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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
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7*
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+
O
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J
15
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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
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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*
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J
26
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83
3
S
J
94M
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5
76
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S
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83
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®
92
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111*
A
A
83*
107
F
J
50
2
17
23
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*
m
M S
M
92
J
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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
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55
6
'
110M
30M
20
101*
107*
J
200
93
39
99
*
J
95
2
104
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J, I
.1
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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 %
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34*
41*
41M
mmmm
73
38
104
mmmm
76*
108*
105*
85
40
88
506
61
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g44M
40*
103*
36
O
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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
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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
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100*4
♦106*4
101
40)4
71*4
49
19
100
40
15
2
101*4
D
27
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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
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J
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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
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103*4
D
J
113
59
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57
21
9
4
6
7
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99*4 107*4
98*4 108)4
9614 103*4
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79*4 103*4
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97
103X
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,.
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98 X
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| 103
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A
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J
58
56
68
88
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41
180
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28
28
33
39
30
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103
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107*4
14*4
69
27
2
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1
128
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36
9
10
49
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55
47
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104
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36*4
38
5
7*4
6
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42)4
11
16*4
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23
4
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61
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.
2
96
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{♦Fla Cent A Penln 5a
1943 J
{♦Florida East Coast 1st 4*48.-1959 J
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1974 M
♦Certificates of deposit—
1
98X
89
*94X
■
11
I
*60
.
4
I
'
102X|
97
J
3
100 X
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•
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
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o
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O
O
17
94
94
M N
~85~~
80
80X
80
♦91
J
J
o
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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
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18
99
93
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O
N
15
120X
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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
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—1952
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1961
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49
118
101X
40
Gulf Mob A Nor 1st 5 Ha B
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-
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N
A
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{(♦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
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81
101X
111X
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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
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4
111 *4
105
102*4
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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
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Del Power A
105*4 111*4
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108
J
Cuba RR 1st 5s g
3
104*4
1951
1942
f 4s
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110*4
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O
1950
s
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11
103
110*4 115
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105*4
104
100
O
f 58——I960
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lat mtge 3*is
84*4 104*4
104
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114)4
-
a
89 X
103H
103H
Federal Light A Traction
Francisco Sugar coll trust
20X
102
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J
104
106)4
A
.—1955
1955
———.1956
3Ha.May 1 1965
May 1 1965
87
89
J
7s.—1966
4*4a
1951
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1951
{♦Consol Ry non-conv deb 4a..1954
♦Debenture 4s
89*4
85*4
109
J
of Upper Wuertemberg
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98*4
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92*4
O
Conaol Gas (N Y) deb
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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
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Columbus A Tol lat ext 4s
104*4 107
5
104*4 108*4
88*4
M N
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97 *4 104*4
100*4
D
94
15
107
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55
18
65
62
Columbia G A E deb 5e—May 1962
Debenture 6s
Apr 15 1962 A
104*4 113
111*4
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95
108*4
91*4 106*4
41
90*4
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6s...1962 M N
F A
J D
M N
Wl N
M N
J J
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103
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104
90*4
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1967
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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
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107H
107X
.
Chicago Union StationGuaranteed 48
1st
107 X
J
J
109""
103H
D
J
F
45
37
J
J
"55""
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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
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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
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106
95 M 105 M
25
26 X
90 M
23
57 M
22M
53
12
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99
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90
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1959 m N
J
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*70
411.
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109 M 115
99 M
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1
.
100
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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
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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
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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
@FedFRASER