - a, - 3 103 M 103M 1 112M 111M II2" 112M 4 112 *114 97 m Certain-teed Prod 5 Ms A. ™ m — » "92" "87 M 75 * « m 34 244 mm «. 1 w - *116"" « 62 M 61* ~io~5% 105* 105* 119* 95 X 95% O 115 ~ m m m Refund A gen 5s series A 1995 J 1st gold 6s July 1948 A O D 103 107 110 114 32 M 32 M 27 68 38 M 214 187 67 74 M 160 44 X 154 60 60 49 51M 27 8 32 32 1 131 99 M 57 M 85M 104 73M 108X 37 X 94% 78% 110M 103M 07M 105 43 51 107M 46 11 60 31X 38 48 36 M 99 M 93 M 26 M 33 505 30% 82 M 38 X 119 37 J 112M 112M 1 111 93 M 110 1951 J 104M 104M 9 103 110M 4s stamped 1951 Battle Creek A Stur 1st gu 3s—1989 Beech Creek ext 1st g 3 Ms 1951 J *105M For footnotes see page 411. D o 60 loo" O 1960 105 M 116M 69M 118* 100 8 118M 119 22 *127 127M 55 90* 5 104* 108 105* 109 38 116* 128* 93* 102* memmm 115 2 -mmm 92* 102* 107* 111 105* 111* 108 120* 109* 115 25 108 108* *90* 16* ' N 16% 15* .... M N M S J ♦ mrn mm 17* *10* *10* IVI N ♦1st A gen 5s series A.. 1966 J ♦1st A gen 0s series B._May I960 J J D 6* J J 13 13 mrnmmmm 7 7X 45 22 48 104 110* 108* 67 107* 113* *85 188 105 54 108* 99* 17* 16* 36 100 m 18% J 26* 107* 107 88 - - 10 21 9 - - 19 221 mmmrn 20 mm 117* 101* 110* 104* 119 56 20 58* 110 107 101* 40* 45* 124 15 51* 11* 44* 13 43 2 10* 39* 7* 14 5* 20* 7* 89* 17 5% 20* rnm 13 93 107* 110* 112* 83 X 16M 45 109 95* 92 125* 79 *107% ... 60 M 64 102 36* "31X 1st A ref 5s series C ♦Certificates of deposit— 116 99 M 107M 69M J J O {{♦Chicago A East 111 1st 6s...1934 IVI {♦C A E 111 Ry (new Co) gen 5s.l951 111M % 26 37 A 1948 108 A 78 M 101 103M 115M 121M 120 131 *110* - - 113 Chic Mllw A St. Paul— ♦Gen 4s series A May 1 ♦Gen 4 Ms series C ♦Gen 4 Ms series E J {♦Chic A No West gen g 3 Ms—1987 30 30 30* 35* J 35 34 35 30* 12* 3* 16* 33 ....1987 16* J A 12 M O 4% M N M N "18% - M N 17* M N ♦Stpd 4s non-p Fed inc tax 1987 17* 19* ♦Gen 4Mb stpd Fed lno tax..1987 M N ♦Gen 5s stpd Fed inc tax 1987 ♦4 Ms stamped—.—.......1987 {♦Secured 0 %» ...1930 ♦1st ref g 5s.. May 1 2037 ♦1st A ref 4 Ms stpd.May 1 2037 ♦1st A ref 4 Ms ser C.May 1 2037 ♦Conv 4Mb series A 35 30 35 J 4s 31 34 J J May 1 1989 J May 1 1989 ♦Oen 4Mb series F.-.May 1 1989 F {♦Chic Mllw St P A Pac 6s A..1975 A ♦Conv adj 6s ...Jan 1 2000 ♦General J J J ♦Gen g 3 Ms series B_.May 11989 4Mb 1960 F Ref A gen M 5s series F—1990 M Bangor A Aroostook 1st 6s 1943 J Bell Telep of Pa 5s series B 106* 103* 108 74 Tol A Cin Div 1st ref 4s A...1959 Ref A gen 5s series D 2000 M Con ref 4s 106M 103M A 46 "49 M 8 A F 75 X D Ref A gen 6s series C 1995 J P L E A W Va Sys ref 4s 1941 MN Southwest Div 1st 3Ms-5s.-1950 J J Conv 8 F 1971 74 X 60 X 64*1 ""16 105* 105* 120* 110* ~ 70 116 122* 108 M 1st A ref 5s series A 17 64M 06* 104* mm m *106* *106* 110 88 102 M m 27 106* 87 *102 104* 100* 108* 38 75* 28 88* 25* 78* 88 90 22 110 J Baldwin Loco Works 5s stmpd.1940 M N 109 90 93* 112* 97* 108* 96 106 M J 3 60* 125* 102 35 74* 96 J 99 X 73% 86* 106 % "~8 28* 18 95* 95* J 20 57 M 10 67 96* 93 J 75M 92 20 105 104 *71* m J 20 *56* 1 6 25M J 31 107 6 8 85 X 105 % *28 33 34* O 57 19 7 mm mm 46 J 108 104M 111 99 *76 July 1948 A 101 97 30 M 70 27* A 93 27M 23* 40 31 18 *1"" General gold 4 Ms w „ Ref Almpt mtge 3Ms ser D.. 1996 M N F A 104 % 109 X 103% 110 97 56 M al9* J 30 M 4* 12 24 90 * 8 73 92 M mmrnrn mmmrn 100* 110 110M 113M 118M 118M 116 14 9* 5 2 95 71X ^ N M N 75 M 100* 80 99 M 100 t 2 mm-mrn 104* M N 112 58 mmmm 7* mmmm + O * J 15 '"*9 39 12* 7* 32* 33 % m J 103M 104 M mm 15 46 J J 102 M 101 81* 30* 23* mm 27 J 112 106M 71 63 93 28 107 J 1 J 100 idl" 40 112 63 J 2 105* 18 98* J 116 101 2 00 107* 74 109* 102* 106 97* 22* 97* 105 102 M 103 M 70* *106* J 26 t 83 3 S J 94M 102* 5 76 112" S 95 109M 100* 83 101* 105* "*5_" * ® 92 109 M 111* A A 83* 107 F J 50 2 17 23 *12% * m M S M 92 J *25 98* 110* 90* 105* 107* 56 22% 128 M 99* 99* 105* 109* 115* 101* M M 93 X 1959 J Austin A N W 1st gu g 6s... Bait A Ohio 1st g 4s .... * IVI N ""71 55 6 ' 110M 30M 20 101* 107* J 200 93 39 99 * J 95 2 104 97* J, I .1 Central N Y Power 3Ms 113* 99 M S 4*—.1 4s 11 102* 113* 102 113M 0 91 94 4MS.1939 J 1941 J deb 80 ^ 30 X J J J conv 120 14 4 99 1964 J Atl A Dan 1st g 4s {♦Auburn Auto 22 88 25 *94 1995 Nov 10-year coll tr 5s LAN coll gold 4s 23 87 IVI General 4s Adjustment gold 4s Trans-Con Short L 1st 4s. Cal-Arlz 1st A ret 4Mb A 31 J Atchison Top A Santa Fe— Stamped 4s Conv gold 4s of 1909 Conv 4s of 1905 114* 114* J 111M 114 ♦Anglo-Chilean Nitrate— Sf income deb 12 125 114M A A 80 H 106M 222 105 11 113* .114 ------ t R J D 109M 14 101M 96 X 37 119* 87 M 64 113M 94 X 5 117 »MN 1 Cent Hud G A E 1st A ref 3M«-1 Cent 111 Elec A Gas 1st 5e 1 Cent Illinois Light 3 Ms 1 {♦Cent New Eng 1st 51M F 100 101 "95 73 M 42 116* 116M 22% ..1 Central of N J gen g 5s 105M 87 105 101* 7* 119 18 ♦Mid Ga A Atl Div pur m 5s. 1 ♦Mobile Div lit g 5s 1 Central Foundry mtge 6s Gen mortgage 5s 82 M 100 H 7 112* 101M 101M 53 102 M 105* 116% 118% D M 20-year sinking fund 6Ms.-.1943 M N 8Ms debentures J 961 A O 3Ms debentures 1960 J D ♦Am Type Founders conv deb. 1950 J ■* Amer Wat Wks A Elec 0s ser A. 1975 M N 6 38 109* 116 113 118* "75"" ♦Chatt Div pur money g 4s. .1 ♦Mac A Nor Div 1st g 5s 1 90 93 X 102 M 82 98 M 104 12 55* 104* 13* 81 104 F A ♦Conaol gold 58 ..J ♦Ref A gen 5Ms series ♦Ref A gen 5s series C......1 General Alpine-Montan Steel 7s.. 83 119 J {♦Central of Ga 1st g 5«—Nov 1 77 67M 37 10 D Carriere A Gen Corp deb 5s w w 1 Cart A Adir 1st gu gold 4s ] Celotex Corp deb 4 Ms w w 1 ♦Cent Branch U P 1st g 4s 1 101 Alleghany Corp coll trust 6s—1944 F A Coll A conv 5s 1949 J D ♦Coll A conv 5s 1950 A O 7 32 55 J, J \ ^ 93 % *90 90* 7 124 J . trust 4 ) 92 *40 M 9 83 114* 121 114* 121 112* 118* 110* 116* 110* 116 J Coll trust gold 5s. 58 O 1 ""l6 9 40 102 94* O 67 109 108* 112* 104* 105* 39* 93 J J 62 100 1946 A mmrnmm .106 87 114* 116* 119* 100M 58 M 1948 A 37 65 103M 107 109 119M i D fA M S 83* 61 M assented 111 1 113% A 53 M Alb A Susq 1st guar 3 Ms 31 116M O F 59* 77 100* 132* 94* 105* 108 a A 48 X 78~~ 79 X A O 1943 J D ..1943 J O 100 10 113M \ 48 100 115* 122* J 54 100 57 M 83 74" 11 85* 10% 55 21 9 55% 39* 101* 97* 105* 44* 104 78 M 99 % 104M 53 49 49M 6 44 103 % 11M 34* 41* 41M mmmm 73 38 104 mmmm 76* 108* 105* 85 40 88 506 61 *7% 101M 100 g44M 40* 103* 36 O il03M 51 105% 110M 110% *106% O 90 M *25 *100 103* 93 % J 1 60 72 Certificates of deposit. mrnmm 44* 105 O 67 Amer I G Chem 50% 9 25 *40 M s 102% 36 27 O American Ice 6 O 33 X 1948 A warr 8* 5* 17 ...... 31X A Albany Perfor Wrap Pap 6s 6s with 30 9 108 M N 65 A 1952 A 6s 9* 72% D 5J 4s series B 12 108 A 47 INDUSTRIAL {{♦AbitibI Pow A Paper 1st 68.1953 J D Adams Express coll tr g 4a 1948 M S Coll trust 4s Of 1907 1947 -* D cons 85 M 76" A COMPANIES 1st — 61 IW N 10 Collateral Ala Gt Sou 1st ~ 40 94 M J 24 1952 M S External s f 5 Ms guar 1901 A O Trondhjem (City) 1st 5 Ms 1957 M N ♦Uruguay (Republic) extl 88—1940 F A ♦External s f 6s 1960 M N ♦External s f 6s. 1964 M N 3*-4r4*% extl readj 1979 M N 3 Ms Extl readjustment 1984 J J Venetian Prov Mtge Bank 7s._1952 A O Vienna (City of) 6s 1952 M N ♦Warsaw (City) external 7i—1958 F A Yokohama (City) extl 0s 1901 J Adriatic Elec Co extl 7s m' 12 8M 40M 103M M N 43M 35% A TSyria (Province of) 7s Sydney (City) s f 5 Ms AND m «. 90 91M 38 105M 44 *22 ♦Silesia (Prov of) extl 7s 1958 J D ♦Slleslan Landowners Asan 6s. .1947 F A RAILROAD - 41 44* *11 12M 112 107 88 32 *9% 8% J 13 M "76 99* 100* 89* 99* 36 >E A 2 11X 179 42 J 35 M 34 M 25 13 X 78 103* 95* "42 * 13X 40 . f 5 Ms 25 *108M 39M 39M M N ; 13% *11* 9% "~9* 1940 A ♦Saxon State Mtge Inst 7s ♦Sinking fund g 6 Ms s 20 39% 40 LN J M 43 30 13 1968 J . Taiwan Elec Pow 24 94 % O 13* 1956 M S . ♦6s extl Dollar loan f 7s_ 27 20* 103M SF A 1 A O 83 M 10 13 28 ISM 18* 94% ♦Certificates of deposit. 60 10 X J 1950 J 1 23 103 M l«N §♦88 extl loan of 1921 ♦8s external 22* High 20" *20 D A 1st g *33 M 10 2 22% (MS )HN 40 *19 1952 Nl N 20* Tjow *20 IW N ♦0 Ms extl secured s f San Paulo (State of)— No. 32 M 10 70M 25 M 113 20 1937 HigI 26M 1 25 M 16M 104 M 113M 36 X for Year Askec 3 31 100 11M 9M D O A J 13 21H & Low J J J D j F A 5 A O 3 A O )J J 3 A O Range Friday Bid Price Nft, .2 Range or Sale fe 14 33 M 9* S O Last £ C % yi STOCK EXCHANGE Week Ended Jan. Week's High N Rome (City) extl 6 Ms 1952 A ♦Roumanla (Kingdom of) 7s__.1959 F s •9 Low Friday «ts BONDS N. Y. 1937 051 No. 9% Secured for Year Asked Hio ♦Extl sec 6 Ms 1953 F A Rio Grande do Sul (State of)— ♦8s extl loan of 1921 1946 A O ♦6s extl s f g 1968 J D ♦7s extl loan of 1920 1966 M N Sao Paulo (City of, Brazil)— ♦8s extl secured s f A Low "ion ♦Saarbruecken (City) 6s Range Friday Bid O ♦7s municipal loan % Range or Salt Price Foreign Govt. & Munlc. (Concl.) ♦Porto Alegre (City of) 8a 1961 J ♦Extl loan 7*8 1966 J Prague (Greater City) 7 Ha 1962 M ♦Prussia (Free State) extl 0*8.1951 M ♦External s f 6s ...1952 A Queensland (State) extl s f 7s__1941 A 26-year external 6s 1947 F ♦Rhine-Main-Danube 7s A 1950 M ♦Rio de Janeiro (City of) 8s 1946 A 407 Week's ...1949 M N *17 13* 6 28 458 8 67* 69* 71* 36* 3 12* 13 14 49* 18* 18* 17* 21* 45 16* 52* 20 18 52* 5 16 64* 13 16 60 52 5 10* 18* 26 9* 38 68 8* 8* 30* 5 24* 20 22 J D 11 J D 11 11 J D 11 11 12* 11* 11* 7* 6* 09* 7 18 21* 6M 60 1 4* 1139 M N M N 25 24* 25* 25* 76 20 44 392 61 30* Jan. IS, 1938 New York Bond Record—Continued—Page 3 408 Last Co 4*4s aer D—1961 Gen A ref 5a ser E 1952 Gen A ref M 4a ser F 1965 Gen A ref mtge 3*4a ser G...1966 ♦Detroit A Mac 1st lien g 4a...1996 112H 113X 17 A O 108H 108X 19 106 X A O 110X 12 105X M S 110 104H 105X 12 101 Chicago, III. T)lgby 4-5200 Connections n. Y. 1-761 -<• 'Bell System Teletype •>- J Cgo. 543 D Nor Dlv let 4a..1948 1966 4a 1939 Ed El 111 (N Y) 1st cons g 5s..1*95 Electric Auto Lite conv 4a.—. 1962 Elgin Joliet A East lat g 5s 1941 El Paao Nat Gas 4 *4s ser A.—1951 El Paso A S W 1st 5a 1965 5s stamped 1965 Erie A Pitts g gu 3 *4s aer B 1940 Series C 3*4s 1940 Erie RR 1st cons g 4s prior 1996 1st consol gen lien g 4a......1996 Conv 4s aeries A —1953 Series B 1963 Gen conv 4s series D 1953 Ref A lmpt 6s of 1927 1967 Ref A lmpt 6a of 1930 1975 Erie A Jersey 1st s f 6s 1965 Genessee River 1st s f 0s.—1957 N Y A Erie RR ext 1st 4s 1947 East T Va A Range Friday for Year Sale EXCHANGE Bid Price 14 Week Ended Jan. <fe 6a stpd {(♦Chicago Railway® 1st 7*4 7*4 9H 9 5*4 5 Inc gu 41*4 83*4 16 43*4 1 15*4 42*4 7*4 75 6*4 26*4 22*4 25*4 37 8*4 5*4 6*4 37 8*4 7*4 High 60 10 7*4 —I960 (VI N D D D 3X8 18*4 9*4 8*4 6*4 22*4 88 16 4 90 94*4 Orleans 5s 1961 J June 15 1951 J Memphis Dlv lat g 4s 1951 J Chic T H A S'eastern lat 5s...I960 J Gold 71 18*4 M S ♦Conv g 4 He 1 19*4 '1*4 A O (♦Secured 4Hb aeries A--—1952 ♦Certificates of deposit 50*4 18 19 1988 (♦Refunding gold 4a -—1934 ♦Certificates of deposit Cb St L A\New Low High 50*4 paid Feb 1 1937 25% par {♦Chic R I A P Ry Ken 4a ♦Certificates of deposit 1937 Asked Low 113*4 94*4 98*4 99*4 86 66*4 D 5s..-—------Dec 1 1960 M S 90 78*4 67 50 62 Ga Dlv lBt 5s Ed El 111 Bklyn 1st cona Range or Last BONDS STOCK Y. N. 53 6 68 19 48*4 1938 *J3d mtge 4)4s 91 63 l"09"" J A O 105*4 1944 A mtge 4s series D 1963 J mtge 31*8 series E-.——1963 J 3 Ha guaranteed Chic A West Indiana con 1st A ref M 4*48 ser D 105 29 109*4 18 105*4 6 105 97 98 91*4 27 34 *4 104*4 107 *101*4 107*4 107*4 107*4 107*4 "22 107*4 "36 107*4 10 89*4 D 1993 J 69*4 Ref A lmpt 4 Hs series E 1977 J *102 Cairo Dlv 1st gold 4s 1939 • J J Cln Wabaah A M Dlv 1st 4a.l991 * M N St L Dlv. lat coll tr g 4a—1990 M S *101*4 Spr A Col Dlv 1st g 4a 1940 J J W W Val Dlv lat g 4a 1940 M N 105 1~05" ~ Cleve-CIlffs Iron 1st mtge 4X8.1960 J J 110*4 110*4 Cleve Elec Ilium lat M 3X8—1965 A O Cleve A Pgh gen gu 4 Ha aer B.1942 Series B 3 Ha guar 1942 A O Series A 4 Via guar -—1942 J J *107*4 Series C 3 *48 guar 1948 M N Series D 3 *48 guar 1960 F A A *106*4 Gen 4 *4s series A 1977 J Gen A ref mtge 4 Ha series B.1981 O 104*4 Cleve Short Line 1st gu 4 Ha.—1961 O 103*4 103*4 Cleve Union Term gu 6*4s 1972 o 100 99*4 1st a f 5s series B guar 1973 o 92*4 91*4 1st a f 4 *4a series C 1977 J D *106 Coal River Ry lat gu 4a 1945 F A 100 Colo Fuel A Iron Co gen • f 5a.. 1943 101 ♦5s Income mtge —.1970 A O 44 43*4 Colo A South 4*4s series A 1980 M N 98*4 97*4 95*4 O Jan 15 1961 J F M N Commercial A 4a 1965 Credit deb 3*4a_—1951 Ha 1961 Conn A Passum ttlv 1st 4a 1943 Conn Ry A L 1st A ref 4 Ha 1951 Stamped guar 4 Ma 1951 Conn Riv Pow s f 3Xa A 1961 Consol Edison (N Y) deb 3*48.1946 3 *48 debentures 1956 ♦Consolidated Hydra Elec Works ♦Consolidation Coal Consumers Power *107 J J J 1st mtge 8*48 1970 1966 Container Corp 1st 6s.. 1946 15-year deb 5s 1943 ^Copenhagen Telep 5a.Feb 15 1954 Crane Co s f deb 3 *4s 1951 For footnotes see page 411. 100 100*4 35 95*4 111*4 90 105*4 109 112*4 99)4 108 92*4 44 100*4 "4 5 101 22 38*4 99 49 90 92*4 105 97*4 14 95*4 46 77)4 105 *4 102 97 76 94 100*4 62 103*4 44 98*4 101 99)4 105*4 103*4 99*4 102*4 100*4 107*4 1 15 42 33 21*4 107*4 98*4 J 106*4 98*4 *16*4 16J4 *16*4 O J *16*4 J 54 N 107 M N 103 103 102*4 100*4 105*4 104*4 105 91 A F A 88*4 91 1C0»« 100>»« 'lol* 100*4 ♦106*4 101 40)4 71*4 49 19 100 40 15 2 101*4 D 27 'is" 18 100*4 D 237 19*4 16*4 54 102*4 F 20 18*4 105)4 108*4 92)4 107*4 15 41*4 15 41*4 1 86 107 54 M N J 102*4 106*4 99*4 107*4 106*4 102*4 M N J 21*4 107*4 99*4 106 105*4 112)4 104*4 107*4 100*4 108*4 11 106 108*4 100*4 101 2 101 105*4 107*4 J J 90 47*4 103*4 D J 113 59 104*4 57 21 9 4 6 7 103)4 110*4 99*4 107*4 98*4 108)4 9614 103*4 101*4 105*4 79*4 103*4 99 *4 102)4 97 103X *131X ,. A 98 X 100X | 103 D A O J 103 * O A J 98 * 104 ♦103H J J 58 56 68 88 J 33X 33 H 41 180 A 28 28 33 39 30 32 X A * A 104*4 "3 37 42 *4 46 30 65 47 D 40 *4 50 47*4 32 35 50*4 2 64)4 62*4 D 47 6 -35 1 101*4 108 50*4 47 O 46 107*4 ""51*4 107*4 52 J 107*4 49*4 107*4 107*4 J 103 103 103 *105*4 107*4 107*4 13*4 13*4 *14 "7*4 6 107*4 107*4 14*4 69 27 2 "16 1 128 7 36 9 10 49 4*4 80 55 47 95*4 107)4 101*4 105*4 104)4 107 104 106*4 108)4 106*4 108)4 10*4 36*4 38 5 7*4 6 *3 42)4 11 16*4 7*4 *10 101*4 100 23 4 22*4 7*4 2*4 32*4 42 12 67*4 32 60 X M N 21 "20H 28 X 28X A O 21 20 X J J 75 75 J J M N 101X S M 85 102 .1 . 61 X 97 !' *96"" 98 X 97 1 . 2 96 *58"" {♦Fla Cent A Penln 5a 1943 J {♦Florida East Coast 1st 4*48.-1959 J ♦1st A ref 5s series A 1974 M ♦Certificates of deposit— 1 98X 89 *94X ■ 11 I *60 . 4 I ' 102X| 97 J 3 100 X *60 X • 29 | 101X1 *_ 1954 1956 1st 5s 1942 5s International series 1942 1st lien s f 68 stamped 1942 1st Hen 6s stamped 1942 30-year deb 6a aeries B 1954 Flat deb s f 7s 1946 367 640 65 65 Fairbanks Morse deb 4a 60 ; 55 * ! ex 71 13 7X 6X 6X 1952 Fonda Johns A Olov 4 Xs {(♦Proof of claim filed by owner. (Amended) 1st cons 2-4s 1982 {§♦ Proof of claim filed by owner ♦Certificates of deposit Fort 8tUD Co 1st g 4 Hs 1941 Framerlcan Ind Dev 20-yr 7 Ha 1942 M N *5 M N *ix 6s...1966 M N ♦IX _ J A-1938 A Gaa A EI of Berg Co cons g 5s. .1949 J Gen Amer Investors deb 5s A.. 1952 F Gen Cable 1st s f 5Hs A 1947 J ♦Gen Elec (Germany) 7s Jan 15 1945 J ♦Sinking fund deb 0Hs 1940 J ♦20-year a f deb 6a. 1948 M Gen Motors Accept Corp deb3a.*46 F 15-year 3Ha deb —1951 F Gen Pub Serv deb 6Hs 1939 J Gen Steel Cast 5Xa with warr.1949 J {♦Ga A Ala Ry 1st consSe.Oct 1 45 J {(♦Ga Caro A Nor 1st ext 6a._ 1934 J ♦Good Hope Steel A Ir sec 78—1946 A Goodrich (B F) conv deb 6a—.1945 J 1st mtge 4Xs ....1956 J Goodyear Tire A Rub 1st 6s 1957 M Gotham 811k Hosiery deb 5s w w '46 M Gouv A Oswegatchle 1st 6a 1942 J Grand R A I ext lstgu g 4X8—194» J Grays Point Term 1st gu 6s..-.1947 J Gt Cons El Pow (Japan) 7f 1944 F 1st A gen a f 6 Ha 1950 J 104H 47 *60 1 102 98 X 16 43 X 11 39X 1 102 X 61 102 X 102 X 103X 102X 97 X 56 X 53 X *17 40X 2 31 97X 3 57 X 27 23 X "5 20 25 25X 25X 94X 98 67 98 X 71 97 X 98 X 96 X 104 104X N 79 8 79 t 104X 79 1 85 4 101 D *106X J *80 D 65 J 68X 23 65 67X A 69 35 109X 102 110X 36 101 X 46 97 X 97 X 103X 99X 90 X 89X 90 X 89 88 X 89X 7 101X 103X 271 101X A 1966 o ..1946 1952 ♦Harpen Mining 6s 1949 Hocking Val lBt cons g 4 Hs—.1999 Hoe (R) A Co lat mtge 1944 5 95 50 78 X 78 X 80 27 *50 60 9 10 *104X o *80 O O 17 94 94 M N ~85~~ 80 80X 80 ♦91 J J o 10-year deb 4 Ha Hackensack Water 1st 4s 88 A 102 X *22 119H 119 60 O D 1949 1957 100X 29 X 120X F A O 22 52 X 20 108X 108 *98 J 93X J *88 O » S 1 47 47 1 J 9 54 22 108X 99X 93 X 18 99 93 "51" O N 15 120X "54" A O 60 100X 30 X 30 M N B—1970 A Illinois Central 1st gold 4s. .—1951 J 1st gold 3Hs 1951 J Extended 1st gold 3 Xa ...1951 A lat gold 3a sterling 1951 M Collateral trust gold 4a 1952 A Refunding 4a ....—1955 M Purchased lines 3 Hs ——1952 J Collateral trust gold 4a 1953 M Refunding 5e 1955 M F 40-year 4Xa Aug 1 1960 Cairo Bridge gold 4s 1950 Litchfield Dlv 1st gold 3s 1961 Loulsv Dlv A Term g 3 Ha—1953 Omaha Dlv 1st gold 3a 1951 St Louis Dlv A Term g 3a 1951 Gold 3 Ha 1951 Springfield Dlv lat g 3 Ha...1951 Western lines lat g 4a.. 1951 119X| 40X M N M N 88 102X *107X J J 87X 102 X 102X 102X J Hudson Coal 1st s f 5s ser A—.1962 Illinois Bell Telep 3Xa ser 5 98 40 X Feb 5s.Feb 1957 80 102 39X 4a...—.1940 1950 1st mtge 5s aeries C 1950 Gulf A 8 I 1st ref A ter 5s Feb 1952 Stamped —1952 Gulf States Steel a f 4 Hs 1961 Hudson A Manbat 1st 5s ser A. 49 118 101X 40 Gulf Mob A Nor 1st 5 Ha B Hudson Co Gas 1st g 5a - 103X N A Greenbrier Ry 1st gu {(♦Housatonlc Ry cons g 5s—1937 Houston Oil sink fund 6 Ha A..1940 2X 104X 98X A..1901 J J General 5 Ha series B._ ..1952 J J J General 5a aeries C 1973 J General 4 Ha aeries D 1976 J J J General 4 Ha aeries E —1977 J General mtge 4s aeries G 1940 J J J Gen mtge 4s aeries H... 1940 J Gen mtge 3 Ha aeries I 1967 Feb ♦Green Bay A West deb ctfs A ♦Debentures ctfs B 2 104 40 X Great Northern 4Xa series Gulf States Utll 4a series C 10 n J Galv Hous A Hend 1st 5 Hs ♦Adjustment income 1 I 96 X " -HI! *1~03X 'I'ZII 81 101X 111X *109 M N 103 103*4 107 42*4 104*4 D Penna tax....1951 J {(♦Dsd A R G 1st cona g 4a...1936 (♦Conaol gold 4 Ha 1936 J F A {♦Den A R G West gen 5a.Aug 1965 ♦Assented; aubj to plan) ♦Ref A lmpt 6s ser B Apr 1978 AO {♦Des M A Ft Dodge 4a ctfs...1935 J IV* 8 {♦Des Plains Val 1st gu 4*4s._.1947 as to 102 H 110)4 6 J M 107*4 12 106*4 J 1st mortgage 4 Ha Den Gaa A El 1st A ref a f 5s—.1951 M N M N Stamped 4 111 *4 105 102*4 Del A Hudson 1st A ref 4s.—.1943 M N lat A ref 4 *4s 104*4 109 105 105 103*4 D J 6a aeries B extended to 1946. Dayton Pow A Lt 1st A ref 3 *4s 1980 A 1971 —1969 1969 107 106 1 Light lat 4 J4a 109*4 113 103*4 1952 7*4s series A extended to 1946... Del Power A 105*4 111*4 110)4 110)4 108 J Cuba RR 1st 5s g 3 104*4 1951 1942 f 4s Cuba Nor Ry 1st 5Ha 110*4 104*4 108 O 1950 s Crown Willamette Paper Gs 11 103 110*4 115 M N Crown Cork A Seal 105*4 104 100 O f 58——I960 1st mtge 3*4s lat mtge 3*is 84*4 104*4 104 ioo" 114)4 - a 89 X 103H 103H Federal Light A Traction Francisco Sugar coll trust 20X 102 89H J 104 106)4 A .—1955 1955 ———.1956 3Ha.May 1 1965 May 1 1965 87 89 J 7s.—1966 4*4a 1951 Conaol Oil conv deb 3*4s 1951 {♦Consol Ry non-conv deb 4a..1954 ♦Debenture 4s 89*4 85*4 109 J of Upper Wuertemberg ♦Debenture 4a 98*4 102*4 106*4 92*4 O Conaol Gas (N Y) deb ♦Debenture 4s.- 108 J Commercial Invest Tr deb 3 67 96 '100*4 D "12 102*4 95*4 O 1942 2 Ha debentures 70*4 96*4 A Columbus Ry Pow A Lt 107*4 *109*4 107*4 O 1948 1965 82 54 *112*4 J A Columola A H V 1st ext g 4s.. 105*4 109*4 101 110*4 104 X 104*4 115*4 118 General 6e aeries B Columbus A Tol lat ext 4s 104*4 107 5 104*4 108*4 88*4 M N 40*4 97 *4 104*4 100*4 D 94 15 107 ♦12*4 55 18 65 62 Columbia G A E deb 5e—May 1962 Debenture 6s Apr 15 1962 A 104*4 113 111*4 101*4 108*4 95 108*4 91*4 106*4 41 90*4 103*4 6s...1962 M N F A J D M N Wl N M N J J 107*4 103 97*4 L gen 48—1993 Debenture 5s 104 90*4 3Xs—1966 1st mtge 3 *48 1967 Cln Leb A Nor 1st con gu 4a—1942 Cln Un Term 1st gu 5s ser C—1957 let mtge guar 3 Ha aeries D..1971 Clearfield A Mah 1st gu 4a 1943 Cleve Cln Chic A St 110 108*4 1943 A {♦Choc Okla A Oulf cons Cincinnati Gas A Elec 4 106 110 108*4 1951 M 4a—1952 J 1962 M Chi I da Co deb 5s 100H 28 108 M N Ernesto Breda 7s 1st 103X *22 X 107H 107X . Chicago Union StationGuaranteed 48 1st 107 X J J 109"" 103H D J F 45 37 J J "55"" *35"" M N East Ry Minn Week's Friday 60 75 *35 D J 105X D 111H D {(♦Dul Sou Shore A Atl g 5s...1937 Duquesne Light lat M 3 *4a.—1965 Randolph 7711 110H J 1995 ♦2d 4a assented 1995 Detroit Term A Tunnel 4*4a.. 1961 Dow Chemical deb 3a 1951 133 So. La Salle St. Low A 1995 J ♦1st 4s assented No Hioh F ♦Second gold 4a Private Wire Friday bid d Asked Price Detroit Edison RAILROAD "BONDS Tork, "5V.. T. Range or Sale STOCK EXCHANGE Week Ended Jan. 14 Y. Low Hewlett Hros. & Johnson One Wall Street Week's Friday 5 BONDS N 51 3 48 22 50X N "44" N 53 53 A 35 35 "41X 45 X 54X 38X1 102 X 82 *65 80 ♦ 80 ♦ 80 * 79X 75 28 7 78 Volume New York Bond Record—Continued—Page 4 146 bonds N. Y, 8TOCK Last EXCHANGE Ranee Sale 14 Week Ended Jan. Range or for Year 1937 1 Friday Price But Asked A Low S3 Low Hiab BROKERS IN BONDS High 111 Cent and Chic StLAN O— Ind Bloom & Ind III A West Union 42 44 36M 10 106 M 108 104 M "92" 104 M 107 1st ext 4s..1940 4s 1950 1956 Ry 3 Ms series B 1986 gu 13 {Interboro Rap Tran 1st 5s ♦Certificates of deposit 13 1947 a Interlake Iron conv deb 4s 46 48 m 63 m 240 O J j a O 1 19m 21 6M 16 4M 17M 16M 16M 40M 5 18 19 6 18 18 19 11 69 69 72 m 46 m 45 m 92 m 48 Ref a lmpt 5s Kansas City Term 1st w w 101M A 93 m 93 m 93 j 68m 57 59 m j J 90 90 243 f A 63 88 M 61 38 M 74 63 m 105 40 8 3 3 3 D m 8 a 80 M 2 94 75 5 98 O A 1 78m O 97 m 98m 42 2M "6 95 102 75 94 M 80 M 9M 79 M 102 M 91 M 106 92 M 24M 108 O 66 M J j J Ms..-1980 j D 1960 27 m 61m 24 2 22 64 70 M 70 m 27 m 24 4S.1936 71m 6 68M 95 20 108m 106m 60 106 109 M 105M 11 102 M 40 106 *34 47 m 14 M 14m "3 23 m 23 m 3 8 j *80 1961 ~98m 98 j 99 o *151m Kings County Elev 1st g 4s—1949 F a 76 1954 Kings Co Lighting 1st 5s 1st A ref 6 Ms J j 78 100K 100M *98 j 1954 J 1941 J d 1951 M n Kinney (G R) 6 Ms ext to KoppersCo 4s ser A 102 m 101M j 100 m 99 m A 90 m Kresge Foundation coll tr 4s_.1945 J 3Ms collateral trust notes...1947 f {♦Kreuger A Toll secured 5s Uniform ctfs of deposit 1959 Laclede Gas Light ref A ext 5s. 1939 Coll A ref 5 Ms series C 1953 Coll A ref 5 Ms series D 1960 Coll tr 6s series A 1942 m O f A f A "60" F a 53 m 1942 F a Coll tr 6s series B 102 M 100m 91 90 8 a 22 4 103 m 101 * 107 M 109 M 109 M 100 108 M 146 M 161 99 A Kings County El L A P 6s 35 115M 89 M 101M J 1961 1937 31 78 99 M 104 108 H 114 119M 61 98 M 102 99 M 104 M 31 96 M 19 85 M 102 M 111 M 1941 j j ♦Mlag Mill Mach 1st s f 7s 1940 j 1st A ref s f 5s § Secured 6% gold notes Leh Val Harbor Term gu 6s 28 93 107M 108M 23 1024 109 M 102 26 100 *6X 6M 2 1M J 30 98 105 35 97 105 S $ 100 M ♦Ref A ext 50-yr 5s ser A con g 90m 85M 95 98 29 32 X 66 21M 99 M 106M 109M 70 m 80 58 95 94 35 M 106M 104M 105M 62 M 66 94 M 100M 60 78 90 9 69 45 2 35 78 39 m 14 26 M 40 23 20 97 14 68 59 6 62 107 57 103 M 58 m *46 m Liquid Carbonic 4s conv debs.. 1947 Little Miami gen 4s series A—1962 Loews Inc s f deb 3 Ms 1946 Lombard Elec 7s ser A 1952 54 m m N 29 X 28 m 30 M 184 m N 30 m 30 m 31m 72 j D 40 38 ♦ "l8X f A d 4s 136 126 M 26 99 m "60 62 M 4 75 5 62 75 v "86" "2 86 88 M 88 5 8 86 m o 127m ♦1st cons 5s gu as to 71m 72 102 m 103 m 106 m s 107 6M 4 4X 44 6M 62 M 27 1949 ♦1st ref 5 Ms series B 1978 H 1st Chicago Term s f 4s 1941 {♦Mo-Ill RR 1st 5s series A. 1959 Mo Kan A Tex 1st gold 4s.—.1990 M-K-T RR pr lien 5s ser A... 1962 40-year 4s series B 1962 Prior lien 4 Ms series D 1978 ♦Cum adjust 5s ser A Jan 1967 {♦Mo Pac 1st A ref 5s ser A 1965 ♦Certificates of deposit— ♦25-year 5 Ms J s 4X 60 X ♦Conv gold J 33 33 34 x "16 32 61M D 64 64 64 1 68 j 44 m 44 48 35 43 96 M 88 M j J 38 x M 38X 39M 12 37 76 *23 X 26 38 79 M 21X 23 X *21 X 7X 22 X 23 X 112 18M 80 23 X 4 19 48 M 18 45 M 24 j J A o "22 M f A 23 m 60 S "23 X 47 22 3 4%—July 1938 {♦Mobile A Ohio gen gold 4s...1938 ♦Montgomery Dlv 1st g 6s..1947 1977 1st mtge 4Ms 6s debentures. 5%--194l Mut Un Tel gtd 6s ext at 1978 103 112M Ms—-1945 A 107 m |{*Manati Sugar 1st s f 7 Ms...1942 a ...2013 j 80 D , 111m 98 1 i r 100 80 1UX 98 7 97 67 91m 52 m 1 90 2 55 75 105M 86 M 32 m 166 31m 62 90 25 48 25 m *12M 106 95 M 105 M 25 26 X 90 M 23 57 M 22M 53 12 *72 99 *85 90 1st ext 4s 1959 m N J {♦Man G B A N W 1st 3 Ms.—1941 j *70 411. 84M 100 M 109 M 115 99 M 93 1 . 100 8 Lines) 4s...1939 1 99 m *38 30 98 13 99 *30 103M 105 M 111M 85 M 96 M 91m 52 109 M 111 110M 115 IW» N Manila Elec RR A Lt s f 5s...1953 M 1 96 *112M O ♦Certificates of deposit {♦Manhat Ry (N Y) cons 4s. 1990 a O ♦Certificates of deposit. 107m * 80 25 33 M 92 M 82 M 92 M 69 M 12 "24" 146 18 M 18M 17M 48 M 46 M 18M 18 M 49 X 47 75 17 14X t 103 X 39 X 39 M 18 98 M 105 106 X 103 54 M 78 74 lbhx 'lOOX 8M 9M 14X 111* 100 108M 89 X 110X 93 8 89 92 92 24 87 100 23 98 M 104 M 85 M 79 M 99 O *72 t o d ' 65M 64M M n 61 M n 53 M 60 X 52 M n 77 X *113M 74 79 82 M *72" o J X — 80 74 75M 67M 61 13 70 2 59 54 33 47 X 99 M 86 M 80 M 84 97 M 102 97 112M 119 H4M m N 106 90 78M 41 F A J *66 N M N 70 78 23M *97X 27 X 100 49 100 X 100M 100M 129 105 105 105M 31 26 X d 111 1914 coupon on...1977 ♦4s April 1914 coupon off 1977 ♦Assent warr A rets No 5 on '77 Nat RR of Mex prior lien 4 Ms— ♦4s April j a ♦4s April 1914 coupon o 1965 j D 1954 ♦Assent warr A rets No Nat Steel 1st coll 8 f 4s {♦Naugatuck RR 1st g 4s M N "fx 6s.—1948 J 1983 N O A N E 1st ref A Imp 4mb A 1952 New Orl Pub Serv 1st 5s ser A—1952 1st A ref 5s series B 1955 New Orleans Term 1st gu 4s.—1953 New Orl Great Nor 5s A 2X *1X *1X IX IX 107X 106 X 107X J "6H 2 "fx 28 80 *117" j {♦New England RR guar 5s.—1945 ♦Consol guar 4s —1945 J j j D New England Tel A Tel 5s A—1952 ivi N 1st g 4 Ms series B ...1961 f A N J Junction RR guar 1st 4s—1986 N J Pow A Light 1st 4 Ms I960 A O 6M 4 "fx IX 2X d J Newark Consol Gas cons IX 2X "fx 4 on '61 2M 1M "*2X o a 1951 off..-1951 100 1M IX AO j 107 106 M 2M IX O on.1926 63 M 95 M 1M 4 IX A 98 M 101 4 *1 j 22 M 95 j ♦4s April 1914 coupon on 8 1980 1945 M S 40 ~88 *72 J ♦Assent warr A rets No 4 1946 23X 4M 21M j J 92 M 108M St Louis Dlv 2d gold 3s 194 13X 13X O 1957 on..—1957 98 Paducab A Mem Dlv 4s 6X 47 92 d ♦4M July 1914 coup off 1957 ♦Assent warr A rets No 4 on '57 ♦4Ms July 1914 coup 103 79 45 M ~21X j 30 85 19 49 92 M 100 74 97 13m 103 m J 30 10 ivi N j 69 22 8 stpd 1951 extend to 1946 J M Nat Dairy Prod deb 3 Ms w w._1951 93 81 10 Z A Nat Acme 4 Ms 102 90 48 M 22 22 X 1965 3M>-1966 Montreal Tram 1st A ref 6s.—.1941 Gen A ref s f 5s series A..—1955 Gen A ref s f 5s series B 1955 Gen A ref s f 4Mb series C—1955 Gen A ref s f 5s series D 1955 Morris A Essex 1st gu 3 Ms 2000 Constr M 5s series A 1956 Constr M 4 Ms series B 1955 Mutual Fuel Gas 1st gu g 6s.—1947 104m 89 m 18M 79 M 116 M 124M 67 M 100 M 80 M 17 M 92 *80 S F Montana Power 1st A ref Nat Distillers Prod deb 4 o M M 1960 National Rys of Mexico— ♦4 Ms Jan 1914 coup on o 6 23 X 23 ~23X ♦Secured 5% notes 1938 M S Mohawk A Malone 1st gu g 4s. 1991 M $ 135 2003 18 M *21 X Mo Pac 3d 7s ext at 104 M 2003 103 *21X FA 106M 1st A ref 4s series D 23 m MN 86 1st A ref 3Ms series E o a 23 X 21 5M - Nassau Elec gu g 4s 106 "I'X 1981 Nash Chatt A St L 4s ser A 99 M M N 5N 22 X 23 m 143 21 m ♦Certificates of deposit 103 M 84 M 108 125 ~~8 21 7m ♦Certificates of deposit ♦Ref A lmpt 4Mb 28 M j 8 1949 1980 5 Ms 30 J j 1978 MN ♦1st A ref g 5s series H 41M 95 M 96 66 M n ♦Certificates of deposit 91m "52" 8X 95 j M ...1975 1977 101m d 32 8 10 2003 1960 J 37M 19 1st A ref 4Ms series C Gen mtge 4mb ser A 35 16 103 m 99 m 9X 46 91m d 3 10 9 3 ox 101m 1945 J 3 3X 4X 103 m Maine Central RR 4s ser A 2M 2M 2X 3X 21M 10X j McCror* Stores Corp s f deb 58.1951 McKesson A Robblns deb 6 Ms. 1950 M N 46 M 57 3M 9X o m N 14M 57 4 O ♦ 12 9 6X 1940 J South Ry Joint Monon 4s—1952 J Atl Knox A Cln Dlv 4s 1955 m N Lower Austria Hydro El 6 Ms..1944 F a 19M 55 *5M j -2003 Mob A Montg 1st g 4mb 91M j 1946 J M 99 M 106 M Louisville A Nashville RR— Unified gold 4s 99M 60 j 1938 Int ♦1st A ref 6s series A 85 127m 124 *121m 71M 108 95 M 101M 100 M 86 8 100M 106 M 108 *100 X A m 129M 117 m 1945 32 M 86 88 109 116 126 m 5s 1951 F a J Louisiana A Ark 1st 5s ser A—1969 j Louisville Gas A Elec 3M8 1966 M S 72 76 M 6 1944 4s stamped 24M 27K 11 106 62 85 90 Monongahela West Penn Pub Serv 125m 106 m 110m "99" J 77 74 Ji J ♦1st cons 58 Monongahela Ry 1st M 4s ser A *60 130 m 1949 1949 Lorillard (P) Co deb 7s 124 * mn 90 M 95 9X 75 125 106m 110M 108 26 j 77 100M 130m 130 m Long Dock Co 3Ms ext to.—.1950 a O Long Island gen gold 4s 1938 j D Unified gold 4s —1949 m 8 Guar ref gold 4s 195 81 X ♦lie""" a "3 4s Int gu '38 J ♦1st A ref 5s series G 34 o 19M 1938 J 1f»M St P A S3 M 70 7 2 38 85 M 60 *77 m *51 n 1934 M n 1949 m 8 1962 Q F {♦Minn A St Louis 6s ctfs ♦1st A ref gold 4s 90 88 89 J {(♦MUwANo 1st ext 4Ms(1880)1934 D j 1st ext 4 Ms 1939 J D Con ext 4mb 1939 {♦Mil Spar A N W 1st gu 4s...1947 m"s J {♦Mllw A State Line 1st 3 Ms-1941 j 43 95 o 105 M 101 49 53 m 62 93 A 102 102 ♦1st A ref 5s series F * 1965 a O 102 100 70 M 68 M 31 6s...1941 9 "7 100M M 1940 a o 1961 j D J 1971 j {♦Mid of N J 1st ext 5s MUw El Ry A Lt 1st 6s B 1st mtge 5s 54 10 j 5M 28 21 91 23 95m J 16M *87 m 19 60 95m 100M A 104 X 5X *1X *2H j ♦General 4s 44 m f Liggett A Myers Tobacco 7s... 1944 A 5s 1951 F 99 97M Ref A 70 M *65 m 2003 m N General cons 6s For footnotes see page 103 103 63 M 95 m 1954 Lex A East 1st 50-yr 5s gu Manila RR (South 100 79 101 42 37 4 Ms.—1940 g 4s 2003 2003 ♦Second 4s 68 102M 61m 101 1938 1st A ref 8 f 5s 1st A ref 5s series B 14 34 100 Ms——1951 1952 lmpt 4mb series C——1979 84 M 100 O High 77 89 M N City Air Line 4s 23 *89 M S Low Jack Lans A Sag 3 1st gold 3 Ms 90 m 50 M *67 m a 1937 No Michigan Central Detroit A Bay 23 M 60 29 for Year 101M 1977 M s 1956 j D 1914 coupon) 58 1954 1964 1974 1st A ref s f 6s Louis A Jeff Bdge Co gu ♦4s (Sept High II 108 108M 1977 M s ♦1st A ref 58 series I 1975 Lehigh C A Nav s f 4 Ms A 1954 Cons sink fund 4 Ms ser C—1954 Lehigh A New Eng RR 4s A...1965 Lehigh A N Y 1st gu g 4s 1945 Lehigh Val Coal 1st A ref s f 5s. 1944 ♦1st mtge Income reg Leh Val Term Ry 1st gu g 99 1968 m s 1950 a o |{*Met West Side El (Chic) 4s. 1938 F a ♦Me* Internat 1st 4s asstd Range Asked 76 89 Metrop Ed 1st 4 Ms ser D Metrop Wat Sew A D 5 Ms 29m *51m D 3 Ms Lautaro Nitrate Co Ltd— A 89 o Market St Ry 7s ser A...April 1940 Q J Mead Corp 1st 6s with warr.. 1945 ivi N 68 J 1997 2d gold 5s Lehigh Val (Pa) cons General cons 4 Ms Bid Price 1947 a Marlon Steam Shovel s f 6s 58 m J j Lake Sh A Mich So g Leh Val N Y 1st gu g Friday Low 87 m 89 m 14 Range or Sale ♦Certificates of deposit to..1947 1937 extended at 3% Week Ended Jan. Weeks Last EXCHANGE 28 m Lake Erie A Western RR— 5s Friday bonds N. y. STOCK 108 * J Plain 25 82 M 100 1*108 J "83m 83 J 44 11M 21 25 *27 m 4Mb unguaranteed 100 63 m 108 106m strap (par stmp (par 58 M 60 108 M n w w 68 f M n ♦Ctfs 84 103 82 80 m $925).-1943 ♦Ctfs with warr (par $925).-1943 Keltb (B F) Corp 1st 6s 1946 Kentucky Central gold 4s 1987 Kentucky A Ind Term 4 Ms—1961 Stamped 1961 ♦Ctfs Id 89 M 102 M 77 1st 6s—1943 $645)..1943 ♦Karstadt (Rudolph) 46 44M 80 m A..1961 4s..1990 4s Kansas Gas A Electric 4 40 H 90 43 81m 1950 Apr 1960 gold 3s 94 m 105 80 m m A. T. A T. Tele. N. Y. 1-1598 Telephone WHlteball 4-2900 104M 98 M 102 42 M 17 8 4s...1959 j H*K C Ft 8 A M Ry ref g ♦Certificates of deposit Kan City Sou 1st 67 80 M m N 1955 Kanawha A Mlcb 1st gu g 62 NEW YORK Wall St. 91 100 m 92 m {♦Iowa Central Ry 1st A ref 4s. 1951 50 54m 18m J Debenture 5s 11 63 91 M 47M 77 m j 1955 95 M 56 49 M 12 100 M m B—1947 5s B...1972 1st lien 4 ref 6 Ms 1947 Int Telep A Teleg deb g 4 Us..1952 Conv deb 4 Vis 1939 13 M 32 19m 1941 A<,0 f 6s series A 53 55 m 100 m Int Merc Marine s f 6s Int Rys Cent Amer 1st 50 m '' Members New York Stock Exchange 97 23 51 1956 1944 Jones a Laughiln Steel 4 Ms 46 M 18 78 D. H. SlLBERBERG & Co. 105 M 108 51M 21m ♦1st g 5s series C Internet Hydro El deb 6s James Frank A Clear 1st 98 M 101 105m 49 M N Int Agrtc Corp 5s stamped 1942.. {♦Int-Grt Nor 1st 6s ser A 1952 J j ♦Adjustment 6s ser A ..July 1952 A O J ♦1st 5s series B 1956 J s 43 12M 104m 53 §♦10- year 6s 1932 A O |*10-year conv 7% notes....1932 M s ♦Certificates of deposit....... Internat Paper 5e ser A A 96 M 13 *100 M 105* 1961 1966 BANKS AND DEALERS FOR 91 M 87 M 53 42 107 *86" 106 m 1940 Inland 8teel 3Ms series D Ref 40 M 46 m 37 105 38 1963 Iowa 1st g 4s {•Ind A Louisville 1st Ind 43 m ..1968 Joint 1st ref 6s series A 1st A ref 4 4« series C Illinois Steel deb 4 Ms 409 Week't Friday *20 *23 X 123X 120 X I67" 107X * "50" 5 95 62 j 12 63 18 82 74 M 25 118M 127 H 116M 125 M 100 "18 "S" 102 M 107M 93 M 65 116M 122 M 52 33 123 X 122X 120X 120 X 107 X "56" 7M 101 104 M 108M 98 58 85 M 47 X 50 7 45 A O 98 98 98 X 9 90 H 103 M j D 97 96 X 98 X 28 J j 72 70 X 72 X 7 j J 89 M 103 75 100 M New York Bond Record—Continued—Page 5 410 Last BONDS N. Y. Pric* * JjOV) ♦Certificates of 1954 ♦let 4%s eerie® D ♦let 6%s series A ♦Certificates of "id 32 31 5 30 36 29 30 66% 62% 32 67 * J m m m> 45 111% m m F A A O 89% A O 61% 89% 61% A O 68 68 94 82% 93% 78 MN J A O "61% 61% F A 82% 82% F A 84 86 28-year 4s 103 91 37 94% 98% 68% 82% 84 97 77% 100% 5 84 J A O 100 3 115 110 113% 104% 59% 96% 68 103 80 109% 89% 106 108% 69% 96% 95 2 80 1 55 74% 55 O 95% 69 58% 76% 88 M S A 68% 88 94% 108 108 *108% 1961 1938 47% 46 44% A O A O 78% 97% 103 103% 103 8 69 95 53 12 71 % 100% 87 105% 4 95% 95% 160" *109% 49% 47% 44% "22 108% 109% 47 72% 103% 103% 44 97 14 97% 105% 109 16 37% 1 40% 123 6 114% 8 .1963 F Penn-Dlxle Cement 1st 8s A... .1941 M Penn Glass Band 1st M 4%s_. .1960 J Pa Ohio A Det 1st A ref 4%s A. 1977 A ♦Non-conv debenture A O ♦Non-conv debenture J J M N J J J J A 80 MN J 102 K 102 K 72 60 105% 116% 126% 109% 117% 1 100 100% 100% 98 98 19% 47 18 46% 19 17% 20 K 18 44% 47% j.9 16% 15% 47 18K 21% 20% 20% 18% 23% 20 60 34 35 32 71 10 k 12 21K 23 20 65 78 78% 75 99% '20" 20 "23% ~\2 9 K 9% 5 108 94% "90"" 7% "65" 107 k 108 7% 10 6% *99% *69% 90 *106 K 7% 98 4s sterl stpd dollar May Gen mtge 3%s ser C— 65 90 94% 102% 98% 107 106% 106 K 106% 105 k 106 12H * *38 106 k 100% 105% 105 * 98 10% 14% 16% 10 7 37% 40% 42% 101% 95 105% 108% 108% 107% 107% 92% 09% 100% 109% 101 105 43 79 ~68 6 6 105% 105% 107 % "94% 77 94% 70 68% 98 6% 4 106% 107% 100 106 1970 A 1980 IVI 11 UK 53 |{♦Norfolk St South 1st g fis...1941 MN Norf St W Ry 1st cons g 4s..—1996 O A 53 118k 103 K 112 104 103 K 103 k 45% 119% 104 103 k 8% 104 81 82% 122 97 1974 Gen A ref 4%s series A.....1974 ♦{Northern Ohio Ry 1st guar 6s— ♦Oct. 1 1934 St sub coupons. 1945 ♦Oct 1937 and sub coupons..1946 ♦Stpd as to sale of April 1 '33 to April 1 1937 lncl coupons..1945 North Pacific prior Hen 4s 1997 Gen lien ry St Id g 3s Jan 2047 Ref A lmpt 4Kb series A..—2047 Ref A lmpt 6s series B—...2047 Ref A lmpt fis series C 2047 Ref A lmpt fis series D 2047 Nor Ry of Calif guar g 6a 1938 Northwestern Teleg 4 %s ext 1944 M S *-.._. 125 106% 98% 105% 101% 106% 95% 107 120 126% M S *1111- 119 119 ♦Og A L Cham 1st gu g 4s 1948 ♦Stamped.................. Ohio Connecting Ry 1st 4s 1943 Ohio Edison 1st mtge 4s 1966 1st mtge 4s 1967 1st mtge 8%S— 1972 ?Ohlo Indiana A West fis.Apr 11938 Deb 6 %s series B Deb fis series C ser Aug 151963 F ..Nov 151969 NM North Cent gen St ref 5a A Elec 100 % 103% 103% *70 Q J Q F J J J 90 % 90 k 60 K 61 J J J J A J 60 70 106 113 83 112 79 14 76 110 80 10 76 109% 88% *102 k Q 13 13 1 9% 9% 2 103 102"" 103" 104 101% 96% 102 "97 % A 97% 5 14 109*7. 109*7, 101% 102 33 D 100 100 100% 12 A 112 112 112 Oregon RR A Nav con g cons g F 1945 MN U1K 4s...1946 j d fis 1946 J J 1946 J 3 Guar stpd cons fis Ore-Wash RR A Nay 4s 1961 J f Oslo Gas A El Wks extl fis...1963 M Otis Steel 1st mtge ▲ 4%s 1962 J J 111% 108% *116 118% 105% 106 k 14 96 106% 100% 101% 91% 100 111% 110 116% 118% 109% 112% ♦Conv deb Pitts C C C A St L 4 %■ A Series £ 4%s guar. ... 102 Series E 8%s guar gold Series F 4s guar gold. .1953 1957 1960 1963 Series J cons guar 4%s 1904 Gen mtge fis series A... 1970 Gen mtge fie series B.......1976 Gen 4 %s series C 1977 Pitts Va A Char 1st 4s guar....1943 Pitts A W Va 1st 4%s ser A 1958 1st mtge 4%s series B......1959 1st mtge 4%s series C 1960 * ~§6" 81 108% *110% *110% *110% 3 .... 94% 106% 5 50 62 43 5% 18% 40 108% 100% 81 97 1 "16 108% 111 111 D * F A *111" F A *117 Pitts Y A Ash 1st 4s ser MN 112% 122 J D 111% *116% 111% A O 111% 111% J J 103% 103 MN 112% 112% 103% 11 12 34 *106 "65" D *55 A O *55 A O 55% 55% D *109% 109% 62% 54% 104% 48% 17% 104% J 1948 J A 60 ...1962 F A 1st gen fis series B... 1st gen 6s series C 1st 4%s series D. 1974 J D 1977 J D Port Gen Elec 1st 4 %s.—1900 M S J J 1st fis 1935 extended to 1950 Porto Rlcan Am Ton conv 114 121% 117 123 104% 46 12% 103% 17% 103% 163 •2 9 553 5 80 MN Remington Rand deb 4%s w w.1950 Rensselaer A Saratoga 6s gu 1941 RepubUo Steel Corp 4%s ser A. 1960 Gen mtge 4%s series B 1961 Purch money 1st M.conv 5%s '64 Gen mtge 4%s series C.....1956 Revere Cop A Br 1st mtge 4%a. 1956 M 81 17 8 1951 8 3 S J J J J D "24 d a J J 8 84% 84% 78% 79% 71 74% 18 84 84 86% 64 88 88 1 93% 95 83 J M 84% o J 94 * MN M S f MN 86% 106% 86% 100% *27% 21% 107% 87% J J ♦Rhelnelbe Union s f 7s 1946 J ♦Rhine-Ruhr Water Service 68-1953 J J J 13 110 115" 117" A MN 118% "II 87% 92 107% 88% 100% 28 70 38 32 21% 1950 MN *27 32 ♦Direct mtge 6s .1952 MN ♦Cons mtge 6s of 1928——.1953 F a ♦Cons mtge 6s of 1930 1956 a o *27 30 *27 "29% *27 Richfield Oil Corp— 4s s f conv debentures 1952 M S 95 93 1952 J J 1956 f A *40 55 {♦Rio Grande Juno 1st gu fie—1939 J gold 4a—1939 J d *26 68% J 41 41 20 20 Rlchm Term Ry lBt gen fie ♦Rlma Steel 1st s f 7s... ♦Rio Grande West 1st ♦1st con A *104% coll trust 4s A....1949 a o 4%s series D.....1977 M S Gen mtge 6s serlee E.......1962 m s ({♦R I Ark A Louis 1st 4%s—1934 M S Roch G A E 1948 AO j 1949 j con j 4%s—.1941 j ♦Stamped..—..—....—— 103% 107% 99% 103% 65 92% 54% 6s..1942 {♦Providence Sec guar deb 4a..1957 {♦Providence Term 1st 4s.....1956 Purity Bakeries s f deb 6s 1948 {♦Radlo-Kelth-Orph pt pd ctfs for deb 6s A com stk (65% pd)... (♦Debenture gold 6s.. ..1941 Reading Co Jersey Cent coU 4s. 1951 Gen A ref 4%s series A .1997 Gen A ref 4%s series B._—1997 ♦Rutland RR 1st 106 115 50 4% 12% 108% O 9 17% 16 17 MN 107% 115 74% J ♦Stamped—....... 8 2 109 93 105% 106% Series G 4s guar 2 43 109 "93% 3 157 110 Series H cons guar 4s Series I cons 4%s.— ♦Ruhr Chemical s f 6s .... 100*u 119% 110 t8% 8 110 *116 110 .—1942 MN 1946 MN ..1949 F A 1962 M 75 107% 110 1940 A O 1942 A O Series C 4%s guar Series D 4s guar...... 1943 A 112 74 74% 1952 M N 40 150 8% 74 ' 1937 J , 105% 106% D 1949 M * 80 87 8 Phlla Co sec fit series A D 1967 J Phlla Electric 1st A ref 3%s— 1907 M {♦Phlla A Reading C A 1 ref fis 1973 J 46 118 *80 i 10 98 107 J (♦Philippine Ry is s f 4s Plllsbury Flour l '111* 20-yr 6s.. Pirelli Co (Italy) conv 7s— Pitts Coke A Iron conv 4%s A. 101% *101 A series B_. "58 74 101 89 3 60 7 8% D 1974 F Genes al 6 2 106% 60 J General g s %s series C—-. 1977 J Genera; 4%? series D——. 1981 J ♦Rut-Canadian 1st gu g 4s 73% "74% 95 *110% 1943 M N 4s 98% 104 110 115 100i*t 8 J 33% .... D 1943 11 109% 109% ..—1946 J Ontario Power N F 1st g fis Ontario Transmission 1st fis 107% 9% g ♦Rhlne-WestphaUa El Pr 7s 102% 104% i ser B..1947 F 82% 107 M S J 90% 112% 6 M S MN 81% 75 • 76% "§6" J J 110 76 J J 93 62% 78 0 J 87 72% 74% 85 k "85% 83 70 *70 J 120 72% 70 J 4s debentures.... Ore Short Line 1st 103 k 102 % 3%s_ ...1966 J ?Ohlp Public Service 7s Oklahoma Gas A Phlla Bait A Wash 1st 32 157 4 116% 94% 120% 105% 111% 89% 100% 100% 86% 87% *116% 1943 A .1947 M Refunding gold fis Peoria A Eastern 1st cons 4s... .1940 A ♦Income 4s April 1990 Apr Peoria A Pekm Un 1st 6%s— 1974 F A %s deb... 1952 J 88 88 .1952 A Pere Marquette 1st ser A fis.... I960 J .956 J 1st 4# series B. 104 110% 100% 100% .1984 J Pressed Steel Car deb fis 11k 11K 110% 104 76 95% 109% 9 82% 12 K "idl" {♦Postal Teleg A Cable coll fis.1953 Potomac Elec Pow 1st M 3%s.l966 98% 12% 11* 98 120% 1965 J .1981 A conv 3 "93% "93% 1960 F Conv deb 3%s .... Peop Gas L A C 1st cons 6s 114 t .1968 J 22% 109% 108% 95 98 % O 100% 109% 111 "III" M N 1970 A ... 104% 104% 109% 100% 100% M N General 4%s series D— Gen mtge 4%s series E Phelps Drdge 103% 103% Safeway Stores a f deb 4s 1947 Saguenay Power Ltd 1st M 4%s *66 St Jos A Grand Island lst.4s 1947 St Lawr A Adlr 1st g 6a 1996 2d gold 6s 1966 j D a o J j J j A *118% 108% 11 9% 21% *10% 9% 13% 9% 103% 103% 101 101% O 109% 11 21% 2 2 "II 39 1 16 9% 13% 9% 104 101% "2 1 8 23 6 108 108 * 94 98% St Louis Iron Mt A Southern— Pacific Coast Co 1st g 6s Pacific Gas A El 4s series G * 1946 j d 1964 J 1st A ref mtge 3%s ser H 1961 1st A ref mtge 8%s ser I 1966 Pae RR of Mo 1st ext g 4s 1938 2d ext gold fis .........1938 D J D 109 k 105% 102% 109% 105% 102% j d F A *80 88 J *80 84 104 h Panhandle Eastern Pipe L 4s..1962 M 8 Paramount Broadway Corp— 1st M s f g 3s loan ctts—1956 F A "iod" 108% 105% 101% J Pacific Tel A Tel 8%s ser B...1966 A O Ref mtge 8Kb ser C 1966 J D Paducah A III lstsf g4Kb .1966 J J For footnotes see page 411. 55 104% 104% 103% *103 99% 104% 104% 109 100% 54 103 ♦|Rlv A G Dlv 1st g 4a .1933 MN ♦Certificates of deposit..... 82 111 99% 107% 101% 102% 95 102% 99 105% 98% 104% 108% 108 st* 97 101 s J 1948 ♦Prior Hen fis series B.—1950 ♦Certificates of deposit....... ♦Con M 4 %s series A.......1978 ♦Ctfs of deposit stamped—... *59% 63 59 75% J *65 14% 12% y~j 89 18% 73 13% 11% 15 117 23 13% 15% 13% 14 135 .1111% 49 14% "12% m"s 63 80 17% j {♦8 L Peor A N W 1st gu 5s St L Rocky Mt A P fis stpd 62% *60 j 1966 J {♦St L-San Fran pr lien 4s A..1950 J ♦Certificates of deposit 02% 12% 13% 12% 11 11 80 103% 101 39 81 *104 D O 1 1948 Consol sinking fund 4%s General 4%s series A General 6s series B 100% 91 106 4!* 106% 105% .... O .1948 M N .... 104 1 J Pennsylvania P A L 1st 4%s— Pennsylvania RR cons g 4s— .1943 Consol gold 4s 101% 7 I63" 79 A) 9 99% 80% 71 103% 45 101% 109% 94% 92% 105% 12 K .... ....1961 F A A—.1967 M 8 19% 17% D ♦Certificates of deposit 9.3% 100 "19K MN J 99% 107 82 105% 94% 109% 99% 102 105 106% 101% 108% 80 *11111 D M 8 97% 101% 102% *—I— *11I— O {♦N Y Providence St Boston 4S.1942 A O NY A Putnam 1st con gu 4s—1993 A O N Y Queens El Lt St Pow 3 %s_.1965 MN IN Y Rye prior Hen 6s stamp—1958 J J N Y St Rlcbm Gas 1st 6s A 1951 MN N Y Steam 6s series A —1947 MN 1st mtge fis .........1951 MN 1st mtge 6s...... ..—.1966 MN {♦(N Y Susq St West 1st ref fis.1937 J J (♦2d gold 4 Ks 1937 F A ♦General gold fis 1940 F A ♦Terminal 1st gold fis....—1943 MN N Y Telep 1st St gen a f 4Kb—1939 MN ref mtge 8%s ser B ....1967 J J N Y Trap Rock 1st 6s 1946 J D 6s stamped........——....1946 {(♦N Y Westch St Boot 1st 4%sl946 Niagara Falls Power 3%s—1966 M S Nlag Lock St O Pow 1st fis A...1966 A O Niagara Share (Mo) deb 6%s—1960 MN Nord Ry ext sink fund 0%s_.—195O A O I {♦Norfolk South lBt St ref 6s—1961 F A No Am Edison deb fis 116% 88% 118% 44% 103% 103" S 1981 J ... 1st g 4%s series C_. 6s—1946 M N NY St Harlem gold 3%s 2000 M N N Y Lack & West 4s aer A 1973 M N 4%s series B 1973 M N N Y L E St W Coal * RR 5%S.1942 M N N Y L E & W Dock St lmpt fie.1943 J J N Y St Long Branch gen 4b 1941 M S {♦N Y & N E (Boet Term) 4S..1939 A O {♦N Y N H St H n-c deb 4b 1947 IV! S ♦Non-conv debenture 8%s—1947 M 8 N Y St Greenwood L gu g North Amer Co deb 6s 1 100 A 1981 A 4%s series B Debenture g 4%s 10 114% Ii4% 106 16 108 123 fie—1948 gold 4s....1949 {♦N Y Ont & West ref g 4s.—1992 ♦General 4s -1966 37% 1942 Guar 3%s trust ctfB C 1944 Guar 3 %s trust ctts D Guar 4s ser E trust ctfs— 1952 M N 05 73 J 1 8 30 111% 79% 91% 65% J 1963 3He..1964 4s....1966 ♦Non-conv debenture 4s....1966 ♦Conv debenture 3%s——1956 ♦Conv debenture 6s...——1948 ♦Collateral trust 6s.———1940 ♦Debenture 4s 1967 ♦1st St ref 4 %s ser of 1927—1967 ♦Harlem R St Pt Ches 1st 4s. 1964 14 44% 103% 102% 36 35 30% 35% N Y Gas El Lt H St Pow g Purchase money 45 ♦Paullsta Ry 1st ref s f 7s— 1942 M 8 Penn Co gu 3 %s coll tr ser B.. 1941 F A A 1966 1966 21 44% 119% O series B NY Dock let gold 4s Serial 6% notes Certificates of deposit N Y Edison 3He ser D 1st lien & ref 3%s ser E N Y St Erie—See Erie RR 92 Parmelee Trans deb 6s........ .1944 A O Pat A Passaic G A E cons fis... 1949 M S 31 1st guar 6b 91 60 "34% F 1974 ------1978 91 Paris-Orleans RR ext 6%S A —.Oct 1 1938 1946 1st mtge 3%a extended to.—1947 N Y Connect 1st gu 4Mb A 1963 84 69% .1968 M Low 30 74 64% .1947 M 3%s conv debentures No 96% 32 deposit..... A C High 28 3<J 64 Asked 91% 72% 96% 8 13 61 % 1938 74 Paramount Pictures deb 6s.... .1955 J 30 36 I960 1984 3-year 6s 4s collateral trust <t Lore High N Y Chic A St Loula— Ref 8Mb series Ref 4Hs series Bid 34 A 1998 1946 A 2018 Ref A lmpt fie eerlee C 2013 Cony secured 3%s 1962 N Y Cent St Hud River M 3%S-1997 Debenture 4a.... 1942 Ref St lmpt 4 He ser A. 2013 Lake Shore coll gold 8 %s—1998 Mich Cent coll gold 3%S 1998 Low 15, Bang* or Friday Sal* Pric* 14 28 F 4%sl946 Mo Last STOCK EXCHANGE Week Ended Jan. 34 ♦ 10-year 3Ha sec e f Ref St lmpt 4 %s series Y. 28 -1986 Newport & C Bdge gen gu N Y Cent RR 4e series A N. O deposit ♦let fie eerlee C._. High Year 1937 As tea A O A fie—1986 {(♦N O Tex A Mex n-c lnc ♦1st fie eerlea B ror Friday bid BONDS Range Rang* or Sal* BTOCK EXCHANGE 14 Week Ended Jan. Jan. Week's Friday Week's Friday 10 14 95% Volume New York Bond Record—Concluded—Page 6 146 Week's Friday BONDS N Y. STOCK Range Friday for Year Salt Price Bid A Loto {St L SW 1st 4b bond ctfB 1989 M N {♦1st terminal A unifying 58.1952 J J No. Hiob Loud J 17 66 ♦Vertlentes Sugar 7s ctfs 1942 J 5 29 74 H Virginia El A Pow 4a 1955 M N 24 h 22 H 65 H Va Iron Coal A Coke lat g 58... 1949 M 16 H 75 5 17 D *8 "25" 9 9h A 9h 100 15H *98 J 96 S 104 H 60H 5s a943 J 1939 F 4 101 106H ♦lat lien g term 4s 1954 * 118H 7 113 124 ♦Det A Chic Ext 1st 5s 1941 * ♦Des Moines Dlv 1st g 4a ♦Omaha Dlv lat g 3 Ha 1939 ♦Toledo A Chic Dlv g 4a 1941 78 80 9 79 H 103H 110 110 4 108H H2H no 110 3 105H 110H 112 112 3 110 78 J "18H 18H 18H 5 19H 41H J J 27 27 1 16 43 A O *24 27H 44 A O *24 25 43 H M N *114 O *14 1946 f 6He series B ♦Stamped Scioto V A N E let gu 4a 1989 I {♦Seaboard Air Line 1st g 4a. .1950 A {♦Gold 4a stamped 1950 A O Oct 1949 F A A O ♦Adjustment 5a 1959 {♦Refunding 4a 1935 F 8 1952 J D 1935 J J 1951 M S 1946 F A 1941 F A Shlnyetsu El Pow lat 6 Ha {Siemens A Halske a f 7a ♦Debenture a f 6 Ha ♦Silesia Elec Corp 6 Ha Slleslan-Am Corp coll tr 7a Simmons Co deb 4a 1978 A ♦Certificates of depoalt 70 77 98 100 102 H 106 110H "43 5H 3H 3H 5H *4H 100 100 h 14 H 14 H *98 H 64H 63 54 55 m 100 - "62 h 62 H 50 H 62 H 100 73 45 40 100H 107 H 102 H 'I08H Southern Colo Power 6a A 1947 J J Southern Kraft Corp 4 Ha Southern Natural Gaa— 1946 J D 93 h O 97 h D 68 107h 89 H 25 H 18H 82 H 76H 102 H 94 102H O 107 102 93 100H 1962 A 1941 M Ha—2000 lat 40-year guar 4s 99 107h 68 118 *120h "15 130 A J D 105H 121H 1945 lat mtge 4a ser H 1st mtge 3 Hs aeries 1 80 J O 82 103 h | 77 111 103 5 103h 91h 56 91h 107 K 107 H o 91H 91H 93 113 1977 J 97 96 97 10 West N Y A Pa gen gold 4a 1943 o 1946 s "26" 18H 1946 M S 18H 18H 20 {•Western Pac 1st 6s aer A *«H 100 H West Shore 1st 4a guar 2361 J 72 H 2361 J 94 H Wheellm 68 H 58 H 58 67 101H 99 H 100 H 98 97 H ♦5s assented Western Union g 4Ha........1950 (VI N 25-year gold 5a 30-year 5a.___ 1961 .1960 M 109 H 79 43H 56 59 61 J ~60" 64 1938 M S 78 "78" 8-weatern Bell Tel 3 Ha aer B 1964 J D S'weetern Gaa A Elec 4a aer D..1960 M N 109 108 h 109h 15 103 h 102 H 103 h 21 *13h 16 F A 1961 J D J D Staten Island Ry 1st 4 Ha 1943 J ♦Studebaker Corp conv deb 6a. 1945 J Swift A Co lat M 3Ha 1950 M N J Tenn Coal Iron A RR gen 5s... 1951 J Tenn Cop A Chem deb 6a B...1944 M S Tennessee Corp deb 6a aer C Tenn Elec Pow 1st 6s aer A Term Assn of St L 1st g lat cona gold 5a Gen refund a f g 4a 1944 M 1947 J 4 Ha...1939 1944 1953 A con O 101H 67 71h 106 123 "74 h "72 29 106h 122 *97 100 "78h 106 h 105h 106 h 107" 108 H 52 - * 107 h 115h 81 105h 105 h J D 80 *• il6H 88 h Gen A ref 5s series C O "87 h Gen A ref 5s series D 1980 J D 85 h 3 87 h 85h 116h 88 h "47 3 88 h 13 85 h 5 ♦95 102 J 1960 J Jan 1960 A O 31 34 5s 1937 J J J 31h 8 7 J Tide Water Asso Oil 3 Ha g 1952 8H *72 % 102 95 102 103 58 H 159 102 H 107 H 126 115 ~80~ 104" 106 109 H J "tf dep Chase Nat Bank '( ser C 1942 M Toronto Ham A Buff 1st g 4s.. 1946 J Trenton G A El 1st g 5a 1949 M Tri-Cont Corp 5a conv deb A..1953 J Tol W V A Ohio 4s 118H 110H 128H 83 UJlgawa Elec Power a .1945 M f 7a 82 75 103H .1962 J Union Electric (Mo) 3 Ha {{♦Union Elev Ry (Chic) 5a... .1945 A Union Oil of Calif 6s aeries A... .1942 F 3 Ha debentures .1952 J S ♦116h Union Pac RR 1st A Id gr 4a... .1947 J lat lien A ref 4s June 2008 M 1st lien A ref 5s 34-year 3 Hs deb 35-year 3 Ha debenture J 103 116 104 119 123 108 108H 100 90 101H 96 90 100 35 69 102 H 106 Ys 107 ♦9 h 117h 118h J 108 h 107 108 h 14 112h 112 110 116H O .1952 A O .1953 M S .1944 M S J .1934 J {{♦United Rya St L 1st g 48 U 8 Pipe A Fdy conv deb 3 Ha. .1946 M N J U S Rubber 1st A ref 5s ser A.. .1947 J 106 71 81h 107 h 22 103 115 115h 15 111H 116H 93 h "93h 113h 55 106 h 8 94 h 21 93 h 94 h 26 105h 69h 78 72 54 81H 40 *26 "29 107 h 105 90 H 101H 91H 101H 111 104 h 105h 28h 50H current week and not Included in the yearly during current week, 1 Bonds called for redemption or nearlng maturity. receivership, or reorganized securities assumed by such companies. { Companies reported as being In bankruptcy, • No sales transacted during current Friday's bid and asked price. . delivery sales transacted during the 70H 23 106 Transactions New the at York Railroad A Jan. Number State, United Total Mis cell. Stocks, Week Ended Municipal A For'n Bonds States Bond Bonds of Bonds Shares 14, 1938 $3,157,000 Monday 1,826,710 Tuesday 1,506,260 5,562,000 5.720,000 5 22 33 H 23H 32 H 19H 32 H 29h 84 h 12 85h 35 {♦Utll Power A Light 5Ha .1947 50 50 h 70 41 50 50 h 100 41 6 81 111 1955 F 110 J 6,909,000 7,587,000 1.209,850 970,610 5,433,000 903.000 317,000 Friday 847,600 5,532,000 1,060,000 359,000 6,653,000 6,951,000 7,140,040 $30,740,000 $5,573,000 $2,365,000 $38,678,000 .... Total Jan. 1 to Jan. 14 Week Ended Jan. 14 Sales at New York Stock 1937 1938 1937 1938 Exchange 7,140.040 17,328,947 12,407,070 29,590.750 $2,365,000 Stocks—No. of shares. $9,046,000 Bonds State and foreign Railroad and industrial $4,544,000 $15,600,000 5,573,000 Government 11,740,000 10,053,000 30,740,000 72,404,000 67,843.000 29,474,000 141,014,000 $72,440,000 $186,088,000 $38,678,000 Total $93,190,000! Stock and Bond Averages Below are the daily closing averages of representative York Stock Exchange stocks and bonds listed on the New as compiled by Dow, Jones & Co.: 1 10 1H 20 20 Total 10 First Second 10 Rail¬ Utili¬ 70 Indus¬ Grade Grade Utili¬ 40 trials roads ties Stocks trials Rails Ralls ties Bonds Jan. 14. 131.84 31.96 21.80 43.80 106.13 101.25 57.01 103.91 92.08 Jan. 13. 131.60 31.81 21.73 43.68 106.29 101.59 57.73 103.66 92.32 Jan. 12. 133.22 32.21 21.86 44.19 106.19 101.16 58.26 103.71 92.33 Jan. 11. 134.35 32.25 21.78 44.42 106.24 101.11 58.75 103.66 92.44 Jan. 10. 133.55 32.33 21.64 44.23 106.30 101.41 59.16 103.50 92.59 Jan. 8. 130.84 31.21 21.80 43.37 106.36 102.04 58.89 103.53 92.70 5H 4 10 30 Indus¬ Dale 113H 4 Bonds Stocks 107H HI 1957 M N J 6,588,000 263,000 Thursday Wednesday 67 H ..... 227,000 985,000 926,000 1,266,000 69 .1959 {♦Vera Cruz A P lat gu 4H8...1934 J J {♦July coupon off $3,990,000 5,336,000 84H 105H 84 106 H Cons s f 4s series B Sales $214,000 $619,000 799,000 779,010 Saturday 107 H 83 h Vandalla cona g 4a series A Stock Exchange, Daily, Weekly and Yearly 170H 100 83 h Vanadium Corp'of Am conv 5s. 1941 A week x current week and not included In the yearly range: No sales 36 H 14 .1944 {♦Debenture 5s under 114H 131 30 *27 h 7 105 96 72 H 103 H Utah Power A Light lat 5s Utah Lt A Trac lat A ref 5s 102 Ex-Interest. 105 H 109 108 *27h ♦Sink fund debk6Ha aer A... .1947 .1944 2 *108 28h ♦Un Steel Works Corp 6 Ha A.. .1951 ♦Secsf 6 Ha series C .1951 106 x Section 77 of the Bankruptcy Act, or 109 H J 100 H during current week, week, current 23 8H 116H 121H 101 114H ~15 98 H 100 a Deferred delivery sale; only n Under-the-rule sale; only transaction during {Negotiability lmpalied by maturity, t Accrued Interest payable at exchange rate of 14.8484. Cash sale; only transaction r transaction 10J,* 107 9h 6H 97H u8h O .1971 M N United Drug Co (Del) 5s U N J RR A Can gen 4s 108H A 115" Un Cigar-Whelen Sts 5s 96 83 102 H 107 H 21 9H No sales. 46H 101H *92 June 2008 M S ,1970 A O United Biscuit of Am deb 5s... .1950 A Cash sales transacted during the e 73H 105H 105H 72 h 24 *5H J 32 H range: 108 H 80 107 H 110H 103 h 70 h 7 108 D S 8 106 H 97 # 25 H *5 Bonds selling flat. 22 Tyrol Hydro-Elec Pow 7H8---1955 M N Guar sec a f 7s 1952 F A 35 H 6H 8H 1961 M N 1 t mtge s f 4s aer C Deferred 102 108 10 H 11 14 13H Youngstown Sheet A Tube— 96 H 101H 86 % 76 H 10OH 106 H 115 "l5H 8H ♦Certificates of deposit... {♦ Wor A Conn East lat 4 Ha 1943 J a 243 S 85 84 *109 14 H ♦ 101 J 1947 1960 3Ha 62 101H 104 104 H 92 99 H 99 {♦ Wis Cent 50-yr lat gen 4s 1949 ♦Certificates of deposit {♦Sup A Dul dlv A term lat 4a '36 M N 110 61 101H our deb W1 na ton-Salem 8 B lat 4s 47 8H 101H 101»« 99H 47 12H 7H 6 1938 12 H 18 18 7H Wuaon A Co let M 4a aeries A..1955 105 H 350 49h 105 44 H *12H J tB tor col A ref conv 7a A. 1935 MN 1942 J D {♦W iikes-Barre A East gu 5a 100 58 56 103 H 92 {♦Wl' vwlre Spencer St't 1st 78.1935 105 H 111H 108 H 83 Tokyo Elec Light Co Ltd D lat 6s dollar aeries 1953 D Tol A Ohio Cent ref A Imp 3Ha 1960 Tol St Louis A West 1st 4s. 1950 A O 113H 83 H 100 *91H 107 H 40 100H 106H 237 85 101h IoIH 92 90 92 Wheelli g Steel 4 Ha aeries A—1966 F A sew Macb deb 6a 1940 MN 96 67 106 lion 109 H 28H 5H 100 70 H 100 H 105 110H White 105 2 114 12 67 *I07H 98 H 106 H 115 "27 105 115 h O 81 106H Tex Pac Mo Pac Ter 5Ha A...1964 M S ♦AdJ lnc 58 {♦Third Ave RR 1st 102 95 H 93 H 105 " 79 h 1979 A Third Ave Ry 1st ref 4s.. 77H 100 *121 A D 1977 A ""9 105 100h 106 105 11H 103 h *100h 103 S D J ....1943 2000 gold 58 Texas A Pac 1st gold 5s Gen A ref 5s aeries B 2 78 l03h A Texarkana A Ft S gu 5 Ha A—1950 Texas Corp deb 3 Ha 1951 Tex A N O 97h 101H 105H 110H 66 Mobile A Ohio coll tr 4a J 55 H 85 H 100 1938 M S * 53 U2H 101H 105 H 79 h 60 lien g 5a 1946 85 H 108 H 72 H 107 H 58 H 109 H 19 25 H 12 21H 72 H * A L E Ry 4a aer D...1966 M S RKl'l consol 4a 1949 M S 97 H 82 H 102 H 101 "34 * 111H 40 H 59 240 41 16 H 13 J 79 106 106 18 ♦Westphalia Un El Power 6a...1953 47 h h 94 H 108 H 3 107 H 20 107 X 56 42 h o 10 J 1952 21 105 78 h o 117 123H 106 H 111 H 109 H 102 88 H 106 H 1 1966 100 H 100 H J J O 107 H 96 H 102 H 1 Western Maryland 1st 4a lat A ref 5 Hs aeries A Wl'inar A Sioux Falls 5s J 110 21 65 M N 110 76 8 8 118H J 104 H 108H 127 H 116 45 108 6 131 S 1961 101H 72 H 70 8 63 h 63 1 68 H 98 h 69 h 76 4 65 H 93 h 63 x 105H 121H 102 H 118H 102 H 80 108H 112H ♦109H 1939 76 68 H 100 74 h *107 H 99 H 100 H 70 30 64 24 63 40 67 98 H 102 108 H 101H 107 H 95 106H 62 X 60 74H 79 H 43 77 H 43 70 30 S *74 H *78H 90 66 3 108H S 66 S 107h 107h N 67 H 80 D 102H 107h 99 64 109 H 100 65 S F 103 H 39 H 16 H 58 H 111H 102 99 103 Westchester Ltg 5s atpd gtd._.1950 Gen mtge 3 Ha 1967 West Perm Power 1st 5a aer E..1963 Registered Standard Oil N J deb 3s 40 A 1961 Ml 8 1965 F A Staler (A E) Mfg 1st M 4a 44 Washington Cent lat gold 4a—.1948 Q-M Wash Term lat gu 3 Ha 1945 F A Southern Calif Gaa 4 Ha lat mtge A ref 4s ♦{Spokane Internat 1st g 5a...1955 J 9H Warren RR 1st ref gu g 3 South Bell Tel A Tel 3Ha reor 10 H 12 38 H 98 h East Tenn "13" *10 41 22 H 4H J 43 H 39 H 6H 17 J O 1965 lat 4s stamped 1955 Southern Ry 1st cona g 5a 1994 Devel A gen 4a aeries A 1956 Devel A gen 6s 1956 Devel A gen 6 Ha 1956 Mem Dlv 1st g 5s ....1996 St Louis Dlv lat g 4a 1951 13 9 1951 J 1950 A 5s... 1963 A So Pac RR 1st ref guar 4a 44 9H 10H 10H "12 H 13 1980 AO 10 H 11H 9H 20H 13 San Fran Term lat 4a O "l3H 11H 12 H A 8H 19 1950 A 41H 12 H 11H 1976 F {♦Warren Bros Co deb 6s 87 h 1981 1946 99 H 44 H 9H 23 H "76" 10-year secured 3 H a 10H 20 86 H 98 h Gold 4 Ha 71H 97 H 14 H 5H "75" 1951 A coll)..1949 1 lat 4 Ha (Oregon Lines) A..-1977 Gold 4 Ha 1968 Gold 4 Ha 1969 M 40 69 H 5 86 H lat mtge pipe line 4 H» So Pac coll 4s (Cent Pac 40 "12H 6H *18 O *25H * 13 86 4 72 8 "75" South A North Ala RR gu 60 280 8M O Skelly Oil deb 4a 45 106 H 81 10H 1962 A Socony-Vacuum Oil 3 Ha. 97 13H 20 H 2H 2 4 7H A 1951 IW 45 *9H Wash Water Power a f 5a Shell Union Oil deb 3 Ha 98 H 30 94 9H 8H B certificates 36 H 3 60 *35~" 1941 ♦Certificates of deposit ♦Ref A gen 4 Ha series C ♦Certificates of deposit ♦Ref A gen 5s aeries D 35 H 10 101H 107 H 64H 103 H ~ _ gen 5Hs A.1975 ♦Certlflcatea of deposit ♦Ref A gen 5s aeries B 28 35 34 34 58 101 94 Walker (Hiram) GAW deb 4 Ha. 1945 J D Walworth Co 1st M 4s 1955 A O 6s debentures 1955 A O Warner Bros Plct deb 6s 1939 M S 8 9H ♦Certlflcatea of deposit {♦Alt A Blrm 1st gu 4a 1933 MS {♦Seaboard All Fla 6a A ctfa_..1935 F A 13 8 17H 4 1945 M S 121 110 "23" 16H ♦Certlflcatea of deposit.-. 6s series A 32 K 30 115 {♦Wabash Ry ref A A 110 103 65 104 H 62 H 60 102 J 1946 6 102 *62H 104 H 118h ♦Stamped ♦Series O cona 27 IIo" cona J 1958 A 1966 M 1st Virginian Ry 3Ha series A 41H 104 H 109 H 67 45 4 44 42 High 8 19 109H * 2003 J Va A Southwest 1st gu 4s 37 7H 33 '42" Low 140 14 109 9 No. High 10 H 11H { {♦Wabash RR lat gold 5s....1939 M N 64 109H 8 San Diego Consul G A E 4a—1965 M N Santa Fe Prea A Pben lBt 5a. .1942 M S ♦lat A A ser 101 San Antonio Pub Serv 1st 6b..1952 J s Low D 1 30 for Year 1937 Friday A Asked Bid High 66 Range Range or Sale Price 23h *23h 1940 —1972 8 A A Ar Paaa xBt gu g 4a ♦Guar Last EXCHANGE ♦2d gold 58 tPacific ext gu 4b (large) St Paul Un Dep 5a guar gu -r STOCK Week Ended Jan. 14 • St Paul Minn A Man— {♦Schulco Co Y. 30 J {♦St Paul E Gr Trk 1st 4 HS...1947 J {♦St Paul A K C Sh L gu 4HB.1941 F N. 1937 A iked 66 66 ♦2d g 4a lnc bond ctfa._.Nov 1989 J ♦Gen A ret g 5b series A 1990 J 8t Paul A Duluth 1st con g 4a..1968 J BONOS Rang* or Lcut EXCHANGE Week Ended Jan. 14 411 Week's Friday I Total New York Curb 412 Exchange—Weekly and Yearly Record Jan. 15, 1938 only transactions of the week, and when selling outside of the No account Is taken of such sales In computing the range for the year. NOTICE—Cash and Referred delivery Bales are disregarded In the week's range unless they are the regular weekly range are shown In a footnote in the week In which they occur. following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the week beginning on Saturday last (Jan. 8, 1938) and ending the present Friday (Jan. 14, 1938). It is compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in which any dealings occurred during the week covered: In the 20 Aero Supply Mfg class a.* Class b * Agfa Ansco Corp com 1 wire v t c com Acme Wetk't Range for Salt Par of Price* Lava High Week Prict "I" 33 X 75 17 iX 200 16 2.600 3H Feb 38 6n Dec 22 Feb Oct 4 May IX 16X 400 H in 15X 100 7 716 X 1,300 000 2 — - """26 * 10 Class a conv ctm 25 Aluminium Co common..* 81 100 106 s3 conv pref Products com ion ION ION 200 preference — 85 h 4,100 150 Industries com* Aluminium Ltd common.* Aluminum 71 71 74n 1.300 "12x tooo "ii" American Beverage com.. 1 IX Amer Box Board Co com. IX June Jan Oct 77 Sept 6n Jan Dec 6n 2n Mar Dec Jan Jan Dec 24 Oct 16n 26n July Dec 72 n j as Feb Nov 177n Mar 105 Dec 4n 65 n Oct 119n 17n 14n Mar Oct 1406 Jan Feb Nov 140 Mar Dec 131 May 7n Oct n Dec "IU 48 Dec 75 5 Oct 24 n 2n Dec 11 n Dec 20 n Dec 42 61 1 Dec 89n 5X Jan Jan Mar Apr American Capital— Class common...10c 10c a Common class b s3 preferred 23n "In 23n 6,500 --* s5.60 prior pref Amer Centrifugal 100 Corp—1 2n "~2 in Oct ix Mar Feb Feb Mar July a.......------25 25 23 n "25" Class a with warrants Cyanamld class a. 10 Class b n-v --10 2n "26n 300 3 700 com...* * Amer Gas a Elec com *26 h Preferred.. American General Corp 10c $2 50 preferred *26n 8,400 in 200 12n 800 27n 110N 111 8,600 25n 4n 25n 1 -.1 s2 preferred 24 n in 12n 25n Amer Foreign Pow warr— Amer Fork a Hoe 200 1,300 5 25n 600 Amer Hard Rubber com.50 Amer Laundry Mach—20 25 25 100 Amer Lt a Trac com 6% preferred Amer Mfg Co common 22n 17n 18 13 n 14n 400 99 Oct 4 Nov 6n 3 17 x 5 Wupperman_.l Apex Elec Mfg Co com...* Appalachian el Pow pref.* JArcturus Radio Tube 3n "mx ion Jan 7% 1st partic pref... 100 4h Oct n in 7n 1 in 8n 6,500 1 2,700 5x Oct 'u n Dec Sept 3 5n 39n in 1,100 3 Oct 20 20 13n 57n Jan Cent p a l 7 % pref 100 Cent a South West Util 60c Jan Cent States Elec in 15n 1 »»• X 3,400 Automatic Products 6 in Oct 1,400 "2" 1,200 h 9 Oct Dec •u Dec Dec in 7n 300 6n Oct Avery (b f) 8 2n 8 8n 2,600 Automatic Voting Mach..* 400 8 Oct 2n 2n 4 29n 3X 9 Jan Warrants Axton-Flsher 10 4n com 9 Jan Feb 20 n Nov 4n 600 3n Oct Oct IX 1,900 2n X 31n 8n 7X Oct 3N Jan Oct 23 n May "l~X "ix 4~800 Oct Jan in 13* Oct Oct Oct 35 IX IX 3,100 84 10 32 5,500 78* 25 75 n 82 3n Jan Aug Oct Feb July 10 Oct 28 June 42 n 2 Oct 10N 69 Dec 3 "69" 40 Oct Dec 69 Dec 89 89 70 90 Feb 90 Deo 8n 900 "ix "2n Tioo 7n X n 6n 6 Dec 22N Feb Nov 91n Apr 1 Oct 27n Jan Jan 6n 3,100 X 2n Oct 50 15 7 Oct 52 2n 13n Oct 33n Oct 26N 2n Oct 100 5 Dec 6n Dec 16X Feb 50 15n Dec 27X 101N 50 95 n Oct Sept Apr 45 n 101n 101n Oct 76 n May Oct Sept 18n 2N July 7i« 38 600 27n Dec 92n Apr 2 8,300 in Oct 5N Jan 350 32 9n 200 7 9n X 37 35 2 in 32 31 n 3 15 Oct Oct Oct City Auto Stamping * City a Suburban Homes. 10 Oct Clark Controller Co 7n Dec Claude Neon Lights Inc.-l 3h 4n Oct Dec Cleveland 100 74 n Oct Cleveland Tractor Dec 2,700 3n 300 5n 5n 2,200 4 18n 100 17 in 32 32 Cllnchfleld Coal Corp.. 100 Club Alum Utensil Co.— Cockshutt Plow Co com..* 6 22n 1 14n Bellanca Aircraft com... Bell Tel of Canada 2 Oct 2,400 8 Oct 4n 14 n 4 4 July n 2n 15 x 2,000 2 Oct 1,200 100 165 165 50 158 n 118 118 20 113n June Benson a Hedges com... 3 Conv pref Berkey a Gay Furniture. 1 15n in 92 50 conv pref 15n 50 16i« in * n n ion 400 * 6% conv pref Colorado Fuel a Iron Dec 18 2,800 1,400 9n 7 Purchase warrants common 15n n Dec son Conv 5% 76 Feb 15n 4n 40 Feb Feb Apr Oct ion Jan 50 30n Dec 48n Oct 16 Jan Aug 2 3n 100 3 Oct in 1,600 n 8n Dec 100 10 Oct 3n 9 2n 22 Mar Apr Mar Mar 2 Sept 9X 8X Feb 4,800 100 3n 3n 4 4 6n warr. Feb Jan 3 Oct 4X Feb 2X Oct 24 n Feb 6n 3n Jan 79n 7n 4,600 Dec Feb 57 60 600 41 Oct 74n Apr 60 preferred.. 100 60 50 67 Sept 104n ION Columbia Oil a Gas 1 Oct Commonwealth Edison..25 4n Jan 4n 4X 6,700 2n 29 Columbia Pictures com..* Oct Jan June 39 Jan 20 n Oct 33 Aug X Sept 27 X 2,200 n 7,100 23 n 275 13 Oct 64 Jan 350 18 Oct 34 Jan 26n 26 n 23 21 23 20 n 21n Commonwealth a Southern 8n oom 8n 200 Blauner's com.. 6n 12 7n 7n 8n 4,300 20 n 18n 21n 250 For footnotes see page 417. in 9n Jan 58 X 1,000 5n 4n Jan 5X 5,800 2 3n £1 Oct Foundry a Bliss (e w) new com 1 Bliss a Laughlln com....5 Dec 3 5n Sept 60 Feb Columbia Gas a Elec— Oct 9 * Colt's Patent Fire Arms.25 Sept n com Oct Oct 3n * Ilium Cohn a Rosenberger Inc.* Colon Development ord... Nov 6n % pf-100 Elec Oct in 18n IX Clayton a Lambert Mfg..* Co com..* 37 n 5n 1 123 700 45 n 44 28 in 2 May 8 21 Nov in 1 19 8 21 24 10 Jan Mar 500 Cities Serv p a l 97 pref. * 96 preferred .* 20 Jan 7 4 3n Oct 5 com.. Jan 3 15 13 900 31.60 conv pref Jan Oct 475 * "9",000 Jan 74 8n "lX * "8n Mar Nov * 7n Mar 82 N Preferred b ..... Mar 96 Preferred .'.,700 15 57 105n Oct Oct 9n June 19 Dec Nov Jan 124 Dec 13 X 10n Feb xll X 74 60 300 Jan 97 n 67 n 22 "69" Feb Oct 3,100 75 July July Sept 23 X 6 14n 38 n 1,000 Feb Jan Jan Jan 3% 102n 100 13 n 2n 82 13 Oct 200 5n 24 Oct 275 15 X Mar 2% 20n 8n 75 Chic Rivet a Mach......4 Chief Consol Mining 1 Oct Feb 20 Oct 84 5 Chllds Co preferred 100 Cities Service common...* 2 32N Oct 14n 10 9,000 Beech Aircraft Corp Bell Aircraft Corp com Machine Co Strip Co Charts Corp IX 7% 1st pref Blrdsboro Steel IX 5N 430 8,100 Mar Oct 19 4n Jan Mar Oct 93 4 8 Chamberlln Metal Weather 2X 2n Barlow a Seellg Mfg a...5 Bath Iron Works Corp 1 Bickfords Inc in * in Beaunlt Mills Inc Oct 90 15n 8n 1 Barium Stainless Steel.. Bell Tel of Pa ... 2n Bardstown Distill Inc Baumann (l) a 2 Preferred bb —30 Baldwin Rubber Co Centrifugal Pipe.. Feb Locomotive— preferred Mar Dec 15 ... Purch warrants for com.. 7% 38n X 5x Oct 75 »16 Mar Aug Tobacco— Class a com mop Babcock a Wilcox Co Baldwin 11n 16h warr Cherry-Burrell com......5 Chesebrough Mfg 25 Chicago Flexible Shaft Co 6 200 6 Aug 3n 6X 7% preferred 100 Conv preferred 100 Conv pref opt ser '29.100 Mar Jan 2X 19 1 Feb Mar Mar 5 6 100 com 6% pref without Feb Aug Oct 4h Cent Hud g a e com * Cent Maine Pow 7% pf 100 Cent n y Pow 5% pref. 100 Cent Ohio Steel Prod 1 Sept Jan Dec N 31n 11 * Mar n May 90 30 1st preferred Jan Dec in 12n * Jan Oct Oct Oct Feb Mar 106 100 Celluloid Corp common. 15 97 dlv preferred * 13n Mar 100 13 Oct Nov Jan Apr Sept 20 n 5n Oct 30 in 2,100 30* Feb Apr 22 n 5n 2 Jan 70 Feb June 22 n 4 29n 2n * 12 X 29n Casco Products Atlas Plywood Corp Austin Silver Mines Atlas Corp warrants 18 *15n 28 N 12n Feb Mar 20 n Castle (a m) com .—10 Catalln Corp of Amer 1 Celanese Corp of America 80 Atlantic Coast Line Co..60 16N * Jan 100 4n 1 com Feb ion 4n Oct * Feb * 90 .* common 3 Birmingham a Coast rr Co pref 100 Atlantic Coast Fisheries..* Class b 42 n 110n 600 v tc common 260 Carman a Co class a.—.* Oct Assoc Laundries of Amer.* 99 X 85 Oct .* Carter (j w) Co common. 1 Assoc Gas a Elec— 8 20 9n Dec 500 2X 39 n in Dec ion * 36 21 x 4n X in 96 preferred Carrier Corp Industries Option warrants Oct 150 21 X IN 32 16 n .1 n X 1,600 39 99 n * 25c Marconi 100N 1,100 Oct * 10 Oct $5 preferred b non-voting 3,000 9,300 in in Oct Canada Cement Co com..* Oct 3,800 1 Dec 9 21x Canadian Car a Fdy pfd 25 Canadian Indus Alcohol a* 2n 1 1 Oct 2 * 300 Ashland Oil a Ref Co 1 4 20 3 3n £1 Calamba Sugar Estate..20 Carnation Co Feb Oct 1.000 39 Amer dep rets pref shs Jan 15X 8X Feb Cables a Wireless Ltd— 3 Oct Dec 1,700 ... Dec 2n 19 100 7n 3n * Warrants 10 59 Oct Common 93 convertible pref Oct Oct Clans a 22 2n • Inc common Oct 9n 31 5 Nov 4n £1 2,400 60 ~2n 50 Dec 600 25n 6h 22 _• 1 com Capital City Products Carlb Syndicate 66 n Atlanta 96 preferred Canadian 100 Amer deposit rets 7n -* Jan 6 Elec 25n Brown Fence a Wire com. 1 Class a pref Nov Sept 8N May 100 (Brown Co 6% pref Jan Apr com Associated 1 33 * Class b 1 7 Mar Am dep rets ord reg.-10s British Col Power class a.* 3n 7 10 Mar 31 May Mar Jan 200 Arkansas p a l s7 pref...* 12n Feb 400 21,500 77 Dec 2n 32 2n 3n 11N 12 103n 103x 4n 4n Oct z7n 600 33 3n 3n 16 N 200 300 28 Carolina p a l 97 pref...* 3n Oct 200 7n 2n Dec Oct 53 Oct 800 4n 27 n 7n ' £1 Carnegie Metals 4n Art Metal Works 3n 73^ 2 25 n 25n Oct Dec Sept Oct 23 n 2n bearer£l Am dep rets ord Amer dep rets reg British Celariese Ltd— Jan 4X Preferred Mar Mar Oct in Feb Feb 3N 7n 16n Mar Jan Arkansas Nat Gas com...* * 2X 108 n Oct Mar 59X n Common class a Oct Jan Dec 25 99 6i# 85 n 83 20n Oct »lt 170 Mar Aug Oct Dec 1 21n Oct 6n 2n 3n Oct 16 75* 3n .* 7 Mar 19n 1,900 18 10n 1,100 5 Jan Jan Jan ..* Registered 8,400 16 30n 14n 5n 5 82 5,100 Oct Cable Elec Prod vtc Oct 2,000 Oct 2 2,100 jan Apr on 3 83 n 81n 1.300 3n 26n 28n 54 n 7n in 1 Nov Jan Mar Jan 10.800 2n Oct 8n 10n 8 5n Burry Biscuit Corp..l2nc Oct 6n 1,700 Jan 7n Feb Oct 2 12 6n 4n 9n 42 Jan 10 Corp com* * Dec Oct Feb Republics Dec IX 200 Mar >c t 6n 3n 37 X 7n 2N 32 X Oct < 200 3 32 Dec 200 Burma Corp Am dep rets.. 38 Feb 9 Feb Oct Beal Kap com Angostura Jan Mar Jan 19 2 36n Oct 19* Anchor Post Fence 12 56 n Oct 8 Oct May 25* * 24 48n 112n 11 Oct in 9 British Amer Oil coupon..* Bruce (e l) Co 4h Dec British Amer Tobacco— Brown Rubber Co 14 100 X * Burco Oct 700 American Thread pref Class a Jan Dec 32 3n 100 100 Feb 11 21n 26n 100 X •u * 7% preferred 95 1st preferred * Bunker Hill a Sullivan 2.50 32 1st preferred Class a Brlllo Mfg Co common...* Jan 24 n Preferred • Aug --* 7,200 Amer Pneumatic Service.* Amer Brill Corp class b Buff Nlag a East Pr pref25 79 n 1 n 4n jan J»d jan 9 2n * jan 15 Amer Potash a Chemical.* Am Superpower 100 Preferred Bright Star Elec cl b Buckeye Pipe Line j,16 American • Machine. Jan 10 100 4n 9n 4n 48X 43n 11 5n 9n Jan 23 3,700 25 300 6n Aug 22 n 27 2n 1 8 Oct Oct 10n 1 Aeronautical 37 1 Nov 4 10n Breeze Corp 47 37 34 n 5,300 10n Brazilian Tr Lt a Pow.. Oct Oct Oct 6n 100 Dec 17k in 8n Brewster Bridgeport 38 1,100 100 in 38 High Low Sharet 10n 100 2 Amer Maracalbo Co...—1 Amer Meter Co 1st preferred 41n 8 17 X 14 100 Preferred Oct Nov x20 * Amer Invest (111) com 7% 2d preferred.. 25 1 Class b Amer High IX Range for Year 1937 for Week 2n Brown Forman Distillery. 1 Am Cities Power a lt— Class Low Bowman-BUtmore com 87 Range of Price* 100 Jan 80 100 "on ~io~" Book Co..-.100 American Week't X preferred Jan Oct n ion Price (h c) Co com.. 1st Jan Dec 65 .100 6% preferred American Airlines Inc—10 7% Borne Scrymser Co in 14 81 Bohack 5h 34n Dec 12n 105n 106 93 opt conv pref Blumentbal (s) a Co Dec 66 6 * 1 * • Sept n 1 Internet Invest com* Blue Ridge Corp com 25 |Botany Consol Mills Co.* Bourjols Inc * 60X "64" Allied 6% May 49 "64" * * Fisher Inc com.. Aluminum Goods Mfg Mar 1,600 ' Alliance Invest common- Allied Sept 2Vk 2n pref preferred a lies a Oct 1,000 ——- Ala Power »7 Oct Jan 66n X °8 Sale Par 8X 32 30 c.t Southern.-60 Alabama Dec 24 Corp com Warrants ffi 33 Last High X 32 1 Air Investors common—* Conv preferred * Air Devices Low Share1 16 X 33 n Mfg common.. 6 a Ins worth STOCKS Continued) Range for Year 1937 Last Sale* Friday Salt1 Friday stocks 4X 15 Oct 14n July Oct 15 Sept Oct 24n Oct 41 Feb Aug X Warrants Commonw Dlstribut ■ •n 1 Community p a l 96 pref * Community Pub Servloe 25 Community Water Serv.. 1 1 900 X Oct Oct 7i« 2N 2h Jan Jan Mar Volume Sales Friday Range for Year 1937 STOCKS Last Weel's Range for (.Continued) Sale of Prices Low High Shares Par Price Week Cities Service Co. High Low t e ext to 1946 Oct 17X Oct 38 Oct 11 Oct \\% 60 Oct 89*4 110 Oct 8X 13*4 200 4*4 6X 6854 400 2H 26,100 3X 500 114*4 114*4 40 13 Jan BOUGHT—SOLD—QUOTED Conn Gas a Coke Socur— 38 * S3 preferred Consol Biscuit Co 1 4x Consol Copper Mines 5 Consol G E L P Bait com * 354 5*4 5X 6854 67 X 100 5% pref class A Conaol Gas Utilities 1 Consol Win A Smelt Ltd.5 Conaol Continental Oil of Mex 4,800 69 H Oct X 854 ""ioo X 7% 1,300 4X 20 Oct Oct 34 2*4 3,300 IX Oct 3*4 1,200 2 Oct 100 63 Nov 72 1 5,800 IX 600 10X Dec 12 12 X 12 100 10 X Nov reg..£l Motor of Can cl A..* 5% 1754 * 18*4 Motor Co Ford Class B Amer dep Fox (Peter) Franklin 1,800 3,100 3% X 4% 4X 5 3 Oct 300 3* Dec 500 4X Dec Oct Conv Sept 8X * Mining..60c Darby Petroleum com...5 Davenport Hosiery Mills. * Dayton Rubber Mfg com.* Mexican 150 103 102 100 5 X X X 8X 8 Yx June Jan Nov 50X Feb 100 Dec 108 X Feb Sept 16X X 18** 15X Feb Oct Nov 1,000 Oct 16 28 J* Oct 5 100 33 Dec "xi Feb Feb Jan Apr Apr July 6 Dec 16 Jan 50 Nov 87 May 1 100 Derby Oil A Ref Corp com* 3% 3% 200 2X Oct * 55X 55X 25 62 X Nov 1 ox ox 100 7X Dec 6% pref ww 20 Detroit Gray Iron Fdy 1 Det Mlcb Stove Co com..1 400 14 14 12 Nov Oct IX 8** 89 July Aug 19** May 20 3X Feb May 2 3X 3,800 2X 700 2 Oct 11 Feb 3X 3X 1,000 2 Dec 10*4 Jan 21X 800 IX IX ~~3~X 1 * 20 15 Oct 64 Feb • General Gilbert (A C) com "654 5 10** 29** 5X 22X Jan Jan Great 1 Dobeckmun Co com Apr "il'x "ll'x '"260 Dec Oct Dec Aug 7% Mar 10 Oct 15 May 83 Nov 100 Sept Sept 82 Aug "l5X * Dominion Textile com Douglas (W 67 20 67 67 75 28X 17 X Apr Draper Corp IX "lX "l'x 63 X 100 Duke Power Co ""366 Dec Jan l",i66 226 65 Oct Dec IX 52 1 * 8 54 8X 10 12 X 10X 6X 6% 8X 13X 200 500 16,500 Oct Oct * Duro-Test Corp com Eagle Plcher Lead Apr 96 14 X Durham Hosiery cl B com Duval Texas Sulphur 50 104 100 7% preferred Dublller Condenser Corp. 1 Dec 16 49 X "26" "26" 10 Driver Harris Co 25 16 16 100 * 7% preferred Dec 42** 111 6*4 79 IX * 3 4*4 % prior preferred. 100 100 50 X 50 X 3X 51 30 29 31 Common 2X Malleable Eastern States Corp IX » * 36 preferred series B * Easy Washing Mach B * Economy Grocery Stores.* 2 Eisler Electric Corp * * 35 preferred 36 preferred Class A Mar 3X Jan 7 Oct 10** 27** Feb » 10** Dec 80 Jan Dec 71 Jan Dec 7 IX Oct 1,0.50 16 Dec 4X 600 3 Oct "l2X "l2X ""IOO 61,000 X 6X 40 X IX iox 50 X 600 47 X 53 56 X 1,200 19 22 23*4 3X 454 12 X ~12~X IX "9X 54 OX 3X 3% "35"" 2,100 1,500 4 600 4 360 35 32 5X 5 Option warrants Electric 900 Oct 2 48 X 25X Jan 1,100 2X 800 26** 6X 82X 82** 13** Jan Jan 50 Jan 24 Mar Nov Oct Jan 28** Jan 80 Feb Jan mm Preferred Hewitt Rubber com Jan Hormel Jan Horn 14 Jan IX Oct 36 conv. pref w w * ----- 2X 2X Oct Oct IX 20 Oct 150 Oct 50 22 X Oct 60 74 75 6 6 13 "l'x 154 154 15 23*4 24 Empire Dlst El 6% pf.100 31*4 31*4 Elgin Nat Watch Co 5 73 Elec Shovel Coal 34 pref..* Electrographlc Corp com. 1 Electrol Inc vtc 1 7** 98** 22** 17** 5** 40** "l~,206 60 Oct Eureka Pipe Line com "37" 37 37 38 250 10*4 800 1*16 5X "ox Oct 77 Mar 1*16 12 X 2,600 50 31 31 60 12*4 X Oct 8 24X Oct 31** 19*4 2** X X •i« Option warrants X X * ...100 ...3 9*4 "12'x Oct 16*4 300 6 6*4 900 4 3 3 200 3 Mar 3*4 1,400 1154 300 58 25 Jan 11*4 Nov 47** Feb Aug preferred Oct 5 Oct Illuminating Shares cl 300 7X Dec 1,900 16X Oct 7ie 1,700 Oct 54 58 654 58 60 7*4 68 130 4,600 25 X 41 3X 50 Indiana Pipe Line Oct 800 X Oct 4 Jan 500 3*< Dec 15 Feb 7 Oct Feb 15** 7** 500 30 Class B Oct 9*4 1054 7 Oct Dec 52 6,000 Oct 50 4*4 654 25*4 954 Dec Oct 10*4 Oct 28*4 Jan Dec 1654 July Nov 47*4 Aug 5 100 30 8 8 100 6 37 100 31 Vtc common 417. J* Oct Feb Feb Mar Apr 11 Apr Jan 36 Jan 45 June 100 8 Dec 35 Apr 9 13*4 Oct 14 14 100 10 Oct 15*4 33*4 11*4 22*4 Mar 9 July 14 5** 1554 11 Deo Jan Jan Feb 2*4 18*4 Oct 96 *22 23*4 Dec 200 10*4 Dec 16*4 Sept 15*4 6454 Oct 42 Nov 87 1,300 10 11 26** 25 27*4 64*4 64 65*4 12,100 4,500 6*4 1,300 5*4 Oct 5*4 Oct 4154 Jan Jan 112 Feb Feb Oct 12*4 July Dec 4*4 13 X 7 7*4 2*4 33 "2*4 33 15*4 12 7*4 7*4 23 Mar 2 Feb 2*4 33 Dec 100 6 Oct 27*4 Feb 100 8 Nov 26 Apr 4*4 l«i 34*4 Nov 13 Feb Oct 800 100 Oct Dec 400 2*4 17 700 8 6 100 3*4 Oct 550 9*4 Dec 4*4 13*4 Oct 554 Jan 53*4 Mar 11*4 May 3354 May 13*4 May 34 July Sept 62*4 Feb Dec 14*4 1454 1254 Oct Oct Oct 954 24*4 Mar Mar 3554 18" 18*4 "1854 "2",300 18*4 500 7** 13*4 Oct Oct 44*4 654 15 Mar Oct Oct 36 Jan 39*4 Jan 84 Oct 105 13 13 88 88*4 20 100 Deo Nov X 5*4 59** Mar 10*4 10*4 13*4 100 10 Feb 15 10 13*4 1 preferred 24 ""7*4 "754 ""360 —* Insurance Co. of No Am. For footnotes see page Apr 5*4 2,900 Industrial Finance— 7% » 18*4 17*4 • Non-voting class A Oct Jan Nov8! 1*4 5** 16*4 9 1*4 454 Oct Indian Ter Ilium Oil— ""360 6 Dec Jan 70 1,600 Ireland..£1 8*4 71« 100 Dec 1554 Aug 54 18** 22*4 150 7 Deo • 1*4 18*4 8 50 X Sept 53 24 854 Reglstered and Dec 200 A. Indust— Am dep rets ord reg__£ Imperial Oil (Can) coup.. Britain 11 60 10 Indiana Service 6% pf.100 7% preferred 100 Indpls P A L 6**% pref 100 16H 4X Jan Oct 1,300 Imperial Tobacco of Great 400 Jan Apr Deo 2*4 12** 13 Illinois Zinc Oct t Jan 95 1*4 6 IX 7 Nov , 13*4 Dlv arrear ctfs... 22 1 90 IX Imperial Tobacco of Can.5 654 Fanny Farmer Candy Nov 154 4 Oct 400 Oct 13 60 Oct 3X Jan Feb 33 . 7 8,000 Jan 154 63*4 12** 2254 5 354 1 1 Fansteel Metallurgical.._• Feddere Mfg Co 6 Ferro Enamel Corp 1 Fldello Brewery I Fire Association (Phils) .10 Flsk R' bber Corp 1 Oct X 8,300 1354 Falstaff Brewing »u 2,100 Mar 6 67 12,600 1 Hubbell 5% Oct Deo X 800 (Geo A) Co com. 350 11 11*4 Falrchild Aviation Apr Imperial Chem European Electric Corp— Evans Wallower Lead Oct 81 Feb 47 37 8 Illinois Iowa Power Co— 24 Oct Jan 128 Oct 20 Feb Feb Oct 117*4 Oct 27 4*4 16*4 7X Feb Feb 74 Nov Dec 116*4 30 "ix 100 7% pref unstamped. .100 Hydro Electric Securities. • Hygrade Food Prod 5 Hygrade Sylvanla Corp.. 72** 7 45*4 50 49*4 {Hylere of Delaware Inc— Common 1 Oct 26 1,850 4754 1 Hussman-Llgonier Co. Jan Oct 22 9*4 54 9*4 10 Jan Jan Jan 120*4 120*4 31*4 33 41*4 154 Mar 25 X 16,000 50 2254 8 Mar 26 X 50 35 35 Dec 1,100 39*4 7% pref stamped 1(M) 6*4% preferred 100 7% preferred 100 8% preferred 100 Empire Power part stock Emsco Derrick A Equip.-5 Eaulty Corp com 10c Esquire-Coronet 1 4*4 6*4 58 Feb Feb Empire Gas A Fuel Co— 6% preferred Aug 11 preferred ..100 (Harvey) lea—6 Hud Bay Mln A 8melt * Humble Oil A Ref * Hummel-Ross Fibre Corp 6 Jan Jan Jan Apr 4*4 1854 8 7 Horn A Hardart (A C) Co com 754 38 33*4 5*4 2*4 10 Hires (C E) Co cl A • Hoe (R) A Co class A... 10 Holllnger Consol G M—5 Holopbane Co com.. * Holt (Henry) A Co cl A__~ 80 Feb Deo 27*4 Oct 200 *16 Heyden Chemical Oct Jan Feb 54 Dec 14,400 7 ww Feb 107 78*4 * 2 25 6 Heller Co com 3954 Oct Sept ** June 27*4 D»c 2** Dec 20*4 Dec Dec X 9*4 *4 Rubensteln Class A Oct If 1 9** ** 54 9*4 40*4 50 25c preferred Mining Co 6% Oct IX 500 X ... 2X 22 Oct 100 *4 6% Common 36 preferred 1 25 87** 11** 9X 2X Shareholding— 7% preferred Ex-Cell-O Corp " com.* Hartford Elec Light 25 Hartford Rayon vtc 1 Hartman Tobacco Co * Harvard Brewing Co .1 Hat Corp of Am cl B com.l Hazeltlne Corp —* Hearn Dept Store com__5 Helena 23 Oct 1454 Gulf Statee Util S5.50 pref ♦ Heel a Nov Oct mm ~6~" * Guardian Investors Jan Oct 10 ,mmmm Grocery Sts Prod com__25c Feb Jan Feb Feb 100 32*4 Hamilton Bridge Co Oct Deo 1 Elec P A L 2d pref A 25 Greenfield Tap A Die Feb Mar Oct 16 1 Elec Power Assoo com Gt Northern Paper 4854 100 Feb 4 400 25 1 Elec Bond A Share com..5 250 75 IX 20 17 preferred series A Edison Bros Stores 1,900 250 11 10 Iron.25 Eastern 1st preferred S6 preferred * Gypsum Lime A Alabas—* Hall Lamp Co * Haloid Co 5 Jan May East Gas A Fuel Assoc— 6% preferred ""6*4 * Gulf Oil Corp L) Shoe Co— Aug Atl A Pao Tea— Non-vot com stock 100 % preferred 45*4 12*4 28 15*4 54 Rapids Varnish July Domln 1 ar A Cbem com.* Dominion Steel A Coal B 25 Oot Deo Feb extend.* 9 2 X 10 July Jan Gorham Mfg Co— ♦ Gray Telep Pay Station. 10 25X Feb 15 * Grand National Films Inc I 100 16 85 Apr 3.506 Oct 61 * Vtc agreement Nov Oct *4 30 Jan 55 Oct ..50 Inc class A Apr Nov 6 31** 1454 Mines.. 1 s3 preferred Apr 24 * Goodman Mfg Co 95} 2,500 6*4 ♦ B 57 preferred Goldfield Consol Oct 7*4 A.* Godchaux Sugars class 115 365 5 * Glen Alden Coal Feb 107 Dec SePt 32 "654 """ioo * Gladdlng-McBean A Co..* Nov 9 Feb 6 * Preferred Oct J* 65 175 76 Gilchrist Company 16 ~~3X Feb Jan Oct 61*4 Diamond Shoe Corp com.* 9 2254 51*4 Oct 85 10 88 75*4 Sept "3 Mar Oct 4 Sept 3X 100*4 3*4 32)4 • • ♦ * s3 preferred.'. Georgia Power s6 pref $5 preferred Grand Jan Dec 8X "766 Jan ]ts 96*4 37** i 10*4 £1 30 88 100 35*4 Truck com__l 47 "l4" Feb 100 Oct Rubber— A 6% preferred A Gorharn Oct Nov 'u 75 45 Sept Liquors Corp 200 1 Gen Water G A E com Class Aug Mar 10 *13" "13" July Distillers Co Ltd 1 * pref Tire Feb 2554 154 70 Gen Rayon Co A stock. conv 23 Oct Dec 44** 47 General Telephone com_20 s3 Oct X 100 65 10X Dlvco-Twin X 32 28X Distilled Deo 10** 1,000 13 70 10 Preferred Feb Warrants 10 De VilhtPs Co com 654 * 56 preferred 15 9 Dennison Mfg 7% pref. Oct 19 13 Defiance Spark Plug com * Dejay Stores 2*4 1*4 ** Sept 18 8X 18 Deo 600 12 May 9 36 10*4 7554 * Gen Pub Serv $6 pref Aug Mar Jan Dec Oct investment com.l General Feb *1. 98 75 Jan 65*4 Amer dep rets ord reg.£l Gen FireproofIng com 25 0*4 July 10 2 Sept 1,400 Jan 19 21*4 "50 Gen Outdoor Adv 6% pflOO 43,000 14*4 Oct Dec 7854 * Jan 4" Dec 14 Electric Co Ltd— Feb Jan 100 8 5 2<X 6*4 360 7854 16 Oct Oct Dec "86"' "86" 100 10 200 3X 3X Jan 5*4 Jan 11*4 June 14*4 Feb Oct 3*4 300 • com 6% preferred 4* * 10 Feb Feb 8 16*4 Tioo "l'x "lx IX 45* 1454 1454 15** Xl6 16 Oct 1 Dec 1 Dec 8X Oct 16 Mar 8*4 2954 31*4 Nov 6 1 Gen Jan 14 25 4*4 15 General Alloys Co Feb 3,000 18*4 1554 18*4 1 preferred Aug Mar 6 Froedtert Grain A Malt— Feb IX 2,900 rets.-.100 frcs 5 Gat'neau Power Co 12 5% 18** 5*4 Brewing.. Rayon Corp GamewellCo $6 conv pf..* Jan 65 Oct 1,150 2** July 20 8X High Low 21*4 4154 38 Ford Motor of France— Fruehauf Trailer Co 38 h X Week Shares Ltd— Am dep rets ord July Oct 7X Cuban Tobacco com v t o.* Products Jan 6*4 Oct 26 Detroit 8teel 4154 Mar 28 X X Drug Co com..25c Detroit Paper Prod Jan 7V 94| 20X Internat A..* Preferred 5*4 200 27 X Crowley, Mllner A Co * Crown Cent Petrol (Md)^6 Detroit Gasket A Mfg Jan Jan May 9,100 1 X 25% 754 Class A Ford Jan Mar Apr 14** IX 26 X 1 Oct 2X 1354 2 2*4 of Prices High Loud • Common Crocker Wheeler Elec 6*4% preferred Nov Florida P A L $7 pref Feb 52*4 18 H 100 2X Cramp (Wm) A Sons com.1 Creole Petroleum 6 Curtis Mfg Co Jan 35 7X 72 £1 Cuneo Press Inc Oct Sale Price Range for Year 1937 for West's Range Last Par Jan 21X 61X 22 X 2 * Crystal Oil Relcom 6% preferred Oct 6X 60 Preferred Dec 22 X Corroon A Reynolds— Common ...1 Croft Brewing Co (Continued) Feb 3X 17X 2,000 854 8*4 8X stocks Jan Mar 15 52 "ox "ox ♦ S3 prior preference * Copper Range Co * Copperweld Steel com.. 10 Cord Corp 5 5% oonv preferred Courtaulds Ltd Oct 8X ""ioo Oct Sales Friday Mar 4 1,900 Jan 3X 17X 102*4 2X 26 X 4 754 Cooper Bessemer com SO preferred A Cosden Petroleum com Oct •u N. Y. 1-1943 Mar 135 Oct Teletype1 2-5383 HA City Street, New York Wall 60 Mar \0X Oct 554 5 5*4 IX 2X co., inc. william p. lehrer Jan Dec 100 Dec 83 X Jan 4X Dec 900 IX _* |4 preferred Cusl 3 10 80 1 Continental Secur Corp..5 Cook Paint A Varnlsn * Crown 800 xlX Cont Roll A Steel Fdy...» Crown Cork Nov 8o0 3X 80 80 10 ♦ 7% prior pf 100 Royalty OH Consol Steel Corp com Cont G A E 48 X 63 X Oct Mar 115 Oct 3*4 100 8% preferred Consol X 61X 1 Retail Stores 1,000 1 1 Preferred and Common Compo Shoe Mach— v 413 New York Curb Exchange—Continued—Page 2 146 57*4 5954 1,150 48 Oct Oct Oct a Jan Jan Jan Jan 254 Feb 22*4 7554 July Feb New York Curb 414 STOCKS Last (Continual) Weet'i Range Sals Par Price International Cigar Mach of Prices High Low Range for Year 1937 for 18 IX IX 200 IX 17X 1,100 Internat'l Paper A Pow war "25* International Petroleum..* 295* 29% 33* 83* 16 Dec 285* 4M Feb Oct 44 Jan 3 3X 2,100 2X Oct 83* Apr 73* 83* 1,800 4 Oct 15 X May Oct 15* Feb 38 Mar Dec 7 1 % "ii 2,800 8 S3.50 prior pref * Warrants seriesof 1940.. 28 33* 4 3H 43* 28 Interstate Power S7 pref.* 6 28 53* OX Dec 213* Feb 3X Feb 153* Sept 38 Oct 2,200 2X 3X 25 Oct 400 IX X 11 x 5X 1 15 153* 200 Irving Air Chute 103* 113* 1,100 * 65* OX 73* Oct Sept "is Jan Oct 275* 183* Feb Jan 1 33* 800 81X 393* 84 3 2,700 37 X 107 "ox 42 X 107 2,500 ox nx 400 35 37 X "2% ~~3~X 0,200 2,200 IX 15X 43* IX 15 X 9 102X 102X Dec Dec 12 Dec 283* 33* 883* Dec Dec Mar Jan Aug Feb Jan 653* Feb Oct 83* Feb Oct 83* Feb 100 14H 200 Oct OX 100 100 Dec Oct Oct 100 X Oct % 73* 573* 143* Dec 28 53* Sept 93* 73* 13* Oct 123* 33* 33* 285* 23* 1123* 593* 803* 195* 193* 173* 183* "300 85* 93* 800 2 23* 2.300 Oct 13* 21 Apr Feb Corp • 23* * com X 102 37 600 30 6 300 78 X 3 73* 1st preferred * Nelson (Herman) Corp ..6 Neptune Meter class A • 41 53* * common 73* 100 6 Nestle-Le Mur Co cl A...* Nev-Callf Elec 5* 100 com 7% preferred 53 100 New Bradford Oil... New Engl Pow Assoc 5 43* * 6% preferred 13 100 New England Tel 4 Tel 100 New Haven Clock Co * New Jersey Zinc 25 133* 173* Jan Jan New Mex A Ariz Land Feb Newmont Mining Corp. 10 Jan Jan New Process common N Y Auction Co com 62 1003* 10 72 62 100 1003* 10 10 663* 1 723* 13* "68" 83* 100 3,150 300 1,900 Oct Dec 110 100 X 10 X Oct 103* 43* Oct 20 Jan 4,100 4,300 2X Oct "i« Sept 133* 23* Apr Feb N Y Shipbuilding Corp— Founders shares 1 New York Transit Co 5 1,400 X 23* 33* 173* 200 39 Aug N Y Water Serv 6% pf.100 183* 183* 183* """20 143* Feb Niagara Hudson Power— Common 10 83* 83* 83* 22.600 1 1 4 43* X 17 23 X 13 X Oct 19X Dec 12 X Oct 1 Oct 32 Dec 28 X 803* Jan Dec 10,800 9X 21 10 9X 8X 10 "343* Loudon Packing * Louisiana Land A Ezplor.l 33X 2% Dec Nov 34 13 213* July Oct Nov IX Oct 500 6 Oct 29,100 4 Oct 183* 163* Feb 5X Oct 143* Jan 7 63* 93 Mar Jan Jan Mar 20 N Y A Honduras Rosarlo 10 N. Y. Merchandise 10 N Y Pr 4 Lt 7% pref.. 100 13* 33* Oct 29 93* 200 9 100 101 933* 85* 1st pref 100 2d pref cl A 100 2d preferred.... 100 2d pref cl B 100 Class A opt warr Class B opt warr Niagara ShareClass B common 943* 9 78 275 66 25 2 600 33* 43* 700 13* 373* 1,900 24 1,100 X 100 Nineteen Hundred Corp B1 Common Oct 2X Oct 103* Jan 42 X 10 3* Oct 82 Jan 163* Apr 17 Oct Nov Marconi Intl Marine— Communicatlonordreg£l Margay Oil Corp ...* OX 253* May "V Massey Harris common..* 1 16 7X ~~7X 4 ""700 15 100 Dec Dec 4X 13 X 1,600 Jan IX 5X 10 17 Marlon Steam Shovel....* Mass Utll Assoc v t o 1 Dec Dec 333* 223* 33* 163* 263* nx * "Ik 3% 10X 12 100 1075* 3X 4X 400 2% 7X 2,700 Jan Mar Aug IX "223* Northern Pipe Line com cl A..100 4X 2X 100 ~2X "~3~~ 63*% A preferred... 100 44 Mesabl Iron Co 1 Metal Textile Corp com..* Partic preferred » 45 "900 x X X X IX X 4X 8X X 113* 1 143* 1 133* 243* 3,600 Dec Oct Oct Oct 7 Dec Oct Oct * 3% 3* Oct 63* 100 103* 400 183* Dec Dec 355* Oct 67 89 Nov 110 103 Nov 1113* "983* "963* "983* '"""60 96 Dec 88 3* 10 90 Sept 93* 93* 3,800 63* 750 193* Oct 1115* 1045* 143* 145* 325* 85 Oct 106 Nov 6% conv 1023* June x88X 6 pref 15 93* 50 com. 63 preferred Oct 28)* 100 253* 93* 83* 233* 26 200 100 Oct Oldetyme Distillers Oct Oliver United Filters B...» Oct Overseas Securities.._.._* Nov 1 Pacific Can Co com.... Pacific G 4 E 6% lBt Nov 2,800 2% Oct Pacific Ltg 66 pref 5 Oct X 100 Pacific P 4 L 7% pref.. 100 Pacific Public Service * pf.25 63*% 1st preferred 23* 23* 25* 3,000 25 9H 13* 7 23* 43* * Dec X 80 60c 3X 30 273* * "58" 293* 303* 273* 273* 1033* 1043* 533* 58 53* Oct Oct Oct Nov Oct Dec" 263* 253* Oct 100 100 983* Nov 50 Nov 600 1,020 Oct X 13% 100 80 80 100 Oct Oct 7 Feb X 2 Page-Hersey Tubes Ltd..* Oct Feb Oct 10 Pan-Amer Airways Jan Oct 24 Pantepec OH of Venea 1 Paramount Motors Corp.l Mar Parker Pen Co 63 Oct 90 Mar Parkersburg Rig 4 ReeL.l 18 Deo 19 43 143 Jan Patchogue-PlymouthMUls* 23 23 20 21 Mar Dec 22 Nov 233* 400 20 13 Oct Aug Pender (D) Grocery A Class B Oct 5 33* 100 Feb Dec 600 60 Oct 2X 1,700 "i« 4X 13% Midland Steel Products$2 non-cum dlv shs * 3% X 3 - 9 103* IX 400 1 7% 7% 900 OH 9 9 300 8 IX Minnesota Mining A Mfg. * Minnesota P & L 7% pf 100 26 X 27 100 61.30 1st preferred....* Pacific Tin spec stock * ■ IX "~7X 25 Oct 43 Jan Oct 98 Jan 3X Dec 4 Oct 5H 2X Oct Oct 163* 113* Oct 25 60 Missouri Pub Serv com.. Mock, Jud, Voehrlnger Common 2.50 7% 7X Molybdenum Corp 5% 5X 1 7% 5X 600 3,100 2X Peninsular Telp Preferred 5 Feb Apr May Penn Mex Fuel Co v t c * * 130X 137 29% 283* 293* 450 "173* "i»" "^306 63* 7 19 35* Pa Gas 4 Elec class A Pa Pr 4 Lt 67 pref 26 26 800 100 23* 23* 23* 7,000 200 * 1 Oct Nov Nov 17 Jan 120 X 27 % Nov 157 Feb Sept 37 Pennsylvania Sugar Co..20 Jan Penn Traffic Co Dec 44 Jan Pa Water 4 Power Co """80 295* 29% 100 25 X 225 20 * 27 Oct 100 180 Aug 23* 43* 453* 184 Sept Feb 66 preferred Penn Salt Mfg Co Aug Pepperell Mfg Co Apr Perfect Circle Co 90 903* * 79 81 80 50 138 144 175 * 90 Oct 263* 23* 33* Oct Dec 30 Oct 303* 14J* 33* 19 Oct Dec Oct 493* 33* 23* 93* Oct Nov 95* 63* 53 43 123* 305* 110 423* 72 Nov Oct Sept 173* 86 Oct 113 793* Oct 112 Oct 179 115 Nov 245* 43* 2 * * Dec Apr 245* 2.50 100 89 243* xl5 28 1 2 8S 293* 1075* 83* 245* 643* 1063* 1095* May .» 300 Oct Oct 6 10 105* 143* 48,800 * MOO 23 417. 17% 63* * —1 23* 112 10lk 283* * 5 2 500 14 X comi""* ioo Penn Edison Co— 62.80 preferred.... Pennroad Corp 5 ...10 65 preferred.. 12 ~2X 37 75 4,500 4 » 41 100 2X pref.. 963* 1033* 125* 300 X 5X 8% io 73* 77 513* 605* 613* 45* 63* Sept Nov 53* 133* Oct Dec 15 35* 113* 923* 923* 1093* 1093* Oklahoma Nat Gas H 100 800 Oct 1093* X 5X 72 500 Sept Ohio Brass Co cl B com..* Oct 20 X 78 Mexico-Ohio Oil Michigan Bumper Corp_.l Michigan Gas A Oil ; Michigan Steel Tube..2 60 Michigan Sugar Co. 50 33* »n 62 Oct 75 500 16 98 Oct Ohio Edison 66 pref * Ohio OH 6% pref 100 Ohio Power 6% pref... 100 Oct Oct 1 Metropolitan Edison pref * IX 37 5* 25* Sept Dec 13* 23* 723* 233* Oct 115 Oct 6% 1st preferred Ollstocks Ltd com 27 500 913* 80 23 Ohio P S 7% 1st pref...100 5,100 ix 43* 30 66 Novadel-Agene Corp....* Oct IX X 100 Feb 65% 3* Oct Dec 24 Merritt Chapman A Scott * Warrants 33* 133* Nov 3X preferred.* Aug 173* 183* 473* 3* 33* 3* 633* I Nor Texas Elec 6% pf.100 Northwest Engineering * 16 4% 33* 300 10 68 Mercantile Stores com * Merchants A Mfg cl A...1 223* 13* 373* 223* 223* Nor Ind Pub Ser 6% pf.100 7% preferred 100 Nor Sts Pow Feb 793* Oct 90 75 300 Mar Mar 1 36 preferred * North Amer Rayon cl A..* Class B com * 6% prior preferred 50 No Am Utility Securities.* Nor Cent Texas OH ..5 Nor European Oil com___l 94 8 Nov X52 3 Oct Jan 100 100 2 500 Oct Feb Dec 1,300 3,200 1 IX 3% Mar 93 363* 5 IX Feb 63* 373* 63* Noma Electric Nor Amer Lt 4 Pow— 3% Jan 163* 363* Nlplssing Mines 1 Mar Feb 65 Oct 34 63* ~30% Dec 1 125* 55* Deo Oct Dec preferred......* Manlschewitz (B) Co * Mapes Consol Mfg Co * Dec Dec X conv 693* Mar Jan Dec X IX OX Mangel Stores... 34 153* 1155* 1053* X 100 Oct 63* 16 Oct 4 98 400 26 Dec Nov 500 3,400 200 Oct 8 300 X 38 22 963* 863* 3* 63* 9X 38 37 63 -.100 * 20 75 »w 6 20 66 6 Class A pref 300 2X 6 5 1355* Oct 400 X Lynch Corp common Majestlo Radio A Tel Oct 100 16 preferred Nlles-Bement Pond.. Oct 88 Oct 93* 30 83* 273* 8X Luoky Tiger Comb G M.10 35 1403* 303* 943* City Omnibus— Warrants 5% 6% 6% 5% Dec Nov IX * 23* 235* Oct Nov Nov 87 X 10 Feb Oct 13* 603* 30 Nov Oct Nov 53 3X 85X Oct Dec Oct 2 » Oct Nov 2% 85X Y Oct Nov 98 3X 85X N Oct 30 Oct Feb Mar Feb Oct June 68 72 62 Oct 200 Oct Sept 19 Oct 25 Dec 105* 200 260 13* 6 12 250 see page Sept 13* 13* National Tea 53* % pref. 10 National Transit 12.60 Jan 900 For footnotes 3* * National Steel Car Ltd * National Sugar Refining..* Mar Nov IX * Oct Nehl 40 X 343* Moody Investors pref Moore Corp Ltd com Class A 7% pref 33* Jan IX Montreal Lt Ht A Pow 2,200 45 K IX Montgomery Ward A 53* 45 100 Monarch Machine Tool..* Monogram Pictures com.l Monroe Loan Soo A 1 Montana Dakota Utll 10 53* 93* 1263* 1143* 38X Mid-West Abrasive Dec Nebraska Pow 7% pref-100 6,000 Midwest Oil Co 10 Midwest Piping A Sup.. » Mining Corp of Can 33* Jan 8X * 300 600 1 .... 43* 100 75* Mldvale Co 913* 123* 4 X 83* conv Oct 8,300 1,500 ...* t o 55 10 x 100 Long Island Ltg— v 300 100 600 Class B 63 300 ""300 Midland Oil 47 623* 3* 23* 10?* 10 3* Preferred Dec 133* 123* Middle States Petrol— Class A v t c Oct 173* 3* "2" Participating 23* 900 133* 115* Memphis Nat Gas com 5 Memphis P A L *7 pref__ 200 9X » Mead Johnson & Co Oct 1,500 * Nov 133* 193* 133* 143* 3 1 Oct 18 45 203* Nebel (Oscar) Co Upton (ThosJ)clA 1 6% preferred .....26 May Hosiery Mills lnc $4 preferred w w McCord Rad A Mfg B.._* McWilliams Dredging...* 12 Oct Oct 19 23* 20 Navarro Oil Co Ut Brothers Master Electric Co 14 23 Oct 63* 800 8 Jan 25 3* 15 73* 7% Jan 233* 100 July 83* 35 52 X 12 X Common....... 7% preferred 6% pref class B ""500 7 113* 9X 43* Lone Star Gas Corp "Hk "llx Dec 3* 01% ♦ ..6 143* 33* 103* "4,700 62 .; Develop...26 Locke Steel Chain Lockheed Aircraft ""x "I"" 1113* 123* 213* 783* 593* 93* Le Tourneau (R G) Ino..1 Line Material Co com 93* Oct 963* IX 2% Preferred • Dec 4 89 6 9 102 3* Langdendorf Un Bak A...* Lefcourt Realty com 1 Lion Oil Refining Dec 5 Oct 30 Klelnertd B)RubberCo_10 Oil Conv part preferred Dec 8 Nat'l Tunnel A Mines Nat Union Radio Corp Feb 27X 4 Klein (D Emll) Co com..* Leonard 10 Jan 5% 9% X 30 Klrkl'd Lake G M Co Ltd.l Lehigh Coal A Nav 1,000 700 7 14 Nov 200 1 L&key Foundry A Mach..l Lane Bryant 7% pref.. 100 1553* 283* 133* Oct 105 10 ox nx 1 Lackawanna RR (N J). 100 Lake Shores Mines Ltd 123* 3 Dec Feb IX 27 X 100 Knott Corp common 1 Koppers Co 6% pre!...100 Kress (S H) & Co 10 Kreuger Brewing Co 1 65* Dec Dec X 25* 183* Nov 1 Kings Co Ltg 7% pref B100 6% preferred D Kingston Products... Klrby Petroleum 103* ox * com 7X 73* 100 300 Oct 81 60 2X A * Breweries 12X National Refining Co...25 Nat Rubber Mach Nat Service common Jan Nov X 10 Oct 72 Kansas G A E 7% pref. 100 Kingsbury 13 123 X X 93* pref 50 National Container (Del).l National Fuel Gas • National OH Products 4 National P A L 36 pref...* Mar Nov 63 X Jones A Laughlin Steel. 100 Ken-Rad Tube A Lamp Oct Oct 4X IX 1,900 23* 63*% preferred 100 6% preferred.. 100 7% preferred 100 Jonas A Naumburg.._2.60 6 5 43* 43* conv Nat Mfg A Stores Feb Jersey Central Pow A Lt— Kennedy's lnc Dec 51~6(K) X 1 Jeannette Glass Co 1 5 . S3 Mar Isotta Franschlnl Co— Amer dep rets 20 Lire Italian Superpower A.—* National Candy Co com. * National City Unes com.l July 423* 24J* Oct 5 8 900 "63* "93* 8% 1 com High Oct 1,100 2 National Baking Co com.l 7 Dec 100 Aug Low IX 33* IX IX 1 com 5* 73* Oct 600 Iron Fireman Mfg v t c—10 —.1 Dec Oct ; X Vitamin—1 Interstate Home Equip..1 Interstate Hosiery Mills..* Jacobs (F L) Co Nat Auto Fibre Nat Bellas Hess 1 Investors Royalty Murray Ohio Mfg Co * Muskegon Piston Ring.2 3* Nachman-Sprlngfllled.. Jan Range for Year 1937 for Week Shares Mountain Sts Tel A Tel 100 Mar Oct Nov 11.76 Preferred.......* International Sept Dec 23 X 31 % X of Prices High Low Mountain States Power..* 2 X 9 IX 6,500 Razor B-* International Utility Class A * Price Moore (Tom) Distillery. Mtge Bk of Col Am shs... Mountain City Cop com 6c Mountain Producers 10 39X Oct 4~200 30% Internat Safety Class B Feb ~~2H ~~3~X * Registered International Product*—* Oct Week's Range Sale Par High 9H H purch warr Internat Radio Corp.——1 Last (Continued) Low 100 163* STOCKS Week Shares 20X 60 A 8lock Jan. IS, 1938 Sales I Friday 203* Internat Holding A Inv..* Intermit Hydro-Eleo— Pref S3.60 series Exchange—Continued—Page 3 Sales Friday 703* 733* 733* 723* 753* 300 225 Sept 62 Oct 95 Nov 151 Oct 37 583* 25 Feb Feb Feb Feb Volume Sale Par Pharls Tire A Rubber of Prices Sioux 3X l 354 1H Solar Sonotone Corp Boss Mfg com 2,900 3,000 254 354 4,000 1954 100 'l554 1954 1254 154 ""§54 354 Phoenix Securities— Conv pref series A Pierce Governor com 10 Plnee .1 * Pioneer Gold Mines Ltd-.l x\ 954 4254 2754 11054 16 Hi 1.200 654 654 Pitts Bessemer A L ERR 60 Pittsburgh Forgings 1 Pittsburgh A Lake Erie. 60 Pittsburgh Metallurgical 10 Pittsburgh Plate Glass..25 Pleasant Valley Wine Co.l Plough Inc * Polaris Mining Co 25c Potrero Sugar com 5 Powdrell A Alexander 87 54 Ja A] Ft M) Jims 14754 2,400 154 Feb 300 854 200 1,300 1 100 6H 300 AX Oct 1 2X 2X 3X 400 300 100 6% „ 7% preferred * 2854 16 preferred * Pub Serv of Nor HI oom__* Common 1654 Oct Jan 16541 Oct Mar Standard Products Oct Jan Oct Feb Oct Jan Quaker Oats com 0% preferred Quebec Power Co 16 X 754 6X 7X 38 X .Jan IX Jan 53 conv preferred 50c 254 4X 1,200 Reed Roller Bit Co • 24 X Feb "IOO » 1,000 com Reeves (Daniel) com Relter-Foster OU.. X X Mar Feb Apr Mar Jan "ioo 1 Reybarn Co Inc Sept l'ioo Reliance Elec A Engln'g Feb 3.600 Reynolds Investing Rice 8 tlx Dry Goods Mar 1,400 * Feb 600 Richmond Radiator Rio Grande Valley Gas Co- Amer dep rets ord reg.£l 354 l",566 «!• 354 "l~x "266 Russeks Fifth Ave "766 5% 7X 100 52 conv pref A... St Regis Paper com 60 ...6 7% preferred ....100 Samson United Corp com.l Sanford MUls Apr Dec 550 900 3 i 8covUl 28X Manufacturing..25 * Securities Corp general Seeman Bros Inc 54% May 4 16 Selby Shoe Co Selected Industries Inc— X Singer Mfg Co Ltd— Amer dep rec ord reg.£l ""760 12 X 1,650 254 7,000 4H £8 104 • 1054 9,300 100 Dec Nov Nov 243 5X\ United Gas Corp com pref non-voting.* AX Apr Apr Oct 17 Feb Jan 119 Aug 354 2654 Dec 165* Nov 41 Nov 54 54 Oct Jan 5 Mar 34 Aug 654 7754 Feb Oct July Nov 2 Oct 9 Dec 654 7541 OX 54 7% % Nov Apr 2 Oct 1454 154 11% ~~2% 7 2% 254 54 Dec 55* 13% 3 15 100 6X 100 12 14 2,500 Oct 98 '"354| • • • 54 100 19,900 97 IX 77 100 *26~ "7,900 "4X ""554 54 5 3 4X 2354 1754 Oct Oct Dec "54 '"*f« 98 Deo Oct Mar 200 Oct Oct 2,000 Oct Dec 354 454 2654 3,000 7,400 1,300 8,200 1854 100 Nov 154 77 Oct Oct Oct May Am dep rets ord reg.. 654 654 Jan 654 230 Oct 230 1 Canal 100 United Profit Sharing....' United N J RR A 1 Preferred United Shipyards cl A 35 United Shoe Mach Preferred .18 370 6H 254 1541 com.25 25 United Specialties com... U S Foil Co class B_ 254 154 254 2,000 154 1,400 375 70 76 7754 3954 054 3954 554 39 54 100 654 1,000 654 1,800 654 6 Feb Apr Jan 954 May 315* Feb T, 500 13% "l5 Jan Oct 600 254 Jan 454 July Oct 100 254 1054 00 Dec 2.500 3% Jan Mar Oct 200 35 25* Jan Sept Oct 5,100 9 35 2% n™ Jan Oct 1,600 4,400 1,800 1054 112 Oct »n 100 Jan Deo Oct 454 95 X Feb 2 535* 90 3 "w Oct 14 53% X Feb Mar 98 92 254 1541 Class B Nov 5X 40 53 preferred Dec 5X\ 400 United Molasses Co— Sept 240 * 1 United Elastic Corp United Milk Products Nov 2X\ 16X 3 • 56 1st preferred Nov 5X Feb 100 Common class B Oct IX Jan 225* 3254 6% United Lt A Pow com A Oct 1,200 6X\ 800 Transport United G A E 7% pref. Oct 5% 3% 1 "l3X\ Option warrants Oct 8754 60 Oct 3 Dec Dec 20 200 Un Cigar-Whelen Sts__10c United Corp warrants 100 84 8% 500 Oct Simmons-Broad man Pub— Simplicity Pattern com... Singer Mfg Co 100 "4% 9,200 '"l'x "l'x 20 20 354 Dec Shreveport El Dorado Pipe Line stamped 25 Conv pref Simmons Hard're A Paint * Aircraft Warrants 1st 57 5% cum pref ser AAA 100 Sherwln Williams of Can.* 811 ex Co com United Jan 87 5% 101 12 54 Dec Shawlnlgan Wat A Pow__* Bherwln-Williams com..25 Dec $ Jan 31 800 11,700 3,900 354 56 X 9 IX 19X 1054 50 X 254 Oct 300 354 Allotment certificates... " X 600 1054 Dec Seversky Aircraft Corp 1 Shattuck Denn Mining..6 3,400 United Chemicals com.. Dec 100 5X 29X Dec IX 8X X Oct Dec 2 Mar 54 200 115 1. 58 X ,54 100 4X com. Union Premier Foods Sts 854 Seton Leather com 25 ....2 10 Union Stockyards Feb 28 Union Oil of Calif deb its.. 58 X £1 1 1 5,000 7 53 cum A part pref 1 3X 10X 1 Union Gas of Canada 5 Convertible Stock Sentry Safety Control Serrlck Corp clB 1 Union Investment Oct Feb Oct • Dec 26 Common Selfrldge Prov Stores— Amer dep rec 10 5% preferred Feb 1054 654 Sept 92 Dec Oct Selberllng Rubber com...* 900 36 16% 1 Dec 6 Dec 55* 335* 1 53 Nov 1 654 Feb Mar 654 27% 13 300 9 5X £1 £1 Dec • Segal Lock A H'ware 1,025 1 Trust—| Sept it 8% 3 Dec IX Oct 65 8O0 dlv preferred Ulen A Co 7% % pref 7X Oct 8X Tung-Sol Lamp Works...1 ( 18X ..* Oct 10% Unexcelled Mfg Co Warrants Mar 2 4X Tublze ChatUlon Corp Class A Scranton Spring Brook Water Service pref 1554 1354 96 Truns Pork Stores Oct Scullln Steel Co com Oct 3 101 [ 29541 Scran ton Elec 50 pref. Scranton Lace Co com Sept 454 18 5X Oct i 13% 40 200 4X 29X 19X Mines....! Dec 1X\ 15 Oct Oct 2,400 1,200 X IX common. I 15 Feb 3 554 Trl-Contlnental warrants. Oct Feb 107 30 200 3% 111 114 com.. Transwestern OU Co Oct Dec "l'x 5 Schlff Co common. Feb 4% 8X 4541 Common Jan 56 X Feb 215* July Trans Lux Plct Screen- Nov • com Savoy OU Co 55.50 prior stock Taggart Corp com Tampa Electric Co Rights Am dep rets ord reg Am dep rets def reg Todd Shipyards Corp. Nov 1 Feb Nov 44 7% preferred A 1001 Tonopah Belmont Devel.l Tonopah Mining of Nev.l 11,900 Mar 10 93 7X 3 Oct 3X 4% 36 53.30 class A partlclpat. Swan Finch OU Corp... 15 Swiss Am Elec pref 100 Teck-Hughes 25 Oct Feb X 10 8%\ Dec 3X Dec 900 Oct IX 1,100 , Dec 7X 3",300 50 2% 3 Toledo Edison 6% pref. 100 Safety Car Heat A Lt ...* St. Anthony Gold Mines. 1 St. Lawrence Corp Ltd...* Oct 6 100 7X 4% 7X\ IX Ryereon A Haynes com_.l *11 100 8 "3% Ryan Consol Petrol 900 3X 3% 654% conv pref.I"_.60 Superior Ptld Cement B Tobacco Securities Dec 52.50 conv pref X 9X 107 Tobacco Prod Exports.^. Oct Dec 3 Tobacco and Allied Stocks* Nov Oct •5 1,000 93 Tllo Roofing Ino Oct 2,800 Oct Oct 8 Tlshman Realty A Const. Oct 42 X 1 1654 Thew Shovel Co com "m 254 Rustless Iron A Steel... 400 3% Tenn El Pow 7% 1st pf-100 Texas P A L 7% pref... 100 Oct X V,600 IX 3% Texon OU A Land Co 48 X Royal Typewriter. IX 6X X 9X Sunray Drug Co. Sunray Oil Dec Sept RotaUte OU Co Ltd IX IX X Stroock (S) A Co Sullivan Machinery... July Dec 51.20 conv pref Rossia International Oct 22 20 Oct Root Petroleum Co Oct 100 17X 20 X 13 2d preferred Oct 400 Oct 10 17X Wholesale Phosp A Acid Works com 20 Technicolor Inc June Rome Cable Corp com..." Roosevelt Field Ino._ Oct 8 "966 50 Standard 15 300 13 13 Rolls Royce Ltd— Dec 5 112 054% pf-100 Roeser A Pendleton Inc.." 954 1454 Tasty east Inc class A... Taylor Distilling Co 10454 Rochester G A E 0 % pf D100 Rochester Tel Oct 400 1,500 18 2054 l July Feb % 600 X Voting trust ctfs__ 9 14X Stetson (J B) Co com....* Stlnnee (Hugo) Corp Is Mar Red Bank OU Co Raytheon Mfg 14 3 Standard SUver Lead I Standard Steel Spring Standard Tube cl B... Feb 200 Oct Oct 13 1 Mar % 300 14 14 14 14X Sterling Aluminum Prod.l Sterling Brewers Ino 1 Sterling Inc * Jan 400 Raymond Concrete Pile— 14 100 16 6M% preferred 100 Sterchl Bros Stores _.._._* 1st preferred ..1.50 Jan Rainbow Luminous Prod Common Col Jan 2554 •] 17 Sept 20 Jan Railway A UtU Invest A. Class B Oct Dec '8 400 Stein (A) A Co common 138X X 44 17 v t o.l Steel Co of Canada ord * Jan 28% * Nov 200 4X 44 * Feb Ry. A Light Secur com Class A Oct 20 4X * __» Starrett (The) Corp 10054 138 X 35 X Oct X May Jan 1054 100 Oct 2,400 2,000 Dec 37X 150 33 1554 "ioo" IX 6X 654 124% 32 7 200 3754 llx 32 54 - Oct H 100 2 X 6 905* 60% 20 15 54 preferred $0 preferred 3 4% 2X Common class B Preferred Puget Sound P A L— 15 Oct Dec Line"50 16 • Puget Sound Pulp A Tim.* Pyrene Manufacturing.. 10 Nov July 454 25 South Penn OU 29 ...60 |Pub UtU Secur 17 pt pf Nov 1 148 100 10 Southern Union Gas.... Southland Royalty Co 25 X 1554 25 % 23 X 100 South New Engl Tel Southern Pipe Line 1454 100 preferred Public Service of Indiana— 17 prior pref 800 65 Standard OU (Ohio) com 25 5% preferred 100 Standard Pow A Lt 1 26X1 26 X Dec Sept 300 27X 25% 27% 25X 25 25 .. Prudential Investors. $6 preferred. Pub Ser of Col 7% 1st pf 100 2X 33% Conv preferred 10 Standard Dredging Corp— 51.00 conv preferred..20 Standard Invest 55K pref* Standard OU (Ky) 10 Standard Oil (Neb)..."25 1,800 1 • Providence Gas. 6 * Standard Cap A Seal 00m. 1 8,200 Prosperity Co class B 6 5%% pref series C Spencer Shoe Corp Stalil-Meyer Inc com Standard Brewing Co 1,900 Pressed Metals of Amer..* Producers Corp Oct Am dep rets ord reg__£l Am dep rets ord bearer £1 Pratt A Lambert Co. Premier Gold Mining IX Spanish A Gen Corp— * 454 1,200 1 80 West Pa Pipe 1,100 5 Power Corp of Can com. 1,400 9 Oct 2% IX Southern Colo Pow cl A. 25 100 6 IX IX 6% preferred B 150 * Oct 200 5% original preferred.25 „ Pltney-Bowes Postage . July 16 2x IX Mfg Co South Coast Corp com Southern Calif Edison— 1,500 is a Apr 2 • 1 Mill High Low 98 * 100 3 54 4 3H Price Week City G AE 7% pf 100 Smith (H) Paper 1554 • Winter-front.. Shares 34 Phlla El Power 8% pref.25 Common for of Prices Low High Skinner Organ com 20 liej* ♦ Phllllpe Packing Co.. Week's Ranoe Sale Par SH 11 Philadelphia Co com Phlla Elec Co S5 pref Last High Low High I Low Price Range for Year 1937 STOCKS (Continued) 19.37 Range for Year WeeVs Range | Last (Continued) Sales Friday Friday \ STOCKS Meter 415 New York Curb Exchange—Continued—Page 4 146 New York Curb 416 Sales Friday STOCKS Last Week's Range Sale of Prices Low High Week POT Price U 8 and Int'l Securltles. IX lst pref with warr U 8 Lines pref U 8 Flaying Card U 8 Radiator * • — - 65 55 1 22X Wall • Oct Oct 16 Oct 14 200 June 30 Oct I ~3X Jan IX Commonwealth Feb 4%3 series C...1956 1st 4%s series D 1957 Nov Oct 8% 22% Oct 19 Jan Oct 35% Feb Com'wealth 8ubsld 5%s *48 Oct *2% Sept Dec 80% 4% Community Pr A Lt 6s.'57 Community P 8 5e...l960 Apr 34 Dec 2 375 IX 6 Dec Dec 40% 500 *u 1,900 Oct Oct 200 17X ,* Sept 200 2 11% Oct 89% 2 6% 1% 3% 28% 10% 1st M 4* series F Jan Jan "fx Jan (Balt 3%sser N... 1971 Consol Gas (Bait City)— Jan Jan 5s Feb 6s Jan 800 2 Feb Cont'l Gas A El 56...1958 200 24 Dec 73 Feb 400 12% Dec 33 Apr IX IX 9% 3% Dec 2,100 % Oct 72% 6% Oct ""500 "ok "fx 100 Feb Jan Delaware El Pow 5%s.l959 Denver Gas A Elec 6s. 1949 Det City Gas 6s Jan 18% Feb Oct 10 Jan 23 Aug preferred 100 Wahl (The) Co common. • 83 Dec 98 Aug 1 Oct Waltt A Bond class A...* Class B 6 Oct 4% 11% 2% 3 3X 900 ux 10X 400 7% X X 100 IX IX IX Nov 1% 1,300 % "is 6 Oct "fx "fx ""200 ~~2~x "fx T300 Oct Oct i" Oct 1 Went worth Mfg 1.26 Western Air Express. 1 West Cartridge 6% pf.100 2X 3X 2 Oct 2% 1,400 4% Oct 101 Feb 8 Dec Co...20 Western Maryland Ry— 1st preferred 75 100 Western Tab A Stat Westmoreland Coal Co.. West N J A Seashore RR 60 West Texas Utll $6 pref..* West Va Coal A Coke 20 70% 2X 1 2X 70% 10 2X 600 7% 650 3% 100 X 300 6 3% §WU-low Cafeterias Inc._l Conv preferred.. Wilson-Jones Co * 10 Wlllson Products... % X 1 * Wolverine Tube 6X 6% Oct 15% 6% preferred £1 Wright Hargreavee Ltd..* Youngstown Steel Door..* 6 7% 7X 20 "Ik 6 7% 12,500 20% 700 IX 2% 2,500 5% 14% Ll% Oct Apr Oct Nov Oct 1st A ref 68.. 1st A ref 6s 1968 1967 *99 97 X Aluminium Ltd debt 6sl948 Amer G A El debt 5a__2028 Am Pow A Lt deb 6s..2016 Amer Radiator 4%s._1947 Arkansas Pr A Lt 5s_.l«5fl Associated Elec 4%s._1953 Associated Gas A El Co— Conv deb 5%s 1938 Conv deb 4%s C...1948 Mar June Firestone Tire A Rub 5s '42 First Bohemian Glass 7s '57 Florida Power A Lt 5s. 1954 Jan Georgia Power ref 6s. .1967 Georgia Pow A Lt 5e__1978 Apr ♦Gesfurel 6s 8% 30% Jan Glen Alden Coal 4s._.1965 Sept Gobel Mar Grand Trunk West 4s. 1950 Gt Nor Pow 58 stpd.,1950 Oct 78% Oct 105% 99% Jan 71 Oct Apr 107% June Oct 108% June 40,000 104 Tffx 80 106% 108% 81 77% *106 87 92,000 106% 68 103% "7~,000 90 104% 104% 107% 107% 24,000 12,000 81 103% 105% Apr Jan Jan "~95 39% 31X 5%s 1977 Assoc T A T deb 6%s.A'55 Atlanta Gas Lt 4%a_l956 ~79X 3% Dec 2.000 1 Dec % 78% 103 55% Mar May Oct 107 Oct 110% June 119% Jan 100 20,000 98 Oct 95 106.000 89 Oct 41% 60,000 28 Oct 67% Jan 29 34% 33,000 33 75 *94% 85% 55 Oct 23% 20% 22% Oct Oct 61 Jan Oct 22 Oct 66% 65% Jan 55,000 1,000 32% Oct 69 70 69 95 92% 73% 151,000 113% 113% 119% 120% i960 *121 Jan 103 Dec 62 Dec 93% Jan 1,000 101% Jan Deo 46,000 105% 105% 118,000 102% Oct 104% 105% 103% Aug Sept 45,000 72 Oct 100% Jan 101% 104% 102% 101% 101% 104% 99% Jan 103 84 86% 9,000 82 Oct 104% 43,000 99 Sept 4,000 96 Oct 14,000 1,000 96 Sept 74 Dec 1,000 9,000 82 Dec 68% 70% 72% Oct 83% 104 87 72 72 86 72 "74" 86 72 74 63 "71% 60% 91 75 75 77 78 87 75 88 63 68 *31% 70% 58% 90% Oct Dec 91% 105% Feb Jan 1956 1981 Cent States PAL 5%s '63 Chio Dlst Elec Gen 4%s'70 1961 114% Mar 125 Jan Oct 145 Jan 99 Jan 29,000 9,000 87 11,000 92 98% *91% 93% Cent Ohio Lt A Pr 5s..1950 ex-warrants...1954 Jan 68 93 128 73% 56 83% Oct Dec Dec 4,000 101 13,000 31,000 4,000 102 Oct 91 Sept *100% 101% 92 1968 Cent Power 5s ser D..1957 Cent Pow A Lt 1st 5s. 1956 Cent States Elec 5s... 1948 Jan 124 i9~66o Central 111 Public Service— 4%s series H 115% 62 115 Nov Mar 85 115 74 Mar 121% 103% 103% 107% 108% 98 95% Nov 113 130 130 59 110 84% 103% 108% Carolina Pr A Lt 6s... 1966 Cedar Rapids M A P 6s '63 ser F.1967 ser 36,000 35,000 Mar 111% Feb 99% 86% 95 88% 101% 104% 114% 105% Jan Jan Aug Jan Jan Oct Oct 113% Dec 6%s series 1947 B *17 Jan Jan Jan Jan Jan Mar Jan Oct 105% Jan Oct *88 Jan Mar Oct 54% Dec 91 15,000 88 106% "63% "i'ooo Jan Jan 74 60 Nov Jan 31% 89% 89% Dec Jan Feb 105 Jan 107% 94% Deo 67 Dec 8,000 43 Oct 62 Jan 37% 11,000 28 Oct 75% Jan "85% "moo 102 Apr 107 78 Nov 23 Jan 102% 37% 20% Mar 10,000 81 Dec 3,000 97 Dec 95% Nov 25 "5,006 97% 100 94% 23,000 87 4,000 Oct 60% Dec 63 25 62% 62% *60% 64 107% 108 83 "90% 97 15.000 92 107% 99% 77 Oct 2L 000 *22% 30 86 83% 102% 102% *98% 100 86% '107% 1957 - Indiana Service 5s 1950 1st Hen A ref 5s Dec 106 Jan Oct Feb Sept 27% Aug 104% Feb 105% Sept 103% June 33% Apr 88% Feb 86% Feb Jan 108 Aug 84% 83% Oct 106% Feb Oct 106% Jan 91% 131,000 79 Oct 85% 74 Oct 104% 99% Jan Ind'polls P L 5s 81 34,000 18,000 Jan 89 81 107% 107% 111% 111% 30^000 82 Oct 105 85% 21,000 93% 78 Oct 106% 70 Oct 2,000 106% Aug 11,000 11,000 77 X 105% Mar 1,000 109% Feb 108% 101 107% 111% 58 16,000 6,000 45 57% 48 Cct 78 Jan 64% 4,000 43 Dec 82% Jan 105% 106% 29,000 Mar 106% Apr 53 58 103% 53 53 1,000 52 1957 60 60 1,000 63 *57 64 53% Oct Oct Oct 79% 77 Jan 83% Feb 81 Feb Mar 109 May 107% 46400 105 46 44% 46% 144,000 32 Oct Debenture 6s 1952 Interstate PubUc Service— 27% 26% 27% 29,000 18 Oct 76% 69% 70 73 62 Oct 96 66% 96% 69% 15,000 31,000 16,000 92 June 8,000 1,000 92 104% July Apr 8,000 98% Nov 4,000 54 Oct 71 Oct 4% s series ...1956 F 5s series B 1958 ...1961 Cct 2~6oo 88 Oct Oct 96 i02% 95% 96 106% 106% 102% 102% 58% Oct Jan Jan Jan 88% 104% 104% Feb 106% Dec 105% 79% Feb Jan Feb Jan Jacksonville Gas 5s... 1942 63 96% 107% 107% Jan Nov International Salt 5S..1961 Interstate Power 5e...l957 Iowa-Neb LAP 5S...1957 Jan Dec 49% 1952 D Dec June "57" International Power Sec— 6%s series C 1955 5s series Jan Jan Jan "64% 106 7s series E 7s series F Dec 99 57 A. 1957 ser 74% 108% 108% 1963 5s A 1952 85 *91 Indiana Gen Serv 5e._1948 Indiana Hydro Elec 6s 1958 Indiana A Mich Elec 5s.'55 2,000 87% ~ 89% 73,000 73 41 Oct 41 44% 46 12,000 14,000 16,000 31 39 105% 106 105% 107 14,000 31 33 60 "42"" Stamped Oct 39% 1947 3,000 103% 104% Apr Mar 5,000 91% Dec 100 Jan 1st mtge 5s ser H...1961 Kansas Power 5s 60 80 42 15", 000 80 Feb Feb 32% Oct 71 36% 4,000 35 Oct 66% Jan 105% 105% 4,000 103 Mar 105% 105% Apr Lt—^ 4%s series C -.1961 Kansas Elec Pow 3% s. 1966 Kansas Gas A Elec 6S.2022 Oct Oct *77 41% 36% Jersey Central Pow A 58 series B 60 105% 103 103 105 98 98% *114% 117 100 1947 100 29,000 5,000 99 Oct 93% June 110% Nov 99 Jan Dec 121% 104% Jan Jan "i",66o 98 Nov 9,000 65 Oct 93 Oct 99% 107% 85 Oct 103% Jan Oct 99% Jan Jan Kentucky UtlUtiee Co— 92% 95 1940 *106% 105% Nov 110 Jan 6%s series D 5%s series F 1927 Cincinnati St Ry 5%s A '62 49% 51% 9,000 39% Dec 84 Jan 5s series I 86 86 1,000 86 Dec 90 101% Feb 90 1,000 87 Dec 105% Jan {♦Chlo Rys 5e ctfs ..... 1955 81 "75% 93% 94 41 44% 96 Jan 63 *32 1951 68% 99% 41 107 Mar 105% June 58 21% "71% *106 1953 5s series C Isarco Hydro Elec 7s. 1952 Isotta Fraschinl 7s 1942 Italian Superpower 6s. 1963 89% ...... Mar Electric Corp— Iowa Pow A Lt 4%s..l958 Iowa Pub Serv 5s 1957 Oct 88 Chicago A Illinois Midland Ry 4%s A 1956 Chic Jet Ry A Union Stock page C...1956 1,000 9,000 85,000 14,000 *107% 5%s...May 1957 Indiana T 8,000 60 Broad River Pow 5s. .1954 6s series G 1st A ref 5s 8 f deb 83% May 62% Jan 4,000 81% 130 Birmingham Elec 4%s 1968 Birmingham Gas 6s... 1959 Canada Northern Pr 6s.'63 ♦Canadian Pao Ry 6s. 1942 III Northern Utll 5s... 1957 111 Pow A Lt 1st 6s ser A '53 1st A ref 5%s ser B.1954 Jan 35,000 36% 80% Jan 16,000 101% 101% 101% 101% 104% ...1949 ♦Indianapolis Gas 71X 1st M 5s series A...1955 1st M 5s series B...1957 Bethlehem Steel 6s...1998 6s series B Jan 39 32% 31% 36% Jan Jan 96% 93 Heller (W E) 4s w w.,1946 Houston Gulf Gas 6s.. 1943 Jan 93% 102% 104% 40,000 2,000 54,000 109 10,000 103 103 Hygrade Food 6s A...1949 Mar 76 Dec 102% 102% 6%s with warrants. 1943 ♦Hungarian Ital Bk 7%s'63 109 64% Dec 100% Mar Oct 57% 102% May Jan Jan Mar Mar 71% 68% ♦Hamburg Elec 7s... 1935 ♦Hamburg El Underground A St Ry 5% s 1938 Jan 3,000 66 64 13% 12% 4% 4% 95% 73% 108% 36% Nov 112 28 % 12,000 75% 79% 110,000 107% 107% 64,000 67% 71% 135,000 104% 104% 1,000 Guardian Investors 5s. 1948 Hackensack Water 6s. 1977 Hall Print 6s stpd 1947 106% Works— Convertible 6s 1950 Bell Telep of Canada— see 3,000 1% % 55 106% 108% 112 64% 75X 32 X For footnotes 4 53 6s series A 1949 - 3% 63% Oct 100 112 i960 6s series B 71 1953 (Adolf) 4%s._.1941 Jan Dec Oct Oct 1% % 79 107% Deb gold 6s. June 15 1941 Deb 68 8erle8 B 1941 23% 6% 86 102 4 17,000 Gary Electric A Gas— Jan Jan 4,000 2,000 Oct 97% 5 3% 1% Banks 6s-5s stpd._.1961 Firestone Cot Mills 5s. 1948 General Bronze 6s 1940 General Pub Serv 5s.. 1953 Gen Pub Utll 6%s A. 1956 ♦General Rayon 6s A. 1948 Gen Wat Wks A El 5s. 1943 95 97 46,000 4% .1967 Federal Water Serv 5%s '54 Finland Residential Mtge 10 Jan 107 107 1968 Yards 6s 1953 5b ex-warr stamped. 1944 Gatlneau Power let 5s. 1956 Jan 42,000 53,000 99 20,000 Elec Mfg— Jan Jan May 16% May 104% Jan Jan 108% 79 Debenture 5s 6sserle8B 104% 105 101% 102% 106 Feb 105 84 Conv deb 6%s 102% 1.000 Oct Oct 90% Conv deb 5a 4%s 109 54 Oct 78% "28 k 1st A ref 109 2,000 6% s series A Erie Lighting 5s 87 82% Ark-Loulslana Gas 4s. 1951 6e series E 109 105% Jan 109% Mar 107% Apr 106% May 55% 55% 104% 105 Ercoie Marelil 97 78X '167k 6s series C Oct Jan Mar $30,000 10,000 83 Appalachian Power 6s. 1941 Locom 98% Oct Jan 92 "~90" Baldwin 17,000 93% 102 90 Amer Seating 6s stp..l946 Appalachian El Pr 6s. 1956 2024 102 97% 89% 1956 let A ref 4%s 103% Guantanamo A West 6s.'58 1942 Alabama Power Co— 1st A ref 68 1946 1st A ref 6s 1961 Conv deb 102 Grocery Store Prod 6s. 1945 Abbott's Dairy 6s Debenture 6a Oct Oct BONDS 4%s 52 65 1% 9% 4% "5",000 20,000 24 12% Oct 54% 54% 78% Dec 6 Oct 76 Empire Oil A Ref 5%s. 1942 Jan Oct 4% Jan Nov 99% Feb Oct 300 Wood ley Petroleum 1 Wool worth (F W) Ltd— Amer dep rets.. 6c Yukon Gold Co Jan 2 700 July 80 60% 92 98% 115 Feb 2,200 0% 2 com 3X 7X 101 79% 80% 101,000 6,000 101% 102 *96 Jan 103% July 61 2% 5X Mar Jan July 104% 9% 6 Winnipeg Electric cl B.._* Wise Pr A Lt 7% pref. 100 Wolverine Portl Cement. 10 93% 98% 104% Dec 12% Nov Oct Dec Oct 10 60 84 Oct Dec Jan 100 2 Dec Feb 109% 125% iij'ooo 95% 5% Nov 104% 118 21,000 Apr July Apr 90 Apr Mar Mar X 65% 98% 105 88 62 *!• 7,000 *101% Aug 8% 25,000 1950 Feb 100 103% 104% 64 Jan Jan Jan 1962 June 400 90% 101 130 El Paso Elec 5s A 9 1 10.000 Empire Dlst El 5s 117 10 1 10 Edison EI 111 (Bost) 3%s '65 Elec Power A Light 5s. 2030 Elmlra Wat Lt A RR 5s '56 Apr 4 Williams OIl-O-Mat Ht—* 10,000 13,000 Mar *32 14 48.000 Mar Oct Oct Dec , 74% 1% 6% • Jan Oct 60 Aug 1 1952 ♦Certificates of deposit ♦Deb 7s Aug 1 1952 ♦Certificates of deposit Eastern Gas A Fuel 4s. 1956 Feb Nov 8% 80 A. 1947 1950 65 113% Dec 113% Sept 112% July 112% Dec 108% Dec 107% Dec 104% June 19,000 ♦6% s Aug Apr July 76 19 * Weyenberg Shoe Mfg Williams (R C) A Co 75 ser 5s 1st series B Jan 5 Jan Detroit Internat Bridge— Jan 9% 10% 13% 7% 13% 102% 21% Nov 6 Bros-Brower_.l 64% Crucible Steel 5s 1940 Cuban Telephone 7% 8 1941 Cuban Tobacco 5s 1944 Oct Dec 7% 1954 3 107% 108% 106% 106% 103% 103% 6,000 4,000 105% 106% *120% 125 104% A stamped...1943 ser 6,000 94% 96% 1127 128% ...1939 Gen mtge 4%s Cod°oI Gas Utll Co— Jan Mar 112% 112% 112% 112% 1112 % 113% til I % 113% 63 65 Conn Light A Pow 7s A.'51 Consol Gas El Lt A Power- 16 3 1 107% 1965 37 IX • Grocery 1981 3%s series II 2X 3 * 112% 1st Apr 3.000 102 Edison— 3% 11 Western Dec 143* Va Pub Serv 7% pref.. 100 Vogt Manufacturing * Wellington Oil Co 70 35 X Venezuela Mex Oil Co .10 Venezuelan Petroleum.. Welsbaum 46% June 1% 9% 200 2% IX X *2% ..1 $6 conv pref .5 Van Norman Mach Tool. 6 Walker Mining Co Wayne Knit Mills 77 2^400 44 4** 17 100 t c 70 ""500 Dec 2 101 1954 43 1 v Jan 77 1953 2X 2X 44 7 Waco Aircraft Co 80 July common Wagner Baking Oct 18 1% • • 7% preferred Valspar Corp com Oct 36 Oct 125 Apr Oct 36% 33,000 1st M 5s series A 43 104% 79% 92 52,000 1st M 5e series B 38 Jan 55% Jan 1 Jan 103 55% Feb 2,200 83 Oct 54% 6 IX Jan Oct 54 Oct IX 42 88 82 54% Dec 1% Oct 54% 1% ~~3~X ~~3% High 45 5%s 1949 Commerz A Prlvat 5%s'37 Jan A Oct Low 1,000 60% 271,000 15,000 98% 63% Pipe 1943 1,200 200 Range for Year 1937 Shares 5%s. 1952 2,400 Utility A Ind Corp com...6 B Gas X "ok "8 Utah-Idaho Sugar 5 Utab Pow A Lt $7 pref—♦ Utah Radio Products * preferred Service Cities Serv PAL IX • Utility Equities Corp Priority stock 97 12% 1 Products 57% 97 2X 8 Universal 58% 8 .1 Universal Pictures com .1950 Line 68.. Mar X 63% 4i« 2% Universal Corp v t o Insurance Cities Mar IX 63% Cities Service Gas 5%s.'42 Feb 2% 1% 18% 1% 4% Week 1966 IX 2X 60c Universal Class 34% 900 1,000 10 fUtll Pow A Lt Mar 3X 4% Paper......2 Universal Consol (111 Service 5s. Conv deb 5s Jan 4% 3X • Exten 93% Oct 60 Nov *i« $7 conv 1st pref United Stores v tc Verde <7* 400 Cities Mar 3 Oct for of Prices Low High Price High 3% U 8 Stores Corp com... United Low 2X 3% U 8 Rubber Reclaiming..* United Shares Week's Range Sale {Continued) 250 IX 22X 10 com 55 IX Sales Last BONOS Range for Year 1937 300 IX Jan. IS, 1938 Friday for {Concluded) Conv Exchange—Continued—Page 5 417. .... 79% 76% 94% 80% "88% 87% 90 30,000 74 78 22,000 65% 1948 1955 ..1969 97 3,000 Jan Volume Friday BONDS Last Week's Range for Sale of Prices Low High Price 33*8 '66 Leblgb Pow 8ecur 6s. .2026 ♦Leonard Tletz *94 'mx 7Ha.. 1946 - - - - Lexington Utilities 6a. 1962 963* Llbby McN A Llbby 6s *42 1033* Long Island Ltg. 6s... 1946 92 3* Louisiana Pow & Lt 5s 1957 •Manitoba Power 103 93 91 104 1035* 1043* 53*8 1951 78 — — IO'OOO Oct 97 15,000 102 3* 87 38,000 2,000 105 Nov 106 Feb 107 May Jan 223* May {20 Marlon Res Pow 43*8.1952 Rad A Sou Counties Gas 1063* May 105 983* 973* Mfg 6s *43 "9~666 95 3* Dec Nov 76 83 {79 273* 29,000 87 82 9,000 1053* 106 ""79" 60 60 923* 883* 913* 923* 923* 4HB..196 4Hs 1978 1956 Pow 6s 1956 Miss Power A Lt 5s...1957 923* 101 104 So'west Pub Serv 6s Jan 63 62 3* Dec- 873* Dec 28,000 86 Jan Oct 106 Jan Oct Nov 109 109 16,000 107 Feb 993* 1003* 1093* Dec |*Nat Pub Serv 6s ctfs 1978 4H8.1981 1095* 67 67 2,000 65 3* Dec 91 67 92 4,000 91 Dec 43* 95 833* 73 "44?* 44 Bros Realty 6s.*48 3* Oct 11,000 41,000 66 3* 443* 3.000 90 73 118 "563* 563* Nov 5,000 44 May 106H June 9,000 106 3* 88 933* 72 3* New Amsterdam Gas 5s '48 Oct Det- 22,000 69 Oct 12,000 113 Apr 118 54 3* 57 3* 36,000 473* Oct 55 75 I Jan 1 Nov 57 26,000 45 Oct 1003* 143* 107 1073* 973* Feb Jan i 1 51 May j N Y A Weetch'r Ltg 4s 2004 1075* 973* 1043* 1954 Jan , 1093* 1083* Dec Feb No Indiana G A E 6s. 1952 Northern "1075* 533* 513* 533* 50,000 35 Oct 96 243* 223* 243* 15,000 16 Oci 445* 37 70 Nov 34,000 55 Oct 11,000 53 Oct 80 993* 98 1003* 57,000 92 H Oct 106 Jan 102 Nov 106 Feb 92 Dec 113 Feb Oct 1045* Jan Jan 109 Apr {98 83 Feb 6s Va Pub Serv 75 1003* 1003* 78 783* 78 82 80 82 903* 873* 903* 843* 763* 1950 —————— ....1946 1003* 693* Jan ♦58 Income deb Jan 1083* Nov Wash Gas Light 5s Wash Ry A Elec 4s 163* 17 ..1964 Wash Water Power 5s 1960 100 {103 West Penn Elec 5s j 1970 N'western Elec 6s stmpd'46 93 3* 925* 93 3* 91,000 89 3* Oct Jan I West Texas Utll 5s A Jan ! N'western Pub Serv 5s 1957 "§7" 105 Jan | West Newspaper Un 6s '44 West United G A E 53*8 *55 1113* Jan Wheeling Elec Co 5s. .1941 Nov Wlso-Mlnn Lt A Pow 5s '44 Ohio Power 1st 5s B..1952 106 97 1043* Jan 108 103 Feb 106 3* Dec Wise Pow A Lt 4s 23,000 92 Oct 1946 89 Nov Jan 9,000 72 Dec 100 76 Paclflo Coast Power 6s.'40 {103 1941 102 103 3* 1153* 1163* Pacific Invest 5s ser A. 1948 88 88 8,000 88 3,000 Oct 108 1133* Oct 119 Jan Oct 1023* Jan 117 5S..1942 {1123* 115 653* 67 101 69,600 101 "67 1938 Palmer Corp 6s 101 2,000 993* Mar 103 Aug 32 4,000 30 Oct 38 Nov 84 863* 18,000 83 Dec ■ Park Lexington 3s 1964 Penn Cent LAP 43*8.197/ "863* 1979 {97 87 51 87 "3",000 Oct 933* Jan 1950 6s series A Deb 53*8 series B..1959 96 "893* 6s series 1954 D 109 43*8 series B 1968 Peoples Gas L A Coke— 4s series 88 90 9 "112" "573* 84 3* Oct Nov Jan 103 Jan ♦7s stamped 59 "215* 213* 131 6% perpetual certificates 111 ....1956 Mar "1045* 60 213* 131 111 1st A ref 4Hs D. 1950 Queens Boro Gas A Elec— 53*8 series A 1952 ♦Ruhr Gas Corp 63*8.1953 ♦Ruhr Housing 63*s__1958 ser Safe Harbor Water 4Hs_'79 |*St L Gas A Coke 6s. 1947 "683* 1063* 1113* Jan — 1003* May Dec 1073* 105 Mar 45.000 ------ 4,000 ' — M. - M — 12,000 m m -- - — 6,000 13,000 76 Oct 53* Oct 1083* Mar 109 100 303* 113 73 Dec 993* 52 Oct 77 105 Scullin Steel 3s Servel Inc 5s Dec Jan Jan Oct 1st 1st ...... 1033* Sou Carolina Pow 56.1957 11 Oct 104 3* Nov 1053* Apr 103 June « - - ~ 183* {15 Oct 105' Nov 114 j Oct 995i Jan 10,000 35 Dec 79] Feb 1021 Oct 1055* Feb 108 Apr 1043* Dec 107 5* Nov 89 H Nov 1025* 1075* 1005* Jan 1033* June 73 Dec {72 86 Dec 1083* 103* 102 3* {111 {26 215* 803* 73* — -mm "iol" 1003* 101 49 _ "1035* — — — — — 49 {1073* 1033* 1033* 1033* 1033* {1033* 1043* 623* 633* 73 3* 733* 733* "623* Jan Dec Sept Feb 295* 18 18 H Feb Mar 25 945* Aug 1,660 80 Dec 96 8,000 6 Nov 21 Sept Feb 29 Sept 80 803* 8 53*8... Dec 253* 26 3,000 19J* 25 25 25 2,000 20 Mar 3,000 99 Apr 1,000 97 Apr 1003* 1013* 1003* 1003* Dec 85. Jan Jan 108 July 104 Apr 109 Jan 57 Dec 81 Mar 96 Oct 104 Feb 1,000 18 Mar 25 July - - — - 2,000 128 3* Oct 147 3,000 1073* Oct Mar 11,000 Oct Jan Mar 1123* 1053* Aug 105 July Apr 1043* June 104 23,000 91,000 94 9,000 Oct Nov 1053* May 1053* 983* {52 213* 1952 65 213* 21 1947 ♦Secured 6s Apr ♦Hanover (City) 7s 1939 mm- 03*s.'68 - - — 1958 {123* ♦Medellin 7s series E.1951 {73* 673* ♦Maranhao 7s... Mendoza 4s stamped. .1951 ♦Issue of Oct {15 1927 Apr 77 Feb 17 Jan 17 Jan 255* 255* Aug Aug «, ----- 17 6,000 Mar 175* 13 Apr Sept 23 1931 Mtge Bk of Denmark 5e '72 ♦Parana (State) 7s 1958 ♦Rio de Janeiro 6H8--1959 ♦Russian Govt 63*8 1919 ♦63*s certificates 1919 ♦5Hs 1921 ♦53*s certificates 1921 ♦Santa Fe 7s stamped. 1945 ♦Santiago 7s 1949 143* Oct 33 July Oct 21 Feb 965* Apr 93* {9 1,000 38,000 93* 103* 3* 3* {3* 3* 355* 3,000 {113* 143* 12 Apr 815* 205* 205* 11,000 Apr 15* lH ----- % Jan 2 20,000 613* 3* Jan 34 4,000 ------ {3* 613* 1961 275* Feb Feb 275* 215* Mar 135* Aug 1005* June 19 993* 100 Aug Mar Dec 2,000 163* Aug 255* 295* 7 . 143* {133* 6s stamped... 26 65 21M ----- 68 163* 1927 ♦Mtge Bk of Chile 6s. 1931 Jan Feb 60 Mtge Bk of Bogota 7s. 1947 ♦Issue of May July 5,000 5,000 1,000 4,000 203* 22 93* 275* 1025* 1015* "17,666 213* Jan 56 1053* External 6Hb ♦German Con Munlo 7s '47 12 1,000 — Mar Apr Apr 1 ------ 12 5,000 Mar Mar Jan 603* Oct 57 Oct 96 Jan 29,000 543* Oct 923* Jan 7,000 823* Dec 223* Mar ------ 5,000 15,000 18,000 107 Jan Jan * Apr 283* 253* Aug No par value, the rule sales not 1043* Jan 109 H Dec range, 7 Oct 183* Mar 18 1003* 125 Aug Apr 107 Jan Nov 132 Jan ♦ Feb 112 Nov i Mar 35 Sept e Dec 47 Mar 13,000 943* Nov 42 Dec 22 2,000 1033* 45 Dec 1,000 ------ 16,000 7,000 Apr 1013* 1013* 1013* 583* Oct 105 Oct 1043* Feb 1053* July 70 Mar 1073* May Feb Dec 72 Mar Oct 101 Jan Under year's Bonds being week. traded flat. Called for redemption. Cash sales transacted during the current week and not lnoluded In weekly or yearly range: Jan 1053* 12,000 Deferred delivery sales not Included in year's range., n x i Reported In receivership. 22 3* 1073* a Included in year's range, r Cash sales not Included n Ex-divldend. v Ex-intereet. { Friday's bid and asked price. No sales were transacted during current "6,666 112 28 223* Jan 30 17 2,000 213* Jan 100 3* 102 28 23 109 11 103 3* Jan 11,000 1,000 12 Aug 5,000 92 Jan _ 37,000 39,000 19,000 183* 213* 203* 25 Oct 613* Jan Feb 75 21 12 107 Mar 683* 65 Jan Deo 93 20 21 203* 108 101 593* 325* June 108 1075* 1065l 101 ------ 26,000 70 ♦Lima (City) Peru 4,000 — {1293* 132 1951 -.1948 43*8 series B 1968 43*s series D...1970 6s. 1947 96 3* ♦Hanover (ProV) 6H8-1949 Oct 1033* 66 Jan 105* Feb Mar Dec 100 {213* 1955 Sheridan Wyo Coal 27,000 12,000 4,000 16,000 5,000 1955 6B Apr 1,000 {263* ♦Schulte Real Est 6s..1951 Shawlnlgan WAP 43*s '67 Jan 94,000 1953 Danish 183* 8,000 853* ♦Saxon Pub Wks 6s._1937 Scripp (E W) Co 5H8-1943 - 1952 ♦6 series A Jan 96 2,000 62 3* "613* P 6s B '52 Sauda Falls 5s « ♦Prov Banks 6s B..1951 ♦7s San Antonio P S 5s B. 1958 San Joaquin L A Jan Cent Bk of German State A Apr 1043* 104J* 103 3* 104 1043* 105 1013* 1013* 1966 Puget Sound P A L 5Hs '49 1st A ref 5s series C. 1950 173* 1043* 1053* 1948 Jan 109 Pub Serv of Oklahoma— 4s series A Jan Jan 101 89 70 1952 1053* « 89 1053* 1053* 103 3* 1033* 1966 4Hb series D 1978 43* s series E 1980 1st A ref 4>*s ser F.1981 43*8 series I .1960 102 Oct 1043* 93 96 1947 ♦Cauca Valley 7s Pub Serv of Nor Illinois— 68 series C Dec Buenos Aires (Province)— Public Service of N J— 1st A ref 5s Jan 82 895* 76 393* 1043* 105 1951 106 19,000 25 573* 58 107 1073* 1003* 1003* (Can)4HsB '59 Electric 6s. 1954 ♦20-year 7s ♦Baden 7s Oct 30,000 100 {1073* 110 1961 Potrero Sug 7s stmpd.1947 ♦Prussian 1946 1947 ♦20-year 7s Jan Oct ' 43*8 series F 103 Agricultural Mtge Bk (Col) May 11,000 1,000 {203* Potomac Edison 5s E.1956 Power Corp Dec Dec FOREIGN GOVERNMENT 80 mm 903* 103* 1113* 1123* {753* 79 573* 58 {1073* 108 100 ♦Pomeranian Elec 68..1953 Portland Gas A Coke 5s '40 Oct 74 Danzig Port A Waterways 1981 B 62 AND MUNICIPALITIES— 105 1,000 109 Jan 102 3,000 38 1937 {York Rye Co 5s 6,000 913* 115 6,000 78 {1073* 1053* 106 106 1043* 10,000 96 107 {103 3* 104 3* 1073* 1075* Penn Water A Pow 5s. 1940 ^Peoples Lt A Pr 5S..1979 Phila Elec Pow 6H8..1972 Phlla Rapid Transit 6s 1962 Pledm't Hydro El 63*8.'60 Pittsburgh Coal 6s... 1949 Pittsburgh Steel 6s...1948 89 3* 107 105 1966 1053* 1053* Penn Ohio Edison— Penn Pub Serv 6s C..1947 , ♦73*8 stamped 95 98 1971 5s 1st Penn Electric 4s F Nov 32 Pacific Pow A Ltg 6S..1955 Jan Jan Jan 84 1113* ■ Pacific Ltg A Pow Jan 965* Jan 80 Pacific Gas A Elec Co— 1st 6s series B Oct Jan 92 Okla Power A Water 5s_'48 '393* Yadkin River Power 5s '41 79 1003* 1083* Jan 6,000 973* 5s conv debs 106 61H 101 85 89 1957 "e'ooo {1053* 108 4Hb ser D.1956 43*s._. 1951 1st A ref Okla Nat Gas Oct 19,000 Jan 107 Oct 1053* 106 106 2030 West Penn Traction 5s *60 Jan Oct Dec Aug 81 107 Jan Dec 97 28 895* 945* 85 1053* 1053* 1043* 1053* 81 17,000 1,000 Oct July 1045* 102J* 107 107 1013* Oct 53 Jan Feb 27 Oct 105 Oct 1013* 47 1175* 795* 85 1951 Oct 12,000 59,000 Jan June 38,000 2,000 1958 95 11,000 Feb Hotel— 95 45,000 855* 4,000 7,000 8,000 70 72 63*8 A.. 1946 Waldorf-Astoria 35 693* 86,000 1043* 1053* Mar Mar 723* 1944 863* 103 3* 104 86 3* 87 Oct 20H 193* 1053* 1063* 28,000 ..1946 49 H 1,000 1973 993* Ogden Gas 5s 5,000 243* 74 78 99 4Hb series E 80 1063* 583* 70 .1952 4H8 114 74 983* 1969 9,000 243* {24 70 99 1966 C 15,000 ------ 573* 1959 6s series A Indiana P 8— series 1083* 114 „ 99 6s 6s series D 100 863* 108 108 1974 1133* 1063* ------ 1033* 1043* 100,000 1043* 1956 Oct 4,000 {613* 63*b.'4J 1st ref 5s series B 1073* 1073* 985* Jan Aug Sept Jan Jan 573* Dec Oct Mar {1053* 106 63 53 Jan Jan 1023* 495* 1065* 1065* 57 Nov Dec Mar 623* 1043* 75 Apr May 102 57 104 3* 35 July 37 5,000 1,000 40 1063* Jan 56 1,000 44 40 106 Mar 63 Apr Apr 5,000 44 1940 Dec- 37,000 Jan Mar 703* 7,000 90 38 102 71 100 803* Dec 70 15,000 79 803* 96 29,000 28,000 75,000 36 1956 Oct 56 Utah Pow A Lt 6s A..2022 No Amer Lt A Pow— Nor Cont'l Utll 5Hs—1948 Mar 39 M 67 56 Un Lt A Rys (Del) 5Hb '52 United Lt A Rys (Me)— Jan Oct 54 Mar 96 513* 6Hs 6HB Jan Nov 1103* Mar 955* Oct 52 ♦1st s f 6s 1945 United Lt A Pow 6s... 1975 1 Jan Oct "4",000 95 Oct 40 53 6s series A .... Oct 42 Mar Nov 583* 2,000 8,000 42 55 111 60 {1123* 683* 1953 55 3,000 101 943* 973* 1033* 1043* ' 55 54 54 — — 583* 99 "&i~,666 Mar ♦United industrial Jan 1043* 95 United El Serv 7s Jan 99 1073* 1083* Oct Jan 1023* { 42 9,000 Jan 843* 1013* Ext 43*s stamped.. 1950 Jan 65 Oct 92 Mar 945* Dec 1043* 95 33,000 Ort Dec 12,000 Jan Oct 55 Oct 79 NYPA L Corp 1st 4H 8'67 N Y State E A G 4Hb 1980 6Hb series A 102 31 44 713* 1023* 11,000 106 65 80 J* 71 1045* Oct 11,000 21,000 {99 Dee 45,000 33,000 71 75 M 99 H 40 423* 69,000 ♦Income 6s series A. 1949 3,000 643* 57 3* 4,000 783* 1053* 40 87 89 3* Nov 61 < 85 893* Jan Jan 90 423* I 953* Jan 104 Opt 9,000 623* 1 Jan Jan 543* Oct 1035* 87 973* Conv 6s 4th stamp. I960 United Elec N J 4s 1949 Jan 993* 1213* 843* 84 85 Jan 105 H 87 Nov Nov I02H Jan 51 533* Toledo Edison 5s 1962 Twin City Rap Tr 6Hb *52 Ulen Co— Jan 110 85 Jan 1105* 93 783* 105 Jan Mar 8,000 1,000 563* 97 973* Tide Water Power 5s.. 1979 Tlett (L) see Leonard Jan 110 1263* 6,000 105 105 993* 993* (04 Texas Elec Service 5s. I960 Texas Power A Lt 5s.. 1956 6s series A ...2022 Jan Jan 843* 1942 6s 108 5,000 Tenn Puollc Service 5s 1970 Ternl Hydro-El 03*8.-1953 Feb 56 5* N Y Central Elec 5Hs 1960 New York Penn A Ohio— Debenture 108 Apr 2d stamped 4s 1946 Super Power of 111 43*s_'6k 1st 4Hb 1970 Tennessee Elec Pow 5s 1956 New Orleans Pub Serv— Nippon El Pow 6Hb Mar 14,000 1083* 109 543* 2d stamped 4s Jan "863* 1950 New Eng Pow Assn 5s. 1948 5H8....1954 Dec 116 "90" 1948 95 109 Elec 5s. 1956 Oct "2,066 86 3* 763* 109 N E Gas A El Assn 5s. 1947 23* _ 71 {115 109 2022 6s stamped 76,000 1043* 1053* ♦Starrett Corp Inc 6s. 1950 Btlnnes (Hugo) Corp— Feb 78 Nebraska Power Debenture Oci 1,000 16.000 Mar 95 2030 Conv deb 5s 1043* 105!* Standard Investg 53*s 1939 f Standard Pow A Lt 6s 1957 Jan 68 Nat Pow A Lt 6e A...2026 5s Aug Debenture 6s 1951 Debenture 68. Dec 1 1966 1073* 993* 973* 1063* 1023* Nov Dec 75 12.000 {3 Nevada-Calif Jan 1003* 11,000 100 95 6s series A 1073* •Certificates of deposit 10,000 ctfs. 1937 Nelsner Apr 86 Nassau A Suffolk Ltg 5e '46 Deb 5s series B Mai 513* 1935 Jan 118 85 1944 ♦Munson 88 6H8 ♦Convertible 6s 104 Power— Dakota 103 105 .1946 Oct "85 Pub Serv 5s. 1960 8 11,000 93 Dec 75 Miss River Pow 1st 5a. 1951 Montana 1063* So'west Pow A Lt 6s..2022 Aug 733* 99 100 Mississippi Missouri 106 543* 77 4,000 60 Mllw Gas Light L Jan 1063* 4Hb 196k 81 11,000 805* 79 Midland Valley RR5s. 1943 1st Aref 68 109>* ♦Certificates of deposit 75 81 {743* 805* 84 Metropolitan Ed 4s E. 1971 Minn P A Oct |*Stand Gas A Elec 6s 1935 Deb 4Hs 1952 Memphis P A L 5s A..194K Mengel Co conv 4HB-1947 63*8 '46 77 S'western Lt A Pow 5s 1957 Aug Memphis Comml Appeal- Middle 8tates Pet 60,000 Sou Indiana Ry 4s 1951 8* western Assoc Tel 5s 1961 Jan J ♦7s without warr*ts. 1941 943* 1st A ret mtge 4s... 1960 Oct High Low 92 Debenture 3Mb 1945 Ref M 3J*s.May 1 I960 Ref M 3J*s B.July 1 60 July eek Shares Sou Calif Edison Ltd— July Dec 93 1013* 14.000 793* Jan 263* Mar Min A Smelt— Mansfield McCord 103 3* — 1113* 1013* Oct 18H ~12~666 Range for Year 1937 for High Southeast PAL 6s...2025 Mar 99 3* 953* — Jan Range of Prices Low Price High Low 93 — Sale (Concluded) Shares 1013* 1023* {23 29 963* 97 3* - Range for Year 1937 Week's Last BONDS Week Lake Sup Diet Pow Sales Friday Sales (Continued) 417 6 New York Curb Exchange—Concluded—Page 146 No sales. V Under-the-rule sales transacted during the current week and not Included In weekly or yearly range: No sales. s Deferred delivery sales in weekly or transacted during the current week and not included yearly range: No sales. Abbreviations Used Above—"cod," certificates of deposit; 'eons," consolidated] "cum," cumulative; 'conv," convertible; "m," mortgage; "n-v," non-voting stock; "v t c," voting trust! ertlflcates "w 1," when Issued; "w w," with warrants ;"x-w/ without warrants. Financial 418 Chronicle Jan. IS, 1938 Other Stock Exchanges Sales Friday Last Orders Executed Baltimore Stock Exchange on Stocks (Concluded) Torrlngton Co Stein Bro s .&B oyce 6 S. Calvert Established 1853 St. 39 Louisville, Ky. Hagerstown, Md. Week Low Broadway Waldorf System Inc Yorlc, Pa. Chicago Board of Trade New York Curb Exchange (Associate) 19* 70 18% 145 64% 37% Sept 1* 2,035 51c lol" Oct 7* 766 4* 7* 3* 377 Jan Jan 2* June Dec 130 Dec 7 Mar 98 46* Apr 75 Dec 46 Feb 81,000 61 Dec 89 Feb 1,000 62* 75 Feb 22 70 Dec 95 Jan 20 62* 19* 12* 7 20 20 33 Oct 100 10 101 101 * * 41% May Nov 865 40* 1 Warren Bros Co. Warren (S D) Co High Dec 24% 77* 1 Vermont A Mass Ry Co 100 Members New York, Baltimore and Chica90 Stock Exchanges 1,196 73 39* Year 1937 Low 39 * "76" 25 Utah Metal A Tunnel 26* Range for Shares 19* United Shoe Mach Corp.25 Preferred... High 25* 26* * Union Twist Drill Co..-.5 NEW YORK BALTIMORE, MD. for of Prices Price Par (new) Week's Range Sale Oct 2* Jan Bonds— Eastern Mass 8t. Ry— 1948 Series A 4*8 Baltimore Stock Jan. 8 to Jan. 14, both inclusive, compiled from official Week's Range Sale Par Stocks— Arundel Corp • 17 X let pref vto Black A Decker com 456 28 1 45 1% Dec 9 Jan 320 13* Dec 38 Jan 125 20 Dec 94 62 Oct Brager Elsenberg Inc com. 1 23 * 23% 23% 67 * 67 68 113* 114* 100 23 110* New York Curb Jan 115 Oct Members Jan 8% 225 5 Oct 17 18% 125 10 Oct 48 Preferred 94% 98 89 Oct 136 Apr 35 35% 45 16X 17% 8% 1 .. 20 Fid A Guar Fire Corp—10 Houston Oil pref 100 Mar Tex Oil 3 Common class A 2% Merch A MinersTransp..* 16 Monon W PennP87%pf-25 Mt Ver-Wdb Mills com 100 25 New Amsterdam Casualty 6 2X 16% 10X No American Oil com 1 Northern Central Ry 50 Owlngs Mills Distillery Oct 2 Oct 170 14 4 Oct 8* Jan Last Range Jan Sale ices Apr 93% 143 90 % 100 * 65* Dec 95 Feb 25 34 Dec 45 Apr 2,993 11 Oct 29* Jan 15* Oct 37 Jan 36% 37 14% 16% 32% 33 102 Dec 2 Oct 104 Oct Stocks— Par Price Low Range for Year 1937 for Week High 8ept U S Fidelity A Guar 2 15% Western National Bank. 10 25 Feb Feb 1* Common (new) _* 38* . Adams Mfg (J D) com * Adams Oil A Gas Co com. 39* 9 9 5* 6% Advance Alum Castings..6 6* 4* 7* 3*s Public Impt A 101 1940 5s flat 100 103* June 23 % 6,500 26 3,500 25 97 1,000 97 103% June 41* Jan Oct 97 1975 Finance Co of Ainer 4% '42 23 25% 23 * Dec 22% Oct 48 Jan 100* Sept 70 14* Amer Pub Serv pref... 100 Armour A Co common...6 56 Belden Mfg Co com Nsu> York Stock Exchange Boston Stock Exchange New York Curb Exchange (Asto.) 30 State St., Boston 48 Oct 6* 6% ..... to Jan. 14, 5 1 (New) N. Y. Tel. CAnal 6-1541 Sale Stocks— Par of Prices Low High Range for Year 1937 Shares 27* 1X 147% 94 96 20 12 146* 149* 94 108" m 13 13 50 ..100 Blgelow-Sanf Carp pref 100 Boston A Albany 100 ix 2,482 50 108* 155 * 12 139* 87 Oct 6% 30 Dec 147 160 Boston-Herald-Traveller _* 20% 20 20* 270 18* 11 11 12 193 10 88* Jan 100 6% preferred "50% 100 Jan Jan Common... Adjustment ..100 East Steamship Lines com* Employers Group General Capital Corp * Gilchrist Co * Gillette Safety Razor....* Hathaway Bak cl A. 1 c Common 20% 20* 650 17 24 25 450 17 13* 13* 50 12 * 300 50* 110 4 Dec 50 46 Dec Common 1 5% cum preferred Mass Utilities Asso v t 100 18* Inc 1 2* 32% * 9* "i* * 25 Jan Dec 48* Aug Consumers Ct vto pref.50 Cord Corp cap stock 6 75 Oct Oct 3* 15* Mar 7 2 Dec 2* Dec Oct 8 8 87 18 20 25 2* 24 26c 426 2,300 Jan Dexter Co (The) com Dixie Vortex Co com... Dec National Tunnel A Mines. * '99% Jan Elec Household Elgin Nat Watch Fitz Sim A Cor DAD cm.* Fuller Mfg Co com ..1 24* May 1* Oct Dec 64 3* Mar Jan North "68c ~ 2.50 Apr Gossard Co (H W) com..* Great Lakes DAD com..* 66 Oct 11* * 94 2 2% 99% 101% 2% 2* 200 1 Oct x6 1,058 98 Nov 142 60c 7,664 50 25 Reece Fold Mach Co Shawm ut Assn T C * • For footnotes see page 77 1* Dec Oct 9* 2* Mar Mar Mar 12* 2 1* Oct * Jan Oct 37* Feb Oct 27* 6H 2* Jan Mar 37 May * 4,650 1* Oct 350 1 Oct 10 25 Nov 4* 6 2* 20* 15* Oct Dec 50 5 Oct July 1M Oct 14* 5* 110* 26* 28* 11* 17* Mar 2,200 90 66 300 12 9* 850 5* Oct 3 3 200 2 Oct Dec Oct 20 3 Dec 16* 32* 13* 16* 250 15 Oct 34 250 31 14* 550 19 50 3* 22* 11% 422, 25 Oct 41 12 Dec 18* 2* Dec 4 3,390 24 450 21 Oct 26* 41* 12* 40* 7 50 5 Oct 20 2* 800 2 Dec 650 Dec 4 16 10 4 Jan Feb Feb Apr Jan Jan Feb Feb Aug Aug Jan Mar Jan 5* May 9* 9* Dec 23* 150 Dec 19 4* 1,450 3% Oct July Feb 5* May 2% 2* 2* 4,750 10* 450 1* 19* Oct 22* 8* 14* 23* Oct 42* Mar ""§* 8* 150 6* Oct 12* July 6* 7* 300 7 7* 130 14* Hall Printing Co com... 10 Harnlschfeger Corp com. 10 7 ..... 15 9 1,750 , 5* 5* Oct 20* Dec 20 36c Dec 7 500 6 Oct Dec 29* Jan Heileman Brew Co G cap. 1 Hlbb Spencer Bart com..25 6* 3* 45 41* 45 40 40 Nov Oct 44* Jan Hordera Inc 14 14 14 130 14 Nov 23* 4* Oct 50 Mar Hormei A Co 20 21 1,700 Dec 11* 150 2* Nov Jan Houdaille-Herehey cl B Hubbell Harvey Inc oom.5 11* 100 11* 3* Mar 2* 10* 11 250 9* 9* 10 11* 1,055 1,537 9* Dec 16* Feb Hupp Motor 1,250 Oct 33* Jan Illinois Brick Co cap 1* 6* 2 6* 600 * com com com A (new)__l 10 "II* . 8* 250 29* Dec 10* 19* 2 Feb 11 14* 6 Aug Oct 8* 65 33* 48* 2 10 606 Jan 600 220 Mar Mar 8 150 16* 6 Feb Mar 6* 6* 280 1,050 2* 23% 10 Stone A Webster 48 Oct 15* 22* 3* 5 100 Pennsylvania RR Qulncy Mining Co 2* 10c Mar Dec 10 Goldblatt Bros Inc com..* Mar Dec Mar Sept 6* Dec 10 Jan 73 1 600 Mar 26* 35 12 * common Feb 22* 5,263 New 1 Mar Oct 500 1* 30* 2* 3* 23* 5 1 Nov Jan 110* 20* Gardner Denver Co— General Candy clA Mar * 79c 12 15* Dec Jan 7 Utll cap. 5 __15 Gen Finance Corp com Gen Household Util— 5c 5* 225 150 550 19 "32* * Jan Dec Oct 6* 1,100 4 5 * Jan 19 20 Class A ..... 6 2* Oct 3* Jan 75 1* * 14 10 7 Oct 13 165 * - Feb Feb 10,050 62* 8% Dodge Mfg Corp com * Eddy Paper Corp (The)..* Jan 35o 5* com Feb 14* 20* 24* 4 32 160 3* 19 *81* 2* 32* 46* 2 Common 4% 14 21 2% 6 4 1 Cudahy Pack'g Co pref. 100 Cunningham Dr Stores.2* Dayton Rubber Mfg com.* Decker A Cohn Mar Oct com. Jan 47 Dec Mar Edison— New 81 6 60 5* 18* 43 4 Dec 8* 1* 100 Oct 13* 21 * com Oct Oct 4 Chic Flexible Shaft com..6 Chic A N West Ry com. 100 10* 27 2 1* Dec 78 1,200 100 July Feb 30 8,700 170 19 10 25 270 43 Oct 50 27* 10* Oct * 3,350 19 Mar 15 10c New England Tel A Tel 100 N YNHAHRR 100 Butte Preferred 2* 26* 12 Mar 97 22* 26* July 30* 27 Oct 13 18* 36* Oct 95 * Consolidated Biscuit 7 Feb Dec 6* 30* * Central States Pr A Lt pfd* Jan 15 50c 1 tc Old Colony RR Pacific Mills Co * 50 Commonwealth Narragansett Racing Ass'n com 2 1 com * 48* • Jan 380 50c 2 * c Mayflower-Old Col Cop.25 Mergenthaler Linotype..* Nat Ser Co 49 preferred..* Cent 111 Pub Serv pref Central 8 W— Jan Mar Feb Feb Central Illinois Seo— 20* 17* 50 690 Dec 24 30 2* Oct 4 20* 30 25* 7 100 Mar 6 1,150 Club Aluminum Uten Co.* 49 2 "50c" Loews Theatres (Boston) 25 Maine Central— Oct Coleman L'p & Stove com * 7* 9* 20 Cities Service Co 148 30 7 200 22* Jan 250 3% Oct 50* 22* 15* 28* 30* Aug Dec 6 Mar 160 18 Dec 12 450 Mar Dec 15 * Helvetia Oil Co t 7% 10% 2% 15% 22* 100 7 18 Oct 30 3% * 3,300 13 24* Oct 9 28* 13 20 4* 9 27 Dec 3* 1 Mar Dec 824 6% «* Dec 2,000 1 Oct 3% 7% 6% 100 -.100 16* 3* 10 East Mass St Ry— Preferred B Feb Feb 1,200 Chicago Rys pt ctfs "2" 100 10* 30 14* Chicago Yellow Cab Co..* 6% 151 Dec Jan 25 61* 6* Mar 220 50* 28* Feb 300 950 Compressed Ind Gases cap* 4% % prior pref 30* 14* 66* 3% 32 Aug Oct Oct 4% 12* 2* 22 Oct 4* Dec 3% 2% Dec 8* 1% * 9* 10* 1* 1* 4% 12* 9* * 9* 1,450 1,800 Mar East Gas A Fuel Assn— Common 8 2,700 Chic Rivet A Mac neap 7 Feb 900 13 14* 69* 30* Boston A Maine— 25 Oct 9* Chain Belt Co Dec Copper Range Dec Mar 22 5 Cherry-Burr ell Corp com. 5 Chicago Corp common * Dec 35 9 6* Jan 47 3% Feb 700 8* Jan 115 Boston Personal Prop Tr. * Calumet A Hecla 25 Jan 20* 23* 100 13 8 Feb 791 Prior pref 100 Class A 1st pref stpd.100 CI B 1st pref stpd 100 19 500 4% 7% 187* 265 120 Sept 12 8% 115 52% 118 Mar 4* 19% • 1 Oct 49* 120 Jan 9 Oct 10 Oct Nov 49 % 100 17 Dec 6* 21V _.* Common High 100 Boston Edison Co Boston Elevated Nov 2* 15* 7* 9 6% Prior lien pref. 50 1st preferred Amer Tel A Tel "20* ..... Preferred Low Amer Pneumatic Service— 6% preferred * 3* 150 750 6 5 Convertible Week Price Dec 350 , Sales for Oct 5% 6% conv preferred 30 Castle (A M) common.. 10 Central Cold Stor com..20 both inclusive, compiled from official sales lists Week's Range 8 (E J) cap..* Bruce Co (E L) oom Burd Piston Ring com Exchange Last 14% com Class A Lewiston Friday 4* 200 1* 9 10 Butler Brothers Jan. 8 4,450 1% 12% 11* 13* 7% Jan Feb 6* 4% 12 Feb Feb 6% 4% Brown Fence A Wire com 1 Portland Boston Stock July 90 1 Brach A Sons Private Wire System Bangor 12* 56 Jan Borg Warner Corp— UNLISTED TRADING DEPARTMENT Boston Tel. LAP 7010 Apr 53 1% Blnks Mfg Co capital 1 Bliss A Laughlln Ino cap. 6 Members 17% 26* 23* 84* 13* Oct Oct 4% 1 Bendlx Aviation com Dec 9 , 7 1 Berghoff Brewing Co 1887 May 12 * Bastlan-Blesslng Co com.* Established Mar 14* 50 Barlow A Seellg Mfg A com 5 Townsend, Anthony and Tyson 12* Oct 100 6% Athey Truss Wheel cap... * Barber Co (WH) com 250 9 1 pref Oct 6* 1,050 10* conv Feb 9 10 Auto Washer Feb 17* 12* 8* 4* 14* 25 Asbestos Mfg Co com 55* Dec 3 30 Allied Laboratories com..* Aro Equip Corp com Nov Nov 36 350 3,000 3* 7% 10* Aetna Ball Bearing com__l Common Bonds— Bait Transit Co 4s (flat) *76 High Abbott Laboratories- Allied Products cl A Seaboard Comm'l Pref._25 Low Shares Feb 93% 75 Sales Friday 950 74 inclusive, compiled from official sales list Apr 1% 1* Jan. 8 to Jan. 14, both Jan 27* 7* 18* Aug 603 11* Aug 41 Oct 29 Chicago Stock Exchange Jan 48* 23* 4* 4* Dec 22 3 % * Oct 2 Aug 1% 1 Penna Wat A Pow com 1* 93 H 14 114 25X 3 33* 318 30* Dec 3,150 1,650 3 2% 2* 1 St., CHICAGO Jan 91% 1 Common Chicago Curb Exchange (Associate) 10 So. La Salle Eastern Sugar Assoc— Fidelity A Deposit Chicago Stock Exchange New York Stock Exchange Nov 25 89* Unlisted Paul h.Davis & Jan 2* 17X Consol Oas E L A Pow...» 6% preferred 3 Nov * Apr 23* Oct 14 Listed and High Low 17% 2 * * Shares 17 X 1 Bait Transit Co com v t c. * securities chicago 1937 Week of Prices High 17* Range for Year for Low Price sales list Sales Friday Last .....1948 Series B 5s Exchange Jan Jan Feb Mar Jan 11* 52* May 21* June Oct 23 Jan Dec 27* Feb Dec 13 Dec 1* Dec Oct 4* 19* Aug 4% 16 7* 10 Jan Volume Range for Last Week's Range for Sale of Prices Low High Last Par Price 100 Indep Pneum Tool vtc..» Indiana Steel Prod 10634 1834 Nov 49 Nov 10% May Hobart Dec 21 Jan Dec 27 Feb Kroger 1,050 13% Oct 29% Feb Leonard 3% 15% 18% 10 Aug 50 38% Dec 55 434 5% 2,250 3% Dec 6% 6% 7% 700 5 Oct 150 9% Dec 16% 12% 28% 43H 40 40 Kellogg Switch A Sup com* Ken-Rad T A Lamp com A* 11% Kentucky Utll Jr cum pf 50 6% preferred ..100 '27" Kerlyn Oil Co cl A com..6 Kingsbury Breweries cap. 1 La Salle Ext Unlv com—6 "*3 % 27 12 60 28% 19 60 59 58 * Little Miami guar 3 22% 22 22 50 9% 400 9X 10 8% Llbby McN A Llbby___10 LlncolD Printing Co- 2,000 9 10 34 27 134 134 208 134 Dec 5 155 3 Dec Procter A Gamble... * 50% 48% 32 44 Oct 1634 6534 8% preferred..... 100 1 211 Feb Jan Jan V Auu Jan U S Playing 15% 12% "~234 Loudon Packing com 2% 50 25% 850 15 Nov 33% 2% 150 2 Oct 6% McCord Rad & Mfg A ■Ian 14% 260 18 Oct 48% Feb 1% 250 Oct 4% Card... 8% 9% 4% 8,700 7% Dec 30% Manhatt-Dear'nCorp com "~934 Marshall Field com 3H Nov 4% Mer & Mfrs Sec cl A com. % Dec 25 20 2134 2134 31% 3 1,350 1% Oct cap—5 6% 6% ex 7,900 3% Oct 15% 934 IX ix 2 2,050 % Oct 7% 200 % 1% Oct 1% Jan Oct 12% Common 4% preferred A • pref A 100 IX 100 7% prior Hen Miller & Hart Inc conv pf. * Mpls-MolinePowImpcom* Modlne Mfg Co com * Montg Ward A Co cl A—* 27 X 136% 4% 100 IX IX 2% ex 1X IX 2% ex 27% 30 1 Nov 50 1 Dec 24% Jan 5 "22X 22 "22 20 X Jan 120 Nov J 56 Feb Dec 17 Apr Friday 36% Feb Last 3% Feb Oct 18 50 23% 2% 8% 2,700 2% Noblltt-Sparks Ind com..5 % Nov Dec 17 134 Apr A. T. & T. CLEV. 565 & 566 Telephone: CHerry 5050 "46% 500 23% X 1 Nat Union Radio com Dec 7034 634 Mar Oct 5% May 26 67 Jan Feb 5 Dec 50 ex 6% Cooker—-.2 National Standard com..10 Nat Pressure 50 136% 139 Feb 26 Union Trust Bslldinf, Cleveland ~20~ 1 Feb 3434 Oct Dec 0WOODcia CILL1S 9% 8% 60 500 Oct 1 9 Members Cleveland Stock Exchange Jan Midland Utll 7% Feb I - 1934 Jan 1134 38 5 934 66 Oct Ohio Listed and Unlisted Securities Jan purchase warrants % 10 3 934 66 134 22 75 3 100 Midland United Co— Conv 3 Jan -- Jan 20 3 Middle West Corp - Feb 7 24 21 Nov - Jan 2% 24 • ---- - Feb Mar July 3 '* Prior preferred Mlckelberry's Food Prod— Common 1 - Feb 215 25 2134 - 383 22 34 20 3 * Mar 1,950 14 — 334 22 34 20 100 Jan 2% • .... -- Jan 1,000 25 1% Lion Oil Ref Co com 40 22 34 10 Wurlitzer 45 1534 15 1534 * U S Printing Mar Oct 211 -- * July Dec 50% 211 211 * B Rapid. Mar 30 3% 10 10 34 * Randall A, 19% 24 3X Apr 834 334 30 30 $3.50 pref... Jan 834 106 - Mar 1% Preferred Common... Qct 3% f\l Oct Dec 97 24 Dec 4 2 1634 * 343^ 5% 14 50 Jan * Dec 7% 33 3 100 . ••- Feb 1134 Oct * Dec 20 8 3 1634 100 Feb • 34 National Pumps Leath A Co- Cumulative preferred.* 49 100 1634 * Dec mm 32 34 200 8 8 8 50 Rike-Kumler Le Rol Co com. Stock * mm 9 Moores Coney A Jan L% 32 34 Manischewltz Oct % 550 1 3 37 3134 Feb Feb Mar 750 X 3 V' 89 17 3234 36 Mar 7% 3X Oct 150 % Oct 54 3% 334 3% Oct 1 A High Oct 24 74 * Kahn common 100 4% 3% 12% "~5H 5 1 Joslyn Mfg & Sup com Katx Drug Co com 21 17% 25 25 HU Davis 100 3% 15% * 1 Jarvla (W B) Co cap Mar 111* Low 2434 1634 * Gibson Art 29 50 Range for Year 1937 for Week Shares High Low Price Par 17 Aug 106% 108 6% of Prices ' 92 6% Interstate Power $6 pref..* Iron Fireman Mfg v t c ' 110 27 1 com Oct 1 Stocks (Concluded) High Low Shares * Week's Range Sale Year 1937 Weet ' Stock* (Concluded) Sales Friday Sales Friday HI North XJtll pref 419 Chronicle Financial 146 Jan Feb 58 Cleveland Stock Exchange Jan. 8 to Jan. 14, both inclusive, compiled from Sale Par Stocks— Price 9% 8% Oct 16% Jan Airway Elec Appl pref. 100 preflOO Prior lien preferred—100 Oshkosh B'Gosh com .* Peabody Coal B com * Penn Elec Switch conv A 10 Perfect Circle (The) Co—* Pictorial Paper Pkg com..5 10% 11 80 10 Dec 54 Jan American Coach A Body .5 30 31 20 12 Oct 54 Jan Canfield Oil pref for 1937 Week of Prices Low Range for Year High Low Shares High Feb Northwest Bancorp com._• official sales lists Sales Week's Range 20 Nort Amer Car com Northwest Util 7% 5% 100 12% 13 200 29 70 100 4% IX 1% IX 4% X 450 50 Jan Cleve A Buffalo Transit. _* Oct Oct Feb 4% Jan Halle Bros 5 Jan Harbauer Co.... ♦ 100 1% IX 100 10% 11% 370 99 99 Mar Feb Oct 7X 3% Feb 6% preferred vtc_....5 Reliance Mfg Co com...10 Preferred 100 Oct 36% Jan 43% 16 18 20 Nov 100 111 Apr Rollins Hos Mills- A 1 1 1 1 H Oct 2% 62 58 62 170 60 Dec 83% Jan 28% 27 23 3-$ Nov 42 Apr National Refining 12% 13% 450 11 Dec 50 Nov Sangamo Electric Co * Schwltzer-Cummlns cap._l 2,000 July Feb National Tile.. Aug Mar Patterson-Sargent 62 60% 63X 1 5 4% 5% 1,900 4 Dec 14% Dec 40 Apr Serrlck Corp cl B com 30 334 Dec 834 June 5834 Mar 1134 Mar 334 2934 334 13 13 11 18 .3 18 80 250 234 22 Nov 35 Mar Mar Oct 1234 1034 2034 Oct 34 June 434 555 334 Oct 3 235 2 Oct 50 50 18 534 534 334 Nov 27 11 434 234 11 534 11 11 460 50 11 3534 Reliance Electric A Eng. .5 190 31 1034 1734 3 Oct 834 Dec Mar Rlchman Bros 638 30 River Basin Paper 30 3434 1834 3634 Mar 30 100 16 Dec SM A Corp 1 11 11 11 130 10 Sept Troxel Mfg 1 4 4 4 160 4 Oct * 11 11 11 20 27% Oct Oct Jan 5% 20% May 9% 4 Dec 5% Dec 12% Mar Oct 2H 12 800 5% 15% Van Dorn Iron Works 11% 400 Dec 28% Mar 650 22% Nov 1,700 15% 4% Dec 250 11X Oct 26% 1,400 1% Oct 4% Apr 2 Jan 6% 24% Feb 18% 18% 18% 4X 4% 5% 14% 200 16 1% Oct 6 % % 100 % Dec 7 1% 1% 100 1% Oct Viking Pump Co— 16% 60 18 1% 20X (The) com * Walgreen Co common. * Wieboldt Stores Inc com..* "26" 19% 11 11 Cumul prior preferred..* "76" 76 76 5 1634 634 234 60 610 411 19 Aug Dec Sept 5734 64% Mar 19 1034 2134 1334 Aug Jan Apr Mar Mar Dec 14 Feb Feb 26 July 10 Dec 26% 50 76 Dec 93 3% 5% 1,000 4% 5 17% 2% Oct Mar Mar Jan 5 100 150 15 Oct Oct 5% Wisconsin Bank shs com.* % 18 3% Williams Oil-O-Matlc com * Nov 16 100 1,500 1% Weinberger Drug Inc... Feb 25 18 234 1834 1434 534 134 1734 Feb Mar 734 18 July 1% 15 Swift A Co Thompson (J R) com...25 Wahl Co 634 634 234 1834 .* Nov Feb Mar Mar 9 33% 28% 15% Swift International 1% Union Metal Mfg Upson-Walton....—.. .1 Mar 26% 9% 15 * Nov 25 Sunstrand Mach Tool com5 * Jan 334 100 26 200 Zenith Radio Corp com. 27 35 350 2 Feb Dec 6 Woodall Indust com 9 Dec 5% * 115 15 12% Common 8 24 6 pref Jan 8 10 4% Utll A Ind Corp com Feb 14 50 150 Nov 30 130 600 Mar Dec 12% 15% 12% .2 Dec 1234 17% Storkllne Furniture com 10 TraneCo (The) com 15 28% Standard Gas A El com...* Utah Radio Products com * 1 15 26 3 Apr 7334 3734 16 15% 2% Jan 18 Dec Nov 1234 2m Singer Steel Castings com. * So Bend Lathe Wks cap..5 Standard Dredge com • Convertible preferred.20 Nov 6 40 17% * Common P Pref erred... Convertible ... Peerless Corp.. Slgnode St Strap Co— 20 38 Dec 4% 2% Packer Corp........... Sears Roebuck A Co com.* Feb 4 3% * 98 Dec 2234 3034 500 13 25 28% 350 15c Dec 534 30 Metropolitan Pav Brick. _* * Monarch Machine Tool. 400 Common Dec 434 3% * St Louis Natl Stkyds cap.* Jan 10c 734 1734 8 .* . Mar 438 18 * Lima Cord Sole A Heel. Jan Mar 5% " McKee (AG) B Dec Mar 12,389 16 18 Dec June 50 1734 534 4334 15 Leland Electric 6 5 4334 Lamson A Sessions X 1734 5 I* Kelley Isl Lime A Trac_. Feb 117 ill _* 37% Oct Jaeger Machine 1% Aug 1734 * Interlake Steamship Dec 16 105 19c 7 150 100 125 16c 125% 2% 50 7 Apr 17% Oct 100 Nov 2% 14 5 7 June 17% 2,430 X 111 86 2% ,50c X 1834 2934 34 # 121 1% 58 20 100 20 50 17 95 17 Rights Jan July Feb 4034 1034 6834 2434 165 17 Foote-Burt Dec 3834 2034 105 64% 16c Mar Feb 62 * Cliffs Corp vtc. Dow Chemical pref 7% 3X 5% 520 Raytheon Mfg— Common v t c 35 Dec 99% 100% 137% 139 "im Rath Packing Co com—10 Oct 4% X 1% Oct 20 62 107% % Jan * 100 24% Cleve Cliffs Iron pref... _# Cleve Elec 111 $4.50 pref. _* 25 1 Quaker Oats Co com * Preferred .......100 Clark Controller. Jan Dec 100 43 11 10734 10734 20 Feb Mar Oct Oct 10 503 6 11 100 .1 15% 2% Dec 11 29 12% 1 5 100 10034 2034 6 6 11 100 100 Oct 6% X 7X 1 Pines Winterfront com—1 Process Corp com 100 Oct 2 7Vs — Potter Co (The) com 200 1,250 49% Members New York Stock Detroit Stock Feb New York Curb Associate Chicago Stock Exchange Exchange Exchange DETROIT Buhl Building Deo June Telephone: Randolph 6530 Feb 12% 12 WATLING, LERCHEN & HAYES Mar 4 Dec 450 2% Dec 15% Feb 3,550 11% Dec 43% Aug Detroit Stock Exchange inclusive, compiled from official sales lists Jan. 8 to Jan. 14, both Sales Friday Membert Cincinnati Stock Exchange Last Sale Market* in Active Trading Par Stocks— Cincinnati and Ohio Listed and Unlisted Securities Price BALLINGER & CO. TRUST Phone Cherry 6711—Bell 8% Burroughs Adding Mach Sys. Tel. Cin. 363 Bower 1234 c — Chrysler Corp common..5 59 Det A Cleve Nav com.. .10 Detroit Edison com Cincinnati Stock Exchange Jan. 8 to Jan. 14, both inclusive, compiled from Last Sale Par Stocks— Amer Laundry Macb. ..20 Champion Paper A Fibre.* 18 30 103J4 Preferred # Churngold * Cin Advertising Prod. Cin Ball Crank Price * pref.. Cin Gas A Elec pref.. .100 5 of Prices Low High Week Shares 18 138 30 31 645 13 2634 104 Dec 3434 Jan Fruehauf Nov 40 40 209 520 94 4% 75 Oct Oct Nov Dec 108 1054 100 10% 265 634 Dec 6% 334 834 Dec 934 Dec 9 7% 7% 10 5% 5% 5% 35 12% 12% 12% 50 Nov — Jan 3 10 1 Graham-Paige com 1 Grand Valley Brew com..l General Finance com 1 Jan Hall Lamp common Jan Gar Wood Ind com 6% Mar 10 422. 12% Fed Screw Works I 28 2734 General Motors com 36% Jan Goebel Brewing com 3% IX Jan Jan Mar Feb X 34 High Dec Dec Oct IX 9% 25% 530 19 Nov 20% 945 16 Oct 2% 20% 53% IX 3% 21% 60% IX 1,585 2 Oct * Hoover Ball A Bear com. 10 Hoskins Mfg com * IX 2% 3% 2 360 4,411 725 120 108 y 3% 3% 16 5% 18% 47 134 90 Nov Dec Dec Dec Mar Jan 620 15 10 Jan Oct 28 Feb 14 7% Dec Oct 2734 8 Dec 23 Jan 11% Feb 2% 334 Dec 234 Oct 3 Oct 11 17 17 3 Mar Feb 200 3% Jan Aug Oct 565 4 Jan Mar 2 285 "4% 7% 34% 132% 3% 145% Feb May 700 •u 35 Feb July Oct 13% 10X 4% 4% IX 10% 7% 37% 3% IX '% 4% 3X 12% 9% 4% 4% IX 10% ex 34% 3% 134 3 15% 56% IX 200 12 2% 3,665 6,195 5,205 4X 4% Federal Motor Truck com * Jan 5% 2% 6% Feb 5,300 1,000 3,273 Low 134 8% 24% 16 5 June 1334 14J4 10% 7% __10 Vacuum com 63 * For footnotes see page Eureka 111 232 * 3% 6 Dec 80 : 1 Det Steel Corp com Dec 79% * 3 com—* Frankenmuth Brew com.l Oct 2 5 16 534 6% 4% Det-Mich Stove common. 1 Ex-Cell-o Aircraft com...3 High Low 94 2 98% 100% 2 Federal Mogul com 18 10334 104 7 7% 100 Det Paper Prod com Range for YearJ937 for 79% Crystal Tissue Eagle-Plcher Lead 100% Week's Range 50 ., Crossley Radio Dow Drug.... 2 50 Cin Street Ry Cin Telephone.. 7% 6% official sales lists Sales Friday Range for Year 1937 % 101 common..5 Det Gray Iron Shares 20 1 Briggs Mfg common Burry Biscuit com... for Week 7i« Rubber com Baldwin CINCINNATI BLDG. of Prices High Low Auto City Brew com Allen Electric... UNION Week's Range 1,065 1 160 7% 7,735 6,503 2,655 4% 28% 2X 9 Jan Mar Feb Feb Dec Oct 2% 21% 19% Dec 70 Feb Oct 8 Feb Oct 4% Oct July Feb Feb Dec Feb 685 1% % 3% Nov June 1,145 2% Dec 7 22 8,327 500 1,014 10 Oct 370 15 Nov 2234 Jan Feb July 420 Financial Lam Houdallle-Hershey Week's Range Sale Pai oj Prices Prut * Hurd Lock & Mfg com—1 Low 115^ """n B 3% 10 1 Lakey Fdy <fe Mach com_.l Mahon Co (R C) A pref..* Kresge (8 8) corn Kinsel Drug common 18 Masco Screw Prod com—1 McAleer Mfg common * McClanahan Oil " com— "lH Micromatic 3% 1% 13% 6% Mid-West Abrasive com 50c Motor Wheel common.. Murray Corp common.. 10 7 Packard Motor Car com. 5% 5 Iteo 2h I Motor common Rlckel (H W) 3% 3% Standard Tube B com... Feb % Oct 4; 100 5,238 Oct 2% Dec 18% 1% June 1% Nov Oct % 4,350 % 760 % Dec 3% 735 2 67; 2% June 1% Dec ^ SANTA ANA SAN FRANCISCO Feb Jan Sales Friday Jan Mar Last Week's Jan Sale of Prices Low High Jan Stocks (Concluded) Price Par Range Range for for Year Low High 150 12 Oct 26 4 Oct 20% Feb 19% 300 4 Oct 12% Feb North American Aviation. 1 9% 9% 10% 1,200 3% Oct 1,924 28 Oct 44% Feb North American Co * 21% 21% 21% 100 16% Oct 160 14 Oct 28 Feb Packard Motor Car Co...* 5% 5% 5% 700 2V. 766 9% Dec 2 24.: Dec Oct 3% 1% Dec 2.22., 2 Oct 4 1,010 4% 1,352 2% 3% Oct 4 9,20 Oct 2 Dec 1937 Week Shares 5,02 4,080 1,205 3 Apr Teletype: LA 477 Telephone: VAndike 2201 Feb Feb EXCHANGE STOCK ANGELES spring street* los angeles 5,8L. 6% 2% 650 south Jan 2% 4% 1% 2% 1% 4% 4% LOS MEMBERS Jan 28 Oct 13% 7% Revel Miller & Co. Feb V, 1% % 2% 3% 4% common...2 River Raisin Paper com..* 1% 8% 29% 1% 9% 15% 776 Feb Oct 1,77l 3,430 Feb 23 STOCKS BANK ANGELES LOS 27% Oct 1,802 18% 1% 1% Oci % 2 Dec 2 6% 2% * 1 Prudential Investing com. 4,310 6% Parker Wolverine com...* Periln Metal Prod com...l Brewing com 4 3.150 5% 33% 20% 11% 3% 33% 20% 11% Parker Rust-Proof coin 2,60 Pfeiffer 3,81t "i« 3%, 2% * Parke-Davis common 1938 1937 High Dec 9% >»% Year Low 8 % Hone com.. Range for for 1,27b l*n * Michigan Sugar com 15, Week Share* 11% 2% 18% 1% 1% % 1% m McClanahan Refin com_.l High 10% 9% % 2% 17% % Hudson Motor Car com. Kingston Products com. Jan. Sales Friday Stocks (Concluded) Chronicle Feb New York Central RR 18% 19% * 7 7% Radio Corp of America Radio-Kelth-Orpheum * * 4% 4% 13 Feb Standard Brands Inc * 9 9 6% 9% 5% 6% 10% Jan US Rubber Co * 19% 5% Aug Aug Feb 6% 6% 5 Warner Bros Pictures 59% 59% 7% Oct 16 54% 17% 34% 12% 12% De 4 Nov 200 Mar Jan Jan Feb Feb Dec 10 '9% 200 7% Dec 16 Jan 61% 7% 300 24% 5% Dec Oct 30 Nov I 5% 200 700 Apr 17% Feb Feb Jan Jan Stearns & Co (Fred'k) com* 22 21% 22 216 14% Dec 27 90 90 90 200 95 De. 103 14 740 10 Dec 4% 1% 4% 5% 2% 4% 2,571 2 1% 7.637 5 1,180 5% 3% 3,220 1% 3% 4% 1% Established 1874 Mar 12% * Feb 100 Preferred ...... Tlmken-Det Axle com..10 Tivoll Brewing com.. 1 1% 4% 5% 2% Tom Moore Dist com__..l * United Shirt Dlst com * Unlv Cooler A * B Walker & Co A 20 20 * * B 2% 1% l Warner Aircraft com._.__l % 3% Wayne Screw Prod com..4 3 2% 1% 3% 700 172 220 Wolverine Brew com 1 «ie »r. 1,200 Wolverine Tube com 2 6% 6% 525 8 11 Feb Oct Oct Nov 2 Oct % 2% % 4% Oct • Members Feb Dec Oct Philadelphia Slock Exchange Mar 29 PHILADELPHIA 80 Broad Street Feb »ie NEW YORK 1513 Walnut Street Mar 7% 1% 7% Feb July Dec New York Stock Exchange Feb 9% 8% Si Townsend Deliaven Feb 10 Dec- 19 450 4,540 Oct Feb 28% Jan Feb 18 Philadelphia Stock Exchange Feb 14, both inclusive, compiled from official sales lists Jan. 8 to Jan. Saxes Friday Range for Year 1937 Last Wm. Cavalier & Co. Lot Angelet Stock Exchange San Francitco Stock Exchange Los Angeles 147% Barber Co.... 10 Bell Tel Co. of Pa pref ..100 Budd (E 523 W. 6th St. Shares Price 10% American Tel & Tel Chicago Board of Trade Exchange for of Prices Low High American Stores MEMBERS New York Stock Par Stocks— Week's Range Sale Teletype L.A. 290 G) Mfg Co ....... 117 ~ __.* 53 Chrysler Corp.......... 5 Curtis Pub Co * com Elec Storage Battery Los Jan. 8 to Jan. Angeles Stock Exchange Last Sale Stocks— Par Price Week's Range Range for Year 1937 for High Horn & Hardart(NY) com* '.w. Lehigh Valley. 1 3% Barker Bros 5A % pref..50 Berkey & Gay Furn Co 1 29% 47c Bolsa-Chica Oil A 10 2% 6 com.. Chrysler Corp 59% Phila Rapid Transit 36 Vs 80c 36 7 Oct 200 7 Oct 900 30 Dec 300 7 Dec 30% 1,400 18 Jan 29 300 27 A 27% 80c 75c 85c * 9% 9% Lincoln Petroleum..... 10c 17c 17c 9 17% 24% 19% 1% 7,500 * 8 Oct 7% 135 95c Holly Development Co_ ._l 50c 55c Oct 70 Mar Mar Oct 22% Feb Oct 60c Feb 40 * 28% % 2% 3% 29% % 3% 3% * 32 Union Traction 50 United Corp com Preferred.. United Gas Improv com..* Preferred * 3% 10% Feb 105% Oct Oct 21% 29% Dec 25 100 Dec 53 23 Nov 241 Dec 3% 4% % 145 150 Oct Oct 272 1 140 5 Oct 3,852 2 Dec 1,960 25 282 977 Oct Oct 19% 130 Oct Oct 109% Dec 30 35 442 Oct 1% 2% 4% 5% 35% 22% % 1% 1% 360 1,280 40 348 480 203 5,483 138 50c Oct 1.45 Mar El & Peoples tr ctfs 4s 1945 7 7 Oct 4% Jan Peoples Pass tr ctfs 4s. 1943 20 20 4.000 Oct Oct Jan 13 Feb Feb Jan 139 Feb 41% Feb Jan 13% 24% Mar 4% Apr Feb 5% Jan 14% 5% Apr 50% Mar 178% June Feb 117% 35% Apr Feb 7% Jan 13% 16% Feb Oct 20 Oct Oct 45% 35% Aug Dec »u Mar Oct 7% 8% 46% 17% 114% Feb 16% Mar 21 Mar Oct Oct 25 Oct 8% 100% $1,000 90c 5c 7c 9,000 lc Jan 70c 70c 600 50c Oct Oct Jan Jan Jan Jan Jan Jan 15c 5 9,000 12c Dec 1 29c 29c 29c 200 24c Dec 80c Feb 1.20 1.10 1.20 1,400 70c Jan 2.00 Mar 100 5 Jan 18 Feb 600 11 Dec 32 Jan 100 9 14% 9 45c Jan 10% 27% 27% 300 24% Oct 37% 21 21 21 100 15 Oct 35 Feb 104% 98% 12% Nov 107 Mar Republic Petroleum com.l 4% Oct Richfield Oil Corp com Warrants 7% 2% 2% 4% Oct Jan BANK UNION 80 300 2,900 7 5% 7% 9,900 2% 2% 200 3% 1 % 3% 1% 3% 500 1% 3% 1% 400 1.05 Dec 60c 60c 60c 26 95c Dec Dec Oct 28% Tel. PITTSBURGH, PA. BLDG., Jan Pacific Lighting 6% pref..* Pacific Western Oil 10 h. s. edwards & co. Mar 27% 14% Dec Feb Pacific Gas & Elec com..25 Pacific Indemnity Co...10 104% Oct 5% 15 Apr Occidental Petroleum 6 Bonds— 23c June 97%c Nordon Corp Ltd Ryan Aeronautical Co 20% 44% 70% 300 Feb Oceanic OH Co 1 Pacific Clay Products....* Roberts Public Markets..2 Oct 130 158 3,483 5,800 7c * Mar 75c Oct 70c 14% 4% 134% 1% 75c 1% 104 Oct Dec Feb llA 14% 2% 17 10% 11% 104% 105% Mar 2% 46% 3% 32 Tacony-Palmyra Bridge..* Tonopah Mining 1 127% 14% Mar 234 1,555 140 38 Jan 43 1,085 140 115% 116% 30% 30% 2% 2% 3% 4% 7% 6% 11% 10% Feb 20% 187% Feb 75c 9 7% 30% 37% 102% 23% 4% 7% 1% 1% 8% 2% 23% May 16% 6% ..1 12% 6% 5% 61% 112 10 Menasco Mfg Co 1 Mid-Western Oil Co... 10c Mt Diablo Oil M & D 1 9 "io% 89 Oct Mascot Oil Co 14% ~~~4% Nov Oct Jan 2,000 4 10 1 * High Dec 10 5% 1% 1,000 2% 4 Preferred C 50 . Low 7% 146% 96 4 10% 2% Pacific Finance com.... 10 30% 714 500 9% 2% 6 .....25 Mar 19c 4 6 ...... Scott Paper 8% Los Ang Industries Inc...2 14c * 7% pref Philadelphia Traction Feb 140 -.50 Salt Dome Oil Corp 1,975 Los Ang Investment Co. 10 14c Penna Salt Mfg Mar Feb Jan 1.50 Pennsylvania RR Mar 300 17c 8% 2% 23% 50 Oct 100 10 37% 8% 29 8% 200 Nov 10 9% " 50 Oct Dec General Motors 1 Phila Elec Pow pref 1.10 48% 7% 10 Lockheed Aircraft Jan Feb 900 200 10 Hudson Motor Car Co Phila Elec of Pa $5 pref 2% 59% 10% 2 55% 10 com Feb 35c 10 Hancock Oil Co A 2.25 62%c 200 10 Gladding McBean & Co..* Dec 700 47c Emsco Derrick & Equip. .5 Exeter Oil Co A com 1 10 Oct Jan Mar Jan 1.00 24 Pennroad Corp vtc. * 1 50 — 9% 41% 3% 28% 43 2% Oct 47c Consolidated Oil Corp Consolidated Steel pref com 800 97% c 1 Warrants 3% 6% 1% 1% 7% 2% 22% • 25 Preferred.. High Low Shares 3% 29% 4 23 - 6% 50 Natl Power & Light.... Bandinl Petroleum Co 100% Mitten Bank Sec Corp. .25 Week of Prices Low "l03% Lehigh Coal & Navigation * Sales Friday 6% 30% 34% .10 Horn & Hardart(Phil) com* 14, both inclusive, compiled from official sales lists "~6% 100 General Motors 833 118 5% 4% 6 * Budd Wheel Co 8% 10% 146% 148% 17% 16% Week Court-6800 A. T. & T. Tel. Pitb-391 BROADWAY, NEW YORK 120 Apr 13% Feb 10% May 3% July 9% Jan 3% Feb 1 Samson Corp B com * 8 J L & P 7% pr pref...100 110 110 110 2 119 Feb 120 Feb Security Co units ben Int.. 29 28 29 132 23 Dec 56 Specialists in Pittsburgh Securities Feb Sierra Trading Corp...25c So Cal Edison Co Ltd...25 Original pref 6% pref B 5%% pref C 12c 12c 4,200 23% 25 11c 23% 24% 1,300 37% 25 37% 27% 25% 100 21% 21% Standard Oil Co of Calif..* 32# 32% 25 Southern Pacific Co Sunray OH Corp Superior Oil Co 3 25 * ...25 20% 10 8% Universal Consol Oil Weber Showcase & F Istpf* Wellington Oil Co .1 Yosemite Ptld Cement pf * 25% 3 31% 12% Transmerica Corp Union Oil of Calif 27% 37% 27% 25% 21% 33% 3 31% 12% 20% Jan Last Feb Sale Oct 800 700 27% Nov 29% 28% Jan Mar Nov 62% Mar Dec 49% Feb 16% Aug 17% Oct 28% 18% Feb July 200 5 Oct 3 3 4 4 Dec 6 6 6% 400 5 Oct 3% 200 3% 2% Nov 9 Feb 13% Apr 5% June 360 Low High Oct 43 Mar Dec 4 25 35% 39 170 30% Dec 12% 70% Mar 13 14 1,615 9% Oct 29% Mar 11 21% July 4 * * 1 Co * Columbia Gas & Electric.* Consolidated Ice Co pref 10 Follansbee Bros pref...100 Clark (D L) Candy Jeannette Glass Mining— Shares 14% 3% Byers (A M) com Carnegie Metals Oct 2,400 21% Range for Year 1937 for Week * Arkansas Natural Gas Blaw-Knox Co 2,500 of Prices High Low 19% * com Armstrong Cork Co 55 Price Week's Range * Allegheny Steel Feb Oct 21% Par Stocks— Mar Oct 29% 9% 3 3% 41 5 2 Sales Friday 32% Dec 8% 8 19 Aug 25% 23% 17% 200 14, both inclusive, compiled from official sales lists 15c 34% 300 Jan. 8 to Jan. Jan 25 32 12% Pittsburgh Stock Exchange Mar Oct 2c 300 600 3.25 11% 1H 5% Oct 6,365 90c Oct 4 Feb 4 4% 760 3% Oct 8% Feb 8% 2% 1% ... 9% 817 Oct 20% 2% 40 4% 1% Feb 5 5 Oct 50 25 30 Nov 286 100 Oct 111% Oct 14% 4% 72% 12% 1% 10 103 11 25 pref—100 Koppers G & Coke pref 100 Feb 25 145 155 102% 103 8% 7% 2,232 5% 99 Jan Apr Jan Jan Feb Jan Calumet Gold Mines.._ 10c l%c lc l%c 2.000 lc Mar 4c Feb Imperial Development_25c 2c 2c 2c 1,000 lc Dec 9c Feb McKinney Mfg Co * 1% 1% 400 1 Oct Zenda Gold Mining 7c 7c 7c 1.000 Nov 15c Jan Mesta Machine Co 5 41% 43% 6% 150 35 Nov 1,705 1,608 3% 1% Oct 3% Oct 10 Mar 10 22% Oct 29 Jan 4c Dec 6c Dec 1 4%c Lone Star Gas Co Mountain Fuel Unlisted— Anaconda Copper Min__50 Aviation Corp (Del) 3 35 4% 4% 36% 4% Bendix Aviation Corp Cities Service Co 14% 1% 14% 14% Commercial Solvents 5 * * Commonwealth & South..* Electric Bond & Share 5 General Electric Co * Montgomery Ward & Co. * For footnotes see page 9 6% 9% 45% 34% 422. 35 400 68% 9% Mar 27% 5% Jan Oct Oct 200 24% 3% 12% Nov Oct Dec 400 1% 100 9 400 Jan Jan * 6% Supply-.10 Natl Flreproofing Corp—5 Penn Fed Corp 4%% pfd50 Phoenix Oil com Preferred 3% 2% 5c 7c 1 25 22% 2,000 7c 4c 25c Pittsburgh Brewing pref. .* 25 25 500 25 110 22 Dec 25c 50c 50 Feb Mar Jan Jan Jan Feb 1% 2 Q Q 20% Jan 4% 5% 1,100 2% Oct 8% Mar Pittsburgh Plate Glass. .25 90 9% 9% 45% 100 8% Dec 28% Feb Pittsburgh Screw & Bolt..* 8 9 513 4% Oct Pittsburgh Steel Foundry.* 10 10 200 5 Oct 30 Jan 34% 100 18% 18% Oct 29% Apr 45% 34% 100 37% 30% Nov Dec 62% 68% Feb Mar Pittsburgh Forglngs Plymouth Oil Co 1 5 9% 9% 90% 10 59 15 5% 80 12% Nov Nov 27 147% 19% Feb Feb Mar Volume Par for Sale (Concluded) Week's Range of Prices Low High H'ee* Price Reyner & Bros com San Toy 1*6 750 2 2*6 220 2 lc 1,200 Galland Merc Laundry General Motors com.... * 10 General Paint Corp com..* Foster & Jan 4c Jan Dec 7*6 Jan 34*6 1*6 43J$ Oct 61*6 Mar Oct 6*6 Feb 60c 60c 300 1*6 Feb 26*$ 27t6 420 18 Oct 56*6 Mar 104*6 107*6 75 89 Nov 166*6 Jan 4 33*6 1*6 43*6 60c * .. . - • «. « Westlnghouse El & Mfg.50 2 100 Oct 60c Hale Bro3 Stores Inc 112 112 pfdlOO 10 111 Apr 113*6 226 2 Dec 5*6 23 34*6 37 Honolulu Oil Corp... Hutch Sugar Plant. Lockheed Aircraft.. Established 1874 Business all and Southern Securities Enquiries /nvited on Mid-Western St. Louis Stock Exchange Chicago Stock Fourth St., St. Louis, Mo. 315 North Sales Friday of Prices High Sale Par Stocks— 48 C 16 Oct 31 Aug 17 17 100 16 Oct 25 Mar 13 12*6 35*6 16*6 13 480 10 Oct 16*$ Jan 37 50 34 Dec 42 Feb 17 1.010 14 Oct Feb 10*6 5*6 *6 4,355 5 Ocl 4*6 % Oct 45*$ 16*$ 7*$ 10*$ 11*$ Dec 37 16*6 9*6 14 14 14*6 9 9 9*6 295 7*6 Dec 13*6 7*6 6*6 7*6 2,771 5 Dec 10 9 9*6 1,465 6*6 4*6 5*6 690 255 9*6 Nov 37 20*6 Oct 32 9*6 Oct 17*6 Oct 28 4*6 12*6 17 100 12 12 12 Jan Jan 705 preferred. * Pac Pub Ser (non-v) com.* (Non-v) preferred * 103*6 170 98 Oct 3,188 2 Oct 39*6 25*6 28*6 560 7*6 775 McQuay-N orris com 6*6 Jan Oct 17*6 Dec 22 Mar 12 Oct 32*6 Mar 32 20 28*6 Dec 58 Mar 26*6 Mar 4*6 . Dec Oct 13 Aug 55 8*6 30 6*6 5*6 10*6 7*6 23 Nov 70 Mar 250 5 Oct 13*6 Mar Oct 29 345 12 10 5*6 4*6 375 110 100 25 3 3 3 70 60 60 20 100 7*6 7 Oct 2*6 Dec Dec 62 Feb Mar 13*6 117*6 Sept Feb 8*6 June 83 320 Dec 60 July 117*6 June 128 Mar 40 40 40 40 Dec 5 60 * pfd 100 15*6 5 17 121 170 7*6 270 8*6 Sterling Alum com .1 Stix Baer & Fuller com.. 10 122*6 7 122 8*6 5 8 Dec 13*6 Jan 19 Oct 49*6 Feb 25 545 $1 415 27 27 77*6 79 47 Scullin Steel Works. 26*6 SI 26 15 50 $1,000 5,000 2,000 6,000 24,000 2,000 Bonds— _ St Louis Car 6s _ _ w ^ 77*6 fScullln Steel 3s 1941 tUnited Railways 4s..1934 tUnited Ry 4so-d's St Louis Car 6 unextd 27*6 28 26*6 27 80 80 Oct 5 90c Dec Mar 11*6 Dec 1*6 109 Feb Jan 5*6 2*6 110 1*6 Dec 5*6 5*6 121 4*6 Dec 18*6 89*6 Jan Jan 64 64 40 49*6 23*6 25 1,888 20*6 Dec 27*6 Dec 1,165 26 Dec 31*6 Dec Petroleum 28*6 29 5*6 36 36*6 90 14 13 14*6 1.270 7*6 6,712 7 7*6 17 1 prior pref. .100 105*6 4*6 Schlesinger Co (B F) pref 25 23 Signal Oil & Gas Co A * 20 Soundview Pulp Co com..5 81 Preferred 100 30*6 Sou Calif Gas 6% pref 25 21 Southern Pacific Co.—lOO *6 So Pac Golden Gate A * 31*6 Standard Oil Co of Calif..* 14*6 Super Mold Corp of Cal .10 15 Tide Water Ass'd OH com 10 12*6 Transamerlca Corp 2 20*6 Union Oil Co of Calif...25 17*6 Union Sugar Co com 25 8*6 United Air Lines Trans.-.5 7*6 Universal Consol OH 10 4*6 Victor Equipment com 1 10*6 Preferred ...5 41*6 Waialua Agricultural Co 20 22*6 Western Pipe & Steel—10 32 Yellow Checker Cab A..50 13*6 Dec 30 10*6 Oct 4 120 15 10 106 July 4*6 220 2 Oct 17 17 4*6 24 742 19 23 3,306 79*6 82 170 30 30*6 20*6 *6 31*6 Mar 106*6 May Apr 12*6 48*6 Mar 69*6 Dec 18*6 23 May 33 Oct 105*6 105*6 Apr 19*6 June Oct 9*6 Feb 50 Oct 2*6 2.540 5 36*6 S J L & Pwr 10 Feb Dec 2 Roos Bros common 11 17 7*6 tCity & Subur P S 5s.1934 extd 3*6 49*6 38 24*6 .100 Electric com 20*6 Nov 155 8*6 Equip com.* Scruggs-V-B Inc 1st pfd 100 Wagner Nov 50c 115 11 12 St Louis B B1 Southwest Bell Tel 8 32 16*6 .20 * Mo Port Cement com.-.25 Midwest Pip & Sply com 10 Natl Bearings Metals com * Natl Candy com * National Oats Co com * Rlce-Stlx Dry Goods com.* Laclede Steel com Securities Inv com. 177 July Feb 17 10*$ 87 92*6 5 23 13 9 Dec 92 28*6 Nov 16*6 34*$ 40 Dec 1 12 Nov 1,170 23*6 Cumulative preferred... Jan 10 42 92 64 Rayonier Inc com... Jan Jan 150 134 5*6 5*$% preferred 50 Rheem Mfg Co com 1 Richfield Oil Corp com...* 31*6 Nov Jan 152*6 2*6 Republic 13 9 6% Jan Jan 24 39*6 92 * com..* 100 Feb 410 133 Jan 8*6 Dec 134 Apr 35 108 41 6 100 300 134 Dec 32 35 Laclede-Christy C Pr com * 1st pref 75c 75c com...* Johnson-S-S Shoe 10 8*6 - 898 Jan 107 Oct 11*6 17*6 114*6 46 14*6 14 - 6*6 17*6 111*6 114*6 .100 Oct - 5*6 17*6 6 * Preferred 24*6 10 104*6 103 100 175 14 40 37*6 40 6% 30 1*6 Dec Dec 28 *. Feb 5*6 35 Ry Equip & Realty Mar 18*$ Dec 27*6 Pig'n Whistle pref 11*6 Dec 5 Jan Jan 40*6 4*$ 120 29*6 53*6 Feb Oct 18 130 6 32*6 Aug Oct Oct 6*6 6 38 37 1*6 9*6 6*6 6 Oct 49*6 4*6 Jan 40 6*6 Oct 25 24 Jan Apr Mar Oct Dec 165 12 Mar 25*6 Dec 115 9*6 10 16*6 27*6 Dec mm 27 Mar 23 22 «• 12*6 27 Oct Feb 33 Dec 4 May 13*6 417 28*6 «. 12*6 27 Oct 1,747 34 2 • 3,313 20 32 Feb 27*6 2 6*6 Jan 28 Oct 30*6 25 32 53 Jan Mar 23*$ 28 370 » 120 13 13 Feb 5 Oct 27*6 20 7*6 416 1.9T Mar 30 20 ~ Oct 27 40 ~ 35 30*6 30 Griesedieck-V est Br com.* 20 Sept 27*6 20 Mar Dec Apr 25 40 28 22 Feb 1st preferred.....25 5*$% preferred 25 Pacific Lighting Corp com * 20 Oct 2,870 10*6 6% preferred May 19*6 325 17 Paraffine Co s com 19*6 % 13 Pacific Tel & Tel com.. 100 High Low 5 y * 40 Brown Shoe com com..* Hussmann-Llgonier com _* Huttlg (S & D) com 5 Hydraulic Pr Brick com 100 International Shoe com—* Year 1937 Week Shares 9 5 320 15 20 * * Burkart Mfg com 1 Cocoa-Cola Bottling com.l Dr Pepper com * Falstaff Brew com 1 American Inv com Hamilton-Brn Shoe Low Price Range for for Week's Range Last 1.38E 19 6% 14, both inclusive, 4*6 13*$ 28*6 28*$ 17 Pacific G & E com Jan. 8 to Jan. Dec Mar 33*6 Pacific Clay Products Exchange compiled from official sales lists Dec 7 A..* Pacific Can Co St. Louis Stock Feb 27V$ 36*6 44*$ 8*6 337 320 Sugar Paauhau Telephone Central 3350 21 Oct Dec 17 9*6 Oliver United Filters Oct 24 8*6 3*6 12*6 27*6 ._* North Amer Inv com.. 100 North Amer Oil Cons 10 Occidental Ins Co .10 O'Connor M off att & Co AA * New York Curb (Associate) Chicago Board of Trade Oct 9 210 33*6 18*$ Natomas Co MEMBERS Exchange Exchange New York 8tock Jan 2*$ 510 9 Feb 18*6 41*$ 31*6 8*6 25*$ 9 Fibres..* Nat Automotive Mar 70*6 Oct 18*6 Lyons-Magnus Inc A * Magna vox Co Ltd 2*$ (T) Magnln & Co com * Marchant Ca! Mat com.5 Meier & Frank Co .10 &CO. I. M. SIMON 40 Dec 33*1 1 1 LeTourneau (R G) Inc MARKETS Dec 7 27 Langendorf Utd Bak A ... * Leslie Salt Co. 10 ST. LOUIS Mar 27 10 * * Mar 55 2,53! Mar 7 25*6 * Home F & M Ins Co Oct 3 2*6 -.1 Pennroad Corp v t c 22 Jan 96*$ 57*$ Oct Dec 25*$ 8*.' 3 Vi 13 K 27*6 * I Hawaiian Pineapple Unlisted— Lone Star Gas 6 *$ % \% 18*$ 28*$ 2 * Hancock Oil Co 27 440 36*$ Gladding McEean & Co--* Golden State Co Ltd * . 66*$ 775 2 22 * Preferred.. Sept 56 Oct 40 20 360 33 2 9 Dec 72 71*6 31*6 31*$ 2c * estinghouse Air Brake 25 10 Kleiser com..2*$ 72 Food Mach Corp com... 2*6 1*$ -.1 Victor Brewing Co Fireman's Fund lnsur May 23*6 ,1c 3*$ United Engine & Foundry 5 25 United States Glass V Mar 4*6 175 lc 3*6 Vanadium Alloy Steel._ 2*6 768 1 ..1 Mining Co Shamrock Oil & Gas Dec 95c High Low Shares Low Nov 1*6 2*6 * High Low Shares 1*6 1937 Year Range for Week of Prices High Sale Price Par Stocks (Concluded) for Week's Range Last Year 1937 Range for Last Renner Co.. Sales Friday Sales Friday Stocks 421 Chronicle Financial 146 July 15*6 Dec 80 Dec 70 27*6 Nov 30*6 Aug 22*6 1,507 17*6 Nov 65 Mar *6 400 *6 Oct 2*6 Aug 33*6 1,700 27*6 Dec 49*6 Feb 14 14*6 411 11 Oct 21*6 15 15*6 370 13?$ Nov 21*6 Feb 14,425 9*6 Oct Aug July 105 12*6 21 887 22 970 17 28*6 33*6 19 17*6 17*6 Oct Sept 12 20*6 Jan 16*6 28*6 8*6 8*6 110 6*6 Dec 7*6 8*6 1,045 4*6 Oct Feb Oct Jan July 9*6 4*6 100 3*6 Oct 10*6 10*6 210 9 Dec 41*6 550 35 Dec 75 21 22*6 1,011 16 Oct 40*6 32 32 240 28 Dec July 18*6 29 64 4*6 Aug Jan Mar Jan May 23 Dec 33 70 Nov 91 Jan 52 Dec 52 Dec 23*6 Dec 36*6 22 Nov 34*6 75 Nov 80 Schwabacher & Co. Jan Jan Members New (Jan York Slock Exchange 111 Broadway, New York Cortlandt 7-4160 offices In San Del Monte — Private wire to own & Co. Dean Witter MUNICIPAL AND CORPORATION BONDS Santa Private Leased Wires Stock Exchange, Chicago BoardofTrade NewYork Curb Exchange (AssoJ, SanFrancisco Curb Exchange, Honolulu Stock Exchange San Francisco Seattle Tacoma Portland NewYork Honolulu to* Angela* Oakland Sacramento Stockton Fresno Beverly Hills Ppsadena Long Beach Members: NewYork Stock Exchange, San Francisco Barbara San — Francisco Stock Exchange 14, both inclusive, compiled from official sales lists Jan. 8 to Jan. Sales Friday Last Sale Par Stocks— Anglo Cal Nat Bk Price * 20 7% preferred -.20 Calaveras Cement com—* Calif-Engels Mining .1 Calif Cotton Mills com. 100 Calif Packing Corp com..* Preferred 50 100 Preferred... ....5 Chemical Co 10 Cst Cos G & E 6% 1st pf. 100 Cons Chem Indus A * Creameries of Amer Inc__l Clorox Crown Zeller Corp com—5 Preferred Fruit com—10 preferred —100 Dl Giorgio 13 Emporium Capwell Corp.* 4*$% cum pref w W...50 Emsco Derrick & Equip. .5 Ewa Plantation Fireman's Fund Co 20 Indem._10 For footnotes see page 13*6 825 9 9*6 335 4 5 181 190 190 13 19*$ 19*$ 19*$ 185 20 20 20*6 20*$ 980 18*6 195 20 20 . 4*$ y* 12*$ 20 4*$ 4*$ 115 400 12 12*$ 300 23 23 24 960 50 50 50 60 50*6 100 H 60 32 103*$ 32*$ 4*6 11*6 71*6 5*6 50*6 100*6 100*6 56 60*6 58*$ 32 32 103*$ 104 32*$ 32*$ 4*6 4*6 12 11*6 71*6 73 5*6 4*6 Dec 3 *6 10*6 18*$ 49 Oct 25 Feb Par Dec Stocks— 5 25 214 July Calif-Ore Mar Mar Carson Hill 12*$ 1*6 Jan 2 46*$ 47*$ Mar 2 53 Aug Chanslor & Lyons Feb Dec Jan Dec 27 Dec 100 Oct Dec Oct Oct 125 56 106*6 46 Mar Mar 2 Mar Apr 6*6 May 25 Apr General Metals Gt West Elec Chem com.. 20 Preferred- Development 1 Idaho-Maryland Mining. 1 2 Holly Dec 723 70 22*6 Oct 59 Mar Internat'l Tel & Tel 1,305 9*6 26*$ 6*$ Oct 24*6 47*6 9*6 60*6 Mar Italo Petroleum Oct 27 28 io*6 13*6 32*6 9*$ 14*6 34*6 10*6 43 43 43 20 44 Dec 36 36 36 10 35 Nov 350 935 Dec Oct 108*$ 17*$ 42 Apr Mar 2 Mar 2 1 Internat'l Cinema Preferred.. Mar KInner Air & Motor Jan Kleiber Motors Feb Marine Bancorporatlon. Feb 3.10 Nov 1*6 Oct sy Feb 40c 45c 1,200 40c Sept 85c Aug 147 y 149*$ 205 Oct 186*6 Jan 70c 141 485 55c Oct 97c Feb 36 433 32*$ Oct Feb 14*6 17 2,000 Nov 63*6 27*$ 4.00 4.00 100 1.80 Oct 11.50 Jan 8*$ 4*$ 5*6 17*6 7 7*6 Dec Mar 345 2*$ Oct 6,271 3*$ 13*$ Oct 18*$ 9*6 13*6 Oct 31 Aug Dec 25*6 Feb Dec 97*6 65c 8*$ 4*$ 4*6 17 8 8 65 66 310 12 60 6 20 60 Feb Jan Jan Mar 1.50 1.50 100 1.45 Nov 2.00 Mar 30c 250 15c Dec 50c July Oct 82c Feb 13c 20c 4,800 10c 2.00 2.10 4,100 40c Jan 1.90 Mar 2.00 3,313 40c Jan 1.90 Mar 2.05 1*6 Commercial Solvents Curtlss-Wright Corp 1 Electric Bond & Share.-.5 Aug 50c Jan 13$ 1 1 1 10 . 2.05 2.15 17 A 8*$ 57*$ 2*6 13*6 422. 99*6 104*6 Jan 45c 100 19c 1 Preferred Feb 10c 8,135 26c Cities Service Dec 1,100 1.75 36 100 Gold ... Cardinal Gold Central Eureka Oct 28 33 '27 Oct 46*$ 430 147*6 18c 1.45 1*$ 41c Calwa Co._ Pow High Low Shares 16c 1.45 -.3 Mar 172 3 Price 16*$ Aviation Corp 1937. Week 5 5 Argonaut Mining Atlas Corp com Mar 762 3,602 for of Prices Low High 50 Anaconda Copper 23*6 Dec 27*6 Anglo-American Mining— American Tel & Tel 100 American Toll Bridge...-1 34*6 32*$ Oct Nov 192 Aleghany Corp com..... Dec 98*$ 270 Treadwell., Nov s — Hills Range for Year Week's Range Sale Bancamerlca-Blair 1 Bunker Hill-Sullivan 10 2 California Art Tile A.. 40 30 Feb Mar 70 495 31*6 Oct 2 3*$ 190 Co Chrysler Corp.. 1,571 3*6 Beverly Sales Last Anglo Nat'l Corp High Low 9 Calamba Sugar com Caterpillar Tractor com.. 19 for 1937 Week Shares 33* Assoc lnsur Byron Jackson of Prices High 16 of S F.20 Fund Inc—10 Atlas Imp Diesel Eng Co_5 Bank of California N A..80 Week's Range Low Rangs for Year - Francisco Curb Exchange compiled from offi cial sales lis* Friday Alaska Angeles Los - 14, both inclusive, Jan. 8 to Jan. Alaska Mexican San Francisco Hollywood 17 1*6 9*6 5 8*6 9*6 7*6 2*6 9*6 5*6 9*6 8*6 57 22 882 10 1,250 165 850 28 Oct 5*$ 18*$ 8*$ 28*$ Dec 2*6 6*$ 6*$ Oct Oct Dec io*$ Mar Jan Apr Mar Jan Oct July 50 Oct 79 150 20 Oct 23*$ Feb 50c Oct 1.60 Mar 3.60 21*$ 79c 82c 1.300 ""5*6" 5*6 6*6 2,360 17c 16c 33c 21,910 7 7*6 365 21*$ 1*$ 7 110 56*6 21*6 57 Jan 17 Apr 7*$ Jan 16s Jan '38 1.85 Mar Oct 15*$ Feb 5*6 45c 42c 50c 1,432 30c Oct 1.25 Mar 2.85 2.85 3.20 4,036 1.45 Oct 7*$ Mar 12c 14c 550 5C Dec 72c Jan 15c 15c 300 10c Oct 50c Mar 22 22 15 20 Dec 34 Feb 422 Financial Friday Par McBryde Sugar Co z Menasco Mfg Co Week's Range for Sale (Concluded) of Prices Low High Week Price 5 5 — Jan. 15, 1938 Sales Last Stock* Chronicle 5 5 1.35 1 Range for Shares Year High 100 4.50 Oct 10% 7.5c Oct 4.80 Jan 1 "34c 31c 38c 11,130 24c Oct 63c 34% 6% 34% 9% 10 16,322 68% 17% 33 32 18% 9% Mar 33 31% 4% 30% Dec "m $ per Share 25 Hillside Cemetery Co., par $25 Feb Montgomery Ward A Co.. Mountain City Copper..5c Oahu Sugar Co 20 Stocks 25 Central-Penn National Bank, par $10 20 Germantown Trust Co., par $10 14 Union Trust Co. of Maryland, par $10 Jau 650 1.55 By Barnes & Lofland, Philadelphia: 1937 Shares Low M J A M A M Consol z Occidental Petroleum...1 30c 7 7 20 35 35 Onomea Sugar Co Pac Coast Aggregates.. 10 z Packard Motors Feb 17% Dec 50 10 31 4.15 1.80 May 100 Oct 29% Apr Dec 5% 345 682 13% 4% 5% Oct 12% 12% 100 1.25 Oct 9.50 9% Nov 10% Silver King Coal..- 10% 50 26 10 9 5 2,900 36c Dec 2.70 Mar 490 4% Dec 14% Aug 500 75c Oct 3.75 Feb 10 34% 19% Dec 60c 1.00 1.00 53c 490 7 6% 1.20 Title Guaranty pref 35 35 United Aircraft 26 *4 26% 3% 400 United Corp of Del U S Petroleum 3% 1 1.35 Jan 41% 16% 32% 28% 29% 175 Oct Oct Oct Feb Jan Mar Aug Jan Warner Brothers 5,000 Oct 2.90 Feb 60% 1% 150 Nov 126% Mar 100 1% Dec 3 Aug 2.50 3.25 25 .... 1.55 1% 3.25 700 1.00 Oct 3.50 7% 2.50 4% Oct 18 59 -.100 com Utah-Idaho Sugar VlcaCocom 5 7 7 95c 51 Nov Feb * No par value, c Cash sale, a A. M. Castle A Co. split its common stock on two-for-one basis on March 9. 1937. 6 Ex-stock dividend, d Stock split up on a two-for-one basis, g Stock dividend of 100% paid Sept. 1, 1936. r Cash sale—Not included in range for year, x Ex-divldend. t Company In bankruptcy, receivership y Ex-rlghts. Listed, z OF $49,800,000.00 28,894,500.00 118,367,560.00— $197,062,060.00 $758,945,800.00 1,036.692,900.00 489,080,100.00 fin default. 454.135.200.00 352.993.450.00 644.870.050.00 818.627.000.00 755.434.500.00 834.453.200.00 1.400.528.250.00 1.518,737,650.00 1,035,874,400.00 491,375,100 00 2,611,095,150.00 1,214,428.950.00 1,223,496,350.00 1,626,687,650.00 981,837,550.00 1,786,150,050.00 540,843,550.00 2%% bonds of 1945 or reorganization. ! —' U. S. Savings bonds (current redemp. value): Series A-1935 THE LONDON STOCK EXCHANGE Quotations of representative stocks each day of the past week: — Mon., Tues., Wed.. Jan. 10 Jan. 11 Jan. 12 Boots Pure Drugs Jan. 14 47/9 108/1% 48/1% 106/10% 106/3 48/3 106/3 £65% £65% £65 5/6 5/6 £25% £25 5/6 £25% £25% 80/7% 80/47/6 47/6 £13% £13% 107/107/15/9 16/21/9 22/9 6/9 6/6 2/3 2/3 25/6 25/9 152/6 153/1% £28% £28% 68/6 70/£8'i« £8% £19% £19% 20/20/93/1% 94/4% £41% z£41% Central Mln A Invest- De Beers Distillers Co Ford Ltd 13 £65% 5/6 Cons Goldfields of 8 ACourtaulds 8 A Co HW D14Y Gaumont Pictures ordA Hudson Bay Mln A Sm Imp Tob of G B A I— London Midland Ry— Metal Box Rand Mines— RloTlnto Roan Antelope Cop M. Rolls Royce Royal Dutch Co—— 1945 (Government Life Insurance Fund series) Fri., 47/9 108/1% Canadian Marconi Electric & Musical Ind- Thurs., Jan. £66% British Amer Tobacco. Cable & Word Series C-1937 Unclassified sales Adjusted Service Bonds of Sa., Jan. 8 48/1% £25% 78/9 47/1% £13 £12% 106/6 107/16/22/9 6/6 2/3 25/9 154/4% £28% 69/6 15/9 22 /9 6/6 2/3 25/6 153/1% £27% 69/- £8% 20/9 94/4% £41% £28 69/— £8% £19% 20/6 95/- £19% Total bonds £87u £18% £41 3% serle8C-1938, maturing Mar. 2% % seriesD-l938. maturing Sept. 1 % % series E-1938, maturing Deo. 2%% series A-1939, maturing June 1% % series B-1939, maturing Dec. 1%% seriesC-1939, maturing Mar. 1%% series D-1939,maturing Sept. 1%% series A-1940, maturing Mar. 1% % Berles B-1940, maturing June 1% % series C-1940, maturing Dec. 1% % series A-1941, maturing Mar. 1% % series B-1941, maturing June 1% % series C-1941, maturing Dec. 15,1938.. 15,1938.. 15,1938— 15,1939.. 15,1939.. 15,1939.. 15,1939.. 15,1940— 15.1940— 15.1940-. 15,1941— 15,1941.. 15, 1941.. 1% % series A-1942, maturing Mar. 15, 1942.. 2% series B-1942. maturing Sept 15,1942 1 % % series C-1942. maturing Dec. 15,1942— $16,009,800.00 618,056,800.00 455,175,500.00 596,416,100.00 433,460,900.00 1,293,714,200.00 526.233,000.00 941,613,750.00 426.554,600.00 1,378.364,200.00 738,428,400.00 737,161,600.00 676,707.600.00 503,877,500.00 204,425,400.00 426.349,500.00 342,143,300.00 — 20/3 95/£41% 232,375,200.00 $10,547,067,350.00 Shell Transport £4«« £5 £5 £4»n £4«3j Triplex Safety Glass... 50/38/9 26/26/7% 50/9 39/26/1% 26/4% 50/3 39/6 26/3 26/3 49/10% 38/3 25/9 26/- 50/1 39/— 3% Old-Age Reserve account series, maturing June 30, 1941 and 1942 3% Railroad retirement account Berles, ma¬ 25/9 26/- turing June 30, 1942 4% Civil Service retirement fund, series 1938 Unilever Ltd United Molasses dickers Vest • Wltwatersrand £9% £ht £9% £9 4% £9% ^"dividend. x 513,100,000.00 50,000,000.00 to 1942 Areas 845,545,606.40 $22,482,630,259.03 Treasury Notes— 77/6 47/6 £12% 106/9 15/9 22/9 6/6 2/3 25/153/1% 963,735,742.63 $345,387,650.00 500,157,956.40— __ 2%% series A-1938, maturing Feb. 1,1938.. 2% % series B-1938, maturing June 15,1938.. 5/6 78/1% 47/- f 20,476,286,850.00 $184,319,081.00 341,891,728.00 387,940,022.50 49,584,911.13 Series B-1936 received by cable as THE 1937 made up on the basis of the daily follows: of 1946-56 of 1943-47 of 1940-43 of 1941-43 of 1946-49 3% bonds of 1951-55 3%% bonds of 1941 3%% bonds of 1943-45 3% % bonds of 1944-46 3% bonds of 1946-48— 3%% bonds of 1949-62 2%% bonds of 1955-60 2%% bonds of 1945-47 2%% bonds of 1948-51 2% % bonds of 1951-54 2%% bonds of 1956-59 2%% bonds of 1949-53 Mar 29% 8% Oct 31, as 3%% bonds 3%% bonds 3 % % bonds 3%% bonds 3%% bonds Jan 80 Oct 3 as i% Panama Canal loan of 1961 3% Conversion bonds of 1946-47 2% % Postal Saving* bonds (14th to 49th ser.) Treasury bonds: 4% % bonds of 1947-62 4% bonds of 1944-54 Mar Dec 25% 27% 1 27 Oct DEC. Bonos— Jan 7% 19% 23% 25% 710 415 — Texas Consol Oil 125 24 25% 27% Stearman-llammond 1.25 Studebaker .——— 9% 24 25% 27% 5%% preferred 25 6% preferred........25 25 1937, Treasury statement, is Feb 2.50 26 Sou California-Edison—25 STATEMENT STATES preliminary statement of the public debt of the United States Dec. 31, Feb 7 7 26 The Jan Oct 2.50 com UNITED Mar Oct 40c 5A Preferred US Steel - 90c 100 15 DEBT Jan 1,840 Radio Corp of America z 82c Dec 50c 5% — PRELIMINARY Jan Oct 6% 2.00 15 Schumacher Wall Board... z 44 25c 100 , 60c Pacific Western Oil--—10 Shasta Water Co Dec 500 ' 6 Mar 1.70 Pacific Distillers z 10 30c --20 Olaa Sugar Co Oct 370,700.000.00 Foreign Service retirement fund, series 1938 to 1942 3.342.000.00 4% Canal Zone retirement fund, series 1938 to 1942 THE BERLIN STOCK Closing prices of representative stocks each as received by cable day of the past week: Jan. 8 10 Jan. Jan. Jan. 12 13 Allgemelne Elektrlzitaets-Geeellachaft ..123 123 .135 135 ma¬ 279,000.00 maturing 30,000,000.00 Federal Deposit Insurance Corporation series, maturing Deo. 1, 1939 and 1942... 14 124 123 122 136 136 136 136 166 166 166 166 166 166 120 Dessauer Gas (5%) Deutsche Bank (5%) 120 121 121 120 120 121 122 122 120 121 —127 127 127 128 126 127 146 146 146 144 11,618.152,350.00 Certificates of Indebtedness— 4% Adjusted Service Certificate Fund series. maturing Jan. 1, 1938 2% % Unemployment Trust Fund series, ma¬ 122 Commerz-und Privat-Bank A. G. (5%).—120 100,000,000.00 — Per Cent of Par Berliner Handels-Gesellschaft (6%) Berliner Kraft u. Llcht (8%) fund series, June 30, 1940 Jan. 11 retirement turing June 30, 1941 and 1942 2% Postal Savings System series, 2% Jan. 3,664,000.00 4% Alaska RR. EXCHANGE 144 Deutsche Erdoel (6%)— 146 Deutsche Relchsbahn (German Rys pf7%)-130 Dresdner Bank (4%) 130 130 129 129 114 114 114 114 165 165 162 150 150 150 148 149 153 153 154 153 153 153 83 83 83 81 81 118 118 118 116 212 "212 "212 "210 232 176 176 176 176 212 213 214 213 19,382,900.00 4% and 4%% Second Liberty Loan bonds of 1927-42 1,396,250.00 2,224,550.00 27,237,500.00 680,900.00 19,439.100.00 5,185,850.00 19,012,000.00 255,300.00— 4% % Third Liberty Loan bonds of 1928 4% % Fourth Liberty Loan bonds of 1933-38.. 3% % and 4% % Victory notes of 1922-23 Treasury notes, at various Interest rates 175* .-—.208 Siemens A Halske (8%) 176 46,640.00 ... of 1932-47 "212 231 $3,928,910.26 ...... 2%% Postal Savings bonds 3% %.4%,and 4%% First Liberty Loan bonds 85 212 ...232 $36,708,457,609.03 Matured Debt on Which Interest Has CeascoOld debt matured—Issued prior to Apr. 1,1917 (excluding Postal Savings bonds) 117 232 85 Relchsbank (8%) Rheinische Braunkohlen (8%) Salzdeturth (6%) 118 655.511,000.00 1,952,164,000.00 Total Interest bearing debt outstanding 162 150 — 114 164 30,800,000.00 624,711,000.00 Treasury bills (maturity value) 130 114 165 Farbenlndustrle I. G. (7%) Gesfuerei (6%) Hamburger Elektrlzltaetswerke (8%) Hapag Mannesmann Roehren (4%%) Nordeutscher Lloyd turing June 30, 1938 214 Ctfs. AUCTION The following securities oi indebtedness, at various Interest rates. Treasury bills Treasury savings certificates ... SALES sold at auction were of the current week: on Wednesday • *-■ r- v- r Debt Bearing No Interest— United States notes By R. L. Day & Co., Boston: Shares 1 1 $190,641,585.07 Stocks ® National Rockland Bank, Boston, par $20 Naumkeag Steam Cotton Co., par $100. 40 units Utilities Associates 40% "II 2 IIIIIIIIIIIIIT -IIIIIIIIIIIIIIII""""" common . Federal Reserve bank notes Old demand notes and fractional currency Thrift and Treasury savings stamps, unclassi¬ 276,113,321.00 2,032,046.25 fied sales, Ac 20 8% 3,257,056.49— Total gross debt 472,044,008.81 $37,279,291,518.10 $100—IIIIIIIIIIIII'\2WVa. preferred, ► Deposits for retirement of National bank and 21% New England Power Co. preferred, par 1 Public Electric Light Co. preferred, par $100 1 Rhode Island Public Service 1 Shar^ 50 New Eastern per - England Industries 6 Maiden A Melrose Gas Light, par $25 33 Springfield Gas Light Co., par $25 2 98,789,900.26 $346,681,016.00 156,039,430.93 ..... Less gold reserve par Bonds— $500 Heywood Wakefield Co. deb. 80 $27%——IIIIIIIIIIII—— 5s, Dec. 1946-..- 83% A int k By Crockett & Co., Boston: Shares Stock 1 Stony Brook RR. Co., par $100 15 Berkshire Fine Spinning Assts. common 2 Farr Alpaca Co., par $50-.- 21 United Merchants A Mfrs., Inc., par $1 Hampshire Acceptance Corp. common Saco Lowell Shops common, new, par $5-150 Batchelder A Snyder Co., Inc., common 100 New 47% 20 Saco Lowell Shops, CURRENT 32% NOTICE pgj. (jeni preferred A, new, par $20— $ per Share —Arthur N. Bloch of Speyer & Co. was unanimously elected President of the Corporation Bond Traders Club of New York at the annual dinner and meeting of the organization at the Hotel . 90 HI —I-IIIIH -IIIIIIH"! HI -11.1111 HI I.HI Roosevelt last night. Other officers elected for 1938 were Paul G. Devlin of Blyth & Co., Inc g% Vice-President; Gustav Nelson, Dick & Merle-Smith, Treasurer; and Felix 6% M. 8% 51c 10 1% 1434 Lopex. Jenks, Gwynne & Co., Secretary. In addition to these officers, the Board Elmer of Governors: Raymond following D. Stitzer, were named members of the Equitable Securities Corp.; Lally, Hayden, Stone & Co.; and Claude F. Leaman, Hemphill, Noyes & Co. Volume 423 Chronicle Financial 146 •r ■ Canadian Markets 4s 4Jis Jan Jan 1 1948 753 54 Ji 4Jis Oct 1 1956 '51Ji 52 Ji 6s 5s Prov ol British Columbia— 6s Oct 100 Ji 9'» J< July 12 1949 4Jis 95 1 1963 96 Ji IB Ji !08Ji 109 Ji 36 * pref--100 Ogllvle Flour Mills • 60 59 60 Ji 14 14 100 155 Noranda Mines N S Steel & Coal Quebec— 4Jis Aug 1 1941 87 90 6s June 15 1954 83 86 4Jis Mar 2 1950 109 Ji 5e Dec 2 1959 84 87 4s Feb 1 1956 It 6 Ji 107 Ji 1 1961 109 H no 4Hs 4Jis 105 Ji 107 102 Ji 103 Ji 15 1960 16 1961 Apr Apr Ottawa L H & 76 Nov 16 1946 Oct 1 1951 74 76 5Jis 115 Ji 116 Ji 4Jis 74 76 Regent Knitting Canadian Pacific 5s Sept 1 1946 102 Ji 102$i 6s Dec 1 1954 103 Ji 101 4J^a July 1 1960 88 100 -Dec 15 1944 July 1 1944 4Jis 4Jis 108 Ji 87 Ji Sept 15 1942 7108 A 98 Ji 98 Canadian Northern 113 Ji 114 Ji neji 117 Ji 4Jis.... 4Jis ...July 4Jis 1 1957 113 Ji 114 Ji 4s 1 1946 Jan 1 1969 1 1969 neji 116Ji 3s Jan 119 Dec 48Ji 180 45 Dec 79 16 Ji 205 15 Oct 25Ji 9 Ji 900 50 100 4,845 Jan Oct •11 June Jan 25 Aug 7K 450 19 110 95 Oct 103 Ji Apr Apr Dec 15 1,065 12 Oct 39Ji Apr 48 1,440 35 Dec 98 Aug 20 Ji 1,579 17 Ji 13 33Ji Feb Dec 30 Apr Dec 130 Ji 19 Ji 3 Ji 1,920 6 Ji 15 16 150 105 105 50 15 Ji Apr Mar 17 45 100 Oct 114 Jan 13" 13 13 105 ilJi Sept 18 Ji Feb 66 66 67 484 53 Oct 96 Ji Mar 49 Oct 88 Ji Mar 1 1970 119 119 Ji 1 1962 1 1962 108 Ji 109Ji 96 Ji 91 110 63 63 149 149 10 l55Ji Jan 6 900 3 Oct 19 30 19 Nov 3 415 ....26 ... 5Ji 5Ji 19 Commerce Oct 10Ji Jan 81 1.85 Oct 10 Jan 115 12Ji Oct 43 Jan 60 June 2 Montreal Ro /al Aug 161Ji 160 16 160 Jan 178 144 160 Nov 211 204 206 248 193 Nov 214 Feb 297 297 56 290 Nov 340 Mar 188 "204" 161 178 160 ...100 ..100 Nova Scotia Oct 55 64 58 Ji 58 Ji 58 Ji 60 100 100 100 . June 35 Banks— Canadlenne Mar IlJi 2Ji 2 Ji Canada Feb 159 13 Ji 2 Ji 13 13 100 Preferred Ry— Grand Trunk Pacific U4Ji 114 Ji ...Feb HJi 60 98 B 125 119 Ji 5e 16Ji 5 Winnipeg Electric A Ry— July 6Jis 1 1951 ...Oct 33 Ji 15 Wabasso Cotton Bid Ask 4Jis.._. ...Sept 5s Oct 98 Tuckett Tobacco pref—100 United Steel Corp ♦ Guaranteed Bonds Government ...July Dec 12 Steel Co. ol Canada Canadian National Ry— 5s Feb 57 Southern Canada Power. 113 Ji 114 Ji Bid Jan Apr 10 * 16 Nov 99 255 9 Shawlnlgan W & Pow... Preferred Dominion Nov 15 25 Preferred 82 16 Ji 9 Sherwin Williams of Can 25 104 July 28Ji 55 100 preferred Mar 158 Nov 15 25 St Lawrence Paper pref Canadian Pacific Ry— Ry— perpetual debentures. 4s 6s 4lt Bid Ask Bid 300 27Ji 63 Ji 24 Preferred Saguenay Power pref St. Lawrence Corp Railway Bonds Oct Apr 150 1 49 "ieji Quebec Power Feb 15 lSJi * * Preferred Feb 37 14Ji * 100 Price Bros A Co Ltd 74 83 Jan 55 Corp. of Canada..♦ Power 108 Jan Oct 1,503 29 Ji 85 85 Power—.100 * 67 Ji 10 Ji 170 192 155 29 Ji Oct 37 11 2.31 2.30 155 29 Ji .... Penmans 1943 June 15 6s 107 Sept 15 1952 Mar 1 1960 5a (New).... Prov of Saskatchewan— Province ol Nova Scotia— 4Jis May 4Jis Brunswick— Hrov ol New Preferred 109 H 17 1,560 4,180 37Ji High Low Shares High Low 37 Province ol Manitoba— Province of Week National Steel Car Corp..* 116 114 15 1965 Year 1937 Range for for of Prices Price Par Stocks {Concluded) Week's Range Sale HlJi 111 Ji 116 Ji 117 Ji 1942 1943 1959 1962 Oct 6s Last Ask bid 1 Sept 16 May 1 June 1 6a... Sales Friday Friday, Jan. 14 Province of Ontario— A St bid Montreal Stock Exchange Municipal Issues provincial and Cloasing bid and asked quotations, Province ol Alberta— UNLISTED ANT LISTED 191 K4l 84" 165 De< 226 Feb Jan Montreal Stock Exchange 14, both inclusive, Jan. 8 to Jan. compiled from official for Sale of Prices Week . High Low Price Par Stocks— Week's Range — 11 11 100 8ji Jan 100 Alberta Pac Grain pref. 100 Amal Elec Corp pref 50 Associated Breweries * Bathurst Power & Paper A* Bell Telephone.. 100 Brazllllan Tr Lt A Power.* British Col Power Corp A.* B m<. * Bruck SUk Mills • 105 105 5 103 Ji Nov 110 9Ji Oct Jan 12 Preferred Building Products A Canada Cement Preferred Can Forglngs class B 70 25 Sept 30 12Ji 44 11 Jan 16 Mar 23 h lOJi 1,815 9 Dec 165 Ji 165 163 157 May 11 Ji 10 Ji 12 14,330 32 Ji 33 435 5 Nov Oct 11H 40 Nov 73 Nov 22J* 7 Ji Apr 80 Oct 111 14 Jan 18 Oct 29 Ji Jan 6Ji 18 Ji Apr 10 171 19 3 Ji Ji 466 10 12 1,037 38 Ji 38 750 105 1 105 105 10 Ji 10Ji 11 Ji 21 20 Ji 22 Ji 19 Ji 19 Ji 17Ji 6,120 1,372 16 Ji 2 Oct 9 33Ji Dec Oct 101 61Ji Jan Feb Ji Oct 21 12 Ji Oct 32 Feb Oct 31 Mar Dec 126 Mar 760 15 100 Ji Ji 7Ji 7Ji 21 Ji 2,737 16 Ji Oct 26 Ji Mar 22 Mar British Apr 103 Sept 105 Aug Canadian Pacific Ry 25 10 Ji 62 Ji • Dominion Bridge Dominion Coal pref Dominion Glass * * Eastern Dairies 1,598 64 Ji 6,314 15 Ji 615 9 Ji Mar 100 Ji Mar Oct Dec 94Ji Oct 58 Ji Mar 19 Ji 160 15 Oct 23Ji Mar Can 30 100 Nov 14,655 10 Oct 28Ji Oct 18 J< 15Ji 16 Ji 15Ji 10 - 85 9,385 85 7 Ji 9 25 66 68 149 68 149 Nov 257 69 Dec 10 135 Apr 1.25 Oct 315 12Ji 32 420 28 10 135 15 Ji 9 185 14 Ji 14 Ji 14 Ji 8 Ji July Nov 1.35 9 85Ji 20 1.25 15 Apr Aug 149 380 9 1 Oct 8 Ji 31 Ji < Mar Oct 7 Ji * 5Ji ,83 Mar 118 5Ji ' * 79 Ji .* 7Ji Rights Goodyear T pref inc '27.50 Gurd, (Charles).. ..* 56 Gypsum Lime A Alabas..* Hamilton Bridge • 8 Dec L6 610 9 Oct **1 Apr European Electric warrs Falrchlld Aircraft Ltd 551 4Ji Oct 14 Aug Fleet Aircraft Imperial Oil Ltd 15Ji * Imperial Tobacco of Can.6 Industrial Accept Corp * Intl Nickel of Canada Internat-Pet Co Ltd Power Preferred • • * 100 75 Ji 55Ji 56 25 53 Sept 7Ji 215 7Ji 8 Ji 2,960 8Ji 205 13 Ji 1,211 14 15 Ji 780 98 13Ji 25 IlJi Dec Oct 106 Ltd A J — ■ ' - 1.50 4 Ji 150 2Ji 6Ji 21,101 5 Dec 24 Ji Apr 6Ji 6Ji 905 6 Oct 19Ji Apr 6 50 6 Oct 19 Apr 11 5 5 Oct 33 25 6 Oct 30 65C Feb ...... 5 Ji 5Ji 6 Ji 7 Ji 8 8 18Ji 15 Ji 16 Ji 278 15 Ji 17 Ji 4,821 102 15 29 Ji 30 1,577 102 29 Ji Montreal Tramways...100 80 80 • 25 40 39 Ji 82 Ji 40 Ji 41 41 ...... Jan 27 Aug 22 Mar Melchers pfl( pflC- Distilleries Ltd.* (Robt)" Co"Ltd m Apr 15 Mar Mtl RefrlgA Stor— 110 Apr 1,283 33 Oct 330 36 Oct 36 Ji 100 S3 cum pref Nov Scot L Page-Hershey Tubes Feb 43 Ji Feb • -- &P6% cmpflOO Jan Feb 42 Ji 48 Ji 15 8 Ji 25 2,000 Apr 50 Apr 49 Nov 35 Jan 110 Mar 10Ji Jan No par value. Ltd.* 39 Ji 11 Jan Jan 15 87 Aug May 25 Ji July 21 Ji Dec 22 Ji Jan 55c Dec 1.80 Apr Dec 37 Ji Jan 31 120 22 Dec 23 Ji 23 Ji 10 24 21 Ji 1.00 125 1,135 16Ji 265 12 45 Ji 47 385 32 Ji Oct 73 Ji Mar 88 Dec 100 Ji Mar 2Ji 14Ji 13 Ji 88 Ji 61 2Ji 2 Ji 230 6 88 "Pfnforf A/1 Mitchell Oct 50 Nov 11 Ji 16 Ji Paper.. Mar Dec 3 1.00 70c 16Ji May Dec Dec 32 21Ji Oct 98 15 10 Ji Ji 80 Feb 5 49 30 23 Ji Jan Oct 25 Ji Jan July Jan Dec 179 lOJi 29% Feb Massey-Harr 5% cum McColl-F Oil 6% cum 843 11 Ji 16 Oct Feb MacLaren Pow & IlJi Dec 14 Ji Jan 3Ji Jan 11 4 636 13 21 Ji Apr 11 505 Oct Jan Feb Oct 98 4 1,765 3 65c Oct 130 1,825 150 700 Apr 7 Ji 7 Ji lc 7 Nov 7 7 Ji lc 95c 76 7 Ji 8Ji 130 13 Lang A Sons Ltd Jan Jan Aug 6 Int 40 43Ji 5 4 ... Apr July 45 Oct 4.00 3 Ji 76 9 Oct 20 Co... 130 10 1.25 Dec Gatlneau Power 76 12Ji 1,425 16 130 50 1.50 6 Ji Mar 280 1.25 Jan Sept 39Ji 12Ji 980 80c 3 16,618 13 Sept 4 Ji Jan 12 Ji 20c 16 Ji Mar 16 Ji 100 13 73Ji 12Ji 35c 80 Nov 16 60c 35c Jan Mar 20 36 H Oct 2.50 Oct Mar Dec Nov 60C ■ Mar 3Ji 50c 100 Dec 15Ji 23 Ji 65 22 24 Ji 48 Oct 5 38 Ji 9.369 10 22 Oct 4 Ji 470 22 Oct 30 Ji 1,425 16 70 Oct 4 8 Oct 70 Ji 29 Ji Jan Dec ...... 12 Ji 29 Ji Jan 27 Ji 4 2 17Ji Mar 24Ji 51 | Jan 3 Ji Oct 250 48 Mar 21 Oct 75 2,483 49 Ji 17 Sept 1.00 30 3,478 14 Nov 15 Ji 30 6 Ji 28 ' Jan 98 33 435 70 13 Ji 12Ji 6Ji 75 Aug 625 6 6 ______ 1.35 Jan 23 Ji 200 Feb 18 Ji 16 National Breweries Preferred 13 4.00 Oct 10 16 Ji 1.30 Jan Nov 12 25 1.55 20 27 * • 'CVUi ISAAVM Apr 15Ji 34 Ji 1.2o 1.55 38 Oct Oct 20 20 5J* Oct Dec 38 l5Ji 18Ji 5 16 Ji 20 Dec 10 Ji 80 38 7 18 Ji Feb 16 Feb Jan 13 Ji 18 • — 56 27 Lake Sulphite Mtl L H A P Consol DdUiCOl Dec 13 Ji 18 Ji Lake of the Woods (John A)* ...» McColl-Frontenac Oil * Montreal Cottons pref. 100 7Ji 27 Jamaica P S Co Ltd preflOO Massey-Harrls.. JLLtfcOLCl LI Mar 16 Ji 55 112 35 B Aug 18 Dec 1,770 98 * 100 Preferred Oct Dec 16 885 8 Ji Jan 6 8 79 Ji 109 6Ji Paper A Oct 843 7 Ji 98 13 Jan Jan Apr 105 91 Ji 11 Donnacona 40 17 78 8 5 Holllnger Gold Mines Howard Smith Paper * Ltd.* " Consolidated Paper Ltd Commercial Alcohols Preferred 24 Ji 39 16 Ji Afv Claude Neon Gen Nov 7Ji 13 Ji 100 Gas & Electric Corp.* 7% cum pref Jan July Oct 34 Ji 33 Canadian Marconi City Aug 32 10 85 34Ji 33 * Dock 5.00 16 100 Preferred 1.55 Cndn P & P Inv * General Steel Wares 105 Co 1 5% cm. Vlckere Ltd— • 71 24 108 Dec 84 104 - - - 16 Ji 100 108 10 5 16 » Preferred Cndn Dredge & Jan Apr 9 60 13 10 85 10 « Mar 29 791 Foundation Co. of Can...* International 22Ji Oct 10Ji 32 Ji 14 Ji .1 Gatlneau Oct 45 75 * B 7Ji 11 Ji 60 75 * English Electric A Oct 31 100 Dryden Paper Electrolux Corp 7 75 100 Preferred 5,045 Packers* pf 100 * Can No P Corp 7 % cmpflOO Canada Vinegars Ltd— Canadian Breweries Ltd Columbia Calgary Pow 6% cm Canada Malting Co Jan 100 (New) pref Dominion Textile Mar 250 8 Brewers & 19 Ji- • 25 Dominion Steel A Coal B 26 Dom Tar A Chemical 17Ji 10 Jan Beauharnola Pow 31 Ji 100 Preferred 23Ji Jan 7 Ji 15 * Distill Corp Seagrams Jan Oct 9 Ji 7Ji Con Min A Smelt new...25 Cockshutt Plow 8Ji 7 Ji Oct Oct 20 Ji Aug 5 class B « 21 Ji Nov 3 Apr 4 12Ji SJi Distill of Van..5 Brit Amer Oil Co Ltd * 100 1,680 Dec Mar 105 4 Ji Apr 3 Ji Dec 105 4 Bathurst Pr & Pap * 4 Ji 20 Oct 122 Ji 84 25 Ji Oct Corp...* 20 3 Dec 40 9,435 394 102 2,195 14 1,015 2 Ji 5 Ji 105 4 Ji 4 Apr 1,812 62 4 108 4 Apr Dec 19 2 17 4 102 4Ji 15l2 80 1.40 17 2 100 5Ji 105 108 High Low 59 Co—* 6% cum pref Asbestos Corp Ltd Abltlbl Pow & Paper 1937 Range for Year Shares 4 pf 100 Canadian Indust Alcohol.* Class B * Canadian Locomotive * 108 High Liw 5Ji Cndn P'airbanks pref...100 Cndn Foreign Invest of Prices Sale Price Par for Week Range 125 106 Cndn Cottons pref Week's Last Stocks— from official sales lists Sales Friday Apr Mar 110 5 105 106 106 106 both inclusive, compiled May July Jan. 8 to Jan. 14, Keb 60 2 38 Montreal Curb Market JaD Mar 180 19 * 100 100 Jan IlJi 2 160 3,796 7Ji * 830 Bay Street, Toronto JaD i St., Montreal Sparks St., Ottawa Mar 39Ji 12 Ji 11 Ji 104 Ji 11 30 Ji Oct 104 Ji 104 Ji 12 * 100 Nov 170 50 66 e0 30 10 H 4 Ji 3 Ji 50 • . St. James 255 Apr 170 3 Ji 4 Ji 3Ji Established 1883 Apr 33 25 Preferred 7% 60 9Ji Corp.* Canada Steamship (new).* Preferred 50 Canadian Bronze * Cndn Bronze pref 100 Canadian Car A Foundry.* Canadian Celanese 12 30 12 Ji Canada North Pow Preferred Jan 12 165 Ji HANSON BROS., Inc. Jan 42 Ji 30 12 Ji Industrial Bonds Public Utility and High Low Shares * Agnew-Surpass Shoe Municipal Canadian Government 1937 Range for Year Last , sales lists Sales Friday J" 6 Ji 26 88 13 Ji 1.50 6 Oct 7Ji t Oct 15Ji 1,165 13 Jan May Nov 13 Ji 10 105 105 Ji 60 104 92 92 Ji 27 80 13Ji June 9.00 Feb 9 Ji Feb 30 Jan 17 May Dec 105 Ji 110 Mar 424 Financial Chronicle Jan. IS, 1938 Canadian Markets—Listed and Unlisted Toronto Stock Montreal Curb Market Sales Friday Last Week's Range of Prices Salt Stocks (Concluded) Par Iajw Price High 6 ,'i cum Shares Low Stock* (Continues) High 94 94 Sarula Bridge CoB * 10 94 H 107 Feb 5 July 4 60 7H 104H July 16 Jan Braz'llan 47 *ept 108 Feb B A Jan 16 15 15 15H June 25 Wuiker-Cootl Jt Wort* (Hi * 43 H 42 43 H 420 32 Oct 61 18H 18H 11^ 105 17 H 10 Oct 20 Feb Nov 18 Apr Brantlord Cordage *1 cum pf * Weston Ltd (George) "ilk" » 11H 10 225 H July Mines— Brown OH 12 21 H 55 Buffalo-Ankerite 3Hc Building 48 52 products.......* 37.400 30C Oct 1.90 Feb Bunker 2,500 Oct Burlington Steel 12 H 20c 20c 500 4Hc 1.15 Jan 20c 1 He 32c Feb Burry Biscuit.......12He 2Hc 40c 40c 1.000 16c Dec 65c Feb Burt 1 """25c 22c 31c 14,400 19c Sept 65c Feb Arntfleld Gold 1 Base Metals Mining.--.-* 33 He 33 He 61c 57c Nov ' Hill BkUood-Klrk Gold 1 Big Missouri Mines Corp.l 500 37 He 79c """51c Aug 3,950 32c Nov 72c Feo Canada 9c 9c 10c 4.900 7c Nov 1.14 Feb Canada Cement Brownlee Mines (15)36)...1 6Hc 6Hc 7c 8.233 2H Nov 13c Jan 27 26 H Gold Dredging...6 Can Malartlc Gd M Ltd..* 1.10 1.09 27 H 1.15 2.6.50 1 8Hc 8c 8Hc 19,000 8c 9c 8,300 36c 37 He 2.38 16.450 1,300 2.00 Carrier-Malartlc G M Ltd 1 9c Central Cadillac G M Ltd 1 Central Patricia Gold 37c ! 20 Oct Feb Mar 6.15 Feb 1.05 June 2.03 Jan Nov 2.70 Feb Cndn Bk of Comraerce.100 Jan Canadian Canners 20c 1,438 54 H 56 H 36 H Oct Duparquet Mining Co 1 6c 6c 6Hc 6.100 5c Sept 60 H 15c 1.36 1.18 1.38 38,966 60c Oct 2.03 1 2.40 2.40 2.48 9,130 1.45 Oct 3.60 Apr 6.50 6.96 540 4.70 Oct 12.75 Feb Oct 55c Jan Nov 1.58 Feb Mln—1 * 16H " * Can Car & Foundry Preferred 500 3,000 8 He 33c 27 H 13Hc 515 15 H Oct 41H Feb 9,250 17c Dec 57C Feb 400 1.64 Apr Canadian Jan ..25 "h 1 1.37 1.30 1.37 Lake Shore Mines 1 52 H 52 H 62 H 1,470 97 He 46 H Sept 4Hc 4Hc 2,800 3c Nov 27HC 59 "2l"" 32 * Oct I0H 20 H Jan 11H 1,365 5H Oct 12H 21H Feb 21 22 H 33 305 13 Oct 32 Jan 105 29H Oct 46 1,295 3H Oct H SH Mar 4H 3H Oct 7H Jan 2.30 Feb 31H 4 4 4 225 17 17 "l'.io 1.05 1.16 200 115 Jan Cariboo Gold 4.90 4.90 5.10 644 3.95 Oct 8.60 Jan Carnation pref... Castle Trethewey 100 —-J 1 65c 61c 67c 98c 98c 200 1.00 Oct 1.56 Apr Central Patricia ..1 2.15 2.10 2.36 42 H 510 Oct Jan Central Porcupine.......1 Chromium Mining * lie 11c 12c 1,000 3c 3c 1,500 1 He Dec 8c Jan 20c 5,600 6c Nov 45c Mar Commonw'lth Petroleum.* Cockshutt Plow ..* 10H 4c 4Hc 11c Feb Conlagas Mines 5 2.15 1.09 1.14 700 80c Dec 2.15 July Conlaurum * 1.77 1 3.75 3.75 5.30 33,620 2.45 Oct 13 H Jan Pamour Porcupine M Ltd * 1 3.80 3.95 2,600 4.05 Jan 43Hc 43 He 2.20 47c 11,800 20c Oct 1.10 Mar 2.50 2.250 1.70 Oct 3.80 Feb Pandora Cad Pato Gold 1 2.50 —1 2.35 Perron Gold Mines Ltd.-l 1.20 Pend-Orellle Mines Bakeries Cons Chlbougamau Smelters ; Consumers Gas 2.65 14,675 Oct 6.50 1.12 1.27 16,600 60c Oct 2.51 150 4.30 Sept 9.10 Feb 15H 15H 25 12c Oct 17c May 1.14 1.14 200 63c Oct 1.27 Aug 1 Feb 50 97 H 46c Oct 13,100 Oct 1.66 15,330 1.85 Oct 5.25 Feb 7Hc Oct 43c Jan 38 Oct 100 1.90 1.65 70c 2,200 15c Oct 95c Feb 2,120 7H Oct 22 H Mar 1.75 Nov 2.15 400 1.84 12,927 107 15 2.70 Feb 45 Oct 100 H Mar 154 192 Oct 211 Mar 18 100 104 104 47C 47c 57c 32,165 20 39c 39C 40 He 15 15% 7,700 1,565 30c 85c Feb Oct 6 85 Feb Distillers Seagrams Preferred 20c Sept 2.00 Feb Dome Mines Reward Mining ...1 Ritchie Gd Mines Ltd—1 6Hc 5Hc 2Hc 6Hc 2Hc 10,200 5c Nov 22c Feb Dominion Bank 1.500 2c Oct 16c Feb Dominion Coal pref Dominion Explorers ""21c 21c Oct 22c 11,400 Dec 1.13 Feb ...1 1.63 1.46 1.78 25.100 97c Oct 4 00 Feb 1 3.25 3.25 3.35 3.795 2.25 Nov 6.65 Jan Dom Steel Coal B Bladen Mai 1 1.05 98c 1.08 16,600 740 36c 163,630 * 100 * 20o 15 70 57 H 204 19H * Oct 2.50 Jan Dominion Stores _.* 31c 27c 28c Nov 2.90 Mar Dominion Tar 1.08 1.00 1.10 9,525 80c Oct 2 25 Jan 3.20 3.20 3,175 2.60 Oct 4.70 Feb 5.50 5.60 500 4.50 Oct 6.10 Feb East Crest Oil » 25 He 33c 48,953 16c Oct 2.15 Jan Eastern Steel Wood Cad 1 35Hc 35c 39c 37,300 19c Oct 73 He Apr East Malartlc .1 Wrlght-Har greaves * 7.75 7.95 7.80 440 5.80 Oct 8.10 Jan Easy Washing Economy Invest Trust 25 Oil- * * 1.38 * Royaltte OU Co * 14c 14c 1,000 7c Oct 2.90 3.05 800 1.25 Oct 6.40 70c 63c 25c June Feb 205 19H 28 H Dec 94H 36 Oct 51 Jan 194 Nov 250 Feo 33 17 Oct 24 Mar 5c 1,000 3Hc Dec 15c 1,200 24 Oct 43 H Aug 16H 4,959 10 Oct 28 H Mar 12H Mar 6H VA 78 15 13 He 1.34 4H 80 17H 13 He 14 He 1.16 4H 29 295 315 15 17 29 6H 10 80 17 1.40 4H 29 14,400 16 86,238 2.50 40,173 6.05 6.90 8,270 21H 800 14c 47,700 19c 19c 1,500 "iVA 15H 18H 4,380 4,955 46 38c Oct 3.60 Feb Federal-Klrkland 80c Oct 4.10 Feb Firestone Petroleum 1.00 Oct 2.25 Dec Ford 44H 46 1,780 24c Oct 59 H Mar 1 25c A 11c 45c Feb 24 Feb Oct 1.50 Oct 4.75 Oct 16c Feb Nov Oct 16H 6 He Sept 15 1.22 Nov Oct 21H 100 Apr Feb Nov Nov 6.40 1,725 6,530 600 18 116 4 21 % 11c 1.40 10c 12 Nov 30 1 2.15 16c Nov Jan Nov 195 * 2.31 6H 130 1 2.31 5H 81 9,100 Fanny Farmer 1.32 Feb 31H Falconbrldge 2.15 Mar Oct 66 11,266 Eldorado Mines * Aug 15 * 26c Jan 40 4Hc * -.1 -1 Oct Feb 28 H 100 1 2.95 15H * Preferred. Dorval Slscoe 105H 30 1 25 10H Aug Nov 52 69 53 H 25 8ulllvan Cons Mines Ltd. 1 OkaltaOlls Ltd Oct 140 70 55 H 100 Dom Foundry A Steel Slacoe Gold Mines Ltd 63c Jan Feb 6,086 199 1 2.25 * Jan 2.14 23 3,100 60 198 * 1,000 Dalhousle Oil Co— Home Oil Co.. 3.50 Jan 32c 63 198 Petroleum 2,140 3.05 20c Nov 1.47 64 H 5 8 He Da vies 6.300 * 1.00 May 15 22,200 65c Calgary & Edmonton Jan 38c 29c 29c 1 Feb 11H 48c 10 14H 107 30,900 33,480 15c 37c Anaconda Oil Co Jan Oct 12c 4.40 Thompson Cad Jan Jan 1.30 12c 65c 1 1.75 18H 135 1,240 100 33c Sylvanite Gold Teck-Hughes Gold Mar ..1 4.20 Stadacona-Rouyn 17H Mines 34c ———1 Oct Cosmos pref.. 4.25 Shawkey 3 Darkwater -1 Sberrltt-Gordon Nov 1.95 100 Denison Nickel Mines 1.25 ....—* Read Authler Mine Red Crest...- Dec 112 Jan 4.65 10 _ 4,342 38c * Cons 4.65 Pickle-Crow Gold 1 Placer Development. —-.1 Preston-East Dome.—-.1 Quebec Gold.. 2.30 2.15 June Cons i° 8H 99 15c 2Hc Nov Jan 1.85 19c 3,000 Jan 7H 7H ....25 30 H 25c * 85c June 40,175 13 H 12 115 100 Mar 5 7Hc ..* Apr Oct Oct Newbec Mines Jan Aug Oct lHc Normetal Mining O'Brien Gold H 3 1,000 Jan Apr Aug 3H 6H 2Hc 1.19 18H 34 Nov 17 C P R Oct Dec 1.00 175 Jan 38c July 19 414 30c 1 8 50 500 5 Oct 1 129 Jan 8H 10c Montague Gold Apr 17H 1,000 Moffatt-Hall Mines Feb 7 23 12c 42 98 210 2c 34c 28 H Oct Oct Oct 12c 41 Dec 2 Nov 2c 6 18 65 12 "l2c McWatersGold Mines,Ltd* 35 50 150 5 3H Malartlc Feb 370 13 1 Mclntyre-Porcuplne AUg 150 175 1 1 110H 350 Lebel Oro Mines Ltd Mac ansa Mines Oct 1.60 Lee Gold Mackenzle-.„ed Lake Apr 85 8H 4 Mach pref... 100 Preferred 59 H 23 10H B Jan Mar 1.75 Oct 17H Canadian Oil Klrkland Lake Gold Canadian Dredge * Canadian Ind Alcohol A..* Canadian Oct Nov 7« 16H 16 "8H » 13c 13c 12 20 1.50 172 20 preferred 45c 14c Lamaque Contact Gold..* * 1st preferred 26H 1 10 1.50 Preferred 3H 20 11H * 13c Hudson Bay M In & Smelt * 50 * 2d 72 3 Breweries 45c Francoeur Gold M Ltd.. J-M Consol Gold.. 72 Canada W Ire B Jan Eldorado Gold M Ltd * Canadian Mar 1 Mar 30C 42 30 47 He 65c 100 10.700 100 H 104 20 20 Oct 2,940 60c 104 Dec 31c Feb 13 Sept 1.71 Apr 6.55 1.15 1,043 7c 1.71 44 H Oct 13 22C 29Hc Dec 44 Canada Packers Jan Jan 21 11 Canada North Power... Feb 110 42 Canada Steamships Can Steamship pref Aug 8.450 12 Feb Mar 19 Dec 3.05 22 42 Aug 74 H 23c Sept 8c 100 Preferred Nov 10c 12 Oct 59c 60c Mar 2Hc * 18c East Malartlc Mines Federal-Klrkland 1 Feb 6Hc 500 50 2.28 2.28 FalconbrldgeNick M Ltd.* Oils Bread B Nov 29kc Consol Chlbougaraau.._.l Dome Mines Ltd * 30 Calmont 90o June 6Hc 2.28 Mines Ltd...* Conlaurum 1,914 Dec Oct 12 50 3c 2.90 3.00 Jan 65c June 75 Apr 39 38,490 90 13 39 Nov Jan H 2c June 130 19c 18c 21 H (FN) 25 Calgary & Edmonton.., Bouscadlllac Gold Mines. 1 Bulolo "l8c 57c Mar Dec 8.25 5Hc 102,650 15c 26 Oct 23C 5,081 14HC Mar Oct 29 4Hc 3Mc Jan 16H 60 14HC Feb 10 10 Jan 9.00 26 H 30 a De> 4,422 33 50C High 29c Oct 22H 64 He 319,400 15 60 33 54 HC ......100 2Hc 68c 1 Capltol-Rouyn Gold 15,418 10H * ... Preferred 8c 8 40 May 30 20 H 56 He Alexandria Gold Beau for Gold 4,580 "I\H Buffalo Canadian...... Aidermac Copper Corp—* 9.10 21H " Oil Loir 74,500 23 23 pref-26 Shares 12c 8.85 Brit Columbia Power A..* 4K United Securities Ltd.. 100 WalKer-G & 11c 8.85 Dec Nov 106 105 Price * Mines Braiorne Week 11c 4 4 t:»i) l'iiw«%cum pi I'M) 4H Range for Year 1937 for of Prices two High 1 20 4H * ••xiii Par Week's Range Sale Bobjo Mines 100 1st pref Sales Last Week Power Corp of Canada Quebec Tel & Pow A Exchange Friday Range for Year 1937 far 2.05 9H 39 3.65 Jan Feb Feb Apr 12.90 May 25 H Aug 54c Jan Oct 26c Julv Oct 29 H Jan to Jan. 14, both inclusive, compiled from official sales lists Friday Last Sale Stocks— Par Price Sales Week's Range Range for Year 1937 Week of Prices Low for High Shares Low * 18 He 18c 18Hc 16c Dec 1.25 * 44c 43c 47c 12,200 32c Nov 1.58 Feb Fontana Gold Toronto Stock Exchange Jan. 8 Foundation Pete Francoeur 1 17c 16c 18Hc 11,600 ISc Dec 20c Dee Gatlneau Power... Preferred * 8H 7H 9H Oct 14 Aug 100 79 H 76 H 79 H 473 58 Oct 75 H Dec General Steel Wares Gillies Lake Gold * 7H 8H 635 8 Feb 18H Apr 1 7H 19c 16C 23c 392,300 lie Dec Glenora 1 4Hc 4Hc 11,400 CO * O July 58c 40c July God's Lake Mine Goldale Mines High * 6% preferred 100 Acme Gas & Oil Afton Mines Ltd 17 1 1 "2Hc Aidermac ...1 Copper. 3,065 1.25 Dec 15H Apr 19 955 14H 1,500 9c Dec 20c Mar 3c 3,500 2c Sept lOHo Jan 24c 800 22Hc Sept 57c Jan Graham Bousquet— 50 Sept 43 H Jan Granada Grandoro 13 33 He 33 He ♦ 57c 57c 2Hc "2yB c 13 36c 3,850 67c 134,675 2Hc 5,000 18c Dec 80 Apr Oct 95c Feb 30c Oct 1.89 Feb 1H Nov 4H Jan Amm Gold Mines 1 21 He 31c Anglo-Can Hold Dev Nov * 1.45 1.45 1.55 Anglo-Huronlan 4,315 1.00 Nov 2.00 Dec * 3.70 4.15 3.40 Nov 8.75 Arntfleld Gold Feb 1 24c 24c Ashley Gold 1 27c 321,200 11c Oct Preferred 68c 42,300 19c 21c 30,300 33c 33c 34c 3,100 1 33c 31c 35c 7,800 1 9Hc 71H * Mines Mines Great Lakes Paper Preferred Great West Saddlery 9c Bagamac Mines 7 He July 22c Apr Oct 97 H Aug Oct 57 3,000 4c Nov 63c Feb 8c 8.500 4 He Oct 57c Feb 8c * 11c 24,100 4HC Nov * 11 11 12 235 * 30 30 412 2H 167 Dec 5 Sept HH 11H 100 11H Dec 12 Dec 7c 10c 2,500 7c Nov 18c 82c 9,700 55c June 1 25 Jan Apr 18c Dec 1.15 Feb 1 80c 80c 5c Sept 15c Feb Gypsum Lime & Alabas..* 7H 7H 8H 1,312 5H Oct 18H 3c Oct 25c Feb Halcrow-Swaze 1 2Hc 2Hc 2Hc 2,500 2c Dec 7c Jan 1.50 3.00 July * Bankfield Cons 84,700 25c Jan 27c Jan Hamilton Theatres 1 1.50 2,600 5Hc Oct 16c Feb * 3H 59 H 24c Harding Carpets Jan Hard Rock 1 1.21 1.15 Apr Harker 1 12 He 12Hc * 19c 19c ......1 "~65c Barker's Bread * Beat tie Gold 100 Bell Tel Co of Canada.100 Bloodgood Klrkland ..1 Big Missouri 1 B lit more Hats. Blue Ribbon Blue Ribbon pref * * 50 High wood Sarcee Jan Hinde & Dauch 13 286 Nov 340 Apr Holllnger Cons 234 Nov 273 Mar 6 60 15 June 33 He 4H 104H 4H 1.40 100 1.85 60 100 Aug 112 99 Nov 105 H 101 5H 5H 164H 166 10 150 213 4H 154 Oct Apr 9H 176 Apr Mar Imperial Tobacco Jan Intl Milling pref Feb 10H 425 16 H Feb 6H Jan * No par value. 2c 21o 10 11 6H 195 14H Oct Oct Dec Dec Nov Nov Oct 12 Oct 15 97 Nov 100 7 Oct 55 Feb Oct 663 8H 72c Jan 14 102 8H Oct 40 9H 7,985 * 29c Oct 102 100 1 18H Intl Utilities A 28,600 Nov 18H 13H 4,988 58c 8 13H 13 30 H 48c 3H May 5 5 211 29 H 50c 30 18H 8 209 30 Jan 60 25 8 209 * 1.70 20 60 14 8,900 27,488 International Pete Dec 4 33c 33c 10 H 10 48 H 35c 30 10 100 100 27c 10 49 H 72,322 4 30c 33c * 35c 10H Jan 1.32 9H 50 H 30c 30 Jan * Imperial Oil 30c 4 22H 15H 405 * Intl Mining Corp International Nickel 10H Oct * 105 H 106 250 Jan Oct 1 B Mar 9H 1.38 1 Huron & Erie 20 % Imperial Bank Feb 90c 80 Howey Gold Jan 33c Oct 6,180 Homestead Oil Feb 3.44 Oct 10c 5,642 Hunts A Apr Oct 80 1,600 1.40 Feb 1.75 70c 56,300 19c 13H Apr 12H 32,755 15c Jan 16 65c 21H 1.29 7 13 24H Oct Oct 16 Dec Oct Nov 3H 13 Dec Dec 1.50 16 Nov 960 20 305 3 * 12c 4 Feb 5 ;.* 5 13 6,550 Home Oil Co _.l SH 100 101 166 42c 104,975 145 10H Sept 15 1.34 100 Feb 12 14H 1st preferred 53c 49c 300 9H Beatty BrosA 2d pref 21,940 60 241 245 H 5H 33 He "Th B 70c Oct Nov Nov 297 100 Base Metals Mln........* Bathurst Power A.... * 65c 56 14 He 190 245 Scotia...100 Bank of Toronto 64 Apr Aug 7c * 9c 48 63 H (B) Greening Wire Co Grull-Wik8ne Mln Gunnar Gold 42c 36,925 Jan 26 H Oct 23 H 2 8c 27c 18c Oct 7 32H 2H 8c 59 H Jan 6c 5Hc 7Hc 4c 207 12c 123,750 6c 5Hc 3 He 23c Jan Apr 72 H 32 He 57 H 68 52 H 35c 205 Jan 39c May 70 1 100 Oct 1.02 49 50 7Ho 3Hc 1 Bank of Montreal 22 Mar 72 60 Bank of Canada Oct 12c 56 5,985 1,500 15,945 9,200 5HC 7Hc 15 65c May 30c Jan 71H 1 ..1 7H 55 50 50c Mining Bank of Nova 19c Goodyear Tire 60c 20 He „__1 Astorla-Rouyn Augite-Porcuplne Gold Aztec Gold Eagle Goodflsh Mining 9Hc ...1 Alexandria Gold 2.25 9Hc 2Hc 24c Alberta Pac Grain pref. 100 A P Cons Oils 2.00 17 * Ajax OU & Gas 2.00 * ...1 50c Gold Belt ADitlbl 4Hc 724 Feb 40,337 36 H 23 H 7 87C 72C 19 18 15H 240 Jan Jan Jan Mar Mar Mar May 24 H Mar 15H Mar 105 Feb Oct 19H 73 H 39H Mar Dec 21H Mar Nov Jan Feb 425 Chronicle Financial 146 Volume Markets—Listed and Unlisted Canadian Exchange Toronto Stock Toronto Stock Exchange Sales Friday Sales Friday Jack Walte Mines Com Jelllcoe J M Consolidated Kelvinstor Kerr Addison Oct 3.25 Feb 34c Oct 1.62 Mar Tip Top 14c Dec 63c Mar Preferred 19.800 2.50 2.15 Toburn Gold 2.40 Oct Feb 2.50 6O0 15H 17o Toronto 10.600 Feb 16 59c 16 Dec 13 He 15c 13 H 14H 1.89 1.98 11H 45 5 85 11 77 Nov 110 Feb Toronto General Trusts 100 85 Apr 120 10 Sept Mar 120 126 50 Exploration. .1 1 110 Toronto Mortgage.. 39 Oct 1 40 Feb 3.30 Q9 30.953 Oct 7.700 75c Oct 2.65 Fen 1.70 Apr 25o Oct 1.10 Feb Uchl Gold 30c 31,550 15.836 90c To wag mac 1.35 52 H 8.208 45 M 9 Got 59 H Dec 27 30C .1.00 1.10 15,545 68c 10c Oct 30c 13Hc 12.400 Jan 12c Wendlgo 2Hc 2,000 7HC Jan I He Dec lHc 2c 90,510 35c Oct Western Canada 1.05 Jan 93c 1.35 97c 4 00 Oct 8 40 Jan 5.35 3,750 1,020 Oct 25 Feb Westons Oct 23*4 Aug Maple Leaf Massey 46c 31,060 62 H 15 5.40 21H 4.90 4.90 5.15 1.40 1.31 1.49 28Hc 34c 39.850 27c 27c 27c 2 He 2Hc 4c 33c July 10,869 3 70 Oct 8.60 31.845 80c Oct 4.85 Jan 32o Dec I 20 Mar 10c Oct 2o June ltic 1 eb Jan 7% Dec 1,000 63,835 80 2H 2H 1.535 5H 9%c 13.675 8c White Eaele Oct Winnipeg Electric 16H Oct 74 7 7*4 6.216 48 H 1,440 II 11H 487 87 H 87 42% 40 H 42 *4 97c 97c 1.05 85c 1 1 ..♦ 10,370 9,575 13Hc 14Hc 6,400 12c 20,775 1,500 24c IS Nov 63c Sept 31 >c 12o Oct 70c Feb Oct 11H Mar 9.10 May 5H 3,575 2 H 6.75 7.40 6.371 3.30 Oct 1.15 1.20 3,050 90o Sept 1.00 Oct 4.66 Feb 31 Oct 62 H Juiy 20 6 1.75 41 H 18H 18H 19 1.560 15 14H 17 20,900 5.no 57c 1,000 2.05 2.49 41,645 1 25 6c 2,000 lHc Pec 5c Jan 2,000 3c Dec 17c Feb 2% 45 2 Dec 10 Jan 71 10 Oct 44 Jan 15 11 38c 1,500 32c Nov 1.15 56c 35c 7.60 7.80 13,670 6.80 Oct 8 10 Jan 28c 26,300 18c Oct 52e Feb 18c 2.900 17Hc 95c June 1.98 Apr Canada 2.23 33,140 Oct 45H Aug Canada Vinegars Oct 415 11 140 1 15 He 15c 16c 7,300 2%c 2Hc 2HC 2,500 4c 21H Feb 325 15 12 Dec 207 H 35c 26 200 Oct 81,287 20o Oct 1 05 4 He 27c 30c Consolidated Paper Dalhousle Oil 7% 207 207% Consolidated Press. Apr 13H 25,250 2 Ho Dec 13H — Feb 11 Oct 3Hc Fraser voting 12c Feb Feb Honey Dew Dec 1.49 Jun 3.60 Feb Normetal Norgold Mines Nordon Oil North Canada..... North Star Oil 30c 4,750 1.95 1.91 2.00 740 1 65 Sept 60 13,669 36 H Oct * * 1 1 * * 5 Mines 28c 6 N1 pissing 29c 24c 73,900 4,000 65c Nov 2.23 Oct 60 57 95c 1.14 3c 1.04 3Hc Feb 83 July Langley's Jan 1,400 14c Dec 49c 95c Apr 25 4.00 100 3H Aug 4Vs Feb Mercury 3*4 3% 5.30 88,405 13.25 Jan 3.75 Oct 3.80 2.60 1 Oils..—....—* 2.30 20.075 65o 4.10 Feb 2.11 Oct 2.20 5c 9,600 12o Jan 4c Oct * 5c lc Olga Oil A Gas Oct 1.28 Jan Omega Gold 1 * Dec 3.50 Apr Gold Page Hersey Parnour Porcupine.. 45 1.50 5H 5H 70c 14,150 6O0 Dec 2.20 Mar 50c 14c 28,300 80 Nov 43^0 Feb 12HC 13 He —* Oils.. 16,840 1.10 5% * Oro Plata— 42c 1.10 54c Orange Crash Preferred 36c 30c 3.85 3.90 * 3.95 Oct 81 175 92 91 " 1.90 24,217 Jan 10 Oct 4 45 Mar 118 June 4.00 Jan 3,600 34c Nov Nov 6H 6*4 2,075 2H Oct 9H Jan 14c Payore Gold 47c 6H 12Hc 15c 20,800 13c Dec 12Hc 20c 189,100 5c Oct 410 17c Pantepec oil... 45c 42c 45c Pandora-Cadillac— Apr 18c 5,300 8c Oct 46c Jan — Partanen- M alartlc .. 16c 17Kc Paulore Gold 1,615 1.95 Oct 15 20 12H Feb 22 June 6 7 5,344 5 Dec 19 H May 65c 65c 1.35 4.00 14 "e% 69c 2,675 35c 32 H 940 15H 17H 20 15 8% 100 6 8% Fuel pref MfgA 33o Oct 1.38 Jan United 50 He Oct 2 50 Jan 1.20 lHc 3,000 lc 3Hc 4.50 5.10 29,420 4.10 Oct 9 20 3.25 2.35 Oct 6 85 2.03 66.350 76c Jun» Feb 7 Oct 18H Jan 14Hc Oct 55c Apr 6 Feb 15H 27 H 6,703 9H 250 2,200 21c 21 He 4H May 25 3 lc 4Hc Nov 10c Nov lHc lHc 1,000 24c 10,750 17 Oct 40 Feb Jan 69o Apr 19H 19H 100 29 % 30 138 26 H Oct 37% 36 37 Jan Jan 465 18H Oct 67H 4c 4HC 5,100 3Ho Oct 12o 13c 4c 13c 600 8Hc Oct 30c Jan 6c Feb 0.65 Feb Thc lc lHc 4,500 lHc Dec 2.35 2.36 2.60 52,130 1.25 Oct Jan 5H 5*4 6 Dec 2 He 2Hc 5,500 2c Oct 16c Feb lHc 2c 19,500 mo Oct 12Ho Jan 122 Feb 5H Thc 3*4 19H 100 2H June 50 17H Oct 1,805 2H Oct 20 20 91 23 23 20c 24 He 20c 107 10 4 3*4 3 100 1 100 Dec 110 110 "3% June 2 185 155 1.50 1.00 9H 56 Oct 680 Oct 62H Npv 5.00 160 30 200 1.75 34 Dec 19 14,600 42 39 8% Jan Feb Mar Jan Mar Jan Feb Feb 1 3.090 Apr 41H Feb 4.50 Feb Oct Jan lHc Dec lHc Apr 1.75 15 Oct 25 H W aterloo 1 18H Sept 8H xi» 26,095 1 Oct 40c 26H * Mines..—-1 Pawnee-Kirkland 1 Pend Oreille 1 Prairie Cities—..—_—* itchle Gold— 1 Robb Montbray — 1 Robt Simpson pref 100 Rogers Majestic * Shawl nlgan W A P——* Standard Paving .* 53.369 1 June 7H 13 Oil Selections 65c Pickle Crow Apr 47 *4 30 13 2H V 3.60 58 H 100 50C 50c Feb Oct Oct 24 13 Feb 10.00 Oct 31 31*4 Osisko Lake Preferred ,lAn 1.30 37 Teml8kamlng Mines Feb 3H 425 3.30 3.30 100 * Mills pref Montreal LH A P National Steel Car 1.26 Pet Cob Mines Feb Oct 294 17c 59c 1.10 21 1 00 lHc 60c ......1 Paymaster Cons. July 36 Dec 10 Mandy 1H Oct Feb 1H 1.00 ——.—. — 15 16H Malroblc 60c Dec 61c 57o 2 He Apr 30 H 10H 38H 36 Feb 11,800 Feb Oct Oct 7 110 8 16 * 16j£c 13c 62c 21c 34 * * MAS Inter Metals A Kirkland Townslte Hudson Bay Oct 36 * * * 1 Preferred 13c 3 He 3H Preferred — 3o 115,200 8 ._.* * trust Hamilton Bridge Feb 212 12c High Low Shares 8 ... Dominion Bridge Year 1937 Week of Prices High 8Hc Range for for Range Low 8*4 c —5 _* • * Coast Copper 6 7 * National Sewerplpe * National Trust 100 Nayisdi (lonl ..........I Newbee Mines * New Golden Rose 1 National Grocers Feb 10c July 2 He Mines..........! Kirk land Marconi 88c Dec 14Hc Malting Canadian June 190 Sales Price 1 * ...* * 1 Brett Trethewey Canada Bud lists compiled from official sales Week's Sale 2.32 34 Exchange—Curb Section both inclusive, Par Stocks— 17c 146 leb 77c 22 He July 33 Oct 20c 25c Nov 146 41.800 36c Feb 38c 146 Mar 9,000 2% * —100 Last 8c 25 280 8c lHc Friday 7 He 2.23 Oct Jan 4Hc A... Feb * 18c Dec 13Hc 42,450 4c 6Hc Feb Oct 18c Corp...........* 1 Monarch oils 2<h* Moneta Porcupine.......! Moore Corp—.... * A 100 Mar 17c 75 20 13c Jan lHc I ...1 Jan. 8 to Jan. 14, 42c Model Oils Dec Dec Oct Nov 80 11 He lHc Toronto Stock Oct Oct Aug 18H 106 H 25c 9H Jan 1 Deo 12H 36H0 7.75 Jan 2.03 Oct 220 Dec 1,570 12 80 11H Dec 4 14.800 11 "l2%c 10Ho 66 30c 27C 28c Jan 16H Oct 4% 4 4 2,598 44 I Mar 42H Oct 30 18c 2.25 60,819 2.14 1.86 2.25 June * Feb <>11 Pacalta 13.340 43 H Mar 6c .88 32c 35c Mining Ok alia 2.906 26c * Mar 101 Dec 83 H 55 * Mr Waiters Gold... Mercury Oil..— OBrten 15H 24c Mar 14H June Jan 13H 5H Jan 13C 13Hc 32 11H 19 Wright Hargreaves Ymlr Yankee Girl Mar 46 McVlttie-Grahani Noranda Oct Aug 60o June 39c Mar Oct 4H 360 11 McKenzIe Red Lake Menu mi 56,425 Wood Caulltao Jan II Mines........6 Mclntyre 28.900 Feb 1.10 Nov 34H0 66c 1.26 100 Preferred 2.00 1.18 Flour—* * .......* Wiltsey-Coghlan 44c June Oct 9c Whitewater Aug 6.75 Petroleum50c 1 * West Turner Jan Apr 52 25c ..1 Gold Preferred... 19H 48 H Pre f erred Murphy 1.30 865 6M 6 Jan 77 Jun« 22 24 20 H jan 100 * 100 Harris Preferred McColl i rontenac Morris . Mar 1 33 46 Dec 57c United Oils Jan 28c 75 Oct 58 23 pref 10 * "~2X 9%c 1 7 * Milling 33o Oct 20 H * Mines.. Maralgo Jan 23 X ... Maple Leaf Gardens Nov 55H 40c " 1 1 ...1 . 3c 25 62 H ""41c * l>ava Cap Gold 1 Lebel Oro 1 Lee Gold.1 Leitcb Gold ———-1 Little Long Lac • Loblaw A * B * 27,600 57 55 1 150 4%c 4c 4^c Laura Secord Ka/»t 12*4 12H * * Banking......100 Nov 46 15H Union Jan Aug 16 1.00 Westflank Oil.... 5.50 52 195 57c 1.05 52 H Jan 4.65 Oct 1.79 1,110 1.16 12Hc 30c 1 I-amaque Contact <* 45 Gas..........—* * United Steel * Ventures * Vulcan Oils— ... 1 Walte Amulet. * Walkers * Preferred * 1 Lake Sulphite MunltoOa 107 ......100 ......1 Elevators.—...* Preferred... 50 1.40 McDougall-Segur 108 10.500 1.31 Madsen Red l.ake Aug June 62c 280.953 1.20 Mines 16 110 22c 1.35 MacLeod Cockshutt Feb Dec 63c 1.20 Macassa 10 106 18c 1 Lapa ("adnlac 10 35 43c 15c Jan 1.57 38c l Gold 36,825 2.35 Oct 1.00 13 47c 1.90 High Low 1.30 20c Bay Lake Shore...- Wee 13 1.50 Tailors........* Lake Kirk land Landed 65c Shares ——* Texas Canadian 920 1.00 90c High Low Shares Year 1937 Range for for of Prices Low High Price Par Stocks (Concluded) Feb Kirk Hud Lag una Week 1 1 1 1 1 * 1 Intl Utilities B Jacola of Prices Low High Price Par (Continued) for Sale Stocks Week's Range Week's Range Sale Year 1937 Range for Last Last Pernio Gold — ... Pioneer Gold Prairie Royalties . 3.10 2.00 1.73 33c 35c 1 Power Corp P'emler 3.10 1 * 25c 1.95 1.93 2.10 19 1.17 18 H 1.09 1.22 85c 84c 95c 8c ... Powell Rouyn....... .. 33 H Feb 5,000 15c Oct 29c 6.460 1.50 Get 4 50 Jan 200 17H Nov 84,610 fi(k» Oct 4,200 75c 10c 1,580 8c 4.20 4.35 13,040 2.25 Oct 37c 37c 700 20c ""23c 19c 24c 81,360 12c 52c 55c 1,600 "~54c 52 He 58c 24,700 1 Preston K 1 ion.e * Prospectors Airways Quemont Mines — * 4.30 Read Authler. 1 Red Crest Gold * * * 1 Red Lake G Shore Reeves-Macdonald Reno Gold * 1 Riverside 811k— Roche Long Lac 100 * Royal Bank... Royal I te Oil 190 186 50 A.. 1 1 San Antonio Shawkey Gold ..50c Gordon—.......1 * Silverwood" pref...——* 81mi>"ons B—.— * Preferred 100 Slsooe Gold....... 1 Bladen Malartlc—....—1 Sllverwoods Slave lake 1 — Steel of Canada— Preferred —25 Sterling Coal ...100 Straw Lake Gold— * * 1 8iilllvan Cons.......—.1 Supersllk A * Sylvanlte Gold ... — 1 Tamblyna * Tashota 1 Teck Hughes * 8udbury Basin— Sudbury Contact Aug 48c Jan 6.85 Feb Sept 1.95 Nov 1.78 Apr Oct 57c Nov Dec 7c 164 H 5 16 17 60 Mar 97 Nov 118 June 12o June 32c Oct Oct 14H 36 M 105 16,118 1.19 Oct 2.40 21 He 23c 12.000 20c Dec 1 6,200 60c 98c 1.44 10 BeauharnoLs Pr Corp Burns A Oct 3.95 Feb Oct Sept Canada North 7 89 92 Nov 6.65 Oct 2.49 Dec 2.50 Feb 19o Aug 26c Dec Dom Gas A Dec 5 Dec 17 125 78 Dec 110 2.40 1.08 13c 14,700 10c 10c 1,000 5o Dec 3.35 1.03 95c 13c 11c 10c 74c 3,700 23c Dec 28 Nov 67 36- 235,300 160 67 H 52 H 62 63 H 22c 22 He 4 4H 3 20 25 14 Jan Feb Jan Jan 3H Apr Oct Feb Nov 55 2.85 88 Mar Jan 6 Oct Pow 7« 1942 Eastern Dairies 6a 1949 Fraser Co 6s...Jan 1 I960 ...... 10,300 9Hc Oct 15Ho Oct 3.30 3.80 5,900 1.75 Oct 6.90 Feb Gatlneau 3.30 13c 13c 16c 9c Oct 40He Jan Gt Lakes 1.00 1.11 80c Oct 3.25 Jan 1.02 13,100 20.720 190 2H Nov 14c 15 He 2 3.10 3.20 15 3~ 10 16 3c 3c 3 He 5.40 5.35 5.60 3 Sept 8,210 2 60 Oct 4.80 Feb 205 10 H Dec 16,833 21.370 3c 16H 28Hc Feb 6.00 Jan 4.25 Oct) Oct Jan Power fla...1966 Pap Co 1st 5a '55 lot Pr A Pap of Nfld 5s '68 Lake St John Pr A Pap Co 5%S 1961 0a 1951 108H 10* H 90 H 96 101 --- 94% 93H H4H 116 Bid McColl Frontenac 79 38 Oil 6s 49 value) 3s 3H8 3H» 103 80 H 76 95 Saguenay Power , ,50 97 H --- 99 104 H 104 H 94H 95% 102 97 98 71 100H 105 H 1O0H 100H 101H 102 H 101 • •• • - - 101 % 1966 101H 102*4 4^8 A '06 4H« ser B 96 *4 100 Power Corp of 75 H 102 96 Ottawa Valley 82 .— 50 101 Montreal Tramway 54 39 50 1939 1956 1973 5e 1941 Pow 6H8'70 Can 4Hs '59 6a Dec 1 1967 Provincial Pap Ltd 5H« '47 47 98 H 38 H Paper 0s. Montreal Island Pr par 40 97*4 103H I04H 1945 6H« '67 Montreal L H A P (*50 Minn A Ont Ask 102*4 103 H Maple Leaf Milling— 2%s to 38-5H9 to 49 Massey-Harria Co 6a.. 1947 752 - 14 MacLaren-Que Pr 5Hs '01 Manitoba Power 5Hs.l951 /46 1956 East Kootenay 95 H 107 103 4 Elec 0H«-1945 Donnaconna Paper Co— 96 ... 94H Co 6s.. 1960 6a 1941 Pow 6e. 1963 Canadian Inter Pap 6a '49 Canadian Lt A Pow 6e 1949 Canadian Vickers Co 6a *47 Cedar Kaplds M A P As 53 Consol Pap Corp 5H» 1961 6Hs ex stock 1961 21,410 68,700 3.20 2 64 Canada Bread 120 70 113H U4H Calgary Power 2.00 70 69 5» *73 of Can 5s. Co 5a .1958 Dec 7 14c 07 Bell Tell Co Apr 3.25 4 Jan Feb Nov 90c 92 '<32"" Aug 10 68 H f57 *4 Abltibl P A Pap ctfs 6e '53 Alberta Pac Grain 6s. 1946 1.00 7 26 He Apr Utility Bonds Ank Jan 5 2*4 IIAnover 2-6363 Tele. NY 1-208 quotations, Friday, Jan. and asked Hid 1.80 121,317 1.04 2% 30c Cloasing bid 95c 100 New York • Industrial and Public Mar Dec Oct 227 24 1.45 100 • Bell System Feb 48H0 21c 1.60 Street Feb Oct 1.35 100 Royal Securities Corporation 30 Broad Jan 1.35 33 1,027 7,500 Corporation • York, Montreal and Toronto Feb 1.52 connection between New Feb 1.37 16 Spy Hill Royal.— * -* 2.00 3VS 14H Southend Petroleum.....* itadacona 14c 5 Sheep Creek Bherrttt 45 H 106 12c * St Lawrence Corp Dec Sept 1 5 190 44 H 106 Private wire Municipal • Jan 25c 26,000 Government Feb 36 47 22 75 13c llHc 1 St ADthony 23 23 12 He Russell Motors pref...100 25 12 SECURITIES CANADIAN July 14H * Pressed Metals Feb 2 20 Oct 55 15 *• - • 103 *4 104H 102% 103 4Ha '67 Smith H Pa Mills 4H« '61 United Grain Grow*5e. 1948 United Sec urn Ltd 6Hs '62 Winnipeg Elec 6s.Oct 2 '54 Shawinlgan WAP 77 05 80 H f 65H ... 426 Financial Chronicle Jan. IS, 1938 =7 Quotations on New York Bid a3s Jan 1 1977... a4n Nov 1 1958 May May 1 1959 a4s a4a 1 1977 Oct 11980 a4}*s Sept. a4}*s Mar a4}*s Mar New York Bank Stocks Bid 1 1966 <z4}*s Apr a4}*s Apr 15 1972 105 105}* a4}*s June 1 1974 105}* 106 a43*s Feb 15 1976 104 1 1977 105}* a43*s Jan 103}* 104}* a4}*s Nov 15 1978 1043* 106}* a4}*s Mar 1 1981 109 110 X 1 1957 a43*s May 109}* 110}* a4}*8 Nov 1 1957 109}* 110 X a43*s Mar 1 1963 109 110 X a4}*s June 1 1965 110 111 1 1967 a4}*s July 111}* 112}* 15 1971 111}* 112}* 1 1979 1 1957... May a4a City Bonds A sk 98}* 99}* 1013* 102 J* 1 1975... a3}*s July 11954... a3}*s May 1 1964... a33*s Nov 1 1960... a3}*s Mar 16 1976... a33*a Jan 1 1975... a3}*s July a 4a Over-the-Counter Securities—Friday Jan. 14 1 1960... 1 1962... 1 1964... 112 Par Ask Bid Bank of Manhattan Co. 10 Bank of Yorktown._66 2-3 112}* 113 X 113 114 Ask 24X Klngsboro 54 Merchants Bank 115 City (National). 12}* Commercial National.. 100 140 146 116 Fifth Avenue 835 885 Sterling Nat Bank A Tr Trade Bank 100 First National of N Y..100 1785 114}* 115}* 114}* 115}* 115}* 116}* 116 35 X 29 27X Flatbuah National 100 35 117 Bid 100 Canal A Highway— 6s Jan A Mar 1964 to '71 Highway 133 — 130 to 1949. — mm 54 25 313* 25 253* 27 17 21 Par 370 49 51 7 6X ......100 8X 86 20 91 94 124}* Bid Gen A ref 3d ser 3}*s '76 103 Gen A ref 4th ser 3s 1976 Gen A ref 3}*s 10 45 X 58 Manufacturers Preferred 13 16 New York 12X 53 3* 13X 55 X Title Guarantee A Tr. ..20 22 23 United States.. 10 98}* 99 X 1050 33 97 53 Bid A Trust Authority Bonds 20 38}* 40 X 20 50 52 -t25 94 97 7 tX Underwriters 80 X 90 100 1445 , 1495 Par Bank A Trust.—33 1-3 First National .—100 Ask 185 Inland Terminal 4}*s ser D 1938-1941 MAS 60.75 to 1.25% 108 110 230 Bid Harris Trust A Savings. loO Northern Trust Co... 100 Continental Illinois Natl Holland Tunnel 4}*s ser E 1938-1941 MAS 60.50 to 1.50% 1942-1960 MAS 112 113 Banks Ask 160 230 SAN FRANCISCO Bk of Amer Ask | 270 1295 500 530 48 I 50 | NTASA__1*}*I Insurance Companies 103}* 08}* 28 43 3* 25 12 X il?* 1600 25 124}* Bid *97}* 1977 252 110}* 113}* Ask 108}* 109}* 104}* 105}* 215 247 100 Chemical Bank A Trust-10 Clinton Trust 50 Par American National Bank Gen A ref 4s Mar 1 1975. Gen A ref 2d ser 33*s '65 X Ask 200 .100 Chicago & San Francisco Port ot New York— Bid Fulton Guaranty Irving Kings County Lawyers Empire Improvement- Barge C T 4}*s Jan 1 1945- Port of New York 33 1* Companies Continental Bank A Tr.10 Corn Exch Bk A Tr.. 20 Ask 62.10 48 Mar & Sept 1958 to *67 Canal Imp 4s JAJ '60 to '67 Barge C T 4s Jan '42 & '46 133 47 Colonial Trust Bid 62.85 Highway Imp 4}*8 Sept '63 Canal Imp 4}*s Jan 1964 Can A High Imp 4}*s 1965 60 -12}* 106 361 10 Bronx County. Brooklyn. World War Bonus— 4}*s April 1940 12 Ask Itallana.100 Central Hanover Ask 1 15 10 New York Trust 118}* Par 62.75 less - 13 10 110}* 117H 118}* 119}* New York State Bonds 1981 45 12}* Penn Exchange 117 Bankers 3a 16 Peoples National 45 Bk of New York A Tr._100 Bid 40 Public National 1825 115 33 X ......... National Bronx Bank National Safety Bank. Ask 65 100 50 113}* 114}* 90 Bid 100 100 Bensonhurst National—50 Chase.. 13,55 114 113 62.65 less 1 National... 113 Ji 114}* 113 M 114}* Banca Coram 3a 1974 Par 23 48 Par Bid Aetna Cas A Surety— MAS 110}* 112 Ask Par Bid Ask 93 Home Fire Security 43 45 Aetna Life 1942-1960 89 26 27X Homestead Fire Importers A Exporters 10 2}* 16}* Agricultural George Washington Bridge 4}*s ser B 1940-53.M N 5 59}* 18X 25X 62 X Ins Co of North Amer 7}* 8}* 10 20 X 59}* Knickerbocker...... 5 26X Lincoln Fire z9% 5 10 Maryland Casualty 1 Mass Bonding A Ins..12}* Merch Fire Assur com 5 2}* 60}* 11}* 3}* Aetna 107}* 10 ..... American Alliance -10 American Equitable.- ...5 American Home ..10 American of Newark.. -2X United States Insular Bonds Philippine Government— 4a 1946 Bid Ask Bid 100 101}* Honolulu 6s 102 1952 102 103}* 103}* U 8 Panama 3s June 1 Govt of Puerto Klc«i-- 1955. 100 }* 102 5e 1962 105 X 5}*8 Aug 1941 Hawaii 4}*8 Oct 1956 63 4}*b July 1958. 58 107 X 108}* 110}* 1961 1948 July U S conversion 3« Att t 50 115 25 Automobile 10 40 X National Casualty National Fire 22 Jo.70 '1,1A) Baltimore Amer .23* Bankers A Shippers— ..25 109 Boston. lOt 116 Conversion 3- I10H MJHH .. >11 Camden Fire Carolina KM) 5X 6X 69 X 545 72 X 555 IH47 18 20 10 18 18 19 X 193* — 24X Continental Casualty. .5 Eagle Fire -2X Federal Land Bank Bond Excess Bid 3s 1955 opt 1945 JAJ 38 1956 opt 1946......JAJ 38 1956 opt 1946....MAN 3}*S 1955 opt 1945..MAN Bid 102'ia 102}* 102*h 102}* 102*,, 102}* 103}* 104 4a 1946 opt 1944 4s 1958 opt 1938 Ask 5 JAJ U07A 111}* MAN 100'*ii 101}* 4}*s 1958 opt 1938.-MAN 10214 103}* 5 Atlanta 3s Atlantic 38 98X /35 55 100 - Bid Louisville 5s New York 5s 100 North Carolina 5s. - - /5X Ohio-Pennsylvania 5s OX 99}* 100 X 98 99}* 93 90}* Dallas 3s Denver 5s First Carollnas 6e_. First of Fort Wayne First of 99}* 99 4}*a.. Montgomery 5s First of New Orleans 5s First Texas ot Houston 5s. First Trust of Chicago 4 }*s Fletcher 3}*s Fremont 4 }*s and 5s Greenbrier 5e Greensboro 3s Illinois Midwest 5g Oregon-Washington 5s Pacific Coast of Portland 5s Pac Coast ot Salt Lake 5s.. 99}* 101 Pennsylvania 5s Phoenix 4}*s__ 5s 94 96 98 100 97}* 99 99?* 100}* 100 102 55 65 100 102 99 X 80 100}* 85 Pac Coast of San Fran 5s._ Ask 102 99 97}* 993* 100}* 99 97}* 61 /55 99}* 101 107 108 27 /24 99}* 100 J* 70 J13X 97 5s 97}* Firemen's of Newark- ...5 X 115 31}* 10 Revere (Paul) Fire Rhode Island 10 22 X 363* 38 X 5 5 12 X 14X Globe A Rutgers Flre. 15 2d preferred 15 Great American ...5 Great Amer Indemnity ...1 25 3* 293* 23}* 5 76}* 22 X 24X Stuyvesant 83* 9X 7 5H 6 X 190 8 10 20 31"" 29 110 113 23X 313* 5 5 6 Sun Life Assurance 100 420 470 Travelers 100 445 455 10 29X 64X 66?* U S Fire 53 X 55 X U S Guarantee 29 X 30 X Westchester Fire 5 7 22 H 182 Hartford Fire. ..10 Hartford Steamboller. ..10 Home 82 6 5 Seaboard Surety.. 10 Security New Haven 10 Springfield Fire A Mar..25 22 93 21}* 21}* Rossia 5 St Paul Fire A Marine.—25 Seaboard lire A Marine..5 73 10 Hanover 15 29}* 10 Republic (Texas) 35 X ; 13 Reinsurance Corp (N Y)_2 21 Halifax 5 _ 78 10X 20 119 89}* 283* 33 X 16 10 9 21X 43}* 25 27 5 U S Fidelity A Guar Co..2 14 *4 16 4 50}* 52}* ....10 46}* 2.50 30}* 48}* 32}* Surety Guaranteed Mortgage Bonds and Debentures 75 15 98}* 99 Bin Allied Mtge Cos Inc— All series 2-5s 1953 a* k Arundel Bond Corp 2-5s *53 Arundel Deb Corp 3-6s '63 44 46 2-3s New York North Carolina Par 100 1945 - • - 47}* Interstate Deb Corp 2-5s'55 Mortgage Bond Co of Md Inc 2-58 ..1953 - - «. ... 33 Bond Bid 9 Ask 12 100 43 48 Denver Pennsylvania 100 100 12 22 16 Potomac 100 100 40 50 65 First Carollnas Fremont 100 2 100 33 Lincoln 100 72 (all 3-6s. 72 1953 44 Potomac Deb Corp 3-0s '53 Potomac Franklin Deb Co 3-6s 1953 47 44 47 44 47 ... Potomac Maryland Deben¬ 84 - - Bondholders part ctfs Funding series) ture Deb (Central Corp 3-6s /26 Nat Cons Bd Corp 2-5s *53 Nat Deben Corp 3-6S.1953 72 29 - Realty - . Realty Corp 3-6s Bond A 1953 71 Atlantic 1953 44 47 Mortgage deb 3-6s 1953 45 Unified Deben Corp 5s 1955 32 75 San Antonio 1954 Corp 26 Des Moines 543* issues) 2-5s 1953 Potomac Cons Deb Corp— Potomac Nat Ask 1954 Series B 2-5s_ Potomac Empire Properties Corp— Joint Stock Land Bank Stocks Ask Mtge Corp— Series A 3-6s 6 Associated Mtge Cos Inc Debenture 3-6s 1953 „ ... 77 101 • _ 7. ContJ Inv DebCorp 3-6s'53 100 Bid Nat Union 82 Coot'! Inv Bd Corp 2-5s '53 42 Natlonal_25 Providence-Washington 74 60 27}* 73 X 70 38 26 61 X 68 50 2.50 North River 71X 62 100 78 59 10 — Flyman's Fd of San Fran25 Lincoln 4}*s Virginia-Carolina 3s 100 74 100 105 99}* 101 Atlanta 12,50 2 Preferred Accident 100 107 San Antonio 3s Southwest 5s Southern Minnesota 5s Union of Detroit 4}*s Atlantlo 29}* 42}* 10 20 100 St Louis 5s Bid 27?* 41}* 41}* 14}* 10 New Hampshire Fire New Jersey New York Fire... 100 Potomac 5s Par 12}* Flre Aflsn of Phlla 92 6s 8 115 11 Pacific Fire Phoenix Iowa of Sioux City 4}*s La Fayette 5s 96 7 111 2 96 34 — Burlington 5a California 5s Chicago 4}*s and 5s National Liberty ....2 National Union Fire 20 6X 36X Glens Falls Fire Globe & Republic Bank Bonds 59 Northwestern General Reinsurance Corp5 Ask 57 Northern Georgia Home 10 Gibraltar Fire & Marine. 10 Bid 10 92 X 10 Franklin Fire Joint Stock Land 6 18 Fidelity A Dep of Md. —20 Federal Ask 41 10 4 43 33* Employers Re-Insurance 10 9 16 26X 25X 43* 23X — 40 45 10 New Amsterdam Cas New Brunswick 6 4 3* 8 41 Merch A Mfrs Fire New'kS City of New York 10 Connecticut Gen Life. -10 114 . 3}* 18 3}* Merchants (Providence). .5 26X 117 107}* i94fi 12 34 20X 38 X 25X 10 — American Surety 3 no SX 10X 32 Re-Insurance. 10 American Reserve 1959 4}* 8 Oct 4}*b July 58 Apr Feb American 10 Dallas.: 100 74 100 78 5 X 1 Virginia IX Virginia-Carolina...... 5 1 100 70 3 44 47 37 Telephone and Telegraph Stocks 1 X 80 Par Bid Am Dlst Teleg (N J) com. * Preferred Federal Intermediate Credit Bank Debentures 88 100 Ask 93 F I C F I C l}*s—Jan 15 1938 b .25% 15 1938 6.25% 1}*8 Feb lKs__.Mar 15 1938 6.25% 1}*8 Apr 15 1938 6.30% I C 1}*8—May 16 1938 6.35% F I C F I C F Ask Bid F I C F I C l}*s—June 1}*8—July 15 1938 6 Ask Bell Telepof Canada... 100 Bell Telep of Pa pref.—lOO 163 168 Pac A Atl 117 118}* Cuban Telep 7% pref-.lOO 42 Peninsular Telep com Preferred A — 53 X 58 X Franklin Telegraph 100 Gen Telep Allied Corp— $6 preferred .♦ 33 40 85}* 88 X .40% 15 1938 6 .45% F I C 1}*8... Aug F I C 1}*8—Sept 15 1938 6.50% 15 1938 6.45% Par New York Mutual Tel. 100 Int Ocean Telegraph... 100 Mtn States Tel A Tel..100 For footnotes see page Bid 20 Ask 25 114}* 116X Emp A Bay State Tel..100 Bid —- 70 78 118 121 429, Rochester Telegraph 25 14 * 25 100 107 17 28 110}* Telephone— $6.50 1st pref 100 110 So A Atl Telegraph 25 Sou New Engl Telep... 100 S'western Bell Tel pref. 100 16 120 X 122 X Wisconsin Telep 7% pi. 100 117 119 147 —- 22 149 Volume 427 Chronicle Financial 146 Securities—Friday Jan. 14—Continued Quotations on Over-the-Counter RAILROAD BONDS. Guaranteed Railroad Stocks BOUGHT SOLD . Mmtbtn Krw GUARANTEED NEW YORK STOCKS Security Dealers Membert Net* York Tel. REctor 120 Broadway Y. 41 Broad St., N co. e. sloan e john Y*rk Slink Ext bang* Dealers in Bulletin Request on 3o$epb Walkers Sons Monthly Studies Earnings and Special Association 1-624 Syst. Teletype NY HAnover 2-2455 - Bell - . QUOTED . 2-6600 (uSinc«1855 Railroad Bonds \saBKfidP A iked BUI Guaranteed Railroad Stocks 1945 1945 5Ha Akron Canton A Youngstown (Guarantor In Parenthesis) 0« Dividend Asked Bid . Birmingham Terminal 1st 4s 1st 4Hs Boston A Maine 3s... _ Boston A Albany 6.00 66 71 10.60 .100 Vicksburg (Illinois Central) Albany A Susquehanna (Delaware A Hudson) Allegheny A Western (Buff Roch & Pitts) Beech Creek (New York Central) Boston A Albany (New York Central) Boston A Providence (New Haven) Alabama A 115 125 Prior den 4s 6,00 59 63 30 34 107 110 8.60 70 2.85 43 48 6 00 84 88 6.00 80 88 3.50 77 80 2.00 47 60 2.00 40 43 100 5.60 59 64 ,100 10.00 173 178 .100 4.00 44 48 .100 60.00 900 100 , Buffalo Creek lat ref (New York Central) .100 Carolina Cllnchfleld & Ohio common 5% stamped. .100 Cleve Cinn Chicago A St Louis pref (N Y Central). Cleveland A Pittsburgh (Pennsylvania) Betterment stock _. (Pennsylvania) Fort Wayne A Jackson pref (N Y Central) Georgia RR A Banking (L A N-A C L) Lackawanna RR of N J (Del Lack A Western) Michigan Central (New York Central) Morris A Essex (Del Lack A Western) New York Lackawanna A Western (D LAW) Delaware 1st 6« Oklahoma A Gulf 1st 6s Hoboken Ferry Kansas Long 37 60 Macon Terminal 92 95 28 32 Maryland A Pennsylvania Meridian Terminal 1st 4s 43 48 40 1st 4s Ste Marie 2d 4s.. Montgomery^AJErie 1st 6e .... 1.50 37 H 3 00 76 7.00 165 168 Piedmont 100 7 00 170 175 Portland RR 1st 3 Ha 100 6.82 67 72 100 6.00 137 142 100 3.00 68 6.00 137 142 St Clair Madison 10 00 230 235 6.00 56 62 Shreveport Bridge A Terminal Somerset Ry 1st ret 4s 6.00 60 5.00 53 57 .100 Preferred (Delaware A Hudson) Bridge 1st pref (Terminal RR) Second preferred (Terminal RR) .100 United New Jersey RR A Canal (Pennsylvania)... Utica Chenango A Susquehanna (D L A W) 100 Valley (Delaware Lackawanna A Western) .100 Vicksburg Shreveport A Pacific (Illinois Central).. ,100 Tunnel RR St Louis m + rnm 6.00 54 Seashore (Pennsylvania)..... 30 34 3.00 57 Inc. 1.50 64.50 4.00 64.50 4.00 64.00 3.00 5HS New Orl Tex 64.00 3.00 New 64.00 3.00 63.50 2.75 63.50 2.75 63.25 2.70 64.25 3.00 62.75 2.00 1.00 4s series 66.00 5.00 2K» series G Pacific 4Ha Cent RR New Jersey 4 He. - 4^8 6s N YNH AHartf4Hfl— 6s Northern Pacific 4He MUw" A 58 St Pauf ~4~He~. ——— —— 5.00 5.50 Pere 66.50 6.50 Reading Co 4Mb 92 St Louis-San 1937-50 Marquette 4 He 6 MB 64.50 3.50 64.00 2.50 Southern Ry 4 He 64.00 2.60 4H8 64.50 3.50 6s 64.50 62.80 3.60 2.16 4H8 61.80 1.25 6s 61.76 1.00 4He 5s Hocking Valley 6s 6s Texas 64.50 3.25 3.25 Virginia 6S.ng...... 64.50 3.50 Long island 4He 63.40 2.50 63.40 2.50 Ry 4Mb 6 Ha 61.75 1.10 6s Nash 4Hs 61.75 3.00 6s 3.00 64.00 ... 5 Kb 8 8 M 4s 3.00 62.00 1.25 1.00 62.90 2.00 62.75 2.00 63.25 91 9 /6 87 89 90 98 43 47 85 90 28 34 80 50 60 90 92 69 61 83 86 70 87 91 83 90 50 45 80 75 110)4 108 80 86 47 60 94 2.50 97 98 5s Western 5 He 64.50 3.75 3.00 63.00 2.40 2.00 63.60 2.50 2.00 63.25 2.50 2.50 80K New Eng G A 78 M 80K N E Pow 120 96 X 79 81 7% pref. 100 Derby Gas A El S7 pref..* Essex Hudson Gas 100 Federal Water Serv Corp— $6 cum preferred 112 115 25X 26H preferred...* $7 cum preferred * Gas A Elec of Bergen..100 Hudson County Gas—.100 26 27 X 26 H 28 H 77 X 79 67 H 69 79 X 81 K 8 6 40 (Del) 100 Dallas Pr A Lt 33 H 29 120 178 ... $8 preferred Interstate Iowa Natural Gas...* $7 pref—* 100 preferred pref—.* Borough O A E— A Lt $7 Supply— 7H% preferred 60 Jer Cent P A L 7% pf-100 Kan Gas A El 7% pref. 100 Kings Co Ltg 7% pref.. 100 Long Island Ltg 6% pf.100 7% preferred 100 Mass Utilities Associates— 5% conv partic pref..50 Memphis Pr A Lt $7 pref.* Mississippi Power $6 pref.* $7 preferred * 100 preferred 6% 104 108 H Southern Utilities— 7% preferred.. 100 E 7% pref...100 Pacific Pr A Lt 7% pf—100 26 X Republic Natural 7H Rochester Gas A Uz 95 H 101H 103 H 9: X 109 H mlh 89 91 98 100 99 X 101 58 54 89 H 6 Gas 40 H 42 95 (6 8 9H 92 27X 28K 1 Elec— preferred C 100 Sioux City G A E $7 pf.100 Southern Calif Edison— 6% pref series B ] 25 South Jersey Gas A El. 100 6% 37 X Jamaica Water 62 82 X 39 54 84 106 H 108 H 33 H 36 H 33 H 35 40 42 25 26 Tenn Elec 7% Pow 6% pf.100 preferred 100i 53 H 56 45 48 pf.100 Toledo Edison 7% pf A.100 United Gas A El (Conn)— 7% preferred 100 Utah Pow A Lt $7 pref..* 52 60 Virginian Texas Pow A Lt 7% Ry 100 178 48 90 96 96 96 63.00 2.25 64.50 3.75 64.50 * preferred 100 /O Foods Inc common..* 7% 96 90 Borland Shoe Stores B Blck'ords Inc... 3.75 pref $2.50 conv common...* preferred 100 Bo hack 7% (H C) Diamond Shoe 7% * -• pref H) Co preferred 100 Inc..* * 100 Bid 55 X 99 X 101H 99 101 74 77 43 45 144 Stocks Par Ask 7 9 77 Kress (S H) 6% pref 1X 1% 11 30 H 32 2 H 15 95 H 7 3X common..* preferred 100 (G C) $5 pref.100 Miller (I) 6 H% Murphy Reeves Bid 11H 85 10 49 53 H 1.00 Chain Store Par >0K 110H 24X 72 h 91 7% 100 * 100 preferred 7% 71 Okia G A Queens Idaho Power— 95 102 100 $6 pref * $7 preferred * Ohio Power 6% pref...100 Ohio Pub Serv 6% pf—100 Penn Pow 54 H 93 H 100 •-_* Dref pref 7% 34 3 52 H Ohio Edison 178 $6.50 cum ... Power— (Minn) 6% 24" 23 V Assn 6% Eng Pub Serv New 205* 112 110 E6H% Vt-* 94K preferred.. 7% 1.00 90 Maryland 4He... Pacific 5s 22 84K * 20 18 X Nassau A Suf 1.00 61.70 H 17 H 21 H t7 H H 6 26 H 24 H Ltg 7% pf 100 Nebraska Pow 7% pref.100 Newark Consol Gas 100 65 H 57 H 106 5H Northern States 1.00 61.70 103 H Line..5 Penn 25 Mountain States Pr com..* 7% preferred 100 1.60 61.50 Mississippi P A L $6 pref Miss Rlv Pow 6% pref.100 8H Atk Bid *5 5X 45 Fish man (M 429. 60 87 119 100 preferred Kobacker Stores For footnotes see page 89 55 Monongahela West Pub Serv 7% pref 8 7H preferred 100 Cent Pr A Lt 7% pref..100 Consol Elec A Gas $6 pref. * Consol Traction (N J). 100 Consumers Power $5 pref. * Continental Gas A El— 2.50 2.50 73 X 7 $7 pref..* Interstate Power 90 Wabash Ry 4 He Western Maine Central Minn 8t P A 1.10 63.75 63.75 6s. 1.20 61.50 4 He 5s Internat Great Nor 4He.. 6s 61.76 62.25 Union Paciflo 64.50 Loulsv A 3.50 63.25 Pacific 4s 6s Illinois Central 4Hs 3.50 62.75 64.50 6s 64.50 62.60 6s__. 6He. Southern Pacific Great Northern 4Mis—.. 3.00 64.00 Southwestern 5s_. St Louis 3.50 6s 3.00 95 4KB 3.50 Erie RR6H8— 64.00 62.10 Fran 4s 64.50 Denver A R G West 4H8— 1.25 63.10 1937-49 non-call Dec 1 66.50 88 03.25 61.60 5s Chicago R IA Pacific— Trustees' ctfs 3^8 3.75 2.50 E due 66 00 Chic - 64.25 64.50 St L 4K8-— 58 Jan A July Chicago A Nor West 4He. 3.75 64.00 5s Pennsylvania RR 4He Chesapeake A Ohio— 3.75 62.00 AMex4Hs York Central 4 He. N Y Chlo A 6s Canadian 68 3.00 64.00 6s 61.75 64.00 64.00 62.25 Canadian National 4 Hs—_ Ask 66 1C9 $6 4Mb Missouri Pacific Atlant.'o Coast Line 4 3^s Dec 1 1936-1944 38 82 pref.100 Co— $7 prior lien pref * New Orl Pub Serv $7 pf..* New York Power A Light— $6 cum preferred * 7% cum preferred 100 7% Ask Baltimore A 6s 34 Missouri Kan Pipe 25 $1 60 preferred Equipment Bonds Bid 4Kb 65 Par 3X preferred * $8.50 preferred * $7 preferred * Atlantlo City El 6% pref.* Bangor Hydro-El 7% pf 100 Birmingham Elec $7 pref.* Buffalo NlagaraAEastern— 6% preferred — Central Maine Power— 6b ..........1946 ...— 1966 .1961 —.—.......1946 .............1957 Atk 71K Original Carolina Pr A Lt Boston A Maine 1965 ......1961 1966 ......1949 —1966 64 60 Utility Stocks 64X 57 pref—* Lt 7% pref * Associated Gas A Electric Arkansas Pr A Philadelphia, Pa. New York He.. Ohio 4Hs 38 1st BUI Alabama Power CERTIFICATES Stroud & Company BUI 70 60 60 Quotatlone-AppraiaaU Upon Request Railroad . Terminal 4Hs Par Private Wire* t« 65 /34 A St Louis 1st 4s Public EQUIPMENT TRUST 47 93 ............ 1951 5s....................1955 .......... 1956 Southern Illinois A Missouri Bridge 1st 4s 1961 Toledo Terminal RR 4 Hs —————— .1967 Toronto Hamilton A Buffalo 4 Ha. ...1966 Washington County Ry lat 3 Ha 1964 58 3.50 — —— Rock Island Frisco —50 Western) N J (Del Lack A Ferry general 5s A Northern Ry 1st mtge 3Jta_— New York A Hoboken Consolidated 6s 50 — West Jersey A 48 41 89 72 100 50 Rensselaer A Saratoga 45 46 45 —1939 1949 .... 1st 5s Minneapolis St Paul A Bault ... Warren RR of .... 39 H 56 — 40 ...1948 .1978 ...... SprlDgs Western 1st 4s.. Island ref.mtge 4s 4.00 Chicago (Pennsylvania). Preferred ...... Little. Rock A Hot 4.60 Preferred 93 48 42 5s......................1946 ........ ......1978 5.00 Lake Erie (U S Steel) Pittsburgh Fort Wayne A 96 91H Georgia Southern A Florida 1st GoBhen A Deckertown 1st 6 Ha.. 4.00 Central (Pennsylvania) of N J (Erie) Oswego A Syracuse (Del Lack A Western) St Louis Choctaw A Memphis 3.875 Northern RR 67 94 1939 1957 April 1, 1943 1960 ......1942 1944 1940 45 1961 1942 1949 ..........1965 ...1995 1st ref 5s 1st 5g Cincinnati Indianapolis A Western 1st 5h_. Cleveland Terminal A Valley lat 43 Cbateauvay Ore A Iron ...50 Northern Pittsburgh Bessemer A 6» .100 50 85 55 80 1 .100 Canada Southern ......... Convertible 6s 8.75 ..... ..... ... Prior lien 4 He 2.00 ... ..... ... 48 80 1953 Augusta Union Station 1st 4s Baltimore A Ohio 4Hs Par in Dollars /46 /4Q Sons (Daniel) pref...100 4 Ask 12K 9 21 28 102 104 100 17 H 100 9 12 17 74 82 United Clgar-Whelan $5 preferred Stores _♦ 19 20K 428 Financial Quotations Public Chronicle Jan. IS, 1938 Over-tlie-Counter Securities—Friday Jan. 14 -Continued on Utility Bonds Water Bonds ■ Bid Ask Amer Utility Serv 6s. 1904 Amer Wat Wk A El 5s *75 64*4 66 87 89 Associated Electric 5s. 1961 Assoc Gas A Elec Corp— 44 45*4 , , Income deb 3*4s Income deb 3J4s Bid Ask Bid 25 1978 1978 104 Alabama Wat Serv 58.1957 Alton Water Co 5a...1950 Ashtabula Wat Wks 5s '58 98*4 100*4 104*4 103* 101 104*4 104*4 Atlantlo County Wat 5a '58 Idaho Power 3*4s 102 102 *4 Birmingham Water Wks— 02 K 04*4 26 25 % 20*4 20*4 27*4 Income deb 4*4s Conv deb 4s 30 50 -.1973 1967 Iowa Sou Utll 6*4s—1950 99 97*4 52 Kan City Pud Serv 4s. 1957 Conv deb 4*4s 1973 51 53 Kan ..1973 63 55 ,1973 8-year 8s with warr.1940 59 8a without warrants.1940 89 29 108 X Metrod Edison 4s ser G *65 105 106 Missouri Pr A Lt 3*48.1006 99*4 Mtn States Pow 1st 6a. 1938 75 20 28 22 20 Narragansett Elec 3 *48 '60 Newport N A Ham 5s. 1944 24 28 N Y State Elec A Gas 25 30 30 37 Sink fund Inc 4-5S..1986 4s 100*4 25 30 37 98*4 Bellows Falls Hy El 5s 1958 Blackstone V G A E 4s 1965 102 104 100*4 53*4 51 Parr Shoals Power 5s_.1952 108*4 Pennsylvania Elec Newport Water Co 5s 1953 85*4 87*4 /80 77 81 66 105 X 02 69*4 103 1951 series A 102 1951 103 Water .1947 Central Public Utility— Income 5 *4s with stk '52 1st COQ80I 4s.......1948 Clinton W-Wks Co 58.1939 99*4 5s 194k Phlla Suburb Wat 4s.. 190 Pinellas Water Co 5*4s. '59 106 93 97 1940 57 Ihttsburgh Sub Wat 5s '5s 101 103 ..1940 59 Plalnfleld Union Wat 5s '01 Richmond W W Co 5s. 1957 105*4 Community Water Service 6s series A Connellsville Water 5s 1939 Consul Water of Utlca— 99 Roanoke W W 5s 1958 95 1958 98 1962 39 41 99 Dallas Pow A Lt 3 *4s. 1967 Scranton 0s series B 1942 ..I960 65 95 »8 1952 95 98 Hackensack Wat Co 6s. '77 5*4s series B 1977 109 Sbenango Val 4s 105*4 106 South 101 1954 103 103 104 6s 1902 104 Illinois Water Serv 5s A '52 1960 100*4 102*4 100 Cloasing bid and Par Bid Admlnl8teredFund2ndinc* Affiliated Fund 4 65 20*4 22*4 72c Bid 10.13 10.75 22.10 24.15 14.08 15.45 Long Island Wat 5 *4s. 1955 Middlesex Wat Co 5 *4s'57 Monmouth Consul W 5s '50 Series K-l bOc 15.89 17 29 9 Series K-2 10.76 15.09 11.78 Series 8-2 Series 8-4 5.20 Texarkana Wat 1st 5s. 1958 Union Water Serv 6*4s '51 2*4 Maryland Fund Inc Mass Investors Trust 3*4 3.35 17~38 23.14 24 84 13*4 mod Nation 6.05 22 99 Z3.34 20.13 3.36 7% preferred 2 * Deposited Bank Shs ser A1 Deposited Insur Shs A...1 Deposited Insur Shs ser B1 Diversified Trustee Shares C 3.60 D i Dividend Shares 25< Eaton A Howard Manage¬ ment Fund series A 1... Eqult Inv Corp (Mass)..5 Equity Corp $3 conv pref 1 * Fiscal Fund Inc— Bank stock series 13.47 N Agriculture 13 mm mm mmmm 2 01 8.55 8.21 Electrical equipment Insurance stock Metals 9.48 9.23 31 109 mm1 4.58 -m mm* . 7 89 « 8.36 9.04 No Amer Bond Trust ctfs. No Amer Tr Shares 1953. * Series 1955 1 mmrn 1 2.53 1 2 60 i.f>t mmmm mmmm 5.55 6.10 J. 6 28 84 25*4 28*4 * Plymouth Fund Inc..-10c Quarterly Inc Shares.. 10c 6% deb series A 19.13 Representative TrustShslO Republic Invest Amer Income Shares... Standard State Street Shares.2*4 16.37 17.39 Standard Am Trust Shares 5.25 .... Utilities luc.50c Invest Corp.* Super Ct -rp of Am Tr Shs A AA... B 4.77 5.20 1.15 9 44 14 90 2 50 55c 82 90c D 9.55 1 Trustee Stand Oil 8hs A.l 96c 1.21 com. * 10" 3 8 6.30 85c 84c Tobacco shares Group shares 1948 58 N « _ 55 Court A Remsen St Off Bid 1.00 1.35 16.84 1 1.17 88c USElLt APr Shares A.. 1.32 Apr 28 1940 Dorset (The) 1st 6a...1941 Voting shares *4 75c 1.20 1.33 1.24 1.37 1 71c" 1.04 55 50 /33 *4 749*4 52 13*4 13*4 2.09 1 95c 2 2*4 1 1*4 Oliver Cromwell m m Bancamerica-Blair Corp. 1 13.34 14.50 5*4 6*4 741 1*4 36 class B * First Boston Corp Schoelkopf, Hutton Pomeroy Inc com 2 40 5 10 14 H 1*4 2*4 70 41 45 45 Prudence Co— 5 *4s stamped 1901 Realty Assoc Sec Corp— 5s Income 1943 38 51 /49 52 m 48 Roxy Theatre— /5*4 38 1919 38 1946 58 60 35*4 37*4 70*4 73 7 1st fee A I'hold 0J4S.194O 41*4 Savoy Plaza Corp— 3s with stock 1956 20 28 5*4sdeb Inc (ws).1950 /19 21 Sberneth 3 Corp— 40 60 Park PI 36 010 Madison Av 59 /39 (Newark) 0s '37 lst0*48'38 Broadway Bldg— 3 *4 5s with stock...1950 Syracuse Hotel 1st 6*4s 35 723*4 38 42 (Syracuse) Oct 23 1940 62 ... Textile Bldg— 60 63 Corp 86*4 736 1942 1947 A page 1st 3 5s (w s) 1958 40 1939 60 Bldg 1st 4s 1941 53 Trinity Bidgs Corp— 1948 see /7J4 /40 64*4 88*4 39 54 429. 1st 5*4s 2 Park Ave 42*4 Waibrldge Bldg (Buffalo)— 1st 64 6*4s Oct Wall A Beaver St 85 88 87 91 Metropolitan Corp (Can)— For footnotes 1951 43*4 16*4 10c 6s 62 1936 0s mtge m 1941 London Terrace Apts 6e '40 Ludwlg Baurnan— 1st 0*4s (L I) (The)— Nov 15 1939 Avenue— 105 Bway Bldg 1st 5*4s *51 1944 1947 0s 23 103 E 57th St 1st 0s...1941 Bldg— Loew's Theatre Rlty (Bklyn) Park 2d 34 Metropolitan Chain Prop— 35 1st 6s m /50 Harrlman Bldg 1st 6a.1951 Hearst Brisbane Prop 6s '42 Lexington 1st 0s '43 Hotel St George 4s 1950 1st 0s 41*4 /20 57*4 I 28 1400 Broadway Bldg— 1st 3 49 6*49 stpd ..1948 1st 08 /39*4 19th A Walnut Sts (Phlla) 1st 08 July 7 1939 Bldg— Apr 15 1937 36 ' 1949 Lincoln Building— 29 5 *4s series C-2 6 38 income 5*4s w-s... 1903 Investm't Banking Corps .... Central Nat Corp cl A...* 32 63c 95c 28 5*4s sertes F-l mm 55 1st 0*4s 25*4 24*4 Corp— 48 with stock 1950 N Y Title A Mtge Co— 61 5.86 87c Un N Y Bank Trust C-3-* Un N Y Tr Shs ser F * Wellington Fund N Y Majestic /23*4 /22*4 m /5 Deb 5s 1952 legended 60 Bway Bldg 1st 3s Inc '40 500 Fifth Avenue— 1 64 Athletic Club— 5 *4s series Q._ 1947 0s Nov 1947 Film Center Bldg 1st 6s '43 40 Wall St Corp 6s 1958 42 Bway 1st 6s 1939 Ask 747 East Ambassador Hotels— 0 *4s stamped 62d A Madison Off 62 mmrn /31 /20*4 Lefcourt Manhattan Bldg 1st 4 5s extended to 1948 Lewis Morris Apt Bldg— 1.99 B 1.05 *4 35c Series B Trasteed Amer Bank Shs B Trusteed Industry Shares. Y 1945 5*4s series BK 1st 6s 1st A ref 5*4a f deb 5s 1st mtge 2s stpd A reg *55 1st A gen 6s 1946 60*4 51 50 1st 2*4 4a (w-s) Graybar Bldg 5s 2.28 1.07 Insurance Group Shares Insuranshares Corp (Del)l Invest Co. of Amer com. 10 85 Bid S 37 2.32 1 1.24 Investors..* Institutional Securities Ltd 2.70 Trustee Stand Invest Shs— Series D 80c Incorporated 23 35 Chsebrough Bldg 1st 0s '48 Mortgage Certificates Metropol Playhouses Inc— 37*4 m Hotel Series C 76c Bell System Tel. NY 1-688 Ask Broadway Motors Bldg— 1st 0*4s >'ept Fuller Bldg deb 6s 1.28 RR equipment shares... Steel shares 1 /36 J35*4 leasehold 0*4s..l944 2.00 1.34 77c Holding Corp 1st Fox Theatre A Off 1.23 91c shares 15 68 59 c 5.5 3 1941 Broadmoor (The) 1st 0s *41 Bway Barclay 1st 2s.. 1950 B'way A 4lat Street— 3.11 1.17 ... 78c" 5 55 Supervised Shares 82c 10-29 4.03 70c 1.26 Group Securities- 10.26 2.0) C 1st 68 Eqult Off Bldg deb 5s. 1952 9 76 3 23 BE 32.15 12.26 101 60c 4.15 Bank 96 40c 8.20 29.90 11.20 40c 7.12 Food shares 1*4 53c 35c 7.57 Guardian Inv Trust *4 45c 8*4 Fund.25c 3 90 4.25 & CO. Broadway, N.Y. Bid Alden 4 0s 28 Management-.1 .in Investing shares Merchandise shares.. Mining shares m mm mmmm 7*4 *0.59 4 67 BAKER Real Estate Bonds and Title Co. Chanln Bldg Inc 4s... 1945 26 18 93 20 84 Class B Foreign Bd Associates Inc. Foundation '1 rust ShB A.l Fundamental Invest Inc.2 Fundamental Tr Shares A2 ... m 1.36 17 63 Pacific Southern Inv pref. ♦ Class A ♦ 8 98 shares ' 2.33 Fixed Trust Shares A... 10 Huron 2.58 Series 1958 Selected Petroleum 2.09 2.84 Sovereign Investors...--. Spencer Tnisk Fund.. * Building shares 54 53*4 Series 1956 1.60 150 2360 9 98 Steel 2V Issues Markets - 10.25 Oils mm 26 2.89 Chemical 8.81 Railroad equipment mm Estate 8.61 9.28 8 14 3.61 Agricultural shares Automobile shares 7.96 8.58 — Machinery 2.03 General Capital Corp • Investors Trust.* 104*4 104*4 101*4 104 7.52 3.29 General 99*4 101*4 INCORPORATED 8.58 6.94 10c * 1949 W'msport Water 5s...1952 BArclay 7 9.25 Bank stock Selected B 1960 0s series A 100*4 AMOTT, Y Stocks Ino— Insurance stk series. 10c B ...1950 5s series C 92 1.41 12.53 Royalties Fidelity Fund Inc 07 5s series B 89 Real 5.41 13 2 114 100 87 3.46 1.28 Building supplies 2 01 100 Cumulative Trust Shares. 95 1951 Westmoreland Water 5s '52 Reports 5.16 8*4 23 Crum A Forster Insurance Common B shares 10 101 91 1950 B 11.84 hares. 3 57 8*4 1 ser 168 Wichita Water— 104*4 1950 21.36 10.83 Investors Corp.l New England Fund 1 2.21 10 8% preferred 6*4s 0.59 1 10 Wide Securities 25c Voting 21.38 J 103*4 1st mtge 5s 1st mtge 5*48 99 54 99 1950 N Y Water Co— 5s 2*4 10c Mutual Invest Fund 15 4.10 ..1 AA Va Water Serv 4s.. 1901 Western 102 45c 3 70 Accumulative Herles...! Series Series ACC mod... Crum A Forster com 86 103*4 5.77 * National Series AA 81 101 100*4 103 6*4 10.16 30c Corporate Trust Shares.. 1 93 102*4 15.54 5 ... Major Shares Corp Continental Shares pf.100 91 101 Monongahela Valley Water Series B-3 7lc 4*4 5*4 Canadian Inv Fund Ltd-.l Century Shares Trust...* Commonwealth Invest 1 Ask 1 104*4 60 W Kokomo W W Co 5s..1958 Lexington Wat Co 5 *4s "40 Keystone Cust Fd Ino B-2 8 Bankers Nat Invest Corp ♦ Basic Industry Shares..It British Type Invest A 1 Broad St Invest Co Inc..5 Bullock Fund Ltd 1 Investors Fund C 63c Am Insurance Stock Corp ♦ Assoc. Stand Oil Shares..2 Inc Par 13.22 4.22 Amer Gen Equities Inc 25c Fund Friday, Jan. 14 Ask 12.43 Inc.-.1*4 Amerex Holding Corp...* Amer Business Shares. 50c Amer A Continental Corp Boston asked quotations, 102 H 1960 Wat 4s A 101*4 1958 Joplln W W Co 5s.. ..1957 102*4 Terre Haute Water 6s B '56 6« series A 1949 Indianapolis Water— 6s 73~~ 70 1955 Spring! City Indianapolis W W Secure— Investing Companies 98 Pittsburgh Water— 5s scries B 105 79*4 79*4 76*4 1961 5s series A.........i960 1954 6s 1st rntge 3 *4s 101*4 76*4 1907 ser B 1st mtge 5s Water— 6s series B 85 105*4 106*4 105 100 South Bay Cons Wat 5s '50 105 104*4 105 Wisconsin Pub Service— 1st mtge 4s 1901 92 iol*4 C<> 195S Scranton Spring Brook Water Service 5s. 1961 102*4 104*4 83 100 Water 1st A ref 5s A 5s series B 104*4 Gas A 4 *4s 100*4 5s series A.........1952 104 102*4 102*4 89 99 st Joseph Wat 4sser A..'6« Greenwich Water A Gas— Huntington 4l" 39 6s series B ...1902 Consol Edison 3*4s 1958 Cumberl'd Co PAL 3 *4s '60 104 U 1950 100 98 121 <07*4 101 E St L A Interurb Water— 5s series A.... 1942 102" 1-8 103*4 Koch A L Ont Wat 5s.l93H 98 04 2*4 08 1st consol 5s.......1948 Prior Hen 39 106 93 101 100*4 97 ._1958 /1*4 1953 91*4 08 19.50 104 H 38 .... ^5*4 1954 64 100*4 101*4 81*4 1957 SsserlesD 4*4s. .1000 t 82" 100 1st coll trust 4*48.-1906 Water Works Co— 101 (Chattanooga) B 96 Peoria 1941 series 79 105 1st A ref 5s City of New Castle Water 6s 76 Penna 8tate Water— 1st mtge 5s. 106 72 Ore-Wash Wat Serv 5s 1957 71*4 103*4 101 105 100 64 97 74 103 Citizens Wat Co (Wash)— 4*4s 98 83 92 103*4 93 5s.1902 79 89 105 104H 100 Calif Oregon Pow 4s.. 1960 Cent Ark Pub Serv 5a. 1948 Central G A E5*4s...l946 Consol E A G 6s A 100 1951 1951 101 *4 6 *4s series B 104 -mm 5*4s Ohio Cities Water 5*4s '63 Ohio Valley Water 5s-1954 Ohio Water Service 5s. 1958 5s 104*4 100*4 99 H 99 6s B 1st 6s series C Pub Service 4s.-1902 mmm 103 New York Wat Serv 5s '51 101 92 30 6*4-6*48.-.1986 Atlantic City Elec 3 *4 a '04 102*4 ...1957 5s 103*4 103*4 90*4 North'n States Pr 3 *4s '67 8 f Inc Power series City 1905 28 24 102*4 101*4 North Boston Ltg Prop's— Secured notes 3 Hs.. 1947 Sink fund Inc 5-0S..1986 Colorado C._ 103 80 Corp 20 22 4*48-5*4s... 1986 series 5 *4s Cons ref deb 4*4s..l958 1983 Sink fund Inc 4*4s..1983 Sink fund Inc 6s 1983 Sink fund inc 6*4s..l983 100 1954 109*4 06*4 94 Assoc Gas A Elec Co— Sink fund Inc 4s New Jersey Water 5s 1960 New Rochelle Water— 5*4s series A 1954 Butler Water Co 5s...1957 30 Pow A Lt 1st 4*4s '65 Keystone Telep 6 *48.-1955 90 104 101 *4 Ask 103 Calif Water Service 4s 1961 Chester Wat Serv 4*4s '58 02 89 6s 5s Conv deb 5s Conv deb 5*4s Morgan town Water 5s 1965 M uncle Water Works 5s '65 5s series B 31 1978 1st lien coll trust 6s. 1946 Cei t Maine Pr 4s ser G '60 Central New York Power— General mtge 4Kb..1902 Bid 102 Houston Lt A Pow 3 *4s '66 Income deb 4s...—1978 S f Inc Ask Federated Utli 5*4s...l957 Green Mountain Pr 5e.l948 19 1938 717*4 Corp— 'st 4*4s w-s. 1951 22*4 Westlnghouse Bldg— 1st fee A leasehold 4s '48 68 24*4 — Securities—Friday Jan. 14 - Concluded Quotations on Over-the-Counter Products Common Tennessee 429 Chronicle Financial 146 Volume and Coupons Foreign Stocks* Bonds Inactive Exchanges EDWARDS & CO. H. S. New York 120 Broadway, Tel. REctor Union Bank BRAUNL WALTER E. Teletype N. Y. 1-869 2-7890 Tel. HAnover St., N. Y. 52 William BuPdlng, Pittsburgh Bonds Foreign Unlisted Dollar WICKWIRE SPENCER STEEL 22% /15 New Common /15 20 1948 /15 /12 20 /2 0% 22 __ Barranquilla 8s'35-4(M6-48 Bavaria 6%fl to 1945 A. T. & T. Teletype N. HAnover 2-3080 1945 Cities 7s to Bogota (Colombia) Y. 1-1642 6%s '47 1945 8s 15 /H /9 12% Ilseder Steel 6s 10% /4 4% 1958 /4 1969 /4% 68 1940 /6 Brandenburg Elec 6s. .1953 mmm mmm 54% Jugoslavia 2d series 5s. 1956 54% 1935 /58 1937 .1943 /42 Bk Warsaw 8s '41 Leipzig O'iand Pr 6%s '46 /59 /24 Leipzig Trade Fair 7s_1953 /21 Nov 1932 to May Nov 1935 to May Koholyt 6%s 34 Land 31% 22" /19 (Germany) 7s. 1935 1940 1948 Coupons— /45 Brazil funding scrip /17 — M M 'mmm mm m 23 /21 ■ mmm 'mm m mmm Luneberg Power Light A 1948 Water 7s Hungarian Bank British /24 53% 22% /20% Brazil funding 5«.. 1931 51 UNTERBERG &, CO. mmm 53% 8 6s mmm /18 Jugoslavia 58 funding. 1956 4% Bremen mmm /18 /21 % 4% 7s SYLVANIA INDUSTRIAL CORP. /20% 18% 7s E. mmm /16 % Bolivia (Republic) 88.1947 C. mmm, /95 68 unstamped. Bavarian Palatinate Cons New York City 62 Wall Street, /80 11 ansa SS 6s 18 7s.._. stamped. 1939 1939 Housing A Real Imp 7s "46 Hungarian Cent Mut 7s '37 Hungarian Ital Bk 7%s '32 Hungarian Discount A Ex¬ change Bank 7s 1936 /20% Antloqula 8s 1946 Bank of Colombia 7%. 1947 1946 Ask Bid Ask Bid An halt 7s to 2-5422 /21 /OA New York 61 Broadway, Mannheim & Palat 7s. 1941 /22% 1953 6%s Alabama Mills Book American 4% 26 49% * * 100 Inc American Arch 5% 30% 55 American Cynamld—, 10% 10 5% conv pref Hard Rubber— American Amer Maize 82 100 25 * 8% cum pref American Hardware Products 21 % 14% 70 49 17% pref100 Andlan National Corp * Art Metal Construction. 10 Bankers Indus Service A.* Belmont Radio Corp * Beneficial Indus Loan pf.* Bowman-Blltmore Hotels 1st preferred 100 American Mfg 5s 4% 51% A...10 * Devoe A Raynolda B com 3% 4 11 30 109 1% 33 37 100 116% Cruclble___100 preferred. 100 * Bake Shops * 47% 16 56% 3% Dixon (Jos) Douglas Shoe Draper Corp 15 2% 1% 42% 17% 5 4% 41 31 31 8% % 6% % 14% 175 30 Preferred Foundation Co For sbs...* American ♦ shares • Gen Fire Extinguisher...* Good Humor Corp 1 Graton a Knight com * Garlock Packing com 100 Preferred Great Lakes SS Co com..* Paper.__25 Harrlsburg Steel Corp 5 Kildun Mining Corp .1 Great Northern 1 Mortgage Co..20 King Seeley Corp com Lawyers Cement 100 Lord A Taylor com.... 100 Lawrence Portl 1st 6% 2d 8% preferred 100 a: Macfadden Pub common.* • Preferred Merck 4 Co Inc common. 1 6% 100 preferred pf.10 com.* United Merch A Mfg com * 58 4% United Piece Dye Works.* Preferred 100 6 Tubtze Chatillon cum 113 5% 41% 29 113% preferred 11% Muskegon Piston Rlng.2% National Casket 44 109 * ♦ Preferred Nat Paper A Type 4 com...* (Northam)— 33 conv preferred * Welch Grape Julcc com..5 2% preferred 100 West Va Pulp A Pap com.* 7% 37 40 100 51% Wee* Dairies Inc com v t c 1 33 cum preferred * 19 59% White Rock Min Spring— 37 1st preferred 100 4% Wlokwire Spencer Steel..* 20 50 3% Wilcox A Glbbs com 2% wjr The Goodwill 8ta._5 Worcester Salt 100 44% Preferred 18% 6% 6% 44% 7% Young 7% 33 Machinery * preferred 100 (J S) Co com...100 preferred 100 York Ice 9% % 7% % 16% 200 Wire Am % % 3% 4% 3%s.l952 19" 94% lstconv s 4s.1950 1955 Deep Rock Oil 7s 1937 Haytlan Corp 8s 1938 Kelsey Hayes Wheel Co— Conv deb 6s 1948 44% 31 1% 2% 47 17 87 96 8% gg 9% 12 15 25% 27% 51 58 Building A 11% 12% 73% 91 93 , 92 93 94 94 95% /78% /14 81 16 1935..... Apr 15 *35 to Apr Graz (Austria) 8s Yeast...100 51 53 5 34 36 12 7 17 1 '37.. 1954 1960-1990 1948 4s 1957 /16% 17% /13 14% 107 108 Haiti 6s - 1957 19.53 7% 7s ctfs of deposit. mmm , mmm 8s 1948 deposit-1948 Catharioa (Brazil) 8% 1947 8s ctfs of mmm ■ mmm mmm mmm mmm mmm mmm mmm 28" 27 6% 9% 18% /II % A3% 12% 14% mmm MMM A9 'MMM 9% /8 /20% /20% 22% 22 MMM /20% MMM m /28% /23% 67% MMM 7% fS 9% /21 % 1951 /21% .1947 /21% Siem A Halske deb 6s.2930 /375 State Mtge Bk Jugoslavia 5s 1956 /56 2d series 5s 1956 /56 1935 Oct 1935 to April 1937 Stettin Pub Utll 7s.-.1946 Stlnnes 7s unstamped. 1936 Certificates 4s.-.1936 7s unstamped 1946 Certificates 4s. ..1946 Electric 7s 7s 1955 1947 mmm /6% 6%a_ Coupons— Oct 1932 to April mmm 10% /9 /66 8axon State Mtge 6s. Tollma /61 MMM MMM MMM 58 58 MMM /42 - /20% /61 /49 /59 - . 22% MM. mmm -MM /47 MM. /60 /6% 70 7% 80c Repub Union of Soviet /34 gold ruble 1943 Unterelbe Electric 6S..1953 7% 22% Vesten Elec Ry 7s 90 80 mmm ' /50 /80 1948 Sao Paulo (Brazil) 6s..1943 Saxon Pub Works 7s.. 1945 Toho 107 stamped. 1942 Scrip Santander (Colom) 7s. 112% 113% /20% mmm ■ Water Wks 6s Woodward Iron¬ Leather common...* 1957 A9 mmm Wurtemberg 7s to 1947 1945 186 85 91.47 /20% • /20% • MM MM /20% Standard Textile Products. WestVa 130 Great Britain A Ireland— Hanover Harz Wltherbee Sherman 6s Royal Dutch 4s 1945 Saarbruecken M Bk 6s '47 4s scrip /8% 15'37. Dec 1 *34 stamped Guatemala 8s 72% /19 mmm /17% Dec 1934 stamped 88 65 1941 Rhine Westph Elec 7% '36 6s 1941 Rio de Janeiro 6%. ...1933 Rom Cath Church 6%s *46 R C Church Welfare 7s '46 5s German Young coupons: 23 100 /24 German Dawes coupons: 83 1945 /24 Westphalia 6s '36 95 /6% /19 Scovill Mfg 5 %8 Westphalia 6s *33 30 /26 /25 July to Dec 1937 Shipbuilding 5s._1946 24% mmm /32% /31 1936 Jan to June 1937 170 6~~ mmm mmm /58 /40 /37 /35% /34 1934..... June 1 '35 to June 80 mmm /85 July to Dec 1933 9% /21 Santa Fe 7s German scrip 88 37% 1946 German defaulted coupons: Jan to June 88% ■ /29 July to Dec 1936 87% 27 /8 ' 'mmm /21 % Office 1946 Int ctfs of dep July 1 '38 Jan to June 33 /23 /35% Santa July to Dec 1934 126 /23 1956 1968 6%s 5% scrip many) 7s German Conversion Jan to June 101 1945 1952 22% Prov Bk /99% /23% 1948 bank 6%s mmm /20% to Salvador Funding 3s 71% 91 German 63 Prov Bk /99% /99% 1937 1940 1945 Land- mm m /98% 100 /20% Poland 3s ... m German Atl Cable 7s__ mmm A8 Protestant Church (Ger¬ /20% 101% 103% 6s '52 Gelsenklrchen Mln 6s. 1934 160 Nat Radiator 5s N Y Income ■ 1946 Elec 7s Porto Alegre 7s /28 /l 8 French Nat Mall SS 7s 7% /20 1967 1967 1945 ..1930 —1946 Conv 6s Panama 1966 6s 14% Martin (Glenn L)— 12% Panama City 18 /28 98 Cont'l Roil A Steel 1st 3%s 18 1966 Frankfurt 7s to 17 95 Yds 5s. 1961 Fdyf 6s 1940 18 7%S 7s 19 105 mmm /18 Oldenburg-Free State mmm /20% 1953 Mortgage A In¬ 78 107 Bethlehem Steel Oberpfals 65 7% s Income 4s.1951 26% * Preferred 6%% Northwestern Norwich Pharmacal ....* Ohio Match Co 1st 6s 8 1942 assented PuipA Pap 5 % i "52 ist 5s 2d conv Income Miscellaneous /20% /37 ... 99 1962 5s..1962 101 103 90% — Corp— 1 %8 Sept 1 1939 101.9 Federal Home Loan Banks 1 %8 April 1938 100 7 Federal Farm Mtge 101.11 100 9 1 %s July 1938 100 12 100.14 2s Dec 1940 101.15 101.17 Bonds par value, Preferred Interchangeable, / Flat price, n Nominal quotation, w dividend, v Selling on New York Curb f Now listed on t Quotations per 1 Par Ask Hid 11% 13% 7% 8% 18% 17 Bid Ask Haytlan Corp Amer * Savannah Rug ltef cotn._.l % % 30% 32% Corp..! 3% 4% West Indies Sugar Hudson ParkwayA prill 1955 Owners' Loan Corp 28 ...Aug 15 1938 1 %8 June 1 1939 Reynolds Investing 5s. 1948 Trlborougb Bridge— 4s s f revenue 1977 AAO Henry 104% Home 4s stria, revenue 1942-68 --- 101 101.8 10110 CURRENT NOTICES 101.4 69 72 108% 108% 62.40 to3.70 b Basis price. <1 Coupon. e Ex-rights. t When Issued, w-s With stock, t ExExchange. z Ex-stock dividend New York Stock Exchange 100 gold rouble bond, equivalent to 77.4234 grams of pure gold. a Par Ask I. No Sugar Stocks 94% Cuban Atlantic Sugar. ..10 Eastern Sugar Assoc.. ...1 is River / Flat price. 39 Ask 91% Invest 3s.. 1946 Mountain-Hudson Bridge 7s.... 1953 Associates 22% 100% 101 1944 Bid Hid * European 4s 39 /20% /20% /20% /20% . vestment 41% Fabrics 7s..1942 Chicago Stock 67 17 /21% July to Dec 1935 Cudahy Pack conv 7% New Haven Clock— Bear 6%s Bonds— American Tobacco 15% 15% /94 Nat Central Savings /15 ..1945 6s_1953 Electrio Pr (Germ) 6%s '60 9% 16 (A A B) (C&D) 5 .mim m A5 East Prussian Pow 7% Panama A5 Dulsburg 7% to 2 33 23 22% 100 preferred 5% New Britain Machine Ohio 85 1% Warren 75 100 3% 37% Bank A8 /38 /62 1946 stamped..1937 Costa Rica funding 5s. '51 Costa Rica Pac Ry 7%s '49 5s 1949 Cundlnamarca 6%s 1959 Dortmund Mun Util 6s '48 Duesseldorf 7s to 1945 11% 80 60 Nat /65 1968 Cordoba 7s 13 33 Mock Judson A Voehrlnger 7% Corp 1947 8% /13% Colombia 4s 29 36% * Tennessee Products Trlco Products 10% 2% mmm Nassau Landbank /22 Savings Bank Budapest 7s -.1953 18% A Steel common 53 110 100 preferred Taylor Wharton Iron 6% 6%s. 1946-1947 6%8.1948-1949 Bk of Hungary 7%s 1962 National Hungarian A Ind Mtge 7s 1948 North German Lloyd 6s '47 7% City 7 17 mmm /94 Municipal Gas A Elec Corp 8% /13% Chilean Nitrate 5s 5% 9 7 6 24 /25 22% 22% 14 /3 7s assented 240 26% /21 6%s '38 Hessen 7s to '45 Munlc Bk /7% Chile Govt 6s assented 4% 4% Recklinghausen 7s. .1947 1945 7s to /5% 1934 Madgeburg 6s 29 235 63" Munich Central German Power 38 3% 27% United Artl8t8Theat 52 * Preferred 35 Corp..* 20 Stroraberg-Carlson Tel Mfg Sylvanla Indus Corp 8 5 100 Chilton Co common 10 Columbia Baking com...* $1 cum preferred * Crowell Publishing com..* J7 preferred 100 Dictaphone Corp 19 oeara % ■; i% 5 3% Standard Screw 51 Cauca 98 Singer Mfg Ltd Skenandoa Rayon 10 8 Chic Burl A Qulncy Dennlson Mfg class 17% Ask Bid 7% pref Conversion 75 22% Callao 7% 1 Burdlnea Inc common Federal 11% * 1 Petroleum Heat A Power.* Publication Corp com * Remington arms com * ScoviU Manufacturing..25 Singer Manufacturing..100 Pat he Film Petroleum (Colombia) 7s Call Par Ask Bid Par Bonds /6l • /20% /20% ~ mmm f7H /II % 7%s '46 1947 (Peru) 7%s 1944 Valley 7%s 1946 (Brazil) 8s...__1947 Caldas (Colombia) Industrial Stocks and /20% Merldlonale Elec 7s...1957 ■mmm 59 /56 Burmelster A Wain 6s. 1940 /116 Buenos Aires scrip 1-1666 Y. N. Teletype -■mmm. Corp— Brown Coal Ind 9-3565 BOwllng Green J6\) 1062 7%s Association / New York Security Dealers | commodity Exchange, Jnr. Members has been appointed sales Board of Trade Bldg. Mr. Stewart has been on La Salle Street in the investment securities business for about 16 years and was originally with Thompson Ross & Co. for five years, the last three of which be was sales manager. He was then Vice-President of Schimberg, Trahan & Co., and Vice-President of Evans, Searles & Co. For the last three years he has been sales manager of John J. Seerley & Co. —Aaron A. Freundlich, associate broker on the Chicago Mercantile Exchange for Marks, Laser & Co., members New York Stock Exchange, has been elected to membership on the Chicago Board of Trade. —Announcement is made manager that J. O. Stewart of Francoeur & Co., 430 Financial Chronicle Jan. IS, 1938 i ■ General Corporation and Investment News RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS Alabama Tennessee & Northern RIGHTS-SCRIP Alberta Pacific Grain Co., Ltd.- ■Sinking Fund Changes Approved— Specialists since 1917 Bondholders at adjourned meeting held Jan. 11, approved suspension of sinking fund payment and other modifications of the trust deed securing company's $3,500,000 bond issue until such time as working capital is in¬ creased to $1,250,000. Present working capital is $747,890. Since 1926 total of $822,000 of the original issue has been redeemed through sinking fund operations, leaving $2,678,000 now outstanding. Suspension agreements provide that the company will not pay dividends until such time as sinking fund is restored in value to sum originally pro¬ vided for. After resumption of dividend, working capital is not to be re¬ duced through such disbursements below $1,250,000.—V. 146, p. 98. IflcpONNELL&fg Members New York Stock Exchange New York Curb Exchange 120 Broadway, New York Bell FILING OF Telephone REctor 2-3815-30 Teletype NY 1-1640 REGISTRATION an Alfred Decker & Cohn, Inc. (& Subs.)—Earnings— Years Ended Oct. 31— Gross inc. after deduct, buying & publicity exps._ Selling and general and administrative expenses.. 1937 1936 $866,660 742,880 $828,578 Other income. STATEMENTS SECURITIES RR.—Obituary— John T. Cochrane, President of this Railroad and of the Coastal Petro¬ leum Co., died on Jan. 12.—V. 145, p. 2536. $123,780 55,262 $148,477 54,874 Other expenses $179,043 59,860 $203,352 55,819 22,300 680,100 UNDER ACT The following additional registration statements (Nos. 3577, inclusive, and 3338, a refiling) have been filed Securities and Exchange Commission under the Securities Act of 1933. The total involved is approximately 3572 to with Provision for income taxes (estimated) Minority interest in profits of subsidiary. the Net income for the year $12,656,546. Stator $1 par tered common stock of a plan Boquilet Realty Corp. of reorganization. No The stock is being regis¬ underwriter has been named. Joseph J. Bodell is President of the company. Filed Jan. 6, 1938. Fifth-Madison Corp. (2-3573, Form E-l) of New York, N. Y., has filed registration statement covering 32,000 shares of $1 par class A stock, $1,600,000 of 6% cumulative 15-year 2d mtge. income bonds of 1953, $421,679 of scrip certificates for accrued interest on old bonds, and 25,000 shares of $1 par class B stock, to be offered through voting trust certificates a to the Fifth Church of Christ Scientist and resold to the share. Securities to be issued under a plan of public at $20 per reorganization in which the Fifth Church of Christ Scientist may be the underwriter. Arnold is President of the corporation. Filed Jan. 7, 1938. Wallace G. units of two shares preferred and one share of common at $101 a unit, and 980 shares of $1 par common stock to be offered to promoters at $1 a share. Proceeds will be used for working named in registration. Filed Jan. 10, Podbielniak Centrifugal was of capital, &c. 1937. No underwriter Super Contactor Co. (2-3577, Form A-l) registratino statement covering 43,000 shares Chicago, 111., has filed a cum. class A stock $5 par and 43,000 shares of class B stock, $1 par. The shares are to be offered in units consisting of one share each of class A and class B stock at $6 per unit. Proceeds will be used to pay bank loans, for plant additions and for working capital. No underwriter was named in the registration statement. W. J. Podbielniak is President of the company. Filed Jan. 6% 11, 1937. Cinecolor, Inc. (2-3338, Form A-l, a refiling), of Los Angeles, Calif., a registration statement covering 167,000 shares of common stock, $1 par, of which 55,827 shares were sold at $1.50 per share through under¬ writer prior to registration to residents of California, and 111,173 shares are to be offered to the public. Proceeds will be used for equipment, contracts, and. for working capital. G. Brashears & Co. will be underwriter. A. L. McCormick is President of the company. Filed Jan. 7, 193$. has filed The SEC has announced that at the request of the appli¬ cant it has consented to the withdrawal of the following registration statement: Capp Gold Mine, Ltd. (3395), covering 200,000 shares (par $1). Filed Sept. 2, 1937. FiSdlSept&27°i9(37 28)' covering 112,500 shares <Par common stock common stock. Assets— Parent Royal Mfg. Co. of Duquesne (3453), covering 2,618 shares ($100 par) 7% pref. stock. Filed Oct. 1, 1937. Stop order with opinion issued: Gold Dust mon stock Mining & Milling Co. (3331), covering 500,000 (par $1). Filed Aug. 5. 1937. Ypres Cadillac Mines, Ltd. (3397), covering 1,300,000 common stock. Filed Sept. 3, 1937. shares com¬ i$| Order with opinion issued refusing to declare registration statement amended in accordance with consent refusal order of Feb. 10, 1937: Underwriters Group, Inc. (2777), covering 10,000 trust certificates of Underwriters Investors Trust, evidencing participating interests in produc¬ ing oil royalties and kindred properties. Filed Jan. 5, 1937. tt a given declared stock, no par a dividend of 30 cents per share value, payable March 1 Sept. semi-annual dividends of 20 cents per share extra dividend of 20 cents was paid on an —V. 145, p. 1246. have been equipment, stock. Preferred stock... Notes payable $889,600 442,500 &c. Accounts payable. 180,562 46,360 53,512 20,804 14,428 23,199 24,411 leasehold not 40,091 25,162 company 5,224 232,946 Treasury stock.. Drl87,013 3,024 156,369 Drl87,013 Min. Goodwill, &c 1 expenses . & excess 120,801 118,019 pi. &accr. lnt Inventories 395 982,777 f992,670 In sub. 751,974 Accts. & bills rec_. shareholders equity 1 Invest'ts & advs.. Ad vs. to officers & 442,500 525,000 244,129 50,456 Fed. Inc. profits taxes used In business 825,000 1936 $889,600 85,181 Accrued .. equip, 1937 $1 1,010,168 Earned surplus e 837 Vendors' debit bal¬ ances, &c Ext'd trade accts. 4,887 & notes receiv'le 18.671 25,281 214,607 92,972 45,414 43,505 31,952 Cash Cash value of Ins.. Deferred charges-. Total 25,668 12,514,092 $2,149,229 Total $2,514,092 $2,149,229 depreciation of $133,867 in 1937 and $125,211 in for depreciation of $33,906 in 1937 and $32,983 in 1936. c Amortized to date, d Represented by 88,960 shares common stock, par $10. e Represented by 123 shares preferred stock at $12,300; 1,918 shares common not under option at $19,180, and 24,000 shares com¬ mon under option to Mrs. RayeH. Decker at $155,533. f Trade accounts receivable only.—V. 144, p. 269. a After 1936. reserves b After for reserves Allied Products The R & H name of by amendment to its Corp. (Mich.)—New Name— Corp. was articles of changed on Dec. 31, 1937 to above title incorporation. (For further details see Allied Products Corp. (111.) in V. 146, p. 98.) Listing and Registration— The New York Curb Exchange has admitted to listing and registration A convertible common stock, $25 par, and the common stock, $10 par. Each of the above issues issued share for share in exchange for similar issues of Allied Products Corp. (111.) in accordance with the plan of reorganization of that the class corporation April 30, 1937.—V. 146, p. 98. American Business Shares, approved by its stockholders on Inc.—Offering Reduced— The company has filed an amendment to its registration statement with Securities and Exchange Commission reducing the number of shares the of its capital stock shares being a being registered from 3,680,956 to 2,430,956. Of the registered, 750,000 are to be offered to the public Jan. 15 at The remaining 1,680,756 shares are outstanding and are share. being registered with a view to possible repurchase and resale by the com¬ pany.—V. 145, p. 3965. American Commercial Alcohol Corp.—New Chairman for Subsidiary— James J. (Gene) Tunney, former heavyweight boxing champion and a director of this company, was on Jan. 6 elected Chairman of the board of directors of the American Distillery Co., a subsidiary.—V. 145, p. 3965. American Equitable Assurance Co.—Extra Dividend— The directors have declared an extra dividend of 10 cents per share in addition to the regular quarterly dividend of 40 cents per share on the com¬ mon stock, par $5, both payable Jan. 25 to holders of record Jan. 17. Similar amounts were paid in each of the three preceding quarters.—V. 145, p. 2379. American & Foreign Power Co., Inc.—Notes Extended— A total of $24,000,000 of notes held by 10 banks and maturing Oct. 26, 1938, will be extended one year by agreement between the banks and the corporation, according to a registration statement filed with the Stock Exchange. Under the agreement dated Nov. 15, 1937, the interest rate shall be 4% annually from Nov. 15, 1937, to Oct. 26, 1938, and 4y%% thereafter to maturity, Oct. 26, 1939. Electric ment in with Bond the & Share banks in its Co. parent, entered into a supplemental agree¬ regard to the notes not to accept any payment subsidiary's notes, of which it holds $6,000,000 on account of interest excess of 4% from Nov. 15, 1937, to Oct. 26, 1938, or in excess of 4H% from that date to maturity, and not to accept any payment on account of principal unless proportionate payments were paid simultaneously on the Agnew^Surpass Shoe Stores, Ltd.—30-Cent Dividend— The directors have mon Liabilities— d Common Improvement. d Land, bldg. and notes held An extra dividend of 30 cents in addition to (or 60 cents per share) was paid on year $1 Subsid's fixtures, Subs, on was 1936 mach., c shareslITpar) The last previous list of registration statements in our issue of Jan. 8, page 270. 1937 co. flxt's & equip.. Marine Airlines, , during the Comparative Balance Sheet Oct. 31 $3.75 Inc. (1809), covering 95,500 shares (par $1), capital stock. Filed Dec. 13, 1935. Mountain States Power Co. (3525-3526), covering issuance of $8,000,* 000 1st intge. 6s and $700,000 of serial notes. Filed Nov. 17, 1937. Northern Oklahoma Gas Co. (3373) covering 43,650 shares ($1 par) outstanding common stock, for resale. Filed Aug. 27, 1937. undistributed profits. charged against operations. em Fifth-Madison Corp. also filed (2-3574, Form F-l) for issuance of 25,000 voting trust certificates for $1 par class B stock. Filed Jan. 7, 1938. Manhattan Fund, Inc. (2-3575, Form A-l) of Jersey City, N. J., has filed a registration statement covering 1,500,000 shares 10-cent par value common stock which are to be offered to the public through underwriter at market. Proceeds will be used for investment. Hugh W. Long & Co., Inc., will be underwriter. Hugh W. Long is President of the investment trust. Filed Jan. 7, 1938. Hamiml Royalties Corp. (2-3576, Form A-l) of Los Angeles, Calif., has filed a registration statement covering 1,960 shares of $50,par value 6% cum. pref. stock and 980 shares of $1 par common, to be offered in on 524 $124,708 Note—Inasmuch as the machinery, fixtures and equipment of the parent company had been fully depreciated, the above account contains no pro¬ vision for such depreciation; however, additions statement under 1,414 $76,576 _ Includes $22,800 for surtax x Corp. (2-3572, Form E-l) of Providence, R. I., has filed a regis¬ covering 600,000 shares $1 par common stock. Of shares being registered, 412,607 are issued in partial exchange for assets of the company's predecessor, Stator Refrigeration, Inc., 149,043 shares are to be reserved for purchase by stockholders of the predecessor corporation and 35,850 shares are to be offered to creditors of the registrant. The balance of 2,500 shares will be offered in exchange for a like amount of tration x41,193 on the com¬ to holders of record Feb 15 dividend of 30 cents per share 1, last, and previously regular a were distributed. In addition Sept. 1,1936 and on Sept 2, 1935.' by the banks. Notes issued to the banks were reduced to $22,800,000 on Dec. 30, 1937, by payment of $1,200,000, and the notes held by Electric Bond & Share were reduced to $5,700,000 by payment of $300,000. Banks participating in the $24,000,000 loan, and the amounts held as of Nov. 15 last, are Guaranty Trust Co., Chase National Bank and National City Bank, $4,800,000 each; Bankers Trust Co., $3,840,000; Central Hanover Bank & Trust Co., First National Bank, Boston, and Irving Trust Co., $1,440,000 each; Chemical Bank & Trust Co., $720,000, and Bank of New York and Trust Co. and Union Trust Co. of Pittsburgh, $360,000 each.—V. 145, p. 3645. American Nov. 30— 1937 Gross operating earnings of subsidiary companies (afte. eliminating inter-company transfers) $40,879,991 General operating expenses 22,278,235 2,254,167 2,402,843 5,020,596 Maintenance Provision for retirement of General taxes & estimated general plant Federal income taxes.. Jan. 8, 1938 totaled 39,604,000 kilowatt hours, a decrease of 18.8% under the output of 48,763,000 kilo¬ watt hours for the corresponding week of 1937. Comparative table of weekly output of electric energy for the last five $39,017,289 20,907,210 2,736,946 2,351,724 4,637,502 years follows; dividends of sub. cos— & pref. 1938 553,511 $8,970,158 4,264,569 subsidiary companies Total income of Interest, amortiz. 46,009 $8,937,417 4,258,064 Jan. l._...*36,991,000 Jan. * 85. $4,705,588 $4,679,352 11,347 10,182 $4,694,240 $4,669,169 1,592,628 1,292,750 ------ attributable to mm. com. stk. Proportion of earns., Equity of American Light & Traction in earnings companies of American Light & of subsidiary Income clusive of income Traction Co. (ex¬ received from subsidiaries)... Expenses of American Light & Traction Taxes of American Light & Traction Co 209,830 x Tons Companies— Milled No comparable Daggafontein Mines, Ltd Springs Mines, Ltd West Springs, Ltd 137,881 x Currency) Value of Gold Declared -140,000 130,000 151,500 90.000 Brakpan Mines, Ltd $5,637,614 145,875 deductions y of South Africa, Ltd.—Result Month of December, 1937— (South African 143,424 $5,843,640 Balance Holding company interest Christmas, Includes Anglo American Corp. of Operations for the 180,880 233.398 Co x St $5,961,919 $6,286,869 Total *43,!?60,000 *36,^91,000 *30,$18,000 48*.763',000 39,604,000 146, p. 271. week.—V. Balance 1935 1934 x32,741,000 x28,997,000 1937 1936 x43,821,000 x39,207,000 Includes New Year's Day. 1933 33,240.000 33,687,000 1934 36,799,000 38,198,000 1935 44,254,000 45,349,000 1936 49,479,000 50,201,000 1937 42,701,000 x38,240,000 Week End. Dec. 18 $8,383,906 $8,924,148 properties of American Water Output of electric energy of the electric for the week ending Works and Electric Co. Dec. 25 Net earnings from operations of sub. cos Non-operating income of subsidiary companies Co.—Weekly Output Works & Electric American Water Co. (& Subs.)—Earnings— 1936 Light & Traction 12 Months Ended 431 Chronicle Financial 146 Volume £244,996 266,074 301.937 119,828 Profit Costs £107,326 128.894 154.095 41,223 £137,670 137,180 147,842 78,605 incorporated in the Union of South Africa. calculated on the basis of £6. 19. 6d. per Each of which is Note—Revenue has been ounce fine.—V. 146, p. 100; $5,697,765 804,486 Dividends on Earnings per share of common —V. 145, p. 3965. $4,695,246 $1.77 t Balance. $5,499,732 804,486 $4,893,279 consolidated surplus preferred stock Balance transferred to $1.70 stock Structure— The company, a Dec. 22, 1936.—V. 146, p. Gas & Electric Co., subsidiary of American bonds, due 1948, of bonds debt struc¬ rates effect & 99. Electric Co. American Surety Co. of N. Y.—New Trustee— Harper Sibley of Rochester, N. Y., has been elected a trustee company in the class expiring January, 1941.—V. 145, p. 3000. Uncollectible oper. rev_. & Telegraph Co.—Earnings— 1937—11 Mos.—1936 $8,773,054 $8,989,816 $98,750,686 $97,409,168 50,344 27,993 527,161 329,163 Operating revenues — Operating expenses $8,722,710 6,840,232 $8,961,823 $98,223,525 $1,882,478 760,199 $2,799,537 $26,504,635 9,238,697 $29,040,446 7,788,801 $1,122,279 $2,643,133 $17,265,938 $21,251,645 Operating revenues all mort¬ in the aggregate cancellation on resulted from outstanding Bangs- gage 1937—Month—1936 30— registration proceeds from the sale of the securities, according to the used to purchase for cancellation or to redeem bonds of the company, which remain outstanding principal amount of $60,431,000 after giving effect to the Jan. 3, 1938 of $16,130,000 of such bonds. This cancellation the sale to American Gas & Electric Co. of all of the issued and stocks and bonds of Kentucky & West Virginia Power Co., Inc., and port Utilities, Inc. According to the registration statement, it is proposed to use Net statement, will be of this American Telephone Period End. Nov. the proceeds for; Net oper. revenues Operating taxes Net oper. —V. 145, income outstanding In the hands of the (& Subs.)—Earnings— 1937 1936 1935 $2,633,863 $2,323,519 $1,560,359 30— and molasses molasses Rev. from blackstrap molasses & from Years Ended Sept. Revenue from sugar yl,292 y1,376 83,095 $2,635,155 2,195,190 $2,324,894 $439,966 2,185 $507,454 22,345 $2,591,356 1,835,226 $756,130 102,655 780,000 307,787 other sources Total operating revenue. „ Operating costs Net operating profit Current int. paid & accrued (net) Int. accrued on debs. & income notes. Reserve for 780,000 270,553 z780,000 300,651 17,963 depreciation Amortiz. of reorgan. expenses Conversion of Tacajo Ry. to 1,817,440 17,963 standard lative stated at $606,534 $452,275 xl92,123 xl28,390 $414,411 2,157,591 $323,884 1,833,706 $2,157,591 for sale to U. S. A. in¬ 1935) bags of sugar 1935) cents f. o. b. per pound, y Revenue from other sources only, z Interest accrued on debentures and income notes from Oct. 1, 1936, payable if earned, subject to provisions under agree¬ ments dated July 1, 1931. Consolidated Balance Sheet Sept. 30 Include 35,850 (25,511 in ventoried at 2.36 (1.95 in Assets— hand Accounts receivable, less reserves -— 1,006,038 Raw sugar sold pending liquidation. Molasses sold pending liquidation—est Importation duty recoverable on shipped to TJ. S.—per contra. Supplies in commercial stores Working assets and growing cane Mortgages receivable Ctfs. of partic. issued by National Corp.—nominal val. (pledged, per 35,407 unsold sugar ... depreciation Lands, &c Claim against Compania Azucarera 50,116 476,724 14,500 Sugar Export contra) companies Plant, railroad, bldgs., equip., &c., less res. Investments in sub. & other x 1937 $953,009 7,034 67,965 Advances to planters 1 — for Antilla, S. A.— Agricoia Van amount amortized._ Deferred charges Total Notes payable Mtges., censos & def. pay. on lands & Int. accrued on debs. & income notes 20-year 6% income notes, dated 20-year 6% income debs., dated Common stock (par $100) equip, purch. July 1,1931-July 1,1931 Deficit Total x After reserve for depreciation of 1936.—V. 145, p. 3646. 271. $1,769,076 Associated Dry Goods Corp.—Accum. 2d The directors have declared a dividend of $1.75 per share on account of accumulations on the 7% 2d preferred stock, par $100, payable March to holders of record Feb. 11. A similar payment was made on Dec. Sept. 1, June 1 and on March 1, 1937, this latter being the first 1 1, 1, 89,814 3,626 $15,566,346 $15,651,836 71,851 3,626 $9,000 39,455 136,307 17,059 9,000 44,766 30,127 2,955,000 _ 4,000,000 $10,000 29,747 119,437 13,129 18,000 21,227 37,058 2,535,000 4,000,000 9,000,000 2,440,240 2,572.002 $15,566,346 $15,651,836 in 1937 and $1,467,021 in 9,000,000 2,440,100 3,114,469 dividend 1932, when a regular quarterly paid on the 2d preferred stock since June dividend of $1.75 per share was distributed. Accumulations after the current dividend —V. 146, p. 271. Gas Associated Electric & amount to $31.50 per share. Co.—-Electric Output Up 10.1% for 1937— Electric System re¬ units (kwh.). This is an increase for the year 1936. a year ago. Units pro¬ month. Output has been August of 1937. . Gross output, including sales to other utilities, amounted to 431,262,399 units for December and 5,158,173,641 units for the entire year 1937. Gas sendout for December was up 12.7% to 2,362,512,500 cubic feet. This increase is attributed in part to the colder weather as compared with a year ago in much of the .territory served. For the 12 months ended Dec. For the year ended Dec. 31, 1937, Associated Gas & ports net electric output of 4,706,004,190 of 432,117,571 units, or 10.1% above production December electric output was down 1.6% from duced dropped 6,522,992 to 393,129,627 for the dropping steadily month by month since 31, 1937, 5.2% to 22,427,475,100 cubic feet. Down to 6.7%— Jan. 7, Associated Gas & Electric System reports 84,772,683 units (kwh). This is 6,135,276 units, production mounted Weekly Electric Output the week ended electric output of 6.7% below the corresponding For 1 - accrued 1 1 Prov. for shipping exps., Interest, rent & taxes 1 1 payable &c., of sugar & molasses— Annual instal. on lands & equip, purchased—payable during year to Sept. 30 Notes payable, not current ... .... 122,909 38,177 469,949 14,500 1 Liabilities— Accounts 69,788 1,163,426 56,132 8,895,006 4,329,082 Home, S. A. Reorganization expenses, less 1936 $382,725 16,696 8,550,991 4,329,082 nominal value Claim against Compania —nominal value engaged in the generation Pref. Div.— $2,572,002 $3,114,469 of common stock and purchase of electric power and in its distribution in extensive territory in Virginia and West Virginia, and at wholesale to other electric companies in Tennessee and, at State lines, to other electric companies in Kentucky, North Carolina and Ohio.— $542,467 2,572,002 Loss for year. Cash in banks and on $20,207,188. Company is V. 146, p. Previous deficit $6,124,678; and 5,969,977 shares preferred stock stated at 118,367 periods Deficit at Sept. 30. value, consisting of 271,683.6 shares of $7 cumu¬ preferred stock stated at $27,168,360; 63,891 shares of $6 cumulative capital stock, without par $660,833 Net loss for year capitalization and completion of the present financing the company's $57,000,000 1st mtge. bonds, $14,000,000 of debentures will consist of 17,962 Deduct adjust, of sugars & molasses carried over & other adjustments relating to prior Upon account Nov. 30, which 23,127 gauge & coll. June 1, Co. 1st mtge. the call for through the 1938, at a (c) the outstanding $8,911,000 Appalachian Power 5% sinking fund gold bonds after giving effect to redemption on Dec. 1, 1937, of $212,000 of bonds sinking fund (to be called for redemption June 1, premium of 5%), amounting to $9,356,550. The remainder of the net proceeds will be used to reduce the open debt of the company to American Gas & Electric Co., on 1937, amounted to $6,968,154. 947,901 Revenue from invert gold bonds, 5% before June 1, ref. premium of 4%), amounting to $37,374,480; (b) the outstanding $5,125,000 Virginia Power Co. 1st trust mtge. 5% gold bonds (to be called for redemption 1938 at a premium of 5%), amounting to $5,381,250; 1938, at a p.4107. Antilla Sugar Estates x Gas & Electric Co., at cost 5% series of 1956, at a (1) Purchase for cancellation from American to it, of $10,458,000 1st & ref. mtge. gold bonds, cost, exclusive of accrued interest, of $9,717,310. (2) Redemption of the following bonds public: (a) the remaining $35,937,000 of 1st & mtge. series of 1956 (to be called for redemption on or $97,080,005 6,162,286 71,718,890 68,039,559 156,404 announced Jan. 14 that it was filing with the Securities and Exchange Commission a registration statement covering $57,000,000 of its first mortgage 4% series due 1963, and $10,000,000 of sinking fund debentures, the interest rate of which is still to be determined. Last October the com¬ pany withdrew a registration statement covering the same amount and debentures because of unsatisfactory market conditions prevailing at that time. Bonbright & Co., Inc., will head the underwriting group. The proposed financing is designed to simplify the company's ture through purchase for cancellation or refunding at lower interest of all the outstanding mortgage bonds of the company. It will also a reduction in the open account debt of the company to American Gas American Smelting & Refining Co.—7&Cent Dividend— The directors on Jan. 11 declared a dividend of 75 cents per share on the common stock, no par value, payable Feb. 28 to holders of record Feb. 4. This compares with $1.75 paid on Nov. 30, last; dividends of 75 cents paid in each of the three preceding quarters; 50 cents paid on Nov. 30 and on Aug. 31, 1936, and 40 cents paid on May 29 and Feb. 28, 1936, this latter being the first dividend distributed on the common stock since Feb. 1, 1932, when 12^ cents per share was paid. 1 In addition, a special dividend of $1 was paid on Dec. 22, last, and one of $2.25 per share was paid on Co.—Registers $67,000,000 SEC—Proposed Financing to Simplify Debt Appalachian Electric Power of Securities with net or Gross output, figure for a year ago. other utilities, amounted to including sales to 271. 90,501,214 units.—V. 146, p. Atchison Certificates Topeka & Santa Fe Ry.—Equipment Trust Authorized— the company $3,900,000, issued by the 101.5719 and certain equipment. The certificates were offered for sale through competive bidding and in addition individual requests for bids were sent to 181 banks, insurance companies, and dealers in securities. In response thereto 11 bids were received. The highest bid, 101.5719 and accrued dividends, was made by Evans, Stillman & Co., of New York, N. Y., and has been accepted. On this basis the average annual cost of the proceeds to the applicant will be approximately 1.95%. (The issue was placed privately in December.)— Commerce Commission on Jan. 7 authorized obligation and liability in respedt of not exceeding 2%% serial equipment-trust certificates, to be Guaranty Trust Co. of New York, as trustee, and sold at accrued dividends in connection with the procurement of Report of the Commission says in part: The Interstate to assume series B, 146, p. 271. V. Atlas The the Corp.—Unlisted Trading Privileges— Commission has granted the application of Securities and Exchange Francisco Curb Exchange to extend unlisted trading common stock of the corporation.—V. 145, p. 4108. the San privileges to 432 Financial Atlantic Gulf West & Period End. Nov. 30— Indies SS. Lines (& Subs.)— xl937—Month—1936 Operating revenues $1,587,410 Oper.exps.(incl. deprec.) 1,684,870 xl937—11 Mos.—1936 $1,772,410 $24,191,968 $22,301,026 1,858,028 22,673,235 20,286,793 Net oper. revenue Taxes. def$85,617 17,794 $1,518,733 516,748 $2,014,233 378,732 def$122,273 def$103,411 4.771 3,236 $1,001,984 46,703 $1,635,500 50,952 def$l 17,501 100,217 def$100,175 111,682 $1,048,687 1,208,438 $1,686,453 1,271,776 $217,718 $211,857 $159,750 pf$414,677 Operating income Other income.... Gross income Interest, rentals, &c def$97,460 24,813 Net loss.... These operating earnings are before any year-end audit adjustments, no provision has been made for surtax on undistributed profits as the x and earnings cannot yet be determined.—V. 145, p. 3810. Atlantic Steel Co.—Dividend Increased— The company paid a dividend of $3 per share on its new common stock, par value, on Dec. 20 to holders of record Dec. 15. An initial dividend no of $1.20 per share was paid on this issue on Sept. terly dividend of $2 per share last.—V. 143, p. 4145. was 30, last. A regular quar¬ paid on the old $100 par stock on June 30, Chronicle Jan. 15, 1938 In December, 1937, $453,000 of first mortgage bonds and 19,290 shares of first preferred stock were exchanged for 23,820 shares of the new convertible preferred stock on the basis of one share of convertible preferred stock for each $100 of such bonds, together with a cash payment equal to interest on bonds from Nov. 1, 1937, to Jan. 1. 1938, and on the basis of share-forshare as to such first preferred stock without dividend adjustment or other cash payment. 4 An additional 26,180 shares of such convertible preferred stock and 50,000 shares of such common stock are now offered for sale to the public pursuant to an underwriting agreement with Stone & Webster and Blodget. Inc. The balance of the company's outstanding first mortgage bonds and first preferred stock not exchanged will be retired by application of part of the proceeds of this offering. Also in December, 1937, all outstanding shares of second preferred stock, class A common stock and class B common stock were reclassified into a total of 360,000 shares of new common stock on the basis of six shares of new common stock for each share of stock previously held, and 20,000 shares of class B common stock held in the treasury were retired and canceled. The aggregate capital or issued capital stock liability of the company was reduced by a total of $1,400,000 as a res alt of the foregoing, which sum was transferred to capital surplus. New Capitalization—Upon complete consummation of the plan of capitalization, the capitalization of the company will consist of: 5% cum. conv. pref. stock (par Common stock (par $10) Atlas Plywood Corp.—25-Cent Dividend— The This have declared a dividend of 25 cents per share on the stock, no par value, payable Feb. 15 to holders of record Jan. 25. co,i pares with 50 cents paid on Nov. 15, and on Aug. 16, last; 37Yi paid on May 15 and Feb. 15, 1937, and 25 cents paid on Nov. 16 and on Aug. 15,1936, this latter being the first dividend paid since July 15, 1934, when a dividend of 50 cents per share was distributed.—V. 145, p. 2538. cents Auburn Automobile Co.—Court Directs Course Naming of Trustee— Years Gtach Federal Judge Thomas W. Slick, at Fort Wayne, Ind., Jan. 7, ordered co:i pany, as debtor corporation, to continue to retain possession of its properties. The order was issued at the close of a hearing on a petition by the company to reorganize under Section 77-B of the Federal Bankruptcy Act. Company is seeking to reorganize both itself and the Lycoming Manufacturing Co., a subsidiary. The issuance of the order obviates, at least temporarily, the possibility of the appointn ent of a trustee which, attorneys for the debtor company said, would be extremely expensive.—V. 145, p. 4109. C. Ray Phillips has been elected President to fill the place of Edwin C. Clark, who resigned. Mr. Clark, however, will retain his post as a director the company.—V. 145, p. 3647. Automatic Washer Co.—Admitted to List— Stock Exchange has admitted to the list the new $3 par common stock of the company which replaced the convertible preference stock. The company was recently recapitalized, resulting in only one outstanding class of stock.—V. 145, p. 3810. Dealings— Morgan, Lewis & Bockius, the company's counsel, asked for a fee of $150,000 for services extending over the two-year and 10 months period the case has been in court, and in a separate petition requesting the court's approval of expenses of $444,651 the company joins with its attorneys in their request for the fee. Five more bills totaling $148,185 and bringing the cost of reorganizing to $742,836 were presented to the Court, Jan. 10. The company has already paid $339,746 and still owes $104,905 to various parties who aided the reorganization. The directors have approved the payment of all the bills, including the counsel fee.—V. 145, p. 3967. Baltimore Mortgage Corp.—Tenders— sum of $20,000. Bausch & Lomb Optical Co.—Stock Offered—The first public offering of company securities in the history of the 85-year-old business was made Jan. 13 by Stone & Webster ana Blodget, Inc., the issue consisting of 50,000 shares 5% cum. of pref. stock, of which 23,820 shares have been issued in exchange for 1st mtge. bonds and 1st pref. stock under the exchange offers which expired Dec. 31,1937, leaving a balance of 26,180 shares available for public offering, and 50,000 shares of common stock. The pref. stock (par $100) is priced at $100 per share plus divs. from Jan. 1, 19383 to date of delivery, and the common stock (par $10) is being offered at $20 per share. founded in 1853, is outstanding In the manufacture and sale of optical and scientific lenses and frames and other over instruments, spectacle ophthalmic products. Its principal plants and Rochester, N. Y., and consist of 29 buildings with 1,000,000 square feet of floor space. Company maintains branches $790,987 $1,549,221 $1,900,966 185,163 254,065 390,615 397,034 110,169 119,949 127,761 156.251 com¬ pref. stk. on of thase companies profit $495,655 $859,454 $1,030,845 *$1,347,681 The above earnings do not reflect any accruals for undistributed profits taxes, estimated for the full calendar year 1937 at approximately $149,000, nor for bonuses to officers and employees for 1937, estimated at approxi¬ mately $254,000. The annual dividend requirements on the 50,000 shares of 5% convertible stock to be outstanding upon the consummation of the plan amount to $250,000. Purpose of Issue—Net proceeds will be used to pay the principal of tem¬ porary bank loans aggregating $1,100,000 which were obtained in 1937 on account of increased inventory and accounts receivable and for year end Net proceeds to the extent of $560,675 will be used to purchase and retire $547,000 first mortgage 6% sinking fund gold bonds due May 1, 1942, at 102 Mi plus interest. Net proceeds to the extent of $501,050 will be used to retire 4,555 shares of first preferred stock at 110 plus divs. The remainder of the net proceeds Beech Aircraft Corp.—Application Approved— Belden Manufacturing Co.—67% of Issue Taken— for employees. Stockholders received rights to subscribe to additional stock at par ($10) a share in the ratio of one share for each 10 shares held. The rights expired Dec. 30, 1937. Of the shares offered, 17,435 were subscribed and paid for in cash. holders purchased 62.8% and employees purchased Belden said.—V. 146, p. 272. Berkey & Privileges— Gay Furniture Berlin Power & Light Co.— Unlisted Trading Corp.—Earnings— Reichsmarks Electric light and power sales. 152,866,543 1,898,474 Rents... 383,828 Income on leased properties.— 180,612 Other income 178,653 Extraordinary income 4,260,006 Net profit carried forward 1,198,924 Other operating revenues — ___ ._ —■ --.—— — Total.... Expenses, taxes, interest, &c . —' Balance Sheet Assets— Rm. dwellings.. 8,094,601 - 26,591,660 - Rm. Capital stock 240,000.000 Legal reserve account 25,341.520 193,002.444 Special dividend reserve 9.600,000 11,306.430 422,110,520 Other reserves Power plants High tension lines bution facilities & distri¬ Pension reserve New construction. 6,222,335 Supplies & vehicles 1 Leased facilities Sinking fund for franc credit. Discount on 6% dollar loan of own 1 5,230.550 61,530,785 Prepayments 488,372 Accounts receivable _ 113,432.347 Mortgages payable Other long-term liabilities... cos shares 13,492,671 275,798,939 4,260.204 800,000 Investments in other Depreciation reserves Loans payable 2,315,615 1930 Securs.. tncl. — June 30, 1937 Liabilities— 37,745,706 is. bldg8. & 160,967,040 ---134,375,379 Net profit.. Cash 20,000 shares of 2d pref. (4% non-cum.) stock par $100, 10,000 shares of class A common stock (no par). and 30,000 shares of class B stock (no par). Stock¬ of the stock Earnings for the Year Ended June 30, 1937 Holders of convertible preferred stock and of common stock have full voting rights, that is, one vote for each share thereof, with provision, how¬ ever, in the event of dividends on the convertible preferred stock being 10% or more in arrears, for the increase in number of votes to which such hold¬ ers of convertible preferred stock are entitled, to the case. 96.4% The Securities and Exchange Commission has granted the application of the San Francisco Curb Exchange to extend unlisted trading privileges to the common stock of the company.—V. 145, p. 3189. Raw materials Plan of Recapitalization—There were outstanding on Oct. 31, 1937, $1,000,000 first mortgage bonds. 23.845 shares of first preferred (6% cum.) stock, par $100, 3811. Company's recent offering of shares to stockholders and employees was 67.3% subscribed, according to J. C. Belden, President. The offering consisted of 25,888 shares, of which 3,476 were reserved four shares of common stock upon surrender of one share of such preferred stock at its par value of $100 per share and the payment of the additional amount, if any, in cash. Company's charter contains certain provisions against dilution of the conversion number of common shares into which such stock is at the time convertible. Convertible pre¬ ferred stock also has special voting rights as a class on matters relating to consolidations and mergers and the creation of rights or preferences in any class of stock equal to superior to the convertible preferred stock. Holders of convertible preferred stock are entitled to subscription rights to any additional common stock issued for cash, based upon the number of common shares into which such preferred stock is at the time convertible. Con¬ vertible preferred stock is redeemable on or prior to Jan. 1, 1941, at $107.50 per share and thereafter at $105 per share with accrued dividends in each p. The New Curb Exchange has approved the application of the company list 125,000 additional shares of common stock, par $1, upon official notice of issuance.—Y. 145, p. 749. Adml privilege. (approximately $1,224,301) will be 145, to Real estate throughout the United States, as well as in foreign coun¬ domestic wholesale distributing subsidiaries have 165 About 4,000 people, including workmen skilled through many years of training, are employed in the principal plants and offices and about 2,000 are employed by the distributing subsidiaries. Convertible Preferred Stocks—The convertible preferred stock is preferred as to assets and as to 5% cumulative dividends payable quarterly, and is convertible into shares of common stock through 1940 at a conversion price of $25 per share of common stock, thereafter through 1943 at a conversion price of $27.50 per share of common stock and thereafter through 1947 at a conversion price of $30 per share of common stock. During the conversion period the holders of the convertible preferred stock are entitled to receive six $1,233,468 bined net profit of sub. and divs. tries, common 133,562 $1,759,994 140,972 —.— located in its 6,582,337 $1,354,912 194,309 __ Minority interests at various points and branches. 7.320,763 $1,099,906 operations int., Fed. in¬ taxes, &Con conv. was 6,432,330 $634,214 156,773 offered them, Mr. The corporation will until Jan. 20 receive bids for the sale to it of sufficient 20-year 2/6% bonds, due April 1, 1954, to exhaust the —V. 138, p. 864. whose business 5,762,861 added to working capital.—V. Works—Reorg. Expenses Filed— Petitions asking for the approval of expenses of $594,651 incident to the reorganization of the company under Section 77-B of the Bankruptcy Act, were filed by the company and its attorneys in U. S. District Court, Philadelphia, Jan. 8. Company—Company, $13,500,263 $15,423,405 $14,559,635 5,968,027 6.747,730 6,217,304 for come 10 Mos. End. Oct. 31 '37 1936 requirements. to The New York Curb Exchange has admitted to dealings the 10-year sinking fund 5% notes due June 1, 1947 (with and without warrants), 6% cumulative preferred stock, par value $25 (with and without warrants) and common stock purchase warrants.—V. 145, p. 4110. are Profit Pro v. Dec. 31 preferred The Chicago offices &c * in Baldwin Locomotive Ipcc Balance Other income Net Automatic Products Corp.—New President— (B. F.) Avery & Sons Co.—Admitted 1 Ac $5,000,000 4,100,000 Periods Endikg 1935 &c-----.'$11,647,266 Cost of goods sold 5,250,191 Selling, general & admin, the all cq re¬ Outstanding $6,000,000 7,000,000 - 1934 expenses, Obviating $100)---, Earnings for Stated directors common Authorized > Prepayments received Other liabilities 2,823,765 27,397.900 909,287 13,030,973 Llabs. under bills of exch 5,510.000 Dividends due 1,604,501 3,240,638 Adjustment entries Operating profit 26,591,660 13,023.590 10,994,838 Adjustment entries.... Total 3,361,069 770,080.631 Total .770,080,631 -V. 137, p. 3147. Best & Co.—To Pay Extra The directors have declared addition to the regular common Jan. 21. stock, no Dividend— an extra dividend of 50 cents per share in quarterly dividend of 62 H cents per share on the par value, both payable Jan. 26 to holders of record Like amounts were paid on Jan. 21, 1937.—V. 145, p. 1249. Bethlehem Steel Co.—To Pay for Vacations— The company announced to its workers through the "Bethlehem Review," a renewal of its policy to grant vacations with pay to mill as well as office workers for the summer of 1938. "Recession conditions had raised the question of whether the company would continue the policy of mill vacations started in 1936, but this week's announcements settle the subject," a spokesman for the company declared. —V. 143, p. 3992. plant magazine, workers Financial 146 Volume and Corp.—Adopts Work-Sharing Policy— Bethlehem Steel employees have been retained than would have been needed if only a fulltime force had been kept on the job," his bulletin to the employees says. "In addressing you at the beginning of the year I am deeply disappointed to find the definite three-year uptrend in business reversed to a point where the demand in the steel industry has reached a level approaching that of 1932-1935 depression. "Consequently, we find outselves struggling again with the difficult problems of readjustment caused by the recent reduction in operations, I am hopeful that the disturbing factors which are holding back business will soon be corrected. "None of us wants to see men laid off—in fact, we shall resist that process whenever possible. Accordingly, we are again applying the policy of worksharing which we worked out with you during the last depression." Apparently referring to recent official criticism of industry, Mr. Grace says "it is both absurd and silly to suggest, as some do, that management gains any satisfaction from seeing productive facilities idle and employees without work. In simple tends, production at fair prices is the life-blood of the income from which wages are paid and profits are earned. "On a construction program started in 1935 and now nearing completion, Bethlehem will have spent over $90,000,000, half of which was spent in 1937. It is evident that in our case neither capital nor our belief in American industry is or has been on strike."—V. 146, p. 101. the low of the Exchange has been informed that 18,400 shares The Boston Stock of the corporation's optional $3 convertible preference stock, series of 1929, has been retired and canceled and that the certificate of retirement has been filed with the Secretary of the State of Delaware.—V. 145, p. 2687. RR.—Collateral for Loan— Boston & Maine Commerce Interstate The Commission has advised the company that authority from the Commission is not needed for the road to pledge as collateral security for the proposed $2,000,000 Reconstruction Finance Corporation loan $1,000,000 of first mortgage 6% bonds, $600,000 of first mortgage 6s, series MM. Subsequent to with $127,220, charged to paid-in surplus in board of directors. totaling arrears of the resolutions made in the accounts for surtax on undis¬ the dividend paid is in excess of the taxable income for tributed profits as the year. Balance Sheet Sept. 30 Assets— x 1937 zl936 1937 chin'y & equip..13 782,652 1 from 2,682 1,841 9,001 y reval. from Accounts Brooklyn Manhattan Transit Corp.—Collateral Released Trust Co., as trustee under the trust indenture Brooklyn dated 1936, securing Rapid Transit collateral trust bonds, has notified Stock Exchange that it has released from the indenture for $31,000 principal amount New York Tapid Transit Corp. 1st & ref. mtge. 6% sinking fund gold bonds, series A, due July 1, 1968, and $27,000 principal amount New York Rapid Transit Corp. refund¬ ing mortgage 6% sinking fund gold bonds, series B, due July 1, 1968, leav¬ ing $7,146,000 and $12,771,000 principal amount of such bonds, respec¬ tively, on deposit with the trustee.—V. 145, p. 4111. 1, May 1,098,368 104,294 in & ad vs. expenses 129,674 31,620 197,028 129,949 1,688,404 Reserves al ... 182,423 22,883 Wages payable to Orient Coal & 1,135,051 90,161 payable. Acer. gen. tax and 426,080 424,457 151,815 209,367 Paid-in surplus Patents 204,545 295,454 Treasury stock 31,907 b8,898,510 Dr776,192 17,835,578 Deficit Cash in banks, &c_ 1,108,407 9,070,730 Dr776,192 16,853,219 Accts. & notes rec. 32,740 Deferred charges.. Total Total 16,853,219 17,835,578 After deducting reserve for depreciation and depletion of $4,275,788 in 1937 and $3,762,923 in 1936. y Represented by 266,635 shares of no par x value, including treasury stock, z Consolidated. and advances to Orient Coal & Coke Co., a wholly $1,821,196 less adjustment to reduce to nominal value b After deducting $172,220 payment on account $1,821,195, balance $1. of cumulative dividends in arrears on preferred stock representing dividends originally due May 1, 1933, and Aug. 1, 1933, amounting tn each case to $1.25 per share, and interest at 5% per annum from date dividends were payable to date of payment, Sept. 20, 1937. In accordance with resolu¬ tions of the board of directors, the dividends on the preferred stock, together with interest thereon, amounting to $172,220 have been charged to paid-in surplus.—V. 145, p. 3341. Investment in owned subsidiary California Oregon Power Co.—Earnings— 1937 Years Ended Nov. 30— company The of capital assets 9,001 Coke Co 2,666,350 Common stock.. officers and employees.. 6,307,300 2,666,350 Cap. surp. arising 1,721,566 Investments Invest, 15,141,150 1 2 ,244,536 Inventories Due 6,307,300 7% pref. stock Goodwill zl936 Liabilities— $ $ Land, bldgs.,ma- series LL, and this advice, the withdrew its petition for authorization to make the pledge. The proposed $2,000,000 RFC loan is now being considered by the Interstate Commerce Commission.—V. 146, p. 101. in Note—No provision has been a Corp.—Shares Retired— Blue Ridge interest accordance Eugene G. Grace, President of the corporation, in a letter sent to em¬ ployees on Jan. 11 informed them that the policy of work-sharing that was arranged with employees during the depression is again being applied. "Under that policy of equitably distributing the work, 35,000 more 433 Chronicle Net oper. rev. (before approp. 1936 $4,398,709 ,583,290 $4,652,548 1,976,099 for retire, res.).. Miscellaneous non-operating revenues. Income from merchandising, jobbing and contract work xl $2,676,449 1,442 $2,815,418 4,095 Dr58,694 Dr36,794 $2,619,197 Operating expenses, maintenance and taxes $2,782,720 the New York sinking fund purposes Brooklyn Union Gas Co.—Rate Increase Net operating revenue and other income (before appropriation for retirement reserve) to become effective Feb. 1, increased the bills of 650,000 consumers in Brooklyn and and swelled the company's annual revenue by $1,450,000, were suspended on Jan. 12 by the New York Public Service Commission. In suspending the rates, the Commission noted "that the rights and interests of the public appear to be injuriously affected" by the new sched¬ ules and called for a hearing on Jan. 21 at 2 p. m. in the State Office Budd¬ ing "to investigate the propriety of the rates." . |*A letter attached to the proposed rate schedule by the company stated that it "finds itself compelled to seek this increase in gross revenue in order to meet constantly increasing costs of operation, preserve the integrity Increased gas rates proposed by the company, which would have 238,127 839,326 45,046 203,179 21,267 239,242 916,101 41,292 187,468 10,800 $972,249 Rent for lease of electric 300,000 $2,482,720 $1,087,815 reserve Gross income Interest Suspended— 300,000 $2,319,197 Appropriation for retirement properties.. charges (net).. Amortiz. of preliminary costs of projects abandoned Amortization of debt discount and expense Other income deductions Queens, of its obligations, property service."—V. 146, p. 102. Bullock Fund, have directors The and credit, and provide adequate and efficient Ltd.—20-Cent Dividend— declared a dividend of 20 cents per share on Co.—To Pay 20-Cent Div. declared a dividend of 20 cents per share on value, payable March 5 to holders of record The directors have mon stock, par no the com¬ Jan. 29. 50 cents in addition to a quarterly 25 cents paid on Sept. 7 last, and June 5 and on March 5, 1937. See This compares with a special dividend of dividend of 25 cents paid on Dec. 6 last; dividends of 20 cents per share also V. 145, p. paid on x 2688. Including $16,674 for amortization of extraordinary operating expenses been revised classification, dufj to the uniform system of 1, 1937. (2) No provision has been made for Federal income taxes or surtax on undistributed profits for 1936 as the company claimed as a deduction in its final income tax return for that year the unamortized discount and expense and redemption premium and expense on bonds and debentures redeemed in 1936 which resulted in no taxable income for 1936.—V. 145, p. 4111. to reflect certain changes in accounts which became effective Jan. the capital stock, par $1, payable Feb. 1 to holders of record Jan. 15. This compares with 30 cents paid on Nov. 1, Aug. 1, May 1 and on reb. 1, 1987; 25 cents paid on Nov. 1, Aug. 1 and May 1, 1936; 15 cents paid on Feb. 1, 1936; 8 cents paid on Nov. 1, Aug. 1 and May 1, 1935; 10 cents on Feb. 1, 1935; 7.5 cents per share paid on Nov. 1, Aug. 1 and May 1, 1934; 12 cents paid on Feb. 1, 1934; 10 cents on Nov. 1, 1933; 13 cents on Aug. 1, 1933; 15 cents on May 1, 1933; 18 cents on Feb. 1, 1933, and dividends of 20 cents per share paid in each of the three preceding quarters. V. 145, p. 750. Burroughs Adding Machine Net income deferred in 1931. Notes— (1) For comparative purposes the above figures have California Packing Corp .— Year-End Stock Dividend— 13 declared a year-end extra dividend of 2-200 of preferred stock on the no-par common stock payable Feb. 15 to holders or record Feb. 1. A regular quarterly cash dividend of 37)^ cents per share was paid on Nov. 15, last.—Y. 144, p. 3490. The directors a share of $50 on Jan. par Power Corp., Canada Northern Ltd.—Earnings— earnings Operating and maintenance Net 1936 $4,538,342 1,748,567 $2,895,600 Gross -V. 1937 $4,964,960 2,069,360 $2,789,774 ' 12 Months Ended Nov. 30— __ earnings. p. 273. 146, Canadian International Paper Co.—New President— Resignation of R. J. Cullen of New York from the Presidency of the (A. M.) Byers Co .—Earnings— 4,410,497 3,623,381 2,336,141 $1,475,082 33,096 $1,037,893 $582,996 6,211 $710,334 35,714 $1,508,178 681,385 Adm., gen. & seh. exp__ 514,145 Prov- for deprec., &c— 90,909 Amortization of patents. 6,468 Loss on properties 4,002 Int. on notes payable Special charges 64",440 Idle plant exp. (net) 20,000 Prov. for contingencies. $1,070,468 $589,207 602,329 505,234 90,909 $746,048 657,889 504,659 90,909 Gross mfg. profit Other income Total income _ cl936 $4,661,274 32,575 652,909 507,541 90,909 ^1935 $2,919,137 Yl",096 15",532 92,178 20,640 185,847 46,628 53,793 83,314 $330,793 def786,081 $869,545 51,415 $773,748 803,734 167,493 Orient Coal & Coke Co charges Net loss prof$93,223 Previous surplus defll08,407 Prov. to reduce, & Coke Co. applic. 818,293 36,683 36,683 20,159 36,683 Total deficit 36,683 40,432 b Transfer of bal. in res. $1,060,032 .... Transfer from reserve for / $781,447 sur$107,101 20_,943 1935 1934 11,862,456 16,371,988 10.465,340 $735,909 $877,674 $409,071 894,436 02,213 387,226 01,427 $171,017 35,839 11,737 $2,624 loss$14,550 59,245 12,334 $23,271 54,677 10,261 Dr2,325 Dr9,237 accounts, sugar rec. net 24,374 4,634 42,862 9,782 Dr37,757 />2,738 02,992 U. S. identif. ctfs. on sale of 04,344 Cuban 14,003 22,580 $36,292 116,688 53,899 15,079 31,750 $50,688 121,289 58,638 15,079 31,750 $18,635 129,348 52,208 15,079 31,750 $181,125 $176,069 bonds. Dr 11,813 applic. to prior yrs. Dr924 Dr 19,191 $218,137 130,086 _ $786,081 sur$51,415 a Idle plant expenses, net (excluding depreciation and depletion) 1936, $16,053; 1935, $21,845; 1934, $47,599; 1933, $57,835; and depreciation and depletion, 1936, $30,574; 1935. $31,948; 1934, $35,716; 1933, $36,961. b For contingencies of Orient Coal & Coke Co. to surplus on account of discontinuance of mining operations, c Consolidated statements including in respect of 5,642 ■ change of European & Int. exp., less int. earn. Amortiz. of leaseholds. $1,108,407 d Before charges Dr2,777 Dr686 15,706 Depreciation 743,421. 010,136 34,742 24,000 prior year Co. . Prof, from operations. Orient units accrual for stk. tax for Profit & loss deficit.__d$1,688,404 1937 for sold Pay. made to effect ex¬ change of European & U. S. identificat. ctfs. Amt. rec. to effect ex¬ Exp. C. & C. prop, Orient Coal & Coke on Prov. for contingencies. Adjust, in respect to dis¬ cap. 1936 arrobas... 17,021,886 of raw sugar & syrup (net of sugar hedges & comm. there$1,031,186 Cost of sugar & molasses shipped (before deprec 861,920 and lease amortization;) 01,751 Other inc. & exp., net.. Years End. Sept. 30— Loss ' 123,630 Loss on sales of treas.stk. Pa. first page of this department.-—V. 141, p. 4090. Cane ground, Prof, Refund of Fed. inc. taxes of See list,given on cane contingencies 103. Capps Gold Mine, Ltd.—Registration Withdrawn— colonos' 15,240 Prop, of cap. surp. (aris¬ ing fr. reval. of prop.) realized during year.. mantlement of Feb. 1 to holders of record Jan. 15, 1938.—V. 146, p. Allow, for or write-off of prior to years Adjust, Investment Fund, Ltd.—Dividend— Molasses sales (final) Commercial dept. profit to nominal amount Amort, General Manager, was Directors have declared a dividend of 5 cents per special share payable invest, in and ad vs. to Orient Coal Canadian John the directorate. 144, p. 3830. Shipments 33,606 taxes. a chosen as the new head.—V. Caribbean Sugar Co.—Earnings— Prov. for Fed. & Pa. inc. ■ announced on Jan. 13 at a meeting of II. Hinman of Montreal, former Vice-President and company was *^34 $3,162,834 2,452,499 1937 $5,885,579 Years End. Sept. 30— Sales (net)...... Cost of sales preferred dividends Amortiz. of bond disc— Prov. for Cuban inc. tax Amortiz. ofreorg. exp.. x x Loss Before 38,718 13,775 31,750 7,930 49,334 $53,456 deducting interest on bonds unpaid from before deducting losses from hurricane of Feb. 1, $209,750 1929; also 1932-33 charged to deficit in 1934. Financial 434 Losses Restated in with Supplemental Chronicle . $4,122 $181,125 $176,009 impregnated book cloth and at the same time to make additions to the plant and effect further operating economies. Distribution is effected largely through bookbinders, manufacturers of automobiles, house trailers, furniture, trunks, pocketbooks, handbags, 31,750 31,750 15,079 necessary $209,750 31,750 13,775 expenses—■- 31,750 15,079 Deduct, not allow, under supplement, indent.: ^ luggage, as well as upholsterers, and manufacturers straight binding in makintt various products. Amortiz. of bond disc. and expense Cuban for I'rov. ... of leaseholds Amortiz. 15,079 inc. Common stock ($1 par). Net restated losses—prof$49,334 of amortiz. ganization $134,295 $129,239 $162,921 $134,295 $129,239 $162,921 49,334 Arat. avail, for bond interest.. — , Note—The above yearly net profits and losses are in accordance with the annual audit reports of 1934, 1935 and 1936 and do not reflect adjustments subsequently charged or credited to deficit account but considered applicable to those years. Accordingly, the above statement should be read in connec¬ tion with the statements of common stock less operating deficit for those years. Common Stock Less Operating Deficit Years Ended Sept. 30 1937 Bal. at beginning of year Loss of cane in hurricane of Nov. 9. 1932 1936 $702,151 1935 1934 $1,055,669 $883,276 .. $1,346,206 Condensed Comparative Income Statement 80,787 _ Calendar 1935 53,456 181,125 3,676 176,069 $648,695 $702,151 $883,276 Net loss. Net sales 209,7.50 1937 1936 $58,337 $17,311 tible currently.. Advs. 28,823 15,129 coll. per contra) Accts. pay.,current Bal. due less allowance tor doubtful accts.. Adraln. cane valued by Prov. com¬ mortgage on the property, and the balance for expansion and to provide funds for the company to discount its bills and for other general 50,945 16,813 5,000 Cuban 7,930 Warrants—Upon the underwriters taking down and paying for all of the 65,000 shares of stock, they shall receive from the company, without the payment of any additional consideration, warrants to purchase 25,000 shares of common stock; each warrant entitles the bearer to purchase one share of Accts payable, due 4,500 stock at $3 per share up to Sept. 30, common Def. prof, on sugar trading position 10,041 1st mtge.6% bonds 3,282,000 7% pref. stock 1,500,000 y Common stock.. 648,695 3,282,000 1,500,000 702,151 An action has been commenced in the New York Supreme Court against the corptration, its officers and directors, and also against Phoenix Secur¬ ities Corp., to enjoin the Celotex Corp., from purchasing certain shares of 5,100 Property and plant 5,024,566 5,143,344 Prior lien notes.. 193524 1936 41,325 Celotex 154,143 bond 86,200.819 86,378,3751 Corp.—Purchase to Be Contested— preferred stock and common stock of Certain-teed Products Corp. from Phoenix Securities Corp. Action to approve such purchase will be opposed the annual meeting of stockholders of the corporation to be held on Jan. 18, 1938.—V. 146, p. 273. 55,100 122,392 . at Total $6,200,819 $6,378,375 y 157,414 no par shares outstanding (authorized 300,000 shares) less operating deficit (as above). Notes—Interest on first mortgage bonds is unpaid since Feb. 1, 1929 and has not been accrued above for the reason that, under the supplemental indenture, it is payable only if earnings after Sept. 30, 1931 are sufficient. No dividends have been paid on the 7% preferred stock. Under the supplemental indenture of Feb. 10,1932, no such dividends shall be paid unless all unpaid bond interest shall have been paid in full to the last int. date —V. 145, p. 430. Central American Plantations Years End. Sept. 30— 1937 • Total income from oper_ Canadian National Finance Minister Dunning of Canada announced at $50,000,000 guaranteed bonds had been subscribed in after the opened. books The bonds were Jan. noon one 10 the hour and allotted as 15 follows: $349,424 371,061 24,707 $592,826 390,639 23,092 Net profit.. $18,397 $179,094 190 $48,254 3,090 loss$46,344 Other income- $18,587 79,397 $51,344 89,010 loss$46,344 117,534 $179,745 111,079 23,526 28,229 30,190 31,089 Operating expenses General admin, expenses profit. Interest paid__ Prov. for depreciation of buildings and mach'y. $20,000,000 four-year 2% and $30,000,000 13-year 3%. piThe issue was announced last week for the purpose of reimbursing the Government for advances made to the Canadian National since 1932 for redemption of debt, and for capital expenditures made by the road. t^Priced at 99.25, the four-year issue will yield approximately 2.20%, while the 13-year maturity, at 97, will yield approximately 3.29%. The four-year issue will be non-callable but the 13-year issue will be callable, as a whole only, at the option of the Canadian National, on or after Dec. 15, 1945. The shorter term bonds are dated Jan. 15, 1938, and the 13-year bonds Dec. 15, 1937. Earnings of System for Week Ending Jan. 7 1938 Gross revenues.. 1937 $2,719,761 — $2,915,481 Week Ended Jan. 7— 1937 $2,243,000 applicable prior period Deficit and usage. Another important product is a colored striped material made from cloth coated with nitrocellulose lacquer solution, oils and colors, either plain, waterproofed, or grained, and is generally used on which is porch gliders, beach chairs, umbrellas, and other outdoor furniture. Company, when organized, took over the lightweight imitation leather business and customers of the Zapon Co. It started business with a paid-in capital of $30,000. A general line of imitation leather products was sold in 1925-1932 under the name of "Sturdite " to the bookbinding trade and other industries. From 1925 to 1932 the company improved its position in the imitation leather industry in making book binding coverings and other products so that it was one of the chiei sources of supply for this material. In 1932 the company designated its imitation leather and other products under a trade name and subsequently registered the name "Lacrtex" as its trademark and trade name. By reason of the versatility of the company in expanding from one product to another and the development of new items, plus an aggressive sales policy, the company has increased its volume of business for each of the past five years as follows: $204 504 319,972 511,910 576,988 x Loss. Net Profits Year-— at $179,006 515,789 $105,767 410,021 $494,129 $694,795 494,129 5,115 Sept. 30. Of this amount of V to x$593,509 Net Sales Net, Profits x$14 165 $823 677 10,317 1937 (9 mohths to Oct. 2)-..x26,517 896,810 6,0091 $9,023 40,727 ' $515,789 $288,807 represents difference in exchange, due to the the dollar. Condensed Balance Sheet Sept 30 1937 1936 $25,827 $15,241 3,730 4.105 Sundry accts, rec. 44,741 20,543 Loan Merchandise 34,245 55,080 Sale of coffee crop 40,000 40,000 deferred------- 1,960,360 1,965,812 1,601,577 595 1,632,725 ------ Investments a Mtge. receivable Liabilities- Land, planta'ns, mach'y,1 1936 $33,329 1,380,037 able- payable Capital stock 1,290,335 2 (par $100) cattle, &c Invest, 1937 $20,545 Sundry accts. pay¬ bldgs., Organization—Company was incorp. in New Jersey on July 2, 1925. Company manufactures pyroxylin-coated products, commonly called imitation or artificial leather, sold under the trade name of "Lacrtex," which is the registered trademark of the product. Company also manufactures a waterproofed impregnated book cloth, used for school books, text books, and other books subject to rough wear Net Sales as Assets— b E.) Year— 694,795 $94,265prof$200,667 Previous deficit...__ Cash Carpenter & Co.—Stock Offered—Whittaker Brothers & Co., Inc., New York, are offering 80,000 shares of common stock ($1 par) at $2.75 per share. Of the 80,000 shares offered, 65,000 represents new financing, the balance of 15,000 being offered for sale by certain stockholders. cotton 143,344 23,013 Net loss $45,000 resigned.—V. 145, p. 2539. prof$37,577 110 ■. Increase The company has notified the New York Stock Exchange of the election of Thurston P. Blodgett as a director succeeding Homer B. Vanderblue, $194,067 C'rl5,060 Advs. to Mozos writ, off $195,720 Capital Administration Co., Ltd.-—New Director— $65,895 Cr289,574 on - assets x 1938 loss $84,336 9,818 exch. payable. Loss from sale of capital Decrease —V. 146, p. 273. (L. for loan devaluation $2,288,000 Traffic earnings for exch. loss. prov. Prov. Charges Ry.—Earnings— 650 Net loss for year before —V. 146, p. 273. Canadian Pacific 1934 1935 $468,932 398,320 22,358 Total Ry.—$50,000,000 Bonds Sold— Corp.—Earnings— 1936 $4.08,741 381,378 8,966 ■ minutes 1938, and thereafter 126,107 5,100 Total first 373,591 Slow accounts rec. disc. & expense- loss$3,513 at^the price of $4 per share up to and including Oct. 1, 1940.—V. 145, p. 13,548 Leases, less amort. $43,356 640,000 26,357 Unamortized for $9,023 543,950 36,846 expenses lteorgan. $6,009 Purpose—The net proceeds to be derived by the company from the issue and sale by it of the 65,000 shares, will approximate $120,000. It is estimated that from the sums received $23,300 will be devoted to pay off a corporate purposes. 51,087 after 8ept. 30... Deferred charges.. Inventories 47,625 31,622 of income tax 352,887 329,234 34,744 362,137 76,774 for crop. pur. $114,532 36,336 26,376 Mortgage payable Contingent reserve Cultivation cost of admin on $54,276 1,101 9,818 Net profit colonias4,900 71,574 78,523 as pany, net of am¬ ortization..---. $72,690 Accrued liabilities- 26,200 colonos, to 1936 of sugar held as Margln dep., sugar trading account. 1937 (bags nay. $21,432 11,214 1,195 loss$3,336 177 637 Operating profit Net income deductions.. Prov. for Fed. inc. tax.- 30 labilities— Notes collec¬ 3 Mos. End. July 3, '37 Oct. 2, '37 $733,731 $163,078 606,700 140,569 72,755 25,845 $12,093 5,447 Cost of sales 1937 balance composed of: Common stock, $, ,523,971; operating deficit, $2,875,275; and balance as above, $648,695. Assets— 6 Mos. End. 1936 $823,677 701,627 100,617 % 1,055,669 Note— Sept. 30, Balance Sheet Sept. Years $576,988 491,468 73,425 Expenses Balance at end of year Cash standing x206,500 —250,000 In event warrants are exercised, this amount , Reversing part of Cuban tax on int. set up as of Sept. 30, 1934 Accts. rec., bias and will be increased by the number of warrants exercised, not to exceed 25,000 shares of common stock. The authorized capitalization at July 3, 1937, was 250,000 shares of common stock of which 141,500 shares were issued. On July 1, 1936 the issued capital consisted of 500 shares of common stock ($100 par) and 610 shares of preferred stock ($100 par). The par value of the capital stock was reduced to $1 per share on March 15, 1937 and subsequently the holders of each share of the preferred stock exchanged one share of preferred stock for 100 shares of common stock, totaling 61.000 shares; and the holders of each share of common stock, exchanged one share of common for 100 shares of common stock ($1 par), or a total of 50,000 shares, making a total of 111,000 shares. On Dec, 15, 1936 the sum of $20,000 in capital stock was subscribed for; $8,000 in capital stock was paid to employees as additional compensation for services rendered during 1936, and 2,500 shares were issued to counsel for the company for legal services rendered up to and including Oct, 2, 1937, making a total of 142,750 shares issued and out¬ standing. ... reor¬ expenses use Authorized Capitalization— v x Less, who To Be Out- 7,930 tax... f 1938 15, the waterproofed, of reorgariiz. amortiz. Jan. Due to the increased volume and expansion of the company's business, it is planned to increase present equipment and facilities for manufacturing Indenture deducting before Losses Accordance 2,904.000 2,904.000 593,509 Deficit 494,129 in Ingenio Palo Gordo, Soc. Agricola Prepaid insurance. Total a After of $20,000. reserve and machinery of b After Total reserve $3,711,075 S3,733,535 for depreciation of $134,967 in 1937 and $164,895 in 1936.—V. 144, Charleston on 29 $3,711,075 $3,733,535! Transit Co.—Accumulated buildings 446. p. Dividend— The company paid a dividend of $6 per share on account of accumulations the 6% participating preferred stock on Dec. 21, last, to holders of record Dec. 15.—V. 144, p. 2989. Chesapeake & Potomac Telephone Co. (Bait.)—Gain in Stations— This company had a net gain of 1,052 stations during December, pared with 1,412 in December, 1936, and 682 in December, 1935. For the year 1937 the company had a net gain of 18,071 stations, pared with 18,297 in 1936 and 7,571 in 1935.—V. 144, p. 2121. com¬ com Central-Illinois Securities Corp.—Annual Statement— Walter L. Vincent, President, says in part; Reorganization of Southwestern States Telephone Co. was completed during the year and the new securities received. Proper transfer was made to the active portfolio frorh "items carried in memorandum account at no value." The portfolio shows both book and market values and reflects a present The indicated asset value preference share, as of Dec. 31, 1937, is $11.90, as compared with $18.64 as of Dec. 31, 1936. At the close of the year 1936 chief obligations consisted of bank loans, certain contractural obligations and stockholders liability closed banks in an aggregate sum of $2,995,100. During the year 1937 payments were made on these accounts in a total of $1,514,200, thereby reducing these liabilities at Dec. 31, 1937 to an aggregate sum of $1,480,900, as indicated particularly in the comparative statement below: market depreciation of securities of $1,383,529. per Volume Financial 14% Dec.'31 '36 Dec. 31 *37 Outstanding— $2,100,000 50,000 845,100 Contractural obligations Stockholders liability-closed * _ banks Income Account $1,480,900 Years Ended Dec. 31 1937 1936 $17,519 227,682 Income—Interest Cash divs. rec. or decl. Miscellaneous $1,450,000 None 30,900 $2,995,100 Bank loans $31,133 251,206 1935 1934 $132,648 112,893 $154,172 101,495 1,312 $245,541 74,287 $256,980 72,020 $171,254 $184,959 —*— $282,339 83,571 $245,201 Total income 116,084 Expenses. Extraordinary credits & Dr 16,624 Net inc. for the year__ Crl,425 $112,493 charges (net) $200,194 221,779 Surplus, Jan. 1____ pref. stk_ on conv. 152,914 147,741.. $377,621 z86,636 $337,873 190,132 $318,995 xl41,569 yl55,841 dividends accrued at Dec. 31, 1934 applicable to stock reacquired, y Includes $51,975 declared Dec. 23, 1936 payable 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 (see text), z Paid from capital surplus. I The following amounts, in respect of cumulative dividends of $1.50 per share per annum on convertible preference stock have been charged to capital surplus: x After deducting $184 for Accumulated arrears from Nov. 1, 1932 to Nov. 1, 1936, incl.— 90 cents per share per annum—paid Dec. 10, 1936 $831,308 account of regular quarterly dividends of 37 He. per ended Jan. 31,1937 34,650 Regular quarterly dividend of 37He. per share for quarter ended July 31, 1937 86,630 on share for the quarter Total _ Dividends on _$952,588 convertible preference stock at the rate of $1.50 per share have been fully paid to July 31, 1937; undeclared cumulative Aug. 1, to Dec. 31, 1937 amount to 62He. share. Capital Surplus for the Year Ended Dec. 31, 1937—Balance, Dec. 31, 1936 —representing surplus arising from reduction in the stated value of capital stock outstanding at Dec. 31, 1932 and from the reacquisition of shares of the corporation's capital stocks; less net realized and estimated losses on loans and investments, provision for contingencies and payment of divi¬ dends on convertible preference stock (as detailed in the annual reports for— 1932 and subsequent years), $1,991,982: additional refund on advances ($100,000) made in 1934 in connection with stockholders' plan for the liquidation of a closed bank—$55,000 refunded in 1935 and 1936, $10,000; excess provision made in prior year for contractual obligation—restored, $4,000; Net recoveries on previods write-offs of investments and loans, $78,616; net profit realized from sale of investments, $143,347; total, $2,227,945; Deduct, dividend on convertible preference stock for quarter ended July 31, 1937—37H cents per share, $86,631; Balance, Dec. 31, 1937, $2,141,314. per annum dividends for the period from per Balance Sheet Dec. 31 Investments $51,017 Acer. int. 6,909,329 rec. $86,625 pref. stk. on Notes pay. banks. on 1,450,000 Accrued expenses. *. Prov. 3,500 50,000 Contractural obltg. 1,233 1,520 expenses.) 2,100,000 4,286 6,375 bonds Prepaid Div. $150,561 5,590,977 1936 1937 Liabilities— 1936 1937 Assets— Cash in bank___^_ lor holders' closed stock¬ 30,900 other than Fed. 24,665 23,801 2,310,000 2,310,000 915,736 915,736 1,481,024 2,141,314 1,481.024 247,636 221,779 yTreas. stock—Dr Capital surplus Earned surplus... $5,643,514 $7,067,4991 The plan, which would be effective as of July 1, 1938, provides for an initial issue of general mortgage income bonds series A in the aggregate principal amount of $63,439,000, with an annual interest charge of $2,855,000, the payment of which is contingent upon earnings. The plan also provides for an initial issue of general mortgage convertible income bonds series B in the total amount of $49,828,000 with annual in¬ terest charge of $2,242,000, the payment of which also is contingent upon earnings The plan provides a sinking fund of H of 1 % per annum for retirement of the general mortgage income bonds, but payments into the fund are contingent upon earnings. The series B bonds would have no benefit of the sinking fund. Besides the income bonds, new capitalization would consist of $132,414,- bonds, $78,231,000 of new preferred stock, and 2,862,577 shares of common stock (no par). The amount of new first 4s is exclusive of $10,000,000 of such bonds which would be issued and held in the treasury as a reserve for emergencies. Abandonment-— 1,991,982 $5,643,514 $7,067,499 Total Interstate The Commission on Commerce x Represented by 231,000 no par shares in 1936 and 231.598 in 1935* Represented by 606,024 shares of common stock in treasury at cost.—V 145, p. 2220. y Fayette counties, Iowa.—V. 146, p. 104. Chrysler Corp.—Export Business Larger— Export of Chrysler Corp.'s passenger cars and trucks during the months and December, 1937, individually and collectively, surpassed those for any previous months in the history of the corporation, according to W. Ledyard Mitchell, Vice-President in Charge of Inter¬ national Business. The corporation's exports for the calendar year of 1937 were five times what they were five years ago. For the first three months of the 1938 model year, exports of Chrysler, De Soto, Dodge and Plymouth passenger cars and Dodge trucks increased 32.9% over the corresponding period of the 1937 model year. For the calendar year 1937 exports of the corporation's vehicles were 18.1% higher than for the year before and represented an increase of more than 530% over the depression low in 1932. "Sales of 1938 Chrysler vehicles in the 100 foreign countries where we do business are proceeding very satisfactorily," Mr. Mitchell stated. "Export dealers everywhere report that the demand for our 1938 cars and trucks is very high and should continue to be so."—V. 145, p. 3191. Cinecolor, Inc.—Registers with SECSee list given on first page of this department.- -V. 145, Coca-Cola Bottling Co., St. Paul & Reorganization Set Up Is Filed for Road— Chicago A of institutional group Vice-President cordance with September, on St. Milwaukee of the investors, Northwestern the order of the RR.—New Interstate Walker, Life Insurance Co., in ac¬ Commerce Commission last Jan. 10 filed a new plan for reorganization with the Com¬ mission. inclusion in the reorganized system of the Chicago Terre Haute & Southeastern Ry., and contemplates that ap¬ propriate proceedings will be taken to consolidate the properties. Under the proposed plan present preferred and common stockholders would be wiped out. Securities Remaining Undisturbed The committee proposes obligations totaling $30,517,000 would remain undisturbed, as would $7,287,000 Southern Indiana Ry. 1st 4s, $250,000 Bedford Belt Ry. 1st 5s, $8,056,000 Terre Haute 1st & ref. 5s of 1960, and $6,336,000 of Terre Haute income 5s of I960. Under the plan, equipment trust RFC Loans totaling $13,647,609 would be equal principal amount of first mortgage 4% bonds, with additional bonds to take care of interest. Reconstruction Finance Corporation loans satisfied by the allotment of an Milwauke e\ Northern Bond The only other obligation which would be paid off 100% in new first mortgage bonds is the issue of $2,117,000 Milwaukee 1st mtge. 4Hs of 1939. Accumulated interest likewise new & Northern RR. would be paid in 4% bonds. Treatment of The Milwaukee & Other Securities Northern consol. mtge. 4H« would be allotted 60% 4s, and 40% in new general mortgage income 4H% bonds, with additional amounts of each class of bonds for unpaid interest. in new first mortgage The Milwaukee gen. mtge. 3Hs, 4s, 4H« and 4%s of 1989, outstanding would be allotted: $92,035,000 of 4Hs, and 153,392 shares of com¬ mon stock, so that the holders of each $1,000 of such claim will receive 60% in first mortgage bonds, 40% in general mortgage in gcome bonds, and in the principal amount of $153,392,066, new first 4s, $61,357,000 of gen. income one share of common ($100 par) and 124,571 shares of common stock so that the holder of $1,000 bond would receive 40% in gen. mtge. conv. income bonds, each 60% preferred stock, and one share of common stock. Holders of the Chicago Milwaukee & Gary 1st 5s of 1948 would be allotted 100% of their claim in new preferred stock. Holders of Milwaukee convertible adjustment 5s, outstanding in the in $257,851,90S, would be allotted 10 shares of new common stock for each $1,000 of claim. All unsecured claims not entitled to preference, when the claim has been duly allowed by the special master, would be allotted one share of new stock for each $500 of claim All other valid liabilities and allowed. obligations, if any, for which no specific provision is made in the plan, would be accorded Reduction in the same treatment. Capitalization and Charges capital liabilities from $849,876,000 to $640,687,000; or a reduction of 24.6%. Total fixed and contingent charges of the new company would be $14,719,000, as compared with about $24,855,000 at present, a reduction of 40.8%. Proceeding on the assumption that normal earnings for interest will be $15,894,000 annually, the plan calls for annual fixed interest charges of $6,556,000, payment to an additions and betterments fund of 2% or gross The plan proposes Similar amounts 2541. Colorado Fuel & Iron Corp.—Change in Collateral— company has notified the New York Stock Exchange that it has dated April 1, 1935 (securing 5% income mortgage bonds due April 1, 1970), of $2,420,000 principal amount 1st mtge. 4% bonds, due Marcn 1, 1953, of the Colorado & Wyoming Ry. Co., a wholly-owned subsidiary, and has surrendered said bonds to the railway company for cancellation as a contribution to the capital of the railway company.—V. 145, p. 3005. This obtained the release from the lien of its income mortgage Columbia Gas Electric & Corp.—Registers Holding Company Act— Securities and The Exchange Commission announced Jan. Under 13 that the corporation, one of the largest electric and gas utility systems in the United States, has registered under the Holding Company Act. The company has consolidated assets of approximately $715,000,000, and gross revenues for the 12 months ended June 30, 1937, were $94,110,000. The business of the Columbia System includes natural gas production, transmission and distribution, and electric service. There are about 40 subsidiary companies which operate in Ohio, New York, Pennsylvania, Maryland, Virginia, West Virginia, Kentucky, Indiana, and Michigan. In commenting on the registration, Chairman William O. Douglas of the Commission, said: the decision of Columbia Gas and Electric the common problems to register and to join in tackling some of faced both by the Government and the industry. Corp. shown by President Reynolds and other officers registering at this time is additional evidence of the desire of the realists work under the Act and of their belief that in cooperation with the Commission a constructive job can be done while meeting the re¬ in in the industry to quirements of the Act." With this filing, the number of companies which have registered is 98, $5;665,308,000 and consolidated gross revenues $754,117,000. These assets and revenues constitute 36.4 and 37%, respectively, of the total assets and revenues of the industry which are estimated to be subject to the Act. with consolidated assets of of A statement issued in behalf of the company follows: of its future financial requirements, the management with members of the SEC and its staff, has been engaged for some months past in the formulation of a voluntary plan to enable the cor¬ poration to meet such requirements, as they arise, in conformity with the terms of the Public Utility Act of 1935. Throughout this effort, the co¬ In anticipation in consultation operation and helpful advice of great assistance. the Commission and its staff have been of „ of the plan, which is not conditioned upon any public financ¬ ing, is to make such corporate changes as will enable the Commission to find that the corporation and its subsidiaries constitute an integrated public utility holding company system and also comply with the other require¬ ments of Section 11 of the Act. The directors have decided, as a result of these conferences, that the corporation should register under the Public Utility Act of 1935. They have today (Jan. 13) formally authorized the officers to do so. The corporation feels confident that the SEC will give its careful and prompt consideration to the plan as finally presented, after working out the remaining details.-—V. 145, p. 3342. The purpose , Columbus Packing Co.—Sold— approved the sale of this concern to Armour & Co., Under the terms of the sale the shareholders will receive $98 $100 for preferred stock. The total amount involved in the sale disclosed.—V. 137, p. 3331. Shareholders on Jan. 4 of Chicago. for each was not to cut total Commercial Investment Trust Corp.—Options— The corporation has notified the New York Stock Exchange that there were outstanding as of the close of business Dec. 31, 1937, options providing for the purchase of 19,675 shares of common stock on the following basis: jVo. of Expiration Expiration Shares Price Date Shares Price Date 400 $35.00 June 30, 1939 11,000 $45.00 Dec. 31, 1941 6,000 37.50 Dec. 31,1941 835 45.00 Dec. 31, 1939 1,440 33.33 Dec. 31, 1939 In addition to the above, a maximum of 1,363 shares are available to employees of Unsecured Claims common dividend of 25 cents per share in dividend of like amount on the common stock. Holders of Milwaukee 50-year 5s of 1975, aggregating $124,570,925, would be allotted securities as follows: gen. mtge. convertible income bonds series B in the amount of $49,828,000 and $74,743,000 of new preferred stock amount of 3813, 1735. The directors have declared an extra addition to the regular quarterly "The commendable spirit headed by Frederick W. Mutual p. Louis—Extra Dividend— stock, both payable Jan. 20 to holders of record Jan. 10. were paid on Oct. 20 and on July 20, last.—V. 145, p. "The Commission welcomes Pacific Dec. 23 issued a certificate permitting abandonment by Henry A. Scandrett, Walter J. Cummings, and George I. Haight, trustees of the company, of a branch line of railroad extending from Turkey River Junction northwesterly to the terminus of the branch line at West Union, approximately 58 miles, all in Clayton and 845,100 Conv. pref. stk.. Common stock Total with a minimum of $2,500,000, leaving $6,838,000 available for Thus the plan provides for interest charges which will be covered 2.42 times in the average normal year. liab.—• banks Reserve for taxes- x interest. of October, November, 4 years at 15 cents revenues 000 of first mortgage 4% 177,427 $334,272 V Total surplus Divs. 435 Chronicle subsidiaries.—V. 145, p. 3650. Commonwealth Edison Co —To Continue Offer to the of Common Stock of Public Service Co. of Nor. Illinois— The plan of reorganization between Commonwealth Edison Co. and Public Service Co. of Northern Illinois, under which the latter have been given the opportunity to exchange their common shares for shares of Commonwealth Edison Co., will expire by its terms on Jan. 17, 1938. Holders 18, 1938, Commonwealth Edison Co. offers by the pros¬ amended, to exchange three of its shares (par $25) for each of No. 111. (being the same basis of is not made under any extension of Effective Jan. pectus, as share of Public Service Co. exchange as heretofore). This offer the plan of reorganization nor under Commonwealth Edison Co. reserves common any other plan of reorganization and the right to terminate this new offer Financial 436 upon not less than 10 days' written notice to holders of record of common shares of Public Service Co. of No. 111. f Exchanges effected under the plan of reorganization before its termina¬ tion on Jan. 17, 1938 will not, in the opinion of counsel, be subject to any taxable gain or loss under the Federal income tax law. Exchanges effected after the close of business on Jan. 17, 1938 will, in the opinion of counsel, be subject to any taxable gain or loss under the Federal income tax law. Commonwealth Edison Co. now owns more than 97% of the common shares of Public Service Co. of No. 111. Of the 2,655,049 shares (par $25) of Commonwealth originally offered 2,178,541 shares have been issued in exchange for common and preferred of Public Service Co. of No. III., and 417,879 shares have been and will not be issued under the exchange offers because of the redemption of the preferred shares and the cancellation of certain subscrip¬ shares released tions to common shares of Public Service Co. of No. 111. Effective Jan. 18, 1938 not to exceed 58,629 shares are offered by the (but not under any extension of the plan of reorganization) in exchange for common shares of Public Service Co. of No. III. on the basis of three shares of the company for each common share of Public Service Co. of No. III.—V, 145, p. 4113. company Chronicle Jan. is, conditions caused a 1938 reduction in the total to $60,000,000. Further unsatisfactory new money market conditions brought the elimination of all ideas for a refunding issue and the addition of $10,000,000 to the fund for new construction, which constitutes the present $30,000,000 offering. The bankers offering the bonds, in addition to Morgan Stanley & Co., Inc., include: Kuhn, Loeb & Co.; Blyth & Co., Inc.; Brown Harriman & Co., Inc ; Lazard Freres & Co.; The First Boston Corp.; Smith, Barney & Co.; Bonbright & Co., Inc.; Lehman Brothers, and Clark, Dodge & Co. The issue was quickly oversubscribed the day of offering. Jan. 1, 1938; due Jan. 1, 1958. Interest payable J. & J. in City. Coupon debentures in denom. of $1,000, registerable as to Registered debentures in denoms. of $1,000, $5,000, $10,000 and multiples of $10,000. Coupon debentures and registered debentures and the several denominations of registered debentures, interchangeable. Red. at option of company as a whole at any time or in part on any semi¬ annual int. date prior to maturity on at least 30 days' published notice at following prices with accrued int.: To and incl. Jan. 1, 1943 at 106%; thereafter to and incl. Jan. 1, 1948 at 104%: thereafter to and incl. Jan. 1, 1953 at 102%; thereafter to and incl. Jan. 1, 1956 at 101%, and thereafter at 100%. Company—Incorporated in New York in 1884. Is engaged in the manu¬ facture, transmission and distribution to consumers of gas and electricity. It is also a holding company and controls three electric companies, a gas and electric company, a steam company, and several non-utility companies. Company and its subsidiaries supply electricity in New York City in the Boroughs of Manhattan, The Bronx, Brooklyn and Queens (except the Fifth Ward) and in Westchester County, except the northeastern portions thereof; gas service in Manhattan and The Bronx, in two wards of the Borough of Queens, and in the more populous parts of Westchester County; and steam service in a part of Manhattan. The properties of the company and its Subsidiaries include electric generating stations and substations, gas manufacturing plants, holder stations and transfer mains, steam manu¬ facturing plants, electric, gas and steam transmission and distribution systems, and office and service buildings. Dated N. Y. principal. Commonwealth Southern & Corp.—Informal Report for 1937— Under the heading !'A Report on Constructive Public Service by a Public Utility System," Wendell L. Willkie, President, has submitted an informal report for 1937 for the information of the general public as well as the cus¬ tomers of the operating companies in the Commonwealth & Southern sys¬ tem and the security holders of the corporation. Mr. Willkie says in part: The Commonwealth & Southern system consists of five northern and six southern operating companies which together serve electrically over 3,100 cities, towns and hamlets. They have an average population of 1,6.50 each. A total of over one million homes—634,000 in the North, 446,000 in the South—are served. A large number of the customers live on farms or in outlying territory electricity—particularly transmission—are high in densely populated areas. The operating companies are bound together by the unified sales promo¬ tion, engineering, operating and financing staffs of the non-profit Com¬ monwealth & Southern service organization. This unified operation makes it possible for the operating companies to render the constructive public service outlined in part as follows: Financing—The service organization during the last three years has nego¬ tiated the refunding of $264,174,700 of outstanding bonds and preferred stocks of the Northern operating companies with new securities bearing where costs of serving comparison with more Capitalization (the Company lower rates of interest and dividends. As a result the Northern companies effected savings of over $3,500,000 a year in interest and dividend charges. In the South it has been wholly impossible to refund any of the outstand- ng securities of the operating companies because of the actual and potential competitive operations of the Tennessee Valley Authority. Also because the Federal Government in that area is pursuing a policy of securing mar¬ kets for TVA power by free gifts to municipalities of 45% of the cost of distribution systems with which to duplicate existing utility systems. new The senior securities of these Southern operating companies, this activity of the Federal Government, are selling by reason of currently in the market at $88,000,000 less than their par value. This affects 83,000 owners of these Moreover, 200,000 people own the stock of the Commonwealth Southern Corp., whose investment, in turn, is depressed. Because of the inability of these companies to raise money in the open market, the Commonwealth & Southern Corp. in the last five years has advanced to these Southern companies approximately $30,000,000 from its own treasury, mainly for indispensable construction work. Thus have they continued efficient service to the 550,000 urban, suburban, farm, commer¬ cial and industrial users dependent upon them. securities. & and its Subsidiaries) July 31,1937 Funded debt of the company... Stocks of subsidiaries—held by minority stockholders $5 Years Ended se¬ supervision, financing, engineering or from any other service. The corporation considers that its function is to see that consumers of the system receive the largest possible use of energy at the lowest possible rates. Also, to give a diversity of investment which, in the absence of Government competition, should insure a stability of investment to the thousands of individual owners of its securities. The Commonwealth & Southern system is now consumers If taxes were large not so high and if Southern companies could refund securities, the system could earn a satisfactory return for its investors and could spend a great deal more money expanding its facilities and thus aid a general business recovery.—V. 145, p. 4114. . . Community Power & Light Co. (& Subs.)—EarningsPeriod End. Nov. 30— 1937—Month—1936 Operating revenues Operation.. Taxes 1937—12 Mos.—1936 $396,984 166,050 21,771 a37,875 Balance Retirement accruals Gross income.. Interest to public.. $1,687,176 327 753 $1,574,719 8,496 $145,023 22,438 $1,687,929 247,685 $1,583,216 301,303 $122,585 2.498 Non-oper. inc. (net).... $144,695 $143,594 Net oper. revenues... $4,275,783 $169,781 26,186 __ $341,092 143,208 20,234 32,953 $171,287 Or 1,506 Maintenance 1,818 69,069 $1,440,243 27,678 835,837 $1,281,913 24,157 832,224 1,921,286 268,078 a399,240 $4,033,010 1,882,548 206,496 369,245 Interest to parent co Amort, of debt discount 69,502 and expense: Public.. Parent company 1,211 578 1,211 578 14,532 6,944 14,676 6,944 $69,804 $49,907 $555,250 $403,910 99,203 5,831 99,527 5,831 $450,216 $298,552 831,151 4,686 5,831 6,944 817,813 Net income Dividends paid & accr. on preferred stocks: To public.. To parent company Balance applicable to parent company Earns. from sub. cos. deducted in arriving at above: Interest earned __________ Interest not earned .... Preferred dividends.... Other __ ----- ... Misc. earns. from subsidiary companies. Common div. from subsidiary—not consolidated. Other income Total.. . gross ... income Amount available for dividends and surplus 14 411 5 831 55,206 9 080 73,117 278 $1,372,225 888,919 ... Expenses, taxes and deduct. from $483,305 247 $1,201,141 926,656 $274,485 No provision has been made for the Federal surtax on undistributed income for the year 1937, since any liability for such tax cannot be determined until the end of the year. a net Note—The subsidiary companies on Jan. 1, Power Commission system of accounts, hence not exactly comparative.—V. 146, Consolidated 000,000 20-year Jan. 13 Stanley and Edison p. Co. 1937, adopted the Federal previous years' figures are 105. of New York, Inc.—$30,3y2% Debentures Offered—A new issue of $30,000,000 3%% debentures, series due 1958, was offered by a large underwriting group headed by Morgan & Co., Inc. The debentures are offered' at 101% int. to yield about 3%%. This is the first major financing of 1938 and the largest offering since mid-October. Company proposed at first to offer $80,000,000 of debentures, which was to consist of $60,000,000 for refunding purposes and $20,000,000 for new construction. Total Gross Dec. 31 7 Mos. End. 1936 July 31, '37 revenues.__233,661,572 232,215,039 234,985,654 138,086,748 corporate income. 63,312,997 57,314,295 57,417,659 33,165,410 oper. Deductions from gross corporate 22,868,564 income 23,203,364 20,599,687 10,238,279 Net inc. applic. to the co. 40,444,433 34,110,930 36,817,972 22,927,131 Unaudited figures prepared by the company for the 11 months periods ended Nov. 30, 1936 and Nov. 30, 1937, covering the consolidated opera¬ tions of the company and its subsidiaries, after eliminating inter-company without giving effect to any adjustments subsequent to transactions and giving its average use of electric energy at low average rates. . _ 1935 1934 1937. Structure and Policy—'The Commonwealth & Southern Corp. has a simple of preferred stock of company (outstanding 2,099,249 shares of no par or stated value per share) cl91,031,659 Common stock of company (outstanding 11,471,527 shares of no par or stated value per share) ;_ d391,924,995 a Excluding $4,714,000 bonds in treasuries of the company or subsidiaries, of which $4,523,000 were pledged, and including $46,512,000 bonds guar¬ anteed as to payment of principal and interest by the company. b Excluding $55,000,000 bonds pledged, $525,000 bonds in treasury of the company, and $39,000 bonds in treasuries of subsidiaries, and also excl. $3,456,011 bonds and mtges. not carried on the books, but pledged. c Does not include over 85,000 shares exchanged since July 31, 1937 for minority stock of a subsidiary. d Excluding 5,000 shares in treasury of subsidiary company. Earnings—The following are figures, taken from the consolidated profit and loss statement of the company and its subsidiaries; Tax Burden—Taxes of the Commonwealth & Southern system to various clear corporate structure. It directly owns common stock and other curities of Its operating companies and makes no profit on as a$165,342,500 b268,210,000 )■ 11,422,592 cum. local* State and Federal governmental agencies amount to $18,337,000 for the 12 months ended Nov. 30, Outstanding Funded debt of subsidiaries Unsettled market such periods, are shown below. 11 Mos. Ended Nov. 30— 1936 $ 1937 $ Total operating revenues 212,739,852 213,012,396 Gross corporate income 53,125,492 47,440,675 Deductions from gross corporate income 19,056,620 al5,904,590 Net income applicable to the company 34,068,871 31,536,085 a Includes interest charges for approximately four months on $25,000,000 of Westchester Lighting Co. general mortgage 3lA% bonds issued on July 28, 1937. Note—In 1936 service changeover expenditures were charged direct to operating expenses as incurred. Similar expenditures for 1937 are to be amortized by charges to operating expenses over a five year period. As of Nov. 30, 1937 the unamortized balance of such expenditures amounted to $3,509,000, which, under the former procedure, would have been charged to operating expenses. Purpose•—The net proceeds from the sale to the underwriters of the $30,000,000 of debentures will aggregate $29,925,000, exclusive of accrued interest and before deducting expenses estimated at $197,610. Under the terms of the authorization by the P. S. Commission of New York, company is authorized to use the proceeds of such debentures (1) to pay expenses of issuance of the debentures, (2) to reimburse its treasury for $773,500 of mortgage bonds of the company paid off since Jan. 1, 1937, (3) to be drawn upon for acquisition of property, the construction, completion, extension or improvement of the company's plants or distributing system after Jan. 1, 1937. Such proceeds are to be deposited in a special fund which may be used for the aforesaid purposes without prior approval of, but subject to subsequent review by, the Commission; such fund may be temporarily used for other purposes with the approval of the Commission. It is expected that the existing short-term bank loans of the company aggregating $15,000,000 will be paid in Jan., 1938. Debentures—The debentures dated as Trust further of Jan. Co., limitations by the 1, on to be issued under an indenture to be between the company and City Bank Farmers The debentures will be unsecured. While no be issued thereunder, the Indenture contains no the creation if similar debenture issues or of other securities company. Underwriters—The several are 1938, trustee. debentures may as of the several principal amounts underwritten by them respectively, names Morgan .Stanley & Co., New York— Kuhn, Loeb & Co., New York Blyth & Co., New York... Brown Harriman & Co., Inc., New York Lazard Freres & Co., New York....... First Boston Corp., New York Smith Barney & Co., New York.. Bonbright & Co.. Inc., New York. Lehman Brothers, New York Clark, Dodge & Co., New York Bancamerica-Blair Corp., New York Dominick & Dominick, New York Goldman, Sachs & Co., New York Harris, Hall & Co. (Inc.), Chicago Hayden, Stone & Co., New York. underwriters and the are as follows: $6,285,000 _ ... .... ... _______ 1 [285,000 l[285,000 _______ i_ L285.000 _ 1,075,000 __ 650[000 — Hemphill, Noyes & Co., New York W. E. Hutton & Co., New York Kean, Taylor & Co., New York Kidder, Peabody & Co., New York.._._. Ladenburg, Thalmann & Co., New York Lee Higginson Corp., New York Mellon Securities Corp., Pittsburgh F. S. Moseley & Co., New York Schoellkopf, Hutton & Pomeroy, Inc., Buffalo 425,000 650,000 650,000 425,000 _* 650,000 425,000 425,000 425,000 650,000 425,000 650,000 __ ______ J. & W. Seligman & Co.. New York Stone & Webster and Blodget, Inc., New York Spencer Trask & Co., New York White, Weld & Co.. New York.. Dillon, Read & Co., New York —V. 145, p. 4114. 2,150,000 2,575,000 1,500,000 1,285,000 .... 850,000 425,000 850,000 425,000 425,000 425,000 425,000 1,000,000 Volume 146 cents on 1937—Month—1936 1937—12 Mos.—1936 $879,320 $906,669 $9,369,057 $8,857,029 Sales... 145, p. 3814. $1 share Accepted— proceeds from liquidation of several Southern plants will provide the re¬ organized company with approximately $475,000 in working capital.— V. 146, p. 105. Continental Can Co., Inc.—To Pay 50-Cent Dividend— board of directors on Jan. 12 declared cents a share on the common stock, $ Acceptances- 7,974,556 U. S. bonds, Treas. notes and ctfs. of Expenses paid 2,504,745 3,880 422,637 333,838 to 29,460 ...... banks & cus¬ tomers....... 38,589 3,229,057 ....... 5,000,000 4,576 Reserves.. ... Loans pay.and due in advance........ Cash Unearned discount 190,121 264,134 Sundry debts..... 5,000,000 5,000,000 Surplus 5,000,000 Undivided profit.. 2,510,628 Capital stock 61,494,682 indebtedness...89,319,073 accrued.. $ $ Liabilities— $ 5,567,874 1936 1937 1936 1937 rec. 31- Corp. of New York—Balance Sheet Dec. Assets Int. 1933, and March 1, 1932.—V. Dec. 31, 1934; -70 929,745 50,981,563 Accept, rediscount 3,753,524 and sold with en¬ of 50 dividend interim an paid on April 21, 3007. p. Discount Hearings in the reorganization proceedings closed Jan. 12 before Peter Federal bankruptcy referee, when attorneys representing all interested parties stated that terms in the proposed reorganization plan were acceptable to them. Referee Olney will file his report with Federal Judge Henry W. Goddard, who then will set a date for a hearing on the plan. The plan provides for issuance of $1,430,550 in 15-year 5% income debentures and 201,122 new capital shares of stock. Cash on hand and B. Olney Jr., The on 145, Consolidated Textile Corp.—Plan 1936; 75 cents paid on March 2, 1936: $1.50 on Dec. 2, 1935; 75 Sept. 3, 1935; 40 cents on June 1, 1935; 25 cents on March 1, 1935; Dec. 1, 1934; 50 cents on Sept. 1 and June 21, 1934, and 25 cents per June 1, Consolidated Retail Stores, Inc.—Sales— Period End. Dec. 31— —V. 437 Financial Chronicle 10,203 7,451 14,600,000 9,500,000 dorsement payable Feb. 16 to holders of record U. J an .25. Govt. S. sees, repurchaseagree- During the year 1937 the company paid four quarterly dividends of 75 cents per share each. The board decided that hereafter quarterly dividends on the common stock will be referred to as the first, second, and third quarterly interim dividends, and the distribution for the last quarter of the calendar year will be referred to as the "year-end dividend." ments Total......... 98,418,728 company's business and in order that dend should be their relation to divi¬ consistent with the earnings of the company, together with the undistributed profits tax now in effect.—V. 145, p. 3192' _ 29,737 22,067 .....98,418,728 Total 73,442,344 73,442,344 -V. 144, p. 3497. This change in practice was considered desirable because of the seasonal nature of the . Sundry credits Divco-Twin Truck Co. the final year-end (& Subs.)—Earnings— Earnings for Year Ended Oct. 31, 1937 $1,552,239 Net sales. 1,132,290 286,184 Cost of Continental Cas & Electric Corp. (& Subs.)— -Earnings 12 Months Ended Nov. 30— Gross operating earnings of subsidiary companies xl936 1937 $37,149,828 $35,200,555 13,636,125 14,261,290 Maintenance 1 ,§59,423 1,746,161 Provision for retirement 4,789,520 4,937 209 General taxes and estimated Federal income taxes I 3,045,929 4,507,505 uum caiuo. ui suu. $11,584,400 $11,982,819 545,954 588,887 compauies. Non-operating income of subsidiary companies Total income of subsidiary companies Interest, amortiz. & pref. dividends of sub. .$12,173,287 $12,528,773 4,988,811 4,706,880 cos . $7,466,406 16,384 $7,448,048 67,005 41,607 $7,515,054 Income of Continental Gas & Electric Corp, elusive of income received from subsidiaries) 119,831 38,731 $7,362,287 $7,406,622 (ex . Taxes of Continental Gas & Electric Corp. dies, tools and patterns. 113 Miscellaneous deductions Holding deductions: company 3 2,600,000 164,172 2,600,000 164,172 Dividends Earned surplus at Oct. 31, . . Earnings x per $3,278,062 deposit, on xl58,069 Fed. taxes on inc.—estimated. 78,480 Adjusted. 16,238 ... Unearned interest and finance Capital surplus Earned surplus.....—..._. Total x reserve Total $655,194 _ After $655,194 -. 1255. -V. 145, p. for doubtful $1,000 stock, payable Jan. 15 to holders of record Jan. 10. The last previous payment was a dividend of $1.40 per share paid on July 1, 1936. Substantially all the common stock of this company is owned by United Dight<fc Railways Co., p.3970. a have 0.022 cent per share on the capital stock, payable Feb. 1 to holders of record Jan. 15. A dividend or 6 cents was paid on Oct. 23. last, and previously quarterly dividends of three cents per share were distributed. In addition, a year-end dividend of five cents per share was paid on Oct. 20, 1936.—V. 145, p. 3675. subsidiary of United Light & Power Co.—V. 145, Dodge declared dividend a of 15 cents share per on G. C. Miller, the stock, payable Jan. 20 to holders of record Jan. 18. This will be paid since Dec. 31, 1931 when 20 cents per share was distributed.—V. 146, p. 274. the first dividend Crown Drug Co.—Sales— President, in his report to stockhloders says in part: stockholders will vote on the proposal to increase At the annual meeting common shares to 125,000 this same action additional subscription Because of the subsequent decline in the stock the authorized capital stock from the present 89,634 13-15 shares. Early in September, a call for a meeting to take was sent out, proposing in that connection to issue rights to the stockholders. market, the entire plan was abandoned. .„ , In spite of the decided setback which we are now experiencing, it will be advantageous, in the opinion of the management, to have a reasonable number of authorized and unissued shares, not reserved for any specific , Period End. Dec. 31— Sales. —V. $878,534 145, 1937—3 1937—Month—1936 $856,061 Mos—1936 $2,310,542 $2,275,322 3814. p. Cuban Atlantic Sugar Co.Par Value of Shares— ■To Repay Capital and Reduce The directors at a meeting held Jan. 11 proposed a capital repayment stockholders of $2.50 per share by reduction of the par value of the 729,000 shares of capital stock outstanding from $10 to $7.50 per share. A special meeting of stockholders has been called for Jan. 26, 1938, to At proposal. the close of the company's fiscal year, Sept. 30, 1937, consolidated $6,791,378 and current liabilities $678,957. of stockholders adopts the proposed reduction and distribution of capital, the board of directors expects to defer con¬ sideration of any additional payments to stockholders until after the current assets amounted to If the special meeting conclusion of 1938 crop • De -Balance $8,070 Accounts 39,053 bonds.. 43,498 18,323 Shee' income.. 182 Co., Ltd., Eng. per on rec. hand $13,260 $5,655 204,900 30,812 charges.. 2,095 626 Res. for inc. taxes. 900 600 270,500 325,843 130,189 29,000 29,000 Preferred stock.. 79,584 71,717 f Common stock.. 32,840 270,500 32,840 17,243 8,150 Deficit. 25,262 28,600 1,893 ...... d Plant and equip, _ Roadways & im¬ provements. 6 Furn. & fixtures, 1,020 —12 Mos. End. Oct. 31— Net sales Cost onfales I III III— Mfg. rights 2 Total... $499,232 reserve $312,433 After depreciation of $21,401 in 1937 and $18,750 in 1936. d After deprec. of $20,022 in 1937 and $16,295 in 1936. e After depreciation of $18,503 in 1937 and $18,192 in 1936. f Represented by 25,000 no-par shares class A stock and 5,000 no-par shares class B stock, g After depreciation of $2,418 in 1937 and $2,116 in 1936. h After reserve for depreciation of $307 in 1937 and $1,063 in 1936. The comparative earnings statement for the years ended Sept. 30 was published in V. 146, p. 275. dividend of 25 cents per share on the com¬ payable March 1 to holders of record Feb. 11. This paid on Sept. 1 and on June 1, The directors have declared a stock, no par, with $2 paid on Dec. 1, last; $1.50 last; $1 paid on March 1, 1937; $2.25 paid on compares Dec. 1. 1936; $1 on Sept. 1 and "51640 \z,ifS Federal taxes. ££-100 29,700 10,650 ,329 73,044 $2.73 $66,587 73,044 Federal surtax on undist. 26,900 profits $322,697 Net income 79,974 $4.03 Shares capital stock. Earnings per share.. 1937 $160,759 accept. c Prop., 280,524 609,266 9,613 $82,238 50,000 9,290 1,624,102 1,496.257 10,811 12,910 bonus Acer, ... 36,084 19,538 & commis. royalties... & .... 7.212 7,772 75,342 37,244 Accrued local,State & & Federal taxes. Prov. for Fed. Inc. abandoned lncl. prior yr. Capital stock Capital surplus & 42,113 taxes..... tax d Stationery supplies, Total $71,831 bank 232,693 867,010 Prop. & plant to be insur. Accounts payable. ■ equip, (at cost). prepd. 1936 Notes pay. to receivable plant 1937 - Acer, sal., wages b Inventories $0.91 31 Liabilities 1936 $182,662 & Other assets c Dictaphone Corp.—To Pay 2o-Cent Dividend— Crl2,485 14,b9b trade $499,232 184,768 $124,018 41,741 r> Cr2Q,4M Assets— for doubtful accounts of $1,000 in 1937 and $1,098 in 1936. b Market value 1936, $18,990. mon A91'%%a —, aCustomers' notes, Total.. 394,988 ^ no'oZI 510,172 -— Other income accts. $312,433 - - 7 Mos.End- 1936 Oct. 31, 35 $2,081,347 $952,892 1.357.884 644,106 1937 $2,936,794 1.919,461 Miscellaneous deductions (net) 2 After — - ; Operating income Depreciation. Cash 1,129 a - Balance Sheet Oct. 266 3,269 expenses. , any Comparative Income Account 906 604 h Trucks & trae'rs Prepaid , ., that at the present time the management does not specific plan under consideration, but does see a distinct Ad¬ vantage to the corporation and its stockholders in having available such unreserved shares, and therefore asks your approval at this time of this proposed increase in the authorized capital stock. I wish to make it clear have 1,000 Land e payable, trade Accrued as inventory.. Buildings desirable volume. 1936 De Havilland Aire. Accts. & bills Stock c 1937 Liabilities— 1936 1937 $1,721 b Invest, may Operating expense Assets— a ment Period—• Havilland Aircraft of Canada, Ltd.- Accrued in order that, should conditions make it advisable, the manage¬ have an opportunity to offer such shares to obtain additional There is also always a possibility that an opportunity may present itself to purcahse, through the issue of such shares, a business engaged in manufacturing a complementary line of products thus giving us additional purpose, operations.—V, 145, p. 3970. Sept. 30— Cash , capital. to act upon this Authorized Manufacturing Corp.—To Increase Capital— Crowley, Milner & Co.— To Pay 15-Cent Dividend— directors Inc.—Dividend— Dividend Shares, The directors have declared a dividend of The directors have declared a dividend of $7 per share on the common „ 5,284 220,000 117,824 151,147 charges......—---------(par $1) Common stock . Pay $7 Dividend— The Reserve 1 Patents—at nominal value... Note—No provision for taxes on undistributed profits has been made. To 6,550 28,250 7,500 Accrued taxes & other exps— 275,883 3,563 ... Property and equipment. $15.49 $118,639 payrolls and expenses.. $122,961 hand on payable for purchases, Accts. transit in Inventories $3,322,397 II".III share. 1937 Liabilities— Assets— and 11,117 $151,147 $0.50 $1) Consolidated Balance Sheet Oct. 31, Cash outstand¬ 1937 Earnings per share on 220,000 common shares (par $4,642,450 1,320,053 $15.28 prior preference stock. on $4,598,115 1,320,053 $228,265 66,000 Total Deferred charges. . $110,186 118,079 Dividends paid in cash on common stock Expenses incurred in connection with registration of ing common stock under Securities Act — Other assets . 20,250 8,000 Net profit Balance, earned surplus, at Nov. 1, 1936 Trade notes and accounts . 24 Additional provision for prior year Normal income tax for the current year Surtax on undistributed profits $7,565,185 110,400 42,366 ! Interest expense Loss on abandonment of $7,523,578 stock. $149,480 1,666 9,243 Total income $7,539,962 18,358 . common 15,716 Other income __ upcicti/xous $133,765 Operating profit (after eliminating inter-company transfers) General operating expenses goods sold Selling, shipping, service administrative & general expenses— 36,124 $2,994,932 $2,579,201 Earned surplus Total 88,808 37,358 — 1,199,609 1,095,663 1,003,042 — 1,008,427 463,004 290,960 ...82,994,932 $2,579,201 doubtful accounts of $37,500 in 1937 and $35,500 slow moving products, $188,513 ($215,743 in 1936). c After allowance for depreciation of $258,817 in 1937 and $154,367 in 1936. d Represented by 79,974 (73,044 in 1936) no par shares. a in After allowance for 1936. b After allowance for —V. 145, p. 3815. Financial 438 Dome Chronicle Eastern Mines, Ltd.—Production— Bullion production in 1937 reached a record high of $7,484,434 against $7,308,670 in 1936 and $6,925,284 in 1935. Last year the company milled a total of 576,300 tons and average recovery for the period was $12.99 per ton. In 1936 Dome treated 553,900 tons of ore with average recovery per ton of $13.17. December gold output was valued at $609,260 recovered from treatment of 48,900 tons of ore, recovery being $12.46 per ton against 48,200 tons for production of $612,625 indicating a recovery of $12.71 per ton in November. —V 145, p. 4115. _ Inquiry on Jan. 15, 1938 Utilities Asks Corp.—Government Investing Use of Assets—Has $3,460,059 Tax Claim— The Government requested a court investigation Jan. 10 of alleged wasting of the assets of the corporation, a subsidiary of the Associated Gas & Electric Co., according to press dispatches from Wilmington. Judge John P. Nields has set Jan. 26 for a hearing on the petition. Telling the U. 8. District Court that the remaining assets of the cor¬ poration were not sufficient to satisfy a $3,460,059 Federal tax claim, the Government asked the Court to subpoena numreous Associated Gas & Electric Co. officials and investment bankers. Dominion Bridge 1936 1937 Years End. Oct. 31— The Co., Ltd. (& Subs.)—Earnings1935 1934 *$885,179 19,071 $828,067 19,069 501,032 67,823 3,259 503,414 55,555 9,026 509,185 17,183 530,478 $660,661 616,741 $291,612 616,741 $235,233 616,741 $463,026 1,027,902 sur.$43,920 2,158,941 Shs.cap.stk.out.(nopar) 513,951 Earns .per sh.on cap.stk. $1.29 $325,129 2,115,021 513,951 $0.57 $381,508 2,440,150 513,951 $0.45 $564,876 2,821,659 513,951 .„_x$l,446,215 18,513 Total earnings Directors fees $1,030,836 if which said the in "valid successfully prosecuted, would claims result Res. for income taxes Depreciation — Dividends — Deficit Profit & loss surplus Includes profits $0.90 from contracts, interest and exchange and miscellaneous of $1,074,793 Consolidated Balance Sheet Oct. 31 1936 1937 Assets— $ Plant ... Due for work. rec.. inventories... Insurance, &c Shs. co. 3,625,825 34,783 1,402,642 752,671 2,019,699 84,150 40,084 Cash Bonds, Ac.. Deposits--... 1937 1936 8 $ IAabitilies— $ 8,891,057 2,626,353 530,244 2,761,519 4,552 1,960,462 1,140,393 3,165,105 103,864 Investments Accts. & bills 40,084 Capital stock.- .15,921,366 9,144,861 y 2,627,681 Reserves _ . Surplus... 408,974 15,921,366 1,181,358 1,181,358 2,158,941 2,115,021 154,185 154,185 841 3,565 481,754 206,654 1,322,464 561,945 . Divs. payable.... Bank loans. Reserve for taxes. Accounts payable . stock held for sale to empl. Total be pro¬ which, The petition charged that the Associated on the New York Curb Gas & Electric Co. had "manip¬ Exchange in 1929 and sold the ...21,223,633 20,141,3711 Total..- . , The petition charged also that the dissipation a market value of $84,000,000 on Dec. 31, from Aug. 31, 1936, has never been of the debtor s portfolio 1939, to $1,500,000 on explained." The Government alleged that Eastern ($287,019 in 1936), revenue from investments of $173,783 ($249,058 in 1936), profit on bonds sold of $197,639 ($149,103 in 1936), and transfer from operating reserve of $200,000. x would of action securities at inflated prices to Eastern Utilities, later buying the securities back at their deflated value and causing a loss to Eastern Utilities "in excess of $12,000,000." . x causes the . Net income income and in ulated" its stock 75,735 190,274 legal fees evidence believed Government would result recovery of additional assets of substantial value for the estate of the debtor (Eastern Utilities)." 20,149 and salaries Executive petition duced 21,223,633 20,141,371 Utilities was forced to lose another by the purchase from Associated Gas & Electric of shares Corp., another Associated Gas subsidiary. The names of persons who might be sued to recover some of the alleged losses were not mentioned, but the Government asked the Court to appoint a master to question the following officers and directors of Eastern Utilities and Associated Gas & Electric: Howard C. Hopson, G. A. Aronson, U. E. Beach, G. A. Brownback F. S. Burroughs, John M. Daly, Charles E. Dougherty, E. T. Edmonds, H. T. Webster, J. H. MacKenzie, John I. Mange, Joseph F. McKenna, Warren Partridge, S. C. Stackhouse, Daniel Starch, Dean C. Steele, and Henry A. Stix. The Government suggested also that officers and employees of the investment companies of Harris, Forbes & Co.; Halsey, Stuart & Co., $12,000,000 in the General Gas & Electric and the New York Trust Co. be questioned. Eastern Utilities is in the process of reorganization of the Federal Bankruptcy Act. under Section 77-B The petition was signed by John J. Morris, United States Attorney for the District of Delaware.—V. 143, p. 4152. Eastman Kodak Co.—Par Value Increased— Directors on Jan. 10 adopted resolutions increasing the stated value of out¬ standing common stock to $40 a share from $10 and transferring from surplus to capital account $67,527,630, or $30 a common share. The purpose of this restatement, the company declared is to more nearly reflect on the books and balance sheet of Kodak the amount of capital permanently employed in the business.—Y. 145, p. 3195.. x After reserve for depreciation of $7,391,513 In 1937 and $6,928,706 in 1936. y Represented by 513,951 no par shares.—V. 144, p. 449. Easy Washing Machine Co., Ltd.—70-Cent Pref. IHv.— The directors have declared Dominion Stores, Ltd.—Sales— Period End. Dec. 31— Sales x of accumulations 1937—5 Wks.—xl936 $1,979,179 1937—53 Whs.—x!936 $1,658,053 $19,838,336 $19,434,891 Represents four and 52 weeks ended Dec. 26, 1936.—V. 145, p. John K. Northrop, Vice-President in charge of the Northrop division, No changes in the Northrop division are contemplated. Manager, will continue in that capacity. resigned. E. R. Doak, who has been General —V. 145, p. 3495. Dow Chemical on a dividend of 70 cents per share on account the 7% pref. stock, payable Feb. 1 to holders of record Dividends of 35 cents this latter 3815. Douglas Aircraft Co., Inc.—Vice-President Resigned— has Jan. 15. were Ebasco Co.—Subscription Agent— on on Oct. 1 and on March 1, 1937, the stock.—V. 145, p. 2072. Services, Inc.—Weekly Input— For the week ended Jan. 6, 1938, 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., compared with the corresponding week during 1937, was as follows; as "Decrease Operating Subsidiaries of— Guaranty Trust Co. of New York, as agent of the company, is accepting in New York subscriptions to the shares of 5% cumulative preferred stock of that company. The subscription privilege expires at 2:30 p. m., Jan. 12, 1938.—V. 146, p. 106. paid being the initial distribution 1938 1937 American Power & Light Co 101,351,000 Electric Power & Light Corp... 45,698,000 National Power & —V. 146, p. Light Co 72,648,000 Amount 104,053,000 49,765,000 76,089,000 2,702,000 4,067,000 3,441,000 2% 8.2 4.5 276. Electric Railway Equipment Securities Corp.—New Director— (Allen B.) Dp Mont Laboratories, Inc.—Offering— Public offering of 20,000 shares of common stock ($1 par) is expected to be made shortly by Schatzkin, Loewi & Co. to provide new capital for plant expansion and other corporate purposes. The registration statement recently filed by the company with the Securities and Exchange Commission has become effective.—V. 145, p. 3972. (E. I.) du Pont de Nemours $38,000,000 Outlay—Earns $7 Lammont du Pont, President, & Co., Inc.—Planning Share for 1937— per told the Senate Committee on Unem¬ ployment Jan. 10 that the corporation was planning to spend $38,000,000 on new construction this year despite its estimate of probable decline of 23% in its sales during the next six months. At the same time he said that he could not share the opinion of other witnesses who had expressed the view that there would be an upturn in business in the spring. Mr. du Pont had previously estimated that corporation's earnings for 1937 were about $7 a share on the common stock, as compared with about $6 in 1936.—V. 145, p. 3344. Durant, Inc.—Hearing Postponement Granted— The Mass. P. U. Commission has the request granted Durant, Inc., and Durant Campaigns, Inc., for of counsel for postponement of hearing scheduled for Jan. 13 on appeal from order of the Securities Division, which barred the sale in Massachusetts of securities of Durant, Inc. Reason given by John C. Hull, counsel for the petitioners, was the unavoidable absence from the State of the treasurer of one of the corporations, who is a material a witness—V. 145, p. 4115. Duro-Test December sales according to Corp.—Operations— were President. "We have secured the latest type of mechanical equipment," Mr. Bilofsky explained, "in order that the productivity of our plant will be able to keep up with the demands being made upon it by an unprecedented number of orders. This improvement in our manufacturing division is in line with our program of gradual expansion, announced when we moved into our new ?lant lamps, a total of 80,000 each day,output of 40,000 additional Duroest last June. It will assure a daily of all sizes, shapes and wattage, steadily growing clientele."—V. 145, p. 4115. Dwight Mfg. Co.—Earnings— Earnings for the 12 Months Ended , Manufacturing profits, before deprec. or income tax provision Federal andd State income tax provision Net operating profitper share on $872,265 136,113 114,500 $621.652 $2.59 capital stock Note—During the past 12 months company yards of cloth, and sold 59,462,603 yards. manufactured 68,014,331 Assets— 1937 Cash In secur. 852,501 1,834,227 1,229,963 taxes custody court $916,760 430,963 Inventories Social 1936 $633,740 _ 1937 Social secur. 1936 $205,970 $162,391 124,533 52,766 taxes 20,866 ... Res. for inc. taxes. 216,390 152,602 20,866 Res. for conting.. 144,500 163,014 Capital stock Capital surplus... 3,000.000 3,000,000 639,399 1,029,035 1.070,221 58,357 61,106 Real est. & mach., less deprec'n 2,402,540 1,857,849 $5,359,827 $4,939,045 -V. 145, p. 2843. stock of L. board Andrews of and directors.— Offered—Public offer¬ prospectus of 212,754 shares of common announced Jan. 13 by Van Alstyne, Noel & Co., means was a New York, and Taussig, Day & Co., St. Louis. The shares being offered at the current market price, which at present is approximately $6 per share. Of the present offering, 39,986 and 77,754 shares were purchased by the are underwriters from the company on Sept. 20 and Dec. 7, 1937, respectively, the proceeds being used for additional working capital, and the remaining 95,014 shares are under option from an estate. Pursuant to the underwriting agreement dated June 11, 1937 and the modified underwriting agreement dated Dec. 7, 1937, the underwriters have severally purchased from the company an aggregate of 117,742 shares of stock (par $4), and paid therefor a total of $763,658 or an average $6,485 per share. In addition, pursuant to their preemptive rights common of certain stockholders purchased from the company 28 shares at $9,375 per or a total of $262.50. This makes the total number of shares sold share by the company 117,770 for an aggregate consideration of $763,920 or the equivalent of $6,486 per share. Of the 117,742 shares sold by the company the underwriters, 39,988 shares were purchased at the price of $9,375 per share, or $374,887.50, and are covered by a registration statement with the Securities and Exchange Commission on or about May 1, 1937, and the amendments thereto. The remaining 77,754 shares were purchased by the underwriters from the company at $5 per share or a total of $388,770 and are covered by a registration statement filed with the SEC on or about Dec. 22, 1937. In consideration, among other things, of the purchase by Van Alstyne, Noel & Co. from them, on Dec. 7, 1937, of 4,000 shares of common stock at $5 per share, certain selling shareholders have given Van Alstyne, Noel & Co. an option to purchase 131,000 additional shares at a price which, including the 4,000 shares purchased, will average $6 per share provided the shares are purchased at the minimum prices within the specified times and will increase in the event they are not so purchased. General Note—Of the above-mentioned 252,742 shares purchased or purchasable by the underwriters from the company or the selling share¬ holders, 175,230 thereof are presently represented by voting trust cer¬ tificates, and until the termination of the voting trust agreement, the shares are being offered in the form of voting trust certificates by a separate York, N. Y., and First National Bank in St. Louis, St. Louis, Mo. Company has agreed to make application to list its common shares the New York Curb of the underwriters. Total... ... Exchange at time within Company c& Business—Company, incorp. 1890, is on one year upon request one of the large manu¬ of electric fans and electric motors. (Company should not be confused with a company of similar name engaged in the manufacturing of radios.) Chicago—branch offices in Detroit, Dallas, Cincinnati, and Davenport, Iowa. A very substantial share of the entire output of electric fans is sold through approximately 175 electrical and hardware wholesalers, located in important jobbing centers throughout the United States. Company makes electric motors ranging in size from 1-200 h.p. to 5 h, p.. air conditioning units, electric refrigerators, oil burners, washing ma¬ chines and many other motor driven machines and appliances 'or domestic and commercial use. for Capitalization (Outstanding) 7% preferred stock ($100 par) Common stock ($4 par). - any facturers 317,185 Earned surplus (contra) Deferred charges Total IAabilities— Accounts payable. Accrued Items due (contra) of __ Emerson Electric Mfg. Co.—Stock ing by II. Company owns two owned and one leased manufacturing plants, with approximately 350,000 square feet of floor space, located in St. Louis, Mo. Warehouses and offices are located in St. Louis, New York and Comparative Balance Sheet Nov. 30 Accts. receivable. Hardy, President, announced that been elected members of the prospectus. Transfer Agents: Bank of The Manhattan Co., New York, and St. Louis Union Trust Co., St. Louis, Mo. Registrars: Chase National Bank, New Nov. 30, 1937 Depreciation Earnings J. W. Lyons have 142, p. 1119. filed 10% higher than those for the same month in 1936, issued on Jan. 10 by Maxwell M. Bilofsky, Effective immediately, Mr. Bilofsky said, the North Bergen production plant will begin to install new high-speed equipment which will assure an additional production of 40,000 incandescent lamps a day. It will also provide work for 100 more employees, he declared. necessary to supply a V. to statement a Charles L. _....$5,359,827 $4,939,045 * A special 1 8,831 shs. *350,000 shs. meeting of stockholders has been called to be held Feb. 8, 1938 to approve, among other things, increasing the number of authorized common Financial 146• Volume shares to Endicott Johnson Corp .—Earnings— 500,000 and the issuance out of such increase of an shares share. additipnal 37,770 shares of common stock to replace a like number of borrowed by the company to sell to the underwriters at $5 per When this is done the outstanding shares will be 387,770. Consolidated Income Account for Years Income Account Years Ended. Sept. 30 less 1935 1936 1937 sales, $2,776,121 517,896 535,779 $279,616 5,034 $737,342 1,416 loss$17,882 16,743 $19,572 3,650 . .. Other income 482,639 463,066 Gross income During the 70-day strike. 25,431 pref. divs. 70 pref. divs. 85,209 a$157,380 loss$14,976 $3,510 Adjust, such time. Underwriters—The original underwriter was Van Alstyne, Noel & Co., Bonner & Bonner Inc. assigned all of its agreement to Van Alstyne, Noel & Co, Thereafter, and under date of Dec. 7, 1937, a modified underwriting agree¬ ment was entered into between the company, Van Alstyne, Noel & Co., Fenner & Beane Corp. and Taussig, Day & Co., Inc.,Emily L. Parker and Consolidated Balance Sheet Nov. 30 x Inventories 9,238,110 70,290 129,788 272,053 320,587 272,053 Notes 292,106 Accts. 2,182,933 2,027,296 17,532 Due employees un¬ 2,979,329 156,179 Reserve for taxes.. Prepd. taxes & ins. Workers' houses.- Sundry debtors.64,870 164,474 Misc. other assets. Deferred charges Total Share Purchased 41,469shs. 62,797 shs. 31,397 shs. 23,548 shs. 20,734 shs. 15,551 shs. 44,532,916 42,434,2471 r1 Total income $30,850,151 46,195 May SI '37 Federal Light & Traction Co. (& Subs.)—Earnings— 1937 1936 1935 1934 $9,339,413 $8,626,134 $7,762,158 $7,099,377 Years End. Sept. ZD— Gross operating revenue. Operating exps., maint., taxes (incl. prov. for est. Fed'l inc. tax)— x6,109,549 $3,229,864 $1,190,134 $2,679,753 $1,489,619 Other income. ,■ Int., discount and other charges of subs Pref. divs. of subs. which would result from the realization of 69,000 69,000 $2,610,753 $1,420,619 at Nov. 30, 1937 is before deducting shrinkage of $8,552 below contract price of a security purchased on a "when issued" basis when priced at market quotation at that date. Net loss of $51,411 on sales of investments during the 6 months ended Nov. 30, 1937, based on average cost was charged to profit and loss reserve. provision has been made for Federal surtax on undistributed net income for the six months ended Nov. 30, 1937 which may be payable under thelRevenue Act of 1936, since any liability for such tax cannot be deter¬ mined until the end of the company's fiscal year. No Liabilities— $38,891 Accts. pay. & accrued expenses 1,530,945 Prov. for Fed. inc. taxes & for contingencies Notes receivable 30,324 Divs. rec. & interest accrued.17,509 Capital stock (par $1) Unimproved real estate, at cost 10,176 Capital surplus... other charges & Int. Net income.- Cons, Min. int. $2,908,508 $2,579,649 $2,291,350 profl49 2,233 2,981 $2,908,359 $2,581,881 $2,294,332 713,882 717,005 794,568 868,734 583,971 442,848 469,974 — $1,451,896 $1,607,383 $1,344,465 $955,623 6,509,896 6,033,520 5,407,715 in deficit of a Dr42,278 45,482 43,250 40,268 $8,162,761 $7,421,235 $6,403,607 Ur6"68",056 Cr514~,746 16,657 J>582,956 Dr60,593 266,244 266",244 266",244 266",244 $7,805,657 $8,411,263 $6,555,378 $6,076,770 30, consol- sub. at Sept. 469,923 130,855 Def. of Surplus adjustments 441,835 Miscell. debits a 1934 not prev. y2,417,037 Preferred dividends 7>r49,965 "when issued" basis when priced at Federal surtax on undistributed net under deter¬ earned at Sept. $1,627,845 shrinkage of $8,552 below contract 6 months ended Nov. 30, 1937 which may be payable of 1936,'since any liability for suchftax cannot be mined until the end of the company's fiscal year.—V. 145, p. 2843 435,000 188,969 $9,820,881 Cons, income for the 432,611 187,201 29,927 Cost of 9,941 shs. of cap. stk. the Revenue Act 433,651 185,541 earned surplus at Earned surplus ..J price of a security purchased on a market quotation at that date. No provision has been made for 448,446 185,108 as determined by cos 593,293 Total $2,915,321 of Fed'l Lt. & Trac. Co. Provision for deprec. Profit and loss reserve .$1,627,8451 $3,199,461 $11,978 ... Notes—At Nov. 30, 1937 there was a 132,310 $3,527,700 1 Investments, at average cost-. in treasury $2,783,010 101,044 Proportion of net loss of a sub. applicable to minority interest 30,1937 Cash in bks. & due from broker $3,098,417 107,823 582,574 Decrease Provision for the normal Fed. $3,419,876 152,043 before • $1,338,342 151,277 4,316,366 $2,748,352 rev. 4,663,741 $2,748,352 oper. 5,206,258 $3,381,907 Net or $2,121,764 557,989 x$l,190,134 $2,469,359 8,411,263 Increase 406,712 indicated net appreciation of inv__ ... —V. 145, p. 2844. -$441,835 Note—At Nov. 30, 1937 the indicated net unrealized appreciation of in¬ vestments priced at market quotations or at amount at which appraised by the Board of Directors was $1,420,618 less than the comparable net unrealized appreciation of investments at May 31, 1937 as follows. '37 $3,176,359 707,000 profit Final consolidated net Balance, Nov. 30, 1937 $783,422 163,103 Provision for Federal taxes $488,029 Appreciation at— 26,687,746 890,315 258,833 $3,013,256 Municipal Acceptance Corp Consolidated net profit before Federal taxes $64,593 Nov. 18 1937 — — — Balance of income Net income 423,436 Total . — for depreciation Interest—debenture bonds 1,600 Net income administrative and general expense, less Provision 7,270 4,300 Balance, May 31, 1937 Total.... Subs.)—Earnings— for 12 Months Ended June SO, 1937 miscellaneous income $77,763 Operating expenses. Federal capital stock and miscellaneous taxes Provision for normal Federal income tax Nov. 30 6,098*998 44,532,916 42,434,247 Total Fairbanks, Morse & Co. (& $59,399 18,364 Assets— 80,000 y225,515 5,884,989 After reserve for depreciation Cost of sales, selling, Interest Dividends Balance Sheet Nov. 606,596 Net sales the 6 Months Ended Nov. 30, 1937 x'The indicated net appreciation 862,239 331,783 other of $15,724,970 in 1937 and $14,938,475 in 1936. y Includes $40,255 for market decline on hide commitments. —V. 145, p.1900. x Income Account inc. tax on the taxable profit for contingencies 725,450 — 908,045 der plan Reserve Current surplus.— Total at $5 per Share 21,328shs. 10,663 shs. 7,997 shs. Based on market quotations Based on apprais. by Bd. of Directors 1,159,886 3,000,000 2,438,140 Misc. reserve Equity Shares, Inc.—Report— Deduct 3,148,112 Cash... Purchased $9,375 —Net 1,124,827 6,450,000 payable payable.... 1,676,164 to fixed prices.. com¬ pensation insur. —V. 146, p. 276. Dividend paid on capital stock, of normal Invent, follows: Purchased Earned Surplus Account for reduction 8,059,100 Workmen's Dec. 7, 1937, purchased fronj the company and paid for an aggregate of 77,754 shares at $5 per share. The shares respectively purchased by the underwriters, severally, from the —------ for 250.000 250,000 compensation.. Res. less reserve.-.— writing agreement the underwriters, on Alstyne, Noel & Co..... Sundry creditors.. Res. for workmen's Due from empl.— purchased from the company and paid for an aggregate of 39,986 shares at $9,375 per share and subsequently purchased from the company and paid for two additional shares at the same price, and under said modified under¬ 20,268,000 364,387 107,523 Common stock ...20,268,000 Accts. & notes rec., 80,000 shares as were not purchased by stockholders pursuant to their pre¬ emptive rights, and provided in lieu thereof that the underwriters, simul¬ taneously with the execution and delivery of the agreement, would purchase an aggregate of 77,754 shares at $5 per share. Under said underwriting agreement the underwriters, on Sept. 20, 1937, Fenner & Beane Corp 1 1 21,539,858 18,271,890 Goodwill amounting to 39,984 shares, of the commitments made in the underwriting agreement by the underwriters to purchase such number of 7,306,000 7,306,000 5% pref. stock 8,324,512 $ $ Liabilities— 8,710,638 1936 1937 1936 $ Land, bldgs.,ma¬ chinery, &c balance, Taussie. Day <fe Co., Inc.. ► 1937 deceased, Emily L. Parker and Herbert L. Parker Jr. This modified underwriting agreement, among other things, released the obligations of the underwriters to purchase from the company at $9,375 per share, the Van $542,455 4,494,433 — Assets— under the will of Herbert L. Parker, per 1,216", 080 $492,188 4,509,190 $4,509,190 $4,551,378 $6,098,998 $5,884,989 405,360 $4.34 .91 $4.21 $2.85 $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 on undistributed profits, h Settlement of litigation, and provision, for additional assessments of Federal income taxes, both applicable to prior years. General corporate purposes, incl. additional working capital._ 366,864 one-half of unpaid balances of these bonuses, plus bonuses payable for fiscal year ended Sept. 30, 1937, amount¬ ing to $38,518, will be due and payable Jan. 15, 1938, and may or may not be paid out of any portion of net proceeds which may still be on hand at Underwriters— 1,216",080 e837,051 d2,853,157 —— Earns, persh. on shs. com. (par The remaining at $2,167,678 409,143 %55,001,378 Total surplus %55,036,888 $6,038,334 $8,608,798 Appropriations for red. $527,698 450,000 of pref. stock, &c Settlem't of litigat'n, &c Hl53~,346 Prem. paid on red. of 7 % $1,461,200 pref. stock f1,048,600 Appropriation for reserve amounting to $38,518, under these two agreements were as $2,117,404 409,136 841,084 49,193 to prior Misc. credit • company, applic. years— by this (3) St. Louis Union Trust Co., as trustees 644",574 66,004 50,990 2,325 446,789 6,098,998 Previous surplus fiscal year ended Sept. 30, 1937, company experienced a Company has filed claims against various insurance com¬ In.., New York. Subsequent to July 27, 1937, interest under the underwriting 84,146 def $60,664 caused by the strike amounted to, as computed for the purpose of such claims. The management, however, does not wish to convey the idea that there is a probability of recovering this loss from the insurance companies. Application of Proceeds—From the sale of 117,770 shares of common stock:, whether to its stockholders or to the underwriters, the company has received the gross sum of $763,920, less expenses attendant upon the offering, estimated to be in the amount of $47,384, leaving approximately net to the company $716,535. Company has utilized or intends to utilize said proceeds as provided under the terms of the underwriting agreement, approximately as follows: (1) Company has paid in full all arrears in dividends on the pref. stock and the quarterly div. for the period ending Sept. 30, 1937_$293,631 (2) Company paid one-half of the unpaid balances on Sept. 30, 1937, of bonuses payable to officers and department heads earned prior to fiscal year ended Sept. 30, 1937 (approximately).x56,041 x 365,306 1,216,080 $458,845 $3,574,870 $367,212 4,551,378 gl58,229 7* 157,605 panies for approximately $243,400 for loss and damage occasioned strike, and this is evidence of what the management feels the loss b _ 133,632 $3,568,624 673,306 19,712 _ Net income. charges. Provision for taxes 23,222 lossl,138 13,837 121,744 21,864 $1,520,716 38,517 income tax a $738,759 37,100 $284,650 63,319 — — deductions Bonus payable to officers and department heads Prov. for Fed. & State 7,160 Prov. for doubtful accts. 168,256 $1,974,834 c269,775 121,767 1,216,080 1,061,385 Depreciation Interest charges, net Miscellaneous Income $2,891,098 Total income $3,441,238 $3,400,368 $3,320,226 657,873 116,674 76,676 22,929 471,239 215,791 Miscellaneous income $1,921,705 $3,191,016 129,210 $2,675,307 Net operating income. $5,441,322 1,478,934 741,592 &c Income from oper_ Sales 1934 allow¬ a$5,038,384 Gross profit from oper__ 1,053,024 Sell., gen. & adm. exp__ 773,407 ances, Ended Nov. 30 1937 1936 1935 1934 $67,134,962 $61,570,964 $58,328,339 $56,248,314 b Cost of sales and exps. 64,459,655 58,379,948 54,927,971 52,807,076 a Gross 439 Chronicle 30 surplus pronts. profits. y Includes loss inciuaes loss land and water rights in the State of Washington $1,490,039, loss on investment in street railway properties in Springfield, Missouri (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. 145, p. 3972. x on Includes 5240,8/1 Tor surtax on undistributed $240,871 for unaisiriDutea investment in 440 Financial Farr Alpaca Ford Co.—Offer to Stockholders— Holders of large blocks of stock of the company have received a letter a New York Investment house which represents an unnamed individual who is trying to acquire 3,000 shares of the company's stock, and is offering from an option of $7.50 a share, the option to expire March 12. The present present market price is around $6. The letter, which is signed by Thomas E. Kenney, of R. F. Weeks Co., 150 Pine St., New York, says in part: "Our party has asked us to secure tenders of 3,000 shares. He will take such stock as it is tendered at a satisfactory price. Tenders must be sub¬ mitted in writing, stating number of shares and lowest price acceptable and must remain in force through the close of business on March 12, 1938, unless Ruddon, Vice-President and General Manager, has been of the company, replacing M. L. Pulcher, resigned. President —V. 145, p. 1257. Federated Department Stores, Inc.—Dividend Halved— The directors declared have a dividend of 25 cents share on the common stock, no par value, payable Jan. 29 to holders of record Jan. 19. Four dividends of 50 cents per share each were paid during 1937 and on Dec. 17, 1936: 35 cents paid on Oct. three per York New T<i-X0S Fiberloid 1934 $280,131 21.462 602 337 z6~665 144,294 y5,100 183,972 1,400 243,243 637,739 67,744 $10,049 619,146 9,325 $18,570 382,112 221,673 $13,688 238,778 138,942 $708,751 '' 'aimmmm m mm mmm $638,520 782 $622,355 3,209 $391,408 9,296 $637,739 $619,146 $382,112 ' m m* m Directors'fees Profit for year m $3,269 bonds pur- on cos. m *5,070 139,976 Surplus brought forward Total surplus Prior year adjustments. _ Surp. carried forward- $708,751 Includes $16,112 premium earned on exchange of French francs in 1937, $49,739 in 1936, $61,629 in 1935 and $58,245 in 1934. y Includes executive salaries, z Includes executive salaries and legal fees. x Balance Sheet Oct. 31 1937 Assets— 1936 $ 9,722,420 Cash & call loans.. 210,071 10,397,765 183,715 rec. 31,863 25,571 accounts. 2,067 2,265 dlvs. Fifth Madison 145, Rents 2,135,500 53,388 2,362,000 3,347 3,795 59,050 & liabilities 4,027 Investment 25 415,892 reserve 415,892 6% curnul. partic. estimated. _ $386,089 59,950 16,168 ; 2,608 $513,257 95,173 54,720 Total 1936 $394,158 97,974 18,352 2,774 Miscellaneous 145,516 1,500,000 630,816 708,751 637,739 9,966,420 10,609,316 pref. stock x 1937 ________ 5,000.000 1,500,000 Earned Sale of securities 5,000,000 Common stock.. Distributable surp. ' tax reserve, payable Prov. inc. taxes- Pa.—Earnings— Operating expenses Capital stock and income Bond int. accrued. Res. for Dom, and Corp.—Registers with SEC—- Years Ended Dec. 31— Interest and dividends. A, accrd. See list given on first page of this department. Finance Co. of ser. $ 6% bonds, Accts. 1936 $ trust due 1949 2546. p. 1st coll. and other accts, Prepaid Liabilities— Corp.—Acquired hy Monsanto Chemical— See Monsanto Chemical Co., below.—V. 1937 $ Invests, at bk. val. Corp.—Application Approved— Exchange has approved the application of the company to list 1,500 additional shares of capital stock, par $1, upon official notice of issuance.—V. 145, p. 4116. 1935 $221,561 13,317 Interest , Curb 1936 $175,074 14,731 16,977 Expenses Accrued Ferro Enamel 1937 $165,291 Revenue 1, 1936; 25 cents paid in each of the and including Oct. 1, 1935. In addition a special dividend of 15 cents was paid on Oct. 1, 1937, and extras of 10 cents per share were paid in each quarter of 1935 and 1934.—V. 144, p. 4005. The (Detroit)—1937 Production— Foreign Power Securities Corp., Ltd.—Earningsx preceding quarters, and 15 cents paid each three months from July 1, 1932, to Co. production of the Ford Motor Co. in 1937 totaled 1,314,369 compared with 1,194,800 in 1936 and 1,335,865 in 1935. Of the 1937 output, 1,027,701 units were produced and assembled in the United States. Canadian production and assemblies in the British dominions and other territories accounted for 78,874 units. The balance of 207,794 was produced or assembled abroad in Europe, Asia and Latin America. During the last 10 years the 1937 total was exceeded only in 1935, 1930, and 1929—V. 145, p. 3008. Disc, Federal Motor Truck Co.—New President— Raymond W. Motor 1938 15, as Years End. Oct. 31— prepared to pay for all stock purchased at the purchase price, net to the holder, no commission charge. The seller will, of course, have to pay State and Federal tax charges of 7 cents per share. r'Using the current quotation as a basis for an estimate, we conclude that our party will have to pay an average cost of $7.50 per share to secure the desired amount of stock. We do not guarantee that all tenders at or below this figure will be accepted, but merely mention it so as to give you some idea of what price you can reasonably expect to secure."—V. 145, p. 2073. are elected Jan. World units, have sent notifications of acceptance prior to this date. we "We Chronicle $464,814 96,007 36,720 Profit $363,364 *$332,087 Applied as follows: Dividends, $232,000; depreciation $48,990; un¬ divided profit, $82,374 ($51,096 in 1936). x Tota 9,966,420 10,609,316 surplus... Tota Represented by 125,000 no par shares. on quoted market prices (and including $390,035 cost unquoted foreign securities). Investments at Oct. 31, 1937, had, exchange rates of that date, a value of $2,613,730. —V. 144, p. 451. x Note—Based value of in Canadian currency at Franklin Fire Insurance Co.—Extra Dividend— The directors have declared addition to common stock, the Similar amounts p. an extra dividend of 10 cents per share in regular quarterly dividend of 25 cents per share on the $5, both payable Feb. 1 to holders of record Jan. 20. were paid in each of the four preceding quarters.—V. 145, par 2546. Balance Sheet Dec. 31 1937 1936 Resources— 1937 $ Liabilities— Cash in office and $ $ Capital stock depos. In banks- 994,287 779,956 Time and demand 2,320,000 2,320,000 Surplus 6,900,000 6,900,000 361,020 348,915 600,000 456,500 743,743 4,770,228 Bonds and mtges. 135,625 4,770,228 136,350 Stocks and bonds. Fixtures 5,628,234 5,392,188 27,497 50,859 Special reserve for real estate Res. for depree... Reserve for taxes. 931,556 110,179 Deposits 816,476 693,350 47,523 Dividends unpaid. 58,058 58,003 40,879 49,052 Sundry 6,822 16,345 11,946,536 _ Sundry 144, p. ____ 882,566 Under Total. 12,104,109 11,946,536 450. a Oct. Profit Other income $302,323 Dr2,561 $207,299 2,381 loss$80,865 ZM6.325 $299,762 63,600 $209,680 46,375 loss$97,190 $236,162 329,125 $163,305 187,806 32,078 loss$97,190 382,830 1,404 8,129 1,797 $566,691 $391,318 I 24,442 $287,437 18,490 11,721 Profit Provision for taxes Net income Earned surplus Adjustment process taxes Miscellaneous adjustments Total surplus Adjustment of inventory Amort, of reorganization expense Miscellaneous deductions Preferred dividends. Common dividends. Earned surplus Earns, per sh. on 15,561 shs. stock (par $100) Sept. 26 '36 Sept. 28 '35 $314,549 $23,459 107,250 104,324 2,424 Oct. 2 '37 hand $92,585 ... Marketable Sept. 26 '36 $179,869 selling agent, open acct. Accts. rec., empl. dealers in to the United States dep. 239,493 645,258 12,632 Invest., retlre.of pref.stk Bal. In closed bks. & State inc. 1,556,100 Dr6,336 Dr28,793 46,075 556,800 5,850 329,125 at June Total February _ April May 2 1,434,371 ... June July August September October 5,560 __ November December. Total 13,552 18,093 18,093 $2,560,367 $2,566,468 1 Total $2,560,367 $2,566,468 After allowance for depreciation of $1,962,833 in 1937 and $1,851,652 1936.—V. 144, p. 451. x 1,715.688 1,240.447 1936 1935 1934 102,034 96,134 181,782 200,117 195.628 189,756 163,459 133,804 85,201 44,274 155,552 173,472 54.105 77.297 126,691 143,909 109,051 137,782 108,645 127,346 66,547 68,566 136,589 122,198 23,438 58,911 98,174 106,349 95,253 112,847 101,243 86,258 71,648 69,090 62,752 41,530 1,594,215 March.. April May March 63,600 533,400 1,556,100 6,793 340,659 Real est. not used in operations 2,037,690 1,720.213 1,278,996 927,493 1937 taxes Treasury stock cost 10,388 1934 62,506 100.848 153,250 153,954 132,837 146,881 134,324 109,278 71,888 72,050 61,037 41,594 1937 February.. January.. & in progress 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 Sales to Dealers in United States 9,219 for totaled 92,998 51,600 196,095 198,146 178,521 153,866 163,818 156,322 88,564 107,216 117,387 89,682 January October Divs. pay. on pref. Pro v. States 1936 158,572 144,874 196,721 229,467 222,603 217,931 204,693 121,943 19,288 90,764 191,720 239,114 805 Earned surplus 2 United Sales to Consumers in United States Soc. 500 1,712,735 work Total 59,301 under Common stock... Capital surplus 5,568 the $32,791 2 equip., at cost Construe, December. 47,658 11,959 book in United States and Canada Plus Overseas Shipments 82,317 October— November. $17,688 held 500 at dealers 2,116,897 July August September. November. December. Oct. & Fed. surtax.. Pref. stk. 7% cum. amount to 166,939 195,136 160,444 April May Sept. 26'36 Liabilities— Accounts payable. Accrued expenses. 230,672 Sink, fund rash for cars 103,668 74,567 260,965 238,377 216,654 203,139 226,681 188,010 June '37 Sheet 12,743 prepaid taxes Motors July August September. Balance 453,285 Unexpired lnsur. & the United States totaled were March Nil Fed. 8,200 to consumers in December, January February.. $187,805 stock wth broker Inventories cars compared with 197,065 in December a year ago. 153,184. Sales for 1937 totaled 1,680,024, only slightly less than sales of 1,682,594 in 1936. — $8.06 Security Act 6,776 miscell General in $329,125 31,122 Empl.' taxes with¬ 14,000 from of $12.81 sees, at cost Sales 108,232 Sales in November $340,659 38",299 [After giving effect to dissolution of American Spinning Co •] Assets— n cars of 3.9%. 37,751 common Cash In banks and Total Notors 89,682 in December, compared with 173,472 in December a year ago. Sales in November were 117,387. Sales for 1937 totaled 1,594,215, compared with 1,720,213 in 1936. a decrease of 7.3%. 36,876 186,732 Comparative Plant of General com¬ together with shipments overseas, totaled 160,444, compared 239,114 in December a year ago. Sales in November were 195,136. Sales for 1937 totaled 2,116,897, compared with 2,037,690 in 1936, an in¬ 1937 Operating profit Depreciation. 2, '37 $418,287 115,964 x December sales Total Sales to Dealers in Florence Mills Co .-—Earnings— Years Ended— Margin Motors Corp.—December Car Sales—The Jan. 8 released the following statement: and Canada, crease Co.—Options— resolution adopted by directors of the company certain officers and employees as of Dec. 1, 1937, were granted the option of buying 1,600 shares of stock at $18 a share. As of Dec. 1 last, I. J. Harvey Jr., President of the company, had not exsrcised his option to purchase any or all of 2,500 shares of Flintkote at $45 a share. This option was granted April 1, 1936 and expires on March 31, 1938.—V. i45. p. 3195. and General pany on Sales of General Motors Flintkote Due Inc. (motor Wood, Inc., shipped more boats during 1937 than in any previous year, and orders on hand for spring delivery are the largest on record. —V. 145, p. 3345. with Total on Industries, Inc.—Acquisition— Gar 127,358 27,497 12,104,109 Accrued Interest. Gar Wood This company has acquired the entire assets of Gar Wood, boat builders) located in Marysville, Mich. 600,000 Undivided profits. loans Real estate -V. 1936 1936 70,901 49,674 216,606 180,085 199,532 162,390 187,869 157,000 58,181 136,370 153,184 108,232 131,134 116,762 162,418 187,119 194,695 186,146 177,436 99,775 4,669 69,334 156,041 197,065 75,727 92,907 132,622 105,159 152,946 150,863 139,121 103,098 22,986 97,746 148,849 150,010 1,682,594 1,370,934 1,680.024 1935 1934 46,190 80,222 119,858 103.844 121,964 118,789 107,554 87,429 53,738 50,514 39,048 28,344 959,494 Unit sales of Chevrolet, Pontiac, Oldsmobile, Buick, I a Salle and Oadillac are included in the above figures. passenger and commercial cars Price of New Cadillac Announced— The Cadillac 60, production plans for which were announced at the New York auto show last fall, is based at $1,695 for the coupe, as compared with $2,085 for the Cadillac 60 special sedan, the company's next lowest priced senior car, and with $1,295 for the company's LaSalle coupe. Prices are for cars delivered in Detroit and include all charges except sales tax. Volume Financial 146 The 60 is powered a V-8 motor and its appearance is similar to that of It is intended to bridge the price gap between the LaSalles and the senior line.—V. 146, p. 278. General American Investors Co., Inc.—Annual Report in part: the net assets applicable to the outstanding $12,109,258; this amount is exclusive of $199,725 paid for 2,000 shares of preferred stock (purchased for the sinking fund and retired), but after $791,250 for interest on the debentures and dividends on the The decrease for the year in was preferred stock. Unrealized depreciation in the value of securities owned as of Dec. 31, 1937, as compared with cost, was $954,297 as against unrealized appre¬ ciation as of Dec. 31, 1936 of $14,421,055; the depreciation during the was thus $15,375,352. From the there was deducted $2,898,600 for taxes year appreciation as of Dec. 31,'1936 (other than the excess profits tax undistributed profits), which would have been payable if the entire appreciation as of that date had been realized; the net decrease in assets resulting from the depreciation in the value of securities was thus $12,476,753. There was also a net loss of $738 on securities sold. These decreases in assets were reduced by undistributed income for the period and surtax on (less minor adjustments) to the above mentioned net amount of $12,109,258. As of Dec. 31, 1937 company had in cash $4,152,715. Valuing securities, as heretofore, at bid prices, the net assets of company as of Dec. 31, 1937 applicable to its outstanding securities were $24,727,698. This amount is equivalent to $3,746.62 per $1,000 of debentures, or, after providing for the debentures, $238.52 per share of preferred stock. On the same basis, the net asset value per share of common stock was $8.09. The amount as of Dec. 31, 1936 (without giving effect to the possible exercise of the out¬ standing warrants as set forth on the balance sheet) was $17.41. Income Account for Calendar Years 1937 Dividends Interest on stocks 58,602 1934 1935 1936 y$809,947 $832,721. 25,495 z$l ,482,197 z$l ,552,973 bonds on 37,068 21,410 1,256 Interest on deps., &c Syndicate in compens. 14,186 respect of loan Net profit on commodity transactions Interest $1,540,800 330,000 $1,590,042 330,000 $858,217 330,000 $843,944 330,000 7,920 191,428 _ 7,920 134,304 7,920 57,906 7,920 45,577 44,765 137,942 37,827 114,935 $935,110 debentures .custody of sec., auditing and legal Other expenses Net inc. for year of Aggreg. Including z Gibbs & loss$739 $24,127 d$434,946 d$629,085 a954,297 6,230,745 14,421,055 the excess Statement of Surplus Years Ended Dec. balance pref. over stated value & loss on Dr99,725 DrlOO.OOO securs. Dr$890,246Dr$1309,490Dr$l333,616 for addit. Federal tax in 1935, surplus J_._—. Drl5,704 transfer tax in dispute Prov. for Fed. transfer restored years.. Drl6,122 ------ Dr739 profs, of prior during year 146, p. 278. proximately $1,040,000.—V. & Milling Co.—Stop Order— Gold Dust Mining x0153,761 024,127 0434,946 issued a stop order, with statement (No. 2- opinion suspending the effectiveness of the registration 3331) filed by the company.—V. 145, p. 1099. Guantanamo Sugar Co.—Reduces Bank Loansreduced by approximately $280,000 Secretary and Treasurer, told stock¬ Questioned by a stockholder as to the lack of preferred dividend payments referred to a letter containing the opinion of the company's counsel on this subject, which declared that the company, a New Jersey corporation, was prohibited from paying a dividend by the New Jersey law which does not allow dividend payments when there is a deficit on a company's books. There was a deficit of $1,282,056 as of Sept. 30, 1937% Counsel at the hearing said that in view of the large debt owed creditors last year, Mr. Wollpert „ company would dividend payments if Net profit on securs. sold Pre¬ each preferred share and common stockholders would receive one-third share or Glidden common. Net assets of Southern Pine Chemical amount to ap¬ the Crl5,703 ...... Taxes applic. to security Jan. 20 on a proposal to paint products and specialties from the distillation of pine stumps. ferred shareholders would receive three shares of Glidden common for Fixed bank loans have been further sold, previous balance Dr$720,781 Prov. Acquisition— since Sept. 30, 1937, John Wollpert, holders at the annual meeting. surplus.$14,454,522 $14,554,247 $14,654,247 $14,654,247 Total capital Profit to 1934 of shs. on Stockholders will vote at their annual meeting paid on 2,000 of 20 cents per share in acquire the assets of Southern Pine Chemical Co. for 34,697 shares of Glidden Co. common stock. Southern Pine Chemical produces rurpentine, rosin, $14,554,247 $14,654,247 $14,654,247 $14,654,247 __ of amt. of extra dividend have declared an a regular dividend of 50 cents per share on the common payable March 1 to holders of record Feb. 15. An extra of 20 paid on Sept. 1, last.—V. 145, p. 279. The Securities and Exchange Commission has 31 1935 1936 1937 red. __ Div.— cents bl,410,160 surplus—previous Excess & Marine Insurance Co.—Extra Glidden Co.—To Vote c6,710,531 c6,543,710 depreciation. which might be payable if taxes of $143,851 in 1936 Cap. 145, p. 2226. first page of this department.—V. Fire stock a2,209,785 profits tax or surtax on undistributed profits appreciation were realized, d After provision for (including surtax on undistributed profits) and $27,711 in 1935. e Depreciation after deduction of $2,898,600 for taxes on appreciation as of Dec. 31, 1936. for on The directors was el2,476,753 year made was to Dec. both of Dec. 31 Unrealized 31 1936 $1,181,663 1 addition to b Decrease. c Increase in appreciation after deduction for taxes on present rates of realized 1936, $2,898,600 (1935, $1,252,000). In respect of unrealized appreciation in 1936, no deduction a $24,871 $22,550 Co.—Registration Withdrawn— given Gibraltar Improvement in (b) item during 1937 $1,291,081 —Jan. —Week Ending Dec. 31— 1937 1936 Operating revenues —V. 146, p. 278. See list unrealized as an Georgia & Florida RR.—Earnings— 1934 1935 apprec. in market val. of secur. as compared with cost operations during 1937 totals 22,600 telephones, or 6.74%, as compared a gain of 19,941 telephonas, or 6.35%, for 1936. During 1937 there additional increase of 5,225 telephones through purchase which are excluded from the net gain figures. The subsidiaries now have in operation a total of 362,541 companyowned telephones.—V. 145, p. 3817. with was securs. under surplus (b) gain from spec.acct. a Telephone Corp.—Gain in Phones— corporation reports for its subsidiaries a gain of 1,084 companytelephones for the month of December, 1937, as compared with a of 1,301 telephones for the month of December, 1936. The gain The owned profits Net credited to in the development of that business philosophy which makes possible more goods for more people at less cost," Mr. Swope declared.—V. 146, p. 108. $325,599 $309,628 1936 1937 sale lamp prices, which in the case of the popu¬ larly used 60-watt Mazda lamp, for example, have aggregated 67%, with the result thar, the current prices are the lowest in the history of the business. Of equal or greater importance to the consumer, lamp efficiencies have been improved by more than 50% during this same period. Similarly, there have been impressive reductions in prices of appliances, as illustrated by the following: An electric refirgerator which sold for $270 in 1928 now sells for $172, a reduction of 36% from the price 10 years ago, and the cost of its operation today is less than half as much as in the earlier period; an electric range which could be purchased for $156 in 1928 is now priced at $87, a reduction of 44%; an electric washer which sold for $100 in 1930 at present sells for $47, a reduction of 53%; a radio receiver which sold for $73 in 1931 now sells for $20; and an electric clock which was priced at $10 in 1930 now sells for $3.50. "These illustrations show that General Electric has taken a leading part Period—- y Includes $43,440 which may be non-taxable distributions. $18,294 ($56,226 in 1936) received in preferred stocks. from this trend has been particularly notable with lamps. Between 1921 and 1937, inclusive, there to incandescent have been many reductions in re¬ port expenses. Notes—(a) maintain the reasonable selling prices might stimulate Mr. Swope pointed out that respect 33,620 101,228 on Taxes paid and accrued. Transfer registration, trustee manufacturing methods had enabled the company to General $837,686 of discount better trend towarus lower costs, so that an increased demand. loss2,855 43,010 130,756 debentures. on Amortiz. Co.—Operations,&c.— in the fourth quarter of 1937 amounted $73,997,063, compared with $84,857,181 in the same period of 1936, a decrease of almost 13%, President Gerard Swope announced on Jan .10. For nine months, as already reported, the total was $305,276,556, compared with $211,891,038 for nine months of 1936, an increase of 44%, making total orders for the year $379,273,619, compared with $296,748,219 last year, an increase of 28%. Sales billed and earnings for the year 1937 are not yet available, but will be given in the annual report to be issued in the latter part of March. Mr. Swope stated that in every major department of the company orders were greater in 1937 than in 1936. In this connection, he pointed out that the total number of employees was greater than a year ago, notwithstand¬ ing the reduction in the last few months, and that wages are still at the highest point in the history of the company. He also stated that, in spite of the increased cost of labor and material, improvements in design and Orders received by this company to Frank Altschul, President says securities General Electric by the senior Cadillacs. 441 Chronicle _ probably be faced with a court action to attempted.—V. 145, p. 4118. restrain Halle Bros. Co.—Dividend Doubled— directors have declared a dividend of 50 cents per share on the stock, no par value, payable Jan. 26 to holders of record Jan. 25. This compares with 25 cents paid on Oct. 31, July 31 and on April 30, last; 20 cents paid in each of the four preceding quarters; 75 cents paid on April 30, 1935; 40 cents on April 30, 1934, and 5 cents per share on April 29, 1933 and Nov. 29, 1932. In addition, an extra dividend of $1 per share was paid on Jan. 26, 1937 —V. 145, p. 1586. The common $720,782 $737,642 $890,247 $1,309,490 $42,232 Net losses.. $189,071 $343,472 Undistributed inc.—bal. of Dec. 31 as Interest (net) applicable 23,533 1934. to Hammil Royalties Net income for the year ended Dec. 31 (as 837,686 Less—Divs. paid Total x 309,628 $977,341 977,341 $522,232 $669,071 y480,000 y480,000 $42,232 $189,071 325,599 Hat Consolidated Income Account for [Including wholly-owned After y 1936, from security deducting dividends paid of $457,323 in On preferred stocks. Net sales Costs and Years Ended Oct. 31 subsidiary companies] 1934 1935 1936 1937 $376,436 income of this department. Corp. of America—Earnings— undistributed current profits, 935,110 $837,686 461,250 above) Corp.—Registers with SEC— See list given on first page r...$10,630,303 expenses...._ 9.549,286 $9,6f}5,751 8,487,350 $8,389,670 7,408,091 $7,293,388 6,489,953 $1,081,017 8,439 $1,178,401 5,217 $981,580 y 10,758 $803,435 9,397 $1,089,456 $1,183,618 $992,338 114,131 111,306 149,000 89.948 $812,832 94,781 123,000 100,000 $923,312 $779,390 553,562 ...... Operating profit .. Other income (net) Comparative Balance Sheet Dec. 31 1937 Securities Common stock . $ 3,900,000 Federal taxes 1,300,220 Surtaxundist. profits.__ Other charges. 332,000 300,000 4,152,715 641,521 bl01,995 198,714 Res. for taxes, &c_ Rec. for sold.. 246,703 sec. Pref. divs. payable Capita Unamortized disc't debentures.. 111,540 -119,460 114,000 Undistributed come Dr737,642 117,000 Dr720,782 in¬ - 123,000 2,000 zl87,962 . 376,436 Net profit-.-.-..Divs. on 6K% cum. pf. — stock $662,363 n a246,174 375,456 — Class A&Bdivs 26,377,035 26,188,185 Total.. .26,377,035 26,188,185 Represented by 1,300,220 no par shares, b Dividends receivable only, c The value as of Dec. 31, 1936 of securities owned, at bid prices (except for 15,000 shares of Potash Co. of America preferred stock not currently quoted, included at $225,000, the fair value in the opinion of the directors), was $39,649,545. If the appreciation of $14,421,055 over cost were realized, taxes thereon (other than the excess profits tax and surtax on undistributed profits) at present rates are estimated at approximately $2,896,600. d The value of securities owned at bid prices was $954,297 less than cost. Note—Outstanding warrants entitle holders to subscribe to 500,000 shs. of common stock, as follows: 100,000 shares at $10 per share, 103,000 shares at $12.50 per share, 100,000 shares at $15 per share, 100,003 shares at $17.50 per share and 100,000 shares at $20 per share. These warrants expire Oct. 15, 1953.—V. 145, p. 2391. a --- $618,051 ______ Earns, per share on com¬ bined cl. A & B com. $1.53 $1.21 $0.85 reduced valuation of buildings, 1932, and subsequent additions at cost, y Includes special profit and loss adjustments affecting prior years of $690. z Consists of $65,955 extra compensation paid to employees and $122,007 provision for Federal and State unemployment insurance and $1.00 stocks. Total —- — - 137..500 surplus...14,454,522 14,554,247 Loss on sees. sold. Depreciation 6,600,000 accrued and Total income. x 1,300,220 3,800,000 25-yr. 5% debs— 6,600,000 Int. accrd. on debs 137,500 receiv. interest on a 1936 $ Liabilities— 6% pref. stock.... d21,764,082 c25228,4K9 Cash Divs. $ owned, at cost.. 1937 1936 $ Assets— x Computed on the basis of the adjusted machinery and equipment acquired May 1, social security taxes, a Includes dividends paid on arrears. New Director— At a recent meeting directors.—V. 145, p. of directors E. R. Tinker 114. Hartford Electric Light Co.— To The directors have declared common a was'elected to the board of t Pay Common Dividend dividend of 68 % cents per share on the of record Jan. 15. This compares stock, payable Feb. 1 to holders Financial 442 1, last and dividends of 68^ cents per previously distributed each three months.—V. 145, p. 2227. with 75 cents paid on Nov. share Haverhill Electric Co.—Dividend— of 62 cents The directors have declared a dividend mon stock, per share the com¬ on $25, payable Jan. 14 to holders of record Jan. 7. par A dividend of $1 was paid on Oct. 14, last., and previously regular quarterly dividends of 50 cents per share were distributed.—V. 145, p. 2393; V. 141, p. 2436. Hawaiian Electric Co.—Initial Preferred Dividend— 30 cents per stock payable Jan. 15 to holders of record Jan. 10. The directors have declared an initial quarterly dividend of shire the 6% preferred on —V. 145, p. 4118. Hawaiian Chronicle Pineapple Co., Ltd.— To Pay 50-Cent Dividend stock, par $5, payable Feb. 5 to holders of record Jan. 25. Similar amounts were paid on Oct. 30, and on July 31, last; a dividend of 25 cents was paid on May 24, last, and dividends of 50 cents per share were paid on April 30 and on Jan. 30, 1937; previously regular quarterly dividends of 25 cents per share were distributed.—V. 145, p. 3346. 15, 1938 Mr. Barit pointed out that from 11% to 15% of all Hudson's production foreign markets and emphasized the fact that the reception of the has an important bearing on its success. He stated that very encouraging replies had been received from foreign distributors follow¬ ing their receipt by cable of the descriptions of the new line.—V. 146, goes to new The directors have declared a dividend of 50 cents per share on the com¬ Jan. required schedule of amortization. Following the Jan. 1 retirement, $3,600,000 of the notes remain outstanding. In discussing developments in connection with the introduction of the new "Hudson 112" in the lowest price field, Mr. Barit said, "inquiries have already been received from more than 3,500 automobile dealers and from more than 18,000 individuals. One important reason for this wide interest on the part of dealers is that the Hudson franchise, unlike others, now offers to a single dealer a full line of cars ranging from the lowest price field to the high medium price field, thus giving the dealer a price range and diversification not otherwise obtainable." car overseas 279. p. mon Hupp Motor Car Corp .—Director Resigns— Arthur Years Ended Hutching 9 Mas. End. Sept. 30 '37 $2,760,778 Sept. 30 '36 $2,108,559 Cost of sales & expenses. 2,747,091 1,951,768 Operating profit......... Depreciatiop $13,688 64,833 6,329 10,836 1,016 $156,791 171,942 4,730 12,379 $69,327 15,684 $32,260 10,160 $69,940 11,258 Interest. Maint.of Ionia plant, &c Misc. deductions Gross loss.. Other income. Year Calen. $71,327 132,639 Net sales Sept. 30 '35 $1,840,378 1,769,0.51 1934 $1,053,940 978,519 $75,420 175,232 3,058 37,908 446 8,182 The directors accumulations $149,778 xl9,108 Loss. $53,643 taxes $22,100 431 Net loss. Incl. x $121,670 $58,682 (Service Trucking Co.) $53,643 net income of Service $22,100 $59,113 Consolidated Balance Sheet Sept. 30 Assets— 1937 1936 Cash $65,842 $94,860 Notes payable Accts. receivable.. 128,324 148,712 Accounts payable. 254,101 Inventories; 437,847 140,837 d Cust't' deposits- 48,126 $95,442 22,644 Accrued liabilities. 89,252 45,059 Def. fr. rec. Liabilities— cust. & sec. acc'ted In e settlem't of such receivables- Investments 67,470 40,574 1,322,095 b Plant property 1,342,516 Surplus & idle pl't property Patents c 50,000 50.000 1 p. 740,172 917.479 Surplus dividend of $1 Illinois Iowa Power Co.—Application Approved— The New York Curb Exchange has approved the application of the com¬ list 483,500 outstanding shares of 5% cumulative convertible preferred stock, par $50; 783,804 outstanding shares of common stock, without par value, and 483,196 dividend arrears certificates. Authority was granted the company to add 1,750,196 additional shares of common stock upon official notice of issuance.—V. 145, p. 3347. to Illinois Water Service Co.—Bonds Called— A total of $733,500 first mortgage 5% gold bonds, series A, due Jan. 1, 1952, have been called for redemption on March 7 at 102 and interest. Payment will be made at the New York Trust Co.—V. 145, p. 3010. 970,006 62,658 Sub.)—Earnings— Consolidated Statement of Income for the Year Gross sales less returns, allowances and discounts Cost of goods sold 1,801,895 121,952 profit from operations $220,211 , Miscellaneous income credits, net 6,729 Total., Interest expense Reserve provision; Doubtful accounts $2,178,009 $1,909,627 | Total.... $2,178,009 $1,909,627 b After depreciation of $1,574,654 in 1937 and $1,534,417 in 1936. c Au¬ thorized, 500,000 shs., $2 par; issued, 370,233 shs., less capital stock owned by subsidiary company (147 shs. at par), d On sales, e For damages to Ionia plant.—V. 145, p. 2393. Hearn Department Ended Sept. 30,1937 $2,144,057 Selling, administrative and general expenses Development Depreciation and depletion ; Adjustment of ore and metal inventories to approximate cost— ------- Total.... share on account of yalue, payable Jan. 15 per 4118. Net 29.581 25,232 740,172 plan Capital stock... 1 106,430 ... Deferred charges.. pay'le under def'd pay¬ ment . preceding quarters; 75 cents per share paid each quarter from July 15, 1932 to Oct. 15, 1934, incl.; $1 per share on Jan. 15 and April 15, 1932; and regular quarterly dividends of $1.75 per share previously.—V. 145, Illinois Zinc Co. (& 6,720 taxes a 1936 1937 Unexpended ins. Local declared the $7 cum. pref. stock, no par seven $103,647 recovery 29,468 ... have 8This compares with $2.75 paid on Dec. 21, last; $1 paid on Oct. 15, July 15, April 15 and Jan. 15, 1937; $1.75 paid on Dec. 18, 1936 dividends of $1 paid on Oct. 15, 1936, and in each of the $121,670 Trucking Co. after providing for Federal Income tax. Investing Corp.—Accumulated Dividend— on to holders of record Jan. pany Federal Dewing has informed the New York Stock Exchange of his Dec. 31, 1937, as a director of this corporation.—V. 145, on 3198. p. Hayes Body Corp. (& Subs.)—Earnings— Period— S. resignation Stores, Inc.—New President, &c.— The election of I^eonard Ginsberg, Vice-President and general manager of the company, as President was announced on Jan. 13 by Maurice Levin. Mr. Levin, who has been President of Hearn's, becomes Chairman of the Board and will continue active in the company's affairs. Mr. Levin also announced the election of fr Sidney M. Louis, Secretary and Treasurer, to the post of Vice-President and Treasurer. George W. Aaron, Controller and Assistant Secretary, has been made Secretary and Assistant Treasurer, in addition to continuing as Controller. Arthur B. Begam, store manager of Hearn's for-the last five years, has been promoted to the post of Assistant Secretary as well.—V. 145, p. 1420. Horder's, Inc.—Extra Dividend— Net profit for the year Earned surplus, Oct. Total. — st<>ck, both payable Jan. 28 to holders of record Jan. 18. An extra of 30 cents was paid on Nov. 1, last, and a special dividend of 20 cents was paid on Jan. 28, 1937; at the same time the regular quarterly dividend was $390,982 - Earned surplus, Sept. 30, 1937 Earnings 95,140 per share on The balance sheet as 50,395 28,869 $111,428 279,554 1, 1936 Dividends paid Extraordinary operating exp. of Texas Smelter prior to completion March 1,1937 Loss on capital assets sold and scrapped Adjustments applicable to prior year's operations no par of Sept. was 6,755 $240,156 $1.17 shares capital stock 30, 1937 71,330 65,187 7,554 published in V. 145, p. 3974. Independent (Subway) System of N. Y. City—Earnings Period End. Oct. The directors have declared an extra dividend of 15 cents per share in to the regular quarterly dividend of 25 cents per share on the addition -----——-— $226,940 16,058 2,400 17,790 31— 1937—4 Mos —1936 1937—Month—1936 $1,579,856 1,190,256 $1,278,452 853,483 $5,481,477 4,683,596 $4,373,877 $389,600 781 $424,970 786 $797,881 3,227 $1,072,269 3,900 $390,381 Operating revenues Operating expenses. $425,756 $801,108 $1,076,168 3,301,608 common raised from 15 cents to 25 cents per share. An extra dividend of 30 cents per share was paid on Nov. 1, 1936.—-V. 145, p. 2227. Income from ry. Non-oper. income Excess over (George A.) Hormel & Co.—Dividend Increased— The directors have declared -V. dividend of 37 H cents per share on the 15 to holders of record Jan. 29. Previously a common stock, payable Feb. regular quarterly dividends of 25 cents per share had been distributed.—V. 145, p. 3347. Horn & Hardart Years End. Sept .'SO— Sales-.-- 1936 i934 1935 of revenues oper. exps 145, p. 3974. Indiana Harbor Belt RR.—Earnings— ------.$13,002,539 $11,943,868 $10,996,770 $10,450,002 Material, costs, salaries, Railway oper. revenues. Railway oper. expenses. $755,404 525,466 $951,742 589,730 1937—11 Mos.—1936 $9,659,718 $9,459,963 6,202,263 5,770,663 Net rev. from ry. oper. Baking Co. (& Subs.)—Earnings— 1937 oper. $229,938 xl6,436 92,655 $362,012 98,142 104,052 $3,457,455 x804,460 1,013,419 $3,689,300 Railway tax accruals Equip. & jt. facil. rents. Net ry. oper. income. Other income $120,847 3,104 $159,818 3,887 $1,639,576 23,881 $2,000,891 24,587 $123,951 3,215 $163,705 Period End. Nov. 30— 1937—Month—1936 779,048 909,361 wages and other oper. expenses Maintenance & repairs-. Taxes, ins. & Interest (net) water rents 10,677,367 348,064 340,156 227,689 9,960,268 270,270 268,954 236,439 9,142,100 247,143 216,085 260,801 8,734,563 248,993 227,955 283,215 Net inc. before deprec. and Federal taxes.. Total income Deprec. and reserve Federal income tax $1,409,262 175,589 $1,207,937 $1,364,537 $1,274,464 558,584 81,911 $1,112,461 627,667 49,847 $633,969 497,624 552,266 127,078 $955,276 $434,947 497,599 157,185 „ r $685,193 522,511 stock charges $83,313 $1.10 $121,869 $1.60 $1,215,779 $16.00 $1,570,416 $20.66 Includes $12,614 for the month of November and $138,079 for thelll months ended Nov. 30 account carriers' excise tax in connection » with x —V. 145. p. Indiana Act, at 2% % of payrolls. No similar charge in 1936. 3974. Railways & Light Co.—Tenders-— def$62,652 The Union Trust Co. of Indianapolis will until! Feb. 4 receive bids for the sale to it of sufficient first and refunding mortgage sinking fundj5% 99,526 99,526 99,526 $8.76 $6.88 i.37 99,523 $4.37 30-year gold bonds, dated Dec. 10, 1912, to exhaust the moneys in the sinking fund at prices not exceeding 105 and accrued interest.—Y.*140, p. 3899. Includes $6,715 for surtax Horn & Hardart on Co directors common havealeclared stock, payable Feb. 1 company each.—V. undistributed profits.—V. 144, p. 107. (N Y)—To Pay 'S0-Cent Common distributed four 145, p. a dividend of 30 cents per to holders of record Jan. 11. quarterly dividends of 50 share on the During 1937 per share cents 115. Hudson Motor Co.—Transfer Agent. &c.— Car Co.- -Will Show Profit for Fourth Quarter— Barit, President, states that the last quarter of 1937 Securities Corp.—Preferred Div. Reduced— Edward F. Callahan, general manager of apparatus sales of the company, has been elected a Vice-President, it Minor, President.—V. 143, p. 4158. International Match has been Realization announced Co., by ClarkeH. Ltd.—Report—• John C. Bancroft, President, says in part: The directors report the position of the company at the close of its fiscal year on Oct. 31, 1937. In presenting the balance was a profitable one for the company. Hudson also reported a profit for the first nine months of the year as well as for 1936 and 1935, and declared a dividend on its common stock last month. Mr. Barit also announced that Hudson had retired $250,575 of its mort- fage notes atof the noteon Jan. he by cash payment from working capital, maturity issue, 1 said, are now $1,650,000 ahead of the retirements Industrial The directors have declared a dividend of 18^ cents per share on the 6% preferred stock, par $25, payable Jan. 17 to holders of record Dec. 31. |A regular quarterly dividend of 37M cents per share was paid on Oct. 1, last.— V. 145, p.438. International General Electric Co.—New Vice-President Howell Electric Motors The Marine Midland Trust Co. of New York has been appointed transfer agent for the common stock. Central Hanover Bank and Trust Co- has been appointed Registrar for 225,000 shares common stock par value $1.—V. 145, p. 3819. A. E. $2,025,478 35,675 419,387 $136,345 out- Dividend— the $1,663,457 35,886 411,792 $162,682 cap. standing (no par) Earnings per share The 3,626 38,210 Net income after fixed Net inc. per sh. of stock. Railroad Retirement $872,397 597,156 Dividends x $1,130,641 143,823 156,600 xl99,420 Net income Shares Total fixed charges $1,584,851 513,034 Divs., &c., received 37,423 Total income Misc. ded'ns fr. income- sheet and surplus analysis, directors make the the following explanation and comments: •V* (1) Although the balance sheet shows cash of about $1,022,000, this was the position of the company on Oct. 31 and this cash has now been greatly reduced because of the payment on Nov. 10 of dividend No. 2, which is shown in the balance sheet as a current liability. i (2) In accordance with the provisions of the Act of Incorporation, the shares of the company have a par value of £1 each. In line with customary Volume Financial 146 translated into dollars for balance sheet Bermuda practice, this has been the fixed rate of $4.80 to the pound. Since the plan provided for the exchange of one share of Realization company stock for each $500 of International Match Co. debentures, the $86,475,000 of International Match Corp. debentures so received are entered in the balance sheet at the same value as is ascribed to the shares purposes at (3) stock issued therefor. Directors believe, however, that the balance sheet value ascribed to these International Match deben¬ tures should not be taken as fully measuring their worth. Unless unforeseen contingencies arise, it is the present opinion of directors that future dividends from the trustee in bankruptcy on these debentures should exceed several times the present balance sheet value at which they are carried. (4) The assets shown on the balance sheet as acquired from the trustee in bankruptcy of International Match Corp. at the public auction sale in July 1937, fo a p ice of $7,250,000 (this sum was paid by application of the fourth dividend of the trustee in bankruptcy amounting to $6,513,867 and by cash from the Realization company's funds amounting to $736,133), consist of the following: (a) $2,460,484 of Republic of Guatemala 7% bonds of 1960 and $36,900 of arrears certificates of the Republic of Guatemala due Sept. 1, 1934. Interest on the Guatemalan bonds is currently being paid at the rate of of Realization company 4% on the interest due Sept. 1, 1937, having been collected per annum, this basis. surplus, and dividends paid out of such amounts have been charged in surplus instead of to profit and loss surplus as heretofore. Balance Sheet Dec. 31, 1937 (b) $14,255,598 of notes of the Republic of Turkey represented by 35 each of $407,303 face value. These notes are non-interest bearing serially on a semi-annual basis beginning July 1, 1938. (c) All of the 30,000 shares of the capital stock of American Turkish Investment Corp. and all the claim against that corporation formerly held by the trustee in bankruptcy. This corporation owns a match factory in Turkey and operates under a monopoly agreement with the Republic of Turkey whereby it is granted a monopoly of the manufacture and sale of matches in Turkey. (d) All of the 120,000 shares of the capital stock of Continental Invest¬ ment A. G. and all the claim against that company formerly held by the trustee in bankruptcy. This asset represents the complete ownership, as of Dec. 1, 1937, of about $15,000 in cash, 475,000 Swedish Match B shares which are not listed on the London Stock Exchange, and 306,291 Swedish Match B shares which are so listed but which are subject to and mature 30, 1938, upon payment (approximately $5) per option to outside parties at any time prior to June to Continental Investment of 20 Swedish kronor Income—Third dividend of trustee in bankruptcy—5.0% Fourth dividend of trustee in bankruptcy—7.4% $4,401,261 6,513,867 -- $10,915,128 plan of liquidation Expenses assumed under Organization expenses 10,007 Total Liabilities— Accrued taxes (including provision for of N. Y. City toward same by Guaranty Co. and City Co. of New York, Inc_ Kalamazoo Stove & Furnace Co.—2O-Cent Dividend— a dividend of 25 cents per share on the com¬ $10, payable Feb. 1 to holders of record Jan. 21. A dividend paid on Dec. 27 and on Nov. 1, last and an extra dividend of 25 cents in addition to a regular quarterly dividend of 25 cents per share was paid on Aug. 1, last.—V. 145, p. 3348. The directors have declared mon stock, par of 50 cents was Katz Drug This company Co.—Tenders— has invited $2,161,650 Liquidating dividends—No. 1—$12.50 per share.. No. 2—$5 per share , Balance Oct. 3,026,310 864,660 $7,412,904 31, 1937 Balance Sheet as at Oct. 31, 1937 Liabilities— Assets— Internat'l Share capital debs. Match Corp. £1 each, (with bankruptcy claims for to the 8830,121 $88,025.228) underwriters at certain to a 8,173 shares.—V. 145, $830,074 864,660 - 10, 1937.. from dlvs. of (S. S.) Kresge Co.—SalesPeriod Ended Dec. 31— Sales Turkish American December company - 331 -- -- In¬ $148,710181 1937—Month—1936 1937—12 Mos—1936 $14,616,480 $14,748,356 $87,871,478 $86,767,531 3821. Bryant, Inc.—Sales— $1,250,815 —V. 145, p. 1937—12 Mos.—1936 $1,299,590 $14,533,366 $14,082,644 1937—Month—1936 Period Ended Dec. 31— 3822. Lincoln Motor Co.—Sales— Company reports December retail sales of Lincoln-Zephyr cars totaled 2,201 units as compared with 2,125 in 1936 and 1,128 in 1935. Sales for the year just ended amounted to 25,646 against 17,108 in 1936. With a substantial bank of retail orders scheduled for immediate delivery a larger bank of orders for dealer stocks, the Ford-owned Lincolnplant has stepped up its January schedule approximately 15% Export sales this month are expected to set a new record, as orders for shipment abroad already are greater than in any previous month.—V. 141, p. 3231. \ Lionel Corp.—Earnings— 12 Mos.End Nov. 30, '37 Dec. 31, '36 9 Mos. End. Period— —V. 145, p. Federal $242,444 $380,085 3822. Lukens Steel Co.— Tenders— ....-.--$9,127.0641 Total 1937—12 Mos.—1936- stores Net profit after taxes and charges, except income and undistributed profits taxes Corp25,000 deposit 1,021.044 —V. 145, p. had 741 (S. H.) Kress & Co.—Sales— vestment Cash on 1937—Month—1936 $24,144,669 $24,350,698 $154,234470 in operation of which~686 were American and 55 Canadian. A year previous, stores in operation totaled 734, with 683 American and 51 Canadian.—V. 145, p. 3821. 7,412,904 19,075 trustee In bankruptcy Share premiums 7.250,000 sale 1744. Zephyr price paid at bankruptcy Loan, reducing the amount outstanding private sale, p. from December levels. Profit and loss balance,.... Continental Investment A.G. at £) Surplus—Bal. Republic of Turkey notes, all the capita 1 stock of Amer. Turkish Invest. Corp. and of $4.50 preferred The company plans to buy up to 3,500 shares at the lowest prices offered. In December, 1937, the company purchased 14,327 shares from and with (172,932 shares of converted at $4.80 Div. payable Nov. Republic of Guatemala bonds, tenders from holders of its stock. Sales $10,439,214 liquidating dividends Balance available for 400 2,701,924 256,705 $3,252,060 Total Lane 475,914 6,616 281,005 -Y. 145, p.3820. —V. 145, p. 600,000 >,411 Federal income tax) Compensation to Investors Management Co., Inc. payable quarterly under terms of Management Contract (for quarter ending Dec. 31,1937) Subscriptions on account of investors shares Capital stock: investors shares—($1 par) Paid-in surplus Profit & loss surplus Sales. $1,075,914 Less contribution $3,252,060 ... Period Ended Dec. 31— $964,862 111,052 _ 3,130,464 Dividends receivable During 1 $111,589 on deposit in The First National Bank of Jersey City..' The First National Bank of Jersey City as depositary, at cost Securities held by sh 9/1*6 Analysis of Surplus to paid- sscts~~~~ Cash j. notes 443 Chronicle .$9,127,064 Total. 2394; Y. 144, p. 777. announced that it will receive until The Bankers Trust Co., as trustee, Feb. 10 proposals for the sale of first mortgage 20-year 8% bonds 1, 1955 at the rate of 5%), at prices not those extended to Nov. (including exceeding Purchases will be made for the sinking fund in which of $37,000 is now held. V. 144, p. 1966. 107and interest. Corp.—$3 Accumulated Div.— International Products declared a dividend of $3 per share on account of on the 6% cum. pref. stock, par $100, payable Jan. 15 record Jan. 13. Like amount was paid on Dec. 15, last and on Sept. 15, last; $6 paid on July 15, last; $3 on Feb. 15, 1937, and on Dec. 15, 1936; a divicend of $6 paid on July 15, 1936, and $3 per share paid on Jan. 15, 1936, and on Oct. 24, 1935, this latter being the first payment to be made on the pref. stock since July 15, 1931, when a similar amount was distributed.—V. 145, p. 3658. the directors have The sum Manati Sugar Co. accumulations (& Subs.)—Earnings— Consolidated Profit and Loss Account to holders of 1936 1935 1934 Sugar sales, f. o. b. basis $2,256,247 229,317 Miscellaneous income.. 18,670 $1,910,008 $1,884,788 $1,176,895 114,759 11,484 160,564 7,768 122,577 19,079 $2,504,234 2,125,545 $2,036,251 1,640,717 $2,0.53,120 1,751,785 $1,318,551 1,422,294 $378,689 3,587 10,396 $395,534 3,826 126,923 112,791 170,214 93,740 $519,595 $512,151 $476,395 loss$8,843 8,266 6,831 412,568 45,169 14,131 412,568 83", 216 17,100 412,568 19,978 412,568 21,813 21,813 21,813 21,813 6,986 4,808 4,808 1937 Years End. Oct. 31— Molasses sales , International Utilities Corp.—Preferred Dividends—12 that a dividend of 87cents per share payable Feb. 1 on its $3.50 prior preferred stock would be paid on shares of this issue heretofore issued or hereafter issuable upon surrender of stock of American Equities Co. pursuant to a merger agreement. This dividend, as well as one of $1.75 per share on the $7 prior preferred stock of Inter¬ national Utilities Corp. was declared on Jan. 12. Both are payable Feb. 1 Oper. exps., f. o. b. basisi Company announced on Jan. of record holders to Jan. 22.—V. Interstate Department 145, p. 3348. Prem. on currency exch. Stores, Inc.—Sales— profit of profit, interest, &c $2,646,490 Compania Terrateniente y Urbanizadora del C, Inc.—Earnings— Earnings for the Other interest $138,654 18,577 — Taxes other than income taxes— Management compensation 31,843 - - $88,234 70,895 Profit. Net realized profits on investments — Int. Total ! Normal income tax Net income & security profits profits for year ending Dec. 31,1937.— Note—At Dec. 31, 1937 there was on securities as compared with an at Dec. 31, $157,556 an unrealized depreciation of $605,424 unrealized appreciation of $1,025,954 1936. Propor. of disct. & exp. bonds on Statement of Surplus Accounts for the Year Ending Dec. 31,1937 $184,732 157,556 70,169 balance, Dec. 31,1936 security profits for year as shown above Reserve for contingencies no longer required— Net income and $412,458 155,739 Total. Dividends out of profit & loss surplus 14 Adjustment of prior years taxes —$256,705 Balance, Dec. 31,1937 Paid-in surplus Dec. 31, 1936 balance Excess of amounts paid in over the par ing the year together $1,733,597 value of shares issued dur¬ claim Total 975,010 - Dividends paid representing return of the ribing fund by subscribing stockholders during undustributed net income (see note). ~ " $2,708,608 amounts paid into 1937 in respect of property retired from service Manati Sugar Co Ferrocarril de Tunas, on Acct. rec. written off— the value of of the cap. the Cuban Sugar Finance & Export Corp Deprec. of co-owned Adjust, 393 41,519 119,401 120,212 8,002 10,287 784 221 162 4,530 6,249 287 332 168 104 1,964 2,917 8,525 ' 71 in shs. of ground Expended out of trust dep. with bondhldrs. protective committee. Exps. in connection with mtge. payable Adjust, in val. of matls. & suppls. & work. cap. not cane assets—net of income. Loss 73,336 3,9*71 S. A on co. 178 6,537 2,236 Colonos deprec. of plant equip. Manati Sugar 4,012 Res. for & Ferrocarril de company 195,384 84,165 87,381 88,101 $277,692 Net loss for year The 188,389 $313,684 $483,356 $990,716 Tunas, 6,684 has been reorganized pursuant to section 77-B of the assets were returned to the trustee A modified plan of reorganization Bankruptcy Act and the property and Nov. 5, 1937 by order of the court. on 206,943 178,322 82,705 Co... S. A. 31,1937 -— $2,701,924 paid in by subscribing stockholders in respect of the undistributed net income have been credited for 1937 to paid-in Balance, Dec. Note—Amounts balance of r 635 Uncoil, accts. receivable written off— with adjustments arising through the acquisition and reissue of Treasury shares 87",776 Int. on U. S. income tax stock Profit & loss surplus: " $159,129 980 593 1st mtge. bonds. on Loss Surtax on undistributed 123 S. A., profit Int. on bank loans Year Ending Dec. 31, 1937 Dividend income Manati, de Puerto Investors Fund before Bal. 3820. $301,335 loss$103,743 4,846 1,160 Tunas, de Ferrocarril S. A., 1937—Month—1936 1937—12 Mos.—1936 $3,315,558 $21,525,345 $22,280,293 Period End. Dec. 31— Sales —Y. 145, p. Profit on oper.—ManInterest earned Financial 444 Co. owns all the securities of three public utility companies, and Gas & Electric Cos. similarly owns all the securities of public utility companies. All of these public utility companies operate exclusively in the Commonwealth of Massachusetts. Upon consummation of the plans, these public utility operating companies will become direct Power Commonwealth City of Philadelphia Bonds Pennsylvania Municipal Bonds two Lehigh Valley RR. Annuity and 6s Lehigh Coal & Navigation 4s and 4^8 Missouri Public Service 1st 5s, 1960 The Philadelphia has become effective and distribution of the new securities under the commenced on Nov. 12, 1937. plan • Consolidated Balance Sheet Oct. 31 1937 1937 $ Cash.- 13,693,1-55 14,065,287 - 122 — — . 404,528 66,119 26,542 32,252 Note pay. (U. 8. 37,500 11,476 Govt.) Against sugars.. ~~7~362 151,678 2,308 17,359 13,398 30,406 pending molasses contr.. hand... 457,786 450.330 Deferred income.. 15,333 136,234 4,630 353,287 6,224 335.973 Accts. payable— 45,323 1,471,140 19,219 1,665,646 16,141 Salaries & wages.. 14,261 Taxes pay. est.. 15,949 Delivery 45,473 Special deposit Mat'ls ; suppliesto Colonos. Advs. Co. owned cane. — charges Sinking fund def'd 162,436 158,211 5,469.620 5,114,468 charges..—.... Deficit .....- —.... exps.. 6,714 35,609 Co.'s liabilities: 1st mtge. 73^8.. 5.500,900 5,500,900 Unpaid 1st mtge interest.. 2,716,069 cum. 2,303,502 Total -V. Total.. 22,077,798 22,058,483 145, and while the determined that the assets of the company have so diminished that the fair liquidating value of the preferred shares is only $60 per share (or at the shares of Massachusetts Utilities Asso¬ ciates) and that consequently the common shares have no liquidating value. In addition to the two options given to the common shareholders of Massachusetts Lighting Cos. and Central Massachusetts Light & Power Co. and to the preferred shareholders of Commonwealth Gas <fe Electric Cos., each such class of shareholders will be entitled by making specific demand as more particularly outlined in the plans of liquidation, to have the liquidating value of their shares redetermined by arbitration. A simi¬ lar right of arbitration is given to the common shareholders of Common¬ shareholder's option, two preferred 353,807 wealth 160.161 These three options do not apply to Massachusetts Utilties Associates, which is to receive the remaining assets of the three companies upon the 10.000,000 10,000,000 final 22,077,798 22,058,483 Gas Electric & liquidation Cos. thereof.—V. Mathieson Alkali 145, 3823. p. George W. Dolan has been appointed Assistant to the President. continue as Assistant General Manager of sales.—V. 145, The directors have declared a dividend of 49 cents per share on the com¬ stock, par SI, payable Jan. 25 to holders of record Jan. 20. This compares with 20 cents paid on Nov. 1, last; 75 cents paid on Jan. 23, 1937 and an initial dividend of 20 cents per share paid on Nov. 1, 1936.—V. 146, p. 282. 1937 Inc.—Special Dividend— $678,453 10,245,562 December billings 12 months— 466,254 10,481,542 1.424,418 —V. The directors have declared a special dividend of 75 cents per share on the stock, payable Jan. 26 to holders of record Jan. 20. A special dividend of $1 was paid on Jan. 26, 1937, this latter being the first payment to be made on the common stock since April 20, 1929, when a dividend of 62Yi cents per share was distributed.—V. 144, p. 3341. common Manhattan Fund, Inc.—Registers with SEC— See list given on first page of this department. Manhattan Shirt 1937 Gross profit from sales— Expenses Profit. $350,847 17,569 $561,929 1,111 $259,101 8,892 $368,416 41,639 $563,040 39,642 $267,993 - Depreciation Federal income & Shares stock com. 30,473 $438,398 153,162 $201,340 133,335 $77,384 134,700 $285,236 $68,005 def$57,316 218,800 218,800 $2.00 $0.92 224,524 $0.33 Includes $250 provision for Federal surtax on undistributed net income. 1936 Assets— $ 1937 $ 730,584 719,144 G'dwill, pats., &c. 5,000,000 5,000,000 732,645 641,075 580 1,215 12,247 15,446 36,650 66,850 Tax $ Notes payable DIvs. payable Acer. int. receiv.. Loans advs. & to employees Mtges. on real est. y Accounts¬es receivable, Inventories Common stk. 1,792,496 2,638,587 Empl. stock acct. Sundry investm'ts 230,603 10,302 $25).. 44,644 5,750,000 5,750,000 174,450 223,518 1,950,000 52,570 500,000 67,588 109,033 100,000 100,000 liabilities.. accr. provision res., &c. Capital surplus 52,171 614,464 750,087 3,945,206 stock..al)r 143,806 Dr279,428 ... Earned surplus. 4,007,685 13,503 Deferred charges._ (par Accts. payable and Conting. &c..z2,387,963 3,451,515 165,820 1936 Liabilities— Land, plants,&c. Cash 31,669 . Total a 12,572,950 11,150,5881 11,177 shares at cost, ful accounts. Marine See list z x Treasury Total After depreciation, .12,572,950 y After $153,207 $7,256,816 5,321,202 $2,240,086 $1,935,614 1937—Month—1936 $3,503,539 1937—11 Mos.—1936 Uncollectible oper. rev._ 8,834 $3,200,055 $37,190,646 $33,395,359 1,806 62,587 33,172 Operating re venues—_ Operating expenses $3,494,705 2,176,346 $3,198,249 $37,128,059 $33,362,187 1,936,325 23,079,400 20,590,604 Net oper. revenues— $1,318,359 420,385 $1,261,924 $14,048,659 $12,771,583 366,605 4,617,872 3,928,467 revenues first page of this department.-—Y. 143, Massachusetts Utilities p. 1564. posal Approved by SEC. The Securities and Exchange Commission on Jan. 11 announced its approval of the voluntary plan of the company, a public utility holding company, to simplify the system in accordance with the provisions of Section 11 of the Public Utility Holding Company Act of 1935 This is the second such plan to be approved by the Commission Under the plan, company is to absorb three of its direct subsidiary subholding companies, Massachusetts Lighting Cos., Central Massachusetts Light & Power Co. and Commonwealth Gas & Electric Cos Companv is itself a direct subsidiary of New England Power Association, a registered holding company. The text of the Commission's action, including reports on the plans follows in part: Massachusetts Utilities Associates owns substantially all of the preferred and common shares of each of the three sub-holding companies The exact extent of its holdings, as compared with public holdings, as of Dec 16 filed, 1937, is shown by the following tabulation: Shares Held by Shares Public Held by N. U A % Shares %' 29,612 49,658 90,952 96-0 36,528 6,478 98.7 Massachusetts Lighting Cos.- 8% preferred shares 6% preferred shares Common shares 30,841 51,235 1.299 1,577 4.0 91,918 *691 0.7 472 1.3 22 0.3 281 1.5 3.1 96.9 99.0 Central Mass. Light & Power Co.— 6% preferred shares Common shares Net oper. income.-— $897,974 $895,319 $9,430,787 $8,843,116 /. Minneapolis & St. Louis RR.—Hearing Feb. 4— The Interstate Commerce Commission has designated Feb. 4 for oral argument on an examiner's recommendation that the Associated Railways not be allowed to acquire and dismember the road. Associated Railways, composed of seven railroads operating out of Chicago, has filed exceptions to the report of C. E. Boles, Assistant Finance Director of the Interstate Commerce Commission on the matter. Abandonment— The Interstate Commerce Commission on Jan. 3 denied the application of Lucien C. Sprague and John Junell, coreceivers to share on the portion of a branch line of railroad extending from Laurel to Van Cleve, in Marshall At the same time the Commission discussed that part of seeking permission to abandon the portion of said branch extending from Newburg to Laurel, in Marshall and Jasper counties, Iowa. —V. 146, p. 114. County, Iowa. 37,000 6,500 Missouri Pacific RR .—Protective Committee— The Interstate Commerce Commission has granted the application of Percy Cowan, Joseph H. Zumbalen, and John F. McFadden, to serve as a protective committee for holders of the Plaza-Olive Building first-mortgage 6% bonds in accordance with the terms of a deposit agreement.—Y. 146, p. 283. Associates—Simplification Pro¬ Outstanding Operating taxes 11,150,588 reserve for doubt¬ Airlines, Inc.—Registration Withdrawn— on $240,783 .... 1937—11 Mos.—1936 $8,180,303 5,940,217 the application, Accounts receivable only.—V. 146, p. 113. given & deprec'n.. —V. 145, p. 3823. Balance Sheet Nov. 30 1937 x exps. 1937—Month—1936 $780,172 $696,044 539,389 542,837 out¬ standing (par $25) Earnings per share x (Canadian Currency) Operating $69,973 - Co.—Divs.— Michigan Bell Telephone Co.—Earnings- 36,180 85,000 Securities Light & Power Co., Ltd.—Earnings— Netearnings 218,803 $1.32 Surplus Manufacturers —V. 145, p. 3823. $288,777 218,804 Dividends & have declared Period Ended Nov. 30— x38,000 Net profit-. directors quarterly dividends of 15 cents per share a special participating dividend of 26 cents per share on the participating preferred stock all payable Feb. 15 to holders of record Feb. 4. Similar amounts were paid in preceding quarters.—V. 145, p. 3013. Oper. excess profit tax Changes % —31.7 —5.4 —50.5 +6.7 —36.1 $994,174 10,837,201 942,631 9,8^4,771 2,230,489 class A and B common stocks and Period End. Nov. 30— Gross earns, from oper._ $1,023,921 764,820 Other income — 1934 $1,415,949 854,020 • — Total income-- 1935 $1,297,651 946,804 ... The on the > 1936 3502. 146, p. 282. Merchants Mexican Co.—Earnings— Years Ended Nov. 30— 1936 December bookings.. 12 months. Unfilled orders Dec. 31 Mandel Brothers, He will p. Mengel Co.—Bookings, &c.— McLellan Stores Co.—Dividend Doubled— mon : Works—Official Promoted— also 4120. p. Cos., while the decla¬ 3,500,000 Com. stk. (100.000 .... the declaration of trust Electric 9.445 168,157 pref. stk. shares) & 3,500,000 Pur. money mtges Accounts payable. 7% Gas to receive $125 per the common share¬ proposed amendment to the declaration of trust recognizes this preferential right of the preferred shares, the committee has holders, Est. freight & hand on Commonwealth of case ration of trust gives to the preferred shares the right share upon dissolution, before any sums are paid to liabilities: Notes receivable.. Sugars the In Current & accrd. on trust certificates of Massachusetts Utilities Associates. of Massachusetts Lighting Cos. preferred shareholders will case liquidating value provided for in ($125 and accrued dividends). liabll.; 122 Accts. receivable.. Bal. Receiver's Associates. the full receive . — Utilities voting the As in 1936 % Massachusetts reports the respective common 1936 Liabilities— Property & plant. Investments.- three of the three committees, which have been adopted boards of trustees assigned to the common shares of Massachusetts Lighting Cos. and Central Massachusetts Light & Power Co. and the preferred shares of Commonwealth Gas & Electric Cos. the following liquidating values and options of exchange: In the case of Massachusetts Lighting Cos. common shares, $59.30; or at their option, common shareholders may receive 1 2-5 preferred shares and 6 common voting trust certificates of Massachusetts Utilities Associates. The preferred shares will receive the full liquidating value thereof ($125 and accrued dividends) as provided in the declaration of trust. In the case of Central Massachusetts Light & Power Co. common shares have been assigned a liquidating value of $182.68; or at his option, a com¬ mon shareholder will be entitled to receive 4 1-5 preferred shares and 19 by A. T. & T. Teletype—Phila. 22 1528 Walnut St. of subsidiaries YARNALL & CO. was Jan. 15, 1958 At the present time Massachusetts Lighting Cos. owns all the securities of 11 public utility companies. Likewise, Central Massachusetts Light & DEAL IN WE Chronicle 99.7 Monsanto Chemical Co.—-Acquires the Fiberloid Corp — Edgar M. Queeny, President of this company, on Jan. 12 announced that the boards of directors of both companies had approved contracts providing for the acquisition of all the assets of The Fiberloid Corp. of Springfield, Massachusetts, by Monsanto in exchange for capital stock of Monsanto ,Co. on the basis of seven shares of Monsanto Chemical Co. for 12 shares of The Fiberloid Corp. Mr. Queeny stated that since 1934 Monsanto has had approximately a 14% interest in The Fiberloid Corp. and that the acquisition of the balance of the stock will give Monsanto a very substantial position in the rapidly growing plastic industry, which promises to be an increasingly important consumer of organic chemical products. Monsanto has been the principle supplier of Fiberloid's basic raw materials, and the Research and Develop¬ ment staffs of the two companies, working as a unit, will prove helpful in keeping abreast in this rapidly moving field. The Fiberloid Corp. employees approximately 1,100 people. Its cap¬ italization consists solely of 254,000 shares of common stock with assets exceeding $7,000,000, and for the past year their net earnings are expected to approximate $3.75 a share. On the basis of exchange, Monsanto will issue 148,500 shares, of which approximately 21,000 shares will revert to Monsanto's Treasury; 1,262,911 Monsanto shares will then be outstanding. Fiberloid's stockholders are expected to ratify the sale at their meeting to be held Feb. 16 and it is anticipated that Mr. John C. Brooks, President of The Fiberloid Corp., will become a Vice-President and Director of Monsanto Chemical Co. Mr. Queeny stated that no change in the person¬ nel, methods of operation, or policies of The Fiberloid Corp. are contem¬ plated by Monsanto Chemical Co.—V. 146, p. 114. Commonwealth Gas &Elec. Cos.— 6% preferred shares Common shares *■ * In shares addition or New 0.3%. 18,902 15,005 England Power 168 1.1 Association owns 18.621 14,837 275 98.5 98.9 common Montgomery Ward & Co., Period End. Dec. 31— Sales. —V. 146, p. 115. Inc.—Sales— 1937—Month—1936 1937—11 Mos—1936 $51,360,407 $51,789,337 $410699,553 $354366,602 ' Volume Financial 146 Moore Drop below.—V. 145, Power States Mountain p. 286. Co.—Registration Statement Withdrawn— given on first page of this department.—V. 146, p. 283. See list (G. C.) Murphy Co.—-Sales— Stores in : > operation States." said a letter to H. H. Lee, Pennroad President, "will continue their efforts to effect by proper and legal means the divorcement from the New Haven and the Boston & Maine of the Pennroad Corp. and all other outside influences which in their opinion are inimical to the development, prosperity and best interests of the New England railroads." The letter was signed by each of the Governors of the six New England States. - 1937—Month—1936 1937—12 Mos.—1936 $6,592,228 $6,378,857 $42,522,240 $37,995,419 200 195 Period End. Dec. 31— Sales "It seems to us," the letter said, "that no valid reason can now exist for your present refusal to do that in 1934 you expressed a willingness to do and which today the corporation responsible for the existence of the Pennroad Corp., namely the Pennsylvania RR., has expressed a willingness which so New Vice-President, &c.— charge of office management. Mr. Sample was formerly sales manager of the company and Mr. Krut was Assistant Secretary and Assistant Treasurer.—V. 145, p. 3977. it said, "the expressed willingness of the Pennsylvania RR. to extend the proposed trusteeship to any stock of the New Haven now owned or hereafter acquired by the Pennsylvania RR." —V. National Distillers Products Corp.—Vice-Pres. Resigns K. Weiskopf has resigned as Vice-President of this company. member of the board of directors and the executive com¬ special meeting of directors held Jan. 12, the resignation of P. M. Carter as President, who has been on leave of absence for the past year, was regretfully accepted. Fletcher W. Rockwell, Vice-President and production manager, who has been in the employ of the company for over 40 years, was elected President. Edward J. Cornish continues to occupy the office of Chairman of the Board, and the policies laid down by him in the past will continue to be followed .—V. 145, p. 1428. Canada, Ltd.—Earnings— Earnings for the Year Ended April 30, 1937 Gross revenue from sales and rentals $408,811 196,898 3,717 146,980 17,100 3,358 Crl ,233 __ Direct costs including maintenance Interest purchase money obligation Provision for amortization of signs on Provision for Dominion and Provincial taxes on income Provision for amortiz. of territorial and patent rights Net reduction in reserves against investments Net profit Preference dividends $41,990 10,800 27,418 $0.57 _ . _ Ordinary dividends Earnings per share on 54,836 ordinary shares Balance Sheet, April 30, 1937 Assets— on Rental $5,045 ._ arrears. 20,131 18,296 City of Vancouver bonds (mar¬ ket value $3,833) Leasehold improvem'ts, .. Mat'ls & work in process at cost. Finished stock incl. repossessed 42,750 signs Surrender value of life ins. policy Investm't in & ad vs. to sub. co. 3,829 Investment in & advances Bank loan 106,000 5,400 17,621 50,792 12,615 8,292 Provision for taxes Deferred credits to operations-.. Reserves .; 6% cum. pref. shares (par $50). Ordinary shares General reserve. Earned surplus 43,393 180,000 Z85.630 95,650 38,548 1,125 161.460 Net oper. oper. revenue from rail¬ way operations $5,323,580 Railway tax accruals x2,759,598 Equip. & joint fac. rents 737,305 $8,684,569 $79,194,237 $82,425,042 2,396,844 y29,141,230 24,056,101 1,260,620 13,047,762 14,870,253 $1,826,677 2,060,567 $5,027,105 $37,005,245 $43,498,688 2,030,441 19,874,307 18,796,062 Total income Misc. deduc'ns from inc. Total fixed charges $3,887,244 140,135 4,248,174 $7,057,546 $56,879,552 $62,294,750 121,902 1,578,002 1,436,247 4,678,971 48,398,172 52,484,167 written off..... Net income y Total provision for Total New York Hanseatic sees, on New - 28,893 ------- Accrued interest receivable and deferred items.... 149,818 56,185 132,742 148,089 Loans and advances Total - Liabilities— Loans payable 1937—11 Mos.—1936 1937—Month—1936 Operating revenues... $6,168,608 Operating expenses 4,558,094 $6,035,963 $68,286,005 $65,366,199 4,233,972 49,145,969 46,364,185 oper. rev._ Net oper. revenues... Operating taxes $1,610,514 674,885 $1,801,991 $19,140,036 $19,002,014 587,275 7,442,007 6,336,052 $935,629 $1,214,716 $11,698,029 $12,665,962 Net oper. income -V. 145. p. 3978. Bankers acceptances Dividend payable sold 211,126 18,115,000 100,666 177,867 318,436 2,000,000 725,022 _ $18,972,384 $21,647,451 - 3978. New York Lake Erie & Western Docks & Improvement • 1, 1938, on the 1st mtge. bonds extended at 5% paid.—V. 146, p. 285. Telephone Co.—Earnings— New York 1937—Month—1936 Period End. Nov. 30— 1937—11 Mos.—1936 $17,557,372 $16,806,342 $189345,626 $182271,294 77,218 68,921 798,519 753,380 Operating revenues Operating expenses $17,480,154 $16,737,421 $188547,107 $181517,914 12,314,542 11,418,916 128,189,203 124,293*653 , Net operating .. hand (less reserve) Accounts receivable (less reserve) Cash in banks & on hand Deferred charges Total-. . $1,614,545 2,627,269 114,556 46,634 36,697 333,270 161,613 270,449 47,485 122,358 22,728 10,154 601,804 $4,500,000 551,000 37,238 852,158 59,442 120 9,930 612,282 $5,397,605 See list $3,326,544 $33,341,070 $34,662,314 given on first page of this censos 686,516 43,836 Unclaimed wages 79 Accrued interest, rent, taxes & insurance. Deficit _. Total for depreciation of $2,677,927 in 1937 and $2,674,762 in 1936. b Represented by 45,000 shares, $100 par. The comparative income statement for the years ended July 31 was published in V. 146, p. 284. . New York New Haven department—V. 145, p. 2235. (Del.)—Weekly Output— Electric output of the Northern States Power Co. system for ended Jan. 8, 1938, totaled 25,294,118 kwh., a decrease of 1.0% with the corresponding week last year.—V. 146, p. Co.—Bonds Called— Ohio Public Service All of the outstanding the week compared 285. first mortgage and refunding 7% gold bonds series B due Feb. 1, 1947, have been called for redemption on Feb. 1 at 109 and accrued interest. Payment will be made at the Bankers Trust Co., New York City.—V. 145, p. Oslo 1. 2400. Light Works—Bonds Called— All of the outstanding Bills payable Accounts payable Co.—Registration Withdrawn— Northern States Power Co. IAaqililies— b Common.tock 1st mtge. 7 % sinking fund gold bonds reserve income. $2,677,646 This company for 12 months to Dec. 31, 1937, had a net station gain of 96,167, compared with 106,614 in 1936 and 23,905 stations in 1935. During December, net station gain was 5,260, compared with 14,101 during December, 1936, and 5,603 in December, 1935.—V. 145, p. 3825. $5,397,605 $5,223,600 Planted and growing cane Advance to colonos & contractors (less reserve) Materials, supplies & mdse. in stores & in transit- $1,641,953 2,537,804 110,365 42,509 37,999 287,996 161,561 283,269 58,457 43,979 17,709 $4,500,000 551,000 33,818 Work animals, livestock & equipment Pasture fields $5,318,505 $60,357,904 $57,224,261 1,991,961 27,016,834 22,561,947 Gain in Phones— 1936 $5,223,600 ----- $5,165,612 2,487,966 Net oper. revenues— Operating taxes— Northern Oklahoma Gas 1937 Buildings, machinery, railroad rolling stock, &c. After 118,524 14,730,000 810,257 28,893 - 80,000 for taxes, &c— 127,898 325,531 —-— 2,000,000 751,281 — Co.—Interest— Niquero Sugar Co.—Balance Sheet July 31 Assets— a $ 18,972,384 $21,647,451 — — Security contracts 1937—12 Mos.—1936 $6,053,452 $68,498,216 $65,473,764 17,489 212,211 107,565 Cuban - , Due to customers and for delayed deliveries $8,264,857 $50,308,533 $48,372,917 $6,197,814 29,206 on 14,976,264 1,298.644 880,651 England Telephone & Telegraph Co.—Earnings— Uncollectible Sugar 3,708,391 Uncollectible oper. rev._ Period End. Nov. 30— a 1,368,943 .. — Operating revenues Operating revenues New 1936 $1,383,320 coll Securities, contracts Bankers acceptances sold The interest due Jan. 1937—Month—1936 1,838,409 1,391,011 collateral- 12,225,881 band and pledged as Securities. due 1943, is now being $8,151,816 1937 $1,032,592 Bankers' accepts, on hand and pledged as Debs, issued by Fed. Home Loan Bank (J. J.) Newberry Co.—Sales— Period Ended Dec. 31— Corp.—Balance Sheet Dec. 31—- Assets— 4169. Sales 1936. Cash and bullion in banks.... $660,685 —V. 146, p. 285. $1.67 Note—Excluding commutation passengers and revenue, interline and passengers for November, 1937, increased 137,698, or 8.80%, but revenue resulting therefrom increased $263,734, or 5.84%, and for the 11 months of 1937 the increase in interline and local passengers amounted to 3,598,176, or 23.29%, with an increase in revenue of $3,923,562, or 7.64%.—V. 146, p. 116. Total depreciation of $69,838. y After provision for x Represented by 54,836 ho par shares.—V. 133, $8,374,336 local 22,500 $660,6851 _ After $6,903,378 $1.07 Includes $4,619,568 account of carriers excise tax in connection with 2H% of payrolls for period Jan. 1 to Nov. 30, Railroad Retirement Act, at 1937. No similar charge in contingencies Capital stock Surplus 11,510 $2,256,673 $u.45 Includes $411,941 account of carriers excise tax in connection with Railroad Retirement Act, at 2% % of payrolls. No similar charge in 1936. x —V. 145, p. amortization of $246,642. def$501,065 Net inc. per sh. of stock. Reserves for 13,232 Dispensers, Ltd.. Land 1937—11 Mos.—-1936 revenues.$28,678,023 $31,883,252 $338918,218 $326,456683 expenses. 23,354,443 23,198,683 259,723,981 244,031,641 Unearned discount, interest & res. to Deferred charges to operations.. Territorial & pat. rights at cost less amounts $16,742 Purchase money obligation plant, * Accounts payable Deferred accounts payable Dividend payable 4,564 equipment & site at cost.. x47,974 Neon signs out on rental at cost incl. a proportion of overhead_y308,268 P. 1937—Month—-1936 Period End. Nov. 30— Railway Railway U. S. Govt. Liabilities— hand & in bank Other accounts receivable x RR.—Earnings— [Including all Leased Lines] a Neon Products of Western Cash 285. ; National Lead Co.—New President— At p. Net ry. oper. income. Other income— Daniel a 146, New York Central The Guaranty Trust Co. of New York will until 10 a. m. Jan. 28 receive bids for the sale to it of sufficient ref. & ext. mtge. 50-year 5% gold bonds, due July 1. 1958, to exhaust the sum of $31,843, at prices not exceeding that at which the bonds so purchased, if held until maturity, will yield an interest return of 4H% per annum.—V. 145, p. 3015. M. W. Clement, President of the Pennsylvania RR. "We note with appreciation," Nashville Ry. & Light Co.—Tenders— He will remain to do." Another letter, similarly signed, was sent to L. Sample has been appointed Vice-President in charge of sales and J. A. Krut has been made Secretary and Treasurer and Vice-President in P. mittee.—V. 145, p. 3662. 445 "The Governors of the New England Forging Co.—New Official— See United American Bosch Corp., Chronicle 5% external sinking fund gold bonds, due March redemption on March 1 at par and interest. 1963 have been called for Payment will be made at —V. 145 P. 616. White, Weld & Co., 40 Wall St., New York City. Ltd.-—Earnings— O'Brien Gold Mines, Oct. 3 '36 to Oct. 5 '35 to Oct. 2 '37 $1,229,950 Period— hand. Production of concentrates not yet treated Metal in process, at estimated net value Interest on investments and deposits Production of bullion, sold and on Miscellaneous Total........ . —... — Oct. 3 '36 $466,0l3 7,394 ------ 17,426 2,044 $507,469 360,540 * - 17,821 106 $1,247,877 — 251,058 Operating, incl. devel., mining, milling & general & Hartford RR.- -Stock of Road and office expenses—-- — Held by Pennsylvania RR. to Be Trusteed— Legal and directors' fees, stock transfers, registra¬ tion, interest and discount, taxes on capital and Governor Wilbur L. Cross, Chairman of the New England Governors" Conference, announced Jan. 7 that arrangements soon would be made to a neutral trusteeship over the road's stock now owned by the Pennsylvania RR. The Pennroad Con)-, he added, has yet to take similar action on stock Res. for deprec. of plant, bldgs. & equipment Preliminary develop, from No. 2 shaft &c—-— Outside exploration written-off.... establish itowns in the New Haven and the Boston & Maine RR. miscellaneous... Net profit for the period ............ 47,849 42,144 112,338 16,311 $668,695 8,365 41,725 32,139 $174,182 Financial 446 Chronicle Oct. 2 *37 Oct. 3 '36 $111,561 562,653 7,230 5,539 59,969 4,807 $152,424 Investment in Dominion of Canada 519.427 bonds, at cost- 6,610 Interest accrued on bonds Other investments, at cost-- — 66*817 Bullion at estimated net value------ Sundry accounts receivable and metal in Concentrates 4,906 — at estimated process, Development — 1,383,910 566.377 355,305 451,745 18,946 4,414 S3,899,955 $3,287,266 $43,709 13,054 $76,492 Liabilities— Accounts payable and accrued charges.— payable.- — - — — _ Provision for taxes. 98,686 — 3,000,000 744,507 3,000,000 165,407 — $3,899,955 —------ Total — — After a — — - $102,226 of depreciation for reserve — — 1937 in and 15,451,507 $516,185 $4,351,062 12,577 15,086 299,681 162,351 $173,846 67,473 $531,271 57,110 $5,073,395 709,701 3,377 $4,000,628 $4,227,285 $0.54 $4.63 $4.89 fixed charges Net income Net inc. per sh. of stk 136,409 $26,482 for the month of November, and $328,966 for the Includes x 5,445 $468,716 $0.12 Misc. deduc'ns from inc. $4,650,743 599,495 50,620 $102,996 Total income Totai $4,911,044 $161,269 - $3,287,266 $59,290 tax in connection with similar charge in 1936. —V. 146, p. 118. in Centrifugal Super Co.-— Contactor Registers with SEC— Samuel M. Haskins has been elected to the board of directors of this it was announced on Dec. 29 by A. N, Kemp, President of the company.—V. 145, p. 4124. company, & Telegraph Co.—Earnings— $5,622,863 22,700 cl937—11 Mos.—dl936 $5,274,928 $61,516,555 $57,291,164 12,700 237,898 182,399 Operating revenues,-. $5,600,163 Operating expenses 4,090,047 See list given on first page of this department. Postal Telegraph & Cable Corp.—To File Report— Federal Judge Alfred C. Coxe has directed former Governor Alfred E. Smith to file his report as trustee, covering the period from Jan. 1, 1936 to Dec. 31, 1937, including cash receipts and disbursements. Upon approval of the report, the Court directed, Mr. Smith will be discharged as trustee and his bond will be released. The former Governor recently requested permission to resign as trustee.—V. 146, p. 286. $5,262,228 $61,278,657 $57,108,765 3,606,898 43,080,749 38,623,053 al937—Month— bl936 Uncollectible oper. rev-- 17,816,991 $510,496 $4,163,594 $4,699,743 168,486 xl,864,262 1,651,183 Crl74.175 02,051,730 Crl,862,484 $56,223 xl00,248 Cr205,294 Net ry. oper. income. Other income Podbielniak Operating revenues 1,640,105 11 months ended Nov. 30, account of carriers excise Railroad Retirement Act, at 2% % of payrolls. No Pacific Mutual Life Insurance Co.—New Director— Pacific Telephone 1,450,873 ^way^peratE.^r 1936.—V. 144, p. 620. Period End. Nov. 30— 1937—Month—1936 1937—11 Mos.—1936 $1,507,096 $2,150,601 $21,980,585 $20,151,250 Railway tax accruals— Equip. & joint fac. rents 15,367 30,000 Salaries and wages Capital stock (par SI)Surpl us Pittsburgh & Lake Erie RR.—Earnings— Period End. Nov. 30— Railway oper. revenuesRailway oper. expenses. 22,575 16,663 2,207 — — A total of $1,045,000 20-year 6% s. f. debenture gold bonds dated Feb. 1, 1929, have been called for redemption on Feb. 1 at 105 and accrued interest. Payment will be made at the Union Trust Co. of Pittsburgh, Pittsburgh, Pa.—V. 145, p. 3018. 140,686 431,220 1,383,910 431,220 inception of the company.. Mining property, at cost a Plant, bldgs. & equipment, at cost-. Cline Lake Gold Mines, Ltd. (no personal liability): Invest, in ad vs. to and expend, on acct. of this co Exploration on outside properties—— Organization expenses. — — — Balance taken over at Total 129,566 48,887 84,556 75,910 137,184 net values General stores 1938 Pittsburgh Coal Co.—Bonds Called— Balance Sheet Assets— Cash in banks Jan. IS, Potomac Electric Power Co.—Listing— York Stock Exchange has authorized the listing of The New $5,000,000 1966, due July 1, 1966, making the total amount applied for additional first mortgage bonds, 3series due Net oper. revenues-. $1,655,330 $18,197,908 $18,485,712 $1,510,116 _ Rent from lease of oper. property which outstanding issued and are $20,000,000. 797 8,086,752 71 600,845 71 704,245 —... Operating taxes.. 796 6,947,403 The company issued and sold all of the $5,000,000 bonds, to Metropolitan of Life Insurance Co. on Nov. 29, 1937 at 100 and accrued int. to the date and received therefor $5,066,805, before deduction of expenses (estimated at approximately $12,250) paid or to be paid in connection with such issue. The bonds were sold to the insurance company through private sale for investment and not with a view to distribution or resale. Such bonds were issued to provide funds for replenishment of working delivery Includes a $1,054,556 $10,111,953 $11,539,105 $805,942 Net oper. income $37,600; b $29,100; $410,800, and d $411,600 which may be c refunded in whole or in part.—V. 145, p. 4124. Parker-Wolverine < capital in an amount not exceeding $1,500,000 and for additions to, and Co.—Acquisition— of the Modern Stamping & Manufacturing Co. of Detroit through an exchange of stock. The latter company has supplied metal stampings to Parker-Wolverine. The pro¬ posal is subject to ratification by stockholders at their annual meeting on Jan. 31.—V. 145, p. 3354. Directors have voted to apquire the assets Payne Furnace & Supply Co.—Pays 20-Cent Dividend— The company paid a dividend of 20 on Jan. 15 to holders of record Jan. 8. were cents per share on its common stock, Dividends totaling 40 cents per share improvements and replacements of, its plants and properties. $2,000,000 of the proceeds were deposited with the trustee under the company's mtge.— V. 145, p. 3665. Potrero William Consolidated Income Account for There has been Years Ended Sept. 30 1936 1937 $2,275,351 1,061,287 $1,038,717 $2,847,722 1,532,413 $1,214,064 556,218 $548,089 Gross profit on sales $1,315,309 472,918 Sell.,adv.& gen.exp., &c 186,655 Deprec. of bldgs. & equip $657,846 335,505 134,228 $162,317 _ . Interest, discount, &c— Int., disct., maint. idle property, &c 385,772 285,885 88,735 67,789 56,583 13,100 xll2,780 Net profit Dividends paid no Chairman of the Board elected to succeed Mr. Bunker. $180,520 120,226 $60,293 172,666 39,662 $608,453 56,855 Co., Chicago—Sale Continued— Hearing on acceptance of the bid of $145,000 for the assets of the com¬ has been continued to Jan. 24 by Federal Judge John P. Barnes at pany Chicago.—V. 145, 4126. p. Printz-Biederman Co.—Dividend Reduced— The company paid a dividend of 25 cents per share on Dec. 24 to holders of record Dec. 20. A dividend of on Dec. 23, 1936 and one of on 1935.—V. 140, p. its common stock 50 cents was paid 35 cents per share was distributed on Dec. 31, 483. Prudence Co., Inc.—Trustees Bring Suit for $2,370,000— $2,370,000 from 21 directors and former directors of which is in process of reorganization in the Federal Court, has been instituted in the New York Supreme Court. The plaintiffs in A suit the 8,818 Prov. for Fed. inc. taxes 490,627 y$292,731 112,211 $188,114 loss$212,303 loss$152,036 Cr43,382 Cr56,437 036.028 $655,736 074,316 Prima 1934 1935 $5,386,848 2,539,126 Profit from operations who Gould. J. It is expected that Henry M. Wise, President, will preside at the Directors' meeting.—V. 144, p. 786. Corp.—Earnings- Gross sales,less allow. ,&c Fed. & State taxes Charles G. Garcia, and P. J. Eder were elected resigned because of the press of other business; W. Henry Gray, and Edward paid during the year 1937.—V. 146, p. 286. Peerless Sugar Co.—New Directors— H. Carpenter, of this company at annual meeting of stockholders. ' These Directors succeed Ellsworth Bunker, Chairman of the Board, Directors to recover company Stephan Callaghan, John M. McGrath and William T. Cowin, appointed for the com pany under Section 77-B of the Bankruptcy They allege the defendants directed the payment of dividends on common and preferred stock when no surplus or profits to cover the pay¬ ments were available. The complaint specifies numerous alleged violations the suit are trustees — $161,813 loss$223,655 loss$172,862 217,532 - — Earns, per share on cap. stock outstanding.$0.84 $0.22 Includes $98,363 x and $4,207 normal tax, $10,210 surtax on profits tax. y Sale of ale only. excess —- Nil Nil undistributed profits Assets— 1937 $30,663 27,144 32,295 Notes Fed. & State excise (net) 134,017 228,761 134,017 847 security Inv. 1 in stock 80,792 Prov. for est. Fed. 1 Income tax able Real - for equipment (net) 1,711,892 1,181,125 charges 3,287 estate for 7,877 164,902 taxes 48,098 taxes 111.—Offer Continued—1 above.—V. 145, p. 4127. Public Service Corp. of Texas—No Longer Holding Unit Securities and Exchange Commission issued an order Jan. 10 de¬ claring that the corporation had ceased to be a holding company under the Public Utility Holding Company Act of 1935. The company registered under the Act on Dec. 2, 1935, because of its ownership of all of the outstanding stock of the Mobeetie Gas Co. Since that time, however, it has surrendered its stock holdings in Mobeetie in exchange for the assets of that company, which is now in process of dissolu¬ tion.—V. a40,000 32,500 1,521,048 119. Co.—Earnings— [Revenues and Expenses of Car and Auxiliary & contingencies... 146, p. Pullman 1937—Month—1936 Period Ended Oct. 31— Sleeping car Operations] 1937—11 Mos.—1936 operations: $4,309,389 $57,114,375 $51,575,109 509,019 Total revenues $4,535,859 Dr90,000 Total expenses 4,494,582 3,888,795 51,076,470 45,953,234 $41,277 $420,594 $6,037,905 $5,621,874 2,071 Other assets...... 13,100 242,897 on return¬ containers- Cap. stk. (par $3).y2,007,016 Deficit from opers. 149,883 40,000 plant & zll2,780 deferred Res. sale to employ Property, $256,257 99,220 42,437 Deposits in¬ (net) 8137,759 959 officers & empl's 1932.—V. 143, p. 4165; V. 144, p. 3689. Public Service Co. of Nor. The Accounts payable. 96,568 Advs. & due from vestments 1936 to sundry creditors Inventories Other payable Accrued liabilities. tax stamps Notes, accts., &c., receivable 1937 Liabilities— 1936 $269,397 since 1928 and up to See Commonwealth Edison Co. Consolidated Balance Sheet Sept. 30 Cash & cash items. law. 99,200 Prepaid exps. and deferred Total...,. x $2,383,222 Treasury stock.. 49,784 Net $1,616,8981 Total $2,383,222 $1,616,898 Xo2M?28h,ares in 1937 and 45,000 in 1936. y After deducting discount 242,984 shares of capital stock delivered under rights to stockholders amounting to $242,984. x Includes surtax on undistributed profits, on a Reserve for contingencies only.—V. 145, p. 1913. Sai?V,-,—^-no^" Net Central 37,130,481 275,378,772 258,322,479 Co.—Transfer Agent, &c.— Hanover Bank & Trust Co. has The corporation has notified the New York Stock Exchange that 308 stock have been purchased by the optionee under the option expiring Dec. 31, 1939, leaving 5,576 shares available under said common p. 118. Pioneer Gold Mines of British Month of December— Gross x Net after expenses. x ______ Columbia, Ltd.-—Earns. 1937 $170,000 88,000 1936 $185,000 112,000 Before depreciation, depletion and taxes.—V. 145, p. 3828. $1,751,856 1,606,287 1,409,412 revenue $23,796 $24,650 $328,086 $342,443 $65,074 264,129 $445,244 224,197 $6,365,991 2,957,149 $5,964,318 2,890,764 def$199,055 $221,047 $3,408,841 $3,073,553 revenue. Operating income 145, p. 3828. —V. C. A. Communications, Inc.—Earnings— 1937—Month—1936 j?37— U Mos —1936 $391,216 $410,759 $4,767,251 $4,151,001 357,417 330,203 3,911,640 3,681,63/ Tel. & cable oper. revs. _ Total tel. & cable op.exp. Net tel.&cable op.rev. $33,800 Other oper. revenues 30,967 Other oper. expenses-38,448 Phelps Dodge Corp.—Option Exercised— option.—V. 146, $1,934,373 128,317 Period End. Nov. 30— been appointed transfer agent for 341,911—6-10 shares capital stock $1 par and option warrants. The Marine Midland Trust Co. of New York has been appointed registrar for company's capital stock.—V. 145, p. 3506. shares of its $152,967 149,594 1937—12 Mos.—1936 R. Permutit The $173,391 expenses Total Taxes accrued 1937—Month- -1936 38,004,888 •—V. 145, p. 3826. A^otal ^evenu^.08! Total net (J. C.) Penney Co.—Sales— Period End. Dec. 31— revenue 1935 $270,000 194,000 $§0,556 33,7§7 $§55,611 354,483 415A85 $469,364 364,853 417,514 iAA'222 Uncollectible oper. revs. Taxes assign, to oper 09,000 19,401 37,238 1,000 25,499 Operating income Non-oper. income $15,917 88,118 $50,605 51,954 $407,490 880,251 $104,036 $102,559 $1,287,741 26,487 29,716 314,02/ 344,020 $77,549 $72,843 $973,713 $351,425 - Gross income Deduc'ns from gross inc_ Net income —V. 145, p. 3209. 376,119 199,862 $205,841 489,604 Volume Financial 146 Reliance Bronze & Steel Chronicle Co., Inc.—Reorganization— A petition to reorganize under Section 77-B of the Federal Bankruptcywas filed Jan. 10 in Federal Court, Brooklyn, by the company, manu¬ facturers of metal doors, windows and frames, Comparative Balance Sheet Dec. 31 1937 Act activities "The of the C. 1. O. were fatal to the debtor," the petition said. "The large profits of the first six months of 1937 were entirely wiped out and a large loss for the year substituted. Even worse was the fact that the debtor's working capital was almost entirely consumed." Once before, in Jan., 1936, the company received relief under Section 77-B, according to the petition, and subsequently was discharged by the court July 13, 1937. According to the petition a strike was called last fall by the C. I. O. after the company had signified its willingness to meet the wage and hour demands of the union for 200 employees, but rejected the demand for union recognition on the ground that it would have been "suicidal." The company argued that the building industry was controlled by the A. F. of L.t and that recognition of a C. I. O. union would have resulted in a boycott of its products. The petition listed book-value assets of $869,581 and total liabilities of the same —V. 145, It also listed two secured creditors and 138 unsecured. amount. 1936 $ $ Assets— x Rl. est., 1937 Liabilities— Common bldgs., mach'y, &c._ 18 ,736,387 Cash 3 ,515,888 5,754,444 Accts. receivable 8 ,638,615 8,535,264 New 16,202,435 mfd.prod.,&c.l38 ,168,477 90,000,000 2,975,415 _ ,024,997 500,000 Accrued interest, 114,854,662 8,568,345 3,433,229 40,850,662 41,748,290 180,721,252 Conting. 319,547 ,388,110 156,725,279 957,483 &c taxes, 319,547 cos.. Other accts. and notes 10,000,000 ,000,000 stock... mon $ ,000,000 com¬ Accts. payable. Inv. in non-com¬ petitive B cl. 1936 $ stock. Notes payable.. Leaf tob.,8uppl., reserve Undivided profit receiv'le 579,252 564,425 (after deduc'n G'dwill, pat.,&c. 1 1 ofdiv. payable Retire. & insur. Jan. invest, fund— 10 ,120,000 643,085 2) 10,120.000 Prepaid expenses 374,501 Total 156,725,2791 180,721,252 After x depreciation.—V. 1113. p. 447 145, p. Total 3508. 60-Cent Dividend— Remington Rand. Inc.—Sales— The Net sales for quarter ended Dec. 31, 1937, amounted to $13,715,342, as compared with $12,452,246 in corresponding period of 1936, an increase of $1,263,096, or 10%. For calendar year ended Dec. 31, 1937, net sales totaled $52,644,441, against $44,708,955 in 1936, an increase of $7,935,486, or 17.7%.—-V. 145, 3829. p. declared a dividend of 60 cents per share on the and class B common stocks payable Feb. 15 to holders of record Jan. 25. This is in accordance with the company's new dividend schedule an¬ nounced late last year for quarterly interim dividend payments Feb. 15, May 15, Aug. 15, and Nov. 15, with Dec. 26 as the date for a final or yearend dividend. Reserve Investing Corp.—$1.25 Dividend— The directors have declared » directors have common accumulations the $7 to holders of record Jan. on a Rice-Stix Dry Goods dividend of $1.25 per share on account of pref. stock, no par value, payable Jan. 15 8. A dividend of $5 was paid on Dec. 24.last, 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 divi¬ dends of $1.25 were paid on Oct. 15, July 15, April 15 and Jan. 15, 1936, and on Oct. 15, 1935.—V. 145, p. 4127. cum. Reybarn Co., Inc.—Earnings— $87,201 2,193 ' Interest... Total $89,393 8,495 Operating expenses Interest 1,028 Federal capital stock and miscellaneous taxes. 3,937 3,625 14,508 Write-off of notes receivable Provision for Federal income taxes Net income. $.57,800 Balance Sheet Nov. 30, 1937 Assets— Liabilities— Cash in banks Divs. receiv. & int. accrued sec. purch.. 71.176 $2,556,658 128,128 163,498 202,098 $2,778,263 128,128 164,821 Balance, end of year.. $2,062,934 Earns .per sh.on 269,464 shs.com.stk.(no par). Nil $2,485,314 1,414,045 x ...$3,589,1341 Total................ .... $3.589,134 Including $843,750 for the investment in Thomas Young Nurseries, a 90% owned company.—V. 144, p. 3017. Inc., Assets— 1936 945,634 Customers' 2,330,107 914,639 4,939,777 5,384,476 accts. . Inventory __ _ „_ 1,830,400 2d pref. stock.... 2,313,033 Common stock.. 4,253,247 2,344,433 4,253,337 Dis.on 4,905.235 4,228,609 475,238 556,277 Due Reynolds Investing Co., Inc.—New Control— A transaction was Davis has succeeded W. F. Woodward as Secretary and has become Treasurer.—V. 144, p. 2673. R & H Name has Clayton 89,033 152,334 312,441 115,000 2,062,934 2,485,314 ...13,629,926 inc. 13,434,219 and 13,629,926 13,434,216 Total. 193,000 Represented by 269,464 no par shares.—V. 144, p. 4021. x Walter A. Galvin Rike-Kumler Co.—$1 Div.—Change in Dividend Policy— The directors have declared Corp.—Name Changed— been for - Undivided proflts. Total..-- 276,348 36,656 & other taxes a partner 116,480 . accounts. officials to Prov. completed Jan. 13 whereby Sartell Prentice, nm 1,650,000 to Accounts payable Deposit —.... Dr 158 2,750,000 pf.stk.acq. payable banks. 20,108 Investments & advances 1,830,400 Notes 26,890 $ $ 1st pref. stock x Expenses advances 1936 1937 Liabilities— $ $ 2,337,152 employees of the New York Stock Exchange firm of Prentice & Brady, and F. E. Mayer have taken over a majority ocmmon stock interest in the management of the company. Mr. Prentice has succeeded R. S. Reynolds as President and Mr. Mayer has succeeded C. K. Reynolds as Vice-President. $1.25 Nil Balance Sheet Nov. 30 to employees- Total $2,422,710 $1.23 > 1937 received..; Drl97,347 $2,153,366 — —- ciation inevitable. Cash _.... $2,988,549 128,128 168,247 269,464 The year of 1938 starts out with all merchandise, both inventories and commitments, owned at a very low level of price, and with any further strengthening in the market, an improved business can be expected. 923,715 surplus.. $2,582,681 128,128 166,455 134,732 President, says: Up to Aug. 1 the business of the company was gratifying; sales showed a substantial increase and net earnings were far in excess of the previous year, and the outlook for a very profitable year was most promising. How¬ ever, from Aug. 1 on, conditions changed; sales were lower and merchandise was sold on a declining market. The production of the largest crop of cotton on record affected all products of cotton and made large inventory depre¬ Capital assets . .. 4,438 Cost of 55,855 shares of capital $633,993 2,354,556 Ernest W. Stix, 688,010 in treasury — $94,396 2,422,710 65,575 ... 7% 1st pref. dividends— 7% 2d pref. dividends.. Capita!stock (par$1). Capital surplus Earned req. Total surplus. 1934 1935 $624,896 2,153,366 50,500 555,456 1936 $71,344 2,485,314 Profit and loss reserve — Co.—Earnings— 1937 $150,316 Accts. pay. A accrued exps Prov. for Fed. income taxes x3,487.787 22,121 .... Notes receivable.... Due to broker for $8,049 _ Investments Oper. profit for year Previous surplus Excess res. no longer Common dividends. Earnings for 6 Months Ended Nov. 30, 1937 Dividends Net income: Years End. Nov. 30— a dividend of $1 per share on the common value, payable Jan. 25 to holders of record Jan. 15. A divi¬ dend of 25 cents per share was paid on Dec. 11, last, and each three months previously. In addition, an extra dividend of 75 cents per share was paid on Jan. 25, 1937. The company decided to abandon the practice of paying dividends on a quarterly basis, making future dividends payable semi-annually, January and July.—V. 145, p. 2404. stock, changed to Allied Products Corp. (Mich.).—V, 145, p. 3356. no par . (R. , J.) Reynolds Tobacco Co.—Annual Report— Jas. A. Gray, President, says in part; Earnings for 1937, before deducting for flood casualty loss, amounted to $28,216,026, or $2.82 per share on common stocks outstanding. After making deduction for such flood loss, the net carried to undivided profits amounted to $27,602,372, or $2.76 per share. In 1936 net earnings were $29,253,135, or $2.92 per share. In 1936 interest and dividends on investments amounted to $485,684, and miscellaneous income to $464,292, a total of $949,977, whereas income River Raisin , , Paper Co.—Bonds Called—■ A total of $100,000 first mortgage 6% gold coupon bonds, maturing Aug. 2, 1945 have been called for redemption on Feb. 2 at par and interest. Payment will be made at the Union Guardian Trust Co., Detroit, Michigan. —V. 144,p. 3851. from these sources in 1937 aggregated $278,007. In the former year the principal part of these items consisted of interest on U. S. Government securities and profit resulting from the sale of them. This income did not recur in 1937 as no such securities were owned during that year. Company in 1937 sustained a casualty loss of $61.3,654 in the Ohio River flood without insurance coverage because insurance companies had not been willing to carry flood risks, in locations adjacent to the Ohio River, in any substantial amounts even on storages never before flooded and regarded as secure. In January 19.37 the river rose to generally heights theretofore unheard of and reached storages theretofore untouched. Since this flood the company has purchased land lying much higher above the river level and has moved affected storages to the new location as a safeguard against possible future floods. During 1937, again, the higher prices paid to farmers for leaf tobacco and the heavier requirements of inventory to take care of continuing ex¬ pansion in volume of the company's principal brands, including Camel cigar¬ ettes and Prince Albert smoking tobacco, are reflected in substantially higher inventories, which, at Dec. 31, 1937 were $23,313,816 greater than at the end of the previous year. Under this requirement of larger inven¬ tories at higher prices, the company borrowed funds as shown by the item of notes payable in the accompanying statement. Extensive plant addi¬ tions and improvements likewise were made during 1937 in the amount of $3,189,990. As for many years past, the number of stockholders of the company has continued to increase steadily throughout 1937, the total at the end of the year being in excess of 58,000. Income Account for Calendar 1936 1937 x Profits from oper $36,459,124 & divs. on invest¬ Years 1935 1934 $37,454,735 $29,408,650 $25,725,161 949,977 1,118,228 1,440,826 Operating $36,737,132 $38,404,712 $30,526,878 $27,165,987 Allow, for deprec., obso¬ lescence, &c— 1,040,404 997,805 933,174 913,314 Interest paid 170,283 Fed. & State inc. taxes._ 7,310,419 8,153,772 5,697,306 4,715,779 Casualty loss thru. flood 613,654 — - $27,602,372 $29,253,135 $23,896,398 $21,536,894 41,748,290 42,495,154 48,598,756 57,061,862 Total surplus $69,350,662 Common dividends.28,500,000 $71,748,289 $72,495,154 $78,598,756 30,000,000 30,000,000 30,000,000 Total undiv. profits..$40,850,662 com. & com. B out¬ £$411748,289 $42,495,154 $48,598,756 Shs. standing (par $10)—Earnings per share x 10,000,000 £ 10,000,000 $2.76^ $2.92 $2.38 $2.15 expetfees of management, advertising, After deducting all charges and &c. 10,000,000 78,138 q?884 y.5,884 $687,896 . — Operating income before reserves Other income 26,088 14,531 $578,639 $702,427 . Gross income •— . 30,548 46,525 16,684 130,564 85,082 290,869 $400,842 Income charges $279,951 - Federal income tax Provision for reserves Net income Net profit from sale or disposition of capital assets —including deferred lease sales Net income and profit and loss 27,731 30,358 subs. 15,328 9,644 sub., $686,183 $150,353 $35,056 Sept. 30 3,537 3,834 959,303 366,924 credits.. Paid-in capital Earned 1936 1937 Due sub. cos 1,254,967 366,924 3,643 Prop, insur. res... & ... surplus... 3,165,019 2,551",500 stock... 7>r95,140 Dr95.140 $4,553,640 $4,117,141 Treasury Invest, Permanent < Liabilities— Current liabilities. Deferred old to affil. & 92,700 105,000 2,204,890 21,128 1,164,331 1.079,671 1,234,229 other cos assets—less reserves .. Prepd. & defd.chgs Defd. 302,310 rec.—over 1 year Fixed $991,106 292,310 Securities at cost.. Adv. 1936 $819,881 406,232 148,530 $549,372 Balance Sheet 1937 Assets— Current assets 280,163 accts.—con¬ tingent upon Total. — . $4,553,640 $4,117,141 i Total. -V. 145, p. 3019. Rose's 6, 10 & 25-Cent Stores, Inc.—Sales— Period End. Dec. 31— Sales. 10,0Q0,000 $1,009,759 $552,551 expenses... future oil produc Net profit Undiv. prof. prev. year. Dec. 31, '36 $848,366 General expenses in Total income Year End. 9 Mos. End. Sept. 30, '37 Period— affil. cos. 278,008 Pendleton, Inc.—Earnings— Gross earnings Accts. Int. ments, misc. inc. (net) Roeser & 1937—Month—1936 $1,046,506 $1,002,689 1937—12 Mos.—1936 $5,426,239 $5,063,070 —V. 146, p. 120. Royal Mfg. Co.—Registration Withdrawn— See list given on first page of this department.—V. 145, p. 2405. Financial 448 The various provinces are separate corporations, and while there cooperation and assistance between them, these bonds are the legal tions of only the Detroit corporation. Rutland RR.—Earnings— 1937—Afonl/i—1936 30— Railway oper. revenues. $255,273 Railway oper. expenses. 262,721 Period End. Nov. Jan. 15, 1938 Chronicle 1937—11 Mos.—1936 $292,406 256,780 $3,247,403 3,001,996 $3,157,616 2,898,953 def$7,448 x24,355 Cr2,651 $35,626 13,431 413 $245,407 x263,003 C'rl8,313 $258,663 144,099 2,970 def$29,152 3,299 $21,782 3,255 $717 62,536 $111,594 67,166 Admin. & general exps__ def$25,853 $25,037 441 Total fixed charges 33,908 34,138 $63,253 4,489 374,205 $178,760 5,761 376,805 Other int income 424 Net deficit..... $60,185 Servel, Inc.—Earnings— for Years Ended Income Account . " w <r*J Railway tax accruals— i Other income. . _ 1935 1934 $5,730,987 $4,047,402 3,794,435 681,140 2,793,680 627,640 2,162,071 579,114 2,050,678 $5,980,488 $5,405,118 $1,489,044 6,929 from inc. Total Prov. Safe Harbor Water Power Z266",655 X6"3'5",666 150,871 17,667 $521,518 7,882 98,509 850",600 Federal taxes._ 1937 1936 $7,819,160 4,525,511 $3,277,404 $3,293,648 1,520 3,680 $1,996,084 596,592 61,953 $ $1,337,532 Net income -V. 145, p. $3,295,169 1,250,000 1,028,162 assets 77,510 204,274 1 expenses. 75,336 bonds, due 1948 1,007,670 Dividend— its Solvay American Corp.—Stock A total of 2,021 shares of 5H% Drl2,635 19,168.591 17,634,749 292. p. Ltd.—Earnings— Southern Canada Power Co., 12 Months Ended Nov. 30— _ $1,362,793 1,313,291 ... \ Net earnings Interest, dividends, depreciation, bad Surplus —V. 146, These Sisters teach in 40 parochial schools, 6 of which high schools, and own and conduct an orphanage for girls at Detroit and St. Joseph's Orphanage for boys at Jackson, Mich. The Sisters con¬ duct a girls' academy in Detroit with a total enrollment of 150 including both preparatives and lay students. Membership in the other provinces of Felician Sisters is as follows: The Buffalo Province, 621 professed Sisters, 9 novices, 15 postulants: the Milwaukee Province (transferred to Chicago in 1927), 723 professed Sisters, 25 novices. 17 postulants: the Coraopolis Province, 245 professed Sisters, 9 novices, 6 postulants, and the Enfield Province, 286 professed Sisters, 8 novices and 10 postulants. The Felician Sisters of the Order of St. Francis is now one of the largest communities of Franciscan Sisters in the $1,253,044 1,300,962 def$47,918 289,293 Taxes.... Sisters $2,166,365 677,159 $49,502 Operating and maintenance expense until the plan is 1936 $2,335,295 683,209 Gross earnings teaching in parochial schools and care of orphans. At the present time the Detroit Province has 593 professed Sisters, 11 novices, 7 postulants, 273,609 Called— p. debts 236,162 287. Southern Colorado Power Co —Earnings— 1936 Year Ended Nov. 30— ^ $2,337,526 1,321,326 $963,842 622 634 $1,016,821 300,000 $964,477 300,000 $716,821 425,520 6,246 $664,477 432,795 4,103 $285,055 and taxes $2,178,112 1,214,269 $1,016,199 Operating revenuas Operating expenses, maintenance $227,578 Other income. Net oper. rev. & other inc. L (beforeappropriation • Appropriation for retirement reserve. United States. 5,615,660 cumulative preferred stock has been series preparatives. 6,225,730 Drl2,635 Feb. 15 at $110 per share and accrued dividends. Payment will be made at J. P. Morgan & Co., New York City.—V. 145, 1937: due serially July 1, 1938 to Jan. 1, 1950. Coupon $1,000, $500 and .$100, registerable as to principal. Principal (J. & J.) payable at office of First National Bank of West are 910,067 4,086,140 called for redemption on A, maturing July 1, 1938, to and including Jan. 1, 1948, bear int. at 4% per annum; all bonds maturing on and after July 1, 1948, bear interest at AM% per annum. The net proceeds estimated at $370,400 (without including accrued int. from Nov. 1, 1937, and after allowance of $14,600 estimated expenses), together with other funds of the corporation, will be used as such moneys are available from time to time to pay and retire the outstanding 4% and 4% first mortgage serial bonds of the corporation dated Nov. 1, 1935. As of Nov. 1, 1937, there were outstanding in the hands of the public $390,500 of the bonds of the Nov. 1, 1937, issue of which $7,500 matured Jan. 1, 1938 and the balance of $383,000 was called for redemption as of Jan. 1, 1938, at 101H and int. The Felician Sisters of the Order of St. Francis was founded in Warsaw, Poland, in 1855. The Motherhouse some years later was located in Krakow, Poland, and it was from that location that the first Felician Sisters came to the United States in 1874. They then established the United States Province with headquarters at Polonia, near Stevens Point, Wis., in the Diocese of Green Bay. The work of the Detroit Province of the Felician Sisters is primarily and 40 1,044,565 59,657 4,336,140 City Gas & Electric Co.—Registers— (File 30-97) under of Penn Western p. 4128. Sioux Bend, Wis., or at option of holder, at office or agency of corporation at Detroit, Mich. Both principal and interest of these bonds will be payable in lawful money of the United States of America. First National Bank of West Bend, Wis., corporate trustee and registrar, and Louis Kuehlthau, West Bend, Wis., co-trustee. Detroit Trust Co., Detroit, registrar and bonds, 1,507,670 164,167 Company has filed a notification of registration No. the Holding Company Act. The registrant is a subsidiary Gas & Electric Co., also a registered holding company.—V. 145, Dated Nov. 1, 01 389,262 warranty b Represented by shares of $1 par value, c After $10,251 allowance for depreciation; tools at cost, less $28,511 amortization, and construction in progress.—V. 145, p. 1435. (Mich.)—Bonds Offered—An issue of $385,000 4% and 4 K% 1st ref. mtge. serial bonds, series A, was recently offered by B. C. Ziegler & Co., West Bend, Wis. interest for Total 17,634,749 19,168.591 Total 12,131 90,755 Res. for conting.. 1 service... Acting under these iastructions, the receivers prepared a tentative outline apian and sent it to the representatives of the various parties in interest for consideration, pending a conference with them on the subject, to be held in the near future. The suggestions contained in the outline were only tentative and may be entirely changed by the re¬ ceivers themselves, or as a result of these conferences. The Receivers desire to say that no publication as to any plan can be in denom. of 766,000 457,488 payable Capital surplus Earned surplus Treasury stock of certain parts of Felician 232,500 985,000 Other reserves interest. the 334,000 Federal 1st mtge. 5% gold 60,637 1937—Month—1936 1937—12 Mos.—1936 $1,586,613 $1,684,914 $13,436,875 $12,966,764 Seaboard Air Line Ry.—Statement on Reorganization— recently released to the press: The receivers have noticed certain publications in the press purporting to give in some instances details of a tentative and incomplete plan for the reorganization of the road prepared by them. These publications are unauthorized and are in certain respects inaccurate and misleading. To the end that security holders of these properties may be properly informed, the receivers, Legh R. Powell, Jr. and Henry W. Anderson, desire to state that they were directed by order of the Court of their appointment to prepare a plan for the reorganization of the Seaboard and its affiliated properties, and in the development of the plan to confer with the Chairmen of the committees of security holders and other appropriate parties in of 622.775 em¬ Def'd cred. to inc. receivables The following statement was Seminary for Dlvs. c348,624 Res. regarded as complete or can be relied upon unless and completed and actually filed in Court.—V. 146, p. 287. 878.649 824,577 for Income taxes Patents, <fcc—... paid a liquidating dividend of $2,008 per share on Jan. 4.—V. 140 p. 985. payable- 1,029,877 ployees' bonus.. Prov. 3982. company 1,794,061 984,944 3,548,714 Deposits & sundry ordinary registered stock on and ac¬ at cost $1,361,844 1,794,061 Accounts 4,738,570 fixed Other 263 b Common stock.. Provision counts, rec'able. $ 693,200 693,200 Accruals Inventories 1936 7% preferred stock ac¬ ceptances & $2,045,169 621,107 61,953 Prepaid Schuyler Trust Shares—Liquidating The deposits trade Notes, 3982. Period End. Dec. 31— —V. 145, p. 7,395.117 1,200,000 Time Schiff Co.—SalesSales ...... % Liabilities— 3,912,024 9,053,091 4,176,334 Cash 6 Other income deductions a97,048 1,766.426 1937 1936 $ Plant & property. and other income (before appropriation for retirement reserve) $3,281,084 Appropriation for retirement reserve 1,285,000 48,524 222,678 1,781,426 48,524 757,126 1,781,426 Consolidated Balance Sheet Oct. 31 1937 Assets— Net operating revenue and expense $2,111,517 60.606 $2.35 $1.16 $0.27 x Extraordinary deductions as follows: Provision made April 30,1934, and used in liquidation of inventories of obsolete and discontinued products, $500,000: provision for future warranty service, $100,000, and provisions for cost of collecting instalment accounts, $35,000. y Charges for deprecia¬ tion for 1937 amounted to $447,945; 1936, $394,847; 1935, $340,641 and 1934, $271,153. z Provision for services on discontinued lines and for contingencies, a Dividends for 1933 and 1934. b Company was not subject to surtax on undistributed profits for fiscal year ended Oct. 31,1936. Consolidated Gas & Electric Co.—Earnings charges (net) b$4,240,355 y Net profit for period $4,666,802 Preferred div^ 'ends. 48,524 4,008,209 Shs.com.stk.out. (par $1) 1,781,426 Earnings per share $2.59 145, p. 2705. Gross income 766",660 34,627 71,495 2,565 395,500 135,000 profits. undistributed fe Ear,of such premium of Yt of 1 % annuallyexceed 3% in accord with terms plus a serial notes, premium not to or part thereof of the remaining Interest 12,014 57,960 Prov. for Fed'l surtax on is calling for redemption on March 1, 1938, $660,000 serial 15% of the $4,400,000 presently outstanding. Price paid will be Amortization of debt discount , Common diVi-iends $8,165,690 4,888,285 '' , 25,000 doubtful Idle plant expenses Prov. for The company (before approp. for retire, res.).. of 1st mtge. for accounts, &c on sale of cap. assets Co., Ltd.—Bonds Called— Operating revenues Operating expenses, maintenance and taxes.. 187", 619 Loss Corp.—Bonds Called— Year Ended Nov. 30— 250,000 _ bonds retired first mortgage s. f. gold bohds 4K% series, due 1979 has been called for redemption on Feb. 5 at 104 and accrued interest. Payment will be made at the New York Trust Oo., New York City.—V. V. 145, p. 292. Saguenay Power production. val. par Provision A total of $25,000 Net oper. rev. Other income $1,495,973 82,975 27,942 stock tax.. proportion of for to future Saco-Lowell Shops—Resumes Dividends— directors have declared initial quarterly dividends of 25 cents per A and class B convertible preferred stock and a dividend of 25 cents per share on the common stock, all payable Feb. 15 to holders of record Feb. 1. These will be the first dividends paid by the company in 12 and one-half years.—V. 145, p. 3666. San Diego $2,996,174 75,384 39,088 67,050 59,573 Extraordinary deduct'ns Prov. for conting'cies— Excess of call price over The of the issue.—V. 54,386 $5,459,504 75,384 57,790 major tool costs appl. share on the class notes, or 116,948 $6,097,436 profit Fed. capital $203,806 .$315,441 $9,542 Includes 507,680 $2,989,801 6,373 Interest $5,004 for the month of November, and $54,969 for the 11 months ended Nov. 30, account carriers excise tax in connection with Railroad Retirement Act, at 2 % % of payrolls. No similar charge in 1936. —V. 146, p. 286, 120. x 1936 1937 pr¬ Total income Misc. deduc'ns Oct. 31 Unci. Sub. Cos.) ^$10,456,062 $8,826,438 profit on sales Advertising, selling and Gross service expenses Net ry. oper. is close obliga¬ Other income deductions. Net income —V. 145, p. 4128. Southern Ry.—Earnings— 1938 1937 Decrease $2,025,412 $2,463,421 $438,009 First Week Jan.— Gross earnings —V. 146, p. (estimated) 287. Spang, Chalfant & Co., The Peoples-Pittsburgh Trust Co. Inc.—Tenders— will until Jan. 28 receive bids for the 5% s. f. gold bonds, due Jan. 1, 1948, $199,237 at prices not exceeding 103 and accrued sale to it of sufficient first mortgage to exhaust the sum of interest.—Y. 145, p. 3211. Spiegel, Inc.—Sales— Period End. Dec. 31— 1937—Month—1936 1937—12 Mos.—1936 $5,152,373 $55,648,033 $44,695,482 $6,085,721 Salal —V. 145, p". 3830. Standard Dredging Corp.—Application Approved— Exchange has approved the application of the outstanding shares $1.60 cumulative convertible preferred stock, par $20, and 596,197 outstanding shares of common stock, par $1, with authority to add to the list 467,740 sdditional shares of com¬ The New company mon York Curb to list 116,935 stock—Y. Stator 145, P. 3359. Corp.—Reaisters with See list given on first page SEC-— of this department. Volume Financial 146 52 Weeks Ended 52 Wks.End. 53 Wks.End. Oct. 31, *36 $6,694,249 $6,282,975 6,723,526 6,226,533 Oct. 26, '35 $5,728,095 5,807,757 Oct. 27,'34 $4,728,151 4,764,638 $29,278 prof$56,442 8,279 8,368 $79,663 9,437 $36,487 26,919 $20,999 prof$64,809 88,864 97,717 11,566 12,842 2,428 2,245 $70,226 113,789 15,777 2,317 $9,568 121,754 14,040 2,080 Oct. 30, *37 Cost of sales Net loss from oper. Other income Total net loss Prov. for depreciation. Interest charges Prov. for Fed. inc. tax- $123,855 443,576 $47,995 219,518 $202,110 391,357 $147,442 589,824 18,985 34,470 y243,762 30.270 8,768 4,605 $343,311 Net loss Previous surplus $449,754 $219,518 $451,150 x54,794 4,999 $219,518 $391,357 of 6% pref. redeemed— Excess of par over cost Other credits Total surplus Divs. on 6% cum.pf.stk_ Miscell. charges "6", 178 ----- Surplus $343,311 _ $443,576 Dividends paid on preferred stock to July 1,1934. y Includes provision processing taxes, and reserve against funds deposited in escrow with respect to processing taxes in litigation as at Oct. 26, 1935 restored to surplus, $239,043 and sundry recoveries applicable to prior period, $4,718. x for Consolidated Balance Sheet $112,155 $243,506 $123,938 254,834 273,188 479,892 42,921 8,380 137,880 1,075,157 457,230 - 33,504 Prepaid expense.- 8,380 137,880 Investments Land Deposits and advs. 1,157,262 3,243 Leaseholds, less amortization 812 Plant & equip— 3,885 $84,371 9,000 5,651 9,000 5,478 193,000 accrued less reserve Inventories Oct. 30 '37 Oct. 31 '36 Accts. payable and receivable, Accts. x Liabilities— Oct. 30 '37 Oct. 31 '36 Assets— Cash 202,000 1,095,100 426,800 443,576 Mtge. instal. mat. within and upon not less than 30 days' notice, any redeemed by the corporation on any int. date by payment of principal, accrued int., and a premium on principal as follows: 1% if red. on or prior to Nov. 15, 1942. H of 1% if red. after Nov. 15, 1942. Net proceeds ($284,300 estimated) together with other funds of the corporation, will be used for the payment of certain notes payable and to provide the cash required to complete the retirement of the Swedish Coven¬ ant Hospital 5j^ % first mortgage gold bonds of the corporation. The bonds will be the direct obligations of the corporation, secured by a valid and direct, closed first mortgage on the real estate, buildings, and other property of the corporation known as its Swedish Covenant Hospital, Chicago, 111. Total appraised valuation of land, buildings, fixed equip¬ ment, and movable equipment, $788,568. In the sixties and seventies of the past century, large numbers of Scan¬ dinavians settled in the Central West. A movement for the organization of a Swedish Lutheran Free Church was soon begun in Iowa and Illinois. As a result the Swedish Evangelical Mission Covenant of America (the corporation) was organized in Chicago, in February, 1885. Thirty-nine churches applied ana became affiliated with the corporation. Growth was considerable in the years following and as of 1937, 441 separate churches are affiliated with the corporation. In 1886 the corporation established the Home of Mercy (a home for the aged) in Chicago. Swedish Covenant Hospital traces its history to 1901. The Home of Mercy, established in 1886 and located at California and Foster Avenues, had met demands for regular hospital service. Larger quarters were neces¬ sary and a separate hospital building was proposed. Construction on a new hospital building adjacent to the Home or Mercy was commenced in 1902. The hospital building became inadequate for its increasing work. A new building was erected and the then existing hospital building was converted into larger quarters for the Home of Mercy. By 1918 the new building, which now constitutes the north wing of the present hospital, was com¬ pleted. In order to prepare for future enlargements, a central heating plant including boilers, pumps, ice machine, and laundry with its needed machinery was erected in 1924. A new building for the Home of Mercy accommodating 102 guests was completed in 1927. The building was completely paid for by subscriptions taken among Mission Covenant people in Chicago and elsewhere, and no indebtedness has at any time rested on that property. Once again the hospital became cramped and crowded for quarters. The present south unit of the hospital was com¬ pleted in 1928. At option of corporation and all of the bonds may be Stahl-Meyer, Inc. (& Subs.)—Earnings Period— Sales. one year. Reserve for taxes. Mortgage & other liabilities 6% cum. pref. stk. y Common stock-- 1,063,600 426,800 343,311 Surplus Teck-Hughes Gold Mines, Ltd.—Hearing— 1,515 The Securities and Exchange Commission announced that a Goodwill, trade- marks, &c_ $2,165,300 $2,266,326» y $2,165,300 $2,266,326 Total $714,775 in 1937 and $703,391 in 1936* Represented by 130,000 shares of no par value.—V. 144, p. 292. x After reserve for appreciation of Standard Gas Electric & Co.—Committee to Oppose New York Curb Exchange market do not warrant the ex¬ penditure of the time and money necessary to comply with the regulations of the Commission.—V. 146, p. 288. vantages of a Modified Plan— The B. L. Allen Protective Committee for the Toho Electric Power $4 preferred stock intends adoption of the amended modified plan of reorganization for the company dated Nov. 1, and the approval of the agreement by the company to give holders of notes and debentures, an option to convert their securities into new debentures and subsidiaries' stocks. Benjamin L. Allen, Committee Chairman, in a letter to holders of $4 preferred, states that the plan adversely affects the interest of the $4 stock in that it provides for creation of a sinking fund which may aggregate $1,104,743 a year and acquisition or redemption of notes and debentures, and because the plan "fails to provide for adequate representation" on the board of the $4 preferred stock. The agreement give options to note and debenture holders may result, according to Mr. Allen, in a distribution of the stocks covered by the option at the current low prices of utility securities, "disregards the loss of present and future earning power" on these stocks which exceeds and possible interest saving, and it may result in loss of intangible value arising from a reduction of the percentage of ownership of the subsidiaries whose A total of $275,000 to oppose Weekly Output— Electric output of the public utility operating companies in the Standard Gas & Electric Co. System for the week ended Jan. 8, 1938, totaled 104,046,826 kilowatt hours, a decrease of 4.9% compared with the corresponding week last year.—V. 146, p. 287. Sales $301,104 180,000 $342,232 $1.50 $0.74 $0.91 47,874 Depreciation Loss retirement on 778,490 464,254 18,772 222,837 220,884 Interest Loss 1934 $6,287,204 588,691 $485,334 300,000 $9,164,296 „ operation 1935 $6,873,212 533,739 14,544 218,091 1936 $8,144,592 1937 31— equip.. 20,900 215,585 9,973 2,256 sale of investm't Loss due to reval. or dis¬ 96,768 position of inventory. x Federal and State in¬ 53,500 come taxes Common dividends has advised the New York Stock Exchange that on Dec. Transamerica General Corp. a whooly-owned subsidiary of Transamerica Corp., disposed of its entire holdings in its wholly-owned subsidiary, Bankamerica Co.—V. 146, p. 289. 1937, Co.—Obituary— Twin Coach Henry G. Taylor, Treasurer of this company, died on Jan. 9.—V. p. x NU stock Amount paid in 1934, 1935 and 1937 is not stated separately in income accounts for those years. Underwriters Group, Securities and 319,737 1,487,498 Notes, pay., banks accrued charges- 317,269 Accts. receivable Inventories Mutual ins. 1,665,040 277,161 51,527 191,102 45,021 Other assets bldgs., ma¬ 5,491,609 chinery & equip. 5,494,469 Dies, stamps, pat. rights, &C-...._ 1,000,000 Deferred charges.. 47,675 of After no par $ 700,000 500,000 301,787 494,399 payable and Res. for Federal & State inc. taxes. 90,479 53,500 8% preferred stock (par $25) y Common stock.. 1,500,000 1,500,000 6,079,700 6,079,700 3,043,061 3,249,794 1,000,000 55,501 11,715,027 11,877,3931 Total x Accts. 1936 Surplus Adv. to sub Land, $ 2,919,849 z3,151,488 deposit 37,462 40,012 Cash... x Liabilities— $ $ reserve value, for doubtful accounts, z Studebaker Total y 11 issued an order points out that out of each $100 paid in by the investor $65.73 will actually be devoted to the purchase of properties for the original portfolio, according to the registrant. In its findings and opinion the Commission makes the following statement: "The foregoing description of the trust supports the simple conclusion, we find, that the investors' funds are to be placed within the discre¬ tionary control of a trustor who is entitled to siphon from the trust estate, through the operation of the reinvestment fund, constantly increasing fees which bear no relation either to any duties of management or to the recovery value of the trust corpus, and which, ultimately, may absorb the entire income of the trust. The non-disclosure of the cumulative character of the trustor's fees is the focal point of this whole proceeding."—V. 144, p. 793. and Bosch Corp.—President Resigns— resigned as President of this company Vice-President of Moore Drop Forging Corp. He will continue as a director and as a member of the Executive Committee. No successor has been chosen.—V. 145, p. 3361. Arthur T. Murray on Dec. 31, last, United Corp.—To Reduce Capital— held Jan. 11, directors of the corporation notified Exchange that a special meeting of stockholders will be Following a meeting held 1937 1936 1937 Inc.—SEC Denies Motion— Exchange Commission on Jan. denying the motion for declaration that the company's registration state¬ ment has been amended in accordance with an order previously entered. Underwriters Group, Inc., filed a registration statement on Jan. 5, 1937, to cover a $1,000,000 issue of trust certificates evidencing participating interests in a trust holding oil royalties. Because of amendments the state¬ ment had not become effective by Feb. 1, 1937, when the Commission instituted stop-order proceedings under the 1933 Securities Act. the New York Stock Balance Sheet Oct. 31 Assets— 145, 3984. to become Executive Earns, per share on 243,188 no par shares of common of N. Y.—Y. Corp.—Change in Holdings—* Transamerica United American $94,520 180,000 121,254 Net profit Preferred dividends f. 7% gold bonds series A, due 15 at par and The corporation 27, The Commission (John B.) Stetson Co.—Earnings— Years Ended Oct. Co., Ltd.—Bonds Called— first mortgage s. 15, 1955 have been called for redemption on March interest. Payment will be made at the Guaranty Trust Co. 144, p. 627. March The stocks would be distributed. Profit from public hearing 2, on the application of the company to withdraw from listing and registration its ($1 par) common stock on the New York Curb Exchange. The application states, among other things, that delisting is sought because a majority of the stockholders are in Canada, an active market for this stock exists on the Toronto Stock Exchange and the ad¬ will be held Feb. — Total.. 449 Chronicle 11,715,027 11,877,393 Represented by 243,188 shares on Feb. 1, 1938 at 4:00 o'clock p. in. to act upon a reduction of the capital of the corporation from $197,109,220.84 to $138,965,099.84. This will be accomplished by reducing the stated value of the common stock from $5 per share to $1 per share. The meeting will be held at the office of the corporation, Wilmington, Del., on the same afternoon as the annual meeting of stockholders. Stockholders of record at the close of business Jan. 18 will be entitled to notice of and to vote at this special meeting.—V. 145, p. 3513. Power Co. (& Subs.)—Earnings— United Light & 12 Months Ended Nov. 30— earnings of sub. & controlled cos. eliminating inter-company transfers) General operating expenses Gross oper. Maintenance. Provision for retirement General taxes & est. Federal income taxes 1937 . xl936 (after $89,014,324 $84,649,315 41,549,256 39,445,558 4,662,093 4,985,538 — 8,637,153 8,400,668 — 10,769,884 8,797,991 After reserve of $100,000.—V. 144, p. 625. Net earns, from oper. Corp.—Sales— of sub. & controlled cos—$23,395,936 $23,019,557 2,314,760 2,706,882 Non-oper. inc. of sub. & corporation, reports the sale of 91,509 passenger cars and trucks in the year 1937 compared with 91,968 in 1936— a decrease of 459 cars or of 1%. For December the figures were 4,757 compared with 7,577.—V. 146, p. 122. controlled cos Paul G. Hoffman, President of the subsidiary & controlled cos $25,710,697 $25,726,440 Int., amortiz. & pref divs. or sub. & controlled cos- 15,814,584 16,094,929 Total income of $9,896,113 $9,631,511 attributable to min. com. stk. 2,260,500 2,169,761 Equity of United Light & Power Co. in earns, of of sub. & controlled cos Income of United Light & Power Co. (excl. of inc. $7,635,613 $7,461,750 Balance Sun Ray Drug Co.—Sales— Period End. Dec. 31— Sales 1937—Month—1936 $771,309 $683,763 1937—12 Mos.—1936 $6,151,199 $5,432,121 —V. 146, p. 288. Swedish Covenant Covenant Church of Hospital (Evangelical Mission America), Chicago, 111.—Bonds Offered—B. C. Ziegler & Co., West Bend, Wis., are offering $300,000 4^%, 5% 1st mtge. bonds at 100and interest. May 15, 1938 to Nov. 15, 1947. 1938 to 1942 maturities bear 4M % int., 1943 to 1947 bear 5% interest. Principal and int. (M. & N.) payable at office of trustee, or, at option of holder, at the office of paying agent. Both principal and interest of these bonds will be payable in lawful money of the United States of America. Coupon form in denoms. of $1,000, $500, and $100, registerable as to principal. First National Bank of Chicago, trustee and registrar. First National Bank of West Bend, Wis., registrar and paying agent. Dated Nov. 15, 1937; due serially Proportion of earns., received from 74,114 Total Expenses of United Light & Power Taxes of United Light & Power Co 40,144 $7,482,850 $7,256,637 and expense 2,318,073 151,398 2,318,073 184,551 consolidated surplus $5,013,379 $4,754,012 — Holding company - deductions: funded debt Amortization of bond discount Balance transferred to x 191,381 56,160 Balance Interest on Co $7,488,163 170,716 —— - 26,413 $7,709,727 subsidiaries) Adjusted.—V. 145, p. 3984. —— Financial 450 United Gas Improvement 94,141,871 86,361,909 1938 Gross earnings 123. $198,976 (estimated) ^ 1937 1938 Period— Jan. 9, '37 1, '38 Jan. 89,287,586 Jan. IS, Earnings for Week Ended Jan. 7 Co.—Weekly Output— Jan. 8, '38 Week Ended— Electric output of system (kwh).. —V. 146, p. 289, Chronicle "Decrease $107,973 $306,949 Earnings— United Light & Rys. Co. —Week Ended Dec. (& Subs.)—Earnings— Gross $78,628,555 $74,741,831 36,552,664 34,553,731 eliminatinginter-co. transfers). General operating expenses 4,483,556 7,275,022 7,701,769 4,113,884 7,576,753 9,544,352 Maintenance Provision for retirement General taxes & estd. Federal Income taxes —V. —Jan. 1 to Dec. 31— 1937 1936 _ $460,369 $17,549,609 $16,298,271 $309,434 (est.) 146. p. 124. earns, 31— 1936 1937 Period— xl936 1937 12 Months Ended Nov. 30— Gross oper. earns, of sub. & controlled cos. (after Supply Co.—Sales— Western Auto 1937—Month—1936 1937—12 Mos.—1936 $3,804,000 $3,289,000 $37,062,000 $25,759,000 Period End. Dec. 31— Sales —V. 145, p.3833. Net earns, from opers. of sub. & controlled Non-oper, income of sub. & controlled cos. .1. Total income of sub. & controlled cos. .$20,840,901 $20,727,751 1,791,752 2,016,540 $22,632,654 $22,744,291 Int., amortiz. & pref. divs. of sub. & controlled cos 13,164,385 13,463,358 Balance cos. . Equity of United Lt. sub. & controlled - & Rys, Co. in earns, $7,204,199 — $7,107,894 581,564 Total Exps. of United Lt. & Rys. Co... Taxes of United Lt. & Rys. Co 321,552 480,224 $6,166,145 $4,441,825 $3,283,658 $2,860,802 Balance 162,206 144,101 87,860 222,321 150,000 Deprec. and depletion.. 2,343,958 2,148,267 y2,105,893 1,984,616 Prov. for Fed. inc. tax.. x653,869 278,796 126,614 55,000 CY329.422 Cr535,441 $2,862,012 Preferred dividends 934,718 Common dividends..... 631,825 $2,234,256 926,116 361,104 $1,357,124 926,879 363,403 $1,295,470 $947,035 $2.13 $1.45 $7,649,037 155,543 19,594 $7,458,614 $7,473,899 1,375,000 42,988 1,375,000 42,988 $6,040,626 1,229,692 $6,055,911 1,237,921 $4,810,933 - Amortiz. of deb. disct. and expense. Balance transferred to consol. surplus... Prior pref. stock dividends....— 22,069 of portion of charged against in prior yrs. for prov. inc. losses marketable on securities. $4,817,989 company deductions: 5lA% debs., due 1952 6,666 7,146 Interest paid Loss on invests, sold, &c. Net income on $2,380,577 $2,962,106 286,053 Reversal — Interest 1934 1935 1936 $4,155,773 377,937 Total income 541,143 $7,785,763 235,727 91,422 cos Income of United Lt. & Rys. Co. (excl. of income received from subs.) Holding 2,173,039 of 1937 $5,788,208 ... $9,280,933 $9,468,269 Proportion of earns., attributable to min. com. stk. 2,264,069 - Virginia Pulp & Paper Co. (& Subs.)—Earnings— West Years End. Oct. 31— Total earns, from oper.. Other income. .u Surplus Earns, per sh. on com x $664,520 934,085 365,522 $66,842 def$635.087 $0.47 Nil y Depreciation Includes $189,602 for surtax on undistributed profits, only.—V. 145, p. 4132. Balance x Adjusted.—V. 145, p. Wilson & Co., 3984, Co.—President Resigns— This company on Jan. 4 confirmed the report that Leonard S. Little has as President. The announcement was made following a meeting of the board of directors by Grant A. McCJatchie, Executive Vice-President and Treasurer.—V. 145, p. 1754. The Central Hanover Bank & Trust Co. will until 11. o'clock a. m. Jan. 26 receive bids for the sale to it of sufficient first and refunding mortgage gold bonds series A and B due Jan. 1, 1947 to exhaust the sum of $670,909 for the A bonds and $250,000 for the B bonds at prices not exceeding 105 and 110 and interest, respectively.—V. 145, p. 1119, U. S. At Smelting, Refining & Mining Co.—New Pres., dec. C. A. Hight retired meeting of the board of directors held Jan. 7. a President and elected Chairman of the Board of Directors. was N. W. Rice, formerly Vice-President, was elected President of the corporation.— V. 145, p. 3831. United States Steel J. Corp.—New Official— Halsey McKown of Pittsburgh, has been appointed Assistant Vice- President under C. V. McKaig, Vice-President in Charge of Sales. December See under Shipments— "Indications of Business Activity" operating conditions encountered in the packing business during the year." He added tnat in the fiscal year just closed, the basic hourly wage rate raised to the ihghest it has ever been. Commenting upon operations for the past year, Mr. Wilson declared that extreme changes in supply and demand had occurred. Livestock supplies were fairly large during the first haif of the year and the demand for meat and by-products trended upward. He added: "During the summer months, however, receipts of livestock, especially hogs and finished cattle, decreased materially, resulting in a sharp advance in the cost of better grades of livestock and the price of meat. Much misleading publicity was given to these advances, leaving the impression with consumers that all meat prices were extremely high. Although it is true that cost of well finished livestock and the prices of meats of best quality reached a relatively high level, the bulk of supplies continued to sell at prices not greatly different from those prevailing during the preceding two years. Despite the efforts of the livestock industry to get these facts before the consuming public, a wave of con¬ sumer resistance developed which had a pronounced effect on the demand for all meats. The price trend was reversed in late summer and early fall and during the month of October severe price declines created heavy losses, even though the inventories of pork and lard were the lowest in received by employees was United States Rubber Co.— Tenders— as increase of an resigned Inc.—Annual Report— Wilson, President, states that sales for the year showed 11%, amounting to $282,746,155, as against $253,226,103, which reflects an increase in tonnage as weil as in prices. "The results for the year," Mr. Wilson declared, "reflect the unusual Foss Edward United States Finishing on a preceding page.— V. 145, p. 3831. the company's history. Mr. Wilson pointed out that operating costs, including taxes and labor, and that it was naturaly difficult to quickly operations to these changed conditions. During the year the company embarked upon an expanded promotional campaign calling for increased schedules of advertising in newspapers, magazines and billboards. had increased during the year Utilities Power & Light Corp.—Accounting— adjust Federal Judge William II. Holly of Chicago has entered an order approving the proposal of Central Service Corp. to Willoughby G. Walling, Trustee, to take over the accounting and engineering duties of the corporation. Consolidated Income Statement for Fiscal Years Ended— The cost of the new service, which is headed by D. C. Green, former Presi¬ dent of Middle West Corp., is estimated at $405,000 for a year which com¬ pares with present cost to the corporation of $417,000 for —V. 146, p. a year's services. 123. Valspar Corp.—Listing and Registration— The New York Curb Exchange has admitted to listing and registration the common stock, $1 par, and the $6 dividend cumulative convertible preferred stock, $5 par. Each of the above issues issued share for share exchange for the voting trust certificates representing same.—V. 145, p. 4131. Oct. 30 '37 Net Co.—May Acquire Merrell Co.— Wabash Ry.— To Defer Payment of Equipment 294,589 368,062 524,344 4,068,457 4.109,539 3,833,460 1.589,212 1,938,845 l,938"7l"i 998,650 999,880 1,453,738 750,399 def429,966 1,993,3/6 $0.28 1,129,866 2,001,163 $1.06 2,001,163 $1.08 397.462 $6 pref. dividends Surplus Com. shs. out. (no Earnings par). share per ^ B. c Oct. Oct. 31 '36 Liabilities— S $ Plant and equip.40,434,996 38,940,303 Invest'ts in & adv. 30 '37 Oct. 31 '36 $ $ $6 pref. stock...22,724,800 b Common stock.. 18,400,855 22,724,800 1st M. 18,800,000 a 4% bonds. 18.423,000 18.400,855 investments 508,798 3,880,787 667,114 Conv. 3% % debs. 6,175,000 Deferred charges.. 470,902 3,533,989 432,545 2,117,265 Bonds of sub. cos. 30,500 Minority stock int. 39,478 71,021 Accts. & notes rec. 11,541,482 11,269,313 Notes payable.... 3,122,312 4.881,158 28.482,731 28,938,382 400,043 Prov. 4,806,200 Cash... Inventories Other assets. 231,937 —— for inc. tax. Dividends 141,920 355,908 payable 754,419 752.898 3.308,510 2,933,693 3,760,303 Accounts Obliga' ns payable- 3.807,712 due with¬ in one year Other 45,500 payable... Drafts 456,850 obligations. 586,850 116.450 123,300 3,322,288 9,404,579 3,302,989 10,037,596 Treas. stk. at cost. I)r217,639 Trust Pr 131,119 Contingent Davis has entered an order authorizing receivers of instalment of principal due Jan. 15, equipment trust certificates. However, in¬ 2,244,249 534,983 Nil Comparative Balance Sheet 30 '37 Oct. 2I8H€tS~~~~ Earned Judge C. . $21,731 in 1937, y Includes restora¬ of $750,000 provided out of earnings in prior years. Principal-rFederal 1,507,939 x Includes minority shareholders' portion of earnings: $26,575 in 1936. $48,651 in 1935, and $58,601 in 1934. tion of inventory reserve Other a dividend of $2 per share on the common $100, payable Jan. 28 to holders of record Jan. 17. A like amount was paid on Dec. 23, Sept. 25, June 25 and on March 31, 1937; $2.50 paid on Jan. 2, 1937 .and on July 1, 1936, and $2 paid on Dec. 30, July 1 and Jan. 2, 1935. This latter payment was the first made since July 1, 1932, when a quarterly distribution of $1.50 per share was made. A dividend of $1.50 was also paid on April 1, 1932, and on Dec. 31, 1931, the latter being the first since Dec. 31, 1930, when an annual dividend of $8 per share was paid.—V. 146, p. 290. par $ 7 % pref. dividends to affiliated cos. Virginian Ry.—$2 Dividend— The directors have declared stock, Oct. 27 '34 $ ' 234,221 income Common di vidends The directors of the William S. Merrell Co. of Cincinnati, manufacturer of pharmaceutical products, adopted on Jan. 5 a resolution approving for sub¬ mission to its stockholders a plan of reorganization whereby the Vick Chemi¬ cal Co. would acquire all assets of the present Merrell company in exchange for Vick Chemical stock. The basis of the exchange of stock is to be an¬ nounced following its approval by the stockholders. It was announced that Charles G. Merrell and Thurston Merrell, grand¬ sons of the founder, would remain as Chairman of the Board and as President and General Manager, respectively. All other Merrell officials would be retained in their present capacities and the company would continue to be conducted as a separate organization with an entirely independent manage¬ ment.—V. 145, p. 3672. Oct. 26 '35 $ 2,507,528 Prov. for income taxes.. in Vick Chemical Oct. 31 '36 $ (approximate)....282,746,155 253,226,103 223.017,543 180,000,000 Gross earnings 5,189,480 y6,649,629 6,966,477 6,802,446 Depreciation 1,421,365 1,373,897 1,367,666 1,317,169 x Interest, &c 1,026,367 912,687 1,121,209 1,127,473 Sales reserve surplus... to defer until further notice payment 1938, on Director-General's terest due on this date will be paid, according to the court order. Judge Davis instructed receivers to negotiate agreen ents with holders of equipment trust certificates of 1929, series H, and 1927, series G, for deferment of principal an ounts due Feb. 1 and April 1, 1938. ....90,011,035 86,645,7521 Total a Represented by 324,783 shares Total.. no par 90,011,035 86,645,752 value, b Represented 2,001,163 no par shares, c After reserves of $16,646,684 $15,888,218 in 1936 for depreciation.—V. 146, p. 291. 1937 in by and respectively for a period to be mutually agreed upon provided that during such period receivers continue to pay currently interest thereon.—V. 146, p. 290. Western Union Telegraph Co., Inc.—Earnings Period End. Nov. 30— Walgreen Co.—Sales— Period End. Dec. 31— Sales.. -V. 145, p. 1937—Month—1936 $7,483,580 1937—12 Mos.—1936 $7,218,252 $68,666,615 $63,919,188 revs. 1937—Month—1936 $7,509,958 1937—11 Mos.—1936 $7,883,942 $91,735,233 $88,789,939 oper. 6,571,537 expenses 6,491,797 78,096.457 72,382,738 3832* (Raphael) Weill & Co.— To Pay Extra Dividend— The directors have declared an extra dividend of $3 share and an (par $100), both payable Jan. 10. Similar amounts were paid on Jan. 11, 1937. A stock dividend of 25% was paid on Jan. 24, 1936 and semi-annual dividends of $4 per share were distributed on March 1 and on Sept. 1, 1935.—V. 145, p. 1441. »nnual Teleg.& cable oper. Total teleg. & cable dividend Western of $3 share on the 15 to holders of record Jan. per common per stock Net tel. & cable oper. $938,421 revenues Uncoil, oper. revenues._ Taxes assignable to opers Maryland Ry.—Rejects Bids on Loan— The company rejected Jan. 11 bids made for a proposed issue of $2,400,000 Among the bidders were Halsey, Stuart & Co., Inc., and associates who 100.597 for 2)^s. Brown Harriman & Co., Inc., and associates 100.567 for 2Ms, 99.417 for 2%s and 100.207 for a combination of the first give maturities as 2 J^s and the second five as 2 J^s. Salomon Bros. & Hutzler and associates offered 100.379 as 21Ah and 99.79 as 2Jis. Deductions from $489,275 —.. 90,062 $1,113,211 $8,253,350 $12,237,747 1,402.659 1,317,481 $9,656,009 $13,555,228 610,514 income —V.. 146, $1,023,149 90,324 gross income Net $1,392,146 $13,638,777 $16,407,200 39,420 387,825 538,495 329,577 4,997.601 3,630,958 $579,600 Operating income Non-oper. income.. Gross income quipment trust certificates due in 1 to 10 years, and postponed the pur¬ chase of equipment which was to have been made from the proceeds. 449,146 p. 615,372 6,740,521 7,260,652 def$30,914 $497,839 $2,915,489 $6,294,576 124. offered bid Winsted Hosiery Co.—Pays Extra Dividend—< The company paid an extra dividend of $2 per share on the common on Dec. 22. Four extra dividends of 50 cents per share each, in stock Volume Financial 146 quarterly dividends of SI.50 addition to the regular paid Income Account for share each, were per of February, May, August and November, 1937, the first day on and 1936.—V. 144, p. 1127. Int. Machinery Ice York first page of this department.—V. 145, Corp.—To Issue p. 1757. Additional on on Int. Ypres Cadillac Mines, Ltd.—Stop Order— on unsec. Mtge. Bonds— released Jan. 5 by William S. Shipley. President* shows a net income for the year ending Sept. 30, of SI,284,252 before de¬ duction of Federal and Pennsylvania taxes, leaving a net profit of S957.649 after depreciation, interest and taxes, except the undistributed profits tax, exemption from which is claimed. This compares with a net profit of $145,701 for the previous year. Orders booked during the year exceed the preious year by 31 % "Sales closed," which includes all contracts upon which 85% or more of the work has been finished and is the basis upon which income is computed for state¬ ment purposes, experienced a similar rise. Unclosed carry over of orders booked as of Sept. 30, 1937, shows an increase over last year of more than The annual statement 60%. report to the stockholders, Mr. Shipley states, "The board of directors is considering a plan to cure the existing default in the first mort¬ gage $957,649 Profit for year Earns, per sh. on pref his sinking fund and to retire the outstanding debentures, by the issue of additional first mortgage bonds against improvement and addition by the issue of a new series of notes which will be offered when market conditions If this can be done, the company will be in a position to pay dividends, if its earnings warrant; but in order to sell new bonds and notes on favorable terms it will be necessary to give the purchasers the privilege to convert them into stoclj. This necessitates the elimination or the ar¬ rearages of dividends and present preferred stock, and the directors are therefore considering also a plan to issue new preferred stock and common stock to the present preferred stockholders in exchange for the shares which they now own and the accumulated dividends accrued thereon. "In order to use the reports for the last fiscal year a registration state¬ ment has been filed with the Securities and Exchange Commission, but, as amendments to the statement will be filed, the plan is not submited to the stockholders at this time. The plan, when consummated, will of course require the approval of the stockholders at a meeting of which due notice will be given." permit. N 412,076 $165,587 • notes.) 3% 62,482 3,557 422,525 Nil Nil $3.10 $17.94 442,168 loss$72,216 loss$815.365 Note—No provision has been made in the above statement for Federal surtax on undistributed profits, as the corporation claims exemption from such tax based upon restrictive provisions of agreements with holders of its bonds. If such claims for exemption should not be allowed, the amount of undistributed profits tax for the year would amount to approximately $236,000. Comparative Balance Sheet Sept. 30 • In 372,701 415,190 debentures $19,183 324,930 65,552 1,897 $741,277 324,930 322,110 59,352 3,556 6% 1st mtge. bds) 1934 1935 1936 $962,681 $1,745,542 Provision for deprec Is* Year Ended Sept. 30 1937 Net income Int. See list given on 451 Chronicle $ by dis¬ counters of notes Deposit for pay. 1st 622,189 554,162 301,721 942,423 343",027 Accrued accounts 24,838 160,380 Notes & accts.rec 4,160,326 3,990,649 Accrued interest.. 10,607 24,155 Est. Funded debt 6,364,500 7% pref. stock 5,447,800 5,447,800 4,421,454 2,751,223 655,117 661,714 7,239,311 7,382,101 z 169,271 credits.. 807,405 807,405 3,478,549 treasury stk. Drl 10,700 2,424,360 DrllO.700 Common stock.. Surplus-... Pref. Deferred charges.. x 6,123,000 379,923 Pflfpntci Total 121,541 250,158 Deferred Investments 135,237 129,838 . 159,565 106,839 654,628 ... com¬ 337,874 122,398 . Property to contracts Reserves Miscell. assets.--- y cost plete Cost of uncomp't'd Inventories 38,500 debentures 161,280 contracts _ 10-yr. 6% s. f. gold on mtge.bd.int. x $ Accounts payable. 734,860 684,671 held $ Liabilities— $ Disct. notes rec— Cash Cash 1936 1937 1936 1937 Assets— 119,910 ..18,278,164 16,337,490' After deducting reserve .....18,278,164 16,337,490 Total for doubtful notes and accounts of $136,511 in 1937 and $120,807 in 1936. y After deducting reserves for depreciation of $6,657,305 in 1937 and $6,556,910 in 1936. z Represented by 161,481 shares of no par value after deducting 2,307 shares in treasury at a cost of $11,535.—V. 146, p. 125. The Commercial Markets and the Crops COTTON—SUGAR—COFFEE—GRAIN PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC. COMMERCIAL EPITOME Friday Night, Jan. 14, 1938 Coffee—On the 8th inst. futures closed 2 to 4 lower in contract Business Santos contract, with sales of 30 lots. closed was 3 to 6 points net The Rio points lower, with sales of 3 lots. confined to trade firms for the most part, with hedge lifting absorbing the scattered selling. Actual mar¬ kets both here and in Brazil generally were firm. Santos 4s "soft" in Brazil were 100 reis higher at 20.400 and "hard" 4s were 100 up at 18.500. Rio 5s were 100 reis higher at 16.200 17.27 and Rio milreis 7s 300 off at 12.50c. The dollar rate at unchanged. Havre closed ^ to 2}4 francs highfer. On the 10th inst. futures closed unchanged to 5 points higher in thb Santos contract, with sales totaling 90 lots. The Rio contracts were 2 to 4 points higher at the close, with transactions totaling 8 lots. Brazil's dollar rate was unchanged at 17.27, as were the spot prices. Havre closed unchanged to %d. higher. Exports from Brazil are not hampered because of the slow movement of coffee from the interior. However, last week's exports were only 268,000 bags, against 406,000 in the previous week, of which 142,000 were for the United States, 95,000 for Europe and 31,000 for all other areas. Receipts at Santos were 144,000, against 174,000 last week. Recent arrivals in the United States confirms the reports that Brazilian coffee is running poor in quality. On the 11th inst. futures closed 5 to 18 points net lower in the Santos contract. The extreme de¬ cline of the session was 8 to 21 points, the market subse¬ quently rallying. Sales of Santos totaled 155 lots. The Rio contract closed 4 to 6 points lower, with sales totaling only three lots. Brazilian cables reported the Santos 4s "soft" price 100 reis higher at 20.600, and "hard" 100 reis higher at 18.700, while Rio 5s were 100 reis lower at 16.290. The dollar rate remained unchanged at 17.27 milreis to the dollar. While not an immediate market factor, the definite was indication that the coffee destruction program has not been abandoned by Brazil, as shown by the most recent figures, is bound to play an important role the season progresses. points higher in the Santos contract, with sales of 55 contracts. The Rio con¬ tract closed 2 to 3 points net higher, with sales of only 8 contracts. Although trading was relatively quiet, a good undertone was displayed throughout most of the session. In Brazil the spot price of Rio No. 7s dropped 300 reis to 12.2 milreis per 10 kilos, while in Santos hard and soft 4s advanced 100 reis, while Type 5 Rios lost a similar amount. Cost and freight offers were unchanged. Manizales were steady at 9^gC., but roasters were doing little. In Havre futures were 5% to 9 francs higher, mainly due to pressure against the franc. On the 13th inst. futures closed 3 to 7 points up in the Santos contract, with the exception of the March delivery, which was 1 point off. The Rio contract closed 4 to 5 points net higher, with sales totaling 8 contracts. Santos transac¬ tions totaled 55 contracts. Despite a firm tone in the spot market and higher cost and freight offers from Brazil, coffee futures were little changed here during the early trading. However, towards the close the market developed consider¬ able firmness and prices ended substantially higher. Cost as On the 12th inst. futures closed 10 to 6 and freight offers from Brazil were unchanged to 15 point® higher, with Santos 4s at from 7.15 to 7.40c. The spot situation in both high grade Brazils and milds continued tight, with Manizalbs for Jan. shipment selling at 9%c. to 934>c. Havre futures were 6]/<i to 8 francs higher, reflecting the break in the franc to a new low. Today futures closed 12 to 14 points down in the Santos contract. The Rio con¬ tract closed 7 to 9 points net lower, with sales totaling only 8 Santos contracts. transactions totaled 57 contracts. featureless trading. Santos contracts opened 3 points lower, while Rios were 1 point lower to 1 higher. In the early afternoon Santos were 4 to 6 points lower, with July at 6.29, off 4 points, while Rios were nominally unchanged from the opening. In Brazil the Rio No. 7 spot price dropped 100 reis per 10 kilos. Futures markets were still closed. Cost and freight offers were un¬ changed to 5 points lower, with Santos 4s at from 7.10 to 7.40c. generally, although one offer went unsold at 6.95c. Milds were steady to firm with Manizales held at 9^c., and Colombian shippers were generally hesitant. Havre futures were 6^ to 13 francs lower, cancelling most of the gains made when the pressure on the franc appeared. Coffee futures Rio coffee were easier in quiet and prices closed as follows: 4.421 September. March May July... — Santos coffee — -,_4.191 December... .4.08 { prices closed as - - — ...—4.08 ......4.08 follows: March 6.471 September 6.20 May July, 6.261 December-... 6.20 ...———6.211 Cocoa—On the 8th inst. futures net higher. stantial way vious close. closed 23 to 33 points The market bounded forward in a most sub¬ after opening at 3 to 6 points above the pre¬ Factors contributing to the sharp advance were aggressive new buying, short covering and taking in of hedge lines as actuals were moved. Values closed at the highs of the day. Transactions totaled 572 lots, or 7,665 tons. London came in 6d. stronger and futures on the Terminal Cocoa Market rose 4J^d. to 9Hd., with 610 tons selling. Local closing: Jan., 5.87; May, 5.90; July, 5.97; Sept., 6.04; Oct., 6.08; Dec., 6.14. On the 10th inst. futures closed 24 to 35 points net higher. At one time prices scored net gains of 36 to 43 points. Opening sales of 101 lots had been at 4 to 12 points higher than the previous close. The day's transactions totaled 870 lots, or 11,658 tons. Feeling the pinch of a lack of free spot supplies because of the pro¬ tracted hold-up of the major African cocoa bean crop, prices for the commodity rose sharply again today. There was heavy buying throughout most of the session. Local closing: Jan., 6.41; May, 6.52; July, 6.55; Oct., 6.60; Dec., 6.62. On the 11th inst. futures closed 35 to 44 points net lower. At one time prices showed an extreme decline of 45 to 55 points, the market recovering slightly on short covering. Transactions totaled 58 lots, or 10,157 tons. London futures ruled 13^d. higher to 3d. lower, with sales totaling 2,000 tons. Extensive profit-taking and no appre¬ ciable support caused rather sharp declines, uncovering con¬ siderable stop-loss orders. Local closing: Jan., 6.01; March, 6.06; May, 6.08; July, 6.15; Oct., 6.20; Dec., 6.27. On the 12th inst. futures closed 14 to 10 points net lower. During the early trading cocoa futures rallied 6 to 18 points. How¬ ever, when traders saw that other markets were not follow- Financial 452 ing, they withdrew their bids, with the result that all of the gain was lost. In the early afternoon the market stood unchanged, with March at 6.06c. Trading was moderately active, with a total of 350 lots to that time. Another sharp drop in warehouse stocks was reported overnight of 35,400 bags. The stocks now total 958,157 bags. Local closing: Jan., 5.87; March, 5.93; May, 5.95; July, 6.01; Sept., 6.07; Oct., 6.09; Dec., 6.17. On the 13th inst. futures closed 31 to 21 points net higher. strongly and stood 15 to 20 points net higher during the earlv afternoon on resumption of active buying and covering of shorts. The improvement was car¬ ried still further in the late afternoon, prices closing at about the highs of the day. The recovery followed news that 50,000 bags had been withdrawn from certified stocks over¬ night, the figures emphasizing the lack of new receipts. This market rallied Transactions in futures totaled 611 contracts. The decrease in warehouse stocks reduced the total to 908,313 bags, against peak of 1,391,(XX) bags last Oct. • Local closing: Jan., 6.18; Mar., 6.18; May, 6.18; July, 6.22; Sept., 6.28; Oct., 6.30; Dec., 6.38. Today futures closed 3 to 13 points net higher. Transactions totaled 629 contracts. Bullish ad¬ a vices from London gave the local cocoa futures market a This afternoon prices were 20 to points higher, with March selling at 6.38c. Trading was active with a total of 500 lots to the early afternoon. London cabled that Cad bury, the largest British manufacturer, was a buyer. That in turn brought local manufacturers back further upward impulse. 25 into the market. Wall Street commission houses vied with them in purchasing contracts. Warehouse stocks suffered a further sharp loss when 35,000 bags were withdrawn from licensed stocks overnight. The total has now been reduced to 873,050 bags. Local closing: Jan., 6.18; Mar., 6.21; May, 6.28; July, 6.30; Sept., 6.40; Oct., 6.43; Dec., 6.50. Chronicle Jan. of recent months. Prices started unchanged to 3 points higher, but in early afternoon stood 1 to 2 points lower. During the early part of the session selling by Puerto Rican producing interests brought losses of as much as 6 points from the opening levels, May moving from 2.36 down to 2.30c. and then back to 2.32c., where it was off 2 points. In the market for raws most early offers were at 3.30c., following the clearing up of all offers at 3.25c. yesterday. Later, 1,000 tons of Philippines, February-March shipment were offered at 3.27c. and Cubas ranged from 3.28 to 3.30c. Refiners were momentarily on the sidelines. The world sugar contract closed 1 point off after opening unchanged to 1 point lower, with transactions totaling 58 contracts. Lon¬ don futures were Y to Id. lower, while raws there were quiet and still offered at 6s. lYdToday futures closed 2 points down to unchanged in the domestic contract. Sales totaled 423 contracts. The world sugar contract closed 1 point to Yi point down. Sales totaled 21 contracts. Domes¬ tic sugar futures opened unchanged to 1 point lower and later stood 2 points lower to 1 point higher. Trading was again active, but consisted mostly of switching from the near months to deferred poistions. The easier tone reflected lower offers of raws. In the market for raws Cubas, Puerto Ricos and Philippines were offered at 3.25c., while refiners were indicating no better than 3.20c. The apparent inability of the futures market yesterday to absorb heavy selling, was thought to have changed sentiment. New refined business $4.75 continues slow. World sugar contracts opened un¬ at changed to 1 Yi points lower and later were Y2 lower. London futures dropped Y2 to I Yd. per cwt. Raws there were of¬ fered at 6s. Yd. after sales of port sugars were made at 6s. Closing quotations were as follows: lack of interest in raw sugar offerings. In the market for buyers and sellers were several points apart in their ideas on sugar prices, with the result that no business was effected today (Saturday). While the general asking price was 3.25c., it could be shaded on a bid to 3.23c. Refiners generally would pay 3.20c., although it was still believed possible to raws sell in the south at 3.22c. In the world sugar contract transactions totaled 32 lots, all of which were in the March position at 1.17Hc. The market closed unchanged. On the unchanged to 1 point up. Transac¬ tions totaled only 69 lots, or 3,450 tons. Interest was centered in the May position, in which 45 lots were traded. 10th inst. futures closed Of that total about 40 lots Until a were broader demand for sold raws by the one operator. develops, a dull narrow market is expected. In the market for raws McCahan and Rionda between them purchased 12,100 tons of Philippines, all at the basis of 3.23c., delivered, unchanged from the last quotation. At the close, further limited interest were not willing to pay was while from the same source a believed to exist, other refiners better than 3.20c. Sellers were asking 3.25c. The world sugar contract closed 1 point net lower, with sales of 20 lots trading. In the London market trading quiet, with terme prices Id. lower to higher. Raws were held at 6s. 2 Yd., up %d. That price is equal to 1.163^c. f.o.b. Cuba with freight at 19s. per ton. On the 11th inst. futures closed 2 points higher for the entire list. The firmer market for raws was largely responsible for the improvement in futures. Transactions, however, totaled only 77 lots. For a time March, May and July were up 3 points on hedge lifting against the actual business, the offerings on the scale up being supplied by operators against actual purchases and by producers against production. In the market for raws Sucrest paid 3.25c. for a cargo of Puerto Ricos, first-half February shipment, and other refiners and operators showed increased interest at 3.23c. A purchase of 3,500 tons of Philippines, due Jan. 31, by Pennsylvania, established the spot price at 3 points above the previous. Apart from the above sales to Sucrest and Pennsylvania, McCahan paid 3.23c. for 3,500 tons of Philippines, due Jan. 31, Revere bought 1,500 tons of Philippines for January shipment and an operator bought 8,000 tons of Philippines for Jan.-Feb. shipment. The world sugar contract closed unchanged to Yi point lower, with sales totaling 96 lots or 4,800 tons. On the 12th inst. futures closed 1 to 3 points up in the domestic contract, with sales of 32 contracts. Opening unchanged, the market in the early afternoon stood un¬ changed to 1 point lower, with March at 3.32c. Trading was quiet, reflecting absence of new buying and subsidence of activity in raws. Raws were offered at 3.25c., the last paid price but no sales were reported. In the world sugar market prices were Yi to 1 point higher, with sales totaling 28 con¬ tracts. Trading lacked feature. Futures in London were Id. lower to Yd. higher. From Amsterdam came news that Java's current crop was 1,414,500 metric tons and that the crop for 1938 had been set at 1,550,000 tons. Java has an export quota of 1,050,000 tons and consumes about 300,000 tons annually. On the 13th inst. futures closed unchanged to 2 points off in the domestic contract, with sales totaling 275 contracts. This market experienced the most active and volatile session was there January 2.27 March 2.29 July September May Sugar—On the 8th inst. futures closed unchanged to 1 point higher. Trading in both the world and domestic sugar contracts was light in Saturday's abbreviated session and the undertone was steady. In domestic sugar only one lot was traded, September at 2.32c. Dullness continues to reflect the 1938 15, 2.31 December i 2.32 2.34 Lard—On the 8th inst. futures closed 20 to 15 points net unchanged to 5 points up,, values subsequently advancing 15 to 20 points in the active deliveries, which improvement was .sustained to the close. Export shipments of lard from the Port of New York today (Saturday) were light and totaled 8,400 pounds, destined for Wyborg. Hog prices at Chicago ended steady. Total receipts for the Western run were above a year ago, and totaled 30,300 head, against 21,700 for the same week last year. Sales of hogs were reported at prices ranging from $7.50 to $8.50. Liverpool lard f utures were 3d. to 6d. higher. On the 10th inst. futures closed 5 to 12 points net higher. Commission-house buying influenced by the firnmess in grains, hogs and cottonseed oil caused an upturn of 7 to 17 points in the active deliveries. Export shipments of lard from the Port of New York totaled 44,925 pounds, destined for Southampton and Hamburg. Liverpool lard futures closed 3d. to 6d. higher. Hog prices at Chicago averaged 10c. higher in spite of the heavy hog receipts at the leading Western markets. Total receipts for the Western run were 117,900 head, against 114,800 head for the same day a year ago. The top price in hogs for the day was $8.65, with the bulk of sales ranging from $7.40 to $8.65. On the 11th inst. futures closed 15 to 17 points net lower. The opening range was 2 points lower to 5 points higher. The market displayed very little rallying power and closed around the lows of the day. Export clearances of lard from the Port of New York were quite heavy and totaled 263,144 pounds destined for Loncfon. Liverpool lard futures were 3d. up to 3d. down. Hog prices at Chicago were irregular. Light¬ weights were up 10c.; other weights closed 10c. lower. The top price for the day was $8.70 at Chicago. Scattered sales were reported at prices ranging from $7.50 to $8.60. Total receipts for the Western run were 105,700 head, against 107,000 for the same day last year. On the 12th inst. futures closed 2 to 15 points net lower. Weakness in hogs and the early weakness in grains prompted light selling for speculative account and prices eased off as a consequence. The market ruled heavy during most of the session. Lard exports from the Port of New York totaled 367,360 pounds, destined for Liverpool and Antwerp. Liverpool lard futures were 6d. to 9d. lower. Western hog marketings totaled 109,200 head against 92,400 head for the same day last year. Hog prices were 10c. lower. The top price reported late in the session was $8.65; with the bulk of sales ranging from higher. The opening range was $7.25 to $8.50. On the 13tn inst. futures closed 2 to 10 Prices at the start selling influenced were 5 to points net higher. 10 points lower on scattered in hogs. Liverpool lard futures ruled quiet, unchanged to 3d. higher. Lard exports from the Port of New York today totaled 22,400 pounds, destined for Malta. Hog prices at Chicago closed 10 to 15c. lower, due to the continued heavy receipts. The top price for the day was $8.50 and scattered sales were reported at $7 and $8.40. Total receipts for the western run were 91,500 head against 68,100 head for the same day last year. To¬ day futures closed 5 points down to 1 point up. This market was very irregular and uncertain in trend. The declining grain markets and heavy hog receipts undoubtedly had a depressing effect on lard values. by weakness DAILY CLOSING PRICES OP LARD Sat. January 8.65 FUTURES IN CHICAGO Wed. Thurs. Fri. 8.40 8.50 8.42 8.97 8.95 8.97 8.92 9.17 9.10 9.17 9.12 9.30 9.25 9.27 9.25 Mon. Tues. 8.70 8.55 March 9.02 9.15 May July 9.27 9.40 9.32 9.45 Volume 146 Financial Pork—(Export), mess, $27.37% per barrel (per 200 pounds); family, $28.37% (40-50 pieces to barrel), nominal, per barrel. Beef: (export) steady. Family (export), $27 per barrel (200 pounds), nominal. Cut meats: steady. Pickled hams: picnic, loose, c. a. f.—4 to 6 lbs., 1334c.; 6 to 8 lbs., 12c., 8 to 10 lbs., 1134c. Skinned, loose, c. a. f.— 14 to 16 lbs., 16%c.; 18 to 20 lbs., 14%c. Bellies: clear, f. o. b. New York—6 to 8 lbs., 20c.; 8 to 10 lbs., 1934c.; 10 to 12 lbs., 18c. Bellies: clear, dry salted, boxed, N Y.— 16 to 18 lbs.. 12c.; 18 to 20 lbs., 1134c., 20 to 25 lbs., 11 %c.; 25 to 30 lbs., 1134°. Butter: Firsts to higher than extra and Premium marks: 30 to 33%c. Cheese: State, held, '36, 22 to 24c.; held, '37, 20 to 21c. Eggs: mixed colors: checks to special packs—19 to 25 %c. Oils—Linseed oil crushers generally appear to be holding 934°. per pound. Quotations: China wood: tanks, spot and nearby—15 to 15%; drums—16 to at 1634; April, if shipped crude, tanks,—.04)4 offered; Pacific Coast, .03% to .0334Corn: crude, west, tanks, nearby— Olive: denatured, spot, drums—$0.95 bid; .06% to .0634new crop, .90. Soy bean: crude, tanks, west, forward—.06 bid; L. C. L.. N. Y.—'.07)4 offered, no bid. Lard: Prime— 11 %; extra winter strained—10%Cod: Crude, Norwegian, light filtered—.35 bid. Turpentine: 34)4 to 38)4. Rosins: $5.90 to $9.00. —14 bid. Coconut: Chronicle 453 increased about 1,000 tons during the week. Local closing1 Mar., 14.73; May, 14.88; July, 14.99; Sept., 15.06; Dec., 15.35. Hides—On the 8th inst. futures closed 26 to 33 points higher. Opening from 1 to 6 points above the previous day's finals, the list strengthened steadily under buying stimulated by the fairly sharp upturn in the securities market, and at the close prices were fairly near the tops of the day. Transactions totaled 1,960,000 pounds. Stocks of certificated hides in warehouses licensed by the Exchange remained unchanged at 786,025 hides. No new develop¬ ments were reported in the domestic spot hide market (to¬ day (Saturday). Local closing: March, 10.70; June, 11.05; Sept., 11.41; Dec., 11.71. On the 10th inst. futures closed 13 to 19 points net higher. The opening range was un¬ changed to 6 points down from the previous close. Shortly after, the list worked higher on buying encouraged by the upward movement in the securities market and the firm net tone of the domestic spot hide market. Prices closed at the highs of the day. Transactions totaled 4,320,000 pouhds. Local closing: March, 10.92; June, 11.28; Sept., 11.60; Dec., 11.90. On the 11th inst. futures closed 19 to 23 points net higher. The market opened weak at 12 to 15 points off from yesterday's finals. As the session progressed the market showed increasing strength. Early losses were only erased, but substantial net gains were shown at close. Transactions totaled 2,720,000 pounds. Con¬ tinued firmness reported in the spot market, together with the upward trend in the securities market, were held mainly responsible for the improved tone in hide futures. There were no developments of importance in the spot hide markets, domestic or Argentine. Local closing: March, 10.73; June, 11.02; Sept., 11.38; Dec., 11.70. On the 12th inst. futures not Cottonseed Oil, sales, including switches, 103 contracts. Crude, S. E., 6)4c. Prices closed as follows: t January February 7.45@ 7.60 May 7.45@ n June March 7.47 @ April 7.46 @ Rubber—On 12 points lower. n the 8th inst. 7.60® 7.50® 7.55® 7.55® July August n n futures closed The opening range was unchanged to 6 to 24 points below the previous finals. ruary However, only the January and Feb¬ positions closed substantially lower, and these quo¬ tations were merely nominal since no transactions were recorded in these deliveries. The March position was the only real active delivery, with sales of 1,890 tons, but show¬ ing fluctuations of only 6 points. The outside market was the usual quiet Saturday affair, with factories not actively in the market. Outside prices were quoted on a spot basis of 14 7-16c. for standard sheets. The London and Singapore markets closed steady and easier respectively, prices un¬ changed to slightly lower. Local closing: Jan., 14.30; March, 14.53; May, 14.64; July, 14.76. On the 10th inst. futures closed 50 to 53 points net higher. The market scored sharp gains today, the chief stimulus being the report that the International Rubber Regulation Committee may order a further cut in the export quota for the second quar¬ ter. The quota recently was reduced from 90% to 70% of the basic allotments for the year. Futures in the local mar¬ ket opened unchanged to 18 points higher. Heavy buying by commission houses caused prices to skyrocket, with the market closing at about the highs of the day. Outside prices were quoted on a spot basis of 15c. for standard sheets. The London and Singapore markets closed quiet and steady, respectively, prices advancing l-16d. to %d. A further increase in British rubber stocks of some 1,000 tons was ignored. Local closing: Jan., 14.83; March, 15.03; May, 15.16; July, 15.27; Sept., 15.38; Oct., 15.43. On the 11th inst. futures closed 6 to 13 points net lower. The mar¬ ket showed rather marked weakness at one time during the session, prices showing maximum declines of 21 to 26 points below Monday's closing prices. However, towards the close some substantial buying appeared and reduced the losses considerably. Transactions totaled 2,040 tons. The outside market was quiet but steady. Outside prices were quoted on a spot basis of 14%c. London and Singapore closed steady, prices in London being unchanged to %d. lower, while Singapore was 3-16d. higher. Local closing: Jan., 14.70; March, 14.90; May, 15.06; July, 15.20; Sept., 15.31; Dec., 15.46. On the 12th inst. futures closed 10 to 16 points net lower. Transactions totaled 158 contracts. The opening range was 2 to 10 points net higher in sympathy with the London market; then prices sold off sharply, but later re¬ covered, only to ease off again towards the close. London closed 1-16d. to %d. higher. Cables reported broadening speculative buying. Singapore was off 1-16d. to 3-32d. Shipment offerings were light and factory interest negligible. Local closing: March, 14.80; May, 14.93; July, 15.05; Sept., 15.15; Dec., 15.30. On the 13th inst. futures closed 2 to 5 points net higher. Trading was light, though the undertone was steady during most of the session. Opening 6 to 10 points higher, the mar¬ ket stood 6 to 11 points higher in the early afternoon, with March at 14.90, up 10 points, and May at 15.04, up 11 points. Sales to that time totaled 450 tons. Prices were about un¬ changed in London and also in Singapore. Factory interest in rubber continues small, but shipment offerings are re¬ ported to be light. Local closing: Mar., 14.82; May, 14.95; July, 15.10; Sept., 15.20; Dec., 15.35. To-day futures closed 7 to 14 points net lower. Transactions totaled 102 contracts. Rubber futures opened 5 to 22 points lower, but rallied somewhat during the forenoon in mixed trading. March in the early afternoon sold at 14.78 cents, off 10 points, and May at 14.92, off 3 points. Sales to that time totaled 750 tons. London closed unchanged to 3-32d. lower. It was estimated thatJLnited Kingdom stocks had the closed 32 to 23 points off. After opening higher, raw hide sold off with other commodities. In the early afternoon the market stood 12 to 17 futures points lower on sales totaling 1,280,000 pounds. In the spot market it was re¬ ported that 5,500 light native steers had been sold to a local tanner at 13 %c. and that 15,000 heavy native steers had been sold for export at 15c., up %c. Local closing: March, 10.40; June, 10.75; Sept., 14.05. On the 13th inst. futures closed 19 to 20 points net lower. The market for hides ruled easier during most of the session. Prices started 5 to 14 points lower and stood 15 to 18 points during the early afternoon, closing at the lows of the Transactions up to early afternoon totaled 3,040,000 day. pounds. The spot market in Chicago was reported quiet, lower but tanners were inquiring for hides. Their ideas are re¬ ported to be slightly below last paid prices, with packers holding light native cows at 11 cents and branded cows at 10% cents. Transactions in the local futures market totaled 114 contracts. Local closing: Mar., 10.20; June, 10.56; Sept., 10.86; Dec., 11.16. To-day futures closed 18 to 16 points net lower. Transactions totaled 114 contracts. For the second consecutive day raw hide futures were steady and little changed. In early afternoon prices were 1 point lower to 2 points higher on sales of 1,480,000 pounds. March stood at 10.20 cents, unchanged. Sales of 19,500 hides in the Argentine market was the only spot activity reported. Prices ranged from 11 3-16 to 12% cents. Local closing: Mar., 10.03; June, 10.38; Sept., 10.70. Ocean Freights—Active chartering of vessels to carry grain again featured the freight market this week. It was learned that seven more steamers were fixed, four from the Gulf and two from the Atlantic range for February and March loading. Charters included: Grain: Atlantic range to Antwerp or Rotterdam, Jan.-Feb., 3s. 3d., option United Kingdom, 3s. 6d. Gulf to full range United Kingdom, Feb., 4s. 3d. Gulf to Rotterdam, Feb. 23-March, 3s. 6d. A three consecutive voyages, May, Montreal to Rotterdam, 2s. 10 %d. A steamer, three consecutive voy¬ ages, commencing July, Montreal to 14 ports United King¬ dom and Continent, basis 3s. Gulf to Antwerp or Rotter¬ dam, Feb., 3s. 7%d. Baltimore to Dublin, Ireland, end Jan., early Feb., 4s. Gulf to United Kingdom, including Ireland, end Feb., early March, 4s. 3d. Gulf to Antwerp or Rotterdam, Feb., 3s. 9d., option U. K., 4s., German, 4s. 3d. Gulf to Liverpool, Birkenhead and Manchester, Feb. 7-25, 4s. l%d. Grain booked: two loads New York to Rot¬ terdam, Jan., 18c. Ten loads New York to Copenhagen Feb., 25c. Gulf to Copenhagen, 500 tons, Feb., 26c. Scrap: Gulf to Far East, Feb., 22s. Trip: Atlantic range to French Atlantic. Feb., 5-20, no rate. Sugar: Cuba to United King¬ dom-Continent, Feb. 5-20, 18s. 6d. steamer, Coal—Latest reports from the bituminous field state that while industry holds promise of reviving from the low oper¬ ating point reached in Dec. and cutting into huge reserves of bituminous in hands of industrial users, reduction in such accumulations is the opinion of is supplied by trade observers. likely for no appreciable time, in some An idea of soft coal stocks the Dec. 1, 1937, figures placing the total at that time at 40,016,000 tons in hands of industrial users. Since that time it is estimated that the pre-code buying which took place during the first two weeks of Dec. added anywhere from 5,000,000 to 7,000,000 tons to the total. Industry, therefore, entered the new year with a supply of upwards of 45,000,000 or 47,000,000 tons of bituminous, so observers state. Financial 454 report of Copper, Tin, Lead, Zinc, Steel Iron, usually appearing here, will be found in the appearing at the end of the department headed "Indications of Business Activity," where they are covered more fully. Chronicle Jan. 15, 1938 Metals—The expected revival of wool demand shows no appreciable signs of getting under way. Wools are in a very sluggish market. Demand is especially quiet in the Boston Wool Market. The recent weakness of prices in Australia and New Zeland has encouraged buyers to make low bids on domestic wools. However, Boston houses gen¬ Wool—The long were not considering the low offers. Advices from Boston state that any idea of lower wool prices is not enter¬ erally tained by dealers there. However, fundamental conditions hardly favor any sharp enhancement in value. There are sizable unsold supplies held East and West and with the near prospects of a new clip, the technical position of the regarded ^raw material could hardly be wools in a static position are as bullish. Silk—On the 10th inst. futures closed 2^ to 4c. net higher. At the opening call prices were XA to l^c. securities market again influenced raw higher. A stronger silk prices on the Commodity Exchange to rise to higher levels. Transactions totaled 710 bales. The average quotation of crack double extra moved up 3c. to $1.59. The Japanese markets also ruled stronger, with Yokohama coming through with a 6 to 10 yen advance and Kobe 10 to 14 yen higher. Grade D gained 15 yen at both centers at 690 yen. Sales in these markets continued moderate, with spots totaling 500 bales and futures totaling 3,625 bales. Local closing; Jan1.51 lA\ March, 1.503^; May, 1.50; July, 1.483^; Aug., 1.483^. On the 11th inst. futures closed Yi to I3^c. net lower. The Japanese markets did not show up as well as expected after the strength displayed during the first two days this week in the domestic market. As a result local lower. Transactions totaled 25 contracts. market The ruled heavy during most of the session. In the New York spot market crack double extra silk was 1 cent lower at $1.5934• The Yokohama Bourse closed 1 to 7 yen lower, grade D silk declined 734 yen to 990 yen a bale. Local closing: Jan., 1.4934; Mar., 1.49; May, 1.48; July, 1.48; Aug., 1.4634To-day futures closed unchanged to 1 cent net higher. Transactions totaled 44 contracts. The opening range was 34c. lower to 34c. higher, the market ruling rela¬ tively quiet within quite a narrow range. Local closing: Jan., 1.50; Feb., 1.50; June, 1.48; July, 1.4734; Aug., 1.4734. while Week Movement of Sat. Receipts at— Galveston 6,010 3,800 Houston Tues. 10,237 5,590 10,231 11,286 Wed. 5,900 6,023 Thurs. 4,076 2,433 Corpus Christi 40,081 37,741 281 65 3",546 Beaumont New Orleans Pensacola, &c Jacksonville Savannah Charleston Lake Charles Wilmington 859 95 540 621 5",724 7",002 6,018 3",352 Mobile. 28 862 1,371 94 153 871 57 648 Savannah Charleston 141 325 940 192 213 "784 "629 "399 "343 "184 337 281 350 23 323 Lake Charles 2,291 1,173 2,720 1,396 1,173 Wilmington Norfolk. Baltimore Totals this week.. 15,566 luiiuwmg utuio 24,416 30,388 snows me 19,374 weeK s 11,739 total 381 82 957 957 20,231 121,714 receipts, tiie Aug. 1, 1937, and the stocks tonight, compared with last year: 1938 1.1936 1937 10.494 1,539,417 936,961 799,217 7',624 1,161", 666 886", 184 280,542 63,943 15,455 849,567 68,411 13.801 3,465 150,369 527.729 55,553 26,545 661,789 105,811 6,584 2,440 156,759 60,376 19,523 21,332 33,602 Norfolk 583 11,871 31,103 1,476,868 187,146 2,867 82,722 3,607 108,396 4,167 145,321 1,209 162 53,863 82 17,889 25,633 1,647 68,624 26,868 17,930 30,406 100 990 3,458 2,836 975 1,050 New York Boston 957 Baltimore Totals... 19,316 1,302 12,935 61,240 5,114,257 3,136,517 2,482,186 121,714 5,740,900 In order that comparison may be made with other years, give below the totals at leading ports for six seasons: we 1937-38 Receipts atGalveston Houston New Orleans. Mobile Savannah 21,415 13,124 20,262 1,778 25,417 34,431 23,471 4,898 10,494 7,624 31,103 2,867 1932-33 1933-34 1934-35 1935-36 1936-37 40,081 37,741 29,830 4,639 41,054 26,330 21,402 2,896 1,290 2,571 41,931 69,730 41,595 9,918 1,350 4,500 1,135 1,845 540 4,167 730 735 ~2"29l "1,209 "i".oi6 "4.611 2,720 1,396 82 607 130 263 841 1,647 342 313 645 340 6,245 16,022 Brunswick Charleston Wilmington. _ Norfolk NewportNews ' '2.476 All others "2.047 "3",540 "1,844 Total this wk. 121,714 61,240 92,756 65,908 103,831 188,072 Since Aug. l._ 5,740,900 5,114,257 5,544,037 3,371,722 5.711,598 6,306,048 The exports for the week ending this evening reach a total of 143,600 bales, of which 55,687 were to Great Britain, 7,858 to France, 21,863 to Germany, 7,427 to Italy, 13,332 to Japan, and 37,433 to other destinations. In the corre¬ sponding week last year total exports were 144,254 bales. For the season to date aggregate exports have been 3,548,031 bales, against 3,161,466 bales in the same period of the previous season. Below are the exports for the week. Week Ended Exported to— Jan. 14,1938 Ger¬ Great Exports from— France Britain Italy many Galveston China Japan Other 8,147 1,628 Total 6,246 4,885 16,021 21,186 2,323 20,773 1,219 10,175 ' Houston 14,728 Corpus Christi. - - - - - W - 167 1,573 1,025 - - — 181 . Beaumont - - — — - -— ~ - „ M, - - - - - — - - - - - - 444 200 > - - - 1,650 M 367 - ' New Orleans 4,233 5,078 2,156 Lake Charles 6,616 353 1,987 3,991 1,427 Mobile 759 Savannah Charleston - - - Los Angeles • - - ^ -- 1,875 - --- - - - - 9,804 814 ■ - - 8,158 2,606 ' — - - _ _ ^ - „ - _ - — - - " 2,561 - — - ' ' " — - ■ - - 55,687 7,858 21,863 7,427 34,232 24,962 11,279 14,863 33,758 Total 1936 38,726 7,403 15,750 6,205 .... 13,332 1937 28,609 From — - 400 935 Total - 24,144 19,671 25,902 4,250 2,122 — 2,814 ' 1,000 3,174 Total - - ' ' 1,847 ' 18,494 San Francisco ■' ■ 4,253 253 Norfolk 6,983 2,511 - 3,091 37,433 143,600 178 24,982 144,254 17,434 114,127 Exported to— Aug. 1, 1937, to Ger¬ Jan. 14, 1938 Exports from— Britain Galveston 211,315 151,188 188,200 99,954 48,237 14,055 163,818 Houston. 197,003 130,857 88,175 70,061 125,384 55,233 76,432 32,266 10,980 145,061 52,882 25,677 61 2,900 299,992 190,545 6,041 21,365 73,661 17,083 2,586 1,284 31,845 7,100 Corpus Christi. Great Beaumont France 3,883 New Orleans.. Lake Charles.. Mobile 887 Jacksonville... Pensacola, &c_ Italy many China Japan Other 3,556 95,157 1,200 130,493 803,744 - — — • - 10,810 19,801 - - 143,010 60 - 51,077 13,321 ---- 1,014 42,292 ---- - 100 30,508 86,500 - - 648 717,983 352,380 7,144 ---- 12,509 -- 876,767 300 1, - 73.888 67 - - -- Total 56,796 ' 112 47,894 Charleston.... - - 31,027 Savannah U ---- — - - - 243 « - - ' Wilmington - - - — — - - 33,009 - - 2,196 3,772 4,348 4,128 - - 769 300 York.... 168 Boston Baltimore -- - - - - - — - - ... Total 1936-37. Total 1935-36. 515 322 18,413 1,162 9,863 - 23,741 11,583 6,471 2,100 950 - - . 5,261 - - ---- 200 9,914 - 9 250 70 8,450 Francisco. - 132 — - 77,103 Los Angeles 1,000 1,541 ' - 118 Philadelphia... 83,146 123,470 1,000 - 420 --- -- - ----- - -- ---- 2,157 New — - ---- 15,812 Gulf port — 4,096 3,961 - - ' ---- - Norfolk....... 70 * ---- 200 41,233 1,727 3,710 64,200 2,882 212,225 63,909 ____ .... 1.682 . 85,932 1154,345 585,046 622,266 313,852 164,311 29,991 678.220 3548,031 718,633 535,087 885,293 508,006 434,078 183,181 858,626 14,175 417,686 3161,466 21,580 598,546 3827,081 522,594216,681 1,074381 NOTE—Exports to Canada—It has never been our 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 comes overland and It is Impossible to give returns concerning the same districts on from week to week, while reports from the customs the Canadian border are always very slow in coming to hand. In view, however, of the numerous inquiries we are receiving regarding the matter, we will say that for the monkh of October the exports to the Dominion the present season have been 49,053 bales. In the corresponding month of the preceding season the For the three months ended Oct. 31, 1937, there were 65,401 bales exported, as against 61.882 bales for the three months of 1936. exports were 37,574 bales. In addition to above exports, our telegrams tonight also give us the following amounts of cotton on shipboard, not cleared, at the ports named: On 29,830 4,639 ""65 4", 188 J.U.W 3,627 8,609 Total 281 Beaumont New Orleans total since Fri. Week Aug 50 Mobile... the Mon. 1, 1937 Since 37,741 1,500,671 281 386,750 65 8,708 29,830 1,588,053 172,963 4,639 63,594 3,489 540 116,883 172,938 2,291 76,276 1,173 15,071 2,720 41,425 1,396 Texas City Houston Corpus Christi— Total Friday Night, Jan. 14, 1938 Crop, as indicated by our tele¬ grams from the South tonight, is given below. For the week ending thus evening the total receipts have reached 121,714 bales, against 125,265 bales last week and 141,563 bales the previous week, making the total receipts since Aug. 1, 1937, 5,740,900 bales, against 5,114,257 bales for the same period of 1936-37, shoving an increase since Aug. 1, 1937, of 626,643 bales. The This Since Aug 40,081 1,581,144 Galveston San COTTON This Jan. 14 opened futures irregular with a range of l^e. lower to lc. higher, there being no rallying tendency shown at any time during the session. The absence of outside interest kept the volume down to to 470 bales. The average quotations of crack double extra advanced lc. to $1.60. Japan continued to move higher with a range of 1 to 5 yen better at Yokohama and 3 to 7 yen advance at Kobe. Grade D moved up 10 yen at both cities to 700 yen. Spot sales totaled 650 bales and futures there totaled 3,025 bales. Local closing: Jan.; 1.503^; March, 1.49A; May, 1.483^; July, 1.48; Aug., 1.47YOn the 12th inst. futures closed 3^c. down. Trading in this market was slow, sales to early afternoon totaling only 30 tons. However, the market was steady. Opening unchanged to lc. lower, it stood unchanged to lc. higher to early after¬ noon, with May at $1,493^ and Aug. at $1.47YThe price of crack double extra silk declined Yc- to $1.5934. The Yokohama Bourse closed 2 to 4 yen lower, while in the out¬ side market Grade D silk was IYl yen lower at 69334 yen a bale. Local closing: May, 1.48; June, 1.48; Aug., 1.47. On the 13th inst. futures closed unchanged to 34 cent Stock Receipts to Domestic without change from the open¬ ing week of the year either as to volume of demand or prices paid on the raw materials. The only items of interest are graded French combing-territory at 72-75c. and French combing original bag at 70-72c. Texas wools are firmly priced but with little movement. Fleece wools are said to be positively stagnant. 1936-37 1937-38 and Pig articles Shipboard Not Cleared for— Leaving dun* 14 at-— Ger¬ Great Britain France Galveston Houston New Orleans 13,800 8,433 20,029 5,400 3,956 16,692 Other Coast¬ many Foreign wise 6,700 3,820 1,736 20,000 12,186 5,678 Stock Total 892 48,900 29,287 6,245 50,380 3,000 Savannah Charleston Mobile 3",058 2",029 Norfolk Other ports Total Total 1938-1937 Total 1936 44.291 14.292 33,531 26,048 14,441 16,829 40,922 6,768 114,254 16,677 51,467 12,256 5",087 888,061 856,897 799,187 150,369 68,624 63,324 30,406 145,995 10,137 133,654 3,002,863 6,766 156,521 2,325,665 2,550 121,054 2,437,161 Volume Financial 146 Speculation in cotton for future delivery the past week lias been ward. The situation offers little of encouragement to friendly gave with the price trend generally fairly active, no to side. upward the Reports from those Washington evidence of any break in the deadlock in the ference over the farm nounced than ever, bill, and with uncertainty traders are up¬ more con¬ pro¬ disinclined to make commit¬ On the 8th inst. prices market and closed unchanged to 3 points prevailing levels. Southern spot markets as officially reported were 9 to 11 points higher. Average price of middling cotton at the 10 designated spot markets was 8.66 cents. On the 11th inst. prices closed 2 to 6 points net higher. The high prices of the day were made early in the session when values worked up 4 to 5 points in response to high Liverpool cables and on increased activity in the textile markets. Houses with foreign connections as well as trade interests and commission houses were good buyers at the start, but when the May position sold at 8.70 cents, the market met re¬ one time sold down to net losses of 2 to 5 points. At the extreme highs today, the market was up about $2 a bale from the low levels prevailing at the close of the old year, with the March position selling at 8.64 cents and May at 8.70 cents. New Orleans was a conspicuous seller here during the day, and while hedge selling was not in great volume, more mail orders came in from numerous sources. Increased activity in the textile markets was looked upon as a favorable development. Southern spot markets as officially reported, were unchanged to 4 points higher. The average price of middling cotton at the 10 designated spot markets was 8.67. On the 12th inst. prices closed 4 to 8 points net lower. The upward movement in the cotton market, which has been consistently in progress since the turn of the year, was checked during yesterday's session and prices closed lower. The volume of business was small, and while there was no very heavy pressure to sell, buyers seemed more cautious and demand was slow. The Liverpool and lower, and during the day reactionary. Recent reports was going into the loan at prevailing prices, and that spot cotton was more available, with holders at numerous points ready to sell in a limited way. Much of the day's operations was in exchanges from near to distant positions, with trade houses buying near months and selling late positions, while houses with foreign connections were taking the distant months. Southern spot markets were unchanged to 8 points lower. Average price of middling at the 10 designated spot markets was 8.64 cents. On the 13th inst. prices closed unchanged to 4 points up. After showing an irregular trend throughout the greater part of the day, prices improved slightly in the late after¬ noon dealings and finished with a steadier tone than had been in evidence on the preceding day. The market opened irregular, but recorded declines of 4 to 5 points after the call. 'Near-month liquidation was encouraged by the circu¬ lation of several January notices, which were issued this morning. There was a fair trade demand and some buying of distant deliveries by Liverpool, but contracts were furn¬ ished by local professionals, the South and spot houses. Hedge selling was light, but the South sold a little more freely than it has done recently. In subsequent dealings liquidation in the March contract appeared and consider¬ able outside selling was noticed. Spots were in fair demand Egyptian markets some outside from the and were markets before 2 7 of to the end points trading the list registered of previous the from day's finals. Initial dealings were quiet, with the market opening un¬ changed to 3 points lower. There was further commission house liquidation in January, which delivery terminated trading at noon. Wall Street liquidation was present in the March contract. Some price-fixing by mills was in evidence, The market again hedge selling was light. but up. fairly active, with orders evenly divided apparently at levels which attracted business both ways. Prices moved within a very narrow range, with the undertone steady. The market opened barely steady at 1 point higher to 3 points lower. This was a poor response to the show of firmness in Liverpool, where prices were 4 to 7 American points better than due. Houses with foreign connections were on both sides in the local market, but seemed to be selling on balance. There was also considerable hedge selling from time to time, and more or less scattered liquidation. Commission houses with Wall Street connections and the trade were the most conspicuous buyers. Southern spot markets as officially reported, were unchanged to 5 points higher. Average price of middling at the 10 de¬ signated spot markets was 8.56c. On the 10th inst. prices closed 9 to 11 points net higher. The market opened 3 to 4 points higher, a partial response to firmness in the Liver¬ pool and Bombay markets. Hedge selling and liquidation held prices down for a time, as traders were nervous over the possibility of increased pressure from the South with the active positions only 20 to 40 points under the loan price. Subsequently a broader outside demand developed, which readily absorbed the selling, and prices worked gradually higher. The contributing causes of the upward swing were firmness of the stock market and commodity markets generally, inflationary talk and a growing belief in some quarters that business conditions were on the upgrade. Reports from the South were to the effect that the recent advance had resulted in increased sales of spot cotton, as holders seemed more disposed to sell in the open market at sistance and at time short losses supported by Liverpool and the trade. Spots were quiet, with prices steady on the Liverpool Exchange. values was A was ments in a substantial way. The 455 Chronicle The official quotation for middling upland cotton in the week has been: New York market each day for the past Sat. Mon. 8.69 ' 8.72 Middling upland New York The quotations Wed. Tues. 8.59 Jan. 8 to Jan. 14— 8.68 Quotations for 32 Years middling upland at New for Jan. 14 for each of the past 32 1938 8.60c. 1937 1936 13.01c. 1929 20.55c. 1921 11.95c. 1928 19.35c. 1920 1935 12.65c. 1927 1919 1934 ___._ll.25c. 1933 6.25c. 1926 1925 13.50c. 20.70c. 24.15c. 1932 6.75c. 1924 34.05c. 1916 18.30c. 17.65c. 39.25c. 30.90c. 32.60c. 18.05c. 12.50c. 1931 10.05c. 1923 27.80c. 1915 8.05c. 1922 1930 __.__17.45c. 1918 as York on follows: 1914 12.70c- have been years - 1917 Fri. 8.60 Thurs. 8.68 1912 1913 13.00c. 9.65c. 1911 _14.90c. 14.45c. 1910 1909 9.60c. 1908 ll.65c. 1907 10.80c. Premiums and Discounts for Grade and Staple—The premiums and discounts for grade and staple in relation to the base grade, Middling established for deliveries on contract on Jan. 20, 1938. 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 %-inch cotton at the 10 markets on Jan. 13. table below gives the Vs 15-16 1 In. & % Inch Longer Inch Inch .33 1 In 15-16 Inch White— <t Longer Spotted— Mid. Fair .65 on .90 on 1.14 on Good Mid .14 St. Good Mid.. .58 on .83 on 1.07 on St. Mid .05 off .15 on .36 Good Mid .50 on .75 on .99 on Mid .64 off .44 off .24 off St. Mid .35 on .61 on .84 on ♦St. Low Mid.. 1.47 off 1.31 off 1.17 off Basis .25 on .48 on ♦Low Mid 2.24 off 2.14 off 2.06 off .61 off .36 off .18 off Mid St. Low Mid... Low Mid 1.38 off 1.22 off 1.12 off St. ♦Good Ord .50 on .75 on .35 on .61 on .84 Even .25 on .48 on .61 off .36 off St. Low Mid .99 on .18 off 1.38 off 1.22 off 1.12 off Low Mid 2.76 off 2.74 off 2.72 off Good Ord .36 off Low Mid.. 2.30 off 2.23 off 2.16 off 2.89 off 2.83 off 2.80 off Yel. Stained- 1.22 off 1.05 off Good Mid ♦St. .93 off 1.71 off 1.51 off 1.42 off Mid 2.40 off 2.27 off 2.21 off ♦Mid •St. Good Ord. 2.15 off 2.10 off 2.04 off • .13 off .63 off 1.49 off 1.38 off 1.26 off ♦Low Mid on Mid .29 off .71 off Mid ♦St St. Mid Good Mid on .45 off ♦Mid Extra White— .54 on on Tinged— Good Mid ♦St. Good Ord. 2.15 off 2.10 off 2.04 off 2.76 off 2.74 off 2.72 off on Gray.56 off St. Mid .36 off .19 off .80 off Good Mid .59 off .43 off 1.40 off 1.26 off 1.15 off ♦Mid ♦Not deliverable on future contract Market and Sales at New York on the spot each day during the indicated in the following statement. The total sales of cotton week at New York For of the reader, we also add columns glance how the market for spot and futures convenience the which show at closed are a on same days. Spot Market SALES Futures Market Closed Closed Steady, 1 pt. adv... Steady, 10 pts. adv. Monday Steady, 3 pts. adv.. Tuesday Wednesday. Steady, 4 pts. dec.. Steady, unchanged. Thursday Quiet, 8 pts. dec... Friday Saturday __ Spot Steady Very steady Very steady Steady Very steady Steady "300 100 100 700 300 1,000 34,017 116,000 150,017 Futures—The Saturday Jan. 8 lowest and closing prices week have been as follows: highest, New York for the past also "600 "300 1 were Total "300 "300 Total week. Since Aug. Coi.tr 'ct Monday Tuesday 10 Jan. 11 Jan. Wednesday Jan. 12 Thursday 13 Jan. at Friday Jan. 14 South stated less cotton prices were steady at Liverpool in a quiet market. Today prices closed 7 to 8 declines in the cotton market points net lower. were mostly maintained this from the morning positions during the late dealings. afternoon, although a slight improvement lows took place in some The early Jan.(1938) 8.50- 8.59 8.48- 8.55 8.54- 8.55 8.56 n 8.60 n 8.56 ft 8.56 ft 8.56- 8.64 8.55- 8.43- 8.53 8.54 8.43- 8.45 8.44- 8.44- 8.45 8.46ft 8.53 8.53 . 8.54 8.46- 8.59 Range.. Closing Feb.— Range.. Closing March— . 8.48ft ( 8.60 8.61 8.52- 8.60 8.50-8.58 8.50 Range.. 8.47- 8.50 8.49- Closing 8.49- 8.50 8.59- 8.60 8.62 8.58- 8.59 8.58 8.52 n 8.62ft 8.65 n 8.59ft 8.60ft 8.53- 8.58 8.57- 8,( 8.62- 8.70 8.59- 8.67 8.57- 8.66 8.55- 8.56 8.66 8.68 8.61 8.63- 8.5 9ft 8.69 n 8.71 n 8.64« 8.66ft 8.59» 8.57- 8.65 8.64- 8.68- 8.77 8.65- 8.73 8.63- 8.72 8.62- 8.63- 8.64 8.73 8.75- 8.76 8.68 8.70- 8.71 8.63 8.6 5n 8.75 n 8.77 n 8.71ft 8.73ft 8.66» 8.69ft . — April— Range.. Closing. May— Range._ Closing . — 8.53n 8.64 8.56- 8.63 8.56 June— Range.. Closing July— Range.. Closing . 8.73 - — 8.68 Aug.— Range. . Closing Sept.— Range._ 8.67 n 8.77 n 8.79ft 8.74ft 8.76ft Range.. 8.67- 8.71 8.69- 8.81 8.77- 8.85 8.74- 8.83 8.72- 8.80 8.72- 8.77 Closing 8.70 8.80- 8.81 8.82 8.78 8.80 8.72 8.71ft 8.81ft 8.83ft 8.78ft 8.81ft 8.76- 8.82 8.80- 8.87 8.75- 8.85 8.75- 8.81 8.74- 8.79 8.82 8.85 8.77 8.81 8.74 Closing. Oct.— . — — — Nov.— Range.. Closing . 8.73ft Dec.— Range.. Closing. n 8.70- 8.73 8.72ft — — — — Nominal. York for week ending 1938, and since trading began on each option: Range for future prices at New Jan. 14, Financial 456 Mar. 1938. 8.47 Jan. Apr. 1938. May 1938. 8.53 Jan. 11 7.60 Oct. 8 >7 Jan '. "U 1938. Dec. 8 1937 12.96 8.57' Jan""*8 7.65 Week 5 1937 Mar. 21 1937 Oct. 1938. 1938. 8.85 8 7.85 Nov. 11 Jan. 4 1937 8.85 Forest 11 1938 Jan. City— Helena 8.70 Jan. 8.87 Jan. 8 8.37 11 29 1937 Dec. 8.87 Open 10 Jan. 11 Jan. 12 Jan. 13 Pine Bluff. 2,367 Walnut Ridge 701 244 Augusta Columbus. 133,468 141,304 21,100 1,568 1,700 „ Macon 717 Rome Columbus. 225 74 36,955 265,101 61,832 17.262 Greenwood.. 2,785 281 Natchez 3,200 1,400 1,700 25,000 12,400 2,500 28,900 May 43,800 20,400 40,900 35,700 38,500 July 25,100 9,400 38,300 37,900 All Inactive futures.. 2,900 27,500 29,100 25,600 31,800 964,900 - - . - - 15 9,400 16,100 10,200 6,400 366,700 3,700 8,500 5,600 4,100 52,100 473,877 78,566 65,239 1,784,665 287 44,151 58 16,758 24 4,806 13.263 94,583 414 90,751 ... Brenham—__ Paris Current crop (1938):.. 200 50 3,000 2,800 5,700 2,750 3,600 4,800 10,800 .... . » - 8,150 11,350 - - - 6,200 11,800 Rep'ts Rep'ts 210 19,032 50 28,272 3,134 6,503 225,481 5,239 121,787 500 36,500 300 11,925 505 398 165 36,265 20,463 55 99,088 1,333 5,668 2,313 ■ 70 J 125 148,820 37,558 349 40,856 32,247 21,189 35,596 33,848 247,461 58,043 15,687 5,784 2,015 1,759 14,659 758 37,966 51,099 196,485 7,125 71,797 22,750 2,811 11,505 936 169,763 86 58 . 841 869 6,688 1,629 150 3,565 12,955 205,360 4,286 80,136 60,742 682,323 298 8,629 20 1,820 36 2,979 1,173 27,964 439 25,906 1,653 801 226 99,488 3,011 134,802 3,050 52,896 1,978,394 136 37,872 27 15,876 5 5,980 83,100 60,993 650,524 4,561 316 142 1,042 43 2,184 1,086 10,517 601 75,908 68.626 8,034 - - - Not Not re¬ re¬ 1,850 2,550 4,250 300 150 9,650 25,050 13,697 3 "50 8,583 72 733 47,191 86,219 400 31,286 21,491 5 34,414 283 9,728 76,953 253 4,778 352 — 565 ceived ceived ceived 28.450 * above increased, totals as only. 1938 bales. 926,000 180,000 1937 823,000 104,000 1936 622,000 91,000 1935 830,000 88,000 show during the 470,404 bales of Cotton tonight, Stock at Manchester. more that week 29,000 9,000 5,000 713,000 281,000 199.000 17,000 64,000 78,000 10,000 5,000 907,000 317.000 182,000 26,000 83,000 52,000 17,000 8,000 535,000 654.000 685.000 Total European stocks 1,765,000 1.462,000 1,367,000 India cotton afloat for Europe-151,000 81,000 132,000 than at the 62,000 14,000 7,000 659,000 Stock at Bremen Stock at Havre Stock at Rotterdam - 927.000 211,000 264,000 17,000 Stock at Barcelona Stock at Genoa Stock at Venice and Mestre Stock at Trieste Total Continental stocks American cotton afloat for Europe the same Stock in TJ. S. ports Stock in U. S. interior towns IT. S. exports today Total visible supply—. 9,169,669 7,898,403 7,712,240 7,694,816 Of the above, totals of American and other descriptions are as follows: American—- Liverpool stock bales. Manchester stock Bremen stock Havre stock. Other Continental stock American afloat for Europe U. S. port stock — — U. S. Interior stock U. S. exports today Aug. 1 in the last two .7,444.669 5,757,403 6,143,240 5,731,816 East Indian, Brazil, &c.— Liverpool stock 1937-38 Indian afloat for 33.000 Europe Egypt, Brazil, &c., afloat Stock in Alexandria, Egypt Stock in Bombay, India 516,000 47,000 56,000 39.000 21,000 27,000 27,000 81,000 157,000 362,000 622,000 --. 151,000 113,000 404,000 794,000 294,000 19,000 61,000 20.000 55,000 132,000 130,000 332,000 526,000 590,000 25,000 56,000 32,000 78,000 107,000 149.000 320,000 606,000 Total East India, &c— Total American— 1,725,000 2,141,000 1,569,000 1,963,000 7,444,669 5,757,403 6,143,240 5.731,816 Total visible supply 9,169.669 7,898,403 7.712,240 7,694,816 5.02d. 7.20d. 6.13d. 7.15d. 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.l staple.s'fine.Liv 8.60c. 13.04c. 11.85c. 12.60c. 9.62d. 4.19d. 11.31d. 5.95d. 9.92d. 9.49d. 5.46d. 5.88d. 6.27d. 8.63d. 5.92d. 4.34d. Continental imports for past week have been 129,000 bales. The above figures for 1938 show an increase over last of 66,705 bales, a gain of 1,271,266 over 1937, increase of 1,457,429 bales over 1936, and a gain 1,474,853 bales from 1935. Interior Towns the movement—-that is, an of the Since Week Aug. 1 4,737 2,975 Aug. 1 59,703 5,601 6,000 3.371 6,566 107,415 375,520 789,130 23,579 996,573 12,935 4,912 120,162 1,302 12,733 19,316 6,946 244,919 7,219 138,009 14,323 271,181 61,775 651,121 9,256 525,392 Mounds, &c 300 113 Via Virginia points Via other routes, &c 1,166 Deduct Shipments— Overland to N. Y., Boston, &c_-._ 957 . . 5,966 Total to be deducted . Leaving total net overland * * 6,668 5,025 196,734 106,967 96,522 79,041 2,274 2,686 88,577 520,030 .68,994 Via Via Rock Island Via Louisville 265 288 Including movement by rail to Canada. The foregoing shows the week's net overland movement this year has been 61,775. bales, against 9,256 bales for the week last year, and that for the aggregate net overland exhibits season increase an to over a date the year ago 125,729 bales. 1937-38In Sight and Spinners' WppI* Receipts at ports to Jan. 14. Net overland to Jan. 14 of 61,240 9,256 130,000 525,392 3,085,000 9,117,021 1,816,035 121,714 61,775 Total marketed 200,496 *37,889 8,724,649 958,557 288,489 6,783 excess Southern during week a408,315 -295,272 1,056,143 162,607 11,341,371 North, spinn's' takings to Jan. 14_ * Decrease, a Aug. 1 5,114,257 mill takings consumption to Jan. 1 Came into sight Since Week Aug. 1 5,740,900 651,121 2,725,000 Southern consumption to Jan. 14-105,000 Excess -1936-37- Since Tfilcinn? To Dec. 20,571 741,604 10,739,349 36,337 1,071,662 1. Movement into sight in previous years: Week— Bales 1936—Jan. 1935—Jan. 17 18 1934—Jan. 19 191,902 173.834 189,236 - Since Aug. 1— Bales 10,240,666 6,787,521 9,625,943 1935 1934 1933 Quotations for Middling Cotton at Other Markets— Below are the closing quotations for middling cotton at Southern and other principal cotton markets for each day of the week: Closing Quotations for Middling Cotton on— Week Ended Jan. 14 Galveston New Orleans Mobile Savannah Norfolk Montgomery Augusta. Memphis _ receipts for the week and since Aug. 1, the shipments for the week and the stocks tonight, and the same items for the corresponding period of the previous year—is set out in 1936-37 Since Week Vis St. Louis over 373,000 43,000 Manchester stock Bremen stock Havre stock Other Continental stock follows: years are as Jan. 14— Interior stocks in Total American than Overland Movement for the Week and Since Aug. 1— 240.000 52,000 261,000 150,000 108,000 229,000 ,852,462 ,825,437 13,917 more week last year. 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 of 553,000 307,000 328,000 137,000 57,000 72,000 220.000 199,000 160,000 300,000 225,000 179,000 73,000 34,000 119,000 344.000 393,000 337,000 3,136,517 2.482.186 2,558,215 2,613,016 2,142,612 2,311,287 40,136 12,605 11,738 same 107.000 229,000 344,000 337,000 149.000 113,000 130,000 320,000 332,000 404,000 606,000 794,000 526,000 3,136,517 2,482.186 2,558,215 2,852,462 2,613,000 2,142,612 2,311,287 1.825,437 13,917 12,605 11,738 40,136 have stocks and are tonight period last year. The bales 296 393,000 157.000 362,000 622,000 Egypt, Brazil,&c., afl't for Europe Stock in Alexandria, Egypt Stock in Bombay, India interior the receipts of all the towns have been 30,038 bales 1,592,000 1,106,000 232,000 327,000 17,000 97,5554,871,435135.444 2142612 6,783 Shipped— Total Great Britain 62 461 Includes the combined totals of 15 towns in Oklahoma. The made up by telegraph, is as follows. 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 Jan. 14— Stock at Liverpool 178 Total, 56 towns 127,5935,043,822 134,376 2613016 250 21,500 909 443 re¬ - 2,650 14 100 Reports not '• The Visible Supply 16,380 13,028 25,810 231,378 157,348 7,497 Waco... ~ 150 detail below: 1,363 10 250 15,657 Texarkana cable and the 5,688 112,494 576 15,274 7,777 65.709 San Antonio. 250 950 December At 252 506 Robstown... 100 - All Inactive futures.. week 37 3,459 Dallas Total futures 18,802 171,526 27,262 120,417 43,200 6,915 136 Texas, Abilene. 50,200 123,700 139,900 100,900 101,000 3,128,100 New Orleans July 13 318 24,133 39,978 2,288 4.488 towns * Tenn., Mem phis Austin New crop (1939): October. 53,608 Oklahoma— «r 2,700 1,700 May 174 15 3,298 10,754 4,464 2,537 12,045 58 142 995 57,346 50 963 704 22 1,368 166,199 31,618 202 1,119 15 49,840 10,172 59,793 66,404 86.202 12,256 22,734 15,926 2,365 139 33,123 4,737 62,807 8,472 40,788 52,973 152 1,023 69,153 96,195 N.C.,Gr'nsboro 3,600 112,000 March 360 2,571 46,143 City.. S. C.,Greenville December January 94 Week ' - 15,000 Total futures 22 1,216 8,289 119,940 1,279 Mo., St. Louis New crop (1939): October 220 10,900 7,000 666,500 29,600 1,070,900 37 364 1,600 27,500 Yazoo 1,329 1,282 4,669 Vicksburg. — March 40,700 16,177 50 1,062 3.145 Miss.Clarksdale 958 40,416 7,907 Atlanta 59,158 16,387 923 — . Athens New York (1938) 35,233 298 1,266 Jackson..... January 77,605 67 31.679 135,804 40,686 161,568 627 Ga., Albany 13 Jan. 528 449 Newport Contracts Current crop 6,785 82,593 63,908 1,356 Little Rock.. La., Shreveport Jan. 205.503 878 1,949 158 ... 'Jonesboro Delivery—The Commodity Exchange Administration of the United States Department of Agriculture makes public each day the volume of sales for future delivery and open contracts on the New York Cotton Exchange and the New Orleans Cotton Exchange, from which we have compiled the following table. The figures are given in bales of 500 lb. gros sweight. Jan. 8 16,682 142,411 6,989 152,142 3,724 142,703 1,600 34,750 696 36,199 225 22,049 2 611 74,182 3.734 44.741 1,958 Hope 1938 11 Jan. Volume of Sales for Future Jan. 7 1,320 147,371 816 A rk.Blytbeville 8.67 Jan. 203 Stock Jan. Season 90,851 35,193 18,936 36,819 393 Selma Nov. 1938Dec. 43,707 67,773 3,910 Montgomery. 50 "207 Eufaula 27 1937 1937 Ship¬ ments Week 1,175 9,461 27 1937 Receipts 44,784 8,334 52,519 64,768 115,061 32,755 39,085 27,340 26,748 104,135 26,613 1.596 54,800 22 July Sept. 1938. Oct. 14 838 Ala., BJrming'm Aug. 1938. Jan. Week Season Stocks ments Apr. Ship¬ Receipts 8 1937 11.36 July 9.63 Aug. 27 1937 11.36 June 1938. JuJy 3 1937 13.97 Apr. 11 8.70 8 Jan. 3 1937 13.85 7.39 Jan. 1938. Movement to Jan. 15, 14,1938 Movement to Jan. Towns 5 1937 Mar. 31 1937 7.50 Oct. 11 8.64 8 Feb. 8.44 8.59 Jan. 10 1938. 9 1937 13.94 7.69 Nov. Jan. Jan. Jan. 15, 1938 Range Since Beginning of Option Range for Week Option for- Chronicle Saturday Monday 8.47 Tuesday 8.80 8.72 8.58 8.51 8.87 8.80 8.78 8.80 8.55 8.84 8.75 8.83 8.75 8.75 8.70 9.02 8.50 8.60 8.98 8.50 8.60 8.73 8.98 8.50 8.60 8.50 8.49 8.45 8.45 8.35 8.27 8.23 8.15 8.27 8.23 8.23 8.23 8.75 8.70 8.65 8.84 8.89 8.99 8.40 8.50 8.80 8.75 Houston, Little Rock 8.50 Dallas 8.14 8.50 8.60 8.45 8.24 Fort Worth 8.14 8.24 8.35 Friday 8.55 8.59 8.82 8.73 Wed'day Thursday 8.55 8.57 8.82 8.61 8.63 8.47 8.75 8.65 8.90 8.40 8.15 Volume Financial 146 closing quotations New Orleans Contract Market—The leading contracts in the New Orleans cotton market for the past week have been as follows: for Saturday Monday Tuesday Jan. 10 Jan. 11 Friday Thursday Wednesday Jan. 8 Jan. 12 Jan. Jan. 14 13 the high level of business activity abroad, and upward trend of commodity prices in world markets, did much to lift cotton prices."' Continuing, his review, made public Dec. 31, said: this country, the There was a would able 8.53 8.60 8.63 8.64 8605- 864a 8.63 8.72 8.72 8.70 8.70 8.62- 8.63 8.70- 8.71 8.79 8.79 8.74 8.76 8.70 8.76 February 8.87 8.85 8.80 8.82 8.75 8.82 8.91 8.91 8.85 8.86 8.81 8.87 8.95 8.95 8.88 8.89 8.84 _ March April. May June July August... September October .. November December. — — Tone— Spot Steady. Steady. Steady. Barely stdy Steady. Steady Options Steady. Steady. Steady. Steady. Steady. Steady India Consumption of Indian Cotton in November Bales—Consumption of Indian cotton by mills of India decreased during November, but was appreciably larger than in the corresponding month of the previous year, according to cabled advices from Bombay to the New York Cotton Exchange Service, dated Jan. 12. Consumption in November totaled 232,CK)0 bales of 400 pounds each, compared with 252,000 in October, and 199,000 in November, 1936. During the four months of this cotton season, from Aug. 1 through Nov. 30, con¬ sumption aggregated 946,000 bales, as against 825,000 in the corresponding portion of last season. Totaled 232,000 Report on Cottonseed Oil Production—On the Bureau of the Census issued the following Census 12 Jan. crushed, and on showing cottonseed received, statement hand, and cottonseed products manufactured, shipped on hand, and exported for five months ended Dec. 1937 and 1936: COTTON SEED HAND (TONS) RECEIVED, CRUSHED AND ON On Hand at Mills Received at Mills* Crushed Aug. 1 to Dec. 31 State Aug. 1 to Dec. 31 1936 1937 Arkansas 526,695 California 235,581 432,057 235,285 Georgia Louisiana... North Carolina Oklahoma Tennessee All other States 38,452 17,064 24,613 133,775 179,377 54,206 62,726 42,266 21,596 172,410 185,393 172,659 225,906 206,677 127,716 862,415 1,043,368 109,139 146,930 692,914 434,877 92,995 88,311 5,237,071 4,033,041 3,609,513 2,791,836 1,669,633 1,263,131 United States * 78,394 89,624 50,597 348,879 357,405 78,278 168,947 1,455,373 196,854 Texas 161,033 418,274 151,662 62,269 145,519 86,495 161,655 68,654 46,140 307.177 365,731 189,349 474,373 1936 61,217 211,654 147,071 339,641 193,605 353,209 South Carolina 262,144 73,408 93,978 209,956 765,117 189,424 823,812 234,725 227,157 Mississippi 217,764 261,782 315,425 303,542 423,173 150,694 394,924 322,718 Alabama. Dec. 31 1937 1936 1937 out, 31, 42,394 tons and 21,926 tons on hand reshipped for 1937 and 1936, respectively. Includes seed destroyed at mills but not Aug. 1 nor 8Q?243 tons and 45,104 tons SHIPPED OUT, COTTONSEED PRODUCTS MANUFACTURED, AND ON HAND widespread belief that the large be put to use, principal source of income of the southern States. The sooner these are generally recognized, the sooner the South will solve its cotton the truths problems. In the earlier portion of his comments Mr. Botts At the beginning of the year, commerce. another highly important development in the cotton When the year opened, the United States Govern¬ collateral against loans to growers, only about half as much cotton as it had held at the time of maximum accumulation, and indica¬ tions were that it would greatly reduce, if not entirely dispose of, its hold¬ ings during the ensuing months. As a matter of fact, it did reduce its holdings greatly, by sales during the early part of the year. Subsequently, however, when prices of cotton declined substantially in consequence of the prospect of greatly increased production, the Government made new loans to growers, and since its loan rates proved to be higher than sub¬ sequent market values, it again found itself called upon to take over a huge quantity of cotton as loan collateral. At this writing, it appears that the Government is holding nearly as much cotton as it has held at any time in recent years, and large additional quantities are still going into the Government loan stock. The Government is, or soon will be, deeper in the cotton business than ever before. There has been trade during the year. ment held, as Cotton Loans Produced Crude oil, lbs.—, 1937-38 1936-37 lbs.( 1937-38 meal,] 1937-38 l 1936-37 Refined oil, Cake and tons 1936-37 Shipped out Aug. 1 to Aug. 1 to On Hand Dec. 31 Dec. 31 Dec. 31 922,038 714,295 819,163 843,080 582,000 676,225 34,214 23,528 532,292 14,256 122,380 156,188 401,187 187,752 21,786 21,170 1938, showed loans disbursed by the 43,422 1936-37 Hull fiber, lb. bales 61,547 43,819 1937-38 1,828 1936-37 500- 23,893 1937-38 1936-37 Linters, running 88 216,645 479,523 Arkansas California 957 South Carolina Georgia 388,531 Tennessee Louisiana 212,313 Texas Mississippi - 1937-38 Returns by Telegraph—Reports to us by telegraph this evening denote that the weather has been dry over the cotton belt, except for some rain along the Gulf and Atlantic coasts. Temperatures have been mostly below normal. 2,991 18,705 High 1.32 61 43 52 62 22 42 62 32 47 64 32 48 48 57 dry .1 Austin - dry OF PRODUCTS COTTONSEED MONTHS ENDING NOV. • FOR FOUR 30 2 .. 27,297 612,584 2,881 82,982 92.643 Linters, running bales * Imports—Oil, crude, pounds Oil, refined, pounds ... None 1,464 I 3,885 1 * "entered directly for consumption," warehouse for consumption," and none 4,094 pounds crude, and 45,190 crude or refined was "withdrawn "entered directly into warehouse." no 62 38 50 32 46 1.16 0.33 60 64 38 51 66 38 52 60 24 42 V' dry 5 48 62 26 37 42 52 60 28 44 56 45 2 1.04 0.20 0.42 of Cotton Trade of New York Cotton 0.08 56 2.12 72 22 47 .. 2 0.04 56 26 41 3 Montgomery 0.70 2.30 70 38 80 62 58 32 54 69 47 Miami. 4 0.40 0.34 0.26 65 2 52 35 24 38 1 0.24 54 30 42 3 Atlanta .. Augusta South _ Partly by Government Activities and World-Wide Economic .. 0.11 0.43 52 30 36 41 24 34 41 3 the New York Cotton Ex¬ solely by the changes in the supply-demand ratio for cotton itself, and by Government activities in the cotton trade, but also by broad economic factors of nation-wide and world¬ wide scope.*1*-"During the first quarter of the year," says President Botts, "the favorable state of general business in 30 45 0.36 0.50 52 54 64 32 30 43 47 1 0.02 45 22 36 0.13 50 24 37 0.12 Tennessee—M emphis. Nashville. change, in his year-end review of the cotton trade pointed out that "cotton prices were influenced during the year not 53 44 4 Raleigh Wilmington Factors John C. Botts, President of 0.22 0.18 1 50 2 in 1937 by President Botts Exchange—Prices Influenced 43 5 3 Alabama- 30 32 3 2 Review 46 47 dry .. Amounts for December not included above are from 32 0.54 Oklahoma—Oklahoma City,. 19,614 refined 49 0.36 8,638 Linters, bales of 500 pounds 40 2 3 - 32,825,120 Cake and meal, tons of 2,000 pounds 58 64 i Palestine. 1,864,900 *20,791,659 57 62 50 32 60 dry : 1,773,024 2,092,269 43,777 66 i :: .. Exports—Oil, crude, pounds Oil, refined, pounds Cake and meal, tons of 2,000 pounds 1 2 Del Rio 1936 1937 Item 0.37 0.72 0.04 0.17 3 4,369,480 and IMPORTS 0.18 1 •» Brownsville 79,309,492 pounds held by refining and manufacturing 38,672,850 pounds In transit to refiners and consumers Aug. 1, 1937 and Dec. 31, 1937, respectively. a Includes 13,349,453 and 8,955,099 pounds held by refiners, brokers, agents, and warehousemen at places other than refineries and manufacturing establishments and 7,957,878 and 7,136,753 pounds in transit to manufacturers of lard substitute, oleomargarine, soap, &c., Aug. 1, 1937 and Dec. 31, 1937, respectively. b Produced from 870,126,261 pounds of crude oil. and AND Inches 2 Amarillo Includes 4,272,188 and EXPORTS Rainfall Days Abilene * establishments -Thermometer Low Mean Rain 35,011 14,132 15,126 42,758 29,846 7,379 8,414 467.084 Virginia - 1936-37 500-lb, bales Bales 74,800 32,849 76,772 76,909 204,599 222,944 1,420,284 State—• Bales 686.602 Missouri 33,662 New Mexico-, 504,466 North Carolina 16,744 Oklahoma Grab bo ts, motes, &.c., Corporation and held lending agencies on 4,427,930 bales of cotton. The amount of the loans aggregated $194,202,697.59 and repre¬ sented an average loan of 8.37 cents per pound. Figures showing the number of bales on which loans have been made by States are given below. 2,446 1937-38 Hulls, tons... 6 Aggregated by Florida ♦11,141,266 1,091,826,774 1,011,664,726 787,308,724 830,666,330 19,191,508 a441,052,343 6802,480,209 660,901,493 318,873,305 1,452,930 1,603,956 41,952 1,097.062 1,248,654 65,053 *200,643,988 143,242,766 a447,576,407 430,403,024 192,978 Through Jan. CCC of $194,202,698 on 4,427,930 Bales-^Announcement was made on Jan. 7 by the Commodity Credit Corporation that "Advices of Cotton Loans" received by it through Jan. 6, State— Aug. 1 truth world world production of cotton was fully balanced by the annual rate of world consumption. World production of the staple was at a record high level, but the world was using more of the staple than ever before. The market reflected that situation, together with other favorable factors, by moving steadily upward from around 12 to nearly 15 cents during the first quarter of the year., As the year draws to an end, the situation is that world production has run far beyond the world consumption rate, and the cotton trade faces the certainty of an end-season stock, at the close of next July, far above normal. This is the chief reason for the long downward movement of cotton prices during the second and third quarters of the year, in the course of which market values fell to about 7H cents. During the last quarter of the year, prices have moved irregularly, but have shown little net avdance from the lows. At the time that this is written, they are on a level of about 8 cents. Arizona On Hand Season said: The records of the past year in the cotton trade emphasize the old one can never be sure what is ahead in this important branch of that Alabama Item amount of idle credit avail¬ form or some and the result would be some During the latter part of the year, the rapid decline of business activity in this country, the leveling off of the business curve abroad, and the drastic decline in world prices of commodities in general, contributed to the decline in the cotton market. No commodity which enters into domestic and world commerce so broadly as cotton can escape the influence of general economic factors such as these.' This record of 1937 merely confirms the obvious truth that the world cotton trade, and hence world prices for the staple, are beyond control by any agency whatsoever. It is as impossible to control world production of cotton as to control increase in world population, and there is no agency in the world which can force mankind to use more or less cotton. Since world production and world consumption of the staple are uncontrollable, the idea of controlling world prices for it is wholly unworkable. So far as concerns the United States, any effective limitation of production which makes it profitable for foreign growers to increase their output, or any holding up of prices of American cotton above a parity with prices for foreign growths by such devices as Government loans to growers, merely transfers cotton growing from this country to foreign countries and destroys of inflation. measure Jan.(1938) 457 Chronicle 46 18 32 received by tele¬ graph, showing the height of rivers at the points named at The following 8 a. m. on statement has also been the dates given: 14, 1938 Feet New Orleans Memphis Nashville Shreveport Vicksburg Above zero of gauge, Above zero of gauge, Above zero of gauge, Above zero of gauge, Above zero of gauge. Jan. 15, ] Feet 5.4 7.9 12.2 30.3 27.3 11.2 14.9 18.6 14.8 29.2 458 Financial Receipts from the Chronicle Jan. IS, following table indicates the-actual movement each week from the planta¬ tions. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that part of the crop which finally reaches the market through the outports. This Since Week Exports {Bales)— Aug. This Stocks at Interior Towns Receipts at Ports Received from Plantations Ended 1937 1936 1935 1937 1936 1935 1937 1936 1935 Oct. 15.. 379,068 370.723 372,9451,904.0352.098,733 2,132,345 596.889 489,120 514,566 22.. 323.319 378,683 405,164 2,051.912 2,179.563 2220,751 471.196483.163 493.570 29.. 313.437 385.111 372,1492,129.8042.266.371 2,253,100,391,329 471,919 404,498 Nov. 5.. 263,182759,641 363.686;2,226,923 2,301,784 2,287.554388.719:295.054 398.140 12.. 245,688 264,096330,485! i2,342.886 2.316.783 406.335305,198 359,714 19.. 195,034 251,440 271.993 2.459,694 2.373,757 2,321,538 267,158 282.311 276,748 28.. 169.560 217.563 2.350.425 202,425 240.994 251,319 222,432j2.501.559 2,397,188 Dec.- To Liverpool To Manchester, &c To Continent & India— To America 7,000 100.818 89,362 19",500 379,509 12,725 26,000 582,414 1937 1938 1936 7.. 125,265 96,101 26,355 74,508 14.. 121,714 61,240 92,7502,613,0162,142,6122,311,287 128.497i 23,351 66,834 1938 1937 86.716 1936 325,927 18,115 25,000 566,031 Since Week Aug. 1 7,000 129,217 84,058 12,000 379,013 18,951 19,000 611,239 were 1936 UCt Cotton ings, Common 32s Cap Twist Mlddl'g Upl'ds 32s Cap Twist d. d. to s. Finest d. d. s. 8K Ebs. Shirt¬ Cotton ings, Common Mlddl'g to s. Finest d. Upl'ds s. d. e. m 15— 11K@12K 22 11K@12K — (1) That the total receipts from the plantations since Aug. 1, 1937, are 7,555,218 bales; in 1936 were 6,065,285 bales and in 1935-36 were 6,703,806 bales. (2) That, although the receipts at the outports the 18",000 1937 29— 11K@12H The above statement shows: 7.000 115,911 106.078 8K Ijbs, Shirt¬ d. 1937 1936 98,804 2,619,799 2,180,501 2,337,209 i This 1 Manchester Market—Our report received by cable to¬ night from Manchester states that the market in both yarns and in cloths is steady. Demand for both home trade and foreign markets is improving. We give prices today below and leave those for previous weeks of this and lat year for comparison: 17.. 169,711 143,695 188,14312,640,423 2,290,467 2,371.801,199284106,109 190.764 24.. 139,333 119,319158,8122,663,852 2 253,7151,911.138162,762 82,567 169.268 31.. 141,563 117,505 99.7052.658,3482,250,2472.361.505147.067112,749 78.953 1938 Since Aug. Note—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs. This statement shows that the receipts for the week ending Jan. 12 250.000 cantars and the foreign shipments 26,000 bales. 3.. 169.362 211,898 258.950 2,545,908 2,366,617 2.358,279213,711181,327 266.804 10.. 165,506 133,018177.4552.810.8502.327,953 2.369.180 230.448 94.354 188,356 Jan.- Week 1 Total exports Week 193S Plantations—The 9 10K@10 IK 4.82 11 9 10K@10 9 10K@10 IK IK 4.89 10K@12 to 3 4.83 10K@12 to 9 9 10K@10 9 10K@10 IK IK 4.55 11 @12K 10 4K@10 7K 6.99 @10 6 6.96 @11 0 6.81 Nov. 5— 10«4@12 12 10K@12K — 19— 9 10K@12 10 @12 @12K 10 11 4.63 6 92 7K@10 10K 9 0 @11 6.71 were 121,714 bales, the actual movement from plantations was 128,497 bales, stock at interior towns having increased 6,783 bales during the week. IK 4.55 11 10 3 @10 6 6 76 IK 4.64 11 10 9 @11 0 6.72 9 10^@10 9 10K@10 IK IK 4.65 11K@12K 10 11K@12K 10 9 @11 0 6.81 9 @10 4K 6.93 IK 4.81 10 6 @10 9 6.88 24— 10K@11K 9 10K@10 9 10K@10 IK 4 88 10 6 @10 9 7.01 31 past week 10H@*0 9 10K@10 9 10K@10 IK 4.84 10 6 @10 9 7.10 IK IK 4.97 9 4 @ 9 6 7.11 9 4 @ 9 6 7.20 26— 10K@12 @12K @12K Dec. 3— 10H@U7A 10— 10K@H H 17- 10K@11K — IOK@HK 4.70 11K@12% 11K@12K 11K@12K 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 obtainable; also the takings sight for the like period: are 19 38 .- 7— 10K@12 14 — ioH@nx 19 37 9 10H@10 9 10K@10 11K@12K 11%@12H 5.02 from which statistics amounts or Jan gone out of Shipping News—Shipments in detail: Bales GALVESTON—To Japan—Jan. 7—Kurishima Maru, 8,147 8,147 _ To Cotton Takings, Week and Season 1937-38 Week Visible supply Jan. 7__ Visible supply Aug. 1 American in sight to Jan. 14— Season Week 295",272 Bombay receipts to Jan. 13— Other India ship'ts to Jan. 13 Alexandria receipts to Jan. 12 Other supply to Jan. 12*6— 86,000 . 30,000 50,000 10,000 Total supply. Deduct— Visible supply Jan. 14 Season 7,966,308 4,339,022 11,341,371 589,000 200,000 1,285,200 209,000 4,899",258 162". 607 10,739,349 1,112,000 336,000 66.000 1,376,200 141,000 38,000 14.000 268.000 9,574,236 17,963,593 8,387,915 18,730,807 9,169,669 9,169,669 7.898,403 404,567 294,567 110,000 8,793,924 6,314,124 2,479,800 Total takings to Jan. 14 a Of which American Of which other 7.898,403 489,512 10,832,404 305,512 8,073,204 184,000 2,759,200 * Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c. a This total embraces since Aug. 1 the total estimated consumption by Southern mills, 2,725,000 bales in 1937-38 and 3,085,000 bales in 1936-37 —takings not being available—and the aggregate amount taken by Northern •and foreign spinners, 6,068,924 bales in 1937-38 and 7,747,404 bales in 1936-37, of which 3,589,124 bales and 4,988.204 bales American, b Est. India Cotton Movement from All Ports—The receipts Bombay and the shipments from all India ports for the week and for the season from Aug. 1 as cabled, of Indian cotton at for three years, have been as follows: 1937-38 1936-37 1935-36 Jan. 13 Receipts— Since Week Bombay Aug. 1 86,000 Since Week 589,000 141,000 1,112,00C For the Week Since Week 81.000 Since Aug. Exports From— Aug. 1 Great Conti¬ Jap'n & Britain nent China Total Aug. 1 840,000 1 Great Conti¬ Japan & Britain nent China Total Bombay— 1937-38- 4,000 1,000 11,000 16,000 13,000 92,000 164,000 3,000 80,000 269,000 119,000 612,000 32,000 83,000 40,000 19,000 8,000 1936-371935-36- 21,000 126,000 371,000 750,000 518,000 30,000 38,000 15,000 65,000 116,000 113,000 135,000 220,000 Other India- 1937-38- 18,000 1936-37- iooo 1935-36__ 12,000 38,000 14,000 200,000 336,000 303,000 190,000 Total all— 1937-38- 22,000 1936-371935-36. _ iooo 13,000 41,000 22,000 11,000 46,000 78,000 227,000 80,000 121,000 32,000 55,000 135,000 339,000 134,000 316.000 According to the foregoing, Bombay 164,000 469,000 612,000 1,086,000 371,000 821,000 To show a decrease compared with last year in the week's receipts of 55,000 bales. Exports from all Incia ports record a decrease of 75,000 bales during the week, and since Aug. 1 show a decrease of 617,000 bales. Alexandria Receipts and Shipments—We now re¬ cable of the movements of cotton at Alexan¬ The following are the receipts and shipments for the past week and for the corresponding week of the previous two years: weekly dria, Egypt. a 1937-38 1936-37 1935-36 Receipts (cantars) This week Since Aug. 1 250,000 6.460,272 330,000 6,871,283 50,000 6,301,714 444 8,873 5,855 1,573 Enscheda—Jan. 274 288 1,200 300 10—Burgerdijk, 912 912 18 1,727 166 5,557 1,059 719 353 1,987 500 1,248 3,209 1,869 1,834 3,024 1,820 525 4,233 1,951 205 l50 100 305 300 200 167 1 1,606 1,485 2,344 701 1,391 518 27— 113 MOBILE—To Liverpool—Jan. 7—City of Alma, 1,258 Jumna, 2,698 Jan. 12— 3,956 7—City of Alma, 35 35 Norrkoping—Jan. 1—Tatra, 50 To To To 50 Antwerp—Dec. 31—West Kyoka ,689 Varburg—Jan. 1—Tatra, 200 Copenhagen—Jan. 1—Tatra, 94 Gothenburg—Jan. 1—Tatra, 400 689 200 94 400 To Havre—Jan. 7—West Madaket, 1,427 To Bremen—Dec. 31—West 1,427 1,745 Madaket, 1,745 To Hamburg—Dec. 31—West Myoka, 766 To Rotterdam—Jan. 150 766 7—West Madaket, 196—Jan. 4—Warrier, To Gdynia—Jan. 1—Tatra, 96 NORFOLK—To Manchester—Jan. 346 — 96 8—Manchester To Hamburg—Jan. 14—City of Newport News, 2,561 Japan—(?)—935- 935 > LOS ANGELES—To Dunkirk—Jan. 6—San Antonio, 700To Havre—Jan. 6—San Antonio, 300 To Manchester—(?)—50 Hamburg—Jan. 11—Heronspoal, 729 Total 50 19,621 700 300 50 Liverpool—(?)—444; Houston City, 18,000 Japan—(?)—Heiyo Maru, 4,250 Bombay—(?)—400 SAVANNAH—To Liverpool—Jan. 13—Flourspar, 100 To Manchester—Jan. 13—Flourspar, 659 To Bremen—Jan. 11—Heronspoal, 1,118 To 2,561 3,174 2,122 - To Australia— (?)— 50— To India—(?)—19,621. To 253 Division, 253 SAN FRANCISCO—To Great Britain— (?)—3,174 To Germany—(?)—2,122 To Jan. 12 1,025 To London—Jan. 7—City of Joliet, 167 CHARLESTON—To Liverpool—Jan. 8—Shichshinny, 1,100 Jan. 9—Flour Spar, 506 To Manchester—Jan. 8—Shickshinny, 400 Jan. 9—Flour Spar, 1,085 To Hamburg—Jan. 8— Shickshinny, 2,344 To Antwerp—Jan. 3—Scharharie, 701 To Bremen—Jan. 11—Heronspoal, 1,391 To Hamburg—Jan. 11—Heronspoal, 518 To Rotterdam—Jan. 3—Schoharie, 86 Jan. 11—Heronspoal, To Alexandria, Egypt, 7 118 63 1,527—Jan. 11—Tennessee, 200 To Gothenburg—Jan. 10—Tatra, 166 LAKE CHARLES—To Liverpool—Jan. 7—Darian, 5,557 To Manchester—Jan. 7—Darian, 1,059 To Ghent—Jan. 6—Oakman, 719 To Havre—Jan. 6—Oakman, 353 To Bremen—Jan. 11—Elmsport, 1,987 To Rotterdam—Jan. 16—Oakman, 500 NEW ORLEANS—To Antwerp—Jan. 5—Winnipeg, 1,248 To Havre—Jan. 5—Winnipeg, 3,209 To Dunkirk—Jan. 5—Winnipeg, 1,869 To Genoa—Jan. 6—Eglantine, 1,834 To Venice—Jan. 6—Eglantine, 1,690 Jan. 10—Livenza, 1,334 To Trieste—Jan. 6—Eglantine, 970 Jan. 10—Livenza, 850 To Bombay—Jan. 6—Steel Ranger To Liverpool—Jan. 7—Clair Hugo Stines, 4,233 To Bremen—Jan. 7—Elmsport, 1,951 To Hamburg—Jan. 7—Elmsport, 205 To Rotterdam—Jan. 7—Clair Hugo Stines, 150 To Cape Town—Jan. 8—Silver Plam, 100 To Naples—Jan. 10—Livenza, 305 To Havana—Jan. 3—Talsa, 300 : BEAUMONT—To Bremen—Jan. 4—Chemnitz, 200 To ceive 940 1,621 To Oslo—Jan. 10—Tatra, 18 To Gdynia—Jan. 10—'Tatra, To to 4,308 — To Manchester—Jan. To appears 798 200 ___ 1936-37 9,124,964 Copenhagen—Jan. 7—Tatra, 748—Jan. 10—Tennessee, 50 To Oslo—January 7—Tatra, 200 To Gdynia—Jan. 7—Tatra, 3,958—Jan. 10—Tennessee, 350 To Gothenburg—Jan. 7—Tatra, 940To Bremen—Jan. 11—Chemnitz, 1,621 To Hamburg—Jan. 11—Chemnitz, 7 CORPUS CHRISTI—To Liverpool—Jan. 13—Elmsport, 118 To Manchester—Jan. 13—Elmsport, 63 To Bremen—Jan. 13—Elmsport, 1,025 To Genoa—Jan. 13—Elmsport, 444HOUSTON—To Liverpool—Jan. 5—Patrician, l,198---Jan. 11— Harberton, 7,675 To Manchester—Jan. 5—Patrician, 5,214—Jan. 11—Harber¬ ton, 641— To Bremen—Jan. 5—Chemnitz, 1,573-. To Antwerp—Jan. 10—Birgerdijk, 274. To Ghent—Jan. 10—Burgerdijk, 288To Copenhagen—Jan. 10—Tatra, 200—Jan. 11—Tennessee, 1,000. To Rotterdam—Jan. 10—Burgerdijk, 300 18,444 4,250 400 100 659 - 1,118 729 143,600 Volume Financial 146 Freights—Current rates for cotton from New Inc., are as Cotton York, as furnished by Lambert & Barrows, follows, quotations being in cents per pound: Stand¬ High .60c. Piraeus .85c. d.45c. .60c. Salonica .85c. 1.00 d.85c. 1.00 .52c. .67c, .67c. Flume .52c. .67c. Barcelona * ,52c. .67c. Japan .67c. Shanghai Bombay Oslo .58c. .73c. Bremen Stockholm .63c. .78c. Hamburg * Copenhag'n.57c. .72c. d.45c. .60c. d.45c. .60c. * No quotations, * .50c. .52c. .67c. Gothenb'g .52c. x Leghorn .72c. .57c, d Direct steamer. Liverpool—By cable from Liverpool we have the follow¬ ing statement of the week's imports, stocks, &c., at that port: I \ ■ Tier., 24 \ \ Forwarded. _ Total stocks Of which American ______ Total imports Of which American Amount afloat Of which American The of the tone Jan. Dec. 30 Dec. 30 14 66.000 54,000 42,000 46,000 1,054,000 1,101,000 1,108,000 1,106,000 663,000 672,000 680,000 63o,000 91,000 64,000 67,000 120,000 52,000 38,000 43,000 98,000 213,000 225,000 261,000 247,000 141,000 154,000 167,000 150,000 Liverpool market for spots and futures of day of the past week and the daily closing prices spot cotton have been as follows: each Tuesday Monday Saturday Spot Friday Quiet A fair Quiet. Quiet. - More P. M. business Moderate demand. 12:15 i Thursday Wednesday Market, doing. immediate registering sharp declines. The Winnipeg market 3He. It was figured by a leading Chicago authority July 1 excess of wheat in the United States as com¬ pared with a year previous, would be 90 to 100 million bushels. Tending further to increase bearish sentiment were reports quoting Secretary of Agriculture Henry A. Wallace as saying that by next summer the United States combined carryovers of cotton, grains and other commodities were ex¬ pected to be nearly as large as the record stocks on hand in 1932 and 1933. At the close, Chicago wheat futures were that the .67c. Only small lots, x Naples .65c. Virtually complete stoppage of any bushel. European demand for wheat from North America had also a notably bearish effect. So, too, did the circumstance that the Buenos Aires wheat market turned abruptly bearish in also fell Venice * .60c. Rotterdam Genoa » * * .52c. d.45c. Havre a its course, 1.00 Manchester.52c. Antwerp ard d.45c. Trieste Liverpool Density ard Density Stand High Stand High ard Density 459 Chronicle On the 12th inst. prices closed un¬ During the session prices registered a net decline of lc. Yet the Chicago wheat market showed up very well in the face of wide losses at Liverpool. Some revival marked the export sale of domestic wheat. A feature of the foreign trade in United States wheat was the coming to light of total sales of fully 500,000 bushels of spring wheats to the Continent over the past few days. Today's hard winter touched about 300,000 bushels, while there was a smattering sale of Pacific white wheat. About 200,000 bushels of Manitobas are believed to have been worked. at the lows of the day. changed to He. higher. Liverpool continues under the pressure of and also is said to have taken selling by demand. Australian wheat, United States in¬ terests. Mid.Upl'ds Futures. Market 2 to < pt8. 2 3 Steady, Quiet, Steady, 4 to pts. 3 to 5 On the 13th inst. pts. Quiet, but Quiet, Barely stdy pts. 2 to 3 1 2 to advance. advance. decline. advance. Quiet, Quiet but Quiet but Quiet, Quiet, un¬ Market, 1 4 pts. stdy., 3 to decline. 2 to stdy., 2 to pts. adv. 4 pts. adv. Prices of futures at to 1 pts. adv'ce Quiet un¬ to changed to pt. dec. 1 pt adv'ce Liverpool for each day are given below: dust big Close Noon Close Close Noon Close Noon Close Noon Close Noon d. d. d. New Contract d. d. d. d. d. d. d. d. January (1938). 4.82 4.84 4.84 4.88 4.87 4.85 4.85 4.85 4.85 4.87 4.85 March 4.84 4.86 4.86 4.90 4.90 4.87 4.88 4.88 4.88 4.90 4.88 May_______ July 4.88 4.90 4.90 4.94 4.94 4.92 4.92 4.92 4.92 4.94 4.92 4.92 4.94 4.94 4.98 4.97 4.95 4.95 4.95 4.95 4.97 4.95 October. 4.98 5.00 5.00 5.04 5.03 5.01 5.01 5.00 5.00 5.03 5.01 December. 5.00 5.03 5.02 5.03 5.05 a prices closed 2% to 3c. net higher. The strong stimulus today in the form of asserted storms, and half ill boding for crops. Dispatches from said visibility was limited to about consequences Kansas points various Official advices stated that scarcity of region West was similar to that which preceded two city block. a 5.03. Southwest recent severe drought 250,000 bushels. ■ 5.02 5.05 5.07 5.05 5.05 March 5.04 5.07 5.10 5.08 5.07 5.08 May 6.07 5.09 5.12 5.10 5.09 5.10 ficient today to overcome July 5.08 5.10 5.13 5.11 5.10 5.11 dominated in downturns of prices. Sellers pre¬ notwithstanding reports indi¬ the wheat pit, cating that condition of the domestic crop Southwest was lower than on Dec. 1. Crop specialists said it was still some weeks BREADSTUFFS Flour prices were lowing a bullish marked up sharply for this area fol¬ demonstration by wheat. on be likely stantial the show of strength, influenced to take on however. supplies in a sub¬ way. Wheat—On the 8th inst. prices The market the was closed 1% to 1 He. up. developed exceptional strength, prices rising to highest level since last October as the week's sharp ad¬ vance was resumed in the final hour of trading today (Satur¬ adverse. 91,580,000 bushels. OF WHEAT IN NEW YORK DAILY CLOSING PRICES a Net overnight gains in wheat were more than a cent bushel, while the recovery from early lows of the amounted to at more than two cents. Winnipeg, where wheat prices are the highest of because the short Canadian session Gains of about two cents in the world crop—together favorable action of the stock market here, were with the the con¬ values on the Reports indicated 1,000,000 bushels of tributing factors in the late strength of wheat Board. Chicago Canadian wheat additional sales were were sold for export late yesterday and reported today. On the 10th inst. He. off. The market turned decidedly firmer in the late trading, virtually overcoming the early setbacks. Factors responsible for the much im¬ proved undertone were substantial jumps in prices in the prices closed unchanged to Argentine wheat market and the strength displayed by the securities market. The Buenos Aires wheat market made a sudden here jump forward of 2%c. a bushel just was ended. This bulge led to an before trading outburst of last minute commission house demand for wheat futures in Furthermore, a liberal decrease of 4,511,000 visible supply total at¬ tracted notice. Selling pressure from Australia's new wheat crop was the chief reason assigned for the bearish course of Liverpool values. It was contended Australia has 100,000,000 bushels of wheat available for export, and that this wheat would move into world markets in volume the present week. On the 11th inst. prices closed 1 H to 1 J^c. net lower. There were a number of developments depressing wheat values on the Chicago Board of Trade today. Prospective big carryover supplies of wheat in the United States did much to tumble Chicago wheat values approximately 2c. general Chicago. bushels in the United States wheat Mon. Sat. No. 2 red DAILY CLOSING PRICES WHEAT OF 97% 91% ________ - Season's When Made July 29. 1937 May Sept. 28, 1937 July--. Jan. 13, 1938 September DAILY CLOSING PRICES OF — Buenos CHICAGO Thurs. 96% 90% 88% 98% 92% 91% and When 85% 81% 86% Nov. Nov. Jan. Low Fri. 97% 91% 90% Made 8, 1937 8,1937 6, 1938 Mon. Tues. Wed. Thurs." Fri. -129% 130% 127% 126% 127% 125% —__121% 122% 119% 118% 119% 117% -101% 102% 100% 100% 102% 100% Corn—On the 8th inst. prices higher. Wed. 96% 90% 88% Fri. 111% 113 BONDED WHEAT IN WINNIPEG Sat. May JulyOctober-.- Thurs. 111% Tues. 97% 91% 89% 90% Season's High and May 122% July— —105% September-___ 91% 111% FUTURES IN Mon. Sat. May July September Wed. Tues. 113% 113^ — the day). it was unless Open interest in wheat growing period, and until that time they became exceptionally Demand failed If wheat continues its upward trend and dust storms in the wheat area become an increasing menace, consumers of flour will develop to unlikely weather conditions would rule the market Friday Night, Jan. 14, 1938 very the Today prices closed % to l%c. net lower. Late reports that Kansas dust storms were blowing again proved insuf¬ January (1939). October Despite profit-taking, years. upward sweep of wheat prices carried the Chicago market to within %c. of $1 a bushel, May delivery. Purchases of North American whpat today amounted; to only about 5.05 to be among the eapliest ever to known, reported raging over wide areas of domestic winter wheat territory in the Southwest, Kansas in particular, and v Jan.14 received moisture in much of the domestic winter wheat Fri. Thurs. Wed. Tues. Mon. Sat. Jan. 8 changed 2 pts. 3 advance. P. M. market pts. Stdy. 2 to 3 advance. opened 5.02d. 5.00d. 5.00d. 5.03d. 4.99d. 4.96d. closed He. lower to He. This market was rather irregular. Weakness of Aires futures, which lost 1 Hc«> affected the feed However, closing prices were fairly steady. offerings are expected to improve the outlook. On the 10th inst. prices closed % to He. net lower. Reports of rains beneficial to the Argentine corn crop depressed Chicago corn prices. The heaviness of the wheat market during most of its session had a depressing effect on corn values. On the 11th inst. prices closed H to He. net lower. The depression in wheat values naturally had its depressing effect on corn. Export takings of United States corn today totaled 500,000 to 600,000 bushels, which apparently had little stimulating effect on values. On the 12th inst. prices closed H to He. lower. This in the face of continued heavy primary receipts and exports of little more than 200,000 bushels, which two items should have forced prices much lower. It is reported, however, that country points are now holding more firmly. On the 13th inst. prices closed Vs to %c. higher. This was a poor response to the vigorous action of the wheat market. However, large primary receipts of corn acted as a drug. Corn export business was small. Today prices closed Vs to l%c. net lower. There was nothing especially adverse in the news concerning corn, values in this market being affected largely by the sharp reaction in wheat prices. Open interest in corn was 51,455,000 bushels. grain here. Cold weather and light country DAILY CLOSING PRICES OF CORN IN NEW YORK Sat. No. 2 yellow- -. - DAILY CLOSING PRICES OF 78 May September — 77% Tues. 76% Wed. 76 Thurs. 76% Fri. 75% CORN FUTURES IN CHICAGO Sat. July Mon. 62% 62% 62% Mo 62 62% 62 Tues. 61% 61% 61% Wed. 61% 61% 61% Thurs. 61% 61% 61% Fri. 60% 60% 61 Financial 460 Season's and 74 66 % 6 2% May July September Oats—On the 8th inst. prices closed This market held This market and featureless %c. off. of most New light and entirely devoid of OATS 32% 30% 30% _ High May July September and When 33% 32% 30% July Oct. Jan. Made I Tues. 32% 30% 30% Season's Thurs. 32 29% 29% and Low 29, 19371 May 2. 19371 July 10, 19381 September Sat. Mon. 24~666 270,000 1,028,000 1,028,000 46,000 -41,000 301,000 270,000 2.277,000 2,277,000 46,000 41,000 301,000 Week 301,000 301,000 836,000 980,000 66,000 43,000 9,000 836,000 980,000 66,000 43,000 9,000 ♦ on 1937... through bills of lading. 29% When The exports ended from the several seaboard ports for the week Saturday, Jan. 8, 1938, -v. Made Oct. 28 Nov. 6.1937 28% Jan. 5, 1938 13.1937 Exports from— Wed. 49% 46% Thurs. 49 46% New Fri. In view of the York 46% 43% New RYE Sat. May July September 77% 71% Tues. 77% 72 Thurs. 75% 69% 76% 71% 48,000 440,000 1,659,000 May July September and 84 72% 17,000 306,000 Rupert Low OF RYE Sat. — When Nov. Closing quotations were as Nov. Flour and Since Mon. 84% 84% Tues. 65% 62% Thurs. 83% 82% 85 84% United Kingdom- Wed. 65% 61% 64% 60% 64% 61% Flour 183,000 745,000 271,436 38,500 699,500 1,920,000 20,000 1,000 1,000 2,811,196 2,982,146 Total 1938 — Total 1937 The 100,714 visible supply Boston— Baltimore Indianapolis. Oats bush 32 lbs 416,000 2,000 26,000 132,000 593,000 21,000 117,000 45,000 11,000 211,000 32,000 3,596,000 835.000 317,000 Buffalo Total wk.1938 372,000 Same wk.1937 463,000 290,000 • 185,000 721,000 2,375,000 2,003,000 2,991,000 10,872,000 3,089,000 3,548,000 244,000 197,000 127,000 10,000 75,000 98,000 78,000 76,000 28,000 Barley bush 56 lbs bush 48 lbs 76,000; as follows: STOCKS Corn Oats Rye Barley Bushels Bushels Bushels Bushels 1,000 1,000 716,000 23,000 288"666 221,000 71Y 000 27.000 27,000 i2~66o 1,000 533,000 22.001 92,000 1,381,000 34,000 1,000 2,327,000 34,000 5,146,000 209,000 85~66O "9",000 City Omaha 56,000 ~I2"66O 3,085.000 797,000 282,000 9,000 25,000 4,116,000 St. Joseph Kansas 11,000 1,078,000 3,372,000 3,607,000 16,003,000 w 4,838,000 51,000 125,000 20,000 94,000 7,000 2,000 6,000 760,000 505,000 1,005,000 1,178,000 162,000 St. Louis- 3,934,000 Indianapolis 1,500,000 2,701,000 939,000 397,000 10,000 77,000 17,000 3,odd 9,886,000 7,511,000 2,942,000 832,000 1,131,000 480,000 Y2Y066 701,000 8,820,000 2,595",000 13,873",000 1,237,000 173,000 5,186.000 3,110,000 205,000 3,829.000 3,394,000 991,000 2,000 4,000 2,000 1,406,000 200,000 1,874,000 652,000 3~08"666 818",000 1,016,000 197,000 133,000 179,000 82,351,000 34,947,000 24,514,000 Total Dec. 31, 1937-- 86,863,000 34,803,000 24,809,000 Total Jan. 9,1937-. 54,901,000 13,361,000 33,692,000 4,423,000 9,594,000 9,827,000 Sioux City Peoria Chicago - Duluth. - afloat afloat . 431,000 50,000 8,215,000 4,591,000 Buffalo Total " 65,000 Minneapolis Detroit 173,000 939,000 1,950,000 afloat Rye 8,230,000 2,000 comprising the stocks in Galveston 45% Jan. 8, 1938-- Note—Bonded grain not Included above: 4,666,000 4,843,000 York, 35,000; total, 145,000 bushels, against 5,629,000 in 1937. 276,000 Erie, 1,077,000; total, 14.539,000 Barley—Duluth. 110,000 bushels; New Wheat—New York, Philadelphia, 4,000 Buffalo. 249,000: 4,526,000 bushels, against 25,793,000 bushels in 1937. Wheat Oats Rye Barley Bushels Canadian— 283,000 Corn Bushels Bushels Bushels Bushels 886,000 Lake, bay, river & seab'd 14,226.000 840,000 1,000 107,000 847,000 1,030.000 511,000 Ft. William & Pt. Arthur 10,397,000 Other Can. & other elev_ 27,518,000 972,000 33.000J 7,299,000 355,000 6,668,000 1,000 1,000 101,000 Total Jan. 46,000 2,215,000 8, 1938.. 52,141,000 9,111,000 1,248,000 9,913,000 ii~,666 Total Dec. 31, 1937.. Total Jan. 52,673,000 44.879,000 9,348,000 5,126,000 1,278,000 1,082,000 10,181,000 47,000 82,351,000 34,947,000 24,514,000 52,141,000 9,111,000 4,423,000 1,248,000 9,594,000 9,913,000 14,000 25~,666 3,000 11,000 City— 168,000 198,000 Wichita 509,000 1,036,000 52,000 Joseph.. 582,000 133,000 Omaha grain, 1,434,000 277,000 afloat Corn 58,000 16,000 of New Orleans.— 400 bush 56 lbs 1,000 254,000 29,000 926,000 afloat Philadelphia Rye, No. 2. f.o.b. bond N. Y._ 89 Barley, New York— 47% lbs. malting 62% Chicago, cash .43-67 1,645,000 80,751,000 2,000 New York--.. 2.10 No. 2 white 4,000 74,227,000 1,713,000 990,000 Bushels Milwaukee 157,000 Duluth Toledo 2,686,000 Wheat United States— Oats, New York— 1,007,000 5,047,000 170,000 26,000 ' Fancy pearl, Nos.2,4&7 5.25@5.60 120,000 3,009,000 1,469",000 2.804,000 bushels New York afloat, 116,000: Wheat 246,000 31,919,000 1,467.000 1,007,000 169,096 129,045 39,806,000 3,000 3,360 Wichita Coarse 481,000 Minneapolis. Since Aug. 1— 1937 Bushels 336,000 Albany, Same wk.1936 Bushels Fort Worth of the last three years: Sioux Bushels Hutchinson regarding the movement of grain —receipts, exports, visible supply, &c.—are prepared by us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and river ports for the week ended last Saturday and since Aug. 1 for each Clty. Bushels 1,332,164 All the statements below St. 1937 Barrels 5,330 10,500 GRAIN Kansas July 1, 1938 Other countries... Barley goods— Louis... Jan. 8, 1937 Brit. No. Am. Col. follows: Cornflour Peoria July 1, 1938 West Indies 63% 60% 5.15 @5.40 St. Jan. 8, 1937 70,355 Continent. Fri. 6.90@6.10 4.70@4.90 Milwaukee.. Since July 1, So. & Cent. Amer. WINNIPEG Thurs. 6.80@6.05 Chicago Week Barrels 83% 83% Hard winter patents Hard winter clears bbls 196 lbs bush 60 lbs Corn Since 1938 Fri. Soft winter straights Hard winter straights Receipts at— Wheal Weet Jan. 8, July 1 to— Rye flour patents-.... 5.10 @ 5.20 Seminola, bbl.,Nos.l-3_ 7.55@t.* Oats, good 2.50 75% the week and since Since WINNIPEG Wed. 8,000 Weet GRAIN Tues. 122,000 below: as 8.1937 FUTURES IN 51,000 Made Spring oats, high protein -6.70@7.00 Spring patents 6.30@6.45 Clears, first spring.., ...6.90 @6.15 Corn, New York— No. 2 yellow, all rail 19,000 Exports for Weet FLOUR Wheat, New York— No. 2 red, c.i.f.. domestic 113 Manitoba No. 1. f.o.b. N.Y._166% 1,000 100,714 8.1937 62 86% 85% 65% 62% - 129,045 1,000 The destination of these exports for " May July 990,000 July 1, 1937, is 70% and DAILY CLOSING PRICES OF BARLEY FUTURES IN Sat. ------ 76 63% Mon. 85% 85% 114",000 "Y.OOO 27,000 2,686,000 1,713,000 1937 (September DAILY CLOSING PRICES 6,000 58,odd _ When Made I Season's Aug. 10,1937 {May Oct. 21. 1937 July 8,000 137,000 218,000 24,000 Total week 1938— Fri. 77 71% 51,000 36,045 965,000 Orleans Same week CHICAGO IN Wed. _ Season's High May July. FUTURES Mon. Bushels 2,000 Halifax, of strength, reflecting the sky¬ Earlier, spreaders sold rye against Today prices closed 1 to %c. net lower. OF Barley Bushels 43,666 Prince burst PRICES Rye Bushels 111,000 189",000 _ St. John West depression in all other grain markets, it was rye values to go lower. CLOSING Oats Barrels - 242,000 Port Arthur, Texas. Mobile quite natural for DAILY Corn Bushels Baltimore 48% 49% 46% 43% Flour Wheat Bushels rocket action of wheat. corn. annexed shown in the are statement: Rye—On the 8th inst. prices closed 1 ^c. net higher. The upward movement of wheat had a wholesome influence on rye. On the 10th inst. prices closed J4c. lower to Ye. up. Trading was light and without feature. On the 11th inst. prices closed Y to Ye. net lower. There was nothing un¬ usually bearish in the news concerning rye, the declines being attributed largely to heaviness displayed .in wheat and corn. On the 12th inst. prices closed Y to 134®• net lower. There was nothing of encouragement in the action of the other grains or in the news, and as a consequence prices for rye futures slid off considerably, showing the largest losses of all the grains. On the 13th inst. prices closed 1% to Ityc. net higher. purchases of 1,000 Receipts do not Include grain passing through New Orleans for foreign ports Galveston a 4,000 306,000 Since Jan.1'37 31 % 29% 29% 30 October Rye closed with 114,000 20,000 27,000 Fri. 32% 28% Tues. 50% 47% 50% 47% 58,000 9,000 Since Jan.1'38 DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG May July 360,000 17,000 1,000 178,000 24,000 218,000 41,000 13,000 410,000 CHICAGO IN Wed. 32% 30 % 30% 177,000 245,000 Prince Rupert markets. corn FUTURES Mon. 3,000 30.000 Total wk.1938 closed unchanged to %c. advance. Trading was light and without significant feature. Today prices closed *4 to %c. off. This market was heavy, in Sal. Barley Hall/ax On the 13th inst. prices PRICES OF 4,000 63,000 102,000 Rye bush 56 lbs bush 48 lbs Boston any On the 12th inst. prices closed Yc. There was very little report on the activity in this market, which was relatively dull. sympathy with the heaviness in wheat and Oats bush 32 lbs 27,000 Galveston noteworthy feature. Season's 108,000 . St. John West was Corn bush 56 lbs 1,379,000 Philadelphia New Orleans * lower for the whole list. May July September York... Jan. 8, 1938, follow: Wheat bbls 196 lbs bush 60 lbs On the 11th inst. prices closed 34 trading. DAILY CLOSING Flour Receipts at— the closed J^c. lower to 34c. or 15, 1938 receipts of flour and grain at the seaboard ports less irregular with light was more Trading Total Jan. for^the week ended Saturday, net higher. l/% to throughout strong On the 10th inst. prices session. higher. to pretty Chronicle When Made Nov. 30. 1937 Nov. 30. 1937 Jan. 6, 1938 Season's Low and When Made 55% July 29, 1937 May —56% Sept, 30, 1937 July Jan. 8, 1938 September 60 % High 9, 1937-- 4,277,000 Summary— 24,000 23,000 American ...— Canadian 24~66o 4,000 84,000 26,000; 101,000 . 6,000 Total Jan. 8, 1938.-134,492.000 34,947,000 33,625,000 Total 1.088,000 281,000; 1,953,000 986,000 1.427,000 348,000' Dec. 31, 1937.-139,536,000 34,803,000 34,157.000 Total Jan. 13,361,000 38,818,000 9, 1937-. 99,780,000 5,671,000 19,507,000 5,944,000 20,008,000 5,925,000 18.816,000 752,000 413,000] 1,726,000 The world's shipment of wheat and corn, as furnished by Broomhall to the New York Produce Exchange, for the week 1936 8,772,000 202,413,000 137,729,000 9,854,000151,441,000 90,476,000 70,510,000 19,881,00059,407,000 46,838,000 10,891,00058,783,000 ended Jan. 7,1938 and since 1935 8.703,000242,628,000 88,832.000 14,222,000 54.146,000 are 74.023,000 shown in the following: July 1, 1937, and July 1,1936, Volume Financial 146 461 Chronicle general, the condition of winter wheat is fair to good is dormant or made only slow growth in southern sections and a drop to normal temperature was favorable. In the Mississippi Valley and Great Plains sections some cold damage resulted where there was insufficient snow. In Missouri wheat shows Small Grains—In Wheat Week Exports Since Jan. 7, July 1, from the Ohio Valley southward; the crop Corn Since Week Jan. 7, Since Since 1938 1936 1938 1937 July 1, 1936 Bushels North Amer. 1937 Bushels Bushels Bushels Bushels Bushels July 1, Black Sea... 3.635,000101,355,000 124.901.000 1,784,000 57,770,000 42,096,000 Argentina... 1,048,000 39,203,000 802,000! 41,560,000 Australia 22,018,000 ._ 648,000 12,488,000 7,917,000 246,295,000 265,226,000 Weather general 2,000 7,579,000 2,877,000 12,860.000 1,189,000172,774,000 217,687,000 1,494,000 6,992,000 13,992,000 ...... Total 1, 38,042,000 11,104,000 India. Oth. countr's July of 59,091,000 13,548,000 3,069,000242,321,000 244,097,000 the weather bulletin issued 12—The by the Department of Agriculture, indicating the influence of the weather for the week ended Jan. 12, follows: At the beginning of the week high pressure was general over most cen¬ not ab¬ tral and southern sections of the country, but temperatures were normally low. At the same time, low pressure prevailed from Quebec southwestward, with snow general over the upper Lake region and parts of the Northeast. Pressure was relatively low over southern Texas and general rains occurred over the Rio and furnished some in portions of 6th pressure Lake region and the Ohio Valley reported light amounts. Over a large from the lower Ohio and central Mississippi Valleys westward, including light to measure. noted in the northern Rocky Mountain of the Northwest, the weekly amounts were too Somewhat more substantial falls Were area and the northern Great Plains. ■ Precipitation for the year 1937 (State averages) was generally above east of the Mississippi River, except for portions of the eastern middle and upper Mississippi Valley and Lake region. 14 States averaged below normal for the year; the greatest lack was found in Nebraska where the total was only 75% of the normal annual fall; the greatest excess, 133 %, was reported in Oregon. As in both 1934 and 1936, a wide belt reaching from the southern Great Plains northward to the Canadian border and including Montana, Colo¬ normal rado, zona, Iowa, Missouri, and Illinois, had subnormal rainfall. Texas, Ari¬ and Nevada were the only State below normal in 1937 that were 1936. Totals for the year just ended averaged from 10% to as above in much 48% as northern areas. greater than in the preceding year over large central and In 1934 and 1936 the drought area centered over the north¬ Dakota reporting the lowest percent of normal, In both these years Nebraska averaged 61% Dakota had 99% of normal, an increase of nearly 50%, while Nebraska received only three-fourths of the normal yearly ern Great Plains with North 54 and 51%, respectively. of normal; in 1937 North railiall. Except for the far Northwest, and portions of California where unusually heavy rains occurred late in the year, the most outstanding precipitation fell in the Ohio Valley and the Southeast, culminating in the great Ohio River flood of January, during which new high-water marks were set in several Ststtos Some of the heaviest monthly falls recorded during the year were re¬ ported in Hawaii, where one station, Piihonua, had 95 inches during the of Jahuary and November; in the United States, particularly in the elevated regions of the West and in the Southeast, there were heavy falls. Among these may be mentioned McKenzie, Tenn., 23.90 inches in January; McNamers, Oreg., 23.45 in February; Big Four, Wash., 19.68 in April; Norwich, Kans., 12.88 in May; Paradise, La., 16.75 in June; Clearwater, Fla., 22.31 in July; Davie, Fla., 2L28 in August; Belle Chasse, La., 29.04 in October, and Valsetz, Oreg., 33.03 inches in November. The year closed with insufficient subsoil moisture in much of the central Great Plains. Snowfall storage in the higher mountain sections of the West months generally deficient and supplies for spring runoff were considerably States. most central sections of the country was favorable for outside operations and for gathering the remnants of corn; scattered plowing made generally good advance. Reaction to colder toward the close of the week, however, retarded these operations but was not particularly injurious to winter crops. Some damage from freezing and thawing was reported from scattered sections, but in most areas there was very little harm from this cause. The snowcover during the week was adequate for protection of winter-grain c.ops in most northern sections, though in other localities, especially Iowa, it was inadequate during the was below normal in many Western The m:ld, open weather in cold weather. In the lower Great grazing. mostly good, except shine would be generally helpful. Beneficial precipitation in Colorado improved moisture conditions and but in eastern Wyoming strong winds damaged grains to some extent and possible dam¬ age from freezing is feared in Utah. In Montana, Idaho, California, and Washington beneficial moisture was reported with wheat in the last-named State in very good to excellent condition. Fields were generally bare in Oregon and there have been frequent freezes, but no wheat injury was reported. Small grains are doing well in most sections of the Southeast, with oats in mostly fair condition in Alabama; oats, barley, and minor grains are mostly good in Texas. Winter cropsl n Arkansas are in excellent condition. winter grains in all areas of that State are the best in years, THE DRY GOODS TRADE was area much week in gsor and suffering frombeneficial elsewhere in that State; in Texas, sun¬ klahoma and would be drought. Rain is urgently needed in western Grande Valley and parts of central low over the central Gulf area, the central Ohio Valley, and central Great Plains. As a result, precipitation was general over most southern districts from west-central Texas to southern Georgia, as well as over the northern Great Plains. On the 7th pressure was low from New Jersey southward to Florida, with general precipitation over Southern and Eastern States. At the same time high pressure, with much lower temperatures, had overspread the central and northern Great Plains. On the 8th, "highs" dominated in the central part of the country, and subzero temperatures occurred southward to central Iowa and subfreezing southward nearly to the Gulf coast. On the following days of the week, low pressure became dominant, bringing moderating temperatures to central and eastern sections, and scattered precipitation to the western Gulf area, the Ohio Valley, and northern Great Plains. During the week most of the country west of the Rocky Mountains was under the influence of a stagnant high-pressure area, with consequent fair weather, but no abnormally low temperatures. Temperatures for the week were above normal along the north Atlantic coast and quite generally from the southearn Great Plains northwestward. The week was abnormally warm in the northwestern Great Plains, where the weekly means ranged from 9 deg. to 17 deg. above the normal. Tempera¬ tures were abnormally high in the northern and eastern Great Basin, where the plus departures from normal ranged from 6 to 9 deg. It was nearly as unseasonably cool in the northern Lake region, with weekly means ranging from 9 to 12 deg. subnormal, while cool weather for the season also prevailed over the Ohio Valley and most Southern States. Temperatures for the week were somewhat subnormal in central California and western Oregon. Minimum temperatures for the week were slightly lower than for the preceding one, with freezing weather reported on the east Gulf coast and to central and western Texas. Subzero weather covered a large northern area from northern New England and New York westward over the north¬ ern Lake region and northern Great Plains. Subzero weather was reported to southern Iowa; a cooperative station in this State reported 25 deg below zero. The lowest temperature reported for a first-order station was 24 deg below zero at Huron, S. Dak., on the 8th. Although precipitation was fairly frequent in southern sections, the amounts were mostly moderate, ranging from 1 to Wi inches in the lower Mississippi Valley and eastern Texas. Moderate falls were also reported from the Carolinas northward along the Atlantic coast, while most of the the some greening this northwestern and north-central Oklahoma, where it is rather Texas. On was is generally backward with stands in many f elds. Deficient soil moisture has been decidedly unfavor¬ able in Oklahoma, Kansas, and Nebraska. In Kansas the outlook for winter wheat is not good and the crop is liable to suffer from high spring winds unless moisture comes; wheat greened up in limited areas, however, poor Farther south the condition and progress is fair to 386,000 Report for the Week Ended Jan. summary green in but few fields, although there southern sections of that State; the crop Plains and some adjacent areas to the eastward, particularly Missouri the subsoil moisture continues deficient, with injury already indicated from soil blowing in the panhandle of Oklahoma. On the other hand, there was beneficial moisture reported from South Dakota and much of Colorado, while in North Dakota a generally heavy snow cover was indicated. In the South frequent rains were detrimental to outside operations in west Gulf sections, but in most of Texas progress and condition of winter crops were mostly good, although more sunshine would be helpful. Farm¬ ing activities were also retarded in some eastern Gulf areas, but in the Southeast, including southern Georgia and most of the Carolinas, the weather of the week was more favorable for progress of crops and prepa¬ ration of soil. In the latter area truck shows general improvement, with winter varieties being planted, while many tobacco beds have been preloom Sared. reported, good in Florida, with serious frost injury some noted and Citrus while in California no new growth and was scattered in the San Joaquin Valley. sections the continued mild temperatures and light snowcover were favorable for livestock, with but little feeding necessary in many areas. The range is still in fair to good condition, with moisture in Colorado of particular benefit, but rains are needed in New Mexico and Arizona. Mountain snowfall continues deficient in most western sections, although in some localities, notably in Colorado, Idaho, and Montana, accumulations are above last year and normal or above. orange picking is progressing In great western grazing New York, Friday Retail trade during the Night, January 14, 1938. past week although earlier low estimates of sales ceeded. a continued were spotty, somewhat ex¬ January clearance and promotion events met with fairly satisfactory response, chiefly owing, however, to rather drastic price reductions announced by many stores. Quite satisfactory results continued to be reported from the Southern and Southwestern sections of the country. tions in the industrial centres showed little Condi¬ improve¬ ment, although hopes were held for an early moderate expan¬ sion in sales as a number of large plants resumed operations after having closed down over the year end. Sales for the week in the local area were estimated from 3 to 6 per cent below the corresponding period of last year. December sales for department stores the country over, according to the usual survey of the Federal Reserve Board, declined 2 per cent, with all districts excepting those of Richmond, Atlanta and Dallas, recording losses ranging from 1 to 5 per cent. In the New York district the decline was limited to 1 per cent. For the entire year an increase of 6 per cent over 1936 was or-no shown. Trading in the wholesale dry goods markets improved perceptibly as both wholesalers and retailers placed numerous fill in orders and started to cover Spring requirements on a broadening scale. Sheets and towels moved in considerable volume, and a fair demand existed for percales. Although a good deal of caution continued to manifest itself, buyers for the first time displayed more willingness to enter into forward commitments. Business in silk goods expanded moderately, and prices showed a slightly firmer trend. Trading in rayon yarns turned somewhat more active, with centering on the finer counts, following the re¬ cent price reduction in these numbers. Although the total volume of sales continued disappointing, it was noted that both weavers and knitters showed more interest in offerings. Late in the week a leading producer announced reductions ranging from 2 to 6c. a pound on the coarser yarn numbers, discontinuing at the same time the recently introduced 60day price guarantee. the demand Goods—Trading in the gray cloths materially, and prices stiffened through¬ out the list. Chief factors were the continued firmness of the raw cotton market, the better movement of finished goods, the belief that mills will, for the time being, adhere to their curtailment measures, and the more optimistic feeling on the general outlook engendered by the efforts of the ad¬ ministration, through conferences with industrial leaders, to help restore confidence and reverse the downward trend of business. Late in the week, trading slowed down from its Domestic Cotton markets broadened previous spurt but prices held steady. Business in fine goods experienced a decided upturn, and large sales of combed lawns, voiles, dimities and organdies were consummated. Carded piques and fancy cloths also moved in substantial volume. Closing prices in print cloths were as follows: 39inch 80's, QV2 to 6^c.; 39-inch 72-76's, 5^c.; 39-inch 68-72's, 5^c.; 3834-inch 64-60's, 4% to 4%c.; 3834-inch 60-48's, 4c. also Goods—Trading in men's wear fabrics gave indi¬ Woolen cations of showed an more early improvement as clothing manufacturers interest in Spring lines, owing to anticipations larger orders by their retail outlets. Report from retail clothing centers made a satisfactory showing, and the belief prevailed that stores generally will soon see their way clear to replenish stocks. Tropical worsteds and gabardines con¬ tinued to move in good volume. Business in women's wear goods showed further improvement as garment manufac¬ turers placed substantial orders on Spring coatings and dress goods. A steady call continued on materials used for winter resort garments. of linens remained quiet mild seasonal improvement in the demand for Foreign Dry Goods—Trading in although a household goods was noted. Business in burlap early in the week turned slightly more active and prices showed a some¬ what steadier trend, in sympathy with the Calcutta market. Domestically lightweights were quoted at 3.65c., heavies at 5.05c. Financial 462 Chronicle Paoe Jan. is, ms Name ' Rate Maturity Amount Price Basis 3854 2.40 1938-1957 55,000 100.50 2.35 Ely S. D. No. 1, Nev 4 1938-1956 55,000 104 3.50 3691 Specialists in Elmira, N. Y 3694 Emporia, Kan (2 issues)-.--.—— 101.18 2.14 4156 Ennls Indep. 8. D., Texas 3X 4001 Everett, Mass. (2 issues) 2X 138 Illinois & Missouri Bonds 12,500 -- 3999 f97,000 122,000 1938-1952 Fairfield, Iowa 5,300 Fairfield School Twp., Ind 1.4 140 Faribault County, Minn 22,200 3 1939-1941 25,000 3850 Fayette County, Ky 3X 1939-1956 150.000 3692 Fltchburg, Mass Fort Worth 8. D„ Texas 2 1938-1947 25,000 4009 146 3852 STIFEL, NICOLAUS A CO., Inc. 105 W. Adam* St. 314 N, DIRECT CHICAGO 3849 142 Broadway ST. LOUIS WIRE 3849 | 4156 ..AX Fox Point 8. D., Wis Franconia, N. H 1938-1947 3 1939-1950 MUNICIPAL BOND SALES IN 2X 1940-1961 1939-1948 93,000 3 Freeburg, 111 3X 1938-1956 Gaines County Road Precinct , the usual time. at Gila County S, D. No. 66, Mont..4M 3690 Gillam Twp., Ind. (2 Issues) Gillett Grove S. D„ Iowa 3853 Glaasboro, N. J of the "Chronicle" Jan. of 8. was The given total on 301 during page awaras the month stand at $83,947,370. This total does not in¬ clude Federal Emergency Relief Administration or Public Works Administration loans or grants actually made or to States and municipalities during December. The number of municipalities issuing bonds in December 349 and the number of separate issues was 403. Page 140 Name Hate Adams. Neb 3X Maturity 1942-1957 Amount Price 1516,000 100.14 3 1940-1957 22,000 101.15 4 1938-1942 2.40 1939-1958 18,000 r500,000 4004,Alexander,Batavia.&c.,S.D.,N.Y. 2.90 1940-1967 279,000 143 4153 4149 4155 Agency S. D., Iowa . Alger, Ohio Albany County, N. Y Allen County, Ky Altoona 8. D., Pa Hasss 140 Ashtabula County, Ohio.. Ashland S.D.,Ky 3999 4152 4004 4151 3999 4002 4154 4003 3694 3849 4000 101.37 220,000 100.63 2.95 100.57 3.14 100 5.00 100.02 100.04 IX 1939-1942 7-56,000 1939-1940 Belt, Mont 2A 1939-1948 2^-2 X 1939-1947 3% 4X 1941-1959 2X 1939-1967 - III Boyertown, Pa Breckenridge, Minn Bullitt County, Ky Burlington, N. J Butler County, Kan.Butler S.D., N.J Camden, N. J Casey, 111 Catlettsburg P. 8. Corp., Ky 1941-1945 4 1942-1954 4 1939-1954 3X 2X 3X 1938-1957 3 yrs. 1939-1950 ..AX 4X 1939-1967 4X 1947-1956 1939-1942 Cedar Falls, Iowa 3 Cedar Falls, Iowa 5 4156 Chambers County R. D. 2, Tex 2 Charlestons. D., 8. C 3X-3X 4X 3849 Chatsworth, III 3699 Chester, S. C 3999 Chicago, 111 4154 143 143 4004 3699 144 141 3856 - Colonle, N. Y Columola, Tenn. Wis Custer Co. 8. D. 23, Neb 3.48 r382,000 101 3.35 Bridge Jeffersonville, 2.72 3.19 100.10 1.49 4155 3X 1940-1962 27,500 4 1938-1947 135,000 Lamar Twp. 8. D„ Pa Lassen County. Calif 3,75 Lawrence, Mass 3849 Lee County, Iowa... Le Sueur Ind. S. D. 91, Minn 2.37 100.35 3.72 70,000 100.11 100.46 2.69 Lewes, Del 3X Liberty Union Fr.S. D.I.N. Y__2)i 4149 Linn County, Kan. (2 Issues) 1957 1939-1943 38,000 r36,000 103.67 3.00 145 100.63!" 2.18 100 4.00 100 3.50 2^-3 1938-1940 180,000 3854 Long Lake, N. Y 3 1939-1947 100.29" 2.94 100.23 2.48 100.57 2.40 3*08 101.76 4147 Los Angeles County, Calif 2X 1939-1954 3856 101*65 " Lucas County, Ohio Lucas County, Ohio. 2X 1939-1948 51,900 3697 3854 2X 346 Lyme 8. D. No. 4, N. Y Lynn, Mass. Madison Co. 8. D. 5, Malta, 111. (2 issues) 4004 Malta, N. Y, 4002 144 2.20 4010 3.37 140 Marine City, 141 10b~37~ 60,000 Marshall, 3 Minn Mendham, N. J 3X 2X 33,000 101.16 32,000 100.59 2.18 1938-1962 25,000 100.23 3.98 3 Calif 1938-1956 1938-1957 4 Mass. 5 yrs. 27,000 1948-1957 rl25,000 1938-1953 433,000 101 3.80 1939-1950 12,000 266.000 100.75 100 2.75 500,000 360,000 100.23 2.15 100 3.84 4002 1938-1942 27,000 120,000 100 1.75 101.35 3.37 4151 140,000 100.56 2.96 4152 42,000 110,000 100 3.50 138 6,500 90,000 1938-1944 2X 1939-1959 Ga 1938-1947 <*150,000 1967 34,000 Delta, Colo 2.20 2.80 Mississippi (State of) Monroe, N.H 3K&4 2X Monroe School Twp., Ind Monroetown Twp. S. D., Mich._.4 1.70 4001 3.17 4149 Montgomery County, Md_ Monticello School City, Ind 4004 Moreau, N.Y 3 2X 100.69 3.73 3854 Mount Pleasant, N.Y 2.70 104.23 4.27 3999 Murtaugh 8. D., Idaho 4000 101.30 2.37 Muscatine Ind. 8. D„ Iowa Muscoda. Wis 101.401 3.37 100.78 2.68 138 3695 3997 4004 4001 100.14 2.58 4000 100.08 2.74 3857 3X 100.26 1.45 3854 4152 2.91 4 391,000 100 4.00 5 1943-1945 1,500 102 4.60 3X 1939-1948 150,000 19,500 <*9,000 100.015 3.74 100 3*50 100 5.00 3853 141 3857 3851 3853 144 3856 3856 3856 4004 144 Dutchess County, N. Y Dyer 8. D„ Tenn Easthampton, Mass East Rutherford, N. J 3 X East Stroudsburg, 2 Eaton, Ohio Edon, Ohio Edgerton, Ohio Edinburg, N. Y Ell wood City, Pa Pa 1% 5 1X 18,000 1939-1948 1939-1967 350,000 50,000 13,000 r287,000 81,000 101.50 100.13 1.73 5.00 141 1.42 4006 100.80 3.38 4006 100.53 1.90 4004 2.91 4155 North Providence, R. I 101.36 3.11 137 100 3.25 Norwalk, Conn 3999 Oakland, 111 100.11 2.68 3854 1941-1950 <*25,000 103.53 3.09 4149 1938-1947 1939-1941 3X 3X 1939-1958 1939-1940 2.70 3X 2.88 101.61 2.61 102.06 2.27 1939-1948 9,241 100.29 2.69 1938-1957 2,500,000 1938-1942 1938-1957 1938-1947 r36,000 13,000 1938-1945 1,000 2X 3X 2X 2X 2X 1938-1947 150,000 1940-1957 25,000 1939-1955 35,000 1940-1962 32,000 1939-1953 11,210,000 1938-1987 10,000,000 1938-1947 248,000 4 1938-1947 100.13 2.22 100.10 2.67 1939-1946 4X 1938-1953 1938-1944 3 20 years 3 1940-1955 4X 1964-1966 1939-1957 - 4 - - 100.0002 3.26 100 6.00 100.30 100.30 3.07 3.07 10,000 2.70 - Northumberland, N. Y 100.20 1938-1942 2,500 23,000 8,500 5,000 3 3*25 135,000 - 100 101.22 1938-1957 Norborneland Drain. DIst., Minn.4 4149 Norcatur, Kan ...A 100.27 100 17,000 280,000 2X 3 North Arlington, N. J North Arlington, N. J North Carolina (State of) Norton Twp. S. D., Ohio 1938-1943 1938-1949 1943-1952 1940-1959 6 NorcrossS.D.31, Minn 3857 Northampton S. D., Pa 1942-1967 2.74 100.75 1947-1956 3.10 3.10 140 4 3X 100.06 7,000 r203,500 1938-1944 4002 —4 2.25 60,000 3.90 3849 Newton, 111.. 142 New York Mills, N. Y 3999 Niles Center, 111 Deptford Twp., N. J Donald, Ore Douglas County .Wis 4151 Dowagiac, Mich 3857 DuBoIstown, Pa 3853 Dumont, N. J 100 2X New Sharon S.D., Iowa New Holland S.D., Pa.. 144 4156 45,000 22,000 Nappanee, Ind Nassau Co., N. Y. (3 iss.) Navajo Co. S.D. 23, Ariz.__ New Castle, N. Y New Castle, N. Y New Bedford, Mass.. 3853 3.78 2,250,000 2X - New York (State of) New Brunswick, N. J. 2.77 100.069 1957-1961 1939-1943 1939-1952 -- Newton Twp. S.D., Pa 4005 New York, N. Y. (3 iss.) 101.76 100.25 2X 3857 60,000 2.65 40,000 39,000 21,000 - Nashua, N. H 1938-1957 1938-1947 1941-1968 . 3.97 12,000 490,000 Deer Isle-Sedgwick BridgeDIst,Me Minn Minn 100.28 dl,136,000 2.60 Decatur School City, Ind 2X 100.51 3.50 - 20,000 10,000 4004 IX 55,000 1943 1939-1947 100 3.12 6,000 1941-1958 2X Millhurn Twp. 8. D., N. J 4152 2.39 1940-1945 Marinette County, Wis 4152 5,000 100.55 3X Mich 8,000 2.97 146 2.58 1938-1945 100.253 100.23* 4.00 100.15 5,000 44,000 139 0.74 1939-1943 Marlow, Okla Minneapolis, 140 Minneapolis, 2~96 100.01 100 16,000 1938-1939 4 2.60 Ariz Mesa, -_4J*-4^ Miami, Fla. (2 issues) 4 MillersDurg Ind. S. D., Iowa 2X 15,000 3 1939-1954 X 100"35" 75,000 4 Mont 3690 99.37 863,000 - 32,800 3 3851 3852 100.32 136 1954 17,000 20,000 20,000 4149 3,700,000 10,000 250,000 24,000 — .,..3X London Ind. S. D., Texas 4148 1939-1947 1938-1962 5,000 Liberty County, Texas 1.98 1939-1963 70,000 4009 2.65 d 5,500 2.10 1944-1946 Toe 60,000 100.79 1938-1947 100.33 23,000 3*44 1939-1953 100.15 1938-1942 2.74 100.129 102.51 2X 2X 5,000 1944-1955 2.69 ..2X 4002 1,410,000 1938-1951 100.81 100,000 1939-1943 1938-1957 2X 500,000 1939-1960 2X 1939-1963 1941-1962 4.49 10l"88 " '2*14 2X 100.04 100 4 3.16 100.03 2.99 85,000 25,000 70,000 35,000 r35,000 170,000 100.47 100.35 Kansas City 8. D., Mo 4153 200,000 1938-1952 r9,000 25,000 116,054 100.34 2X 3998 1940-1946 3.80 67,436 — 4001 1938-1962 1945-1954 1938-1967 1940-1947 3.00 99.64 20,000 3.12 dl ,000,000 2.95 100 r33,500 Too 1948-1957 Delaware (State of) 1944-1948 1939-1948 100.63 467,500 1938-1947 100.50 Day, N. Y Denver, Pa 3X AX Ind 100*64 " 3*87 2X 100 IX 3X 4150 1939-1953 1941-1952 15,053 2,500 r205,000 35,000 3X 4151 100.63 4 3689 1952-1953 3 3X ssues) Mercer County, 111 4 1938-1947 Kenosht, Wis Kern County, Calif 4006 Lakewood, Ohio Commission, Iowa 1938-1951 3 Fla Jackson, Tenn. (2 136 3849 2X 3X 4 Iowa City, Iowa. Ira Ind. S. D., Iowa Mercer County, Danville, Va 4007 1*99 3.15 100.20 Mendon, Cuyahoga County, Ohio 137 100.03" 105.78 13,000 3689 Dannemora, N. Y. (3 Issues) Decatur, r29,500 62,000 3692 4010 50,000 1939-1941 2.83 4004 4.50 2.74 3 1940-1942 3.96 4154 100 100.11 4147 100.03 1941-1958 _» <*626,000 391.000 1940-1959 10,000 10,000 5 Concord Rural 8. D., Ohio. 100.68 1939-1958 2 103 Comanche County, Okla 12,500 1939-1956 2X 3X Idaho Falls, Idaho 101.14 3X 1939-1945 4X Indianapolis Park DIst., Ind--Inyo County, Calif 139 Ironwood, Mich. (2 Issues) 100 6,000 1940. 106 TO ~ 3X 137 137 25,943 250,000 1949 10,000 . 3690 100.32 3X 3X 4X 137 (2 issues) o 10,000 3X Concord, N. H 6 Hot Springs S. D. No. 6, Ark 65,000 3 Covington Twp. 8. D., Mich Crafton, Pa 3694 Craig 8. D., Mo 4004 3 Hilliards, Oh 10,000,000 137 3999 2.98 1941-1948 IX Colleton County, 8. C Davenport 2.20 100.18 18,000 1939-1953 2 144 3849 100.29 <*55,000 1939-1943 3858 4,800 Conecup County, Ala 3857 Conemaugh Twp. 8. D., Pa__ 3694 50,000 1947-1962 3 Cincinnati, Ohio Cincinnati. Ohio (6 Issues) Clrclevllle, Ohio Coon Valley, 1938-1947 4 4 136 146 2X 3 100 98,000 75,000 5,000 70,000 <*60,000 70,000 7144,000 14,000 91,000 7-450,000 2.72 1~96 1938-1947 1949-1958 1951 101*25" 1939-1943 Chlreno Ind. 8. D., Tex 2X 4153 Clarence Com. 8. D. No. 9, N.Y—3 4009 Clark Co. 8. D. 15, 8. Dak 3X 4150 Clinton, Mass IX 145 Hawley 8. D., Pa 102.15 102*71"" Hawesville Public 8. D., Ky_ 137 Helena 8. D., Ark 582,000 5 Ben Avon Heights, Pa 4149 3857 Haverhill. Mass 4149 8,000 5,000 4140 3857 4001 2.45 46,840 760,000 145 r200,000 1951-1963 124,000 1939-1948 1939-1958 4148 Jacksonville, 1941-1968 3 1945-1951 3 2X 60,000 Benton Harbor, Mich 3857 Bentleyvllle, Pa 3850 3 Hamilton, Ohio (2 issues) Hartford Co. Met. DIst., Conn 100.23 3848 1938-1967 3 3851 4003 Hammond, Ind 23,000 4154 4007 Junction City S. D., Ore..3850 Kansas City, Kan 5 4000 137 12 years 4148 Jefferson County, Ala 4007 Jefferson Co. H. 8. D. 1, Ore 3'A 4007 2 40 4.33 Belleville, 111 3852 3.46 Halfmoon, N. Y 100.74 Bellalre, Ohio---- Blandlnsvllle, 3.50 98 4004 27,000 Bell Ingham, Wash 3999 100 1942 4149 144 7,500 100,000 138 4010 3852 100 1938-1944 1940-1959 1938-1946 4149 Beaulah, Mich 3849 30/000 3X 2.49 10,000 7-3,000 30,000 30,500 <*50,000 2.50 100.013 3X 2.84 1943 4.00 100 1942-1961 <*rll,000 200.000 3-3X 2.06 1938-1947 100 1938-194.3 5,500 Haddam City, Kan 100.12 5 20,000 Huntington S. D. No. 4, N. Y 140 Hutchinson S. D. No. 2, Minn 65,000 Barrlngton, N. J Barrlngton S. D. 4, 111 Batesvllle, Ind Bayport Ind. S. D. 15, Minn Beacon, N.Y 3.50 55,000 1940-1957 Hagerman Fire DIst., N. Y Hale County, Ala 100.005 2X Avoca, Wheeler, &c.,S. D.I.N Y.3 3857 Baden, Pa 3X 100 1939-1949 142 2.89 4.00 3.97 4000 143 2.39 2.70 100 100.16 3854 100.522 Atlanta, Ga rSO.OOO 3X-3X 175,000 35,000 25,000 141 lbb"32* 2X 150,000 300,000 4X 25,000 ... 1939-1953 Ash Grove 8. D. 7, Mo.... 143 3091 35,000 36,000 100.53 1939-1952 1938-1949 4.00 4 2X Appleton Ind. 8. D. No. 1, Minn..3 3.25 3.71 3X 1939-1944 2X 2?*-3 1939-1948 . 100 100.39 3997 3998 100.18 100 10,000 11,075 80,000 15,000 Greenwood County, S. C Grenora. N. Dak GrlnneU, Iowa 3855 Guilford County, N. C 2.88 100.055 3.00 1939-1953 4149 3.49 75,000 3857 Alvln Ind. S. D., Tex 3640 Ames S. D., Iowa 4151 4009 2.73 100 1939-1958 4 4 3850 5,000 4149 3857 Alamo Heights, Tex 2X Grafton, N. Dak 3857 Graham Twp. S. D., Pa ibb~i7* 1938-1947 3698 promised was 3X 4006 143 The review of the month's sales 3,500 'Vf. 3849 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 publishing 1.90 100.18" 19,500 _ 4003 DECEMBER 2.76 3.75 12,000 Franklin School City, Ind 4009 We 20,000 Fredonia, N. Y. (2 Issues) No. 1, Texas 4 Gallatin Co. 8. D. No. 44, Mont--3# Georgetown H. 8. D., 8. C 3X 140 100.66 100 100.47 100,000 - 2X 106.43 3 ....2X ±X Oneida. N. Y 2 Otter Creek Twp. Sch. Twp., Ind 3 101.04 2.89 100.01 100 2.24 3.50 100.61 100.69 100.98 2.42 2.47 2.56 8,500 57,000 r66,000 3,300 20,000 35,000 r26,000 r17,000 100.15 2.66 160,000 25,000 100.01 ------ 100 100 4.00 100 3.00 4.00 100.78 100 100 101.17 4.00 2.17 45,000 100.77 100 100.45 1.92 21,000 101.19 2.82 1938-1941 1938-1957 1939-1958 1942-1948 2,630 275,000 325,000 7,000 1938-1947 1940-1951 2.87 4.25 i ' 1 J? Volume Financial 146 Pane Name Rate 4002 Owo880, Mich 3 . Amount Maturity 1938-1948 Price r32,000 Basis Page 2.89 3998 100.64 42,400 3** 3853 4** 3*4 1943-1945 110,000 108.44~ 1938-1957 350,000 100.21 3.47 2.90 1938-1949 32,000 100.28 2.86 2.90 1938-1953 H6.000 100.28 2.86 4 1939-1954 70,000 3854 Penn Yan, N. Y. (4 iss.) 3999 Philadelphia, 111 2 1938-1944 26,500 4007 3% 3*4 1939-1957 6,650,000 2-13 yrs. 6,000 2% 1939-1952 80,000 Pawtucket, R. I. (3 iss.) 3696 Pelham Manor. N. Y 3696 Pelham Manor, N. Y 4000 Pendleton Co., Ky _ 3856 Pierpont Twp. S. I)., Ohio 4149 Pike Twp. School Twp., Ind 140 144 100.16 1.95 100.42 3.70 100 2.50 100.41 2.69 Piqua, Ohio Polk Co., Tex 1967 50,000 100 4.00 2*4 1958 100,000 102.57 2.33 3852 Portsmouth, N. H 140 Potosi, Mo 1*4 1939-1943 25,000 100.33 1.39 142 4156 12,000 100 1939-1943 54,000 100.11 1.86 2 1939-1946 r40,000 100.26 1.94 100.38" 2.73 105.51 4.85 100.16 2.20 15,000 Pottsville S. D„ Tex 141 2% 3857 Ransom Twp. S. D., Pa 141 Raritan, N.J 1938-1947 50,000 37,000 2** Rahway, N. J__ 1938-1962 6 3857 Prospect Park S. D., Pa 4009 Provo, Utah 1939-1944 30,000 1940-1962 rl45,000 3855 Rome, N. Y. (3 iss.) 3999 1938-1947 77,000 100.02 1.79 1-20 yrs. 5,000 18,000 4151 Rose Hill Cons. S. D., Miss.-.-—4 145 District, St. Aloans School Vt 1938-1944 3 3690 St. Elmo, 111 30,000 1958 r80,000 101.03 2.93 2.60 1948-1957 700,000 100.55 2.55 3 2% 1939-1963 50,000 100~62" 2~94 1938-1957 50,000 100.26 2.72 St. Francis, Kan_; __..._..„-_.3*4 4003 St. Joseph Sch. Dist., Mo 3 36S3 St. Paul, Minn. 141 r5,500 10 years 3850 (2 issues) 23,500 Saddle River Twp., N. J 4153 Salina, N. Y 3850 Salisbury, Md... 3998 San Bernadlno Co. -...3 San Joaquin County, 3848 1939-1948 50,000 1938-1952 1938-1947 15,000 31,000 1938-1947 150,000 San Mateo County, Calif * Calif 3852 Sardls, Miss 75,000 Shamokin School District, Pa 4010 Sheldon, Vt 4002 3 ...2M 4 Siduey, Neb 2*4 Sioux City, Iowa_-„— 2** Sioux City, Iowa 2 Sioux City, Iowa...— 2*4 Sioux City, Iowa 4 Sidney, N. Y 4 Sidney, N. Y 2*4 Skagit Co. S. D. No. 306, Wash__3** Somers, N. Y 3 South Fort Mitchell, Ky 4 Spring Valley, 111 4)4 Stamping Ground, Ky 5 Sterling City Sch. Dist., Texas..A Stillwater, N. Y 2)4 Stillwater City S. D„ Mlnn.(2 iss.)3 Struthers, Ohio 3)4 Sunbury School District, Pa 2)4 Sunbury School District, Pa 2)4 Suffolk County, N. Y 2 Suffolk County, N. Y 2 Summit Co., Ohio 2 Syracuse, N. Y. (4 issues) 2.20 Tarry town, N. Y 2.40 Taylor School District, Pa 4*4 Tennessee (State of) (2 issues) 2 **-3 J* Tioga County, N. Y 3 Tonawanda F. D. No. 2, N. Y 4** Travis County, Texas 3)4 Tremont, 111. 4)4 Tulare County, Calif.... 4*4 Kan Shelby, Minn 138 Shelby County, Iowa 3999 Senoia, Ga. 3694 3691 3691 3691 3691 3855 142 3858 142 3850 3690 4149 3858 4005 4002 144 4008 4008 4005 4005 4006 3855 142 3857 4009 3696 3855 3858 4149 3848 144 214 3 *4 3 - Tulsa Co. S. D. No. 47, Okla. 138 Union School Township, Ind 3 3 1.60 100.03 1938-1949 20,000 3858 r80,000 100.62 2.93 4156 Oak Bay, B. C 1938-1957 10,000 100 3.00 4156 Port Colborne, Ont 30,000 100.01 4010 St. John, N. B 20,000 105.50 100.61" 2.24 3858 Toronto, 25,000 100.52 1.85 3858 1939-1952 88,000 100.02 2.49 146 1938-1940 32,591 100 1940-1948 14,000 50,000 100.22 "1939-1948 18,500 100.27 1938-1947 13,500 * 2.95 3,750 23,500 100.53 1938-1947 32,000 100.39" d247,000 100.10 100.32 98,000 101.38 77,000 101.06 2.13 7*456,000 100.14 1.98 1938-1947 1938-1952 1.98 375,000 100.14 1938-1944 102,000 100.32 1.90 1938-1957 1,912,000 100.28 2.17 1939-1948 80.000 100.22 2.36 1938-1947 50,000 100.73 4.39 1947-1948 3,599.000 100.06 2.93 1938-1942 100,000 104.40 1.50 1938-1951 28,000 100 4.25 1939-1953 75,000 100 3.50 100 4.50 1944 5,600 1938-1954 40,000 8,000 1938-1952 100.65 4.03 34,000 l"00.63~ 2.99 2.89 2.25 4.60 100 93.05 .... 2.89 2.92 4.40 100.11 103.41 100.79 RFC and PWA loans) Maturity 1-20 yrs. Amount $71,100 80,000 *25,000,000 *25,000,000 1938-1952 52,600 5 years 20,000 1938-1967 65,000 ----- 1949 10 years 5 years 25 years 1938-1952 1938-1942 1947 Price 99.01 Basis ...... .... .... 100.50 99.09 2.82 5,135,000 36,000 30,000 18,200 80,000 125,000 2,438,000 650,000 18,000 100.12 I'M) 100.52 101.87 100.14 4.00 1938-1942 3.28 .... POSSESSION total for month. BONDS ISSUED Rate Name Honolulu (City & Co.), Hawaii...4 3*4 Maturity 1938-1966 1976 DURING DECEMBER Amount $500,000 dr75,000 Price 110.80 106.33 Basis 3.10 3.21 1.59 2*20 100.14 PUBLIC WORKS ADMINISTRATION Report on Present Status of Construction Program—The fol¬ lowing press release (No. 3273) was made public by the above Federal agency on Jan. 6: A substantial construction program still remains ahead of PWA during Assistant Administrator Howard A. Gray today reported to Public Works Administrator Harold L. Ickes. Summing up the status of the non-Federal PWA program, Mr. Gray told Administrator Ickes that there still remains to be completed some $777,000,000 worth of construction for which PWA aid in loans or grants has already been allotted. This entails site employment for workers, purchase of light and heavy construction materials and equipment, and resulting indirect employment in factories, material yards, production of raw ma¬ terials and transportation. . According to the Bureau of Labor Statistics of the Department of Labor, this means that for every hour of employment created on the site of the $777,000,000 worth of construction, two and a half times as much work is in store for industrial workers supplying raw and finished materials and in transporting them. , . . „ ,, ^ While the bulk of the PWA program has been completed,** Mr. Gray reported "there is still a substantial amount of construction remaining. This work will provide considerable activity for the construction industry and will create large amounts of material orders and employment, both the coming year. , „ " 100.54 2.15 22,000 100.23 2.96 101.62 2.60 directly on construction sites and behind the lines supplying Some of the work is on projects which now are under construction but which have not been completed, and some is on the projects approved under the last authorization and which have not started construction as yet, including the power projects released week upholding PWA. r18,750 100.79 2.12 1939-1953 21,000 1939-1947 r62,000 100.10 2.39 1939-1957 70,000 100.10 2.39 4,000 1938-1945 15,000 looid" 2.42 1939-1957 57,000 100.80 2.66 1940-1964 70,000 101.19 3.14 1939-1963 25,000 1941-1960 100,000 West Fargo S. D. No. 6, N. Dak..4 1939-1943 5,000 6 1938-1947 101.88 3.07 fob"""" T.OO 25,000 fof.05" materials by the United States Supreme Court ruling this ■ * construction some 1,368 PWA non-Federal projects, exclusive of projects administered by the Bureau of Public Roads and certain large power projects which until this week were tied up by court injunctions. On these projects it is estimated that there is approximately $500,000,000 worth of construction work yet to be done. According to the report there are also some 567 PWA non-Federal projects which have not been started, owing to communities not being ready to proceed immediately upon approval. These are now being put under way and will involve construction costs of approximately $277,000,000. The Stal thTtwocategories of contracts yet to be let gives the $777,000,000 "It is estimated that 1938-1957 10,000 ..2)4 2*4 1938-1947 rl43,000 101.03 1939-1948 9,500 102.13 the Bureau of 4 1938-1943 there are now under traced to PWA 4156 Whatcom Co. 8. D. No.101, Wash.4 3850 Wichita, Kan. (2 Issues) 4000 Wilson County, Kan 2.05 100 L00 2*4 1938-1947 140,000 100.36 2.18 3-4 1948-1968 r490,000 100.05 3.23 3699 Wood Ind. 8. D. No. 1, 8. Dak..6 139 Worcester, Mass 1*4 1940-1956 13,000 1938-1947 58,000 lbi'ol" 1940-1957 40,000 101.82 2.33 1939-1943 5,000 105.12 3.06 1942 150,000 120,000 100.12 2.47 2)4 D..N.Y..3.10 2*4 1*4&2*4 1938-1961 3,300 1.54 100.273 flTnea C°Mr*3^Gray1"pointed out" that and during the earlier years and to mature In the later years. * Not including $113,973,305 temporary loans of funds obtained by States and municipalities from agencies of the Federal Government, r Refunding bonds. d Subject to call in number of the issue of our paper in which reasons for these eliminations may be found: all of the construction work authorized by completed by July, 1939, when appropriated money will no Before that time, however, the program will continue employment and create orders for industrial products, thereby its employment benefits to workers who might otherwise be with¬ be available. to^srive sprJading jobs. PWA Seeks to Break Writs Halting Five ciated Press dispatch as Projects—An Asso¬ from Washington on Jan. 7 reported follows: Thft Public Administration today asked the District Court to injunctions granted in five suits by private power com¬ Works dissolve temporary following items included in our totals for the previous months should be eliminated from the same. We give the The of the PWA program upon industry, that much industrial activity could be PWA must be longer municipalities, *$83,947,730 of the effect Labor Statistics held recent analysis construction orders. It is expected hat considerable busi¬ ness for heavy and light industry will continue to flow on a diminishing basis from the PWA program during the course of completion of the various out Total bond sales from December (349 2.17 2.24 .... r100,000 West Hazleton Sch. Dist., Pa page 100.29 100.06 100.62 6.00 4155 covering 403 separate issues) 4.23 fob""" 4006 Ypsilanti, Mich 3.75 2.37 2.37 1940-1954 139,000 Youngs town, Ohio STATES 3.15 1940-1958 1938-1949 4151 100 100.60 100.63 98.50 3.72 7,285 2*4 3)4 2.40 2.40 3856 3.22 2.42 1941-1963 r150,000 Yorktown Heights Fire 100.26 91.25 sold In Dec.... $8,818,900 3857 Puerto Rico (Government of) 1939-1942 1940-1969 142 Temporary loan; not Included in Page 2J4 3857 Yeadon, Pa Whitby, Ont UNITED 3690 4 4)4 Wilton, N.Y 5.00 2.85 ... 2~46 100.21 31,000 30 years 2*4 ..3*4 3 Ont Toronto, Ont Total long-term Canadian debentures 100.10 60,000 4000 Winfield, Kan. (2 Issues) 4006 Winston Salem, N. C 18,000 36,000 92,400 38,500 120,000 12,000 3.47 100 100.76 4.00 6,000 1947-1952 4006 4 300,000 12,000 3850 West Monroe, La Summerland, B. C Three Rivers, Que... 1939-1941 40 years 4154 West Alexandria, Ohio 3858 2*4 4*4 1939-1953 1939-1948 3856 Wellston City 8. D., Ohio Liverpool, N. S 3858 3" 58 40,000 35,000 13,000 2** 2)4 3*4 3*4 3*4 Guelph, Ont 1938-1952 1939-1949 Waterford, N.Y 4 3 3-4 3*4 --—4 3*4 Nova Scotia (Province of) 3 4 142 Grenville, Que 146 2** 3858 Waupaca, Wis Canada (Dominion of) 4010 4149 Watervliet, N. Y Rale ...4 146 1.96 1939-1955 Watervliet, N. Y. (2 issues) 3693 Watonwan Co. S. D. No.12, Minn.3 1940-1967 1939-1946 1938-1950 1938-1957 13,000 102.58 CANADIAN MUNICIPALITIES IN DECEMBER 3.44 6 4006 3*4 4*4 Name 100.58 3** 4006 DEBENTURES SOLD BY 101.50 View School District, Tex.4 Waterloo, Neb .... 1939-1966 6.00 5.00 (not including temporary or 25.000 4007 Valliant, Okla.... 141 73, 2** 15,000 15,000 28,000 12,000 24,000 120,000 42,500 15,000 4,000 100.83 100 100 (except as indicated) are for Novem¬ These additional November issues will make the total 120,000 100.56 3857 Warwick, R. I. (2 issues) 1940-1954 1938-1955 1938-1949 1939-1953 1939-1945 1939-1942 1938-1949 1938-1962 1938-1947 1939-1944 1939-1945 3.06 2.92 1.50 sales 1938-1961 55,000 10,500 Dist., Iowa Walsenburg, Colo 4007 Walters School District, Okla 1939-1948 1939-1958 Basis 100.65 101.42 All of the above sales 1939-1947 1938-1966 Price. 100.05 10,000 14,000 35,000 18,500 18,000 2,400 12,000 7*24,000 86,000 4,000 34,000 40,000 d60,000 12,500 15,000. d30,000 17,000 ber. 146 1938-1962 3848 D. 3695 West Orange, N. J. (3 issues) 3699 Williams Twp., Pa 146 101.14 Ind. Sch. S. 6.00 100 100.02 3850 Vinton Cos. Brantford, Ont .......—3*4 4010 Canada (Dominion of).... — 101.14 Calif Summit-Graymont, Ga. (Oct.)...4 1.78 50,000 Vanderburgh County, Ind Scott & Le Sueur 100.09 45,800 4009 Vera School District, Texas 3693 4156 Amherst, N. S 113,722 3848 Ventura County, Sargeant, Iowa Page 1938-1962 3858 Valley St. Clair, Mich 4000 2.38 1938-1947 3850 Vail, Iowa 4 5** 2% 2** 2** 3** St. Bernard, Ohio (July)... St. Clair, Mich...... 3.85 1940-1962 Union Twp. School Twp., Ind Roachdale, Ind. (July)... Rolling Fork Con. S.D., Miss 101 3696 Utlca, N. Y. (3 issues) 4155 Upper Moreland Twp. 8. D., Pa..2)4 3857 Upper Providence Twp. 8. D.t Pa.2)4 4149 4149 3% ...2** Norway Con S. D., Iowa Powell Twp. S. D., Mich 100.14 50,000 1941-1956 . Norman Co. S. D. 81, Minn 3691 144 Amount r$280,000 V for the month $47,496,174. 11,500 . - 3693 2.99 20,000 Shawnee County, 4008 Morris Twp., Pa 2.99 1938-1947 137 Serena School District, 111 4149 3698 3 4 3688 Maricopa Co. S. D. 44, Ariz.....4** 3698 Mars S.D., Pa 3** 3694 Monticello, Miss 5 100.07 3,000 2"40 142 Schenectady County, N. Y 1.80 3852 Scott County, Miss. (2 issues).-.6 4149 Sedgwick County, Kan 2J* 3848 Selma, Calif ...3 4005 Saratoga, N. Y Los Angeles County, Cslif Mandan, N. Dak. (Oct.) 100.04 50,000 1939-1958 4 Sanger, Calif. 3998 1938-1952 3 5 Calif 3848 3689 3697 Utica, Ohio 3858 Virginia Beach, Va. (Oct.)... 4** 3698 Washington Co. S. D. 48, Ore..2H-3 17,500 .. Ionia County, Mich Lamro Ind. S. D. No. 20, S. Dak.5 Minn 7,000 3 Roscoe, 111 Hammond Park Dist., Ind 3693 3690 3.89 3694 Roosevelt Co. S. D. 17, Mont Gordon, Neb 3852 101.10 75,000 90,000 Rocky River, Ohio Evangeline Parish S.D. 1, La 4155 Maturity 1940-1959 1939-1943 Deer Lodge, Mont 3850 3 3 3852 41,600 10 years 1939-1964 30,000 sales for 1938-1962 1939-1950 1939-1941 3** 3** 3*4 Dawson Con. S. D., Iowa 3693 3.40 1938^1967 3 4 1.80 3694 Rockport. Mo 4010 Rock Springs, Wyo 144 3.96 100"23* 3*4 Rockland, N.Y 4153 100.39" 6,000 Basis $30,000 6 5 Cambridge, Ohio (July) Conneaut Lake S. D., Pa 3690 3852 23,000 1938-1956 3*4 ...4 Reform Cons. S. D., Miss 4151 Price Amount 1938-1947 1940-1958 1940 1938-1943 1939-1943 3698 3697 5 1.90 Potsdam, N. Y Butler County, Kan .3 2** 3690 5,000 4 4008 Potter Co., Pa 4149 3-3** 3694 50,000 1939-1943 Albuquerque, N. M Beebetown Con. S. D., Iowa 3694 4150 Portland Water Dist., Me 4156 Rate Name Page 3695 143 15,000 Pine Co.. Minn Maturity — previous months: 3690 45,000 Philadelphia S. D., Pa 145 Pierce Co. S. D. No. 4. Wash Calif. (Oct.). We have also learned of the following additional 10,000 Paterson, N. J. (2 iss.) Rate Name San Luis Obispo Co., 100.11 4006 Palmyra S. D., N. J 3999 Palos Park, 111 4008 463 Chronicle of public power projects. recent decisions in the Duke panies to halt Government financing The motions cited the Supreme Court's Power Co. of the ments. and Alabama Power Co. cases upholding the Government's program for constitutionality financing municipal electrical develop¬ Financial 464 The cases in which the Court is now asked to dissolve injunctions are suits by the Iowa-Nebraska Light & Power Co., involving the huge Suther¬ land, Columbus and Keystone Reservoir projects in Nebraska; the Kansas Power Co., in reference to Hoisington, Kan.: the Arkansas Utilities Co., involving Paragould, Ark.; the Birmingham Electric Co., involving Tar¬ rant City, Ala., and the Memphis Light & Power Co., involving Memphis, Chroniclt losses beyond the gains of the past two years; that others declined to a level close to the December 1935, prices, and that a substantial percentage still remain near the all time highs established in December, 1936. Meas¬ an average of 20 representative long-term bonds, compiled from issues included in the main price, 1933 Connecticut—Financial Statistics Compiled on Munici¬ palities—F. W. Borne & Co., 36 Pearl St., Hartford, has prepared a booklet setting out financial statistics for towns and cities of the State. Among the statistics shown for the various municipalities are figures on total bonded debt, debt ratio, total property value, tax rates for 1936 and 1937, current levy and percentage of collections for last year, popu lation, &e. This booklet should prove a handy reference guide to dealers and investors in Connecticut municipal obligations. of Legal Investments—The following addi¬ savings was made public by the State Bank tions to the list of investments considered legal for banks in Connecticut Commissioner in a bulletin dated Jan. 6: 7s 6s Syracuse Gas Co.—First 5s Syracuse Lighting Co.—First 5s Rochester Gas & Electric Co.—General mortgage—series G__3%s General mortgage—series H 3%s 1946 1947 1946 1951 1966 1967 Massachusetts—Changes in List of Legal Investments— amendments to the list of investments con¬ sidered legal for savings banks in this State were contained in a bulletin (No. 3), issued by the State Bank Commissioner The following on Jan.11: Added to List of July 1, 1937 Gas, Electric and Water Company Bonds—Massachusetts companies—As of Oct. 28, 1937: Turners Falls Power & Electric Co., first mortgage 3% %, 1966. 1937: Rochester Gas & Electric Corp., gen. mtge. series H, 3%s, due 1967. As of Jan. 8, 1938: St. Joseph Ry., Lt., Heat & Power Co., first mtge. 4%s, 1947. Railroad Equipment Trusts—As of Dec. 20, 1937: Atchison Topeka & Santa Fe Ry., equip, trust series B, 2%>, due serially to Dec. 15, 1947. Public 2.94% in 1937 from 2.65% in 1936; whereas the average in 5.18%, in 1934 3.84% and in 1935 3.15%. rose to was Michigan—Quotations on Municipal Issues—Crouse & Co., 1800 Penobscot Bldg., Detroit, is distributing its semi¬ annual quotation sheet on Michigan municipal bonds, the comprehensive tabulation covering the approximate or nom¬ inal bid side on the market of issues of municipal units in the State. Copies application to the investment house. than 1,100 be had upon more may New York, 152,051—The N. Y*.—Council Passes New Budget of $589,City Council, concluding the strenuous debate which had been in progress for several days, approved the 1938 budget of $589,152,051.15 on Jan. 11 by a vote of 20 to 3, with three members not voting. It is said that the Democratic h>loc finally agreed to support the budget in a stipulated that if this budget be outlawed by the courts, the old budget of $589,980,576.64, adopted last year through action of the Democratic majority of the Board of Estimate, would be considered the budget for 1938. The new budget, submitted by the Mayor on Jan. 3 as a substitute for the old budget which he contended was illegal, drops 65 county officials from the pay roll, and makes other changes in salaries. Another factor in obtaining support for the passage of the budget was the fear that payless pay days for city employees would ensue if the Council did not act promptly. The pay rolls for 146,000 city em¬ ployees due on Jan. 15 will be ready on time, according to Comptroller Joseph D. McGoldrick. resolution which Additions Northern New York Utilities—First and refunding First and refunding body of the study, prices show a decline of 5% points during 1937, from 124% to 119%, after having risen steadily from the December, 1933, average of 92%. Yields, moving inversely to News Items Additions to List 1938 15, the readjust¬ that approxi¬ mately 10% of the State and city bonds listed in this compilation registered ured in terms of Tenn. Jan. The study affords an opportunity to measure the effect of ment in market value which took place during 1937. It shows Utilities—As of Oct. 4, Removed from the List Railroad Bonds—Southern Pacific RR. Co., first cons. 5s, 1937. Matured Nov. 1, 1937. Railroad Equipment Trusts—New York Central RR. Co., equipment trust 4%s, 1937. Matured Sept. 1, 1937. Louisville & Nashville RR. Co. equipment trust, 4%s, 1937. Matured Dec. 1, 1937. Illinois Central RR. Co., equipment trust 4%s, 1937. Matured Oct. 1, 1937. Street Railway Bonds—Boston Elevated Ry. Co., plain 4%s, 1937. 1, 1937. Public Utilities—Kings County Electric Light & Power Co., first mtge. 5s, 1937. Matured Oct. 1, 1937. Matured Oct. Municipal Highlights of 1937 Reviewed—The Munici¬ pal Finance Officers' Association of the United States and Canada, in the following calendar, reviews the outstanding developments during the past year in the field of municipal activities: January—Municipal bond prices reach all-time high. School for Florida municipal finance officers. Award for best public reports to Berkeley, Oal., and Cincinnati. Disastrous flood hits Ohio Valley. Nebraska law Parking meters providing State fund to replace surety bonds invalid. are held illegal in Alabama, legal in Florida. February—M. F. O. A. executive committee criticizes tax limitations. Municipal bond prices start decline. Salary restorations become general over country. Municipalities feel labor union pressure. March—Municipal exemption from Federal excise taxes cited. Two hun¬ dred attend Central States meeting of municipal finance officers. Oregon and Virginia finance officers organize. Supreme Court holds water salaries exempt from Federal income tax. April—M. F. O. A. organizes county accounting committee. Massa¬ chusetts rejects tax limitation law. President Roosevelt asks for $1,500,000,000 for relief. Several cities undertake sale of delinquent tax lands. Many more municipalities announce restoration of salaries to 1929 levels. May—Most municipalities pay employees and accounts by checks—only few by cash. Schenectady, N. Y., establishes unified finance department. Seventy-five attend Wisconsin finance officers' school. Constitutionality of Social Security Act is upheld. June—Only 80 of 309 U. S. cities over 30,000 still collect taxes in one instalment. U. S. Census Bureau appoints special advisory committee for financial statistics of cities. Greatly increased interest in pensions for all public employees. July—Cincinnati makes large saving by calling bonds prior to maturity. National Committee on Municipal Accounting receives award for best ac¬ counting literature during two-year period. Accurate plan of forecasting revenues announced by Los Angeles and Galveston. August—Interest ceases on municipal demand deposits. New Federal Municipal Bankruptcy Act passed. Tax-exempt status of municipal bonds and salaries in U. 8. assailed by Federal officials. Problem of relief be¬ comes more acute for Ohio cities. September—Standard practice in municipal accounting and financial procedures adopted at MT. F. O. A. annual meeting in Boston, climaxing several years' work. Many large cities and counties build own fire appa¬ ratus at large saving. October—El Paso, Texas, saves by calling bonds. Report of Urbanism Committee of National Resources Committee, "Our Cities," appears. M. F. O. A. President Meyers announces committees on local government revenues and activities and on special assessments. November—Robert Copeland, City Auditor, Revere, Mass., resigns after 42 years' service. Kalamazoo, Mich., becomes first large debt-free city. Investment Bankers Association wants better ratings on municipal bonds. December—Street light savings possible by new-type contract. Year closes with increasing interest and labor costs, lower commodity prices. Tax collections losing four-year upward trend. Local government revenue situation unsatisfactory. Municipal Bonds—Annual Edition of Price and Yield Comparison Prepared—With the fourth edition of its price and yield comparison of State and municipal bonds, the Chemical Bank & Trust Co. adds another chapter to its yearly chronology of current municipal bond history. The comparison now covers five year-end periods and like its predecessor editions includes the bonds of eyery State having debt outstanding and of at least one city in each State. Court Court of Upholds City's Rulings in Sales Tax Suits—The Appeals, in a five-to-two decision, on Jan. 11 upheld the right of New York City to prescribe reauirements for the bringing of court proceedings to contest the collection of the city sales tax, according to Albany advices. At the same time the Court, in another five-to-two de¬ cision, held that the city sales tax does not apply to grants by artists and illustrators of the right to publish their paintings or drawings, it is said. New York State—Governor's 1938-39 Budget Shows Reduc¬ of $15,000,000—All Special Taxes Retained—Governor Lehman submitted to the Legislature on Jan. 10 a budget of $385,824,459.17, a decrease of about $15,000,000 as compared with the budget for the 1937-38 year of $400,969,842.41, for the operation of the State government in the fiscal year be¬ ginning July 1, 1938, and ending June 30, 1939. While proposed expenditures disclosed a sharp decrease, Governor Lehman said he was unable to recommend repeal of any tax because of the present business recession. He told the Legislature that approval of all permanent and emergency taxes would wipe out the remainder of the $100,000,000 deficit he inherited when President Roosevelt left tion the office of Governor and would surplus. The produce a small working V.;.-'. Governor's / proposed tax — for the coming Alcoholic beverage tax $2,000,000 36,500,000 61,360.000 13,500,000 program fiscal year embraces the following: Armory tax $1,233,775 Court and stenographers' tax 1,143,524 Corporation tax 31,200,000 Motor fuel tax Utilities tax (gross receipts)17,000,000 Franchise tax 30,000,000 Alcoholic beverage licenses._ Bank tax__ 100,000 Organizations of corporations Mortgage tax Motor vehicle tax Milk 8,000,000 tax 750,000 Personal income tax........ 91,000,000 Unincorporated business tax. 5,000,000 Boxing exhibition tax.. 150,000 Motion picture tax 300,000 Racing tax 526,000 Insurance tax Arrears, tax sales, &c Other receipts 2,400,000 Inheritance and estate tax... Stock transfer tax 38,500,000 32,000,000 Sales tax Grand total receipts 10,000 14,000,000 $386,662,299 Governor Lehman cautioned that the successful attainment of the budget plan rests upon the degree of accuracy with which he estimates the future of business. "If my estimate regarding the business recovery be bad," he stated, "my estimates of both revenues and expendi¬ 1939 will inevitably prove to be bad also. We are experiencing a business recession which may conceivably develop into a major economic depression, but which probably will not do so. The general surrounding circumstances and conditions indicate that the begin¬ nings of a revival of business activity may be anticipated within a few course proves to tures for the fiscal year months." As for the current fiscal year, which ends next June, the Governor antici- Eates no financial the current budget, he provision for unemployment relief been made in difficulty. Generous points out, while monthly tax col¬ as lections during the first nine months of 1937 were "reassuringly substantial On the assumption that the current dulness in business will soon disappear, the Governor is presenting a revised estimate of tax yield which is only $3,500,000 below the original revenue estimate submitted a year ago, and as modified by the action of the 1937 Legislature. Governor Lehman, it recalled, submitted a budget of $365,555,789 a year ago, which subsequently was raised to $400,949,064. will be Bond Proposals and Negotiations ARIZONA FLAGSTAFF, Ariz.—BOND ISSUANCE DISCUSSED—We are in¬ formed by C. H. Sullivan, City Clerk, that the issuance of $182,000 paving bonds has been proposed but nothing definite on the project is expected to materialize before March. SALT The city bonds are those of leading municiplaities throughout the country and those in which institutional interest appears most frequently. The number of issues chosen for inclusion within each State, likewise, has been based on relative municipal importance, and investor interest. While —was RIVER PROJECT AGRICULTURAL IMPROVEMENT AND POWER the comparison is primarily a historical price record, tracing prices and yields of all major municipal credits back over a period of years, it is also a ready means of comparing current yields of individual issues with others in the same quality group, and with those in other groups. DISTRICT (P. O. Phoenix), Ariz.—BOND SALE—The $3,197,000 issue of corporate bonds offered for sale on Jan. 11—V. 146, p. 304 purchased by a syndicate composed of Blyth & Co. of Los Angeles, Stranahan, Harris & Co., Inc., of Toledo; John Nuveen & Co. and A. C. Allyn & Co., both of Chicago; Stifel, Nicolaus & Co. of St. Louis; Griffith, Wagenseller & Durst of Los Angeles; B. J. Van Ingen & Co. of New York; Banks, Huntley & Co. of Los Angeles; Boettcher & Co. of Denver; Eldredge & Co. of New York; Redfield & Co., B. B. Robinson & Co., Crowell, Financial Feb. 1 at which & Co., mitted to 465 Chronicle Weedon & Co., the William R. Staats Co., all of Los Angeles; Schwabacher & Co. of San Francisco; Whiting, Weeks & Knowles and Kennedy, Spence Volume 146 both of Boston, as 434s, paying a price of 97.07, a basis of about 4.60%. Dated Oct. 1, 1937. Due from Jan. 1, 1948 to 1964; redeemable on and after Jan. 1, 1948. The above syndicate submitted an alternative bid of 100.02 for 4^s. No other tender was received, according to the Secretary of the Board of Directors. / , , \ v-, . BOND DISPOSAL REPORT—It was announced ' by the above syndicate that the bonds were reoffered for public investment at prices to yield from 4.00 to 4.25%, according to maturity, and were speedily sold. WILLIAMS, Ariz.—PWA LOAN INCREASED—An increase of $8,000 a sewer and disposal plant was announced recently by the Public Works Administration. The increase for the plant will supplement a PWA allotment of $76,364. The additional funds will be used to bring the disposal plant to completion. Increased prices caused the cost of this part of the system to exceed original in the amount of the loan for estimates/..-/.. /•:'•/:. /•/.■"'/'■'; ■ ' ;///■ ,/■ DAVIS, Calif.—BOND ELECTION—An election has been called for a proposal to issue $20,000 city building bonds will be sub¬ struction bonds. ARKANSAS, State of—REVENUES FOR 1937 SHOW INCREASE— Department of Revenue reports 1937 collections from 30 special taxes at $23,812,565, a new record and an increase of $3,876,769 over 1936 total. Slightly lower collections in final months of the year, department officers said, caused revenue to fall below the budget estimate of $24,000,000. Gross revenue of $13,774,564 for credit to the highway fund included gasoline tax at $10,105,865, motor vehicle license at $3,059,648 and bridge tolls at $609,051. In 1936, these taxes produced $12,450,027. Other special taxes listed in the report included sales tax at $4,935,214 compared to $3,554,081 in 1936, liquor tax at $1,307,443 compared to $971,138, income tax at $695,129 compared to $405,596 and severance tax at $411,699 compared to $362,362. ARKANSAS STATE BOARD OF EDUCATION (P. O. Little Rock), Ark.—BOND SALE HELD ILLEGAL—'The sale of $240,000 bonds by the State Board of Education on Nov. 3 to H. C. Speer & Sons Co. was declared illegal by the Arkansas Supreme Court Dec. 20. The Board had authorized the sale of the bonds under authority of Act 162 to obtain money for the revolting loan fund, which is used to make loans to school districts to erect and equip buildings and to retire indebtedness at a discount before maturity. Revolving loan bonds were'pledged as security to the amount of $379, 089.75. The Supreme Court upheld an opinion of Attorney General Jack Holt, holding that Act 162 is in violation of Amendment 20 of the State Con¬ stitution. The tribunal ruled that the Legislature was without authority to pledge the revolving loan fund bonds as security since the fund was revenue of the State and was contrary to Amendment 20. The Amend¬ ment prohibits issuance of bonds pledging the faith and credit of the State or any of its revenue without the consent of a majority of qualified electors in a general election. /V/.;/•,;/ -v HELENA SCHOOL DISTRICT (P. O. Helena), Ark .—MATURITY— In connection with the sale of the $10,000 6% semi-ann. building improve¬ bonds to M. W. Elkins & Co. of Little Rock, at a price of 106.10, ment recently—V. 146, p. 137—it is stated by the Chair¬ man of the Board of Education that the bonds mature as follows: $1,000, 1943 and 1944, and $2,000, 1945 to 1948. noted in these columns ROCK, Ark.—BOND SALE—The $40,000 bonds offered on Jan. 10—V. 145, p. 4147—were awarded to Walton, Sullivan & Co. of Little Rock, as follows; $25,000 library bonds at a price of 99, and $15,000 park improvement bonds at 99.53. LITTLE CALIFORNIA CALIFORNIA, State of—BOND SALE—The $200,000 issue of 4% coupon semi-ann. harbor improvement bonds offered for sale on Jan. 6 —V. 145, p. 3847—was awarded to the Bankamerica Co. of San Francisco, associates, paying a premium of $31,525, equal to 115.7625, a basis Due on July 2, 1989, callable 1915. Due $3,000 from MONTEREY COUNTY for the issue. Schwabacher & Co. and Kaiser & Co., both of San Fran¬ cisco, submitted the second high bid, offering a premium of $1,528.39, at same rate of interest. State of—BONDS PURCHASED—Harry Riley, 5% 1959 3.20 $10,000 Los Angeles Water Weeden & Co., San Francisco: 5 1970 3.25 $10,000 Los Angeles Harbor 25,000 Los Angeles City School District William R. Staats Co., Los Angeles: $5,000 Long Beach Harbor ..... 5,000 Long Beach Gas Anglo California National Bank, San Francisco: $45,000 Los Angeles Water 40,000 Los Angeles Water Dean Witter & Co., San Francisco: $30,000 Long Beach Harbor 10,000 Los Angeles Harbor 10,000 Los Angeles School District Bankamerica Co., San Francisco: $5,000 Los Angeles Sewer registered 75,000 Los Angeles City School District American Trust Co., San Francisco: $30,000 Los Angeles School District._< 16,000 East Bay Municipal Utility District.. Conrad, Bruce & Co., San Francisco: $5,000 Los Angeles School District 4% 5 1961 1959 3.25 3.20 434 434 1962 1966 3.25 3.25 1969 1970 3.20 3.25 ; William Cavalier & Co., San Francisco: CALIFORNIA 5 5 5 5 5 , 1960 1955 1959 3.25 3.20 3.20 VENTURA COUNTY (P. O. Ventura), Calif.—NORDHOFF SCHOOL OFFERING—As previously reported in these columns—V. 146, BOND 305—L. E. Hallowell, County Clerk, will receive bids until 10 a. m., not less than par of $35,000 3% school building Grammar School District. Denom. $1,000. and Aug. 1) payable 1 from 1939 to 1949, and $2,000 Feb. 1, 1950. Cert, check for 2% of amount of bonds bid for; payable to the County Clerk, required. Dated Feb. 1, 1938. Prin. and semi-ann. int. (Feb. 1 at the County Treasury. Due $3,000 yearly on Feb. COLORADO COLORADO, State of—IOWA BANKERS 434 5 1952 1958 3.20 3.20 5 5 1959 1973 3.20 3.15 5 1959 3.20 (State of)—WARRANT SALE—An issue of $3,217,was awarded on Jan. 12 to Weeden & Co. and Heller, Bruce & Co., both of San Francisco, at 0.75^ interest. The bankers are reoffering the warrants to investors at a price of 100.093, to yield about 0.50% to estimated call date of June 1, 1938. The warrants are issued to replenish the revolving fund from which general fund State expenses are Eaid. TheyDahlquist, Neff & Herrington.and will be approved as to legality will be dated Jan. 14, 1938, y Orrick, / Other members of the successful group were dispatch from Denver reported as follows on Jan. 4: "Iowa bankers will provide money to enable Colorado to cash general fund warrants, State Treasurer Homer F. Bedford announced Monday. "Mr. Bedford said the Central National Bank & Trust Co. and the Carleton D. Beh Co., investment banking firm, both of Des Moines, will receive up to $1,250,000 in draw 4% interest. COUNTY (P. O. Placerville), Calif.—PLACERVILLE SCHOOL BONDS OFFERED—Arthur J. Koletzke, County Clerk, will receive bids until 2 p. m. Feb. 8 for the purchase of $10,000 5% bonds of Placerville Grammar School District. Denom. $1,000. Certified check for 5% required. LA MESA, DISTRICT registered warrants against the fund. The warrants "In return the office through concerns the will make the money available to the Treasurer's Denver and Chicago Federal banks. Reserve sufficient revenue had prevented cashing the warrants, Mr. Bedford In¬ said.'f DENVER, Colo.—BOND FUNDING PLAN DISCUSSED—'The Denver "Rocky Mountain News" of Jan. 7 carried the following report: Councilman C. Paul Harrington will again ask City Council to consider the $4,000,000 special improvement bond refunding plan offered last week by John H. Goode, Denver investment broker, it was learned yesterday. Mr. Harrington plans to bring up the issue Monday night, but a canvass of members yesterday indicated at least five votes against the proposition. Councilman Harry W. Risley said he is opposed to the plan because the taxpayers are not assured any gain. "All the Council knows definitely is that Mr. Goode will make between $50,000 and $100,000 in commissions," he said. "Suppose he sells a portion of the bonds and cannot get rid of the rest? Will the city have to hold the bag and be forced to invest liquid funds in these bonds?" Mr. Harrington, one of the leading proponents of refunding these bonds, said he is for the plan for economy. "I voted for the mill levy believing that the 1.409 mills assessed for the special bond redemption fund was legal," he said. "An attack is planned against this levy by the Denver Real Estate Exchange. If we refund the bonds, this portion of the levy can be declared illegal by the courts and it would not impair the city's credit." A. A. Blakely, Council President, said he is against the refunding plan. "Let the bond redemption levy be attacked in courts," he said. "If it is illegal then we can consider refunding of the bonds." WELD COUNTY SCHOOL DISTRICT NO. 107 (P. O. Briggsdale), auditorium construction by Oswald F. Benwell of Denver, according to Colo.—BONDS SOLD—A $6,000 issue of 434% bonds has been purchased the District Secretary. CONNECTICUT NEW BRITAIN, Conn.-NOTE OFFERING—W. H. Judd, President, Finance and Taxation, will receive bids at the New Britain National Bank, New Britain, until 11:30 a. m. Jan. 20 for the purchase at Board of of the following coupon notes: $45,000 134% revenue anticipation serial notes, series of 1937, first issue. Payable $15,000 yearly on June 30 from 1938 to 1940. 100,000 134 % revenue anticipation serial notes, series of 1937, second issue. Payable $20,000 yearly on June 30 from 1938 to 1942. Both issues will be dated Dec. 30, 1937, in denomination of $5,000 each. Principal and semi-annual interest (June 30 and Dec. 30) payable at the First National Bank of Boston, or at the New Britain National Bank of New Britain, at holder's option. Notes will be engraved under the supervision of and authenticated as to genuineness by the First National Bank of Boston; their legality will be approved by Storey, Thorndike, Palmer & Dodge, whose opinion will be furnished the purchaser. The original opinion and complete transcript of proceedings covering all details required in the proper issuance of these notes will be filed with the First National Bank of Boston where they may be inspected. Debt Statement Jan. 10, 1938 (last completed grand list) $122,884,072.00 (5%) 6,144,203.00 (3.6%)__.. — 4,448,934.64 Total bonded debt outstanding (including these issues) 6,108,000.00 Water bonds, included in total debt 930,000.00 Subway bonds, included in total debt (self-supporting and amortizing) z — 376,000.00 Sinking fund, not including water or subway sinking funds. 353,065.36 Short term debt, serial notes due within five years (included in total bonded debt) 345,000.00 Tax levy 1937—$2,755,080; uncollected Jan. 3. 1938, $188,531. Tax levy 1936—$2,742,149; uncollected Jan. 3, 1938, $100,465. Tax levy 1935—$2,644,595; uncollected Jan. 3, 1938, $ 97,200. Population, 68,128. Note—The above described notes are issued pursuant to No. 405 of the Assessed valuation Net bonded debt limit bonded LEMON GROVE AND SPRING VALLEY IRRIGATION O. La Mesa), Calif.—BONDS SOLD TO PWA—It is Denom. $1,000. Due on Jan. 1 as follows: $3,000, 1942 and 1943; $4,000, 1944 to 1949; $5,000, 1950 to 1955; $6,000, 1956 to 1959; $7,000, 1960 to 1693; $8,000, 1964 to 1966, and $9,000 in 1967. Finance Corporation. debt T Special Acts of 1907 and No. 44 of the Special Acts of 1933, and all taxable property in the city is subject to the levy of unlimited ad valorem taxes to pay the same. STAFFORD (P. O. Stafford Springs), Conn.—BOND OFFERING— bids until noon Jan. 17 high school bonds. Bidders are to name rate of Dated Feb. 1, 1938. Principal and interest payable at the Hartford-Connecticut Trust Co., Hartford. Due $5,000 yearly on Feb. 1 from 1939 to 1958. Cert, check for $1,000, payable to the Town, required. The bonds will be certified by the Hartford-Connecti¬ cut Trust Co., subject to the legal opinion of Day, Berry & Howard of Harold L. Andrews, Town Treasurer, will receive for the purchase of $100,000 interest. Denom. $1,000. Hartford. (P. stated by Ruth C. Drew, District Secretary, that $145,000 4% semi-ann. irrigation system bonds have been purchased at par by the Reconstruction about Jan. 28 at the First 17 Court Street Office, Boston. Notes will be delivered to the purchaser on or National Bank of Boston, Blyth & Co., the Anglo- California National Bank, and Heller, Bruce & Co., all of San Francisco. DORADO TO CASH WARRANTS— An Associated Press Net 660.98 registered warrants EL Calif.—PALO COLORADO not less than par B. State Comptroller, reports that the following bonds were purchased by the Teachers' Retirement Investment Board: Rate Maturity Basis Donellan & Co., San Francisco: $25,000 Los Angeles School District O. Salinas), Jan. 24 for the purchase at not less than par of $10,000 school building bonds of Palo Colorado School District. Bidders are to specify rate of interest, not to exceed 5%. Denom. $1,000. Dated Feb. 1, 1938. Prin. and semi-ann. int. payable at the County Treasury. Due $1,000 yearly on Feb. 1 from 1939 to 1948. Cert, check for 10% of amount of bonds bid for, payable to the Clerk, required. a. m., on par CALIFORNIA, (P. SCHOOL BONDS OFFERED—C. F. Joy, County Clerk, will receive bids until 10 Weeden & Co. and Heller, Bruce & Co. paid a premium of $1,937 over the issuance of $30,000 in school recon¬ 1939 to 1948 incl. Jan. 17 for the purchase at bonds of Nordhoff Union ARKANSAS of about 2.88%. Dated July 2, and after 1954, by lot. vote. about Feb. 7 in order to vote on the p. and a MARIN COUNTY (P. O. San Rafael), Calif.—SAUSALITO SCHOOL BOND ELECTION—We are informed that an election will be held on or STAMFORD, Conn.—NOTE SALE—'The issue of $500,000 tax anticipa¬ First National Bank of Boston, 0.567% discount. Dated Jan. 12, 1938 and due on Oct. 5, 1938. Other tion notes offered Jan. 12 was awarded to the at bids were: Bidder - Discount 0.585% 0.59% (P. O. Los Angeles), Calif.—TEMPLE SCHOOL BONDS SOLD—The $100,000 budding bonds of Temple School District, which were offered on Jan. 11 — V. 146, p. 305—were awarded to the Bankamerica Co. of San Francisco, as 3s, at par plus a premium of $79 E. H. Rollins & Sons, Inc. 100.079, a basis of about 2.99%. Dated Jan. 1, 1938. Due $5,000 yearly on Jan. 1 from 1940 to 1959. The Security-First National Bank of Los Angeles, second high bidder, offered a premium of $664 for 334% bonds. STONINGTON, Conn.—BOND OFFERING—F. W. Giifillan, Town Treasurer, will receive bids until 3 p. m. Jan. 17 for the purchase at not less than par of $125,000 coupon high school bonds. Bidders are to name rate of int., in a multiple of }i%Denom. $1,000. Dated Jan. 1, 1938. Prin. and semi-ann. int. (J. & J. 1) payable at the First National Bank of Boston. Due $5,000 yearly on Jan. 1 from 1939 to 1963. These bonds will be engraved under the supervision of and authenticated as to genuineness by the First National Bank of Boston, their legality will be approved by Storey, Thorndike, Palmer & Dodge, whose opinion will be furnished the purchaser. The original opinion and complete transcript of proceedings covering all details required in the proper issuance of the bonds will be filed with the First National Bank of Boston, where they may be inspected. LOS ANGELES COUNTY equal to The above bonds were also bid for as follows: Names of Other Bidders— Weeden & Co— California Bank Wm. R. Staats Co. and Barcus Kindred & Co Security First National Bank Kaiser & Co. and Lawson, Levy & Williams Dean Witter & Co. and Schwabacher & Co— Redfield & Co. and Crowell, Weedon & Co.,. Premium $1,825.00 257.68 1,256.00 664.00 76.00 301.00 526.00 Int. Rate 334% 334% 3 54 % 3H% 354% 334% 354% - First Boston Corp Wrenn Bros. & Co Halsey, Stuart 0.61 % & Co., Inc 0.64% 466 Financial Bonds will be delivered to the purchaser on or about Jan. 26, at the First National Bank of Boston, 17 Court St., Office, Boston. Financial Statement, Jan. 1, 1938 Assessed valuation, 1936 Total bonded debt $11,487,834.00 (not including this issue) Sinking funds Water bonds 1935 levy, 507,000.00 46,852.21 __ None • $316,941.16; uncollected, $17,196.84. $29,663.08. 1936 levy, $320,361.46; uncollected, 1937 levy, not complete Chronicle Jan. 15. 1938 The report showed collections by the municipal revenue collector amount¬ ing to 89.8% of total tax levy for the year, as compared to 85.25% in 1936. to $6,477,919.87 in 1937. Total current aggregate tax levy amounted Amounts and sources were as follows: Real estate, $4,200,682.41, 64.84%; personalty intangible, $749,604.07, 11.58%; personalty tangible, $959,650.10; sanitary taxes, $486,694.21, 7.51%, and street taxes, $81,204, 1.25%. AVONDALE SCHOOL DISTRICT (P. O. Avondale), Ga.—BONDS SOLD—It is stated by T. L. Freeman, Secretary of the Board of Education, that the $43,000 4% construction bonds approved by the voters on Oct. 9, as noted in these columns at the time, have been sold to the Robinson- Population: 11,552. Humphreys Co. of Atlanta. Denom. $1,000. (J. & J.) payable in Decatur. Dated Jan. 1, 1938- Prin. and Int. FLORIDA COLUMBUS, Ga.—iBQNDSALE—The $30,000 issue of 3% semi-annual street improvement bonds offered for sale on Jan. 10—V. 146, p. 137—was awarded to Clement A. Evans & Co. of Atlanta, paying a premium of $1,033, equal to 103.443, according to the City Manager. BONDS Clyde C. Pierce Corporation Barnett National Bank VILLA RICA LOCAL SCHOOL DISTRICT NO. 40 (P. O. Villa Rica). Ga.—BONDS SOLD—It is reported by the Secretary-Treasurer of the Board Building JACKSONVILLE. of Education that $20,000 5% semi-ann. building bonds have been pur¬ Space & Co. of Savannah, paying a premium of $2,795.00, equal to 113.975, a basis of about 4.41%. Dated Oct. 1, 1937. Due $2,000 annually from Oct. 1, 1952 to 1961, incl. These bonds were approved by the voters at the election held on Aug. 21. chased by Johnson, Lane, -FLORIDA . Branch Office: TAMPA First National Bank Building T. 8. Pierce, Resident Manager FLORIDA D. ILLINOIS LAND SPECIAL TAX SCHOOL DISTRICT (P. O. De Fla.—BOND OFFERING—8ealed bids will be received until 10 ATHENS, III.—BONDS SOLD—The $10,000 water system bonds ap- Land), a. m. on Feb. 10, by Geo. W. Marks, Superintendent of the Board of Public In¬ struction, for the purchase of an issue of $130,000 6% coupon construction bonds. Denom. $1,000. Dated Jan. 1, 1938. Due $5,000 from Jan. 1, 1941 to 1966, incl. Principal and interest (J. & J.) payable at the Chase National Bank, New York. These bonds were approved by the voters at an election held on Nov. 23, 1937. They are stated to be general obliga¬ tions of the district. A certified check for $1,000 must accompany the bid. FLORIDA (State of)—BOND TENDERS INVITED—The State Board of Administration will receive until 10 a. m., Jan. 28, at the Governor's office in Tallahassee sealed offerings of matured or unmatured road and bridge or highway bonds, time warrants, certificates of indebtedness and negotiable notes of the Florida Counties, and Special Road and Bridge Districts therein, as follows: Bay, Brevard, Broward, Charlotte, (except McCali S. R. & B. Disfc.), Desoto, Glades, Hardee, Indian River, Jensen R. & B. District, Martin, Monroe, Okaloosa, Okeechobee, and Palm Beach, S. R. & B. Districts No. 3, 8, 9, 17, 21, and Cross State Highway Bridge District. All offerings submitted must be firm for 10 days subsequent to the date of opening, i.e., through Feb. 7, and must state full name, description, and serial numbers of bonds, interest rate, date of issue, date of maturity, and price asked. All bonds must be offered at a stated price and the offer must specifically state exactly what coupons are attached and will be delivered with the bonds for the price asked. Eroved at an election last August were sold to the White-Phillips Corp. of iavenport. BETHALTO SCHOOL DISTRICT NO. 152, III.—BONDS SOLD— June The $24,000 school building bond issue approved at an election last sold to the Municipal Bond Corp. of Chicago. was GROVE BUTLER TOWNSHIP (P. O. 111.—BONDS Hillsboro), SOLD—An issue of $15,000 road bonds, approved at an election last No¬ vember, has been sold, reports J. R. Masters, Township Clerk. BYRON, 111.—BONDS VOTED—At a special election held on Jan. 4 the approved a proposition calling for the issuance of $26,000 sewage dis¬ posal plant and intercepting sewer bonds. voters TOWNSHIP CACHE ROAD DISTRICT 111.—BONDS SOLD—The First National issue of $5,000 road improvement bonds. NO. Bank of 10 (P. Vienna O. Belknap), purchased an CLOVER TOWNSHIP (P. O. Woodhull), 111.—BOND SALE DETAILS—The $65,000 road bond issue reported sold in these columns recently—V. 146, p. 306—were purchased by the White-Phillips Corp. of Davenport, as 3^s. Dated Nov. 1, 1937* Denom. $1,000. Due serially from 1939 to 1948, incl. Coupon bonds, registerable with County Clerk. Int. payable J. & D. COUNTY COOK (P. O. Chicago), UNITS—George F. TAXING MAJOR III.—DEBT RETIREMENT BY Noyes, Secretary of the Illinois Co. HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 29 (P. O. Tampa), Fla.—BOND SALE— The $7,000 issue of 6% coupon construction bonds offered for sale on Jan. 6—V. 145, 3998—was purchased by the Hillsboro State Bank of Plant City, at par, according to the Chairman of the Board of Public Instruction. Dated Dec. 1, 1937. Due $500 from Dec. 1, 1939 to 1952 incl. semi-ann. p. LEVY COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1 Bronson), Fla.—BOND OFFERING—H. A. White, (P. O. Secretary, Board of Public Instruction of Bronson County, will receive bids until 10 a.m. Jan. 21 for the purchase of $7,000 6% coupon school bonds of Special Tax School District No. 1. Denoms. 16 for $250 and 30 for $100. Dated Jan. 1, 1938. Prin. and semi ann. int. (J. & J. 1) payable at the Perkins State Bank, Williston. Due on Jan. 1 as follows: $250, 1940 to 1955, and $300, 1965. 1956 to MARION . MICCOSUKEE SPECIAL TAX SCHOOL DISTRICT (P. O. Talla¬ hassee), Fla.—BOND OFFERING—Sealed bids will be received until Jan. 19, by J. A. Rhodes, Superintendent of the Board of Public Instruction, for the purchase of a $15,000 issue of 4% school bonds. Denom.$100. Dated Dec. 1965. 1, 1937. Due as follows: $500, 1939 to 1950, and $600, 1951 Principal and interest (J. & D.) payable at the National City These bonds were approved by the voters at an election Bank, New York. held on Nov. 9. POLK (P. O. COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 47 Bartow), Fla.—BONDS NOT SOLD— The $25,000 issue of 4% semi-ann. Chicago and Cook County the past year the six major governments in for cash, a total of $51,603,000 bonds. In addition to this it is estimated that the Chicago Park District will have sinking funds sufficient to retire all or nearly all of the $6,644,000 of its bonds which become optional on March 1, 1938. This would bring the total cash retirement to more than $58,000,000, or nearly one-eighth of the total bonded debt outstanding at the beginning of the period. The amounts of cash retirement by each government from Jan. 1, 1937, to Jan. 1, 1938, inclusive, are as follows: Debt Retirement—During Cook County have retired, City of Chicago — Board of Education COUNTY (P. O. Ocala), Fla.—BOND OFFERING—Carlyle Ausley, Clerk, Board of County Commissioners, will receive bids until noon Jan. 18 for the purchase or $116,000 coupon, registerable as to prin¬ cipal, road refunding bonds, series E. Bidders are to name rate of interest, in a multiple of 14% or l-10th%, but not to exceed 5%. Denom. $1,000. Dated Feb. 1, 1938. Prin. and semi-ann. int. (Feb. 1 and Aug. 1) payable at the Central Hanover Bank & Trust Co. in New York. Due Feb. 1, 1955. Cert, check for $1,000, payable to the County, required. Approving opinion of Caldwell & Raymond of New York will be furnished by the County. * to of Chicago, 231 South La Salle St., Chicago, is issuing the banking firm's following report on debt redemption and volume of indebtedness of the major taxing units in the county: school bonds offered for sale on Jan. 12—V. 145, 4148— was not sold as no bids were received, according to the Superintendent of the Board of Public Instruction. Due from Aug. 1, 1940 to 1954. p. .-$17,148,000 Cook County $9,757,000 4,289,000 Forest Preserve District1,576,000 3,880,000 Total. 14,953,000 $51,603,000 Chicago Park District... Sanitary District The figures for City of Chicago and Board of Education are the net amounts of the January, 1937 and 1938 maturities which were not pro¬ vided for from the proceeds of refunding issues. They include also certain amounts of refunding bonds which were purchased after issuance with tax money received too late to apply to the maturing bonds. Retirements by the other four governments wue 1937 and 1938 optional bonds called through operation of the sinking funds set up under the comprehensive refunding plans, plus additional sinking fund purchases made by the county and forest preserve district. The latter also had a maturity of $100,000. In addition to the above retirements, sinking funds of the various govern¬ ments now on hand, applcible to principal retirement on future maturity and optional dates are estimated to be in excess of $13,000,000. Except for bonds issued to refund maturing bonds (taken into account in the above figures) only $13,000,000 of new bonds have been issued during the past year. $11,000,000 of these were judgment funding 3s of the City of Chicago. While this added to the bonded debt as such, it did not in¬ crease the actual debt of the city, as the judgments had been previously outstanding, carrying 5% interest. The other $2,000,000 were issued by the forest preserve district for the purpose of land acquisition, which will be reflected io an increase of real estate owned by the district. Overlapping Bonded Debt—The following table shows the general obliga¬ tion bonded debts of each of the six major governments at the beginning and end of the period, and the proportionate amounts of the latter applicable VOLUSIA COUNTY (P. O. De Land) Fla.—BOND TENDERS IN¬ VITED—It is stated by Geo. W. Marks, Secretary of the Board of Public Instruction, that he will on Feb. 10, at 10 a. m., open and consider sealed offerings of school district refunding bonds, dated Jan. 1, 1936, of the following Special Tax School District!*: District No. 6 (Daytona Beach) District* No. 13 (Orange City); District No. 39 (Pierson), and District No. 41 (Seabreeze). The amount of bonds of each issue to be purchased will be determined by the above Secretary, and offerings must be firm for at least 10 days in order to be considered, bonds to be delivered within 20 days after acceptance of bid. The bid must disclose what maturities of bonds are being offered. VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT (P. O. De Land), Fla.—BOND SALE—The $30,000 issue of 6% semi-ann. New Smyrna Beach Jan. 6—Y. 145, p. 3689—was at School addition bonds offered for PALM BEACH, Dated July 1, 1937. seat of Palm Beach a $477,320,750 $438,717,750 $410,427,887 The total overlapping bonded debt applicable to the city is equivalent to 7.75% of the property valuation on which the last assessment was based. Estimating present population at 3,500,000 this overlapping debt is approximately $117 per capita. ILLINOIS (State o*.)—DEBT REDUCED $23,000,000 DURING LAST YEARS— Funded debt of the State has been reduced nearly $23,- FIVE Fla.—BOND permanent Total Bonded Debt Overlapping Bonded Debt Dec. 31,1936 Jan. 2,1938 Applicable to City ..$122,837,000 $116,689,000 $116,689,000(100% J LIU,UO»,UUW V1UU /0 Board of Education 41,413,000 37.124,000 37,124,000(100%) Chicago Park District- 113,029,700 109,149.700 109,149,700(100%) Sanitary District 139,945,890 124,992,890 105,675,239 (84.545%) Cook County 47,679,410 37,922,410 31,219,624 (82.325%) Forest Preserve Dist.. 12,41o,750 12,839,750 10.570,324 (82.325%) Due DEBT PAYMENTS TO BE MADE—As a result of the successful operation of its reorganization plan, the above city has already set aside funds to make principal and interest payments on its outstanding obligations due Feb. 1, as well as similar pay¬ ments due on Aug. 1, it was announced Jan. 14. Payment of taxes which went into collection on Oct. 1 last year have been so satisfactory that ear¬ marking of funds for all payments this year was possible, officials said. The reorganization plan, providing for refunding of all bonded debt of the city, was practically completed last February, and tax collections for the fiscal year ended Sept. 30, 1937 were 84.47%, which, officials pointed out, is as much better record than current similar experience in Chicago, Phila¬ delphia, Boston and certain other large cities. West Palm Beach has City of Chicago based on the ratio of assessed valuations: City of Chicago 8 coupon sale on purchased by Fenner & Beane of New York, price of 90.50, a basis or about 7.00%. from July 1, 1940 to 1966. a WEST NO. to the population of 28,000 and is the county County, with 54,000. 000,000 in the last five Henry Horner according to figures recently issued by through the State Finance Department. On being increased by $30,000,000 for relief purposes in 1934. In the five years there was paid on principal $52,835,000, making a net reduction in the total of $22,835,000 to the present figure of $197,459,000. Outstanding now are $130,009,000 of highway bonds, $3,002,000 waterway bonds, $23,418,000 soldiers* bonus bonds, $13,400,000 relief bonds of 1932, $27,500,000 relief bonds of 1934, and $130,000 of tax anticipation notes. Governor LANARK, thorized the 111.—BONDS AUTHORIZED—The City Council has of $80,000 sewage disposal plant bonds. au¬ issuance MACON COUNTY (P. O. Decatur), III.—BOND OFFERING—Sealed bids addressed to Martin Myers, Chairman of the Finance Committee, will be received until noon on bonds. GEORGIA years, Jan. 9, 1933, State debt stood at $220,294,000, the amount may Bidders Feb. 1 for the purchase of $500,000 court house submit alternative bids with or without option of prior payment, or wherein the amount of bonds are retired annually, plus int. ATLANTA, Ga.—CITYS TAX DIGEST GAINS $£l,006,556—The Atlanta "Constitution" of Jan. 8 reported as follows on 1937 tax receipts: While Atlanta's 1937 tax digest increased $21,006,556 over 1936, real estate bore its lightest burden of the costs of government in the city's history, the annual report of tax assessors and receivers indicated yesterday. Real estate bore 64.84% of the total tax levy in 1937, while in 1936 it bore 68.84%, the report filed by Assessors J. O. Little, Leo Sudderth and J. Sid Tiller revealed. At the a same time, the number of taxpayers increased total of 75,902 accounts on the books in in 1936. 1937, as 1,726, showing compared with 74,176 accounts Total tax valuations in 1937, real estate and personalty, amounted to $370,791,329, while in 1936 the total was $349,784,773. on payments, or requiring a fixed payment annually, to be applied first int. and secondly on prin. Bidders for each plan must specify the rate of int. and schedule of maturity dates and will be required to pay all legal in connection with the calling, holding and conducting of an elec¬ the proposition of the submission of a referendum to the people bond issue and the authorization of an additiona tax within the expenses tion on on the constitutional limitation for the purpose of paying the bonds, including the printing and supplying of the opinion of bond counsel. The County proposes to call an election on the issue and to vote a tax of 10 cents per $100 assessed valuation for a period of 20 years within the constitutional limitation, for purpose of paying the bond issue. The bonds are offered subject to result of a vote at the primary election to be held in April. A certified check for 1%, payable to the order of the County Treasurer, must accompany each proposal. Volume Financial 146 METROPOLIS, 111.—BOND SALE—An issue of $76,000 \M% judg¬ funding bonds, approved by the City Council last November, was sold Speer & Sons Co. of Chicago. Denom. $1,000. Due serially ment to the H. C. from 1941 to 1956 Incl. OQUAWKA TOWNSHIP HIGH SCHOOL DISTRICT NO. 101 (P. O. Oquawka), III.—BONDS VOTED—At an election held on Jan. 5 proposition to issue $28,000 school building bonds was approved by the a voters. PERU SCHOOL DISTRICT, 111.—BONDS SOLD—An issue of school building bonds has been sold to the of Chicago. $35,000 Harris Trust & Saivngs Bank 467 Chronicle $2,500 from 1965 of delivery of not less than $30,000, nor more than $35,000 bonds. Should the town exercise its option to sell less than the total amount of $35,000, the bonds not delivered will be those of the longest maturity. Bidder to name a single rate of interest, expressed in a multiple of M of 1%. The bonds will be registerable as to principal only and payable as to both principal and interest (Jan. 15 and July 15) at the Clinton County Bank & Trust Co., Rossville branch. A certified check for $500, payable to the order of the town, must accompany each bid. The approving opinion of Matson, Ross, McCord & Clifford of Indianapolis, together with a transcript of proceedings, will be furnished to the purchaser without cost. No con¬ 1955 to 1960 incl.; $2,000 from 1961 to 1964 incl., and to 1967 incl. Bidders are required to bid on the basis ditional bids will be considered. PERU SCHOOL DISTRICT The voters of the district issue to $35,000 school previously authorized. on Peru), 111.—BONDS VOTED— their approval to a proposition bonds, in addition to $100,000 bonds (P. Jan. 3 building O. gave RIVERSIDE TOWNSHIP SCHOOL DISTRICT VINCENNES, Ind.—WARRANT OFFERING DETAILS—The $50,000 6% interest temporary loan warrants being offered for sale on these columns—V. 146, p. 306—will be not to exceed Jan. 22, as previously reported in dated Jan. 22, 1938. (P. O. Brookfield), 111.—BONDS SOLD—The issue of $200,000 school building bonds approved at an election last May was sold to IOWA the Northern Trust Co. of Chicago. ALBERT SOUTH SALE—The village recently sold works bonds to A. C. Allyn & Co. of Chicago. 111.—BOND ELGIN, issue of $20,000 water an INDIANA CITY, Ind.—BOND SALE—The $250,000 school building bonds offered on Jan. 12—V. 146, p. 306—were awarded to Brown Harriman & Co. of New York and the Boatmen's National Bank of St. Louis on a bid of 101.6799 for 2J^s, a basis of about EVANSVILLE SCHOOL Jan. 1, Jan. 1, 1, 1938. Due each six months as follows: $5,000 1940 to July 1, 1941; $7,000 Jan. 1, 1942 to July 1, 1954; and $8,000 1955 to July 1, 1957. Dated Feb. LIST OF BIDS— Int. Rate and Boatmen's Na¬ 2 H% Mercantile-Commerce Bank & Trust Co., St. Louis 2Yt% and Almstedt Brothers, Louisville Harris Trust & Savings Bank, Chicago and National 2H% City Bank, Evansville Northern Trust Co., Chicago; Braun, Bosworth & Co., Toledo, and Citizens National Bank, Evansville Blyth & Co., Inc., Chicago and Illinois Co. of Chicago._ Bartlett, Knight & Co., Chicago and Stranahan, Harris Bidder— Brown Premium Harriman & Co., Chicago tional Bank, St. Louis m & Co., Chicago m Halsey, Stuart & Co., Chicago 2^2% Fletcher Trust Co., Indianapolis Lehman Brothers, Chicago; Farwell, Chapamn & Co., 2^% Chicago, and Milwaukee Co Old National Bank, Evansville and First National Bank 2H% of Chicago John Nuveen & Co., Chicago and E. H. Rollins & Sons, 2H% Chicago Indianapolis Bond & Share Corp. and Union of Indianapolis Bryan R. Slade & Co., Evansville and City Corp., Evansville. Seasongood & Mayer, Cincinnati HAMMOND Trust Co. $4,199.75 3,797.50 ELDORA, Iowa—BOND OFFERING—On Jan. 17 the City Council an issue of $36,000 hospital bonds. IOWA DISTRICT (P. O. wil1 Iowa 193 PLYMOUTH COUNTY (P. O. LeMars), Iowa—BOND SALE—The County Supervisors have sold an issue of $15,000 2)4 % refunding bonds to the LeMar Savings Bank and the First National Bank, both of LeMar, at par. O. Pulaski). Iowa—BOND SALE 3% school building —On Jan. 7 the School Board sold an issue of $19,000 Carleton D. Beh Co. of Des Moines at par plus a bonds to the 2,948.00 2,593.00 premium of $261, equal to 101.373. 2,225.00 1,961.25 1,506.00 which SOLD—The $100,000 airport bonds, on 146, p. 306—have been sold 2%s, at par plus a premium $525, equal to 1C0.525, a basis of about 2.69%. Dated Dec. 1, 1937. Due Nov. 1 as follows: $5,000,1939 to 1946, and $6,000, 1947 to 1956. SIOUX CITY, Iowa—BONDS 1,125.00 the to the city rejected bids on Jan. 5—V. C. W. Britton Co. of Sioux City as WALKER SCHOOL INDEPENDENT DISTRICT O. (P. Iowa—BOND OFFERING— F. W. Lindahl, Secretary, Board of 793.00 697.50 3,658.00 2H% 2H% 2,739.00 1,303.85 will receive bids until 7:30 p. m. Walker), Education, Jan. 17 on an issue of $20,000 school build¬ ing bonds. KANSAS (P. O. Atchison), Kan.—BOND SALE—The $12,000 issue of 2H % semi-ann. poor relief bonds offered for sale on Jan. 10 1—V. 146, p. 306—was awarded to Stern Bros & Co. of Kansas City, paying a premium of $181.44, equal to 101.512, according to the County Clerk. Dated Jan. 1, 1938. Due serially from Jan. 1, 1939 to 1948. ATCHISON COUNTY CITY, Ind.—BONDS AUTHORIZED— The authorized the issuance of $250,000 school SCHOOL SCHOOL INDEPENDENT City), Iowa—BOND OFFERING—-At 10.30 a. m. Jan. 25 the Board of School Directors will offer for sale an issue of $398,750 school building bonds. Due yearly as follows: $9,759, 1939; $17,000, 1940 and 1941; $18,000, 1942 and 1943; $19,000, 1944 and 1945; $20,000, 1946; $21,000, 1947 and 1948; $22,000, 1949 and 1950; $23,000, 1951; $24,000, 1952 and 1953; $25,000, 1954; $26,000, 1955 and 1956; $27,000 in 1957. addition 2H% Securities CITY PULASKI SCHOOL DISTRICT (P. 2,994.00 $14,000 1, 1938. offer for sale coupon 2.33%. CITY, Iowa—BOND OFFERING—W. E. Westholm, Town Treasurer, will receive bids until 8 p. m. Jan. 25 on an issue of waterworks improvement bonds. Denom. $1,000. Dated Jan. Due Jan. 1, 1954. Legal opinion will be furnished by the town. Board of Education on Jan. 3 construction bonds. CHEROKEE COUNTY (P. O. Columbus), Kan .—BONDS OFFERED Ranson-Davidson Co. of Wichita, is offering for public TO PUBLIC—The O. Kokomo), Ind.—NOTE OFFERING— Raymon Gilbert, County Auditor, will receive sealed bids until 10 a. m. on Jan. 18 for the purchase of $135,000 not to exceed 6% interest tax anticipation notes. Dated Jan. 18, 1938. Denom. $5,000. Due May 18, 1938. Payable at the County Treasurer's office. A certified check for 3% of the issue, payable to the order of the Board of Commissioners, must accompany each proposal. subscription a $20,000 issue of 23^% coupon poor relief bonds. Denom. $1,000. Dated Dec. 1, 1937. Due on Feb. 1 as follows: $2,000, 1939 to 1945, and $3,000 in 1946 and 1947. Prin. and int. (F. & A.) payable at the office of the State Treasurer, Topeka. Legal opinion by Long, Depew, INDIANAPOLIS, Ind.—BOND OFFERING—H. Nathan Swaim, Acting City Controller, will receive sealed bids until 11 a. m. on Jan. 26 for the purchase of $110,000 not to exceed 5% interest city hospital bonds of 1938, first issue. Dated Jan. 11, 1938. Denom. $1,000. Due as follows; $10,000 July 1, 1939, and $10,000 on Jan. 1 and July 1 from 1940 to 1944 incl. Bidder to name a single rate of interest, expressed in a multiple of M of 1%. Interest payable J. & J. A certified check for 2>£% of the bonds, payable to the order of the City, must accompany each proposal. Assessed valuation, HOWARD COUNTY (P. INDIANAPOLIS, Ind.—TEMPORARY LOAN— The $750,000 tempor¬ ary loan offered on Jan. 10—V. 146, p. 306—was awarded to the Union Trust Co., the Indiana Trust Co., the Fletcher Trust Co., the Merchants National Bank, the Indiana National Bank and the American National Bank, all of Indianapolis, on a 114 % interest basis, plus a premium of $46. Dated Jan. 12, 1938 and payable May 11, 1938. MARION COUNTY (P. O. Indianapolis), Ind.-—W;\RRANT OFFER¬ Auditor, will receive sealed bids until ING—Charles A. Grossart, County (Central Standard Time) on Jan. 19 for the purchase of $350,000 not to exceed 5% interest general fund tax anticipation warrants. Dated Due June 15, 1938. Interest payable Feb. 1, 1938. Denom. ~ >,000. at maturity of loan. Principal and interest payable at the County Treas¬ urer's office. Warrants and interest will be payable out of general fund taxes now in the course of collection. A certified check for 3% of the warrants bid for, payable to the order of the Board of Commissioners, must accompany each proposal. The opinion as to the validity of the warrants is to be furnished by the bidder, and bids are made subject to 10 a. m. . the legality of the issue. MUNCIE, Ind.— WARRANT OFFERING—Hubert L. Parkinson, City Controller, will receive sealed bids until 10 a. m. on Jan. 21 for the pur¬ chase of $124,000 not to exceed 4% interest time warrants, divided as follows: $100,000 warrants evidencing a loan for the general fund. 12,000 warrants evidencing a loan for the sinking fund. 12,000 warrants evidencing a loan for the park fund. AU warrants will be dated as of the date of delivery and mature June 30, 1938. Interest payable at maturity of issue. Denominations as requested by purchaser. Said warrants are payable out of taxes heretofore levied and now in course of collection for each of said funds, a sufficient amount appropriated and pledged to the payment of said warrants and the interest thereon. Said temporary loans are being made for the purpose of securing funds to meet current operating expenses which are payable out of said three funds respectively prior to the collection of taxes in the year 1938. The approving opinion of Matson, Ross, McCord & Clifford, bond counsel of Indianapolis, will be furnished to the purchaser at the expense of the city. No conditional bids, or bids for less than the par value of the warrants bid on, will be considered. of which taxes has been Cory), Ind.—BOND OFFERING will receive bids until 7 p. m. Jan. 29 for the purchase at not less than par of $18 000 33^ % school building impt. bonds. Denom. $1,000. Dated Jan. 1, 1938. Prin. and seml-ann. int. (J. & J.l) payable at the Riddell National Bank, in Brazil. Due $1,000 each six months from July 1, 1939 to Jan. 1, 1948, incl. PERRY SCHOOL TOWNSHIP (P. O. —Ray L. Bennett, Township Trustee, Ind.—BOND OFFERING—George W. Coons, City Controller, will receiev sealed bids until 2 p. m. on Jan. 28 for the purchase RICHMOND, exceed 4^% interest sewer construction bonds. Dated Feb. 1, 1938. Denom. $500. Due as follows: $2,000, July 1, 1939; $2,000, Jan. 1 and July 1 from 1940 to 1943 incl.; $2,000, Jan. 1 and $2,500, July 1, 1944; $2,500 on Jan. 1 and July 1 from 1945 to 1948 incl., and $2,500, Jan. 1, 1949. Bidder to name a single rate of interest, expressed in a multiple of M of 1%. Envelopes containing bids to be marked "Bid for Municipal Bonds of 1938." Interest payable J. & J. A certified check for $1,000, payable to the order of the city, must accompany each proposal. The bonds are direct obligations of the city, payable from unlimited ad valorem taxes to be levied on all of its taxable property. City will furnish of $45,000 not to at its own expense & the approving legal opinion of Matson, Ross, McCord No conditional bids will be considered. Clifford of Indianapolis. ROSSVILLE, Ind.—BOND OFFERING—N. W. Cornwell, Town until 7:30 p. m. Jan. 25 for the Clerk-Treasurer, will receive sealed bids purchase of not exceeding $35,000 not to exceed 43^ % interest water works revenue bonds. Dated Jan. 15, 1938. Denom. $o00. Due Jan. 15 as follows: $500 from 1941 to 1947 inch; $1,000, 1948 to 1954 incl.; $1,500, Stanley, Weigand & Hook, of Wichita. Financial Statement $22,513,672.00 1,255,015.00 Assessed valuation, tangible intangible $23,768,687.00 Total valuation 377,600.00 (including this issue) Total bonded debt Census, 31,547. Outstanding for Each of the years, as Shown by the League of Kansas Population, 1930 Federal Total Debt $526,905.20 452,568.20 1932 Municipalities, as follows 1933 $447,602.40 1934 421,325.80 Percentage of General Property 1936 80.0%~1934 1935 80.0% $393,276.05 385,085.25 1935 1936 Taxes Collected in Each of Years 86.0% 82.5 % 1933 of the poor under the provisions of the Session Laws of Kansas, 1937, are a full and direct obligation of Cherokee County, Kansas, and all of the tangible taxable property located therein is subject to unlimited ad valorem taxes to pay principal and interest when due. These bonds, issued for the relief Section 2, Chapter 244 of ELLIN WOOD, reported by purchased by the Kan.—BOND SALE DETAILS—It is now the City Clerk that the $31,500 street improvement bonds Vernon II. Branch Co. of Wichita, as noted in these columns recently—V. 146, p. 306—were sold as 3s. Denom. $1,000, one for $500. Dated Dec. 1, 1937. Due on Aug. 1 as follows: $2,500 in 1939; $3,000, 1940 to 1942, and Topeka. Le¬ Weigand & Hook, of Wichita. Prin. and int. (F. & A.) payable in $4,000, 1943 to 1947. gality approved by Long, Depew, Stanley, MORROWVILLE, Kan.—BOND SALE DETAILS—It is now reported by the City Clerk that the $6,000 water works completion bonds sold recently, as noted in these columns—V. 146, p. 306—were purchased by the State Bank of Morrowville, as 3s, and mature $600 annually in from 1 to 10 years. DISTRICT (P. O. Salina), Kan.—BOND SALE— bonds offered on Jan. 10—V. 146. p. 306— Co. of Wichita on a bid of 100.7775, 1, 1938. Due serially in 10 years Jan. 1, 1939. Estes & Co. of Topeka submitted a bid of 100.77 SALINA SCHOOL The $25,000 2H% refunding awarded to the Ranson-Davidson basis of about 2.10%. Dated Jan. were a beginning for the bonds. 10 TOPEKA, Kan.—BOND a. m. on Jan. 18, by F. $60 000 issue of 2% Dated J an 15,1938. to be sold at not OFFERING— Sealed bids will be received unti1 W. Knapp, City Clerk, for the purchase of a public and civil works bonds. Denom. $12,000 each. Due $12,000 from Jan 15,1939 to 1943 incl. Bonds less than par basis of delivery in Sale to be on the approval of the bond transcript and accrued interest. Topeka, subject to the by the successful bidder's own attorney. Bonds refusal of the State School Fund Commission. of the bid is are offered subject to the A certified check for 2% required. MONTGOMERY COUNTY (P. O. Independence), Kan .—BOND December sold an issue of $15,000 4^% welfare Dunne-Israel Investment Co. of Wichita at a price of 100.50. $2,000 yearly, except that in the first and last years $1,000 will mature^ SALE—The county in bonds m the Due KENTUCKY CAMPBELLSVILLE, Ky.—BONDS SOLD—It is stated that $109,000 water revenue bonds were purchased by J. J. B. Hilliard & Son, of Louisville. Denom. $1,000. Dated Jan. 1, 1938. Due on Jan. 1 as fohows: $2,000, 1939; $3,000, 1940 to 1942; $4,000 1943 to 1954; $5,000, 1955 to 1958, and $6,000, 1959 to 1963. Prm. and int. (J. & J.) payable at the Columbia Trust Co., Louisville. Legality approved by Chapman & 4% Cutler of Chicago. CARROLLTON, Ky.—BONDS OFFERED FOR INVESTMENT— Des Moines are offering to investors an issue of $51,000 gas revenue bonds. Denom. $1,000. Dated Dec. 1, 1937. PrinciDal and semi-annual interest (June 1 and Dec. 1) payable at the First National Bank of Carrollton. Due on Dec. 1 as follows: $1,000, 1940 and 1941; $2,000, 1942 and 1943; $3,000. 1944 to 1951; $4,000, 1952 to 1954- and $3,000, 1955 to 1957. Legality of the bonds is approved by Chapman & Cutler of Chicago. Tarklev & Co. of KENTUCKY, State of—.REPORT ON COUNTY DEBT SITUATION— report on the debt position of each of the counties in the just been prepared by the Bankers Bond Co. of Louisville: The following State has Financial 468 Chronicle The County Debt Situation in Kentucky [Prepared by the Department of Revenue] burden of Kentucky's be detailed as follows: Road and bridge bonds.. Other bonds The debt Jan. 15, 1938 (This report supersedes the offering notice given in our columns recently, under the caption of "La Salle Par. Sch. Dist., La.")—V. 146, p. 307.) 120 counties amounts to $27,241,980, LOUISIANA, of—FINANCIAL STATEMENT—The following by the State Highway Commission in connection for Feb. 9, of the $4,000,000 highway, series T bonds, and the $1,000,090 highway fund No. 2, series C bonds, described State official information is given which may with the offerings scheduled $23,858,118 3,397,100 in detail in these columns recently: Total bonds outstanding June 30. 1937 $27,255,218 2,579,661 Less sinking fund balances Net bonded debt Floating debt -$24,675,557 2,566,423 - Total net debt Bonded Indebtedness of taxable property. It is significant counties. poorer - - - - - that as a general rule debts are relatively heavy in the The following listing shows the debt per $100 taxable in seven brackets: valuations of— (Jefferson) to $96,000,000 to 48,000,000to 24,000,000 to 12,000.000 to 6.000.000 Counties having assessed Over $96,000,000 48,000,000 From 24,000,000 From 12,000.000 From 6,000,000 From 3,000.000 Under 3,000,000 From With a None $0.51 1.97 2.07 2.55 3.77 4.01 - debt ratio of $4.00 per $100 assessed value, and an interest rate interest alone would absorb all of the proceeds of a 20-cent levy (the most usual levy, specified for road and bridge bonds in the so-called "good roads amendment"). A ratio of $3.80 per $100 is the highest that could be amortized in 20 years. Most of the county debts at present outstanding have less than 20 years to runf hence a ratio of less than $3.80 may indicate the imminency of default. The highest debt ratio per $100 taxable wealth is $10.40 (Wolfe County). Nineteen counties have ratios in excess of $5.00 (d). Thirteen have debt ratios of from $4.01 to $5.00 (e). Of these 32 counties, five already are in default on their bonded debts (f). Assuming no increase in sinking fund levies over those of the current year, all of these but four (g) will be in danger of default within the next five or six years. It should be observed that in these counties refunding will be of little or no value unless accom¬ panied by a readjustment either of the principal or of the interest rates. Unless the counties having debt ratios in excess of $4.00 per $100 taxable wealth devote more than the proceeds of the 20-cent road and bridge bond sinking fund levies to debt service (thus diminishing their funds available for general purposes—which, indeed, a number or counties are doing), they cannot meet even interest charges. Twenty-five counties have debt ratios of between $3.01 and $4.00 per $100 taxable wealth. Two of these already are in default (h); eleven others, in the absence of radical changes will in a few years face default (i). With careful management it should be possible for these counties to meet their debt obligations through refunding in such a manner as to reduce their annual principal maturities. The same is true, to a greater extent, of ten counties having debt ratios of less than $2.00 per $100 taxable wealth but whose present sinking fund levies will evidently prove insufficient in subsequent years (j). To summarize: Seven of Kentucky's counties already are in default. Available evidence indicates that, within the next several years, 44 counties will find their present levies for debt service-insufficient. Default may be avoided in many cases if: (1) Assessed valuations are increased: (2) diver¬ sions are made from the general or road funds to the sinking fund, or (3) re¬ funding is resorted to, with in some cases, loss to creditors. Approximately one-half of these 44 counties if carefully managed, should prove able, eventu¬ ally, with refunding, to meet their debt obligations. The other half, it appears, will never be able fully to discharge their debt obligations. of 5%, 30,000 231,000 Drought relief bonds Capitol building bonds - assessed valuation of the counties grouped, according to their assessments, $8,612,200 Flood relief bonds $27,241,980 This total net debt is equal to the entire income of all counties for nearly three years. It represents an obligation of $10.42 per capita, or of $1.56 per $100 taxable property. Thirteen counties have no bonded indebtedness (a). Two of these have large floating debts (b). Two additional counties which have no floating debt have sinking fund balances sufficient to retire all outstanding bonds(c). In all, there are 13 counties which, for practical purposes, are debt free. These 13 counties contain approximately one-third of the locally taxable property of the State. Leaving these out of consideration, the debt of those counties which have debts is $13.23 per capita or $2.59 per $100 - the State of Louisiana as of Jan. 1, 1938 Bonds Payable from 1.15 Mill Tax— Louisiana serial gold 4Yi% bonds Louisiana serial 3,750,000 4,450,000 . gold 5M% bonds Old consolidated bonds 8,700 New consolidated bonds 300 20 Constitutional bonds $17,082,220 Bonds Payable from 0.75 Mill Tax— Confederate veterans series D Confederate veterans series E Confederate veterans series F $589,260 2,000,000 2,000,000 __ 4,589,260 Brmds Payable from 4% Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Highway bonds series Gasoline Tax— A B $6,000,000 4,065,000 5,115,000 13,900,000 14,200,000 C D E F G J K L M N P Q R S 14,219.000 6,630,000 500,000 ] ,000,000 5,000,000 1,500,000 2,500,000 2,500,000 5,500,000 6,500,000 5,000,000 _ 94,129,000 Bonds Payable from Portion Auto Licenses— Chef-Menteir-Hammond-New Orl. Hy. No. 2 A__ Chef-Menteir-Hammond-New Orl. Hy. No. 2 B__ $105,000 400,000 505,000 Bonds Payable from Penitentiary Revenues— Issue March 1, 1914 Issue Jan. 1, 1922 $20,000 625,000 645,000 Bonds Payable from Port Commission Revenues— Issue Jan. Issue Apr. Issue June Issue Mar. Issue July Issue Mar. Issue Jan. Issue Jan. Issue Jan. Issue Dec. Issue Dec. Issue Aug. Issue July 1, 1909 1,1914 1, 1915 1, 1917 1,1918 1, 19191, 1919 1,1920 1, 1920 (two) 1, 1921 1, 1923 1, 1927 1, 1936 _ - $2,100,000 2,069,000 940,000 3,090,000 5,004,000 1,635,000 5,138,000 4,388,000 2,194,000 3,285,000 2,865,000 2,975,000 1,275,000 — Total bonded indebtedness 36,958,000 ---$153,908,480 VERMILION PARISH FIFTH WARD DRAINAGE DISTRICT NO. 1 (P. O. Abbeville), La.—BONDS SOLD—It is stated that $3,400 % semi-ann. drainage bonds were purchased recently by the Bank of Abbe¬ ville & Trust Co., of Abbeville, at par. Dated Dec. 1, 1937. Due on Dec. 1, 1945. 6 MARYLAND CUMBERLAND, Md.—BOND SALE—The issue Allen, Clark, Fayette, Hancock, Hardin, Jefferson, Madison, Mason, Nelson, Powell, Simpson, Taylor, Woodford, b Allen, Taylor, c Bracken, Edmonson, d Bell, Breathitt, Butler, Carlisle, Clay, Crittenden. Elliott, Estill, Pulton, Jackson, Lee, Letcher, Livingston, McCreary, Magoffin, Marshall, Morgan, Owsley, Wolfe, e Grant, Henderson, Hickman. McLean, Monroe, Oldham, Owen, Pulaski, Rockcastle, Rowan, Russell, Wayne, Whitley, f Butler, Letcher, McLean, Whitley, Wolfe, g Elliott, Grant, Owen, Owsley, h Perry, Trigg. Tax delinquency is so high in Perry County that the sinking fund levy yields less than enough to take care of interest, i Ballard, Breckenridge, Calloway, Carroll, Henry, Johnson, Leslie, McCracken, Menifee, Pike, Spencer. Boyd County a were it not for the present intention to divert sufficient amounts from the general fund to the sinking fund to meet annual deficiencies in the latter, j Bath, Boone, Caldwell, Christian, Fleming, would be included in this list Graves, Greenup, Knott, Knox, Muhlenberg. SPRINGFIELD, Ky.—BONDS SOLD—An issue of $109,000 4% water revenue & bonds is stated to have been purchased recently of Louisville. Denom. $1,000. Dated Jan. by J. J. B. Hilliard Son 1, 1938. Due on as follows: $2,000, 1939 to 1941; $3,000, 1942 to 1948; $4,000, 1949 1953; $5,000, 1954 to 1958; $6,000, 1959; $7,000, 1960 and 1961; $8,000, 1962, and $9,000 in 1963. Prin. and int. (J. & J.) payable at the Fidelity & Jan. 1 to Columbia Trust Co., Louisville. of Legality approved by Chapman & Cutler Chicago. by Newman, Harris & Co. on Jan. 11—V. 146, p. 307—was purchased of New Orleans, paying a premium of $10.00, on the bonds divided as 3 Ms and 4s. Dated Jan. 1, 1938. Due from July 1, 1940 to 1963 incl. BREAUX BRIDGE, La.—BOND OFFERING—Louis Balch, Town Clerk, will receive bids until 11 a. m., Jan. 27, for the purchase of an issue of $29,000 public improvement bonds. Interest rate is not to exceed 6%. Denom. $500. Dated March 1, 1938. Interest payable March 1 and Sept. 1. Due yearly on March 1 from 1940 to 1963. Cert, check for $600, pay¬ able to the Town, required. . JENNINGS, La.—BOND SALE—The $10,000 issue of coupon fire de¬ 307—was awarded to R. W. Bruckhaus, of Elton, La., as 4Ms, at par, according to It. Moses, City Clerk. The next highest bid was an offer of $12.50 premium on 4M8, submitted by Scharff & Jones, Inc., of New Orleans. partment bonds offered for sale MORGAN on Jan. 11—V, 146, p. CITY, La.—BOND OFFERING—Sealed bids wiL be received until 4 p. m. on Jan. 31, by A. B. O'Brien, City Secretary, for the purchase ofa $50,000 issue of 4M% coupon public wharves improvement bonds. De¬ $500. Dated Dec. 15, 1937. Due on Dec. 15 as follows: $1,500, 1938 and 1939; $2,000, 1940 to 1944; $2,500 1945 to 1950; $3,000 1951 to 1955, and $3,500, 1956 and 1957. Principal and interest (J. & D.) payable at the City Treasurer's office, or at the Central Hanover Bank & Trust Co., nom, New York City. The bonds will be sold subject to the approving opinion Chapman & Cutler of Chicago. A certified check for 5% of the amount of bid, payable to the City Treasurer, is required. It is stated that these bonds are direct, general obligations of the city. of TROUT-GOOD PINE SCHOOL DISTRICT NO. 21 (P. O. La.—BOND OFFERING—Sealed bids will be received until noon Jena), on Jan. 29, by J. D. Russell Jr., District Secretary, for the purchase of a $25,000 Interest rate is not to exceed 6%, payable J. & J. Bidders are requested to name the lowest rate of interest at which they will issue of building bonds. better. Denom. $1,000. Dated Jan. 1, 1938. Due on Jan. 1 as follows: $4,000, 1939 to 1943, and $5,000 in 1944. Prin. and int. payable at the District Treasurer's office, or at a bank to be selected by the purchaser. These bonds were approved by the voters at an election held on Sept. 28. The approving opinion of Chapman & Cutler of Chicago, will be furnished the purchaser. A certified check for $750, payable to Q. T. Hardtner, President of the School Board, must accompany bid. purchase the bonds at par or were: Bidder— Rate Bid Phelps, Fenn & Co 104.60 Mercantile Trust Co.; Baker, Watts & Co.; Strother, Brogden & Co.; Mackubin, Legg & Co., and Stein Bros. & Boyce, jointly Alex. Brown & Sons 104.269 104.132 E. H. Rollins & Sons, Inc.- 103.537 - MARYLAND (State of)—ADDITIONAL OFFERING DETAILS— In connection with the previous report in these columns —V. 146, p. 307— of the Feb. 1 offering or $1,031,000 certificates of indebtedness, to bear interest at a rate named by the bidder, in a multiple of M of 1%, we learn from Hooper S. Miles, State Treasurer, that one bid may be accepted for all of the loan, or separate bids for parts of the loan, as may produce the largest amount, and bids may be accepted for parts of the loan, which are not for all. Right is reserved to reject any or all bids. Bidders are referred to the said Chapter 487 of the Acts of the General Assembly of 1937 as containing the full terms and provisions of this loan. It is one of the terms of this offering that the bonds when issued will be the legal and valid binding obligations of the State. The opinion of the Attorney General of Maryland and the opinions of Ritchie, Janney, Ober & Williams and Mullikin, Stock- of the terms of the bid by making the bid "subject to ABBEVILLE, La.—BOND SALE—The $65,000 issue of Sewerage Dis¬ equal to 100.01, bids bonds bridge & Waters to this effect will be delivered to the successful bidder. Bidders may, if they wish, make the legality and validity of the bonds one LOUISIANA trict No. 1 bonds offered for sale of $50,000 3% emer¬ offered Jan. 13—V. 145, p. 139—was awarded to W. W. Lanahan & Co. of Baltimore, at a price of 104.67, a basis of about 2.45%. Dated Jan. 1, 1938 and due $5,000 on Jan. 1 from 1943 to 1952 incl. Other gency equivalent form of expression, decision of the bidders or legality" or using any but without leaving this question to the their counsel. All bids conditioned upon the approval of bidders or counsel, whether named or unnamed, will be treated conditional bids and rejected unless the condition is waived by the bidder to the satisfaction of the Board before the award has been made. as Delivery and payment for certificates, with accrued interest date, will be made at the State Treasurer's office on Feb. 15. to delivery MASSACHUSETTS BEVERLY, Mass.—NOTE OFFERING—John C. Lovett. City Treasurer, will receive bids until 11a.m. Jan. 17 for the purchase at discount of $300,000 revenue anticipation temporary loan notes, dated Jan. 17, 1938, and payable Nov. 4, 1938. Denoms. 8 for $25,000, 8 for $10,000 and 4 for $5,000. Said notes will be authenticated as to genuineness and validity by the First National Bank of Boston, under advice of Ropes, Gray. Boyden & Perkins, and all legal papers incident to this issue will be filed with said bank, where they may be inspected. Notes will be delivered on or about Jan. 18 at the First National Bank of Boston, 17 Court Street office, Boston, for Boston funds, and are payable at the First National Bank of Boston, in Boston, or at the Central Hanover Bank & Trust Co., in New York. 1936 levy 1937 levy Tax titles BOSTON, .$1,430,256 1,383.075 63,019 Mass .—MAYOR Uncollected Jan. 1, 1938Uncollected Jan. 1, 1938Tax title loans URGES DIVERSION OF $5,154 294,901 42,596 STATE GAS TAX REVENUES—Speaking at a Chamber of Commerce luncheon re¬ cently, Mayor Tobin urged the diversion of the State gasoline tax to mu¬ nicipal governments in order to avoid difficulties in local finances. Ex- Eressing the opinion that suggested is already "reasonably well supplied with ard roads," Mr. Tobin the State that the gas tax revenues be tinned over to cities and town as a means of effecting substantial reductions in tax rates. The Mayor again discussed the city's current financial stringency, in that an additional $12,000,000 in revenue must be obtained in order to balance the 1938 budget. It was also disclosed that he had appointed a board, consisting of Corporation Counsel, City Auditor and the Division Engineer of the Sewer Department, to make a complete study of all projected levies against the city for projects to be undertaken under the jurisdiction of the Metropolitan District Commission. Volume Financial 146 DEFICIT FINANCING—Mayor Tobin's recent statements to the effect that the city will requored an additional $12,000,000 in revenues to balance the 1938 budget, has focused attention on the extent to which the city has been obliged to rely each year on the sale of tax anticipation notes in order to finance current requirements. In this connection, it is pointed out that $82,000,000 received from all tax sources in 1937, no of the approximately less than $20,500,000 had to be used in the payment of notes which were 1936. While public sales of notes last year to mature in 1938, aggregated $21,000,000, it is understood that an additional issue of $2,000,000 was sold Dec. 29 to one of the trust funds, thus increasing 1938 ma¬ issued in income from real estate taxes, due to reduction of about $375,000,000 in the assessable basis since 1930, is illustrated in the fact that the levy in that year, with a $30.80, amounted to $60,750,000. For 1937, when the $38.70, or $7.90 higher than in 1930, the tax levy had advanced to tax rate of rate was only $61,500,000. In connection with the city's funded debt, it is pointed out that, while the volume is comparable to that of other municiplaities of similar size and wealth, the scale of maturities is deemed unfavorable in about one-third of the indebtedness is due to mature within the next ■, years. ■ that five • CHICOPEE, Mass.—NOTE SALE—An issue of $300,000 notes was sold 13 to the First National Bank of Boston, at 0.78% discount. Due Jan. Nov. 1. 1938. P DANVERS, Mass.—BOND CALL—The Board of Water Commissioners, the terms of the issue, announces that $30,000 water loan bonds, numbers 1 to 30 of $1,000 each. Dated March 1, 1910 and due March 1, 1940, will be redeemed at par and accrued interest on March 1, 1938. Bonds, in bearer form, together with all appertaining Interest cou¬ pons maturing on and after March 1, 1938, should be surrendered for redemption at the First National Bank of Boston. In case, however, any pursuant to bond is surrendered without the appertaining interest coupon maturing on March 1, 1938, the face amount of such coupon will be deducted from the redemption March 1, 1938- price. Interest on the bonds will cease to accrue after Other bids were: Discount Bidder Norfolk County Trust Co ....... New England Trust Co. (Plus $3 premium)...... First National Bank of Boston.............. ... - 0.21% ____0.22% 0.27% 0.35% R. L. Day & Co offered on Bank of Nov. 8, The Second National Bank of Boston FRAMINGHAM, Mass.—NOTE SALE—The $500,000 notes Jan. 10—V. 146, p. 307—were awarded to the Merchants National Boston on a 0.29% discount basis. The notes mature $400,000 1938, and $100,000 Nov. 22, 1938. bid 0.317% discount.^ NEEDHAM, Mass.—NOTE SALE—The Merchants National Bank of was awarded $100,000 notes at 0.23% discount. Due Nov. 10, Boston 1938. Other bids were: . Discoun 0.24% Bidder— Needham National Bank 0.25% Norfolk County Trust Co ADAMS, Mass.—NOTE SALE—The $100,000 revenue antici¬ loan notes offered on Jan. 12—V. 146, p. 307—were R. L. Day & Co. of Boston on a 0 35% discount basis. The payable Nov. 25, 1938. Other bids: NORTH pation temporary awarded to notes are Discount 0.41% « Bidder Merchants National Bank of Boston ..0.45% Whiting, Weeks & Knowles SPRINGFIELD, award Jan. 7 on INCREASED—Following the notes to the Merchants National Mass .—NOTE SALE of $500,000 revenue Bank and the Second National Bank, both of Boston, each taking $250,000 0.23% discount basis, City Treasurer George W. Rice, with the ap¬ proval of Mayor Roger L. Putnam, increased the amount of the loan to $2,000,000 when the two banks agreed to take $1,000,000 notes each at the same discount rate. The notes mature Nov. 8, 1938. on The right is reserved to tende.; at prices reject any and all tenders and no accrued interest can be above par, and considered. MINNESOTA Minn.— ELECTION—An election proposal to issue $70,000 city hall bonds INTERNATIONAL FALLS, will be held on Jan. 25 at which a will be submitted to a vote. KANDIYOHI COUNTY (P. O. Willmar), Minn.—BOND OFFERING— Aiditor, will receive bids until 2 p. m., Jan. 21, purchase of $75,000 drainage funding bonds. Interest rate is not to exceed 3%. Denom. $1,000. Dated Feb. 1, 1938. Prin. and semi-ann. int. payable at place designated by the purchaser in his bid. Due $15,000 yearly on Feb. 1 from 1941 to 1945. Cert, check for $1,500, payable to the County Treasurer, required. The blank bonds and the approvnig opinion of Junell, Fletcher, Dorsey, Barker & Colman of Minneapolis will be furnished by the county. Peter Heimdahl, County for the MILLE LACS COUNTY (P. O. Milaca), Minn.— WARRANT OFFER¬ Moore Munier, County Auditor, will receive bids until ING—Florence 2 p. m., Feb. 1 on an issue of $10,000 3% master warrants. Minn.—CITY'S DEBT PLACED AT $47,000,000— Minneapolis starts 1938 with the largest municipal debt in the city's history and with the probability the debt will be increased during the year. George MINNEAPOLIS, M. Link, Board of Estimate and Taxation Secretary, announced. Net debt of the city stands at a new high of about $47,000,000—an in¬ of approximately $3,500,000 in 1937, Mr. Link said. Gross debt, including bonds which will be paid from sources other than ad valorem taxes, amounts to about $67,225,000. Further increase in the debt is predicted by Mr. Link because the sinking fund from which bonds are retired has been reduced to less than $3,000,000. With about $3,500,000 in bond maturities due this year and with a tax levy of only $2,882,000 for the sinking fund, the sinking fund nearly will be depleted by prin. and int. payments or the city must start a bond-refunding program, Mr. Link said. Municipal expenditures totaled more than $47,000,000 in 1937, Mr. Link said. Heaviest expense was direct and work relief which took $18,000,000. About $8,000,000 went for schools, $7,500,000 for interest and principal on gross debt and more than $12,000,000 divided for all other expenses. Sources of income were: ad valorem taxes, about $21,000,000; Federal and State aid, $14,700,000; bofrowing, $8,000,000, and earnings of the crease DEDHAM, Mass.—NOTE SALE—The $100,000 tax anticipation notes offered on Jan. 12 were awarded to the Merchants National Bank of Boston on a 0.20% discount basis. The notes are dated Jan. 13, 1938 and mature Nov. 11, 1938. The Second National Bank of Boston bid 0.21% discount, plus $1.25 premium. . '• numbers, the portion of each road (whether county portion, township por tion, city portion, or assessment district portion), and shall stipulate the lowest price at which the owner will sell said bonds to the sinking fund. Bids to be firm through Thursday, Jan. 27, 1938. Accrued interest on bonds purchased will be computed to and including Jan. 31, 1938, and all bonds must have May 1, 1938, and all subsequent coupons attached, and be delivered to the Detroit Trust Co. of Detroit, on or before Feb. 1, 1938. The decline in 1937. turities to $23,000,000, or $2,500,000 more than in 469 Chronicle a water works 1939 to 1953, incl. Merchants National Bank PALISADE INDEPENDENT SCHOOL Minn.—BONDS NOT SOLD—The $2,500 _ DISTRICT (P. O. Palisade), school building bonds offered on 140—were not sold, according to Jan. 7—V. 146, p. the District Clerk. SHELLY, Minn.—BOND OFFERING— S. A. Uhler, Village Recorder, bids until Jan. 24 for the purchase of an issue of $10,000 water works system bonds. will receive SHERBURN, Minn.—BOND bonds offered for $12,000 SALE— The issue of village 30—V. 145, p. 4151—was purchased by 3s at par, according to the Village Due $1,000 from Jan. 15, 1939 to 1950 incl. Dec. sale on J. M. Daln & Co. of Minneapolis, as Clerk. Dated Jan. 15, 1938. Offerings Wanted: LOUISIANA & MISSISSIPPI MUNICIPALS Bond 0.26% 0.267% Day Trust Co First National Bank of Boston.. ,. NORWOOD, Minn.—BOND SALE—The $10,000 issue of funding bonds offered for sale on Jan. 10—V. 416, p. 308—was awarded to the AllisonWilliams Co. of Minneapolis, as 3s, paying a premium of $115.00, equal to 101.15, a basis of about 2.81%. Dated Jan. 1, 1938. Due $1,000 from Jan. 1, 1940 to 1949 incl. V . ■ Discount 0.247% 0.25% " Second National Bank of Boston $3,500,000. SCHOOL DISTRICT NO. 8 (P. O. Shelby), Minn.—BOND SALE—The $15,000 issue of Z%% semi-annual 8—V. 146 p. 308—was awarded to Piper, Jaffray & Hopwood of Minneapolis paying a premium of $75, equal to 100.50, a basis of about 3.68%. Dated Jan. 3, 1938. Due $1,000 from OTHER BIDS— ■ departments, school bonds offered for sale on Jan. WORCESTER, Mass.—NOTE SALE—The $600,000 revenue anticipa¬ tion notes offered on Jan. 10—V. 146, p. 307—were awarded to the State Street Trust Co. of Boston on a 0.23% discount basis. Dated Jan. 11, 1938, and payable Nov. 4, 1938. Bidder— other and NORMAN COUNTY COMMON Department BANK WHITNEY NATIONAL NEW ORLEANS, Bell Teletype N. LA. . Raymond 0409 O. 182 MICHIGAN MUNICIPALS MISSISSIPPI Cray, McFawn & Petter GRAND DETROIT RAPIDS Telephone Cherry 6828 Telephone 9-8255 A.T.T. Tel. DET 540-541 A.T.T. Tel. Grps. 7 MICHIGAN Mich.—BOND OFFERING— O. A. Kasemeyer, City Comp¬ troller, will receive sealed bids until 4 p. m. on Jan. 17 for the purchase of $35,000 not to exceed 3% interest general obligation bridge construction bonds. Dated Dec. 1 1937. Due Dec. 1 as follows: $3,000 from 1940 to 1950, incl., and $1,000 in 1956 and 1957. Bonds are part of a $350,000 issue authorized at an election on June 8, 1937. City to furnish the oon^jj, with the legal opinion to be supplied by the successful bidder. A certified check for 2% of the issue is required. BAY CITY, DURAND, Mich.—BONDS VOTED—At an election held on Jan. 10 the proposition calling for the issuance of residents voted 122 to 39 in favor of a $30,000 sewage system bonds. Grand Rapids), Mich.—BOND Township Clerk, will receive bids until GRAND RAPIDS TOWNSHIP (P. O. OFFERING—Earl D. Hulliberger, $12,000 4% coupon, registerable as to principal, special assessment discrict bonds. These bonds were to have been sold on Jan. 5, but the offering was postponed. Denom. $1,000. Dated Dec. 1, 1937. Interest payable June 1 and Dec. 1. Due on June 1 as follows: $1,000, 1940 to 1947, and $2,000. 1948 and 1949. Certified check for 2% Jan. 19 for the purchase of BOLIVAR COUNTY BROOKHAVEN Clerk O. OAKLAND COUNTY (P. O. Pontiac), Mich .—REVENGES SHOW $1,560,000 DECREASE—The County Treasurer's office collected $1,560,000 less in 1937 than it did in 1936, a report A. Sparks revealed. Collections in 1937 in 1936. issued recently by Treasurer Charles $4,416,427.66, compared to $5,586,232.67 Mr. Sparks said that the decrease was due to lower receipts from totaled delinquent taxes. OAKLAND COUNTY (P. O. Pontiac). Mich.—TENDERS WANTED —It is announced that sealed tenders or county highway improvement (Covert) refunding bonds will be received at the office of the Board of Road Commissioners, 550 Telegraph Road Pontiac up to 10 a. m. Jan. 24 at which time and place they will be publicly opened and read. Information concerning the extent of available funds on each of the several issues will be furnished upon request to the Board of Commissioners. All tenders shall be submitted in writing sealed and marked "Tender of Bonds" and snail specify the road assessment district number, the bond County , . DISTRICT (P. O. Brook- OFFERING— It is stated that the of Brookhaven. ^ Bidders will name the coupon Mayor and Board rates and are ^ requested to submit propo¬ each of the following plans: 1. $2,000 due each year beginning March 1, 1939 through March 1,1948; $3,000 due each year beginning March 1, 1949 through March 1, 1958. 2. $2,000 due each year for 25 years, beginning with the year 1939 and ending with the year 1963; 3. $2,000 maturing each year beginning March 1,1943 or five years from date of issuance, the last bonds maturing 30 years from date of issuance. The Mayor and Board of Aldermen reserve the right to decide upon which of the above three options the bid will be awarded, taking into con¬ sitions on maturities of bonds on the taxpayers and the present outstanding ma¬ overlapping debt of the Brookhaven Separate School District. requested to specif* whether or not such bids include cost sideration the interest of turities of the Bidders are also by (P. , City of Brookhaven, governing authority for the above District, will receive bids at their meeting on Jan. 18, at 7 p. m., for the purchase of a $50,000 issue of school bonds, approved by the voters at an election held on Oct. 5, 1937. Bids to be addrassed to Eben M. Bee, City of COUNTY SEPARATE SCHOOL haven), Miss.—BOND , of Aldermen of the Ionia), Mich.—BOND SALE—The $5,900 offered on Jan. 10 were awarded as follows: $4,000 to Thomas Halloran of Ilubbardsville, as 3s; and $1,900 to Morris Morrison of Ionia as 3%s. Dated Jan. 17, 1938. Due April 1 as follows: $1,000, 1939 to 1943; and $900 in 1944. IONIA Miss.—PRICE PAID—It is , of amount of issue, required. Assessment District Drain bonds (P. O. Cleveland), reported by the Clerk of the Chancery Court that the $142,000 3M % semi¬ annual refunding bonds purchased by the First National Bans: of Memphis, as reported in these columns recently—V. 146, p. 308—were sold at par. Due from Jan. 1. 1939 to 1949. „ . The proceeds of the above bonds, together with a cash sinking fund, will be used to retire two issues bearing 5Vi% interest. These bonds are said to be direct county obligations, payable from an unlimited ad valorem tax. Legal approval by Charles & Trauernicht, of St. Louis. printing or engraving the Charles & Trauernicht bonds and cost of having such bonds approved of St. Louis, or some other recognized bond similar national reputation. These bonds will be sold subject to validation of the Chancery Court of Lincoln County, Miss. Each bid must be accompanied by a certified or cashier's check, payable to the City of Brookhaven in a sum equal to 2% of the par value of the bonds bid for as an evidence of good faith, and if the successful bidder shall fail promptly to comply with the terms of said bid, said check shall be forfeited to the City of Brookhaven as liquidated damages. When a bid is accepted by the City of Brookhaven, the check accompanying said bid shall be applied by the City of Brookhaven in part payment or the purchase price of the notes. The right is reserved to reject any and all bids. attorneys of is HARRISON COUNTY (P. O. Gulfport), Miss.—BONDS SOLD—It reported that $18,000 funding bonds have been purchased by Dane & Orleans, subject to validation, paying a premium of $187.50, Weil of New equal to 101.04. LAUDERDALE COUNTY (P. O. Meridian), Miss.—BONDS SOLD— Jan. 6, of the various issues of bonds aggregating $95,000, noted in these columns recently—V. 146, p. 140—a total of $81,500 bonds were awarded to a syndicate composed of the First National Bank of Meridian, 8charff & Jones, of New Orleans, the Municipal Securities Co. of Meridian, and the Union Planters National Bank & Trust Co. of Memphis, At the offering on 470 Financial 4s, paying a premium of $655.00, equal to 100.803, according to the Clerk of the Board of Supervisors. as MISSISSIPPI, State of—RULING EXPECTED SHORTLY ON IN¬ DUSTRIAL ACT APPEAL—With oral arguments completed, the Missis¬ sippi Supreme Court is expected to return a decision early in February in a taxpayer's suit attacking the 1936 Industrial Act by which local taxing units received authority to issue general obligation bonds in support of industrial projects. W. S. Albritton, taxpayer who filed the appeal, con¬ tends that the Act violates a constitutional prohibition against the use of public funds or credit for private gain. He attacked specifically a bond issue of $35,000 proposed by the City of Winona for establishment of a silk mill. Chancellor L. A. Smith at Winona in the first Court test of the Industrial Act affirmed its validity. Chronicle Jan. MONTANA, State of—1937 PROFIT PUT AT $1,062,855—An NET Associated Press report from Helena on Jan. 4 reported as follows: State Auditor John J. Holmes reported today the State's net profit for 1937 was $1,062,855.18. With a few minor receipts to be added to the total, Auditor Holmes estimated the State's income at $35,835,629.82 for 1937. Gross disbursements, with small items yet to be placed in the final books, were estimated at $34,772,774.64. The estimated income for 1937 was $641,064.26 more than the State's receipts of $35,194,565.56 for 1936. total Disbursements during 1937 also increased, total expenditures last year exceeding the 1936 total of $33,534,906.39 by $1,237,868.25, the Auditor said. SANDERS COUNTY NATCHEZ, Miss.—DETAILS ON TOLL BRIDGE BOND CONTRACT— In connection with the report given in these columns in December that a resolution had been adopted by the Board of Aldermen accepting the pro¬ posal made by B. J. Van Ingen & Co., Inc., of New York, to purchase not exceeding $2,500,000 revenue bonds, the proceds to be used to build a toll bridge across the Mississippi River—V. 145, p. 4151—it is stated by Lemuel P. Conner, City Clerk, that the contract calls for the sale of the bonds at par with a coupon rate not in excess of 5% and maturity not to exceed 30 years. The contract is said to provide also that the bonds be subject to redemption at a price or prices not to exceed 105.00 and accrued interest, as may be determined later. They are to be approved by Masslich & Mitchell of New York, and the contract contemplates that delivery will be made not later than Sept. 1, 1938, or within such extended period or periods as may be specified by the purchasers. The purchaser has agreed to pay for the preparation of the trust indenture, the fees of the bond attorneys, the printing and other items. 1958 15, SCHOOL DISTRICT NO. 9 (P. O. Dixon). Mont.—BOND ELECTION—An election has been called for Jan. 15 at which the voters will pass on a proposition calling for the issuance of $15,000 school addition building bonds. SHERIDAN COUNTY SCHOOL DISTRICT NO. 29 (P.. O. Plentywood) Mont.—BONDS NOT SOLD—The $2,000 issue of not to exceed 6% semi-ann. gymnasium bonds offered on Dec. 28—V. 145, p. 3694—was not sold, according to the District Clerk. NEBRASKA DAKOTA COUNTY TO PUBLIC—It is (P. O. Dakota City), Neb.—BONDS OFFERED that Stranahan, Harris & Co., Inc., Toledo, stated Surchased recently an issue of $1,850,000 4% semi-ann. Dec. 1 1957. City coupon Sioux The ridge revenue bonds. Dated Dec. 1, 1937. Due on above firm offered these bonds PRENTISS, Mis*.—BOND SALE—The $11,000 issue of water main extension coupon bonds offered for sale on Jan. 4—V. 145, p. 4002—was awarded to Kenneth G. Price & Co. of McComb, as 5s, pajing a premium of $50, equal to 100.454, a basis of about 4.92%. Dated Feb. 1, 1938. Due from 1939 to 1950. We are informed by B. G. received was an offer of Walden, Town Clerk, that the only other bid on 5s, submitted by J. H. Overstreet, of par McComb, Miss. MISSOURI Markets in all on Jan. 14 for public subscription. priced at 103 and accrued interest and are callable in whole or in part by lot at the option of the Board of County Commissioners of Dakota County, Nebraska, or through operation of the sinking fund, on any interest payment date on 30 days' notice at 103 if called prior to Dec. 1, 1941; 102 prior to Dec. 1, 1945; 101 prior to Dec. 1,1949; and par thereafter to maturity, plus accrued interest in each case. These bonds are issued by Dakota County for the purchase from the Missouri River-Sioux Bridge Co. of a privately owned toll bridge connecting the City of Sioux City, Iowa with South Sioux City, Nebraska, on Federal Highway No. 20, and are payable solely from the net revenues derived from operation of the bridge. The bonds are The trust agreement under which the bonds are issued provides for a sink¬ ing fund into which shall be paid each month the net earnings of the preced¬ ing month. All money in the fund, after providing for interest requirements on the bonds, for the next succeeding interest payment, is to be used for retirement of the bonds by purchase at or below the call BONDS State, County & Town Issues price, or by call. Money not used for purchase of the bonds shall be used calling of the bonds by lot. Based on average gross revenues from operation of the bridge as reported by the prior owner for the past 10 years, average annual net earnings for period of $173,772 are shown, after adapting operation of the bridge to municipal ownership and allowing $50,000 for operation. Maximum in¬ SCHERCK, RICHTER COMPANY LANDRETH each six months for this BtPTJVw:.. ST. LOUIS, MC terest charges on the bonds will amount to $74,000, leaving an estimated $99,772 for debt retirement the first year. Based on this record of earnings, the bonds should be fully retired at the call prices approximately 5H years before maturity. MISSOURI BUNCETON SCHOOL NEBRASKA, State of—DELINQUENT TAX LA DISTRICT SALE—The $21,332 school have been sold. (P. O. Bunceton), Mo .—BOND building bonds recently approved by the voters CASSVILLE, Mo.—BOND SALE—An been sold to the Prescott, of Wright, $13,195, equal to 101.50. DUNKLIN COUNTY (P. O. issue of $1.3,000 sewer bonds has Snider Co. of Kansas City, at a price Kennett) Mo.—BOND OFFERING— Sealed bids will be received until 10 a. m. on Jan. 31, by J. R. Oliver, County Clerk, for the purchase of a $50,000 issue of 3, and 4% court house bonds. Denom. $1,000. Dated July 1, 1937. Due $10,000 from 1943 to 1947 incl. Bids will be also received by the County Treasurer. EXCELSIOR SPRINGS, Mo.—PWA LOAN INCREASED—An increase of $52,000 in the amount of the loan for the development of mineral springs has been announced by the Public Works Administration. The increase in the allotment will supplement the present PWA allotment of $722,000 and will round out the water project, thereby protecting the PWA use and dispensation and particularly the paralysis. Because of rising costs and delays beyond the control of the applicant, the funds available under the original allotment have proved insufficient to provide for a hydro-therapy department par¬ ticularly designed for the treatment of hydro-thereapeutic cases and other complementary facilities which were included in the original plan, but eliminated in an attempt to stay within the allotment. Evidence has been investment. The project was designed to control the of mineral waters well adapted for medical purposes, treatment of infantile submitted which shows that the project will be able to more adequately if these features are restored. serve its purpose far KENNETT, Mo.—PWA LOAN INCREASED—An increase of $20,000 in the amount of the loan for an electric generating and distribution system has been announced by the Public Works Administration. The additional loan to the project will supplement the present PWA allotment of $160,000 which it received. The project was one of those halted by power injunction proceedings. Because of the legal delays, together with rising costs, the original allotment was found to be insuf¬ ficient. A recent survey showed substantial increases in the cost of labor and materials which led to increase of the loan portion of the allotment. swimming pool bonds. ROCKPORT, Mo.—BOND SALE DETAILS—In sale of the connection with recently by the Supreme Court at Lincoln. The Court ruled that penalties are not a part of the tax and that the Legislature, having power to fix penalties, likewise has the power to suspend them. Two previous laws had been invalidated before the last session of the Legislature corrected errors previously pointed out by the Court. Deputy County Treasurer Fred Armbrust said that the law has resulted in removing many delinquencies from the tax books, but has not resulted in any substantial increase in actual revenue. He pointed out that persons owing back taxes now have until Dec. 31 of next year to pay the principal and be relieved of penalties. Pending test of the law, made in a suit filed by Harry A. Tukey, Omaha realtor, the Treasurer's office has accepted payments as provided by the law, reserving the right to reinstate interest charges in event of the $90,000 light plant bonds, reported in these columns early in December—V. 145, p. 3694—It is stated by the City Clerk that the bonds purchased by the Ballard-Hassett Co. of Des Moines, as 4s at par. Denom. $1,000. Due $5,000 from Oct. 1, 1940 to 1957. incl. were LOUIS anticipation on COUNTY (P. O. Clayton) Mo.—NOTES SOLD—It is County Court approved the sale of $125,000 tax Jan. 6 the notes at 3 % %, as follows: 2. "A tax is not a debt in the sense that it bears interest after it becomes due, in the absence of a statute so providing." 3. "Penalties for nonpayment of taxes are creatures of statute and the legislative authority creating them may waive or remit them." 4. "The imposition of penalties for nonpayment of taxes is a method commonly used to induce prompt payment of a tax. The remission of pen¬ alties on unsold delinquent taxes is likewise a method that may be employed to induce payment of such taxes." 5. "Such remedial statutes are a legal exercise of the sovereign power of the State to enforce the collection of taxes." 6. "Penalties for nonpayment of taxes are punitive in their nature and their remission by the Legislature is an act of grace that is therefore not sub¬ ject to the provisions of Section 18, Article III of the Constitution." 7. "Chapter 167, Laws 1937, commonly called the Delinquent Tax Law, held not violative of the Constitution of this State." PLATTE VALLEY PUBLIC POWER AND TRICT, Neb.—SUPPLEMENTAL PWA LOAN a press release IRRIGATION DIS¬ APPROVED—The follow¬ (No. 3275), made public on Jan. 8 by the Public Works Administration: Approval of a supplemental loan of $1,061,000 for the Platte Valley Public Power and Irrigation District of Nebraska was announced today by Public Works Administrator Harold L. Ickes. The additional loan was made to bring the Platte Valley project to com¬ pletion. of which PWA previously made an allotment of $10,165,000 to the project, $2,344,777 has been advanced as a grant and $7,715,000 a loan. The allotment announced put the development PWA investment. into today was made to enable completion and to operable condition, thereby safeguarding the project when completed will make irrigable a great section of the State or Nebraska which is now subject to repeated droughts. It will also generate electricity which the District plans to sell throughout the State of Nebraska in conjunction with two other large districts also financed by $9O,O0O to the St. Louis County Bank, of Clayton. 35,000 to the First National Bank, of Clayton. Denom. $5,000. Due on Feb. 1, 1939. Callable in whole five days' notice. adverse Here is the line of The ST. reported that an by the Court.. reasoning followed by the Court: 1. "Impositions made by legislative authority for failure to pay taxes when due, whether designated as interest, penalties or costs, are in fact penalties." 'decision ing is the text of NORTH KANSAS CITY (P. O.Kansas City), Mo.—BOND ELECTION ■—It is reported that an election will be held on Feb. 8 in order to vote on the issuance of $70,000 in library, lecture hall and W RULED LEGAL— Validity of the legislative act cancelling interest penalties on delinquent real and personal taxes where the principal is paid was upheld by PWA. Funds for the additional loans or in part after are to be drawn from unallotted and un¬ obligated balance in the PWA revolving fund. WYMORE, Neb.—BOND ELECTION—AX, , that nan' —BONDS SOLD TO PWA—It is stated by the City Clerk $39,000 4% semi-annual power plant bonds have been purchased at par by the Public Works Administration. UNION, Mo.—BONDS SOLD—We are informed by H. O. Maune, City Clerk, that $40,000 3% semi-ann. auditorium bonds were sold on Dec 14 Mississippi Valley Trust Co. of St. Louis, for a premium of $364 00 equal to 100.91. Due serially from Feb. 1, 1939 to 1954, incl. ' to the MONTANA LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 13 (P. O. Creek), Mont.—BOND SALE—The $6,500 school building bonds offered on Dec. 18—V. 146, p. 3535—were awarded to the State Board of Land Commissioners. 18 a a special election set for Jan. proposal to issue $15,500 municipal buiiding and auditorium bonds will be submitted to the voters. NEW GRAFTON HAMPSHIRE COUNTY (P. O. Plymouth), N. H.—NOTE SALE— anticipation notes offered on Jan. 14—V. 146, p. 308— were awarded to the National Shawmut Bank of Boston on a .39% discount basis. Dated Jan. 20, 1938 and payable $50,000 Nov. 29, 1938, $100,000 Dec. 21, 1938 and $50,000 Jan. 20, 1939. The $200,000 tax PORTSMOUTH, N. H.—NOTE SALE—The $300,000 revenue antici¬ pation temporary loan notes offered on Jan. 11—V. 146, p. 309—were awarded to the Second National Bank of Boston on a 0.247% discount basis. The notes are payable $200,000 Sept. 15 and $100,000 Dec. 15, 1938. Chace, Whiteside & Co. of Boston bid 0.278% disc, for the notes. LIBERTY COUNTY SCHOOL DISTRICT NO. 29 (P. O. Joplin), Mont.—BOND OFFERING—David F. James, Chairman. Board of Trustees, will on Feb. 1, at 8 p. m. sell to the highest and best bidder for cash, either amortization or serial bonds of the school district in of the amount $5,000, for the purpose of enlarging, altering, repairing and building an on the now existing schoolhouse. Amortization bonds will be the addition first choice and serial bonds will be the second choice of the school board. All bids other than by or on behalf of the State Board of Land Commis¬ sioners must be accompanied by a certified check in the sum of $500, payable to the order of the Clerk. NEW ASBURY PARK, N. JERSEY J.—PROTECTIVE COMMITTEE URGES DE¬ POSIT OF SECURITIES—The protective committtee for security holders of the city headed by J. S. Rippel of J. S. Rippel & Co., Newark, is urging all holders of bonds or notes of the city, who have not done so, to deposit approval of the plan of refunding of the city's obligations. Jersey Supreme Court has granted the city an extension to Feb. 1, 1938, to obtain the consents necessary under the plan, which has been approved by the committee. their securities in The New Volume Financial 146 with either of the city's depositaries, Central Deposits may be made Hanover Bank & Trust Co., New York, or Asbury Park & Ocean Bank, Asbury Park, or with the committee's depository, Fidelity Grove Union Trust Co. in Newark. have been received from holders of a substantial majority of Asbury Park's obligations, according to the committee's notice Consents the plan to to holders. In addition to Mr. Rippel the committee members include Franck C. Ferguson, Frank E. Quinby, Russell V. Adams, Horace H. Corbin, William K. Paton, Julius A. Rippel and W. E. Wetzel. McDermott, Enright & Carpenter, Jersey City, are counsel for the committee. BERLIN TOWNSHIP, N. J.—BOND ISSUE APPROVED—The State Funding Commission has approved an issue of $44,000 refunding bonds. Ordinance provides for a full cash basis in accordance with the Local Bond Law. EDGEWATER, N. J.—BOND SALE REPORT—The $45,000 Works Progress Administration project bonds authorized last December will be taken by the Police and Fire Pension Funds. GLOUCESTER N. TOWNSHIP, J.—1937 COLLECTIONS TAX VERY POOR—Inadequate tax collections in 1937 threatened to boost the 1938 tax rate by 5j%., it was disclosed Jan. 12 by William Smith, of Black¬ wood, Chairman of the township finance committee. Smith said the 1937 tax levy was $l$l,u91.5d, of which $86,121,18 was collected. LINDENWOLD, N. J.—BOND ISSUE REJECTED—The State Fund¬ ing Commission on Jan. 7 refused to approve an ordinance providing for the issuance of $117,000 refunding bonds on the ground that the original information filed with the commission provided for acceptance of a full cash basis, while the ordinance recently tendered contains no such provision. (P. O. Cold Spring), N. J .—BONDS NOT DATE ANNOUNCED—Bertram Synder, Township Clerk, informs us that no bids were received at the Jan. 12 offering of $35,000 not to exceed 5% interest coupon or registered general refunding bonds. The issue is being re-offered for sale on Jan. 26. Dated Nov. 1, 1937 and due Nov. 1 as follows: $1,500 from 1939 to 1960 incl. and $2,000 in 1961. Legality approved by Hawkins, Delafield & Longfellow of New TOWNSHIP LOWER OFFERING SOLD—NEW York City. MATEWAN SCHOOL ELECTION—At an DISTRICT P. O. Matewan), N. J.—BOND of the district calling for the issuance of $30,000 school addition election scheduled for Feb. 8 the voters will pass on a proposition bonds, N. PALMYRA, J.—BOND ISSUE APPROVED—In approving the to issue $48,500 refunding bonds, the State Funding "While the Commission expressed itself as being of the borough's proposal Commission said: opinion that the borough might operate on a cash basis without difficulty, the fact that the proceedings are regular in all particulars and the borough does not appear to be in financial difficulties leads the Commission to assent to the ordinance." (The Commission was reported to have previously approved an ordinance covering the above issue, which provided for acceptance by the borough of a cash basis operation in accordance with Section 664 of Article VI-A of the Local Bond Act.) Although the proposal was discussed at considerable length, no formal action was taken by the State Funding Commission in connection with the borough's proposed refunding program. The conference, held Jan. 7, was attended by Mayor Ward, Borough Attorney McCay and Auditor Welcker, in addition to members of the commission. RARITAN TOWNSHIP DETAILS—The Commission, as J.—BOND SALE Sinking Fund in denoms. of Dec. 1 from 1938 to 1954 incl. Par was paid (P. O. Metuchen), N. $85,000 4% sewer bonds to the State previously reported in these columns, are $5,000 and mature $5,000 on for the issue. HEIGHTS, N. J.—BOND ISSUE APPROVED—The State SEASIDE Funding Commission has approved the borough's proposal to issue $120,000 refunding bonds to mature in not more than 12 years. Sale will permit the liquidation of all indebtedness in the form of tax revenue paper, and assessment paper carrying a high rate of interest. reported that the borough is contemplating a tax sale at an has made considerable progress in "placing its financial house in order." 471 Chronicle 1 from 1939 to 1958, incl. Brown, Harriman & prices to yield from .50% to 2.25%. $10,000 yearly on Jan. Co. reoffered the bonds to investors at UNION FREE SCHOOL DISTRICT NO. 28 (P. O. N. Y.—BOND SALE—The $25,000 coupon or registered 14—V. 146, p. 309—were awarded to B. J. Van Ingen & Co. of New Yor»c on a bid of 100.29 for 4%s, a basis of about 4.71%. Dated Jan. 1, 1938. Due Jan. 1 as follows: $2,000, 1941 to 1951; HEMPSTEAD Long Beach), school bonds offered on Jan. and $3,000 in 1952. NO. DISTRICT SCHOOL FREE UNION ISLIP 9 O. (P. Weat Y.—BOND SALE—The $58,000 general obligation, unlimited tax, school bonds offered on Jan. 12—V. 146, p. 142—were awarded to A. C. Allyn & Co. of New York on a bid of 100.188 for 2.40s, a basis of about 2.37%. Dated Jan. 15, 1938. Due Jan. 15 as follows: $6,000,1939 to 1947; and $4,000 in 1948. Islip), N. KENMORE, N. Y.—BOND OFFERING—Walter Ducker, Village Clerk, (Eastern Standard Time) on Jan. 20 purchase of $73,000 not to exceed 5% interest coupon or registered bonds, divided as follwos: will receive sealed bids until 2 p. m. for the $55,000 street improvement bonds. Due July 1 as follows: $5,000 from 1938 to 1942 incl. and $6,000 from 1943 to 1947 incl. 18,000 street equipment bonds. Due July 1 as follows: $3,000 in 1938 and 1939, and $4,000 from 1940 to 1942 incl. All of the bonds are dated Jan. 1, 1938. Denom. $1,000. Bidder to name a single rate of interest, expressed in a multiple of U. or l-10th of 1%. Prin¬ cipal and interest (J. & J.) payable at the State Bank of Kenmore, at Kenmore, with New York exchange, or at the Guaranty Trust Co., New York, at holder's option. The bonds are general obligations of the village, payable from unlimited taxes. A certified check for $1,500, payable to the order of the village, must accompany each proposal. The approving legal York City will be furnished opinion of Clay, Dillon & Vandewater of New the successful bidder. MAMARONECK, N. Y.—NOTE SALE— On Jan. 10 the town sold an issue of $225,000 tax anticipation notes to Leavitt & Co. of New York on a 0.90% basis. The notes are dated Jan. 10, 1938 and will mature May 10, 1938. The have notes Longfellow of N. NEWBURGH, been approved Y. City. N. as OFFERING— Renwick Y.—BOND Delafield & to legality by Hawkins, Anderson, City Manager, will receive sealed bids until 2 p.m. on Jan. 21 for the purchase of $3d,0U0 not to exceed 5% interest coupon or registered refunding bonds of 1938. Dated Feb. 1, 1938. Denom. $1,000. Due $5,000 on Feb. 1 from 1939 to 1944 incl. Bidder to name a single rate of interest, expressed in a Prin. and int. (F. & A.) payable at the Highland-Quassaick National Bank & Trust Co., Newburgh. A certified the order of the City Comptroller, must accom¬ pany each proposal. Legal opinion of Hawkins, Delafield & Longfellow of N. Y, City will be furnished the successful bidder. multiple of Y or 1-10th of 1%. check for $600, payable to Financial Statemen t Assessed valuation. _$40,550,500.00 ^ * (incl. this issue) 31,240. Total bonded debt Population, 3,684,556.03 , YORK, N. Y.—$15,000,000 REVENUE BILLS SOLD—Comptroller NEW D. McGoldrick announced Jan. 14 that an issue of $15,000,000 0.5q% tax anticipation revenue bills, dated Jan. 15, 1938 and due April 15, 1938, had been subscribed for by local banks.Proceeds will be used for pay¬ rolls due Jan. 15. The rate of interest is understood to be the lowest ever Joseph carried on obligations of this nature, and compares with that of 1*4% paid banks under the 4-year credit agreement. The the current offering was made to the approximately 26 banks which financed the city's temporary loan requirements pursuant to the terms of the agreement consummated in 1933. Although this ar¬ last the on sold issue to offer for subscriptions to rangement expired at the close of 1937, it is believed that Comptroller McGoldrick is endeavoring to continue certain features, notably that con¬ cerning financing by the banks of the municipal tax anticipation needs. In fixing the rate of 0.50% on the present issue, Mr. McGoldrick is said to have expressed the opinion that a higher rate is not justified in the light of the city's strong credit status. in addition will clear some The Commission early date and, moreover, SECAUCUS, N. J.—BOND OFFERING—Sealed bids addressed to Adrian received until 8 p. m. on Jan. 25 for the purchase $34,Uuu not to exceed 5% interest coupon or registered sewer bonds. Dated Feb. 1, 1938. uenom. $l,duu. Due $1,000 on Feb. 1 from 1939 to 19/2 incl. Bidder to name a single rate of interest, expressed in a mul¬ tiple of }4 of 1 %. The price for which the bonds may be sold cannot exceed $35,000. Prin. and int. (F. & A.) payable at the First National Bank, North Bergen. A cert, check for $68U, payable to the order of the town, must accompany each proposal. The approving legal opinion of Reed, Hoyt & Wasnburn of N. Y. City, that the bonds are valid and legally bind¬ ing obligations of the town, will be furnished the successful bidder. Post, Town Clerk, will be of WEST NEW YORK, N. J.—BOND OFFERING—Charles Swensen, sealed bids until 8 p. m. on Jan. 18 for the purchase Town Clerk, will receive relief of $150,000 not to exceed 6% interest coupon or registered emergency bonds. Dated Jan. 15, 1938. Denom. $1,000. Due Jan. 15 as follows: 1946. Bidder to of 1%. Principal office. The price A certified check for $3,000, payable to the order of the town, must accompany each pro¬ posal. The approving legal opinion of Reed, Hoyt & Washburn of New $19,000 from 1939 to 1944 incl. and $18,000 in 1945 and name a single rate of in erest, expressed in a multiple of *4 and interest (J. & J. 15) payable at the Town Tresaurer's for which the bonds may be sold cannot exceed $151,000. York City will be furnished the successful bidder. NEW valuation of the property subject to the taxing power The total bonded debt of the city, issued or above mentioned bonds, is $1,437,000, of which $378,000 is water debt, and $56,000 is to retire a like amount of presently outstanding bonds. The population of said City of Beacon (1930 census) was 11,921. The bonded debt above stated does not include the debt of any other subdivision having power to levy taxes upon any or all of the property subject to the taxing power of the city. The fiscal year commences Jan. 1. The amount of taxes levied for each of the fiscal years commencing Jan. 1, 1934, Jan. 1, 1935, and Jan. 1, 1936, was respectively, $381,327.33, $406,631.70, and $408,075.59. The amount of such taxes uncollected at the end of each of said fiscal years, was respectively, $53,386.65, $53,965.26, and $46,002.19. The amount of such taxes remaining uncollected as of Dec. 20, 1937, is respectively $6,162.62, $11,664.46, and $22,424.45. The taxes of the fiscal year commencing Jan. 1, 1937, amount to $418,603.43 of which $377,078.24 have been collected. of the city, Comptroller. This was illustrated in the fact that immediately following the Comptroller's announcement, the notes were quoted in the market 0.20% bid, 0.18% asked. Under the State Constitution, all obligations must be paid in cash at maturity and cannot be renewed or refunded. Revenues against which they are issued are pledged for their payment and when collected must be set aside and impounded in a special fund to meet the debt at maturity. Although the bulk of the recent offering was pur¬ chased by banks for portfolio additions, a keen demand for the liens was evidenced from investment houses for re-offering purposes. Allotments at follows: were as $3,600,000 Each Bank, National City Bank. Bank of the Manhattan Co., Barr amount O. Tuckahoe), N. Y.—CERTIFICATES SOLD —An issue of $100,000 1% certificates of indebtedness was sold recently to the National City Bank of New York, according to report. ELMIRA, N. Y .—BOND OFFER ING—Sealed bids addressed to Eleanor will be received until 2 p. m. on Jan. 19 purchase of $85,000 not to exceed 5% interest coupon or registered debt equalization bonds, series of 1938. Dated Feb. 1, 1938. Denom. $1,000. Due Feb. 1 as follows: $20,000, 1940; $25,000 in 1941, and $20,000 n 1942 and 1943. Bidder to name a single rate of interest, expressed in a multiple of Y. of l-10th of 1%. Principal and interest (F. & A.) payable at the City Cnamberlain's office. A certified check for 2% must accompany each proposal. The approving legal opinion of Hawkins, Delafield & Long¬ fellow of New York City will be furnished the successful bidder. F. Conevery, City Chamberlain, for the Catakill), N. Y.—BOND SALE— The $200,000 coupon, fully registerable, general obligation, unlimited tax, county home addition and bridge bonds, offered on Jan. 14—V. 146, p. 309 —were awarded to Brown, Harriman & Co. of New York on a bid of 100.6599 for 2.20s, a basis of about 2.17%. Dated Jan. 1, 1938. Due GREENE COUNTY (P. O. York. Allyn & Co. Stevenson & Co. Cassatt & Co. First of Michigan Corp. Gertler & Paine, Co. Co. Webber & Co. & Iiutter Hanseatic Corp. Speyer & Co. Webster and Blodgett, , Stone and T Inc. $1,000,000 Each York Trust Co. Brooklyn Trust Co. Commercial Bank & Trust Co. Commercial Nat. Bank & Trust Co. Empire Trust Co. National Commercial Bank & Trust of New Co., Albany. Schroder Trust Co. of Albany, Albany. State Bank Co. Seligman & Co. $200,000 Each Trust Co. of North America. C. F. Childs & Co. J. & Co. , New Heidelbach, Ichelheimer & Co. Kidder Peabody & Co. Devine & Co. Halsey, Stuart & Co. Ladenburg, Thalmann Lazard Freres & Co. Trust Co., Albany. Trust Co. Trust Co. Harris Trust & Savings Bank. Blyth & Co. J. Henry Co. Bank of Bacon $1,400,000 Each Bank Harriman Bank & Ave. A. C. City Bank Farmers Trust Co. Public National Bank & Trust Co. (P. Bros Centre. $2,000,000 Each Y. County Trust Co. Brown Sterling National Bank & Trust Co, United States Trust Co. of New York , Chemical Bank & Trust Co. N, $400,000 Each Bronx Lawyers County Trust Co. Liberty Bank, Buffalo. South Shore Trust Co., Rockville Bros. Sachs & Schwamm & Co. H. L. Fulton Pressprich & Co. Salomon Bros. & Hutzler. Smith-Barney & Co. Goldman Co. Phelps, Fenn & Co. First W. C. J. Gibbons & B. Fifth Bancamerica-Blari Corp. Brown Harriman & Co. First Boston Corp. R. Co. Emanuel & Co. Geo. Federation Brothers & Co. Lehman Dill ion & Eastman Bank & Trust Co. Bank. Guaranty Trust Co. M. and T. Trust Co., Buffalo. Marine Trust Co., Buffalo. J. P. Morgan & Co. Hanover National First is $11,483,965. authorized including the EASTCHESTER Kings County Trust Co. Dominick & Dominick. Bankers Trust Co. Central $800,000 Each Trust Co. Irving National Chase $2,400,000 Each Financial Statement assessed of)—$100,000,000 NOTES SOLD—State Comp" 10 the allotment of an issue of (State Tremaine announced Jan. $100,000,000 general purposes notes to some 80 banks and investment bank¬ ing houses throughout the State. They bear interest at an annual rate of 0.25%, are dated Jan. 12, 1938, and mature May 12, 1938. Demand for the notes far exceeded the amount of the offering, according to the YORK BEACON, N. Y.—BOND SALE—The issue of $260,000 coupon or registered unlimited tax school bonds offered on Jan. 11—V. 146, p. 141— was awarded to Sherwood & Reichard and Francis I. Du Pont & Co., both of New York, jointly, as 2.20s, at a price of 100.129, a basis of about 2.19%. Dated Jan. 1, 1938 and due March 1 as follows: $10,000, 1940 to 1944 incl.; $15,000 from 1945 to 1958 incl. The YORK NEW troller Morris S. &• W. Darby & Co. Hallgarten & Co. Ballin <fc Lee. Noyes & Co. Lauer & Co. Hannahs, Hemphill, Wm. E. , Co., Inc. G. M.-P. Murphy & Co. Morse Riter & Bros & Co. Rollins & Sons. Rotschild & Co. Starkweather & Co. Tucker Anthony & Co. White Weld & Co. E. H. L. F. State of —TAX BODY URGES PERMANENT BASIS EMERGENCY TAXES—The State Commission for the Revision of Laws on Jan. 7, recommended a permanent basis for the present emergency levies on the contention that the rise in State expenditures is not NEW YORK, FOR the Tax ^UrgfnfC'clear of the recognition" of this fact the Commission suggested provisions of the State income tax. capital gains and losses repeal 472 Financial Chronicle Former Senator Seabury C. Mastick, who signed the report, indicated that the $45,000,000 State surplus for the fiscal year 1936-37 probably will be reduced to about $2,000,000 in the current year. This prediction was made on the basis of estimated revenues of $387,660,000 for this year. The report added that the accumulated State deficit might rise to more than $20,000,000 by the end of the 1938-39 fiscal year. Because of Increases in various forms of State aid and a rise in tne debt Due July only $280,000,000, the Commission said. NEW Richmond, Va. Phone 3-9137 The Y.—ISOND $50,000 coupon or registered SALE— refunding bonds offered on Jan. 12—V. 146, p. 310—were awarded to Geo. B, Gibbons & Co. of New York on a bid of 100.38 for 4s, a basis of about 3.97%. Dated Feb. 1, 1938. Due Feb. 1 as follows: $2,000, 1939 to 1948; and $3,000, 1949 to 1958. AUTHORITY, N. Y.—FERGUSON RETAINS INSISTENCE—Insistence of his CHAIRMANSHIP AT COLLEAGUES' colleagues led (Jan. 6) to the retention by Frank C. Ferguson of the Chairmansip of the Port of New York Authority. His re-election was brought about at the annual meeting when Vice-Chairman Howard S. Cullman, whom Mr. Ferguson had nominated for Chairman, immediately declined and was joined by all other members of the Board in voicing the demand for Mr. Ferguson's continuance at the head of the bi-State organization. The unanimous renaming of Commissioner Cullman as Vice-Chairman followed, with Commissioner Keim nominating him seconded by Com¬ missioners John J. Pulleyn of New York, and Joseph M. Byrne Jr. of New Jersey. The Board completed reorganization for the ensuing year by re¬ electing John E. Ramsey as General Manager, and Julius Henry Cohen as General Counsel. In re-electing Mr. Ferguson as Chairman over his expressed wishes to relinquish the honor, his associates referred to the general progress made by the Port Authority during his incumbency; to the fact that the Lincoln Tunnel still in course of construction: and to his part in Port Authority to its present high financial rating. was bringing the available for delivery in exchange for the temporary bonds, at its Corporate Trust Department, 11 Broad Street, New York. ROCHESTER, N. Y.—BOND SALE— The $2,000,000 able as to coupon, register- principal and interest, public works bonds offered on Jan. 13 were awarded to a syndicate managed by Brown Harriman & Co. of New York and including Blyth & Co.; L. F. Rothschild & Co.; H. C. Wainwright & & Co., and Sherwood & Reichard, all of New York, as 1.70s, at par plus a premium of $1,198, equal to 100.0599, a basis of about 1.69%. Denom. $1,000. Dated Feb. 1, 1938. Prin. and semi-ann. int. (Feb. 1 and Aug. 1), payable at the Guaranty Trust Co., New York. Due Feb. 1 as follows: A. T. T. Tel. Rich. Va. 83 NORTH CABARRUS COUNTY (P. CAROLINA O. Concord), N. C.—BOND SALE— school building bonds offered for sale on The $300,000 issue of coupon Jan. 11—V. 146, p. 142—was awarded New York and Scott, Horner & Mason, to Chase National Bank of the Inc., of Lynchburg, Va., paying premium of $75, equal to 100.025, for the bonds divided as follows: $255,000 as 3s maturing $15,000 on Dec. 1 from 1939 to 1955, and $45,000 as 2Mb maturing $15,000 from Dec. 1, 1956 to 1958. a CHAPEL HILL, N. C —BOND SALE— The $16,000 coupon, registeras to principal, street improvement bonds offered on Jan. 11—V. 146, 143—were awarded to Oscar Burnett & Co. of Greensboro at par plus a premium of $63.63, equal to 100.397, taking the first $10,000 bonds as 3 Ms and the balance of the issue as 3Ms. Dated Oct. 1, 1937. Due on Oct. 1 as follows: $1,000, 1939 to 1942, and $2,000, 1943 to 1948. The William B. Greene Co. of Winston-Salem bid a premium of $5.01 for $12,000. 3Ms and $4,000 3Ms. able p. DURHAM, N. C.—BOND SALE—The $180,000 coupon or registered bonds offered on Jan. 11—V. 145, p. 4154—were awarded to the Chase National Bank of New York and the Fidelity Bank & Trust Co. of Durham, jointly, at 1955 PORT OF NEW YORK AUTHORITY, N. Y.—DEFINITIVE BONDS BEADY—The Chase National Bank announces that definitive general and refunding bonds 5th series 3)4%, due Aug. 15, 1977 of the Authority, are now 3yzs 1, 1944 @ 2.10% basis F. W. CRAIGIE & COMPANY YORK PORT JERVIS, N. PORT OF NEW YORK 1938 15, $50,000 STATE OF NORTH CAROLINA service the State will require permanent revenues of from $350,000,000 to $400,000,000 annually, tne report said. Permanent revenues now amount to fan. as bonds a price of 100.04, taking $97,000 bonds maturing from 1941 to 1956 to 1969 as 3s. The 3 M» and $83,000 bonds running from divided into four issues, as follows: are $75,000 sewer bonds. Due on Jan. 1 as follows: $2,000, 1941 to 1949, and $3,000, 1950 to 1968, all incl. 50,000 street bonds. Due on Jan. 1 as follows: $1,000, 1941 to 1948, and $2,000, 1949 to 1969, all incl. 40,000 park bonds. Due on Jan. 1 as follows: $1,000, 1941 to 1946, and $2,000, 1947 to 1963, all incl. 15,000 cemetery bonds. Due on Jan. 1 as follows: $1,000, 1941 to 1947, and $2,000, 1948 to 1951, all incl. Denom. $1,000. Dated Jan. 1, 1938. ROCKY MOUNT, N. C —BOND OFFERING— Sealed bids will be received until 11 a. m. on Jan. 25, by W. E. Easterling, Secretary of the Local Government Commission, at his office in Raleigh, for the purchase of a $500,000 issue of coupon or registered water supply and electric light $225,000, 1940 to 1943; and $220,000, 1944 to 1948. The Harris Trust & Savings Bank of New York, representing a syndicate, submitted the second high bid, offering a premium of $4,540 for 1M% bonds. system bonds. Interest rate is not to exceed 6%, payable A. & O. Denom. $1,000. Dated Feb. 1, 1938. Due on April 1 as follows: $10,000, 1939 to SOUTHAMPTON UNION FREE SCHOOL DISTRICT NO. 2 (P. O. Westhampton Beach), N. Y.—BOND SALE—The $280,000 coupon or registered school building bonds offered Jan. 10—V. 146, p. 142—were awarded to Phelps, Fenn & Co. of New York, as 2.90s, at a price of 100.16, a basis of about 2.89%. Dated Jan. 15, 1938, and due Jan. 15 as follows: $8,000, 1939 to 1944. incl.: $9,000 from 1945 to 1952. incl., and $10,000 from 1953 to 1968, incl. Second high bid of 100.64 for 3s was made by Reed, Hoyt Delivery to be place of purchaser's choice. No bid may name more than two rates of interest, and each bid must specify the amount of bonds of each rate. The lowest interest cost to the city will determine the award of the bonds. No bid of less than par and accrued interest will be considered. Bids must be on a form to be furnished by the Secretary. A certified check for $10,000, payable to the State Treasurer, must accompany the bid. Sherwood & Reichard of New York. The third best bid of 100.63 for 3s 1944; $15,000, 1945; $10,000. 1946 to 1953; $15,000, 1954; $10,000. 1955; $24,000, 1956 to 1960, and $25,000, 1961 to 1968. Prin. and int. payable in lawful money in New York City. The approving opinion of & Washburn of New York, will be furnished the purchaser. made at submitted by George B. Gibbons & Co., Inc., New York. Phelps, Fenn & Co. made public re-offering of the bonds on a basis of a yield of 0.75% for the first maturing bonds to a price of 99 for the longerwas NORTH dated liens. DAKOTA HATTON, N. Dak.—BONDS VOTED—At STAMFORD, N. Y. (Delaware County)—BOND OFFERING—Gustave C. Wirtz, Village Clerk, will receive sealed bids until 1 p. m. on Jan. 21 for the purchase of $6,300 not to exceed 5% interest fire apparatus bonds. Dated Jan. 4, 1938. One bond for $300, others $1,000 each. Due Jan. 4 as follows: $1,000 from 1939 to 1944 incl. and $300 in 1945. Interest payable annually on Jan. 4. Payable in Stamford. A certified check for 2% required. TUCKAHOE, N. Y —FINANCIAL STATEMENT—The following is given in connection with the Jan. 17 offering of $67,500 not to exceed 5% interest improvement bonds, previously described in these columns— V. 146, p. 310: Financial Statement The assessed valuation of the property subject to the taxing power of the Village is $13,990,660. The total bonded debt of the Village, including the above-mentioned bonds is $663,230, of which amount none is water debt. The population of the Village (1930 Census) was 6,138. The bonded debt above stated does not include the debt of any other subdivision having power to levy taxes upon any or all of the property subject to the taxing power of the Village. The fiscal year commences March 1. The amount of taxes levied for each of the fiscal years commencing March 1, 1934, March 1, 1935, and March 1, 1936, was respectively $206,652.24 $175048.28 and $190,196.05. The amount of such taxes uncollected at the end of each of said fiscal years was respectively $44,217.72, $24,985.33 and $21,199.66. The amount of such taxes remaining uncollected as of Jan. 5, 1938 is respectively $3,829.89, $3,820.22 and $4,388.55. The taxes of the fiscal year commencing March 1,1937 amount to $213,217.86, of which $183,698.73 have been collected. an election held on a proposal calling for the issuance of $30,000 water works bonds proved by the voters, NORTH Jan. 10 was ap¬ DAKOTA, State of—CERTIFICATE AWARD POSTPONED —In connection with the offering on Jan. 11, of the $900,000 not to exceed 4% certificates of indebtedness, noted in these columns recently—V. 145, p. 4154—it is reported by James Mulloy, Secretary, State Industrial Com¬ mission, that the award was deferred .Dated Jan. 15,1938. Due $40j,000 on Nov. 15, 1938, and $500,000 on Jan. 15, 1939. N. RAINY BUTTE SCHOOL DISTRICT NO. Dak.—CERTIFICATES NOT SOLD—The were 11 (P. O. Rainy Butte), $1,000 4% certificates of Dec. 10—V. 145, p. 3697—were not sold as no bids received, according to the District Clerk. Due in two years. indebtedness offered on TORNING SCHOOL DISTRICT NO. 102 (P. O. Minot), N. Dak. —CERTIFICATES NOT SOLD—The $1,200 certificates of indebtedness offered for sale on Jan. 3—V. 145, p. 4154—were not sold as no bids received, according to the County were Auditor. UNION UNION FREE SCHOOL DISTRICT NO. 2 (P. O. Endwell), N. Y.—BOND SALE—The $186,000 coupon, fully registerable, general obligation, unlimited tax, school building bonds offered on Jan. 12—V. 146, p. 142—-were awarded to the Marine Trust Co. of Buffalo and R. D. White & Co. of New York as 2.70s, at par plus a premium of $948.60, equal to 100.51, basis of about 2.65%. Dated Dec. 1, 1937. Due on June 1 $8,000, 1940 to 1946, and $10,000. 1947 to 1959. Adams, McEntee & Co. and Paine, Webber & Co. of New York offered a premium of $613.80 for 2.70% bonds. Other bids were: Bidder— Int. Rate Premium Adams, McEntee & Co., Inc., and Paine, Webber as a follows: & Co J. & W. Seligman & Co. and George B. Gibbons & Co., Inc Inc _ D. & $613 80 Traders Trust Co. B. Bonbright & Co UTICA, N. Y.—CERTIFICATE and 2.75% 167.40 2.80% 409.20 983.94 George CENTRAL SCHOOL SALE— The £*. Y.—-BOND SALE—The DISTRICT NO. 1 (P. O. Vestal), $546,000 coupon or registered school building bonds offered on Jan. 11—V. 146, p. 310—were awarded to Halsey, Stuart & Co. of New York on a bid of 100.618 for 2.90s, a basis of about 2.84%. pated Jan. l, 1938. Due July 1 as follows: $17,000, 1939 and 1940; $19,000, 1941 and 1942; $20,000, 1943 and 1944; $21,000, 1945 to 1947; $23,000, 1948 and 1949, and $25,000, 1950 to 1962 inclusive. The Manufacturers & Traders Trust Co. of Buffalo, and George D. B. were associated with Halsey, Stuart & Co.. Bonbright & Co. of Rochester, Inc. in the purchase of the bonds. WESTCHESTER COUNTY ^JflCATES SOLD—An issue of indebtedness was sold to a (P. O. White Plains), N. Y.—CERof $500,000 1 M % tax anticipation certificates group of county banks. Due July 1, 1938. WOODSTOCK (P. O. Woodstock), N. Y.—NEW OFFERING SOON —According to the Town Supervisor, a new offering will be made shortly or the $32,000 not to exceed 6% interest town hall bonds for which all bids were returned unopened on Dec. 3. CLINTON TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Tiffin), Ohio—OTHER BIDS—The $30,000 school building bonds awarded Jan. 3 Seasongood & Mayer of Cincinnati, as 3s, at par plus a premium of $324.85, equal to 101.082, a basis of about 2.89%, as previously reported in these columns, were also bid for as follows: Bidder— Int. Rate Braun, Bosworth & Co $1,000,000 tax anticipa¬ tion certificates of indebtedness offered on Jan. 11—V. 146, p. 310—were awarded to the Chase National Bank of New York on a 0.32% interest basis plus a premium of $11. Dated Jan. 1, 1938 and payable July 12, 1938. The National City Bank of New York submitted a bid at 0.34% Interest plus $5 premium. VESTAL Eayment, he said, the existing indebtedness of $417,440 will be linquidated y1946. to 3% Bancamerica-Blair Corp. and Roosevelt & Weigold, Manufacturers 2 70% OHIO ASHTABULA COUNTY (P. O. Jefferson), Ohio—DEBT REDUCED $131,905 IN 1937—The county reduced its bonded debt by $131,905 in 1937, according to County Auditor W. R. Hillyer. At the present rate of G. Parr Ayres & Co Middendorf & Co : Ryan, Sutherland & Co Stephen Harrison & Co. Fox, Einhorn & Co., Inc i Tiffin National Bank Fullerton & Co., Inc Meyer, Smith & O'Brien Teachers Retirement System Pohl&Co Otis & Co. - Hawley, Huller & Co — — — - 3% 3% 3% 3% 3% 3% 3% 3% 3% 3 M% 3M% 3M% 3H% Premium $205.00 201.70 177.00 129.00 116.00 107.70 113.25 87.00 60.00 550.00 414.77 321.63 186.00 DEER PARK (P. O. Norwood), Ohio—BOND SALE—The issue of $2,400 special assessment sidewalk bonds offered Jan. 5—V. 145, p. 4006— was awarded to the Provident Savings Bank & Trust Co. of Cincinnati. Dated Jan. 1, 1938, and due $480 on Sept. 1 from 1939 to 1943. incl. DOVER, Ohio—BOND OFFERING—Eugene Hickin, Village Clerk, will receive bids until noon Feb. 3 for the purchase of $7,500 fire apparatus Interest rate is not to exceed 4M%. Denom. $500. Interest payable April 1 and Oct. 1. Due $500 on Oct. 1 in each of the years 1939, 1941, 1943, 1945 and 1947; and $1,000 on Oct, 1 in each of the years 1940, 1942, 1944, 1946 and 1948. Certified check for 10% of amount of bonds bid for, payable to the Village Treasurer, required. bonds. EUCLID, Ohio—TO REFUND MATURITIES—Clerk of Sinking Fund G. Hester, under date of Dec. 28, reported that the Sinking Fund Ohio, which has a total debt of $5,336,459, including Geo. Trustees of Euclid, Volume Financial 146 $4,502,509 special assessment bds. and notes, would redeem all Oct. 1, 1937, maturities of general bond obligations at par and accrued interest on Dec. 31, 1937. and subsequently. The special assessment bonds which matured Oct. 1, 1937, will be ex¬ changed with special assessment refunding bonds of 1937, issued Oct. 1, 1937, bearing 4% interest coupons, payable each April and Oct. 1, the first payment of interest being Apri 1, 1938. These bonds mature Oct. 1, 1943-52 and are callable Oct. 1, 1939, or any interest paying period there¬ after at not more than par value. Accrued interest will be paid from Oct. 1, 1937, to Dec. 31. 1937, at coupon rate. This, of course, will be adjusted with accrued interest at coupon rate of 4% on the new bonds for the period from Oct. 1, 1937, to Dec. 31, 1937. A copy of the preliminary legal opinion of Squire, Sanders & Dempsey covering the new issue will be furnished on demand; otherwise, same will accompany the new bonds. The matured bonds should be sent to the office of the Treasurer, attention of Sinking Fund Trustees, 1581 Chardon Road. Euclid. Ohio. •' LORAIN, Ohio—BOND OFFERING—Frank Ayres, City Auditor, will bids until noon Feb. 7 for the purchase at not less than par of $34,000 3 H% coupon fire apparatus bonds. Denom. $1,000. Dated Feb. 1, 1938. Principal and semi-annual interest (March 15 and Sept. 15) payable at the office of the Sinking Fund Trustees. Due $2,000 Sept. 15, 1939, and $4,000 yearly on Sept. 15 from 1940 to 1947. Certified check for 2% of amount of bonds bid for required. receive OKLAHOMA O. (P. election will be held on Jan. 22 in order to vote on the issuance of $1,750,000 in not to exceed 5% school building bonds. The maturity schedule has not been determined as yet. Mayor Frank Martin is said to have announced that the City Council will not resubmit the $6,500,000 issue for water system impt. and expansion that was defeated by the voters in a recent election. the Board of Education, that an OREGON COUNTY HARNEY SCHOOL DISTRICT NO. 29 (P. O. Burns), school building bonds offered on awarded to Merton DeLong of Portland Ore.—BOND SALE—The $5,000 coupon Dec. 27—V. 145, p. 4155—were at a price of par for 534s. payable June 1 and Denom._$500. Due Dec. JUNCTION CITY, Ore.—BOND of Datjd Dec. 1, 1937. Interest 1, 1947. OFFERING— It is reported that sealed until Jan. 24, for the purchase the City Recorder $50,000 issue of water system bonds. bids will be received by a City of Philadelphia Bonds due August Toledo), 1, 1977/47 106.038 & Interest to Net Price: $646,660 IN 1937—Bonded indebtedness of 3.50% Moncure Biddle & Co. 1520 Locust St., Excise bonds issued for poor relief amounted to Street Works Progress Administration sewer project, $32,340; and for payment of prior obligations, $608,000. amounted to (P. O. Oklahoma City), informed by J. G. Stearley, Clerk of SCHOOL DISTRCT CITY Okla.—BOND ELECTION—We are Ohio—NET DEBT REDUCED the county, which includes the city of Toledo, was reduced $646,660 in 1937, announces County Auditor Hale T. Shenefield. The county paid off $1,610,000 of its bonded debt of $7,559,040, but issuance of new and refunding of old bonds lowered the net reduction. County's outstanding indebtedness is $6,912,380. New bonds issued in the year totaled $760,340, while refunding operations COUNTY LUCAS 473 Chronicle Philadelphia $203,000. $120,000; for the Wheeling NORWOOD, Ohio—BOND SALE— The $16,800 coupon revenue defi¬ ciency bonds offered Jan. 10—V. 145, p. 4154—were awarded to Seasongood & Mayer of Cincinnati, as 2s, atjpar plus a premium of $74.10, equal to 100.44, a basis of about 1.89%. Dated Jan. 1, 1938, and due Jan. 1 as follows: $2,800 in 1939, and $2,000 from 1940 to 1946, incl. 15.65 17.00 Other bids— year Int. Rate Bidder— - - - P. E. - - Premium 2% 2% 2M% $74.10 54.00 2% 2% 2.50 8.00 - - 234% 234% 84.00 OAK HARBOR, Ohio—REPORTS SURPLUS OF $59,786—DEBT ONLY $6,275—Mrs. Cora Hetrick, Village Treasurer, reports that the vil¬ lage has a surplus of $55,422.80 in its water and light funds, with no bonded indebtedness on either utility. The bonded indebtedness for street improvements is $6,275, which is not in the sinking fund. yet due. There is a balance of $4,363.76 O. Dayton), Ohio—NEW SALE EFFECTED— ORIGINAL AWARD RESCINDED—A. C. Bergman, City Auditor, re¬ ports that owing to irregularities in the bid the award on Jan. 6 of $98,500 coupon sewer bonds to George T. Lennon & Co. of Columbus, as 2%s, at 100.16, as previously noted in these columns, was rescinded, and the loan subsequently sold to Meyer, Smith & O'Brien of Cincinnati, as 3s, at 101.77, a basis of about 2.83%. Bonds are dated Jan. 1, 1938, and mature Sept. 1 as follows: $2,500 in 1939, and $4,000 from 1940 to 1963, incl. OAKWOOD ROSS Chas. C. (P. COUNTY O. (P. Chillicothe), Ohio—BOND OFFERING— Commissioners, will receive bids Yost, Clerk, Board of County until noon Ja.. 31 for the purchase of an issue of $67,000 6% bridge im¬ Denom. $1,000. Dated Jan. 3, 1938. Principal and (April 1 and Oct. 1) payable at the County Treas¬ provement bonds. PENNSYLVANIA ALLEGHENY COUNTY (P. O. Pittsbui^h), Pa.—TAX COLLEC¬ TIONS AT RECORD HIGH—William M. Turner, County Treasurer, recently reported to the Board of Commissionres that collection of current taxes for 1937 established a new high in percentage volume and showed an increase of more than 1334% over the low period of 1932, when collec¬ tions dropped to 72.85%. In his review of last year's tax collections, Mr. Turner said: Actual cash collection of real and personal property taxes for the past aggregated $16,169,069.30 as compared with $14,944,898.94 for the previous year (1936). "Other tax collections by the Treasurer's office (including special levies against unreported personal property and lien docket taxes) increased the tax collections for the year just closed to $17,681,319.48, while the delin¬ quent tax office collected $3,120,901.91, which included penalties in the amount of $55,040.86, for a grand total tax collection for the year of $20,802,121.39." DELAWARE TOWNSHIP (P. O. Milton), Pa .—BOND B. Huffman, five years from date of issue. Certified check for required. Due on Oct. 1 as follows: $3,000, 1939 to 1951, and $4,000, tor 1 % of amount of bonds bid for required. Sanders & Dempsey of Cleveland will be Ohio—BONDS VOTED—At a approved a proposition to issue SOUTH CHARLESTON, held on Jan. 4 the voters disposal plant and sanitary sewer system special election $32,000 sewage bonds. SWANTON, Ohio—BONDS AUTHORIZED—'The Village passed an ordinance authorizing the issuance of $35,000 water gage revenue bonds. Council has works mort¬ TOLEDO, Ohio—TENTATIVE TAX RATE—Tax rate has been set $1,000 of assessed valuation, as contrasted with previous year. Reappraisal of real estate in the county boosted the city's assessable basis from $399,576,500 to $474,383,381, according to report. tentatively at $19 per the $20.60 rate for the YORKVILLE VILLAGE SCHOOL DISTRICT (P. O. Yorkville). Ohio—BOND OFFERING—Elsie Z. Kline, Clerk, Board of Education will receive bids until noon Jan. 27 on an issue of $75,000 4% school building impt. bonds. Denom. $1,500. Dated March 1, 1938. Int. payable semi-annually. Due $1,500 on M. & S. 1 in each of the years from 1939 to 1963, incl. Certified check for $750, payable to the Board of Education, required. R. J. EDWARDS, Inc. Municipal Bonds Since 1892 LINCOLN Pa.—BOND TOWNSHIP SCHOOL DISTRICT, Allegheny County, OFFERING—D. B. Andre, District Secretary, will receive 8p.m. Jan. 24 for the purchase of an issue of $5,000 coupon bonds. Bidders are to specify rate of interest, in a multiple of 34%, but not to exceed 4%. Denom. $500. Due $500 yearly on Feb. 1 from 1940 bids until to 1949. Certified check for $500, required. Feb. 1, 1938. Interest The bonds are to be dated annually on Feb. 1 and Aug. Scully & Churchill of Pittsburgh AT&T Ok Cy City, Oklahoma MEADVILLE, Pa.—BOND SALE—The issue PENNSYLVANIA (State of)—LOCAL turned down a proposal to issue $62,250 election the voters bonds. 1963. IDABEL, Okla.—BOND ELECTION—The City Council has called an will pass on a proposition to issue election for Jan. 19 at which the voters $17,000 city hall, jail and fire station bonds. SCHOOL DISTRICT NO. 54 Okla.—BOND OFFERING—W. G. Engle, District MOUNTAIN HOME CONSOLIDATED (P. O. Waurika), $10,000 school $1,000 yearly, Certified check for 2% of Clerk, will receive bids until 2 p. m. JaD. 18 on an issue of building bonds. Bidders are to name rate of int. Due beginning three years after date of bid, required. bonds. amount of OKLAHOMA. State of—NEW HIGHWAY BOND PROPOSAL DIS¬ CUSSED—Scheduled for consideration Jan. 10 at the convention of the State Association of County Supervisors, a proposal informally considered in Oklahoma calls for initiation of an Act to authorize a bond issue payable out of gasoline tax in support of a highway construction, and some of the sponsors have suggested a total as high as $100,000,000. Senator Allen G. Nichols, author of the $35,000,000 road program, recently invalidated by the Oklahoma Supreme Court, expects to present the plan to the super¬ visors. Oklahoma law limits to $400,000 the increase in State debt which may be incurred except by direct vote of the people. APPROVED—The Name of Municipality and Purpose of Issue— Northampton Borough School District, Northampton county—Funding Yeadon Borough, approved the mu¬ Date Approved Amt. Dec. 20 Floating indebtedness $35,000 County—Furnishing and improving and main¬ Delaware equipping a new borough hall; taining highways and streets 40,000 Dec. 21 50,000 Dec. 21 55,000 Dec. 22 10,000 Dec. 22 Park Borough School District, Delaware County—Erecting, equipping and furnishing a new Prospect school building or rebuilding, remodeling, enlarging, equipping, furnishing the building; acquiring sites or grounds — — Upper Providence Township School District, Montgom¬ County—Purchasing building site; erecting and furnishing school building Cooper Township School District, Clearfield County— Constructing and equipping school building Punxsutawney Borough School District, Jefferson County—Paying operating expenses---.---Potter County—Refunding the bonded Indebtedness ery Dec. 27 Dec. 27 AT the spite of the heavy drain for relief, 35,000 40,000 PENNSYLVANIA (State of)—EXPECTS $7,850,000 SURPLUS FISCAL YEAR END—Treasury officials estimated Jan. 12 that State would have $7,850,000 on hand, in 31. said, the State could at any time $115,000,000 in tax anticipation notes authorized by the float 1937 the first six months of this year were: $10,200,000 for January; $17,700,000 for February; $33,350,000 for March; $33,100,000 for April and $35,900,000 for May. This is a total of $130,250,000 that must be laid out for all expenses, in¬ cluding relief. But the Department of Public Assistance has been running a million dollars a month over the estimated $6,000,000 allotted. Estimated expenses for PHILADELPHIA, Pa.—SUPREME COURT RULINGS IN LITIGATION—The State Supreme Court on Jan. 5 FUND HOLDENVILLE, Okla.—BOND SALE—The $70,000 issue of water system improvement bonds offered for sale on Jan. 4—V. 146, p. 144—was awarded jointly to C. Edgar Honnold, and the First National Bank & Trust Co. of Oklahoma City, paying par for the bonds divided as follows: $12,000 as 424s, maturing from 1941 to 1944; $9,000 as 334s, maturing from 1945 to 1947; $9,000 as 434». maturing from 1948 to 1950; $24,000 as 534s, maturing from 1950 to 1958, and $16,000 as 5s, maturing from 1959 to ISSUES Department of Internal Affairs, Bureau of Municipal Affairs, has following bond issues. Information includes the name of nicipality, amount and purpose of issue and date approved: the part of Legislature. OKLAHOMA CLINTON, Okla.—BONDS DEFEATED—At a recent of $20,000 bonds offered 11—V. 145, p. 144—was awarded to E. H. Rollins & Sons, Inc. of Philadelphia, as 234s, at par plus a premium of $215.80, equal to 101.079, a basis of about 2.43%. Dated Jan. 1, 1938 and due in 1958; redeemable on and after Jan. 1, 1943. • Jan. any Long Distance 158 19 will be payable semi¬ 1. The approving opinion of Burgwin, will be furnished by the district. by the end of the fiscal year May Besides this cash, the Treasury Oklahoma $400, payable to the Township Supervisors, semi-annual interest urer's office. OFFERING— Secretary, Board of Township Supervisors, will receive Jan. 28 at the office of Hackenberg & Windsor, Solicitors, in Milton, on an issue of $4,000 434 % coupon sewer revenue bonds. Denom. $50. Dated Jan. 1, 1938. Principal and annual interest payable at the Farmers National Bank, Watsontown. Due Jan. 1, 1968; r3deemable after S. bids until 3 p. m. SINKING ruled "un¬ effect" the Act of May 28, 1937, under which the city was authorized to consolidate its sinking funds. In accordance with the measure, the city was enabled to eliminate from the 1938 budget an appropriation of $7,343,536 to the sinking funds for that year, as requested by the three sinking fund commissioners. By combining the funds, the constitutional and of no $8,000,000, maintained city was able to show an existing over-all surplus of about representing in the main an excess of requirements in the fund to retire the Delaware River Bridge bonds. Prior to passage of the in¬ validated Act, the city was obliged to maintain 44 separate funds. The high Court, on the same day, authorized the payment of $1,000,000 as the current year's instalment on the $5,667,015 shortage in the sinking fund due to the failure of City Council to make an appropriation of over $7,000,000 in 1935. ^ s„ , . „ This action had previously been declared illegal by the court. At the , t however, the tribunal agreed to permit instalment payments of $1,000,000 in each of the years 1936 and 1937. In apprpving of in¬ clusion of a similar sum in the 1938 budget, the court did so only with the understanding that the city pay into the sinking funds the sum of $7,343,536 which it sought to omit this year on the strength of the "surplus" resulting from the consolidation of the funds. As a result of the ruling, the city will be forced to add $7,343,536 to the already unbalanced budget for the year. The budget, according to Philadelphia press advices, at present calls for $89,000,000 of projected expenditures in contrast with certified revenues of about $72,000,000. Because of litigation surrounding the subject. Controller White has refused to certify the rental fee of $4,200,000 from the municipal gas works. The city real estate tax was continued at $1.70 per $100 of valuation last Dec. 15, when council failed to make any change in the 1937 levy. city's request, 474 Financial COURT CONTINUES RESTRAINING ORDER AGAINST MAYOR— The State Supreme Court on Jan. 6 continued its restraining order prevent¬ ing Mayor Wilson and the City of Philadelphia from taking over and oper¬ ating the municipal gas plant. Simultaneously, the Court referred the suit brought by United Gas Improvement Co. originally against the city to the Common Pleas Court No. 4 to have certain questions of fact determined, but did not release its jurisdiction in the matter. The litigation is the outgrowth of the Mayor's refusal to accept the terms provided for in an operating lease of the municipally-owned plant granted the United Gas utility, despite the fact that his veto of the contract had been overridden by City Council. LOSES CLAIM FOR PERSONAL TAXES FROM ESTATES—A final decision by the Orphans Court rejects the city's claim to 12% penalty for delinquent personal property tax due from estates of decendents who failed to pay the tax in their lifetime. According to Philadelphia press advices. Judge Ladner had allowed the face amount of the unpaid taxes, with 6% interest, in the estate of Benjamin T. Curtis, but dismissed the city's penalty claim. The court, in an opinion by Judge Klein, dismissed the city's exceptions to the ruling. PHILADELPHIA, Pa.—INVESTMENT BANKER URGES CLARI¬ FICATION OF SINKING FUND CASE—Prior to the State Supreme Court's order (on Jan. 5) authorizing the city to make another instalment payment in 1938 of $1,000,000 against the more than $5,500,000 owing to the sinking fund for 1935, a statement explaining the history of the situation was issued by Moncure Biddle of Moncure Biddle & Co., 1520 Locust St., Philadelphia. Stating that a lack of familiarity with the circumstances had caused some confusion in the minds of holders of the city's obligations a resultant liquidation by certain individuals, the investment banker emphasized the necessity for clarification of the issue. His statement follows in full text: and "Early in the year 1934 the City of Philadelphia received in cash and credited to the sinking fund approximately $9,550,000 for its share of the original cost of constructing the Delaware River Bridge. "With the hope of using the amount received from the Delaware River Joint Commission, City Council in the autumn of 1934 endeavored to rescind ordinances appropriating this bridge money to the sinking fund. This action contested in the courts and on Jan. 7, 1935, the Supreme Court of the Commonwealth of Pennsylvania handed down a decision, stating in part that the money was properly appropriated to the sinking fund and could not be legally withdrawn and applied to other uses. "On the assumption that the sinking fund had a large surplus, on Jan. 15, 1935, Council passed a revised budget without any appropriation to the sinking fund. Again the action of City Council was contested in the courts, with the result that the Supreme Court ordered the city to pay forthwith $7,667,015.04 into the sinking fund. "Early in 1936, as an evidence of good faith, the city transferred $1,000,000 to the sinking fund on account of this 1935 deficiency, and petitioned the court to permit it to pay an additional $1,000,000 into the sinking fund on or about Feb. 1 of each year from 1937 to 1942, inclusive, and the balance of $667,015.04 in 1943. Towards the end of 1936 the Supreme Court sanctioned this petition of the city, and a second instalment of $1,000,009 was paid into the sinking fund on or about Feb. 1,1937. The Supreme Court, however, reserved to itself further modification of its original order in re¬ spect to payment of the balance of $5,667,015.04. was "In the autumn of 1937 the city again peitioned the Court to pay a third instalment of $1,000,000 on account of the 1935 deficiency. If the court overlooked the propriety of permitting bondholders to be heard in 1936, in the autumn of 1937 the Supreme Court directed the city to notify all bondholders of its request in connection with the 'petition of the City of sinking fund $1,000,000 instead of $5,667,015.04 which it was ordered to pay July 1, 1935.' In its order the Court granted leave to any bondholder to intervene by counsel on or before Nov. 20, 1937, and to show cause, if any they had, why the prayer of the petition should not be granted. This hearing was postponed to Jan. 3, 1938. Philadelphia to permit it to pay into the "The order of the Supreme Court has caused confusion in the minds of many individual and institutional investors who hold loans of the City Philadelphia. To those who are familiar with the situation it is obvious that the City of Philadelphia is petitioning the Court to pay into the sinking fund $1,000,000 on account of the $5,667,015.04, the balance of the amount which the Court had ordered the city to pay on July 1, 1935. "The language is clear and if the prayer of the city is granted, the city will be permitted to pay into the sinking fund $1,000,000 instead of $5,667,015.04. The city is not petitioning the Court to be relieved of paying into the sinking fund $4,667,015.04. Unfortunately many have mis¬ understood the language used in the petition of the City of Philadelphia, and this has led to some liquidation of loans of the City of Philadelphia. For this reason clarification of the situation has seemed desirable." of PITTSBURGH, Pa.—BOND OFFERING—James troller, will receive sealed bids until 10 m. a. on of P. Kerr, City Comp¬ Jan. 24 for the purchase $5,740,000 not to exceed 4% interest bonds, divided as follows: $5,240,000 refunding bonds of 1938. Dated Feb. 1, 1938. Due redemption promissory notes dated March 1, 1936. The bonds will be issued in $1,000 denom. Bidder to name a single rate of interest on the entire offering. Interest payable J. & J. and F. & A., according to issue. No bid for less than par and accrued interest will be considered. Coupon bonds of $1,000 each, exchangeable at the option of the holder at any time for a registered bond or bonds of the same maturity and of the denom. of $100 or a multiple thereof not exceeding the aggregate principal amount of the coupon bond surrendered in exchange. City reserve the right to deliver to the successful bidder temporary certificates which, until their exchange for definitive coupon bonds, shall be in full force and effect according to their terms and bear interest from Jan. 1 and Feb. 1, respectively. A certified check for 2% of the amount of bonds bid for, payable to the order of the city, must accompany each proposal. The approving legal opinion of Reed, Smith, Shaw & McClay of Pittsburgh that the bonds are binding and legal obligations of the city, will be fur¬ a similar amount of nished the successful bidder. fLAJNS TOWNSHIP Lisinski T Julius (P. O. Hudson), Pa.—BOND representing the district, will receive bids OFFERING— until 24,fo.r $5P'000 1% 1937. Interest 8 p. m. coupon bonds. Denom. $1,000. Dated Oct. 1, payable April 1 and Oct. 1. The bonds are registerable as principal only. Due $5,000 yearly on Oct. 1 from 1938 to 1947. Cert, 1% of amount of bonds bid for, payable to the District Treasurer inoi to check for required. RHODE NORTH m. Feb. 7 at the office of Ernest at n0t "» than °f ,6.500 grating revenue bond,. Denom. ,500. 8,000 funding bonds. Bidders r^ to are Denom. $1,000. name un<\ checks for $130 $8,000 issues, Due ,1.000 yearly rates, making choice until nance authorizing the issuance O J*'■^BZND,?FFE?',N?-?Murray, bist. at the office of Leland J. Culbertson, bids m. Jan 26 3% BONDS AUTHORIZED—The Borough Uunding^onds6 &n ° 1.30 p. from 3uw payable semi-annually* $160 required with bids on the $6,500 and VERNON TOWNSHIP SCHOOL DISTRICT (P ceive „»■ Due $2,000 yearly on Jan. 1 from ^an> f • 1938. Interest and respectively. f\a* debt interest for the purchase of Council of $25,000 Meadville R Secretary mdi £ issue of $21,000 coupon chS* for lT%mrequfred". Due $3'000 yearly from 1941 to 1947. Certified rv,aTf!Lb«Qnn?i>'ear 3% interest, dated Feb. 1, 1938, in $1,000 denoms., and ^o^K3'?0(^ni1inuaily onand 1 from F^b' 1, 1944, at par accrued after Feb. terable the as to 1941 to 1947 incl. interest principal only. Bonds will be to Pennsylvania Department of Internal Affairs. Callable redemption date. issued subject O. ISLAND Centerdale), of the State, neither the State nor any of its municipal subdivisions has defaulted on principal or interest of any of its bonds. ever Unsuccessful bids were: Bidder— Int. Rate Frederick M. Swan & Co . - First National Bank of Boston - Bond & Goodwin, IncPhelps, Fenn & Co First Boston Corp - — Rate Bid 3% 3% 3% 3% 3% 3H% 34% 3 y2% 3H% . Halsey, Stuart & Co., Inc Kidder, Pea body & Co . - 100.909 100.73 100.599 100.50 100.28 100.33 100.219 RHODE ISLAND (State of)—SINKING FUND SURPLUS TO BE USED FOR RELIEF PROGRAM— Governor Robert E. Quinn on Jan. 7 signed a bill providing for diversion of $700,000 fro n the sinking fund sur¬ plus to the general treasury in order to finance relief expenditures until the end of the fiscal year. The money, it was pointed out, represents the amount of accumulation from the earnings of securities in the fund over the 4% required in actuarial calculations. While the measure was being discussed in the Senate, one of the members, in commenting on the advance in ex¬ penditures during the past several years, declared that the State's bonded debt has increased $9,272,000 since 1934. NEWPORT, I.—BOND SALE— The $150,000 coupon garbage in¬ on Jan. 13—V. 146, p. 311—were awarded to R. L. on a bid of 101.03 for 2s, a basis of about 1.86%. R. cinerator bonds offered Day & Co. of Boston Dated Feb. 1, 1938. Other bidders were: Due $10,000 yearly on Feb. Name 1 from 1939 to 1953. Price Bid Interest Rate .100.60 2% Salomon Bros. & Hutzler, Boston .100.839 .100.501 -100.639 .100.407 -100.3999 .100.317 Newton, Abbe & Co., Boston Goldman, Sachs & Co., Boston -100.261 E. H. Rollins & Sons, I -100.022 -100.1624 -100.07 Bancamerica-Blair Cor Kidder, Pea body & Co. .100.90 -100.869 -100.639 .100.514 -100.46 SOUTH 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 24% 24% 24% 2.14% 24% on and Regis¬ to approval of Interest payable P. & A. , CAROLINA GEORGETOWN, S. C.—CERTIFICATE TENDERS INVITED—It is by Lida Scurry, City Clerk and Treasurer, that the city desires to purchase up to $9,uUu of its outstanding paving certificates, due in 1975, stated and will receive tenders of the same up to Feb. 1. Awards will be made to those tendering certificates at the lowest price below par. If in excess of $9,000 of bonds are tendered for the same price, awards will be made by lot. LAMAR, S. C.—BOND AND CERTIFICATE TENDERS INVITED— by J. F. Watson, Town Clerk, that the sum of $500 is available It is stated for the purchase of bonds of any issue of this municipality, of indebtedness issued tificates of by this an agreement made with the holders of the outstanding obligations. Tenders of and(or) cer¬ municipality, under the terms than a majority in amount more of bonds or certificates of in¬ debtedness may be made at the office of Samuel Want, attorney, Darlington, S. C. Tenders must be postmarked not later than Feb. 15. 1938. OLYMPIA SCHOOL DISTRICT NO. BOND OFFERING—Sealed 4 (P. O. Columbia), S. C.— bids will be received by J. B. Sylvan, Chair¬ Board of District Trustees, until 6:30 p. m. on Jan. 27, for the pur¬ chase of a $50,000 issue of coupon school bonds. Denom. $1,000. Dated Jan. 1, 1938. Due on Jan. 1 as follows: $2,000, 1939 to 1948, and $3,000, 1949 to 1958, all incl., without option of prior redemption. These bonds will not be registerable as to either principal or interest. Prin. and int. payable in lawful money of the United States at the Central Hanover Bank & Trust Co., New York City. Bidders are invited to name man, interest in multiples of 4 of 1% and premium, if any, upon the issue, the interest rate to remain constant throughout the full term of the bonds. The legality will be approved by Waller Bailey, of Columbia, whose favor¬ able opinion will be furnished to the purchaser, or purchasers, without charge A certified check for $500, payable to the above Board of Trustees, must accompany the bid. The bonds will be prepared by, and at the expense of the district, executed and ready for delivery within approximately 10 days after acceptance of bid. No bid for lass than par and interest in excess of 4% can be coasidered. SOUTH CAROLINA, State of—CERTIFICATES OFFERED FOR INVESTMENT—On Jan. 14 a group headed by the Chase National Bank of New York offered for general subscription a block of $1,474,000 2%% highway certificates of indebtedness at prices to yield from 2.75% to 2.95% according to maturity. Due from Oct. 1, 1947 to 1951 incl. Other members of the offering group are: Equitable Securities Corp., the Robinson-Hum¬ phrey Co., and the Trust Co. of Georgia, both of Atlanta. > UNION COUNTY (P. O. Union) S. C.—BOND OFFERING—Sealed on Jan. 27, by Janes Greer, County $80,000 issue of coupon highway bonds. Interest rate is not to exceed 4lA%, payable J. & J. Denom. $1,000. Dated Jan. 1, 1938. Due $8,000 from July 1, 1945 to 1954 incl. Prin. and int. payable in New York. The bonds are registerable as to principal only. Rate of interest to be in multiples of 4 of 1 % and must be the same for all bids will be received until 11 a. Supervisor, for the purchase of m. an of the bonds. No bid for less than par and accrued interest. The bonds are to be issued to finance the construction of State highways. The payment of the bonds is secured by a so-called reimbursement agreement between the county and the State Highway Commission. The purchaser will be fur¬ nished with the approving legal opinion of Reed, lloyt & Washburn, of New York. A certified check for 2% of the amount bid, payable to the county, is required. SOUTH DAKOTA FLANDREAU, S. Dak.—DATE OF ELECTION CHANGED—The elec¬ tion scheduled for Jan. 18, at which a proposition to issue $158,000 public service plant bonds was to have been voted upon, has been canceled and will be held on Jan. 25. TRIPP, S. Dak.—PRICE PAID—It is now reported by the City Auditor semi-ann. refunding bonds purchased by the North¬ Security National Bank, of Sioux Falls, as noted here recently— that the $15,000 4% western V. 146, p. 311—were sold at par. WOOD INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O. Wood). S. Dak.—INTEREST RATE—It is stated by the District Clerk that the $13,000 school bonds purchased by the State of South Dakota, as noted here in December—V. 145, p. 3699—were sold as 5s. Due from Nov. 15, 1940 to 1956. D Attorney, Meadville, an (P. to Kennedy, Spence & Co. of Boston and John Nuveen & Co., Chicago, jointly, at 101.17, a basis of about 2.87%, we wish to note the following: The purchasers made public reoffering of the bonds at prices to yield from 0.60% to 3%, according to maturity. The bonds, in the opinion of the bankers, are legal investment for savings banks and trust funds in New York and various other States. According to the Director of Finance RICHLAND TOWNSHIP SCHOOL DISTRICT (P. O. Johnstown) BOND OFFERING-—J. C. Heln an, Secretary, Board of School Directors, will receive bids until 7:30 p. PROVIDENCE 1938 15, R. I.—BONDS PUB¬ LICLY OFFERED—OTHER BIDS—In connection with the report in these columns—V. 145, p. 4155—of the award of $275,000 3% high school bonds Pa. fhe Wlowing'cowon bond**-0™' f0r lhe PUrt'haS6 fan. the rate of $262,000 on Feb. 1 from 1939 to 1958 incl. Issued by Councilmanic authority, the proceeds of the bonds will pay in part outstanding promissory notes. 500,000 funding bonds of 1938. Dated Jan. 1, 1938. Due $25,000 on Jan. 1 from 1939 to 1958 incl. Issued by Councilmanic authority, proceeds of the bonds will be used in the of Chronicle TENNESSEE CHATTANOOGA, Tenn.—BOND TENDERS INVITED—It is stated by T. R. Preston, Chairman of the Sinking Fund Commissioners, that he will receive sealed tenders of refunding bonds of the city, series A, B, and C, and funding bonds of the city, all dated May 1, 1935, and maturing on May 1, 1950, until 10:30 a. m. on Jan. 28. The Sinking Fund Commissioners have in the sinking fund for the purpose of purchasing said bonds the sum of $61,000. In the event tenders in a sufficient amount of said bonds, at an interest yield basis to the Commission of 3%% or more, are not submitted, the Volume of other issues tenders consider will Commission Financial 146 of bonds of the city, having a maturity date prior to May 1, 1950. Tenders or bidders shall specify the interest rates and number of bonds to be tendered. Bidders may stipulate, if they so desire, that their tenders purchase of all or none of the bonds tendered, and shall state said bonds will be delivered, if tenders are accepted. check upon any incorporated bank or trust company for 1 % of the face amount of the bonds tendered or purchased, payable to the Sinking Fund Commissioners. for the are the time and place Tenders shall be accompanied by certified COUNTY (P. O. Charlotte), Tenn.—BOND CALI^-It Judge, that 5% highway bonds, numbered 20, series of 1928, are being called for payment on Feb. 1. Dated Feb. 1, 1928. Due on Feb. 1, 1948. These bonds are part of an original issue of $234,000, numbered 1 to 234, optional for prior payment serially and in numerical order $20,000 from Feb. 1, 1938 to 1948. Funds for the redemption of these bonds will be available at the designated place for DICKSON is stated by W. M. Leech, County from 1 to payment of principal and interest on the said call date. Interest to cease date called. on Tenn.—BOND ISSUANCE APPROVED—'The City Council is said to have voted on Jan. 10 to issue $1,460,000 in bonds to help construct a municipal power system for the distribution of electricity gene¬ rated by the Tennessee Valley Authority. It is reported that the issuance of these bonds was approved so that the city might apply to the Public Works Administration for the immediate release of the remaining $2,300,000 of a $2,600,000 loan and grant ear¬ marked for the local power system in 1934. KNOXVILLE, KNOXVILLE, Tenn.—BOND TENDERS INVITED—It is stated by Rex Wallace, Director of Finance, that he will receive sealed tenders R. dated Jan. 1, 1933, Sinking Fund Board Sealed tenders will be received offering for sale $50,000 refunding bonds to the city, and maturing on Jan. 1, 1958, for the purchase by the in compliance with law authorizing until 10 a. m. on Jan. 22. Tenders shall be bank same. accompanied by a certified check upon an incorporated for 1 % of the face amount of bonds tendered for trust company or 475 Chronicle purchase. Bidders may stipulate, if desired, that their tenders are for the purchase of all or none of the bonds tendered, and shall state the time and place for delivery of the bonds, the interest rate and number of bonds offered. The city prefers that delivery be made at the Hamilton National Bank, Knoxville. NEWBERN, Tenn.—BOND ISSUANCE HELD UP— It is stated by Radford, City Recorder, that the city has been enjoined from issuing loan of $33,000 from the Public Works Adminis¬ tration for an electric distribution system, approved in October. • E. M. bonds in connection with a ENNIS INDEPENDENT SCHOOL DISTRICT (P. O. Ennia), Texas by W. F. Howard, Superintendent that the $95,000 (not $97,000) 3%%> refunding bonds purchased by the State of Texas, as noted in these columns recently —V. 145, p. 4156—were sold at par. Coupon bonds dated April 10, 1937. Due in 20 years. Denom. $1,000. Interest payable April 1. —BOND SALE DETAILS—It is stated of the Board of Education, OFFERING—It is stated by Mayor William ne will receive sealed bids until 11 a. m. on Jan. 21 for the $15,000 issue of 4% swimming pool bonds. Denom. $1,000 and $500. Dated Oct. 1, 1937. Due on Oct. 1 as follows: $500, 1938 to 1947, and $1,000, 1948 to 1957. Prin. and int. (A. & O.) payable at the City Treasurer's office. The city is not furnishing an approving opinion, but any bidder desiring such can secure it at his own expense. These bonds were approved by the voters at an election held on Sept. 21. They are said to be general obligations of the entire city property. A $300 certified check, payable to the above Mayor, must accompany the bid. HAMILTON. Texas—BOND Lemmons that purchase of a MOUNT PLEASANT, Texas—BONDS SOLD—It is reported that the October, as noted $90,000 water plant bonds approved by the voters last here at the time, have been sola. O. Seymour), Texas—BONDS Superintendent of Schools, that in August, have been purchased by the State Board of Education. SCHOOL OGDEN SOLD—It is (P. McDaniel, DISTRICT reported by O. $8,000 school building bonds approved by the voters SCHOOL DISTRICT (P. O. Palmer), by T. E. Daly, Pres. of Board of INDEPENDENT PALMER SOLD—It Texas—BONDS is stated Education, that the $40,000 school bonds that were scheduled for sale on Oct. 20, the offering being deferred prior to that date, as noted in these columns at that time, have been sold to the State Board of Education, as Due from April 15, 1938 to 1967. Dated Sept. 1, 1937. 4s, at par. O. Livingston), Texas—BONDS DEFEATED— 145, p. 4156—the voters turned down the proposal to issue $60,000 in jail construction bonds by a wide margin, according to the County Clerk. POLK COUNTY (P. At the election held on Dec. 31—V. State of—SURVEY TO BE MADE OF TEXAS, HIGHWAY DEBT 12 carried the following SITUATION—The "Wall Street Journal" of Jan. report under an Austin caption: The State Highway Commission has awarded a contract to Norman a survey of the fiscal affairs with the particular view Co. for Tabor & material a in reduction the and all matters pertaining to financial sub-divisions which have a bearing on the in¬ indebtedness cannot be met when due TEXAS affairs ABILENE, Texas—BOND SALE—The $100,000 issue of 4% semi-ann. revenue bonds offered for sale on Jan. 6—V.145, p. 4155—was water purchased jointly by R. A. Underwood & Co. of Dallas and William N. Edwards & Co. of Fort Worth at a price of 96.13, a basis of about 4.35%. Dated May 1, 1937. Due from May 1, 1939 to 1965 inclusive. ATLANTA, Texas—BOND OFFERING— E. C. McKinnon, City Secretary, will receive bids until 7:30 p. m. J&n. 12 for the purchase of $50,000 414% water works and sewer revenue bonds. These bonds are part of an authorized issue of $90,000 maturing $2,000 yearly on from 1939 to 1948, $3,000 yearly on Feb. 1 from 1949 to 1958, and $4,000 of the debtedness State or its . agreed to formulate a debt reorganization program and reduce the annual burden of the indebted¬ is necessary to accomplish the program recommended, consultants will submit with their report such bills as in their opinion Tabor & Co. also make recommendations aimed to ness. the are If legislation necessary. CHAIN affirmed on STORE TAX REAFFIRMED—'The State Supreme Court re¬ Jan. 5 its decision that the Texas chain store tax was valid, and the State Comptroller is said to have started preparations to collect Feb. 1 within 90 days approximately $4,000,000 due the State. The annual tax ranges from $1 on a single unit to $750 bonds, in yearly on Feb. 1 from 1959 to 1968. Bids are requested on $50,000 representing average maturities, the bidders to state the maturities bid for, and also on $50,000 bonds maturing from 1939 to 1958. Dated on or about Feb. 1, 1938. Interest payable semi-annually in New York. Certi¬ fied check for 2% of amount of bonds bid for required. Approving opinion of Chapman & Cutler of Chicago will be furnished by the city. SANDY, Texas—BONDS BIG sale on Sutherlin 4s, jointly, of $1,061, equal to 102.122, a basis of about Dated Sept. 15, 1937. Due from Sept. 15, 1938 to 1957 incl. $9,000 of these bonds will be callable after Sept. 15, 1949. paying a premium 3.65%. The last DALLAS, Texas—BOND AWARD—On Jan. 10 the bid of $936,129.05 for $950,000 1% % coupon sanitary sewer and sewage disposal plant bonds received by the city from a syndicate headed by Brown Harriman & Co., Inc. on Jan. 7—V. 146, p. 312—was accepted. The bid is equivalent to a price of 98.54, a basis of about 2.0313%. The bonds are dated Feb. 1, 1938 and mature $95,000 yearly on Feb. 1 from 1939 to 1948. Other bids were as follows: For VA% Price 98.29 Smith, Barney, et al_ First Boston Corp., et al Goldman, Sachs, et al--- — - For 97.80 97.64 97.42 Blyth & Co., et al 1'helps, Fenn, et al Brown For 2 Bonds Bidder— 97.05 _ Lazard Freres, et %% Bonds Price Bidder— Smith, Barney, et al___ First Boston Corp., et al Halsey, Stuart & Co., et Lazard Freres, et al Phelps, Fenn, et al-Goldman, Sachs, et al 100.76 100.71 al.. 100.66 100.58 100.57 -.100.19 Blyth & Co., et al 2% Bonds 99.82 99.57 99.50 99.34 99.05 98.92 Harriman, et al Smith, Barney, et al First Boston Corp., et al al Phelps, Fenn, et al Goldman, Sachs, et al 98.89 Blyth & Co., et al. — Bankers Trust Co., et al 98.56 100.16 Lehman Bros., et al 100.09 99.83 99.01 Bankers Trust Co., et al__ C. Edgar Honnold For 2Yi% Bonds Phelps, Fenn, et al Smith, Barney, et al BONDS Texas—BOND to approval Council decided to withhold issuance of time. Associated with Halsey, Stuart & Co. Corp.; Geo. B. Gibbons & Co.; Darby & Co.; Hemphill, Noyes & Co.; Adams, McEntee & Co.; Bacon, Stevenson & Co.; Burr & Co.; Schlater, Noyes & Gardner; Wm. R. Compton & Co., all of New York; the Fort Worth National Bank of Fort Worth; Edgar C. Honnold of Oklahoma City; Mahan, Dittmar & Co. of San Antonio, and the Thrall West Co. of Minneapolis. Their bid was par plus a premium of $1,149, equal to 100.058, a net interest cost of about 2.52%, for $1,852,000 2^s and $130,000 3s. The bankers are reoffering the bonds, subject to final award, at prices to yield from 1.30% to 3%. The bonds as awarded are $5,300, 1938 to 1941, and described as follows; drainage bonds. Due $15,000 from 1941 to 1958 incl. saintary bonds. Due $15,000 from 1941 to 1958 incl. asphalt bonds. Due $20,000 from 1941 to 1953 incl. concrete streets bonds. Due $12,000 from 1941 fire station bonds. Due $17,000 from 1941 to bridge and subway bonds. to 1958 incl. 1953 incl. Due $10,000 from 1941 to 1958 inclusive. 130,000 2 3-6% Houston 1953 inclusive. Ave. extension bonds. Due $10,000 from 1941 to incl. 130,000 3% flood control bonds. Due $10,000 from 1941 to 1953 80,000 214% parks bonds. Due $8,000 from 1944 to 1953 incl. 40,000 214% incinerator bonds. Due $4,000 from 1944 to 1953 40,000 23-6% street opening and widening bonds. Due $4,000 from £o j| 953 inclusive incl. 1944 1944 to 1968 incl. 1944 to 1953 incl. to 1953 incl. 80,000 2 3*3% general impt. bonds. Due $10,000 from 1941 to 1948 incl. BOND SALE APPROVED—We are informed on Jan. 14 that Mayor R. H. Fronville had approved the sale of the bonds on the terms described 25.000 214% Faith Home bonds. Due $1,000 from 20,000 214 % swimming pools bonds. Due $2,000 from 20 000 2H% traffic signal bonds. Due $2,000 from 1944 above. City the 136 November—V. 145, p. Auditor that the bonds mature as follows: in $5,600 in 1942. VIRGINIA ROANOKE, Va.—BOND OFFERING—Sealed bids will be received unti noon on Jan. 19, by H. R. Yates, City Auditor, for the purchase of two issues of bonds aggregating $400,000, divided as follows: $300,000 bridge bonds. Due $15,000 from Jan. 1, 1939 to 100,000 incinerator bonds. Due $5,000 from Jan. 1, 1939 to 1958, Bidders to name the rate of interest in multiples of 14 of 1%. Denom. 1958, incl. incl. $1,000. Dated Jan. 1, 1938. The city is to receive not less than par value Principal and interest (J. & J.) payable at the City Treas¬ for both issues. of and the bonds office. The bonds will be printed under the supervision certified by the First National Bank of Boston. The legality of urer's passed upon by Thomson, Wood & Hoffman, of New York. The bonds will be ready for delivery on Feb. 1, and must be paid for by pur¬ chaser upon delivery. A certified check for 1 % must accompany the bid. will be (priimMW, Ehrliirhman & lPhib ESTABLISHED 1921 NORTHWESTERN AND MUNICIPAL CORPORATE SECURITIES Exchange Building — SEATTLE — Washington WASHINGTON by the the city hall bonds at this were the Bancamerica-Blair $270,000 214% 270,000 214% 260,000 2J^% 216,000 2 14% 221,000 214% 180,000 214% connection with the sale of Curb and Gutter District No. at par, as noted here 3539—it is stated by the successful bidders prices to yield from In the opinion of the bankers, the legal investments for savings banks AWARD—Subject Fenn & Co., but the local investors, —100.75 Mayor, the City Council on Jan. 13 accepted the offer submitted on Jan. 11 by a syndicate managed by Halsey, Stuart & Co. of New York for $1,982,000 bonds. High bid for a total of $2,822,000 bonds, including $840,000 city hall bonds now in litigation, had been submitted by a syndicate headed by Phelps, bonds to al--__-101.01 requirements as York and Massachusetts. HOUSTON, UTAH OGDEN, Utah—MATURITY—In $26,800 (not $25,000), 6% semi-ann. FOR INVESTMENT—'The bonds for general subscription at bonds meet the present in New Bankers Trust Co., et maturity. each store SCHOOL DISTRICT (P. O. Hillsboro), Texas— BONDS SOLD—A $3,500 issue of building bonds approved by the voters last June has been purchased by the State Board of Education as 4s at par, according to the County Superintendent of Schools. 101.67 101.66 -101.38 Blyth & Co., et al OFFERED 0.70% to 2.25%, according to on of 50 in a chain. —... Goldman, Sachs, et al reoffered the above excess WOODBURY SOLD—It is stated by E. V. Spence, City Manager, that the $50,000 hospital site bonds offered for Sept. 14, as noted in these columns at the time, have been sold to & Scranton of New Orleans and Russ, Roe & Co. of San Antonio, as S. of $174,000,000 of outstanding road bond indebtedness of counties and districts. The survey, for which the firm will receive $25,000, was authorized by the legislature. The contract calls for a study and analysis of the county and road district bond indebted¬ ness, existing sources and amounts of revenue available for debt service charges, refunding methods now being employed where the principal making DYKING DISTRICT SET FOR BOND DE¬ the above district, Bank, St. Paul, is of bonds on deposit. special arrangement with of bonds had been deposited out of $2,125,000 outstanding. The committee is liquidating old bond issue placed to raise funds for the dyking of Longview, Wash¬ ington State, which became delinquent because of inability in the depression vears of property owners to pay assessments on the improvement. Last year however, due to the committee's efforts and improving business con¬ ditions, some of the largest assessment payers paid up to the extent the committee has been able to pay up all past due interest and is contemplating COWLITZ CONSOLIDATED IMPROVEMENT NO 1 (P. O. Cowlitz), Wash.—CLOSING DATE POSITS—The bondholders' protective committee for of which N. P. Delander, Vice-Pres First National Chairman, has set Jan. 22 as the closing date for receipt After that date bonds will be received only under the committee. As of Jan. 1, $2,000,500 worth the an payment soon of of Jan. 1, 1938, interest coupons. $500,000 issue offered for sale SEATTLE, Wash.—BONDS SOLD PRIVATELY—The municipal water extension, 1937, Series No. 1 bonds Dec. 31, when all the bids were rejected as noted in these columns—V. 146. p. 312—were purchased privately on Jan 10 by a syndicate composed of Stifel, Nicolaus & Co. of St. Louis, Kelley, Richard¬ son & Co. of Chicago. Grande, Stolle & Co. of Seattle, and Hartley, Rogers & Co. of Los Angeles, as 3s at par. Dated Feb. 1, 1938. Due serially on Feb. 1 from 1945 to 1948. BONDS OFFERED FOR INVESTMENT—The successful group reoffered the above bonds for public subscription at prices to yield from 2.60% to 2.90%, according to maturity. They are part of a $750,000 issue authorized last September for construc¬ tion purposes and are said to be payable solely from water revenues. without success on the City by the Employees' last October, are due ^ nSv 1 as follows: *11,000, 1939 and 1940; $12,000, 1941 and 1942; $13 000, 1943 and 1944; $14,000, 1945 and 1946; $15,000. 1947; $16,000, 1948 and 1949; $17,000, 1950 and 1951; $18,000, 1952; $19,000, 1953 and 1954; $20,000. 1955; $21,000. 1956, and $22,000 in 1957. SEATTLE, Wash.—MATURITY— It is now reported by Comptroller that the $300,000 sewer bonds purchased "Retirement Fund, as 4s at par, as noted in these columns 476 Financial COUNTY SKAGIT SCHOOL DISTRICT NO. 306 (P. O. Mount Vernon) Wash.—MATURITY—It is stated by the County Treasurer that the $50,000 school bonds purchased by Harold H. Huston & Co. of Seattle, as 3^s, at a price of 100.21, as noted here in December—V. 145. p. 3858—are due as follows: $2,000, 1939 to 1945. and $3,000, 1946 to 1957. giving a basis of about 3.23 % • SNOHOMISH COUNTY TRICT NO. 333 (P. O. JOINT CONSOLIDATED SCHOOL DIS¬ Wash.—BOND OFFERING—R. Everett), Stumfall, County Treasurer, will receive bids until 2 p. m. Jan. 21 for the gurchase of $50,000 school building serially for 20 years. is Principal and Interest rate not to exceed %, payable semi-annually. Due bonds. interest payable at the County Treasurer's office or at the State Treasurer's Certified check for 5% of amount of bid, required. office in Olympia. WHATCOM COUNTY (P. O. Bellingham) Wash —BOND IlEOFFERING CONTEMPLATED—It is stated by R. O. Atwood, County Treasurer, $160,100 not to exceed 4% semi-ann. funding bonds offered for success on Dec. 17, as noted in these columns—V. 145, p. that the sale without 4156—will be reoffered in the after date. near future. Due in from two to 20 years Chronicle Jan. 1938 15, 3% coupon construction bonds. Denom. $1,000. Dated Feb. 1, 1938. Due on Feb. 1 as follows: $4,000, 1940 and 1941; $5,000, 1942 to 1944; $6,000, 1945 to 1947; $7,000, 1948 to 1951, and $8,000 in 1952 and 1953. Prin. and int. (F. & A.) payable in Mondovi. The purchaser is to furnish the printed bonds and the attorney's approving opinion. These bonds were approved by the voters at an election held on Sept. 11 and are issued pursuant to Chapter 67, Laws of Wisconsin. ORFORDVILLE, Wis.—BOND OFFERING"—Clarencef Nelson, Village Clerk, will receive.bids until 2.30 p. m. Jan. 20lfor the purchase of $20,000 construction!bonds. Bidders are to specify rate of interest in a multiple of H%, but not to$exceed 5%. Denom. $500. Dated Jan. 1, 1938. Principal and semi-annual interest (Jan. 1 and July 1) payable at the Farmers & Merchants Bank|of Orfordville. Due July 1 as follows: $1,000, 1943 to 1947, and $1,500, 1948 to 1957. Certified check for 2 % of amount of issue, payable to the Village Treasurer, required. Approving opinion of Chapman & Cutler of Chicago will be furnished by the village. The purchaser is to furnish the blank bonds. water works and sewer RACINE COUNTY (P. O. Racine) Wis.—BONDS OFFERED FOR INVESTMENT—The $275,000 2%% relief bonds, series of 1938, awarded Jan. 6 to Brown, Harriman & Co., Inc., and Farwell, Chapman & Co. of Chicago, as noted in these columns at the time, were offered for public subscription priced to yield from 1.30% on the earliest maturity up to 2.70% on the 1948 maturity. Due $27,500 from July 1,1939 to 1948 incl. on WEST POINT PLEASANT, VIRGINIA W. Va.—BONDS VOTED—A proposed $40,000 bond issue for fire apparatus recent election. was approved by a vote of 534 to 40 at a WEST VIRGINIA (Stat© of)—BOND SALE—The $500,000 road bonds offered on Jan. 11—V. 146, p. 312—were awarded to the Chase National Bank and Blyth & Co., both of New York at par plus a $50 premium, equal Of the issue, $180,000 maturing from 1938 to 1946 will bear 3% interest and $320,000 running from 1947 to 1962, 2A%, The bankers are reoffering the bonds to investors at prices to yield from 0.25% to 2.50%. Dated May 1, 1937. Due $20,000 yearly on May 1 from 1938 to 1962. Under the terms of the offering, the State gives the bankers an option to 1 p. m. Jan. 14 on an additional $500,000 bonds of like description. to 100.01. OPTION EXERCISED—BONDS OFFERED FOR INVESTMENT—The Chase National Bank and Blyth & Co., both of New York, who on Jan. 11 awarded $500,000 road bonds on a bid of 100.01 for $180,000 3s and $320,000 2lA», have exercised an option on an additional $500,000 bonds WYOMING LINCOLN COUNTY SCHOOL DISTRICT|NO. 5 (P. O. Cokeville), OFFERING DETAILS—In connection with the offering 1, of the $45,000 not to exceed 6% coupon semi-annual building bonds, described in these columns in December—V. 145, p. 4156 Wyo.—BOND scheduled for Feb. —it is reported by S. Reed Dayton, Clerk of the Board of School Trustees, that the bonds mature $5,000 from June, 1, 1939 to 1947 incl. No bid will be considered for less than par and accrued interest, and all bids must be without condition or reservation. CANADA were bearing a like description at the same price and interest rates. The bankers are now offering the $1,000,000 bonds to investors. The offering consists of $360,000 3% bonds, maturing from May 1, 1938 to 1946 inclusive, priced to yield from 0.25 to 2.00%, and $640,000 2H% bonds, maturing from May 1, 1947 to 1962 inclusive, priced to yield from 2.05% to 2.50%. These bonds, to be issued for road purposes, will constitute in the opinion of counsel, valid and binding obligations of the State of West Virginia, for the payment of which the full faith and credit of the State are pledged. The principal and interest on these bonds, together with other State bonds issued for road purposes, are payable primarily and without priority from State motor vehicle and gasoline taxes, and in addition, all the taxable property within the State is subject to the levy of ad valorem taxes for the payment of the principal and interest within the limits now prescribed by the State Constitution. The bonds are legal investment for savings banks in New York, Massachusetts, Connecticut and certain other States, in the opinion of the bankers. r CALGARY, Alt a—BUYS POWER SYSTEM— The city will purchase Calgary Water Power Co., taking over 2,400 customers on June 1 next, according to an official announcement. Purchase of the privately-operated company at a cost of $325,000 will - ution in Calgary, give the city complete control of all commercial and retail • DRESSER Aiberta of the JUNCTION, WU.—INTEREST RATE— In by the Village Clerk that the bonds 146, connection with Land Office Com¬ were sold as p. 312—it is stated 4s. HARTFORD CITY HIGH SCHOOL DISTRICT (P. O. Hartford), Wi*.—BOND OFFERING— Sealed bids will be received until 2 p. m. on Feb. 1, by Otto Mickelson, District Clerk, for the purchase of an issue of $100,000 3% coupon school addition and improvement bonds. Denomina¬ tions $1,000 and $500. Dated March 1, 1938. Due on March 1 as follows: $5,000, 1939 and 1940; $5,500, 1941 and 1942; $6,000, 1943 and 1944; $6,500, 1945 and 1946; $7,000, 1947 and 1948; $7,500, 1949 and 1950; $8,000, 1951, and $8,500 in 1952 and 1953. Interest payable M. & S. _ Security for these bonds will be a direct general obligation upon all of the taxable property comprised in said district, the limits of which are coterminus with those of the City of Hartford, Wisconsin. Said bonds will represent all of the indebtedness of said district. Bids will be accompanied by a certified check equivalent to 1% of the bid to show good faith. The District will furnish a legal opinion of the Attorney General of the State of Wisconsin on said bonds, and complete legal pro¬ ceedings covering the issue. If the bidder desires the legal opinion of other attorneys, the bidder shall pay all of his own legal expense in that connection. The purchaser will furnish and print the bonds at its own expense. OFFICIAL STATEMENT The Hartford City High School District comprises the same territory as is included within the limits of the City of Hartford, Wisconsin. The 1930 population of the City of Hartford was 3,757, and its estimated present population is 4,500. The assessed valuation of all of the taxable property in the City and district in 1936 was $4,864,085.00, and in 1937 was $4,636,- 185.00. Neither the City of Hartford nor the Hartford City High School District has ever defaulted on any of its obligations. This issue was submitted to a referendum of the electors of the district held on Oct. 26, 1937, at which election there were 444 votes cast in approval of the issue and 108 votes against. Both principal and interest are payable at the First National Bank, Hartford, Wisconsin. by the district. There is no litigation or No other issue of bonds is now contemplated controversy pending or threatened concerning the validity of the bonds, the boundaries of the municipality or the titles of the officials to their respective offices. The Attorney General of Wis¬ consin has approved the proceedings and has indicated that the bonds will be approved upon their being submitted to his office for that purpose. The approval of the proceedings is dated Dec. 28, 1937. KENOSHA COUNTY (P. O. Kenosha) Wis.—BOND SALE—The $200,000 corporate purpose, series of 1938, bonds offered on Jan. 10—V. 145, p. 4156—were awarded to T. E. Joiner & Co. of Chicago, as 2)^8, at par plus a premium of $118, equal to 100.059, a basis of about 2.49%. Due $20,000 yearly on Jan. 20 from 1939 to 1948; redeemable in inverse numerical order on LAKE and after Jan. 20,1939. (P. O. Milwaukee), Wis.—BONDS OFFERED TO PUBLIC— The Milwaukee Co. of Milwaukee is offering for general investment $725,000 4% coupon semi-annual water revenue bonds. Denom. $1,000. Dated Dec. 1, 1937. Due on Dec. 1 as follows: $9,000, 1940 and 1941; $10,000, 1942 to 1944; $11,000, 1945 and 1946; $12,000, 1947 and 1948; $13,000, 1949 and 1950; $14,000, 1951 and 1952; $15,000, 1953 and 1954; $16,000, 1955 to 1957; $17,000, 1958 and 1959; $18,000, 1960; $19,000,1961; $20,000, 1962 and 1963; $21,000, 1964; $22,000, 1965; $23,000, 1966; $24,000, 1967; $25,000, 1968; $26,000, 1969; $27,000, 1970; $28,000, 1971; $29,000, 1972; $30,000, 1973; $31,000, 1974; $33,000, 1975; $34,000, 1976, and $35,000 in 1977. The bonds maturing on Dec. 1, 1962 and thereafter are callable in inverse numerical order on 30 days' published notice on any interest payment date after three years from their date at the principal amount plus accrued interest, and a premium of A. of 1 % for each year or fraction thereof from date of redemption to date of maturity. Legality approved bv Chap¬ man & Cutler of Cnicago. These bonds (which are part of a total authorized issue of $825,000) have been issued by the Town to provide its share of the cost of constructing a complete water works system. To supplement these funds, the Federal Emergency Administration of Public Works has made an outright grant of 45% of the total cost, not to exceed $585,000. Principal and interest payable at the Chase National Bank, New York. In opinion of counsel, these bonds are valid and binding obligations of the Town, payable solely from a fixed proportion of the gross revenues of the water works system to be set aside into a special fund each month; and are further secured by a statutory mortgage lien on the entire water works system. MARSHFIELD, Wis.—BONDS AUTHORIZED—'The City Council has high school building gassed a resolution authorizing the issuance of $135,000 SIMONDOVI (City Sealed bids will be received until 2 OND OFFERING— and Town), Joint School District by Wayne Canar, District Clerk, for the purchase of p. an No. 1, Wis.— m. on Jan. 25 $85,000 issue of power distri- 45 instalments of $5,000 a month. As far as Calgary is concerned, Calgary Power will be only a wholesaler of power, retail sales being handled by the city. The city has agreed to reimburse the company for all taxes pay business Estimated the sale of the $11,000 water works bonds to the State mission, reported in these columns recently—V. <. of an agreement entered into between the company City of Calgary last August, whereby the city agreed to purchase all of its power from the company for 10 years from Aug. 1, 1940, to July 31, 1950, at .64 cents per kwh. The existing rate was .74 cent per kwh. Calgary Power continues to operate the city steam plant and is responsible for replacements and renewals but after April 30 next, no rental will be paid to the city.'The present rental is $75,000 per annum. Calgary Water Power Co., which the city is taking over, will be paid for on the basis of $100,000 in cash as a down payment and the balance in by it and to WISCONSIN • This deal forms part and the on the total. imposed other taxes according to revenue produced by the entire as compared with the city's payment to the company. 1936 basis, the city's share will be approximately 34% CANADA (Dominion of)—TREASURY BILLS SOLD—The issue o* $25,000,000 Treasury bills offered Jan. 13 was sold at an average price of 0.726%. Dated Jan. 14, 1938 and due April 14, 1938. CANADA (Dominion of)—$50,000,000 GUARANTEED RAILWAY ISSUE SPEEDILY SOLD—Finance Minister Dunning announced at noon on Jan. 10 that the $50,000,000 Government-guaranteed Canadian Na¬ tional Railway bonds had been subscribed in one hour and 15 minutes after the books opened.-* They were allotted as follows: $20,000,000 four-year $30,000,000 13-year 3s. The four-year bonds, dated Jan. 15,1938, non-callable, while the long-term series, dated Dec. 15, 1937, are callable at the option of the railway company as a whole only on or after Dec. 15, 1945. 2s and are DETAILS OF RAILWAY BOND FINANCING—'The $50,000,000 Canadian National Railway Co. bonds, guaranteed unconditionally by the Dominion of Canada as to both principal and interest, which were fully subscribed for within one hour and 15 minutes after the opening of sub¬ scription lists on Jan. 10, were offered in two series as follows: 2% bonds, due Jan. 15, 1942, were priced at 99.25 and interest to yield about 2.20% to maturity, and 3% bonds, due Dec. 15, 1950, callable on or after Dec. 15, 1945, were priced at 97 and interest, the yield to maturing being approxi¬ mately 3.29%. The 2s are dated Jan. 15, 1938, and the 3s Dec. 15, 1937. Principal and semi-annual interest payable without charge in lawful money of Canada. In the case of 2% bonds, payment will be made at any branch in Canada of any chartered bank; the 3s will be payable at any branch of the Canadian Bank of Commerce in Canada (Yukon Territory excepted.) Proceeds of the financing were used exclusively for repayment of temporary loans obtained by the company from the Government for the redemption of maturing funded debt and for capital expenditures. The bonds will be*a direct obligation of the Canadian National Railway Co., the capital stock of which is owned by the Dominion of Canada. Under authority of Do¬ minion Parliament, both principal and interest are guaranteed unconditonally by the Dominion Government, a copy of such guarantee being endorsed on each bond. in units The 2% bonds of $500 and were $1,000. MONTREAL EAST SCHOOL offered in $1,000 denoms., and the 3s DISTRICT, Que.—BOND OFFERING— Sealed bids will be received by Alfred Richard, Secretary of the Board of Education, until noon on Jan. 17 for the purchase of $119,500 4% school bonds, divided as follows: $69,000 dated July 1, 1937 and due serially from 1938 to 1952, incl. 43,000 dated June 1, 1937 and due serially from 1938 to 1957, incl. 7,500 dated July 1, 1937 and due serially from 1938 to 1947, incl. NEWFOUNDLAND (Government of)—FIRST HALF REVENUES Up $1,100,610—Revenue for the first half of the fiscal year 1937-38 was higher than the same period the previous year by $1,100,610, according to figures released Jan. 5 by the Newfoundland Commission of Government. The half-year ended Dec. 31. Expenditures were decreased by $282,545. Increases in customs returns were $768,156, the total of $5,138,133 being approximately 70% of the estimate for the full fiscal year. NOTRE DAME AUXILIATRICE SCHOOL BOARD, Saint-Jean^ Que.—BOND OFFERING—Sealed bids addressed to J. Wilfred Boutin* Secretary-Treasurer, will be received until 8 p. m. on Jan. 25 for the pur¬ chase of $31,300 3H% or 4% bonds, dated Feb. 1, 1938 and from 1939 to 1967 redeemable incl. RIVIERE-DU-MOULIN, Que.—BOND INTEREST PAYMENT— Pay¬ ment of coupons due Dec. 1, 1937, and of interest from June 1 to Dec. 1, 1937, on bonds matured June 1, 1934-37 has been authorized by the Quebec Municipal Commission. ST. BONIFACE, Man.—REFUNDING PROPOSAL—According to City E. A. Poulain, negotiations between city council and certain Treasurer bondholders, resulted in submission by the latter of the principal features of which are: 1. Settlement of the arrears of interest of 20%. up to a five-year Dec. 31, program, 1936, at a rate 2. Payment of interest on the bonds dating Jan. 1, 1937, for a period of five years at a rate equivalent to two-thirds of the cash surplus which may be accumulated during each of said five years—the balance of the surplus to be used for establishing a sinking fund for the purchase of city's bonds, or retirement of same, at market prices. 3. The city's budget each year to be subject to the supervision and complete control of the municipal and public utility board. 4. Continuance of supervision of the council by a supervisor appointed by the Municipal and Public Utility Board. Although full acceptance of the budget control feature has not been made as yet by the group, its approval of the plan will virtually assure immediate consummation, as the members are said to represent 85% of the holders of outstanding bonds. The placing of the program in effect, Mr. Poulain reports, will permit the city to disburse a three-year surplus of $285,000 which has accumulated and is applicable to payment of arrears in Interest. bond