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•jJS.
ADM.
.IBRARY
JAN
Thf
omrntttialf
tN>
COPYRIGHTED IN 1939 BY WILLIAM 8. DANA
COMPANY, NEW YORK.
VOL. 148. lM"edW,T8klr„4^0YtaCopy~
BROOKLYN
PAT. OFFICE
U,
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1874.
NEW YORK, JANUARY 21, 1939
William cor.
TRUST
NO. 3839.
THE CHASE
COMPANY
NATIONAL
Chartered 1866
OF THE CITY OF
George V. McLaughlin
The
President
For
a
Corporation
.
of
1
■.
i1
.
and
'
■
'
has.
I
'
number
'
*
and .bankers
banks
York
New
tra-
it
years
large,
a
'*
is
bankers' bank.
many
served
Member Federal Deposit Insurance
BANK
NEW YORK
chase
ditionally
BROOKLYN
NEW YORK
SprucaSu"1N.Yx'ty
reserve
as
correspondent'
depository.
Member Federal Deposit Insurance
Corporation
FUNDAMENTAL
INVESTORS
Public
INC.
\
'•
.
■
■
..
Utility
Bonds
«.
•
Harriman
■■
Prospectus
Ripley & Co.
Incorporated
,
'
/
available from
local dealera
\
Underwriters of
and
dealers
ment
The
FIRST BOSTON
in
capital issues
U.
S.
Govern¬
Bonds, Municipal Bonds
and other investment securities.
CORPORATION
63 Wall
NEW
Hallgarten & Co.
.
.
.
''
'
'
-•
V
♦
Established 1850
NEW
Chicago
BOSTON
YORK
CHICAGO
PHILADELPHIA
AND OTHER
Boston
Stroet, New York
Philadelphia
* Chicago
Representatives in other leading Cities
SAN FRANCISCO
.
PRINCIPAL CITIKS
Formerly Brown Harriman & Co., Inc.
YORK
London
J
City of
Philadelphia
New^orkTrust
Commonwealth of
BEAR, STEARNS & CO.
ONE WALL STREET
Ivania
Company
Bonds
NEW YORK
Capital Funds
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
40TH
HOMER & CO., Inc.
40
ST. & MADISON AVE.
FIFTH
Exchange Place, New York
BROADWAY
AVE.
& 57TH
ST.
NEW YORK
Service
to
Banks and
Dealers since
1888
HORNBLOWER
European Representative's Office:
8
CarlM.Loeb,Rhoades&Co.
61
KING WILLIAM STREET
LONDON, E. G 4
Paris
Amsterdam
40
Wall Street
Members New York,
*
I
London
WEEKS
Established 1888
NEW YORK
BROADWAY
NEW YORK
&
Member of the Federal Deposit Insurance Corporation
Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Jan. 21, 1939
Chronicle
Financial
II
Leading Out-of-Town
Brokers
Investment Bankers &
DETROIT
We take
INVESTMENT HOLDINGS
announcing
pleasure in
the election of
ANALYZED
STREAT
W.
HEARN
Charles A. Parcells & Co.
Vice Chairman of the
as
Exchange
Members of Detroit Stock
and Chairman of
DETROIT, MICH.
PENOBSCOT BUILDING,
Board of Directors
the Executive
Committee
and
HARTFORD
Montgomery
John R.
Specialists in Connecticut
as
President of this Corporation
Securities
putnam & co.
Members New York Stock
Tel. 6-0151. A. T. T.
Exchange
HARTFORD
6 CENTRAL ROW
,
Teletype—Hartford 664
Ban cam erica- Blai r
corporation
BIRMINGHAM
January 18, 1939.
MARX & CO.
BIRMINGHAM, ALABAMA
TO
MUNICIPAL
SOUTHERN
THE BALTIMORE AND
CORPORATION BONDS
The Plan
WISCONSIN
holders of at least 90% of
East Michigan
207
into effect by modification
of securities or issue of new securities until
each class of affected securities
of the Company shall have become bound
needed to reach this percentage, and security holders who approve
deposit their securities promptly, so that the Plan may be carried out without
Additional assents are
thereby.
urged to
the Plan are
St.,
delay.,
Milwaukee, Wis.
•
notice—January 26, 1939,
the Plan, assents and deposits may be withdrawn up to the
date.
The Plan cannot be put
EDGAR, RICKER & CO.
Company and its operated
completion of the publication of
with the provisions of
close of business on that
Teletype—Milwaukee 92
of Interest Charges and Maturities, dated
thereby.
will become operative upon
and in accordance
CORPORATION SECURITIES
OHIO RAILROAD COMPANY
declared operative as to the securities of the
August 15, 1938, has been
subsidiaries affected
*
SECURITIES OF
that the Plan for Modification
Notice is hereby given
MILWAUKEE
>
HOLDERS OF
AND
BALTIMORE AND OHIO RAILROAD
THE
COMPANY
By DANIEL WILLARD, President.
ST. LOUIS
Dividends
WA NT ED
LOEWS INCORPORATED
CHRONICLES
EVERYWHERE"
•THEATRES
Jan•
THE Board of Directors on January 18th,
1939 declared
quarterly dividend of
Stt>\ 4
17 1920
Jan.
January 20th, 1939.
7 1922
Jan.
6 1924
Jan.
9 1926
the 15th day of February,
Jan.
8 1927
1939 to stockholders of record at the close of
Jan.
7 1928
a
■
$1.62 Yi per share on the outstanding $6.50
Cumulative Preferred Stock of this Com¬
$A/NT LOU/3
SO) OLIVE ST.
pany,
payable
business
on
on
the 31st
day of January, 1939.
Jan.
Members St. Louis Stock Exchange
DAVID
BERNSTEIN
Vice-President
er
Treasurer
6 1929
Jan.
Checks will be mailed.
26 1929
May
4 1929
Oct.
CITY INVESTING COMPANY
55
BROADWAY, NEW YORK
"
Board of Directors has this
day declared,
out of surplus earnings of the Company, a divi¬
dend of one and one-half (lj^j %) per centum upon
the
issued
and
outstanding" Common Capital
stock of the Company, payable February 7, 1939,
to holders of the Common Capital stock of record
on
the books of the Company at the close of
business on January 30, 1939.
Checks will be
mailed.
G.
F.
GUNTHER, Secretary
ILLUMINATING AND POWER SECURITIES
The regular
quarterly dividend No. 106 of $1.75
per share (I %%) has been declared on the Pre¬
ferred Stock of this Corporation, payable Feb¬
ruary 15, 1939 to stockholders of record at the
close of business January 31, 1939.
Dividend No. 74 of SI .00 per share has been
declared
on
the
Common
Stock of this
Corpo¬
ration, payable February 10, 1939 to stockholders
of record at the ciose of business January 31, 1939.
R.
F.
A
sonal
friendship—the
BUT—did
to
every
you
business.
ever
stop
to
think of the large part
played
by consistent
publicity in
developing the initial intro¬
duction?
COMMON STOCK
A
quarterly
dividend
DIVIDEND
of
fifteen
cents per
National
Power
&
Light Company has been declared
for payment March 1, 1939, to holders of record
at the close of business January 31, 1939.
on
the
Common
ALEXANDER
Stock
of
SIMPSON, Treasurer.
advertisement
"Chronicle"
form
the
new
in
the
will
help
you
friendships amo-g
people constituting t..e
"backbone"
Cotton
of
the
Industry.
7 1933
Jan.
6 1934
Jan.
4 1936
same
of mutual faith which is
necessary
30 1932
Jan.
part of the cotton
business is done through per¬
large
9 1932
July
Advertising-
An
share
18 1931
Jan.
LEACH, Treasurer.
Company
10 1931
July
January 18, 1939.
National Power & Light
3 1931
Jan.
Friendship—
sort
CORPORATION
19 1930
Jan.
January 17, 1939.
The
26 1929
July
Cotton-
19 1929
Oct.
'
12 1929
Oct.
Dividends
6 1929
Oct.
World's
BANK &
QUOTATION
January—1914
December—1916
January—1916
February—1916
January—1918
January—1919
January—1926
January—1931
January—1933
Will pay
25 cents
per copy
WM. B. DANA CO.
25 Spruce Street
NEW YORK
THf
anmifiriit
Vol. 148
JANUARY
No. 3839.
21, 1939
CONTENTS
Editorials
The Financial Situation
The
page
........
_
Degradation of Relief
________
Our "Farm Problem"
316
328
330
Comment and Review
Listings
on
the
Year 1938-
New
.
York
Stock
Exchange for the
—
333
__
Building Construction Trend Improves in United States
During 1938
335
Report of the Comptroller of the Currency.*
,
343
The Business Man's Bookshelf
Week
on
the European
*
345
Z-----
{Stock Exchanges
320
Foreign Political and Economic Situation.
321
_325 & 389
Foreign Exchange Rates arid Comment
Course of the Bond Market.
Indications of Business Activity.
344
±mL' 345
__
Week
on
the New York Stock Exchange...^
318
Week
on
the New York Curb Exchange......
387
News
Current Events and Discussions..
359
...
Bank and Trust Company Items
_i.-
383
_.x
428
General Corporation and Investment News
Dry Goods Trade
461
State and Municipal
Department.,--.-.---
462
-
Stocks and Bonds
Foreign Stock Exchange Quotations
.._.-.393 & 395
Bonds Called and Sinking Fund Notices...
Dividends Declared.
New York Stock
New York Stock
390
.1
Auction Sales
390
...
....
' 389
i
Exchange—Stock Quotations
396
...
Exchange—Bond Quotations
396 & 406
New York Curb
Exchange—Stock Quotations*....
New York Curb
Exchange—Bond Quotations.
412
!..
Other Exchanges—Stock and Bond Quotations...--—
Canadian Markets—Stock and Bond Quotations......
Over-the-Counter Securities—Stock & Bond Quotations.
416
418
422
425,
Reports
Foreign Bank Statements
Course of Bank Clearings
Federal Reserve Bank Statements
General
—
/
•
...
-
-
324
387
....359 & 393
Corporation and Investment News.428
Commodities
The Commercial Markets and the
Cotton...
Crops
...
Breadstuffs
Published Every Saturday Morning by the William B. Dana
451
4.54
459
Company, 25 Spruce Street, New York City.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert. President and Treasurer; William D. Riggs, Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23, 1879. at the post office at New York, N.Y., under the Act of March 3,1879. Subscriptions in
United States and Possessions, $18.00 per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe
(except Spain). Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds. •.
,
The Financial Situation
front
SOCIAL SECURITY, so-called, is oncethe political
again defi¬
nitely in the spotlight.
Observing
office
making
were
of strange
last
chinery in motion to steal
report
a
to
Congress along with
covering
A Matter Not to Be
^
dent is not
altogether
bill for that
a
the
present
of the
one
.
sonable that
eral way, at
be
he, in
rea¬
Board
the
submits to
now
At
introduced
.
old-age security/7 and
"the
cites
affording
tion
eral-State
old-age insur¬
unemployment
compensation system,
equity
and sound
policy
require .that
social
people
as
administrative
rapidly
as
yet
un¬
brief
light
of
the
upon
proceeding
can
be
now
as
sug¬
hyper-critiCal to inquire
too
closely into the specific,
of
arguments
politicians
with, preconceived
now
Anderson
President
gests, but perhaps it would
be
for
which
obtain
deter-
a study of its full text, which
is not generally available, but mean-
mitting
this
Relations
they
plans
wish
to
popular support.
Its Essential Soundness
Proved?
In any
matter
Act to be
of
the
National
pushed into the
event, much more
questions
important
raised by
by the President.
In final
analysis, these boil down
with the
agree
Act has
per¬
'that
soundness," and
should
we
adopt
active, influential, organized cam¬
paign for amendment comes from the Ameri¬
Security
"amply proved its
essential
back¬
public
President
Social
the
that
Labor
the
Does
this:
to
The most
experience
are
the action taken
ground.
as
definitely
policy of further
a
extension of its
prqvisions
Federation of Labor, whose chief interest
in the matter is to put an end to the favorit¬
as
ism^ feels is being shown
public understanding
permit.
sion is
Such
.
exten¬
an
already mammoth
of
particularly impor¬
old-age insurance
tem. Even without amend¬
old-age insurance
benefits
payable
early
in
years are very
the
take
liberal
effect
comparison
taxes
paid.
sarily
so
This is
the
this
winter
will
as
a
But this
proportion
as
possible of
pro¬
our em¬
to avoid unfair discrimi¬
nation/'
Such
to
have
as
these,
taken together
implied approval of the recommendations of
Board, which would
the scope
enough that
the, Administration to
very
possible to persuade
vised and
ever
other
any
possible exception
This is
of Russia?
ter
of
vast
a
mat¬
importance,
which
we
as
it
have here
proceed along
a
now
an
stands,
effort by
rather broad
many
of
our
it
has
large numbers of
thinking
are so
on
citizens to think
The system
officially explained carries
as
plausibility which
seems
our
an
as
de¬
outward
to drug the sensibilities of
people, and the benefits
alluring that
a
prom¬
great deal of wishful
the part of the public is almost inevi¬
table.
substantially enlarge
and cost of the system
make it clear
by
government in the world,
with the
dispassionately and intelligently.
ised from it
recommendations
size
peace¬
undertaking
dreamed of
full
the
other
any
concerning
ployed population in order
with the
time
until its
passes,
heretofore been all but im¬
forestalling dependency.
large
dwarfs
with the
neces¬
fact creates the necessity of extending this
tection to
fail
time
expected of them.
in order that these benefits may accomplish
their purpose of
very
with
The general public at
way the law has been working but is not par¬
ticularly well informed as to just what
changes must be made to remedy the evils.
Congress must not make the mistake of merely
tinkering with this law.
The country needs
substantial,, decisive action.
Without such
relief any other helpful steps Congress may
sys¬
ment the
organized workers.
to opposing groups
the moment is doubtless disgusted
tant in the case of the Fed¬
eral
the
this
can
and
in
from
as
Congress must not make the mistake of
the
benefits be extended to all
our
well
placed upon its calendar
consideration, and '
g
(2) That amendments (if it cannot be re¬
pealed) be substantial and constructive, not
a meaningless,,
sop to an aroused public opin¬
ion or designed to appease conflicting ele¬
ments among labor groups and labor leaders.
flfeThere are many weighty matters awaiting
Congressional attention, and doubtless the
President, for reasons of strategy if for no
other, will see to it, if he can, that Congress
has no time to spend getting into mischief.
system and the Fed¬
ance
as
the
bor Relations Act be
that "as regards both
the Federal
any
wisdom
for serious
chil¬
dren/' At another point he
says
throw
h
protec¬
dependent
have
of time that would
space
awhile it is of the utmost importance that the
public let Congress understand:
(1) That it demands that the National La¬
desirability of
greater
to
just
we
f[mined only after
sirability of affording great¬
er
know
experience
accumulated in
awaiting Con¬
The merits of the measure
urgency
gressional action.
by Mr.
calls attention "to the de¬
It would be
to
.
real
and
tance
he particularly
rate,
any
of
Congress.
we are
going
distressing periods
scrupulous employers."
The Congressman might well have added
that the public must be protected from the
disastrous effects of this whole legislative
experiment, but at least he has called atten¬
tion sharply to a matter of first rate impor¬
least, endorses
which he
what
set-up
the label of labor leaders
a gen¬
recommendations
Wednesday, in
| of industrial strife in our history.
The law as
\ it is now written and the Board as it now is
.^constituted combine to create the greatest
^menace to our national defense.
The workingman
must be protected against
a lot of labor racketeers
masquerading under
ex¬
to
[the Social Security Act's]
purpose:
most
respon¬
accumulated
interesting
through
but the in¬
ference appears to
Neglected
on
our
strengthen and extend its
Labor Relations Act, said
"Under
plicit in his suggestions at
several points,
have
provisions."
submitting
recom¬
message
would be "derelict in
we
did not take advantage of the experience
we
Congressman Anderson of Missouri, who is
interesting himself in amending the National
mending action. The Presi¬
the
sibility if
wre
a
moreover,
All this is justified by the President with
sys¬
has transmitted
which he
The country is,
notice that it is the intention of the
on
statement that
the I President
to
original Act.
the system.
Board, which had been
tem, has made its formal
ever
New Deal to continue from time to time to enlarge
ma¬
put to work formulating plans for modifying and
extending the existing
present moment to enlarge the most
put
more
once
of the wind from their
some
Social Security
The
sails.
the President
panaceas,
apparentlyj became alarmed, and set
year
date of the
the strength of their advocacy
on
old-age pension
the
known—and this within less than four years from the
that a substantial number of candidates for
progress
at
ambitious scheme of its sort that the world has
Perhaps
no
program
less understood
is
or
devised by the New Deal is
more
grossly misunderstood than
this, which doubtless accounts for the status that
the scheme has been able to attain in the minds of the
Volume
148
Financial
rank and file.
The
President himself has,
repeatedly revealed himself
standing of the
tem.
This
as
lacking
Chronicle
indeed,
annuity
real under¬
any
did again
on
entered
Government
old-age insurance
into
the
program
have been set
up individual accounts covering 42,-
insurance company comes to
holders of
of the
probably is responsible for
more
current
misconcep¬
tions, than anything else.
The destruction of this
myth would probably prove to be the
beginning of
wisdom in public
appraisal of the program.
Yet as ineradicable as this notion
no
clear that
except
in
the
in
more
whether the
phases of
the
its
of
than
an
ardent New Deal ad¬
Liberty League. This is equally true
old
certain
in oper¬
now
ordinary insurance company have
common
vocate and the
be,
outward ap¬
mere
the social security program
age
pension,
or
system is under
of the other
any
consideration.
operations the national social
In
secu¬
rity system, so-called, is nothing more nor less .than
a
public charity organization, but the
analogy of
the private insurance
company is usually applied to
the
old
pension and unemployment insurance
age
aspects of the system.
of
none
with
The fact is, however, that in
operations is the system comparable
its
private insurance company. Take what are
usually termed the old-age benefits as an example.
What is actually offered is a combination
of life
a
insurance
and
Passing
nicalities let
individual obtains
an
ordinary insurance company.
specified
specified
unimportant tech¬
inquire precisely what
us
an
a
a
occurs
life insurance
when
policy from
The insured pays
of money or undertakes to
pay a
sum
of money at periodic intervals for
sum
a
specified "period of time to the insurer, which in
promptly puts these funds to productive work
turn
in
order that it
contracts
stated
ity
to
be in position to pay, as it
the beneficiary of, the policy a
may
do,
at the death of the insured.
sum
is
contract
hardly
The
distinguishable
strictly economic point of view from
annuitant
a
annu¬
from
loan
a
by the
of
certain sums of
money to the other
party to the contract against the latter's promise
to repay them with interest when the
annuitant
reaches
certain
a
specified age; except of
that the annuitant
may
question, in Which
in
at
is
all
made
with
case
the
than
whole
the
no
return
result
of the funds
that
would
be
the
the granter of the
more
liberal
here
How
Social
from
while
to
Social
the
use
is
the funds
on
so.
Security Works
behalf
of
the
are
required
beneficiaries,
which
officially labeled faxes might be considered
premiums
on
pay
at
specified times.
the combination life insurance and
certain individuals certain
a
mere
un¬
of
sums
money
Against this undertaking the
be used for this
purpose,
no
funds in advance to
and could not well be. The
Government is, of course,
dependent upon its credit
and
its
taxing
(that is power to tax when
power
these payments come
due, not its
to meet these commitments.
in
ance
certain
for
advance
groups
the
one
of
means
is
now)
assur¬
merely that and nothing
(that
more.
of the private insurance
provided by the annuitant
are
insured, which
the other
formal
a
according to certain formulae-
case
company) funds
the
Merely
by the Federal Government that
in their old
age
In
power to tax
in the population will be provided
contained in the law,
or
put to work to provide the
are
fulfilling the terms of the contract; in
nothing of the sort is provided. The one
economically self supporting; the other is
ried
car¬
by the general taxpayer notwithstanding the
technicalities by which
the whole
is
process
sur¬
rounded.
The difference is fundamental and vital.
is in general true of course of the
same
ployment benefits
worked
program
out
unenn
coopera¬
tively between the States and the Federal Govern¬
ment.
Now, it is for broad social
■
to have the annuitant
or
wise
reasons
the insured under the old
pension scheme make payments regularly in
age
proportion to the benefits he obtains, or to state
the
thing differently have the benefits relate
same
the
to
would
ciple
contributions
without
were
Such
made
by the beneficiary.
question be well if the
applied to
same
unemployment
payments, however, can in
economic
sense
insurance.
no way
benefits will
providing the
as
presently be paid.
Other
means
;
.
It
prin¬
under the
system as it actually operates be considered in
an
by which
-
Considerations
But these general considerations suggest certain
other
important phases of the subject and reveal
the report now submitted to
as
significant by
Congress by the Presi¬
reason
of its omissions
by its positive recommendations.
social
security taxes in
no
real
as
If the so-called
sense
provide for
payment of the benefits promised under the Act,
they are not in
the
If
they
fact
are
That is to say,
which
equitable and
squared
should
so
with
at
once
should
apply
unless the payroll taxes
so
burdensome,
to
now
so
in¬
damaging to business cannot be
sound
be
consummation
simply
and nothing else, then
proving
are
principles
either
placed by some other
a
"contributions" but
taxes,
ordinary rules of taxation
them.
levied
system in operation under the
Security Act. Regular payments
and
have
we
the part of the Federal Government
on
to
taxes.
productively meanwhile and regularly does
turn
dertaking
But the
case.
impossible—and
annuity is able to
Reduce the whole matter
to its economic essentials and
concern
important point—were it not for the fact that
Now
The funds of
observed, go into the general account
Treasury, and are expended as are any other
receipts of the Treasury.
dent
otherwise would be the
business
course
not live to reach the age
granting the annuity is able to give
terms
end.
an
certain bookkeeping rigama-
The
annuity payments.
over mere details and
beneficiaries, after
Treasury is provided with
appears to
and
operations of the usual private
role has been
the
social
company
the fact is
pensions under the social security
age
and the
utterly fallacious idea that the
a
but
pearance
old
who may be likened to the policy¬
private insurance company."
This per¬
security system is in principle identical in function
and operation with the
private insurance
ation
called
persons,
sistent
Federal
the books
against future liabilities of the
under
the largest undertaking of its kind ever
attempted, has been organized, and under it there
500,000
the
on
contracts.
Here, however,
similarity between the operations of the so-
the
system,
with
"reserve" is set up
a
of the Government
Monday, when in his
message he said that "the Federal
contracts
Government, and
inner economic meaning of the
sys¬
he
317
of
repealed
more
devoutly
taxation
outright
they
or
re¬
just form of taxes. 'Tis
to
be
wished—but
no
Jan. 21, 1939
Financial Chronicle
318
into'the banks of the'country, and gold continued to
flow from Europe to this side of the Atlantic. These
serves
and other accounts set up in Washington
are the main factors occasioning the steady growth
are in the last analysis reserves only in name, and
of member bank balances and of idle funds. Nor is
if the funds they represent or record are in fact
there any change in the other side of the picture—
expended as are any other funds of the Treasury,
the side represented by effective demand for accomthese accounts should be abolished and the elabomodation. Banks are unable to put their idle funds
rate
bookkeeping discontinued, since they serve
out on fresh loans, and even their bond investment
merely to obscure the facts, and to mislead the unoperations are made extremely difficult by the high
thinking.
r
>
* prices and small yields of best grade securities.
In
One other matter is perhaps not so plainly sug- the week to Jan. 18, the reporting member banks here
suggestion of the sort is to be found in the plans
of the Administration. Again, if the so-called re-
gested by all this but is nonetheless of the most vital
If the Federal Governobligating itself undejr this scheme, to
It is this:
importance.
ment
is
make
staggering benefit payments in the future,
it is in
which
for
reality making
provision in
no
advance, indeed is not in a position to make
such
provision, is it not all the more important that it
ability
great pains to keep its credit and its
take
(not its legal authority) to Jevy and raise taxes
future at
the
in
the highest possible point? • The
only real provision it can make
for these future
payments is that of strict economy in the management of its affairs, and care that taxes paid in
connection
taxes
with the
social security plan
to be levied in this
are
(if-such
connection)
be used
the absolutely unavoidable bills of the Gov-
to pay
ernment in order that
industry may be left as free
possible from other taxes to build up our ecoresources which in
the last analysis must
as
nomic
bear the cost of the whole
system.
Such provision
certainly not being made at the present
most
is
in New York City found their business loans down
$10,000,000, to $1,371,000,000, while brokers7 loans
on security collateral fell $29,000,000 to $675,000,000.
Hand-to-hand currency in circulation fell $50,000,000 in the statement week, this being the normal
post-Christmas trend. The monetary gold stock of
the country advanced - $38,000,000 to a further
record at $14,615,000,000. The Treasury reimbursed itself for $28,497,000 of gold acquisitions by
depositing that amount of gold certificates with the
12 regional banks/and the holdings of the 12 banks
thus increased to $11,896,217,000. An increase of
other cash als0 aided the upbuilding of reserves of
the 12 regional institutions, which reported this item
a^ $12,340,639,000, up $46,461,000 for the weekly
period. Federal Reserve notes in actual circulation
receded $36,548,000 to $4,338,414,000. Total dePosits with the regional banks increased $76,447,000
to $10,,365,008,000, with the account variations conlisting of an increase of member bank balances by
$174^242,000 to $9,130,381,000; a decline of the
Treasury general account balance by $72,993,000 to
$799,950,000; a drop Of foreign bank balances by.
the failure.
"
'
AT;, $18,054,000 to $158,713,000, and a decline of other
There
many who at the time that the sodePos^ by $6,748,000 to. $275,964,000. Discounts
called social security project was first launched
by the regional banks receded $393,000 to $4,361,000.
feared that it would in the end prove but another
Industrial, advances fell $160,000 to $15,390,000,
time, and neither the President nor the Social Se-
curity Board appear to be at all concerned about*
were
pension scheme,
while commitments to make such advances dropped
$208,000 Jo $13,131,000. Open market holdings of
bankers bills increased $7,000 to $556,000, while
holdin^ of Bnited States Treasury securities were
!J,ulte nnchanged in total at $2,564,015,000. . The
Federal Eefrve banks abound it necessary however, t6 substitute notes in the amount of $30,354,000
E)r Treasury, discount bills in the portfolio, owing
to the difficulty of obtaining the bills in the current
artificial market- The reserve ratio moved.up to
83.9% from 83.8%.
similar to the various veterans'
pension plans which have always been a blot upon
our
fiscal escutcheon-the beginning of another
"pressure group" which, having tasted of special
favor, would never be satisfied, but always demanding
to
more
be
can
The time lias come for the Ameri-
people to give this whole matter most careful.
and
dispassionate thought.
course
a
The process seems now
of the Treasury.
starting.
prove
snare
been
and
a
delusion to many who have
expecting much of it.
ted to
The program will of
in the long run to be no better than
foolishly
The more it is permit-
expand, the greater the harm will be.
cannot afford to let it grow upon us
We
inch by inch.
;
r\
important monetary arid credit factors again
tended, in the week to Jan. 18, toward an in-
United States.
of the
The weekly banking statistics have
been reflecting
such trends since the end of 1938,
crease
of banking reserves
and there is
will
now
no reason
and credit
at hand indicate
tion of member bank
Reserve banks,
resources
for assuming that the situation
change for sorrie weeks to come.
The statistics
fresh records in the accumulabalances with the 12 Federal
and in the
excess reserves over
legal
For the week to Jan. 18, excess reincreased $120,000,000, and the estimated
requirements.
serves
aggregate as of Wednesday night was
which overtops
$3,560,000,000,
the previous record of last December.
Currency continued to flow back from circulation
i
i
i
..
,
QM^LLuP™rd ar"' d™'™d movements occurred
this week
the New York Stock Exchange,
on
with the
Federal Reserve Bank Statement
A LL
New York Stock Market
.
advances more emphatic than the de-
clines., especially in equities that have investment
ratings. Securities which are more predominantly
speculative also did well, for the week as a whole.
The market was dull throughout, with turnover under
the 1,000,000-share level in each of the five full
sessions. Both foreign and domestic developments
remained unsettling, and most traders and investors obviously preferred to remain on the sidelines. Events in Spain brought fresh fears of an
upset in Europe that might set that continent off
on another general wrar.
The heavy armaments
increases under consideration in Washington raised
further doubts in the minds of informed observers
' regarding the dubious foreign policy being pursued
-by this Administration. Somewdiat more encouraging
^
Volume
148
Financial
Chronicle
further indications that
Congress is minded to
were
its role
resume
maker
as
of the
laws.
The
by
actual
the financial markets held to
their
irregular
The upswing in
equities of
sufficiently pronounced
of
attention.
sizeable
ferred
The
Best
advances
issues
in
other
movement
is
the
lack
of
This
good deal
stocks
investment
media
in
large
the
bond
corporate
even of some
public issues, leave only
supplies of best grade bonds available to
individual investors and to the smaller
that
small
*.
fiduciaries
of
unable
are
issues.
now
companies.
is
to
in the
engage
among the large insurance
situation, investment interest
this
being diverted
to
some
continuance
for
of
the
trend
a
advance.
curities
ground.
firm..
a
resume
::'t
slow but
United- States
ponderously ahead
Medium-priced
likewise
be
were
instance,
net
in foreign lands.
showed
were
day and down
up one
changes for the
Base metals
week
were
of
displayed.a little
previous weeks.
The
only minor changes.
The
no
more
unitsAalso
Call loans
maineel
On
the
on
,
New
half-day session
shares;
on
Tuesday,
on
on
/ As
Exchange
re-
a
of
desirable effect
on
on
on
on
on
Friday, 203,235
overnight
on
stock
purchase
Benito
Italy, augured well for the future
and the stock market
group.
prices followed
great
activity
on
up
centered
This interest could only
growing indications of
a more con-
the rule at
were
utilities
and
enjoying
wider
one
point,
advances.
again lacking in yesterday's
was
on
the whole followed
an
irreg-
clqsed the day with mixed changes.
Mussolini of
peace of
Europe,
shortly thereafter responded
yesterday
at
,
were
on
Friday
a
week ago,
generally higher.
Gen-
yesterday at 41% against 39%
Friday 0f last week; Consolidated Edison Co.
K. Y. at
of
32% against 30%; Columbia Gas & Elec.
8
against 6%; Public Service of N. J. at 34%
against 31%; J. I. Case Threshing Machine at 93
against 88; International Harvester at 56% against
54; Sears, Koebuck & Co. at 71% against 71; MonU
gomery Ward & Co. at 49% against 46%; Woolworth at j50% against
49%, and American Tel. &
Tel.
at
157% against 150.
Western
Union closed
yesterday at 23% against 22% on Friday of last
week; Allied Chemical & Dye at 184 against 184;
j
p0nt
de
Nemours at 150 against
148%;
Kegister at 25% against 24%; NaDairy Products at 13% against 12%; Na-
National
tional
point from their previ-
Premier
utility
when
compared with the close
tional
close, forged ahead the first hour in
comparatively light trading. The sentiments
expressed by
Mr.
Chamberlain, England's Prime Minister, after
with
course
prices at the
ous
discussions
hour,
public
Saturday of last week, and
up a
•
€ral Electric closed
^
equities, after moving
his
ular
and
Wednesday, 630,660
Thursday, 181,695 shares, and
opening
was
attention,
fyuite envi-
were
gains ranging from fractions to
final prices
666,660 shares;
were
shares.
market's
scope
a
-
shares;
orders had
few instances
opened encumbered by heaviness,
session, and equities
on
accumulation
final
Market incentive
Equalization
Thursday, 887,040 shares, and
heavy
the
With
were
Friday,
739,690 shares.
On the New York Curb
Exchange
the sales last
Saturday were 89,295 shares; qn Monday they were 158,965 shares; on
Tuesday, 173,345
shares;
on
Wednesday,
142,665
A
a
thority. 'Generally higher prices*
Exchange the sales at
Saturday last were 469,630
Monday they
823,630 shares;
The market
around the
Stock
on
groups
dogged the movement of
utility shares again basked in the limelight
the close,
firmness than in.
the New York Stock
York
De-
ciliatory treatment of the utility industry by the
Government through its
attempts to clear up the
difficulties growing out of Tennessee
Valley Au-
the next, and
sterling,
opening, but other
Caution
be attributed to
unchanged at 1%.
the
■shares;
steady.
were
business.
Wednesday moved in
sufficiently broad to receive serious
to
commodity
Grains, for
foreign exchange markets
on
and
and listless movements of share
great importance.
unexciting, for the British Exchange
Fund
leveled^out the movements in
other
(
the
was
Utility and railroad shares received
ignored.
able.
improved,
Foreign dollar bonds flucutated
widely
irregularly, in keeping with the varied
reports
developments,
reasoning
Thursday and enjoyed gains that
railroads.
markets
the
The
se-
high
the
and
color, trading
in
utility in-
not
flowing into such obligations, and
partly because
Congress at last has taken up the
problem of
of
exist
emanating from Wash-
prices throughout, and while in
investment money
appears to
some
would
moderately higher trend developed, its
,
steady
new
railroad securities
were
''■■■■'
huge
Treasury
into
Best rated
corporate bonds
partly because
to
such
the
aimless fashion, and price changes ruled
irregular
possible
-
Long-term
forged
void of all
at the finish.
it
bond market the existence of
supplies of idle money occasioned
for
at present
modest attention at the
equity-financing.
listed
basis
news
make
large utility and other corporations
In the
The
for
reason
born of the belief
was
relations
general sense, for
might
if anything,
day marked by:
a
apparent
utility shares
ington relative to Government
degree to sound equities,
This movement is beneficial
in
After
The
group.
amicable
more
nature of
common
In
extremely dull and
shares,
future between the Government and the
dustry.
purchases
group
utility
sudden shift to
issues, and
that
issues,
bit from former
inactivity and minor price changes, stocks in the
on Tuesday were lifted to
irregularly
higher. levels, spurred 011 by the good showing in
the
of
day.
a
closing period
now
sales
to
Prominent
closed lower for the
major
among
prices recede
saw
trading.
narrow
advanced,
extremely small yields
weakness
levels, and then settle down
pre-
sharp gain for
a
early
The first hour
showed
and sleeted
by
manifested
tendency apparently relates
suitable
..Private
a
likewise
groups
bond market, and to the
available.
utility
week,
illustrated
A. T. & T. stock.
to
the
Monday
to attract
grade
for
Gains for
to three points.
one
The forward movement of equities, however, lost all of its
vigor over the week-end, and the market on
course,
investment character
an
carried all
substantially higher ground.
the day ranged from
pending better signs of the times.
was
sudden inclination to buy, which
a
groups to
legislative tendency still is uncertain, however, and
319
Cash
Biscuit
at
24% against 243/4; Texas Gulf
Sulphur at 32% against 31%; Continental Can at
40% against 41; Eastman Kodak at 181% against
180; Standard Brands at 6% against 6%; Westinghouse Elec. & Mfg. at 11334 against 109%; Lorillard at 22% against 21%; Canada
Dry at 19%
against 18%; Schenley Distillers at 16 against 15%,
and National Distillers at
26% against 26%.
320
Financial
The steel stocks reversed their
with modest
gains this week.
closed yesterday at
last
64
Chronicle
and closed
course
In
United States Steel
against 63
%
Friday of
on
Steel
at
Tube
Sheet &
of
matter
on
the
week, and cable transfers
on
Friday of last
Paris closed yesterday
on
at 2.64 3/10e. as against 2.63%c. the close
against 48y2.
In the motor
of last week,
50
group,
Friday of last week; General Motors at 47%
Friday
on
Auburn Auto closed yesterday at 4 against
3%
cable
yesterday at $4.68 3/16
72% against 72, and Youngstown
at
1939
foreign exchanges,
London closed
against $4.67 1/16 the close
as
week; Inland Steel at (My± against 84%; Beth-
lehem
the
transfers
Jan. 21,
on
European Stock Markets
against 45%; Chrysler at 77% against 74%, and
IRREGULAR
Hupp Motors at 1% against 1%.
1
Goodyear Tire & Rubber closed yesterday,
group,
at
In the rubber
34% against 33%
Goodrich at
Rubber at
moved into
change
23% against 21%, and United States
48% against 44%.
higher ground the present week.
39
against 37%;
New York
Central
sessions
ments
against 18%; Union Pacific at 95% against
Pacific
Southern
at
18% against 18%;
tinued
this
Among the oil stocks, Standard
Oil of N. J. closed yesterday at 50% against 493%
Friday of
on
week;
last
Shell Union
Oil at
14
to
ment.
American
against 46%,
Anaconda Copper closed
against 31
Smelting
and
Refining
V
distinct
changes
week
ending
Iron
and
from
today
Steel
the
business
estimated
were
at
a
by
Edison
levels
Electric
Institute
at
was
2,269,-
being quite
many
obvious in
international
view
of
political
troubles
and the tendency to lighten
markets,
Prime Minister Chamberlain brought
belief
spread in London and Paris that fresh
the
Spanish
ends.
war
The extraordinary
pound sterling
defense of the
taken for
fostered the impression that a flight of British capital
Business reports from the foremost
is in progress.
industrial countries of Europe indicate only a maintenance of the trade level
Produc-
year.
con-
appeasement back from Rome, it appears, and
measures
(cor-
for the week to Jan. 14
Spanish
The Berlin Boerse
Europe added to the apprehensions of
various
when
capacity
ago
be taken in the
sacrifices to the Rome-Berlin axis may be announced
sug-
American
of
month
rect), and 29.8% at this time last
tion of electric power
by
52.7%
against 51.7% last week, 51.7%
reported
no
Steel operations for the
Institute
The
afflict
commitments.
the
reports again failed to
last year.
late
.
"
Trade and industrial
attained
the
46%
at
Phelps Dodge at 41% against
10%.
gest
Friday of last
on
&
move-
assurances
savings and left little or nothing for ordinary invest-
•
that
yesterday at 31%
with
struggle under the lack of free capital,
circumstance
23.
week;
In Paris the
uncertain,
helpful factor.
a
Republicans,
however, in other
the extensive Reich loans of 1938, which took up all
against 13%, and Atlantic Refining at 22% against
In the copper group,
and
small
active stand will
no
war
at 13
the-London market.
on
ciyp
Irish
marked lower,
were
were
that
Southern
Railway at 20% against 19%, and Northern Pacific
against 12%.
on
attributed to
were
Prices also
19%
at
The London Stock ExTuesday, in apparent
weak
quite
to a general spirit of nervousness occasioned
which
Isles
on
Friday of last week; Atchison Topeka & Santa Fe
at
noted
were
by bombing outrages in various parts of the British
Penn-
sylvania RR. closed yesterday at 21% against 21
was
response
The railroad shares
movements
markets.
financial
pean
I rid ay of last week; B. F.
on
downward
this week in dull sessions in the leading Euro-
Trading
•
the
on
reached late last
London
started last Monday in
Stock
year,
Exchange
was
optimistic atmosphere,
an
846,000 kilowatt hours against 2,169,470,000 kilo-
but
reaction! set in after the firm opening and at
watt hours in the
the
end] only small fractional variations
preceding week, which contained
holiday, and 2,115,134,000 kilowatt hours in the
a
corresponding week of last year.
revenue
Car loadings of
freight for the week to Jan. 14
were
re-
were
re-
Gilt-edged issues were lower, where,changed,
while industrial stocks held generally to previous
ported.
International
levels.
securities
of
all
kinds
were
ported at 586,877 cars by the Association of Amer-
marked lower, with Chinese loans especially weak,
ican Railroads.
The
over
the
crease
This
an
increase of
56,028
loadings of sthe preceding week and
of
6,137
cars
week of 1938.
As
was
over
a *
an
in-
the level for the similar
''
,
indicating the
cars
course
as
Friday of last week.
mar-
against 68%c. the close
May
corn
on
at Chicago closed
yesterday at 52%c. as against 52%c. the close
on
Friday of last week.
May oats at Chicago closed
yesterday at 29c.
against 29%c. the close
as
on
Friday of last week.
The
as
Friday of last week.
yesterday
on
was
16.05c.
against 8.83c. the close
The spot price for rubber
as
against 15.80c. the close
Friday of last week.
yesterday at
on
Domestic
ll%e., the close
on
copper
closed
Friday of last
In London the
20
1/16
ounce
price of bar silver yesterday was
pence per ounce as
the
close
on
silver in New York
close
on
against 20% pence per
Friday of last week? and spot
closed yesterday at 42%c., the
Friday of last week.
off
were
Tuesday,
power
distribution centers.
set
at
or
near
important electric
Gilt-edged stocks fell
heavily until nearly the end of the session, when
a
modest rally modified the losses. British industrial
were down and international securities con-
issues
tinued to tumble.
on
Wednesday, but
The tone
a
was
somewhat better
good, deal of uncertainty still
Gilt-edged stocks drifted downward,
predominated also among industrial
and commodity shares.
International secur-
prevailed.
losses
issues
improved,
ities
against the
general trend.
After
Thursday, prices again softened on
the London market.
British funds resumed their
downward tendency, and small recessions were the
a
good start
on
rule also among industrial securities
shares.
week.
on
A series of bomb explosions
selling.
caused much apprehension, since the infernal ma-
while
spot price for cotton here in New York closed
yesterday at 9.10c.
nervous
chines
of the commodity
kets, the May option for wheat in Chicago closed
yesterday at 69%c.
dipped sharply
London market
under
much changed.
an
idle
and the mining
The international group was quiet and not
market
British funds were unchanged in
yesterday! while industrial issues
drifted lower. German loans fell sharply on news
Dr. Funk had replaced Dr. Sehacht in the
that
Reichsbank.
Volume
The
148
Financial
Paris
Bourse
started
session, owing largely to
month
settlement
of
the
week
with
firm
a
rate for the mid-
a carryover
only 1%%, against 2%%- at
the preceding month-end.
Rentes
buoyant and
were
sizable
gains appeared also among French bank,
chemical and industrial
equities.
International issues
were
neglected, with the exception of Spanish securi¬
ties wrhich advanced
on
of the advances
news
by the
insurgents.
The trend on Tuesday was sharply
lower, partly because of reports from London of the
losses sustained there.
Dealings
were
very
modest
and in the thin market all the
gains of the previous
day
lost, wThile in
were
of the week
were
reached.
were
the
among
instances lowest levels
some
heavy
Price
movements
uncertain on
Wednesday. The early tendency
soft, but improvement followed when it appeared
that France would not intervene to aid the
Spanish
Rentes finished at slightly better levels,
loyalists.
while French equities were
resumed in
modest
a
were
equities.
International
demand.
Small
were
unchanged.
registered
Buying
was
Thursday, and small
way on
advances
in
and
rentes
issues
also
better
in
were
upward and downward
French
movements
reported in rentes and French equities at Paris,
International issues were weak.
yesterday.
Hardly
business
any
was
reported
was
Boerse at the start of the
dency
on
the Berlin
week, and the main ten¬
toward lower levels.
the German
It
rumored in
was
capital that the last of the Reich loans
of
1938, amounting to
1,500,000,000 marks, was not
fully subscribed when books were closed recently
after being open for
nearly two months, and the
market
1
to
2
others
not
was
points
also
aided by such reports. ' Losses of
were
dull and lower.
was
less
a
recorded in leading stocks, and
were
down.
Fixed-interest
Another session of
issues
were
declining levels
noted at
Berlin, Tuesday, but the losses were
pronounced than in the preceding session.
Only
few issues showed recessions of
All
kinds
idle
of securities
market.
The
changed,
as
market.
Fractional
than
more
on
-.Wednesday
point.
was
un¬
declines again predominated in-a quiet
declines
were
the-
few prominent stocks fell 1 to 2
points.
securities
a
lower, however, in the
were
trend
were
off with equities.
slowly declining prices
Thursday.
Losses
was
rule, but
Another session of
fractional,
on
with
equities and fixed-interest issues alike affected.
Re¬
placement of Dr. Schacht by Dr. Funk in the Reichsbank
resulted
yesterday
equities which clearly
was
in
a
sharp
advance
of
due to fears of inflation.
,
especially in
some
of
the
other
The fact that Brazil
Latin-
singled
was
out for
special conversations well may jeopardize the
gains that Secretary of State Cordell Hull claims to
have made at Lima.
There have been other recent
developments, however, which
gains
not
were
great.
very
good deal that
remains
suggest that the real
Meanwhile, there is
a
unexplained in the Adminis¬
tration policy toward
Latin-America, not the least
important being the utter indifference, displayed at
Washington to the continuing disregard of pledges
dollar
on
bond issues
by all but
regimes south of the Rio Grande.
handful of the
a
.,
The visit which Dr. Aranha is to
pay to
ton
was
arranged
Roosevelt
that
on an
the
to
Vargas.
Washing¬
invitation sent by President
Brazilian
President, Dr.
Getulio
This note, published last Sunday, states
"there
questions
have
of
versations
arisen
great
governments
in
recent
importance
in
months-various
which
equally interested."
are
two
our
Direct
con¬
were
suggested, through Dr. Aranha, who
long served his country as Ambassador to the United
States.
after
President
Vargas accepted promptly, and
his Foreign Minister would
indicating that
visit
Washington early in February, requested infor¬
mation
to the matters for discussion that
as
ton had in
Washing¬
Washington reports suggest that
mind.
the discussions will not relate to
only, but will
financial
ample
United
under
cover an
problems.
It
be added that there is
may
Statesman d Brazil in commercial and financial
Still unexplained is the arrangement whereTreasury agreed to make gold available to
our
Brazil,
up
Brazil
on
The complete default by
to $60,000,000.
bonds
dollar
remedied, and
no
needs
cuss
this
temporary plan of partial
be
studied
and
problem than is Dr. Aranha, for he arranged
debt service which
suspendedjunilaterally in
Vargas
Trade
1937.
to
Brazilian is better qualified to dis¬
the
Dr.
diplomatic matters
impressive list of trade and
for clarification of relations between the
room
spheres.
problems
of
are,
course,
November,
matter of
a
uneriding interest and doubtless will figure heavily in
the coming
a
Fixed-income
reported from Berlin
mostly
were
curiosity,
321
American States.
International securities
losers.
were
was
Chronicle
conversations.
Latin-American matters, in general, appear to
ference
have
of the Lima con¬
and declarations of solidarity. Recent events
improved
whit
no
as a consequence
suggest again, as others did long before the Lima
that
gathering,
directed
States
the
at
nationals
policy
would
best
be
in
the
Americas.
The
Mexican
displayedjits Good Neighbor tendencies
Government
last
American
protection of the rights of United
Monday once>gain, through an expulsion order,
'
Latin America
ALTHOUGH the cement has not
yet hardened in
**
to
the
good-neighborly relations that
bind the American
are
supposed
Republics together under the
Lima declarations of
are
solidarity, fresh efforts already
being made in Washington to attain new and un¬
disclosed aims in the Americas.
Washington,
last
Saturday,
It
was
that
announced in
the
Brazilian
Foreign Minister, Dr. Oswaldo Aranha, will visit the
United
States
President
was
are
soon
Roosevelt.
on
an
invitation
With respect to
extended
by
this visit it
disclosed only that matters of "great
importance"
to be discussed.
Coming so soon after the Lima
Times," Frank L. Kluckhohn, who made the recent
disclosures that, oil from
of
and
British
bartered
for
Gen.
Juan
German
Department called "bald
Latin-America.
that any
has
occasioned
much
companies
was
Italian goods.
being
On the
dispatched
post-haste to Berlin
as
a
It is
confiscation" is, of course,
keenest interest throughout
not
yet apparent,
however,
under consideration in
Indeed, the Mexican economy con¬
counter measures are
Washington.
arrangement
Azcarate
F.
being observed with the
tinues
this
and
newly appointed Minister, charged with some special
mission.
The success of Mexico in what our State
between
plenipotentiaries of the United States and
the expropriated properties
American
following day the Mexican Government
meeting afforded full opportunity for free discussions
Brazil,
City! correspondent of the-"New York
for the Mexico
to
be
Mexican silver
bolstered by
Treasury
purchases of
at_the artificial world price occasioned
Financial
322
by the American silver program, notwithstanding the
harm done to American interests by the Mexican oil
This spirit of largesse,
expropriations.
property
quite possibly will be extended to cover
moreover,
Chronicle
Jan. 21, 1939
Count Galeazzo Ciano. Not much is expected from
such talks, however, in view of the enormous growth
of German influence in Southeastern Europe since
Munich.
-
Latin-American countries, for there has been
other
talk of late of
trade concessions, and
new
redistribution of
of
some
our
even
of
a
excessive gold supplies
Latin-American States.
among
League Council
_
.
mTTT^TA^o.
^
x
P,
i
V ^"f'^nce,
® "Ifl'
T n° ""f"
since all great lowers decided
to ignore the League of .Nations m matters of 1mportance.
The sessions of the League Assembly
;
European Politics
EUROPEAN developments this the troubled af- and Council still serve of aggrieved nations. howweek failed to ever, for the troubles as sounding boards, The
suggest that
change in
any
fairs
concluded
Rome
to
continent will
of that
last
result
ister Neville Chamberlain of
information
vouchsafed
was
and" Premier
thorities
as
Benito
Mussolini.
It
will be awaited and
war
the
au-
Governments.
French
ses-
to the aid
who
delegates,
Chinese
action
want
taken
In
the face of the appeals made by the Spanish and
Chinese delegates, the League
merely demonstrated
its absolute impotence. The. Spanish Foreign
anew
it
Minister, Julio Alvarez del Vayo, addressed the
insisted once more upon a victory in Spain
seems,
Council at great length, Monday and Wednesday,
his
for
Signor
of its usual
against the Japanese invaders of their country.
was
justments then proferred to Italy by the British
an
one
by the Spanish loyalists, who object
minor ad-
some
Monday
take place every four months, and
given their insurgent opponents by Italy, and by
widely rumored, however, that the end of the Spanish civil
on
now
advantage of the opportunity promptly was taken
the trends and
to
started
sions, which
No further official
of the talks between the British
consequences
Council
Britain, and his For-
Halifax.
eign Minister, Lord
from the visit
Saturday by Prime Min-
Mussolini,
protege, the insurgent General, Francisco
Britain
Franco.
Both
consider
their attitude
refused
to
and requested that the embargo against
ments to the
re-
ship-
of preventing aid by their
first speech that all non-Spanish combatants had
been withdrawn from the loyalists front lines, and
ing the extensive help given. to the insurgents by'
were
Italy and Germany. To this extent it is undeniable
possible.
that Mr. Chamberlain is
and is
arms
loyalists be raised. He asserted in his
Spanish loyalists, notwithstand-
for the
nationals
France
and
playing into Italian hands
keeping France in line.
being sent out of the country as rapidly
as
Georges Bonnet, French Foreign Minis-
ter, praised the attitude of the loyalists, and urged
In the whispering
that
shipments to the insurgents be halted
arms
galleries of Geneva, where the League Council met,
by the countries concerned.
it
Alvarez del Vayo protested at great length against
freely suggested that a four-Power under-
was
On Wednesday, Senor
standing will follow the end of the Spanish insur-
the
rection, with Italy likely to be granted a voice in
which he attributed to Italian airmen. He asserted
the
also that
management of the Suez Canal, and rights in
the French
port of Djibuti, which is the Red Sea
terminus for the
The many
raised by
railway that
runs
to Addis Ababa.
sanctions
Council
ritory and the capitulation of the "Bastion of Euactual
sufficed to
influence
communism
surprises.
populations,
against
A Chinese plea for economic
on
Japan
was
presented
to
the
Tuesday, by Dr. V. K. Wellington Koo,
who added that his country should be given finanmaterials,
war
German
The Council took refuge in the time-worn device of
bring Hungary into the anti-
naming subcommittees to look into these matters,
no
arrangement of the Reich, Italy and
#
Count Stephen Csaky, the Hungarian For-
Japan.
civilian
ciai aid and facilities for obtaining
debated eagerly, but the
brought
occurrences
of
whole Italian army corps of four divi-
a
' Franco on Barcelona.
the German seizure of Czechoslovak ter-
were
bombing
sions is in the front line of the attack by Gen.
problems of Eastern Europe that were
rope" to the Reich
insurgent
01
•
German-American Relations
*
IV VIODEST improvement
eign Minister, paid a visit to Berlin, Tuesday and
propaganda
seems to have taken
place in the official relations of the German
and United States Governments during recent
weeks, after many months of bitter feelings engen-
campaign for general Ukrainian freedom was car-
dered by German discrimination against Americans
ried
in an economic
iVl
Wednesday, for the announced purpose of joining
the group.
From she small autonomous Ukrainian
Czechoslovakia
Eastern
in
State
a
with the label "Made in Germany" quite
on,
visible.
The
general impression thus was fostered
that the German Nazis want to gain economic control
of the Russian
other.
But there
capitals
may
that
develop.
Ukraine, by one means or an-
were
rumors
from
some
German-Russian
a
European
rapprochement
One definite object of German policy
plainly is to reach
a
better understanding with Po-
The recent visit paid to the
,
and by the general reaction
sense,
against the Reich persecution of Jews and others
who happened to incur the displeasure of Herr Hitler and his assistants.
Announcement
notes with Berlin which provided Reich
many, regardless
of racial extraction
views.
Foreign Minister Josef Beck is to be returned next
tional
week
against foreigners within
von
by the German Foreign Minister, Joachim
Ribbentrop.
Rumania shows
The
no
rift between
Germany and
sign of clearing, which indicates
that Soviet authorities have achieved at least some
success
tween
week
their international
in
Yugoslavia
in
Belgrade,
and
by
Ital/
plans.
were
Italy's
Relations bediscussed this
Foreign
Minister,
made'
assurances
against unfair treatment of Americans within Ger-
Reich by Polish
land.
was
in Washington, late Saturday, of an exchange of
The
law
German
does
not
preclude
a
tions.
regardless
In reply,
of
discriminations
cover
such general
any
special
considera-
the State Department expressed
gratification that discrimination
"special qjasses"
political
given country, but indi-
cated that treaty pledges would
situations,
or
insisted that interna-
note
no
longer
on
the basis
would prevail
of
in the
Reich with respect to citizens of the United States.
Volume
Some
148
Financial
individual
of
cases
alleged
Chronicle
Dr. Funk replaced the well-known
German bank¬
discrimination,
which the Germans
promised to deal with immedi¬
ately, promptly
presented
were
through
323
ing expert
Prentiss
to
Gilbert,
take
Minister of
as
also
over
the
American Charge d'Affaires in Berlin.
Pending German action on such cases, the State
nevertheless has caused
Department preferred to maintain silence
on
the
as
question,
of
the
man
other
than
notes.
through
publication
is not
plight of German Jews
and of
"Aryans" who
affected
by the modest
tions
of any
the
are
better
Ger¬
few indica¬
early amelioration of the lot
unfortunates.
of
toward
moves
relations, and there
.
remained in Berlin all this
on
Dr.
and
direct financial
a
trade and
restrictions applied in many countries
a
turned
ther
to
on
boycott
Reich
the governments concerned for
consideration.
The
efforts
at least
of
the
is
visitors'
permits.
German
Jewish
groups
excluded
to
for the
care
the
en¬
ing strain
was
Schacht, for
bank,
by
Schacht
liance
in
was
the
named in his
needs
to
of
be
place.
He
the
on
Hjalmar
the
of
presence
large
Prime
had
ad¬
the Economics
upon
further
any
British
and
French. Governments
more
fanatic
extremes.
When
the Economics portfolio, it
Dr.
the Nazi
was
Schacht
gave
widely rumored
that he desired also to retire from the Reichsbank
presidency.
If such
was
his desire, it now has been
,
forces
were
available
pushed
into
<
from
coast
on
Tarragona to
The
were
insurgents took
almost
without
over
firing
to
the
line
portfolio.
He is to
and doubtless will
skill and
be
assigned "special
tasks,"
perform them with his customary
acumen.
"appeasereaffirmed,
insurgent
last
week,
Tortosa.
Over
a
was
able to effect
com¬
in
men
the
last
abandoned
an
orderly
of materials.
the Mediterranean strip
shot, when the loyalists
finally decided to withdraw.
This
narrowed
the
against which the insurgents began to hammer with
300,000 effectives early this week.
into
Government, without
a
great battle to the outer line of Barcelona defenses,
Schacht is to
the
as
shipments to
arms
week-end the defense of this salient
aided the defenders to
in
Great
pinching drive toward the Mediterranean placed
great danger the loyalists who held the strip of
fulfilled, to the great loss of Germany. In announc¬
ing the change Chancellor Hitler indicated that Dr.
remain
of
''A-v•
;
the
European
by the loyalists, who
up
conversa¬
In the face of this situation
withdrawal without loss of either
ever
his
victory for General Franco
a
of differ¬
as
in
the
attempt to sweep away the defense of Barcelona.
in
greater demands and went to
of
munitions.
Chamberlain
but relin¬
ever
with
insisted,
Minister
Wednesday, the embargo
mand
A
regarding policy which developed
numbers
Italy is known
Franco
years,
ences
General
have been withdrawn from
quished that office, apparently because
State made
difficult
drive of
with the insurgents.
Mussolini
with
All
Regarding
Germany for several
by the duly
some
freely reported in Rome, last Sunday, that
Spain..
.
Dr.
is
now
t ment" arrangements.
said, for his bril¬
was
after
.
econ¬
and
displayed through¬
years
early this week the de¬
slowed
supplying General
Premier
develop¬
banking and economic fields
by all who know him.
Minister
Dr.
Chancellor Adolf Hitler,
little
be
was
tions
many years the President of the Reichs-
Walther Funk
mired
to
relieved of his post at the head of that
was
institution
Dr.
afforded yesterday.
the
victory
Remark¬
line, whereas Captures made by the loyal¬
preliminary to
long time, and another indication of
and
effected
indicate, the
It
has been evident for
omy
a
half
a
regime,
loyalist regime
ists
Economy
THAT all is not well with the totalitarian
of the German Reich
a
international
Italian troops
can
•
and
„
were
The
the battle
Britain,
German
#
<
immigrants.
certain, how¬
will end with
soon
aspects of the war
gained fresh prominence while the latest phase of
the struggle developed.
All foreign fighters with
by
if the appropriate financial arrangements
be made
two
loyalist
Franco.
neighboring
Paraguay, and the Dominican Republic is said to
be willing to
accept a sizable infiltration of refu¬
gees
success
hard-pressed loyalists
It is still far from
fenders of Barcelona
temporary refuge for
a
last
withdrawals
The Uruguayan Govern¬
affording at least
the
elected
some degree.
being made for admittance by Palestine
authorities Of 100,000 Jews from other countries.
ment
of
measure
able defensive powers have been
committee
liberal view of
The
Insurgent Government at Burgos.
fur¬
by the emigrants of
a
loyalist defenders
substantial
a
that the conflict
for the
are
States has taken
post
at many points in the ring of defenses
way
ever,
liberalizing their immigration views tQ
on
overwhelm the
Catalonia, and
gave
part of their property, when they are per¬
The United
to
around Barcelona.
It sems,
meanwhile, that
countries to which the German Jews are
moving are
tries
Reichsbank
*
ex¬
mitted to leave the Reich.
Efforts
Franco
attended the endeavors.
out
directed toward retention
are
appointed to the
four-year term.
Fran¬
report on the situation, which then will be
over
was
sense
Reports from the German capital suggested,
Thursday, that Mr. Rublee will content himself
with
the Economics Ministry and the
again has been united, it was stated.
STRENUOUS efforts were made this week by the
Spanish insurgent regime of General
ports.
on
Funk
cisco
of
through liberalization of the
Germany
of
Spain
plan of the German financial expert to promote the
from other countries in
the national
upon
con¬
emigration of Jews from Germany, through assist¬
ance
An official Ger¬
"complete fulfillment of
requires unified leadership in economic, financial
and capital market
policy." On these grounds the
the reputed
on
good deal of apprehension
extraordinary tasks imposed
for the usual
Refugees,
week, for occasional
ferences with Dr. Hjalmar Schacht
a
statement holds that
Reichsbank
George Rublee, American director
Intergovernmental Committee
He
Nazi extremist, but the
change
as a
coming events in the Reich.
leadership
of such
is
now
presidency.
economy in the reconstruction of greater
incurred the displeasure of the Nazi
regime is not
man-American
to
the
.
The
regarded
Economics, and
Reichsbank
a
Broken terrain
degree, but General Franco
apparently threw his Spaniards, Italians and Moors
the
battle with
the
utmost
abandon, and the
loyalists continued to fall back,
areas
faced
and
more
rapidly
in
slowly
others.
in
some
The
d,anger
by the loyalist regime is suggested by
rumors
Financial
324
that
of
the Valencia
from
sea
on
Spain,
loyalist attacks in the southern region of
9-16% on Friday of last week.
Money on call at London on Friday was J4%At
Paris the open market rate was reduced on Wednes¬
bills,
insurgent move against Barcelona started
General Franco issued one of his cus¬
after the
Dec. 23.
on
He promised that he would "resist
foreign domination of Spain in the event of such
action, although it is fairly obvious that the insur¬
ists
of Italy. The loyal¬
attention to the demand for capitula¬
paid no
shows
ber's
WHILE the along this week Japan slow course,
war between on its and China
dragged
Powers
Western
chief
virtual
a
of
There has
a
to
dispatched
assumed
parellel,
the New
the-combined oppo-
English-speaking countries.
of the two
note
to
Tokio
supporting the
Washington and London.
willing
low
British
and
show the current figures
we
items, with comparisons for previous years.
BANK OF ENGLAND'S COMPARATIVE
by
Jan.
with
the
This
United
well
may
that the affairs of the Far East are
phase.
new
forces
nese
entering
In the meanwhile, however, the Japa¬
in China continued to drive ahead
defenders, alike.
Guer¬
tions
of the invaders and
rilla
Chinese, who declared again that the war will
'
■.
Other deposits
.
Bankers accounts.
Other accounts
Govt, securities
Other securities
rates
any
at
rates
the
leading
centers
are
shown in the table which follows:
Effect
Date
vious
Jan. 20
Country
Established
3K
Mar.
Bat avia
Jan. 20
Holland
1 1936
Date
vious
Established
Rate
Effect
Country
Rate
Argentina..
...
2
Dec.
2 1936
Aug. 29 1935
4^
4
July
1 1935
4H
Hungary...
4
Belgium...
2tf
Oct.
27 1938
3
India
3
Nov. 29 1935
Bulgaria
6
7
Italy
4K
May 18 1936
Canada
2H
Aug. 15 1935
Mar. 11 1935
Chile
3
Dec.
16 1936
4
Java
3
Jan.
14 1937
4
July
18 1933
5
Lithuania..
5
July
1 1938
5H
Morocco...
6H
Jan.
1 1936
3H
Norway
3H
May 28 1935
Jan.
5 1938
4M
3
4
Jan.
2 1937
5
Poland
4M
Dec.
4
Nov. 19 1936
3H
Portugal...
4
Aug. 11 1937
& coin
May
5 1938
4 H
to liabilities
Bank rate
■
Czechoslo¬
vakia
Danzig
Denmark
.
.
3.29
Japan
...
Apr.
6 1936
17 1937
June 30 1932
3H
Rumania
2
June 30 1932
2H
South Africa
3H
May 15 1933
Estonia
4H
Oct.
1 1935
5
Spain
5
July
Finland
4
Deo.
4 1934
4H
Sweden
2H
Dec.
France
2
Jan.
3 1939
2 H
Switzerland
IX
Yugoslavla.
5
Feb.
Eire
3
England
Germany
..
Greece
4
Sept.22 1932
5
6
Jan.
4 1937
7
..
373,823,921
16,969,062
144,588,316
108,238,376
36,349,940
81,122,413
19,388,905
9,121,511
19,267,394
79,171,535
192,995,456
39.19%
2%
49.00%
2%
Bank of France Statement
'HE statement for the week ended Jan. 12
contraction in note circulation
a
000
francs,
the
items of
balances
creditor
showed
of 1,329,000,-
brought the total outstanding
which
francs. ' Notes
110,191,775,460
to
in
cir¬
aggregated 92,557,365,330 francs
year before 87,490,466,485/ francs.
The
French commercial bills discounted, credit
a
year ago
abroad, advances against securities, * and
accounts also registered decreases,
current
209,respectively.
The Bank's gold holdings rose slightly and now
total 87,265,172,589 francs,
compared with 58,932,770,203 francs last year, when the valuation
000,000 francs, and 162,000,000 francs,
4^
.
•»
450,464,13f 394,918, 734
13,555,436 13,075, 463
137,855,390 155,241, 026
100,287,072 118,866 630
37,568,318 36,374, 396
74,934,953 86,680, OOl
30,984,969 33,790, 731
8,905,857 19,279, 807
22,079,112 14,510, 924
65,979, 236
63,617,461
314,081,591 200,897, 970
Proportion of reserve
4H
3H
Colombia.
—
2%
23,
1935
namely 426,000,000 francs, 3,000,000 francs,
Pre¬
Rate in
Pre¬
Rate in
42.00%
2%
18,490,6.56
23,605,880
....
culation
THERE have been noofchanges during the week in
the discount
of the foreign central
Present
29.7%
2%
Discount & ad vs..
Securities
xteserve notes
and
banks.
59,080,000
127,034,317
475,671,305
11,051,286
161,295,930
124,357,740
36,938,190
104,388,165
34,732,940
12,966,691
21,766,249
51,319,415
326,990,720
34.9%
.
down
Central Banks
Discount Rates of Foreign
Jan.
1936
£
Public deposits
fighting remained the principal reliance of
continue^
Jan. 22,
1937
1938
467,953,000
12,250,000
156,628,118
119,935,124
36,692,994
85,751,164
42,096,536
Circulation
slowly, with wintry weather hampering the opera¬
the
Jan. 20,
19,
1939
Coin and bullion
a
Jan.
18,
STATEMENT
In view of this united
Governments.
Be¬
for the different
;
showed signs of being
on the issues, but only
negotiations
separate
through
mean
compromise
to
States
Japanese
tfie
opposition
fell off £3,-
631,044, and securities, which rose £1,285,204.
On
stand taken
£10,420,-
securities, £2,345,840. The latter con¬
sists of discounts and advances which
Wednesday, moreover, the French Government senta
Government securities decreased
000 and other
So "striking" was the
by Washington.
accounts, and £40,079 to other
bankers'
to
accounts.
according to a Washington dispatch to
York "Times," that it can mean only that
Japan is now confronted with
sition
note
a
fell off
amount, £1,796,212 represented an ad¬
Of the latter
dition
precisely the stand already
took
which
partly due to a
was
£6,963,000 while other deposits increased £1,836,291.
recent
Tokio
with 29.7% last year. The
proportion
deposits; public deposits
in
decrease
net
Nine-Power treaty and its open-
British Government last,Sunday
sharply to 34.9% from 29.5% a
rose
rise in the reserve
principle, which the United States insisted in
note to Tokio, must be preserved.
The
door
The proportion of reserves
£7,658,000.
liabilities
week ago and compares
The
reality, with France as a third partner.
a
this
year ago,
£31,552 in bullion, and so the gain in reserves
to
policies with respect to Far Eastern affairs, and
showed that such parallelism
is
a
amounted to
the events of the week
issue centers on the
amounts to £36,773,803
now
from the December 1937 high. The
circulation decrease was slightly offset by a loss
time
and London of "parallel"
talk in Washington
been
Japan
gave
holiday peak,
compared with a total decline of £33,644,341 at
opposition to the Tokio pro¬
of dominating all of Eastern Asia.
gram
leaving the total outstanding at £467,-
953,000 in comparison with £475,671,305 a year ago.
The total contraction in currency, since last Decem¬
Far East
the
January 18
further reduction of £7,690,000 in note
a
circulation
struggled bitterly on.
notification Of united
England Statement
Bank of
statement for the week ended
'HE
gents are sure to be the pawns
Switzerland the rate
1%.
remains at
loyalist regime.
tion and
against
as
day from 3% to 23^% while in
Monday for the surrender of the
tomary calls last
three-months
Friday of last week, and 9-16% for
loyalists started a counter-attack soon
the
where
IN bills Friday were 9-16%, as against 9-16% on
LONDON open market discount rates for short
by a lack of
reports are partly confirmed
Such
Barcelona.
to
area
1939
Foreign Money Rates
being attempted by way
troop transfers are
the
Jan. 21,
Chronicle
3H
5
3.65
4
rate
4
5
15 1935
5
1 1933
2
franc
was
43
mg.
gold, 0.9 fine.
The
hand to sight liabilities is
at 62.73%; a year ago it was 50.25% and the
before 57.57%.
The item of temporary ad¬
now
year
vances
to
State
remained
unchanged at
20,627,-
3
Nov. 25 1936
of the
proportion of gold on
1 1935
440,996
francs.
Following are the various items
6H
with comparisons
for previous years:
Volume
148
BANK
Financial
OF FRANCE'S
Chronicle
COMPAPATIVE STATEMENT
occasional renewals at rates
were
£
Jan. 12,1939
Francs
Gold holdings
Credit bals. abroad.
a
Jan. 13, 1938
Francs
134% for four to six months
Francs
Francs
+326,146 87,265,172,589 58,932,770,203 60,358,742,140
11,504,940
12,360,195
18,264,088
for
__
out Int.to State..
No change
as
62.73%
wiped out and the unsatisfied balance of such loans
transferred to
was
entry of non-Interest bearing loans to the State.
Rates
improved this week, but high class bills
been
are
in
outstanding to 7,425,272,000 marks.
reported
as
for bills
to and including 90 days are 34% bid and 7-16%
asked; for bills running for four months 9-16% bid
up
and
circulation
note
no
still
are
There has
by the Federal Reserve Bank of New York
of
to 90
Notes in cir¬
two
also
9-16% asked.
The bill-buying rate of the New
York Reserve Bank is
days.
%% for bills running from 1
The Federal Reserve Bank's holdings of
acceptances increased from $549,000 to $556,000.
totaled 4,857,430,000 marks
and
34% asked; for five and six months, 44% bid
and
279,900,000 marks, which further reduced the total
ago
thejmarket has been quiet.
change in rates. Dealers' rates
>
Germany Statement
contraction
and
scarce
a new
THE statement for the second quarter of January
showed
year
moderate decline
'HE demand for prime bankers'
acceptances has
Revaluation of the Bank's gold (at 27.5 mg. gold, .9 fine, per franc), under the
a
a
Bankers' Acceptances
decree of Nov. 13, 1938, was effected In the Statement of Nov. 17, 1938; prior to
that date and from June 20, 1937, valuation had been at the
rate, 43 mg. gold, .9
fine, per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was 49 mg. per franc; and before
Sept. 20, 1936, there were 65.5 mg. of gold to
the franc.
culation
Transactions have shown
57.57%
50.25%
of Dec. 29, 1938.
a
The market
shows little change this
20,627,440,996 31,908,805,755 19,598,092,309
+0.66%
Bank of
to 90 days and
largely to the light supply of paper.
unchanged at %@%% for all maturities.
a Includes bills purchased In France,
b Includes bills discounted abroad,
c In
the process of revaluing the Bank's gold under the decree of Nov.
13, 1938, the
three entries on the Bank's books representing
temporary advances to the State
were
paper
up
due
on
hand to sight liab.
Figures
prime commercial
week.
—426,000,000
7,885,464,072 10,345,403,182 6,584,371,112
*803,308,621
874,942,500
1,435,320,775
Adv. against securs.
—209,000,000 3,328,939,339 3,860,162,975 3,587,497,007
Note circulation
—1,329,000,000 110191775,460 92,557,365,330 87,490,466,485
Credit current accts.
—162,000,000 28,919,765,344 24,725,737,495 17,350,771,033
c Temp. advs. with¬
*
maturities.
—3,000,000
b Bills bought abr'd
Propor'n ol gold
134%
Jan. 15,1937
French commercial
bills discounted
previously reported.
Rates continued nominal at
Changes
for Week
325
appeared in bills of exchange and checks of
years
4,506,774,000 marks.
ago
Discount Rates of the Federal Reserve Banks
A loss
THERE have been
rediscount
281,400,000 marks, in advances of 4,100,000 marks,
in
other
daily
The
assets
of
obligations
maturing
Bank's
marks.
to note circulation is
1.51%. last
and
foreign
marks.
marks,
Below
with comparisons
1.69%
various
the
previous
increases
and
of
for previous
of
DISCOUNT RATES OF
\
now
in effect
the
rates
paper
FEDERAL
Rate in
Federal Reserve Bank
year.
different
at
Effect
RESERVE
Boston
Date
New York
Cleveland
IX
IX
IX
IX
1H
\
...
,
:
IX
St. Louis
2
IX
2
2
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
-IX
Atlanta...
Chicago
years:
2, 1937
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
1H
Richmond
Rate
Sept.
1
Philadelphia
marks,
Previous
Established
IX
,
BANKS
"v
on
Jan. 20
100,000
2,996,000
classes
Reserve banks:
currency
furnish the various items
we
the
for
silver and other coin,
currency,
41,599,000
following is the schedule of
1.03%, compared with
recorded
assets
respectively.
gold and foreign
at
now
and
year,
other
marks,
33,500,000
The
gold holdings remained at 70,773,000
The proportion of
Reserves in
of
no changes this week banks.
the, Federal Reserve in the
rates of
66,657,000 marks, and in other
...
2
2
2
2
•
Minneapolis
Kansas City
Changes
for Week
-
Assets*—
Reichsmarks
Reichsmarks
Silver and other coin
Investments
Other assets
"
Liabilities—
Course of
Notes In circulation
of the
'
+0.04%
1.03%
1.51%
measures
taken
.
*
of
these steps was
on
Jan. 5 and 6
strengthen the pound.
gold to the British Exchange Equalization Fund from
the
Bank
of
England and the increase of £200,-
1.69% *
Money Market
adoption of .these
IDLE funds continued to market, and this week all
accumulate rates in in
the New York money
departments
ers'
bills
only in
recent
were
and
held at their low levels.
commercial
small amounts,
weeks
and
paper
were
Bank¬
turned
The
to
on
day.
Since the
the pound has remained
narrow
quotations from day
The greater steadiness and higher rates
are
largely if not altogether due to official intervention
in
Treasury sold
measures
relatively steady, with
over
at rates unchanged from
months.
Chief
the transfer of £200,000,000 in
000,000 in the fiduciary issue of the Bank.
New York
'
STERLING exchange is ruling higher as theby the
result
—279,900,000 7,425,272.00C 4,857,430,000 4,506.774,000
—33,500,000
916,032,000
826,628,000
774,857,000
+2,996,000
423,398,000
335,248,000
335,283,000
Propor'n ol gold & lor'n
curr. to note clrcul'n.
2
3, 1937
Sterling Exchange
London authorities to
;
Oth. dally matur.oblig.
Other liabilities
2
Reichsmarks
+0,572,000
5,815,000
70,686,000
66,868,000
20,333,000
26,669,000
+ 100,000
5,604,000
5,649,000
—281,400,000 6,944,842,000 5,049,522,000 4,599,208,000
+41,599,000
209,472,000
220,479,000
239,942,000
39,961,000
44,713,000
43,475,000
No change
851,938,000
393,728,000
523,849,000
—66,657,000 1.306,830,000
877,509,000
761,484,000
Advances
Sept.
70,773,000
No change
Res've in lor'n currency
Bills ol exch. & checks..
2
IX
Jan. 14, 1939 Jan. 15, 1938 Jan. 15, 1937
No change
Ol which depos. abr'd
Sept. 3, 1937
Aug. 31, 1937
■
Reichsmarks
Gold and bullion.
2
IX
San Francisco
„
Aug. 24, 1937
Dallas
REICHSBANK'S COMPARATIVE STATEMENT
London, for if left to.itself, the pound would tend
be
to
range
depressed by the prevalent influences.
this
week
The
lias, been, between $4.6734 and
Monday another issue of $100,000,000 discount bills
$4.6824 for bankers' sight bills, compared with
due in 91
"range of between $4.66 3-16 and $4.6834 last week.
days, and obtained
a
premium of $206
part of the issue, while the rest
par or very
slightly under
New York Stock
maturities
months'
to
90
Call loans
on
the
Exchange held to 1% for all trans¬
and' time loans
actions,
par.
on
awarded at
was
remained
at
1%%
days, and 1%% f°r
to
The
for
cable
$4.68%
The most encouraging
on the
the
was
ruling quotation all through the week for both
and renewals.
The
The
market
only
for
time
transactions
new
money
reported
90-day maturities.
on
Money Rates
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
quiet.
been
a
week
a
between
range
of
ago.
feature in the situation of
sterling at the present time is a satisfactory narrow¬
on
continues
has
compared with
ing of the discounts on future exchange, especially
datings.
New York
loans
transfers
between $4.66 5-16 and
for
six
range
$4.67% and .$4.6834*
a
future
The decrease in the discount
sterling is doubtless due to the close co¬
operation of the London banks in compliance
the
with
Treasury's request to curtail speculative opera¬
tions
in
exchange
sterling and
gold and to confine foreign
operations as far as possible to strictly
commercial requirements.
During the week it was
gold stock of the United States increased by $855,-
attack against
This attack was largely
responsible for lowering the discount on 90-day
sterling.
There is persistent bidding from London
the Government's
ment's
York were convinced came from the
London and
Banking circles in
bins
seasonal
the" authorities
in
offer in the London market continues to
on
On
Saturday last there
Monday
on
£404,000,
Wednesday £461,000,
London
Banking circles in
on
convinced that the
are
gold
reserves
£470,000,
on
Thursday £416,000, and
on
Friday £363,000.
the week ended Jan.
18,
Reserve Bank of New
in defense of the
offer £262,000,
was on
Tuesday
on
At the Port of New York the
large increase in the fiduciary issue does not portend
inflation.
It is also acknowledged there that the
mobilization of the
19-32%, and six-months
officially reported as taken for unknown destina¬
tions.
sterling.
is in
money
M%..;
Gold
be
in the international/ political
commercial factors should aid
maintaining a firmer tone in
improvement
situation,
Ample funds
Call
market.
9-16%, four-months bills
the Continent
It is believed that with
strengthen the pound.
because of the Govern¬
Two- and three-months bills are
supply at %%.
the greatest satisfaction at the steps taken
express
any
on
London
easy money
large borrowing requirements.
available in the open
are
of London official intervention.
ence
policy of maintaining
rates in the market continues
The Paris market also felt the influ¬
control itself.
stands at $14,615,000,000.
now
Despite the heavy shifting of funds from
international
local
which
exchange,
quarters in New
to
418,445 and
positions in sterling.
future
for
September and Jan. 21, the
Between the end of
evident that the Exchange
Equalization Fund had launched a new
short
Jan. 21, 1939
Chronicle
Financial
326
York,
gold movement for
reported by the Federal
as
follows:
was as
"
GOLD MOVEMENT AT NEW YORK, JAN. 12-JAN. 18, INCLUSIVE
pound is justified and that it. is not necessarily a
signal.
That the recent recovery in the
pound was not more
speculative positions
are
5,276,000 from Holland
for the
$23,480,000 total
comparatively longer term and it has not been con¬
sidered necessary to hasten their closure.
London seems to be of the opinion that any
Net Change in Gold Earmarked for
and
received at San Francisco, of which $5,493,000 came from Japan, $487,000
from China and $124,000 from Australia.
"
gold markets.
is
placed
has
It
/
At
orderly international trade. A
to
so
rate
positive results from Mr. Chamberlain's
visit to
recent
London reached
Rome.
a new
On Tuesday rail shares in
bear-market ],ow.
The tentar
on
■
discount of 21-32%.
a
Preliminary figures supplied by the British Board
of Trade
on
Jan. 14 show
a
Paris, the London
on
and the price
MEAN
ON
177.26
Thursday,
177.21
,Jan. 19
Friday,
177.23
Jan. 20-"-...-.177.19
and re-exports during December of £30,244,938, as compared with £29,991,358 in November,
The
balance
a
sheets of leading banks in London
sharp shrinkage in deposits during 1938.
and
the
reflects
wholesale
last six
withdrawal
of
Manufacturing and production figures
to
are
also off
British steel production in December fell
655,700 tons, the smallest monthly output of the
It
year.
compares
with 860,000 tons in November
and with 1,103,800 tons in
While the movement of
York
has
measures,
may
be
achieve
been
curtailed
the outward trend is still in
European
BY THE UNITED
148s. 53^d«
STATES
(FEDERAL
Saturday, Jan. 14
.$35.00
Monday,
Jan. 16
35.00
Wednesday, Jan. 18_„„.__$35.00
Thursday,
Jan. 19
35.00
Tuesday,
Jan. 17—
35.00
Friday, ;
on
fers
sight
was
35.00
was
dull
in
continued
nominal
trading.
$4.67 5-16@$4.67%; cable trans¬
$4,67 7-16@$4.67 13-16.
market
Jan. 20
day-to-day .rates sterling exchange
Saturday> last
Bankers'
near
continue
unless
appeasement
future.
by
official
progress
and
attempts
produce
cable transfers.
official
to
positive
support.
$4.68%;
dull.
cable
On
On
Monday
The range
was
Tuesday sterling
Bankers'
transfers
Wednesday the market
quiet!
December, 1937.
gold from London to New
considerably
expected to
results in the
Jan. 20_-_148s. 7d.
.the
$4.67%@
$4.67% for bankers' sight and $4.67%@$4.67% for
foreign balances.
sharply.
Jan. 19
RESERVE BANK)
Referring to
Virtually all the decline took place in the
months
FOR GOLD
PAID
.
and with £45,467,000 in December, 1937.
disclose
Thursday,
Friday,
148s. 8^d.
Tuesday, Jan. 17_T____148s. 8Kd.
PRICE
PRICE
Wednesday, Jan. 18--.148s. 7%d-
Saturday, Jan. 14___l__148s. 93^d.
Jan. 16-_-,
PARIS
Wednesday, Jan. 18
..177.34
Tuesday, Jan. 17
Monday,
London check
market gold price,
LONDON CHECK RAGE
Jan. 16._____.___177.26
Monday,
Montreal
discount of
a
.
mean
open
was
/V%•
paid for gold by the United States:
Saturday, Jan. 14__
balance of imports over
exports
$2,500,000.
.
tables show the
LONDON OPEN MARKET GOLD
optimism expressed with respect to the British
economic situation seemed to rest largely on hope.
tive
were
Friday that $218,000 of gold
ranged during the week between
The following
: ~
present stocks in London are depressed because
of the lack of
account" decreased
foreign
Canadian exchange is relatively steady.
%% and
disturbed political situation
which holds constant threat to the peace of Europe-
and
for
reported
was
funds
The principal factor has been and
will continue to be the
On Friday there
received at San Francisco from China.
strictly commercial transactions played a
significant part.
on
ear¬
imports or exports of the metal but gold held ear¬
marked
the pound since the defeat at Munich.
pressure on
Nor have
on
imports
change in gold held
or
marked for foreign account.
no
extremely minor factor in the steady
been ,an
week ended
were no
,
the most favorable interpretation
the situation, talk of speculative drives
Speculation in sterling
on
for the
are
metal,
the
exports of
.
figures
On Thursday, there
Wednesday.
largely discounted.
must be
above
The
steady imposition of the various restric¬
being placed on speculation in the exchange
However, when
1
•
Note—We have been notified that approximately $6,104,000 of gold was
linq with the
tions now
Foreign Account
Decrease: $4,000,000
'
v
sterling will be gradual and in
material recovery in
None
7,806,000 from Canada
spectacular is attributed to the
fact that many open
Exports
Imports
110,398,000 from England
distress
The
range was
sight
was
firmer
$4.67 %@ $4.68%.
was
on
$4.67%@>
was
On
relatively steady but
$4.67 %@ $4.68% for bankers'
sight and $4.68@$4.68% for cable transfers.
On
Thursday the pound continued to receive support in
narrow
trading.
The
range
was
$4.67 15-16@
$4.68% for bankers' sight and $4.68@$4.68 5-16 for
cable
transfers.
steady in
a
On
Friday sterling
dull market.
The
was
range was
relatively
$4.67 15-16
Volume
148
Financial
Chronicle
327
@$4.68 3-16 for bankers' sight and $4.68@$4.68%
by
for
again found it necessary to devalue the franc in 1936
cable
were
transfers.
Closing quotations
Friday
on
$4.68% for demand and.$4.68 3-16 for cable
transfers.
60-day
Commercial sight bills
bills
at
documents for
finished at $4.67%;
$4.67%; 90-day bills
(60 days)
payment
seven-day grain bills at $4.67%.
for payment
$4.66%;
at
at $4.66% and
Cotton and grain
closed at $4.67%.
to
44 milligrams of
gold.
A further devaluation
brought the gold content down to 39 milligrams and
today in the Paris free gold market a franc will buy
only
24 milligrams of
clerk
who
buying
The
THE French Currently the rate for London Un¬
franc situation is essentially
changed.
steady around 177.35 francs to the
pound and in terms of the dollar the franc rules in
sympathy with sterling exchange, ranging this
wreek between
2.63% and 2.64% cents.
It appears that
for the time
tion
being there has been
of French funds from
indicating that
lull in the repatria¬
a
abroad.
The failure
the part of elements in France
the
seeking to
reopen
French-Spanish border aroused doubts
minds of the conservative and
saving
unfavorable factors
in
reflection
the Paris Bourse.
On Jan.
17
income
■
■.»
would
000,000 francs
Parliament.
Doubt
is
-.v.".
of
It
on
wras
wages
certain'amendments
from
"contribution"
salaries
expressed in Paris that
and
the
is,
by
pensions.
millions
of
duction
_
French
industry and the French citizenry at large
already so severely taxed and are under such
h6avy price burdens that production
steadily declining,
stances.
One
is
as
the
is indicated
fact
that
as
to
seems
■
gold German mark is held
of internal
the free
gold mark, 40.33 cents, but with
varying
Announcement
Jan.
on
The
is
move
and trucks per annum.
The output,
self-sufficiency
program.
expected
as a
result of the Nazi
seizing control of the Reichsbank.
following table shows the relation of the lead¬
ing European currencies to the United States dollar:
Parity
Parity
b
c
France
New dollar
8.91
19.36
32.67
40.20
68.06
54.27
6.63
;
16.95
13.90
j
;_r
parity
as
b Franc cut
from
On May 5,
The London check rate
177.19, against 177.40
New York sight bills on
2.64
-
The other circumstance is that French retail busi¬
ness,
especially in Paris and the larger centers, has
been
severely curtailed by the drop in the buying
power of the large middle class, which is today owing
to taxation and the various
much poorer than it was
takes
roughly 30%
worth of
more
The
war
years
goods than it did two
as
as
follows:
years ago,
now
dollar's
one
and 153%
sum
Clerks
1,200 francs
in
may
be illus-
private employment,
a
month.
In
pre-war
would be equivalent to $231.66.
franc contained 290 milligrams of
severe
ended
gold.
the
threat
of
francs
pre¬
Omitting
during
pointed out that
chaos
stabilized the unit at 59 milligrams of
on an
The
fluctuations in the franc
and following the wrar, it may be
Poincare
on
Friday
Friday of last week.
In
the French center finished
on
Friday of last week;
2.63%. Antwerp
16.90% for cable transfers, against 16.91% and
for
quotations for Berlin
marks
sight bills and 40.05 for
were
cable
transfers, in comparison with 40.11 and 40.13. Italian
lire
closed at
5.26% for bankers' sight bills and at
5.26% for cable transfers, against 5.26% and 5.26%.
'Exchange
on
Poland at
land
aL
closed
Czechoslovakia
on
against 3.43;
on
at
3.42%,
Bucharest at 0.73%, against 0.73%;
18.93%, against 18.93%; and
2^06%T
against
closed at 0.86, against
2.06%.
on
Fin-
Greek exchange
0.85%.
—♦—
bookkeepers and bank cashiers, receive
details of the
M.
It
ago.
francs to buy
position of the working classes
average
this
eight
179
belgas finished at 16.90% for bankers' sight bills and
than in 1935.
traded
such
more
devaluations of the franc
"
basis of
;
Paris closed
on
on
1-16, against *2.63%
Final
v%"\
/
"
gold and allowed to "float" on June 30, 1937.
1938, the franc was devalued on a de facto
francs to the pound, or 2.79 cents a franc.
at
to 54.37%
before devaluation of the European currencies
between Sept. 30 and Oct. 3, 1936.
c
,
2.63% to 2.64%
16.90
to 16.92
5.26% tor 5.26%
22.58
to 22.60
3.92
i-
bankers'
;
This Week
a
5.26
(franc).
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
a
Range
New Dollar
Old Dollar
40.05
i
ardent
an
Increased competition
between the United States and Germany for Latin
American trade is
16.91%.
,
Dr. Funk, who
Reichsbank is
defender of the barter system.
at
■'200,000..
York and
will combine the duties of Minister of Economics with
164,000 in 1932 and has not since reached
than
of
political extremists and to presage intensification of
the economic
which reached 250,000 cars and trucks in 1929 fell to
more
of
expected to strengthen the
at
cars
or
presidency of the Beichsbank
German bonds down sharply in New
London.
range
removal
the
of
20
cable transfers at 2.64 3-16, against
capacity of about
actual
discounts.
severe
Dr. Schacht from the
sent
an
production has remained almost stationary for the350,000
Germany is
same par as
past five years.
a
index to the
no
marks, all theoretically of the
be
by two circum¬
French-automobile
The industry has
firmer tone.
a
domestic business in
ex¬
will accept the automatic de¬
earners
or
those of President of the
2%
and whether the
Treasury will be able to
compel employers to withhold the tax.
' •
•
are
actual situation
The
because
belga is 16.95.
quotations for the free mark afford
place the yield at around 2,300,-
nowr
has been displaying
relatively firm by the arbitrary control at Berlin, but
action in
derived
wage
Par of the
yield 3,300,000,000 francs, but
One-half of the
be
French
-
on
details of the application of the
final estimates
pected to
These
declines
"National .Contribution" wrere
published.
originally estimated that this additional tax
and
the
in
classes.
found
Paris
of $22.
meager sum
currency
The so-called free
of
Mr. Chamberlain to make
any progress in his recent
talks with Premier Mussolini and intensified efforts
on
Therefore the
conducted by about 40 different' classes
during the past week there has been
demand for sterling in Paris,
some
the
gold.
1,200 francs per month has in
belga sold in New York this week at around 16.91
cents.
on
Paris is
.especially
receives
powrer
Belgian
Continental and Other Foreign Exchange
close
rapidly mounting deficit the Popular Front
a
when
gold'l
he
Faced
EXCHANGE on the countries neutralimportance.
during the
presents
features of
war
no
newr
The Scandinavian currencies
with sterling.
firmer in
sympathy
Guilders and Swiss francs, wdiich move
independently of sterling
to the
are
are
also relatively firm due
strong banking position of these countries.
Bank of The Netherlands continues to send a
The
large
part of its gold reserves to New York for earmarking.
Bankers'
sight
on
Amsterdam finished at 54.29
against 54.34% on Friday of last week; cable transfers
Financial
328
at
54.29, against 54.34%; and commercial sight bills
at
54.24,
Jan. 21,
1939
of—
1938
1937
£
£
England...
22.58% for checks and at 22.58% for cable transfers,
Copenhagen checks
Germany b.
Spain
20.89% and cable transfers at 20.89%,
Netherlands
Nat.Belg'm
finished at
97,941,000
Switzerland
115,584,000
against 20.85 and 20,85, Checks
on
c63.667.000
Italy
Sweden closed
Sweden
at
24.99% and cable transfers at 24.09%, against
32,856,000
ished
at
23.51% and
cable
Norway fin¬
on
transfers
at
6,534,000
Norway
24.04% and 24.04%; while checks
Denmark..
8,205,000
Total week.
a
against 23.47% and 23.47%.
305,810,558
2,034,100
87,323,000
655,499,427
2,899,100
90,709,000
54,720,000
72,897,000
46,825,000
69,392,000
22,870,000
6,555,000
6,602,000
59,963,000
105,835,000
83,475,000
25,484,000
6,551,000
6,603,000
62,731,000
70,170,000
97,615,000
42,575,000
15,972,000
7,395,000
6,582,000
897.643,938 1.090,709,845 1,099,735,249 1,103,011,917 1,247,141,983
897,950.388 1,089,192,474 1,100.177,243 1,101,012,790 1,247,339,815
Prev.week.
23.51%
£
192,995,456
200,897,970
531,334,097
2,814.850
90,203,000
42,575,000
314,081,591
320,990,720
310,172,475
2,517,650
87,323,000
25,232,000
114,653,000
101,805,000
81,815,000
26,142,000
6,544.000
7,515,000
a25.232.000
121,770,000
against 22.60% and 22.60%.
1935
£
127.034,317
295,813,271
3,007,350
France
1939
1936
£
Banks
closed at
Swiss francs
54.29.
against
Chronicle
Amount held Dec. 31,
Bank of Germany
b Gold holdings of the
1930, latest figures available,
exclusive of gold held abroad, the amount of which Is
are
reported at £529,300.
As of April 30, 1938, latest figure available.
report subsequent, to Aug. 1, 1936.
The value of gold held by the Bank of France Is presently calculated, In accordance
with the decree of Nov. 13,1938, at the rate of 27.5 mg. gold, .9 fine, equals one franc;
previously and subsequent to July 23, 1937, gold In the Bank was valued at 43 mg.
gold, .9 fine, per franc; before then and after Sept. 26, 1936, there were 49 mg. to
the franc; prior to Sept. 26,1930 65.5 mg. gold, .9 fine, equaled one franc.
Taking
EXCHANGE on the South American countries
familiar trends.
These
continues
units
are
follow
to
/
consistently steady due to the strict
change controls of the various capitals.
conversations
the
United
whether
States
In such
ment.
Argentina to
and
(7.9881 gr. gold
ll-12ths fine equals £1 sterling), the sterling equivalent of 290
francs gold In the Bank of France Is now Just about £1; when there were 43 mg. gold
to the franc, the rate was about 190 francs to the £1; when 49 mg., about 165 francs
ex¬
Preliminary
per £1; when 65.6 mg., about 125 francs equaled £1.
of
Argentina to determine
a
reciprocal trade
The
Since
of
direction
and the
make
wholesale
rejections
portation of American merchandise.
applications is not regarded
It is
the
South
American
chandise.
stuffs,
market
Imports of
radios,
and
cease
automobiles >
household
appliances
L.
its
be
administered
so
It
not
was
President
contrary,
Williams
and
last
closed
pesos
on
ex¬
the
appropriation
that
than
*•
became
or
free
market
against 22.85@22.95.
5.90
close
Brazilian milreis
(official), against 5.90.
quoted
at
was
of
1937
and
5.19. (official),
against
5.19.
is
have
arranged,
those
a
law.
'
;•
•
Peru
Period
years.
1938, first six months..
1938, latst six months and January, 1939-,-1939, Feb. 1 to June 30
27.30, against 27.24
kong
closed
at
on
re¬
*
^Friday of last week.
29%@29 5-16,
against
Average
Hong¬
29 3-16®
5-16; Shanghai at 16%@16%, against 16 7-16®
16%; Manila at 49.85, against 49.85; Singapore at
54%, against 54.40; Bombay at 34.99, against
34.9i;
34.99, against 34.91.
suggest
gard
of
statute
respective dates of most
to
us
are
recent
as
of
statements, reported
by special cable yesterday (Friday); comparisons
shown for the
four years:
the
were
express
without
corresponding dates in the previous
as
which
*$138,896,951
enlarged
during the last
1939, in disre¬
contained
in
the
nothing at all would have
the whole
sum
appropriated must be
eight months to March 1,
Having received this admonition, the Presi¬
blithely proceeded precisely
though it did not exist.
Why, indeed,
outlays during the last half of 1938
excess
of
those
during
1937 and,
during the first half of 1938?
come
;
greatly
■
incurred
restriction
been available—that the
over
$35,646,250
172,385,833
125,799,000
141,476,500
203,571,429
145,000,000
scrutiny of the foregoing must
concerning the
dent and his associates
•ffi
par
exchange) in the principal European banks
inquiry
half of 1938 and the first month of
spread
THE following table indicates the amounts of gold
bullion (converted into
pounds sterling at
of
.•••';
'
expenditures that
1939.
Gold Bullion in European Banks
of the
Avge. per Mo.
$256,653,000
2,068,630,000
1,509,588,000
848,859.000
1,425,000,000
725,000,000
$6,833,730,000
month.
per
The most
cursory
were
29
and Calcutta at
—
sterling-dollar rate.
checks yesterday
total
a
instead
Total
•
Total, entire period.
closely allied to sterling and
yen
pending in
.'
...
•Closing quotations for
now
is
EXCHANGE onevidence during the past fewfollows
the Far Eastern countries
the trends
flect the variations,in the
period
the
EXPENDITURES
1937.
all
•
1939, being added
months
1936
are
70% greater
following comparisons
been
1935, May 6 to Dec. 31
These units
soon
monthly outlay
Representatives, which grants
$725,000,000 for
nominally quoted at 20%, against 20%.
in
as
enlarged
$875,000,000 asked by the President," will become
quoted at
Chilean exchange
of
(the
18% above that of 1936.
the assumption that the bill
the House of
22.95@23.03, '
are
available,
that the average
so
expenditures
upon
Friday of
week; cable transfers atB 1.21, against 31.13. The
unofficial
Hopkins,
Harrington
from July 1, 1938, to June 30,
Friday at 31.21
on
Mr.
On
just advanced to the chief place in the
From the available data the
sight bills, against 31.13
of
until
last
to
as
Roosevelt,
of
paper
been
sum
administered.
so
Colonel
maintained at,around current levels.
bankers'
has
May 6, 1935,
was on
of the last half of 1938 became about
pected to be sharply decreased, while imports of farm
Argentine
there
immense
the
use
equipment and various types of machinery will be
for
Progress
operated under the
ago
Hopkins,
The beginning
their activities
food¬
are
.
Works
WPA, recently vacated by Mr. Hopkins),
as
mer¬
textiles,
for
1, 1939.
last-named
year
States
the
aggregate includes $1,425,000,000 provided
Aubrey
to be the major
United
for
the
This rejection
thought possible that during the coming
Argentine Republic will
Harry
must
March
permanent policy.
as a
it
that
of
applications for prior exchange permits covering im¬
of
of
by the Act of June 21? 1938, wTith the reservation
Shortage of dollar exchange has forced the Argen¬
to
month
one
$6,108,700,000.
have the effect of offsetting the increased
authorities
of
appropriated
volume of sales.
tine
establishment
until less than
gold and foreign exchange.
Currently the export business of Argentina promises
a
bumper season, but the low prevailing prices for
wheat may
the
Administration, throughout its whole history and
and if possible to increase its
reserves
Degradation of Relief
agree¬
agreement it will be the aim of
an
preserve
central bank's
,
the pound sterling at the rate at which the Bank of England values Its gold holdings
being held by the governments of
are
basis exists for
a
now
Also first
c
more
amazing and
peratively to demand
played by months,
as
were
the
greatly in
also, of those
The contrasts be¬
are more
an answer
so
plainly
seen
im¬
are
dis¬
when they
in the following table
:
.
Volume
1938
148
WORKS
Financial
PROGRESS
First
ADMINISTRATION'S
EXPENDITURES
well.
Second Half
Half
January
February._
$107,042,000
July
August
September
March....
109,644,000
151,623,000
April
147,049,000
158,068,000
175,433.000
$165,000,000
192,000,000
196,000,000
199,000,000
185,000,000
*175,000,000
October
May
June..
November
Total
*
Chronicle
December
$848,859,000
Total
steady
until
prior
the
he
November
the
to
foregoing is the
interrupted
ascent,
just
elections
in
which
of
deniably at stake.
wise
in
of acute and
agriculture
of
nor
they months of growing unemployment in
any
were
factory
employment..
field
months
all
of the
course
period of relaxa¬
Whatever
.
other place of amusement, the
WPA and the whole
politicians who relied
attitude
its active
upon
completely consistent with the misleading synicism
of the
Statistics
repudiated phrase and is totally inexplicable
indefensible
and
vicious four
upon
corners
of WPA
ments
The Labor De¬
except December.
a
highly unimportant.
sympathy during the whole of the year 1938 was
compiled by the Federal Government are available
for
is
not have been said, at any time or at
of the eager
ously better than the first half, as to both industrial
and
and proffered the rule of eti¬
any race meeting or
whole
controversy that the last half of 1938 was continu¬
production
this
All
may or may
On the contrary, the data prove beyond
activity.
mem¬
relaxing from
was
expression used during such
tion.
increasing
industry,
track where the prospective
spending,
The months in which this other¬
not months
were
depression
or
un¬
inexplicable expansion of relief expenditures
occurred
represented that they were uttered
race
quette that makes it improper to quote adversely
the
was
as
quoted expression, asserted fur¬
President's Cabinet
the
arduous
any
prestige of the Roosevelt Administration
him
to
popular
a
ber
only
reached
was
the
used
ever
words
$1,112,000.000
culmination
seeking confirmation
ther that the individual who first attributed these
at
inonth-by-month
twice,
In
It did not work.
Secretary of Commerce, Mr. Hopkins denied that
Estimated.
The most notable feature of the
329
theory not within the
any
of that
expression;
Announce¬
undertakings rarely failed, during
1938, to coincide, geographically and in point of
.
partment indices compare as follows:
* Industrial
January
February..
Production
March
79 July
79 August
80 September
April
78
tributed
—
.82
RooseVelt faction of the Democratic
86
89
86
83
October..
91
June..
82
December
it
89
November
103
December
expended
moneys
time, with some urgent political need of the pro-
Apru.
May
96
October
November
May.... .....77
June
77
The
81
87
..91
Factory Employment
January
.88 July
February
88 August
March
88 September
by the WPA
were
desired
was
Democratic Senator of the United States
—
exist
and
Acute
be
to
even
distress
was
believed to
Americans
widespread.
upon
of
Iowa,
thinking, whether it was in the primaries
or
Maryland, or South Carolina, or
food.
and
that
including
themselves
a
and
taxpayers
margins of income
some
who
were
pressed to maintain
over
necessary ex¬
not regularly able to achieve such
realized and agreed that
balance
measures,
numerous
continually hard
smallest
penses
Congress and the
temporarily unrelieved.
public,
the
clothing -
Congress and the public were resolved
single instance of genuine distress should
no
even
go
unemployed and threatened
of adequate shelter,
must be
extraordinary
immediately taken and all freely
a
small fraction of
received aptly-timed
invariably
election
primary
word of
were
doing at least
Georgia, residents of the State about to hold the
clined to
industry
a
own
habitually employed in gainful occupations and in¬
with imminent want
of
Avho had
his
by the taxpayers of the land to relieve
suffering.
When
insisted
con¬
'
human
party.
renomination
the
defeat
to
great enterprises to be forwarded in their
neighborhoods through large expenditures of Fed¬
The candidacy,
funds.
eral
istration
in the primaries, of
a
senatorial supporter of the Admin¬
thick-and-thin
aided, in his own State, by adroitly
was
.circulated "unofficial" rumors of the resuscitation
the ridiculous Florida
of
Con¬
The Hatch resolution, offered in the Senate
gress.'
by
Ship Canal project, fur¬
expenditures upon which were stopped by
ther
Democrat and pressed without partisanship
a
by Senators who hoped that it might at
the least
appropriations of enormous sums,
mitigate political misuse of relief funds, was openly
largely obtained by borrowing against future taxes,
opposed by the Democratic leader of that body, who
acquiesced in
as
donations
effect
in
had moved them to
sufferings
sympathy and could not other¬
funds, small or large, to any other purpose
whatsoever
been
has
feasance and the
bald
and
intolerable
mal¬
lowest, and meanest form of sabot¬
the generous purposes of the electorate.
upon
age
whose
The diversion of any portion of
wise be relieved.
these
those
to
Yet the citizen who does not know that such diver¬
sions
to
proper
unintended, improvident and grossly im¬
uses were
prevalent and flagrant through¬
out the election year.
1938, increasing and expand¬
the date for casting the ballot came nearer,
ing
as
and
reaching to aggregates far exceeding the largest
slush
funds known to the
previous history of
cor¬
rupt and despicable politics, is either ignorant of
facts
readily accessible to all or blind to their plain¬
est and most
inescapable significance.
of action upon
The theory
which this unwarrantable misuse of
not
did
cal action
titular,
one
possibilities of
sive.
The
mass
corruption proved to be delu¬
cynical theory proved to be sterile as
in
being
House which
WPA employees would un¬
was
much
never
reality a
Senator,
more
than
gift from the White
obtained for him a bare majority of
vote in the
party caucus, and has now become
be held
adverse majority, but
chiefly because his announced opposition was reenforced" by the strongest possible pressure from
notably attenuated because it is known io
upon
the
the
suffrance of an
Executive.
This record is
summarized recitation
its
and value.
in
a
grievous one, but
is not without purpose
There is now excellent reason for con¬
fidence that the extreme
in
November, 1938, exulting confidence in the
the part of
leadership
whose
matically expressed in the alleged declaration, "We
spend and spend, tax and tax, elect and elect."
on
during the debate, that
assert,
proposed restrictions upon politi¬
feated, partly out of consideration for the
sible
shall
to
favorably affect his own pending candidacy for renomination as Senator.
The resolution was de¬
public funds proceeded is admirably and epigram-
But in
omit
enactment of the
American
limit of degradation pos¬
national
politics
was
attained
November, 1938, and those who planned and pre¬
pared that degradation failed to reach
desired
an
less
objectives.
awakened
all
signs
and
fail,
their most
Moreover, the consequences of
revolting public sentiment,
are
un¬
about to be recorded in
definite progress
lie
funds
stincts of
of real success insist, almost without exception,
Legislation to
isolated case
conditions to
be remedied, or else they assume that nothing of
consequence can be done to remedy these other
conditions. The facts of the case offer much more
hope of reasonable and prompt solution—provided
intelligent and constructive leadership is forthcoming—than is thus indicated, and to suppose that
the farmers must be "bought off," politically speaking, forever, is to cast an unwarranted aspersion
upon a large element in our population, which has
always been self-respecting and in years past rather
philanthropic generosity.
of
out
commerce
politics
may
considering it as if it were an
without causal connection with other
upon
be depended
now
and is likely to go much farther than the
upon,
After
resolution.
Hatch
votes
directly
form
nor
be
the
to
same
of
any
sort of
any
When all those whose support
gained by corrupt means
side
of
in the
corruption in
permanently to be misled by
political chicanery.
can
whole body
the
purchaseable
much smaller than the total
vulnerable
neither
are
all,
indirectly
or
United States is very
that
the
political
by
of human suffering and the in-
pangs
relief
take
like to make
would
of the
against misuse
for relief
any
arrayed
are
upon
question to be contested at
polls, and all those who detest and fear corrup-
tion
are
the other side,
upon
the
is
righteousness
the vindication
possible
only
result.
exceptionally self-reliant;
of
Such
gricultural difficulties of this country as we now
described and illustrated by the Shepherd
Committee of the Senate in the effort to control
national
election,
certainly,
leads
directly to precisely that kind
alignment,
an
hysterical war demand for many kinds of agricul-
progress
tural products, and, in the case of wheat, the action
vof the Government in virtually fixing the price at
majority
created at all likely to be
so
easily placated by half
plainer
lessons,
tive in public affairs or in the business community,
of which
none
The deliberate decision and the persistent policy
important than the foregoing.
or more
high level with the thought of assuring large pro-
a
Auction, will be recalled by most of those now ac-
The election of
measures.
last November affords many
is
■
of
Our "Farm Problem"
Hovering back-stage,
problem
waits
somewhat
war
through inflation in very large
a
fact of common knowledge.
were carried over into the
Some of these policies
impatiently while Con-
early post-war years, and in any event the momen- *'
clash of wills
a
financjng
degree is likewise
agricultural
so-called
our
and the Administration in
gress
in 1920
alignment is not likely to be sluggish
towards such
is the
them is instructive. It is too often lost to sight.
Our troubles in their modern form began
when the war and early post-war bubble burst. The
And, when public consciousness is aroused,
nor
see
a
and
rapidly
of
The historical origin and development of the ag-
-
political depravity as the recent misuse of relief
moneys,
Jan. 21, 1939
export crops and farmers who specialize in their
production; those who seem to suppose that there
is no way of attacking this problem with any hope
towards the protection of the pub-
provided
those who
out
Chronicle
Financial
IL330
turn business had
attained by the close of the war
concerning relief hold the spotlight. Secretary Wal-
succeeded in carrying the movement on for an ap- v
lace and his associates do not appear-too
preciable period of time. We had. even prior to the
larly well satisfied with the situation
Indeed
stands.
course
Deal
the
far
as
know full well,
program,
that, to
Congressional
almost
now
the chief responsibility for the New
carry
spot,"
it
war
they and the President, who must of
agrarian
suppose,
particu-
as
the vernacular, they
use
are
the farmer is concerned.
as
sources
with
.
must
one
"on
usu-
ally embodying larger subsidies of
one
other for the
however, knows
just what
agriculturist. No
of
manner
modification of the
ministration may
one,
sort
program,
be conjuring up, and, as far
as
should never have been
in
other
circumstances
have been broken. .We likewise found
the
.
farm
in debt far
conditions
agriculture, and many farms held at costs to
in
what
the Ad-
that
would
beyond anything warranted by normal
or an-
farm program, or
new
existing farm
which
and
land greatly over-mortgaged, farmers
1
of /several
artificially enlarged acreage
land having been converted to wheat produc-
broken
never
farmer to bor-
As a result we found ourselvefe in 1920
tion, for example,
From
legislation,
new
an
crops,
and from the lobbyists come
daily suggestions for
made it rather too easy for the
row money.
owners
greatly above the limits of prudence,
When the bubble burst in 1920 all this wrought
havoc with "agriculture and all that
depended
upon
Congress is concerned, it is impossible at this time-
agriculture.
to guess
mistakes, but these were on the whole of a some-
which of the many proposals being made
is most favored.
an
active
ment
While
interest
in
the
general
other circles to
problem
as
that
who
he
hand is
what different order, or at least
matter would
many
disposition
in
more
mo-
political
as our
a
and
farm
our
the
most
cash
in
mingled venality and defeatism
now
business
only
case
as
a
Indeed, there were
important branches which had been
severely retarded by the war, notably the utilities
At any rate, after a
relatively brief period when inventories were being
worked off and necessary adjustments of one sort
and another made, industry was again ready to pro-
a
greater
with many other branches
regards
very
It has
control, which is true in
degree than is the
with furnishing military sup-
commonly be-
lack of understanding.
a
agricultural difficulties have their
our
connected
and residential construction.
polls close in 1940.
conditions and circumstances abroad and
quite beyond
directly
plies and the like, there had been no great overseveral
endlessly repeated and is
lieved that
With the" exception of some branches more or less
development of plant capacity.
farmer
the situation from
practical points of view was quite different,
less hopeless, and to concede
likely to be found with the largest number
strongly suggests
a
the
or
offers
This attitude of
roots in
for
there is indeed
both
regard what is known
of rural votes when the
of
practical politician with
publicly "acknowledge it,
rather
been
no
Industry, too, of course had made its
limited number of
ceed and did
so.
Revival of inflation (this time in a
somewhat different
form) speeded the growth of in-
dustry and trade. Agriculture while receiving stim-
ulation
sufficient to
prevent deterioration
more
rapid than actually occurred was in* the circum-
(
Volume
stances in
position to spurt with industry and
110
trade.
There
it needed excessive
and had
years,
hitherto
1929.
rise
not
in
and
of
moreover
As
have
became
been
articles of
which of
case
far
so
as
wholly unnecessary
it by the New Deal itself. The
is obviously to relieve industry of its
afforded
course
by
tariff
outrageous
duties
through the decrease in the gold
more
ef-
trade treaty policies, it is undertaking to undo the
work of its predecessors in according wholly
reasonable tariff protection..
prices
he normally buys.
commerce
obliged in large part,
110
fective by the New Deal itself which likes to lay the
flattering unction to its soul that, with its special
natural
a
relieved of the
upon
content of the dollar have been made much
more
the
the whole constructive decline in the
was
protection
prevented
was
simple. Industry is
very
"protection" at the texpense of
needlessly imposed burdens and of the artificial ■
result, while prices did
a
were
proper course
repeated in
receiving what ought to have been
on
not be if it
burdens placed
almost
011
to
the general public than is the farmer—or would
an-
or
laws
doubtless
would
duties
process was
circumstances, the farmer
many
He
anti-trust
as
other
from
tariff
The
dead letter.
a
reason
serious difficulty in obtaining
unprecedented
The
less
one
protection in the early post-war
no
sort of product.
every
For
able to convince Congress that
was
entitled
more
however, other developments which
were,
other, industry
or
at bottom indeed really
v
must be taken into account.
331
Chronicle
Financial
148
inl¬
.
Suppose the support of agricultural elements in
t.lie population
his products
were
sought
including
on
the basis of such
abolition
(1)
a
subsidies,
of
the world market, to sell in
an un-
program^
protected market and to buy in the most
highly
whether in the form of so-called tariff protection
to industry or what is often termed the counterpart.
depended
upon
market
protected
Strange
tainly
it'may
as
there
was
seem,
was
this
on
from
arose
marketing.
1928 under the
this
no
high tariff party.
(or
financial
of the
support
for
plans
he thought at
so
of the goods which the farmer must buy.
rigging
the
Federal
Government
market, for
after the manner which
was
certain
successfully being employed elsewhere in the
ceed, and those who had for
method
a
it
as
gained
a
•
re-
pro-
come,
to be known
came
into being. Let it be
agriculture
fully noted that they
constantly defended
were
on
as
the New
care-
proposed and have been
the ground that industry
<:■;
—
.
d Let us for a moment study the situation and the
was
conglomeration of theories and
country are endowed with average intelligence and
are
reasonably » enlightened in their own selfinterest.
could be applied to agriculture
Thus it
really to place
on
deed we must asume, that the farmers in this
time been trying
wider and wider hearing.
which have
Deal in
some
or more
his feet to, give the matter serious and dispassionate thought? After all, we may assume, in-v
him
eco-
by which tariff protection in
were,
that the queer
grams
methods of the past decade
so
Of course, the program did not sue-
system.
find
to
farm
apparently
Would
such a proposal seem preposterous to the agriculturist persuaded by failure of the trial and error
rate) to lend the
any
pro-
Auction and tend so strongly to add to the price
*
plight of the farmer finally forced President
Hoover
verse,
rest which now greatly increase the cost of
be-
purposes
sort and
one
another now imposed upon industry, the installation of close economy in Government operations,
an overhauling of the tax structure, and all the
Even the Democratic Party in
a
to
tions and the costly requirements of
sys-
leadership of Governor Smith broke
precedent and for all practical
nomic
of tariff protection now afforded the farmer, and
(2) sedulous removal of all those arbitrary restric-
cer-
from the
defects in his
came
crops
great,
score
with
The
country,
repeatedly told the familiar rnvth
that his difficulties
of
in
effective, outcry
no
farmer, who
tem
known
ever
proposed
■
remedy
farmer himself.
through
the
of
spectacles
In the first place, it
the
hardly
can
fail to be clear to the agriculturist that the New
Deal program is making precisely
no
headway in
getting at the roots of his difficulties. The cotton
enjoyed subsidies (in the form of tariff protection)
planter cannot .be unaware of the fact that the
at the expense
Federal Government for all practical
tended
either
to
which
.tdteiff
there
was
Since all
from abroad.
that
protection
culture not be
movement as
or
so
or
no
sold in mar-
competition
the"argument
for American
granted the
form is feasible?
little
admit,
warranted and is not to be
ever
ex-
agriculture by virtue of the fact that it
produced for world markets
in
kets
of the public which could not be
ran,
industry
is
denied, why should agrisame
This
sort of aid in what-
was
the
essence
of the
publicly presented. The regimentation
by the end of the current
an
amount
age
or
very
cotton
cotton in
nearly the equivalent of
normal year's production. He
be in ignorance of the fact that
will
purposes
crop year own
so
an
aver*
scarcely
can
long
this
as
over-hangs the market its influence
upon
prices will be felt. He must know, if he is out of his
mental
swaddling clothes,
that the
terms
under
which this cotton has been acquired are artificially
pegging the price at
a
level which makes it impos-
phases of the program were added in order to pre-
sible for him to compete effectively with the stead-
vent the
"protection" granted from stimulating
ily increasing foreign
duction
endlessly and thus bankrupting the pro-
tector—an
claim
easy
enough to defend if the
for aid is admitted.
This
rise of
addition
pro-
merely
our
of it should be
gram
problem and of current "solutions"
quite sufficient to
expose
the falla-
cies of the New Deal treatment and to suggest
the
One
well
sup-
that he fails to realize that the present
pro¬
is in
crops.
can not
essence a proposal that he
ghost, quit trying to continue
factual analysis of the origin and
farm
pose
as
give
up
the
ihe world's leading
supplier of the fibre, and depend largely upon the
Federal Treasury for his livelihood.
The growers
of wheat, corn, tobacco, rice, peanuts and the rest,
if they are endowed with average foresight must be
It ought at the same time to
able to undestand that, mutatis mutandis, the pres-
dispose effectively of the argument that nothing
ent so-called agricultural program of the Adminis-
sound and sensible
only real solution.
litical
tion
life
as
to
without
can
be done by any group in po-
tration is in the same way robbing them of their op-
so
offending the farm popula-
portunity to stand on their own feet, earning their
invite political
disaster.
The matter is
own
way
in the world.
AH must know in their
Financial
332
Chronicle
Jan. 21, 1939
nature of the case, the Treas-
to have the most remote idea of the natural method
cannot go on indefinitely taxing industry to
of encouraging the lowest feasible prices for the
goods that farmers buy. Public officials have frittered away their time negotiating special trade
treaties for which a great deal is claimed, but which
in comparison with the real needs of the situation
can hardly be considered as of more than trifling
importance, while our tariff duties, when their prac-
hearts that in the very
ury
support agriculture, and taxing agriculture to sup-
creating inflationary funds
industry—or in
port
the bills. Very little study of any of the cur-
to pay
proposals should convince any dispassionate
rent
mind that
they suffer from one or more of the major
infirmities which afflict the
•
grarn.
actually existing
•
>
.
pro-
'
.
Discouraged by the patent failure of one crackbrained New Deal experiment
after another in be-
tical effect is taken as the real criterion, remain
at record levels. Meanwhile no opportunity has
been lost to place burden after burden upon the
agriculture, and by the dismal outlook con-
manufacturer, each of which inevitably raises the
fronting him regardless of which of the new pro-
cost of production and thus makes it the more cer-
half of
posals is accepted, or whether any of them is, the
tain that goods cannot be offered as cheaply as oth-
farmer should now be
erwise would be possible.
ready to study the merits of
which would offer him his long de-
On the record, the manufacturer has by and large
parity with other branches of business, not
done remarkably well in reducing his prices, or in
by granting him subsidies to offset those long af-
avoiding higher prices, and the statistics usually
used, of course, can in the nature of the case reveal
the facts only very imperfectly. Farmers do» not
buy raw materials or standardized products in
a
program
manded
forded
but by eliminating the special
industry,
against which he
elsewhere bestowed
advantages
demanding compensatory benefits, not by
has been
making him the recipient of largesse (against which
control of his affairs is
demanded), but by remdv-
ing the burdens that he has in the past been re-
Certainly it should not be particu-
quired to carry.
larly difficult to convince him that the advantages
offered
heard
substance.
real
have
of
Complaint
born of
a
is often
other import
embargoes abroad and
strictions
re-
determination to be self-suffi-
great quantity, save from one another. They buy
highly manufactured goods, and it is precisely in
these groups of products that price indexes are the
weakest. It would of course be absurd to compare
the price the farmer had to pay for a tractor in
1914 or even in 1929 with what he is, asked to pay
for a tractor today. One might almost as well compare the price of a mule team in 1914 with the
cient for
purely nationalistic, often purely military,
price of a tractor today—so vast has been the
reasons,
and of the consequent injury to the Ameri-
change in the product. If due consideration is given
It is true of course that situations of
farmer.
can
this
is
so
the costs that have been imposed upon the manufacturer by factors quite beyond his control, the con-
far
the
as
difficulty in obtaining desired
course
a
ability, and
have
we
no
very
not chosen, or for that matter been given the op-.
portunity, to depend upon a fatherly government
impediments, and
for his support, but has on the contrary been eter-
of
doubt the willingness,
foreigners to take our agricultural products will
automatically be
elusion is inevitable that the farmer may count
himself fortunate indeed that the industrialist has
our own
direct outgrowth
Remove these
import barriers.
of
position of the American farmer
This
concerned.
dollars is of
the
article offered today and to
more
but import limitations far
exist,
are
exchange, and particularly of dollar exchange—at
least
to the manufactured
the result simply of shortage of foreign
sort
often
substantially enlarged.
Such
nally at the task of improving his product and so •
far
as
humanly possible reducing the price asked
for it.
part might well, moreover, stimulate
All this, however, is not to say that the manufac-
general movement of a like sort abroad, which by
turer is offering his products as cheaply as would
enlarging the volume of mutually profitable inter-
be possible were he relieved of the burdens that have
action
a
on
national
our
would
trade
raise the
plane of living of
been imposed upon him from without, qr as cheaply
he would be compelled to offer them were tariff
peoples abroad and thus enlarge the demand for
as
American farm
;
•
products where enlargement'is most
duties at the same time eliminated or very sub-
sorely needed.
Certainly
events can
by
any
to flow from the
been
no
such helpful
course
type of policies we have heretofore
pursuing.
But
of
stretch of optimism be expected
equally great, if not larger, benefits for agri-
demonstrated
expected at home.
the
has become known
Experience has
impossibility, of attaining what
as
parity prices for the farmer
by raising those of farm products by
means
reason
On
the contrary, it is well
.
to believe that with a really free
industry in this country burdened in no way rea-
sonably to be avoided and subjected to the competi-
,
culture could be
stantially reduced.
within
of
sun-
tion imposed by proper tariff action, the farmer
could buy his machinery, implements, and the other
manufactured goods he desires or must have at prices',
very
substantially lower than those now ruling—
and that the manufacturer would at the same time
than he is now doing. Why
dry artificial devices conceived by the brain trusters
be making
and others in
should not such a prospect appeal to the intelligent
A
much
positions of influence in Washington,
more
promising
problem is found in
conditions,
or
approach
a program
to
the
same
designed to create
to permit circumstances to arise
der which these two sets of
cally adjust themselves to each other.
Administration
on
more
un-
prices would automati-
than
one
Even the
occasion has
ex-
more money
farmer much
now
more
than one which would, by means
tested by experience and found wanting, in-
crease
the number of dollars he obtains for his own
products,
or
failing that to pay him the difference
in cash from the pockets of the taxpayers?
lias long
He
been insisting that what he wanted, and
with the tendency of the
all that he wanted, was a parity of opportunity. He
prices of manufactured goods to rise when it is de-
would thus be offered just that in the only way it
pressed
dissatisfaction
sired that
they fall and agricultural prices rise. The
trouble has been that
no
one
in
Washington seemed
can
be offered
assurance.
in
sincerity and with reasonable
.
Volume
148
Financial
And these accumulated
of farm
products about which
They
are
than
they
be
"recurrent" surpluses
or
much
more
is
heard?
disturbing to the politician
are to the statesman.
recognized that
much
so
Of course,
as a result of
of the New Deal
program
in the
it must
the very operation
itself (aided and abetted
present instance by rather freakishly favor¬
able weather) real
surpluses of certain farm prod-
Listings
on
1938
year
the New
of
new
corporate listings on
Exchange.
the New York
Business contraction
which
set
during the latter part of 1937 continued during
1938, effecting, financial conditions generally, and
the
not conducive to
listing of
a
special problem,
new
financing which precedes
securities
change for the calendar
decline from
on
the
sents
Exchange.
listing
1938 shows
year
sharp
a
1937, the total for the
year
for
39
$687,564,099
years,
for 1932,
Old Issues
Replacing
Old Securities
S&ocks
1937
407,310,983
1936
is in
accord
with
the
actual
corporate
as
and
the investment market
bond issues offered
on
represented by stock
by corporations where there has been
during the past
year in the offering of new
(Full details regarding the latter were
issue of Jan. 7 in
Capital Flotations,"
Bond
total
issues
pages
listed
$1,214,231,335
in 1937 and
crease
noticable
a
19-27.)
just closed
compared with $1,543,810,965
$2,775,968,270 in 1936.
The greatest in¬
in bond issues is noted in the item of bonds
104,993.864
63.370,201
1,064,228.713
478.655,761
1,534,909,897
1,413.274,258
756,886,763
685,826.714
;
'
177,688,367
140.611,600
251.563.947
326.637,111
1934
62,127.308
425,941,221
1933
984,021.944
289.638,052
97.758.185
65,509,543
205.407.438
346.896.024
2,723,806,396
108,751.530
37.489.798
82.485.537
58,080,216
116,369,263
1,133.057.046
546,199,903
1,032,197,383
2,318,321,661
3,807,368,587
_
,
•
1932
........
1930..
2,660,789,377
232,341,289
359,266.499
1,562.438.607
5,588.327,960
7,500,355,347
Government Issues, foreign and domestic, not here
included, shown separately.
Note.—rAppllcatlons for the listing of trust
marked
"assented"
(if
preparatory
"assessment
or
to
receipts and of securities
company
reorganisation),
paid"—the
securities
of
or
securities
themselves
having
stamped
previously
been listed—are not included In this table.
In the
the
following
amounts
under
\
classify the figures
we
each
leading
head,
so
to indicate
as
namely,
railroad,
public utility and industrial and miscellaneous companies.
This table shows at
listed
during
the
glance the volume of bonds and stocks
a
last
10
by
years
groups mentioned:
each
Indus.
Utilities.
different
Stocks.
&
Public
Miscell.
%
%
3
%
50,717,000 816.951,000 343,563,335
1937 205,417.700 943.589.000 394,804.265 183.538,617
1936 621,142,900 1165253000 989,572,370
39,500,755
1935 155,220,000 214,749,000 659.639,680
8.694,537
44,539.500
19,230,900
Industrial A
Utilities.
Miscellaneous
$
Railroad.
1938
1934 165,559,100
the
.
:'y'
Public
Railroad.
of
.
Bonds.
S
253.059,349
225,596,412
73,460,110 1,277,911,170
,
68,364,061 1,306.409,442
748,192.226
"
_5,720*737
"
'
580,105,977
1933 113,725,100
4,081.800 22,989,125
218.400 -- 15,120,242
217,002,647
1932
72,758,700 196,223,000 59.315.900 53,483,000
114,271.513
191,511,988
1931 418,635,672 523,800,000 198,156,000
9,869,270
237,193,009 1,315,376,328
1930 94i 1,401.837 585,098.300 518,805,300 745,974,094 1,441,236,493
3,401,117,373
1929 567.890.460 471,134,300 612,143,000 265,148,356
1,439,787,105 5,795,419,886
In
the
following tabulations
much of the
year
S
266,309,787
1935
"New
on
/
1
during the
as
article
our
Total
'>*
S
107,352,110
12 months' period in the history of the Ex¬
change. The decline in listings in 1938 from the
financing for the 12 months
Year 1938
Now Listed
any
our
344)
page
■
1938
the Ex¬
on
$2,703,030,179 for 1931, $7,632,633,397 for 1930, and
$9,151,523,107 for 1929, the largest on record for
given in
on
Capital, &c.
"assumed"
the year
smallest
securities.
we
affairs wisely, precisely
our
Issued for New
•
with $4,189,242,528 for 1936,
$1,686,495,443 for
1935, $815,156,214 for 1934, $373,137,314 for 1933,
decline
They naturally present
non-recurring problem if
(Continued
The
pare
total
of
liquidation of any foolish experiment pre¬
special problem.
But as to the larger ques-
a
1929
the
amounting to $1,692,887,096 compared with $3,078,720,862 in 1937. The totals for 1938 and 1937 com¬
1937
part.
a
in the future
manage
as
excesses
in the hands of the Federal Gov¬
ernment for the most
1931
new
result is that the total
corporate
the
accumulated, and that these
are now
York Stock Exchange for the
in
was
supply
333
whole, there was a sub¬
falling off from the previous year in the
stantial
Stock
ucts have
as a
Taking the
total
Chronicle
undertake to show how
we
listings in the above
were
for foreign purposes.
We give first the amounts of securities of foreign corpora-,
tions
per
and
se,
American
secondly
corporations
the
issued
amounts
of
securities
acquiring
for
of
financing
or
and developing properties outside the United
States.
issued for
amounts,
the
to
corporate listings in the above:
refunding purposes, the total amounting
$588,274,925. This contrasts with $1,246,727,962
in
1937
and
$2,443,453,771 in 1936.
Of the total
$50,717,000
already
industrial
a
and
miscellaneous
foot
AND
LISTED
decrease of $51,240,930 under the $394,-
The
total
of
amount
for
the
Indus.
STOCK
EXCHANGE.
S
Public
Indus.
Railroad.
UlUUies.
%
%
S
S
6,741.900
3,297,600
27.904,000
25,000*606
...
...
1933
33.255,425
18,500,000
5,695,941
...
...
1930
...
pared with the previous year, when the total reached
1929
...
19,053,500
40,300,630
13,803" 500
1,9*1*5*176
...
1932
1931
$478,655,761 shows
$1,534,909,897.
for
a
sharp decline
year
Of the 1938 total utilities accounted
stocks listed
The
3,578*666
80,000,000
2,729*166
74,726*500 112,795,500 332,270,900
179,313,000
125,000,000 130,890,000 267,161,000 41,790,900.
SECURITIES
OF
no
railroad
Issued
ON
for New
Capital, Ac.
NEW
YORK
STOCK
EXCHANGE.
Old Issues
Replacing
Now Listed.
Old Securities.
174,500.000
588.274,925
295,786.003
1,246,727.962
1936
1935
332,345,499
137,752,264
1934
66.672,300
1,297,000
169,000
9,777,000
3,218,000
1933
1930
16,081,800
294,923,900
623,598,672
1,725,295,150
1929
1.190,959,555
.
$
*
$
1,214,231.335
1.543,810,965
3,578,000
3,410,000
15.000.000
A
MisceU.
3
%
975,840
...
9,8*3*6*340
1,957,500
1*089*720
1,874,700
3,322,440
157,378
63,199,372
124,335,974
...
1932
...
...
...
1929
...
50,bbb~666
50,0*00,666
57.000,000
38,551,800
1.360.000
2,443,453.771
782,079,416
159.439.200
2,775,968.270
929,608,680
124,714,225
s'.obo'ooo
Indus.
UlUUies.
...
1930
451,456,410
Railroad.
...
1935
1933
Total.
Bonds.*
1938—
1937
MisceU.
...
1931
1932
Public
&
...
1936
FINANCING
Stocks.
Indus.
%
1938
1937
322,896
FOR
301,280
19,534,347
18,535,185
78,051,068
OUTSIDE UNITED STATES.
Utilities.
aggre¬
3~.64b~.666
ISSUED
Railroad.
1934
LISTINGS
COMPANIES
Bonds.
Public
following table embraces the record of
CORPORATE
AMERICAN
OPERATIONS
during 1938.
gate corporate listings for the last 10 years:
1931
so'.bbo.poo 22~,~8bo,666
$253,059,349 and industrial and miscellaneous
stocks, $225,596,412, there having been
A
MisceU.
...
as com¬
1938 of
of
PLACED IN THE UNITED
YORK
A
Miscell.
....
...
1935
,
stocks listed
NEW
Both
totals
Stocks.
Utilities.
S
1938
1937
1934
;
THE
Public
Railroad."
1936
804,265 accounted for in 1937.
ON
in
h
$343,-
up
included
Bonds.
$816,951,000 contrasted with $943,589,000 in 1937,
563,335,
are
as
compared with $205,417,700 in 1937; public utilities,
and
stated,
SECURITIES OF FOREIGN CORPORATIONS
STATES
bonds listed railroads accounted for
as
140,796.025
28,373,700
513,414,900
315.600.287
445,208,205
1,140,591,572
2,044,305,437
of such issues listed or authorized
1,651,167.760
10
*1*7*6", 38*
12,136,144
9,685.340
Government issues, foreign and domestic, are not included
229,329.500
in the above tables.
The following is the aggregate amount
328,297,600
years:
to
be listed for the past
Foreign Issues
Securities.
stock issues listed during
U. S. Government
Unci. Canadian).
21, 1939
account of which the several bond and
the year were issued are given in
The purposes on
STOCK EXCHANGE.
LISTED ON NEW YORK
GOVERNMENT BONDS
Jan.
Chronicle
Financial
334
the following tables:
Total.
MONTHS OF 1938
LISTED FIRST SIX
BONDS
RAILROAD
%
3,754 ,989,275
1937
186,990,700
76.000.000
1936
1936
2,994,683,820
5,892,995,975
3,751,639,050
6.270.129.450
3,675 ,639,050
6.270 ,129,450
2,938, ,224,600
1934
1933
1st mtge
1930
1929
2,121,410,350
200,150,000
401,338,000
821,317,000V-
2,32^,660*350
Company and Class
MONTHS OF 1938
LISTED SECOND SIX
RAILROAD BONDS
401.338,000
153,295,000
as3Mst° 47
16,134,000 4s due'37 ext
2,938,224,600
153,295,000
1931
$5,183,000 Refunding
...
Total
1932
Purpose of Issue—
Amount
Company and Class of Bonds—
Buffalo Rochester & Pittsburgh Ry
cons mtge 4Ms 1957
New York Chicago & St Louis RR
4,084,920.975
2,682 ,944,320
5,706 ,005,275
329,931.700
311.739.500
1938
Purpose of Issue—
,Amount
of Bonds—
Ry
Duluth Missabe & Iron Range
preceding.
&
stituent
as
refunding purposes.
Of
the
during 1938,
mtge 4s 1966--Central New York Power
part of
Series B
..
-
1961
Oil Co.
I, 1968--
•.
is classified
fore
1966
bonds listed
listed."
We
first time during
also note an
150,000 shares $4.50
ISSUES
LISTED
LISTED
1938
of, 30-year ext. 4s 1968
7% external loan of 1922
of 1926
;
— — . — J/— .j
of 1927
•.
—;—
---.
6s of 1928
'
_■
of 1928_i
—
of 1929
of 1930
external 4Ms 1977
Hungary, Kingdom of, extended 4Ms 1979-..
—
Home Owners' Loan Corporation 2M»i series G
Total
6% external loan
6% external loan
Railway ref. s. f.
6% external loan
6% external loan
6% external loan
Cuba, Republic of,
Mortgage Bank of Chile—
Guaranteed 6Ms of 1925—
Guaranteed 6% % of 1926
Guaranteed 6s of 1928
- — --
4M% assented external bonds, 19584:M% assented external bonds, 1968
Silesia, Province of (Poland), 4M% assented s. f. external
Poland, Republic of.
of 5%
Treasury 2s, 1947-Treasury 2 Ms, 1948
Treasury 2Ms, 1958-63
notes class
Treasury 2 Ms,
*
-
1950-52
Uruguay, Republic
of—
2,008,100
2,855,400
3^4-4-4M% external conversion s. f. bonds, 1979
_
3M-4M-4 5-16% ext. conversion s. f. bonds, 1978
♦Warsaw, City of (Poland), 4M% assented s. f. external
bonds, 1958
....
Total.—
*
to
These
------
bonds
are
being issued for old
certain plans of exchange
-
3,826,000
84,084,920,975
bonds already listed, pursuant
of the respective issues
involved.
\
^
—$435,622,000
LISTED FIRST SIX
Amount
$423,500
MONTHS OF 1938
Purpose of Issue
Issued per
read justm't plan
Coal
A...:
Co
6%
sec
2,414,500 Notes due Jan. 1,
—
-----
tended to 1943.
5,257,100 Issued per reorg.
plan.
notes per
2,186,235 Issued per reorg.
------
—
■ •
3,417,600 Exch. for serial
Manatl Sugar Co sink fund 4s 1957
New York Dock Co 5% conv notes
1947
•
1938 ex¬
plan.
recapitalization plan.
1952—
Virginia Pulp & Paper Co 1st
4Ms 1952
Richfield Oil Corp 4% debs
"West
10,000,000 Mill constr.,
/purposes.
•'
■/;
general corp.
$72,708,735
Total-
INDUSTRIAL
BONDS
Champion Paper &
4Ms 1950.j_
Amount
$25,000,000 Pay
loans,
bank
working
fUJ
funds.
Fibre Co deb
Continental Oil Co conv
1948
work.
5,500,000 Retire, bank loans,
capital, &c.
3,600 Issued per reorg.
1970
2 M % debs
Colorado Fuel & Iron Co inc 5s
■
OF 1938
SECOND SIX MONTHS
LISTED
Company and Class of Bonds—
ic
Atlantic Refining Co deb 3s 1953
21,071,600 Pay bank loans,
penditures.
r
Consolidation Coal Co ihc 5s
(R) Hoe & Co Inc 1st mtge
I960-
•
1944—
Industrial Rayon Corp 1st 4Ms
'48
f 4s 1957
National Gypsum Co deb 4Ms 1950
Phillips Petroleum Co conv deb 3s
"Manati Sugar Co s
9,600
2,000
7,500,000
67,800
3,500,000
plan.
capital ex-
Issued per reorg. plan.
Issued per reorg. plan.
Capital expenditures, &c.
Issued per reorg. plan.
Refund., working capital.
25,000,000 Wkg. capital, refunding.
1948
1953
50,000,000 Capital expenditures, &c.
Corp deb 3 Ms 1948..
100,000,000 Pay bk. l'ns, construe., &c.
United Stock Yards Corp 4Ms A '51
6,200,000 Acquis, of stk. of const, cos.
Youngstown Sheet & Tube Co deb
Stand Oil (N J) deb 2Ms
U S Steel
4s,
30,000,000 Repay bk. l'ns, wkg. cap.
1948
.$273,854,600
Total
RAILROAD
STOCKS LISTED DURING
1938
None
„
591,073,400
701,504,900
450,978,400
918,849,600
866,397,200
—
ad vs.
,
37,500,000 Refunding.
—
bonds.
3,537,400
-
-
„
-I..
Valley
Lehigh
TO BE
,
.
48,000,000 Working capital.
Colorado Fuel & Iron Co inc 5s '70
8,800 Issued per reorganizat. plan
Francisco Sugar Co coll tr 6s 19564,500 Issued per reorg. plan
(R) Hoe & Co Inc 1st mtge 1944--3,000 Issued per reorg. plan.
(G R) Kinney Co Inc conv sec 5Ms
3,500 Ext. of 7M % notes.
LaUtaro Nitrate Co Ltd 1st inc'75
990,000 Exch. per plan for conv.
13,456,300
bonds, 1958
United States of America—
Treasury 2 Ms, 1960-65
1st &
-
M 1952.
13,372,500
8,338,500
13,287,000
15,639,500
12,689,400
:—.>
*
30,000,000 Red. pref. tsk. repay
&
1st
Borids—
Anglo-Chilean Nitrate Corp debsBethlehem Steel Corp 3M% debs
226,185,775
_—
—
Guaranteed 6s of 1929
*
Co
Company and Class of
87,000,000
13,927,000
35,069,500
21,450,500
28,672,000
13,026,000
8,692,500
21,505,500
85,000,000
6,578,600
Chile, Republic of,
1,214,000 Pledged to bank loans.
ref 3s series C
Amount
•
Akershus, Department
*
Bell Tel
1968
by parent
demand notes, &c
3,000,0001Additions, improvements.
1,657,000/ &c.
■
—-
Virginia Electric & Power Co
ref 3Ms B 1968— — —
1938 and there¬
AUTHORIZED
AND
DURING
,
*
pay
27,982,Q00 Refunding.
General 3 Ms I 1967
preferred stock of General
■
*
30,000,000 Repay advances
co.
—
Southwestern
i
*
15,000,000 Refunding.
3 Ms 1963
Portland General El Co 1st & ref
•4Msl960
Rochester Gas & El Corp gen 3 Ms
H 1967-i
Refunding.
Refunding, purch. of prop.
10,000,000 Ref., pay; notes, construe.
-
New York Steam Corp 1st
Corp., issued
GOVERNMENT
MONTHS OF 1938
Purpose of Issue
„
'
$100000000 Refunding.
109,101,000 Refund;, pay bank loans
3Ms 1968--.
principally for working capital; $44,243,400 5% preferred stock of Pure Oil Co., issued for
refunding purposes and to pay bank loans; $9,834,300 capi¬
tal stock of Standard Oil Co. of N. J., issued as- a stock
dividend, and 2,757,973 shares of common stock of. Hudson
Bay Mining & Smelting Co., Ltd.,, representing old stock
already issued and now finding its way to the Exchange.
The following tables show at a glance government bonds
listed and authorized to be listed on the Exchange during
1938.
; ■
■. ;v;.,
Foods
Amount
Tel Co deb
Mountain States Tel &
preferred stock of Northern States -Power Co. (Minn.)
issued principally for refunding purposes.
Included in the industrial and miscellaneous stock issues
listed are:
24,749,000 Refunding.
-----
4s C 1960———
under "Old issues just
issue of 275,000 shares
&c.
1,216,000 Improvements, &c.
Utilities Co 1st & ref
Gulf States
during 1938 foot up
in our tabulation
5,000,000 Working cap., improv.,
LISTED SECOND SIX
-
INDUSTRIAL BONDS
the Exchange for the
on
r
75,000,000 Refunding.
Y Inc
3Ms 1948—
60,000,000
Co 1st 3Ms 1966 10,168,000
Detroit Edison Co gen & ref 3 Ms
1
listed
'
Debentures
working capital; $25,000,000
utility "stocks
bonds just listed.
bonds just listed.
bonds just listed.
bonds just listed.
-
Consumers Power
$253,059,349.
Of this total $223,959,775 represents capital stock
of Commonwealth Edison Co., this issue having been listed
Public
•
Consolidated Edison Co of N
Bethlehem Steel Corp. 3%%
Atlantic ltefining Co. 3% debentures, issued to pay bank loans and
for
working capital; $25,000,000 Phillips Petroleum Co.
conv.
3% debentures, issued for, refunding purposes and
working capital, and $21,071,600 Continental Oil Co. 2%%
conv.
debs., issued to retire bank loans and for working
capital.,
/
$381,329,000
--. —
Convertible deb 3Ms 1958
expenditures, &c.; $48,000,000
debs., issued for
bonds just listed.
bonds just listed.
Old
Old
Old
Old
Old
Old
30,000,000 Improvements, &c.
9,000,000 Property additions.
— — —
-
—
Company and Class of Bonds—
Commonwealth Edison Co 1st 3 Ms
bank loans and pay the cost
Standard
.
Y Inc -
PUBLIC UTILITY BONDS
$100,000,000 United States Steel
pay
-
-
Total-----..--
Corp. 3%s, isshed to
of construction; $50,000,000
of N. J. 2%% debs, issued for capital
are
Ms 1965
&c
48,364,000 Refunding, improvem t,
3Ms% debentures 1958
Consumers Power Co 1st 3 Ms 1967
Northern States Power Co (Minn)
1st and refunding 3 Ms 1967
Potomac
Electric Power Co 1st
.3Ms 1966
Portland Gen Elec Co 1st & ref
4 Ms 1960
Wisconsin Public Service Co 1st 4s
the second six months of
industrial and miscellaneous
Chief among the
-
Consolidated Edison Co of N
Telephone & Telegraph Co.
States
Mountain
—
Series F 4s 1981
3^%
1938 and
totaling $209,101,000.
Other- 'public utility issues worth
noting and used principally for refunding purposes are:
$75,000,000 Northern States Power Co. (Minn.) 1st & ref.
3^81 two issues of 3%% debs, of Consolidated Edison Co.
of N. 1\, Inc., amounting to $60,000,000 and $30,000,000,
respectively; $37,500,000 Virginia Electric & Power Co. 1st &
ref. 3%s and $30,000,000 Southwestern Bell Telephone Co.
1st & ref. 3s and a like amount of 3*4% debentures for
debentures listed during
4Ms 1956
1957
Series H 3
&c.
,
,
15,000,000
15,000,000
----- 15,000,000
15,000,000
85,000,000
' 29,500,000
Series D 4Ms
represented old bonds
issued and admitted to the Exchange in the early
the year and later refunded from the proceeds of
3^s and convertible
5s 1954
Series C
•.
of first mortgage
.
Corp gen
Series A 5s 1953-
Commonwealth Edison Co. issues accounted for
the new issues
MONTHS OF 19.38
Purpose of Issue
$13,500,000 Refunding, additions,
3Ms 1962
------Cobimon wealth Edison Co 1st mtge
$383,001,000, of which $174,500,000
already
Amount
Company and Class of Bonds—
Oregon Power Co 1st
$816,951,000 public Utility bonds listed
of
total
LISTED FIRST SIX
California
purpose
ref
.—$29,400,000 Acquis of stk of const cos
— ---
UTILITY BONDS
PUBLIC
of acquiring stocks of its con¬
companies preliminary to their merger and for
the
for
cipally
1st 3M» 1962-
compared with $205,417,700 the year *
The principal issue listed was $29,400,000 Duluth
Iron Itange By. 1st 3^s of 19G2, issued prin¬
$50,717,000
Missabe
totaled
railroad bonds listed during 1938
As noted above,
only
PUBLIC UTILITY STOCKS
LISTED FIRST SIX MONTHS OF
Amount
Company and Class of Stock—
American & Foreign Power Co
common
(11,100 shares)
1938
Purpose of Issue—
Inc
*$253,080 Expansion.
—
Commonwealth Edison Co capital
215,984,000 Old stock, just listed.
stock
Consolidated Edison Co of N
$5 pref (3,936
$5 pref
(275,000 shares)
'Total-.
Y Inc
*393,600 Exch. N. Y. Steam pref.
shares)
Northern States Power Co
(Minn)
*_-*27,500.000 Refunding. ;
$244,130,680
,
Volume
Company and Class of Stock—
•
*$722,760 Expansion.
7,975,775 Conv. of debs.,
(31,700 shares)
Commonwealth Edison Co
common
r
exchange
stocks of constit.
Electric Power & Light
Corp
cos.
*89,610 Expansion.
(10,300 shares).
New York City Omnibus Corp com
(24,439 shares)
——
*
*140,524 Issued per reorg. plan.
Total—
INDUSTRIAL
MISCELLANEOUS
SIX MONTHS OF
AND
Company and Class of Stock—
Abbott Laboratories 4M% pref—
American Brake Shoe & Foundry
Co common
Sears Robuck & Co com
*158,336 Merger of constit. cos.
*5,399,900 Old stock just listed.
Truax-Traer Coal Co com (50,000sh)
United Aircraft Corp com
Studebaker Corp com.
.
Celotex Corp com (43 ,744 shs)
Merchants
&
Manufac-;
555,581 Old stock just issued
Stockyards Corp preferred
*4,652,500 Acquis of stks of constit cos
(440,000 shs)...
*
—
Walworth Go com (34,946 shs)
*87,365 General corporate purposes
*100 Issued per plan of merger of
Ward Bak Co cl B com(500,000sh)
Ward Baking Corp into
Class A com (82,975 shs)___
*82,975
7 % cum pref stocki 2 —
company
25,600,80i
'illy
'
"
Ml
Willys Overland Motors Inc com.
71,150 Issued per reorganiz plan
turers Inc vtc for com
-
United
....
associated companies
Central Violeta Sugar Co S A—
Capital stock
per reorg. plan
Eastern Cuba Sugar
34,846 Issued
•_
Chicago Pneumatic Tool Co—
$2.50 prior pref (70,000 shs)„
of
32,600 (Issued per reorganization
a...
32,700/
—
Davison Chemical Corp common.
511,590
_
Plan
Issued
'
'
♦
.
_
_
.
*82,842,379
Raynolds Co Inc-—
(28,000 shs)
Ltd—
5% preferred
Eaton Mfg Co common
Elk Horn Coal Corp.-—
Common (312,000shs)
Ex-Cell-O Corp common
Gaylord Container Corp common.
IV
5% conv preferred
•
General Amer Transp Corp com
.
The
value,
given represent the
amounts
we give a list of the securities for
receipts were issued during 1938, a
list of companies for which new certificates were issued
through change in name without changing the number of
shares listed; also a list of companies the par value of whose
shares have been changed, the number of shares listed re¬
maining undisturbed.
These securities are not included in
the above tabulations as they represent substitutions for
securities already listed and are not considered by us as new
or additional listings.
The tables follow:
1,000,000 Corporate purposes
87*000 Acquisition of constit. co.
*1,560,000 Issued per plan of reorg.
1,180,035 Old stock just listed
2,696,105(Consolidation of proper5,000,000)
ties; working capital
51,120 Issued under employees'
_
par
following tables
which trust
.
_
no
stated value.
or
In the
*1,044,400 Acquisition of constit. co.
Class A common
of
shares
plan
Distillers Corp .-Seagrams
_
.
_
....
Includes
declared
•
per reorg.
Devoe &
.
_
•
Common
(vtc)
5% preferred
.
.
Total.—
*3,377,500 Refunding
—
Consolidation Coal Co—
*1,445,420 Acquis, of stock & prop'ties
2,828,900 Acquis, of stock of constit.
issued per readjust, plan
1,499,900 Issued per readjust, plan
15,243 Issued per reorg. plan
74,760 Conv. of class A stock
*1,123,942 General corp purposes
*3,000,000 Additions, improvemts &c.
9,834,300 Stock dividend
7,397 Issued under compen plan
*457,000 Acquisition of constit co
589,210 General corporate purposes
United
*8,311,857 Acquis, of constit. co.
482,550 Stock dividend
146*899 Acquisition of properties
*43,744 Acquisition of stocks of
(438,852 shares)
(31,360 sh)
Scott Paper Co $4.50 pf (30,000 sh)
Standard Oil Co (N J) cap stock....
(9,696 shares)
California Packing Corp 5% pref—
Callahan Zinc-Lead Co comn on.
Pressed Steel Car Co Inc common.
Revere Copper & Brass Inc com
FIRST
LISTED
Amount
Purpose of Issue—
$2,000,000 "Working capital, &c»
Amer Stoye Co com (539,990 shs)_
Anchor Hocking Glass Corp com
.
5% preferred class A.
STOCKS
1938
766,250
103,870
*
*67,080'Acquisition stock of
*46,900'
Hunter Steel Co
$5 preferred (469 shs)
Pittsburgh Steel Co—
Common (144,542 shs)
5M% prior preferred
$8,928,669
Purpose of Issue—
Corporate purposes
Retire notes, &c.
Old stock just listed
Issued per reorg. plan
7,034,000
687,385
6,708 shs
r
>
com
Amount
Company and Class of Stocks—
National Steel Corp common.....
Newport Industries, Inc common._
Pan-American Airways Corp com..
Panhandle Prod & Refg Corp com.
Pittsburgh Coke & Iron Co—
Purpose of Issue—
Amount
American & Foreign Power Co com
335
Chronicle
Financial
148
PUBLIC UTILITY STOCKS LISTED SECOND SIX MONTHS OF 1938
compensation plan
Foods Corp.—
$4.50preferred (150,000shs)
*15,000,000 Working capital, &c.
Glidden Co comn on (34,697 shs)
*173,485 Acquisition of constit. cos.
Hudson Bay Mining & Smelting Co
JLtdcommon (2,757,973 shs)
*30,984,205 Old stock just listed
General
company
__
International
SECURITIES
(4,000 shares)
CHANGING
*1.249.819 Stock dividend
Corp (38,794 shs)
McKesson & Robbins Inc $3
FOR WHICH NEW CERTIFICATES WERE LISTED
CHANGE
IN
NAME
OF COMPANY WITHOUT
THROUGH
Machines
Business
OF
NUMBER
'
•
*200,000 Acquis, of constit. co.
393,591 Issued per reorg. plan.
,66,094 Conversion of notes
-
(Glenn L) Martin Co common
(Philip) Morris & Co Ltd Inc 5%
preferred
National Gypsum Co common
(J J) Newberry Co 5% pref
Pacific
Tin
Corp
special stock
(208,433 shares)
Pittsburgh Coke & Iron Co com
(3,200 shares)
-----— -
7,787,300 Repay bk.l'ns, wkg. cap.
62,976 Acquis, of constit. cos.
100,000 Working capital.
Power
Old stock just listed*
*208,433
Co.) 6% preferred
45,000
r
SECURI¬
SECURITIES STAMPED AS ASSENTING TO PLAN, THE
TIES HAVING ALREADY BEEN LISTED
Issued
under
employees'
compensation plan.
*32,000
-
Pittsburgh Steel Co—
V.'
233,500(Issued per plan of read5M% prior preferred
—
584,500/
ment.
C-;
5% preferred class A
17,290 Issued per reorg. plan.
Pressed Steel Gar Co Inc Com
44,243,400 Refdg., repay bk. l'ns, &c.
Pure Oil Co 5% preferred
24,410 Conv. of class A stock.
Revere Copper & Brass Inc com..
*436,850 Issued per reorg. plan.
Richfield Oil Co com (23,361 shs).
*312,200 Issued to officers & empl.
Sharon Steel Corp com (3,122 shs).
(L C) Smith & Corona Typewriters
*142,686 Conv. of pref. stock.
Inc (v t c) com (11,235 shs)
6,024 Issued under compens. plan
Studebaker Corp comjnon
Union Bag'& Paper Co common
*49,058 Issued under profit sharing
(6,541 shares)—.
—
765,974
278,399
276,698
40,905
413,333 '«
750,000
545,800
Allegheny Ludlum Steel Corp. (from Allegheny Steel Co
American Bosch Corp. (from United American Bosch Corp.)..
Anchor Hocking Glass Co. (from Anchor.Cap Co.)
...
$6.50 dividend convertible preferred—
Barber Asphalt Corp. (from The Barber Co., Inc.)
— —
Brewing Corp. of America (from Peerless Corp.)
Crosley Corp. (from Crosley Radio Corp.)
Wisconsin Electric Power Co. (from Milwaukee Electric Ry. &
1,485,2*0 Acquis, of constit. co.
Monsanto Chemical Co common._
No. of Shares
•
„
Manati Sugar Co common
ALREADY
STOCK
OF
SHARES
LISTED
pref
Bush Terminal Buildings Co. 1st mtge.
$8,241,000
50-year 5s 1960
#
SECURITIES
LISTED, THE
PREVIOUSLY LISTED
Victor Chemical Works common
__
Door
Youngstown Steel
(665,920 shares)
Co
com.
Total
.
LISTED
Company and Class of Stock•—
Allegheny-Ludlum Steel Corp—
Common (500.000 shs)
American Bosch Corp common _
SECOND
Amount
OF
1938
American
Purpose, of Issue-
_
—
American Home Prod Corp com
Boeing Airplane Co common.
Bush Terminal Co common
—
——.
Callahan Zinc-Lead Co stock—.
(311,187 shs)—i
Columbia Pictures Corp—
Celotex Corp com
Common' (8,914 shs).
Distillers Corp-Seagrams,
5% preferred.*
,
El Paso Natufal Gas Co
5% cum preferred stock
common (400,000 shs)
Manati Sugar Co common
(Glenn L.) Martin Co common
(Philip) Morris & Co Ltd Inc com.
National Gypsum Co common....
Loft Inc
Although
months
was
of
building
on
a
1938,
the year
On
a
par
stock...
—
*
..
—
-
shares, share for share.
was
United States During 1938
approximately on a level with 1937 in building
construction. When we presented our survey of
building activity a year ago, however, it was neces-
enlarged
future of
IPvA'lJR
a700,000
el,.379,545
—
construction in the United
modest basis in the early
statistical basis the year 1938
—
a 1,53,7,435
d477,274
bl,298,200
cl,567;261
U! s! Steel Corp., common—
—
b8,703,252
a New
$1 shares exchanged for no-par shares, share for share,
b New
no-par shares exchanged for $100 par shares, share for share,
c New $10
shares exchanged for no-par shares, share for share,
d New $5 shares
exchanged for no-par shares, share for share,
e New $10 shares exchanged
for no-par shares, share for share,
f New $50 shares exchanegd for $100
Southern Ry., common
U. S. Rubber Co*....
progressed, and it is possible to take a
industry.
AT>. of Sh's.
...
—
National Aviation Corp., common.
600,226'Issued per plan of
1"
merger
Working capital, &c.
Issued per reorg. plan
Corporate purposes
Stock dividend
Acquisition of properties
fairly optimistic view of the immediate
the
WITHOUT
— ---—
-
Mission Corp., common
CO.; corporate purposes
trend toward
•-
...i.
—
' 289,604
1,802,817
247,500
International Silver Co
operations was apparent in this important sphere
as
•
—
Minneapolis-Moline Power Implement Co. common—...
6,022,600
*3,848,000
12,783
102,909
2,756,330
24,100
sharp
No. of Shs.
-
—
A
very
a
,
'V
Building Construction Trend Improves in the
States
93,200
VOTING
FOR
SHARES IN EXCHANGE
CERTIFICATES
TRUST
Coty, Inc., common
15,165 Conversion of debentures
—— _
Kaufmaim Dept Stores Inc—
Common
———
1,831,400
Bush Terminal Co. common
830,000 L'ns to subs, for corp. purp.
416,666 Acquisition of constituent
—
—
:
*3,000,000 Acquisition of constit. co.
47,075 Issued per reorg. plan
1,064 Issued per reorg. plan
—
-■
—-i
COMPANIES CHANGING PAR VALUE OF SHARES
CHANGING NUMBER OF SHARES LISTED
Ltd—
Eastern Air Lines, Inc common.
627,987
2,000,000
1)__
(4 fori)
•>—-------- —
LISTING
BY
No. of Shs.
Grand Union Co. common' ($1 par).*..
—
Becker Products Corp. (par $1)__.
White Rock Mineral Springs Co. (no par). —
Commercial Investment Trust Corp—
Cdmrnon (200,000 shs)
Consolidation Coal Co com (v t c)_
Davison Chemical Corp common
LISTED
,
-
*113,655 Stock dividend
j-
29,400,000
—
Agricultural Chemical Co. (3 for l)-_
Ltd
common (2 for 1)
COMPANIES
.
—
.
7% preferred (4 for 1).
12,523 Working capital
70,798 Acquisition of constit. co.
130,725 Working capital
275,600 Exch. 7% deb. stock
79,700 Acquisition of properties
*311,187 Stock dividend
i
•_—... —
'
United States Tobacco Co. common
Refund notes
American Encaustic Tiling Co., IncCommon ~i _•
—"——I-V—-
NUMBER OF SHARES
SPLIT-UP OF SHARKS, &c.
Dome Mines,
*$3,125,000 Merger Ludlum Steel Co.
414,245
& Lake Erie & West
CHANGING
National Bond & Share Corp. (2 for
—
•—.---
^—_ — — — —
'
v
SIX .MONTHS
30,000,000
33,120,750
63,031,000
-
v
6% convertible debentures 1939
,
$142,754,033
—
.
- — — —
43,182,000
Virginia System refunding 4s 1941
— —
Pittsburgh Ry. certificates of deposit for
29,114,000
consolidated 4Ms of 1957
:
---7,000,000
Bush Terminal Bldgs. Co. depositary ctfs. for 7% pref. stockWarner Bros. Pictures, Inc., certificates of deposit for optional
*1,858,633 Old stock just listed.
STOCKS
60,000,000
35,000,000
-
_
— _ —
Buffalo Rochester &
COMPANIES
INDUSTRIAL
--$75,000,000
5s 1950. 45,000,000
mtge. bonds
— -—
Ctfs. of deposit for conv. 4rXA& 1960
Certificates of deposit for Pittsburgh
:
.
refunding & gen.
Series C 6s, due 1995—
Series D 5s, due 2000
?
Serifes F 5s, due 1996------
capital.
402,225 Cohv. of preferred stock.
35,012 Issued per reorg. plan.
33,920 Conv. of income bonds:.
Woodward Iron Co common.
.
Certificates of deposit for
Series A 5s, due 1995
,
plan.
A
3,480,000 Old stock just listed, wkg.
(H F) Wilcox Oil & Gas Co com..
Willys Overjand Motors Inc com..
.
Certificates of deposit for 1st mtge. 5(byear 5s 1948
Ctfs. of deposit for Southwestern Division 1st mtge.
-.—
-
CERTIFICATES OF DEPOSIT WERE
SECURITIES THEMSELVES HAVING BEEN
WHICH
Baltimore & Ohio RR.—
.
vv)
FOR
,
sary to note that prospects were poor, for a new depression or "recession" had east a deep shadow over
all varieties of economic activities, including building. The outlook noty is vastly different, partly as a
Financial
336
result of the
partial emergence of the country from
the business
collapse that began late in 1937, and
partly because of official "housing programs" and
special factors that seem to promise building
other
This is not to say that our building con-
gains.
struction
problems seem to be solved.
The fact is
large a proportion of building now de-
that far too
pends upon official measures and far too little upon
the
ing
whole nevertheless was decidedly upward
months of 1938, and it is undeniable
as a
final
the
in
The course of build-
spirit of private enterprise.
enlarged general activity and also
that this reflects
contributes to
general improvement.
-
The contfast of the current outlook with that of
a
At this
is sharp and deserves emphasis.
year ago
all was confusion and uncertainty,
time last year
owing to the economic collapse that took place in
the late months of 1937.
The business paralysis
the outlook
made
first half of 1938
a
poor
indeed, and for the
one
building activity remained on an
But improvement set in
exceedingly small scale.
during the latter half of last year, with the rate of
advance
accelerated
sharply
elections indicated clearly
a
reasonable attitude
more
after the November
the desire of voters for
the part of the Ad-
on
With general activ-
ministration toward business.
ity
on a
better scale, there was an obvious tendency
late in
1938 to
halted
or
resume
building projects that were
delayed in previous months and years,
In this connection it is to be noted
that the lag in
building has become steadily more accentuated since
especially in the field of modern housing.
Examination of building statistics makes it immedi1929,
-ately clear that construction has been
subnormal
particularly in those directions
enterprise of private business and
for almost 10 years,
that
reflect the
The brief improvement that began in
occupations.
1935 and ended late in 1937 failed to
of the lost
ground.
make
up any"
Throughout this laggard period,
been
showing
its usual
increase of approximately
1,009,000 persons annually, which suggests great
potentialities for building construction.
.
v
Whether the potentialities can be realized depends
in large part upon Administration policies. For the
private building business is much like any other, in
the population of the country has
moreover,
that risks of loss are
sible
there is
reasonable
a
weighed carefully against pos-
New enterprises are started, only if
profits.
assurance
of
orbitant taxation of recent years
balance
unfavorably,
and
success.
The
ex-
has weighted the
remains to be seen
it
building construction can overcome that
whether
handicap and proceed toward" a normal and healthy
expansion.
for
The problem is a highly important one,
building activities affect directly many other
It is a commonplace
aspects of trade and industry.
that
the
capital goods industries suffer far more
business retrenchment and caution
from
than the
food, clothing and other consumption goods Industries.
like
Buildings, locomotives, machinery and the
are
all to be classed in
sentative of the
The
capital
or
varying degrees
as repre-
durable goods industries,
building industry usually contracts more than
others
of
durable
the
goods
classification
when
depression conditions prevail, and its advance in a
period of business improvement is tardy, as a rule,
Construction
and
usually
appear
necessarily is planned far in advance,
is
undertaken
only when
good for some time to come.
prospects
Jan. 21, 1939
Chronicle
Official housing programs for our large centers
of population have gained increasing prominence in
recent years, and all signs now point to a considerable expansion of activities on this basis.
A
national program was adopted last year which is
designed primarily for small home construction,
while incidental aid has been extended slum-clear-
projects and low-rent housing programs
through Federal assistance and through many State
ance
These activities have certain merits
It may be remarked,
however, that private enterprise unquestionably
could achieve the same results, if the spirit of free
enterprise were less hampered than it is at present,
measures.
which it would be idle to deny.
Illustrative are some huge private
projects under¬
taken by large insurance companies in the housing
field. Construction of new residences, moreover,
comprises only one aspect of an enormously cornplex and detailed building business.
and factories, and enlargements to
are
highly
necessaryfor
New plants
existing ones,
general improvement,
Here again it is. evident that lessened taxation and
greater freedom from the numberless hampering,
restrictions and regulations of recent years could
plav a part.
We turn now to our compilation
covering build-
ing permits in all the leading cities of the .United
States. This study shows that there have been only
from a
started as early as
hesitant and abortive recovery movements
decline in building work that
1926 and that reached its greatest depth in 1933.
The stagnation of building construction was most
pronounced in the three years from 1932 to 1934,
inclusive, and modest advances followed in 1935 and.
1936. Although 1937 started with a good deal of
promise, the actual results for all of that year were
.
poorer
than for the preceding year,
paralysis that gripped the Nation in
owing to the
the final quar-
The start of 1938 was thus a most
inauspicious one, for there was little willingness to
engage in plant construction or other new building
ter of 1937.
enterprises in the face of the general retrenchment,
By mid-year of 1938, however, business confidence
again was restored to some degree, and the impor:
tant field of business
construction shared in the
Government activities in the form of public
works loom large in the guilding gains, for official
gains.
programs
revived.
for stimulating construction
hastily were
construction
increase, owing to
At the close of 1938 private
likewise appeared to be on the
the healthier political
situation occasioned by the
results of the November elections,
As between publicly sponsored
building programs
and private activity in this sphere, we remain of
the opinion tlraf ordinary initiative would best sup-
ply actual requirements if left free to function without undue interference. Some excesses of private
building can and do occur when action is restrained
such excesses are corrected far more quickly than is the case where politically-minded "planning authorities" set forth projects.
Private building construction plainly was
overdone in the 1920's, especially in the large cities
such as New York, Chicago, Los Angeles and Phila-
only by free competition, but
delphia, and the swing of the business cycle doubtless was exaggerated by the extra space then provided. But such excesses now have been corrected
through the growth of population and the everincreasing diversification of business. Where politi-
Volume
148
Financial
cal considerations
projects,
their
and
prompt
merely is passed
ects
in
permitted to dictate building
The
cost
to the taxpayers and fresh proj¬
which may
not be sound
or may
principle and construction.
The
statistics
which
columns suggest
that
construction took
in
we
a
results
less
are
be the case.
modest decline in building
years
be said to be
show
annual basis,
before building
necessary
making its
can
and necessary
con¬
proper
prosperity.
Our tabulations
building permits in 354 cities, and these
against $1,228,980,537 in 1937,
as
2.80%.
achieved
permits in that
decline
year
of the great depress
years
only to $657,236,411; in
building permit figures, however, make
pre-depression years, which disclose the
gains that still
enormous
proper
are
before
necessary
level of construction is attained.
Thus,
mits in the 354 cities amounted in 1929 to
a
most
aggregate
unfavorable,
close to the
ran
exceeded
that
less than
until
$4,393,364,166.
which
$1,000,000,000 level and sometimes
to note,
started
in
Thus it is
1926
was
seen
construction work,
relate
(2)
and
the
plans filed with the local
building departments and authorities.
tions
Our compila¬
latter;*that is,
entirely to the
to the
plans filed with local authorities.
The record of
building permits which
basis for
forms the
tabulations does not include
Nor do. the
figures
as
contracts
F. W.
and
subways and highway
bridges, grade-crossing elimi¬
This
awarded,
explains why records of
like
compiled
those
by
the
Dodge Corp., invariably arrive at much larger
those
presented by the building plans
permits which form the basis of
It will also
tion.
the
in
son
our
engineering projects.
rule include public works
a
as sewers,
nation and the like.
compilations did not until
downward
tabulation.
trend disclosed
dependent
power
and similar
were
all in the direction
expansion until the period of the great
breakdown in 1929.
•
•
.
The decline in pur tabulation from
in 1925 to
our
financial conditions
upon
developments, and these
of continued
by
projects involving,
Engineering
public utilities like light,
are
compila¬
our
explain why the yearly compari¬
of such
case
1929 reveal the
uninterrupted
1934, and this trend is quite instructive, since
previ¬
on
two sets of records
are
statistics which deal with
say,
that the
have done
as we
building work, namely, (1) the statistics regarding
engineering and
and
decline
from 1925 to 1929 is
figures for the metropolis then
which commonly are used to measure the course of
036,266, and in 1926 to $4,121,964,853.
no
as
years
occasions, that there
$3,096,-
was
only $74,210,983, but the
was
figure.
It is necessary
ous
own
The highest
New
the
per¬
attained in 1925, when the aggregate
improvement in
when
enterprises,
was
small
a
City has been steady and great since 1933,
839,460 ; in 1928 to $3,500,730,450; in 1927 to $3,651,point
The
favor¬
was
whole
as a
York
totals than
$399,494,015, and in 1933 to $355,324,978.
ties of the
place.
work in the nature of
The
showing in contrast with the extensive activi¬
poor
took
construction, such
in the 354 cities amounted
Current
decrease
well sustained, for building
quite favorable, for building permits in 1935
1934 to
able, whereas for the country
totaled $1,046,887,801.
was
comparison with earlier
sion is
a
These figures show that the improvement
by 1936
building trend in New York City thus
In view of the excep¬
contemplated expenditure for 1938 of $1,194,-
a
638,146
of
is
national
to
the
on an
vast improvement over the figures for
all
cover
these
discouraging than might otherwise
a
tribution
in
present
It is necessary to note, on the other
hand, that
recent
now
start made in 1938, however, the total
poor
337
comparison with the
place in 1938,
comparison with 1937.
tionally
a
correction.
.• proper
on
started
are
are
the other hand, mistakes do not receive
on
Chronicle
$4,393,364,166
$355,324,978 in 1933 affords the sharpest
the
building decline preceded other indications of
possible contrast, for the drop was no less than
the
1929
$4,038,039,188.
collapse.
We
now
present a record
of
It is against the background of that
building permits back to 1906, which enables the
decline that the
reader to determine at
studied, for it is altogether evident that the levels
tistical levels
a
glance the trends and sta¬
entering into this matter.
shows New York
The table
City separate from the rest of the
country, for building is of great significance in the
metropolis.
Last year's permits in New York City,
including all the five boroughs, totaled $327,439,935
against $307,418,752 in 1937, a gain of 6.51%.
COMPARISONS
OF
YEARLY
BUILDING
DISTINCT FROM
Calendar
Cities.
1938...
FOR
Neva York.
Whole.
Outside Cities.
27.41
867,198,211
354
327,439,935
307,418,752
25.01
921,561,785
354
211,225,454
,20.18
835;662,347
1935___
354
23.22
1934.......
354
1933
354
1932...
354
504,632,757
318,917,727
281,113,995
342,623,677
1931
354
1030-
354
1929
354
1028.
354
1927
354
1926
354
1926
354
1924
354
24.63
818,029,278
798,913,875
762,174.380
763,368,183
740,677,942
555,324,252
004.671,736
29.93
564.486.823
1907
200
152,603,654
80.576,288
74,210,983
77,902,719
349,282,609
407,067,669
960,091,743
937,647,139
880,746,413
1,060,051,394
1,008,571,342
846,505,817
785.557,945
638,569,809
476,827,194
290,828,942
261,500,189
56,500,495
103,068,798
221,293.074
172.945,720
138,115,266
162,942,285
228,601,308
200.325,288
213,848.617
273,108,030
174,757,619
197,618,715
1906--.
103
241,064.458
1923
1922
310
...
308
1921
307
1920
306
1919
297
1918
287
1917
277
1916
273
1915
284
1914
...
284
1913
273
1912
235
1911
235
ltflO
223
ltfU9
209
1908
-
206
'
2Q 17
20.89
18.53
28.62
17.26
871,496.894
1,369,555,384
2,136,747,717
2.563,093,311
2,770,289,853
3.061,913,459
3,384,792,814
2,855,629,518
2,603,907,795
2,169.314,914
1,393,407,781
1,343,549.455
1.253,554,036
11.14
450,859,008
22.91
31.01
26.78
24.14
25.73
22.97
22.88
22.77
22.74
25.50
17.79
12.54
19.56
18.56
15.49
16.61
22.25
29.81
21.88
26.94
23.94
much
leave
only
a
718,970,094
910,278,381
758,991,580
753,730,258
399.494,015
355,324,978
420,526,396
1,220,779,503
1,776.623,053
3,096,839,460
3,500,730,450
3,651,030,266
4,121.964,853
4.393,364,166
3,702,135,335
3,449.465,740
2,807.884,753
1,869,694,975
1,634.378.397
1,515,054,225
507.359,503
822,038.892
1.131,572.355
931,937,300
891,845.524
980,971,563
1,027,515,183
962,499.668
977,216,800
1,013.785,972
730,081,871
802,290.451
805,551.281
It is
clear
that
small part of their normal share to recovery
the
In
F.
W.
of
case
the
figures
presented
the
by
Dodge Corp., the engineering and construc¬
awards for the
totaled
37
States east of the Eocky
$3,196,928,000 for
Total All.
1,046,887,801
657,236,411
desired.
tendencies.
tion
1,194,638,146
1,228,980,537
be
to
building activities in recent years have contributed
Mountains
354
v.
$1,228,980,537 for 1937 and $1,194,638,146 for
1938
The
YORK
REST OF COUNTRY.
1936
1937
NEW
Per Cent oj
No.of
Year.
PERMITS
of
improvement since 1933 shpuld be
1938.
The
figure compares with $2,913,060,000 in 1937; $2,675,-
206,000
in
1936; $1,844,544,900 in
108,400 in 1934," and with
when the lowest
In
no
point of the depression
1929 the total
less than
MONTHLY
1935; $1,543,-
$1^255,708,^00 in 1933,
was
OF
1937
$
J
192,231,000
118,945,000
226,918,000
222,016,000
283,156,000
March
April
May
251,006,000
June
243,737,700
317,742,100
321,602,700
281,216,700
207,071,800
NovemberDecember.—.
389,439.000
202,080,900
198,401,600
209,450,600
3,196,928,000
2,913,060.000
—r
August
—
September
October.——
Total
$
214,792,800
140,419,100
198,761,900
234,631,600
216,070,700
232,664,700
294,734,500
275,281,400
234,271,500
242,718,500
188,257,300
231,245,900
269,534,200
239,799.000
313,141,000
300,900,000
357,698,000
301,679,000
July
1935
1936
$
—
AWARDED
CONTRACTS
CONSTRUCTION
BY THE F. W. DODGE CORPORATION.
1938
February..
reached.
$6,628,286,100.
RECORD
AS COMPILED
January
was
$5,750,290,500, and in 1928
\
99,773.900
75,047,100
225,767,900
208.204,200
199,695,700
2,675,290,000
.
122,940,500
124,020,000
126,720,100
148.005,200
159,257,500
168,557,200
167,376,200
200,595,700
188,115,000
264,136,600
1,844,644,900
Financial
338
162,330,600
207,209.500
1,543,108,400
1,255,708,400
1.351,158.700
April
May
June.....i-,.—
.
August
September
October.
November...
December.*—...
Total...
83,356,000
52,712,300
59,958,500
56,573,000
77,171,700
102,341,900
82,693,100
106,131,100
122,615,700
145,367,200
for
There is room
the
remarked
building figures which we and a
undertake to collect furnish a better indi¬
few others
cation of the course
record of contracts
of
building work than the
new
awarded, although it is not to
of
latter have a peculiar value
be denied that the
their
3,092,849,500
As we have
are inclined to
previous occasions, we
on
that the
believe
233,106,100
251,109,700
242,094,200
151,195,900
136,851,600
be taken as best represent¬
building work.
of
course
235,405,100
369,981,300
336,925,200
306,079,100
316,147,600
285.997.3t0
difference of opinion as to
a
which set of figures may
ing
227,956.400
84,798,400
89,045.800
112,234,500
121,704,800
146,221,200
113,075,000
128,768,700
133,988,100
127.526,700
107,273,900
105,302,300
81,219,300
March
July
S
1
%
February
Building permits naturally deal more
own.
building work, and they
faithfully than work
thus a valuable indication
particularly with distinctly
projected work more
reflect
They are
actually begun.
respect to the future.
of intentions with
of interest are to
F. W. Dodge Corp. figures of engi¬
building permits, various points
be noted in the
and
neering
awards, when brought
construction
togetherufor a period of years.
the
classifies
The Dodge CoPp.
according to
contracts
construction
construction, and in the fol¬
back to 1931:
types of building and
lowing table we carry the figures
F.
W.
DODGE
CORPORATION FIGURES
OF CONSTRUCTION
1937
$
215,807,000
121,084,000
334,066,000'
Hospitals and Institutions
Public buildings....
115,598,000
114,060,000
35,816,000
81,845,400
104,901.400
36,867,600
107,983,000
83.119.100
Religious, &c., buildings.
,
Social, &c., buildings
Misc. non-residential bldg.
313,688,900
230,706,800
985,787,000
Residential buildings
Public works &c
905,292,800
•
675,488.600
_.
3,196,928,000 2,913,060,000 2,675,296,000 1,844,544,900
'1933.
1934.
tion, it appears
building trend in different
marked the
,$
$
$
$
99,371,200
122,718,200
311,105,800
Factory buildings.....
116,078,600
117,503,200
43,490.900
82,307,500
116,157,000
Educational
127,517,100
39,950.400
228,777,000
37,308,800
55,672,000
37,252,100
60,908,300
48,353.000
121,193.300
117,982,500
17,668,600
27,255,000
53,099,600
38,682,500
Public
buildings
Religious, &c., buildings-.
Social, &o., buildings
Non-residential buildings
Public works,
buildings...
....
31,056,000
403,723,700
249,262,100
This
652,985,806
499.517.80C
760,857,500 1,921,734.500
875.448,000
614,699,700
295.667,000
75,601,500
248,840,100
791,871.900
280,067,900
103,204,800
'•Public Buildings."
general contractors, sub-contracts being let directly
by owners or architects.
N
t Figures for 1930 were formerly classified as Industrial
above
buildings.
as
Dodge Corp. figures indicate clearly
against 1937, whereas public construction
gained fresh stimulus.
healthier trend that
was
This is
a
reversal of the
evident in 1937 and 1936,
private construction increased and public con¬
struction declined.
of private dwellings,
construction
apartment
Not only is the basic tax rate
like.
houses and the
the
of
estate, but
demonstrably over
city of New York high on real
valuations for tax purposes are
form
In the
case
of commercial and
Residential
buildings
in
1938
$985,787,000 against $905,292,800
in
1937, but this advance should be considered in the
light of the many official housing projects.
great many instances.
prevail in many other communities
or
try, both large and
of the coun-
small.
Referring to our own classifications,
it is inter¬
that considerable divergencies in
reflected by the figures for the various
note
esting
to
are
geographical divisions of the country.
New
York,
showed
because
improvement in 1938 over 1937, but only
of
Special construction in Queens for .the
World's Fair.
Even
In the New England,
were
Middle Atlantic
States the aggregate building
and Middle Western
when
In Greater
already indicated, the total figures
as
downward
in
tendency last year
compared with 1937 results. Other Western,
reflected small gains for
Pacific and Southern areas
the
as
a
which somewhat modified the losses
year,
other
of
decline for the country
proportions. It may be empha¬
regions and held the
whole to small
of the last few years
The
much larger advance in building
sized, however, that the changes
have been
relatively small and unimportant.
only to $336,891,000, whereas in 1937 the aggregate
to
a
another similar conditions are known
one
construction
$610,732,300.
values in
market
actual
situation
amounted
York adds to the diffi¬
would undertake projects for
culties of those who
factory buildings, construction in 1938 amounted
was
toward lesser
It may be added that
heavy local taxation in New
activities
private construction activities tended to lag-
in 1938
when
general class
-
»
Includes projects without
that
811,388.700
construction..... 1,543,108,400 1,255,708,400 1,351,158,700 3,092,849.500
The
suggests that in the field of home
New York City.
levels in
there-;
performance for the country as a
480,789,600 1,110.345,800
Note.—Military and Naval buildings are now included under the
♦
trend was downward, and
and Richmond the
trends
47,574,500
543,031,800
625,044,500
126.192,000
&c
Public, Utilities
Total
$307,-
But the
gains were due entirely to. a large advance in the
borough of Queens, which in turn may be traced in
good part to the very special and temporary build¬
ing activities of the World's Fair which is scheduled
soon to open.
In Manhattan, the Bronx, Brooklyn
1937, an increase of 6.51%.
418,752 in
98,746,500
buildings
Hospitals and institutions.
Total buildings
boroughs of New York City construc¬
amounted to $327,439,935 against
tion in 1938
181,266.600
18,298.900
buildings....
Residential
parts of the
movement toward
enlarged operations was resumed so quickly last
year, despite the setback of the early months, that
for the year as a whole a considerable advance
appears over 1937.
To a large degree, however, this
relatively steady increase was attributable to
officially-sponsored housing projects in slum areas.
In New York City the
country.
to
'
*
details of our own compilathat a good deal of unevenness
Turning now to the
In
1931.
1932,
150,595,800
Commercial
the Roosevelt Adminis¬
•
.
.
Total construction...
•
tration.
punitive measures against
by
adopted
utilities
the
478,843,100
*
Public utilities......
further reflection of the
60,173,800
2,057,924,000 2,053,465,400 1,754,883,500 1,154,331,700
578,541,800
714,142,700
581,864,500
850,157,000
111,671,400
206,269,800
277,730,100
288,847,000
buildings..
by
the
953,259,700
801,623,800
*
Total
164,479,800
108,858,500
173,458,700
47,056,900
97,786,600
23,674,300
*27,723,000
Non-residential bldgs.. 1,072,137,000 1,148,172,600
•
1937, and in view of the
construction the main tendency was
$
,
249,136,100
198,019,100
226.146,900
74,120,100
102,208,200
28,252,900
75,376,400
297,013,400
Factory buildings..
Educational buildings
Commercial buildings
$288,847,000 from $277,730,100 in
great lag in construction
the utilities this trend can only be regarded as a
gain last year to
whole.
1935
1936
S
1938
Hospitals,
$230,706,800 in 1937.
066,000 against
public buildings and other figures in the public
works categories tended to increase last year, as
well.
Public utility construction showed a modest
fore in line with
CONTRACTS AWARDED.♦
Calendar Years.
cational
Fbr the five
proceeding further with our analysis of
Before
official stimulus to
figures covering edu¬
buildings, which last year totaled $334,-
building are the Dodge Corp.
$
186.403.700
96.716.300
178,345.800
131.157.000
134.363.700
127.055,400
119,662,300
119,591,800
110.151.200
135,224.800
111.691,500
92.684,900
January
1939
directly significant of the
more
1931.
1932.
1933.
1934.
Jan. 21_,
Chronicle
requires
a
than
so
far has been recorded since
1929, and in order to make
is clear that freer
private enterprise..
such gains possible it
play must be given the spirit of
Meanwhile, we present a com¬
the last eight years:
parison of groups covering
Volume
Financial
148
aggregates of building permits
pilation,
or
1938
New England
Middle Atlantic
1936
1935
%
$
S
86/816,246
—17.51
154,408,530 178,239,967
177,613.035 217,707,840
(72)
Middle Western
Dec.
$
71,614,091
(59)
(66)
Other Western
1937
$
Calendar Years
(45)
Before presenting our
by geographical divisions
Inc.
64.457,383
reflect
50,685.402
—13.37 166,375.080 105,434,934
—18.41
184.187.684
81,278,248
58,277,167
(60)
(353)
867,198,211 921,561,785
a
Southern
+ 4.77 161,298,267
New York City
327,439,935 307,418,752
(354) 1,194,638,146 1228 980537
increase
included,
are
tendency in the
(59)
(72)
37,657,768
31,989,491
40,556,836
of
6.53%.
already
was
70,949,829
54,995,427
92,050,259
234,100,823
Middle Western
(66)
71,383,162
31,969,471
59,390,236
183,777,508
Western______(45)
30,763,486
26,318,791
36,740,298
93,656,351
continues
This advance
a
an
on
a
tendency toward improvement
plainly evident in 1937.
however,
The
move¬
as some, com¬
112,378,600
Middle Atlantic
1938
building permits for
ment last year was uneven,
S
"$
New
that
1931
1932
'
report
modest scale
more
1933
also
improvement, which
f60,664,666 against $56,239,515 in 1937,
—2.80 1046877801 657,236,411
'
which
The 56 Canadian cities included in
tabulation
+6.51 211,225,454 152,603,654
1934
com¬
88,699,494
valued at
all
Canada,
United States.
+ 7.57 178.065.685 104,286,290
this
Total
of
modest trend toward
—5.90 835,662,347 504,632,757
(51)
general and detailed
note that the building statistics for the
stands in contrast to the downward
97,249,470
+ 3.01
Pacific
Total
we
Dominion
84,126,835 81,669,434
202,731,285 188,468,978
176,704,435 168,659,320
339
Chronicle
England.
Other
Pacfic.
(51)
68,475,061
34,903,798
45,410,987
110,732,571
Total-______ ____(353)
318,917,727
281,113,995
342,623,677
,871,496,894
80,576,288
74,210,983
77,902,719
349,282,609
399,494,015
355,324,978
to
New York City
Total all
(354)
:
STATES
Inc.
1937
1938
New York
We
sive
now
add
'
f
elaborate and comprehen¬
years
and embrac¬
those
also
BUILDING
of
as
Canada:
OPERATIONS
or
Dec.
1936
1935
1933.
1934
1932.
1931.
S
Manhattan.
•—-24.41
59,967.761
—8.18
54 907,333
42.507.060
—50.96
617,738
1,730,637
*300,000
406,975
—26.29
*150,000
414,002
11,393,880
269,905
2,103,765
3,210,069
245,995
175,845
638,586
681,164
423,532
141,889
472,925
618,418
297,750
416,118
1,946,538
408,957
1,164,521
*160,000
451,857
21,419,497
520,220
2,485,081
—6.25
—55.5»
3,600,869
—10.85
188,922
—30.21
2,462,735
1,583.735
126,013
336,020
—47.67
311.285
226,969
+ 181.35
192,107
311,900
326,421
312.406
516,889
791.780
3,266.179
241,591
428,493
896,396
1,117,927
354,641
658,105
427,487
"65,911,451
46,147,664
62.201,153
150,040,652
3,139,015
,
__
:•
;
87,210,685
50,261,047
66,107,595
97,439,002
6,400,423
327,439,935 *307,418,752
Bronx
Richmond
very
tables, covering the last eight
City—
Brooklyn
Queens
our
ing all the leading cities of the United States,
420,526,396 1,220,779,503
UNITED
reported sizable gains, while others failed
join the expansion.
136,850,981
(60)
56,144,427
52.019,055
100,937,017
Southern
munities
Total N. Y. O
50,203,089
3,640,211
44,910,370
22,447.219
48,907.810
30,424.219
5.914,036
32,684,461
11,875,406
17,336,280
14,911.806
4,268,335
21,024,804
20,752,305
15,637,920
15,089,212
1,706.742
28,123.470
8,670,140
21,576.439
16.058,706
3,473.964
130.631,045
65.399,250
75.954,449
68.535,620
8,762,245
+6.51
211,225,454
152,603,654
80,576,288
7*.210,983
77,902.719
349.282,609
764,149
—19.16
680,608
398,816
396.018
292,664
1,353,129
+27.90
749,529
389,725
392,448
378,664
407*321
369,492
*287,585
150,000
202.200
456,000
*150,000
*100,000
158.971
*95,000
97,450
319,749
*200.000
7,038.080
9,453.614
325.506
962,231
315.889
*300,000
641,5J2
24,679,886
885,220
2,015,316
4,716,235
—5.91
+53.98
New England States—
Me.—Portland
N.
H.—Manchester..
Vt.—Burlington
Mass.—Attleboro
Beverly.Boston
Brockton
'
Brookline
\
Cambridge
Chelsea
Cblcopee
Everett.;
:
Fall River
Fitchburg
.___
Haverhill
Holyoke
,
.__
Lawrence
Long Meadow
Lowell
Lynn
Maiden
Medford
New Bedford
Newton
2,808,960
North Adams
;
162,484
205,696
Northampton
Pittsfield
9,;3,607
1,411,784
144,705
cevere
Salem
420,452
...
Somervllle
270,132
2,246,931
850,661
_
*
Worcester
__
L
Conn.—Ansonia
Bridgeport
Bristol
_
Danbury
;
___
•
Haraden
Hartford
;J'
Manchester
;
Meriden
,
Middletown
New
Britain
New
Haven.
567,365
•
'
+20.06
390,199
267,652
—46.99
+8.54
425,525
1,034,819
—40.24
351,000
—15.17
—27.56
867,890
531.696
830,472
308.512
144,305
195.242
252.697
139,675
196,543
282.364
455.871
*120,000
347,435
578.948
74,500
237,945
444,054
1,098,563
•148.594
364.550
574,470
1,117,830
465,455
436,547
8,403.438
190,243
662,060
983,230
-
+ 11.14
+74.13
653.309
339,735
376,261
134,950
255,873
797.572
—12.14
542.331
166,944
552,909
+ 166.76
277.917
13,537.429
399,789
1,687,161
979.215
—34.72
361.390
—14.00
—32.74
.
4,431,578
120,788
301.952
356,675
2,594,310
121.502
—52.00
572,660
509,526
+ 0.80
548,373
+26.28
1.103,652
392,799
—36,11
851.305
—36.81
545.635
578.305
976,028
193,199
178,398
1.288.623
•
440.850
710,466
253.939
—19.84
+32.69
1.273,790
953,187
—9.14
145.780
v.3,273,201
+3.92
1,957.820
661,782
110,960
1.949,839
238,180
1,886,*774
367,243
340,210
619,979
4,331,157
1,078,749
759,135
596,004
231,485
2,824,862
745,213
.480,952
910,894
6.285,237
682,058
984,530
257,977
791,780
4,456,442
685,313
1,492,924
356,578
350,000
1,027,812
835,948
545,238
+2.89
*100,000
1,716,610
35,000
*62,000
1,187,202
775,427
404,331
228,226
355.573
266,420
,
2,727.065
756,445
1,330,445
_;
New London
Norwalk__i__
"<• Norwich
398,811
160,000
Shelton
Stamford.
Stratford
Torrington
2,330,797
911,945
444,581
1,559,925
2,721,715
—50.72
500.318
—29.26
—31.94
214,513
—31.09
+58.16
3.103,698
380.790
511.433
—22.89
409.761
+ 131.03
381,888
+ 18.01
1,118,697
1,692.806
335,160
1.783,976
254.985
—38.81
+ 10.38
—10.88
+ 11.84
—54.29
94,750
+ 126.77
911.385
2,670.204
169,005
407,879
384,240
722,758
1,362,888
174,749
695,134
120,581
78,295
626,710
!,
152,29.5
539,327
239,003
747,361
365,975
213,396
1,140,760
.52,000
611.527
127,812
.169,600
337.839
891,921
122.645
322,443
;• 193,080
322,829
2,204.475
880,690
576,834
175,282
25,000
509,693
Middletown
Mount Vernon
1,471,039
Newburgh
270,400
1,819,116
1,437,876
286,341
Elmira
Kingston
New Rochelle,.
Niagara Falls
Poughkeepsie
Rochester-
3,827,246
Schenectady
1,700,504
1,679,821
605,429
Syracuse
Troy
Utica
Water town
White
J
Plains
Yonkers
;
.
523,650
228,173
1,964,706
9,739,924
339.530
1,142,498
219,024
417.456
737,864
891,321
10,011,976
2,294,810
1,862,663
155,846
79,725
1,074,485
1,100,779
236,891
830,137
2,494,086
856,960
541,120
801,294
115,337
257.932
620,568
2,183.567
2,645.778
433,740
651,736
;
279,942
52.200
472,489
418,429
6,670.846
1,299.236
—19.37
Jamestown
215.645
*600,000
3,036,634
657,697
522,240
1,615,960
•5,732,875
428,447
*250.000
112.378,660
3,983,538
281,315
1,835,921
5,435,036
326,693
282,153
885,878
206,253
825,281
Buffalo
223.834
347.802
1,589,992
40,556,836
3,211,807
1,832,309
1,641,560
7,101,171
798,171
244,627
354,390
270,043
York—Albany
1,019.015
31,989.491
-17.51
Binghamton
555.754
37,657,768
86,816,246
4,009,115
V.
88.700
.
452,700
167 975
Middle Atlantic States:
Auburn
188,910
646.144
50,685.402
71,614,091
1,319,576
Total New England:
New
52.140
220.625
420,062
574.032
64.457,383
115,547
+ 17.90
49,475
619,833
5.485,441
59 cities
1,343.208
98,375
748,500
6.382,150
—13.49
3,806,015
101,540
869,462
3,228,100
+ 76.97
253.201
456,115
194,205
2,224,589
87,840
1,538,703
-
159.645
419,980
68,660
285,479
2,520,950
189.753
33,977
Providence
129,092
2,870,780
101,125
37,320
Pawtucket
188.648
240,875
234.738
265.670
248,676
582,329
1,445,251
697,105
259,586
360,862
834,950
763,091
566,550
633.480
1,620,647*
975.484
2,238,682
383,230
4,887.579
126,695
598,475
1,618,230
1,839,062
279,675
872,073
980,665
3,693,443
856.913
113,083
5,594.581
51,821
1,135,084
+25.00
-
121,255
445.283
42,710
929,763
1,930,950
179,725
—14.69
I.—Central Falls.:
509 561
528,050
*40,000
-
*56,389
31,595
225.861
492,765
3,740,882
*50,000
West Haven
Willimantlc..--.
352.678
410.065
,3,39.941
321,750
W est H art ford
352,786
620,338
2,287.996
110,010
1,019.193
480,917
45,765
840,185
503,904
1
+ 12.50
—36.09
317,904
1,977,158
284.935
•
183,315
177,638
286,735
1.135,084
300,364
57,66,5
+9.09
—18.46
1,386,100
4,259,032
,377,167
Water bury
171,905
978,924
1,686,033
104 750
1,359,670
364,417
423,391
347.460
641,107
165.100
—33.21
1,685,3.53
119,755
161.526
421.49.5
709,306
270.870
86.617
2,229.686
261,983
574,484
870.759
464.826
102,298
167.525
235,608
164,380
250,655
418,820
148.644
326,615
232,660
325.895
—52.20
406,969
848,186
414,201
828,638
299.908
877,418
2,803,045
934,426
._
833,822
184,831
179,735
212,178
190,536
272,180
256,992
3,401,662
Waltham
West field
339.022
11.809.103
336,315
—48.12
«50,000
Springfield
/
—8.37
—46.81
657.618
,
165.652
310,143
48.895
*300,000
3,315,204
3,131,885
2,788,386
1,920,371
2.852.569
+551.34
214.067
1,806,460
2,880,198
210,810
856,662
125,551
229.840
810.828
3,119.447
305,258
817,689
417,708
175,895
1,162,624
2,961,753
305,665
391,162
289,800
848 745
—10.59
343.183
269,143
260.667
9,240.971
848,436
940,755
349,552
739.509
740.371
164.086
2.321,732
1,261,830
277,450
618,496
212,166
*57,000
181,650
607.521
277,900
539,355
453,995
251,422
399.349
306.819
280,587
+30.66
+ 144.32
—13.30
—59.99
+30.93
+8.25
524,515
—48.45
2,913,482
2,917,708
264,755
5,153,171
1.606,881
2,660,620
1,235,295
1,132,871
—37.56
1 780.331
—50.72
3,375.112
"'+8.16
245,800
—25.73
340,006
1,500,374
4,976,247
—32,89
+30.95
+ 95.73
6,241,279
1.327,080
3,136.814
731,171
515,733
203,982
1,502,781
3,933,083
+58.26
—74.45
—50.99
—53.78
1,295.839
971,984
200,403
2,714,201
•
811,297
1,868.802
1,270,326
325,010
890,777
2,649,312
146,035
469,126
*250.000
394,062
1,017,144
228.309
3,714,596
556.337
1,1.59,305
673,093
221.907
1,299.240
189,088
763,195
361.055
'2,367,997
909.462
1,300,328
458.387
639,215
499,989
618,920
123,126
399.669
1.867.674
317.556
677.317
*450.000
747.959
919.739
437,741
2,436.270
565.314
1,330,848
719.510
461.475
245.221
636.238
2.633.078
990.535
275.300
3.815,453
1.062,341
4,221,923
1.267.398
1,298,148
6.282.387
1,857,948
6,269.945
2.219.008
994,523
213,330
6,334,168
IB
flKT
EQK
Chronicle
Financial
340
Jan. 21, 1939
UNITED STATES BUILDING OPERATIONS—{Continued).
Inc. or
1937
1938
Dec.
N. J.—Atlantic City
Bayonne
Bloomfield
--
Caldwell
Camden
981,455
+8.48
745.117
522,908
674.562
—22.48
493.226
+85.51
64,414
—5.43
810.518
173.254
2,023,789
—60.56
—33.62
851.346
560.440
—33.96
2,087.208
—30.75
—4.30
733,262
1.119,251
East Orange
1,012,752
Elizabeth
Hackensack
166.345
644,884
1,017,750
520,815
1,030,101
1,533,603
240.223
673,848
302.348
982.701
1,461.569
*1,000,000
508,853
4,067,250
2,072,033
1,555,510
1,538,398
5,235,830
534,276
335,330
480,635
449,081
+ 18.97
—48.90
409.716
790,463
893.724
656,200
615,019
1,262,311
836,320
1,025,973
1,055,169
597.215
1,210,933
157.201
632,043
451.041
425,323
333,369
1,418,614
1,365,730
915,211
635,600
17,496,200
10,662,717
124,158
1,362,564
1,805,162
939,750
1,375.360
621,072
1,349,594
503,627
435,472
210,830
1,040,786
2,497,620
298,375
1,184,700
30,881.720
8,588.244
164,667
1,074,802
778,008
1,034,964
Clifton
683,774
*
Hoboken
Irvlngton
—
...
Jersey City
Kearney
Montclalr—
Newark
New Brunswick
Orange
Passaic
«.-
1,789,610
1,251,328
Paterson
Plainfleld....
...
South Orange
Trenton
West
Orange
Pa.—Allento wn ....
- -
A1 toona
Bethlehem
Bradford
Chester
Easton
a
Erie
Harrlsburg
--
Hazleton—
•
Lancaster
Philadelphia
Pittsburgh
Pottsvllle.
Reading
Scran ton
...
....
Wllkes-Barre
Wllkensburg
Williams port
York
-
1934
1935
%
(Con.)
,
-
1,647,820
314,478
698,602
612,100
343.466
907 912
+236.62
—47.00
471,660
—29.46
2.365.308
565,095
1,104,587
7.569,905
372,369
512,407
276 681
131.564
153,790
148,875
2,178.586
88,570
3,883,828
5,811,063
317,824
446,033
387.445
—35.71
—66.92
—22.32
407,330
756,289
399,898
2.877.418
107.317
307,650
457,725
752,351
820,539
211,239
1932.
367,700
52,458
224,674
322,522
218,897
582,881
143,087
157,786
S
544.601
173.926
597.335
76.753
479.607
547.579
508.691
461.258
404.176
328,256
1,062.799
450.427
365,075
199.226
855,907
83.090
460,661
1,511.931
4,754,184
2,417.706
394.335
914.418
484.691
850.982
336.154
*300.000
1,249.158
1,164.715
1.358.897
*700.000
1,572.237
1,744.885
625.006
569,028
933,524
568,440
185.691
358,643
380.595
—11.96
—74.69
796,730
288.189
720.215
436.025
642,435
717.315
238.135
174.355
—53.17
574,550
404.880
303,430
—2.33
380,060
369.103
138,070
175.048
639,610
766.286
*400,000
695.396
9.255.150
419,205
151,931
102,614
575,989
73,473
192,192
483,258
241,305
345,409
141,165
6,616,530
2,520,251
180.685
326,391
458,032
789,369
65,916
412,716
388,168
116.710
239.249
+58.12
+36.30
154.480
751,100
259.900
377,862
266.179
247,358
350.342
267,446
8.055,240
2,266.952
93,630
279 555
+49.65
.
—10.44
745.176
—45.32
+206.73
—46.35
—43.34
+24.16
"
1,175,680
*500,000
2,212.177
20,907,010
7,483.695
—24.60
266.219
5,807.900
761,065
1.552.067
+26.77
+ 132.02
160,935
373.930
1,580,320
—9.20
•
>
607,698
437,060
41.806
579.941
765,970
-5.79
1.348,979
245,330
729,961
302.840
—38.91
719,403
415,485
+ 127.23
1.054.435
145.033
406.706
404.578
102.489
865,433
309.741
243.205
546,964
1,296.519
1,433.122
2,587.696
2,266,257
339.937
1,749,092
4,362,435
770,173
1,483.156
6,305,045
480.328
—25.09
930,966
491,385
746.025
1,621.848
351.118
952.414
+41.77
+49.62
802,640
447,000
123,702
—60.06
477.323
1931.
S
289,008
381.684
764,228
450,260
274.162
390,888
282.501
460,603
928,985
1,856.238
—21.85
353.034
702.863
802,205
662,152
644,157
497,997
363,231
341.049
46,826
496.765
338.692
555,131
445,332
665,550
45,063
1933.
$
1936
S
1,064.665
2,076.371
60,915
798,100
Middle Atlantic States:
719.447
925.296
506.203
660.453
822,495
408.019
456.700
714.150
772.495
184,857
2.678,901
493.990
1,552.390
437.036
539.702
538.423
35.126.060
13.061.730
164.282
240,986
362.135
13,118.835
8,983.157
136.834
727.963
494.354
2,891.906
1*402.184
1,196.061
326.267
595,621
796.068
2,121.440
667.033
77.676
510.514
237.978
2,466,828
4,494,122
—45.11
4.348,246
2.545,737
1.183,824
2,135,484
1,407.923
3,351.286
14,640,038
333,714
352,997
15.162,010
508,040
367,406
—3.44
9,947.460
1,057,349
10.096.776
139.302
158,631
6,629,106
171,784
*60.000
12,752.300
—3.92
17,683,944
497,488
329,480
*90,000
29,571,120
292,989
181,007
O.—Washington
25,615,510
31,168,515
-17.82
31,553,390
22,968.678
10,499,030
6,509,440
11.298.985
30,821.649
W. Va.—Charleston
Clarksburg
Huntington
3,172,435
381,965
1,362,664
937,913
2,907,275
533,616
1,280,706
1,854,757
+ 9.12
1,388,196
307.610
—28.42
2.224,125
707,424
+6.39
1.500.210
367,895
524.149
123.125
113.216
—49.43
1,166,616
591,473
423.657
266,581
98,793
112,751
320.867
325.276
878.982
1.021.207
314.390
642,690
154,408.530
178,239,967
-13.37
166.375.080
105.434,934
70.949.829
54,995,427
92.050.259
234.100.823
1,689,958
3,497,837
137,585
"249,482
398,763
1,424,042
18,203,110
—51.69
2.503.800
1,410,482
959.673
23.426
52,912
754,935
19,350
921,694
22,310
61.791
11,125.000
—35.25
6,637,400
4,327,120
209,434
778,476
621,765
1,117,179
384,425
739,870
217,620
—9.30
—50.15
2,076,667
76.235
221,157
178,015
650.046
21,733.465
11,688,650
3,369.450
2,855.432
1,047,755
792.372
804,389
737,957
172,450
127,500
106,850
1,193,852
2,272.258
1,474,072
*100,000
Del.—Wilmington....—...
Md.—Baltimore
Cumberland
Frederick
D.
Wheeling
—
—
....
—34.31
105,202
259,161
413.748
199.315
99.165
Total Middle Atlantic:
72 cities...
...
Middle Western States—
Ohio—Akron........—...
Alliance
........
Ashtabula...........
Barber ton...
.......—
Canton—
........
Cincinnati
—...
Cleveland...
Columbus
...
—
Dayton
—
East Cleveland—
Hamilton
Lake wood
...
——
Mansfield
—
Newark
Norwood
...
........
Sandusky
Springfield....—....—
Toledo
Youngs town
Zanesville
2,681,273
1,000,413
2,445,220
10.824,925
351,405
206,252
Wayne.
Gary
Hammond
;
Indianapolis
Kokomo..
Michigan City
Richmond
484,706
1,050,214
331,666
South Bend
Terre Haute
[11.—Aurora
Bloomington.
Chicago...
Cicero..
,
...
Decatur
East St. Louis
Elgin
Evans ton....
Freeport
Moline
Oak Park
Peoria
Quincy.....
Kockford
Rock
Island
1.831,586
14,865,515
7,203,500
6,020,375
2,157,254
132,803
611,397
1,178,816
1,115,497
261,729
583,484
194,793
1,375,477
2,306,725
1,324,900
323,606
324,206
Ind.—Elkhart
Fort
*100,000
146,480
176.390
...
669,805
241,565
21,258,299
481,725
1,576,691
527,970
553,464
2,703,050
217,749
1,332,581
715,475
2,428,355
203,607
1,189,180
959,422
1,946,468
Springfield
Mich —Ann Arbor.
3,740,824
848,499
Bay City
Detroit
Flint
Grand
Rapids...
Highland Park
Jackson
Kalamazoo
Lansing
Muskegon
51,430,371
2,481,231
1,701,290
411,216
389,833
488,550
2,051,393
403,050
Pontiac
734,017
1.061,369
Saginaw
Wis.—Kenosha
436,011
1,814,003
570,272
6,264,324
Madison
Manitowoc.
—18.34
—36.59
—21.46
941.603
18,488.020
8,876,500
5.567,075
2,669.412
117.010
959.082
+43.42
4,373,329
1,929,438
187,184
—47.25
+72.88
837,128
4,566.078
1,545,250
189.695
826,452
2,577,288
1,629.625
3,261,083
9,088,076
"
391,061
—10.49
—60.77
+4.03
369,141
1.764.862
—38.61
939,462
—25.02
+ 19.11
—58.89
3,267,283
7.417,646
989,891
+6.50
12,309,225
3.883,000
2,645.200
1,079,829
282.640
—21.14
32,680
86,142
71,311
473.614
1,843,001
—31.92
288,573
854,859
193,662
509,083
1,403,305
519,279
741,027
379,684
28,806,443
748,820
792,646
933,838
1,223,095
3,128,050
336,777
1,982,512
988,625
2,372.736
181,776
1,326,440
1,382,055
1,624,587
„
—31.33
-*—4.79
—25.16
—36.13
—9.61
—36.38
—26.20
—35.67
+98.92
557,779
300,615
18.989,322
324.475
—13.58
60.808
547.275
1,757.620
760,688
122,158
+2.34
+ 12.01
—10.35
—39.24
+ 19.81
+ 136.92
—39.38
1,449,320
-4,215,842
224,820
1.191,295
1,461.483
2.890,557
3,513.785
1,406.185
4,618.111
147.633
237,645
142,139
563,740
384,366
250,270
579.122
12,936.409
198,240
588,102
869.123
217.945
947.750
229,090
335,893
626.200
1 ;791,342
95.065
.
374.065
332,906
456,453
677,438
403,553
21,222,391
1,433,625
889,960
43.169.099
—32.38
3.435,295
—31.97
1,783,160
625.045
+74.66
409.450
440.122
—33.58
—30.00
—26.77
366,547
1,390,000
2,087,036
553,018
1,494,059
1.428.639
627,180
2,394,320
—30.48
—48.22
532.965
373,294
686,468
177,613.035
217.707,840
—62.64
—55.02
307.640
256,917
73.750
218 118
69.410
164,864
2,426.015
339.033
19,360,019
97,724
370,122
622.952
—2.80
—46.77
•
123,568
1,166,576
276,252
619,238
1.491,575
46.845
368.827
71,550
249.139
2,108,200
—27.63
866,312
432.292
445,596
499.401
—35.34
—32.78
3.078.500
847,600
113.873
872,839
392,083
—54.75
40,051
376.207
6,151,670
256.722
376,154
1,048.669
918,941
—43.47
1,578,924
1,399,703
52,909,940
3,669,421
2,500,755
1,622,489
586,893
697,901
3,853,860
1,078,781
1,632,031
888,084
....
+28.62
—0.15
Sheboygan
Superior
'
—55.77
+89.59
Oshkosh
Shorewood
89.920
154,585
177.817
179,123
466,394
752,709
670,857
12,098,981
1,229,444
1,306,776
475,376
654.924
Milwaukee
—27.32
—41.29
201.746
178.744
3,246.816
,
47.847
383,080
139,500
242.820
691,628
282.282
238.046
7,727.351
162,885
577,640
265.498
169.946
741,700
99,887
170,653
181.850
910.987
58.314
227.300
322,892
326.184
425,311
263,084
8.8.36.558
701,614
472.905
160.427
168,826
73,153
882,072
516.794
1,040,185
312.980
197,550
315,426
771,711
183.722
1,326.953
349,772
532.094
375.505
184,314
—24.24
1.773,710
1,138,336
552.404
—14.99
715.232
546,142
313,119
12,345.827
7,143.326
—27.77
733.902
246.942
—59.22
530.531
348.616
+4.81
1.361,807
1,059,460
710,485
562,631
2,678.285
191,404
190,589
381,375
306,571
-18.41
184,187,684
97,249.470
71,383.162
—21.47
26,000
83,865
101,635
5,301,921
2,748,000
824,200
487,481
34,061
64,759
189,820
146,923
68,699
117,225
30,023
57,480
397,155
531,237
22,225
56,117
175,819
118,685
190,580
150,014
85.755
86.215
385,037
9.249.715
8,928.250
1,753.250
840.381
55.390
348.008
405.052
344.051
95,135
124,458
60.050
85.699
982,732
227,793
.
*40,000
94.573
1.581.507
135,425
151.788
3,180.060
142,770
56.524
153.165
85,400
294,675
194,124
71,700
524,135
605,521
104,966
192,570
3.683,960
56,165
157,605
212,742
105,953
402,600
102,782
102,685
122,940
1,891,320
73,954
117,720
186,426
535,929
256,078
162,755
3.945,765
417,985
434,545
57,341
84,788
237,979
107.558
361.646
70,893
221,272
133,434
,
299,735
2,445,712
1,048,255
3,303,684
9,032,678
173,113
249,970
211.605
655,255
918,700
1,239,257
207.500
611.700
3,824.500
44,030,944
1,070,703
64.677
186.626
302.076
153.142
789.450
295.500
161.251
245.270
562,835
62.487
776.205
177,700
567,642
537,560
693.236
8,682.949
260.953
1,526.560
81,783
367.667
200.377
781.040
1,077,178
607,136
3,251,250
287,273
596.606
1,262,780
2,302,112
1,362,678
614,797
586,728
1,710,351
2,313,859
1,287,425
23,068,068
1,765,328
1,212,630
117,290
72.323
72,018
418,830
1,073.228
1,017,577
485,872
339.519
281.004
500,321
141,218
494.237
150,455
303,258
520,199
2,012,362
261,876
650,962
64,577
95,927
4.066.208
260.469
249,712
706,881
1,249.225
1,184,020
12,173.501
932,526
1,205.878
1,025.134
290,584
31.969.471
59.390.236
183.777.508
586.420
294.988
323.075
115.775
Total Middle West:
6bciti«*
Volume
Financial
148
341
Chronicle
UNITED STATES BUILDING OPERATIONS-(Conftnued).
Inc.
Other Western States
Mo.—Joplin
Kansas City
St. Joseph
Sedalia
Minn.—Duluth
Mankato
...
St. Paul.
....
Omaha
—0.86
332,677
426 250
248,632
8,735,113
122,230
—26.36
13,775,132
101,512
11,355,867
74,000
4.998.453
32.000
10,106,632
30,000
2,201,791
—33.44
1,222,810
981,858
1,015,846
462,535
7,529,855
7,229,131
198,320
+78.50
+3.08
449.583
150,023
4,690,790
4,334.858
610,862
132,415
3.113,065
+401.82
1,599,467
—11.27
195.215
+44.64
+6.68
3,859.513
Bluffs
Davenport
Moines
—14.84
1,678,953
366,419
1,713,860
2,782,681
656,468
672,350
Rapids
168,500
2,124,772
2,306,162
1,286,422
+30.51
+60.87
+44.47
+3.52
+41.59
—12.73
+37.70
227,750
1,186,326
2,687,977
463,651
121,087
1,247,400
87,385
1.823.700
104,468
2,537,360
148,316
80,342
244.800
523,175
5,720.950
454,406
16,619,836
1,366,970
398,973
6,426,805
3.064,037
991,637
238,481
12,371,660
13,994,545
82,602
260,255
107,080
1.952.432
296,156
2,196,174
1,585,864
3,914,556
58.504
2,019 440
56,950
303,290
686,905
23,350
186,442
99,495
259,970
350,902
24,734
297.799
247,100
20,195
100,610
647,147
116,340
2,126,088
2,340,208
986,135
218,047
1.512,986
416,047
188.968
452.740
350,820
1,513.923
193,642
427,878
436.358
382.153
716.954
745,284
1,890.001
281,467
276,750
373.139
265,117
1,167,665
291,985
1,610,691
437,800
1,201,345
2,985,872
504,251
606,980
1,571,425
793,593
129.350
256,373
3,214.363
129,243
136,135
387,963
7,127,490
453.425
2,151,930
a04,434
482,736
46.237
4,354,537
*60,000
971.530
1,251.181
1,089,822
189,338
799.621
*2,500.000
198,457
818.900
887,882
97,396
2,241.100
147,185
4,331.904
20,585
327,932
1,097,556
171,147
931,349
1,634,375
59,406
3,893,500
184,800
2,155.198
2,356,683
+ 110.98
+51.41
3,476,050
$
1,056,446
2,842,602
—49.72
132,601
143,500
1,854,264
3,175,574
Wichita..
7,195,795
7,381,263
206,530
—3.79
279,765
5,263,038
Topeka
Des
$
400,700
381,725
4,050,500
1931.
1932.
3,476,050
1,419,227
1,940,445
Kan.—Atchison.
Kansas City
Leavenworth
Council
1933.
1934
$
282.690
4,467,100
315,510
6,955,164
995,213
Nab.—Lincoln
Iowa—Cedar
1935
1,465,471
825,608
7,761,710
...
Winona
1936
%
+ 19.65
3,446,010
282,350
9,319,027
90,005
...
Minneapolis..
$
$
479,425
St. Louis
.
or
Dec.
1937
1938
2,121,223
•158.059
1,180,008
633,761
788.950
,
176,089
500,450
528,837
405.525
1,142.319
1,126,572
940,146
440,155
257.885
373,444
5,223.616
73.419
559.468
2,663.411
—18.55
679,647
579,514
8,337,479
233,899
298,894
165,617
2,166,491
73,319
+45.57
199.004
—39.85
1,160,361
88,104
1,041,727
37.275
386.458
49,099
256,949
170.466
561,612
437,023
338,386
185,468
+ 56.35
281,279
263,042
216.111
745,693
209,000
149,517
184.170
73.000
74.415
81,142
—3.67
42,402
102.304
—8.35
149,830
58,400
569,848
476,931
302,170
575,739
462,177
1,402,979
3,974,615
793,151
3,911,362
+24.57
,+76.89
+1.62
424,615
1,236.904
3,373,630
357.886
659.178
1,893.768
65.322
272.092
1.272,792
42,821
348,451
668,434
54,150
119,005
527.826
96,890
250,890
3,396,785
882,140
429,981
690,865
—13.33
—19.99
—28.06
691,795
709,230
648.232
67,678
354,490
392.983
37,449
144.437
89,405
96,080
131,685
256,728
344,045
497,020
982,130
565,810
79,933
992,820
Idaho—Boise
1,188,389
1.883.848
—36.92
2,067,095
1,068.960
398,301
219,526
262,667
757,478
Wyo.—Cheyenne
1,139,673
555,000
2,759,361
1,598,624
1,262,896
135,000
2,054.350
1,825,718
—9.76
—12.44
902,617
94,820
1,140,146
1,297,474
172.850
59.301
310.959
573.391
86.311
+311/11
+34.32
904,120
153,256
1,531,661
2,080,892
23,400
330,319
259,808
70,950
*30,000
392,411
351,106
84,126,835
81,66.9,434
+3.01
81,278,248
58,277,167
30.763.486
26,318,791
36,740,298
1,431,590
2,766,318
2,052,592
3,470,218
3,147,120
1,064,008
677,464
2,461,037
1,753,205
'2,330,195
+ 111.32
+ 12.40
972,815
1,946.044
1,806,380
/. 848.394
334.134
573 344
659.650
246,955
281,676
408,833
760,173
4,868,680
—35.36
1,886.528
1,797,892
1,135,669
825,242
352,292
752,711
936,300
+28.93
+40.40
+34.36
397,263
983,835
844,017
1,354.384
3,013.921
390,864
258,033
753,155
163,651
105,234
256.612
90,774
143,703
16*575
416,459
42,088
117,854
518,511
57,305
740,435
159.146
23,400
192,313
55,803
89.603
791.617
84,540
Dubuque
Sioux
234,898
507,027
7,673,300
527,692
...
....
Colorado Springs..
Denver
Pueblo..
So. Dak.—Aberdeen
Sioux Falls
No.
Dak.—Fargo.',
....
Grand Forks
Mlnot
-
Utah—Logan............
Ogden
Salt Lake City....
Montana—Billings
285,849
1,178,049
764,550
1
Butte
Great Falls
—18.78
683,277
325,977
169,980
...
289,215
626,856
8,890.342
647,845
416,118
1,131,099
City
Waterloo
Colo.—Boulder
874,950
753,568
2,760,264
—23.16
1,119,525
2,971,420
Ottumwa
I...,
Sheridan
Ariz.—-Phoenix
Tucson...^_i......i...,
■
+48.56
+7.65
—19.12
—13.69
V.
,
98.970
422,420
,
•
A'
205,760
132,505
•
f
*30.000
395,415
447.516
65,969
2,125,343
1,228,570
Total other Western:
45 cities
93,656,351
Pacific States—
Calif.—Alameda
A1 ham bra.
Bakersfleld..
Berkeley
Beverly Hills.
Burlingame
494.626
Col ton
»
"
Eureka
Fresno
Fullerton
Glendale
Huntington Park..
Long Beach
Los Angeles
National City
Oakland
Ontario
5.129,880
1,309,389
8.278,505
63,170,944
404.517
8,396,095
635,656
239,845
Compton
Emeryville
1,011,312
■■■'.
210,986
554,389
2,584,916
282,480
4,915,344
1,014,499
11,508,480
67,826,669
618,067
9,114,534
1,049,610
190,050
3,583,173
353,449
1,245,055
1,137,268
4,281,376
733,885
890,154
757,001
812,527
Orange
Pasadena
Piedmont.
...
»
Pomona
Riverside
San Gabriel
San Jose
....
San Mateo
San Rafael
South Gate
Stockton..
Torrance
Venice...
......
—30.65
—4.18
752.705
214,493
5.181.868
2,004,599
771,094
6,864,188
31,672,983
—22.52
+7.37
+ 52.79
+8.56
+65.12
+26.20
—16.31
'
+39.87
+50.23
1,260,914
969.777
4,943,771
2,104,847
8,223,350
20.245,440
—75.22
802,169
Klamath..
410,280
6,743,075
1,699,171
•
2,352,360
1,886,329
386,175
3,615,136
1,033,309
1,828,133
1,066,057
951,528
211,463
581,525
8,671,285
1,156,227
.
+20.04
+33.88
+ 14.75
+93.41
+24.91
+20.20
+0.80
1,643,716
2,045,793
-
9.002.137
19,927.148
678.658
1,993,855
1,670,493
561,711
2,464,590
1,054 031
1,609,580
453,978
—5.24
+28.47
—8.23
153.476
200.927
104.658
6,775.650
1,893,246
3,385.200
348,359
+46.96
Seattle
Spokane
...
Tacoma
Vancouver
Walla Walla
Yakima.
Southern
Norfolk
...
Petersburg
Richmond
....
Roanoke
N. C.—Asheville—.
Charlotte
.......
1,578.664
138,807
488.251
125,247
1,394.132
787,898
242,278
90.333
'
65,702
104,238
2.380.440
184,607
4.827.230
204,384
193.376
2,301,431
286.899
*
142.099
104,286,290
56,144,427
100,937,017
68.475.061
136,850.981
837,340
819.946
560,923
866,796
1,784,859
2,311.979
32,737
1,730,720
685.594
428.626
269.388
676.798
71.488
1,236.262
166,363
567,549
223,142
822,151
22,170
936,288
277,788
1,219.384
38.848
1,589,299
137,818
1,024,615
1,095,951
387,768
3.046.948
1.284.436
101,468
602.567
240,083
1,275,290
714,880
1,111,126
570,857
—.63
2,550,163
170,743
4,175,888
2,208,743
+79.64
+ 106.30
+8.34
171.389
3.558.468
—49.95
1,706,732
+9.16
+7.57
178,065,685
691,030
3,513,771
2,297,241
—17.25
+28.63
513,966
2,741,370
1,885.226
.
2,121,214
1,678,880
363,269
2,117,255
—12.03
1,843,515
+ 129.22
—19.02
749.587
331,163
788.834
302,813
1,488,370
1.129.655
1,074,276
908,979
■
404.766
34.694
18.980
83.176
76.056
165,242
721,988
27.950
267,918
144,248
385.985
205.247
*200.000
*100.000
675.665
618.702
290.670
*75.000
*50,000
136.000
352.127
245,964
403,021
518.600
919.182
392,660
142,464
143,403
146,320
+ 13.09
1,498,992
+86.64
+9.17
1,196,649
—14.77
1,121,009
2.170,480
1,803,542
570,767
1,368,218
1,019,953
549,143
447,943
5,977,625
325,765
619,254
—18.22
1,151,103
1,570,102
...
81.600
139.400
740.990
2,148,381
1,714,135
Greenville
169,960
131,259
57,357
88.440
_.
.....
"
188,141
541.144
135,055
395.934
S. C.—Charleston..
Columbia
Wilmington
Winston-Salem
109.525
1,033,810
354,958
386,369
172,275
486,529
214,518
313,171
637,710
1,072,016
Raleigh
16.427.915
74,010
1,061,870
622,180
3.945,765
1,444 643
515.048
496.098
880,595
88,597
45,190
3,575,360
1,564,284
817,554
286,155
2,954,874
1,866,048
3,848.382
294,188
2,394,364
Durham
Greensboro—...
56,448,751
753.917
1,037,782
567,243
4,581,111
352,248
4,524,045
1,105,377
754,319
2,907,597
154.165
160.494
294.576
612,592
1.273.182
109,482
373,167
6,281.800
—5.74
469,553
.
67,213
136,684
9,415.600
2,088,970
2,154,325
179,636
135,910
1,806,085
188,468,978
1,101,033
121.115
4,022,084
572.801
131.626
203.142
+ 10.46
+ 14.12
+6.94
Statei
Va.—Lynchburg—
Newport News...
47.284
1,219,653
2,375,253
199.449
2,137,011
•
Total Pacific:
51 cities
1,247.595
239.920
2,716.760
17,606.606
36.838
2,388,773
59.280
674,647
1,171,450
685,944
1,598,416
3,275.899
684,470
64,200
379,248
278,270
208,618
1,028,899
129,716
2,901,545
553,730
4,590,795
41,210,860
89,484
7,415.159
418,590
233,384
4,053,183
360,138
1,169,644
714,934
515,435
672,319
3,687,076
643,502
5,259,224
21.372,550
334,013
1,776,090
1,266,045
206,535'
1,637,042
476,620
1,295,371
102,690
430.447
38,976
9,517
1,934,150
,
—15.76
+ 16.68
289.291
940.029
45,187
45,220
2,187.525
—31.30
—24.72
780,695
375.476
186,545
103,948
383,453
1,365,988
143,521
1,819.154
2,575.714
7,309.635
118.147
1.324.005
531,368
52,351
644.236
259,025
134,250
—29.4.5
—22.24
476,656
6,452,960
15,283,216
50,938
2,050.116
A 42,088
29,700
993,671
184,727
159,506
159.614
387.284
1,444.484
622,011
.
*500.000
247,664
101,005
6,538,505
2,895.522
1,669.571
382,786
588,120
932,596
170,133
85,087
7,222,380
3.304,489
1,785,441
274.302
130,546
1.663.232
142,513
316.802
83.159
+42.20
*
202,731,285
Hoqulam
.
2,802.210
425,583
83,218
2,250,650
555.124
392,934
248.800
270.684
831,776
1,984,927
759.501
4,951.991
12,517.412
349,454
1,328,360
592,944
145,229
1,311,769
372,032
1,059,704
204,895
452,218
+94.91
+ 5.13
446.627
442.722
762.723
W ash .—A berdeen.
89,495
801.398
123,442
933.524
572.521
2,629.670
14.591.595
39,063
9,685,368
232.378
—51.84
,
'
638.849
3,511,726
1,028,279
216.222
203.691
1.354,573
8.147,680
62,653,541
274,039
8,688.815
+39.02
1,224,904
2,526,646
11,009.114
23,232,331
1,551,475
2,938,239
2,267,351
389,265
3,425:810
1,327,445
1,677,653
3,143,873
1,000,307
300,702
Portland
273.940
2,056,967
—2.57
Ore.—Astoria
Salem
298,381
418,509
2,160.026
1,294.183
.
.
Santa Monica.....
455,853
—77.47
407,313
"
'
174,570
842,859
552,956
453,066
....
San Diego
San Francisco
4,331.510
1,001,319
+ 50.92
—14.92
367,348
3,038,156
706,580
Richmond
3an Bernardino.^.
2,689.461
—13.04
Redwood City
Sacramento.
+17.08
+48.92
721,809
a
132,330
238.112
'
582.209
174,275
880,112
772.785
575,752
475,350
853,987
407,718
1,095,859
492,348
Financial
342
UNITED STATES
Southern States (Cone!)
—17.86
Macon
752,858
927,318
2.514,488
757.756
718.586
377,210
—8.80
2.284,622
5.478.559
+9.94
5,227,325
12,614.824
1,268,911
—5.62
—1.89
842.700
2,000.960
—37.94
1,231,782
385.375
681,900
468.510
—12.76
1.898,557
+ 13.22
+58.19
791.553
1.551,394
—5.27
1,254,372
—13.82
726,403
—14.24
Miami
Orlando—
—
Pensacola
—--
Petersburg
Tampa
Ala.—Birmingham
-
Mobile
Montgomery
1,551,097
+84.99
Savannah
Fla.—Jacksonville
_—
+158.34
Charles
700.987
—1.39
La.—Alexandria
603,327
4,424,854
2,518,071
—2.74
New Orleans
+61.64
Shreveport
—
+ 169.80
Texas—Amarlllo
—12.54
Beaumont
+ 12.91
+ 11.08
Dallas
El Paso
—13.73
Ft. Worth
—4.45
Galveston—
Houston
—.—
San Antonio
Wichita Falls—
997.592
423,830
414,952
+34.03
+2.70
+292.51
940.613
1,380.166
529.180
4.800.873
1,302.152
374.114
65.525
214.666
470.551
+ 19.20
136,846
480,236
575,756
+81.29
Okla.—Guthrie
165,151
193,507
-—
+ 15.66
—87.46
Muskogee
Okmulgee
-r—
Oklahoma
City—-
,
Tulsa—
15.527
—3.39
8,175.951
—45.76
2.573.040
—
+ 29.32
-—
Memphis
—
Nashville
2,794,588
641,027
2.749,303
1.251.044
10,921,355
—31.51
7.565.320
1,732.250
1.395,668
—53.77
Ky.—Covington
Lexington
———
293,060
—5.86
—14.75
5.948,581
—
.—
—10.20
Newport
28.869
53.595
18.565
1,757.106
972.000
.
—21.86
•—12.88
Tenn.—Chattanooga
Knoxvllle
166,655
155,243
1.414.390
1,321,804
8,541,782
1,564.932
18,460.966
4,594.381
894,698
—17.03
—
Little Rock.
613,887
102.201
482.927
327.757
2.790.391
260.107
1.154,897
1,999.729
10,987,285
—33.33
Ark.—El Dorado.
Fort Smith--
Louisville
367 930
—
Miss.—Jackson
VIcksburg.-
Lake
4,422,223
—
Augusta
St.
BUILDING OPERATIONS—{Concluded).
—16.59
—44.42
Ga.—Atlanta-———
1939
Jan. 21,
Chronicle
775,520
79.306
150,979
974.060
2,419.359
34.975
—
Total Southern:
60 cities—
Total:
*
354 cities
Outside New York:
353 cities
—-
OF CAN
THE DOMINION
Canada—
Eastern
+ 11.04
Outremont
—
—6.30
Quebec
Sherbrooke
Three Rivers
—
+138.38
+9.41
Chatham
William
—22.43
——
+ 10.49
+37.29
Guelph
Hamilton
Kingston.--
—31.06
Kitchener--
—17.86
+ 120,00
Midland
+34.53
'Niagara Falls.-Bay
North
+253.31
+119.64
+311.23
+113.41
+5.55
Owen Sound—
Peterborough
Port Arthur-—-—
St. Catharines
Marie.
—53.68
+ 16.61
+263.29
_
St. Thomas
—9.89
Sarnia
.
—8.16
Sudbury
—24.42
Toronto
—36.63
Well and
—
Windsor
York
—72.45
——;
—34.53
-i.—-
—3.84
N. 8.—Halifax
+11.71
Sidney
+30.56
N. B.—Moncton..,
—10.54
John——
Total East (38
—.
cities)...
Western Canada—
Man.—Brandon
East Kildonan
St. Boniface
Winnipeg
Alta.—Calgary
Edmonton
Leth bridge
Red
Deer
Bask.—Moose Jaw
Prince Albert
Regina
Saskatoon
Swift Current
Weyburn
York ton
British Columbia—
New
Westminster
Vancouver
Victoria
Total West (18 cities)
Total all
*
146,375
3,055,200
—52.88
Ottawa
Sault Ste.
155,508
...
—
Oshawa
v56c*U
Estimated.
si
221.900
506.677
76.060
150,865
451,000
239,021
221,072
5,029,050
548,199
627.853
1,456.900
71,805
220,448
'
,+8.90
—
London
St.
•
+ 1.06
+215.23
Brantford
Brockvllle
'
705.188
—6.30
—20.65
Ont.—Belleville—
Gait
676.350
242,030
—10.82
+ 100.71
West Mount
Fort
31.873,676
790,750
4,049,875
+23.11
Quebec—Montreal
99,700
278,526
339,005
563,626
436,147
139,640
171,818
600,205
19,009,985
209,726
1,367,525
4,412,400
2,964,985
102,830
385.850
1,256.927
Volume
Financial
148
Preston Delano, in First Report as
Regarding Dividend Payments
Chronicle
343
Comptroller of Currency, Asks Congress to Change Statutes
Stock of National Banks—Also Asks Legislation to Equalize
on
Competitive Status with State Banks—Gross Earnings of National Banks for
June
Year Ended
1938, at $27,103,881,000, Compare with $26,'
30, 1938, $850,551,000—Deposits Sept. 28,
540,694,000 Dec. 31, 1937
of
HThe suggestion that consideration be given by Congress
to the revision of the laws regarding the payments of divi¬
dends on the shares of common stock of National banks is
capital and 85.52% of the assets of all banks in the national banking system.
made by Preston Delano in his first annual report as
troller of the Currency.
With respect to changes
$9,419,017,042.
Comp¬
in the
law/Comptroller Delano suggested "the possibility of amend¬
ment to permit declaration of dividends quarterly rather
than semi-annually," and he added:
/
In
localities National banks are leaving the national banking system
some
because they are required by the
national banking laws to have considerably
greater capital in order to establish branches
with them in the
to
State.
same
It is suggested that consideration be given
placing National banks on
banks in the
than are State banks competing
a
basis of competitive equality with State
State in the matter of capital requirements for the estab¬
same
lishment of branches.
$25,986,953,015, representing 36.30%
Trust
135,655 individual trusts
also administering
note
bond
and
being administered with assets aggregating
were
hundred
eighty-seven
and
'A The
Farm
Administration
Credit
credit
over
chartered
unions
jurisdiction
say
amounting
being administered:
a
the Federally-
Code of Law for the
under the
It is suggested that consideration be given to
the jurisdiction of credit unions
chartered under the Code of Law for the
$10,218,406,672.
to
and bond issues
The Comptroller of the Currency
has
associations chartered under the
jurisdiction over building and loan
Code of Law for the District of Columbia.
It is suggested that considera¬
the jurisdiction over building and loan asso¬
the Code of Law for the District of Columbia, to
tion be given to the transfer of
ciations chartered
the
Federal
under
Home
.
Segregation of the number of fiduciary accounts in National banks reveal
that
68,905
or
45.11%
66,750
those created under private or living trust
were
43.69%
or
ships under corporate bond
trusts being administered under the
were
According to the report of Comptroller Delano, for the
year ended June 30, 1938, National banks show gross oper¬
ating earnings of $850,551,000 and operating expenses of
$585,882,000, resulting in net earnings from operations of
$264,669*000, a decrease of $4,677,000 from the previous
year's figures.
In the following extract from the report
there is shown figures of deposits, preferred stock retire¬
ments, &c.: '
'
'
■
,
"
.
Active National Banks
An
to
belonged to court
private and
court
trusts
in stocks; 7.08%
bonds; 32.15%
4.77%
belonging
under administration revealed that
48.62%
in real estate mortgages; 7.38%
in
consisted of miscellaneous assets.
The development of trust activities in National banks is further empha¬
sized by comparing the record in 1938 with that of 1933, which reflects an
increase during the five-year period
individual
being
trusts
of 35,299
administered;
35.17%
or
increase
an
of
in the number of
$3,107,359,289
or
In the volume of individual trust assets under administration; an
49.23%
increase of 6,325
or
58.65%
in the number of corporate trusts while the
trustees showed a reduction of
Gross
during the current annual report year.
The figures for deposits, capital
the four call dates are as follows:
Banks
Total Deposits
5,266
$26,540,694,000
Mar.
5,256
26,238,242,000
5,248
26,815,894,000
or
1.92%
.
1938, as against $33,779,000 in
a
1937 and
reduction of $332,000 or 0.98%
com¬
pared with 1937 and a gain of $11,986,000 or 55.85% over 1933.
Three hundred and twenty-four National banks were Acting as trustees
under
1,297 insurance trust agreements involving $57,964,016 in proceeds
from insurance policies, while 704 National
trustees
as
under
banks had been named to act
16,071 insurance trust agreements not yet matured or
operative supported by insurance policies
with
a
face value aggregating
"
-
.
.
Four hundred and two of the banks spent $268,775 during the year for
trust
advertising; 39 banks employed full-time trust solicitors, and 65 banks
utilized the services of part-time trust solicitors.
Two
and forty-four
hundred
banks were acting as transfer agents for
involving $3,116,700,736,
accounts
and 367
banks were acting as
registrars of stocks and bonds for 4,284 accounts involving $4,713,124,399.
Total Capital
Dec, 31, 1937
ended June 30,
$21,461,000 in 1933, representing
2,512
No. of
$200,020,265
earnings from fiduciary activities aggregated $33,447,000 during
the fiscal year
structure and total assets on each of
Date
of the total assets under adminis¬
$8,059,393,406 of invested trust funds
of the
analysis
were in
of Section 5211
Statutes, called upon to submit four reports of condition
Revised
were trustee¬
Private trust assets
tration, while, the remaining $1,963,138,065 or 20.84%
$612,343,415.
National banks were, in accordance with the provisions
of the
11.20%
trusts;
as
•
or
issue indentures.
or note
volume of bond and note issues outstanding for which the banks were acting
Bank Board.
Loan
with
outstanding under which National banks had been named
to act as trustees.
The Federal Home Loan Bank Board has jurisdiction over the Federallychartered savings and loan associations.
Compared
of corporate trusts with a reduction of $351,625,993 in the volume of note
real estate; and
District of Columbia to the Farm Credit Administration.
were
individual trusts under administration; an increase of 1,126 in the number
District of
the transfer of
banks
reduction of $237,380,098 in the volume of
comprised $7,455,878,977, or 79.16%
over
The Comptroller of the Currency has jurisdiction
chartered credit unions.
Columbia.
has
following to
of these
17,109 corporate trusts and were acting as trustees for
issues
jurisdiction of the courts and the remaining 17,109
In his report Mr. Delano likewise had the
in the matter of suggestions for legislation:
of the
1,543 of these banks and
1937 these figures represent a decrease of 117 in the number of individual
trusts
agreements;
.
Seven
82.01%
of the number,
departments had been established by
An
Total Assets
Structure
analysis of the new trust accounts placed on the books of the National
banks between June 30, 1937, and June 30, 1938, developed that 235 banks
7, 1938
June 30, 1938-:-.
Sept-28. 1938
..
$30,124,195,000
29,823,500,000
30,387,082,COO
3.305.575 000
27.103.881.000
5.24 5
.
$3,244,198,000
3,257,360,000
3,273,819,900
30.718.522.000
named as
were
2,640
During the
ended Oct. 31, 1938, preferred stock of
year
an
value of $30,699,114 was retired by 941 National banks.
aggregate
executorships
Coincident
were
named
preferred stock, the common capital was increased
were
named
$21,310,626, and
additional preferred stock in the aggregate sum of
banks
Of the total preferred stock issued, under the Act
banks
$1,586,600
was
of March 9,
new or
issued.
1933,
amended, by 2,270 National banks, involving $565.-
as
832,150, there has been retired $297,336,584, or 52.6%
During the
.
year
five banks decreased the aggregate par value of their preferred stock in the
amount of
National banks preferred stock with an aggregate par value of $260,893,726,
which includes
or
.
$1,173,133 in 22 banks which were in voluntary liquidation
in receivership.
Consolidated
'
k
taken
figures
from
of all National banks covering
the
the
year
earnings
and
were
bond and note issues,
721
aggregating $542,-
banks were named to act under
$203,047,344;
involving
549
were
act
named to act
banks
named
were
in
in 46 instances involving
as
62
as
$42,039,255; 525 Janks
guardianships involving $10,205,515;
under 2,601
to act as-assignees
named to
14 banks
$1,586,721; 32
$1,772,334;
receiverships involving
142
committee of estates of lunatics in 294 cases
involving $5,753,764, while 393 banks were named to act 6,061 times in
miscellaneous
fiduciary capacities
other
than
those
enumerated
above,
involving $456,478,680.
As of Oct. 31, 1938, there was outstanding in 1,764
$597,59Ch
for 811
administrators under 1,429 appointments involving
with these retirements of
par
trustees
626,834; 838 banks were named to act as individual trustees under 5,704
agreements involving $215,578,375;
Sixty-nine banks were named to act as registrars of stocks and bonds
in 218
cases
involving
$15*8,865,044, while 67 banks
were
named to act as
in 187 instances involving $68,369,096.
transfer agents
.'*••:•
National bank branches numbering 364 on June 30, 1938, were actively
dividends
reports
ended June 30, 1938, show
gross
operating earnings of $850,551,000 and operating expenses of $585,882,000,
engaged in administering 12,536 trusts, with individual trust assets aggre¬
gating $057,927,053, and were acting as trustees for outstanding note and
bond
issues
amounting to $234,323,388.
resulting in net earnings from operations of $264,669,000, which is a de¬
crease
of $4,677,000 from the amount reported as net earnings from opera¬
tions in
the year
and profits on securities sold amounted to
$161(742,000.
the losses charged off, which amounted to
$217,988,000, from-the total of
net
ties sold,
amounting to $426,411,000, there remains a net profit before divi¬
dends of
$208,423,000, which is $78,138,000 less than the amount reported
for the year ended June
dividends
30,1937.
Dividends paid
preferred and common
on
$143,740,000, which is $9,735,000 less than the total
to
was
thought to be
a
need for greater uniformity in examin¬
with the Board of Governors of the Federal Reserve
System and the Direc¬
developing
Federal Deposit Insurance Corporation in
a
revised
procedure for classifying assets and valuing investments in reports of ex¬
aminations.
1938, it is
Since
the
revised
method
put into
was
effect on Sept.
15,
National
a
bank.
In
addition
to
such single failure,
receivers were,
however, appointed for two other banks, making a total of three appoint¬
ments
National banks during the year.
of receivers for insolvent
Of the
appointments for non-actual failures, one was for the purpose of com¬
two
pleting unfinished
business or enforcing stock assessment against share¬
holders, the collection of which was necessary because of Unsatisfied in¬
the purpose of reopening
a re¬
ceivership. the affairs of which had been previously closed following com¬
pletion of liquidation during the year ended Oct. 31, 1933.
Also during
including
year
of
one
a
the year ended Oct. 31, 1938, 365 insolvent National banks,
insolvency resulting from the reopening during the current
receivership previously liquidated and closed,
liquidated and finally closed.
were
completely
Such total of receiverships disposed of dur¬
ing the current year represents the largest number of terminations of re¬
to evaluate the practical result.
as yet too soon
a
,
ing methods among the various supervisory agencies, this office cooperated
tors of the
of
debtedness of the institution, and one for
paid during the previous year,
To meet what
National Bank Failures
During the year ended Oct. 31, 1938, there was but one actual failure
After deducting
earnings from operations and recoveries on losses and profits on securi¬
stdck amounted
1
.
Recoveries on losses charged off
ended June 30, 1937.
ceiverships in a like period during the history of the office of the Comptroller
Activities
Trust
Of the
were
on
1,905 National banks authorized to exercise trust powers,
June 30,
aggregating
banks
of the
were
1,543
1938, administering 135,655 individual trusts with assets
$9,419,017,042.
Seven
17,109
administering
trustee for note and bond issues
hundred and
corporate
eighty-seven
trusts
and
were
amounting to $10,218,406,672.
National
acting as
The gross
earnings from trust activities for the year ended June 30, 1938, amounted
to
$33,447,000, which is
for the previous year.
a
reduction of $44,700 from the amount reported
also take the following:
National Banks in the
Trust Field
from
all
sources
The extent of the development of fiduciary
revealed by statistics compiled for. the
which
reflected that
trust powers,
with
a
activities by National banks
fiscal year ended June 30, 1938,
of insolvent National banks for
equivalent to 12.5% of total collections
including offsets allowed.
Such percentage of costs for
the current year represents some
increase in expense of liquidation over that
for
.
the previous
year
of 8.81%
However, this nominal increase in the
percentage of annual liquidation cost may be regarded as normal in view of
liquidation age of receiverships administered during
the fact that percentage costs of liquidation are compara¬
tively low during the early years of receivership administration
but
gressively increase from date of failure to date of final closing.
Further¬
more,
was
of liquidation.
the year ended Oct. 31, 1938, were
the period and
From the report we
As of Oct. 31, 1938, there remained 520 insolvent Na¬
Total costs incurred in the liquidation
the increased average
>
„
Currency.
tional banks still in process
pro¬
receivership liquidation expense has during recent years been con¬
siderably increased by reason of interest payments to the Reconstruction
Finance Corporation and lending banks upon loans made to
receiver^ for
1,905 of these institutions had authority to exercise
combined capital of $1,293,638,494, and banking assets
a
Including District of Columbia State banks and building and loan associations.
Financial
344
payment
dividend
193465
interest payments upon
June
Receiver¬
Ended
ministered
Liquida¬
11.507,389
3.22
23.744,028
4.66
1,582
7.71
1,427
1,223
1937..—
156,829,985
10.27
5,608,104
3,992,132
8.81
85,773,322
885
1938
1,031,254
Including $19,374 of interest
439,136
6.44
11.875.490
Stock of other domestic
63.308.742
Real
.26.068
445,422
79,680
80,654
34,879
25,405
32,307
26,765
36,263
29,202
108,605
113.294
129,167
corporations:
corporations.....
--
—
securities:
92,365
39.533
40,149
32,067
25,889
4,035,261
3,656,560
7,072,979
3,903,092
6,902,521
1,374,385
1,316,674
1,477,359
12.482.625
municipal governments.—.......
Other foreign securities..
12,122.287
11.644.276
activity,
securities.
S. Government securities, direct obligations
Total miscellaneous bonds and
U.
Securities guaranteed by U. S.
to interest and principal
employed to expedite the distribution of dividends to depositors and credi¬
tors of insolvent National banks.
The interest rate upon receivers' dividend
Including school.
a
'
...
6,510,357
districts, and instru¬
drainage and reclamation
Irrigation,
mentalities of one or more States.
obtained at interest rates from of 2V* to 3% per annum.
loan activity for-the current year, as well as cumulative loan data
the inception of such activity to Oct. 31,1938, was as follows:
29,630
.
Government as
Total bonds and securities of all classes
loans from commercial or
RFC is now 3% per annum, while
63,781
90,395
42,662
governments..
Obligations of foreign provincial, State and
loans obtained by receivers of insolvent National
both the RFC and from commercial or lending banks have been
loans from the
555,271
30,172
466,023
79,377
V—.
Obligations of foreign central
of Reconstruc¬
638,563
461,751
.....
Other domestic corporations.
Foreign
•
595,434
36.728
Banks and banking corporations
During the current year
banks from
estate
*
673,942
653,650
...
.....
__
Stock of Federal Reserve bank
(b)
unavailable as separate figure.
b Data
10,884
:
665,059
Other domestic corporations-—.—
(w
12.50
paid in 1932, from date of inception
Corporation dividend loan
tion Finance
,
24,370,858
17,149,515
12,109,220
9,679,149
1,657.250.32p- '061718.01r
1,773
Total
11,583
(not including
Real estate corporations
$
334,766
27,872,955
19,052,765
13,823,379
10,717,529
357,910,227
509,709,399
361,513,764
185,513,628
10,977
U. S-
...
Public utilities
1,325
1,649
1,415,997
stock) of other domestic corporations:
Railroads
$
a470,107
,•
94,254
1,451,629
13,589
1,527.644
municipalities (a)
and debentures
notes
Bonds,
&c.
ceivers
$
$
107,061
73,545
14,124
•
Rent,
Loans to Re¬
tion
125,494
14,438
Territorial & insular possessions of the
Premiums,
Dividend
on
States, counties and
Interest,
Lendingblcs.
Cost of
tion
Earnings
5,248
162,258
—
banks
Joint Stock Land banks
Receivership
RFC and
Percentage
pense of
Liquida¬
cluding Off¬
sets Allowed
Ad¬
ships
Total Ex¬
from All
Sources, In¬
:
Federal Intermediate Credit
ments to
tions
1938
5,299
81,284
Obligations of—
Federal Land banks
Interest Pay¬
NO. of
June 30,
1937
5,374
Number of banks.
COSTS—NATIONAL BANK RECEIVERSHIPS,
Total Collec¬
June 30,
30,
1936
earnings, &c., are as follows:
1933-1938
Oct. 31
a
loans, receivership
LIQUIDATION
Year
Dollars]
[In Thousands of
Comparable data by years from 1933 to
collections from assets, total liquidation expense,
purposes.
1938, inclusive, as to total
ANNUAL
Jan. 21, 1939
Chronicle
v
lending banks are
Such
from
Our "Farm Problem99
CORPORATION AND LENDING BANK
RECONSTRUCTION FINANCE
LOAN DATA
DIVIDEND
'
•
Year Ended Oct. 31, 1938
offers
«_'
Finance
$6,118,000
25.824,100
$4,514,108
20,276,400
Total
-
-
in
political circles promises any hope at all. Any
strong, sustained, sound revival of industry on the
$7,989,691
$31,942,100
'
$24,790,508
$22,257,244
Total Cumulative Data to
Indeed it is clear,
enough that none of those now being suggested
Repayments
Advances
Corpo¬
ration
Lending banks.*
hope than any other.
more
Loans
Commitments
Made
Reconstruction
over-production, the program here proposed
tion of
'•
••
Loan
;'v"'•
(Concluded from page 333)
,
14,267,553
minimum
of
basis
costs
only
and protection—the
really sound basis—would affect our so-called agri¬
Oct. 31, 1938
—
mitments
$500,613,500 $393,913,475 $388,488,323
68,219,786
79,680,086
90,319.760
.
Lending banks...
Total
$5,525,152
$590,933,260 $473,503,561 $456,708,109
Corporation..
*16.885.'452
11,460,300
it would in
has
thus
reduce
been considered desirable to
of insolvent National banks.
.
.
relatively short time definitely tend
population from the farms to industry and
liquidation procedure first
erties and equities
a
to draw
continue during the current year,
adopted in 1935, involving the disposal
at public auction of real estate properties held by receivers.
This form of
liquidation has been found effective in the disposition of real estate prop¬
It
asset
First, it would greatly increase domestic
ful ways.
Balance Due
consumption of agricultural products, and, second,
Finance
Reconstruction
Repayments
Advances
Made
surplus difficulties in two eminently help¬
cultural
Loans
Loan Com¬
to
which
are
production of those farm products
actually in over-supply or threaten to be.
The facts show
.
clearly enough that under-consump-
tion at home has
fully
as
much to do with the dif¬
Receiverships 1865-1938
From the date of the
first failure of a
ficulties of the farmer, so far as they are
national bank in the year 1865 to
lack of
1938,2,952 National banks and 16 State banks or loan associations
located in the District of Columbia were placed in charge of receivers.
Of
Oct. 31,
this number,
157 were restored to solvency
placed in voluntary liquidation.
or
and
National banks at date of failure,
exclusive of the 1 bank eliminated through revocation of the receiver's
commission, was $400,950,595.
The capital of the 157 banks that had been
restored to solvency was $22,950,000.
The caputal of the 520 banks that
were still in process of liquidation was $169,645,675* and the capital of the
2,290 banks that had been completely liquidated was $208,354,920.
The aggregate book value of the assets of the 2,810 administered receiver¬
ships, including assets acquired after suspension, was $3,708,874,425, in
addition to which there had been levied against shareholders assessments
aggregating $328,551,307.
Total collections from assets, including earn¬
ings, offsets allowed and collections, from stock assessments as reported by
receivers to Sept. 30, 1938, amounted to $2,623,285,703 or 64.97% of the
capital of these £.968 insolvent
Branches
On
Feb. 25,
191 national banking
of business Oct.
>
Act; 118
operation 372 branches, as compared
associations with 1,570 branches as of the
close
(
31, 1938.
1927, to the close of business
Oct. 31, 1938. 2,043 branches have been added to the national system.
Of
these branches, 1,220 were de novo branches, 313 were branches of S^ate
banks which converted into national associations, and 510 were branches
brought into the system by the consolidation of State banks with National
banks.
During this same period 845 branches have been relinquished of
which number 564 went out of the system through liquidation of the parent
institutions, and 281 through consolidations or for other reasons.
The net
result of these operations was a gain for the national system of 1,198 branches
Covering the entire period from Feb. 25,
since Feb.
25, 1927.
■
31,1938,30 de novo branches were authorized,
of 1933 to
number 28 were authorized under the Banking Act
operate in places other than the city in which the parent bank is located,
and 6 branches were discontinued through action of the board of directors
of the parent
system of 24
bank.
The net result of these operations was a gain for the
branches during the year ended Oct. 31,1938.
To
Investments
banks in United States
June
30,
1936,
of National Banks
of the investments of National
Government and other bonds and securities as
1937, and 1938:
with
natural
better
op¬
It is found upon dispassionate
recapitulate:
which
for it
numerous
does
other
not take into
relief
with
a
On the other hand, it, along
number
of other chronic
sores
body politic, will automatically disappear
the
on
and
consideration the
problems and conditions now exist¬
ing in this country.
large measure if the purely artificial and
two
Its
highly
are
of
carefully
and
constructively overhauled.
disappearance under such conditions is easily
demonstrable, and this manner of treatment of it
appeal strongly to the enlightened
should
est
self-inter¬
of the farmer himself.
The Course of the Bond Market
Bonds
have
continued
their
advance
of recent
weeks,
recording new highs.
Among the
latter, Aaa's at 119.92 (representing a yield of 2.99%) are
almost 2 points above the January, 1937, high. Utility and
industrial Aaa's have accounted for this gain, whereas Aaa
group
averages
below the 1937
advanced above
high points made in the last three years. Speculative cor¬
porate bonds have all made gains this week, with particularly
rails have
highs.
The following table discloses a summary
the
by
analysis of the facts that our so-called farm prob¬
lem is not an isolated one.
There is no solution
many
During the year ended Oct.
of which
producers
providing
arbitrary economic policies of the past decade or
•
1927, the date of the passage of the McFadden
national banking associations had in
with
■
of
portunities for profit elsewhere.
in
total of siich assets and stock assessments.
intelligently attained
most
method
closed.
The
real, as
Reduction in the output of farm
products, as far as reduction is desirable, is best
and either reopened, sold to other
In addition to the 157
banks restored to solvency, 1 bank was eliminated as a receivership through
revocation of the receiver's commission as of the date of issuance, leaving
2,810 receiverships to be administered by receivers.
Of these receiverships
so administered, 520 were still in process of liquidation as of Oct. 31, 1938,
and 2,290 had been completely liquidated and the affairs thereof finally
institutions
exports.
lagged behind, being about 5 points
U. S. Governments have likewise
good advances in utility issues.
Volume
148
Financial
Fractional improve meat in iligli-grade railroad bonds has
been
39
displayed.
Virginian 3%s, 1966, touching
high of 107 M, gained
minal
33^s, 1971,
were
1938-
a new
% while Cincinnati Union Ter¬
off % at 1083^.
Medium-grade and
speculative railroad bonds have registered gains.
During
the week directors of the Baltimore & Ohio Railroad Com¬
voted unanimously to declare the plan for modification
pany
of interest,
plan
charges and maturities operative, assents to the
amounting to
about
75%.
Baltimore
Ohio
1st.
1948, gained 1% points at 56.
os,
The
utility bond market has advanced
Northern
States
Edison 3^s,
made
Power
Southern
1967,
California
Light 5>£s,
1967,
Among lower grades Continental Gas &
Electric 5s, 1958, at
strength.
broad front,
on a
Among top grades
1960, and Westchester Lighting 3%s,
highs.
new
3p£s,
87^
1949,
3%, and Cities Service Power
up
79,
at
5^, showed considerable
up
345
1941, have again been the feature of the amusement
having gained 6 points at 78.
Better sentiment with regard to the industry has
part, although the
tionally.
tions.
Wheeling 4)^s, 1966,
were
down frac¬
Oils have been mixed, with changes held to frac¬
In the
building supply
the Walworth 4s, 1955,
group,
off 2 points at 61%, but other speculative issues in that
were
section have been
generally better.
rubber
obligations
company
Paper, automobile and
have
firm
been
and
industrial list have been quiet.
Among foreign bonds, Brazilian issues attracted
terest at
fractionally higher prices
some
coming visit of the Brazilian Financial Minister to Washing¬
ton to bolster up
trade between the two countries.
bonds have been little
Chilean
changed while the Province of Buenos
Aires issues turned softer in late
speculative European bonds,
dealings.
low
a new
Among the
was
particularly significant trend this week.
any
High grades
firm to rising in the early days of the week, but were
were
generally lower
Thursday.
on
Medium grades have been
higher and in the speculative classification the R. K. O. 6s,
MOODY'S BOND PRICES
(.Based
U.
S.
All
120
1939
Govt.
Bonds
tic
weaker
(Based
120 Domestic
All
1939
Baa
RR.
103.20
119.69
101.06
113.48
83.87
89.55
108.66
P.
U.
Indus
113.48
120
averages
(REVISED) t
Individual Closing Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
tic
.
Averages
Aaa
Corp.
20—
Jan.
on
Domes¬
Daily
Jan. 20— 113.18
tendency developing in
MOODY'S BOND YIELD AVERAGES
Corporate by Groups *
Aa
firmer
a
given in the following tables:
(REVISED) t
by Ratings
Aaa
with
Moody's computed bond prices and bond yield
are
.
Corp*
Averages
been
2 points
Italian bonds
group.
Japanese obligations.
Average Yields)
120 Domestic Corporate *
Domes¬
Daily
on
have
liquidation in German
some
the industrial issues of that
among
more
reached by the
Hungarian 4p£s; there has been
by
in¬
the advice of the forth¬
on
bonds at somewhat lower levels with losses up to
The industrial section of the list has not been marked
meat
Other sections of the
securities.
1
com¬
obligations have shown moderate strength for the most
pany
been responsible for the increased demdhd for representative
■
group,
Medium-grade steel
packing issues showed fractional gains.
strength featuring all classes of issues.
&
&
Chronicle
3.82
Aa
3.00
A
Baa "
•
RR.
Indus.
U.
P.
3.94
5.05
4.65
3.53
3.29
19— 113.08
103.20
119.69
113.68
101:06
83.73
89.40
108.66
113.68
19..„
3.82
3.00
cose
3.94
5.06
4.66
3.53
18- 113.11
103.02
119.92
113.48
100.70
83.46
89.40
108.46
113.68
3.83
2.99
3.29
3.96
5,08
4.66
3.54
3.28
17— 113.10
102.84
119.69
113.48
100.70
83.33
89.25
108.27
113.48
18—
17—
3.84
3.00
3.29
3.96
5.09
4.67
3.55
3.29
16— 113.06
102.84
119.69
113.27
100.70
83.19
89.40
107.88
113.48
16
3.84
3.00
3.30
3.96
5.10
4.66
3.57
3.29
14— 112.95
102.66
119.47
113.07
100.53
83.06
89.10
107.88
113.27
14
3.85
3.01
3.31
3.97
5.11
4.68
3.57
3.30
102.66
119.47
113.07
100.53
83.06
89.10
107.88
113.27
13-.-
3.85
3.01
3.31
3.97
5.11
4.68
3.57
3.30
3.34
3.97
5.11
3.57
3.31
3.33
3.96
5.10
3.57
3.31
3.31
112.93<
13-
—
.-
12-
112.90
102.48
119.47
112.45
100.53
83.06
89.10
107.88
113.07
12
3.86
3.01
>11-
112.88
102.66
119.69
112.66
100.70
83.19
89.25
107.88
113.07
11
3.85
3.00
„
10..
112.92
102.66
119.47
112.66
100.70
83.19
89.25
107.88
9-
112.93
102.48
119.47
100.70
82.93
89.10
107.69
112.86
7-
112.92
102.48
119.47
112.25
112,25
100.53
83.19
88.95
107.69
112.86'
/'()-. 112.95
102.48
119.25
112.25
100.53
83.06
88.80
107.69
4.68
4.67
•'
'
113.07
,
,
3.28
10—
3.85
3.01
3.33
3:96
5.10
4.67
3.57
9
3.86
3.01
3.35
3.96
5.12
4.68
3.58
7
3.86
3.01
3.35
3.97
5.10
4.69
3.58
112.86
6
3.86
3.02
3.35
3.97
5.11
4.70
3.58
■.
3.32
3.32
'
3.32
5_-_
112.79
102.48
119.0#
112.25
100.70
83.06
88.95
107.69
112.66
5...
3.86
3.03
3.35
3.96
5.11
4.69
3.58
4
112.83
102.12
118.81
111.84
400.53
82.93
88.80
107.30
112.45
4
3.88
3.04
3.37
3.97
5.12
4.70
3.60
3.34
112.78
101.94
118.60
111.87
100.18
82.40
88.36
107.30
112.45
3.05
3.37
3.99
5.16
4.73
3.60
3.34
Exchan
re
—
3.33
'
32.
Stock
3
CIos
3.89
■-
2-J
High 1939 113.18
103.20
119.92
113.68
101.06
83.87
89.55
108.66
113.68
High 1939
Low
112.78
101.94
118.60
111.84
100.18
82.40
88.36
107.30
112.45
Low 1939
High 1938 112.81
101.76
118.60
111.43
100.18
82.27
88.36
107.11
112.05
Stock
High 1938
193"
2
3.05
2.99
3.34
;
3.99
5.16
4.73
3.60
3.34
3.28
,
3.94
5.05
4.65
3.53
3.28
3.85
4.68
6.98
6.11
4.23
3.76
3.37
109.58
88.80
112.45
102.66
89.10
62.76
71.15
96;11
104.30
Low 1938..
3.90
3.05
116.21
169.24
96.94
73.53
83.60
100.35
109.24
Jan. 20,1938.—
2 Years Ago—
4.18
3.16
3,50
106.36
117.72
113.48
104.48
92.28
101.41
105.98
112.25
Jan. 20,
3.65
?.09
,
3.39
96.94
3.29
1938
Yt.
jan.
A
1
a-
Yrs.Ago
jan.
3.89
3.82
.4.70
...
Clos ed
20'38 110.58
Low
1
Exchan ge
20*37 112.37
*
3.99
5.17
4.73
3.61
3.36
4.18
5.89
5.07
3.98
3,50
3.75
4.47
3.92
Year Ago—
•
■v.t
1937—.
3.35
3.67
These prices are
computed from average yields on the basis of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. •
v
t The latest complete list of bonds used in computing these Indexes was published in the issue of July 23, 1938, page 488.
'
,
searching
tical,
analysis of
taxation.
Judge* Green
beyond theory to ask: "But does it work?"
The Business Man's
background
was
Bookshelf
merely
ceptions.".
The
Theory and Practice of Modern
Taxation
Green.
York:
Edition.
By
enlarged edition reflects the under¬
author, now a Judge of the United States
Claims, writes from long experience in Congress
of
the
Ways and
House of Representatives and
mittee of the House and
Means Committee
of the
Chairman of the Joint Com¬
Senate
on
with
ex¬
tax
information
flow
must
freely
among
the
principles, assessment and collection of taxes in Great
Britain, France and Germany, and carefully draws com¬
The
Chairman
honeycombed
are
the
Taxation in this prac¬
Much
parisons between their taxing systems ahd our own.
absence
as
an
principles
'
that
widespread changes in the methods and practice of taxa¬
tion.
It is now six years since the publication of the prior
of
and
family of nations, he marshals pertinent facts and data on
of
edition.
never
States, Judge Green includes, in his informative
inheritance, estate and
social security, sales, and State taxes.
Firm in his
lying principles of modern taxation in the light of recent
Court
"There
be.
Principles of taxa¬
ideal to be approached as closely
Thorough in his treatment of State and Federal taxes in
belief
pages.
This new, revised and
say:
can
discussion the income, corporation,
William
Raymond
Chicago
and
New
Commerce
Clearing 'House,
Inc.
Fabrikoid, $3.50.
364
he
the United
gift,
Second
express
possible,
as
experience
tax
perfect tax and never will
a
tion
of
looks
From his broad
the interest
of
of this
new
book may
charts and tables,
be attributed to the
the omission of endless list¬
ing of statistics, seemingly so necessary in works of this
kind.
Throughout, the author has retained an ^easy con¬
versational
This
tical
ume
style.
combination
elements
is both
of
the theoretical,
of taxation
into
a
Judicial and
prac¬
concise, informative vol¬
interesting and timely.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Jan. 20, 1939.
activity has more
than recovered
its losses experienced over the holidays.
The stock market during the past week has shown signs
of a decided upward trend, and sentiment generally in the
business and financial world is becoming increasingly opti¬
Latest
mistic.
reports indicate that business
Many of the
leading statisticians and economists
continue to take a most favorable
the
coming
year,
especially
view of the outlook for
the latter
half, and this in
spite of the many uncertainties connected with labor, poli¬
tics, and especially the political situation abroad.
Accord¬
of Commerce" business index figures,
industrial and business activity showed quite an improve¬
ment for the week, the latest figures showing a rise to
ing to the "Journal
84.7 and compares
with a revised figure of 81.2 for
a
week
Carloadings, electric output,
petroleum runs-to-stills, steel ingot production and auto¬
motive activity all showed substantial gains, according to
this publication.
Bituminous coal production showed a
ago
and 70.3 for a year ago.
Financial
346
that
of capacity
compared with 31.58% dur¬
ing the first three months of 1938.
This estimate is offered
by interests in the industry which are usually conservative.
The forecasts of others whose opinions carry weight in
the steel trade are nearer G0%, and still others select this
higher rate for the full first half of 1939.
The present
operating rate in steel is slightly under 53%.
It has been
rising slowly since the holidays, and is expected to better
itself, with a possible weekly reaction now and then, until
the peak is reached some time in April.
It is said that
heavy steel shows indications of making a more important
assert
Well-informed observers
average 55%
recession.
marked
operations will probably
during the first quarter of 11139,
steel
than light steel,
ratio against light
steel in many months.
It is calculated that purchases by
the railroads will probably run 50% better than last year
as far
as the .first half is concerned.
Production by the
electric light and power industry for the wejek
ended
Jan. 14 amounted to 2,269,840,000 kilowatt hours, an in¬
crease of 7.3% over the comparable 1938 week, Edison Elec¬
tric Institute reports.
Output for the current week was
100,376,000 kilowatt hours above the total of 2,169,470,000
kilowatt hours in the preceding week and 154,712,000 kilo¬
watt hours above the 2,115,134,000 kilowatt hours in the
week ended Jan. 15, 1938.
Engineering construction awards
for the week, $55,489,000, are 16% above the corresponding
week last year, but 54% below the peak volume of last
week, "Engineering News-Itecord" announces.
Construe-.
tion total for the first three weeks of 1939, $262,210,000,
is 88% higher than the same period last year.
The week's
private construction, highest since Nov. 3, 1938, is 69%
to the first quarter recovery
contribution
or
reach
least
at
the highest working
1939
Jan. 21,
Chronicle
28 degrees; Baltimore,
Portland, Me., 12 to 22;
Chicago, 26 to 30; Cincinnati, 26 to 30; Cleveland, 18 to 24;
Detroit, 10 to 24; Charleston, 38 to 50; Milwaukee, 22 to
28; Savannah, 38 to 54; Dallas, 46 to 64; Kansas City,
34 to 46; Springfield, Mo., 34 to 48; Oklahoma City, 38
to CO; Salt Lake City, 28 to 44; Seattle, 42 to 50; Montreal,
6 to 10, and Winnipeg, 14 to 18.
Overnight at Boston it was
30
to
18 to
Pittsburgh, 14 to 24;
34;
Advances
Moody's Commodity Index
Moody's Commodity Index advanced moderately,
142.5 a week ago to 143.5 this Friday.
The principal
increases
vidual changes were
from
indi¬
in cotton and hog prices, and a
decline in hides.
The movement of the
Jan. 14-
Mon..
Jan. 16--
Tues.,
Wed.,
Jan. 17
—
——- —
—
18
Jan.
—
Thurs., Jan. 19-
Fri.,
index was as follows:"]
13-
Jan.
Fri.,
Sat.,
—144.0
140.8
--151.1
1938 High—Jan. 10--- —-----152.9
Month ago,
Jan. 20
-
Dec. 20—
Year ago. Jan. 20
130.1
Low—June 1
144.4
1939 High—Jan. 7Low—Jan. 12---
—-143.6
143.5
— — —
Jan. 6
Two weeks ago,
142.5
143.0
143.3
142.9
143.1
142.3
,
above
a
under a year ago. Public con¬
65% below the record volume of the preceding
week ago, but 30%
struction is
gains 64%
but
week,
over
the 1938 week.
According to
month,
this in the
Preliminary
reports to factories in the Detroit area, covering 15 makes,
and better than 90% of the industry's domestic retail vol¬
ume, show that aggregate sales of the first 10 days of this
month were running 34% ahead of January, 1938, and- only
19% behind the like December period.
It is pointed out
that should this ratio to a year ago and last month be
advices
from
retail automobile sales this
Detroit,
running sharply ahead of a year ago, and
face of strongly resisting seasonal influences.
month for the industry, January
would be about 212,000 Units, compared with 158,727
for
volume
the entire
£
Total 586,877 L-ars in
Week Ended Jan. 14
freight for the week ended Jan. 14
Loading of revenue
the Association of American Railroads
announce
on Jan. 20.
This was an increase of 6,137 cars
or
.1 % from the corresponding week in 1938 and a decrease
of 109,158 cars or 15.7% below the same week in 1937.
Loading of revenue freight for the we"k of Jan. 14 was an
increase of 56,028 cars or 10.6% above the preceding week.
The Association further reported:
Miscellaneous freight loading totaled 229,299 cars, an increase of 20,527
cars above the preceding week, and an increase of 19,696 cars above the cor¬
totaled 586,877 cars,
responding week in 1938
.
Loading of merchandise
are
continued
Car Loadings
Freight
Revenue
an
cars
above the corresponding
Coal loading
the
'
less than carload lot freight
week in 1938.
of 4,038 cars from
of 8.093 cars from the corresponding
amounted to 123,664 cars, an increase
preceding week, but a decrease
week in
"
totaled 145,469 cars,
increase of 4,217
above the preceding week, and an
increase of 23,167 cars
1938.
"
'
„
loading totaled 34,056 cars, an increase of 4,732
the preceding week, but a decrease of 8,337 cars below the
Grain and grain products
above
cars
corresponding week in 1938.
Live
stock
above the
*
loading amounted
to
'
13,152 cars, an increase of 333 cars
preceding week, but a decrease
ing week in 1938.
of 2,067 cars below the correspond¬
•
Forest products loading totaled 26,416 cars, an increase of 4,683 cars
and
above the preceding week, and an increase of 538 cars above the correspond¬
The Association of American
ing week in 1938.
;
Itailroads reports that 92 Class I railroads had estimated
Ore loading amounted to 7,849 cars, a decrease of 1,133 cars from the
operating revenues of $260,807,767 in December, 1938, com¬
preceding week, and an increase of 77 cars above the corresponding week
pared with $248,516,079 in. December, 4937, and $310,In 1938.
/ '
• /■''
'■
431,002 in the same month of 1930.
This represents an
Coke loading amounted to 6,972 cars, a decrease* of 319 cars from the
increase of 4.9% in December, 1938, over December, 1937,
preceding week, and an increase of 106 cars above the corresponding week
in 1938.
" "v '
but a decrease of 16% below December, 1930.
The Associa¬
tion said the 92 reporting carriers represent £2.8% of total
1937
1938
1939
operating revenues of all Class I railroads.
The Associa-.
700,046
552,568
tion of American Railroads, reported today 586,877 cars of
530,849
Week of Jan.
7
696,035
580,740
586.877 • »■'
Week of Jan. 14
revenue freight were loaded during the week ended Jan. 14.
This was an increase of 56,028 cars, or 10.6%, compared
The first 18 major railroads to report for the week ended
with the preceding week; an increase of 6,137 cars, or 1.1%,
Jan. 14,1939 loaded a total of 275,433 ears of revenue freight
compared- with a year ago, and a decrease of 109,158 cars,
on theiy own lines, compared with 248,688 cars in tlie pre-'
or
15.7%, compared with 1937.
Automobile output rose
ceding week and 270,194 cars in the seven days ended Jan. 15,
better than was generally anticipated this week, to a total
1938.
A comparative table follows:
•
of 90,205 units, according to Ward's Automotive Reports,
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Inc.
This was a rise of 24,787 units'from the same week '
(Number of Cars)
of last year and 3,280 units greater than the preceding
week.
This 'week's total, coming in what is ordinarily
Received from Connections
Loaded on Own Lines
Weeks Ended—
Weeks Ended—
one of the dull periods, was within 12.5% of the high for
Jan
15
1938, reached in December.
January sales at retail were
Jan. 14 Jan. 7 Jan. 15 Jan. 14 Jan. 7
1938
1939
1939
1938
1939
1939
reported as holding up in better than seasonal proportions '
-and representing a decided gain over the comparative sales
4,560
4,890
5,098
20,419
18,522 17,733
Atchison Topeka <fc Santa Fe Ry.
for January, 1939.
23,226 13,705 13,148 12,745
It was also noted that there has been
25,002 22,102
Baltimore & Ohio Ry
6,757
6,860
7,240
19,544
18,274
19,089
Chesapeake & Ohio Ry___
no change in the generally favorable conditions.
The week
6,627
6,882
6,738
15,868
12,598
13,988
Chicago Burlington & Quincy RR.
7,152
was
characterized by widespread precipitation, with con¬
7,209
7,314
18,531
16,223
18,217
Chicago Milw. St. Paul & Pac. Ry
units in January,
1938, and with between 265,000 units
275,000 units in December.
.
.
'
—
„
.
,
ft
i.
_
siderable
erate
snow
in central-eastern sections, and
mostly mod¬
Early in the period a depression moved
central plains northeastward over the Lake region,
temperatures.
from the
Missis¬
sippi Valley eastward, and was followed by a sharp drop
in temperature, terminating a long period of abnormally
attended by
warm
precipitation in most localities from the
weather
in
the
Eastern
part
of
the country.
In
Wil¬
mington, N. C., and Macon, Ga., and in the Midwest well
East
the
freezing weather extended as far south
Gulf
into
districts,
but
did
not
reach
as
3,402
11,472
3,176
Northern RR
1,608
1,566
Missouri-Kansas-Texas RR.....
3,646
13,027
Chicago & North Western Ry
Gulf Coast Lines——-
International Great
9,320
1,486
.1,275
2,227
1,976
3,901
2,590
9,310
9,257
3,415
•1,660
2,581
1.536
2,503
•
3,004
Missouri Pacific RR
12,404
3,407
11.306
14,263
8,426
7,843
8,559
New York Central Lines
33,414
29,704
30,293
35,8,19
35;451
32,841
4,527
3,948
3,880
9,169
9,444
N. Y. Chicago & St. Louis
Ry...
8,672
'
Norfolk & Western Ry
17,985
16,676
16,051
4,326
4,294
3,842
Pennsylvania RR
51,777
46,866
47,850
32,782
30,086
5,164
4,161
4,335
5,020
31,516
4,946
Pere
Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
4,446
4,438
Total.
—
3,266
4,297
3,992
3,506
21,122
24,216
8,207
6,833
7,822
5,030
__
3,969
24,193
Wabash Ry
the coast at any
In the Ohio Valley the minimum ranged mostly in
20's, and in the Mississippi Valley from four degrees
14,420
4,385
5,056
8,122
7,826
7,663
275,433 248,688 270,194 171,886 166.223 161,631
place.
the
TOTAL
40 degrees at New Orleans.
Sub-zero temperatures were reported from the interior of
the Northeast and in the Midwest as far south as northcentral Iowa and northern Nebraska.
The lowest reported
at
Minneapolis-St.
was
Paul
22 degrees below
head,
^ast
Minn.,
week,
interests.
on
at Devils Lake, N. Dak., and Moor-
Jan. 16.
Weather conditions during tlie
on the whole, were favorable for agricultural
In the New York City area the weather has been
generally cloudy, with a rather heavy snowfall during the
early part of the week, and temperatures generally quite
cold.
Today it was fair and cold here, with temperatures
The forecast was for light
slowly rising temperature tonight and Saturday.
ranging from 15 to 30 degrees:
«now
with
LOADINGS
AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
to
Weeks Ended—
•
Jan.
14, 1939
Jan.
7,
1939
Jan.
15, 1938
Chicago Rock Island & Tacific Ry.
22,392
19,974
24,090
Illlnols Central System
27,275
26,732
30,991
11,242
10,528
12,815
60.909
57,234
67,896
St. Louis-San Francisco Ry
Total..
In the following we
—
undertake to show also the loadings
for separate roads and systems for
1939.
During this period 52 roads
the week ended Jan. 7,
showed ..increases when
compared with the same week last year.
Volume
148
Financial
Chronicle
347
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JANUARY 7
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1939
1938
1937
1939
1939
491
523
466
1,127
1,801
6,414
1,357
2,429
6,639
1,174
2,157
8,360
1,745
143
171
9,053
1,840
8,180
1,632
13
26
25
59
32
958
3,994
7,422
1,217
4,138
6,478
1,349
5,532
9,551
1,522
6,518
5,674
1,287
5,704
4,674
227
217
320
81
Detroit Toledo & Ironton......
2,157
1,942
3,291
177
188
319
9,905
3,733
11,001
12,967
2,704
5,184
120
140
157
1,761
2,400
10,423
5,452
1,312
1,493
1,428
7,797
2,808
2,609
1,457
9,467
922
647
from Connections
1938
1937
1939
1938
1,646
Detroit & Toledo Shore Line...
1,450
3,342
10,644
6,693
Southern District—(Concl.)
Mobile & Ohio
•t/,', 89
Total Loads Received
Freight Loaded
1938
Eastern District—
Ann Arbor.
Total Revenue
Railroads
Bangor & Aroostook
Boston
&
Maine.
Chicago Indianapolis & Louisv.
Central Indiana
Central Vermont
Delaware & Hudson
...
Delaware Lackawanna & West.
Detroit & Mackinac
...
Erle-.w,—
Grand Trunk Western._—...
Lehigh & Hudson River
•
Lehigh & New England
Lehigh Valley
5,739
2,374
Maine Central
Monongahela
3,504
1,353
29,704
8,109
1,368
3,948
3,984
4,161
Pittsburgh & Shawmut
349
Pittsburgh Shawmut & North..
405
__.... .
New York Central Lines—...
N. Y. N. H. & Hartford
New York Ontario & Western.
N. Y.
Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
...
6,156
2,296
2,798
1,629
2,289
1,880
2,326
Norfolk Southern
790
962
Piedmont Northern
403
Richmond Fred. & Potomac...
Seaboard Air Line
302
7,941
17,414
9,210
17,128
346
135
Total.
251
412
318
135
153
8,894
8,710
2,221
2,222
496
511
"580
521
419
4,907
4,946
540
43
24
5,665
7,826
4,106
2,852
113,682
114,240
157,793
138,314
361
323
480
840
22,487
1,009
32,668
3,067
13,148
1,109
11,754
843
311
873
416
1,555
4,413
906
137
393
452
41
57
1,218
1,737
5,074
8,136
1,528
•1,611
5,011
8,976
1,961
2,584
1,638
2,304
2,543
Spokane
7,305
-.
International
70
Total
Buffalo Creek & Gauley
.
......
Central RR. of New Jersey
Cornwall
4,296
218
10
16
Valley..
9,720
8,911
714
36
52
Penn-Readlng Seashore Lines..
27
14
33
36,034
18,829
2,802
20,774
2,854
4,890
1,820
279
263
78
16,545
2,314
10,956
3,318
1,085
3,893
6,882
1.784
15
2,370
1,249
31,516
13,969
2,083
1,193
27,869
12,038
888
1,206
12,227
2,177
Fort Worth & Denver City....
Illinois Terminal
15,515
1,811
2,596
Denver & Salt Lake
118
197
558
609
*
670
786
900
46,866
11,131
45,787
11,681
8,090
....
Co
l-._-wwi.--w*.
Union (Pittsburgh). ^
Reading
6,506
65,821
14,684
15,136
.....
West Virginia Northern...
:;-v
35
55
86
0
2,979
2,710
3,754
4,765
681
804
2,799
.2,397
744
101,129
98,112
146,699
79,665
M issouri-lllinois
669
880
1,222
1,708
1,846
896
1,013
2,070
2,117
'
8
11
1,031
1,146
999
854
2,037
1,175
308
262
430
468
25
1,482
105
116
332
485
659
278
349!
24
18
38
0
0
18,998
3,843
4,494
342
957
936
13,059
6,648
5,813
.
--
.
Southern Pacific (Pacific)
Toledo Peoria & Western.
sE
195
11,915
Utah
415
12,931
500
Western Pacific
.
892
11
8
1,482
1,655
1-791
103,455
43,167
42,268
403
1,179
...
.
17,290
16,498
Union Pacific System
...;
732
8,131
1,723
.
Peoria & Pekin Union
0
769
7,373
'..
.
North Western Pacific
70,635
;
1,435
1,023
4,158
1,745
77
6,539
2,500
997
•
,
......
j
Nevada Northern
4,051
"
.......
Total.
39,170
9,337
Colorado & Southern
Denver & Rio Grande Western.
370
'
445
.
Maryland
77,157
"
Long Island.
Western
71,246
12,598
Chicago & Eastern Illinois-.--.
129
,
98
Pennsylvania System
1,080
264
"
Ligonier
151
1,098
17,733
2,207
"
.
388
572
Cumberland & Pennsylvania...
1,438
6,359
.
315
1,118
63,255
-..
6
4
105
1,351
Central Western District—
Bingham & Garfield..........
Chicago Burlington & Quincy..
Chicago & Illinois Midland
Chicago Rock Island & Pacific
•
68
1,189
...
Spokane Portland & Seattle...
....
Bessemer & Lake Erie...
276
4,044
4,064
Atch. Top. & Santa Fe System.
Alton ...»,
...
•.
Baltimore & Ohio
266
6,509
'
Alleghany Dlgtrict—
Akron Canton & Youngstown..
142
110
820
7,946
<7
Minn. St. Paul & S. S. M
Northern Pacific
560
22,102
1,283
...
642
Minneapolis & St. Louis..
117,763
i-.:'
557
Green Bay & Western
Lake Superior & Ishpeming
6,950
2,038
Cambria & Indiana
8,884
2,113
7,406
2,602
7,984
5,197
2,076
s.
9,257
2,597
7,209
2,735
...
Great Northern
4,385
2,948
Total.
Great Western
9,429
1,246
7,561
2,843
3,941
171
Wheeling & Lake Erie—
15,042
2,299
18,875
4,317
1,060
& North Western.....
Milw. St. P. & Pacific.
10,159
},535
9,444
3,977
726
........—.
14,349
2,429
18,382
4,169
Northwestern District—
Chicago
Chicago
Chicago
Chicago
1,085
.
54,525
504
168
.
61,045
4,195
872
.ij
106,135
320
1,306
.
534
88,808
11,472
2,168
16,223
3,352
............
6,449
427
_
567
677
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South-
588
.
622
170
Duluth South Shore & Atlantic.
1,329
W abash
440
134
4,788
7,432
383
v,
362
'
Southbound
763
28,041
775
T ..........
4,234
11,341
898
3,696
35,451
466
.
_
8.660
20,213
1,012
4,217
4,332
12,948
St. P. Minn. & Omaha.
Duiuth Missabe & I. R._.
630
.
_
351
36
459
.
454
171
Jutland
...
344
258
949
23
•
Pittsburgh & West Virginia
_
1,920
2,406
86,514
Southern System
Tennessee Central-....
Winston-Salem
1,486
2,050
1.659
2,743
1,099
Nashville Chattanooga & St. L_
183
267
...
.
......
6,404
3,025
5,120
2,407
42,769
10,609
1,734
1,707
29,044
8,350
1,283
3,883
3,211
4,140
Montour.
898
1,456
•
Pocahontas District-
Chesapeake & Ohio
18,274
16,676
3,935
Norfolk & Western.
Virginian......
—
17,462
14,428
4,002
25,361
23,363
Total...........
f>,937
3,513
6,860
4,294
1,017
4,718
750
•
161
35,892
53,442
10,200
12,171
103
181
190
268
168
224
3,176
4,237
2,198
1,275
1,566
3,624
1,962
1,928
2,825
Fort Smith & Western.i
Gulf Coast Lines
.
Alabama Tennessee & Northern
157
166
156
Kansas Oklahoma & Gulf.....
198
131
648
615
824
131
1,231
185
Atl. & W. P.—W. RR. of Ala-.
1,097
513
443
793
965
786
Kansas City Southern........
Louisiana & Arkansas...
1,565
1,185
1,779
Birmingham & Coast..
8,480
8,557
3,225
10,257
4,268
3,925
2,297
Litchfield & Madison
330
236
397
342
439
1,041
Midland
613
574
1,134
983
1,221
4,351
2,600
1,085
1,958
Louisiana Arkansas & Texas—.
3,270
1,508.
Missouri & Arkansas*, i.......
472
304
274
442
Atlanta
Atlantic Coast Line;
Central of Georgia.
-
....
Charleston & Western Carolina
Clinchfield
Greenville......
Columbus &
:•■■■
'
>4: 149
Durham & Southern....
Florida East Coast
153
971
977
Gainsville Midland
Georgia &,Florida
29
660
729
Missouri Pacific...
35
72
71
1,493
1,284
396
431
415
796
■986
Texas & Pacific..
9,791
4,5^8
132
552
Dollars
119
183
269
289
,
*
year's figures revised.
Commenting
Says
on
Previous
Income of
Income
an
Roosevelt's
President
National
a
Such
80
Depends
Billion
Atti-
on
Profits and
Emergency Spending
message to Congress that we ought to have an annual
National income of at least 80 billion dollars, Col. Leonard
P.
Ayres, Vice-President of the Cleveland Trust Company
•
-
../:
incomp depends on the expansion of business
spending which tends to be self perpetuating, and not on increased Federal
able for
are
spending which has to be self terminating.
inducing increased business spending
all related to
are many
simple controlling factor.
one
The
means
Ayres' comments
are
avail¬
and varied, but they
That
one
central control
is the attitude of the Federal Government toward business profits.
Col.
•
.
billion
on
the
dollars
continuing he
We had
a
nine million
subject he
"is
by
that
means
annual income of 80
an
an
re¬
excessive asperation "
states:
more
people in
our
population than
80 billion dollars
much business
as
as
we
we
we
6,616
3,601
4., 599
163
218
•41
41.356
chinery.
They'would produce the
in the depression years.
There is nothing at all to
as
we
business risks.
did in
two,
had then.
should
banding
They
enterprise.
the prospects
we
In order
a
47
55.305
62
35
35,157
31,814-
products that have been developed
open new
would
them
do
agencies, hire more workers,
if they
thought they
could
and if they
they would be allowed to keep a reasonable part of the gains if
\
.
The President's annual message was
columns Jan. 7, pages 27 and 48.
of all corporations
Since 1930 that proportion has been cut in
of the firms in business have made profits.
If
They would erect
th,en they would equip them with
new
fac¬
new ma¬
•
"Annalist" Index of Wholesale Commodity Prices Down
0.1 Point in Week Ended Jan. 14
Commodity prices declined for the third consecutive period
last week with the "Annalist" index losing 0.1 point to
79.2 in the week ended Jan. 14.
A year ago the index wa^
84.9, said an announcement issued by the "Annalist" on
Jan. 17, which further stated:
According to trade reports, selling in most commodities
was
not of an
urgent nature and most of the decline was attributed to the influence of
lower prices for securities.
lower
quotations
reflected
wheat, com and cotton,
In some instances, citrus fruits for example,
heavy
were
shipments.
The
major
commodities,
firm with small minus signs the general rule.
barley pushed the price
up
five cents a bushel
to 67 cents.
"ANNALIST"
WEEKLY
INDEX
OF
WHOLESALE
PRICES
COMMODITY
(1926=100)
Farm products
14, 1939
77.8
-...
Jan. 7,
1939
Jan.
12, 1938
83.6
76.0
Metals
—1
-
M iscellaneous
84.1
91.3
97.5
104.2
69.3
72.4
86.8
86.8
88.9
71.1
Building materials
70.2
59.5
69.3
w
69.9
97.4
-
Fuels
*59.3
84.1
Food producte---»w,_w»---.-»_ww-
Textile products..
Chemicals
77.4
71.1
74.3
79.2
79.3
84.9
60.5
high degree of confidence in the future they would
long-term expectations.
tories and build additions, and
•
referred to in these
much
for profits could be restored to about their old proportions
If business men had
40
24
4.9,958
Jan.
as
could produce a national income of 80 billions with easy promptness.
base their policies on
4,046-
204
afford to take present risks in the hope of making future gains,
have to do about
prevent us from doing five-fourths
For many years before 1929 about 60%
and only about 30%
'
did in 1937, and that ought not to be
1937 except the relative unattractiveness of taking
doing business made profits.
7,077
4,805
spend more for advertising, and do the othet things that characterize ex-
too difficult an achievement.
business
2,019
3,067
17
new
They would
A sudden demand for malting
national income of about 80 billions in 1929, and now we have
to have a national income of
five-fourths
says
no
,
contained in the Jan. 15 "Business
Bulletin" of the Cleveland Trust, in which in his further
marks
77
4,014
3,674
r
2,310
2,587
7,697
72
3,635
'2,370
5,803
.....
Total...-—.....-..
An 80 billion dollar national
emergency
/
101
7,058
2,434
they should succeed in making them.
Observing that President Roosevelt stated in his annual
says:'
Texas & New Orleans
believed
Federal
on
242
5,761
2,070
figures,
tude of Government Toward Business
Not
197
2,677
8,714
377
..
Regarding
108
2,581
7,843
Wetherford M. W.. & N. W....
127-
133
141
4,545
16,620
Wichita Falls & Southern....:
24,382
9,103
4,014
802
205
79
1,521
•
782
249
4,326
14,183
Quanah Acme & Pacific
St. Louis-San Francisco.......
23,380
123
Ayres
321
336
109
382
882
:
105
St. Louis Southwestern
281
Mississippi Central......
Note—Previous
116
958
1,629
1,029
3,407
11,327
—...
1,294
20,625
17,241
161
,
936
905
-
Lines..
320
Macon Dublin & Savannah....
Views
»_
1,164
17,545
19,066
Gulf Mobile & Northern*
Illinois Central System..
Louisville & Nashville.
Colonel
Valley
Missouri-Kansas-Texas
789
v
163
2,064
1,328
.
1,287
82
1,976
1,200
1,645
1,109
'
395
462
1,093
.29
....
203
—.
247
'
Georgia.
400'
177
144
:
&.
International-Great Northern..
38; 885
—
Southern District—
94,312
■
Burlington-Rock Island*
Total
.86,028
.......
Southwestern District—
.
Combine^ index.
♦Preliminary.
'..
1
...
Financial
348
Wholesale Commodity Prices
Jan.
Fertilizer Association
Ended
Week
the
Further Declined During
steel remained steady.
the previous week, the
index compiled by the National
Fertilizer
Association
dropped during the week ended
Jan.
14 to 72.8%
from 73.3% in the preceding week.
Based on the 1926-28 average of 100%, a month ago the
index
stood at 72.5% and a year ago at 78.5%.
The
announcement by the Association, under date of Jan. 16,
to
and
products
farm
generally lower
were
during the
decline in the all-comfnodity index.
The food
price average dropped to the lowest point reached Since 1934 ; 19 price
series included" in
this group declined in the week under review, while
only four advanced. " Although the trend in cotton and grain prices was
downward, the decline in the index of farm product prices was largely
prices of industrial commodities were slight and tended
other.
The average for all commodities other than farm
in
remained
foods
78.5%
fractionally,
week,
with
index
the
standing
at
index declined
representing the
commodities, while the remaining group indexes
miscellaneous
from the preceding week.
of
prices
the
for
unchanged
to offset each
products and
1926-28 average.
The building material
and there was a slight rise in the index
the
of
Changes
quotations for cattle, hogs, poultry and eggs.
the result of lower
unchanged
•
caused the fuel and lighting ma¬
coal prices
Pennsylvania fuel oil and California gaso¬
line prices were higher.
Average prices for anthracite and coke were steady.
Average wholesale prices of hides and leather products advanced 0-2%
during the week because of higher prices for goat skins, kipskins, and chrome
fall 0.1 %.
calf leather.
oils were responsible for an increase of 0.1%
index. No changes were reported in prices
Advancing prices for fats and
for drugs and
mixed fertilizers.
pharmaceuticals, fertilizer materials, and
In the textile products group,
and
higher prices for tire fabric, burlap,
prices for print cloth, raw silk, and
index remained unchanged at 65.3% of the 1926
Jute were counterbalanced by lower
raw
silk yarns.
The group
metals
Prices of
on
week and the group
the whole
■
were
index remained unchanged at 94.6.
fractionally
advanced
" 'V
comparatively steady during the
Pig tin and solder
and agricultural implements, iron and steel, and
-v
'
average.
plumbing and heating fixtures showed no change.
In the miscellaneous commodities group, cattle feed prices declined
0.9%.
and crude rubber decreased
The following
1.7%
'
.
main groups of commodi¬
five weeks and for Jan. 15, 1938, Jan. 16, 1937, Jan. 18.
table shows index numbers for the
ties for the past
1936, and Jan. 19, 1935.
.
(1926=100)
included in the index declined during the week
ahd 19 advanced; in the preceding week there were 16 declines and 27
advances; in the second preceding week there were 13 declines and 29
•
minor decline in bituminous
terials group index to
accounting for-the
week,
were
a
in the chemicals and drugs group
say:
foods
of
Prices
goods group index
to decline 0.3%. No changes were reported in average prices for furnishings.
Weakening prices for Oklahoma and North Texas gasoline, together with
for furniture caused the housefurnishing
Lower prices
wholesale commodity price
went on
Structural
flooring, rosin, and turpentine.
for common brick, yellow pine
14 According to National
Continuing the downward trend of
Jan. 21, 1939
Chronicle
-
.
:
Thirty-one price series
advances.
,
Jan
WHOLESALE COMMODITY PRICE INDEX
Week
Week
Each Group
Jan.
Group
Bears to the
14. Jan.
All commodities
16
18
1938
1938
1938
1938
1937
I93<
1935
76.8
...
77.0
76.9
76.6
76.7
81.0
85.7
80.2
78.5
67.2
67.4
73.4
92.3
78.1
76.7
31
7
17
24
67.0
68.3
71.3
72.(
72.5
72.2
72.6
76.8
87.3
82 9
79.8
94.1
93.1
93.f
93.8
93.8
97.4
101.8
97.8
Ago
Ago
7, Dec. 17. Jan. 15,
86.8
Textile products._.........
65.3
65.3
65.3
65.2
05.2
69.3
76.9
71.0
70.0
materials..
73.7
73.8
73.7
73.8
74.1
78.8
77.1
76.4
1938
74.0
90.4
86.0
71.3
71.1
85.3
........
Hides and leather products.
Fuel and lighting
1938
77.0
67.3
—
Foods
Year
Month
1939
1939
Total Index
-
Metals and metal products..
Foods
25.3
<
Preced'g
19
15
1939
14
Farm products
Latest
Per Cent
Jan.
Jan
Jan
Jan.
Dec.
Dec.
(1926-1928=100)
Fertilizer Association.
Complied by the National
Dec.
Jan.
1939
Commodili/ Groups
;
/■
WEEKLY
•
.
'
70.4
—<—
94.<
94.f
94.8
94.8
94.8
96.5
Building materials..
89.7
90.0
89.2
89.3
89.2
92.1
91.2
85.2
84.8
76.3
76.3
76.4
76.3
79.5
87.9
80.3
79.8
Fats and oils—
52.6
54.1
54.9
63.0
Chemicals and drugs
76.1
72.1
71 6
Housefurnishing goods
87.2
87.5
87.6
87.6
87.6
90.8
82.2
82.1
Cottonseed oil
70.1
85.4
67.1
64.0
69.9
73.1
73.0
72.9
72.9
75.6
67.8
70.7
65.5
73.1
75.0
63.9
Miscellaneous
70>
71.1
71.0
70 3
70 4
88.4
*
Raw materials
Cotton
47.0
48.3
77.9
47.8
75.9
47.5
75.0
Semi-manufactured articles-.
75.0
75.0
75.1
74.1
74.7
„*
53.2
85.7
55.7
77.0
65.5
75.0
Grains
70.8
73.1
Finished products.
80,5
80.2
80.4
84.8
82.3
Livestock
72.2
80.4
84.4
69.6
80.3
75.5
75.5
75.6
84.6
78.9
79.1
78.9
78.7
78.8
82.8
84.3
80.6
78.8
R0.
80.0
80.5
80.5
80.6
83.6
83.1
78.9
77.9
Farm
23.0
17.3
:
products
Fuels
-
-
•
78.7
78.6
78.3
81.3
8.2
Textiles
59.1
59.1
59.0
62.4
90 5
90.5
90.6
98.9
7.1
Metals
Building materials
84.2
84.3
83.8
83.2
s
farm products
than
*
72.5
6.1
commodities...
Chemicals and drugs
92.7
92.7
93.2
.3
Fertilizer materials
71.8
71.8
71.3
.3
Fertilizers
.3
Farm machinery
1.3
78.0
78.0
79.7
95.3
95.3
95.3
97.9
73.3
72.5
78.5
'
72.8
combined
Commodity
Wholesale
Week
78.0
2
All groups
100.0
Prices
Declined
0.3%
During,
14, According to United States
Ended Jan.
Index
; Lower prices for foods in the wholesale markets of the coun¬
try largly accounted for a decline of 0.3% in the United States
Department of Labor, Bureau of Labor Statistics' index
number of wholesale commodity prices during the week ended,
Jan. 14, Commissioner Lubin announced on Jan. 19.
"The
decline more than offset the gain of the preceding week and
placed the all-commodity index of 813 price series at 76.8%
of the 1926 average," Mr. Lubin said.
"The index is 0.1%
above the corresponding week of last month and 5.2 % below
a year ago."
Commissioner Lubin also stated:
Department of Labor
of 1.8% for foods, farm products prices
In addition to a decline
0.3%, building materials and
and fuel
housefurnishing goods both decreased 0.3%,
0-1%.
The hides and leather
drugs groups advanced fractionally.
products, metals and metal products,
mained unchanged at last week's level.
The raw materials group
For the
index has
a
«
The
Edison Electric Institute in its current weekly report
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
Jan. 14,
1939,
remained unchanged at 75% of the 1926 average.
month ago, the group
index is up 0.1%.
dropped 0.2% during the week.
index, 80.3, is lower by 0.1%. As
'compared with a year ago it is down by 4.9%.
Non-agricultural commodities declined 0.3%, according to the index for
"all commodities other than farm products," which fell to 78.9.
The Index
Is 0.1% above the corresponding week of December and 4-7% below the
index for the week ended Jan. 15, 1938.
Industrial commodities prices, as
measured by, the index for "all commodities other than farm products and
foods," dropped 0.1%.
This week's index:, 80.5, is 0.1% lower than it was
month and is down 3.7% from a year ago.
be
week
a
year ago.
;
PERCENTAGE INCREASE
New England
of Labor, in its announcement quoting
Commissioner Lubin as above, also stated:
The wholesale foods group
Week Ended
Week Ended
Dec. 31, 1938
Dec. 24, 1938
12.8
-
Middle Atlantic-.--—
6.1
Central Industrial-
9.4
NOT
NOT
West Central
0.6
AVAIL¬
AVAIL¬
ABLE
ABLE
Southern States
5.5
Rocky Mountain
5.6
WEEKS
RECENT
FOR
accounted for the decline.
0.4% for
Prices were lower for
oils.
(THOUSANDS
Higher prices were reported for wheat flour,
potatoes, fresh beef, mutton, fresh pork, dressed
poultry, and coffee.
The current food index, 71.3, is
of four weeks ago and is down 7.2% from last year.
Average wholesale market
1.8% below the level
prices of farm products declined 0.4%.
The
dropped 1.0 %, and that for "other farm products"
Prices were lower for rye, wheat, calves, live poultry (New York),
cotton, eggs, and oranges.
Quotations were higher for barley, corn, oats,
cows, steers, hogs, apples, lemons, hay, potatoes, and wool.
Livestock and
poultry prices rose 4.0%. The current index, 67.3, shows decreases of 0.1 %
and 8.3% from a month ago and a year ago respectively.
The building materials group index fell 0.3% principally because of lower
subgroup index for grains
fell 3.5%.
prices for yellow pine lath and timbers.
OF
KILOWATT-HOURS)
Percent
Change
1938
1937
1938
Week Ended
1936
1932
1929
from
•
Nov.
5
...
Nov. 19
Nov. 26
-
—-
3
Dec.
Dec. 10
Dee.
17---
Dec. 24——
Dec. 31
1937
2,202,451
2,176,557
2,224,213
2,065.378
2,152,643
2,196,105
2,202,200
2,085,186
1,998,135
2,207,444
2,209,324
2,270,296
2,183,807
2,285,523
2,318,550
2,332,978
2,362,947
2,120,555
+2.1'
2,175,810
2,169,480
2,169,715
+5.7
2,196,175
+6.2
2,133,511
+5.6
2,242,916
+ 5.9
2,278,303
+ 13.3
2,274,508
+ 6.1
2,080,954
+0.2
+ 1.5
,
1,525,410
1,520,730
1,531,584
1,475,268
1,510,337
1,518,922
1,563,384
1,554,473
1,414,710
1,815,749
1,768,164
1,793,584
1,818,169
1,718.002
1,806,225
1,840,863
1,860.021
1,637,683
.1939
1939
1938
,
from
1938
7
2,169,470
Jan
14
2,269,846
Jan.
21
2,139,582
2,115,134
2,108,968
Jan.
28
+ 1.4
2,098,968
+ 7.3
Hotels According to Horwath &
Horwath—December Comparisons With Year Ago
Trend of Business in
Best Since
The fruit and vegetable subgroup advanced
Meat prices rose 0.4%.
dried and fresh apples,
13.3
6.1
1.4
7.3
Total United States..
(New York), rye flour, cured and moss pork, eggs,
lard, sugar, and vegetable
ABLE
3.1
Pacific Coast
NOT
AVAIL¬
'
declined 1.8% to the lowest level reached since
Decreases of 2.8% for cereal products and
dairy products largely
PREVIOUS YEAR
Week Ended
1939
Jan. 14,
Regions
FROM
Jan. 7, 1939
Week Ended
Major Geographic
Jan.
The Department
butter, cheese, bread
The
ended Jan. 7, 1939, was estimated to
2,169,470,000 kwh., an increase of 1.4% over the like
Compared
It is down 3.4% from the
Compared with a month ago the group
1934.
week
output for the week
Nov. 12
prices of finished products
late in July,
The current week's
2,269,846,000 kwh."
was
output is 7.3% above the output of the corresponding
of 1938, when production totaled 2,115,134,000 kwh.
rubber. The current index,
and is down 6.7% from a
*
'•
third consecutive week the semi-manufactured commodity group
at this time last
1939, 7.3%
Output for Week Ended Jan. 14,
Above a Year Ago
Electric
index declined 0.4% because of lower prices for
corresponding week of last year.
1.6%.
than
foods..
Not computed.
DATA
-
Wholesale
♦
other
product" and
farm
higher than it was a month ago
70.8, is 0.6%
•
-
commodities
All
Textile
and miscellaneous commodities re¬
agricultural commodities, raw silk, and crude
year ago.
dropped
lighting materials prices fell
and
products and chemicals and
with
other
commodities
All
95.3
Miscellaneous
10.8
v"
—
»
•
Quotations were slightly higher
February
Horwath & Horwath in their
monthly
survey
of the trend
that "Hotel sales and occupancy
in December to the levels of the corresponding
of business in hotels state
came
nearer
month of the year
before than in any month since last Febru¬
Total business was off only 2% against an average of
6% for the entire year, room business declining 3% compared
with a 6% average, and restaurant sales, only 1 against 7%
for the year. In most sections, restaurant comparisons were
better than rooms."
The firm added:
ary.
The occupancy at
54% Is
in December, 1937, Was,
nearer
the* average for the entire year than that
and furthermore the decrease from last
December
Volume
148
Financial
Chronicle
is only 2 points while that for the year is 5
points, and the seasonal declin6
from November is less than that a
year
and this is
the only point
Nevertheless,
more
and
which
on
In New York
in sales
doubtedly is
this
City,
some of the larger hotels had substantial
December, 1937; however
over
as
than rooms, which is contrary to
the result of
larger
a
The transient hotels
year.
the
experience
volume of New
came
increases
rule restaurant sales increased
a
a year ago
Year's
equalling
nearer
Eve
Fifty-six of the 87 manufacturing industries surveyed reported employ¬
gains from October to November, and 43 reported larger payrolls.
ment
The
a
than the residential did, though the latter too had much better
year ago
in restaurant
comparisons
business
than
of the hotels reporting from New York
December than last and 40%
in
Thirty-five
rooms.
City had
more rooms
than in November.
occupied this
had higher rates.
in
but only 30%
occupancy,
did
restaurant
more
year
were
Sixty
The
showed increases in
business.
room
workers
Though in Detroit the decreases from last
smaller in December than in the eight months preceding, still
that city made a rather poor showing, as only about one-tenth of the hotels
"all
others"
and rates since last March, and about 40%
tion sold more rooms this
TREND
3461—CPRBDhocivslatmden-p.;
WITH
(10,800),
-
DECEMBER, 1938,
Decrease
Room
Res¬
This
taurant
Month
Rooms
of
Percent¬
age
Total
mail
Rate
Occupancy
Percentage
(—)
Same
inc.
0
,
2
T
Month
Last Year Dec.
(—)
—12
—10
—11
+4
61
■
64
65
41
45
—1
+3
+5
54.
53
—9
—11
66
estimated
increase
in
group,
em¬
number
in
declines in
substantial
manufacturing
millinery
non-manufacturing
showed
of
shoes
(5,600),
employment,
industries:
(13,400),
stoves
Canning
men's
clothing
(2,100),
and
con¬
the
largest
industries,
increase (1.1%)
employment
retail
in
stores
accounted for 36,800 additional
Department stores, variety and general merchandise stores and
order
houses
4.9%.
taken
Jewelry
as
and
in employmentdeclined
employed
a
showed
group
furniture
seasonal
a
Retail
employment gain
automobile
and
stores
people.
more
food
stores
and
accessories
showed
gain
a
of
Among the lines of retail trade in which employapparel stores, wood, coal and ice, and building
were
'
i
—10
52
62
—1
—6
+4
53
55
—4
—7
0
63
69
1
-
—3
—1
52
53
—i
;
...
All others
"
establishments expanded
+2
of
of
+2
—2
Pacific Coast
trade
gain
70
—14
sharp seasonal
a
0.9%
increase in
'•
the changes in wholesale lines
firms
—2
reported
1.1%
,
food
2.9%
1.9%
to
—2
date.L.......
—3
—6
—6
—1
54
56
—1
—7
•
61
66
+ 1
reported
were
and
2.7%
plumbing
by
Higher Than Last Year
individual accounts,
been
maintained
since
Jan.
1919
amounted
to
$7,639,000,000, compared with $9,773,000,000 the preced¬
ing week and $7,001,000,000 the week ended Jan. 12 of
last year.
Jan. 16,1939 by the Board
of Governors of the Federal Reserve System. •
are as
SUMMARY
reported
BY
on
FEDERAL
RESERVE
DISTRICTS
Week Ended-
of
2,000
month.
increased activity
supplies
Jan. 11, 1939
Jan. 4, 1939
17
15
5437,980,000
3,722,930,000
18
408,059,000
$398,149,000
3,435,791,000
352,271.000
25
493,538,000
$547,353,000
4,970,577,000
534,322,000
605,897,000
330,039,000
295,001,000
1,514,169,000
261,414,000
279,489,000
2—New York
24
0—Atlanta...
20
41
1,205,055,000
16
245,408,000
17
28
151,004,000
269,100,000
18
194,113,000
29
274
.
293,418,000
201,135,000
7—Chicago
........
8—St. Louis.
9—Minneapolis....
Id—Kansas City
12—San Francisco.
..
Total
Jan. 12, 1938
of
1,029,564,000
220,054,000
144,644,000
256,731,000
629,641,000
$8,332,596.000
10,509,295,000
57,637,715,000
190,965,000
products,
Metal
resulting in
a
dry
and
companies reported
a
continued to
mines
gain of 7.4%,
or
of
losses
were
goods
and
0.7%,
of
their forces,
expand
4,800 workers.
slight decreases.
showed
decline
Telephone and
light
and
power
com¬
large seasonal recession in employ¬
a
smaller seasonal
declines
hotels and laundries
Year-round
of less
"
1%.
than
,
.
Employment in the private building construction industry decreased less
than
seasonally, by 4.1%, and payrolls declined 7.8%,
from
13,057
contractors
employing
over
according to reports
108,000 workers.
All
parts of the country reported declines with the exception of a small increase
in
the East South
construction
Central
projects
by
financed
Finance
The reports received
States.
the
Corporation,
in
Public
by
or
do not
the
the
In public construction there was a
work ou
largely because of seasonal reductions in
employment,
public
cover
Administration,
of
Works
regular appropriations
roads.
following
employment
regarding
and
manufacturing
non-manufacturing
conditions
of
the
in
industries
•
the
by the De¬
States is from an announcement issued
United
partment of Labor:
■■■•"■
/
employment and payrolls for November,
Indexes of
Reports—Reemployment Since June
1938, for all manu¬
Class I steam railroads, and selected nonmanufacturing industries, where available, and percentage changes from
October* 1938,- and November, 1937, are shown below.
The three-year
average, 1923-25, is used as a base, or 100, in computing the indexes for
the manufacturing industries and Class I steam railroads, and the 12-month
facturing
industries combined,
for 1929 is used as the index-base in computing the index lumbers
industries.
Information for the non-manufactur¬
average
the non-manufacturing
ing industries for years prior to 1929 is not
Rise
During November
Contrary to Seasonal Trend, Secretary of Labor
Perkins
employment
approximately 0.5%
Bituminous coal mines increased their forces by
4.1%, affecting 2,600 workers.
reported
226,580,000
649,596,000
to
products,
paper
473,836,000
315,133,000
266,826,000
700,943,000
Continued
drug
employed in mid-November than
men
Dyeing and cleaning firms reported
ment
of
Employment
and
and
ranging from
gains
panies 0.5%, and electric railroad and motor bus companies 0.2%.
The
167,621,000
,
the
exception
Chemical
paper
reported
petroleum
fewer
Employment in public utilities
telegraph
decline
Incl.
in
and decreases of
grocery,
workers.
6,400
or
Reconstruction
Centers
large.
not
November and
dealers
Federal, State and local governments.
No.
Federal Reserve District
the
;
the preceding
1.5%,
received
These figures
With
Wholesalers dealing in automotive prod¬
heating
Anthracite mines had
in
reported by banks in
leading cities for the week ended Jan. 11, aggregated $8,333,000,000, or 21% below the total reported for the pre¬
ceding week, which included only five business days, and
9% above the total for the corresponding week of last year.
Aggregate debits for the 141 cities for which a separate
as
and
wholesale
apparel firms.
Bank Debits Nine Per Cent
were
in
by
scrap.
1.7%, respectively,
and
reported
/
November,
products, hardware, furniture and housefurnishings, leather and leather
ucts
\
workers
more
in
employment by wholes/lers of farm prod¬
ucts,
+2
'
employment
indicating 14,400 additional workers.
goods, and iron and steel
Total
y
the
materials.'
—1-
—12
...
goods
steel mills
(6,100),
(6,200),
also
+1
-
—10
has
sawmills
Wholesale
60
Detroit
total
the
following
clothing
blent;
+2
V
—2
Washington...
to
and
(62,500),
resulting in
the
0.4%
or
—13
—6
..
Debits
by
firms
of
(+)
Cleveland..
Year to
durable
non-durable
'
....
ChiCagO.
Philadelphia. .1
Texas
curtailments,
Among
which
Sales
or
the
fectionery (1,700).
COMPARED
DECEMBER, 1937
Percentage of increase (+)
the
in
was
In
manufacturing industries in which substantial
shown
were
women's
employees.
New York City
.
IN
increase
by 3.8%.
Automobiles
reported
(35,800),
hotels in this classifica¬
December than last.
BUSINESS IN HOTELS
OF
of the
gains
were:
Seasonal
were
had the smallest decreases in sales, occupancy
group
the
(17,100), cotton goods
(2,400), woolen and worsted goods (12,300), electrical machinery (5,500),
foundries and machine shops
(5,100), meat packing (4,300), wirework
(3,300), and radios (3,200).
:.-;v
'
\
sales; about 40%
reported increases in sales and occupancy over December, 1937.
The
of
rose
important
more
ployment
of the Chicago hotels had rises
cent
per
portion
employment
goods group, em¬
ployment declined 0.7%, largely because of seasonal recessions in canning,
in the clothing and shoe
industries, and in confectionery.
►» Only Chicago and Texas reported somewhat larger decreases from last
year
major
which
cent
per
a
below the level of last November.
and un¬
business
the figures of
increase
an
of Armistice Day
for the first time would be expected to
relatively greater decline than in previous years.
The Bureau's
factory payroll index for November (84.1% of the 1923-25 average)
stands above the level of
any month since December,
1937, and is 9.5%
result in
rate comparisons.
more
factory payrolls represents
observance
little disapointing.
making a number of improved
are
in
$350,000 in weekly pay checks of factory wage earners, and is note¬
worthy not only because it is contra-seasonal but also because the national
below that in December,fl937,
the showing is a
localities
more
gain of 0.2%
of
ago.
The total average rate for the month is 1%
349
The November
These indexes have not been adjusted
records.
available from the Bureau's
for seasonal variation:
Payrolls
Employment
Esti¬
index
Industry
mated at 1,000,000 Workers
%
Change from—
Oct.,
M anuf acturing
Class I steam railroads
Nov.,
1938
1938*
"Reemployment since
%
Change from—
Nov.,
Nov.,
Employment in non-agricultural industries continued to
in. November, contrary to the usual seasonal
trend,
Secretary of Labor Frances Perkins reported on Dec. 22.
Index
1937
Oct,,
Nov.,
1938
1938*
1937
+0.2
—9.5
rise
Approximately
150,000
November
nous
gains
coal
in
retail
and
other
Federal
workers
emergency
found
and
employment
other
work."
+0.9
—3.8
75.4
+0.4
—3.8
87.1
+ 1.1
—5.0
71.8
+ 1.0
—4.6
105.6
+4.9
—3.8
93.3
+4.0
—3.9
82.2
—0.1
—5.4
67.3
+0.2
—4.9
Telephone and telegraph __
Electric light and
power
74.2
—0.7
—5.9
95.9
+0.6
+ 4.9
and manufactured gas_„
92.1
—0.5
—5.3
98.6
—1.3
—5.1
69.7
—0.2
—4.7
69.0
+0.1
—3.9
51.0
—2.6
—16.3
36.2
—16.5
—26.1
88.6
+ 1.5
—12.7
82.3
+ 5.1
—9.7
62.3
+7.4
—17.4
51.4
+4.5
—28.2
Trade:
trade, factories, bitumi¬
brokerage offices.
These
non-manufacturing
significant
as
an
The rise
General
raised the
chandising
b
Public utilities:
Electric railroad & motorbus oper. & maintenance
Mining:
Anthracite
Quarrying
&
non-metallic
44.2
Hotels
—0.4
—11.4
36.8
—6.2
—12.0
—2.2
—12.0
62.8
—1.5
—10.6
—0.4
—4.2
C80.8
—0.1
—4.2
93.7
—0.8
—4.2
79.2
—0.4
—1.1
73.9
—5.4
+ 0.2
Services:
indication of recovery in industrial activity, since factory
producing
68.0
92.6
mining
Crude petroleum
particularly
The
uninterrupted
Bureau of Labor
90.6% of
As
b
Other than general mer¬
was
of
increases
since
June
average,
the highest level
November of last
lower.
■
year,
: * ■'
since
employment
-
December,
was
—
—2.3
102.4
—4.1
Brokerage
b
+0.6
—11.5
b
+ 1.7
—15.6
Insurance
b
—0.1
+ 2.5
b
+0.4
—3.2
—24.9
b
—7.8
—26.7
Dyeing and cleaning.
has
Statistics factory employment index for Novem¬
the 1923-25
compared with
succession
(year-round)
Laundries
employment usually declines by 1.5% and payrolls by 3.2% from October
November.
b
;
Retail
industries, and in casual
workers between mid-October and mid-November.
'
Wholesale
Secretary Perkins added:
to
90.0
merchandising.
90.6
a
(1929=100)
Factory employment and payrolls continued to rise.
The gain of 1.2%
in employment indicates the reemployment of approximately 90,000 factory
1937.
—9.4
were
ice and
ber
—1.5
in
partially offset by declines, largely seasonal, on
the railroads, which laid off 16,000 men, in water trans¬
portation, public and private building construction, in serv¬
to
—10.4
53.8
agencies.
wholesale
and
metal mines,
84.1
+ 1.2
....
Metalliferous
June, including the November
gain of approximately 30,000 workers, has returned about
1,000,000 persons to jobs," she stated.
"These figures. do
not include employees on projects of the Works
Progress
and
,
Bituminous coal
last
Administration
(1923-25=100)
,—
Building construction
10.4%;
*
c
Preliminary,
Cash payments
a
Source:
only; value
b
—4.1
Interstate Commerce Commission,
nf hoard
room,
b Not available,
and tlDS cannot be computed.
Financial
350
(Three-year Average 1923-25=100.0)
Adjusted to Census Totals for 1935.
Manufacturing Industries
Nov.*
Oct.,
1938
Nov.*
Nov.,
1938
1937
1938
,
Nov.*
1937
113.4
82.5
73.8
91.5
Cotton goods
105.8
90.6
81.0
92.0
Cotton small wares
53.8
52.9
Dyeing & finishing textiles..
65.4
54.4
66.2
82.5
80.0
94.1
75.4
73.4
45.6
63.8
44.5
41.9
79.5
97.2
93.3
86.3
89.1
91.7
69.8
78.0
72.2
114.5
116.6
118.5
121.9
117.0
145.7
143.9
146.4
165.2
167.0
163.3
78.1
83.3
78.4
Knitted underwear.......
71.1
70.2
75.8
60.5
61.9
59.8
131.0
121.1
83.1
fur-felt
114.7
•
.........
w-
62.0
63.7
135.1
161.3
69.2
71.3
75.6
53.5
59.0
58.3
78.7
83.1
87.1
62.5
75.7
71,7
Clothing, men's
Clothing, women's
60.3
61.1
77.3
49.2
50.5
69.0
84.0
86.2
97.1
88.1
89.2
98.5
work...1...*...—
156.3
164.5
61.2
67.7
48.1
50.2
50.4
goods....—
Woolen and worsted goods..
rayon
78.8
80.9
77.0
91.6
75.9
71.9
164.8
146.5
200.2
180.4
156.1
...—
121.1
87.2
89.4
93.7
175.5
95.1
92.4
.198,1
136.1
15210
119.7
119.7
147.0
63.0
74.9
61.1
168.2
102.4
128.8
104.1
98.9
99.8
98.9
104.8
91.1
149.2
143.6
151.3
140.1
127.3
74.2
61.2
40.2
62.7
42.5
119.2
119.5
103.9
99.3
104.9
89.6
83.9
62.6
69.6
83.6
89.9
82.8
54.7
64.5
84.7
81.7
75.2
55.9
"
48.9
84.0
128.7
127.5
122.4
127.0
126.3
144.8
144.3
147.5
139.7
139.5
141.9
229.3
_
81.2
81.1
123.5
233.6
Butter
Canning and preserving
272.6
266.8
231.1
265.1
96.8
99.4
101.5
82.5
85.6
84.4
104.4
Beverages
Electrical machinery, apparatus
98.3
171.4
85.1
—
Baking.
96.6
machines
and calculating machines
104.5
„
56.6
Food and kindred products
135.4
tractors)
77.3
117.7
Leather
120.1
81.9
83.9
•
44.6
93.0
150.4
Boots and shoes..
Including trans¬
portation equipment
Agricultural implements (incl
58.1
78.2
98.5
Leather and Its manufactures
not
64.1
115.2
98.6
Shirts and collars..
188.9
machine tools, files, & saws)
62.6
119.6
158.8
...
Millinery
84.4
71.9
112.4
Wearing apparel
tools,
67.1
77.0
68.9
61.6
Men's furnishings
■
Silk and
89.1
120.5
Corsets and allied garments-
..
■
155.2
Knit cloth
54.6
132.9
Tin cans and other tinware
68.6
92.0
80.7
Structural & ornamental metal-
70.2
77.5
92.5
161.4
Stoves
72.5
77.6
73.1
'
74.2
82.6
129.1
V
heating
apparatus and steam fittings
86.9
108.9
72.9
hot-water
83.7
79.9
133.1
Stamped and enameled ware..
44.1
Knitted outerwear
98.7
Plumbers' supplies
70.7
66.3
105.8
Hosiery
57.4
84.4
76.5
65.8
83.1
Knit goods
f,
85.4
47.8
83.1
77.4
84.8
109.2
Hats
■'
tools—
78.6
88.8
76.9
86.5
84.9
97.2
87.2
78.7
86.6
65.7
73.8
97.5
89.8
90.0
Forgings, Iron and steel.
Cash registers, adding
1938
97.2
90.8
Hardware..
Machinery,
1938
Carpets and rugs...
including silver
and plated cutlery), and edge
Wire work..
Nov.,
1937
Fabrics
88.7
74.9
79.4
105.0
(not
Tools (not Including edge
Oct.,
1938
Textiles and their products
84.1
86.9
Bolts, nuts, washers, and rivets
Cast-Iron pipe
i
Nov.*
Goods
Non-durable
the,r products,
machinery
Blast furnaces, steel works, and
rolling mills...
and
Nov.,
1937
1938
Goods
not Including
Steam
Oct.,
1938
Nov.,
Oct.,
Iron and steel and
Cutlery
Payrolls
Employment
Payrolls
Employment
Manufacturing Industries
Durable
MANUFACTURING INDUSTRIES
OF EMPLOYMENT AND PAYROLLS IN
INDEX NUMBERS
Jan. 21, 1939
Chronicle
147.3
122.3
85.5
130.3
104.7
90.6
83.2
80.7
113.1
80.5
78.0
113.2
Confectionery
90.3
93.0
94.8
84.8
91.6
Engines, turbines, water wh'ls
and windmills—.
—
Flour
78.2
77.5
78.6
73.8
79.7
83.4
83.4
98.3
91.7
90.4
111.8
Ice
70.5
73.8
71.6
60.7
63.7
61.5
Foundry <fe machine-shop prods.
78.8
77.5
107.1
70.5
69.4
101.7
Slaughtering and meat packing.
100.8
97.4
99.8
109.9
110.0
112.0
Machine tools.
117.6
115.8
163.8
110.8
110.5
181.4
260.7
287.3
273.5
226.1
279.7
119.1
108.0
138.7
106.8
97.9
117.3
Sugar, beet
Sugar refining,
266.4
Radios and phonographs.
86.8
90.0
83.9
75.3
80.0
75.8
66.9
66.3
67.5
59.8
60.7
61.8
61.9
57.7
62.2
69.1
63.3
and supplies
.........
63.4
61.2
75.2
61.4
125.3
142.4
130.9
128.1
Typewriters and parts
91.9
79.9
121.5
95.4
84.7
785.8
912.4
801.6
780.8
86.9
133.5
107.4
92.5
26.3
25.2
58.2
22.8
23.4
16.1
50.6
12.8
11.1
.51.2
95.6
92.1
111.9
89.6
95.1
67.4
68.2
58.5
60.3
61.2
105.5
111.7
103.4
103.7
106.6
105.1
102.8
107.6
109.8
112.7
108.1
Paper and pulp
62.6
16.9
105.8
104.8
110.9
103.2
106.5
103.8
101.5
99.6
108.1
89.1
87.9
97.4
107.2
106.0
109.7
109.9
108.7
111.1
116.4
—
Shipbuilding
»
....
Printing and publishing:
Book and Job
92.2
105.8
89.9
88.5
99.0
Aluminum manufactures..
143.1
142.4 '
164.0
147.4
148.4
164.6
Brass, bronze & copper products
100.0
96.4
110.3
99.3
96.2
99.4
95.1
Clocks and
83.6
82.2
....;
109.2
119.2
120.1
129.9
118.8
119.5
127.6
134.0
132.8
141.6
111.6
111.9
123.7
114.7
116.2
126.3
Chemicals..
117.6
115.0
132.1'
128.4
128.3
142.8
122.1
144.8
99.6
104.0
125.3
and petroleum
115.9
85.6
85.6
124.5
Petroleum refining
Other than petroleum refining.
watches and time-
recording devices
...
Newspapers and periodicals
Chemicals
and
allied
products.
'
Non-ferrous metals & their prods.
113.4
113.0
refining
101.3
100.3
102.5
82.7
91.8
88.2
Cottonseed—Oil, cake & meal
114.9
91.9
Jewelry...
85.4
103.0
83.7
78.1
96.8
109.0
110.3
116.7
119.0
123.9
125.4
62.4
62.2
Druggists' preparations
Explosives
82.8
84.1
90.1
91.7
96.5
103.8
79.0
79.5
83.6
64.7
70.1
Lighting equipment-
65.5
Silverware and plated ware
65.1
68.3
64.0
Fertilizers..
Smelting and refining—Copper,
71.4
66.4
83.0
65.7
71.0
.......
56.0
.
Paints and varnishes
112.3
112.9
123.8,
113.6
116.3
122.1
58.5*
Rayon and allied products..
312.6
314.4
349.2
302.8
302.6
337.9
88.9
79.7
87.3
65.0
68.4
69.3
93.2
92.6
88.3
82.6
77.7
90.5
85,5
79.7
82.2
54.0
56.4
44.5
46.0
43.9
Rubber boots ahd shoes
63.5
60.1
72.6
61.4
61.6
68.5
51.8
53.1
57.4
46.0
50.4
'48.2
Rubber tires and inner tubes
66.2
63.5
77.8
75.6
69.1
71.3
71.4
70.1
78.2
64.0
'134.2
123.3
132.7
130.8
122.6
122.7
ko
A*; i
OO.I
OQ
oy.o
90.6
89.5
101.1
84.1
83.9
92.9
82.1
79.1
100.8
78.3
75.4
94.8
99.3
101.4
90.6
93.5
90.8
Soap
Rubber products..
Lumber:
Millwork...—
Sawmills
.............
KO
9
OA
.
n
OA .U
.
*
69.9
63.0
Af\
an
ft
Rubber goods, other
,
Cement
68.0
70.1
71.5
64.2
65.4
91.5
87.5
106.5
98.3
92.9
112.7
43.0
42.3
49.2
30.8
30.1
36.5
80.2
77.7
82.1
74.0
72.8
Summary
66.6
Glass....
79.1
,
.
a
W.O
All industries
■
Marble, granite, slate & other
products
........
Pottery
*
November,
Durable goods
-
Non-durable goods
98.6
;
„
1938, Indexes preliminary, subject to revision.
Factory
Pennsylvania
creased
In¬
Payrolls
and
Employment
November to
from
December—Gains
Also
The
payrolls nearly 3% from November to December, according
to figures released Jan. 19 by the Federal.Reserve Bank of
Philadelphia.
Usually there is a decline at this time of year.
month
consecutive
As
Factory employment in Pennsylvania increased 1% and
November increases
current
fourth
reported.
Noted in Delaware Factories
in
The Bank's announcement further said:
employment and
industrial
increased
1937, the November,
87.1
1938, indexes for all
13.1% in employment and 13.8%
The index of employment for all reporting industries dropped
November, 1937, to 75.7 in November, 1938, while the index
in
decreases of
show
payrolls fell from 77.7 to 67.0 during the same period.
by the
Wage
pay envelopes of 929 workers in manufacturing
non-manufacturing industries, or 0.2 of 1% of the total number of
Twenty-three
reports
of
increases
rate
wage
were
December
was
only 6%
less than
Wage disbursements
earlier, when activity was declining
a year
larger
slightly
were
than
a
Improvement over November
and
shoe
factories,
and
the month
plants turning
occurred in
months.
especially pronounced at textile mills
was
transportation equipment continued to
recession in
before,
year
after continuing well below 1937 levels throughout the preceding 11
out
iron
show
and steel products and
ber, continuing a marked upward trend since mid-summer.
1937.
a
Working time
week, the highest since October,
Average hourly parnings hjave shown little change in recent months,
approximating 68 cents,
as compared
workers
than
with 70 cents in December, 1937, and
in
Delaware
Bank stated:'
the
Philadelphia Reserve
to
December and payrolls showed a gain of 5%
ago,
however, the number of
amount
of
wage earners
disbursements
wage
in the month, but was 6%
11%
less.
3%
from November
Compared with
.
employed
was
Working
a
year
5% smaller and the
time
7%
increased
under December, 1937.
Contra-Seasonal Gains in Employment and Payrolls in
Illinois Industries During November Reported by
Illinois
Department of Labor
Research
changes
of
during
the
Illinois
November
Department
based
of Labor.
The
reports from
6.847 manufacturing and non-manufacturing establishments,
the
upon
current
October-November
in both employment and
inclusive,
represent
tively.
Total
Within
average
October-November
changes
1.9% in payrolls.
contra-seasonal
in¬
,
of
decrease
manufacturing
of
0.8
of
1%
in
was
less
was
17.4%.
According to Spx
and
classification
manufacturing
of
of
of
1%.
industry,
1%, while
establish¬
1%,, respectively, in
1% and 0.1 of
female workers
male and
0.2
0.9
of
increases
increased
the
employed.
2,327
Total wage payments
1%, while those to women decreased 1.4%.
classification of industrial enterprises, 2,387
of
non-manufacturing
of 0.4 of 1% in the number of male
1.1% in the number of female workers em¬
ployed.
Total wages paid to male workers decreased 0.3 of 1% while
those paid to women were 1.0% greater in November than in October.
The 2,133 establishments which did not report separately by sex showed
greater increases in both employment and payrolls than the 4,714 enter¬
prises which designated the sex of their working forces.
For this reason
the increases
in
employment and payrolls for both sexes combined are
establishments
but
workers,
reported
an
decrease
a
of
increase
Average
Weekly
earnings
averaged $25.74 ;
for
male and female workers.
Weekly Earnings—November
both
sexes
combined
$28.41 for men and $15.63
all reporting industries
for women. In the manu¬
tn
industries, average weekly earnings were $25.56 for men
workers combined;
$28.36 for men and $15.95 for women.
facturing
women
the
industries, weekly earnings averaged $26.06
combined; $28.59 for male and $14.59 for female workers.
non-manufacturing
sexes
Changes in Man-Hours During
male
declines
increase
payments to male workers increased 0.1 of
wage
reported
men
In
Research show that
are
of
paid to female workers decreased 0.9 of
the
number
the
For the 15-year period, 1923-37,
payrolls.
rate
average
4,714
from
total wages
In
the records of the Division of Statistics and
employment and
changes
rate
average
non-manufacturing enterprises
which designated the sex of their working forces showed increases of 0.6
of 1% and 0.3 of 1% in employment for male and female workers, respec¬
Reports
both
department explained, adding:
The
creases
the
are
weighted
larger than those reported separately for
Employment in Illinois industries increased 1.1% during
the October-November period, and payrolls advanced 0.5 of
1%, it was announced Dec. 24 by the Division of Statistics
and
weighted
The
employed.
Changes in Employment and Total Wages Paid,
to
,
,
In Delaware factories employment increased nearly
the
of the total number of workers, were reported in Novem¬
of 1%
The
ments
conditions
to
reported
0.1
ber.
61 cents two years ago.
As
affected
Two reports of wage rate reductions, affecting 80 workers, or
8.4%,
reflecting
The total number of employefe-hours worked expanded further in Decem¬
averaged slightly more than 35 hours
and
increases
The sharpest
large gains.
the lumber products group,
principally reduced activity at furniture factories.
.«
rate
received
of November.
Division, of Statistics and Research during the month
The number of workers increased steadily in the last half of 1938 and in
payrolls mark the
activity has been
•
payrolls.
from
of
in
which
in
compared with November,
reporting industries
.
rapidly.
93.4
94.8
79.9
54.9
Furniture
■
76.5
62.2
83.0
60.0
66.1
64.9
lead and zinc....
Lumber and allied products
Stone, clay, and glass products..
Brick, tile, and terra cotta
■■
65.9
67.5
107.1
Cigars and cigarettes
Paper and printing.
126.9
102.4
Cars, electric & Steam railroad.
...
Boxes, paper
843.9
Locomot 1 ves
Automobiles
78.0
Chewing and smoking tobacco
118.4
823.0
.—........—-•
-
117.2
and snuff
Transportation equipment
Aircraft-.
cane...
Tobacco manufactures...
71.1
56.2
128.9
Textile machinery and parts...
cream
all
and
worked
-October.
reporting
female
In
for
November in Comparison with October
industries, 4,517 enterprises reported man-hours for
combined, and in these enterprises total hours
workers
decreased les6 than
Hours
and
worked
0.1 of 1% during
in
November in comparison with
man-hours for male
establishments reporting
Volume
*nd
1%
148
Financial
workers
female
separately, decreased 0.8 of 1% for male and 0.3 of
for female
In
the
ported
workers.
manufacturing
decrease
a
female workers
of
classification
0.4
of
combined.
1%
in
Within
this
showed decreases of 1.0% and 0.5 of
and
female
In
0.9
the
of
1%
in
Within
this
of
than
less
0.6
of
1%
hours
total
classification
0.1
of
of
in
a
reporting industries,
decrease,, of 1.6%.
In
the
of
manufacturing
37.1
were
in
increase
an
37.6
female workers combined.
showed
concerns
compared
as
decrease
a
increase of
with
October,
in
England
'
area.
with
'
37.7 in October,
'
non-manufacturing
the
13
fresh
for the group reflected higher prices for 11 of
The most significant price changes were the more
items.
than seasonal advances of
4.5%
11.7% for potatoes and 19.1% for cabbage.
for other staple items were 4.9%
creases
for onions.
canned goods
38.7,
or
Canadian Business Outlook for
dropped 0.7%
Price decreases
.
1939
Canada—Conditions
Post-War
1938
in
Than
Better
Most
Period
trend
upward
would
stockholders
limits
row
the annual
at
which
to
other
most
advances
months
The
Britain.
nations,
the
the
of
year
the
slightly.
A drop of 0.8%
impetus to
.
problems
still
international
during
Greatly improved
and
to
a
price decrease of 0.2%
in November.
A
drop of 3.5%
1.2%
lesser
export
conditions
degree
in
products.
we may anticipate con-,
I do not deny that many
railway deficits, taxation and
year.
further
complexities
eveptuality, I am
confidence.
international
The
sure
situation
still
is,
and
obscure,
develops in foreign affairs.
Barring such an
may look forward to 1939 with courage and
may
we
'
.
'
♦
.
cocoa
was
with
a
interrupted
0.4% lower
was
the principal factor in
a
decrease
The decline in the price of lard was
pork products priced by the Bureau. Changes
An advance of 0.1%
increase of 0.3%
an
continuation
in the cost of sugar and sweets
for sugar.
of the
due
was
This advance in the price of
upward trend which
first reported
was
entirely to
in
sugar was
last October.
ago.
were
of the
9
geographical
contributed
areas
reported from 47 cities.
the
to
In 4 cities, costs
(3.7%), the general advance in the cost of fresh
than
greater
elsewhere.
moved
In
Cleveland,
1.0%
13.
slightly lower..
vegetables
advanced 8.5%
upward, contrary to the general movement.
the price of milk rose
1
cent
In
quart and butter showed
per
In
(4% ), and Scranton
fruits and
butter also
v;
increase in
Higher food costs
were
the 2 cities registering the largest increases, Cleveland
meats
",
' v
^
Each
the cost of all foods during the month ended Dec.
was
and
Scranton,
8.9%
Decreases
per pound.
Kansas
showed
City,
a
Richmond,
increase of
an
decline of
much
as
INDEX NUMBERS
OF
reported from 4 widely scattered cities,
were
Cincinnati and
1%
as
Boston.
None
of
these
cities
.
RETAIL COSTS OF FOOD BY REGIONAL AREAS
Three-Year Average 1923-25=100
Dec.
Regional Area—
13.
Nov.
1938*
United- States
15, Oct.
78.6
18,
Dec.
Dec.
14,
1038
1.938
1938
Dec.
15,
15,
1937
1929
—
77:8
78.1
82.6
64.7
105.7
76.4
76.2
76.7
81.0
66.0
105.8
79.9
79.0
70.2
84.0
66.6
106.0
East North Central
78.4
77.5
82.9
62.2
107.0
West North Central.—
80.7
80.2
80.1
84.2
64.0
107.1
South Atlantic
77.5
76.9
77.2
81.0
63.1
104.2
71.4
71.9
77.2
60.4
103.0
77.6
76.9
77.6
80.7
62.5
104.9
Mountain
80.4
79.0
78.0
84.8
64.8
102.5
Pacific
Sympathy and understanding between the various sections
structure.
Coffee,
for other items in the group were unimportant.
With
substantial
economic
was
in the cost of fats and oils.
Great
population must be encouraged and the spirit of unity inculcated.
progress
has been achieved in the restoration of our
our
and the price of
beans.
navy
.
.
Chocolate remained steady.
in the price of lard
trade agreements,
coming
for
resumed its downward trend which
,
Tea declined 0.2%
the result of
was
will undoubtedly follow the
which
commerce
new
the
her
of
solution—mounting
await
unemployment.
But
States,
purchasers
important
expansion
in the dried products
for black-eyed peas to 2.1%
The only increase was for prunes and amounted to
0.7%
The cost of beverages and chocolate declined
.
prosperity of Canada is definitely linked with that of these
most
coming into "effect of the
tinued
V
of industry during the closing
indeex gratifying.
United
the
than
Wilson
Mr.
*
were
in
nar¬
restricted
favorable
post-war period,"
in many branches
reported
also general
were
"The
was
more
were
He added:
stated.
The
1938
in
of the
years
of Canada, told
Jan. 12.
on
recession
recent
restored,
definitely
be
meeting
the
indicate that" conditions
in
of
to
seem
W. Wilson, President of the Royal Bank
M.
reported for all of the
Prices for other items in the group averaged
slightly lower than a month
/
Tlie outlook for Canadian business is again favorable and
the
The cost of the
each.
were
decrease ranging from 0.2%
of
decrease of 2.0%.
a
In¬
for carrots and
items in this sub-group with the
exception of beans with pork, which in¬
worked
hours
Again Favorable,
According to President Wilson of Royal Bank of
in
for apples, 12.0%
Bananas and oranges fell 0.5%
than for last month.
•
number of
the
decrease
a
or
,
classification,
week
per
The
increase of 6.6%
in line with decreases for other
Years
-
The cost of fresh fruits and vegetables rose in each of the 51
cities.
average
creased
#
38.2
the average actual hours worked
compared
as
of
week in November by 470,589 workers,
per
week during November averaged
per
and
in the New
0.2%
'
the
firms reported
1,702
industries,
group
November
1.6%.
In
classification, 2,108 establishments
by male
were
re¬
351
Egg costs declined 3.0% and were 10.3% above the level of a year ago.
Egg prices were lower in 29 cities and higher in 22.
Decreases were greatest
by male and
in man-hours worked by men and an
the total hours worked by women.
all
or
enterprises
1%
Average actual hours worked
in
2,232
man-hours worked
2,285
group,
worked
industries,
1% in the man-hours worked by male
'
-V
V'/;;' -
workers, respectively.
non-manufacturing
of
total
Chronicle
77.7
76.5
76.5
80.0
66.4
102.4
New England
■■■■■'
—
Middle Atlantic
„
'
-
East South Central—
West South Central
—
72.2 *
—
—
*
:
78.1
„
.
.
.
Preliminary.
United States
Department of Labor Reports Advance
1.0% in Retail Costs of Food Between Nov. 15
of
Weekly Report
and Dec. 13
1.0% between Nov. 15
and Dec. 13, 1938, Commissioner Lubin of the Bureau of
Labor Statistics, United States Department of Agriculture,
reported on Jan. 16.
"This increase was the result of a
more than seasonal advance of 7.3% in the price of butter
and higher prices for 11 of the 13 fresh fruit and vegetable
items covered in the Bureau's index," Mr. Lubin said.
He added:
Prices" of 49 of the 84 items showed decreases during
Increases
The
It
4.9%
all foods
which
1929 index,
14.7%
was
bread
was
the
The
It is 25.7%
and reached its
Prices were lower for 9 "of the 13 items
The price of wheat flour, which has tended down¬
summer
1937, showed
of
a
further decline of 0.4%
,
and
A drop of 0.4%
in the price of white
of small decreases reported from 12 cities.
Current
lower than a year ago.
the result
below the level of last year.
Prices of
bread remained unchanged during the month.
prices for white bread are 8.4%
whole wheat and rye
A decline of 0.6%
except salt pork which rose 0.4%
group,
decreases
vanced
.
for pork chops and
6.7%
were
leg of lamb to 3.1%
Roasting chickens were
The cost of dairy products rose 2.1%
was
the result of
with
amounted
increases
a
average
year
to
current
ago,
a
more,
more
butter
■
In Omaha, the price
or
no
than
2
cents
in
Compared
pound.
per
0.2%
The
.
Nov.
COMMODITY GROUPS
15, Oct.
18, Dec.
14, Dec.
15,
Dec.
15,
1938
1938
1937
1932
78.1
82.6
64.7
105.7
87.2
93.6
71.1
97.8
Meats
92.7
-
Canned
-----
—
Dried---
-
94.9
98.0
66.8
117.6
79.1
77.4
77.3
88.2
65.7
100.5
84.5
87.2
86.1
76.7
80.6
128.7
59.6
55.9
55.6
58.4
51.8
54.0
53.6"
56.2
50.7
75.3
79.9
66.8
94.6
57.3
57.7
58.6
62.4
49.5
106.9
Beverages & chocolate.
66.3
66.4
66.3
69.4
72.8
105.3
Fats and oils..,——
65.8
66.6
67.1
72.0
49,0
•
62.6
62.5
62.3
.66.8
58.5
Suear and sheets
*
Preliminary.
ended
1929 shipments.
Produc¬
the
new
weeks mark the low
orders were nearly
point of the lumber
New orders were 0.3% above those
corresponding week of 1938.
Reported pro¬
duction was 27% above that first 1938 week; shipments
were
10% above.
For softwoods, production, shipments
booked
the
in
.
and new orders were,
and
respectively, 30% greater,*,9% greater
2% less than in last year's week.
woods and softwoods)
also
were
was
New business (hard¬
3% above output and shipments
3% above output in the week ended Jan. 7.
Total
production reported for the week by 4%.fewer mills was
21% above the' output (revised figure) of the preceding
shipments
week;
orders
new
were
feet
orders
155,397,000
of
533;
Mills,
1939,
7,
hardwoods
and
softwoods
of
ended Jan.
week
During the
were 8% heiow that week's shipments;
2% below the orders of the previous week.
further stated:
The Association
were:
511
mills .produced
combined;
feet.
Revised
production,
figufres
124,998,000
150,876,000
154,759,000
shipped
for
feet;
the
feet;
preceding
shipments,
168,-
orders, 157,682,000 feet.
All regions but Western Pine, California Redwood, Northern Pine and
Southern Hardwood reported
new
orders below production in the week
ended
Jan.
7,
All
1939.
Hemlock
90.7
75.1
regions
but
shipments
reported
Western Pine, Northern Pine
below output.
All regions
and
but
Redwood and Northern Hemlock reported
orders above those of corresponding week of
1938.
All regions except
Southern Pine and Redwood reported shipments above last year, and all
Western
Pine,
Northern
except
Pine,
Hemlock,
Southern
Hardwood
and
Northern
Hardwood
reported production above the 1938 week.
Lumber orders reported for the week ended Jan. 7, 1939, by 431 soft¬
wood mills totaled 147,220,000 feet, or 4% above the production of the
mills.
Shipments
as
reported
for
the same week were
148,125,000
Production was 142,081,000 feet.
Reports from 97 hardwood mills give new business as 8,177,000 feet,
or
7% below production.
Shipments as reported for the same week were
6,634,000 feet, or 25% below production.
Production was 8,795,000 feet.
4% above production.
feet, or
104.1
75.0
93.2
average
preceding holiday week,
Both
large.
103.7
58.2
74.5
-
—
Fresh
as
same
77.8
86.8
Eggs
—
Fruits and vegetables..
week
regional associations covering the operations of
than in the
1929
78.6
Dairy products
of
holiday
Although produc¬
appreciably greater and shipments somewhat less
was
Southern
86.5
-----
of
69%
the
of the 1929 weekly average of
important softwood and hardwood mills.
for Los Angeles.
Other items in the group
Cereals & bakery prod-
Ali foods..
from
tion
Northern
Three-Year Average 192.3-2"—100
13,
during
corresponding holiday week
1929; shipments, about 66% of that week's shipments;
new
orders* about 67% of that week's orders, according
to reports to the National Lumber Manufacturers Associa¬
An increase of 1 cent per
.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY
1938*
about
was
Week
566,000 feet;
dropped 0.8 cent per quart.
Dec.
tion
Holiday
7, 1939
of
than seasonal advance of 713%
change.
Commodity Group—
industry
stood at 46%
production and 49%
between November and December.
quart was reported for Scranton and of 0.6 cent per quart
showed little
lumber
7, 1939,
week
prices have declined by 21.7%
price of fresh milk advanced
The
Jan.
booked
Butter was higher in each of the 51 cities and in 33
the price of butter.
cities
0.4%- for
1.6% higher
lower than a month ago.
0.7%
Beef ad¬
roast.
for every item except sirloin
price increases ranging from
for chuck roast.
and canned salmon was
This increase
8.2% for loin
The price of veal cutlets declined
which fell slightly.
The lamb items showed
f
drop of 4.0% in the cost
The most significant of these
.
higher prices reported
0.7%, with
and round steak,
0.2%
in meat costs was due to a
Price decreases were reported for every item in this sub¬
of pork items.
Movement,
movement of the year.
105.7.
was
bakery products decreased 0.3%
lowest level since December, 1933.
included in the group.
since
1923-25 average.
above the level of December, 1932.
21.3%
The cost of cerals and
ward
of the
Lumber
Ended Jan.
tion
78.6%
was
lower than a year ago when 4he index stood at 82.6.
current index is
below the
Food costs
slightly in 4 cities.
December index for
was
the montn interval.
reported for 29 items and 6 showed no chgnge.
were
in 47 cities and fell
rose
,
of
The retail cost of food advanced
.
Identical
Last
week's
feet, and a year ago it was
146,988,000"feet
feet
and
Mill
Reports
production of 422 identical softwood mills was 141,572,000
and
148,580,000
108,584,000 feet; shipments were, respectively,
feet; and orders received, 146,194,000
In the ease of hardwoods, 82 identical mills
134,935,000
feet.
reported production "last week and a year ago 6,124,000
feet and 7.351,000
Financial
352
5,937,000
3,060,000 feet.
and
feet
feet and 3,765,000 feet, and orders,
5,135,000
shipments,
feet;
Jan. 21,
Chronicle
The
which
data
months
11
first
the
cover
1938
of
in
obtained
were
1937, which requires the Secretary
the Sugar Act of
the administration of
1939
Agriculture to establish quotas for the various sugar producing areas.
of charges against the 1938 sugar quotas during the period
of
The statement
November
Automobile Financing in
January-November
retail financing for November, 1938,
for the 456 organizations amounted to $91,564,965, an
increase of 36.2% when compared
with October, 1938,
a
decrease of 11.4% as compared with November, 1937,
and a decrease of 19.5% as compared with November, 1936.
The volume of wholesale financing for November, 1938,
amounted to $130,677,117, an increase of 104.6% when
"Chronicle"
7,
compared with October, 1938, a decrease of 18.8% com¬
pared with November, 1937, and a decrease of 2.2% as
compared with November, 1936.
The volume of retail automobile receivables outstanding
at the end of November,
1938, as reported by the 224
organizations, amounted to $710,882,434.
These 224 organ¬
izations accounted for 94.1% of the total volume of retail
($91,564,965) reported for that month by the
financing
TABLE
I—RAW
page
REFINERS' STOCKS, RECEIPTS, MELTINGS,
DIRECT CONSUMPTION FOR JANUA Y-
SUGAR:
DELIVERIES
AND
FOR
NOVEMBER, 1938 *
Stocks
7
value)
Meltings
Receipts
2,329
3,752
2,720
10,627
0
695
35,270
19,321
123,678
33,647
63.950
699
876,809
249.316
3,911
100,699
1938
625
843,489
664,408
846,508
247,410
3,911
104,993
Hawaii
28.747
837,815
Puerto Rico
737,209
Philippines
54,296
3,878
Continental.
62,436
on
Nov. 30,
by Fire,
for Direct
&c.
Consumption
1,556,635 1,560,018
Cuba
0
443
89
V-392
o
0
0
0
0
0
6,333
694
0
0
2
201,591 4,363.089 4,271,431
9.636
1,413
282,200
0
Virgin Islands
Other countries.
Misc. (sweepings,&c)
-> Total.._■
Stocks
Lost
Deliveries
on
Jan, 1,
1938
Supply
:
'
(In short tons, raw sugar
Source of
in
[This statement given
on
Dec. 7.
137-138.—Ed.)
released
was
Jan.
of
The dollar volume of
....
■
"
Compiled by the Sugar Division from reports submitted on Forms SS-15A
by 18 companies representing 23 refineries.
The companies are: American Sugar
Refining Co.; Arbuckle Brothers; J. Aron & Co., Inc.; California & Hawaiian Sugar
Refining Corp., Ltd.; Colonial Sugars, Inc.; Godchaux Sugars, Inc.; William Hender¬
*
456
organizations.
Figures of automobile financing for the month of October
were published in the Dec. 31,1938, issue of the "Chronicle,"
page 3977.
.
The following tabulations show the volume of financing
in October and November, and the first 11 months of 1938
1937, and 1936, and the amount of automobile receivables
outstanding at the close of each month, January, 1937, to
November, 1938, inclusive.
These figures are as reported to
the Bureau of the Census of the Department of Commerce.
•
Refining & Molasses Co.; National
Pennsylvania Sugar Co.; Revere
Refining Corp.; Sucrest Corp.;
and Western Sugar Refinery.
Imperial Sugar Co.; W. J. McCahan Sugar
son;
Sugar Refining Co. of New Jersey; Ohio Sugar Co.;
Sugar Refinery; South Coast Corp.; Savannah Sugar
Sterling Sugars, Inc.,
TABLE 2—STOCKS, PRODUCTION. AND DISTRIBUTION OF CANE AND
BEET SUGAR BY UNITED STATES REFINERS AND PROCESSORS,
JANUARY-NOVEMBER, 1938
(In terms of short tons refined sugar as
'.,7;;; -'7/7 777"'
FINANCING
AUTOMOBILE
Initial stocks of refined, Jan.
.
"
Final stocks of refined, Nov. 30, 1938-.
Wholesale
Used and
Financ-
Deliveries
a
Volume
Volume
Volume
in
Number
in
Number
in
b Larger than actual
of
Thou¬
of
Thou¬
through reprocessing, &c.
sand
Cars
sand
Cars
sand
Dollars
Dollars
Dollars
Compiled
sugar factories,
63,869
181,118
67,252
50.332
31,849
130,786
b221,527
91,564
86,448
53,429
135,079
DIRECT-CONSUMPTION
35,403
130,677
,
submitted by refiners and beet
-7 iV
3—STOCKS, RECEIPTS AND DELIVERIES BY IMPORTERS OF
SUGAR FROM SPECIFIED AREAS, JAN¬
TABLE
1938—
November
'
the Sugar Division from reports
by
in transit;
deliveries by a small amount representing losses
in
Thou¬
Cars
38,136
October
against sales for export.
The Department
refined sugar amounted to 56,817 short tons
during the first 11 months,of 1938.
of
Number
Dollars
■
include sugar delivered-
of Commerce reports that exports of
Thousand
1,207,193
J
Unclassified Cars
New Cars
Total
ing
Volume
Month
4,018,275
a4,005.075
368,010
...
Deliveries
1,362,761
5,314,785
5,102,343
1,575,203
1,007,951
1,296,510"
bl,097,268" :
354,810
1, 1938..
Production
Retail Financing
and
Refiners and
Factories
Beet
Factories,
Re finer s
Identical Organizations (a)
Summary for 456
Year
produced)
Domestic Beet
UARY-NOVEMBER, 1938
*
•
(In terms of short tons of refined
sugar)
Total 11 mos.
ended
727,435 458.328 1,651,313 453,116
911,444
827,434 2,378,748
Nov
'
'
'.
,»-7
Stocks
J
'•
Source
1937—
Jan.
of Supply
134,010
-
November
265,553
109,256
105,480
64,612
160.073
44,643
160,947
October
246,806
103,361
98,710
60,882
148,096
42,479
Nov 1,747,697 3,983,803 1,629,986 1,660,227 980,542 2,323,526 649,444
ended
1936—
v
..
75,207
November
133,554
_•
100,086
272,051
60,791
175,661
45,710
124,120
106,501
113,747
275,747
October
73,202
147,931
40,544
Philippines
England
...
1,518,005 3,916,422 1,567,880 1,734,501 1005984 2,181,921 561,896
Nov
Of these organizations, 37
number 39.0%
were new cars,
have discontinued automobile financing,
b Of this
60.4% were used cars, and 0.6% unclassified.
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING
1938
•
1937
$
END OF MONTH
August
September..
October
__
May
904,154,673 1,164,568,870
November..
June
867,737,238 1,217,156,358
December
Statement
sugar.
1,120,226,647
and
porters
others.
issuing the
Division said:
visible
importers
lowed
In
1936,
the
of
value.
raw
0,087,749 tons in
and
factor
Distribution
which
1.059
raw
sugar
during
the
is
during the
in
shown
was
follows:
as
Table
converted
refined
are
of
ratio
to
sugar
value by
produced to
by beet
sugar
short tons
factories,
tion
first
(Table
of
59,992
months
tons
importers,
local
of
(Table
visible
The
by
for
sugar
11
6Ugar
2);
stocks
511,166 short
consumption
1938
was
in
25,741
and for
The
1,097,268 short
sugar
on
hand Nov.
30
were
short tons;
refined
sugar
held
as
by beet factories,
tons, and direct-consumption sugar held by importers
sugar),
81,590
6hort
tons.
2,050,921 short tons as
date last year.
both
include
stocks
Hawaii for the
Rico it was
5),
of
follows:
Raw
years,
raws
of
These stocks,
compared with
Non-quota
cane
converted
1,207,193 short
(in terms of Tefined
to
raw
value, equal
1,663,221 short tons on the eame
and beet sugar stocks, which are included
^constitute practically-all the increase.
Such stocks do not
for
processing held by importers other than refiners," or
sugar
held by continental cane factories.
consumers' requirements of sugar for
made,
will
note
that
the
Secretary
is
directed, to
use
as
the basis
for
tons,
as
raw
value.
Secretary is
next
directed to make allowances for a deficiency or
anticipated changes in consumption
and demand conditions. As of Oct. 31,
1938, the inventories of sugar in the hands of primary distributors (manu¬
facturers and
importers of direct-consumption sugar) were somewhat in
excess
of
the
stocks
in the immediately preceding years.
Since these
particular inventories of sugar fluctuate considerably from year to year,
the amount of any excess stocks, as of Oct. 31, 1938, would depend on
the number of years for which an average was taken as indicative of
normal stocks.
Moreover, the official data on so-called invisible inventories
of sugar
in the hands of secondary distributors (wholesalers, retailers,
and industrial users)
are not yet available for Oct. 31, 1938, and such
data as are available for earlier dates are necessarily incomplete.
You are probably aware of the fact that the preliminary data of 1938
primary distribution show some decline from the 1936 and 1937 levels as a
result of the depressed economic conditions that prevailed during the past
year.
Sincd' experience demonstrates that there is a tendency for the per
capita consumption of sugar to fluctuate with changes in consumers' pur-
arising out of changes in population
Puerto
held by refiners, 282,200 short tons; refined sugar held by refiners,
368,010
in
of
„
letter requesting the Sugar Division of
States Department of Agriculture to explain
surplus in inventories of sugar and for
tons
the Territory
tons,
for 1939
Fol¬
Requirements
determination
short
(deliveries
(Table 3); and by
continental cane sugar mills, 73,382 short tons (Table 4).
These deliveries,
converted to raw value, total 5,979,679 short tons.
The primary distribu¬
tons
Consumers'
the quantity of direct-consumption sugar distributed for
indicated" by official statistics, during the 12-month period
ending Oct. 31 next preceding the calendar year for which the determina¬
tion is being made.
For the 12-month period ending Oct. 31, 1938, the
preliminary official statistics of the Department of Agriculture on sugar
distributed by manufacturers and importers
show a total of 6,425,000
during the period January-Novem¬
3,948,258
was
consumption
raw
sugar
Determining
25,741
59,992
part, follows:
You
his
1936 and 1937.)
year
By refiners,
less exports) ;
2,
in
United States of direct-consumption sugar
in the continental
by manufacturers and importers of
1938,
manufacturers
(The total refiners' deliveries
1935.
1938
Explains Procedure
Agriculture
of
..v---————
Joshua Bernhardt, Chief of the Division,
on Jan.
11 made public the text of a letter detailing the
procedure established by the Sugar Act of 1987. The letter,
value, totaled 6,139,570 short tons in 1937; 6,070,333
consumption
—
response to a
1939
Sugar
deliveries during the same period,
Such
'
._
....
.
how determinatioh of
1
by
direct-consumption, sugar
,
.w———
in
United
the
during the first 11 months of 1938 amounted to
sugar
in terms of raw sugar
domestic
the
statement
,
deliveries
of
5,979,679 short tons,
meltings of
IN
Department
refiners, beet sugar processors, im¬
In
amounted
11 months of 1938.
(Short tons, raw value)
Jan. 10 issued its monthly statistical state¬
covering the first 11 months of 1938, consolidating re¬
cane
...
FROM
SUGAR
Louisiana and Florida mills
In terms of refined sugar, during the first
Territory of Hawaii
Puerto Rico
States Department of
of the United
•
and in customs' custody and control.*
NOVEMBER, 1938
on
ports obtained from
ber,
81,590
•
5—DISTRIBUTION OF SUGAR FOR LOCAL CONSUMPTION
THE
TERRITORY OF HAWAII AND PUERTO RICO
JANUARY-
of Sugar
The Sugar Division
using
511,166
4—DELIVERIES
OF
DIRECT-CONSUMPTION
CONTINENTAL CANE SUGAR MILLS
to 72,382 short tons,
Sugar Statistics for 11 Months of 1938
by Department of Agriculture—Deliveries
Agriculture
in
-
TARLE
Below Year Ago
for
0
901
.
Includes sugar in bond
x
TABLE
of
Issued
tons
28
24,158
533,443
59,313
Deliveries of direct-consumption sugar by
$'
$
838,516,497 1,248,800.302
806,713,720 1,266,953,395
765,892,109 1,253,926.346
721,982.338 1,212,121,145
710,882,434 1,172,679,716
July
February —1,012,305,492 1,019,141,962
March
967,096,723 1,056,017,095
April
932,526,760 1,106,521,475
Total
28
the Sugar Division from reports and Information submitted on
Forms SS-15B and SS-3 by Importers and primary distributors of direct-consumption
'
and
0
526
184
Compiled by
1937
1938
$
1,064,815,488 1,027,526,044
January
ment
0
1,406
6,983
17,631
0
Other foreign areas
IDENTICAL ORGANIZATIONS
BY 224
REPORTED
AS
-
x72,300
mos
ended
a
66,446
342
China and Hongkong
Total
Total 11
13,247
99,282
1938
305,033
13,247
112,584
55,590
346,625
*
14,708
6,127
..
.......
30,
Usage
0
Puerto Rico..
Nov.
or
Receipts
X30.708
Cuba
Hawaii
Total 11 mos.
Stocks on
Deliveries
on
1,
1938
.
.
Volume
chasing
sugar
1939
be
may
with
Financial
and
power,
for
power
148
since
will
be
•
indications
greater
expected
1938.
the
to
than
increase
that
are
it
in
was
somewhat
1938,
during
By taking the foregoing base of 6,425,000 short
then making statistical
allowances, first, by
in
inventories,
expected increase in
which
The
that
in
is
les3
Act
the
supply
the
domestic
than
department,
as
demand
for
above,
supplies
of
If
the
to
past
made
this
total
Act
shall
not
to
necessary
1937
and
to
this
"average
prices to consumers in excess of those
to maintain the domestic industry as a whole."
There has been
substantial expansion of domestic
production during recent years under
the
price
total
conditions
quota
and
6,780,566
allowance"
The
be
than
made
of
United
basis,
and
under
States
the
of
a
for 1939
corresponds
of
give
the
allowances
total
of
consumers
determination
that
These
prevent
maintain
'
Iii
made
was
to
the
domestic
conclusion
You
will
establishes
to
the
minimum additional
"in
consumers
sugar
industry as
letter, states
from
note
6,832,157
have,
however,
been
made
gesting that there has been
an
Thus,
been
of
for
example,
consumption
amount
of
that
the
in
each
to
of sugar or liquid sugar
foreign country, other than Cuba, during
any
experimental purposes, the Sugar Division said.
Hawaiian
Sugar Shipments
Shipments of
tinental
be
place
the
same
stated
that
large
a
1939
year
The
made
1939.
The
in
the
facts
are
the total supply to be allotted
is specified in the Act and that the offshore
the
Cuba,
1938
1937 and 260,000
determination
needs
Wallace
Dec.
aggregating
and
quotas
in
are,
tons less than in
4,818,080
fact,
tons,
Java
335,000
Sugar
tons
Sales
of
of
6,832,157
Reported
tons
of
•
♦
Refined
for
sugar
con¬
ing that
change
Sugar During 11 Months of 1938
exports by
the United
States
refined
to
28,720
50
tons,
with
tons
respectively,
29,991
9,465
different
also
tons,
and
the January-November period of
countries.
being followed
tons,
3,008
exports during
6Ugar
over
The
United
Kingdom
by Panama and Holland with
in
the
previous
headed the. list,
3,122
tons,
while
respectively,
the
season
Colombia
United
and
1938
leads
4,279
with
and
tons
Kingdom,
Holland,
with
followed.
The
retail
price of refined sugar
in
upon
study
a
20 of 43
in
made public
by
the
in
14 countries
remained the
have shown
ered
increased
Jan. 12.
on
countries
nine
decreased,
Seven
of
the
nine
countries
month at
for
recorded
for
those
The
extent
program
countries
which
to
world
average
from
April,
an
countries
raw
sugar,
price-fixing
price
on
The
report
43
recorded
were
is
largely' attributable
according to the study;
or
price control is
of
raw
which price
during
sugar
figures
of
1.36c.
per
were
to
in
the
the
com¬
part of the sugar
a
April,
1938,
1937,
the
month
23%,
to
1.05c.
in
'
is
the
third
of
a
series
of
countries reported
upon
as
annual
studies
of
refined
sugar
of May 1 for the years covered.
in the study account for 85% of the world
7.
been
Naturally,
exported.
It
sharply advanced prices brought
the first
>
announced
by
was
all
the. sugar
further stated
:
week.
Of about
turnover
a
tons
80,000
/
Exports
ago.
from
Java
for
the
first
11
months
of
1938
were
961,224
tons against 1,051,844- tons (1937) and
791,702 tons (1938). . . . During
the first eight months of the crop year, which starts April 1, Java
produced
1,394,945 metric tons which, with a carryover "of 314,454 tons,' meant-
availables
of
leaving
748,723
1,709,399. tons.
tons
stocks
(1936).
During
April,
779,493 tons,
Dec.
International
1
a
702,562
at
"
,
November
total
tons
consumption
was
disappearance of 1,006,837
661,755 tons
vs.
(1937)
and
Changes
in
;
Sugar Council Makes
Existing Quotas
No
The International Sugar Council at its winter meeting in
London, Jan. 13-16, decided that, due to several uncertain
factors,, it is unable to make a revised estimate of require¬
ments and
therefore
change in existing world sugar quotas
governing body of the Inter¬
national Sugar Agreement, composed of 21 sugar-producing
and importing countries.
Regarding the Council's action in
this matter, the following cablegram was received from
London by the New York Coffee and Sugar Exchange,
Inc.:,
was
made.
no
The Council is the
The International
Sugar Coqncil communique states that the Council
considered the statistical position of the first quota year to the end of August,
are mostly offi¬
cial. the requirements of the free market exceeded exports by 77,000 metric
tons.
The
reached
second
that
quota
year
Nemir, Sugar Marketing Specialist, copies of the
then
was
considered
the requirements of the free market,
and
the
likely to exceed 3,150,000 metric tons by
decided, however, that
as
revised
unable
to
make
a
be necessary
was
crops,
substantial amount.
were
It
was
there are.still several uncertain factors, the Council
estimate
change is made in existing quotas.
considered the third
a
conclusion
owing in particular to
large short-falls in the United Kingdom and other European
and it
sugar.
Prepared by Albert S.
have
arid according to figures in the Council's possession, which
compiled, decreased
pound during April,
prices in selected countries of the world
trade in
«
,
decreases
Jan.
011
not yet been
is
average
1938.
The
which
of many countries is indicated by the fact that in 34 out of 43
retail prices either remained unchanged or increased,
although
preceding the date
or
in
tons
Shipments from Java during November were 91,253 tons compared with
95,479 tons in November, 1937, and 88,289 tons in that month two years
import basis for their requirements, and the
an
on
paratively lower cost of
the
an¬
change in price during the three years cov¬
it was stated.
The Commerce Depart¬
price of sugar are
decrease
'
was
by the study,
ment's announcement further reported :
retail
it
Of the 20 countries in which the
price
during the 1937-38 period, 14 countries
same
no
and
1,390,155
announced
Foodstuffs
Division, Department of Commerce, remained unchanged as
of May 1, 1938, compared with May 1,
1937, while prices
nounced
of
227,344 tons and exports
Study of Prices of Refined Sugar in Selected Foreign,
Countries
Issued
by Commerce Department
business in
.
tons,
reported
,
"land office"
a
Early in December Nivas announced that all sales would be halted pend¬
ing a study of the market.
Resumption of selling in the middle of the
during the
50,731 long tons as against
57,970 tons during the similar period of 1937, a decrease
of 7,239 tons, or approximately
12.5%, according to Lamborn
& Co., New York., The firm added:
The
sales
sold has
first 11 months of 1938 totaled
went
•
done
Nivas, Java's single seller, from April 1 to Dec. 18, against
production during that period of 1,394,945 tons, the Ex¬
„
i
12.5% Noted in United States Exports of
sugar
V
.
lias
sugar over the past few months were confirmed by airmail
advices to the New York Coffee and
Sugar Exchange say¬
in
Refined
Tons from April 1 to
Production of
1,394,945 Tons
1936.
17, page 3783.
Decrease of
1,390,155
18* Against
Dec.
are
1939, made by Secretary of Agriculture
Dec.
3, was reported in these columns on
on
con¬
1938
by cable from Sugar Factors,
Ltd., Honolulu and made public the information on Jan. 5.
During last year shipments of raw sugar to the East Coast
Reports that Java
sumers'
to
of
604,535 the
previous year.
Refined shipments, all to the West Coast,
aggregated 11,341 tons vs. 9,750 in 1937, the Exchange
reported.
determination
been
in
sug¬
by the Secretary.
power
has
increase
sugar from the Hawaiian Islands
States during the calendar
United
1938
of the United States totaled
297,975 tons vs. 349,595 in 1937
while to the West Coast went
570,081 tbns vs.
state¬
determination
under the
be admitted
can
including
as
the
to
in
totaled 879,397 short tons against
963,880 tons during 1937,
decrease of 84,483 tons or
8.76%, the New York Coffee
& Sugar Exchange learned
necessary
Erroneous and misleading
reBpeet
States
8.76%
percentage of
grea
1939,
with
United
to
Decreased
•
arbitrary exercise of
which
sugar
producing
for
the
than in
has
requirements
first
sugar
practically
less
it
offshore
quotas
sugar
10 tons, raw value,
a
*
:
tons, raw
or
whole."
a
10
the
"additional
those
the first
to
or
tons
the
complied with in the 1939 determination.
ments
-of
500,000
54,008,000
the
of
allowance would
excess
53,508,000
-
the calendar year 1939 for
religious, sacramental, educational,
foregoing explanation that the Sugar Act
procedure and certain standards which have been
definite
a
this
that
prices
-
Total
in addition
are
sugar
and the first
t
determination
w
imported from
1935 and 1936 ; it is also the 6ame, on a per capita
determination for 1938.
It was believed at the time the
the
sufficient
to
quotas
the two years
as
_
reserve
liquid sugar imported from any foreign
country, other than Cuba/ during the calendar year 1939
capita basis to the average consump¬
per
8,881,104
379,399
313,763
less
in
sugar
to
of
Sub-total
Unallotted
362,342
value, of
shall
be
supply
Salvador
126
of
1937,
"additional
gives effect to the minimum
a
on
additional
consumption equal
The
in
tons
an
12,024,728
United Kingdom
Venezuela
189
Guatemala
•
such
to
capita
per
1935-36."
determinations
circumstances
amount
required
sugar
period
amount
will
the
7,042,733
1936,
these
•
the
event
by the Secretary
of
in
Under
1938.
that
no
two-year
allowance"
tion
in
quantity
continental
average
obtained
tons
required.
provides
"that
the
have
6,812,687
in
tons
is
Act
such
which
supplies of
Peru
7
France
Germany..
235,716
11,058,456
Nicaragua
22,285
284,875
7,214,858
228,704
Czechoslovakia
4,337
6,526,095
Netherlands
289
Dominican RepublicDutch East Indies.
Dutch West Indies
the
1,895
Japan
Mexico
610,433
311,721
Costa Rica
1939
by
available
data
to
for
1938
997,126
3,713,814
Italy
28
China and Hongkong
result
maintain
(Raw Value)
Honduras
1,295
Canada,
necessary
a
221
318,423
British Malaya
"so
Country—
"
Haiti, Republic of-
15.771
Brazil
years.
base
quota supplies
for
according
the
Pounds
(Raw Value)
Belgium
be obtained
several
to
the
cover
Country—
Argentina.
Australia
Colombia
those
supplies
result,
the
be
under
excess
quota
the
for
:
estimated
an
amount
an
available
Pounds
tons of sugar, raw value,
deducting
353
allotted to these full
duty countries total 27,007 short tons.
Allotments to individual
countries, expressed in pounds,
follow:
compared
as
net figure will
a
allowances"
whole."
a
total
be
adding
in
consumers
the
would
by
quota
made
sugar
to
indicated
amount
total
"additional
industry
smaller
were
of
second
capita consumption,
the
that
prices
average
and
per
than
provides
the
1939
Chronicle
purchasing
.
and
surplus
consumers'
of
requirements and
therefore
no
At the end of the meeting the Council
quota year and it was agreed that adjustments would
in order to make them
balance with probable requirements
resolved to meet again to make necessary adjustments in ample
time before the
beginning of the third quota
year.
report may be had at 10c. each upon application to the Bureau of Foreign
and
Domestic
Bureau
Commerce,
Washington,
located in commercial
centers
D.
in
C.,
or
any
district office of the
the United States.
Allotment of 1939 Sugar Quotas for Foreign Countries
Other Than Cuba
The
Improved
Consummer Demand for Farm Products
Reported by Bureau of Agricultural Economics
Improvement in consumer demand for farm products was
on Dec. 15 by the Bureau of Agricultural Eco¬
reported
nomics,
United
States
Sugar Division of the Department of Agriculture an¬
on Jan. 3, the 1939 sugar
quotas for foreign coun¬
tries, other than Cuba, fixed in General Sugar Quota Regu¬
lations, Series 6 No. 1, issued Dec. 23, 1938.
mand
Department
of
Agriculture.
Basis
is the rise in industrial
nounced
The quotas
activity and in consumer purchasing
power in recent months.
The Bureau said "it is probable
that there will be continued improvement in consumer de¬
during
the
next
few
months,
even
if
there
is
no
.
Financial
354
explained in the
be
"the
said
Bureau
A marked pickup in building
general improvement in the
goods.
consumer
the estimate of the value of farm
home consumption. This was estimated
$1,250,000,000 in August.
Gross farm income in 1938, which includes
cash income from farm marketings, Government payments to farmers, and
the value of goods consumed by the farm family, is now estimated by the
Bureau
at
$8,875,000,000 compared with $10,003,000,000 in 1937 and
products retained on the farm for
at
activity was cited, but the
business situation has not
capital goods."
industrial activity in
stated that "operations in the automobile and steel
been reflected in any large expansion of other
Discussing the possibility of a slowing down of
yet
coming months, it was
"little
that
or
further
no
increase
The
of uncertainty," with the fall in the value
"the most striking development in the past month."
October
'
farmers were
States
truck
potatoes,
Exports of
American
low."
cotton
V
the
continued
December;
rise
the
was
in
part
There was
of Agricultural
tenants, sharecroppers and laborers
November totaled $48,000,000 compared with
November last year. Total cash
payments this November is esti¬
mated at $708,000,000.
This is'16% less t®an the $839,000,000 estimated
/or October, hut is only 1% smaller than the $716,000,000 received by
obtained funds to
additional $804 for repairs and
improvements to the property.
Incidental expenses such as
legal fees, land appraisal and mortgage recording costs
absorbed the balance of the loan as well as an average of
the
For
first
'
1937.
November,
of
months
11
1938
•
.
cash
income,
including Government
than the $7,798,payments in the
$443,000,000, or 24%
than the $358,000,000 reported for the same months of.last year.
7
Receipts from farm marketings in November were 15% less than the
$777,000,000 estimated for October.
Income from crop sales was 30% less
than for October, but the reduction was partially offset by 6% larger
payments,
in
000,000
itself, using an
$42 invested by each borrower.
The full text of the Act
was given in our issue of July 24, 1937, page 665.
An an¬
nouncement issued by the Department of Agriculture bear¬
in
farmers
loan to finance the farm purchase, it'was stated,
$4,890, but the average borrower spent only $4,077 for
farm
payments in
Government
$62,000,000 in October and $3,000,000 in
income from marketings and Government
average
the
for the
Bureau
continued:
of loans made during the first year's operation
Bankhead-Jones'Farm Tenant Act showing that 1,885
buy farms of their own, averaging 130 acres each, was an¬
nounced Dec. 7 by the Farm Security Administration.
The
was
of
first
000,000, or 13% less than the $7,440,000,000 reported
same months last year.
An announcement by the
of
survey
farm
7.'
farm products in November
$600,000,000,
ment
.
Income 13% Below
Months'
it was estimated on Dec. 22 by the
Economics, United States Depart¬
Agriculture.
Receipts from farm marketings in
11 months of this year are estimated at $6,463,-
totaled
Bureau
•
Operations Under Bankhead-Jones Farm
Act—1,885
Loans
to
Purchase Farms
Averaging 130 Acres Made in First Year
of the
;.
7-...y: '-7.:;
,
from sales of
income
Cash
.
Tenant
A
Year-
Last
the
Survey
.
,
Economics—-11
tural
to
in the flaxseed situation.
Feed grain -prices
advanced, affected by the 1938 Government loan on corn, improvement in
business conditions, and colder weather, which has stimulated feeding of
livestock in the Mid-West.
earlier.
from
1937 to 1938
Cash
prices during
improvement
general
some
income
,
from
Receipts from Farm Marketings" in November
Estimated at $660,000,000 by Bureau of Agricul¬
"exceptionally
prices advanced with the rise in foreign
of
this source in 1937.
Thj
from grains and from
77% and 78%, respec¬
from
received
$3,871,000,000
had anticipated.
foreign countries continue
also attributed
unfavorable moisture conditions for winter wheat.
half
first
so
declines in cash income from crops are
and vegetables, which are expected to total
.
wheat
Domestic
than the trade, apparently
be
livestock and livestock products has declined much
than the cash income from crops, apd is expected
to
total about $4,025,000,000, or 92% of the income from this sourc*
in 1937.
The improvement in demand for meat animals in recent months,
together with the stabilization of dairy product, prices through purchase
of butter by the Federal Surplus Commodities Corporation and the Dairv
Products Marketing-Association, largely accounts for the increased incomethat estimated in.August.
,
:
less
developments in the demand situation for"
to
expected to
is
to total about $50,000,000, compared with $367,total cash farm income, including Government pay¬
probably will be. only about 11% smaller than in 1937.
estimated receipts of $3,100,000,000 from crops in 1938 are only
Cash
crops,
during recent weeks, but that
cotton have'been less favorable
1938
in
expected
1937,
in
tively, of a year
reported as getting higher prices for grains,
and dairy products during the past month,
compared with a month earlier, but lower prices for cotton, tobacco, hogs,
and some other products.
Declines about offset the gains in the Bureau's
farm price index, which was tentatively estimated at 94% of pre-war in
in id-December,
The index for December, 1937, was 104.
The Bureau said the continued large movement of American cotton into
Government loan stocks has been an important price strengthening factor
fruits,
to
are
cf 'the
fruits
exports-of cotton.
decline was principally in
The
1936.
United
marketings
greatest
compared with 82% in October, 1937, and 74%
ing at 62% of pre-war as
in
The
80%
October stand¬
"disappointing," the quantity index for
were
ments,
farm
For each major group of farm products, income
be lower than in 1937.
Government payments in 1938,
of last year.
estimated
000,000
of the pound sterling
United States exports
seasonally heavy months of September
agricultural products during the
and
is
,
all
from
income
however,
continuation of "an unusual
degree
of
Cash
about 87%
in these important lines can be looked
during the next several months."
Bureau sees in the foreign 'situation
for
$5,284,000,000 in 1932.
approaching the limit of immediate expansion";
industries show evidence of
"Chronicle" of Sept. 3, page
the
given in
was
change was made by the Bureau in
No
half of 1938 was said
of automobiles, textiles and other
result of increases in the output
a
estimate
21
Aug.
1406.—Ed.)
in industrial production in the last
The sharp rise
to
(The
industrial activity."
It was further
department's announcement of Dec. 15:
increase in
additional
1939
21,
Jan.
Chronicle
is estimated at $6,906,000,000, or 11% less
the same months last year.
Government
.
January-November
period
this
year
have totaled
more
.
income
from
sales of
livestock"and livestock products.
,
wheat and' cotton, on
which
Credit Corporation, the
ing on the survey also had the following to say :
receipts from loans'is considered as income, in the month the loan is secured.
The Farm Security Administration survey of the first year's loans showed
If at the time the loan is repaid the farm price is in excess of the loan,
that because of the great differences in land costs and farming methods '
including all costs of the loan, the balance will be added to the income
as between various regions,'the
cost of family-sized farms during the first
of farmers in that month.
The effect of this procedure is to increase the
year was almost triple in some States what it was in others.
Size of
farms purchased shovved'an even greater-disparity.
'
V
i cash income .from these crops, in the earlier months of the marketing year,
and this leaves less than the usual quantities of these products available
The average furm purchased in California, for instance, where irrigation
.for sales or loans in the later months of the marketing season.
While
farming is widely practiced, was only 38 acres, while in North Dakota,
this affects the distribution of income from these commodities during the
where a bigger farm is necessary to support a family, the average was 528
acres.
The smaller farm in California, however, cost an average of $7,626,
crop year it will hot affect the total amount of- income received unless
the loan is greater than the amount which could be received by marketing
while the greater acreage in North Dakota was acquired for an average
income from marketings of corn,
loans arc secured through the Commodity
In
figuring
.
price of $5,558.
them
,
the
had
Florida
lowest
average
farm
cost,
except for a
few scattered
In Florida farms averaging 103 acres
were bought
at an average cost of $2,234.
The highest priced farms were
in Illinois, where is cost $8,744, on -the average, to acquire a farm of 140
farms
purchased in
New England.
7
acres.
.
Congress appropriated
$10,000,000 under the Act for the
It author¬
$25,000,000 for the current fiscal year, which Farm
Security officials estimate will provide for almost 5,000
additional purchase loans.
The primary purpose of the law,
it is noted, is to enable farm tenants, sharecroppers and
agricultural laborers to buy farms of sufficient size and
quality, so that they can-provide an adequate living for
first
year
of operation,, v^hich ended last
July.
ized
"
themselves and their families.
„
market
at
prices during the year.
income in November was about the usual
After adjustment for usual seasonal change
the index of receipts from farm marketings decreased from 68% of the
1924-29 average in October to 67% in November.
: ,.v
v
.
The decline of 30% in income from crop sales from October to November
was more than the usual'seasonal decline.
Income from corn increased more
15%
The
seasonal
decrease
change from
than seasonally and
ip cash
October.'
lint, and vegetables
receipts from wheat, cotton
declined
from cottonseed, tobacco,
and
receipts from most other
crops
caused total crop sales after seasonal adjustment to decline from
56.5% of the 1924-29 average in October to 51.0% in November.
The 6% increase in income from sales of livestock and livestock prod¬
ucts was more than the usual seasonal increase from these commodities.
Receipts from' all .livestock products, except dairy, Were larger than a
year earlier, with hogs and chickens showing the largest increase.
less
usual, but the sharp drop in income
fruit, together with moderate declines in
than
/
__—
Products—A. P. I. Executive Optimis¬
tic on 1939 Outlook—Texas Seeks Higher Prices on
Seized Oil—Daily Crude Production Nears Market
Estimate—Petroleum Stocks Decline—Mexico De¬
nies Oil Concession to Japan—1938 World Crude
Petroleum and Its
Cash Farm Income for 1938 Estimated at $7,625,000,000,
Agricultural Economics—
According to Bureau of
Decline of
cash
The
and from
income
Dec.
States
come
2
in
from
the
marketed in 1938
expected to total about
farm products
Government payments is
$7,625,000,000,
United
11% from $8,600,000,000 Received in 1937
Bureau
Department
of
of
making preliminary
Agricultural
Agriculture, reported on
estimates of cash farm in¬
1938, by groups of commodities.
in
Economics,
This is a decline
11% from the $S,600,000,000 received by farmers in 1937,
and
is accounted for by an estimated
drop of 20% in
of
receipts from sales of
Government payments
have been larger this year.
The 1938 income also compares
with $7,944,000,000 received in 1936, and with the low of
$4,328,000,000 in 1932.
The Bureau further reported:
receipts from crops and of 8% in
and livestock products.
livestock
The
increase
estimate
to
be
of
due
incomes
of
of
$125,000,000
in this year's cash
farm income over the
$7,500,000,000 made on Aug. 21 was explained by
largely
to
industrial
chiefly in income from
the marked
workers.
the Bureau
increase in industrial activity and in
improvement has been reflected
This
meat'animals and from dairy and poultry
products.
Output Lower—February
Oil Estimate Lower
the petroleum industry enter the new year
on a comparatively sound basis but continuation of the cur¬
rent trend toward curtailment of production to hold output
of crude oil in line with actual market demand would mean
stable conditions throughout the current year in the opinion
of Fred Van Covern, director of statistics, American Pe¬
Not only does
troleum Institute.
While the
industry's statistical position
is in many respects
extremely strong, the trade group executive held, this
strength is offset in part by a generally weak economic
situation
with
continuance
of
this
"zone
of confusion"
dependent "upon whether the industry consolidates the gains
that could ensue from its present fairly well liquidated
position and to what extent gasoline
during the present winter season."
inventories are built up
Volume
While Mr. Van Covern forecast
a
moderate increase incon-
sumption of motor fuel during the present winter and also
for 1939, as a whole, he warned against over-confidence,
pointing out that the overall gain will not be such as to justify *
the continuance of refinery operations with crude runs to
stills at a rate which, during the final quarter of 1938 ''average
approximately 100,000 barrels per day greater than runs to
for the winter period indicate as economically desirable."
The suggestion was advanced by the A.P.I, executive that
refiners would find it good operating' practice to build up
inventories of light fuel oils in the summer, when meeting
the
peak demand for motor fuel, ''thereby making un¬
produce them as currently required with the
resultant uneeonomically large production of gasoline" during
necessary to
the winter.
.
>
In
commenting
upon
the crude, oil inventory situation,
Mr. Van Covern held
that*reconsideration of the amount
of
carried
crude
oil
above ground is necessary
of wells, greater potentialities
to produce," and a gain in known reserves.
He reported
current crude oil holdings of around 270,000,000 barrels
are the lowest since 1922, and suggested that, in the light of
new
developments, "minimum economic requirements at
this time and under present conditions approximate 225,000,because
reserves
of increased drilling
000 barrels."
"The
.v;,
present minimum economic requirements of
crude
oil in
operating facilities and as a contingent reserve above
ground, is, of course, a condition which probably never will
be realized at any given date," he continued.
"As in the
case of gasoline, it is at best a theoretical, minimum figure
and it would appear that actual operating levels, while
tending to recede toward the figure over a period of time
will, under the varying conditions of supply and demand and
other current necessities and contingencies, assume an actual
operating level at a somewhat higher level."
Attorney-General Gerald C. Mann, of Texas, has ordered
sales of all crude oil seized by the State for violation of
production regulations held up indefinitely until the Texas
Legislature enacts new legislation which would enable the
State to receive higher prices for this crude.
"I am going to
hold up sale until I find out if we can work out a method to
see if it can be sold as nearly as possible what it is worth,"
Mr. Mann said.
"It will be held rather than sell 35-gravity
oil for 18 cents a barrel.
Something is wrong somewhere
when 75-cent oil is sold for 18 cents, and
there to bid for it."
•1
only
one person
!
is
reflecting the seasonal gain in demand fdr home-heating oils.
Stocks of gas and fuel oils during the sedond week of the new
year showed
the sharpest decline tliis season, dropping
2,363,000 barrels to a total of 142,460,000 barrels, according
the American Petroleum
to
Institute.
A
sharp rise in refinery operations, contra-seasonal in
nature, brought about a sharp expansion in stocks of finished
and unfinished gasoline during the Jan. 14 period, the report
also disclosed.
Inventories
were
up
934,000 barrels to
73,752,000 barrels. A year ago at this time, stocks were
81,000,000 barrels and had risen to a record high of around
93,000,000 barrels by March. The industry's leaders hope
that expansion between now and March will be held under
10,000,000 barrels.
Refinery operations were up 1.1%, rising to 79.3% of
capacity, against 78.2% of capacity in the previous week,
the American Petroleum Institute reported.
Daily average
of crude
runs
barrels.
to
stills spurted 90,000
33,400,000 barrels by the United States Bureau of Mines,
increase of 5% over the like month a year ago.
The
estimated increase, the Bureau stated, was due to the im¬
proved business conditions and the long-time upward trend in
an
motor fuel demand per
vehicle.
' '
Prices in the major refined products were steady for both
gasoline and fuel oils with the exception of Philadelphia.
„
,
The
Quaker City witnessed the outbreak of another gasoline
war on Jan. 18 which gave indications of spreading at
press time.
Prices had" dipped to 13^ cents a gallon at
many stations, against the regular price of 15P2 cents.
price
changes follow:
Representative price
Jan.
prices of gasoline to 13 % cents
gallon, off 2 cents.
a
U, S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—•
'
'
Other Cities—
New York-
Texas— -A
Stand; Oil N. J.-$.07%
I Socony-Vacuum.
.07%
Tide Water Oil Co .08%
Gulf
_
RlchfiledOil(Cal.)
Shell
Chicago
A -1.07%
.08%
Eastern
New
Orleans.
.07 %
....
Gulf
ports
—
$.05
-.05%
.06%-.07
.05%
.04%-.04%
.
Tulsa.J.
.07%
Warner-Quinlan..
i~
-
,
.07%
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
$.04
I.North Texas
New York—
(Bayonne)..
$.04%
_
I
Los Angeles..
N. Y.
|Tulsa
.03%-.04
Terminal
New Orleans OA.
California 24 plus D
(Bayonne)—
$0.90
0.95
$1.00-1.25 Phlla.., Bunker C
$0.95
Diesel...
Orleans.$.05%-.05%
New
i
.03%-l:05t
Fuel Oil, F.O.B. Refinery or
1.75
a
3,270,600 barrels total shown in the estimated
daily market demand forecast for January issued by the
United States Bureau of Mines.
Oklahoma production was
up 18,250 barrels to 420,950; Kansas up 15,150 barrels to
152,300; California up 4,900 barrels to 629,600 and Louisiana
up 4,500 barrels to 266,450 barrels.
Texas was off 17,600
barrels to a daily average'of 1*275,300 barrels.
A sharp decline in holdings of domestic crude oil during the
initial week of January brought about a net decline in in¬
ventories of domestic and foreign crude oil held in the United
States of 699,000 barrels to a total of 272,325,000 barrels,'
the United States Bureau of Mines reported.
An increase of
67,000 barrels in holdings of imported crude was more than
offset by a break of 766,000 barrels in stocks of domestic
.crude.
•
'
:
"President Lazaro Cardenas has authorized an unequivocal
denial of rumors that Mexico has granted, Japan a petroleum
concession on the Isthmus of Tehuantepee, V. M. Toledano,
leader of the Confederation of Mexican Workers said today,"
a United Press dispatch from Mexico City on Jan.
15 re¬
ported. "President Cardenas has reiterated his intention to
fight for democracy and give preference to democratic na¬
tions in the sale of petroleum.
Furthermore, no foreigners
Of any nationality hereafter
will receive any petroleum
.
.
.
F.O.B. Pefinery or Terminal
Gas Oil,
N. Y. (Bayonne)—
27 plus.
$.04%
crude
Brooklyn
$. 159
New York195 I Newark
z
z
.195|Boston
...
Natural
daily
Gasoline
demand for crude oil during February at
off 1.5% from the January forecast and
;
'
average
3,220,000 barrels,
4% below actual
crude oil price
Prices of Typical
Statistics
per
increased.
.
Stocks
'•
at
refineries and
plants and terminals decreased
43,218,000 gallons in November, or from 284,382,000 gallons
the first of the month to 241,164,000 gallons on November
Most of the decline
30.
terminals.
was
in stocks at the plants and
'
•
Bradford, Pa
Lima (Ohio Oil Co.)
..$1.80
1.25
________
..
.97
Barrel at Weils
Production
Nov. 30, 1938
Illinois-..-..--
1.25
Western Kentucky
1.20
Mid-Cont't., Okla., 40 and above.-
1.02
1.25
.75
Rodessa, Ark.. 40 and above..-—
Smackover, Ark., 24 and over
Jan. to
Oct.,
Yoo,,
Nov.,
At
1938
1938
1937
Refin¬
$1.05
1.02
Rusk, Texas, 40 and over
...
1.09
.-.A 7.82
Sunburst, Mont..—_ 1.22
Huntington, Calif
30 and over— 1.24
Kettleman Hills, 39 and over
1,25
Petrolia, Canada..
2.15
Michigan crude.—
-
---
-
-
1
MOTOR
FUEL
-—-
REFLECTING
OPERATIONS
INVENTORIES ALSO
SPURT-
RISE—MARKETS
ARE
STEADY
pickup in industry during the past month has added
to the drain upon stocks of gas and fuel oils
momentum
minals"
Plants
& Ter¬
eries
minals
3,990
5", 589
462
4,787
714
4,242
316
3,570
399
1,638
16,352
1,848
24,005
60,006
1,000
867
7",896
5",208
71,896
7,299
7,375
78,762
96,900
84
3,975
84
2,088
2,398
22,028
10,200
420
280
210
790
4,956
1,264
2,545 123,732
2,158
55,493
Texas
2,898
68,300
72,313
7,612
56,460 608,535 569,200 120,624
7,144
55,540
California
98,278
4,412
277
178,248 183,750 1930824 1882398 139,356 101,808 147,000 137,382
5,636
5,927
5,781
5,942
Total (thousands
of barrels)
4,244
4,375
45,972
44,819
141
141
138
3,318
2,424
3,500
3,271
134
Dally avge.
.,
REFINED PRODUCTS—FUEL OIL STOCKS SLUMP,
DRAINS—REFINERY
At
At
Refin¬
64",800
5~, 564
*171
5.044
Kansas
1938
11,200
11,449
1,215
41,167 430,683 449,000
51,900
4,737 48,621
57,222 598,427 .560,898
6,573
37.896
Oklahoma
& Ter¬
3,780
Daily
Average
Crude
Ended Jan. 14,
SEASONAL
Plants
eries
Appalachian
111., Mich., Ky__
Oct. 31,
At
Jan. to
Nov.,
1938
'
Stocks
.
1
Daily avge.
...
GASOLINE
(In Thousands of Gallons)
Total
Eldorado, Ark., 40—
Darst Creek..
•
PRODUCTION AND STOCKS OF NATURAL
.
Rocky Mountain
-
(All gravities where A. P. I. degrees are not shown)
Corning, Pa
November, 1938
for
Louisiana..
changes.
Crude
135-.15
Arkansas
production of crude oil in the comparable 1938 period.
were no
I Philadelphia
production
average
East coast...
#
$.17
Buffalo
i
.185
;
of natural gasoline for
November, 1938 was 5,942,000 gallons, according to a re¬
port prepared by the Bureau of Mines for Harold L. Ickes,
Secretary of the Interior.
This is 15,000 gallons above the
average for October but 35,000 gallons below that for Novem¬
ber, 1937.
The outstanding changes occurred in Oklahoma
City, East Texas, Osage County and Seminole which de¬
creased, and in the Panhandle and Kettleman Hills which
The
production, reflecting the wide-spread
curtailment efforts in major production centers in the United
States, was off 3.4% during 1938 as compared with theprevious, year, totaling 271,362,000 metric tons, according to
daily
...
Not including 2% city sales tax.
oil
The United States Bureau of Mines estimated
I
..$.053
Gasoline, Service Station, Tax Included
z
.
the Petroleum Press Service.
$.02%-.03
I Tulsa-.-'.
.Chicago—
I
28-30 D
concessions."
The
.
18—Many service stations operating in the Philadelphia area shaded
Bunker C
tance of the
There
placed
at
,
World
barrels to 3,260,000
Production of gasoline during the week of Jan. 14
of 9,576,000 barrels was up 227,000 barrels.
Domestic motor fuel demand during February was
.
sharp break in production in'Texas, the daily
average output for the nation for the week ended Dec; 14
rose
28,700 *..barrels to 3,243,600 barrels, the American
Petroleum Institute disclosed.
This is within striking dis¬
Despite
355
Chronicle
Financial
148
The
American
Oil
Production
During Week
Barrels
1939, Placed at 3,243,600
Petroleum
Institute
estimates that
the
crude oil production for the week ended
Jan. 14, 1939, was 3,243,600 barrels.
This was a gain of
28,700 barrels over the output of the previous week, and the
current week's figure was below the 3,270,600 barrels cal¬
culated by the United States Department of the Interior
daily
average gross
Financial
356
producing States during January.
Daily average produc¬
tion for the four weeks ended Jan. 14, 1939, is estimated at
coal and anthracite combined shows
a
week ended Jan. 14 totaled 855,000 barrels,
barrels, compared with a daily average of 84,714
daily average of 122,143
7 and 148,679 barrels daily for the four
barrels for the week ended Jan.
14.
weeks ended Jan.
Receipts of California oil at Atlantic and
barrels,
14 totaled 71,000
ended Jan.
Gulf Coast ports for the week
daily average of 10,143. barrels,
a
in Pennsylvania
amounted to 915,000 tons, or
183,000 tons per day for the five working days of the week.
In comparison -with the daily rate of output obtained in
the week of Dec. 31, 1938—also a five-day week—there
was a decrease of nearly 8%.
Compared with the 6-day
week of Jan. 8, 1938 there was an increase of 33%.
for the
week ending Jan. 7
V
weeks ended Jan., 14.
(In Thousands of Net
Reports received from refining companies owning 85.8% of the 4,268,000
estimated daily potential refining capacity of the United States,
i
whole ran to stills, on a Bureau of Mines
pipe linos as of the end of the week, 73,752,000 barrels of finished and un¬
27,621,000 barrels of gas and distillate fuel oil, and 114,-
84.9% of the total daily
Total gasoline production by companies owning
refinery capacity of the country amounted to 9,576,000 barrels.
The complete report
for the week ended Jan. 14, 1939 follows in detail:
DAILY AVERAGE CRUDE
Dec. 31
■;
,.
Jan. 8
1939
1938
1938
1938-39 1937-38 1929-30
Bituminous Coal a—:
1,708
1,340
1,129
1,199
convenience the
production of lignite and semi-anthracite, and anthracite outside of Pennsylvania,
b Average based on 5.1 working days,
c Sum of 40 full weeks ended Jan. 7, 1939,
of historical comparison and statistical
Includes for purposes
a
corresponding 40 weeks of 1938 and 1929.
and
OIL PRODUCTION
(Figures In Barrels)
.
.
PENNSYLVANIA
OF
PRODUCTION
ESTIMATED
*
bl,480
Daily average
6,115 264,218 313,363 400,529
7,872
1,574
7,550
Total, Including mine fuel
" •
839,000 barrels of heavy fuel oils.
-
in
companies had in storage at refineries, bulk terminals, in transit and
finished gasoline:
\
■
Coal Year to Date c
Jan. 7
and that all
basis, 3,260,000 barrels of crude oil daily during the week,
Tons)
Week Ended
barrel
indicate that the industry as a
SOFT COAL
ESTIMATED^UNITED STATES PRODUCTION OF
7
compared with a daily average of 9,857 barrels for the week ended Jan.
and 13,643 barrels for the four
decline of 16.2%.
its current coal
a
Bureau of Mines in
States
report stated that production of anthracite
reported by the Institute follow:
as
States ports for the
United
The
Imports of petroleum for domestic use and receipts in bond at principal
United
Production of bituminous
corresponding period of 1937-38.
3,278,850 barrels.
The daily average output for the week
Jan. 15, 1938, totaled 3,476,900 barrels.
Further
ended
details
Jan. 21, 1939
duction of soft coal in the present coal year to date (April 1,
1938—Jan. 7, 1939) indicates a decline of 15.7% from the
total of the restrictions imposed by the various oil-
to be the
Chronicle
ANTHRACITE AND
BEEHIVE COKE
(In Net Tons)
a
Four
B. of M.
Calcu¬
Week
Stale
Ended
lated
Allowable
Ended
from
acquire¬
Jan. 1
Jan. 14
Previous
1939
Week
ments
Week
Weeks
Change
Week Ended
Ended
Jan. 15
14
Jan.
"
1938
1939
31
Dec.
Jan. 7
1938
1939
1938-
1938
1939
Calendar Year to Dale
,
Jan. 8
1929
c
c
(Jan.)
Oklahoma.
499,700
428,000
420.950 + 18,250
i417,350
543,600
Kansas-..,
153,900
153,900
152,300 + 15,150
148,900
180,200
55,850 —14,100
+-150
79,700
Panhandle Texas
North Texas
West
Centra! Texas..
30,000
East Central
—200
32,200
■
915,000
183,000
751.000 1,138,000
227,600
150,200
Commercial productlon.b.. 869,000 944,000 783,000
869,000
713,000 1,056,000
Beehive Coke—
Daily average
198,900
87,300
.....
492,250
1,332,900 bl735600 1,275,300
Texas...
26,200
16,900
2,817
4,367
239,050
of
198,100
a
—
74,450
192,000
—
Coastal Louisiana
+2,700
70,650
79,1500
+ 1,800
190,550
170,100
(In Thousands of Net Tons)
,
241,900
251,340
266,450
+ 4,500
261,200
249,600
Arkansas....:..,,.....
49,000
d52,000
50,950
+ 400
50,300
86,100
135,000
—2,000
Total Louisiana
'
■J.:" y
'
Week Ended
V
Dec.
State
31
Dec.
135,650 I 133,550
1938 p
■
Eastern (not incl.
railroad carloadlngs and river ship¬
reports from dis¬
from the operators.)
subject to revision on receipt of monthly tonnage
are
trict and State sources or of final annual returns
41,050
Illinois
ments and
BY STATES
PRODUCTION OF COAL,
WEEKLY
17,600 1,327,100 1,389,500
(The current weekly estimates are based on
North Louisiana
103,100
17,183
26,200
4,367
operations,
240,700
■
ESTIMATED
Total
17,600
3,520
Includes washery and dredge coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
c Adjusted to make comparable the number
working days in the three years.
96,200
390,450
216,300
231,300
211,500
+550
372,000
Southwest Texas
16,900
2,817
United States total
+ 50
'East Texas
Coastal Texas
30,400
209,900
,
Total, lncl. colliery fuel.a.. 915,000 994,000 824,000
183,000 198,000 137,300
Dally average
—3,800
91,350
Texas..
79,600
+ 50
203,600
West Texas
69,450
72,250
63,550
Pennsylvania Anthracite—
92,900
96,400
—750
94,350
Michigan
47,400
51,800
+ 5,900
48,150
Wyoming.;
48,000
—700
48,300
50,200
Alaska
Montana
11,900
14,350
+ 600
13,250
13,850
Alabama..'
Colroado
3,900
4,100
+50
3,950
4,550
Jan. 1
1938 p
Jan. 2
1938
24
1937
r
r
Avge.
Dec. 28
1929
1923
e
50,450
66,800
Dec.
111.).
New Mexico
95,800
Total east of Calif.
100,800
107,150
98,500
98,400
2,614,000 +23,800 2,647,000 2,763,700
631,850
713,200
629,600
+4,900
2,682,200
California
.
...
C605.000
;•
•
.
+
'
.
2
240
3.270,600
3.243.600
+ 28.700 3,278 850 3.476.900
Note—The figures Indicated above do not Include any estimate
might have
These
been surreptitiously
oil which
any
produced.
are
the Bureau's estimated requirements to determine the amount
of new crude to be
produced.
b Base allowable effective Jan. 1.
downs
are
With the exception of Sunday, Jan. 29, shut¬
ordered for all Saturdays and Sundays during January.
basic 7-day
allowable for week ended
Saturday
Calculated net
Jan. 7, approximately
morning,
1,250,000 barrels dally.
■
-
1
1
1,182
1,116
948
1,144
1,309
377
406
398
388
387
95
94
80
80
92
172
164
200
155
695
670
492
202
204
,25
Indiana...-
Recommendation of Central Committee of California Oil Producers,
c
d This is the December allowable.
GASOLINE AND
GAS AND
31
—
Missouri
—
Western
OJL WEEK
ENDED JAN.
14,
1939
Crude Runs
to
Capacity
Stocks of
'
Stills
Finished
Reporting
Rate
■'
East Coast..
P.
Nap'lha
Fuel
ated
age
C.
and
Terms.,
fineries
&c.
Distil.
Oil
C.
159
550
584
165
238
204
21
37
37
37
9
14
12
21
Montana..
63
74
53
New Mexico.....—
28
29
28
43
43
56
North and South Dakota
69
71
59
56
842
827
405
425
238
483
416
599
1,570
1,847
Ohio
•
64
1,155
2,366
2,070
2,818
105
122
49
96
66
103
Texas
16
18
,15
11
10
21
Utah..
84
100
99
84
94
100
257
283
169
246
135
193
Pennsylvania bituminous
Tennessee....
n—
..
32
38
38
42
39
57
1,385
"'475
1,462
1,105
1,599
950
1,132
591
260
588
454
692
125
Virginia—Southern.a..
Northern.b
.
141
124
131
173
Wyoming
*
131
7,872
6,115
8,400
994
9,424
9,004
85
85
7.816
9,900
1,014
1,024
8,866
♦
♦
1
615
615 100.0
462
75.1
4,729
11,887
Appalachian.
149
128
85.9
99
77.3
1,000
1,779
Ind.,Ill.,Ky.
574
514
89.5
423
82.3
6,698
4,565'
52Q
419
342
81.6
245
71.6
3,732
1,288
8,294
1,340
2,532
296
250
144
Total, ail coal
—
.
870
1,212
1,806
7,129
9,874
9,028
11,706
Gas
in
Oper¬
Aver¬
Total
Unfin'd
At Re¬
P.
Daily
tial
121
737
124
v
7
Pennsylvania anthracite.d
of
Poten¬
514
143
•
Stocks
Unfinished Gasoline
District
1,535
.
74
Other Western States.c."..v.
Finished and
253
8
8
10
Total bituminous coal.
Daily Refining
*
*
.
65
West
(Figures In thousands of barrels of 42 gallons each)
-
Michigan
Washington
January allowable Is not yet available.
FUEL
Kansas and
83
113
203
159
Georgia and North Carolina.
Illinois
Virginia
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
60
174
74
—
Colorado
349
224
81
175
92
163
Maryland
Bureau of Mines' calculations of the
requirements of domestic crude
of
January. As requirements may be supplied either from stocks or from new produc¬
tion, contemplated withdrawals from crude oil inventories must be deducted from
a
oil based upon certain premises outlined in its detailed forecast for the month
235
8
8
—
Kentucky—Eastern
of
176
269
3
T
Arkansas and Oklahoma
Iowa..
Total United Sttesa.
2
3
1,173
12,225
277
787
0
7,107
a
Includes operations
oh the N. & W., C. & O., Virginian, K. & M., B. C. & G.,
and Clay, counties,
b Rest of State,,In¬
and on the B. & O. In Kanawha, Mason,
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite.from published records
for entire month,
p
Preliminary,
of the Bureau of Mines,
e Average weekly rate
r Revised,
s Alaska, Georgia, North Carolina,
States."
* Less than 1,000 tons.
and South Dakota Included with "other Western
Okla., Kan.,
Mo
Inland Texas
316
159
50.3
117
73.6
Texas Gulf..
1,000
895
89.5
846
94.5
La. Gulf....
149
145
97.3
123
84.8
'
286
1,975
/ 1,374
511
382
2,040
100
55
55.0
41
74.5
Rocky Mtn.
118
64
54.2
40
62.5
California.
828
745
90.0
509
68.3
1,298
10,675
3,662
85.8
2,905
79.3
39,36^
23,895
_.
Reported
Est.
74
876
89
694
1,402
98,463
"
2.111
5,873 139,130
606
unrptd.
355
3,810
700
110
4,268
4,211
3,260
43,174
24,595
5,983 142,460
3,170
41,649
25,031
6,138 143,333
3,330
Crude
4,268
Jan.
4,211
7 '39
xJan.
x
14 *38
y3,158
Estimated Bureau of Mines' basis,
y
49.216
Products,
Nov. 1938
24.841
6.945 119.433
Januaiy, 1938 daily average.
monthly-
^petroleum statement showed that the daily average output
of crude petroleum in November was virtually the same as
in October—3,285,600 barrels for November, compared with
3,284,800 barrels for October.
Actually the producing rate
would have increased more than indicated if Texas had not
had
Saturday and Sunday shutdowns for all of November.
The Bureau's report
Daily
U.S.B.of M.
Petroleum
The United States Bureau of Mines in its current
xEst.tot.U.S
Jan. 14 '39
Petroleum
and
10.604
No. La.-Ark.
'
4,359
70
296
average
further disclosed:
production
in all the major divisions of Texas except
Production in California again turned
East Texas increased in November.
decline. Illinois with 319 oil wells
Texas in drilling) passed the
the boom of 30 years ago.
of crude, coupled with decreases in runs to
withdrawals from crude-oil stocks, which,
upward but Oklahoma's continued to
completed during the month (second only to
100,000-barrel mark for the first time since
A material decline in exports
Weekly Coal Production Statistics
The National Bituminous Coal Commission in its
weekly
coal statement said that total production of soft coal in the
first week of January is estimated at 7,550,000 net tons,
a decrease of
322,000 tons, or 4.1%, from the output in
Christmas week.
Daily loadings indicate that there was
little activity on Monday, Jan. 2.
In order to permit comparisons over a greater period of
time, the accumulations in the table below are now shown
on a coal year rather than on a calendar basis.
Total pro¬
stills
and
fuel
reduced
losses,
however, amounted to more than
4,000,000 barrels in all grades.
Refined Products
With
no
apparent necessity of
increasing the distillate yield in Novem¬
high level in fact, it increased 0.1%
ber, the gasoline yield remained at a
over
October to 45.0%
.
The demand for motor fuel in
as
"Indian summer"
suming areas.
or
5%
November greatly exceeded expectations
weather prevailed in a large part of the heavy con¬
The indicated domestic demand was
higher than the demand in November,
1937.
44,991,000 barrels,
Exports of motor
Volume
148
Financial
fuel declined materially from
12%
above the total of
stocks
the
November
increased about
a
October but the total, 3,698,000 barrels,
year
record
500,000 barrels
but unfinished
inventories
were
reduced
about 250,000 barrels and natural gasoline stocks 1,000.000 barrels so that
the total of all declined for the first November since 1934.
used than
were
a
year
sumption of residual fuel continued
to
depressed because of the low prices prevailing on the London
Exchange in copper, lead, and zinc.
Tin enjoyed
active day during the last week.
The operating rate of
the tin-plate industry moved slightly higher.
The Treasury
issued new regulations on purchases of domestic silver that
one
On the other hand, the con¬
ago.
rally with the industrial pickup.
According to the Bureau of Labor Statistics, the price index for petroleum
products in November, 1938 was 5i.5, compared with 53 8 in October and
fineries
an
report
were
compiled from schedules of re¬
daily crude-oil capacity of 4,105,000 barrels.
aggregate
These refineries operated at 79%
79%
as
more reasonable
to both
The publication further reported;
miners.
data of this
having
accepted
were
60.6 in November, 1937.
The refinery
Copper
Another
'
week
of
DEMAND
OF ALL
OILS'
tension.
(Thousands of Barrels)
Oct.,
Nov.,
Nov.,
1938
1937
1938
Copper that the Leonard mine
Nov.,
1938
1937
There
98,567
3,285
Natural gasoline
Benzol, a
4,244
169
106,374
3,433
3,431
Daily average
3,510
44,819
45,972
4,269
178
2,639
1,513
108,749 1158,452 1219„789
3,652
3,625
3,468
4,375
181
102,992
Total production
3,326
the week.
portant
534
557
147
3,207
2,136
2,278
20,345
23,318
1,720 ,1,669
use
Receipts in bond.
1,378
18,478
10,605
544
479
107,615
Receipts for domestic
111,215
3,587
3,588
use.
supply, all oils
average———.i..———
Demand—
*
,
mine production
on
copper-producing
during
States
of copper in some of the im-.
1938,
together
•
figures for
with
5,926
6,994
952
1,485
'
3,820
Exports b:
3,779
3,813
Crude petroleum
5,602
6,780
6,645
72,389
believe
A
9,388
9,814
105,396
98.529
44,991
46,272
42,718
480,008
479,887
5,368
5,185
5,705
49,538
48,552
11,472
27,621
10,089
11,639
100,908
101,013
25,666
26,180
262,863
297,852
1,735
1,805
2,037
19,417
71
72
79
933
985
5,083
23,399
the last
that
■/
•
substantial
a
21,051
Kerosene...
Gas oil and distillate fuels
Residual fuel oils....-
Lubricants.........
.....
Wax.—.A.—.i........
21
of the American
tailment
,'828
442
347
1,444
706
314
7,601
metals and
improved tone in the
an
be reflected in larger sales of lead,
'
5,081
57,477
the
142
1,631
2,091
2,530
2,238
21,543
22,787
100,546
100,973
3,352
......
3,257
it
Still gas
Miscellaneous
Losses
Total domestic demand
average
..
5,259
outside
output
reduced
3,085
of
rate
should
operations
October, and November,
was as
273,155
17,143
5,742
6,771
5,147
5,742
26,7,372
Refined products
Total all oils
269,307
251,110
267,372
251,110
d
continuing in a static condition, little
Sales of common grades
_
570,028
562,714
563,034
14,
according to the American Zinc Institute,
Jan.
Shipments for the same period involved 3,959 tons.
Curtailment in production of High Grade zinc was
151
148
156
announced by Ana¬
closed
Jan. 17.
on
Quotations remained unchanged on the basis of 4.50c.,
562,714
147
163
._
done in zinc during the last week.
conda at its Washoe plant, where two units were
563,034
Days' supply
was
for the week ended
306,457
16,765
127,528
Zinc
5,147
d
35,958
114,678
totaled 2,259 tons.
276,807
16,765
306,457
27,968
124,195
Foreign.
Nov.
Oct.
Sept.
24,999
3,198
273,155
Heavy in California
market.
foreign
the
'
.■
United States.
business
Natural gasoline
in line with
Eventually, producers claim,
strengthen
follows:
*
'
States occurred
Output of lead in this country and abroad, in short tons, for September,
With markets here and abroad
Stocks—
Crude petroleum:
,
Refinable in United States.__...
United
of the
97,924 1030,401 1068.207
3,264
the settling basis
was
world production of lead showed that cur¬
on
59,144
149
..
.
in
traders
'
;
•
the announced plans of the foreign group.:
7,758
5,356
1,574
.
2,701
144
.
222
5,083
.
520
1,745
..J.
Road oil.
business re¬
Smelting & Refining Co., and at 4.70c., St. Louis.
The November statistics
:
Asphalt..
'
■
.
of
amount
Quotations continued at 4.85c., New York, which
Motor fuel
'
•
involving only 2,667 tons.
moderate,
was
London
soon
,■■■//'.'
contend.
Domestic demand:
week
showing of strength in
security markets would
62,118
8,461
.»
producers
sales volume for
3,679
Refined products.
.... .
Lead
'107,899
205,994
•
mains to be booked against the February requirements of consumers, the
3,617
>
.
74,603
.
Though
•
114,383 1208,186 1228,854
117,141
114,609
'.
144,528
*
_
Utah..
\
Total demands.
Daily average
.
Nevada
c43,485
"
288,478
Montana-
1938
207,750
76,943
48,930
1937,
Arizona
346
6,752
16,853
112,898 1207.234 1272,339
3,763
3,614
3,809
•
Daily
Curtailment
Sale of domestic copper for the month to date total 6,847 tons.
•
Decrease In stocks, all oils.........
.
17.
Jan.
of basic tonnages.
1,774
1,825
Receipts in bond
Coke.
on
Bureau of Mines, in short tons:
Receipts for domestic
Refined products:
:
the
by the announcement of Anaconda
shut down
1937, all in terms of recoverable metal, according to the United States
Crude petroleum:
Dally
given
Producers held to the 11 lie., Valley, basis dining
Preliminary figures
Imports b:
new
to 95%
in the previous week.
'
3,447
week's
the
was
Business in the domestic market involved 3,160 tons, against 3,105 tons
104,302 1110,967 1172,331
101,830
3,286
Support
as
political
unconfirmed reports that foreign copper production might be
were
curtailed from 100%
Daily average.
due to
slightly higher at
was
^his change.
was
market
copper
by other companies will follow, it is believed, unless the market improves.
Supply—
Domestic production:
Crude petroleum
Total
prices reflected
technical position of domestic copper
Jan. to
Nov.,
export
domestic
the
to reflect the obscure outlook
Sterling exchange, however,
close, and
Jan. to
in
prevailed
quiet
prices in London continued
New
and
refiners
of capacity in November, compared with
in October and 83% in November. 1937.
SUPPLY AND
the price
Metal
The fine weather affected domestic fuel
consumption and less kerosene
and distillates
strengthen
The December statistics showed that production
and apparent consumption of copper are far apart.
Buying
of major metals remained quiet, with sentiment somewhat
structure.
Finished gasoline stocks
outstanding.
357
production during the last week to
From the standpoint of motor fuel
ago.
was
Chronicle
was
for
St. Louis
*
Prime Western.
'
a
From
Economics Division,
Coal
of Mines.
All other
Commerce,
c
b Imports of crude as reported to
Bureau
d Not
Some
available.
than
»
"
PRODUCTION
PETROLEUM
CRUDE
OF
BY
STATES
AND
the
'
PRINCIPAL FIELDS
•
■
(Thousands of Barrels)
1938
"
f>
■
■
October, 1938
/
400 tons changed hands,
market
14,
when more
but over the remainder of the last
Prices showed little net change
quiet.
was
over
week
the week,
London apparently doing nothing to disturb the situation
The tin-plate
with the
operating rate now established at between 41 and 42% of capacity.
Chinese tin, 99%
was nominally as follows: Jan. 12, 45,075c.; Jan. 13,
45.000c.; Jan, 14. 45.000c.; Jan. 16. 44.900c.; Jan. 17, 44.900c.; Jan. 18,
in tin pending a return
of confidence in the other metals.
industry in this country is slowly moving into a better position,
Jan. to Nov.
■
Daily
Daily
Saturday, Jan.
good buying of tin occurred on
with operators ixr
•
November,
Tin
'
-
imports and exports from Bureau of Foreign and Domestic
Increase,
,
Total
Average
1938
1937
Long Beach
4.4
2,179
960
44.6
1,489
48.0
49.0
1,624
52.4
14,342
16,521
64.5
1,929
62.2
23,849
1,691
54.6
18,988
20,068
2,893
96.5
2,903
93.6
31,312
13,447
448.2
13,900
448.4
19,884
Rest of State..—.......—
California.--
...
662.8
20,423
658.8
.:
,
9,488
155,565
Wilmington
45.100c.
26,582
53.6
*
10,448
1,936
California—Kettleman Hills...
135
1,337
1,470
—...
Total Arkansas
4.4
1,608
Rest of State—'
Total
Total'
133
Arkansas—Rodessa.
r
Average
DAILY PRICES OF METALS
Straits
Electrolytic Copper
12,249
„
157,768
229,714
("E. & M. J." QUOTATIONS)
h
Dom.,Refy. Exp., Rejfy.
216,667
Zinc
Lead
Tin
New York
New York
St. Louis
St. Louis
"
*
104
Indiana
r._
Kansas
125
4.0
1,302
1,472
102.2
89.3
19,948
6,414
Jan.
12.
11.025
9.825
46.675
4.85
4.70
4.50
2,768
83
;
3.5
3,067
Colorado
2.8
2.8
881
769
Jan.
13.—-
11.025
9.850
46.600
4.85
4.70
4.50
86
65,232
Jan.
14...-.
11.025
9.850
46.600
4.85
4.70
4.50
5,047
Jah.
16..-.-
11.025
9.875
46.500
4.85
4.70
4.50
56,792
Jan.
17
11.025
9.850
46.500
4.85
4.70
4.50
11.025
9.875
'46.700
4.85
4.70
4.50
.11.025
9.854
46.596
4.85
4.70
4.50
156.0
54,761
17.0
5,298
157.5
4,835
172
526
5,512
183.7
6,037
194.8
898
29.9
1,036
33.4
1,279
42.7
1,356
43.7
4,724
—
'
514
Kentucky
Louisiana—Gulf coast
Rodessa
...
.
.
.
_;
Rest of State
...
7,689
256.3
1,622
Total Louisiana...
Michigan./
54.1
8,429
1,665
'
60,503
12,553
13,845
16,708
■
271.9
86,901
83,253
53.7
17,616
14,999
411
13.7
412
13.3
4,506
5,420
3,103
103.4
3,093
99.8
32,720
35,484
391
13.0
404
13.1
4,636
5,015
Ohio—.....
257
-
8.6
278
9.0
3,027
Oklahoma—Oklahoma City...
Seminole
2,926
97.6
98.9
37,698
57,099
3,264
108.8
114.7
38,637
45,862
240.1
84,731
108,225
453.7
161,066
Montana
7,038
234.6
13,228
441.0
14,066
1,318
9,913
6,227
43.9
1,383
44.6
16,054
211,186
17,549
330.5
10,054
324.3
105,088
105,269
207.6
6,303
203.3
66,142
69,716
11,678
389.3
12,238
394.8
140,007
Rest of State
Total Oklahoma
Texas—Gulf coast
West Texas
-
...
......
60.0
21,573
156,318
25,423
901
30.0
926
29.9
8,227
274.2
8,358
269.6
10,451
91,843
100,095
38,857 1,295.3
East Texas
39,738
1,281.9
435,104
468,886
'8.6
320
10.3
3,407
Rest of State
Total Texas
Average
.
_
257
West Virginia
Average prices for calendar week ended Jan.
refinery,
..
14 are:
11.025c.; export copper, 9.933c.; Straits tin, 46.667c.; New
'4.850c.; St. Louis lead,. 4.700c.; St. Louis zinc,
York lead.
4.500c.; and silver, 42.750c.
M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
The above quotations are "M. & M.
Copper, lead and zinc quotations are
deliveries; tin quotations are for prompt
In
the trade,
delivered
at
domestic copper
consumers'
plants.
based on sales for both prompt and future
delivery only.
prices are quoted on a delivered basis; that Is,
As delivery charges vary with the destination,
prices at refineries on the Atlantic seaboard. De¬
in New England average 0.225c. per pound above the refinery basis.
the figures shown above are net
63.7
1,859
5,231
12,065
livered prices
Export quotatloas for copper are reduced to net at refineries on the Atlantic sea¬
On foreign business in copper sellers usually name a c.i.f. price—Hamburg,
board.
Havre and Liverpool.
The c.i.f. basis commands a premium of
Dally London Prices
5,360
455
;
15.1
501
16.2
37.6
1,148
37.0
12,212
12,268
1,582
Rest of State
52.7
1,649
53.2
17,443
17,628
62
69
Copper Std.
3,285.6 101,830 3,284.8 1110,967 1172,331
6
6
Other, a
0.325c. per pound
above f.o.b. refinery quotation.
1,127
Wyoming—Salt Creek
Total Wyoming
■■
-
3,519
1,911
Panhandle
Rodessa
W
3,274
3,066
3,555
7,445
Pennsy 1 vania
18
.
v
9,753
New York
New Mexico.-j—
Jan.
\
....
Copper
Tin Standard
Lead
Zinc
Electro.
98,567
Includes Missouri, Tennessee, and Utah.
Non-Ferrous
Metals—Domestic
"Metal and
Mineral
Production of
Copper
Markets," in its issue of
Jan.^ 19,
reported that domestic .producers of copper started curtailing
431)#
42**i#
43*i#
43*i#
43%
Jan.17
42%
42 %
Jan. 18
43*i#
43*i#
48
Jan.12
Being Curtailed—Trading Remains Inactive
,
Spot
Jan. 13
a
42**i«
Jan.16...--..
Total United States...
3M
CBid,)
Spot
3M
Spot
3M
Spot
3M
216%
217
14%
14**1#
13%
13**u
48
216%
14%
13»i«
14*,#
216
217%
216%
14%
48%
147i«
14**1#
13*8i#
13**1#
48
215%
216%
216%
145,6
14»i«
13%
14
217%
14%
14**1#
13**1#
13**16
buyers' prices for the first session of the
London*-Metal Exchange; prices for copper and tin are the official closipg buyers'
Prices for lead and zinc are the official
prices.
All are in pounds sterling per long ton (2,240 pounds).
1939
Jan. 21,
Chronicle
Financial
358
Low
High
Under
7,425 Tons of Tin Exported During November
International Tin Agreement
1938
1937
1936..—
International Tin Research &
The New York office of the
1935
Development Council announced on Jan. 12 that the In¬
ternational Tin Committee reported exports of tin during
under the International Tin Agreement, as
follows: Malaya, 2,450 tons; Bolivia, 1,839 tons; N. E. I.,
1,455 tons; Siam, 686 tons; Congo, 554 tons; Nigeria, 441
tons.
Fr. Indo China, (not yet reported).
-
——_
1934
1930
1933
November,
Composite Up—Railroad Inquiries
Steel Scrap
The
Pacific has
Union
Promise
estimate
St. Louis-San
The
mill.
probably
Jan.
Pacific
Missouri
locomotives and its rail order
in its own shops.
rollings for some weeks at
new
bars
were
a
contract
& New
plants in the Belleville section of Illinois have resumed
areas
for
land,
example,
last year.
»
they
probably exceed
will
Some companies
October and
slow
In
this
situation
steel prices
reinforcing bars, which
are
only
*
Steel scrap prices are
.«
Age*'
disappeared, leaving a
scrap
flat quotation of $14.
composite price to $15, its peak of 1938.
THE "IRON AGE" COMPOSITE PRICES
,
Based
One week ago..:
One month ago
One year" ago
:
.
steel bars, beams,
tank plates,
wire, rails, black pipe, sheets and hot
rolled strips. These products represent
2.286c.
,2.286c.
2.512c.
on
85% of the United States output.
_.
"
.
High'
1936
...2.512c.
..2.512c.
2.249c.
1935
.2.062c.
1934
1930
2.118c.
1.953c.
..1.915c.
....2.192c.
1927
2.402c.
1938.:..:.
1937.
1933
1932
May
17
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Sept. 6
Jan.
7
Jan.
4
-
Low
2.211c.
Oct.
2.249c.
Mar.
2.016c.
Mar.
2.056c.
Jan.
1.945c.
Jan.
I.792c.
May
1.870c.
Mar.
1.962c.
Oct.
2.212c.
Nov.
' '•
8
2
10
8
2
2
15
29
1
Pig Iron
Jan.
17,
1939, $20.61
a
One month ago.....
[Based on average of basic iron at Valley
$20.61] furnace and foundry Irons at Chicago,
—
20.61
23.25[
One year ago
Philadelphia,
Buffalo,
Valley
Southern iron at Cincinnati.
and
$19.61
July
20.25
Feb.
16
19.73
Nov. 24
18.73
Aug. 11
18.84
Nov.
17.83
May 14
June
Mar.
5
1934
17.90
May'
16.90
Jan.
27
1933
16.90
Dec.
13.56
Jan.
1932
14.81
18.21
Jan.
13.56
Dec.
Jan.
15.90
Dec.
19.71
Jan.
17.54
Nov,
1927...
Steel
Jan.
17,
1939, $15.00
One week ago
One month ago
One year ago......
a
anticipation
of food
coming canners' convention. Tin plate
a
'
"moderate increase is
seen
about
'
•
•
slightly heavier, although
for this quarter in view of the trend
in
"
steel products are firm, but in some instances
Ferrbmanganese has been reduced
$92.50 price
This cut'follows reaffirmation of the former
ton.
a
foods are
but .stocks of some canned
month ago and is attributed to concessions on
a
offerings from abroad.
in
various districts last
Divergent
trends
were
shown
in steelmaking
but Chicago was off
,
Youngstowri
75% .
These gains largely were offset by reductions of 7 points to 65% at Cincinnatii 5.5 points to 40% at St. Louis and 4 points to 87% ac Detroit.
Other districts were unchanged, including eastern Pennsylvania at 34% ,
Pittsburgh operations were unchanged at 44%
week,
4 points at
up
49%
,
Cleveland advanced 2.5 points to 56.5%
.
5 points at 55% and New England increased 5 points to
generally steady and drawing
The scrap composite is
$14.79. while the finished steel composite holds at $56.50.
Scrap continues to mark time, with prices
in some
support
unchanged at
district from export
business.
Steel Ingot production for the week ended Jan. 16 is
placed at 52% of capacity according to the "Wall Street
Journal" of Jan. 18.
This compares with 51% in the pre¬
vious week and
The "Journal" further
39% two weeks ago.
reported:
U. S. Steel is estimated at 49%
35%
pared with 52%%
,
against 48%%
in the week before and
54% com¬
Leading independents are credited with
two weeks ago.
two weeks ago.
in the preceding week and 42%
production
with the nearest corresponding week of previous yeas, together with the
approximate changes, in points, from the week immediately preceding;
comparison of the percentage of
Independents
U. S. Steel
1939
52
+
1
1938.
30
+
1%
1
1%
+
2%
2
87
+
1
1
59
+
■4-
5
54
+
3
+
1
37
+
2
1
31
74
+
29%
49
81
1937
+
51
3
1935...
50
+
4
+
1934
34
+
1%
—
44
6
%
+
42
1936..
30
.
54
1
'
16
1933
17%
+
1
16%
+
1%
18
+
1
1932
26
+
1%
26
+
2
26
+
1
1931
44%
+
4%
48
+
4
42
+
5
1930.
69
72
+
5
67
+
3
82
,+
2
+
5
72
+
2
4-
1
Scrap
Based on
No.
1
heavy melting steel
Gross Ton
$14.92quotations at Pittsburgh, Philadelphia
and Chicago.
14.92
14^00
still is relatively
6
9
1936
1930
low,
makers are
Industry
21
$23.25
23.25
1935
can
Low
High
1937
1938
of
The following table gives a
Gross Ton
One week ago
.
Wheeling at 64, Buffalo at 44 and Birmingham at 77.
Finished Steel
Jan. 17, 1939, 2.286c. a Lb.
Ford con¬
but a better idea of tin plate requirements
have yet to be tested by large orders.
was
virtually wihtout change except at Chicago, where
the minimum of $13.50 has
This raises the "Iron
Excepting
fairly firm.
preceding two weeks.
larger than output a year ago.
while slightly higher at 40 to 45%
Prices of the majority of
$12.50
have long been weak, and some inherited irregu¬
larities from last year, prices are
reflecting
The 86,925 cars
large part of the gain, increasing from
agricultural income.
mill operations.
holding surprisingly well.
32%
>
Steel demand from farm equipment builders is
(V;
rate.
buy
Lehigh
week, a gain of 10,000 units
excessive.
Tin plate-orders are improving but at a
rapidly enough to replace them.
a
inventories
Ls not coming in
tonnage
new
locomotives, while
40 locomotives and is expected to
'
packers will be determiiied after the
*
of last
100,000 tons of rails and accessories and i5
of the packing season,
have completed shipments against the low-priced sheet and
commitments
Union Pacific is in the
New York New Haven-& Hartford.
Specifications are expanding and inquiries are heavier in
light.
industry's
capacity, a slight rise over last week. Individual companies are experienc¬
ing contrary trends, depending on-the products they make. An independent
company which has lost eight points in its rate in the past two weeks
strip
and 9,000
12,500 tons for the St. Louis-San Francisco
Tin plate output,
in several
production for the week is estimated at 53% of the
attributes the loss almost entirely to lower .sheet and strip
but in the meantime
by Congress still is awaited,
proceeding with maintenance and improvement programs.
17,740 units to 21,750.
Genera] Motors expanded from 32,230 to 35,540; Chrysler dropped from
21,610 to 20,860 other makers stepped up from ,5,105 to 8,775.
this month.
.
Steel ingot
during
and in
becoming moderately more active in
England is inquiring for 100 hopper cars.
tributed
At Cleve¬
those of the best month
have brought increased pig iron shimpments
are
and trucks assembled was
Chicago,
operations
shutdown of several weeks, and higher, foundry operations
are
removal of holiday influences the
accounting for a good share of current steel and pig iron orders at
a
orders, and the
Substantial tonnages of building steel are on books
Automobile production spurted last
30,000
The farm implement trade
stove
61.0%
of the iron and steel
Pennsylvania railroad has ordered 15 dining cars and 12 coaches*
after curtailments for annual inventory taking.
after
7
in bars and flat-rolled products.
25,000 tons of rails.
showing signs of a pickup
is
—
Jan.' 16, stated:
the Southern Pacific is inquiring for
22.5Q0 tons,
Water Supply Commission, calling for about
industries
Nov.
legislation
market for
volume of steel.
reinforcing
The Lock Joint Pipe Co., Ampere, N. J.,
manufacturing
37.0%
tons for the
are
Miscellaneous
25
Rail orders include
including 15,000 tons of rocls and 5.000 tons of plates.
tons of steel,
31.....56.8%
Railroads
Railroad
early February, when the spring
Meanwhile car production has gained
15 miles of concrete aqueduct for the Boston
for
Oct.
several roads
satisfactory level for January.
Metropolitan District
17..
24.—53.7%
36.4%
placed for three California projects.
will not outrun retail sales.
being made regularly, but in relatively small tonnages.
nearly 20,000 tons.
.49.4%
Oct.
18
rail and
equipment markets,
Automotive operations are well maintained for this
period.
Tin plate demand is commencing to expand.
Additional steel
orders for public works are bolstering structural shape and reinforcing bar
awards.
Recent shape bookings are headed, by 5,020 tons for a machine
shop at the Mare Island,Calif., navy yard, while 5,300 tons of bars has been
projects amounting to 13,500 tons, while lettings of
has received
62.6%
Nov. 14
—
Oct,
on
prospect.
edged upward
This week's awards of fabricated structural steel total about
with
1938—
39.8%
1
61.9%
8—.39.4% Nov. 21
15
40.4% Nov. 28.1—60.7%
5.. ..159.9%
22
42.8% Dec.
57.6%
29. _...-44.0% Dec. 12.
.51.7%
6—39.9% Dec. 19..
12
45.3% Dec. 26.....38.8%
1939—
19.. —.47.3%
2——.50.7%
26.-46.7% Jan.
9
51.7%,
3—...47.9% Jan.
10.—51.4% Jan. 16-——52.7%
Nevertheless, various factors point to sustained or rising business
hand-to-mouth, carefully watch¬
.Building construction continues to take a fairly good
Weekly
Jan. 3, 1938, follow:
32.3%
coming weeks.
Large purchases are not expected before
in the past week to a
Oct.
from the
1939.
11
most apparent
date, possibly in February..
outlook for car sales will be clearer.
Oct.
year ago.
holiday rebound in production has been arrested.
Operations
week.
Specifications are slightly heavier in most directions but buying hesicancy
common to early days of a new year still is apparent.
The latter situation is
the stronger demand that,
many in the trade had confidently expected.
However, the general trend
of new projects is pointing to a more marked improvement at some future
Its steel purchases, are
9
Nov. 22
advanced only % point to 52% last
slightly, but the new year has not yet brought
The automobile industry is buying from
5
Dec.
Initial post
auth¬
mill
least, steel demand is not gathering much fresh
ing its production schedules.so that assemblies
3
July
13.08
Improvement fn steel inquiries is slow to be translated into
of which will not materialize in
Steel sales in the aggregate and production have
momentum.
Jan.
6.43
9
11.25
32.6% July
32.7% July
markets,
trustee's recommendations are carried out.
Other than railroad prospects, many
Apr. 23
Sept. 25
6.75
35.7% July
4
}1.
Apr.
1,000 freight cars will be built if the
possibility that more than
a
Sept.
Sept.
Sept.
Sept.
14.....31.0% May .31
Apr.
and accessories, freight car repairs, new
with
Aug.
21
Mar. 28
$8,560,804, which will cover about 40,000 tons of rails
locomotives and other equipment,
orization to spend
9.50
9,
"Steel" of Cleveland, in its summary
subsidiaries have received court
and
Aug.
30.7%
26.1%
6
26.2%
30.4% June
Feb, 28
.29.3% June 13—.27.1%
Mar.
28.0%
7....-.29.9% June 20
Mar. 14.....32.1% June 27
28.7%
Mar. 21.....33.7% July
5—•—.22,4%
will be spent for about 45,000 tons of rails, other improvements to
include rebuilding of freight and passenger cars and some bridge construc¬
The
Aug.
9—_ 30.4%
16
.-.30.5% May
Feb.
part
tion.
—
Aug."
7....-30.7% May 23—29.0%
Feb.
expenditure of $32,412,000 of which
The Rock Island has authorized the
31
Feb.
will total 25,000 tons.
The Pittsburgh & West Virginia may
cars, on which revised inquiries have been issued,
plans also to rebuild 320 hopper cars
24.....32.7% May
Jan.
order 400 freight
soon
and
Jan.
been placed; it is also inquiring
buy 40
Pacific may
Jan.
Aug.
25.6% Apr. 18—r32.4%
10—27.8% Apr. 25
32.0%
17
2,.—30.7%
29.8% May
3
Jan.
Francisco has ordered 12,500 tons of rails from the
Southern
10.33
1938—
1938—
1938—•
Jan.
small lot of passenger equipment. The
Alabama
for 1,000 to 2,000 box cars and a
ended
week
the
for
indicated rates of steel operations since
now
accessories, though formal orders have not
June
week ago, 51.7% one month ago, and 29.8% one
This represents an increase of 1 point, or 1.9 %,
upward of 100,000 tons of rails and
allocated
Nov. 16
12.67
indi¬
98 %
of the steel capacity of the industry will be 52.7% of capacity
for the week beginning Jan. 16, compared with 51.7 % one
estimated by the steel
trade that.orders for rails this year will total about 1,000,000
tons, or double the amount rolled in 1938, and that iron and'
steel sales as a whole to. the railroads will gain not less than
50% over those of last. year.
The "Iron Age" further
reported:
it is
assistance,
12.92
Institute on Jan. 16 an¬
The American Iron and Steel
road orders and inquiries are furnishing the iron and steel
market with much of its current interest.
Even without
Government
......
Aug.
Jan.
Feb.
Jan.
9
June
$11.00
22
30
21
10
13
8
12
18
17
nounced that telegraphic reports which it had received
cated that the operating rate of steel companies having
reported that rail¬
Age" in its issue of Jan. 19
The ''Iron
1927
Nearby Buying
Some
—
1932
Nov.
Mar.
Dec.
Dec.
Mar.
$15.00
21.92
17.75
13.42
13.00
12.25
8.50
15.00
15.25
1929
1927..
+
83%
+
1
85
77
; j
•1928
4
+
3
83
-
86
....
•
■
68%
Volume
The
Chronicle
Financial
148
Week with
Federal
the
declined $13,000,000 in
Banks
Reserve
member banks.
During the week ended Jan. 18 member bank reserve
balances increased $174,000,000.
Additions to member
bank reserves arose from decreases of $50,000,000 in money
in circulation, $73,000,000 in Treasury deposits with Federal
Reserve banks and $26,000,000 in non-member deposits
and other Federal Reserve accounts and increases of $38,000,000 in gold stock and $5,000,000 in Treasury currency,
partly offset by an increase of $14,000,000 in Treasury cash
and a decrease of $4,000,000 in Reserve bank credit.
Excess
of member banks
reserves
on
Jan. 18
approximately $3,560,000,000,
an
Holdings of United States Government direct obligations increased $32,000,000 in the Chicago district and $12,000,000 in the San Francisco dis¬
Dallas district,
of $17,000,000 for
the
all reporting member banks showing a net increase
Holdings of obligations fully guaranteed by
the week.
United. States
declined
Government
$20,000,000 in New York City
and $17,000,000 at all reporting member
Demand
deposits-adjusted
increased
banks/
.
$97,000,000
in
New York
City,
$19,000,000 in the Kansas City district and $15,000,000 in the San Fran¬
cisco district, and
increase of $120,000,000
declined $25,000,000 in the Chicago district, all reporting
member banks showing a net increase of $162,000,000 for the week.
for the week.
all reporting
principal changes in holdings of bills and securities
increase of $30,000,000 in United States Treasury
notes and a corresponding decrease in United States Treasury
bills.;. f 5 •+"'■ ■ ;i ■■ v",; ■ ,A>.'
'•:;
Time
$11,000,000 in the Chicago district and $16,000,000 at
deposits increased
The
were
$12,000,000 in the New York district and $9,000,000
trict, and declined
in the
estimated to be
were
New York City and $20,000,000 at all reporting
Loans to banks increased $8,000,000 in New York City.
"Other loans" declined $14,000,000.
''.'v
member banks.
<
■-'v
;
•
,
Deposits credited to domestic banks declined $52fGOO.OOO in New York
an
City, $17,000,000 in the Kansas City district, $10,000,000 in the. Dallas
district and $108,000,000 at all reporting member bnaks.
Weekly reporting member banks reported no borrowings on January 11.
The statement in full for the week ended Jan. 18 will be
found
A summary of the principal assets and liabilities of report¬
ing member banks, together with changes for the week and
the year ended Jan. 11, 1939, follows:
pages 394 and 395.
Changes in the amount of Reserve bank credit outstand¬
ing and related items-were as follows:
on
'
1
,
'
,
Bills
L...:....,..
S. Government securities
TJ.
Industrial
advances
(not
Jan. 11, 1939
Assets—
2,564,000,000
._
—1,000,000
—4,000,000
—3,000,000
—14,000,000
2,588,000,000
—4,000,000
Other
-.-..-14,615,000,000
+38,000,000
—1,000,000
—683,000,000
—137,000,000
Other loans
Treasury currency„
2,810,000,000
+5,000,000
Member bank reserve balances
9,130,000,000
+174,000,000
+1,911,000,000
Money in circulation——
6,666,000,000
—50,000,000
Treasury cash..
2,726,000,000
800,000,000
+14,000,000
—73,000,000
+320,000,000
—895,000,000
" +665,000,000
691,000,000
—26,000,000
+9,000,000
-
.
Treasury deposits with p. R. bank..
purchasing
+"
or
1,169,000,000
107,000,000
•„
+3,000,000
8,206,000,000
guaranteed
fully
+17,000,000
+109,000,000
—17,000,000
+584,000,000
+279,000,000
+1,771,000,000
+126,000,000
by
1,715,000,000
United States Government
Other securities
3,189,000,000
—4,000,000
Reserve with Fed. Res. banks
7,371,000,000
.456,000,000
2,522,000,000
,+ 134,000,000
Cash in vault.
Banks in
of Member
New York
City and
i
+4,000,000
—37,000,000
+565,000,000
Tj/J fijlIf if@ft——-
Chicago—Brokers*. Loans
Demand
deposits—adjusted
Time deposits.
Below is the statement of the Board of Governors of the
Federal Reserve System
+ 5,p00,000
+41,000,000
+8,000,000
-^-14,000,000
Balances with domestic banks
Returns
—79,000,000
.1,540,000,000
U.S. Govt, direct obligations
Obligations
.+ 22,000,000
•—13,000,000
a+3,000,000
v;
546,000,000
Real estate loans
and other Fed¬
eral Reserve accounts
■
—20,000,000
864,000,000
.
for
loans
carrying securities
Loans to banks
Non-member deposits
a—8,000,000
Loans to brokers and dealers In
.
—22,000,000
+1,860,000,000
+171,000,000
—
—828,000,000
323,000,000
securities
Total Reserve bank credit..
Gold stock...
+144,000,000
—45,000,000
Open market paper
3,000,000
15,000,000
5
—49,000,000
8,367,000,000
cultural loans
813,000,000 commitm'ts—Jan. 18)
$
$
21,477,000,000
.
Commercial, industrial and agri-
-
including
Other Reserve bank credit
or Decrease (—)
Since
Jan. 12, 1938
Jan. 4, 1939
3,818,000,000
Loans—total
..
-
v
Loans and investments—total
—7,000,000
—1,000,000
1,000,000
(+)
;•
;;.-v
S
$
4,000,000
»„■.
bought-.
(+)
•
■
Jan. 18, 1939
§
Bills discounted
Increase
or Decrease (—■)
Since ■!.;
Jan. 11,1939
Jan. 19, 1938
Increase
'
...
16,050,000,000
5,177,000,000
632,000,000
United States Government deposits
+162,000,000 +1,587,000,000
+16,000,000
—26,000,000
+2,000,000
—43,000,000
Inter-bank deposits:
for th© New York City member
6,249,000,000
Foreign banks..-
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
+1,000,000
...:
Borrowings
a
—108,000,000
520,000,000
Domestic banks.---a.----
banks and also for the Chicago member banks for the current
-
—
-
—
+985,000,000
+88,000,000
—6,000,000
Chicago district figures revised.
,
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE
CITIES
New York City
Jan.
18
Jan.
11
19
Jan.
18
1939
1938
$
S
$
Loaas and Investments—total..
7,615
7,669
2,952
Industrial
Commercial
3,008
7,852
3,344
1,706
1,371
1,381
...
127
129
704
2,056
522
securities
189
190
loaas
116
117
86
38
401
401
425
2,685
2,742
3,121
853
836
392
estate
_
2,241
-
,339
414
340
v
18
18,
28
33
36
36
66
68
73
13
13
13
53
"53
52
1,120
1,099
954
113
113
102
:
■
'
Other loaas
U. S. Government obligations..
United States Government...
Other securities
■
Reserve with Fed. Res. banks..
1
J.-
w
"
1,125
1,083
995
321
318
256
4,308
4,119
2,718
747
772
610
54
Cash in vault
Balances with domestic banks..
■
•
<
Obligations fully guaranteed by
74
V
33
36
25
216
219
156
49
48
60
51
61
72
73
409
•
State
The
617
purchasing or
Loans to banks.
Department
\
,470
S
Liabilities—
deposits—adjusted....
Demand
613
+■
govern.
5,822
1,603
469
470
352
83
1,416
1,609
641
116
83
2,618
2,131
478
457
332
351
1,480
1,480
1.483
'
465
63
692
566
10
10
6
■
Borrowings...!.
Other liabilities...
■
j...
—
Capital account...
on
—
.
•'
'
to
Jan. 13
made public
an
ex¬
4
■
countries, as made public by
Department and given in a Washington
the New York "Times," follow:
State
the
'
—
'
V/ '
American
of the notes between the two
698
384
323
Foreign banks
2,668
American
protests to Germany regarding
treatment of United States nationals in that country were
made in the "Chrdnicle" of Dec. 17, page 3094.
The texts
*
—
of
Be Respected, Regardless of
.
Reference
,
613
•
117
Inter-bank deposits:
Domestic banks.'.
V'.
6,714
6.793
Time deposits
United States Govt, deposits
Rights
which the
Iteich promised to accord Americans all the rights due
them under treaties.
The German note, dated Dec. 30,
was signed by Baron Ernst von Weiszacker,
Under-Secre¬
tary in the Foreign Office, and was regarded as an assuiv
ance that all. "American citizens in Germany would receive
fair and equal treatment, regardless of race or religion.
Germany nevertheless reiterated her xiosition that inter-,
national law does not prohibit discriminatory treatment
of foreigners within a country, but added that if German
principles were contrary to treaty pledges, the latter would
■
421
Other assets—net—
Respect
change of notes with the German Government in
128
73
heal
s
526
212
carry
Treaty Pledges Will
Race or Religion
19
1938
7
2,085
654
loans.....
Open market paper
Other loaas for
Jan.
:$
181
675
agricultural
11
1939
and
Loans to brokers and dealers-
-
Jan.
1939
$
to
Citizens in Reich—Note Assures State Department
-ChicagoJan.
1939
Assets—
Promises
Germany
(In Millions of Dollars)
v" to
dispatch
"
15'.
252
13
16
254
•
248
Note
,by
from
Ernst
Baron
Prentiss
to
the
B.
German
von
Gilbert,
Foreign Office dated Dec.
Weiszacker, Under-Secretary
American Charge
30, 1938,, and signed
in the Foreign Office,
d'Affaires;
.
v;7-:\
'
Complete
.
Returns
Reserve
of
Member Banks of the Federal
System for the Preceding Week
v
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks them¬
selves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
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
the Federal Reserve System for the week ended with the
As
close of business Jan. 11:
The condition statement of weekly reporting
member banks in 101 lead¬
following principal changes for the week ended Jan. 11:
of $162,000,000 in demand deposits-adjusted and $134,000,000
ing cities shows the
Increases
in reserve balances
with Federal Reserve BaDks, and a decrease of $i08,-
000.000 in deposits credited to domestic
Commercial,
serve
net
decrease
$4,000,000 in
somewhat in a number of the Federal Re¬
of $8,000,000 for the week.
discrimination to American citizens.
Government of the United States of America, like any
sovereign government, has a right to set up political principles of one
kind or another regarding measures to be adopted within its own country
in the questions here involved.
It is an entirely different question, how¬
ever,
whether1 such principles are also legally binding on other govern¬
ments
regarding measures falling within their sovereignty.
Obviously
that would only be the case if such principles either corresponded with
part such
Naturally the
member banks showed a
Loans to brokers and dealers
international law or if they had been made
between separate States.
is, however, no general principle in international law according
a
State would be bound to refrain from discriminatory treat¬
foreign citizens residing in its country based on race or creed
characteristics.
The American. Government is probably aware
German Government is not the first, nor is it the only, govern-
universally accepted rules of
subject of special agreements
the
banks.
districts, with the result' that all reporting
reply to your note of Dec. 14, 1938,
There
industrial and agricultural loans increased
New York City and declined
No, 2, relative to the treatment
of American citizens in Germany, I have the honor to state as follows:
According to your note, "the Government of the United States only
feels it may expect a general assurance from the German Government to
the effect that American citizens will
not be subjected to differential
treatment, due to their race or creed.
It believes that it can base this expectation on the assertion that it is
one of
its fundamental principles to make no distinction between American
citizens on the basis of race or creed and that in its relations with other
countries has always contested the right of the latter to apply on their
In
to
which
ment
or
of
other
that
the
Financial
360
such
considered
haa
that
ment
Chronicle
The number of reports In the
differential treatment necessary in specific
cases.
has
case
no
however,
it done so,
entries in more than one
the basis of the foreign citizen¬
on
it has applied special measures of the kind
categories of foreign citizens only when its own
categories were likewise subjected to these measures.
ship of the persons affected;
in
question
of the same
citizens
Week Ended Dec.
Total for
Round-lot
B.
;
.
single
a
1. Transactions of specialists in
.
American
as
to
Dec.
of
acknowledge
1938,
30,
the
receipt of
the
into
special
of
note
by
signed
their
own
citizens,
the
the
on
Government
effect
arbitrarily
of
and
with
Germany
to
American
citizens,
for
part
its
Total
STOCK
/
would be respected, and that
Week Ended Dec. 31,
to which
regard
therefore,
1938
presenting
Per
Week
Cent
a
1,768,986
A.
Total round-lot volume
B.
Round-lot transactions for account of members:
1. Transactions of specialists in stocks in which they are
registered—Bought
206,415
247,685
_ .
Sold
■
•
454,100
Total.
12.84
provisions cases which, in th? opinion of
2.
are
formal
assurances
Sold...
■;
Total
3.
.
initiated off the floor—Bought....
Other transactions
89,080
•>*
Total.
4.
for
2.52
67,700
50,540
Sold...
the
that
45,305
43,775
Other transactions Initiated on the floor—Bought...
have
in general form
been sought from Your Excellency's Government
in question would not be applied to American citizens.
am,
TRANSACTIONS ON THE NEW YORK CURB EXCHANGE FOR
•
ACCOUNT OF MEMBERS* (SHARES)
settle
examination and settlement certain
which have already been brought
attention, and I shall pursue this practice should similar cases be
brought to my attention in the future.
'■
;
I
2,008,120
however,
prepared to examine and
is
repeatedly
measures
1,005,069
4
violations of such treaty rights and of which the
German Foreign Office is informed by this Embassy.
My Government has accordingly instructed me to present to Your
Excellency, as they arise, such cases of American citizens which hereto¬
fore it has been the practice to take up with the competent local authori¬
ties
1,003,051
;
Sold
dividing
2.63
444,370
In odd lots—Bought......i
Total for
in
basis of prevailing treaty
Government,
my
...
v
of treaties between the two countries
German
the
...
Total
governed not only
virtue
9.17
212,300
232,070
In round lots—Bought.........
2.
by the principles of international law, but by the
prevailing treaties between Germany and the United States, and in this
respect my Government has been gratified to note in Your Excellency's
declaration that the rights to which American citizens
are entitled by
is
3,243,788
the odd-lot accounts of specialists and
for
Sold
classification,
accorded
treatment
The
-
—
odd-lot dealers:
1.
Government to reply
my
and subjecting them to differential treatment
irrespective of measures applied by
citizens on the basis of differential classification
classes
such
of
basis
have
would
which
other nations to their own
of
1,620,610
1,623,178
...
.
measures
the
07
688,978
Total—Bought
Transactions
concerning the treatment in Germany
and under instructions
citizens,
C.
Government, maintaining the position 6et forth in the note
1938, reiterates its fundamental position that it declines
them
...
Total...
of
to
recqgnize the right of other nations to apply on their part to American
on
5.96
317,360
371,618
Bought.....
Total.
14,
citizens
70
1,007,900
-
Sold..
Sold
follows:
My
—
Other transactions Initiated off the floor
3.
4.
honor
the
Weiszacker
of
Dec.
481,
Sold
Total
9.14
,430
/
have
I
62
initiated on the floor—Bought
basis of prevailing
Jan. 11;
Mr.
770,090
1.516,910
—
Other transactions
2.
Gilbert to the German Foreign Office under date of
Mr.
776,820
-
Total
provisions.
treaty
stocks in which they are
registered—Bought
Sold....
in
which,
prepared to examine and settle them on the
is
part
in
case
of members (except
and odd-
lot dealers):
its opinion, such treaty rights had been
violated by German
measures.
I,f such cases should be brought to its
attention by
the American Embassy, the German Government for its
of
tor account
transactions
Cent
8,459,430
transactions for odd-lot accounts of specialists
only question
'
' .
J", ;'
In
this respect
the Foreign Office has repeatedly declared to the
American Embassy, orally and in writing, that the German Government
would, of course, respect rights to which American citizens were entitled
by virtue of treaties between the two countries.
To date the American Embassy has not informed the Foreign Office'
Government.
Per
Week
remaining to be answered is whether and
to
what extent any special treaty agreements between Germany and the
United States of America may stand in the way of the application to
American citizens of the German measures challenged by the American
the
31, 1938
A. Total round-lot volume..
citizens.
Therefore
NEW YORK STOCK EXCHANGE FOR
(SHARES)
MEMBERS*
ACCOUNT OF
Beyond that, out of special consideration and where it proved to be
technically feasible, the German Government even legally conceded more
favorable treatment in this connection
to foreign citizens than to its
own
classification.
STOCK TRANSACTIONS ON THE
certain
to
various classifications may total more than
received because, at times, a single report may carry
the number of reports
■
In
Jan. 21, 1939
118,240
Total—Bought
3.34
319,420
Sold..........
342,000
.....
specific cases of the nature referred to
Odd-lot transactions for account of specialists—Bought.,
C.
•
+
The
in stocks on the New York
during the week ended
by members for their own account, except odd-lot
percentage of trading
Stock and New York Curb Exchanges
Dec. 31
dealers
on
the Stock Exchange, was higher than in the pre¬
ceding week ended Dec. 24, it was announced yesterday '
(Jan. 20) by the Securities and Exchange Commission.
Member trading on the Stock Exchange during the week
ended Dec. 31, which included the Christmas holiday, when
the Exchange was closed, amounted to 3,243,788 shares in
100-share transactions, the Commission noted, or 19.17%
of total transactions on the Exchange of 8,459,430 shares. h
This compares with 2,137,398 shares of stock bought and
on the Exchange for the account of members during the
sold
previous week, which was 15.89% of total transactions of
6,725,960 shares.
On the New York Curb Exchange members traded for
their own account during the week ended Dec. 31 to the
amount of 661,420 shares, against total transactions of
1,768,986 shares, a percentage of 18.70%.
In the preeed-.
ing week ended Dec. 24 member trading on the Curb Ex¬
change was 15.18% of tbtal transactions of 1,402,680 shares,
the member trading having amounted to 426,006 shares.
The data issued by the Commission is in the series of cur¬
rent figures being published weekly in accordance with its
program embodied in its report to Congress in June, 1936,
on the "Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended Dec. 24 were given in these columns of
Jan. 14, page 206.
The SEC in making available the
figures for the week ended Dec. 31 said:
The data published are
York
New
-
specialists..
2. Reports showing other transactions initiated on the
Exchange
1,082
198
824
105
275
66
342
floor
Reports showing no transactions
129
463
547
*
transactions of specialists
comparable with data similarly desig¬
nated for the New York Stock Exchange, since specialists on the New York Curb
Note—On
the
New York Curb Exchange the round-lot
in which
registered are not strictly
Exchange perform the functions of the New York Stock Exchange
well as those of the specialist.
their firms and their
•
round-lot volume.
total of members' transactions Is compared with
total round-lot volume on the Exchange for the reason that the total of
traasactlons includes both purchases and sales while the Exchange volume
Shares In members'
transactions as per cent of twice total
In calculating these percentages the
twice the
members'
Includes only sales.
Odd-Lot
*
'
,
.
-
Trading on the New York Stock Exchange
During the Week Ended Jan. 14
Commission on Jan. 19
for the week ended Jan. 14, 1939,
of the corrected figures on odd-lot stQck transactions of
odd-lot- dealers and specialists on the New York Stock
Exchange, continuing a series of current figures being pub¬
lished weekly by the Commission.
The figures for the weeks
ended'Dec. 31 and Jan. 7 were given in our issue of Jan. 14,
page 206.
•
The data published are based upon reports filed with the
Commission, by odd-lot dealers and specialists.
•
and
Securities
The
made
public
Exchange
a summary
,
ODD-LOT STOCK TRANSACTIONS OF ODD-LOT DEALERS AND SPECIAL"
,
IST3 ON THE NEW
YORK STOCK EXCHANGE—WEEK ENDED
JAN. 14,
1939
SALES
PURCHASES
{.Customer ?' Orders to Buy),
{Customers' Orders to Sell)
Trade Date
No. Ord.
Shares
Value
No. Ord.
Shares
$6,680,936
5,245
138,637
4,145,680
4,382
108,239
5,487
181,948
105,665
150,056
5,697,746
4,663
125,828
7,471
203,458
6,675
187,493
14...
7,507
196,123
7,362,661
7,443,703
Total for week..
31.122
837.2.50 $31,330,726
27,310
Jan.
6,630
9
Jan.
4,027
10..
Jan.
11
Jan.
12.
Jan.
13 and
_
York
Stock
in
Members'
The results of
other transactions initiated off the
floor
4.
a
members,
6,345
162,697
Value
$4,742,795
3,961,761
4,554,397
6,479,595
5,733,407
722,894 $25,471,955
Exchange Reports Results of Study
Voting of Stock Held
of Solicitation of Proxies for
Curb
Exchange
received—
Reports showing transactions as
In stocks
"members" includes all Exchange
York
Stock
3. Reports showing
term
partners, including special partners.
New
New
1.
The
Curb Exchange by their respective
These reports are classified as follows:
Total number of reports
•
based upon weekly reports filed with the New
York Stock Exchange and the New York
members.
232,163"
Total..
on
18.70
150,289
81,874
sold
New York Stock and New York
Curb Exchange During Week Ended Dec. 31
Member Trading
661,420
Total.
to my
odd-lot dealer, as
a
Names
study of the solicitation of proxies for the
voting of stock registered in the names of New York Stock
Exchange members and member firms, which was conducted
during 1938 by the Committee on Stock List, was published
in the Exchange's monthly "Bulletin" issued Jan. 16.
The
study was based on information received from 353 corpora¬
tions showing the total shares outstanding that might have
voted at the first stockholders'
meeting^held in 1938 and the
Volume
148
Financial
Chronicle
number of shares actually
voted.}"} The resultsjot the study,
contained in the
as
"Bulletin," follow:
For the 353 companies the
£'
voted
666,000,000.
was
unlisted
combined
were
At the
1,412,000,000 shares listed
change, which includes
small
a
with
the
shares
^
New
the
York
?
were
Stock
substantial portion of all shares listed
the
on
were
registered in the
YVBI
♦
81,000,000 shares
of members and member firms and
names
New York Stock Exchange Revises ScheduleTof Listing
Fees
Aim Is to FnrnnraaP I icfJncr
|
j
585,000,000
a
shares
were
registered in the
46,000,000,
56.8%
or
names
of non-members.
The reports show that
of the 81,00.0,000 shares registered in the
names
n«5Mkl
against 388,goo,ooo,
or
of non-members.
names
The Committee on Stock
Exchange on Jan. 12 revised
66.3% of the 585,000,000 shares registered in the
Thus, the total number of shares actually voted
securities,
outstanding shares.
individual
the
Exchange amounted to 12.16%
In
general
the
in the
percentage
names
the
registered in the
were
by them, but
former proxy
In
of
'
before voting such shares.
"For
a
voted at the direction of beneficial
As
result
a
of this study,
which extend greatly the
largely
as
The
as
the
'
"
•
-
,.
,
.
-
.
,
TV ere
_
begun early
in
Jan.
1o
the
at
Exchange.
Arthur M.
Board and President pro tem
the
Exchange,
-T7-
-j
T
Kenneth
and
ci
L.
Smith,
r
Vice-President
of
the
subcommittee
Of the New York
the
Of
Committee
Stock
on
Exchange, which developed the
members
of
copies
Stock
on
report
by
the
of
the
List
Board
has,
with
the
of
Board
the
of
revised
Governors,
schedule
the
of
fees
indicated
and refunding corporate capital
new
the New York Stock Exchange,
on
average price for 421 stocks, each item,
index in relation to the 1919-36 average equal to 100.
in
the
subcommittee's
the
report,
of
purpose
the
revised
listing of large and desirable issues,
reducing
the
initial
present
initial
fee will
be
fee. and
introducing
the
While the first effect of the reduction in the rate
to
reduce
would
the
new
the
of
income
have been received
Exchange for
the old rate
on
certain
a
if the
same
schedule, with the 15-year
con-
should tend to stabilize the receipts of the Exchange from
modifications
included
Reduction of initial fee for stock
10,000 shares.
•
in
the
from
sehadule
new
$120
are
follows:
as
10,000 shares to
per
$50
per
$50 per 100,000 shares for shares in excess of 2,000,000.
3. substitution of a fiat fee of $250 per issue, in place of the present fee .of $30
Per
,
Jhe
the
of
the
Statistics annual
as an
The major
Chicago Exchange, conferred with H. Allen Wardle, Chairman
the
submits
j
Betts, Chairman
,,
in
adopted
this 80urce-
,
December with
in
Committee
with the volume of
years,
tinuing fee,
of the Chicago Stock
-i-i
the
amount of scurities were listed, the
Exchanges on the subject of the new listing
policies of the New York Stock Exchange were continued
of
of
List
future stockholders.
oy
out-ot-town
on
20
period to less than
Chicago and San Francisco Stock Exchange Officials
Confer with Representatives of New York Stock
Exchange on Listing Policies
~
Stock
By substantially
:•>:of
Conversation3 which
1938,
recommended
Requirements,
principle of a cantinuing annual fee, present stockholders are not required"
J0'?? 'or the advantages of the market place to be enjoyed indefinitely
'
>.
Listing
schedule is to encourage the
proxy
43,
"
Da£6
®
principles
22,
information
the Standard
As
of members and
possible representative of the owner's desires and interests.
rules referred to above, which became
effective Jan. 16, were reported in these columns Jan. 7,
new
and
Nov.
on
on
being shown
meeting, and to make the
names
the
Size
flotations, annual reported share volume
and
attempt already begun in past rules to focus the
on
had the
chart, comparing the amount of listing fees received annually during
a
the last
.
voting of the stock in the possession of and in the
firms
and
the Exchange has adopted new proxy rules,
attention of the beneficial owner himself
the
Committee
in accordance with the then
owners
existing proxy rules of the Exchange.
With
on
Governors
Accord-
substantial portion of the 10.6% of the stock voted at last year's
meetings, which was registered in the names, of members and member firms,
was
John Has-
the approval of the Executive Committee, revised the schedule of fees for
listing securities.
frequently required to
own names were
solicit the direction of the customers
accordance
Subcommittee
rules of the Exchange members and member firms having
customers'shares registered in their
ingly,
rtardin^the
For the most
Under the
sot
„
names of members and member firms are not
held for the account of customers.
are
recommpn(Infirms
^
e Changes,
10 the Members °f the Foard, of Governor:
corpo-
of the total number of shares voted,
of members and member firms.
names
part, shares registered in the
owned
10,6%
or
Stock
statement sent to the Governors of the
Exchange
434.000.000 shar*. voted, repre-
spnting stockholders* participation in the directive management of
rations, 46,000,000 shares,
New
listing
the
The purpose Of the revised Schedule is
to encourage the listing of large and desirable issues.
In a
of
higher priced shares than for
6
TSfiX&ISt&fc
the
York
with
Nov, 26, page-3236.
The percentage, however, varies widely among
companies.
members and member firms is smaller for the
accordance
of
Requirements, ^kicll Was adopted by the Board Of GovernTors 011 ^ov* *2, as was reported in these columns of
The analysis reveals that the shares
registered in the names of members
of the
in
List
the schedule of fees for
^
$£$£%& a™ntov„^:000-000' M 65'2% 0f the 666'000'000
and member firms of the New York Stock
Encourage Listing of Large and
l
® Issues
of
members and member firms, were
actually voted at the corporate meetings
as
"
Ex-
Exchange.
Of the 666.000,000 shares that
might have been voted,
F
—...
,
and voting
trust certificates.
Thus, while the figures are not entirely comparable, it
is evident that the data summarized
above represent, for the most part, a
'
To
bf
— _
Electric Auto Lite
ET
Federal Mining & Smelting Co
FMS
Guantanamo Sugar..
GTS
Kellogg (Spencer) & Sons
SKG
National Dairy Products.ND
Texas Pacific Land Trust
TL
White Motor Co
WC
of listed
beginning of 1938 there
on
of non-voting shares
amount
-v:
Budd (E. G.)[Mfg. Co
Consolidated Aircraft..
This includes the shares of several small issues of
preferred stock which
361
'
.
total number of shares that might have been
issues in the reports of the
companies.
approximately
From
bdm
10,000 shares in connection with minor modifications in listed stock for which
annual continuing fee is being paid.
For
List
the
time
being, at least, corporations
given the option of paying the fee either
on
applying for listing will be
the
basis
new
or
on
the basis.
listing
policies; Edward E. Bartlett Jr., Chairman of the Board of
heretofore "in effect.
the New York Stock
hst€d on. <;he ExcI]aojie- The exl8tin£ schedule has been amended to provide
,or 1 mm,mura of *5'000 on " "^d-for-all ban. m similar cases.
of tlie
new
Department of Stock List of the New York Exchange.
an Exchange announcement said:
Wardie
Mr.
and
Mr.
emphasized the
Alnumber
subject.
Haskell
of
explained
interest
common
points,
the
of
relating
all
listing
new
program
registered exchanges
mainly
details
to
1938 Earnings of Guaranty Trust Co. of New York $12,-
and
in the
listing
the
of
172,838 Compared with $13,660,810 in 1937-—Profits
Securities in 1938 $6,289,612 Against $1,693,431
on
.
oil the New York Exchange, were discussed.
As was done in
prevjoJs conferences with other .out-of-town Exchanges, the representa-
program
the
t>va,oKthe New
York
Exchangepointed: out. that the, new listing program
it
was
local
emphasized,
Exchanges
a national
recognizes
and
their
interest.
proper
sphere
has been
On
Jan.
kept
mind
in
in
Exchanges.
He pointed out that, because of the difference
in time between New York and
not
Exchange is in accord with
principles and objectives of the report of the Exchange's Sub-committee
Listing Requirements.
on
San Francisco, the latter
only the West Coast community but also
the close of the markets in
Exchange
The discussion indicated complete
the East.
harmony between the New York and San Francisco Exchanges.
Reference
the
to
1T,i
.
meeting with
,
,
-r
officials
er
of
4.1
i
„
Boston
„
i
Stock Exchange, held on Jan. 5, was made in the^e columns
of Jan. 7, page 44.
.
The
year
just past has not been a favorable one for bank earnings.
Moreover, banks have had occasion to supply little credit on securities
mercial, industrial and agricultural loans made by the reporting member
"
banks
of
the
Federal
Reserve
Dec. 22, 1937, and Dec. 21,
the
same
banks decreased
System
decreased
1938, and during the
$945,000l000.
Tirlc^r
i lexer
dated
Jan.
ticker
^vmhols
oymDois
jt has become common practice
to five years to concerns
are
ticker
reporting
,.
,
,
most active
letter
symbols under its plans to improve
service
.
,
,
the Stock
by shortening the symbols of the
,
,
,,
.
.
,,
stocks to two letters and assigning new three-
symbols to less active
issues.
Ihe previous
group
Of
Many institutions
extending limited unsecured credit to individuals of moderate means,
directly financing instalment purchases of automobiles
aad othef
consumers'durable15,?°™
have come about when we
changes
^ounfc^tocSf
consider the huge amount or excess
funcis at the disposal of the banks.
Excess reserves of member banks on
year
earlier,
a
rise of $1,913,000,000, of
165%
$1,157,0001)00
during the year.
serve
the reduction in re-
requirements that took place almost simultaneously with the abolition
of the inactive gold fund.
One of the most important developments in the banking situation during
was
the movement of gold ^
September.
durine and after the war crisis in
ofthe United States on Dec. 28, 1938,
The monetary gold stock
totaled $14,508,000,000. showing an
increase of $1,748,000,000 for the year.
This increase
was
much greater
than
The
estimated world production outside Soviet Russia during the
following
are
Jan. 23
:
the
„
latest
changes,
which
Will become
This
increase was due primarily to large goldimports durin» the year and to the
abolition of the Treasury s inactive gold fund last April. An additional
changes were reported in these columns of Jan. 7, page 44.
effective
•
for banks to extend serial loans running
of first class credit standing.
factor tending to increase member bank reserves was
Exchange, in its "Weekly Bulletin"
announced a further group of changes in
12,
period total loans of
This decrease occurred in spite
Dec. 28, 1938, were estimated at $3,070,000,000, as against
The New York Stock
stock
$760,000,000 between
same
of the earnest effort of bankers to find safe outlets for loanable funds.
a
Changes Made in New York Stock Exchange
There
because of the sman amount
♦
Further
Credit
has been little demand for credit from commerce, industry and agriculture.
and many others are
the
for
presented at the annual meeting on Jan. 18 by William C. Potter, Chairman of the Board, and W. Palen Conway, President. ' In their report they state:
serves
national exchange after
as a
Employment
holders
19,
Mr, Bacon indicated that the San Francisco
Productive
The earnings of the Guaranty Trust Company of New
York for the year 1938 are shown as $12,172,838, compared
with $13,660,810 in 1937, in the annual report to the Stock-
the
William R. Bacon, President of the San
Francisco Stock Exchange, conferred with William McO.
Martin Jr., President of the New York Stock Exchange,
Messrs. Hancock, Wardle, Bartlett and Haskell and Dr.
Ivan Wright, Special Assistant to the President, on the new
listing policies.
Regarding this meeting an Exchange anin
®
nOUllCemeilt of. Jan. 19 had the following to say.
the
Securing
.
No points of difference
York and Chicago
President
p
the large field of usefulness of the various
in the discussion between the New
and
Potter
Resources
The New York Exchange,
development of the New York Exchange's program.
arose
Year—Chairman
Previous
Conway Point to Need of Confidence and Incentive
contemplates the listing here of the secuirties of soundly managed, seasoned
companies, in which there is
initial fee
$2>00(> i*r 8tock i6SUe of a .corporation previously having no securities
Exchange, and John Haskell, Director
Regarding the meeting,
again
The new schedule provides a minimum
the
total world production
of gold during the same period.
ended Sept. 30„ 1938, was only approximately $1,090,818,000.
The
12 months
The gold
Financial
362
Jan. 21, 1939
Chronicle
$7,779,948.19
operations
Net prolitfrom operation of bank building, including $1,027,463.09
rental for space occupied by the company, after providing for de¬
preciation of $247,200.00
Income from bank
reflected the "flight" of European capital due to
the war scare and the surplus of exports over imports in our merchandise
trade.
Some of this capital was invested in securities, while some was left
movement to
this country
Its effect on the American
banking situation was. of course, to swell both the deposits and the reserves
of the banks.
In the absence of an active demand for credit, the gold
on
the banks or
deposit with
with brokers.
effect of increasing excess reserves.
simply had the
.
.
.
superabundantly supplied with
they have neglected their duty
to business apparently forget two things.
One is that the money lent
belongs largely to the depositor public and must be lent in such a way as
to meet the owner's demands.
The other is that a loan is a transaction
between two parties, a lender and a borrower, and that banks cannot lend
unless business desires to borrow.
Our conclusion is that until confidence
and Incentive are present it will be ineffective to place further excess funds
at the disposal of the banks or to expect bankers to find productive em¬
ployment for the more than abundant credit resources they already have.
For several years, careful business observers have pointed out that drastic
experimental legislation has had a serious unsettling effect on business and
in particular, that legislation tending to raise costs and restrict profits has
tended to prevent recovery.
There are signs that this situation is gaining
recognition among the people.
A more realistic view of economic problems
on the part of the general public would be sure to find its reflection in
governmental policies toward business and would therefore help very greatly
to strengthen the foundations on which sound recovery must be built.
quite evident that the banks are
but those who allege that
is
It
882,880.38
$8,662,828.57
Total
Net profit on
2,404,484.81
1
securities
Total income
$11,067,313.38
------
$7,021,468.85
Operating expenses
loss on loans, mortgages,
Charges and provision for
Net profit for
932,105.71
7,953,574.56
special charges shown below.._
$3,113,738.82
claims, &c
other real estate,
loanable funds,
the year, exclusive of
Capital stock, surplus fund
and undivided profits accounts;
1938, were
during year ended Dec., 31,
Summary of changes
follows:
as
Accounts as per
statement Of condition,
Dec. 31, 1937:
stock..----—$50,000,000,00
-----—-:-r. — 55,000,000.00
Undivided profits
—
6,732,193.56
Capital
Surplus fund—---------
Total-.———--
—
$111,732,193 56
-
—
31, 1938, exclusive of special
profit for year ended Dec.
Net
charges
shown below
3,113,738.82
—
'
\
Dividends declared during year
$114,845,932.38
'
2—3,000,000.00
1938
$111,845,932.38
special charges:
Provision for valuation and other reserves
Deduct
earnings of the Guaranty Trust for
reported as follows by Messrs. Potter
The
were
1938 and 1937
and Conway.
EARNINGS
'
10,800,000
$13,660,810
10,800,000
$1,372,838
-
.
i
$2,860,8i0
.
$1,487,972
$1;487,972
.$12,172,838
Leaving
Decrease
1937
1938
254,482
527,308
Capital stock_:
;
In part we
also quote from the report:
The following comments on
figures to a comparable
PROFITS ON SECURITIES AND
FUND
AMORTIZATION
Profits on Securities—
v
During the year profits from the sale
These profits were
$1,532,312
$139,183
2,121,371
2,635,929
1,554,248
$1,693,431
stantial increase over the
for year
amortization fund (to provide in part for
amortization of bonds bought at a premium, thereby
Increasing In the annual yield from such securities)
Placed in a deferred profits account.. ....
Included in current earnings
Credited to the
—
Net Profit from Operation
duction in
ends, occupancy was
of the amortization fund was as
fund at beginning of year
follows:
$3,348,865
fund—as
above
......
Proportion of bond premiums
during year..
Credit balance in
2,121,371
1,554,248
5,470,236
this
$2,658,217
4,212,465
securities sold during year credited to
.....
fund at end of year—
....
1,360,900
$4,109,336
863,600
$3,348,865
This year will mark
the following:
the completion of a century of service
by this bank,
1839, by the National Bank of Commerce in New York,
was merged with the Guararity Trust Co. of New York, itself
organized 75 years ago.
The original paid-in capital of the National Bank
of Commerce was a little less than $1,200,000-.
The capital funds of the
$272,000,000 constitute an investment making
nstitution to-day, more than
possible the employment of nearly 4,000
banking and trust services of national and
'
Reserves
,
'
•
Against Assets
in the Company's accounting procedure
adopted. Previously it had been the practice
Contingencies for depreciation on securities, and
for that portion of loans, mortgages, and real estate acquired through fore¬
closure, which was classed as doubtful.
As of June 30, 1938, the account,
Reserve for Contingencies, which had been carried at $5,000,000 on the
During the past year a change
with respect to reserves was
provide in Reserve for
Company's statement was discontinued.
people and making available
international scope.
serves
do not
but are deducted from
ing with reserves and
From the New
condition of the Guaranty Trust, as of
referred to in our Jan. 7 issue, page 76.
The re-election of directors is noted on another page in this
issue in our columns presenting"'-'Items about Banks, Trust
Companies, etc."
was
7
York "Journal of
denied rumors
with some other bank. He said
that he had seen a report of such negotiations and declared that it was wrong.
In reply to a stockholder's question on the German loans, Harry E . Ward,
President/stated that they were comprised entirely in the Lee, Higginson
credit whose par value is $2,600,000.
In reply to another question, he stated
Before reading his report,
'
Lewis E. Pierson, Chairman,
Trust Co. is to be merged
that there had been no
business with Coster.
meeting, elected William N.
Chairman Pierson, of Irving Trust
and
New York, Find Evidences of Reviving Con¬
fidence Following Period In Which Business Faced
Handicaps—Income of Bank in 1938, $7,779,948—
Net Profit for Year, $3,113,739
presenting their annual report to the stockholders of
Trust Company, of New York, on Jan. 18, Presi¬
dent Harry E. Ward and Chairman Lewis E. Pierson ob¬
served that "the past decade has beep an unusually, difficult
period for banks.
They had first to deal with the deposit
contraction of the early '30s, and then with the deposit ex¬
In
the Irving
pansion of the past few years." While further noting that
"business has operated under a handicap of uncertainty, and
with the exception of one brief period has remained at de¬
pressed levels," Messrs. Ward and Pierson state:
There is now cause for
encouragement in the fact that the past year has
confidence. In all walks of life
there is a growing realization that if labor is to be fully employed and real
prosperity is to return, Government must encourage rather than hamper
natural business expansion.
This feeling may well find expression in an
brought
a
significant improvement in such
Commerce" we take the
following:
The stockholders of Irving
Co., of
This method of deal¬
approval of governmental
the assets to which they refer.
valuation of assets has the
supervising agencies.
The' statement of
President Ward
Instead, Valu¬
aggregating a like amount were established.
Valuation Re¬
appear as a separate account in the Statement of Condition
that the Irving
Dec'. 31, 1938,
,
ation Reserves
begun in April,
which in 1929
.
for 1938 were $21,213.14 higher than for 1937.
The
for 1938 included a non-recurring charge of about $200,000 for
decorating and furnishing the Company's new branch at 24 West
liability side of the
report we also take
From the
96.83*% and 92.20%.
Forty-eighth Street.
to
charged against this fund
,»
J16.91 less than for
Operating Expenses
altering,
Credit balance In
of Bank Building was $181
A principal factor contributing to this decline was a re¬
the amount of rentable space occupied.
At the respective year-
previous year.
expenses
Part of profits on
adjusting 1937
/
previous year.
"
the
Amortization Fund—
The operation
income and expenses are after
basis.
1938 was $1,637,469.30 less
than for 1937.
This was due largely to a contraction in the volume of loans,
and to a reduction in the average rate of return on loans and investments.
On the other hand, Net Profit on Securities of $2,404,484.81 showed a sub¬
1937
$1,693,431
$6,289,612
of secure,
...
.
Operations for the year
Income from Bank
',
1938
amounted to $6,289,612
V
'
disposed of, as follows:
Total as above......
'
8,910,928.91
—.—50,000,000.00
52,935,003.47
—$102,935,003.47
-—
Surplus fundi.
$1,215,146
.
MEMORANDUM REGARDING
•
272,826
$2,333,502
.
of condition, Dec. 31,1938:
Accounts as per statement
$1,118,356
•
contingencies
,
.
*
against
in excess of the reserve
of $5,000,000.00 at Dec., 31,
1937, also applied against such loaas.&c...—
$3,375,021.59
Reduction of net book value of bank building to
$18,000,000.00 as at Dec. 31, 1938
-5,535,907.32
loans, &c., of prior years,
for
Trust Company, at their annual
Enstrom, Vice-President of the
Company, as a new member of the Board of DirectorsN. Mr.
Enstrom became associated with the institution in 1906.
He
was elected Vice-President in November, 1919.
He has had,
experience in both domestic and foreign
During the World War, Mr. Enstrom served as
officer in command of the United States Naval Station at
Pernambuco, Brazil, and later was attached to the American
Embassy at Rio de Janeiro.
it is said, a broad
banking.
"Shell-Shocked"
Business
by
Investigations, Regula¬
Percy H. Johnston
in Annual Report
Repeal of Silver Purchase
tions, Undue Taxation, &c. Says
of Chemical Bank & Trust Co.
to
Stockholders—Urges
Act-—Year's Earnings of
Bank $7,129,612
Describing business as "hesitant
and cautious throughout
year," Percy H. Johnston, Chairman of the Chemical
Bank & Trust Co. of New York, in his annual report on
Jan. 18 to the stockholders of the bank, said:
the
It
[business! has been shell-shocked by investigations,
much political abuse.
In our opinion it
appreciation by the new Congress of the necessity for correcting some of the
restrictive legislation of recent years, and for subjecting any proposed new
taxation and
legislation to the always vital test of its effect on the country's prosperity.
The evidences of reviving confidence suggest that conditions are more
not, in the
propitious than for some time past for a broad, well-balanced, and perhaps
sustained business recovery based on a revival of private initiative and an
we
doldrums until
will remain in the
and shareholders of banks can¬
earnings.
will improve eventually and, during the interval,
ourselves with small returns.
political conditions change,
meantime, expect large
We believe
conditions
will have to content
Our
regulations, undue
principal objective is to conserve our
capital account during such
led astray in making long time commitments, or
for which commercial banks are not equipped,
by experience, the nature of their business or the quick demands that
expansion in the durable goods industries.
periods and not to be
fail to bring a
invading other lending fields
Any such recovery could hardly
substantial increase in the demand for bank loans and an im¬
either
provement in earnings.
could be made upon them.
The institution's income
from bank operations for the year
$7,779,948, and the net
*ended, Dec. 31, 1938, is shown as
profit during the year was $3,113,739. The condensed profit
and loss account for the year ended Dec., 31, 1938, is shown
as
follows:
•
•
*
According to Mr. Johnston "one of the most serious pro¬
Nation to which the present Congress
should early direct its attention is the repeal of the Silver
Purchase Act, which has failed to achieve any of its major
blems affecting this
Volume
148
Financial
objectives and has proved of
to the Nation."
Chronicle
economic value whatsoever
no
Mr. Johnston went
share.
Undivided
per
to say:
on
The Government's efforts to
covered
bring about international cooperation for
the wider use of silver as a
monetary metal have resulted in complete failure.
Silver coinage has been
demonetized among the Nations of the world on an
sented
China, the American silver policy demoralized her
structure.
currency
price of silver to levels entirely unwarranted by
unsound, upwards of
a
world
on
an
demands
the
for
metal,
billion dollars of the taxpayers' money.
as
buying
still short nearly one
billion, ounces of the amount required under the Silver
Purchase Act to bring the silver
holdings up to one-quarter of the monetary
value of the combined gold and silver
holdings.
Foreign silver producing countries, led by Mexico, have been the
greatest
beneficiaries in the aggregate of the Silver
Purchase Act, for only about 13%
of the total silver
purchases of the United States Treasury since 1934 has
been the product of mines in the
United States.
It is inconceivable that
to
section
a
sensible people, in order to give a small
subsidy
country where silver mining existed, were willing to
of the
a
1940; 13%
$10,600,000 from
in 1941 and 5%
in
almost equally divided
a year ago,
other than brokers demand
loans) and unsecured loans.
on all loans for the
year was
2.35%
2.50%
opinion, ample
.
Paul
G.
elected
John
Hoffman,
the
to
R.
President of
board
of
President.
was
or
on
the
elected
Corp.
Marine
was
Midland.
Assistant
au
Vice-
He will be located at the 45th Street office.
McGinley joined the bank, eight years
of the Lion Match Co.
He is
ago.
W. Lawrence McLane
Assistant Treasurer."
by
doubtful."
Studebaker
directors of
McGinley 2nd,
reported
were
reserves were available to
these and any domestic loans
considered bad
cover
In 1937 the
.
•
.
Loans available .under German Standstill
agreement
Mr. Blaine who stated that in his
Secretary of the
more because the Government was
to secured
rate was
dispose of
cease
off about
were
Average rate earned
on June 30 last, held approximately
the silver the world had
produced since Columbus dis¬
covered America—silver for which it
had no use and could not
powerless to
mature in
_
Loans
of all
was
$5,000,000.
$100,000
and the remainder repre¬
1942.
experiment previously proved
without causing a collapse of world
prices and panic—the
at
which
It is also stated:
municipals mature in 1939; 19%
the
AJthough the United States Treasury
one-seventh
of
Values of investments at the
year-end were substantially in excess of book
values. 96% of U. S. Government
obligations mature within five years. All
Federal Intermediate Credit debentures
mature in 1939.
63% of State and
currency, both at home and abroad.
In its efforts to raise the
large world supplies and limited
United States Government has
spent,
$231,695
reserves
of
excess
year ago.
the
increased
ordinary operating earnings over dividend
Security profits of $288,147 were credited to
reserves.
Deposits, exclusive of special trust deposits,
totaled $105,908,416,
up from $104,788,878, reported
a
Treasury buying of silver bullion has further increased the liabilities
of
the Federal
Government, and has reduced confidence in the Nation's
Treasury
profits
transfer from
a
payments.
extensive scale and China, the last
country using silver as a money standard,
has been forced to
adopt a managed currency.
Instead of increasing our
commerce with
363
Capital and surplus each remain
a
Mr.
director
elected
was
an
,
reward the rest of the silver
much.
It would be
a
producing sections of the world seven times as
far more simple and economical
procedure to make the
subsidy direct and leave the
rest of the world out.
We cannot refrain from
again directing attention to the grave danger In
the continued unbalanced Federal
Budget.
There can be but one ultimate
outcome—national bankruptcy and chaos.
The year ended
existence.
Dec.
31,
the
was
"Considering the lack
115th of the Bank's
of demand by our custo¬
mers" says
Mr. Johnston "for borrowings and the very low
interest rates for
money and on investments, the bank did
well in being able to earn its
regular dividend, pay all ex¬
and losses,
penses
reserve
and
set aside $50,000 a month for general
$1,060,757.99 to its undivided profits."
add
From the report we also
quote:
The bank operated
during the
averaging $68,084,000 per day.
'
.•
year with
large
date
in
iq 1937.
were
-
greater than at the corresponding
the general
more
operating
ourselves
the dis¬
971,250.00
981,468.93
165,643.19
296,521.79
92,970.20
15,000.00
1,006,757.99
„
Amortization of premiums on United States & other
securities
Reserve for Federal Deposit Insurance
'_
3% additional compensation officers and
employees
Contribution to Greater New York Fund
Added to undivided profits.
...
$7,129,612.10
19
stockholder, Mr. Johnston
gave the
down
following break¬
public utilities, $4,100,000; industrials,
$3,400,000; short-term
securities, $1,650,000; railroads, $342,000.
;
'
During the
In regard to German loans, the
Chemical Chairman
form
which
was
outstanding in
of $1,100,000
of commercial credits which
half years or so.
The bank had
being able to obtain full payment
For
the
Canadian
1931
explained that of the
all
has
"been
brought
$1,200,000 and that is in the
will be paid off in
been
on
the next
two
and
a
particularly fortunate, he said, in
our
bank's
Mr. Johnston's report of
issue of two week's
a year
earnings
ago
was
ago
Jan. 7,
page
76.
that the trend towards
of
our
directors of the Chemical Bank & Trust Co.
where in this columns
today in
Companies, &c."
V
•
Annual
given else¬
"Items About Banks,
A
are
of Stockholders of Marine Midland
Co.—President
Blaine
of
Opinion That
Current
Low
Money Rates
Earnings $881,695
At the annual
Midland
our
Mr.
Morris's
statement
department has shown continued growth In the
The
custody accounts in the year increased 9.9% and
in the trust department increased
5%.
We believe
utilizing the services of
of
more
and
our
trusts,
including
man¬
In that period the total
has
increased
95.7%,
79.5%.
investment portfolio we continue in
our
companies in the
is reflected in the growth
custody accounts,
while the number of accounts has increased
In
trust
more
department in the last ten years.
liquid condition.
At the
end of the year the
company held $8,275,000 direct and indirect obligations
of United States Government.
Of these, 43 % % mature within three
a
years,
49%% within five
56%% within ten
years,
15 years, and 22% after 15 years.
that
amount
47%
matures
years,
within
five
net
appreciation
up
At the close
years.
Dec. 31, 1938, taking the market value of all of
a
21%% between 10 and
Our portfolio totals $17,000,000 and of
our
securities
as
of
business
of that date,
was shown in market value over book value.
Reserves
out of undivided profits are more than sufficient for all
known contingencies.
Charles J. Nourse of the law firm of
Burlingame, Nourse &
was elected a director in the class of 1942 to fill a
vacancy
on
the board.
The Dec/ 31 figures of the trust
noted in our Jan. 7 issue, page 76.
company were
Total
Earnings
of
St.
Louis
Federal
Reserve
Bank
William McC. Martin,
President of the Federal Reserve
Louis, announced on Jan. 11 that preliminary
figures indicate that current earnings of the bank during 1938
amounted to $1,564,000, while current
expenses were $1,415,Bank of St.
In his announcement Mr. Martin said:
Current net earnings for 1938 were
$149,000.
Additions to current net
earnings amounted to $396,000 and consisted chiefly of profits realized on
the sale of United States Government securities.
-Deductions from current
net
earnings of $290,000 included prior service contributions to the retire¬
ment
system.
these additions
to
and
deductions
from
current
net
earnings
leaves net earnings for the year available for dividends,
surplus,
the amount of $255,000.
follows:
The
net
earnings for
Dividends to member banks,
1938
were
&c.,
In
distributed
as
$235,000; payments to Treasury of
United States under provisions of Section 13-B of the Federal Reserve Act
relating to industrial advances, $2,000, and net addition
$18,000.
to
surplus account,
Meeting
Trust
Net
trust
Making
Changes at this week's annual organization meeting of the
Trust
year the trust
agement of investments and estates
000.
these credits.
referred to in these columns Jan. 22,
1938, page 522. Refer¬
ence to the bank's statement of
condition as of Dec. 31, 1938
appeared in
the management of personal
estates."
During 1938 Reported at $1,564,000—Net Earnings
Amounted to $149,000
v
ended Dee. 31, 1937 the
year
$7,834,764.
were
or
entirely to
personal
the number of accounts
German Loans Being Paid
the exception
York
Pettit,
of the banks'
holdings of "other securities"; Federal Intermediate
Credit banks, $18,000,000; Federal Home
Loan banks, $5,500,000; Federal
Farm Mortgage Corp.,
$1,100,000; "other territorial" securities, $1,100,000;
total
New
total value of trust and
take the
we
following:
with
of
further said:
previously set
•
From the "Wall Street Journal" of Jan.
home"
almost
and
trusts
assets
expenses,
Employe welfare
$19,250,000
Co.
earnings of $287,000, or $14.35 per
share, against $251,000, or $12.55 per share, in 1937, reflect¬
ing larger income from the trust department.
That devel¬
opment, he continued, "is very gratifying, as we confine.
than
position of the balance of the year's
earnings is shown below:
Dividends on the stock in the bank
$3,600,000.00
Reserve for contingencies.
At the request of a
Trust
amount of assets and In the number of
trust and custodian accounts.
'
.
charging off losses and
Fulton
of
Arthur J. Morris, President of the Fulton Trust Co. of
New York in a statement made at the annual
meeting of
the stockholders on Jan.
18, said that the company closed
the year 1938 with net
excess reserves—the excess
For the year 1938 deposits
averaged $24,192,000
1937.
After
1938
Morris
Reports Net Earnings for Year of $287,000
.
The financial statement
following this report shows the condition of the
bank at the close of business
Dec. 31, 1938 and discloses a strong and
liquid position.
The deposits as of Dec. 31.
President
Trust
Will
Continue—1938
meeting of the stockholders of The Marine
Co.
of
New
York
on
Jan.
11,
James
G.
Blaine
President, commenting on money rates, expressed
the opinion that current low
money rates will, in all proba¬
bility, prevail for some time. In view of this, he suggested
that views of what should be considered normal
earnings for
banking system might have to be adjusted. Mr. Blaine
further stated that much as the bank desired to increase its
the
loans, there
was
usually cheap
little demand for borrowings, despite un¬
money.
President Blaine reported 1938 net
earnings of $881,695.
This, it is stated was exclusive of security profits, losses,
recoveries, &e., and was equal to $1.76 per share of $10 par.
During the year the bank paid regular dividends of $1.50
Preliminary
Federal
Figures
Reserve
Indicate
Banks
in
Current
1938
of
Earnings
$36,261,000
of
Preliminary figures received by the Board of Governors
public Jan. 5, indicate
that current earnings of the Federal Reserve Banks during
1938 amounted to $36,261,OCX), or $4,972,000 less than in
1937, while current expenses were $28,912,000, or $111,000
more
than the previous year.
Current net earnings for
1938 were $7,350,000 as compared with $12,433,000 in 1937.
An announcement by the Board of Governors of the Federal
Reserve System further said:
from the Federal Reserve Banks made
Addition to current net earnings amounted to $9,833,000 and consisted
chiefly of profits realized
on
Deductions from current
contributions
ditions to
to
the
reserves.
the sale of United States Government securities
net
earnings of $7,601,000 include prior service
retirement
system
and
special charge-offs
and
Making these additions to and deductions from
ad¬
current
leaves net earnings for the year available for dividends, sprplus
&c., in the amount of $9,582,000. as compared with $10,801,000 for 1937*
net earnings
The
net'earnings foFl938 were
banks, $8,019,000;
13-B
visions of Section
$120,000; net
advances,
distributed as follows: Dividends to
These latter factors are
tion.
member
important and will
continue to be considered
bank's condition and the
of determining a
for the purpose
of the United States under pro¬
of the Federal Reserve Act relating to industrial
additions to surplus accounts, $1,443,000.
payments to Treasury
1939
21,
Jan.
Chronicle
Financial
364
soundness of Its
policies.
piece of legisla¬
indicated that the only major
Mr. White
requested by the Department will be a
revision of the savings and loan article of the Banking Law.
Referring to the fact that the other articles of the law were
tion which will be
NewJYorklSuperintendent of Banks
of Creating
New
Types* of
Government-Sponsored Lending
Institutions—Increase of $126,000,000 in Deposits
of State Banks and Trust Companies in Year
New York State Superintendent of Banks, William R.
White, in bis annual report submitted ,to Governor Lehman
and the Legislature on Jan. 4, questioned the advisability
Annual Report of
WhitelQuestions Advisability
R.
—W.
by the last two sessions of the Legislature, the
Superintendent said that for the time being it seems clear
that substantial changes in our banking laws are unnecessary
rewritten
and inadvisable.
White says
of great
in this
creating new types of Government sponsored lending in¬
stitutions and stated that because additional banking legisla¬
of
recently enacted have been
trial.
■
;.:V
had decreased $775,000,000. He added "this
believed', is attributable to reduced demands
by business, and does not indicate that banks are responsible
for a curtailment of credit."
Mr. White continued:
According to the best information available to this Department, the
percentage of loan applications rejected has not increased during recent
years.
Banks nevertheless continue to be criticized by those who believe
that more lenient loan policies should be adopted as a means of stimulating
business activity.
Such an argument is opposed to the important principle
that the duty of bank management to safeguard the interests of depositors
remains unchanged whether business conditions be depressed or prosperous.
This does not mean that there is no affirmative action which banks can
take in the interest of assisting business recovery.
The situation is One
which requires initiative and a willingness to consider credit needs in fields
to
,
of 67.60% of their claims.
distributed to creditors of all
month of December, 1933, amounted to
and
1933,
carry
on
OR RESTORED
BER,
Name
Bank, Barriesville, Ga.x
Jackson Park Nat. Bank, Chicago, IllFirst Nat. Bank in Mt. Olive, 111- —
Citizens Nat. Bank, Great Bend, Kan.
First Nat. Bank, Elton, La
First Nat. Bk. in Avon-by-the-Sea,N.J
Citizens Nat.
Park, N. Y...
Ohio.
Ohio.
First Nat. Bank, Oak Harbor, OhioFarmers & Stockgrowers Nat. Bank
Farmers
Heppner, Ore.——
experience has established that such
An extract from the report says:
A reduction in the interest rate seldom has a noticeable effect upon de¬
posits, and in any event the loss of funds is desirable if the earning position
of the bank is thereby improved.
It should be borne definitely in mind
that the rate established by the Banking Board is intended only as a maxi¬
mum rate and should not be construed as a suitable rate for all institutions.
Many factors have a bearing upon the ability of a bank to pay interest to
its depositors.
Obviously these factors vary in the case of different in¬
stitutions.:
The rate to be paid by a particular bank should be established
by the management on the basis of the condition of its assets and the
earnings derived therefrom and not with the view of matching or exceeding
the rate which may be paid by a neighboring institution
Management
which ignores this principle or attempts to meet expenses by acquiring high
yield but speculative investments assumes a risk for which there is no
are
not
i
White added:
recognized, some banks
minimize the importance of
maintaining a strong short term position.
In support of this contention
It is asserted that only changes in interest rates can affect long-term bonds
adversely in comparison with short-term bonds of like quality, and that a
Although the importance
investment
of quality is generally
services are still inclined to
It is true that in view
certainty that those who
seek greater
income by purchasing long-term high quality bonds will
necessarily suffer market losses.
Obviously, however, banks will maintain
a more secure position if they so arrange their portfolios that substantial
losses will be avoided, if their expectations for continued duration of low
long period of low interest rates
is to be expected.
conditions it cannot be stated with
rates prove to
be erroneous.
The agreement
of supervisory authorities to
disregard market fluctuations
bonds when calculating net sound capital should encourage
to restrict their investments to such securities.
While the de¬
in high-grade
bankers
the purposes of
importance of a
sound program of diversifica¬
preciation in high-grade bonds will not be considered for
examination, this policy is not intended to minimize the
carefully planned schedule of maturities and a
■
page
S311,785
102.06
65.6
74.51
71,555
-
ylOO.OO
'
6-25-32
903.537
82.71
67.5
1-20-32
333,914
390,098
69.91
58.7
107.44
111.42
70,663
89.31
87.00
277,044
77.15
47.6
227,078
79.18
51.267
2-*8-34
1,539,476
105.31
108.797
12-24-31
1,241,263
92.41
10-25-33
731,347
94.01
92.57
2-33
118;861
103.67
107.59
1-25-33
1,053,828
80.75
6-25-34
377,289
83.25
2-20 32
5-
.
2-34
10-13-33
P
10- 2-33
2-
.
87.63
•'
72.667
71.55
stock assessment covering deficiency in
unfinished liquidation, y Sole creditor of re¬
and interest in full
through dividends of 100%
and
banks completed
issue of - Dec. 24,
liquidation of National
in
our
^
3838.
$115,447,596 in Savings
of
Increase
to All$i
to Total
Liabilities Claimants
8-29-35
appeared
November
Declared
Deposits in New
1938—Total as of Dec, 31 $5,405,037,409—First
Year Since
1931 That Deposit
Increase
Exceeded Dividends Declared—Number
of Depositors Declined
During
York
134 mutual savings banks of New York
ending Dec. 31, 1938, showed a gain of
$115,447,596 to a total of $5,405,037,409, according,^ to a
statement issued Jan. 14 by the Savings Banks Association
Deposits in the
State for the
year
New York. While the deposit figures have
steadily for some years ip these banks, 1938
was the first year since 1931 when the increase in deposits
exceeded the amount of dividends declared.
The gain for
the six months' period ending Dec. 31, 1938, was $68,717,901,
and for the quarter ending the same date, $43,245,466.
The
number of accounts in the banks as of Dec. 31 was 5,924,478.
This was 35,440 less than on the same date in 1937, but
included in this loss of accounts are 4,951 turned over to
of the State of
'
Superintendent said that on the basis of reports o?
examination made during the first half of 1938, the average
institution had 85.5% of its securities in governments, ac¬
ceptable municipals and corporate bonds in the first four
grades.( The examination reports also reflected a trend
toward a somewhat shorter term position.
The average of
the ratios for each of the 287 institutions in the tabulation
showed on par values 29.8% in bonds due within five years
and an additional 20.6% in bonds due within 10 years.
Mr.
of existing
Reference to the
during
Per Cent
Dividend
levy and collect
sold, or to complete
ceivership paid 100% principal
waiver of Interest due.
The
and
Receiver appointed to
value of assets
well founded.
possible justification.
Bank, Dalhart, Texas.
First National
x
......—.
Morristown, Tenn..
First Nat. Bank,
because of fear that
Mr. White said that
National Bank, Bryan,
Bank, Marion,
Marlon National
adopted a somewhat lower rate.
fears
National Bank, Central
Central Park
and 0.9% from miscellaneous sources.
balances of time and thrift accounts upon which interest is
paid continue to present a problem to many institutions, the Superintendent
added.
While 2% is the maximum rate that may'be paid upon savings
and thrift accounts, many banks located in various parts of the State have
a
Offsets
6-18-34
Tuscumbia, Ala
First Nat. Bank,
from foreign exchange
entail
of
and Location of Bank
Allowed
The large
reduction might
Per Cent
bursements Total Disbursem'ts
Including
Failure
.
a
.
.,
competition.
,
to the maximum rate
loss of deposits.
1938
Date
bank earnings for the'year 1938 will not be
ready until some time after the first of the year, Mr. White
said.
He likewise stated:
t
Reports for 1937, however/showed that commercial banks and trust
companies earned less than 1% (0.79%) on average total assets after de¬
ducting operating expenses.
Of gross operating income, 36.8% was derived
from interest on loans and mortgages; 35.7% from
investments; 12.1%
from trust departments; 7.3% from real estate; 5.1% from service charges;
Many banks, however, adhere
TO SOLVENCY
Total Dis¬
A report on
2.1%
restored to solvency during December :
BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF DECEM¬
INSOLVENT NATIONAL
will be permanently benefited if the Government
services which the banks are able and willing to
actual or threatened Government
distributions to depositors of all receiverships from March 16,
31, 1938, amounted to $931,672,255.
' V
the 14 National banks liquidated and
Dec.
to
finally closed or
commercial credits.
public interest generally
to
.<
4
active receiverships during
$6,468,642. Total dividends
The following are
themselves to changed conditions, it is
reasonable to believe that bankers will continue to meet adequately the
eredit needs of the nation.
Those who espouse the formation of additional
Government lending institutions should consider whether business and the
perform in the absence of
of National Banks
of 14 Receiverships
average
an
opportunity to adjust
endeavors
•
Dividends
paid
been actively
derived from short-term
formerly
income
Given an
"
the
cultivated by commercial banks.
By adopting such a program, some banks have found it possible to broaden
their services to their communities and at the same time to replace In some
measure
^
,
December
Announcement was made on Jan. 17 by Preston Delano,
Comptroller of the Currency, that during the month of
December, 1938, the liquidation of 14 receiverships was
completed and the affairs thereof finally closed.
This
makes a total of 1,250 receiverships finally closed or .re¬
stored to solvency since the banking holiday of March,
1933.
The Comptroller's announcement added:
Total disbursements, including offsets allowed, to depositors and other,
creditors of these
1,250 receiverships, exclusive of the 42 restored to
solvency, aggregated $516,494,815, or an average return of 80.64% of
total liabilities, while unsecured creditors received
dividends amounting
decrease, it is
which In the past have not
who are en¬
-
Completed During
acceptances
v
♦—-
.■
Liquidation
.
deposits in State banks and trust companies at the
end of September showed an increase of $126,000,000 over
Sept. 30, 1937, the|Superintendent stated that loans and
While
,
full cooperation to those
this objective."
,
State, and offers its
deavoring to achieve
and uncertainties, further
should be deferred until
given a fair and adequate
tion may create new problems
changes in the banking statutes
laws
Life Insurance De¬
made in the report to the
Reference is
partment Act, as to which Superintendent
"this Department believes that savings banks can be
service in making low cost life insurance available
been climbing
Comptroller of the
the
State in accordance
with the law
of accounts
there was a
covering inactive accounts. This loss in number
was attributable to the early months of 1938, for
gain for the last
the last quarter
credited
dents.
six months of the year of 8,904, and for
of 1938, 17,465, excluding the inactive
during the year 1938 paid out or
These banks
accounts.
to
approximately $101,000,000 of divipaid out to Christmas Club
November and December a total of
depositors
In addition, there was
depositors
during
$22 000 000
the figures, Albert S. Embler, President
Banks Association and President of the
Walden Savings Bank of Walden, N. Y., said:
There seems only one way to explain the actual new money increase
In commenting on
of
in
the
Savings
New York. The explanation must
been in better financial position
they have been able .to conserve most of the savings for whichi
have sacrificed in years past and in addition have received sufficient
,the deposits of the
lie
in the
so
that
they
fact that
savings banks of
people generally have
(
Volume
income
sion
is
148
that
so
borne
they
out
whole, showing
during which
the
by
there
State
the
was
its
than
more
and
inspection
In
best
out
one
adding to their
financial
close.
show the
The savings banks feel
of
their
continue
may
of
savings
the
This
programs.
statistics
the
for
both
with
deposits
December
since
definite
a
and
as
the
every
resources
rapidly and
as,
(Attention is invited to Treasury
Decision 4550, ruling that Treasury Bills are not
exempt from the gift tax.)
No loss from the sale or other disposition of the
Treasury bills shall be al¬
lowed as a deduction, or otherwise
recognized, for the purposes of any tax
now or hereafter
imposed by the United States or any of its possessions.
figures
maintaining
are
consistently
as
Treasury Department Circular No. 418, as amended, and this notice pre¬
scribe the terms of the Treasury bills and govern the conditions of
fheir issue.
economic
conditions permit.
A
preliminary examination of other conditions
confirmed
by
reveals that
portfolios
and
the
is
of
made
standpoint
added
parcels of
those
issued
have
of
real
properties,
definite
the
considerable
improvement in
liquidity
well
arrears
restoration
at
a
may
be
seen
for
to
sales
estate
it
progress
among the savings banks,
the Superintendent of Banks,
of
report
done much to reduce
to this
5,500
year
recently
banks
from
have also
When
of
the
the
as
in
their mortgage
price
in
1938
of the
excess
has
been
on
lishment
more
The
whole
a
Tenders
of $294,763,000 Received to Offering of
$100,000,000 of 91-Day Treasury Bills Dated Jan. 18—$101,152,000 Accepted at Average Price Fraction¬
ally Under Par
A
total
the branches thereof up
down to
99.999,
99.999,15%
was
accepted.
par.
i
cases
arising in New York State.
The Chicago
Government
of
The Central
New
119,'553,000 purchased
11,856,500 purchased
3,853,550 purchased
...
May
....
June
24,370,400 purchased
4,812,050 purchased
...
July.......
August
September
12,510,000 purchased
8,900,000 purchased
3,716,000 purchased
October
November
2,000,050 purchased
15,351,100 sold
...
December
*..
1939, with Jurisdiction
over
England Division, Feb.
1,
offices
as
at
follows:
Boston
New
and
originating in the six New England
over cases
,>;
with
"v'
,
.
U
The Southwestern Division, April 1, including the States of
Louisiana,
Texas,
Oklahoma,
and
Arkansas, with
local
Mississippi
offices at New
at
Denver.
Omaha, Kansas City and St. Louis.
Atlantic
Division, May 1, consisting of the States of Delaware,
Maryland, Virginia, West Virginia, and North Carolina, and the District
Securities
1938—
March
Wisconsin, Minnesota, and
1,
The Western Division, April 1, consisting of the States of New
Mexico,
Colorado, Wyoming, Nebraska, Kansas, Iowa, and Missiouri, with offices
-
Purchased
by
purchases of $6,469,750, Secretary of the Treasury Henry
Morgenthau Jr. announced on Jan. 16.
This compares
with net purchases of $360,000 during November.
The following tabulation shows the Treasury's transac¬
tions
in
Government securities,
by months, since the
beginning of 1937:
April
cases
officeS^at Pittsburgh, Philadelphia, and Newark.
of
Columbia, with headquarters at Washington.
Carolina,
...$14,363,300 purchased
5,701,800 purchased
Division, established Jan.
The additional divisions will be established
The
Market transactions in Government securities for
Treasury
investment accounts in December, 1938, resulted in net
1937—
over
over
originating in Michigan, Ohio, and Kentucky.
cases
The
February..
1, with jurisdiction
North and South Dakota.
Treasury During December
January
Four such
cases.
are:
,
Division, established Sept.
originating in the States of Illinois, Indiana,
The
$6,469,750
They
Orleans, Houston Dallas, and Oklahoma City.
Of
.
in operation.
now
The Eastern Division, March 1, embracing Pennsylvania and New
Jersey,
Total accepted-.-$101,152,000
the average price being fractionally under
Estate Taxes
The Pacific Division, established July 1, with
jurisdiction over cases
originating in the States of Washington, Oregon, California, Idaho, Mon¬
with
The accepted bids were tendered at prices ranging from
slightly above
par
the amount tendered at
Rev¬
Decentralization
tana, Utah, and Arizona, and the Territories of Alaska and Hawaii.
The New York Division, established Aug.
1, with jurisdiction
States.
offeringj^ppeared in
Total applied for_ .$294,753,000
are
Haven, to have jurisdiction
to 2 p. m.,
Eastern Standard Time, Jan. 16. Reference to
our issue of Jan. 14, page 212.
The
following regarding the accepted bids to the offering is from
Secretary Morgenthau's announcement of Jan. 16:
Estab¬
Internal
Treasury
divisions
$294,753,000 was tendered to the offering of
$100,000,000, or thereabouts, of 91-day Treasury bills dated
Jan. 18 and maturing on April 19, 1939, it was announced
on Jan. 16
by Secretary of the Treasury Henry Morgenthau
Jr.
Of this amount, Secretary Morgenthau said, $101,152,000 was accepted; the bids ranging from slightly above
par down to 99.999, the average price being fractionally
under par.
The prices ,for the three previous weekly bill,
offerings were at par or above par.
■
The tenders to the offering of Treasury bills were received
the
New
to
the settlement of income- and estate-tax
of
at the Federal Reserve banks and
Divisions of
Department announced on Jan. 10 the
schedule for the establishment of six
remaining field divisions
of the Technical Staff of the Bureau of Internal
Revenue,
under the decentralization
system which has been inaugurated
by Secretary of the Treasury Henry Morgenthau Jr. and
Commissioner of Internal Revenue Guy T.
Helvering for
book value
the
Field
System for Settlement of Income and
than
banks.
these
Six
of
Bureau—Relate
enue
safety
investments.
private ownership of
that
Treasury Department Announces Schedule for
their bond
fundamental
as
or
to principal and interest, and any gain
other disposition thereof will also be exempt, from all tax¬
as
ation, except estate.and inheritance taxes.
as
1930.
three people in the State
as
365
Treasury bills will be exempt,
from the sale
a
period
a
improvement
depositors
The
great satisfaction in the fact that the equivalent
a
of
stress
Chronicle
conclu¬
year
they do that the early part of 1938 constituted
as
reached
year
for the
Financial
.■
January
$12,033,500 sold
February
3,001,000 sold
March.._i_..... <23,348,500 purchased
April...
2,480,250 purchased
May
%
4,899,250 sold •
June—
783,500 purchased
July
1,151,600 purchased
August
3,905,650 sold
September.
38,481,000 purchased
October.........
1,044,000 purchased
December..
_
__..
360,000 purchased
6,469,750 purchased
'
Division, May 1, including the States of Florida, South
Alabama,
and
Tennessee, with headquarters at
Georgia,
Birmingham.
Under
•
the
procedure, the Treasury announcement
said, the investigation of tax returns will be^conducted^oy
the internal revenue agents as heretofore, and upon the com¬
pletion of such an investigation the taxpayer will be notified
of any adjustments which the law and regulations
appear to
require.
The internal revenue agent in charge will under¬
take, by correspondence or conference, to secure the tax¬
new
payer's agreement to such adjustments, but if the taxpayer
finally protests, his case will be referred for hearing to the
proper division of the Technical Staff, instead of to the.
Bureau at Washington as has been done under the old
system.
The Treasury Department on Jan. 10 also had the
following to say:
The Staff Division will accord hearings to the taxpayer at the most con¬
.
November..,
Southern
venient local office,
give full consideration to his objections, and make
final administrative determination with
a
respect to all matters in dispute,
subject only to appeal to the Board of Tax Appeals and the courts.
New
Offering of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills—To Be Dated Jan. 25, 1939
Tenders to
offering of $100,000,000, or thereabouts,
91-day Treasury bill£ to be received at the Federal Reserve
Banks, or,the branches thereof, up to 2 p. m., Eastern Stand¬
ard Time, Jan. 23, were invited on Jan. 19 by
Secretary of
the Treasury Henry Morgenthau, Jr. * Tenders will not be
received at the Treasury Department, Washington.
The
a new
of
bills, which will be sold on a discount basis to the highest
bidders, will be dated Jan. 25, and will mature on April 26,
1939; on the maturity date the face amount of the bills will
be payable without interest.
There is a maturity of a similar
issue of bills
on Jan. 25 in amount of
$100,467,000. The
following is from Secretary Morgenthau's announcement of
Jan. 19:
The
new
country
system, which
by May
Government.
will be completely effective in all parts of the
1, has many advantages
both
on
all contested
cases
at a
point
Impartial administrative body to which
bfe
own
It will provide an able and
taxpayer
any
denominations
of
$1,000,
$10,000,
$100,000,
$500,000, and
$1,000,000
It will permit prompt
to the taxpayer, and to the
near
of evidence regarding his transactions.
sources
can
have
recourse
in
community should he wish to contest the findings of the agency
which examined his return in the first instance.
From the results
far achieved it is
so
expected that the
new
generally result not only in great convenience to taxpayers,
administrative decisions
quicker
and fewer
appeals
from
special benefit to taxpayers residing at
particularly those of small means who
counsel.
'
»
are
a
distance
from
plan will
but also in
the
Internal Revenue to the Board of Tax Appeals and the courts.
of
Bureau
of
It will be
"Washington,
financially unable to employ
^
.
(
or
the
which it has been found impossible to avoid under the old plan of concen¬
trated consideration of tax disputes at Washington.
action
...
They (The Bills) will be issued in bearer form only, and in amounts
to taxpayers and to
It will eliminate the repetitious steps and protracted delays
.
A,.previous reference to the establishment of these offices
appeared in our issue of Nov. 12, page 2947.
(maturity value).
No tender for
an
amount less than
der must be in multiples of $1,000.
$1,000 wiU be considered.
Each ten¬
The price offered must be expressed on
the basis of 100, with not more than three decimal
places,
99.125.
eg.,
Frac¬
tions must not be used.
Tenders will be
accepted without cash deposit from incorporated banks
and trust companies and from
ment
securities.
responsible and recognized dealers in invest¬
Tenders from others must
be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are
accompanied by
bank
an
express guaranty
of payment by
trust company.
or
an
incorporated
on
Jan. 23,1939,
all tenders received at the Federal Reserve Banks
or branches thereof
up to
closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the foUowing
the
The Secretary of the Treasury expressly reserves the right to
ject any or aU tenders
or
The
re¬
parts of tenders, and to aUot less than the amount
applied for, and his action in any such respect shall be final.
at the
Federal
Those sub¬
or rejection thereof.
Pay¬
price offered for Treasury bills allotted must be made at the
Banks in cash or other immediately available funds on
Reserve
Jan. 25. 1939.
on
Jan. 16, made public
regu¬
by President Roosevelt, dated Dec. 31 last, and referred to
and 47. The buying
price will be continued until June 30, when the President's
authority to set the price by proclamation will expire unless
it is extended by Congress.
The regulations are substantially
the same as those previously in effect. •' The text of that sec¬
tion of the regulations covering conditions under which silver
will be received at coinage mints is given below:
mitting tenders will be advised of the acceptance
ment
Treasury Department,
lations governing Government purchases of newly-mined do¬
mestic silver at 64.64 cents an ounce under the proclamation
in the "Chronicle" of Jan. 7, pages 46
.
Immediately after the closing hour for receipt of tenders
morning.
Treasury Issues Regulations Covering Silver Buying
Program—Rules for Purchases of Newly-Mined Do¬
mestic Metal by Mints are Effective Until June 30
Evidence
Which May Be Demanded.—Persons delivering silver
under the provisions
of these regulations shall furnish such further evidence
Sec. 22.
as may
or
from time to time be requested by any United States coinage mint
the Director of the
Mint, including affidavits,
sworn
reports, and
sworn
Financial
366
of any mines or any or
abstracts from books of account
fineries handling such
Delivered.—(a) The Director of the Mint,
10, 1935, retain 50% as seigniorage
of the United States, and
and for services performed by the Gov¬
the balance of such silver so
received, that
coined into standard silver dollara and the same,
silver dollars, or, at the option of the
depositor of such silver, silver certificates in an amount in dollars
such standard silver dollars, shall be delivered to the owner or de¬
is, 50% thereof, shall be
equal number of other standard
or an
owner or
equal to
the voluntary consent of the
depositor as given in the agreement executed on form TS-100 shall, in the
case of such silver mined on or after April 10, 1935, but prior to April 24,
1935, retain, of the silver so received, 45% as seigniorage and for services
performed by the Government of the United States, and there shall be re¬
turned in standard silver dollars, silver certificates, or any other coin or cur¬
rency of the United States, the monetary value of the silver so received (that
is, $1.2929 4- a fine troy ounce), less said deduction of 45%.
(c) The Director of the Mint, pursuant to the voluntary consent of the
depositor as given in the agreement executed on form TS-1000 shall, in the
case of such silver mined on or after April 24, 1935. but prior to January 1,
1938, retain, of the silver so received, 40% as seigniorage and for services
performed by the Government of the United States, and there shall be re¬
turned in standard silver dollars, silver certificates, or any other coin or cur¬
rency of the United States, the monetary value of the silver so received (that
is, $1.2929 + a fine troy ounce) , less said deduction of 40%.
•
"
(d) The Director of the Mint,.pursuant to the voluntary consent of the
depositor as given in the agreement executed on form TS-11 shall, in the case
of such silver mined on or after Jan. 1,1938, retain, of the silver so received,
50% as seigniorage and for services performed by the Government of the
United States, and there shall be returned in standard silver dollars, silver
certificates, or any other coin or currency of the United States, the monetary
value of the silver so received (that is, $1.2929 + a fine troy ounce), less said
The Director of the Mint, pursuant to
(b)
banking funds was from the
United
Kingdom, $110,669,000 for the third
quarter, and the heaviest net
$93,479,000.
capital
movement also was from the same source,
The inflow of short-term banking funds
capital inflow $20,189,000.
short-term banking funds of
be eligible for receipt pur¬
modified, and these regula¬
tions must be delivered to a United States coinage mint not later than June
30, 1939.
Delivery of silver in accordance with the foregoing may be accom¬
plished by physical delivery on or before June 30,1939, or by the acceptance
by a United States coinage mint on or before such date of a duly executed
instrument of transfer on an approved form covering such silver.
Sec. 24.
Time for Receipt of Silver.—Silver to
Proclamation of Pec. 21, 1933, as
Tribute to Benjamin Franklin
Anniversary of Birth
The inflow
In contrast to that trend there was a net
$5,088,000 to Germany and a net capital
loss of
loss of
$6,180,000 to that country.
$339,354,000, and the total net
survey, was
Europe," as shown
capital inflow from that
from "total
The inflow of short-term banking funds
by the
$331,402,000 in the third quarter.
In
connection
foreigners purchased $318,-
transactions,
security
with
$348,269,000-for net
totaled $113.03. ,000
amounted to $94,927,000, for net sales of $18,110,000.
The sales of American securities in the quarter reversed the trend which
had been shown in the second quarter of the year when the foreign purchases
domestic securities and sold
of American
383,000
sales of $29,886,000.
Foreign sales of foreign securities
and purchases
of securities exceeded sales by
$4,953,000.
Table Showing Fund
The following table shows
all security transactions and net
CAPITAL
NEW
\
.
.
Movement
basis for the third
the net results on a weekly
quarter, ended Sept. 28, the movement
age,
of short-term banking funds, broker¬
capital movement:
BETWEEN
MOVEMENT
UNITED STATES AND
THE
FOREIGN COUNTRY—WEEKLY
#
Capital Inflow or Cavital Outflow (—)
Security
Net Capital
Transactions
Movement
Short-Term
Banking
Week Ended—1938—
UUU
July
10,564,000
—7,404,000
5,060,000
-
6,845,000
—7,484.000
- .
7,046,000
—6,334,000
—2,157,000
3,144,000
38,196,000
22,887,000
27
Aug.
—7,692,000
—22,496,000
—11,644,000
972,000
20
July
$
$
2,465,000
24,607,000
V
7,882,000
—1,427,000
13
July
Funds
%
6.
July
3
10
A ug.
suant to the
$71,293,000.
$68,170,000,
Switzerland was $18,62/ ,000 and the net
of short-term banking funds from
Aug.
deduction of 50%."
from France totaled
capital inflow from that country was
and the net
source
hereunder shall
positor of such silver.
Any fractional part of one dollar due
be returned in any legal tender coin of the United States.
Britain
heaviest inflow of short-term
The
pursuant to the voluntary consent of the depositor given In the agreement
executed on form T8-1, shall, in the case of such silver mined prior to April
ernment)
Heaviest Inflow from
all smelters or rer
silver.
Settlement For Silver
Sec. 23.
Jan. 21, 1939
Chronicle
17
...
:
..'i.
.
—4,897,000
4,609,000
—14,249,000
—20,033,000
Aug. 24
40,442,000
—968,000
Aug. 31.
25,103,000
60,827,000
—3,529,000
2,113,000
61,148,000
151,069,000
—1,863,000
151,540,000
124,527,000
38,157,000
11,232,000
137,132.000
—3,941,000
35.828,000
Sept.
7
Sept.
14
Sept.
21.
Sept.
23.1.
,
.
.
the third quarter
transactions in American domestic and foreign securities:
The following
by weeks the
table shows (in thousands of dollars) for
Domestic Securities
Week Ended—1938
Foreign Securities
.
President Roosevelt Pays
on
of the birth of Benjamin Franklin
celebrated in New York City on Jan. 17, the exercises in¬
The 233rd anniversary
was
cluding
from
tributes
Robert F.
Wagner.
In
Roosevelt and Senator
message read at the ceremonies
Hall the President's tribute said,
President
a
held in the New York City
according to the New York "Times" of Jan. 18:
President Roosevelt's tribute to
of the
greatest and
Franklin said that the character of "one
most useful of public mep in our
national periods looms even
assume
their
6...
13
20
—3,242,000
July
27..
death," he continued, "his accomplish¬
As statesman, diplomatist, econo¬
due proportions.
parts of
Thrift Week.
the country prepared to observe National
The period from Jan. 17 to 24 was set aside
Mr. Webb explained, because it begins with
birthday, Jan. 17. . It was indicated by Mr.
Webb that in the United States, public officials and execu¬
tives of savings and loan associations, insurance companies
and banks would use platform, press and radio to remind
the Nation's citizens that a sound and propserous nation
for observance,
Franklin's
must now, as
Net
always, rest upon the bedrock of thrift.
Capital Inflow to United States in Third Quarter
1938
Was
$407,166,000—European War Scare
Considered Chief Cause—Treasury Statistics Dis¬
of
close This Country
Had Outflow of Capital in First
Quarter of Last Year
a
inflow into the United States during the
of 1938 amounted to $407,106,000, it was
survey made public Jan. 8 by the Treasury
Department.
The results of a similar study for the third
quarter of 1937 were noted in the "Chronicle" of Jan. 15,
1938, page 381. The heavy influx of capital was attributed
largely to the war scare in Europe. It was revealed that the
heavy movement began in the week of Aug. 24 and that the
peak was reached in the Sept. 14 with a total of $151,540,000,
while during the last four weeks of the third quarter of 1938
the net capital inflow was $385,648,000, or almost $100,000,000 weekly.
During the second quarter of 1938, the survey showed,
there was a net loss of capital by the United States of $171,504,000, while this outflow continued during the early part
The net capital
third
quarter
revealed in
a
of the second quarter.
In discussing the Treasury
ton
statistics in detail, a Washing¬
dispatch of Jan. 8 to the New York "Times" said:
inflow
of $6,269,000
of brokerage balances, offset by foreign sales of $47,996,000 of American
domestic and foreign securities.
This $47,996,000 represented the sale of
$29,886,000 of American domestic securities and $18,110,000 of foreign
The total net inflow of capital in the
of $448,893,000 of short-term
securities.
•
—6,679,000
-
Aug.
10..
Aug.
17..
—6,367,000
,
—725,000
•
—1,254,000
—1,324,000
—5,010,000
Aug. 24.....
—3,395,000
*
Sept.
...
7
s....
Sept, 14.
Sept. 21....
Sept. 28
...
-
... _.. -
.. .
.
.
.
3,872,000
2,577,000
—3.843,000
-
1,085,000
8,655,000
.....
.'.
2,327,000
—477,000
—2,948,000
......
b.
'
—3,052,000
—1,759,000
v
Aug. 31..
President Roosevelt Creates
—98,000
third quarter represented a net
banking funds and an increase
.
Federal Real Estate Board
Report of Committee Named
—Submits to Congress
Study Federal Ownership of Real Estate and
Bearing on Taxation—New Board to Study
of Communities Adversely Affected by
Tax Losses Where Land Was Acquired by Federal
to
Its
Situation
teachings of Benjamin Franklin, apostle of
vigorous work and careful saving, was urged upon the nation
on Jan.
7 by Vice-Chairman T. D. Webb of the Federal
Home Loan Bank Board as savings and loan institutions in
many
.'t
—6,230,000
the embodiment."
A return to the
—1,655,000
—7,882,000
3
Aug.
would have a claim upon the respect of
posterity even though he had not given us the immortal 'Autobiography,'
reflecting in every page the true wisdom and sound common sense of which
was
—$17,635,000
—1,464,000
—492,000
July
mist, philosopher and scientist, he
Franklin
-
July
larger in world history."
"Now, nearly 150 years after his
ments
colonial and early
July
$5,991,000
Government
The issuance of
the
Federal
Real
V
an
-
,
Executive Order
Estate
Board,
on
"and
Jan. 14 establishing '
providing for the
the Procurement Division, Treasury Depart¬
ment, of a current record of all Federal real estate," was
made known by President Roosevelt in a message to Con¬
gress on Jan. 16.
In his message the President submitted
the recommendations of a committee named by him on
Dec. 17, 1935, this committee proposing the creation of
such a Board, whose duties would be, among other things,
"to study and make recommendations regarding the situation
existing in individual communities adversely affected by the
purchase of substantial amounts of land and their con¬
sequent removal from the regular tax rolls of the county or
other taxing district; to advise with Federal agencies con¬
templating the acquisition of additional real estate; and to
submit recommendations regarding the disposition of lands
that are essentially in the nature of surplus property."
The
committee as constituted by the President in 1935 included
the Secretary of the Treasury, the Attorney General and the
Acting Director of the Bureau of the Budget .
The following
is the President's message to Congress:
maintenance by
To the
Congress of the
United States:
Council held Dec. 17; 1935, I
the Attorney General, and the
Acting Director of the Bureau of the Budget to serve as a committee to make
a study of Federal ownership of real estate and of its bearing on State and
local taxation.
This study has been completed and I am transmitting
At
meeting of the National Emergency
a
designated the Secretary of the Treasury,
herewith
for
your
information, and such further use as you may
desirable, the report of the committee and the
deem
accompanying tables and
charts.
It
will
be
noted
that
the report
concludes with the following recom¬
mendations:
(1) That all branches of the Federal Service be directed to declare com¬
pletely, accurately and promptly their surplus land and improvements in
order that a prudent use for such properties may be found or that they
may be offered for sale.
(2) That the Procurement Division of the Treasury Department con¬
tinue to maintain a current permanent record of all Federal real estate in
order that there may be constantly on file available and dependable informa¬
tion with respect thereto.
constituted a Federal Real Estate Board com¬
from each of the governmental agencies in charge
of Fede-al income-producing property, a repre¬
sentative from the Procurement Division, and a representative from the
Bureau of the Budget.
The duty of this Board should be to study and
(3)
That there should be
a representative
of considerable holdings
posed of
Volume
148
Financial
Chronicle
make recommendations
regarding the situation existing in individual com¬
munities adversely affected
by the purchase of substantial amounts of land
Summarizing the recommendations of the Social
Security Board, the Associated Press noted on Jan. 16 that
and their
consequent removal from the
regular tax rolls of the county or
taxing district; to advise with Federal
agencies contemplating the
acquisition of additional real
estate; and to submit recommendations
regard¬
ing the disposition of lanus that
are
essentially in the nature of
other
I
these recommendations
Beginning payments
surplus
property.
instead
have
approved
of the
recommendations
of
the
committee
and,
order to put them into
effect, I have issued
in
Federal real estate.
I
am
enclosing herewith
D.
The
following is the
covered
the
the
President's
Establishing the Federal
By virtue of the authority vested in
it-is ordered
1.
Executive
There
'
Interior,
serve
Board shall be officers
as
or
they represent, and shall
out
entailing
>
temporary
Chairman.
The
To
or
of the
the
several
Executive
requested to supply to the Procure Division, for
Estate Board
a
not
agencies
of the
Federal
More
are
benefits
set
department or agency.
The Board shall consult with, and
make recommendations to, the
Procurement Division and to the Executive
to
with
the
Federal
5. The Federal
and
affected by the loss of tax
Federal
revenue
land purchased
on
adversely
acquired by the
FRANKLIN D.
ROOSEVELT.
The White House, Jan. 14, 1939.
As
approximately
showed
report
20%
of all
in the middle'of 1937
were
the
that
land
in
the
the
Federal
United
tabulated at 394,657,721
Government
States,
acres
of
Its
owns
holdings
land, valued,
with improvements, at $4,696,062.000.
3,071 counties in the country.1 ;
The report also contained an extensive
our
( with
of
the
fact
the
that
neces¬
one
a
personnel."
the
people
Congress
and
of
to
are
half
a
million
million
in
today
unemployed
In
into
that-,
law
the
The
report.
have
we
that
of
of
the
our
Social
country.
needy old people, needy blind
receiving systematic and humane
now
billion
,
message trans¬
a
Security.
enactment
outlined
recommendation
one-half
extent
there
health,
dollars
$400,000,000 during
a
year.
-
have received
persons
the
lu6t
of
out
work
year.
the
are
vocational
splendid
maternal
and
in
field
the
child
welfare
of
and
made possible by the Social Security Act.
right to be proud of the progress we have made in the short
Security Act has been in operation.
However, we would
in
our
responsibility if we. did not take advantage of the
a
Social
have
we
submit
for
accumulated
contained
in
the
to
strengthen
consideration
your
which, at my direction and in
and
accomplishments
rehabilitation,
services,
derelict
Social
accordance
extend
the
with
its
Social
the
provisions.
Security Board,
congressional
mandate
Act
itself, has been assembling data,
improving the operation of the Social
of
means
and
of
report
a
Security
developing ways and
'
Security Act.
I
particularly
call
old-age' security.
insurance
early
attention
The
benefits
provide
may
and
additional
I
also
to
the
attention
make
in
old-age
It estimated that property taxes
only
insurance
the
a
system
so
Government in various forms of aid for
relief, highways and other
way
greater
which
I
again
to
as
Federal
report
-One
can
any,
a
grants-in-aid.
suggests
protection
two-fold
a
is to extend
way
if
embodies
of affording greater
the
they
result
little,
method
a
that
so
This
involve
a
Such
provide
the
need.
in
Federal
larger
capacities,
as
other
to
desirability
to
.
Federal
fiscal
those
to
such
Here
a
to the aged but also
before reaching retirement
land would amount to
$91,051,374 at 1937 valuations, but
pointed out that the States receive much larger sums from the
Federal
proportionately
limited
be applied
to
children.
dependent
to
Federal. Government.
well
may
call
is
with
adequate assistance
to
affording
approach
is to begin the payment of monthly old-age
benefits to be paid in the
way
accomplished
cost
of
two-fold
a
and to liberalize *the
other
more
be
should
desirability
suggests
way
those. States
to
the
to
report
One
sooner,
The
years.
grants-in-aid
study of the effect of exempting
the Federal
to
Economic
on
consider
approach which I believe to be sound.
.
Federal land from local
property taxes.
on
and
half
a
principle that
These holdings consist
mainly of parks, grazing lands, wild life refuges
and similar acreage and are situated in all
the States and in 2,628 of the
for
that
believe to be sound.
to the committee's
report we take the following from
Associated Press accounts from
Washington, Jan. 16:
committee's
the
addition
I
Government.
'
The
be
make appropriate
or
;
.
old-age insurance system, the largest undertaking of its
attempted, has been organized and under it there have been
individual accounts covering 42,500,000 persons who
may be likened
the policyholders of a private insurance
company.
experience
agency.
Board shall study,
.
"much
that
•
accumu¬
.
ever
time- the
Real
Estate
Committee
Congress
dependent children
to
We have
property, to
recommendations regarding, the situation in
different communities
the
upon
amounting
related
Estate Board regarding the
acquisition of
for the use of their own department or
Real
/
permitted to
up
public
ascertain from the Procurement Division whether
there is any real property
in Federal ownership that
may be made available for the purpose con¬
templated, and, in all cases in which such action
may appear desirable, to
such Federal
property
on
Federal
In
departments and agencies concerned, with respect to such
disposition of
surplus real property as will best serve the interests of the Government.
4. Executive departments and
agencies contemplating the acquisition of
consult
of
that
two
and
persons,
kind
property are requested, before acquiring such
of
United States:
protection
than
assistance
of their own
additional real
instead
wages
Security Act in effect throughout the length and breadth
This Act has
ampjy proved its essential soundness.
in part, for the purposes
or
the
report
urged
Congress acted
A
use
average
I sent to the newly-convened
ago
of
program
Real
being utilized, in whole
years
I
property under their respective
current record of all real
jurisdictions which is
and
orphans of workers
,
of
are
Congress of
Three and
departments
basis
the President 'stated
message
a
r:
•
,
of
the
message
2. The Secretary of the
Treasury is requested to cause to be maintained
by the Procurement Division of the
Treasury Department a permanent
Federal real estate, and the several Executive
depart¬
ments and agencies are
requested to furnish, upon the request of the Director
of the Procurement Division, such
information as may be required to main¬
The heads
retired
receipt of Federal funds, to establish and maintain
mitting
agency which
current record of all
3.
of
accumulated
exception)
Four
additional expense to the Government.
tain such record.
total
the
on
system for the selection of
The President's message follows:
without additional compensation and with¬
serve
the
or agency,
members
employees of the department
wives
\.*X-'-N
benefits
merit
The Board may
department
Department shall
and
He made the assertion that
"however, in some
States incompetent and
politically dominated personnel has
been distinctly harmful."
The President therefore recom¬
mended "that the States be
required, as a condition for
Pending selection
by the Board the representative of the Treasury
permanent Chairman
dependent
widows
ernment."
is
such representatives to be
designated as stated above.
a
aged
to
administered by the States themselves,
but coordinated and
partially financed.by the Federal Gov¬
of Agriculture, Department of
Commerce, Department of the
Department of Justice, Navy Department, War
Department,
partment
of
of
his
sary
President of the United States,
Tennessee Valley Authority and Bureau of
the Budget.
authorize representation thereon of
anyoiher Executive
1940,
the system.
of the Social Security Act is due
all of the programs contained in this
Act
follows;
as
of
years
success
Real Estate Board
me as
eaily
wages.
The Board also
recommended, that wage earners be
old-age insurance credits after the age of 65.
hereby established the Federal Real Estate Board to be
composed of representatives designated
by the heads of the following named
Executive departments and
agencies, each department and agency to have
one
representative: Treasury Department
(Procurement Division), De¬
of
basis
Iii
ORDER
the
late
Order:EXECUTIVE
in
by the Act.
Calculation
■■
of
text
old-age insurance benefits Jan. 1,
1942.
supplementary benefits to
V:-'1;'..'
vPaying survivor's insurance benefits
ROOSEVELT.
The White House, Jan.
16, 1939.
1*,
included:
of monthly
Paying
,
FRANKLIN
Jan.
workers.
copy of this
a
Executive Order.
of
Increasing monthly benefits
an appropriate Executive Order
establishing the Federal Real Estate Board, and
providing for the main¬
tenance by the Procurement Division,
Treasury Department, of a current
record of all
367
ceas."
Federal
our
regular
monthly benefits not
children of workers dying
dependent
children.
For the period
land
would
purposes.
.
1928-37, the investigators said, the taxes
have
amounted
they actually received.
to
only 11%
of the
"
amount
the
on
of
Federal
Federal
aid
'
A legal analysis
accompanying the report said, however, that the Federal
Government probably could
taxes on
age.
The other way is to liberalize the
grants-in-aid to the States to help finance assistance to dependent
waive its right
Federal land if desired.
to
It noted that
exemption from property
Congress already has
per¬
mitted local governmental agencies to tax the
property of various Federal
as the Reconstruction Finance
Corporation and Home
Owners'Loan Corporation.
corpdrations, such
I
"
As
regards
the Federal
old-age insurance system and the Federalunemployment compensation system, equity and sound social policy
require that the" benefits be extended to all of bur people as rapidly as
administrative
extension
is
experience
taxes
paid.
early
This
their
the
public
important
• years
is
are
of
of
Roosevelt,
in
all
of
the programs
administered
are
However,
has
States
rapidly as administrative experience and public
understanding permit."
In his message he forwarded the
establish
annual
Such
3842),
ance
report
of the
and
referred
to
favored
the
which
system
to
and
dominated
he
receipt
proposed
of
maintain
He
a
should
afford
than
that
Security Board
in
the
columns
additional
of
the
wage
(made public
Dec.
24,
old-age
page
insur¬
an
old-age
with
to as
to
the
benefits
But
order
in
this
large
may
fact
very
proportion
a
unfair
avoid
dis¬
,
■
earners.
tection
been
States,
be
as
distinctly
a
leqnired
harmful,"
condition
to
for
"establish
the
and
system for the selection of personnel."
principles of the present Social Security
used as a
base for erecting measures to
protection to
turning to untried
and
the
American
demonstrably
people,
"rather
unsound pana¬
than
too
crediting
economic
our
the
system
a
and
politically
I
receipt
the
for
,of
rather
As
by
and
by
of
Federal
the
Federal
stated
too
of
in
to
in
Government,
untried
to
any
The
policy
apply
place
to
be
four
danger
of
of
too
on
such
the
up
and
to
since
for
a
jeopardized
the
principles
greater
pro¬
demonstrably
years
ago:
permanently
Federal
of
it
provided guidance
precious
the
necessity for
affording
message
my
avoid
building
Act
turning
necessary
has
efforts.
is
to
that
funds,
personnel.
of
operations.
Security
than
attempting
experience
such
I
dominated
recommend
selection
flexible
operation
protection to the States and citizens
the wisdom
Social
important
sound
security
State
urge
present
people,
civilization
action."
the
partially
us
into
programs
Therefore,
for
encroachment
an
panaceas.
actual
direction
future
merit
a
strongly
overwhelmingly
before
condition
a
scrutiny of
the
in
to
unsound
is
States incompetent
some
as
these
put
and
has given
automatically promote efficiency and eliminate the
cannot
lias
the
be
rather
to
us
exception)
necessary
one
coordinated
This method
distinctly harmful.
maintain
Federal
contained
merit
greater
I
but
has enabled
in
been
required,
would
minute
Mr.
(with
themselves,
States
*
Security Act is due to the fact that
this Act
requirement would represent
a
thereof
it
the
and
and
States "incompetent and politi¬
some
funds,
these
extension
personnel
Federal
said that
Act
Social
6,000,000
Roosevelt said that in
cally
there
•
Social
contained in
by
personnel
administration,
be
the
the Federal Government.
by
quickly.
as
of
success
people
10
Such
Federal
comparison
that
dependency.
population
•
the
special message to Congress
urged the revision and expansion of the Social
Security Act, with the extension of the law to "all of our
a
Jan. 16,
Dec.
the
.
of
Much
financed
on
in
order
in
so
forestalling
employed
our
crimination.
permit.
of
case
liberal
very
necessarily
purpose
,
Security Act—Would Include Additional
6,000,000 in old-Age Insurance—Seeks Increased
Protection for Aged and
Dependent Children
President
the
necessity of extending this protection
possible
of Social
understanding
in
Even without amendment the old-age insurance benefits
the
in
creates
as
and
particularly
insurance system.
payable
accomplish
President Roosevelt Advocates Revision and Extension
both
State
legislation
ambitious
a
"It
dis¬
for
scale
permanently safe
fundamental
now
by
in
our
extravagant
,
as
shall
We
make
shall
We
security
security
most
the
orderly
progress
if
we
look
only a
furnish
can
base upon which each one of our citizens
through his own individual efforts.
FRANKLIN D.
White
The
Jan.
House,
16,
President Roosevelt
Action by
ROOSEVELT.
employees throughout the country, which has arisen as a
of the Supreme Court in the so-called
Port Authority tax cases.
Congressman McCormack intro¬
duced a similar bill during the closing days of the last Session
1939.
result of the decision
Seeks Continuance of
000,000
Stabilization
Fund and
Administration's Monetary Powers
ration Date June 30
Congress to provide for
the $2,000,-
Extension
but since the time was not sufficient for commit¬
hearings the matter was continued to the present session.
President Roosevelt's Message to Congress of Jan. 19
of Congress
of
tee
Beyond Expi¬
follows in full:
the continuance until
$2,000,000,000 stabilization fund, and
the Administration's monetary powers, is asked by President
Roosevelt in letters addressed on Jan. 19 to Vice-President
Garner and Speaker Bankhead.
Besides his request as to
the stabilization fund the President asked that his power to
devalue the gold content of the dollar—the
legislation
respecting both of which will expire on June 30, 1939—like¬
wise be extended for two years.
In his letter President
A fair and effective
of 19.34,
specified
expire on June 30, 1939.
has enabled us to safeguard the
that it is not
Nation's
elimination
and economic cooper¬
ation.
It is obvious, however, that the international monetary and eco¬
nomic situation is still such that it would not be safe to permit such powers
to be terminated.
I believe the sound and wise policy to pursue under the
circumstances is to extend these powers until Jan. 15, 1941.
The Secretary of the Treasury and other representatives of the Treasury
Department will be available to discuss with the appropriate committees
of Congress the problems relating to such legislation.
interests and to carry
In
our
forward international monetary
issue of Dec. 24 last, page
'
Legislation
on
Securities
Government
ing
:
Congress Urges Early
to End Tax Exemption of
and Salaries—Also Urges
Retroactive Taxation
Follow¬
Ruling in Case of Employees of Port
of New
Measure
York
to
Prevent
Authority
19 President Roosevelt
the enactment of legislation
exemption from taxation of income from
Federal, State or municipal obligations, or salaries received
as employees of Federal, State or municipal Governments.
A similar message sent to Congress by the President on
April 25 last, was given in these columns April 30, page 2777.
Since the earlier message of the President, the United States
Supreme Court on May 23 upheld the powers of the Federal
Government to tax employees of the Port of New York
Authority,—reference, thereto having been/made in these
columns May 28, 1938 and June 11, pages 3430 and 3744
respectively. In the latter item it was indicated that a stay
of the decision was granted following the filing of a petition
by the-Attorney Generals of New York and New Jersey for
rehearing and clarification of the ruling,—the petitioners
while insisting, that they believed that salaries of employees
of the Port Authority be immune, emphasized that the
question of retroactivity should not apply., A petition for a
rehearing of the case was denied by the Supreme Court on
Oct. 10, as noted in our Oct.' 15 issue, page 2325.
In his message Jan. 19 President Roosevelt observed that
"decisions of the Supreme Court rendered since-my April 25message, particularly the decision in the Port of New York
Authority case, have made an important and constructive
contribution to the elimination of these inequitable im¬
munities."
He added 'that it is obvious "that these inequi¬
ties can not be satisfactorily corrected by judicial decisions
alone.
Without legislation to supplement them, many
individuals and corporations will be subjected to tax liabili¬
ties for income received in past years."
"In the interest of
equity and justice," said the President "immediate legisla¬
tion is required to prevent recent judicial decisions from
operating in such a retroactive fashion as to impose tax
liability on these innocent employees and investors for
salaries heretofore earned, or on income derived from securi¬
In
a
renews
to
message
to Congress on Jan.
his recommendation for
remove
the
ties heretofore issued."
In
recommending legislation "to correct the existing
inequitable situation" the President states that in the light of
the decisions "there are, among the taxpayers of the Nation,
inevitable uncertainties respecting their tax liabilities."
He adds:
There
taxable
is
*-*■
uncertainty whether
under
the
the salaries which they receive are not
existing provisions
certainty whether the interest which
of the revenue Acts; there is un¬
they receive upon the obligations of
governmental instrumentalities is similarly not taxable; and there is an
uncertainty whether the salaries and interest which they have received for
past years will create an
unanticipated source of tax liabilities and
penalties.
be noted that on Jan. 4 the Attorneys General of
40 States and other State and municipal officials, comprising
the Conference on State Defense, commended the action of
It may
t
alone.
State agencies as
believed that the income
in view of the
.
Action
•
however, that these
obvious,
well as the holders of securities of public corporations
they received from such sources Was tax-exempt,
counsel based upon earlier decisions of
the Supreme Court.
In the interest of equity and justice, therefore, imme¬
diate legislation is required to prevent recent judicial decisions from oper¬
ating in such a retroactive fashion as to impose tax liability on these inno¬
cent employees and investors for salaries heretofore earned, or on income
derived from securities heretofore issued.
In the light of those decisions there are, among the taxpayers of the
Nation, inevitable uncertainties respecting their tax liabilities.
There is
uncertainty whether the salaries which they receive are not taxable under
the existing provisions of the revenue Acts; there is uncertainty whether
the interest which they receive upon the obligations of governmental in¬
strumentalities is similarly not taxable: and there is an uncertainty whether
the salaries and interest which they have received for past years will create
an unanticipated source of tax liabilities and penalties.
In view of the fact that the Bureau of Internal Revenue will have no
choice but to enforce our income tax law as declared in the latest decisions
many
in the matter of the fund and the devaluation of the
extended to June 30 of this year was given in
issue of Feb. 13, 1937, page 1029.
President Roosevelt in Message to
particularly
inequities can no$ be satisfactorilyWithout legislation to supplement
them, many individuals and corporations will be subjected to tax liabilities
for income received in past years which they mistakenly but in good faith
believed to be tax-exempt.
It is evident, for example, that employees of
is
It
were
x
immunities.
Coqft rendered since my message,
corrected by judicial decisions
3839, reference was made
♦
these
immunities.
powers
our
judicial decision would permit the
unreasonable to hope that
of
thejdecision in the Port of New York Authority case, have made an impor¬
tant and constructive contribution to the elimination of these inequitable
proposed intention of Secretary Morgenthau to ask
Congress that legislation be enacted to continue the stabili¬
zation fund.
The text of the bill under which the President's
dollar
perpetual reserve
bonds could not exist
Decisions of the Supreme
to the
'
municipal governments.
progressive income tax and a huge
side by side.
Those who earn their
livelihood from government should bear the same tax burden as those who
earn their livelihood in private employment.
The tax immunities heretofore accorded to private income derived from
government securities or government employment are not inexorable require¬
ments of the Constitution, but are the result of judicial decision.
I repeat
Title III, of the act approved May 12, 1933,
the fixing of the metallic content of the dollar, will
The existence of these powers
when
exercise its constitutional power to tax
I urged, that the time had come
derived.
Federal, State or
rendered to the
of tax-exempt
amended, relating to
as
I urged that the time had come
income from
when private
income should not be exempt either from Federal or State income tax simply
because such private income is derived as interest from Federal, State or
municipal obligations or because it is received as compensation for services
Congress should
whatever source
paragraph (b) of Section 43,
in
...b
of April 25, 1938,
In my message
the
Roosevelt said:
I^The powers conferred by Section 10 of the Gold Reserve Act
as amended, dealing with the stabilization fund, and the powers
..■.'■vb
.
of the United States
To the Congress
15, 1941 of the
Jan.
Massachusetts in
introducing a bill to prohibit retroactive taxation of State
and municipal employees.
Congressman McCormack is a
member of the Ways and Means Committee and is said to
have interested himself in the plight of State and municipal
development toward a goal rather than a finished product.
make the most lasting progress if we recognize that social
a
build his individual security
may
W. McCormack of
John
Congressman
social
upon
Jan. 21. 1939
Chronicle
Financial
368
opinions of eminent
of.the Supreme
the
Court, prompt
legislation is necessary to safeguard against
The need, therefore, is for the
I have referred.
inequities to which
prompt enactment
,
of equitable rules,
prospective in operation, which the
observe without that rpass of litigation
which otherwise is to be anticipated.
We are confronted with a situation
which can be handled with fairness to all and with reasonable administra¬
tive convenience only through the cooperation of the Congress and the
Courts.
"
\ ■,
Unless the Congress passes some legislation dealing with this situation
Bureau
can
apply and taxpayers can
..
prior to March 15,
will be obliged to
I am informed by the Secretary
collect back taxes for at
of the Treasury that he
least three years upon the em¬
agencies and upon the security holders of many State
instrumentalities, who mistakenly but in good faith believed they
The assessment and collection of these taxes will doubt¬
ployees of many State
corporate
.
were
tax-exempt.
produce great hardship.
legislation to correct the existing inequitable
time to make private income from all govern¬
ment salaries hereafter earned and from all government securities hereafter
issued subject to the general income tax laws of the Nation and of the sev¬
eral States.
It is difficult for almost all citizens to understand why a con¬
lessly in many cases
Accordingly, I recommend
situation, and at the same
stitutional
provision permitting taxes on
"income from whatever source
"from whatever source
derived" does not mean
derived."
FRANKLIN
The White House,
Jan. 19, 1939.
Senate Confirms Nomination of
Associate Justice of Supreme
Appointment of
eral—Debate
on
D.
ROOSEVELT.
\
Felix Frankfurter as
Court—Also Approves
Frank Murphy as Attorney Gen¬
Sit-Down Strikes Precedes Murphy
Confirmation
Roosevelt's
Associate Justice
of the United States Supreme Court, and also confirmed the
nomination of Frank Murphy as Attorney General.
Mr.
Frankfurter's nomination was approved without a dissenting
vote and without debate, but considerable debate preceded
the vote on Mr. Murphy's nomination, with the issue of the
Michigan sit-down strikes while he was Governor of that
State raised by his opponents.
The vote on his confirma¬
tion was 78 to 7.
All of the seven Senators opposed were
The
Senate
on
Jan.
17 approved President
nomination of Felix Frankfurter to
be
an
Republicans.
The nomination of Air.
Murphy
as
Attorney General was
reported in the "Chronicle" of Jan. 7, page 54, while the
favorable report on Mr. Frankfurter by the Senate Judiciary
subcommittee was noted in our issue of Jan. 14, page 221.
Mr. Murphy took the unusual step on Jan. 13, after the
Senate Judiciary subcommittee had voted to approye his
nomination, of making a formal statement before that com¬
mittee to defend his handling of the Michigan sit-down
strikes.
In that statement he said, in part:
Volume
148
Financial
I I conceived it
my
the writs of the
courts were executed
duty
the Governor of the State
as
but also to
not
only to
see
I conceived it to be my duty as the Governor of the State not
only to
that the law was enforced after it was broken but to see that the law
see
observed before it
was
I have
of
never
a court
broken.
was
.
.
.
condoned the sit-down strike
countenanced disobedience
or
furthermore, that its
use would
believe in vigorous law
alienate
was
illegal and,
discover
to
and
enforcement.
eliminate
The roll call vote
call
public opinion.
However, when there is wide¬
the
that
of
causes
obedience.
to
widespread
dis¬
397 to 16.
was
all members
put
The
spread disobedience to law, it is not enough to enforce the law it is also
necessary
was reported on Jan. 12 to the House where it was
given
right of way with debate being brought under way the same
day. In reporting the adopt on of the bill by the House on
Jan. 13 United Press advices from Washington said:
From the very beginning of the labor trouble in Michigan
order.
I warned the union representatives that the sit-down strike
I
to the
maintained.
were
369
Last week in these columns (page 215 reference was made
bill, and the cut in the appropriation, as the measure
that
that peace and order
see
Chronicle
Administration leaders forced the roll
record.
on
overwhelming vote
final passage of the bill occasioned
on
no
sin-prise
after settlement of the issue whether the President's demands for $875,000,-
000
the
or
Committee's proposal for
Democrats
and
$725,000,000 would prevail.
Republicans agreed that
relief outlay
a
is
Both
needed,
and
hence wanted to get "on the record" for it.
>■
So the Michigan labor situation with which I had to deal involved
As approved
some¬
thing more than law enforcement.
I was dealing not with a few vicious
lawbreakers, but with thousands of self-respecting workers who felt that
they had genuine grievances of longstanding.
It was my duty to enforce
by the House, it requires that the
the next five
over
be apportioned
money
months; nullifies the President's recent order bringing
37,000 WPA officials under civil service: bans relief
25% the rate of differential in WPA wages which
the law, but it was also my duty to hold their respect for the law.
And that
I could do only by making them feel that the State was not indifferent to
what they honestly felt were their grievances.
rebellion and capped it with
to aliens and fixes
may
at
exist between the
North and South.
When
widely approved by the local
side.
v
settlement was finally reached, the course I
a
.
and by responsible spokesmen on either
press
In subsequent
I pursued the
cases
policy that had been followed
same
with approval and wide satisfaction in the General Motors
I prevented some strikes; I know
developments
were
I settled many.
sometimes
not
I
the sit-down strike has
seen
now
been
sure
we
form of economy and,
our
democracy, is based.
appointments.
Bridges of New Hampshire, Republican.
Republican, said in
a
was
Gourney
of South
Dakota,
Holman of
Oregon,
were
Taft of Ohio,
voted
against the bill
Representative
Representative
not
been
paired
Senator
Minton,
every
assistant
Senator
with
Republican members besides these eight
After
were
Byrnes.
present and
All
Democrat present had voted for confirmation,
whip,
announced
The unanimous vote for Mr.
that
he understood,, that all
Frankfurter followed
publican minority this morning, at which it
The
debate
"Record"
a
over
other
voted in the
Murphy
was
a
caucus
decided that
Re¬
of the
no
contest
opportunity
for spreading in
Democrat, although he voted for
con¬
situation.
Bailey's
* Brown
discussion
Leads Defense
came
principally
Senator Brown, Michigan Democrat, made
a
through
interjections
as
speech defending Mr. Murphy
against the attack by Senator Bridges.
.
$725,000,000
Appropriation Voted by House for WPA
Approved
by
Senate
Appropriations
Subcom¬
mittee—Emergency Relief Appropriation Cut by
House
From
$875,000,000—President
Roosevelt
Warns
That with Cut to $725,000,000, at Least
1,000,000 will Leave WPA Rolls by June—CIO and
A. F. of L. Oppose Reduction '
The Senate Appropriations subcommittee this week con¬
ducted hearings on the emergency relief bill designed to fur¬
nish
of
supplementary appropriations to enable the continuance
the
Works
Progress Administration until June 30.
A
week ago (Jan. 13) the House, by a vote of 397 to 16, passed
the
bill providing $725,000,000 appropriations, as con¬
trasted
Celler
(Dem.,
N.
Y.)
urged
$875,-
Democrats 'to
to
(Dem.,
Daly
attacked "reactionary Democrats who would join with Republicans
slap the President."
"
•
•
•_
His criticism drew the fire of Representative Clifton A. Woodrum (Dem.,
Chairman of the Appropriations Subcommittee which handed Mr.
Va.),
Roosevelt his first defeat in the new
A
teller
vote
the
was
Congress by recommending that the
..
ordered
Representative Cannon's amendment to
on
with
original amount. It
defeated 226 to .137. A total Of 107
was
119 Republicans to scuttle it.
.
The union of politics and relief, condemned
sulted
in
the passage,
Sterling Cole (Rep.,
workers
or
adopted,
(Dem.,
N.
who
144
Okla.)
those aliens who
164 to
to
156,
by the Senate Campaign
It re¬
Representative
of an amendment by
banning payment of relief money to WPA
Y.)
sought
41,
an
influence votes in
to
amendment
by
an
election.
Representative
The
Lyle C.
limiting payment of relief funds to Americans
have applied
for citizenship
or
papers.
The full force of Administration pressure was required to defeat a far-
proposal
reaching
by
would have denied
ganization
or
Representative
Joe
Starnes
(Dem.,
Ala.)
after the bill
was
which,
relief funds to anyone contributing to any person, or¬
association engaged in lobbying or political activity.
on
.
.
.
th^ separate amendments
reported back to the House, but accepted all of them.
The Republicans did not insist on a roll call vote on the motion by Taber,
'V
'
'
discussion of his conduct during the sit-down strikes in Michigan.
■
,
'
off the insur¬
touched
the
firmation, charged in the debate that Mr. Murphy had temporized in the
Senator
Emanuel
to recommit the bill.
gave
Senator Bailey, North Carolina,
strikes
Mo.)
.
.
.
appointment.
Mr.
(Dem.,
Mr. Woodruin did not ask for record votes
absent Democrats, if present, would have voted for Confirmation.
should be made of his
;
.
Cannon
"uphold the President's hand." Representative J. Burwood
Boren
Senator Hale announced after the vote that he would have voted against
he
;
.
000,000
House
affirmative.
.
Clarence
rection when he spoke for the President and demanded the original
officials
v
Pair Blocks Hale's Vote
had
Taber then moved to re¬
tally sheet showed that 10 Republicans and 6 Democrats
Expenditures Committee in its recent report, dominated debate.
Tobey of New Hampshire and White of Maine.
confirmation
defeated.
voting in the negative
The five others who voted against Mr. Murphy, all Republicans,
Senators
were
Democrats, virtually the entire Southern Democratic membership, voted
Governor.
as
$350,000,000
to
restore
for the sole reasoh that he felt it necessary to follow the pattern set by the
citizens of Michigan, who defeated Mr. Murphy last November when he
sought reelection
the appropriation
amendment by Representative John
an
Vandenberg of Michi¬
Senator
brief speech that he
limit
embraced in
was
appropriation be sliced..
The fight on Mr. Murphy was carried on almost exclusively by Senator
to
(Rep., N. Y.), which lost, 214 to 154.
The official
Pa.)
A Washington dispatch of Jan. 17 to the New York
"Times" gave the following additional details regarding the
Senate's confirmation of the Murphy
and Frankfurter
gan,
Taber
that
instrumentality that would under¬
proposal
a
drive to divorce relief from politics.
a
attempts
investigation to determine future relief needs
an
commit the bill to achieve this objective, but he was defeated on a voice vote.
ownership and possession of private
property—one of the main pillars upon which
our
that
hope
my
But I do feel
thoroughly discredited and I believe
the end of it, because it is an
mine and destroy the vital right of the
indeed,
I think
case.
Republican
pending
not saying that
am
disappointing to
industrial peace had been permanently achieved.
have
fighting coalition of Republican and conservative Democrats led the
Two
Such
...
later
A
had followed was
with
$875,000,000 recommended by President
Roosevelt.
Yesterday (Jan. 20) the Senate subcommittee
approved the $725,000,000 appropriation voted by the
House. " Efforts
were
made in the Senate this week to, cut
the appropriation by a larger amount, but strong opposition
was
encountered with President Roosevelt, municipal of¬
ficials
throughout the country, the Congress of Industrial
Organizations and the American Federation of Labor among
those on record as opposed to the reduction.
The President
warned at his,press conference on Jan. 17 that the House cut
in the appropriation asked for would result in ousting between
1,000,000 and 1,250,000 persons from WPA rolls by June.
He said that, including dependents, between 4,000,000 and
5,000,000 persons would be deprived of Government aid.
In Associated Press advices from Washington yesterday
(Jan. 20) it was stated:
Despite the Sub-Committee's action, administration Senators
were
ex¬
Special Senate Committee Report Suggests Merger of
All Relief Agencies Under New Cabinet Head-—■
Would Control WPA, PWA, CCC, NYA—Survey
Also Urges Changes in Unemployment Insurance
The
Senate's
Special Committee on Unemployment and
a report recommending widespread
revision of the entire Federal relief system to place it on a
permanent basis and remove partisan politics from it. The
Committee, headed by Senator Byrnes of South Carolina,
proposed the coordination of two major features of the Social
Security Act with the activities of the Works Progress Ad¬
ministration, the Public Works Administration, the Civilian
Conservation Corps and the National Youth Administra¬
tion, under a Department of Public Works. Senator Byrnes,
said that he would not offer any of the Committee's recom¬
mendations as
amendments to the pending Emergency
Relief
on
Jan. 14 issued
Relief, bill.
The
section
of
the
dealing with unemployment
report
compensation said:
Beginning Jan. 1, all but three of the States will pay unemployment bene¬
our first line of defense for unemployed workers covered
fits. This must be
by that system.
It is designed
.
only to meet temporary unemployment* It should relieve
with certainty and dispatch. It„now fails to do this.
such condition
It undertakes to make payment in proportion to the earnings of the work¬
ers.
As
cases
result, the payments are so slow of ascertainment that in many
a
the applicant goes-to a relief office for help.
In other cases, the payments are so
*
small that, relief offices must supple¬
ment income. The
payments are of such short duration as to be of minimum
value
of security.
as
a
means
The waiting period for unemployment
compensation should be shortened
The period of benefits should be lengthened.
to one week.
The amount of
the benefits should be fixed at a few standard figures, based upon the aver¬
age
earnings of
should
be
a
few standard crafts
cover
a
to
skills.
The complicated tax system
provide that Federal appropriations to
be made available only
if employes are
merit system, and provided further that there be paid
unemployed worker at least the minimum benefits established by the
Federal act.
'
A suggested
tion is
be amended
the cost of administration
selected through
to the
or
simplified.
The law should
as
schedule of weekly payments for unemployment compensa¬
follows:
pected to seek an increase in the appropriation when the relief bill comes
before the full appropriations committee tomorrow.
then
a
fight for the full $875,000,000
Earlier in the day,
may
be made
on
fails,
If that effort
the Senate floor.
Senator Glass, Democrat, of Virginia, Chairman of
the full committee, said there would be
no
Persons earning above $30 per week, $15 per week.
chance to reduce the appropria¬
A suggested
tion below $725,000,000.
He said he favored cutting the, allocation
would
be too much
but that it
opposition to permit this.
oncentrate his efforts, therefore against any
Persons earning under $15 per week, $5 per week.
Persons earning $15 to $20 per week, $7.50 per week.
Persons earning $20 to $25 per week, $10 per week.
Persons earning $25 to $30 per week, $12.50 per week.
Mr.
increase.
was
made will be
evident there
•
a
method of ascertaining the facts on which payments will be
standardized certificate from employers certifying to
t)ie fact
of unemployment, the amount of weekly earnings and the duration of the
Glass said he would
-
employment period.
Financial
370
eligible for unemployment compensation
Saies
previous 12 months.
After
As to the suggestions for merging Government relief
agencies under one direction, the report said, in part:
We
have Public Works Administration and
now
tration engaged in public
Works Progress Adminis¬
projects,
''
,
Progress Administration asks of sponsors an average
instead of
and requires a con¬
Works
in cash or obligations of the local government.
contribution of 22%
55%.
construction of public buildings of the
The two agencies are engaged in
character, the local governments which often assert that they cannot
same
make
contribution of 22%
a
its equivalent for Works Progress Adminis¬
or
have within the past-few months contracted to put up 55%
tration projects,
projects, for which the last Congress ap¬
for Public Works Administration
propriated one and a half billion dollars, and are clamoring for a billion
dollars
of Federal funds on the basis of 55-45.
more
public-work program administered preferably by a
We should have one
The State
Department of Public Work.
to
approve
or
city that asks Federal officials
of a
expressing its willingness to contribute 55%
project,
a
■/,'
'
local officials
history,
due
was
which new
in
months of
new
cars
advanced automobile sales decidedly for the final
of 1937,
part to the downward plunge experienced in sales
of 1937 rather than entirely to the rise in 1938.
in
building materials decreased about 11% during 1938, as
farmers' supply and general stores; sales
general merchandise stores averaged a decline
of about 8%, with the relative decline being somewhat less for department
stores alone; apparel shops were off 9%.
Food sales, which do not record wide fluctuations of change, decreased
5% in dollar value; however, the substantial reduction in, food costs
during 1938 indicates that the physical volume of food sold about equaled
that of 1937.
Drug stores, filling stations, variety, and beer and liquor
stores all recorded declines of less than 5%.
Of each dollar spent in retail establishments in 1938 more than onethird went for food and beverages; about one-fourth for general merchan¬
dise and apparel; less than one-fifth for automobiles, auto accessories and
gasoline; and the remainder for other goods sold.
and
jewelry stores and
of
sales
did
department, dry goods and
of
RETAIL SALES,
ESTIMATED
1938
in cash or the equivalent in materials for another
contribution of 33 1-3%
When
automobile
in
The pronounced gain over the last quarter
during the latter part
project, could not well declare to the same officials its inability to make a
project.
slumps
worst
fell off almost 50% during the first nine
comparable period of 1937, the demand for
the year.
Lumber
,
■
Public Works Administration offers a grant of 45%
tribution of 55%
however,
of the two organizations for the most desirable
the representatives
the
the
during the last quarter
of
showed a 35%
appliances 17%.
sales
car
from
months
administration, there will always be compensation be¬
of those in charge of
tween
1938
of
one
passenger
Regardless of what may be the intention
works,
for
11% of all sales made during the year,
loss and furniture and household
eligible.
have worked in order to be
groups sustained losses greater than the
total trade.
The automotive group, which
15
of
out
recorded
decline
average
averaged below that of 1937.
below the 1937 level for all major business groups.
accounted for about
and one-half of the period that the worker must
closely approximated
general retail price
were
only two
However,
well be stated at one week.
well be stated at 13 weeks, which
The waiting period may
The duration of the benefit period may
is one-fourth of the year
1938
in
did the dollar value, since the
than
volume
the year
for
level
consecutively or collectively, within the
worked at least 26 weeks of work,
1937
the
the worker must have
Jan. 21, 1939
i
quantity of goods sold during 1938 more
The actual
from the scheme, the law may provide
In order to exclude casual workers
that to be
Chronicle
P. C.
V-'".
/
can
to two departments to secure
go
Business Group
When they must go to one
projects, they can have two different stories.
Sales
1938*
Decrease
Sales
(Census Classifications)
approval of
1937
from
1937
department, there can be but one story.
As
long
for
regarded unemployment as an emergency problem we could
as we
coordinated program.
a
We cannot continue to
necessity
a
.
permit the unemployed worker to apply for un¬
employment compensation only to learn after some weeks that the amount
he is entitled is $2.79 per week; then have him apply for public
to which
work only to be
informed that he is eligible for unemployment benefits and
thereby force him to go to the relief office
therefore may not have a job; and
of the city or .State for direct
There should be
one
service will £id
There should also be
ment.
'—
*r
— - - -
a man
will be
granted'
to secure private employ¬
department of public work providing a work
a
392,000,000
408,000,000
2,662,000,000
2,878,000,000
—7.5
1,785,000,000
1,993,000,000
—10.5
3.798,000,000
4,107,000,000
—7.5
458,000,000
490,000,COO
—6.5
liquor stores
;
—
--
and general mer¬
Department, dry goods,
chandise stores-.-.--——...—
of general mer¬
Mail order (catalogue sales
chandise stores)-'-------.----—
Variety stores.,-
Apparel group
----- - — --
based upon current advices as to unemployment throughout the
- - -
by
a
de¬
partment of public work.
—8.5
—35 0
—3.0
—17.0
—11.5
Furniture and household
1,425,000,000
Lumber, building, and
2,270.000,000
2,565,000,000
1,376,000,000
1,411,000.000
276,000,000
312,000.000
—11.5
1,950,000,000
2,240,000,000
—13.0
35.290,000.000 39.930 OOO.OOO
—11.6
Filling stations.-
Drug stores
—
-;---
—
appliance stores..
hardware group
—
-...
Jewelry stores
Through the same office, workers for whom private employment is not
available should be assigned to a job on a work program conducted
885,000,(000
5,910,000,000
2,404,000,000
-y-•/-
3,195,000.000
3,844,000,000
-——- - -
2,478,000.000
1,718,000,000
Other stores
nation.
—3.5
854,000,000
2,923.000,000
- -
_. —
—-—
■'
program
—4.0
-1— -
Beer and
Automotive group
relief.
office where unemployment benefits
and where the employment
Food group
—5.0
Eating and drinking ^places
----Farmers' supply and general stores-.-- —
There is now
the continuance of emergency agencies.
excuse
$8,873,000,000 S9,340,000.000
^
—
— — - --- - - - - - —
—
J-a-.
- - —
—
United States total---.
—2.5
computations made therefrom are preliminary
estimates and subject to .revision later this year.
*
All. dollar figures
for 1938 and
By the merging of organizations engaged in the same work, great savings
be effected in administration costs.
can
.
Projects conducted by the Department of Public Works should be of a
They
public nature.
may
be let to contract or conducted on force account,
depending upon the character of the project.
The Civilian Conservation
tion
to men and boys
It
.
'
Corps and the National Youth Administra¬
temporary organizations to give work opportunities and training
are
seems to
This
Work.
the committee that the work of these two agencies
agencies
are
should be
under the direction of the Department of Public »'
appropriate in view of the fact that the youth in both
seems
either engaged in public work
or
receiving training designed to...
them for private employment.
prepare
The directing head of the Federal wofk program should be appointed
by
the President and confirmed by the Senate for a definite term and his duties
should be defined by law.
His principal subordinate
should also be so ap¬
Thus the Identity and tenure of all officials who shape the policy
All
of the
within the limits of legal authority will be fixed by the President
and the Senate
other
administrative
and
supervisory
as
to
be chosen
"
report issued on Jan. 3, wjarned against Communistic influ¬
ence in the United States and is said to have criticized the
Department of Labor for alleged failure to enforce deporta¬
tion laws.
In part, United Press accounts from Washington,
Jan. 3, said:
' ■
which gave warning against Nazi
The committee's report,
a
limited number of work projects upon
employed without leaving the communities in which they
reside, provision should be made for adequate relief through the Farm
curity Administration in loans
or
partment's position
deported.
Se¬
in loans and grants to relieve the hard¬
.
.
that the labor leader should be
asserting
.
•
.
signed by all Committee members, but
Representative •
issued a statement later
criticized the "methods employed on some occasions" by his
Healey, Democrat, of Massachusetts,
he
colleagues.
and Fascist
Bridges case and the Labor De¬
.
Arthur D.
in which
,
affected at times by drought of such
destroy hope of earning an income upon which to
live, and where there is necessarily
which men can be
personnel should
by the Civil Service Commission.
In those sectiohs of the country
serious character
.
special House Committee Investigating: Un-American
Activities, headed by Representative Martin Dies, in a final
The report was
according to the constitutional mandate.
from lists prepared
ment
inroads, also dealt at some length with the
pointed and confirmed.
program
"
The
of working age.
coordinated and placed
Report of Dies Committee Warns Against Communistic
Influences in United States—Body Investigating
Un-American Activities Criticizes Labor Depart-
He said such an investigation should be
guided by orderly and
judicial principles "except in unusual instances" because of the "tempta¬
tion of some over-zealous witnesses to take advantage of the committee by
offering testimony either of an exaggerated nature or
unsubstantiated and
uncorroborated by evidence of fact."
'
Representative Healey has criticized the committee in the past, and its
by another member of the group. Repre¬
ships of unemployment until the worker again has an opportunity to earn
methods have been censured also
an^income.
sentative John J. Dempsey,
Democrat, of New Mexico, who signed the re¬
Representative Healey's supplemental statement contended
that, while the investigation should be continued, provisions should be made
port, however.
Committee
The
the report was headed by(Dem.) of South Carolina. Accord¬
ing to the Associated Press, Republican Committeemen,
presenting
Senator James F. Byrnes
although agreeing with the Democratic majority that a per¬
manent public works department would be advisable, de¬
clared the majority did not go far enough toward taking
politics out of relief.
*
for
employment of competent attorneys
The report
Dies said, the
and qualified investigators.
did not recommend any legislation because,
Representative
merely
"justify us" in
investigation had insufficient funds to do more than
"scratch the surface" and had not
proceeded far enough to
suggesting enactment of laws to curb
subversive activities.
Accomplishments of Home Owners' Loan Corporation
Reviewed by C. A. Jones in Year-End Statement—
Retail
Sales
from
in
1937
1938
at
Volume,
$35,300,000,000 Decline 12 %
According to Department of
Commerce
Total
decline
retail
of
12%
from
amounted
the
1937
to
$35,300,000,000,
volume of
a
$39,900,-
according to preliminary estimates of the Bureau
of Foreign and Domestic Commerce made public Jan. 9 by
Harry L. Hopkins, Secretary of Commerce.
Final estimates,
it is announced, will be issued as soon as year-end informa¬
000,000,
tion
is
complete.
The year 1938
was
the first since 1933
during which the total dollar volume fell below the previous
During the four preceding years,
year's level, it is stated.
it
is
added,
there was
a
continuous expansion
from the
of $25,000,000,000 recorded in 1933 to $39,900,000,000 in 1937, when sales were higher than at any
time since 1930 and were within 18% of the 1929 total of
depression low
$49,000,000,000.
ment
also state:
Dollar
Have
Paid
Back
91
Cents
on
Every
Obligation Due
today
working day to charge off their
debt to the Government, having paid back 91 cents on every
dollar obligation due to date, according to figures made
public Dec. 30 by Charles A. Jones, General Manager of
of the Corporation.
Mr. Jones, in a New Year's statement,
declared that fully 83% of the accounts now on HOLC books
Borrowers of the Home Owners' Loan Corporation
sales in 1938
about
Borrowers
The advices made available by the depart¬
are
paying $1,000,000
are
in "excellent condition."
"f
His statistics
on
foreclosures
said to show that the Corporation will
end 1938 with
acquisition of only slightly more than 11% of the properties
it refinanced, a percentage less than half that of any com¬
parable group of private lending institutions, it was said in
an announcement issued by the Federal Home Loan Bank
Board, which further stated:
*
were
Other figures quoted by
estate market as a whole.
"
every
Mr. Jones
were
encouraging items for the rea
HOLC rentals have jumped to $28.25 per month
Volume
as
Financial
148
compared to $21.53 for August, 1935,
properties amounted to
the mlmber the
an
increase of 33 1-3%
approximately 30,000,
more
policy which permits
a
sales only at a rate a stabilized market can absorb-
spending
than one-fourth of
or more
Corporation has acquired, despite
Sales of
.
And the HOLC still is
than $100,000 each working day to improve the properties
in its possession—a
policy which is exerting
a
nation-wide influence
on
Chronicle
defended the status of the ICC as an inde¬
pendent unit, and denied that the Commission is an "irre¬
sponsible body," pointing out that it is responsible to three
authorities.
In answer to its critics, the Commission said:
Confusion of thought has arisen because of the fact that In the perform¬
the
HOLC
their
saying:
as
does not
borrowers to date have paid back $540,000,000, or 17%
full; 44,000 already have paid in
crossed off our books.
names
94.4%
We
of billings and in November
late
a
month
collecting about $15,000,000
of HOLC accounts
last
as
arrears; and
June 30.
14%
are
92%
of its
a
considered
statistical
As
building with the probability that some
300,000 new dwelling units will be constructed before this
time in 1939, it was stated in a prospectus issued Dec. 31 to
savings and loan managers by Clarence T. Rice, Kansas
City, Kans., President of the United States Building and
Loan League.
Increasing real estate sales in a majority of
the localities, a slight upward trend in rents, and steadiness
in sale price of existing properties were other probabilities
outlined, and these conditions were coupled by him with the
certainty that there would be a continued abundance of home
mortgage money throughout the year, according to a state¬
ment issued by the League, which, in part, went on to say:
headway.
any
destroy
.»
bulletin.
residential
new
of
Labor
year
Lehigh
The League official
endeavoring
are
about
statistics
196,200
This will
just ahead.
we
can
that such
the
investment in the property and
mean
value will
bonds
that in
and
shortage of houses appearing and to
perhaps the interests of
be
can
that
expected to hold their own every¬
is
In most instances
based
present and prospective
on
"rate-making value,"
follows that much of the existing property is,
Ovbiously, also,
operated at a loss.
property in
no company
such
circum¬
be
can
operated at
profit cannot stand the strain which the inevitable
a
traffic
in
would
means
the discontinuance of unprofitable operations, to a
extent
at
throw
least.
The
upn
Some of the load must
it.
conditions
which
require
a
be
drastic
shrinkage in capitalization will sooner or later require a like shrinkage in
Report of ICC—Railroad Problem Seen as
Principally Due to Greater Competition in Trans¬
In the absence, therefore, of improvement in the basic
properties operated.
conditions which determine earning power, financial reorganizations cannot
as
avoid the abandonment of much railroad property and consequent loss
Influence
in
railroad employment: and service.
The following
The Interstate Commerce
Commission, in its annual report
Congress on Jan. 3, said that the railroad
problem is due principally to increased competition in trans¬
portation and is therefore difficult of solution. The report
warned against polities in utility regulation, and said that
dominance of the regulatory body by either the Executive
or Legislative branch of the Government is certain to
bring
it within the political sphere "with results unfortunate if
not disastrous."
The report, submitted by Chairman Walter
M. W. Splawn, in its discussion of the railroad problem, said:
reasonable to
The margin of safety is much too slight; the part of the property
dropped, which
Annual
value
long continue to operate all of the existing
considerable
submitted
earning power;
junior creditors.
some
well below both investment and
conclusion necessarily
fluctuations
Political
reorganized
a
the commercial or market
well below its- "rate-making value;" that
commercial
that
true
power
stances.
where and probably rise some in some communities.
Status
on
of reorganization would wipe out the present stock equity,
process
If it
Its
capitalization of
normal period a return would be earned thereon.
a
a
earning
prevent also any noteworthy upturn in the prices for which existing properties
Defends
new
primarily
stock, should be issued, unless it is reasonable to believe
or
and will continue to be,
of
at all clear.
usually be found tp be much below the recorded
now
the
Independent -Unit—Warns
in Regulation of Utilities
That they will
is not
fixed charges should not exceed an amount which it is
new
such
He believes thgt there will be enough building of new
portation—Commission
charges
believe could be paid in a period of depression; and that no securities Qf any
in the field of low rental housing if
are
reduction of fixed
a
value of the property, dependent on present and prospective
back in the summer.
selling, although such prices
secure
contend that the
has been reflected in the real estate market and that sales began advancing
will be
in
Those who particularly regard,"going through the wringer7 as the means
railroad company should be based
pointed out that the past few months' rise in business
units this year to prevent any serious
to
adequate remedy for railroad troubles
an
of railroad salvation
expect to confine public housing to its proper sphere."
we
are nor
of the indebtedness will not go to the root of the matter
Private enterprise, without deserting its ideal of
more
greatly reduced
their way to financial reorganiza¬
factor to railroad distress, it has not been a primary cause, and reduction
already giving serious thought—and some
ownership, will have to do
at least
That such reorganizations will be helpful is quite clear.
begun to act—on the idea of increasing the portion of their loans made
multi-family homes.
on
or
of the total mileage
While the present heavy indebtedness has been an important contributory
class,
home
be removed
receivership, and hence
or
Valley)
constitute
savings and loan institutions
have
can
these routes.
the
for
adequate solution of the "railroad prob
an
through voluntary arrangements with their creditors, and it may be that
largest expenditure for this purpose since 1929, and will undoubtedly in¬
clude an increasing percentage of multi-family dwellings.
Many of our
are
or
They believe, therefore, that
still others will be able to effect reorganization through one or the other of
winter slow-up in
dwelling upits were built during the first 10 months of 1938 and
expect about 300,000 to go up in the
the great
indebted¬
charges, which threaten bankruptcies and
impair credit.
It added:
tions at least two other important carriers (The Baltimore & Ohio and the
'
Bureau
political sphere with results unfortunate if not disastrous.
fixed
bankruptcy
building, privately financed," he said in the
"According to the
^
As has been seen, railroads operating 31%
On the whole the country seems set for about a one-third increase in the
of
to such regulation from accounting and
;■
long experience in and observation of public regulation of
lem" will be found if this burden
''
volume
and
ness
employment and to have small homes
ready for spring consumption, thus keeping the usual
building from gaining
Thus, regulation of rates
The report notes that many persons believe that
trouble with the railroads is their heavy load of
Mr. Rice said that currently there is an unprecedented mobilization of
up
standpoint
nevertheless integrally part and parcel of
are
sources.'
result of
a
it within the
Increased home
building to keep
con¬
performs
ment and the States, we are able to say without hesitation that in such
regulation the thing of supreme importance is to keep It most scrupulously
out of politics.
Domination or influence of the regulatory body either the
Executive or the Legislative branch of the Government is certain to bring
lined by C. T. Rice of United States Building and
Loan League
home
Further
Commission
the
railroads and other public utility companies by both the Federal Govern¬
unsatisfactory.
Increased Home Building, Real Estate Sales, Rents and
Abundance of Home Mortgage Money in 1939 Out¬
winter
procedure
a
of such procedure
quasi-legislative.
that
quasi-legislative duties.
ment of the information
necessary
Only 17.4% of all
their arrearages.
use
for the future is clearly a duty of the latter character, but it involves
incidentally the filing and supervision of published tariffs and the procure¬
more are less than three months in
on
work, but which
own
the performance of its
were
while delinquent, are meeting all current bills and
more,
It remains
fusion of thought is caused by the fact
compared to 41%
as
But
certain duties which may be classed as administrative from the
.
entirely current,
About 22%
making regular monthly payments
accounts
were
are
Collections in October
employed by the courts.
change the functional nature of the duty from the standpoint of
governmental administration.
of their
paying off their
are
than $100,000,000 to get
more
are
principal and $9,500,000 in interest.
About 47%
as
quoted
was
principal indebtedness. About 1,500
month in
quasi-legislative duties the Commission employs
which resembles that
Mr. Jones
entire
of its
ance
protection of property values.
loans in
371
The report
in the report of
to
In
the
legislative recommendations
the Commission:
contained
are
opening chapter of this report we discussed at some length the
serious financial
plight in which the railroads of the country, and indeed
most of the carriers of other
descriptions, now find themselves.
No doubt
proposals for possible remedial legislation will be presented to the
various
will be afforded for
thorough consideration of the general subject in that connection., We shall
Congress
the coming session,
at
not at this time offer
and opportunity
specific recommendations with respect to legislation
of this "character.
other matters, we submit the following recommendations:
recommend that noncarrier railroad subsidiaries be brought
With respect to
'
I.
We
*
If all
of
our
facilities were blotted out and
present transportation
we
within
our
jurisdiction, at least as to their accounting and the issuance of
could immediately substitute in their place a perfect system, undoubtedly
securities, and that restrictions be imposed on the expenditure of carrier
each
type of carrier would be used for the purposes for which it is best
fitted, but not where some other type could better perform.the service.
In
funds, incurrjng obligations, or
order to
ment of its
stimulate management, provisions might well be made for com¬
petition, but it would be confined carefully to situations where competi¬
tion on comparatively equal terms is possible.
Our present
Considered
at
transportation system,
as a
integration.
however, has not been
so
created.
whole, it has not grown up under a grand plan or attempt
In consequence, it is quite unlike
part specially fitted to its particular
together, but is little
more
to much of the work that
ing mutual destruction
human institutions and
than
an
can
machine with each
function and all
working perfectly
aggregation of facilities, often ill suited
they do and working at
more
a
often than not.
cross purposes or
This is
a
be remedied only in part.
common
The reasons for this recommendation were stated in
our report for 1937 under the heading "Investigation of New The York
New Haven & Hartford Railroad Co."
This is a subject which may appro¬
wasteful that
an
these conditions, so that the carriers may furnish
cost and
price with
a
tion
It is of both urgent and
several of
plexity of the subject permit, with
use
a
as
well
as
and types
of carriers.
view to encouraging and promoting
better suited to
of the various carriers
The result, if successful, would not eliminate com¬
but would avoid it wheri the wasteful and destructive results
annual reports in the past.
(3) of part I of the Interstate
our
report for
necessary
hauling" of any carrier.
in the report
of
heading in our report for 1935.
(4) of part I of the Interstate Com¬
in
through railroad routes
the public interest regardless of the
"short-
The reasons for this recommendation were given
of the Federal Coordinator of Transportation on "Regulation
Transportion Agencies" (Senate Document No. 152 , 73d Congress
Session)
4.
We
standard
at
as
1937 under the beading "Minimum Rail-Water
Act be amended so as to enable us to establish
deemed
well
The reasons for this recommendation were
We recommend that Section 15
where
This examination would discover and lead to the development
would outweigh any benefits.
3.
the vastness and com¬
of many opportunities for joint and cooperative use
petition,
stated in
merce
while avoiding such use as is merely harmful to agencies
our
We recommend that Sections 15 (1) and
maximum joint rail-water rates.
economy
of each for purposes which it can serve best and most economically,
the work.
2.
Commerce Act be amended to enable us to prescribe minimum as
kinds of trans¬
or
railroad companies,
Rates" and more fully stated under the same
policy of the Government.
portation be examined and determined
the
better service at lower
the purpose of
we refrain at present from making any
oh the subject, although it has been dealt with in
investigation to the subject of holding companies used for
controlling
so
Com¬
that
Because of the intensive consideration which Is being given in
merce.
recommendations bearing
The results fall
of transportation carriers
result "from the investigation of railroad financial practices
may
attempt¬
endeavor to improve
continuing importance that the relative
and fitness of the various types
as
which has been conducted by the Senate Committee on Interstate
failing of
consequent expansion of business, should stand well
in the front of the transportation
property.
priately be considered in connection With such recommendations for legisla¬
far short of the ideal, however, work such financial havoc with the carriers
of all types, and are so inherently
acquiring property by a carrier or its sub¬
legitimate improvement or develop¬
sidiaries, except for the operation or
pp.
time
2d
92-94.
recommend
zone
that
field.
Congress
The
legislate
reasons
to
cover
completely
for this investigation
are
the
stated
this report under the heading "Standard Time-Zone Investi¬
gation" and were more fully stated in our report for 1936
'
elsewhere |rt
.
We recommend that the first sentence of paragraph
5.
Chronicle
Financial
372
Secretary of Agriculture, and Chairman of the Joint Com¬
Representatives of Business and Government:, As
(1) of Section 20
mittee of
of part I of the Interstate Commerce Act be amended to read:
made available by
from such carriers and from such owners specific and correct
all questions upon which the Commission may need information.
and to require
answers to
problem, desire to submit a number of recommendations that have
as
admission
before
the
"Admissions to Practice."
the heading
We recommend that
State regulatory bodies,
provision of law be made
so
that members of
which
we
to the solution
are
with
concerned
The problem of
be temporarily expedient.
another matter.
a
sound program for the future
.•
Intention
Denies
Alter
to
1. The program of surplus utilization and loan liquidation should be spread
over
The
Party Asks Reduction from l/6d. to l/4d.
British
Library of Information
New York
in
City
to the
issued by the Government of India
said
that the Government has "no intention
of allowing a
lowering of the present exchange value of the rupee."
15,
the
was
of
text
The
Government
The ,Government
in
international
existing
rise
new
that
he
would
it
would
and
It
in ratio would
lowering
interests
speculator
turbance
who
or
the
in
that
seriously
the
who
secure
rise
to
from
afforded
in
budgetary
the
ratio
the
cost
In
fact,
anybody except the moneyed
conditions
but
all-round
unseen
them
to
the
at
the
Altogether
in
duty,
stated,
interests
India
have
India
generally
ratio
present
have
they
doubt
of
of
Government
the
defend- the
to
already
they
been
every
to
belief
no
the
in
and
increase
that
confident
are
interests
during the
a
their
drastic
measures
it
that
Thp committee
the
their
ability
by these
The committee recognizes the advisability of the Government making
9.
a
this,
distribution of mattresses to some portion of the many
the 1934 loan as can be used for mattresses for relief
over
to the Federal
that the
has
rupee
are
of
hit
hard the
imports
advantage to
opinion
into
has
been
That
rate
very
injurious
the
rate
and
credit
can
their sale
only
be maintained by
a
policy
now
reached
a
stage
of
of contraction
particularly
Committee
have
the
come
paper
to
11.
currency
reserve.
.
.
.
The
the rupee-
-
-
policy of preventing future
diversification of farm products
are
of the opinion it would be disruptive to business and
surate benefit in reducing
,
Government
be without commen¬
the surplus.
In conclusion, may we urge the
and
employ¬
less
of cotton mattresses through normal trade channels at
than current market values and that to do so would
currency
the conclusion
We
ment to dispose
when
that the best interests
of the country demand that efforts to maintain the present exchange level
should henceforth cease and urge upon the Governor General in Council
the necessity of taking immediate steps to lower the ratio to l/4d. to
Working
a
Regarding the prevention of future sur¬
• "
That the Government adopt uniform specifications for the filling to
be used in cotton mattresses which it may purchase.
These specifications
should state that this filling is to consist of cotton not less than three-fourths
inch staple.
exports of gold which have been
have
surplus.,
(b)
satisfied that the rate of l/6d. cannot any
Matters
of the committee, any program for the relief of the
surplus problem must be predicated on
(a) That the Government's program for
in the cotton-growing areas be intensified.
undue and unfair
this country.
maintained by large
prohibit
pluses, the following suggestions are made:
the balance of trade during the, last seven years.
the country.
private enterprises,
the sale of their contents.
In the Opinion
cotton
by lowering
country
an
or
additions to the present
and by the further, depletion of the gold and sterling resources
and
India
to
on
this
Surplus Commodities Corporation for that purpose, and
Surplus Commodities Corporation be authorized to arrange for the
provided appropriate steps pre taken to identify the mattresses and
that the rate of exchange of l/6d.
agriculturist of
commodities and has given
Working Committee is
longer be maintained
of
the
distribution be turned
manufacture of such mattresses by regularly established
:
.
families,who are
remaining in
It is recommended that such portion of the cotton
relief.
on
resolution
Committee
Working
partici¬
consumption
This committee offers its services to assist in the or¬
products.
ganization of such a campaign.
in
specu¬
same
such
of substitut¬
Manufacturers, wholesalers, and retailers should be invited to
of cotton
power.
do
to
should be
'
A study should be undertaken to explore the possibilities
8.
last year.
Congress
price of agricultural
The
should be completely removed from the market and
ing the use of cotton in place of imported wood pulp.
of
their
is
cultivator
of
by the
Steps should be taken to prohibit the use of second-hand materials for
7.
of contraction
said, in part:
the
considered.
It is recommended
permanent reserve of from 3 to 5 million bales or more be considered.
reserve
10.
Indian
The
to
The question of
Maintain governmental reserves for use in national defense and
6.
the
of
expense
the
utmost
large movements of funds to United Kingdom
lative
and soles, many types of paper, roofing, wall coverings, road lining and
pers
bedding or upholstery purposes and to prevent interstate shipment of
will not be
necessary except tp the extent that they are forced upon them by action
of the speculators who place their funds abroad in hope of bringing them
back at a profit.
Incidentally, they are convinced that exchange would'
be materially stronger today were it not for the fact that there have
and
activities of Gov¬
napkins, paper towels, shoe up¬
pate in a strong promotional campaign to increase domestic
particular,
As
paper
products.,.
consumer.
clear
as
reinforcing, and for wall insulation and noise absorption.
This
and
dis¬
and
uncertainty
of
of such articles
used only in case of great emergency.
a
the
private industry with respect to the possible use of cotton in
the manufacture
the
of
position
governments.
and manufacturers and distributors to develop new products,
Efforts should be made to intensify present research
4.
ernment and
that
what
of
private trade
'
Red Cross of both finished cotton goods and raw cotton.
no
the
„
,
temporary subsidy to industry for this purpose should be
appreciable
They are equally
produce
produce.
provincial
additional
an
his
weaken
larger
profit
for
of
This should be
and new finishes; to improve the fiber, and to advertise
weaves,
5.
lowering
a
immediate
an
do "no good
protection
.
realize
can
produce
also
Government
buys.
Central
convinced
are
•
,
products.
part:
market conditions would
the cultivator
what
in
convinced
India
of
in
/
should be employed to restore exports.
"
cotton growers
•
communique said,
means
Efforts should be made to organize an industry-wide program among
3.
,
The
a
l/4d. to the rupee.
private business and employment.
channels.
resolution
passed 011 the preceding day by the Working Committee
of the Congress party in India.
The committee said that
the present exchange rate can no longer be maintained,
and asked immediate steps be taken to lower the ratio to y
Dec.
published
other,
possible surpluses
accomplished by a program which should operate through
16,
Dec.
on
considerable period of years, taking into account
Some
2.
public copies of statements regarding proposals
change the exchange value of the Indian rupee.
One
statement,
a
during the next few years and proceeding with the least possible disturbance
has made
to
.
,■
Ex¬
change Rate—Working Committee of Indian Con-i
gress
•
•
Recommendations
Government
Indian
The
existing situation.
an
basis which, though it may have unsound features, may
best it may be on a
is quite
manufacturers,
question has been produced and, therefore, must be utilized as
cotton in
proceedings under part II by Section 205 (c) thereof.
as
liquidation of the prdsent over¬
of the problem.
These recommendations
the Commis¬
is now provided with respect to similar participation
made
advance are
It should be emphasized that there is no single easy road
hanging surplus.
when participating cooperatively with this Com¬
receive such allowances for travel and subsistence expenses as
sion shall approve, as
Agriculture to assist the cotton producers.
The recommendations
wholesalers, and retailers concerned with the
proceedings under part I of the Interstate Commerce Act, shall
mission in
in
ment of
•
competi¬
fibers; and to the cotton control program and activities of the Depart¬
tive
The
Commission.
for this recommendation are elsewhere stated in this report under
reasons
7.
practice
to
the price fluctu¬
the Liverpool market; to the data
imports, production, and consumption in the United States of
on
We recommend that provision of Jaw be made to enable us to impose a
for
exports of the various cotton-producing countries; to
ations of American and foreign cottons in
"Proposed Amendment of Section 20 of the Act."
fee
principal foreign cotton growths over a term of years; to available
and of the
on
pub¬
consumption, and carryover of American cotton,
lished facts of production,
data
covering
of time, and sundry factual material of
In particular, time and thought were devoted to the
allied character.
for this recommendation were stated in our report for 1937 under
reasonable
Commerce and Agriculture, statistical
compilations from governmental and private sources, news reports
market conditions at various points
of this part.
the heading
examination of numerous reports of cer¬
The scope of study included an
the word "kept" shall be construed to mean
made, prepared, or compiled, as well as retained; and the worlds "accounts,
records, or memoranda
shall be construed to include all reports, and copies
thereof, made, prepared, compiled, or retained by carriers subject to this
part pursuant to orders of the Commission made under any of the provisions
reasons
result of their study and discussions.
a
tain bureaus in the Departments of
As used in this paragraph,
6.
the
emerged
.
following sentence:
The
last to study
of the cotton surplus, having made an intensive survey of
the problem
carrier, person, or corporation subject to the provisions of this
part
.
shall fail to make specific and correct answers to any questions
authorized by the provisions of this section .
.
.
&c.
and that paragraph (7) be amended by inserting at the end thereof the
and if any
.
the Department the report said in part:
The two committees that you appointed on November 11
of the first sentence in paragraph (2) be amended to read:
that the last part
Jan. 21, 1939
continued cooperation of private industry
toward solving the cotton problem
and other economic
problems in which both have a common and vital interest.
Meeting of World Cotton Producing Nations Suggested
to President Roosevelt by Secretary of Agriculture
*
Wallace
Cotton Industry Committee Makes
to
11 Recommendations
Department of Agriculture for Utilization of Sur¬
plus
and
Cotton—Proposed that Surplus Utilization
Loan Liquidation Be Spread over Period of
Years.
Recommendations
bution
of
as
to
Government Distri¬
Mattresses
The members of the cotton industry committee named to
study the possibilities of utilizing surplus cotton met in Wash¬
ington on Jan. 13 to consider the findings reported by the
two sub-committees appointed Nov. 11 by Assistant Secre¬
tary of Agriculture Harry L. Brown.
One sub-committee,
headed by Lew Hahn, General Manager of the National Re¬
tail Dry Goods Association, has been studying means of
liquidating the cotton surplus through trade channels.
The
other sub-committee, of which Dr. Claudius Murchison,
President of the Cotton Textile Institute, is Chairman, has
been considering ways to increase the consumption of cotton
through Federal and State government agencies. On Jan. 14,
the Agricultural Department in making public the report by
the sub-committees, submitted to Harry Brown, Assistant
of cotton-producing
of each in the inter¬
national market was suggested to President Roosevelt on
Jan. 18 by Secretary of Agriculture Henry A. Wallace. The
Secretary, who attended a White House conference with
Senator John H. Bankhead 2nd of Alabama, said that the
possibility of holding such a conference was_ only under
tentative consideration and that nothing definite had been
decided.
President Roosevelt at his press conference yes¬
The
calling of a world conference
nations to discuss the respective shares
terday (Jan. 20) said that such a conference would be a very
good thing to work out the problem of disposing of surplus
cotton, according to Associated Press Washington advices.
Regarding Secretary Wallace's conference, a Washington
dispatch of Jan. 18 to the New York "Herald Tribune" had
the following to say:
Mr.
to
Wallace took up with
finance
cated
yesterday that the proposed processing tax
"depressant taxes," which he
to
Mr. Roosevelt also the question of revenues
impose.
The President indi¬
fell in the category of
$212,000,000 of additional crop benefits.
warned Congress in his budget message not
Volume
148
Financial
Secretary Wallace issued
statement which appeared to carry the
a
impli¬
cation that the President's dislike for
the tax did. not necessarily preclude
it from consideration.
"As nearly as I can
is that the form of
tax, of course, is
discover," he said, "the stand of the Administration
getting money is entirely
tax on consumers.
a
financing the farm
program,
is
upon
Congress.
of course,
precluded
if
some
better
Although Mr. Wallace said that
an
export subsidy for cotton
not
was
now
a
being considered, he did not altogether discourage the suggestion that
subsidy might be the alternative if the cotton-growing powers were disin¬
clined
to
States
join in
Government
an
opportunity to
work off some of its
huge cotton
their
panies and directed them to
cease
1939, by drastically revising
"It
is
mitted
obvious
to
would
by
present
The
in
to
was
find
outlet for the Govetnment's huge stock of loan
an
that
The
Government now has $500,000,000 invested in cotton loans, the
surplus in the Government's hands being sufficient to meet the domestic
and foreign demands if
no
this
crop were grown
l.c.l.
year.
*
be
the
•
practices
are
At a luncheon held on Jan. 6 at the Merchants
Club, New
York, in honor of L>r. Lawrence Myers of the Department
of Agriculture, members of the Association of Cotton Textile
New
urged correction' of the alleged
by the descending scale of
The announcement in the matter by
Explaining the reluctance
goods in the
cotton consumed
through
prices whereby the price
more
misleading market for
goods would be sold and
ernment
ease
to
appreciate
Commission,
motor
trucks.
In
there
that
statement
long
time.
a
the
above
less
than
this
the
respect
is
ultimate
an
above,
quoted
but
also
had
with
for¬
Western
of
relief
that
in
that
not
will
manner
the
stop
present
by the
that the
Commission, and
only result in respondents' loss of
carload
roads
measure
relief
know
charges
company
considerable
a
traffic."
which
already
which
within
order,
its
relations
v.'
quoted finding of the
will
same
in
carriers'
' Respondents
advancing forwarding
of
railroads,
to
have * requested
comply with the
six
a
months'
Commission's
exten¬
order,
also
expected to ask reopening of the proceeding.
Aid'
to
Introduced
Railroads
in
House—May
transportation bill consolidating
Committee
hearing
of the
many
it
on
was
Interstate and Foreign
on
A
Commerce.
set for its first hearing on Jan. 17.
The bill would expand the Interstate Commerce, Commis¬
sion
later deliveries would reflect the added cost of
the situation through
of
..
too
time
House
raw
from
11
19 members,
to
reorganized
along functional
lines ; create the additional office of Special Administrator;
put transportation coordinating powers in the ICC and per¬
by Government loans which cannot be liquidated, the merchants counseled
to
would
compliance with the order resulted in diversion
rail
more
charges, such as storage insurance and interest. Since
the inverted scale of prices is due to the
huge demand for spot cotton created
be taken
respondents
of the railroad problem was introduced on Jan. 13
by Representative C. F. Lea of California, Chairman of the
unavoidable carrying
action
if
the
relief
restoration of the normal relationship in cotton
a
on
from
A national
of distributors tp make forward purchases of
face of this abnormal and
the
that
recommendations recently made to President Roosevelt for
,
material, the merchants insisted that
by
on
being
now
trucks and
to
/Enlarge ICC
"false market situation" created
cotton
of
Bill
York
cottQn futures prices.
the Association adds:
of
Eastern
-
of
of
enforcement
sion
transportation
traffic
diverted
carried
per¬
are
"respondents
the
the
of
orders
and
stated,
in
be
now
out
made
Commission's
require
volume
Merchants
traffic
enforcement of
Cotton Textile Merchants of New York
Urge Correction
of False Market Situation
by Gradual Release of
Government Holdings
portion
'
would
findings
carriers
participate
unquestionably
investigation
an
would
"Respondents
f
as
com¬
by Feb. 18,
practices.
the
to
That
would
pointed
said:
cottt/n.
traffic.
forwarding
unabated."
warders
problem
tneir
scheduled,"
exactly
freight
such violations
Commission's
opportunity
an
company
carriers
promised
of
of
the
as
respondents
practice,
continue
Secretary Wallace and Senator Bankhead said it was agreed at the
conference with the President that the cotton
problem was "very serious."
Senator Bankhead said the
cotton-growing States felt' that their first
effect
deprived
forwarding
if
that
take
be
handled
surplus outside this country.
Both
373
in
with
market allocation scheme that would afford to the United
a
law
relations
of
of revenue is not found."
source
the
The processing
The processing tax, as a means of
not,
Chronicle
mit
the gradual release of Gov¬
it
to
supersede other regulatory
Aeronautics
holdings.
Authority
Maritime
and
bodies like the Civil
Commission to fix
minimum rates in all fields of interstate and coastal trans¬
International
Wheat
portation;
Advisory
Committee Appoints
Group to Prepare Draft for World Wheat Parley
The International Wheat
Advisory Committee, consist¬
ing of representatives of 22 countries, met in London on
problem of world wheat surplus.
At
the opening meeting Ray Atherton, United States Minister
to Bulgaria, who presided in the absence of
Ambassador
Joseph P. Kennedy, announced the withdrawal of the
United States from the
chairmanship of the body but empha¬
sized, it is stated, that the United States would maintain
membership therein.
On Jan. 12 the committee agreed "in
principle" to recommend the convocation of a world wheat
conference, and on Jan. 13 the meeting adjourned after
appointing a preparatory committee of 10 nations to draft
the agenda for the proposed world conference.
A London cable
dispatch of Jan. 14 to the New York
"Times" reported the
following regarding this committee:
Justice of the
Having the
Jan. 10 to consider the
This
four
preparatory
great
and
committee
exporting
Australia—as
is
to
wrell
as
the
the
abolition
conference
of
to
States,
of
and
Argentina,
Russia,
Its function is to
consider * various
export subsidies
largely of representatives of
United
representatives
Germapy, Rumania and Hungary.
for
consist
countries—the
proposals
the sharing
Britain,
France,
minimum
prices,
of world consumption
After
port
the
back
preparatory committee has
the
full
of
voluntary
three
divided
third
into
group
to devote
group
prepared
the
it
ground
will
encouraging
with
groups
one
having jurisdiction
itself
to
group
by
President,
the
and recommend
groups.
(3)
•
carriers
by
coastwise
or
will
studies
make
transportation
of
for
water
fares, and charges of
and upon the inland,
carriers operating,on the
ICC to regulate rates,
in
interstate
waterways, -but
not
commerce
water
or through the,Panama Canal.
Establishment of a railroad reorganization court of three members
having jurisdiction over financial reorganization and equity receiverships.
high
seas
(4)
(5)
Repeal, of provisions of the Interstate Commerce Act directing the
to adopt a general plan of railroad consolidation.
Authority,
Commission
is
given the carriers to propose mergers
(6)
re¬
which will be passed upon by the
public interest viewpoint,
Authority granted the Commission to investigate rates and charges
carriers engaged in interstate commerce when it has reason
all
believe
nations that will be asked to take part.
prescribing different minimum rates for different
will
No chairman
then
submit
named for the
was
preparatory committee, but it is being urged that Ray Atherton, United
States Minister to Bulgaria, who presided over this week's session of the
advisory committee, take the job.
According
,
.
Canadian
Press accounts from London
Jan. 13, in the New York "Herald Tribune," in
drafting the
agenda for a world conference, the special committee re¬
ceived no instructions from the full committee, but its
atten¬
tion was called particularly to the following points:.
The
1.
to
for
need
close
cooperation
between
importing
and
3.
The desirability of setting
4.
Study of export subsidy.plans
5.
The desirability of setting
but
as
It
a
now
export
percentages of world demand in
not
on
a
bushelage basis,
a crop year.
added that acreage reduction
Associated
their meeting on
Press reports that the
Jan. 17 until Jan. 31.
group
adjourned
Railroads
Ask
ICC
to
Reopen
Freight
Forwarding Case
Contending
carriers.
repayment.
'
(8)
of
'
v
property of the-United
or
Slates Government.
Receiverships and Foreclosure Sales in. 1938
"Railway Age" in its issue of Jan. 7, 1938, reported
follows:
'
The
.
beginning of 1938 a total of 109 railway companies were in the
or trustees, of which 36 were companies of C lass I.
The operated mileage of the 109 companies totaled 70,884 miles.
Two Class I companies went into trusteeship and one Class I company
into receivership during the year.
Several small companies went into the
hands of the courts, and several came out of receivership, making a net
At the
hands
of receivers
total of 111
at the close
companies operating 78,016 miles in the hands of the courts
of 1938.
This mileage,
.
trucks,
reopen
the
the
a
that observance of the Interstate Commerce
case,
railroads
reconsider its
asked
the
On
found
Commission
decision, and
order.
that
last
the
railroads
Commission, in
in
virtually all
a
..
.
of miles or by proportion of total tnile-
39 Class J Railways
,
■
set aside
its
Investment in road and equipment
Canital stock
-
Unmatured and matured funded debt
voluminous report,
areas
were
violating
Per Cent of
All Class
Amount
to
.
Oct. 11
TT
miles) of the 39 railway companies of Class I included in
the total of 111 companies are in equity receivership, while the remaining
28 companies (61,102 miles) are in process of reorganization under Section 77
of the Federal Bankruptcy Act.
These 39 companies combined operate 32% of the total mileage operated
by all railways of Class I.
Other relative factors indicative]^ the serious¬
ness and extent of this situation are as follows:
large part of their l.c.l. traffic to competing
Western
iL
representing 31% of the total railway mileage in the United
in the hands of the courts at any one
States, is the greatest m ileage ever
time, whether measured by number
.
of
.
transportation
Elimination of land grant rates now applicable to the
persons
Commission's recent freight forwarder decision would cause
diversion
;
by the Commission requir¬
ing capital expenditures are necessary.. Loans are to be made only on the
basis of findings by the Commission arid RFC that the earning power of
the railroad together with security furnished gives reasonable assurance of
agEfeveinll(ait/M94
♦
Western
This power includes that of
carriers by Reconstruction Finance Corporation for capital
expenditures where compliance with orders made
as
operating in various countries;
quotas
definitely was shelved
by the full committee, although each nation participating in
any agreement could adopt that system as a corollary to an
export quota if it desired.
was
The
"to
(7) Loans
,
minimum international price for wheat;
charges are unreasonably low.
the
Railroad
The desirability of a world wheat agreement
running for five years;
2.
common
exporting
nations;
problems,
••
•
Broader authority
common
canal,
which
legislation and furnish information to the three commission
to
which
It
ICG.,
having charge of late
matters.
of
committee,
•
the
of
(2) ^Establishment of the office of special administrator, to be appointed,
the
advisory
greater
financial matters, and the
over
regulatory
to
types
unification
and,
v
membership
the
in
various
economics and
cooperation
calls for:
the measure
and
be
would
by
profitable
increase
Reorganization
matters, another
and
agenda and proposals for the time and place of the conference to the various
to
Reor¬
\
enabling the carriers of
self-supporting basis
through
operations and facilities,
(1)
of
purpose
Commission from the
among the exporting nations.
three-judge Railroad
a
States.
United
broad
operate on'a
efficiency
the ground
prepare
for
Canada
would create
and
ganization Court to speed rail reorganizations, its members
to be appointed from existing Federal judges by the Chief
Stock pi as
Total
unmatured & lpatured funded debt.
operating revenues
Number of employees
Railways
2,123,174,320
%1'liZ
ol \
20.1
3,494,424,310
32.8
5,617,597,638
918.061,556
29.9
2bb,944
23.9
22.0
I
Dean
Proceedings before the Interstate Commerce Commission looking toward
reorganization of debtor companies under the provisions of Section 77 of the
Bankruptcy Act made progress in 1938.
Final reports on plans of reorganization were issued for four Class I
carriers, and were certified to the respective courts of jurisdiction.
Pro¬
level of fixed charges of the rail¬
Institute finds.
The following
methods of bringing about such a reduction are discussed:
roads
Alabama & Western
Alabama Tennessee & Northern.-
Bamberg Ehrhardt & Walterboro—-—
15
1,460
808
8,180
140
99.5
15
1,927
927
8.391
155
1,505
,
.
573
7,355
627
Rock Island Arkansas <fe Louisiana—
Rock Island Memphis
—
_
Rock Island
Stuttgart & Southern
Line...
b Chicago Springfield & St. Louis
St. Paul & Kansas City Short
87
2,567
2,266
Denver & Salt Lake Western
—-
38
549
446
Duluth South Shore & Atlantic.
Fort Smith Subiado & Rock Island
-
Louisiana & NorthwestLouisiana Southern.
----
15
Bigbee River
Aug.
Minn. St. Paul & 8aultSte. Marie
Missouri Pacific.
Boonville St. Louis & Southern
Cairo & Thebes
-----
*
Chester & Mount Vernon
Fort Smith Suburban.;
Marion & Eastern
Commerce Commission
played by
utility reorgani¬
zations under Chapter X of the Bankruptcy Act, as revised in, 1938, Another
alternative could be to retain Section 77 and establish a special Federal
in Section 77
railroad reorganization
----—
Interstate
Commerce Commission.
tached
to
the Finance Division
then work in close harmony with
of the
2.
"
Conservator would be at¬
court to keep in touch
the special
A
with the managements of
undergoing reorganization, and to facilitate proceedings.
railroads
could be attempted,
reorganizations
Voluntary
Baltimore & Ohio and the Lehigh Valley now under way.
of the
like those
Where numerous
typical
such voluntary readjustments present great dif¬
security issues are involved, often with conflicting interests, as is
in the railroad industry,
Also, there is a tendency to seek
ficulties because of dissenting minorities..
only temporary relief, rather than a permanent solution of the
excessive fixed charges, in order to induce
Dec. 31, 1937
July
1, 1933
June 1, 1936
Dec. 1,1937
Rec- 1,1937
Dec. . 1. 1937
Dec. 1, 1937
July
1.1933
July
1.1933
Dec.
1, 1937
-July
1,1933
Dec. 1,1937
-----
judicial proceedings from which
This court would
2, 1933
3.188
6.309
0.18
:
25
64
7
■
7
134
court to expedite
appeals could be taken directly to the Supreme Court of the United States.
June 15. 1933
July 26, 1923
----
proceedings to an advisory one, similar to the part
the Securities and Exchange Commission in industrial and
1,1937
3,232
7,163
Minneapolis & St. Louis
The same result might be
vision of certain added safeguards by statute.
18, 1938
50
1,432
reliance upon foreclosure sales in equity, with the pro¬
sought through limiting the role of the Interstate
1,1935
1,1937
50
1,523
.
judicial precedents can be established.
could be simplified by repealing Section 77
The reorganization process
and returning to
July 23, 1938
Oct. 19, 1929
Jan.
2,1933
Jan. 2,1933
Apr.
1,1935
93
l5'
99
'---
.
.
Years of litigation, carried up to the
&c.
loom ahead before the required new
■
of guaranteed
terminal and other special groups
Supreme Court,
securities, the position of collateral trust,
of securities,
be
methods of segregating
earnings of separate divisions of railway system, the status
1934
Sept. 1, 1931
Apr. 20, 1933
June 1, 1931
58
Also, the new
plans.
questions, such as the relative treatment, to
accorded various liens and classes of stockholders,
4,1931,
1, 1935
June 1,1937
Oct.
1, 1937
June 30, 1938
o16
363
None
35
by the fact that two separate agencies, the Interstate
Commission and the Federal courts, must pass upon
June 30, 1938
197
.
408
36
Georgia & Florida
Georgia Southwestern & Gulf
Aloany & Northern.-u
statute raises a host of moot
28, 1935
sales, the method
delays are
Commerce
Under the present bankruptcy statute, long
used before 1933.
19,1925
123
679
685
62
250
16
Fort Smith & Western.-.
Jan.
^64
424
—_
Fonda Johnstown & Gloversville------
Meridian &
,
72
Wilkes-Barre & Eastern
Nypano
Florida East Coast
19,1932
15, 1933
36
46
143
New Fork Susquehanna & Western.--
June
843
2,403
New Jersey A New York
.
Nov.
Jan.
27...
27
Mineral Range
Erie
caused
1,1933
1,1933
1, 1933
Sept. 1, 1933
Jan. 24, 1930
Nov. 1, .1935
79
Denver & Rio Grande Western
urgently needed to correct defects in the present
the wisdom of abandoning re¬
for grave doubt over
room
organization through equity proceedings and foreclosure
Nov.
Nov.
Nov.
a6
a3
21
408
Terminal
Rock Island Omaha Terminal
There is
law.
June |29, 1935
June 8,1933
Nov. 1» 1933
Nov. 1,1933
Dec. - 1, 1933
Sept. 1,1933
812
9
376
15
Peoria Terminal
Amendment of Section
Reorganization under the Bankruptcy Act.
1.
77 of the Bankruptcy Act is
10, 1937
16, 1937
Jan. .1,
543
9,962
5,208
635
10,949
Choctaw Oklahoma & Gulf
,
Nov.
Nov.
Feb.
Dec.
Sept.
June
Aug.
Mar.
14
11
Burdngton Muscatine A jvorthwestern..
California & Oregon Coast
*■-'»
Central of Georgia
,i
Chicago & Eastern Illinois
Chicago & North WesternChicago Attica & Southern
Chicago Great Western
Chicago Indianapolis & Louisville
Chicago Milwaukee St Paul & Pacific-Chicago Rock Island & PacificChicago Rock Island & Gulf
-
Trusteeship
Apr.
4,1933
Apr.
4,1933
Nov. 28, 1936
Dec. 14,1934
152
19
215
38
218
14
Florida
or
19
171
Akron Canton & Youngstown
Northern Ohio
Receivership
Mileage
Oumed
Mileage
Operated
in the level of
contraction of the present
is inevitable,
the
31, 1938
Date of
Road
of New
fares and rates, higher wages and increased taxes.
Regard¬
less of other remedial measures that may be adopted, a
combined debt
during the year provided a
of Receivers or Trustees on Dec.
Director of the Institute of In¬
York University, stated in a
Madden,
decline in railroad earning power during the
is due to the shrinkage in traffic, the drop
reduction of more than 50%.
Railroads in the Hands
T.
Finance
published Jan. 9, Dr. Madden said that the severe
current decade
bulletin
posed reports on plans of reoganization were issued for six Class I carriers,
while one plan was denied approval.
An interim report was released as to
another Class I company.
All plans proposed or approved
John
ternational
^
1939
21,
Jan.
Chronicle
Financial
374
Association of American Railroads favors legislation to
Interstate Commerce Com¬
thirds of any class of creditors accept and the
the plan.
Railroads might obtain relief from
3.
offering to
compel dissenting
readjustments where two
minority bondholders to accept such voluntary
mission approves
problem of
The
security holders to assent.
particular burdensome issues by
obligations that are made
lower coupon
into
convert, them
This is
outstanding
be adopted in other similar
bonus of stock for the sacrifice.
convertible into stock, and giving a
.J"
Missouri Pacific RR. Corp. in Neb..
193
Natchez & Southern
New Orleans Texas & Mexico
3
191
32
3
173
32
18
18
Dec.
1,1937
146
43
84
43
July
1, 1933
1,1937
lege offers a methods of converting funded debt into stock on a basis
1,155
1,101
2
65
Missouri-Illinois.-..--.
Asherton & Gulf
—-- —
Asphalt Belt-.--..
-
_
—
_
-.
349
'
—
Beaumont. Sour Lake & Western.Houston North Shoro
Northern..:..
Austin Dam & Suburban
----
104
New Iberia & Northern
Iberia St. Mary & Eastern
62
21
San Antonio Southern,
San Antonio Uvalde & Gulf...
San Benito & Rio Grande
Sugar Land
Mobile & Ohio-
Nevada
Valley..
;
—
i
Hartford & Connecticut Western
Old Colony
J
•
Boston & Providence.
Providence Warren & Bristol
•-—
.
*577
805
20
190
-
Oregon Pacific & Eastern
Pittsburgh Shawxput & Northern......
Dec.
Dec.
June
Apr.
<
,
14
318
759
28
156
192
20
....
20
-----
Tallulah.Falls
Virginia & Truckee
1"
57
,
57
67
1,949
50
Ann Arbor
Waco Beaumont Trinity & Sabine
Western Pacific
•
67
2,410
294
Wabash
50
1,152
30
23
June
1,140
—.
Wilmington Brunswick & Southern
1,002
1,208
99
30
Winchester &
Wardensville
Wisconsin Central
Yosemite Valley
Yerka Western
78
9
foreclosure in
June,
1930
1935
1922
1933
7, 1938
Dec.
2,1932
Dec. 22, 1936
Sept. 15, 1935
99
78
c
4.1931
Feb.
8,
Aug.
2,
Nov. 10,
Mar. 17,
9
1931. but receiver is still
Changed to trusteeship Oct.
1933.
1,
'
,
.
Statistical
[
.
'm-,
-
135,500,000
Reveals
Board
Ques
tionnaires Were Sent to Individuals and Businesses
d In¬
cludes 8.50 miles owned but not operated.
1938 by
in
,
7,1931
23
Wichita Northwestern
at
Dec.
294
depression periods, when interest payments alone
^
May
1,1931
Feb.
2,1931
Jan. 12,1937
Aug. 28, 1933
Aug. 30, 1933
June 25, 1923
Apr. 27, 1938
Dec.
1, 1931
139
21
164
—-
it
good times without adding inflexible sinking-
,
Dec. 12, 1935
Dec. 17, 1935
Oct. 14, 1931
Dec. 23, 1930
Apr. 14, 1931
Feb,
2,1931
Feb.
2,1931
Nov.
funds should be
the already excessive burden of
become burdensome enough.
Central
retire their debts in
to
However, sinking
If the sinking fund is made a percentage of net income,
fund requirements during
3,1932
2,1925
661
184
operating the property,
results in debt retirement in
696
South Dayton
Spokane International..
Coeur D'Alene & Pend D'Oreille.....
b Sold
fixed charges.
1,1937
Oct. 23,1935
July 31, 1936
June 3,1936
Aug. 5, 1938
Feb. 13,1937
May 21, 1937
July 28 ,1932
Nov. 6, 1937
Aug. 1,1905
funds, along with the wider use
would permit railraods
period of years.
1,1937
Dec. 16, 1929
May
5,1938
Seaboard-All Florida
a
made flexible if they are not to exaggerate
cNov. 1, 1932
- Dec.
12,1935
St. Louis Southwestern of Texas
Georgia Florida & Alabama
Raleigh & Charleston.
orderly fashion over
1,1933
1,1937
1,1933
174
393
745
The wholesale adoption of sinking
5.
of convertible securities,
1,1937
4,718
407
StephenviJIe North & South Texas
33
Santa Fe San Juan & Northern..,
32
Seaboard Air Line.
4,318
d8,339
Chesterfield & Lancaster
:
33
32
East. & West Coast
Sidetrack
Florida Western & Northern.
233
All tracks,
July
41
174
;
*
St. Louis-San Francisco.St. Louis Southwestern
a
.
128
31,
905
convertible bond is sold.
j£27
4,885
1,006
Rio Grande Southern
Rutland-
314
—-
New York Ontario & Western.
Norfolk Southern
1, 1937
1,1937
Dec.
-
that is
usually
the
Pec*
Dec.
Dec.
Dec.
29
1,303
99 "
488
63
converted
The conversion privi¬
prosperity periods, is also favored.
considerably higher than the market price of the stock at the time that
July
1,882
into stock during
,
of convertible bonds, which would tend to be
relatively favorable to the railroad, because the price of conversion is
556
1,180
30
_
...
Copper Belt
New York New Haven & Hartford-....
use
1,1933
1,1937
317
128
53
....
bonds, and may
•
The wider
4.
1,1933
602
45
St. Louis Brownsville & Mexico
instances.
July
Dec.
40
6218
—-
...
Orange & Northwestern
Rio Grande City
•
poc.
July
27
Houston & Brazos Valley..
International-Great
being proposed in the case of the Sputhern Railway, which has
issues of 6 and 6mortgage
Government—-Recommends Changes in
Law to Eliminate Unnecessary
Tlie White House
between
President
concerns
ness
97,500,000
in
Central
the
States
United
made
in
Government
1938,
while
viduals and businesses were required
approximately
by agencies
questionnaires issued
to
Statistical
revealed that, individual and busi¬
was.
the
replies
Federal
the
and
Roosevelt
Board, in which it
Duplication
8 made public correspondence
Jan.
on
in
addition
to prepare
of
indi¬
38,000,000
of which 12,000,000
unemployment and 26,000,000 for
Government required to answer
non-administrative returns and reports,
for
were
the
of
census
the
which
information
The correspondence was sent
Special Committee on Returns,
recommended substantial changes in the law under
businesses and individuals must furnish statistical
queries sent by the public.
by
the
which
which
data
to
President
the
The Statistical Board pro¬
Government agencies.
for
gram was
summarized as follows in the White House state¬
ment:
^
1. That it be recognized as sound in principle and necessary in practice
the various statistical and report-collecting services of the Federal
that
be
Government
trative
and
seivices
for
other
or
that,
it
the
part
most
responsibilities
attached
relating
to
to
agencies
adminis¬
the reports;
having
the subjects of
because of this decentralization of the statistical and reporting
is essential that there be a statistical coordinating agency with
adequate powers.
2.
New York University
of
solidation of Carriers Are Needed
reports
*
of American railroads will increase from
depressed level of 1938 as a result of business recovery, but
a sustained rise throqgh all phases of the business cycle will
occur only if there is general resort to co-ordination and con¬
solidation of facilities to eliminate duplication and waste,
provision
of
officer
any
reports
will
3.
The earning power
be made to relieve any Federal agency or
under existing law directing the collection
from the public, if substantially equivalent information which
the needs of such agency or officer is available from other
That
Finance Institute Regards Rail¬
road Mergers Fundamental to General Recovery—
Dean John T. Madden Says Coordination and Con¬
meet
to
any
That
agencies
Federal
in
provision
collecting
information
in
law
requirement
agency.
law
be
information
available
for
the
made to promote
on
use
a
of
confidential
other
and encourage Federal
basis to make such
Federal
agencies
under
rules
protection for the interests of individual respon¬
dents, these rules to be promulgated by- the President upon recommenda¬
designed to^ afford proper
tions
of
the statistical
coordinating agency.
,
-
Volume
4.
to
That
in
reduce
such
it
eliminate
duplication
That
and
be
to
in
law
reports
shall
have
two
interest
by
from
both
in
the
provide
it
ment
shall
ing
agency,
being
interest;
any
to
that
Federal
further
tax
consistent
in
is
in
or
more
the
Bureau
of
any
and
would
such
found
in
the
any
statistical
field
the
available
That
9.
to
other
"
of
its
in
far
so
of
the
all
questionnaires
tion
the
from
the statistical
for
be
the
in
provides
the
returns
tax
such
directed
to
Rice
is
Rice
was
Committee
Board;
the
other
E.
E.
of
the chief
which
members
conducted
of
the
officers of
the Board,
of
the
for
use
the
Board
of
With
of
the
the
Special
committee
are
was
one
■
Reserve
National Mediation Board Says 1938 Was Most Success¬
ful
Year
in
Its
History—Report Records More
Settled
Than
in
Year
in
history,
services
because
subject
ing
21
drawn
larger
jurisdiction
total
At ^the
cases
making
Board.
ll7
of
During
leaving
these,
two
115
the
were
and
there
additional
by
involving
115
of
mediation '
June
30,
the
before
disposed
cases
of decreased
Sixty-three
in
the
the
of
mediation
employees
settled
concerned
Mediation
This
four-year period.
to
all
in
the
arbitrate
which
Two
involved
from
158
of
national
45% of
representatives
defended
year,
matters
in
Since
one
185
its
the
63
case
cases
on
I
dispute, making
a
grand
total of
beset
needs
the
by
Theiefore
because
so
I
shall
I
railroad
the
unions
other
of
signed
railroads
cases,
speaking
which
of
one
for
involved
the
in
the
the
course
country,
of .which
so-called
the five
as
of
well
involved
the
agree¬
cases
the
as
14
in
non-operating
transportation
year
all
of
in
public
closed
out
qf
board;
were
with¬
a
result
as
Reserve
Chairman
letter
a
,
to
Marriner
S.
the Federal
particularly the "pumpThe letter
Dec.
on
25,
which
That
program..
com¬
following statement for
has
the
7\.
evident
Senate
the
letter and
liis
this
all-important
It
It
at this hour.
contribution,
what he has
of
intends
issue.
misunderstanding.
Senator's
reading
a
public
011
widespread
the
7a 7>.
■'■■■■
•
especially
welcome
from
made
and
discussion,
particularly
take
From
advantage of the
the
had
to
more
say
so
five-point
the
gradual restoration
"I
of
progtetm
of
confess
and
not
The
of.,
fiscal sanity,
is
not
you
only
aid
to
one,
a
an
as
say:
„
defeatist
a,
and not of progression, but it would jeopardize
program,
as
limited
debt§
democracy?
our
it is,
as
i6 intended to be
that respect it
In
and
But
taxes.
will
gradual
a
"retrogression"
means
it
jeopardize
'
•
is:
Government
the
.
•,
Reorganize the Federal
and
I suggested at Boston
to
program
balanced budget.
a
program
First:
ment
your
"progression"—in
salvation
letter we quote, 111 part:
democracy."
this
approach to
opportunity to respond to his latest
program
country
that
retrogression
the salvation
I
the
of
convinced
am
first
and over the radio.
press
Senator Byrd's
Concerning
•
-
for
simplification, retrench¬
economy.
Cancel
Second:
and
existing
authority
agencies to borrow
an
cf
Federal
30
additional
borrowing
$8,000,000,000
corpora¬
without
further
legislation and require these corporations and agencies to function through
the
allowing
budget,
Congress
to
approve
reject
or
their
ditures.
<
..
for
the*
Scrutinize
:
the
expenditure
cost.
of
the
eliminate
Fourth:
the
activities
new
of
.
future
expen¬
1
Government
responsible
now
30% of the tctgl appropriation, exclusive of
dispensable activities and reduce others to a
'
•
Have
and
of
a
lack
ultimate
I
"sudden
of
of
the
em¬
brother¬
ment's
the
portion of the burden and direct local
a
within
Government
taxation
drastic"
into
plan.
the
one
all
interest
ability
of
the
the
of
best
people
to
for
assurances
it?
much
a
on
criticism
when
as
about
power
constructive
a
stop
to
Here
is
more
made,
been
has
a
drastic
much
definite
economy
pro¬
been
has
said
with
program
the
to
your
concentrate
doctrine.
now
For
on
you
what
the
I
the Government expenditure,
spending
over
its
income;
in
conceive
to
important thing
but the
other'
be
is
excess
words,
the
the
not
essential
the
mere
of the Govern¬
magnitude
of
deficit.
You
1937,
said
relief rolls
of
objective of restoring the country to sound principles of finance.
want
of
or
came
Heretofore
gram.
purge
,
the
regard reasonable
prosperity.
is
honest
of provision for those in need, through requirement
bear
to
Roosevelt
Mr.
thoroughly
reforms.
Conduct
Fifth:
pay
a
excess
localities
needed
to
What
arbitrate.
agreements
in
the
controversy
bpth in the
magnitude of
two
nine
world.
mediation
the
(c)
were
disposed
cases
emergency
trying to apply the economics of pioneer days or of a world
at peace and operating on an international
gold standard to the drastically
changed conditions of the present disordered situation
throughout the
agreements
of
the
dismissed.
Mr."Eccles
Byrd
radio and
is
it
or
These
or
to
that he is
the
all
issued
Senator
violent
fullest
point
to
review
made public on Jan. 15, criti¬
was
from
one
16
that
011
the
the
1934
64
Virginia,
*
speak
is
business
agreement
an
of
leading
referred to in these columns Dec. 31, page
respect to Senator Byrd's letter, Chairman
Jan.
glad
am
were
of during
by
five
was
press:'
and
mediators.
by mediation
of
(d)
one
agreement
board
an
mediation;
Administration's fiscal
With
101.
carriers
in
(e)
In
negotiated
Cases
through
of
begun;
was
class
pilots.
was
Eccles
through signed
disposed
settled
disposed
was
cases
result
a
cases
or
were
circumstances
financial policies,
to
the
3990. *■
minimum
resulted
disposed of,
establishment
mediation
cases
the
as
special
a
of Mediation
settled
was
Three
line
Tlie
remaining out of the 101
one
of
Deal
munication
of
Board's
cases
II,
air
rose
to
62%,
or
of
the
39% of all
mediation
all
by
witnessed
or
settled
to
of,
title
of
conditions,
in Letter to Federal
Byrd
reply
disposed of by the Board's efforts in the form of mediation
virtually
and
has
disposed
of
lines.
Adjustments
cases
(a)
to
the
over
of the air
System, which
in
was
relief ;
Signed
Agreements
cases
by
duly
62 cases,
In addition
employees.
ployees
and
year
Board
is
current
the
were
agreements
their
signed
by such written agreements.
National
agreements.
ments
mediation
101
agreements
During the preceding
Arbitration
mediation
involving the craft
class
or
priming" program which incur Federal deficits.
.
and
confined
was
dispute
arbitrate, and
expenditures in
Mediation
1.
form
two
craft
wqrking
one
mediation
New
Third
Of
received
cases
the
year,
the
cases,
1938.
by railroad.
mediation
new
received,
were
services
101
of
as
carriers
on
year
cases
10
.•
....
in
Eccles, Chairman of the Board of Governors of
tions
mediation,
95
2
*
.
Eccles, Criticizes New Deal Fiscal Program—Pleads
for Balanced Budget—Statement by Mr. Eccles
;
a
in part:
were
mediation
disposed „of
unsettled
preceding
while the
123,
Board
and
lines
air
the
123
requiring.; the
the
year
1937-38
year
year
cases
pending
on
with
to
Board
the Board said,
report
the
218
cases
Compared
from
rapid
The Board
and
settlement
and
withdrawn
were
Senator
made
was
Mediation
carriers,
more
the fiscal
During
total
a
and
In its
beginning of
hand.
on
the
of
The
made
first
complete agreements
Other
year,
refusals, to
line
adjustments in payroll .expenses than in
mediated since the enactment bf the Rail¬
of
case
Labor Act.
way
has
which
Railway Labor Act in 1936."
employees
other
any
bargaining
industry,
air
or
recorded.
was
transport
before
ever
1
4
Cases
two,
a
on
Senator Byrd,
the mediation agreements of 1938 two affect¬
among
more
disputes
collective
amendments to the
listed
labor
the air
the
to
one
of
that
"in
progress
by mediation than
interruption of rail
year
while not
said
report
last
24
4
hours,
mediation
the
statement
concluded
working
1
the
in
the
one
pilots
3.
(b)
The National Mediation Board, in its annual report sub¬
mitted to Congress, Jan. 2, indicates that more agreements
were
and
3
class
or
settle
pilot
a
37
the
during
Previous
any
rules,
pay,
Seniority
witnessed
of
and
pay,
line
to
■
Of
iar
Disputes
of
Air Line Mediation
course
craft,
of
air
discharge of
to
Federal
System, and Frederick F. Steplian, Secretary and Treasurer'
of the American
Statistical Association;
and Morris A.
Copeland, Executive Secretary of the Board.
Labor
1
by amendments
the
rates
the
cized
University, who
Governors
review
1937-38
mechanics
mechanics'
Statistical
study for the
special
Rates of pay..
Rules and working conditions......
Rules
...x.
J..
working
special
1936
in
adjustment
to
E. Dana Durand, United States Tariff Commis¬
the
line
covering
sioner, E. A. Goldenweiser, Director of Research and Statis¬
tics
and
year
in
Reserve
of
Rates
involving an air' carrier and its employees.
The air lines
employees were made subject to the provisions of the
Railway
Act
air
informa¬
the statistical coordinating agency
the World War; three members of
operated during
fiscal
■
Central
Chairman
Day, President of Cornell
which
the
of
likewise
Returns
on
collect
to
forms
Chairman
49
14
for
arrange
adoption and
'
A.
Mr.
Board;
used
centralized.
Stuart
of
settled
were
as
the tax authorities'
to
their
on
Revisions of agreements, total....
63
...
their
Lgbor
by
and that responsibility in' each agency
and for the maintenance'of such
agency;
of
use
adopted and
reports
mani¬
dispute
a
tax return,
any
report-collecting agencies.
forms
to
The
of
and
required by law to keep uniform records of
make
report
coordinating
authorizing
records
and
public and
and
total..
total
2.
of
statistical
agencies be
other
mediation
during
the
13
file
to
acceptance
which
is
as
returns
tax
required
(b)
agency
be
Board
the carriers
on
Hours and working conditions
Hours
hamper
changes
in
is
modifications
agency
the
but
concerned
ampng
employees
Scope
public
to
.
coordinating
the
follows:
as
board.
reports
the
in
part of
making reports either
Federal
all
to
Federal
was
rules,
Establishment
the
coordinat¬
performance
year;
or
manifested
of
conditions
of
the establishment and maintenance of classified address lists of respondents
so that
for each important group of respondents there
may be a standard
list
year
of pay,
conditions.
to
unless
allowed
persons
regulatory
a
be
provide,
one
with
cooperation
agency
the
and
consolidation
of
group
such
burden of
the'
the
Revenue, in lieu of all
to
single
extended
technical
to
would
(a)
Federal agencies.
That
given
which
employees and carriers
organizations
subject matter of the disputes settled by the mediation agreements
Rates
V
,
returns
be
in
of
cooperation
President,.
the
a
question,
in
practicable
needed
be
of
within
shall not
of
the
designation such arrange¬
a
grew
groups.
New agreements,
the
as
arrangement
by
service
arrangement shall
for:
(c)
the
as
both
during the
be met
serving
before the statistical
arrangement
made
report
lighten
to other
8.
the
well
by
The
employees,
and
number
degree
and
transportation
out of
employment guaranties.
A certain sig¬
adjustment of these two* cases in mediation,
the
the
the
hand
one
as
fested
given field of
a
an
approval
respondents
information
required information,...and
qr
involved
considerable
any
such
to
of
procedures
Internal
sworn
that
agency
satisfactorily
subject
as
policy,
types of
of
found
established
soon
such
fiscal
which
cases
two
hand,
of
so-called
increases
to
regards
as
because
the
the
wage
attaches
only
on
when the statistical coordinating
.collection
cohsideration
laws
with
previous
any
collecting agency
agency
reports
'
That
not
for
that when the needs
can
single
a
that after such
new
that such
as
and
the
duties.
7.
through"
group
obtaining
in
(a)
respondents
of
shall,
(b))
;
the
(c)
provided
the
coordinating
follows:
as
shall have
of
arrangements
and
unless
agency,
made
group
any
collected,
agency
that
also
notwithstanding
statistical
reports
interest, it
involving
now
and
nificance
duplication.
agencies for reports pertaining to
designate
other
President;
for
requests
for
reasons
375
speaking
All mediation agreements,
be
collection
apply
or
for
and
respondent shall be required to report
information is obtainable from
no
the
investigation
the
shall
that,
same
all such agencies;
public
which
law
of such
due
for
interest
before
given
a
or
after
agency
the
to
such
Federal
to
reports
nature
hoods
unable
necessary.
Federal
collection
agent of
need
is
provision in
or
the
be
contrary,
established
or «more
findings
eliminate
in
the
on
is
agency
Chronicle
Federal agency when such
a
request
That
6.
duplication
made
previously made to the
duplicate
of
to
its
to
be
coordinating
hearing
a
report
power
provision of law to the
information
statistical
to hold
given
provision
the
unnecessary
be required
President
5.
Financial
where
cases
or
agencies,
the
148
explained
before
(page
the
120):
yourself
House
„
very
clearly
Banking
and
when-you
Currency
testified
in
Committee,
December,
when
yoU
Financial
376
"The
spend more than you collect you create
budgetary dcficjt that puts money into operation."
is the deficit that does the work of bringing about business recovery.
that
It
it
Moreover,
important, from the standpoint of your theory, that the
to meet the deficit should not be borrowing from
is
be from banks, so that the new bank credit
but that it should
individuals
be
If you
borrowing
Government
will
collect.
they
created
what you
increase
to
call
"purchasing
What
power."
want is a deficit, financed by expanding bank |credit.
call to your attention two ways of getting such a
you
deficit.
One is
the method, apparently contemplated by you and those in the Government
who think as you do, of the maintenance and even the expansion of the
existing fantastically high Government expenditures.
But another way,
equally effective, would be a curtailment of Government expenditures,
accompanied by an equal curtailment of taxes.
A complete tax holiday
I
would
create
greater deficit.
a
even
.
,
respect to
general doctrine that a deficit?
your
you proposed a total of V
expenditures on self-liquidating
public works as a sufficient contribution from the Government to purchas¬
ing power in that great emergency.
We have expended that amount over
and over again,
and you insist that continued and still more lavish
expenditures are still indispensable to recovery, and their withdrawal will
(hearings,
1933
of
and
712-713
pages
saying:
■
the American system of corporate
Under
720),
who
disaster.
personally have
v
prosperity.
business
their duties to
a
as
and should
affairs
own
will
world
think that they are fully occupied with their
busy itself to
and sacrifice.
at much greater cost
so
Richard W. Lawrence, President of the Chamber, referred.
he matter to the Executive Committee.
■
You
the
struggle for control of natural resources, Prof. Charles K.
Leith of the University of Wisconsin said on Dec. 30 in an
address at the semi-centennial meeting of the Geological
Society of America in New York City.
Professor Leith
predicted that the policy of "appeasement" will fail and that
"ultimate control will remain where it is," while the "privi¬
its own sake is
doctrine that debt for
your
leged position of the 'have' nations will be protected and
might will continue to make right."
It seems a safe assump¬
tion, he added, that "before redistribution of the world's
natural wealth goes much further it will be resisted by the
armed force of the 'have' nations, as illustrated by our
recent announcement
of policy to protect the Western
Hemisphere."
Professor Leith continued, in part:
i
purpose
It is clear
in
of
evils
in
Senate
the
day
of settlement.
.
of
citizens
for
if
that
inferred
and
no
time
America
and
As
correctly
you
in
say
is
have
I
Senate.
the
answer
inquiries
the
you
I will later discuss these issues more fully on
pounded to me.
of
to
•
'
■
•
.,
the
largest
and
consumer
largest
the
The frontiers of
our
the floor
in
that
are
a
system had been
have been prevented,"he believes.
Back in 1932 Mr. Lisman introduced, the following resolu¬
Robbins
could
case
tions in the Chamber, which were
the directors of all corporations whose accounting methods are not
under Federal or State supervision
to
amend
countants
by-laws
their
to
shall be selected
but whose securities
require that
are
independent
dealt in publicly,
certified public ac¬
by the stockholders; that the reports of such
accountants shall be rendered in full to each and every director and be made
available for inspection
,
and
their
Even the hazard involved
may
be
the struggle.
equal propor¬
minerals and not less
Any
which the products must pass.
seas over
.
.
of all of the colonies
have to
the sum
total
that
shows
be
passed
of their
large
would
not
resources,
accomplish
which
of'self-governing
areas
Anything short
over.
have
much for the
been carefully
of
a
nations
Simple
would
also
wholesale transfer would
still leave the "have-not" powers in an inferior position in regard to
mineral
supplies and presumably their efforts to obtain them would continue by one
means or another.
•
S
;
China and
of the "have-not" nations.
the passing over
Real appeasement by this method
as
well
as
parts of the supplies contrplled commercially by
the English-speaking people outside their borders.
mean
division of control of the
sea
to
assure
Still further, it, would
continuity of movements from
In short, the scale of the transfer is unthinkable from a
distant territories.
political standpoint and it seems to be
much further it will be resisted by
as
would require
of considerable parts of the English-speaking, French and
Russian domains
.
Austria, Manchuria and large parts of
Czechoslovgia have done little to meet the mineral requirements
a
safe assumption that before it goes
the armed force of the "have" nations,
illustrated by our recent announcement of policy to protect the Western
Hemisphere.
adopted:
Resolved, that the Chamber of Commerce of the State of New York urges
upon
of minerals
far short of the requirements of the "have-not" nations.
arithmetic
Jan. 5, urged the Chamber of Qommerce of the
operation, the situation which developed in the McKesson
&
distributor
to involve us in
The cession
Board of the Lisman
If such
.
domain that
mineral industries, including sources and
•
independent certified public accountants to
>
It is part of our
attempt to maintain neutral shipping rights in this field
ty on an unthinkable scale.
New York to sponsor a movement to have stock¬
select
is
approach to equalization by gaining new territory means a'shift of sovereign¬
have .pro¬
of
audit the books of corporations.,
Germany
illustrated by the
The United States is the world's largest producer,
The acquirement of Abyssinia,
holders
as
The United States and England together control in about
McKesson & Robbins Situation
on
and it leaves the other
meantime,
tions nearly three-quarters of the world production of
expressed
Books of Corporations by Independent
Urged by F. J. Lisman—New York
Chamber of Commerce Asked to Sponsor Move¬
ment—Believes
System
Would Have Prevented
State of
the
enough
Accountants
Corp.,
In
in any
listed,
Frederick J. Lisman, Chairman of the
resources
position.
markets, extend to nearly all parts of the world.
reason
Auditing
planned by the
Mexico for confiscated American oil, the announcement
important they control the
endeavored
earnestly
inferior
ultimately at stake.
products.
letter under reply.
in your
old
their
The United States cannot avoid the issue.
extravagance
adequately discussed by correspondence,
.
•
' '
I attribute to you a full measure of sincerity in the opinions
as
of which coincided with the opening of the Lima conference.
appropriations.
letter, < these issues are too vast to be
your
in
recent trade with
have
stagnate because of the lack of adequate Government
to
countries
acquiring essentially needed supplies through barter,
suggested
he is willing
to starve and freeze and suffer, and the country
waste
opposes
one
share of the world's mineral
the larger
countries
mention this only because of the inference often
I
Government.
At
expenditures.
Government
in
other political
barriers and restoration
by the "have" nations by virtue of their possession of
of power is retained
.
may
extravagance
measures,
embargoes will have to be used.
Hull pacts is merely an effort to preserve the status quo in which the balance
I
opposed what I believed to be appropriations sufficient and reasonable to
provide for the needy and to finance the proper and necessary functions of
and
or
of free circulation of raw materials between
I be permitted a personal word?
Since I came to
1933 I have consistently fought what I regarded as waste
conclusion,
In
Private .enterprise
inevitable
the
really decide to resist such
of sanctions
Appeasement through the elimination of trade
is more concerned about the
This must be so, because ;■
is not built for this year but for many years.
It is the con¬
this "hope" of profits that is impaired by the expectation of
factory
,
procedure of the type illustrated by the Hull trade
a
counters in the way
of profits than the profits of the hour.
fidence
the
that
.
treaties is not an effective defense to penetration by the barter method and
the capitalistic system, but you seem to forget
motive is to capitalism what the law of' gravitation is to
universe.
"Appeasement"
Predicts
The application of mineral embargoes to nations disturb¬
ing the world's peace "seems a not unlikely|outeome" of the
if the "have-not" powers
physical
"hope"
a
.
Policy Will Fail
to favor
profess
the profit
—
He
Society,
Geological
picture.
that
•
Struggle for Natural Resources Likely toJEnd in Appli¬
cation of Mineral Embargoes to Disturbing Nations,
Prof. Charles K. Leith Declares—In Address Before
•
the
■
.
♦
their own sake are good, and that an expansion
of financing deficits is good.
'*
I believe
that the general flow of purchasing power must come out
of
production itself, production giving rise to the demand for" goods
produced by other industries; that, with the proper proportion among
the'different kinds of industrial activity, the producers themselves will
clear the markets of the goods that other producers create, and that all"
the financial manipulations of Government deficit financing designed to
create
additional purchasing power
merely mess up and distort the
credit for
bank
of
If the business
house in order or to police
its own
put
it w.ll find that self-seeking politicians and theorists
itself by moral suasion,
will do
be "their brothtrs' keepers," the
attempt to
not
people anxious to be everybody's keepers.
get
not
were
to justify devoting enough time to
corporation. He added:
* |
so
While many business men
deficits for
that
good,
said directors
Under the British system, Mr. Lisman
adequately paid
•• ■
repudiate
emphatically
I
Therefore, when voting at meetings,
of the officers.
they are prone to merely follow the recommendations
get business prosperity
to
fairly large number of di¬
they
large interest in the property, they seldom are thoroughly
a
posted about their company's affairs.
restored, not by financial manipula¬
tions on the part of the Government, but by restoring confidence on the
part of the business community in. the fairness of the Government, by
eliminating needless frictions and restraints,. and by freeing the enter¬
prise of a great people, who want jobs, not charity; work, not taxes.
We
had pretty good business
in the United States, with occasional
interruptions, for 150 years before the era of deficits began in 1931.
Nine years of deficits, very largely financed by bank credit, should shake
even your confidence in the value of deficits as financial magic in making
want
I
management which has grad¬
attending meetings and unless
when
merely
paid
are
$3,000,000,000 as gifts to the States and as
mean
their security holders
-V'/V-'
ually developed, we have in most corporations a
rectors
1939
21,
the problem of relations of
management of large corporations to
world is full of
will bring about
business recovery, I call your attention to the fact that Mr. Hoover did
very well in
this matter.
He had a deficit of $3,153,000,000 in 1932
preceded by a deficit of nearly a billion in 1931.
•
In your testimony before the Senate Committee on Finance, in February
With
Jan.
Mr. Lisman also brought up
the Government to spend
to get money into operation is for
way
than
more
Chronicle
'
Referring to recent efforts of Germany, Italy and Japan
to improve their mineral position, Professor Leith said that
Germany is dependent largely, and in some cases, wholly, on
foreign sources for its requirement of at least 15 industrial
minerals.
by the shareholders; and that the text of the ac¬
countants' certificate be spread on the minutes of the company and printed
in the annual report;
Results
and be, it further
firms
as
well
as
counties,
cities,
and other
political
subdivisions which
practice of periodical audits by independent certified public accountants.
Final
In his statement to the Chamber on Jan. 5 Mr. Lisman
said:
In view of
eyes
a
recent unpleasantness, this matter again looms large In the
State
quite likely to be passed.
as
well as Federal legislation on this subject is
Had the shareholders in this case selected the
auditors at the annual meeting and
auditor could
have
at such meeting
been questioned
if according to the British custom the
by curious or suspicious shareholders
this situation probably would not have arisen.
to
results
investors
capital
of the public.
by National Association of Manu¬
Impediments in Flow of
Survey
Determine
Capital into Business—Taxes, Government Legis¬
lation, and Labor Troubles Among Major Causes
require substantial loans from financial institutions or others, inaugurate
the
of
facturers
Resolved, that the Chamber recommends that all closed corporations and
the
of
to
into
of
House of
to John N.
of representative
flow
of
new
submitted to the Senate and
Representatives by the National Association
President
Walworth
survey
impeding the
causes
business- were
Manufacturers
elected
nation-wide
a
determine
Co.,
on
of
Dec.
31.
Howard
Coonley,
newly-
the Association and Chairman of the
New York, in
a
brief letter of transmittal
Garner, President of the Senate, and William B.
Volume
148
Financial
Bankhead, Speaker of the House
of
Chronicle
Representatives, offered
the
designated funds.
results of the survey for such
help as they might be to
appropriate committees of the Senate and House.
The investors
it
is
stated,
to
whom
chosen
at
questionnaires
random
Do
to
have
you
invest
prises
in
(as
securities
distinct
from
well-seasoned stocks
invest
in
In
such
of
of
which
other
and
existing companies)
the
at
but which
answering "no."
for
reasons
.
this
to
lack
of
bonds
75.1%
answering
care
to
American Bar
willingness
make
to
additional
Inadequate present profits was named by 38.4%.
adequate future profits gave many reasons
those
for
Of
the
reasons.
future
not
the
both.
Government
if
even
adequate profits
takes
in
much
so
earned
were
taxes
A
48%.
total
of
or
61.9%
range
listed
by
and
be
securities,
stringent
too
in
Result
The
new
on
replied
by
It
business,
preferred
those
of
would
which
15.0%;
securities
new
replying.
Factors listed by
affecting business,
budget
36.3%;
policies,
reduced
to
tax
lation, 13.9%.
38.8%;
invest
to
10%
change
Government
or
change in
of
Merchants
Committee
Activities
Association
for
of
"In
afc a meeting
Jan. 12, adopted
on
of
Dies
the
Committee
will
his
within
of
six
of
years
study and research
controversies
R.
with
the
Administration
130
agencies
90
required to
its detailed rules and regu^
announce
days after the effective date of the law it administers.
on
burden off the courts, business, and the taxpayer.
a
as
straitjaeket.
a
because
now,
except
Jackson
individuals.
But
The vast amount
no
that
he
social
should
the
hearings
for
agencies
activities
and
urged
that
committee
the
be
Tbe
granted a sufficient appropriation to enable it to carry on
its
investigations
the
Association's
The
Board
believes
effectively.
Board
of
the
that
Directors
American
The
in
are
read
of
the rights
Merchants'
Association
public should be thoroughly informed concern¬
ing subversive activities from whatever quarter which seek to
the
American system
that
directors
the
tinuation
has
of
been
with
activities.
methods
Congress
the
and
used
Representatives which
the House of
un-American
submitted to
break down
It is for this reason
regret the reported opposition to the con¬
committee of
special
investigating
committee,
the
the
and to destroy our democracy.
note
York
New
of
Jan.
on
the
report
The
this
of
Board
mittee be directed
sufficient
un-American
by
questions
for
two
The work
It
What is
democracy.
work "of
help
may
to
of
seek
not
forces
fair
was
the
in
framing
American
the
will
a
protect our
to
the
be
given
are
tunity to understand and to appraise the forces that
for
trying to destroy
oppor¬
.
•+»
•
of the
the
end
This
bargaining
not
York
Fund, has announced that the distribution of $1,927,582, of
the money collected in the 1938 campaign of the Fund was
President
of
the
Greater
New
by Jan.
1.
distribution
This
was
the first
of
the allocations to be made from the total sum of $3,786,697
realized by the campaign.
will follow
in
Further allocations and distribu¬
few weeks.
Appreciation of
next
Committee
of the
the efforts
the
Leon Fraser, President of the
on
Contributions,
headed by
in process
now
This
First National Bank of New
classes,
I
made
by
the
racy
of
work
some
they
perform
for
all
of the smaller agencies
express
and
firms
as
a
appreciation for the generous contributions
their
employee
groups
which
launched the
going concern and established it permanently
like the Fund, which
citizens without distinction, impressively symbolizes the democ¬
life
Mr.
and
business
to
New York Fund
all
serves
like
of
in their finances.
period
also
standard
high
It will help tide
and creeds.
critical
a
would
the
of
New
this
York
Blaine
community.
organization
City.
also
Distribution
An
paid tribute to the Central Admissions
Committee, headed by Alfred H. Schoell-
kopf, President of the Hudson Niagara Power Co., and to
subcommittees which cooperated in the study of par¬
the
ticipating health and welfare agencies.
The
$1,927,582
$915,091
in
free
distributed
funds and
is made up, it is stated, of
$1,012,491 in guaranteed and
of
recom¬
spirit of
employers
but
.
.
.
Federal
<
coyrts and
court
to
which would create
bill,
system
ease
to
handle
all
overcrowding dockets
taking
to
or a certification of a majority
strike, picketing or boycott should be
election
an
:
>
with
issue
refused
'
.
changes in the law the committee stressed that it was
right of
the
recommend
it
had
of
the Act of which were
Another resolution
collective
amendments
urged
Action
on
or
bargaining.
which
It said that
would change the spirit
opposed by labor groups.
Security Act
-
Urged
proposed that both employers and employees cooperate
Labor Standards Act a fair trial and that.suitable amend¬
clarify the Act, consistent1 with its basic purpose,, should be
to give the Fair
ments
to
drafted
the
for
July
presentation
method
,
of
to
to
the
of
meeting
amendments
various
Congress.
The committee recommended that
House of Delegates take specific action for
of
phases
the Social, Security
t
Act, including the
financing.
*
—
Government
Sets Steel
Wage Scale for Federal
Contracts
Mr. Blaine continued:
urgently needed to enable voluntary health and welfare
maintain
races,
Greater
in
to
them
drawn, accord¬
American
practices
...
...
by Mr. Blaine.
of distribution.
was
money
services
over
expressed
outlaws
it
the
in
minority
no
Before proposing
He stated that the
work of the committee had made possible the solicitation
of firms and employee groups and the raising of the money
was
now
amendments to the Wagner Act was one designed
of employers and employees by minority strikes.
"after
that
.
completed
among
as
tribunal solely for employee organizations
.
Association.
agency
tolerated."
Blaine,
Tbe law
Ashurst Bill Approved
.
office
harassing
suggested
of^ $3,786,697 Collected
G.
proposals,
contrary to the
by suggesting the transfer of judges.
The resolution sponsoring the Ashurst
bill was introduced by Arthur T. Vanderbilt of Newark, N. J., former
Completed as of Jan. 1—James G. Blaine, Presi¬
dent of Fund, Reports on First Allocations Made
James
if
a
arrangements of Federal
President
to
of Greater New York Fund
and
Delegates approved the Ashurst
administrative
new
nine
employers."
Among the proposed
Distribution of $1,927,582
York,
structure
proper
House of
business
democracy.
tions
"one-sided
is
.
The
be continued
made
employees and if it is
and not
evidence upon
by continuation of the
however,
people
com¬
of
Labor
on
provided with a
laws
of
play and
not
that this
only
it be
pertinent
out
the committee, should
equally important,
committee
this
which
with
involved.
reasons:
recommends
continue its activities but that
to
appropriation
the
therefore
Directors
of
asked that the
be
changes in the Wagner Act.
ing to the report,
presented to warrant the continuation of the committee's work.
The
Committee
mendations for
enough evidence concerning
3,
made
progress
In
Labor
on
of
•
,
applied to both employers
and employees "on a par."
The report said that sit-down
strikes were a usurpation of property rights which should
be prohibited by law as a threat to the existence of society
"in which property and rights are respected."
In summariz¬
ing the report, a Chicago dispatch of Jan. 9 to the New York
"Herald Tribune" said, in part:
follows:
as
the
Committee
of the
report
bureau
of greater
need
attention to
offensive.
National Labor Relations Act
by
adopted
statement
on
issues."
economic
more
pay
It doesn't
business
Government
of
appear
and
Federal
all
took
soon
would
one
contested
on
admitted
uniformity of procedure and
for
.shall be declared in
game
who is general counsel for the
,
un-American
of
'
Circuit Courts of Appeal.
effect, it provides that the rules of the
go
Mr.
resolution urging the
the investigation of
a
result
Colonel 0.
Government.
business is
put
directors of the Merchants' Association of New York,
extension
in
"It takes
of
of
York
New
headed by
agencies would have to set up boards of review where citizens could
heard.
Records would be made and decisions could be appealed to
regulations
The
of Six Years' Study
the
advance of the play," said Colonel McGuire,
United States Comptroller General.
Investigation
by Directors
Urged
(
the United States
'
Dies
deal
Federal
be
with
♦
Un-American
Delegates^Asks
McGuire of Washington, D. C.
designed to keep bureaucracy under control and to assure the citizen
fair
The
labor legis¬
Federal
is
measure
committee
lations
Government
in
proposed
Each agency would be
more
competition
"•
Extension
is
a
Improved Government
were:
less
14.6%;
taxes,
willingness
create
being the most important
attitudes
and
they
a
the
factors
of
as
spending
that
of
proposed
securities,
56.9%, and restrictions
House
.
number
a
purchase of
on
bonds.
some
the investors
policies
of
4,
States, appearing before the delegates, opposed
legislation against Government bureaucracy,
which, it is stated, was approved at the meeting despite his
disapproval of it. From the paper indicated we quote:
is
now
June
United
the
in
investment
that
Many named all three.
wide
'were
sale
on
Government
exempt
held to
was
important being restrictions
restrictions
issuances,
A
legislation
the most
ways,
60.1%;
of
the
that
Government
worthwhile, 81.7% said taxes are too great a burden on corporations,
60.7% said they were too great a burden on individuals, many listing
and
of
.
those' feeling
An item
columns
Labor, Em¬
ployment and Social Security, advocating legislation to bar
sit-down strikes, as well as
legislation designed to curb
Government bureaucracy.
According to the Chicago "Tri¬
bune" of Jan. 10, Robert H.
Jackson, Solicitor General of
following being the mpst important:
Labor trouble, 62.6%; international
troubles, 19.5%; existing.1 legislation, 76.4%; possible new legislation,
73.6%; existing taxes, 74.8%; new taxes, 72.2%.
Many responses named
several
Association's
cracy;;';.;;
the
doubts,
these
The House of Delegates of the American Bar Association
on Jan. 9
adopted a report of its Committee on
investments.
Those who held doubts
of
in
Legal Prohibition of Sit-Down Strikes—Resolution
Also
Asks
Equal Rights for Employers Under
NLRA—Favors Regulation of Government Bureau¬
indicate the
to
members of the Fund.
appeared
+.
and 24.9%
"yes"
then asked
were
Fund
3595.
page
the Associa¬
survey
the
on
the
or
do not
you
enter¬
.
showed
Those answering "yes"
their
productive
bearing
like
present time?
,
question
groups when they became
would
and
high-grade
making known the results of the
Response
invest
existing
or
Designated money is that which is con¬
stipulation that it be allocated to a
Guaranteed funds are those which are
the
specified agency.
lists.
could
new
with
earmarked for specific agencies to insure them
against loss
of money
through ceasing to solicit firms and employee/
to the question:
you
either
Government
securities
tion also says:
„
available
money
new
tributed
were,
stockholders'
from
Nearly 3,000 investors responded
sent
were
377
Modifying
recommendations of the vigorously protested
majority report of the Public Contracts
Board, Acting Sec¬
Charles V. McLaughlin on Jan. 16 issued a
final order prescribing four minimum hourly wage rates
for the iron and steel industry, ranging from 45c. to 62y2c.,
retary of Labor
effective
Jan.
31.
The order set up
six districts and recognized some of the
complaints from sections of the industry against the ma¬
jority report, which proposed only two wage districts, with
45c. applying to 12 Southern States and
62%c. for the
remainder of the country.
The "Iron Age," in reporting
the
Government's decision, stated:
The
order
fixed
45c.
for
13
Southern
States,
adding
West
Virginia,
Panhandle of that State, in which the largest productive
capacity lies; 60c. for Pacific Coast States; 60c. for Western mountain
States; 58%c. for, seven, Middle Western States, and including only that
except
the
part of Illinois
comprised of the East St. Louis area and 62^c. for the
producers, whose top minimum rate is
Eastern
should be
there
that
the order disregarded
Thus,
the country.
of
remainder
from
Chronicle
Financial
378
,
increase over this rate.
no
suggested
mendations
rate for the
56Yzc.
a
With
East—that section lying east
Pa., and
Altoona,
West
Virginia
(except
Harrison; Monongalia and
Ohio,
Brooke,
Hancock,
of
counties
and
Virginia
Georgia,
Tennessee,
cents
(3) Sixty
one-half cents
(4) Fifty-eight and
Marshall).
hour in North Dakota, South
Missouri, and the area in and
.
Apprenticeship.
The. wage
allowed
a
flatly turned down the request that Eastern mills , be
with the statement that "the entire Eastern
order
differential
wage
to in the industry as the Pittsburgh district,
single; locality, both in terms of geography,
markets predominantly served by the producing
market, frequently referred
would
the"
of
terms
in
and
constitute
to
seem
a
plants,"
•••'•'.
'J.'.;-;.'
V ■
Mr. McLaughlin cited a statement made by Myron Taylor in
.
to
report
1938,
the
in
V
;
the
.
and
stel
■
does
industry
multiplicity
itself
as
subdivided
in
the
To
-
by
made
Board
steeL spokesmen • that failure of the
come
differences in population and plant
wage rate
would work a hardship on
vantage
since,
ment
order
wage
into
3.
Hotel
York
with
Contract
Signs
Association
of
to^ promote the welfare
the department created
of the United States are:
basis.
w'.
\
Btability of employment.
Reasonable profits.
:
-
Board; Stanley M. Isaacs, Borough President of Manhattan
President of the City Council; and Mrs.
prosperity.
educated
signing of the agreement at the State Office Building, New
York City, were: Father John P.'Boland, Chairman of the
State Labor Relations Board, and other members of the
organizations
democratic.
Newbold Morris,
«
"
•
•
•
.
K
Regional Director of the National Labor
Relations Board.
-
is stated, have declined to sign the con¬
check-off provisions of
Hotel Asso¬
the closed shop and
the agreement and have withdrawn from the
ciation and formed the Hotel League, Inc. of
In
a
che League
A
the
explained its action
follows:
question has only been approved by a minority of the
that association.
This agreement, accordingto the counse 1
the Hotel
Association,
association, and each
his
as
split has taken place among the members of the Hotel Association, and
agreement in
members of
for
New York.
letter to the* Chairman of the State Mediation Board
own
is not
The group
recognition
any
on
of the members of .the
to accept it or reject it, according to
'
'
and
union
with the idea of collective bargaining, union
but
agreement,
the Hotel Association, which
proposed by
old and trusted
opposed
features of the agreement
envelopes.
FHA
to
the
agreement
a
has already received support and encouragement
The
Congress of Industrial Organizations and the Amer¬
of Labor should either make a. general
Federation
at least
conclude
a
truce
with regard to precipi¬
aggravating disputes which imperil sound rela-
in
1938 of
Nearly
in
the
value
71% increase in the value of
selected for appraisal, and a 45% in¬
accepted for insurance.
of mortgages
comparative figures'were:
1938
Mortgages selected for
The
51,010,000,000
appraisal.
648,000,000
accepted for insurance
total of
1937
S590,000,000
448,000,000
Increase
71%
45%
accepted does not include con¬
operative builders outstanding at
mortgages
ditional commitments to
the end of the year.
An
tating and
movement, showed a
small home mortgages
crease
Mortgages
other hotel associations.
Perkins Asks C. I. O. and A. F. of L. to
Conclude Truce—Says Both Groups Have Impaired
Public
Goodwill—Annual
Report Outlines SixPoint Program as Labor's Goal
peace or
Business
$1,250,000,000—71% Increase Over 1937 in Mort¬
gages
Selfected for Appraisal and 45% Rise in
Mortgages Accepted for Insurance
The Federal Housing Administration in 1938, despite the
lag in residential construction during the early part of the
year, transacted a total business of nearly $1,250,000,000,
the largest annual volume in its history, Administrator
Stewart McDonald announced on Jau. 14.
Its mortgage
insuring activities-, which last Spring began to reflect the
part residential construction would play in the current re¬
union, and to deduct
Secretary
The
Total
The opposition of this group to these
An item regarding the ratifying of the A. F. of L. contract
by the Hotel Association was given in our issue of Dec. 31,
page 3994.
ican
Transacted
would require the discharge of
employees who do not wish to join
union dues from their pay
numerous
is
it
8
•
covery
represented by the Hotel League, Inc., which signs that com¬
munication, is in sympathy
from
binding
member is free
individual judgment.
,
Labor unions can
for this purpose.
.
Some hotels, it
■.
;
.
generally to achieve and stabilize an expanding
build up self-disciplined, selfIt is part of a labor union's
job to develop a broad understanding on the part of all workers of the
problems and pattern of
the industry.
The productive capacity of
American wage earners is high, and they are proud of their skill and
stamina.
Status in our society derives from th,is skill, for the well-being
of the Nation.
This status now largely recognized will inevitably develop
statesmanship in the field of employer-employee relations.
This is. a
challenge to the labor movement and to employer groups and it will be
met realistically.
We cannot arrive at a perfect way of life over 'night,
but the signs are clear in American life that intelligent, patriotic and
far-sighted employers and informed, patriotic, forward-looking labor are
already building the structure of an American way of labor relations of
which
we
will be proud, because it will be effective, productive and
national
Representatives rof the Hotel Association of New York
Hotel Trades Council, composed of six
locals of the American Federation of Labor, signed an agree¬
ment on Jan. 18 which provides for the establishment of a
minimum wage scale and a union shop.
The contract is the
result, of nearly a year's negotiation between the Council
and the hotel owners.
Among those who witnessed the
Elinore M. Herrick,
of the
-
employers jand the country
and the New York
tract because of
and adjusted to
purposes
ship and public significance
A. F. of L. Unions—New Group Formed by Those
Objecting to Certain Provisions of Agreement
v
national
and
Organized labor, which has had such a remarkable growth in member¬
in recent years, has every incentive to assist
in bringing about a realization of this program.
Labor now has a certain
security against unfair interference and coercion by employers and has
in turn a desire to develop responsibility for informed participation with
proper
a
upon
thereby be served."
It was
not be affected by the order.
New
6, the provision of the law
certain circumstances, "may be called
showing that the public interest would
indicated that experimental contracts would
under
exemption
allows
.
"
«
5. Opportunity for investment of savings in expanding industries and in new
industries.
'
6. The conservation and adequate utilization of natural resources, including
human life and happlnessf
•'
4.
future'contracts so that Section
under
operation
urged
she
goal of balanced progress, we need to continue
set of economic and social principles which are
traditional
our
which
High wages on a national
2. Continuity of Income.
1.
small companies which have protested
against paying the same rate as their larger competitors and which supply
the Government- with "steel specialties," an analysis be made of their
which
point
wage earners
gested, however, that in the ease of
status
with
for
Miss Perkins said:
to work,
American system a
accord
with it.
program
Common social purpose combined, and corrected by
varied types of self-interest can and will give us a practical and desirable
democratic cooperation.
Included in these objectives as seen from the
characterized these protests. as "without merit"
according to the decision, the Act makes provision for the establish¬
of neither plant size nor population differentials.
The. order sug¬
the
them,
our
in
consider
to
minimum
recommending
in
size
in
labor
the
of
.
changing conditions.
objections
Contracts
cannot presently make a
ord.er to achieve a
In
a
centers.
Public
groups
furtherance
American
but rather, as concentrated around a few
of small localities,
well-defined
regard
not
two
strength and progress that go
In
his annual
the stockholders of the United States Steel Corp., on April 4,
substantiation of the contention of the Labor Department that
iron
general peace between them
truce* with regard to precipitating and
aggravating disputes among themselves when sound relations to an em¬
ployer
is imperiled.
There is overwhelming evidence that the vast
majority of union members of both factions want peace and desire to
cooperate with each other.
In > fact, it is a striking observation that in
many areas, cities, States, and so forth, the two groups do act as though
there Were no breach, cooperating in a multitude of ways for the improvemerit
of labor conditions.
When this behavior in the field is so well
established, peace between the officers and at the top cannot be far
behind.
t
^
\
A careful canvass of the situation leads ine to the conclusion that there
are
no
very difficult intellectual problems and no insurmountable organ¬
ization problems in
the labor peace situation.
Only the will to peace
needs to be deeply and personally felt by leaders to realise reunion and
the
If
they will at least have to make a
one-half cents per hour in Wisconsin, Illinois (ex-,
cept the area in and about East St. Louis, 111.), Michigan and Indiana.
(6) Sixty-two and one-half cents per hour in Ohio, Pennsylvania, Dela¬
ware,
Maryland, Kentucky, New Jersey, New. York, Connecticut, Rhode
Island, Massachusetts,
Vermont, New Hampshire and Maine, and that
portion of West Virginia including the counties of Hancock, Brooke,
Ohio, Marshall, Harrison and Monongalia, and the District of Columbia.
The order provided that apprentices may be employed at lower rates
if their employment conforms to the standards of the Federal Committee
(5) Sixty-two and
on
upon
impaired.
Louis,
St.
East
per
Kansas, Minnesota, Iowa,
111.
Dakota, Nebraska,
about
called
is
Department
the
of
Service
procedure is so informal as to
make it helpful in a wide variety of problems.
The most difficult and
troublesome disputes in the past year have been those that involved both.
A. F. of L. and C. I. O. unions in introducing their standing difference
into a dispute.
In cases of this sort the employer is placed in a most
unjustifiable position, and the goodwill of the public toward labor is
Washington, Oregon and California.
hour in Montana, Idaho, Nevada, Wyoming, XeW
per
of
by employers as well as workers, and the
the
Colorado and Arizona.
Mexico, Utah,
this depart¬
during
work.
provide for arbitration through the Department
all the agreements negotiated by
a
Forty-five per cent of them
of Labor.
The Conciliation
Sixty cents per hour in
(2)
I. O. and the
clause to provide for the adjustment of any dispute
contract
by some agreed
method without stoppage of
carry
life
the following wage rates to common labor:
cents per hour in the States of Louisiana, Arkansas,
North Carolina, South Carolina, Florida, Oklahoma, Texas,
(1) Forty-five
Mississippi,
between the C.
regard to disputes
Eighty-five per cent of
ment
$10,000 must, after Jan. 31, pay
Alabama,
self-disciplined and self-educated organiza¬
six-point program of balanced progress.
a
Federation, her report said:
extending south to the Virginia line.
Acting under authority of the Waish-IIealy Public Contracts Act, Mr.
McLaughlin
ruled that holders of Government contracts in excess of
of
achieve
to
tions
proposed five areas and among other recom¬
Strackbein
Mr.
Strackbein.
both
labor to build up
K.
0.
of
critical
was
.follows
recommendations
Secretary of Labor Perkins said 011
Her admonition
labor groups.
She urged organized
employers,
Dec. 31 in her annual report to Congress.
They insisted
order to a considerable degree, though not entirely,
made in a minority report of the board by
The wage
with
tions
strong objections
SG^c.
Jan. 21, 1939
announcement
issued Jan.
14 by the FHA further
reported:
loans insured under the 1938 amendments for the
through December amounted to $171,719.000
during 1938.
This phase of the FHA's activities, a part of the original
National Housing Act, lapsed on April 1, 1937, except for disaster loans,
but was restored by Congress in the February amendments.
Disaster
loans in 1938 totaled about $1,000,000.
«
Mortgage insuring operations in the multifamily and group housing phase
of the FHA program made notable gains during 1938.
Approximately
Property improvement
11
months
of
February
,
Volume
148
Financial
£47,500,000 of premium-paying mortgages insured on large scale
projects
was added
during 1938.
December business of the FHA showed substantial advances in small
Chronicle
In
896 for the
nsurance
same
month in
amounted
to
1937,
a
gain of 140%
;
mortgages accepted for
about $51,000,000, compared with
December, 1937,
$27,847,600 in
intendent of Elections in 1907.
He served under Mayor William Gaynor
Commissioner of Elections of the City of New York.
During the administration
a gain of 82%
and mortgages becoming premium paying
December amounted to about $56,000,000,
compared with $37,172,560
in
in
,
December, 1937,
gain of 51%
a
At the end of the year, the FHA had written total insurance of
$2,096,-
Preliminary figures indicate that
year.
accepted
gages
insure
were
for
insurance
outstanding
more
year-end.
Now
Nathan
Provides
Straus
Homes
Says
Development Commission
Nathan
Straus,
United
Dec.
on
commitments
This constitutes
for
States
Housing
more
a
Members
to
will
from the slums into decent, low-rent homes.
year-end review said that at present 12 lowrent housing projects to provide 9,000 new homes are being
built, and he estimated that during 1939 construction will
begin on between 75,000 and 80,000 new homes.
A USHA
survey, in recapitulating the Authority's work added:
a
This building program will provide millions of man-hours of labor for a
veritable army
underprivileged
of workers and will provide new
families
$1,100 down to $450
a
whose
annual
dition of the
will
new
The
which the National slum-clearance and rehousing program
were
'
local public housing agencies;
46
for
USHA
90%
the
cost
of
loans
totaling $320,986,000.
the
of
projects.
In
addition,
>
there
today
These
123
loans represent
have
communities
far committed by the USHA.
The demand of local housing authorities for USHA financial aid in clear¬
ing their slums and rehousing families of low income has been
that
so great
all USHA loan funds have been committed and there is great unfilled de¬
mand for
more
funds and
more
guest
and
even
H. I. Majure, who, in
share-cropper to
a
trebling, the income
The Memphis Commercial Appeal,
a
Snowden the winner of
leading his competitors, has
farm
prosperous
for
his
under
of the
management
foreclosure,
methods,
in less
owner
than
improved farming methods.
Glen E. Rogers, of the Metropolitan Life Insurance
also
was
operation whereby
were restored to
of land,
acres
*
guest of the Club.
a
Cov widely known
1,000,000
farmers who learned improved cultural
»
Brazilian
Foreign Minister to Visit United States for
Conferences with President Roosevelt—Dr. Aranha
Foreign
Jan.
program
Minister
15
that
Washington
tions
"of
to
visit
to
Both
to
of
in
Roosevelt
Brazil
the
and
February
in
Government.
Getulio
the
announced
invitation
to
United
to
go
on
ques¬
States."
day the State Department in Washington
country early
States
President
ance
Brazil
of
an
President
with
both
to
Aranha
accepted
invitation from the President to Mr. AranLa
an
this
United
had
confer
interest
published
Oswaldo
he
On the preceding
It
as
also
was
Dr.
Aranha
is
addressing
Vargas,
that
accept¬
an
expected
arrive
to
■
.
President
the
guest of
a
announced
Vargas of Brazil had cabled
invitation.
this country about Feb. 8.
In
ling $28,964,621 for 12 projects inaugurated under the USHA
Questions of Mutual Interest
Countries
projects.
To date, Administrator Straus has approved construction contracts total¬
Discuss
to
on
received earmarkings of $328,803,000, making a grand total of $649,789,000
so
from
up
three years of
au¬
To date, 140 low-rent housing projects in 73 cities and two counties in 22
States, the District of Columbia and the Territory of Hawaii are under
contract
the
was
share-croppers in Arkansas, Tennessee,
which has sponsored the campaign, sent with Mr.
with
221.
are
South
undertaking developed by Mr. Snowden and other public spirited
last season's contest,
come
is being received
'
there
middle
Missouri, Mississippi and Louisiana.
month in the
per
pointed to the increase in the number of local housing
ago,
the
Southern leaders has resulted in
doubling,
projects will range
dwelling unit in the South to $20
from coast to coast.
year
farmers in
from
range
thorities during the year just closed as indicative of the enthusiasm
A
of
Hughes, Ark., who acquired
sponsorship of the "Plant to
wliiclj. succeeded in improving the con¬
of thousands of tenant farmers and
■
Straus
Club of New York Hear
Prosper" Movement of Middle South
stated:
larger northern industrial cities.
Mr.
Commodity
to
homes for thousands of
incomes
Shelter rentals in the
year.
from $8 per month for a
average
The
speaker at the dinner meeting of the Commodity Club of
New York held Jan. 19, at the Park Central
Hotel, New
York City.
The Club's announcement in the matter further
Administrator,
move
Straus in
and served until the creation of its successor,
Prosper" movement
than 20,000 low-income
public housing projects administered by the United States
Housing Authority.
He added that during 1939 thousands
.
of
ap¬
Robert P. Snowden Jr. of
nationwide recognition for the
•
in
Air
of
"Plant
backlog
families who formerly lived in slum tenements and shacks
are now
residing in decent, safe and sanitary living quarters
more
was
its Treasurer at the time of his death.
was
20,000
Families—will Provide 9,000
Projects
30 that
he
Secretary-Treasurer of the Port Authority and
More Homes this Year
announced
The latter year,
than $300,000,000 of mort¬
of construction to be continued dining the
early months of 1939.
USHA
Dix, Mr. Leary was appointed
1917.
the previous
over
conditional
and
the
at
1912 to
Port of New York Authority.
In 1921, he was elected
Approximately $473,000,000 in small home premium paying mortgages
added to the books during 1938, an increase of 12%
and served from
pointed Secretary-Treasurer of the New York-New Jersey Port and Harbor
000,000.
were
of Governor
as
Secretary of the Panama-Pacific Exposition Commission for the State
New York,
.
This included small home premium paying mortgages valued at
$1,300,000,000, large scale mortgages valued at $62,000,000 and property
improvement loans amounting to $733,000,000.
1898, he became confidential examiner in the New York State In¬
Department.' During 1902-1903, he served as Secretary of the Fire
Department under Mayor Seth Low.
He returned to the State Insurance
Department in 1903 and was appointed by Governor Hughes, State Super¬
surance
home
mortgage insuring operations.
Mortgages selected for appraisal
during December amounted to about $76,900,000, compared with $32,343,-
•379
President
Roosevelt
said:
in
THE
WHITE
HOUSE
'
.
eight cities to be built at
a total estimated development cost of $45,384,201.
The following data is based upon the total, estimated development costs
ithe
r»
ias
12 projects for which
been approved:
the greater portion of the construction
7
.
His
work
Excellency,
President of the
Rio
$45,384,201
8,956
>
unds to be expended for materials,
unds to be paid in direct wages to workers on site
Man-hour of labor directly oh the site.
There
;
r-_
Leach
10,085
in
that
&
President of the Investment Bankers Association
and
was
a
founder
of
the
Bankers
Club
particularly
frank and
which
fortunately
between
are
,
visit
Washington
Your
visit
I
this
place
invitation
and
me
the
Leary,Treasurer of the Port Authority
of New York
Leary,, Treasurer of The Port of New York
Authority, died suddenly on Jan. 18 at his office in New
York City.
Mr. Leary was born April 8, 1854, in New York
City and graduated from public school when 13 years old. He
was too
young to enter the Free Academy, which is now
known as the College of the City of New York.
He took his
first job as office boy for Judge Edward Mitchell at 62
Wall St; later he worked for the advertising agency of
Peaslee & Co., and subsequently was employed by the bank¬
ing firm of Wm. B. Shattuck & Co., 23 Nassau St. In 1895,
he was business manager of the "New York Press."
Shortly
after, Mayor William L. Strong, appointed him Secretary of
the Park Department.
His later activities are indicated as
follows by the Port of New York Authority:
respective
our
as
and
and
the
visit
to
for
him
I
your
of
members
of
Government
my
the
of
many
friends
the
pleusure
greatest
'
.
valuable and
confusion,
adjustment of
indirectly
Janeiro, Jan.
13,
1939.
Excellency's telegram of the ninth
Your
of
rightly
nations.
our
deserving of welcome will be our decision, in this
animated by the same spirit of
problems,
any
internal ones,
even
of
the reaffirmation
in
-
de
recalls, cooperation of their govern¬
continental
and
international problems is
a
Excellency
solution
the
in
with
'
FRANKLIN D. ROOSEVELT.
C.
pleasing tradition in the life of
less
to
'
Roosevelt,
pleasure from
Your
As
the
that
Republic of the United States of America,
D.
derived great
instant.
or
so
regard.
personal
warm
my
Franklin
Excellency,
of
suggest
accept the assurances of my highest consideration, together
President
era
Aranha,
is agreeable
it
Minister to accept
Washington where he gained
Rio
No
If
Ambassador'to this capital, and where it would
your
Replying, President Vargas said:
ments
invitation
an
Oswaldo
would
be possible for
may
;
expression
His
governments
possible after the first of February.
that it
as
Dr.
this Government.
convenient
as
soon
It
in
between Brazil and the
Foreign Affairs,
for
the guest of
as
great
discussed
»
•
of
be
and in that spirit of mutual helpfulness
welcome him.
Please
of
of
interested.
could
matters
high officials
manner
Minister
much
very
during his service
•give
if --these
questions
equally
extending through Your Excellency
am
Excellency
take
hope
various
are
4
to
to
months
traditional. in the relations
.
I
purpose
distinguished
I
*
<:
governments
.
gratifying
States.
this
Washington,
William
of Brazil,
recent
two
friendly
your
America.
Death of William
in
to
Co.,„ For many years
this concern was one of the largest distributors of municipal
bonds in the country.
Mr. Leach was also closely identified
with,, public utilities and was instrumental in financing
several companies.
In, 1931 he disposed of his interest in
A. B. Leach & Co. and the following year formed the firm
of Leach Brothers.
'Mr. Leach was one of the organizers
America
our
conversations
18,164,100
30,273,300
Leach, President of the firm of Leach Bros.,
Inc., of 60 Wall St.; New York City, died of heart disease
on Jan.
16 at his home in South Orange, N. J. ' He was
75 years old.
A native of Detroit, Mr. Leach came to
New York and organized the firm of Farson, Leach & Co.,
B.
during
direct
12,109,200
Athur B.
of
States
which
be
Death of Arthur B. Leach of Leach Bros., Inc.
and first
1939.
'
Brazil.;'
arisen
.
would
For
A.
have
importance
to, be employed during construction..
became
Vargas,
United
Janeiro,
$13,227,500
United
which later
de
$15,967,523
...
Man-hours of "behind the scenes" labor off the site
Man-hours of direct labor both on and off the site
men
Getulio
9,
.
'otal estimated development cost
umber of dwelling units
Total number of
Washington,, Jan.
•
cooperation,
which
may
friendship arid of
this
to seek the
aid directly
the interde¬
pendence of the interests of our nations.
This
between
the
kind
pleasure
I
be
of
wording of
merely
furnish
me
Relations
the
as
question, that the
enable
your
tb
in
me
meeting
which
invitation
Your
Excellency
Mr. Oswaldo Aranha,
My Government thanks you
and Minister
for
Aranha will take much
early in February.
practical matter for the study of the problems
Embassy of the United States of America at Rio de
soon as possible with
an outline of them so as to
as
consult
such
a
new
Foreign Relations,
Government.
visiting Washington
in
suggest,
Janeiro
this
in
true
the Minister of
members
some
in
also
will
proposes
and
a
my
way
assistants
as
to
and
meet
instruct the
Your
Minister of Foreign
Excellency's wishes.-
It
was
which
Excellency such flattering
particularly pleasing to me to hear from Your
references
to the
mission which Mr. Aranha
there as
performed
the
my
I
beg
to
you
:
esteem.
market,
cisco
President's
The
that
Reichsbank
Adolf Hitler has recalled Dr. Hjalmar
Presidency of the Reichsbank aDd ap¬
the
pointed out that
Reich Minister for the
as
German
"With
t
:
■
HITLER."
I take the occasion of your appointment as
Presi¬
It will be your task:
!
heretofore in your office combining two important
assumption of your new office.
tinue to maintain
"Second,
stability of wages and prices and thereby to con¬
the value of the mark. 1
to open
and to enlarge in increased measure the
up
conclusion the process—begun by the law of Feb. 10,
"Third, to bring to
withdrawn from the
the Reichsbank, which was
1937—of transforming
sovereignty of the Reich by the Dawes plan,
supreme
in con-'
Socialist principles.
formity with National
ference, representing the Mississippi Valley
three year term, succeeding E. J. Costigan.
W. H. Droste
Appointed Assistant to Deputy
of
"With German greetings,
'I
"Yours,
Farm
Credit
HITLER."
Credit Administration, was
House Association Elects New Officers
—Thomas P. Beal Named President
Boston Clearing
the
At
annual
Clearing House
Boston
Jan. 1G, the following officers were
Thomas P. Beal, President of the
on
President,
elected:
the
meeting of
Second National Bank of Boston; Secretary, Herbert E.
Stone, Vice-President of the Second National Bank of
Boston; Clearing House Committee, Charles E. Spencer Jr.,
President of tlie First National Bank of Boston; Henry
Shawmut Bank
of
Boston; Samuel H. Wolcott, Vice-President of State
Street Trust Co. ; Roger Pierce, President of the New Eng¬
land Trust Co., and Robert B. pugg, President of the Na¬
J.
At
of Boston.
.
.
<,
.
mediately after adjournment of the annual meeting
Chairman.
Mr.
Association,
House
Clearing
Spencer
R.
Bacon
.
Reelected
Stock
of
the
San
•
v
President of
Exchange
W. It. Bacon has been elected to
President
of the
elected
«
v
♦
W.
was
serve
San
a
Francisco
second term as
Francisco Stock Exchange,
the
Ex¬
Jan. 11.
Members of the Exchange,
at the annual meeting on Jan. 11, also elected G. M. Green¬
wood, partner in the firm of Greenwood-Itaggio, to succeed
Douglas G. Atkinson as Vice-President of the Exchange.
Frank M. Dwyer of Dwyer & Parrisli, and William Ede Jr.
change
announced
on
Ede, were elected to two-year terms on the Gov¬
The election of Mr. Greenwood, who had
of Holt &
erning
Board.
been
member of the Governing Board, created a- vacancy
a
B. East¬
land to the unexpired term.
During the coming year the
board will be composed of the President and Vice-President;
Messrs. Eastland, Ede, Dwyer, and G. W. Miller and C. W.
Skaggs, holdover members.
The annual meeting was con¬
cluded by the nomination and "election from the floor of the
following members to serve on the Nominating Committee:
Robert L. Coleman Jr., Howard J. Greene, John R. Hooker,
which the
new
Comptroller with the exception of a short period in
served in a similar position in Washington.
Report
of
E. Van der Naillen.
President of
San Francisco Stock
Exchange Emphasizes Important Modifications for
Securities Markets in General During 1938
The annual
report of the President of the San
Francisco
submitted by W. R. Bacon to
members at the annual meeting on Jan. 11, emphasized the
extent to which 1938 was a year of important modifications
for securities markets in general.
Mr. Bacon pointed out
Stock Exchange,
in his report that
which
was
the chief concern of the Board of Gover¬
.
.
by effecting numerous
procedure, to anticipate innovations in
securities market operations which are primarily in the
interest of the public investor."
The Exchange's announce¬
ment bearing on the report further stated:
Mr. Bacon cited as true innovations the merger with the San Francisco
Curb Exchange in May; amendments to the Constitution of the Exchange
nors
during the year was, ".
modifications
1937
He
long background of experience in the system, starting
in 1921 as Cashier of the Federal Land Bank of St. Louis
and working up to the position of Auditor, and later Comp¬
troller of the Federal Land Bank and the Federal Inter¬
mediate Credit Bank.
has
a
H.
W.
4.
•
,
Elected Vice-Chairman of Board and
Chairman of Executive Committee, of BancamericaStreat
Blair
Plan
Corp.—J. R. Montgomery Named President—to
Restore Name of Corporation to Blair
,
& Co., Inc.
{«'
At
a
meeting of the board of directors
of Bancamerica-
held Jan. 18 and presided over by the new Chair¬
man, A. O. Stewart, Hearn W. Streat was elected ViceChairman of the Board and Chairman of the Executive Com¬
mittee of that corporation.
Mr. Streat has been with Bancamerica-Blair Corp. and its predecessor firms for 40 years,
having started with the original banking firm of Blair & Co.
in 1899.
At the same meeting John R. Montgomery, who
has been with the corporation or its predecessor firms since
1913, w.as elected President. . An announcement in, the
Blair Corp.
matter went on to say:
in
is
>
of all of its holdings
of the latter company
its name be changed to Blair & '
thus restoring the name by which the old banking house was
many years before its merger with the Bank of Ameriqa, New
In view of the recent sale
by the Transamerica Corp.
Bancamerica-Biair Corp., the board of directors
recommending to its stockholders that
Co.,
Inc.,
known for
York.
■
board filled by appointing Thomas
Richard 0. Simon and Ralph
Annual
Jan. 12 by F. F.
on
when he
...
meeting of the Clearing House Committee, held im¬
a
announced
Hill, Governor of the FCA. Mr. Droste goes to Washington
from the FCA of St. Louis where since 1933 he had been
Nichols, Vice-President of the National
tional Rockland Bank
Governor
Administration
The appointment of Walter H. Droste as assistant to the
Deputy Governor and acting executive officer of the Farm
•
"ADOLF
Association, held
Group, for a
1 .
.
into a German bank
unconditionally subjected to the sovereignty of the state,
of issue
capital
private financial needs.
market for
Elected
made on Jan. 10 of the election of
N. Penrose Hallowell, of Lee Higginson Corp., and Frank
Dunne, of Dunne & Co., to membership on the Governing
Committee of the Investment Bankers Conference, Inc.
Reference to their nomination by the Nominating Committee
of District No. 13, consisting of New York, New Jersey_and
Connecticut, was made in these columns Dec. 10, page 3553.
John R. Longmire, of I. M. Simon & Co., St. Louis, Mo.,
has been elected a Governor of the Investment Bankers Con¬
Reichsbank to express to you my sincerest wishes upon
"First, to safeguard as
of Investment Bankers
Announcement was
"ADOLF
departments the absolute
to 329.
Conference, Inc.
To Funk:
"Dear Herr Minister:
total
New Governors
.
"Yours,
,
dent of the German
during the year,
sales
have brought the total number of
history of the Exchange, and the
The report mentions eight seat
with the last at a price of $18,000.
bring the
issues
Three
<
available
29 new listings during the year
to 169, the highest in the
unlisted
solution of new tasks.
greetings,
stocks
of
issues
listed
offer my sincerest
and warmest thanks for all services you rendered for Germany and for me
personally in this position through long hard years.
"Your name above all will be connected forever with the first epoch of
national rearmament.
I am pleased to be able to use you in your position
second place. The report cited the present large
for trading as a result of merger with the
local Exchange takes
the
number
I take the occasion of your recall from the
the Exchange maintained its rank as the third largest
outside of New "iork City, and that, by including
Exchange volume for the first four months of 1938,
Curb
Francisco
San
refrained from reviewing or commenting upon
affected the market last year, it was
Exchange
securities
presidency of the Reich bank directorate to
in
which
conditions
economic
Curb;
Minister:
"My Dear Herr
office of the
Bacon's report
While Mr.
To Schacht:
to defer definite action
regard.
the
pointed Dr. Walther Funk, Minister of Economics, as his
successor, it is learned from an Associated Press Berlin dis¬
patch of yesterday -(Jan. 20).
From the same advices, the
following texts of the letters ordering the change are taken:
the efficiency of the San Fran¬
of a non-member assistant to the
an
integral part in the administration of the Exchange.
report revealed the fact that the Exchange's Governing
under consideration a plan of associate memberships, but
conditions made it advisable
prevailing
this
German Chancellor
Schacht from
had
has
Board
President of German
Hjalmar Schacht Replaced as
Dr.
Pacific Northwest; various changes
appointment
the
and
with
President
VARGAS.
GETULIO
the extension of a preferential rate of commissions
[San Francisco] Federal Reserve District and to
trading regulations designed to increase
in
office partners to
of non-member
appointment
the
1939
21,
Twelfth
the
in
non-member brokers in Hawaii and the
consideration
and cordial
Excellency the assurances of my high
believe in my sentiments of appreciation
'
to Your
present
possible
made
Governing Board;
banks
to
Ambassador.
and
Jan.
Chronicle
Financial
380
in
Lamar
United States Attorney for
York—President Roose¬
Work in Administering Justice
Hardy Resigns
Southern
velt Praises
.
as
District of New
The resignation of Lamar Hardy as United States Attorney
for the Southern District of New York was formally ac¬
:
cepted by President Roosevelt on Jan. 12 "with very sincere
regret."
The President wrote in his letter of acceptance
that his reluctance to have Mr. Hardy sever his connection
with the Department of Justice "is as great and as sincere as
is my appreciation of the splendid work you have done in a
key position in the administration of justice." Mr. Hardy
has joined the law firm of Davies, Auerbach & Cornell of
1 Wall Street, New York City, which henceforth will be
known as Davies, Auerbach, Cornell & Hardy.
Gregory
F. Noonan, Chief Assistant under Mr. Hardy, was ap¬
pointed on Jan. 17 as Acting United States Attorney by the
judges of the United States District Court to hold office until
Mr. Hardy's successor is named by President Roosevelt.
Mr. Hardy served in the post for three years.
President
Roosevelt in accepting his resignation wrote:
Dear Lamar:
1
As the purpose you
I have no alternative
you
expressed to me some weeks ago
but to accept with very
luctance to have you
has become settled
sincere regret the resignation
of Jan. 10, effective on Jan. 15, 1939. My re¬
sever your connection with the Department of Justice
tender in your letter
Volume
United
■as
great
and
done in
a
148
Financial
States Attorney for
of New York
is
enacted
Chronicle
as
in
recent
statutes
and
years
have carried
you
out
of New York
StockTExchange
Elects William S. Davis as
Chairman
The Nominating Committee of the
New York Stock Ex¬
change has elected William Shippen Davis,
Chairman, and
Ernest L. Jones,
Secretary, the Exchange announced on
the
with
courage, with industry and with
a unique
position among Federal prose¬
duty to bring persons in high places to the bar
You have been in
It has
been your
judgment; to prosecute
and to deal with
a
cases
involving
our relations
Jan. 18.
a partner of Blair S.
Williams & Co.,
partner of Pyne, Kendall & Hollister.
Other members of the
Nominating Committee are:
variety of problems peculiar to the Southern District of
model to other prosecutors, while at the
a
to citizens everywhere that
same
Leonard A. Hockstader.
p Reference
justice to rich
;
was
progress of the
Department of Justice
will not cease with your
know that I
yours,
FRANKLIN
It is reassuring to
T.
Bell
Dec. 31
Resigns as Commissioner of
Department of Commerce
March
resignation
President
Jan. 7.
on
Bell stated
21.
Fisheries
that
In his
Roosevelt
accepted
of
the
thanked Mr. Bell for his offer of
cooperation and expressed
the service rendered
during his
•
Slaughter Elected President
Exchange, Inc.—P. B. Weld and
Named Governors
of
D.
Commodity
A.
V
,
The
Board of
.
Paterson
"
»
Governors of the
Commodity Exchange,
Inc., New York, at its organization
meeting Jan. 19 elected
Charles
becomes
a
of
Rubber
elected
Group
on
the
Exchange.
The various
appointments
Mass.;
Mr.
Class
C
Curtiss.
York—Chairman and Federal Reserve
Agent,
York; Deputy Chairman,
Beardsley Ruml of New
York; Class C Director, for
three-}ear term
beginning Jan. 1, 1939, Mr.
Ruml.
Buffalo Branch—Branch Director, for
three-year term beginning
Jan. 1, 1939, M. B. Folsom of
Rochester, N. Y. '
Federal Reserve Bank
of Philadelphia—Chairman and
Federal Reserve
Agent, Thomas
were
Fifth
Term
B.
Elmer Elected Director of
Stock Clearing CorpNew York Stock
Exchange—W. O. Loomis and
R. J. S. Brown
Appointed Vice-Presidents
of
Stock Clearing
Corp., subsidiary of the New York
Exchange, announced on Jan. 13 the election of Basil
dents
director and the appointment
Walter O. Loomis and
of
a
Mr. Elmer, who is
a
Governor
Exchange
of
Remington
a
the
partner of
as
J.
Vice-Presi¬
S.
Brown.
Eastman, Dillon & Co.
Exchange, has been
a
member
of
and
the
since
August, 1930.
Mr. Loomis has been an
Assistant Secretary of the
Exchange since November, 1935,
and
for
several
Committee
by
the
of
years
Stock
before
List.
that
Mr.
was
Brown
Secretary
has
been
Stock
Assistant
tion
on
of
the
employed
Clearing Corp. successively as First Teller,
Manager and Assistant Secretary.
The resigna¬
Robert
Clearing Corp.,
Johnston
was
also
Jr.,
Vice-President
announced.
Francis Biddle of
New York Coffee
Chandler A.
Mackey was elected President of the New
York Coffee and
Sugar Exchange on Jan. 19, and will become
the first fifth-term
President since 1911.
W. W. Pinney,
last year's
Treasurer," was elected Vice-President and R. L.
Lamborn was elected
Treasurer. Herbert G.
Bell, Wm. F.
Prescott, Walter W. Voelbel and Wm. B.
Craig were newly
elected to the Board of
Managers, while Frank G. Henderson,
F. R. Home and A. M.
Walbridge were elected for another
two-year term.
The
nominating'committee for 1940, also
elected on Jan. 19, will
consist of Frank C.
Lowry, Chairman;
F. Shelton
Farr, S. T. Hubbard Jr., and'Walter D. Stuart
and Leon Israel. The
nomination of these officers was noted
in our issue of Dec.
24, page 3855.
as
by the Reserve
Boston—Chairman and Federal Reserve
Agent;
Deputy Chairman, II. S. Dennison of
Framingham,
Director/for three-year term
beginning Jan. 1. 1939,
B.
C.]A. Mackey Reelected President of
ItK
and Sugar Exchange to Serve
Elmer
announced
Federal Reserve Bank
of New
Owen D. Young of New
.
B.
were
Federal Reserve Bank
of
F. H. Gurtiss of Boston;
Both
replace
for a three
year term to
A. Astlett.
Other Governors
three year term
•
A
v
John L. Julian and H.
The
J. J. Thomas
of Kansas
.
Governors
Stock
Minneapolis;
Seward, Neb,, for the Reserve Bank
Board as, follows:
'.
Group and the
a
Johnston, of Scott,
Louis; W. C. Coffey of
Dallas.
At their annual election held Jan.
17, members of Com¬
modity Exchange, Inc. elected
Philip B: Weld, of Post &
Flagg, and David A. Paterson, of H. A.
Astlett & Co.,
Governors to represent
respectively the Commission House
re-elected for
the|Federal Reserve
City,.and
Jay Taylor, of Amarillo,
Texas, for the Reserve Bank of
,
were
of
of St.
St. Paul for the Reserve Bank
of
Irving Reitler Vice-Presidents of the silk and
metal groups,
respectively. M.> A. Wehncke was re-elected* Treasurer for
.
Deputy Chairmen
Miss., for the Reserve Bank
Schmoll, Inc. and M. Rothschild of M. Rothschild
& Co., Inc., Vice-Presidents
to represent the rubber and hide
groups, respectively, and. re-elected
Douglas Walker and
■
on
w
Vice-President representing the commission house
The Governors also elected E. L.
McKendrew of
third term.
System
designations and appointments of
_
Home & Co.
President of
the Exchange.
Mr. Slaughter, who has been a member of
the Exchange's Board of
Governors since its inception in
1933, succeeds. Floyd Y. Keeler of Or vis Bros.
& Co., who
Armand
the
Among new designations were those as
Deputy Chairman of
Francis Biddle of
Philadelphia for the Federal Reserve Bank
of Philadelphia; R. E%
Klages of Columbus for the Reserve
Bank of Cleveland; J. F.
Porter, of Williamsport, Tenm, for
the Reserve Bank of
Atlanta; Oscar
Slaughter_of Slaughter,
group.
New
director of the Buffalo Branch
of the New York
Reserve
Bank.
The reappointment of F.
F.
Henry as a director of
this branch was
reported in our issue of Jan.
7, page 55.
New chairmen were named
by the Board for the Phila¬
delphia, Cleveland and Kansas
City Reserve banks. Thomas
B. McCabe of
Swarthmore, Pa., was designated Chairman
and Federal Reserve
Agent of the Philadelphia Bank for
1939 to succeed R. L.
Austin; George C. Brainard, of
Youngstown, Ohio, was .appointed Chairman
and Federal Reserve
Agent for the Cleveland Reserve Bank
succeeding E. S.
Burke Jr., and Robert B.
Caldwell, of K^ansas City, who
was
Deputy Chairman since August, was made
Chairman
and Federal Reserve
Agent of the Kansas
I
City Bank.
Harry L. Hopkins has taken office
Secretary of Commerce "he should have the
opportunity
,of selecting his own Bureau chiefs for the conduct of
the
business of the
Department."
President Roosevelt in reply
Charles
of
Philadelphia, Cleve¬
Beardsley Ruml was reappointed
Deputy Chairman for one year and named a
Class C Director
a
three-year term.
The Board also
appointed M. B.
Folsom, of Rochester, for a
three-year term as branch
as
him
at
Chairman
for
letter to the President Mr.
by
System—
Reappointed
banks for the year
1939, and directors of Federal Reserve
banks and branches.
Owen D.
Young was reappointed
Chairman and Federal
Reserve Agent of the New
York
Reserve Bank for one
year.
since
appreciation for
term of office.
announced
Chairmen and
ROOSEVELT.
Bell, Commissioner of Fisheries of the
Depart¬
Commerce, has tendered his resignation to become
effective
Young
City Institutions
Frank T.
ment of
D.
The Board of Governors of the
Federal Reserve
1
D.
Governors
Owen
from
can
Very sincerely
B.
Jan. 9
on
Reserve Banks and Branches
Made by
of Federal Reserve
of
York Bank—r-New Chairmen
land and Kansas
and the success of the Administration
relinquishment of public office.
at
Board
time to time call upon
you for counsel and advice.
With every wish for your success
and happiness, I am
,
of the full committee
issue of Jan. 14,
page 220.
our
Appointments
Please assure each of them of my
personal appreciation of
the contribution which each has
made.
I am likewise grateful to
you for the assurance that your interest in the
a
to the election
made in
;
am
magnanimity.
•
Walter W. Stokes Jr.
John G.Winchester.
.
aw^re also of the splendid cooperation
you have received from your
supporters and assistants which you
recognize in terms of generosity and
F.
a
Walter M. Giblin
time it has given
the old ideal of equal
and poor still is the American ideal.
I
Jones is
Charles W. Baker Jr.
Because of your fearlessness and
impartiality the country has witnessed
Southern District of New York an
administration of justice which
in the
has been
Mr. Davis is
and Mr.
with other nations
New York.
assurance
381
Nominating Committee
have
you
fearless conception of the
purpose of the forward
a
underlying these
superb ability.
of
District
sincere
as
looking statutes
cutors.
Southern
as is my
appreciation of the splendid work
key position in the administration of justice.
Yours indeed has been
policy
the
of
the
Stock
"
McCable
of
Swarthmore,
Pa.;
Philadelphia.
Deputy
Chairman,
Federal Reserve Bank
of Cleveland— Chairman and
Federal Reserve Agent,
George C. Brainard of Youngstown,
Ohio; Deputy Chairman, R. E.
Klages of Columbus, Ohio; Class C
Director, for three-}ear term
beginning
Jan. 1,1939, James C. Stone of
Lexington, Ky. Cincinnati Branch—Branch
Director, for two-year term
beginning Jan. 1, 1939, Alexander Thomson of
Cincinnati.
Pittsburgh Branch—Bank Director, for
two-year term beginning
Jan. 1, 1939, George T. Ladd of
Federal Reserve Bank
of
Robert
Lassiter
Richmond.
ning
Jan,
of
Pittsburgh.
Richmond—Chairman
and Federal Reserve
Agent,
Charlotte, N. C.; Deputy
Chairman, W. G. Wysor of
Baltimore Branch—Branch
1,
1939,
Branch—Branch
W.
Frank
Director,
for
Director, for three-year term begin¬
of
Westminster, Md.
Charlotte
Thomas
three-year
George S. Harris of Charlotte,
term
beginning Jan.
1,
1939,
'
Federal Reserve Bank Of
Atlanta—Chairman and Federal Reserve Agent,
Frank H. Neely of
Atlanta; Deputy Chairman, J. F. Porter
of Williamsport,
Tenn.; Class C Director, for
three-year
Neely.
Birmingham Branch—Branch
beginning Jan. 1, 1939, Donald Comer of
—Branch
Director, for three-year
Gamble of Jacksonville.
term
beginning Jan. 1, 1939,
Director, for three-year term
Birmingham.
Jacksonville Branch
Mr.
term
beginning Jan. 1, 1939, Robert H.
Nashville Branch—Branch
Director, for three-year
beginning Jan. I, 1939, Clyde B. Austin of
Greeneville, Tenn. New
Orleans Branch—Bank Director, for
three-year term beginning Jan. 1, 1939,
Alexander Fitz-Hugh of
Vicksburg, Miss.; for
term
unexpired portion
of term
ending Dec. 31, 1940, Mr. E. F. Billington of
Meridian, Miss.
Federal Reserve Bank of
Chicago—Deputy Chairman, R. E. Wood of
Chicago, Class C Director, for three-year term
beginning Jan. 1, 1939,
R. E. Wood of Chicago.. Detroit
Branch—Branch Director, for
three-year
term beginning Jan. 1, 1939, L. W.
Watkins of
Federal Reserve Bank of St.
T. Nardin of St.
Louis;
Manchester, Mich.
Louis—Chairman
and
Federal Reserve Agent,
Deputy Chairman, Oscar Johnston of
Scott,
Miss.
Louisville Branch—Branch
Director, for three-year term
beginning
Jan. 1, 1939, J. B. Hill of Louisville.
Little Rock
Branch—Branch Director,
for three-year term beginning Jan.
1, 1939, H. H. Tucker of
Little Rock.
Memphis Branch—Branch Director, for
three-year term beginning Jan. 1,
1939, J. Holmes Sherard of Sherard, Miss.
W.
Federal Reserve Bank of
St.
Minneapolis—Deputy Chairman, W.
Paul, Minn.
Helena Branch—Branch
Director,
beginning Jan. 1, 1939, Alex Cunningham of Helena.
for
C. Coffey
two-year
of
term
Financial
382
Federal
J.
B.
of
Thomas
J.
Dank
Reserve
Robert
Agent,
X, 1939, Mr. Thomas.
Denver Branch—Branch Director,
three-year term beginning Jan. 1, 1939. J. B. Grant of Denver.
Okla¬
beginning Jan.
for
homa City
1939,
Branch—Branch Director/ for three-year term beginning Jan. 1,
Roberts of Oklahoma City.
Omaha Branch,—Branch
Clarence
Director for three-year term
Reserve Bank
Reserve Agent,
Ama-
of Dallas—Chairman and Federal
J. II. Merritt of McKinney,
El
Merritt.
Mr.
Texas; Deputy Chirman, Jay Taylor of
for three-year term beginning Jan. 1, 1939,
Branch—Branch Director, for three-year term
Paso
Cruces, N. M.
Houston
beginning Jan.
1, 1939, F. M. Hayner of Las
Director, for three-year term
beginning Jan.
Branch—Branch
1, 1939,
;
Francisco—Deputy Chairman, St. George
Los Angeles Branch—Bank Director, for two-
Itenfert of Galveston, Texas.
H.
Federal Reserve
Jan. 1, 1939, W. S. Rosecrans of Hermosa Beach,
Portland Branch—Branch Director, for two-year term beginning
term beginning
year
Calif.
Jan.
1939, A. E. Engbretsen of Astoria, Ore.
1,
Branch Director, for two-year term
'
In addition to the District
Delaware,
are:
Seattle.
Mr. Benson, is to provide
experiences on current
banking operations, practices and services and to discuss new means of
improving banking service to meet the growing needs of the public.
object of the conference, according to
The
opportunity to exchange ideas and
bankers with the
Housing Conference to
eighth annual meeting of the National Public Housing
Conference will hold a two-day nationwide conference at the
Hotel Commodore, New York City, on Jan. 27 and 28. The
central theme of the program will be: "A Preview of the
Next Five Years in Public Housing."
Subjects to be con¬
sidered at various sessions will be: "
Acquisition and Costs"; " Subsidies—Federal, State and
Selection,
Municipal"; "Organization of the Program"; "Building the
Houses—Fupc-
"Public Opinion and the Slum Clearance
tions, Costs and Methods" and
Last year such meetings were
years.
National
the Board of Directors, will
23-24
preside at the sessions.
Chairman in charge
banking conference
23 and 24 under the
auspices of the American Bankers Association in cooperation
local arrangements for the regional
to be held at Minneapolis, Minn., Feb.
of
with the State bankers associations of the 12
March 5-13
Leipzig Trade Fair will hold its next spring session
from March 5 to 13, inclusive, it was recently announced in
New York.
It will comprise over 10,000 exhibits of the
products of 34 of the leading producing countries,
including the United States.
An attendance of more than
newest
300,000 business men attracted from 74 countries is assured,
general
improvement
in
trade.
world
Association further reported:
addition
It is significant that
the
Trust Division of A. B. A. to Be Held in New
Feb.
York,
16
Hogan of Washington, D. C., President of the
American Bar Association, will be the guest speaker at the
28th annual banquet of the Trust Division of the American
'Frank
Association
Bankers
to
be
held
at
the
Waldorf-Astoria,
announced Jan. 10 by Samuel
C. Waugh, President of the Trust Division, who is Executive
Vice-President and Trust Officer of. the First Trust Co.
New York, on Feb. 16,
it
was
This banquet will be the concluding feature
of Lincoln, Neb.
of the 20th annual mid-winter trust conference of the Trust
Division, American Bankers' Association, to be held Feb.
than 1,000 trust executives and busi¬
are expected to attend.
Lindsay
Bradford, President of the City Bank Farmers Trust Co.
of New York, is Chairman of the banquet committee.
14-16, at which
ness
men
B.
more
in related fields
A.
to
Hold. Regional
Banking Conference
Columbus, Ohio, Feb. 9-10
E. L. Ostendorf to Outline 1939
and the District
of Columbia have been invited to attend a regional banking
conference at Columbus, Ohio on Feb. 9 and 10 to be held
under the auspices of the American Bankers Association
with the cooperation of the State bankers associations of the
region, it is announced by Philip A. Benson, President of the
American Bankers Association, and President of the Dime
Avery C.
Clinger, President of the Ohio National Bank of Columbus
and H. E. Cook, President of the Second National Bank at
Bucyrus, Ohio,
ments
is
for
the
General
head committees in charge of local arrange¬
regional banking conference.
Mr. Clinger
Chairman
of the
conference for the
Columbus
Association and Mr. Cook, as President
of the Ohio Bankers Association, is Chairman of the Co¬
Clearing
House
operating Committee of Presidents of State Bankers Asso¬
The Association's announcement regarding the
meeting went on to say:
ciations.
The meeting will be the first of three such conferences to be held by the
American Bankers Association this winter and will close with a
public meet¬
ing for bank depositors to be held at the Neil House, Feb. 10.
All of the
business sessions also will be held at the Neil House, which is the headquar¬
ters hotel.
Other conferences will be held at Minneapolis, Minn., on Feb.
23 and 24 and at New York City on March 8, 9 and 10.
Real Estate Objectives
Regional Conference of National Association of
Real Estate Boards in Dallas, Jan. 27-28
at
Proposed central objectives for real estate nationally for
1939 will be sketched by E. L. Ostendorf,
Cleveland»
President-elect of the National Association of Real
Estate Boards, in making his inaugural address to the Asso¬
ciation, to be delivered at Dallas, Texas, Jan. 27, the Asso¬
ciation announced on Jan. 8.
Joseph W. Catharine, Brook¬
President of the Association, will formally
into office at a banquet of the South
Central regional conference of the Association, Jan. 27-28.
The conference will be preceded by the initial 1939 meeting
of the Association's board of directors, and by executive
committee meetings of its Land Developers and
Home
Builders Division, Brokers Division, Farm Lands Institute
lyn, N. Y.,
induct
and
his
as
successor
Council.
Secretaries
eight South Central States whose realtors will meet
with national leaders in every field of real estate activity in
The
two-day conference on current business methods at
are: Missouri,-Kansas, Texas, Louisiana, Oklahoma,
Colorado, Arkansas and New Mexico.
the
Dallas
•
Meeting
Association
at
Bankers from 5,976 banks in 12 States
Sayings Bank of Brooklyn, Brooklyn, N. Y.
v
>
expected to attend the sessions, which will be
Mid-Winter
A.
Friday envening, Feb. 24,
,
following States comprising the region
held at the Nicollet Hotel:
Illinois, Iowa, Kansas, Michigan, Minnesota, Missouri, Montana, Nebraska
North Dakota, South Dakota, Wisconsin and Wyoming.
are
Ohio,
Guest Speaker at
Be
The closing feature will be a public
Lyceum Theatre.
More than 1,000 bankers from the
the year
.
President of American Bar Association,
28th Annual Banquet of
Frank Hogan,
to
•
activi¬
The theme of the program will be "Meeting
states.
meeting for bank depositors and customers on
80% of those visiting the
announcement stated.
representing the 12 North
......
strictly working conference without any entertainment
Public Needs in Banking," he
the past five years have repeated their visits,
Fair during
Powers, President of the
He is also Chairman of a cooperat¬
States in the conference area.
ties, according to Mr. Benson.
at the
bankers, a co*
representing the Minnesota Bankers Association is
Kanabec State Bank of Mora, Minn.
is today the oldest and largest industrial exchange in
the world.
Minneapolis
of
comprised
committees
to
by the Association's President, Frank P.
headed
The
Spring Fair will be the 1,981st session of the historic ex¬
change which, having been in existence for more than 700
years,
States compris¬
ing the region, it is announced by Philip A. Benson, Presi¬
dent of the Dime Savings Bank of Brooklyn, Brooklyn, N.Y.,
and President of the American Bankers Association.
The
ing committee of the State Bankers Associations
,
The
a
of the Minneapolis Clearing House
Association, has been appointed General
It will be a
Leipzig Trade Fair to Hold Spring Session
Vice-President of the First National Bank
& Trust Co. and Manager
Central
indicating
held in Des Moines, Indianapolis
Appointed General Chairman for A. B. A.
Regional Conference to Be Held at Minneapolis,
In
Simkhovitch, President of the
Public Housing Conference, and other members of
Kingsbury
Mary
Bankers
American
the
City.
operating committee
Mrs.
by
the country during the past four
J. S. Pomeroy
Housing Program."
Low-Rent
and
conducted
various cities throughout
and Oklahoma
Feb.
The
"Site
been
have
conferences
Similar
Association in
.
Hold Eighth
Annual Meeting in New York City, Jan. 27-28
Public
in the Columbus
Virginia.
J. S. Pomeroy,
"
of Columbia, States included
Illinois, Indiana, Kentucky, Maryland, Michigan,
Pennsylvania, Tennessee, Virginia and West
North Carolina, Ohio, Western
Salt Lake City Branch—
beginning Jan.. 1, 1939, John Thomas
beginning Jan. 1, 1939, Fred Nelsen of
National
banking, and bank insur¬
banking, legislation, agricultural
ance.
Seattle Branch—Branch Director, for two-year term
Idaho.
of Gooding,
credit, instalment credit, public
service, country bank loans, invest¬
intermediate
responsibilities,
ments, savings
.
Bank of San
Francisco.
of San
Holden
Bankers
relations, real estate loans, checking
region
rillo, Texas; Class C Director,
has as its jtheme
Nationally-known speakers as well
broad topics of the program, such as:
local bankers of the area will cover
as
1939
will be strictly a working conference,
"Meeting Public Needs in Banking."
1, 1939, R. E. Campbell of
beginning Jan.
Lincoln, Neb.
Federal
The meeting, which
City—Chairman and Federal Reserve
of Kansas
Caldwell of Kansas City, Mo.; Deputy Chairman,
Seward, Neb.; Class C Director, for three-year term
Jan. 21.
Chronicle
'
What
is
-
of
New
expected to be
.York
Monday in
Convene
one
State
Bankers
New York
of the largest mid-winter
history of the New York State Bankers
Association will convene on Monday next, Jan. 23, in the
meetings in the
auditorium of the Federal Reserve Bank of New York, it
is announced
ciation and
by Thomas A. Wilson, President of the Asso¬
the Marine Midland Trust Co. of
President of
held
in
the
Wilson
Mr.
Binghamton.
reservations
have
been
evening
of
stated
received
Jan.
that
for
the
more
than
banquet
to
700
be
Hotel,
business
23 at the Roosevelt
meeting which consists of a
morning, luncheon in the dining
room
of the Federal Reserve Bank and a business session
in the afternoon.
The guest speaker at the banquet will
be
Bruce
Barton,
Congressman from New York City.
Another guest speaker, who will appear at the afternoon
session, will be Col. Willard Chevalier, Publisher of "Business
Week" and Vice-President of McGraw-Hill Publishing Co.
In addition to Mr. Wilson, other officers of the Association
are Vice-President Dr. Joseph E. Hughes, President of the
Washington Irving Trust Co., Tarrytown; Treasurer Robert
R. Dew, President of the Dunkirk Trust Co., Dunkirk;
Executive Manager W. Gordon Brown; Secretary Clifford F.
Post.
A previous reference to the meeting appeared in
our issue of Dec. 31, page 3999.
bringing to
an
end
a
session at 11 o'clock in the
Volume
ITEMS
148
Financial
ABOUT
Arrangements
New
a
York
previous
BANKS,
made
were
Stock
TRUST
Jan.
COMPANIES,
19
for
the
Chronicle
&c.
transfer
Exchange membership at $60,000.
was at $62,000,
Jan. 18.
and William J.
The
transaction
tt;
a°Vhe. B°ardvof T™s,teef <* the Central
rim i/ni'i ?
°S
-J ®
wurirma? °n
-Board, remade Honorary Chairman.
William S. Gray Jr. was was
of
the
Chemical
Bank
case
John
Trust
Co.
of
New
York, in
-
»
annual
Mr.
B.
Glenn,
At the same meeting,
were appointed AsLysle is from Clavsville, Pa., andgraduated from Brown University and from Harvard Business School in 1930, entering the service of the bank immediately after graduation. • Mr. Renchard, a native of Tren-
president
Mr.
associated with the Chemical Bank in 1930.
Alfred G. Tuckerman
were
to
„
An average of 84
Manager
the Madison Avenue and 74th Street Office and Keith
M. Urmy, Assistant Manager of the office at Madison Aveand
nue
4Gth
were
Department.
Street.
Malcolm
H.
Foulk
and
William
accounts,
reported
T.
appointed Assistant Managers of the Foreign
Reference to the annual report of Percy H.
Johnston, chairman of the bank at the stockholders'
ing, is referred to elsewhere in
our
total
meet-
,
*
,
N.
F.
been
G.
II.
Assistant Trust Officer,
an
*
—«
Total
of
high
new
exclusive
totaled
31,367
$120,342,700.
at
of
Club.
Christmas
the1 end of the
at
average
loan of about
.•
Grace National Bank of New York, stated that the results
of operations for the year 1938 have been gratifying
was
1
.
In bis annual report, Chester R. Dewey, President of the
with expectations of
compared
„
accounts
a
is
4
Officer
Trust
savings
accounts
gage loans totaling $2,144,100, or an
$25,000, to 85 different borrowers.
heretofore Assistant Vice-Presidents.
Brewer, previously
annointed
established
new
.
Brandin, E. F. Dunstan and W. J. Lippincott have
Vice-Presidents of Bankers Trust Company
were
new
yfar' a gai?
8'5J8: and
t"'81
<]lvisi™
'o-Sfrivi '.'le.k'st°ry
.f''e
!?£Pa
ile
'lald
out $1,972,594 in interest dividends for 1938 and made mort-
announces
elected
of New York. All
of New
Deposits aggregated
increase of $6,224,506 for the year, while
an
resources
School
t
'
»■
~
to Howell T. Manson, President, who
total of 132,613 depositors as of the end of the
Number of
the election of Lawrence A. Meyers,
formerly Assistant VicePresident, as a Vice-President and Arthur Larschan as
Comntroller
C
'
'
:
"
■
Trust
of Alex-
according
a
$104,348,537,
#
City,
American
year, a new high record for the bank.
issue of today.
The Trade Bank of New York, New York
appointment
savings accounts per business day
were opened in the Dollar Savings Bank of the City of
New York during the past year, or a total of 26,037 new
of
Richter
Pan
the
♦"—
Other appoint-
be Assistant
the
of
announces
ton, Newr Jersey, attended Princeton University, and became
ments
M.
Dec. 31 shows deposits of $105,908,416, excluding
trust deposits, compared with $102,993,310 on Sept.
v Total resources at the latest date are $133,241,462, contra'sting with $137,891,529 Sept. 30; cash and due from
banks» $44,132,049, compared with $39,111,110; investmenJ? *n UnLted S^ates Government obligations are given
as
779,745, against $22,017,074, and demand loans seClired by $46,732,787.
Capital and surplus remain un^liaiiged at $9,000,000 each and undivided profits are
$4,252,609, against $4,088,063 on Sept. 30.
■
George Lysle and William S. Renchard
Secretaries.
Howard
*°rk
a
Chemical Bank since September, 1930.
^
A
a
Vice-President of the bank.
native of Chester, Pa., and a graduate
University of Pennsylvania. He has been with the
sistant
Lawyers
Ihe statement of the Marine ..Midland Trust Co.
appointed
was
McGinley is
of the
of
officers were
swrptnrv
organization
meeting of the Board of
Directors of the Chemical Bank & Trust Co. New
York, held
Jan. 19, Edward F. McGinley,
formerly an Assistant Vice-
President,
Directors
as Assistant Vice-President, William J. Gehlen as Assistant Treasurer, and Robert F. Geissler as Assistant Secretary. Mr. Glenn, at the annual meeting of
shareholders, reported a satisfactory year, earnings for
1938, it is.stated, having been substantially larger than for
1937, with a substantial increase in deposits.
of
the
of
ander Lefko
world, excepting the United
January, 1939. The monthly publication of
this digest of foreign news was started some time
ago.
At
Bo'ard
«ti
Company, New York,
the
issue of its "Foreign News Digest" discusses the
business of 13 foregin countries and also
presents a statistical index of the nations of the
as
ac-
e Mtefl an Asslsta"t BccIctary-
current
States,
eleetprl
was
company.
&
approved the
rrrust Co- of New York' held Jan- 17 a11 the
reelected to serve during the present year.
#
The
The stockholders
At the meeting of the
™
President
Waite.
tion of tbe Erectors in inaugurating on February 1 a special checking account service, available in the offices in
McGraw Hill Building, 330 W. 42d Street, and in Clinton
Building, 57th Street and Tenth Avenue.
of
t
elected
383
•
the
*
a
year
as
Furthermore,
ago.
upward trend which became evident in the
summer
has
reported by the Bank
of the Manhattan Co., Newr York, in its statement of con-
continued through the closing months of the year and gives
dition.
£at the bank's operating income for 1938 amounted to
resources
of
Dec.
In
as
30.
Sept.
$580,064,024
the;.present
31
as
compared
932,572
on
loans
and
with
statement
banks and bankers amounted to
obligations
are
$577,753,543
•
cash, and
due
promise for a reasonably auspicious 1939.
on
from
$166,114,872, against $208,-
Sept. 30; holdings of United States Government
$110,737,8.83,
to
down
from
$114,294,070,
■
and'
including demand loans against collateral, to $216,401,981, compared with $190,324,433. Capital
and
surplus are unchanged at $20,000,000 each; undivided
profits at $6,178,211, increasing from $6,107,909, and total
dpnnsits
deposits
of
OI
8522618 443
three months ago.
^
Stewart
which
WHICH
Chairman
Baker,
mmmm
with
compares with
8521 579 618
$j21,.j79,bl8
In a message to stockholders Jan. 3, J.
Of
the
Board,
stated that the
net, operating earnings of Bank of the Manhattan Co. for
the
ended Dec. 31
amounted to" $2,378,562, excluding
profits realized on the sale of securities, equal to $1.18 a
share on the 2,000,000 shares outstanding.
Profits realized
on
year
sale
the
Of
dends declared
Mr.
securities amounted to $1,629,290
during the
year
amounted
to
Baker's annual report to stockholders
in these columns of Dec. 10, page
noted
and
divi-
$2,150,000.
Dec. 6
on
was
$107,84o, or $7.19 a share, after deducting income taxes and
the cost of deposit insurance. After taking into account
Profjts on sales of securities and net recoveries, the tot a
result of all^operations it is Stated, was $185,025, or $12.34
Neither profits on sales of securities nor recoveries
are carried into operating results, but instead are reflected
*n reserve accounts.
Mr. Dewey added:
In
of ,the, e[fcctB uof th« depression, the portfolio of loans has
a share.
discounts,
-
Mr. Grace ^stated
^
remained at a level at or above that of last year, and commercial deposits
have
continued
bank's
credit
no
t0
losses
because
operating
An
figures.
item
the
of
depression,
that
and
to date
as
the
has suffered
only
minor
recoveries shown
'
-
statement
bank's
it
result
a
deducted from the total of
>
the
oh
fortunate also
is
have been
operating charges
in
until they have reached the highest, point in
grow
The bank
history.
of
condition
as
of
Dec.
31, 1938, Was given in our issue of Jan. 7, page 56.
The comparative operating results of 1937 and 1938 follow:
Report«f Operation*'*
1937
1938
cross income....
-
SJ23,664
&J26.409
-
3538.,.
82',497
97',950
$514,110
$515,819
11«r2!!2
10«78?q
#
■«
.
>
The
following directors of the Guaranty Trust Company
of New
Net income from backing operations
York, whose terms had expired, were unanimously
at the annual meeting Of the
stockholders on
Jan. 18:
George G. Allen, Arthur C. Dorrance, Charles E.
^gXve'n^^^^
Dunlap, Lewis Gawtry, Robert W. Goelet, John A. Hartford,
and Cornelius F. Kelley.
In addition, Matthew T. Murray,
Result of an operations per share
re-elected
Jr.
was
Mr.
elected
Murray is
a
Director to fill
Secretary
a
vacancy
of the company.
in
the Board.
At
the annual
meeting of the board of directors, following the meeting of
stockholders, the officers of the Guaranty Trust Com-
the
reelected for the ensuing year.
appointment of William A. McGregor as
pany
was
On Jan. 19 the
were
announced.
Vice-President.
Mr.
The
McGregor
report
was
presented
Chairman Potter and President
a
Vice-President
formerly
at
the
a
Second
meeting
by
Conway is referred to else-
where in these columns today.
♦
At
the annual
meeting of stockholders
Company of New York held
on
of Clinton
Trust
January 18, the following
'
$12.34
statement
The
Bank
on
&
of
Trust Co.
♦
condition of the
of New
York
as
Commercial
of
Dec.
31
National
shows cash
hand, in Federal Reserve Bank and due from banks and
bankers of
ciose
0f
reserve
the
$30,873,994
1937.
as
Included
compared with $35,162,730 at the
in
this
item,
it is
stated,
is the
which the bank is required to keep on deposit with
Federal
Reserve
Bank
of
New
York,
which
under
regulations represents 22%% of demand deposits
and 5c/0 of time deposits, the rates having decreased, respectively, since April 16, 1938, from 26% and 6%.
United
States Government securities of $39,007,011 at the year-end
present
compared with $27,365,563 held on Dec. 31, 1937, and loans
and
discounts
of $34,599,979 at
the close of the year as
The gross earnings of
exclusive of recoveries, were
compared with $41,429,446 in 1937.
Mark Hyman,
the
77,180
$185,025
$11.57
having net result of ail operations.......
five directors whose terms of office expired were re-elected:
Henry II. Mandle, Adam Metz, George Stowe
01}273
$173.5*2
recoveries, and charge-offs, Which result in adding
bank
for
the
year,
#
Financial
384
and deposit insur¬
$2,007,935, while expenses, interest, taxes
$1,364,240, leaving net earnings of $703,695.
securities sold included in gross earnings are
totaled
ance
Profits
on
Additional profits on securities sold not included
earnings totaled $1,413,906, and $1,321,043 was
applied to cost of securities, which net cost less amortization
will write off premiums at maturity, and $92,863 was held
in reserves as deferred income.
The capital and surplus
of the hank remain unchanged at $7,000,000 each;
after
$22,650.
in
gross
payment of dividends of $560,000, undivided profits in¬
to $1,297,693 from
$1,153,997.
Changes in the
official staff of the bank were noted in
these columns
Jan. 21, 1939
Chronicle
of the Bridgeport-City
Jan. 10, F. Glendon Hall,,
formerly Secretary and Trust Officer, was promoted to a
Vice-President,
and
Henry
Hart was
advanced from
Assistant Secretary to Secretary.
At
the
of the directors
meeting
Co., Bridgeport, Conn.,
Trust
Daniel M.
on
Lucy of the Hoboken Office of the First National
City, N. J., has been appointed an Assistant
Bank of Jersey
Cashier.
the
creased
222.
Jan. 14, page
v.
♦
appointed an Assistant Secretary of the
Brooklyn Trust Co., Brooklyn, N.. Y., at a meeting of the
Earl A. Drew was
Company Jan.
of the
Board .of Trustees
19.
Mr. Drew
joined the staff of the company on Aug. 27, 1923 as an
Assistant Auditor and is at present in charge of the Account¬
ing and Reports Department. Prior to his connection with
Brooklyn Trust Co., Mr. Drew was employed by the Federal
Reserve Bank of New York. •
Orion Howard Cheney, a
Vice-President of the Scarsdale
National Bank & Trust Co., Scarsdale, N. Y., and a former
New York State Superintendent of Banks, died at his home
Jan. 17.
Mr. Cheney, who was in
born in Bloomington, 111. After attending
Drake-and|Michigan Universities, he came to New York
where he entered the employ of the Garfield National Bank,
of which his uncle, Alfred C. Cheney, was President at the
time.
During the ten years he was with the bank he studied
law in the evening classes of the New York University, and
in 1897 was admitted to the bar.
Subsequently, from 1903
to 1908, he headed the law firm of Cheney, Schenck & Stockwell and made a specialty of banking law.
From 1909 to
1911 he served as State Superintendent of Banks," having
been appointed to that position by Charles Evans Hughes
when Mr. Hughes was Governor of New York. Previously,
Mr. Cheney, a charter member of the American Institute of
Banking, had served as a Deputy Superintendent in New
York City.
In 1911 Mr. Cheney became President of the Pacific Bank
of New York, an office he held for the next fourteen years,
and after a merger a Vice-President of the American ExchangePacific National Bank in 1925-26.
In October, 1926, upon
the latter institution being consolidated with the Irving
Bank & Trust Co., Mr. Cheney became a Vice-President of
the resulting bank, the Irving Trust Co., an office he held
until June, 1930, when he retired from active banking activities.
in Patterson, N. Y., on
his 70th year, was
■
♦
.
_
At
meeting of. the directors' of the Trust Company of
a
Larclimont, Parchment, N. Y., held Jan. 18, Harry J. Markley was elected President. ' Mr. Markley, who has been
Secretary and Manager of the Cleihent A.
Griscom Estate
in
Philadelphia since 1926, was one of three elected a di¬
of the bank at a special meeting held on Sept. 29,
1938, and at the recent annual meeting he was re-elected
rector
director
a
career,
Mr.
to
Finance
finance
in
director
a
in
the
of
office he has held since
and
the
at
the
C.
Laurence
tp
the Land
in
in, 1930
from
the
Title
work
finance.
in
Wharton
School.
Ysabel
Santa
Tobacco
Mr.
He
is
Co.,
Building
Wharton
School
Where
Matkley
is
Secretary,
Ball Co.
of Wilmington,
Ward, Jr. has been elected
in
of
for nine
now
an
Treasurer
Philadelphia,
1926, and was recently elected Secretary,
in
years
of age, was born in Philadelphia
from
the
University
which he studied law.
1883, he practiced law with the firm of Bullitt & Dickson,
becoming associated with bis brother, the late. Judge
Gest.
In 1889 he entered the banking field as assistant to
later
which
Treasurer
Del.
he became Assistant to the
President, and in 1900 was elected a Vice-President.
Sub¬
sequently, 1915, he succeeded his father as President of
the institution, and in 1926, when the Philadelphia Trust
Co. was consolidated with his company to form the FidelityTrust
Co.;
two
Philadelphia Trust Co., he became Chairman of the Board
of the new organization, the office he held at his death.
played an important part as Chairman of the Philadelphia
Clearing House Committee in bringing the local banking
companies of which he was a director are the
First
National Bank,
Insurance Co. of North America,
Alliance Insurance Co. of North America, the Wentz Corp.,
and
tions
RR. Co.
Lehigh & New England
and
following promotions were made in the personnel
First National Bank at Pittsburgh, Pittsburgh, Pa.,
The
of
the
at
the recent directors'
Auditor,
Garver
*
Bank
National
First
The
statement
dition
as
1931,
was
George S. Armstrong & Co. of New York, industrial engi¬
neers
and financial consultants. ' He joined the Westfield
Trust Co.
of
dent
and
in
the
September, 1937.
institution,
which
William M. Beard is Presi¬
lias "a capital of $337,000
surplus of $33,750.
v;"
..
'
.
"
,
•
.
Pa., in its con¬
reported total deposits of
Scranton,
of
31,
of Dec.
$63,549,705 and total assets- of $73,609,471, compared, re¬
spectively, with $61,139,115 and $71,266,381 on Sept. 28 last.
Cash on hand and due from banks amounted to $10,684,269
holdings of United States Government
$21,769,148 against $20,519,366, and loans and
$21,121,583 against $22,006,483. " Capital and
against $8,495,185;
securities
to
discounts
to
surplus
unchanged at $4,050,000 and $4,155,000, re¬
but undivided profits were $811,504. against
Sept. 28, 1938.
.
^
were
spectively,
$780,787 on
organization of the National
the
At
Metropolitan Bank
D. C., on Jan. 11, C. E. Jacobsen, formerly
Vice-President of the" institution, was elected
of Washington,
Executive
President to succeed
of the
man
Board
O. H. P. Johnson, who became
In noting this the
of Directors.
Johnson
Mr.
was
elected
Chair¬
Wash-
said:
ington "Post" of Jan. 12 also
President
last
November after the death of
At that time Mr. Jacobsen, who was Cashier and a
director, was made Executive Vice-President.
Born in Washington, Mr. Jacobsen attended the public schools and was
W.
White.
but
Class of
:.
♦—-
J.
Nevin
and
Cashier,
elected Assistant
appointed Auditor.
was
was
from the Emerson Institute.
Princeton,
James B.
reorganization meeting:
Warden, who had been Trust Officer; was elected a VicePresident and Trust Officer; Herbert S, Scott, formerly
Baltimore
of
Co.,
Mfg. Co., Lehigh Coal & Navigation
Whitehall Cement
graduated
graduate
a
Among the many institu¬
machinery again into operation.-
Mr.
Ward,
Co,. Westfield, N. J.
1933, Mr. Gest.
banking holiday of March,
Following the
George
Executive Vice-
later
years
with
the Chase National Bank from 1931 to 1936 when he joined
President of the Westfield .Trust
of the Fidelity
who was then a Vice-President
his father,
his
says:
director of the Coreless Golf
a
regard
University of Pennsylvania,
research
on
In
term.
hie, office
graduated
was
carried
instructor
and
formerly • made
He
and
he
years
three-year
a
announcement
an
Markley
Philadelphia.
Accounts
serve
Mr. Gest, who was 77
and was graduated
of Pennsylvania in 1880, following
After his admittance to the bar in
12.
Merion, Pa., on Jan.
home
.
of the
Board
the
Trust Co. of Philadelphia, Pa., and
of the best-known bankers in that city, died at his
one
.
'
V(
of
Chairman
Gest,
Purves
William
Fidelity-Philadelphia
Vice-President
soon
came
he was
to
*
years.
-
.
.
~~—♦
The Riggs
He started his banking career in
Prior to becoming Executive
Washington.
Cashier of the National Metropolitan
*
'
'
•
Bank for 21
•
~
National Bank of Washington, D. C., reports
of Dec. 31, 1938, total deposits
in its condition statement as
$104,202,322 and total assets of $113,733,849, comparing
$88,231,675 and $88,778,001, respectively, on June 30
last.
Included jn the assets of the present statement are:
Cash in vaults and with Federal Reserve Bank, and with
of
.
with
From
the
Syracuse "Post", of
Jan. 13 it is learned that
Davies, a director of the Syracuse Trust Co.,
Syracuse, N. Y., and a member of the bank's Executive
Committee, was elected President of the institution at the
annual meeting of the directors on Jan. 12.
Mr. Davies,
Harry
W.
who resigned on the same
of
in
the
L.
the
who
day as President and Comptroller
Corona
&
Smith
Typewriters* Inc., succeeds
presidency of the trust company Charles H. Sanford,
was
named
Chairman of the Board of Directors.
in turn,
Sanford,
W.
C.
Smith,
resigned
who
Mr.
the chairmanship Hurlburt
after serving a year to make a
succeeds
in
President.
The Syracuse
1903, and at present has
deposits of approximately $30,000,000.
available
post
Trust
.
Co.
was
for
the
former
opened on July 1,
The Merchants National Bank of
on
Jan.
tant
All
10 that Richard
P.
Boston, Mass., announced
Chapman, heretofore an Assis¬
Vice-President, had been promoted to a Vice-President.
the other officers,
dent, were reelected.
headed by Robert D. Brewer, Presi¬
$46,957,635 (contrasting with $34,282,537 on
investments, including United States
Government bonds and notes (direct and fully guaranteed),
State and municipal securities, and other bonds and securi¬
ties, $43,958,342 (against $39,951,117), and loans, including
secured loans, real estate loans on first mortgages, and
other
all
banks,
date) ;
earlier
the
other loans and
discounts,
$19,439,442 (comparing with
The bank's capital, at $4,217,500, is the same
30, but surplus account is now $2,400,000 against
$20,271,259).
as
on
June
$2,350,000,
and undivided
gencies, $2,703,960 against
profits and reserve for contin¬
$2,544,362.
«
change was made in the personnel of the StatePlanters' Bank & Trust Co. of Richmond, Va., at the annual
Only
one
Jan. 12, when Carlisle R. Davis
while continuing
as an Assistant Vice-President and head of the credit de¬
partment.
In noting this the Richmond "Dispatch" of
meeting of the directors on
was
Jan.
elected
13
Secretary
of the institution
added, in part :
Volume
The
148
directors'
Financial
meeting
followed
Wednesday's
(Jan.
12)
Chronicle
meeting, when President Julien
H. Hill made his annual
report—of total
earnings of $354,059, of dividends of 40c. a share totaling $40,000,
payable Feb. 1, and of a 12%% dividend totaling
$25,000, declared on
preferred stock.
He also reported that
provision was made for retirement
of
$100,000
preferred
to
of
preferred
retired
to
stock
during
$350,000,
and
the
bringing
year,
that
bank
premises
the
total
lis, Minn., at the directors' annual meeting on Jan. 10. He
succeeds Theodore Wold, who was made Chairman of the
Board
of
writtem-
were
$62,142.
was elected President of the Northwest¬
National Bank & Trust Co. of
Minneapolis, Minneapo¬
ern
1938
down
of
of
the
Directors.
learned
from the Cincinnati
A.
McRae,
"Enquirer" of* Jan.
11
National
that the following promotions were announced
by John
G.
man
Gutting, President of the Second National
Bank of
Cincin¬
nati, Ohio, following the directors' annual organization
meeting on Jan. 10:
Harry VV. Bauer, heretofore a VicePresident, advanced to Executive Vice-President; A. L.
Shreve, Cashier, promoted to a Vice-President while con¬
as Cashier; T. Gordon Gutting, formerly an Assis¬
tant Cashier, made Vice-President and Trust
Officer; E. A.
tinuing
Reuter was given the title of Assistant Cashier.
of
the
Several promotions in
the
the company's personnel were an¬
following the annual
Northern
Trust
Co.
of
meeting of the directors
Chicago,
111.,
on
10,
Jan.
of
it is
Those pro¬
Carl H. Zeiss, from General Attorney to Viceand General Attorney; Frank M. Wallace, from
were:
President
Second
Vice-President
to
Harold
and
tary,
H.
H.
Vice-President and
as
Assistant
Mooney,
All other officers
Secre¬
Cashier,
held
was
directors
were
were
the
previous day, Jan. 9,
reelected.
all
when
Bank
L.
MacGregor
Second
and
Co. of
Trust
John
W.
R.
the Chicago
Chicago 111.: selected Vice-President.
Cashiers,
Assistant
were
Boyd J.
Simmons
elected
were
Assistant Cashiers.
elected Assistant Secretaries,
were
Vice-President and Trust Officer
Davis,
of
Title & Trust Co., Chicago, 111., announces the
following promotions in the staff of the trust division of
the
George P. Lynde, formerly Assistant Trust
Corporate Trust Officer;
William
P.
company:
Officer,
formerly Assistant Trust Officer,
Trust
Officer,
Harry
G.
becomes
Pro¬
voluntary trusts.
Zimmerman,
The announcement continues:
been
has
Lynde
and
with
the: company> since
1931.
lowing that he
Co.
with the War Finance Corp., at Washington
Trust Co. of New York.
" '
Guaranty
Mr.
after
Mr.
graduate of
a
School;
Title
&
attorney
was
Trust
graduate
a
of the
for
organization in
the
1927.
meeting
"Michigan
Thomson
General
1&28.
H.
A.
the
of
Investor"
from
'
directors,
of
Auditor
Jam
of Illinois and
University
Box
14,
Co.
before
Harvard
the
joining
'-
•
The Commonwealth Bank of Detroit,
annual
Fol¬
Kenyon College, entered the Title & Trust
finishing. Harvard Law School in
Zimmerman,
Law
first
and with
was
Wiseman,
of
graduate
A
Williams College and the Columbia University Law School, he was
'employed by the legal department of, the New York Central Lines.
the
Assistant Cashier, to
changes
&
made in the official roster of the
were
Mechanics'
Two
Vice-Presidents, Emil Gustadson and Dr. Frank
new
Fidelity State
Minneapolis, Minn., at their annual meeting, it is
of
learned
added
from
that
elected
the
V.
Minneapolis "Journal" of Jan. 13, which
E.
Mikkelson
President
and
II.
and
C.
J.
Olson
were
re¬
Cashier, respectively.
The First National Bank' & Trust
it
to/Assistant
/
business Dec.
total
and
is
learned
Cashier,
its
•
Co. of Oklahoma City,
statement
as
at
the close
31, 1938, total deposits of $53,201,117 and
of
resources
condition
$61,793,923, comparing with $53,490,642
$61,888v901,
respectively, ,at .the close of business
J une 30 of that year.
The chief items comprising the assets
in the current statement are:
Cash and due from banks,
$24,220,994 on the earlier date);
bonds guaranteed by the United
States
Government, $12,170,262
(contrasting with, $10,034,655) ; time loans, $13,918,995
(against $14,101,142),
and
State, county and municipal bonds and warrants,
$9,288,625 (against $9,742,038).
The bank's capital remains
unchanged at $5,000,000, but surplus and undivided profits
have risen to. $3,424,002 from $3,198,470 on June 30.
$22,631,357
(against
States
Total
bonds,
deposits
or
$44,841,405
of
and
total
$48,-
assets of
from
and
comparing,
are
857,591
on
statement
331,009
respectively; with $40,824,975 and $44,Sept. 28 last.
The chief items in the present
are:
Cash in, vault and due from banks, $16,on the earlier date);
$16,703,889 (against $13,-
$16,114,981
(comparing with
Unitbd States Government bonds,
322,683), and loans and discounts, $11,323,698 (comparing
with >$10,865,653).
The bank's capital is now $2,700,000
(contrasting with $2,740,000 on Sept. 28), and surplus and
undivided profits are $1,374,315 (against $1,289,036).
•••
■■v.
■
/
.
♦
-
F.
named
Shrimer Auditor.
that
directors
the
National
First
the
of
».'■
■
:
"Constitution" of Jan. 11
the Atlanta
It is learned from
the
Roderick
dition
shown in the Dec. 31, 1938, statement of con¬
of, the Hamilton National Bank of Chattanooga,
915,720
•
Mich., at the recent
advanced
in
reports
Tenn.,
formerly
Assistant Trust Officer, becomes Trust Officer in charge of
Mr.
an
B. Mach, were elected by the directors of the
becomes
Wiseman,
bate
Anderson, formerly
tary to Treasurer; George G. Cowie was named Secretary,
and H, J. Arnott was made Assistant Treasurer.
United
and
Degan and F. W. Lagerholm
Chester
was
Nichols,
Vice-Presidents.
Bradt
Elmer A,
&
Vice-President,
O'Connell, Second
G.
■A.
elected Chair¬
was
Treasurer for the past six years, was elected President to
succeed Thomas F. Wallace, who was named Chairman of
the Board, and Albert H. Crosby was advanced from Secre¬
Okla.,
1939, made
following changes in the official list of the Continental
Illinois National
elected
Northwestern
Fourth
Minn.,
Savings Bank of Minneapolis,
Minn., at the directors' annual meeting, it is learned from
the Minneapolis "Journal" of Jan. 14.
Henry S. Kingman,
of
P.
P.
Several
the
.
The Board of Directors, at its meeting Jan. 13,
Harry
the
The annual meeting of the stockholders of the
company
H.
C.
of
was
appointed Assistant
Cashiers, and Robert Andrew Brown was named Assistant
the
of
Minneapolis,
Cashier.
Bank
reelected, and Charles
were
Riedel and Walter II. Damon
Secretary.
President
of
Secretary and Second Vice-Presi¬
Rockwell
William
of
announced.
W.
director
of the Board of Directors at the annual
meeting of
directors, held recently, it is learned from the "Com¬
and
dent, and Clifford A. Zoll, from real estate department man¬
Second Vice-President.
At the same time the retire¬
of
a
West" of Jan. 14, and was succeeded in the presi¬
dency by Clyde M. Jorgenseri, formerly Vice-President and
Cashier. v Other promotions were the election of F. O.
Glasco, formerly an Assistant Cashier, to Vice-President,
ager to
ment
Bank
Farmers'
learned from the Chicago "Tribune" of Jan. 11.
moted
also elected
The Board
:
reelected.
nounced
was
mercial
Directors, at the previous meeting of the shareholders,
were
Ford
Mr.
institution.
(
A.
It is
385
Shirley S. Ford
stockholders'
Bank
Atlanta,,
Atlanta, Ga., on Jan. 10 advanced Frank T. Davis and J.
Arch A vary Jr. from Assistant Vice-Presidents to Vice-
C. W. Curry from Auditor to an Assistant Vice-
Presidents ;
President;
Fay
E.
Newborn, Acting Auditor for
the past
months, to Auditor, and promoted C. Talmadge Hardman
Manager of the Monthly Repayment Loan Depart¬
six
The condition
St.
statement
Paul, St. Paul, Minn.,
of the
as
First
National
Bank
of
of Dec. 31, 1938, shows total
deposits of $115,322,776 and total resources of $131,113,836
as
against $120,034,385 and $136,248,853, respectively, on
Sept. 28 last.
The chief items comprising the
the current report are:
Cash
on
resources in
hand and due from banks,
Manager of the bank's Federal
Mortgage Loan Department, to
Assistant Cashiers.
John K. Ottley is Chairman of the
Board of the First National Bank Atlanta, and James D.
ment,
Bowles,
and .Paul
Housing
Administration
Robinson,
President.
♦
■
.
$43,989,788
loans
and
(down from $49,001,980 three months ago);
discounts, $45,555,255 (against $46,671,083), and
United States Government securities,
$33,797,330 (compared
The bank's capital
and surplus remain as heretofore at $6,000,000 each, but
undivided profits have risen to $1,740,516 from $1,615,609.
with
$31,819,087
the
on
earlier date).
reported in
Bank
of
&
Dec.
Co.
1938,
of
Minneapolis, Minneapolis, Minn., as
with $138,600,618 and $153,-
comparing
968,569, respectively,
on
Sept. 28.
The chief items compris¬
ing the assets in the present report are:
due
from
of $161,049,894 are
banks,
months ago);
$60,051,867
(up
from
Cash
on
hand and
$55,021,566
United States Government securities
three
(direct
or fully guaranteed obligations), $56,013,447
(up from $55,766,347), and loans and discounts, $33,891,368 (up from
$32,559,241). No change has been made in the bank's capi¬
tal
and
\
.
heretofore
President,
Vice-President,
a
was
named
Executive
Vice-
C. Evans, Cashier, was given the
Vice-President.
Ryburn G. Clay is
Garnett
and
title
President of
been
the
of
institution.
the condition statement of the First National
Trust
31,
resources
have
changes
additional
Deposits of $145,243,305 and
'
made in the personnel of the
Fulton National Bank of Atlanta, Ga., it is learned from
the Atlanta "Constitution" of Jan. 11.
Frank M. Blalock,
Two
surplus,
which
stand
divided profits have increased
at
$6,000,000 each;
but
un¬
tb $1,876,258 from $1,627,808.
The
promotion
President and
announced
of E.
of Harry
P.
Stallings to the post of Vice-
McAshan to that of Cashier were
by the South Texas Commercial National
Bank
the annual meeting of the
directors on Jan. 10, according to the Houston "Post" of
Jan. 11.
Mr. Stallings was formerly Vice-President and
of
Houston,
Tex.,
following
Cashier, while Mr. McAshan was Assistant Cashier.
have been connected with the institution for some
At the
stockholders' meeting, held previously,
Both
time.
Charles Dil¬
lingham, Houston attorney, and E. Leslie Hogan, President
of Hogan-Allnoch Dry Goods Co., were named directors.
Financial
386
Republic National Bank of Dallas, Dallas, Tex., in
of condition as at the close of business
The
its
statement
showed total deposits of $72,739,122 and total
$82,242,244, contrasting with $70,421,013 and $78,553,780 on June 30, 1938.
The principal items included in
Dec. 31, 1938,
assets of
Loans and discounts, $28,060,990
$24,773,578 on the earlier date) ; United
securities, $15,935,857 (compared with
$19,276,751), and cash in vault and with banks, $24,397,008
(against $27,781,980 six months ago).
The bank's capital
and surplus remain unchanged at $4,000,000 and $3,100,000,
respectively, but undivided profits are now $900,071 against
the
present resources are:
(having risen from
States Government
$050,000
on
$105,200,917 and total resources of $115,350,908, contrasting
with $104,447,756 and $114,297,117, respectively, on June 30
1938.
Included in the resources in the present report are.
Cash (on hand and in Federal Reserve Bank and in other
banks), $40,093,181 (down from $43,241,694 on June 30);
loans,
discounts
and
bankers' acceptances, $38,780,419
(against $36,982,451), and United States Government obli
gations, direct or fully guaranteed, $12,669,191 (againsc
$8,271,078).
The bank's capital is now $5,900,000 (against
$6,000,000 on the earlier date) ; surplus, $1,600,000 (againsr.
$1,500,000),
and undivided
profits, $1,769,894 (against
$1,450,529 on June 30).
+
On Jan. 3 the American National
E.
N.
•
,
Bank of Denver, Denver,
Mudge
Flint
Miles
F.
and
had paid the government financing agency the previous week
a total of $140,000, the last of the $300,000 advanced by the
Assistant Secretary
Corporation in
1933
on
preferred
through its Financial Editor, Thomas
Walker,- further reported the following
bearing on the
Los
Calif.
Mr. Mudge, a graduate in law from the
University of Minnesota, has been with the trust depart¬
ment of the bank for the past 17 years.
He was made an
Angeles,
after
in 1926, and since 1930 has
specialized
Brown University,
Mr. Hint, a graduate of
in court trusts.
Washington Uni¬
taking his legal training at George
went to Los Angeles in 1932,
in April of that year entered the trust department of
Washington, D. C.,
versity,
The "Denver Post,"
H.
Angeles,
Los
of
Bank
Savings
&
Trust
National
Reconstruction Finance
elected Assistant Trust Officer
Assistant Secretary of the Citizens
been
has
Colo., declared a 66 2-3% stock dividend, after retiring all
of its outstanding preferred stock held by the Reconstruction
Finance Corp.
In announcing the dividend, Frank Kirchhof,
President of the institution, said that the American National
stock.
\-X
♦
June 30.
.
Jan. 21, 1939
Chronicle
and
Assistant to the Trust Officer.
where hexhas been
the bank,
•
bank's action:
bank's directors increased
and immedi¬
ately declared a 66 2-3% stock dividend.
Each holder of three shares of
common capital stock will receive two additional shares through this divi¬
Following the retirement of the preferred, the
the common capital
stock to $.500,000 from $250,000 in 1933
The dollar value of the dividend to stockholders is
dend.
In its condition statement as at the
$200,000.
close of business Dec.
31, 1938, the American National showed total resources Of
$9,676,009, as compared with total assets of $8,737,775 On
June 30 last, of which the principal items are:
Loans and
discounts, $3,144,600 (against $3,078,748 on the earlier date);
cash on hand and on deposit in other banks, $2,946,2Q5 (against
$1,697,837), and United States Government bonds, $1,783,530 (against $2,126,779).
On the liabilities side of the report,
deposits were shown at $8,627,309, as compared with $7,654,252 on June 30; capital at $500,000, against $450,000; sur¬
plus at $250,000, against $215,000, and undivided profits,
$234,169, comparing with $316,318.
Officers of the institution in addition to President Kirchhof,
Presidents, Adolph. Kunsmiller" (and Cashier),
and Fritz A. Nagel, V. Marple and J. C.
Barber, Assistant Cashiers; H. F. Feucht, Trust Officer, and
A. W. Brown, Assistant Trust officer.
•
Vice
are:
C. S. Haughwout,
American
The
condition
total
shows
Trust Co. of San
statement
as
resources
the
at
Francisco, Calif., in its
close
of
of»$308,105,413,
Dec.
business
contrasting
with
from
liabilities side
$277,306,154K comparing with $206,043,306 six months ago).
The bank's capi¬
tal
at
$15,000,000 and surplus at $4,000,000 remain unchangedabut undivided profits have risen to $2,993,475 from
$2,793,475 on the previous date.
^ *
$29,780,501
of the
(against
$29,930,223).
On
the
report, total deposits are shown at
In its condition statement
California,
N.
A.
(head
as
of Dec.
office
San
31, 1938, the Bank
Francisco,
Calif.),
reports total resources of $129,435,401 and total deposits of
$110,202,363, contrasting 'with $130,112,250 and $110,890,871,
respectively, on June 30 last.
The principal items compris¬
ing the resources in the present statement are:
Loans and
discounts, less reserve, $53,456,779 (against $54,801,397 on
the previous date); cash and exchange, $40,717,097
(com¬
paring with $41,628,132), and United States securities, $23,726,876 (against $21,916,431).
The bank's capital remained
unchanged at $6,800,000, but surplus and undivided profits
account is now $8,348,515 against $8,317,688.
The Bank of
California was incorporated in 1864 and has branches in
Portland, Seattle and Tacoma.
The
Citizens
National
Trust
"
&
Savings
Bank
of
Los
Angeles, Los Angeles, Calif., in its statement of condition
at the close of business Dec. 31, 1938, shows total assets
of
$122,093,743 and total deposits of $111,806,441, contrast¬
ing with $123,172,309 and $112,798,542, respectively, at the
close of business June 30 last.
In its current statement the
principal items making up the assets are:
Loans and dis¬
counts, $50,169,172 (against $47,154,386 six months ago) ;
United States obligations, direct or fully guaranteed, $35,-
$31,303,100), and cash and due from
banks, $27,169,028 (down from $33,420,943 on the previous
date).
The bank's capital and undivided profits remain the
same at $5,000,000 and $1,150,000, respectively, but surplus
account has
increased to $3,155,000 from $3,135,000 six
250,804
(up
from
$59,313,731 (against $41,095,202 on the previous
United States Government securities, $39,246,508
(against $45,833,764), and loans and discounts, $48,556,992
(comparing with $49,204,701).
Capital stock is $8,000,000,
the same as on June 30, but surplus and undivided profits
banks,
date);
California
Bank
statement of
of
Los Angeles, Calif.,
Dec. 31, 1938,
in
its con¬
reveals total deposits of
$3,950,618
from
six
Vy-:
r
Gear, President of the Crown
his home in Westmount, •Que., on Jan. 9.
Colonel Gear, who was born in
Toronto 81 years ago, began his career in the shipping
business at the age of 14.
At the time of his death he
owned his own steamship agency, William I. Gear & Co.,
Inc.
Prior to his retirement in 1929, he was a director of
the Cunard White Star Line and the affiliated AnchorDonaldson. Line.
Further regarding his career, we quote,
Colonel William Inkerman
of Montreal, Canada, died at
Trust Co.
part, from a dispatch by the
in
Canadian Press on Jan. 10:
connections, Colonel Gear became President of
Exchange in 1902 and President of the Montreal Board
Through his commercial
Montreal
the
.
.
President.
Chairman
and Rothwell Coal
Ltd.,
During the World War
the
■'
and
1909.
Wabasso Cotton Co.,
Elkington & Co., Ltd.;
Toronto,
of
•'
,
Sir# John Carson, Colonel Gear founded the
.Upqn Mr. Bedford's death in 1913 he became
He also
was
Vice-President of the Keewatin Flour
Mills;
of the Board of Cassidy's, Ltd., and a director of the Bank of
Trust Co. in
Mines,
•
.
.
Bedford
Robert
With
Crown
Corn
1905.
in
Trade
of
Ltd.; Siscoe Gold
Co., Ltd.
Colonel Gear was director of steel
shipbuilding
Imperial Munitions Board in Ottawa.
He was commander of the.
1914 until 1910, and was gazetted Lieutenant-
Montreal Home Guards from
the First Regiment,
Colonel of
retired
He
Canadian Grenadier Guards, in April, 1916.
list in 1919.
the Reserve Officers'
to
sixty-eighth annual statement of the
The
Dominion Bank,
issued to the shareholders yesterday,
Jan. 20, covering the calendar year 1938, is said to show a
strong liquid position, substantially higher deposits and
commercial loans, with earnings well
maintained.
Net
Canada,
for the year, after providing $259,000 for taxes,
$960,121, and after paying dividends of 10%, amount¬
ing to $700,000, and $75,000 for officers' pension fund, and
writing $150,000 off bank premises, $35,121 was added to
profits
were
Total deposits of $122,336,000 in¬
profit and loss account.
and immediately available assets
of $89,313,000 equals 68% of liabilities to the public.
Com¬
mercial loans now stand at $47,119,000, an increase of over
creased
$4,500,000,
over
Dominion and Provincial Gov¬
high-grade securities totaling
$55,400,000 are held in the bank's portfolio.: Capital and
reserve
fund, at $7,000,000 each, remain unchanged, while
undivided profits stand at $805,000.
Total assets have
$5,600,000 during the year.
increased to
other
and
bonds
ernment
$148,380,000.
«
profits of the Westminster Bank, Ltd. (head office
London), for the past year, after providing for rebate,
income
tax and national defence contribution, and
after
Net
appropriations to the credit
of which accounts full
of contingency accounts, out
provision for bad and doubtfuF debts
made, amount to £1,557,162.
has been
This sum, added to
£496,018 brought forward from 1937, leaves
sum of £2,053,180.
It is further stated:
The
on
dividend of
the
declared
further
account
The
dition
$4,307,814
to
«
income
♦
increased
has
account
months ago.
shares
£1
in
of
tax)
and
£526,585
9% paid in August last on the
to
of
12%%
on
£563,298.
absorbs
Feb.
A
available the
£4 shares and
further dividend of 9%
6%%
is now
£4 shares, making 18% for the year; and a
6%% on the
£1 shares will be paid, making the
respect of
dividend
maximum
months ago.
close of business
$153,028,680, respectively, on June 30, last.
The principal
items in the current statement are:
Cash and due from
Toronto,
of
the
31,
.
on
$40,194,652), and State, county and municipal bonds,
at
as
1938, the Seattle-First National Bank, Seattle,
Wash., reported total deposits of $147,396,020 and total
assets of $162,494,095, comparing with' $138,726,699
and
Dec.
31,
June 30 of the same year, of which the
principal items are:
Loans and discounts, $137,954,937.
(comparing with $127,194,607 on the earlier date) ; cash
on hand and in banks, $62,048,7S8
(down from $08,265,877) ;
United States Government bonds and notes, $49,829,380 (up
$296,090,092
statement
condition
its
In
the
The dividends
will be payable' (less
for
the
1;
£100,000 has been transferred to bank premises
£300,000, to
be carried
year.
officers'
forward.
pension
fund,
leaving
a
balance
of
Volume
148
Directors
of
Financial
the
Midland
Bank, Ltd. (head office Lon¬
don) report that after making full provision for all bad and
doubtful debts, net profits for the year 1938 amount to
£2,445,071,
,
which,
with
£591,044
brought
forward
from
the previous year, makes a total of
£3,036,715, out of which
the
following appropriations (amounting to
have
been
made:
To
£1,529,200)
dividend, paid July 15 last,
interim
for the six months ended June
actual,
less
income
tax,
30, 1938, at the rate of 8%
£879,200; to reduction of bank's
premises account, £150,000,
tingencies,
and
£500,000, leaving
to
the
for future
reserve
of
sum
£1,507,515,
Chronicle
last
387
week
the range pf prices was toward higher levels.
Aluminum Co. of America closing last night at 119
against
116 on Friday a week ago, American Gas & Electric at
36%
against33, Cities Service at 7% against 7%, Consolidated
Gas of Baltimore at 72% against
71%, Electric Bond &
Share at 12% against 10%, Fairchild Aviation at 11
% against
11, Fisk Rubber Corp. at 11% against 10%, International
Petroleum at 26% against 26, Niagara Hudson Power at
8% against 8%, and Sherwin-Williams at 110 against 107%.
con¬
from
which the directors recommend
1
a dividend be paid on Feb.
half-year ended Dec. 31, 1938 at the rate of 8%
for the
actual, less income tax, calling for £879,200, and a balance
of £628,315 be carried forward to the current year's profit
and
loss
account.
"
'
Stocks
Trading
and
on
Saturday
Monday,.
Tuesday
Wednesday.......
Thursday....
Friday...
i.;..
of
the
week:
present
There
have
occasional
been
metal shares have been
maintained.
were not
period of trading
were
the market leaders closed
There
on
a
Industrials
were
was some
the side of the advance.
were
uniformly
was some
on
the trend.
Niles-Bement-Pond, 2% points to 58; Safety Car Heating &
special feature.
Wilcox, 1 point to 26%.
Industrials
2,050,000
2,418,000
2,705,000
3,00C
25,000
14,000
'2.722,000
2,599,000
22,000
2,646,000
8136,000
Week Ended Jan. 20
to
advance
were
during most of the
was
quiet and without
also in,, moderate demand,
fairly well scattered through the list.
Aircraft shares, oil
stocks and mining and metal issues showed only minor
changes.
The transfers for the day were 158,265 shares with
Of these 147 closed
advance, 79 declined and 80
on
$81,000 $12,616,000
1939
Jan. 1 to Jan. 20
1939
1938
.
1938
949,200
856,8.5
2,751,020
2,953,025
$12,399,000
$6,617,000
$28,331,000
$17,183,000
136,000
71,000
278,000
357,000
81.000
126,000
246,000
$12,616,^000
Foreign
$6,814,000
$28,855,000
government..
Total
335,000
-
$17,875,000
CURRENT
the side of the
NOTICES
—Charles A. Frank & Co., members of the New York Stock Exchange,
that
announce
nership
in
jGr.
Morgan
in the firm.
Charles
A.
Browne
Mr.
Frank
&
Browne,
Co.,
was
has
been
who
had
associated
admitted
to
general
prcvizusly been
during the past
a
part¬
partner
with
year
Taylor, Bates & Co.
—Van Alstyne, Noel & Co. announce that Edward L. Elliott, formerly
with
Winthrop,
Mitchell
Co.
&
economist and
as
marked commentator
and prior to that Vice-President of Pacific Co. of California, Los Angeles,
has become associated with them.
—William
announce
and while the gains were not especially noteworthy, they were
306 issues traded in.
5,000
12,000
Bnpds
Lighting, 2 points to 60; Sherwin-Williams, 1% points to 109,
Monday7*klfhough trading
1,667,000
13.000
28,000
181,695
203.235
Domestic
The gains included among others Aluminum Co. of America,
on
8,000
2.032,000
2.378,000
Sales at
Public
strong, and while there
Public utilities continued
49,000
,
173,345
irregularity
4% points to 120%; Lockheed Aircraft, 1% points to 31%;
session
1,610,000
$1,113,000
142,665
Foreign corporate!
profit taking apparent, it made little impression
and Babcock &
159,965
.
fairly large percentage of
utilities attracted considerable attention and
higher.
.
Exchange
generally higher during the brief
*n evidence from time to time but
$20,000
949,200 $12.399,000
quiet and oil issues have shown little
Saturday.
on
..
Stocks—No. of shares.
Aircraft stocks and armament shares have been in
Curb market stocks
818,000
Mining and
light demand with little fluctuation in price.
•
Total
Corporate
New York Curb
the public utility stocks and industrial
among
specialties, but the gains
change.
...
Total
price movements have been somewhat irregular during
much
Foreign
Government
*1,075,000 .&■?'
89,295
....
„
EXCHANGE
CURB
Foreign
Domestic
'
the New York Curb Exchange has been quiet
upward spurts
of
Shares)
Jan. 20, 1939
.
THE
Bonds (Par Value)
(Number
Week Ended
at
C.
Orton,
William
C.
Orton
Jr.,
and
J,. Bassett Winmill
the formation of the firm of
Wall
One
St.,
this
city,
Wm, C. Orton & Co., with offices
specialize in1 over-the-counter and reor¬
to
ganization securities.
—Allen & Co.,
30 Broad St., New York City,
"An
cular entitled
Annual
distributing
are
a
cir¬
Report of Leading New York Bank & Trust
Companies."
—Harold Pfleeger,
formerly with
associated with Jackson
Bros.,
Standard Statistics Co., has become
Ooesel & Co. in their Investment Service
Division.
—R.
E. Swart &
Inc., announce that Edward Reffell has become
Co.,
associated with them in their New York office
as a
Vice-President.
unchanged.
Prominent
among the gains were Columbia Gas & Electric pref., 2
points to 60; New Jersey Zinc, 2 points to 57, and Aluminum
Co. of America, 1% points to 122.
Price fluctuations were small during the early dealings on
Tuesday, but a brisk rally after mid-session carried the utili¬
ties sharply forward, and while the gains were moderate, they
extended to a number of other groups and gave the market an
appearance of strength.
Industrials also were active and
many substantial advances
were
registered at the close.
Scattered through the list were a number of soft spots,
upon
but
indicate that for the week ended today (Saturday, Jan. 21)
on
these
the
had
side
little
of the
effect
advance
were
on
the
trend.
The
changes
included among others Ameri¬
Light & Traction pref., 2% points to 29; Columbia
Gas & Electric pref., 2 points to 62; Sherwin-Williams, 1%
can
points to 110%, and Utah Power & Light pref., 3% points
to 53%.
N
Light trading and narrow price changes were the out¬
standing characteristics of the dealings on Wednesday:
—Fuller,
announce
Rodney
that
Redmond, members
&
New York
Stock
Maurice Goodman has become associated
—James Talcott,
with
Exchangethem.
Inc., has been appointed factor for Somerset Fabrics,
Inc., New York City; manufacturers of lastex fabrics.
\
—Henry Hohenstein has become associated with S. It. Melven & Co.
COURSE
Bank
with
OF
BANK
CLEARINGS
clearings this week will show
an
increase compared
Preliminary figures compiled by us based
telegraphic advices from the chief cities of the country
a
year ago.
from all cities of the United States from which
possible to obtain weekly clearings will be 2.3% above'
those for the corresponding week last year.
Our preliminary
total stands at $5,753,971,061, against $5,623,848,627 for
the same week in 1938.
At this center there is a gain for the
week ended Friday of 2.3%.
Our comparative summary
bank clearings
it is
for the week follows:
v
Some of the industrial
specialties registered small gains but in
the general list prices were inclined to move toward, lower
•levels. Public utilities pushed forward during the forenoon
but lost most of their gains before the market closed.
Air¬
craft shares
were
(juiet and registered only fractional changes
and the oil and mining and metal stocks held around the pre¬
vious close.
The best advances were in the industrial speci¬
-
1938
Cent
.
-
_
-
— ... -
-
- -
-
--i _....
--- *
-
Kansas City-.... - - - --W_ - -St. Louis............
..........
San Francisco
Pittsburgh
——------
Detroit.....
Cleveland........
:
J.
-.
Baltimore
Eleven cities, five days.
Other cities, five days:
Total all cities, five days
All cities, one day.—
Total all cities for week..
-
...—
$2,713,231,303
+ 1.1
236,241,330
—0.7
309,000,000
.—
Boston..
'
301,000,000
+ 2,7
193,217,467
$2,743,367,366
—
Chicago
Philadelphia..'
alties group,
1939
234,663,832
New York
to
Pittsburgh Plate Glass moving ahead 3% points
108%; Singer Mfg. Co., 4 points to 117; Penn Salt, 3 points
to 163, Standard Steel Spring, 2% points to 27%, and Brill
pref. 3% points to 30.
Stocks were generally quiet and price movements were
narrow on Thursday.
Toward the end of the session there
was
a brisk
advance in the public utilities that carried a
number of stocks in this group to higher levels, but with
few exceptions the rest of the list showed little change from
the previous close. Advances and declines in
the
aircraft
issues were about evenly divided and oil shares and mining
and metal stocks held steady around the previous close.
Standard Steel Spring was active and climbed up to 29 at
its top for the day but drifted back to 28 and closed with a
fractional gain.
The transfers were 182,165 shares against
141,675 on Wednesday.
Irregular price movements continued to dominate the
market on Friday, and while there were some strong spots
scattered through the list, prices generally pointed down¬
ward.
Public utilities were in light demand and there was
some
attention given to the, industrials, but the market
eased off as the day progressed and the changes were about
evenly divided at the close.
As compared with Friday of
Per
Clearings—Returns by Telegraph
Week Ending 'Jan. 21
181,521,706
+6-4
77,709,345
79,891,470
—2.7
75,000,000
74,300,000
+0.9
114,969", 000
117,200,000
86,367,067
105,160,540
77,379,400
—1.9
.
+21.8
—1.2
75,335,094
78,332,164
66,416,088
+ 13.4
57,233,505
51,648,654
+ 10.8
$4,063,035,549
$3,986,149,782
+ 1.9
731,940,335
687,729,270
+6.4
$4,794,975,884
$4,673,879,052
+ 2.6
958,995,177
949,969,575
+ 1.0
$5,753,971,061
$6,623,848,627
+ 2.3
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today. Accordingly, in the above the last day of
the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Jan. 14.
For that week there was an increase of 9.7%, the aggregate
of clearings for the whole country having amounted to
$5,955,622,585, against $5,427,210,863 in the same week in
1937.' Outside of this city there was an increase of 4.0%,
Financial
388
having recorded a gain of
the cities according to the Federal Re¬
serve Districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a gain of 13.4%, in the Boston
Reserve District of 11.3%, and in the Philadelphia Reserve
District of 14.1%. In Cleveland Reserve District the totals
are larger by 1.4% and in the Atlanta Reserve District by
4.2%, but in the Richmond Reserve District the totals are
smaller by 4.0%. In the Chicago Reserve District the totals
show an improvement of 4.2%, and in the Minneapolis
Reserve District of 2.5%, but in the St. Louis Reserve
District the totals show a decline of 1.9%.
In the Dallas
Reserve District there is a decrease of 2.6%, but in the Kan¬
sas City Reserve District there is an increase of 3.2% and
in the San Francisco Reserve District of 2.1%.
In the following we furnish a summary by Federal Reserve
districts:
•
/■ + .'
;.
,.:;:
Jan. 21, 1939
Chronicle
the bank clearings at this center
We
14.2%.
group
.
.
,
'
SUMMARY,OF BANK CLEARINGS
Week Ended Jan. 14
Clearings atInc. or
1938
1939
Dec.
Seventh Feder al Reserve D lstric
Detroit
Grand Rapids.
Lansing
Wayne
Int.—Ft.
Indianapolis
1,390,735
5,175,245
21,903,140
1,334,054
9,173,861
South Bend
Terre Haute...
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
3,734,449
Sioux City
315,440
III.—Blooming ton
Chicago
304,930,949
..... _
Decatur......
1,188,554
Peoria
3,812,728
Rock ford.;.
1,122,569
1,307,590
Springfield
;
+35.7
+ 13.5
+ 19.1
—7.4
—3.1
+ 11.5
+ 11.3
+4.8
—7.6
+ 12.4
+ 13.5
+ 6.6
621,797
117,704,441
3,755,158
1,568,976
1,134,449
19,944,000
1,451,918
5,488,144
22,858,436
1,145,841
8,619,119
3,596,069
—6.8
371,126
+ 1.6
379,609,321
+ 13.2
877,934
4,813,533
1,428,436
2.7
—
—7.1
—7.5
1,373,212
+4.2
o
462,912,663
482,327,009
Total (18 cities)
Chic ago—
699,805
88,391,928
2,630,027
1,316,912
1,090,823
18,159,000
1,249,380
4,938,717
23,711,369
1,187,106
8,085,260
3,501,734
338,281
300,023,170
1,049,989
3,917,942
1,208,327
1,412,893
949,516
100,337,094
3,131,949
1,219,426
1,056,710
20,243,000
Mich .-Ann Arbor
—
1937
$
70
576,361,910
■
Inc.or
Week End. Jan. 14,
1938
Dec.
1937
%
St
uis— "
Eighth Federa 1 Reserve Dis trict—St, Lo
1936
S
1939
1939
*
$
2d
+ 11.3
310,536,885
283,159,292
Ky.—Louisville..
Tenn.—Memphis
"
3,595.908,803
3,172,122,153
4,157,601,753
335,002,336
425,406,124
398,464,830
"
PhJladelphlalO
4th
Cleveland.. 5
267,644,014
263,676,802
+ 1.4
322,212,557
146,873,699
120,478,563
5th
Richmond--
6
"
128,253,919
133,593,170
6th
Atlanta
10
"
160,839,408
154,287,510
+4.2
168,609.825
7th
Chicago
18
"
482,327,009
462,912,663
+4.2
676,361,910
505,000
141,127,581
-1.9
158,762,288
158,762,288
Total (4 cities)
.
455,646,059
139,007,981
St. Louis...
4
"
141,127,581
—1.9
Minneapolis
7
"
99,081,883
96,699,710
+2.5
98,707,688
89,061,099
Ninth Federal
CltylO
"
134,989,752
130,861,419
+3.2
145,011,078
141,491,262
Minn.—Duluth..
6 ..."
68,815,260
70,628,178
—2.6
65,782,081
60,578,039
138,440,825
,
Reserve Dis trict —Minn eapolis
'
238,622,746
+2.1
262,802,601
5,427,210,863
+9.7
7,024,055,475
6,477,621,858
2,463,116,385
2,367,728,056
+4.0
2,817,084,224
2,439,165,402
Mont.—Billings
+ 15.3
647,178
698,361
2,396,199
+ 15.6
+16.8
605,331
2,303,965
99,081,883
St. Paul...
664,238
806,998
S. D.—Aberdeen.
96,699,710
+ 2.5
98.707,688
.
Helena
'
32 cities
371^961,756
—2.7
302,060,787
294,017,070
add
now
our
+ 2.9
—0.7
+ 6.3
352,743,870
Total (7 cities)
We
2,924,049
64,148,342
25,885,711
2,193,112
2,767,238
62,319,825
25,762,664
2,091,185
2,797,734
243,638,281
5,955,622,585
N. D.—Fargo
Canada
+0.3
2,776,632
64,131,106
25,579,455
2,223,931
.'A
766,027
Minneapolis
232,888,191
"
Ill cities
Outside N. Y. City.....
FTotal
x
142,424,400
•
9th
12th San Fran.._ 10
22,325,734
+ 0.5
x
Quincy..
8th
11th Dallas
44,031,554
256,820,389
—4.0
10th Kansas
91,900,000
+ 3.3
551,000
111.—Jacksonville
382,390,596
+ 13.4
+ 14.1
4,342,988,739
v
New York.. 13
3d
—3.2
138,440,825
227,474,595
12 cities
Boston
83,100,000
36,589,591
20,886,990
554,000
253,292,835
Federal Reserve Dists.
1st
—5.8
19,682,089
80,400,000
37,804,736
Mo.—St. Louis..
_
week's
detailed statement showing last
figures for each city separately for the four years:
Reserve Dis trict— Kans
Tenth Federal
1938
1989
—0.9
30,520,432
+ 7.5
3,248,164
3,488,493
2,766,845
3,864,189
85,984,597
+ 17.4
+ 2.7
2,898,527
30,405,990
2,319,056
3,006,759
101,416,209
3,455,167
"
—16.0
+3.5
714,163
.
.
87,589,145
Mo.—Kan. City
Boston
Reserve Dist rict
132,801
2,637,170
32,821,072
.1
Kan.—Topeka
Wichita..
*'
%
$
$
Federal
First
+ 7.1
2,613,539
Omaha
1936
1937
Dec.
569,162
589,493
496,291
590,890
' 2,667,741
215,699,816
1,974,523
+30.0
Mass.—Boston..
192,744,719
+ 11.9
2,107,569
268,488,764
2.046.989
245,133,852
Fall River....
759,630
587,441
+ 29.3
789,402
443,845
454,494
755,627
3,454,732
1,775,160
12,603,602
4.381.990
Portland..
\
....
k
Hartford
New Haven
R.I.—Providence
947,614
+ 1.9
3,722,122
10,644,575
3,997,328
9,904,500
453,089
+ 5.1
10,721,000
574,601
N.H.—Manches'r
Total (12
+23.0
»
"Worcester.....
—
—19.0
722,468
3,286,574
2,069,861
404,007
Springfield
Conn.
498,627
888,364
3,349,654
2,258,726
11,187,219
4,385,787
Lowell
New Bedford..
t
,
,
cities)
253,292,835
227,474,595
13,723,104
4,432,710
12,247,100
657,665
+ 9.7
+8.2
+ 26.8
+ 11.3
310,536,885
10,799,200
527,465
,
283,159,292
'
:
Second Federa I
Reserve Di strict^-New
616,566
588,299
+4.8
577,037
134,989,752
130,861,419
+3.2
145,011,078
—39.6
—2.8
1,295 ,400
31,800,000
487,182
—6.9
+ 16.2
36,600 ,000
758,,529
747,775
—8.4
3,492,506,200 3,059,482,807
+ 14.2
7,934,657
+ 10.9
...
Jamestown....
685,304
Buffalo
Elmira
New York
Rochester
8,797,209
.....
Syracuse
4,108,069
4,241,257
—3.1
Westchester Co
4,224,084
3,790,937
+ 11.4
Conn.—Stamford
4,377,421
4,025,298
+ 8.7
478,173
490,764
809, 602
4,206,971, 251
8,483, 210
4,315, 571
2,995, 378
3,849, 473
—2.6
...
17,761,854
18,757,559
—5.3
Northern N. J.
25,150,299
28,364,848
—11.3
•
Newark
Total (13
Third
■
cities) 3,595,908,803 3,172,122,153
F'ederal
Reserve Dis trict
Pa.—Altoona
559,019
Bethlehem
4',279,684
3,730,908
+ 13.4
500,000
20,233,496
38,113,555
4,342,988,739 4,157,601,753
437,333
548,427
351,732
487,1.33
329,908
+ 18.9
378,248
335,538
+ 12.7
'285,919
270,659
1,390;705
1,128,091
+ 23.3
1,340,575
1,221,432
392,416
Reserve
Eleventh Fede ral
District—Da lias—
1,290,295
48,860,279
1,848,050
51,885,636
.1,564,426
+ 18.1
51,836,820
+ 0.1
Fort Worth
7,375,241
+ 2.1
Galveston.....
2,380,000
897,148
—22.6
Wichita Falls..
7,222,620
3,073,000
1,190,247
—24.6,
1,009,779
La.—Shreveport.
4,429,185
5,741,065
—22.9
4,617,648
68,815,260
70,628,178
—2.6
65,782,081
Texas—Austin..
Dallas
Total (6 cities).
6,581,080
3,423,000
Philadelphia...
369,000,000
322,000,000
+ 14.6
408,000,000
382,000,000
Reading
Seranton.__.__
1,653,808
1,493,711
+ 10.7
1,656,102
2,358,474
2,272,001
+4.3
35,256,561
1,045,028
34,726,582
33,299,401
917,484
859,785
+ 6.7
28,999,344
28,874,351
+0.4
City
15,Q35,912
16,426,215
—8.5
Calif,—L'g Beach
4,710,623
4,339,038
4,596,926
143,270,000
+ 8.6
4,715,363
+ 10.3
5,285,272
164,454,000
Yakima
Ore.—Portland.
Utah—S. L.
5,069,239
Pasadena
San
146,996,000
Francisco.
.
+2.6
29,257,069
15,968,578
San Jose
3,074,491
1,774,782
2,333,824
2,697,473
1,820,848
2,438,709
+ 14.0
Santa Barbara.
—4.3
2,863,298
1,681,901
2,275,531
243,638,281
238,622,746
+ 2.1
262,802,601
Stockton
Grand
total
(111
—2.5
5,955,622,585 5,427,210,863
+ 9.7 7,024,055,475 6,477,621,858
Outside New York 2,463,116,385 2,367,728,056
+ 4.0 2,817,084,224 2,439,165,402
cities)
1,272,152
Wilkes-Barre..
Franc isco—
Twelfth Feder al Reserve D istrict—iSan
Wash.—Seattle.
Total (10 cities)
'
Lancaster _____
Chester
Total (10 cities)
,
1,190,045
Phila
delphi
+ 48.6
376.166
—
,
2,906,428
45,896, 000
J.—Montclalr
•''
33,200,000
634,005
613,610
,038,456,456
7,965,666
500, 614
21,348, 643
N.
•-
5,777,900
9,165 ,068
1,115,452
6,570,075
1,083,962
29,600,000
566,153
Binghamton
Pueblo
York-
10,883,617
N. Y.—Albany..
+ 1.9
3,574,165
694,043
.
2,387,497
+9
—9.7
718,191
3,670,071
St. Joseph
Colo.—Col. Spgs.
657,019
Me.—-Bangor....
85,369
—17.1
Lincoln
Inc. or
City
97,400
134,279
80,761
_
Hastings....
Clearings al-
as
143,750
NCb.—Fremont.
Week Ended Jan. 14
2,905,734
1,031,627
+ 3.8
2,708,791
1,169,148
952,762
+ 22.7
....iii...'
1,251,764
1,577,359
—20.6
N. J.—Trenton..
4,237,014
4,536,800
—6.6
1,179,916
1,771,662
7,563,000
382,390,596
425,406,124
'York
1,581,760
,
Week Ended Jan. 12
Clearings aiInc. or
7,257,000
1938
1939
Total (10
cities)
335,002,336
+ 14.1
F"ourth
Feder al Reserve D Istrict—Clev
eland-
$
Canada—
Ohio—Canton
Cleveland
...
Columbus.
Mansfield:
x
x
,
Cincinnati
+ 1.2
66,112,869
+ 6.7
10,305,800
12,469,800
1,441,926
—17.4
97,945,359
14,602,000
1,862,289
1,844,360
3,878. 766
632
2,329,304
+4.4
4,420 941
4,606,053
5,389,297
1,351,596
1,615,851
—4.0
Montreal
85,393, 743
54,936,786
76,434,975
Winnipeg.....
26,857, 472
Vancouver
11,180,200
Ottawa
17,762, 630
18,260 291
x
58,684,560
85,280,667
+ 27.9
1,419,724
:..
Pa.—Pittsburgh.
Total (5 cities).
x
x
105,128,945
267,644,014
x
x
x
Quebec
....
106,001,849
—0.8
141,690,040
112,848,704
263,878,802
+ 1.4
322,212,557
256,820,389
325,152
2,780,000
236,560
Halifax..:....
2,431
Hamilton..
Calgary.........
Youngstown...
Federal
1,724 978
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
326,324
2,467,000
S. C.—Charleston
37,730,502
1,191,682
Md.—-Baltimore
D.
276,641
2
+ 18.0
,415,000
+ 2.2
38 ,574,590
—2.2
2,432,000
76,853,557
25,454,133
34,309,920
1,056,366
61,407,687
21,036.030
146,873,699
120,478,563
39„980,267
1,480,590
1,659 ,960
London
Reserve Dlst rict- -Richm ond—
'
5,188, 173
St. John..
Victoria.
Fifth
%■
+ 0.6
104,609,817
96,189,983
26,275,694
15,507,588
17,383,030
5,073,087
105,200, 604
Toronto
59,382,783
90,982,126
Dec.
398,464,830
2,211 368
Edmonton.;
3,592 ,274
2,833 ,205
Regina
—11.2
+ 2.2
+ 14.5
+ 5.0
—23.6
—3.7
+ 27.6
+2.7
2,237,290
—1 2
3,624,497
—0.9
2,525,429
')
+ 12.2
1936
1937
$
$'
139,331,863
119,342,270
32i855,557
19,289,2.50
16,968,925
4,932,417
2,512,900
4,428,392
5,457,211
1,931,155
1,736,148
2,776,384
3,818,518
2,926,114
236,268
117,543,926
94,007,978
70,980,051
16,647,852
15.556,455
,
3,383,673
2,285,703
4,387,340
4,989,898
1,370,267
1,531,640
2,374,0.54
3,668,699
2,418,483
226,182
245 ,395
_.
239,411
+ 2.5
466 ,265
Brandon
—4.4
3.56,100
434,160
+ 3.9
1,345,197
1,202,920
—7.0
22,814,504
22 ,594,915
+ 1.0
133,593,170
.0
+ 18.9
491,355
410,719
128,253,919
565 ,911
860 ,287
+4.0
971,346
734,885
Fort William
553 ,217
749,624
—26.2
837,713
484,276
588 ,654
645,094
—8.7
565,790
509,694
Medicine Hat..
63,723,907
487,590
1,066,459
476,025
826,923
New Westminster
(6cities).
—2.4
221,519
68 ,510,505
Moose Jaw
Brantford
C.—Wash'g'n
Total
1
207 ,954
224,183
—7.2
181,0.54
169,409
Peterborough.
552 ,559
589,222
—6.2
562,664
587,600
627 ,917
750,208
—16.3
615,662
513,871
894 ,565
995,039
2,907,845
303,986
—10.1
987,049
928,059
—13.8
—11.7
2,793,911
307,769
2,493,828
268 ,369
Lethbridge
1,107 ,604
Saskatoon
'
Sixth Federal
Reserve Dis* rict—Atlant
Nashville.
Ga.—Atlanta
Augusta
Macon
5,477,778
4,659,798
+ 17.6
4,888,443
3,889,973
19,752,773
18,603,697
+6.2
19,493,442
16,712,057
Sherbrooke
54,200,000
49,100,000
+ 10.4
57,300,000
1,129,538
*1,100,000
Tenn.—Knoxville
1,272.456
928,911
—11.2
1,582,401
49,000,000 '
1,138,376
Windsor...
+ 18.4
1,150,656
967,841
_
_
.
Kitchener..
2,507 ,606
___
Prince Albert
*
199,468
Fla.—Jack'nville.
15,033,000
+ 23.2
18,829,000
14,528,000
Moncton
626 ,765
650,628
—3.7
831,638
584,529
18,526,000
20,900,516
17,124,498
1,581,929
+ 22.1
20,511,999
19,207,475
Kingston
569 ,308
515,351
+ 10.5
523,726
493.123
Ala.—Birm'ham.
+ 6.0
1,780,407
1,388,162
Mobile.
1,676,873
Miss.—Jackson..
Vlcksburg
La.—N e w Orleans
x
x
x
202,724
184,974
+ 9.6
.37,873,206
45,798,247
—17.3
Chatham
464 ,837
505,338
—8.0
559,772
412,987
x
x
Sarnia
499 ,736
496,598
+ 0.6
445,760
412,334
172,643
180,567
Sudbury
994
910,747
+9.2
1.041,878
799,807
42,900,834
35,411,949
302,060,787
—2.7
371,961,756
352,743,870
Total (32 cities)
Total (10
cities)f 160,839,408
154,287,510
-f-4.2
168,609,825
294,017,070
y
142,424,400
*
Estimated,
x
No figures available.
Volume
Quotations during the week:
FOREIGN EXCHANGE RATES
IN
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
FOREIGN
Dec. 29, 1938__19 15-16d.
Dec. 30, 1938__20d.
Dec. 31, 1938—21*l-16d.
We
Jan.
record for the week just passed:
a
EXCHANGE
CERTIFIED
14.
1939,
Average
RESERVE
Dec.
Dec.
Dec.
Dec.
Jan.
Statistics for the month of December,
Noon Buying Rate for
'
.
Cable Transfers in New York
Cash
14
16
Jan.
Highest price.
17
Jan.
1939
__
Lowest price
Average
$
S
$
S
Belgium, belga
U69027
.169036
.169061
.169070
.169038
.012125*
.012125*
.012125*
.012125*
.012125*
Denmark,
.208665
.208568
.208728
.208968
.208950
4.676736
4.681805
4.681319
4.680486
.020565
.020562
.020605
.029592
.020590
.026368
.026382
.026402
.026416
.026409
.401318
..399742
Fine
149s. 7%d.
148s. Id.
148s. 10.5d.
.208923
4.673750
Per Ounce
.012125*
Eugl'd. pound sterl'g 4.675833
.020635
Finland, markka
France, franc..:
.026359
Bar Gold
Months'
Delivery
19 ll-16d.
19 5-16d.
19.485d.
.168983
Bulgaria, lev
Czechoslov'la. koruna
Oz. Std.—
2
Delivery
20%d.
19 15-16d.
20.0825d.
Unit
Jan.
1938
1938:
—Bar Silver per
Value in United States Money
Country and Monetary
43 cents
—43 cents
43 cents
43 cents
43 cents
1938-.1938
1938-
28,
29,
30,
31,
3,
The highest rate of exchange on New York recorded during the period
from Dec. 29, 1938, to Jan. 4, 1939, was $4.66% and the lowest $4.62%.
1930
1939, INCLUSIVE
TO JAN. 20,
Per Ounce (0.999 Fine)
19%d.
19 ll-16d.
19 ll-16d.
203-16d.
20 3-16d.
19.875d.
3, 1939—21%d.
4, 1939..20 15-16d.
20.412d.
Jan.
FEDERAL
BY
TREASURY UNDER TARIFF ACT OF
BANKS TO
JAN.
RATES
IN NEW YORK
LONDON
-Bar Silver per Oz. Std
Cash
2 Mos.
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
389
Chronicle
Financial
148
Europe—
.
krone.__
.034256
S
.034262.
.034264
.034266
.034254
S
;
I ENGLISH FINANCIAL MARKET—PER CABLE
.034262
The daily closing
"
as
Germany, relchsmark
.401187
.401225
.401143
.400537
Greece, drachma
.008564*
.008571*
.008566*
.008575*
.0G8582*
.008575*
Hungary,
.196500*
,196550*
.196550*
.196550*
.195300*
.196550*
.052606
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
pengo
Sat.,
Italy, lira..........
.052600
.052604
.052600
.052604
.052604
Netherlands, guilder.
.543450
.543344
.543050
.542738
.543038
.234881
.234812
.234953
.235218
.235165
.235143
.189075
.188925
.188925
.188975
.188975
.189037
Portugal, escudo
.042450
.042437
.042412
.042453
.042440
.042440
Rumania, leu
.007342*
.007307*
.007314*
.007307*
,007307
.007264*
British 3 % %
W. L„
.045000*
.045833*
.045C00*
.045000
.240612
.240740
.241009
.241009
.225847
.225880
.225843
.225838
.022925
.022800
.022800
.0228'OC
.022800
.022700
.163958*
.164583*
Holiday
£107%
£107%
.225800
Yugoslavia, dinar...
£97%
.240940
.225900
£97%
.045000*
.240668
Holiday
British 4%
1960-90
<
Switzerland, franc...
.164375*
Spain, peseta
Sweden, krona.
...
.045616*
Asia—
•
*
•
U.
.165750*
.165166*
.165750*
.165166*
.163333*
.163958*
.164583*
.163062*
,161687*
.161250*
.161718*
.162187*
148s.7d.
£69%
£97%
£97%
£107%
£107%
£97%.
£107%
United
Closed
42%
42%
64.64'
42%
42%
42%
64.64
Treasury
.164375*
Shanghai (yuan)do'l
S.
20
Jan.
20 1-16d.
on
BarN.Y.(for'n)
.163333*
Fri;,
Thurs.,
Jan. 19
price of silver per ounce (in cents) in the
the same days has been:
; V
The
States
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
Wed.,
17
Jan.
Silver, per oz._ 20%d.
20%d.
20 5-16d.
20%d.
20 l-16d.
Gold, p.flneoz. 148s.9%d. 148s.8%d. 148s.8%d. 148s.7%d. 148s.5%d
£70%
Consols. 2%%_ Holiday
£70 %
£70%
£70yg
£69%
.542852
Norway, krone
Poland, zloty..
16
Jan.
Jan. 18
Tues.,
Mon.,
14
Jan.
.162031*
Tientsin (yuan)
dol/
.167457*
.166375*
.165000*
.166093*
.166562*
.291281
.2917.50
.291640
.291875
.291875
.291593
.349156
.349150
.349390
.349698
.349735
.349595
'•.272387
.272312
.272550
.272716
.272762
.272750
•.543625
.543312
.543500
.544125
.543875
.543875
Australia, pound.... 3.725312
3.723359
3.726328
3.730468
3.730156
3.727265
64.64
64.64
64.64
.166406*
dollar
British India, rupee-
(newly mined)
.64.64
Hongkong,
Japan, yen
Straits Settlem'ts, dol
Chicago
Australasia—
New
&
Canada, dollar
Cuba,
.:
4.635312
4.633375
4.633333
.991250
.991660
.992460
.933476
.992656
.999333
.999333
.999333
.999333
.999333
.194616*
peso
Newfoundl'd, dollar.
.194583*
.194583*
.195000*
.194583*
.312040*
&
.990000
.988750
.988750
.989257
.990000
.311590*
.311615*
1311665*
.312055*
.312035*
.058800*
.058666*
J94583*
.991C15
peso.....
Brazil, mllreis
Chile, peso—official.
.058600*
.058600*
.058580*
.051733*
.051733*
.051733*
.051733*
.051733*
.040000*
.040000*
.040000*
.040000*
.040000*
.570600*
.570600*
.570600*
.570600*
.570600*
.570600*
.615137*
.615008*
.615191*
.615680*
.615631*
.615785*
recently
Co.
Sales Manager of Webber,
Darch & Co.,
'
"
*
of
was
with John Noveen & Co., has
Fla.,
Orlando,
firm in Chicago, and
joined Leedy, Wheeler
—7C,
in Miami.
Biddulph
Ashmead
south Florida.
their retail representative in
as
is
;
.
*
.
Stranahan, Harris
associated with
now
& Co,, Inc., in the New York office.
.040000*
Colombia, peso
Uruguay, peso......
'
.058580*
.051733*
export-
investment
has been
His headquarters will be
South America—
Argentina,
Brailsford & Co., Inc., of
Brailsford, President, • announced.
field in 1929 with Paul H. Davis
—Ray T. Sterling, who formerly headed his own
•
more
.9912,10
.999333
peso..
Mexico,
4.629750
the
and recently
Chicago.
Africa—
4.628958
Co.,
Walter
Vice-President,
as
Iverson*entered
Mr.
Zealand, pound- 3.739500* 3.739375* 3.742125* 3.745625* 3.744375* 3.743062*
Union South Africa, £ 4.626964
•North America—
NOTICES
CURRENT
—Roy Iverson has become associated with
"
"
Nominal rates
THE
ENGLISH
GOLD
NATIONAL BANKS
:
following information, regarding National
from the office of the Comptroller of the Currency,
Department:
*
The
MARKETS
SILVER
AND
"
CHARTER ISSUED
.
•
•
banks is
Treasury
Amount
•
.
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 4, 1939:
GOLD
Capital
'
.
The Bank of England gold reserve against notes amounted to £326,415,728
on
Dec. 28, 1938, showing no change as compared with the previous
rIn the open market about £3,450,000 of bar gold was sold at the daily
fixing during the week; offerings included resales, but most of the supplies
were provided
by the authorities.
A good general demand maintained
prices at a premium over dollar parity, so that conditions have not been
"Quotations:'
Dec. 31, 1938.
...149s. 7%d.
Per Fine Oz.
Jan.
4, 1939
-
Jan. 13—The National Bank of
000 to $75,000.
Averages
149s.
8.6d.
Exports
Union of South Africa
Southern Rhodesia
£90,497
209,668
_
British East Afrieai-.
New Zealand
Brazil.
Venezuela^.
Siam
—
—
,_
———_
Netherlands
France
Switzerland
Other countries
10,532
16,949
359,213
11,150
7,142
19,996
106,895
85,520
10,003
United States of America. £3,289,094
Canada
Cumberland Bank,
.
3,010
Netherlands
3,763
27,269
39,300
2,050
Switzerland
Algeria
Other countries.
reached
London
late in
the
—
$55,000
Amount
Cumberland,
.
.
«ilv/U»UUU
—
Bank of Lovelady, Texas, Charter No. 12803.
The State National Bank of Lovelady, Texas,
12803.
25,000
—---
National
Absorbed by
Charter No.
■
'
♦
Bank of Roosevelt, N.
•
.
-
50,000
National Bank of Okemah, Oklahoma..——
Effective Nov. 15, 1938.
Liquidating agepts C C. Walker
and Floyd Day, .both of Okemah, Okla.
Absorbed by Ihe
Okemay National Bank, Okemah, Okla,-Charter No. 7677.
Jan. 10—The First
150,000
Y
preferred
^Liquidating
Absorbed by
Common stock, $50,000; preferred stock A, $65,000;
stock B, $35,000.
Effective Dec. 3, 1938.
'
.
evening of Dec.
Y.f Charter No.
•./'
31
Wilfred H.
Lyon, Roosevelt, N. Y.
Bank of Rockville Centre, N.
The Nassau County National
£3,364,486
SILVER
Ne-ws
National Bank, New
.
New Cumberland, Pa.
Jan. 13—The First National
£927,565
,
'
■
Jan. 9—The First National Bank of Lovelady, Texas
Effective Oct. 28,1937.
Liquidating agent, The State
agent,
'
.
-
LIQUIDATIONS
Effective"'Dec/" 22"" 1938"' " Liquidating agents "Harrisburg
Trust Co., Harrisburg, Pa., F. E. Coover and R. B. Uixlegraff, both of New Cumberland, Pa.
Succeeded by New
The
imports
Dec.
Watervliet, N. Y.—From $130,-T-!
Jan. 7—The New Cumberland
—150s. 0%d.
—150s. 5d.
following were the United Kindom imports and exports of gold,
registered from midday on Dec. 24, 1938 to midday on Jan. 2, 1939:
_
Amt. of
—
3, 1939
Jan.
DECREASED
^
-/v/"''':'
/•;':'■■■••
149s. 0%d.
149s. 5%d.
STOCK "A"
VOLUNTARY
Per Fine Oz.
$60.000
"
.PREFERRED
"
of Reduct.
Watervliet, N. Y.—From $100,-
000 to $40,000
favorable for arbitrage operations with New York.
The firmness of the
dollar against sterling resulted in a fresh nigh record price being established
Dec. 29, 1938
Dec. 30, 1938
Amt.
Jan. 13—The National Bank of
$200,000
REDUCED
■
Wednesday.
:
Chicago, Chicago,
stock
COMMON CAPITAL STOCK
T
yesterday and again today.
Shore National Bank of
consists of $200,000, all common stock.
President: Walter J. Riley,
Cashier: E. A: Delaney. Primary
organization
—...
————
111..
"
•»
Jan. 11—The South
11033.
CHANGE
that
President
Roosevelt had announced that the United States Treasury would continue
Jan. 13—National
.
to pay
64.54 cents per ounce 0.999 fine for domestic silver delivered to the
mint not later than June 30, 1.939.
The fact that no change has been made
the price for home-produced silver caused a movement to cover bear
sales and the effect of this buying yesterday on a market rather bare of
supplies was s sharp rise of 1 1-16d. in the cash and %d. in the two months'
price to 21 %d. and 20 3-16d. respectively; the cash quotation was the
highest since April, 1937 and the premium of 15-16d. the largest since
January,
1923.
The market seemed overstrained, the sharp advance
attracting profit-taking and also production selling in the afternoon, when
business for near delivery was done at prices considerably lower than that
fixed; today, however, the forward quotation was maintained although
To:
Rockland
The National Rockland
OF TITLE
Bank of Boston,
Bank of Boston.
Boston, Mass.
'
'
in
there
was
a
small downward reaction in that for cash to 20 15-16d.
As it
became known late last evening that the United States
Treasury had made
no change in the price of 43 cents per ounce 0.999 fine paid for foreign
silver, this must have helped to stiffen the market.
(
Movements in the neat future may be erratic, depending largely on the
attitude of bears, but as today's cash price is still well above American
buying parity of 43 cents, some further, reaction is not unlikely.
The following were the United Kingdom imports and exports of silver,
registered from midday on Dec. 24, 1938, to midday on Jan. 2, 1939:
Imports
£180,542
39,943
Japan
Burma
British India
Australia
_
France
countries
2,171
25,623
118,430
16,064
3,955
Belgium
Germany..
Other
Exports
.
United States of America. .£798,315
Switzerland
14,450
Norway
Poland
Italy.
Other countries
—
1,722
1,483
1,564
2,068
2,355
_____
£389,083
£819,602
AUCTION
The
SALES
following securities were sold at
auction on Wednesday
of the current week:
By Crockett & Co., Boston:
Shares
$ jier Shatc
20%
SlocJcs
25 National Shawrnut
9 Boston Investment
Bank, Boston, Mass., par $12.50
Co., par $50._
——
Improvement Trust, par $100
Estate Co., par $50
5 Eastern Utilities Associates convertible
6 Columbian National Life Insurance Co., par
~
—
*
17 Real Estate
4 Massachusetts Real
$100
f™
'0
PeT Cen
5s, March 1, 1944
106 & hit*
B0nds
$2,000 West End Street Ry. reg.
By R. L. Day & Co., Boston:
Shares
* Per SMre
51
71%
——45%
Slocks
Bank, Brockton, par $20
RR., par $100
3 Plttsfleld & North Adams RR., par $100
6 Springfield Street Ry. preferred, par $100
33 Vermont & Massachusetts RR., par $100.
20 Ware River RR., par $100
8 Ajnoskeag Co. preferred
25 Board of Trade Building Trust, par $100
25 Boston Real Estate Trust, par $100..
30 Brockton National
33 Norwich & Worcester
-
2
*
70%
58%-57%
-
-
-
-
6*
2%
12%
Financial
390
Shares
S Per Share
28 K
16
4414
8
Stocks
10 Boston Storage Warehouse
Co., par S100
8 Boston Wharf Co., par $100
$26
$100—.,
16 Lowell Electric Light Co., par
8 Paddock Building Trust, par
6 Technology Chamber Trust, par
$100
—
--
American Construction Co., par $10;
.$10; 6 Board of Trade Assn., Provincetown, par $10; 5 Brownell Arizona Mining & Smelting Co., par $5; 4 Delta
Tau Delta House Assn., par $5; 6 Grocer Cash Wholesale Co., 7% pref..
par $10; 69 Human Life Pub. Co.. par $10; 20 New England Mining Ltd..
common, par $50; 20 New Eng. Min. Ltd., 6% pref., par $50; 40 River Coal
A Coke Co., par $50; 40 Riverside Coal Co., par $1; 20 Ohio River & Great
Lakes Coal
A Coke
Co., par $100-.1
.,.$170 lot
—
Shares
Stocks
.
20 Bryn Mawr Trust
\
Co., par $10
Bank, par $10
..... — .
34 Central-Penn National
— —
;
—
107H
—.........274
Philadelphia National-Bank, par $20
10 Fidelity-Philadelphia Trust Co., par $100
12 Provident Trust Co of Philadelphia, par $100.——
10 Market Street National Bank, par,$100.....
Auction Co.,
par
...
———360
.255
—
125
—-—...
$100....
...
,
,
3% Llewellyn Laboratories, Inc., pref., and 7lA common
.—$25 lot
15 Master Bhlg. A Loan Assn. of Phiia., full-paid and non-assessable...,...$18 lot
10 Cedar Hill Cemetery Co...
—
16
10 Cedar Hill Cemetery Co...
—
16
36 Cedar Hill Cemetery Co
15
1 Cedar Hill Cemetery Co.. par $50 (with non-detachable ctf. No. 110 for
...
.....
1 sh.
partlc. in profit of new ground)
_$51 lot
—
Bonds—
.
$750 Manufacturers County Club Proprietary
REDEMPTION
CALLS
SINKING
AND
Per Cent
,
__$2 lot
Membership
FUND
will be found
list of bonds, notes and preferred
a
for redemption, together with;
sinking fund notices.
The,date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
stocks of corporations called
Date
Company and Issue—
Paae
4047
4048
Appalachian Electric Power Co. 4H% debs
........Feb,
Atlantic Beach Bridge Corp. 1st mtge. 6Hs. 1942
Feb.
Austin, Nichols A Co., Inc., 4% notes..
...
Feb.
Bates Valve Bag Corp. 15-year s. f. debs
Feb.
Brown Shoe Co., Inc.,
*125
4048
3757
.Feb,
15-yr. 3H% debs
—Feb.
Feb.
Cincinnati Gas A Electric Co. 1st mtge. bonds
Cities Service Gas Co. 1st mtge. pipeline 5H»
Cities Service Gas Pipeline Co. 1st mtge. 6s
Feb.
*
Connecticut River Power Co. 1st mtge. 3Ms—Consumers Power Co. 1st mtge, 4% bonds
—
-.-Feb.
May
M. 7s...Feb.
Feb.
Hackensack Water Co
first mortgage 4s 1952
Apr. 26 '39
Illinois Northern Utilities Co. 1st & ref. 5s, 1957
Apr.
1
Indiana Railways & Light Co. 1st mtge. 5s
——Feb.
International Salt Co. 1st mtge. 5s
June
*
International Salt Co. 1st mtge. 5s.
;
...
July
Kansas City Gas Co. 1st mtge. 5s
Feb.
Kentucky Utilities Co. 1st mtge. bonds, series J
Feb.
Manufacturers Finance Co. AH% notes
..Apr.
Nashville Ry. & Light Co. 50-year.5% bonds
Jan.
Nineteen Hundred Corp. class A stock...
_.^_Feb.
Oklahoma Gas A Electric Co. 4% debs.. 1946
Feb.
Panhandle Prod. A Refining Co. notes
Jan.
*
Paramount Pictures, Inc., 6% debentures
Feb.
Philadelphia Electric £ower Co, 1st mtge. 5Hs
Feb.
Railway Express Agency, Inc., 5% seCal bonds.-.
Mar.
Safe Harbor Water Power Corp. 1st mtge. 4Hs
Feb.
St. Joseph Ry., Lt., Heat & Power Co. pit mtge. 4Hs—Feb.
St. Monica's Congregation 4H% bonds..
&
Mar.
Scott Paper Co. 3M% con v. bonds
...
Mar.
Solvay American Corp. 5H% preferred stock
..Feb. 15
Spang Chalfant & Co. Inc. 1st mtge. 5s.
Mar. 10
Toho Electric Power Co., Ltd., 1st mtge. bonds
Mar. 15
Virginia Elec & Power Co.. 1st & ref. mtge. bonds..
Mar. 7
West Disinfecting Co. 1st mtge., bonds...
Jan. 31
*
White Sewing Machine Corp. 6% & partic. debs.
.Feb.
1
Woodward Iron Co. 2d mtge: 5% bonds.
—'—Feb. 25
Great Consolidated Electric Powe^ Co. , Ltd., 1st
Green Mountain Power Corp. 1st mtge. 5s..
.
.
—
*
Announcements this week,
x
_
4050
4050
4051
x435
4051
4055
4055
2533
£280
£281
3460
®440
3460
£281
£283
£284
£285
3919
4063
£446
4064
4065
£134
4066
4067
£289
3923
£290
£290
2406
£292
£451
3475
Volume 148.
DIVIDENDS
Dividends"are
first
we
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
show
the
Then
we
follow with
a
second table in which
dividends
previously announced, but which
yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
have not
The dividends announced this week
are:
Per
Name of
Company
$hare
Abbotts Qairies, Inc. (quar
1
Allied Internat'l Investing Corp., $3 conv. pref. _
Allied & International Investing Co. preferred
Aluminium Ltd., preferred (quar.)
,
.
Holders
When
Payable of Record
Brentano's Book
25
20c
Feb.
Ian.
20
1 Jan.
21
—
I12MC
________
Jan.
14 Dec. 31
Jan.
16 Doc.
37 Mc
Jan.
25 Jan.
17
X$1.60
-
Ian.
Tan.
14
25c
t25c
_
_
dividend
Emporium Capwell Corp
Eppens Smith Co. (semi-annual)
Feb.
15 Jan.
31
Feb.
1 Jan.
Feb.
1 Jan.
14
14
.—
----
Hussman-Ligonier Go. (quar.)__
- —
Hydro-Electric Securities, 5% pref. B (s.-a.) —
Idaho Power Co., 7% pref. (quar.)
$6 preferred (quar.)
Securities
7% preferred (quar.)
— —
— ---
Feb.
1 Dec.
15
50c
Feb.
1 Jan.
23
30c
'
15 Jan. 31
1 Feb. 20
Mar.
1
Feb. 15 Feb.
1
Feb. 15 Feb.
1 Feb. 21
Mar.
t50c
Feb.
Jan.
31 Jan.
S2
Feb.
1 Jan.
Feb.
1 Jan.
34c
*
--
—
—
(quar.)_
_
21
25
26
Jan.
31 Jan.
24
SI
Jan.
31 Jan.
23
SI
Feb.
Jan.
18
1
14
12Mc
Feb.
Jan.
87 Mc
50c
Feb.
Jan.
14
Feb.
15 Jan.
30
25c
Feb.
15
Ian.
31
25c
Mar. 15 Feb.
Mar. 15 Feb.
15
Feb.
1 Jan.
16
+75c
Feb.
15 Jan.
31
30c
Jan.
16|Jan.
5
25c
Jan.
31 Jan.
25c
Feb.
l'Jan.
21
16
SI M
15c
15
16
Feb.
1 Jan.
Feb.
1 Jan.
23
SIM
Feb.
1 Jan.
23
25c
Feb.
lJan.
19
25c
Feb.
1 Jan.
16
SIM
SIM
Feb.
1 Jan.
Feb.
1 Jan.
14
Feb.
10 Jan.
31
(quar.)—
International Harvester preferred (quar.)..
Jamestown Telep., 1st pref.
Preferred A (semi-annual)
_:
—
——-
.
Kansas City
Life Insurance (s.-a.)-'—
Kayser (Julius) A Co. (resumed)..... —
Kennedy's, Inc
•.
Kentucky Utilities, jr. pref. (quar.)—„
Kings County Trust (quar.)...
—
Kings Oil Co. (quar.)
Kroger Grocery A Baking (quar.)
6% preferred (quar.).
7% preferred (quar.)
Lanston Monotype Machine
Landis Machine Co. (quar.)
;
Quarterly
;
Quarterly
*—
Lawbeck Corp.. 6% pref. A (quar.)
Lehigh A Wilkes Barre Coal (irregular)
Leitch Gold Mines, Ltd
Liggett A Myers Tobacco (quar.)
Common B (quar,).
Loblaw Groceterias, Ltd., A A B (quar.)
Lock Joint Pipe Co. (monthly)
—
Monthly
Monthly
Monthly
Monthly...
Monthly
Loew's Boston Theatres (quar.).
Loew's, Inc., $6M pref. (quar.).
■ --------
Jan.
16 Jan.
16
40c
Feb.
15 Feb.
1
50c
Jan.
S20
—
.
10c
40c
SIM
$1ii
25c
25c
25c
—
15
27 Jan. 23
1
Feb. 22 Feb.
Jan. 25
Feb.
Jan. 14
Feb.
Apr.
May
Feb.
3
Feb.
Mar.
1 Mar. 18
llApr. 20
24|Feb. 14
May 15 May
Aug. 15 Aug.
Nov. 15 Nov;
5
5
4
1 Jan. 20
19
15 Jan. 31
Mar.
1 Feb. 14
Mar.
1 Feb. 14
SIM
Feb.
Jan.
19 Jan.
Feb.
$1
SI
25c
67c
67U
66c
67c
67c
66c
15c
...
1 Feb.
10
31 Jan.
21
Mar.
Jan.
28 Feb. 18
Mar. 31 Mar. 21
Feb.
Apr. 29 Apr. 19
May 31 May 31
June 30 June 20
5% preferred (quar.)..
—
Lord A Taylor, 1st pref. (quar.)
2d preferred (quar.)
— — — —
Louisiana Power A Light, $6 pref. (quar.)..—
Louisville A Nashville RR
Macy (R. HA A Co. (quar.)
Manhattan Finance Corp., class A...
Massachusetts Bonding A Insurance
Mclntyre Porcupine Mines, Ltd
Meadville Telep. Co. (quar.)
— .—- — Michigan Bakeries, Inc. (quar.)
•—
S7preferred (quar.)
Non-cumulative prior preferred (quar.)...
Midland Life Insurance Co. (irregular)
Mississippi Power A Light, $6 pref. (quar.).
Moody's Investors Service, pref. (quar.) —
Muskogee Co., preferred (quar.)
— -.
National Oats Co. (quar.).,—L
National Power A Light Co. (quar.)
Nation-Wide Securities, class B (irregular)
New England Water, Light A Power Association
Feb.
1 Jan.
21
SIM
t—
6% preferred (quar.)_____.
New Process Co., pref. (quar.)
3 Dec.
Jan.
27 Mc
.
(quar.)
15 Jan. 31
4
1 Feb.
Mar.
Jan.
3 Dec. 15
Feb.
87 Mc
—
14
SIM
SIM
SIM
S2M
$8
Feb.
15 Jan.
31
25c
Feb.
Jan.
25
SIM
Apr.
Mar. 18
SIM
$2
Mar,
Feb.
Feb.
Jan.
17
Feb;
Jan.
17
28 Jan.
Mar.
1 Feb.
Feb. 10 Jan.
30
Jan.
27
M
50c
10c
87 Mc
Feb.
Feb.
Feb.
1
Jan.
31
Feb.
Jan.
3
SIM
Feb.
Jan.
3
25c
60c
Feb.
Jan.
Jan.
Dec.
3
31
SIM
Feb.
Jan.
Feb.
Feb.
SIM
Mar.
Feb.
25c
Mar.
Feb.
15c
Mar.
Jan.
75c
Jan.
14
Jan.
20
20
25
Jan.
30 Jan.
t5Uc
Feb.
1
Tan.
26
Feb.
6 Jan.
1 Jan.
$1
Mar.
37 Mc
Feb.
1 Jan.
14.
17
Mar. 31 Mar. 17
Mar. 31 Mar. 17
Mar.
Feo.
$1M
Apr.
1 Feb.
17
15 Jan. 31
6
3 Mar.
1 Jan. 20
50c
Feb.
SIM
Feb.
1 Jan.
20
25c
15c
Jan.
27 Jan.
24
Jan.
31 Jan.
23
31c
Feb.
1 Jan.
20
75c
Feb.
15 Feb.
1
37 Mc
SIM
25c
60c
14c
50c
10
Mar. 31 Mar. 25
Jan, 24 Jan. 20
Jan. 24 Jan. 20'
Feb. 2( Jan. 31
1 Jan. 16
Feb.
Feb.
15 Feb.
68Mc
Feb.
15 Feb.
40c
Feb.
Jan.
14
Feb.
Jan.
20
Feb.
15 Feb.
1
Feb.
Jan.
16
(quar.)..
10c
1
(guar.)
25c
North River insurance (N. Y.) (quar.)
Oahu Sugar
Co. (monthly).
preferred
Peoples Industrial Bank (Brooklyn)
Philadelphia Insulated Wire (s.-a.)
——
-
—
—
...
...
— — — — — -
- —
Philippine Long Distance Telephone
Privateer Mine, Ltd. (initial)
Portland Railroad Co. (Me.), 5% gtd. (s.-a.)_.
Public Electric Light Co. (quar.)...—
Public Service Corp. of N. J. (irregular)
8% preferred (quar.)
7% preferred (quar.)..__.
S5 preferred (quar.)
6 % preferred (monthly)
6% preferred (monthly)
—
Quincy Market Cold Storage A Warehouse, pref
Rainier Brewing Co., partic. pref. A...
Participating preferred A
Randall Co
class A (quar.)
Rustless Iron A Steel, preferred (quar.)
—
r,
_
25
25
16
Mar. 10 Feb.
24
5c
Feb.
50c
—- — -
Oliver United Filters, class A
(quar.)
Oswego A Syracuse RR (s.-a.)
Pacific Gas A Electric, 6% pref. (quar.)
5M% preferred (quar.)
Pacific Power A Light, 7% preferred—
15
18
31
Feb.
Feb.
Preferred
14
1
Feb.
5c
Jan.
(quar.)
Northern Illinois Finance Corp...
10
20
Feb.
im Feb.
—
17
Mar.
J50c
37 Mc
25c
25c
25c
14
>'
Dec. 31
50c
Extra..
;
Homestead Fire Insurance (semi-ann.)
Home (Joseph) Co., pref. (quar.)
Loose-Wiles Biscuit Co.
16.
15c
-
— _
Jan.
30c
Fairy Aviation Co., Ltd., Am. shs. (interim)...
Fidelity A Deposit (Md.) (quar.)
Fiduciary Corp. (quar.)....
—
Fulton Industrial Securities Corp
$3H cumulative preferred (quar.).;
General Foods Corp. (quar.)..
— —
General Metals Corp..(quar.)
Goodyear Tire A Rubber Co
—85convertible preferred (quar.)..
Granby Consolidated Mining, Smelting A Power
Havana Electric A Utilities, 6% pref
Hawaiian Electric Co., 6% pref. (quar.).
Hawaiian Pineapple Co__l
—
Home Insurance Co. (quar.)..
—— --
Illuminating A Power
6
Mar. 31 Mar.
1 Mar. 10*
Apr.
SIM
—
Erie A Kalamazoo RR. Co
3
SIM
SIM
17 Mc
lMc
SIM
4%
- -
—
10
40c
75c
...
_
14
82
A
(irregular)^
Cumberland County Pow. A Lt., 6% pref. (qu.)
514% preferred (quar.)..
XJV
De Vilbiss wu., ~~
vuujsw Co
7% preferred (quar.)..
Dividend Shares, Inc
Domestic Finance Corp., cum. pref. (quar.)
Dominion Bridges, Ltd. (quar.)
— —
Dominion-Scottish Investors, 5% preferred..__
Preferred (quar.)
^
.
Duro-Test Corp., stock
Feb.
24
7Mc
_—
Dow Chemical Co
1
25c
Broadway Dept. Stores, Inc., 5% pref. (quar.)..
15 Jan.
New York Fire Insurance Co
40c
Buffalo Ankerite Gold Mines
Bullock Fund
Feb.
North American Oil Consol.
$1M
St,ores, Inc., A (quar.)....
14
50c
15
15 Jan.
...
1 Jan.
26
Jan.
...
15 Jan.
Feb.
1 Jan.
American Fidelity (quar.)
;
American Hide & Leather preferred
;
Preferred (quar.)
American Radiator & Standard Sanitary Corp.—
Appleton Co. (irregular)
7% preferred (quar.)
Arnold Constable Corp
Associated Insurance Fund, Inc. (s.-a.)
Atlas Plywood Corp., preferred (quar.)
Blauner's preferred (quar.)
Bloch Bros. Tobacco (quar.)
6% preferred (quar.).—
Bonwitt Teller, Inc. (irregular)
Preferred (irregular)
Boston Fund, Inc. (quar.)
Boulevard Bank (N. Y.) (semi-annual)
Bourjois, Inc., $2M preferred (quar.)..
15 Jan.
Feb.
1 Feb.
Jan.
American Re-Insurance (N. Y.) (quar.)..
American Sugar Refining, preferred (quar.)
Feb.
4c
Jan. 16
Feb.
American Book Co
(quar.)
30
1
Mar.
25c
t50c
1 Feb.
21 Jan.
Preferred
7 Jan.
Feb.
4c
—
NOTICES
Below
17
Feb.
Crown Cork A Seal Co., Ltd.
32K
————
Feb.
Crown Cork International Corp., class
5}4
714
12
2 Philadelphia Terminals
Continental Oil Co
$ per Share
'
$10—
1
12 Mc
Continental American Life Insurance
6M Security Bank A Trust Co., par
26
26
Mar.
—
.....
Life Insurance Co
Jan.
28
1 Mar. 20
31 Jan.
31 Jan.
60c
—
Continental
Jan.
Apr.
VA%
Community Public Service..
Conduits National Corp., Ltd, (irregular) —
Coniagas Mines, Ltd
— -—Consolidated Traction (N. J.)
----Consumers Fi nance, Ltd. (s.-a.)
By Barnes & Lofiand, Philadelphia:
1 Jan.
25c
__
—
83,000 Boston A Maine RR. 4s, Aug. 1942, registered ——— —
25 A int.
$1,000 National Dotfk Trust 4^8, Dec. 1940.—
-i—7514 & int.
$1,000 Vermont Valley RR. 4^s, Oct. 1940—. — ;
—70 A int.
$2,000 Copley Square Trust 4^s, March 1941.. —
— —
70 A int.
$6,000 Kansas City Memphis A Birmingham RR. 5s, March 1934—.
76V*, flat
1 Mar. 11
Feb.
SI M
(quar.)..
Colgate-Palmolive-Peet (quar.)
— —
Commonwealth International Corp. (quar.).—
Commonwealth Investment Co. (quar.)
—
/Tr Cent
Bonds—
6 Jan.
Apr.
20c
...
—
11 American Grocery Society Co., par
28
Mar.
SIM
SIM
SIM
10c
Burroughs Adding Machine Co.
Case (J. I.) Co., preferred (quar.)..
Celotex Corp., pref. (quar.)
Champion Paper A Fibre Co., 6% pref.
Cherry-Burrell Corp
Preferred (quar.)
Chicago Yellow Cab Co. (quar.)
City Investing Co
—
City of New York Iasurance (s.-a.)
2 Boston A Albany RR.. par $100; 100
Payable of Record
Share
of Company
Holders
When
Per
Name
1H
1
——
10 Brooklyn Associates, par $100..
Jan. 21, 1939
Chronicle
Feb.
15 Feb.
1 Jan.
24
$2M
37 He
34^c
mn
mH
Feb.
20 Feb.
10
Feb. 15 Jan.
Feb. 15 Jan.
- '
-
31
Feb.
1 Jan.
18
Feb.
1 Jan.
18
SI
25c
Feb.
1 Jan.
Feb.
15 Feb.
1
42c
Jan.
31 Jan.
23
5c
Feb.
25
$2H
Feb.
6 Jan.
1 Jan.
25c
Feb.
1 Jan.
20
60c
Mar. 31 Mar.
6
31
12
21
1
Mar. 15 Feb.
SI H
SI H
15
Mar. 15 Feb.
15
Mar. 15 Feb.
15
50c
Mar. 15 Feb.
50c
Aor.
75c
Feb.
20c
Feb.
20c
Mar.
50c
Feb.
15
15 Mar. 15
Jan. 19
62 He
Mar.
Jan.
1 Feb.
20
15
Volume
148
Financial
Per
Name of Company
Share
Rutland & Whitehall RR.
(irregular)
Haco-Lowell Shoos, pref. A and B
50c
Feb.
15 Feb.
Feb,
15 Feb.
Jan.
17 Jan.
12
$1%
Jan.
15 Jan.
1
luc
Ian.
Hi
Ian.
11
1
Ian.
20
Ian.
31
31
S1H
Feb.
2'
Feb.
Feb.
10 Jan.
Feb.
1
SilexCo. (quar.)__
Extra
Sioux City Gas & Electric Co.,
7% pref. (quar.)
South Carolina Power $6. 1st preferred
(quar.)_
Southern Indiana Gas & Electric Co.—
___
4.8% preferred (quar.)
Stein (A.) & Co. (quar.)
Preferred (quar.)
Sterling Products, Inc. (quar.)
Syracuse Binghamton & New York RR. (qu.)
Thatcher Mfg., conv. preferred (quar.)
$1.20
— ,
15c
Feb.
15*
1
Jam
20
Feb.
Feb.
15 Jan.
31
31
Feb.
1
Jan.
23
15 Jan.
Feb.
15
Ian.
31
C< osolidnted Edison Co. of N.
Ian.
D
Jan.
16
'(quar.)_
S2H
Apr.
1(
Feb.
1
50c
Mar. 20
50c
—
June
— —
50c
—
50c
5c
Mar. 20
Jan.
21
Feb. 28
Coon (W. B.) Co.
20 May 31
Sept. 20 Aug. 31
Dec. 20 Nov. 29
Jan. 27 Jan. 10
15
Ian.
15
Jan.
Jan.
25 Jan.
20
Feb.
I
Jan.
Cuneo Press, Inc
•
Daniels & Fisher Stores Co. (quar.)
16
20c
Feb.
1
Jan.
16
S1H
Feb.
15
Feb.
1
$1H
$1
Feb.
1
Ian.
Feb.
1
Jan.
30
30
30c
Feb.
1
Jan.
22
20c
Feb.
1
Jan.
22
15c
Feb.
1 Jan.
11
Name of Company
Share
Abbott Laboratories (extra)
Holders
Ian.
15c
Feb.
25 Dec.
1
12
Jan.
15
SIM
Apr.
1 Mar
15
16
Extra—...
Eureka Pipe Line Co
Faber, Coe & Gregg, Inc., 7% pref. (quar.).!
24*
....
1
20c
Feb.
1 Jan.
16*
16
3uC
Feb.
1
>an.
Feb.
1
Jan.
Feb.
1
Jan.
16
1 Jan.
16
75c
(s.-a.)
6
Feb.
c
"eb.
Feb.
American Thermos Bottle
25c
Amoskeag Co. (s.-a.)
75c
)
Anglo-Canadian Telep. Co., 5H% pref. (qu.)..
S2H
68Mc
Animal Trap Co. of America
0/
s
pref.
1
Ian
14
28 Feb.
Feb.
1 Jan.
20
July
July
6 June
24
Feb.
1 Jan.
Feb.
i
5
—
.
—
—
——
-
Feb.
1 Jan.
10
Feb.
1
Jan.
14
25c
Fob.
1 Jan.
16
25c
Feb.
1 Jan.
16
Goldblatt Bros, stock dividend—
St H
40c
25c
Feb.
1
Jan.
14
26 Jan.
20
l-60th sh. of com. for each sh. com. held.
Gotham Silk Hosiery Co., Inc., pref. (quar.)..
Grace National Bank.
26 Jan.
Jan.
25 Jan.
Moiors
General Shoe
Corp
;
25 Jan.
Feb.
1 Jan.
16
Feb.
1 Jan.
16
Jan.
25 Jan.
20
t$lH
—
31 Jan.
10
vlar. 25 Mar. 10
Feb.
1 Jan.
17'
Feb.
Feb.
Feb.
$1
Jan.
15 Feb.
1
1
Jan.
17
1
Jan.
17
15 Feb.
1
1
Jan.
26 Jan.
S1.18M Jan.
Preferred (quar.)
—
_
15 Jan.
Feb.
15 Jan.
31
1 Jan.
15 Jan.
31
Jan.
26
Dec.
31
Horder's, Inc.
1
Dec.
27
Hormel (Geo.
Feb.
1
Jan.
20
Feb.
20
1
Jan.
Ian.
31
Jan.
17
10c
P'eb.
1
Jan.
18
Feb.
1 Jan.
16
10
20c
Feb.
Dec.
31
SIM
tSIM
SIM
Feb.
1
Jan.
10
Feb.
1
Jan.
14
Central Tube Co_
3c
Copper
Mar. 15 Mar.
Feb.
Jan.
1 Jan.
25
14
Jan.
14
Mar.
1
Feb.
20
46c
Feb.
1 Jan.
17
SI
Feb.
1 Jan.
17
SIM
;
Chain Store Investment Corp.—
S6H preferred (quar.)
SIM
Y.) (semi-ann.)
.
,
Feb.
1 Jan.
16
70c
Feb.
1 Jan.
14*
$2
Feb.
1 Jan.
20
Cincinnati Inter-Terminal RR. Co.—
4% preferred (semi-annual)fi
—
14
Mar.
Jan.
1 Feb.
1
Jan.
10
Feb.
1 Jan.
10
16
Jan.
9
Jan.
31 Jan.
16
16
15
15
,
1
3
Jan.
25 Jan.
Jan.
30 Jan. .20
10
Feb.
—
SIM
3%
1 Jan.
17
Feb.
1 Jan."
12
Mar.
1 Feb.
24
15c
Feb.
1
Jan.
16
15c
Feb.
1
Jan.
24
75c
—
Jan.
31 J an.
16
40c
Jan.
23 Jan.
16
Jan.
23 Jan.
16
Feb.
1 Jan.
16
Mar.
1
SIM
—
— —
Feb.
t$l
Century Ribbon Mills, preferred (quar.)
Century Shares Trust
13
Feb.
Sl M
15c
...
Feb.
1
20
SIM
Hollinger Consol. Gold Mines
Holly »ugar Corp., preferred (quar.)..
Homestake Mining Co. (monthly)
1 Jan.
Feb.
J4c
SIM
1 Jan.
...
Holland Furnace Co
Feb.
+
16
Fob.
Mar. 20 Mar.
1 Jan.
Feb.
—
tSIM
—
1 Jan.
25c
14
Feb.
—■
(quar.)
Canadian Investors Fund special shares
Carter (Wm.) Co. 6% pref. (quar.)
Central Hudson Gas <Sc Electric (quar.)
Central New York Power, preferred (quar.)
Central Power & Light, 7% preferred
6% preferred
Chase National Bank (N.
-
+3UC
—
Canadian Dredge & Dock
23 Jan.
Feb.
60c
preferred (quar.)__
+37 M
Canadian Investors Corp.
20
Jan.
—
Brewery—
5H% cow. preferred (quar.) —
Hartford Electric Light Co. (quar.)._...
Hartford Times, Inc., 5H% preferred (quat.).
Hat Corp. of Amer. 6H% pref. (quar.)
Hawaiian Commercial & Sugar Co
Ilecker Products Corp. (quar.)
Hercules Powder Co., pref. (quar.)
tii M
Canadian Bronze Co
25 Jan.
SI
25c
1 Fob.
11
SIM
SIM
20
1 Feb.
31
14
14
SIM
—
20
1 Jan.
Hershey Chocolate (quar.)
Preferred (quar.)
1
Preferred (additional)
>
Hibbard Spencer Bartlett (monthly)
Monthly
Monthly
Hires (Chas. E.) Co. class A common (quar.)..
62 Me
62 Mc
— _
l'Jan.
25 Jan.
Feb.
—
.,
SIM
16
Feb.
Jan.
Griesedieck-Western
16
Jan.
Feb.
<
1 Jan.
15c
Mar.
...
16
31 Jan.
Feb.
Feb.
14
25c
Mar.
Extra.
6
Jan.
X25c
—
.
Cerro de Passo
Feb.
Jan.
l^Hc
SIM
SIM.
21
50c
.
Granby Consol. Mining Smelting & Power
Engineering Works (quar.)....Great Northern Iron Ore Properties
Green (H. L.) Co., Inc—
2d
—
31 Jan.
26 Jan.
20c
(s.-a.)
Great Lakes
'
—
14
20
SIM
—
Extra—
15
SIM
18Mc
—
26 Jan.
30 Jan.
SIM
.
•
Blue Ridge Corporation—
pref. (quar.)
(quar.)
+
Buckeye Steel Casting, 6% pref. (quar.)
6H% preferred (quar.)
Buffalo Ankerjte Gold Mines, Ltd, (quar.)
Buffalo Niagara & Eastern Power,—
1st preferred (quar.)
Bullock's, Inc
Preferred (quarterly)
Calgary Power Co., Ltd., 6% pref. (quar.)
California Baking Corp. pref. (quar.)
California Packing Corp. 5% preferred
California Water Service preferred (quar.)
Canada Northern Power Corp., Ltd. (quar.)..
Canada Southern Ry. (semi-ann.)
Jan.
Jan.
S1.06M Jan.
Corp. prof. (quar.).
$6 preferred (quar.)
Gibraltar Fire & Marine Insurance
16
Jan.
25c
British Columbia Telep. 6% 2nd
Jan.
25c
General Telephone Allied Corp.
20
25c
12Mc
Buck Hill Falls Co.
May 31 May 16
1 Mar. 18
Apr.
11
25c
30c
25c
5uc
16*
20
28 Feb.
1
Bangor Hydro-Electric
Barnsdall Oil Co. (quar.)_
Bayside National Bank of N. Y. (s.-a.);
•
1 Jan.
1 Jan.
Feb.
Feb.
Feb.
Gillette Rubber Co. (quaar.)
Gillette Safety Razor Co. pref. (quar.)
Gimbe) Bros., 6% pref. (quar.)
Globe & Republic, Inc., of America (quar.)
—
Feb.
6
75c
1
J
17
SIM
15 Feb.
Feb.
31 Jan.
21
Feb.
si.
Jan.
14
10c
62 He
6
17
1
SIM
Baltimore American Insurance Co. (s.-a.)
(quar.)
Bower Roller Bearing Co_
Jan.
1
Ian.
31 Jan,
Feb.
25
16
(quar.)
Feb.
Jan.
Jan.
20
Class B
1 Mar. 20
1 Jan.
21
Mar. 31 Mar. 20
June 30 June 20
Feb.
1 Jan.
14
20
1 Jan.
Boston Edison-Co.
15 Feb.
Feb.
16
1
1 Jan.
1
Feb.
Apr.
Jan.
1 Jan.
Feb.
Mar.
10
10
1
1
Feb.
Feb.
75c
25 Jan.
25 Jan.
Feb.
SI %
$3 preferred (quar.)—*.
L —:
Opt. div. l-32nd sh. of com. stock or cash.
Bon Ami Co., class A (quar.)
Feb.
Jan.
75c
SIM
Preferred (quar.)
Bloomingdale Bros., Inc
Apr. 20 Mar. 31
Jan.
6Mc
17 Mc
pref. (quar.)
'
(quar.)
10
30c
Ault & Wiborg Properietary, Ltd—
Birtman Electric Co.
3
Gard ner- Den ver Co.
6
Jan.
10
14
June 24
30
-—-
1 Feb.
10c
Dec.
-
Mar.
3
SIM
-
—
Jan.
-
10
,1 Jan.
—
1
-
Feb.
Feb.
-
1
•
1
10c
.
Feb.
(semi-annual)
Mar.
Extra
'i
Froedtert Grain & Malting Co. (quar.)
Preferred (quar.)
Feb.
-
1 Jan.
1 Tan.
25c
—
$1
Extra
20
Feb.
25c
—
$1
-Extra
1 Jan.
Feb.
3c
General
Biltmore Hats Ltd.
Feb.
20
15c
14
Jan.
5
20
SI
(semi-ann.)
11
,
5
1
Feb.
J50c
Family Security Corp., class A (quar.)
7% preferred (quar.)
>....
Federated Department Stores, Inc—
4M % conv. preferred (quar.)
FIbreboard Products, Inc., 6% pref. (quar.)..
Fidelity Fund, Inc
Filene's (Wm.) Sons Co
;
Preferred (quar.)
First Boston Corp—i
Franklin Fire Insurance (quar.)
...
Jan.
———
Feb.
15c
1 Jan.
_——
5
15 June
Jan.
1 Jan.
50c
1
-
Sept. 15 Sept
SIM
SI M
—
1 Jan.
—
Mar. 15 Mar.
June
IS 1M
-
Feb.
Extra
Jan. 24
Feb. 15 Feb. 10
Mar. 31 Mar. 21
Feb.
1 Jan. 20
$2
—
Feb.
Beatty Bros., Ltd., 1st pref. (quar.)
Best & Co., Inc
1
SIM
Sl M
Feb.
5H % preferred (quar.)
14
31
7i><
25c
-
S1H
SIM
21
Jan.
$2
_i
31 He
Archer-Daniels-Midland preferred (quar.)
Associated Telep. Co., preferred (quar.)
Atlantic City Electric Co., $6 pref. (quar.)__._.
Atchison Topeka & Santa Fe Ry. preferred
Atlantic Refining Co. pref. tquar.)..
Atlas Powder Co., preferred (quar.)
He
1
15 Jan.
5Mc
5Mc
General Cigar Co., Inc., pref. (quar.)
—
General Foods, pref. (quar.).:—..—'—...
General Mills, Inc. (quar.)*
—-
(quar.)
Feb.
SIM
t55c
—,
3
1 Jan.
Feb.
Feb.
50c
..—
16
20c
•
50c
Cs
9
Jan.
37 He
—
—
American Machine & Foundry Co
American Reserve Insurance (N, Y.)
American ship Building (Jo
^
American Smelting & Refining Co
Prcfcrrod
16
Feb.
Feb.
15
21
50c
Quarterly
11
v.
SI
American Light & Traction (quar.)
Preferred (quar.)
25 Jan.
(quar.)
.... -
Preferred
Jan.
1 Jan.
5uc
Falstaff Brewing Corp. (quar.)..
30c
Feb.
SIM
SIM
Employers Group Assoc. (quar.)
American Equitable Assurance (quar.).,
American Gas & Electric Co. pref. (quar.)
American Home Products Corp
....
25*
S3M
43 Mc
,
15
Jan.
15 Jan.
$2
Feb.
1
Feb.
15c
1
Feb.
15 Jan.
25 Jan.
14
Jan.
50c
Duplan Silk Corp. (s.-a.)
Preferred (quar.)..
Duquosne Brewing Co. (Pittsburgh)
Early & Daniel Co.. prei. (quar.)
Mar
payable in cash.
16
10
Preferred
14*
30
20
30c
Ian.
16
Dec.
Jan.
25
3 Jan.
Jan.
an.
i
1 Jan.
15 Jan.
Feb.
1
5c
Dome Mines, Ltd (quar.)
Dominion Tar $ Chemical Co. 5H% pref. (qu.
du Pont (E. I.) de Nemour8& Co. pref. (quar.)
Debenture (quar.)
:
Feb.
31
1
1J
1 Feb.
Eastern Steel Products (interim)
Electric Bond & Share $0.preferred (quar.)
$5 preferred (quar.)...
Ian.
Feb.
8 Jan.
3
Feb.
Feb.
Feb.
1
Feb.
15
Feb.
15
Feb.
20
$1
75c
15
Mar.
an.
50c
Feb.
1 Feb.
ISt M
1 Jan.
70c
Jan.
1
7M%
1 Jan.
...
1
Mar.
50c
—
1
(quar.)
:
Amerada Corp. (quar.)
Amerex Holding Corp. (semi-ann.).
American Can Co. (quar.)
American Cities Power & Light conv class A
l-32nd sh. of cl. B stk. or at option of holder
Feb.
Mar.
Distillers Corp.-Seagrams, Ltd. pref. (quar.)
Feb.
Preferred
16
Dictaphone Corp
Preferred (quar.)
Distillers Co., Ltd., Am. dep. rets, (interim)—
Feb.
Agnew-Surpass Shoe Stores (s.-a.)_
13
20c
pref.
12Hc
1...
15 Jan.
$2
75c
Feb.
25c
Feb.
SIM
—
3c
(quar.)
Corp. (quar.).
Allied Kid Co. (quar.)
15
SIM
SIM
—
26c
—
luneau Gold Mining
Allied Finance
Feb.
S3
—
Payable of Record
5%"
(stock dividend)...
Adams (J. D.) Mfg. (quar.)..
Corp
When
14
1
SIM
—
Per
1 Jan.
1 Jan.
SI M
Series B
Diamond Match Company partic.
give the dividends announced in previous weeks
Feb.
Feb.
t50c
Quarterly
;
Quarterly
Davenport Water Co. 6% preferred (quar.)—
De Met's, Inc., $2.20 preferred
*.
:
;
Dennison Mfg. Co. debenture stock (quar.)
Deposited Insurance Shares, series A
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
1
15 Feb.
Mar.
40c
Crum & Forster 8% pref.
(quar.)_._
20
10c
„
1
Feb.
2c
25
.
16
Mar. 15 Mar.
75c
Feb.
i
21
21
1 Jan.
SIM
1
Jan.
1 Feb.
31 Jan.
31 Jan.
SIM
Consol. Gold Mines
$z
Mar.
19
15c
$3
$2
Wisconsin National Life Insurance
Extra
Yuba Consolidated Gold Fields (increased)_a._.
Alaska
$1.62
Exchange Bank Trust (quar.)
resson
Feb.
2M%
68Mc
(quar.)
87% preferred (quar.K
orn
Jan.
Jan.
3c
(qu.)->,
prei
Crowell Publishing Co. 7% preferred (s.-a.)
Crown Drug Co., preferred (quar.)
25c
8% preferred (quar.)
West Virginia Pulp & Paper Co., pref. (quar.)..
Wheeling & Lake Erie Railway, pref. (quar.)
Prior lien (quar.)
Adams-Millis
$5
Consolidated Laundries Corp., $7H pref. (quar.
Consolidated Oil'Corp. (quar.)
Consolidated Royalty Oil Co. (quar.)__!___
Continental Can Co., Inc. (interiih)
\
1 June
1 Sept. 18
1-1- 40 Dec. 18
Feb.
1 Jan. 26
Feb.
1 Jan. 20
SIM
Prior pref. (quar.)
38c
.
1 Mar. 20
Oct.
SIM
SIM
SIM
Columbus & Southern Ohio Electric Co.—
6H% preferred (quar.)
Commonwealth Edison Co. (quar.)
Commonwealth UtditiesCorp S6H pref. C (qu.
Concord Gas 7% preferred
Connecticut & Passumpsic River RR. preferred
Connecticut River Power 6% preferred (qu.)__.
Consolidated Cigar Corp. 7% pref. (quar.)
Holders
Apr.
July
SIM
f45c
—
(quar.)
Quarterly
Quarterly
Quarterly
Universal Commodity Corp. (quar.)
Universal Insurance Co. (quar.)
Wralton (Chas.) & Co., 8% pref. (quar.)
Weill (Raphael) & Co.. (annually)
'
we
1
Feb.
31
Mar. ,5
When
Payable of Record
SIM
SIM
50c
— —
United States Fire Insurance Co. (quar.)
United States Pipe & Foundry Co.
Below
Mar.
3tc
United Drill & Tool Corp., class A
Class A, Feb. 1, 1939 dividend omitted.
Extra.
Western Auto Supply (Los Angeles)
23
1
Ian.
Share
,
1
United New Jersey RR. & Canal
1 Jan.
15
$3
90c
25c
(resumed)
(quar.)
Feb.
Feb.
95c
.
Trane Co.
1 Mar. 15
Apr.
Company
City Baking Co., 7% pref. (quar.)
City Water of Chattanooga 6 % preferred (quar.
Cleveland Cincinnati Chicago & St. Louis
5% preferred (quar.)
Coast Breweries, Ltd. (quar.)
Columbia Pictures Corp., stock dividend
$2% conv. pref. (qu.)
31
31
Ian.
Name of
Cincinnati Union Terminal 5% prei. (quar.)
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Apr.
,
Union Oil of California (quar.),
United Corp., Ltd., class A
1
10 Jan.
5c
$1%
S1H
,,
Feb.
12 He
25c
Shattuck Denn Mining Corp
Per
4
$2
;
391
Holders
Payable of Record
25c
(quar.)__
(quar.)
(quar.)
St. Paul Fire & Marine Insurance
Sedalia1 Water Co. 7% preferred
Shareholders Corp. (quar.)
Sierra Pacific Power, preferred
(quar.)
When
Chronicle
.
(quar.)
preferred (quar.).
Horn & Hardart (N. Y.) (quar.).
Houston Lighting & Power 7% pref. (quar.)
$6 preferred (quar.)
Humberstone Shoe Co., Ltd. (quar.)
Idaho Maryland Mines Corp. (monthly)
Institutional Securities ((Ins. Group Shares)...
Insurance Group Shares
Interchemical Corp., preferred (quar.)
International Business Machines (stock div.)—.
International Cigar Machinery Co
International Metal Industries 6% preferred—
6% preferred series A
—
International Nickel of Canada pref.(quar.)
International Utilities $1% preferred
S3H preferred (quar.)
Interstate Dept. Stores pref. (quar.).......
Jantzen Knitting Mills, preferred (quar.)
Kalamazoo Stove & Furnace Co
68 Mc
Feb.
1
Jan.
14
68 Mc
Feb.
1 Jan.
16
SIM
Feb.
1
Jan.
18
50c
Feb.
15c
SIM
Feb.
15 Feb.
1 Jan.
10
Feb.
15 Feb.
3
75c
Feb.
15 Jan.
25
$1
Feb.
15 Jan.
25
Sl
Feb.
15 Jan.
25
15c
Jan.
27 Jan.
17
15c
Feb. 241 Feb. 14
Mar. 31lMar, 21
Mar.
1 Feb. 15
15c
50c
4
50c
...
A.) Co. (quar.)
Class A
34 Mc
Feb.
11 Feb.
1
5c
Jan.
Feb.
28 Jan.
ll.Jan.
14
SIM
37 He
16
20
Jan.
25 Jan.
25c
•Jan.
26 Jan.
14
37 Mc
Feb.
15 Jan.
28
SIM
Feb.
15 Jan.
28
50c
Feb.
ljjan.
12
SIM
SIM
Feb.
Feb.
l'Jan.
16
1 Jan.
16
25c
Feb.
1 Jan.
14
50c
Jan.
25 Jan.
16
3.3c
Feb.
1 Dec.
31
3.3c
Feb.
1
31
SIM
5%.
teb.
1 Jan.
Apr.
Feb.
1
50c
Dec.
20
1 Mar.
5
Jan.
16
Feb.
1 Jan.
16
Feb.
1 Jan.
1S1M
Feb.
1
Jan.
3
t50c
Feb.
1 Jan.
20
87Mc
Feb.
1 Jan.
20
t$5M
t$5M
SIM
SIM
12Mc
16
Feb.
1
Jan.
20
Mar.
1
Feb.
25
Feb.
1 Jan.
20
Financial
392
Katz Drug Co.
Mar
(quar.)
Stores, (Initial)
Kellogg Switchboard & Supply
Preferred (quar.)Keystone Steel & Wire
Klein (D. Emil) pref. (quar.)-------
Jan.
Kress (S.
12
Jan.
20
25 Jan.
16
Feb.
1 Jan.
20
Jan.
23 Jan.
1 Jan.
21
14
$2 preferred
1 Jan.
1 Jan.
15 Feb.
Extra
17
Feb.
4
Feb.
Jan.
1 Mar. 14
21 Jan.
12
Jan.
17
1 Jan.
20
Mar.
1
Feb.
10
1 Mar. 15
1
Mar. 25 Mar. 25
82 H
-- —
S3 preferred (quar.)— — — „—
Melville Shoe Corp. (quar.)
Preferred (quar.)
Merchants & Mfrs.
Fire Insurance
15 Feb.
Feb.
1
Jan.
13
Jan.
20
Feb.
40c
Feb.
Feb.
25c
Jan.
16
Jan.
25 Jan.
19
—-
25 Jan.
19
25 Jan.
14
Feb.
Jan.
14
Feb.
Jan.
14
75c
(quar.)
Feb.
Jan.
13
7Hc
12Hc
Feb.
Jan.
Jan.
30 Jan.
20
50c
Feb.
Jan.
20
31 Jan.
Feb.
1 Jan.
21
Feb.
1 Jan.
14
Jan.
31 Jan.
21
81H
Jan.
5c
Jan.
Metropolitan Industries, preferred (quar.)
525
Michigan Central RR. Co. (semi-ann.) —
— 1.31 %
Michigan Gas & Electric, 7% preferred—----TS
nm
6% preferred
Michigan Central RR. (s--a.) — - —
Michigan Public Service, 7% preferred
\%\Yi
81H
M?ne Ilfll^chuHkillHaven
RR- — Minneapolis-Honeywell Regulator Co.—
4% preferred B (quar.)----—
Monsanto Chemical 84 H class A pref. (s-a)
Montana Power Co. 86 preferred (quar.)
& Power Consol. (quar.).
&Co._
National Automotive Fibres, Inc.—
6% preferred (quar.).---National Bearing Metals Corp., 7% pref. (quar.)
National Biscuit Co. (quar.)—
Preferred (quar.)
—
National City Bank (N. Y.) (semi-ann.)
T..
National City Lines S3 pref. (quar.)
Class A (quar.)..
$1
1
Jan.
Feb.
1 Jan.
14
Feb.
1 Jan.
14
Feb.
1 Jan.
14
(quar.)—-
(s.-a.)-
Mar.
]
Extra
1
May
]
Jan.
12
38c
50c
Jan.
31
Dec
Jan,
25 Jan.
Steel Co. of Canada
31
3
Merchandise Co. (quar.)
Niagara Hudson Power—
1st preferred and 2nd pref.
Norfolk & Western Railway,
A & B (quar.)-;—
pref. (quar.) —_ —
North American Edison, $6 preferred (quar.)._
North Carolina Railroad Co. ,7 % gtd. stk. (s.-a.)
Northern Ontario Power Co. (quar.)
6%
preferred (quar.) —
Hampshire
Northern
States Power
(quar.).—
(Wise.) pref.
(quar.)_$
Engineering Co—
Tire & Rubber pref. (quar.) —
Northwest
Norwalk
Nunn-Busb Shoe
Preferred (quar.)
14
Stott Briquet
Feb. 28 Feb.
14
50c
Feb.
14
Stouffer Corp., class
Class B (quar.)
75c
Feb.
1 Jan.
1 Jan.
14
50c
Feb.
1
Jan.
14
50c
Feb.
1 Jan.
20c
Jan.
29 Dec.
31
81H
Feb,
1 Jan.
20
10c
Feb.
1
Jan.
16
Feb,
Mar.
J
Jan.
16
Feb.
1 Jan.
1 Feb.
Feb, 15
1 Jan.
1
1 Jan.
1
Feb.
1 Jan.
20
1 Jan.
18 Jan.
16
51
!Feb.
Feb.
Feb.
15
1 Jan.
21
51%
Jan.
5134
25 Dec. 31
25 Dec. 31
Jan.
Jan.
31 Jan.
1 Feb.
1.41 2-3 Mar.
Feb.'
Apr.
-
18
Jan.
30 Jan.
10
Jan.
30 Jan.
10
Feb.
1 Jan.
16
Feb.
1 Jan.
1 Jan.
14
Feb.
Feb.
14
14
Penmans Ltd. (quar.)___—
Preferred *auar.)
Feb.
10 Jan.
24 Jan.
25
Jan.
20
Universal Leaf Tobacco Co.,
20
1st
preferred
Pennsylvania Power Co. 55 preferred (quar.)__fc
Penn Traffic Co. (semi-ann.)
Peoples Gas Light & Coke Co
Peoples National Bank (Brooklyn, N. Y.)
Payable in stock.
Capital stock (s.-a.)
Peoria & Bureau Valley RR. Co. (s.-a.)
Philadelphia Co
-;
Philadelphia Electric Co. (quar.)
$5 preferred (quar.)
Philip Morris & Co. pref. (quar.)__
Pittsburgh Bessemer & Lake Erie (semi-ann.)
Pitts. Ft. W. & Chicago Ry. 7% pref. (quar.) —
Preferred
Virginian Ry. Co.
20
534% preferred (quar.)
Procter & Gamble Co. (quar.)
Provincial Transport Co. (irregular)
Public Service Co. of Colorado 7% pref.
16
Mar.
1 Feb.
Mar.
1
Feb.
1 Jan.
21
Feb.
1 Jan.
15 Feb.
Feb.-15 Feb.
18
Feb.
4
21
Feb.
1 Jan.
1 Jan.
Jan.
25 Jan.
11
Jan.
27 Jan.
6
10
Feb.- 20
6
14
5%
Feb.
1 Jan.
10
75c
Feb.
1 Jan.
10
Feb. 10 Jan.
19
Jan.
45c
Feb.
81%
25 Dec. 31
1 Jan. 10
Feb.
1 Jan.
10
Feb.
15
Mar.
Apr.
81%
1
1 Mar. 15
Apr.
Mar. 10
Oct.
1
1 June 10
1 Sept. 10
Feb.
12-10-39
1 Jan. 20
Feb.
1 Jan.
20
Mar.
1 Feb.
15
Mar.
$1%
81%
81%
50c
20c
preferred (monthly)
;
preferred (monthly)
Public Service of N. J., 6% preferred (monthly)
Public Service of Northern Illinois (quar.)
Quaker Oats Co. pref. (quar.)
Quarterly Income Shares (quar.)
Quebec Power Co. (quar.).
Feb.
Feb.
15 Jan.
16
Feb.
Jan.
20 Feb.
25 Jan.
10
50c
30c
Feb.
28 Feb.
30 c
Feb.
28 Feb.
15
25c
Feb.
15 Jan.
20
37Hc
Feb.
15 Jan.
20
25c
1 Feb.
15
Feb.
15 Jan.
1-2-40
25*
Feb.
15 Feb.
1
58 l-3c Feb.
1 Jan.
14
Feb.
1 Jan.
14
41 2-3c Feb.
Feb.
50c
1 Jan.
14
15 Jan.
14
Feb.
1 Jan.
14
Feb. 28 Feb.
1
50c
51H
75c
75c
Jan.
J4334c
Feb.
23 Jan.
Jan.
81%
30c
Feb.
1 Jan.
14
*25c
Feb.
15|Jan.
25
Feb.
31
1
10
1
16
7
7
Feb.
Jan.
7
Feb.
Jan.
25
37Hc
t50c
Feb.
Jan.
25
Feb.
Jan.
20
Feb.
Jan.
21
Feb.
Jan.
21
Jan.
Jan.
14
37Hc
Jan.-'
Jan.
14
51H
12Hc
Feb.
Dec.
17
Jan.
Dec.
28
l.Jc
Feb.
Jan.
16
20c
Feb.
Jan.
51H
Feb.
Jan.
14
2c
Feb.
23 Jan.
21
2c
Feb.
23 Jan.
21
412-3c
50c
58 l-3c
Feb.
Jan.
14
Feb.
Jan,
14
Feb.
Jan.
15c
Feb.
Jan.
5
37Hc
Jan.
31 Jan.
14
51H
June
15 June
"5.4c
Feb.
5.2c
Feb.
20c
Feb.
Feb.
14
14
1
1 Jan.
19
1 Jan.
16
July
15 Mar. 31
15 June 30
Oct.
16 Sept. 30
Apr.
Feb.
Jan.
16
58 1-3 c
Mar.
Feb.
15
58 l-3c
53c
Apr.
Mar. 15
Feb.
Jan.
16
53c
Mar.
Feb.
15
53c
Mar. 15
5i)c
Apr.
Feb.
Jan.
50c
Mar.
Feb.
50c
Apr.
Mar. 15
51H
68<Hc
Feb.
Jan.
26
Feb.
Jan.
20
t75c
51H
51H
51
Feb.
Jan.
26
Apr.
July
Apr.
July 1
Feb.
Jan.
5
5
17
0
•
51H
Feb.
Feb.
Jan.
20
Feb.
Jan.
21
51
82
Jan.
Jan'.
16
July
June
15
Apr. 20 Apr.
July 20 July
10
10
51H
51M
51H
Oct.i, 20 Oct.
Feb.
(quar.)
10
20
Mar. 15 Feb.
25c
13
24
Mar. 15 Feb.
M
1 Jan.
Mar. 15 Feb.
25c
20
1 May
1 Feb.
15
June
52 H
Mar.
15
1 May
1 Jan.
15
Feb.
10 Jan.
31
Feb.
28 Feb.
14
June
Feb.
14
May 31 May 15
Aug. 31 Aug. 15
Feb. 15 Jan. 20
Feb.
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
Dec.
31
Feb.
Jan.
14
Feb.
Jan.
16
20
5
5
Feb.
Feb.
1
Jan.
Jan.
Jan.
Jan.
16
20
Jan.
Jan.
20
Feb.
Jan.
16
Mar.
Feb.
10
25c
Feb.
Jan.
20
25c
'Mar.
Feb.
20
Is. 9d.
9d.
25c
Transfer books not closed for this dividend.
t On account of accumulated dividends.
15
40c
60c
final
16
51H
(monthly)
i Payable in Canadian
15
Jan.
Bonus
deduction of a tax of 5%
17
5c
Woolworth
*
20
Mar. 15 Mar.
1 Jan.
Feb.
Uh
Monthly
Zeler's Ltd., 6% preferred
15 Jan.
Feb.
5% preferred (quar.)
5% preferred (quar.).
37Hc
Washington Gas Light Co. (increased)
51H
54H cum. conv. preferred (quar.)
51H
Welch Grape Juice Co. pref. (quar.)
51H
Preferred (quar.).
51M
Preferred (quar.) —
81H
West Penn Electric 7% preferred (quar.)
81H
6% preferred (quar.)
—
81H
West Penn Power 7% pref. (quar.)
81H
6% preferred (quar.)
12Hc
Westing house Air Brake Co
81H
Weston (Geo.), Ltd., preferred (quar.) —
37 He
Westvaco Chlorine Products, preferred (qu.) —
82 H
Wilson Line, Inc., 5% 1st pref. (s.-a.)
Wisconsin Electric Power Co., 6% pref. (qu.)_.
Wisconsin Telephone Co., 7% pref. (quar.)
40c
WJR—The Goodwill Station (quar.)
ttSlH
Wood, Alexander & James, Ltd., 7% 1st pref—
Wrigley (Wm.) Jr. Co.
Monthly
21
Mar. 15 Mar.
;—
(F. W.) Co. (quar.)
Wool worth (F. W.) & Co., Ltd.,
14
Apr. 15 Mar. 20
t20c
51H
51H
Vulcan Detinning.
SI %
(mthly.)
5
20
51H
51H
51H
1 Jan.
1 Jan.
Vermont & Boston
1 Jan.
_
preferred (quar.)__
1 Jan.
Feb.
Telegraph
pref. (quar.)—_
Preferred (quar.)..
Preferred (quar.)
Walgreen Co. (quar.)
4H% preferred (quar.)
(H.) Walker-Gooderham & Worts, Ltd
Preferred (quar.E.
Washington Ry. & E lectric5% pref. (s.-a.)
15 Jan.
Feb.
81%
6% preferred (quar.)
1 Jan.
Feb.
preferred (quar.)
Common
Feb.
July
7% preferred (quar.)
7% preferred (quar.).
:.).
7% preferred (quar
Potomac Edison 7% preferred (quar.)
Feb.
Inc. (quar;)
14
33 He
25c
20c
20*
25c
(quar.)
14
Feb.
Feb.
53%
20
Jan.
t52H
51H
preferred (quar.)---
Jan.
16%c
71l
20
Jan.
17
Upper Michigan Power & Light Co.
0% preferred (quar.)
Utilities Stocks & Bond Corp. (semi-ann.)
24 Jan.' 20
Feb.
Feb.
Jan.
Feb.
25
—
—
United States Sugar Corp.
14
24 Jan.
Jan.
75o
Feb.
Feb.
Jan.
pref.-_
1 Jan.
1 Jan.
Jan.
20c
81%
16
Feb.
(monthly)
7% prior preferred (monthly)...
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6 % prior preferred (monthly) _ _.
6% prior preferred (monthly)
6 % prior preferred (monthly)
United States & Foreign Secur., 1st pref. (qu.)_.
United States Hoffman Machine, pref. (quar.)._
United States & International Securities—
25
31%c
31
Jan.
20
— - —
-
75c
(quar.)
Parkersburg Rig & Reel pref. (quar.) — __
Pearson Co., Inc.; 5% preferred A (quar.)
Pemegewasset Valley Railroad (semi-ann.)—
Peninsular Telep.„ pref. A (quar.)
— —_
Dec.
Feb.
Tung-Sol Lamp Works pref. (quar.)
of America pref. (quar.)
United Bond & Share Corp., Ltd. (quar.)—
15c
Quarterly
15c
Quarterly
58 l-3c
United Light & Rys. 7% prior pref. (monthly)--
1 Jan.
25c
Parker Rust-Proof Co.
18
Jan.
Jan.
—_—
Feb.
51%
(quar.)
Jan.
A (quar.)—
Feb.
1
2 Jan.
Feb.
Feb.
--— - —
1 Jan.
1- Jan.
I*
15
Feb.
t43|fc
75c
Pacific Lighting Corp. (quar.).
Pacific Public Service (Calif.) pref.
11
15
20
7% prior preferred
1 Jan. 14
1 Mar. 20
21
Jan.
(quar.)
30c
(quar.)
6%
5%
31
I
Feb.
16
1 Feb.
26 Dec.
Mar.
•United Biscuit Co.
Mar.
75c
Series D
1 Jan.
Jan.
(semi-ann.)
Troy & Greenbush RR. Assoc. (s.-a.)
Trustee Standard Oil Shares, series O —
Feb.
11
23 Jan.•12
Feb.
Jan.
11
1 Jan.
Feb.
Jan.
Ltd., ordinary..—
10c
Preferred C (quar.)_
Potomac Electric Power, 6%
Jan.
16
1 Jan.
Feb.
Jan.
Feb.
Transamerica Corp.
Feb.
Mar. 30 Mar. 15
23c
—
Is. 6d.
51 %
Corp., preferred A (quar.)
20
Feb.
16.
1
15 Feb
1
Feb. ,15 Feb.
Feb.
1 Dec. 27
Feb.
1 Jan. 23
41 2-3c
(quar.).
25 Jan.
Feb.
31
16*
58 l-3c
50c
preferred (quar.)..-
Jan.
25c
(final)
-'
(quar.)
Tacony-Palmyra Bridge Preferred (quar.)
Taylor Markets, Inc.Xduar,)
Telautograph Corp
—
Texas Power & Light, 7% pref. (quar.)
56 preferred (quar.) _
t
Toburn Gold Mines, Ltd. (quar.)
Extra
I-.:
-----...
___-—
Toledo Edison, 5% preferred (monthly)-.
6% preferred (monthly)
—
7% preferred (monthly)
Trade Bank of New York (quar.)
—
Feb.
25c
16
20
15c
Preferred
'
S1H
Jan.
25 Jan.
15c
Sun Ray Drug
25c
Extra
5% preferred
.
16
Feb.
':<•
Co., Inc., 52 conv.
Apr. 15 Mar
10c
5% preferred (monthly)
5H% preferred (quar.)
Orange & Rockland Electric
Outboard Marine & Mfg. Co
Pacific Finance
18
51%
—
Ltd. (initial).
Ohio Public Service, 7% pref. (monthly)
8% preferred (monthly)
1st
Jan.
87 %c
O'Brien Gold Mines,
Outlet Co. common
23
1
15c
Extra
Northern RR. of New
1 Jan.
Jan.
Feb.
Jan.
—
7% preferred (quar.)_.
Sterling, Inc. (quar.)
Preferred (quar.)
40c
flH
25
51%
Extra
51H
Power &
New York
Feb.
Feb.
Light Co., $6 pref. (quar.) —
National Savings & Trust Co
1.18%
Neisner Bros.,, preferred (quar.)-.
-------»
81%
Newberry (J. J.) Realty Co., 6H % pref. A (qu.)
5% pref. (quar.)
6% preferred B (quar.)l
—
New England Gas & Electric Assn. 85H pref--510
Now England Trust Co. (semi-ann.)
--$5
National
16
15 Jan.
51
50c
Spiegel, Inc., preferred (quar.)
Squibb (E. R.) & Sons, 1st 56 pref. (quar.)
Standard Brands, Inc. preferred (quar.)
Standard Fire Insurance Go. of N. J. (Trenton).
11)
Feb,
.—
Jan.
Feb.
(quar.)
Quarterly.--j—
Original preferred (special)
Co., Ltd. (quar.)_
20
Feb
June
10c
Feb.
50c
Southern Canada Power
Morrell (John)
National Distillers Products Corp.
National Gas & Electric Co__--_—- —
National Lead Co. pref. B (quar.)—.--National Liberty Insurance Co. of Amer.
15c
Simpson's, Ltd., preferred
Skelly Oil Co. preferred (quarl)
Smith Agricultural Chemical Co—
6% preferred (quar.) —
Solvay American Corp. preferred (quar.)
South Pittsburgh Water, 5% preferred (s.-a.) —
Southeastern Greyhound Lines (initial)
—
Convertible preferred (initial, quar.)
—.
Non-convertible preferred (quar.)
Southern California Edison Co. Ltd. (special) —
14
81H
51H
21
J1H
(quar.)
37 He
preferred (quar.)_ —
7H%
Rolls-Royce, Ltd., American deposit receipts. —
51H
Roos Bros., Inc. (Del.), 86% pref. (qu.)_ —
6%
Royal Dutch Co. (interim)
51.084
Royal Dutch Co. (N. Y. shs.) (initial)-34c
Royalty Income Shares, series A
— ----Saguenay Power, preferred (quar.)
25c
St. Lawrence Flour Mills (quar.)
—51K
Preferred (quar.)—
51H
Scott Paper Co. 54% cum. pref. (quar.) _>
51H
Securities Corp. General 57 pref. (quar.)..
51H
56 preferred (quar.).
51H
Shamokin Valley & Pottsville RR—
—
87 He
Sharp & Dohme, Inc., 83% pref. A )quar.)
2
Shawinigan Water <& Power
Shell Transport & Trading
13
82 H
Montreal Light, Heat
Jan.
Rochester Button Co.
Apr.
(semi-ann.)
Feb.
(quar.)
-■
14
Feb.
(quar.)-.------ — <
McCrory Stores Corp., preferred (quar.) — ----.
McGraw Electric Co. (quar.)
McLellan Stores Co.
Preferred (quar.)
Mammoth Mining Co—
——
Maytag Co., $6 preferred (quar.)—
20
10c
(N. Y.)_—
16*
Lockhart Power
5% preferred
Jan.
—
1 Jan.
Feb.
McCall Corp.
12
Feb.
50c
1 Jan.
1
Apr.
-------
Jan.
t50c
Extra—-----—
Rike-Kumler Co
Riverside Cement Co., 56pref.
Jan.
Co., 7% preferred (s.-a.)
Louisville Henderson & St. Louis Iiy. Co.—
20
Feb.
50c
Feb.
-
20
Jan.
(quar.)
Feb.
Corp. (quar.)-Lewis (Edgar P.) & Sons. Inc., pref. (quar,)_.
Lincoln Printing Co. preferred (quar.) —
Jan.
Feb.
25c
6% % preferred (quar.)
14
Feb.
Jan.
4% preferred (quar.)
Lehigh & Wilkes-Barre
Dec. 23
Feb.
75c
common
Richmond Insurance Co.
13
25 Jan.
Feb.
(quar.)
Rich's, Inc. (quar.)
21
Feb.
pref. (quar.).
B
Rhode Island Public Service Co., A
Common and
14
Feb.
-
23 Jan.
Jan.
Kroger Grocery &
Co. 7%
Landis Machine Co. (quar.)----—
--Lane Bryant, Inc., 7% preferred (quar.)
Lazarus (F. & R.) & Co. (quar.).
Lee Rubber & Tire Corp.
Link Belt Co. (quar.)----—^ —
Preferred (quar— — - —
Jan.
1
Feb.
-—. —
Cement Co
1
Feb.
Extra
Lehigh Portland
31 Jan.
10
10
Jan.
Knickerbocker Insurance Co. (N. Y.)
—
Kokomo Water Works Co. 6% pref. (quar.)—
Kootenay Belle Gold Nines (quar.) —
Baldng
10
31 Jan.
Jan.
--
28 Jan.
Jan.
Dept.
II.) & Co. (quar.)
Special preferred (quar.)_-_ —
1 Mar. 15
Holders
Payable of Record
Share
of Company
Railway & Light Securities Co. 6% pref.
Raymond Concrete Pile (quar.)
Preferred (quar.)
Reading Co. (quar.)
Reed (C. A.) $2 class A
Reliance Mfg. Co
Republic Investors Fund 6% pref A&B
ReVnolds (R.J.) Tobacco Co.—
15 Feb. 28
Apr.
(resumed)
Preferred
Kaufmann
Name
Payable of Record
Company
When
Per
Holders
When
Name of
Jan. 21, 1939
Chronicle
Apr.
37 He iFeb.
«
•„
Mar. 20
Jan.
14
'
,
funds, and in the case of non-residents of Canada,
of the amount of such dividend will be made.
Volume
Financial
148
Condition
Chronicle
of the Federal Reserve Bank of
New
Weekly Return of the New York City
York
Clearing House
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 18, 1939,
in comparison witn the
date last year:
393
The
City
issued by the New York
Clearing House is given in full below:
previous week and the corresponding
STATEMENT
'
.
weekly
statement
OF
MEMBERS
OF
THE
NEW
CLEARING
YORK
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 14,
Jan.
18, 1939
Jan.
1939
11,1939 Jan.19,1938
*Surplus and
S
S
S
Time
Deposits
Deposits,
Average
Average
Capital
Members
hand and due from
on
United States Treasury.*
Redemption fund—F. R. notes
5,495,331,000 5,348,630,000 3,676,775,000
1,710,000
927,000
1,775,000
_
S
94,180,000
Bank of New York
Bank of Manhattan Co.
20,000,000
5,622,083,000 5,471,692,000 3,772,665,000
National City Bank
Chem Bank & Trust Co.
77,500,000
20,000,000
Other cash f
Total
Net Demand
Undivided
Profits
Clearing House
Assets—
Gold certificates
122,135,000
reserves
Bills discounted:
$
13,716, 400
163,294,000
441,300,000
26,178, 200
60,054 900 al, 588,047,000
534,638,000
55,632, 700
182,808, 400 ftl;464,814,000
526,333,000
45,129 400
6,000,000
U.
by
Guaranty Trust Co
direct or fully guaranteed
Other bills discounted
856,000
360,000
938,000
319,000
Total bills discounted
1,257,000
1,216,000
220,000
213,000
3,877,000
Bills bought In open market
1
Industrial advances
3,859,000
_
3,282,000
385,000
3,667,000
215,000
4,381,000
United States Government securities:
42,243,000
21,000,000
15,000,000
71,537, 000
109,072, 800
253,919,000
531,078,000
50.000,000
4,000,000
/52,935, 000
4,319, 700
6,054,000
65,546,000
90,629,000
44,296,000
24,584,000
2,696,000
c808,092,000
19,038, 800
10,000,000
Irving Trust Co
Continental Bk & Tr Co.
Chase National Bank...
S. Govt, obligations,
90,000,000
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank
Secured
11,734,000
36,524,000
163,740,000
537,517,000
4,727,000
5,237,000
49,737,000
4,186,000
46,656,000
135,516, 700 d2,146,258,000
100,270,000
Fifth Avenue Bank
500,000
3,741, 400
46,473,000
25,000,000
10,000,000
5,000,000
79,464, 100
e821,886,000
191,588,000
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co.
1,012, 000
9,252 700
14,094,000
106,222,000
27,881, 500
325,393,000
739,554,000
New York Trust Co
Comm'I Nat Bk & Tr Co
12,500.000
724,663,000
7,000.000
8,297, 700
83,718,000
Public Nat Bk & Tr Co.
Bonds
7,000,000
9,355, 600
86,691,000
1,884,000
51,152,000
729,969,000
747,817,000
914,945,000 10,526,423,000
624,356,000
237,660,000
341,961,000
145,042,000
Total U. S. Government securities..
I
Total bills and securities
■
210,002,000
729,999,000
Treasury bills..
237,660,000
333,382,000
153,621,000
724,663,000
Treasury notes
337,964,000
Totals.
Due from foreign banks....
Uncollected items
65,000
.
Bank premises
Other assets...
151,742,000
9,038,000
12,820,000
13.093,000
Total assets
6,768,000
152,552,000
523,013,000
* As per official reports:
companies, Dec. 31, 1938.
9,973,000
THE
920,159,000
996,446,000
987,760,000
4,873,241,000 4,670,895,000 3,228,324,000
37,454,000
164,751,000
133,071,000
59,605,000
62,455,000
57,654,000
196,555,000
227.650,000
216,812,000
reserve acc't.
U. S. Treasurer—General account...
Foreign bank
Other deposits
...
Total deposits.
availability Items.
142,705,000
728,000
165,342,000
572,900
........
..
Other liabilities incl. accrued dividendsTotal liabilities
each
.•
;
■'
14
1,481,000
Central Mln & Invest.
51,074,000
52,463,000
7,457,000
8.195,000
51.079,000
52,463,000
7,457,000
_
Other capital accounts
8,203,000
•
Beers
Ford
7,744,000
4/6
£18%
£18%
63/9
•28/-
63/9
26/-
£S%
88/-
Co.
88/6
10/6
16/-
...
A.
HOLI¬
DAY
of
tot&l
to
reserve
deposit
bills
on
•••'.*
89.7%
89.4%
130
Box...
75/-
....
'
Rand Mines
/6
£11%
£11%
Metal
84.9%
purchased
£8 %.
87
'88/'*
10/3
16 h
4/3
/6
10/3
16/4/3
1/r
22/-
4/3
l h
IS
130/6
£11%
75/-
London Midland Ry
and
F. R. note liabilities combined
IS
75/6
£8%
1 h
22
£7%
'
22
4/-
M/6
130/—
...
Hudsons Bay Co.
6,553,654,000 6,384,819,000 4,701,370,000
22
£8%
63/1%
24/-
£7%
87/6
10/3
16/-
16/4/3
£18%
63/9
25/-
£7%
10/6
1
£18%
v
3
94/6
4/6
.
Jan. 20
£38%
4/3.
£39%
4/6
Fri.,
■
39
39/3
.95/-
39/3
95/£39%
65/30/-
Gaumont Pictures ord.
8,343,000
39/6
95/-
Imp Tob of G B & I...
Total liabilities and capital accounts..
Thurs.,
Jan. 19
£38%
£8 %
Ltd,..—
Wed.,
Jan. 18
17
'
Electric & Musical Ind.
51,943,000
Jan.
4/6
£18%
.
...
Distillers
51,003,000
received by cable
95/-
Courtaulds 8 & Co....
De
as
Tues.,
Mon.,..
Jan, 16
39/6
Cable & Wire ordinary.
Canadian Marconi
Cpns Goldflelds of S A.
Capital paid in__.-__...
Contingent liability
.
EXCHANGE
£39 %
—
British Amer Tobacco.
138,759,000
Qapital Accounts—
Ratio
C
'
,
Sat.,
'.
Surplus (Section 7)
STOCK
day of the past week:
Jan.
*
_
LONDON
Boots Pure Drugs
6,434,452,000 6,265,630,000 4,582,337,000,
Surplus (Section 13-b)
J278.227.000; 6 $87,683,000*
a
Quotations of representative stocks
5,280,778,000 5,125,751,000 3,521,938,000
X
_
Includes deposits in foreign branches as follows
C$6,060,000; d$82,571,000; e $36,131,000.
11,531,000
Liabilities—
F. R. notes in actual circulation
.
National, Dec. 31, 1938; State, Dec. 31, 1938; trust
/Surplus,
"
>
6,553,6.54,000 6,384,819,000 4,701,370,000
....
Deposits—Member bank
Deferred
4,701,000
22,983,000
64,000
9,493,000
58,000
8,556,000
170,827,000
9,038,000
Federal Reserve notes of other banks
3i;391,000
2,555,000
11-
130/-
22/130/-
£11%
75/6
£8%
£8%
jcii%„
75/-
£14%
£13 %
£14
£14
16/111/3
16/6
114/3
16/-
Ul
111/3
111/3
Royal Dutch Co.
£36%
171is
£36%
16/-
Rolls Royce—
£36
£36
£35%
Shell Transport
for foreign correspondents..
£4%
£4
£4
£4
£4
Rio Tinto
691,000
Roan Antelope Cop M.
Commitments
to
make
industrial
ad¬
2,614,000
2,605,000
vances
t "Other Cash" does not include
Federal
4,620.000
x
These
Unilever
treasury
certificates given by the United States
are
59.06 cents, these
VIckers.
West
certificates being worth less to the extent of the
...
"
21/9
;
27 /9
28/33/9
28/34/21/9
21 /7%
.28/6
36 /22 /3
£13%
33/9'
21/9
21/9
21/7%
2116
Witwatersrand
£5%
£6%
Areas
difference, the difference itself having been appropriated as profit by the Treasury
•
28/6
36/3
22/3
22/-
Ltd
United Molasses...
for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to
;
Swedish Match B
Reserve notes or a bank's own Federal
Reserve bank notes.
over
..
£5 %
£5%
£5%
under the provisions of the Gold Reserve Act of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the
These
resources
figures
are
and liabilities of the reporting member banks in 101
always
the Federal Reserve
System
leading cities from which weekly returns are obtained.
The comment of the Board of Governors of
week behind those for the Reserve banks themselves.
a
upon
immediately preceding which
the figure^ for the latest week
we
appears
in
our
department of "Current Events and Discussions
also give the figures of New York and Chicago reporting member banks for
a
week Later.
made in the breakdown of loans as reported in this statement, which wer
described in an announcement of the Federal Reserve Bank of New York of April 20,1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City aad those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and' other loans,
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the.revisions^was published in the May 29, 1937, issue of the "Chronicle," page 3590.
Commencing with the statement of May 19, 1937, various changes
were
'
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICT S ON JAN. 11, 1939 (In Millions of Dollars)
Federal. Reserve
Districts—
Boston
Total
ASSETS
s
"
■■
New York
%
$
"
Cleveland Richmond
PhUa.
$
%
Chicag
Atlanta
►.
$
i
$
.
Louis Minneap. Kan. dtp
$
S
Dallas
San Fran.
$
$
21,477
1,143
8,515
1,155
1,848
666
601
3,118
703
373
656
521
8,367
3,818
575
3,381
1,482
419
644
240
310
849
312
158
260
242
977
251
181
234
104
173
477
189
77
158
159
333
323
65
136
22
8
10
3
32
3
4
17
1
22
securs.
864
30
710
18
23
4
7
41
7
2
5
3
14
Other loans for purchasing or carrying
securities...
546
32
256
32
22
16
16
78
13
7
12
13
49
81
222
33
28
97
48
7
23
20
382
Loans and investments—total
Loans—total...
Commercial, Indus, and agricul. loans
Open market paper.
Loans to brokers and dealers in
...
Real estate loans
1,169
171
57
N
1
2,178
1
107
2
86
2
2
1
1
4
7
------
Other loans
1,540
114
489
107
184
72
82
120
45
61
44
46
176
United States Government obligations
8.206
409
2,979
364
833
322
162
1,588
232
159
208
180
770
Obligations fully guar, by U. S. Govt
1,715
3,189
7,371
43
226
58
15
51
43
123
129
1,254
282
275
65
86
455
101
41
137
56
308
357
4,265
267
371
166
114
989
159
75
161
115
332
Loans to banks
...
Other securities.
Reserve with Federal Reserve Banks-
.
96
39
79
20
45
20
13
68
12
8
13
12
24
188
171
283
147
134
433
133
118
264
219
278
81
100
31
39
79
23
15
21
26
210
7,334
1,004
801
1,145
440
348
2,332
449
274
498
426
933
249
280
734
196
182
890
186
120
144
<134
1.058
15
134
54
42
28
42
129
18
2
22
36
110
252
2,694
312
344
244
233
925
281
128
351
208
277
20
459
------
------
142
154
16,050
1,070
5,177
632
6,249
Balances with domestic banks...
Other assets—net
90
528
456
2,522
1,226
Cash in vault
901
30
,
------
73
.
LIABILITIES
'
Demand
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic
banks
520
Foreign banks
Borrowings—
i.;
Other liabilities
Capital account
— —
,
—
—
9
------
-
1
------
21
342
17
15
------
242
1,608
221
366
94
-
91
------
------
1
-
17
------
16
4
28
3,676
1
11
------
1
------
748
•
5
8
3
5
284
384
V91
56
97
83
343
Jan. 21, 1939
Financial Chronicle
394
Board of Governors of the Federal Reserve System
Federal Reserve System on Thursday afternoon, Jan. 19,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 18. 1939
Weekly Return of the
issued by the Board of Governors of the
The following was
Three
Jan.
Ciphers (000) Omitted
Jan.
11,
Dec.
4,
9,118,394
11,492,201
9,592
339,729
10,007
345,743
10,815
357,940
10,33w
9,393
362,857
426,665
12,078,556
12,063,039
12,017.471
11,970,472
11,865,396
9,554,452
5,968
2,325
4,462
2,535
3,655
2,388
4,601
3,757
6,979
2,480
2,846
3,811
7,081
6.603
10,790
11,713.718
8,433
418,025
9,873
325.471
9,873
305,963
12,294,178
12,212,356
12,123,063
2,255
2,106
2,635
2,119
2,334
1,973
4,931
2,049
9,193
435,229
S'
%
?
19,
1938
11,601,717
11,762,720
12,340,639
*
Jan.
23,
1938
11,661.721
11,787,719
11,867,720
Nov.
30,
1938
$
5
J
11,837,719
9,874
364,763
11,896,217
Nov.
7,
1938
1938
1938
S
$
«
Dec.
14,
Dec.
21,
Dec.
28,
1938
1939
1939
t
ASSETS
and due from U. 8. Treas. x.
Redemption fund (Federal Reserve notes;
Gold ctfs. on hand
Other cash
Jan.
18,
1939
-
Total reserves..-.1
Bills discounted:
U. S. Government
guaranteed
discounted
Secured
by
obligations.
direct or fully
Other bills
-----
'
4,361
4,754
4,307
6,980
8,293
6,997
6,043
549
549
549
549
547
545
548
549
547
556
15,550
15,505
15,688
15,533
15,573
15,485
15,821
15,199
17,829
15,390
840,893
1,209,931
513,191
840,893
1,179,577
840.893
840,893
1,156.947
566,175
1,126,903
596,219
787,327
1,167,565
609,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
1,171,713
543,545
840,893
1,156,947
566,175
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,016
2,564,015
2,564,015
2,584,868
2,584.376
2,587,232
2,588,390
2,587,134
2,586,090
2.587,464
2,586,362
2,593,182
2,584,322
"~166
'"*172
""*172
"""172
."""174
176
""171
31,089
35,537
29,426
739,742
23.642
616,017
44,641
25,402
687,215
44,076
44.332
51.076
23,737
644,07h
44,193
60,682
15,292,964
15,214,620
12,874,036
15,653,641
15,511,492
4,470,462
4,384,882
4,362,465
4,155,272
4,441,050
8,818,335
474,310
212.081
7,218,937
8,819,243
891,119
189,916
245,684
8,577,167
'
Total bills discounted..
-
market
Bills bought In open
•
Industrial advances
United States
Government securities—Bonds
notes
Treasury
•
—
.--
Treasury bills
securities.-----
Total U. 8. Government
securities
Other
securities.
—
Gold held abroad
..........
banks.---.
of other banks.---.—-
Due from foreign
Federal Reserve notes
Uncollected Items.---
44,096
42,956
15,569,297
4,483,202
9,130,381
799,950
158,713
275,964
8,956,139
872,943
176,767
282,712
10,365,008
10,288,561
657,676
2,208
591,268
2,298
15,363,306
15,257,089
15,309,782
15,163,031
134,911
149,152
27,264
,32,980
134,723
134.451
134,440
149.152
147.739
147/739
27,264
27,683
32,720
— -
—...
-
Deferred availability Items
,
Including accrued dividends.
1—
— -
134,818
'
27,264
32,766
Surplus (Section 13-b)
yOther capital accounts
y Reserve for contingencies
'-
-
207,703
296,843
195,280
185,705
210,718
318,617
365,162
365,517
366,168
350,43s
250,047
10.022,717
10,010,669
9,997,169
9,949,880
9,934.728
9,855,170
7,771,936
664.149
721,418
777.496
615,719
619,425
643,275
597,884
720.789
1.981
5,703
941,004
•
Commitments to make
>
6,753
"ff.509
15,856
11,750
11,803
11,603
15,226.798
15,223,488
14.999,798
14,950,838
14.872,513
12,531,845
134,157
134,049
134,032
134.013
133,041
147,739
147,739
147,739
147,739
147,739
27,683
27,683
27,683
27,683
27,683
33,728
"
32,671
32,672
32",672
15,341,940
15.292.964
15,214,620
t83.6%
83.6%
83.5%
76
240
324
32.672
15,511,492
15,569,297
15,565.739
83.7%
83.6%
83.3%
83.6%
76
76
76
83.8%
-
13,339
13,558
14,161
14,848
14.949
15,147
14,328
3,715
3,267
5,845
7,128
5,553
4,687
5,712
4,994
185
321
315
564
352
227
714
82
240
132
270
246
415
519
562
578
162
21J
774
461
596
509
6,043
7,081
6,603
10,790
23
91
"""264
"""264
94
259
46
170
198
237
258
547
1,673
545
548
1,434
1,415
87
274
259
202
.295
262
261
170
175
134
155
422
390
437
*46
479
423
4,754
4,307
6,980
8,293
6,997
264
264
262
179
23
market
open market
open market---.
open market..
In open market
open
-
166
349
-...
Total bills discounted
106
25
'
'
237
179
25
23
106
260
264
264
271
""264
'
"""285
•
7
129
154
m
,
'
556
549
549
549
549
2,049
1,784
1,923
1,432
525
512
403
358
16-30 days industrial advances
116
395
.
,
.
579
566
555
582
88
316
'596
•
280
805
753
1,114
1,118
415
478
327
742
12,468
12,004
15,821
95.330
15,199
110,523
32,746
82,358
75,890
33,725
567
„
542
409
387
436
'429
321
12,172
12,177
12,342
12,328
12,352
12,203
15,550
88,872
15,688
15,533
15,485
105,340
103,054
88,872'
107,684
198,570
154,893
193.485
2,016,340
1,995,306
209,378
1.996,637
200,487
180,923
217,424
171,733
15,573
90,458
105,340
190,057
194,268
1,983,892
2,005,185
1,996,192
2,158,329
2,564.015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,516,887
176,733
123,720
2,077,324
102,685
199,268
152,720
2,020,470
15,505
107,684
74,848
209,378
174,265
1,997,840
2,564,015
Government securities
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities.
Over 90 days U. 8. Government securities
1-15 days U. 8.
2,564,015
2,564,015
15,390
74,848
...
111,390
Total U.S. Government securities
,
Total other securities.
,
186,238
r
77,890
99,078
181,032
.
187,657
.
15,170
•
17,829
121,791
'
Notes—
4,702,829
4,741,206
4,788,995
4,800,507
4,650,264
330,045
307,610
301,406
287,799
361,615
347,945
4,759,331
326,364
4,686,288
366,244
4,798,827
315,625
4,730,059
364,415
Bank by F. R. Agent
by Federal Reserve Bank
actual
8,215
12,030
industrial advances
Total Industrial advances
In
1,626
■
'
Over 90 days Industrial advances
Held
547
549
1,908
31-60 days Industrial advances
Issued to Federal Reserve
,
.ft""
2,282
market
1-15 days industrial advances
Reserve
1,784
12,723
14,335
"4,361
discounted
discounted
Total bills bought In open
80.1%
3,359
Over 90 days bills
in
16-30 days bills bought In
31-60 days bills bought in
61-90 days bills bought In
Over 90 days bills bought
if
and
16-30 days bills discounted...
31-60 days bills discounted
1-15 days bills bought
12,874,036
■
13,131
industrial advances....
Maturity Distribution of Bills
Short-Term, Securities—
27,683
"
15,653,641
15,601,396
83.9%
1-15 days bills discounted.-',.--
Federal
135,018
167,934
'
29
15,707,306
anil capital accounts
correspondents
61-90 days
39,625
8,876,481
483,982
208,097
32,637
deposits and Federal
Reserve note liabilities combined
Contingent liability on
bills purchased for
•
45,033
r -.
........
Ratio of total reserves to
61-90 days bills
"
27,260
614,313
10,145,962
f
CAPITAL ACCOUNTS
foreign
44,119
*
- -
Total liabilities
Total liabilities
.
38,588
account
—
yAU other liabilities
8,966,268
407,377
4.374,962
Treasurer—General account..
yOther liabilities
4,422,449
9,033.512
412,790
4,338,414
In actual circulation
Total deposits
4,432.967
8,471,979
1,024,793
15,707,306
—-------
Foreign bank
Other deposits..
15,341,940
15,601,396
42,928
•
United States
15,565,739
47,349
42,92,->
45,973
LIABILITIES
Deposits—Member bank—reserve
56,183
174
21,573
620,779
44,117
51,736
'597,740
—
Federal Reserve notes
172
25.038
790,067
44,106
42,925
-----
Other assets...—
Total assets
172
26.085
789,042
660,816
——
premises.-—-!
Bank
728,073
664,229
-----
—
Total bills and
'
...
4,483,202
4,432,967
4,422,449
4,384,882
4,362,465
4,155,272
4,712,000
5,700
4,606,632
4,338,414
4,374,962
4,441,050
4,470,462
4,816,000
3,581
4,855,000
4,011
4,888,000
3,699
4,888,000
4,880,000
7,554
4,835,000
4,792,000
4,757,000
6,283
6,057
5,156
6,214
4,819,581
circulation
4,859,011
4,891,699
4,894.283
4,887,554
4,841.057
Collateral Held by Agent as Security for
Notes
Issued to Bank—
Gold ctfs. on hand and due from U. 8. Treas..
By eligible
paper
9,472
33,000
United States Government securities
Total
collateral
*
"Other cash" does not Include Federal Reserve notes,
x
These are certificates given by the United States Treasury for
cents on Jan. 31,
4,797,156
4,763.214
4.717.700
4,649,104
t Revised figure.
the gold taken over from the
1934, these certificates being worth less to the extent of the difference,
devalued from 100 cents to 59.06
appropriated as profit by the Treasury under
Reserve banks when the dollar was
the difference Itself having been
Drovlslons of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4.
1939 two new Items appeared, "Other liabilities,
two items corresponds exactly to the total of two Items
statements for Dec. 28.
1938 except Jan.
1938 and Jan. 19,
1938*
19, 1938, the figures for the two
new
Including accrued dividends." and "Other capital accounts." The total of
excluded, viz.: "AH other liabilities," and "Reserve for contingencies."
formerly In the statement but now
items are
these
Tfye
accordingly. In statements for all other dates previous to Dec. 28.
comparable to the figures for the two old Items only when totaled.
have been revised on the new
basis and they are shown
Volume 148
Financial
Chronicle
395
Weekly Return of the Board of Governors of the
Federal Reserve System
{Concluded)
WEEKLY STATEMENT OF
RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
PhUa.
ASSETS
$
$
$
S
Gold
certificates on hand and
from United States
Treasury
Redemption fund—Fed. Res.
11,896,217
notes..
696,259 5,495,331
558,836
9,193
222
1,775
42,400
124,977
34,326
738,881 5,622,083
12,340,639
Bills discounted:
Secured by U. S. Govt,
obligations
direct or fully guaranteed
2,255
Chicago
St. Louis
$
$
$
107
329,996
250,272 2,066,063
OF BUSINESS JAN. 18. 1939
Minneap. Kan. City
%
314,446
Dallas
$
225,782
San Fran.
%
291,433
S
190,499
652
361
517
457
806
586
461
28,503
669
26,448
20,255
61,349
20,919
8,957
18,123
15,503
594,226
779,988
356,805
271,044 2,127,869
336,171
235,325
310,017
206,671
607
106
54
50
726,467
938
.
1,623
33.46
761,559
2,106
v
Total bills discounted
Bills bought in
open market
Industrial advances
25
319
591
30
54
334
162
64
24
78
83
652
4,361
Other bills discounted
132
1,257
1,198
16C
216
64
74
78
113
986
25
58
24
19
69
2
2
16
16
'40
.
25
33
556
41
220
56
51
1,882
3,022
581
1,455
824
455
9
961
67,514
245
84,58;
121,7ir
51,62:
43,790
38,832
92,091
39,296
26,386
63,009
26,725
55,873
132,506
56,544
37,966
23,699
56,203
23,982
16,103
43,323
62,334
26,440
21,300
43,241
257,92
133,524
118,404
280,800
119,822
80,455
132,097
106,418
216,043
258,72
135,219
119,311
281,398
119,911
81,531
133,344
107,214
217,475
840,893
61,659
3,859
237,660
1,209,931
513,191
88,717
341,961
97,142
37,630
145,042
41,203
2,564,015
Government securities—Bonds
Treasury notes.
Treasury bills
Total U. S. Govt,
securities——
Total bills and securities
Due from foreign banks
188,006
724,663
205,859
2,584,322
190,061
7291999
•
•
210,135
•
755
1,334
34,901
.«
50,217
70,853
101,949
.
166
Fed. Res. notes of other
banks
Uncollected Items
Bank premises
13
58
17
16
8
6
21
31,089
._
3
1,510
64,141
2
8,556
170,827
1,461
1,334
5
5
3,187
12
2,181
3,926
2,190
48,746
54,090
24,105
30,322
4,699
2,621
2,076
89,290
3,964
2,993
34,159
13,093
4,225
5,384
2,912
2,177
4,780
2,291
2,016
1,505
1,319
31,488
3,248
2,238
733
9,038
71,597
6,017
1,699
16,040
554,842
420,900 2,511,248
492,904
337,624
481,659
660,816
„
42,925
....
2,945
47,349
3,043
'
__
...
'
4
21
•
15,390
U. S.
Total assets
Atlanta
$
750,833
1,064
435,229
reserves
Other assets
1
due
Other cash *_
Total
Cleveland Richmond
BANKS AT CLOSE
15,707,306 1,000,594 6,553,654
..........
,
863,509 1,123,060
1,522
*
26,011
1,261
1,880
3,243
4,096
343,775 1,023,537
'
LIABILITIES
F. R. notes In actual
circulation
Deposits: >•
4,338,414
account-
Foreign bank..
987,760
313,720
417,715
200,438
148,475
981,599
180,130
1.34,649
168,209
78,548
350,883
449,126 4,873,213
70,960
133,071
11,316
57,654
402,225
246,210
182,189 1,171,684
124,000
234,880
180,154
45,649
3,615
4,390
30,244
19,017
1,906
227,796
33,381
4,558
4,952
36,275
4,558
1'237
3,810
543,908
41,494
11,316
16,272
236,044 1,394,523
270,687
177.654
270,919
224,797
158,713
T_ .......
216,840
6,758
494,996
87,093
14,617
6,154
536,173 5,280,778
799,950
Other deposits
470,105
602,860
287,478
275,964
Total deposits
Deferred
376,288
9,130,381
Member bank—reserve account
U. S. Treasurer—General
"
4,771
10,365,008
availability Items...
657,676
Other liabilities, incl. accrued
dlvs...
Total liabilities.
—
Capital Accounts—
Capital paid in
15,245
'
41,168
5,501
6,758
1,688
201,916
7,186
47,243
69,855
52,095
23,754
90,517
572
251
31,614
185
16,174
118
32,386
29,478
166
233
58
106
246
46
38
831,319 1,090,615
540,129
408,439 2,466,872
482,489
328,583
471,760
332,869
998,990
976,789 6,434,452
134,818
9,423
51,079
12,076
10,083
52,463
13,696
13,656
14,323
"2,874
1,425
7,457
4,416
2,002
27,264
V 32,766
'
35,079
5,023
4,503
13,556
3,959
5,630
22,666
4,685
1,007
4,983
3,293
713
545
3,459
1,414
1,615
1,429
6,725
863,509 1,123,060
v1,508
1,514
554,842
420,900 2,511,248
8,203
1,220
-
155
2,906
4,221
3,966
10,450
3,153
3,613
3,892
1,266
1*782
9,965
1,142
1,226
1,001
1,981
492,904
337,624
481,659
441
198
650
58
•
■
923
2,121
2,011
343,775 1,023,537
46
3,497
"Other cash" does not Include Federal
Reserve notes.
•
.
Three Ciphers (000) Omitted
Federal Reserve Bank
of—
circulation
as
from United States
and
336,225
446,247
22,505
28,532
100,079
376,288
987,760
,313,720
5
345,000
449,000
1
1939
15 1939
Feb. 23
1939
Mar.
1 1939
Mar.
8 1939
—
■
Dallas
$
San Fran.
$
$
141,135
6,486
176,830
8,621
87,474
8,926
148,475
220,000
1,179
718
147
180,130
134,649
168,209
78,548
350,883
203,000
143,500
185,000
92,500
434,000
25
62
977
25
46
185,977
92,525
434,046
216
4,819,581
420,107 1,106,179
345,718
449,147
220,216
107
981,599
'
.
418,972
68,089
Bid
5
74
169,005 1,050,074
United
Mar. 15 1939..
Asked
0.05%
Mar. 22 1939..
States
April 12 1939—
■
143,562
Government
Securities
the
at
New
York
Daily, Weekly and Yearly—See
0.05%
page
Averages—See
the
on
New
page.
Stock
Exchange,
411.
0.05%
0.05%
0.05%
April 19 1939..
203,025
■.
Exchange—See following
Stock and Bond
0.05%
Mar. 29 1939-
v
169,000 1,050,000
York Stock
Asked
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
8 1939
Feb.
Kan. City
$
197,989
17,859
Transactions
Feb.
$
163,903 1,024,055
15,428
42,456
200,438
420,000 1,105,000
Treasury Bills—Friday, Jan. 20
Bid
25 1939
St. Louis Minneap
'
4,816,000
3,581
for discount at purchase.
are
Chicago
S
216,202
15,764
417,715
V;
Atlanta
S
t
........
United States
29,670
$
due
Treasury....
Total collateral
405,958 1,087,839
Cleveland Richmond
'
•
:
Eligible paper.
Rates quoted
$
STATEMENT
security
hand
on
PhUa.
$
4,338,414
by Agent
for notes issued to bank:
Gold certificates
New York
$
4,702,829
364,415
Bank....
In actual
Boston
$
Issued to F. R. Bank by F. R.
Agent
Held by Federal Reserve
Collateral held
FEDERAL RESERVE NOTE
Total
Federal Reserve notes:
Feb.
612,990
165,342
Total liabilities and capital accounts
15,707,306 1,000,594 6,553,654
Commitments to make Indus, advs...
13,131
1,239
2,605
Jan.
4:558
189
._
......
Other capital accounts
*
32,822
-
Surplus (Section 7)..
Surplus (Section 13-b)
'
.
64,139
2,208
15,363,306
....
45,877
April
5 1939—
THE
PARIS
page
411,
,
BOURSE
Quotations of representative stocks
each day of the past week:
-
as
received by cable
,
Quotations for United States Treasury
Notes—Friday,
Jan. 20
.
Figures after decimal point represent
a
point."
'■
■
•
Rate
Mar, 15*1939
June
iy*%
2lA%
Mar. 15 1941...
of
•
i
Int.
Bid
14
Asked
100.6
Maturity
Canadian
June 15 1941
102.4
102.6"
Dec.
101.30
102
102.4
102.14
102.16
Dec.
102.12
102.14
102.24
102.26
1H%
102.25
1,280
1,232
1,236
1,243
506
499
492
499
207
208
204
202
17,000
17,200
17,100
744
753
1,470
1,430
1,420
<
.1,440
1,410
B
32
31
35
35
.......
580
570
556
582
870
851
852
848
Citroen B_
102.27
Comptolr Nationals d'Escompte
Coty 8 A
....
102.25
102.24
102.26
Courriere...
238
104.9
104.11
Credit Commercial de France—
543
105.16
Credit
104.12
101.15
Dec.
VA%
101.12
101.14
Eaux des Lyonnalse cap
Energie Electrlque du Nord
Energle Electrlque du LlttoraJ..
Kuhlmann.
Lyonnalse
,
...
IToli-
day
"
210
1,660
1,460
340
590
37
210
■
210
234
230
207
526
534
535
210
1,620
1,620
1,640
1.630
1,440
1,420
1,420
325
330
573
563
570
650
633
633
640
1,220
1,190
1,200
1,200
Lyon (P L M)
900
875
873
890
Nord
909
884
878
895
Ry
Orleans Ry 6%—
STOCK EXCHANGE
Pathe
as
received by cable
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
14
16
17
18
19
20
■Per Cent of Par
Allgemelne Elektrlzltaets-Gesellschaft
Berliner Kraft
u.
(4%) 116
117
116
420
Capital
Pechlney
Rentes Perpetual 3%
Rentes 4%, 1917...
116
425
430
36
35
1,727
431
36
1,721
1,190
1.743
83.20
82.30
82.10
82.80
85.60
84.40
84.40
84.80
84.80
85.00
83.50
83.40
84.00
83.75
86.70
Rentes 4%, 1918
Rentes 4^ %, 1932, A
Rentes 41932, B
85.40
85.75
86.40
86.40
83.10
86.75
85.50
85.80
86.75
85.70
112.00
110.50
111.20
112.50
112.40
Royal Dutch
6,450
6,410
6,290
6,270
Rentes. 5%. 1920
116
423
36
1,764
....
158
157
158
158
Saint Gobaln C <fc C
117
117
117
117
2,030
6,360
1.990
117
117
1,988
Schneider & Cle
123
123
123123
1,245
2,010
Rys.pf.7%)_123
1,225
123
1,221
L230
SocteteFrancalse Ford..
...112
65
112
112
60
111
111
60
111
Soclete Generale Fonclere
92
149
150
149
88
148
148
86
148
88
Soctete Lyonnalse
1,465
1,431
1.440
1,425
630
630
630
LJcht (8%)
158
Deutsche Bank (6%)
Deutsche Relchsbahn (German
Dreadner Bank (5%)..
116
210
1,420
332
Llquide
——.....
BERLIN
7.900
742
L'Alr
THE
Francs
17,000
105.14
Closing prices of representative stocks
each day of the past week:
Jan. 20
770
104.10
—_
19
•8,000
Francs
212
101.13
15 1943
Jan.
17,200
June 15 1943...
15 1942...
18
7,900
Francs•
Pacific
H%
2%
154%
1 H%
Sept. 15 1942...
Jan.
7,900
Canal de Suez cap
Asked
102.27
15 1941..
17
Francs
iH%
IJ*%
Mar. 15 1942...
102.2
Jan.
»8,200
1
—_
l%%
1H%
Bid
16
Francs
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parlslenne..
Cle Generate Transatlantlque
Rate
Jan.
Francs
i—
Cie Dlstr d'Electrlclte—
Cle Generale d'Electrlclte
H%
1^%
1H%
Dec.^1511939
Mar.'15jl940
Junejl5 1940
Dec.$15]1940
32ds
more
-.v
1
15;1939
Sept. 15 1939...
or
;■■■
.
•
Int.
one
•
Maturity
Jan.
■
Bank of France
Farbenlndustrle I. G.
158
(7%)
Mannesmann Roehren (5%)
Reichs banks (8%)
109
109
108
108
110
Soclete Marseilles
188
188
189
188
188
189
Siemens <fc Halske (8%)
Tublze Artificial Silk preferred
192
191
192
191
190
191
Unio-'
108
108
108
107
107
108
Vereinlgte Stahlwerke (5%)
109
—r—
d'Eleotrlclte
Wagon-Llts^c
—
106
101
498
630
99
509
59
490
100
494
"
75
74
72
72
58
Jan. 21. 1939
396
Stock Exchange
Bond Sales—New York
Stock and
AND YEARLY
DAILY, WEEKLY
Occupying Altogether Sixteen Pages—Page One
disregarded in the day's range, unless they are the only
for the year.
NOTICE—Oash and deferred delivery sales are
account Is taken of such sales in computing the range
Stock Exchange
Loan and Federal Farm Mortgage
United States Government Securities on the New York
a daily record of the transactions in Treasury, Home Owners'
bonds on the New York Stock Exchange during the current week.
v
Below
#e.
Corporation
furnish
Daily Record of U. 8.
14 Jan.
Jan.
$
Bond Prices
119.14
119.14
2 MS,
119.10
119.13
119.14
25
1
119.10
1947-62
- —
~
«.'«•
4»
mt'm
•
•
-
m-H.
*
4
114.19
114.21
114.25
114.22
114.19
114.21
114.25
114.22
114.22
114.23
6
114.19
114.21
114.25
I
2
I
6
1
$1,000 units...
Total sales in
113.19
113.20
113.19
113.23
3
Low.
1946-66..
Total sales in
113.19
113.24
2
5
4
Total sales in
3%S. 1940-43.
<«lr
■»
105.3
3
$1,000 units...
[Low.
105.3
.
^
»
....
■"
....
-
107.8
Total sales in
*
-
107.7
107.8
1943-46.
«
102.31
103.1
102.29
103.2
102.27
102.31
102.30
102.29
102.31
103
102.31
102.30
102.29
103.2
10
9
50
Low.
102.30
103
50
1
102.13
102.16
Low.
102.13
102.16
102.16
102.13
102.16
102.16
102.14
1
1
2
3
(High
[ Low.
107.14
107.14
100.6
Total sales in $1,000 units...
'
110.6
2
3
10
3s. 1944-49..-.
5
110.9
110.10
110.10
110.10
110.12
110.11
.J Low.
[Close
.
Jw
18
6
109.27
v
109.26
109.22
109.25
109.24
109.25
109.22
109.25
109.27
109.26
— -*
109.17
^
109.19
50
^
109.19
109.17
^
109.19
[Close
109.3
109.3
109 !3
Low
J 09.3
mmUm-
»
-
„
-V
~
-
-
-
2Hb, 1942-47
109.5
-
109.6»
107.34
107.16
107.19
107.21
*107.21
[Close
107.14
107.19
107.22
107.21
107.24
1Q7.9
107.9
107.10
107.11
107.9
107.9
107;9
107.10
107.11
107.5
107.9
107.9
107.10
107.11
8
9
7
8
104.26
104.31
104.31
104.30
104.31
104.28
104.31
104.28
104.28
102.20
102.26
102.17
102.19
102.19
102.20
102.19
102,19
102.19
102.20
102.16
102.16
3
5
1
3
104.28
104.31
3
102.19
102.16
6
1942-44
1
104.17
104[.l 5
104.18
104.17
104.15
104.16
104.17
(High
lLow.
105.1
104.25
1
(High
2 HB,
6
3
(High
104.31
107.9
102.19
Home Owners' Loan
Total sales in $1,000 units...
[Close
107.9
(Close
107.26
104.25
5
107.5
1
107.23
Low.
107.14
104.25
3
107.5
2
107.26
104.28
106.5
106:4
Low.
Total sales in $1,000 units...
1
8
107.25
«
106.5
4
1
Home Owners' Loan
1,07.22
»
106.4
106.4
2%b, series B, 1939-49. JLow.
109.5
I
-
106.5
106.4
Total sales in $1,000 units...
109.5.
107.19
-
106.4
[High
3s, series A, 1944-52....
125
109.6
1
106.4
.Close
109.16
_
o3
[tow.
8
Total sales in $1,000 units...
Home Owners'Loan
107.14
2Kb, 1955-60
2
(Close
•
Wv#
-
(High
■
107.11
1
107.7
4
*.
(High
{Low.
Federal Farm Mortgage
109.1.6
'•
109.6
T
109.3
109.3
109.16
«.•
-
■
Total sales in $1,000 units...
3s, 1961-55
107.11
107.10
107.11
(Close
.
-
3
Total sales in $1,000 units...
3s, 1946-48.
107.11
107.11
Total sales in $1,000 units,
4
6
2
1
1
-
109.17
High
107.11
107.11
[Low.
3s, 1942-47
7
109.25
109.21
-
'
....Low.
[Close
3^8, 1949-52
110.10
4
109.22
'
Total sales in $1,000 units...
(High
107.11
107.10
(High
Federal Farm Mortgage
109.21
■
3MB. 1946-49
107.11
107.7
Total sales in $1,000 units...
110.7
107.10
107.6
(Close
110.12
3
107.7
107.6
110.11
11
107.19
2
110.12
109.21
107.16
107.6
(High
j Low_
Federal Farm Mortgage
107.19
107.14
[Close
110.6
110.5
25
2
102.14
.Close
units.
110.6
110.6
.103.2
103.2
102.17
102.14
110.8
110.5
103.2
103
units...
103.3
102.31
103
102.30
Federal Farm Mortgage
110.6
64
103.2
162.30
3Ks, 1944-64
110.9
197
69
......
.....
110.5
3
1
25
110.11
110.6
106.24
6
105.13
110.12
(High
106.24
105.13
110.6
I Close
.3
106.24
106.22
110.9
Total sales in $1,000 units...
103.8
5
15
103
Total sales in $1,000
110.2
...
[ Low.
103.2
«
106.21
110.6
3**s, 1944-46
103.4
52
106.22
High
110.5
9
103.2
167
(Close
7
1
w
-
103.2
4
102.28
2s, 1947
110.4
«.
103.4
$1,000 units...
•
3 Mb.
103.2
102.28
Total sales in $1,000
107.11
110.5
103.3
102.28
.......
107.11
110.4
102.30
103.1
105.13
....
107.11
107.8
1
103.8
102.29
[Close
-
-
-
107.7
Total sales in $1,000 units...
103.3
[Close
units...
2Hs. 1950-52..
J1
«
107(7
3**s, 1941.
103.5
units...
------
/----
"
2
3
3
2
103.4
(High
110.9
110.6
110.3
'
103.10
1
102.30
..J Low.
2**s, 1949-53
110.7
110.5
110.3
3^8, 1943-47.
103.7
2
(High
......
110.9
110.6
110.5
103.7
103.7
103.9
103.2
102.30
'(High
2^8, 1948——-Low.
:
Total sales in $1,000
1 ;
2
31
52
103.8.
9
•
106.25
106.26
*
103.6
16
103.10
103.7
103.9
103.5
103.7
-[Low.
—
106.25
-
103.2
(High
.
Total sales in $1,000
i
11
106.25
106.26
103.7
103.1
Cose
105.3
....
106.26
3Hr. 1941-43
v
.
•
Total sales in
3
103
105.3
105.1
105.2
•'
12
$1,000 units...
2^8, 1945. —
105.3
105.1
103.28
28
4
103.1
'Low.
(Close
2%s, 1960-65
113.25
105.3
103.23
103.24
$1,000 units...
113.25;
'
103.24
103.26
103.7
[Close
'
;
,
113.25
m
103.26
103.24
[Low.
2^8, 1958-63
113.24
»
-
103.24
103.24
30
'High
113.24
113.23
3 Ha..
103.28
103.23
$1,000 units...
114.23
114.23
114.23
103.24
(High
114.23
114.22
103.28
103.20
[Close
Total sales in
,
19 Jan. 20
103.27
103.24
103.20
[Low
1956-59'....
17 Jan. 18 Jan.
14 Jan. 16 Jan..
103.20
(High
Treasury
119.13
119.13
•
Jan.
8. Bond Prices
Daily Record of U.
18 Jan. 19 Jan. 20
17 Jan.
16 Jan.
119.10
Treasury
4^8,
Ns
transaction of the day.
104.15
104.18
1
5
{Close
71
Total sales in $1,000 units...
,.105.1,
*
3
274
2
6
8
14
Total sales in $1,000 units...
107.11
107.15
1.07.15
107.19
107.16
107.18
(High
■ Low.
107.11
107.13
107.15
107.18
107.16
107.17
[Close
107.11
107.15
107.15
107.19
107.16
107.18
3
1
11
50
13
Total sales in $1,000 units...
5
(High
105.31
Low
"
t Deferred delivery sale.
Odd lot sales,
105.31
2%s, 1945-47
.
2Mb, 1948-51
,
Note—The
above
sales of coupor
includes- only
table
Transactions,in registered bonds were:
bonds.
.107.20 to 107.21
■
J~
-
-
-
1951-1955.......
1 Treasury 3s,
-
■
105.31
Total sales in $1,000 units
......
....
-.—
(High
104.14
104.16
IOT26
104". 20
104" 19
Low.
104.12
104.14
104.17
104.18
104.19
[Close
104.16
104.17
104.20
104.19
104.23
Total sales in $1,000 units...
56
9
2
63
25
United States Treasury
Bills—See previous page.
104.23
104.12
I
■
2 Ms,
1951-54...
.
104.23
&c.—See previous page.
United States Treasury Notes,
New York Stock Record
LOW
SALE PRICES—PER
AND HIGH
NEW
for
Saturday
Jan.
$ per share
$ per share
56
56
Thursday
Friday
Jan. 18
17
Jan. 19
Jan. 20
57
$ per share
$ per share
$ .per share
$ per share
5634
*68
1
1
12l2
1212
"934 To"
1
12 78
1'8
1278
934
978
9%
1
1%
1
1234
13
12
1234
12
12
*11
12
1178
*1012
*10l2
12
*11
1178
*11%
11/8
*11%
*16
16L
*15
17
"
1719
17%
2438
*10
2514
10%
183
183
24l2
12%
12%
12%
12%
934
10%
10
10%
62%
*1114
*12i2
13
*62
62L
43
4378
19
19
2
2%
"
12%
1%
12%
200
18
*16%
17%
16
16
900
25%
24%
25
4,800
10%
*10%
1234
25
10%
183
13
*12%
10%
10%
10%
*62%
62
62
62%
42%
43%
43
44
18%
18%
*18
19
2
2
2%
2%
*2
2%
42%
*18
*2%
124
Mar 31
Allied Kid Co
6
7
Mar 31
12% Oct 26
127g
12%
13
600
Allied Mills Co Inc
No par
8% Mar 28
14% July 25
Allied Stores Corp
Wo par
4% Mar 26
38
Mar 31
9
70% Oct 28
55% Oct 17
10%
64
44%
18%
2%
10%
*63
43%
*18
2%
10%
64
11,200
300
43%
18%
12,300
2%
1,000
100
5% preferred
Wo par
Allls-Chalmers Mfg
11% Apr 1
1% Mar 26
10
Mar 30
19
300
Alpha Portland Cem
18
18%
68%
68%
68%
69%
600
Amerada Corp..
23
21%
22
500
Am Agric
18
*15%
18
68%
*67
68%
2278
2278
*22
23
1578
57%
16
15%
16%
1578
16
16%
16%
57%
57
57
57
57
57
57
t In receivership,
34% Mar 31
Wo par
Amalgam Leather Co Inc
1
6% conv preferred
50
600
a Def.
2,400
720
delivery,
Wo par
55
Chem (Del) newWo pr
22
May 27
Dec 28
10
10
Mar 30
50
4ft% Apr 27
American Bank Note
6% preferred
n New stock,
1
r Cash sale,
22% Mar
17%
Oct
28%
Feb
16%
Oct
36
Jan
44% Nov
80%
Jan
Oct
5%
Jan
%
8
Oct
"15% "Feb
146
Oct
166
1
Oct
5%
11
Oct
59%
Aug
Feb
Feb
29% Nov 12
Allied Chemical A Dye. Wo par
6$%
14% Sept 26
4% Mar 30
100
68%
sales on this day.
7%June 18
21% Nov 14
5*$% pf A with $30 war. 100
5*4 % Pf A with $40 war. 100
5*4% pf A without war. 100
$2.60 prior conv pref.Wo par
400
22%
Bid and asked prices; no
5% June 17
1% Jan 7
17% Jan 12
17% Jan 12
17% Jan 12
% Mar 31
6%June 17
5
Mar 30
1,700
22%
*
677g Nov 12
1% July 11
68% Oct 18
13% Feb 2
125
Dec 7
12%
*67%
16%
Apr 16
95
Aug
12% July 19
7% Nov
10%
*15
5734
100
No par
Allegheny Corp
8% Mar 31
Mar
85
43% Dec
Aug 30
Appllance.Wo par
Alabama & Vlcksb'g Ry Co 100
Alaska Juneau Gold Mln
10
~69~
Jan 14
30
% Mar 30
67
Aug
3
Mar
Noy
Oct 15
16% Mar 31,
May 2
Air Way El
share
55
52
Oct 22
40
per
Nov
45
24
10
share $
"37"
6% Mar 30
No par
per
36
6
184%
18
16
share
17
Nov
12%
184
22
5734
119% July 19
30% Mar 23
18 June 3
per
61
123% Oct
13
185%
69
16%
4
14% Mar 31
Corp
Air Reduction Inc
19
*22
$
share
Alghny Lud Stl Corp..Wo par
Allen Industries Inc
1
22
58
1,700
2,500
200
62
*15%
3,900
12
*67
I6I4
200
per
36% Feb
No par
Albany <fe Susq RR
*1
*15
*57
5,100
$
$
.No par
...
Address-Multlgr
12
19
18
Adams Express
300
*11
4378
43%
10
26
200
*11
184% 18419
12%
12%
12%
9%
No par
Adams-M nils
11%
*18
*62
3,100
12
10%
12
1
...100
pref.
Acme Steel Co
13%
*10%
10%
184U
12
97g
1
conv
Abraham & Straus.
*11%
11%
2578
183
9%
No par
Abbott Laboratories
4
*13
25%
*10
10%
600
1178
25i->
12
*11%
IOI4
2434
184
*10
*183
12
978
25
97S
1%
13%
*11
17
Par
Shares
Highest
Lowest
Highest
Lowest
...
■
"934 "934
EXCHANGE
Week
*57
59
57 '
57
57
57
5678
*118% 127
*118% 127
*11878 127
*1187S 127
*118% 127
*118% 127
*37 1
42%
*37
*37
42%
42%
*36
*36
4234
423.i
*34
423,
43
*40%
43%
♦40
*40% 43
*40
*4078
43
43
*40 .' 43
10
10%
10%
10%
10
10%
10%
10%
97„
IOI4
10i4
10%
*20
22%
*21
12%
21%
x21%
*21
21%
21%
21%
*21
21%
26%
26%
26%
*25%
25%
25% *25% 26%
25
25
*2414
2534
60%
61
60%
59%
60%
60%
59%
60
60
61
59
5934
1
1
1
1
*%
1
*'8
1
*78
1
*%
1
*54%
,
Jan.
16
the
Wednesday
Tuesday
Monday
Jan.
14
Range for Previous
Year 1937
100-Share Lots
On Basis of
3TOCK
YORK
1938
Range for. Year
8TOCKS
Sales
SHARE, NOT PER-CENT
x Ex-dlv.
14% Aug 26
197
Oct 17
13% Nov
20
Oct 15
3% Oct 17
24
Jan 12
78
July 13
28% Oct 10
23% July 19
63
Nov
v Ex-rlghts. 5
7
11
Oct
59
Feb
10
Oct
58%
Feb
10%
Oct
52%
Feb
6%
Oct
Apr
Oct
23%
258%
17%
33%
2178
49
Dec
85
34
Oct
83t2
Jan
Oct
Oct
39%
Jan
145
Nov
7% Dec
10
6%
8%
1%
19
Oct
Oct
51% Nov
"16"
Oct
50
Dec
Mar
Aug
Jan
Mar
Mar
87, Mar
52% Mar
1147a Mar
~41% "Jan
75%
FeD
Called for redemption.
Volume
LOW
AND
HIGH
Saturday
Jan.
%
per share
48
48
140
7*8
98
97*8
*175
140
*175
NOT PER
7*8
7*8
48
48
48
140
*131
98
98
180
*175
*175
98*4
98%
185
7*8
3034
*4934
31*2
31*4
49*4
51
49
49
49
49
21
22
21*2
2214
22*4
2234
227g
23
2278
23*2
*112
125
120
*112
6;%
120
";6r2
6*8
934
*64
65
4*8
*63
65
4%
9
*64
434
27
71
9
14l2
15
*14
4*8
30*2
45*8
1*8
14*4
•7*4
27*4
65
478
"
14*2
4*2
*4*i
45g
*30
32
45
45
al'2
9
1434
*14
14I2
434
*30
7*8
*15
*4
9*4
14l2
4%
4%
*4434
1%
15%
72
72
73
74
1434
15
15
4
37
36*8
*11678 122
24
24
35
37*4
16*4
160
1634
*158
-
-
•
15
7
*15
7*8
678
*158
-
-
70
70
70
70
70
20*8
70*2
14
14
14*8
14*8
14
14
13'g
*18*8
31*2
1834
31*2
4834
18%
185g
32
32
31*8
183.J
31'8
47*2
47*4
47*2
487«
132
132
61
-
-
-
37*8
37*2
38*8
10
10
1078
,
*12
90
21*4
'88
88
187g
*18*8
153
*86
15
*21
15*2
21i2
152l2
86*4
88%
8812
*86*2
37
-
■
1578
600
7
7*8
1,800
27
2778
6,400
2,000
""2I6
33,400
8,500
71
6934
14*8
18.%
14%
18%
14*4
14*4
143}
3178
48*4
4834
31*2
47*4
31%
48%
132
15
877«
87
11*4
1134
15
*12*2
21
21%
21%
87
87
18*4
187g
153*2
153
87
87*4
15
87%
1,400
300
„
970
9,400
1317g
600
10%
*12%
21*3
2134
100
156*2 15734
867g 87
89
89*4
13,200
..
.
1,100
34
34
32l2
50*4
51
3178
*29
34
32*4
*27
31*8
3l3g
*5012
32*4
*50
*29
34
317g
*30
32%
35
31*4
*30
32%
53
53
*50
52
51
50
*50
51%
19
19
19
19
18*2
19'
18*2
19
*18-%
19*8
18%
113*2 *111
113*2 ♦111
113*2 *111*8 113*2 *111*8 113% *111% 113*2
*14
*14
15*2
15*2
*13
1512
*13l2
*1312
15*2
,15*2 *13
15%
3
*2*4
*2%
234
234
*2i2
*2l2
234
234
23.4
*2%
*2%,
*28*4
29*2
28*4
28*4
*28
29
*27l2 29
*2778
*2734
29%
29*2
*120
*120
*120
*120
*118*4
*118*4
*101*2 103
*101*2 103
*102
103 " *10134 103
*101*2 103
102*4 102*4
•5*8
5*2
5*2
5*2
5*2
53g
5*2
5*2
5*2
5%
534
5%
*47
49
49
49*2
49
49
*47*2 49
49*2 49%
48*2 48*2
*50
*50
*50*8 90*8 *50
*50%
90%
90*8
*50*8 90%
52
.51*8
50*4
51l2
52 %
5012 523s
51*4
51%
52*4
5134 52
*9i2
10* •>
10*4
*984
11
11
10*2
11
11
*934
1012
10%
9
9
87g
9
9 "
9
9%
9*2
934
0*2
97g
9%
*73
77
*73
*73
76*2 *73
76*2
76% *73
76*2 *73
76*2
8%
9
9
87g
834
87g
87g
9%
9%
9%
9*2
9%
*59
*59
*59
70*8
*60
70*8
70*8
70*8 *65
70*8 *60
70%
——
mmmm
m
-
-
'
.58
*50
58
*50
58
*52
58
*52
58
*52
37
*34.
347g
*34*4
37
*34*4
37
*34*4
36
*35
92%
*90
*90
92*2
*90
*90
92*2
*89
39
38*4
*89
3812
39
66
65
66
65i 2
25
26
26
3734
3834
65
66
8
'
14
23
23
*126
.
*126
*•<»
*6*4
7
*3%
4
*3
7%
'
-
-
*6*4
7
*334
-
3*2
31
*25'
-
4
*3*8
*25.
,
77g
73.
3%
31
8
*126
*6*4
*334
3*4
29
90
38
3834
66*4
*65
26
26*4
/26
7
7
8
*634
*133g
145g
143i
*13*8
23
22ls
22*2 227g
*108% 110
*10834 110. *10834 110
*8*4
8*8
8*8
8*4
8*4
8*4
45
*437g
44i2 *44
44*2
*437g
*62
64
637g
637g
637g
6378
*7
*13
•*90%
-
-
90
2638
7
"
4*8
,3*4
30
.
•38
66*4
26*2
27
Preferred
8
*7
14
14
14
110
8*8
*44
8%
8*4
44*o
64
126
*6*4
44%
"
64
*63
*3*4,
*27
7%
734
7%
734
15*2
15*8
1584
15*4
15%
7*4
7*2
7*8
7*4
7%
7%
9*8
9*8 ;
87«
9
9
9%
9
9*8
28i2
283g
2834
287g
28"g
86
86
86
86
19*2
*19*4
20
1934
1934
Ills
11*8
*11
12
*11
12
30*4
30*4
17*8
187g
*30
3234
177g
*30
3234
87
17:%
187g
114
114
*18*4
19*8
100
*97
587g
Jan
Jan
9
May 26
16
Nov 14
7*4
Oct
21
Feb
2
Mar 29
578 Nov 15
12
Mar 29
2i2
2012
Oct
11*4 Mar
Nov 17
Oct
30*4 Mar 26
45i2 Dec 27
32*4
Oct
•1% Oct 4
1318 Nov 26
Oct
14
Oct
2758
4i8 Mar 30
2i4June 23
2014 July 20
8*4 July 19
55*4 Mar
52*8 Mar
4*4 Mar
12*8 Mar 29
30&g Dec 31
5*4
14*2
79
53
June 17
Mar 31
Amer Metal Co Ltd
No par.
23
56 preferred
Mar 30
45
Oct 17
99% Mar 30
122
Nov 23
20
Mar 29
'28
87
20
7%
•
734
7%
7%
15*4
•
15%
7*4
15%
15%
7%
9
19
$5 preferred..
No par
Am Had 4 Stand San'y.No
par
Preferred
100
Mar 31
16is Mar 31
9
Mar 30
♦27*4
86
20
*19*2
25
*11
12
*11*4
*30
31
31
173g
177s
1712
177g
17%
17l2
*19
19*8
19*8
19*4
195g
19*2
19*2
11410 *114
11484 11434 *114
114% *114
19
*187g
♦185s
19*8
1834
1834
1834
*98*8 100
*98*8 100
*98*8 100
*98%
28%
6,500
"moo
600
2,200
19%
86.
1,500
4,600
4,000
"loo
400
40
30
1,000
100
125
7*8
7*8
*7234
75*8
26*8
25*4
1934
*51
197g
53
*121
♦712
*7234
152
7%
26
75*8
26l2
20
20
*51
*121
7*2
*7234
2578
1934
73
17*2
17*8
17*8
111
24
24
24i2
25
*19*4
15*8
20
20
20
16
111
24*2
20*2
15*2
300
74%
1734
17%
L12
24"566
Feb
58
Mar
58*8 Nov
9
41
2
122
Preferred
100
...
American Snuff..
103
26
6% preferred
130
22*2
Oct
11*4 Jan 18
7*8
Deo
June 10
Dec 28
12% Mar 30
111
Mar 30
68
Mar 30
58*4 Mar 31
130
26
26*4
31*2
26*4
157g
20*2
*43*2
*43*2
45
3034
*26
31*2
3034
26%
26*4
Bid and asked prices; no sales on this day,
31*4
26%
Mar 30
t In receivership,
a
31
6
Oct 25
Dec
,
91
No par
Apr 16
314 Mar 31
100
236s Mar 31
45
Amer Zinc Lead 4 Smelt....1
4*s Mar 30
68*2
148
73*4
26*2
7
Oct
Oct
140
Oct
67
Deo
68*4
Deo
128*4 May
9*2 Nov 14
16*8 Nov 10
68
164
Deo
14
Oct
8
Oct
82
Aug
4*4
Oct
7*8 July 19
3*2
Oct
9
25*4
Deo
Oct 17
3*4
Oct
Nov
9*8
Anaconda
97
Apr
10
Mar 31
2
6
Mar 31
20
1
Apr
-.100
116
July 14
Armour4Co (Del) pf7 % gtd 100
Armour 4 Co of Illinois
6
82
Mar 30
56
conv
pref
3*8 Mar 26
*27*2 Oct
24la Nov
7
July
311* Aug 8
122J8 Oct 19
10378 Oct 24
2l2
22
93
67
Dec
94*2 Jan 31
595g Dec 29
96
Feb
Marl9
24% Mar 26
13
9
72
100
Nov 29
Nov
4*8
30
9
478
25g
Dec 21
•
4
Mar 29
77l2 Dec 13
125s Nov 12
80
..1
100
x52
May 12
75
48
Nov
Dec
Aug
9
58
Dec
Dec 28
,73% Sept
8
83
Nov
Mar 30
39*2 Nov
9
33
Deo
Mar 29
95
Nov 29
71*4
Deo
Jan 22
95
Nov 29
70
Dec
22% Mar 31
May 27
72
Jan 14
14
'
447s Nov 10
40
100
Mar 31
30
Dec 31
414 Mar 26
6% Mar 26
17*4 Mar 31
1017# Apr 12
5
6*4 Mar 30
..60
38*4 Mar 26
No par
36
100
105
5% conv preferred
Oot
72
100
6% preferred
Oct
Oct
72
Atch Topeka 4 Santa Fe—100
Atlas Corp...
6
Oct
27
5% pref with warrants.. 100
55 pref without warrants 100
Atlas Powder
Oct
Jan 12
21* Mar 30
Atlantic Coast Line RR
Dec
July 19
5% Mar 25
5% preferred.
Deo
116*4 May
7
6
Associated Dry Goods
Oct
72
-
No par
7% pref..
Oct 17
60
7% preferred
100
Armstrong Cork Co...No par
Artloom Corp
July 25
42*8
28% Mar 28
No par
Arnold Constable Corp.
43
Mar 29
8*4 July
327a Nov
66*1 Deo
18
Oct
7
5
14i2 Jan 10
9
Oct
27*8 July 20
18
v Oct
109*4 Aug 11
97a Jan 10
48*2 Aug 8
68
Nov 14
Oct
101*8 Sept
7*8 Deo
39*4 Oct
38
Nov
101
Dec
Jan
3
NO par
tAuburn Automobile.-No par
4% Apr
1
8
Nov 16
4*2
Oct
2%June
2
Jan 12
3*8
Austin Nichols
2
6i2
55s
36*4
8*2
Dec
2
Des
Sept
15
Dec
No par
55 prior A—..
..No par
Aviation Corp of Del (The).-3
Baldwin Loco Works v t c—13
Baltimore 4 Ohio
100
;
4% preferred
Bangor 4 Aroostook
Conv 5% preferred
Barber Asphalt Corp..
Barker Brothers..
100
..50
100
10
No par
5)4% preferred
...50
6
2% Mar 29
26
Beech-Nut Packing Co
20
No par
2*4
Oct
5
Oct
4
Mar 31
11
8*8
Oct
5i2 Mar 219
July
13*4
.
Jan 11
10
24*4 Dec 21
36
July 21
30
Oct
82
98
July 19
89
Dec
Dec 24
12is Mar 30
5
23*4
Mar 23
14
215s Mar 29
10i8 Mar 30
34
Mar 30
Apr
9
11*8 Mar 30
90i2 Apr 29
25
Apr
9
941* Apr 2
5*4 Mar 31
67
Bendlx Aviation.
Dec
Dec 31
17*4 Dec 29
9
50
6
Mar 30
109
No par
7
5
100
55 preferred w w
Beldlng-Heminway
1214 Mar 30
—No par
Beatrice Creamery
Mar 25
126*4 Dec
Sept 26
Oct 24
Oct 20
Nov
9
21*8 July 19
21
Nov 14
115
Jan 31
19*2 Dec
102
9
Oct 19
30*4 Mar 12
10*8
7*4
20
10
9*4
108
13*4
Oct
Oct
Dec
Nov
Oct
Oct
Oct
Oct
92
Nov
29*2
90*4
Dec
117
Dec 20
9
July 19
7*8
Oct
83
Jan 11
82*8
Dec
Oct
Oct
Oct
Dec
26,800
Bethlehem Steel (Del) .No par
41
Oct
5% preferred
......20
7% preferred
100
Bigelow-8anf Carp Inc.No par
39*4May 27
12*4June 14
787S Dec
2,30'*
2,000
14
Oct
600
50
Black 4 Decker Mfg Co No par
Blaw-Knox Co
No par
"MOO
1,400
Pef. delivery,
Blooming dale Brothers.No
par
Blumenthal 4 Co pref
45
26%
Aug
24
1047g
15
3,000
15*2
220*2
45
Oct 27
Dec 31
91%
152
378 Mar 28
6
Mar 14
29
1978
15%
2478
1534
247g
1
Apr
Jan 11
117i8
2012
150*4
88*4
Dec 13
600
*19
31
19i8 Dec 21
82
100
Boeing Airplane Co
5
Bohn Aluminum 4 Brass
5
n
New stock
r
Cash sale,
x
75
Mar 31
171*June 3
9*4 Mar 30
lOia Mar 31
13i2 Apr 4
37 May 10
19
Sept 14
15*8 Mar 31
Ex-dlv.
u
30*2 Dec 29
3
18*8 Nov 10
1147g
29*4
2412
19*4
21*4
Nov 12
Oct 17
Nov
9
Nov 12
Oct 28
8*4
85*2 Nov
22*4 Dec
13U Nov
9
Oct
15*8
Dec
July 25
3578 Dec 29
50
Dec
16
Oct
30*2 Oct 11
21
Oct
55
Ex-rights.
Feb
105*4 Mar
Oct 11
Nov 14
267g
15%
19
56
197g
15*2
*1934
*43*2
30*4
26*4
247g
Oct
Nov
6is Mar 31
No par
Preferred...
Deo
46
125
21
*26
4.5
Dec 31
858 Mar 29
26
*19
Dec
61*4 Dec 16
150
40*4 Dec 31
12
25
S6 1st preferred
American Woolen...
140
7
Jan 17
15% Mar 31
Amer Telep 4 Teleg Co...100
American Tobacco
26
Common class B__
Mar 29
45*4 Apr
....100
Nov
1514 Mar 31
2078 Mar 31
20
Jan
29
5
26
Ji
38
Beneficial Indus Loan..No par
Best 4 Co
No par
20
*435g
170
Oct
Deo
7is Mar 26
700
2,000
20*o
247g
Oct
Dec
Belgian Nat Rys part pref
26
45
♦111
2,900
111
*19
17*2
200
26
*433g
30*2
30*4
72*8
27%
197g
51%
74%
197g
251
53
Oct
15*4
7*2
200
20*2
15*2
43*4
31*4
?6%
1934
8*2
75%
2634
9*4
140
24i2
Bayuk Cigars Inc
1st preferred
111
22
26
8*4
*73*4
Feb
Oct 13
165*2 Jan 12
24*2 Nov 12
Jan
2Q7g Jan 12
23*2 Nov 9
35l2 Jan 11
Barnsdall Oil Co..
20
122% 124
8%
87g
*73% 75%
2684 27%
1934
1934
51*2 51%
7234 737g
17*2 17%
11134 112
72iz
29*2
Dec 21
1,400
201 •>
*19
307g
125
Oct
12
9,600
24*o
1113s
*43*2
30*8
26
19*2
17*2
74%
17
155g
8
75*8
27%
74
73l2
17*2
1.534
8
27
*5134
74*8
*121
*73'4
734
53
1712
125
75*8
27*2
I93t
*51
725g
11034
*121
52l2
72
IIII4 1117g
125
26
22*4 Apr 1
28i8 Mar 31
1934
99
Feb
10
Amer Ship Building Co-No par
Amer Smelting 4 Refg.No par
18
Ts"
16*2
87*8
45*4 Mar
110
18
Oct
lODs Aug
Atlas Tack Corp
12
98*2
Deo
31
Oct
6% preferred
——..100
Atlantic Refining
......25
4% conv pref series A
100
31%
1834
31 *2
Oct
10
Deo
Atl G 4 W I 88 Lines—No par
*11*4
99
Deo
3
15*2
100
100
*30*2
17*2
1934
*114
Nov
26
17
63*8
pref
800
12
19%
24*4 Nov
100
80*4 July 20
10
31
1734
13*8 Jan
68*4 Mar
129*2 Feb
Mar 29
conv
6% 1st preferred
10,800
Feb
29*8 Mar
18
7% 2d preferred
100
Assoc Investments Co ..No par
"4" 300
900
27,7g
125
Oct
Oct
3
68
4H%
400
7%
19*2
Oct
10*g
Feb
17*4 Mar
587g Feb
American Safety Razor..18.60
American Seating Co..No par
7% preferred
9%
*27%
*84%
Oct
Oct
7*4
86
Deo
Oct
11,400
18,100
11,400
2,600
20
19i8
148*4 July
1
13'a Mar 30
1*8
7
9
9*4
29*2 Jan
712 Oct
4758 Nov
41l2 Nov
314 Mar 29
No par
American Rolling Mill
Nov 12
17*8 July 25
5>4 Jan 12
2*8 Mar 31
6% conv preferred
100
American News Co new No par
Amer Power 4 Light
No par
20
33s
36
Oct
6%
30
Jan
6878
10
Beech Creek RR
*121
•
28
*84%
3%
*27
Jan
38i2
10
300
3%
13*4
Oct
44
400
30
Jan
Mar
39
6,300
4
17
225
96
""100
Jan
Oct
Oct
Oct 31
83g
.
29
Oot
2*2
Aug 5
Oct 19
Oct 17
64
4
25U
5
175
2
64*4
100
"
Jan 22
5% July
217g
113*2
20*2
41*
46
*6*4
177
Mar 29
11078
*125
Oot
10*4 Mar 31
8*4
*4414
4
Nov
2
29
*63
634
80
Anaconda W 4 Cable..No par
64
*3%
30
7*8
19
8*2
23
2234
*107
335g Jan
99*4 Mar
13*2 Jan
12i2
Jan 18
6*8 July 25
714 Nov 14
AnchorHockGlass Corp No par
56.50 conv preferred-No par
Andes Copper Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd.No par
45
*6*4
3%
33g
23*4
111
*124
6%
334
334
*27
2234
*108
Oct
16*4 Jan 12
Mar 26
"
110
30*4 Mar
May 26
""loo
8
14
155g
27*4
25%
6734
*7
7*8
*86
27
39%
6734
26%
8
15*4
15
3834
23*8 Mar
Oct
500
*90*2. 92%
39%
67*2
Oct
8*4
Deo
loo
*90
14%
22 7g
*67«
*13i2
2258
•126
«•
92 %
*90
Dec
5*4
21
36
*89
20*2
Nov 14
,25
58
*34
July 19
26
«.
*50
Oct
Dec
Amer Mach 4 Fdy Co..No par
Amer Mach 4 Metals.-No par
«.
.
Oct
Oct
90
5*4
'
v.
11*4
86
1,000
19
^
9
Copper Mining..60
45,366
*111
104*2 Feb
33*4 Aug
150
Apr
112
Aug
1
56 prior conv pref
317g
Oct
14*4
6% preferred..
60
American Home Products
1
American Ice
No par
6% non-cum pref
100
Amer Internat Corp
No par
American Locomotive.-No par
35
31%
36
9
J:
17*2
6% preferred...........100
1,100
1,000
F
83
5ia Mar 30
Am Type Founders Inc.—.10
Am Water Wks 4 Elec.No par
2,600
J1
71
Feb 25
100
.
174
Oct
12«4 July 20
207aJuJy 2
1,800
46,000
600
121
Oct
10
Amer Hawaiian SS Co
3,200
.
Dec
15*4
Mar 26
""766
1,000
69
1517a
10
American Sugar Refining.. 100
Preferred
100
Am Sumatra Tobacco ..No par
187g
Oct 13
9
Dec 30
Nov
978 Nov 14
Jan 22
par
Feb
Feb
F
6
15
2% Mar 30
13is Mar 29
Amer Steel Foundries.-No par
American Stores
No par
American Stove Co
No par
88
Dec
160
* Oct 21
Mar 29
177
8,000
11,800
15
*18
4
100
American Hide 4 Leather
20
3738
11%
par
Deo
share
20
Mar 29
8% Mar 30
par
109
per
31*4
80*4
125
67% Dec 31
2% Mar 25
172 d preferred A....No par
56 preferred..
No par
500
63
89
8934
895g
89is
89%
89%
150
150
*150*2 155
*151
155
*153
155
*153
*150*2 155
155
*7*2
77g
7*8
7%
7%
7%
7%
73g
7h
7%
*7*4
73g
13
13
14
13
135g
14*8
1334
137g
14%
143g
14*8 14%
84
84
84
*825s
*84
89
*84.
*84
89
89
84
84%
6
6
6
534
6
534
6
584
534
.534
57g
57g
*405s
41*2
41*8
42
42
4n2
41»4 4134
41%
42*4
42% 42*4
6*4
6*4
678
7
7
7
7*8
7
7*8
67g
0?8
678
*29*4
Amer European Sees...Afo
Amer Express Co
Amer 4 For'n Power
No
17 preferred
No
1,000
.
31*2
46'g
46
88
152% 156%
*867g
87*2
8934
10,900
18*2
30*2
87
18*4
*18
*18*8
187S
1517g 153
*18
131
857g
21*2
87
132
132
21
*12i2
21*2
18%
62
62
*61*2
151*2 151% *150
37*8
3734
37%
61% 61%
151*2 151*2
37%
3778
103}
117S
-
15,700
20
19%
6834
*131
-
6,600
2*0"
20*8
69%
89*2
87
100
9
Aug 24
Nov
Nov
4% Mar 29
American Crystal Sugar
10
6% 1st preferred..
100
American Encaustic Tiling.. 1
1,200
1,700
*159
19%
69*2
18%
31*2
375g
107g
10*2
20*4
*69*2
61*2
-
*12
187g
152
197g
132
61*2
*150
•
-
48
*131
61
*149
15%
678
27%
*159
19*2
134*8
6012
15%
67g
26%
*158
U
*
20*4
90
600
,
1934
150
900
1%
'
2034
*144
1%
74
75
74%
75*2
15
15
*1434
15*4
1434 15
4
4*8
*3*2
*334
4%
*334
4%
37
36
357g
36*4
3634
36%
36*4
36%
*116*2 122
*117*2 122
*117*2 120
*117*2 122
24
24
25
*2412
2434
2434
24% 24%
6
634
634
6i2
6*2
678
6%
67g
40*4 42
42*2
43%
43*4
447g
44% 45%
36
38
38
377g
39
40
38*2
39%
16 34
1634
16*8
16*2
16%
16%
16*4
16*2
20l8
*18
1%
*4
4112
*18
45%
15*4
4
40*8
*21*8
300
9% Mar 29
89% Feb 18
88% Mar 31
13% Sept 15
American Colortype Co
10
Am Comm'l Alcohol
Corp..20
2,200
2,100
74
39*2
35*8
16*4
*13
80*
34
45
72
38*4
9*4
34
33
45
27
15
6s4
365g
3,700
32
2738
2,900
5
45
26*2
7*8
6*8
60*2
43g
"5" 500
9%
32
1*2
15
6*4
*131
30
1,500
1434
14%
4434
27
5 78
160
200
434
9*4
1434
1414
4%
32
158
2634
23*2
34*4
16*8
14*2
14%
4%
32
*1*2
*14*4
*67g
*116*2 122
23
10
65
434
9*2
14*2
*14
1%
15%
7*8
27%
38
*36*2
700
*9%
434
45
447g
1*2
9
1434
9%
14%
15l2
43g
'
"loo
65
65
434
7*2
10*4
"*6%
*10
9*4
65
47g
72
*14%
10*4
9*4
91o
9
14*8
14
15
30i2
4.5*8
*1*8
"*7~
10*2
'
Oct
Oct
117
Mar 31
100
No par
Am Coal Co of Allegh Co NJ25
7
28
10518
176*2
3478
57*4
23*4
125,, Mar 30
Highest
$ per share $
9
Nov
135
160% Mar 30
27
Lowest
share
14*8 July 29
52
114
25
5% preferred
American Chicle
""666
17*2
9
*634
*6*4
9
*6*4
9
*6*4
*165*2 230
*165*2 230
*165*2 500
*165*2 500
3*4
33g
33g
3*4
3*2
3%
3*2
3%
187g
19
187g
19*4
19
1834
18%
19%
19*4
9
1414
4*2
*9*4
120
*
5 per
6*4 Mar 31
par
125
120
17*2
7%
10*4
6,400
Highest
,
share
100
Preferred
400
23*4
*112
119*2 11934
7*4
10*2
9*2
125
23
per
23% Mar 31
American Car & Fdy. .No par
Preferred
100
Am Chain 4 Cable In_.No
4,000
51
*49%
5
Apr 21
70*4 Jan 3
American Can
100
3178
33g
18*2
9
812
14
*112
*
17*2
10*4
*9*4
9
3*4
18*2
*14*4
119
"3" 566
185
31%
*165*2 500
3*4
17*2
125
119
....
7
*10
434
*6*4
*165*2.500
3
65
434
9
*112
*
17*2
934
65
45g
*6*2
120
♦
~~7~
10*4
*9*4
125
*118
7
10
9*4
"f
*112
17*2
10
95g
.
125
120
*
1712
32
31%
98%
*176
31*4
491A
Range for Previous
Year 1937
100-Share Lois
Lowest
Par
American Bosch Corp
_1
Am Brake Shoe 4
Fdy .No par
5conv pref
.—100
1,000
1,800
50
98
176
307g
On Basis of
EXCHANGE
140
98*4
176
31*2
48%
31*2
7*8
49
*131
4834
140
YORK STOCK
Shares
7*8
47
*131
the
397
Range for Year 1938
Week
$ per share
2
STOCKS
NEW
Friday
4858
*__..
Sales
Jan. 20
19
% per share
7*4
140
4734
977g
180
Jan.
31
*118
Record—Continued—Page
CENT
Thursday
18
$ per share
7*4
*131
98
977g
180
7*4
47*2
^7l2
Jan.
S per share
7*4
♦131
Wednesday
Jan. 17
I per share
7*2
SHARE,
JW,
Tuesday
16^
Jan.
*131
SALE PRICES—PER
Monday J
14
'718
New York Stock
148
1 Called for redemption
Jan
Jan
Feb
Jan
Jan
Wednesday
Jan. 18
Thursday
Jan. 19
Friday
Jan. 20
$ per share
$ per shaer
% per share
Shares
$ per share
$ per share
share
Jan.
Monday
1312
16=W
27%
2%
107% 108
52%
5278
13
*13%
17
17
17
17%
17
17%
17%
14
17%
9,400
16%
28%
28
28%
29
29%
29
29%
2%
29
29%
7,300
*2%
13
2%
*2%
2%
24%
6%
14%
14%
14%
14%
14%
14%
24%
6%
14%
28'4
3912
44%
2%
9%
12%
40
18%
28
28%
27%
28%
28
28%
3-^4
*38%
6
6%
6%
14
27%
*3712
4414
*1%
9%
11%
3912
17*a
*6%
6
*38%
40
*38%
2%
*1%
40%
18%
12%
1278
^6
96
•9%
12%
18%
*33%
35
*33%.
35
13
13
*12%
13%
13
13
12
12
12%
12
41%
1878
*33%
*12%
12%
12
*38%
43%
41%
19%
35
13%
9%
12%
41%
19%
35
*33%
27%
2% -*178
*9
9%
12%
1278
41
42
18%
19%
*33%
35
*12%
13%
9%
41%
28
12%
"12%
99%
*96
*95%
99%'
7%
7%
7%
49%
49%
5%
49%
7V,
50%
50%
51%
5
5
5
5
5
28%
28%
29%
28
28%
29%
28%
29%
26
14
18
2%
14
14%
1'4%
17%
17%
2%
17%
12'
8%
11%
7%
-48%
13%,
17%
*2%
13
*11%
5
*2%
*11%
,
8%
*20%
8%
21
3%
11%
34%
•
8%
*201.4
*3%
11%
*33%
*16%
*16%
3%
*3%
11%
*11%
35
35%
16%
17
7%
17
*17%
*48
51
*48
7%
16%
19%
8%
*20%
16
16
16
19%
18%
20%
'
5%
5%
5%
32
8%
42%
85
21
*31%
*6%
32*2
7%
31%
31%
*7
"8
*41
42%
*40%
*8312
*19%
86
20%
*83%
*6%
*40%
*83%
*18%
*87
89%
*3%
88%
45%
*105% 107% *105% 108
22%
23%
21%
22%
'
17%
17%
17%
*69%
70
22%
69
69%
22
22
*22
9%
4%
7%
*4%
fl&Q
46
12
1134
12%
42
43
43
*22
36%
35%
87%
35%
87%
88
*26%
27%
*8%
10
8%
22
22
*22%
36%
88
35%
36%
36%
*88
88%
88%
*%
8%
23%
36%
88%
,%
3%
%
3%
*%
3%
*3%
%
3%
*3
*34
7f
*3
*45%
48%
*45%
48%
*45%
1%
*i*%
*1%
1%
1%
*138
*1%
48%
%
%
*>2
,*1%
1%
*1%
1%
1%
*lo
•
1%
9%
13%
12%
35
*32,
75%
10%
77%
1078
*8%
*8%
9%
*13
13%
*13
12%
*32
12%
12%
*32
35
75%
10%
8078
*80
80%
*52
62
*52
62
*3%
414
*3%
*21
*64
69
112% 113
113
113
22
24
70
26%
261
75
*72
*25%
*72%
26%
75
*
*72
48%
*46%
.5,
*1%
*1%
1%
*9
10%
9%
"""766
12%
1,600
35
*32
35
35
*32
35
10%
10%
107S
80%
80%
*52
62
378
378
*22
22
*
*26%
26%
*73%
75
10%
10%
80%
80%
62
*52
62
*3%
*22
4
'23%
'
*
69%
*113%
77%
76%
77%
113
—
28
*26%
75
*73
.
4
23%
6912
114
28
75
78%
3*9*,000
10%
10%
2,300
80%
80%
330
77
*52
62
""566
4%
4%
22%
22%
69%
200
114% 114%
""*366
►——
2734
*73
28
700
75
57%
57 %
58
*1000
13% *13%
13% "13%
*102% 104
*102% 104
33%
33%
13%
104
*33%
~13%
104
13%
*1*3%
13%
33%
103
*33
34
34
33
33
*105
108
*105
108
*105
108
*105
108
105
*15
24
*15
24
*15
24
*15
24
*15
*21%
23
21
21
5%
5%
7%
7%
5%
5%
*16%
*16%
6%
8
*7%
834
*7%
*6%
7%
*6%
16%
16%
16%
*16%
*16%
13%
33
16%
1678
16%
13%
3334
105% 105%
*15
20%
67S
1634
*7%
*6%
Clark Equipment
No par
CCCAStLoulsRyCo5% pref 100
Clev El Ilium 34.50 pf.No par
Clev Graph Bronze Co (The) .1
Clev A Pitts RR Co 7% gtd_50
70
Nov
4
75
Mar 20
106
Apr
7
115
Aug 31
50
44
100
1,400
400
16%
16%
16%
16%
16%
161a.
16%
90
91
91
91
90
90
91
13%
13%
13%
13%
*13%
14
13%
13%
*28%
30%
*28%
30%
*2834
30%
734
78,800
160
*28%
7%
7
79
79
64
64
52%
*105%
53
110
*107
107g
27
64%
52%
U%
54
7%
77
64%
53%
11%
1%
1%
48%
27%
27%
*28%
678
*78
64%
51%
30
7%
7%
7%
7%
8
79%
79%
79%
7934
80
80
8%
80%
65
65
65
69
69
70%
70%
52%
54%
53 7g
52.
5234
54%
54%
51%
55%
54%
5134
52%
*10534
*10534
*105%
*105%
55%
54%
52
55%
*108
10934 *108% 10978 *10834 110
*107% 110
12%
11*4
12%
1134
1134
12%
12%
m
12%
178
134
2
1%
1%
178
178
1%
1%
51
52%
5234
54■%
49
50
5134
50%
49%
27%
27
27%
•Bid and asked prices; no sales on
27%
27%
this day.
27%
27%
t In receivership
27%
1,900
700
1,700
9,000
2778
10% Mar 26
30% Nov
15% Mar 26
46% Dec
11
6% conv preferred
100
20
9,800
Jan
3
14234 Aug
May
976
-
17
1st preferred
100
2d preferred
100
ClassB
13
2.50
v t c
9
Credit
34.25
conv
Feb
8
June 30
1
98% July 25
19
Mar 30
Nov
9
10
100
84
Mar 38
pf ser '35.No par
578 Mar 30
63,100
10,500
40,200
Commonw'lth A Sou..No par
1
Mar 29
36 preferred series
No par
Commonwealth Edison Co..26
25
Mar 31
22% Mar 30
y
978 Oct 17
170% Apr
56%
Jan
59
8%
Oct
2484 Mar
June
26
Jan
11%
5%
Oct
Deo
8
Dec
30
Jan
7% Dec
I684 Dec
16% Dec
29
Jan
65
Nov
10
Oct
2584 Deo
z4% Oct
32
Aug
31% Aug
12584 Apr
39%
46%
2078
Jan
Jan
Jan
108
Jan
101
Jan
80
Deo
114
Nov 10
34
Dec
28
29
27
28
86
Dec
Oct 15
70
Oct 27
112% Oct
12% July
2% Oct
5584 Oct
28
98*4 Nov
Jan
x68% Oct
64% Dec
303s Deo
83
64
Solvents..No par
Ex-dlv.
Deo
2978 July
13278 June
6284 Feb
II284 Mar
45
Apr
5178 Feb
27% Mar
5978 Nov 10
108% Nov 21
x
Feb
41
104%
Mar 30
Cash sale,
50%
Deo
Mar 29
Commercial
r
Jan
Dec
10
31% Mar 31
90
Jan 31
n New stock,
90
18
29
7*2*466
a Dot. delivery,
Jan
48% Aug
95
23
Comm'l Invest Trust—No par
110% Dec
93»4 Oct
113
8
35% July 19
6% preferred series A...100
5% preferred
100
Commercial
Nov 10
25% Dec 28
6% Mar 30
67 May 3
50 May 16
32.75 conv preferred.No par
Columbia Gas A Elec..No par
Oct
Apr
103%
5
2284 July 19
22% July 19
53% Apr
No par
No par
c
3
2378 Nov 10
884 Jan 12
1134 Jan 10
13% Mar 29
Columbia Plct v t
May
10% Mar
48
Aug
3934 Oct 18
107% Nov 15
June 24
4%
May
104% Dec
May 31
4%
Columbian Carbon
7
61% Nov 12
9% Mar 30
100
17% Dec
98
10284 June
19% Dec
47% Mar
24% Nov
13% Dec
Columb Br'd Sys Inc cl A.2.50
Southern
July
Feb 18
3% Mar 31
4% Mar 29
4
Apr 1
Colorado A
Feb
74
45
13% Mar 31
87%June 29
Colo Fuel A Iron Corp .No par
92
Oct
Dec 23
7% Mar 30
78
Deo
Dec
2
82
60% Nov
Mar
68
Jan 27
2534 July 22
129
Nov 30
80
135% Feb
21% Feb
67
-
76
57% July
100
9
Oct
2
32% Mar 29
10% Mar 31
No par
434 % conv preferred
...
*107% 110
48%
1%
47
7
76
31
*105%
65%
55
*28%
Oct
Feb 28
Colonial Beacon Oil...No par
13%
36
Dec 30
220
90
Oct
Oct 15
5% Nov 9
27% Oct 19
"1~8O6
16%
Oct
3
88% Nov 9
13% Jan 12
7% Sept 26
976
13%
Oct
6%
12
00
preferred
Feb
27% Jan
22% Jan
1578 Mar
80
6%
Mar
10%
884 Mar
61
35% Mar 31
Colgate-Palmollve-Peet No par
"""3%
Oct
5
Collins A Alkman
Aug
Oct
Mar 24
800
Feb
45
1
1234 Jan 12
19% July 26
13% Nov 14
3% Mar 30
25 May 31
Coca-Cola Inter Corp. _No par
90
84 Dec
Feb
33
1%
Mar 22
200
6% Mar
19%
2% Dec
684 Oct
28*4 Dec
2% Jan 12
2
"Y566
7% Mar
'
1% Jan 20
July 7
% Dec 15
111
3% Mar
3
9
—.5
400
13%
31
1®4 Jan 10
3984 Nov 14
47
Nov 17
67% July
Jan
Deo
%
54
.100
32
1% Oct
78 Dec
178 Jan 10
105% Mar 30
90
Dec
Mar 30
Jan
Mar
18% Mar
Oct
1578 July 19
1
Jan 5
9
4
Oct
3
10
'
No par
Preferred
13%
1
484 Mar
13% Mar
6% Jan 10
% Dec 15
Mar
Oct
Oct
84
2
1% Jan 10
100
Dec
89
59
210
16%
6878 Mar
1% Feb 23
July 7
Coca-Cola Co (The)—No par
Class A
No par
6%
90% Mar
Oct
4
7,700
778
Oct
Nov
1934 Dec 29
Dec
Feb
48
5
31
678 Mar 31
1
63% June
x40
5% July 22
37%June
Feb
Feb
111
2
Mar 31
22
Feb
82
25% Nov
100
.100
100
16%
Apr 26
5
1% Mar 23
% Aug 17
2% Sept 28
878 Mar 31
% Nov 9
% Dec 9
% Dec 16
2
23%
103% Dec
48% Mar
"""266
6
4
38% Jan 17
89
Jan 5
Cluett Peabody A Co—No par
778
6
33% No'v 12
1234 July 20
Climax Molybdenum ..No par
6%
*6
Oct
Mar
Jan
86% Mar
Oct
Oct
3%
18%
12% Oct 22
4
June 14
115
3484 Deo
46
May
Jan
14% Mar
Oct
Sept
106
% Dec
25
5
6X% preferred....
City Investing Co
City Stores
24
21
95
Apr 2
59% Oct 15
104
Aug 26
3,100
90
89
3%
Mar 29
..
*102% 104
834
7
5%
16%
61
*6
778
16%
*6%
6
5%
16%
24
20%
20%
7%
7
105%
20%
21
20%
6
*6
20%
"13%
103
*102% 10334
34%
*1010
*1010
♦1000
*1000
*1000
678 July 25
Mar 25
Special gtd 4% stock
58
57%
58%
57%
5778
57%
57%
57%
28
28
28
28
28%
2834
28% 28%
'28% 29%
28% 29%
*128% 132
*128% 132
*128%
*1281i
*128%
*128%
*
131% 131%
131
*130% 13178
*130
130%' 131
13"l" *129% 131
131
60
60
60%
60%
6b
5978
*59
5978
*59
60
60
*59
56%
Jan
2484
8
City Ice A Fuel
Jan
Jan
Jan
4184
12
Corp
107%
Oct
10
Chrysler
June
Oct
70.
No par
Chile Copper Co
96
4
4% Mar 30
100
—..100
Chllds Co
Jan
Oct
82%
39%
12%
8
17% Mar 3.1
June
1
.
June
'
July 25
26% Mar 29
100
Chlckaaha Cotton Oil
41% May
115
8% Jan 10
14
Chicago Yellow Cab...No par
13%
*12%"
Dec
Mar 29
-
J Chic Rock Isl A Pacific—100
""166
Dec
90
5% July 25
88
100
preferred—
preferred
13
1
111% Nov 30
5 Chic A East 111 Ry Co
pf (32.50) cum dlv No par
9
105% Aug
3% Mar 31
Chesapeake
7%
6%
Feb
Mar 26
18
Pr
Jan
100
Dec
Oct
No par
100
6% preferred-.-.
100
^Chicago Great Western—100
4% preferred—
100
Chicago Mall Order Co
5
tChlo Mil St P A Pac-No par
5% preferred
100
J Chicago A North West'n.100
129%
Nov
97
2
7
94
Preferred series A
Dec
40
24
2
_1
100
"*300
10
12%
7678
106% Dec 27
Nov
97
Oct
Cham Pap A Fib Co 6% pf-100
Cab..
80
99% April
100
600
13
13%
*32
107% July 25
120
Aug 4
58
July 25
Apr
19ia4 Aug
9%
Oct
52
Ribbon Mills.-No par
Common.-.
35% June
13% Nov
278
Feb
102
Oct
90
72% July 21
28
Jan 3
1
6% prior preferred
Jan
18% Mar
52% Jan
4% Dec
Jan 17
Jan
17% Mar
61%
37% Dec
2
1878 Dec
Assoc—No par
Chicago Pneumat Tool.No par
33 conv preferred
No par
*9
13%
12%
3
Nov 23
Mar 28
46
100
Certain-Teed Products
61
Nov
19% Dec 15
12% Dec
No par
Preferred.
14
1%
28
26% Nov
96
Sept
July
Feb
Sept
Feb
Jan
Feb
38% Mar
6
82
100
Preferred
"2*666
62%
6%
20%
37%
Oct
89
2% Mar 25
62% Mar 31
98% Jan 3
29% Mar 31
100% Jan 4
9
Mar 30
Cerro de Pasco Copper.No par
48%
*U
1%
13%
Is"
26
500
12%
70
*1
600
1.000
13%
80%
378
3%
23
*21%
*
1,200
*12%
76%
*52
200
12%
80%
.10%
*80
300
600
13%
7478
10%
76%
*9
9%
100
preferred
Century
500
1,800
48%
Oct
678
July 25
Jan
34% Mar
Dec
9%
22% Nov 10
4% Jan 12
Dec 22
9,100
18% Mar
4978 Dec
12%June 13
June 18
37%
Oct
,12% Oct
18% Dec
34% Mar 28
63% Apr 14
6
7«
36% Mar
2%
Jari10
8*4 Aug
22
37%
*%
2
20
.19%
37
May
4% Mar 31
6
19
16%
Oct 17
42
Corp
No par
Chesapeake A Ohio Ry
25
19%
37
*45^2
100
78
45%
Oct
Oct
July 19
8%
Mar 30
21
10
100
—5
Carriers A General Corp
1
Case (J I) Co
100
3%
36*2
37% Apr 29
Checker
78
1184
Oct
5%
91
1
33 preferred A
6%
Feb
Jan
Feb
24% Jan 11
51
Aug 8
No par
1
Preferred
Jan
18% July
Oct
I84
10
July 19
Carpenter Steel Co
350
12%
" %
35%
Oct
Mar 30
200
78'
36*2
36%
4,000
3%
45%
15
9% Feb
33814 Mar
200
*3
10% Oct
684 Dec
Oct
300
3%
Feb
65% Mar
Oct
Oct
23
36%
87%
13
Dec
6
27%
9%
■
Jan
Oct
24%
45
„
3%
36%
*357s
200
"6"400
•
98
2%
35
24
25
Canadian Pacific Ry
"3*700
95
12
43%
Oct
117% Mar
14% Jan
44% Nov 10
22
July 25
6% Dec 13
12%
%
2%
Jan
15% Nov 12
4
100% 100%
Dec
5
Central Vloleta Sugar Co.—19
45%
*78
'
*8%
13%
12%
%
76
24
Central RR of New Jersey.100
*3
19%
19%
*1%
12%
Feb
10
100
*3
25%
16% Aug 6
22% July 25
3% Jan 15
17%June 30
140
*%
3%
*12
Oct
534 Oct 19
39
July 25
29
Dec 31
300
35%
87%
6%
17
7% Dec 31
547g Jan 11
8%
4%
478
*8%
Jan
13% Oct 13
110%
27%
24%
100% Nov
Central III Lt 4)4% pref—100
*21
Oct
Mar 31
6
Central Foundry Co
%
3%
19%
19%
1%
*1178
%
1178
%
19%
36%
18%
■
*1%
*1%
*3
3%
19
1%
46
%
%
3%
*%
*3
1%
*1
1
1
1
3%
312
*3
3%
117S
9%
23%
36
88
*%
%
<
%
%
%
37
48%
35%
*%
12%
12
12%
18%
*18
*3
'
*78
*3
*3
3%
lo
3%
%
%
*%
%
3%
%
*3
*117g
12
11%
3%
*3
3%
*3%
%
*8%
*22%
35%
*87%
6
Dec
3,100
43%
100% 100%
*26% 27%
100% 100%
10
%
3%
11%
42%
22%
*8'2
10
23
*8%
12
44
12
43%
14% Oct 24
44
4%
478
50
10
4%
44%
Dec
21% July 22
46% Nov 15
30
1178
45%
Jan
34
20% Aug 24
Central Agulrre
4%
5284
8%May 27
1,600
*7%
Jan
15% Dec
12% Mar 30
22%
110
102%
Campbell W A C Pdy.-No par
Ale
.-5
Canada Sou Ry Co
...100
prior preferred
Celotex Corp. new
72
.
Dec
Oct
*21%
*88
95
44%
1178
*43%
'
*22%
434
*88
„
46%
43
12
11%
43
*100% 101% *100% 101% *100% 101
*27
27%
*26'2
27%
*27
27%
'
95
*88
47
5%
434
*4%
5%
4%
*4%
95
46
48%
8%
*7%
*434
4%
*4%
95
247%
22%
18%
17%
Jan
21
Oct
7%
96
*68
72
*69
22
7%
5%
*4%
18%
63
1
"8" 600
23
22%
Dec
4
Caterpillar Tractor
No par
5% preferred
100
Celanese Corp of Amer.No par
4,100
46%
*50
Jan
7
2% Jan 10
10
96
17%
72
700
22%
4%
478
4%
47s
*110% 111
111
111
*88
*86
48
11%
*41
17%
111
111
5
*4%
95
46%
4%
5%
5
*4%
*90
17%
*69%
700
93
23
22%
*50
38%
Carolina Clinch A Ohio Ry
20
""400
*105% 108
*105% 108
96
Jan
6% Dec
10«4 Oct 17
Capital Admin class A
124
46%
8
Mar 31
Cannon Mills
93
46
Jan
Oct
1
6% Mar 30
100
3%
*3%
47
13
—50
300
86
20%
20
Dec
15% Mar 30
45
Mar 31
Packing——No par
Canada Dry Ginger
10,400
*121
124
46
22%
22
2,100
41%
*84
20
>3%
92
*50
72
7%
4%
*8
*40%
86
*1978
3%
91%
'105M 108
22%
47«
22%
110% 110%
*110%
42%
*84
17%
*68
4%
4%
4%
4%
7%
31%
28
1
Calumet 4 Hecla Cons Cop—6
50
778
32
Feb
Dec 31
Feb
Mar 31
Callahan Zinc Lead
2,100
*7%
*40-%
63%
6
Byers Co (A M)
20,200
Dec
20
6
—-No par
Participating preferred.-100
Byron Jackson Co
No par
17
Feb
22
23% Oct 14
41
Jan 24
16% Mar 30
2% Mar 30
20
*31%
98
17%
17%
30
preferred
697s
1434 Nov 29
6% Mar 30
5%May 31
14 J 00
5%
32
7%
46%
22%
1
jBush Term Bldg gu pf ctfs 100
Butler Bros
10
19%
91%
121% 121% *121
22%
22
*50
99
99%
*—
Bush Terminal
5%
Oct
46% Nov 29
13% Mar 31
Burroughs Add Macb—No par
California
18
234 Jan 13
Nov 25
15% Mar 26
130
110
7%
23%
Feb
Oct
12
Apr 18
3% Mar 31
700
Oct
7
43
200
900
2%
37% Aug 26
40% Aug 26
6% Mar 29
T,6oo
Aug
34
1578 Dec
8% Aug 24
Dec 29
1
5% conv preferred
Butte Copper & Zinc
Oct
3
16
14% Mar 31
l%Mar 28
2,200
50% Aug
15«4 Mar
22®4 Dec
Oct 25
28
Burlington Mills Corp
17
5%
Jan
2,000
2.600
17%
*42
28
Mar 26
20
50
Dec
.1,800
2%
7%
*7%
16
Mar 26
17
7%
Aug
3
51
178
5%
*90
46
46
♦105% 108
*16%
25
75
400
3%
11%
36%
16%
Deo
No par
Bulova Watch....—-No par
Bullard Co
No par
21%
3%
2
*42
41%
4112
45%
46
3,400
11
25
2%
12
8%
2%
11%
8%
*20%
19
19% Jan 12
36% Oct 19
4% Jan 10
14% July
100
19%
*83% ,86
20
20
3%
3%
124
*121
124
*121
*121%. 124
45
46
3%
89%
*3%
3%
3%
*88
*7
42%
86
20%
3%
91
*19%
1,8
17%
32
*31%
5%
29%
28%
14%
29%
28%
*13%
*48
'512
538
*31%
5%
Apr
2
31
31
17
29
25
26
5% Mar 30
*16% Mar 31
10% Mar 29
27%May 27
6% Mar 26
578Mar31
Budd Wheel
Jan
5
1% Mar
No par
preferred—
7%
share
93
46%
3% Mar
100
7% preferred.—..;
Budd (E G) Mfg
1,400
.2,200
8
5%
5%
14,200
16%
50
*42
50
*44
50
*43
50
50
7%.
5378
17
73,
197g
99%'
7%
51%
per
Oct
12% Mar 30
18
Mkr 30
28
Feb 3
6
Bucyrus-Erle Co.
Dec 31
39
5% Mar 31
Bruns-Balke-Collender.No par
Highest
share
76*4 Oct
52% Dec 30
Mar 26
4
-.3
Manufacturing—No par
Brlggs & Stratton
No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
36 preferred
No par
Bklyn-Manh Transit—No par
36 preferred series A.No par
Brooklyn Union Gas
No par
Brown Shoe Co
No par
7 <500
51
17g
7%
17%
20%
15%
19
1234
17
2%
7%
16
12%
5
—100
Briggs
""466
*48
51
17S
7%
7%
7%
7%
*3%
17%
17
*48
12%
16%
8%
21%
3%
11%
*35%' 36%
16%
16%
2%
35
12%
16%
29%
83«
*20%
3%
11%
51-
1%
1%
1%
19%
36%
*2%
11%
16%
17%
18%
3,000
8,300
36
2%
11%
35%
16%
41%
*16%
*14%
17%
3%
11%
40%
*11%
36%
28%
14%
18
11%
9,800
11%
28%
14%
*2%
12%
29%
28-%
14%
18
,2%
11%
8%
21%
3%
11%
29%
28
177s
,1,100
5
*29
10.800
9
51
1% Dec
14
Mar
Bridgeport Brass Co ...No par
9
*96
May
16% Mar
Roller Bearing Co..17
Bower
200
,
16
4,800
2
7%
7%
7%
7%
21%
34%
1%
18%
21
3%
51
*43
*20%
2%
16%
1%
*15%
8%
29%
28
14%
17%
2%
11%
8%
27%
11%
17
17
*49
99
*94
15
5
Brewing Corp of America
9%
50%
5%
7%
48%
5%
99%
*94
June
Borg-Warner Corp
Boston & Maine RR
100
1%
*33%
Jan
9
5,400
2%
12% '12
40
1
Borden Co (The)-.-..
T,200
14%
27%
44
12%
9%
12%
40%
18%
9%
12%
45
14%
14%
*l7s
2%
*1%
*44
6%
44
4434
44
44%
44%
*38%
6%
No par
Class B
Lowest
per
share
per
107
6
Apr
82
Bond Stores Inc
100
2%
27
7
14%
28%
40
*247S
27
6%
40
500
44%
*24%
6%
*24
25%
*24
*13%
3978
*2%
25%
*2%
2%
>2%
13%
14%
52
52%
13%
52%
%
share
per
No par
Bon Ami class A
240
53
13%
25%
*24
52%
108
*52
28
53*2
13!2
17
28%
2%
53%
290
*107
53%
%
Par
107% 107%
107
107
1939
Range for Previous
Year 1937
Highest
Lowest
53%
13%
17
108
108
108
*104
.
EXCHANGE
the
Jan. 16
Tuesday
Jan. 17
Week
14
Saturday
$ per
On Basis of
NEW YORK STOCK
for
Year 1938
100-Share Lots
Range for
STOCKS
Sales
SHARE, NOT PER CENT
SALE PR1CES-PER
AND HIGH
LOW
Jan. 21,
Record—Continued—Page 3
New York Stock
69%
801
120
Jan
Jan
Jan
Jan
Oct
Jan
Oct
34
21%
4%
75%
Jan
Jan
Oct
May 11
Ex-rlghts.
T Called for redemption.
New York Stock
Volume 148
LOW
AND
HIGH
Monday
$ per share
Tuesday
Jan.
14
*8%
PRICES—PER
SHARE,
NOT PER
Jan.
16
$ per share
17
Jan.
S per share
*8
8%
28%
Wednesday
18
Jan.
Jan. 20
$ per share
S per share
S per share
Shares
8
83s
8%
29
2834
29
28%
2878
27%
8%
28%
8%
27%
8%
27%
8
*6%
8
*6%
8
*6%
8
*6io
8
*6%
8
'6*2
8
*634
8
*6%
8
215s
2214
22
*8is
83s
79
83
8
>
8
*76%
79
83
83
2234
*7%
*76%
*83%
278
*134
2
*134
21%
*7612
79
♦765s
*83
86
8234
2
134
10*8
31%
*1%
10
10
303s
10%
32%
103% 103%
534
6
32
103% 103%
6i8
6%
8%
3%
*3%
6
*3%
*3i2
3%
334
3234
103% 103%
6
834
87s
3%
3%
*14%
*6
3%
334
15
16
94 %
*9334
1434
94%
94
94
94%
15
147s
18%
18%
18%
1478
18%
18%
1%
134
134
134
1S4
92%
*91%
134
92%
15
15
,18% ' 1834
1%
92%
'
4134
42%
113% 113%
*9
834
34%
34%
3%
3%
3%
28%
29%
27%
5234
*26
*52%
65
29
*26%
52%
65%
65
176
93
41
176
•
*8%
3334
334
4
29%
27%
52%
28%
*9%
10
3534
*38%
*34
35%
13%
13%
*88%
89%
43%
4434
44
*89%
92%
*90
*6%
734
*6it
*4%
41i
4%
65
65
14%
44%
95%
9534
1434
1434
1834
1834
1,700
1,800
I84
1%
*92%
1%
1*4
1%
93
9
9%
3%
3%
3%
29%
29%
26%
26%
*26
634
53%
53
34
83
*45
6%
18
6%
25%
~2l'h
6%
17
8.
*110%
19%
1934
24
21%
784
600
2,700
34%
334
3%
8i,600
4,900
30
2934
28
53%
100
54
*20
630
3,100
2234
7%
034
22
7
30%
*30%
*42%
*8%
1834
19%
*1%
*
30%
7
1%
113
31
'
31
31
31
44
44
44
8%
*80
*1%
87
12%
*35%
37
114
Preferred
22%
22%
6%
*6%
*16%
*6%
17
17
7%
15%
2278
7%
1%
116
31
31
43%
8%
43%
.8%
43
19%
*83%
1134
*34%
1934
19
87
12
*81
11%
35
35
1934
1934
20
20
32%
*5%
6934
32%
32%
33%
93.1
183s
18%
*11
13
*111% 115
14834 14934
*9%
18%
*11
6%
71%
130
10
10
18
'
130
10
17%
17%
.
10
*11
13
*11
*112
115
115
,
18
1734
13
*111% 115
149
35
-
13
*11
115
149%
148% 14934
*138'
139
138
138%
13734 138
120
120
120
119% 119%
117%
1434
117
117
*117
7%
*7.
15
1434
'
.
181% 18134
*.17534
23%
*2%
3
32%
13%
*2%
32%
14%
36%
2%
ID4
,3734
32
33
2934
oUz
30
41%
*110% in
9%
9%
68
*65
„
71S4
70
*1%
1%
1%
*4%
*2%
*4%
7%
149% 14934
117% *117
14%
15%
7%
*7
23%
100
6%
'
18
8
400
800
8
W—
«.
8,500
1,000
19%
24%
15
100
7%
5,700
3,400
1%
117%
""600
22%
116
.
31%
4234
2,600
1,200
8%
19%
8I.1
19-%
8%
19%
3,200
85
132
*81
*11%
*
«.
117%
15%
15%
7%
7%
100
12%
900
32%
*5%
6%
100
69%
71%
*128% 131
20,100
4,900
52.25
conv
pref w w..No par
Pref ex-warrants
*7
"
1%
*1%
2934
39%
39%
110% 110%
10%
9%
68
68%
7134
72%
*77
78
•
*38%
110
9%
*66
72„'
*77.
1%
2934
40
110
10%
70
*13g
30
38%
110
10%
*68%
1%
30
30
387g
74
80
*77%
138
30%
38%
*1%
*30
3834
82
Curtlss-Wright
Class
1
A
No par
20
Dlesel-W em mer-Gll ber t.
Delaware & Hudson
6% pref with warrants..100
No par
No par
Dunhlll International
1
54.50 preferred
Duquesne Light 6% 1st pf_100
Inc.
..1
Eastern Airlines,
Eastern Rolling Mills
.—6
700
4,700
13,600
1,500
31,900
13,600
4,500
3,700
Electric Auto-Lite
(The)
5%
*3%
*1%
Electric Boat....
3
preferred
No par
56
preferred
..No par
1,500
800
Elk Horn Coal Corp
3
El Paso Natural Gas
*90
17
.
...No par
500
3,200
Equitable Office Bldg..No par
J Erie Railroad
900
300
4%
2d preferred
100
100
5%
5%
900
Federal Motor Truck..No par
a3%
*1%
*23%
3%
1%
200
Federal Screw Works..No par
600
Federal Water Serv
24
100
Federated Dept Stores.No par
89
100
Fed Dept Stores 4 M% pf--100
1%
24
*23%
24
88%
*87%
34%
*17%
89
34
21%
Bid and asked prices: no sales on this day.
34%
24%
*87%
34%
*17%
X In receivership,
a
34%
24%
2,400
Jan
Feb
Oct 26
51
Nov
86%
Feb
9%
Jan
Jan 11
0
9
Dec 30
Def. delivery,
6%
Deo
14% Jan
34% Mar
25
Dec 29
1%
7%
23%
Oct
Oct
Oct
71%
26
Oct
2% Nov
2
11% Jan 12
27
43
Dec 31
Oct 22
Oct 16
84% Nov 10
y
Jan
Jan
Jan
70
Jan
29%
Jan
103
Jan
60
Nov
150
Mar
90
Oct
129
Apr
72%
6% Aug 10
4% July 25
2
Oct
11%
Feb
2%
Oct
11%
Feb
2% July
1%
Oct
6
Jan
29
1
25
Ex-dlv.
Oct
Dec
6%
28
7
Nov
15
t
7%
Oot
99%May 17
133
Fidel Phen Fire Ins N Y..2.50
Cash sale
Ja
Oct 27
Fllene's (Wm) Sons Co.No par
r
80
16
90% Oct 16
36% Nov 14
New stock,
Oct
3
12% Mar 30
677s Jan 4
22% Mar 30
n
5
75% May
23% Mar
35% Mar
28% Mar
Oct 18
.
30
1
1% Dec
Oct
Oct
0% Jan
31
Jan
78%
81
8%
0
17%
Oct
Nov
4%
64
June
Oct
Jan
45
0
7
Sept 14
3
115%
Jan
41
3
20
1
A.No par
Nov
Jan
Federal Mln A Smelting Co 100
Preferred
100
5%
Nov
8% Jan
100
100
33
100
Jan
Oct 27
16%
preferred
Jan
,
Dec 19
35%
56
Jan
Feb
Jan
07s Mar 30
67
April
52% Apr 5
90% Feb 2
2% Mar 30
1% Mar 30
-
Feb
Feb
22%May 31
«.
7%
00
111% Dec 19
10% Oct 28
Fajardo Sug Co of Pr Rico..20
-
16
Oct
29
Federal Light A Traction... 15
-
Oct
Oct
Oct
1,400
84
Fob
14%
2% Nov 16
29% Nov 12
45% Nov 10
29%
15%
110
Feb
Mar
44%
200
*83
3%
3%
0%
10
45%
Oct
3,400
Fairbanks Morse A Co.No par
2% Dec
37%
22
Oct
31
Dec
Nov 10
35
42%
3%
Mar
87
2% Mar
5% Mar
10% Apr
1% Mar
3% Mar
19%May
3
Corp
3%
1%
34
17
Oct
42%
29%
15%
Ex-Cell-O
5%
*18%
Apr 6
94% Apr 5
2% Mar 29
02
Exchange Buffet Corp .No par
Fairbanks Co 8% pref
100
1%
34%
Jan
Oct
Oct
43%
2834
15%
300
334
24%
115%
2%
27
24
42
3,300
5%
34
3
Dec 19
46% Oct 17
41% July 2
7
5%
*18%
3
1% Dec 22
50
*3%
24%
Feb
1% Dec 20
1% Dec 16
2% Mar 30
100
4% 1st preferred
*1%
34
Mar 31
Mar 29
preferred
1%
\*18%
Dec
Feb
Nov
20%
92%
48
*90
Jan
112
Jan 11
50
*97
180%
135%
Oct
Oct
Oct
Oct 17
100
84
Jab
130
4
86
110
Jan
Jan
107%
109%
14
*81
334
34
Mar 30
82
*90
8%
17%
122
5
14% Dec
71
"¥%
24%
Dec 30
36% Dec 15
16% Dec 31
72%
79%
2%
6%
*83
Jan
Dec
15%
Mar 31
*97
77%
Nov 28
25% Dec 30
5% July 25
40
1%
88
Nov
38% Mar 31
62,900
5%
*5%
*3%
88%
98
*534
84
Oot
Oct
23
110
"l%
Nov
7
*97
*86%
7
10
23
*90
12% Mar
143% July
106
2234
*2%
*534
15%
Feb
Dec
Jan 27
15X preferred w w..No par
2834
15%
25
20% Oct
79% Nov
Oct 10
2278
*83
88%
34%
Mar 23
33
Endlcott-Johnson
1%
88%
19% Dec
1134
29
6
Oct
12
11%
84%
*23%
Dec 16
..
115
11%
15%
24
141
500
360
5%
24
Feb
600
.
3G
24
Jan
46%
12
*28%
*14%
110
5
2l%Mar 31
% Mar 20
No par
5%
*86%
•
18
EleG Storage Battery..No par
*3%
1%
*22%
*86%
24
34
6,
57
Jan
2% Sept 14
0% Mar 29
22% Mar 31
Electric Power & Llght.No par
334
134
2
Elec A Mus Ind Am shares
"5%
*23
*18%
*82%
41%
Oot
Nov 12
13% Mar 30
6
Evans Products Co...——.5
*97
Oct
16%
154%
138%
120%
118%
17%
8%
10% Mar 30
Eltlngon Schlld......-No par
1,300
"
15
27
Oct
Aug 10
Jan 20
Dec 29
Aug
1134
23%
2%
102
Jan 12
Dec 15
25%
34%
8%
80%
Nov
Eureka Vacuum Cleaner—..5
102
Mar 30
17
35
164
1,300
*97
Mar 30
Apr
198
5%
99
Mar
23
Apr
5
29
90
Nov
*2%
*28%
14%
*82%
Mar
Oct
144
5
42
29
00%
Oct
150
2%
41%
29%
14%
84%
Oot
6% Dec
.70% Feb
30% Feb
40% Feb
Dec 22
5
4034
10
78
2%
Jan
30
80
2%
140%
Nov 10
2%
2%
6%
42%
1% Oct
88% Dec
Jan
173
2%
2%
24% Mar
10% Feb
187
4%
*534
68% Mar
Oct
157
4
47g
2%
6%
41%
Oct
5
121% Mar 31
100
2%
22%
13
29
6% cum preferred
Eaton Manufacturing Co
4%
*534
4034
*28%
14%
Nov
Oct
Eastman Kodak (N J).No par
*2%
*2
27
31% Mar
8
Dec 30
102
No par
434
22%
"169"" Jan
9
Nov
l%May 0
8% Mar 28
Apr 23
90% Mar 31
130% Mar 31
109% Apr
111% Jan
13% Nov 28
3% Mar 31
No par
438
7
Oct
19% Nov
20% Nov
11„
Oct 19
23% Nov 10
91% Nov 16
4%June
preferred...
100
Du P de Nem (E J) «fe Co.i20
6% non-voting deb
100
4%
2%
"96%
42
27% July
8%
2%
22%
July 29
No par
1%
1%
434
2%
*95
12
Dominion Stores Ltd..No par
1%
*6
Feb
6
05% June 17
8% Sept 26
28%June 2
Doehler Die Casting Co No par
Dome Mines Ltd......No par
4%
*2
Jan
24
30% Oct 29
Mar 18
1%
2134
18%
Oot
3
20% Jan
31% Jan
Mar 30
4%
6%
Oct
Jan 20
17
Oct
0
29% Deo
18% Oct
6
1%
1%
*82%
% Nov 16
11
4%
2%
Mar 31
2
1%
*97
4
-.25
4%
*2
14%
7% Mar 29
Distil Corp-Seagr's Ltd.No par
1%
*534
40%
Mar 30
23% Mar
12%
40% Oct 24
*4%
23s
41%
29%
14%
84%
9
Oot
Dec 20
111% Dec 6
25% Feb 25
25
C
8%
54% Deo
July 20
Mar 31
1%
20%
Feb
Mar 30
4%
11%
2234
Jan
62
27
70
1%
*4%
12%
86
18% Nov
25
Co
Mar
9
100
Class A
43
20% Feb
109% Jan
8% Mar
Nov
Oct 25
Devoe & Raynolds A..No par
Diamond Match.
.No par
Dlxle^Vortex
Jan
29%
8%
17%
11%
7% Dec 30
83
25% Dec 31
8% Nov 9
2% Jan 10
115% Dec 21
6% partlcp referred
Jan
Jan
127
Nov
100
Diamond T Motor Car Co
Mar
17%
14%
24
Delaware Lack & Western..60
Detroit Edison.
81% Mar
136
5
10
-
2
50% Jan
47% Jan
26% Apr
108% Apr
Nov
4% Mar 29
13% Mar 29
6%June 4
102% Jan 3
13%May 27
19% Mar 29
&
t__
39% Deo
Jan
50
Mar 31
5
Conv 5% preferred
26
Davison Chemical Co (The).l
Dayton Pow & Lt 4 >4 % pf.100
Preferred
Aug 10
Jan
Feb
18
Davega Stores Corp
Deere & Co
4
'8% Aug 11
50
37
28%
100%
28% Nov 16
13% Mar 31
1%
4%
2%
*12
8
No par
1%
12
June
Feb
71% Jan
171% Jan
10% Mar
60% Feb
115
Aug
3% Mar 30
12% Mar 30
48% Jan 11
l
Cutler-Hammer Inc
May 25
4% Mar 31
Cushman's Sons 7% pref..100
58 preferred
No par
4%
2%
12
67% Deo
I
1%
12
Oct
12
434
22
Dec
8%
21% July 18
1%
12
34
30% Dec
12
1%
5
Nov
35
Packing.
72
1%~
21
50
Cudahy
80
134
Oct
88% Dec
Curtis Pub Co (The) ..No par
Preferred
No par
1%
1%
3
22% Nov
Deo
1%
1%
Oct
Apr
July
35% Mar
1,300
100
10%
60%
153
70
3
Jan
5% Jan
109% Feb
69% Jan
108% Deo
25% Jan
42% Jan
3% Feb
49
9
Jan
Jan
Apr
Apr
Aug
Apr
77
87
100
10%
13%
62%
92%
37%
37%
Oct
68%May 31
Preferred
Jan
13% Feb
17% Apr
9% Oct
46% Nov
Oct
Mar 29
108
2,100
110
10%
4
Oct
2%
3
10
71
10%
Oct
Oct
%
Oot
•
76%
10%
5%
23
Oct
6% Mar 31
*73
71
'
37% Dec
106% Dec
Nov
300
30%
3834
110
Oct
3
100
44%
8
Corp..
50
preferred
100
Engineers Public 8ervlce
1
55 conv preferred
No par
111
Oct
65
94% Jan 17
13% Feb 7
0% July 14
preferred
Cuban-American Sugar
Duplan Silk
1%
-
Oct
1
21
Apr
*77
10%
71
74
38%
*110
110
72
1%
Oot
7%
80
"
30
92% Nov 16
Mar 29
2,600
40
Nov 15
15% Nov
19% Mar 31
Dresser (G)MfgCo
500
40
68
70
...100
500
9,900
10%
Jan 11
Preferred
31
7%
10% July
37% Nov 14
87% Jan 26
900
1
Apr 13
25% Apr 1
7% Mar 29
..No par
6,400
6
Dec
42% Oct 8
117% Nov 12
29
No par
Crown Zellerbach Corp
55 conv preferred...No par
Crucible Steel of America.. 100
..No par
30
79% Dec
0% Dec
Douglas Aircraft
13
Oct
28% Nov
17%
17%
Oct
Oot
7
934
*11
2%
3
29% Nov 10
Dow Chemical Co
*9%
Jan 12
Oct
10
5% Nov 10
Jan 31
Mar 31
No par
Erie & Pitts RR Co
*28%
19
400
,
9
Nov
Oot
7
3
70% Oct
85
3%
Jan 12
June 30
Nov
43% Nov 12
220
19%
33%
Jan
Jan
92
9
Nov
21% Apr 5
6% Mar 31
«
35
1734
7
*
19
*112% 115
149
150
150%
151%
138
138
137% 137%
120
11934 11934 *118
*117
117%
117% 118
15%
15%
15%
15%
678
*
35
934
13
85
800
49%
177
Apr 12
2% Mar 26
tDenv & R G West 6% pf.100
510
31
.29%
181% 181% *180% 182
182
182f
182
182
181% 181%
*17534
*17534
*17534
*17534
*17534
24
23
24%
2334
24"
24
2334
24
24%
2334
3
3
3
*2%
3
3
*27g
3
*278
2%
32%
32%
32
32%
3234
33
32%
33
32%
32%
14
1334
13%
13%
1334
13%
13%
13%
13% ,13%
*2%
2%
2%
2%
23s
2%
2%
2%
2%
2%
11 «4
12%
11%
11%
12%
12
12%
1134
12%
12%
37
39
38%
37% 39%
39%
40
38% 4034
41%
33
34%
34
33% 34%
3534
35%
36%
3534
36%
30
2934
30
29%
30
30%
30%
30%
30% 30%
*1%
*29%
3,000
*112% 115
*119
138
*119% 120
9%
17%
•*».«
-
31%
a42%
*1178 >12%
34%
34%
19%
1934
33
33%
5%
70%
71%
*53s
6%
70%
72%
12734 12734 *129
10
»
43%
8%
85
20
•
'
31%
*83%
*1134
634
83
*16%
8
31
8%
700
2,000
2,300
26,900
7,100
534
45
25%
2234
6%
6%
18
31%
19%
25%
*74%
*110% 112
*110%
19%
19%
19%
2434 .24%
24%
15
*14%
*14%
22% 22%
22%
7%
7%
7%
*1%
1%
*1%
2434
*1%
15
534
21% Dec
22% Mar 30
90
64
43%
6%
22%
8
778
"19%
2,000
Apr
25
Cuba RR 6%
*45
115%
*8%
20
20
*1934
31%
3134
31%
*5%
6%
6%
*5%
69
6834
69%
7034
130
129% 130 « *126
83
*45
22
*114
634
25%
310
18%
Crown Cork & Seal
.
5,700
Oct
Crosley Corp (The)....No par
------
4%
*14%
*31
19%
35
6%
25
*74%
'
14%
5%
44
.*43
12%
35%
6%
25%
83
*74%
-
8
4%
46
115
8%
*1134'
46
*6
w
.
3,800
Jan
4%
29% Nov 10
102
No par
Mar
5%
60
100
...
preferred
Cream of Wheat ctfs
Mar
95
11% July 26
30% Nov 12
3% Dec 31
35% July 25
Apr
1
Co
conv
87
Oct
110
Mar 26
x53
Oot
49
5
June 17
%May 20
100
Jan
Oct
2% July 16
103% July 25
21% Mar 30
10
July
18%
1
95% Nov
1% Mar 29
65% Mar 31
30% Mar 30
40
20
Oot
63
17% Oct 14
20% July 27
21% Mar 30
Coty Inc.
5%
Apr 18
9%May 27
1
Jan
Oct
4%
Dec
65
22
Mar 31
Jan
22
8
10% July 13
7% Jan 7
5% Jan 12
8% Mar 26
0
19% Feb
45% Mar
19% Jan
6% Deo
7% Oct 13
Mar 30
107
7% Dec
Dec 19
104
78
.20
Continental Steel Corp .No par
Corn Exch Bank Trust Co..20
Corn Products Refining
25
Crane
Mar 31
2% Sept 14
2% Mar 19
10
...100
Motors
Continental Oil of Del
100
±
•
44%
64
31%
19%
87
534
31%
934
-300
1,300
2,600
93%
64%
3034
*8%
.
6
46%
44%
*90
4%
30%
31%
30%
31%
19%
.
*82
*1134
1%
114
115%
*30%
15
*110%
19%
2434
*24%
15%
*14%
22%
22%
7%
7%
v
*1%
1%
*11134 116
4,200
7
Oct
4%
20
12% Dec 1
34% Oct 17
887a Apr 16
278 Mar 30
.....No par
Continental
70
Highest
share % per share
per
807s Aug 17
2% Oct 24
6
Mar 20
17
%
1038 Nov 14
4% Mar 26
Consol Oil Corp
No par
Consol RR of Cuba 6% pf_100
Consol Coal Co (Del) v t c__25
54.50 preferred..
No par
Continental Diamond Fibre-.6
Continental Insurance—.52.50
Jan
1
preferred
No par
Consol Laundries Corp..
6
300
13,000
1,200
71
$5
8% preferred
Continental Can Inc
600
9
34%
8
4%
*60%
14%
65
15
734
*24%
*14%
*6
4%
65
~19%
19%
24%
15%
22%
*14%
22%
6%
6%
17
*110%
*24
15
22%
1934
92%
4%
*45
17
8
*734
19%
15
83
*6%
17
*110%
24
76
7,000
•
45%
5%
6%
21
44
8
46%
6%
2434
24%
*74%
*6%
*6%
*69
334
*90
*6.
534
634
21%
•8
15
25%
83
.
4634
*45
21%
*16%
65
*46
*45
_
2034
40
34%
94
45%
44%
*90
4%
•
14%
5%
5%
25%
*74%
*1%
41
9
53%
7%
65
47
6%
2534
30
4034
Dec 23
4% Mar 29
55
Apr 1
100
Class B
600
115% 115%
2934
27%
53
34%
93
9%
3358
92%
4%
15
534
46%
6%
2934
93
93
4
share
per
9% Aug 3
29% Dec 31
8% Oct 28
14% July 6
26% Nov 26
Mar 29
10% Sept 17
No par
preferred
1
Mar 29
0
6 H% prior pref w w
100
Consol Film Industries
1
$2 partlc pref
No par
Consol Edison of N Y..N0 par
1,900
95%
3% Apr
5
15
5% preferred v t c
100
Consumers P CoJ4.60 pfNo par
Container Corp of America.20
Continental Bak cl A..No par
""500
15
18%
15
29%
*6%
60
25%
*74%
.
900
500
15
18%
9434
9
4434
*91
7%
•4%
*14%
6
47%
11%
3%
*14
28
4334
94
60
14%
534
-47
23
3%
3%
3%
378
15
.
39
7%
300
66
65%
65%
65%
65%
.64%
65%
178
*176
176% *176
*176
*176
185
185
4%
4%
4%
4% "4%
4%
4%
4%
4%
34
34
35%
35
34% 35
34%
3434
34% 35
106
106
106
106%
107% 10734
107% 107% 107% 107%
*28
*27%
28%
28
28
28%
*28 28%
28%
28%
9%
934
9%
9%
10
9%
9%
9%
934
10%
36
36
37
35% 36%
37%
37
37% 38
3734
39
*38%
38% 38% *34% 38% *34% 38% *36
38%
*34
*34
*34
35%
*34
35%
35%
35% *34% 35%
13%
13%
14
13%
14
13%
13%
13%
13% 1
14
*88%
89
88%
8834
90
*89
90
*89% 90
89%
106
3434
14%
3
*3%
*14%
*94%
14%
7%
3234
3378 100,000
103% 103%
5,400
6%
6%
1,100
878
10,100
6%
53%
65%
52
300
1034
8%
3
""290
2
1034
79
4%
34
33%
106
*117
6
3%
29%
6534
Consolidated Cigar
300
83%
*178
*10%
11
3234
3334
103% 103%
34
29%
*2634
4,300
*76%
83%
79
83%
2
Year 1937
Lowest
Highest
share
per
No par
Conn Ry & Ltg 4M % pre!. 100
Consol Aircraft Corp
1
8%
176
4%
•
*27
138
*76%
83%
*134
5
Congoleum-Nalrn Inc. .No par
Congress Cigar
No par
8
23
41%
40%
403S
4034
115% 115% *114% 115%
9%
Conde Naat Pub Inc
400
2,800
"
4%
'■
Par
18%
.
*92
115%
834
34%
15
15
92%
41%
*115
42%
4134
1133i 11334
9%
34%
3%
*14
*6%
2234
Range for Previous
100-Short Lots
Lowest
*734
3%
3%
*14
8
23%
23
6%
8%
834
3%
,
*6%
23%
8
79
84
2
11%
33%
*10%
16
*9378
■
*10%
1034
31% 33
103% 1033s
9
314
334
*14
22%
*8
On Basis of
EXCHANGE
8
8
29
Range for Year 1938
YORK STOCK
Week
19
399
4
STOCKS
NEW
the
*6%
215s
.
Sales
CENT
Friday
Thursday
*6*8
28
.
Record—Continued—Page
for
Saturday
Jan.
SALE
Oct 14
Oct 20
Ex-rights.
14% Dec
z65
Oct
43% Mar
108% Mar
22%
Oct
45%
Jan
20
Dec
39%
Feb
5 Called for redemption.
New York Stock Record—Continued—Page 5
400
AND
LOW
28
19
34
*33
34
28%
*32%
287#
34
19
18
18
*18
19
*18
34
108
26%
90
90
*50
27%
27
27
'21*
2%
*2
3l2
3%
58
27
*95
5%
*135
140
*3%
*62
14
*13
14
*96
97
*96
97
6
6%
6%
*6
18%
17%
17%
*17%
52
*51
54
*95
*4
4
16
31%
134
4%
4
4
16
3134
♦31
"
15%
31%
24%
24%
130
%
1
6%
10%
10
*106%
*1%
*106%
39
1167# 1167#
1
rl%
95#
.—
35
35%
28%
28%
28%
14
*14
16
*15%
22%
7%
7%
*16
♦
22
22
7%
7%
*47
.
*48%
49
12%
12%
12%
*54
58'
*55
575#
>17
2%
22%
*45%
23
47
2%
2%
2%
•
2%,
75
„
25#
22%
61%
60%
333#
106% 106%
*105% 107
4%
4%
4%
■
1%
1%
6%
*1%
6%
1278
*17%
18
26%
*22%
14%
26%
23%
14%
27
2778
.
25%
25%
*135% 138
66
287#
40
18?#
12
*1
18%
4%
80
1%
1%
6%
6%
1%
1%
127# '13
*17%
19
27
27
23%
23%
14%
27-%
25%
14%
27%
25%
613#
613#
61
34
35%
35%
*106% 107%
106% 108
*4%
434
4%
4%
1
1%
13#
6%
6%
6%
*1%
1%
15#
13
.'18
27%'
*225#
147#
27%
25%
13%
*17
*12%
18
"13%
13
*17
*17%
273#
27
27%
26%
23%
*225#
23%
147#
*225#
28
25%
27%
253#
*14%'
147#
277#
255#
27%
25%
•*40
66
*40
66
*40
14%
66
*35
1834
*1134
1%
*14
*4%
28%
40
19
12%
28%
*35
18%
12%
5
40
18%
19
121#
*14
*4%
*1
18%
*14
5
*4%
307#
*32
32%
101#
10%
10%
16%
19
1
5
10
80
*1%
1,700
138
400
"1,766
100
28%
28%
19
18%
1
18%
5%
21
*18
307#
307#
32
32
*30%
32%
31
32%
10%
103#
*16%
*16%
*18
17
10%
17
10%
*16%
17
405
♦100
105
*100
105
101
103
*101% 104
*102
100
100
100
*100
102
'100
102
*100
102
100
100
29%
*138
29%
....
*16%
29
'6
*5%
75
*73%
3%
*
28%
*138
6
75
3%
*55#
29
285#
138
>...
'
6
6
*72%
'*71%, 75
29
3%
29%
29%
*138
138
50
1,000
100
6%
3%
1027# 1027#
105#
107#
103
'
*110
115
*113"
115
115
115
115
115
*1147# 116
*154
160
*154
160
*154
160
*154
159
*158
159
107#
*115%
*158%
16
16
16
16%
16%
79%
7934'
79
793# 79%
79%
*78
78%
79
78%
78%
78%
*134% 135% *134% 135i,i *134% 135% *134% 135% *134% 135%
*134% 135%
57
57
57
*55
*55
*55%
57
*55
59%
55%
55% 55%
109
109
110
*108
*108
110
108
108
*1077# 110
*107% 108
19% *18%
21
*18%
*18%
195#
*18%
19%
187#
*18%
20% *18%
47
47%
46
46
46%
45%
46
46
455#
4584
46%
46%
109
*108
109
*108
*107% 10934 *107% 109% *107% 109% *107% 109%
9
*8%
9
*8%
*8%
9%
*8%
9
*8%
9
*8%
9
14
14
*13%
14
*13%
14
*13%
14
13%
13%
*13%
14
16%
*16
16
*100
*100
64%
64%
34
*32
643#
*32
16
645#
34%
147#
15%
15%
69% 69%
69%
1055#
*105% 106% *105
*75#
7%
7%
734
*49
4934
49%
49%
15#
15#
1%
1%
*4%
6
5%
5%
34%
345#
34%
34%
7
7%
7%
7%
2
2
17#
1%
18
177#
18%
18%
30
31
*42%
43
43
10
10
*10
16%
*157#
110
15%
*67%
30
*16
31
*32%
34%
321.4
32%
*32
15
15%
15%
15%
15
64%
34%
15%
70
70
70
70
70
•"64%
64%
1055# 1055#
75#
49
15#
*4%
34%
78#
17#
17%
*313#
75#
497#
15#
6
347#
75#
64%
*69
64%
64%
*1057# 108
•1057# 108
7%
7%
75#
7%
48% 49%
49%
49%
1%
1%
15#
15#
*5%
34%
7%
*5%
6
34%
34%
7%
75#
6
34%
7%
2
2
2
2
18%
185#
19%
18%
19%
31%
31
31
32
31%
43
43
43
44
10%
10
10
*10
44
10%
44
*10
2%
44
10%
Bid and asked prices: no sales on
thlB day,
6
100
120
Apr
7
4%June
Corp of Amer class A..1
3
100
50% Mar 31
..2
l%June 14
7084June 1
5% Mar 25
25
1
—25
Jan 10
12
Jan 12
3%
7
Oct
Oct
Oct
Nov 16
12
Nov 12
23% Dec
6
26% Apr
484
13% Nov 15
21% Jan 15
Oct
Mar
Feb
107#
11% Mar
Jan
484
59
Jan
17% Mar
59% Mar
•3484 Feb
36
Jan
OCt
20%
Feb
Feb
Feb
Dec
31
101
Nov 14
95
Nov
108
100
Nov 12
92
Oct
105
3484 July 25
140 ' Dec
1
18
Oct
121
Dec
17*4
'
Jan 19
z7>4
20
6% Oct 19
75
Nov
111
Dec 27
11% Nov 30
Jan
68% Mar
Feb
140
6
Oct
17%
Jan
65%
Dec
106%
Feb
1%
Oct
8
Jan
81
5%
Dec
117% Aug
157# Jan
Nov
111
Dec
5
86
Dec
126
161
Dec
2
129
Nov
160
20% Oct 25
11
Oct
Dec 29
50
Nov
135% Dec 20
125
May
Mar 26
$4 conv preferred
No par
Hlnde A Dauche Paper Co. 10
15
Sept 28
Holland Furnace (Del)
17
Jan 31
98
Jan 10
.
87
60
Oct 25
105% Dec 14
21% Nov
52% Oct
118
3
6
Aug 31
39%
83
16%
15%
93
Dec
Feb
Jan
39%
Feb
64
Dec
135%
Feb
67%
Jan
Nov
111
Jan
Dec
Oct
37
June
52%
Feb
Nov
120%
Jan
6
584 Mar 26
1384 July 19
7»4
Dec
3084 Mar
No par
ll%June 1
102
Marl6
25% Jan 12
108
May 27
15%
Oct
43% Jan
114% Mar
Hollander A Sons (A)
Holly Sugar Corp
100
12.50
7% preferred
200
Mining
Houdallle-Hershey cl A.No par
Class B
No par
stk.No par
5% preferred
100
preferred
Hudson Bay Mln A Sm
Hudson Motor Car
7%
77#
1%
18%
2%
10,800
16,800
Illinois
5384
Dec
Dec
41
Jan
Oct 19
6
Oct
277#
Feb
4
72% Nov 18
44
Oct
73
Jan
83% Jan 26
105% Nov 29
78%
Dec
94
Mar
984 July 20
53% Jan 13
3% July 14
484
Oct
17%
Oct
90% Mar
6
Mar 30
40% Jan
5
Mar 31
66
18%
Aug 15
100
Ltd 100
Mar 29
9% July 14
20% Mar 30
37
Jan
35% Nov 10
No par
3
5
Mar 30
1
%June15
100
Central
6% Mar 30
12
Apr 6
100
*30
32
400
44
44
300
6% preferred series A
Leased lines 4%
10%
100
RR Sec ctfs series A... 1000
r Cash
Oct
Oct
21
1
17% Mar 31
100
llupp Motor Car Corp
187#
109
739*4
35% Oct 25
48% Apr
23% Mar 30
1
May 7
6
Hudson A Manhattan
New stock,
7#
98
8
Mar 19
n
Oct
7% Dec
5
Mar 28
5%
39% Mar
7%
Jan
80
com
04% Mar
Nov
May
40
Household Fin
145% Mar
Oct
81
.10
98
Jan
Oct
140
„—100
Feb
Dec
60
28
Mar 29
48%
47%
22% Dec
28% Mar
6684 May
42% Jan
15%
Mar 28
Mar 31
Jan
Feb
50% Sept
Oct 14
12
Jan
5%
'27%
Oct
129
13
88%June 30
June 23
15
Oct
23%
Oct 31
Judo
Feb
'
Dec 14
Apr
Jan
Jan
4%
Oct
1%
22
15
Homestake
Oct
3
10
28% Nov 14
Mar 25
13%
96
Oct
1%
Mar
141
Dec
65
Jan 14
6% July
47% Mar
Oct
Dec
3%
Dec 13
I84
60% Mar
8784 Mar
Dec
16%
Feb
115
Deo
Dec
72%
June 30
Harbison-Walk Refrac.No par
$5 conv preferred-
7
50
"83
Hercules
Feb
1284
50
preferred
100
Co $5 pf.No par
Corp...
8%
Dec
5
Hanna (M A)
W)
Oct
46
32
35
Helme (G
Feb
783%
9
Oct 17
30
Hecker Prod
Jan
67#
2
Jan 12
1
Hazel-Atlas Glass Co—
68%
Oct
20%
July
Jan
51%
Oct
1%
142'
200
Def. delivery
Nov
Apr 28
6% preferred...
19%
43
Oct
24
1,300
a
90% Mar
10
30
5%
t In receivership.
Oct
Dec
15% Nov 14
30% Dec 30
25
Water.....
1%
*
49%
Dec
7% preferred class A——25
Hall Printing
—10
Hamilton Watch Co
No par
Howe Sound Co
*10
29% Mar
Dec
12684 Jan 19
4,000
Dec
Dec
100
4,800
Feb
6%
24
Houston OH of Texas v t c._25
347#
Feb
88%
Mar 29
2,900
35
207#
Feb 26
4
7# Mar 31
2,000
5%
24
Oct
1984
7% Feb
7%
487#
1%
Oct
Oct
13
12% Mar 31
23% Apr 8
Apr 12
"3" 500
7%
8
8
9% Mar 30
63% 6334
34%
*32%
15%
15%
71
*70%
*105% 107
48%
Aug
Jan
60
22
Jan
Aro par
100
Nov
24% Dec 31
20
6% cum preferred
Hershey Chocolate
800
95
14% Nov
200
4,500
Nov
3
Mar 30
10
100
95
10%May 26
19
Apr 5
Mar 31
4284 Mar 31
2C0
8
June
2
No par
1~ 200
Feb
6% Nov 14
7234 Dec 15
No par
"
437#
38% Dec 29
Dec 30
Motors
100
Dec
108
Hercules Powder
2,000
Jan
16
Mar 25
Preferred..
"""466
Feb
33%
8
6H% preferred w w
Hayes Body Corp
200
70%
Oct
Oct
88
9%
3
Hat
8,000
Oct
13%
100
100
400
18
9
Nov
12
100
2,000
Jan
preferred
..100
Gulf Mobile A Northern...100
6%
75
3%
103%
11
117
159
110
*6%
Jan
87# Oct 15
2% July 19
5
22% Nov 12
30
July 18
1
8
5H% preferred
10
Guantanamo Sugar....NO par
Hackensack
Jan
584
68% Dec
June 18
15% Mar 31
100
29%
*70%
3%
3%
3%
2% Mar 30
52% Mar 30
84 Mar 29
2% Mar 31
1,000
*293#
72%
71
Gotham Silk Hose..—No par
6%
"■"50
*138
"
*5%
6
75
3%
3%
*102
103
103
104% *101
105#- 10%
105#. 11
10%
11
3%.
3%
*100% 103% *101
"10%
29%
*138
*5%
*73%
10%
17
69% June 17
8%
""IOC
117%
487#
267#
32
....
Nov
Oct
85
Mar 31
Greyhound Corp (The)-No par
105
*98
2% Sept, 26
60% Apr 26
12,300
17
*16
1
par
preferred
Feb
Oct
28% Nov 9
51% Jan 19
3% July 18
37# Jan 11
Mar 30
13% Mar 30
34% Mar 29
784 Mar 31
7 "l"66
Jan
65%
85
15«4 July 19
07
July 20
Mar 29
1% Mar 26
100
5%
Oct
1%
1
61
37%June 18
Motors..—..1
Granby-Consol MSA P—--5
Grand Union (The) Co
1
$3 conv pref series
No par
Granite City Steel
No par
Grant (WT)
10
5% preferred
20
Jan
Dec
17
7
27% Nov 9
11% Feb 20
100
Co Inc....
1
Greene Cananea Copper.-.100
10%
*100
1
Mar 29
46% Dec 22
Graham-Paige
110
Dec
*99
Jan
Feb
Mar
14
100
6%June 13
Apr
19
7
20% Nov 14
14%May 23
13
15%
I684 Nov
8% Mar 23
37
Oct
Oct
26% Oct 14
41% Nov 10
Mar 31
June
3%
8%
34
13% Mar 29
15% Mar 31
9
60%
*
Mar 25
13
Feb
Oct
2% July
Sept 15
1
Feb
122%
21%
27% Nov 12
95
July 21
2% July 25
par
par
6%
32%
9
1 % Dec 28
12% Mar 30
101% Apr
"
Feb
70ii
Oct
97# July 23
12% July 22
110
Nov 10
Mar 31
6% Mar 29
/85
124
Dec
28%
111
3
July 22
45
Green (H L)
300
307#
May
Green Bay A West RR
IU
*4%
117
Aug
537# Nov 12
"3", 500
18%
5%
Jan
3
%
Oct 17
124% Nov
35
*14
Feb
125
122
12%
Jan
44%
4
...100
700
*12
647g
Jan
Great Western Sugar—No par
40
*35
152
Oct
28% Nov
Jan
4
2,400
66
*40
Dec
34
Mar
Jan
Jan
10
Preferred
x99
Nov 10
65
3%
par
Great Northern pref
Dec
64%
057#
Gt Nor Iron Ore Prop—No par
50
22
Oct
21% Mar 30
2,200
14,400
138
21
*10%
16%
200
21
'*32
10%
6,900
13#
32% Mar
Oct
Co 100
Preferred
'
1%
6%
Oct
Nov
25% Mar 31
1117# Apr 25
No par
No par
boo
66
48
118
4H% conv preferred.-..-60
Gobel (Adolf)
1
Goebel Brewing Co
1
800
900
Feb
33
No par
] 5,400
14
Dec 15
5
62
35%
Oct
Oct
Oct
Nov 10
98
106% 107%
Feb
2%
6%
14%
126% Mar
52% Jan
1%
par
*61%
34%
163
79
—No par
Goodrich Co (B F)
Oct
50
pref.No par
Gen Theatre Eq Corp.No par
Gen Time Instru Corp.No par
6% preferred
100
General Tire A Rubber Co..6
Gillette Safety Razor..No par
$5 conv preferred
No par
Gold A Stock Telegraph
Jan
Oct
3
Gen Steel Cast $6
Glldden Co. (The)
Feb
86%
19%
5
Mar 25
1
Glmbel Brothers
15% Mar
105% Jan
117
6
40% Nov 9
117% Nov 25
% Mar 30
25
Gen Public Service
preferred
Nov
31% Nov
50% Jan
No par
$6 preferred
Oct
5%
01
7
Oct
48
108% June 28
No par
Common.—
1
108% Apr
par
No
6% preferred...—-No
Goodyear Tire A Rubb.No
$5 conv preferred...No
.4%
207# Mar 31
100
10
7,300
*4%
Mar 30
par
par
par
par
23%
*1
-12%
*15%
*4%
1%
18%
900
75
*303#
2!
*30%
32%
21
*3o
40
18%
12
2%
*18
*18 '
31
32%
*18
30%
323.
.
28%
2,400
9
Sept 29
19% Oct 27
387# Nov 10
87
Nov
7
28
Feb 23
130
Nov 12
Mar 30
27% Mar 31
227# Mar 30
General Printing Ink
$6
Feb
6% July 25
par
par
No
General Foods
...No
$4.50 preferred
No
Gen Gas & Elec A
No
$6 conv pref series A.No
General Mills
No
6% preferred
General Motors Corp
$5 preferred
...No
Gen Outdoor Adv A...No
23
141"
28%
25%
66
"
2%
2%
14%
27%
25%
*35
19
|
11
100
7% preferred
Electric..
General
$6 preferred...
~2"666
22%
47
*45%
2%
*17%
27%
*22%
.28%
287#
40
■7,300
*12%
*40
12
12
1%
1%
18%
28%
*35.,
29
*557#
22%
1,400
184
13%
18
27%
23%
138 ,138
138
127#
4,700
145#
28%
25%
65#
1%
1%
47
~0~2o6
13#
6%
10#
13%
18
26%
23%
1%
6%
*1%
99%
*74
80
*74
80
*74
80
138
28%
23%
34%
138
20
10%
23
60%
*136
*30
10%
434
*74
1%
71
235#
24%
7%
47%
13
58.
7%
*70
>75
*70
71
23
136
*18%
*32
106%
2%
2%
2%
25#
70
.235#
62
35%
106%
47#
2%
25#
136
1%
*14
*74 '
4%
■
"'*70.
34%
4%
13
23%
47 '
34
12
13
127#
*45%
2%
61
.
51%
*48
237#.
300
16%
*
24%
7%
48%
13%
7%
47%
*23%
22%
18%
99%
23%
.1,500
*15%
16%
*15%
*55
34%
*35
14
58%
22%
60%
28%
14
47
2%
34
*40
14
23%
21%
60%.
*12%
14'
"
28%
23,
*54
22%
fiiO
48
13
47%
127#
28%
*45%
2%
*70
75
*73%
7%
28%
23%
2%
2%
*2%
*70
233#
t%
200
'355#
28%
587#
*45%
47
2%
*2%
19
35
1%
19%
35%
22
22
*45%
99%
*86%
1%
Jan
19%
136
Apr 12
35
General Refractories ...No par
,2,600
94%
15#
193#
25%
94%
15#.
-19%
35%
106%
Oct
59% Dec 30
11% July 27
2% Mar 31
5% Mar 31
7% cum preferred—,
100
General Cigar Inc.
No par
1,000
3,400
24%
Nov
4
102% Dec
6% Mar 31
No par
Class A
3,400
24%
*86%
94%
1%
193#
35%
285#
*86%
400
88
Oct 27
9% Nov 10
Mar 29
115
Jan
Dec 16
.
29
33
Oct
10%
July 20
8%
4% Mar 31
82
Mar 29
No par
Gen Railway Signal—.No par
6% preferred —
100
Gen Realty A Utilities
1
15#
*54
58%
22
7%
49%
127#
24
2?7#
10
15#
24
16%
99%
241#
73#
17%
99%
900
1%
1%
14%
*,16
1,700
108
*107
108
200
'
*18%
14
14%
17%
15%
99% *-,.-.
22%
2234
T,ioo
63#
10 "
*95#
10
*107
1%
24%
19
14
*6
6%
6%
10
63#
95#
61#
35%
14%
3,900
45
*39
140
19
*14
1%
600
59,300
1,000
35
*27%
7,900
77%
77%
77J#
77%
77%
*124
!
125% *124
475#
48%
47% 48%
48
124% 124%
1245# 124%
1243# 124%
363#
*34%
36% *345# 363# *345#
1%
*18%
35%
28%
28%
27%
397#
40
1165# 117
1%
1%
•
76%
1%
19%
1%
35,000
475#
*90%
49%
-417#
J 25%
94%
1%
241,
94
10
129
413#
45
*39
*90%
1%
"36
35
1
1%
45
*39
600
23%
23%
*127
417#
393#
39%
1167# 1167#
403#
393#
94
*l!l
70
500
24
128
24
1%
1,100
70
24
106% 106% *106%
*13#
1%
1%
2334
4,700
69
128
24
23%
*90%
,
10
—
.37#
165#
33
'
4134
1%
24%
1%
*1%
69
24
6%
934
6%
934
6%
*16
16%
31%
68%
400
*31%
4
15%
40
140
"37#
*37#
130
76%
76%
7534
76%
125% 125%
125% 125%
4034
4734
46%
47%
*124% 125
124% 125
34%
34%
34% 34%
6'4
10%
*132
31%
41
1%
75»4
36%
140
24
45
*39
*39
*124% 125
.
1
1
45
2,300
*127
24%
130
*127
3,700
9
16%
68%
70
*62
70
58%
9
7% Mar
15% July
19% Nov
No par
Gen Am Transportation
6
General Baking
5
$8 1st preferred....-No par
General Bronze——
5
General Cable
—-No par
Jan
739% June
52
$6 preferred
32%
Oct
Sept 27
200
Oct
Dec
June 15
104%
*95
JaD
18
Dec
13
conv
83
1%
48
5H%
Dec
18
4% Mar 29
Gen Amer Investors... Aro par
Jan
40
97
9% Mar 29
Mar 10
Gaylord Container Corp
Jan
18%
3
5
preferred.__-60
400
1,100
135
Oct
11%
85
85#
200
Mar 30
10
Feb
54%
Oct
Deo
284
Oct 25
preferred
Gamewel) Co (The)
No par
Gannet Co conv $6 pf._No par
Gar Wood Industries Inc--.3
18%
51%
85#
58%
33
16
2% Mar 31
*3
Sept
11%
3
Sept
Feb
Apr
98
57# July 19
18
July
7
37#
1% Mar 29
1
10
Galr Co Inc (Robert)
58
Oct
00
Nov 26
32
197jMar 30
10
Sulphur Co
Apr 13
25
Oct
80
5% Jan 12
58
Nov
2
2% Mar 31
Gabriel Co (The) cl A ..No par
18
9
87#
*132
134
140
*134
140
5834
9
87#
1,400
Free port
— —
6'#
*51
51%
85#
85#
100% 100%
583#
58%
100%
58%
59
87#
58%
87#
•»
9
87*
*95
10
—.100
4Vi% conv pref
Foster- Wheeler
6
18
51%
8%
8%
8%
100%
*8%
8%
45
47.%
*17
18
52
10
*
6%
6
6%
52
40%
4l%
41%
40%
4134
38%
387#
3878
37%
38
117
117
*116% 117% *116% 117
•
100
13
*131#
14
40%
38%
6%
*12%
300
1,000
13
*127
♦125%
4*966
2%
35#
35#
115#
115#
12%
*117#
"
267#
*2
97
*23%
24t2
*34
3%
13
*62
130
7534
21#
3%
26%
26%
21#
*96
4
70
46'%
26%
3%
2%
57
96%
15%
30%
412
16%
31
*7«
26%
2%
26%
2%
*50
57
*50
57
2634
12%
3%
3%
96%
♦135
15
*39
Francisco Sugar Co
No par
F'k'n Slmon&Co Inc 7% of. 100
*117#
,
31
*23J2
91
400
*50
3'%
27
206# Oct 28
Mar 29
*13
8%
9
*127
Mar 31
50
14
100% 100%
58
58%
58%
9
*37#
11
17 conv pref erred.... No par
*51
101
58
Mar 25
10
50
12%
8I4
8%
*95
85
6,400
Feb
97#
Oct
1%
37% Nov 14
109% Nov 12
29%
*17%
51 %
t Follansbec Brothers—No par
Machinery Corp
100
Food
9034 90%
33#,
3%
6
"I8i2
*50
39% Mar
28
J0I
57#.
*1714
58%
D«c
90%
3%
*95
*1134
101
Dec
15
Oct 22
29
*13
12%
14
*11%
»13l4
22
5
Jan
4%
28
3%
58
3%
39% Oct 17
21
1% Mar 26
18
Mar 29
15
90%
*214
3%
,3%
31% Dec 31
19% June 13
Apr 7
Florshelm Shoe class
250
52% Mar
40% Feb
Oct
281#
107% 107%
Feb
107%
Dec
107# Mar 26
Florence Stove
300
20%
90
26%
2%
33#
34
*33
Nov
90
Nov 10
43% Nov 10
90
3%
•50
*3%
31#
3%
31#
per
No par
No par
A.No par
Co
100
100
267#
100
Highest
share $ per share
41% Mar
10% Oct
$
share
Oct 24
per
11%
400
19
$
share
16% Mar 31
76
Apr 14
24% Mar 30
per
27%
90
'
*3%
3%
58
*50
•
*87
90
45«#
*33
34
*33%
34%
107% 108
*107% 108
34
107% 108
27
27%
27%
*3%
*3
45
29%
28%
3%
*27#
34
34
27
3'2
*18
3%
108
3312
*3%
Fllntkote Co (The)
287#
34
109
.
6,800
28%
207s
*87
6% preferred series A—100
First National Stores —No par
34
17%
*3
31"
33i2
Firestone Ttre A
1,400
4,800
45
*10734
.
1,500
29%
45%
45
45%
Rubber—10
23%
*225#
101
45
101
*100
100
100
$
Lowest
Highest
Lowest
Par
Shares
8 per share
share
23
*100
100% 101%
453# 4534
28%
29
*321.1
34%
*33%
17%
33 >2
*3
per
23
23%
23%
43
29
*17%
$
$ per share
Week
29
43
100%
4334
*33
22%
99%
22%
99%
22
2h%
J00
$ per- share
22%
22%
f per share
$ per share
Friday
19
Jan.
18
Jan.
Range for Previous
Year 1937
EXCHANGE
the
Jan. 20
Thursday
Wednesday
17
Jan.
Jan. 16
14
Jan.
Tuesday
Monday
Saturday
On Basis of
YORK 8TOCK
NEW
for
1938
100-Shore Lots
Range for Year
STOCKS
Sales
SHARE, NOT PER CENT
HALE PRICES—PER
HIGH
1939
Jan. 21,
100
sale,
r
23
Mar 30
3% Apr
Ex-div
y
2
10
Jan 13
1%
Oct
57#
3%
Oct
157#
Jan
4
Oct
23%
Feb
Jan
4% Aug
1%
Dec
2078 Dec 24
8
Oct
38
35% Dec 30
16
Oct
6712 Mar
Nov 20
34
Dec
72
11% Dec 27
5
Doc
25% Mar
284
44
Oct
Ex-rights.
6
T Called for redemption.
Mar
Jan
Volume
LOW
AND
New York Stock Record—Continued—Page 6
148
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Sales
CENT
STOCKS
NEW
for
Saturday
Jan.
Monday
Jan.
14
$ per share
♦7
*110
Jan.
16
$ per share
*7
7%
27i2
Tuesday
28%
*7
7
29I1
113
113
*150
115
*150
'
-
87
147ft
15%
*4%
4%
4%
4%
8
w
*150
*.
Inland Steel
4,000
20
7% Mar 30
4%
4%
*4%
4%
1,000
Inspiration Cons Copper
Insuransbares Ctfs Inc
-.1
8%
7%
8
2,300
X Interboro Rap Transit
100
3% Apr 1
27g Mar 26
25%
92%
26
26
1,600
*90%
93
3%
3%
*3%
Intercbemical Corp
No par
6% preferred
__100
Intercont'l Rubber—..No par
137ft
14%
2%
137ft
*2%
7%
25%
25%
25%
92
93
*93
94%
93
93
92%
93
92%
*3l2
1334
14
3%
3%
*3%
37ft
13%
2%
14%
13%
2%
*2%
14%
2%
*3%
37ft
14
14
2%
2%
2%
25
25
*24
26
26
26
*25
27
*23%
25%
180
180
180
180
17934 17934
180% 180%
181% 181%
55
54
5334
55%
54%
55%
55%
55%
547ft
55%
*15934 1621s *1607g 162% *160
162% *160
162*2
162% *160
8
7ift
734
7%
7%
8%
7%
7%
8%
8%
4U
4%
4%
4%
4%
4%
4%
4%
4%
4%
8%
83g
.8%
8%
8%
8%
8%
8%
8%
8%
53%
52%
53%
*134
12%
13%
12%
13%
46
47
46
46%
45%
48
37g
*3%
312
3%
*3%
52%
52%
52%
53%
53%
136
*134
*134% 136
140
13%
56%
161% 161%
100
47
48%
47%
*3%
4878
3%
8.900
3%
42
41
42
110
32
32
32
300
-
40
367g Mar 31
132
..100
Paper A Power Co.
414 Mar 29
6% conv pref
100
Internat Rys of Cent Am__I00
185# Mar 31
28% Mar 25
19% Mar 31
28
June 17
12
Mar 28
35
35
35
35
34%
34%
1,500
*24%
25
24%
25
26
26%
27%
29
1,100
International Silver
90
*88
*88%
91
•
13%
13%
14
78
*78%
10%
10
20
14
78
78
10
10%
*10%
20% "*20
*20
92
87ft
9%
87ft
9%
9%
9%
9
87ft
9%
9%
9%
14%
79
79%
79
10%
14
*79%
*9%
10%
10%
*20
20%
*79%
*10%
*20%
10%
20%
83
58
*1812
*117
*1934
9?ft
*99
10%
*58%
59%
*58
18%
*18
18%
*117% 121
*934
58'2
58%
f 18%
18%
*18
121
*117
121
*9%
6%
*19%
24
10%
20%
*19%
10%
18%
*17%
18%
121
99
99
997ft
9%
20%
*10%
10%
101
*99
*99
5%
300
Oct
498ft
16
Oct
52
65
Oct
110
4
Oct
63g
Oct
85ft Nov
868
Dec
3618 Jan
107i2 Apr
26i2 Jan
30
Apr
127
Aug
Nov 12
Dec
9
Nov
124
Oct
Sept
118
zll6
Nov
7458 Dec 17
49
111% Oct 14
130
July
120
78
49*4 Apr
12% Mar 25
Jan 10
24% July 20
123
Oct 18
Mar
13% JUly 25
24i2 July 21
5ig Mar 29
.
Jan 15
12
Mar 29
1
11
Dec 27
12
Dec 27
100
Deo
65i2 Nov
,
Jan
Jan
Mar
Feb
1578
8718
155
Feb
Jan
Jan
Mar
126
Jan
6484 Nov
151ft Dec
115i2 Apr
136
Feb
46
Jan
121
Mar
5
Oct
29
Mar
1418
Oct
4478
Dec 23
100
Dec 27
preferred
Kaufmann
1,300
10%
101
100
30
conv preferred—.—100
4%
20%
*19%
*10%
*99
100
Southern
Feb
67i2
2884
20i2
Jan 24
City
Feb
Oct
18
Mar 29
Kansas
600
10
1914 Sept
1912
70
58
738ft Mar
13584 Jan
Deo
34
•
83UNov 17
1284 July 25
122
Jan
Jan
9612 Dec 21
ll&g Oct
117g Oct
Fob 10
100
...
Kan City P A L pf ser B No par
60
121%
*9%
9%
*19%
10%
Jan
10
113% Apr 30
4414 Mar 30
1
Jones A Laughlln St'l pref. 100
Kalamazoo Stove A Furn
10
200
20%
Aug
353g Nov
Mar 31
June
No par
Preferred
300
10%
10%
99
101
10%
Jan
120
162
68i2 Sept
24
8
16
No par
30
59%
*117% 121
189
Dec
Oct
8
63
Johns-Manville
2,800
214
48% Jan 21
6% Mar 30
1
...
Feb
29i2
30% Nov 25
3584 Jan 24
4
No par
Corp
6
4
6
16 preferred
Jewel Tea Inc....
20
700
*58%
*19%
10
Island Creek Coal
59%
10
10
Intertype
5% Fn b
9
Jan 21
527g Nov
46% Mar 30
..100
....
700
*18%
18%
*117% 121
23
10
97ft
.
100
300
..
59%
59
preferred
Preferred
50
83
10%
20
20
20%
1,900
14
14
14%
50
Telep A Teleg—No par
Foreign share ctfs.—No par
Interstate Dept Stores.No par
11,100
14%
Nov
I277g May
6I4 Dtc
15ig Nov 10
214 Mar 30
iDter
49,200
87ft
123l2 124
*121% 123% *121% 123% *121% 123% *121% 123% *121% 123%
74
*71
*71
73
72
707R
*71
73
7H2
7234 *72
72%
100
101
101
100%
100
100%
99% 101
100% 101
101% 102%
130
130
132
132
*130
*130
132
131% 131% *130
13li4 131i4
58
7%
100
9
9%
.141,!
13%
*7712
20
*86
88
576g Nov 10
July 23
140
Jan 19
16
35
9
138
Nov
Preferred
Inter
34
8%
I647g Oct 29
37
Int Nickel of Canada—No par
100
17,500
34%
88
63i2 Nov
9
Mar
19,700
137
34%
9%
I8I4 Oct
127i2 Nov
53%
527ft
*136
34%
9%
Jan 11
18«4
5% preferred
100
International Salt—No par
International Shoe
No par
88
70
Oct
32
87ft
Dec 31
May 27
6
45
87ft
Jan 17
185
28i2 Mar
9% Apr
63i2 Apr
H7g Jan 21
*31%
*85
29
Mar 31
Oct
6% Mar 31
*42
S34
Mar 26
lli2 Mar
Oct
2
3% Mar 31
1
31
884
Mar 26
Dec
6
Internat'l Mining Corp
45
87
Deo
2ig
1,300
8%
31
884
92
1678
31
85ft
Apr 25
55g July 7
16% Nov 12
37g Jan 17
15% Apr
45
*8512
98
Jan
Oct
31
26
Oct
Oct
*41
*24%
20
Feb
6
1384 Jan
64U Apr
llli2 July
178
31
26
9
3318
3
44%
*24
Oct
9% Oct 28
47g Jan 11
*30
34U
Oct
li2
143
July
131% Mar
Mar 25
13%
41
37g
Jan
Feb
2
13%
*31%
5% Nov 15
97g Nov 16
144
Int Hydro-Elec Sys class A.26
Int Mercantile Marine.No par
*42-
*40%
Oct
6884 Nov
share
per
2214
47i2 Apr
2,600
13%
*3%
141
...
17,600
8
•
127ft
3%
Mar 29
48
Nov
Oct
34l2Nov
678 Mar 30
Internat'l Harvester—No par
Preferred
100
72
32
6U
/
June 10
2
Oct
Dec
4%
8%
77ft
37ft
48
47%
*3%
3%
200
1,000
6,100
53%
80
No par
518
15
Nov 12
Highest
share $
per
I98g Oct 17
Mar 30
Internat Agricultural—No par
2
Prior preferred
16
100
Int Business Machines.No par zl30
13%
13%
15
1,300
Iron
95
56UJune 17
Inter lake
26%
55's
136
136
700
No par
6,400
2%
*24
,
1234
200
33}
14
180% 180%
•
140
8
1,200
15%
26%
523ft
Feb
90%
15%
26
*134
-100
preferred
90
$
share
per
10% July 13
308g Aug 24
119% Dec 30
146
Sept 30
Mar 25
15%
26%
;
6%
—A.
60
135
89
*26%
234
Ingersoll Rand
15%
26
*25ft
1,200
Mar 29
14% Mar 31
88
26
37g
115
4
10
No par
....No par
$
share
per
15%
4%
8
*7%
Indian Refining
Industrial Rayon
$
88%
7%
8%
200
8,300
*150
m*
Year 1937
Lowest
Highest
15%
4%
87
15%
Range for Previous
lOO-Shan Lots
7%
86%
15%
8%
^
M
Par
Shares
7
115
115
115
On Basis of
Lowest
29
7
27%
Range for Year 1938
STOCK
*87%
86%
15
4%
7%
28%
*150
«
86%
145ft
77ft
*7
28
*114% 115
;
8684
4%
7
29%
YORK
EXCHANGE
Week
20
$ per share
28%
7%
28
Jan.
19
$ per share
$ per share
7%
113,
*150
? per share
Jan
18
Jan.
29%
28%
112
17
the
Friday
Thursady
Wednesday
401
100
Dept Stores..
Jan
'
*14i2
15
15
15
*85
95
*85
95
*1134
-
12%
*117*
12%
7%
7%
7%
73ft
*90
93%
39
3934
*1H4
2512
*2i«
*24i2
*1412
*90
93%
11%
11%
40
17%
*14%
21%
21
11%
*25
26%
*2%
*24%
21%
16
95'
95
*85
98
*85
117ft
*11%
12%
*11%
7%
*7%
117ft
■7%
*7%
7%
7%
117ft
7%
93%
*90
15%
*90
397ft
39%
11%
11%
15%
93-2
39%
397ft
11%
*25
"26%
15%
*90
11%
2%
21%
Nov
Oct
238g
Feb
10% Oct 19
4
Oct
19i2
Jan
80
Deo
109i2
80
Mar 26
6
Jan
Keystone Steel A W Co No par
19
Kinney (G R) Co
$8 preferred
36
36%
*35
44
15
15
*15%
17
15%
15%
90
21%
21
21%
21
21%
3,500
21
Nov
7
Kimberly-Clark
17
2%
2%
13
80
3
..1
Nov 16
Nov 29
I43g Oct 24
Apr
500
27
36
2%
*2%
16
91
4% Mar 29
600
12%
26%
*15
"16,
2%
...
10%May
63
100
51
30
26%May 27
6% Mar 31
*2%
*35%
2%
B
Kendall Co $6 pt pf A..No par
KenDecott Copper
No par
-
1,100
11%
27
11%
„
25,900
*30
2%
Class
900
93%
5
Keith-Albee-Orpheum pf_.100
Kelsey Hayes Wh'l conv cl A.l
50
400
:
391ft "••397ft
40%
*25
26%
16%
16%
Kayser (J) A Co...
700
98
117ft
93%
39%
11%
*25
2%
*90
39%
39%
25%
117ft
7%
*15%
95
15%
*85
20
44
No par
Feb
$5
125g Jan .7
71
Dec
15% Mar 31
223g Oct 25
I5i2
Dec
35i2 July
295ft Jan
Kresge (S S) Co.—
Kresge Dept Stores
Kress (S H) A Co
10
*4%
5
*4%
27
27
26%
27
27
27
z267ft
27%
*26%
27%
1,100
23
23%
23
23
23%
23
,23%
12,700
10
10
*10%
11
*10%
11%
11%
23%
11%
No par
Kroger Grocery A Bak.No par
22
23%
11%
12,
117ft
13%
720
Laclede Gas Lt Co St Louis 100
8
Mar 29
18
*17%
20
*
177ft
20
17%
19%
*18%
20%
20
22
22
23%
320
15
Mar 26
30
*15i2
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
800
8% Mar 31
17
*43ft
5
*4%
5
,5
29
28%
22
2S7ft
22%
28%
2234
*112
*113
115
434
%
21%
*4%
47ft
tf>
%
*2'ft
3%
26%
11%
26
*2914
'31%
*30
*2%
11%
21%
217ft
5
%
2%
2178
*112
5%
%
1*7
''
25ft
11%
317ft
51%
51%
51%
5%
5%
39%
39% 39 %
*10012 102
*100<2 102%
57ft
57s
39%
6%
6%
39%
102
6%
175%
*17
*35%
1?34
36
*43
44%
18*4
43%
44%
18
18%
18.
.
"44%
9%
57%
37ft
19%
97ft
57%
9%
57%
4
4
19%
19%
22
22
22
153
153
16
54
*124
32
.
J.
6%
1,100
Libby McNeill A Llbby No par
5% Dec 21
*39
40
44%
487ft
106%
106%
22
19%
22%
153
18
40
18
10%
11%
59
59
19
*100
22 %
22%
152%
152% 152%
153
400
Series B__
—..—..25
100
Preferred
100
2014 Mar 26
Link
29
6u0
Belt Co
No par
Loft
4
1,500
19%
220
22%
22%
152% 153
3,200
preferred
17%
18%
18%
1,300
53%
1,200
32%
32
32
-
-
~
*125
-
J
*
«.
•»'«.
«.
A.
preferred
6%
»
102
3
Dec 30
IO384 July 25
176i2 Dec 6
I8I4 Nov 26
40»4 Nov 9
50
Nov 14
23
Oct
29
Aug
82
Dtc
16i2
I8I4
33
II314
Feb
Oct
114
Jan
May
•
8312
161
175
Oct
Oct
Nov
Nov 10
198g Oct 17
57i2 Dec 30
32
Dec 30
1165g Mar 30
.—No par
Mar 29
126
Jan 21
Oct
Dec
Oct
l68g Dec
125
1412
Aug
267ft July
684 July 25
23% Nov 10
107ig Dec 15
2184 Dec 7
154
63
Feb
877ft Aug
Oct
21ft
17%
83i2
Oct
9984 Nov
101
Jan
2312 May
Dec
June
June 22
Jan
163ft Mar
1
9
Jan
Oct
32
22
10
Mac Andrews A Forbes
'
37I4N0V
79
5
Oct 11
13«4 Mar 31
125
Apr
1
12ia Mar 31
297g Apr 20
Louisville A Nashville—100
W
Jan 10
33% Dec
63% Oct 22
92
Louisville Gas A El A ..No par
53
*125
9
Dec
2i2Mar 28
14% Mar 31
25
53%
*125
685ft
Dec
Dec
Mar 31
'4 Mar 26
26
100
.10
100
17%
-
Oct
Oct
3g
27g
2234
IIH4 Oct 26
52%
-r
8
Hg Jan 12
143ft NoV 21
Feb
Feb
23
Oct
5% Jan 13
July 25
6112
203
245ft Mar
384 Jan
I8i2 Jan
43i2 June
213ft Feb
Dec 17
17
»
Dec
414
99
No par
537ft
32%
*124
97
7% July 25
No par
16%
200
Oct 11
120
preferred
preferred
Lorlllard (P) Co...
7%
277ft Mar
Oct
14
5%
160
1734 Mar
Oct
435g
Loose-Wiles Biscuit.
,
Dec
6212 Nov 12
Long Bell Lumber A...No par
500
107%
5
984
14
2D2 July 21
Inc
Jan
Jan
Mar
30&8 Dec 29
*25% Oct 13
Mar 31
Lone Star Cement Corp No par
2,300
Mar 25
24
Jan
7% July 20
,
12% Mar 31
$6.50
300
93,460
41i2
33
Loew's
59%
Oct
1018 Dec
No par
Liquid Carbonic Corp..No par
106% 106%
10%
11%
Jan 12
Nov 12
Inc...—
1,100
537ft
*32
9
Apr
Lima Locomotive Wks.No par
16%
*32
Mar 30
81% Mar 31
1,200
53
32%
81
167
145g Mar 31
16%
*32
Mar 30
Lily Tulip Cup Corp...No par
5,800
4
25
100
18
58%
22%
Corp
6
Liggett A Myers Tobacco..25
2,000
44%
*19
19%
107% *105-
Life Savers
300
487s, ".
■
48%
4'
4
4%
19%
105
44%
Lerner Stores Corp
53
32
*124
*4
22%
153*
16%
16%
51%- 51%
.32
6%
*39
,
153
.
16
*6%
48%
22
*52%
*3H2
67g Mar 29
1934 Mar 30
2314 Mar 31
6
Jan
Oct
Jan 12
356ft Oct 21
683ft Nov 10
Llbbey Owens Ford Gl.No par
600
Jan
47i2
24%
277ft
29
3,000
200
167ft
Dec
38 Dec 17
17g Mar 29
32%
.
Oct
Dec
14
1988 Mar 30
51%
*44%
17%
105
4
11%
49%
4%
Lehn A Fink Prod Corp
No par
Jan
51%
11%
4
22
Mar 29
31%
44%
18%
19%
,.50
1
5
6% conv preferred
Lehman Corp (The)
3
11%
44%
18%
165
95
51%
48%
4
13i2 Mar 30
100
.60
31%
18%
4
105
*151
600
3,200
50%
*19
19%
106
*100
106
10% Mar 31
Lehlgb Valley Coal....No par
2%
26%
July 13
8
3%May 13
6
.25
6,200
»2
106% 106% *106% 109%
9%
9%
9%
10%
59
.58
58%
'59%
97ft
58.
105
44%
No par
Lehigh Portland Cement
4% conv preferred.
Lehlgb Valley RR-.
21ft
18%
-
Bryant
par
1,800
25%
49%
471ft 50
49% 50
*106ift 109% *106% 107
Feb
2l5gNov
Mar 26
12% Mar 31
*29%
507S
*11%
11%
*29% -31%
39%
No
5%
,
102% 102^2
102%, 102%
102% 102% *101% 102%
102
102
103
103
103
102% 103
103% 103%
103%
175% 175% *173
176% *175
176% *175
176% *"J 75% 176%
*17
*17
*17%
17%. >17%
17%
17%
1-7%
17%
17%
36
37
*36
36
37
*35%
37 •
35%
36%
36%
102
*171
39%
—100
(The)
lo
5%
%
.
26%
11%
50%
115
Co
Lee Rubber A Tire..—
700
2%
26%
*2%
26%
*11%
*112
%
/■
2%
*29%
Dec
3l5g July 23
2i2 Mar 26
No par
preferred
Lane
100
227g
5%
Lambert
2,800
23
5%
26%
11%
5%
29%
23
115
2%
31%
50%
*5%
29%
*5
5%
%
5%
*22%
115
*112
50%
-50
*534
*38
100
5
*4%
•
29%
287ft
26%
2%
26
26%
29
29
115
5
19
*5
5%
*4%
29
*112
5%
,
5
21%
115
47ft
26%
lll2
49
5
'
281ft
2234
93ft Mar
Dec
11
23
5%
20i2 Mar
46«4 Apr
Oct
20
27
5%
Oct
Dec
Jan
698ft Mar
19l2 Jan 22
35
23%
5%
4i2
17«4
184
Jan
Mar 30
9
prior preferred...No par
227ft
*514'
28 U Nov
Jan
'
21%
5%
*26i4
July 19
338 July 26
1% Mar 29
No par
Oct 15
145g Nov 12
3
1
~
Oct
27U
110
Oct
Oct
48% Nov
2684 Oct
1231a Nov
173ft Dec
110
37ft
Jan
Feb
75U Mar
IO84
43U
110
Jan
Jan
May
285ft
147«4
2884
Feb
99
Mar
36
Feb
Jan
Jan
132i2
Feb
6214 Mar
26'4
27%
27
27
27
27%
27%
27%
27
27%
27%
27%
4,600
Mack Trucks Inc——No par
16
Mar 29
32'2 Nov 16
397ft
40%
40%
40%
40
41%
41
41%
41%
42
417ft
417ft
3,200
Macy (R H) Co Inc
247g Mar 3Q
4918 Aug 26
18%
*35
18%
35%
18
18%
1,8%
18%
1,200
Mar 26
196g Oct 27
8%
Oct
58U Mar
153ft jan
35
35%
34%
34%
700
18% Mar 31
84 Mar 29
4012 Nov 10
I8l2
Oct
63
6
Dec
167g
Jan
10
Jan
*1%
18%
18%
18%
36
18*4
*35
35%'
36
1%
1%
1%
6%
•6%
13%
7%
13%
'8%
15%
8%
"*11%
15%
8%
*6 %•
*12
12%
*1%
6%
15%
•
8%
1%
5
5
*5
5
6%
6%
5%
6%
13%
31%
32%
14%
15%
15%
8%
8%
12%
1%
16
a
*11%
'
1%
13%
1%
7
12%
*1%
32%
*1%
*6%
5
*6%
,
14
31%
.,1%
-
*1%
5
700
•
7
*6%
?
500
Mandel
No par
45g Mar 30
16
16
*14%
16
250
X Manhattan Ry 7% guar. 100
1%
1%
1%
>
8%
87ft
8%
*11%
12%
*11%
12%
1%
1%
*1%
1%
"400
5%
3,600
5
5%
•
5%
5
8% .3,400
-W
-
—-
-
Modified 6% guar
Manhattan Shirt.,.
11
98
*90
•
95
12%
16
100
5% Dec 22
14%
13%
14%
25,900
Marshall Field A Co.—No par
32%
33
14,600
Martin (Glenn L.)
6i2Mar 30
14igMar 30
5
5
7
*4%
4%
290
700
Market St Ry 6% pr pref.
12%
107ft
95
*93%
12%
95
13
Co
Martin-Parry Corp
1
2%May 24
No par
No par
53%
54
53
53
1,700
Masonlte Corp
31%
32%
32
32%
1,600
Mathleson Alkali Wks.No par
167
167
*167
168
46%
4678
47%
5%
5%
*5%
31%
31%
*31%
10
48
1,900
5%
32
800
7%
May
95
12%
11
11
11
*91
95
*89
95
12%
117ft
95
95
95
13
$3 preferred w w
1st cum pref
Mar 29
1984 Mar 31
295g
Jan
684
Feb
14i4
Feb
684
Oct
Dec
39
Jan
714
Dec
16
Aug 6
147g Nov 10
373ft Dec 30
No par
No par
Oct
137g
Jan
Oct
74
Feb
22
Dec
4184
Jan
142
Feb 23
63
Oct 25
75
No par
Mar 29
5
884 Mar 31
Apr
77g Aug
8
a
Jan
97
Dec 23
93
Nov
111
Jan
16
Jan 18
36
Jan
6
Mar 23
133g Nov 10
61
Mar 31
921ft Nov 10
r
Cash sale.
1
Ex-dlv.
v
Jan
Jan
6% conv preferred...—.100
New stock,
Mar
15i2
44
McCall
n
Jan
66
Oct
Dec
45
McCrory Stores Corp....—1
Def. delivery,
165
Dec
4l2
20U
June
1,200
No par
May
3384
35
5,300
Corp
I84
28l2 Dec 27
21
Apr 22
11%
95
307ft Mar
29% Apr
20
165
20
Oct
Oct 12
7ift Oct 27
61
2
Aug
10
Jan
367g Nov 24
2812 Mar 31
3i2 Mar 26
163gJune
1
156
100
$3 preferred ex-warr.No par
$6
Oct
Oct
13%
11%
*89
X In receivership,
25
Department Stores—10
Maytag Co
300
170
preferred...
July 23
8i2
33
7
18i2
7% Jan 11
14%
7%
39
Oct
45gSept 14
32%
7%
Oct
284 Jan 11
7
Mar
4i2
D4 Mar 31
Exploration..!
Marine Midland Corp—.—6
Dec
9
9l2
II4
14%
Bid and asked prices; no sales on this day.
V
9
32%
*93% 105
107ft
*90%
---25
Maracaibo Oil
■
11
103ft NOV
7
5
5
*5
5
5
5%
5%
53
54
52%
*52%
53%
53%
32
32
33
33
32%
33
32%
*166
*164% 168
168
*167
168
*164% 168
46
46
47
47
46%
46%
467ft
467ft
6
*5%
5%
5%
5%
5%
5%
5%
*29
32
*29
32
31%
31%
*30%
31%
*86
25g Mar 26
14%
32%
52%
*93% 105
12%
12%
10%
10%
684 Mar 26
—100
Mar 30
26
28g Oct 22
103ft Nov 9
20i2 Jan 13
7
32
*93% 105
12%
12%
Bros.
10
14%
32%
5
51%
,
1%
*6%
1%
6%
■87g
1%
6'ft
*35
8%
1%
13%
*18%
*11%
12%
32
18%
36
No par
Madison Square GardenNo par
Magma Copper....
—10
Manati Sugar Co
1
Ex-rlghts.
III4
Dec
7«4
Oct
z66
Oct
241ft Feb
106% Mar
t Galled for redemption.
20>4
2014
9i2
5312
1678
9%
19%
034
53'g
16*4
20
9i2
*9*2
5212
I6I4
53%
16%
9%
912
0I4
*89
16%
9%
16%
9%
a89
10
9%
9%
54%
17
9%
54%
16%
9%
a87%
54%
89
10%
.
5,700
934
300
54%
4,500
3,600
5,500
16%
15%
1634
9%
87%
11%
80
11
11
10%
22%
21%
*9%
5334
21%
*86
89
10
2034
54%
16%
29%
54%
Shares
$ per share
$ per share
21%
9%
11%
*60%
80,.;
*9%
9%
1,200
11%
1012
♦60
80
*60
80
*60
80
*60
80
*57
61
*57
61
*57
61
*57
60%
57
57
*56
60
52%
6%
27%
1634
377#
11%
15%
*52
52%
*52
52%
*52
53
*52
53
51%
62
*51
6%
2634
6'2
612
2512
14%
37U
27i2
14'4
3714
.
11
*37%
11
11%
15%
*5%
15%
15%
26
380
78
111
f
80
1634
900
38
38
'11%
11%
110%
*109
*108% 111
110
110
110'2 110'2
2734
*12
11%
11
1534
11%
77%
77
6%
2734
1634
38
15%
26%
110
110%
638
2734
*37%
11
15%
77
27%
*12%
15%
26%
11.11%
26
76%
76%
76
27%
16
38
38
H""l00
f 200
12.700
6%
27%
,37%
110
6%
*14%
16
37
110% 110%
110% 110i2
76
27
*14%
27
*26
2634
*26
,
*14%
6%
6%
6%
27
6%
15%
15%
2,300
1,600
15%
500
*26% • 27%
110% 110%
*78%
80%
77% 1 77%
*111
111
111
111%
26%
26%
110% 111%
570
600
40
•
.5ig
*49%
*14
*%
3,t
34
14i2
2
8%
1
1®4
17
*7g
*112
*16lg
*118
*614
*40i4
*J2l4
*54'
*108
2
*
14%
2534
77«
*51
22
8%
6%
42%
12%
55
*53%
»*51
8%
12
14%
12%
243.1
175
*172% 180
175
1438
12%
24%
*172%
15
*14
15
*13%
14
*91
95%
*91
*91
95%
*21'2
23
25
22%
957g
22%
25
25
7%
*4%
26%
*18%
14%
24%
140
*23
24
1.41.1
*18%' 191.1
*55
57%
74%
14%
*91%
95%
22
22%
25
25
25
*24%
22%
25
1234
13
12%
1"234
*164% 168
*114
114
115
1093g 109%
7%
4%
7%
*21%
114
109% 109%
4%
4%
4%
2634
26%
26%
27
18%
1834
♦18%
1834
15%
15%
15% *15%
2434
25
25%
2534
*166
168
*164% 168
14%
11%
24%
2.200
12%
24%
14%
2,100
13,300
14%
95%
22%
25%
25%
12%
13%
113% 113%
109
7%
15%
168
814
8%
7634
76%
77
14
14
141
14%
140%
24
*23
24
.
8i8
140
14%
*18%
19%
18%
18%
*18%
19
19
19
57%
74%
4%
55
55
*55%
*54%
57
75
4%
10%
55%
*53%
*10
55%
75
4%
1034
21%
*54%
75
*4
4%
4%
10%
22
10%
*54%
4
21%
22
*20
22
*20
*68
73%
*68
73%
*68.
73%
*68
73%
*68
21%
73%
37
37
37
*37
39
*37
39
*37%
39
"108
*108
108
108
*108
112
42
42
41
19%
20
34
19
20%
20%
33%
32%
35
32%
3%
8%
8%
1978
20
20%
35
33%
35
34
34%
33%
*23.i
3%
*2%
3%
8
*8
8%
111
*.
8
*53
1
1
1%
1
4
3%
3%
33.4
*%
%
%
%
'
1434
*14%
84
84
183% 183%
110
*109
23
23%
56%
56%
/ 1734
17
*106% 10678
*83 84%
12%
13
102% 102%
*31
32%
4%
4%
,
38
37
9%
9%
27
27
16%
16%
106
*105
8
2434
*7%
2434
140
140
14
13%
52
*49
*20%
22%
*43%
*114%
45%
62%
*5%
*
6
3%
28%
16
5%
1234
2834
43
43
*13%
5%
*1134
*109
110
334
14
14-%
14
*84-
87%
*85
184%
*109
110
16%
105
7%
241.1
4%
*38%
9%
27
27%
16%
17%
17%
734
24%
52
105
105
*7%
24%
142
131.1
20%
*20%
45%
*43%
*114%
6
64
6%
3
13%
52
*46
20%
3
8
24%
142
22
45%
85%
13%
104% 104%
'32%
16%
*43%
63%
1234
27
*137% 142
13%
13%
*47
106% 106%
27
105
55
*85
*103%.
*7%
24%
*142
1334
*46
105
8
7%
1334
52
2034
2034
*43-%
*114%
45%
67%
13%
29
29%
291.4
43%
43%
4334
44
44
•
Bid and asked prices; no
sales on this day.
Corp
Nat Dairy
preferred—
Nat Distillers Prod
No par
1
Nat Gypsum Co.
National
10
Lead
100
"7% preferred A
5,300
10% July 27
July 29
3
Oct
20*4
44
Dec
12% Jan 10
5
Oct
24%
3
10
Oct
47% Mar
1478 NOV 10
8
Oct
24
Apr
95
6
Mar 29
4
54
29
1334
14
87
87
182% 182%
110
109
3% Mar 30
56%
17%.
.
100
20
*84'
12%
300
2,400
Newberry Co (J J)....No par
5 % pref series
1
Mar 30
May
13
Dec
3334
Jan
90
Aug
103%
Feb
127 June
13% Mar 29
_
Mar 29
No par
10
Mar 29
7
Mar 25
105% 105%
preferred
5%
N
No par
„Y & Harlem....
:_50
preferred..
50
38
133
100
50
preferred
6%
1
North Amer Aviation
No Amer Edison $6 pf.No par
i
Northern Pacific
700
40
2,300
60
3,300
800
4,100
60
120
9,200
50
100
North'n States Pow Co $5 pf. 1
Northwestern
Telegraph
—
50
Norwalk Tire & Rubber No par
16*4 Oct 22
Jan
145% Sept 22
127
July
150
Jan
16%
Dec
61
Jan
5
Oct
1434
Jan
Oct
99% Aug
26% Nov
9
Oct 17
81*4 Nov 12
28*4 Nov
9%
13%
13%
*14
*5%
6%
1234
*12
*5%
7
1234
No par
Otis
100
preferred
No par
Steel
3
Dec
12%
Jan
Feb
Feb
30
Oct
13%
26
July 20
22% Dec
57%
71
Nov 16
62
Dec
40
Jan 14
32
Dec
2
12% Aug
108*4 Nov 9
19% July 23
48% Nov 12
21*4 Nov 10
6%
99% Nov
87
Oct
Sept
6434 Mar
109
Jan
Oct
15%
4134
Jan
Nov
10%
29
98%
Feb
Oct
55% Mar
23
Dec 31
14
Oct
72
Mar
38%
Jan 12
30% Nov
100
Jan
37*4 July 23
4*4
Jan 11
Oct
31% Mar
2*4
Oct
12%
15
25%
Jan
Jan
Jan
9
1
111
Apr 28
113
Nov
137
Mar
54%
Dec
97
Feb
2
Oct
4%
Oct
1
Oct
6%
Feb
Feb
3
Oct
15%
76%
Jan
Jan
1134 Mar
63%
234
7%
1%
163s
Nov
Jan
July
Jan
Dec
15
10
7
15
30
9*4 Mar
26%
Mar 31
90
Dec 24
30
Oct
3
198
Jan 13
180
Oct
272
Jan
Mar 29
110
Dec 31
102
Apr
14% fOct
114
Jan
June
Oct 17
57% Dec 3
34%
Jan
57%
Feb
1334 Mar 31
4534 Apr 1
26%
5% Mar 30
87% May 3
75 June 21
20
Dec 30
3
Oct
106
Dec 31
93
Oct
104%
Jan
Jan 13
91
Oct
105
Jan
63g Mar 31
92% Sept 16
25 May 12
138 Mar 30
9334
14% July 25
103
Dec 27
35
Sept 2
5
Nov 23
41
4
Mar 28
1384 Mar 25
122
Jan 14
6% Mar 31
30% Apr
10
1
Mar 30
1478
17%. Jan
36% Mar
Dec
1%
Oct
Jan 10
9
Oct
24
Nov
8
9
29% Nov
9
Nov
9
15% Nov 16
60
30
Oct
15
Nov
147
9%
8
Sept
111%Sept
10
48% June
Nov 16
22% Aug 25
Oct
6%
90
•
5%
20%
125
6%
Oct
Nov
Oct
Oct
Nov
Oct
48
Dec
12«4
Dec
52
Oct 11
44
Dec
Apr 19
115
Apr 19
114
May
"2",900
Mar 30
1,200
Pacific Amer Fisheries Inc—5
50
90
50
100
2% Mar 26
No par
No par
10% Mar 25
Pacific Finance Corp (Cal).lO
9% Mar 26
Coast
1st preferred
2d
preferred
700
50
148% 148%
10
100
delivery.
Pacific Mills
25
z2234 Mar 30
32% Mar 31
No par
Pacific Gas & Electric
Pacific Ltg Corp
14%
334 Mar 29
No par
6,100
2,400
124%
5% Dec 27
...10
Pacific
44%
a Def,
4% Jan 14
40
29%
{ In receivership,
Dec
39% Apr 28
29%
25
75
115
44
*23
Dec
63% Dec
100
No par
Outlet Co
44
14%
Oct
75
19*4 Nov 16
2934
*122
80%
Feb 23
7% Mar 30
83% Apr 1
Preferred
16
82
Owens-Illinois Glass C...12.50
*114
6
20%
No par
Corp(The)vtc No par
6%
Dec
Dec
17%
7
July 25
July
Omnibus
Otis Elevator
55
Feb 25
30
Oliver Farm Equip
100
Apr
Mar
171
3278 Feb 23
preferred A...
18%
44
Oct
19%May 31
8%
Oct
Oct
8% Sept 14
Oppenhelm Coll & Co..No par
4%
18
1234 Mar 30
Co..
Mar
153
July
50
Oil
Mar
38
7
31
No par
Preferred.
Ohio
35
Dec
17
135
% Jan
100
Jan
Oct
17*4
Nov 14
Oct
5
434 Mar 29
No par
May
Oct
{N Y Ontario & Western.. 100
N Y Shlpbldg Corp part stk.. 1
Adjust 4% pref.....
10%
5
% Dec 21
North American Co
24% Mar
Oct
110
2% Mar 30
100
112
Oct
4
1
June
54
100
Oct
5%
Apr 25
100
preferred...
104%
120
100
7%
38% Feb
26% Feb
112% Mar
Oct
Aug
110
Norfolk & Western
Oct
Dec
13
Mar 30
5% Mar 26
100
1,900
3%
Mar 25
2
{N Y N H & Hartford
Conv preferred.....
300
68
Mar 30
101
Northern Central' Ry Co
24%
24%
142% 143
13%
13%
12% Mar 31
N Y Lack & West Ry Co..
2,100
734
*7
No par
New York Dock
85%
ii'ooo
99% Apr 26
No par
1,200
22,200
14%June 17
58
Apr 5
Mar 31
28
18
12
106%
75
_
New York Central.
N Y Chic & St Louis Co... 100
Jan
167
178% Oct 14
June
N Y Air Brake
-
Jan
Dec
145
30
9% Mar 31
20
Mar 26
420
17%
1
100
1
A
Newport Industries
40
400
56%
,10634 107
.'. 1
Nelsner Bros Inc....
18%
33% Mar
17
Oct 21
Nov 12
2078 July 26
17% Mar 29
5
Jan
Mar
25%
17% Mar 31
154
Jan
Feb
Mar
71
Nov 10
19
3% Mar 29
4
Mar
28
10%May 27
11% Apr
Oct
6%
90
168%
Jan 17
7% Mar 31
2,600
25% 106,900
2434
Nov
14% Dec 29
Mar 25
6
15% Mar 31
150
No par
500
6
2534
108%
Natomas Co
2,400
3%
148%
110% Dec 19
Apr
2%May 24
6% preferred series A... 100
"""150
6
14
Nov
No par
NYC Omnibus Corp..No par
1%
%
40
Prior preferred... 100
prior preferred
100
8,800
57%
3%
122
50
102
National Tea Co
123
%
—
preferred..
10%
4
Corp.
Steel
Feb
62% Oct 21
11% Sept 26
106% Mar 30
105% Mar 30
100
.100
No par
10
36%
7
9% Apr
12% Mar 31
7% pref class B—
15% Aug
99% Mar
34% Mar 26
No par
7% pref class A...
6%
9%
15% July 22
Products...No par
Nat Dopt Stores
Oct
Dec
50
Jan 13
Jan
Dec
4%
8% July 26
64%
Mar 30
Oct 21
30% July 29
16% July 27
115% Nov 15
113% Oct 18
1078 Oct 22
634July 9
68%
29%
26
94% Nov 19
20
68
Mar
Mar 31
42%
5%
51
Sept 28
42%
67%
Dec
20
$5.50 conv 1st pref—No par
45%
15%
65
Outboard Marine & Mfg....5
...
Feb
No
100
*42%.
Jan
26
Mar 31
100
new
500
14
13%
14
*13%
13%
*12%
14
12%
122
124%
124% *122
124% 123
124% *123
*148
*147% 148% *147% 148% *147% 148% *147% 148%
*22
25
*22
25
*22
25
24%
24% *23
12%
*123
Nat Bond & Invest Co.No par
21
*43%
29%
43%
100
pref..
52
*12
29
Biscuit
cum
52
*114
16
634
12%
29%
7%
21
*3
*13%
*5%
12%
5
..10
Aviation Corp
National
52
6%
13%
5%
1234
Nat
21
3%
13%
1334
3812
8%
Oct
Oct
8% Mar 30
National Acme
21
'6
5%
*11%
7%
12%
1
5
*46
*3
5%
105
24%
24%
243,1
142%
142% *142
67
1234
115
32%
32%
32% *30% 32%
4%
4%
4%
4%
4%
3934
*38%
3934
3934
39%
9%
9%
9%
9.%
27%
*2634
27%
27%
27%
17%
17%
17%
17%
1734
*102
106
*103
106
106
6
3%
13%
24%
5634
1734
10634 106%
*84%
86
1234 "13%
64%
5%
*111
*.
17%
*5%
*11%
13%
55
2234 July 25
17% Nov 9
32
Oct 13
37% Mar 29
6% Mar 30
7% Mar 22
60
9
*110
123
64%
*3
115
5634
17%
27
*8
2334
56-%
9%
*2%
9
24%
17%
9%
3%
*8
182% 182% *177
109
10934 10934
56%
9%
*2% •
109
*84
35%
3%
35%
14
87%
182%
17%
106% 106%
3934
3634
13%
14
87%
5634
*38%
9%
20%
2134
36
•%
2414
4%
21%
36%
35%
*%
17%
4%
19%
21%
*334
5634
103% 103%
'*30% '32%
20%
~*r *
23%
4%,
4%
*353,1
393i
1,100
55,800
1
17%
85
13%
45%
*3%
563i
*83%
1234
44%
1%
23%
24
5634
17%
106% 106%
*83%
84%
12%
13
103% 103%
*30%
32%
44
37»
■
.
5j
°8
*177
44
%
1%
334
24
*114%
61%
*3
14%
87%
183% 183%
14%
*83
5u
3,000
*110
123
57%
1
,
16%
1934
Feb
66%
Nashv Chatt & St Louis—100
4M% convserlal pref...100
16
34%
35%
Mar
46
Dec
11% Mar 29
4
Mar 25
No par
Nash-Kelvlnator Corp
30
108
108
300
"""166
16%
•20
69
Dec
36%
8
25,000
15%
*111
115
57%
1
.
*110
123
*110
59
...
123
♦111
111
*334
•
20%
33%
*110
123
*53
20 34
*110% 114
3%
*110% 114
*110
20%
*108% 110
15%
"*42
43%
19%
20%
20%
21%
34%' 35%
34%
35%
*2%
3%
*8%
'9
15%
Oct
21
10% Mar 31
5
1
1
No par
Inc
30
6%
*36
Jan
40% Nov 15
Feb
*21
12% Mar
40%
107% Aug
54% Oct 13
3
Dec 23
37
12% Dec
38% Aug
22% May 27
55
73%
34% Mar
6% Mar
Oct
70
22
Oct
Dec
Mar 31
Mar 31
25
National Power & Light No par
200
9*4 Mar
1%
5H%
10%
Oct
5%
1%
$2
*10%
Dec
2
3% Jan 11
20% Nov 4
6
Jan
Apr
34
15
11% July 21
2% Jan 8
400
*35%
15%
43%
1734 Jan 13
3% Jan 12
300
*68
15%
*41%
19%
1% Mar•26
23
*21
15%
42%
1% July 25
6%
12% Sept 24
18
Dec 13
10%
*2014
15%
5% Mar
Oct
1% Dec
300
"2",500
Jan
Dec
%
44% Mar 31
4
108
84
25
4
Dec
50
Jan 11
National Supply (The) Pa. .10
1034
15%
1%
National
*10%
.....
2%
9
3,400
1034
15%
Dec
2,000
*10
*108
%
% Dec 15
preferred..........100
10
Myers (F & E) Bros...No par
75
*54%
16% Mar
Aug
Oct 13
Jan 10
19
57%
*18%
*55%
Oct
4%
July 19
84
14%
14
14%
14%
Ma
8
4% Mar 29
6% preferred B___.
100
Nat Mall & St'l Cast Co No par
230
124
72%
% Dec
'27
10%May
.
5%
200
168
,
5,100
Oct
6
Nat Enam & Stamping.No par
"MOO.
98%
2
% Dec
Murray Corp of America...
300
7%
140
4
Munslngwear
230
3,900
24%
—
Co class B
Mullins Mfg
Nat Cash Register
4%
13%
140%
*54%
Mueller Brass Co
1,900
10,300
27
1834
15%
2434
*18%
Wheel
""500
4%
Mar
17
25
5% pref series A w w
-26%
120
No par
50
Essex.....
Nat Bond & Share
800
Nov
Sept
140
109
7%
900
53
109
300
175
14%
*91%
*21%
7%
7%
28^566
10
142
140% 2:141% 141% *140
24
24
*24
2434
23%
23%
8%
8%
8%
8%
8%
8%
78
78
77
77%
7734
77%
140
4
4
175
*1334
9%
23
175
1438
*91%
53%
9%
*20
76%
77
14%
*56%
1238
24%
99
*23
I
8%
7%,.
77
*14%
175
*51
Jan
22
Oct
Murphy Co (G C)_
2,300
122
•31
Mar
% Feb
$7 conv preferred ...No par
7%
Oct
Nov
105
.500
110
7%
9%
23
14%
12%
2434
24%
*164% 168
165
140
8%
22%
95%
22%
1278
13
12%
13
12%
*114
115
11412 *114% 115
110% 109% 109% '110 .110
7%
7%
*7%
734
7%
*4%
4%
*4%
5%
514
26%
27
263i
26%
2634
*18%
183.4
*18%
19
19
15%
15%
15%
15%
15%
25% 25%
2434
25%
25
465
*
9
23
14%
12%
25
180
8
53%
48% Mar
15
87
117% Sept 22
"""800
13
35% Mar
14
28
•26
Mar
4
35
Feb
5
55
*108
110
7%
51
53%
14
*14
*
8
834
*20%
14%
12%
25
14%
12
25
110%
13
*53%
13%
55
Oct
26%
Jan
1,200
•
14
Jan 11
2278
Jan
72% Mar
May
Morris &
6%
43%
41
Oct
4%
111
Motor
6%
Dec
30% Nov
4
111
July
76
Apr 1
92
Oct
49% Jan 28
Nov
100
Apr 1 *117
Motor Products Corp..No par
*40%
14
3334 Nov
Nov
700
6%
16«4 Dec 12
47% July 25
*71
600
42
Feb
47*4 Mar
Dec 31
1634
*14% * 15%
25%
25%
6%
Jan
16%
Dec
110
17
.
86
16%
2
17
*40
93% Aug
Oct
Mar 30
60
15%
26%
Dec
Dec
3
Dec 17
15%June
100
100
3434
*14%
50
10
Morrell (J) & Co
1634
Jan
Dec
37%
7% Nov 16
30
12% Mar 30
-.100
*3334
*
Jan
34*4 Apr
101
Feb
67
39%
*36
14«4 Oct 17
33%
108
110
*51
834
23
*20
243,1
all4i2
31,600
*53%
55
7%
8
53%
7%
12
*24%
12%
50
49%
50%
39%
*13
12%* 13
♦108
111
*108
25
*172t2 178
119
170
19
112%
Dec
66%
4
Nov
Jan
Mills......20
Monsanto Chemical Co
10
$4.50 preferred
No par
Montg Ward <fe Co Inc. No par
'
22
14-'%
2,100
49%
5% Mar 31
Mohawk Carpet
118
26
26
6%
*39%
12
1414
17%
14%
6%
42
25
*13%
.
500
103
119
26% Mar 30
73
Sept
10
57% July 27
33%
12%
*53.
8
53%
834
.
500
118
35
26
25%
*6%
111
*108
*34%
17%
14%
1%
102
*36
4
No par
16%
78% Dec
.
1534 July 22
80
Oct 20
o
10
7% preferred series A
{Missouri Pacific—'
5% conv preferred
Nov
Oct
6
11% Nov 10
95
12
Jan
Corp
Mo-Kan-Texas RR
18%
42% Jan
42% Mar
Apr
1
.No par
300
3,400
112
Jan
Oct
Dec
50
M...1G0
7% preferred.
...100
4% leased line ctfs
100
1
537g Oct 27
30%
55
Impl
preferred
$6.50
28%
32% Apr 1
3% Mar 30
14 May 31
11
June 13
par
share
21
Dec
par
par
1
50
per
Dec
784
par
{Minn St Paul & S S
Mission
102% 103
39%
*39%
634
42
12%
55
*53%
812
22i2
*14%
25%
*17
2534
*6%
*39%
*12%
5212
,81s
*22
*34%
14%
16%
*35
35
17%
15
*35
34%
17%
*34%
49%
"39%
48%
49
39%
2
83.J
1%
16%
1%
17
17
16%
103% 104%
1,19
119%
49%
50
'
1
par
-.5
Miami Copper
5
Mld-Contlnent Petroleum..10
Midland Steel Prod....No par
8% cum 1st pref—
100
Minn-Honeywell Regu.No par
4% conv pref senes B... 1OO
Minn Mollne Power
Apr
share $
per
11
26%
6% Mar 26
Mesta Machine Co..
500
.2
'8%
*%
-
8%
No
$6 preferred series A.No
$5.50 pref ser B w w.No
Melville Shoe
No
Mengel Co (The)
*
5% conv 1st pref—.
Merch & Mln Trans Co No
500
14
70
100
6% conv preferred
Mead Corp
160
3<
Stores
McLellan
100
14
2
*%
*1%
%
*%
%
14
8%
*16
102% 103
118% "119%
*%
*1%
134
*1%
1%
100
10
Highest
Lowest
$
share
per
20% Nov 2L
123g July 27
35% Mar 25
13%May 27
5
Mar 26
Mclntyre Porcupine Mines. .5
100
*%
%
14
1
16
16
1187k 1187«
4734
1%
8%
1
1%
1%
17
102% 103%
1%
*16%
8
*51
8%
*34
%
*35
2
-8%
*1%
8%
%
%'
*%
14%
1%
8%
5,500
534
53
53
*%
%
*1334
5%
534
53%
5%
*49%
*%.
34
14
14
•
'
•'
534
5314
*%
%
14%
%
111
8
*%
8%
39l2
3334
1734
15
2612
634
42
12%
55'2
*14l2
2534
h
%
2
48%
3334
17'2
%
*%
%
11834
4714
*35
*%
.%
14%
,
103
103
%
*%
*i4
*%
8%
5%
*49%
*4978.
*1334
*1%
5%
53%
%
5%
♦49%
534
53%
5%
63s
53U
%
McGraw-Hill Pub Co..No par
McKeesport Tin Plate
$
$ per share
10
Jan 31
7
Mar 26
1
McGraw Elec Co
120
91
89
*10
*60%
Par
1939
Range for Previous
Year 1937
Highest
Lowest
Week
20
Jan.
Jan. 19
20%
9%
934
54
91
10
91
*89
*9
the
Friday
Thursday
4
$ per share
3 per share
20
20%
$ per share
$ per share
18
Jan.
17
Jan,
16
Jan.
Wednesday
Tuesday
Monday
Saturday
Jan, 14
On Basis of
YORK 8TOCK
EXCHANGE
NEW
for
Year 1938
100Share Lots
Range for
STOCKS
Sales
SHARE, NOT PER CENT
5ALE PRICES—PER
HIGH
AND
LOW
Jan. 21.
New York Stock Record—Continued—Page 7
402
9% Mar 30
76% Nov 9
11% Jan 17
5% Jan 11
21% Nov 22
9% July 19
15% July 23
30
Nov
4
43% Dec 30
1978 July 19
51% Nov
*9% Dec
2% Oct
7% Oct
4
10%
22
*34%
10%
Oct
Dec
Oct
Oct
Oct
"
87
Apr 1
100
6% preferred
100 *132% Mai 30
17% Dec 21
Pacific Tin Corp(sp stk) No par
Pacific Telep & Teleg
12?
149
...
Dec 30
110
Nov
3
133
Apr
Nov
—
» New
stock,
r Cash sale.
* Ex-dlv.
30
June 27
y Ex-rlghts.
5 Called for redemption
Volume
LOW
AND
New York Stock
148
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
NEW
JWI
Saturday
Jan.
Monday
14
Jan. 16
$ per share
*10%
Tuesday
Jan.
8 per share
n%
*10%
11%
4%
4%
4%
14%
7%
*6%
7%
59
59
1%
Jan.
10%
1434
634
1%
4%
1434
*6%
1%
*58%
*6%
1%
*1%
*58%
60
62
*2
2%
10i"
10
10%
11
10%
10%
57
*56
1134
11%
•231*
241"
*23
2%
415S
2%
41%
18
18
*2
41
18
*56
78
78
2
4%
2%
41%
*17%
57%
.
*1%
24%
2%
2%
10%
*10%
12%
78
1
l-%
•
4%
4%
-
28
*13%
15
*120%
21%
*115
21%
22%
*113
37"
36
38"
4%
*3%
11
*3%
4%
11
t.
79%
1%
„
*3%
16%
*15%
17%
34,
*14%
33%
16%
*33%
33%
*32%
34
34
*28'
32
*28
31
*30
31
30%
*17%
9%
*7%
40%
18%
17%
9%
17%
*17
18%
17
17
9%
9%
9%
9%
*1634
9%
734
41%
*7%
7%
*7%
7%
41%
40%
7%
42%
9%
7%
41%
42%
41
*42
44
43%
43%
43%
43
76%
75%
75%
76%
77%
*1 %
2
2
77%
*134
*3
4
*1%
*3%
76%
•1%
43%
77%
44
*73%
40%
*%
%
%
97%
%
97%
3%
*%
97%
'
*1%
■
3%
%
*144
149
*146
148
97
*144
J,
-
23,900
100
-
3834
148
«...
-
l",500
3938
*3%
•
43g
17
*15%
150
30%
180
18%
300
9%
1,100
7%
500
41%
10,000
*16%
'
*9%
7%
41
41%
44
900
*78% 100
600
43
.43
78
1 4
2
'
134
350
100
Pet Milk
15
..No par
114
Oct
1
4
Oct
8
Oct
37
Nov
Nov
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
56
preferred
{Phila Rapid Trans Co
7% preferred
20
1,800
Phlla & Read C <fc I
4,400
Phtllp Morris & Co Ltd
5%
conv
Feb
No par
758
Jan
10% Jan
23% Mar
64
Jan
10384 Mar
638
Jan
12% Feb
76% Feb
2934 Feb
20
Oct
27
Dec
110U Sept
50% Mar
63
Oct 15
22
Oct
11684
65%
3
Oct
17
Mar
Jan
Feb
Mar
1734 July 25
9
Oct
43
July 25
38i8 Jan 15
1734 Nov 15
30
Dec
87
Jan
30i4
Dec
91
Jan
Oct
25
11
48% Mar
Jan
I3ig Jan 11
Oct
21% Mar
8l2 Oct 28
47% Nov 9
3
93g
3
Oct
13%
18% Nov
34% Nov
43
Nov
Apr 12
74
Nov 10
3
Nov 23
5% Nov 23
114
pref Berles A.-.100
Dec
Feb
Feb
6% July 22
1
14 Mar 26
7514 Mar 29
10
Oct
Oct
13i2
4
1U Apr 25
2% Mar 26
50
Oct
8%
4484
.2958 Aug
Dec 28
42
1738 Mar 31
Mar 28
60
60
2i4
15
11534 Dec 30
30
No par
lU
July 25
31
Mar 23
434 Jan
57i2 Nov
24% Jan 15
8I2 Mar 29
734 Mar 30
Petroleum Corp of A.mer
5
Pfelffer Brewing Co...No par
38
^ -
Oct 21
July 23
121
Mar 29
100
..100
4%
-
Oct
558 July 25
22% Mar 26
is4 Mar 26
6i2 Mar 26
17% Mar 26
100
*%
-
Oct
Oct
12
Aug 25
July 25
212 Jan 10
Mar 30
110
People's GL4C (Chic)... 100
*3%
-
1
28
284
1458
13%
<58%
85%
120^8 Dec 3
14is Mar 31
1914 Mar 28
50
%
-
Jan
1578 Nov 12
3%
,
34%
30
RR
Jan
Oct
10
Peoples Drug Stores...No par
conv preferred
100
Jan
2834
18i2
212 Mar 30
10% Mar 30
Pennsylvania
200%
423* Oct 10
1% Dec 20
A...No par
Oct
Jan
Penn-Dlxle
ser
Sept
Oct
21% Oct 24
Mar 31
1% Mar 29
Cement...No par
109% Mar
812
8012
2634
Mar 31
pref
Jan
Mar
Oct
Mar 30
conv
17ig
90
8
55
57
2934 Apr
123s Feb
13% July 20
30
July 29
33g Oct 17
3% Mar 30
834 Mar 31
Penn G1 Sand Corp v t o No par
57 conv pref
No par
Oct
z95
Dec 31
41
Marquette
5% prior preferred
5% preferred
34
30%
Dec 29
1358 Dec 31
No par
—
Dec
Oct
No par
Penn Coal & Coke Corp
10
Pere
34
4
Highest
share 5 per share
32i2 Nov
102
13
1134
Oct 27
103
1*2 Mar 30
31% Mar 31
Penney (J C)
Peoria & Eastern
98
97%
98% 98%
*145
149
*144% 148
98
148
*145
98
i
*113
7%
*3%
*%
'
96
1,100
28
1
per
914 Feb 25
2
Aug 3
65s Mar 31
16
Mar 29
Parke Davis <fc Co..
No par
Parker Rust Proof Co....2.50
Parmelee Transporta'n.JVo par
Penlck & Ford
700
700
934
7%
2
*3%
*%
1%
3%
%
97%
3%
>
.
100
3,400
223g
10
5
61% Nov 15
Mar 31
65
Pathe Film Corp
No par
Patlno Mines <fe Enterpr No par
500
2134
38%
4%
17%
34%
30%
18%
*3%
*15%
*13%
700
5,300
3,000
31
*26
■»«
15
1,500
1,000
16
*120%
.
.
28
37%
38%
4%
.
22%
*26
*113
*38
1
'
2l7g
22%
Park & Tilford Inc
Park Utah C M
6
534 Mar 31
Mar 26
1
Lowest
share
18U Dec 19
88«4 June 21
100
2~ 300
434
4%
29
per
1578 Jan 10
3% Mar 30
1534 Dec 28
6% Nov 22
1
Sept 1
Panhandle Prod A Rel new__l
Paraffine Co Inc
No par
4% conv preferred
Paramount Pictures Inc
$
Maris
10
10
1,800
16
15%
Pac Western Oil Corp..
No par
Pan Amer Airways Corp
5
Pan-Amer Petrol & Transp.,5
100
<
Range for Previous
Year 1937
Highest
% per share
Packard Motor Car
6% 1st preferred
6% 2d preferred
*30
31
147g
*120%
28
*1%
4%
*4%
31
14%
70
22,200
1,000
11%
57%
80%
1%
*55%
33
*42
11
57
30%
9%
200
79
28
*13%
32%
300
6034
102
1%
*113
•_
37%
37"
37
4%
*3%
*113
*1%
100
*100% 102
12%
12%
12%
12%
10034 103
*100% 104
12
*12
12%
12%
*23% 24%
*23%
24%
2
2%
2%
2%
41% 42
417g
41%
17% 1734
17%
17%
2
1%
*1%
1%
10 "•
10%
934
10%
29
*26
-
400
3,300
*58%
1%
61
Year 1938
Lowest
14,300
15
or
On Basis of 100-<S/»ar« Lott
Par
634
1%
57
217g
28
634
Range
STOCK
Shares
11%
4%
4%
1434
7834
*13%
*120%
22%
*26
28
634
102
434
29
15
*120%
21%
*25
*1034
78%
1%
434
4%
1034
4%
1478
YORK
EXCHANGE
Week
20
Jan.
S per share
57
*1%
29
28%
*13%
*120%
22%
25%
25%
78
1%
4%
28
15
*56
78
1%
4%
"29%
*13%
57
77%
1%
19
10%
4%
14%
the
Friday
$ per share
101% 102
*100% 102
12%
12%
12%
12%
100
100% *100
10?%
12
12
12%
12%
24
*23%
24%
*23%
2%
2%
2%
2%
42
42
41%
41%
18
17%
17%
17%
2
2
2
*1%
10
10%
10%
97g
11
10%
10%
11%
*12'
*27
18
10%
4%
4%
*59
10434 *102
104%
11%
12%
12%
12%
100
99% 99% 100
*55%
"77
14%
7%
*1%
59
•102
.
11%
14%
*6%
14%
*1%
Jan.
Thursday
$ per share
*10%
4%
4%
14%
59
17
$ per share
14%
*6%
1J4
1%
Wednesday
403
8
Mar
9
62
59% Mar
54%
Jan
100%
Jan
Dec
7%
Feb
2U
7
Dec
184
Oct
14
Oct
3% Feb
95% Aug
i2
,
65
M384 Oct 10
144% Oct 10
June 25
Feb
Oct
Jan
;
5
5%
*514
*30%
50
*30%
40%
41
40%
3%
*2 U
40
*2%
*37%
8
"8
*8
25%
24
*43
115
5
*4%
*19%
.
*4%
.
44
*40%
115
*20
4%
4%
.
4%
21%
44
*41
44
115
*91
115
*91
67
*64%
67
*64%
*34%
*33
36%
*34
14
14%
14
14%
13%
: %
%
%
21%
22%
%
v%
,
22
21%.
22'
*167%
•
-
«.
-
67
»
-8%
....
*12
14
*12%
40%
41
41
*41
14
14%
*158
*%
1%
'
8
8%
*8
8
14%
14%
14%
2%
*1%
2%
%
%
1%
13%
12%
*12%
*1%
%
1%
13
14
*39
*39
32
,
54%
117
33
105
"
105
105
*115% 115%
132% 132%
151
13.
13%
14%
*39
41
42
2%
33%
133
9%
10
815
79
79%
13%
7%
*80
67
8%
13%
'
41%
1434
*1%
1434
2%
%
%
1%
13%
1%
1%
1434
*1%
*%
134
13%
,
.4%
13
714
100
.
7%
100
*80
*12
7%
*80
65
65%
,2%
12
2%
13
7%
*80
100
9%
16%
*16%
17%
16%
*24
25%
*24
20
*20
20
50
*41
10%
*8%
*81"
9%
12
*11
15%
15
*72%
*63%
75%
74%
65
65
1%
1%
74%
.
1%
22%
50
10%
9%
4
*41
*41
*834
1034
,9%
8%
9%
*11
12
15%
15%
74%
15%
*72%
,76%
*727g
67
*65%
67%
1%
22%
1%
1%
23
*66
68%
64
*63%
65%
63%
68%
63%
17%
18
17%
18
18%
18%
*66
66
1%
>
23
23%
67%
63
'
*4%
*41*
50
1034
0%
*834
100
9
8%
*11,
12
1512
76%
15%
*72%
68
66
1%
"766
500
1,100
.
200
.100
.
.
18
17%
18
1,900
40
*33
40
37%
*32
40
40
*33
*75
87
*74
87
*75
87
*75
85
*76%
85
*76%
*52%.
54
*52.%
54
54
54
*52%
54
*52%
54
82
9%
41 %
*53
-
9%
42%
13
13
*13
13%
*80
12%
*78
82
*80%
82
9%
42
*53
60
9%
42%
9%
42%
*53
60
9%
43
13
*13
13%
82
*80
82
42%
*53
58
934
4234
10
10%
4278
43%
*53
58
13
82
.
.
.
.
9%
9%
42%
43%
'
1,800
6,700
*53
58
18
9
58
17i4Mar 30
Apr 37
65
45
Dec 17
10
Sept 14
7712 Dec 28
45s Mar 30
3334 Mar 30
5114 Jan 31
5
Aug 23
10
Common
10
9%
9%
8%
10
9%
8%
*15
16
*15
16
*291"
32%
1%
*29%
*1%
32
*1%
*42%
42%
42%
42%
%
%
*%
%
*1%
*1S4
1%
3%
*1%
*1%
*5
9
*5
30-%
32%
87
87
99
100
107% 108
16%
16%
32%
89%
101
1%
*30%
*1%
42
10
10
*834
10%
10
*8%
10
15%
*147g
15%
*1434
32%
*31
32%
307g
1%
42%
*1%
43
10%
10
10
10%
24,300
100
*8%
10%
1534
*14%
15%
31
*29
3034
*1%
1%
*1%
1%
43%
42%
4234
%
*%
%
%
*%
42
%
1%
3%
*1%
*1%
1%
134
134
*1%
134
3%
*134
3%
*134
3%
*1%
*134
134
3%
9
*5
9
*5
9
*5
9
*5
9
33%
89%
102
17
32%
89%
33%
32%
33%
32 34
3378
33%
33%
91%
90
*88
90
90
90
*102
104
104
104
105
105
105
107
107
108
108
10834 108%
16%
16%
107% 107%
*16%
17
*16%
17
90%
I6I4
400
105
16%
200
100
......
23,800
330
700
240
300
80
Feb
20
Oct
4314 Oct
114i2 Mar
30% Oct
65%
Jan
118%
Jan
Oct
6234
112%
Jan
Feb
Mar 25
Oct
128%
Oct
140%
Jan
Jan
Jan
Feb
Feb
Feb
Mar 31
Oct
834
Oct
Oct
107
85
Jan
2384
Feb
Nov 10
Jan 14
534
Oct
13%
Dec
18%
Oct 21
434
Oct
1234 Mar
9012
Dec
Dec
Jan
115
NOV
80
Jan
Dec
26
Dec
29% Dec
Dec
47
Mar
30
Dec
49
Jan
23
Dec
43«4
133a
Jan
Oct
I?ec
83
Jah
Mar
Jan 13
0i8 July 19
214
3%
Oct
10% Apr
37% Aug
Dec
Jan
58
July 26
11
Jan 1C
7i2
Dec
30
1138July20
13i2 July 13
175g July 25
•
734
Dec
Oct
223g
934
8%
Oct
29% Mar
78
■
Dec 19
69
Nov 29
3%
Oct 24
39
61i2 Nov
69
134
Dec
Oct
Feb
35% Mar
94%
110
Jan
Feb
9% Feb
47% Mar
265s Nov 1,2
12%
78% Nov 16
65
Dec
i24
7 712 Nov 14
60
Dec
110% Mar
196s Oct 16
38% Dec 29
9
Oct
49% Apr
26
85
76»4
Jan 21
6412 Jan 21
1784 Jan 7
60
94
80
9
1214 July 26
40% Jan 8
58i2 Jan 11
Sept
8% Jan
49%
13
No par
St Joseph
25i2
162%
113%
72%
24%
18%
.
34 Dec 27
7i2 April
14i8 Mar 30
91
19i2 Dec
25i2May 27
(The)
Feb
26
100
Ruberold Co
Feb
31
20
Lead
10
{St Louis-San Francisco... 100
6% preferred
100
{St Louis Southwestern—100
5% preferred
100
Rltter Dental Mfg
31%
Oct
44
978
13%
2034
33i2
2%
{Rutland RR 7% pref
2,300
%
5
No par
No par
Richfield Oil Corp
Roan Antelope Copper Mines.
1%
42
*%
107% 107%
*16
*8%
*14-%
10%
Oct
July 19
30% Jan 16
27i2 Jan 25
,
June 10
100
Rhine Westphalia Elec & Pow.
9%
*834
Mar 22
lU4May31
39% Mar 29
38
May 26
7% Mar 30
conv
5 \i%
500
.
Jan
Sis
5%
Jan
Jan
22
13i4June21
234 Mar 25
34U Mar 29
5
Apr 1
5i2 Mar 30
100
preferred
15%
24i2 Jan 11
29% Jan 18
Mar 30
preferred
100
Reynolds Metals Co...No par
5Vx% conv preferred
100
Reynolds Spring—
1
Reynolds (R J) Tob class B.10
7%
20
13
*80
13
*80%
934
......
Oct
607g Dec 30
538 Jan 11
July 21
103sJune 17
prior p/ef ser A. 100
Revere Copper & Brass
5
Class A
10
6%
85
54
100
.
212
Feb
24
8%May 26
Apr 28
17%
23%
3%
Oct 11
80
Jan 31
Dec 14
800
*35
June 16
4®4 Mar 31
1
65
*32
40
88i2
15%
I6I4
9ig
Mar 29
18
Sept 21,
3912 Nov 10
13i2 July 20
98i4 Jan 18
8i4May 26
Apr 19
74i2Juae 18
40
68%
*52-%
12%
*33
81
jReo Motor Car...
5
Republic Steel Corp...No par
6 % conv preferred
100
65
22%
"33%
11%
Oct
June
Rensselaer <fc Sar RR Co.-.100
*66
Oct
34
110
140
23%
68%
Oct 27
Oct
1%
117
100
64%
7
Sept
958 Mar 30
49%May 2
64%
22%
*66
22% Aug
132
Mar 29
3,200
29,800
1%
29% Apr
Dec
16218 Dec 20
6OI4
Jan
Oct
9
117
9
3
13
10312
7
47% Mar
5
Jan
Nov 12
8
Remington-Rand—
—
Preferred with warrants..25
76%
Oct
134
Apr
112
Co 1st pref. 100
Reliable Stores Corp..-No par
Reliance Mtg Co—
10
500
l2
35i2 Jan 13
105% Oct 25
11834 Nov 30
132
Rels (Robt) &
2,200
Oct
Mar 25
86% Mar 31
.No par
Preferred
J
1034
....
Dec
8i2
101% Apr 23
'
8%
45
59
1«4 Sept 28
1434June 20
15%
Dec
16% Dec 31
3% Jan 13
1% Jan 22
458 Jan 17
14% Dec 30
14% Dec 28
42l2 Dec 29
371* Mar 31
12
30
122%May 18
53.50 conv 1st pref..No par
m
Dec
6
Jan
Nov 14
{Radio-Kelth-Orpheum No par
Raybestos Manhattan.No par
Rayonler Inc
1
---1
52 preferred
—25
Reading.........
—-50
4% 1st preferred...——50
4%-2d preferred....—i-50
Real Silk Hosiery—5
•
30
17% Nov
3
21
25
25
30
31
1,100
-
Dec
11
,8,000
*r
Mar
23
25% July 25
234
22
50
122
Mar 28
65%
68
1%
preferred..
55 preferred B_
.....
Dec
112
Radio Corp of Amer..-NO par
434
32
25
6% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
•
Mar.
5
July 29
Aug
45
„Jan 12
21%May 27
33,400
15%
20%
16%
25%
21%
Mar
43
Mar 31
No par
100
Pure Oil (The)
100
'
*11
12
"15%
.
4%
'
67%
.
*4.
50
22%
68%
19
4
*834
15
20%
*18%
*8%
23%
15
65%
2%
*21%
15%
2134
*24
4%
65%
2%
22
*20%
25
*4
4%
16%
*80
July
20
Oct
0
84 Jan 19
No par
-
1,900
3,300
734
141
Oct
8
-
114
No par
Pullman Inc...
13
7%
100
*21
15
20
*11
1%
2%
*12
734
2134
*1734
65
17%
16%
15
*21
65%
66%
2%
22
*24
*62
69
15
21
2%
25%
*72%
«22%.
15
21
60
*21
20
15
*64
65-%
2%,
22
*17%
*4
*8'»
12
*66
•.
13
1
6
50
preferred
.100
preferred.
.100
8% preferred......
100
Pub Ser El & Gas pf}5.No par
100
79%
13%
Apr
45g
30
Mar 29
l8 Oct
114 Dec
434 Mar
4i2 Mar
1334 Mar
39% Mar
6%
7%
7,900
14,800
85
79
*12
7%
16%
25%
15%
17%
85
97U
Mar 14
52
Sig Mar 29
1*2 Mar 26
No par
55 preferred
30
,
13% .13%
13
*41
10%
1%
*21
600
153
*152
100% Aug
8
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J..No par
400
85
79
5% conv 2d pref
400
79%
*84%
,
*24
..
50
"
7%
15%
21%
21%
17%. 17%
20
.
15%
*12
13
*15
*81"
*11
■
152
-
Procter & Gamble
14,000
135
Dec
4i2
1
15
No par
Pressed Steel Car Co Inc
600
119
4834
Nov
i8 Dec 28
{Postal Tel & Cable 7% pf-100
410
135
Jan
14% Aug
9% July 25
1634 Jan 12
7i2Mar29
20% Apr
lli2 Apr 8
23
May 21
No par
5% conv 1st pref-
*118
Jan
76%
Dec
174
Class B..
'
«-
18%
Oct
4
June 21
47gMay 26
Porto Rlc-Am Tob cl A.No par
3,500
117% 117% *116% 118 ■
36% 37
36% •37%
10
10
97g
10%
13
2%
16%
25%
*8lo
J234
40
'
16
*41
13%
65%
15%
*4
13%
*21
21%
*24
79
*80
2%
"
*17%
78%*
*3834
152
10
79
39
-
Oct
25
145
5
Jan
Jan 17
75
No par
Jan
9% Nov 14
Mar 30
6
7
7% Jan 17
41
preferred
Poor & Co class B
—
7,100
14
*133% 134%
86
86..
*78%
22
21%
*15
10
*84%
*84%
*13
118
M
400
14
118
118%
134
~
134
13%
.
106
m
1,000
38
34%
.
Oct
July
26% Nov 14
No par
conv
Plymouth Oil Co J
3,300
«.
39
Pond Creek Pocahontas No par
100
%
4
100
Plttston Co (The)
700
55%
55% 5534
56%
117% 11734 116% 11634
35
34%
33% 35
106% 106% *106% 107%
56
33%
8,200
2%
*13
39%
270
1434
■
100
Pittsburgh Steel Co
No par
7% pref class B
100
5% pref class A
100
5H 1st ser conv prior preflOO
Pittsburgh & West Va
100
100
%
79
13
100
1434
2%
*22
.'
Pitts Ft W & Ch 7% gtd pf 100
Pitts Screw & Bolt
No par
2,500
42
Preferred
55
.
10
8%
*8%
86
7k
65%
2i»
*2013
'
...
8%
79
*12
7%
100
'65%
10
9%
10%
35
3% Mar 30
22%
13%
..
314 Mar 31
I8I2 Dec 23
Pitts Coke & Iron Corp No par
*8%
*84%
13%
12%
*12
;
10
-
.
Pittsburgh Coal of Pa...-.100
6% preferred.
100
100
300
634
22%
*151% 153 *116% 119
*116% 117% *116% 117% *116% 117%
37
36
37%
36%
35-% 36%
35% 36%
*84%
Feb
Aug
8%
153
*151% 153% *151
56
117
*8
105% 105% 106
*117
116% 117
*132% 134% 134
105
Dec
Aug
22% •22%
11734
33%
36
%
117
Oct
117
%
56
117% 117%
32%, 34
2014
Jan
July 12
4%
*12
13%
2034 Apr
May 10
%
13
9%
74%
Oct
90
*1334
14
Oct
4
52
14
14%
*1%
*%
1%
13%
*12%
27
6
36%l
14%!
%
22%
83g
39%
56
55%
,
115% 115%
133
%
*1%
.13%
*12%
117%
32%
14%
%
14
55
8%
14%
*1%
.
13%
*12%
41
55
5458
*116% 117
151
.
Nov 14
July 19
9
July 12
20
'
*8
4
43
Jan
July
90
*31%
*1334
%
*
Mar 31
Mar 29
64
Pitts C C & St L RR Co... 100
36%
14%
%
Dec
2
3OI4 Jan 18
__5
20
87%. Jan
10
*34
13%
178
Hosiery
Oct
Nov
2012 Jan
36%
*31%
Oct
538
PUlsbury Flour Mills
-.25
Pirelli Co of Italy "Am shares"
23%
36%
30'8
300
*20
23%
443g July 19
No par
Pierce OH 8% conv pref
23%
*20%
50
27*4 Mar 31
Petroleum
30
*20
23%
8% July 23
50% Mar 9
Phillips
700
*
f
4% Mar 30
32
Sept 29
44
*64%
*167%
42
Phillips Jones Corp....No par
7% preferred
100
Phoenix
...
115
k
*4%
14
-
25
*6%
8%
8%
13%
-
734
20
634
*6%
169% 169% *167%
8%
*8%
42
47g
20
*19%
7
23%
%
*21%
•
20%
*6%
*21
*21
42
*5%
434
*4%
20
7
-
11,000
3
*41
91
*64%
12%
42
42
12%
25%
-
40%
25
*24%
v
4034
734
25%
*6%
23%
36%
12%
8
*734
400
50
40
*38% 40
8
*40
*
8%
*12%
40%
*21%
*11%
3%
*2%
3%
*24
44
115
*20
21%
7
*6%
07
67
*64%
*64%
*166
169% *166% 169%
8%
8«4
8%
r8%
7
*6%
41
7%
25%
*91
40%
40
*38
8%
*24
50
41
6
*514
*30%
40%
*2%
5%
5%
*30%
*2%
3%
40
*7%
24
*91
21%
*2%*37%
3%
40
5%
50
*30%
4034
41%
40%
8%
44
4434
*91
.
*5
5%
50
*30%
41%
*371"
*24
*5
5%
50
7
Nov 30
July 21
Jan 19
12%
Oct
Dec
98
Dec
139
Nov
Oct
Nov
Jan
34%
40%
Dec
58
55
Oct
67
Jan
10% Nov
14
Feb
4%
884
18%
1
112
Jan
6%
Dec
31%
Oct
Feb
Dec
Oct
19%
Dec
17%
1
Jan
Oct
20% Nov
118 Mar 25
184 Dec 15
378 Dec 23
Jan
Jan
Dec
Jan 10
Oct 22
138 July 20
3038
112
Apr
Apr
5%
Dec 16
38 Dec 16
9534
Apr
Oct
Oct
Oct
38
934
65
June
Feb
Mar
484 Mar
11%
Feb
12
Mar 30
338 July 20
Sis Jan 26
7% July 12
2984 Nov 25
18
Dec
40
Jan
5%
58
Mar 29
83l2 Dec
2
70
Dec
103
Mar
6%
68
Mar 24
99
Nov 14
86
Dec
113
Jan
79
Mar 26
108
Nov 18
298
Dec
113
Feb
8«4 Mar 29
19
11
Oct
--No par
Safewav Stores
preferred
—100
preferred
-100
7% preferred
100
Savage Arms Corp....No par
Jan
4
Oct
20«4 Mar
10
Nov
37% Mar
3l2
27% Mar
*
•Bid and asked prices; no sales on this day.
{ In receivership,
a Del. delivery,
n
Nev stock,
r
Cash sale,
x
Ex-dlv.
y Ex-rlghts.
T Called for redemotlon.
LOW
AND
Jan. 16
14
Jan.
$ per share
1512
72
$ pgr share
15%
16
72
*71
%
7%
46%
46%
♦1131.1 114*2
%
%
2%
♦2
21 '4
21*4
*278
3*2
71*4
17*8
717«
17%
19
19
71%
17%
*18%
49*2
71%
17%
19%
17%
*18%
72
1634
*18%
17
17%
6,900
19%
6834
600
11
11
11
11
11%
29%
5%
29%
30%
29%
2%
*20
21%
*20%
25
25*2
25
*94%
95%
*94%
*90
93
90
2%
2%
21%
25%
21
21
25%
95%
*95
95%
90
*80
90
104% *102% 104
17%
17%
17%
18
*15
*15
16*2
16%
*102
102% 103
17%
17%
*15
16%
11
11%
*95
*17%
*15%
30
534
30%
25%
95%
95%
16%
95%
300
20
90
70
*100% 103
18
18%
1,300
100
16%
14%
*15%
*1334
16%
*15%
14%
3,300
2534
95%
*88
90
103
102% *101
17%
18
18
100
21
25«4
25%
*88
90
31
3%
*20
21%
*20
2,800
3,300
2,400
14%
14
14
14%
14%
14
14
13%
13%
13
13%
13
13
13%
13%
133g
13%
13
13*4
13%
13%
*113% 114% *113% 114% ♦113% 114% *113% 114% *113% 114% *113% 114%
2%
234
234
234
234
27g
2%
2%
2%
2%
2%
2%
18
18%
18%
18%
1734
1734
17%
17%
16%
16%
17%
17%
*133
139
*133
139
*
135
135
*132
135
*132
135
132% 135
24%
24%
2434
25
24%
25
24% 24%
24%
24%
24%
247g
1834
19%
1834
19%
187g
19%
18%
19
18%
18%
18%
19%
900
24,400
lb",800
2,700
30
5,700
,
20
20%
19%
20%
28%
29%
28%
28%
*37
41
*37
*3
*3
3%
37
42
*37
41
3%
37
20%
*37
*3
37%
*3
3%
*3534
207g
*7%
8%
*20
22
*20
43%
43%
43%
15%
16%
16
*43
46
*43
13%
69%
14%
14
69%
*27
28%
*2734.
67g
67g
99% 100
6%
,
2
3%
8%
878
*16%
18
22%
22
%
27%
*30
14%
693,
28%
7%
%
28,
28%
50%
50%
50%
50%
1
50%
33
*31%
71
70%
11%
,71
46
28%
*45%
28%
50%
50%
44%
16%
*%
27%
28
28%
22
34
71
15%
*1534
46
*44
46
14%
14
14%
15^2
15%
14%
16%
45
1412
*%
.
28%
28%
*45%
50%
5078
34
50
*32%
28
28%
28
28
28%
*45%
32%
50%
50%
51
32%
*31
800
70
16,900
300
jstand Gas
12,800
100
16,300
50.84
*
32%
200
9%
10
36
36%
*19%
*28%
*10%
*28
30
*10
11%
187g
62
*60
*122
22,000
1,000
100
125
10
36.
27%
19%
27%
9
9
7%
7%
7%
*7%
8
8
44%
*42%
47g
*4%
5
6
6
45
45%
6
97g
8%
8%
46
317g
*9%
29%
29%
11%
19'
*7%
*42%
478
*57g
5%
31%
*20%
9
9%
7%
678
*20
19
277s
9%
978'
35%
5%
44%
46%
*10
*7%
*42%
*434
57«'
46
5%
5%
31%
31%
9%
.
5%
9%
83,
8%
9%
97g
938
9%
35%
35%
3
3
32
*20
20%
20%
*29%
30
11%
*10
1134
2934
1134
29'4
*10%
2978
*10%
1934
19%
197g
2734
9%
2734
19%
*2734
9
27%
9%
9%
9%
7%
*7%
*42%
7%
77g
44%
7%
734
7%
47g
46%
47g
534
46%
5%
5%
19%
27%
9%
7%
77„
44%
5
6%
32
19%
27%
32
.
*434
578
47%
5%
46%
5%
32
32%
934
8%
*4<%
534
4678
5%
9%
834
.
3,700
7,000
300
13,200
1,900
20%
*18%
19%
*18'2
1934
*18%'
1934
*18%
1934
*18%
1934
59
*56'%
4%
58%
*56%
*56%
59
*4
59
4%
*5638
*4
59
4%
*56%
*4
58%
4%
*37%
45
*37%
4%
447g
4%
*47%
4478
*37%
4478
*37%
43g
4%
19
*18,
20%
20'2
20%
4
4
*37%,
*4%
4%
*18%
20%
*1%
1%
4
*3%
25
25%
3%
3%
*13%
14%
13%
*94%
16%
95%
49%
49%
4%
19
*1%
3%
25
3%
*13%
13%
4%
43g
19
1%
3%
25
33g
14%
19
*19%
134
1%
*3%
334
*2434
2534
*3%
*1334
3%
143,1
4%
1%
*3%
25
1%
334
25%
25
3%
3
3%
*13%
14%
*13%
334
„
45g
"1*900
20%
4%
210
July 25
13%
13%
"7,666
94%
94%
,17%
4934
4934
600
*17 %
2,800
Tlmken
1,800
13%
133g
95%
95%
17
17
17
49
49%
49%
6%
7%
7
49%
634
49%
7
7
634
7
9%
9
9%
9%
9%
67g
9'g
634
9
9%
9%
*87
97%
4%
4%
*12
*87
434
90
4%
87
4%
87
47g
14%
*12
15
23%
23%
*32
23%
*32%
23%
23%
2378
34
33
33
34
*3%
3%
29%
11%
4%
*25»2
11%
*3%
*60
62
3%
26
3%
26
*1234
3%
27
11%
*334
11%
11%
4%
37g
62
62
63
la
3%
27
'
9%
9%
400
3%
3%
3,400
Trl-Continental Corp..No par
4%
*12
23%
*33%
*3%
*26%
87
4%
15
*4%
87
4%
*123g
23%
34
1434
23%
23%
33
33%
11%
37g
10%
11%
*37g
43g
63
6234
6234
3%
3%
26%
3%
27
267g
87
87
4%
*12
23%
43g
1434
233ft
34
*33-
3%
3%
27
27
500
2,400
"
4J 00
500
1034
2,000
4%
4%
200
64
64
633.1
600
18%
1834
1834
877g
187g
19%
19%
19%
Xl9%
94%
94
94
95
96
96
9534
84%
84
84
84
84
2134
947g
8434
2134
6334
113s
8834
19%
96
2138
1,100
37%
38%
38%
27,300
11%
1134
11
11%
1034
11
Vl078
8534
87
86%
87%
88
88
94%
84
95%
84%
22
22
37%
38%
*21
3778
11%
1634
22
387g
19
*21'2
3834
1134
12
11%
12
12%
12%
*16%
17%
*16%
1634
*16%
17%
*113% 118% *113% 118% *113% 117
*113%
62%
62%
63
63
61%
62
60%
15%
15%
*1534
16
*1584
16
16%
22
21%
39%
38%
393g
*83%
1078
88I4
96%
84%
21%
21%
39%
12%
123s
12%
12%
12%
16%
16%
163i
17%
16%
117
*113% 117
*113% 117
60
61
60
61
60%
16%
Bid and asked prices: no sales on this day,
107g
*16
167g
16
16
1 In receivership,
a
77
par
No par
10% Oct
12% Nov
Mar 30
44
1
Preferred
6
Mar 25
13% Nov
Twin Coach Co
Ulen & Co
No par
Under Elliott Fisher Co No par
Union Bag <fc Pap new. .No par
Union Carbide & Carb .No par
2,100
Union Pacific
400
Def. delivery,
Mar 31
17% Mar 31
55% Mar 31
100
5934 Apr 20
No par
United Aircraft Corp
5
Un Air Lines Transport
United Biscuit—
No par
United Carr Fast Corp .No par
r
Cash sale.
20
Mar 30
19% Mar 30
*
5
Mar 30
14
5
No pa
100
United Carbon
New stock,
Mar 31
7% Mar 30
57
25
4% preferred
Union Tank Car
n
41
100
Union Oil of California
Preferred
"2". 200
1% Mar 26
Sept 14
1003s Jan 20
9
6% Jan 10
15% Nov 16
16
Twin City Rap Trans.-No par
8,200
4,000
500
Nov
100
No par
6,000
7,300
28
31
29
25
29
91
Mar
Mar
Mar
Mar
Mar
...10
$1.50 preferred
500
June 27
47g July
3%
5%
16%
25%
258
20th Cen Fox Film Corp No par
200
10%
11%
No
Truax Traer Coal
400
4;
11
$6 preferred..
Truscon Steel.
*4
10%
1234 Jan
1
2% Mar 30
TranBue & Williams St'l No par
3%
88
65% Nov
8
Mar 30
6% Dec
Jan
1584
Jan
41
Dec
67%
Feb
4
Oct
5%
3434
Oct
8% Jan
15% Mar
Oct
65%
2
,
Oct
2334
Oct
5%
Oct
Apr
9% Mar
44
16%
15%
Mar
Jan
Jan
5% Oct
15% Nov
18% Dec
48
Feb
Oct
64
Jan
Oct
1334 Mar
55
3%
55
2%
,36
1%
Nov
Oct
Sept
Oct
4
Dec
10
Oct
64% Mar
93%'
13%
40
Jan
Feb
Sept
8% Jan
15% Mar
2878
1%
Oct
10%
6%
4084
Dec
31% Mar 30
Jan
17%
6%
13%
9
9
12
21
12
19
2384
Oct
Dec
4%
72
July 13
19% Nov
47s Apr
9%
Jan
1584 July 25
4
9%
Jan
98
Mar 31
3
2
3%
397g
Oct
Oct
Transcont'l & West Air Inc. .6
9%
*86
Mar 31
2,600
3%
86
*83»4
Transamerlca Corp
47% Mar
17% Dec
10% Mdr 29
.10
3'2
11%
*84
—
784 Mar
Oct
77% Apr 29
.No par
Detroit Axle
*9%
85%
18%
18%
10,500
$4,50 conv pref
Mar 24
1
Tlmken Roller Bearing.No par
13%
95
3%
5% July 25
4
17
10
278 Apr 13
Apr 12
238 Mar 31
19
13%
3%
25% Oct 28
6034 Oct 26
578 July 13
56
Jan 13
1% Mar 28
534 Mar 30
95
*9
Mar 30
$3.50 cum preferred-No par
Tide Water Associated OJ1..10
16%
3%
12% Aug 6
11% Feb 10
July 22
26
1,100
13%
10
1
3
95%
3%
Oct
9
July 25
16%
48%
*9
578 Dec 31
38
2878 Nov
13%
3%
6
8% Mar 28
95
10
3%
Jan 11
49% Aug
3% Mar 30
14%
Oct
484
..25
*13%
1%
8
Oct
Oct
Thompson Prods Inc.-No par
Thompson-Starrett Co.No par
3
3%
14%
Oct
Jan
Jan
20% July
61% Feb
22%
Thompson (J R)
100
125
1
oct 15
1,000
Third Avenue Ry
77%
44% Dec
Jan
28% Mar
337g Mar
1,000
800
Feb
20%
4
1%
Jan
20
Oct
Oct
Mar 31
15
10
17%
33%
3
Oct
26
1%
16%
4834
/
Mar 30
35
1
preferred
Jan
Feb
784
*3%
13%
9%
Mar 30
53%June 23
..
75
21
5% Oct
6% Dec
6% Oct
15%
25%
'
2584
95%
*95
par
42
9
15
par
Co
conv
Feb
Jan
Nov 10
13
The Fair..----.-—...No par
Preferred
100
$3 div
'50
18
8
7
Pacific Ry Co.-.100
Thermold
Feb
Oct
1834 Nov 10
2% Jan 13
5% July 19
20
9%
.
9%
*9%
700
4%
4
684 Mar 31
No
50
9
Jan 11
Oct 17
49% Nov 10
5%June 29
26
par
Oil—.10'
Land Trust.-.1
No
Jan
27% Dec
26% Oct
30% May
Aug
8%
9%
258 Mar 29
Mfg.—i
4
9
10% Nov
Texas Gulf Produc'g Co No par
$3.60 conv pref
72%
118
2984
Mar 31
Apr
Jan 13
15% Aug
32% Mar 30
Thatcher
4478
16%
48%
13%
16%
6%
*
*4
1%
1%
334
20%
Jan
Oct
Oct 21
21
Mar 30
....25
&
7
14% Mar
Dec
%
43% Oct 28
4% Aug 1
23% Nov 12
32
July 20
378 Mar 30
Texas
65
14% Mar 10
128
8
4% Mar 31
500
32% Mar
Oct
14
1
Oct 21
65% Dec 31
6
No
Oct
Jan 13
9%
6
Pacific
21
19%
21
60
Texas
20
20
11
Mar 29
34
Texas Gulf Sulphur..
*56%
19
5
Texas Pacific Coal &
*19
19
9
1,800
5
July
17% Nov
22% Mar 30
434 Mar 30
378May 27
^1
3,200
-
July
12% Dec 30
134 Mar 26
Without warrants
Texas Corp (The)
2%
10
6% Jan 12
11% Jan 12
Dec
Mar 29
6%June 13
Symington-Gould Corp w w.l
Tennessee Corp
Dec
Jan
Oct
Oct
2%
63%
15
,
5H% preferred
Telautograph Corp
Jan
107%
123g
71% Nov 16
Talcott Inc (James)
2,000
16%
Oct
Dec
834 Mar 31
J1778 Mar 30
Swift International Ltd
2,100
*19
.
25
Swift & Co
9%
*19%
*18%
-
300
------1
100
Sutherland Paper Co
10
Sweets Co of Amer (The)-.50
Superior Steel
S34
*9%
834
"e^oo
32%
32
32%
9%
834
8%
*42%
44%
5
57g
47%
5%
*42%
6
2778
9%
778
734
44%
5
6
47%
5%
*7%
77g
*7%
Superheater Co (The) ..No par
Superior Oil
300
483s Mar
Oct
Mar
8% Dec 17
17% Mar 31
10
300
Nov
7%
Mar
119% Feb
100
1,800
16
101
48
45
par
8,000
Apr
76
June 17
297g
11%
1934
20
20%
No
Feb
95%
43
5
20
3.
21
29%
1-
6% preferred-
2834
Nov
8%
3% Jan 10
Jan
Jan
Dec
49
70% July 18
31
July 25
9% Jan 10
107% Feb
Jan
Dec
6% Mar 29
3% Mat 30
3
35%
27g
35%
3
343,i
3
9%
8%
10
36
•
Sunshine Mining Co
50
Nov
May 28
Studebaker Corp (The)____.l
Sun Oil
Dec
19%
6
7,200
39
Jan
Aug
50% Nov 14
68% July 25
49
9%
35%
'
9%
35
34% Nov 14
8
Apr
5
Stokely Bros & Co Inc
1
Stone & Webster
No par
35,300
2384
Jan
Feb
Mar 31
10
8,900
*27%
19
*27%
S-.No par
Sterling Products Inc
8%
3
187g
25
16%
3
1878
Starrett Co (The) L
Oct
Dec
36
17% Mar 29
Standard Oil of Kansas.—10
Standard Oil of N J
10
10
35%
25
9%
31.
5%
Mar 14
-
77% Mar
Oct
Dec
19% Dec
1%
4% July 25
July 19
Mar 30
Standard Oil of iDdlana
8%
63
Oct
3478 July 25
5%
167g
123
35%
200
8%
122
Jan 21
46
1
16%
*60
Oct
28
5'2
1634
60%
1%
Dec 20
Mar 31
538
125
65% Jan
1178 Mar
9
4
Oct
Mar 29
578
16%
8%
61
60
60% Mar
4
%
25%
2434
32%
3934
5%
157g
*123
43% Mar
Oct
13
Stewart-Warner
125
Oct
10% Sept 14
-No par
Oct
Dec
$7 cum prior pref—No par
_
Jan
17
82% Jan
6538 Mar
15
$6 cum prior pref—No par
Standard Oil of Calif
Jan
Oct
27
Stand Investing Corp..No par
14,700
Feb
155
Oct
40% Nov 10
6,900
19%
24%
%
28%
28%
50%
2.200
*60*2
Mar 31
2
4% Mar 30
June
63s
42%
3384 Dec 29
23
•
978
l%June 13
No par
No par
& El Co
$4 preferred
Mar 18
94
115
1784
12% Mar 31
6% Mar 31
$4.60preferred
Jan
Oct
130
July
48%May 26
1,000
600
Mar
Oct
20%
Jan 10
Novl2
par
preferred .No
3,300
*123
28
Mar
23% Aug
Oct
No par
Conv $4.50
197
120
Mar
1%
157g Dec 29
717g
61"
13
110
16%
6% Mar 31
11*4
5%
1634
83g
125
Jan 10
II4% Nov 29
3% Jan 13
-.2
9, SCO
5%
Feb
45% Dec 30
71 •%
.
2934
Mar 30
11%
8%
Feb
Oct
934
17% Nov
717g
16%
40%
49% Dec 15
11%
8
Dec
24
71%
8%
10
19% Dec 27
15% Mar 30
734 Mar 31
17,500
1,500
*31
54%
11
Square D Co class B
Feb
Oct
Mar 26
Standard Brands
102%
June
Mar 25
320
«
15,700
Oct
60% Apr
13
2
Spiegel Inc.._
Apr
4%
26
96
4
29
Mar
67,
_
Sparks Wlthlngton
No par
1
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
...No par
$3 conv preferred A..No par
Feb
1778 Mar
58
Npv
Nov
Mar 30
11%
*5%
6
16%
3
2% Sept 27
100
preferred
4%
50
2%
1534
26%
29
1st
717g
7%
36%
8% Mar 30
17%June 17
,10%
2778
277g
*45%
28%
*45%
50%
50%
32%
50%
28%
6% Mar 30
-.100
No par
t Stand Comm Tobacco
1
*%
*%
*%
28
17%
22% Jan 12
23% Dec 30
No par
5% preferred
3484
.10538
88
Aug
25-
9% Mar 31
Feb
Feb
Oct
Oct
Nov
Dec
Dec
5%
141
4
Jan
19% Mar 31
1134
15%
61
6934
27%
277S
277g
35,400
147g
69%
27%
7
101%
2%
6%
128
25
71%
7%
*123
27%
1034Mar31
Apr 14
1% Mar 29
15% Dec 13
111
100
11%
5%
62%
*69
_
838 Mar 29
Jan
Feb
44
Nov
91
7
19% Aug 26
15
Nov 23
Mar31
10
Feb
17%
24% Dec
147s Nov
Spear & Co
1,000
45
.
24
_
14
65
Oct
Oct 13
105
Apr
6%
Oct 13
122
May
13
Oct
384
Nov 10
98
Mar 28
45
91
No par
Smith (A O) Corp
10
8mlth <fc Cor Typewr--.No par
Snider Packing Corp
No par
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5H% pf-100
South Am Gold <fe Platinum .1
So Porto Rico Sugar
No par
8% preferred
-.100
$6 preferred
Spalding (A G) & Bros.No par
16%
15%
*84
Mar
Dec
44
9% Jan 11
35% Nov 9
3% Jan 17
24% Nov 12
3434 Jan 10
Mar 30
Apr 5
Mar 30
Mar 31
Apr 1
12%
2%
1478
18%
25
6% preferred
.100
Sloss Sheffield Steel <fc Iroq. 100
Southern Calif Edison
106% Oct
434 Mar 31
Skelly Oil Co....
200
46%
45
*44
•
20
Mar 30
Mobile & Ohio stktrctfs 100
8
45%
46%
45%
4534
16%
5
20% sxyi
Apr
42% Mar
120
Dec
60
9% Nov 12
49% Nov 12
12% Nov 16
283s Oct 14
183g July 20
Mar
71%
16%
123
13%
45%
Aug 11
10
11%
7%
62%
15%
*44
45%
Mar 30
634 Mar 12
Slmonds Saw & Steel. .No par
Southern Ry
21
*20
21
*20
22
*20
834
*77g
8
*8%
8%
22
3
36
Feb
34
~
15
Jan
Jan
54% Apr
11% Mar
98% Aug
Oct
3% Oct
4934 Nov
1234 Dec
70% Nov 18
93
70»2
5%
123
43%
-
'
Simms Petroleum
23
Oct
Feb
Feb
Jan
2%
8%
Oct
1%
16
July 19
Nov 12
18
Mar 26
10
....No par
---10
Simmons Co
11,400
9,100
3%
3%
*7%
3%
3%
3%
80% Oct 13
100
11%
15%
•
*8
*20
*3
3%
Mar 30
45%
...
%"
3
July 22
45% Mar 31
Mines. .5
Silver King Coalition
7g Jan
3
3%
23%
Oct
%
3% Oct
34% Nov
27% Feb 25
5% Jan 14
No par
preferred
11%
11%
*5%
11%
3
69
69%
69
69%
6934
28
27%
27%
27% *27
7,
678
67g
678
7
7
100
100% *100% 101% *100% 101% *100% 101% *100%
2%
2%
2%
*2
2%
2%
2%
2%
2%
4%
3%
37g
3%
3%
37g
3%
3%
10
9%
10%
934
9%
9%
9%
9%
8%
19
♦17
18%
19%
17%
18
18%
18%
18%
23
23
24%
24%
23%
22%
23%
21% 23
*66%
178
3%
3%
8%
5 H % con v
98% Mar
l%Nov 26
9% Mar 30
share
5134 Mar
Dec
10% Nov 25
47
Co .No par
Shell Union Oil
29,200
38
*3584
•
3%
3%
*3%
*7%
No par
Co—No par
1
Sharon Steel Corp
No par
$5 conv pref
——-No par
Sharpe & Dohme
No par
$3.50 conv pref ser A.No par
Shattuck (Frank G) —No par
per
Dec
~
71
% Jan
1% Mar 29
15% Mar""
234 Dec
Servel Inc
i
22
607, Oct 6
H384 Dec 23
..
Highest
share
6
Mar 30
112% Dec
Sears Roebuck &.
Southern Pacific Co
3%
*3
No par
No par
JSeaboard Air Line
No par
4-2% preferred.
100
Seaboard Oil Co of Del .No par
Sheaffer (W A) Pen
85
34a4 Mar 28
3
per
Feb 23
27% Jan
June 14
%Sept
1
$
$ per share
share
13*4 Sept 27
per
62
100
8% preferred
Scott Paper Co
$4.50 preferred--
41
*37%
37
37
38,
29%
8%
.
2034
30%
20%
29%
41
.
28%
*37%
41
*3
3%
35%
29%
*37
41
20
207g
29
20%
29%
1934
28%
5
100
5H% preferred
JSchulte Retail Stores
400
57g
3034
*234
57g
31%
534
95%
90"
101
1,300
2,900
3
25%
300
32%
*31
32%
1334
21%
25%
*20%
300
1334
14
137g
107 7s
1077g *105
*31%
*105
534
31
*234
25%
11
106
534
30%
.
48%
14
137g
5%
30%
5%
2%
30%
278
5%
49
1,000
6%
48%
11%
6%
*4784
31
31
6%
6%
6%
*67
69
*67
48
6%
gcbenley Distillers Corp
Seagrave Corp
19%
48
106
2,300
17%
6%
32%
14%
71«4
600
19%
47%
106
~6~,6(K)
2%
21%
*27«
17
6%
106
1,500
19%
69
687g
68
50
34
2%
22
,
3%
717g
%
717g
71%
1,400
46
46
114% 114%
19%
68
6
4,300
1
17%
47%
*30%
13%
6
278
72%
72
30%
30%
14%
13% *13%
*10512 106
106
*105
1,300
13,500
934
%
7%
72%
17%
19%
4,800
$
Lowest
Highest
Lowest
Par
Shares
jl%
71%
%
69
11
share
16
7%
*4534
32%
♦30U
13%
72
,72
ver
10
7i.
6%
47%
11
11
72
$
16
72
7%
*68
6%
6%
*48
1534
16%
16%
72
*71
72
$ per share
$ per share
16%
15%
6%
*47%
69
♦67
v.
$ per share
the
Week
84
84
%
%
*7
7%
V%
7%
7%
4638
46%
46%
46%
46%
46%
114% 114% *113% 11434 *11334 11434 *113% 114%
*%
h
*%
34
%
%
%
%
*2
2
2
2%
2
2%
21
21
21
21%
21%
21%
21
21
*27g
3%
*27g
3%
3%
*2%
*27g
3%
%
7%
46%
'<
6&S
15%
Friday
Jan. 20
Previous
Year 1937
EXCHANGE
Jan. 19
18
Jan.
Range for
Year 1938
100-Share Lots
or
On Basis of
NEW YORK STOCK
or
Thursday
Wednesday
Tuesday
Jan.'17
Monday
Saturday
Range
STOCKS
Sales
NOT PER CENT
SALE PRICES—PER"SHARE^
HIGH
1939
21,
Jan.
New York Stock Record—Continued—Page s
404
Feb
Jan
Jan.
Oct
21% Feb
98% Aug
2878 Feb
36
Oct
79
Feb
10
Oct
17
Aug
4
Oct
22%
Jan
5%
Oct
273g
Jan
3%
Dec
11% Mar
884
82
4%
7
18%
Dec
Oct
109%
Jan
12
Mar
Dec
26% Mar
Oct
407g Mar
28% Nov 12
38
July 19
6
Jan 13
25
Jan 11
39
Dec
94
Jan
9
7
Oct
25
Mar
Oct 27
6
70% Nov 25
15% Aug
6
907g Nov 10
22% July 21
99% Nov 10
83% Nov 10
23% Jan 12
43% Dec 19
234
Nov
Oct
50
17%
67g
1% Oct
46% Nov
100%
87g Dec
61% Nov
111
17%
Oct
80
Nov
78
Oct
22
Nov
1034
Oct
Mar
Jan
Jan
Jan
18% Sept
28%
Feb
Feb
148»4 Mar
9984
Jan
31% Feb
35% Mar
Oct
24%
Jan
Nov 14
15
Oct
118% Aug 19
110
Oct
30%
117»4
Jan
Feb
1334 Nov 12
20
53s
Jan
4
73% Nov 10
3684
Dec
91
Feb
12*4 Apr
1
20*4 Nov 10
17% Dec
35
Mar
39
Ex-dlv.
»Ex-rlghts.
TCalled for redemption.
r
New York Stock
Volume 148
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Concluded—Page 10
CENT
Sales
STOCKS
NEW
for
Saturday
Jan,
Monday
14
Jan.
$ per share
3
33%
5is
*7%
.*60%
534
*31%
65%
113s
*112
8
*6%
*9%
'
*85
Tuesuay
16
Jan.
$ per share
3%
34%
5%
34
8
*7
3%
3%
35%
5%
35
5%
7%
5%
7%
3%
35%
65%
6%
33
33
33
33
673g
67
6738
12%
67
67%
11%
117S
1134
115
*112% 115
*112%
8%
8% *
8%
8%
*6
7
10
7
934
*6
9%
*85
934
85
86
*%
7
7
♦7*
9%
9%
*9%
106
176
*6%
7%
33%
176
7
7
33%
2234
*5.
9%
*5812
9%
70'
42
42i2
5%
*9%
*58%
42%
96%
59%
66
97
9734
59l2
42%
5%
457g
97%
5
46
66
*59
•
6414
65%
116% 11634
35i2 3534
'
60
66
66
64%
3%
3634
5%
7%
175
7%
7%
175
*6%
*30%
34
23%
*22%
5%
23%
5%
9%
5%
9%
43
43%
61%
4334
4334
5%
99%
58%
57%
58
57%
59
*57
66
66
66
65%
66
66
•99
64%
64%
117%
3534
3534
3534
44
44
44%
44%
64
65%
118
35
45
*44
«
66
*44%
3%
3%
*314
3%
8%
3%
*734
3%
*7%
8
*734
8
2is
2%
2%
*2
2%
45
3%
7%
2%
52
52
*50
54
*50
54
*50
52
14
*1234
14
*1234
14
*1234
14
*12 34
14%
*81
83
*81
82
81
81
*80
82
*80
82
160% 160% *160
161
*160
161
*160
161
70
*65
*44%
70
*159
160%
*62
70
65
27l2
39%
2234
*4
*113% 114%
*2
2%
"22%
*7
11
*7
*115
*68
*2
122
76
*118
1%
2%
*134
*6%
*17%
87%
7%
*118
1%
2%
2%
6%
18
•
7%
2
658
*118
"T%
1%
2%
*134
*2%
134
*6%
6%
2%
*134
*6%
18
18
18
8%
48
48
*48
49%
20
*1934
*123,4
20
*48%
*1934
49%
*1934
*1234
14
*12
*2%
1334
2%
37
37
2
*37
41%
3%
*9%
*3%
*27%
2158
30
*278
*1
27%
*71%
*92%
104
94%
2%
*37
39
6
*37
3%
.
35g
**334
9%
28%
*26
2158
9%
28%
2234
*22
29%
*2%
3034
3%
75
94
104%
9434
2434
4
*3%
*6
7%
' 34
*6
•24
—
2734
75
•
28
*
2734
113
111
*135
137
*79%
92
*79%
*54
58
*54
58
*55
*11%
14
*11%
14
*11%
*18%
19
1%
1734
3%
2%
4%
4%
*44%
*10534
235g
49%
1934
*62
3%
21
31%
*34
193s
*106
1%
19%
3%
50
83
28
1878
19%
*3%
3%
58
1,800
1%
1,200
19%
19%
400
3%
3%
3%
3%
2,000
2%
5%
4%
3
67,500
534
14,400
434
3,500
48%
400
4%
*47
48%
107
107
24
24
49%
50
20%
21%
*65%
*47
30
*10712
24
24
4978
21%
50%
21%
*65%
1,600
13,900
2,500
...
40
78
78
78
1,000
*30%
31
600
*19%
3%
*, Bid and asked
37%
78%
31%
19%
19%
19%
19%
*106% 109
*106% 109
1834
1834
1934
*18%
49%
*81%
50%
50%
51
85
*82
28
28
28
28
28
19%
3%
1934
1934
19%
*33g
3%
19%
3%
prices; no sales
on
3%
85%
this day.
*60
*34
*76%
30%
19%
109
18%
50%
*82
28
*19%
3%
65
37%
30%
*60
65
*34%
10
37%
19%
20%
20%
109% *106% 109%
19
19%
19%
17,900
50
18,400
51%
86%
28
1934
3%
3%
t In receivership,
a
Mar 25
3
16% Mar 31
1584 Mar 31
6184 Mar 31
Aug
6
4% July 15
1634 July 15
8
Dec
4% Oct 15
1% Jan 28
39
July 30
82% July 29
20
14% Dec
4%
Jan 10
2%
9
Jan 10
5%
Oct
1
Oct
Nov 10
21
Oct 14,
Oct 24
39
Dec 14
Mar 31
20% July 25
Mar 31
31% Dec 30
Marl9
Mar 19
60
1%
22%
Oct
Oct
Dec
Oct
1734
87% Nov
113
1034
Oct
Oct
31% Nov
1034 Oct
21% Dec
70
Dec
4
90
3234 Nov 12
19
Oct
4
75
Nov
Nov 12
55
Dec
90
•
Jan
Jan
Dec
1034 Dec 27
15% July 19
M%
Oct
15% July 25
6
Oct
11
Jan 21
8%
3
Jan 22
1%
—5
6%Mar31
Sept 28
1% Mar 31
834 Mar 31
1% Mar 30
1
10
l%June16
3%
Oct 26
2
Dec
3%June 16
6%
Jan 10
4%
5% July 19
60% Jan 21
4%
Dec
Oct
49'%
Dec
1
White Motor Co..,.,..
'
6
No par
$4 conv preferred
Wilcox Oil & Gas—
Willys-Overland Motors
6% conv preferred-
3
Mar 24
100
32
Mar 30
WlsconslnElec .Power 6%pf 100
103
Oct 25
No par
16 preferred
10
10% Mar 29
10
36
Worthlngton P&M(Del)No par
Preferred A 7%
100
42
Woodward Iron Co
—
Woolworth (F W) Co
Jan
3
11% Mar 29
Mar
9
70% Oct 27
27
Mar 28
—100
Prior pref 4
% series
10
Prior pf4M% convserles-10
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
28% Mar 30
Yale <fc Towne Mfg Co
20«4
preferred B
55% Mar 30
.
1...
Cash sale.
7
27% Nov 14
5384 Nov 9
Jan
3
Mar 30
24
Mar 30
62% Mar 31
11% Mar 29
9
234
1
*
1«4
Oct
Oct
Oct
Oct
27% Nov
9
10% Dec
34
12
Dec
Oct
72% July 19
75% Nov 14
48% Nov 16
54%
Oct
40
Oct
34
Dec
65% Nov
3984
Dec
9
121% Dec 29
39
9% Mar 31
6
11
IO684 Dec
Jan 31
8%
Oct 19
3% Aug
78
71
100
Preferred.
2484
61% Mar 31
25
Yellow Truck & Coach cl B..1
r
73% Nov
26% Dec 29
61
New stock,
Oct
July
Oct
2
May 27
n
1
Oct
Nov 22
119% Nov
42
Zonlte Products Corp..
Def. delivery,
2%
23%
117% Oct
110% Apr
$5 conv prior pref...No par
1,100
200
Oct
Oct
Oct
Oct
126
95
1,600
1,100
51
16
11%
20
Oct
20
Young Spring & Wire..No par
Youngstown S <fc T
No par
5H% preferred
-.100
Youngst'wn Steel Door.No par
Zenith Radio Corp
No par
800
Oct
76
Mar 29
6%
Dec
Nov
88
75
Wilson & Co Inc
9
84
144
14% Mar 26
2%
3
Jan
60
Wheeling Steel Corp...No par
33
Oct
103% Dec 13
9784 Jan 3
102%
9% Mar 30
31% Mar 28
100
7%
9
Mar 31
103
No par
3%
19%
6
2% Mar 31
6% preferred....
8634
28
20
-
*82%
27%
Jan
1234May 31
100
White Sewing Mach...No par
1%
100
65
111%
...100
Western Auto Supply Co—10
White Rock Mln Spr Co No par
1%;
20 j
*19
8
Mar 31
116
6% preferred..
Maryland...
Apr
Apr 1
82%May 28
74
Mar 29
7% preferred....—... 100
6% preferred....------100
West Penn Power 7% pref. 100
500
52
85%
71
70
$4 conv preferred
White Dent'l Mfg (The S S) 20
14
112
4934
No par
West Penn El class A..No par
~
•
*46
27%
45
Preferred-*——..*---100
*108
19%
1% Mar 26
«4 Sept 1
25% Mar 31
92
53
*82
83
28
1,900
114
19%
.50%
1
No par
Wells Fargo & Co....
Apr 12
*46
109
6% Dec 16
16% Mar 31
65
*109
19%
Mar 31
Wesson Oil <fe Snowdrift No par
5H % conv preferred
53
*1834
Mar 26
134 Mar 31
5
5% conv preferred......
Wheel & L E Ry Co... —.100
112
*106
20
600
65
*48
19
51%
Oct
J3.85 conv pref.....No par
J Warren Bros........No par
J3 convertible pref ..No par
90
*108
*30
Dec
484
31%
*77
53
30%
Oct
26%
July 19
.10
112
30%
2
July 20
8
Westvaco Chlor Prod..No par
*34
31
Julyl6
51
""800
110
31
4
Mar 31
334 Mar 26
21%
21%
31%
*49
78%
Mar 26
23
.5
Class A..
52
7834
1978
~
*
38%
78%
109
18%
20%
38
*49
30
30
1934
*37%
*33%
78
2
100
24%
29%
23%
28%
*110% 114
77%
No par
Class B
Warner Bros Pictures
July 22
July 20
Nov 9
85
77%
1,9% July 27
3%
34%
33%
124%
7
1%
*33%
Mar 26
4% 2d preferred..—-—.100
*65
38%
8
Ward Baking Co. cl. A.No par
Western
Oct
20% Dec 28
84 Dec 12
12%
5%
4%
49
Oct
Nov
3%
Oct
1734May 18
300
12%
3
40
Oct
17
Mar 31
30
par
.No par
1%
1%
*6%
5
110
32
(H)Good & W Ltd No
Preferred
Jan 11
12%
7%:
12%
2%
49
14
Walk
1%
28
*6%
65
Dec
% Mar 23
28
2834
92 i •*79%
57% *56
14
*1134
2%
2%
2%
2%
258
5
5
5
434
4%
4%
4%
4%
4%
4%
4%
46
*4434
46%
4612
45%
47%
47%
107
*10534110
*10534 108% *1053i 108
24
24%
235g
24%
24%
24%
24%
4934
49%
49%
493g
49%
49% 49%
21
21
21%
213g
20% 21
21%
*64%
*64%
*65%
"
7184
4% Mar 30
100
28%
2%
70
87% Dec 9
10% July 22
....No par
Western Pacific.
90
4%
*65
Oct
Mar 29
74
4H % Pref with warrants 100
Walworth Co..
7
300
65
2%
110
*77
38
21%
31%
4%
4%
75
0
*77
....
*53
31%
*
634
33s
1%
2,300
*%,
34
90
1%
3%
18
Weston Elec Instrum't.No par
12%
19
20% Jan 10
800
6-%
1734
1334june 10
20
*1134
1%
19
No par
20
14
1%
Walgreen Co
70
*37%
65
12
Dec
136
*1134
6-%
1%
6%
135
14
12%
8% July 25
137
*56
'
534 Mar 31
*135
58
634
Oct
No par
5,600
4,000
8,600
*54
6%
2%
114
58
12%
4
113
28%
92
12%
338 Feb
24%
29%
113%
23
23%
*79%
*6%
1% Dec
100
Western ynlon Telegraph. 100
Westlngh'se Air Brake.No par
Westinghouse El & Mfg....50
1st preferred
50
28%
*79%
7
35g
*1%
21
*28
12%
3%
1%
1934
31%,
12%
*17%
3%
*%
38
t
*6%
1%
Oct
2%
7%
*37%
;
2
100
3%
*6%
*19
21
92
Feb
2% Jan 11
4% July 23
1
"
25%
*3%
7
29%
"
12
2434
3%
*6%
■
„
25%
26
*3%
34
*77~
*79%
11734
Mar 21
1% Mar 23
Webster Elsenlohr
3%
7%
29
28-%
116% July 19
100
100
100
300
23
27%
—100
Oct 13
112
65
Dec
Nov 10
23%
2938
32
Oct
Dec
50
25
2234
•28%
90
8
113
77% Deo 15
119% Oct 26
31
26
Oct
1584 Jan 11
120% Feb 26
348s Nov 10
100
Oct
Dec
Mar 30
>80
~2%"
18%
3
Mar 30
480
Oct
3534 Nov
Sept
66
Jan 20
4%
11
330
Oct
Oct
June
17
280
Oct
9%
14%
105
1
10934 11134
,
Mar 31
Oct
Oct
%
16
2
5
13g
*77"
-.100
Mar 29
37
Jan 21
Wayne Pump Co
*•%
*13s
*31%
5% Mar 26
100
Jan 21
Waukesha Motor Co..
34
*■
1% Apr 13
5%
116% Nov
700
*•%
%%
90
Mar 30
900
*6%
75'J
*77
105
Nov
,
25% Dec 31
32%
200
*3%
26'
•21
100
31
73s
*2034
13% Sept 28
234 Mar 29
1534 Mar 30
5
Chem.—.2Vo par
Nov
22
3%
137%
1934
1934
*37% ,38
Oct 21
8
June
Dec
Nov
97
Nov
Nov 12
28
*6%
137
97
5
984
Jan 10
Oct 20
31
*3%
'
11% Mar 31
14% Mar 31
1%
2884
28%
36%
22
24%
*1%
.
Mar 26
Oct
46
29
Dec
28
7%
26
135
83
3034
4
.
159% Dec 15
22
10
"i""6ct
47
%June22
100
Detinning.r
"2% "Oct
Dec 13
22
2,100
48% Nov
Oct
86
2
Dec
3034
27%
*72%
Dec
100%
Mar 31
16
jl
1
1%
2734
Dec
52% Nov
Nov 12
May 11
27% Mar 30
100
....
7% preferred
3
3
*1
27%
28%
92
1%
*27%
43%
58
15
Jan 22
500
2", loo
Oct
Waldorf System..
"o'ooo
42%
334
12%
9%
Oct
20
52
Feb
57
300
2%
Oct
3%
3
No par
—.
Oct
Oct
Oct
24
.
7%June13
37
31
*21%
*30%
h
1%
23%
90
28%
3% July 25
Dec 23
42
40
3%
47% Sept 9
534 July 21
10% July 29
1% Mar 26
par
5% preferred A
5% preferred B...
5,500
*9%
♦3%
71% Nov 12
1st preferred
No par
Warreh Fdy & Pipe—.No par
24%
.
1%
23
23%
29
29
29%
29%
110
110% 11134
111%
*137% 139
*137% 139,
*19
19%
19%
19%
*37%
38
*37%; 38
21
21
*20% 21
3134 31?4
*30% 32
*77
88%
8%
*37
5
22
28%
22
30%
*3%
No
$ Wabash Railway..:
200
42%
3%
12%
9%
2834
70% Mar
7% Nov 29
3
5% preferred
100
Virginia Ry Co 6% pref--.100
700
13
3%
56% Nov
109% Nov 21
72»4 Oct 13
113
20
13
*9%
July 25
June 19
500
1334
*37
7
30% Mar 30
Vulcan
1,300
6
Dec
Nov 12
49% Oct 13
40
100
3%
12%
9%
pref A
6% preferred..
1,000
534
65
71
Victor Chem Works.
20
18'
*2%
Dec
Oct 10
Virginia Iron Coal & Coke. 100
2%
6%
*35
Deo
June 20
25
Va-Carollna
400
6
Mar 31
154% Nov
684
36
20
20
2%
3
38
Va El & Pow 16 pref...No par
48%
39
Jan
Mar 31
Oct
Nov
29%
16%
334
6%
121
140
20
534
45%
9% Mar
Oct
53
35% Jan 12
30% Nov 14
7% Oct 11
13% Nov 16
29% Mar 30
40
Apr 25
7% 1st pref
1,600
48%
*2%
Mar 31
2684 Apr
Feb
Oct
10% July 19
•
9134May 31
Vlck Chemical Co..
2,100
20
*35
Mar 29
2:4434 Mar 31
Vanadium eorp of Am.No par
Van Itaalte Co Inc
5
"2,700
*13
.
June 20
100
Preferred...
*85
8%
4
Vlcksb'g Shrev & Pac Ry ColOO
8%
88
5%
Nov
x55
"
xi4
18
12% Nov 10
173
134
30
2%
*6%
438
2H4
109
Dec 28
July
5
Oct 19
Oct 13
25% Aug 26
57% Nov 12
86% Nov 15
38
Oct
58%
2184
Dec
7%
68
Oct
Oct
Dec
12% Dec
34% Nov
70
Oct
31% Dec 30
Mar 31
2584 July
7
1%
Dec
3
584 Mar
7
2%
Oct
Jan
Ex-dlv.
v Ex-rights.
Jan
Jan
Mar
106%
Nov
84
9% July 23
9
21
No par
70
Jan 18
No par
Vadsco Sales
*118
1%
1%
Nov
13% Mar 31
3% Mar 30
5% Mar 26
Oct
5% Dec
8734 Dec 13
115
8% preferred....
100
Universal Pictures 1st pref. 100
75%
*2%
*134
Nov 10
Mar 31
48
100
2%
*6%
12%
*114
122'
1%
2%
134
6%
18
1
May 6
% Dec 28
24
Dec
"3% "Oct
8% Oct 27
13
3% Mar 26
534 Mar 30
No par
200
115
*70
conv
Nov 22
Oct
6%
2%
10% Aug 20
162% Mar 28
4% Mar 29
100
Universal Leaf Tob
"3" 700
*2
76
Jan
Mar 26
55
r50
Corp...
Preferred
3
3
3
*2% *' 3%
1
*1
*1
1%
1%
•27%
27%
27%
27%
27%
74
74
75
*72%
7434
*72%
7434
*72%
7434
92
*92%
94
92%
92-%
91%
92%
91%
91%
91%
105
105
105
105
105
107
105% *102
105% *102
96
97
96
94
95%
95%
X94%
96%
94%
95%
122
*121
122
122
121
122
122
122
*121
122%
*116
116% 116%
115% 116
116% *115% 116% *116
116%
*3%
*._
29
22
122
$6
80
115
113%
21% Mar 30
278 Mar 31
7% pref
2,900
49
49
42%
29%
3%
1%
2734
27%
24%
*1%
22%
10
23%
4%
29
Oct
United Stockyards Corp
1
Conv pref (70c)
No par
United Stores class A ..No par
"""566
*1934
6
3%
;*9%
*3%
91
3
8
2%
40
*37
3%
*27
30
*1
1%
27%
122% 122%
116% 116%
*■%
2%
13%
*3%
88
8%
*35%
5%
45
3%
*10
14
*17%
*48%
49%
*1934 r;20
*12%
1334
6
*37
45.
33g
*9
14
88
8%
10
5%
6%
18
*85
87%
8%
6
2%
6%
18
87%
23«
7%
*118
1%
234
2%
8%
25g
*70%
~T%
87%
40
7%
*114
1%
*84%
8%
*2%
*35%
578
*4%
*28%
*2%
87%
8-
14
23
4%
30
116%
8
74%
*70%
*
Jan
101
114
Mar 14
Sept 17
Unlversal-Cyclops Steel Corp 1
30
34
29%
28%
32%
34
*20
23
*2
122
*116
74%
*118
134
234
2%
67s
18
2
*7%
7%
122
*70
.
234
*134
34
29%
28%
17
4% Apr
.10
Preferred
200
70
*62%
U S Steel
1,500
161
*160
23
,
114% 116% *115
23s
*114
7578
*1%
81%
80
4%
29%
4%
29
27%
27%
114% 114%
11
122
13%
82
Oct
100
U S Tobacco.
100
2%
9
.20
Preferred
110
52
*60
23
4
4
27%
114% 114%
*2
23g
*69
"22%
23
4
4%
28%
*115
h
*20
80
80
23
4
*27%
,
*
80
23
23%
4%
28
34
26
*20
26
2%
127g Nov 10
62
U S Smelting Ref & Mln...50
2,200
28
2734
27% 28%
27%
32
32
32%
*31%
33
*3134
114% 114% *112
114% *112
114% *112
114%
39
39
*38%
39% *38% 39%
*38%
39
114
*..—
*»8
1
27%
*31%
*38% ,39%
80
28
*20
2734
31%
114
114%
*38%
*
*62%
(
*%
-26
27%
31%
32
70
*62%
5g
*20
28%
*112
65
%
*18* 2Q*
*31
•
2%
2%
8684 Mar
50
8% 1st preferred.
3,600
8
Oct
•'
No par
U S Rubber
1,900
3%
63
52
3
cl A ...No par
conv
U S Pipe & Foundry..
U S Realty & Imp
1,200
33,900
1,300
60,500
2,800
*734
Oct
8
6
100
Prior preferred
3,900
3%
*1234
54
33s
7%
2%
*50%
Partlc &
100
35%
45
24
67% Aug
Mar 31
100
5H% conv pref
50
U S Industrial Alcohol.No par
U S Leather
No par
1.400
65%
*34%
39% Oct 14
73s
884 Mar 30
U S Hoffman Mach Corp__.5
1,000
1,900
117% 11834
35
*50
it
64%
11734 118
35%
34%
3534
74
8% July 25
50
No par
20
100
59
10% July 18
80% Jan 10
Mar 26
2178 Mar 31
100
500
66
•
16
par
7% preferred
900
48%
100% 101%
.No
UB Gypsum...
'
46%
47%
99% 100
8%
46%
Oct
4% Mar 29
Apr 1
100
Corp
U S Freight
2,700
53«
9%
61%
4438
Oct
Oct
5
3
5
Conv preferred
900
34
5%
47%
*1234
•
938
47%
99%
47%
U S Dlstrlb
23%
2
25%
38
60
No par
$5 first preferred
900
""l70
4% Oct 17
Highest
share $ per share
per
Jan 12
United Paperboard
.10
U S & Foreign Secure -.No par
300
2,500
Lowest
$
Oct 17
5
United Gas Improvt
No par
$5 preferred
No par
United Mer & Manu Inc vtc.l
"ifioo
7%
65
42%
5%
5%
5-%
4634
5%
9%
*58%
65
*58%
43%
Mar 26
Mar 31
4% June 18
10
100
United Fruit
10
*30%
23%
5%
2
22
5
Preferred
400
$ per share
No par
United Electric Coal Cos
United Eng & Fdy
7,200
31,000
107
*7
7%
32
9
70
63%
60
Highest
$ per share
No par
United Drug Inc
United Dye wood Corp
2,100
*173
23%
5%
United Corp..*
$3 preferred
600
6
Range for Previous
Year 1937
100-S/»ar« Lots
Lowest
10,900
2,400
72
106
On Basis of
Par
41,100
53s
734
5%
Range for Year 1938
STOCK
Shares
3%
36%
*66
6%
32%
67%
12%
106% 10634
176
3%
8%
2i8
.
338
YORK
EXCHANGE
Week
20
363S
5%
*7%
72
32
117% 11784
117% 117%
45
106% 107
*173
9:
*58%
42%
5%
453s
97%
58%
66
65
6
6%
93s
45%
45
*66
&
12
33%
2234
5%
9%
Jan.
$ per share
„
6%
70
72
*6
176
*5
19
32%
32%
32%
67%
67%
68%
12%
11%
12%
1234
*113
115
115
*113% 115
*113% 115
8%
8%
83g
8%
8%
8%
8%
*6%
6%
6%
6%
634 * 634
6%
10
10
10
934
10
10%
10%
85
85
85%
85
85%
*8434
87
*%
%
*%
h
%
*%
%
*7
7
7
7%
7%
10
*9%
10
9%
10%
10%
9%
*31%
22%
5%
*66
106%
*173
*31%
2134
23
5
105
10634
*173
*31%
*2134
3%
35%
5%
*7%
5%
7%
7
7%
65%
6%
11%
*3U
*734
3%
35%
5%
67
67
%
7%
9%
9%
105% 106
*44
Jan.
the
Friday
$ per share
*32%
6i8
33
88
5
18.
65%
6%
33
65%
578
65
*%
434
Jan.
Thursday
S per share
3%
34%
7
*173
17
$ per share
33s
5%
Wednesday
405
1 Called for redemption
Mar
1939
Jan. 21,
406
■-
*■
TTrTr
l"1"
g gg 1
-
■'
■■■,»-
...
■
,
Zmm
1
-
■
■
YORK
NEW
STOCK
Bond
Record, Friday, Weekly and Yearly
NOTICE—Prices are "and Interest"—except
only transactions of the week,
unless they are the
tor Income and defaulted bonds. Cash
and when selling outside of the regular
the year.,
Friday
Friday
Hanye or
N. y. STOCK
Week
Price
for Year
Treasury 4s
Treasury 3 % s
.
Treasury 3H8-Treasury 3^8
Treasury 3%b
Hloh
Treasury 3 Ha.Treasury 3Hs
-
Treasury 3Ha
— _
Treasury 2HaTreasury 2 Ha.
Treasury 2H8--.
High
Low
No.
Treasury 2 Ha
-
.
Treasury 2 %n
Treasury 2 Ha
Treasury 2 Ha
«r —
Chile Mtg Bank (Concluded)
♦Guar sink fund 6s.-
119.6
30
116 4
104.25
17
111.22114.23
113:25
14
110.8
105.3
15
104.13106.27
«•
—
-
.»
Treasury 2Ha
106.16108.2
3
106.26
113.20
13
107.18110.25
9
110.9
110.8
19
106.26108.14
107.2 110.5
110.12
49
107
109.27
14
105.27109.12
109.19
178
107.11
105.19109.6
105.2
13
109.6
110.3
108.27
41
103.26107.11
307
101.24104.23
107.26
105.1
107.19
103.25107.4
83
101.27105.30
105.31
4
104.23
156
103.28
93
100.14103 17
103.10
97
100.6
246
102.7
M
103.8
100.26104.9
106.22
102.14106.14
7
105.13
102.30
102.26
25
105.13
101
-
Treasury 2 Ha.
Treasury 2Ha
-
Treasury 2s
Federal Farm Mortgage Corp—
99.18102.27
12
for Year
1938
High
Low
102.20
External loan 4 Ha ser C
102.11
4 Ha
103.28107.10
103.4
3s....
103.22106.18
2%a....
Mar
*105.1
105.10
106.30
1942-1944 J
106.28
107.11
9
103.9
102.20 102.16
102.20
18
101.9
103.13
104.18 104.15
J
21%
22%
25%
25%
2
*25%
104.18
13
101.5
104.15
J.-
96
92
83% 101%
83
100H
39
90 H
18
55
80
49%
43
04 H
81
7IH
90 V
•55
*
*79 H
•
24
23
106
105
100%
A
100%
59 H
59 H
102H 110H
1
96 H 102
1
J
73 H
42
51
21
48
50H
7
102 %
73
A
O
A
O
J
J
102
F
A
99
A
O
95
50 H
•
•
78H
104
62 H
50
50 H
105
82
93
106H
47
93 H
104
108
91H
102
,
101H
94 H
99%
95 H
8
65
65
O
*65
70
M
62 H
106
100
10
19%
D
103 H
72 H
J
J
52 H
65
60
102 %
15 1953
24
107%
101 %
*99 %
D
16 H
12
H
105
8
A
A
25H
„
94 H
91%
26
17
4
25%
26
16 H
24
25%
21H
17H
89
-21%
10
22%
22H
10
21 %
22%
J
1942
External gold 5 Ha
1955
External g 4 Ha
Apr 15 1962
Dominican Rep Cust Ad 5 Ha--1942
1st serSHa of 1926
1940
18
20 H
'
102.13105.11
Home Owners* Loan Corp—
1 1939-1949 F A
*
F
—-.1952
13
16H
30
35
22%
M N
Denmark 20-year extl 6s
1 1944-1952 IVIN 107.11 107.5
14%
*20
30 1945
1951
Sinking fund 8s ser B
11H
'
14 %
14H
HVe
♦Public wks 6Ha.—June
Czechoslovak (Rep of) 8a
18H
12
18
13%
13%
Sinking fund 5Ha.--Jan
5
13H
12H
16
J
1949
1977
external debt
18
12%
13
14
15%
7
16%
14
12%
1
6
15%
A
M
102.3
11
(2Hb series G
NO.
A
1951
7s
100.4
18
May
F
F
J
Cuba (Republic) 5s of 1904
1944
F
External 5s of 1914 ser A.--.1949
7
106.5
3s series A
♦Costa Rica (Rep of)
78
107,11
1 1942-1947 M 8
{♦Cordoba (City) 7s unstampedl957
{♦7s stamped..
—1957
7s. .1942
Cordoba (Prov) Argentina
299
102.17
102.19
2Ha series B—Aug
Range
Bonds Sold
11
—
-.
103.3
Mar
—
3s..
<fe
Asked
High
Bid
15%
1961 A O
—1961 A O
♦Guar sink fund 6s.
1962 MN
♦6s assented
—---1962 MN
♦Chilean Cons Munic 7s
1960 M S
♦Chinese (Hukuang Ry) 5s
1951 J D
M 8
♦Cologne (City) Germany 6 Ha-1950
Colombia (Republic of)—
♦6s of 1928
-Oct 1961 A O
J
J
♦6s extlsf gold of 1927.Jan 1961
A O
♦Colombia Mtge Bank 6 Ha—1947
M N
♦Sinking fund 7s of 1926
1946
♦81nklng fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
MN
25 year gold 4Hs
—1953
♦6s assented
103.2
—
—
102.14
16 1944-1964 M 8
May 15 1944-1949 MN 107.ll 107.6
Jan
15 1942-1947 J
J 106.5 106.4
3H8-
Price
Low
119.14
___
Treasury 3s
Treasury 2 H a
1947 1952 A O 119.14 119.10
1944-1954 J D 114.23 104.19
1946-1956 M 8 113.25 113.19
..-.1940-1943 J D 105.3 105.1
106.25
l
1941-1943 (VI 8
110.3
1943-1947 J D
107.7
1941 F A
-.1943-1945 A O 110.6 110.2
1944-1946 A O 110.11 110.6
1946-1949 J D 109.26 109.21
109.16
1949-1952 J D
1946-1948 J D 109.5 109.3
.1951-1955 M S 107.26 107.14
1966-1960 M 8 105.1 104.25
—1945-1947 M S 107.18 107.11
105.31
—.1948-1951 M S
1961-1954 J D 1(14.23 104.12
1956-1959 M S 103.28 103.20
-—1958-1963 J D 103.10 303
.1960-1965 J D 103.8 102.29
106.21
—1946 J D
105.13
—1948 M S
1949-1953 J D 103.2 102.27
... 1950-1952 M
S 103.2 102.30
102.13
,--f
1947 J D
m
Treasury 3%b
Friday's
Foreign Govt. & Mun. (Cont.)
M
Treasury 3^8-.
Range or
Sale
Inter st Period
EXCHANGE
Week Ended Jan. 20
1938
Government
Treasury 4%»
_
N. Y. STOCK
i
Low
Treasury 3s
§2
Friday's
Asked
Bid
A
Sale
EXCHANGE
Ended Jan; 20
BONDS
Range
Week's
Last
Week's
Last
BONDS
U. S.
week's range,
in wnicn tney
and deferred delivery sales are disregarded In the
weekly range are shown In a footnote In the week
uch sales In computing the range for
No account Is taken of
occur
98 H
55
65 H
56
1
67
55
1
65H
2d series sink fund 5 Ha
Foreign
Agricultural Mtge Bank
(Colombia)
93
12
93
96 H
6
10H
6
r
12
1
6
11H
11H
1
6
10H
11H
1957
2d series. 1957
3d series. 1957
12
10%
10
U H
♦External s f 7s 1st series
10 %
'
1
4H
9H
1
10H
5
9%
..
.-.1-
5%
9H
10
85 H
11
95 %
95
96
M N
86 %
86 H
86 H
32
84 H
1972 F A
8 f extl conv loan 4s Apr.--.1972 A O
Australia 30-year'6s..-—
.1955 J J
External 5s of 1927
1957 M S
External g 4 Ha of 1928
1956 MN
J
♦Austrian (Govt's) sf 78-——1957 J
77 H
76 X
82
76
Antwerp (City) external
_
Ha—-1945
Belgium 25-yr extl 6Hs
1949
External s f 6s
1955
External 30-year s f 7s
1955
♦Berlin (Germany) s f 6 Ha
195,0
♦External sinking fund 6s—1958
♦Brazil (U S of) external 8s
1941
♦External s f 6 Ha of 1926—1957
♦External s f 6 Ha of 1927—1957
♦7s (Central Ry)
1952
Brisbane (City) s f 5s
---1957
Sinking fund gold 6s
1958
20-year s f 6s
1950
♦Budapest (City of) 6s...
1962
♦Bavaria (Free State) 6
76 %
99 %
99%
100 H
69
99 H
100%
52
97 H
73
100
96%
96%
13 %
;
13 %
(
76%
31
106%
88
;
87H 100 H
85 H 102 %
•
105H
16
50
15%
stamped
4H-4Ha—
External s f
Refunding s f 4Ha-4Hs
External re-adj 4Ha-4Hs
External s f 4Ha-4Ha.
——
O
*65
69%
55%
A
O
*65
75
51
65 H
65 H
19
22
1969
1969
(City) external 7s.-.1945
106 H
7
D
105H
114
"114H
106 H
104H
J
J
114 H
98
.
96 H 107 H
58
9
-
108
115%
1Q5
'
■
O
D
*
w *
17%
23H
24
37
11
23
18
20
*
19H
"
*>'"
.
12H
"ilH
12 H
O
10 %
9%
11H
76
8%
O
11H
10H
9%
11H
67
8%
19%
9H
10H
27
8%
D
D
J
M
8
F
95
19%
102
101H
99M
103
97 H
4,
99 H
D
95
99%
6
98
10H
D
J
19%
3
97
97
A
J
90 %
1961
1961
1977
1976
1976
.1975
M
S
F
A
11H
4
M
23
7%
A
A
_
1967
.1968
J
«. -
*
"so"
"52
,51H
50 H
52
52
38
J
1948
Estonia (Republic of) 7s
1967
Finland (Republic) ext 6s
1945
♦Frankfort (City of) s f 6Hs—-1953
French Republic 7 Hs stamped. 1941
7 Ha unstamped
1941
External 7s stamped1949
7s unstamped
1949
♦El Salvador 8s ctfs of
dep
♦Stabilization loan 7 Ha
1960
Canada (Dom of) 30-yr 4s
J
40 H
*
MN
*
A
21%
107
1965
♦5H8 of 1930 stamped-
unstamped
1965
stamp(Canad'n Holder) *65
♦German Rep extl 7s stamped. 1949
64
-
.———1949
Communal Bks
♦
(Cons Agrlc Loan) 6 Ha
1958
♦7s
70%
O
1968
♦Sink fund secured 6s.
♦6s part
(Republic) s f 6s ser A...1952
♦Hamburg (State) 6a.—
1946
♦Heidelberg (German) extl 7 Ha '50
Helsingfors (City) ext 6Hs
1960
Hungarian Cons Municipal Loan
♦7Ha secured s f g...
1945
♦7s secured s f g
.."—1946
♦Hungarian Land M Inst 7H8-1961
♦Sinking fund 7Hs ser B....1961
♦Hungary (Kingdom of) 7Ha—1944
Extended at 4 Ha to.
1979
Haiti
—
16%
26
2
23
23
26%
17
23 H
38 H
20%
6
20
28 H
D
J
24 H
26
*
19
30 H
22 %
29
20
1
19
27
1
70
85
23%
*22
A
27%
■'
„
A
O
75
75
A
O
16 H
16H
J
J
16
16
A
O
J
J
J
J
5
9
7%
19
9
18 H
10%
*9%
9
A
13%
30%
30 JH
30 H
6
28
3
26
107 H
*
82
81%
43
65 H
81
61H
86
35
44
3
30
46
20
" 23
73
74
2
55
51 %
55
28
A
83 H
81%
85 H
MN
59%
59%
62
37 H
38 H
O
F
A
J
D
D
*
63 H
74
J
A
43
54
75
S
F
53
29
64
75
72
D
J
59 H
il2H 117H
.
M
1951
14
37
J
Italy (Kingdom of) extl 7s
18
9%
*9%
A
22 H
20
105H
102
11
*10
MN
F
17H
16 H
103H
10
10
1
15
10%
103.H
MN
F
29
'29
H
33
20
*22
F
1
26 H
26 H
M N
M N
72 H
36 H
8
17H
a20H
1968
paid:
29%
16H
17
25
25
1964
70H
50
2
16
78—1964
70%
50H
16
A
u as tamped.
paid..
55
17
17H
German Prpv A
79H
47
.
-
*
49 H
81
D
J
♦5 Ha
♦5 Ha
J
72
1942
♦Chile (Rep)—Extl s f 7s
♦7s assented
*%
J
*%
TH
*%
1H
%
%
4
%
%
%
3
%
*%
1H
19H
27
26
13
2
18
32%
26 H
17H
18
7
14 H
19%
15H
16
9
18%
28
11%
11%
15%
16%
15
13H
17H
15%
19H
15
-
15
O
O
1957
1957
J
D
1961
...1961
J
D
J
D
16%
2
17%
15 %
18%
20
15
12
13 %
18H
36
16%
3
18H
15
16H
18H
13%
31
«
.
13 H
15%
16H
1
15%
2
12H
11%
3
12%
18%
13
15%
16%
5
12H
18H
12H
12H
*14
%
—
%
_
%
%
_
2%
4
4%
4
3
1%
1
%
J
J
O
M
56
54%
56
8
8%
S
7%
7%
28
8%
12
8%
11
D
*44
49
M N
*44
52
J
F
A
A
O
F
A
3H
%
Minas Geraes (State)M
3
3%
2%
%
:
J
A
99
99
98%
99
104 H
103H
99 %
...
-
16
41
3
67
6%
6%
13
38 H
37
61
88
13
57 H
104H
99%
12
88 H 103H
104 H
32
103H 107 H
25
104
107H
A
105
104H
105H
M
8
104H
17
99H 107 H
O
103H
101 %
104 %
A
102
47
98 H 104H
98 H 103H
F
14%
14
-
%
J
{♦Small.
19%
15H
16 H
„
■
•
*%
D
♦Assenting 4s of 1910 large.
♦
Assenting 4s of 1910 small.
* 19%
14%
3
17%
15
15H
-
D
J
13H, 15
6
16H
17 %
—
J
15%
19%
13H
%
•1H
*%-
♦Assenting 5s small.
19H
16%
18
D
J
18
18
M S
18H
16H
17 H
MN
•
♦Assenting 5s large.
19%
16 H
A
-----
M N
U%
17 %
«-
-.
1963 MN
footnotes see page 411.
27
-
17%
1962 A
♦6Hs assented
30
•
4Hs.
32 H
26 %
••
Sept 1961 M S
♦6s assented
62%
38
23%
•
Jan 1961 J
♦Chile Mtge Bank 6Hs
29 H
23 H
m *
Jan 1961 J
1962
16%
26H
17H
15H
m
F
♦6s assented
6
4
33
"24 H
24 H
M
F
♦External sinking fund 6s
26 H
154
15H
O
1960 A
♦External sinking fund 6s.-.1963
19%
"26"
*
1942 M N
♦Extl sinking fund 6s..Sept 1961
100 %
;
27 H
11
M N
♦4Hs stmp assented-,
J
MN
Feb 1961
♦Mexican Irrigat'on gtd
0
Q
*
fund 6s..Feb 1961
113H
103H
4
11%
■11
O
♦External sinking fund 6S-..1960 A
♦6s assented
J
24 H
98H 104H
J
1960
♦6s Oct coupon on
♦Medellln (Colombia) 6Ha...
•••
-
97% 102%
92H
99 H
"
15 1960 A
♦Farm Loan s f 6s. .Oct
35 H
111H
103
23
13
S
1960
coupon on
,31H
....
*
62
J
M
15 1960 J
33 H
36%
101%
100
6s..July
31 H
31
103
J
19%
99H
104H
J
For
19%
104H 123
102 H
99 %
104 H
103
♦6Hs assented
2
98
J
♦Sink fund 6%s of 1926
4
105
106
J
♦6s Assented
113%
103%
9
J
f 6s
113H
43
J
s
113 %
D
109H
93 H 104
103%
J
23
18
99
.
103%
--.1961
-.1944
30-year 3s
1967
♦Carlsbad (Clty)l
8s
1954
♦Cent Agrlc Bank( Ger) 7s
1950
♦6s assented
i
49
111%
--Aug 15 1946
♦Ry ref extl
17H
106M
*103-
111%
7-year 2%b
---
106%
111H
103H
25-year 3%b
—
104H 108H
17H
D
30
100H
95
11
106
106 %
MN
J
13 H
111 H
103 %
♦6s assented-
105 H
105 H
m m
IT 1%
A
♦Extl sinking
S
mm
25
F
July
J
M
16
100
,*97
J
„
111 %
O
1952 MN
5s
♦6s
*14H
—
"
♦Secured s f 7s
♦Farm Loan st
J
J
21
...
Bulgaria (Kingdom of)—
10-year 2Ha
*
M N
78%
63
._
51 H
50
50 H
—
O
M N
J
—i-
■
8
F
78 '
*55
♦Dresden
♦7s part
23
17%
'
M S
1984
3% external s f $ bonds
67
A
♦Greek Government s f ser
2
20
19
96%
88%
88%
♦Buenos Aires (Prov of)
♦6 H8
55
German Govt International—
77%
78%
A
F
%
78%
Feb
♦6s stamped
66
100H
*10
8 f extl conv loan 4s
*57
25%
2
12
12
26%
3
19
93
12
»
.
.
2
25%
25%
16H
17%
27
♦25 %
1947 F A
1948 A O "25 %
Akershus (King of Norway) 48.1968 M 8
.♦Antloqula (Dept) coll 7s A—1945 J
J
♦External s f 7s series B._—1945 J
♦External s f 7s series C
1945 J
»•!'*-*
♦External s f 7s series D
1945 J
5s.—1958
Argentine (National Government)—
8 f external 4 Ha
—: 1971
S
5 Ha 1st series
♦Gtd sink fund 6s.
♦External sec s f 7s
65
M
1940
2d aer.1961
6Ha 2d series
♦Gtd sink fund 6s. ——-
♦External sec s f 7s
O
Customs Admins 5Ha
Municipal—
&
Govt
A
65
4s s f ext loan.
F
A
101 %
100%
101%
96
J
D
103%
103%
103%
2
99 H
104H
Volume
148
New York Bond Record—Contijiued—Page 2
BONDS
N.
Y.
STOCK
Last
IS
EXCHANGE
Week Ended Jan. 20
Foreign Govt. &Mun. (ConclA
1952 F
Oriental Devel guar 6s
Extl deb 5 3*s
1953 M S
Oslo
A
1938
1
1734
22
49
43M
6234
17
41
6
5734
9634 10334
♦1st mtge g 5s
103
101
10134
7
86
Ref A gen 5s series A.......1995
♦Stamped
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7b
1963 MN
50
1947 M S
10
1963 M N
S
D
O
40
62
32
6234
634
17
534
1034
O
6
32
1034
1034
9
734
15
48
7
13
Certificates of deposit
Ref A gen 5s series D
Certificates of deposit
1034
40
7
13
Ref A gen 5s series F
3
37
6734
42
8234
Certificates of deposit
Convertible 434s..
3034
62
10K
♦Poland (Rep of) gold 6s
1940 A
♦Stabilization loan 8 f 7s
1947 A
♦External sink fund g 88.__.1950 J
56
5034
634
103*
f 6a 2d ser..1961 A
43*s assented
9j4
3534
45
2
35
36
10
*30
33
J
*
,.1968
-
45
O
1958
43*s assented
37
♦Porto Alegre (City of) 8
♦Extl loan 73*8
1961 J
D
1966 J
J
Prague (Greater City) 7 Mb
1952 MN
934
Queensland (State) extl a t 78—1941 A
25-year external 6s
1947 F
S
A
1950 M
♦Rio de Janeiro (City of) 8s_—1946 A
♦Extl sec 63*8
,1953 F
10434
♦8s extl secured
A
24
"7
35
25
6
,
7
^
11
534
33
534
20
20
*17
24
15
2434
21
6
45
734
1
3
1334
634
734
634
1957 MN
634
7
534
}»8s extl loan of 1921...
1936 J
J
♦8s external,.
♦7b extl water loan...
♦6b extl dollar loan
1950 J
J
1
♦Sinking
O
1945 J
1334
8
634
13
D
1948 J
fund g 03*b.
734
D
734
1934
734
2334
20
20
20'.
27
2534
2734
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2534
3734
26
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33
30
2434
99
100
90
0
1534
A
A
a f
Taiwan Elec Pow
1955 F
63*a
a
f 6 Mb
J
.1971 J
Tokyo City 5s loan of 1912
1952 M
s
f 6s
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s
f 6s
A
43
..I960 MN
1964 MN
37
"36 k"
1934
A
A
*3134
"55"
D
30
3534
4334
65
5534
41
10334
103
104
104
103
104
86
103
103
10434
94
10634
7254
10434
10434
1943
Albany Perfor Wrap Pap 6s...1948
68 with warr assented—
1948
50
34
35
34
.
O
36-
3534
"165"
10434
52
97
*90
89
11034
109?4
52 34
5234
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1634
4134
52
45
47
105
101
109
9734
79
90
t.
53
10434
106
106.34
*Am Type Founders conv deb. 1950 J
J
111
10834
111
104
104
105
10534
10534
10534
F
A
J
"9834
98
June 16 1955 J
D
1944 J
Dec 1 1954 J
1960 J
45
1043*
47
7534
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1063*
97
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1123*
79
23
•97
59
10834
11234
24
21
2734
2834
,
593*
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99
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109
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106
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3134
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ser
1949 J
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11534
116
116
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11834
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55
35
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1934
59
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D
1948 J
D
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8934
———.1945 M N
1959 A
—1946 J
1941
Cent 111 Elec A Gas lBt 5s
93*.
1951
O
5
33*
33*
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■-.'
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102
20
50
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14
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J
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9854
1163*
112
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121
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"4
4
g 5s..Nov 1945
♦Mobile Div 1st g 5s
113
116
11934
118
993*
J
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7
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7
12
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10
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14
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104
54
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27
71
100
{♦Cent New Eng 1st gu 4s
1961
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25
63
Central of N J gen g 5s...
General 4s
1987
1987
26
26
263*
20
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18
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101
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3834
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24
3
6
53
10234
A
107
103
Central N Y Power 33*8—1962
34"
103j4
1093*
89
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10334
.1966
—
9934 10534
80
?34s.
F
1043*
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40
343*
10234
Cent Pacific 1st ref gu gold 4s..1949 F
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O
1960 F
A
Guaranteed g
5s
A
Central RR A Bkg of Ga—
5s extended to May 1 1942.:
Certain-teed Prod 634s A.
1941
1948 M 8
973*
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72
58
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04
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MN
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98
96
7
11
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84
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108 34
90
10834
128
89 34
9034
2534
38
23
41
'
9434 100
88
9934
8654
99 34
S f deb 43*s (1935 Issue)
••
115}*
78
793*
1950 M S
•
1153*
5
23
80
S f deb 43*8 (1938 Issue)
1950 M S
1939 MN
General gold 4 34s..._
1992 M 8
Ref A imp mtge 3 34s ser D—1996 M N
10834
1995 M N
Conv gold 4s of 1909
1955 J
D
Conv 4s of 1905
1955 J
D
1960 J
1948 J
D
Rocky Mtn Div 1st 4s
1965 J
1958J
44
95
J
Trans- Con Short Llst4s
5
J
95
4
82
102
9434
D
Conv deb 4 3*8
90
9854 11034
7534 103
7534 10334
95
17
81
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10134
10134
99
11034
1123* 117
"84
17
11034
11
8734 106 34
9534 10334
100
11234
9834 112
1962 M S
109
1946 J
D
*109
11334
1944 J
J
*86
89 34
83 34
J
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9334
67
Atl Coast Line 1st cons 4s July 1952 M S
General unified 43*8 A
1964 J D
1
105
109
97
10434
86 34
8534
8634
69
94
6834
6734
69
53
7734
May 1 1945 M N
Oct 1952 M N
1996 F
May 1940 J
49
853*
Potts Creek Branch 1st 4s... 1946 J
R A A Div 1st con g 4s
1989 J
1989 J
2d consol gold 4s
Warm Spring V 1st g 5s
1941
♦Chio A Alton RR ref g 3s
9734
105
98
77
97 34
40
105
1
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106
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J
J
114
11534
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10934
104
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1977 F
A
92 34
92 3*
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5
1971
F
A
9734
9734
24
4s
—.—1958
{{♦Chicago A East 111 1st 6s...1934 A O
{♦C A E 111 Ry gen 5s
1951 MN
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5534
50
30
"19"
1982 MN
53
203*
1073*
19
"2034
100
19
1934
31
8334
84
M
S
23
J
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163*
J
J
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J
J
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68
105
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J
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67
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J
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M
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1st A ref 58 series A.
General
14
16
10
85
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813* 109
3134
70
18
39
32
3034
73*34
1334
104
J
2234
12
100
{♦Chicago Great West 1st 4s—1959
{♦Chic Ind A Loulsv ref 6s
1947
♦Refunding g 5s series B—1947
♦Refunding 4s series C
1947
♦1st A gen 5s series A
1966
♦1st A gen 6s series B_.May 1966
10234 10454
J2M
9934
Chicago A Erie 1st gold 6s
32 34
60
O
1033*
88
J
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7634
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J
100
10334
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10434
97
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J
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1953 M S
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1949 A
78
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"l4
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36
1948 J
120 3*
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7134
7734
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101
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1013* 100
J
6934
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12034
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Craig Valley 1st 5s
34
1948 J
6
101
7934 101
9434
102
100
109
'
10034
Ches A Ohio 1st con g 5s
Ref At mpt M 334s serE
O
1995 Nov
24
32 34
96
24
J
Ark A Mem Bridge A Term 68.1964 M
Armour A Co (Del) 4s series B.1955 F
For footnotes gee page 411.
"_3
1073*
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Jan
{{♦Auburn Auto conv deb 4 3*si939 J
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20
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1
65
115
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D
Second mortgage 4s
3534
54
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79
40
"
1966 J
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30
101
138
96
11034
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84
10634
10234 10734
LAN coll gold 4s
A
Central Foundry mtge 6s
Gen mortgage 5s
111 34 11354
Atl A Dan 1st g 4s
1970 F
5034
83
1944 J
1
74 34
10334
11534
25
135
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2
53
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J
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11234
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Atl A Charl A L 1st 4 Ms A
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*35
J
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10734
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713*
3534
1053*
104 34
7834
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193*
453*
203*, 45
183*
41
53*
12
109 34
109
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7334
♦Ref A gen 5s series C
..1959 A O
♦Chatt Div pur money g 48—1951 J D
♦Mac A Nor Div 1st g 5s
J
1946 J
♦Mid Ga A At Div pur m 5s. 1947 J
J
10634
Conv gold 4s of 1910
.1957 J
July 1969 J
Oct 1969 A
7634
11134
♦Adjustment gold 4s
17
73*
50
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85
10634
1957 J
2534
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90
112
.1995 A
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10334
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25
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45
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17
J
71
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Anaconda Cop Mln s f deb 4 Mb 1950 A
♦Anglo-Chilean Nitrate—
24
28
923* 1013*
82
1003*
1
28
273*
MN
8134
Chemconv53*s
1949 MN
Am Internet Corp coriv 6Ha..-1949 J
J
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MN
77
*102 34
f 4s
MN
6934
O
A. 1975 M N
107
27
28
J
79 34
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20-year sinking fund 53*8.-1943 M N
3Mb debentures
1961 A O
107
2734
.1952 A
'
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D
s
J
70
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D
MN
1947 MN
,
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206
7934
1952 M S
{Ann Arbor 1st g 4s
9934
1955
Celotex Corp deb 434s w w
♦Cent Branch U P 1st g 4s
57
*72«:
1946
..1967
9934
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Adlr 1st gu gold 4s—...1981 F A
54
35
1949
8 f Income deb
9934
1960
Caro Clinch A Ohio 1st 6s
9534 10354
*34
Alleghany Corp coll trust 6s... 1944
ser
144
1955 J
Collateral trust 4 34s
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8734 103
3734
105
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10734
10234
Canadian Pac Ry 4% deb stk perpet J
J
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1946 M S
62
100
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223*
293*
993* 107
"47
10734
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10734
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1956 F A
Guaranteed gold 4 34s.-Sept 1951 M S
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J
62
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107
...1953 J
293*
283*
10234
f deb
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100
18
36
107
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19
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1943
S
30
20
25
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1955 M
,
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78
2030 M
25
7
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2
26
25
743* 109
58
American Ice at deb 5s.
25
.
27
65
Foreign Pow deb 5s
16
"93
65
Am A
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9554
10434
♦Alplne-Montan Steel 7s
"26"
5
523*
9534
..1952
A
1293*
11754
13034
94
62
10-year deb 43*a stamped... 1946
F
11734
....
1941 J
5s equip trust ctfa
Coll trust gold 5s
1948 M S
...1947 M'D
4s
48
993* 100
115
119J*
1253* 1293*
9334
INDUSTRIAL
conv
108
40
94
Adriatic Elec Co extl 7s
Allls-Chalmers Mfg
99
9534
COMPANIES
S
52
101
1966
31
D
M
106
1123*
1962
5034
A
95
Canada Sou cons gu 5s A
55
1950 A
105
5334
Venetian Prov Mtge Bank 7s—1952 A O
♦Vienna (City of) 6s
1952 M N
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942
Allied Stores Corp deb 4 3*s—„ 1950
4 Mb debentures
1951
100
5
18
53
4234
69 J4
1950 A
46
10634
9534
94
3654
38
;
UJ*
■
38
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33
173*
34
4034
3834
J
♦Coll & conv 5s...
593*
285*
5
1952
Consol 5s
4334
4334
5s
19
4
42
1966
Bush Term Bldgs 6s gu
50
conv
88
38
13034
54
38
Coll A
3934
3934.
3934
"26" ~
3834
3734
Alb & Susq 1st guar 3 Ma
43
334s._1943
5434
3654
1st cons 4s series B
41
117 34
41
44
44
39
{{♦Abltlbl Pow & Paper l8t 58.1953 J
70
34
93*
50
♦Certificates of deposit
Bush Terminal 1st 4s
3934
Adams Express coll tr g 4s
Coll trust 4s of 1907
275*
85
6034
38
AND
93*
8
36
100
42
5134
3634
39
RAILROAD
16
{{♦Burl C R A Nor 1st A coll 5s 1934 AO
37
V
D
1958 F
917
123*
Calif-Oregon Power 4s...
3834
A
4Mb assented.—
;1958 F
Yokohama (City) extl 6s....—1961 J
1951
...
36
♦Warsaw (City) external 7s
1234
10634
33*8
1950 F A
Buffalo Gen Elec 434s series B.1981 F A
Buff Nlag Elec 3 34b series C
1967 J D
33
163*
513*
383*
103*
"94""
1951
s
39
145*
11
"42"
1950 J D
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Brown Shoe
163*
14
50
.
Debenture gold 5s
34 34
6
37
J
5234
41
*39
1979 MN
external conversion
"l2~k
19
373*
1950 J
Buff Roch A Pitts consol 4348—1957
Certificates of deposit.*..
5134
*39
33*-4-43*8 (S bonds of '37) external readjustment—_wl979 MN
3 3*-4-4 3* % (I bonds of *37)
3J*-43*-4»i«s extl conv
1978 J
4-43*-4 3*% extl readj......1978 F
3 Mb extl readjustment
1984 J
FA
Bklyn Union El 1st g 5s
..1950 F A
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10434
41
43
O
383*
4
60
5034
4034
5034
S
External s f 53*8 guar.
1961 A
♦Uruguay (Republic) extl 8s...1946 F
♦External
25
100
133*
143*
1134
1st 6s stamped
35
♦Slleslan Landowners Assn 6s..1947 F
70
183*
1944 J
6034
D
Sydney (City)
203*
1734
1960
1st lien A ref 6s series A
1958 J
4Mb assented
45
17
150
1967 M S
35
..1958 J
♦Silesia (Prov of) extl 7s
15
16
193*
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 334s..1966
Bklyn Manhat Transit 434s—.1966
Bklyn Qu Co A Sub con gtd 5s.1941
1134
4 7 34
2654
2634
534
1434
23
Serbs Croats & Slovenes (Kingdom)
♦8s secured extl.
1962 M N
♦7a series B sec extl
1962 MN
74
21
20 3*
Boston A Maine 1st 5s A C
1st M 6s series II
17
654
8
J
1940 A
♦Saxon State Mtge Inst 78
S
834
834
734
1956 M
213*
173*
183*
1st g 454s series JJ__
1961 A O
{♦Boston A N Y Air Line 1st 4s 1955 FA
1134
8
.
1968 J
f 7s
8
'u34
193*
1934
20
—■
Cons mtge 3 54s series E.
334s s f conv debs.
1134
1034
39 3*
15
1734
Big Sandy 1st 4s
1952 MN
s f
513*
14 34
30
21H
22
68
2
103
734;
6834
82 3*
20 34
193*
♦Debenture 6s
1955
♦Berlin Elec E)1 A Undergr 6 34s 1956
Beth Steel cons M 434 s ser D—1960
1034
10J4
7334
38
2034
783*
37
"203* "96
2034
1959
cons
102
343*
49
MS
♦Berlin City Elec Co deb 6 34s_.1951
♦Deb sinking fund 6 34s
1959
1 034
8
734
.
San Paulo (State of)—
♦Secured
13
834
.734
183*
1834
1943
Belvldere Delaware
8
"20 k"
High
96
64
19
4s stamped.
534.* 1034
7
57
ivi"s
Battle Creek A Stur 1st gu 3a. .1989
Beech Creek ext 1st g 3 34s.
1951
Bell Telep of Pa 6s series B
1948
1st A ref 5s series C
—I960
12
1
134
2000
Toledo On Div ref 4s A
31
•
Low
21
Con ref 4s
834
634
8M
834
5434
20 34
Bangor A Aroostook 1st 6s
10134 10834
94 J4 10934
10434
.....
D
..1967 J
f
s
18
534
8
1952 A O
♦Roumanla (Kingdom of) 78
1959 F A
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1953 j"j
Sao Paulo (City of, Brazil)—
♦03*s extl secured
24
O
..1966 M N
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Rome (City) extl 03*8
1034
9834
17
105
*
......
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
..1946 A O
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1968 J D
♦7s extl loan of 1926
52
1734
t734
103?4
1043-4
O
♦Rhlne-Maln-Danube 7b A
934
1938
No.
101
563*
56
for Year
fta&a
1996
S'western Div 1st mtge 5s
Certificates of deposit-
1134
634
60
58
*
D
Certificates of deposit..
1834
60
101
Certificates of deposit.
934
High
54%
P L E A W Va Sys ref 4s___1941 M N
47
""934
♦Prussia (Free State) extl 6 3*8.1951 M S
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1052 A O
.
D
j
1995
Ask
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j
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Ref A gen 6s series C
934
•"
O
-..July 1948 A
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55
f6« let ser.-I960 J
1959 M
Baldwin Loco Works 5s stmpd.1940 MN
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4834
5%
103*
A
Low
10434
Range
Friday's
Bid
High
102 34
103
Range or
Sale
Price
1734
O
8
EXCHANGE
50
D
8
Last
'
STOCK
Week Ended Jan. 20
5434
1953 J
♦Nat Loan extl
Low
Y.
1734
1955 A
♦Nat Loan extl
No.
High
BONDS
N.
49 34
4934
♦Panama (Rep) extl 53*8
♦Extl 8 1 58 ser A
s
Ask
52 34
1958 M N
f 43*s
for Year
A
Low
♦Nuremburg (City) extl 6s
(City)
Range
Friday's
Bid
Week's
Friday
Range or
Sale
Price
407
Week's
Friday
3
69
95
83*
223*
73*
22
50 3* 108
153*
9
243*
17
83*
14
9
15
3
73*
33*
73*
-
Jan. 21, 1939
New York Bond Record—Continued—Page 3
408
Week's
Friday
Y.
Price
Week Ended Jan. 20
Consumers Power
1st mtge 3 34s
..1967
1970
1st mtge 3 348
1966
Container Corp 1st 6s
1946
15-year deb 5s
1943
Continental Oil conv 234s. —1948
Crane Co s f deb 3 34b
1951
Crown Cork A Seal s f 4s
1950
Cuba Nor Ry 1st 634s
1942
Cuba RR 1st 5s g
1952
734s series A extended to 1946- —
1st mtge 3 34s
£MUNICIPAL "BONDS
Chicago, III.
Y.
York,
135 So. La Salle St.
Randolph 7711
Y. 1-761 -<• 9ell
System Teletype •>- Cgo. 543
6s series B extended to
Friday
Last
Range or
Bale
Friday's
BONDS
STOCK fcXCHANGE
Week Ended Jan. 20
Price
Bid
A
4a..---1956
1909
4 34s
Chic L S & East 1st
J
70
J
D
*11034
St Paul—
♦Gen 4a series A
May 1 1989
♦Gen g 3 34s series B—May 1 1989
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♦Gen 4{4s series F—May 1 1989
{♦Chic Milw St P A Pac 6s A..1975
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Jan 1 2000
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10434
234
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105
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13
1
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24
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17
1434
22
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1951
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334
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17
15
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9
11
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112
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55
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80
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65
45
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5634
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80
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1940
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5834
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105
38
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.1938
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s
1954
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s
A
J
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85
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10154
75
1942
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s
1942
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.1954
series
f 5s stamped
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1943
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J
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57
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61
7834
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1941
*5734
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67
M S
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9734
94
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102
40
40
134
90
9734
Gas A EI of Berg Co cons g 5s_. 1949
97
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3
234
234
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.1952
5834
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6934
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8934 101
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1982
85
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.
10434
10034
10434
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6s 1942
Federal Light A Traction 1st
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f
1956
1
Ernesto Breda 7s
92 34
E—1977
10034 10334
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J
9034
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103
101
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1955
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4s_..1993
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94 34 10934
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106
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106
o
9034
6834
131 M 13434
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win
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9834 108
87
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1953
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lmpt 6s of 1930
1975
conv
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10834
J
J
23
111
105
J
9234
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.1967 J D
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9734 10534
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1953
1953
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4s.. .1952
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win
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6
5
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5S..1995
1952
Elgin Jollet A East 1st g 5s
1941
El Paso A S W 1st 6s
.—.1905
5s stamped
1965
Erie A Pitts g gu 334s ser B—.1940
Series C 334s
1940
{♦Erie RR 1st cons g 4s prior..1996
1554
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534
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1951
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J
.1951 M s
Ref A lmpt 4 34s series
2
G.--1906
♦Detroit A Mac 1st lleD g 6s—1995
♦Second gold 4s
1995
Detroit Term A Tunnel 4 34s.-1961
Dow Chemical deb 3s
1951
Dul MlssabeAIr Range Ry 3 34sl 962
{{♦Dul Sou Shore A Atl g 5S..1937
Duquesne Light 1st M 3348—.1905
934
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;
35
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1034
52
4434
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1
934
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D—
guaranteed
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2234
5834
32 34
4334
♦N Y A Erie RR ext 1st 4S..1947
5s_—————Dec 11960
Chicago Union Station—
Guaranteed 4s. .....
1st mtge 334* series
15
5434
40
D
Electric Auto Lite conv 4s
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Ch St L & New Orleans 6s
1834
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J
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J
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1734
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...—I960
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16
15
win
{♦Refunding gold 4s
1934
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1952 MS
♦
Certificates of deposit—.
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1834
15
M N
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18
1234
1
1534
15
1987
--1936
—May 1 2037
etpd-May 1 2037
C-May 1 2037
♦Conv 4Mb series A
1949
{{♦Chicago Railways 1st 6s stpd
Aug 1938 25% Part paid - ...
{♦CbicR I & Pac Ry gen 4a.. 1988
434
16
M N
M N
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20
MN
1987
stamped..."
gu
1434
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29
J
1934
7
8
41
J
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f
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Gen A ref M 4s ser F
1965 A
234
9934 106
100
10634
20
4
{♦Des M A Ft Dodge 4s
1
10854 109
169
10534
10534
3534
3834
3834
100
83
10
9934
109
3134
3834
34 34
69
Fed lnc tax 1987
"3434
J
3534
148
15
D
9834 10534
14
105
105
J
36
334
1434
M N
J
21
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31
D
1934
11134 112
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10734
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1936 J
J
{♦Consol gold 4 34s
1936
F a
{♦Den A R G West gen 5s. Aug 1955
♦Assented (subj to plan)
AO
♦Ref A Impt 5s ser B.._Apr 1978
8534
60
2
70
—
10834
J
Stamped as to Penna tax
High
Low
2634
2634
M N
stpd Fed lnc tax..1987
No.
2034
M N
stpd Fed lnc tax
{♦Secured 034s
lnc
26
2634
1987
334«--1987
♦General 4s
Year\
1938
Atk
High
J
{Chic Milwaukee A
{♦Chic & No West gen g
Range
for
High
Low
10834
10434
10334
*10834"
M N
334s I960
1943
Del Power A Light 1st 4 34s
1971
1st A ref 43481969
1st mortgage 4 Mb
1969
Den Gas A EI 1st A ref s f
Low
Chic Ind A Sou 60-year
1946
No.
108
M N
M N
Dayton Pow A Lt 1st A ref
Del A Hudson 1st A ref 4s
Week's
Y.
N.
High
107
10834
10734
win
.
<DIgby 4-5200
1938
Ask
A
10834
win
334s.May 1 1965
May 1 1965
1st mtge 3 34s
Wew
for Year
Bid
Low
Bennett 'Bros. & Johnson
One Wall Street
Range
Friday's
Sale
EXCHANGE
STOCK
Range or
Last
BONDS
N.
J
J
*88
1940
4348.1950 M N 10534 10534
109
334b—1965 J J
Cleve A Pgh gen gu 434s ser B.1942 A O
Series B 3 34a guar
1942 A O
Series A 434s guar
1942 J J
Series C 3 34s guar
1948 M N
Series D 3 34a guar
—.1950 F a
Gen 4 34s series A
*10634
1977
Gen A ref mtge 4 34b series B.1981
83
Cleve Short Line 1st gu 4 34s—1901
8534
Cleve Union Term gu 634a
1972
8834
8734
78
1st s f series B guar
1973
7834
let a f 4 34s series C
7334
7434
1977
*105
Coal River Ry 1st gu 4s
1945
103
Colo Fuel A Iron Co gen s f 6s—1943
63 *
6234
♦5s Income mtge
1970
4034
Colo A South 434a series A
1980 win
M N
J
D
34
53 34
121
*12234
121
105
10334 10634
Gen Amer Investors deb 5s A. .1952
A
104
105
3
100
10534
f
Cleve-Cliffs Iron 1st mtge
10734 11234
1947
♦Gen Elec (Germany) 7s.
1945
♦Sinking fund deb 0 348—
1940
♦20-year s f deb 68
1948
Gen Motors Accept Corp deb 3s 194.6
15-year 334 s deb
1951
Gen Pub Serv deb 5 34s
.'1939
Gen S*eel Cast 5 34s with warr.1949
{♦Ga A Ala Ry 1st cons 5s Oct 1 *45
{{♦Ga Caro A Nor 1st ext 6s_. 1934
♦Good Hope Steel A Ir sec 7s.. 1945
Goodrich (B F) conv deb 6s—.1945
1st mtge 4 34s.
1956
J
J
103
6
85
10434
10934
103
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1956
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1958
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1951
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2434
Volume
New York Bond Record—Continued—Page 4
148
BONDS
Last
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N- Y. STOCK EXCHANGE
Week Ended Jan. 20
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1938
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12954
12954
1951 F
z
O
A
12354
123
J
8154
Louisiana A Ark 1st 5s ser A..1969 J
12934
12354
8054
8154
1966 M S
10854
10854
Louis A Jeff Bridge Co gu 4s..1945 M 8
Louisville & Nashville RR—
*10554
10854
9954
10054
Louisiana Gas & Elec 3 Mb
1940 J
...
1st A ref 5s series B
J
,.2003 A
O
O
1st A ret 4s series D
2003 A
O
86
A
O
8154
For footnotes see page
.2003
411.
1
10454
3
3
Nat RR of Mex prior lien 4
13
36
31-
32
54
-
10454
-
13
-
.
-
—
-
-
5
....
130
145
105
10434
,
105
9
10454
105
13
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*34
*34'
34
*54
20
100
107
10054 105
54
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--
5
H
-----
34
"""54 "254
54
54
254
54
254
,54
254
54
----
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1
1
1---
354
154
1
54s—
J
J
{♦Assent warr A rets No 4 on *26
♦4s April 1914 coupon on.—1951 A
♦48 April 1914 coupon Off.-.1951 A
—
—
—
—
—
—
*1
154
O
*54
154
*54
O
134
--
-
.
34
54
2
10734
*3454
10834
50
♦Assent warr A rets No 4 on *51
Nat Steel 1st coll s f 4s.
70
70
{♦Naugatuck RR 1st g 4s._.—
Newark Consol Gas cons 5s— 1948 J
1945 J
"""54 "2«
27
10554 118
131
12154 12754
11254
1965 J D
1954 MN
10854
------
D
-
12554
12654
24
12054 12454
*75
-----
107J4
10834
8854
8854
------
10754
1983 J
J
J
J
New Orl Pub Serv 1st 5s ser A.. 1952 A
1955 J
1st A ret 5s series B
New Orleans Term 1st gu 4s... 1953 J
O
10354
103
D
104
10354
A
O
1954 A
O
54s A 1952
t|»N O Tex A Mex n-c lnc 5s.. 1935
♦1st 58 series B
87
20
74
90
8254
38
65
85
31
120
7354
8354 102
75
9354
3254
31
73
10
1754
126
N O A N E 1st ref A Imp 4
91
18
2654
12534
87
97
----
2654
80
9754 105
109
11654 122)4
12554
12654
New Orl Great Nor 5s A
♦1st 5s series C
-
J
90
10154 108
102
10754
-
D
6354
11554 125
60
8554
2734
2634
-
J
5s A.. 1952
55
12954
-
1945 J
♦Consol guar 4s..
60
9454 10254
*24
—
103
65
*123
J
(♦New England RR guar 5s—.
New England Tel A Tel
4548 series B—.—... 1961 MN
N J Junction RR guar 1st 4s.. 1986 F A
1960 A O
N J Pow A Light 1st 454s
90
.
9654 10154
9254 10454
54
-
54
6954
9654
54
-
-
------
♦Assent warr A rets No 5 on *77
40
126
,
8
71
*102
3
♦4s April 1914 coupon off...
1654
1654
99
31
-■
_
on....1977 A O
1977 AO
71
>
♦Certificates of deposit...
-
-
70
70
-
-
-
-
-
J
-
-
6334
68
3334
35
-
-
-
-
3434
*3354
3354
70
5334
10334
10434
6954
3334
35
A
♦1st 454a series D
1956 A
F
3354
3434
1954 O
A
3554
36
3454
3434
...
♦Certificates of deposit...
3354
1
126
----
34
2
3
59
104J4 10854
38
75
34
53
8654 103 54
75
8454 104
10
47
76
1
23
35
25
22
38
24
36
35
1956 F
♦1st 5 548 series A
10054
lBt A ref 4Ka series C......2003 A
1st A ret 3 J4s series E
J
D
45
128
71
1st g
82
Lorillard (P) Co deb 7s
1554
♦
8
M
Unified gold 4a
5
----
*11154
-
1
-
73
------
25
...1949 M 8
4s stamped......
5s
-
28
2054
A
O
-
54
2054
1934
M N
♦Long Dock Co 334a ext to... 1950
-
19
O
A
-
20
O
.1951 F
—
1954
u-
-
MN
O
—
1954
MN
A
—
2054
MN
Leh Val Term Ry 1st gu g 5s... 1941 A
68 assented
1941 A
51
-
1954
1954
MN
MN
55
J
J
J
♦454a Jan 1914 coupon on...
♦454a July 1914 coupon on..1957 J
♦454s July 1914 coupon off-.1957 J
♦
Assent warr A rets No 4 on '57
♦4s April 1914 coupon
Leh Val N Y 1st gu g454s
A
'
36
8
22
37
23
23
3654
22
40
2654
3554
3
10
Week's
Friday
c
Sale
Bid
Low
J
C Bdge gen gu 4%s_1945
Y Cent RR 4a aeries A
1998
10-year 3%s sec a f
1946
Ref A lrnpt 4 %s aeries A
2013
Ref A lmpt 6a series C
2013
Newport A
N
3%s_,
1962
NY Cent A Hud River 3 He —1997
Debenture 4s
—
1942
Ref A lmpt 4%s ser A
2013
Lake Shore coll gold 3%8— 1998
Mich Cent coll gold 3%s
1998
N Y Chic A St Louis—
•Ref 6%s series A.-—.1974
♦
Ref 4 %s aeries C
1978
"
♦N Y A
78%
58%
62
91%
56%
119
38%
65%
64
62%
64
176
42
73
Pennsylvania PAL 1st 4%s—1981
65
51
84
Pennsylvania RR cons g 4s
J
66
67
63%
63%
1
A
O
63%
61
63%
75
M
S
54%
13
General 4%s series
A
O
-
mmmmmm
-
—
-
------
104%
194
26%
"77%
*20
30
'
75%
82%
104%
mmmmmm
mmmmmrn
55%
53%
•
Conv
51%
90
8.3
5
65
105
69
98
54
52
52
mm
m
39%
61
45%
"2
53%
108%
108%
34
101
30
101% 108%
Pere Marquette
125"!
116%]
126
3
117
13
121% 125
112% 117%
.1980
1st g 4%s series C
Phelps Dodge conv 3%s deb. .1952
17
WIN
WIN
60
WIN mrnmm'mm
*
103
60
50
O
*60
s
A
*11
99%
15%
Wl
50
mmmmrn
*3
-
m
*10%
13%
'mm
*11%
12%
15%
mm
J
J
J
J
*11%
14%
O
27%
WIN
J
15%
D
A
O
4a„1993
O
»
17%
10%
19
21
13%
23
11
15
M N
110%
105%
J
6%
15%
1963
J
J
J
(•2d gold 4 %S———
1937
1937
J
♦General gold 6s
1940
F
A
93'
102%
103
11%
11%
*9
A
F
110%
104%
96
WIN
M N
J
1967 J
-1946 J D
6s stamped
1946
{(♦N Y Westell A Boet 1st 4%s '46 y j
Niagara Falls Power 3 %s
1966 M S
A O
Nlag Lock A O Pow 1st 6s A..1955
Niagara Share (Mo) deb 5%s.l950 WIN
A O
Nord Ry ext sink fund 6%s_..1950
F A
{(♦Norfolk South 1st A ref 68.1961
"6 H
6%
42
42
Deb 6%s series B
Deb 6s series C
Aug 16 1963
Nov 16 1969
A
8
F
A
M N
North Cent gen A ref 6s—
Wl
Wl
Apr *33 to Oct'38 coups—
4%
77
g
—
♦Stamped
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1st mtge 4s
1st mtge
1943
1965
-.1967
1972
3%s
--.1949 Wl s
100%
347
110%
11%
110%
1
105
12%
37
10
112%
103
159
11%
2
.
11
6%
1
101% 108%
103
110%
105
109
23
Series
F
A
*106%
Series
J
D
*106
104
105%
100
109
A
*105%
104% 104%
A
*113%
Series J cons guar
58
Gen mtge 6s series A
Gen mtge 6s series B
109
105%
98
70
100% 102
O
1—1959
1960
1st mtge 4%s series B
1st mtge 4%s series C—
52
40
25
A
O
80
62
2
3%
67
60
75
75
2%
4%s series D
1960 M
Port Gen Elec 1st 4%s
J
J
108%
2
107% 108%
33
82
103%
103%
104
85
1942 J
6s stamped
{(♦Postal Teleg A Cable coll 5s. 1963 J
Potomac Elec Pow 1st M 3%s. 1966 J
J
97%
J
15%
16%
14%
7
1951 J
J
108%
97
.
14%
*54
10
97
i
102%
8%
19%
9
43%
119%
119%
26
103%
103%
104
29
103%
103%
103%
11
103%
103%
103%
26
106
106
106%
32
111
107
97
....
Pressed Steel Car deb 6s.
deb 4s—1957
1956
guar
{♦Providence Term 1st 4s
Purity Bakeries s f deb 5s.
107%
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd).—
(♦Debenture gold 6s
1941
107
96% 106%
Wl
109%
85
97%
74.
79
76
52%
81
56%
59%
6
48%
75
71
72%
,40
58
93%
J
72%
72
72%
4
S
102%
35
93%
49%
41
62%
54%
56
40
76
♦Rhelnelbe Union
—1946 J
66%
60%
69%
53%
88%
♦Rhine-Ruhr Water Service 6s.1953 J
46
79
"~93%
♦Rhine-Westphalla El Pr 7S—.1950 M N
45
♦Cons mtge 6s of 1928
*4%
4
*105
6%
4
13
4%
3%
Rlchm Term Ry 1st gen 5a
106%
162%
107%
105%
•165%
105
108%
1955 F
98
106%
♦Rlma Steel 1st s f 7s
35
98
106%
♦Rio Grande June 1st gu 5s—. 1939 J
{♦Rio Grande West 1st gold 4s. 1939 J
126
28
113
"Il4
112%
112%
91% 101%
98% 107%
1
20
1
27
25%
32
25%
26%
28
19
24%
33%
27
24%
27%
28
27%
10
——
33%
33%
107%
47
104%
3
13%
1
25%
'
106%
107%
1949 A
♦1st con A coll trust 4s A—
104%
13%
*44%
*41
J
*
96% 104%
Roch G A E 4 %s series D
1977 M S
20
111% 114%
Gen mtge 5s series E__
1962 Wl S
114
110
113
103
110
109
116%
17
G
12
mmmmmm
116%
116%
116%
8
110% 118%
♦Ruhr Chemical s f 6a
104%
104%
105%
100
,90% 106%
79%
20
1949 J
{♦Rut-C&nadlan 4s stmp..
{♦Rutland RR 1st con 4%s_. 1941 J
J
80
4
58
Pacific Gas A El 4s series G... .1964 J
112%
111%
112%
109%
107%
107
108
*71
106% 112
87
102% 109%
83
Paramount Broadway
111%
109
109%
109%
109%
4
l04% "*18
1955 F
♦Stamped
O
J
70
102% 108%
102% 109
98% 103
98
105%
1947 J D
Saguenay Pow Ltd 1st M 4%s.l966 A O
J
St Jos A Grand Island 1st 4s
1947 J
1996 J
St Lawr A Adlr 1st g 6s
2d
gold
-.1966 A
6s
1947 Wl
S
1968 Wl
s
£Q
♦§Rlv A G Dlv 1st
♦Certificates
*
g
4s
56
63
100
76
57
87%
102
75
100%
♦Prior lien 5s series B
31%
52%
118% 122
♦Con M 4%s series A
49%
7
123%
2
*
s
61%
A
102"
102
Guar 3%s trust ctfs C
1942 J
D
101%
101%
Guar 3%s trust ctfs D
1944 J
D
Guar 4s ser E trust ctfs
1952 WIN
101
2* year 4s
1963 F
100%
....
Penn Co gu 3%s coll tr ser B_. 1941
F
A
99%
100
99%
99%
101
100%
60
72
3
97% 103%
99% 103%
1
90
13
104
103%
88% 104
83
20%
10
*
----
----
4%
4%
7%
5%
5
mmmrn
24
105%
11
105%
16
106% al06%
*40
J
*
O
15
105%
a
107% 110%
108
"12%
104%
105%
mmmmmm
93%
1
7%
20%
3%
110
16%
35
10%
5%
15
4%
12%
100% 106%
99% 106
109
103
....
88%
60
♦
-
-
57%
57%
64
....
42%
64
62
15%
12
18%
59%
4
49%
69
12
12%
127
8%
11%
11%
11%
11
7
15
13%
12%
12%
6
8%
15%
7
13%
57
7%
14
11%
12%
11%
18
6%
39
38
1
20
67%
38
6
13
27%
22
9
18%
J
*11%
♦Certificates of deposit...
wi's
♦Ctfs of deposit stamped..
12%
mmmmmm
11%
14
1989 MN
59
58%
59%
1989 J
J
34
34
34
(♦1st terminal A UDlfylng 5s. 1952 J
J
21%
21%
22
1990 J
J
13%
14%
♦{8t L SW 1st 4s bond ctfs
♦2d 4s Inc bond ctfs.-.Nov
♦Gen A ref g 5a series A
46%
57
*13%
1950 J
1978
19
62
12
{♦St L-San Fran pr lien 4s A.. 1950
♦Certificates of deposit—.
89
44%
12
118% 122
4%
5%'
St L Rocky Mt A P 58 sptd... 1955
81
123%
1944 A O
Parmelee Trans deb 6s
Fat A Passaic G A E cons 5s... 1949 Wl s
1942 Wl
24
21
100%
50
47%
15
*5%
.
1933 WIN
57%
86%
17
35
mmmmmm
of deposit.
100%
100%
48%
100%
15
28%
St Louis Iron Mtn A Southern—
56
100%
89% 107
103% 105%
35
-
._i
-----
J
Safeway Stores s f deb 4s
100
A
ba¬ 1955 J
24%
---
111%
12
{♦St L Peor A N W 1st gu 5a... 1948
Corp—
1st M s f g 3s loan ctfs
♦Paullsta Ry 1st s f 7s
82
60
65%
7
104%
98% 107
65
*101%
paramount Pictures deb
sics conv debentures
Paris-Orleans RR ext 6%s
113
■
S
h
----
-
43
60%
28
113%
3%s ser H... .1961 J
.1966 J
1st A ref mtge 3%s ser I
45
1948 A
-
*108
J
59
•
109%
1
'
111%
J
78%
27
,
*108%
,
J
*123
111 %
1967 M S
Gen mtge 3%s series H
Gen mtge 3 %s series I
1967 M S
{(♦R I Ark A Louis 1st 4%s_. 1934 Wl S
J
65%
50%
21%
D
J
(♦Pac RR of Mo 1st ext g 4s_. .1938 F
96
101%
28%
27%
A
1961 J
57'
92
----
27%
J
115.
58
24
50
95""
21%
'
58
107
101%
107
107%
106%
79
72
100%
•
1952 Wl S
1952 J
94% 112
100%
------
O
Richfield Oil Corp—
4s s f conv debentures
"'71 %
46
*45
A
1955 A
32
40
94%
,103%
12
108
102%
107
1953 F
♦Cons mtge 6s of 1930.
84
93%
------
----...1952 WIN
♦Direct mtge 6s
80
107%
62
"93%
106%
Purch money 1st M conv 5 %s
Gen mtge
93
67-
107
92%
106%
94%
J
60%
103
102%
J
102
98
72%
67
60%
43
82%
59%
28
108%
8
3%
32
27
78
Remington Rand deb 4%s w w.1956
Rensselaer A Saratoga 6s gu—.1941 WIN
RepubUc Steel Corp.4 %s ser B.1961 F A
.100
9
■mmmrn
98
85,
74%
J
*54 M N
4%s series C
1956 WIN
J
Revere Cop A Br 1st mtge 4%s_1956 J
60
50
97%
18%
103% 108%
D
45
f 7s
4
106
O
M
s
45
9%
3%
3%
*38
mmmmmrn
55
39%
392
19
85
83%
40
D
84
107%
.15%
109%
14%
64%
101
1
41
41
-
------
J
48'
108%
mm
m
15%
43
1
5
41
J
Gen A ref 4%s series A
1997 J
Gen A ref 4%s series B_____1997 J
115
8
83%
48
mm
J
691
70
106%
J
Reading Co Jersey Cent coll 4s_1951 A
104% 116%
23
107%
.1966 J
Ref mtge 3%s series C
Paducah A 111 1st s f g 4 %s—.. .1955 J
Panhandle Eastern Pipe L 4s.. 1952 Wl
115%
41
mmmmmrn
WIN
1948 J
121
45,
106%
.1938 J
(♦2d ext gold 5s
Pacific Tel A Tel 3%s ser B_. .1966 A
109%
17%
60
99% 105%
101
110
*105%
.
{♦Providence Sec
60
J
1st A ref mtge
55%
106
100
106%
mrnrnrnrnm
6s_. 1942 J
conv
108%
Pacific Coast Co 1st g 5s
32
60%
68%
S
Porto Rico Am Tob
S
.1946 J
53%
55 %
»
D
1st 5s 1935 extended to.-.-. 1950 J
6%
104% 110%
J
J
38
-
19
111
M N
J
108
40
mmmm
*101%
114%
Hs—-1962
71% 104%
106
-
*101%
1st
-
108
*100
A
-
51
*43%
—7
-
1
49
D
1948 J
108%
Otis Steel 1st mtge A 4
48
O
J
1946
107%
48
94% 112%
112%
90
38
95%
94%
*106
48
112
107
102%
95%
------
8%
Pitts Y A Ash 1st 4s ser A
107% 117
-
15
*
A
---
103%
102%
mmmmrnm
D
.1958 J
Pitta A W Va 1st 4 %s ser A-
11%
4
1975
A
2
-----
103
J
Gen 4%s series C
1977 J
Pitts Va A Char 1st 4s guar.—1943 MN
16
7
"113
112%
4%s____.1964 WIN
,—1970 J D
Series I cons 4%s
68
92
—
-
*105%
1957
1960 F
--—.1963 F
Series H cons guar 4s
8
•
103% 106%
104
105%
M N
D
Guar stpd cons 6s
77%
1
M N
J
Ore-Wash RR A Nav 4s
2
3
Series
11%
89%
93%
80%
mm
105
12
Ore Short Line 1st cons g 6s... 1946 J
Oregon RR A Nav con g 4s...1946
mm
93%
,
107
D
74%
103%
31
112%
*107%
*105%
9
""l
42
105
107
O
106
*
36
105
O
A
M N
47%
2
11
6%
10
89%'
93%
A
64
12
3
13
*84%
Series C 4%s guar
1940
-.1942
1942
D 4s guar
1945
E 3%s guar gold-._-.1949
F 4s guar gold1953
20
22
112%
111%
mmmmmm
78% 100
110%
3%
11
-
99
11%
3%
-mmmrnm
11
115
97% 110%
109%
m
99%
mm
12%
Series B 4%s guar
3%
4'
96
M
1966 J D
1946 J D
Ontario Power N F 1st g 6s
1943 F A
Ontario Transmission 1st 5s.-.1945 WIN
mmmm
J
-
9
1977 J
97
S
4s debentures
S
—
105%
1974 J
J
Oklahoma Gas A Elec 3%s
104
107
104
105%
100%
1962 F
J
M
105% 110
1
1st gen 5s series C
J
J
2
108%
60
*106
1st gen 5s series B__
J
J
{♦Og A L Cham 1st gu g 4s._.1948
108%
108%
-
mm
104% 110
*69%
A
D
mm
103% 107
J
—
D
mm
18%
5%
28
*48
Ref A lmpt 4 %s
J
-
-.
-
6
•92,
•
53%
110%
105%
110%
1945
1997
2047 Q
2047 J
..2047 J
Ref A lmpt 5a series C
2047 J
Ref A lmpt 5s series D
2047 J
Northern States Power 3 Ha.—1957 F
Northwestern Teleg 4%s ext.. 1944 J
Id
3s Jan
series A
Ref A lmpt 6s aeries B_.
Gen Hen ry A
76
99% 116
6
*40
*
f
50
35
11%
139
9%
*50
Q
49%
5
22
23%
♦Ctfs of deposit stamped
North Pacific prior Hen 4s—
4
64%
114%
60% "79
3
53%
108 %
J
Pitts C C C A St L 4%s A
8%
4
63%
60
64%
114
M N
J
60
107
100
-
80%
75%
60
J
D
—1967 J
5s series A
-
65
64%
_
8
Wl
J
4
113%
J
J
-
-
40
12
114%
107
18
109
89
65%
21
6%
*104
mmmmrn
101%
113% 117
5
56
39
3%
s
1974
1974
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1935 A sub coupons..1945
♦Oct 1938 A sub coupons. —.1945
sec
m
91
67
103
116%
114%
55
18
44
S
Gen A ref 4%s series A
82
109%
*63
A
Wl
84% 101%
103%
75
WIN
F
64
12%
few
1961
—1957
95%
83%
109%
♦Certificates of deposit..-.
6s ser A
75
93%
103
103%
3 % s ser B
N Y Trap Rock 1st 6s
Ref mtge
O
72
10%
mm mm
57%
50
171
94%
20%
36
77
89% 111%
105%
85%
93
6
J
{(♦Philippine Ry 1st s f 4s
1937 J
Phillips Petrol conv 3s
1948 M S
Pirelli Co (Italy) conv 7s
1952 WIN
Pitts Coke A Iron conv 4%s A-1952 Wl s
11
20
4
4%
"53"
68
85
113%
{♦Phlla A Reading C AI ref 5s. 1973
mm
102
8%
8%
.104%
56
A
Phlla Electric 1st A ref 3%s_t_1967 Wl
Series G 4s guar
S
A
{(♦Norfolk A South 1st g 6s.-1941
Norf A W Ry 1st cons g 4s
1996
Phlla Co
•
M
109% 120%
82
106
116%
"19%
12
15%
6%
mrnrnrnrnm
D
WIN
165
82%
*96%
10%
mm
27%
24%.,
— -
13
14%
15%
A
-
♦Conv deb 6s
57%
J
99%
O
11
mm
s
13
mm
m.m
m
mm
O
"13%
97%
95%
"85"
1
mm
A
WIN
21
94%
A
General 4 %a series D
_
J
Wl
93
95%
74
117%
85%
F
1977
1981
103% 111%
70
88
86%
103% 114
6
110%
110%
_
87%
J
C
General g 4%s series
64
"5
60
80
103% 109%
11
104%
.1974
60
mmmrn
1943
4s
General 5s series B
1
111%
99%
.1956 J
Phlla Bait A Wash 1st g
22
95
80*
J
-—.—1943
f 4%s—1939
11
1
50
S
♦Terminal 1st gold 6s
5
*73
J
M
3%S 1966
17%
99%
"56"-
J
4s 1942
deb 6s
1st ser A 6s— .1956
92% 105%
108
117%
1st 6%s„ .1974 F
Peoria A Pekln Un
2
119
108
.1947 M S
6s.—
109%
99%
*55%
WIN
O
93
106
93
------
Peoria A Eastern 1st cons 4s._ .1940 A O
♦Income 4s
...April 1990 Apr
1st 4s series B
J
No Am Edison deb
Refunding gold
102% 109%
mm
mm
5
105%
mm
WIN
.1943 A
108
"117"
WIN
—.1952
3%s—
108%
108%
------
{N Y Rys prior Hen 6s stamp..1958
1st 6s A..—1961 WIN
North Amer Co
deb
Peop Gas L A C 1st cons 6s
108
96%
94
100% 106%
83
104%
94
94
6
111
m
105%
A
95%
*106%
*51%
------
Gen
106
.
D
mtge 4%s series E
High
77
23
95
96%
J
A
1938
I,ow
No
107%
107%
107%
1965
1968
1970
1981
1984
General 6s series B
N Y A Rlchm Gas
N Y Telep 1st A gen s
Debenture g 4%s
62
66%
67
A
{♦N Y Ont A West ref g 4s
1992
♦General 4s_.—1955
'
74
94%
98%
38
21
A
1955
1956
1956
♦Conv debenture 6s
1948
♦ Collateral trust 6s
1940
♦Debenture 4s
1967
♦
1st A ref 4 %s ser of 1927 -.1967
{♦Harlem R A Pt Ches 1st 4s 1954
{(♦N Y Busq A West 1st ref 6s
30
64
164
F
4s ser A
3%s
General 4%s series A
3
58%
F
4s
♦Non-conv debenture 4s
♦Conv debenture 3 %s
N Y Steam Corp
84
80%
56%
IVIN
Queens El Lt A Pow
82%
80%
58
83
J
O
♦Non-conv debenture
N Y
53
58%
83
mmmmmm
J
A
67%
1981
4%s series B
1943
Consol gold 4s
1948
4s sterl stpd dollar.May 1 1948
Gen mtge 3%s series C
1970
Consol sinking fund 4%s
1960
69%
83%
69%
J
Greenwood Lake 5s. - 1946
gold 3%s
2000 WIN
N Y A Putnam let con gu
19
58%
1949
{♦N Y Providence A Boston
82
•78%
MN
1973
4Ms series B—
1973
♦N Y L E A W Coal A RR 5%s '42
♦N Y L E A W Dock A Imp 5s 1943
N Y A Long Branch gen 4s.-—1941
{♦N Y A N E (Host Term) 4b_.1939
{♦N YNHAHn-c deb 4s
1947
♦Non-conv debenture 3%s—1947
♦Non-conv debenture 3%s_.1954
>
48%
O
N Y A Harlem
N Y Lack A West
12
69
M 4%s._1960 J
A
Pa Ohio A Det 1st A ref 4%s A. 1977
Penn Glass Sand 1st
for Year
High
94
94%
Penn-Dixie Cement 1st 6s A—1941
O
Erie RR
Pow g 6s..1948
gold 4s
High
108% 111%
O
N Y Gas El Lt HA
Purchase money
Low
mmm
A
68———-—-Oct 1.1938
trust
——-1946
extended to—-1947
Y Connect 1st gu 4%s A
1953
1st guar 6a series B—-1
1953
Y Dock 1st gold 4s
1951
Conv 5% notes----———-1947
Y Edison 3%s ser D
.---1965
1st Hen A ref 3%s ser E
1966
Y A Erie—See
111
A
1st mtge 3 %s
N
No.
High
*110
68%
4s collateral
N
-
Range
„
Friday's
Asked
A
Bid
Low
A
♦3-year
N
m'mm
*
Range or
Sale
Price
-•a.
Week Ended Jan. 20
1938
Last
EXCHANGE
N. Y. STOCK
for Year
68%
77%
Conv secured
N
m
F
2
Asked
A
BONDS
Range
5
Friday's
Last
Price
Week's
Friday
I-
11
Range or
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 20
1939
Jan. 21,
New York Bond Record—continued—Page 5
410
13%
100%
'
-
ft
For footnotes see page 411.
J
*
Volume
New York Bond
148
BONDS
Week Ended Jan. 20
83
Last
*•<0,
N. Y. STOCK EXCHANGE
Price
Range
Friday's
Bid
Asked
A
A
High
is
No
Low
98
5%
"23
St Paul Un Dep 5s guar
1943 J
4s
J
98
6
2
97
J
*116 *■;
J
1946
♦Stamped
♦Guar
J
J
19
19
19
J
19
19
19
107 %
106%
46%
46%
4,8
32
♦2d gold 5s
28%'
30
3
24
18
15
1949 F
A
1959 A
O
.1945
,
*116
m's
8H
1935 F
gen
6
104H
104%
74%
Sileslan-Am Corp coll tr 7s
Simmons Co deb 4s.
4
8
115
8
2
56
104%
69
56%
74%
21%
15
•
5%
...1980 a
1952 A
—1977 J
O
a
o
105%
s
21%
90
79%
99%
1st A ref 5%s series A
West N Y A Pa gen
gold 4s
1943
{♦Western Pac 1st 5a ser A...1946
115
,5
108
34
106%
14
110
110
10
19
87%
32
83
12
91
48
35%
24
41
76
31%
White Sew Mach deb 6s
101%
101%
101%
53%
58%
52%
52%
52%
62%
1968
—1969
1981
—1946
M
58
S
52 %
MN
M N
,
J
1950 A
J
*56%
51%
52
51%
52%
50%
62%
61%
1st 4s stamped
1996
St Louis Div 1st g 48—
1951
So'western Bell Tel 3Hs ser B__1964
1st A ref 3s series C
1968
So'western Gas A El 4s ser D..1960
Mem Div 1st g 5s
J
77
52
103
22%
30
15%
25
61
62%
25
47
74%
61
63%
80
77%
i960 m
s
62%
61
63%
49
48%
47%
J
19%
19%
21%
11
18
25
.2361 j
J
54
55%
19
47
.—..2361 j
J
47%
48
13
45
D...1966 M s
109%
4
100
Registered..
A
75
72%
M N
4 %8i—1939
106%
99%
108%
108%
16%
12
101
9
6
101
75
100
127
98
80
107%
125%
107%
125%
103%
97
O
1944
-.1953
Texarkana A Ft Sgu 5Hb A.-.1950
Texas Corp deb 3 Ha.—
1951
Texas A N O con gold 5s
1943
Texas A Pacific 1st gold 6s
2000
Conv
103
97%
95%
*102%
113%
los"
52
46
4
1
54
j
10
113%
105%
105
deb
82
J
Tol St Louis A West 1st 4s
Tol W V A Ohio 4s series C
1953
1960
1950
1942
transaction
x
41%
9%
J
J
J
1C 6%
J
D
55%
J
D
during
A
M
F
Ujlgawa Elec Power s f 7s
1945
M
Union Electric (Mo) 3%s
85
70
week,
current
1962
85%
97
36
71%
87
104
90
O
41%
7%
"61
56
9%
39
30f7
56
53%
'*47
112
90%
61
61
D
.
;
S
{ Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
♦
:
2
Bonds
Deferred delivery sales transacted
J
30
J
'108%
108%
108%
22
109%
113%.
2
1952
June 2008 M S
1st lien A ref 5s_June 2008 M S
34-year 3 Hs deb
1970 A O
A
M
M
{{♦United Rys St L 1st g 48—1934 J
S
J
75
s
f 6 Hs series C
7
Jan.
20. 1939
Slate,
Municipal <fe
United
Total
Miscell.
States
Bond
Bonds
For'n Bonds
Bonds
Railroad &
Number of
Shares
Week Ended
r
Sales
97%
96%
97%
74
96%
97
62
•82
5
103
29
836,000
122,000
666,660
3,797,000
4,704,000
4,011,000
Thursday...—
823,63(1
630,660
887,040
5,817,000
Friday.
739,690
5,216,000
4,217,310
$27,322,000
$4,445,000
Saturday
—..
Wednesday
---.
Total-.-—-.
$3,636,000
5,511,000
197,000
5,695,0)00
5,835,000
761,000
339,000
6,917,000
772,000
192,000/
6,180,000
$2,007,000
$33,774,000
108%
82 %
70
878,000
869,000
727,000
469,630
Monday-——-.
Tuesday.—-.-.
96%
108%
$,438,000
$321,000
$2,877,000
97
107%
109% 116
96%
83%
112%
108%
82
69%
69
14
105%
*28% "32
26
60
105%
105%
49
186
2
86
109%
19%
28
123%
1 to Jan. 20
".
;
.
New York Stock
.
/
5,061,281
14,963,590
17,468,351
$4,654,000
$9,059,000
14,772,000
Stocks
Government
-
-
.
—
$2,007,000
« —
1938
1939
$4,515,000
4,217,310
Stocks—No. of shares.
1938
1939
Exchange
State and foreign——
4,445,000
4,719,000
12,915,000
Railroad and industrial
27,322,000
32,678,000
87,809,060
90,521,000
$33,774,000
$41,912,000
$105,378,000
$114,352,000
101
105%
49%
27%
Total..-.
49%
45%
49%
6
27%
48
48
1
27%
49%
88%
United Stockyards 4%s w W..1951
Jan.
Week Ended Jan. 20
Sales at
81%
107
116
47
"45%
.69%
107
*110
"27%
*113
1951
1947
New York Stock Exchange,
the
at
Daily, Weekly and Yearly
107% 114%
33
♦Un Steel Works Corp 6Hb A. .1951
♦Sec
'10%
115%
U S Pipe A Fdy conv
♦Sink fund deb 6%s ser A
110%
7
115% 119
104% 113%
1 .107%
S
deb 3HS.1946
Corp 3%s debs
1948
105
107
O
United
10
96
87
1 15%
O
United Cigar-Whelan Sts
97
115%
M N
United Biscuit of Am deb 5s...1950 A
11
;'
'
'
110
107
113
Union Pac RR 1st A Id gr 4s—.1947
U S Steel
Transactions
Stocks,
59%
108%.
1944
V
80
18
83
79
during the current week and not Included in
the yearly range:
103%
20
83
No sales transacted during current week.
selling flat.
40%
63%
84% 102
103
A
S
under
45
9
117% 121%
*108%
10
U N J RR A Canal gen 4s
.
.
105.
Hackensack Water 4s 1952, April 26, 1939 at
106%
50
116%
1971
*\ ;
;
.
New York Stock Exchange bond Issues which have
90
98
"95"
*97%
♦123%
11-
5s—1952
Drug Co (Del) 5s
1953
24%
3%
71
90
106%
106%
116'
35-year 3Hs debenture
n
88%
{ {♦Union Elev Ry (Chic) 5s—.1945
1st lien & ref 4s
week, a Deferred delivery sale; only
Odd lot Bale, not Included in year's range,
been called in their entirety:
88%
69
Uhlon Oil of Calif 6s series A—1942
3Hb debentures
5%
;
§ Negotiability impaired by maturity,
t The price represented is
per 200-pound unit of bonds.
Accrued interest payable at
M S
1952
f 7s.
47
dollar quotation
The following is a list of the
90
85
*89
1949
J
deb A—1953 J
♦Tyrol Hydro-Elec Pow 7H8—1955 MN
sec s
105
exchange rate of 34.8484.
81%
81%
104% 116%
83,
83%
*87%
Tri-Cont Corp 5s conv
♦Guar
104%
105
.
Ex-interest.
the
103% 107%
97
85%
J
Toronto Ham A Buff 1st g 4s. .1946 J
Trenton G & El 1st g 5s...
mn
5
104% 109%
96
104%
129
Cash sale; only transaction during current
r
103
83
O
Tol A Ohio Cent ref A imp 3%s
108%
No sales.
98%
70%
102% 106%
109% 114
99
108%
116%
116%
85
A
{{♦Third Ave RR 1st g 5s
1937
Hs——1952
106%
108
8%
6%
108%
104
range:
119% 125
107%
*
Third Ave Ry 1st ref 4s..I960 J
Tokyo Elec Light Co Ltd—
1st 6s dollar series
108%
9
1961
No sales.
Tide Water Asso Oil 3
14%
4%
|Te Cash sales transacted during the current week and not included in the yearly
46%
87%
105% 108
70
83
•
107%
107%
Gen A ref 5s series D
Tex Pac Mo Pac Ter 5Hs A—1964 M S
Jan I960
15%
6%
4%
4%
4%
107%
1948 MS
4s
8
7
*5
'
1977
1979
1980
♦AdJ income 6s
"20
14
*8%
MN
105
103
95
21
*109%
1st mtge s f 4s ser G
105%
S
D
gold 5s.
Gen A ref 6s series C_
j
98% 102
71
94%
105% 110
13
97%
"io%
1960 J
4s...1949 J
gen
104
102%
95%
{♦Wor A Conn East 1st 4%s_.1943
Youngstown Sheet A Tube—
19%
105%
83
102
♦Certificates of deposit.
Wisconsin Public Service 4s_—1961
107%
9
104%
106%
103%
83%
14%
104%
97%
63
112
78
J
Gen refund s f g 4s—
Gen A ref 5s series B
67
....
105%
107%
M
35
68
111%
J
Studebaker Corp conv deb 6S..1945 J
Swift & Co 1st M 3%s_._. —1950 MN
A
70
105
103%
1947 J
75%
64
107%
103%
5s__.1951
73%
'28
4
111
J
J
deb 6s B.^.1944
26
36
;
105%
Tenn Elec Pow 1st 6s ser A
55
072%
105%
J
J
60
73%
a72%
<z72%
J
J
23%
102%
♦Certificates of deposit
1'
83%
*66
J
105%
1953
45%
154
75
71
71%
64
59%
57%
58.%
A
85%
84
85%
A
j
75%
105%
■; 110%
79% 96%
91% 101%
4
7%
"31
102%
9%
6%
77
105
97.
94%
*101%
'"9%
o
.—1947 a
3%s
Winston-Salem S B 1st 4s
r
96%
D
1942 j
gu 6s.
109%
110%
*109%
A
1940 MN
Wilson A Co 1st M 4s series A. 1955 J
Conv deb
20
'
—1949 M s
{♦Sup A Dul div A term 1st 4s *36
J
♦{Spokane Internat 1st g 5a—1955 J
Staley (A E) Mfg let M 4s
1946 F A
Standard Oil N J deb 38--..—1961 J D
——
ser
{{♦Wllkes-Barre A East
J
J
98%
63%
RR 1st consol 4s
104%
93
16
62
83%
69%
22
97% 108%
16
26%
20
69%
30%
68%
69
104%
21%
93
68%
73%
5
21
105%
s
Wheeling A L E Ry 4s
43%
89%
87
85
West Shore 1st 4s guar
102
65
17
54
82%
81%
♦Westphalia Un El Power 6s..1953 j
94%
30
82
d
{♦Wis Cent 60-yr 1st
1955
.1955
Southern Ry 1st cona g 5s
1994
Devel A gen 4s series A—1956
Devel A gen 69
1956
Devel A gen 6Hs—
-1956
So Pac RR 1st ref guar 4s
111%
107%
1950 mn
...
30-year 5s..
102
136
88%
O
%
1951 J
25-year gold 6s.
63%
63%
63
101
..1946 m
Western Union g 4%s
•
52
120
120%
j
Wheeling Steel 4%s series A—1966 f
67
4 HS------1951 A O
So Pac coll 4s (Cent Pac coll)—1949 J D
1st 4Hb (Oregon Lines) A.-.1977 M S
.
♦5s assented
101% 108
105% 108%
106% 110%
Southern Natural Gas—
53%
s
m
108
92%
107%
120%
106%
Western Maryland 1st 4s
64
121% 123
98% 106%
116
120%
106% 110%
101% 107%
*123%
111
106%
91%
102%
*101 %
d
m
104
108%
107% 110
102
105%
107%
*107
103% 108
110
120%
92%
90'
167"
*107
j
90
50
•*
J
63
D
*20
d
86%
107
1946 J
49%
1st mtge 3%s series I
1966 j
West Va Pulp A Paper 4%s_._1952 J
70%
90% 104%
Southern Kraft Corp 4 %s
28
24
3
102%
45
48
20%
25
102%
93
89%
43%
d
156
102 %
82
63%
72%
West Penn Power 1st 5s ser E.1963
98%
Southern Colo Power 6s A
71
68%
91%
89
Westchester Ltg 6s stpd gtd—.1950 J
Gen mtge 3%a
..1967 J
104%
107%
J
55%
76
91
43%
"m"s
63%
70
96% 105
61%
108%
61%
A
1
13%
107
91%
A
5
14
13%
6%
76
o
1939 M s
1945 f
115
1st mtge pipe line
o
.1955 a
Certificates of deposit
{♦Warren Bros Co deb 6s—.1941
5%
14%
7
100
1st 40-year guar 4s_._
1945 f
Wash Water Power s f 5s......1939 J
2%
25
6%
6%
d
Wash Term 1st gu 3%s
97%
108""
11
o
10%
107
-1950
58.-1963
1962
1961 M S
1965 F A
11%
o
11%
103%
.
1947 J
cons
11%
1978 a
22
5%
13
6
80
80
1951
1st
11
*38
11%
a
3%s__2000 F a
Washington Cent 1st gold 4s..1948 Q m
104 H
1952
Term Asan of St L 1st g
44
■
11
1976 F
Warren RR 1st ref gu g
2%
33
5
*3%
21%
Skelly Oil deb 4s
5
4%
3%
1946 FA
:1941
Tenn Cop A Chem
38
10%
91%
12%
11%
11%
1941 m s
5 %s A.1975 m s
6s debentures....
8%
"
1951 M S
Tenn Coal Iron A RR gen
22
Warner Bros PIct deb 6s
4%
4
8%
3%
A
2%
10
Shinyetsu El Pow let 6 He
♦Silesia Elec Corp 6 Ha—
2%s
22
17
Walker (Hiram) GAW deb 4%s 1945 J
Walworth Co 1st M 4s.
1955 a
109% 117
20
11%
9
18%
"26
17'
♦Siemens A Halske deb 6%s
10-year secured 3%s
San Fran Term 1st 4e—
30
17
*17
106%
7
8%
1951 M S
1952 J D
Sbell UnioD Oil deb 3%s-
20
3%
6%.
5%
17
17
""5
16
9%
9%
♦Certificates of deposit--
B certificates
"is"
*3%
%*■.
{ {♦Atl A Birm 1st gu 4s
1933 m"s
{♦Seaboard All Fla 6s A ctfs.—1935 F A
-
50
15%
j
7
32
15
Gold 4Hs—
38
20
1939
1941 A
♦Ref A gen 5s series D
30
"'18"
Gold 4 Ha
Gold 4 Ha
25
55
♦Ref & gen 4%s series C
O
O
1st mtge A ref 4s
31%
30
O
Southern Calif Gas 4%s
26%
*50%
♦Ref A gen 5s series B
23
24
1989 M N
South Bell Tel & Tel 3Hs
26
*25
4s
20
2
1950 A
South A North Ala RR gu
{♦Wabash Ry ref A
High
99% 106%
32
67%
35
16%
1941 J
12
30
1950 A
Socony-Vacuum Oil 3Hs
g
A
27
107 %
1954 j
♦Omaha Div 1st g 3%s
♦Toledo A Chic Div g 4s
81%
A
6s series A..
{♦De§Molnes Div 1st
112%
29
§ {♦Seaboard Air Line 1st g 4s_.
{♦Gold 48 stamped
♦Adjustment 5s
Oct
{♦Refunding 4a
♦Certificates of deposit-.
♦Series
1939 f
,
♦Det A Chic Ext 1st 5s
111%
30
Scioto V & N E 1st gu 4s
cons
45
108
104
Low
31
14%
1
1938
No.
High
1939 mn
11
O
♦Stamped....
♦1st
5
....
for Year
Ask
A
1966 m S
102%
—1946 A
f 6 %s Beries B
s
112
J
{♦Schulco Co guar 6%a
14
67
111%
111%
*109%
Santa Fe Pres A Phen 1st 68—1942 M S
Range
or
Friday's
Bid
Price
{{♦Wabash RR 1st gold 5s
109% 118%
117
66
1965 MN
G A E 4s
98%
Range
Sale
8
VirglDlan Ry 3%s series A
9%
♦1st lien g term 4s
1940 J
1972 J
{Pacific ext gu 4a (large)
San Diego Consol
Last
EXCHANGE
Low
St Paul Minn A Man—
8 A A Ar Pass 1st gu g
STOCK
Week Ended Jan. 20
High
86
7%
Y.
1938
"H"
"*q"
J
BONDf
N.
for Year
CQCq
D
{♦St Paul A K C Sh L gu 4 %S—1941 F
411
Week's
Friday
Range or
Sale
Low
St Paul A Duluth 1st con g 4s._1968 J
{♦St Paul E Gr Trk 1st 4 %s—1947 J
Record—Concluded—Page 6
Week's
Friday
88%
7
87%
94
95%
94
73
96%
97%
167
78%
97%
67
Utah Lt A Trac 1st A ref 5s
1944
95%
93%
Utah Power A Light 1st 6s
1944
97%
94%
{{♦Utll Pow A Light 5Hb
{♦Debenture 5s
1947
1959
69
69
69%
154
45
68%
68%
69%
271
45
67
100%
10
77
101
qq
.
Vanadium Corp of Am conv 5s. 1941
O
1955
A
106%
106%
104
as
compiled by Dow, Jones &
Co.:
104% 105%
1957 M N
Stock and Bond Averages
g| Below are the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Vandalla cons g 4s series A
Cons s f 4s series B
100%
104
%
{♦Vera Cruz A P 1st gu4H8—-1934
{♦July coupon off
—
Va Elec A Pow 3Hs ser B
1968
Va Iron Coal A Coke 1st g 5s
1949
J
J
J
S
M
S
2003
1958
J
J
*72
O
62
2%
J
M
Bonds
Stocks
Va A Southwest 1st gu 5s
1st
cons
5s
A
10
108%
108
27%
108%
30%
106% 108%
35
45
75
"62"
i
Total
63%
Jan.
Jan.
Jan.
Jan.
15
Total
10
First
Second
10
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
149.11
31.97
24.68
50.17
107.64
94.70
53.79
107.65
90.95
149.47
32.11
24.65
50.29
107.71
95.00
53.73
107.64
19.
91.02
32.01
24.18
60.04
107.68
94.70
53.19
107.31
90.72
1$.
148.99
1716-
148.93
31.88
24.13
49.97
107.57
94.82
52.94
106.99
90.58
148.26
31.68
23.50
49.61
107.45
94.84
52.82
106.92
90.51
14.
148.26
31.Of
23.49
49.69
107.41
94.80
52.81
106.70
90.43
Jan. 20Jan.
20
Rail¬
trials
80
39
10
30
Indus¬
Date
„
New York Curb
412
Exchange—Weekly and Yearly Record
Jan. 21, 1939
week's range unless they are the only transactions of the week and when selling outside
footnote In the week In which they occur.
No account is taken of such sales In computing the range lor tne year.
NOTICE—Cash and deterred delivery sales are disregarded In the
of the regular weekly range are
shown In a
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Jan. 14, 1938) and ending the present Friday (Jan. 20, 1939).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bona, in
which any dealings occurred during the week covered.
'
1.
"
In the
week
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
14%
28 %
4%
28%
7%
10
Investors common...*
Conv
2
5%
28%
7%
10%
2,300
50
Feb
Dec
Birdsboro Steel Foundry
A Machine Co com
2%
Apr
6
Nov
Blauner's
Jan
37
July
Aug
Bliss (E W) common
Bliss A Laughlln com
Nov
Blue Ridge
23
800
6%
Mar
300
7%
Oct
200
2
Mar
1
Feb
34
22%
10%
12%
Nov
3%
23
Nov
•u Sept
%
Nov
75
33%
Apr
61%
Nov
140
50%
Mar
30
44%
Mar
Warrants-.
Southern—60
Alabama Gt
Mar
11%
—*
preferred
Par
High
17% June
com—20
Aero Supply Mfg class A- *
Class B—
;
*
Air
Low
64
62
04%
*
77
72
77
07%
63%
67%
Ala Power $7 pref
Oct
76
Week's Range
for
Sale
STOCKS
Shares
Acme wire v t c
Agfa Ansco Corp corn
1
Alnsworth Mfg common_5
Air Associates Inc com—1
Last
Range for Year 1938
Lasi
Sales
Friday
Sales
Friday
STOCKS
of Prices
Low
High
Price
18%
19%
1%
1
*
1%.
Bourjols Inc
2%
Jan
1%
Oct
Allied Internet Invest com*
%
8%
Aug
%
Feb
Aug
10%
Nov
$3
.
*
pref--
conv
Allied Products
6
10
com
Co common--*
Aluminum
6% preference
100
common.*
111% 112
800
93
Apr
15
800
14
Dec
3
June
"066
67
Mar
111%
123%
15
131"
131 ~
136"
Airlines
Inc.-10
American Beverage com.. 1
American Book Co
"22%
l',000
*19% "22%
3%
"166
2%
Nov
16%
6%
Feb
140%
Nov
Mar
04
6%
Mar
12%
Common class B
Mar
2
10c
Jan
4%
Aug
«i»
—*
Nov
%
24%
Aug
Corp—1
Dec
3%
30%
2%
23,900
31%
30%
375
10
Class A
.26
31
Class A with warrants.25
Class B
-1
Amer Cyanamid class A. 10
Class B n-v
10
29
2%
*
$0 preferred
*
American General Corp 10c
$2 preferred1
\
$2.60 preferred
"25%
1
30%
113%
4%
24%
20
26
com
preferred
10%
33%
"20%
10%
36%
Apr
June
26
Oct
200
14%
Mar
20
Aug
17%
6,400
10
Mar
29
100
22
June
18%
26%
Oct
Dec
11%
Apr
Apr
23
Jan
70
Sept
%
Dec
1
Jan
Apr
Dec
32
Jan
58
2,300
5
Mar
800
3
Mar
11%
7%
25
%
%
Amer Meter Co
27%
21
2,000
64
400
Amer Pneumatic Service.*
Amer Potash A Chemical.*
10
8%
Seal-Kap com.
2
Superpower Corp com*
6%
1st $0 preferred...
*
$0 series preferred.——*
American Thread pref—6
Anchor Post Fence
"22%,
*
Angostura Wupperman—1
Apex Elec Mfg Co com
*
Appalachian El Pow pref *
f Arcuturus Radio Tube—1
l%a
1%
3
3%
12%
14
108% 109%
14
109
%
Arkansas Nat Gas com..-*
Common class A
*
Preferred
Associated Elec
800
%
Mar
55% June
1%
8%
Mar
Sept
27%
3%
600
1%
bee
2%
300
600
230
2%, Dec
Apr
Apr
7%
96
7,400
2%
2%
Mar
Mar
100
40
4%
""800
Feb
%
4%
Jan
Jan
Class A
1
——
$5 preferred--.
%
%
%
*
5%
Option warrants
%
%
7%
2,400
7,600
2,900
Atlantic Coast
Fisheries-.*
2
3%
24
3%
1,200
28
10
1
2,300
700
24
*i«.
1%
8%
2
500
8%
200
4%
4%
200
—.5
Cent Hud G A E com..—*
Jan
7% preferred
28
7%
—30
330
13%
28
Basic Dolomite Inc com—1
Bath Iron Works Corp
1
7%
21
"~7%
Jan
Dec
9%
July
21 %
Centrifugal
Jan
46%
Nov
Preferred
Preferred B
Bellanca Aircraft com.—.1
Bell Tel of Canada
100
10%
1
Mar
June
4,400
4,600
5
4%
4%
29
29
18
29
150
25
m*
pref
For footnotes see page 417.
"lt
"it
%
900
%
warrants
%
%
800
100
33
2%
2%
,
100
1%
Jan
7%
Nov
9%
July
Club Alum Utensil Co—*
July
Mar
Oct
1%
8%
Mar
Mar
2%
Mar
Apr
4% July
03% Mar
6% June
14
Nov
8%
37%
12
Dec
Dec
Nov
167%
Nov
July
121
Dec
6% Mar
14% Mar
% May
18
Aug
%
9%
30
Cleveland Elec Ilium
Dec
Jan
10
31
Dec
1%
Jan
Nov
3%
3%
July
'10
Jan
%
Nov
Apr
Dec
Jan
Jan
6
Apr
22
Oct
21
Oct
19
Mar
33%
Dec
Sept
Sept
Sept
4%
3%
Jan
1%
10%
July
1%
July
1%
1%
%
Y,9OO
Apr
7
Jan
4%
4%
27
4%
Jan
Feb
16
2
17%
Aug
Apr
4%
24%
1%
"200
'"200
%
15
"i"
100
27
Jan
Jan
Apr
Nov
July
Jan
300
H
Dec
88
88
60
65%
Mar
89
Dec
78
79
20
60
Mar
80
Jan
18%
18%
4,200
16
Sept
4% May
32
200
6%
®i#
"88"
18%
6
*i«
6
14%
300
4
4%
'2~4<>6
87
89%
100
13%
17
4%
87
1%
Mar
Apr
Jan
7%
23%
Aug
Aug
25
Jan
»5%
Dec
92
Dec
Apr
Cockshutt Plow Co
14%
14
"uji
"92"
90%
"91%
91
8
700
"92"
""90
100
8
1%
1%
7i«
%
4%
Warrants
Jan
Commonw Dlstrlbut
Mar
37
Oct
Community P & L $0 pref *
Community Pub Service 25
Community Water Serv—1
69
10% Mar
68% May
Apr
75%
6%
64
Mar
1,600
1
1,400
92
4%
750
Oct
Nov
June
10%
Nov
Dec
2%
Oct
Jan
%
7% May
17
July
10
Apr
Mar
6
Jan
92
%< Sept
3
.
88%
Mar
71«
Oct
Oct
'
14%
4% June
50
.
Mar
11%
325
3%
2%
Dec
"160
Dec
7%
Feb
Mar
4%
Aug,
11
•
3%
100
3%
6%
6%
200
5
June
5
6%
Mar
130
128
.
64;
300
67
400
40
7%
200
"55% "56"
"106
7%
7%
7%
48%
46%
Jan
5%
8
7%
21
128
% June
20% Mar
5% Sept
1,500
21%
Mar
2
Mar
20
Mar
July
»i6
56
6%
Dec
11
May
53%
5
Dec
Feb
675
29
Feb
72
525
26
Feb
67
100
4
Mar
Mar
16
16
2%
13
Sept
1%
2%
3
Dec
Mar
37%
""300
Feb
39%
Oct
400
3%
Mar
1%
2%
1%
Nov
1
Mar
Mar
0%
3%
2%
12%
8%
3%
4%
Feb
200
1,200
7%
3%
1,000
1,000
5% May
1% June
Mar
3%
Mar
7%
85%
8
500
88
800
45
58
•»
%
Jan
%
2%
30%
3%
%
30%
*27%
2%
Oct
Jan
7
36%
7%
4%
20
Feb
Nov
500
1%
5
68
8%
4%
5%
1
37%
"l"66
Dec
May
60%
72
6%
Jan
62
2%
57%
71
Dec
July
9%
•
71%
72
Jan
Jan
Jan
79%
Mar
6,000
48%
8%
,
12% June
Mar
97
68
450
47% June
2% Sept
13% July
3%
4%
22,900
Columbia Pictures Corp.
Commonwealth A Southern
Dec
Sept
3%
Colt's Patent Fire Arms-25
Columbia Gas A Elec—
14%
30
91%
1%
£1
%
Mar
"4% "4 H
warr.
Dec
Mar
Mar
48
Cohn A Rosenberger Inc.*
Colon Development ord
Conv 5% preferred—100
Columbia Oil A Gas
1
June
3
com.
0% conv preferred
Colorado Fuel A Iron
50
14
City A Suburban Homes 10
June
May
113%
17%
33
*
—*
Cleveland Tractor com.—*
Cllnchfleld Coal Corp—100
51
147
18
%
Clayton A Lambert Mfg—*
Nov
18%
Aug
Mar
4%
Clark Controller Co
1
Claude Neon Lights Inc—1
7
10%
i
Jan
100
3,600
BB
Cities Serv P <fe L $7 pref.*
$6 preferred.——.
*
City Auto Stamping
*
Jan
Dec
Apr
Mar
i~506
*
1%
2%
1,400
7%
33
*
—
9%
7%
6%
29%
10%
Oci
37
Mar
18
Cherry-Burrell common-.5
Chesebrough Mfg..
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach—.4
4% Mar
% June
11%
11
6%
31%
Conv pref
*
Berkey & Gay Furniture. 1
Mar
June
100
10
10
10
Cities Service common—10
Dec
700
"42"
88
*
8%
22%
200
300
750
2,600
%
*
Mar
Apr
2%
1,400
2,300
Oct
Jan
22%
107%
21
Chief Consol Mining.
1
Chllds Co preferred.—100
Jan
2%
%
1%
7%
Pipe
Aug
3%
7%
6
22%
100%
13%
""%
4%
Jan
8%
21
kf ar
3
Beech Aircraft Corp
i
Bell Aircraft Corp com.—1
Dec
Nov
Mar
%
1%
7%
5%
7%
"42"
7% 1st prferred
100
Beaunlt Mills Inc com—10
$1.60 conv pref
20
Bell Tel of Pa 0%% Pf-100
Benson & Hedges corn.—*
19
6,400
8
Co com—*
com
%
3
17%
7%
Barium Stainless Steel
1
Barlow A Seellg Mfg A—6
conv
45
2,900
39
Apr
12%
11%
Chamberlln Metal Weather
Strip Co
6
Apr
1%
26
,.45'
17
Dec
Jan
Nov
1%
..100
Char Is Corp
25%
Dec
May
7%
Apr
May
6
2%
preferred——100
Jan
Mar
*
1%
42*
Dec
Nov
preferred
Preferred
10
Baldwin Rubber Co com.l
Bardstown Distill Inc
.1
$2.60
400
98
Mar
4
19,500
1%
3%
2%
Jan
3%
18%
22%
Conv preferred------100
Conv pref opt ser '29.100
Dec
Mar
Mar
4
0%
7%
Jan
Mar
July
Dec
15
1%
3%
%
•18
5%
Mar
13
3%
Jan
30%
1%
%
6%
25
Oct
Mar
%
6%
%
25
Baldwin Locomotive—
Purch warrants for com.
Blckfords Inc
4,200
Oct
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
Cent States Elec com
1
Mar
2%
xw.,
Babcock A Wilcox Co..—*
Purchase
%
_
16
w w
Warrants
Baumann (L)
Mar
67
3%
1%
11%
Jan
Dec
40
22%
.*
Gent Malnei Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Jan
Dec
Mar
Mar
Sept
%
1st preferred
Dec
1
Apr
Celanese Corp of America
Nov
%
1
Class A common—
Castle (A M) common._10
Catalln Corp of Amer
1
5%
11%
Oct
600
106
*
Mar
'm
Automatic Froducts.
6
Automatic Voting Mach—*
l
Products
3%
500
%
23%
Aviation A Trans Corp
Axton-Flsher Tobacco—
Casco
7% 1st partle pref—100
Dec
Apr
Mar
15%
200
Celluloid Corp common. 15
$7 dlv preferred
*
400
28
Avery (B F)__
6% preferred
6% preferred
Carrier Corp common
1
Carter (J W) Co common. 1
Jiily
%
Atlantic Coast Line Co..60
.*
com
1
Carolina P A L S7 pref—*
$0 preferred
*
9
*32
Atlas Corp warrants.
Atlas Plywood Corp
Austin Silver Mines
*
Mar
Mar
July
17
*
Dec
%
%
3%
20%
29%
25c
Class B
Nov
%
Assoc Tel & Tel class A..*
Atlanta Gas Lt 0% pref 100
2,200
5%
*
8
'SI
Assoc Laundries of Amer_*
Common v t c
*
.
Canadian Car A Fdy pfd 26
Canadian Indus Alcohol A*
86
16
27%
5%
16
Calamba Sugar Estate..20
Camden Fire Ins Assoc.-.6
Mar
8%
£1
„1
300
pref shs £1
Mar
Dec
Mar
28%
5%'
Carnegie Metals
'
Common
Am dep 6 % %
Oct
*i«
4
Dec
July
Sept
1% May
Carnation Co common—*
Feb
21
Cables A Wireless Ltd—
59
16
*
•7
5
50
Buckeye Pipe Line
Oct
109%, Nov
Dec
600
Bruce (E L) Co com
Carlb Syndicate
Carman A Co class A
Jan
4
10%
Nov
21%
23
Aug
July
31
Apr
Apr
Apr
50
18%
7%
*
Feb
4
Mar
19%
14
Jan
75
Dec
28
Capital City Products
Jan
xl2
28
1
Industries
Amer deposit rets
Assoc Gas A EJec—
22%
100
Oct
Oct
Mar
.*
Class A pref
Dec
900
3%
6%
""4% "4%
6%
28%
18%,
Brown Fence A Wire com.l
B non-voting-.—
Canadian Marconi
Oct
% June
5.500
1,400
88
200
30
July
5
6%
88
1
Assoc Breweries of Can
%
10
12,700
3
3
Arkansas P & L $7 pref--*
Art Metal Works com
5
Ashland Oil & Ref Co
%
3
10
; «
8%
9
5%
5%
%
%
68%
72
19%
23%
3%,
3%
9%
Apr
%
Burry Biscuit Corp.. 12%c
Cable Elec Prods v t c— *
16%
14%
Amer
15
22%
July
20%
16%
Oct
150
23%
14%
Mar
Oct
5%
30
Burma Corp Am dep rets..
8
%
2%
18
Nov
50
Oct
Jan
Mar
88
Apr
2
22%
33
25
Dec
10%
Mar
300
9%
"i§"
50
Nov
•
200
9%
"22%
27%
10%
26%
10%
Sept
May
8%
12%
33
%
1%
4
22%
.
Bunker Hill A Sullivan 2.60
27%
4%
30
30
Nov
Nov
July
115%
5%
28%
Apr
" Mar
14%
American Republics
Mar
2%
Apr
1%
Buff Nlag A East Pr pref 25
$5 1st preferred
—*
23
Mar
Mar
19%
104
Sept
2%
8
100
50
3
25
14
si
22,800
1,000
Mar
33
Brown Rubber Co com—.1
4%
7%
July
July
Jan
July
24%
Dec
4%
Nov
Mar
Mar
Mar
4%
Dec
19%
Jan
Mar
%
8%
Feb
Oct
2
Nov
5
Nov
12%
Oct
Aug
5%
Jan
4
*
30%
37%
13
1%
76
fBrown Co 6% pref.-.100
Mar
2
31
Dec
Apr
Mar
7
Am dep rets ord reg.-10s
15%
24%
29
300
6%
dep rets ord bearer£l
4~600
100
*
6%
100
900
Brown Forman Distillery. 1
$6 preferred
;_*
30
26
"6%
5,500
32
Amer dep rets reg—£1
27%
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co.——1
Am
Am
30%
3%
1%
%
16%
17%
8
12
•
%
Mar
British Celanese Ltd—
Apr
Mar
10%
July
Oct
Apr
Amer Tobacco-
July
325
115
113
10%
Amer Invest of 111 com-—*
Laundry Macy
"25"
9
1,000
4,800
3,200
*
*
...
25
500
2,600
2%
29
27%
Amer Hard Rubber Co—60
0%
A
Oct
Oct
Jan
Jan
"
Amer Foreign Fow warr
Amer Fork & Hoe com—*
Amer Gas & Elec com
1%
6%
4,200
32
-.100
British Col Power cl A
Am Cities Power A Lt—
Amer Lt & Trao
British
Mar
Apr
1%
29%
1 %
1
12%
3
24%
5%
British Amer Oil coupon. .*
July
70%
50
Nov
Mar
Mar
»
8%
2%
7%
11%
8
11%
*
Brlllo Mfg Co common.—*
Apr
Mar
Apr
*
44
4%
34
10%
4%
8%
8%
.*
preferred
Class
July
Feb
% June
Corp class B
7%
1%
60
100
Class A
Oct
July
10%
10c
$3 preferred
Amer
Brill
Nov
1%
100
200
Bright Star Elec class B.
Oct
22
5
Aeronautical—.1
Preferred
Mar
112
Corp
Bridgeport Gas Light Co. *
Bridgeport Machine—.—*
Registered
American Capital—
Class A common
S6.60 prior pref
Amer Centrifugal
114
Mar
44
100
Amer Box Board Co com.l
129%
%
7,300
"8% '"8% "8%
2
Breeze
Brewster
Dec
% June
'"160
2%
1
Aug
Nov
Nov
23%
22
22
*
11
Mar
8
Brazilian Tr Lt A Pow
19%
Feb
94%
0% preferred.—-100
American
Mar,
1,600
115
Aluminum Industries com*
Ltd
Mar
58
119
Aluminum Goods Mfg..-*
Aluminum
May
12%
Class A conv com---.26
07
22%
"3% "3%
7% 1st preferred—100
2d preferred
*
2
Dec
Mar
11
300
8%
22
Bowrnan-Blltmore com.—*
Apr
Invest com
20
1%
150
37
8%
*
Oct
Mar
%
Alliance
16%
—
*
—*
$0 preferred
Alles A Fisher Inc com-—*
,!*
4%
1
37
*
C) Co com.
*
7% 1st preferred
100
Borne Scrymser Co
25
Bohack (H
1,900
Nov
Dec
Mar
8
15%
15
15%
5
Corp com
$3 opt conv pref
Blumenthal (S) A Co
Sept
0
*
1
High
Low
Shares
*
common
1938
Range for Year
Week
ht
%
70
4%
16
Jan
Nov
Aug
Dec
Jan
Aug
Nov
Dec
Oct
Jan
Aug
Feb
%
1%
35%
Oct
17%
Sept
28%
Nov
%
Apr
600
*3i
9%
98
Mar
Mar
ht
12,400
%
%
29%
30%
*27% s27%
Mar
4
%
125
16
200
400
Aug
1
Jan
Oct
Jan
Volume
New York Curb
148
STOCKS
Last
{Continued)
Week's Range
Sale
Par
Compo Shoe Mach—
V t c ext to 1946
Price
of Prices
°
High
Low
Range for Year 1938
for
16
Consol Biscuit Co
1
5 54
Consol Copper Mines
6
*
8
Consol GEL P Bait com
~~5H ~~6 H
834
71
1,800
Dec
34
Dec
Jan
754
Sept
334
7,700
1
Gas Utilities
34
334
Mar
854
Oct
Fruehauf Trailer Co
Aug
117
Nov
Fuller (Geo A) Co com
$3 conv stock
Apr
134
Apr
6554
Mar
6
Dec
'
July
92
Dec
154
June
200
234
Mar
25
6734
Apr
preferred
70
"ik ~~i~x
534
8534
"166
534
8534
Continental Oil oi Mex—1
Cook Paint & Varnish...*
10
*
Cooper Bessemer com.—*
$3 prior preference.....*
Copper Range Co.—.—*
454
May
400
654
Mar
10
9H
preferred
51
sh
;
"266
26 Vi
300
27 X
75
74 34
34
June
254
Jan
June
13 54
Jan
Dec
12
Jan
Gen Water G A E
54
May
134' Feb
34
22'A
834
23)4
934
8
5,200
1734
Mar
2734
Jan
3,000
334
Mar
1054
Nov
1,400
23
34
234
Dec
Dec
Dec
234
100
1634
34
10
10
100
25
17
10
10
Crystal Oil Ref com....
X
t c_*
8
■'i
Sept
1
Mar
434
7
Jan
Mar
254
100
50 54
10934
Jan
34
500
434
Dec
1234
100
4934
*4934
*
4Q0
25
108
5
Darby Petroleum com...5
Davenport Hosiery Mills.*
»u July
5
15
1534
300
1554
17X
1734
900
6
6
454
Stores
454
900
634
434
200
*
*
*
Preferred
Gilchrist Co
Glen Alden Coal
*
Jul
20
Sep
Jan
$7
Goldfield Consol
Gorham
July
1%
154
400
2
$3 preferred
1
Feb
1034
Aug
Apr
1634
1734
Nov
Apr
26
Nov
Gt Northern Paper.....25
Dec
7
Dec
Mar
754
Jan
Jan
Grumman Aircraft Engr
Jan
Feb
Gull
Dec
40
V t c agreement extend
Grand Rapids Varnish..
Dec
Oct
i\
334
58
154
,*934
July
Mar
134
Mar
1534
234
Nov
600
Det Mich Stove Co com..l
2
July
600
"154
2
134
May
: 334
Jan
354
July
1
May
Non-vot
stock
com
454
Oil
25
Corp
Diamond Shoe Corp com.*
11
May
254
2134
Jan
Harvard
Nov
2454
Feb
254
Mar
454
Dec
Hazeltine
Oct
Dec
1634
9
Sept
39
Corp.
Jan
67
Jan
67
Jan
47
Mar
6734
Dec
6% conv preferred
Hecla Mining Co
Driver Harris Co
-10
19
19
100
1134
Mar
24
preferred-
-100
June
103
"Ik "134
6734
6734
'""500
.
25
34
54
Durham Hosiery cl B com *
"5
"I"
Heyden Chemical
Hires (Chas E) Co cl A
0
May
934
Feb
7
Mar
1454
Nov
3"54
Apr
054
1%
154
2154
134
700
134
Sept
23 34
23 34
975
1754
Dec
52
1234
1034
1254
1,500
934
Dec
31
Jan
6 34
Apr
13
Nov
*
*
1
19 34
Easy Washing Mach B
*
Economy Grocery Stores.*
334
15
Edison Bros Stores...—.2
preferred—..—*
preferred...
....*
55
$6
Class
A
12%
57
6354
3
234
2%
*
2934
134
7154
Elec Shovel Coal $4 prel--*
Electregraphlc Corp
70
2
Mar
Mar
Nov
934
Jan
334
Mar
1154
Nov
78
80
72
Nov
1,050
"38k "3854
"456
36
Jan
Horn
Mar
20
Jan
Horn A Hardart
13
Mar
26
Oct
1854
1954
5,700
700
Jan
"41
""834
1434
Jan
1534
Dec
Humble Oil A Ref.
Apr
1734
Nov
3~6O5
54
Mar
134
Jan
1234 120,200
62
1,600
6834
3,900
600
334
434
Mar
1534
Oct
34
36
Mar
65
Oct
42
Mar
70
Oct
2
Mar
7
Oct
2
Mar
6734
4,900
33
Mar
4634
July
40
72
Feb
92 34
Dec
92
81
Jan
10234
June
734
Dec
Oct
3 54
July
'""166
154
1534
Mar
634
35
Oct
200
Jan
8
Dec
12
Jan
25
50
Apr
Apr
04
July
134
100
3134
500
5
2234
9
2,600
534
234
Mar
554
July
1,200
254
72
234
Apr
254
July
225
60
Apr
7734
Dec
100
234
10
Dec
6
Jan
Illinois
Dec
13
Jan
Illuminating Shares A
Imperial Chem Indus..£l
Imperial Oil (Can) coup..*
1,400
134
'"eoo
5% conv preferred
Dlv
arrear
50
ctfs
434 May
1,600
20
600
>*19
28
Jan
65
Dec
28
200
9
Feb
6334
Dec
Registered
18
Mar
20
Nov
100
6
Mar
1154
Sept
40
41
400
27
Mar
4134
Mar
57
Nov
534
1134
Mar
1334
1554
1654
834
July
""7k "834 if
1434
1234
500
1454
2,700
1234
100
3854
9
Mar
May
Mar
Nov
Aug
July
June
24
Oct
'
Dec
Sept
2134
475
68
Jan
3734
Dec
Jan
10754
Dec
Feb
4
Mar
15
Nov
56
1,800
4
6654.
100
Mar
72 54
July
Mar
Sept
634
12
Jan
July
9
234
9
1,450
454
Mar
Mar
9
000
554
Dec
34
34
300
•
"2k
24
434
24
""466
28
Jan
65
Dec
Indiana
100
32
Jan
65
Dec
Indiana Service 6% pf-100
Feb
10
7% preferred
100
IndplS P A L 6 34 % pf—100
Indian Ter Ilium Oil
1754
11
May
22
""266
634
Mar
12
1,600
3,100
34
Mar
8
7
May
13
Dec
16
Oct
"u
31
Jan
Jan
Jan
3
"
Mar
154 June
Pip? Line.:
*
Nov
534
234
July
Jan
15
June
33 34
Jan
Mar
554
Nov
2254
634
1334
Nov
56
NoV
434
800
2
1934
2434
6,200
3 2
Mar
534
634
3,300
1634
1634
1634
1654
"
1654
1634
Oct
Jan
300
Nov
854
Jan
Sept
1934
Mar
1534
1334
1,500
500
Sept
19
Mar
Mar
16
Dec
Nov
3734
954
Aug
10
Mar
654
954
1154
100
6
Dec
.10
6
Sept
10634 10634
325
10
70
*
Class B
Oct
July
100
24
,334
■;» 654
954
10
Non-voting class A
34
3034
1634
,
10
1
1
1134
834
2134
Mar
*16
734
Dec
Apr
82
Oct
134
154
Jan
Feb
34
July
Nov
100
500
34
Nov
"850
4834
Mar
1654
Mar
6954
2354
854
Apr
23
34
134
134
134
Feb
134
Mar
Sept
Dec
Sept
Jan
1934 May
103
54
34
,
6
Mar
1054
Dec
Mar
10
Apr
Insurance Co of No Am. 10
100
1654
Mar
2234
Dec
International Cigar Mach *
654
July
834
Jan
654
300
434
Mar
1834
600
1434
8ep<.
23
Nov
1454
534
"~6X
1
200
Mar
4
Sept
Jan
Mar
2,300
Fldello Brewery
(Phlla).lO
1
60
Corp
1134
62
1034
1154
'u
190
39 34
Apr
4,100
434
Mar
1134
Dec
4834
1
Fire Association
Mar
7734
Oct
26
Mar
7534
Oct
x834
Sept
x834
Sept
100
Florida P A L 57 pref
*
Ford Hotels Co Inc.,
*6754
*
*62k "68
334
354
1
c common
634
934
*
Fedders Mfg Co
Ferro Enamel
V t
2
5,900
1134
734
2134
July
400
12
834
2134
534
7
1754
Fanny Farmer Candy coml
"650
300
Ti»
68
Jan
Nov
reg—£1
354
Ford Motor of Can cl A..*
•
334
22
354
2234
Sept
400
334
700
1454
Mar
24
Oct
15
Mar
2434
Oct
554
Jan
Ford Motor of France—
6534
65
66
134
Mar
234
Apr
Pref
50
$3.50 series
purch warrants.
1
Internat Metal Indus cl A *
Internat Paper A Pow warr
1934
19
2034
1,700
*"3k "Ik"
International Products—*
Internat Radio Corp
27
3,400
27
Registered
334
2634
27
27
300
2234
1,000
234
Sept
Mar
5
Mar
334
334
434
354
4,700
1
21
34
Oct
Tx n
54 May
834
454
Aug
3134
Mar
11
Nov
Mar
454
1454
1
Feb
Nov
June
International Utility-
Home
Jan
*n
Dec
1
Jan
12
100
734
May
10
Nov
35
35
50
2434
Apr
35
Nov
54
*
*
Equip—1
9
1,400
12
—--1
preferred
$3.50 prior pref
Mar
0
—-*
Class A...
Class B
Warrants series of 1940..
Apr
0
334
2654
International Petroleum.
Feb
34
Jan
254 Mar
254 June
454
634
July
'i«
354
International Vitamin—1
417.
Oct
Dec
'2^400
A stock
Intl Industries Inc
Interstate
For footnotes see page
13
Internet Hydro Elec—
$1.75
Amer dep rets... 100 Ires
Feb
7
100
7% preferred
Internat Safety Razor B_*
Ford Motor Co Ltd—
B
Oct
834
200
Industrial Finance—
Fairchlld Aviation
Class
Dec
934
Jan
150
*»
Falstaff Brewing
Am dep rets ord
834
4834
734
1434
5734
warrants
preferred
Sept
Mar
*
5734
European Electric Corp—
56
Nov
Mar
53
rt stock.*
Flsk Rubber
Oct
5
Sept
55
Eureka Pipe Line com..50
Flat
Oct
Mar
534
534
Imperial Tobacco 01 Great
Britain A Ireland
£1
154
.634%
Corp
Amer dep rights...
Jan
2634
"2
-*
Imperial Tobacco ol Can.5
Metallurgical
9
3034
12
534
Oct
Fansteel
Oct
Jan
Dec
3034
May
3
Now
Option
Jan
0
2634
934
he
634
Nov
7J4
Apr
Aug
254
134
154
634
---*
Zinc
234
54
734
Mar
254 June
1354 Mar
7
5
nygrade Bylvanla Corp.:*
5854
Emr»
Dec
54
200
434
834
Hydrade Food Prod
700
3
2434
Emsco Derrick A Equip..5
Equity Corp common__ 10c
Esquire-Coronet
1
,
100
1134
Common.
1
7% Dref stamped...100
Oct
7%
Mar
9
4
7% pref unstamped..100
Hydro Electric Securities.*
Jan
8%
Jan
jHuylers of Del Inc—
*
June
preferred
—100
preferred..
100
preferred
100
preferred.——100
Sept
Nov
>8
Cbrp 6
Ilussmanh-Llgonler Co...*
1054
6%
Dec
*19
3
9854
Hummel-Ross Fibre
150
3134
154
2234
Dec
234
15
—1
Aug
63
3634
13
15
.1
Elgin Nat Watch Co
Nov
854
534
1
Empire Dlst El 6% pf 100
Empire Ga~ A Fuel Co—
Electrol Inc v t e.
3934
y. 200
34
3834
39 34
9854
9854
10634 10734
6% preferred
100
Hubbell (Harvey) Inc.—5
434
12754
18
14
254 June
Apr
Apr
Mar
Mar
834 May
A) A Co com
(A C) Co common..
125
100
Mar
2534
Hormel (Geo
Illinois Iowa Power Co—*
;_*
50 conv pref w w
.
734
1034
Border's Inc...
2934
254
29
5
10
A.. .10
Holllnger Consol G M_.
Holopbane Co common..
Holt (Henry) A Co cl A..
Hoe (R) A Co class
125
"ik
1034
1334
534
2254
100
300
Oct
40
2634
common..
1034
•
68
Option warrants
Electric Shareholding—
Common..—
......1
25
w_—
334
334
15
6134
...1
...
Elec P A L 2d pref A
134
w
1934
'
"I
1
Elec Power Assoc com
18
....
Eisler Electric Corp
1
Elec Bond A Share cbmL.S
Dec
Jan
May
Preferred
1934
19
$0 preferred series B___*
334
734
.9
Jan
100
.-*
$7 preferred series A
common
Hewitt Rubber
434% prior preferred-100
6% preferred.
100
Eastern States Corp
Heller Co
Dec
1,200
Eastern Malleable Iron..25
July
Class A..
Dec
"ITOOO
•
24
334
254
534
East Gas & Fuel Assoc—
Common
Apr
Helena Rubensteln
0754
6 34
1234
12
Oct
Jan
'it
Feb
3034
434
1954
854
50
Jan
"534
634
"12%
—10
Nov
Feb
2
9934
2
500
434
25c
Mar
34
1
*
Sulphur!
Eagle Plcher Lead
Sept
Oct
11034
Jan
Feb
Sept
1
Hearn Dept Store com..
10
13
July
63
_
70
Dec
7
1734
he May
1,400
Jan
35
Mar
854
! 54
60
IX
34
254
134
65
100
X
234
Oct
Feb
654
Dec
26
200
""2k ~~2X
Co
Brewing
60
Dubiller Condenser Corp. 1
50
734
454 Maj
2,100
11
Hartman Tobacco Co
64
634
Dec
Deo
41
Apr
Hartford Rayon v t c—
...—*
300
6554
Mar
June
434
54
Hartford Elec Light.—25
Dominion Textile Co—..*
934
May
434
30
11734
"3834
Hat Corp of Am cl B com.
Dec
3554
z27
Nov
9
Distilled Liquors Corp.—6
934
434
30
10
10
Haloid Co
Dec
Dobeckmun Co common. 1
130
Oct
Apr
10
Gypsum Lime A Alabaat.
Hall Lamp Co
Mar
4,200
200
6
3334
454
-
10634
14
5
58
3354
82 34
5
$6 preferred
24
434
350
7
Apr
88
Gulf States Util $5.50 pref
40
4%
Mar
1054
34
"166
Divco-Twin Truck com..l
Dec
July
434
2034
30
1854
24
£1
100
72
10
5
7934
27
24
Nov
125
100
7% 1st preferred
24
10
Jan
1634
57
6
734
Gray Teleph Pay Station.*
Great Atl A Pac Tea—
27
Detroit Steel Products... *
July
134
Mar
120
634
32 34
8354
33
Guardian Investors..
.
134
53
Aug
Dec
Grocery Sts Prod com..25c
Mar
Dec
534 June
Detroit Gray Iron Fdy—1
Duro-Test Corp com
Mar
51
Greenfield Tap A Die
654
334
July
Mar
.*
10
534
Oct
Aug
*94
80
Gorham Mig Co—
1034
20
8354
*
A
110
3734 June
*
Detroit Gasket A Mfg—1
634
3134
8234
Mines—1
Inc class
Dec
•
58
Feb
40
*
preferred
Aug
554
July
300
5234
9534 100
Godchaux Sugars class A.*
Class B.
*
July
134
24
54
834
*
Jan
25
pre! 100
Derby Oil <fe Ref Corp com*
Duval Texas
30
46
33
Georgia Power $6 pref
$5 preferred
Gilbert (A C) common
Dec
17
1
Duke Power Co
60
Apr
65
52
•
Jan
5
5234
3234
634 June
534 Mar
10
May
"
7%
50
Nov
34
1
102
100
36
Corp..
Sept
Oct
1554
46
200
45
Jan
1954
Nov
"ilk "15k """600
100
com
preferred
Jan
1134
154
Oct
i#i May
*
Nov
Sept
Sept
2534
Mar
9
"76"
"70"
70
51
.■
Dayton Rubber Mfg com
Draper
Mar
Nov
Oct
4134
34
V;«ia
*19
1
preferred...—100
Distillers Co Ltd
July
75
100
"13k "l"§k """£66
May
Curtis Lighting Inc..-.-.*
Curtis Mfg Co
De Vilblss Co com
254
160
154
54
1234
1934
General Tire A Rubber—
$3
800
Detroit Paper Prod
Nov
Mar
734
100
,
88 34
154
pilOO
0% preferred A
634
IX
17
34
preferred—
Nov
454
9)4
A conv
75
200
134
6% pref w w
88
General Telephone com_20
$3 conv preferred
*
400
9)4
Dennlson Mfg 7%
July
354
1
Crown Cork Internet A..*
Dejay
"l254 "l2k
9
xl8
4054
6%
Crown Drug Co com._.26c
Decca Records com
8934
134
36
preferred..
1
1
Crowley, Milner «fe Co.—*
Crown Cent Petrol (Md)_6
Class A
$6
634
Croft Brewing Co
com v
Aug
20
150
;
Wftrrflnts
Gen Outdoor Adv 0%
Gen Pub Serv $0 pref
1
Cramp (Wm) & Sons Ship
& Engine Bldg Corp. 100
Creole Petroleum.....—6
Crocker Wheeler Elec
*
Cuneo Press Inc
Jan
12
1634
.
654
6% conv preferred.—.60
Ltd
£1
Cuban Tobacco
Mar
5334 May
300
Courtaulds
034%
Aug
87
Mar
Apr
1134
General Investment com.l
30
June
43
Nov
1134
100
Gen Rayon Co A stoek—*
$6 preferred A
*
Cosden Petroleum com—1
preferred
Mar
Oct
Mar
300
3434
36
Amer dep rets ord reg-£1
Gen Flreprooflng com
Gen Gas A El 6 % pref B
Nov
1834
Common
6%
Nov
Sept
July
28
1654
34
8
125
1834
18
5% preferred
100
General Alloys Co
*
Gen Electric Co Ltd—
11X
5434
1054
150
78
4% conv preferred
100
Gamewell Co $6 conv pf..*
Gatlneau Power Co com.*
11
21
154
Copperweld Steel com..10
Corroon & Reynolds—
Oct
Apr
Mar
Jan
Mar
Mar
Dec
200
16
18
1134
Jan
Mar
434
•
Oct
754
86
Mar
14
-5-
Jan
May
434
500
m
Apr
Oct
154
May
i:®55
Cont Roll & Steel Fdy—*
Preferred
May
*19
234
1054 June
534 July
634
j 4 *4
554
634
1734
854
1
4834
High
Jan
754
254
1
300
Low
850
13
834
15
July
650
Range for Year 1938
Shares
19
Cony partlc pref
74
600
100
Consol Royalty Oil
10
Consol Steel Corp com—*
Cont G & E 7% prior pf 100
1034
1
Mar
5H
534
1234
High
1
Common
65
54 54
54
Consol Retail Stores..—1
Low
for
Week
of Prices
Price
(Peter) Brew Co—5
Franklin Ryaon Corp
Froedtert Grain A Malt
113
Consol Mln «fc Smelt Ltd.5
$4
Par
Nov
1654
Week's Range
Sale
High
Mar
11
"266
72H
7%
72 H
Sales
Last
{Continued)
Low
200
16
100
6% prel class A
8%
STOCKS
Week
Shares
Fox
1
413
2
Friday
Conn Gas & Coke Secur.
Consol
Exchange—Continued—Page
Sales
Friday
534
5
354
554
""266
700
Nov
Sale
(Continued)
Par
Interstate Power
Prige
$7 pref—
Investors Royalty
Iron Fireman MLg v i
Superpower
of Prices
LowHigh
(F L) Co.Jeannette Glass Co.—
Kansas G 4 E 7%
16%
400
"I"
1%
2"900
1%
200
75
84
30
61
92
92
20
08
%
Jan
19%
Oct
21
Dec
%
7%
3%
Dec
Jan
S3
pref
conv
Nov
National P<fe L $0 pref...*
National Reilnlng Co—.26
May
113%
4
Mar
7%
Mar
Apr
11%
Jan
Jan
Aug
900
6%
Dec
106
Aug
Dec
1
Jan
67
Nov
36
6%
Conv part preferred
"4%
2%
Dec
5
Feb
%
Sept
1%
Jan
15%
Jan
Mar
8%
Dec
"il"%
7
48%
48%
Lakey Foundry 4 Mach.l
3%
3%
12
100
pref..100
2,800
49
3:
July
12%
Feb
60
60
57
%
Lefoourt Realty common. 1
8%
8%
3%
3%
3%
2,500
hi
618
611
600
(R G) Inc._l
29%
29
29%
15
13
15
10
100
Lehigh Coal 4 Nav
*
Leonard Oil Develop.--25
preferred-.--—-*
4
Dec
6%
Dec
5%
9%
3
45
.
Sept
12%
Feb
II
Jan
49
,
Aug
7%
com.
500
47%
Feb
Mar
50%
July
July
79
July
8%
7%
Jan
Nov
1%
Oct
65
Feb
Nov
Jan
1%
July
New Mex A Ariz Land
Jan
15
Apr
58%
110
1,350
30
Mar
62
Jan
300
65%
85
Mar
108
July
Mar
11
110
July
1%
32
N Y City Omnibus
16%
Nov
Oct
15%
25%
Jan
Llpton (Thos J) class A—1
14
Feb
N
25
19
Sept
25
Jan
N Y Pr & Lt 7%
*
1
Mar
3
July
Loblaw Groceterias cl A--*
19
Mar
24
Nov
pref—100
*0 preferred
*
N Y Shipbuilding Corp—
Aug
New York Transit Co
Dec
Oct
72%
Jan
1%
Mar
2%
Jan
1
42
300
78%
N Y Water Serv 0% pf.100
Oct
Oct
17
Mar
Mar
88%
Mar
25
Nov
Mar
1%
N Y & Honduras Rosario 10
10
Mar
Sept
Dec
Sept
18
11% June
12%
45%
*
N Y Auction Co com
Apr
July
51
200
57%
New Process Co
Jan
78
Newmont Mining Corp. 10
July
56%
.
1,150
zlO
57
1
"11
Mar
10
4%
25
6%
Dec
Dec
June
100
13
New Idea Inc common...*
New Jersey Zinc.—.
5%
Oct
4
110
68%
Nov
4% June
*
3%
85%
Mar
Nov
45
12
100
preferred
1%
114
Dec
»u
New England Tel & Tel 100
0%
July
17
3% June
100
New Haven Clock Co
July
102%
29%
80
107
100
100
*
preferred..
New Engl Pow Assoc
Jan
Jan
1%
»ii
105
Nestle Le Mur Co cl A--.*
2% May
%
Dec
13
Jan
Feb
100
Neptune Meter class A...*
Jan
Dec
1%
1,400
Jan
2
Aug
7%
Nelson (Herman) Corp.—6
14%
102%
11% June
4%
Dec
38
May
44% Sept
200
Nov
18%
1
32
79
Nevada Calif Elec
7
11%
70%
59%
1st preferred
Jan
Mar
37% June
.100
Lake Shores Mines Ltd.-l
Mar
May
300
2,600
1
57%
46%
Nov
Kresge Dept Stores
Lackawanna RR (N J)
Feb
7%
Nehi Corp common
"71% "71%
«u
1
58%
Nebel (Oscar) Co com...
Nebraska Pow 7% pref.100
Dec
71%
Mar
May
100
4% conv 1st pref
>u
12%
.100
10%
Aug
400
Mar
Jan
68
7%
%
3%
1,100
Jan
""'4% "*4%
Mar
5,800
1% June
I'm
Nov
4%
2%
1%
500
14%
75
Sept
""600
1%»
Oct
14%
Mar
T950
1%
54%
Kobacker Stores Inc..__
38%
"72% ~78"
Nat Union Radio Corp... 1
Navarro Oil Co
Mar
12%
5%
*5%
July
Jan
22
""160
Nov
38
1%
28%
8
4
Mar
800
—
Jan
Mar
2%
50
8
14%
2
900
6
2%
20
1%
4%
2%
50
3
Sept
*
45
2%
Feb
Sept
hi
National Tea 5% % pref. 10
National Transit
12.60
56
1%
Dec
9
5%
11%
2%
"78"
*
43
3
40
300
1,200
15
"0
National Steel Car Ltd.—*
Nat Tunnel & Mines..
Dec
13
Apr
26
200
6%
13%
National Sugar Refining.
56
2%
36
6%
13
1
common
45
3
35
Nov
Apr
0%
600
12
Oct
Jan
1
7%
May
10%
*
Nat Service
Mar
2%
10%
Dec
%
4
Nat Rubber Mach
Oct
1,200
11
50
Nov
43%
32%
%
7ii
High
Mar
3%
1,900
7
National Container (Del).l
National Fuel Gas.:
Nov
%
EmU) Co com.-*
Rubber ColO
Knott Corp common
1
Conv
%
*
com.l
9%
7%
Low
Shares
.
81
Nov
103
Klelnert (I B)
Lane Bryant 7%
1
National Candy Co
National City Lines
74%
Mar
Klein (D
100
Kress (8 H) special pref. 10
Kreuger Brewing Co.--.-l
Nat Bellas Hess com
National Oil Products
I
25%
8%
92
Apr
Apr
Apr
Price
1
Jan
Jan
5%
"*5%
Kingston Products
Kirby Petroleum
-.1
Klrkl'd Lake G M Co Ltd 1
Koppers Co 6% pref—100
Nat Auto Fibre com
21
700
34%
Breweries
Kingsbury
July
100
32%
Week
Par
22
*34%
Kimberly-Clark 0% pf.100
1
Kings Co Ltd 7% pf B 100
6% preferred D
100
52%
150
73
80%
84
for
of Prices
Low
High
Nat Mfg Sc Stores com.—*
pref.100
Kennedy's Inc.-6
Ken-Rad Tube 4 Lamp A *
1%
Week's Range
Sale
High
Mar
Mar
7% Mar
%
Oct
2
May
2,400
21
"4%
Range for Year 1938
Last
7%
11%
19%
20%
"4 %
preferred
100
preferred----—100
7% preferred
100
Jones & Laughlin Steel. 100
Julian 4 Kokenge coco—*
2%
»i» May
5%%
6%
220
10
— *
4 Lt—
Jersey Central Pow
Low
Shares
4% -V 5%
5%
1
c..*
—1
A—."
1
Irving Air Chute
Jacobs
for
Week
1939
Sales
STOCKS
(Continued)
Range for Year 1938
Weel's Range
Last
Friday
Sales
Friday
STOCKS
Italian
Jan. 21,
New York Curb Exchange—Continued—Page 3
414
2
Jan
Oct
Niagara Hudson Power-
Le Tourneau
Line Material Co—-—6
200
1,050
'
Lion OU Refining-------*
0%
prelerred
Lit Brothers common
Class
Lockheed Aircraft-—---.1
Lone Star Gas Corp
12%
12%
100
7%
Mar
16%
30%
m
9%
32%
4,000
6%
Mar
37%
9;
9%
6%
3,900
10%
Mar
,
Common
-.*
100
preferred
pref class B
100
Packing
—*
Louisiana Land 4 Explor.l
0%
1%
1%
%
1,600
Jan
Dec
1%
.42
34%
2%
Mar
9%
Jan
Dec
29%
1%
27%
29%
100
23%
Dec
24
22%
24%
800
18%
Dec
1%
1%
100
1%
6%
7
1,500
0%
-
mm
-
«...
Louisiana P 4 L $0 prel..*
1
24
300
34
32
.
Sugar opt warr
Mangel Stores...
%5 conv preferred
Manlschewitz (B) com
*
Mapes Consol Mfg Co
*
10%
19%
19%
15
100
Class B opt warrants
*
Mar
39
Dec
May
July
Nov
July
Niplssing Mines
c.6
%
July
Noma Electric
—1
3%
Jan
45
Feb
;
Dec
20%
Dec
11
7%
24
Jan
Mar
Margay Oil Corp
*
10
June
Marlon Steam Shovel
*
1
3
Sept
8%
July
1%
Mar
2%
Mass Utll Assoc vtc—.
6
6
1,000
4%
Mar
10
July
July
16%
Massey Harris common..*
Master Eiectrio Co
1
16%
300
11%
Mar
18%
Nov
Feb
47
*
$4 preferred.
55
July
Oct
93
100
16%
Memphis P & L $7 pref..*
Mercantile Stores com
*
Merchants 4 Mfg cl A
1
'"~50
4%
5%
27'
27
5%
5%
Aug
6%
' %
%
74
%
25c
Nor Sts Pow
103
Oct
new
cl A—25
13,500
8%
4%
Dec
hi
Sept
%
Dec
1,100
%
Apr
2%
Nov
Mar
1%
1%
Oct
Aug
5
July
5%
%
30%
%
July
Mar
,1,700
%
Mar
%
July
%
Jan
1%
Feb
Apr
34%
500
Nov
71
Dec
Deo
85
Nov
'«ii
Jan
%
Jan
5%
Jan
tii June
2
2%
7%
1%
1,400
7%
2%
100
5
*u
May
6% 1st preferred
Oct
89%
Jan
Apr
61%
Dec
Mar
9%
Feb
"T% "l%
"""600
Sept
Mar
2%
Feb
7%
"*5%
1%
5
5%
900
1%
com..'5
T%
v t c
5%
5%
Oklahoma Nat Gas
$3
com.
preferred.
5,200
*7% ""8%
15
Omar. Inc
Overseas Securities
1%
31
Mar
62%
12%
Mar
29
Mar
27%
50
Apr
47%
3%
IOC
3%
12"
"120
47
150
60
Apr
Mar
0%
Mar
14%
xl8%
90
"10%
i2%
6,700
112%
Dec
6
Feb
Dec
Mar
1%
July
8%
Oct
Apr
10
Feb
7% June
106
59%
May
% June
125
60c
'""8% "8%
10
Midwest Oil Co
"400
6%
8%
1%
Midwest Piping 4
Sup...*
Mining Corp. of Canada
Minnesota Mining 4 Mfg.
*
40
41%
115
*
3%
1
Monarch Machine Tool.
.
A
3%
10
500
T"
*
161
Montreal Lt Ht 4 Pow..*
Mar
2%
Feb
41
78
103
May
•/
2%
Mar
Jan
13%
5%
3,000
6%
3%
Mar
100
12%
Mar
200
115%
Mar
Sept
20% May
31%
31%
4%
159% 161%
30
30%
580
122
250
20
"5% "6~" ~2J)66
1,100
0%
7%
163%
11,800
""266
10
16%
20
Apr
3%
2%
Peninsular Telephone com *
Preferred
52.80 preferred
55 preferred—
Dec
Penn Mex Fuel Co
Aug
Dec
%
Dec
Feb
3%
3% May
4% Mar
2
Nov
July
115
100
10%
Mar
0%
Mar
14%
350
21%
Jan
41%
25
May
105%
89
'
200
1%
Dec
2%
June
7%
2% June
4%
4
3%
500
"32% "32%
2^600
27%
900
25%
Mar
107%
29%
107% 108%
73
73
50
98%
10
40
-
12
Mar
4%
28%
32%
Apr
2,9
6%
400
Mar
109
Apr
74
3%
Mar
8
15%
6%
Apr
'20%
87
June
96
7
12,700
7%
Dec
3% June
14
Feb
7%
4%
Dec
Sept
zl0%
Nov
Jan
12
38
38
38
100
7%
"30%
8%
700
29%
30%
500
Sept
19
13
May
23
18
Mar
38%
Dec
Mar
9%
Dec
2%
21
Jan
Jan
107%
31
Nov
Apr
112
Sept
24
53
5
100
1,200
Mar
29%
45
July
50
2%
Apr
Dec
July
8%
Feb
Dec
1%
June
2.50
Penn Traffic Co
%
1%
Sept
2%
Mar
Pennroad Corp vto
1
Penn Cent Airlines com.. 1
50
3%
53
1
*
*
preferred
1%
9%
102%
97%
Pa Water A Power Co
Sept
Pepperell Mfg Co
Nov
Periect Circle Co
Pharls Tire A Rubber
1
1%
Dec
2%
Jan
9%
2,600
4%
May
9%
Nov
775
79%
Mar
100%
Nov
74
Mar
10,600
Philadelphia Co common.*
163
160
25
*
Nov
Oct
2
Oct
Pblla Elec Co 55 pref
Jan
Phil a Elec Pow 8%
Dec
Dec
Aug
19
Aug
Mar
75%
121% May
75
*
100
95%
167
19
50
Pennsylvania Sugar com 20
July
1%
9%
100% 102%
95
97%
163
Penn Salt Mfg Co
Aug
66%
76%
250
59
65
66%
250
54%
Dec
Apr
86
July
Mar
24
28
Aug
9%
1,100
6%
100
*
30%
30%
25
3%
Apr
4%
Sept
112%
9%
6%
9%
pref 25
Feb
117%
July
29%
Mar
31%
Feb
July
9%
8
Dec
Oct
*
2%
2%
2%
300
2%
Nov
4%
1
6%
6
6%
12,600
1%
6%
10%
Mar
Mar
31
zl0%
Mar
21%
Aug
%
Dec
1%
Jan
2%
Sept
3%
Jan
Dec
Phillips
9%
Jan
Phoenix Securities—
5%
July
124%
12
Nov
July
Pierce Governor common.*
5%
Packing
Co
Common
125
10
100
Mar
9
200
6
Mar
June
12%
Nov
Pines WInterfront Co
Pioneer Gold Mines Ltd—1
*
10
Sept
10%
Aug
Nachman-Sprlngf illed
*
7
June
9%
Oct
417
100%
Apr
•
1,600
3%
Penn Gas A Elec class A—*
Muskogee Co com
For footnotes see pave
109%
Apr
93% June
34%
100% 100%
1%
1%
—*
*
6
Mlskegon Piston Ring.2
112%
Penn Edison Co—
9
*
May
11%
--..100
125
Mountain Sts Tel 4 Tel 100
101
8%
*
Oct
4% June
3%
2%
1% Sept
1% June
'""""% """"% ""160
JMoore (Tom) Distillery. 1
Mtge Bank of Col Am shs..
Mountain City Cop com 5c
Murray Ohio Mfg. Co
July
21%
Moody Investors part pf.*
Mountain Producers
Nov
13%
"~5% "_5%
10
A
9%
Mar
5%
13%
1
Montana Dakota Utll
115
Dec
Nov
Mar
21%
"5%
*
Monogram Pictures com.l
3%
Nov
B
Fa Pr A Lt $7 pref
Mock, Jud, Voehringer—
Common
52.50
Molybdenum Corp
2%
June
24%
650
Minnesota P 4 L 7% pf 100
Miss River Power pref.100
Missouri Pub Serv com
15
115
69
41%
33
June
May
40%
6%
Patchogue-PlymouthMllls*
Pender (D) Grocery A...*
Class
105.
Mar
87
11%
Parkersburg Rig & Reel—1
3%
dlv shs...
0
40
11%
Paramount Motors Corp.l
Parker Pen Co
10
Sept
84%
91%
Pantepec Oil of Venezuela-
5%
Apr
20%
85
Page-Hershey Tubes com.*
Midland Steel Products—
Mldvale Co
"370
il'2% Il4%
•
Apr
4%
100
Pacific P & L 7% pref. .100
Pacific Public Serv
*
Jan
Mar
18
32%
%
1%
3%
8%> Mar
"82% "85"
89
29%
Mar
Mar
4
85
1st preferred.-.25
Pacific Ltg 10 pref
*
J 1.30 1st preferred
'
42
»n June
PaclUc Can Co common..*
Nov
2%
450
400
%
—*
5%%
Mar
%
62
20%
1
10%
Midland Oil Corp—
pref.
6%." Oct
61%
11%
0% coniv prior pref--100
Oldetyme Distillers
1
,4%
T?406
,
"46% "47""
...50
1%
1,500
1%
3
20%
62
American shares
5%
Oct
3%
24%
OUstocks Ltd common--.5
%
*
*
7%
1,900
"2^200
100
2%
.10
70
""
60
75
Sept
May
Middle States Petrol—
Class A V t c.
.
6%
5%
"56"
Ohio P 8 7% 1st pref—.100
28
Oct
July
175
Dec
Mar
10%
89%
24%
Nov
Mar
Oct
Mar
82%
103%
Mar
Mar
Jan
Mar
24
20%
3
Dec
4%
21%
May
103
60
2
13%
Dec
>
175
87
*
Mar
21
Mar
Mar
5%
300
4%
*
com
Mar
150
5
3%
200
12
Engineering..*
Novadel-Agene Corp.—*
Sept
600
*
0% pf_100
100
10
Ohio Oil 0% pref
100
Ohio Power 0% pref... 100
•u
Ward
Apr
79%
0%
"58%
Pacific G & E 0% 1st pf.25
Michigan Sugar Co
Montgomery
preferred
Dec
74% May
Michigan Steel Tube..2.50
Soc
7%
130%
Oil
Loan
Nor Ind Pub Ser
Mar
25
Michigan Bumper Corp..l
1
Monroe
81
*""% ""%" "i',200
50
Ohio Edison 10 pref
4,000
*
Michigan Gas 4 Oil
Mid-West Abrasive
*
13%
125
preferred ..15
non-cum
50
Nor European Oil com.-.l
Ohio Brass Co cl B
25
74
1
Metropolitan Edison—
$0 preferred
J2
102%
_.*
common
0% prior preferred
Oct
100
%
6%% A preferred...loo
Mesabl Iron Co.
conv
Oct
101
00
No Am Utility Securities.*
Nor Central Texas Oil.-.5
3
2,500
'17"'
.
*
WfllTflTltfl
$2
—
90
1,700
14%
16%
131% 132
3%
3%
"It
17
Participating preferred.
Merrltt Chapman 4 Scott
Middle West Corp
.1
,
preferred
45
132
Memphis Nat Gas com...5
Class B
Common.
$0
Jan
7%
Preferred
109%
86
North Amer Rayon cl A--*
3%
20%
1%
Dredging
*
Mead Johnson 4 Co
..*
Mexico-Ohio
Apr
Nor Amer Lt A Power—
Mar
Mar
McCord Rad 4 Mfg B—*
McWllliams
Partlcl pat
91%
Northwest
McColl-Frontenac Oil—
Metal TextUe Corp
10
Northern Pipe Line
May Hosiery Mills Inc—
0% preferred..
Jan
108
Nineteen HundredCorp B 1
1%
Class B
5%
8%
"i
5
Marconi Intl Marine
Communica'ns ord reg £1
V
-100
„
July
Niagara Share—
Class B common
Mar
10
20
10%
Class A opt warrants
Class A preferred
1% Apr
29% June
1
*
102%
100
6% 2d preferred
Jan
NIles-Bement-Pond
Sept
Jan
Apr
5%
100
108
100
1st pref
Oct
%
1
30
0%
4
10
-
Jan
Oct
%
20%
Mar
100
12
Jan
90
Mar
%
Majestic Radio 4 Tel.
,
Mar
150
x7%
1
4
July
%
Lynch Corp common..-.6
Jan
6%
17
24%
5
-
July
88
Lucky Tiger Comb G M.10
Ludlow Valve Mfg. Co.—*
Manatl
17
24
x7H
24
Y Merchandise.——10
Founders shares
mm
30%
*
Loudon
—
Warrants
Island Lighting—
Common...
7%
19
.
*
B.
Locke Steel Chain-—.—6
Long
18%
18%
700
Conv 53 pref series A.. 10
28
25
29
1,200
1
2%
2%
1,900
Oct
Oct
Volume
New York Curb
148
Sales
Friday
Last
{Continued)
Par
Pltney-Bowes
IVj[©t6r»
Week's Ranoe
df Prices
Low
High
Week
Price
Shares
Low
^
«.
Pittsburgh Forgings
1
Pittsburgh <k Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley wine Co.l
Plough Inc
*
Polaris Mining Co
25c
Potrero Sugar common...5
6%
11 Jit
"liH
62%
61%
7%
7%
103%
%
107 %
H
Jan
7%
Nov
"2~606
4%
Mar
Nov
90
34%
Mar
11%
62%
600
12 H
62%
8
108%
%
4%
Mar
10
1,100
%
"""266
1%
Dec
3%
%
Sept
700
2%
Mar
1%
5%
2%
16%
Feb
97
24
Stahl-Meyer Inc .._——*
Standard Brewing Co
*
Standard Cap & Seal com.l
Conv
preferred
10
July
June
July
Aug
June
1%
1,100
2%
2%
Mar
June
40
Mar
23
Dec
1,200
>i«
Apr
*18
5%
700
Mar
6%
7%
Jan
l',300
3%
6%
3%
Mar
'OH "7"
Mar
8%
Nov
5
5%
Aug
98
Jan
preferred
Standard Pow & Lt
100
95
Mar
103
July
Common class B
Jan
108%
*
29%
56
preferred..
22
Jan
48%
Dec
470
50
30
11%
Jan
30
Dec
95%
95%
20
*18
316
"""56
%
275
92
100
19
47%
157
157
155
17%
10%
"76%
30
July
7%
Jan
7
May
11%
Nov
Sept
7
Mar
117%
Dec
136
May
Mar
152
.Oct
Mar
14
100
17%
10%
13%
7%
300
%
Sterchl Bros Stores
17%
Sept
Oct
%
Stroock (S) Co
Sullivan Machinery
Feb
*
Common
19%
2
10%
200
.2%
29
""4% "4%
32
32
Reeves (Daniel) common.*
5%
500
18
1
%
.*
Radiator
1
Richmond
Oct
5
July
8
May
%
May
Dec
8% May
% June
"160
%
Mar
2%
Reliance Elec A Eng'g—5
Rice 8tlx Dry Goods
40
Jan
19
100
"16
5
.
300
32%
5%
50c
Reynolds Investing
23%
Feb
3%
"266
Oct
Feb
Mar
1%
*
Reed Roller Bit Co
Relter-Foster Oil
200
20
36%
6
$3.30 A part
Class B com..
Jan
14%
Nov
1%
Jan
5
5
5
400
4
Mar
6
3%
3%
500
1
Mar
4
Dec
1
Rochester GAE6%pfD 100
Roeser A Pendleton Inc..*
100
%
%
103% 104
104
%
150
%
Dec
Am dep rets
100
Dee
Apr
17
Aug
Texon OH & Land Co
22% June
Root Petroleum Co
200
4
2%
2%
400
1
2%
2%
300
1%
Mar
3%
2%,
■„
—1
Mar
»ie
20
51.20 conv pref
41
*
Russeks Fifth Ave
2%
65%
5%
12%
41%
2%
"is
200
'
5%
12%
1
Rustless Iron A Steel
41
65%
Royalite Oil Co Ltd..,...*
Royal Typewriter
""206
"""%
Rossia International..—.*
52.50 conv pref
_..*
Ryan Consol Petrol.——*
Ryerson A Haynee com—1
Safety Oar Heat A Lt—_*
St Lawrence Corp Ltd...*
5%
.
11%
41%
2%
5
preferred...—... 100
3%
Salt Dome Oil Co.——I
14%
3%
Sept
46%
July
Apr
Mar
5
50
35
56
79
Oct
15%
1%
5
1
1
*
Def registered 5s
25
24%
Scranton Elec 50 pref
*
Scranton Lace common. .*
11
11%
24%
12%
Dec
41
Dec
Mar
4
Jan
Jan
92
Jan
Trans
6
Mar
1%
4%
Oct
Trl-Contlnental warrants
Oct
Trunz Pork Stores Inc.
71
18%
Nov
Dec
3%
Aug
Sept
2%
Jan
Mar
15% June
15
Tublze ChatUlon Corp..
Class
Jan
29%
114
June
Series B
Dec
25
—
30
Convertible
Feb
1%
1%
900
%
Mar
2%
Nov
Union Traction Co
1 %
1 %
1,000
""18 ""%
7766
Mar
29% June
% May
900
2
Mar
50
11
June
2%
300
55.50 prior stock
25
Allotment certificates...
62%
100
62%
50
%
.5
Mar
Mar
48%
Mar
49%
Mar
6%
17
Dec
United
United Gas Corp com
1%
12
"
%
600
Serrlck Corp (The)—.1
2%
""7% ""9%
'"GOO
Seton Leather common.—*
0%
Seversky Aircraft Corp.—1
Shattuck Denn Mining..6
Shawlnlgan Wat A Pow__*
5%
4%
5%
7%
7%
7%
3,700
1,000
21 %
100
Sherwln-Wlillams com..25
21 %
Dec
1
Nov
2
Feb
7%
Mar
13
Juxy
7
Jan
13
Nov
8
Mar
2
Dec
109^
"li"
'
1,100
"14"
""25
111
Line stamped
"2% "2%
75%
75%
13%
'"160
Aug
2%
2%
1,100
Simplicity Pattern com...l
100
"218"
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
213*
219""
""80
Skinner Organ
June
$3
July
United
Dec
Mfg. Co..
Sonotone Corp
*
610
3%
3%
1%
3%
1%
1,500
SossMfgcom.
——1
South Coast Corp com.._1
Southern Calif Edison—
"1%
5%
5%
100
5% original preferred.25
6% preferred B
25
43%
1
1
170
29%
27%
29%
27%
200
25
500
Southern Colo Pow cl A. 25
1%
1%
200
7%
preferred
100
For footnotes see page 417,
Mar
%
"foo
"18
Dec
20%
21%
1,200
14%
Mar
70%
70%
50
44
Mar
95
96
40
83
Oct
Nov
20%
"66"
3%
3%
6%
30%
July
Dec
Jan
Oct
Mar
5%
600
Mar
21
300
7%
Mar
15
Oct
Feb
200
14%
14%
2
"600
4%
Dec
Jan
July
Oct
Jan
Oct
July
5
50
100
"
Mar
03
2%
15
15
100
77%
"750
44
100% 102%
60
Sept
July
10%
111
%
Aug
Dec
1%
Jan
OCt
June
June
3%
Jan
7%
Jan
4%
1,100
"16
800
100
7
8
33%
July
5%
1,000
11%
33%
r
18
June
2
Mar
7
200
4%
Apr
5%
100
1%
Mar
3%
8%
7%
2
Mar
0
"7% "7% "7%
""406
Mar
1%
3%
5%
,
■
'
%
12%
500
72% "12% 72%
"260
10
12%
12%
3%
,
"""4% "4%
"166
"7% "7% "7%"
:ii76o
%
»I6
1,700
2%
70%
3%
12,500
84%
4,300
%
2%
200
3%
84%
34%
preferred
,
/
25
1st pref with warr
pref
Card..
US Plywood
$1% conv pref..
1*
•
10
.—1
20
1
U S Lines
U 8 Playing
Jan
U S Radiator com—
Oct
81
Oct
1
43%
Dec
Mar
1%
Nov
Mar
%
5%
Jan
Nov
Mar
16
Aug
Mar
4%
1%
Mar
1%
3%
Mar
7
Oct
Jan
Aug
Dec
3%
2
Jan
1
Universal Insurance
8
25%
23%
Mar
29
Dec
Mar
27
Dec
1%
Mar
June
3
Oct
45
May
Jan
Mar
1%
Apr
,78
3%
Oct
Mar
"l2~666
2%
34%
2,800
1%
Apr
"4 %
Jan
12,200
13%
Mar
34%
Oct
2%
29
Jan
24
Apr
70
Oct
Aug
May
10
10%
Utah-Idaho Sugar..
July
6%
230
Jan
Jan
1%
82%
42%
43
4
3%
4
5%
..
5%
5%
^16
-
-
-
%
66
66
Jan
July
9
Nov
May
Jan
10%
3
Nov
Feb
Mar
80%
Dec
Jan
46%
Dec
2% July
3% June
% Mar
1,250
6%
Jan
8%
July
Jan
Nov
39
80
200
12,000
200
42
250
06
1
%
50%
2,800
Dec
8%
2%
1,400
1 %
81%
1%
Mar
1%
1%
10C
100
30
30
23%
23%
23%
50
4%
"4%
""206
2%
2%
200
•
70%
1%
1
Mar
22
F*b
32
Oct
13%
Dec
16
Dec
23%
1%
..
30
Dec
23%, Dec
Jan
1%
Mar
6%
3%
%
""4%
'""4% "7%
Dec
%
Jan
Feb
6%
Aug
*18
Mar
"is
—
-
2%
Mar
2
3
100
%
Dec
1
400
700
%
1%
Sept
2%
%
—
""so
%
"4%
4%
"766
12%
12%
50
Mar
Jan
7
Aug
Aug
1%
Aug
3%
Oct
Aug
19
5%
Oct
1%
June
7
May
14
Dec
3
""4%
-----
Universal Pictures com...1
Universal Produces Co...*
Utah Pow & Lt $7 pref..
Sept
*18
United Verde Exten.._50c
United WaU Paper
Dec
42
Oct
Jan
"2% "3"
Universal Consol Oil—..10
Apr
100
•11
4%
$7 conv 1st pref—._..*
United Stores v t c.„
*
1%
Dec
Mar
1%
U S Stores Corp com....*
5%
Jan
July
3%, Nov
4%
Aug
Mar
212
U S Rubber Reclaiming ..*
Nov
Dec
6%
14%
Dec
17%
United Specialties com... 1
U SFoH Co class B...
.1
Aug
Jan
Mar
Jan
<Mar
%
%
2%
69
10
Mar
July
Jan
05
10%
5%
Oct
15
2
02
82
254
Oct
Mar
30
United Shoe Mach com.25
Dec
Oct
Nov
Sept
11
United Shipyards ©1 A... 1
Class B—
1
Dec
Mar
1% June
Oct
8%
12%
Aug
Oct
42%
100
Oct
16%
2%
Dec
600
Oct
Mar
Oot
104
Jan
%
11%
Aug
Nov
Dec
Apr
1%
4%
%
8
14
Oct
Sept
Mar
4%
117%
*18 May
2
82
%
114%
14%
Jan
Dec
85%
98%
100
Jan
Jan
16%
Oct
>18
102%
Apr
Sept
Oct
5%
Mar
1%
Sept
5%
Mar
Dec
14
75%.
77%
12
30
Oct
Sept
8
3%
6%
3%
United Profit Sharing..25c
34%
15%
%
1%
26%
76%
102
Am dep rets ord reg...
United N J RR A Canal 100
Oct
3%
Feb
%' Mar
Nov
44
Molasses Co—
Universal Corp v t c
43%
Apr
Dec
2%
»
7%
2%
r200
Nov
300
Products...*
6%
11%
*22%
2
41%
5% % pref series C
MUk
preferred
13
800
Smith (H) Paper Mills..
Solar
United
Feb
%
4„
1
3%
Deo
26%
'
85
3%
Sioux City G A E 7% pf 100
45%
%
2%
Jan
1 %
Jan
Oct
5%
2%
Mar
10
2%
Feb
Aug
4%
U S and Int*l Securities..*
53 conv pref
.*
Simmons H'ware A Paint.*
3%
39
39
"500
"43%
%'
Mar
66
13%
Aug
Apr
8
*
Common class B
1%
Simmons-Boardman Pub—
Singer Mfg Co
"42"
43%
United Lt & Pow com A.*
Aug
Dec
'is
13%
600
Oct
Jan
Nov
29%
Option warrants—...
Preferred
*
100
'
United G & E 7% pref-100
1%
5%
...25
common
125
1
®18
Nov
Shreveport El Dorado Pipe
Sllex Co
5%
1
107
110
5% cum pref ser AAA 100
Sherwin-Williams of Can.*
Sept
5
5%
1
pref non-voting.*
4
17
Oct
10%
8%
4%
4%
9%
Mar
Corp warrants
June
May
»u
%
Oct
Nov
2
$3 cum & part pref—*
Un Clgar-Whelan Sts.. 10c
Selfridge Prdv Storee—
£1
15%
5%
36
3700
United Chemicals com...*
Oct
Jan
Jan
1%
$6 1st preferred—.... *
; Anjer dep rets reg
Sentry Safety Control
June
Oct
Apr
July
"3% "3%
50
Mar
35
1st $7
8%
Api
5%
"3%
-----
Union Premier Foods Sts. 1
8%
Mar
17 X
69
Apr
Dec
*
pref
Unexcelled Mfg Co—..10
Union Gas of Canada....*
Union Investment com..*
1
Apr
2%
24%
6
7
Aug
1
Jan
June
3%
2%
7
Nov
stock.....5
Dec
%
""600
'
Common..—..
Oct
July
"oh "oh
—
14%
6
13%
4%
2
25
30
3
20%
5%
13%
Jan
Apr
6%
3%
Dec
1
Nov
•i8
24%
62
33%
Mar
1%
11%
Mar
16
900
1
3%
Segal Lock A Hardware.. 1
Seiberling Rubber com.—*
Selby Shoe Co.——... *
Selected Industries Inc—
40
Jan
Jan
Oct
Mar
2
.1
700
10
1%
1%
6%
lb",700
"20% ~3I%
31%
..1
Ulen & Co ser A pref.—.
Nov
July
A
Tung-Sol Lamp Works
80c div. preferred.
12%
Securities Corp general...*
Seeman Bros Inc.
*
400
9%
Oct
104
*18
*
12%
Warrants
Sept
% June
17% June
3% Mar
H
300
29
9
r»i»
12%
*
pref
29
Transwestern OH Co.... 10
1%
Water Service
100
1
18%
Scranton Spring Brook
Scullln Steel Co com.....*
"5766
%
%
Screen—
Apr
Mar
15
Plot
Mar
Nov
110
Lux
Common—
July
July
8
""60
%
'
Tonopah Mining of Nev.l
Mar
Sept
1
1,800
25
"21% "22%
""% "l
Dec
Mar
June
90
...
Todd Shipyards
Corp—*
Toledo Edison 6% pref-100
7% preferred A__
100
Tonopah Belmont Devel 10c
1%
500
7i"
21%
20%
.....
£1
Ordinary reg
Nov
July
15%
200
Schlff Co
5%
16%
Exports...*
8%
42
400
Savoy Oil Co..
100
700
Tlshman Realty A Constr*
Tobacco Allied Stocks
*
Mar
12%
2%
25
1,100
1%
Mar
6%
1
--
Mar
%
4,000
56
16
18%
'6%
2
48
1Q0
3%
2,900
17%
14% Nov
18% July
8% Aug
22% June
Tobacco Secur Tr—
4%
14%
Scovlll Mfg
Tobacco Prod
35
Samson United Corp com 1
common
Jan
Feb
30%
50
52 conv pref A
Mar
14%
9%
T18
4,200
60
Feb
Nov
Apr
5
14
Roofing Inc
Dec
50
2%
2%
14%
11
Tilo
July
Dec
Jan
25
300
Apr
2
500
Thew Shovel Co com..i_5
Nov
14%
2%
4%
Mar
100
.
25
Aug
Aug
43%
4
i3ls
59
St Regis paper com
7%
12%
12
23%
15
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref—100
Apr
11%
ord reg... £1
Jan
18%
Jan
..*
Technicolor Inc common.*
Rolls Royce Ltd—
Rome Cable Corp com...5
Roosevelt Field Inc.——5
%
Mar
.....
Aug
90
Dec
July
""150
Taggart Corp com
1
Tampa Electric Co com—*
Tastyeast Inc class A...1
Taylor DlstUllng Co
1
Rio Grande Valley Gas Co-
Voting trust ctfs
Aug
12%
18
*
Swan Finch OH Corp
July
3H
Jan
5
2%
Superior Port Cement
Oct
Deo
*18
Dec
2%
1%
...
"
'
%
Nov
Nov
10%
*
Sunray Drug Co
*
Sunray Oil
1
5% % conv pref
50
Superior OH Co (Calif)-25
Raymond Concrete Pile—
53 conv preferred*
Raytheon Mfg com....50c
Red Bank Oil Co...
.*
100
_*
0% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp
5
.
Jan
Feb
"""400
22%
Stein (A) <fc Co common.
July
23%
'"150
12
11
*16%
phate & Acid Wks Inc 20
Mar
Pyrene Manufacturing—10
1
Starrett (The) Corp v t o.l
Steel Co of Can Ltd
*
Mar
May
23%
10%
3,075
2%
1
Apr
90
41%
14
5
Dec
4%
34%
18%
100
300
Standard Wholesale Phos
Dec
%
July
4%
41%
56 preferred
*
Puget Sound Pulp A Tim,.*
Py le-Natlonal Co com
5
Quaker Oats common
*
6% preferred
100
Quebec Power Co..
*
Ry A Light Secur com...*
Railway A Util Invest A.. 1
Apr
May
75%
87
June
"10% "ii"
2%
1
Standard Steel Spring
Standard Tube cl B_
Public Service of Okla—
6% prior lien pref—.100
7% prior lien pref—100
fPub Util Secur 97 pt pf__*
Puget Sound P A L—r
f5 preferred
..*
Jan
%
39
%
Preferred
*
Standard Products Co—.1
Standard Silver Lead
1
Dec
380
103%
46%
27%
22%
Feb
3%
22
♦
Public Service of Indiana—
49%
Apr
Dec
3
76"
'lb"
"21""
Public Service of Colorado-
97 prior preferred-—...*
Mar
28%
3
*18%
83
100
100
5%
1,200
%
Standard Oil (Ky).
10
Oil (Neb)—25
Standard
Jan
Mar
1,400
3
3%
Standard Oil (Ohio) com 25
Jan
Oct
7%
6%
preferred..20
conv
Jan
Apr
17
%
...
$1.60
5%
3
16%
Standard Invest $5% pref*
Jan
Sept
Oct
D<*C
July
10
25
151%
34%
6%
Standard Dredging Corp—
Common
1
Aug
9%
33
*
preferred
Jan
17
12
33
Am dep rets ord bearer £1
Spencer Shoe Co
*
Mar
Aug
Aug
10
100
20
12
Spanish & Gen Corp—
Am dep rets ord reg.—£1
Nov
1,000
.
1%
25
High
June
3%
South Penn Oil.—.
25
So West Pa Pipe Line..50
Oct
Low
135
Southland Royalty Co...5
95
*
0% 1st preferred
7% 1st preferred
Range for Year 1938
Week
*
Jan
Jan
1%
11
June
%
2
*
Gas..
115%
June
4%
20
25c
*
Prudential Investors
$6
Price
10
...
Oct
%
2
1
*
com
Mar
55
500
Pressed Metals of Amer.. *
Providence
Shares
Southern Pipe Line
Southern Union Gas.
Preferred A
July
42%
4%
AH
Corp of Canada.—*
6% 1st preferred....100
*
Prosperity Co class B
for
of Prices
Low
High
Par
Mar
Power
Pratt & Lambert Co
Premier Gold Mining
Corp
Week's Range
Sale
High
5%
37%
800
7%
6
5
Powdrell & Alexander
Producers
Last
South New Engl Tel—100
Pitts Bess4 L E RR—.50
Prentlce-Hall Inc
Sales
STOCKS
(Continued)
Range for Year 1938
Postage
m
415
Friday
for
Sale
.STOCKS
Exchange—Continued—Page 4
Mar
10
Dec
19%
1%
Nov
Dec
Mar
59%
Nov
May
9
""% ""%
5
56
53%
56
%
200
400
31
Jan
Sale
(<Concluded)
Par
Range
Week's
Last
High
Low
Price
2K
Oct
Apr
3K
July
125
31k
June
64 K
Nov
Dec
k
j»n
IK
51
"400
ik
Mar
2 HI
Jan
♦0Ks
Aug 1 1952
♦Certificates of deposit
Mar
Jan
♦Deb 7s
•i«
IK
IX
ht
K
li700
k
13 %
700
7*
1,400
ik
Mar
28 X
10
m
30
275
20 k
June
24K
24K
400
11
7K
1,000
2k
Mar
X
1,400
X
Mar
38k
1
Class B
100
1
6
7% preferred
Valspar Corp oom
pref
14 oonv
i K
lVs
28 K
Tool.5
Venezuela Mex Oil Co..10
Venezuelan Petroleum
1
Va Pub Berv 7% pref—100
Van Norman Mach
7
X
...
Mar
July
30
July
Elec Power 4 Light 5s.
65
2030
111 K
28 K
Nov
Elmira Wat Lt 4 RR 6s '66
108K
7K
Nov
El Paso Elec 5s A
IK
July
Dec
77 K
Jan
Empire Dlst El 6s..-.1952
Ercole MareUl Elec Mfg—
10K
July
3K
Mar
June
ik
Mar
Dec
Erie Lighting 6s
6k
Mar
11K
Jan
Dec
IK
Mar
*
8
Walker Mining Co
8ept
1
July
Nov
Mar
400
6
11
Nov
4%
4^
100
4k
2K
Apr
8
Aug
500
Dec
6k
.2 H
2%
1,300
ik
Mar
89K
10
07 k
Mar
1,200
k
Mar
2k
Jan
200
ik
Sept
4K
Nov
Western Air Express
1
'
IX
4
.
Jan
H
4
60
42
42
Dec
30 K
13 K
Vot tr otfs oom
Westmoreland Coal Co— *
8K
*
Weyenberg Shoe Mfg
1
Williams (R C) 4 Co
*
Williams Oll-O-Mat Ht-*
8
Westmoreland Inc....
Wisconsin P 4 L 7% pf 100
300
30
7X
1,200
Wolverine Portl Cement. 10
2
7k
6
300
14
6
1
Petroleum
Jan
14
5c
dep rets
£1
Wright Hargreaves Ltd..*
Yukon-Pacific Mining Co.6
100
IX
IX
Oct
9K
7K
Mar
Jan
Aug
Gobel
9K
Jan
stpd..1950
Grocery Store Prod 08.1945
Deo
Guantanamo 4 West 6s
Guardian Investors 6s. 1948
45 K
1947
1935
♦Hamburg El Underground
4 St Ry 6 Ks
—1938
Heller (W E) 4s w w —1940
Houston Gulf Gas 08—1943
100 K
Mar
3K
Jan
Mar
9K
Oct
6K
May
7K
July
Dec
10 K
Jan
0K
1
8K'
Mar
Sept
2K
Feb
Jan
1st 4 ref 5s.......1961
1st 4 ref 6s
..1968
98
91K
1907
------
1st 4 ref 4KB
Amer O 4 El debt 5s. .2028
Am Pow 4 Lt deb 6s..2010
-■w
Appalao Power Deb 0s 2024
------
——
70 K
70 K
05
Apr
Apr
86 K 148,000
108 K
4.000
34,000
109K
87K
89 K 145.000
6,000
105K 106%
106 X
Amer Seating 6s stp—1946
17,000
82,000
105X 106K
109K
89 K
Amer Radiator 4Ks..l947
Apr
84
85 X
Aluminium Ltd debt 6sl948
Jan
78
99X 100
96 X
98
87 K
91K
99 X
—.1956
1st 4 ref 5s
89
80.000
I04K
98
'68
Hall Print 6s stpd
0s series A
Oct
108
Sept
Indiana Hydro
Jan
102
Nov
Feb
119K
Nov
Apr
104
Nov
103K 104K 163,000
80
Jan
101K
30
Mar
51X
Nov
1,000
20 X
Mar
35
194H
"32 x
27K
32K 150.000
20 K
Mar
35K
Nov
Conv deb 5s
I960
34
30
34 K 114,000
21K
Mar
37 K
Oct
Debenture 6s.
1908
33
29 K
21
Mar
23
Apr
36 K
46
«
Oct
40 K
33 K 142,000
5,000
40 K
76
77
13,000
02
Apr
80 K
Jan
103K 104
43,000
92 K
Feb
103 X
Dec
105K 105 K
30,000
90 K
Conv deb 6 Kb
1977
31K
'
rnsmmmmm
Assoo t 4 t deb 6 Kb_A'65
------
Atlanta Gas Lt 4Kb.. 1955
104
Atlantic City Elec 3Ks '04
Avery 4 Sons (B F)—
6s with warrants...1947
*91K
6s without warrantsl947
31 K
85K
Baldwin
Looom
104 K
Apr
Nov
Dec
93
85 K
89 K
Oct
95
Mar
io'666
82 K
Oct
85
Oct
107K
60,000
57
1950
105
106 K
ii0K
Mar
1st lien 4 ref 5s
1st M 6s series B...1957
5s series C...
Dec
U7H
Apr
Sept
123
Nov
118
125
Dec
3,000
129
May
145
Dec
132,000
70
Apr
90
Oct
91
88
90 X
'
1959
71
73
73
6,u00
55 K
Jan
71K
Mar
'
Broad River Pow 6s..1964
*83
Canada Northern Pr 6s '53
Cedar Rapids M 4 P 6s *63
Cent Ohio Lt 4 Pr 5s—1960
Cent Power 5s
ser
103 K
------
76 K
90
101K
Mar
105
100
Sept
108 K
Nov
Oct
Nov
May
88
Apr
103
Nov
12,000
66 K
Jan
94
Aug
79 K
Mar
23 K
Mar
37K
99100X 149,000
35
36K
26,000
33 K
37X 163,000
23K
Sept
61X
56 K
61K
76,000
32 K
Mar
100K
99 K
100 K
47,000
84
------
83 K
84
Cent Pow 4 Lt 1st 6s>.1950
100 K
'
------
84
100 K
41
Ry 4Kb A
i960
Chic Jet Ry 4 Union Stock
..1940
*104
{♦ChldRyt 6s ctfs
1927
Cincinnati St Ry 5 Kb A '52
52 X
1955
0s series B
Cities Service 5s
Conv deb 5s
73
70 X
72 X
1966
77
74
77
73 K
73 K
1950
Debenture 6s...
Debenture 6s
1909
TCltles Service Gas 5 Ks '42
1 Cities Service Gas Pipe
Line 6s
•
---
—
"*78K
5Ks
78
100 x
Conn Lt 4 Pr 7s A...1951
1961
4Kb series C
23
50 K
Jan
100 X
Nov
Dec
34K
May
70 k
"
20
106 K
Jan
62 K
Jan
Long Island Ltg 0s
1945
Louisiana Pow 4 Lt 5s 1957
Jan
71K
Oct
71K
Nov
71
73 K
54,000
21,00%*
Mar
43
Mar
71K
Nov
1017i«101l73i
36,000
80 X
Apr
102 K
July
87
Oct
91 K
Feb
102 K102I8ai 24,000
73 %
79 K 524,000
104 K
Oct
10,000
90
Apr
103 K
Aug
3,000
103
Apr
109 K
Dec
May
15
June
"TT666
43
Mar
68
July
43
Mar
67K
12K
79 K 159,000
52,000
6s stamped.,
97 K
Nov
91K
Nov
99M 100 x
12,000
79
Mar
101 x
8,000
84
Apr
101K
88
89 X
87
17,000
04
Apr
75
Mar
106 K 106 K
8,000
86
tllOK 112
58 K
57K
2,000
Deb 4Kb—
Nov
40
Mar
79 X
Dec
Metropolitan Ed 4s E.1971
4s series G
1965
52
Mar
79
Oct
Middle States Pet 6Ks '45
Oct
.
July
103 X
Jan
110K
Nov
102K
2,000
Dec
106 K
Jan
*5*666
120K
Feb
125 K
Dec
111K
Jan
Mar
03 K
May
55K
79
58
23,000
43
Mar
May
80
4,000
49 K
Jan
61K
84
40
Sept
05 K
Nov
40 K
Nov
48
5,000
52 K
4,000
50 K
50 K
2,000
61
58 K
61
42 K
41K
43 K
Bept
Sept
67 K
Jan
109 K
NOV
35
Mar
60 K
Nov
24,000
18 k
Mar
46
Nov
85
86 X
72,000
64
Mar
85 K
Nov
79 K
80
80
Oct
Oct
Oct
45K
139.000
,
'•
57 K
Mar
80 K
22,000
90
Mar
102 K
6,000
10,000
91
June
101'K
104K 105
53,000
105 K
108
Mar
* Aug
Jan
105K
40
Sept
63 K
76
Sept
85
Nov
Nov
Feb
12*666
36
Sept
53
July
10,000
32
Feb
50
July
105K 105 K
10,000
100
Apr
106
106 X
35,000
98 K
Apr
106
103 K 104 K
17,000
97
Mar
103 K
Nov
112
Mar
120K
Deo
Apr
103K
* Dec
50
52 K
65
43
98 K
80
43
52 X
40 K
106 X
40
.
106
•6,000
41
*120 X 123
95 X
*102K 102K
96 K
105
100
96 K
93 X
105
104
,
99
93
Jan
Oct
91
Mar
Dec
49,000
65
15,000
84 X
Apr
103 K
Dec
Mar
93 K
Nov
Mar
90
18,000
78
96
141,000
05
100,000
93
Jan
101X
51,000
84
Apr
107
Dec
30
Nov
100 X
Dec
Nov
25
Mar
15^666
84
Apr
100 K
13,000
15,000
101
Apr
105
76
Apr
100
Feb
106 K
31,000
100
Mar
107
Nov
,103 K 104K
3,000
*10
95
94
106
,
9.5
24 X
*20
Apr
97
Jan
*42
,
28K
104
Dec
Sept
June
July
70K
*95
94
96 K
87
96 K 238,000
67 K
Mllw Gas Light 4
1st 4 ref 5s.
Ks—1907
1978
1955
93
90
90
107K
106 X 107K
108K
108K 108 K
97
97K
62
61 X
99 K
99 K
97
*99 K
101
104 K
85 X
Mississippi Power 5s—1955
Ml88 Power 4 Lt 5b
1957
Miss River Pow 1st 58.1951
108 K
77 X
92 K
99 K 101
104 X 104 X
86 K
84
10,000
63 K
87 K 241,000
53 K
Sept
83 K
03 K
Mar
97 K
99
8,000
87 K
Apr
100 K
Dec
{♦Munson SS 0Ks ctfs 1937
*2K
66
67
15,'OOC
47
Mar
72K
July
Nassau 4 Suffolk Ltg 5s '45
78
28,000
90 K
Dec
99
SeDt
Apr
95K
Aug
Oct
Feb
100
1,000
70
June
93
7,000
100
Apr
108K
4,000
101X
Mar
109K
10,000
75 K
Jan
95
Apr
50
Apr
64 K
Aug
6,000
75,000
151,000
44,000
41,000
161.000
93
90K
108 X 108 X
5,000
74 K
77 X
37,000
61 K
Jan
Nov
61,000
99
Nov
65
100 X 100 X
100 X
100
107
107
87 K
86
Dec
107
63 X
65K
Jan
107K
45 k
48
Missouri Pub Serv 6s. 1900
*101X 102
Nov
Apr
Dec
11*666
49
Midland Valley RR 6s 1943
129
89
104 K
58 K
50K
Mengel Co conv 4K8.1947
Dec
101K
Nov
56 X
49
.1952
79
Jan
Nov
90
108 K
Memphis Comml Appeal—
Mar
Apr
Dec
100K
101
11943
Mar
94 K
Feb
McCord Rad 4 Mfg
40
125 K
42,000
Aug
Mar
Marlon Res Pow 4kb.1954
91X
103 K
Dec
Apr
Mar
♦7s without warr'ts.1941
Nov
Nov
99
Feb
97 k
Mansfield Mln 4 Smelt—
Oct
30
Sept
83 k
5~66O
08
106 K
Apr
Nov
Oct
70
6s ser A stamped... 1943
Cont'l Gas 4 El 5s...1958
Cuban Telephone 7Ks 1941
Cuban Tobacco 5s
1944
Mar
39,000
101
*128K
For footnotes see page 417.
29
Dec
89 K
95 K
40 K
Mar
•
Feb
87
...1909
I
101K
42 K
A
59
~
100 K 100 X
103 K
103
43 K
96 K
Jan
June
1.000
103
74
95 K
05
26 X
Lexington Utilities 5s. 1952
74 K 507,000
95K
Oct
8,000
Gen mtge 4Kb
1954
Consol Gas Utll Co—
Cudahy Packing 3^8.1955
47
40
Nov
69
------
Mar
J08K
Apr
81K
"4*660
99 X
09%
128K
July
93 K
Jan
45 X
101 X 103
109
108
75
128
60
June
107
Kentucky Utilities Co—
1st mtge 5s ser
Feb
96K '97K 216,000
1947
Kansas Power 5s
Minn P 4 L 4Ks
1939
July
51
108K
Consul Gas (Bait City)—
5s
75
3,000
102 K
Mai-
109K
Feb
53
Lehigh Pow Secur 08.-2020
♦Leonard Tletz 7Ks—1946
47 K
109 K
33 K
89
Jersey Central Pow 4 Lt—
6s series B
1947
5,000
"
*130K 132K
ser N...1971
Dec
1,000
Lake Sup Dlst Pow 3 Ks '06
Consol Gas El Lt 4 Power
(Btlt) 3 Ka
1942
5s stamped
Jan
38
June
62
*2*666
Jan
70
70K
79K
100 K 101
Nov
35*600
71H
July
68 "
73 K
98K
49 k
28 X
29,000
Gas—
5s series
3,000
78 X
Community Pr 4 Lt 6s *67
Community P 8 5s_—1900
Mar
99 K 334.000
97 K
Italian Superpower 08.1963
Jacksonville
Memphis P 4 L 5s A—1948
1943
Itles Serv P 4 L 5Ks.
Dec
Dec
lu5
Jan
3,000
— -
101*i«
88 K
Nov
1958
195'
Dec
3,000
*72
Apr
100K
100
73,000
104 K
54 X
72"
73
54
Apr
Apr
65 K
78
Apr
1961
B_—
H—1901
0Ks series D
1948
5Ks series F.......1955
Chicago 4 Illinois Midland
77
61
57 X
41
•
Sept
33,000
Libby McN 4 Libby 6s *42
5Ks e«-warrants—.1954
Cent States P 4 L 5Ks *63
Yards 6s
1,000
72 K
79
Kansas Gas 4 Eleo 08.2022
98 K
115K
85K
172,000
85K
6s series
Oct
Mar
75
99
100 K
Jan
Mar
Sept
Dec
02
49,000
103K 104 K
101
1950
Nov
73
98
102K
Kansas Elec Pow 3 Ks. 1900
111
101K
------
D..1957
Cent States Eleo 6s...1948
86K
21,000
103X 103X
13,000
103K 193K
99 K 101K 146,000
3,000
114K 115
2,000
101X 102
103 X
Canadian Pac Ry 0s—1942
Carolina Pr 4 Lt 5s...1950
•
114 X
Apr
Apr
4kb series F
1958
Iowa-Neb L 4 P 5s... 1957
6s series D
Jan
109 X
10,000
125K 126
147
148K
------
Birmingham Eleo 4Ksl908
Birmingham Gas 6s
.1952
0s
Debenture
Hydro Eleo 7s_195z
Isotta Fraschlnl 7s
1942
14,000
121
121
126
Dec
75 k
Interstate Publl c Service—
Iowa Pub Serv 5s
109 X U0X 101,000
109 K
-----
i960
Bethlehem Steel 6s....1998
1957
1952
International Salt 58—1951
Interstate Power 58—1957
7s series F
Isarco
1st M 6s series A...1955
89 X
90
85H
1955
6Ks series C
7s series E
*
Dec
Bell Telep of Canada—r
84 K
Apr
2,000
97
03
70,000
♦Indianapolis Gas 5s A 1952
International Power Sec—
Iowa Pow 4 Lt 4kb
Works—
♦Convertible 0s
-1957
1950
1963
5s
.
Nov
Conv deb 4Kb
Conv deb 4Kb C...1948
2,000
86
110
Elec 5a 1958
Indiana Servioe 5s
Dec
50 K 233.000
41X
50
Dec
95K- Oct
Dec
Indiana 4 Mich Eleo 6s '55
104 K
104K
Jan
Nov
105K
"89K
Apr
Aug
Associated Oas 4 El Co—
Sept
Jan
95
"5,000
1951
107 K
109 K
Arkansas IT 4 Lt 68—1950
Associated Elec 4Ks— 1953
Nov
99 X
101K
.
100 K
86K
Sept
Dec
40,000
98 K
47,000
98
23
103 K 103 K
101 X 102
109K 109K
*8
30
61X 61X
*62
62K
I06"*t 10513i»
1947
..1953
Oct
Nov
103K 103X
41,000
Apr
100 K 100 K
103 K
1st 4 ref 5Ks ser
103 X
Mar
23
A.1953
B.1954
1st 4 ref 5s ser C—1950
Sf deb5Ks—May 1957
Indiana Electric Corp—
111 Pr 4 Lt 1st 6sser
Dec
Ark-Loulslana Gas 4s. 1951
74
78
*10
58-1957
Mar
90 K
90 K
*20
1949
58 K
107 K
Apr
44 K
0Ks ex-warrants
1943
Houston Lt 4 Pr 3 Kb. 1906
103 X
6,000
70
108 X 108 X
52 K
52
51
*47
♦Hamburg Eleo 7s
91K
91K
Feb
July
Sept
105 K
62
71
Gt Nor Pow 5s
Jan
Apr
105
87
Dec
Nov
Sept
68
6Ks series B
5s series C
100
79
*101x 102
120K 121
104 K
99 K
98
87
Hygrade Food 08 A—1949
104X $24,000
104
104 K
Dec
1,000
*65
Till Northern Utll
Nov
85
*10
....—
♦Hungarian Ital Bk 7Ks'63
Alabama Power Co—
108 K
Apr
(Adolf) 4Ks—.1941
6s series B
Nov
58
Grand Trunk West 4s. 1950
Sold
Feb
Oct
57
1,000
59
July
July
83
Oct
20,000
97 X
99 K
61
6K
10K
Apr
Nov
100K
84 X
87 K
"89 X
0K
3K
13
1943
Sept
102 K
Nov
.105
Mar
38
5,000
Mar
83k
64,000
50
82 K
75
Georgia Pow 4 Lt 68—1978
♦Gesfurel 0s
.1953
Glen Alden Coal 4s—-1965
"
98
Apr
109 K
Apr
97k
Dec
80
Mar
53 k
6,000
%
Oct
100
79 X 114,000
7.000
97
♦General Rayon 0s A. 1948
Bonds
.1946
Dec
25,000
'
Georgia Power ref 6s.. 1907
68 K
2
1,200
BONDS
1st 4 ref 5s
111K
84
"84 X
Mar
May
6,900
8K
IX
8K
May
Apr
140*660
104 K 104 X
84
May
0% preferred
8K
Dec
97 K
1940
General Pub Serv 68—1953
9K
Wool worth (F W) Ltd—
Amer
55 k
IK
81K
83
104K
General Bronze 6s
22 K
0K
4K
4K
2K
300
91K
91K
?1K
May
48
stamped.1944
Sept
Oct
6
...*
Wlllson Products Ino
1
Woodley
75
Mar
Sept
Apr
Apr
June
100
200
5X
6X
IX
8%
5K
WUson-Jones Co.
Wolverine Tube com
6s ex-warr
Gatlneau Power 1st 5s. I960
Gen Wat Wks 4 EI 5s.
5X
2X
8K
7K
IK
Gary Electric 4 Gas—
Oct
3k
88
Western Maryland Ry—
7% 1st preferred
100
Western Tab 4 Btat—
Dec
Oct
*101K 102 K
*20
38X
96,000
93 K
91K
94.
205,OOP
97K
99
98K
Gen Pub Utll 0Ks A. 1950
•
7K
Sept
X
k
102X 102K
T Firestone Cot Mills 6sl948
♦First Bohemian Glass78'67
Florida Power 4s ser C 1960
Florida Power 4 Lt 5s.1964
7HI
10 K
West Va Coal A Coke
Oct
2k
5,000
Finland Residential Mtge
2
Dec
89K
2%
2k
12,000
X
IK
107 K 107 X
~83K
Banks 6s- 6s stpd—1901
Dec
X
lht June
4 X
40.000
8
99 X 100
48
Federal Wat Serv 5 Ks 1954
4X
8
107K 108K
104 X 104 X
Took
...1953
1907
0Ks series A
,4k
10
May
75 K
79 K
1950
100
1
Wentwortb Mfg
1.25
West Texas Utll *6 pref—*
110
XX
66 X
62 K
111K 111 K
"~65K
700
Class B
Wellington Oil Co
Dec
X
♦Certificates of deposit
Edison El Dl (Boet) 3 Ks
k
5K
Wayne Knitting Mills...6
Dec
106K
7K
Eastern Gas 4 Fuel 4s. 1956
7Vt
Welsbaum Bros-Brower..1
105
k
Jan
17K
OX
*
Waltt 4 Bond class A
Mar
7K
7%
■
Jan
2
Sept
7
*
97 K
106 K 107
107
Aug 1 1952
6K
—*
Wahl Co common..
"loo
~~8X ~~8X
Manufacturing—*
Waco Aircraft Co
Wagner Baking v t c
•i«
High
Low
7,000
4,000
Detroit Internet Bridge—
2
2
*
$5.60 priority stock
*
Utility A Ind Corp oom—6
Conv preferred
—7
fUtll Pow £ Lt common—1
Utility Equities Corp
Week
105K
105
Denver Gas 4 Elec 5s. 1949
53 K
1
Utah Radio Products
Shares
Delaware El Pow 6 Kb. 1959
200
IK
IK
June
Range for Year 1938
for
of Prices
Low
High
Price
High
Low
Shares
Week's Range
Sale
(Continued)
Week
of Prices
Last
bonds
Range for Year 1938
for
Sales
Friday
Sales
Friday
stocks
Vogt
Jan. 21, 1939
New York Curb Exchange—Continued—Page 5
416
Jan
Dec
Oct
88 K
Jan
101
83
Apr
100
87 X
Apr
104 X
Dec
01K
Mar
86K
Nov
70
Mar
92
Nov
107K
54
Aug
110K
Nov
Dec
Dec
Apr
78
Nov
Apr
100
July
Montana Dakota Power-
5 Ka
_.
_
1944
100 X
100 x 101K
12.000
80
IK
June
"2*666
72 X
Dec
3K
78 K
5K
95
Feb
Jan
Volume
New York Curb
148
Friday
BONDS
Last
{Continued)
Sale
Price
Nat Pow & Lt 6e A...2026
102
36 X
Nebraska Power 4X«-1981
Week's Range
------
6s series A
93 X
35
3.000
36 X
*114
97
80
19,000
117
97
SIX
82
118X
58 X
5*
83,000
176,000
108 X 109 X
92 X
58
«...- —— -
X
5,000
81,000
6.000
118X H8X
55
58 X 123,000
55
55
58
58 X
58 X 108,000
++ T-4 O OO
Conv fleb 6s
Range for Year 1938
for
------
47,000
Low
35
107 X
111
Mar
99 X
Dec
115X
93 X
Dec
44 X
110 X
Jan
Nov
♦United Industrial 6Xs *41
85 X
Apr
Apr
May
120 X
100 X
Dec
Conv 6s 4th stamp. 1950
United Elec N J 4a... 1949
United El Serv 7s
1956
Nov
Jan
♦1st
Dec
119
Dec
s
f 6s
70
Mar
91X
Dec
74
Mar
93 X
Nov
100 x
*103
7.000
86H
63 X
103X
Feb
100X
Dec
Mar
92 X
Dec
93
19,000
95
June
104 X
45
New York Penn & Ohio—
101 x
2,000
103 &
4,000
113
113
110X
*49 X
84
May
Apr
Apr
Jan
Nov
107 X
104X 104X
......
105
78
88
Aug
102
Nov
7,000
13,000
96
99
97 X
49 X
45
Aug
62 X
62,000
70
Apr
97
19,000
30
Mar
55 X
58
51
108
Jan
80
64
Feb
87 X
Nov
4,000
75
Feb
94 X
Nov
95
38,000
75
87
90 X
88 X
46,000
75
87
10,000
65
Apr
Apr
Apr
95
88 X
22 X
19 X
J107X 110
*106X 108
67,000
West Penn Elec 5s...2030
Mar
Apr
109 X
Aug
93
Feb
106 X
Nov
104
Nov
5*York Rys Co 5s
86X
Apr
Apr
106 X
23,000
105X 106 X
103X 104X
105X
105X 105X
68 series D.
104 X
Dec
101
99 X
Feb
105 X
99 X
Dec
FOREIGN
AND
105 X
Nov
2,000
102
53,000
80 X
5.000
103 X
108
108
108 X
Nov
105X
105X 106
35,000
96
Jan
106
Dec
104 X
Okla Nat Gas 4Xs
102X 104X
80.000
83
Apr
106
19,000
69
Apr
96 X
Oct
10,000
100
Mar
103 X
93 X
102 X
95
102X 102X
Oct
113X H3X
8,000
92 X
92 X
34
34
34
93 X
92 X
93 X 192,000
1,000
92 X
*113X H5X
80 X
76X
81X 120,000
------
1,000
113X
Dec
Apr
116X
113
Apr
115
65
Mar
82 X
May
Oct
28
Mar
34 X
Jan
74 X
Mar
94 X
Dec
♦7s
ser A
79
Feb
Sept
94
97
X
Mar
100X
Dec
♦7s
ser
76
Apr
97 X
Nov
♦78
ser
101 x 101 x
5,000
82
Apr
97x
36,000
75
Mar
108
99
Mar
93
95X
107
108
77,000
May
106 X
Apr
109
Mar
94 X
Aug
Mar
96 X
111X H2X 118,000
6,000
77X
78 X
4,000
Dec
110X
113X
2,000
69X
71X
20,000
72 X
72 X
13,000
107 X 107 X
9,000
------
41
*10
6% perpetual certlflci
151
1,000
------
3,000
Scullln Steel 3s
30 X
1
102 X
1961
Servel Inc6s
30 X
102
»
Nov
17
Oct
ser
D ctfs of dep. 1945
ser ctfs of
7X
Oct
8X
Aug
"dot
7X
Oct
Oct
7
Aug
7
Aug
7
Aug
6
July
7X
Dec
18
Sept
21X
Feb
Dec
10 x
Dec
6X
16
*9
*9
*9
*10
30
tllX
.1951
♦7s ctfs of dep
Oct
Dec
7 X
17
*10
dep.'57
7
7X
......
17
10 X
"
16
16
9X
Oct
12 X
13
9,000
6X
Apr
12
Dec
11X
11X
2,000
8X
Oct
10
Oct
Apr
Sept
27
Jan
28
Mar
Aug
July
18
*13
12X
1948
Oct
9X
22 X
24
*19 X
27
18X
Aug
18X
J19X
17
14X
July
14X
13,000
96 X
3,000
96 X
Sept
Sept
100 X
Jan
39
June
Mar
48
105 X
107
July
Sept
Jan
109 X
65
♦6s series A
Dec
-
Jan
104 X
♦68 ctfs of dep..July *61
May
♦6s ctfs of dep.-Oct '61
Cundlnamarca (Dept of)
6Xs ctfs of dep
1959
Danish 5Xs._
...1955
6s
Nov
22 X
1952
Columbia (Republic of)—
Apr
69 X
108 X
23
Sept
98X June
130
22
Jan
Apr
Apr
tiox
99 X
Danzig Port A Waterways
External 6Xs
il952
Dec
♦German Con Munlc 7s '47
*10
19
Oct
2*10
Oct
♦Lima
♦Maranhao
Oct
93 X
35
Jan
(City) Peru 6Xs *58
7s.
1958
25 X
Feb
Nov
Mar
28 X
Dec
110X
9X. Apr
128X
Feb
18X
Oct
•131X
July
24 X
July
21X
Jan
20.000
96 X
8,000
38X
Apr
Apr
Aug
Mar
30
31X
11X
23X
Sept
25 X
Oct
Dec
12 X
Mar
9X
6X
13X
Apr
14
6
Dec
18 X
Feb
Jan
10 X
Aug
7X
'■
Sept
Nov
Oct
'
niooo
5,000
*11
*9
Oct
16
9
July
Nov
♦Mtge Bk of Chile 6s. 1931
Mtge Bank of Columbia—
Feb
10
Aug
80X June
32
21
Feb
25X
Dec
32
24
Oct
24X
Sept
26
16X
Jan
25X
Nov
J25X
15X
♦7s ctfs of dep. Oct '47
Aug
71
64
*24 X
103
79
*24 X
*25 X
♦Issue of Oct 1927
9
*77
♦7s ctfs of dep. May '47
Nov
"41660
6X
6X
De
18
18
18 X
11X
♦7u ctfs of dep
1951
♦6X8 ctfs of dep
1954
♦Mendoza 4s stamped.1951
Mtge Bk of Bogota 7s.l947
♦Issue of May 1927
Dei?
59 X
24
7X
18
78
Aug
18
19
19
82 X
♦Secured 6s
...1947
♦Hanover (City) 7s...1939
♦Hanover (Prov) 6Xs.lfl49
*10
Dec
102
18
40
*
107 X
77 X
105X
99 X
148 X
Jan
"1(6666
90
Jan
Dec
.......
17
89 X
1953
Mar
Mar
Apr
53
5,000
Aug
24
25
64
31
102X
64 X
24
Nov
30
21
63 X
64
Aug
24
17
♦Medelllfl 7s stamped. 1951
Scrlpp (E W) Co 6H8.1943
24
1,000
Deo
*10
21,000
1,000
26
Jan
•14,000
1,000
25X
Jan
Feb
75
------
Jan
20
100
Mar
77 X
33
'
17X
32
32
108
.
70 X
16X
32
104X June
86
Aug
18 X Sept
75
25
Oct
20
69
.....
Feb
94
May
*13
63.000
16X
72
*10
77
25
38,000
♦Prov Banks 6s B..1951
74
*131
93 X
*7X8 ctfs of dep
1946
Cent Bk of German State A
76 X
108X 109
Nov
Feb
99.000
4.1U
Apr
Feb
81X
tin
68 X
Nov
79
77
"l08X
Nov
39,000
105X
94 X
61
six
♦Ruhr Gas Corp 6Xs_1953
101
Feb
Sept
98 X
60 X
75X
*10
108
Apr
•
May
1Q7X
75 X
Jan
86 X
96
65
*107
Queens Boro Gas A Elec—
6 Xs series A..
1951
105 X
40
20 X
23
149X 151
Pub Serv of Oklahoma4s series A
1
Oct
54,000
17
'
------
•
90,000
*10
■
41
4,000
June
'
104 X
94
*10
♦Baden 7s
Aug
J109X IIOX
May
*10
♦Caldas 7X8 ctfs of dep.*46
♦Cauca Valley 7s..^.1948
78 X
tlOOX 102
108
B ctfs of dep. 1945
C ctfs of dep. 1945
Jan
82 X
Power Corp( Can) 4 HsB
♦Prussian Electric 6a_.l
Public Service ol N J—
106
*26
♦Bogota (City) 8s ctfs. 1945
Bogota (see Mtge Bank of)
54,000
72 X
2,000
*25X
*24 X
ctfs of dep. *57
Dec
108 X
82,000
98
July
of) Co¬
ser
Dec
105 X
Dec
8,000
106X
105X
ctfs of dep. 1945
♦7s 3d
108 X
Mar
96 X
97 X
Apr
92
"~92X
ctfs of dep.'57
94 X
*106
103
104
Apr '48
ser
95 X
......
June
7,000
32
♦7s 1st
93
Coal
32
101X
66 X
Nov
8,000
24X
32
♦7s 2d
104 X
------
51
Mar
74 X
58
24X
*24 X
Nov
94 X
49
Dec
*24 X
June
96
49
Dec
111
*47
96
Peoples Ga-L A Coke—
111X
105X
Mar
106X 106 X
101X 102 X
X
104 X
*46
101
"
5,000
J105X 106 X
104
104X
108
108X
108X
104
Feb
96
lumbia—■
♦7s
101 x
97
Aug '47
♦6s, ctfs of dep
♦6s ctfs of dep
Antloqula (Dept
Penn Ohio Edison—
6s series A
Jan
5,000
2,000
92
"102
Jan 1947
♦7sctfsof dep.Jan
78
99 X
106
GOVERNMENT
♦7s ctfs of dep. Apr
9,000
98 X
26
109
Apr
MUNICIPALITIES—
46,000
99 X 100 X
99
Mar
June
105
57 X
i06~
1947
♦20-year 7s
'
July
July
12X
99 X
104 X 105
106
106
Agricultural Mtge Bk (Coll
♦20-year 7s
Apr 1946
Pacific Gas A Eleo Co—
113X
July
106 X
101X 101X 141,000
58
1937
Stamped 5s
Aug
95
108
Nov
86X
Nov
Apr
Jan
7,000
101
101X
Wise Pow A Lt 4s
1966
Yadkin River Power 5s *41
93 X
2,000
-105 X 106
Nov
89X
111X 112
105
West United G A E 6Xs*55
Wheeling Elec Co 5s.. 1941
Wlso-Mlnn Lt A Pow 5s *44
Dec
Northern Indiana P 8—
106
22 X
West Penn Traction 5s '60
West Texas Utll 5s A 1957
West Newspaper Un 6s *44
20,000
99
51 X
108 X
July
53 X
10,000
94
89 X
1954
Apr
114-
Dec
86
Wash Ry A Elec 4s...1951
Wash Water Power 5s 1960
Sept
105X
Oct
113
94 X
1946
deb
Nov
83X
93 X
92 X
Va Pub Serv 5Xs A..1946
1st ref 5s series B...1950
Income
July
107
86
"94"
6s
Nov
July
82 X
Feb
74 X
112X 113X
71X
74X
Nov
30
80 X
Feb
1952
Nov
28
Feb
Feb
1944
♦5s
24
Dec
63
Apr
6s series A
1973
Utah Pow A Lt 6s A..2022
Feb
108 X
No Amer Lt A Power—
♦Schulte Real Est 6s..1961
Mar
Waldorf-Astoria Hotel—
85
86.666
108
100x 101X 184,000
*76
107X
Pittsburgh
Jan
56
64 X
6s series A
Nov
23
66,000
76 X
80
Oct
56
116X
Apr
Sept
94 X
4X8
X
27
73
United Lt A Rys (Me)—
97
27X
*10
76 X
80
42
112M
67 X
July
Dec
108 X
Mar
1,000
6,000
52
6,000
60
Feb
30
9,000
51X
tio
105X 106 X
5,000
81X
101,000
Un Lt A Rys
Mar
51
50
86
July
94 X 192,000
92
High
106
Oct
59 X
95 X
100
Low
1959
61X
Apr
39 H
Range for Year 1938
for
Week
Shares
(Del) 6Xs *62
5X8
Mar
102
High
116X 116 X
1945
40
92 X
94 X
50
United Lt <fc Pow 6s...1975
6X8
1974
40
97
115,000
of Prices
Low
Ulen Co—
Apr
Apr
80 X
69
Week's Rangt
Sale
Price
Oct
62 X
58 X
Sales
Last
High
94 X
Debenture 5Xs
1
New Or;eans Pub Berv-
BONDS
(Concluded)
Shares
97
417
6
Fridai
Week
of Prices
High
Low
99 X 102 X
97
Exchange—Concluded—Page
Sales
28
23X
Oct
25
Deo
12X
Apr
17X June
1,000
_
15X
"2,600
'
J107X
....
Shawinlgan WAP 4Xs '67
1st 4 Xs series B
1968
1st 4 Xs series D
1970
-
-
-
-
-
-
104 X
-
'mi
—
-
-
-
-L
104 X 104 X
104 X
104 X
104 X
105 X
106X
40,000
100
5,000
100
Apr
Sept
Sept
107X
Aug
♦7s ctfs of dep.....1946
106 X
Nov
106 X
106
Nov
Nov
♦7s ctfs of dep
1947
♦6Xs ctfs of dep...1947
Mtge Bk of Denmark 5s '72
Dec
♦Parana
(State) 7s...1958
8X
8X'
♦Rio de Janeiro 6XS.1959
♦Russian Govt 6 Xs
1919
7X
6X
4,000
99
8,000
53X
Sept
Sept
70
Mar
86 X
Nov
71X
Mar
97X
Nov
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 5s. 1957
80
78
80
85 X
83 X
85 X
Southeast PAL 6s.. .2025
98 X
97 X
98 X 130,000
38,000
74
Sou Calif Edison Ltd—
♦5Xs
Debenture 3Xs...;.1945
104 X
104 X 104 X
15,000
101X
Ref M 3Xs.May 1 i960
Ref M 3Xs B.July 1 *60
109 X
109x iiox
20.000
109 X
109 X 109 X
25,000
102X
102X
111X
llix 111X
105X 105 X
14,000
1st A ref mtge 4s...I960
Sou Counties Gas 4Xs 1968
Sou Indiana Ry 4s
_
_
,
1951
45
8* western Assoc Tel 5s 1961
103 X
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6s..2022
So'west Pub Serv 6s..1946
103 X
87 X
------
46
103 X 103 X
103 X 104
86 X
87 X
*104X 105X
107
Apr
Sept
Sept
109 X
Dec
109 X
Dec
*24 X" 32
*24 X
32
*24 X
32
95 X
94
X
1921
X
2,000
96
Apr
9X
7X
X
X
48
14X
14 X
15,000
7
102 X
Feb
Mar
10 X
7,000
5X
Dec
10 X
Jan
2,000
X
Dec
X
Mar
58,000
X
Dec
1
Mar
65
Jan
Mar
Mar
May
3,000
106X
103X
Apr
Apr
111X
106X
7,000
35 X
Apr
66 X
5,000
85
Feb
103X
93
Apr
104 X
1949
♦7S
14X
1961
*46
14X
*14X
45
"MOO
11X
Jap
16 X
11X
Jah
16X
Jan
July
June
Dec
3,000
♦Santa Fe 7s stamped. 1945
♦Santiago 7s
Nov
Dec
Jan
6f»X
Mar
93
34,000
Mar
105X
Jan
46X
Sept
63 X
Nov
89
Nov
Standard Gas A Elec—
6s
(stpd)
1948
Conv 6s (stpd)..... 1948
Debenture 6s
1951
63
61 X. 63 X
40,000
47
Sept
64 X
61X
64 X
34,000
37X
Mar
64
Nov
Debenture 6s
*
64
61X
*63
64 X
47,000
36 X
Mar
63 X
Nov
64
------
53 X
Oct
63
Nov
89 X
90
2,000
64
Apr
86
Dec
61X
63 X
40,000
30 X
32
61
46
94 X
_
61X.
Deo 11966
68 gold debs
1957
Standard Invest* 5Xs 1939
Standard Pow A Lt 6s. 1957
-
'
—
—-
-
63 X
♦Starrett Corp Inc 5s. 1950
Stlnnes (Hugo) Corp—
2d stamped 4s
2d stamped 4s
1940
1946
Tennessee Elec Pow 5s 1956
Ternl Hydro-El 6XB-.1953
48X
Texas Elec Service 58.1960
Texas Power A Lt 68..1956
68 series A
2022
Tide Water Power 6s..1979
Tletz (L) see Leonard
Twin City Rap Tr 5)48 *52
99 X
104
—
—
63
15,000
63 X
Nov
36
Mar
63 X
Nov
5,000
18 X
Mar
37 X
Oct
61
4,000
40
Sept
46
50
10,000
36
Sept
92
94
48 X
99
X 38,000
14,000
53 X
99 X 106,000
65 X
Feb
60 X
Nov
55 X
Nov
95
Oct
35X
82 X
Sept
Mar
100X
Jan
104
104X 112,000
94
Mar
104 X
102
May
Aug
61X
Nov
103 X
13,000
90 X
Mar
101 X
89
87 X
89X
45,000
75X
Apr
89 X
Nov
53 X
53 X
54 X
37,GOO
44
Mar
65 X
July
-
—
♦
sales
x
a Deferred delivery sales not Included In year's range,
not
Included
In
year's
range,
r Cash
sales
not
Included
n Under
In year's
Ex-dlvldend.
t Friday's bid and asked price.
♦
No sales
were transacted
during current week.
Bonds being traded flat.
In
| Reported
receivership
T The following is a list of the New York Curb bond Issues which have been called
In their
entirety*
Cities Service Gas Pipeline 6s 1943, Feb. 28 at 102.
Cities Service Gas 5Xs 1942, Feb. 28 at 101.
Firestone Cotton Mills 5s 1948, March 1 at 101.
Illinois Northern Utll. 5s 1957, April 1 at 105.
e
No par value,
the rule
range,
Cash sales transacted during the current week and not Included In
weekly or
yearly range:
No sales.
t
Under-the-rule sales transacted during the current week
and not Included In
weekly or yearly range:
No sales.
t
Deferred
delivery sales
In weekly or yearly
transacted during the current
week and not Included
range:
No sales.
Abbreviations
Used
Above—'"ood." certificates of deposit; "cons."
consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock
"v t c," voting trust certificates: "w 1." when Issued: "w w," with warrants* "x-W
without warrants.
Chronicle
Financial
418
.
<
'
'
Jan. 21. 1939
'
*
Other Stock Exchanges
Sales
Friday
Range for
Last
New
Estate Securities Exchange
York Real
for
of Prices
Low
High
High
Low
Shares
quotations, Friday, Jan. 20
Closing bid and asked
Year 1938
Week
Price
Par
Stocks {Concluded)
Week's Range
Sate
Waldorf System.
5*4
Mar
3*4
3*4
1*4
Mar
4*4
Bonds—
6*4s 1949 (unstamped)._
29
1951
Lefcourt Manh Bldg 6s '48
28
Series A
24
59
Series R 5s
24
Lincoln Bldg Corp—
36
Marcy, The 6s
165 Broadway Bldg 5
1940
*4s'61
60
15
38
Bldg 7s 1946
Bldg—
6 Ms unstamped
6*4s stamped
11 West 42d Bt Bldg—
6 *4 8 unstamped
1946
45 E 30th St Bldg 5^81937
61 Filth Ave Apt Bldg—
6a 1943 (stamped)—
B'way 38th tit
10 East 40th St Bldg 6s '63
81
Harrlman Bldg 6s
Bryant Park
Eastern Mass
St Ry—
48
Range
of Prices
Low
High
Price
Par
Stocks—
Week's
com—1
Consol Gas E L A
Pow...'
-
162
%
Apr
2.00
340
*4
Mar
2*4
Apr
19*4
20*4
59
9*4
Mar
24*4
Nov
19
19
20
-
preferred....—100
7*4
23*4
Jan
65*4
73*4
112*4
Apr
7*4
Sept
9*4
10*4
July
4
170
345
41
Mar
164
76*4
Mar
119*4
27*4 June
9*4 May
36*4
11
Oct
Mar
20*4
Dec
34*4
10*4
35*4
10*4
114
18
18*4
575
1.10
1.15
230
31*4
35%
10%
com.5
18%
100
JZ
Mar Tex Oil
-1
32*4
Martin (Glen L) Co com..]
Merch A MinersTransp.."
Monon W Penn P S 7%pf25
National Marine Bank..30
New Amsterdam Casualty 5 ""13*4
1.25
North Amer Oil com —...1
Northern Central Ry...50
Owl rigs Mills Distillery — 1
Penna Water A Power com *
'21*4
U S Fidelity A Guar
2
Finance Co of Am A
•32*4
419
Houston Oil pref
-
«.
-
58
11*4
18*4
Jan
Jan
Dec
35*4
Sept
Dec
17
15
15
10
10
Mar
25
25
58
21
Apr
26*4
Dec
42*4
11*4
42%
13*4
45
40
Oct
44*4
May
3,263
Mar
12 %
Oct
1.25
1.25
350
1
June
1%
Jan
84*4
84%
40
72
June
94%
Jan
500
20c
Dec
50c
Jan
30
59*4
8*4
Mar
22c
22c
75
75
19*4
22*4
7*4
6,982
..
75
Jan
2Q.V4
Apr
•
Par
for
Sale
Stocks
Week's Range
of Prices
Low
High
Price
Dec
Bonds—
A
5s flat
B
5s flat
24*4
23
27*4
26
86
15
....1975
500
23*4
Jan
15*4
.
Mar
Mar
27
Jan
78
24*4 $36,500
13,300
27*4
86
1975
1975
Mar
85
Feb
'
•
Finance Co of Amer—
4%...I..).
Nov
96*4
Apr
92
7,500
96*4
96
..1947
both inclusive, compiled from
14 to Jan. 20,
2
Mar
4*4
Jan
8
8*4
550
4
" Mar
8*4
Nov
8*4
19*4
19*4
100
12*4
Mar
19*4
Aug
Allis-Cbalmers Mfg Co
42*4
43*4
36Q
44*4
Dec
49 *4
Nov
Amer Pub Serv pref
60
60
45
Apr
70
Nov
25
*
100
Tel A Tel Co cap. 100
Class A
Amer
Armour
150
5
A Co common
Equip Corp com
1
Associates Invest Co com.*
Sept
3*4
Mar
6*4
Jan
5*4
Apr
10*4
Dec
50
-
5*4
Nov
2
50
Mar
1*4
Juiy
8
240
5*4
Oct
4
28,200
1*4
Mar
8*4
3*4
Dec
3*4
"3%
3%
2
7
Dec
"
Week's Range
Last
Sale
Par
Stocks—
Price
J
Range for
for
5
1*4
315
13*4
35
149*4 157*4
3,010
32c
..100
Assoc Gas & El Co cl A... 1
157%
1st
preferred
...
Amer Tel A Tel
~87%
100
100
100
Boston Elevated..
2
Nov
16
May
110%
Mar
150*4
Dec
%
June
1%
Apr
53 %
18 %
Boston Herald Traveler..*
Sept
17
June
29*4
Nov
60
Mar
108 H
Jan
12
26
82*4*
87*4
8*4
Mar
30*4
Dec
7,50
5*4
Mar
8*4
May
5*4
400
4
Mar
6*4
Jan
Jan
1
8*4
8
1
5*4
5*4
450
20
18*4
..5
29*4
27*4
29*4
com.l
5
Burd Piston Ring corn
1
Butler Brothers
10
7*4
100
Preferred std
%
Dec
2%
Jan
Cl A 1st pref
std.-.100
Jan
12
4
Dec
250
1
Sept
4%
July
Sept
24*4
July
14*4
Sept
20
Aug
1,830
41*4
Mar
73*4
Nov
Aug
1*4
July
Mar
2*4
%
51*4
180
ChryBler Corp com
Dec
4%
July
10
102
1
90
50
1%
55
Nov
Apr
105
Nov
.
1*4
1*4
1*4
50
1*4
200
1%
Dec
3%
5%
Jujy
1*4
July
Dec
5*4
Mar
16*4
Nov
5,400
1*4
Dec
2*4
June
600
25*4
Mar
68
600
38*4
5
%
100
*4
%
1*4
12
36
Nov
Jan
80*4
July
Dec
1*4
70
"9*4
70
10
57*4
May
70
110
10
96*4
Apr
112
Apr
13%
Nov
Dec
75
285
22
23
36
13
Jan
565
63*4
Sept
12*4
88*4
Nov
550
5*4
Sept
10*4
May
450
1*4
Jan
2*4
Oct
Calumet A Hecla
26
7%
7*4
80
5%
Mar
10H
Cliff Mining Co
26
20c
20c
40
5
5*4
675
%
AH
Sept
May
7%
Jan
1*4
1*4
115
1
Dec
3
Jan
—.25
Copper Range
% June
Mar
8
»
_
4*4% prior pref
6% preferred
27
27*4
*16,850
22
Mar
28
14*4
350
12
May
25
1
Consolidated Oil Corp
5*4
6
150
3*4
*
Consol Biscuit com
V t c
pref pt shs
21*4
23*4
380
17
Dec
52
May
.Common pt sh A v
12%
10
12*4
399
9
Dec
30*4
Jan
Common pt sh B v
1*4
120
July
Apr
Apr
Apr
2*4
Dec
8*4
9
470
9
Dec
10
4
8%
7*4
.-50
t c.50
t c._*
_£
100
preferred
100
63
65
17
17
5
5
100
Preferred B
5
Eastern SB Lines com....*
160
.
175
110
%
13%
67
Dec
Mar
Deo
Preferred
5%
Dec
Crane Co com
Feb
15*4
15 %
Apr
21*4
Nov
Pec
1*4
8*4
Dec
Dec
Feb
Dexter Co
30
14*4
.*
100
25
Deere A Co com
Aug
20
1*4
14*4
26*4
27*4
304
*4
30
27*4
Nov
May
Jan
7*4
9
Aug
Dec
Feb
11*4
1*4
*4
11*4
Jan
Feb
Sept
4*4
July
Oct
2
July
17*4
Oct
10
Mar
28*4
Nov
;
Common..
12
100
Nov
95
Aug
33*4
35*4
287
36*4
Dec
38*4
59
60
130
45*4
Dec
73
July
200
11%
Apr
17*4
Nov
5*4
10
DIxle-Vortex Co—
3%
2%
20
Continental Steel—
7*4
2
2
Container Corp of Amer_2C
"
1
Common
«
13*4
27*4
25
Compressed lnd Oases oap*
23%
100
-.100
Eastern Mass BtRy—
2*4
Consumers Co of 111—
East Gas A Fuel Assn—
Common
8
2*4
New capital..
Jan
300
7*4
8
Nov
9*4
Commonwealth Edison—
12
•Jan
June
•
77*4
9*4
75
(New) com
10
Club Aluminum Uten Co.*
8%
11*4
12
Boston Per Prop Trust...»
Boston & Providence. .100
July
130
2
35*4
:
1*4
110
70
6
1*4
I
Oct
June
25*4
Cities Service Co—
Sept
*4
50
10,050
4
15*4
.
35*4
Chic Yellow Cab Co Inc..*
100
Class D 1st
1st
17*4
65
35*4
2
<*
*
Conv preferred
preferred cl B
100
pref std.. 100
Class B 1st pref std..
1st
•
50
1*4
Chic A N West Ry com 100
146
,
Jan
July
64
13%
1*4
10
15*4
3*4
75
7
Mar
20
15*4
*
Chic Flexible Shaft com..5
1*4
Dec
5*4
45
Cent States Pow A Lt pf.*
Chain Belt Co com
Jan
6*4
Oct
5*4
2*4
70*4
102
July
1%
Mar
250
8*4
*4
May
8%
Oct
8
17*4
1,073
3
1*4
VA
51*4
—
20%
-.100
May
*
...1
Preferred
*
Prior lien preferred
*
Common
Chicago Towel com
Prior pref
Sept
6
1
Common
58 H
*4
5
850
67
Central 8 W—
Oct
*4
»
'■
250
8%
20
70
19
18*4
36*4
Seo—
Mar
Boston & Maine-
Mar
7*4
15*4
47 H
Apr
18*4
17*4
3
163
108
22*4
7
8*4
139
876
Mar
16
(EL) com...
53*4
52*4
134
12*4
990
20
Warner Corp—
bruce Co
Dec
50
3,400
Berghoff Brewing Co.
Chicago Corp common..*
Preferred
*
127*4 136
135
Jan
94
62
50
586
77
77 "
26
Common...
Boston Edison Co
11
'
"77"
Blgelow-San Carpet pfd 100
Boston A Albany
Dec
Mar
99c
78
78
Feb
80c
Mar
v32c
32c
1*4
13*4
1H
5
5*4
Binks Mfg Co cap
Central 111
_*
50
..50
6% no.n-cum. pref
Dec
27*4
8*4
"27"
.
,
1
25*4
5
5% conv pref
39
Campbell Wyant ACannon
Foundry capital
..*
Cent 111 Pub Ser $6 pref..*
High
Low
Shares
American Pneumatic Ser
Common
Year 1938
Week
of Prices
High
Low
2*4 June
150
5*4
Corp.T.__*
Bendlx Aviation com
common
Nov
39
7*4
Brown Fence A Wire
official sales lists
Mar
27
3*4
2
3
Trans C cap.l
Belmont Radio
130*4
100
36
36
Dec
150*4
1,004
1,4.50
5*4
10
10
""3*4
Athey Truss Wheel cap—4
Automatic Products com.5
Aviation A
40
155*4
5*4
5%
10
Aro
(New)
Sales
,
Friday
Aug
Oct
750
•
•"an.
Nov
123
120
2*4
Allied Products—
Bliss A Laughlln lnc com.5
Exchange
60*4
Apr
20
2*4"
120
""2*4"
1
Aetna Ball Bear com
36*4
410
57
120
56*4
57
•
Common (new)
4*4% cum conv pref. 100
Advanced Alum Castings.5
Borg
Boston Stock
High
Low
Shares
Abbott Laboratories—
Aviation Corp (Del)
Bait Transit 4s flat...
Year 1938
Week
•
Dec
3
Dec
1
Range for
Last
Oct
20
14*4
14
Fidelity A Deposit
Sales
Friday
Dee
117
compiled from official sales lists
20, both inclusive,
Oct
Dec
Chicago Stock Exchange
Jan. 14 to Jan.
July
119*4 122*4
14*4
Pref.-l
20
Guar Fire
10
Eastern Sug Assoc
Fidelity A
5
Dec
Mar
50
7*4
4*4
100
Assn com.. 1
14*4
76
116*4 117
CHICAGO
Jan
1
•
147
72*4
71*4
72*4
117
Davison Chemical com.
Eastern Sugar
12%
1,070
50c
1.60
-
Chicago Stock Exchange
Chicago Board of Trade
(Associate)
Dec
21%
Mar
20*4
-
Unlisted
10 S. La Salle St.,
High
Low
Shares
19%
Brager Elsenberg
5%
New York Curb
Range for Year 1938
for
22*4
Dec
Members
Week'
50c
.*
Dec
88
Paal R Davis & Go.
2.00
Co 00m v 10. •
pref v t o...
Black ADecker com
1st
83
Apr'
New York Stock Exchange
22%
Arundel Corp...
Bait Transit
Mar
50
Listed and
Sales
Sale
49
8,000
SECURITIES
CHICAGO
official sales lists
both inclusive, compiled from
Last
$3,000
86*4
85
...1948
68
5*4s 1963 w-vtc
Friday
83*4
82
1948
4*4s
Baltimore Stock Exchange
14 to Jan. 20,
Jan.
Jan
July
8*4
600 Fifth Ave lnc—
18 *4
55
1937
Bowker Bldg 6s
7
Warren Bros
Ask
Bid
Vnlitled Bonds
Ask
Bid
Unlisted Bonds
6*4
10214 102*4
.
"22"
14
25
22
z23
300
Pec
GeorglanInc(The)cl A pf 20
1*4
1*4
50
1%
July
Gilchrist Co
*
h%
5*4
10
4%
June
Gillette Safety Razor
•
7*4
7*4
210
6H
June
1*4
9
1
21
21
19
2
150
7%
11
Hathaway
1*4
Class A.......
20*4
*
Preferred
2
Isle Royal Copper
Co
15
Loew'sThea (Boston)...25
....
5% cum pref
Mass U tllltles Ass v t c.
13*4
4*4
13*4
5
100
4%
38
100
Maine Central com
Mergenthaler
-
16*4
18
_.
13%
2
2
1
Linotype._*
22%
21*4
22*4
40
S05
95
5%
Dec
40
Mat
3*4
4%
II
1%
18*4
18%
New England Tel A Tel 100
109%
Old Colony RR
17
772
559
70c
79c
1*4
'"70c
...100
Stone A Webster
Preferred
1%
10
1*4
3 H
10
81
4,860
%
25c
63
70c
18
Mar
Sept
,.23
Nov
10
19
July
21
Jan
5
4*4
4*4
100
8*4
8*4
150
11*4
11*4
80
50
7*4
3*4
20*4
3*4
20*4
650
2*4
Mar
40*4
(The) com
*
Common
Elgin Natl Watch Co...16
Sept
22
Jan
Fairbanks Morse com
2*4
Mar
Mar
28
*
Dec
1
Dec
Dec
5
Jan
17
Dec
3.75
Jan
242
9%
Mar
21*4
22*4
13%
May
19*4
24*4
July
920
16
417
12%
1%
Sept
1*4
1*4
244
10%
10*4
10*4
311
16%
15*4
16*4
1,183
30c
Godchaux Sugar cl A
17*4
Dec
17
28*4
Oct
Mar
87
Jan
47
24*4
24*4
81%
81*4
82*4
840
50
42*4
43
125
38 %
72c
72c
50
55c
Mar
Venezuela Holding Corp.. 1
1*4
1*4
50
40c
Sept
1*4
2.50
Mar
1*4
Mai
Jan
Jan
52*4
Jan
250
2*4
June
4%
Jan
31C
37*4
Dec
39*4
Dec
50
59*4
58*4
2*4
100
2*4
59*4
57*4
2*4
38*4
39*4
10
Mar
78
46*4
6*4
Dec
Dec
50*4
Dec
6*4
Dec
8*4
Nov
7*4
7*4
180
10
30
30
Goldblatt Bros lnc com..*
13*4
13*4
50
Goodyear T A Rub com.
Gossard Co (H W) com
33*4
295
*
Jan
47*4
10
48
10*4
Deo
10*4
26*4
24*4
27
Dec
Hall Printing Co com —10
10*4
10*4
10*4
550
*4
2*4
4,300
1,500
6*4
*4
47*4
*
Great Lakes DAD 00m..*
Dec
2*4
16
May
13*4
35*4
11
Jan
11*4 June
47*4
13*4
Gillette Safety Razor
Mar
Apr
24%
For footnotes see page 421
Jan
Feb
May
43
10
2*4
12*4
5H
8
1,250
13*4
Gen Outdoor Advert com .*
Oct
4*4
1,100
2*4
*4
Common
General Motors Corp
Jan
8
131
Apr
Dec
Gen Household Util—
20
*
Dec
Oct
Dec
13
Jan
Jan
12*4
14*4
July
Aug
43*4
12*4
2*4
Jan
14*4
5*4
Nov
10*4
109*4
16*4
33*4
2*4
Dec
Oct
Mar
9*4
110
12%
Mar
Dec
700
"14%
$3 cumul conv pref
20
General Amer Transport.5
General Finance Corp com]
General Foods com
*
Jan
8*4
42*4
1
Gardner Denver Co com..*
Feb
6*4
25*4
5
July
3*4 June
8
Dec
Mar
FltzS A Conn DAD com.*
2
Oct
15
Fox (P)
Brewing com
17*4
150
Aug
23
Dec
20*4
July
6
Oc
Utah Metal A Tunnel Co. 1
303
Jan
SOc
•
25
19*4
19*4
9
14*4
_•
Torrington Co (The)
United Shoe Mach Corp_25
1,100
19*4
Sept
16
22
Reece Button Hole MachlO
Shawmut Assn T C
17*4
19*4
»
pref
June
SOc
50
16
16
Dodge Mfg Corp com
*
Elec Household Uttl cap.6
13*4
(Ctfsof dep)
Reece Fold Mach Co
200
1*4
*4
Pacific Mills Co
Pennsylvania RR
570
109*4
105
100
2.60
4*4
18*4
3*4
New Eng G A El Assn pfd *
North Butte
17*4
De Mets lnc
Fuller Mfg Co com
1
N YNH AHRR
16
Feb
Narragansett Racing Ass'n
Ino
15
18
% June
10
Aug
July
'
Diamond T Mot Car com.2
•
Cudahy Papklng pref.. 100
Cunningham Drug com2*4
Dayton Rubber Mfg com.*
14
Economy Grocery Stores. *
Employers Group
60
32
12
22*4
6
Jan
35
Dec
Sept
23*4
38*4
Mar
11 *4
July
Jan
Dec
Oct
Mar
27*4
Oct
800
5
Mar
13*4
Nov
5
Sept
8*4
June
JaD
7*4
Apr
3,000
Harnlschfeger Corp com. 10
5
5
.50
Heiieman Brew Co G cap
7
7
700
12*4
5*4
Volume
Financial
148
Friday
Sales
Week's Range
for
Sale
of Prices
Week
Price
Par
Low
Heln Werner Motor Parts 3
Hlbb Spen Bart com
Horders Inc
-
12
12
15%
14%
15%
11
11
"
-
1
com
Illinois Brick Co
2
—10
-
International Harvest 00m*
5
Mar
8%
Oct
6%
Mar
20%
Dec
Crosley Radio
Eagle-Plcher
55%
332
68
Nov
Formica Insulation...
5%
July
Deo
35%
50
700
19%
4%
19%
4%
700
5%
850
130
20
Mar
Kroger..
1%
Mar
Moores-Coney A
3%
Feb
227
5
•
200
;
18
1
1%
5%
Aug
31%
July
Rapid
10
•
18%
Dec
Nov
Dec
20%
2%
1%
July
U S
1
300
24%
Mar
38
July
%
%
150
%
14%
11,150
5%
Mar
Mar
1%
14%
Nov
Western Bank
7
7
20
5%
Mar
14%
Jan
Wurlitzer....
"30
30
30
50
31
Jan
4%
26%
4%
26%
4%
26%
100
33%
24
Apr
Mer A Mfrs Sec—
.
'
.
1
Prior preferred...
*
MIckelberry's Food Prod—
Common
Y
1
Conv preferred A
■'
20
Mar
0
'
-
_
.
10%
July
14%
Nov
10
9%
Aug
13
257
29%
Nov
110
22%
14%
23%
Apr
18
Apr
18%
Dec
July
28
Jan
Mar
38
Dec
-
24
35
39
30
8
6
V
-
-
37
56%
;
661
,
Mai
5
Oct
9%
Mar
6
12%
673
1
Mar
%
39%
Sept
2
Mar
59
Oct
Jan
23%
Jan
.
117
Feb
117
Feb
30
8
June
IS
Oct
11
107
10
Dec
27
101
5
98
May
117
.
50
29%
1%
38
1%
29%
-
300
4%
13
5%
7%
5%
7%
73%
5%
---
73%
Dec
%.
•
Jan
101%' Nov
3
Jan
Sept
9%
5%
July
7
Nov
*
Jan
Dec
10%
July
Mar
80
Mar
7
15
Oct
32%
4
110
>
Jan
21%
100
4%
*
100
25
3%
23%
Aug
15%
101
-
5
<
Oct
10%
.-10
_
5%
Mar
Mar
15%
-
i
..10
_
May
Oct
6
7%
54%
11
..50
_
Sept
80
3%
....
_.
19
65%
Oct
Mar
29
Nov
4%
3%
4%
850
1%
Mar
4%
Oct
7%
8%
25,550
4%
Mar
8%
Oct
H
4%
%
150
%
July
4%
500
%
6%
Jan
"4%
•
Preferred
Apr
141
5
23
*
Printing
Preferred
Nov
t-
2%
19%
400
"
Jan
8%
1%
380
Middle West Corp cap___5
Midland United Co—
Common...
___..*
-
'
.
*
13%
5
Jan
90
10%
117
....
32%
McQuay-Norris Mfg com*
-
56%
......
33%
65
Jan
Jan
12%
10%
27%
1
Sabin Robbins pref... .100
U S Playing Card.... --10
Randall A
10
8
-
23
*
4%
Mar
2
100
35
-
100
Apr
24%
'"14%
McCord Rad A Mfg A...*
Class A common
Jan
9
Dec
*
10
300
30
is
...
Y
-
__' ,*
6%
5%
Procter & C amble
5% preferred
-
-
...*
1% May
-
-
pief.... ..25
Kelley-Koett
5
Feb
14
24
-
-
-
June
75
5
18
*
%
223
Nov
105%
27
*
3 %
88%
10%
•
...5
Kahn
200
30
5
..*
com
Oct
Preferred
Hobart A
Apr
Dec
12
9%
27
500
Manhattan Dearborn com*
Marshall Field
Mar
July
2
5
...1
%
2%
5%
5%
*
Lynch Corp common
9
90
416
6%
12%
10%
*
3%
2%
"
...
Jan
5%
'
*
%
V-
—
Nov
25
233
2%
14
*
3%
,
—
—
35
34
W
—■ —
—
50
Feb
40
88
------
..10
Hilton-Davis
High
Low
Shares
11%
2%
------
Gibson Art.....
26%
2%
4
— —
-
*
Loudon Packing com.
Cohen (Dan)
5
504
25
"35"
Y
*
com
Oct
6C0
3
*
Liquid Carbouio
620
6
'
——
Nov
15
5%
»
Preferred $3.50
Cinn Telephone
..50
*
Cln Union Stock Yard
25
*
"
La Salle Ext Unlv com...5
Llbby McNeill & Libby.
Lincoln Printing com
Oct
or Year 1938
Range
for
Week
High
104% 105%
105
-.50
54
-
Low
11
2
"I
1
cap
17%
Mar
8% Mar
% June
54% Sept
2% May
10% June
15% Mar
2% Dec
5% Mai
•
-
Y
-
Kentucky Util Jr cum pf 50
Kerlyn Oil Jcom A...
Clnncinnati Street.
5%
of Prices
Price
Cln Gas & Elec pref... .100
19
*
Kingsbury Breweries
Jan
Feb
1%
5%
—
-
1
com.
225
14
May
it-
—
*
com
Kellogg Switchboard
11
50
Week's Range
Nov
8%
45%
4%
-
Interstate Pow $6 pref.-.*
Jar Via (W B) Co cap
1
Kats Drug Co com
-
-
Par
17%
6
Illinois Central BR com 100
Jefferson Elec Co
-
—
Stocks 0Continued)
34% Sept
50
Hubbell Harvey Inc com.5
High
Mar
4
150
12
*
Houdaille-Herehey cl B
Hupp Motors
36%
*
com.
Low
Last
Sale
100
8%
35
—
„
Range for Year 1938
High Shares
8%
25
Sales
Friday
Last
Stocks (Concluded)
419
Chronicle
3
Feb
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
July
Midland ntll—
7% prior lien
Minneapolis Brew
100
1%
7%
1
com
Modine Mfg common.___*
Monroe Chemical pref
*
40%
Jan
18
Apr
27%
35
June
47%
Nov
602
39%
Sept
54%
Apr
160
11
Apr
17
—
—
— —
Nov
—
31 %
31%
20
20
Mar
32%
— —
14%
14%
50
14%
Dec
18%
7%
July
—
4
100
4
Mar
4
19%
300
13%
A pr
1%
25%
800
%
Mar
650
12
7%
17%
850
6
16%
-
200
8%
Mai
41%
15%
10
18%
Apr
8%
Mar
%
Apr
19
1%
25%
24%
7%
7%
25
July
Mar
"8 %
Jan
17%
Nov
..
Penn Elec Switch
100
100
15%
41%
14%
*
%
%
%
30%
14%
30%
10
30
15%
600
11
com..
-
—
—
-
-
—
..100
conv
A10
Pictorial Paper Pkg com.
Pines Wlnterfront com
_
.
.
_
Apr ;
327
14%
Sept
Mar
38%
162
24%
Mai
27
100
22
May
29
3%
3%
%.
1
—1.
*
150
3
Mar
150
13%
13
2%
270
20
%
-
;
Dec
7%
Sept
-
6
Sept
Cleveland By
Cliffs Corp vtc
120
85
Mar
Colonial Finance...
80
129
Mar
Reliance Mfg Co com...10
Rollins Hos Mills com....l
--"Y
-
-
-
-
-
Serrick Corp cl B com.... 1
Bo Bend Lathe Wks cap. .5
Sou Colo Pow a com
j? -'
2%
r
-
19%
■
Conv pref
a..20
Standard Ga&& Elec com.*
Standard OU of lud-._-.25
Stewart-Warner....
com.
5
90
90
Dec
General Tire & Bubber. .25
Dec
—--
-
-
—
—-
+
July
.....25
United Air Lines Tr cap..5
-
-
—
-
-
-
National Acme
150
'
'
-
-
-
m
.
1%
5
%
%
1%
*
Western Un Teleg com. 100
W'bouse El A Mfg com-.60
Wieboldt Stores Inc com.*
—
—
-
-
Woodall Indust com.....2
Wrigley (Wm), Jr (Del)..*
Zenith Radio Corp com..*
-V
------
Williams OIl-O-Matic com*
WlsconsInBankshares com*
5%
-
-
—
-
72
—
3%
14%
Oct
Jan
Nov
8%
Sept
12%
Dec
4
Mar
6%
Jan
Jan
22%
Oct
15
Mar
3%
100
661
55
5%
477
62
34
*
4%
100
3%
3%
1 %
14%
14%
100
13
49%
59%
10
250
'/v.'''
950
.■
93%
200
%
"
June.
2
f
Feb
20%
Jan
Aug
Sept
30%
124%
300
8
Dec
12%
150
2%
Mar
950
3% May
2% Mar
400
207
1,300
$9,000
-----
5%
------
9%
*
-
-
-
106
110
July
July
Detroit Stock
Jan.
14 to Jan.
Par
Stocks-
ioou
For footnotes see page 421.
for
of Prices
Dec
Price
28%
1,195
18
com—12%c
Brown McLaren—
Chrysler Corp com 1
5
Consolidated Paper com. 10
1%
78%
13%
'"1.00
1.00
3%
1
Continental Motors com.
_
..
10
Detroit Edison com.... 100
com..-..-5
Det-Mlch Stove com
1
Det Paper Prod com..... 1
96
116
Det Gray Iron
Range for Year 1938
Week
Low
High
...4
Federal Mogul com
._*
Frankenmuth Brew com.. 1
Fruehauf Trailer.
1
General Finance com..._l
General Motors com..-.10
1
15
Mar
20
pi
.tune
.
19%
105%
Aug
Mar
2%
1%
76%
13%
"~1%
96
1%
2%
1%
15
1%
11%
2%
13%
4
1.00
98
114% 116
1%
1%
23
Eaton Mfg com
2%
1%
78%
11%
2%
46%
185
130
High
Low
Shares
18
7%
Furham
Shares
High
27%
Burry Biscuit
for
Low
618
com....l
*
*
Range for Year 1938
Week
7%
...
Chamn P».»v>i^nref..-._100
Nov
11%
Sales
Week's Range
Burroughs Add Mach
Sales
16%
16%
lOd^ 100%
63
Dec
Exchange
Briggs Mfg com...
both inclusive, compiled from official sales lists
20
Jan
May
5530
7%
Baldwin Rubber
Cincinnati Stock Exchange
Amer Laundry Mach
20
20," both inclusive, compiled from official sales lists
Det & Cleve N av com...
High
Oct
Y
Teletype: OIN 68
of Prices
Nov
DETROIT
Telephone: Randolph
July
BUILDING, CINCINNATI, O.
Low
Feb
June
5
Chicago Stock Exchange
Buhl Building
Consumers Steel
Sale
'7,
Nov'
-
25%
May
New York Stock Exchange
Telephone: Main 4884
Price
Dec
Dec
New York Curb Associate
Exchange
Detroit Stock Exchange
Jan
5%
Members
Par
Nov
Sept
27
Members
New York Stock
July
Nov
W. D. GRADISON & CO.
Stocks—
50
35
Nov
5
Cincinnati Listed and Unlisted Securities
Week's Range
Dec
.5%
Watling, Lerciien Sl Co.
'
Sale
Last
Jan
July
Nov
13%
Dec
Friday
Nov
U%
39
158
Last
Jan. 14 to Jan. 20,
Jan
Feb
June
Oct
3%
140
3%
.
Apr
21
4%.
Sept
4%
July
,
33%
55
Friday
DIXIE TERMINAL
12
25
12%
60
Oct
7%
300
:
20%
Cincinnati Stock Exchange
Mar
2
25%
; 25%
Upson-Walton
July
Nov
Dec
9
YounerBtown Sheer A Tube*
3%
Dec
40%
Nov
114%
Feb
July
77% June
% Mar
Dec
35
July
Dec
Dec
11%
July
Oct
37%
12
30 V Mar
45
5%
25%
109
Sept
1%
13%
50
17%
Dec
Sept
2%
40
90%
Dec
8% June
50
Dec
24
100
Apr
Apr
40
67%
Mat
July
Mar
5%
50
Mar
Sept
9r
110% 110%
17
76
8%
5%
Thompson Prod Inc..
*
110%
31 %
67%
12%
75
Dec
Sept
Apr
88
West Res Iriv 8% pref.. 100
White Motor.j-.t.-„--50
63%
July
117%
Aug
26
Nov
150
Jan
Dec
22%
25%
39%
20%
512
.
200
13%
34
Weinberger Drug Inc.
444
Apr
Mar
10
35
55
60
Van Dorn Iron Wks..
"7%
700
1%
1%
...
8% cum preferred.. .100
Steuffer Corp A
35
4%
'8%
29%
13
14%
65
13%
Seiberllng Rubber.
10
100
9%
14%
-
„
181
49%
100
34%
-
Jan
Bonds—
Commonw Edison 3 %s_'58
100
....
Otis Steel..
Dqc
'
BJchman Bros.-
Packer Corp.
5%
144
5%
—
Mar
Dec
24%
79
—
—
7% Mar
500
20%
90
40
40
*
2%
26%
18
19%
Dec
15%
Dec
1
1,618
%
1%
77%
Oct
86
Dec
-----
% Dec
1% Mar
13% June
5%
-
20%
33
Apr
Jan
110% 112%
9
'8%
2%
2%
5%
5%
---vYY
116
90
22%
.
35
32
-.1
100
,
23 H
4
-12%
77
100
•65
1%
17%
'
84
100
"
7
24
National Befining new..25
National Tile....
May
80
Preferred-
160
1%
Mar
9%
427
3%
13
33%
Halle Bros pref....... 100
Hanna (M A) $5 cum pref *
733
15
10«
108
2%
11%
5%
8%
88%
11%
12%
105% 105%
120
23%
Jan
28%
3%
12
118%
70
95
Apr
101
19%
Nov
21%
Aug
6C0
28
23%
Jen
5%
64
2
32
Mar
Jan
19%
39?
.
113
Dec
11
60
Mar
50
90
Ji#i
18
109
Mar
Nov
107%
15
June
107
24
86Q
77
1
13%
Nov
70
3(.
%
105%
Aug
Dec
65
24
30
360
1
85%
1%
2
Aug
„
29%
June
491
22%
100
*
Murray Ohio Mfg
300
14%
V
-
'
preferred..
Walgreen Co common
Oct
18%
:
"15"
-----
Gypsum Co com
20
Utah Radio Products coin *
Con v
Aug
79%
27%
"19%
U S
Utility & Ind Corp—
Common
2%
Mar
3%
8%
Thompson (J L) com....25
Trane Co (The) common.2
Union Carb A Carbon cap *
Mar
Mar
14
%
June
70
_-
7%
13%
5%
-
4%
14
23%
117
Goodyear Tire & Bubber,
Grelf Bros Coop A—..
47%
15
.•il«
w
-
....10
100
...
Goodrich (B F)._-
3G
42%
28
M
Preferred
Nov
1,000
546
3%
13%
—
11%
Eaton Mfg.
*
Elec Controller & Mfg...*
2
14%
2
Mar
1%
11 a
Dow Chemical100
11
72%
2%
19%
42%
1%
12%
------
Sunstrand Mach Tool com5
Swift International
15
Swift & Co..
1%
104
__2
com
St Joseph Lead cap
10
Standard Dredge com.... 1
Storkllne Furn
-
•
2
71 %
-Y
-
-
25
S'west G A E 7% pref-.100
Southwestern Lt & P pref-*
Spiegel Inc
11
-
-
--Y--W
Sears Roebuck A Co 00m.*
350
1
8%
20%
20
__
152
2
20 %
Mar
41%
10
113 % 113%
23
20
22
-.*
Jan
117%
157
2
High
Low
4
270
1,665
50
10C
Jan
14%
116% 117
—Y
Range for Year 1938
for
Week
Shares
6%
16%
59
113%
Cleve Electric Ilium..
Dec
1%
16
157
-
*
6%
"59"
1
Jan
157
...50c
of Prices
High
16 %
Cleveland Cliffs Iron.-_..*
Jan
■
Common vtc
Week's Range
Low
6%
Oct
116%
'
Price
100
-1
Jan
4%
"
%
14%
14%
— -
-----
Quaker Oats Co common.*
Preferred10P
RaytheonMfg—
Clark
Aug
41
27
*
Canfield OU......
Apr
40
Sept
22%
1
Pressed Steel Car
Jan
3%
750
Last
Par
Stocks—
official sales lists
Sales
Sale
.1
36%
5
Exchange '
both inclusive, compiled from
19% May
21%
-
Jan. 20,
to
Friday
Aug
i
--
Jan. 14
.
i6%
9%
24%
5
Poor & Co class B
9
850
July
46
22%
Penn Gas & Elec A com..*
Pennsylvania RR cap.._50
Peoples G Lt&Cokecap 100
Perfect Circle (The) Co...*
A. T. & T. OLEV. 565 & 566
Cleveland Stock
July
Mar
1%
26%
Northw Utll—
...
Building, Cleveland
.
Nov
*-
Telephone:OHerry 5050
Nov
—
.
Noblltt-8parks Ind com..5
Northwest Bancorp com..*
Northwest Eng Co com
*
t°g| RUSSELL co.
Union Commerce
Sept
20
•
126
Y
'L.
10
Oct
60
17
2
com..
7% preferred.
Peabody Coal Co B
6% preferred
GILLIS
Jan
10
49%
14
National Union Radio coml
Prior Hen pref
Dec
7%
: 50
159% 160
17
f_*
Pressures, Cooker
47%
Y
— -
------
Muskegon Mot Speed A.*
National Battery Co pref.*
com
-
-
*
National Standard
40%
-Vi.
——
% Sept
2% June
200
7%
22
2
.'■f
Class A—
Nat
;7%
22
..
*
Montgomery Wara—
Common..—
Nat Bond Invest
1
4%
Mar
13% Mar
15% June
1% June
430
1
May
1,085
36
Mar
400
1,930
100
12%
1
Aug
May
70e
May
900
60
Dec
117
77
Mar
250
1%
Mar
2
700
1%
2%
1%
100
1%
150
1 %
May
July
Jan
23
365
9
Mar
15%
1%
415
6
Mar
1,200
1
160
2%
46%
5%
150
2
1,497
25%
Mar
9%
37%
21%
3%
2%
88%
15%
3%
Jan
Aug
July
July
Oct
Nov
Feb
Dec
1.50 June
1%
114%
2%
3%
3%
1%
24%
15%
2
Jan
Nov
July
Jan
July
Jan
Dec
Dec
July
Nov
Mar
12%
June
4%
Jan
Mar
53%
Nov
Financial
420
for
of Prices
*
High
Par
200
2
3%
July
12
100
6%
Mar
12%
Jan
Amer Rad <fc Std Sanitary
15%
625
6
Mar
17%
Oct
American Tel & Tel Co. 100
2%
2%
Mar
10
July
Anaconda
7%
7%
230
5%
com...l
Kingston Prod com
-1
Kresge (8 S) com.
10
69c
73c
1,250
37c
Apr
85c
Oct
Armour & Co
2%
2%
730
1%
3%
21 %
21%
309
15%
Mar
22%
Nov
1%
_
Lasalle
Jan
1 %
100
1%
Dec
1%
Dec
——
.
1
.
3 %
3%
1(M)
1%
Mar
3%
Nov
2%
23 %
2%
100
2
Dec-
2%
Dec
*
Lakey Fdy & Mach com
24%
237
17
Mar
75
77
Mich Silica
Mahon (K
C) A pref-
1
com....1
Masco Screw Prod com
McClanaban Oil
—
McClanahan Ref com
1
75c
75c
1
2%
2%
400
Mid-West Abrasive com50c
1%
1%
100
8
7%
Solvents.—*
12
Commercial
Jan
Oct
8
455
Mar
4%
4%
870
3%
A jiL.
'
31%
18
140
7%
•100
6%
1%
3,250
1%
May
7%
14%
Jan
30%
75
36%
Mar
8
450
6
448
8%
100
1
1%
29%
75
6%
25%
6%
25%
724
12
300
12%
12
40%
39%
23%
39%
23%
52%
53%
Oct
52%
Intl Nickel Co of Can...
3%
Oct
Loew's Inc.
9%
39%
International Tel & Tel... *
Kennecott
9%
39%
Jan
Jan
Copper Corp.
Nov
39
Nov
10%
Mar
Nov
47
Sept
26%
54%
165
66
5%
Mar
11%
Oct
270
27%
Mar
47%
Nov
50%
50%
135
50
July
60
Dec
Mar
53%
Nov
*
48%
48%
Jan
Montgomery Ward & Co.*
49%
47%
244
29
4%
Jan
New York Centra! RR
*
19%
17%
24%
19%
17%
20
571
10%
17%
455
24%
24%
4%
489
Feb
27
Jan
Nor American Aviation..!
2%
June
4%
Mar
Packard Motor Car Co.—*
43c
43c
1,200
35c
Dec-
1%
Jan
Paramount Pictures Inc.-l
150
2%
Jan
Radio Corp of Amer
Tivoii Brewing com....
43c
Tom Moore Dlst com
%
250
July
4%
North American Co
*
4%
4%
United Shirt Dlst com...
3 %
3%
Apr
7%
7%
Universal Cooler A
2%
2%
100
2%
Dec-
5%
Jan
Republic Steel Corp
23%
23%
1%
1%.
400
1%
Dec
3%
Jan
Seaboard OH Co of Del...*
21%
21%
71%
71%
fa
3%
...
100
26
26
26
Jo A
1%
25
Oct
1%
Jan
%
-
Apr
* Nov
4
Jan
20
7,500
3%
Jan
Sept
Dec
Warner Aircraft com
1%
1%
1%
1,285
53c
Wolverine Brew com
17c
lc
18c
1,200
12 c
*
*
Sears Roebuck & Co.
50
7
6%
6%
50%
8%
50%
5%
13%
6%
Apr
422
Nov
Dec
Nov
Oct
Dec
Oct
9
May
25%
Nov
19%
Mar
59
26%
73%
July
67
72%
13
25
Dec
199
8%
15%
July
OV
21
Nov
9%
655
5
Jan
53%
Dec
6%
44% May
170
50%.
Apr
14
25
7
Jum
12%
344
13
*
Mar
23%
21%
20%
*
26
Mar
13
Standard Brands Inc..
Mar
5
20%
Southern Ry Co
18%
129
13
Standard OH Co (N J)'...25
21%
7%
20%
Socony-Vacuum Oil Co..15
Mar
Mar
6
15
3%
12
12
12
5
Dec
ni/
4
Apr
Jan
39%
Mar
.
Oct
July-
36
55
Mar
1%
10
110
1
22
Dec
28
45%
2
3%
—
Oct
Feb
Mar
2%
475
Dec
28
200
1,365
Aug
7%
346
235
2%
3%
32%
Mar
13%
200
25%
Oct
Mar
Sept
1 %
2
2%
8
2%
25
Oct
Aug
12
275
.-3%
;
Dec
Sept
1 %
Det-
9%
Jan
Dec
Nov
52
Sept
22%
3%
24%
5%
20
40
,22%
3%
May
3
Aug
165
41%
*
July
25
Aug
205
12%
General Foods Corp.....*
Oct
6%
4% June
7%
*
Goodrich (B F) Co
Oct
Nov
41%
25
17
1%
28%
6%
18 %
149%
27%
46%
*
Oct
21%
3 %
— ..
Scotteri-Dillon com—..
....
.50
Electric Power & Light
Oct
12
Apr
2%
July
5%
14%, June
7%
River Raisin Paper com.
B...
5%
22%
Mar
Mar
May
9%
112
49
2 %
Reo Motor com
B
85
612
12%
12%
41%
Electric Bond & Share
21%
Mar
1H
1%
Penin Metal Prod com..
Walker &
16%
25%
1
...f
*
Curtiss-Wright Corp
42
Mar
1,030
10%
High
Low
12
12
1%
Feb
41%
•
Parker Wolverine com..
Standard Tube B com
Caterpillar Tractor Co...*
Columbia Gas & Elec Corp*
45%
29%
4%
18
Parker Rust-Proof com 2.
Rtckel (H W) com.
27%
46
Continental Oil Co (Del).f
2%
4%
"41%
com..
27%
Commonwealth & Sou...*
1.25
41 %
Packard Motor Car com.
Parke Davis
.
87
Range for Year 1938
for
Week
Shares
157%
32%
General Electric Co
8
8
-10
Murray Corp com
5%
22%
7%
Jan
Dec
2%
5%
22%
7%
Apr
June-
60c* Sept
989
Micrornatic Hone com—
1
1%
-
Dec
23c
8,863
31%
(The).21
Aviation Corp (The) (.Del)3
Bendix Aviation Corp
5
fill)—
55c
Dec
55
.400
30c
22c
24c
Nov
25
150
31%
Atlantic Refining
Mar
Range
16%
16%
157%
50
Copper.
Hudson Motor Car com.. *
Hurd Lock & Mfg
of Prices
Low
High
Unlisted—
15
15%
Week's
Price
12
Hoover Ball <fc Bear com -10
Houdallle-Hershey B
Low
Shares
Stocks (Concluded)
Mar
2%
*
Hall Lamp com
High
Low
Price
Year 1938
Week
Sale
Par
Last
Sale
Range for
Week's Range
iMSt
Sales
Friday
Sales
Friday
Stocks (Concluded)
Jan. 21, 1939
Chronicle
July
Oct
°%
APr
19
8%
18%
19
85
18%
Dec
18%
(The)..
25
Tide Water Assoc Oil Co. 10
46%
46%
46%
273
34%
May
46%
Dec
13%
13%
35
10%
Mar
15%
July
Union Carbide & Carbon.*
81%
24%
Sept
89%
Dec
Apr
38%
Nov
2% June
4%
Studebaker Corp
Swift & Co
1
25
_
Texas Corp
87%
87%
147
5
38%
38%
39%
153
(Del).*
United States Rubber ColO
US Steel Corp.
'
*
3%
3%
3%
100
45%
63%
48%
11C
25%
June
64%
64%
242
38%
Mar
5
5%
5%
5%
70
3%
66%
Mar
8
July
Anr
117%
Dec
both inclusive, compiled from official sales
lists
United Aircraft Corp
United Corp (The)
MEMBERS
JLos
Chicago Board of Trade
York Stock Exchange
New
Jan.
14 to Jan.
Week's
Last
Sale
Par
p
Price
High
Low
Sale
Low
Shares
Range
of Prices
High
Low
Price
Par
Stocks—
Range for Year 1938
for
Week
High
24%
51%
24%
Allegheny Ludlum Steel..*
Armstrong Cork Co
*
Bolsa-Chlca Oil A com.. 10
8
5%
2%
8
14.7S0
2%
8
2%
Broadway Dept Stores
4%
5%
51%
11%
Mar
29%
51%
16
24%
58%
Dec
10%
Mar
Mar
19%
July
6%
Mar
15%
Nov
1%
Mar
4%
Aug
Columbia Gas & Electric.*
6%
Jubc
12%
July
Copperweld Steel
10
lc
Dec
5c
Jan
Devoman Oil Co..
10
Sept
16%
17
Central Investment.... 100
17%
16%
17%
Chrysler Corp
1
77%
77%
77%
Consolidated Oil Corp
*
2
Dec
20%
20%
July
16%
90
10
A pi
21
Nov
Hurb-Walker
344
36
Mar
88
Nov
•
July
Lone Star Gas Co
8%
9
4/
7%
Mar
10%
5%
5%'
5%
2.50
Mar
9
9
9%
661
2%
7%
Sept
7%. Oct
11% July
Apr
80%
Dec
10%
11%
Nov
10%
9%
10
10
4)
10%
393
100
65c 67 %c
65c
1
70%
10
69%
43
9%
6%
52c
12,300
380
380
380
1/
10
47
47.
47
52/
Gladding McBean & Co..*
9
9
0
100
208
17
Hancock Oil Co A com
33%
35/
35%
340
1.10
May
25
40%
1.15
1.40
18.208
65c
Mai
7%
?%
6F
5%
A pi
Intercoast
400
40c
4ic
900
35c
Au?
12c
4,000
7c
Sept
820
5%
Mar
600
2
Petroleum.
Lincoln Petroleum Co.. 10c
12c
12c
Lockheed Aircraft Corp._l
30%
30%
Los Ang Industries Inc
Los
2%
2%
3%
2%
2
32
4
.
,
Menasco Mfg Co
1.30
10
81 f
3%
50C
50c
50c
700
18c
'4%
4%'
4%
5,497
.
55c
55c
80c
600
Mt Diablo Oil Mng & D..1
Nordon Corp Ltd.
1
55c
Occiental Petroleum Corp 1
20c
20c
20c
300
Oceanic Oil Co
80c
'75c
85c
2,050
9c
9c
9C
,6%
6%
Mar
10%
Dec
6%
Jan
2%
2%
300
4%
1%
Mar
3%
Nov
lc
lc
500
5c
Feb
7c
Apr
114%
Oct
4%
May
9%
Nov
15%
Mar
25%
July
158
108
V®
.
15
22
lc
lc
4
~
-
-
40c
140
33%
40c
56
95
Jan
3c June
lc
Jan
Mar
24
Mar
39%
Oct
65c
Feb
22
.
25c
100
.
.
July
6%
1,000
28
32%
40c
165
8%
24
Westinghouse El & Mfg.50 ,113%
Dec
•
33
117
15%
Mar
110% 113%
70
62%
Mar
124%
1%
14
1%
Dec
Oct
Nov
3
28%
29%
,
Nov
W^
Unlisted—
Pennroad Corp v. t. c
July
75c
1
—
-
1%
Jan
Dec
70c
DeHaven
Jan
6c
May
21c
July
17c
Dec
30c
Jan
Dec
1.20
Established 1874
V
Jan
4%
-
70c
jan
700
800
1,420
22
....
1
Westinghouse Air Brake..*
Jan
9%
-5%
<,
.1
*'
Victor Brewing Co..
Oct
105
9,
—
7%
270
Pacific Distillers Inc.'—— 1
19c
18c
19c
200
25c
Dec
49c
Members
1.1%
11%
11%
10
9%
Mar
15%
July
23%
Mat-
30
Nov
200
26
Sept
28
Dec
27%
29%
29%
27%
417
Pacific G & E 5% % 1st pf25
Pacific Indemnity Co... 10
29%
29%
27%
29%
100
18%
Mar
28%
Dec
Pacific Lighting Corp com*
44
43%
44
455
32%
Mar
43%
Pacific Western Oil Corp 10
10%
10%
10%
55
10%
Dec
14%
Jan
Republic Petroleum com. I
3%
3%
3%
3
Mar
July
9%
10%
4.444
/ 5
Mar
6%
9%
3%
2%
3%
1,561
2%
Nov
3%
3%
3%
659
3%
Philadelphia Stock Exchange
Nevb York Curb Exchange (Associate)
Jan
Pacific Finance Corp com 10
& Townsend
New York Stock Exchange
1
1
Dbc
July
Mar
Mai
Sept
Jan
3%
June
49c
Apr
68%
32%
Dec
36
49c May
1
4
Sept
July
57 %c
Jan
.1
Angeles Investment. 10
Mascot Oil Co
Oct
44
May
39%
,10
OO
Dec
7%
70%
106
37
1.40
70%
Jan
14
20
.
4%
United Eng & Foundry..5
40%
Mar
8%
July
Mar
15%
107%
12
5
25
100
Pittsburgh Plate Glass. .2"5
Pittsburgh Screw & Bolt..*
Plymouth Oil Co5
San ToyMining Co
Standard Steel Spring
Feb
11%
2%
Phoenix Oil pref
Oct
Aug
20
29%
5
1
Nat'l Fireproof Corp
Nov
Hudson Motor Car Co...*
249
9%
30%
29%
70%
*
53%
Mar
Holly Development Co^-.l
*
Aug
Jan
399
Apr
25%
820
Mar
Oct
13
Mar
Sept
Apr
11%
Co..10
Apr
7
Goodyear Tire & Rubber. *
.
Dec
Mountain Fuel Sup
625
a:12%
*
Refrac
18
June
8
5
26%
18
2/12%
5
19
16%
1,033
26%
.
Duquesne Brewing Co
5
Follansbee Bros. pref._100
Jan
Farmers & Merchs NatllOO
com
Apr
-
8
7
8
Hoppers Gs & Cok prf.100
15
110
■
9
70%
Exeter Oil Co A com
50
100
16%
General Motors
11%
250
17
*
15%
11%
300
16%
Electrical Products Corp.*
15%
*
,
17
Consolidated Steel Corp..*
Consol Steel Corp pref
*
*
Byers (A, M.) com
lc
Buckeye Union 011 com.-.l
Byron Jackson Co
*
Erasco Derrick & Equip..5
Oct
5%
May-
Nov
97
17
lc
■
lc
Calif Packing Corp com:.*
Douglas Aircraft Co
2%
High
Low
Shares
25%
Blaw-Knox Co
Bandlni Petroleum Co. —1
Nov
1938
Week
of Prices
Week's
Last
official sales lists
Range for Year
for
Range
Oct
68%
Sales
Friday
Sales
Friday
Stocks—
14 to Jan. 20,
Angeles Stock Exchange
20, both inclusive, compiled from
Oct
55
Pittsburgh Stock Exchange
Jan.
Los
128
110
110
110
Mf«r.50
Westlnehonse El
Teletype L.A. 290
Los Angeles
623 W. 6th St.
Warner Bros Pictures
San Francisco Stock Exchange
Angeles Stock Exchange
Dec
13%
"85%
Oct
Pacific Clay Products....*
Pacific Gas & Elec com..25
Richfield Oil Corp com
Warrants
*
6%
10
Roberts Public Markets..2
Ryan Aeronautical Co.-.l
Safeway Stores, Inc
*
Security Co units ben Int.*
Gas Co A
*
So Calif Edison Co Ltd..25
Original preferred
25
29%
.
6%
34
1,64
1.10
•
2%
Mar
9%
..
Apr
"
July
1.05
Mar
5%
30 Broad Street
Philadelphia Stock Exchange
Jan.
14 to Jan.
20, both inclusive, compiled from
12%
Mar
25%
Nov
23
Sept
31
c /
Sale
5c
6c
32
32
32
24%
24%
24%
2,400
43
42%
43
5c
6,000
200
I4f
18
Mar
May
19%
35
Mar
Jan
17c
Oct
Oct
39
24%
43
July
Dec
547
29
29
29
27%
27%
27%
25%
Apr
28%
Dec
1,692
23%
Apr
26%
Dec
Par
Stocks—
10%
American Tel & Tel —100
156%
Barber Co
.......
.....10
Bell Tel Co of Pa pref.100
25
32
32%
33
33
33
443
300
30%
Nov
27%
Sept
31%
31%
Dec
Curtis Pub Co
Elec
19%
770
9%
Mar
21%
Jan
28%
2,301
25%
Mat
34%
July
General Motors
Superior Oil Co (The)...25
43
42%
43
410
26
Mar
46
July
Horn & Hardart (N Y) cm
7
6%
7
6,621
Jan
25
19%
18%
19%
2,988
100
VandeKamp's H D Bakers*
8
8
8
Wellington Oil Co of Del.. 1
4%
4%
4%
1,300
Dec
17%
Mar
5%
Mar
12%
10
Nat'l Power & Light
1
Penna Salt Mfg
24c
25c
50
Phila Elec of Pa ?5 pref..^*
Phlla Elec Pow pref
10
9%
9,000
12c
Mar
39c
Aug
%c May
10%C
Aug
13
Phila Rapid Transit
25
50
4c
5,000
1
8c
8c
9c
80C
4c
Dec
22c
Jan
Cons Chollar G & 8 Mng. 1
2%
2%
2%
300
1%
Sept
4%
Apr
Reo Motor Car Co
3c
Mines.. 10r
Cardinal Gold
lc
Zend a Gold...
'.j?—
il
1
For footnotes see page
y.
"
421.
lc
lc
3,000
lc
Mar
3c
Apr
10c
Imperial Development.25c
Tom Reed Gold..J
3c
10c
10c
1,000
10c
Dec
25c
May
4c
4c
'«1,000
9c
Jan
4c
-
3c
Mar
7% preferred
Scott Paper
Dec
3%
7%
Dec
Jan
48%
50
2%
36
Dec
Mar
5%
Aug
Mar
88%
Nov
Mai
5%
1C0
4%
8%
Aug
29%
46%
30%
256
21%
Mar
34%
Nov
48%
1,074
25%
Mar
53%
Nov
50
21%
Feb
38
Dec
675
3
May
5%
July
5%
110
3
Mar
7%
July
"~8%
7%
8%
730
4%
Mar
9%
Oct
1%
1%
1%
4,959
1%
Dec
2%
Jan
2,375
14%
Mar
30%
22
3
21%
162%
117%
30
22%
163
Jan
65
123
Apr
1.54
61
112
Feb
118%
Nov
Apr
32%
Feb
117% 118
30
30%
717
29%
Oct
1%
1%
1%
800
1%
Sept
2%
Nov
3%
3%
3%
506
2
May-
5%
Nov
7
7%
340
4%
Apr
9%
Nov
1%
1%
100
1%
Dec
46
46%
420
Mar
35
35
35%
26%
3%
51
Mar
36
5
__..*
Tacony-Palmyra Bridge..*
290
42
37%
3%
Philadelphia Traction...50
Calumet Gold
121%
Mar
113
5%
...50
Feb
26c
10
10
10
Black Mammoth ConsollOc
Oct
July
120%
37
"~3%
Pennroad Corp vtc
Dec
23%
5%
30%
48
*
Jan
Jan
Nov
Mar
75%
July
Pennsylvania RR.
Alaska Juneau Gold
.
150
12%
112%
50
July
Lehigh Valley
11%
111 %
60
..10
Aug
Mar
50
4%
77%
9
.
Mining—
119%
High
Low
o
777
7%
22%
6%
149% 157%
19%
19%
2,267
49%
50
*
Dec
3
12
7%
Lehigh Coal & Navgtn.
5%
10
49%
4%
7%
*
com
18%
27%
2
Week
Shares
*
Storage Battery.. 100
19
Transamerlca Corp
Union Oil of Calif.
Low
5
—
Chrysler Corp
Dec
119%
...100
Preferred
28%
100
of Prices
High
Range for Year 1938
for
540
*
Budd (E G) Mfg Co
Budd Wheel Co
32%
Price
*
American Stores
Standard OH Co of Calif..*
Southern Pacific Co
Week's Range
July
33
6c
25
So Calif Gas Co 6% pref. 25
official sales lists
oaits
uluy
Last
Dec
192
So Calif Gas Co—
6% pref A..
NEW YORK
1513 Walnut Street
Nov
2,72f
28
28
PHILADELPHIA
Dec
7
25
6% pref B
5%% pref C
Jan
5
34
6%
31
28
Sierra Trading Corp..,25c
Signal OH
6%
■
46
30
Oct
Oct
Jhly
Volume
Financial
148
Sales
Friday
Last
Week's Range
of Prices
Low
High
Transit Inv Corp pref
%
Union Traction
50
United Gas Imprvmnt cm-*
530
%
"l2%
*
113%
2%
120
1%
Jar
3%
920
1%
35
22%
11,208
8%
99%
Mai
8%
7%
7%
*13.000
Nov
Oct
Oct
Oliver Utd Filters B
12%
Nov
Nov
Pa,
Occidental Petioleum
4%
37%
Mar
Mai
231
149
Occidental
4%
Mar
8
Mar
Nov
2%
*
Stocks (Concluded)
High
3%
'
Preferred....
Westmoreland, Inc..
Low
Shares
1
.
114%
6%
Apr
10%
Jan
5
Apr
9%
24%
19c
19c
19c
*
5%
.5
5 Ji
9%
Last
Week's Range
Sale
Stocks—
Par
Price
Burkart Mfg
__*
1
com.
Preferred.
*
..
Ch Sh Mach pi (units).
Columbia Brew
27
Mar
1,689
25%
Mar
29
Dec
473
32%
Mai
43
Nov
107% 108%
230
99
Mar
109
Nov
Collins Morris
7%
21%
21%
124% 124%
149
149
"
High
R E A R Co Ltd pref..
*29"
Dec
24c
Dec
Apr
8%
Nov
Grlesedleck-West Br com.*
51 %
253
Dec
10%
Nov
Jan
33%
May
45
-
8%
16%
July
21
Jan
60
May
81
Dec
Sept
10
Apr
Jan
50
6%
1,320
815
52
48
23%
9%
Dec
9
292
17%
70
7%
Jan
10
17%
70
8 %
2 %
30
29%
28%
.100
1
27%
Sept
8
45
45
fO
27
Sept
56%
15
14%
15%
1,052
8
May
25
25
21%
21
21%
416
17%
Aug
3%
3%
1,200
2%
Mar
9%
Mai
1
Preferred
3%
1
14%
14%
675
Richfield Oil Corp com
Warrant
*
10
9%
10%
5>156
3%
14%
100
1
3%
14%
3%
Roos Bros
14%
112
Ryan Aeronautical Co._.l
6%
6%
,
com
14
7
Safe Stores Inc com...
*
32%
Shell Union Oil com
*
13%
Sherwood Swan & Co A110
Signal Oil A Gas A..^_._.*
5%
32
32
Soundview
18%
18%
422
32
Pulp
6
com
Preferred
13%,
A pi
July
18%
10
251
Apr
Jan
6%
July
Jan
9%
NoV
2.60
Nov
17
7%
Nov
18
July
5%
38%
Oct
11%
Mai
25%
Aug
50
60
Mai
95%
Dec
530
28
18
19
502
96
7
1,124
1
Apr
96
70
11
Dec
14%
32%
33%
45
Oct
50
Dec
25
Southern Pacific Co...100
33%
20
19
18%
19
May
12
Mar
So Pac Fold Gate Co B___*
10c
10c
10c
300
lc
Dee
38c
Apr
80
July
Sperry Corp....
44%
43%
44%
935
48%
Dec
48%
Jan
50%
Aug
Spring Valley Co Ltd....*
5%
5%
Sept
9%
Knapp Monarch pref
Laclede-Chrlsty C Pr
McQuay-Norris
—
'48
48
60
34
35
145
33%
29 %
29%
11
25
27
28%
27
36
May
Feb
Jan
10%
161"
100
Natl Candy com
101
10%
Mar
15%
July
70
76%
Feb
97
7%
12,588
5%
Dec
12%
Jan
41c
41c
46c
2,426
45c
Arr
83c
June
19%
18%
2,774
17%
Mar
22%
July
June
13%
July
Feb
13%
July
com
Treadwell-Yukon Corp... 1
Union Oil Co of Calif...25
5
Mar
10
July
Union Sugar com
25
6%
6%
19%
6%
450
5%
Dec
2?%
Mar
June
107
Sept
12%
12W
12%
341
5%
Mar
13%
Nov
100
15
Mar
19
Aug
United Air Lines Corp
5
Universal Consol Oil....10
15%
15%
15%
395
6%
Jar
20%
Aug
45
4
July
90
Apr
103
Dec
Dec
6%
July
Victor Equip Co com.,...!
4
2.50
Dec
Preferred........ 1...
6%
6%
170
4
12%
12%
47
3%
Apr
1.63
1.75
212
45c
June
May
5
43
40
6%
60
5"%
6
35
30
28
31
28%
Walalua
13%
Wells Fargo Bk & U T_
2.00
Nov
42
Nov
Agricultural...20
Oct
American Tel A Tel Co. 100
Aug
Amer Toll Bridge
36%
May
27
22
Sept
25%
Nov
28
27%
27
fUnited Ry 4s c-d?s.
27
26%
—
28%
28%
June
28
Nov
Aviation A Trans
19
25;ooo
28
26,000
4%
May
10%
25
May
41%
Jan
Apr
295%
July
6%
July
June
28
Nov
48c
Copper Min._50
Anglo Nat Corp A
38c
31%
10%
7%
7%
Coast
Pacific
on
Stock
Exchanges,
Eastern Standard Time
which
25c
Schwabacher &
p
■
Members New York, Stock
CortJandt
2%
Dec
860
13%
June
Dec
1
Sipt
25c
100
20c
De
450
,
York
.1 an
9%
Jan
Mar
10%
July
Dec
44%
Feb
500
5%
Mar
14%
378
32%
July
47%
Oct
Oct
1.50
Mar
2.35
Aug
12%
41%
12%
41%
2.90
3.00
375
Idaho:Maryland
>
Mar
8
Aug
52%
100
44
"June
56
Oct
386
52%
9%
6
Feb
11%
210
23c
Aug
50c
Jan
4.95
260
6%
7
Mines.. 1
Feb
7%
12^
Internatl Tel A, Tel com..*
Jin
Jan
6.00
9%
41%
Internatl Nick Co Canada *
7-4150
Dec
May
35%
i*
3.00,
2%
50c
2.25 June
100
37
1
10
180
6%
37
General Electric Co.
\
30%
Dec
410
12
37
Holly Oil Co...
111 Broadway, New
3% \ Dec
5%
Aug
Elec Bond A Share Co. ...5
Co.
-f
Exchange
8%
Dec
250
6%
6%
Jan
Mar
3%
6
"
12
12
Jan
Oct
2.00
1
25c
.*
17
Oct
Dec
Dec
236
5
Corp...*
70c,
40%
7%
5
1
Dominguez Oil Co.
May
21
70
8
1
Consolidated Oil
42c June
18%
150
10C
27%
8
Commercial Solvents....*
Apr
1,339
27
8
Coen Co.'s Inc,A com....*
Columbia River Packers.. *
are
(2 P. M. Saturdays)
Jan
407
-
3%
3%
27%
5
10
com
Mai
360
7%
Bancamerlca Biair Corp..l
10%
111%
2,598
10%
7%
7%
July
100
245
287
31%
10%
1
Cofp
31%.
Claude Neon Lights com. 1
solicited
257%
60
50c
»
com
Bendix Aviation Corp
Cities Service Co
until 5:30 P. M.
30
25%
300
6%
6%
16%
16%
152% 156%
6%
Argonaut Mining Co..
19%
Anaconda
Jan
Mar
6
300
16%
156%
(Del)..!
16% June
,
2%
110
25%.
25%
American Power A Light.*
Amer Rad A St Santry
*
Feb
20
$4,000
2,000
100
9
Unlisted—
8%
Bonds—
4
9
•
300
100
.
8'%
4% June
5%
Dec
'
397
31
Aug
Nov
7
Sept
38
35
6%
..15
4
9
tCity & Sub P S 5s-. .1934
fCity & Sub 5s c-d's.
fUnited Railways 4s..1934
July
95
75c June
40
13%
10
.1
com..
320
95%
6%
9
Tide Water Ass'd Oil pref.*
Transainerica Corp
.2
10
com..
13%
95%
6%
TidewaterAss'd Oil
Jan
6%
*
com
13%
95%
Jan
219
1.63
com
10
Sept
2.50
4%
....
StlxBaer & Fuller
Nov
2.25
___*
Warrants.
10
25
2.25
5
com
July
Mar
19%
19
_
com
6%
34%
13
11
11
9
105
Rlce-Stix Dry Goods com *
St Louis Pub Serv pref A.*
Scruggs-V-B Inc
Mar
285
315
8
105
......
25%
23%
:
*
9
105
National Oats Co coin. ___*
4%
3,330
23%
33
101
*
100
1st pref
Feb
5%
28%
40
27%
32
8%
Jan
Dec
23%
Dec
10
Dec
May
28%
June
■
11
11
32
22%
Standard Oil Co of Calif..*
6
,
Api
Mar
»%
1,550
Super Mold Corp cap
220
11%
_*
.
1
25
6
'
Mid-West .Pipe com.—
Nat Bearing Metals pfd
..100
5
20
29%
33%
6
75
—
So Cal Gas pref ser A
20
......
*
*
Mo Port Cement com
85
35
*
com
com
10
85
""48"
7%
65
9%
9
Jan
Mar
Apr
4%
100
,
50
Oct
Jan
Dec
28
12
8%
Feb
14%
6
—
Nov
June
May
30
6
5%
Mai
June
1.05
2,783
32%
13%
32%
•
Mar
4%
1.25
12
Jan
Nov
July
29%
12
10
*
com
International Shoe com
Orders
2.75
5C
100
Hyde Park Brew
open
June
149
12
...5
com
Wagner Electric
3%
200
5%
Apr
Sept
50
7
Preferred..
Sterling Alum
1.00
131%
*
com
Pref series *36
Securities Inv
H
50
Hamilton-Brn Shoe
Scullin Steel
Dec
Nov
119%
96
Hussmann-Ligonier com
Huttig S & D
17c
3%
7%
20%
Apr
45"
100
_
com...
Nov
Feb
29
25
100
Dec
Mar
87%,
.
100
2.10
5%
5%
40
149
2.10
2.10
*
Rheem Mfg Co
9%
Dr Pepper com..Ely & Walker D Gds com25
Emerson Electric pref.
Falstafl Brew com
100
Republic Petrol Co com__l
220
6%
1,110
pref
Nov
13%
1,586
21%
124 %
1st
AUR
9
6%
7
*
Pac Tel & Tel com_..__]00
25%
32%
1
com
107%
June
8
31%
23
Oct
2,777
10%
8
Nov
44%
72
.5
com.
29%
29%
Jan
9
Mar
32%
40%
1.25
Dec
43%
May
32%
2 40
28%
20
9
Jan
32
27%
1.25
9
12
1.40
240
44 %
68
32%
100
10
Chic & Sou Air L pref
Mar
6,663
6
29%
Puget Sound P & T com..*
Low
Shares
Ji n
10
386
5%
4%
Dec
9%
2.30
5%
9
2.15
32 %
*
33%
33%
19%
July
25
Rayonier Inc
Brown Shoe com
Jan
7%
2,069
Pig'n Whistle pref
Week
of Prices
High
30c
Oct
Pac Tel A Tel pref..
Range for Year 1938
for
Low
Dec
...25
6% % 1st pref
Pac Pub 8er
Sales
Friday
15c
3%
29%
Pacific Pub Service com..*
20, both inclusive, compiled from official sales lists
Jan
100
29
Pac Light Corp J6dlv._
St. Louis Stock Exchange
28%
29%
6% 1st pref
14 to Jan.
Mar
23
430
2.30
com
10
24%
High
Low
Shares
High
24 %
Pacific Can Co com
Range for Year 1938
for
Week
1
Pacific Light Corp com
Jan.
Low
Pacific Coast Aggregates 10
Pacific Gas A Elec com..25
Nov
Range
of Prices
Price
Insurance...10
Pacific Am Fisheries
Bonds—
El * Peonls tr etfs 4s. 1945
Wecl's
Last
Sale
35%
36%
11%
12%
112% 113 %
""3%
Preferred
Range
2%
..*
United Corp com
or Year 1938
Week
Price
Par
Sales
Friday
for
Sale
Stocks (Concluded)
421
Chronicle
*52%
9
Oct
1
30c
30c
Italo Pet Corp of Amer pfdl
Private Wire to own offices In San Francisco and Los Angeles
9%
30c
2.20
2.20
2.35
1,841
1.50
Mar
3 %
J an
16c
15c
16c
8,500
14c
Oct
38c
Jan
48%
48%
48%
June
53%
Italo Pet of Amer
com
M J & M A M Cons
Francisco Stock
San
Jan.
14 to Jan.
•
1
Montgomery Ward A Co.*
Mountain City Copper._6c
Exchange
t
20, both inclusive, compiled from official sales lists
18
24%
20%
31
189
1,000
3%
May
9%
Jan
345
6%
Mar
19%
Nov
25
21
May
•
Week's Range
Sale
Stocks—
Price
Par
for
Week
of Prices
High
Low
Low "•
Shares
Alaska Juneau Gold Mln 10
9%
9%
9%
463
9
Anglo Amer Mln Corp
2
23c
25c
435 ..."
16c June
9%.
9%
676
6%
7
670
1
Anglo Call! Nat Bank
>c
9%
20
.
7
Atlas Imp Diesel Engine. .6
190
Bank of California N A—80
185
16%
16%
1.C5
1.05
1.01
150
30c
30c
34c
5,600
._*
*
Calif-Engels Mining Co.2£
Calif Packing Corp com..*
Byron Jackson Co,.
—
Preferred
40
110
3%
3%
16%
3%
Calif Art Tile B
190
•
180
Dec-
22
Sept
Mar
July
2.00
July
50c
Nov
24
24
220
26%
So Calif Edison com
24%
27%
27%
29%
29%
8%
Sup Port Cem pref A
44%
8%
4J%
47
47
Texas Corp
u. S. Petroleum Co..-..
*
*
__
10
22%
18%
Apr
40C
Mar
106%
2,600
1.65
Jan
4%
Nov
1.65
Mar
4%
10
101
Apr
23%
385
11
Sipt
18%
215
15
90
15
15%
17
10
17
Dec
106%
26
.
33
Jan
3%
Mar
4%
Oct
2,985
7%
Mar
15%
Nov
440
56
Mar
92
13
Dec
28
Jan
9%
Dec-
10%
305
200
Nov
15%
Mar
15%
2,785
9%
Mar
21%
15%
36%
260
26%
Mar
37
Parks
Ewa Plantation cap——.20
31%
31%
31%
50
30
June
Fireman's Fund Ins Co. .25
85
82
85%
9%
310
62
Mar
88
550
6
Mar
11%
53%
July
Mar
Sept
10
12%
July
July
7%
Nov
Gladding McBean & Co
*
Golden State Co Ltd
*
Hancock Oil Co of Cal A.
.
*
Hawaiian Pin Co Ltd
*
Holly Development
1
Honolulu Oil Corp cap
•
9%
48%
47%
7%
7%
8%
7
40%
18
1.40
23
8%
6%
40
18%
1.15
23
48%
8
8%
7
1,126
735
150
25%
6
6% June
3,550
2%
Apr
40%
290
25%
Mar
19
255
16%
1.40
23
12,816
735
Dec
Oct
12
18%
1,895
10
11%
3,073
3%
Apr
40
40
70
35%
May
Leslie Salt Co
10
41
41
41%
480
32%
1
29%
28%
29%
335
13
Lockheed Aircraft Corp-.l
30%
30%
32%
865
5%
Mar
41
Nov
32%
37%
Nov
Dec
1.13
Jan
8%
Mar
16%
July
7%
Mar
80c
Mar
10%
4%
Oct
220
50c
14%
340
7
March Calctil Machine... 5
13%
9%
13%
9%
13%
9%
311
175
4%
4%
4%
3,507
Nov
7%
9%
4,961
3%
Mar
10%
Oct
*
10%
10%
10%
1,000
7%
Mar
12%
Aug
N American Oil Co us. —10
11%
11%
11%
305
7%
Oct
13%
Feb
National Auto Fibres com 1
Natomas Co
9
71
11%
Nov
Feb
b Ex-stock dividend.
x
Ex-dividend.
.
all
y
Ex-rights.
Satterfield,
.
M. S. Hegarty
Taylor, Michael V. Latti, Gerard H. Cool,
O'Neill, formerly with
Moseley & Co., and Joseph R. Miller, formerly with Faroll Bros.
previously with the Hegarty firm; also Harry S.
F. S.
the
—At
of New
annual meeting of the
Herman
Foreign Exchange Brokers Association
the following officers
York,
Krech,
were
elected for the ensuing year:
President; Oscar Peterson, Vice-President;
Frank Fabri,
Treasurer, and Robert Root, Secretary.
Frank
Irwin
was
elected
to
term, and Oscar Peterson was
the Board
reelected
A dinner at Fusco's Restaurant
—J.
Arthur
Warner
Co.,
&
of Governors
for a three-year
for a succeeding term.
a governor
followed the meeting.
dealers
over-the-counter
in
issuesJTwith
opened offices in the
Philadelphia Savings Fund Society Building, 12 South 12th St., Phila¬
delphia.
This office, which will concern itself primarily with investment
service to the public, is in charge of George L. Brest and Harry Williams,
co-managers.
A personnel of 15 will occupy the office, which will have
main
a
offices
at
120
Broadway,
direct telephone connection
Nov
62c
14%
-1
Mar
Nov
Nov
15%
62c
14%
Menasco Mfg Co com
Apr
Mar
19
11
44%
Jan
62c
*
Meier & Frank Co Inc.. 10
Apr
June
2%
Magna vox Co Ltd
Dec
Dec
Cooperating with Mr. Parks, who was formerly with D.
Jan
Oct
11%
Magnln A Co (I) com
May
5
NOTICES
Department.
Oct
1.30
40
16%
Nov
29%
_*
LeTourneau (R G) Inc
40
10
of
June
24%
50
18%
44
Oct
Feb
Mar
B
*
46%
66c June
13%
Preferred
Langendorf Utd Bak A
58C
747
5
Odd lot sales.
& Co., Inc., will be Rufus E.
July
*
500
64%
Oct
40% June
1,55
Jan
tho( New York Stock Exchange; announce that G. Everett
has become associated with them as manager of their Retail Sales
members
Nov
14%
.
June
75c
,
40%
5
CURRENT
Nov
20
36
9%
Oct
100
—Continuing their 'policy of gradual expansion, Hewitt &
Feb
Nov
415
4%
17
Nov
9%
42
June
'
15%
.
28%
Mar
4
34
Nov
15%
*
Mar
25%
25
t In default.
July
3,270
July
Dec
Sept
99%
13%
9%
98
15c
10
4%
10
Mar
800
13%
88%
-
87
34c
89%
__4
com.
70c
64%
a
27%
557
Listed,
30c
No par value,
Aug
24 %
Apr
535
z
101% 101%
36%
General Paint Corp
75c
5
28
Mar
47
64%
I
West Coast Insurance ...5
Sept
19%
8%
44%
Aug
4%
General Motors com.... 10
—
United States Steel com..*
22
29%
•
Cash sale—Not Included In range for year.
13%
Gen Metals Corp cap—2%
25
Sept
24
r
1
50
<k>rn_
Oct
24%
425
Jan
18%
*
(ww)
*
Oct
5%
Apr
7%
2,124
25
27%
Mar
Feb
•2
50
26%
24%
July
23
Emporium Cap well Corp.*
Preferred
26%
25
preferred
25
South Cal Ed 6% pref...25
Studebaker Corp com
1
5%%
52
't
El Dorado Oil Works
22%
24
105% 105%
Corp..
Mar
June
5%
720
Apr
105%
Cons Aircraft Corp com__l
Elec Prod
200
5
Dec
Coast Cos G & E 1st pf. 100
—
1.05
15c
Mar
4
14%
4
1
Fruit Corp pref
Mar
5
45%
3%
Preferred
3%
13%
9
130
—__1
Dl Glorg
171
Mar
1,000
105% 105%
4
3%
,4
3%
v t c..
May
4%
17%
33c
corn
Jan
10
17%
35
495
49%
105%
Crown Zellerbach
19
Apr
Dec
7%
„
17
Caterpillar Tractor pref 100
Creameries of Amer
Dec
Mar
16%
19%
7%
49%
Carson Hill Gold Mln cap. 1
ConsorChem Ind A
Jan
8%
4%
•
200
205
7%
com
17
101%
Calif Water Serv pref.. 100
Preferred-
45c
Feb
25
21
North American Can
49%
—<50
Central Eureka Mining
13%
'
_.£
Bishop Oil Corp.
Mai
High
*
Schumach Wail Bd pref..*
Range for Year 1938
Oahu Sugar Ltd cap.. —20
Radio Corp of America
•
Shasta Water Co com....*
Last
Schumach Wall Bd com..*
Sales
Friday
Oct
6
18
5%
.5%
18
North American Aviation 1
—Fenner
other
&
leading
Beane,
of the New
announce
Manager for the past year.
D.
Derry has been
Mr. Derry has been associated
Fenner & Beane for the past 10 years.
firm's Chicago office for the last
Stock Exchange and
York
that Joshua J.
admitted to the firm as a general partner.
with
have
with New York.
members
exchanges,
New York,
He has been located in the
five years and has been Western District
'
.
,
Financial
422
1939
Jan. 21.
Chronicle
Canadian Markets
AND UNLISTED
LISTED
Provincial and
6s
1 1948
61
624*
Oct
1 1960
Columbia—
JnJy 12 1949
Oct
1 1963
44*8
/58
594*
0s
6s
44*8
1104* 1174*
16 1943
1 1959
1 1902
121
15 1905
116
4s
June
Jan
Aug
1 1941
93
6s
June 16 1964
89
1084* 1094*
6s
Dec ' 2 1959
Brunswick—
Prov of New
44*8.
4s
Mar
1 1901
110
116
15 1940
1 1951
Nov
Oct
64*8
44*s
...
.
m
-
*,
Bid
08
44*s
July
99
99 4*
6s..
Dec
1 1954
100
1004*
93
944*
1124* 113
44*8
-July
1 1900
103
16 1944
1 1944
Dec
68.'.
1 1940
103 4*
819*
debentures.
...Sept 16 1942
44*s_.....Sept
824*
94
934*
11,317
Bid
Ask
Sept
1 1951
June 16 1955
Feb
1 1960
July
1 1957
44*8
44*8
44*8
44*s
1144* 1144*
1174* 118
1 1909
124J*
1239*
1 1940
July
64*8
4s
-Oct
1 1909
5s
Feb
1 1970
Jan
1 1902
..Jan
1 1962
984*
994*
1189* 1194*
July
.
r
Nov
94*
Dec
Oct
5
23
Dec
34
Aug
48
Mar
84
Nov
23
Mar
31
Mar
160
160
61
150
10
5
5
Feb
Dec
July
114*
May
17
174*
52
52
17
98
Nov
100
July
8
114*
"17"
•
29
99
42
42
Oct
46
Nov
9
Sept
104*
Jan
Mar
224*
Nov
Mar
63
Oct
19
July
101
8H
1,220
174*
V
10
34
136
Corp
'
*
94*
Jan
Sept
174*
Feb
97
20
99
Apr
i024*
Feb
112
95
Feb
105
44*
12
7
•
54*
July
17
June
Sept
15
June
Mar
July
Dec
754*
Mar
72
Dec
150
Apr
160
July
"39r
3
Mar
8
Nov
14*
,.
64*
Mar
3
May
45
Apr
50
Mar
20
1.50
Apr
3
1.25
10
24*
24*
*
23
76
180
734*
160
160
*
755
77.
73
'714*
734*
Tuckett Tobacco pref. .100
584*
54 4*
170
12
Apr
Mar
50
3,676
144*
Sept
10
110
22
144*
Aug
10
40
214*
July
204*
16
39
22
Dec
64*
Mar
15
34,
14
Mar
24
.230
14
77
25
3.
104*
Sept
40
4
4
Southern Canada Power..*
Preferred
30
1054* 1054*
1054*
..60
Steel Co of Canada.
Mar
4
11
97
pref.... 100
14
4
10
*
50
50
25
13
13
5
•
175
175
...»
100
Preferred
Wabasso Cotton
Winnipeg Electric A
;
Jan
2
61
Mar
24*
June
9
9
125
8
Dec
9 4*
Dec
25
Preferred..
2
*
B.
Zellers Limited
Montreal Stock
724*
Dec
616
114*
*
Viau Biscuit..
1084*
3s
1159* 1164*
68
....
44
Mar
84*
4,017
42
100
United Steel Corp
Grand Trunk Paeiflo Ry—
1154* 116
1154* 116
1189* 1194*
6s
Mar
31
284*
984*
Shawinlgan W A Power..*
Sherwin Williams of Can.*
Canadian Northern Ry—
Canadian National Ry—
38
804*
99
Saguenay Power pref... 100
Ask
100
3,315
'•
160
St Lawrence Paper pref 100
Bid
Aug
22
42
„
Bonds
Feb
43
28
*
A preferred..:
Dominion Government Guaranteed
89
Sept
80
Rolland Paper vt
St Lawrence
434*
Dec
34
22
28
Canada...*
Rolland Paper
Jan
70
1,771
10
-*
62
48
100
.
...
Regent Knitting
Canadian Pacific Ry—
4s perpetual
-•
5% preferred..
Quebec Power
Ask
Bid
84*
—100
Price Bros A Co Ltd
Ask
594*
74*
.
"804*
Norarxda Mines Ltd
Power Corp of
}
574*
"584*
Niagara Wire Weaving ..*
Pen mans
Railway Bonds
Canadian Pacific Ry—
70
424*
84*
Natl Steel Car rights..
Jan
56
414*
434*
—.25
National Steel Car Corp..*
Otta wa L H A P pref..
80
35
57
57
•
High
Low
Shares
57
Ontario Steel Products..
82
»
-
78
Price
694*
*
Preferred
81
_
Week
Montreal Tram ways.. .100
OgUvte Flour Mills
June 15 1943
5s
109
111
Prov of Saskatchewan—
1044* 106
16 1962
1 1900
Sept
6s
1084* 110
1124*
1 1958
May
1084*
Province of Nova Scotia—
44*s
Feb
44*8
89
107
16 1960
16 1901
Apr
Apr
4 4*a
for
of Prices
Low
High
42"
40
Montreal Telegraph
Preferred
1104* 1114*
2 1950
Mar
Par
National Breweries
Province of Quebec—
44*s
(Concluded)
123
Province of Manitoba—
44*8
Stocks
Week's Range
Sale
1119*
May
44*8
1004* 1014*
98
994*
111
—Sept
5s..__
Prov of British
Range for Year 1938
Last
Ask
Bid
1 1942
Oct
6s
Jan
-
Sales
Friday
Friday, Jan. 20
Province of Ontario—
Ask
Bid
province of Alberta—
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations,
23
23
60
23
Dec
23
Dec
106
Nov
Exchange
Banks—
official sales lists
Jan,. 14 to Jan. 20, both inclusive, compiled from
Last
Sale
Price
Par
Stocks-
100
10
107
107
100
Preferred
m
*
Building Products A (new)*
100
Calgary Power
Canada Cement
'"84*
*
;
100
Preferred
Canada Forglngs class A.*
Can North Power Corp. — *
24*
60
94*
Preferred
*
"164*
...26
Preferred
334*
Celaneae
_
*
100
Preferred 7%
14.4*
1024*
Maa
1914*
both inclusive, compiled from official sales
lists
100
.100'
Royal
11
301
3044*
1894*
188
190
357
Jan
Aug
302
Montreal Curb Market
10
1099*
134*
Apr
1114*
AUg
Friday
12 b
Dec
1094
Nov
Last
75
69
684*
Dec
114*
July
1684*
Mar
144*
July
Dec
334*
Feb
0% cum pref
24* June
54*
Oct
7% cum pref
3,070
Dec
154*
'
Dec
9
June
169*
Oct
19 J*
June
2
Mar
44*
June
10
466
7
Mar
169*
July
39
30
30
Mar
41
July
164*
17
1,455
74*
Mar
33
34
1,775
184*
184*
344*
24*
94*
24*
174*
1,138
9 t*
Mar
Mar
Feb
30
234*
Dec-
33
*
136
136
136
20
83 4*
Apr
»
110
105
1124*
3
34*
3C0
34*
95
423
Aluminium Limited
Corp Ltd
Belding-Corticelli Ltd.
.
"34*
34*
95
100
Calgary Pow 6% cm pf.100
Canada A Dom Sug (new) *
944*
284*
10
849*
June
July
944*
284*
23
Sept
Dec
Canada Maltinc Co Ltd.. *
279*
Can Nor Pow 7% cm
235
88
Sept
106
Jan
Canada Starch Co Ltd. 100
pf 100
344*
110
JaD
Dec
164*
Feb
1.00
Sept
24*
June
655
144*
Api
8
20
7
Sept
19
Feb
24*
54*
601
Jan
Cndn Gen Elec Co Ltd..50
936
5
Mar
84*
Jan
Cndn Gen Investments
*
84*
84*
340
74*
260
09*
Mar
134*
July
Cndn Intl InvTrust Ltd..*
70c
70c
1
454*
Sept
669*
Oct
Cndn'Llght A Power ColOO
16
Mar
214*
Dec
Cndn Marconi Co..
194*
354*
164*
Canada Vinegars Ltd
*
Preferred
—1
224*
223
23
214*
223
1.00
*
194*
194*
Dominion Bridge
*
35
344*
164*
Dominion Glass..—100
109
109
Donjlnlon Glass pref
150
390
11
Mar
23 4*
Nov
Cndn Pow A Paper Inv
266
21
Mar
394*
Nov
Cndn PAP Inv 5% cm
10
15
■
150
30
»
'
Preferred
....
Dryaen
100
64*
64*
77
"W
148
54*
1
— .
'
144*
*
♦
Gatlneau Power
Nov
May
City Gas A Elec Corp
*
Claude Neon Gen Adv...*
89*
Sept
169*
115
444
Sept
10
Jan
75
June
84
Feb
Preferred
100
S
Consol Paper Corp Ltd... *
Feb
Cub Aircraft
54*
250
144*
144*
325
31
54*
60
4
Mar
119*
84*
Preferred
*
14J*
Oct
Nov
Mai
1.30
Aug
Fair child Aircraft Ltd
Mar
44*
104*
July
Fleet Aircraft Ltd
77
40
45
Mar
94
Nov
Ford Motor of Can A
57
58
61
53
Mar
584*
Oct
54*
6
12
5
Mar
84*
June
54*
514
7
310
115
6
16
32
144*
124*
144*
13
220
94
124*
6
30
144*
94
52
344*
164*
354*
164*
2,905
3,583
16
3,993
154*
*
*
534*
524*
Internat Pet Co Ltd
•
264*
264*
75
3,840
.*
3
76
77
5
Mar
33
June
13
100
304*
Jan
149*
Mar
Aug
11,.
Apr
74*
Jan
Mar
84*
July
15
July
244*
Nov
1,193
92
9
Mar
20
414
10
Mar
214*
37
Mar
39
38
C
Frelman (A J) 6% cm pflOO
Intl Paints (Can) Ltd A..*
38
20
1
12
*
20
20
52
*
3
3
7C
5% cum pref
24*
65c
3
12
65c
85
26
20C
204*
Mar
35
Nov
Macl aren Pow A Paper._•
15
144*
15
359
144*
134*
Sept
199*
Feb
Maritime T A T7%cmpfl0
17
17
17
50
53
86
88
1.70
10
50c
Mar
Sept
Sept
Aug
Oci
Apr
4?4
July
Jan
15
1.00
Jan
70
Aug
Intl Utilities Corp B
Co
Nov
McColl-Fron 6% cm pf.100
"86"
Melchers Distillers Ltd pf*
64*
37
Mar
58
Oct
Mitchell (Robt) Co Ltd..*
1,322
135
22
Sept
314*
Mar
Montreal Island Power. _.*
Sept
5%
20
74
1
44*
34*
159*
July
3.376
3
37
Lake Sulphite Pulp
24*
May
Mar
Sept
304*
515
j
Feb
June
100
Sept
>
54*
98
10
*304*
5
5
8
4
54*
Mar
100
Montreal Cottons pref.lOO
Mont L H A P Consol
»
July.
15
159*
713
79*
15"
*
Voting trust ctfs
23
1,040
Mai
90
50
64*
64*
3
Lake St John PAP
50
64*
July
235
June
ioo
64*
Jan
84*
44*
18
16
64*
89*
Mar
Sept
36
64*
June
94*
324*
110
49*
34*
23
144*
Jan
320
175
94*
Apr
13
Dec
229*
144*
Nov
124*
Nov
94*
17
13
Oct
34*
15
22 J*
4,624
.
94*
'
£40
9
115
•
Jan
Dec
*
*
23
12
*
July
Dec
44*
54*
154*
16
36
94*
53
Jan
Ltd
Jan
24*
.
6
.
Mar
114*
112
16
100
89*
Apr
35c
475
65
3
100
Jamaica Public Serv Ltd. _*
Mar
Dec
4
"54*
740
534*
274*
Intl Power pref
4
Fraser Companies
3
Jan
May
9
*
397
5
77
57
6
3
125
1.30
1.30
44*
835
8
EaKootenayP7% cm pf 100
EasternDalries7%cm pflOO
54*
Intl Nickel of Canada
Donnaeona Paper B
899*
Intl Bronze Powders
1.
July
Mar
314*
MoColl-Frontenac Oil
3H
•
Mar
20
3
5,562
5
June
31
Laura Secord
Mar
59*
3
20
Lang A Sons (John A)
4
5
75
34*
*
•
185
6
160
164*
Preferred
Mai
•
422
*354*
Lake of the W oods.
90c
*
286
*
International Powr
1,095
*
124*
Imperial Oil Ltd
*
Imperial Tobacco of Can. 5
Corp.
1.95
Donnacona Paper A.
10
Mar
1.85
2.00
Sept
David A Frere Ltee A
89
100
Hudson Bay Mining
Mar
Mar
70C
10c
Dominion Stores Ltd
124*
*
b
*
89*
74*
2.00
30
Nov
884*
....100
Preferred
30
1.60 May
25c May
50
1,354
10c
July
124*
Gurd, Charles
40
Gypsum Lime A Ala baa..*
Hamilton Bridge
*
Holnnger Gold Mines
Howard Smith Paper
11
Jan
Nov
95c
17
Mar
124*
1.60
34
Mar
24
Preferred
Mar
10
17 5.
3
Jan
150
Sept
10c
64*
70
Sept
.Jan
34*
3
55c
54*
May
140
1.00
"90c
24*
58
5
July
"".84*
64*
20
1.65
'
"64*
59
Mar
50c
54*
148
95c
84*
1.90
58
Mar
Nov
44*
*
5
148
1.00
16 4*
50c
24*
Alcohols
89
100
Preferred
Goodyear T pref inc *27.50
Commercial
*
100
3
General Steel Wares
July
Can Vlrkers Ltd
Mar
Nov
Sept
84*
1.60
Celtic Knitting Co Ltd—*
150
77
104*
Rights
Maasey-Harrls
110
Feb
*
Foundation Co of Canada*
Indust Accpt
Sept
969* June
145
Jan
4,082
114*
64*
304*
•
Paper
Electrolux Corp
English Electric A
104*
100
*
Preferred
114*
25
.
84*
Apr
60c
44*
*
pf*
20
8
134*
325
1.00
95c
Dec
7
14
14
23
50
225
'
Dlgtillers Seagrams
July
13
8
355
7
6
50
Jan
26
Dominion Textile
'Mar
100
1,390
64*
108
24
*
Oct
1.65
Aug
25
Dom Tar A Chemical
Jan
134*
99
Crown Cork A Seal Co...*
Dominion Steel A Coal B 26
Oct
36
112
1.60
5
5,057
26
30
Jan
64*
134*
64*
104
57
Aug
*
20
44*
.
Can Breweries Ltd...—.*
'
7
Sept
■88
Aug
Sept
345
105
144*
103
1,235
35
Oct
22
Mar
110
344*
109
Feb
7H
Dec
17
Nov
97
Nov
10
Jan
544*
100
44*
30
20
Nov
4J* June
Jan
5%
■
97
5
230
12
June
1.50
116
Sept
12
224*
Nov
June
224*
*
Oct
July
1404*
Mar
2
24*
British Columbia Packers *
Brit Amer Oil Co Ltd
9
74*
544*
Dominion Coal pref
•
2,945
24*
8
47
3.176
44*
224*
4J*
Brewers A Dists of Vane..5
290
134*
1024*
July
324*
21
Beauharnols Pow Corp.." *
16
High
49*
Mar
21
24*
Bathuret Pow A Paper B.*
25
*
Low
1.00
1,260
174*
Jan
109
16
Week
Shares
21
Jan
110
of Prices
High
Low
...100
100
Dec
195
124*
16
Range for Year 1938
for
24*
184*
1294
Sept
8644
Price
Abltlbl Pow A Paper Co..*
Asbestos
7
170
Sale
Far
Stocks—
10
10
1,025
99
Sales
Week's Range
Dec
23
917
270
14 to Jan. 20,
Mar
74*
164*
824*
84*
824*
84*
984*
Nov
Jan.
Sept
64*
44*
154*
2
65
6,713
24
4
106
»
147
Consol Mining A SmeltlngS
*
170
Aug
Jan
13
7
Cockshutt Plow.
3104*
115
54*
26
June
Dec
~54*
Canadian Paclflo Ry
July
295
165
125
July
700
104'
100
Cndn Foreign Investment*
Canadian Indus Alcohol..*
Oct
223
Nov
7
Canadian Converters. .100
Cndn Cottons pref
180
Mar
5
615
124*
Sept
197
17
84*
102
159
256
110
39
*
Canadian Bronze.
Canadian Car A Foundry
206
222
Apr
234*
.
175
218
165
Mai
124*
16
(new).*
Canada Steamship
Canadian
234*
44*
164*
High
Apr
94*
5
30
1674* 1684*
9
84*
168
British Col Power Corp A. *
Bruck Silk Mills
67 9*
*84*
Batburst Power A Paper A *
Bell Telephone.—
100
Brazilian Tr Lt A Power.*
Jan
172
218
114*
124*
674*
84*
124*
*
100
175
100
100
24*
16
115
100
Preferred
Algorau Steel Corp
37
100
..100
Canadienne
Nova Scotia
Low
90
107
24*
16
*
Associated Breweries
Week
Shares
10
Alberta Pacific Grain A..*
Range for Year 193c
for
Qf Prices
Low
High
10
Agnew-Surpa88 Shoe—
Preferred
Week's Range
165
Commerce
Montreal..
Sales
Friday
32
July
Aug
Massey-Har 5% cum pf 100
Page-Hersey Tubes Ltd..*
Power Corp of Canada
84
Feb
36
Aug
6% n c part 2d pref—50
Provincial Transport Co.. *
184*
110
Oct
June
14
Sept
129*
Nov
13
Nov
Quebec Tel A Pow Corp A*
Sou Can Pow 6% cm pf 100
494
64*
Mar
104*
July
Walkervllle Brewery
9
Dec
163"
14
95
A pr
984*
259*
Sept
31
Feb
Mar
Jan
(H) Walk-Gooder A Worts*
*
No par
value.
34
24*
Sept
12
7
Mar
18
85
324*
20
874*
June
4*
47
Apr
63
July
Jan
101
July
74*
5
Sept
64*
64*
154* ri6
320
74*
Mar
20
50c
Dec
1.00
Jan
Apr
102 4*
Dec
Mar
1014*
21
103
103
62
78
105
440
92
47
91
43 4*
Oct
R
54*
Sept
74*
33
44*
May
44*
469*
44*
1.30
Nov
217
74*
1074*
Jan
Nov
50c
50c
102
6% cum 1st pref--..-100
Oct
16
Mar
13
74*
44*
45
Aug
Nov
Aug
July
Aug
1074*
86
June
109
Oct
1.30
1.35
550
1.10
Apr
2
July
484*
48 4*
153
324*
Mar
54
Nov
107
104
Volume
Financial
148
Chronicle
423
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
Montreal Curb Market
Sales
Friday
{Concluded)
Par
Week's Range
for
Sale
Shares
of Prices
Low
High
Week
Price
*
Last
Low
Shares
20
20
105
Western Can Flour Mills-*
2
2
Stocks {Continued)
High
8
17 H
20
May
Dec
Beatty Bros A
Beatty Bros 1st pref.
.100
44c
45c
Sep?
69o
Oct
Big Missouri
lc
lHc
6,700
7.000
34c
J
1c
Mat
3Hc
Jan
3H
Blue Ribbon..
1
15c
15c
500
9c
Sept
12c
Sept
24c
*
Alexandria Gold
Gold Mines
11c
11c
13c
30,000
1
27c
27c
28c
57c
Jan
Bralorne
10c
10c
10c
1,010
3,400
Dec
1
5Hc Sept
15o
Oct
Brazil
4 He
4Hc
500
3c June
10c
Feb
Brewers A Distillers
27 %
28
.....
Brownlee Mines (1936).—1
Bulolo Gold Dredging
6
Cndn Malartlc Gold
*
"27 j*
Capltol-Rouyn Gold
1
"2jic
Cartler-Malartlc Gold
l
Central Cadillac Gold
.1
Central Patricia Gold
1
ConsChlbougam'auGldfldsl
Dome Mines Ltd
....*
2,150
22 Ho
Nov
30c
Jan
600
70c
Sept
1.27
Feb
British American Oil—.*
British Columbia Power A *
2Hc
2Hc
Dec
9Hc
Jan
Brouian-Porcupine.
6c
5,000
2,300
1H0
6Hc
15C
Feb
British Dominion Oil—.__*
Brown Oil
——...*
5c
Jar
20c
21c
3,200
18o
Sept
2.53
2.60
600
1.90
Sept
3.20
Mar
28c
29c
1,650
1,715
20 c
Mar
41c
Feb
27 H
Junt
28c
33 H
33 H
32
Duparquet Mining Co
1
6
He
7Hc
East Malartlc Mines
1
2.30
2.42
62o May
Sept
3.25
Mar
6.95
Jan
Burlington Steel
Calgary A Edmonton
540
Feb
Calmont Oils
*
5.10
5.10
5
4.25
Sept
21 He
23c
3,000
20c
Sept
40c
40c
100
35c
July
45c June
9c
9c
1,228
6c
Dec
15 He May
*
21 He
Kir kland-Rand Gold
1
9 He
9Hc
1.39
377
Lamaque Contact Gold..*
Lapa-Cadillac Gold.:
1
2 He
2Hc
45c
45c
.1
8c
8c
2,600
1,100
1,500
5.80
6 He
100
49 H
1,810
Lake Shore Mines
1
Lebel-Oro Mines
49
Feb
27c
Aug
*
Preferred
45c
Canada Malting
3c May
5c
Feb
Canada Permanent
35c
Oct
62c
AUg
5c
Sept
15c
Oct
5.66
3.50
Mar
5 50
Jan
55 H
545
35 H
Mar
63H
Deo
65C
65c
300
30 He
Jan
91 He
Oct
Newbec Mines..
*
8c
8c
7,000
1,555
2.10
Preferred..
2.86
3.00
4.45
4.65
950
2.90
Mar
4.80
Oct
14c
6,000
14c
Sept
62c
Jan
Pato Consol Gd Dredging 1
2.30
2.35
Apr
2.70
Jan
1.37 May
2.65
Jan
1.00
Sept
1.77
Feb
1.55
1,150
1.65
1.63
1.75
700
1.64
1.62
1.65
5,600
1
Pickle Crow Gd M Ltd
1
5.15
5.25
745
3.90
Mar
1
1
1
14
14 H
2,800
12H»
Dec
3,300
72c
Mar
1.93
...
65c
300
65c
Jan
Canadian
42c
Jan
Canadian Oil..
70c
1,600
58c
62c
21,536
2.58
2.58
100
2,90
Dec
3.05
Feb
3,800
900
650
Sept
1.23
Mar
800
4.30
Sept
Sept
70c
70c
Sullivan Consolidated
1
93c
92c
94c
Sunloch Mines
1
3.31
3.50
_1
3.50
4.35
4.30
4.45
1
24 He
24HC
•
25c
*
4.40
*
.
12,320
17c
5.40
7.55
65
4.05
8.45
1,425
Jan
Oct
42c
"l"50
22
O P ft.
__*
12c
10 He
12c
Anglo-Canadian OH
*
Brown Oil Corp Ltd.....*
Calgary A Edmonton
*
1.25
1.22
1.25
25C
50c
*
53c
55c
6c
43 He 43 He
8.25
Deo
1.00
Sept
800
22 He
200
1.67
20c
Sept
Sept
Sept
32c
15c
r
700
Jan
1.51 May
58Hc
Apr
245
18H
Mar
10
15
Sept
35
Jan
1
170
Sept
185
Aug
95Hc
85c
Dec
65 He
Mar
Sept
3.60
Dec
Nov
700
44,925
2,500
2,650
18c
Oct
30c
1.00
Sept
2.20
500
6c
Oct
17c
285
32H
SePt
23c 24Hc
l"27
41c
1.35
1.27
7Hc
7Hc
40 He 41 He
88c
49
Last
Sale
Price
High
2H
2H
17 H
17 H
2*4
m
Mar
8c
8 He
"2 He
3c
19,200
2,200
20c
20c
Alberta Pacific Grain.
*
2H
2H
30
A P Consolidated Oil
1
20c
22c
2,100
15,492
......1
Consol Chijbougamau.—l
Cons Smelters.......—.6
100
42c
43c
45c
12H
66H
14c 15Hc
2
12H
Algoma Steel : pref_
100
Amm Gold Mines....... 1
66H
5
11,700
14,230
Oct
32o
Apr
5H
36 He
Aug
70c
Jan
Feb
16%
Nov
65H
67
Nov
95c
Mar
33c June
1.65
Jan
1.18
1.31
*
1
3.20
3.10
3.20
430
2.60
Sept
4.15
Jan
11 He
11 Ho
12c
1,500
7,600
11c
Sept
Mai
33o
Mar
Ashley Gold.
1
9Hc
1
1
4c
4c
59 He
57c
Bagamae Mines
1
21c
18c
10c
8Hc
Astoria-Quebec
Auglte-Poreuplne Gold
31c
..100
245
245
4H
Barkers Bread pref-.__.50
Bathurst Power A. ...... *
"25"
Rad.-l
27c
*
1.35
Bear Exploration A
Beattle Gold—
8H
4,700
68c 774,150
23c
70,875
31c
220
220
*
25
,
300
245
4H
25
16,700
Oct
7c
Sept
46 He
Aug
Dec
8 He
4,300
49c
43,904
4,100
20
15c
19H
795
11
33 H
207
3,050
...
42c
205
17
100
104H
11H
-.
May
Feb
150
5^
16
05c
75
5%C
6Hc
9H
9c
9c
2.29
.25
,
2.46
1,500
2,128
16
2,870
100
10
10
..*
•
1
...1
•
Oct
*5*26
•
104
,
8H Sept
4H June
4H
73
Mar
May
Aug
60 Sept
5c
Dec
10H
8H
10
July
Jan
Jan
84
July
260
Mar
15c
Jan
1.05
Mar
2.81
Dec
24
Aug
32
Jan
4.26
Sept
Sept
6.95
Jan
22Ho
Nov
6c
Dec
26o
Aug
7c
7Hc
11c
23
3 He May
3.25
34
14o
80
Sept
14 H
Mar
24K
80
Sept
Sept
63c
13c
2,100
24c
5,700
12H
150
124
20c
7
Apr
74 H
22e
14H
Mar
3
130
3
Sept
7
7
370
6
Mar
4%
10 H
Sept
32o
9c
9c
3Hc
9Hc
3Hc
23c 25HC
23c
24c
34,000
9,600
9,602
3,500
12,700
2,500
*
1
23c
)
1
*
9c
3Hc
3Hc
"74"
74
75
66
57
58
122
23c
50
12c
.*
.
9c
5c
10c
10c
12c
54,800
5c
5Hc
2,500
5H
6
71
135
*
15
15
1
2Hc
2HC
8,000
Gunnar Gold
1
57c
57c
4,300
5H
540
2Hc
2Hc
29
5H
*29*"
6C
6c
1.76
1.71
1.91
9C
10c
Hedley-Mascot Mines... 1
Higbwood-Sarcee— ....*
1,44
1.38
1.44
1.30C
20c
19c
27c
33,400
13 %
Harker..——.—.—I
6
Feb
Hlnde A Dauch
*
13 %
Jan
11H
Sept
39
Sept
1.50
2.86
14c
6c
35
3,550
33,425
7,300
2.76
Feb
Oct
July
Oct
Apr
Mar
Dec
68c
Jan
Mar
40Hc
July
Dec
40c
Feb
2c
Oct
12c
52
Apr
81%
Nov
51H
Mar
58
June
5c
4HC
4H
14
Mar
14c
Sept
11c
Sepl
Sept
13
Oct
2Hc
48c Sept
4
Sept
33
Jan
Aug
Jan
July
Jan
10c
Jan
1.09
Mar
Jbd
Aug
Dec
8%
4%o
27
Mar
34
6 Ho
Dec
9Hc Nov
1.10
Jan
2.93
July
17c
Mar
2c
7c Sept
1.00 Sept
5o Sept
14 H
295
13
Dec
14H
14H
June
Holllnger Consolidated—5
Home Oil Co—
*
5H
50
2o June
20C
1,000
29
Gypsum Lime A Alabas—*
Swayze
1
Halcrow
60
Oct
Apr
Oct
90
3
3Hc
Jan
30o May
1,000
12c
Mar
Nov
2,578
22c
"22c
40
Nov
Sept
99
Nov
14Ho
11c
.......1
value.
56
1,280
Voting pref
Grull-Wibksne
No par
Mar
Jan
1,609
7
22 H
Great Lakes Paper voting. *
•
Feb
7c
25H
6,000
6,904
5.40
7c
Dec
Oct
19H
Dec
30H
21M
6
23
June
July
216
2c
Sept
5.20
6H
57 %
Grandoro Mines.
Dec
16
Sept
10c
Granada Mines
Aug
Sept
1.38
12H
Goodyear Tire
Goodyear Tire pref.
Nov
26 H
88 H
Gold Eagle..
...
Goodflsh Mining—.
23 H
34H
60
12H
...
JaD
Mar
21,740
89 H
...
Feb
Mar
46c
2.20
Gatlneau Power....:....•
Rights.
.
General Steel Wares
*
Gillies Lake Gold—.....1
Glenora
*
60
73
27H June
189
Apr
12,200
3,000
74,340
23HC
30
20 H
21
Foundation PetroIeum_25c
.......
Dec
8ept
Sept
2.05
30 H
...)
A
5c
10c
29
"*2.14
Hard Rock—...........1
4H
5H
5H
75
2.*48
Jan
30
63 %
104H 104H
10 %
11H
6H
5H
6c
Feb
12
10
3c
48
31
20
17
2Hc
52 H
270
310
100
19
31X
25
1
1.03
249
Jan
14c
Dec
222H July
Feb
Nov
199
41c
Dec
Jan
42c
66H
Sept
6HC
25c
Mar
Apr
Jan
Nov
Feb
9 He
290
Sept
17
Mar
Nov
Hamilton Cottons pref..30
Halilwell Gold
1
195
59,400
5,290
1.37
I6H0
Sept
222
8%
1.35
2c
17o
3
12
27c 30He
8H
fio
He
32c
300
100
4
•
1.84
38
*
English Electric A
Faloonbrldge
Dec
20c June
45H
173
5
24
...*
Fanny Farmer
Oct
Dec
Oct
Eldorado...
July
13 H
85c
July
Deo
June
*
Economic Investment
4H
Mar
45C
16
*
33
7
3H
27
1
Ford
Aug
6
East Crest Oil
—>—*•
East Malartlc—........1
Anglo Huronlan
Arntfield Gold
1.25
209
80o
280
I
Go!dale Mines
Dec
Nov
7o Sept
2,151
Oct
1.73 July
35c June
21
100
God's Lake
Sept
^
182
179
15c June
95c
27
...
Oct
28c
67%
54
54%
182
1,500
27C
260
.
Dec
27
Dominion Steel Coal B..25
13H
Algoma Steel Corp
Dec
25c May
630 Sept
Aug
20
-
Apr
15c
Feb
6Hc
106
.100
Davles Petroleum..—...*
7o
2
3.20
Nov
—-.*
Crows Nest Goal
12c
12 He Sept
Sept
HH
Dec
6c
1.85
2.65
288
lHo June
3,400
2 He
Acme Gas A Oil
July
16H
33 H
High
Mar
1.19
Sept
Mar;
Preferred
8H
Mar
1.00
"19 %
Range for Year 1938
1.00
Jan
55c
2,1601
10,200
Francoeur
850
98 H
1.00
1.55
Fernland Gold..
1,100
2.60
5
106
16
July
21
Jan
100
Bakeries...*
3H
Oct
1.65
301
*
Market,
Low
Apr
Dec
17
2,000
Dominion Tar
Shares
2
296
4
Distillers Seagrams
Week
of Prices
Low
44C
50c
Dome Mines (new)—..—*
Dominion Bank
100
Sales
for
Nov
7H
Jan
Exchange
Week's Range
Jan
12 H
12
4
Feb
Building, 320 Bay St., TORONTO
Friday
8H
Dec
1.80G
2.35
1.50
Dec
Mar
50c
1.54
Feb
Dec
Mar
7H
•
1.28
17H
125
6
51,000
4,925
r1
Jan
8
58c
,
Deo
12
1.35
——.*
4H
July
£
2.56
1.34
18 H
36
6
/•
98c
1
on
1,759
19
106
Denlson Nickel Mines
July
Sept
3
3
18H
2.30
"~98c
Sept
110
5%
5H
3
10
83
55c
Preferred.
gladly furnished
"5H
65c
645
18
120
1.26
Darkwater
88c
both inclusive, compiled from official sales lists
.100
5,900
120 H
16 H
17
Sept
Sept
740
Federal-Klrkland
.....
1.01
ireo
8c
Cosmos.—...
Dec
3.30
Toronto Stock
Bank of Toronto
370
47c
Faulkenham Lake Gold-.l
Barcelona Traction
2%'
47c
Consumers Gas....
82c
Canada Permanent
.
,22
225
2H
Mar
7Hc
Consolidated
Jan
580
1
Jan
30o June
233,400
1,000
Toronto Stook Exchange, Montreal Curb
Canadian Commodity Exchange
Bank of Nova Scotia..
July
9
Central Porcupine
Dec
Mara & McCarthy
Bank of Montreal
Nov
19
Apr
290
16H
Preferred..
Cons..—.....1
184
Apr
7H
33 H
Dorval Slscoe
Bankfleld
Mar
16
3,580
6,000
52c
CANADIAN STOCKS
Anglo-Can Hold Dev.—.*
157
225
Central Patricia
Dominion Stores
Aldermae Copper—
45
18
1
1
Conlaurum Mines
Jan
16H
100
.
3.10
2.75
Statistical Information
AJax Oil A Gas
14H
Sept
Apr
Mar
40 %
Dec
2.60 May
23
Dec
3b
2.33
Dominion Foundry
Alton Mines Ltd....—.
603
90c
July
175
22
Chestervllle-Larder Lake 1
Chromium Mining
*
Cockshutt Plow
*
Jan
85c
1
100
93
17 %
19
Dominion Explorers
preferred
1.65
23
225
...—1
Dominion Coal pref. j
6%
22
Oct
Apr
16H
Wineries.—..
Canadian Wlrebound Box*
AUg
2.90
*
Abltlbl—
June
25
6H
33 H
Canadian
Nov
Oct
2.30
53c
*
Par
July
15
90
288
6%
7%
Cariboo Gold
9.45
43c
Mar
2,000
1,500
25c
2.25
Calmont Oil Ltd. .......1
Stocks—
47
65
21H
*
Commoil Ltd
Jan; 14 to Jan. 20,
80
18
7
26
Carnation pref.
Castle Trethewey
Jan
4% June
65
170
175
......
*
Conduits National
Membersi
Dec
44
1.50
Chemical Research...... 1
Oil-
.
July
96
17 H
58
100
6.40
13c»Sept
6.55
Mar
May
5.60
Sept
100
12,300
8.45
8,45
1.39
78c
Sept
3.85
7.55
17c 18 He
1
_»
7
Mar
80
16 %
67
10
15.
61c
Royallte Oil Co
9H
13
Mar
Jan
19Hc Sept
3
May
Jan
15
33c
62o
Jan
Mar
13
2.58
Homestead Oil A Gas.
Jan
2
2H
Cndn Wallpaper B.
*
Pacalta Oils Ltd
3.10
66
2H
Canadian Wallpaper A...*
Stadacona (new)...
Okalta Oils*
Sept
Jan
Oct
5,000
Dec
150
Jan
Sudbury Basin Mines....*
Foothills Oil A Gas Co.—*
Home Oil Co
Nov
June
1.89
4,650
Dalhousle Oil Co
14 H
128
3.40
1,700
1.50
Davles Petroleum
Mar
13
1,18 Dec
50c Sept
29c Sept
1.28
Anaconda Oil Co
9H
1.66
.
Jan
*
Malartlc
16
22c
13
7He Nov
Preferred
6H0 May
Dec
36
8ep't
Apr
3HP Sept
91 Ho May
Sept
Sept
108
Sept
3Hc
*
lHc
15H
7 He
Mar
5c
1.40
Wright Hargreaves
Apr
Feb
Sept
40c
1.25
Cad
Jan
72c
17 Ho
June
SHc
3Hc
Wood
68 Ho
Mar
Sept
7
600
1.50
Walte-A mulet.
Sept
46c
89
2,900
"i"25
1
Ventures Ltd
20c
10HO
27
8c
1
Gold
Cad
Dec
30
5c
1
Teck-Huglies
20
8H
8c
65c
Slscoe Gold Mines Ltd
Sladen Mai
...
Dec
17o
255
Cndn Industrial Alcohol A*
Bherritt-Gordon
1
35
4Hc
5c
1
Shawkey Gold
78c
Sept
"
*
Reward Mining......
Dec
6c
98 H
Canadian Dredge
..*
Cndn General Electric. .50
Nov
10
Jan
42o
40
-25
Feb
17H
1.70
1.61
Preferred.
39,000
Feb
34H
8H
17H
a.—._..*
Aug
5.30
Placer Development
Preston-East Dome
Quebec Gold Mln
Red Crest Gold
July
'34
34
9H
65
Canadian Canners 1st pf 20
2d preferred.
*
Can Car A Foundry..—*
Jan
6.40
Sept
56c
5H
99H
"~2 %
Cndn Bk of Commerce. 100
14C
5,825
144 H 145
_*
*
..
22
Dec
16 H
Dec
97 H
«H
Canadian Bakeries pref. 100
Canadian Breweries
*
1
Perron Gold Mines Ltd.
Mar
Sept
34H
*
Preferred—....... ...50
Canada Wire A
*
Pamour-Porcuplne
Pend-Orellle MAM Co..l
July
Mar
98
100
Pandora Cad..
2.40
5H
*
Canada Wire B
60
12
98
Canada Steamships.
54 %
2.86
He
1,340
15,500
1,147
33,500
Nov
11H
14H
7H
23
t
60c
44c
j*
......100
Jan
Feb
*
.1
26c
31 He
4
92,100
2,500
7,100
2.25
2*25
1
1.50
6
O'Brien Gold——.
75c
11X
"
A......... —100
Canada Cement........
58 H
1
5.65
97
8c llHc
10c
*
Canada Bread...—
Mar
Mclntyre-Porcuplne.
54
♦
Sept
99p
45
McWattersGold
Mines..
3,010
24
Mar
Sept
'
588
1.39
48 H
Kirkland Lake Gold—1
22%
H.
16H
1.40
Falconbrldge Nickel
30
3
3c
16H
2.20
4H
7c
7,75
7H
34,600
2,776
10,410
15
*
2.10
19c
2 He
Buffalo-Canadian.
Building Products (new; .*
Bunker Hill
Jan
15
Dec
Feb
Jan
Jan
60c
Aug
Jan
Deo
60o
58c
14%
Nov
Sept
169
5
24 He
13c
20C
Feb
35
14 H
2.82
35
Mar
July
"24 He
Jan
146 H
200
Sept
65c
1
1
.....
Jan
6H
3
13c 13 He
Sept
1
-1
65c
106
Mar
25
9H
22
23
1
Apr
2
20
11c 11 He
23 H
Jan
95
30
17c
"~22H
15
4
8H
4H
3c
Eldorado Gold M Ltd
Francoeur Gold......
Preferred
Buffalo-Ankerite
27c
28,000
1,652
High
Dec
32
11c
1.05
■
6,050
13,225
7,300
Inspiration M A D Co
J-M Consol Gold(New)
.....
348
27c
3H
6
1.00
251
8H
..*
97c
25
3%
30
17Hc
.1
Mines.........*
Traction
99 H
27C
4
Bobio Mines.
1
Bouscadlilac Gold.
6
25c
30
Low
60
167H 168 H
27c
_*
Range for Year 1938
Shares
6
3
25c
.50
Big Missouri Mines
Beaufor Gold
High
99 H
168
...1
Preferred-
24c July
33o
Feb
Low
99 H
*
-
Bidgood Kirkiand———1
Aldermae Copper Corp
.
Week
6
Bell Tel Co of Canada.100
Thompson
for
of Prices
Price
Par
Beauharnols..
Mines—
Macassa
Week's Rang
Sale
Range for Year 1938
Walker-Good A Worts(H) *
SI cum pre!
*
Amm
Sales
Friday
Lout
2,015
11
Mar
3.30
73,828
80O
Sept
Feb
1.40 Nov
23c
Dec
17 H
July
15 H June
Dec
3.60
Financial
424
Chronicle
Unlisted
Canadian Markets—Listed and
Toronto Stock
Price
Par
(Continued)
Stocks
for
of Prices
Low
High
29c
1
29c
29c
8,960
1,748
34%
Imperial Bank-.
Imperial Oil-—------Imperial Tobacco
16%
16
L5%
16
—6
82%
Nov
Straw Lake Beach
Apr
75
Aug
Sturgeon River
57
Mai
190
Mar
13%
6%
80
Mai
68
.54%
2,580
37
2 6%
26%
27
1,398
22
Mai
35
9
5
May
60c
60c
101
40c
28 %e
1
Jaok Waite
30c
3,500
25%C
Cons
Jelllcoe
10%
*
1
1
Laguna Gold—————J
Lake Shore.———1
Lake Sulphite
*
Kelvlnator
1.95
B
Mines
Gold
Feb
Jan
Dec-
24c
Sept
Dec-
14%
Oct
85c
3,2.50
75c
Dec
1.13
Feb
Westflank Oil
7C
8c
12,410
4C
Sept
Jan
West Turner Petroleum
81c
83c
16,946
■50c
Sept
Feb
Westona
80c
81c
24%
22%
23
76
5.55
5.55
5.75
2.93
2.85
3.05
15c
1.12
0
Maple Leaf Milling
Preferred
Preferred
Mar
5.55
13o
Jan
4.45
July
26,305
6.50
Mar
Mar
59c
Dec
7%c
3,200
7c
Dec
1.30
23c
Sept
71c
12c
Sept
27C
Oct
4c
7%
Sept
3.75
5
1.25
Sept
20
2%
Sept
6
6c
6%c
3,000
5c
Dec
6%
840
4%
19%c
10%
63
July
6%
7
716
6
Dec
14
,
86%
Jan
101
July
35%
Mar
54
Oct
Canada Bud..
1.43
Oct
Dec
24c
Mar
JaD
94C
Oct
Mar
69c
9c
4c
Nov
8c
Apr
4,246
Mar
2.67
Oct
32c
Morrls-Klrkland...
)
1.90
2%c
1,500
2 %c
May
4%c
40c
42c
2,650
20c
Sept
38c
Jan
10c
2,100
8c
Nov
20c
Apr
Hamilton Bridge
1.35
1.43
14.9J6
1.00
Sept
39%
167%
19%c
1
*
*
National Sewerplpe
... *
National Trust
100
Naybob Gold.--—-----
42
*12%
Oct
20C
102,032
5c
Sept
10%C
Dec
2c
4.000
1%C
July
3%C
July
43
Nov
143
25
172
Apr
"
12%
15
3%
12%
50
12
190
47%c
7c
9c
3,000
1
5
—*
...
19
Jan
Robt Simpson
Mar
80c
1.75
1,433
81 %c
1.75
"so%c
4,189
...
Apr
79C
July
July
Temlskamlng Mines..
38c
Mar
United Fuel pref
1.40
Sept
2.15
Mar
84
Nov
1,000
2c
Mar
7%c
July
475
7.00
Sept
8.95
Aug
48
3%
3%
3%
2.90
2.85
2.95
3,450
2.10
Sept
5.45
1.27
1.22
1.35
10,680
85c
Sept
2.30
Jan
Okalta Oils
2c June
5%C
'
2c
40c
47c
15,756
1.55
1.75
1,716
Orange Crush
—
Orange Crush pref
Oro
5%
.
•
»
Plata...
Pacalta Oils..
Page-Hersey
Pamour Porcupine-.
—•
*
7%c
104
Oct
4.60
13,077
15%c 15%c
500
■
50
7
7%c
59c
1.66
Pickle
Powell
100
i-.J
—...*
pref
Rouyn—
Power Corp
Quebec Mining.
Reinhardt Brew
Reno
1
Gold
Riverside Silk
Roche Long
22c
Mar
69c
1.76
500
"%c
Mar
l%c
Sept
19
Mar
2.20
Sept
3.30
Mar
45
95%
Apr
99%
Sept
7,350
2.31
1.61
1.70
-
*
1.37
Mai
2.65
50
9%
Apr
16%
July
July
129
2.30
12
1,75
Sept
67c May
2.52
Aug
1.90
Aug
98c
Mar
70c
July
2%
Feb
46,-597
5Ge
58c
2,200
65c
1,325
2%
25c
33c
24
190
54
41
41
239
33
Sept
105
165
95
June
105
105
12c
14c
6,600
7%c
Sept
4%
4%
25
2%
1.25
1.30
3,760
1.00
Sept
Sept
15%c 16 %c
6,300
13 %c
Nov
Dec
....
*
20c
6%
1.55
25c
34c
Mar
July
Jan
Oct
Mar
22,100
3%c
1,700
75c
1.22
1.30
Sept
1,90
Oct
6.40
18,955
1,897
90c
6.20
121
1%
May
4%
Dec
3%
*
*
1.10
Dec
9%
July
'
6
50
5
Mar
30
•
32
125
29
Sept
51
15
15
12
Mar
25
Feb
Jan
%c June
26
Sept
2C
July
31%
Nov
Mar
72%
%C
%c
2,500
30%
30%
19£
57%
59%
2,455
2%
2%
1.500
1%C
l%c
1,000
lc
Sept
2c
1.66
1.75
4,050
1.30
Mar
2.62
Jan
1%C
6,200
%c
Dec
2%c
Feb
_
„
-
2%
21%
22
5
115
115
•
25
2%
32
5
Dec
2
105
118
June
2
Apr
Sept
4%
340
16%
Sept
23
3,000
6%c
Sept
250
22
Nov
July
Oct
Aug
July
1
-
«.
*
-
8c
-
8%c
255
41
40
40
.100
Closing bid and asked quotations,
otfs 5s 1953
Alberta Pac Grain 6s.. 1946
Beauharnois Pr Corp 5s *73
Bell Tel Co of Can 5s. 1955
Manitoba Power 5%s.l951
62%
86
88
79%
B
Maple Leaf Milling—
2%s to '38-5 %s to '49—
110%
109%
68.1945
46%
47
Minn 4 Ont Paper
-.1958
48
49%
Montreal Island Pr 5%s '57
Calgary Power Co 5s.. 1960
Canada Bread 6s..—.1941
102
102%
106
Canada North Pow 5s. 1953
103
Brown Co 1st
1946
5%s
Burns 4 Co 5s
Canadian Inter Pap 6s 1949
par
3%s
Consol Pap Corp—
Donnacona Paper
4g
i
Co—
1956
48
93%
99
104
41
99
43
100
'
Gatlneau Power 58—1656
104% 104%
'55
Nfld 5s '68
Lake St John Pr 4 Pap Co
101%
Gt Lakes Pap Co 1st 5s
Int Pr 4 Pap of
5%s
6s
90
92
61
63
Winnipeg Elec 4%s... 1960
4-58 series A
1965
56%
102
n
Grain
Grow 58.1948
4-5s series B
104
103
/Flat price.
No par value.
98
United Secure Ltd 5%s '52
United
93
91
1951
*
98"
96%
86
85
1961
MacLaren-43ue Pr 5%s '61
97
100%
105% 106
Saguenay Power 4%s A '66
4%s series B...
.1966 '104%
104% 105"
Shawlnigan W 4 P 4%s '67
104
103
Smith H Pa Mills 4%s '51
98
96
1949
Fraser Co 6s
'47
102
75
74
Jan 11950
Eastern Dairies 6a
50%
97
Provincial Pap Ltd 5 %s
East Eootenay Pow 7s 1942
49%
104
100%
102
Power Corp.
—
1961
5 %s ex-stock.
47
37
104
1941
98%
99%
114% 116
Dom Gas 4 Elec 6%s.l945
45
/36%
of Can 4%s'59
5s
Dec 1 1957
48%. Price Brothers 1st 58—1957
2nd conv deb 4a
1957
95
Montreal Tramway 5s
104
Canadian Vickers Co 6s '47
'53
1939
1956
1973
value) 3s
3%s
99%
99%
.
Montreal L H 4 P ($50
-
103%
Canadian Lt & Pow 5s 1949
Cedar Rapids M 4 P 5s
AsA:
79%
1952
5%s series
104
>
Bonds
Bid
62
Jan
July
Friday, Jan. 20 •
Ask
Bid
Abltlbl P & Pap
43
Apr
30
1965
62%
63"
45%
46
Nominal.
3%
90
87
88
r
Sept
8
e.
3
Sept
148
69
Sept
1.21
18
8%
Feb
Jan
95
Jan
3 40
1.38
Mar
1.40
1.50
8,130
1.10
Dec
70c
74c
7.0=0
49c
Sept
8c
8c
11c
23,300
6c
Sept
24c
3c
3%c
62%c
5%
4,100
2%c
56,547
28c
Dec
8ept
77c
May
5%
102
3%
Nov
8
Nov
2%
16%
2%
16%
100
2
Sept
4%
Jan
25
16
Sept
17%
Apr
25c
NOTICES
Roe of Chicago announce
&
Jan
Jan
that Charles Wells Farnham and
admitted to partnership in the firm. Mr.
Stein & Roe since 1935.
Prior to that he had
Harry H. Hagey Jr. have been
been
Farnham
has
for
years
some
who
with
joined the staff of Stein & Roe in
Frederick
Roe,
Paul
to the management
departments of A. G. Becker & Co.,
Other members of the firm are:
B.
Zeisler,
organized at the beginning of
and Kenneth
Sydney Stein Jr.,
The firm was
D. Ross.
1932 and has confined its activities entirely
financial counsel.
of investment portfolios and to
—Shields & Co. announced that
to
St. Paul. Mr. Hagey,
1934, had previously been in the
been an investment counsellor in
statistical and investment advisory
Jan
70c
57c
—Stein
investment bankers.
Mar
1.50
~61c
CURRENT
Jan
97c
11%
*
25c
Sept
Industrial and Public Utility
Nov
3%c
4%
11%
Chemical...—*
35c
1
—
Sept
3c
4%
1
1
1
Sept
Sept
48%
103
94c
4%
27
Feb
Sept
187
1.25
Stedman Bros Ltd
Sept
18
64c
192
6.20
100
12.500
Dec
Sigman Mines, Quebec...
Sllverwoods pref
—*
Standard Paving
10
1.09
Mar
3%c
Spy Hill Royalties
Dec
24c
1
50c
1
Stadacona.
Nov
33 %c
4%
Slave Lake
1%
20c
Deo
1.27
Sladen Malartlc
2C
28,886
Sept
J
B
Sept
6c
1
Simpsons preferred
Slscoe Gold
Dec
5Qc
36c
•
20c
165
Sand River Gold
Simpsons A
Aug
3.80
1,897
6,700
St Lawrence Corp
Sheep Creek
5.30
Feb
14,200
San Antonio
Sherrltt-Gordon
15
Nov
9c 10 %c
1
*
Standard
I
Feb
Feb
25c 28 %c
41
Saguenay Power pref - —100
Gold
Mar
Sept
Sept
4c
9c
Bank...—..—100
Shaw key
July
28c
1
Royallte Oil
St Anthony
Dec
24%C
11 ,-280
2.20
24
—
Lac
Ronda Gold Mines
Royal
31c
7%
Nov
38c
2%
50c
5c
1.00
60c
Prospectors Airways.... .*
Dec
Oct
5.36
2.31
1.63
1
Preston E Dome
Oct
13c
2.70
11%
2 .24
1
Premier
4.85
99%
5.20
97
'
Mar
1.476
*
19
2.60
1
Gold—
Porto Rico
5.35
1
Crow
Pioneer
Nbv
Sept
4
7,000
%c
19
*
15c
Feb
104%
22,330
6c
55c
1.60
2.90
17c
Apr
78
10,500
•
Photo Engravers
Mar
-
Sept
%c
Petroleum-Cobalt
1.46
Sept
30c
5%c
57c
1.6
5%
July
4%c
5%C
1
Oct
July
13,000
4.35
Oct
72c
2.00
26,490
6%c
1
Cons
4
,
Mar
9%c
180
Nov
81 %C
6
%c
Dec
Mar
4lc
7
Gold
1.00
7%c
103% 104
4.50
Perron Gold..;
325
31c
5%
52%c
5%
""7c
Partanen-Malartic
Paymaster
52 %c
15%c
Pandora-Cadillac
Pan tepee Oil
Paulore
2c
2c
Omega Gold
4
Sept
3
25,500
45c
1.56
Olga Gas
39%
1
Jan
O'Brien
North Star pref
Gold.--—
Mai
Jan
8.60
100
21%
_
Shawlnigan
11%C
8.50
.
300
100
pref
Rogers-Majestic
Sept
5c
----1
-.5
35%
58%
..
*
5c
Norgold Mines
Northern Empire
Dec
34%
1.68
May
2c
*
July
70c
-
11c
13%c
34,900
20c 24c
July
9%
Nov
%c
„
-
41c 51 %c 598,805
7c
1.65
Mar
Pend Oreille
210
Dec
Sept
32c
*
Robb-Montbray
Sept
16
75c
3%
1.00
15
»
Oil Selections..
Feb
7%
Sept
106
190
190
.May
38
6%
325
32
Pawnee-Klrkland
42
Feb
30%
National Steel Car
2c
17%
1,727
1
...
18C
Jan
Jan
Sept
7,160
«...
Malrobic
9
Nov
3%
12
55c
95c
-
*
Humberetone.
Dec
70
265
'6%
*
*
Montreal L H 4 P
— _
Newbeo Mines—
Mar
4%
12c
85c
pref. .100
908
41%
6%.
National Grocers
Apr
Foothills..
High
Low
45c
*
39%
39%
167% 167%
2c
National Brewing
2.56
40
Aug
sales lists
34%
*
Hamilton Bridge
9C
Feb
6
*
DaihousieOil
Dec
30c
45c
w
•
Dominion Bridge
Jan
'8.25
6%
1
Marconi...
Canadian
43 0
.
l%c Sept
22,400
13%
13
Consolidated Paper...
1.80
25
for
Shares
2%c
4%
4%
2%c
1.40
l%c
2%c
Canada Vinegars
1.45
Nlplsslng
Noranda Mines
Brett-Trethewey
81
2,749
July
Week
of Prices
High
Low
Price
...1
Apr
18c
Range
Jot Year 1938
Feb
1,500
New Golden Rose
Sale
55
3%c
Sales
Week's Range
Last
Par
Stocks—
90
74
both inclusive, compiled from official
Friday
86
11,575
,
Exchange—Curb Section,
Toronto Stock
Jan. 14 to Jan. 20,
July
Mar
5c
Murphy Gold
7c
Mar
Mar
4%c
A
8.50
May
1,100
Corp
17%c
•
*
July
201
3%
6,335
Moore
1
Jan
11c
Moneta-Porcupine
Wood-Cadillac
Wright Hargreaves
Ymlr Yankee Glrl..i
Jan
Apr
10
28
40c
Dec
Dec
3.50
25c
l%c
"
Jan
Apr
July
95
Sept
66c
25c
— 1
---*
100
30
12,200
555
-
94%
15%c 18%c
8.30
8.55
11c
MInto Gold
93
13%
Mar
9
Jan
63c
Monarch Oils—
85
Apr
11c
Model Oils-..-.
14%c
5,500
• Apr
Dec
53
1.8
Sept
7c
11%
3c
63c
Mining Corp
7%c
6c
11%
%c
McWatters Gold
*
*
34c
.500
McVlttie-Grabam
MerlandOll
Sept
3,200
500
1.28
Aug
Mar
5c
8c
600
1.22
37
112
De»
Mar
107
£
2.200
%c
6%
"If. 27
20c June
7c
5%c
94%
22%
50
23
114
%c
Preferred
53%
Lake..—1
23,100
15c
12%c
7%C
50%
86
Dec
1
6%
-5
Mines
20%
Wlltsey-Coghlan
51%
.100
*
100
Preferred
McColl Frontenac
Mar
8c June
White Eagle.———*
21,350
,
17
188
Feb
6%
6c
688,
20c
Nov
3%
1
*
Mines..—
;-
Massey Harris
Nov
Nov
4,300
160
Nov
rytri
0.00
39,950
150
160
9.45
Mai
22%
58c
*
1
Mar
30%
24%
54c
6%
1.02
905
Mar
15,60
l%c
6%
4,499
22
-..-100
JaD
7,945
7.65
114
6c
Jan
Nov
7.40
5.55
20c
60c
*
«
Mar
Mar
55c
l%c
19%
5%c
26c
No\
Sepi
3
Sept
50c
56c
2,040
2.10
471
22%
52c
48%
20
*
9c
3,95
8,590
6%
20%
7.55
48
14% c
Jan
18
24,296
24
3.50
Nov
Mar
15%
19%
3.60
24%
3.40
7.30
74c
Aug
49%
5.45
5.5C
Jan
2.45
8epi
10%
13c
,
66c
Jan
90c
962
Jan
Sept
25c
2,316
5.281
13
5%
Jan
Dec
122
12%
7.60
-
6,65
13
Oct
3.5c
(new)
Preferred
Mar
107
1.55
6
-
12%
pref 1
Maple Leaf Gardens
McKenzle Red
Oct
5c
73
If
12c
*
———•
Ventures..
*
Walte
Amulet.———
*
Walkers
*
Preferred...
_*
497
*
Manitoba <fe Eastern
Mclntyre
17%
86
106
12%
Gas—
Feb
2.90
95
32c
OIL'
Jan
13%
Sept
1.50
900
11
1.45
United Steel
5,898
82c
McDougall-Segur
Maralgo
13
17%c 17%c
Madsen Red Lake
Malartlc
Mar
Sept
2.25
1
Sept
9
21
11
1.52
-l
31,800
45c
12%
June
1
—
49c
46c
4,700
1.05
2.22
6.25
5.75
6 .00
1
1
J
MacLeod Cockshutt
Feb
58%
Sept
4,950
2%c
1.25
11
-—*
Wendlgo
1
Western Can Flour pref 100
Western Grocers pref. .100
12%
l
-
Mar
59c
2c
2
21
16
1.20
1.20
60
10%
60
3
3
*
*
*
1
Lac
A
Macassa
Sppt
*
Little Long
Loblaw
Dec
44%
?%C
'
}
Gold
Leltch
6%c
1,19'.
16
16
Woods.--.---*
*
Larnaque Gold Mines
*
Lapa Cadillac
—1
Laura Secord (New)3
Lamaque Contact -
Gold
6,500
Sept
*
Uchi Gold..
United
8%c
4.15
To wag mac
Union
July
12,070
Toronto Mortgage
Oct
Jan
68
20S
4.40
Mar
Jan
5.70
11%
85
Aug
Feb
16
4.25
106
1.60
Dec
3.60
Sept
1%
11%
Toronto General Trusts 100
May
MaSepi
2%
2.50
11
5,728
3.50
Jan
Dec
22
De.
4.40
1—.
Mar
16c
20
325
3%
3
3.40
July
2.50
49%
Aug
60c
15%
8c
Mar
1.25
3.50
Hughes
Sept
88c
Sept
Sept
19c
68c
91c
Tamblyns
Sept
10
23,610
8%c
6,680
1,600
91c
,3%
Supersilk A____——*
Sylvanlte Gold——
1
25c June
21
10%
5,000
95c
54
24c
2.61
12c
To burn
82c
.2.08 190,461
Jan
ll%c 12%c
2.70
Tip Top Tailors
Dec
1.40
8%c-
Lake of the
Lebel Oro
1.33
20,316
3.80
Texas Canadian
Dec-
48%
Klrkland Lake
Lava Cap
1.83
1.3
Kerr-Addison
10%c
Sept
Aug
Sept
7
1.65
Mar
%c
10c
38,150
2.70
550
Mar
56
57,800
23c
Sept
40c
13,973
13c
9c
Dec
24c
Sullivan
Teck
Dec
71%
15%c
73
9c 10%c
9%
V
6%c
lie
ll%c
10c
1
Consolidated
10C
12c
Oct
76%
Apr
Sept
518
76%
70%
9%c
1.00
Dec
10c
1
1
Mines—
Jacola
Nov
•
31%
Sept
....
B
Oct
Jan
Sept
9
Intl Utilities A
July
8
60
52%
Sudbury
High
Low
5c
73%
73%
1
*
Week
42.'
76
Sudbury Contact
9%
Sept
53
_ —
15%
Mar
4
50
82%
Sept
19%
m
'
(told
Basin..J.—
May
215
Sept
14%
Shares
•
25
*
J
Preferred
35
30
8
7
J
Steel of Canada.
Mar
950
8
6%
Oct
Sept
20%
5,710
16%
Jan
34c
20c
32
40
16%
Preferred.————.£1
A
*
Inter. Metals A pref..100
J M
70%
207% 212
212
Intl Metals
International Nickel
International Pete
35
69
70%
JOO
100
Huron & Erie
High
37c
Sept
14c
52,560
Mln 4 8m..»
Hudson Bay
Low
Shares
23c 26%c
1938
Range for Year
for
of Prices
Low
High
Price
Par
Stocks (Conch
Week's Range
Sale-
Week
23c
Homestead Oil
Howey Gold
Sales
Last
Range for Year 1938
Week's Range
Sale
Exchange
Friday
Sales
Last
Stock
oronto
Exchange
Friday
Austin H. Niblack has been admitted
Mr. Niblack has been with Shields & Co. for
prior to which time he was a partner in Winthrop,
Co.—from 1933 to 1938.
Before coming to La Salle Street,
partnership in the firm.
approximately
Mitchell &
Mr.
a year,
l^iblack was Vice-President of the Chicago Steel
railway tank cars, located at Harvey, 111.
facturers of
Car Co., manu¬
■
Volume
148
Financial
Quotations
Bid
a3s
Jan
1 1977
a3 94s Nov
1 1954
a3 44s Mar
1
City Bonds
Ask
Bid
9944 100
10194 10294
10594 10694
a34*s July 1 1976
o344s May 1 1964
425
Over-the-Counter Securities—Friday Jan. 20
on
New York
Chronicle
a44*s Apr
1 1960
Ask
FISCAL FUND,
11544 11644
a44*s Apr 15 1972
117
a44*s June 1 1974
11744 118 9*
a44*8 Feb 15 1976
118
118
o4a
May 1 1957
10594 10694
10494 105 94
10494 10594
10994 111
a 4a
Nov
110
11194
34^8 May 1 1957—.,
116
May 1 1959..—
11094
11144
a4 Hs Nov
1 1957
116
117
o4a
May 1 1977
11294 114
a444s Mar
1 1963
Oct
11394
11494
a4 44s June
1 1965
119
115
o4 44s July
1 1967...
inc.
Insurance Stock Series
1184* 11944
a4a
Bank Stock Series
117
a4s
1199* 121
1960
o3 44s Jan 16 1976
1 1958
1
1980
«44*sJan
1 1977
118H 11944
a4 4*s
15
'78
1 1981
118 44
Nov
a44*8 Mar
a44*s Sept
a44*s Mar
1 1960
114
1
11494 11544
l 1964
115
043^8 Dec
119 9*
11944 12044
04^8 Dec 15 1971
a4Ha Mar
1962
116
1194*
1214* 1229*
12344 125
1 1979...
Ask
Bid
less
1
62.10
5s Jan A Mar 1964 to'71
less
1
4448 April 1940 to 1949—
Highway Improvement—
Ask
World War Bonus—
Canal A Highway—
62 35
«
m m m
New York Bank Stocks
Bid
1644
18fl
National Bronx Bank...50
38
42
N atlonal
Bensonhurst National... 60
Chase
13.55
62.05
38 1981
BOSTON
Par
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
1
3s 1974
JERSEY CITY
1204*
New York State Bonds
tiUl
Tianscontinent Shares Corporation, Sponsor
LOS ANGELES
75
100
32
34
Commercial National-.100
157
163
Fifth
4s Mar A
13594
Avenue
-.100
710
First National of N Y..100 1685
Merchants Bank
100
97
61.50
Sept 1958 to'67
Canal Imp 4s JAJ '60 to '67
Ask
Par
143
Canal Imp 444s Jan 1964..
Can A High Imp 444s 1965
143
Barge C T 4s Jan '42 A '46-
113
26?4
Peoples National
Public National
750
48
2514
Barge CT 494s Jan 1 1945.
116
1144
54
28
25
12
47
...601
1344
10
1725
.
Sterling Nat Bank A Tr 25
2144
103
2944
2394
Trade
15
18
Bank
1244
mmrntm
14044
Ask
43
«...
Highway Imp 444s Sept.'63
Bid
City
..1244
National Safety Bank. 12 44
Penn Exchange
10
....
*•
*
Port of New York
Bid
13544
-
mmm
NEW YORK BANK, TRUST CO.
Authority Bonds
and INSURANCE STOCKS
Ask
Port of New York—
Holland Tunnel 444b ser E
Gen A ref 4s Mar 1 1975.
10744 10844
1939-1941
106
1942-1960
MAS
Gen A ref 3d ser 3 44s '70
Laird, Bissell & Meeds
MAS
Gen A ref 2d ser 3 9* s '65
10494 10594
Gen A ref 4th ser 3s 1976
107
9944 10044
Gen A ref
10144 10244
4448 ser B 1940-53.MAN
108
34*8—1977
George Washington Bridge
120 Broadway, New York
Inland Terminal 444s ser D
1939-1941
MAS
Bell
.
19421960.—
MAS
,
System
Tel. BArclay 7-3500
-
Wilmington
—,
Teletype
Philadelphia
N Y-l-1248 and 1-1249
109
New York Trust
United States Insular Bonds
Philippine Government—
Bid
4s 1946
4
100
448 Oct
1959
444s July
6s
Feb
Bid
Honolulu
5s
63.50
...
U S Panama 3s June 11961
10944 111
1955
"
Apr
Ask
10144
10944 111
1952
6s
Par
1952
102
444s July 1952
111
113
110
11144
116
...
3.00
Govt of Puerto Rico—
10044
544s Aug
1941
Hawaii 444b Oct 1956
Ask
118
6s
July 1948 opt 1243.
U S conversion 3s 1946
Conversion 3b 1947
122
12444
11344 11644
11144 113
110
112
10944 11144
Bank of New York
Bronx
379
48
50
County..
7
5
.100
Brooklyn
73
Central Hanover
20
Colonial Trust
215
247
252
Irving...
Kings
65
9
20
..10
County.
10
Ask
Bid
JAJ
106
1064*
39*8 1955 opt 1945...MAN
106
1069*
4s 1946 opt 1944
MAN
106
1069*
JAJ
Manufacturers
28
32
20
39
41
....
20
51
25
New York
88
5444
144*
Title Guarantee A Tr...20
154*
Insurance
Par
»
"■
Bid
Bid
Companies
•
Ask
Atlantic
Burlington 5s
444s....
Central Illinois 5s
35
34 44
Chicago 444 s and 6s.
/444
!
—
101
'
9894
First Texas of Houston 5s.
First Trust of
35
Chicago 444s
999*
100
9944
10044
999* 10044
North Carolina 3s
Ohio-Pennsylvania 5s
Oregon-Washington 5a
102
100
101
9944 10044
46
/44
Pacific Coast of Portland 5s
9944
101
107
Potomac 3s
—
999*
101
10844
10044
10094 102
100
999* 1009*
10444 10644
58...
101
Fletcher 344s.
Fort
100
Pennsylvania 344s
Phoenix 444b
-
Wayne 444s
Fremont 444s
St Louis 5s
102
J31
33
77
Greensboro
3s
81
San Antonio 3s
1009* 1019*
7894
...
6s
82
Southern Minnesota 5b
/II
13
74
78
9944 10044
Illinois Midwest 5b
95
Iowa of Sioux City 444s—
Southwest
5s
...
93
96
100
101
87
Virginian 5a
88
Virginia-Carolina 3s
Lincoln 444s
5a
85
Union of Detroit 444s
99
58
10
2894
3094
Ins Co of North Amer...10
76
79
Jersey Insurance of N Y
23
2494
2694
Knickerbocker
Life
99
26
10
Equitable
*
5
2544
10
644
American of Newark...244
American Re-Insurance. 10
1344
American Reserve
American Home.
Automobile
101
10044
244
50
2994
5794
3694
Merch A Mfrs Fire New'k 5
9
Merchants (Provldenoe).. 5
4
644
744
92
95
595
605
20
22
2594
2794
2194
2594
2394
2794
4094
381*
2
—.244
National Casualty..——10
National Fire
—.10
394
6244
84*
.
144*
469*
12.50
99
Northwestern
794
4394
2.50
Pacific Fire
Natlonal.25
26
—
Phoenix
10
,12044 12394
94*
129*
Northern
5194
4244
10
6044
12144 127
334*
454*
174*
River
6
284*
-...5
644
Fidelity A Dep of Md—.20
10
.
New York Fire...
North
5 J*
264*
.2
20
New Amsterdam Cas....2
New Brunswick
....10
New Hampshire Fire...10
4944
5
5
National Liberty
National Union Fire
10
Federal
100
12 4*
46
3444
10
Eagle Fire
244
4>*
.■
Merch Fire Assurcom
Connecticut Gen Life... 10
Continental Casualty
5
;
429*
42
5
City of New York
—5
399*
109*
5844
100
Carolina
1
66
56
5544
Fire
34*
19
65
28
Baltimore American...244
Bankers A Shippers
25
Camden
5
Lincoln Fire
Ask
4*
1744
1494
..10
Boston
2
10
*
Maryland Casualty
1
Mass Bonding A Ins.. 1244
...25
....
112
8
\
'
40
.10
American Surety
Excess
9944 10044
100
108
Employers Re-Insurance 10
97
84
Lafayette 5s
Homestead Fire
American
Ask
100
6
9994 10044
First Carollnag 6s
99
New York 5s
/30
/30
/3194
.......
Denver 5s
New Orleans 5s
1009*
4994
American Alliance
Bid
Montgomery 3s
999*
3s
Dallas 3b
Ask
4794
10
■
744
90
1630
Bid
10
Agricultural
Bank Bonds
9994 10044
....
80
1580
Aetna
Atlanta 3s
91
644
...100
Aetna Cas A Surety
Aetna
Joint Stock Land
53
•.
Ask
10794 10794
11194 11144
1144
1560
.25
Preferred..,
11
1044
100 1510
154*
5344
.
Ask
200
100
Underwriters.
JAJ
t
644
78
9244
469*
139*
Bid
100
Guaranty...
55
...25
Empire
Federal Land Bank Bonds
3s 1956 opt 1946
Par
Fulton.—.
8944
449*
Chemical Bank A Trust. 10
Clinton Trust..
50
Corn Exch Bk A Tr
Bid
Companies
|
Lawyers
Continental Bank A Tr.10
3s 1956 opt 1945..
3s 1956 opt 1946
Ask
369
.......10
!
Bankers
Bid
100
264*
125
354*
189*
10144
279*
129
11644 11944
7744
8144
62
63
Fireman's Fd of San Fr.25
84
2044
2244
33
10
35
8694
Fire Assn of Phlla
Firemen's of Newark
5
894
10
Franklin Fire
30
84*
259*
4294
4494
Georgia Home.
Joint Stock Land Bank Stocks
2844
274*
24
5
General Reinsurance Corp 5
2544
Bid
Atlanta..
Ask
4
45
Atlantic
Urn
Par
New York
39
125
37
42
65
10
65
75
20
25
...100
71
-
85
100
5
4244
Globe A Republic
14
100
Carolina
Pennsylvania
227
10
444
6
544
6
1244
Globe A Rutgers Fire...15
2d preferred
15
Great American
5
2544
2494
4494
1394
2694
66
6994
119
25
3
4
Great Amer Indemnity... 1
Halifax..
—..10
430
480
23
447
457
Hanover
100
San Antonio
North
2394
23
Glens Falls Fire
Ask
100
Potomac
55
Denver
45
117
Dallas
Bid
2194
Gibraltar Fire A Marine. 10
Par
99*
...10
3094
544
279*
294*
231
7
299*
3044
122
First Carolinas
100
344
544
Virginia
Fremont
1
244
Vlrglnla-Caroll na
Lincoln
144
75~~
3
5
.....
100
1.65
1.75
85
10
7544
#53
55
5594
5794
60
62
Home
Moines
2644
944
2444
3294
7844
Hartford 8 team boiler. ..10
Des
3094
3294
344*
364*
Hartford Fire
844
5
Sun Life Assurance.—
2144
229*
Federal Intermediate Credit Bank Debentures
Bid
Ask
1 % A
144 % due Feb 15 '39 6.25%
1% due
Mar 15 1939 6.25%
1% A 144% due Apr 15'39 6.25%
1% due
1% due
1% due
May 15
June 15
July
Bid
1% due
1% due
1% due
1% due
1% due
1%% due
193916.25%
1939|6 .30%
15 1939 6.30%
Ask
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Aug 15 1939 6.35%
Sept 15 1939 6 .35%
Oct. 16 1939 60.40%
Nov
1 1939 60.40%
Dec
1 1930 60.40%
Jan. 2 1940 6.40%
Arundel Bond
Arundel Deb
Corp 2-5s '53
Corp 3-6s '53
87
5544
Debenture
3-6s
54
89
69
Bid
212
Par
Ask
222
Bid
Ask
295
306
Northern Trust Co
518
53
Bank A Trust
National
Corp 2-5e'55
Mortgage Bond Co of Md
Inc 2-68
77
79
100
221
227
SAN
....
334*
35 44
427.
1954
95
Issues)
Corp (all
2-5s
Potomac Cons Deb
1953
8844
Corp—
1953
Potomac Deb Corp 3-6s '53
5244
4944
5244
54
57
5544
Potomac Franklin Deb Co
3-6s
Central Funding
FRANCISCO—
Bk of Amer N T A 8 A 1244
80
1953
90
1953
series B A C
A A D
Nat Cons Bd
page
....
Nat Bondholders part ctfs
33 1-3
1954
Potomac Maryland Deben¬
ser lea
For footnotes see
4844
530
100
Continental Illinois Natl
First
....
....
3-6s
1945
2-3s
Ask
Corp—
Series A 3-6s
56
Empire Properties Corp—
Harris Trust A Savings. 100
100
Bid
Nat Union Mtge
Series B 2-5s
1953
Interstate Deb
Par
....
Potomac Bond
Chicago & San Francisco Banks
A Trust
....
Associated Mtge Cos Ino—
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s '63
American National Bank
Ask
Nat Deben
/24
/24
...
Corp 2-5s '53
Corp 3-68.1953
•
....
....
8844
52
a
55
ture Corp 3-6s
1953
Potomac Realty Atlantic
Deb Corp 3-6s
1953
94
53
56
Realty Bond A Mortgage
deb
3-6s
...1953
62
Unified Deben Corp 5s 1955
49
-.
52
Financial
426
Jan. 21, 1939
Chronicle
Quotations on Over-the-Counter Securities—Friday Jan. 20—Continued
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
Akron Canton and Youngs town
Baltimore A Ohio 4%s
1945
1939
1939
Boston A Albany 4%s._
1943
Boston A Maine 5s
1940
1944
1955
1956
1951
-.1961
1995
1951
n—1962
1945
Mfmkcrj J^ru>
rk Stock Exchange
York Stock J
t»
Dealer* In
120 Broadway
4%
Cambria A Clearfield 4s
Tel. RE ctor
|
NTEED
GUARANTEED
NEW YORK
-
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5s
2-6600
STOCKS
Chicago Stock Yards 5s.
Cleveland Terminal A Valley 4s
Since1855,.
r-1—-Jr
-
Connecting Railway of Philadelphia 4s
3%s
Duluth Mlssabe A Iron Range 1st
Guaranteed Railroad Stocks
Florida Southern 4s
Louisville Dlv. A
Terminal 3%s—,
Indiana Illinois A Iowa 4s...
Dividend
Memphis Union Station 5s.
New London Northern 4s
—100
6.00
68 %
71 %
New York A Harlem 3%s
100
100
10.60
120 %
125%
New York Philadelphia A
Central)
60
(New York Central)100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)-...
100
Carolina Cllnchfleld A Ohio com (L A N-A C L)
100
Cleve Clnn Chicago A St Louis pref (N Y Central)-.100
2.00
27%
29%
8.75
86%
89
8.60
22
25
Alabama A Vicksburg (Illinois
Central)—
A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Albany & Susquehanna (Delaware
Boston A Albany
(Pennsylvania)....
stock..
Betterment
Providence A Worcester 4s
69
73%
75
44 %
5.60
9.00
153%
43
4.00
83 %
60
4.50
39
60
60
Pittsburgh Fort Wayne & Chicago (Pennsylvania)..100
Preferred
-100
Pgh Ygtn A Ashtabula pref (Penn)
100
Rensselaer A Saratoga (Delaware & Hudson)
100
1.50
41
3.00
.78
(Del Lack & Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Oswego A Syracuse
Preferred
.
Washlngto
169"
County Ry 3 %s
Railroad
far
Bid
145
125%
69%
66"
3.00
62
126
131
236%
241%
10.00
6.00
">52%
56
6.00
60
70
5.00
59%
62
5.00
62.%
3.50
26 %
3.00
53
*
*
87 preferred..
*
Atlantic City El 6% pref.*
Birmingham Elec 87 pref. *
Buffalo Niagara A Electern
29%
55%
Par
preferred
26
Carolina Pr A Lt 87 pref.. *
*
6% preferred
Bid
Ask
67
69
3%
115%
5%
6%
Missouri Kan Pipe Line..5
5%
5%
6%
Monongahela
2%
74
22
22%
90
91%
81
83
90%
92%
5%
4%
49%
53%
100% 101%
New Eng Pub
18%
98
*
100
7% cum preferred
States
25%
25
26%
Okla G A E 7%
7% pref
(Minn) 5% pref
Ohio Edison 88 pref..
41
207%
Federal Water Serv Corp—
27%
26
*
87 cum preferred
Hudson County Gas... 100
pref.. 100
Pacific Pr A Lt 7% pf..l00
Penn Pow A Lt 87
207%
♦
10714 HO
7% preferred
100
Interstate Natural Gas.r*
Interstate Power 87 pref.*
111 % 115
80 preferred
25
23
4%
5%
54 X
56%
101
3%s Dec 1 1936-1944...
65.50
4.75
2.00
62.80
2.00
Pennsylvania RR 4%s
62.75
2.00
5B
65.25
4.75
preferred
60
Jer Cent P A L 7% pf..l00
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
7% preferred—,....100
7%%
93
.91X
113% 116
54 X
58
23%
24%
29%
28%
Mass Utilities Associates—
28
5% conv partlo pref. .60
Memphis Pr A Lt 87 pref. *
68
'
30
71%
pref
*
100
1
6% preferred
Republic Natural Gas
6% preferred D
100
Sioux City G A E 87 pf. 100
6% pref series B
25
Tenn Elec Pow 0% pf.100
...100
Texas Pow A Lt 7% pf. 100
Toledo Edison 7% pf A. 100
7% preferred
5s
Canadian National 4%s.
5s
Canadian Pacific 4%s
Cent RR New Jersey 4%s
67
103
62.40
4%s
-
1.75
-
61.50
1.00
65.60
4.75
65,60
6s
4.75
5.50
60.40
5s
66.40
85 preferred
United Gas A El (Conn)
7% preferred
*
89
I
4.50
65.25
4.50
65.25
.......—...
5%s
65.25
4.50
95
98
hi 2
28
Dec
100% 102%
106% 108
106% 109
72%<
102
75%
103
2s
Federal
Apr
Natl.
1 1943
3
21%
4
102% 104%
89%
92%
28%
29%
63%
65%
73%
75
95
96%
108% 110%
114% 114%
.
l%s Jan3 1944.opt *40
100.9
62.00
100.11
250
63.00
2.25
63.00
2.25
62.25
1.50
Internal Great Nor 4%s.
64.50
3.50
Union Pacific 4%s
61.25
0.50
Long Island 4%s
63.50
2.50
Virginia Ry 4%s._
61
63.50
2.50
Wabash Ry 4%s
64.50
3.50
64.50
3.50
64.00
3.00
64.00
300
...
5s
5%s—
Missouri Pacific 4%s.
5s
Texas Pacific 4s
60
1
00
95
96
92
97
93
5%s
90
91
,
58
98
—
6s
Western Maryland 4%s
62.50
1.50
Western Pacific 5s
65.50
4 75
65.50
4.7$
5%s
Public
Utility Bonds
41
42%
Federated Util 5%s._.1957
Amer Utility Serv 6s. 1964
75%
77%
1963
1st mtge 4s
s
Idaho
Eleo Power—
Appalachian
f debenture 4%s._1948
Associated Electric 58.1961
Mortgage 3%s
.1968
Inland Gas Corp 6%8.1938
Kan City Pub Serv
1978
Income deb 3%s—1978
26%
27%
27%
1978
1978
29%
32%
30%
Income deb 4%s
Conv deb 4s
1973
53
deb
54
1973
4%s,
59%
..1973
Conv deb 5s
61
Missouri Pr A Lt 3%s.l906
67
100
98% 100
Assoc Gas A Elec Co—
Mtn States Pow 1st
6s.1938
57%
27%
110% 111
44%
45%
75
73%
106% 107
98
97%
105% 105%
97
9&
108% 108%
67%
27
24
Secured notes 3%s._1947
98%
North Boston Ltg Prop's—
4%s._1983
26
149
8 f lnc 4%s-5%s
.1986
Sink fund lnc 5-0S..1986
23
25
29"
21
27
Sink fund lnc 5s
1986
Ohio Power 3%s 1968
Ohio Pub Service 4S..1902
Old Dominion par 68—1951
28"
Peoples Light A Power —
1st lien 3-6s
1961
Portland Eleo Power (Js '50
3%s
1968
108% 109%
92
93%
74%
77%
76%
79%
99%
99%
1st lien coll trust 6s. 1946
19
Cent Maine Pr 4s ser G '00
106% 107%
Income 5%s with stk
*52 /
Cities Servloe deb 5S..1963
1%
71%
2
72%
1st mtge 3%s
1968
83
18%
110
110%
145% 146%
211% 213%
110% 110%
1968
5%s._.1948
1st mtge 3 %s
107% 107%
78
Republlo Service coll 5s *51
St Joseph Ry Lt Heat A Pow
68
1947
103
80
69%
105
San Antonio Pub Serv—
1983
1st mtge 4s._
Sioux City G A E 4s.. 1966
Edison—
1958-193
3%s
81
MX
Pub Serv of Northern HI—
4%s
Central Public Utility—
Commonwealth
2037
2037
1st A ref 5s
Pub Util Cons
Central Illinois Pub Serv1st mtge 3%s
105% 106%
105% 105%
106% 106%
62%
64%
Public Serv Eleo A Gas—
1st A ref 8s
A Electric
Central G A E 5%s...l946
61
108%
25%
Y, Pa A N J Util 5s 1956
N Y State Elec A Gas Corp
4s..-.
1965
Sink fund lnc 4s...1983
30
28
59
/55%
Narragansett Elec 3%s '66
27
1983
100.21 100.23
108
N
4%s.„1958
Cons ref deb
Cent Ark Pub Serv 5s. 1948
Reynolds Invest'g 5s 1948
Kan Pow A Lt 1st 4%s '65
56"
Blackstone Valley Gas
%% notes July 20 1941
X%
Nov 1 1941
48.4957
Lehigh Valley Transit 5s *60
Lexington Water Pow 5s '68
Lone Star Gas 3%s ..1953
Mich Consol Gas 4s 1963—
33%
99
1973
8-year 8s with warr.1940
8s without warrants.1940
Sink fund lnc 4-5s._1986
100.22 100.24
72%
44
37%
107% 108
28
65
Conv deb 5%s
Sink fund inc 5%s__1983
106% 107%
'68
1
1944 6 2.20 less
1
1949 6 2.60 less
70%
Indianapolis Pow A Lt—
Income deb 3%s
Conv
1967
Power 3%fei
108% 108%
106% 107
54
52%
57
Ask
Ask
Havana Eleo Ry 5s...1952 f
81%
144
Bid
Ask
Amer Gas A Power 3-5s '53
4s
s
f revenue '77.AAO
110%
111%
Sou Cities Util 5s A
1958
4s serial revenue..1942 6
1.90
less 1
3.40
lessi%
45%
Texas Public Serv 5s..1961
45
46
Toledo Edison 3%s„.1968
45
47
85%
Consol E A G 6s A...1962
68 series
B
1962
100.19 100.21
Coll lnc 6s (w-s)
1954
Tel Bond A Share 5S..1958
86%
46%
1962
5s
Utlca Gas A El Co 5s. 1957
Crescent Public Service—
Home Owners' Loan Corp
Western Pub Serv 5%s '60
Cumberl'd Co PAL 3%s'66
427.
103% 103%
Wis Elec Power
Dallas Pow A Lt 3%s_1967
2 50
63 25
Southern Ry4%s
1.50
63.25
5s.
5s
55%
4s serial revenue. .1968 6
see page
2.25
-
104% 105%
103% 103%
45
45%
Cons Cities Lt Pow A Trac
101.18 101.20
For footnotes
3.75
63.10
5s.
3.75
64.50
5%s
Southern Pacific 4%s
4%s
79%
Mtge Assn
June 11939
100
2.50
Sink fund lnc
102.5
2s May 16 1943.opt'39
l%s
99
97
64.50
63.50
Income deb 4s
19%
100.10 100.12
102.2
96
4%s
1.00
Assoc Gas A Elec Corp—
100.15 100.17
102.20 102.23
2.25
1.25
way Authority 3 %a
100.28 100.30
1939
2.25
62.75
5s
Bid
113%
Corp—
July
Reading Co4%s
69%
Reconstruction Finance
Is
2.00
2.50
62 75
1.50
3%s revenue
l%s
Sept 1 193!
Fed'l Home Loan Banks
•
63.10
61.80
109
Bid
3%a revenue
62.60
61.50
New York City Park¬
% % notes Nov 2 1939.
2%s series G non-call
Dec 1 1937-50
Pere Marquette 4%s
62.00
...
8 f lnc 5%s-0%s
100
pref---*
100
Ask
Commodity Credit Corp
1.00
2.00
St Louis-San Fran 4s
4%s.
1«25
2.60
St Louis Southwestern
Denver A R G West
1.75
5.50
87
Trustees' ctfs 3%s
4.75
62.00
..
1937-49
Jan A July
104
Miscellaneous Bonds
104
4.75
65 75
62.50
:—
61.50
Chesapeake A Ohio—
104% 105%
Union Elec Co of Mo—
Virginian Ry
Bear-Mountain-Hudson
5.00
4s series E due
5s
108% HO
Rochester Gas A Elec—
Utah Pow A Lt 87
Bid
5.00
65.75
Northern Pacific 4%s
1.00
65.75
N Y N H A Hartf 4%s
62.80
102%
Southern Calif Edison—
Jamaica Water Supply—
Ask
61.50
N Y Chic A St L 4%s
4.75
5s
Queens Borough G A E—
Idaho Power—
53
Power—
24
37%
(Del)
39
51
....
4.75
Maine Central 5s
39%
97
86.50 cum preferred...*
Derby Gas A El 87 pref..*
Essex Hudson Gas
100
88
19%
38
80 cum preferred.......
86%
xll5%
7% preferred
146
*
100
*
*
87 preferred
•_.*
Ohio Power 0% pref
100
Ohio Pub Serv 6% pf._100
7% preferred
....100
100
Dallas Pr A Lt 7% pref. 100
142%
New York Power A Light—
Northern
Continental Gas A El—
105% 108
:
65.60
5s
pf..*
86 cum preferred
37
65.75
5s
65.60
A Maine 4%s
Erle RR 4%s
Serv Co—
87 prior lien pref
New Orl Pub Serv 87
63
Bid
5s
Boston
15
G A E 5% % pf
100
97
104%
3.25
13
100
91
106
2.00
pf 100
Pow 7% pref. 100
Newark Consol Gas
85
83
72
102%
62.90
Hocking Valley 5s
Illinois Central 4%s
Nebraska
73
103%
102%
115
New York Central 4%s
Great Northern 4%s
80
88
4 75
39%
88%
95"
85
70
4.75
25%
77%
93
65.60
24%
86%
99
65.60
5s...
37
Nassau A Suf Ltg 7%
99%
97
Baltimore A Ohio 4%s.._.
6s
6%
Mountain States Power—.
7% preferred
Cbnsol Elec A Gas 86 pref *
Consumers Power 86 pref*
Penn
25
94
92
64.25
100
Pub Serv 7% pref
113%
72
West
67
109%
Ask
70
Cent Pr A Lt 7% pref.. 100
Consol Traction (N J). 100
63%
67
87 preferred
New Eng
100
100
86 preferred
60%
..*
'
Central Maine Power—
7% preferred
Mississippi Power 86 pref *
70
63
New Orl Tex A Mex 4%s__
5s—.
Mississippi P A L 86 pref
Miss Rlv Pow 6% pref. 100
89%
87%
Original preferred
86.60 preferred
81.60
77%
67
1.50
Chic Mllw A St Paul 4%s
Ask
76
106%
106
Atlantic Coast Line 4%s_.
"
Utility Stocks
Bid
107%
Equipment Bonds
Chicago R I A Pacific-
17 pref..*
Arkansas Pr A Lt 7% pref *
Associated Gaa A Electric
44"
42
52.25
Chicago A Nor West 4%s
Alabama Power
99
.1954
1990
—
80"
76
1961
1947
1942
;—1967
1957
1946
1951
1940
Pittsburgh 4s
West Virginia A
173"
139%
06%
6.00
...100
(Pennsylvania)
100
Utlca Chenango A Susquehanna (D L & W)
.100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport & Pacific (Illinois Central).-.100
Preferred
100
Warren RR of N J (Del Lack & Western)
^-.-50
West Jersey A Seashore (Penn-Readlng)..
.50
—
96%
68
83
6.00
United New Jersey RR & Canal
...
—
43%
6~82
Tunnel RR St Louis (Terminal RR)
Public
31
95
43
7.00
100
..100
preferred
Vermont Valley 4%s
7.00
—
pref (Terminal RR)
United New
35%
57 %
85)4
55%
4s
Jersey Railroad A Canal 3%s..
Toronto Hamilton A Buffalo
800
33%
5.00
,
Toledo Terminal 4%s
57 %
625
3.875
—
Toledo Peoria A Western 4a
46"
4.00
60.00
100
c
—
...
Terre Haute A Pecorla 5s.
45
42%
53%
....50
100
60
...
Portland Terminal 4s
86%
64
42
Western)
New York Lackawanna & Western (D L A W)
Northern Central (Pennsylvania)
67
28
1939
1941
1947
—
...—.....
Pittsburgh Bessemer A Lake Erie 5s
46 %
84
2.00
Michigan Central (New York Central)
Second
Pennsylvania A New York Canal 5s
Philadelphia A Reading Terminal 5s
43%
2.00
pref (N Y Central)
—
5.00
3.50
Morris A Essex (Del Lack A
St Louis Bridge 1st
Norwich A Worcester 4%s
2.85
25
—100
100
100
Georgia RR A Banking (L A N-A C L).......
Lackawanna RR of N J (Del Lack & Western)
46%
65
2000
1948
1947
Norfolk 4s
6.00
50
—.—60
Delaware (Pennsylvania)....
Fort Wayne A Jackson
55
51
6.00
Beech Creek (New York
Cleveland A Pittsburgh
45%
......—1953
1950
1978
'
1959
1940
....
:
Kansas Oklahoma A Gulf 5s...
Asted
Bid
Par in Dollars
98%
97
Illinois Central—
(Guarantor In Parentheses)
30
24
6s
Atlantic Coast Line 4s
3oscpb Walkers Sons
29
J27
f27
..1945
5%s
109%
Wisconsin G A E 3%s.l966
Dallas Ry A Term 6s.
1951
63
64%
3%s..l968
Wis Mich Pow 3%s._1961
68%
70%
94
92%
106% 106%
123%
90
92"
107% 107%
107% 108
107%
ir
Volume
148
Financial
Quotations
WE
MAINTAIN
ACTIVE
Over-the-Counter
on
TRADING
MARKETS
IN
Chronicle
427"
Securities—Friday Jan. 20—Continued
Real Estate Bonds and Title Co.
UNLISTED
Investment Trust Issues
Bid
Rittenhouse Plaza (Phlla)
2%s
1955
Roxy Theatre—
Broadway
New
r
Tel
York
921
City
1
;
Par
Bergen Avenue
Affiliated Fund luc
Teletype JCY 1518
l
1956
AO
17
Keystone Custodian Funds
Series B-l.
3s with stock
Ask
1955
66%
Textile Bldg—
1st 4s (w-a)__
1958
Trinity BIdgs Corp—
1st 5%s.^..,w
1939
39
41%
69%
62%
56%
Bldg 1st 4s 1946
62%
19
Walbrldge Bldg (Buffalo)—
43%
3s--
1950
-
Wall A Beaver'St
35%
37%
29%
32%
1st 4%8
17
Corp—
1951
18%
.1948
w-e.
72%
20
Westlnghouse Bldg—
1957
1st mtge 4s.
26.37
4.43
26%
3.56
3.93
Series B-2
.53
.60
Series B-3
14.26
15.72
14.89
16.32
11.80
13.11
22.26
24.40
5
Invest
5%
5%
5%
Series K-l..
Series K-2
Scries 8-2
14.85
16.43
6%
Series S-3
13.92
15.45
Series 8-4
5.35
5.99
5.84
6.44
1
21.69
23.32
10
11.74
12.83
25c
3.92
Corp
♦Class A-
Basic Industry Shares..10
Boston Fund Inc..
British Type Invest A
1
Broad St Invest Co lno..6
Bullock Fund Ltd.
1
Canadian Inv Fund Ltd.-l
Shares Trust...*
Chemical Fund
...1
Commonwealth Invest...1
♦Continental Shares pflOO
Corporate Trust Shares—1
Series AA
3.66
16.51
17.66
.18
.33
25.64
27.42
Maryland Fund Inc...10c
Mass Investors Trust
Mutual Invest Fund
15
4.35
23.31
25.06
Common
10.38
11.24
Voting shares...
3.62
3.94
7%
8%
Foreign Stocks* Bonds and Coupons
Inactive Exchanges
a-
.
2.44
•
Nation Wide Securities—
1.37
National Investors Corp.I
New England Fund
.1
5.93
8L CO.. INC.
St.. N, Y.
Tel. HAnover 2-6422
6.31
13.44
14.48
8.42
Automobile..
Agriculture
-
1.52
7.78
2.37
2.37
,•
,
82 William
Foreign Unlisted Dollar Bonds
N Y Stocks Inc—
1
.
BRAUNL
16%
4.00
Accumulative series...1
5.60
6.08
Series A A mod
1
2.86
Aviation
10.16
10.98
Series ACC mod..
1
2.86
Bank stock
7.84
8.48
♦Crum A Forster com...10
25%
Building supplies
8.67
9.38
♦8% preferred
100
♦Crum A Forster insurance
♦Common R share.-.10
♦7°7,
pre'erred
100
Cumulative Trust Shares.*
Delaware Fund
....
27%
116
Electrical equipment..
a 1
1.46
1
3.50
Deposited lnsur Sbs
Bl
2.67
ser
5.85
1.32
1.44
19.32
Quarterly Inc Shares.. 10c
11.26
5% deb series A
Representative Trust8hsl0
10.44
12.33
.21.67
Republic Invest Fund.26c
.31
8.05
Selected Amer Shares..2%
Selected Income Shares
9.68
2.70
3.34
3.71
Sovereign Investors
I
Spencer Trask Fund.....*
Standard
7.83
♦State St Invest
Foreign Bd Associates Inc.
6.77
Foundation Trust Sbs A_1
4.25
4.55
Fundamental Invest Inc.2
18.41
19.91
Fundamental Tr Shares A2
5.22
5.75
♦
4.62
7.38
*
31.84
5.07
6.52
Corp
Automoblie shares
4.97
5.41
Aviation shares
,
5.44
8.00
8.70
7.68
5.92
/20%
2.50
7s assented
8.35
Trusteed Amer Bank Shs B
7,58
.64
7.42
Trusteed Industry Shares.
.97
1.09
4.63
3.86
4.21
5.29
5.76
6.79
7.39
Petroleum shares
5.09
5.54
RR equipment shares...
4.88
6.71
7.30
Tobacco shares
5.22
5.69
Mining shares
...
2.10
Holding Corp
1
Incorporated Investors—*
.35
.66
17.88
19.22
♦Independence Trust Shs.
2.66
♦Huron
Voting shares
Investm't
1
Corpl
3
Nat Corpcl A-..*
32
♦Class B
w„*
2%
♦First Boston Corp.....10
Instltutlonal oecumies Ltd
15.28
Banking Corp"
♦Bancamerlca-Blair
♦c entral
13.92
18%
3%
35
5
19%
♦Schoelkopf. Hutton A
Bank Group shares
1.06
1.16
Insurance Group Shares.
1.34
1.46
Pomeroy Ino eom._.10e
1%
City Savings Bank
Budapest 7s
...1953
Colombia 4s_.
1940
-
Costa Rica Pao Ry
.99
Wellington Fund
1968
Cordoba 7s stamped--1937
Costa Rica funding 6s. '61
14%
5.32
Steel shares
B
1934
Chilean Nitrate 6s
6.82
Merchandise shares....
2%
7%s '49
6s
1949
Cundlnamar ca 6%s...l969
Dortmund Mun Utll0si2'48
Duesseldorf 7s to...—1945
Duisburg 7% to...r.. 1945
East Prussian Pow 6s. 1963
Electric Pr (Ger'y) 6%s '60
6%s
1953
7 %8
Bid
/34%
B'way Barclay Inc 2s
A2
B'way A
1956
.
9%
Ask
37%
11%
24
41st Street—
•
*
••
Lefcourt State 1st lshld...
Lewis Morris
1st 4s
Apt Bldg—
.1951
—
Lexington Hotel units
1st leasehold 3s....1944
Broadway Motors Bldg4-6s
....1948
33
35%
69% .71%
Brooklyn Fox Corp—
3s_
Mortgage Certificates
Lincoln
Building—
Bid
Ask
-.1966
37%
1st 6s
1947
to
12
Chanln Bldg 1st mtge 4s '45
48%
50%
London Terrace Apts—
1st A gen 3s w-s
1952
Che&ebrougb Bldg 1st 6s '48
48%
61%
Colonade Construction—
1st 4s (w-s).._
1948
Court A Remsen St Off Bid
33%
36%
1950
29%
Dorset 1st A fixed 2s. .1957
26%
32%
29%
1st
3%s
Eastern Ambassador
1947
-.1951
09%
72
93%
94%
Metropolitan Chain Prop—
6s-—-"---1948
...
Deb 5s 1952 legended
50 Bway Bldg 1st 3s Inc '46
6%
8
41%
43%
43
45
27
29
venue—
1947
8 f deb 5s.
1946
29%
31%
41%
45%
Film Center Bldg 1st 4s *43
41%
45%
5%s series BK———...
5%s series C~2
40 Wall St Corp 6s
40
42
5%s series F-l_—
1400 Broadway
1st
1939
Fuller Bldg deb 6s.'... 1944
1st
/67%
39
...
41%
35%
35%
38
71%
73%
4s with stock strap.. 1956
25
27
A
7
/4 8
50
5%S series Q—
mtge 6s
i
A2%
/50%
A9%
34%
A
62%
41%
7%
1951
/19%
23%
48%
50%
Harrlman Bldg 1st 68.1951
28%
29%
165 Bway Bldg 1st 5%s '51
40%
48%
Prudence Co—
46
48%
60
63
1st 5s
1948
5%s stamped
1901
59
Realty Assoc Sec Corp—
3s......
Coupons
Prov Bk
1908
/9
(Ger¬
/20
/20
/20
1
Westphalia 6s *30
6s
..1941
/17
Rhine Westph Eleo 7% '36
/70
AO
0s
1941
Rio de Janeiro 0%
1933
Rom Cath Church 0%s *40
R C Church Welfare 7s '46
"
bank 6%s
1948
Agricultural 6s
1938
German Conversion Offloe
1946
,
7%........1957
7s ctfs of deposit. 1957
4s scrip
f9
8s
120
—
1948
'
8s ctfs of deposit.1948
.'..1947
Santa Fe 7s stamped. 1942
Santander (Colom) 7S.1948
/20
A0
/5%
31%
6
/6%
/13%
July 1933 to Dec 1933—
AO
/9%
/8%
9%
/5
/lfl
/14
mx
63
.....I960
13
67
18
0%
600
65
1960
65
Oct 1932 to April 1935
Oct 1935 to April 1937
f76
/53
A1
/8 0
Coupons—
23
Stettin Pub UtU 7s.-1940
St'nnes 7s unstamped. 1936
Certificates 4s
1930
/36
/25
/25 '
Jan 1938 to
20
„
Saxon State Mtge 0s..1947
/24
Slem A Halske deb 08.2930 /560
State Mtge Bk Jugoslavia
6s
/56
July 1934 to Dec 1930
Jan 1937 to Dec 1937..
6%
AO
/17
Sao Paulo (Brazil) 6s—1943 '.
/5%
Saxon Pub Works 7s—1945
A0%
6 %8
1951
A0%
2d series 5s
to
nox
/20
.
/5%
Santa Catharlna (Brazil)
8%
/30%
40
'
/24
Dec 1938...
4s
1966-1990
-
Guatemala 8s
1948
100% 101%
/29
Toho Electric 7s.....1955
Tollma 7s
1947
/14
-.1940
1967
/17
65
Hamburg Electric 6s .1938
m
Unterelbe Electric 6s—1953
75
A3
15
Union of Soviet Soc Repub
7% gold ruble
1943
Uruguay conversion scrip..
1953
08-.—
/68
/69
/57
Certificates 4s
Hanover Harz Water Wks
Haiti 6s
1946
7s unstamped
Vesten Elec Ry 7s
1947
Wurtemberg 7« to
1945
186 61 91.21
35
/20
/20
A7
43%
103 E 57th St 1st 08—1941
Hearst Brisbane Prop 6s '42
Hotel St George 4s... 1950
Lefcourt Manhattan Bldg
many) 7s
1940
Prov Bk Westphalia 6s '33
Great Britain A Ireland—
Mtge Co—
Ollcrom Corp vtc
2d
Protestant Church
14%
117
Graf (Austria) 8s. —.1954
1 Park Avenue—
2%-4s (w-s)j.,.1949
Graybar Bldg 1st lshld 5s'46
Porto Alegre 7s.
21
German defaulted coupons:
Bldg—
6%s stamped..1948
23%
/20
ns
64
/36
1962
/!?%
Building A Land-
.
70
Corp—
6%s (stamped 4e)..1949
N Y Title A
1945
German Young coupons:
Dec 1 '35 stamped
N Y Athletic Club—
2s
Mtge 7s.'63
Apr 15 '35 to Apr 15 '38.
99%
1936-1937
1946
5% scrip........
Salvador
June 1 *35 to June '38—
68
Panama
Saarbruecken M Bk 0s.'47
Dec 1934 stamped
101
1960
/17
/19
/31
/37
A5
2l"
Jan 1934 to June 1934
1945
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
42 Bway 1st 6s
98
-1945
no
—
45
7s to
1967
German scrip.
German Dawes coupons:
Metropol Playhouses Ino—
N Y Majestic
1958
42%
62
Oldenburg-Free State—
Poland
/20%
/17%
/17%
/19
/20%
/20%
/8
/99%
1947
i
/57
/ 20
/21%
/45
German
Funding 3s
53%
62%
4s
Oberpfals Elec 7s
Panama City 0%s
German Central Bank
Metropolitan Corp (Can)—
6s
Hotel units
Eqult Off Bldg deb 5s. 1952
500 Fifth A
1st 6s (Bklyn)
1st 5s (L I)
64
French Nat Mall 88 0a '52
Ludwig Baumann—
__._1957
—
/9
/61
German Atl Cable 7s..1945
58 X
,
Income 5%s w-s...1963
Loew's Theatre Rlty Corp
/55
16%
16%
67%
/21
/10
mm
56
/8
National Hungarian A Ind
Mtge 7s_—
1948
North German Lloyd 6s '47
/21
7s Income
Farmers Natl
/9 5
—1902
1966
7s
Frankfurt 7s to
62%
/25
/15%
/15%
A4
/95
Nat Central Savings Bk of
,—1967
7%s Income
Alden Apt 1st mtge 3s. 1957
Beacon Hotel Inc 4s.. 1958
15%
3%
European Mortgage A In¬
vestment
Real Estate Bonds and Title Co.
1945
(A A B) 0%s. 1946 1947
(O A D) 0%s.l948 1949
Hungary 7 %s
Madge burg 6s
5 74
*5.54
U 8 El Lt A Pr Shares A—
......
Nat Bank Panama—
8%
Central Bk
Chile Govt 6s assented
4.24
.......
(Brazil) 8s
J7 %
/14%
/1%
Central Agrlc Bank-
2.56
Chemical shares.......
Investing shares
/22
Central German Power
Trustee Stand Invest Shs—
1
69
/19
see German
1
no
Nassau Landbank 6 %s '38
1947
11.17
Food shares
Building shares....
Montevideo scrip.
Munich 7s to
15%
Ceara
Series B
A1
/14%
7.01
7.01
1
AO
(Colombia) 7%s '40
1946
Trustee Stand Oil Shs A.1
Water 7s..._
...1948
Mannheim A Palat 78.1941
Merldlonale Eleo 7s... 1957
76
Cauca Valley 7%s
Series D
/50
AO
AO
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Muhlc Bk Hessen 7s to '45
3.84
Series C
Agricultural shares
Land M Bk Warsaw 8s '41
Leipzig O'land Pr 0%s '40
Munlolpal Gas A Elec Corp
Recklinghausen 7s—1947
•
Group Securities—
7
15%
50
34.24
Investors Trust.*
General Capital
AO
'47„
2.48
10.28
/70
/45
1943
/112
1953
AA
D
Kobolyt 6%s_
54%
54%
/35
/17
/17
Call (Colombia) 78-ul947
Callao (Peru) 7%s
1944
C__
Nov 1932 to May 1935
Nov 1936 to May 1937
4
/6
/19
/14%
63%
/53%
Buenos Aires scrip
Burmelster A Wain 68.1940
.70
3.66
Supervised Shares ......3
4
/29,
B
....
f8
Jugoslavia 6s funding. 1956
Jugoslavia 2d series 5s. 1966
Coupons—
|
15%
4%
/16
6%s
"80
74%
16
Brown Coal Ind Corp—
17.42
.65
Corp...'*
/14
/15
/14%
/3%
/3%
/3%
/18
..1902
/8
fS
Caldas
.73
16.41
Super Corp of Am Tr ShsA
Hungarian Ital Bk 7 %s '32
Hungarian Discount A Ex
change Bank 7s
1936
M
1940
„■
7%s
4.36
Utilities Inc.60c
90%
British Hungarian Bank
10.56
9.90
90%
/25%
/25%
f22
(Germany) 7s. 1936
6s
.34
Insurance stk series. 10c
—10
Bremen
103%
20.13
Fixed Trust Shares A... 10
...
99
1940
Brazil funding scrip
10.94
32
1969
Brandenburg Eleo 6s.. 1953
Brazil funding 5s..1931-51
.55
15.71
30.05
29
2.44
General
.49
14.69
...1958
6s
2.57
■Vj
28.25
Fiscal Fund Inc—
series...10c
7s
7s
7.42
First Mutual Trust Fund.
t.
2.33
10c
♦Putnam (Geo) Fund
1945
Palatlnlte Cons
Cities 7s to..
1945
'
4«i
96
/20
,s'36-4(M6-48
Bavaria 6%s to
2.84
—1
1939
Housing A Real Imp 7s *46
Hungarian Cent M ut 7s '37
Bavarian
2.79
Plymouth Fund Inc
Hansa 88 6s
f32
8s.a..
1945
Bolivia (Republic) 8a.1947
1
Bid
m
1946
Bogota (Colombia) 6%s '47
17.99
ment Fund series A-l
Fault Inv Corp (Mass)..6
Equity Corp 13 conv pref 1
Fidelity Fund Inc
*
Barranquliia
Ask
1940
53
...1
i*
Series 1958
Eaton A Howard Manage¬
B
9.66
6~55
_26c
B.
8.93
Series 1956
1
stock
9.45
Series 1956...
3.55
D
Bank
9.38
No Amer Tr Shares 1963.*
mmmp.
3.60
Dividend Shares
8.67
8.74
No Amer Bond Trust ctts.
Diversified Trustee Shares
C__
9.91
Railroad equipment
Steel.
17.88
9.17
Oils
4.90
16.54
9.48
Metals.............
111
J
Argentine 4%s
1948
Bank of Colombia 7 %. 1947
7s
1948
10 33
8.77
Bid
Anhalt 7s to
Antioqula 8s
8.97
9.56
Machinery.......
33%
8.29
Insurance stock
31%
Deposited Bank Stis ser
Deposited lnsur Sbs A
•
34%
1st 3s.
2 Park Ave
12.19
5%
Nat
71
61 Broadway Bldg—
3%s with stock....1950
616 Madison Ave—
Ask
11.44
4.01
Assoc. Stand Oil Shares..2
Century
Bid
1
24%
Equities Inc 26c
Insurance Stock Corp*
Bankers
Par
Investors Fund C
%
Business Shares
Amer Gen
Am
Ask
13.90
Corp..*
♦Amerex Holding
Amer
Bid
68
Sherneth Corp—
2s with stock
Connecting Branch Offices In leading Cities
13.07
1957
1st mtge 4s
Investing Companies
Admlnls'd Fund 2nd Inc.*
42%
Savoy Plaza Corp—
3.6s with stock
Tel. Journal Sq. 2-4400
REctor 2-5485
Private Wire System
39%
Commodity Exchangee
Jersey City Office
115
Bid
Syracuse Hotel (Syracuse)
1956
60 Park Place (Newark)—
1st 3%s
1947
GOODBODY & CO.
Member s N. Y. Stock Exchange and other
Principal Stock and
Main Office
"'
Mortgage Certificates
Ask
58
income
1943
/40%
48%
*
No
Interchangeable. ;b Basis price,
d Coupon,
e Ex-Interest.
/Flat price,
n Nominal quotation, .«>< When issued,
w-s With
stock,
x Exdividend.
y Now selling on New/York Curb Exchange,
s Ex-liquidating dividend.
t Now listed on Hew York ^tock Exchange.
par
value,
a
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of
pure gold.
Quotation juot furnished by sponsor or I ssuer.
♦
.
Financial
428
Securities—Friday Jan. 20—Concluded
Quotations on Over-the-Counter
Industrial Stocks and
2*
American Arch
—
Cynamld—
5% eonv pre!
10
American Hard Rubber—
8% cum pre!
IOC
American Hardware
21
Amer Matte Product*...*
American Mfg 5% pre! 100
Andlan National Corp...*
Art Metai Construction. 10
Bankers Indus Service A.*
Burdlnes Inc common
1
Cbic Burl A. yuiocy.—lOO
Chilton Co common
1C
Columbia Baking com...*
$1 cum preferred
*
Crowell Publishing com..*
Denntson MIg class A—10
Dentist's Supply com...10
Devoe 4 Reynolds B com ♦
Dictaphone Corp
*
Dixon (Josj Crucible—100
Domestic Finance cum pf_*
Douglas (W L) Shoe—
37*
American
Bake Shops
Federal
15*
shares
Pollak
Manufacturing..
12*
63
Remington Arms com...
4*
M50V111
•
Manufacturing..26
3*
38*
24*
25*
19*
Mnger
Manufacturlng—lOO
Mnger
X
4*
17*
26 X
28 4
X
67 X
IX
60*
28
32
31 X
35
Time Inc...
29
33
28*
31*
2*
64 X
67*
4*
Warren
18
Packing com
16 preferred
14
3*
30*
32*
40*
6*
8*
24*
26*
*
•:
8X
9*
Vork Ice Machinery
preferred
,
\m
Wire
11*
12*
Chicago Stock Yds 6s
46*
47*
7
42*
*s '48
Amerles
99*
28*
Crown Cork 4 Seal 4
37*
Crucible
1*
$3 conv preferred.
.*
Merck Co Ino common..I
9*
10*
100
6% preferred
Mock Judson 4 Voehrlnger
7% preferred
10<
Muskegon Piston Ring.2 H
Casket
*
National
--*
Preferred-
Type com...*
preferred
..100
*
Nat Paper 4
6%
New Britain Machine
28*
27*
118
116
106
100
12*
11
28*
32*
2*
16*
3*
100
73
15*
54*
«
2d conv Income
..196?
5s-.1962
*
Par
Kobacker Stores
10
87
7% preferred
Bohack (H C)
1*
3*
2*
3*
-.100
21*
23*
Diamond Shoe pref
Fishman (M H)
100
Co Inc..*
For footnotes see page
...100
7% preferred
common...*
7% preferred
oo
7*
Ask
Bid
10*
pref
common..*
100
Murphy (G C) $5 pref. 100
Reeves <Daniel) pref
100
United Cigar- Whqlan Stores
55 preferred
—.*
Kress (8 H) 6%
Miller (I) Sons
6*% preferred.
67
reasons
,
5s series C
101*
always
following additional registration statements
Stocks
par
Par
New York Mutual Tel. 100
*
.....100
Pac & Atl Telegraph
Canada...100
pref—.100
Cuban Telep 7% pref..100
Peninsular Telep com
Preferred A
100
56.50 1st pref...
100
Gen Telep Allied Corp—
$6 preferred
Int Ocean Telegraph...100
Mtn States Tel A Tel..100
25
*
100
Telephone—
Rochester
Tel--100
Telegraph
25
Sou New Eng Telep—.100
So A Atl
Wisconsin Telep 7% pf. 100
Sugar Stocks
23
111
99
.Bid
Par
8*
Sugar..7*
Eastern Sugar Assoc
1
Preferred
1
Cuoan Atlantic
30
Ask
31*
4*1
Par
1
,
9*
5*
13*1 15*1
Savannah Sug Ref com
1
Corp_.l
West Indies Sugar
Bid
j Ask
34*
32*
3*1
4*
and Investment News
possible to arrange companies in exact
as near
alphabetical order.
alphabetical position as possible.
UNDER
(Nos. 3917
been filed with the
Securities and Exchange Commission under the Securities
The total involved is approximately $2,934,584.
Campbell Transportation Co. (2-3917, Form A2) of Pittsburgh, Pa-
Act of 1933.
registration statement covering $550,000 of 4% serial equipment
due 1940-1951.
S. K. Cunningham & Co., Pittsburgh,
to be assisted in the distribution
trust certificates,
Kant
has filed
Blaze
a
Fireproofing Corp. (2-3816,
& Co., Inc., of Cincinnati, Ohio.
Offering prices of the certificates will be furnished by amendment.
Pro¬
ceeds from the issue will be used for debt incurred in the purchase of a towboat and barges and for working capital.
John W. Hubbard is President
of the company.
Filed Jan. 12, 1939.
Howard Aircraft Corp. (2-3918, Form Al) of Chicago, 111. has filed a
registration statement covering 500,000 shares of common stock, par $1,
and common stock purchase warrant evidencing the right to purchase
100,000 shares of common stock.
Ben. O. Howard is President of the
company.
Filed Jan. 12, 1939.
(See subsequent page for further details).
Mutual Reserves Administrators, Inc. (2-3919, Form Al) of New
York, N. Y. has filed a registration statement covering 1,980 shares of
$100 par 5% cumulative preferred stock and 15,840 shares of common stock
with par value of 10 cents.
The preferred and 7,920 shares of common
stock wiU be offered publicly in units consisting of one share of preferred
and four shares of common at $100.40 per unit.
The remaining shares of
common, 7,920, will be offered to employees in four-share units at 10 cents
per share in proportion to sales made by them in the public offering.
Pro¬
ceeds from the issue will be used for working capital.
Officers, directors
and employees may be underwriters of the issue.
Elwood M, Hall is
President of the company.
Filed Jan. 13, 1939.
Smiths Heating System, Inc. (2-3920, Form Al) of Kinston, N. C.
has filed a registration statement covering 10,000 shares of $25 par value
class A common stock.
The stock will be offered to the public at $25 per
share.
Proceeds from the issue are to be used for debt, purchase of ma¬
chinery and plant sites and working capital.
No underwriter named.
Forrest H. Smith is President of the company.
Filed Jan. 14, 1939.
Form Al) of Lynn, Mass.
value
The
be
Arthur
covering 300,000 shares of $1 par
registration statement
stock.
The stock will be offered publicly at $1.25 a share.
underwriter of the issue will be, named by amendment.
Proceeds will
common
used for
purchasing of machinery, equipment and working capital,
of the company.
Refiled Jan. 16, 1939.
W. Lalime is President
The last
in
our
previous list of
registration statements was given
issue of Jan. 14, page
RAILROAD
270.
RECEIVERSHIPS
IN
SALES
will be the principal underwriter and is
of the securities by Charles A. Hinsch
1
...
101*
105*
104*
103* 105*
UTILITY—INDUSTRIAL—MISCELLANEOUS
REGISTRATION STATEMENTS
SECURITIES ACT
3920, and No. 3816, a refiling) have
has filed a
1956
1960
1949
5s series B..
105*
5
2
17
107
it is not always
However, they are
The
y
—
105*
427.
NOTE- -For mechanical
to
102*
—
RAILROAD—PUBLIC
OF
98
12
General Corporation
FILING
98*
100
102* 104*
Telephone and Telegraph
plst Teleg (N J) com.
102* 104
75
11*
1951
1950
1st mtge 5 *8
Franklin Telegraph
Ask
7
...100
B/G Foods Inc common ♦
Borland Shoo Stores
96
loo""
1950
1st mtge 6s
107
5s. 1950
New Jersey Water
Emp A Bay State
Bid
103*
Co¬
ds series B
Bell Telep of Pa
108* 111*
4s..1961
Western N V Water
...
Bell Telep of
Chain Store Stocks
Par
J Va Water Serv
...
103*
6*8.1955
Preferred
54
99""
102* 104
105
58-1958
mm
104*
105
103
1957
WW Co 5s
6s series A
mm**
50*
1949
6s series A
97
105*
*57
Monmouth Consol W 5s '56
Monongabela Valley Water
6*s
...1950
Morgantown Water 6s 1965
Muncle Water Works 6s '66
Am
196?
101* 103*
101*
92
55*
Woodward Iron—
60
Jo pi in
20*
108
Mfg 5*8
3*8-.-—-1966
76
/17*
1946
■«covill
i960
1960
106
105
103* 104*
/13*
99
1st 5s
50
75*
/73
Shipbuilding 5S..194C
Wltherbee Sherman 6s
19
24*
New Haven Clock—
Preferred 6*%
99* 100
194*
Deep Rock Oil 7s ....193'
Firestone T 4 R 3*8.1948
Haytlan Corp 8s
_.193>Kelsey Hayes Wheel Co—
Codv. deb 6s
194*
McKesson & Rob 5*8 1950
Vat Radiator 5s.....l94»
V Y
108
104
of
Steel
4*8
5s.-—1955
Ssserles B
—
Middlesex Wat Co 6*s
96*
1*
1st mtge
Long Island Wat
98*
76
102
98
Indianapolis Water
Kokomo W W Co
94*
35*
1st mtge
6s series A
102
99
1961
85
...
8*
44*
83
80
...
5s.
48
"
78
72
101*
23
21
194C
1st conv af 6s.
Huntington Water-
104*
Cont'l Roll 4 Steel Fdy—
25*
1967
100* 103*
6s
90
\mertcan Tobacco
16*
1
6
Robblns
Water Service 5s. 1961
102
100
1*
16*
7*
11*
43
100* 101*
102*
100
97*
4s.l95i
29*
14*
..*
Preferred
106*
.1958
4*s.
1
Fabrics 7s..194?
27
2*
McKesson 4
69*
100
103*
109
Macfadden Pub oommon.*
Marlln Rockwell Corp
64*
105*
100*
65*/
68
8
109*
100
107
Richmond W W Co6s_1957
60*
14*
6*
Bonds—
'69
105*
5s series B
14*
*
—-10<
108
...
95
1 Of
1
cum
*
15*
99
103*
102
102
12*
preferred
*
wick wire Spencer Steel—"
Wilcox 4 Glbbs com
5C
WJR The Goodwill Sta—6
Worcester Sa't
1CK
38'4
,
10C
*
5*
49
1948
4s—1965
46*
105
103~~
100* 102*
100* 102*
1948
Prior lien 5s
Phlla Suburb Wat
5*
44*
13*
com..6
Preferred
44
1st consol 5s
1*
*
43*
West Dairies Inc com v t c
S3
1948
1st ooneol 4s.
...
101
81*
4*
"
6*
4
:::
103
1st A ref 6s A
—
preferred
7%
102
29*
42*
West Va Pulp 4 Pap com
40
13
Preferred..—.-.
,.*
-,10(
Welch Grape Juice
4*
3*
99*
1st & ref 5s.—
(Northam)—
13 conv preferred
4
38
Extinguisher...»
1
Knight com
*
Long Bell Lumber
17*
2%
Good Humor Corp
100
Great Lakes SS Co com..*
Great Northern Paper..26
Harrlsburg Steel Corp
6
Interstate Bakeries 15 pref.
KUdun Mining Corp
1
King Seeley Corp com—_1
Landers Frary 4 Clark-.26
Lawrence Portl Cement 100
22
99
Co—
1960
Peoria Water Works
86""
81
1st coll trust 4*8.. 1966
105
2*
*
..10C
Preferred
92
9*
1
feeder-Root Inc com...
6
87
136
75*
United Piece Dye Works.#
3*
1957
Penna State Water—
Pinellas Water Co 5*s.
27*
•
pf.10
rubize Chatlllon cum
Ore-Wash Wat Serv 5s
105* 106*
17
8*
1*
132
Trlco Products Corp
105*
35*
15*
United Artists Theat com.
101
41*
6*
4*
Tel Mfg
•lylvanla Indus Corp—
Taylor * barton Iron 4
Steel common
*
Tennessee Products
*
Rrom berg-Carison
106
6s.,
5
31*
15*
58.1954
Ohio Water Service 5s. 1958
8*
40
*fnnley Works ir>c.....2.(
7
5
Ohio Valley Water
104*
4*
•
4*
__1
101
219
3*
...21
utudard oerew
3*
105*
1
14*
7*
95
98*
100
r
3*
10
215
...
Solar Aircraft—
48
2*
Mfg Ltd
90
95*
Newport Water Co 5s 1953
Ohio Cities Water 6 *s *53
50
20
2*
^kenandoa Rayon Corp..*
6*
45
.*
*
Graton 4
17*
68*
shs—*
Gen Fire
9
15*
Foundation Co For
Oarlock
1
36
Fohs OU Co
American
idigrlm
17*
6*8
91
86
1951
1951
5sseMe8 B
103
28*
Exploration
New Rochelie Water—
99*
i
Ask
Bid
i
New York Wat 8erv 5s '51
94
27*
31
Preferred...
11
100
Film 7%
Hatbe
12*
89 *
*
*
Draper Corp
i
10*
9*
pref
•
Petroleum Conversion... 1
Petroleum Heat 4 Power. •
11*
pre!
Conv prior
9
Ask
100* 101
101*
7
38*
35*
6
lulo Match Co
4
Pan Amer Match Corp..2/
Bid
As t
HA
Pot
Pharmacal
Norwich
3*
33 *
Milts Inc......*
Alabama
Water Bonds
Bonds
Ask
bid
1939
Jan.
Chronicle
See under
"Current Events
ceding page.—V. 146, p.
Gross income after
FORECLOSURE
and Discussions" on a pre¬
1257.
Alfred Decker & Cohn,
Years Ended Oct. 31—
AND
1938
Inc. (& Subs.)—Earnings—
1938
1937
1936
deducting buying
$468,832
671,000
$866,660
742,880
$828,578
680,100
loss$202,168
10,468
$123,780
55,262
$148,477
54,874
loss$191,701
$179,043
$203,352
50,i68
59,860
b41.l93
1,414
55,819
and publicity expenses
Selling, general & admin, expenses—
Profit from operations
Other income
Total income
Other expenses
Prov. for income taxes
(est.)
Minority int. in profits of
subsidiary.
183
22,300
524
loss$242,051
$76,576
$124,708
$22,800 for surtax on undistributed profits.
depreciation, has been provided on the machinery, fixtures
Net income for the year
b Includes
Note—No
all additions during the year
as the parent company has
and equipment of the parent company and
have been charged against operations, inasmuch
carried these accounts at
$1 since Oct. 31, 1934.
Volume
148
Financial
Comparative Balance Sheet Oct.
Assets—
Parent
1938
1937
18,570
20,804
21,986
1
1
Invest'ts & advs__
129,834
120,801
470,000
139,859
825,000
180,562
41,824
85,181
23,199
Goodwill, &c—...
442,500
Accounts payable.
46,360
$889,600
442,500
Notes payable
39,785
$889,600
Preferred stock
SI
Subsld's fixtures,
a
equipment,
Subs.
c
&c.
leasehold
Accrued
improvement
b
not
expenses.
balance on or before July 1, 1941, but not in any event until after the
optioned stock has been registered under the Securities Act of 1933, and the
Securities
5,910
5,944
Earned surplus
1,124
e
Treasury stock.. Drl87,013
5,224
Directors have declared a dividend of $1 per share on account of accumu¬
on the 6% cumulative
preferred stock, par $50, payable March 31
Minority shareh'rs*
Advs. to officers &
employees
Inventories
1,840
4,887
214,607
Cash value of Ins..
61,240
45,414
Deferred charges..
39,895
A dividend of 75 cents was paid on Dec. 28,
this latter being the first dividend paid since Dec. 31, 1937 when a
regular quarterly dividend of 75 cents per share was distributed.—Y. 147,
p. 3302.
jast,
232,946
Drl87,013
992,670
18,129
211,633
to holders of record March 17.
982,777
5,541
company..
395
564,943
696,350
lations
equity in subsid¬
iary
Trade accts.
rec._
American International Corp.—Annual
&c
Ext'd trade
net
assets
corporation's outstanding debentures ($9,974,000 at Dec. 31, 1938; $10,000,000 at Dec. 31, 1937) were: Dec. 31, 1938, $2,124.65; Dec. 31, 1937,
43,505
$2,514,0921
$1,745.34.
Total .........$1,809,748 $2,514,092
On the foregoing basis the net asset values per share of common stock
(1,000,000 shares outstanding at both dates) were: Dec. 31, 1938, $11.21;
1937, $7.45.
During 1938 corporation acquired $26,000 5K% debentures at an average
cost of 98.07 leaving $9,974,000 outstanding at end of year.
?
for depreciation of $142,025 in 1938 and $133,867 in 1937.
b After reserves for depreciation of $35,119 in 1938 and $33,906 in 1937.
c Amortized to date,
d Represented by 88,960 shares common stock, par
a
says in part:
market quotations or on valuations assigned by directors, the
of corporation at Dec. 31, 1938, were $21,191,285 compared
on
with $17,453,422 at Dec. 31,
1937, an increase of $3,737,863, or 21%,
which increase is after deduction of all interest and expenses applicable to
the year's operations.
On this basis assets applicable to each $1,000 of
18,671
$1,809,748
After
Based
accts.
& notes recelv_.
Cash..
Total
Report—
Harry A. Arthur, President
Vendors' debit bal¬
ances,
the New York Curb
on
271.
p.
American Hide & Leather Co.—Preferred Dividend—
40,091
prof its taxes
used
in business
Exchange Act of 1934, and duly listed
Exchange.—V. 148,
Fed. inc. & excess
Land, bldg. and
equip,
and supervisory executives recieving such an option is entitled to
purchase not more than oen-third of the optioned stock on or before July 1,
1939, an additional one-third between that date and July 1, 1940, and the
1937
1938
d Common stock..
$1
429
officers
Liabilities—
I
mach.,
co.
fixt's & equip
Chronicle
31
reserves
Dec. 31,
$10.
e Represented by 123 shares preferred stock at $12,300; 1,918 shares
not under option at $19,180, and 24,000 shares common under
option to Mrs. Raye H. Decker at $155,533.—V. 146, p. 587.
common
Adams Express Co.—Collateral On
Income Account
for
Deposit—
The company has notified the New York Stock Exchange that the col¬
lateral on deposit as at Dec. 31, 1938 under the supplemental indenture
revenue
Miscellaneous
follows*
1936
$12,093
Deduct—Expenses
z.
Taxes
Interest
...
$9,363
1,010,689
18,814
$498,298
151,256
22,278
549,458
income..
Total
Collateral held by Manufacturers Trust Co. (New York) as trustee under
supplemental indenture dated May 15, 1937, securing 10-year
de¬
bentures, due Aug. 1, 1946;
1937
484,755
1,450
Dividends.
securing 10-year 4 %% debentures due 1946 and under the deeds of trust
securing collateral trust 4% bonds due 1947 and 194S, respectively, was as
Years
Calendar
*1938
Interest
$1,038,865
153,675
57,720
570,000
1935
$60,427
975,051
$129,516
813,631
6,268
24.400
$1,041,746
163,439
$967,547
171,427
41.169
22,064
760,155
637,010
,
Crane Co..
common
stock..
standing (nopar)..._
Earned per share..
8.000
3.000
....
....
Montgomery Ward & Co., Inc., common stock..
National Steel Corp., capital stock
The National Supply Co., common stock
Earned surplus,
...
;
...
(accumulated from Jam
...
.......
.
31,970
...
501
Co. of America—wholly owned
5,248
Total
Operating loss for the
.$7,949,027
224,694
above.__
year, as
Excess (net) of book values over proceeds from sales of securities.
b992,897
Additional transfer taxes assessed—applicable to prior years11,114
Earned surplus—Dec. 3a, 1938 (accum. from Jan. 1, 1933)—$6,720,321
Capital surplus at beginning and end of year—;
—$2,531,186
b On Dec. 31, 1932, the book values of securities on hand were written
down to market or assigned values establish* d as of that date.
Subsequent
acquisitions of securities have been recorded at cost, and the profits or
losses on securities sold since Dec. 31, 1932, have been based upon the
average of such book values.
*
5,800
t
June
1, 1947. which have been deposited over a period of time with the
.•.
•
'*
Collateral held by Bankers Trust Co. (New York) as trustee under deed
of trust dated Feb. 9, 1898 securing collateral trust 50-year 4% bonds,
due March 1, 1948
•
1938
.......
Reading Co., common stock,...
;
4,461
Southern Pacific Co., capital stock.
*
3,400
In addition, there were held by the trustee $21,911,000 principal amount
of Adams Express Go 's collateral trust 4% distribution bonds of 1907, due
trustee.
1,
over cost of 5 M % debentures acquired for
treasury
Reduction of reserve for adjustment of book value of Allied Mach.
Shares
Delaware Lackawanna & Western RR. Co., capital stock
$0.01
.
Excess of face value
bonds of 1907, due June 1,1947;
v
$0.25
1,007,973
1,000,000
$0.20
_
Otis Elevator Co., common stock
20,000
Standard Oil Co. (New Jersey), capital stock.
10,000
Collateral held by Guaranty Trust Co. of New York as trustee under
deed of trust, dated June 17,1907, securing collateral trust 4% distribution
.
Nil
balance, Jan.
applicable thereto
5,000
9,800
4,000
5.000
10,000
-
;
$13,901
o
1,000,000
1, 1933)
__.$7,911,307
Refund of N. Y. State franchise taxes for years 1931-36, less exp.
5,000
The Mathicson Alkali Works, Inc., common stock...
Mid-Continent Petroleum Corp., capital stock
•«.■*
$200,128
$257,469-
1,000,000
Statement of Surplus for Year Ended Dec. 31, 1938
10,000
10,000
7,500
2,000
10,000
International Harvester Co., common stock
International Nickel Co. of Canada, Ltd., common stock
Lone Star Cement Corp., common stock
Mack Trucks, Inc., common stock..
*,
Shs.
17,000
5,000
.....
...
General Motors Corp., common stock
General Realty A Utilities Corp., $6 preferred stock
Gulf Oil Corp. of Pennsylvania, capital stocks
i
Net earnings.._...loss$224,694
common stock out-
Shares
.
Anaconda Copper Mining Co., common stock
Best & Co., Inc., common stock
Comparative Balance Sheet Dec. 31
•
',/.p
'•
/
■.
V.
■
1938
Assets
' '
■
<$
" $ "•
Securities ownedl7,972,206
x
1938
1937
'
Liabilities—
..
1937
$
$
17,977.329
Accounts payable.
$127,369
$11,077
3,319,287
Deb. Int. due Jan.l
274,285
275,000
,
New York Central RR. Co.
3M% secured bonds, 1946
$58,000
$600,000
..$1,000,000
Southern Pacific Co., 3M % secured bonds, 1946
*Southern Express Co., 4% demand notes.';
*
Secured by collateral.
y
DIvs.
McPherson, and K. E. Stockton
Phelan,
Russell
and
of the
were
elected directors.
Invest,
were
appointed
J.
Vice Presidents
Jan.
17
account of accumulations
declared
on
a
In
V,
vin—less
M.
are
Div.—
par
vy.
6 Mos. End. Dec. 31—
Gross profit from oper'ns
$504,052
$925,964
$974,132
425,274
384,566
381,060
on
Profit from
'
■
1937
—
$60,550
25,170
operations...
1936
doubtful
45,878
41,955
317,533
$285,903 prof$132,647 prof.$161,695
'""xSO
No provision for surtax on undistributed profits.—V.
Net income....
'
-
Prior preferred dividends
1
.1
Participating preferred dividends..;
—B
After adjustment applicable to prior years,
x
1938
•
12,485
$1,201 net.
Liabilities—
1937
time
Due
deposits...
Mktable.
at
Inventories, at cost
Postage,
Cash
accr.
sur.
on
drafts
99,037
Dividends
81,518
95,245
1st
239,636
293,240
3,745
3,459
—
bonds
Oct.
27,621
3,574
15,306
20,000
gold
maturing
1.
500
550
100,000
120,000
y451,539
462,382
81,518
Misc. liabilities—,
bonds
of
85,203
92,508
Officers' notes and
receivable
mtge. 6%
84,261
1st mtge. 6% gold
value of
lives
payable
21,663
20,000
Accrued accounts.
int.
$50,434
4,038
$162,617
99,037
.
1937
$64,344
for
bank
to
$182,845
securs.,
cost
Accts.receivable..
1938
Accounts payable.
band, de¬
on
mand deposits &
2,930
•
3,165
70
Dep. In closed bks.
Prop., pl't & eq.
333,523
344,918
23,928
20,732
x
Total
147, p. 3755.
Capital stock
Capital surplus:
Paid In
Disc,
on pr.
cap.
pref.
stk. acq'd
for retirement
Company has notified New York Curb Exchange that pursuant to auth¬
are
personal and not assignable, and each of the
$1,059,669
$1,107,686'
Total
—
10,789
5,378
301,704
321,755
.$1,059,669 $1,107,686
reserve for depreciation of $334,287 in 1938 and $320,492 in 1937.
Represented by prior pref. stock: authorized, 38,415 shs. of $7 par value,
5% annual div., cumulative; issued, 30,676 shs., less 4,644 shs. retired and
canceled; participating preferred:: authorized, 38,415 shs., less 2,645 shs,
retired and canceled; issued and outstanding, 32,675 no par shs.; preference,
participating, $2 minimum annual div., cumulative (redeemable at $40
per share), authorized, 38,415 no-par shs.; issued or reserved for exchange
x
Airlines, Inc.—Options Granted—
The options
24,811
Consolidated Balance Sheet Sept. 30
Assets—
Cash
Deferred charges..
orization of the stockholders, options have been granted to various officers
share.
loss$59,946
11,282
i
$97,717
23,818
and supervisory executives to purchase an aggregate of 25,000 of the un¬
issued shares of the capital stock of the corporation at a price of $12.50
per
$16,736
10,939
.
——,
Prov. for Fed. income taxes—prior year.'..
Earned surplus
American
$52,112
36,420
$88,532
10,078
93,144
2,202
37,450
5,603
accts., less recoveries
Miscellaneous charges
Loss from flood
1935
290,253
15,246
x80,000
303,922
15,152
_
x
.
$85,720
7,697
60,154
1,083
,—.»
_
for
accts.
Res. for self-insurance.
Prov. for Fed. inc. taxes
Net loss
1937
$2,072,022
862,687
1,157,223
,
income
Gross
officers..;
322,783
15,879
x20,000
1938
$1,648,433"
702,405
885,478
Sept. 30—
Interest
Prov.
ins.
50,090
Subs.)—Earnings-
Other income credits
time
45,606
as
1: 1939, $274,285; 1938, $275,000.
shares.—V. 147, p. 561.
receivable, &c._
sales on shipm'ts made
during period.
Deprec. of plants and
depletion of mines
the books since Dec. 31, 1932>
of that date, plus additions at
Market value Dec. 31
debenture interest due
z Represented by 1,000,000 no
on
assigned values established
Selling and general.expenses
382,775
for loss
Total.........20,703,589 21,806,631
—
$668,364
General operating & ad¬
ministrative expense.
Provision
2,531,186
.
Agricultural Chemical Co. (Del.) (& Subs.)
_
'7,911.307
2,531,186
100,000
....20,703,589 21,806,6311
Years Ended
Young, Allan P. Kirby, and the Seaboard Co.
Kirby, with Frank F. Kolbe, bought the Alleghany
1938
6.720,321
Capital surplus...
Gross sales, less returns and allowances—.
_—
Cost of goods sold:
—_——
interests from Mr. Ball and the Foundation in 1937.
These interests also
included the Midamerica Corp., a subsidiary of Alleghany and top holding
company for valuable real estate in Cleveland.
Mr. Kolbe later sold his
interest to Mr. Young and Mr. Kirby.—V. 148, p. 271.
American
100,000
res...
R.
Mr. Young and Mr.
183,518
American Products Co. (&
George
Robert
188,766
dividend of 50 cents per share on
A. Ball, of Muncie, Ind., and the George and
Frances Ball Foundation filed, Jan 1 12, in the U. S. District Court at
Indianapolis a joint answer to a $5,000,000 damage suit, denying allegations
of manipulation of securities of the corporation.
The damage suit, filed Nov. 26, .alleged that Mr. Ball violated the Se¬
curities and Exchange Act, which prohibits "wash sales."
Those sales, the
suit alleged, had only the purpose of creating "both actual and apparent
active trading in the securities of the corporation," and thereby induced
those who filed the suit to purchase the securities, at false,
lraudulent,
fictiious and excessive prices."
Plaintiffs
_
Jan.1,1933
cost, less the average book values of securities sold'.
1938, $18,937,984; 1937, $13,988,259.
ylncludes
of All
Alleghany Corp.—G. A. Ball Files A.nswer to Suit—
Attorneys for
z
Earn. surp.—From
Securities owned have been carried
x
5%
due Jan,
Mar¬
at market or
the $3 cum. con v. pref. stock, no par value,
v;
78,060
76,427
debs.
1, 1949 9,974,000 10.000,000
Common stock.
1,000,000
1,000,000
20-yr.
of
res..
Total
similar payments were made on the two preceding quarters, prior to which
regular quarterly dividends of 75 cents per share were disbursed.—V. 146,
4104.
22,488
204,009
Socledade
Anonyma
payable Feb. 1 to holders of record Jan. 26.
Like payment was made on
Aug. 1 and Feb. 1, 1938, and on Aug. 1 and Feb. 1, 1937. A dividend of
45 cents per share was paid on Aug. 1 and Feb. 1, 1936, and compares with
35 cents paid on Aug. 1 and Feb. 1,1935, this latter being the first dividend
paid on the pref. stock since Aug. 1, 1931, when 50 cents was distributed;
P.
Co.
own.—less
Inv.
Jan.
Allied International Investing Corp.—Accum.
on
Reserve for taxes.
■
Allied
in
Mach.
America Cables.
The directors
*
29,624
156,858
Ame'r.:—wholly
Mr. Stock¬
Executive Committee, and Messrs.
McPherson
and int.
'
Frank W. Phelan, Executive Vice President was on Jan. 19 elected
President of the company.
He succeeds John L. Merrill, who has been
elected to Chairmanship of the Board.
J. M. Phelan, Charles H. Russell,,
becomes Chairman
ree.
accrued..
Accts. receivable..
A1I America Cables & Radio, Inc.—New President—
C. R.
2,256,136
,
In addition thepre were held by the trustee $9,757,500 principal amount of
Adams Express Co.'s collateral trust 50-year 4% 1bonds, due March 1,
1948, which have been deposited over a period of time with the trustee.
—V. 148, p. 270.
ton
Cash
'
y
After
Financial
430
80,000 no-par shs., including
stock,—V. 147, p. 3903.
1938
Co.—Vice-President Resigns—
American Radiator
453
Assistant
Secretary and
Mount,
E.
to Mr. Drever,
elected Treasurer, as successor
1,292
1,376
$1,560,359
947,901
83,095
$1,860,539
1,736,584
$2,635,155
2,195,190
$2,324,894
1,817,440
$2,591,356
1,835,226
$123,954
$439,966
$507,454
$756,130
47
2,185
22,345
102.655
780.000
780,000
780,000
295,556
1^7,963
Operating costs
Net
300,651
17,963
780.000
307,787
operating profit..
and
int.
paid
accrued (net)
Current
—
Treasurer since 1932, was
and will also continue as
Int.
accr.
on
and
debs,
income notes.-
Secretary.—V. 147, p. 3150.
depreciation
Reserve for
Amortiz. of reorg. exp__
Co.—Report—
Telephone & Telegraph
American
Consers'n of Tacajo
There were approximately 15,760,000 Bell
service on Dec. 31, 19.38.
The total number of toll and long distance calls in
less than In 1937.
distance calls were
1938 was about 1.5%
Toward the end of the year, however, the toll and long
running slightly above the level of a year ago.
& Telegraph Co.
xl93&—3 Mos.- 1937
xl938-r-12 Mos.—1937
$
$
$
$
26,985,000
23,689,000
26,914,700 103,302,000 107,339,531
23,189,554 92,525,000 89.C55.466
income,..'.
3,296,000
18,284,065
46,289,895 147,896,000 171,855,965
Net oper.
10,777.000
3.725.146
38,894,000
Interest income
.•
2,314,000
Other income (net).....
135,000
Dividend income
2,051,864
157,162
6,996,285
673,880
9,601,000
409,000
„
192,123
128,390
$542,467
8414,411
$323,884
3,114,469
2,572,002
2.157,591
1,833,706
$4,036,249
$3,114,469
$2,572,002
$2,157,591
Consolidated Balance Sheet Sept. 30
hand
less reserves.
Advances to planters
Raw sugar
sold pending liquidation
receivable
Mortgages
Net income
—
40,487,000
42,045,000
-
Dividends
52,224,067 168,683,000 197,810,195
4,451,661
16,646,060
17,975,380
'47,772.406 152,037,000 179,834,815
42,045,287 168,181,000 168,180,906
11,653,909
5,727,119dfl6,144,000
dfl ,558,000
Balance......
Average number of shs.
'
of cap.
♦
depreciation.
——
Lands, &cl
Claim against Compania Azucarera Antilla,
Claim against Compania
—nominal value
1938—12 Mos.—1937
$
$
revenues-267,293,713 265,706,330 1,050,298,671
expenses...181,458,219 180,473,925
717,472,682
36,088,708
34,180,662
143,493,535
1,049,925,900
703,097,099
213,382,945
Operating
a Oper.
Taxes
133,445,856
income- 49,746/786
b Other income (net)
5,777,329
51,051,743
8,093,951
189,332,454
15,183,167
32,838,960
55,524,115
Interest deductions. 11,079,181
59,145,694
10,580,804
204,515,621
*2,285,335
246,221,905
43,489,066
Net oper.
Total income.
inc.
applic. to
stocks of subs, consolidated held by
202,732,839
162,230,286
48,564,890
44,444,934
Total net income.
"
•
1,690,240
2,454,417
8,844,774
11,407,928
46,110,473
153,385.512
191,324,911
$8.21
$10.24
Net
Per sh.—A.
T. & T.
$2.47
$2.29
stock...*...."
Co.
•
depreciation, traffic * commercial, general
and operating rents,
b Includes proportionate
interest in earnings of deficits of Western Electric Co. and all other con¬
trolled companies not consolidated (partly estimated).
Includes current maintenance,
a
and miscellaneous expenses
New Director—
At
a
a
recent meeting
■
of the board of directors, Barklie Henry was elected
caused by the death of Edward D. Duffield.
.' v
'
'
•
.
Founders, Inc. (& Subs.)—Earnings■—
American Type
Consolidated Income Account for 9
o
Net sales—
;
-.
_
Cost and expenses.
Months Ended Dec. 31. 1938
$4,335,640
—
Loss
-.
-
4,618,810
_ —
— ...
-
Operating loss...
Other income
$283,170
—
.
143,304
:
-
—
—
—
Other deductions
—
Interest-
_
•'
^
—
— —,
-
Net loss
—
-
— — -
.....
—
$139,866
62,028
22,124
$224,018
_•
—V. 148, p. 272.
American Water Works & Electric Co.,
Inc.—Weekly»
Output—
Output of electric energy of the electric properties of
American Water
totaled 45,715,000
the output of 40.233.000 kilowatt
hours for the corresponding week of 1938.
J
Comparative table of weekly output of electric energy for the last five
years follows:
Works A Electric Co. for the week ending Jan. 14, 1939,
kilowatt hours, an increase of 13.6% over
.1937 ^
1936
1935
Dec. 24.— 47,564,000 *38,240,000
50,201,000
45,349,000
Dec. 31-—x42,574,000 y36,991,000 x43,821,000 x39.207,000
1939
•
1938
1937
1936
Week End.
Jan.
14-—
Jan.
x
p.
1938
Includes
'
1934
38,198,000
x32,741,000
1935
'
39,604,000 y48,763,000 y43,260.000 y36,191,000
40,233,000
49,494,000
44,401,000
37,637,000
7—y44,079,000
45.715,000
Christmas
Day.
y
Includes
New
Year's
Day.—V.
148,
272.
Total
—
—
Anglo American Corp. of South Africa, Ltd.—Results
Tons
(In South African
Value of
Currency)
Exploration
Co
Afilled
Gold Derl'r'd
140,000
£256,275
141,000
292,971
154,500
311,112
86,000
137,263
Costs
£147,753
149,74.3
154,486
89,938
119.134
74,612
Profit
£108,522
143,228
156,626
47,325
,
58,700
Note—Revenue has been calculated on the
44,522
basis of £7, 8s., 6d. per ounce
fine.
x
p.
Each of which is
incorporated in the Union of South Africa.—V. 147,
3755. '
Appleton Co.—To Pay 50-cent Dividend—
Directors have declared a dividend of 50 cents per
share on the common
payable Feb. 1 to holders of record Jan. 20.
Dividend of $2 vfas
stock,
paid on Dec. 22, last: one of 50 cents was paid on Oct. 28, last and pre¬
viously regular (quarterly dividends of $1 per share were distributed.—
V. 148, p. 272.
'
..
—
&c\, of sugar & molasses—
Annual instal. on lands & equip, purchased—pay¬
able during year to Sept. 30—
——
Notes payable, not current
:
Interest, rent & taxes accrued
Mtges., censos & def. pay. on lands & equip, purch.
exps.,
Int. accrued on debs. & income notes
Deficit
.
—
1931
1931 _:—-
20,304
60,762
23,883
$9,000
39,455
136,307
17,059
9,000
44,766
30,127
2,955.000
4,000,000
9,000,000
4,000.000
9,000,000
2,440,100
3,114,469
2,440,100
4,036,249
-----
Total-.-l-
$30,448
88,971
3,195,000
-
20-year 6% income notes, dated July 1,
20-year 6% income debs., dated July 1,
Common stock (par $100)---
---.-$14,823,218 $15,566,346
—
After reserve for
depreciation of $2,049,542 in 1938 and
$1,769,076 in
1937.—V. 146, p. 431.
Corp.—To Pay 25-cent Dividend—
dividend of 25 cents per share on the common
stock/par $5. payable Jan. 27 to holders of record Jan. 24.
A dividend of
123^ cents per snare was paid on Dec. 15, last and each three months
previously.
In addition, a dividend of 25 cents was paid on Jan. 28, 1938.
—V. 147, p. 1767.
Directors have declared a
1
*
Associated Gas & Electric Co.—SEC
'
•
.
.
*
*
Charges Company
Statements in Ann. Reports—Hearing Feb. 14.
with Misleading
in an order issued Jan. 13
its records in a way whicn resulted in an
in 1934 by about $170,000,000.
The company, which has gross assets of more than $1,000,000,000, is
charged by the Commission with making "false and misleading statements
with respect to material facts."
Company has subsidiary properties in New York, Pennsylvania, Virginia,
New Jersey, Florida and Georgia.
The Commission has ordered a hearing to be held in Washington on Feb.
14 to determine whether shares of the company should be delisted.
Stocks of the company are traded on the Boston Stock Exchange, the
Los Angeles Stock Exchange and tne New York Curb.
The SEC also charges the company with handling its accounts in a way
which resulted in overstatement of consolidated earned surplus by about
$135,000,000 in 1934.
In the same year, the Commission charged, the company set up its ac¬
counts in a way which resulted in understating a 1934 loss by about $2,800,000.
The charges relative to 1934 pertained to a registration statement
Securities
The
and
Exchange Commission
filed with the Commission.
The Commission
said also the company had
tionship to persons controlling it, "or to state
failed to disclose its rela¬
material facts pertinent to
of effective control."'
..
charged, also failed to state required information on
the aggregate remuneration paid to certain service companies and others.
Another charge is the company neglected to name the persons other than
directors, officers or employees whose aggregate remuneration was more
than $20,000 in 1934.
In addition to misstatements found in the registration statement for 1934,
the Commission said, the handling of accounts was misleading in the annual
reports for 1935, 1936 and 1937.
the possible existence
The company, it is
This
handling
of
resulted in overstatement
income accounts and corporate
accounts
property accounts,
net
the Commission alleges.
of consolidated
earned surplus,
'
also was guilty of "failure to state
contingent liabilities in connection with pending
Commission said the company
The
material facts in respect of
litigation."
to the Commission," the order for the hearing said, "that
reasonable grounds for believing that the cumulative effect of
"It appears
there
are
the treatment accorded items
A
on
cited herein is materially
misleading."
Order of SEC—
representative of the Associated Gas & Electric Co. in a statement said:
order of the SEC setting a hearing with respect to alleged non¬
compliance with certain provisions
of the Securities Exchange Act of
1934
lists t)0Gn received.
opportunity for more than a very preliminary ex¬
amination of the order of which the company had no previous notice.
It
appears that the matters covered by the order relate largely to accounting
theory and principally involve the treatment of figures and not the figures
themselves, whether certain items have been properly charged either to
earned surplus or to capital surplus and also whether certain items of a
non-recurring nature which were charged to surplus should have been
charged to the income accounts.
The company's statements gave full
information with respect to these items.
"The consolidated capital and earned surplus accounts of the company
and its subsidiaries were combined as of Dec. 31, 1937, with the result that
it is immaterial, in the opinion of the company's accountants, in so far as
the financial statement is concerned, whether a particular item was charged
to earned surplus or to capital surplus.
"The company believes that all of the questions raised can be answered
satisfactorily."
"There has
The South African Land
Ltd
'
—
—
"The
of Operations for the Month of December, 1938—
&
3,626
$14,823,218 $15,566,346
——*
,\
payable
Prov. for shipping
Statement
x Companies—
Brakpan Mines, Ltd
Daggafontein Mines,Ltd
Springs Mines. Ltd
West Springs, Ltd
71,851
3,626
overstatement of its property account
director to fill the vacancy
—V. 148. p. 272.
53,888
amortized—
accused the company of setting up
;
*
1
1
,L
_
Arnold Constable
inc. applic. to
A. T.&T. Co. stk. 42,754,694
public
1
1
Deferred charges.---.--
x
Net
4.329,082
.
.
,
Agricola Van Home, S. A.
Reorganization expenses, less amount
Accounts
Telephone & Telegraph Co.
1938—3 Mos.—1937
$
$ '
Period End. Nov.30
" i
—
Liabilities—
Consolidated Earnings Report
(Consolidates the accounts of the American
and its principal telephone subsidiaries.)
1
8.550,991
4,249,090
S. A.—
nominal value
Notes payable
Bell Sustem
1
8,245,427
companies—
less res. for
Plant, railroad, bldgs., equip.. &c.,
x
$9.62
$8 14
$2.17
$2.56
Figures for December, 1938, partly estimated.
x
'
•
share...........
per
18,686.767
18.687.000
18,686.794
18,687,000
stk. outstand-
Earns, of A. T. & T. Co.,
50,116
476,724
14,500
51,485
406,149
40,697
Supplies in Commercial stores
Working assets and growing cane
Investments in sub. and other
44,639.000
4,152,000
!.
Total income
Interest deductions
—;—
Molasses sold pending liquidation—est
Annual instal. on land sold
1937
$953,009
7,034
67,965
1,006,038
35,407
1938
$921,345
13,372
66,785
675,123
76,246
19,983
Assets—
Cash in banks and on
Accounts receivable,
Operating revenues
Oper. exps. incl. taxes._
$606,534
118,367
$921,781
Deficit at Sept. 30
Earnings of American Telephone
Period End. Dec. 31—
'
$660,833
47,831
Loss for year-,
Previous deficit--
'
$452,275
$969,612
Net loss for year
.
17,962
23,127
.-1
Adjustments carried over
System telephones in
270,553
17,963
.
Ry...
to standard gauge
Gifford, President, states:
The Bell System had a net gain of about 4.30,000 telephones in 1938 com¬
pared with 876,000 in 1937.
For the last three months of 1938, the net
gain was 185,000 telephones compared with 170.000 in the last three months
Walter S.
of 1937.
---—
——
Total oper. revenue.-
American Steel Foundries—New President—
Thornjis Drever, formerly Secretary and Treasurer, and a member of the
board of directors, has been elected President of this company to succeed
George B. Seott, who died Jan. 11.
Oliver
1935
$2,323,519
Iiev. from invert molass.
921.
resigned from the company.—V. 144, p.
Manager of Sales, has
1936
$2,633,863
Other revenue
and General
five years Vice-President
Herske, for the past
R.
1937
$1,860,086
30—
and
Years End. Sept.
Revenue from sugar
molasses
Arthur
(& Subs.)—Earnings—
Antilla Sugar Estates
310 shs.; common authorized and issued,
657 shs, reserved for exchange for old common
old cumulative preference,
for
1939
Jan. 21,
Chronicle
been
no
Refuses to Submit Records or
The
Associated
Power Commission
Allow Officers to Testify—
& Electric System served notice on the Federal
Jan. 18 that it would not submit its records or permit
Gas
Volume 148
Financial
Chronicle
431
its officers to
testify regarding the reasonableness of its
charges unless and
until ordered to do so
by the Supreme Court.
The Commission had issued subpoenas calling for both the records and
V*timo?y
the company's officers in an efffort to determine whether
the 14 service
companies
in the Pennsylvania utiiities domain were
oper¬
ating inconsistently with the public welfare.
as
,,
Resolved that notice that said
plan has been declared operative be given
required by said plan and otherwise as the officers
of
this company may
deem advisable.
-
u
No books
records were in evidence
or
Plan for Modification
of Interest Charges and Maturities
Total
the investigation got under
way
refused to identify himself or his
as
and the first witness C. A.
Dougherty,
connections with the Associated
system.
First mortgage 5s
Total refunding and general
mtge bonds
Southwestern Division 5s__
Pittsburgh Lake Erie & West Virginia 4s-
Weekly Output—
For the week ended
Jan.
net
30-year convertible 4Ks
5-year notes 43^s
13, Associated Gas & Electric System reports
electric output of 95,165,481 units
(kwh.). This is an increase of 8,770,or
10.2% above production of 86,395,095 units a year ago.—V.
386 units
,
Associated Insurance
Fund, Inc.—Dividend Increased—
.
was
paid
on
July 15, last.-—V. 143,
Atlantic Gulf & West Indies SS. Lines
Total.
4145.
p.
Per
& Assents
Cent
$62,331,500
100,825,250
34,825,500
35,861,000
29,261,000
39,054,000
1,548,000
19,206,000
2,212,700
83.11
63.76
77.39
83.05
46.42
78.11
54.80
65.97
60.21
199,000 56.86
1,264,000
.$470,297,550 $326,587,950 69.44
Reconstruction Finance Corp. notes.__
72,771,578
72,771,578
x
(& Subs.)—
Correction—
_
Assented but not yet allocatable
Directors have declared a semi-annual
dividend of 15 cents per share
on the common
stock, payable Jan. 31 to holders of record Jan. 23. Regular
semi-annual dividend of 10 cents
_
Buffalo & Susquhanna 1st 4s
Buffalo Rochester &
Pittsburgh cons 4J^s_
Gin. Ind. & Western 1st 5s
Lincoln Park & Charlotte 1st 5s
148, p. 272.
Deoosits
Holdings
$75,000,000
158,120,750
45,000,000
43,182,000
63,031,000
50,000,000
2,824,800
29,114,000
3,675,000
350,000
...
Grand total...
—1543,069,128 $399,359,528 73.54
* In the five-year notes listed above are included
$13,490,000 owned
held by the Reconstruction Finance
Corporation.—V. 148, p. 273.
.
The earnings
appearing in the "Chronicle" of Jan. 14, on page 272, are
for the month and
11 months ended Nov. 30, and not for month and 12
months.—V.
148,
p.
272.
Bancamerica-Blair Corp.—To Resume Old Name—
■-
.
Stockholders will be asked
Automobile Banking Corp.—Annual
Report—
Calendar Years—
G'
Gross volume of business
handled—Retail
■
reserve
__
„
'
Number of retail
accounts
_
Average investment
2.08
&
meeting
Co., Inc.
Feb. 21 to authorize a change
Stockholders of record Jan. 16
on
Assuming that stockholders approve, the Bancamerica-Blair
Corp. will
which for many years was well known in investment
circles
but which went out of existence when
the old firm of Blair & Co.,
Inc.,
merged with the Bank of America and its securities
affiliate, the Bancamerica Corp., in March, 1929.
That consolidation, incidentally, was the
first on record between a
private banking firm and a national bank.
Primarily investment bankers, Blair & Co., Inc., also afforded an inci¬
dental banking service to their clients.
This banking business was taken
over by the Bank of America at
that time and the Blair securities business
was
consolidated with that of the investment affiliate of the
Bank of
64,802
41,143
164,872
3.82
$0.34
2,352,802
9,416
_
Retail receivables
outstanding Dec. 31
at a
assume a name
602,299
.
Times preferred stock dividend
earned
Balance earned on all common stock
the firm's name to Blair
will be entitled to vote,
f
1937
$6,022,076
2,545,936
$2,988,295
1,216,625
354,910
32,262
59,809
90,019
Wholesale..
Gross income
Provision for loss
Actual charge-off
Net earnings.
in
1938
;
and
$0.88
3.892,928
13,204
America.
per account
249.44
294.83
The earnings for the
year ended Dec. 31, 1938 in detail follow:
Gross
volume of business
handled, $4,204,921; gross income after deducting cost
of insurance, $309,766; to
adjust unearned finance charges, $45,144; interest
______
of
;-v;.
•
directors.—V, 145,
p.
-■
board
a
3967.
Batavian Petroleum Co.—Debenture Issue—
,
on notes
payable, $63,240; commission to agents, $51,617; life insurance
premium, $1,156; provision for Federal and State taxes,
$23,941; provision
general loss reserve, $32,262; depreciation on
furniture, equipment,
$1,200; general operating expense, $91,474; net profits available for divi¬
dends and surplus,
$90,019.
»
'
*
;
At the meeting on Feb. 21 stockholders will
also be asked to elect
This company, controlled
by Royal Dutch Shell, will, according to
Amsterdam press dispatches, borrow
100,000,000 guilders through issuance
of 3Yi% debentures.
The loan will be made on Jan. 19
through banking
houses here, in Rott<
Rotterdam and The Hague.
The price will be
for
V.
100ii.~
143, p. 264.
Balance Sheet Dec. 31
Assets—•
1938
1937
Liabilities—
Cash in banks and
..
on hand
i___
Notes receivable..
Accts. receivable.
a
$345,006
2,576;940
4.298,341
11,299
4,625
_
Repossessed
29,592
subs., at cost...
wholly
i
without
Acct.
10,000
65,250
20,653
bonus, ofl'rs
b Acct.
Allow,
nom¬
v
,
Beech Aircraft
4,187
__
Prepaid interest..
4,327
23,584
Sales—net...
8
&
15,926
Engineering, selling and administrative
Depreciation
15,968
21,568
232,354
335,224
719,575
719,575
18,706
18,706
15,688
15,688
50,127
457,268
444,815
Operating loss
Capital surplus
Earned surplus...
50,125
Total_....— $2,992,492 $4,853,472
a Collateral notes
receivable aggregating $1,991,708 ($3,733,445 in 1937.)
b For 1.share of
8% cumulative preferred stock called but not presented
for redemption.—V. 147, p. 3904.
'
Balance Sheet Sept. 30,1938
Assets—Cash
Years End. Nov. 30—
x
$85,169
Prov. for income tax
year
$1,192,483
—
I
income
and
—
59,491
x5,692
$19,986
1,118,073
y54,424
_
Other surplus credit
1933, 1934 and 1935--
excess-profits
v
taxes
for
39,591
the
34,160
1,922
7,080
33,760
4,369
31,410
Legal fees_j_--_A____.
Directors' remuneration,
Interest
I
reserve
Prov. for employees' ins.
Executive remuneration..
debentures.-
on
Net profit.
Preferred divs.
Balance,surplus.____
$1,137,748
v
$0.06
Adjustment
shares
com.
Operative—At the
regular monthly meeting of the directors held Jan. 18, its
plan for modification of interest charges and maturities was
declared operative.
President Willard stated that the plan for modification of
interest charges
and maturities provided that the
company might declare the plan operative
whenever in the judgment of the board of directors the
holders of a suf¬
ficient amount of the obligations affected
by the plan (whether or not
sufficient to carry out the plan) should have become
subject to the plan
to make it advisable so to do.
He stated that as of the close of business on Jan,
18, 1939, 73.54% of
the obligations affected by the plan had become
subject thereto.
He sub¬
mitted a detailed statement
showing assents and deopsits received under
the plan.
He stated that he believed it would be advisable to
declared the plan
operative at this time.
On motion duly made and seconded, it was unani¬
mously—
ooard
of
directors
of a sufficient amount of the obligations affected
of interest charges and
maturities, dated Aug.
said plan to
provided.
make it
advisable
to
the
holders
by the plan for modification
15, 1938, have assented to
declare said plan operative as therein
Resolved that the plan for modification of interest
•
charges and maturities,
dated Aug. 15, 1938, be and it
hereoy is declared operative as to the
curities of this company and its subsidiaries affected
thereby.
.15,000
20,000
$103,613
60,571
29,980
$106,770
60,571
29,980
$102,340
60,571
29,980
113,062
524,475
$16,219
-511,413
$5.74
\
$6.18
•
3,118
7,117
______
se¬
stk,
q
!
.
$11,789
495,194
(par
$100)
$4.97
——
$5.57
.
After deducting all manufacturing, selling and administration
expenses,
Includes interest on-investments of $5,166 ($11,800 in 1935) and
profit
x
sale of investments of $5,954
on
investments of $4,051
($20,433 in 1935).
($3,585 in 1937.)
b Includes interest
>
Balance Sheet Nov. 30
Assets—
x
Prop,
Goodwill
&
jxx firlcs
1937
$1,320,694
trade
'
Investments
Cash
1938
account..$1,333,653
183,287
1938
.
7% pref.8tock..._
—'
Accts,
133,998
109,382
72,014
Accts. & bills rec..
434,624
446,767
Inventories..----
458,820
11,780
538,444
50,000
_
Deferred charges..
Liabilities—
11,082
res.
pay.,
749,500
749,500
206,455
220,064
43,767
57,877
res
15,143
7,495
112,158
Adv. reserve.....
Profit & loss surp.
Total
x
$2,531,546 $2,572,999
After depreciation of
?
1937
$865,300
charges,
wages, Ac.
Pref. divs. payable
Com. divs. pay...
Empl. ins.
$865,300
incl.
for Govt, tax
Accrued
on
J
;
Com. stk., par $100
1
+*
_____
Call loan secured.
Baltimore & Ohio RR.—Plan Declared
$7,253
531,727
Profit & loss surplus^—
Earns, per sh. on 7,495
to
Balance Sheet Sept. 30, 1938
Assets—Cash, $56,943; accounts receivable, $240,564;
inventories, $464,156; receivable from customers for molds and dies, $13,493;
plant property—
at cost
(less reserves for
depreciation, $465,854), $1,342,657; deferred
charges, $11,627; other assets, $106,326; total, $2,235,766.
Liabilities—Notes
payable, $130,000; accounts payable, $118,240; ac¬
crued .accounts, $60,639; notes
payable—bank—unsecured, $240,000; re¬
serves, $131,425; common stock (par $1),
$316,757; capital surplus (less
excess of cost of
treasury shares over par value thereof), $100,957; earned
surplus, $1,137,748; total, $2,235,766.—V. 148, p. 125.
judgment of the
—
147,898
30,000
10,000
29,010
2,795
6,180
3,155
21,686
•
—-
a$352,964
169,492
___—
$97,804
60,571
29,980
(7%)—
a$367,907
7,160
Res. for advertising
a
the
1935
30,000 '
sale of invests
15,145
y
in
1936
20,000
property and reserve for depreciation accounts resulting from examinations
of Federal income tax returns
by the Bureau of Internal Revenue.
that
1937
b$351,945
,828
167,216
on
Com. dividends (7%)
--
Earned surplus at end of the
year.—'
Earnings per share on 316,757 shs. com, stock (par
$l)r.______
x Includes
$19.91 surtax on undistributed profits,
Resolved
'
b$313,008
»prof2,755
164,797
10,000
Loss
Depreciation
:
1938
Profits
$74,867
10,301
...
Gross income.
years
in
Belding-Corticelli, Ltd.—Earnings—
Income charges_.
Provision for Federal income taxes
surplus
&
C,
Co.—Earnings—
_____
Dividends paid—
Additional
Federal
hand
on
banks, $57,590; notes & accts. receivable
(trade), $103,923; inventories, $217,940; plant and equipment, $254,020;
designs and development costs, $92,120; deferred charges, $34,102; other
assets, $7,004; total, $766,700.
Liabilities—Notes payable, $28,805; accounts payable, $42,095; accrued
liabilities, $6,838; long-term liabilities, $75,000; common stock (par $1),
$279,349; paid-in surplus, $327,769; eaibiM surplus, $6,844; total, $766,700.
—V. 146, p. 3489.
Earnings for the Year Ended Sept. 30, 1938
1—
Earned surplus at beginning of the
$1,609
_______
(par 25c.).
Net income
$5,959
4,350
i.
Net loss__
Common stk.cl. A
Com .stk. (par 25c.)
Gross
■
61.349
Other income (net)—
(par$25)______
Profit from operations..
Other income
$144,727
145,095
1,287
4,303
expense
Taxes
State taxes (est.)
$1.50 pref.stk.conv.
Baldwin Rubber
$1,141,399
996,671
Gross margin.
State
(est.)
Reserves
Total.........$2.992,492 $4,853,472
'
Cost of sales
li4
addit'l
Allow, for Fed. and
,
10,467
Earnings for Year Ended Sept. 30, 1938
6,000
taxes prior years
.
Corp.—Earnings—
:
.
payable..
for
Federal
—.
(net)
25,250
25,530
for
and employees..
Unclaimed divs—_
inal value—.
Furn. & equip;, at
cost
•
coll...
payable
Acer,
5,000
(Ludwig) Bauman & Co.—Admitted to Dealings—
The voting trust certificates issued under
voting trust agreement dated
May 1,1933, expiring May 1, 1943, representing convertible 7
% cumulati ve
1st preferred stock, par
$100, have been admitted to dealings on the New
York Curb Exchange.—Y. 147,
p. 3904.
'
1937
pay.,
50,001
10,000
owned sub
Other inv., at
notes
Insurance
sales value.
Inv. In wholly own.
to
1938
Coll. trust notes.$l,410,500 $3,100,000
Other
cars,
est.
Advan.
$462,593
Total..
531,727
15,143
7,495
118,145
15,000
524,475
$2,531,546 $2,572,999
$1,643,825 in 1938 and $1,536,970 in 1937.—V.
146, P. 744.
Bell Aircraft
Corp.—Options Exercised—
The corporation has reported to the Securities and Exchange Commission
the exercise of warrants for 1.000 shares of its common stock by
G. M.-P.
Murphy & Co. in December, leaving warrants for 9,961 shares unexercised*
The price was $9,000.—V. 146, p. 34S9.
Bell
Telephone Co. of Canada—To Issue Ref. Bonds—
At their annual meeting on Feb. 23 shareholders will be asked to author¬
ize $30,000,000 of bonds for the purpose of refunding the company's present
series A issue of the same amount.
The presently outstanding series A
5% bonds were authorized in January, 1925, and may be redeemed at the
option of the company on March 1, 1940, and any subsequent interest date
to Sept. 1, 1951, at 105.
In making the announcement Jan. 16, C. F. Sise, President, said that it
is desirable for directors to have the authority to create an additional series
of bonds so that the series A issue may be refunded under conditions advan¬
tageous to the company.—-V. 147, p. 4048.
up
Financial
432
Berkshire Fine Spinning
Years End
1935
730 $19,388,924 $18,9.50,664 $16,030,990
Salef
14,423,439
413,816
Depreciation
&
scrapping equipment.
Write-down of subsid y
16,808,511
630,203
17,744,865
156,129
plant values
495.017
— —
41,381
74",832
80.372
169", 195
$517,109 p$l,417,900
735,834
193,468
p$72,834
$1,228,488
Reserve for income tax..
25,000
64,668
paid.
period
dividends
Common dividends
Includes surtaxes.
x
743,553
482,827
1,173,862
1,267,666
Cash.......
Notes & accts. rec.
1938
1937
$
755,000
Notes pay., banksCotton acceptances
1,825,000
*32,161
6,500,028
Accounts payable-
500,000
333,652
752,757
Prov. for flood loss
19,809
7,647,208
Inventories
.....
Other assets
-
7,934,331
Plant assets
payable
^
Total oper. revenues
Total oper. expenses
Net
328,805
rev.
from oper—
$368,618
$316,281
properties
208,150
194,954
$1,810,281
1,190,470
$1,859,811
1,161,789
$160,468
13,995
$121,327
15,361
$619,811
87,473
$698,022
92,564
$174,463
138,010
$136,688
136,553
$707,284
$790,586
819,369
817,393
$36,453
$135
x$112,085
x$26,807
Taxes on oper .
Prov. for State and
Fed. income tax
394,666
Operating income
Dividend payable.
106,402
Net non-oper. income.
$5
16,969,770
..14,948,477
Common stock.^
7,636,882
5,484,531
def512,856
Curr. inc. carr. to sur
7,636,883
5,484,531
x
z
f
■
Corp.—Gets Court Review in Franc Bond
•
The Bethlehem Steel Co. on Jan. 16 was
granted a Supreme Court review
lower court decision requiring payment in Swiss francs of due coupons
bonds of Lackawanna Steel Co., a Bethlehem subsidiary.
of
Total oper.
)
,
expenses
question involved is similar to that in a case appealed by Guaranty
of which was granted by the Court. In the
Guaranty case, however, the lower court held that the Congressional reso¬
lution abrogating so-called gold clauses relieved an issuer of bonds of the
necessity of redeeming them in foreign currency where alternative payment
provisions are set out in the bond.
The present case involves Lackawanna bonds which provide for payment
in dollars, sterling, marks, guilders or francs.
The Zurich General Accident
& Liability Insurance Co;, Ltd., presented certain coupons for payment in
Swiss francs, which payment was refused.
The New York Court of Appeals entered judgment against the Steel
company, requiring payment in francs.
,
In a companion case, a lower court ordered payment of coupons on
Bethlehem bonds presented by Anglo-Continentale Treuhand, a Liechten¬
stein corporation, in Dutch guilders.
The Supreme Court was asked to review both cases together.
The
'*
$7,419,094
$1,414,408
542,796
$1,319,027
537,399
$6,897,7.53
3,123,896
3,098.691
Operating income.
Net non-oper. income..
$871,612
66,114
$781,628
98,688
$3,773,857
$4,320,403
500,304
496,428
$937,726
689,773
$880,316
687,736
$4,274,161
4,129,698
$4,816,831
4,127,749
$192,580
$144,463
$689,082
Taxes
on oper.
Trust Co. of New York, review
Gross income..
Total income deductions
Curr. inc.
$247,953
to sur.
carr.
Accruing to minority int.
of B. & Q. T. Corp,—
19,203
Bal.toB.-M.T. Syst.
$228,750
'
*
'
64
$689,082
$144,463
System)
1938—6 Mos1937
$192,516
(Excluding Brooklyn & Queens Transit
1938—Month—1937
$2,521,806 $2,534,167 $14,013,136
1,467,022
1,522,046
8,871,575
Period End. Dec. 31—
Total oper. revenues
Total oper. expenses
$14,552,320
8,936,478
$5,141,561
1,933,426
on
$5,615,842
1,936,901
properties
$1,054,784
334,647
$720,137
64,551
$669,676
95,689
$3,208,135
487,372
$3,678,941
478,038
Gross income
Ruling
$1,012,121
342,445
Operating income
income..
.
$784,688
573,188
$765,365
572,919
$3,695,507
3,438,959
$4,156,979
3,441.089
Net
Taxes
Currency Reversed by Court—
11 that bond cou¬
New York's Court of Appeals at Albany ruled Jan,
which specify payment of interest in Francs at the due date must be
than in United States currency of lesser
pons
'
properties
Net rev. from oper...
a
on
•
Transit System)
1938—Month—1937
1938—6 Mos.—1937
$4,327,331
$4,329,592 $24,097,465 $24,782,947
2,912,923
3,010,565 17,199,712
17,363,853
Period End. Dec. 31—
Total oper. revenues...
Bethlehem Steel
'
'
1
(Including Brooklyn & Queens
$25,413.
y Represented by 483,670 shares of no par
Represented by 78,327 no par shares.—V, 146, p. 1541.
Case—
'
'
Brooklyn-Manhattan Transit System—Earnings—
14,948,477 16,969,770
Total
147, p. 3905.
Indicates loss.—V.
4,253
Market value,
x
value,
—
Total income deductions
convert.
cum.
Earned surplus
—
485,300
485,300
preferred stock.
y
Gross income
80,029
Social security tax
z
233,931
166,130
Local taxes pay...
7% pref. stock
Total
System—Earnings—
1938—Month—1937
1938—6 Mos.—1937
$1,816,683 $1,807,675 $10,151,534 $10,306,04o
1,448,065
'1,491,394
8,341,253
8,446,234
Period End. Dec. 31—
470,000
32,160
4,571,175
780,519
Marketable securs.
$553,850
—
shares.—V. 137, p. 3679.
Brooklyn & Queens Transit
'
$
LlatrUitles—
Total...
$553,850
—
Represented by 150,000 no par
x
S
:——
—
Deferred charges
Total
1937
%
2,611
202,430
1
41,748
Sundry accounts receivable—
Mach., dies & equip.(less res.)
Goodwill
15,000
89,586
28,010
x336,200
reserves—
Capital stock—Class B
6,163
value
(against
banks
pay.,
foreign drafts)
Notes payable, others
779
184,857 Sundry accruals &
;
stock
Life ins., cash sur.
Notes
9,416
105,535
$85,054
payable
Accounts
$310
.
trade (Jess res've).
receivable
Notes
Consolidated Balance Sheet Sept. 30
1938
Assets—
hand...
on
Merchandise
Profit.
p
Liabilities—
Accts. rec.,
x394,666
Res' ve for contingencies.
Prov. for flood losses—
Subs.)—Consolidated.
(&
Electric Co.
1938—
Star
Bright
Cash
83,197
120,000
7,012
both
paid
Balance Sheet June 30,
Cash in banks...
43,440
9,104
120,000
$10 par
dividend of 60 cents per share on the
Assets—
12,536
Reserve for bad debts—.
Preferred
16,456,977
526,039
429,265
Losses from real estate
Net loss for
Directors have declared a
preferred stock and one of 25 cents per share on the common stock,
payable Jan. 24 to holders of record Jan. 20.
Similar amounts were
on Jan. 25, 1938.—V. 146, p. 589.
income—$14,422,351 $19,482,241 $19,036,277 $16,133,932
Total gross
Cost of sales, oper., sell.
& other adm. charges.
Interest
102.942
85,614
93,317
71,621
Other income
1936
1937
Inc.—Dividends—
Bon wit-Teller,
Associates, Inc. (& Subs.)—
1938
30—
Scot
1939
21,
Jan.
Chronicle
■
rev.
from oper—
on oper.
Net non-oper.
met at the full franc rate rather
value.
Beth¬
Zurich General Accident & Liability Insurance
Co., Ltd., $61,755 for coupons presented in Zurich, Switzerland.
In
five-to-two decision, the State's highest tribunal ordered the
a
Total inc. deductions.
lehem Steel Co. to pay the
bonds of a predecessor of
United States gold and the
coupons further promise that 129.50 francs for each six months' interest
wopld be paid in France, Belgium or Switzerland. The insurance company
presented coupons in 1936 for payment at the franc rate.
Payment was
refused and the company sued for $61,755 plus interest, representing the
value in United States currency before devaluation of the dollar. :
A lower court ruled that the Steel company was liable only for $36,375,
In 1910 the insurance company bought 323
the Steel company. The bonds were payable in
the face amount In devaluated United States currency.
"The obligation was not payable in 'money of the United
Bourne Mills—Balance Sheet Oct.
Accts.
receivable
70,315
(net)..
Inventory —
Mortgage note receivable
356,839
Plant and real
427,679
1,900
estate
Deferred charges........
Total
1, 1938—
$18,250-
payable
Accounts
22,207
items
Accrued
for
Reserve
295,000
depreciation
Other reserves
9,870
„
622,027
Capital and surplus...
19,029
$967,355
....
$256,548
$192,446
$715,890
Bullock's, Inc.—Extra Dividend—
dividend of $1 per share on the common
payable Jan. 26 to holders of record Jan. 14.
Regular quarterly
paid on Dec 1, last; an extra dividend
of $2 was paid on Jan. 26, 1938.—V. 146, p. 3946.
'
,
Directors have declared an extra
dividend of .50 cents per share was
Burco, Inc.—Injunction Lifted—
Vice-Chancellor
that he has
Charles M. Egan in Jersey City, N. J.,
to restrain a stockholders' meeting of a
no power
held Jan. 12
Delaware cor-"
poration and that such power rested with the Delaware courts.
He then
discharged a temporary injunction which restrained a stockholders' meeting
of the company, a Delaware corporation, whose assets in New Jersey are
Liabilities—
$91,593
$211,500
to sur.
carr.
stock,
States,' but in
foreign currency," Associate Judge P. O'Brien said in the majority opinion.
—V. 147, p. 3447.
•
Assets—
Cash..
Curr. inc.
—V. 148, p. 273.
$967,355
Total..
in the hands of
a
receiver.
Mrs. E. Johnson Cowdry of East Orange, N. J., and Mrs. Eugenie
Young of New York have sought the injunction, charging that the proxv
committee solicited proxies without notifying the investors that the assets
.
New Jersey were in the hands of a receiver. Vice-Chan¬
cellor Egan said that, contrary to the charges, the stockholders had
notified by the committee that a receiver had been appointed.—V.
of the company in
been
148,
'
273.
P.
-V. 146, p. 2841.
Burger Iron Co.—Earnings—
(T. G.) Bright & Co., Ltd. (& Subs*)
Years Ended July 31—
Combined profit from operations
S»a,li
for
1937
1938
after charging
manufacturing, selling jind admin, expenses.
Provision
$263,208
46,398
depreciation
Years Ended Oct. 31—
-Earnings$239,223
41,839
44,900
211,241
$156,384
131,759
$383,151
Earned surplus at Aug.
$288,143
l"
Amount of goodwill written off
Dividends on.cumulative preference shares.
Dividends on common shares
86,265
46,866
30,000
$220,020
$1.25
Earned surplus at July 31
Earns, per share on 100,000 shares common stock.
Fes. for deprec.
$211,241
$1.09
Surplus..
surplus—
Consolidated Balance Sheet July 31
Total surplus.
x
«—
Depreciation expense
Cash
on
$36,916
$16,328
Sales,
coll.
advan.,
per contra
Accts. receivable..
accr.
203,074
258,633
liabilities.
116,656
45,283
74,082
46,906
farms—
19,631
Res. for conting's.
49,244
48,097
651,824
Goodwill, &c
86,266
Deferred charges..
153,262
123,366
on
stock
y
(par $100)
Common stock-
Earned surplus
After
_?u$l,995,908 $1,932,054
reserve
for depreciation Of
$77,811
5.536
$13.55
amounted
1938
1937
$9,916
$83,436
payable
(current)
120,000
(banks)
Unpaid payroll and
13,107
117,568
Accrd. taxes (Fed.
88,266
186,159
Payroll taxes
2,214
242
378
Capital stock
551,449
73,811
315,073
377,653
12,382
and local)
_
Surplus
buildings.
37,833
550*478
105,728
accts.
144
receivable
Prepaid insur. and
3,344
Stk. in other cos_
781,100
781,100
c
500,000
500,000
211,241
3,400
Deposits with cus¬
220,020
3.709
3.400
taxes
$1,932,054
$194,455 in 1938 and $148,365 in 1937
Represented by 100.000 no par shares.—V. 145, p. 3812. V. 137, p. 4191
x
y
$105,728
5,504
$21.15
Depreciation
91,102
...
Employees'
6% cum. red. pref.
1
Fixed assets
capital taxes
•
$72,227
5,584
salaries
contr.
Ohio sales tax stps
21,038
23,234
$27,917
77,811
Liabilities—
Notes pay.
mach'y & equip
720,851
Mtges.
process
b Land,
30,460
669,345
127,963
Mater'ls inventory
and Prov. inc. &
42,800
$80,401
141,500
receivable
stock
Provision for Dom.
193,529
value of
life Insurance...
y
.
$116,415
88,498
31
Accounts
$19,718
(finished)
644,218
Inventories
Total
12,541
1937
and
Notes and accts.
In
Accts. payable and
for bank
surr.
$241,155
14,212
.
def$31,917
105,728
$73,811
5.750
$3.88
amounted to $17,617.
1938
Assets—
.
Cash on hand
1937
$319,514
y22,329
17,250
36,996
Balance Sheet Oct.
and
prop, taxes accr.
as
Cash
excise
securs.,
pledged
x
Bank advances._.
hand and
in banks
Market'le
1938
1936
$960,500
x74,995
2,768
1938
1937
$810,110 Not reported
$26,452.
to
a
Liabilities—
1937
1938
—
-
Shares capital stock.
Earnings per share
In banks
Assets—
deprec. exp.
applic. to prior years.
Previous
46,902
30.000
-
Net profit after deducting
Dividend paid.
41.000
$171,910
Provision for income taxes-
*
Net sales
100
243
$662,880
$897,475
tomers
Total
a
j
After reserve of
in 1938 and
$326,022 in 1937.
Total.
.eserve
$7,000.
c
—
$662,880
for depreciation of
After reserve of
$807,475
$323,972
$20.000.—V. 146. p. 102.
Volume
Financial
148
Chronicle
Burlington Mills Corp.—May Increase Shares-
433
Canadian Pacific
Co. has notified the New York Stock Exchange of a proposed increase
authorized capital stock from 600,000 shares of $1 par value to 700.000
shares of $1 par value.—V. 147, p. 1029,
Bush Terminal Co.—To
Delay Quarterly Reports—
Caribbean Sugar
Years End. Sept. 30—
Shipmt's of
x$95,697
two
items,
loss
months
for the nine
$4,652,549
1,976,099
$2,613,482
583
Dr46,702
$2,676,450
1,442
Z>r58,694
$2,567,363
300,000
$2,267,363
238,210
843,669
Amerticiation of debt discount and expense.
203,223
Amortiz. of preliminary costs of projects abandoned
61,930
Amortization of limited-term investment
7,270
Other income deductions:
19,834
$2,319,198
238,127
839,327
203,179
.45,047
6,664
14,603
expenses, maintenance and taxes
Net operating revenue
Interest on notes and accounts receivable, &c
Merchandise and jobbing
i
Net operating revenue and other income
Appropriation for retirement
-
—
reserve---———
Gross income
:
Bent for lease of electric properties
Interest charges (net)
:
1937
-
_
Net income....
300,000
,
_
$893,227
$972,249
Before appropriation for retirement reserve.
of sugar,
(2) No provision was made for Federal income taxes or surtax on un¬
distributed 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 expense on bonds and debentures redeemed
1936 which resulted in no taxable income for 1936.—Y. 147, p. 3757.
Campbell Transportation Co.—Registers with
Crl0,136
Cr2,212
$45,486
9,782
$44,696
12,334
2,000
686
2,776
2,325
Net earnings
Canadian Industrial Alcohol
Income Account Years Ended
1938
$4,964,960
2,066,146
Co., Ltd.—Earnings—
'
14.0Q3
11,813
654
924
19,191
$215,402
$218,137
130,086
38,718
$36,292
116,688
53,899
15,079
31,750
$50,688
121,289
58,638
15,079
31,750
$181,125
$176,069
$181,125
$176,069
Profit from opers. be¬
fore deduct, depreOiation, &c—
Depreciation.
131,896
33,391
13,775
31,750
3,537
—------
Int. exp., less int. earned
Amortiz. of leaseholds..
Amort, of bond discount
Provision for taxes
y
Loss
13.775
31,750
7,930
prof$l ,053
50,115
$ 4,122
49,334
$49,062
Amort, of reorgan. exps.
$53,456
x
Loss
x
Before deducting interest op bonds unpaid from Feb. 1, 1929.
fore
——
deducting amortization of reorganization
1936
$488,543
$1,520,649
$1,020,491
b59,650
a72,281
1,340
a78,964
$548,192
L,592,929
$1,100,795
li—
4,512
1,793
90,838
8,418.
5,483
Non-oper. overhead
Int.
on
—
bank loans
1935
1937
prof$l,053
$4,122
$181,125
$176,069
31,750
13,775
31,750
13,775
31,750
15,079
31,750
15,079
and expense.
"
Amortiz. of leaseholds
Provision
for
Cuban
income tax
7,930
3,537
Net restated profits._
Less, amortiz. of reor¬
ganization
Amount
$907,453
93,746
10,699
63,074
49,334
50,115
expenses..
available
$49,334 loss$134,295 loss$129,239
$50,115
for
-■
228,898
tax on
244,012
,
"
148,172
162,478
3,653
5,710
71,603
21,503
276,371
48,646
18,225
54,116
78,230
32,845
60,000
2,574
>71,135
14,473
50,000
Dr68',577
Dr9,104
•
$358,368
provided for special adjustment of the inventory values of
x
Consolidated Balance Sheet Sept. 30
1938
$130,665
Liabilities—
1937
1938
Accounts payable.
8174,622
Bank loans (secur.)
1,058,421
2,260,908
Accr'd charges, ex¬
12,232
838,286
310,426
3,017,811
change, &c
Inventories
8,809
6,114
21,821
51,287
631,669
895,277
2,531,309
Accrued interest
38,779
Total
Earned surplus...
1,062,017
884,952
12,225
-..$6,977,073 $9,115,4011
Canadian National
Total..
86,977,073 89.115,401
Rys.—Earnings—
1938
1939
78,523
.
4,900
Mortgage payable
Contingent reserve
14,813
6,095
503,565
Prov. for taxes
as
Prior lien notes.
com¬
7,930
543,950
Def. prof, on sugar
of
net
pur¬
329,234
trading position
lstmtge.7% bonds 3,282,000
34,744
362,137
76,774
26,357
5,100
7% pref. stock
Property and plant 4,946,626
-27,550
90,642
10,041
3,282,000
1,500,000
5,024,566
41,325
122,392
—
-
-
Reorgan. expenses
Deferred charges..
Leases, less amort.
y
Common stock
.
1,500,000
599,633
648,695
Bond dlsct. & exps.
less amortiz
Total
;
—
£6,013,052 $6,200,819
$6,013,052 $6,200,819
Total
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 in¬
terest date,—V. 146, p. 433.
5J
,
.
Carrier
Corp.—New Officer—
Revision of the management set-up of the
°nCarl
corporation became effective
Ostling, formerly chief of the Pontiac division of the General
Motors Corp., was appointed Vice-President in charge of production and
soon will arrive to take over the position.
Two Vice-Presidents, already with the company, are assigned to new
duties.
Edward T. Murphy, Vice-President in charge of the central dis¬
trict, becomes Vice-President in charge of marketing, and James A. Bentley, Vice-President and head of the international division, will be VicePresident in charge of finance.—V, 148, p. 274.
A.
'
Celotex
Corp.—By-Laws Changed—New Director—
Stockholders at their annual meeting on Jan. 17 approved certain amend¬
by-laws so as to vest solely in the stockholders the power to
determine the number of directors whicn shall constitute the board, their
qualifications and terms of office; the number of directors which shall con¬
ments to the
"
of the board and the action of what portion thereof shall
the action of the board; and by whom vacancies
be necessary to constitute
Increase
$3,067,417
$3 ,115,003
Gross revenues
.
51,087
10,813
58,688
stitute a quorum
Earnings of the System for the Week Ended Jan. 14
148, P. 274.
51,087
on
,
x After reserve for bad and doubtful
accounts of $42,113 in 1938 and
$37,446 in 1937. y After reserve for depreciation of $2,229,042 in 1938 and
$2,467,082 in 1937.
z Represented by 988,480 voting shares and 123,436
non-voting shares, both no par.
a Includes $17711
($15,828 in 1937)
accrued interest on 5% redeemable debentures,—V. 147, p. 3906.
—Y.
26,376
due
chase of cr>lon!as
22,241
399,936
26,658
21,754
*
3,986", 442
1
12,068
z
2,175,372
1
Deferred charges..
21,161
Bal.
300,596
421,475
Res. for contlng—
Goodwill, tr. mks.,
&c
Accrued liabilities.
26,200
110,245
119,713
48,677
Capital stock... 3,986,442
a
75,951
2,001,982
Fixed assets
411,775
Res. for exchange.
Suppl. contr, for—
Investments
291,013
Prov. & oth. tax
5% red. debs...._
Prepaym'ts on pur
chase contracts.
176,237
$258,298
Prov. for Domin.,
Invest. In market¬
able securitie...
1937
63,535
of Robt. McNish
y
"
'
$444,846
775,000
Co., Ltd
$72,690
36,336
Liabilities—
,
y
200,000
Amts. due by three,
&
•
2,678,081
Accts. & billsrec.
cane
by
1937
1938
$6,448
28,250
Slow accounts rec.
168
-r
$883,276
1937
15,000
admin, for crop.
income from guaranteed call loans and investments, $16,340 in 1937.
b Includes net profit from the sale of materials and supp.ids of $28,150
and income from guaranteed call loans and investments of $31,499.
„
$702,151
for
allow'ce
valued
31,815
$227,937.
from the sale of materials and supplies of $35,752
($56,242 in 1936); profit from sale of fixed assets of $6,604, ($9,000 in 1936);
net income from rentals, interest, &c., of $13,585 ($13,722 in 1936), and
Assets—
$648,695
cane grow
Inventoried.
$545,120
$81,525
Includes profit
Cash
$599,633
$58,337 Notes payable
15,129 Accts. paycurrent
trading account.
$196,122
stock-in-trade of Robert McNish & Co., Ltd.
Guar, call loans—
3,676
176,069
Margin dep., sugar
Advs. to
amortization.
zPr84,379
■
181,125
Cultivation cost of
Consbl. profit for year
a
53,456
1938
Accts. receivable..
Adminls".
$367,472
49^)62
'
$79,203
24,156
—
doubtful accts—
conversion to dollars of
accts. of Robt. McNish
•
1935
$1,055,669
Balance Sheet Sept. 30
pany,
Co., Ltd...
-
Assets—.
less
$613,697
$165,904
—
Cash....
Exchange arising through
Amount
1936
$883,276
interest set up
Sept. 30, 1934—-
161,618
31,757
250,000
in shs. of other co
Prov. for contingencies.
z
$648,695
Note—Sept..30, 1938, balance composed of: Common stock, $3 ,523,971;
operating deficit, $2,924,633, and balance as above, $599,633.
Amt. written off invest.
&
of
Balance at end of year
62,409
162,361
3,842
i.--
•
Years Ended Sept. 30
1937
$702,151
1938
Bal. at beginning of year
13,740
111,211-
107,867
Net income.
J
Common Stock Less Operating Deficit
as
— —
1935
supplement, indent.:
Amortiz. of bond disc.
Net loss—
Int.
—
«"
28,554
McNish & Co., Ltd..
Prov. for income taxes.-
1936
deducting
Reversing part of Cuban
Int. on cash pays, to deb.
stockholders of Robt.
McNish & Co., Ltd—
on 5% red. deb—Special U.S. Govt. claim
forduty
—i—
Prov. for depreciation-.
Directprs' fees.
—
Directors' fees of Robt.
McNish & Co., Ltd.Executive salaries
Legal expensesi
Be-:
Deduct, not allow, under
$905,690
1,763
of Robt.
Int. on deb. stk.
y
Losses Restated in Accordance with Supplemental Indenture
or
before
bohd interest—
Total profit. - .
Maint. of stocks of spirits
-
expenses.
Sept. 30 (IncJ. Sub. Cos.)
1937
_
4,344
;
_
$2,898,814
1,609
income.
2,992
Cuban
of
1938
Oper. profit after deduct.
gen. adm. exps.
investments.
sale
on
amortiz. of reorganiza¬
tion expenses
■--
$2,847,136
-
2,738
1,148
Prov. for contingencies
Exps. applic. to prior yrs
1937
2,283,476
—
5,642
U. S. identi¬
bonds
Profit
$5,130,612
—
15,706
identification ctfs
Loss
—V. 147, p. 4049.
on
Crl ,750
$206,856
11,737
write¬
—
ropean &
Losses
1938
Operating and maintenance
or
fication certificates---
SEC—
Corp., Ltd.—Earnings—
12 Months Ended Nov. 30
Gross earnings
...
spll. &
CrS,846
$208,038
11,167
...
Amt. ree'd to effect exch.
of European & U. S.
first page of this department.—V. 144, p. 3324.
Canada Northern Power
,
&C--
Payment made to effect
exchange of local, Eu¬
and redemption premium
Miscellaneous
$936,919
894,436
off of colonos' accts.,
net.Profit on sugar received
for cane delivered to
Santa Marta.
:
accordance with the new classifications of accounts.
Divs.
$778,771
743,421
_
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937, are
shown in accordance with the classification of accounts prescribed by
regulatory commissions effective Jan. 1, 1937, which differ in certain
respects from the classifications previously followed by the company.
In
certain instances .the figures prior to Jan. 1, 1937, have been adjusted in
See list given on
$1,067,026
861,920
net, applicable to cost
$2,619,198
revenues
x
in
$1,064,560
860,369
sugar
-
Allowances for
1938
$4,650,508
2,037,026
x
1935
16,371,988
Profit from can opersProfit on company store.
California Oregon Power Co.—Earnings—
x
1936
11,862,456
,
Years Ended Nov. 30—
Operating
Operating
1937
17,021,886
Cost of shipments.
Other inc. & expenses,
$106,586.
was
1938
23,009,576
(incl. profit
trad¬
on
ing)
After charges but before depreciation and provision of $22,500 charge
for interest on inter-company accounts, payable only if earned.
After
deduction of these
—V. 147, p. 3152.
loss
or
Co,—Earnings-
sugar, syrup
& molasses
.
Decrease
$235,000
$2,126,000 $2,361,000
Cane ground, arrobas
Earnings for 9 Months Ended Sept. 30, 1938
x
1938
1939
T^affic^earnings.
The company has asked permission of the New York Stock Exchange to
discontinue temporarily the issuance of quarterly earnings statements.
Irving T. Bush, President, expressed the belief that such reports would be
misleading pending the arbitration ordered by the Federal Court of a dis¬
pute between the company and Bush Terminal Buildings Co., involving a
substantial amount
Profit after charges but before depreciation, &c
Ry.—Earnings—-
Earnings for the Week Ended Jan. 14
n
in
$47,586
p.
the board of directors shall be filled.
David G. Ong, Assistant to the President, was
274.
elected a director.—V.-148,
Co.—Contract
Central Foundry
on
Chicago Rock Island & Gulf, conditional upon the
displaced employees, received favorable action by the
Sale of $100,000 Notes
price and sales territory have been written into the
contract between the company and underwriters for a $100,000 issue of 4%
convertible notes due in 1941, reported to the Securities and Exchange Com¬
mission and made public Jan. 17 through the New York Stock Exchange.
Emanuel & Co. and F. J. Young & Co.; Inc., have agreed to buy the issue
at 95 on March 1, the report declared, and have committed themselves
further not to sell to the public at more than 100 or to market the notes in
States other than New York and Pennsylvania.
Up to June 1, 1939, the notes are to be convertible into common stock
priced at $4.75 a share.
Every six months after the date of issue this price
is to rise 50 cents a share.
Maximum conversion possible under these
terms would involve 21,053 shares of common stock.—V. 147, p. 126.
Restrictions
to
as
Certain-teed Products
Corp.—New Treasurer—
George P. Krug, Controller and director, has been elected
succeeding James K. Norris, who resigned.—V. 147, p. 2861.
share
paid on Nov. 1, last.—V. 136, p.
was
332.
the Commission to
railroad mergers.
a
Chrysler Corp.—Vice-President Resigns—
Treasurer,
—
,
Dissolve—-
made, Jan. 19, of the appointment
companies did not get under way until after the Supreme Court
upheld the registration provisions of the Act in its decision last year.
In its findings and opinion on Electric Advisers, Inc., the Commission,
of mutual
that there may be some overlapping
that for the first six months of the current year, applicant s
charges to Gas Advisers, Inc. and Petroleum Advisers, Inc. for services
rendered to these companies were almost 24% of its total charges; that ap¬
plicant in turn receives certain services from Gas Advisers, Inc., that one
service company could probably service all the utility subsidiaries of both
Cities Service Co. and Cities Service Power & Light Co., which are now
being serviced by applicant and Gas Advisers, Inc., more efficiently and
economically than under the present arrangement. /
"The record also indicates that applicant has In effect a bonus plan
which might create a problem in its cost allocation. Except for the pending
application of Cities Service Co. for exemption from the provisions of the
Act, the feasibility of consolidating the organizations and operations of
applicant and Gas Advisers, Inc. would be determined now."
The Commission, commenting on the application of Gas Advisers, Inc.,
states that while its method of cost allocation is "unproved by experience
of functions;
supplemental in¬
mortgage
F bonds by their maturity in 1963.
The liberal sinking fund feature, in¬
augurating debt extinguishment of railroad bonds prior to maturity among
carriers situated to do so, and the appointment of western investment
bankers to serve as sinking fund trustee are both regarded as significant of
new trends.—V. 148, p. 275.
City Investing Co.—To Pay
and
Total
1,974,768
7,365
Registrar
and
agents' fees.
Taxes
157,801
transfer
1,639,321
12,171
1,077,528
33,435
,106,289
167,963
$1,072,060
—-
Gen. & admin, expenses.
$1,860,905
155,579
$1,351,313
130,955
\-
39,897
45,377
x77,500
x82,000
Undistributed Net Income and Capital Surplus Accounts
the Year Ended Dec. 31, 1938
Undistributed Net Income from Interest and
Balance at Dec. 31, 1937
Net income for the year 1938
Dividends—
$501,188
795,862
.....
1
Total..
$1,297,050
1,300,425
Crl06,324
on conv. preference stock ($2.25 per share)
portion thereof charged to capital surplus......
Divs. declared
Less
fo
"
.
'
ore
properties and by
pledge of securities of operating subsidiaries and
Non-mineral lands, principally consisting of
of substantial interests in
panies, will not be pledged.—V. 147, p. 2862.
Divs. paid on
of
and notes is 3.39%.
bonds
Through the sale of both bonds and notes the company will receive
$14,000,000 or sufficient to redeem the old bonds, and to cover expenses of
financing.
No new funds will tie realized by company.
The old bonds,
it is contemplated, will be called for redemption March 15.
The bonds will be secured by mortgage on substantially all or company s
securities principally made up
* *
(excl. of profits
securities)$795,862
Summaries
,
Co.—Refunding Plan—
other associated companies.
$1,815,449
$1,571,681
$1,120,084
convertible
•
,
preferred stock
yl,194,101 yl,613,805 yl,364,419
1,127,969
x Includes $22,000 in 1938, $30,000 in 1937 ana $34,000 in 1936 estimated
Federal income tax applicable to neb income from interest and dividends,
y Less $106,324 in 1938, $222,781 in 1937 and $3,987,130 in 1936 portion
charged to capital surplus.
on
Cleveland-Cliffs Iron
Columbia Broadcasting System, Inc.—Deal Revealed—
a contract between Columbia Broadcasting System, Inc.,
director of the company in connection with the recently
acquired American Record Corp. are revealed in a report to the Securities
The details of
and Isaac D. Levy, a
and Exchange Commission.
The contract is dated Dec.
Mr. Levy 10 shares
27, 1938, and provides tnat C. B. S. sells to
of the capital stock of the American Record' Corp. for
agrees to pay the network 10% of the expenses inci¬
dental to the investigations made prior to the acquisition
of the new
subsidiary by C. B. S.
In this connection the contract provides that Mr.
Levy need not pay in excess of $10,000.
5
In the event that between Jan. 1, 1939, and Dec. 31, 1943, additional
$70,000 and that he
31, 1938-..
Capital Surplus—
'
purchased an additional 10% of the American Record Corp. stock upon
substantially the same terms as Mr. Levy, according to the statement.
Under the terms of the contract Mr. Levy also.grants C. B. S. an option
purchase at any time between
less tnan five days prior notice
•
1937-.
.$14,056,193
profit on disposition of investments
.V
958,868
Recovery on investments previously written do wn to nom. val _ .
14,899
Balance at Dec. 31,
Net
$15,029,960
(see above sum¬
of undistributed net income)
Excess of cost over stated value of 20,950 shares of company's
preference stock retired.
Portion of divs. declared on conv. pref. stock
mary
Balance at Dec. 31,1938
106,324
158,863
.$14,764,773
-
$
Assets—•
$
3,619,718
stock
Levy
c26,801,331 28,476,117
Accrued
int.
No. of
Total
268,590
112,976
32,447,061
91,611
143,187
32,674,6481
Represented by 565,650 (586,600 in 1937) no par shares,
b Shares of
$1 par value,
c Bonds (quated market price, $600,196), $586,386, stocks
(quoted market price, $25,343,882), $23,627,752; stocks and notes of
controlled corporations, $1,935,635; and other notes receivable of $651,558.
—V. 147, p. 3007.
Chicago Rock Island & Pacific Ry,—Rehearing Granted
A
petition by the trustees of the company asking the entire Interstate
Commission to hear rearguments on a decision by the Com¬
mission's Divison 4 making approval of a merger of that railroad with the
9,200
635
4,500
50,000
-
16
—V.
147,
p.
Expiration Date
of Options
June 30, 1939
Dec. 31, 1941
Dec. 31, 1939
Dec. 31, 1941
.
33.33
45.00
45.00
45.00
32.00
45.00
Dec. 31, 1939
Dec. 31, 1940
Dec. 21. 1943
At will of Co.
4051.
Edison
32,447,061 32,674,648
a
Commerce
Price
-
Commonwealth
.
•'
.
33.33
920
Conv pref stock.
Total
$700,000.—V. 147,
$35.00
4,800
125,383
14 141,250 14,665,000
3, 306,342
3,306,342
Capital surplus--.14 764,773 14,056,193
Undistributed inc.
102,950
501,188
follows:
Shares
Under Option
100-
11,990
a
„
of American Record
Dec. 31, 1938, as
8,552
9,990
a
Commercial Investment Trust .Corp.—Options—•
The corporation reports that options evidencing the right to purchase
70,171 shares of common stock of the corporation were in existence as of
b Common stock..
and
declared divs...
as
$
30,146
Accounts payable.
original agreement and any additional
Record Corp. acquired by
evidences of indebtedness of American
or
result of additional financing.
On Dec. 17, last, C. B. S. announced the purchase
Corp. from Consolidated Film Industries, Inc. for
P.
3907.
Mr.
«
Dividends payable
4,055,344
1,644,445
Investm'ts at book
Accts. rec. brokers
$
Liabilities—
1937
Res. for other taxes
Cash
Short.tsrm note*..
Rvalue
1938
1937
Jan. 1, 1944, and May 1, 1944, upon not
the 10 shares of American Record Corp.
capital stock .acquired under the
Balance Sheet Dec. 31
1938
'
financing is desired for American Record Corp., C. B. S. shall supply 80%
of the additional financing, Mr. Levy 10% and a William A. Schnader, who
is not a director of C. B. S., shall supply the other 10%.
Mr. Schnader
to
$102,950
Balance at Dec.
of iron and
marketaole
several steel com¬
timber property, and company's investment in interests outside
coal business, will not be pledged.
Company's holdings of
Net inc. from int. and
divs.
$1*50 Dividend—
dividend of $1.50 per share on the common
par
A special meeting of the stockholders has been called for Feb. 2 to approve
plan for refunding the company's $13,230,000 4H% bonds.
The plan provides for selling to five insurance companies $11,500,000 or
1st mtge. & coll. trust 3 J4s, dated Feb. I, 1939, and due Feb. 1, 1951, and
for selling $2,500,000 of serial notes maturing $500,000 annually through
Feb. 1, 1944.
The notes are to carry interest at rates varying from 134%
for first maturity to 234 % for fifth maturity.
The average interest cost for
iron
38,274
62,000
51,645
x78,500
------
$240,350t
$209,413
147 , p. 3305.
$100, payable Feb. 7 to holders of record Jan. 30.
This com¬
pares with $2.50 paid on June 30, last; $1 paid on Jan. 4, 1938, April 27
and Jan. 5, 1937, and on July 7 and Jan. 7, 1936; 50 cents paid on July 20,
1935; $1 on Jan. 4, 1935, Aug. 7 and Jan. 4,1934, and on July 1, 1933; $1.50
on Jan.
16. 1933, and $2.50 per share paid on July 11 and Jan. 4, 1932.
—V. 147, p. 108.
/
stock,
The net assets of corporation at Dec. 31, 1938 amounted to $34,045,254,
equivalent to $60.19 per share of outstanding convertible preference stock
$1.57 per share of outstanding common stock after deducting the
preference at its original stated value of $50 per share plus the current
dividend accrual.
This compares with net asset values of $53.11 per share
and 51c. per share on the convertible preference and common stocks re¬
spectively at Dec. 31, 1937, calculated on the same basis. ,
During 1938 a total of 20,950 shares of preference stock was purchased
and retired. The aggregate cost of these shares was $682,613 or an avera \
of $32.58 per share.
Dividends in the aggregate amount of $2.25 per
share of convertible preference stock were paid during the year consisting
of a payment of 75c. per share on March 1 and three additional paymen s
of 50c. per share each on June 1, Sept. 1 and Dec. 1, leaving an arreara e •
of 75c. per share.
*'
Income Account for Calendar Years ^
1938
1937
1936
1935
service companies."—Y.
The directors have declared a
equitable
that it will result in an
it seems to afford reasonable assurance
allocation of cost ainoung the
(The) Chicago Corp.—Report—
$124,156
the application, states:
in ordering a temporary approval of
"The record in this case indicates
3Yi% bonds, series F. The indenture requires payments to Halsey, Stuart
& Co., Inc. as sinking fund trustee each June and Dec. 1 beginning June 1,
1939 and continuing to and including July 1, 1963, of amounts sufficient to
retire $300,000 of series F bonds semi-annually.
Such payments are cal¬
culated to retire not less than 49% of the recently issued $30,000,000 series
Interest rec. and accrued
$122,906
Cash divs. rec. & declar.
942,695
Miscellaneous6,459
13
1,
1936, it would be unlawful for mutual service companies to provide services
to utilities unless they came under the rules of the Commission. Registration
of Halsey, Stuart
Inc., Chicago, as sinking fund trustee under a
denture to the mortgage securing the refunding and improvement
applications were filed by the service companies under Section
Company Act of 1935, which provided that after April
The
of the Holding
•
Chesapeake & Ohio Ry.—Sinking Fund Trustee—
Co.,
—Mutual Service Unit Approved by SEC—
Commission on Jan. 10 issued two order"
The Securities and Exchange
granting temporary approval of applications to operate as mutual seryic
companies or Gas Advisers, Inc., for all the utility subsidiaries of Citie
Service Co., except Ozark Utilities Co. and Cities Service Power & Light
Co. System; and Electric Advisers, Inc., for certain of the associate com¬
panies in Cities Service Power & Light System.
Callaway/Vice-President of the Guaranty Trust Co., offered
terminating the business of the corporation, which was
Chesapeake & Ohio RR.
I
John Murphy, Secretary, was ordered to file a dissolution certificate in
Maryland.
It is stated that 73% of the stockholders were represented at
the meeting.
The Alleghany Corp. owns approximately 71% of the stock.
The meeting of the stockholders was held pursuant to the pum of liquida¬
tion voted on Nov. 28, 1938.
The shareholders at the November meeting
approved a plan of dissolution, but the meeting was adjourned until Jan. 16
to consider further steps in the dissolution program.—V. 147, p. 3450.
or
Cities Service Co
-
resolution
Announcement Was
1938, totaled 181,749, a gain of 348
the 178,131 stations operated in
preceding month and 3,618 over
December, 1937.—V. 147, p. 3759.
previous div
„
$0.4/
On 475,239
Bell Telephone Co.—Phones
& Suburban
operation as of Dec. 31,
Stations in
•
,
y
Operation—
over
formed in 1927 to acquire control of the
&
Cincinnati
•
in
of the corporation, intermediate holding company
Sweringen rail system, was approved Jan. 16 by stock¬
,
$0.15
&c.
depreciation, interest, Federal income taxes,
capital stock.—V. 147, p. 3759.
After
x
payable Feb. 1
1938—12 Mw.—1937
$71,572
$224,932
Earnings per share
dissolution
holders.
Merrill C.
the
Net income..-
shares of
dividend of 20 cents per share on the common
Chesapeake Corp .-—Stockholders Vote to
Formal
1938—Month—1937
$8,066
$29,880
Period End. Dec. 31—
x
y
stock, par $5, payable Jan. 31 to holders of record Jan. 26.
This com¬
pares with 15 cents paid on Oct. 25, last; 10 cents paid on July 30, last, and
20 cents on April 30, 1938, and dividends of 35 cents per share previously
distributed each three months.
In addition, an extra dividend of 25 cents
of the former Van
Ry.—Earnings—
Cincinnati Street
,
below.—V. 147, p. 3606.
Willys-Overland Motors, Inc.,
See
of 15 cents per
was paid on Oct. 25, 1937.
See V. 145, p. 2540 for record of
payments.—V. 148, p. 126.
the labor conditions
order approving the merger until approval of
"no decision at all."—V. 147, p. 4059.
formal
constituted
Cherry-Burrell Corp.—20-cent Dividend—
Directors have declared
road's taking care of
Commission Jan. 12.
later.
for both railroads, challenged the right or
require specific consideration of labor in connection with
They held that the decision of Division 4 withholding a
A date for reargument will be set
The trustees, who are the same
>
Dividend
Chain Store Real Estate Trust—50-cent
Directors have declared a dividend of 50 cents per share
Jan. 20.
Regular quarterly dividend
to holders of record
1939
21,
Jan.
Chronicle
Financial
434
Co.—298,538
Shares
Offered
Privately—
It
was
announced
Jan.* 12 that Clark, Dodge & Co. had been authorized
by the Commonwealtn Subsidiary Corp., to offer privately for a limited
period 298,538 shares of Commonwealth Edison Co. stock owned by it at
not less than $26 a share.
Out of the proceeds of such sales Commonwealth
Subsidairy Corp. is to pay Clark, Dodge & Co. a commission of $1 a share.
The list
of companies
or
individuals which Clark, Dodge & Co. may
limited it is said, to 15 and sales were to be made in blocks of
Buyers it was further stated, are required to sign
agreements that the purchases are made for investment and not resale.^
solicit
were
20,000 shares or more.
Volume
148
Financial
Chronicle
The private offering is part of the Commonwealth Edison
Co.'s program
to liquidate the Commonwealth
Subsidiary Corp., thus further
simplifying
its structure.
total, $1,765,497.
*
-
Weekly Output—
Liabilities—Collateral trust notes, $645,000; accounts and insurance
Payable, $2,371; reserve for taxes, $18,283; reserves withheld, dealers,
$3,270; reserve for losses, $29,425; deferred income (unearned finance
charges), $76,207; preferred, 6% cum. conv. pref. stock (par $100), $350,000; common stock (par $2.50), $351,800; earned
surplus, $77,649; capital
surplus, $211,492; total, $1.765,497 —V. 146, p. 3496.
•
The electricity output of the Commonwealth Edison Co.
group (inter¬
deducted) for the week ended Jan. 14. 1939 was 146,221,000
company sales
kilowatt-hours
compared with
135,506,000 kilowatt-hours in the cor¬
responding period last year, an increase of 7.9%.
The following are the output and
percentage comparisons for the last
four weeks and the
corresponding periods last year.
_
,
Crocker-Wheeler Electric Mfg.
This Year
Last
Year
A committee to represent certain common
stockholders has been formed,
to ''consist of or have available
enough management experts who are quali¬
fied to advise on a
profitable course for Crocker-Wheeler.'* The
% Increase
146,221,000
135,506,000
7.9
^143.497,000
7, 1939_.
131,990,000
8.7
|
Dec. 31, 1938
committee
consists of L. S. Harrison, Mark M.
and Walter Scott.
V. 148, p. 276.
—V. 148, p. 275
Commonwealth Investment
Co.-—Portfolio Changes—
stocks, and a reduction in net cash and governments.
as against
a year ago, the company has
larger investments today in
preferred stocks and bonds, while there has been a reduction in common
stocks, cash and governments.
Common stocks
ments,
of Dec. 31,
as
y
Corp.—Mutual
3307•
p.
Service
Unit Approved by SEC—
„
*
$1,904,742
10,847
$164,665
39,695
$170,074
26,187
$1,915,589
437,370
$143,887
2,499
..69,502
$1,478,219
34,035
841,853
■
■
1
,
V
'
j
■
.
*
■
/'
\
Co.—No
Sugar
•
..
Dividend
"
-
.
'
(
■
Plan—
•
.
for taking care of preferred dividend accumulations amounting to
a share, no definite program has so far been worked out.
Questioned by a stockholder as to why Cuban-American had failed to
$50
show
profit last year when many smaller companies had good earnings,
a
Reiser replied that most of the sugar companies showing
profits had
through
reorganization
assets."
Mr.
proceedings
and
'
Reiser
said
discouraging."
the
United
States
written-J'down their
■
sugar
'. *
.7
•
had
'
1939
quota
"very
appears
.
Although in past years the Cuban-American Co.'s earnings were aided by
income from Colonial Sugar Co.. a subsidiary refinery located in
Louisiana,
the year ended Sept. 30, 1938, showed a loss from this source.
Walter J. Vreeiand. Secretary of National Sugar Refining Co. and Cuban
$1,690,245
247,686
$124,969
'
plans
$1,689,492
753
$1,442,559
27,679
835,837
.
.
1
Obituary—
been
$171,580
Drl,506
Co., Ltd.—Dividend Increased—
David B. Reiser, Vice-President of this
company, told stockholders at
the annual meeting that, although the directors have considered various
Mr.
$164,866
Dr201
on account
."
,
1938—Month—1937
1938—12 Mos—1937
$396,554
$396,984
$4,653,964
$4,275,783
173,441
165,758
2,029,028
1,918,971
17,912
21,771
230,858
268,079
40,334
/ 37,875
489,336
399,241
Net oper. revenues...
Non-oper. income (net).
'
Cuban-American
Community Power & Light Co. (& Subs.)—Earnings
Maintenance
Taxes..
dividend of 25 cents per share
a
'
V
According to the Commission the applicant's President, four Vice-Pres.,
Comptroller, Secretary and Treasurer receiver annual salaries totaling
$259,000 or approximately 19% of its total estimated annual expenses,
excluding engineering expenses, or about 14% of its total expenses, in¬
cluding engineering outlays.—V. 147, p. 4051. ;
Period End. Nov. 30—
»
Directors have declared a dividend of 40 cents per share on the common
stock, payable Feb. 15 to holders of record Jan. 31.
This compares with
five dividends of 25 cents per share
paid in 1938; and dividends of 20 cents
per share paid on Nov. 15, 1937, and each three months
previously.
In
addition, an extra dividend of 20 cents was paid on Nov. 15, 1937, and on
Nov. 16, 1936.—V. 147, P. 735.
'
>
"The basic principle of applicant's cost-allocation system is that direct
charges will be made as far as costs can be identified and related to par¬
ticular transactions without excessive effort or
expense," the SEC states.
Operating revenues.
Operation
'
,
Crown Cork & Seal
The Securities and Exchange Commission on Jan. 10 issued an order
approving the application of Commonwealth & Southern Corp. (N. Y.) to
operate as a mutual service company for the Commonwealth & Southern
System, a registered holding company.
In its findings on Commonwealth & Southern Corp. (New York) the
SEC discloses that the service company was organized in 1930 and in
recent years has functioned as a mutual service
company for the Common¬
wealth system.
.
of
10.1^| bonds, l0.0%;< and net cash and governments, 14.1%.—V. 147,
Southern
2389.
p.
accumulations on the $1 cum. class A stock, no
par value, payable
April 1 to holders of record March 10.
Like amount was paid on Jan. 3,
last, Oct. 1, July 1 and Jan. 3, 1938; a dividend of 75 cents was paid on
Oct. 1, 1937; dividends of 25 cents were paid in each of the six
preceding
quarters; on Dec. 20, Aug. 30, and May 22, 1935, and on Dec.
21,1934, and
50 cents paid on March 30, 1934, and Nov.
1, 1933.
The last regular
quarterly dividend of 25 cents per share was paid on April 1,1931.—V.
147,
21.1%; bonds, 8.6%; and net cash and governments, 11.7%. At the end
the previous year, Dec. 31,
1937/commons were 65.8%; preferreds,
&
(147,
,
The directors have declared
1938 represented 59.9% of the total port¬
of
Commonwealth
Co.—Transfer Agent—
Crown Cork International Corp.—2o-cent Class A
Div•
were 20.3% bonds, 12.1%; and net cash and govern¬
As of Nov. 30, 1938 common stocks were 58.6% ; preferreds,
7.7%.
Jones, President of Akron Belting Co.,
Salinger is Secretary to the committee.—
B.
The Empire Trust Co. was discontinued as transfer
agent for the common
stock, effective as of Dec. 30, 1938.
As of that date the Corporation Trust
Co., No. 120 Broadway, N. Y. City, has been appointed transfer
agent.—
Analysis of the portfolio discloses also that there was a slight
common stock investments, a decrease in
holdings of preferred
folio; preferred stocks
Allan
Croft Brewing
A substantial increase in bond
holdings, other than governments, marked
the principal change
during December in the investment portfolio of the
company.
increase in
Co.—Stockholders' Com¬
mittee—
—Kiloiratt-Hour Output—
_
Meek Ended—
Jan. 14 1939
Jan.
435
industrial bank charter, $1; deferred
charges, $14,508; fixed assets, $1,394
American Sugar Co., died on Jan. 16 at the age of 58.
Mr. Vreeiand was
with Colonial Sugars and a member of other corporations.
—V. 147. p. 3760.
connected
Balance
Retirement accruals..
Gross income.
__
De Havilland Aircraft
—
.....
Interest to public......
Interest to parent co... a
2.547
69,128
Amortiz. of debt discount
\
and expense
'
1,790
420
292
13,068
3,158
$51,846
._______
To public
To parent
on
$69,804
$586,105
as increased by the issue of 200,000 £1 shares at 40s. in July, 1937.
According to the preliminary statement net profits for the year 1937-38
amounted to £152,812, against £122,184 last year.—V. 146, p. 1070.
21,477
2,316
$555,251
Miscell. inc. deductions.
Net income.
Dividends paid & accrued
capital
1,027
'
pref. stocks:
,
•
.
104,007
2,347
—
:
company
...
,,
■
(W. S.) Dickey Clay Mfg. Co.
Years Ended Oct. 31—
a
Other
•
'
6,439
.
from gross inc.
.
Net profit
Conduits National Co., Ltd.—To
Class A
x
share were paid on Aug. 8 ahd on Feb. 1. 1938.—V. 146, p. 2687.
■
A total of $376,000 first mortgage bonds, series A, sinking
fund, 3^%,
due Feb. 15, 1961, has been called for redemption on Feb. 15 at 106 and
accured interest.
Payment will be made at the Old Colony
Trust Co.,
Boston; State Street Trust Co., .Boston; Chase National Bank of the City
York and the Harris Trust & Savings Bank, Chicago.—V.
147,
"
Consolidated Edison Co. of New York,
Inc.—Output—?
Sundry
rec.
payable....:..
19,832
18,234
Bonuses payable..
Accrued liabilities.
29,565
126,065
139,476
for prop.
-
Provision for losses
(non-cur.).
10,300
23,900
144,751
180,613
44,610
43,920
sold
1
Cost of borrowings.
Operating expenses—Salaries
.$311,533
26,479
57,598
def'd charges—
45,018
2,681,292
35,178
2,738,615
77,911
108,738
1
1
&
_..._
Net operating income.
plant
and
1937
$33,772
$39,309
salesr
24,855
Prepay, due Jan. 1
on
5%
Funded
Res.
25,869
2,094,242
24,813
long-
Res. for conting's.
c$l
25,869
1,935,873
22,113
notes...
and
for
reval.
of
plant and equip.
equipment, <fcc
Goodwill
280,082
302,618
1,691,000
1,689,800
253.575
105,613
non-cum.conv.
pref. stock
CI. Astk. 6% cum,
(par $1)
d Common stock..
Total
$4,528,598 $4,595,796
518
518
Earned surplus...
80,816
20,827
56,329
Taxes
Payroll
term debt
b Plant and equip.
Abandoned
1938
Accounts payable.
men's commis'ns
In vestments
$290,544
11,395
9,593
wholesale
Total income
110,334
130,450
Total
..$4,528,598 $4,595,796
$69,484
3,509
a After
reserve for bad debts of $32,740 in 1938 and $25,019 in
1937.
b After reserves for depreciation and depletion of $423,414 in 1938 and
$72,992
19,375
42,216
Miscellaneous income
—V. 147. p. 2528.
$307,040
Net income
Preferred dividends
Common dividends
Surplus
Earnings per share
32,800
949,221
Prepaid exps., and
;
All other expenses
16,450
948,408
for prop.
(current)
Inventories
Notes
$285,253
197,558
Sink, fund depos..
Earnings for Year Ended Sept. 30, 1938
Income—Finance charges earned
Interest received,
rec.
sold
*.
Liabilities—
1937
$307,938
251,919.
__
Recei vables
Notes
,
increase of 5.6%.—V. 148, p. 275.
Subs.)—Earnings—
re¬
1938
Cash.
•
.
Consolidated Edison Co. of New York announced production of the elec¬
tric plants of its system for the week ended Jan. 15 amounting to 145,900,000
kilowatt hours, compared with 138,100,000 kilowatt hours for the corre¬
an
______
$105,613 paid in cash and $105,613 paid in class A stock (105,613 shares
par),
y Before deducting special charges (loss on liquidation of in¬
Assets—
a
Contract Purchase Corp. (&
$220,130
x211,225
Balance Sheet Oct. 31
•of New
sponding week of 1938,
y$370,981
6,337
organization).
z $63,413 paid in cash and $147,963 paid in class A stock
(147,962.5 shares of $1 par).
Note—No provision has been made for Federal income taxes as the com¬
pany in its tax return claims a deduction for depreciation based on original
cost that is substantially greater than the provision for depreciation shown in
the above profit and loss account, which is based on values determined at,
the date or reorganization, and also claims a deduction for losses on aban¬
doned plant and equipment, which are charged to reserve for revaluation
of p'ant and equipment.
Pay20-cent Dividend—-
a
■
~
;____
dividends
ventories at abandoned plants jn excess of reserve provided at date of
Connecticut River Power Co.—Bonds Called—r
p. 3307.
$180,346
z211,375
478,566
of $1
dividend of 20 cents per share on the common
stock, payable Feb.,1 to holders of record Jan. 20.
Dividends of 10 cents
per
-_n
Preferred dividends
a$629,091
Includes
Directors have declared
$469,942
119,414
130,398
Fro v. for depreciation and depletion...
$483,306
$186,443 representing amount assigned to, 14,623 shares of
common stock of General Public
Utilities, Inc., received as a dividend, in
lieu of cash, in December, 1937.—V. 148, p. 126.
a
109,738
112,182
'
Interest deductions
.
$1,372,225
888,919
888,055
Amount available for dividends and surplus
$592,901
—
profit before int. deductions,
depreciation and depletion.
279
■
a$ 1,517,146
Expenses, taxes and deductions
$447,877
22,064
_
Net
73,117
306
"
expenses.
Net profit from operations.
Other income (net)
5,831
6,944
.
al86,449
'
$566,960
25,941
93,205
142,877
4,686
2,347
.v
$926,443
$416,428
9,892
„_
Selling, general & adminis.
_•
n
1,572,197
831,151
.
:
1.538,628
$1,099,760
532,799
Gross profit on sales
*
*
1,323,277
$386,477
29,951
$450,217
-
Total
1936
$2,498,640
$846,881
460,405
$450,217
(excluding of provision
for depreciation and depletion)
831,962
Common dividend from sub. (not consolidated)-Other income
19,37
$2,633,388
of sales
$479,751
company
Earns, from sub. cos. deducted in arriving at above:
Interest earned.
Interest not earned
Preferred dividends.
1938
$2,170,158
Net sales
$479,751
Balance applicable to parent company-.
Balance of earnings applicable to parent
-Earnings—
„
99,203"
5,831
J
Cost
r
Co., Ltd.—Dividend—
De Havilland Aircraft Co. announced a commop dividend of 10% for
the year ended Sept. 30, last, plus a cash bonus of 2 34 %. This is the same
distribution as for the previous corresponding period but is payable on
shares
at
in
1937.
stated
c
Represented by 211,375 (211,255 in 1937)
d Represented by 51,806 no par
amount.
no
par
shares.
Divco-Twin Truck Co.—Earnings—
____
on
140,720 shares
common stock
(par $2.50)
$11,401
$0.38
Consolidated Balance Sheet Sept. 30, 1938
Assets—Cash, $357,037; notes receivable, $1,346,195; miscellaneous re¬
ceivables, $17,927; repossessed automobiles, $4,775; other assets, $23,660;
2 Months Ended Dec. 31—
Estimated net profit after
and taxes
1938
—
Earnings per share on 222,000 common shares—_
—V. 148VP- 276.
1937
provision for all charges
«
—
$11,636
$0.05
lpss$32,161
Nil
Financial
436
Discount Corp.
$
$
Assets—
5,567,874
91,282,486 89,319,073
264,134
125,227
Undivided profit--
2,870,505
Acceptances,.
Surplus
Dividend payable-
U. 8. bonds, Treas.
notes and ctfs. of
Indebtedness
Int.
accrued--
rec.
Expenses
in
paid
88,061
37,604
985
985
3,610,421
N.
with
Dep.
75,000
2,510,628
1,017
3,229,057
bank
to
&
14,600,000
Securities contracts26 ,677,000
29,737
Sundry credits
—97,977,685 98,418,728
Total
—-
7 Mos. End.
31-
Years Ended Oct
1937
1936
$2,936,794
1,919,461
31, '35
$952,892
441,748
510,172
$2,081,347
1,357,884
394,988
$73,622
$507,162
107,234
expense..
Operating income
Depreciation
125,572
Cr23,332
47,155
Other income
Miscell. deductions (net)
Federal taxes
644,106
184,768
$124,018
41,741s
$328,474
99,207
Cr 12.485
12,723
29,700
Cr20,464
14,696
56,100
-
Dividend—
Corp.—To Pay 4% Stock
have declared
a
March 1 to
stock dividend of 4% payable
Last previous payment was 10 cents on Jan. 21,
1938.
A dividend of 17cents per share was paid on Sept. 25. 1937 and
one of 10 cents was paid on June 15,1937 and each three months previously.
—V. 147, p. 1486.
Inc.—Weekly Input—
Ebasco Services,
input of the
American Power & Light Co.,
Power & Light Co.. as com¬
corresponding week during 1938, was as fol.ows
-IncreaseJan. 12,
pared with the
Oct
1938
$1,925,701
1,410,330
Cost of sales
taxes
1939. the kilowatt-hour system
operating companies which are subsidiaries of
Electric Power & Light Corp. and National
-Earnings—
Period—•
Operating
Duro-Test
For the week ended
Net sales
10,233,776
holders of record Feb. 21.
—97,977,685 98,418,728
4052.
Dodge Mfg. Corp.-
16,271,053
charged
Directors
10,203
dorsement
-V. 147, p.
„
x
1937 figures have been adjusted to reflect $40,059 of additional
applicable to the period of 1936 included therein paid in 1937 and
to surplus.—V. 147, p. 3608.
57 998,085 70,929,745
Accept, rediscount
and sold with en¬
Total
*1937
$30,940,707
1938
Net
cus¬
tomers
Cash
288,575
due
Loans pay. and
Y.
Dept...
4,576
503,341
Unearned discount
Banking
Htate
5,000,000
125,000
2: 673,242
Reserves
advnace
5,000,000
5 000,000
5 ,000,000
operating revenues
$29,322,373
operating revenue and other income before
appropriation for retire, res. and after taxes
14,707,202
Net income after deduction, incl. rents for lease of electric properties, int. on funded debt, &c
8,938,399
Gross
$
$
Liabilities—
Capital stock—..
Co.—Earnings—
30—
12 Months Ended Nov.
1937
1938
1937
Duquesne Light
Dec. 31-
of New York—Balance Sheet
1938
1939
Jan. 21,
Chronicle
5",040
8.4
1.7
Corp.—To Pay 30-cent Dividend—
Emporium Capwell
Directors on Jan.
6 2
50,208,000 4.239,000
76,240,000 1,285,000
Corp
54,447,000
National Power & Light Co ... 77,525,000
.—V. 148, p. 277..
Electric Power & Light
"
10,650
Pit.
1939
1938
Amount
Co—109,940,000 103,521,000 6.419,000
Overatina Subsidiaries of
American Power & Light
19 declared a dividend of 30 cents per share on
value, payable Jan. 31 to holders of record Jau.
stock, no par
common
the
21.
dividends of 25 cents per share were distrib¬
vear-end dividend of 50 cents was paid on Jan. 31,
Previously regular quarterly
Federal surtax on undist.
26,900
profits.'
In
uted.
addition, a
1938.—V. 147, p. 3308.
Net income.,
Ioss$75,772
$322,697
79.974
$4.03
$66,587
73.044
$0.91
$199,329
80,502
1 Nil
..
73.044
Shares capital stock
Earns, per share
$2.73
Balance Sheet Oct. 31
1937
1938
Assets—
Cash
$160,759
$227,920
:
trade
accept.
accts.
Salary,
receivable
172,777
$63,953
$72,793
16,195
payable-
42,334
50,000
723.781
867,010
9,540
9,612
1,537,783
1,624,102
b Inventories
and
wages
commission
280,524
Other assets
c
Accounts
1937
Notes pay. to bank
&
Accrued local, State
75,342
55,424
& Federal taxes.
Prov. for Fed. inc.
Prop., plant and
equip, (at cost).
88.808
tax
Res. for conting
Prop. & plant to be
9,846
abandoned
10,811
.
d
15,000
—
,207,533
Capital surplus.—
prepd. insur and
Earned surplus—
.
1,199",609
,008,428
367,392
Capital stock
Stationery supplies,
1,003,042
463,004
42,113
52,277
taxes
olders dated the 12, 1939.—V. 148, p. 277.
goration sinceJan. adoption of such by-laws as
Public Service
Approved by SEC—
Engineers
The
in 1937.
1937).
c
in 1937.
P.
$37,330 in 1938 and $37,500
b After allowance for slow moving products, $209,783 ($188,513 in
After allowance for depreciation or $378,331 in 1938 and $258,817
d Represented by 80,502 (79,974 in 1937) no par shares.—V, 146,
2204.
/
Co., Ltd. (& Suhs.)^-Earnings-
Dominion Glass
1935
1936
$532,580
1937
$176,249
$410,488
182,000
212,500
182,000
212,500
182,000
212,500
$81,749
$15,988
Years End, Sept. 30—
1938
Profits
y
...$2,733,925 $2,994,932
Total
$2,733,925 $2,994,932
After allowance for doubtful accounts of
a
dividends....
Common dividends..
Preferred
>
-
-T$138,080
Surplus..
,
$412,245
182,000
212,500
.
"$17,745
Earns, per sh. on 42,500
$542
$5.27
Including other income, but after deducting taxes, &c.
shs.
y
(par $100)
Consolidated
Balar^ce Sheet Sept. 30
S
•
1937
1938
1937
1938
Assets—
$6.92
$8.25
coin..
$
Liabilities—
$
,250,000
263,340
4,250.000
1,507,767
1,174,829
1,150,324
payable
Dividends payable
98,625
98,625
500,000
250,000
Accrued charges..
311,327
236,824
186,096
242,159
Taxes
143,540
124,799
120,781
Patents, &c
175,244
Deprec. reserve...
,576,533
,370,992
3,897,316
1,232,912
30,000
46,818
77,589
69,987
2,551,920
*_
Inventories
Accts. receivable.
.
Invest, receipts...
'
Cash
Govt,
bonds
investments.....
charges.
-V.145,
Accts.
p.
i
225,828
...12,614,357 12,666,304
Total
12,614,357 12,666,304
Total....
stock
Surplus
Sundry mtges. and
Deferred
Common
4115.
Dominion Scottish
Investments, Ltd.—Accum. Div.—
The directors have declared a dividend of 50 cents per
share on account of
the 5% cum. red. preference stock, par $50, payable
March 1 to holders of record Feb. 20. Like amount was paid on Dec. 1 and
accumulations
on
Sept. 1, last; a dividend pf $1 was paid on June l.last; dividends of
paid on March 1, 1938, Dec. 1 and on Sept. 1, 1937; a dividend
paid on Juno 1, 1937, and one of 25 cents was paid on March
were
was
Accruals
after
the cqrrent
payment will amount to $7.37 ]A
50 cents
of $1.75
1, 1937.
per
share.
—,V. 147, p. 3307.
Dow Chemical Co.
(& Subs.)—Earnings3
Period—
"
x
Net profit
y
30,'38
$1,428,372
Nov.
Aug. 31 ,*38
" $838,703
Earns, per share
x
After
$589,669
$1.35
$0.54
$0.81
interest, depreciation, Federal income taxes, &c.
stock.—V.
147,
Dresser
Central
p.
4052.
'
...
Nov. 30,'37
$2,381,137
$2.44
On
common
v.
stock,
Years End.
a
companies
in proportion to gross
1937
$295,146
106,308
$182,263
104,706
1936
1935
$112,438
105,623
$98,397
$188,839
$77,556
Jan. 12 that company
application, the bonds are to
Service Co. for cancellation, with funds
sale of certain properties. It is
will be tendered by Engineers
Public Service Co. -will be not more than the current market price, but not
less than their cost to the parent company, namely 80, plus accrued interest.
The proceeds of the saie Will increase the cash of Engineers Public Service
Co., which proposes to repurchase for retirement a maximum of 7,000
outstanding shares of one or more series of its preferred stock.
An applica¬
tion for approval by the Commission of such acquisition and retirement
was filed by Engineers Public Service Co.—V. 148, p.
277.
According to the
Service Co., a subsidiary..
be
purchased by Western Public
Erie RR.—Intervention
$8,919
bills
rec.
Inventories
$63,427
Accounts payable-
168,400
Accrued
350,782
Deferred charges..
12,990
Inv. lnbds. &stks.
19,739
329,261
Federal income tax
66,250
timber
&
6%
7,622,235
7,436,518
x
x
$8,144,065 $8,079,524
$376,823
125,000
$151,823
141,655
50"666
$109,693
$85,014
$196,672
Common
1st mtge. bds.
1,301,500
1,326,000
—
Scrip & municipal warrants—
&
100
3,199
230
Real estate
Furn.
$2,008,966
9,254,893
3,059.151
miscell
fixtures
(deprec.
value)
Deferred charges
7,139
Represented by 150,000 (no par) shares,
Elysee Hotel Corp.—Trustee—
w
Empire Trust Co. has been appointed trustee for the participating cer¬
dated Dec. 31,1938.
for
pref.
Par.
no
$14,514,755
&
9,307
69,230
(113,628% shs.
2,272,570
—
(407,549%
shs.
747,174
par)
Total..—
4,599
—
par)
stock
645
3,059,151
(1,720 shs,
1,475,503
1.515,387
Capital surplus
3910.
-
pensions
Earned surplus
Total
—
-
stk.
par)
no
—Y. 147, p.
181,554
embezzlements
Res. for old age
Com.
Capital paid in and capital
147, p. 3455, 570.
192,250
stock
Investment ctfs. issued
Partic. div. on pref.
Res.
$187,385
4,800,000
Employee thrift accounts
Federal income tax
Pref. series A
5,400,000 y5,401,430
surplus, $5,400,000, and earned surplus of $1,430.—V.
tificates under the mortgage indenture
Jan. I, 1939—
Notes payable---—
no
$8,144,065 $8,079,524
z
Divs., payable
robberies
123,718
57,359
Common stock &
Total
IO6T666
Liabilities—
hand & in banks
on
Accounts receiv.,
13,640
62,500
Consolidated Balance Sheet Dec. 31, 1938
Due from employees
1,285,293
$197,514
41,817
Preferred, series A
900
13,260
45,980
34,855
$533,452
48,309
41,817
246,655
$278,974
$50,742
1,519
*
Crl4,191
paid—Partic. pref.
1,329
1,385,120
surplus
Total
$578,026
42,947
91,759
66,498
49,231
$41,396
1,461
taxes
1st mtge. bonds.
water
powers
charges..
Reserves
& plant, real est.,
41,106
619,875
$767,780
59,900
80,289
94,139
40,168
.
Notearecelv. (invest, ctfs.)
Interest accrued on
Mills,bldgs.,mach.
51,174
690,927
$302,326
23,976
31,289
res.—net
Notesreceiv. (chattel mtge.)_
Dominion & other
15,668
20,889
327,139
$399,661
profit-
1937
1938
1938—6 Mos—1937
$1,509,881 $1,239,008
29,246
355,298
Operating charges
Operating expenses
Oper. bad debt
Subs.)—^-Earnings—
1938—3 Mos.—1937
$784,205
$650,354
Period End. Dec. 31—
Gross income collected--
Cash
129.400
Cash
Accts. &
30
Liabilities—
1937
Allowed—
signed by'Federal Judge Paul Jones at Cleveland granted
in Erie reorganization proceedings to the Chesapeake
& Ohio Ry., as majority stockholder, and to Guaranty Trust Co. of New
York, as trustee under the general mortgage of New Jersey & New York
RR., subsidiary debtor.
The Chase National Bqmk of New York, trustee under the third mortgage
of New York & Erie RR., has been authorized by the Interstate Commerce
Commission to intervene in the Erie reorganization case.—V. 148, p. 278.
Two orders
the right to intervene
Assets—
Balance Sheet Sept.
1938
Assets—
(File
first mortPublic
has filed an application
received by the corporate trustee from the
stated that the price at which the bonds
$6,815
Includes income from investments.
a
Preferred-r-
Bonds Asked—Proceeds to Retire
The SEC announced
Bal. to surplus
Net profit..
About
operating revenues.
56-20) for approval of the sale of a maximum of $508,000 5%%
gate and refunding bonds, series A, due Feb. 1, 1960, of Western
Divs.
1938
$203,957
105,560
Sept. 30—
Profit from operations-
Interest, &c
operating
Net profit
Dryden Paper Co., Ltd.—Earnings—
York on
Inc., was organized in New
$10,000 of its capital is invested in furniture and fixtures, the remaining
$90,000 being used as working capital.
The types of services which the applicant renders to system companies
are financial assistance, relations with stockholders and upblicity, treasury,
tax, accounting, corporation department and statistical and budgetary,
according to the SEC. >
,
,
"
"Applicant proposes to allocate its cost of service to system companies
on a direct charge basis so far as such charges can be made without undue
effort and expense," it Is stated.
Gross
>
transfer agent
value.—V. 147, p. 3909.
no par
Public Service Co.,
Interest
Mfg. Co.—Transfer Agent—
Hanover Bank & Trust Co. has been appointed
for 350,000 shares common
Engineers
1926, with broad corporate powers relating primarily to the ac¬
quisition and disposal of securities.
On April 9, 1931, by charter amend¬
ment, its corporate functions were restricted to the performance of services
for other companies; coincident with this amendment, the applicant be¬
came a mutual service company for the Engineers Public Service System.
The applicant has outstanding 20,000 shares of $5 par value stock which
were paid for at par in cash and are distributed among the 15 member
Nov. 22,
Family Loan Society, Inc. (&
0 mos.-
mos.
Nov. 30,'38
registered holding company.
The service company
13 of the Holding Company Act.
Sale of
2,600,000
Public Service
field its applica¬
for the subsidiaries of Engineers
tion under Section
$
•
,600,000
Preferred stock...
6,750,466
2,559,420
1,421,887
6,465,370
Properties
a
Unit
Service
Commission on Jan. 11 issued an order
Engineers Public Service Co., Inc., to operate
mutual service company
Co.,
outlined in notice to stock-
Co.—Mutual
Securities and Exchange
approving the application of
as a
Total
certain
by-laws providing that the annual meeting of stock¬
held on the third Monday in March instead of the first
Monday in February, so as to allow more time after the close of the com¬
pany's fiscal year for the preparation of the annual report, to provide
greater flexibility in connection with stockholders' meetings and to eliminate
certain ambiguous and incorrect references to the Stock Corporation Law,
the General Corporation Law and the certificate of incorporation of the
company resulting from amendments to said laws and certificate of incorholders shall be
1938
Liabilities—
aCustomers' notes,
Endicott Johnson Corp.—Annual Meeting—
at their annual meeting on Feb. 6 will consider
Stockholders
amendments to the
—
.$14,514,755
Volume
148
Financial
Evans Products
r
Stockholders at their adjourned special
meeting on Jan. 23 will consider
amending the certificate of incorporation by increasing the authorized
capital stock from 300,000 shares to 500,000 shares.—V. 147,
p. 4054.
Faultless Rubber
I
Chronicle
Co.—Special Meeting—
1938
860,042
Prov. for Federal inc. tax
54
1936
$291,828
50,052
Drl4,350
40,000
51,095
Cr6,435
1935
$191,672
50,222
Cr6,683
21,000
$237,894
50,934
Cr3,409
26,200
Net
to surplus, after
provision for Fed. tax.
$15,329
114,538
$187,426
$0.23
$2.86
Earns, per sh. on 65,450
shs. com. stk. (no par)
Assets—
$127,134
$164,168
$1.94
$2.51
130,900
dividend requirements
V. 147, p. 2531.
1938
1937
Liabilities—
1938
226,834
Notes & accts. rec.
114,043
171,009
Inventories
277,677
232,655
34,616
31,980
$34,808
corneals, payable
18,910
1937
$42,126
$220,852
110,262
Dividends payable
securs.
Value life insur
Dep. inclosed bank
""355
Mlscell. accts. rec.
Other assets
Plant
x
Accrd.
(incl.
8,495
16,127
16,363
32,725
Common stock..
y
1,186,542
372,637
Federal
8~49~03i
Total
$1,642,289 $1,780,344
& 'Traction
Co.—Mutual
Service
Unit
Light & Traction System.
Federal Advisers, Inc., a subsidiary of Federal Light & Traction Co.,
organized under Delaware laws on Jan. 8, 1938, under the name of
Federal Engineers, Inc., with an authorized capital stock of $100,000.
On Feb. 10, 1938, its name was changed to Federal Advisers, Inc., and
the authorized stock was increased to $300,000, consisting of 3,000 shares
of $100 par value each:
There are 300 shares outstanding, all held by Federal Light & Traction
Co., which paid cash at par value for the stock.,
A part of the declarant's
$30,000 capital has been invested in furniture, fixtures and equipment.
The remainder represents working capital.
'
"Declarant's
proposed cost-allocation
method
embodies
the
funda¬
mental principle that all items of cost which can be identified and charged
directly to a specific company receiving the benefit of particular services
will be charged directly to that company," the Commission states.
"Direct
charges will include both salaries and out-of-pocket expenses.
Direct
salary charges will contain a portion of overhead expense computed by
adding to the salary charge the proportion of declarant's total overhead
expenses that the salary charge bears to total salaries other than those
included in overhead."—V. 148, p. 278.
"
was
Consolidated
Assets—
1938
•
7,873,545
2,628,740
2,640,040
stk. of subs.
in hands of pub.
■
Pow.
int. in sub. co..
Funded
4,487,826
special cash dep.
578,202
598,100
Cash———
$91,903
6,820
debt.....18,542,100
18,843,600
300,000
1,800,000
other notes pay.
383,167
446,308
Accts.
14,354
(current)
5,420
Notes pay., banks.
Accts. payable and
767,454
Spec, cash deposits
payable
affiliated
to
54,806
61,780
1,662,839
1,781,987
288,730
1,032,897
1,165,983
Accts. & notes red.
pref.
dividends.
(not current)...
1,500,000
Cust. deps. & adv.
471,859
434,017
Tickets outstand'g
539,886
395,652
supplies
80,825
54,489
65,497
interest & taxes.
5,082
Deferred charges..
5,554,803
5,141,377
Reserves...;
1,157,557
1,060,640
construction
333,338
202,829
8,428,604
surplus...
1938
x
Preferred stock
$2,889,850
1,930,845
y
Common stock
1,200,000
410,501
Accounts
payable
Dealers' def'd commissions
214,989
Cash
1,080,442
Prepaid insurance, &c.
510,055
Sundry real estate
52,631,995 51,968.532
After reserve of $75,190 in
Total
52.631,995 51,968,532
1938 and $75,696 in 1937.
....$7,413,850
57,797 shares,
x
y
profits
annual
$7,413,850
1925.
p.
—Earnings—
Condensed Profit and Loss Account Year Ended June
30, 1938
$3,557,062
3,007,014
__
Cost of sales
Gross profit
_r
-
404 084
-
Net profit from operations (after $65,074
depreciation)
Adjustments applicable to prior years, &c
Provision for income and excess profit taxes
Deferred profit on Zacatepec Sugar Factory Contract
June 30, 1937
as at
Surplus
Federal Judge William E. Baker at
Wheeling, W. Va.,
on
Jan. 11, denied
a petition for the appointment of a receivership for the Association and at
the same time overruled the Association's motion for dismissal of the suit.
Judge Baker said the case presented problems that "we must endeavor to
together" and asked attorneys for both sides for their suggestions
.the possible trial of the issues or the appointment of a Special Master
audit the Association's accounts and investigate its operations.
The receivership was sought
by a group of Pennsylvania residents who
16 of the company's investment loan contracts.
They based their
action on charges of fraudulent practices against the company by the
Securities and Exchange Commission.—V. 147, p. 3761.
hold
$204,953
1
Condensed Balance Sheet June 30,1938
Assets—Cash, $61,460; customers' notes and accounts receivable (less
reserves), $52,559; balance due net on Zacatepec Sugar Factory contract,
$40,118; miscellaneous accounts receivable, 1,417; in ventories (less reserves),
$403,371; finished goods on consignment (less reserve), $5,378; prepaid
expenses and deferred charges, $41,080; investments—stocks, bonds,
&c.,
(less reserves), $19,762: investment in and advances to wholly owned sub¬
sidiary, Fulton Finance Co. (less reserves), $25,000; property, plans and
equipment* book value (less reserve for depreciation, $1,6^0,861), $750 839;
patents, processes and designs, $500,000; total, $1,900,991.
' '
Liabilities—Note payable R F C, secured, due Dec. 20, 1938, $30,000,
June 1, 1939, $36,755, $66,755; accounts payable for materials,
expenses,
&c., $166,158; reserve for commissions, $2,772; reserve for completion or
contracts, &c., $5,818; purchase money obligation, $5,000; Federal and
State income taxes, $21,000.; purchase money obligation
(not current),
$11,667; interest accrued on 5-year registered income notes, $46,467;
deferred profit and reserve for contingent expenses—Zacatepec contract,'
$64,118; five year registered income notes, due Nov. 1, ,1939, $774,444;
preferred 6% non-cumul (par $10), $512,990; common stock ($1 par),
$18,850; surplus, $204,953; total, $1,900,991.—V. 143, p. 3466.
.
Fundamental Investors,
Securities
rec.
butions
_
_
Interest—T
1936
Trustee
Shares
(1945)
1,894
J
'
z
1,946
992
4,312
5,249
$448,765
$262,615
$75,093
26,004
$49,089
al31,554
84,041
$204,395
73,053
x$192,803
c249,434
$364,724
b618,778
$131,343
b875,017
Expenses
Dividends paid
—
Consists of $75,813 applicable to earned surplus and $55,741 applicable
undistributed net income,
b Consists of $240,943 ($750,424 in 1936)
a
to
declared out of earned surplus and $377,835 ($124,593 in 1936) declared out
of undistributed net income,
c
Consists of $49,931 declared out of earned
surplus and $199,503 declared out of undistributed net income.
Exclusive of net loss from sale of investments
Includes $1,619 received in the
■
1937
1938
Funds
custodian
and
Divs.
on
717.250
827,585
9,760;050
7,443,330
Prov.
12,093
y23,600
-
—
167
239
divs
Fonda Johnstown & Gloversville
Period End. Dec. 31—
RR.—Earnings—•
1938—Month—1937
$44,505
$43,564
30,248
42,843
Operating revenues
Operating expenses
1938—12 Mos.—1937
$445,681
410,939
$548,369
486,063
$14,257
1,257
3,879
Operating income
$12,999
2,400
x$3,158
3,027
$15,400
13,554
x$131
14,159
$1,846
x$14,290
$721
10,516,137
3,772
and
3,307
3,772
1,156,144
1,090,406
surplus.-10,720,408 10,260,253
Unrealized net ap¬
over
General Capital
and
received._
Taxes
48,122
x$13,380
14,057
$13,703
18.036
Net loss on sale of inv._
$677
166,403
$31,739
170,873
x?l65,726
x$139,134
expenses._—
Deducts, fr. gross inc.
income
Net loss for
deficit
or
147,
loss,
p.
y
3912.
Includes interest accruals
on
outstanding
.
—
..10,516,137
174,426
...
8,298,527
Corp.—Earnings—
1936
1935
$242,864
41,736
$192,560
35,193
$218,244
79,020
$201,128
$157,366
390,385
yl 1,851
175
1938
$131,547
1937
x$258,846
29,145
40,602
$102,402
112,587
880
period.
—
$12,847prof$127,373prof$200,072
$233,019
value at date of receipt of stocks received as
Includes undistributed profits tax.
The corporation by vote of the stockholders on Dec. 18, 1934, amended
its certificate of incorporation so that stockholders may require the corporax
Net income..
110,257
Prov. for Federal tax on
income
Gross income
Total
2,662
Calendar Years
Net oper.
Other income.—
8,298,5271
Dr885,430 Dr3255998
stock.„x/)?-608,631
x Cost of capital stock reacquired and
held in treasury pending resale,
33,834 shares,
y Dividends receivable only,
z Par $2.—V. 147, p. 2532.
$62,306
48,604
$34,742
19,750
dlvs.
Treasury
Int. and divs.
Net revs. from opers.
Tax accruals
13,653
(
cost of invests..
Total..
3,500
Capital stock—.
Paid-in
3,307
—
scrip
unclaimed
z
for
scrip red. & un¬
claimed
4,500
Federal |
capital stock
{
for Federal!
Unred.
23,271
chargesdep.
on
for
Income tax
tions to cap. stk,.
Cash
$2,417
Reserve for taxes.1!
subscrip¬
Deferred
S
.
manage¬
Prov.
.
accts.
receivable—Rec.
$1,929
ment-fee...-
deposit
on
with
Securities owned.
1937
?
Accounts payableAccrued
$
Assets—
.
1938
Liabilities—
deposit
on
'
1937
1938
Funds
(amounting to $16,567).
form of preferred stock.
Balance Sheet Dec. 31
,
Earned surplus...
332.
$69,844
24,108
.
69,811
—
Fund—
Company paid a dividend of 13 H cents per share on its capital stock on
Jan. 16, last.
Dividend of nine cents was paid on Oct. 15, last.—V.138,
1935
$200,083
„
,—
Total income.
1937
$423,665
distri-
as
invest, held
on
Inc.—Earnings-—
1938
$258,775
Dec. 31—
—
preciation
All-Canadian
Denotes
$38,119
$166,834
—
Dividend—
x
"
-----
June 30, 1938
as at
43,295
$102,669
3,432
21,000
40,118
Net income.
Surplus
z
Fidelity Investment Association—Receivership Denied—
nded debt.—V.
$550,048
...
Selling, general and administrative expenses
Miscellaneous charges (net).
stockholders
meeting, Edward T. Foreman, a
contractor, and Edward N. Rich, lawyer, were added to the board.
Other
directors reelected.—V. 147, p. 3911.
y
3,058,617
Total.
60,000 shares.—V. 147,
Fulton Iron Works Co., Inc
Net sales
y
Fidelity & Deposit Co. of Md.—■New Directors—
p.
79,748
142,960
105,431
Undivided
581,838
—_
Total...
•o
x
First
21,825
20,849
Res. to complete contr'ts, &c.
Res. for Fed & State taxes...
17,034
Personal property...,.......
Real estate and buildings
7,805,657
Represented
by 44,374 no p^r shares,
c In subsidiaries consolidated over equity in
their net assets, exclusive of earned surplus,
d Par value $15 per share.
The earnings for the year ended Sept. 30 were published in V. 148,
p. 278.
to
$95,632
——
$2,562,715
res'ves)
Net income.-------
on
$479,023
383^391
Bonds and stocks
147,514
211,562
_„i
Capital surplus...
Earned
work out
213,230
:
receivable
Dividends
Contrihs. in aid of
—
recent
1938
592 253
.....
Accts. receivable (less
13,400
70,680
Accts. & notes rec.
the
31,
Liabilities—
Years Ended
(not current)...
Prepaid insurance,
At
2532.
$4,476,607
Balance Sheet Oct. 31,
Notes pay. to bks.
81,906
(curr.)
Mdse., mat'ls and
x
preferred stock.
Accts. & notes pay.
of New Brunsw.
Total
Year Ended Oct.
Balance, surplus
382,256
cos...
Acer, int., taxes &
notes
receivable......
(not current)
7,873,545
Min .corn .stkhldrs.'
Co., not consol.) 4,187,178
fund and
Pow. Co.
$
4,387,400
Pref.
1,942,449
Sinking
&
.
4,387,400
d Common stock..
43,126,558
(Incl. sees.
Accts.
1937
$
b $6 pref. stock...
& accts. of New
a
Sept. 30
Liabilities—
.$
Properties, includ
ing tangibles...42,300,491
....
Sheet
Balance
1937
1938
Brunswick
re¬
»
Exchange Commission on Jan.'11 announced that it
had approved the declaration of Federal Advisers, Inc., with reference to its
organization and operation as a subsidiary service company for the Federal
Excess of invest.
of 6%
-IIZI—
Inventory
27,966
The Securities and
Invest.
$10)
taxes.
Assets—
Approved by SEC—
c
(par
Net profit
Dividends paid....
471,846
of $6,000 (quoted market price $4,415.)—V. 146, p. 3668.
Light
After dividend
Inc.—Earnings—
Earnings for
S®t.Siales_
Profit before
1,186,542
for depreciation of $565,174 in 1938 and $515,246 in 1937.
y Represented by 65,450 no par shares,
z Note receivable—Union Proper¬
res.
shares
_
reserve
ties, Inc. less
of 7.577
54,423
Salaries, wages and
$1,642,289 $1,780,3441
After
x
y
p.
Bills
Total
&c.
Paxes.
income)
Earned surplus...
27,030
&c..
taxes
Federal
1,106
p2,589
unexpired,
insurance,
Accounts payable.
Z4.513
&equipm't
Supp.,
$0.86
Federal income taxes,
1935
$91,133
100,000
$0.91
Directors have declared an extra dividend of 10 cents
per share in addition
to the regular
quarterly dividend of 25 cents per share on the common
stock, par $5, both payable Feb. 1 to holders of record Jan.
20.
Like
amounts were paid in each of the
eight preceding quarters.—V. 147,
Frick Co.,
$241,205
...
depreciation,
1936
$118,885
103,051
y$1.08
quirements on 21,949 shares (par
$10) of 6% cumulative convertible pre¬
ferred stock.
The preferred stock was issued in
March, 1936.
z After
Condensed Balance Sheet June 30
Cash
share
per
After
1937
$102,224
115,228
Franklin Fire Insurance Co.—Extra Dividend
Dividends
Marketable
1938
$158,552
116,977
z$1.33
Shs. com. stk. outstand,
x
1937
Oper. profit (before de.)
Deprec. on plant & eqp.
Other income, net
(Peter) Fox Brewing Co.—Earnings—
6 Mos. End. Dec. 31—
Net income.
*
Earnings
Co.—Earnings—
Years Ended June 30—
437
Cash
dividends
taxable dividends,
and
y
value" out of assets available for
stock at "liquidating
tlon to redeem its
the purpose.
Treasury stock held
in part stock so redeemed and in
Grand Union Co.—Sales—
,
at Dec. 31,1938 (15,294 snares) represents
part stock offered at the corporation's uid
$32.59.
.
Ended Dec. 31. 1938
based upon marketable securities at quoted
market value, over liabilities and capital—at Dec. 31, 1937, $1,034,707;
add, proceeds from sale of 16,264 shares of unissued stock ($459,969) in
excess of amount credited to capital stock account
($89,700), $370,270;
unrealized net appreciation in quoted market value of marketable securities
during the year ended Dec. 31, 1938 (Dec. 31, 1938, net depreciation
$1,136,672, Dec. 31. 1937, net depreciation $1,939,207), $802,535; total,
$2,207,512; deduct, dividends to stockholders, $113,522; increase during
the year ended Dec. 31, 1938, in General Capital Corp. stock held in trea¬
sury (Doc. 31, 1938,15,294 shares—cost $477,762, Dec. 31, 1937, 3,744 shs.
—cost $111,041), $366,720; coast of 6,524 shares of treasury stock retired
by vote of stockholders on April 13, 1938 ($189,959) less amount carried in
capital account in respect thereto ($121,975), $67,984; net operating loss
for the year ended Dec. 31, 1938, as per accompanying statement, $12,847:
surplus—excess of assets, based upon marketable securities at quoted
market value, over liabilities and capital at Dec. 31, 1938, $1,646,438.
;
Balance Sheet Dec. 31
of Surplus for the Year
Statement
Years End. Oct. 31—
1938
Assets—
Accts;;
$977,167
3,843",910
Invest, at cost
438
accrued rec..
$1,106,857
$1,167,040
$1,784,257
220,197
$1,429,542
169,233
554,539
$1,155,580
172,187
•
494,704
263,404
563,625
x94,616
151,579
62,000
128,000
$41,010
profits
Loss applic; to miri. int.
Netprofit
Divs,
on
...
class A stock
Balance,surplus.....
$674,830
364,800
Earnings for 6 Months
securities.
.
.
,
_
—:« -
■
.
■
.
v
Years Ended—
1938
;■
•.
Loss.
—
;
;
Depreciation
Net loss...-
...V
Exclusive of $£8,750
x
■
interest paid
Oct. 27 '38
Assets—
on
Oct. 28 '37
$88,379
Cash
Accts
$323,108
Inventories—
.
1
376,493
21,832 " '
trustee
14,378
4,558
204
and others.
Acct.rec.,due after
3,000
"
one year....j..
30,000
30,000
cost...
Net
1,086,000
.....
Warrants
*
430,989
Balance Sheet
-
......
•
assets
—
*.$3,322,940 $3,833,431
common
Royalties
After
y
P.
....$3,322,940 $3,833,431
Total
279.
.
,
x:
■
i
•
t.
"I
;
v
.
1937
$738,980
1938
$36,879
Years Eluded July 31—
Earnings.
Balance.
.
$615,007
581,176
$36,879
.....
Dividends paid.,
$841,657
72,647
..
Consolidated Balance Sheet July 31
1937
1938
Assets—
Invest'ts at cost..
4,250
$387,224
4,250
Accts. & notes rec.
1,092,107
3,131,122
2,750,150
3,647,272
3,541,457
194,593
$641,391
_
Inventories
Other
1938
Liabilities—
1937
955,521
able, accrued ex-.
Ac—.$1,976,442 $1,050,465
323,528
323,528'
Capital stock...... -3,750,000
3,750,000
Surplus
2,660,765 2,623,886
penses,
Res. for contlng'
preciation
Other assets
Total
-V.
...
$8,710,735 $7,747,879
......
$8,710,735 $7,747,879
for
Goodyear Tire & Rubber Co.—To
declared
a
Pay2^-cent Dividend—
dividend of 25 cents per share on the common
of record Feb. 15. A like amount was
1938, and previously regular quarterly dividends of
distributed.—V. 147, p. 3458.
stock, payable March 15 to holders
paid
on
March 15,
50 cents per share were
.
Great Lakes Pipe Line Co.—Final
Valuation—
valuation for
rate-making purposes of $16,400,000 on company's properties owned and
used for common carrier purposes.
Valuation date was Dec. 31, 1934.
—Y^£37. p. 1061.
;
The Interstate Commerce
preferred stock (par $100) and
:
1936
1937_
,
1935
$619,233
$427,158
46,303
$545,683
34,567
.•
48,197
21,062
23,425
14,911
$688,961
$496,417.
249,469
"v 285.684
213,326
21,363.
50,142
51,606
•---
S. and
U.
$7,727,070
Total — .
97,777
$351,672
$295,550
y492,135
$358,741
Netprofit.......
dividends
194,946
150,050
Common dividends..
36,382:
$225,345
x762,810
x $3.50 per share ($344,494) paid out of consolidated paid-in surplus
$4.25 per share ($418,314) paid out of consolidated earned surplus.
y $212,045 charged to paid-in surplus and $280,090
to
surplus.
:
Consolidated Balance Sheet Nov. 30
charged
a
Plant A
$637,384
593,976
$629,364
502,214
25,013
equip...
PatB., trade
marks'.
Prepayments
\ 33,324
786,112
142,049
87,349
30,000
522,063
602,391
$2,723,414
Cash
b
Receivables
Other
....
Investments
Inventories
222,546
56,474
30,000
547,318
1938
Liabilities—
1937
1938
Assets—
147, p. 2393.
Directors have
2,711
257,077
Preferred
Bonds
Total
596,942
$595,161
Total....:. —-$2,724,164
Plant, &c., less de¬
—
.....
$713,595
deductions.
Provision
Accts. & notes pay¬
109,275
Cash....
preclation, Ac.)T
1938
Canadian income taxes
$1,103,517
261,859
855
5,782
taxes,
2,266
$670,674
25,775
17,146
sales
received
Totai:..:......:...;
1936
123,973
;
1,282,000
(& Subs.)—Earnings-
Selling, general & admin¬
istration, &c,, expense
(& Subs.)—Earnings—
Goodall Worsted Co.
Reserve for Federal taxes
r
(interest,
Other liabilities...-
34,597 shares of 6%
shares, no par.
Otherincome
shares*,
Reserves
$7,727,070
...
Years End. Nov. 30—
deducting $48,272 ($49,488 in 1937) reserve for bad debts,
deducting reserves for depreciation,
a Represented by 72,000
b These, bonds were paid at maturity Nov, 1,. 1937.—V. 148, v
...
unearned.......
Rentals received unearned.
Issued shares:
Gross profits on
After
1,295,897
542,884
....
74,691
,Total.....
35,000
68,505
55;890
.
outstanding
Discount
114
60,445
Deferred charges.
...
«
4,941
'
2,507,269
x
Bonds
7,202
Tenants changes............
surplus
Earned
44,444
Sinking fund—Trustee...—.
_'.a$4,000,000
capital
Reduction surplus..
3,340,922
buildings^
Hart-Carter Co.
Fixed assets.... 2,462,194
cTotal
Stated
152,862
Other assets.
430,989
1,879,219*
Dec. 31. 1938
Liabilities—
$56,925
3,851,749
(municipal).—L
75
interest in trusts.190,880
bonds
Furniture and fixtures
Deferred
-
1,578,889
Surplus........
$137,751
4,388
129,762
'
Leasehold...
bl29,300
30,000
16,600-
Capital stock and • surplus:
Com. stock (par
59
683
;—-
paid:.
Loans and discounts
1,116,000
9,487
_;—.
Cash and due from banks
......
30,000
— _ . .
^
:
.
Real estate and
,
— ....
—;
charges. .1—.
income
Stocks and
bonds of
Mortgage payable.
Reserve for contlng
$209,370
70,877
—
—
co.
(at cost)..'
y
82,834'
47,676
67,117
—
L—
interest
Assets—
10,145
-
'
Ended Dec. 31, 1938
$406,998
Preferred dividends
72,000
Merkel, Inc..
a
.$6,087,333 $7,015,908
Charges to reduction surplus..:—..
.'S"
Gobel Co. of la.
—
—.
bonds—..J....
Miscellaneous
Investments:
Non-affiliated
Total
.$6,087,333 $7,015,908
on
Beneficial
$1).
Sundry invests, at
1
36,693
Company has
Other
$145,649
85,673
Geo. Kern, Inc. •-
for sink-'
lng fund.
Claims against ins.
cos.
1941...
1st mtge.
21,911
297,962
21,911
249,153
1
43,383
Net operating income
4)4% conv. debs.,
ser.A.due May 1
with
-•
cos.)
:
:
$85,382
80,014
22,179
payable.
Notes payable
guarantees-..
C&sh deposit
19,724
'
373,469
Cash «fe secur, dep.Vt
363,542
2,491,113
1,841,171
30,175
Interest
Oct. 27 '38 Oct. 28 '37
324,808
i .:
19,504
1,882,181
....
Gross income..
x$87,854
Liabilities—
Accounts
403,329
2,491,113
Profit and loss
Operating expense.
'
Depreciation.
Federal, State, and local taxes
and charged to surplus.
329,091
receivable
as
6 H % notes
Accrued liabilities.
and notes
.
$393,481
$255,738
.
tingencies, Ac.,
x
Income Account, Year
51,051
5,374
123,262
9,695
i-'- Cbmparattve Balance Sheet
•
:
62,546
5,782
96,491
21,723
112,312
14,960
properties
con¬
Capital stock...
101,060
insurance.33,339
an
$206,939prof$101,528
-•
.........
on non-oper.
for
Reserve
1
to
Group Corp.—Earnings—
"
$78,024
50,442
Loss
500.000
pay.
outstanding 64,000 shares of class A cum. com. stock and
54,000 shares of class B com, stock; both of no par value.—V. 147, p. 3913.
$219,614 prof$92,362
9,166
12,675
25,261
3
Long term debt-
126,515
Total.!.
x
$103,285
Other income..............
3,287
3,039,002
Deferred charges...
•
v..
'38 Oct. 28, '37 Oct. 29, '36
$10,043,346 $11,447,445 $9,937,062
10,146,631
11,667,059
9,844,700
;
217,000
16,175
taxes
Acct.
notes A
Goodwill
Oct. 27,
Costs and expenses.,
68,991
unconsol.siib.__
2,339,080
Invest. (affil.
^
,
368,975
70.443
minion & State-
143,113
Ac
$17,400
r'".
'
adjourned sine die because of lack of a
v
Net sales
52,104
Prov. for Fed.,Do¬
844,262
U. 8.Treas. bonds,
.
(Adolf) Gobel, Inc.—Earnings—1
;
$500,000 $1,800,000
229,353
173,441
payable
payable.
808,616
accts. receivable
-life
Adjourned-—
Co'mpany's annual meeting was
quorum.—V. 148, p 279.
1937
1938
Cash surrender val.
1939
' $17,400
7V V"-. - ;>
Glidden Co.—Meeting
x
^
"
31
610,391
Officers, employees
A misc.
year's Federal
.
143,113
receivable-
equal
$71 a
v
Accrued taxes
$1,502,640
Misc.notes A accts^,
$ 169,583
for the Week Ended Jan. 7
* - " ' " Earnings
\ -1"> .v
v
Operating revenues.
—V. 148, p. 279."
$293,430
,
for timber tract and $7,889
Accounts
Customers' notes &
RR.—Earnings—
Georgia & Florida
.
Cash...
Marketable securs.
/
year for prior
Liabilities—
; '
-
539,764
439,942
Inventories
_ . —-
_
'
Jess depreciations!,323,012
Timber properties.
Ended Nov, 30, 1938
that indicated net assets as of Nov. 30, last, were
approximately $107 per share of preferred stock, compared with
preferred share on May 31. 1938.—V. 147, p. 1193.
v
$490,375
Notes
accts. receivable
The report states
64,000
$310,030
1937
1938
and equip., Ac.,
to
$35; ,430
112,000
Consolidated Balance Sheet Oct.
Assets—
and $146,453 net loss on sale of
Net loss after expenses, taxes
$602,376
,
VJ.:. v
Director—
;
CrT,298
(see amount charged to reserve during the
taxes), $9,991 provision of special reserve
deductions.
\
'
miscellaneous
Company has advised the New York Stock Exchange of the election of
George E, Dyke as a director, succeeding Charles Oechler. resigned,
—v. 147, p. 2684. \ v,T -V:
.
86,000
""393
Land, bldg8.,mach.
v
103,000
recoveries, $12,000 settlement
$4,137,421 $3,572,168
General Investment Corp.—Earnings—
20,357
16,202
provision for doubtful notes and accounts, less
of lawsuit, $11,991 provision for contingencies
of $52,746
Consists
;
16,111
35,451
13,290
—
Surtax on undist.
value.
The marketable securities at Dec. 31, 1938, are
corporation's books at cost, $4,980,588.
c Represented by
141,843 no par shares (including 15,294 shares held in treasury),
d Sur¬
plus—Excess of assets, based upon marketaole securities at quoted market
value, over liabilities and capital.—V. 148, p. 278.
■
10,000
18,139
$169,010
(net)
Prov. for est. Fed. tax—
carried on the
(Robert) Gair Co., Inc.—New
48,723
28,428
641,402
27,644
Interest expense.
Misc. deductions
x
Total
$1,401,114
......
market
b At
163,907
•
$13,224
"
$1,680,350
land, &c_._.__—...
Addit. prov. for conting.
15,131
$4,137,421 $3,572,168
Total.
1935
91,038
Depreciation
Sell,, gen. & admin, exps
Red. in book value of
&
labs...
1936
1937
.
.
^
......
Total income
$25,082
2,477,758 c2,512,379
b2,576,984 Capital stock
d Capital surplus.. 1,646,438
1,034707
11,981
Cash divs. reel v'le
payable
accrued
2 886
.
depletion. $1,076,002
mfg. exp. &
Otherincome
1937
1938
Mobilities—
1937
r
$281,086
Cash......-*
1938
,
Mfg. profit after deduct.
'
Accts. receivable
Subs.)—Earnings—
Cooperage Corp. (&
Greif Bros.
Surplus—excess of assets,
Int.
$7,790,962,
ended Dec. 31, 1938, amounted to
Retail sales for quarter
compared with $7,682,290 in corresponding quarter of 1937, an increase of
$108,672 or 1.4%.
For year ended Dec. 31, 1938, retail sales totaled $30,396,160 against
$30,839,432 in preceding year, a decrease of $443,272 or 1.4%.—V. 147,
P. 2866.
'
;
price, bought in the open market.
The net asset value per share at Dec. 31, 1938, based upon 126,549 shares,
the number of shares outstanding exclusive of shares held in the treasury,
was
Jan. 21. 1939
Chronicle
Financial
438
and
earned
~ -
1937
$699,500
$699,500
1,500,500
544,933
Earned surplus..^
226,741
Accounts payable.26,041
Accrued inc. taxes -76,000
Other accruals
34,092
ePf. stk. In treas.Dr383,644
1,500,500
c
d
Preferred stock.
Common stock.
Paid-in
surplus
544,933
212,997
21,336
69,542
34,696
Dr360,089
$2,724,164 $2,723,414
'Total..
depreciation of $1,348,772 in 1938 and $1^319,7541^
1937- b After reserve for bad debts of $40,000.
c Represented by 139,900
no par shares,
d Represented by 300,100 no par shares, e 42,915 (41,473
jn 1937) shares at cost.—V. 147, p. 33C9. '
a
After reserve for
Ry.—Earnings—
Havana Electric
,
Commission has placed a final
Earnings for
•
■
„
Gross revenues
—Y.
147,
p.
3764.
,
*
>
Period Jan. .1 to Dec. 25
1938
———
$2,011,707
*
—
1937
$2,118,478
Volume
148
Financial
Hat Corp. of
Years. Ended Oct. 31—
1938
Net sales
$8,809,201
Costs and expenses
President; Edward Foster, director and Vice
President; Allen W*
Lishawa, director and Secretary and Treasurer, and Clifton
N. Bradley
1937
1936
9,549,286
$9,665,751
8,487,350
$8,389,670
7,408,091
$651,711
$1,081,017
$1,178,401
$981,580
Operating profit
6,452
8,439
5,217
$1,183,618
b 140,753
$325,888
195,438
93,864
$662,363
a246,174
375,456
$923,312
553,562
Net profit
6M % pref. stk_
Class A and B divs
Earns, per share on
bined cl. A and B
111,306
149,000
The directors have declared
addition to the regular
extra dividend of 15 cents
per share in
quarterly dividendjof 25 cents per share on the com¬
stock, both payable Feb. 1 to
holders; of record Jan. 16. Similar distri¬
butions were made on Nov.
1, Aug. 1, May 2 and Feb. 1, 1938; Nov. 1,
Aug. 2 and on May 1, 1937. A stock dividend
of 1.29 of a share Of common
stock
$0.27
Honeymead Products Co.—Bat. Sheet Sept. 30, 1938—
$1.53
$1.21
Fixed
assets.
Bank
reserve
$1,258,054
Cash
$403,253
Total
-V.
1,243,760
1,455,868
Band
122,302
wages, com., &c.
Prov. for Fed. and
mi8cell. taxes...
51,498
1,294,649
21,900
Land for plant ext.
d Tenements on
above land..*__
1,372,133
37,700
7,088
21,680
,
Class B
e
23,580
com. stock
The
1,565,100
or
Goodwill, trade¬
.$6,998,915 $7,214,5261
Total
..$6,998,915 $7,214,526
Certified by the management as to
quantities and marketable condi¬
inventory, and valued at the lower of cost or market,
b After
reserve for bad
debts, discounts and allowances of $330,911 in 1938 and
$359,897 in 1937.
c After
reserve for depreciation of
$696,547. in 1938
and $557,851 in 1937.
d After depreciation reserve of
$15,487 in 1938 and
$30,881 in 1937.
e Upon
the basis of treating $5,300 ($4,000 in 1937)
par value of 6*4% cumulative
preferred stock in the treasury as though
retired.
The corporation
may at any time apply the 6K% cumulative
preferred stock against its charter
obligation to provide a sinking fund for
the retirement of preferred
stock.—V. 147, p. 4056.
expenses
2533.^
Refund
Year
■Assets—
Accrued int.
toms—Haiti
1,500
Cash surrender value of Ins..
Cost of
$24,547
on
notes
scrip.,
notes payable
X14.719
Dec.
Capital stock
199,096
Loss
2,220,000
2,839,166
y330,872
600,000
x
$7,777,078
Total.......
y
Hearn Department
z After depreciation of $1,792,685
quarterly dividend payable Feb. 1,,1939,
the company's 6% cumulative
convertible preferred stock.
Regular
quarterly dividend of 75 cents was paid on Nov. 1,- last.—V.
146, p. 2371.
Dividends
_.
Balance..
Previous surplus Dec. 31
rec.
in refund of
Fed. income taxes
Amt.
Earned surp. Nov. 30.
1938
'
1937
1936
$24,300
27,000
1935
$42,918
27,000
$55,132
86,806
def$2,7Q0
90,698
$15,918
128,638
$141,939
$87,998
$144,557
$82,132
27,000 '
$108,091
138.350
,■
49,313
$295,753
Balance Sheet Nov. 30
Assets—
1938
$1 ,467,161
Capital assets
1937
$1,397,738
Investments & ad¬
vances
271,250
12,500
Acc'ts receivable..
26,063
Inventory
Total
276,250
12,500
41,077
15,946
2,460
271,855
1,547
125,530
$2 066,322
$1,855,938
Cash
Deferred charges..
1938
Capital stock
$900,000
Taxes accrued
securs.
Marketable
Liabilities—
12,567
Accounts payable.
Reserve for taxes..
Res. for deprec. &
8,608
24,765
depletion
Earned surplus—
824,628
295,753
1937
$900,000
5,463
12,204
1,669
794,664
141,939
383
....
a
...
$2,066,322 $1,855,938
911,758
57,055
56,028
13
(R.) Hoe & Co .—President Resigns—
Four directors and officers were
appointed by the'board as" an operating
committee to carry on the management.
All have been actiye in the com¬
a
long time.
They are: Harry M. Tillinghast, director
lease..
15,800
1,337
11,690
1,271
100,000
1,333,616
48,479
1,333,616
mtge.—Chem.
4,183
...$1,516,194 $1,543,228
Bk.
a
&
Tr.
Co.,
due May 1,1940
Common stock..
Surplus
Total
150,000
29,973
....$1,516,194 $1,543,228
Corp., Chicago—Registers' with SEC—
Proceeds from the issue are to be used for inventories, construction,
development, debt and working capital.
IW
The corporation has agreed to.deliver to, the underwriter, according to
the statement, warrants evidencing the right to purchase 100 shares of
common stock for each 400 shares of the 400,000 snares of common stock
sold or purchased by the underwriter.
Shares of common stock acquired
by the underwriter upon the exercise of the warrants are to be offered to
public at an estimated price of $3.60 per share.
«(►The warrants are exercisable at $3 for each share of common stock to
and including Feb. 1, 1940, thereafter to and
including Feb. 1, 1941, at
$3.50 per share, and thereafter to and including Feb. 1,1942, at $4 per share.
The registration statement disclosed that the corporation is now
engaged
in the engineering and designing of a
cargo-carrying plane with tricycle
landing gear. This plane is being designed to carry four tons of freight or
40 men with military equipment at a cruising speed in excess of 150 miles
per hour.
It is planned to embody in it an unusual feature permitting the
loading of bulky cargo, such as small trucks or tanks.
w*
Engineering and designing work was completed about a year ago on a
fighter-bomber, the statement said, to carry three machine guns, 400 pounds
the
or
bombs and
a
of two.
crew
Howe Sound
Co.—-Earnings—
Period End. Dec. 31—-
1938—12 Mos.—1937"*
$4,178,451 $15,220,853 $19,453,664
3,439,879
12,474,983
14,439,897
$870,472
$2,745,870
5,303
45,803
$5,013,767
94,755
$2,791,673
638,012
$5,108,522
355,478
$2,153,661
$4.55
$4,753,044
$10.03
$883,529
241,917
Depreciation
Net before depletion.
on
$738,572
13,057
Other income
Earns.per sh.
1938—3 Mos.—1937
$4,670,656
3,800,184
Operating costs
Total income
The directors announced on Jan. 19 the
resignation of Fred L. McCarty
as President of the
company.
Mr. McCarty, who had,'been connected with
the concern since 1932 and its President since
1935, submitted his resigna¬
tion to take effect Jan. 16.
It was accepted at a meeting of the board of
directors on that date.
pany's operations for
-500,000
Operating profit
Total.
—V. 147, p. 3764.
tax
on
7,196
6,735
common stock purchase warrants
evidencing the right to purchase
100,000 shares of common stock.
M4
Of the total issue of common being registered, 400,000 shares will be
offered publicly at $3 per share through Plstell, "VVright & Co.
Ltd., while
the remaining 100,000 shares will be reserved against exercise of the com¬
mon stock purchase warrants.
m
on
$135,091
27,000
24,544
500,000
1st
5,988
7,548
in¬
and
Stores, Inc.—Defers Pref. Div.—
Holly Development Co.—Earnings—
come
2,250
24,154
-
$2,747
a
Leonard Ginsberg, President of this
company, announced that since the
company had operated at a loss for the past
year, the board of directors had
deemed it advisable to defer the
11 Mos. End.Nov.30—
Net earnings
Furn. and
expenses.
Reserve—Fed.
1937
$3,425
The corporation, manufacturers of airplanes and service parts,
has,filed
registration statement with the Securities and Exchange Commission
under the Securities Act covering 500,000 shares of common stock
($1 par)
on presentation of
subscription receipts and participation
After deducting $395 Hasco Trading
Corp.—adjustment of
earnings—year^ended June 30, 1937.
23
Deposit
7,500
Howard Aircraft
$7,777,078
To be issued
certificates,
Accts. receivable
Accrued
68
892,479
..1
Building
Total.
47,362
Total
$29,973
1938
x After
reserve for doubtful
accounts of $1,000.
y After reserve for
depreciation of $124,818 in 1938 and $104,483 in 1937.
z After reserve
for depreciation of $40,327 in 1938 and $30,028 in 1937.
a Represented
by 5,305H no par shares.
89,148
Franchise and concession
$48,479
Accounts payable.
Credit
balances—
Sub-
equip.
Deferred charges..
Property, plant and equip... z6,157,649
Deferred charges
—
expenses.
Land
z
2,964,225
Reserve for Income note Int..
$6,809
23,164
Liabilities—
1,200
_
World's
y
31,
1938)
60,217
expenses
Prepaid
83
income notes
9,219
Fair deb. bonds.
54,429
(due
$35,613
8,789
Accts. receivable
Investment
$15,328
"
fields, &c. (less
reserve)
Prepaid
Income
16,800
receivable-.
cane
on
Accrued int.
£67,549
1937
Fair deb. bonds.
-
Liabilities-
Inventories
2,865
1,122
3,800
1,211
33,214
18,496
—.
Acer. int.. World's
$331,266
......
56,959
$18,506
29,973
1938
Cash
x
Consolidated Balance Sheet June 30, 1938
Notes payable
1
Accounts payable
$6,809
.294,247
Comparative Balance Sheet Sept. 30
Notes recei vable.
Balance to debt of surplus
$32,144
5,613
63,666
$11
Surplus at Sept. 30, 1938
240,000
7,898
bonds
Assets—
$82,165
11,690
63,666
Net increase in surplus.
Surplus at Sept. 30
134.125
Cash on hand and in banks..
Cash in bank, restricted
Deposit with receiver of cus¬
$79,477
15,800
prior years' real estate taxes..
$50,757
on
$187,598
6,263
....
on
1937
$481,845
$186,507
4,286
59,916
3,577
1,300
6,059
1,257
30,635
...
Balance
1,350,727
Operating profit
For proportion of discount
1938
$485,843
299,337
_
$1,401,484
Reserves for depreciation
For income note interest
Accounts
•_
Net profit before Federal income tax..
Provisions for Federal income tax
Dividends paid
Haytian Corp. of America (&
Subs.)—Earnings—
Total earnings all companies
Costs of operation and general and
administrative expenses
abandonment.-—V. 147, p. 3310.
Barbizon, Inc.—Earnings—
Unemployment and social security taxes.__.
Miscellaneous State and city taxes
Depreciation and amortization
each of the
10 preceding quarters, on
Aug. 15 and May 15, 1935" Aug. 15, May 15
15, 1933, and on Nov. 15, 1932. The last
regular quarterly pay¬
Condensed Consolidated Statement
of Earnings and Expenses for the
July 1, 1937 to June 30,1938
experimental basis the company
contractual arrangement, and that it
Gross operating profit
and Feb.
p.
Stockowners to
on an
Interest on first mortgage.
Real estate tax
New York State franchise tax
Federal capital stock tax
a
May 16, 1932.—V. 147,
a
_
Operating
dividend of 75 cents per share on account
of accumulations on the
6% cum. 1st pref. stock, par $100, payable Feb. 15
to holders of record Jan.
31.
Similar payments were made in
on
as
or
Years Ended Sept. 30—
Income
Havana Electric & Utilities
Co.11—Accumulated Div.:—
per share was made
and
.
presenting the plan to employees
Hotel
a
$1.5Q
$669,899
joint earnings account will not disturb the basis of
present wage
including bonuses and special checks received as special rewards
may be subject to modification
Total
ment of
67,107
Total....
4118.
asserts that it is not to be taken
tion of the
The directors have declared
147,494
380,000
prizes and compensation.
In
marks, &c
Long-term mtge. loan (net)
Capital stock
Combined surplus
$669,899
—-
2,142
new
payments
31,129
1,565,100
109,660
1,703,925
1,357,794
1,394,381
11,000
12,862
The
359,660
non-vot. (par $1)
109,660
Capital surplus. 1,704,349
Earned surplus...
<fec
359,660
Income tax payable
Accrued liabilities
$4,649
object of the experimental year will be to "try to find
that plan which
would make it worth the effort of
each employee to do those extra
things
that bring more
money into the business, and at the same time to find a plan
that would distribute the extra
money fairly between the employees and
the stockholders."
com. stock
(voting) (par $1)
Prepaid taxes, in¬
surance,
219,415
3,006,800
Class A
equipment.
262,837
6^% pref.stock.. 3,005,500
35,698
cBldgs., machin'y
and
139,717
44,645
This company over the fiscal
year ending Oct. 28, 1939, is undertaking
at its Austin,
Minn., plant a joint earnings plan whereby employees will
share 80% and stockholders
20% in a profit account especially set up for
the purpose.
•
155,81C
145, p.
payable.
Customers' deposits
Notes pay., due within 1 year.
Hormel & Co.—Workers
Share in New
Earnings Plan—
$194,435
salaries,
2,169,662
Life ins. policies._
132,217
aMdse. inventory 1,401,069
-
Accounts
(Geo. A.)
1937
$129,837
Accounts payable.
Accrued
receivable
1938
accounts..
Other assets
Consolidated Balance Sheet Oct. 31
Liabilities—
$81,647
xl23,940
109,789
5,357
y33,501
7,788
'
7,877
__
Inventories..
Other current assets.
Consists of $65,955 extra compensation
paid to employees
mid $122,007 provision for
Federal and State unemployment insurance and
social security taxes,
a Includes dividends
paid on arrears,
b Provision
for Federal and State
unemployment insurance and social security taxes.
b Notes and accts.
Liabilities—
L
Accounts and notes
$1.00
1937
was paid to stockholders of
record March 25,
454, for detailed record of previous cash distributions.
p. 2395.
Cash
Computed on the basis of the adjusted reduced valuation of
buildings,
machinery and equipment acquired May 1, 1932, and
subsequent additions
at cost,
y Includes special
profit and loss adjustments affecting prior
years or $690.
z
1938
147,
Assets—
$779,390
x
Assets—
an
for each share held
See V. 144, p.
1937.
—V.
com¬
com.
1929.
mon
$992,338
89,948
123,000
61,000
5,000
p.
Home Insurance Co.—Extra Dividend—
yl0,758
$1,089,456
114,131
123,000
2,000
2187,962
Federal taxes
Surtax undist. profits
Other charges
on
$10,630,303
$658,163
125,521
Total income
Depreciation
Divs.
director.—V.v 147.
1935
8,157,490
Other income (net)
439
and Vice
[Including wholly-owned subsidiary
companies]
^
x
Chronicle
America—Earnings—
_
cap.stk.
$743,875
$641,612
$652,888
$1.36
$1.38
90,987
Metals Sold
4th quarter
3rd quarter.
—V. 147, p.3764.
Ounces
Ounces
Pounds
PouhdsJ[ Pounds
Cold
Silver
Copper
Lead
) Zinc 1
15,515 1,128,894 13,636,422 27,436,260 41,085,441
15,150 1,183,926 13,881,426 30,731,436 33,136,436
Financial
440
of out¬
$2,000,000.
This action will have no effect on the aggregate par value
standing common shares which will remain unchanged at
The reduction in the number of common shares will result in an increase
in the total voting jjower of the preferred and class A shares,
are
share.
Co.—Earnings-
Howes Bros.
1938
Calendar Years—
_
Preferred divs. paid
paid
115,000
Common divs.
surplus..
$592,481
1,483,533
2,196,742
1,329,356
2,366,382
receivable-.
Accts.
x
Merchandise
y
Investments-
....
806,005
806,005
Common stock
acceptances..
L-C
56,850
297.813
payable.
409,544
Accounts
315,674
350,000
Notes payable
Surplus
Treasury stock.—
Co.—$3,800,000 3}£s Placed Privately
Outstanding 5s—The compaDy announced
Jan. 13 that it had completed arrangements for the private
sale of $3,800,000 3K% 12-year debentures.
The nego¬
tiations for the sale of these debentures, which will con¬
stitute the only funded debt of the company, were carried
Refund
1,670,437
1,672,534
L»r274,600 Z>r314,200
Total
...$5,105,291
hides and leathers, y Purchase of stock in
$5,105,291 $5,078,761
Cash advanced on
x
146,
—V.
of its first and
tanneries.
due Oct.
Hupp Motor Car
Corp.—Delays Offering—
corporation in an amendment to its registration statement filed
Hecurities and Exchange Commission states that the proposed
of public offering has been delayed until as soon as practicable after
The
with
date
the
of the registration
the effective date
statement.—V. 148, p. 280.
Inland Gas Corp.—Acquisition—
Fuel Gas Corp.—V. 145, p.
1587.
See Kentucky
Inland Steel
281.
Lease
Manhattan
Co.
Transit
Rapid
Appeal—
appeals arising out of the decision by Federal Judge Paterson
July authorizing the I. K. T. receiver to disaffirm the 999-year lease of
the Manhattan Railway properties came up for hearint before the U. .8.
Circuit Court of Appeals Jan. 16.
Aligned with the Manhattan parties in the argument that I. R. T. under
its contracts with the city cannot legally relinquish custody of the Man¬
hattan elevated lines were the city and the Transit Commission.
Also
The various
Again Postponed—
T.'s 1906 agree¬
the city.
Investors Fund
$745,217
259.344
8,322
preferred stock
preferred stock
Dividends 2nd
Surplus,.
—$477,551
-
Consolidated Balance SheetAug. 31, 1938
,
mLiabilities—
Assets—
$3, 176,568
Cash
153,511
Marketable securities... 1...
Drafts A accts. rec. less res.
3, 132,877
_
•fee
196,541
9 609,328
217,383
225,535
■
Prepaid expenses
Other assets
•_
Real estate, bldgs,,
equipment
Due to
&
Co.. Ltd.
139,541
-
&
Profit and loss surplus,
1st
representing return of amts.
scribing stockholders during
Balance Dec.
31,
—...
1938
,816.000
31
for retire,
aside
1st pref.
58,165
1,152
„
*
Total
of
stock
1938
—y$250,327
a5,953,993
13,837
Prepaid taxes
1x12, 500,000
6, 676,280
$28,670,6841
Total—
Represented by 70.019 no par shares.—V. 146, p. 2210.
x
International Radio Corp.
$28,670,684
(& Sub.)—Earnings-
$3,252,060
b$5.411
547 J 21
281.005
Liabilities—
— — .
payable—brokers
c Compensation to
Investors Mgt. Co., Inc
Subscriptions on account of investors' shares
Capital stock: investors' shares—($1 par)
Paid-in surplus
Profit and loss surplus—
Earnings for Period Aug. 1, 1937 to July 31, 1938
$2,730,690
2,125,629
Net sales.
Cost of sales
— —
"6", 616
400
5,399,560
—
-
.
$6,219,309
Accounts
Total
1937
x$lll ,589
*3,130,464
10,007
$4,761
71,917
i6,349
—
—
Accrued taxes
1,231
$5,399,560
v
■
—
550,618
inc.
—
.
deposit
2,148,249
"
$5,400,791
—-
Dividends receivable.
on
'
$180,321
$2,701,924
paid into fund by sub-
Securities
Earned surplus
1,507
.
1938 in respect of undist. net
Balance Sheet Dec.
Assets—
$305,966
124,138
J--,
1—-—
Cash
405,000
$256,705
49,261
—
31, 1938Paid-in surplus, balance Dec. 31, 1937
Excess of amounts paid in over par value of shares issued during
year in respect of:
v'
Acquisition of assets of investment trust fund A__—
Subscriptions (less amounts paid for reacquired shares in
excess of the par value thereof)
—
,254,671
pref. stock (par $100)- —.
pref. stock (par $100).—
set
above—
Balance Dec.
Divs. paid
•
Ending Dec. 31, 1938
profit and loss surplus
years' taxes, &c
4% sinking fund bds
Common stock
$391,513
$605,424
balance Dec. 31, 1937-
1
-
Dividends paid out of
Adjustments of prior
.
2nd
Amt.
$49,261
—
"
profit for year as shown
Net
126,043
44,672
-------
593
$157,556
there was an unrealized appreciation of
with an unrealized depreciation of
Accounts for the Year
Statement of Surplus
,500,000
Reserves
980
-
securities as compared
at Dec. 31, 1937,
388,723
—
mum-m- mm mm
------
profits for year end. Dec. 31
Net inc. & secur.
Note—At Dec. 31,1938,
stocks.
interest, &c
-
—
undistributed profits
on
commission^,payroll,
lst mtge.
$159,129
—
,
•
Accrued divs. on pief.
prof70,895
investments.
i.
on
31,843
$88,234
7,538
Normal income tax
Surtax
.
$56,799
—
Balance
Warehouse
American
Canadian income taxes).
Accrued
11,958,941
-----
-i-
Net realized loss on
Taxes accrued (incl.
mack., &
—*.,
Dock
37,962
—
$49,261
Profit
Total
*-—
,
1937
$138,654
18,577
1938
$105,099
10,338
....
income taxes—
Management compensation
Associated Co.—Ter¬
minal
Inventories—-----------
998,588
Accounts payable.
transit,
Advances on grain in
$4,,763,000
Notes payable
"
C, Inc.—Earnings—
31—
Years Ended Dec.
Taxes other than
Total
31> 1938
Earnings for Year Ended Aug.
Net income after all charges,
4057.
Dividend income-
Subs.)—Earnings—
International Milling Co. (&
Dividends 1st
reorganization of Postal
companies.—V. 147, p.
for the I. R. T.
Manhattan parties be excluded from the appeal
on the ground that they had no standing in court in a matter
between
I. R. T. and the City of New York.
Mr. Owen likewise moved that the corporation counsel of the City of
New York be barred on the ground that tne Transit Commission was the
sole agent for the city under the Rapid Transit Act. •
*
Decision was reserved by the Court op these motions after answering
argument.
Counsel for the Manhattan Railway receiver contended that
the Sixth Avenue transaction had no bearing on the various I. li. T. con¬
tracts and insisted that the various contracts between I. R. T. and the
city were part of a single contractual relationship.—V. 148, p. 281.
receiver, moved that the
of
Telegraph & Cable Corp. Stock¬
holders were asked to approve an agreement between the I. T. fc T. man¬
agement and the bondholders' committee of Postal which provides for
future operation with common ownership of the properties of All America
Cables & Radio, Inc., Commercial Cable and Mackay Radio k Telegraph
York for
New
cross-appeal by the interborough receiver against
was a
Judge Patterson's refusal to permit disaffirmance of I. It.
ment, the extension certificate and related contracts with
Before the start of the hearing, Carl M. Owen, counsel
until
adjourned special stockholders' meeting has been postponed
of a delay in the proceeding in the U. S. District Court
The
Feb. 14 because
last
before the Court
Telegraph Corp.—Meeting
International Telephone &
and the Wilson & Bennett Manufacturing Co.
announced on Jan. 19 that they had agreed upon merger terms, subject to
ratification of stockholders
Wiison & Benneto manufactures steel con¬
tainers and has plants in Chicavo. Jersey Citv and New Orleans.—V. 148,
Interborough
1, 1951, of
and
Co.—Plans Merger—
Officers of this company
p.
1939, the entire issue
lias called for redemption on July 17,
consolidated mortgage collateral trust 50-year 5% gold bonds
which the amount not previously called, and now out¬
standing is $3,801,000, it was announced by Hervey J. Osborn, Executive
Vice-President.
The bonds are callable at 105 and accrued interest at any
time on six months' notice.
The 5% bonds originally were authorized in an amount of $12,000,000 in
1901, of which a total of $11,197,500 were issued.
The reduction to
$3,801,000 has resulted from calls, and purchases for the sinking fund
other retirements made from time to time.
According to the company's estimate, the present refunding operation
should result in a saving to the company in excess of $40,000 annually.
—"V. 147, p. 3460.
$5,078,761
600.
p.
Hammond Co. of New York.
by the Paul
out
The company
Total
owned
of all classes of stock. The common shares, all of which are
by International Paper & Power Co., would still represent over 70% of
the total voting power.
The class B shares, all owned by International
Paper Co., have no voting rights.—V. 147, p. 3161.
power
International Salt
stock-_-$l,850,000 $1,850,000
1,150,000
1,150,000
Preferred
which
of the total voting
public, from 2.45% to 28.63%
largely held by the
—To
1937
1938
Liabilities—
1937
$603,549
Cash...,
$10,490
1,665.757
$10.91
97,772
115,000
Dec. 31
Comparative Balance Sheet
1938
Assets—
$4,462
1,660,219
$10.40
$10,217
1.070,437
$10.88
$10.18
Balance..
Profit and loss
$223,262
97,410
115,000
$2,097
1,672,534
Earned per share on com.
$216,456
96,994
115,000
$222,627
5218,278
101,181
Net earnings
1935
1936
1937
1939
21,
Jan.
Chronicle
180,321
—-i——.
2,701,924
256,705
I—. $6,219,309 $3,252,060
Tn the First National Bank of Jersey City,
y In the Irving Trust Co.
z Held by the First National Bank of Jersey City as depositary,
at cost,
Held by the Irving Trust Co. as depositary, at cost,
b Including pro¬
vision for Federal income tax.
c Payable quarterly under terms of man¬
Total...
-----—
-
x
$605,061
Gross profit on sales.
Selling, general and administrative expense
509,541
„
$95,520
26,628
Net income from operations
_■
Other income—net
contract.—V. 147, p. 3765.
agement
Investors
$122,149
23,109
Net income before Federal income taxes
Federal income taxes
a
i
Directors at their, meeting
per
'
Telephone Co.—Pays 2Decent
Dividend—
dividend of 25 cents
held Dec. 19 declared a
of
share on the common stock, no par value, payable Dec. 22 to holders
A like amount was paid on Aug. 1, last.—V. 147, p. 2247.
record Dec. 19.
$99,040
Balance
Surplus adjustmentsTotal additions to
-
Federal excise & income taxes
;
surplus
Dividend $0.50 per share on
94,200
188,400 shares.
$20,683
32,306
Net addition to surplus
Earned surplus, Aug. 1, 1937
Earned surplus, July
15,844
$114,883
$52,989
31, 1938
1938
Assess—
228,432
263,968
Receivables—net
_
Inventories..
Cash
surr.
321,516
3,509
2,990
plant
135,840
130,549
chgs.
Taxes—income
33,405
other assets
15,954
acq'd
wholly
$773,649
$951,157
Total
$311,420
International Hydro-Electric
23,109
43,864
Operating loss
Royalties, interest and
$94,687
1,387
miscellaneous income
$93,300
Loss
27,672
Interest
45,817
Provision for doubtful
213,726
Non-operating property exp.,
265,301
265,301
16.389
6,019
3,998
Miscellaneous deductions
from
on
dividend notes and
land contract
accounts
less rental income
therefrom. — .
657
$120,362
Note—Provision for depreciation and amortization for period aggregated
$76,145, as follows: Provision for depreciation of property, plant and equip¬
ment, $49,578; provision for amortization of patents, $26,567.
A stock dividend of two-fifths share of common stock for each share of
common stock outstanding at April
15, 1938, was paid and charged to
capital surplus at par value ($138,070) as authorized by the board of direc¬
Net loss..
owned
4,052
4,052
52,989
32,306
$773,649
$951,157
System—To Change Par—
special meeting of shareholders has been called for Jan. 30, to con¬
sider changing the outstanding common shares from 40,000,000 shares of
five cents par value per share to 2,500,000 shares of 80 cents par value per
$76,786
171,473
7,000
3914.
A
Ended July 31, 1938
of goods sold
213,726
Paid-in surplus
subsidiary
Total
Earnings for 7 Months
Net sales less cost
8,268
Earned surplus
-V. 147, p.
147, p. 3915.
(F. L.) Jacobs Co.—Earnings—
57,608
Other
Suip.
&
1937
$98,596
50,000
_
Notes
Ca pital stock
&
equipm't—net..
Deferred
1938
Liabilities—
Accounts—trade.
Taxes—other
value of
life insurance..-
Prop.,
1937
$194,204
285,944
$108,496
—V.
Co.—Production— .»
Dec., 1938 Nov., 1938
Dec., 1937
273,640
400,048
J
307;739
Selling and administrative expenses
Consolidated Balance Sheet July 31
Cash
Island Creek Coal
Month of—
Tons of coal mined
tors.
Balance Sheet July
A
Assets—Cash
on
31,1938
-
and on deposit, $383,845; accounts receivable
$84,158; inventories, at the lower of cost or market.
hand
(less reserve, $2,000),
Volume
148
Financial
Chronicle
441
$172,807;
investments and other
assets, $39,649; property, plant and
equipment (less reserve for
depreciation of $240,624),
$768,046; patents
and development,
$291,285; deferred charges, $66,234;
total, $1,806,025.
—Accounts payable for
purchases, taxes and other expenses,
$148,363; payrolls and commissions,
$11,845; accrued taxes, interest and
other expenses,
$12,891; land contract (principal payments due within one
S3,727j long-term indebtedness, $503,981; common stock ($1 par),
surplus, $567,854; earned surplus,
$74,119; total, $1,806,025.—V. 147, p. 1039.
Kansas City Southern
Ry.—Earnings—
Period End. Dec. 31—
Ry.
Ry.
»
or
on
record
Net
Dividend of 75
cents
was
paid
180,922 for the 52 weeks
of
Period-
1938
1st four weeks
2nd four weeks
3rd four weeks
_
4th four weeks.....
5th four weeks...
6th four weeks
$1,686,082
_______
8th four weeks
four weeks.
10th four weeks.______
—-
12th four weeks
13th four weeks....
-
Total for year
1,777,991
1,844,297
1,739,029
1,798,581
1,727,631
1,705,383
1,813,108
1,849.746
1,939.317
_,
1,803,444
Decrease
Kable Brothers
expenses.
,___
■
_A_
over
Cash
$90,822
$74,553
506,759
274,537
Long-term
751,897
Preferred 6'^cumu¬
lative
Less
reserve.
Land, bldgs., ma¬
chinery A equip.
669,519
Other land k bldgs.:
Less reserve.
36,461
18,326
k
11,929
notes
27,000
250,000
250,000
1,000,000
Botes
in
Dep.
on
_
Total..
7,907
__
2,036
2,387
--$1,549,368 $1,837,0801
Total.
$1,549,368
$235,919
$0.26
$0.31
•/"
a dividend of 20 cents per share on the
no-par common
Dec. 28 to holders of record Dec. 21. A stock
dividend of
200%
p.
2696.
-
$1,837,080
(& Subs.)—
Consolidated Income Account Year Ended June
30, 1938
Goal mined by
company.
1,149,667 tons
Coal mined by lessees
218,460 tons
Total.
Laclede Gas Light
$2,264,472
r
rents
Other income (net)
(net)
$181,812
69,727
98,609
j..
Taxes.
Minimum royalty payments
Partial write-off of
on
non-operated lease.
investments in ,'
Appalachian
Provision for depreciation.
Provision for depletion.
Coals, Inc
Total net income
$350,147
84,660
3,166
124,026
4,000
1,926
62,712
61,024
$8,633
Consolidated Balance Sheet June 30,1938
Assets—
Cash In banks
$132,559
Trade accounts receivable...
Due from
employees (cash
219,313
funds, rents, advances,
&c.)
Inventories
14,235
152,869
Investment, in capital stocks
of Appalachian Coals, Inc.
758
Special deposits
13,979
Deferred charges
32,379
Prop, and prop, rights as ap¬
praised at Jan. 1, 1914 with
Total
cost
x3,885,281
$4,451,373
reserves
Bills payable, unsecured
Accounts payable
Taxes accrued
632,730
7%
cum.
partlc.
....
690.800
2,803,200
1,346,816
^,
Bryant, Inc. (& Subs.)—Earnings—
6 Mos. End. Nov. 30—
Sales
Net loss after Fed. tax._
Earns, per sh. on com.
1938
1937
$6,282,748
174,020
$7,160,093
21,760
Nil
Note—No provision has been
ibuted
tributed net income.—V. 148, p.
Directors have declared
122,
1936
1935
$6,997,935
prof.80,344
Nil
$6,292,959
prof .35,785
$0.36
madeTforlthelFederal surtax
Nil
on
undls"
282.^
Jp Lehigh
Wilkes-Barre
27 }^~cent Dividend—
mon
$4,451,373
for depletion and
depreciation of $2,560,866.—Y.
1937
$147,644
earnings due to recapitalization
pref. stock
......—
1938
y$235,560
After Federal income taxes and other
charges, y Equal after dividend
requirements on 6% preferred stock and $2 class A stock to $1.25 a share on
111 ,000 shares of class B stock.
Note— No comparison is available on share
x
after pref. dividends..
1,411,000
stock ($100 par)
Common stock ($100 par)...
Deficit
Total
5,000
1, 1940—
Issued
26 Weeks Ended Dec. 21—
Estimated net profit
Lane
161,042
Reserve for contingencies
1st mtge. 6% sink, fund gold
bonds, due Jan.
At the time of the deposit of the
bonds, pre-payment will be made
coupons appurtenant to the bonds.—V. 147, p. 3766.
April 1, 1939
Langendorf United Bakeries, Inc.—Earnings—
x
$60,000
34,417
Bond interest accrued
of the
plan approved March 1, 1938.—V. 147, p. 3766.
Liabilities—
subsequent additions at
The plan and agreement provides for a
three-year extension of the ma¬
turity of the bonds from April 1, 1939 to April 1, 1942 at the same rate of
interest.
Total gross income.
Bond interest
Other interest
Co.—Extension Plan—
Central Hanover Bank & Trust Co. has been
appointed sub-agent, under
2,082,661
Income from operations.
Royalties and
Kreuger & Toll Co.-—Final Payment—•
Federal Judge Henry W. Goddard on Jan. 13 authorized
Federal Bank¬
Harold P. Coffin, to declare and Edward S.
Greenbaum,
trustee, to pay a final distribution of
3.74% on claims filed and allowed in
the bankruptcy proceedings of the
company.—V. 147, p. 424.
ruptcy Referee
1,368.127 tons
8oal and and necessary expenses
rdinary coke production
Y.)—Larger Div.—
Directors have declared a dividend of 15 cents
per share on the common
stock, par $5, payable Jan. 25 to holders of record Jan. 16.
Previously
regular quarterly dividends of 12cents per share were distributed.—
V. 146, p.2539.
'
Goal & Coke Co.
'
489.
$198,952
$0.04
Knickerbocker Insurance Co. (N.
5,000
"
_
Kanawha & Hocking
p.
on
paid in June, 1937.—V. 146,
was
x After reserve
for depreciation of
$1,520,715 in 1938 and $1,414,195 in
1937.—V. 146, p. 601.
After
$0.15
purchase
of equipment
Prepaid expenses.
x
.
Knapp-Monarch Co.—Common Dividend—
stock
8,475
cap. stock
Company paid
&
outside
corporation.
1938—6 Mos.—1936
•
-
$32,226
According to the company, the appraisal is limited to the holders of those
shares who took the legal
steps which brought the court ruling. The com¬
pany also states that a substantial number of the 2,400 shares of old
$8
preferred stock have since been exchanged under the terms of the
recapitali¬
zation plan.—V. 147, p. 3915.
210,676
re-
andotheis
stock
$115,728
claimed that they were en¬
titled to payment of dividend arrears
on the $8 preferred stock which"
amounted to $48 a share at the time of the
adoption of the plan.
8,158
102,889
1938—3 Mos.—1937
••
on
York Court of Appeals at
Albany has announced a unanimous
decision reversing a lower
court ruling in favor of the company, and granted
motions of certain
dissenting stockholders to appraise the value of the 2,400
shares of $8 cumulative
preferred stock of the company.
The stockholders claimed that the
recapitalization plan of the company
adopted in June, 1937, altered their preferential rights.
Represented by
Alex M. Hamburg, the stockholders further
140,533
63,622
11,600
share
year.—V. 147, p. 4058.
celv.—employees
Mortgage
per
(G. R.) Kinney Co., Inc.—Court Grants
Appraisal—
The New
1937
51,687
1589.
After all charges & provision for
Federal income taxes.
„
■
;
A substantial
improvement in shipments which began in November has
continued thus far in
January, according to Henry G. Sommer, Executive
Vice-President, and indications are that January earnings will be sufficient
to put net profit for the first
seven months of the fiscal
year ahead of the
total for the corresponding
period of last
$145,250
119,442
p.
x
Accounts anfl taxes
payable..
Accruals
Surplus..
ceiv.—trade.
Accts.
Earns,
154,833
life
of the corporation were sold at auction
Jan. 14 at
to tne Inland Gas Corp. which bid
$151,192.
The
oil and gas leases and
rights on more than 37,000 acres in
Ky.
Period End. Dec. 31—
Net income
x
14,587
201,135
of
surr.
Insurance___!__
Accts. k notes re-
Fireproofing Corp.—Registers with SEC—
Keystone Steel & Wire Co.—Earnings—
4,330
11,773
Common stock (par
$10)
1,000,000
39,538
-
Kentucky Fuel Gas Corp.—Property Sold—
1937
$475,480
185.077
97,456
102,609
1938
$13,750
289,557
218,030
Receivables:
Cash
Liabilities—
,
Notes payable
Inventories
x
1937
in
$42,218
401,900
$1.01
All physical assets
Catlettsburg,
$66,778 prof$74.234
40.000
65,000
Nil
$0.59
100,000com. shares (par $10).
jBalance Sheet Sept. 30
1938
hand k
on
banks
Kant Blaze
Mrs. Ellen
re-elected.
______
on
$54,580
401,900
$1.13
$0.71
See list given on first
page of this department.—V. 147, p. 1931.
C'rl 1,292
Net loss.
Dividends
$421,509
17,581
361,710
Kennedy's, Inc.—To Pay 50-cent Dividend—
$78,070 prof$90,338
Provision for Federal income
taxes
$477,353
20,873
401,900
Pay 40-cent Dividend—
757,632shs.
Operating loss
Net other deductions
Assets—
$0.92
$619,982
3,394
49,661
145,417
•
$304,860
21,878
400,000
Boyd and Carter counties, Ky.—V. 145,
1938
$442,431
185,678
224,617
110,206
___
$696,368
4,040
76,693
138,283
.
$362,080 def$117,018
392,000
400,000
outstd'g
per share
1935
$581,873
38,109
Directors have declared a dividend of
50 cents pre share on the common
stock, payable Jan. 27 to holders of record Jan.
23.
This compares with
dividends of 30 cents paid on Jan.
15, 1938, and on Oct. 15 and July 15,
1937, this last being the initial dividend on the
issue.—V. 147, p. 117.
Co.—Earnings—
Provision for doubtful
accounts
Allowance for depreciation
Earns, per share
com. stk.
assets included
Years Ended
Sept. 30—
Gross profit on sales
Selling and administrative
$382,463
20,383
1936
profits.
To
3917.;
were
72,010
112,664
,
$647,173
49,195
•
Directors have declared a dividend of
40 cents per share on the common
stock, par $25, payable Feb. 15 to holders of
record Feb. 1,
This will be the
first dividend paid since Feb.
15, 1938 when 25 cents per share was dis¬
tributed; previously regular
quarterly dividends of 50 cents per share were
paid.—V. 147, p. 2689.
eligible to participate in the
plan.
Their contributions will range from
minimum of $1 a week to a.
maximum of $1.
The plan is entirely volun¬
tary with the employees.—Y.
All other directors and officers
581,292
92,390
x The
above figures do not include
earnings of Julius Kayser (Australia)
Pty., Ltd., or Kayser-Bondor, Ltd. of
England.
Note—No provision was made for taxes
on undistributed
a
Adler, of New York.
—V. 147. p.
4057.
$491,092
6,171
53,044
127,017
2,318
Surplus.
Shs. of
profits
each year in excess of
cumulative earnings of $3 a share on the
280,000 shares
stock now issued.
To start the plan the
company contributed
the sum of
$80,556.
A.11
Julian &
Kokenge Co.——New Director—
E]™er Kokenge was on Jan. 16 elected a director succeeding
T.
xl937
$451,868
39,224
$569,455
income..""!""
Earnings
or common
year service or
xl938
Net income
company has formed the Jewel Retirement
Estates, a combined
profit sharing plan to reward the
company's employees more
accurately in proportion to their contribution to the
success
business, M. H. Karker.
President, announced on Jan. 19.
The
purpose of the plan is to aid
and assist the
company's employees to build
retirement estates for comfort
and security in later
years.
The company's
contribution under the plan will be
25% of the net
p.
$3,371,629
$531,786
37,670
pref. divs.__
Common dividends
of the
147,
$2,866,815
[Including Affiliated Companies]
„
Employees
fully and
one
$219,520
.
savings and
full-time employees of
$3,424,215
445,582
111,818
$4,045,311
42,581
3,172
$214,682
_
Interest
!
The
are
$265,273
31,081
9,227
Tax reserve
D epreciation
+2.23%
"
.
Other
—.53%
+3.55%
+ .86%
+2.08%
—.51%
+ .53%
+ .11%
—1.99%
+ 5.04%
$23,698,706 $23,180,922
Profit Sharing Plan—
$254,990
_
(Julius) Kayser & Co.—Earnings_
+8.19%
+5.14%
+4.85%
+2.62%
1,753,381
1,763,579
1,696.629
1,822,781
1.851,750
1,900,815
1,894,262
„
£our Weeks—
or
1,742,933
1,800,775
1,813,973
_______
7th four weeks
u
1937
$1,824,210
1,832,477
1,838,461
1,824.511
1,834.481
:
$5,126,796
1,081,485
(net)__
6 Mos. End. Dec. 31—
Net earnings
$23,698,706 as compared with $23,increase of 2.23%;
%
of Inc.
an
$4,604,897
1,180,682
-
income
rents
$303,758
38,485
•
Net ry. oper. income
—V. 148, p. 281.
15, last.—
were
1937,
oper.
Equipment
weeks ending Dec. 31, 1938, of
$1,894,262 as compared with
$1,803,444 for the four weeks ending Jan. 1,
1938, an increase of 5.04%.
weeks of 1938
$335,672
80,682
tax accruals...
Joint facility rnets
(net)
Jewel Tea
Co., Inc.—Sales—
Company reports sales for the four
^Sales for the 52
from ry. oper.
1938—12 Mos.—19371
$1,045,487 $12,980,448 $14,174,834
741,729
8,375,551
9,048,038
20 to holders
Dec.
on
rev.
*
per share on account of accumu¬
7% cumulative preferred stock, payable Jan.
Jan.
10.
V. 147, p. 3612.
688,952
Railway
Inc.—Preferred Dividend—
dividend of $1
a
the
$1,024,624
Ry.
Jefferson Lake Oil
Co.,
Directors have declared
lations
1938—Month—1937
oper. revenues
oper. expenses
Coal
Co.
of
N.
J.—To
Pay
<
dividend of 27 Vi cents per share on the" com¬
stock, payable Jan. 19 to holders of record same date.
This
a
compares
with 30 cents paid on Oct. 20. last; 75 cents paid on Dec.
28, 1937, and on
Dec. 23, 1936, and a dividend of $1.75
per-share,distributed on Dec. 28,
1935.—V
147. p. 2690
Financial
442
Jan. 21, 1939
Chronicle
price of
value
in
fair
and adequate compensation for the Sixth Avenue line in contemplated
condemnation proceedings, unless further steps now being taken will insure
against the line being irretrievably lost.
This committee expects to sup-
prevenf'the same.
The Merle-Smith committee agreed to a
$12,500,000 for the Sixth Avenue line, but in our opinion the true
that can be established for this line in condemnation is many millions
excess of that amount.
This committee will assist in recovering the
to
Tobacco Co.—Earnings—
Liggett & Myers
Coats and expenses
1,205,745
28,276,279
1,496,724
19,611,944
1,189,647
26,141,194
26.462,227
29,773,003
20,801.591
35.158
33,999
4,232,077
3,659,345
1,323,778
4,161,980
38,459
1,330,932
31,978
2,569,853
1,311,351
20,560,884
1,461,187
15,684,695
21,375,560
1,461,187
18,821,634
24,207,632
1,461,187
21,958,573
16,856,54.3
1,461,187
15,684,695
.3,415,002
42,143,362
1,092,739
41,050,623
787,872
40.262,751
def289,339
41,871,071
45,558,365
-
_
Total income
42,143.362
41,050,623
$6.34
$7.25
36,882
bds.
price & par of 7%
Federal income tax
Federal surtax
bonds.
income.
dividends (7%)-Com.dividends (20%)..
Pref.
Balance, surplus
Previous surp*us
—
68,386
pref. stock and
bonds canceled
Earnings per share
$6.08
x This is the difference between purchase
indenture,
outstanding (par
trust
*
40,262,751
$4 .91
Dec. '61
$
Real est., machln'y & fixt's 10,702,108
Brands,tr.-mks.,
10,852,101
1
-
op.sup.141,173,222 133,765,003
439,005
439,005
Securities
4,476,164
4,476,164
Preferred stocks
2,839,435
3,158,310
U. S. Govt. bds.
5,490,735 13,181,023
Cash
7,663,866
7,201,203
Accts. receivable 10,289,729
10,307,530
stk. &
21,496,400
56,927,075
9,551,700
12,886,600
Com. stock B.
7% bonds
5% bonds.
Accr'd Int. pay.
Stks. in sub. cos.
dlv.
Pref.
20,874,100
21,496,400
56,927,075
9,664,800
12,886,600
437,604
20,874,100
7% pref. stock—
Common stock.
1
.
.$
%
Liabilities—
y
Files Petition in Supreme Court—
..
»
S. Circuit Court of Appeals on Jan. 17 as final hearings
under advisement the various appeals arising from Federal
Robert P. Patterson's decision of last July authorizing the Interborough ..
Rapid Transit Co. receiver to disaffirm the 999-year lease of
hattan Ry. properties.
435,626
Special reserves.
2,450,106
6,000,000
5,042,070
2,715,434
Profit and loss..
45,558;365
Bills
Accrued
taxes—
Provision
charges—
157,978
Total
,
y
184,302,772 183,606,857
Total
depreciation.—V. 147, p. 2535.
Louisville & Nashville RR.—To Pay $1 Dividend—
Directors have declared a dividend of $1 per share on the common stock,
payable Feb. 28 to holders of record Jan. 30.
A dividend of $1.50 was
paid on Dec. 23, last*and a regular semi-annual dividend of $2.50 was paid
on Feb. 28, 1938—V. 147, p. 4059.
Lowell Bleachery, Inc.—Report—
distributions aggregating $3.50 per share were made
during the year,
Two
Sept. 26,
surplus.
showed
adminis¬
and
"
$33,109.
$12,758
72,868
bank depos.
Accts. rec., net
$85,832
71,053
73,133
Cash
1937
77,152
»
Accrued Items
leases
prop,
9
receivable
—
70,545
40,675
Inventories
bn
for
1,903
245,130
245,130
surplus—_
1,331,804
(def.)
999,552
1,462,140
1,019,586
1938
receivable.
Cash surr. value, life ins. policy
Inventories of raw materials &
supplies, work In process and
stock held In treasury
Patents and
7% cum.
18,750
13,446
(at cost) _
Common
Louis,
xl,079,898
Total
$2,647,228
1,281,413
—
$2,647,228
Represented by 32,530 no par
shares.—V. 147, p. 3462.
Co.—Earnings—
Francisco RR. & Power Co.]
"
1938
Market Street Ry.
[Including South San
Years Ended
Nov. 30—
maintenance and taxes
Operating expenses,
after
depreciation.
Net
x
V
$608,837
$747,993
Gross income
—...
$608,837
Total
$747,993
Other
McCord Radiator & Mfg. Co.—Plan Effective—
The proposal of the company to extend the maturity of its 6% deben¬
tures from 1943 to 1948 and to change the sinking fund provisions has been
declared effective. Approval of 84% of the holders has been obtained and
the debentures have been reissued with revised dates and additional coupons.
Unlisted trading privileges have been extended by the New York Curb
with the approval of the Securities and Exchange Commission.
Acceptance by additional holders is expected by the management.—*
V. 147, p. 4059. •
/
'
McLellan Stores Co .—To Pay 40-cent Dividend—
Directors on Jan. 12 declared a dividend of 40 cents per share on the
common stock, par $1, payable Jan. 25 to holders of record Jan. 19.
This
compares with a dividend of 20 cents paid on Nov. 1, last; 40 cents paid on
Jan. 25, 1938; 20 cents on Nov. 1, 1937; 75 cents on Jan. 23, 1937, and an
initial dividend of 20 cents paid on Nov. 1, 1936.—V. 148, p. 130.
(R. H.) Macy & Co.,
William H. Howard,
discount and expense.
income deductions
x
Mills, Inc.—Earnings—
May Hosiery
31—
operations.
depreciation. .
Interest
...
Income taxes
Other deductions
Radio Contracts-—
;
in
$176,648
1936.
Balance
provides for the
former's employment as a director and general
annual salary of $15,000.—V. 147, p. 3917.
Assets—
Cash.
manager
receivable..
Inventories
Accts. rec.
1938
$271,955
835,105
796,443
Notes & accts. rec.
12,754
297,600
not current
Investments
Property & plant
888,563
employ.
Deferred items—
4,450
31,598
Sinking fund prov.
52,999
Pref. stk.in treas.
157,197
x
Due from
Accts. pay.
accounts
protective
stantial number of these
whose ideas,
the attitude
bonds because,
Reserve for
strategic Sixth Avenue
participated in legal proceedings
committee'strongly objected to the sale of the
chairman recently
al69,920
152,366
payable due
Dec. 5, 1939...
120,000
120,000
53,000
51,638
985,136
1,596,870
1,036,769
Res. for
y
been
Curtis B. Dall and
committee states:
holders of a sub¬
in their judgment, the best interests
of these bonds
and through its
income
and other taxes.
Notes
unrealized
Sink, fund reserve.
bondholders.
Our
9,463
5,187
profit
will be served by an independent committee
based upon actual knowledge of the situation, are opposed to
of the so-called Merle-Smith committee, who have been acting
of the holders
47,601
disputed
claims
1
Manhattan
formed and consists of C. Shelby Carter, Chairman;
E. Laurence White.
In a letter to the bondholders the
This committee was organized at the instance of the
136,675
...
Employees savings
51,638
157,024
130,847
$138,055
to affil.
companies
Prov. for
1937
$103,657
450,000
62,295
53,476
845.240 Notes
1,042,868 Accruals..
Z8.545
299,075
920,657
2,928
32,036
1938
93,725
payable.
disct.by bks
Accounts
of the latter at an
Ry.—Protective Committee—
committee for the 1st mtge. 4% bonds due 1990 has
$126,643
$163,025
$72,764
1938, $39,985 in 1937 and $56,386
Liabilities—
$222,313
1
Trademarks..
47,556
2,621
Sheet Aug. 31
1937
1,822
fr. affil.
$226,232
153,468
123,517
200,000
of $53,060 in
1935
$388,873
99,979
12,484
$450,160
119,231
160,000
Includes other income
Accts.
Superseding contracts between the Bamberger Broadcasting Service
Inc., subsidiary of R. H. Macy & Co., Inc. and Alfred J. McCosker and
an agreement between Mr. McCosker and
Radio Quality Group Service
Inc., another subsidiary, are reported in an amendment to the registration
statement filed with
the Securities and Exchange Commission.
Both
contracts are dated Dec. 16, 1938.
The Bamberger Broadcasting Service agrees to employ Mr. McCosker
as'a director of radio station WOR from and after Feb. 1, 1939 at an annual
salary of $60,000.
The contract between Mr. Cosker and Radio Quality Group Service Inc.
$135,060
3614.
$338,725
175,700
84,928
9,475
138,980
19,630
$455,879
profit for period.
dividends
Common dividends .....
Net
Preferred
x
'
p.
x$533,452
89,520
11,833
78,663
14,710
x$7Q3,172
x$716,325
84,493
8,441
' 147,815
\
19,696
147
1936
1937
1938
Years End. Aug.
Profits from
Pov. for
-V.
appropriation for retirement reserve.
Before
Balance, surplus
V
.
$527,961
been appointed an Execu¬
of publicity for Jane Engel, has been
staff at Macy's, where he will be in charge of
the third-floor fashion groups.
k
__
..
...
...
Kahn, formerly director
appointed to the advertising
copy and sales promotion for
line,
460,952
23,092
4,088
500,000
4,559
h
Net loss
Inc.—New Official—
director of advertising, has
tive Vice-President.
for
441,220
21,166
—
Interest charges
Amortization of debt
—V. 145, p. 3822.
A
$353,071
and other income
operating revenue
16,408
Prepaid items....
$853,071
Appropriation for retirement reserve
6,092
13,366
$438,984
500,000.
loss$61,016
420,911
395,528
Mass., less res've
Martin
7.685
7,798 •
Other income.
Property at Lowell,
Total
$845,386
$431,185/
prov.
for
*937
$7,207,8/1
6,362,484
$6,548,529
6,117,344
Total gross re venues
Mo.,
net
121,400
divided profits
1
goodwill
Total
511
783,295
equipment..
pref. stock (par $100)
stock surplus and un¬
machinery and
Deferred charges.
8,560
9,373
—
deprec. of bldgs.>
Reserve for
Investm'ts—Magor Car Corp.
1,500 shs. common
$250,000
369,675
24,515
,
withheld
Taxes
Plant & equip't at
St.
,
Reserve for taxes
531,903
finished stock
x
'
Liabilities—
$279,397 Bank loans.
—
278,829 Accounts payable
205,130 Accrued wages
38,358 Acer, unemploy. insurance and
old age benefit taxes...
and In bank
Marketable securities—cost-
cap.
$1,201,298
$1.32
stock (no par)
Balance Sheet June 30,
Assets—
Cash on hand
(par
$10)..
Paid-in
Earned surp.
500
Notes receivable—
42,975
ensuing fiscal yr
Common stk.
Int. accr. on notes
$15,432
$8,047
23,408
Accounts payable.
Res've for loss
aft.
for doubt¬
prov,
ful accounts
1937
1938
Udbilities—
Capital and surplus June 30, 1938
Earnings per share on 32,530 shares common
Fixed assets ....
30
Comparative Balance Sheet Sept.
1938
Assets—
.
stock
Accounts and notes
namely, $1.50 per share on July 15, 1938, and $2 per share on
1938.
These distributions have been charged against capital
The St. Louis Bleachery for the 12 months ended Sept. 30, 1938,
net income, after depreciation charges, of $57,494.
This amount compares
with $170,567 in 1937 and $133,866 in 1936.
After deducting
trative expenses and reserves for Federal and Missouri income taxes,
after adding miscellaneous income, the net earnings of the company were
Savs.
paid—preferred stock
Common
$1,241,576
—
8,498
31,780
'
-
Dividends
After deducting
1,189,972
Total
184,328
184,302,772 183,606,8571
...
—
Capital and surplus at June 30, 1937
1,000,000
•
„
$78,738
18,000
9,134
$51,604
machinery & equipment-
of buildings,
for Federal income taxes
profit
Net
30, 1938
Year Ended June
Earnings for
Profit from operations
Provision for depreciation
Notes recelv.,
serially —
Corp.—Earnings—
Magor Car
1,515,112
10,000,000
4,581,072
2,715,434
42,143,362
42,190
70,528
the Man¬
17 that
for review of all
Manhattan
unjust and in¬
Franklin, counsel for Manhattan Ry. announced Jan.
company has filed a petition in the U.S. Supreme Court
a
matters relating to sale and demolition of the Sixth Avenue line.
alleges the price of $12,500,000 for the elevated line was
equitable.—V. 148, p. 283.
. Charles
365,297
365,297
payable.
payable
Accts.
— —
Def'd
closed,
Judge
The U.
pay¬
able January.
receivable
due
promptly with the
negotiate on the basis of
bonds at 80% of the par
bonds as a mini¬
equivalent. To that
for the various
is 52 Broadway,
It is proposed to
for unification.
payment for the Manhattan Ry. first mortgage
value (or $800 per $1,000 par bond) Of such first mortgage
mum, payable in New York City obligations or their
end the committee wishes to keep in touch with and negotiate
independent bondholders.
The office of the committee
New York.
1937
1938
1937
S
cos...
delay and expense could have been avoided."
is prepared to enter into negotiations
The committee
city authorities
took
1938
allied
1,343,217
$25).
Assets—
Accts.
York City's
created to the
Transit Co.
acceptable plan
of unification
This is not the fact.
It is this committee's opinion that
had the Merle-Smith committee recognized the realities in the situation,
the bondholders' interests would have been better protected and much
York City debt limit, plans for unification of New
transit facilities are now feasible.
An impression has been
effect that complex relations between the Interborough Rapid
and Manhattan Ry. should prevent the culmination of an
of the New
price and par of 7 % gold bonds
purchased and canceled during the year as required by
y On 3,136,937 shares common and common B stock
Comparative Balance Sheet
goodwill, &c. j
Leaf tob., mid.
Manhattan system.
by the people of the extension
memberment and disruption of the
Due to the recent overwhelming approval
Dr 1,318,981
Profit and loss
company
g)rt actively in case the purchase increased fare on the lines of by the city
y., so that the proposal for an
of the Manhattan properties Manhattan
in unification is not acted upon with reasonable promptness, the company
may at least be in position to pay interest on your bonds and its taxes.
The committee will also support the proposed steps to prevent further dis¬
unnecessary
Prem. on
of this
1,212,212
1,234,507
24,752,550
1,709.677
x*Difference between pur.
y
221,736,295
200,912,139
1,272,206
Operating profit—-
Net
1935
$
*
24,500,056
1,641,138
Depreciation
Interest on
$
$
$
237,764,151 242,448,565 236,888,813
211,991,889 216.461,508 207,406,789
sales
Other income.
1936
1937
1938
Calendar Years—
Net
Capital & capital
surplus
Earned surplus
1,416,137
Total
$3,350,491 $3,582,325
$857,378 in 1938 and $820,122 in 1937.
y Represented by 32,591 (35,331 in 1937) shares $4 cum. preference stock
(no par), and 80,000 shares class A common stock (no par),
z Notes re¬
ceivable only,
a Includes $15,078 for prior years Federal and State taxes.
Total
x
**.$3,350,491 $3,582,325
Less reserve
—V. 145, p.
for
4120.
depreciation,
Volume
148
Midland
Financial
Life
Insurance
Co.
(Kansas
60-cent Dividend—
Company paid
a
138,
Moore Corp.,
3095.
p.
Balance, deficit
Shares of common stock
Earnings
1938
Cash in bank
on
sur$54,625
124,520
*
1937
& accts. receiv..
818,023
851,802
12,016
20,458
36,000
Accr. sals. & wages
Accrued taxes
20,169
19,111
415,857
Federal inc. taxes.
Other assets
55,878
72,714
Land
62,230
1,179,471
1,225,948
7%
cum. conv. pref. stock
Class A
x
Bldgs.,
compensation
inach'y,
Res've for
equipment, &c__
Uncom Dieted
purch.
con¬
105,000
The 7%
Preference stock,
659,230
preference
437,033
437,033
Earned surplus—
208,838
214,705
cum
x
.
After
—
.$2,020,767 $2,151,8291
reserve
no par
and $1,597 in 1937.—V.
or
redeemable and
held."
common
shareholders
Moore Drop Forging
Co.—Earnings—
Power
Implement
entitled
are
to
one
Both preference ana common shares are
fully paid up and no personal
liability attaches to the shareholders thereof.—V. 148, p. 284.
$486,779 in 1938 and $381,060 in 1937.
shares,
z After reserve for $1,433 in 1938
147, p. 2094.
Minneapolis-Moline
Adjourned—
callable
vote for each share
$2,020,767 $2,151,829
for depreciation of
Represented by 11,986
y
Total
stock, the rate
being the only difference between the classes of stock.
Class A
are
convertible on a basis of four common for each class A and
class B preference on the basis of six
common for each class B.
Both classes
of preference stock are entitled
to six votes per share.
Common shares are
not
Total
assets
any liquidation.
of conv ersion
622,600
84
31,157 shs.
6,240 shs.
390,402 shs.
25,000 shs.
500,000 shs.
-
have
and cumulative dividends at the rate of
7% per
callable.
Shareholders are entitled to $100 per share on
Both classes are convertible into common
to
as
659,230
623,200
20,681
54,215
Outstanding
annum and are not
4,200
Com. stk. (par $5)
y
6,469
57,549
...
Dec. 31, 1938
Authorized
cumulative convertible preference shares class A and B
preference
on
commit'8
Capital surplus—
struction
Deferred charges..
at
35,000 shs.
Common shares (no par)
3,620
5,969
..
loss
as
(par $100):
Class B__-
Res. for workmen's
62,230
Capital Securities
14,359
.
and
Corp.
Ltd. (new company) for
every four shares of F. N. Burt Co. Ltd. held.
1937
Prepay, by cust's.
220,004
360,992
Sreference F. N. Burt Co.Corp. Ltd. (new company) shares of Moore
share for share,
olders of A of Moore
Ltd.
receive three
rommon
$80,180
141,340
Inventories-
$2.28
1938
Accounts payable.
8156,838
__
notes
The Moore
of the old Moore
Oct. ,31
Liabilities—
and
hand
Customers
z
$5,867
124,640
$0.85
shares, no par.
Corp., Ltd., is a new company arising from the
amalgamation
Corp. Ltd. and F. N. Burt Co. Ltd.
Charter of amalga¬
mated company obtained Dec.
31, 1938, under the laws of the Province of
Ontario.
The amalgamation
arrangement provides that the new company
continue the name of Moore
Corp. Ltd. and that holders of Moore Corp.
Ltd. (old
company), both preferred and common, receive share for share
in the new
company.
Holders of F. N. Burt Co. Ltd. preference receive
1937
$332,110
42,848
234,637
outstanding (par $5)
Balance Sheet
Assets—
common
1938
$154,253
47,944
112,176
per share on common stock
Ltd.—Listing—
The Toronto Stock
Exchange on Jan. 4 listed 31,157 class A preference
shares of $100 par, 6,240 class B
preference shares of $100 par and 390,402
Mid-West Rubber
Reclaiming Co.—Earnings—
Years Ended Oct. 31—
Net profit
Preference dividends
Common dividends
443
Other officers of the
company are Armand Micheels, formerly associated
with the late Leonard
McKitterick of Philip Morris & Co., Vice-President;
and Julian
Micheels, formerly Merchandise Manager for a national chain
store corporation,
Secretary.
Arthur W. Proctor of New York is counsel.
dividend of 60 cents
per share on the common stock
Last previous payment was the
Jan. 10 to holders of record
Dec. 31.
80-cent distribution made in
1934.—V.
on
Chronicle
City)—Pays
Co.—Meeting
Net
.
Earnings for the Year Ended Oct. 31,1938
sales
-
$2,494,500
2,060,702
-
Cost of goods
sold, before depreciation
A quorum not
being present, the recent annual meeting of stockholders
adjourned until Feb. 15
Efforts to settle the strike of employees in
the Hopkins,
Minn., plant of the company, which started Dec.
28, still are
deadlocked.—V. 147, p. 3917.
was
Mississippi Power
Gross profit before
depreciation
Selling and administrative
& Light Co.—Accumu ated Dividend—
Proposal—:
an
•Asks ICC to
a vote of its creditors a
proposal
full composition will take from
the debtor (Missouri Pacific) a
right given
it by Congress," the railroad said
in a brief.
The composition
theory, the Missouri Pacific explained, is that an in¬
solvent debtor may make an
agreement of compromise with its creditors
whereby the creditors relinquish some portion of their
rights and the debtor
is enabled to retain
its property and business.
Under the reorganization
plan recommended some time
ago by Examiner R. H. Jewell, present
holders of Missouri Pacific
preferred and common stock would have no
participation in the reorganized company.
The Alleghany
Corp., top holding company in the railroad empire formed
by the late Van Sweringen brothers, owns
522,900 shares, or 63 % of Missouri
Pacific's common stock and
194,100 shares, or 27% of the preferred stock.
Under the Examiner's
proposal, the Alleghany Corp. would receive
nothing for its stock, but would receive about
$5,000,000 of new common
stock for $11,152,000 of
convertible 5H% bonds it now holds.
The Missouri Pacific contended that
its modified plan of reorganization,
which was drastically altered
by the Examiner, represented an agreement
with practically all
creditors.
"The changes proposed
by the Examiner in the debtor's plan of reor¬
ganization are neither
necessary nor appropriate in the
700,000
84,149
Accrued
228,840
Non-current Invest.
"The plan proposed
by the Examiner violates any possible construction of
Section 77 (of the
Bankruptcy Act), increases the danger of non-acceptance
holders, increases the probable dissatisfaction of
dissenting minorities even in classes which do vote favorably and assures
protracted and expensive litigation and
delay."
;
In urging the Commission to
approve its own plan, the Missouri Pacific
disagreed with the Examiner's findings that
existing stock has no equity.
—V. 147, p. 283.
'
Total
x
„
Res. for income tax.-.-.
Administration expenses
Extra,
inc.
tax
Surplus
$168,282..
1935
.$165,000
2,767
$165,000
$167,767
$168,080
140,000
20,000
5,784
136,000
24,000
6,152
3,080
Class A shares
--—-U3,970,637
22,000
5,908
38
2,053
$2,148
revenue.
$76
—
—
J
652,183
——
-^$4,340,511'
Total-———
—.$4,340,511
for
of
depreciation
$1,894,918.
y Represented
by
z 42,939 class A shzres and 55,000 class g
shares.—V. 147, p. 2695.
...
_
common
.
shares at cost,
,
,
»
Morristown Securities Corp.—EarningsCalendar Years—
Int. and divs. received-
1938
Dividend,
1935
$153,581
24,833
10,000
$127,486
22,742
5,000
$93,412
$118,749
$99,744
37,571
Net profit
41,935
48,086
83,870
43,714
83,870
21,857
$3,391
def$8,836
def$5,982
$5 cumul.
on
preferred
1936
$124,780
23,368
8,000
$37,686
Reserve for taxes, &c
Dividends
1937
$61,948
20,262
4,000
Expenses
stock
common stock
Surplus--.
$115
Balance Sheet Dec. 31
Assets—
Deps. with banks.
x
1937
1938
•Liabilities—
$61,012
$66,237
Invest, owned by
the corp. (at cost) 1,497,675
1,488,849
y
x
1937
Common stock:.
$87,429
11,552
4,933
-.-.,1,454,773
$87,429
Divs. pay. Jan. 3.
...$1,558,687 $1,555,086
26,229
Reserve for taxes.
Surplus
Total
1938
Total
6,555
a
1,434,874
.$1,558,687 $1,555,086
Value $1,061,945 ($950,720 in 1937) at market prices,
no par shares.
*
by 87,429
y
Represented
,
a
dividend of 15 cehts per share
on
.
the common stock,
no par
value, on Jan. 3 to holders of record Dec. 15. This compares with
10 cents paid on Oct. 3, July 2 and April 2, 1938; 30 cents on Jan. 3, 1938,
and dividends of 25 cents paid on Aug. 10 and Jan.
2,1937, and on Dec. 28
and Jan. 1, 1936.—V. 146,
p. 1248.
Motor Transit Co.
(& Subs.)—Earnings—
Period Ended Dec. 31, 1938—
Operating revenue
Expense.:..-,
;
V
4,119
def$2,260
;
$2,295
Balance Sheet Dec. 31
' 1938
1937
Liabilities—
1938
1937
Tel. lines, prop.,&c$2,151,824
$2,151,824 Shareholders' cap.$2,000,000 $2,000,000
Furniture Montreal
1,000
1,000 Exc. In val. (1882)
*
Month
$73,959
12 Months
58,874
$100,665
1,833
$15,319
18,190
$102,498
179,097
$2,871
-1
$831,331
730,666
234
-
"
'
shares
common
1
•
138,000
on pre¬
ceding income
69,264
Class B
20,382
—
reserve
Company paid
1936
$165,000
3,282
$168,421
136,000
24,000
6,235
57,412
tirement of class A shares--
15-cent Dividend—
Montreal Telegraph Co,—Earnings—
Years Ended Dec. 31— . 1938
1937 1
Total revenue
-
After
18,634 class A
upon the vote of security
Dividends
—
Goodwill, trademarks, &c
y Treasury stock
72,915
91,735
expenses
contingencies--—
Reserve for purchase and re¬
505,536
35,442
1,761,679
& rec'bles
x Plants and
equipment
Prepaid expenses
public interest,"
the railroad's brief said.
$78,649
Reserve for
Inventories
Reject Reorganization
a
$165,000
3,421
Liabilities—
Accounts payable, trade
Dlvs. on cl. A shares payable-
$352,299
U. S: Treasury bills (at
cost) —
Cash surr. val. of life lnsur—
Accounts receivable, trade
"composition" with its creditors.
"Denial of an opportunity to submit to
_
$66,215
Balance Sheet Oct. 31, 1938
'
Gt. No. West. Tel. Co..
Revenue from investm'ts
191,103
-
Assets—
Cash
Aug. 1,
The company has asked the
Interstate Commerce Commission to reject
examiner's proposed plan of
reorganization for it, and to allow it to
effect
308,910
$124,888
Net loss for the year
1934, and
Nov. 1, 1933, and
Aug. 1, 1933, prior to which the regular quarterly divi¬
dend of $1.50 per share was
paid.—V. 147, p. 3917.
Missouri Pacific RR.
&c. (net)
Depreciation
The directors have declared a
dividend of $1.50 per share on account of
accumulations on the $6 1st
pref. stock, no par value, payable Feb. 1 to
holders of record Jan. 14.
Like payments were made in each of the 10
preceding quarters and compare with $1
paid on Feb. 1, 1936; 50 cents
Said on and Feb. 1935; 75 cents paid Nov. 1, May 150 cents paid on
lay 1 Nov. 30, 1, 1935; Dec. 15, on Nov. 1 and
and Feb. 1,
$433,798
-
expenses,
Profit before depreciation
$76,599
income
.
ASsets—
Cash
account....
19,054
of prop. oper. by
55,036
41,956
.
16,677
55,036
Investments
Accrued revenue.
41.956
G. N.W.Tel.
Co. over share¬
holders' capital
Net
151,824
151,824
40,000
.
pay.
before
deduct, of inc.tax
Unclaimed divs
Clntingent fund
40,000
639
Total...
415
52,408
24,000
—
Res. for inc. tax..
$2,268,870 $2,266,494
24,000
50,254
$2,268,870 $2,266,494
Tobacco
Co., Inc.—Stock Offered—Public
offering was made Jan. 19 of 16,666 shares of capital stock
by Leigh Chandler & Co., Inc., New York.
The shares
(SI par) were offered at an initial price of $2 each by means
of
a
prospectus.
Company
new
trade
was recently formed in New York to market the
Monticello,
20-cent cigarette, and two new
pipe mixtures to be sold under the
names
Monticello and Jefferson.
It was organized by Richard
Hartley of New York, who is President, Treasurer and
to his old company,
Fifth Ave., New York.
cessor
—-
Muehlhausen
Spring
Corp.
(Ind.)—Stock
Offered—
Public offering by means of a prospectus of 125,000 shares
of no-par common stock was made Jan. 18 by James J.
Boylan, N. Y. City, at $6 per share.
Of the total number
shares offered, 55,000 represent financing on the part
of the company, while 70,000 shares have been acquired
of
from certain stockholders.
Proceeds from this financing will be used as
working capital for initial
production and marketing of the company's products.
a
^
»
Assets—Current assets,
$178,605; tangible property
(net), $774,749"
$1,319,606; investments and advances, $63,001; other assets, $3,451;
total, $2,339,412.
Liabilities—Current liabilities, $71,765; equipment and other long-term
obligations, $2,334,552: deferred credits, $ it,427; reserves, $26,184; com¬
mon stock
($10 par), $688,320; deficit, $798,835; total, $2,339,412.—V.
147. p. 3769.
—V. 146, p. 604.
Monticello
loss!
•
Consolidated Balance Sheet Dec. 31,1938
Div.
Total..
Balance
Income deductions.
the Court
^Authorized capitalization consists
of
Tobacco
Co.
a
director,
Offices
are
as suc¬
at
655
90,000 shares ($1 par) capital stock,
of which 75,000 shares will be issued and
outstanding on completion of this
financing.
Mr. Hartley received 58,334 shares in consideration of the assets
of the old company.
There is no funded debt.
Corporation was organized in Indiana, Dec. 26, 1936, as the successor to
the Muehlhausen Spring Co. (111.).
Company is engaged in the manu¬
and sale or a general line of mechanical precision springs.
It
processes a wide line of springs ranging from the fabrication of heavy
springs weighing 250 pounds, such as was used to cushion the generators in
Boulder Dam, to such minute springs as weigh 80,000 to the pound, for
use in special musical instrument locks,
facture
Company has approximately 1,200 customers.
Springs are made for
the leading' automobile manufacturers and many of their
suppliers, in¬
cluding some used in clutches, engines, fans, pumps, carburetors, locks,
ignition and lighting systems, and brakes.
However, the springs sold to
the
automotive
trade
in
1938
accounted
for
approximately 36%
of the
*
Financial
444
much
company's business and no one customerlin this classification used as
as JU% of the total output.
„
,
Mm
Springs are also maae for use in the manufacture of other types
en¬
gines, including Diesel and marine engines.
Company
for use in harvesters, corn pickers, tractors, reapers, threshing machines
and other farm machinery.
Among the company's customers for which it
manufactures springs are makers of washing
machines, glass making
machines, general industrial machinery, fountain pens, refrigeration units,
surgical appliances, X-ray machines and other mechanical devices and
apparatus.
Company also manufactures springs for use in lighting,
coupling and other railroad appliance systems and for general railroad hard¬
ware supplies.
Company's plant at 825 Michigan Ave., Logansport, Ind., consists of a
wire-enclosed plot of about two acres on which there is a modern, fireproof,
of
produces springs
heating,
sprinkiered, factory building of steel concrete and of brick construction.
It has a floor area in excess of 59,000 square feet,
in addition, the com¬
pany leases for storage purposes for $20 a month, on an oral month to month,
tenancy a warehouse in Logansport, 2nd., with a floor area of approxi¬
mately 9,000 square feet.
'
•
.
Earnings for Staled Periods
v.;
Years Ended Dec, 31
11 Mas.End,
1985
1930
•
1937
Nov. 30 '38
.
—
049,313
a
$1,104,399
949,ii83
$001,016
468,392
$24,447
$65,122
$205,115
$142,623
14,126
sold----
Cost ol goods
28,813
17,928
30,785
23,500
Federal
before
Profit
$1,014,400
940,2178
$073,760
Net sales-.
income
taxes
Normal income tax and
tux..—
excess-proiita
Surtax on unuist. income
Net income
Including
a
... ...
ending Dec. 31, 1938 amounted to $55,546,510
the year 1937, a decrease of 10.55%.
operation decreased from 1,205 in 1937 to i,103
Dec431. 1938.—V4147, p. 3769.
Total sales for theryear
compared with $62,100,160 for
as
The number of stores in
,
'
4,003
at
(J. J.) Newberry
opened
rYears Ended Dec.
v
1936
1937
$162,831
A or. 30 '38
$297,883
1935
,
inc. after
and taxes—--
Adjusted
net
charges
$90,688
calculated at 96 degrees test, was 13.813% of cane ground. This
production, together with low prices obtaining in the industry
unsettled conditions, increased depreciation and readjustment of
debts resulted in the loss shown herein.
Income Account Year Ended July 31
1938
1937
•
1936
1935
decrease in
and other
colonos
$124,067
of $259,210 to be received by the com¬
pany frohi its sale Of OO.UUO shares of conuaou stoca, company Will pay Its
outstanding i,8o3 snares of pitfeiieu otoca us>xb6,300).
The balance of
the funus will oe audea to cash working capital.
Sugar and molasses pro¬
ducedInt. and discts. receiv--
Capitalization—By an amendment filed Dec. 21,1938 authorized capitali¬
shares of common stock tpar $1; to 3UU.UU0
oi common stock
(no par;, ktateo vaiue oU cents per share.
In
addition the company on uec. 31, 19o8 hau outstanumg 1,863 snares of
preferred stock tpar $1UU).
Upon completion oi tnis imancmg company
zation was changed irom 29,232
shares
Mutual
Reserve
stock outstanuing.—V. 147, p. 4uoo.
Inc.—Registers with
Administrators,
$627,086
5,252
40,803
Miscell. income (net)—
$983,958
10,395
37,865
$850,530
6,476
27,843
$667,270
" 5,034
26,948
$673,141
$1,032,218
$884,850
$699,253
selling and gen. exp_-
616,623
901,495
766,404
667,218
Prov. for Colonos accts.
70,000
136,500
54,934
44,043
22,384
2,367
880
879
20,046
20,195
44,365
50,197
Total income-
—
mfg. costs and
&
Prod.
Proceeas—From the net proceeds
will have 220,uub shares of conmion
117,853 bags of sugar (325 lbs. net
gallons of molasses as compared with 137,334
gallons of molasses last year. The final yield
weight each), and 636,533
bags of sugar and 846,404
,
11 Mos.End.
31
depreciation._
Amort, of exp. on gold
bonds extended.
Interest on sinking fund
gold bonds. —
Int. on bills, drafts and
loans payable-Loss
on
sale of sugar
stabilization bonds
Prov. for
—
Net inventory
SEC—
•
given on first page of this
Profit
department.
Nation-Wide Securities Co.
(Colo.)—Class B Dividend—
Directors have declared a dividend of five cents per share on the class B
stock, payable Feb. 1 to holders of record Jan. 14. A dividend of three
cents was paid on Nov. 1, last, thus making a total of 18 cents per share
distributed during the year 1938.—V. 147, p. 897.
v.
'
•
19,985
^
38,543
31,937
<
V:-.,'
:
x4,417
*;
11,992
—-—
on
$73,612
-
'
-
——
'
prof$9,113
$203,673 prof$10.478
" 1
of prior
&c
O
>
°
——
xl,770
acquisition of
companies bonds
Profit
'
•
f;.,
adjustm't
sugar
on
crop,
•
.
19,985
Net loss
See list
Co.—Annual Report—
Niquero Sugar
New
George E. Keiser, President, says:
the fiscal year was
Production for
„
for th? above periods but adjusted
to reflect (1) the revised basis lor compensation oi executives, and (2; pro¬
vision lor normal income taxes and excess-profits taxes on the oasis of income
loiiows;
Commission, and
Securities and Exchange
repaid in 10 annual installments
The Irving Trust Co. has further agreed to loan to the company on
Dec. 31,1939, or at any time at its option before that date, another $1,000,000, to be repaid in nine annual installments, the first eight of which are to
be $110,000 each and the ninth is to be $120,000.
Repayment of this loan
is to begin Dec. 31, 1940.
,
,,
.
A total of $1,000,000 was borrowed on Oct. 1, last, and was added to
company's working cash balances and $90,0000 was then used to pay shortterm bank loans and commercial paper due Oct.
11, 1938. The other
$1,000,000 borrowed on Dec. 31 was added to working capital and will be
used in part for expenditures to be made for additional stores to be
during 1939 and also for enlarging and modernizing certain existing stores.
As of Dec. 29, 1938, the company paid off $1,000,000 of its 5-year 3% %
notes due May 1, 1940, leaving $1,000,000 of this issue outstanding on
Dec. 31, last.—V. 148, p. 284.
Note—iNet income of the company
aajusteu is as
Co.—Sold Notes Privately
According to a report to the
by the New York
Trust Co. $2,000,000 of 10-
released
of sugar,
$18,380 «
$169,367
$119,123
selling, general and administrative expenses, and also interest
$10,321
and other ueuuctions.
so
21,
Jan.
Chronicle
21,797
21,072
,
60.000
...—
,
'
Sept. 30, 1938
Earnings for 10 Months Ended
Earnings per share on
—V. 147. P. 2640.
•
.
National Gas & Electric Corp.
Period End. Nov. 30—
Operating revenues
Operation
-
Maintenance-!-Taxes—
■■■;."■
■
.
$1,271,957
735,944
Retirement accruals
Gross income
Int. & amortization, &c_
657.629
65,179
89,238
1,266
$396,099
2,960
$362,276
$399,059
16,529
149.800
140.885
$27,314
8,233
$212,475
$44,594
.43,844
$25,652
8,311
$19,081
$111,194
Dr750
.
Balance Sheet July 31
Dividends declared--
_
,
101.281
-
-
...*
-
$176,641
101,615
$0.57
$0.36
properties acquired on^Aug. 19, 1937 are
acquisition.—V. 148, p. 131..
Note—Operating results of new
included only since date of
National Grocers Co., Ltd.—Complete Recapitalization
It is reported that all but approximately 2,500 shares of the 29,532 old
preferred shares have been presented for conversion under the plan approved
by shareholders on Dec. 21 for the retirement of the old preferred shares and
the removal of the $22.75 dividend arrears on the stock.
According to the plan the preferred shareholders were offered five shares
of new $20 par redeemable prior preference stock carrying a dividend of
$1.50 per share in exchange for each share of the old 7% preferred stock.
With the acceptance of the plan the company declared a dividend of $2.75
per share on the old preferred to reduce the arrears to $20 per share prior to
conversion, the dividend being payable on Jan. 16 to holders of record
Jan. 9.
•
It is understood that some 12,500 of the new
.
shares not accepted in con¬
version, are in the hands of the underwriters.
They are being privately
offered at $26.50 per share plus accrued dividends, prior to a public offering
*
The
capitalization of company as a
result of these changes now consists
authorized, of which 147,660 shares have
remains unchanged at 295,852 shares.
of 150,000 shares of preferred stock
been issued, while the common stock
—V.
148,
p.
284.
National Oats Co.—To Pay
25-cent Dividend—
Directors have declared a dividend of 25 cents per
share on the common
stock, payable March 1 to holders of record Feb. 18.
A dividend
cents was paid on Dec. I, last and regular quarterly dividends of 25
per
share were previously
of 50
cents
distributed.—V. 147, p. 3315,
National Public Service
Corp.—Sale Postponed—
auction by the New York Trust Co. as trustee under
of 712,411 shares of the common stock
of Jersey Central Power & Light Co., originally advertised for Sept. 10,
1936, at the auction block of Adrian H. Muller & Son, Auctioneers, at
75 Montgomery St., Jersey City, N. J., has been adjourend until March 1,
1939, at the same place.—V. 147, p. 2540.
The sale at public
the indenture, dated Feb. 1, 1928,
National Steel Corp.—-New
The election of Murray
on
Director—
W. Sales to the board of directors was
announced
Jan. 17.
Chairman and Mr. Sales, the directors are:
Frank W. Blair, Maurice Falk, George R. Fink, Howard M. Hanna,
George M..Humphrey, Thomas E. Millsop, Edmund W. Mudge, Carl N.
Osborne and Charles M. Thorp.—V. 147, p. 3316.
In addition to E. T. Weir,
a
Refining Co.—Obituary—
^See Cuban American Sugar Co., above.—V. 147, p. 1496.
|| National Tea Co .—Sales—
$TSales for the four weeks ended Dec. 31, 1938 amounted to $4,684,556 as
compared with $4,424,647 for the corresponding four weeks in 1937,lan
Increase
of
5.87%.
.
___
Accounts receivable (less
12,923
46,208
14,182
25,000
14,294
—
reserve)
——
Cash in hands of trustee
.
Deferred charges
...
58,457
43,979.
------
17,709
———-
$5,198,416"
$5,223,600
—
A.
Total..
283,269
521j046
Sugar on hand (less reserve)
on hand
Molasses
b$3,892,500
461.000
$4,500,000
551,000
33,818
686,516
"
Liabilities—
$100)
fund gold bonds
1st mtge. 7 % sinking
Cuban censos__7---
Bills payable
Notes payable
27,691
—
secured
892,913
17,000
36,068
■ 234
8,988
607,500
745,477
-
Accounts payable
Unclaimed wages...
—--
Accrued interest, rents, taxes
and Insurance
Capital surplus
c
Deficit--.
—
.
—
Total-.
I-
——
—
After reserve for
a
depreciation of $2,767,533 in
c
pany's stock.—V. 146, p.
Newport (R. I.)
A
recent bid
445.
'
/
43.836
79
10,154
------
601,804
$5,198,416 $5,223,600
1938 and $2,677,927 in
held in treasury,
b After, deducting 6,075 shares acquired and
Through acquisition, without consideration, of 6,075
1937.
shares of the com¬
'
.
Electric Corp.—Bid
Turned Down—
Electric Co. for the purchase
by the Naragansett
of the
& Webster and Blodget
stock, William P. Sheffield,
Newport Electric Corp. has been declined by Stone
of Boston, who hold an option on the common
President and Treasurer of the Newport corporation,
Mr. Sheffield said he had received a latter from Charles
announced Jan. 10.
T. Adams, trustee
Utilities Light & Power Corp, of which Newport
approving a program suggested by Stone A Webster
and Blodget under which customers of the Newport company might have
a chance to buy and control the company.
It was announced Jan. 12 in a press dispatch from Providence, R. I.,
that State Senator Joseph R. Libby had introduced in the State Senate
an enabling Act which would permit the City of Newport to acquire the
property of the Newport Electric Corp. either by purchase or
This move was maue on the initiative of the Newport Chamber of Com¬
merce, which in a statement says that its action has the backing of the
representative counsel of the city.—V. 147, p. 4061.
bankruptcy of the
Electric is a subsidiary,
in
condemnation.
New York New
Haven &
Hartford RR.— U. S.
Appeals
Federal Judge Had No Power to Order Abandon¬
ment of Train Service—
The decision of Judge Hincks in the U. S. District Court of Connecticut
in July last, directing trustees in operation of the properties of the New
Haven and its affiliate, the Old Colony RR. to discontinue stops of pas¬
senger trains at 88 passenger stations in Massachusetts, w.uch included the
entire passenger service between Hyannis and Pro vincetowu has been
reversed by the U. S. Circuit Court of Appeals for second circuit, sitting in
Couit Rules
New York
In this case
under Section
Judge Hincks, sitting
77 of the Bankruptcy
in railroad reorganization proceedings
Act, ruled that he had power to order
Massachusetts stations.
Massachusetts Attorneythe decision of Judge
discontinuance of passenger service at those
An appeal was taken from the decision by the
General, and the decision announced Jan. 16 reverses
the
National Sugar
-
—_
Cash in banks and on hand
-
Earnings per outstanding share-
_
1938
1937
$1,641,953 $1,641,953
Buildings, machinery, railroad rolling stock, &c_
2,413.512
2,537,804
Work animals, livestock and equipment
103,505
110,365
Pasture fields
•
42,509
_
42,509
Planted and growing cane
33,715
37,999
Advance to colonos and contractors (less reserve). _
167,519
287,996
Materials, supplies & mdse. in stores & in transit-162,050
161,561
.
——-
Common stock (par
Net income
$601,804
$612,282
$642,467
and molasses carried over from
adjustments (net).
"
on sugar
Land
$258,174
81,533
$361,010
$41,553
Dr498
$17,340
Balance--;
$1,206,144
69,i08
105.895
$41,055
15,403
-
inventory adjustments
previous crop, and other prior year
Assets—
(& Subs,)—-Earnings—
1938—12 Mos.—1937
1938—Month—1937
$122,754
$124,359
68,846
65,583
3,984
5,836
8,3 <0
8.346
Net oper. revenues---
Non-oper. income (net)
,
Net
642,467
$745,477
Deficit at July 31—
x
def$51,815
.'590,651
prof$30,185
—.def$143,673 prof$10,478
601,804
612,282
account.
;
$378,353
$0.40
interest. Federal income taxes, &c
941,000 shares capital stock (par $1)
Net profit after deprec.,
carried to deficit
Previous deficit-
Subs.)—Earnings—
Cylinder Gas Co. (&
National
Bal.
Hincks.
,
Reorganization Hearing Set—
The Interstate Commerce Commission has assigned public hearing on
amended plan of reorganization for Feb. 27 before Commissioner Mahaffie
Volume
and
148
Financial
Examiner Wilkinson.
At
Chronicle
the
hearing evidence will be received
n
support or and in opposition to the debtor's
amended plan of reorganization
and any other amended
plan which may properly be presented.
Amended
plans of reorganization or modification of the
debtor's amended plan of
reorganization may be filed by
secondary debtors or intervenors who pre¬
viously have filed plans of reorganization or modifications of the debtor's
the classifications
previously followed by the companies.
In certain
instances the figures prior to Jan. 1, 1937 have been
adjusted in accordance
with the new classifications of
accounts,
(2) Northern States Power Co. (Minn.) made no
provision for Federal
and State income taxes for the
year 1937 as it claimed as a deduction in its
income tax returns for that
year unamortized discount and expense and
redemption premiums and expense and duplicate interest
applicable to
bonds redeemed during the
year 1937, which deduction resulted in no tax¬
able income for that year.
proceeding.
with ICC
on
or
Such amended plans or modifications must be filed
before Feb. 17.—V. 148, p. 285.
New York Ontario & Western
RR.—Reorg. Plan—
The company on Jan. 11 filed with
the U. S. District Court for the
Southern District of New York a
plan for reorganization under which fixed
interest charges would be $98,667 a
year against $1,547,273 charges actually
paid by the road in 1937.
The
plan is the first proposed
Section 77 of the Bankruptcy Act.
for revamping
of the
The
($100 par) and 128,829 shares (no par)
common.
-
^
break, attained
•
The directors
Holders of $8,630,000 general mortgage 4s of 1955 would receive new
at the rate of 10 shares for each
$1,000 of bonds held.
Unpaid
no
company
part in the reorganized company.
would be provided by issuance
more than $2,000,000 in
20-year first mortgage 4% bonds.
•
Slightly more than 50 % of the outstanding stock of the old company is
owned by New York New Haven & Hartford
11R.—V. 147, p. 4063.
new
of not
Period End. Oct. 31—
^
Operating
x Net oper. revenue.
Other income (net)
^
Approp. for
more are
•
Unit
William
The Baehr organization,
x
on
A.
Jan. 11 announced that it
Baehr Organization, inc.,
a
Corp., a registered holding company.
subsidiary of North Continent Utilities Corp.,
llA months' operations on the basis of the estimated annual
$136,000.—V. 146, p. 3513.
by SEC—
expenses
."■*
,
Northern States Power Co.
Period End. Oct. 31—
Nova Scotia Steel & Coal Co.—New President—
Manager of the reorganized Nova Scotia Steel & Coal Co.
He will retain
seat in the Legislature, where he represents Cape Breton Centre.—
V. 148, p. 132.
'
his
.
Ohio Bell
Although station gains for the current year are estimated at almost double
gain in 1938, expansion program of this company for 1939 in¬
volves estimated expenditures totaling but $14,000,000.
This is a docrease
of $3,800,000, or 21.3%, from the $17,800,000
items as land, building, telephone station
such
and
general
long-term debt._
Amort, of dt. disc. & exp.
on
Other interest
(net)
Other inc. deductions...
Divs. on pref. stock of
sub. co. held by public
Minority int. in net. inc.
of other sub.
cos
expended during 1938 for
equipment, outside plant,
ecpiipment.
Estimated
net
station
gain for
1939 is 35,000 telephones,
Ohio Leather Co. (&
10 Mos. End.
-Calendar Years-
Oct. 31, '38
1937
terial costs and expenses)
Interest on debentures.
Profit
$32,349
9,943
$42,291
$260,791
6,169
41,300
15,700
$122,806
25,596
32,419
36,523
$36,122
34,128
43,225
68,436
$203,791
34.128
43,225
48.657
$28,268
48,697
$1.20
__.
$131,860
17,446
26,500
;
....
$85,174
39,676
13,149
$149,306
—
Other income—
/■
x$175,585
29,708
14,017
—
Other charges—
def$99,667
48,697
$77,781
48,657
$2.60
847,917
56,472
51,247
1,375,000
Profit before Federal taxes
-
Prov. for est. normal inc. and
847.917
Net profit
Dividends
on
Dividends
on
first preferred".
second prefererred
—
Dividends pn common stock._
Surplus.
ShardS
■
_
common
Earnings
per
stock (no par)
share..'
After deducting $42,466
x
v
$247,347
,/
13,444
.
,
'
Nil
for depreciation.
Consolidated Balance Sheet
Assets-
Oct. 31,'38 Dec. 31/37
Cash
$370,945
U. 8. Govt, secur.
Customers'
cept. and
68,080
$518,382
67,564
Liabilities—
Oct
Accts. pay. &estd
.
.
accts.
549,572
1,481,616
473,402
1,448,785
not used in opers
5,357
5,893
77,400
77,400
4,284
3,342
777
1,570
Earned surplus...
from
co._
officer,
Misc. acct. receiv.
dep.
&
acerd.
679,000
780,075
207,287
207,287
8% 1st pref. stock.
7% 2nd pref. stock
426,600
426,600
617.500
617.500
Common stock.
678,609
678,609
interest-_______
a
_
97,561
97.561
598,012
569,743
with
19,075
trustee
z
edness
Reserves
directors & empls
Funds
$193,269
19,338
Capital surplus.
Stock in other
31,'38 Dec. 31/37
$213,632
& Federal taxes.
Dividends payable
Long-term Indebt¬
ac¬
receivable.
Land, bldgs., ma¬
&c
equip.,
918,687
—«
926,730
41,481
47,838
...$3,518,201
$3,589,981
63,681
Total
Net
income
$3,910,945
$5,026,311
$5,071,661
$6,265,362
Before appropriation for retirement reserve.
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937 are
x
.hown in accordance with the classifications of accounts
prescribed by regu«
32,155
21,398
excess,,
profits tax.
Prov. for est. undistr. profits tax
Pred. exps., &c_._
64,315.
,$300,900
•'*
chinery,
1,031,250
1936
Operating profit (after deducting ma¬
Inventory
Land & dwellings
$9,930,440 $11,034,903 $12,275,642
3,399,396
3,790,517
4,384,675
552,596
654,961
653,073
0403
065,207
0913
53,375
143,656
61,848
compared
Subs.)—Earning}.
y
$8,783,080
3,168,884
552,191
067,507
130,845
as
with actual station gain of 17,578 during 1938.
For December, 1938, net station gain was 4,529 Over preceding month,
comparing with net station gain of 1,881 for Dec., 1937.—V. 148, p. 286.
"
Due
Gross income
t
Telephone Co.—Operations—
the actual
revenue:_$ll,330,869 $12,263,837 $14,079,446 $15,095,857
(net).....
31,611
69,936
31,524
79,785
$11,362,480 $12,333,773 $14,110,970 $15,175,642
2,579,400
2,403,333
3,076,067
2,900,000
com¬
Michael Dw.ver. announced on Jan. 19 that he would resign on Jan. 1
his dual portfolio'of Minister of Public Works and Mines and Minister of
Labor in the Nova Scotia Government to become President and General
x
g
elected to the board of directors of this
was
The stockholders' meeting was adjoufned to March 7.—V. 146, p. 1083.
Operating re venues
res._
to
no
Norton Co.—New Director—
Lewis S. Greenleaf Jr.,
(Del.) (& Subs.)—Earnings
1938—10 Mos.—1937
1938—12 Mos.—1937
$29,275,948 $29,528,526 $35,578,524 $35,778,113
Amainte'ce. 12,864,117
13,016,670
15,698,778
15,616,303
5,080,962
4,248,019
5,800,301
5,065,953
provision for Federal
no
premiums and expense and duplicate interest applicable
during the year 1937, which deduction, resulted in
income for that year.—V. 147, p. 2541,
par value common stock
having a stated value of $1' per share,
and a capital surplus of $9,900, created by the
parent company's paying
$10,100 in cash for the .aforesaid stock.
Declarant's aggregate capital as
of July 31, 1938, was $38,100.
Part of this amount was invested in office
furniture, bookkeeping, automotive and miscellaneous equipment,
having
a net cbst, less depreciation, of $11,684, and the remainder
($26,416) is
held as net current working funds for the
carrying on of declarant's service
functions.
Declarant's monthly expense budget is equal to
approximately
$15,000 and, therefore, the current working capital is equal to
approximateiy 1.8 times one month's expenses.
In approving the-declaration, the SEC made the
following stipulation:
"Declarant will not, without the prior approval of the
Commission,
either pay for or obtain on behalf of itself or the associate
companies ser¬
viced by it, any services from any of the
organizations generally known as
the '61 Broadway companies,'
including specifically the following persons
and companies:
"Utility Auditors and Tax Consultants; Public Utility Investing Corp.;
Finance and Securities Assistants; Transfer and
Paying Agency; Corporate
Records and Secretarial Assistants; Securities Registration
Agency;, E. J.
Cheney; Engineerig and Consulting Associates: Daniel Starch and Staff;
Utility and Financial Advertising Agency; H. C. Hopson; H. C.
Hopson &
Co., their successors and assigns."—V. 147, p. 3166.
Int.
(Minn.) made
pany at the annual meeting held Jan. 17.
■
operating companies located in 12 States.
A» of July 31, 1938, declarant's capitalization consisted of
two 6%
demand notes in the principal amount of $28,000, issued to the
parent hold¬
ing company as evidence of a loan in like amount, 100 shares of $7 no
par
non-cumuiative preferred stock having a stated, vaiue of $1
per share, 100
classifications of accounts.
bonds redeemed
of
associate
new
Northern States Power Co.
taxable
Securities and Exchange Commission on Jan. *11 issued an order
approving the application of Northeastern Water & Electric Service
Corp.,
to operate as a mutual service
company for Northeastern Water & Electric
System, a registered holding company.
Declarant was incorporated in New York on Aug. 4,
1932, for the purP ose of rendering services to the operating companies and the parent holdit
ng company in the Northeastern Water & Electric Corp.
System, which,
with all of its subsidiaries, in 1937 came and ha3
remained since, under the
indirect control of Associated Gas & Electric Co.
At the time of the hear¬
ing, declarant was servicing, in addition to the holding
company, 46 active
Net oper. rev. and
other income
3,361,177
redemption
Northeastern Water & Electric Corp.—-Mutual Service
Approp. for retire,
795,235
847,917
1,375,000
3,681,033
.
The
Net oper.
Other income
______
Before appropriation for retirement reserve.
•
revenues and expenses subsequent to Jan. 1, 1937, are
in accordance with the classifications of accounts
prescribed by
(2)
aside from those incurred in connection with its current
operations.
The company's capital of $20,000 is invested to the
extent of approxi¬
mately $4,500 in furniture and equipment and the remainder of
approxi- '
mateiy $15,500 in working capital, which, it is predicted, will finance about
x
$6,943,535
927,721
Cr 579
53,000
and State income taxes for the
year 1937, as it claimed as a deduction in its
income tax returns for that year unamortized discount and exponse and
The company intends to complete certain financial transactions
which
will result in the simplification of its financial and
capital structure.
Giv-r
ing effect to these changes, its outstanding capitalization will consist
solely of 2,000 shares ($10 par) capital stock, all of which will be owned
by
the parent holding company and which will
represent a net investment of
$20,000.
It will have no funded indebtedness and no other
obligations
x
1,031,250
2,290,000
___
589,003
$5,881,341
$5,738,843
243,337
208,586
847,917
3,361,177
pf.stk.
cordance with the
was operated at a profit until Jan.
1,
Since that date it has rendered services to its associate
companies
exps.
$4,369,806
cum.
590,744
Cr66,231
129,118
45,500
Jan. 1,1937, which
differ
in certain
respects from the classifications previously followed by the companies.
In
certain instances the figures prior to Jan. 1,1937, have been adjusted in ac¬
,
Oper.
500,171
Crl ,098
Regulatory commissions effective
organized in Delaware in 1928 and
Taxes
59,471,267 $11,113,952
2,936,296
3,528,994
shown
with reference to its organization and
operation as a subsidiary service com¬
,
7%
Common stock divs.
pany for the North Continent Utilities
no
1,054,299
Notes—(1) The
The Securities and Exchange Commission
had approved the declaration of
shares of
on
Divs.on6% cum.pf.stk.
Cum.pref., $5ser.divs.
Approved by SEC—
Unit Approved
Net income
Divs.
on its financial condition
by a referee should prove to be correct.
The report said there would be no funds left in the
company for stockholders
after claims of investors in
guaranteed mortgages were paid .—V. 147, p. 3617
at cost.
$8,969,815
2,686,399
500,201
Cr68,524
118,037
_____
Other interest (net)
Other income deductions
in
made
1937.
375,570
,
litigation before a referee.
the only ones to oppose the
proposed settlement.
The Court said they lacked legal
grounds for objection, and added that they
would have no interest in the
disposition of the company's assets if a report
was
J8,436,391
59,403,644 $10,993,181 $11,917,847 $13,559,431
2,026,987
2,023,366
2,446,581
2,445,479
retire, res've
and expense
were
North Continent Utilities Corp.—Mutual Service
'
19,184,183
875,992
Gross income
$7,376,657
Int. on long-term debt..
2,457,137
Amort of debt discount
the number and amount of claims have been determined. * To
trust claims amounting to $3,187,083 have been allowed and
Stockholders
15,395,872
197,208
...
amounting to more than $3,000,000 filed
now in liquidation.
The payment will be divided
pro rata among all holders of trust claims
date, 207
(Minn.) (& Subs.)—Earns.
$9,206,436 $10,117,190 $11,542,277 $12,505,131
_
Net oper. revenue &
other income
x
v
against the company,
several
board of directors.
>
16,056,686
anteed mortgages and certificates
as
new
1938—10 Mos.—1937
1938—12 Mos.—1937
$25,263,123 $25,513,061 $30,726,460 $30,941,522'
revenues
and taxes
Supreme Court Justice Alfred H. Frankenthaler on Jan. 11 approved a
compromise by which Louis H. Pink, State Superintendent of Insurance,
will pay $1,000,000 in full settlement of trust claims
of investors in guar¬
soon
a
Oper. exps.,maintenance
New York Title & Mtge. Co. —Court
Approves Plan to
Pay $1,000,000 in Settlement of $3,000,000 Trust Claims—
as
quorum and elected
a
Northern States Power Co.
both classes of bonds would be met by
payment in stock.,
on
Unsecured claims woutd have
Jan. 16
on
are
.
common
Working capital for the
Jersey—Finally Elects Directorate
Winthrop Waite, East Orange; Frank B. Cleland, White
Plains; Arthur Frank, New York City; Harry
Weinstein, Plainfield; W. C.
Schmidt, New York City; Cameron Blaikie Jr., Englewood, and Claude
Gonnet, Union City.
"
'
The board organized
immediately, electing Mr. Waite President; Mr.
Cleland, Controller; Mr. Weinstein, Treasurer; Mr. Gonnet,
Secretary,
and Mr. Frank
apd Edwin M. Slote of 39 Broadway, New York, general
counsel.—V. 125,p. 382.
.
It is estimated in the
plan that income available to meet fixed charges
would be about $260,177 a
year, or 2 A times the sum needed.
Holders of $20,000,000
refunding mortgage 4s of 1992 would be asked
to take for each
$1,000 held $250 in new general mortgage income 4s and
7 A shares of the new $100
par preferred stock-
interest
..
After several futile efforts to hold their
annual meeting, stockholders of
the company, the lease on
which trustees of the Erie RR. are
trying to
old company has
outstanding 581,139 shares ($100 par) common and
22 shares of 6% preferred.
,
■
Northern RR. of New
To bring about the cut in annual fixed
charges the plan proposes total
funded debt of
$7,492,038, against $29,712,000 at the end of 1937.
In
addition to the funded debt there would be
166,701 shares of 5% preferred
stock
;
■
Weekly Output—
Electric output of the Northern States Power Co.
system for the week
ended Jan. 14, 1939 totaled
26,723,358 kwh., an increase of 1.8% com¬
pared with the corresponding week last year.—V.
148, p. 286.
under
company
445
latory commissions effective Jan. 1, 1937, which differ in certain
respects
from
x
After
reserve
of $21,196 in
Total
$3,518,201 $3,589,981
1938 and $21,774 in 1937.
for depreciation of $13,466 in 1938 and $12,930 in 1937.
for depreciation of $940,035 in 1938 and $909,132 in 1937.
by 48,697
no par
shares.—V. 147,
p. 4063.
y
After reserve
z
After reserve
a
Represented
Financial
446
Jan. 21, 1939
Chronicle
Pennsylvania Railroad Serial 4s, due
Carolina Power & Light 1st Ref. 5s,
1952-1964
1956
"A" 5s, 1957
Florida Power Corp. 1st 4s, 1966
Philadelphia & Reading Terminal 1st
West Texas Utilities 1st
5s, 1941
received during 1932, $75
$1,787,550.
made up as follows: Dis¬
organization to Dec. 31,1938,
securities owned Dec. 31, 1938,
date of organization to Dec. 31.
1938
$17,872
304,710
3,610
a25,000
1,959,080
1937
$79,995
55,593
5,120
1,583.437
$2,311,949
$1,725,823
Assets—
c
YARNALL & CO.
A. T. AT.
Cash
■_
sold but not delivered
Accrued interest and dividends receivable
Due from securities
Teletype—Phis 22
Deposit, &c
Investment securities
Philadelphia
Walnut St.
1628
depreciation pre
representing a reduction of
appreciation and $469,423
viously recorded), $499,601; unclaimed dividends
profit and loss deficit, Dec. 31, 1938,
The profit and loss deficit at Dec. 31, 1938, is
tributions paid to shareholders from date of
$778,500; unrealized depreciation on
$629,328; other accumulated net losses from
1938, $379,721.
Balance Sheet Dec. 31
DEAL IN
WE
and taxes...
$5,672,477
1,727
x Net operating revenue and other
Appropriation for retirement reserve
1,200,000
Gross Income
—
1.738,877
Interest charges
(net)
Amortization of debt discount and expense
Amortization of limited-term electric Investments
270,252
19,197
41,785
Other income deductions
$2,404,093
Net income
x
Before
Old Colony Trust
Total income
—
Oper. salaries & exps
Trustees'fees
Interest paid
Net income
$339,007
48,006
2,320
•
Bal. of res.. &c.,
to
Res,
restored
200
$370,881
.43,620
1,780
37,858
31,485
$256,139
30,048
$306,396
225.725
$286,187
225,724
0228,089
undivided profits..
for conting. liabii.
for taxes for prior yrs.
40,000
Undiv'd prof. Dec, 31
$556,385
v$80,672
$542,312
$60,461
shs.
in
Invest,
Capital shares
$5,000,000
arising from
of
restatement
$9,198,781 $9,191,093
670,000
750,000
Investment...
$5,000,000
Bal.
capital stocks of
banks
1937
1938
Liabilities—
1937
*•
York Curb Exchange
company's capital stock, par
The New
e
Pictures,
notifying holders
date.—V. 148, p. 287.
redemption
23,846
75,241
DIv,
pay,Jan. 2..
556,385
542,312
$69,006
46,940
11,622
$10,444
Interest
Other
on
40,379
11,140
$14,002
i-710
475,915
133,324
$154,147
30,182
•
$15,712
3,950
$11,590
3,843
_
funded debtr
60
interest
""298
Other deductions.
Balance
1937
$198,229
354,412
255,666
on
•
$146,803
47,275
1,674
13,289
6,637
6,344
$184,329
47,400
1,574
$84,565
other
Deferred accts
76,978
Inc.—Annual Report—
of the company as
Income Account
of Dec. 31,
Interest
debentures.
Net loss for the year
to
1936
$84,717
1,348
850
12.421
$129,121
35,090
51,197
$86,065
48,838
52,050
...12,673,889
Total
x
After reserve
for
prof$42,834
$14,823
50,353 prof 106,111
$7,519 prof$91,288
$124,793
$110,539 prof$17,702
shareholders
Balance of net loss for the year..
103.020
73.586
Profit and Loss Account, Year Ended Dec. 31,1938
1, 1938, $2,158,593; net loss for the year
$124,793; additional Federal income tax for the year
1936, $14,734; additional Federal capital stock tax for the year 1937, $103;
Federal tax assessment on 5,743 shares of Libbey-Owens Securities Corp.,
liquidated in 1933, $4,638; total, $2,302,861; less: Discount on company's
debentures purchased for the treasury, $6,393; reversal of accrual of Federal
surtax on undistributed profits for the year 1937, $9,243; net unrealized
appreciation during the period on securities owned, based on market
quotations at Dec. 31, 1937, and Dec. 31, 1938 (consisting of $30,177
Statement of
Profit and loss deficit, Jan.
ended Dec. 31, 1938,
1,076,088
1,080,090
112,115
106,842
$2,607,2411
Total
depreciation of $168,887.—V.
Pennsylvania
...$2,673,889 $2,607,241
145, p. 4124.
RR.—Adds Shares of Lessor Company—
acquired 2,074 more
Co., and was author¬
fixed rental charges, the company has
stock of the United New Jersey RR. & Canal
ized Jan. 14 by the Public Utility Commission of New
stock to its books.
The Pennsylvania has a lease on the Canal
999 years from June 30,
dividend of $10 a share
on
the
that
owns
application to
acquiring the
Jersey to transfer the
company's property for
1871, and pays a rental sufficient to constitute a
on the latter's stock.
Testimony at the hearing
transfer the shares to the
stock of the
Pennsylvania's books was
reduced the
Pennsylvania now
p. 287.
United New Jersey concern
that had to be paid as dividends.
The
31,399 of the 212,318 shares outstanding.—V. 148,
Philadelphia Co. (&
Subs.)—Earnings—
and subsidiary and affiliated street railway
Pittsburgh Rys. Co.
12 Months
and
transportation companiesj
1938
xl937
$40,160,768 143,265,493
Ended Nov. 30—
operating revenues
operating rev. & other
Gross
income before approp. 18,278,051
for retire't and depletion res., and after taxes—
Consol. net inc. for divs. on pref. & com. stock held
by public and minority int. of sub. cos. and divs.
6,230,842
on pref. and com. stock of Philadelphia Co
Net
$870
123,923
during the year
592",700
capital surplus-
[Excluding
$124,793
—
Net loss from sales of securities
paid
$115,849
before loss
from sales of securities
Distributions
31
1937
$62,334
4,971
$67,321
22,303
45,889
Expenses
Net loss from operations
12,394
592,700
fixed charges
16
operations—Dividends .
Miscellaneous
on
561,454
RFC
loan:
liabilities).,
shares of
1938, based on market
for Years Ended Dec.
1938
Interest
538,454
1
Common stock and
quotations, oefore deducting the outstanding debentures, amounted to
$2,025,137, equivalent to $2,218 per $1,000 of debentures, as compared
with $1,795 on Dec. 31, 1937.
After deducting the outstanding debentures
at par, the net assets per share of outstanding capital stock were equivalent
to $7.56, as compared wit6 $5.04 on Dec. 31, 1937.
•
,
Income from
-44,499
(Pay't due April
incl.
in current
Preferred stock
To reduce
The net assets
20,000
36,703
due 1940-45(5%)
39,782
79,920
applicable.t-V. 147, p. 3771.
Overseas Securities Co.,
1,300
RFC.u.
1,174,111
1,232,080
58,045
i
Liabilities subordi¬
Mtge.
fixed
69,250
income taxes
25,749
$135,637
a
other accounts
311,695
nate to
assets
84,949
Provision for Fed'l
Plant, machinery
and
66,030
taxes,
&c
Payment on RFC.
loan due in April
Cr282
$7,587
$55,717
Excluding depreciation of transportation, shop, stores and laboratory
equipment and depreciation of non-operating property, such depreciation
being distributed among the various operating property, operating expense
or
9,751
324,074
wholly
owned subs.)
TImberlands
x
602,009
$4,812
$1,105
Balancd
Invests, (in
Accr. wages,
Earned surplus...
$11,449
pref.
stock..
.253
26,346
657,045
wood contracts.
68,946
(trade)....
expenses,
pulp-
on
1937
$66,370
Accts. & notes pay¬
able
inventories,
advs.
1938
$150,239
Liabilities—
1938
notes and
accept .rec.
incl-
Aug. 31
Res. for contings—
$7,449
,
DIvids: accrued
/
541,704
137,614
$120,457
$145,237
64,110
-_T
$38,476
trade
' $65,521
_
1
Balance Sheet
Accts.,
1938—12 Mos.—1937
$799,775
$763,386
1938—Month—1937
$413,184
$203,309
64,638
profit for the year
.$9,992,563 $9,931,004
Co.- -Earnings—
Orange & Rockland Electric
23,025
$284,222
$214,839
—«,— —
-
___
general expenses
Depreciation and depletion
Assets—
Gross income.
$390,159
2,371.166
17,323
profit
Cash.
Other income
$2,761,325.
—
Selling and
Net
Total
1,146
$2,630,401
2,363,502
and rent income-
Total income
40,000
profits
31,
-V. 147, P. 3317.
.
449,259
&c__.
Miscellaneous income
taxes
prior years..
431,140
$5,273
Gross
75,241
conting
for
1933
taxes
1937
$2,330,185
11,809
—from Dec.
Depreciation..
Operating income
1938
$2,181,141
$266,899
pay,—demd
for
a
Co.—Earnings—
Ended Aug. 31—
Paper and other manufactured products
Store merchandise, steam, fuel, rentals.
Years
Total sales
Undivided
Operating revenues _ ....
Operating expenses, incl.
listing and registration
$1.—V. 147, p. 3466.
1, 1955, that $5,000,000 principal
have been drawn by lot for redemption on
Cost of sales
30,512
...
has removed from
due Jan.
450,000
liabii.
Period End. Nov. 30—
(Del.)—-Removed from
Inc.—Debentures Called—
of Its 20-year 6% sinking fund debentures,
amount of these debentures
Feb. 20, 1939. The drawn
debentures, upon presentation and surrender at the principal office of
City Bank Farmers Trust Co., New York City, will be paid at an amount
equal to the principal amount of the debentures plus the interest accrued
thereon from Jan. 1, 1939, the last preceding Interest-payment date, to
Feb. 20. 1939.
Interest on the debentures will cease from and after the
Paramount
Company is
f
of
Prov. for taxes
...$9,992,563 $9,931,004
4063.
1937.—V. 147, p.
3,851,641
Reserve for
Total
& Light
P Pantepec Oil Co. of Venezuela
Listing and Registration—
95,000
Notes
Cash In bank
1937) for matured debenture
Federal surtax on undistributed
matured debenture
on
Aug. 1,
on
4,202,090
33,399
33,398
10,384
Includes $2,175
capital shares..
Other demand note
and Investments
©
Parker-Young
31
Balance Sheet Dec.
1938
b Represented by 147,172 no
interest.—V. 147, p. 2542
Co.—Accumulated Dividends—
The directors have declared a dividend of $1.75 per share on the 7%
pref. stock, par $100, and a dividend of $1.50 per share on the 6%
cumulative pref. stock, par $100, both payable on account of accumula¬
tions
Feb. 1 to holders of record Jan. 18. Similar amounts were paid on
Dec. 24, Nov. 1, Aug. 1, May 1 and Feb. 1, 1938; Dec. 24, Nov. 1 and
.■
Assets—
subscription to Federal
Jan. 3, 1944.
shares,
c Includes $2,175 ($1,500 in
d Includes $9,243 provision for
profits,
$354,849
15,832
$245,935
60,461
$596,379
282,156
$897,352
300,966-
Total surplus
Dividends paid
notes due
Pacific Power
27,442
15.305
$515,707
80,672
account of
on
par
$2,797,601
$1,725,823
National Mortgage
$2,311,949
Deposit
a
interest,
3,629
2,050
*
$355,040
542,312
\
Previous balance
2,149,687
2,158,593
cum.
$573,305
28,393
2,440
17,273
9,491
Provision for taxes
—
Total
38,901
$333,327
4,150
10,644
24,336
2,149,687
1,787,550
......
*
Association 1 %%
1935
$569,957
2,596
751
$421,472
27,302
Profit on sale of bonds..
dl2,970
9.933
412,000
520,000
750,000
5% debentures
5% gold debentures, 1947
5% gold debentures, 1948
b Capital stock
Paid-in surplus
1_.
Profit and loss deficit
17,574
1936
1937
$417,759
2,109
1,604
Interest
and expense
Accrued interest on
-Earnings-
Associates
1938
""Pears End. Dec. 31—
$29,825
©6,499
9,717
407,000
506,000
750,000
received
Fed. and other taxes
bought but not
Sundry accounts pay., accr.
reserve.—V. 148, p. 286.
appropriation for retirement
Divs. from bank stocks.
Due for securities
$4,852,581
1,727,139
271,367
income
$270,597
Liabilities—
$6,052,581
1,200,000
$4,474,205
(net)
$6,049,397
3,184
$5,674,205
Net operating revenue
x
Other income
Total
1938
1937
.$13,299,234 $13,051,935
7,626,757
7,002,538
Years Ended Nov. 30—
Operating revenues
Operating expenses, maintenance
1,678
1,678
Prepaid expenses
Co.—Earnings—
Oklahoma Gas & Electric
21,187,269
8,829,110
1937 have been adjusted to reflect $40,059 of
taxes applicable to the period of 1936 included therein, paid by
Light Co. in 1937 and charged to surplus.—V. 147, p. 3920.
x
Figures for
Philadelphia
Directors have
Insulated Wire Co.—25-cent
share were
semi-annual dividends of 50 cents
distributed.—V. 147, p. 278.
Phila. & Reading
Coal & Iron
Co.—Would Sue for Over
$40,000,000.
Archibald Palmer, New
debentures,
Dividend—
of 25 cents per share on the common
record Feb. 1. Like amount was paid
declared a dividend
stock, payable Feb. 15 to holders of
on Aug. 1, last, and previously regular
per
additional
Duquesne
York attorney for a group
holding about $100,000
petitioned Federal Judge Dickinson Jan. 10 to appoint
for the purpose of ssing the directors for over
for the company
trustees
$40,000,000,
Volume
148
Financial
Chronicle
he claims they wasted in the last 10
years.
Judge Dickinson referred the
matter to Howard Benton
Lewis, special master for the court, when Mr.
Palmer said he intended to call 28 witnesses
to support his petition for
Hearings will
Palmer's
Feb.
commence
petition for
2
before
special
Lewis
master
on
Mr.
have heretofore
accepted the
record for whom
trustees.
Refuses to Vacate Order Which Granted Permission
to
writing
arrange¬
ment to sell 44,291 acres to the State of
Pennsylvania.
Dickinson concurred with Judge Kirkpatrick who, on Jan. 9,
similar move by the debenture holders,
saying it would be a
"calamity" if the sale to the State is not consummated despite the fact
Rockefeller Center will receive
415,000 shares of new common.
The arrangement between R-K-O and
the Radio City Music Hall as
pro¬
in the former
plan has been eliminated.
The old common will receive for each
share, one-sixth of a share of new
common plus warrants on the
same terms as provided in the
former plan;
either to buy one-half a share of
new common for five years at the
rate of $10
Per full share, or to buy a full share of new common
for 10 years at the
a
vided
that Mr. Clark would get commissions between
$15,000 and $20,000 which
or the company if the deal
was made direct with the coal
company.
might otherwise have been saved by the State
Although two Federal judges have approved of the Central Hanover
Bank & Trust Co., trustee under the
refunding mortgage, releasing the lands
Dauphin and Lebanon counties from the lien of the mortgage so that the
sale can be made, the Dauphin
County Court at
of $15
a
in
December sales of the company are
reported as the largest in its history
9.6% over sales reported for the same period in 1937, accord¬
ing to company's monthly report released on
Jah.
16.
Total sales of
$243,032 were reported for December,
1938, against $221,765 reported in
December 1937 and $185,474 in December 1936.
December sales in 1938
increased approximately
31% over those reported for the same period in
287.
J. P. Routh, formerly President of the J. P. Routh Coal
Corp. was elected
Chairman of this company on Jan. 13.
This company is controlled by the
Chesapeake & Ohio and Erie Railroads.
Mr. Routh's appointment is the
KMr.
Routh
has been
of Pittston engineered by
1936.
Sales for the full year ended
4065.
Dec.
31,
Robert R. Young
member of the reorganization committee, with
Harvey D. Gibson, President of the Manufacturers Trust Co., and W. E.
Lewis, President of the Second National Bank of Wilkes-Barre, Pa.—V. 147.
p.
•
and increased
Pittston Co.—New Chairman—
result of the reorganization
and associates.
rate
share.—V. 148, p. 288.
Reed Drug Co.—Sales—
Harrisburg has blocked
consummation of the deal, ror the time being at
least, in a taxpayer's suit
filed Jan. 11 by Michael Fogarty,
Philadelphia, who asked that the State
be restrained from buying the land.—V. 148,
p.
notice withdrawing such
a
acceptances."
The modified plan as
finally approved provides that the holders of de¬
bentures will receive for each $100 value
either $100 in new preferred stock
and five shares of new
common, or $143 in new preferred stock.
Unsecured creditors will receive 10 shares of
new common for each $100
of the claim
|*U. S. District Judge Dickinson on Jan. 12 dismissed the
petition of
minority debenture holders to vacate the order he made Nov. 3,
last, which
granted the company permission to transfer 123,000 acres of excess coal
lands, and which indirectly enabled Allen Gray Clark to make an
Judge
rejected
Special Master'sjplan and all stockholders of
acceptances have been filed by any committee or other
representative shall be deemed to have
accepted the approved plan unless
on or before Feb.
4 they shall file in
Transfer
Lands—
George Alger Jr., on Nov. 17, 1937,
suggested by Judge Bondy.
Judge Bondy provides that "all persons who
and contains modifications
recently
In the order of confirmation
trustees.
>
447
The plan, dated Nov. 20,
1936, has beenlmodified several times since it
was first
approved by Special Master
1938, amounted to $2,181,943,
a
V. 147, p.
3772.
36203
Reo Motor Car Co.
■Trustee Finds No
Pond Creek Pocahontas Coal Co.- —Production—
Month of—
*
Tons of coal mined
Dec., 1938
Nov., 1938
127,074
114,637
that '
_
_
.
_
—V. 147, p. 3920.
Prudential
Insolvency—
place'
Dec., 1937
129,573
trustee, made Jan. 18 to Federal Judge Arthur F. Lederle. at
Detroit^
Mr. Brandt suggested four steps to
put the company back on its feet:
obtain efficient personnel, back
up the management by a "competent"
board of directors, prevent
"disgruntled stockholders" from starting court
actions against the company and obtain
adequate finances with which to
operate.—V. 147, p. 3922.
Investors, Inc.—Report—
J. M. Miller-Alchholz, President, says in part:
The net assets of the corporation, taking investments and U.S.
Treasury
notes at market quotations as of Dec.
31, 1938, and after deducting all
liabilities
as shown on the balance sheet, amounted to
$10,560,021, which
equivalent to $237.84 per share on 44,400 shares of $6 cumulative pref.
stock outstanding.
After deducting $100 per share for the pref. stock,
the balance remaining for 500,000 shares of common stock
was
(R. J.) Reynolds Tobacco Co.—Interim Dividendr
Directors
outstanding
$12.24 per share.
The distribution of assets, based on market values
expressed in percentage, is as follows
Cash, receivables and U. 8. Treasury notes
on
was
Bonds
as
of Dec. 31, 1938,
r,
Preferred stocks
Totals
7
a
...
v„
_
1938
St.
$64,520
522,362
1,463
Net
$528,899
$588,344
66,727
15,564
65.153
19,517
$446,609
275.046
150,000
$503,674
277,776
253,000
$320,939
277,776
$44,238
sur$21,563
$27,102
sur$43,163
St.
Deficit
1938
1937
1936
1935
Oper. & maint. expense.
$2,689,634
1,621.144
$2,659,333
1,654,489
$2,639,247
1,632,289
$2,564,242
1,588,152
Net oper. revenue
Other income
$1,068,490
5,947
$1,004,844
3,904
$1,006,958
$976,089
1,981
$1,074,438
314,183
$1,008,748
366,350
$1,012,007
366,350
$978,070
and expenses
Int. on indebt. to Cities
33,287
114,878
14,878
14,878
Service P. & L. Co—
8,020
14,357
17,828
5,855
12,365
11",645
1,575
bCrl0,201
2,166
CV2.223
Cr319
$603,960
b29,325
274,713
$612,616
36,000
246,000
Balance Sheet Dec. 31
1938
Assets—
1937
$
•
mand deposits
x
__
Pref.
$548,307 $2,282,937
Other Investm'ts:
Bonds
.
294,917
Preferred stocks
1,140,073
483,731
Common stocks
8,083,200
7,205,304
U.
S.
Treas.
.
count bills
90,000
x
stock
Int.
divi¬
dend payable...
66,600
15,121
Capital stock
Operating surplus
Capital surplus
68,079
6,000,000
y
6,000,000
11,574
3 71,670
Int.
415,909
3,750,716
3,928,492
.
2,672
1
as
on
other debt
60,503
Net
Kb
inc.
before
366,350
on
1,350
cCrl7,756
2,504
Fed.
inc. tax & pro v. for
replacements, &c__
Prov.
$674,851
Fed. inc. tax—
16,425
10,204,107 10,424,054
Approp.for replacements
328,813
of Dec. 31, 1938, was $9,994,888 against
$6,603,553
$583,012
Amort, of abandoned st.
.....10,204,107 10,424,0541
Market value
-
Int .capitalized on constr.
2,038
1
_
funded debt
Fed. & State taxes
bond interest—
5,735
.
on
5,049
Amort, of bond discount
149,391
4,750
rec
Furn. & fixtures.
Total
$
dis¬
Accts. receivable
Accrd. Int.
1937
$
Reserve for taxes.
335,099
Total oper. revenue.
1938
Liabilities—
$
Cash in banks, de¬
Trading—
Joseph Ry., Light, Heat & Power Co.—Earnings—
Years End. Sept. 30—
Gross oper. revenue
"
Preferred dividends
Common dividends
to
1,996,841 shares of $10 par capital stock has been ad¬
trading on the Chicago Stock Exchange.—V. 147, p. 3774.
Saguenay Electric Co., subsidiary of Saguenay Power Co., Ltd., has
announced application to Provincial
Electricity Board for authority to
redeem on April 1, next, outstanding
$1,122,000 principal sum of its
1st mtge. and coll. trust series A bonds at call
price of $100 and accrued
interest to April 1.
Company proposes refunding issues of 30-year 4 H %
bonds totaling $1,250,000 of an authorized
$3,000,000.—V. 147, p. 2546.
$394,554
50,935
22,678
$226,599
270,837
Income
and Jan. 3, 1938.
„
Joseph Lead Co.—Admitted
mitted to
$104,080
287,161
3,312
$298,200
50,803
20,798
Total income
General expenses
Feb. 15
:
The company's
1935
225
Taxes paid and accrued-
rt'
Saguenay Power Co., Ltd.—Sub. May Redeem Bonds—
1936
$29,891
498,782
Miscellaneous
'
100.0%
1937
$20,742
277.458
Cash dividends
an interim dividend of
50 cents per share
and class B common stocks
payable Feb. 15 to holders of
Like amount was paid on Nov. 15, last and dividends of
*•'
Income Account for Calendar Years
Interest
Jan. 12 declared
148, p. 288.
■.
10.3%
80.4%
„
Common stocks
on
common
60 cents per share were paid on
Aug. 15, May 16,
—V.
6.1%
3.2%
;
the
record Jan. 25.
Total
on Dec, 31,
1937.
y Represented by 44,400 (45,386 in 1937) shares $6
pref. stock and $500,000 shares com. stock, all of no par value.—Y. 148,
p. 287.
'
ror
ry. prop, as auth.
P. S. Com. of Mo
31,500
246,000
by
113,686
1
"56,664
36.055
15,700
$215,927
835,261
$243,257
1,208,302
$294,560
907,647
$289,812
978,105
$1,051,188
$1,451,559
$1,202,207
$1,267,917
,
Net income
Public Service
Corp. of N. J. (& Subs.)-—Earnings-
Period End. Dec. 31—
Gross earnings
Oper. exps., maint., de¬
preciation and taxes..
Net inc. from opers—
Bal. for dlvs. & surplus.
To
1938—Month—1937
7,672,378
$3,440,591
2,749,733
Add'l
Federal and State
income taxes
7,865,261
$3,779,237
3,039,546
Previous surplus.
1938—12 Mos.—1937
$11,451,615 $11,305,852 $126820,863 $127185,778
91,788,347
90,312,184
$35,032,516 $36,873,594
22,733,245
24,531,606
.....
.
a
Unclaimed dividends.
~C~r 7 97
surplus reserve
Transfer of surplus
CV363.298
...
Pref. stock dividends...
Pay 60-cent Dividend—
on Jan. 17 declared a dividend of 60 cents
per share on the
stock, no par, payable March 31 to holders of record March 1. This
compares with 55 cents paid on Dec. 20, last; 50 cents paid on Sept. 30
and June 20 last and previously regular quarterly dividends of 65 cents
per
share were distributed.
See also V. 146, p. 3355.—V. 148,
p. 287.
Directors
2,270
Transfer of bal. In spec'l
Common stock dividends
Surplus at Sept. 30—
c3~6~3~,298
89"250
78.666
78.060
105,000
78,000
175,000
280,000
280,000
$856,938
$835,261
$1,208,302
$907,647
common
Punta Alegre
Sugar Corp.—New Director—
Robert G. WInmill was elected a director of this corporation at the annual
meeting of stockholders held Jan. 17, succeeding the late M. J. Leonard.
William C. Douglas, President, said that no plans had been considered for
changing the capital structure of the subsidiaries, as their notes and deben¬
tures are not due until 1942 and 1947.—Y.
147,
p.
3920.
Radio Corp. of America—Stockholders to Select Auditors—
Emphasizing the growing trend on the part of corporations to revise and
tighten auditing practices, the corporation on Jan. 17, revealed an amend¬
ment to its by-laws under which stockholders will select the
company's
auditors at annual meetings.
Under the amended by-laws, R. C. A. stockholders at each annual meet¬
ing will appoint independent public accountants to audit and certify finan¬
cial statements for the fiscal year under way at the time the meeting takes
place.
The method by which stockholders will appoint the accountants has not
yet been selected.
In the event the stockholders fail to appoint the accountants, or if the
appointed accountants shall resign, then the directors are empowered to
appoint the accountants for the current fiscal year.
Formerly the board of directors appointed the accounting firm to audit
and certify the annual reports.
The new by-laws also change the date of the annual stockholders
meeting
to the first Tuesday in May, in place of the first Tuesday in April.—V.
148,
p.
288.
Radio-Keitb-Orpbeum Corp.—Plan Confirmed by Court
Federal Judge William Bondy formally has confirmed the reorganization
pl^n for the corporation sponsored by the Atlas Corp.
*
a Declared on preferred stock prior to July
1,' 1933.
b Including $16,613 in 1938 and $9,376 in 1937 interest charges collected on instalment sales
made after Jan. 1,1936.
c Amount transferred from special
surplus reserve
surplus at Sept. 30, 1936, now transferred to replacement reserve,
d In
arriving at the provision for Federal income tax for the year ended Sept. 30,
to
1937,
the
company
property which it
has
deducted
the
estimated
abandoned in December,
made for surtax on undistributed
profits
as
loss on street railway
1937, and no provision has been
it is considered that no liability
will be incurred.
Balance Sheet Sept. 30
Assets—
1938
1937
Property, plant and equipment, incl. intangibles..$13,953,737 $14,947,793
Investments
37,682
24,203
Sinking fund assets
1,956
187
Cash
180,651
80,076
Cash on deposit to pay matured bond int. coupons.
425
ConsumersTaccts. rec., incl. unbilled rev., less res.
178,759
162", 807
Merchandise accounts receivable, including instal¬
ment contracts extending beyond 1 year (less
deferred interest collections of $38,645 & reserve)
349,478
($38,984 in 1937)
314,728
Otner notes and accounts receivable (net)..
3,767
10,069
Current accounts with affiliated companies
191
342
Materials, supplies and merchandise
143,789
187,965
Prepaid insurance, taxes and other expenses..
20,007
28,086
Other assets
2,838
7,043
Unamortized debt discount and expense
336,675
121.776
Losses on abandonment of st reet railway properties
(less amortization)
1,084,154
478,227
Valuation expense being amortized
67,725
88,725
Other deferred charges & ml*cell, unadjusted debits
7,934
18,170
——-—--—...
—.
Total..
....—
$16,335,169 $16,504,797
Financial
448
1938
r
Liabilities—
Capital stock: 5% cum. preferred stock
Common ($100 par) stock—
———
Funded and long-term debt
Purchase price of property payable in annual in¬
stalments to June 1, 1946
Due to Cities Service Power & Light Co
serial inc7 notes maturing on Jan.
Accounts payable
Wages and salaries payable
...
*
Current account with Electric Advisers, Inc
Current account with affiliated companies
1937
$1,860,000
3,500,000
7,796,000
$1,560,000
3,500,000
7,327,000
13,000
14,000
401,316
268,842
50,440
170,000
54,324
21,614
2,164
43,896
109,351
99,751
23,250
66,339
1.
Serial notes &
funded debt
Accrued interest on
Accrued interest, taxes and other charges
Preferred dividend payable
Provision for Federal income tax
Current account with Cities Service Co
—
—..
35,297
24,022
35,308
133,255
103,244
19,824
64,452
4,673
66,654
41,589
13,488
2,056,571
835,261
116,690
41,879
14,107
1,495,426
856,938
payable (not current*
«...
Consumers', line extension and other deposits
Unredeemed transportation tickets and tokens—j.
Notes
Reserves—-
Earned surplus
.$16,335,169 $16,504,797
Total
4066.
Francisco
St, Louis-San
Ry.—Kansas City Memphis Int.
authorizing trustees of St. Louiswin mature March 1, 1939, on
Federal Judge Moore entered order
Francisco Ry. to pay interest which
the
generalamount of 4% bonds of Kansas City Memphisthe Birmingham RR.
mortgage $66,460; also on income 5% bonds & same date in the
i
$89,550, or an aggregate
amount of
Terms
of Plan Opposed
interest payment of $156,010.
Before ICC—
trustee under the general mortgage of
Kansas City Memphis & Birmingham RR., told the Interstate Commerce
Commission that the strong priority position of the Birmingham bonds
justifies their being paid off in full in reorganization of St. Louis-San Fran¬
cisco Ry.
The 'Frisco's
be extended for
proposes that these
modified plan of reorganization
20 years and the Trust compay
bonds
contends that there is no
One of the main purposes of the Bank¬
justification of such procedure.
ruptcy Act, it was stated, is to effect a simplifictaion
to this end the discharge of the Birmingham bonds would
Any plan of reorganization which disturbs the present
of
of railroad debt and
be desirable.
security position
Birmingham bondholders "and forces them to act as underwriters
issue of bonds less amply secured would be an unfair plan and
new
a
company.
The new
that could not
Schulte Co. will pay
Year Ended
approved,' it is asserted.—V.
be
147, p. 4066.
Consolidated Gas & Electric Co,—Earnings
Nov. Z0—
.
'
1938
-1937
Operating revenues
Operating expenses, maintenance
$8,433,388 $8,165,690
5,000,852 4,888,286
$3,432,536 $3,277,405
448
3,680
-—
and taxes
Net operating revenue
Other income
—
(net)
operating revenue and other
Appropriate for retirement reserve
Net
J- $3,432,984
1,350,000
income—
$3,281,085
1,285,000
$2,082,984
620,000
61,954
Cr 17,757
7,028
$1,996,085
—
was
$250,000 from
Gross income
funded debt
discount and expense—...
Other interest (net)
*1
—
Other income deductions
'
Interest on
Net income
Shattuck Denn Mining
W Directors have
Before
appropriation for
an
Earnings for'6
with
Extended—J
Siemens & Halske A.G.—Time
Siemens & Halske A. G. and Siemens-Schuckertwerke A.
31, 1939, the offer dated Nov. 25,1938, to holders
25-year sinking fund gold debentures due Sept. 1,
p. 3470 and 4067.
,
-
Period End. Dec. 31—
Operating revenues
Operation
.
'
—
revenues—
security taxes of
Balance
accruals._.T
Gross income.
Int. and amortization,&c
$549,301
Net income.
$136,405
$312,837
102,603
59,353
23,855
24,281
■
Preferred dividends
Common
•f
m
-
-
—
-
~
>* — ~ urn
.
dividends
92,537
129.456
209,613
263,654
Balance Sheet Dec. 31
r
$
$
Liabilities—
S
$
1937
1938
1937
1938
Assets—
3,500,000
3,399,000
3,500,000
a
Prop., plant &
c Common stock..
3,396,525
096 11,587,548
equipment ...*.11,992
131,888 Series A 5s I960... 1,400,000
72, 212
Cash.
Accts.
b Pref. stock
773,000
95,000
Notes payable....
71,000
200,000
payable-
39,813
216,769
Series B 5 Hs 1957.
93, 902
113,052
Mlscell.
2,045
827
_
826
Prepayments
Special deposits...
Unamort. debt
long term
debt
Accounts
dis¬
191, 825
201,500
debits.
7, 107
1,073
1.400,000
773,000
222, 382
6, 247
receivable.
Materials & supp's
Unajusted
6%..
Customer's depos.
Taxes accrued
81,368
34,396
36,588
192,117
160,595
39,062
42,484
Contribs. in aid of
23,005
22,356
57,520
84,880
$487,371
407,006
$8,678)
....
87,900
13,426
.
$20,961
1,489
35,000
52,500
Oct. 31.'38
Liabilities-
73,618
91,860
77,322
July 31 '38
Mlscell.
Operating reserves
56,991
Unadjusted credits
78,576
Capital surplus
Earned surplus
211,000
211,000
997,775
863,341
-.12,586,598 12,254,702
stated value of
and reduced by
$5,797,982 resulting from revision of property and capital accounts in 1922.
b Par value $100 per share, cumulative, entitled to two votes for each
share.
Entitled to $115 per share upon redemption and to $100 per share
in liquidation, together with accumulated dividends in each case,
c Repre¬
sented by 226,435 (4937—226,600) shares of $15 per value.
Excludes
165 shares reacquired in 1938 and held in treasury,.—V. 148, p. 134.
.....12,586,598 12,254,702
Total
a
At cost
Prepaid expenses..
15,913
Smiths Heating System, Inc.—Registers
first page of this department.
1
assets....14,029,934 14,099,071
14,458,276 14,588,779
After reserve for
Southern Pacific
$
S
60,556
Net rev. from ry. oper.
$4,042,369
55,769
1st M
11,667
46,667
Railway tax accruals. . _
Equipment rents (net)._
Joint facility rents (net) *
1,308,109
649,421
44,727
income.
$2,040,112
Acer. Int. on
inc.
bds.
1
Oct.
Rent
debt
437,500
1,250
385,000
9,800,000
9,800,000
82,050
,
82,050
27,350
27,350
Capital surplus
Earnedsurp. (def.)
4,769,901
815,873
4,769,900
Total
639,764
of $553,097
3692.
exchange regulations in force at the time.
desiring to accept this offer, the company
offers to
blocked Reichmarks by deposit
bank authorized to accept such
Both offers are subject to acceptnace on or before April 14, 1939.
neither of these offers may, on or before that date,
declare their intention to keep their notes as dollar claims against the com¬
pany, due on demand, interest to be paid at the rate of 4% by depositing
the Reichsmark equivalent with the Conversion Office for German Foreign
deposits.
Holders who accept
i
holders who neither accept one of the offers nor make this
Saxon Public Works, Inc., will avail itself of the
authority conferred by German law to discharge its obligations by paying
the equivalent of the principal amount in Reichsmarks into an account at
the Conversion Office for German Foreign Debts.
Detailed information
regarding the offers, appropriate forms of declaration and letters of trans¬
mittal may be had at the nead office of the National City Bank of New
York.—V. 145, p. 620.
Debts.
As to all notes,
declaration of intention,
Corp.—D. A. Schulte Will Increase
Cash Commitment in Reorganization—
David A. Schulte will increase the cash commitment for financing the
reorganizations of the corporation, Schulco Co., Inc., and Huyler's of Del.
from $1,000,000 to $2,100,000, according to a memorandum filed Jan. 16
by his attorneys with Peter B. Olney Jr., referee in bankruptcies of the three
Schulte Retail Stores
Net ry. oper.
$3,257,627 $42,824,145
1,288,986
17,930,065
783,315
9,821,764
77,339
775,312
$51,104,236
16,998,747
10,712,282
776,926
$1,107,986 $14,297,003
$22,616,281
New Directors.
Clarence Stanley,
President of the Union Trust Co.
Lawrence Cooiidge of Boston and William F. Bull of New
of Pittsburgh,
York City have
of the company.
They fill vacancies caused by the
death of H enry W. DeForest and the resignation of Paul Shoup and John F.
Harris.
Mr Bull is Secretary of the Southern Pacific Co.—V. 147, p. 4068.
been elected directors
14,458,276 14,588,779
$19,484 on Oct. 31, 1938, and
Works,
the principal of the matured notes in
with the Deutsche Bank or other German
"
1938—12 Mos.—1937
$16,468,601 $200070,814 $225016,912
13,210,974 157,246,669 173,912,676
1,250
Class B com. stock
To noteholders not
"
dated
1936....
deposits
Class A com. stock
doubtful accounts of
pay
organizations.
.
1938—Month—1937
Railway oper. revenues.$16,873,678
Railway oper. expenses. 12,831,309
44,960
Inc.:—Time Extension for Notes—
Company
is inviting holders, residing outside Germany, of its 6%.
guaranteed gold notes, due July 15, 1937, to extend the time of payment
of the principal of thes enotes by five years until July 15, 1942, at the rate
of 2% per annum, payable in U. S. A. dollars, provided, however, in case
the German Foreign Exchange Control Authority shall with respect to
any interest date not approve acquisition of dollar exchange sufficient to
pay the interest, the company will pay interest on the notes voluntarily
extended at 4 H % per annum, such interest to be payablein accordance with
German foreign
,
Lines—Earnings—
99,472
$18,260 on July 31, 1938.
y After reserves for depreciation
on Oct. 31, 1938, and $48^,960 on July 31, 1938.—V. 144, p.
Public
with SEC—
See list given on
payable.
Funded
investra't
(nominal value)
Total
(including intangibles), based on the par or
or cash paid, therefor, less retirements,
securities issued,
Accr'd liabilities-_
Cum. Int. at 3% on
Inventories,,.
Total
$24,521
,
construction
WAS
telephone, &c.)___
Accounts
& bev's at cost..
the
$686,085
210,000
339,626
10,556
11,048
$60,348'
Period End. Dec. 31—
Oct. 31 *38 July 31 '38
$
$
Accounts receiv.
Saxon
$678,757
— -—
Inventories of food
x
$819,381
133,296
6
69,137
1 .*..
band
Fixed
$35,078
3.649
4,036
i-—
Assets—
y
$42,829
7,751
$771,294
1,526,956
loss
Mtscell.
$79,064
7,631
$910,667
91,286
1,849
first mortgage
income bonds
Cash In banks and
Other
$907,078
3,589
$767,645
232
1,568,068
Balance Sheet
x
$42,597
170
liabilities,.
$176,109
on
$78,894
Retlremern reserve
.
(incl. social
Depreciation
Net
113.22
261,43
CY23,407
Months Ended Oct.'61,
loss
Interest on
100,529
235,219
Interest accrued..
operating loss
income—Cash discounts, &c.
on
11,326
19,706
(net).
Non-oper. income
Retirement
9,275
20,562
$71,432
Taxes
Net oper.
.
Co.—Earnings1938—Month—1937
1938—12 Mos.—1937
$161,553
$155,567 $1,931,837 $1,858,01
52,801
81,938
630,034
712,73
Power
Sierra Pacific
620,000
61,954
$19,472
"Net
G. have
of 6K
See V. 14
1951.
_
Real estate taxes
Interest
capital
declared a dividend of 12H cents per share on the
20 to holders of record Jan. 31. This compares
of 25 cents paid on Dec. 24, 1937.—V. 147. p. 1503.
initial dividend
Inc.—Earnings—
(rooms, restaurant, beverages,
Operating and gen. & admin, expenses
Net
11
Dividend
stock, payable Feb.
$1,411,760 $"1,337,532
retirement reserve.—V. 148, p. 289.
Oper, revs,
Other taxes
of the
common stock
Co.—To Pay 12 l/2-cent
_
Savoy-Plaza,
Other
the same conver¬
Schulte would purchase
to have carried
Department Stores Co. was
privilege. With the remaining $500,000. Mr.
5,000 shares of new preferred and 15,000 shares of new
new company.—V.
147, p. 4067.fc,
sion
count & exp....
Amortization of debt
x
Co. and will
com¬
indicated.
1939.
organiza¬
tions
to advance $1,000,000 for financing the reorganization.
In
return he would receive a promissory note for $250,000 from the Schulte
company, which was to be convertible into one share of new Schulte pre¬
ferred and three shares of new common for each $100.
A second note for
V
x
$650,000 to the new Huyler
of second preferred stock, and 65,000 shares of
Mr. Schulte will receive the amounts
The commitment made by Mr. Schulte will be binding until Dec. 31,
Under the previous plan, the present president of the Schulte
stock, out of which
mon
San Diego
x
which he will receive
receive 32,500 shares
Maintenance*
Trust Co., Boston,
The Old Colony
one
advance of
19,000 shares
plans provide for the
preferred stock and 57,000 common shares in the new Schulte company,
and 10,000 second preferred and 20,000 common shares in the new Huyler
of
extended to Jan.
San
of the
Amendments to the reorganization
$2,100,000 in cash by Mr. Schulte, for
The
-V. 147, p.
•
1939
21,
Jan.
Chronicle
Southeastern
Greyhound Lines—Personnel, cfee.—
of stockholders held Jan. 16, the following
elected to serve for the ensuing year:
Jansen Noyes, George K. Graves Jr. and Harry Williams Jr., New
At the annual meeting
direc
tors were
C.
G. Schultz,
York;
Jr. and Ryburn G.
Stoll, Guy A. Huguelet and Roy Forman,
Jacksonville, Fia.; Richard W. Courts
Clay, Atlanta, Ga.; Judge R. C.
Lexington, Ky.
Following the meeting of the
board of directors
stockholders there was a meeting of the
officers were elected:
and the following corporate
First Vice-President,
in charge of traffic,
R. Quaries, Nashville,
Tenn.; Secretary-Treasurer, Roy Forman, Lexington, Ky.; Auditor, M. V.
Swift, Lexington, Ky.; Assistant to the President, Harold J. Utter, Lex¬
ington, Ky.; Assistant Secretary and Assistant Treasurer, E. E. Potts,
Lexington, Ky.; Assistant Secretary and Assistant Treasurer, George K.
Graves Jr., New York; General Counsel, Judge R. C. Stoll, Lexington, Ky.
Southeastern Greyhound Lines is the principal passenger motor carrier
serving the territory comprising the States of Kentucky, Tennessee, Ala¬
bama and Georgia, with lines extending into Ohio, Indiana, West Virginia,
President, Guy A. Huguelet, Lexington, Ky.;
C. G. Schultz, Jacksonville,
Fla.; Vice-President
T. W. Dezonia, Lexington, Ky.; Vice-President, C.
Tennessee
and Florida.
The general offices of
the company are maintained
in Lexington, Ky.
Mr. Huguelet made
the following statement:
"On Jan. 5, 1939, negotiations which had been pending for several weeks
were concluded
whereby the Kentucky Securities Corp. of Wilmington,
Del., and the International Utilities Corp. of New York, who have for
many years been the owners of substantially all of the common stock of
Southeastern Greyhound Lines, sold their respective holdings to a group
headed
by Messrs.
management of
amount
of the
Hemphill, Noyes & Co. of New
York.
The present
the company also acquired by purchase a substantial
stock of Southeastern Greyhound Lines.
The group,
headed by Messrs.
the convertible
Southeastern Greyhound Lines
Hemphill, Noyes & Co., has sold both
preferred stock and the common stock of
to the public, a substantial amount of both
classes of this stock having been
sold to persons who reside in the territory through which the company
operates.
As a result, through the sale of this stock. Southeastern Grey¬
hound Lines is now in the unique and fortunate position of being substan¬
tially and widely owned by its management and employees, on the one hand,
and by persons w ho live in the same territory in which the company does
business on the other.
In other words. Southeastern Greyhound Lines
Volume
148
Financial
truly belongs to its
stockholders,
controlling interest.
employees should benefit
as the result
thereof.
No change in management
personnel, or the present policies of
the company, are
contemplated.
Tor the last several
years it has been the
policy of the company to im¬
prove its service.
To this end, an
extensive program of terminal
improve¬
ments is well on its
way to completion.
In addition, new and
improved
garage facilities have been
acquired.
The company's fleet of modern buses
has been augmented
each year.
At the meeting of the board
today (Jan.
16) the purchase of additional
buses was autohrized,
making the total new
buses to be delivered
to the
company in the spring of 1939 32, at a total
cost of
approximately $400,000.
The board also authorized the air-con¬
or
ditioning of additional buses.
By
Southeastern
summer
Greyhound Lines
will be in position to offer
to the public a bus
service second to none.
By
a fleet of 200
modern buses will be in service."—V.
that time
148,
Southern Canada Power
Co.,
Operating and maintenance
~
$2,348,531
1938
expense
Texas.
135.
1937
$2,333,194
732,865
271,792
1,316,959
$1,360,692
1,313,291
$26,915
__
683,209
289,293
$1,343,874
Net earnings
Interest, dividends, depreciation, bad debts
Surplus
Interstate Commerce Commission
permitting abandonment, as to interestate
Ry.—Earnings—
;
1939
Title Guarantee
Utilities
Consolidated
Gas
share to $12 from $20.
At the organization
Frank E. Uher
on Jan.
12, 1939,
Secretary of State in Delaware.—V. 147,
p.
Co.—Weekly Output—
correspond¬
290, 135,
(John B.) Stetson Co.-
i938
$7,681,175
Profit from
operation._ylossl34,017
Depreciation.
Loss
236,415
Loss due to reval.
Net profit
188 shs. of
$8,144,592
778,490
18,772
220,884
5,873,212
533,739
14,544
218,091
loss$413,534
60,000
$94,520
180,000
121,254
.
company's offices......
Acquired for other corporate
purposes
y Acquired through foreclosure
Mtge. par tic. ctfs. & int. in real estate
Title insurance reserve fund.,
Stocks of
associate companies
Otherassets
Cust'tsliab. for accepts. & letters of credit
(contra).
Nil
75,000
2,031,107
740,631
1,724,829
'
1,904,489
2,769,710
392,637
301
90,488
174 384
6,110,245
6,537,641
2,168,467
5,999,311
4,890,209
274,818
218,982
682,241
174,578
-----r.$40,484,866 $42,116,968
$10,000,000 $ 10,000,000
Surplus. ^.
1,011,992
7,620,700
_
Secured debenture notes..
Notes payable in instalments
Reserve for contingencies
....
Reserve for title insurance
Res. for taxes, int.,
exps. & unearned income..
Certified and officers' checks
$485,334
300,000
$301,104
180,000
2,259,713
268.078
...
201,801
18,666,847
393,109
62,626
$1.50
j__;
Acceptances and letters of credit (contra)
$0.74
Total
y
com
2,379,284
371 799 "
277
100,932
174,746
6,165.968
6,381,514
2,168,467
5,140.619
4,507,103
268,078
218,937
< 19,467
60,576
j.
Deposits
53,500
Preferred dividends
Common dividends
Earns, per sh. on 243,-
2,394,203
R&al estate and
mortgages.______
Real estate—acquired for
Capital
96,768
Federal & income taxes
x
$5,156,900
by market¬
—
1935
dis¬
or
position of inventory,
$5,152,662
475,000
3,018,573
372,857
1,113,802
________
Advanced as trustee
Interest receivable
1937-
Total
1936
$9,164,296
464,254
47,874
222,837
2,256
sale of investm't
on
secured
Liabilities—
1937
43,102
:
1938
(less prepaid interest)..
Accounts receivable.
Earnings—
Years Ended Oct. 31—
Sales
Interest
Demand or short-term loans
able collateral
Other loans and discounts
as
Electirc output of the
public utility operating companies in the Standard
Gas & Elec lie Co. system for the week
ended Jan. 14, 1939, totaled 114,492,815 kilowatt hours, an increase of
7.0% compared with the
p.
and
'
Depositors' overdrafts
Consolidated Corp., toiich
change became effective
ing week last year.—V. 148,
V.-P.,
elected Asst. Sec.
United States Government
bonds
State and municipal bonds
•
.
Standard Gas & Electric
was
Assets—
'
'
*
Cash on hand, due from
Federal Reserve Bank and
other banks
Call loans.___
Corp.—Name
us that at a special stockholders
meeting held Jan. 6,
that the name of the
corporation be changed to Southwest
recorded in the office of the
C.
Other stocks and bonds
Company informed
3924.
Purcell
Robertson, who continues as
V.-Pres.; Rolfe Floyd Jr., formerly Asst.
Treas., was elected Asst. V.-P.;
Purcell B.
Robertson, formerly Asst. Sec., was elected Asst.
1938
$2,562,121
'
was voted
,
meeting of the board of trustees, H. Adams Ashforth
Kelsey, formerly Asst. Vice-President, was
elected a trustee; John F.
elected
Secretary to succeed
was
Corp. below.
Utilities
Changed—
1939, it
&TrustCo.—Capital
Reduced—Officers—
Stockholders on Jan. 17 approved
reduction in company's
capital from
$10,000,000 to $6,000,000 and the transfer
of $4,000,000 from
capital to
surplus, to be accomplished
through reduction in the par value of each
'
Gas
^
a^certificate
.
.
$.266,549
Consolidated
issued
8, Spa, Inc.—Accumulated Dividend—
Directors have declared a dividend
of $1
per share on account of accumula¬
tions on the $6
cumulative preferred stock,
payable Jan. 19 to holders of
record Jan. 4,
leaving arrears of $35 per share.—V.
145, p. 2247.
Southwest Consolidated
Corp.—New Name—
Southwest
7
Thompson
•
148, p. 290.
Southwest
Jan.
and
Balance Sheet Dec. 31
Gross earnings (est.)
See
on
foreign commerce, by the
company of its entire line of railroad
extending generally northwestfcfrom
Iron City to Collin
wood, approximately 16.64 miles, in Lawrence
^and
Wayne counties, Tenn. and
abandonment of operation thereof
by^the
Louisville & Nashville
RR.—V. 000, p. 000.
.4
Earnings for the First Week of January
—V.
449
Tennessee Western
RR.—Abandonment—1^1 H 1
The
$47,401
..
147, p. 3923.
Southern
p.
Ltd.—Earnings—
12 Months Ended Nov. 30—
Gross earnings
—V.
Chronicle
single group orlorganization having the
The public, the
company and its stockholders and its
no
Nil
Amount paid in 1934, 1935 and 1,397 is
not stated separately In income
accounts for those years,
1,265,171
8,373,670
116,637
3,236,253
274,818
209,666
17,886,691
575,684
178,378
$40,484,866 $42,116,968
After deducting mortgages
amounting to $384,000.—V. 147, p. 3776.
x
y
recurring income.
After deducting $21,793 miscellaneous
..
.
1938
.
.
A.SS€ti:'~~m"
1937
%
Cash
1938
$
Liabilities—
1937
317,269
1,611,930
Inventories
Accts. payable and
2,624,669
1,665,040
2,919,849
Mutual ins. deposit
37,462
45,021
5,491,609
1,000,000
1,500,000
6,079,700
6,079,700
2,569,526
3,043,061
Total
11,449,293
11,715,027
y
Transamerica
1,000,000
63,833
47,675
Deferred charges..
was,
Jan.
on
17,
elected
3776.
a
director of this company.
Pay Common Dividend—
90,479
1,.500,000
Surplus
chinery & equip. 5,589,403
Dies, stamps, pat.
Field
p.
Directors have declared a dividend of
25 cents per share on the common
stock, payable P'eb. 15 to holders of record
Jan. 31.
Last previous payment
was the regular
quarterly dividend of 25 cents distributed on Aug. 15, 1938.
—V. 147, p. 3028.
8% preferred stock
(par $25)
Common sotck.
301,787
84,591
ma¬
rights, &c
265,475
State inc. taxes.
68,717
700,000
Res. for Federal &
191,102
Other assets
bldgs.,
950,000
accrued charges.
36,457
175,315
Adv. to sub
Land,
pay., banks
147,
Trane Co.—To
$
278,907
xAccts. receivable
Notes,
Marshall
—V.
Balance Sheet Ocl. 31
i
Tobacco & Allied
Stocks, Inc.—New Director—
non¬
Corp.—Delisting Arguments—•
Hearings before the Securities and Exchange Commissionln
the proceed¬
ings to determine whether the capital stock
(par $2) of the corporation
should be suspended or withdrawn
from listing and
registration on the
New York and Los Angeles Stock
Exchanges were opened Jan. 16 in the
SEC's offices at
Washington, D. C.
The SEC decided first to
inquire as to the corporate structure of Trans¬
america, which includes the Bank of America National
Savings & Trust
»
Total
x
of
•
..11,449,293 11,715,027
After
no
reserve
for doubtful accounts,
par value.—V.
148,
p.
y
Represented by 243,188 shares
Bank
Stop & Shop, Ltd.—May Reduce interest Rate—
A
meeting of holders of the 20-year first mortgage
6% bonds has been
called for Feb. 9 for the purpose of
authorizing several extraordinary reso¬
lutions pertaining to the defaulted interest and
sinking fund payments on
the bonds.
It is
proposed by the company to reduce the coupon on the bonds from
payable on April 1, 1938, and to
pay additional interest at the rate of
3% computed from Oct. 1, 1937, but
only out of one-half of the net operating profits as defined in the draft
resolutions prorata with the second mortgage 6% bonds.
The company
would also be released from all obligations
respecting sinking fund payments.
Bondholders will also be asked to authorize sale
to Dominion Stores,
Ltd. of the company's retail
fruit, vegetable, grocery and meat business
in the City of Toronto and
vicinity.—V. 143, p. 1418.
6 to
3%, commening with the instalment
Sun
Ray Drug Co.—Sales—
Period End. Dec. 31—
Sales
1938—Month—1937
$842,542
$771,309
Stores in operation—
—V.
1938—12 Mos—1937
$6,472,187
$6,151,199
38
,
148, p. 290.
37
Swan-Finch Oil
,
Corp.—Earnings—
-
'
Earnings for Year Ended June 30, 1938
Net loss for year_-__.,i
*.$51,461
1,083
.126,438
i
Profits Canadian
company.
...
....
__r_
Operating surplus June 30, 1937,
Total surplus
on
,
$76,060
10,044
preferred stock...
Surplus
.$66,016
Balance Sheet June 30, 1938
Liabilities
Land
...
Buffalo plant
Investment
in
.$152,835
r34,757
Bldgs., mach. & equlpt. <fcc.__
wholly
y238,755
owned
foreign sub. company
Invest, in partly owned selling
8,483
41,345
1,420
Sundry investments
5,926
Treasury stock
reeeiv.
842
....
Inventories
140,311
(less
Common stock
$517,194
Preferred stock
166,775
41,179
3,547
3,189
Accts. pay. & sund. accruals..
Fed. & State social sec. taxes..
Res.—Federal Income taxes
Res. for
.
Advances to sub. companies..
Accounts
tional bank examiners.-
'
leakage—export ship¬
ments
by law for false and misleading statements made in registration
statements.
John O. Rogge, Assistant General Counsel of
the SEC, stated
regarding
the restraint action thit "it comes with
very bad grace that 57 days after
the Commission's complaint was filed counsel for
Transamerica should
choose this time to seek an injunction when the
Commission has no imme¬
diate opportunity to answer."
Operating surplus
172,124
516
66,016
res've
$14,787)
5,632
Advances to salesmen
—
182,228
Rooge had outlined the
against Transamerica.
pointed out that the suit filed by Mr.
Richberg involved only
relating to the ,Bank of America, which is a
subsidiary of Trans¬
america Corp., and that the other
questions in the SEC complaint were
It
not
involved.
*
—
$973,351
'
In
outlining the points which the Commission will endeavor to establish
hearing, Mr. Rogge stated that the Commission contends that
Transmaerica Corp.'s registration statement filed on
Aug. 7, 1937, included
false and misleading statements.
He summarized these
charges, main¬
the
taining that Transamerica Corp. wrote up securities and reflected unrealized
appreciation and income, employed devices to avoid the
necessity of writ¬
ing off as losses $35,214,000 of assets found by the National bank examiners
to be worthless, failed
to
take sufficient depreciation and refused to
recog¬
nize realized losses, created fictitious
profits through
actions and failed to provide adequate reserves.
inter-company trans¬
Mr.
Rogge contended that the SEC had given the management of Trans¬
Corp. nearly three years in which to meet the "standards of straight¬
forward disclosure set up by the Securities and
Exchange Act."
Mr. Rogge also charged that the statement in Transamerica's
registra¬
tion statement and reports to the SEC
placing the aggregate remuneration
of A. P. Giannini, Chairman of the
Board, at $] during each of the fiscal
1936 and 1937 was false.
Mr. Rogge stated that he would endeavor
years
statements broadcast to do
Mr.
Total
case
was
matters
injury to depositors and stockholders whom
duty to protect."
Richberg also charged that the Commission was "floundering around
it is the SEC's
780
-V. 144, p. 4025.
Rogge, the hearing was adjourned until Jan. 18
for the SEC to answer the suit for injunc¬
Previous to receiving legal notice of the
suit, Mr.
SEC's
ous
10,076
...
of Mr.
that during the years 1932 to 1937 Mr. Giannini received
payments
aggregating approximately $745,000 as compensation for his services.
Mr. Richberg stated that SEC Counsel
Rogge's statement outlining the
Commission's charges against the corporation was "full of false and slander¬
13,680
Prepaid insur., taxes, &c...._
motion
to prove
136,281
Foreign drafts receivable
Notes receivable........
Cash
the
in order to provide
opportunity
tion.
1
america
2,810
Capital surplus
Surp. approp. for redemption
of pref. stock
-
,
Filing of the suit was announced Jan. 16 by Donald R.
Richberg, counsel
for Transamerica Corp.. in his
opening statement to SEC Trial Examiner
Fitts at the initial hearing on the SEC's
proceeding to determine whether
securities of the corporation
shoujid be suspended or withdrawn from regis¬
tration because of
allegedly false and misleading statements.
The suit
has been postponed until Jan. 23. In his remarks to the trial
examiner, Mr. Richberg also contended that
the SEC has no jurisdiction over the Bank of
America and furthermore
that suspension of Transamerica
Corp. securities is not the remedy provided
in
Assets—
company.
Bank of America National Trust &
Savings Association filed in the U. S.
District Court for the
At
-
"
of America Seeks to Restrain SEC—
District of Columbia a; petition for an
injunction
against the SEC to restrain the Commission from examination
of the bank's
books and records and from
securing access to reports of the bank to Na¬
'
0
Dividends
Association.
290.
Total
-
$973,351
and guessing" in its charges against
Transamerica, and that Mr. Rogge's
statement was "full of insinuations, inuendos and
derogatory statements
that wott't stand up under evidence."
Jan. 21. 1939
Chronicle
Financial
450
the class A stock will pay the accumulated
date, including the quarterly payment of 15 cents
This dividend on
Raised by SEC—
A. P. Giannini Classifies Points
injunction suit has been brought in the District of
courts to restrain the Securities and Exchange Commission from examining
the books of Bank of America N. T. & S. A., A. P. Giannini. Chairman
the board
issued a statement Jan. 16 clarifying the various points
thereon up to
Columbia
of
raised
by the Commission regarding Bank of America, in its order for hearing on
Transamerica Corp. application for registration in 1937.
Mr
Giannini's statement clears up the six points improperly raised in
the order for hearing regarding Bank of America.
"The laws of the United States provide that national banks shall be under
the jurisdiction of the Comptroller of the Currency, the Federal Reserve
System and the Federal Deposit Insurance Corporation, all agencies of the
United States Government.
These are the only legal bodies." Mr Gian¬
nini said
"that have authority over national banks and they have con¬
sistently exercised such authority over the Bank of America, and which the
SEC is now attempting to usurp."
Mr. Giannini's statement then took up the various points raised relating
to the period of operation of the bank in 1934, 1935 and 1936.
"In the
period under discussion, the bank's operations have been examined by
Government authorities many tin es.
The Commission's order in Item
No. 5 relates to the transaction between the Bank of America and Trans¬
america Corp which arose chiefly out of the taking over by the Bank of
America N. T. & S. A. of the Merchants National Trust & Savings Bank
of Los Angeles, Calif., a national bank
in 1928."
"In 1931 at the request of the then Comptroller of the Currency of the
United States Transam erica Corp guaranteed certain assets carried by the
Bank of America N. T. & S. A.. as well as depreciation on banking premises,,
losses, and depreciation on bonds aggregating $35,000,000.
Transamerica
Corp. deposited collateral with the Bank of America to secure its guaranty.
This item now stands at approximately $4,500,000 and is fully secured.
It never did represent any extension of credit whatsoever to Transamerica
Corp. by the Bank.
'
"Various items of the order criticize the policy of the bank with regard
to depreciation of its banking premises, furniture and fixtures
This criti¬
cism probably arises from the fact that the depreciation taken by the bank
from its earnings in its semi-annual report of earnings and dividends to
the Comptroller pf the Currency differs from depreciation on its income
returns
"The fact of the matter is that the depreciation policy of the bank will
result in writing off the millions of dollars invested in bank buildings,
furniture, fixtures and equipment, long before they would have been
eliminated through a normal depreciation program, and many years before
they will have been written off in our tax returns.
It may be of interest
to state that the accrued depreciation reserve is over $15,500,000
"Reference has been made in various parts of the SEC order to a con¬
tract in which it is made to appear that the bank purchased for $6,600,000
certain charged off assets previously sold to subsidiaries of Transamerica
for the relatively small amount of $300,000.
The facts indicate that it is
misleading to make reference to this contract without setting forth the
whole transaction of which it is a part. because it gives the impression that
Transamerica was profiting at the expense of the bank, while the contrary
is the case.
This so-called sale is part of the transaction wherein Trans¬
america guaranteed over $35,000,000 of assets of the bank.
The entire
transaction resulted not in Transamerica profiting at the expense of the
bank but in the voluntary contribution by Transamerica to the bank
of millions of dollars.
This is the over the years since 1931. when Trans¬
america owned over 99.6% of the stock of the bank, to the time when
approximately 58% of the stock of the bank was distributed on July 15.
^"The so-called sale of the National City Bank Stock by Transamerica
the bank, another point raised in the order, is likewise part of the settle¬
ment of the $35,000,000 guaranty of assets made on July 15, 1937, in
anticipation of the distribution, by Transamerica, to its stockholders of
approximately 58% of the total stock of the Bank of America.
Another point raised Is that we have not shown the classification of a
portion of our loans into slow, doubtful and loss classifications at the end
of 1936.
Our reports are made in the form required by the Comptroller
of the Currency.
There is no way in which this classification can be shown
in the report.
The report is not designed for this purpose.
The Com¬
mission appears to be under the impression that there is loss involved in a
loan classified as slow.
This is not the fact. Any loan, however well
secured, not readily convertible into cash, is classified as slow.
A slow
loan is
good loan.
If there is a possibility of loss, it is classified as
due Nov. 1, 1938.
Clarence Avildsen,
Because an
President of the company,
as
audited so
It is,
The
ap¬
quarters of the year
final
quarter. The net result for the entire
that the loss will not exceed $50,000,
charges.
the
Approved—
United Fuel Investments, Ltd.—Plan
have approved the reorganization
last month.
Under the plan, holders of the present 6%
preferred stock, on which dividend arrears amount to $39,
plan submitted
$100 par value
will receive one
share of 6% class A preferred stock of $50 par value and one share of class B
preferred stock of $25 par value.
The class B stock will rank equally with
the common in regard to dividends, but will have
aprior claim in case of
liquidation.
Common shareholders will receive 9-10th of a share for every
held under the
share
arrangement.—V. 147, p. 3473.
United Gas Improvement
Week Ended—
(kwh.)
of system
148, p. 291.
declared a dividend of 75 cents per share on the account
the $5 cumulative preferred stock, no par value, pay¬
holders of record Jan. 26. Dividend of 50 cents was paid on
Dec. 27, last; $1.25 was paid on Nov. 1 ahd on Aug. 1, last, and a
quarterly dividend of $1.25 per share was paid on Feb, 1,
p. 3778.
Directors have
able Feb. 1 to
still
of being
the
$15,000,000,
wholly charged-off
all
doubtful.
point—all dividends paid in 1935 and 1936 were paid from,
exceed, earnings in these respective years."—V. 147, p. 290.
items which are even
Inc.—New Directors
Five new directors, high in national business circles and representing the
East,Middle-West and West, were elected to the board of this company,
it was announced on Jan. 14 by T. B. Wilson, Chairman of the board.
They are: J. A. Ritchie, New York City; Sidney Maestre, St. Louis;
R. C. Kramer and John Hertz Sr., New York City; and Leland Hayward,
Hollywood, Calif.
J. A. Ritchie is President and a director of the Omnibus Corp.; President
and a director of the Fifth Avepue Coach Co.; President of the Madison
Avenue Coach Co., Chairman of the Board for Seaboard Freight Lines,
and Chairman of the
Sidney Maestre is
Louis, Mo., and R.
Board for Keeshin Motor Express, Inc.
President of the Mississippi Valley Trust Co., of St.
C. Kramer is a trustee of the Postal Telegraph and
Cable Corp.
John Hertz Sr., is a
director of the Omnibus Corp., Chairman of the
Board for the Chicago Motor Coach Co., Vice-President and director of
the Lehman Corp., and is a director for numerous other companies, in¬
cluding the New
Aircraft Corp.,
York Railways Corp., the
Studebaker Corp., Consolidated
Seaboard Freight Lines, Inc., and is also prominent in
other New York business enterprises.
Leland Hayward is engaged in the motion picture industry and is also
prominent in Los Angeles business circles.
He is widely known for
mterest in private flying.
The election of the five directors is subject to
approval of the Civil Aeronautics Authority.
Roland Palmede has resigned from the board because of pressure of other
his
duties, Mr. Wilson announced.
Election of the new board members
program to
is part of the present T. W. A.
strengthen its directorate by
adding to it men of broad trans¬
of the country served
Chairman said.—V. 147,
portation experience residing in the various sections
by the T. W. A. system, the T. W. A. board
p.
3623.
be
scription certificates will be sent to
will expire about Feb. 3.—V. 148,
and Leland K. Whittier were on Jan. 13 elected to the
of this company.—V. 148, p. 136.
Cigar-Whelan Stores Corp.—Acquisition—
Corporation has purchased the chain of 11 Best Drug Stores in southern
California.
The Best Drug Stores were started in 1933.—V. 147, p. 4070.
United Drill & Tool Corp.—Class A Dividend-—
At a meeting of the board of directors, held on Jan. 11, 1939, a rajsh
dividend of 45 cents per share was declared on the class A stock payable
Jan. 17, to holders of record at the close of business on Jan. 16.
Herman Phleger
share
each
on
on
Foundry Co,—Declares Four
'
•
' \
'
<
"
of 50 cents per
March 20, June 20,
of record Feb. 28, May 31, Aug.31 and
action was taken a year ago.—V. 147,
&
Pipe
■
Jan. 19 declared four quarterly dividends
the common stock, par $20, payable
Sept. 20 and Dec. 20 to
Nov. 29, respectively.
holders
Similar
588.
p.
Coal Co.- -SEC Denies Right of Group
Utilities Elkhorn
to Ask
Deposits—
Commission on Jan. 11 entered an order
H. A. Gardner, John A. Dawson and Robert W-
and Exchange
The Securities
refusing the declaration of
Hotchkiss, acting as the
bondholders' protective committee to become
the committee to solicit deposits.
ordered that the committee's application for
expenses totaling $10,000 be allowed "as may be approved by the U. S.
District Court for the Northern
District of Illinois, Eastern Division."
In granting the application for expenses, the
Commission, in part
effective, thereby permitting
However, the Commission
permitted by the
stipulated that "such reimbursement for expenses as is
court be charged against the estate of Utilities Elkhorn Co."
The company
is a subsidiary of Utilities Power & Light Corp.
On Jan. 1, 1938, Utilities Elkhorn defaulted on its 6% bonds
non-payment of the interest due on that date and by not making
neces¬
sary payment to the sinking fund in accordance with the provisions
in the deed of trust securing the issue.—V. 146, p. 3822.
through
the
contained
(Hiram) Walker-Gooderham & Worts, Ltd.-—Stock
Offered—Dominion Securities Corp., Ltd., .Toronto, is
offering at $20 per.share 215,000 cum. div. red. preference
shares
(no par).
*
•
Authorized c Outstanding
$8,000,000
$3,954,000
£2,000,000
£1,500,000
875,000 shs. a675,8l8 shs.
b875,000 shs. 724,004 shs.
redeemed and canceled, b 68,861 shares
convertible debentures due Dec. 1, 1945.
Capitalization—
4H% convertible debentures 1945
4H% guaranteed debenture stock of Hiram
Walker & Sons (Scotland), Ltd, 1953
Cumul. div. redeem, preference shares (no par)
Common shares (no par)
\ a
199,182 shares have
been
conversion of
reserved for
of present financing.
The additional 215,000 preference snares are to be fully paid and non¬
assessable; have no stated or par value but are preferred as to assets to the
extent of $20 per share and accrued dividends; entitled to fixed, cumulative,
preferential cash dividends, as and when declared by directors at the rate
c
Upon completion
of
payable Q-M by cheque at par at any branch in
excepted) of the company's bankers; redeemable
by call at the option of the company in whole or in part (selected by lot)
at $20 and accrued dividends per share on 30 days' prior notice, or by pur¬
chase for redeemption on any reorganized stock exchange where the shares
are listed at a price not exceeding $20 and accrued dividends per share and
costs of purchase; entitled to one vote per share.
Transfer Agents:
National Trust Co., Ltd., Toronto, and Bankers
Trust Co., New York.
Registrars: The Toronto General Trusts Corp.,
Toronto, and Guaranty Trust Co. of New York.—V. 148, p. 128.
$1 per share per annum,
Canada (Yukon
Territory
(Raphael) Weill & Co.—To
Pay Extra Dividend—
declared an extra dividend of $2 per share and an
of $3 per share on the common stock (par $100), both
payable Jan. 25 to holders of record Jan. 20. Extras of $3 in
annual dividends of $3 per share were paid on Jan. 15, 1938 and Jan. 11,
The directors
have
annual dividend
addition to
was paid on
distributed on
1937. * A stock dividend of 25%
dividends of $4 per share were
—V. 147, p.
Jan. 24, 1936 and semi-annual •
March 1 and on Sept. 1, 1935.
1790.
„
/
Foundation, Inc.—Court Rules Against Plan
An injunction against the company, a thrift plan, was granted Jan. 12
at the instance of the Securities and Exchange Commission by Judge R. P.
Patterson in Federal District Court.
The consent decree directed against
the company, which, it is said, has sold about $15,000,000 of thrift-plan
certificates in eight States, including New York, restrains the organization
from misrepresenting the investment purposes of the plan.
This action marks the eighth thrift plan against which the SEC has
secured injunctions since it inaugurated its investigation of such organiza¬
Wellington
The SEC
the sale of
charged that the company
the certificates
told customers the proceeds from
American stocks and
funds were being placed
In one instance, it was
made to a South American oil co. on an
would be invested in liquid
The Government held that, in reality,
outside of the country and in unliquid securities.
bonds.
charged, a loan
unsecured note.
stockholders on or about Jan. 21. Rights
p. 290.
Co.—New Directors—
board of directors
United
Directors
tions.
Price Set—
Union Bag & Paper Corp.—Offering
The company has advised stockholders that the price for the new stock
has been fixed at $9.50 per share.
Corporation contemplates the sale of
210,455 shares of capital stock.
Stockholders of record (expected to
Jan. 20) will be given the right to subscribe to this stock, at the rate of
one-fifth of one share of new stock for each share of stock then held.
Sub¬
Union Oil
States
United
v.'
Transcontinental & Western Air,
regular
1938.—V. 147,
■_{j0-cent Dividends—
value of
"Another
Corp.-
of accumulations on
than $2,000,000 in excess of the entire write-up.
There is
a
profit of another $2,000,000 or more which is now in
process
The bank had substantial reserves on its books applied to
revaluation of assets, which reserves amount to approximately
and in addition there are anticipated recoveries on
assets amounting to more than $5,000,000.
All other items, not spe¬
cifically covered by these reserves, are more than offset by the
assets not shown on the books and reported by the National Bank Examiner
and exceeded by over $3,000,000 the total of all losses and the total of
and did not
Securities
Accumulated Dividend-
refer to a write-up of bonds owned by the bank.
bonds on the bank's books was increased by $14,000,000 to offset a release of that amount under the $35,000,000 guaranty
but in no case was the valuation of any bonds raised to its market value.
Virtually all of these bonds have been sold, or the appreciation amortized,
and the profit on the portion sold has already exceeded $16,000,000 or
the
Co.— Weekly Output—
Jan. 7, '39 Jan. 15, '38
99,071,096 95,204,370 91,158,279
Jan. 14, *39
International
&
States
United
/
■,
Electric output
—V.
points raised
of these
more
took into
Preferred shareholders
The valuation
realized.
ordinarily expect a dividend
The directors, however, in surveying the situation
that the expected subscriptions to the company's
Feb. 1, 1939 by the holders of the company's out¬
standing stock subscription warrants will be approximately equal to
amount now disbursed as dividends.
The directors decided not to pay on Feb. 1, 1939 the quarterly dividend
on the class A stock due on that date.
The declaration of future dividends
on the class A stock will depend upon the operating results of the business.
—V. 147, p. 3325.
paid.
consideration the fact
class B stock prior to
a
"Other
year cannot be stated but it is believed
after depreciation and all other proper
stockholders would not
the
On this showing
to be
to
doubtful, or loss.
stockholders
follows:
company's books for the year 1938 have not yet been
that it is not possible to give you the operating results for the year.
however, possible to tell you that the total sales for the year were
proximately $2,281,235; and that while the first three
showed an aggregate loss of $103,796, a net profit was shown for the
stated
#
•
in a letter to
dividend
per share
of $75,000 was
West Indies
Sugar
succeed the late
Corp.—New Director—
of this corporation
Jan. 17 elected a director
Ralph Crane.—V. 145, p. 3985.
Charles G. Meyer was on
to
H Westinghouse
Electric &
Manufacturing Co.—Meeting
Postponed—
The
regular meeting
has been
West
of directors of this company,
1.—V. 148, p. 292.
scheduled for Jan. 25,
postponed to Feb.
Memphis Power & Water Co.—Exemption Asked—a subsidiary of Southeast Power & Light Co., a registered
has filed with the Securities and Exchange Commission
Company,
holding company,
Volume
148
Financial
an
application (File 32-127) for exemption from the
requirement of filing
a declaration in connection
with the issuance and sale of $250,000 5% first
mortgage bonds, due Dec. 1, 1962. and 3,000 shares of common stock
(no par).
According to the application the bonds are to be taken by the
Southeast Power & Light Co. at 90 in settlement of
indebtedness.
The
stock is to be offered to the stockholders at
$20 per share in accord¬
with their priority
rights.
The application states that the purposes
of the issuance are to retire all the
indebtedness of West
common
ance
Memphis Power &
Water Co. and provide
working capital.
Western
p.
amortization based
Sewing Machine Corp.—Tenders—
of the debentures delivered to the Chemical Bank & Trust
Co., 165 Broad¬
way, New York.
This offer will expire Feb. 1, 1939.
The corporation
stated that it may, but is not obligated to,
buy
any
or
all debentures in
of $200,000 principal amount presented in accordance with the offer.
The debentures sold on the New York Stock
Exchange during 1938 atprices
excess
accrued
interest,
on
built
have been
$
according to
$
Sept. Z0 '38 Dec. 31 '37
Liabilities—
■<
demand deps...
1,360,676
1,188,136
Draf ts & accounts
y
319,076
2,750,502
Real
18,955
Prov. for Fed. inc.,
equipment-10,636,793 10,743,798
prof, and
undis. prof, taxes
Liab. for workm.s
plant
estate,
Sept. 30—
&c.,
not used
40,480
com pens,
Deferred charges._
134,441
247,369
Sundry receivables
8,082
8,817
Miscell.
Net operating loss
$1,311,411 prof$619,857
51,579
106,110
i..
Total loss
$1,259,831 prof $725,967
Interest paid__^
894
6,849
15,755
Miscellaneous other deductions
Normal income tax
'
40,089
119,000
14,000
73,000
!
510
Excess profits tax
Surtax on undistributed profits....
J-
Net profit--
loss$l,276,990
Preferred dividends
Shares common stock
L-i
96,233
2,055,041
(par $1)
Earnings per share
Nil
;
$473,029
186,707
2,046,229
$0.14
xFor the period beginning Oct..8, 1936, when Willys-Overland Motors,
Inc., took
over
165,526
55,159
63,551
36,106
177,277
accounts
Res. for contgs....
250,000
6%conv.cum.pref,
stock (par $10). 3,163,720
3,207,780
Com. stk. (par SI) 2,055,041
2,046,229
Capital surplus
8,922,801
8,887,553
Operating deficit.. 1,076,235 sur248,830
xl937
1938
$11,088,446 $30,268,220
10,695,904
27,645,166
Administrative, selling, service and parts expenses
1,703,953
2,003,197
Total...
x
...
Other income
" - 178,483
6,399
claims
payable, &c
published
I
_
169,410
excess
.
Cost of sales
253,307
1^48,117
(except Federal
income), &c
16,244
rec
Property,
and
$
260,578
Acer, payroll, taxes
129,437
1,516,825
Misc. accts.
x
S
Accts. pay.—trade
Dividend payable.
Willys-Overland Motors, Inc. (& Subs.)—Earnings—
Years Ended
>
Sales, net
charged to cost of sales and
$638,451.
hand and
receiv.—trade..
Inventories
Corporation on Jan. 17 offered to buy from holders of its 6% and par¬
ticipating sinking fund gold debentures, due Nov. 1, 1940, at 102% of the
principal amount, plus accrued interest, the first $200,000 principal amount
Plus
cars
Sept. 30'38 Dec. 31 '37
AsseZs—
1938
$214,057
292.
between 91 >3 and 101H,
figures.—Y. 147, p. 3781.
on
expenses in the amount of
Cash
1939
$291,136
Gross earnings
148,
1, 1936.
The operations of
plan of reorganization have been included
taken over, to May 31, 1937, the date
operations of the new subsidiary organized as
of June 1, 1937, have been included from that date to
Sept. 30, 1937.
Note—Depreciation based on rates adopted and employed in the past'and
from Sept. 1, 1936, when
they were
of their liquidation, and the
Maryland Ry.—Earnings—
,
White
451
tion and taxes have been included from Sept.
the subsidiaries acquired under the
Consolidated Balance Sheet
Earninqs for the Week Ended Jan. 7
—V.
Chronicle
operations, and ended Sept. 30,1937, except that its deprecia¬
y
After
After
13,842,978 15,276,6521
reserve
for
reserve of
depreciation
Total
..13,842,978 15,276,652
of $759,689 in 1938 and $491,810 in 1937.
$6,244 in 1938 and $6,569 in 1937.
Options Exercised—
Company has advised the New York Stock Exchange of the exercise of
options by Blanche F. Wilson for the purchase of
9,000 shares of common
stock of ihe company at $3
per share.
,
New President—
Joseph
W.
Frazer,
Sales Division of the
and
Vice-President and
General
Sales
Chrysler Corporation, has resigned
General Manager of this
company.
Manager of
the
to become President
He succeeds David M. Wilson,
who has been President of
Willys-Overland since its reorganization in 1936,
Mr. Wilson will remain a director of the
company.
Other officers elected by the directors at
their annual organization
meeting in Toledo on Jan. 19 were Delmar G. Roos.
Vice-President in
charge of engineering; John Shotwell, Treasurer; George
Ritter, Secretary
and Counsel, and A. L. Floerint, Assistant
Secretary.
Resignation of
W. C. Cowling, who had been Vice President in
charge of sales, was ac¬
cepted.—V. 147, p. 3175.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
.
.'
Coffee—On the
14th
lower in the
than
Friday Night, Jan. 20, 1939
inst. futures closed 1 to 4 points
SaDtos contract, with sales of only five lots.
Rio contracts were not traded and
prices were 2 to 1 point
down.
The opening
selling was on
overnight orders from
which trade interests absorbed against sales of
actuals to out-of-town roasters.
This sort of business had
been moderate of late, but there has not been
any heavy
demand.
Havre closed 1 franc lower to
franc higher.
Rio 5s and hard 4s in Brazil were
up 100 reis on the
Europe,
while soft 4s and Rio 7s
tively.
spot,
were
200 to 100 reis lower respec¬
On the 16th inst. futures closed
3 points to 1 point
with sales of only, 13 lots.
Trading in the Rio contract was confined "to switching of
two lots and prices were 1 to 2
points lower. The selling of
Santos was entered by Europe and was absorbed
by trade
interests who were covering against actuals.
Havre prices
today were 2 to 2% francs lower. The spot price of Rio 7s
lower
^
in the
Santos contract,
in Brazil advanced 200 reis to 13.6 milreis
per
10 kilos, but
were
unchanged.
Shipments from
only 229,000 bags, of which 72,000
were for the United
States, 145,000 for Europe and 12,000
for all other destinations.
In the previous week shipments
were 146,000 bags.
On the 17th inst. futures closed 2 to 3
points net lower in the Santos contract, with sales totaling
prices
otherwise
Brazil last week
54 contracts.
there
were
No business
reported in Rio contracts.
The market continued to drift
slowly downward. European
interests were again light sellers.
During early afternoon
Santos contracts were 2 to 4
points lower, with July at 6.49c.
off 3 points.
Rios were neglected. In Havre futures were
% to 1 lA francs lower. Prices of mild coffees were easier,
was
but Brazilian cost and freight offers held
unchanged. Prompt
Manizales coffees were quoted at
12c., while in one quarter
it was said that a
discount per month was obtainable on
forward
shipments.
In Brazil soft Santos 4s were 100 reis
lower.
On the 18th inst. futures closed 1 to 2
points net
lower in the Santos contract, with sales
totaling 27 contracts.
The Rio contract closed 2
points up on the March delivery,
with only 6 contracts transacted.
The market was fairly
steady in the early trading, with little in the news of any
importance. Santos contracts stood unchanged to 1 point
lower during early afternoon, with
July at 6.48c., off 1 point.
Rios, after opening 4 points higher, were neglected. Havre
futures
francs
were
declined 100 reis.
unchanged,
with
Mild coffees
lower.
In Brazil hard Santos 4s
Cost and freight offers from Brazil were
were
Santos 4s ranging from 6.80 to 7.30c.
steady after having shown an easier trend
over the last week.
Prompt Manizales were offered at 12c.
On the 19th inst. futures closed 7 to 9
points net lower in
the Santos contract, with sales of 79 lots.
The Rio contract
recorded the sale of only one contract in the Mar.
option at
a
net
decline of 6 points.
Coffee futures
were
more
active
heretofore, but the activity
values.
was at the expense of
The Santos market this afternoon was 7 to 8
points
lower, with July at 6.40c., off 8 points. Rios were quiet and
4 points lower, with Mar. at 4.15c. Havre
futures were easy
at losses of 2 to 2% francs.
That decline had an effect on
the market here.
Cost and freight offers from Brazil were
unchanged, but mild coffees were barely steady. Manizales
for Feb. shipment were offered at 11
Ac. vs. 12c. for prompt
shipment.
In Braizl Rio 7s were 200 reis lower,
British
African Ugandas were said to be offered at 4.50c.
Today
futures closed 11 to 12 points down in the Santos contract,
with sales totaling 22 contracts. The Rio contract closed 13
points off, with sales of only 13 contracts. Notwithstanding
lower cost and freight offers from
Brazil, coffee futures here
recovered a portion of yesterday's losses in small
trading.
Europe was believed to have been a buyer on balance which
may have been reflected in gains of 2lA to 3 francs in the
Havre market.
Santos contracts were 5 points higher this
afternoon with March at 6.30c.
Rios were neglected except
for some covering in Mar. at 11 points advance.
Santos 4s,
cost and freight, ranged from 6.70c.
up.
Mild coffees were
steady, roasters still holding aloof, although weather has
been favorable for
consumption.
Rio coffee prices closed
March
i
May
July
as
follows:
4.24
4.30
September
December
4.34
4.36
—4.32
.
Santos coffee prices closed as follows:
March
6.371 September *
6.48 December
May.__
July.
6.54
i
...
..6.56
6.52]
Cocoa—On the 14th inst. futures closed
unchanged on'all
Today's session was one of the dullest in some
time.
Only 49 lots or 657 tons changed hands.
The past
deliveries.
week
was
higher to
one
of
steady prices, quotations ruling 4 points
Selling
unchanged from Friday through Friday.
from Wall Street
sympathy with the stock market decline
wiped out advances recorded earlier in the week. Offerings
from producing countries dried up.
Manufacturers were
buying all week, with the volume quite heavy at times. Local
closing today: Jan., 4.48; May, 4.67; July, 4.77; Sept., 4.88.
On the 16th inst. futures closed 4 to 5 points net lower.
Transactions totaled 248 lots, or 3,323 tons.
The heaviness
of other markets seemed to have affected the
trading in
cocoa, for interest was considerably less than in the latter
half of the previous week.
Opening sales had been at losses
of 1 to 4 points.
London showed no change on the outside,
and ran
7^d. lower to unchanged on the Terminal Cocoa
Market, with 1,130 tons trading. Local closing: Jan., 4.43;
May, 5.63; July, 4.73; Oct., 4.89; Dec., 4.99. On the 17th
inst. futures closed 8 to 5 points net lower.
Transactions
in
totaled 641 contracts.
The cocoa futures market reflected
subsidence of interest today.
Prices drifted lower in light
trading, which to early afternoon totaled only 70 lots.
At
Financial
452
was 7 points lower at 4.44c. a pound.
apathetic, while manufacturers bought only on
scale down.
London also was easier.
Warehouse stocks
that
a
March
time
Traders
were
decreased
1,400 bags overnight.
They
now
total 951,478
bags against 811,705 bags a year ago, when the
movement
brought shipments to a virtual halt.
holding
Local
closing: March, 4.43; May, 4.55; July, 4.66; Sept., 4.78;
Oct., 4.83; Dec., 4.94; Jan., 4.98. On the 18th inst. futures
closed 1 point up to unchanged.
Transactions totaled 625
contracts.
After drifting steadily lower for several days,
cocoa futures struck a resistance level, with the result that
prices recovered 2 to 3 points, March selling at 4.45c.
It
reported that manufacturers again were showing interest,
purchases absorbing hedge sales.
The turnover to
early afternoon amounted to 260 lots.
Warehouse stocks
decreased 3,400 bags.
They now total 948,056 bags com¬
pared with 787,087 bags a year ago. Local closing: March,
4.44; May, 4.56; July, 4.67; Sept., 4.78.
On the 19th inst. futures closed 3 to 4 points net lower.
Transactions totaled 290 contracts.
Trading in cocoa
futures quieted down and prices simultaneously softened.
During early afternoon March stood at 4.42c. off 1 point.
Sales to that time totaled 101 lots.
The licensing of a ware¬
house hitherto unlicensed resulted in lifting the warehouse
stocks of certificated cocoa by 52,000 bags overnight. They
now exceed
the million-bag mark compared with 763,944
was
their
bags a year ago. Local closing: Mar., 4.41; May, 4.52; July*
4.63; Sept., 4.74; Oct., 4.79; Dec., 4.90; Jan., 4.95. Today
futures closed 5 to 2 points net higher, with sales totaling
483 contracts.
Trading in
cocoa
futures
was
active, with
prices stronger on rumors that the bulk of the Gold Coast
crop already has been marketed.
The market was 3 to 4
points higher this afternoon, with Mar. selling at 4.45c., up
points.
Sales to early afternoon totaled 353 lots.
The
undertone was steady.
Warehouse stocks decreased 4,700
bags overnight. They now total 997,535 bags against 738,274
bags a year ago. Local closing: Mar., 4.45; May, 4.57; July,
4.67; Sept., 4.77; Oct., 4.82; Dec., 4.92; Jan., 4.97.
4
Sugar—On the 14th inst. futures closed 2 points lower to
unchanged. Trading was practically at a standstill in the
domestic sugar market, with only nine lots being traded.
There .was nothing in the news to serve as an incentive for
on either side of the market. The market for raw
also quiet. The offering of Philippines, 8,000 tons,
for January-February shipment was still in the market at
2.80c., but buyers would not pay better than 2.75c. Cubas
were held at 1.95c., cost and freight.
Trading in the world
sugar contract was also at a standstill, with prices closing
nominally lA point lower. London futures were yd. lower
to Md. higher and raws remained unchanged.
On the 16th
inst. futures closed 3 points higher to unchanged.
With
nearby positions up as much as 4 points at one stage of trad¬
ing, domestic sugar futures were firm.
Volume improved
on the rise to 206 lots or 10,150 tons.
No interest developed
for raw sugar as the new week opened.
Buyers and sellers
were about 5 points apart in their views, with sellers asking
2.8Qc. for duty frees and 1.95c. for Cubas. The duty-free
offerings comprised three parcels of Philippines totaling 8,000
tons for'January-mid-February arrival.
The world sugar
contract closed 1 point to 3^ point higher, with only 40 lots
traded. London futures were yd. to Id. higher and raws
were held at 6s. 3%d., equal to 1.14c. f.o.b. Cuba.
On the
17th inst. futures closed 2 to 1 point lower in the domestic
contract.
Transactions totaled 243 contracts.
Trading in
domestic sugar futures was featured by the first substantial
liquidation of March contracts this season. It took the form
of switching out of March into deferred months.
During
the early afternoon the market was 2 points lower on March,
which was selling at 1.89c., while later positions'were un¬
changed to 1 point lower. The raw sugar market continued
quiet. It was believed that 1.90c. would be paid for February
shipment of Cubas. Grinding of the new crop has begun.
World sugar prices drifted lower in uneventful trading.
During the early afternoon the world contract was \y, to
2 points lower, the market closing at about that range, with
sales totaling 125 contracts. London was dull and unchanged
to yd. lower.
On the 18th inst. futures closed unchanged
to 1 point up in the domestic contract, with sales totaling
operations
sugar was
449 contracts.
to
Yi point
The world sugar contract closed unchanged
with sales of 37 contracts.
World sugar was
weakened under heavy liquidation
of March and switching out of that position into deferred
options, apparently the result of uncertainty as to whether
the Cuban duty will be revised.
During early afternoon
March stood at 1.88c. off 1 point. Later positions were un¬
changed. In the raw market a sale of 4,239 tons of Philip¬
pine sugars, due Feb. 5 to 10, was reported at a price of
2.77c., up 2 points from the last previous sale. Cubas were
up,
firm; but domestic
sugar
held at 1.95c.
Only routine business in refined sugar was
Interest was taken in reports of a deal between
France and Cuba for a large quantity of sugar. In London
futures were unchanged to yd. lower, while raws there
were unchanged.
reported.
On the 19th inst. futures closed unchanged to 2
points up
in the domestic contract, with sales totaling 523 contracts.
The world sugar contract closed 1 point
up to unchanged.
responded to unexpectedly high official
estimates on 1938 deliveries by rising 1 to 2 points.
Sales
to early afternoon totaled, about
15,000 tons, denoting
unusual activity.' The world sugar contract started j^d.
The domestic market
Jan.
Chronicle
lower
1939
21,
positions and unchanged on deferred options,
light trading stood 1 point net higher, with Mar.
1.14F2c.
London futures were unchanged to %d. lower,
while raws were off %d., with sellers asking the equivalent
of 1.12F£c. a pound f. o. b. Cuba.
Today futures closed
unchanged to 1 point off in the domestic contract, with sales
totaling 1,012 contracts.
The world sugar contract closed
Yi to 1 point net lower, with sales totaling 21 contracts.
Heavy further liquidation in Mar. and switching out of Mar.
into Sept. held the domestic sugar futures market in check.
Prices during early afternoon were unchanged to 1 point
lower, with Mar. selling at 1.89c., unchanged. Volume was
unusually heavy, with a total of 850 lots or 42,500 tons dore
in the first three hours.
The raw sugar market was steady.
No duty free sugars were offered under 2.85c., but some
were believed available at 2.80c.
Cubas were held for 7.93c.
on
but later
near
on
at
World sugar was
unchanged in quiet trading, Sept. selling
London future^ were unchanged to y>d. higher
while sellers of raws were asking about 1.13c. f. o. b. Cuba.
for 1.15 yd.
Prices
follows:
were as
March
.
May
Cuban
Sugar
1.99
1.79 July
1.89 September
1.95
January
Exports
for
11
2.04
Months of
Same Period Year
Below
1938
Ago
fromn Cuba from Jan. 1 to Nov. 30,
compared -with 2,473,234 long
tons during the first 11 months of 1937, according to a
report to the Department of Commerce from the office of
the American Commercial Attache at Habana, it was an¬
Exports of
sugar
totaled 2,422,263 long tons as
nounced
Jan.
10
by the Commerce Department.
Ship¬
amounted to 1,643,301 long tons
as
against 1,818,767 long tons during the corresponding
period in 1937. The stocks of sugar on hand in Cuban ware¬
on
ments to the United States
houses
on
Nov.
30,
1938 aggregated 983,809 long tons as
compared with 791,625 long tons
ago, the report stated.
on
the
same
date
a year
Lard—On the 14th inst. futures closed 5
points lower to 2
Trading was fairly active, with the undertone
of the market fairly steady.
Liverpool lard futures closed
9d. to 3d. lower.
Receipts of hogs at Chicago today were
very light and only amounted to 500 head.
Western hog
marketings totaled 11,900 head against 13,200 head for the
same day a year ago.
During the past two weeks England
has been a very heavy buyer of American lard and the latter
report can be verified in part by the exceptionally heavy
clearances of same from the Port of New York. Today ship¬
points higher.
ments of lard from the
Port of New York totaled
729,500
pounds, destined for Aberdeen, New Castle, Hull and
Gothenburg. On the 16th inst. futures closed 5 to 7 points
net lower.
This market declined to
new
lows for the
season
Trading interest was mixed during the early part of
the day, but later light selling was stimulated by. the lower
action of cotton oil and there was also some selling by trade
interests.
Prices closed at the lows of the day.
Liverpool
lard futures were quiet, with prices unchanged to 3d. higher.
Receipts of hogs at Chicago were far below triade expecta¬
tions
The trade wa s expecting about 30,000 hogs at Chicago
but marketings only amounted to 16,000.
The lighter
receipts than expected caused prices on hogs to advance 15c.
to 25c.
Scattered sales ranged at prices of $7 to $7.25.
On
the 17th inst. futures closed 5 to 12 .points net lower.
In
spite of reports of continued active buying of American lard
by England, further losses were recorded in lard futures
today.
Scattered selling was influenced by the easiness in
hogs.
Prices on hogs at Chicago were mostly 10c. to 20c.
lower.
Prices on lard declined 10 to 12 points as a result
of the above-mentioned pressure, recovering somewhat in
the later trading.
Heavy clearances of American lard have
been reported from the Port of New York recently.
Ship¬
ments as reported today totaled 650,382 pounds, destined for
Liverpool and Manchester.
Liverpool lard futures closed
unchanged to 3d. lower in a very quiet market.
Western
hog marketings were very heavy today and totaled 99,900
head, against 122,200 head for the same day last year. Sales
of hogs ranged from $6.85 to $7.65.
On the 18th inst. futures
closed 7 to 12 points net higher. The market was firmer today
in sympathy with grains and hogs.
England continues to
buy American lard on all setbacks, but sales the past few
days have not been very large as English buyers were bidding
for supplies at prices slightly under the market.
Clearances
of American lard today were 473,988 pounds, destined for
London and Antwerp.
Liverpool lara futures were easy,
with prices 6d. lower.
Chicago hog marketings were slightly
today.
.
below
general expectations and totaled 12,000 head.
Prices
hogs at Chicago closed 10c. to 20c. higher. Scattered sales
reported at prices ranging from $7.10 to $7.80. Western
hog receipts totaled 67,200 head against 92,200 head for the
on
were
same
day
a year ago.
On the 19th mst. futures closed 2 to 5
points net lower.
Trading was very light after the fairly active sassion on
Tuesday. Prices moved within very narrow limits, and there
was nothing in the news to attrrct buying interest.
According
to trade reports, heavy sales of American lard were reported
to England late on Wednesday.
There were no export ship¬
ments of lard reported from the Port of New York today.
Liverpool lard futures wet a up 3d. to 6d. The undertone of
the domestic hog market was very steady and prices ranged
mostlv 10c. higher.
Light, sales were reported at Chicago,
ranging from $7.10 to $7.90. Marketings of hogs at Chicago
Volume
Financial
148
Chronicle
slightly below general expectations.
Western hog
receipts totaled 70,900 head against 88,000 head for the
same day a
year ago.
Today futures closed 8 to 5 points
net higher.
This firmness of lard was in the face of heavier
hog receipts than expected.
The hog market was active on
lighter weights, which were off only around 10c.
Others
were mostly 10 to 20c. lower.
The market for hogs topped
at $7.80.
Receipts of hogs totaled 14,000, not including
directs to packers, and were 4,000 more than advance
estimates. The run was 3,600 larger than that of a week ago.
were
DAILY
CLOSING
PRICES OF LARD
FUTURES
Sat.
Mon.
6.27
6.30
March
6.32
6.92
6.92
7.05
7.25
7.20
7.10
IN
6.90
7.07
6.85
7.05
6.80
May
7.20
January
July—
:
Tues.
Wed.
July also at 15.94.
Sales to early afternoon aggregated
I,110 tons, of which 90 were exchanged for physicals.
The
London market closed l-16d. higher, but Singapore was
l-32d. lower to l-32d. higher.
Local closing: March, 16.09;
May, 15.98; July, 15.95; Sept., 15.96; Dec., 15.96.
Today
futures closed 1 to 2 points net lower.
Transactions totaled
155 contracts.
The feature of the trading in rubber futures
was the continued
absorption of March contracts by London
dealer interests.
CHICAGO
Fri.
6.50
6.85
"
7.00
7.00
7.15
7.J5
Pork—(Export), mess, $22.75 per barrel (per 200 pounds);
family (40-50 pieces to barrel), $19.25 per barrel.
Beef:
(export), steady.
Family (export), $22 per barrel; (200
pounds), nominal.
Cut Meats:
quiet.
Pickled
Hams:
picnic, loose, c.a.f.—4 to 6 lbs., 13Mb.; 6 to 8 lbs., 12c.;
8 to 10 lbs., 12c.
Skinned, loose, c.a.f.—14 to 16 lbs.,
1734c.; 18 to 20 lbs., 1734c.
Bellies: clear, f.o.b. New York
—6 to 8 lbs., 1624c.; 8 to 10 lbs., 1534c.; 10 to 12 lbs., 15%c.
Bellies: clear, dry salted, boxed, N. Y.—16 to 18 lbs., 11 34c.;
18 to20lbs., 10%c.; 20 to 25lbs., 1024c.; 25 to 30 lbs., 1024c.
Butter: Creamery, Firsts to Higher than Extra and Premium
Marks—2224 to 2634Cheese: State, held '37, 20 to 22c.
Eggs: Mixed Colors—Checks to Special Packs, 1634 to 2134c.
Soy Bean: Tanks, West—.0434 to .05; L.C.L. N.Y.—6.8
Edible:
Coconut: 76 degrees—.0834 offer.
Lard:
winter, prime at 9c. offer.
Cod: Crude, Norwegian,
light filtered—no quotation.
Turpentine: 3034 to 3234.
Ex.
.
$4.90 to $8.35.
February
7.00@
7.01 @
7.00 fa)
March
April
May
contracts.
June
n
----
n
7.15@
July
August
September
7.15@
:
n
7.24 fa)
7.24 @
n
7.29 @7.31
Rubber—On the 14th inst. futures closed 23 to 15 points
higher.
The strength displayed was attributed largely
figures on consumption, and the stronger
securities market also played a part in the gains of the rubber
futures market.
Rubber consumption in the United States
showed a slight decline in December, but ran fully 55.2%
ahead of the corresponding month last year, according to the
net
to
the
bullish
Rubber Manufacturers' Association.
Volume of transactions
the Exchange today was light with only 860 tons sold.
Spot standard No. 1 ribbed smoked sheets in the actual
market advanced %c. to 16c.
Factories proved the prin¬
on
cipal buyefs in futures and both commission houses and trade
were
sellers.
Although activity in the outside
market was generally quiet, dealers reported the transaction
of some factory and shipment business.
Local closing: Jan.,
15.98; March, 16.06; May, 15.95; July, 15.95; Sept., 15.98.
On the 16th inst. futures closed unchanged to 2 points lower.
The market ruled steady with little interest displayed in the
proceedings. Spot standard No. 1 ribbed smoked sheets in
interests
the trade remained the
there
at
same
16c.
What little trading
mostly from factory buyers with one trade
interest* accounting for most of the selling.
There was also
some commission house switching from the
nearby to the
forward positions.
Activity in the outside market was dull
today.
Local closing: Jan., 15.97; March, 16.03; May,
15.95; July, 15.94; Sept., 15.96; Oct., 15.97; Dec., 16.01. On
the 17th inst. futures closed 5 to 15 points net lower. Transac¬
was came
tions totaled 223 contracts.
Outside of lower cables
there
rubber, yet the market was definitely easier
trading, indicating that liquidation may have been
in progress.
London interests were credited with selling.
During early afternoon prices were 19 to 21 points lower,
with March at 15.84c., May at 15.75 and July also at 15.75.
The London market closed easy at declines of 1-32 to %d.
Singapore also closed lower.
Local closing: March, 15.98;
May, 15.86; July, 15.85; Sept., 15.84; Dec., 15.86.
On the
18th inst. prices closed 8 to 1 point down.
Transactions
totaled 205 contracts.
Crude rubber futures opened un¬
changed to 5 points higher, but slipped off later under re¬
newal of selling pressure in March and absence of fresh de¬
mand.
During early afternoon March was selling at 15.86c.,
off 12 points.
Other positions were 7 to 11 points lower. Sales
to that time totaled 1,280 tons.
It was reported that some
c.i.f. rubber had been sold at cheap prices last night. London
closed steady and unchanged to l-16d. higher. Singapore also
was
steady.
Local closing: March, 15.90; May, 15.80;
July, 15.80; Sept., 15.83; Oct., 15.80; Dec., 15.80.
On the 19th inst. futures closed 19 to 13 points net higher.
was
no
news on
in active
.
Transactions
totaled
rubber futures market
the result
that
217
contracts.
was more
prices
Sentiment
in
the
cheerful than heretofore with
advanced
to new high levels.
actively bidding and buying.
By
early afternoon active positions were 12 to 15 points higher.
There was less pressure on March than before, the quotation
advancing -5 points to 16.05c.
May stood at 15.94 and
Brokers for factories
were
were
interests
were
sellers of distant
Hides—On the
bid.
Cottonseed Oil sales, including switches, 77
Crude, S. E. 5J4@6c.
Prices closed as follows:
same
14th inst. futures closed 20 to 30 points
higher, this range covering both old and new contracts.
The opening range was 10 to 27 points net higher.
The
strength in the securities market was held largely responsible
for a marked improvement in the demand for hide futures.
Offerings, on the other hand, became less plentiful and at the
final bell the old contract was from 20 to 30 points advance,
while the new contract was from 20 to 22 points net higher.
Sentiment around the hide ring has been somewhat more
mixed the past few days.
The condition of the domestic
spot hide market did not show any change worthy of special
mention.
Light native cows are nominal at around 1134c.
a pound;
Local closing: Old contract—March, 11.10; June,
II.55; Sept., 11.70.
New contract—March, 12.05; June,
12.42; Sept:, 12.75; Dec., 13.06.
On the 16th inst. futures
closed 12 to 20 points net higher.
The market presented a
weak appearance at the start of the session today.
The old
contract opened 10 to 20 points lower, while the new con¬
tract showed declines of 2 to 8 points.
The market showed
considerable improvement, however, as the-day progressed.
Reports of sales at lower prices in the domestic spot hide
market were more than offset by the upswing in the securities
markets.
Buying orders came from many sources while
selling was of a rather scattered nature. The old contract
closed 12 to 15 points higher and the new contract was up
15 to 20 points at the close.
Certificated stocks of hides in
warehouses licensed by the Exchange increased by 7,429
hides to a total of 909,922 hides. Local closing: Old contract
—March, 11.25; June, 11.67; Sept., 11.82. New contract—
March, 12.20; June, 12.55; Sept., 12.94. On the 17th inst.
futures closed 18 to 24 points net lower. Transactions totaled
,144 contracts.
Although reports from Argentina said that
the spot market in Buenos Aires had rallied, some what from
yesterday's decline, raw hide futures here were weak. The
market opened as much as 26 points lower and had recovered
little of its initial loss by early afternoon. At that time March
new stood at 12.01c., off 19 points, with September new at
12.72, off 22 points. Sales on the new contract up to that
time totaled 1,600,000 pounds.
The old contract was in¬
active. Local closing: New contracts—March, 12.02; June,
12.37; Sepf;.» 12.70. On the 18th inst. futures closed 20 to
16 points net lower.
Transactions totaled 262 contracts.,
News that packers had accepted lower prices for spot hides
was. the cue for fresh selling and liquidation, which forced
prices down 22 to 32 points on the new contract. No sales
on the
old contract were reported.
On sales aggregating
4,880,000 pounds, March went to 11.70, June to 12.07, and
September to 12.48 cents respectively. In the domestic spot
market 27,685 hides sold at 11c. for October-January light
native cows.
In Buenos Aires 14,000 frigorifico steers sold
at 11/4 to 11 13-16c.
Local closing: New contract—March'
11.82; June, 12.19; Sept., 12.54.
On the 19th inst. futures closed 17 to 11 points net higher.
net
Oils—Linseed oil is reported as holding firm in price even
though sales are comparatively few.
Linseed oil in tank
cars is quoted 7.9c. bid; tank wagons, 7.9 to 8.1c.
Quota¬
tions: China Wood: Nearby—1434 bid.
Coconut: Crude,
Tanks, nearby—.0334 to .0334; Pacific Coast—.0224 bid.
Corn: Crude, West, tank, nearby—.0634 bid.
Olive: De¬
natured, Drums, carlots, shipment—90 offer; Spot—92 bid.
Rosins:
The
positions, commission houses doing the reverse.
During
early afternoon the market was 2 to 3 points lower, with
March at 16.07 and May at 15.96c., respectively.
The
London market was l-16d. lower to 3-32d. higher.
It was
estimated that stocks of rubber in the United Kingdom had
decreased 1,550 tons this week.
Singapore also was ir¬
regular.
Local closing: March, 16.08; May, 15.97; July,
15.93; Sept., 15.95; Dec., 15.95.
Thurs.
6.40
453
'
Transactions
totaled
115
contracts.
,
Raw
hide
futures
under pressure at the start, opening 10 to 19 points
lower on the old contract and 2 to 8 points lower on the new
were
one,
but prices firmed up in the later trading when other
During early afternoon June new con¬
up 5 points, and Sept. at 12.60c.,
up 6'.
Sales on new contracts to that time totaled 2,440,000pounds.
Nothing was reported on the old contract.
Local
closing: March, 11.99; June, 12.31; Sept., 12.65.
Today
futures closed 5 points net lower on the old contract, with
markets
tracts
sales
improved.
stood
of
two
at
12.24c.,
contracts.
The
new
contract
closed
6 to 4
points net lower, with sales of 108 contracts.
After opening
6 points lower to 3 points higher, the raw hide futures
market this afternoon was definitely easier on reports that
recent bids for spot had been withdrawn.
March new con¬
tracts were quoted at 11.09c., off 10 points, and June new
at 12.22c., off 9.
Sales of the new contract to early after¬
noon totaled 2,800,000 pounds, while sales of the old contract
totaled 80,000 to that time.
Local closing: Old Contract—
June, 11.37.
New Contract—March, 11.93; June, 12.27;
Sept., 12.60; Dec., 12.92.
Freights—The undertone of the freight market
days has been slightly easier and the demand
has been reported as less aggressive than in
recent weeks.
Charters included: Grain booked: Three loads,
New York to Liverpool, Feb., 2s lid. One load, New York
to London, Feb., 2s 9d.
Two loads, Boston to Liverpool,
,Feb., 2s lid, Two loads, New York to Norway, Jan., 18c.
Grain: Northern range to Antwerp or Rotterdam, picked
Ocean
the past few
for tonnage
Financial
454
ports United Kingdom, Feb., basis 2s 9d.
British Columbia
United Kingdom-Continent, Feb., 24s, f. i. o.
British
to
Kingdom-Continent, Feb .-Mar., 24s,
2-25, basis 2s lid.
delivery and rede¬
livery, United Kingdom-Continent via Gulf, prompt, $1.10.
Two to three months West Indies trading, delivery North of
Hatteras, Jan., $1.25.
Trip across, delivery North of
Hatteras, end Jan., $1.50. Sugar: Cuba to United KingdomContinent, Feb., 16s 6d.
Cuba to United Kingdom-Conti¬
nent, Feb., 16s 6d.
Columbia to
United
Atlantic range to Glasgow, Jan.
Time: Round trip, transatlantic trade,
f. i.
o.
NgCoal—According to latest advices anthracite shipments
moving at a very substantial rate. According to figures
by the Association of American Railroads, the
shipments of anthracite into eastern New York and New
England for the week ended Dec. 31 have amounted to 1,686
cars, as compared with 1,456 cars during the same week a
year ago, showing an increase of 230 cars, or approximately
11,500 tons.
Shipments of bituminous coal into this terri¬
tory during the weekended Dec. 31 have amounted to 2,518
cars, as compared with 1,319 cars during the corresponding
are
furnished
week in
It is reliably reported that the Delaware,
1937.
Lackawanna & Western Coal
Co., distributors of Glen Alden
of the largest hard coal operators in the country,
has resigned from the price filing agreement which has been
administered by the Stevenson group. It was claimed that
the so-called plan did not stabilize the industry as was origi¬
nally intended, and this was given as a reason for the with¬
drawal of the D. L. & W. Coal Co.
It is said, that as a
result most of the retail dealers are holding off making com¬
mitments for coal until the D. L. & W. makes an announce¬
ment as to their plans.
,
coal,
one
Metals—The report of Copper,
Tin, Lead, Zinc, Steel and
Pi^Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business Activity," where they are covered more fully.
Jan.
Chronicle
Local closing: Old contract—-Jan., 1.85; Feb., 1.82% No. 1
contract—March, 1.80% May, 1.78; July, 1.75% Aug.,
1.75. No. 2 contract—March, 1.80; April, 1.79.
On the 19th inst. futures closed 3 to 3%i. up on the old
contract, with sales totaling 37
raw
sharp reversal the silk
in active trading, with
demand concentrating on the new No. 1 contract.
The
move carried prices into new high ground for the season in
all active positions.
During early afternoon February old
was quoted at $1.85% May No. 1 at $1.81; July No. 1 at
$1.78 and July No. 2 at $1.77.
The price of crack double
extra silk in the uptown spot market advanced lc. to $1.91
a
pound. Yokohama Bourse prices were 8 to 14 yen higher.
Grade D silk in the outside market advanced 5 yen to 862%
sales totaling only 6 contracts.
In a
futures market moved up ly to 4c.
yen a bale.
Yen exchange was % higher at 27%
Local
closing: Old Contract: Jan., 1.88; Feb., 1.86.
No. 1 Con¬
tract: Mar., 1.84% April, 1.83% May, 1.82; July, 1.78;
Aug., 1.78.
No. 2 Contract: May, 1.80; July, 1.76%
Aug., 1.75.
Today futures closed 1%. up to unchanged on
the old contract, with sales of 20 contracts.
No. 1 closed
lc. down to %i. up, with sales of 47 contracts.
No. 2 closed
1 y2 to lc. net higher, with sales of 2 contracts.
Although
the spot silk market was strong, futures made no particular
response.
Prices were steady this afternoon, lc. higher to
%c. lower, with January old selling for $1.89 and July No. 1
at $1.78%
Sales of the old contract to that time totaled
170 bales, while 250 bales were sold on the No. 1 contract.
Crack double extra spot silk was 3c. higher at $1.94 a pound.
The Yokohama Bourse closed 1 to 9 yen higher, while the
price of grade D in the outside market advanced 22% yen
to 885 yen a bale.
Local closing: Old Contract: Jan., 1.89 %
Feb., 1.86.
No. 1 Contract: Mar., 1.84% May, 1.82;
July, 1.78% Aug., 1.78% No. 2 Contracts: Mar., 1.83%
April, 1.82%
wools moderated considerably
the past week, although it is still reported to be a sellers'
market. The settlement of the truck drivers strike in Boston
has fallowed the shipping out of large quantities of the raw
material, for which some of the mills were said to be in urgent
need.
The market, however, is said to be in a forward
movement, and although prices are unchanged from a week
ago, the situation is said to be fully in the sellers' favor.
Dealers who have sold wool recently, find the greatest diffi¬
culty in replacing their sales in the primary market, observers
state.
A strong situation likewise obtains in the West, with
owners of wool in the territory States asking higher prices
than are current in the Boston market.
Meanwhile dealers,
after a good, substantial business approximating 30,000,000
pounds at higher prices during the past two weeks, are
taking a breathing spell and awaiting the next move of the
manufacturers.
It is reported there is still a good quantity
of wool available,.and though most of the mills have enough
business op their books to keep them running near full to
the end of Mar., what may happen after that period is a
matter of
#
conjecture.
Silk—On the 16th inst. futures closed %}. to 4%?. net
higher.^ On the news that the 1938 Japanese cocoon crop will
run about 12.5% lower than 1937, and the fixing of the
maximum and minimum prices by the raw silk stabilization
■
O TT O N
<
,
The Movement of the
•
today. The old contract closed 2%3. to 4%.
up, while contract No. 1 was 2c. to 3c. better, and contract
No. 2, %}. to 2c. higher.
The volume of trading totaled
780 bales, including 190 bales on the old contract, 560 bales
on contract No.»l, and 30 bales on contract No. 2.
Local
closing: Old contract—Jan., 1.85% Feb., 1.83. Contract
No. 1—March, 1.80% May, 1.79; June, 1.79; July, 1.77;
August, 1.76% No. 2 contract—March, 1.80; May, 1.77;
July, 1.73; Aug., 1.72. On the 17th inst., futures closed %.
to lc. up in the old contract, with sales of seven lots.
The
No. 1 contract closed unchanged to lc. lower, with sales of
22 lots
Rumors that consumer opposition had developed
against "the. advance in the silk market were responsible for
a^subsistence(of bullish enthusiasm on the Silk Exchange.
Asva result the market opened lc. to 4c. lower. - By early
afternoon prices showed some improvement, active positions
standing 1 higher to
lower, with February old at $1.84
and August No. 1 at $1.75. Sales in the old contract totaled
50
week ending this
37,387 bales, against 38,827 bales last week and 42,596
bales the previous week, ' making the total receipts since
Aug. 1, 1938, 2,900,379 bales, against 5,864,525 bales for
the same period of 1937-38, showing a decrease since Aug. 1,
bales,^ while 110 bales
were done in the new contract up
The price of crack double extra silk was %i«
lower^at $1.90.
The Yokohama Bourse closed 1 to 3 yen
lower.
Grade D silkpnjthe outside market was unchanged
at 865'yen^aJbale.
Local closing: Old contract—Jan., 1.86;
Feb.,}1.84. No. ljcontract—March, 1.80% May, 1.78%
July» 1-76% Aug.,fl.76. On the 18th inst. futures closed
1 %>• down to lc. up.
Raw silk futures were irregular,
prices moving^uncertainly. Selling pressure converged on the
old contract. During early afternoon February old stood at
$1.82% off 1%}. On ^the,other hand, March No. 1 was
unchanged at $1.80% while July No. 1 stood at $1.77, up
%}. April No. 2 sold at $1.80, up 2c. Sales to early after¬
noon totaled 240 bales, of which 150 bales were on the No. 1
contract, 60 on the old contract and 30 on the No. 2. Crack
double extra silk in'the uptown spot market was unchanged
at $1.90. The Yokohama Bourse closed 1 yen higher to 3 yen
lower. Grade D^silkjwas iy2 yen lower at 857 >1 yen a bale;
3.106
523
2,091
1,248
5,361
1,160
Houston
Corpus
1,432
1,080
1,284
682
*898
1,161
1,756
147
162
165
1,344
2,624
50
95
186
Savannah-
23
25
126
•
j
35
""80
"38
"*20
"62
Norfolk
194
i, 3i
4
Lake Charles
9,329
805
j
8
12
Charleston
120
\
1
320
225
225
Baltimore--
Totals this week.
JLAIO
789
126
1*546
Mobile.-.
New Orleans
14,517
11,169
1.243
5,674
663
Christi--
Total
Frf.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
Galveston
JLWFJLXV^
YV1JLI&
OJJL\J
tOiMXU
3,595
6,295
8,710
5,248
lilV
&
total since Aug. 1, 1938, and
with last year:
•"
'
HD
TT
3,381
10,158
vy VMM.
the stocks tonight, compared
'■ \
'' f."
Stock
1937-38
1938-39
37,387i
Receipts to
session
to that time.
Friday Night, Jan. 20, 1939
Crop, as indicated by our tele¬
from the South tonight,sis given below.
For the
evening the total receipts have reached
grams
committee, raw silk futures here advanced sharply in a fairly
active
The No. 1 con¬
contracts.
closed 43^ to2%?. net higher, with sales of 133 con¬
tracts.
The No. 2 contract closed 4 to 3c. net higher, with
tract
^
Wool—The demand for
1939
21,
Since Aug
1 1938
This
Jan. 20
Week
Galveston-.
874,786
14,517
11,169
'325
907,568
277.630
16,678
651,042
42,649
9,226
1,741
30.170
15,573
38,537
10,225
11,135
225
Houston--
13,419
789
Corpus Christi__.
Beaumont.New
9",329
Orleans
Mobile
Pensacola,
805
&c
Jacksonville
194
35
Savannah
Charleston
Lake
4
Charles
Wilmington
Norfolk
This
Since Aug
Week
1 1937
37,777 1,618,921
42,579 1,543,250
462
387,212
8,944
28*154 1,616,207
1,372
175,077
70,143
3,539
117,025
174,141
77,653
16,110
42,797
571
845,328
61,518
31,859
688,048
62,514
5,393
1,778
13,506
2,114
""50
142
1,203
1,377
1,039
1938
1939
758,355
150.906
38,726
10,507
16,866
28,684
928,676
897,859
62,077
15,455
818,221
68,523
11,919
3,133
150,139
69,827
28,245
18,969
31,142
100
Boston
Baltimore
37,387 2,900,379 116,840 5,864.525
Total
In order that
3,643
925
2,703,918 3,108,853
comparison may be made with other years i
1938-39
Receipts at—
100
2,161
1,175
New York
1937-38
1936-37
1935-36
1934-35
1933-34
'
Houston
New
Orleans.
"l",694
142
"*858
1,039
1,372
444
186
50
203
"""320
2,082
460
289
754
"T.ois
"2",460
"2",889
"1",229
"1*974
"5",279
116,840
82,643
103,103
52,473
114,611
805
37,777
42,579
28,154
2,114
194
Savannah
Brunswick
36,011
47,398
2,161
.■
"
Charleston
_
Norfolk
Newport News
All others
<
Total this wkSince
"1,902
42,885
31,495
28,195
1,727
2,403
1*263
14,517
11,169
9,329
Mobile
Wilmington-
941
15,037
10,711
18,529
2,762
1,427
22,725
14,719
7,688
50,177
2,662
1,124
""*35
Galveston
37,387
"1,670
3,424,195 5,826,209
Aug. 1__ 2,900,379 5,864,525 5,200.655 5,648.250
of which 15,427 were to Great Britain, 4,191
15,397 to Germany, 8,203 to Italy, 27,274 to
of 89,979 bales,
to
France,
Japan, 3,848 to China, and 15,639 to
other destinations.
In
corresponding week last year total exports were 132,100
bales.
For the season to date aggregate exports have been
the
Volume
148
Financial
Chronicle
2,089,023 bales, against 3,691,551 bales in the same
period
of the previous season.
Below are the exports for the week.
Week Ended
belated covering, but only a
small outstanding interest remains in that
position, it is said.
Spot cotton markets were generally lower, with
middling
averaging 8.53c. at the 10 designated spot markets. On the
Exported to—-
Jan. 20, 1939
Exports from—
721
Houston
7,992
1,771
14,560
1,820
1,576
28,440
6,289
3.594
4,431
2,028
6,631
34,036
although
2,397
3,331
4,733
12,549
300
1,256
France
8,527
Corpus Christ!
3*747
Orleans.
Mobile
Jacksonville.
Italy
many
Japan
China
Other
934
New
2*838
1*231
956
Total
116
_
Pensacola, &c_
Savannah
331
14
130
502
767
144
Los Angeles..
San Francisco
1,350
Total......
15,427
4,191
15,397
8,203
.
in evidence just before
was 10 points lower to 1
point
higher, with January selling off 10 points. Prices were easier
on the
opening, with futures recording losses of 1 to 5 points
from the last quotations of the
previous day. Liquidation in
the near months was
brought out by the circulation of 17
January notices. The trade again was a heavy
103
331
5,213
6,484
1,839
3,189
Total
1938...
51,807
28,445
16,239
11,112
10,570
6,316
9,682
9,942
3,848
2,336
31,145
15,639
11,333
8,065
1937...
From
Jan. 20 1939
Great
Britain
16,432 132,100
81,330
Ger¬
France
Italy
Japan
China
86,139
96,253
56,271
176,266
82,968
68,232
88,931
73,514
126,982
10,420 127,500
21,779 112,676
22,146
60,252
27,542
54,851
12,606
24,376
2,214
173
Galveston
....
48,975
Houston
Corpus Christ!
_
Beaumont
many
21,671
—
----
69,991
61,597
31,679
9,947
4,721
5,752
883
24,733
984
4,562
Mobile.
Savannah
6,443
Charleston...
1,932
265
110
150
1,039
66,494
306,485
10,661
285
61
'
-
"
-
-
500
33
8,525
4,575
5,907
4,697
155
—-
4,750
1,841
1,944
3,153
152,575
886
—
869
3,796
600
47
17*. 569
Francisco
15,224
457
—
90
Los Angeles. 1
1,042
8,010
785
1,100
'
.
3,572
56
—
36,539
■
171
'
66
Philadelphia..
gain of 3 points from the closing levels
preceding day. Around midday prices were 2 points
lower to 3 points higher. The volume of business
was
very
small during the
early trading. Price-fixing in the March
and May options again
appeared through leading spot houses,
while contracts were
supplied by commission houses and the
South. The spread between
Bombay and New York Widened
out, giving the Bombay straddler a somewhat better
position
than he has had
recently, although it temporarily checked
of the
31,964
4,342
564
288
50,812
-
468
3,475
525
4,947
•
short time before the close of business active
months regis¬
tered no change to a
239,898
866
-
1,489
J,
-
100
6,428
Gulf port
New York
-
7,210
'
111
•M
Norfolk
»
575,082
54,637
—
__
144
214
7,363
-
Total
601,824
'
767
_
Pensacola, Ac.
34,719
-
•
_
37,058
Lake'Charles.
Other
1,965
1,240
New Orleans.
Total
50.333
business from that quarter.
zy
2,221
"3*103
1*936
117", 073
1,216
42,651
2 to 3
300,815 321,247
311,584 196,023
521,951
172,378
88,9,771
29,991 699,014 3691,551
16,511 430,329 3250,031
446.185 193,902
In addition to above
exports, our
give us the following amounts of
cleared, at the ports named:
down.
telegrams tonight also
on
shipboard, not
cotton
in
On Shipboard Not Cleared
for—
Great
Galveston
Houston
•2,400
2,286
2,925
_
France
Other
Coast¬
many
Foreign
wise
3.000
807
100
3,522
4,591
25,200
11,592
2,173
Savannah
3,000
186
2,558
Charleston-
*493
Mobile
35.800
14,971
15,769
"300
"47
"300
*892
Norfolk
1,432
Other ports
Total 1939..
Total 1938
Total 1937-.-.
8,104
18,957
12,468
Speculation
in
6,576
11,505
27,110
cotton
7,691 39,857
5,882 44,177
7,354 118,152
for
past
week
very
There
of
the
were
no
real
market.
moderately
a
delivery during the
active, with price trend
relatively narrow range.
incentives to stir traders
on
either side
Our
great surplus of cotton is the
overshadowing influence. Considerable attention was
big
given
to
the significance of the
suggestion coming from Secre¬
tary of Agriculture Wallace concerning a world conference
of cotton producers.
Although Mr. Wallace was quoted as
having said that there was no threat of dumping of sur¬
plus American staple on the world market, others felt
that*
if foreign producers failed to
cooperate the United States
might take steps to enable American cotton
exporters to
meet foreign prices.
On the 14th inst. prices closed f6 to 10
points net higher/
brought in
today. Opening firmness
reflected an accumulation of trade
buying orders. Senti¬
ment also seemed
favorably influenced by indications that
More cheerful conditions at home and abroad
moderate demand for cotton futures
the results
of the Rome conversations of the
British and
Italian premiers were more favorable than at
first indicated.
Intimations that credits were
being arranged to move
some
surplus cotton to
several
European
PLatin-American
were
given a bullish interpretation.
The
Export-Import Bank at Washington already has arranged
a line of
credit'through New York banks for the purchase by
countries
ana
also
Poland of what is said to be a substantial
amount of American
cotton.
The early advances attractedfsome
Southern hedge
selling and scattered realizing, but after setbacks of about
4 to 7 points from'the
early highs the market developed a
steadier tone in the-late transactions.
Average price of
middling at the 10 designated; spot markets was 8.55c. On
the 16th inst. prices closed 1 to 13
points net lower. As a
result of selling which centered in forward
deliveries, cotton
futures ruled heavy
during most of the day. Easier foreign
markets received only a partial
response at the opening,
when prices ranged from 2
points higher to 4 points lower.
Continued trade buying of
near-by deliveries and
some
Bombay demand for forward months absorbed scattered
As the day progressed Liverpool turned
to the selling side and there was
enough hedging and local
selling to supply the restricted demand. Spot house
offerings
moderate selling.
in forward months became
more
position, trading in which ends
in evidence.
at
noon
The
cotton
no
a
buying
were
again
the opening, with initial prices register¬
decline of three points from the last
day.
Further price-fixing and
in evidence in
houses
March
sold
the
and
March
May.
option, while
The
and
and
the
Continent
New Orleans sold the distant
months,
while Liverpool
bought May and July.
Commission house and Continental
liquidation depressed values on the Liverpool Exchange,
market closed
two
four
to
points
lower.
Today prices closed two to five points net higher. Prices
for cotton futures developed a steadier tone
today in a
.
moderate
volume of
sales.
A
short
time before
the
close
of business active
positions showed advances of four to six
points over the closing levels of the previous day.
Around
midday the market also was four to six points higher.
Dealings were fairly active on the opening, with futures
two to five points above yesterday's last quotations.
"buying in
all
early
trading.
acted
very
the
active
Brokers
months
was
the
Heavy
feature
of
the
with
little business
as
Bombay connections trans¬
the differences between New
York and Bombay widened.
The market held steady after
the call on continued price-fixing and limited
offerings.
The volume of transactions quieted down somewhat in later
dealings, but prices held steady.
The bulk of the business
was done in the March and May
contracts^in whiqh months
it was estimated that mills have fixed the
price of 15,000
to 20,000 bales.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 14 to Jan. 20—-
Sat.
Middling upland
—.
8.92
Mon.
8
Tues.
.93
Wed. Thurs.
9.01
9.00
Premiums and Discounts for Grade and
9.05
Fri.
9.10
Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries
on contract on
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of
Agriculture,
and staple premiums represent 60% of the
average
_.
premiums
over
K-inch cotton at the 10 markets
15-16
inch
on
1 in. A
inch
Longer
White—
Jan. 19.
H
inch
15-16
1 in. A
inch
Longer
Spotted—
Mid. Fair
.62
on
.94
on
Good Mid
St. Good Mid..
.56
on
.74
on
.88
on
St. Mid
.06 off
.10 on
Good Mid
.50
on
.68
on
.82 on
Mid
.65 off
.51 off
St. Mid
.34
on
.61 on
.66 on
.17
.31
.47 off
.37 off
Mid
St. Low MidLow Mid
Baals
.80 on
on
on
.57 off
.42 off
.31 off
U0 off 1.23 off 1.18 off
•St. Good Ord. 2.00 off 1.96 off 1.93 off
2.61 off 2.59 off 2.56 off
•Good Ord
Extra White.50 on
.68 on
.82 on
Good Mid
.34
.09
on
.25
on
.37 on
.22
on
.38 off
•St. Low Mid— 1.39 off 1.32 off 1.28 off
•Low Mid
2.11 off 2.09 off 2.07 off
Tinged—
Good Mid
.27 off
St. Mid
.71 off
.61 off
.62 off
1.44 off 1.39 off 1.35 off
♦St. Low Mid— 2.13 off 2.11 off 2.09 off
•Low Mid
2.77 off 2.76 off 2.76 off
•Mid
.51
on
Mid
Even
.17
on
.31 off
Good Mid
1.10 off 1.03 ott
St. Low Mid
.57 off
.42 off
.31 off
•St. Mid
1.61 off 1.67 off 1.55 Off
2.27 off 2.25 off 2.23 off
St. Mid
Low Mid
on
.66
on
1.30 off 1.23 off 1.18 off
•St. Good Ord. 2.00 off 1.96 off 1.93 off
2.61 off 2.59 off 2.56 off
•Good Ord
Yel. Stained—
•Mid
•Mid...
•Not deliverable
on
future contract.
.96 oft
Gray—
Good Mid
St. Mid.
January
tomorrow, held
was
prices closed 5
market
on
change to
commission
722,555
830,357
672,279
150,906
38,426
61,082
28,684
131,357
future
irregular and confined to
continued
The
trade
6,044 68.272 2,635.646
6,109 86,630 3.022,223
6,489 171,573 2,266,846
inst.
After the call the market
steady undertone in evidence.
quotations of the preceding
Stock
Total
•
2,200
19th
quiet trading
ing
Leaving
Ger¬
Britain
the
a
points up to 1 point
displayed a mixed tone
throughout the greater part of the day in a limited volume
of business.
Shortly before the end of the trading period
the list was three points above to one
point below the previ¬
ous
closing levels.
At noon the market was two points
higher to two points lower.
Futures were slightly easier
41,212 396,191 2089,023
638,653 325,442
Jan. 20 at—
points higher with
On
Total 1937-38. 1211,323 614,750
Total 1936-37.
731,527 541,806
New Orleans.
was
the market
in the
Aug. 1 1938 to
Exports from,—
:
noon
buyer, while
South, Wall Street and wire houses figured
prominently
selling. Bombay, the Continent and Liverpool sold
the near months and
bought the distant deliveries. The
January position met further commission house selling after
the call, but the market lacked
feature.
The Liverpool
market was irregular, with
closing prices 1 point higher to
2 points lower. On the 18th inst.
prices closed 1 point down
to 1 point up. A
barely steady tone developed in the cotton
market late today in a limited volume of
transactions.
A
89,979
Exported to—
Jacksonville.
At
the
27,274
Total
Brownsville.
sales,
slight improvement
a
the close.
116
103
Norfolk
r.
little
a
2,536
Ger¬
Galveston
San
on
17th inst. prices closed 4
points lower to 4 points higher.
The market
displayed a mixed tone throughout the greater
part of the dealings today in a moderate volume of
Great
Britain
Boston
455
relatively steady
.69 off
.46 off
.36 ofT
.79 off
.68 oft
.68 off
1.35 off 1.28 off 1.24 off
cable and telegraph,
quotations for middling upland at New York on
each of the past 32 years have been as follows:
as
Jan. 20 for
1936
1935
1934
1933
1932
1922
1921
1920
28.05c.
32.30c.
16.90c.
1916 ..-_12.20c.
1919
1918
1917
this week's returns,
are
967,000
174.000
822,000
94,000
630,000
.1,077,000 1,141,000
916,000
212,000
278,000
16,000
728,000
276,000
204,000
18,000
_
.
Total Great Britain
Saturday— Nominal
Nominal.Monday
Nominal
Tuesday
-iA
—
-
Nominal
--
-
Nominal
400
l",I56
300
Stock
at
8.33- 8.35
8.36n
Other
Range..
Mar.—
8.36- 8.43
8.35- 8.41
8.34- 8.43
8.40- 8.44
8.39- 8.45
8.47
8.53
8.42- 8.43
8.38
8.4i- 8.43
8.40- 8.41
8.46
8.50
8.51
,597 7,708,149
and other descriptions
000
322,000
60
157 000
242 000
28 000
301, 000
70,000
216,000
188,000
316, 000
596,000
216,000
298,000
64,000
365,000
130,000
;.
2,703,918 3,108,853 2,438
3,329,120 2,629,639 2,090,
20,576
17,257
today----
follows:
are as
11,
129,000
298,000
2,569,514
671 2,285.388
507
13,247
419
"
—,—7,156,295 7,428,068 5,643,597
Total American
Range..
8.28n
8.2277
8.2877
8.29n
8.3177
8.35n
8.12- 8.16
8.08- 8.14
8.10- 8.17
8.15- 8.19
8.13- 8.18
8.20
8.16
Closing.
May—
Range..
8.13- 8.14
8.16
8.17
8.18
8.20
•
East
Indian, Brazil, dec.—
—
Bremen stock
June—
-—
Continental stockIndian afloat for Europe
Other
Range..
8.00n
8.03n
Closing.
8.03n
8.04n
8.08n
8.05n
July—
Range-
7.86- 7.92
7.83- 7.89
7.84- 7.91
7.89- 7;94
7.88- 7.92
7.94
7.91
7.87
7.90
7.91
7.91- 7.92
7.96
-—
7.78 n
7.71n
7.9477
7.74n
7.74n
7.79 n
7.65 n
7:55 n
7.58n
7.57 n
7.67n
7.62n
Ranges.
7.45- 7.52
'7.37- 7.48
7.35- 7.43
7.39- 7 Ah
7.38- 7.41
7.44
7.48
Closing
7.52
7.39 n
7.43
7.41
7.40
7.45
7.46
.
—
Aug.—
.
Range..
Closing.
...
Oct.—
.
-—
—
'
Nov.—
Range..
7.40n
7.40n
7.38- 7.40
7.43
7.43n
Range..
7.56- 7.56
7.40- 7.52
7.38- 7.44
7.40- 7.47
Closing.
7.55rt
7.42n
7.44
7.40
7.40
7.40n
7.40n
—
Jan.(1940)
7.44
7.46
7.45
Range..
Closing.
131,000
406.000
866,000
359,000
704,000
2.288,000 1,817,000 2,253,000 1,617,000
7,156,295 7,428,068 5,643,597 6,091,149
Total visible supply.,.
—9,444,295
Middling uplands, Liverpool
5>18d.
Middling uplands, New Vork—;
9.10c.
Egypt, good Sakel, Liverpool-..8.48d.
Broach, fine, Liverpool
4.lid.
Peruvian Tanguis, g'd fair, L'pool
5.63d.
C.P.Oomra No.1 staple, s'fine.Liv
4.lid.
9,245.088 7,896,597 7,708*149
4.93d.
7.16d.
6.17d.
11.85c.
12.97c.
11.34d.
8.58c.
9.66d.
4.15d.
9.93d.
5.46d.
* 5.91d.
8.64d.
5.88d.
6.18cl.
4.27d.
7.44n
7.43n
7.41n
7.53 n
Closing.
Dec.—
36,000
24,000
194.000
155,000
114,000
Total American
Sept.—
55,000
94,000
472,000
823,000
Total East India, &c
Range..
34,000
27,000
77,000
Egypt, Brazil, &c., afloat
8tock in Alexandria, Egypt
Stock in Bombay, India
7.98
Closing
Closing
-—
-
44,000
37,000
26,000
38,000
70,000
91,000
44,000
Manchester stock.
507,000
371,000
559,000
Liverpool stock.-s.-
8.24
Havrestock
Closing.
n
-
Continental stock—1.-.-
U. S. exports
April—
-
——
U. S. port stock
U. 8. interior stock
Closing.
..
164,000
231,000
69,000
162,000
-
American afloat for Europe—
Range..
658,000
415,000
65,000
—
8.48n
8.4377
8.38n
8.40n
8.36rt
8.39n
542,000
11,000
5,000
1,809,000 1,458,000 1.386,000
161,000
194,000
94,000
298,000
301,000
365,000
120,000
155,000
131,000
334,000
406,000
359,000
541,000
866,000
704,000
3.108,853 2,438.419 2,569,514
2,629,639 2,090,671 2,285,388
13,247
20,576
11,507
-—-9,444,295 9,245,068 7,896
totals of American
Havre stock
Closing.
2,703,918
ports
Bremen stock
Feb.—
'•
114,000
interior towns
3,329,120
today
—.—17,257
Liverpool stock
Manchester stock
8.35
.
U. S.
Of the above,
8.25- 8.31
8.33- 8.40
Closing
in
Total visible supply
Jan.(1939)
Range..
162,000
472,000
£23,000
Stock in U. 8.
U. 8. exports
Jan. 20
19
Europe—
for Europe
Egypt, Brazil,&c. .afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
Friday
Thursday
1,746,000
77,000
Total European stocks—
Inaia cotton afloat for
7,650
116,405
72",700
Jan.
18
Jan.
17
Jan.
.
—
American cotton afloat
76,000
668.000
f.lOO
300
68.000
'
—
23,000
8,000
5,000
24,000
10,000
5,650
5*250
Wednesday
Tuesday
16
Jan.
15,000
98,000
53,000
16,000
9,000
62,55o
!
Mestre—
Stock at Venice and
Stock at Trieste
200
lowest and closing prices
week have been as follows:
Monday
14
Jan.
.—-
Stock at Genoa
*200
highest,
Saturday
322,000
17,000
-
Stock at Barcelona
400
400
Steady
Steady..,—.--Steady—
Steady—.
3teady_------Steady—-----
7,050
43,705
Futures—The
.
•
Since Aug. 1
•
.
Stock At Rotterdam
Total
Contr'ct
Spot
Total week.
New York for the past
.
Stock at Havre
"
Closed
Wednesday- Nominal.
Thursday
Friday
Market
,
251,000
324,000
234,000
Stock at Bremen
Spot Market
Closed.
974,000
103,000
hales-
Manchester.
Stock at
1936
1937
1938
1939
Jan. 20—
Stock at Liverpool
SALES
Futures
and consequently all foreign
only.
York
Market and Sales at New
afloat
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
8.60c.
1914
13.00c.
1913
12.90c.
1912
9.50c.
1911
14.90c.
1910..—.14.15c.
1909
9.85c.
1908 ..—12.25c.
1915
28.40c.
18.05c.
17.35c.
39.5.5c.
1923
10.20c.
17.35c.
20.40c.
19.25c.
13.60c.
21.05c.
24.00c.
33.35c.
9.10c. 1931
8.62c. 1930
l12.95c. 1929
11.90c. 1928
.—12.70c. 1927
11.60c. 1926
6.2.5c. 1925
6.75c. 1924
1939
1938
1937
of Cotton tonight, as made up by
is as follows.
Foreign stocks as well
The Visible Supply
Quotations for 32 Years
New York
The
Jan. 21, 1939
Chronicle
Financial
456
7.44
been 118,000 bales.
decrease from last
week of 134,648 bales, a gain of 199,227 over 1937, an
increase of 1,547.698 bales over 1936, and an increase of
1,736,146 bales from 1935.
"
•
Continental imports for past week have
The above figures for 1938 shows a
Nominal.
for week ending
Range for future prices at New York
each option:
Jan. 20, 1939, and since trading began on
Range
Range for Week
Option forJan.
Feb.
8.40 Jan.
17
8.25 Jan.
19391939.
16
7.74
8.18
3 1938
Feb.
23 1938
8.74
June
8*08
16
"783
Jan.
16
8.24 Jan.
Aug. 1939.
May 31 1938
0.27 July
Oct.
4 1938
7.60
T98 Jan~~20
17
7.35 Jan.
7.52
Jan.
Dec.
5 1938
9.05 July
Oct.
3 1938
8.12
Oct.
Oct.
18.1938
8.07
Jan.
10 1939
8.01
7 1938
Movement to Jan. 20, 1939
Sept. 30 1938
Oct. 24 1938
1939.
7
~38 Jaii"
17
7.56 Jan.
7.28
Jan.
10 1939
7.71
Dec. 30 1938
Jan.
1940.
7.45 Jan.
20
7.46 Jan.
7.45 Jan.
20 1939
7.46
Jan.
Receipts
-
20 1939
Seasori
Week
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery ana open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
figures
are
have
The
compiled the following table.
21
55,280
9,509
412
44,061
67,819
461
52,412
573
64,241
8,158
1,922
155,529
3,400
46,663
1,530
2,215
84,808
971
239
64,147
33,203
137,493
42,431
164,113
490
44,852
260
67,463
1,907
60,255
9,081
94,249
480
68
82,836
43.381
500
80.576
46
130,287
2,584
170,453
38,939
59,820
47
52,378
945
145
60,754
48,669
19,280
101,556
39,662
201
36,433
412
143,547
1,524
1,689
137
129,251
48,344
601
42,593
131,944
479
44,827
78
750
41,166
340
37,229
4,160
137,628
143,271
'4,359
151,943
2,404
142,266
800
21,900
1,200
34,350
725
41,425
932
35,992
100
Seima
Ark.,Blythev.
317
16
City
Helena
59
Hope
3
Jdnesboro—
Rock
Littie
356
900
Newport—n
34
Bluff.
321
Walnut Rge
77
Ga., Albany—
41
12,682
1,500
27,234
500
840
98,215
5,684
48
354
1,745
2,545
1,156
18.951
39,847
140,654
Pine
Jan.
Week
Season
Week
38,634
Montgom'y
Athens
Atlanta
given in bales of 500 lb. gross weight.
20
Stocks
ments
Jan.
Week
l",i55
Eufaula
"
we
21, 1938
Ship¬
Receipts
Stocks
11,959
Ala., Birm'am
Forest
which
Ship¬
ments
Towns
1938
Nov. 21
Dec.
from
Movement to Jan.
3 1938
Nov. 1939.
Volume of Sales for Future
year—is set out in
v
22 1938
•8.20
7.26
14
for
the
Aug. 23 1938
8.37
7.82
Sept. 1939.
Oct.
1939.
movement—that is, the
corresponding period of the previous
detail below:
:V^
Y,:.v' ,v.
7 1938
9.25 July
7.81
20
1939.
1939.
Jan.
7.77 May 31 1938
8.34 May 25 1938
—
the
Towns
28 1938
8.12
8L53
16
.......
1939.
May 1939.
Apr.
July
June
9.51
8.11
8 "3 5 Jan.
Mar. 1939.
June
"jan"_20
Since? Beginning of Option
May 31 1938
Interior
the
At
receipts for the week and since Aug. 1, the shipments
the week and the stocks tonight, ana the same items for
,
1
4
1,967
*
8,382
119,819
'
33,147
40,329
397
27,089
27,875
1,614
104,210
1,147
4,855
27,211
88,541
36,349
60,314
18,356
584
16,391
Contracts
New York
Jap. 13
16 Jan,
600
1.30C
17,700
24,200
21,100
12.100
14,000
9.20C
20,000
15,500
July
8,700
7,600
-
19,300
10,300
4.7CC
17,000
12,200
3,700
October
18
Jan/15
800
1,100
Jan. 19
600
154,295
34,900
26,043
376
37,745
Rome
100
16,256
85,230
10C
32,588
,35
593
89,207
785
16,212
143,196
119,550
3,276
7,237
212,740
26,142
98
249
37,204
252
79,457
35,230
1J90
187,603
5,128
75,538
42,963
125,563
2,066
5,385
3,082
268,183
4,780
118,242
62
31,142
7,504
27,047
482
41,557
162
61,994
1,395
31,890
27
16,393
51
17,313
99
533
24,714
481
46,624
477
24,137
601
51,801
948
70,101
943
39,983
5,071
3,479
2,872
4,810
101,005
4,810
2,288
195
3,493
224
3,430
11,916
3,257
485,793
11,238
3,140
62,025
206,038
8,849
27
La., Shrevep't
Miss., Clarksd
937
Columbus..
529,100
Greenwood-
15,800
11,200
616,700
Jackson
8,900
17,800
817,100
Natchez
24,500
24,000
8,900
11,100
6,300
464,000
3,700
1,500
2,000
26,000
Inactive months—
100
(1939)
September
2,489
7,000
17
«...
2
Vlcksburg..
3,100
—
56,100
36,900
70,900
73,000
61,800
61,300 2.458,100
Contracts
Jan. 11 Jan.
New Orleans
(1939)
May
-
—
-
12 Jan. 13 Jan. 14 Jan. 16 Jan.
17
Jan. 17
2,850
October
December
450
950
2,550
*750
3,400
2,950
1,500
7,400
1,600
2,550
1,150
3,250
1,250
1,450
2,050
2,150
1,100
1,050
550
85,100
2,400
7,050
2,950
127,200
60C
550
800
100
11,997
5,056
N.C., Gr'boro
226
847
335,777
1,454
60,289
2,342
35,060 1540,209
114
21,795
47,307
296.826
75,746
872,157
267
13,630
234
44,385
14
15,260
1
80
18
16,838
13,281
186
2,811
6.568
101,151
515
34,017
747
91,498
150
26,503
al8
76
07,515
41,267
753
86,972
.
S. C., Gr'vllle
Texas, Abilene
41
14,235
95
309
41,925
734
4,593
3,374
45,011
357
62,983
333
44.004
6,470
43
—2
13,207
39
1,320
3,142
36,225
24,266
41
Austin
Brenham
6,274
..
Paris
Robstown.,
San Marcos
Texarkana.
Waco
"500
14,300
428.400
47
53,562
.52.682 3917.734
.
9,500
81,813
69,216 1853,881
80,253
689,514
36
1,864
244
17,750
10,450
6,050
notices hare been Issued, leaving net open
32
15,657
877
175
21,187
961
21,283
a461
a
92,610 3329.120 141,445 5185,267 124,822 2629,639
6 ,750
9.250
208
27,069
"
San Antonio.
200
Includes 2,000 bales against which
161
Oklahoma—
Total, 56 towns
"400
May
Total all futures
96,550
"
March
*
72,901
8,300
350
(1940)
contracts none.
1,750
102,550
150
4,300
100
3,400
2,150
550
July
January
21,834
,
44,998
99,875
3,482
Dallas
—
250
50
Tenn., Mem's
Open
March
'
City
Yazoo
15 towns *
Total all futures.-
January
.
,
.
Mo., St. Louis
December
August
93,638
100
173
...
*2,000
3,000
May
March
17 Jan.
200
(1939)
January
14 Jan.
Jan.
L391
Columbus..
Macon
Augusta
Open
above totals show
decreased (luring the week
699,481 bales more than at
Tbe
that the interior stocks have
39,928 bales and are tonight
the same period last year. The
Volume
148
Financial
receipts at all the towns have
the
been
88,763
week last year.
same
Chronicle
bales less than
Overland Movement for the
Week and Since Aug. 1—
We give below a
statement showing the overland movement
for the week and since
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
-1938-39
Jon. 20—
Week
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
1.752
5.674
92,518
395,601
3.678
92.345
25,533
545,563
27,092
699,451
36.586
825,716
2?5
244
13,730
''5,284
227,882
272
5.184
6,414
5,300
125.462
6,883
246.896
6,143
•144,152
Overland to N. Y.,
Boston, &c_.
Between interior towns
Inland, &c., from South
.
(Cotton in running bales, counting round
571
Cotton
13,506
20,209
452,555
30,443
Dec.
681,564
by rail to Canada.
1938-39
United States
Cotton-growing States.
Takings
Week
Aug. 1
37,387
Net overland to Jan. 20.
Week
2,900,379
452,555
2,908,000
20,209
Southern consumption to Jan.
20-120,000
1938
New England States
1938
1937
116,840
30,443
85,000
177,596
*39,928
'
193
6,260,934
1,376,197
232,283
16,623
27,942
3,718
3,450
40,437
1,353
599
4,213
3,421
17,072
22,077
19,057
'22,173
7,480
3,332
f 1938
) 1937
46.309
345,816
323,376
335,653
251,011
1938
26,362
65,676
Country of Production
38,847
December
780,451
1938
Egypt
-
610,466
13,103
34,231
25,623
9,608
4,776
106,335
66,753
Mexico
Southern and other
principal cotton markets for each
of the week:
1937
18,331
22,576
44
230
754
458
108
2.203
4.204
1,168
3,512
24,357
10,598
350
172
393
3,301
1,926
10,612
1,124
11,018
All Other..
8,638
65,173
.....
Total......
Linters imported
during four months ended Nov.
30,
equivalent 500-pound bales.
day
1938
3,634
:
British India
Quotations for Middling Cotton at Other Markets-—
Below are the closing
quotations for middling cotton at
5 Mos. Ended Dec. 31
106
China...
Bales
__.10.907,632
—-10,437,944
6,917,956
1935
1934
4,446,642
601,218
6,137
10,005
2,845
1937
3,401
Peru
■
Since Aug. 1—
1936
"
Imports of Foreign Cotton (500-16.
Bales)
Movement into sight in previous
years:
Bales
(Number)
24,533
24,773
1937
'•■■v*-'.);
___.___164.528
196,168
130,435
(Bales)
4,962
3,596
1938
11,566", 287
756,263
(Bales)
2,799,817 1,697,089 15331332
22,444,784
2,644,414 1,714,596 11891409
•22,337,254
43,083
54,251
Not Included Above—
477,540
248,906
♦Decrease.
December
•;*
8,127',362
North, spinn's* takings to Jan.
20
presses
1938
Linters...
Active
During
ments
77,165
69,502
""I
Spindles
:
Establish¬ ffe at Com¬
31
(Bales)
14,346
10,582
cotton.
Public
Storage
1937
Other foreign cotton
9,256,089
1,832,658
490,231
.137,668
In
1937
Egyptian cotton......
5,864,525
681,564
2,710,000
.
consumption to Jan. 1
Came into sight during week
Total in sight Jan. 20
1938
Included Above—
,
Hand
179,708 2,372,169 1,478,332 15272 281
17,062,800
372,817 2,254,840 1,448,729 11815 239
17,280,146
71,253
350,483
175,674
52,914 4,780,766
48,929
320,072
211,616
66,165
1937
Amer.-Egyptian
*
...
All other States
Since
Aug. 1
j
,
Week—
suming
Dec.
1938 565,307
1937 432,328
-{
1937-38-
Since
ports to Jan. 20
1937—Jan. 22
1936—Jan. 24
1935—Jan. 25
on
Dec. 31
In Con¬
(Bales)
Sight and Spinners'
in
Cotton
the week last
year, and that for the season to date the
aggregate net overland exhibits a decrease from a
year ago
of 22y,009 bales.
over
Cotton
Months
Year
foregoing shows the week's net overland movement
this year has been
20,209 bales, against 30,443 bales for
Receipts at
Consumed
foreign, which Is
\
.
During—
The
In
half bales,
except
as
500-pound bales)
,
Ended
net overland*
movement
DECEMBER REPORT OF COTTON
CONSUMED, ON HAND, IMPORTED
AND
EXPORTED, AND ACTIVE COTTON SPINDLES
Five
Total to be deducted
Including
101.332
81.516
2,274
2,686
75
Total gross overland
Deduct Shipments—
Leaving total
Aug. 1
4,810
2,475
3,325
13.324
_r
Via other routes, &c..
*
Week
99,660
104,246
5,100
197
December, 1938, when compared with the previous
year, in
the total lint and linters
combined of 152,346
bales, or 31.8%.
The following is the
statement:
Since
Aug. 1
5,071
December,
1938 and 1937.
Cotton consumed amounted to
565,307
bales of lint and
65,676 bales of linters, compared with
596,289 bales of lint and
66,822 bales of linters in
November,
1938, and 432,328 bales of lint and
46,309 bales of linters in
December, 1937. It will be seen that there is an increase in
1937-38-
Since
Shipped—
457
Bureau issued its
report showing cotton consumed in the
United States, cotton on
hand, active cotton spindles and
imports and exports of cotton for the months of
11,264
39,997
1938, amounted
to
15,475
-
Exports of Domestic Cotton
Excluding Linters
Closing Quotations for Middling Cotton
Week Ended
Jan. 20
Saturday Monday
Galveston-
8.38
Tuesday
Country to Which Exported
Wed'day Thursday
New Orleans
8.64
Mobile
8.30
,8.36
8.62
8.28
Savannah
8.31
8.32
8.87
8.83
8.87
8.86
8.85
8.90
Norfolk-
.
..
.
8.90
-
Augusta.
Memphis
9.00
Houston..
Little Rock
Dallas
8.40
8.64
8.98
8.90a
8.45
9.01
8.40
8.40
8.47
-
8.30
8.43
"
8.66
8.33
HOL.
•
,
8.45
United Kingdom
France
8.35
8.50
9.03
•
Spain
8.45
8.35
8.47
8.40
Japan—
China
8.08 '
8.11
•8.12
8.13
8.18
8.12
8.13
8.18
New Orleans Contract
Market—The closing quotations
leading contracts in the New Orleans cotton market
for
the past week have been as follows:
Monday
Tuesday
Jan.
Jan.
16
Wednesday
17
Jan.
Thursday
18
Jan.
Friday
19
March.
8.52
____
8.54
8.54
July
August
8.24
8.56- 8.57
8.63
8.29
8.29
8315- 832a
8.34
8.05
«
8.'00- 8.01
_
_
Total.
8016- 802a
8,03
8.09
October
7.62
7.51
7.55
—
—
November
7645- 765a
7546- 756a
7586-760a
7.50
7.51- 7.52
7536- 755a
March
7.54
7515- 752a 7.55b ,756a
752b- 753a 7.565 7.57a
7586- 759a
7695-771a
7586- 760a
7636- 764a
Tone-
Spot ;..
Quiet.
Steady.
Quiet.
Steady.*
Options-..
world's
Steady.
Steady.
Quiet.
Returns by
CCC
Steady
Steady.
Through Jan.
12
,.'v\
8.81 cents
per
Steady
the
.
.
Amarillo
State—
Bales
Alabama
Arizona
which loans have
State—
Bales
291,035 New Mexico
40,811
—
Arkansas
—
California
Georgia
on
665,681
37,364
North Carolina
Oklahoma
11,426
—
...—
South Carolina;
158,224 Tennessee.........
Louisiana.275,287
Mississippi....—602,609
M issour
i108,003
Texas
Virginia
163,873
Rainfall
-
Thermometer
Inches
High
Low
2
0.74
69
41
1
0.60
55
54
0.18
68
24
28
37
48
1
Corpus Christi
Palestine
...
....
.
.
44
59
30
47
60
34
28
44
68
34
52
64.
30
34
36
47
24
22
26
42
43
70
64
40
55
29
47
32
32
46
38
59
dry
Little Rock.
Louisiana—New Orleans
2
Shreveport
Mississippi—Meridian
Vicksburg
Alabama—Mobile.
Birmingham
Montgomery
Florida—Jacksonville
.
.
...-
1
3
2
70
68
0.60
0.35
0.68
0.13
0.38
0.22
0.64
60
58
60
50
52
52
40
58
60
62
58
30
44
64
3
0.24
0.44
0.70
34
38
49
76
2
0.06
80
42
2
0.50
57
61
66
2
38
0.46
0.30
52
78
40
59
70
50
35
28
39
62
32
47
64
30
47
2
—
,
63
0.65
.
.
..._
-
_
Miami
Pensacola
Tampa
Georgia—Savannah
Atlanta
Augurfta
2
50
66
0.36
0.62
3
2
.
Macon
74
0.27
3
Oklahoma—Oklahoma City... I
Arkansas—Fort Smith
*
76
64
dry
dry
3
Port Arthur
San Antonio
135
Mean
0.02
dry
Dallas
Del Rio.
El Paso
Houston
46,919
290,177
.1,141,997
Census Report on Cotton
Consumed and on
Hand,
&c., in December—Under date of Jan.
14, 1939, the Census
this
us
0.04
-
-
'
.
80,644
-
.
Brownsville.
Com¬
pound.
Figures showing the number of bales
been made by States are
given below:
to
2
Texas—Galveston—_
"Advices of
Cotton Loans" received
by it through Jan. 12 showed loans
disbursed by the Corporation
and lending agencies of
$179,564,883.67 on 3,914,185 bales of cotton.
The loans
average
advices
farming operations.
Rain
Aggregated
$179,564,884 on 3,914,185 Bales—On Jan. 13
Credit Corporation announced that
modity
commercial
evening denote that even though the weather has
been
good for farm work during December and
January, crop
preparations at present are somewhat behind normal
seasons,
there being no go-ahead or vim to
cotton
Austin.
Loans of
of
Telegraph—Telegraphic
.
Cotton
3,184,766
Days
Steady.
.* Steady.
214
121,611
149,768
STATISTICS
production
7565- 758a 7.605 7.61a
.
ri2"665
371,082
119;921
v.
,
7536- 755a
Jan. (1940)
February
estimated
...
—
.
September
December-
1
988,236
538,669
279,633
503,627
Note—Linters exported, not Included
above, were 19,625 bales during December
in 1938 and 35,293 bales
In 1937.
98,553 bales for five months-ended
in 1938 and 127,936 bales in
Dec. 31
1937.
The distribution for
December, 1938, follows:
United Kingdom, 4,093;
France, 3,442; Belgium, 200;
Germany, 6,673; Italy, 1,967;
Canada, 507; Panama, 17; Japan, 2,612; South
Africa, 114.
WORLD
_
May
June
1,895,754
....
31
1937
cotton, exclusive of
linters, grown in 1937, as compiled from
various sources, was
35,591,000
bales, counting American in running bales and
foreign in bales of 478 pounds
lint, while the
consumption of cotton (exclusive of linters in the Unitdd
States) for the year ended July 31,
1938, was 26,748,000 bales.
The total
number of spinning cotton
spindles, both active and idle, is
about
147,000,000.
.
—
751,001
...
.
Jan. 20
8446- 847a
April
..
it.
The
Jan.(1939)
February
54,930
361,026
...
All other
14
~23~204
9,157
8,699
63,500'
—
Canada..-
8.11
for
Jan.
13,775
12,970
105,221
~
Belgium
Other Europe
8.08
Saturday
244,443
126,113
61,641
27,821
71,554
36,014
■
9.05
8.50
8.10
Fort Worth....
1938
109,449
Germany
8.55
1937
242,291
273,093
151,114
169,032
1,515
52,424
371,257
454,009
20,611
116,783
43,625
r.
8.45
8-40
8.45
8.30
49,530
32,229
36,807
24,910
...
Italy
8.96
8.95
HOL.
9.02
8.45
8.30
8.40
8.30
'
1938
8.43
8.73
,•
5 Mos. Ended Dec
Friday
8.41
8.10
—
December
•
8.39
8.64
8.40
8.43
Montgomery—
(Running Bales—See Note for
Linters)
onr—
.
2
3
2
4
1.34
0.71
2.44
.
45
52
Financial
458
Rain
3
Wilmington.... J
Tennessee—Memphis
2
2.19
Chattanooga
3
4
1.18
0.60
Nashville..
The
Above
Above
...Above
Above
Above
".
Shreveport
Vjcksburg
42
41
49
40
40
40
ceive
End.
1938
1937
1938
1936
1937
1938
1936
1937
1936
4.
10.
2.
9-
10.
23.
30-
73,904
65,209
39,901
30,873
254,908 2366,617
77,815 105,500 133,018 3496,222 2610.850 2327,953
2290,407
04,534 109,711 143,596 3471,589 2040,423
54,230 139,333 119,319 3448,226 2603)852 2253,715
44,595 141,563 117,605 3434,970 2658,348 2250,247
10,190
This statement shows
31,339 147,067 112,749
1
32,000 357,927
21,115
3,000
44,000 610,031
Egyptian bales weigh about 750 lbs.
ended Jan. 18 were
foreign shipments 20,000 bales.
Market—Our report received by cable to-
Manchester
nigth from Manchester states that the market in both yarns
and cloths is steady.
Merchants are buying very sparingly.
give prices today below
weeks of this and last year
and leave those for previous
for comparison:
1936
1937
32s Cop
o
Twist
814
Cotton
Lbs. Shirt¬
ings, Common
8H
d.
94,354
199,284 106,109
162,762 82,567
115,911
115,078
that the receipts for the week
d.'
s.
Cotton
Shirt¬
Lbs.
Middl'g
32s Cop
ings, Common
Middl'g
Upl'ds
Finest
Twist
to Finest
Upl'ds
d.
d.
213,711 181,327
230,448
9",666
25,000 607,277
Aug.
Note—A cantar is 99 lbs.
280,000 cantars and the
388,719 295,054
250,332 203,182 259,641 3400.497 2220,923 2301,784 329,745
89,957 109,302 211,898 3508,828
32.3,201
20,000 476,823
Total exports
141,930 400,335 305,198
92,125 246,088 264,000 3610,308 2387,570 2342,886
2373,757 133,637 207,158 282,311
18. 125,857 196,034 261,440 3618,088 2459,694
100,500 217,563 3524,821 2501,559 2397,188 94,876 202,425 240,994
25.
88,143
Dec.
12",000
101.018
8"666 97,387
16,000 395,152
13,720
l.OGO
To America.
We
3275,615 2051,912 2179,503 306,043 471,190 483,163
2129.804 2260,371 263,541 391,329 471,919
28- 150,872 313,437 385,111 3387,084
21. 300,040 323,319 378,083
,
69,842
73,590
1,000
To Continent & India..-
Week
1
Aug.
Since
This
Since
This
Week
1
Aug.
7,000
To Liverpool
To Manchester, &c
Oct.
Nor.
310,600
7,181,283
220,000
Since
Week
Exports (bales)—
Receipts from Plantations
Stocks at Interior Towns
6,681,864
This
4.2
6.4
11.0
11.6
8.8
do not include overland receipts nor
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.
Receipts at Ports
l-_.
Feet
2.8
15.1
20.5
8.4
9.8
of gaugeof gaugeof gaugeof gaugeof gauge-
zero
zero
zero
zero
zero
1937-38
280,000
5,130,138
This week
Since Aug.
1936-37
1938-39
18
Receipts (cantars)—
Jan. 21, 19.38
Jan. 20, 1939
Feet
Southern consumption;
Week
and for the corresponding week of the
years:
Alexandria, Egypt
Jan.
re
now
The following are the receipts and shipments
past week
previous two
figures
The
the
Shipments—We
and
Receipts
cable of the movements of cotton at Alexan¬
a
dria, Egypt.
for
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
weekly
received by tele¬
of rivers at the points named at
graph, showing the height
8 a. m. of the dates given:
Memphis
Nashville
53
34
30
28
30
31
28
30
54
54
68
55
52
50
following statement has also been
New Orleans.
Mean
40
24
66
44
0.84
0.70
1.32
4
Low
High
0.50
0.56
3
3
4
Carolina—Charleston.,
South
North Carolina—Ashevllle
Charlotte..
Italeigh
a-.-,
Alexandria
Thermometer
Rainfall
Inches
Days
Jan. 21, 1939
Chronicle
d.
s.
d.
a.
s.
d.
d.
Oct.
21.
28-
8X® 9
4.89
9 10H@10
6.20
11X012X
11X®12 X
9 19X010
IX
4.83
5.09
10H @12
IX
IX
4.55
IX
IX
4.55
@93
@93
8H® 9H
5.19
IX
NOT.
10-
1939
1937
1938
1939
1937
1938
1939
8«@ 9H
@ 9
3
@93
5.05
10X@12X
9 10X010
9 10X010
26,355
18-
8H@ 9H
@93
5.08
10H @12
9 1014@10
23,351
25.
8X@ 9X
@93
5.22
10*i@12
9 10X010
a
A®
1
1
wo
1
42,590 125,205
38,827 121,714
37,387 110,840
7,896
90,101 3400,270 2619,799 2180,501
61,240 3309,048 2613,016 2142,612
82,043 3329,120 2629,639 2090,671
86,716
7,605 128,497
Nil
4.
1937
1938
133,463
30,702
8H@ 9H
Dec.
3
5.14
X
4.05
IX
4.97
iox®nx
10X@HH
9 10 >4 @10
9
IX
5.16
1OX011X
9 10X010
X
IX
4.70
10J*@ 9
8 10X@ 9
8 10M@ 9
IX
IX
5.24
1OX011X
10X@ll H
9 10X010
IX
4.88
9 10H@10
IX
4.84
@9
2.
QThe above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1938, are 4,387,145 bales;
in 1937-38 were 7,688,681 bales, and in 1936-37 were 6,095,987 bales.
(2) That, although the receipts at the outports
the past week were 37,387 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 39,928 bales during the week.
8X® 9H
9
9.
8X@ 9X
8 10X@
18-
8X@ 9X
8
2330-
sight for the like period:
*
.
.
°
.
8X® 9X
8X@ 9H
5.25-
8%® 9%
8%® 9%
8 10 X®
9
IX
8
9
IX
5.19
20.
8%@ 9X
8
10H@12
10J4@H^
10X011%
5.30
13-
0-
9
10X010
4.81
19 38
19 39
Jan.
10^@
5.18
® 9
9
Shipping News—Shipments
and Takings of Cotton—The follow¬
World's Supply
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 from which statistics
are
obtainable; also the takings or amounts gone out of
4.03
4.04
IX
4.97
10X010
X
5.02
9 10X010
IX
4.93
9 10H@10
9
in detail:
Bales
GALVESTON—To Japan, Jan. 14, Kiyosumi Maru, 7,220: Kiyokwa Maru, 5,720; Bockenheim, 1,620
—
To China, Jan. 14, Kiyosumi Maru, 500; Kiyokwa Maru, 100:
Bockenheim, 1,220--
L-_-
Kiyokwa Maru, 200—r
Oakwood, 316
Oakwood, 721
To Bremen, Jan. 16, Frankenwald, 3,146; Jan. 18, Endicott,
To
.
4,846-Week and Season
9,169,669
9,578,943
13—....
Visible supply Jan.
Visible supply Aug. 1.
American insight to Jan.
20--
137",668
Bombay receipts to Jan. 19—
Other India ship'ts to Jan. 19Alexandria receipts to Jan. 18
92,000
8,000
56,000
10,000
Qther supply to Jan. 18 * b—
9,882,611 18,378,103
Total supply
Deduct—Visible supply Jan.
20
r.-
Total takings to Jan.
Of which American
9.444,295
9,444,295
.
'
20 a.-
Of which other
248",906 11,566,287
729,000
211,000
1,329,200
221,000
140,000
11,000
44,000
12,000
West Hom&c
Embraces receipts in
This total embraces since Aug.
Southern mills, 2,908,000 bales in
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 6,025,808 bales in 1938-39 and 6,440,441 bales in
1937-38, of which 3,527,208 bales and 3,845,641 bales American.
b Estimated.
.
Ports—The receipts
of Indian cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
India Cotton Movement from All
1937-38,
1938-39
Jan. 19
,
'
1936-37
.
Since
Since
Since
Receipts—
'
Week
92,000
Bombay
Aug. 1
Week
854,00C 140,000
Aug. 1
Week
Aug. 1
729,000 145,000 1,257,000
Since August 1
For the Week
Exports
Great
Conti¬
Japan &
Britain
nent
China
Great
Conti¬
Jap'n&
Britain
From—
nent
China
Total
16,000
32,000
45,000
49,000
59,000
23,000
14,000
19,000
110,000
108,000
135,000
8,000
11,000
32,000
95,000
74,000
186,000
Total
Bombay—
1938-39
--
1937-38..
2,000
1,000
1936-37..
27,000
16,000
16,000
43,000
547,000
680,000
196,000
318,000
655,000
809,000
Other Indla-
1938-39..
1937-38..
1936-37.-
8,000
9,000
3,000
2"OO6
29,000
281,000
211,000
368,000
137,000
119,000 '249,000
Total all—
1938-39..
1937-38..
1936-37..
10,000
10,000
3,000
27,000
18,000
16,000
53,000
118,000
32,000
60,000
45,000
43,000
91,000
88,000
138,000
296,000
245,000
384,000
547,000
961,000
196,000 529,000
655,000 1177,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
48,000 bales.
Exports from all India ports record a decrease
of 7,000 bales during the week, and since Aug. 1 show an
increase of 432,000 bales.
..-.-I
—~ —
Mathias
—
-
Stinnes, 575; Jan. 14, West
Homac, 4,230
To Bremen, Jan.
12, Frankenwald, 3.073;
923; Dessau, 1,563
Jan. 12,
To Hamburg,
Jan. 19, Endicott,
--
35
110
r
Jan. 16, Frode, 900; Jan. 17, Trolleholm, 132
To Gdynia, Jan. 16, Frode, 200; Jan. 18, Vigrid, 2,886; Jan. 17,
To Copenhagen,
Trolleholm, 345
Gand, 927: Jan. 17, Oakwood, 372-Gand. 1,234; Jan. 17, Oakwood. 829
To Dunkirk, Jan. 16, Gand, 473
—
To Japan, Jan. 16, Bockenheim, 4,431
To China, Jan. 16, Bockenheim, 2,028
To Osld, Jan. 17, Trolleholm, 150
To Gothenburg, Jan. 17, Trolleholm. 262-To Rotterdam, Jan. 19, Endicott, 457
r-__NEW
ORLEANS—To Liverpool,
Dec. 24, Johannes Molkerbuhr, 41; Jan. 12, Comedian, 1,676 —
To Manchester, Dec. 24, Johannes Molkerburh, 50; Jan. 12,
To Ghent, Jan. 16,
To Havre, Jan. 16,
Comedian, 1,980
To Rotterdam, Dec. 24,
1,050----
-------
Leandam, 600; Jan.
14, Boschdijk,
1
To Gdynia, Jan. 12, Frode, 300; Vigrid,
To Varburg, Jan. 12, Frode, 100—
933
!
20, Contessa, 400
—
Dec; 20, Contessa, 700--1_To Antwerp, Jan. 14, Boschdijk, 650To Genoa, Jan. 16, Maddalina Odero, 2,838—
To Japan, Jan. 16, Nordvest, 1,231
CORPUS CHRISTI—To Ghent, Jan. 12, Louisiane, 74
To Dunkirk, Jan. 12, Louisiane, 934
To Enschede, Jan. 12, Louisiane, 200
To Gdynia, Jan. 16, Vigrid, 1,423; Jan. 17, Southerner,
To Czechoslovakia, Jan. 16, Vigrid, 100
To Reval, Jan. 17, Southerner, 100
PENSACOLA, &c.—To Bremen, Jan. 16, Iberville, 103
SAVANNAH—To Manchester, Jan. 16, Saccarappa, 286_
To Arico, Dec.
To Valparaiso,
^—
Total
-
86
261
568
3,722
4,805
5,559
730
1,451
2,143
1,032
3,431
1,299
2,063
473
4,431
2,028
150
262
457
1.717
2,030
1,650
1,233
100
400
—-
—
700
650
2.838
1,231
74
934
200
500—
Liverpool, Jan. 16, Saccarappa, 45
MOBILE—To Liverpool, Jan. 16, Yaka, 42
To Manchester, Jan. 16, Yaka, 914—
To Rotterdam, Jan. 16, Bienville, 300
NORFOLK—To Manchester, Jan. 19. Cold Harbor, 14
To Hamburg, Jan. 20, Liberty, 130
—
SAN FRANCISCO—To Great Britain, (?), 1,350
To Japan, (?), 1,839
LOS ANGELES—To Liverpool, Jan. 14, Dinteldijk, 300; Jan. 18,
Tacoma Star, 152; Anniston City, 50
To Antwerp, Jan. 18, Tacoma, 2
To Hamburg, Jan. 18, Tacoma, 767-----—
---To Japan, Jan. 14, Santos Maru, 385; Jan. 18, Hermion, 699;
Tatuta
Maru,
1,737; President Polk,
1,293; Yamura
Maru, 1,099
JACKSONVILLE—To Bremen, Jan. 19, Thirlby, 116
To
•
L
Frankenwald, 683; Jan. 19, Dessau, 47
To Trueste, Jan. 14, Laura C, 1,451
To Venice, Jan. 14, Laura C, 2,143
9,150,441
6,555,641
2,594,800
380,507
265,507
-115,000
2'722
13,
To Manchester, Jan.
9,245,068
9,245,068
Europe from Brazil, Smyrna, West Iridies, &c.
1 the total estimated consumption by
1938-39 and 2,710,000 bales in 1937-38—
*
1,410
35
To Buena Ventura, Jan. 14, Margaret Lykes, 110
To Puerto Colombia, Jan. 14, Margaret Lykes, 86
—
To Cartagena, Jan. 14, Margaret Lykes, 261To Rotterdam, Jan. 18, Endicott, 568
HOUSTON—To Liverpool, Jan. 13,Mathias Stinnes, 1,000; Jan. 14
,
a
721
7,992
361
C, 361
To Trieste, Jan. 16, Laura C, 1,410
To Havana, Jan. 14, Margaret Lykes,
9,625,575 18,395,509
8,933,808
6,435,208
2,498,600
438,316
265,316
173,000
200
316
'
4,339",022
7,858,941
8,127,362
854,000
281,000
1,025,800
231,000
To Venice, Jan. 16, Laura
Season
Week
Season
1,820
Sydney, Jan. 14,
To Ghent, Jan. 16,
To Havre, Jan. 16,
,
Week
14,560
1,923
100
100
103
286
45
42
914
300
14
130
1,350
1.839
502
2
767
5,213
116
89,979
Volume
148
Financial
Chronicle
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Stand¬
High
High
ard
Density
Liverpool
.45c.
•60C.
Manchester .45c.
.60c.
Antwerp
,46c.
.610.
«
Havre
Stand'
Density
ard
Trieste
d.46c.
.600.
Hume
d.45c.
.60o.
Piraeus
Venice
.710.
.71c.
♦
*
Rotterdam .46c.
.610.
Shanghai
*
*
Genoa
d.65e.
.600.
Oslo
.56c.
.710.
Bombay
Bremen
Stockholm
.61c.
.76c.
Hamburg
x
1.00
*
Japan
quotation.
1.00
*
.60c.
No
.85c.
d.85o.
Salonlca
Barcelona
.45c.
*
High
StandDensity
ard
.85c.
1.00
Only
.75c.
.9oc.
.46c.
.61c.
Gothenb'g
,46c.
*
Copenhagen. 56c.
Naples
d.55o.
Leghorn
d.55o.
.610.
small lota,
.600.
.600.
.56c.
,
.
Forwarded_
Total stocks
Of which American.
Total
imports.-
-_
_
Of which American
Amountafloat
,
Of which American.
.
....
Jan. 6
Jan. 13
Jan. 20
Dec. 30
23,000
43,000
50,000
50,000
1,082,000 1,111,000 1,096,000 1,077,000
506,C00
500,000
488,000
480,000
36,000
72,000
40,000
32,000
13,000
13,000
10,000
10,000
135,000
133,000
113,000
124,000
40,000
34,0C0
35,000
41,000
The tone of the Liverpool market for spots and futures
each day of the* past week and the daily closing prices of
spot cotton have been
Spot
Saturday
Market,
as
follows:
Monday
Tuesday
Thursday
Friday
Quiet
Wednesday
Quiet.
f
1215
A
P.
{
M.
Quiet
Quiet.,
demand
Mid. upi'ds
5.21d.
f
Quiet but
Futures
\
Market
5.21d.
Quiet,
5.19d.
Steady at
un¬
st'y, 1 to 2 changed to 2 pts.dec. to
2 pts. adv.
1 pt. adv.
pts. decl.
j.
opened
Moderate
Quiet
f Quiet, st'y, Barely st'y Quiet, 1 pt.
Market,
4
1
P. M
[ to 1 nt.dec.
st'y,
1 to 4 pts
unch.
adv. to
.
decline
pts.
2
dec.
5.21d.
2
pts.
Sat.
Tues.
Mon.
1
un¬
changed
Quiet but
Quiet
decline
adv.
day
are
Wed.
to
2
pts.
advance.
2 to
4
pts.
advance.
given below:
Thurs.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New contract—
Jan.
d.
1939—-
d.
<t:
d.
d.
d.
d.
d.
d.
d.
d.
day and wound up slightly lower than yesterday.
Early
gains of %c. were replaced with corresponding losses fol¬
lowing a setback in quotations at Liverpool.
Most deal¬
were for grain trade accounts, and there was little
speculative activity.
Relative steadiness of prices at the
opening caused covering by shorts, but there was no ad¬
ditional investment purchasing to speak of,
4.86
4.82
4.84
4.83
4.86
4.85
4.83
4.81
4.83
4.85
4.83
4.80
4.82
4.80
4.83
4.82
4.80
4.78
4.80
4.82
sors
4.78
:
4.78
4.76
4.77
4.76
4.79
4.78
4.77
4.75
4.77
4.79
additional
4.67
4.66
3.67
4.65
4.68
4.68
4,67
4.65
4.67
4.50
4.50
4.50
4.48
4.52
4.51
4.50
4.49
4.50
4.67
July...—
October.■...,
4.51
December......
4.54
January 1940—
4.55
March
4.58
May
4.61
.
W
-
4.53
4.51
4.54
4.54
'
4.52
4.55
4.57
4.55
4.58
4.52
.
v
4.68
4.52
■
.
4.54
'
V
m
ji
....
4.60
—
,4.53
4.56
4.58
4.56
4.59
4.61
4.59
,
-
-
'J.
4.62
BREADSTUFFS
Friday Night, Jan. 20,1939
.
Flour—There
market the
the
were
no
past week.
spectacular features to the flour
Mills maintained the same prices
various grades of
flour owing to the steadiness of
Reports from the Midwest state that cash
wheat, premiums have advanced slightly the past few days,
and offerings of good milling wheat are scarce.
Accord¬
ing to advices received from the Pacific Coast, export flour
sales to China and the Philippines have been heavy.
Some
Pacific Coast mills reported that between 35,000 and 40,000
barrels were sold to Hongkong last week.
Sales to the
grain
prices.
Orient
for
the
week
were
barrels.
i
estimated
to
be
about
200,000
^
.
V
Wheat—On the 14th inst. prices closed unchanged to %c.
Trading
light, the market doing* little more
than marking time in today's short session.
Prices held
within a very narrow range, with the undertone steady.
Steadiness ruled throughout the session despite lower than
due Liverpool quotation and reports of rain and snow in
much of the domestic wheat belt.
A rally in securities gave
some support and a better feeling prevailed in most quarters
regarding the European political situation.
Some traders
attributed the lack of disposition to press the selling side of
the market to a prevalent belief that large sales of United
States wheat have been effected recently through the Federal
Surplus Commodity Corp., possibly to China,
No im¬
portant export business was confirmed today either in
United States or Canadian grain.
Liverpool wheat quota¬
tions, due
to Mc. lower, closed %g. to %c. off.
On the
16th prices closed 3^c. to %c. higher. After
dipping to new
1939 lows, wheat prices today rallied as much as %g. on
buying credited to mills and previous sellers who were taking
profits on short positions.
The close showed a small net
gain for the day. The market was honeycombed with sup¬
porting orders just above 68c. for May and July contracts
and 69c. for September.
Early selling prompted by the
unsettled weather forecast for much of the grain belt and
reports of an improved domestic moisture situation, caused
the decline which put quotations within range of these buying
orders.
Trade was slow, as evidenced by the narrow range
of price fluctuations most of "the day, ana there was no rush
to accumulate contracts on the upturn.
Some buying support
apparently came from orders for removal of hedges at a
certain level, possibly in connectioD with export business
through the government although it was suggested that this
type of purchasing may be nearing an end.
Belief that the
government still has much wheat to buy to cover subsidized
export, is gradually being dissipated as a market factor.
On
the 17th inst. prices closed unchanged to 3^c. lower. Outside
of moderate selling based on receipt of more moisture in some
sections of the winter wheat belt, trading today was dull.
was very
prices closed %c. higher to %c. lower.
nervously within a %c. range to¬
Wheat prices fluctuated
4.83
May
off.
better than it has been for several days and buyers at
Liverpool contracted for new Argentine wheat at firm prices.
Strength at Liverpool, which was up. ^c. to Mc. at one
stage, and absence of overnight moisture in dry districts of
the domestic winter wheat belt, encouraged purchasing. Mills
and elevator interests as well as some export connections
were
conspicuous on the buying side.
Traders said the
recent decline in prices had resulted in a fairly well liquidated
market, which made moderate buying easily effective in
bringing about a rally. Export business remained slow, with
European importers reported holding off in anticipation of
freer Argentine offerings.
*
was
4.86
March
on
international market helped to lift wheat values here more
than a cent a bushel today.
Although no domestic wheat
sales abroad could be confirmed, business in Canadian grain
ings
Fri.
to
Jail. 20
business of any consequence has been reported. On the 18th
prices closed
to 1 Yc, net higher.
Renewal of
interest of foreign importers in wheat offered for sale in the
inst.
On the 19th inst.
Steady;
at
2 to 4 pts.
st'y, 2 to 3
pts.
5.18d,
Quiet;
Quiet,
advance
Prices of futures at Liverpool for each
Jan,14
5.18d.
Quiet,
presumably for commerciarinterests, which held the setback
in check.
The market continued to receive support from
milling interests and dealers removing hedges on grain sold
to the Government subsidy agency. Early declines amounted
only to V8c. and there were frequent rallies from the lows
which restored
quotations to about yesterday's previous close.
Wheat is moving out of the domestic visible supply more
rapidly than at any time so far this season and the com¬
mercial buying of futures against these transactions, together
with purchases in connection with the Government program,
constitute the bulk of support in the market. No new export
d Direct steamer.
Liverpool—Imports, stocks, &c., for past week:
_
459
Fractional price declines uncovered resting orders to buy'
reported doing
were
weather
moisture
in
promised.
was
the
although proces¬
buying.
There was no
domestic Southwest, and fair
some
Liverpool wheat was about steady
% to ^c., which
Export business was
confined to about 100,000 bushels of Canadian wheat.
Today prices closed unchanged to %e. lower. The wheat
market today almost paralleled Thursday's performance,
prices fluctuating nervously within practically the same
narrow range and winding up unchanged to slightly lower.
Trading continued dull, with1 commercial dealings account¬
ing for most of the activity.
Although no official con¬
firmation of new export business has been announced for
several weeks, the trade confirmed purchase yesterday by
China of approximately 250,000 bushels of Pacific Coast
grain.
Private advices indicated additional sales of cash
Wheat were being made to the Government agency in the
Southwest
Pacific Coast mills were reported to have done
a substantial business in flour with China, the Philippines
and South America in the past 10 days, with prospects of
additional sales.
Removal of hedges, presumably in con¬
nection with this activity, imparted strength to the wheat
early in the day, but later prices sagged
discouraged buying sentiment here.
Open interest in wheat totaled 92,675,000 bushels.
pit.
DAILY
CLOSING PRICES OF WHEAT IN NEW YORK
Sat.
No. 2 red
85%
—-
CLOSING
DAILY
86%
PRICES OF WHEAT
Sat.
Tues.
Mon.
Mon.
86%
Wed..
87%
Thurs.
87%
—
1-
68%
68%
69%
-
Season's High
March
May..
....
July.
September
—
...
and
73%
74%
71%
72%
Tues.
Wed.
Thurs.
69%
69%
70%
Mon.
62
62%
63
——
62%
Corn—On the
14th inst. prices
The
Sept,
Sept.
Oct.
Dec.
69%
69%
70%
Made
8,1938
7,1938
5,1938
29, 1938
FUTURES IN WINNIPEG
62
——62%
—
69%
69%
70%
When
...
Sat.
October-
68%
68%
69%
Season's Low and
When Made
623
July 23. 1938 March
May........ 621
July 23. 1938
62 J
Jan.
4,1939 July
Jan.
4, 1939 September... 67j
-
-
Fri.
-
68%
68%
69%
DAILY CLOSING PRICES OF WHEAT
May—
July
87%
FUTURES IN CHICAGO
68%
March,...
May
July.
September..
Fri.
Tues.
61%
62%
62 %
Wed.
62%
63%
63%
Thurs.
62%
63
63%
Fri.
62%
62%
63%
market at Chicago
V8g. to He. net
paralleled wheat. Sell¬
ing was of small volume and scattered. Receipts were esti¬
mated at 112 cars, largest for any day this week, but country
offerings were extremely small. A bearish influence on the
market was the heaviness of prices at Buenos Aires, where
corn closed %c. to %e. lower.
Cables said there were steady
shippers' offers of corn in the United Kingdom, but that
demand had not improved. On the 16th inst. prices closed
i^c. to Vifi. net higher. This market followed the action of
wheat, ignoring declines at Buenos Aires following further
good rains in Argentina. Domestic visible supply declined
lower.
further
bushels
A few
corn
and
are
closed
traders estimated approximately 100,(XX),000
under loan, including 1937 resealed grain.
now
were sold for export and receipts were mod¬
Chicago while bookings were nil. On the 17th
inst. prices closed unchanged to Y%g. off. Corn prices were
steadied by purchasing of May contracts credited to export
and processing interests. May could be bought against sales
of July at lc. difference by spreaders.
On the 18th inst.
prices closed He. lower to Mc. higher. Corn prices were
slightly higher at times, but the market was depressed by
recent substantial declines at Buenos Aires reflecting the
parcels
erate sized at
give the receipts at Western lake and river ports
week ended last Saturday and since Aug. 1 for each
for the week ended last Saturday and since Aug. 1 for each
First
improved eorp condition in Argentina. No domestic export
business was confirmed early.
On the 19th inst. prices closed unchanged to %c.
off.
of the last three years:
lost as much as %c. at times,
ing slightly after the
Chicago
CLOSING PRICES OF CORN
No. 2
66%
yellow.
OF
PRICES
CLOSING
DAILY
Toledo
Tues.
67
Peoria-.--
67
March--.--—■'
May
July
-
Season'8
March.—-
——
September
When Made
28, 1938
High and
56
—
May
July
—
-
-
March
July
——
55%
56%
53%
Jan.
Oct.
Season's
—
-
Jan.
Jan.
Jan.
30%
20%
29%
September
PRICES
CLOSING
DAILY
7
—
-
20%
29
20%
-
October-
—.
.
29
PRICES OF RYE FUTURES IN
Sat. Mon. Tues.
Wed.
•
.
May
July--.
September..--,
Season's
—
—
and
53%
49%
49%
When
High
May
_
July
September
July
Jan.
Jan.
DAILY CLOSING
PRICES OF RYE
-
October.
DAILY
„
46%
41%
48%
43%
42%
43
-
-
„
.
Thurs.
43%'
43
43%
44%
<>
___-
Mon.
-
-
-
38%
37%
38
Tues.
Wed.
38
37%
October
38%
37%
37%
37%
43%
;•
Fri.
37%
37%
Hard winter patents-Hard winter clears
Rye flour patents
.3.70 @3.80
Seminola, bbl., Nos. l-3--5.20@5.60
Oats good
2.70
-
4.60@4.80
1.65
Barley goods-
Nom.
Coarse
421,000
609,000
12,000
146,000
876,000
322,000
210,000
16,000
NewOrl'ns*
Galveston.
3,000
.
°
37*666
St. JohnW.
20,000
Boston
Halifax.
Manitoba No. l.f.o.b.N. Y.
Corn, New York—
No. 2 yellow
all
73%
Rye,
United States C. I. F.
Barley, New York—
40 lbs. feeding
rail.
66%
Chicago, cash
2,000
*58*666
*2*666
"LOOO
•
1*2*666
1,000
299,000
1,626,000
1,291,000
58,000
18,000
79,000
Jan. 1 '39
563,000
2,748,000
2,217,000
118,000
36,000
108,000
Week 1938.
246,000
2,473,000
1,809,000
186,000
453,000
4,756,000
2,827,000
227,000
754,000
Tot. wk. '39
Since
63,000
-
.
Since
516,000
Jan. 1 '38
*
Receipts, do not include
109,000
grain passing through New Orleans for foreign ports
through bills of lading.
'
..
for the week
the annexed
The exports from the several seaboard ports
ended Saturday, Jan. 14, 1939, are shown in
'
Corn
Oats
Rye
Barley
Bushels
Bushels
New
Flour
Barrels
Bushels
Bushels
Bushels
'■
Wheat
47,393
17,000
453,000
York
Albany
v,
T.7. 7'
V
v/
Exports from—
243,000
------
-
-------
■
------
------
------
------
'
104,000
Boston
------
------
406,000
20,000
——
-----
-
416,000
—
A
-----—
—
— —
''
'
-
54%
50-65
-
'
1,000
1938
^
—
--
'
Af ' '
58,000
12,000
70,000
2,000
"95,066
3,000
370,000
for the week and since
Corn
Wheat
Flour
Since
Week
—
—
—
i,7:
Week
and Since
^
1,000
-
93,425
The destination of these exports
j
_
—
-
•'/
119,393
July 1,. 1938, is as below:
.
——
'
^
21,000
2,118,000 2,529,000
2,849.000 3,090,000
1939..
—
"
Halifax
Total week
—
3*7,666
25,000
322,000
St. John West.-..—
Exports for
-
1,000
867,000
_
Same week
-
-
14,000
11,000 1,197,000
New ,Orleans...
Galveston
'
317,000
-
Week
Since
Jan.
»
Since
Week
July 1
14
Jan. 14
July 1
1938
1939
1938
1939
1938
Barrels
Barrels
Bushels
Bushels
Bushels
Jan.
1 to—
July
July 1
1939
r
14
Bushels
53,286
1,259,727
456,781
676,000
So. & Cent. Amer.
18,500
341,250
11,000
West Indies
25,250
49,684,000 2,040,000 31,604,000
488,000 24,844,000
36.889,006
5,000
222,000
1,431,000
14,857
751,750
United
Kingdom.
Continent
.... ...
Brit. No. Am. Col.
1,000
29,000
145,594
9*85*666
2,849,000
2,904,621
93,425
100,000
87,809,000 2,529,000 56,554,000
77,076,000 3,090,000 11,320,000
3,004,102 20,118,000
Total 1939--:.- 119,393
Total 1938—
"i~666
1,000
49,000
6,500
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Jah. 14, were a, follows;
visible
granary
at
GRAIN
Bushels
Boston..-—---—-—-,
New York
.
.;
.
*
Bushels
——-.-v
60,000
354,000
——413,000
689,000
Baltimore
-
537,000
902,000
4,932,000
5,907,000
2,126,000
693,000
718,000
7,000
228,000
New Orleans.Galveston...
-
—
-
—
4,663,000
Omaha
Sioux
619,000
City.
St. Louis.....
------
2,529,000
753,000
24,000
8,339,000
1,526,000
Chicago
"
5,217,000
2,001,000
26,885,000
afloat
804,000
3,111,000
6,986,000
1,105,000
2,138,000
1,385,000
303,000
_
-
afloat
Detroit
Buffalo
—
afloat
Rye
2,000
4,000
26,000
Barley
Bushels
.Oats
Bushels
Bushels
—
—
—
1,000
------
33,000
68,000
100,000
10,000
------
137,000
------
39,000
'
18,000
10,000
2,000
—
4,000
6,000
1,000
13*5*666
11,000
412^060
124.000
88,000
329,000
105,000
50,000
36,000
321,000
28,000
74,000
537,000
635,000
343,000
512,000
_
_
69,000
-
....
11,621,000
2,637.666
704,000
2,071,000
77,000
626,000
1,108,000
1,676,000
12,169,000
Milwaukee--
'
STOCKS
Corn
Philadelphia
Duluth
65%
------
------
224,000
24,000
Norfolk-——Texas City.-.
41%
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figiires collected by the New York Produce Exchange.
All the statements below
2,000
1*8*666
25*666
104,000
:
Minneapolis
Oats, New York—
No. 2 white
'
21,000
...
Peoria...
3.25
GRAIN
87%
5,000
10,000
24,000
Indianapolis -------- —
Fancy pearl,(New) Nos.
1.2-0,3-0.2
4.50 @5.00
Wheat. New York—
No. 2 red, c.I.f., domestic
bush 56 lbs bush 48 lbs
17,000
25,000
151,000
29,000
15,000
24,000
Kansas City
Corn flour
for
Barley
Rye
153,000
_
St. Joseph--..-
4.40@4.60
63,051,000 18,083,000 61,194,000
72,326,000 20,273,000 62,077,000
47,930,000'11.100.000 59,654,000
York.
Baltimore.
Hutchinson..
FLOUR
4.15@4.40
2,670,000
871.000
Oats
Wichita
protein_5.15@5.30
4.60@4.80
209,000
19,000
bush 32 lbs
Fort Worth
...
Spring patents
Clears, first spring
Hard winter straights
392,000
Corn
United States—
Closing-quotations were as follows:
Spring Pat. high
1,816,000
1,092,000
bush 56 lbs
Wheat
43
-
Thurs.
1,865,000
Wheal
Fri.
BARLEY FUTURES IN WINNIPEG
CLOSING PRICES OF
280,000
Philadel 'la-
New
The
When Made
Wed.
Tues.
43
___
Sat.
May
July
_ —-
1,933,000
Fri.
Sept. 7.1938
Nov. 7,1938
Dec. 23, 1938
FUTURES IN WINNIPEG
Mon.
42%
-
46%
47%
48%
41%
48
45%
41%
41%
Made
i
season's Low and
25. 19381 May
...41%
4, 19391 July
44%
3, 19391September —- 45
Sat.
May—
July
45%
41%
48%
45%
47
41%
21,000
14,000
.
bush 60 lbs
Other countries-..
CHICAGO
Thurs.
------
"
to
CLOSING
3,432,000
13,243,000
3,797,000
v-
---
3,000
49,000
Flour
Philadelphia
%c. net higher. The firmness of rye was
influenced largely by the firmness of wheat and corn. There
were no special features to the trading in rye.
On the 17th
inst. prices closed l^c. to %o. net lower. This market suf¬
fered from no particular pressure, its lower tendency being
influenced j&lmost entirely by the heaviness of wheat and
corn markets.
On the 18th inst. pricqs closed %g. to
net higher.
The firmness of rye was influenced largely by '
the exceptional strength displayed in the wheat market.
On the 19th inst. prices closed % to %c. net lower.
This grain eased more than any of the other grains, even
wheat, and was attributed somewhat to short selling.
To¬
day prices closed % to %c. net higher.
The independent
firmness of rye was rather surprising, and was attributed
to a fair spot demand and some short covering.
DAILY
228,000
-------
—
of flour and grain at the seaboard ports
ended Saturday, Jan. 14, 1939, follow:
the week
Baltimore
l/ic.
47,000
39,000
Total receipts
statement:'
Rye—On the 14th inst. prices closed 3^c. to %c. net lower.
Trading was light, but largely on the selling side, there being
no incentive to take the upper side.
On the 16th inst. prices
closed
273,000
10,426,000 220,141,000 161,620,000
9,143,000 205,267,000 150,972,000
10,290,000 153,335.000 94,273,000
—
_
'
on
20%
20%
--—
2,000
bbls 196 lbs
Fri.
29%
29%
30
20%
20%
20%
m
514,000
Receipts at—
29
27%
Thurs.
Wed.
Tues.
Mon.
Sat.
May——.
July—
80,000
1,894,000
Sept. 6,1938
Oct. 18, 1938
Jan.' 16, 1939
OATS FUTURES IN WINNIPEG
OF
------
123,000
104,000
3.240,000
2,854,000
1936
When Made
I
Season's Low and
4, 1939 (May
--23%
3, 1939 July
—.24%
4, 1939| Sept ember
27%
When Made
and
High
May-July
265,000
371,000
1938
Fri.
29
21%
21%
56,000
''•''v—i.'——■
436,000
Tot. wk. .'39
1937
15. 1938
18. 1983
18.1938
18, 1939
Thurs.
29%
28
21%
29
27%
21%
29%
28
21%
29
28
21%
Wed.
Tues.
Mon.
Sat.
-
—
245,000
Since Aug. 1
%c. to %c. net
influenced in its easy trend by the
-
11,000
....
general heaviness of other grains., On the 16th inst. prices
closed unchanged to kgc. higher.. This market was quiet
though steady. On the 17th inst. prices closed \i<i. lower
to unchanged. There was very little to report concerning this
market, trading being light with the undertone fairly steady.
On the 18th inst. prices closed unchanged to 34<?. up.
This
market was quiet, with the undertone steady.
On the 19th inst. prices closed unchanged to %c. lower.
Trading was quiet and without feature.
Today prices
closed unchanged compared with previous finals.
Trading
was light and featureless.
*
\
DAILY
CLOSING PRICES OF OATS FUTURES IN CHICAGO
MayJuly
September.--
^
— ^
------
3,000
.83,000
37,000
—
Same wk '38
14th inst. prices closed
This market was
^
^
1
8,000
120,000
114,000
529.000
298,000
7,000
C
— —
Same wk *37
53%
Oct.
City.
10,000
610,000
3,000
46,000
44,000
—
> — ^
812,000
19,000
—
397,000
212,000
Joseph.
•
52%
53%
46
—
—
■"
Buffalo....
66%
- -
47 %
48%
July
23, 1938 May
Sept. 24, 1938 July
Jan.
4, 1939 September
50%
Oata—On the
lower.
St.
29,000
283,000
735,000
Omaha'.
52% 52%
53% 53%
53% 53%
j_ Season's Low and When Made
Oct.
52%
53%
53%
52%
53%
54%
52 %
53 %
54
-
September
24,000
Kansas
Fri.
''
-
43,000
City
128,000
307,000
14,000
190,000
112,000
152.000
66,000
27,000
----
546,000
409,000
120,000
116,000
190,000
14,000
Sioux
Thurs.
Wed.
20,000
Louis..
St.
FUTURES IN CHICAGO
Mon.
—
-
Indianapolis
Fri.
Thurs.
66%
67
CORN
Sat.
Wed.
---
—
Wichita
IN NEW YORK
Tues.
Man.
Sat.
•
Milwaukee.
-
DAILY
■
189,000
1,282,000
91,000
5,000
92,000
Duluth
prices were fractionally higher ht times, with indus¬
reported buyers.
Open interest in corn was 67,671,000
tries
207,000
...
Barley
Rye
bush 56 lbs bush 48 lbs
bush 32 lbs
lbs bush 56 lbs
710,000
232,000
60
Ms.m lbs bush
Minneapolis
Oats
Corn
Wheat
Flour
Receipts at—
mestic
bushels.
we
for the
although recover¬
first hour. Danubian wheat is sell¬
ing so cheaply at Liverpool that it is replacing corn to
some
extent.
British dealers can get Southeast Europe
wheat at 56c. a bushel, while they have to pay 73c. for coin.
Today prices closed %c. lower to %c. higher.
Bearish fac¬
tors affecting corn included further fractional prices de¬
clines at Buenos Aires on top of lVs to l^c. losses yester¬
day.
Itains were reported in important corn areas.
Do¬
Corn prices
Jan. 21, 1939
Chronicle
Financial
460
5,461,000
9,963,000
190,000
140,000
8,902,000
7,496,000
3,454,000
41,000
2,000
3,766,000
532,000
------■
338,000
9,000
1,695,000
4,812,000
3,541,000
5,197,000
4,431,000
1,708,000
1,053,000
*5*666
*2*666
1*40*666
699,000
699,000
634,000
141,000
258,000
496,000
15,493,000 8,244,000 10,435,000
15,778,000 8,267,000 10,733,000
23.786,000 4,257,000 9,458,000
Note—Bonded grain not include^ above:
Wheat—New York, 521,000 bushels;
New York afloat, 44,000; Buffalo, 656,000; Buffalo afloat, 3,441,000; Erie, 1,624,000
Total Jan
Total Jan
14
7,
Total Jan. 15,
1939--.107,401,000 47,145,000
1939.-111,378,000 48,079,000
1938--- 78,017,000 36,434,000
Volume
148
Financial
Chronicle
Albany, 851,000; Philadelphia, 165,000; Baltimore, 16,000; total, 7,318,000 bushels,
against 4,370,000 bushels in 1938.
Wheat
Canadian—
Corn
Bushels
,
Oats
Rye
Bushels
Bushels
Lake, bay. river & seab'd 31,428,000
Ft. William & Pt. Arthur 38,662,000
1,594,000
811,000
122,000
845,000
881,000
Otber Caa. & other elev.
6,489,000
1,074,000
5,556,000
8,894,000
9,175.000
2,041,000
2,023,000
1,293,000
7,486,000
9,860,000
15,493,000
8,894,000
8,244,000
2,041,000
86,950,000
Total Jaa. 14,
1939...157,040,000
7, 1939...158,462,000
Total Jail.
Total Jan. 15, 1938...
...
..
51,448,000
.....
8,637,000
929,000
107,401,000 47,145,000
157,040,000
Canadian
7,366,000
the
northwestern
10,435,000
furnished by
';Vyy-v vV Cv V
Wheat
Jan.
1,
July
13,
Week
Since
1939
Bushels
July
1938
Bushels
1,
Bushels
moderately
Argentina.
1,684,000
Australia
2,128,000
21,584,000
12,752,000
Bushels
1,
949,000
10,707,000
7,656,000
3,014,000
87,155.000 174,081,000
'
Total
568,000
11.294.000
..
Corn
677,000
307.048.OOpl256,729,0001
28,153,000
59,588,000
4.630,0001181,949.0001247,390,000
CCC Aggregated $40,764,675 on 71,Through Jan. 12—The Commodity
Credit Corporation announced on Jan. 13 that, through
Jan. 12, loans made by the Corporation and lending agencies
Loans
of
Bushels
551,790
loan program aggregate $40,764,-
under the
1938-39
674.59
71,551,790 bushels.
as
on
corn
The loans
by States
are
follows:
Bushels
Amount
State—
57,694.54
8,004,353.51
Colorado---
Illinois.....Indiana..
Iowa
.
.
—
Kansas
Minnesota
1,423,726.56
21,906.359.76
599,924.20
2,682,021.25
14,322
14,042,592
2,498,546
38,435,141
1,053,356
4,708,068
State—
917,472.60
—
5,361,001
151.823.47
--
"ennsylvanla.
3,364,784
3,051,663.80
Nebraska..^.
Ohio.-.-
Bushels
Amount
Missouri.
266,168
1,134.87,,,
1,991
South Dikota.
1,013,233.23
1,796,575
Wisconsin—-
5,266.80
9,240
Weather Report for the}Week Ended Jan. 18—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Jan. 18, follows:
""the week'was characterized!)y widespread precipitation, with considertemperatures.
Early in the period a depression moved from the central Plains north¬
Lake region, attended by precipitation in most localities
from the Mississippi Valley eastward and was followed by a sharp drop
eastward over the
terminating a long period of abnormally warm weather
the country.
On the morning of Jan. 11 sub-zero
from the North west,, attending a high-pressure
prevailing there, and during the following few days the cool wave
temperature,
in
the eastern part of
temperatures were reported
area
advanced eastward and southward.
-
.
During the latter part of the week another depression moved from the
west Gun area northeastward to the Middle Atlantic States
bringing wide¬
spread precipitation to a large southeastern area and moderate to heavy
snows in the Middle Atlantic States; snowfall up to a foot in depth was
reported from some central Appalachian sections.
The week closed with
moderately cold weather prevailing in most sections of the country.
The temperature for the week as a whole averaged above normal, except
in the central and southern Rocky Mountains, parts of the southern Great
Basin, and west Guif sections.
The greatest plus departures are shown
from the lower Missouri Valley eastward to the Atlantic coast and in the
far Northwest.
The northwestern Great Plains experienced an abnormally
warm week, with the temperature averaging from 10 to 13 degrees above
normal.
v
'
■
'.
''
In the East, freezing weather extended as far south as Wilmington,
N. C.t ana Macon, Ga., and in the Midwest well into Gulf districts, but
did not rea,ch the coast at any place.
In the Ohio Valley the minima
ranged mostly in the 20'sand in theMississippi Valley from —4 deg. at Minneapolis-St. PauJ to„40 degrees at New Orleans." Sub-zero temperatures
were reported from the interior of the Northeast and in the Midwest as
far south as north-central Iowa and northern Nebraska.
The lowest re¬
i
ported from a fnst-order station was —22 degrees at Devils Lake, N. Dak.,
and Moorbead, Minn., on Jan. 16.,'
Moderate to heavy precipitation was general east of the Great Plains,
except in the extreme, northeast where the amounts were inappreciable.
The heaviest falls occurred in the area between the Ohio River and the
Gulf coast where the weekly totals ranged generally from one inch to
near three inches.
From the Plains States westward precipitation was
mostly light, except that moderate to substantial falls occurred in the
southern Plains and the far Northwest.
The largest northwestern amount
reported was 2.1 inches at Tatoosh Island, Wash.
A large southwestern
area had practically no precipitation.
,
.
Weather conditions during the past week, on the whole, were favorable
for agricultural interests.
While the last few days were much colder
than previously over the eastern half of the country, the lower tempera¬
tures were welcomed as a determent to an unseasonable advance in vege¬
tation, especially fruit trees, over the southern half of the country.
Some
apprehension was felt because the previous extreme mildness was being
reflected in premature development of trees, but the colder weather
checked this advance.
Also, precipitation, in addition to that received
previously, was decidedly favorable in most of the South where moisture
was needed.
The condition of the soil, with regard to moisture, in the
Southern States is now much better ana winter crops made good progress
with no material frost damage.
Also, the lower temperatures were favor¬
able for farm butchering.
In some East-Central States heavy snow
and ice delayed traffic and left
highways in an icy and dangerous condition, especially in Pennsylvania
and some adjoining sections.
Also, the near-blizzard conditions the latter
part of the week in the northern Great Plains blocked secondary high¬
ways.
In general, seasonable farm work made good advance.
Some
plowing was accomplished in the central valleys, where the soil is unusually
free of frost.
In north-central sections egg production was favored, being
unusually heavy for the season.
An outstanding feature of the week's weather was the good snow cover
in much of the West, favorable not only in affording a protection for
small grains, but also in extending the usable range through the supply¬
ing of stock water.
Heavy snows were falling at the close of the week in
the lower Great Plains area, while additional moisture in much of the
northern Plains and Rocky Mountain sections was decidedly heipful.
Small
Grains—The
weather
was
favorable for winter-grain crops in
the Mississippi Valley eastward
country, especially from
where winter wheat continues in mostly
much
of
the
although
on
fair to good condition; fields are
Very little heaving was
some
,
protection and also more moisture in
sections, but the outlook is somewhat better than previously.
In
Missouri
wheat
needs
snow
due
to
January
pro-
>
■
■
.
Trading in the wholesale dry goods markets showed
marked improvement,
owing to the influx of
buyers,
of the wholesalers' and retailers' annual
conventions.
was
sory
a
apropos
Buying
particularly active in the notion, underwear and
acces¬
divisions, whereas some reluctance manifested itself in
placing orders
on
opening of the
domestics and piece
goods, pending the
lines.
Prices held very
new
abatement in the tight
steady, and no
delivery situation existing in some
lines, was reported. Business in silk goods remained
quiet,
although prices ruled firm reflecting the sound
statistical
position of the market. Trading in rayon yarns
gave indi¬
cations of an early substantial revival as
weaving plants re¬
ported a sharp increase in operations. Shipments of
yarns
earlier contracts
on
moderate
would not
decrease
are
said
to hold
of
surplus
be surprising.
up
stocks in
well, and another
producers' hands
Domestic
Cotton
Goods—Trading in the gray cloths
markets started the week in quiet fashion
although sentiment
improved based on the marked increase in inquiries on the
part of users.
Later in the week, a pronounced revival in
buying got under way, with converters taking large
quantities
goods, and with more interest shown in forward deliveries.
Determining factors for the improvement were the better
movement of finished goods, reports that
numerous iobbers
had placed substantial orders for cotton
dresses and other
items, and the somewhat steadier trend shown
by raw
cotton and security prices.
Interest in twills and drills also
gave indications of broadening activity in these
divisions.
of
Business in fine goods expanded
moderately, While carded
staples remained somewhat neglected, fancies moved in
growing volume, with hopsackings attracting chief attention.
Closing prices in print cloths were as follows: 39 inch
80s,
6Vs to,6M<L; 39 inch 72-76s, 5 J4 to 6c.; 39 inch 68-72s,
53^'c.;
38inch 64~60s, 4l/i to 4%c.; 383^ inch
60-48s, 3% to 3j^c.
Woolen
Goods—Trading *'n men's wear fabr'cs was irregu¬
busy on filling existing contracts for
spring goods, and purchases of spot lots continued to be
diverted to jobbers.
Pressure for quicker delivery of spring
fabrics was again exerted in numerous
instances, and pre¬
dictions were heard that thb present high
operating ratio of
most mills may continue into the
early summer months,
provided that the impending showing of fall lines will meet
with the expected response on the part of users.
Reports from
retail clothing centers made an improved
showing as colder
lar
as
mills remained
weather and extensive snowfalls stimulated the sale of
heavy
apparel items.
Business in women's wear goods expanded
perceptibly, with tweeds and fleeces again attacting most
A feature of the week was the
growing demand
for fabrics used in the manufacture of
skiing and skating
apparel.
attention.
Foreign Dry Goods—Trading in linens continued fairly
active
the
reflecting the
enactment
of
numerous
the
adjustments occasioned by
British-American
trade agreement.
While sales of dress linens and suitings were below
expect¬
growing interest in household items was displayed.
from foreign primary centers revealed a certain
unsettlement, owing to the official announcement by the
ations,
a
Reports
Soviet authorities that
no
Russian flax
or
tow
will be
ex¬
ported this year. Business in burlap continued quiet, but
prices advanced sharply, in sympathy with the movement
in
Calcutta, where
a
wave
of speculative buying developed,
following reports that the British Government contemplated
heavy orders of sandbags for rearmament purposes, and that
further
•
conditions
stores, the Federal Reserve Bank of New York
reported a
22.3%, while in Newark establish¬
ments the decline was confined to
19.1%.
•
'
ducers.
In
*
traffic
loss in sales amounting to
largely green north to the northern Ohio Valley.
.
disrupted
falls, served to hold down the attendance
in
some
days.
Clearance sales and
15% below the corresponding week of last year, the
decline
being chiefly due to the fact that the week this
year had one
less business day than in 1938. For New
York and
reported.
'
York—Friday Night, January 20, 1939
snow
able snow in centrai-eastern sections, and mostly moderate
in
in
Brooklyn
•
countries
snows
central—Rocky Mountain
averaged
58,985,000
11,296,000
India
Other
480,000
23,674,000
45,151.000
7,344,000
.
32,015,000
47,715,000
2,524,000
were
motions met with somewhat better
consumer
response, bub
the total volume of business remained
below expectations.'
Department store sales for the week ending Jan.
7, accord¬
ing to the report of the Federal Reserve
Board,
July 1,
1937
Bushels
Bushels
4,739,000 132,591,000 105,510,000
2,175,000 65,799,000 58,346,000
nearly all is
decidedly beneficial while occasional
helpful.
In the
Plains
New
heavy
.
Since
1938
July
1939
Black Sea-
No. Amer.
Since
Jan.13,
1937
of this
and
•Favored by lower
temperatures, retail business improved
Corn
Since
Week
make growth
THE DRY GOODS TRADE
stores
Exports
condition to
7,366,000
Broomhall to the New York Produce Exchange, for the week
ended Jan. 13, and since July 1, 1938, and July 1, 1937, are
shown in the following:
was
the eastern Great R*Csin
wheat" lan^ls have
good snow cover, while conditions continue
generally favorable in the
Pacific northwest.
In the Southern States all
small grains are
reacting
favorably to the better moisture conditions.
'
:
corn, as
weather
a
47,145,000 24.387,000 10,285,000 17,801,000
Total Jan.
7, 1939...269,840,000 48,079,000 24,415,000 10,290,000 18,219,000
Total Jan. 15, 1938.-.129,465.000 36,434,000 32,961,000
5,550,000 19,318,000
shipment of wheat and
the
sections, New Mexico, and in
Total Jan. 14, 1939...264,441,000
The world's
461
Oklahoma
State much wheat is still in
alive in the eastern third.
Snows in Nebraska were
Sunuaary—
American
and
generally favorable, and rather
general improvement was noted,
although in some sections, such as
east¬
ern
Oklahoma, it is still too dry.
Also, in Texas dry-planted
grain that
had come up died in
many places before the rains
came, but that not
previously germinated is now coming up nicely.
In Kansas there is
some
improvement in the general condition.
In the western
two-thirds
Barley
Bushels
Bushels
Texas
voluntary curtailment
Domestically
heavies at 5.25c.
was
discussed by Indian
lightweights
-
were
quoted
at
pro¬
4.00c.,
>
employees of State and municipal governments and agencies
whose immunity from such levies has been rather undecided
since the Supreme Court rendered a decision last year in the
Port of New York Authority case.
In much the same language that he used in a message on the subject
last April, the President contended that a fair and effective progressive
income tax and a huge perpetual accumulation of tax-exempt bonds could
Specialists in
Bonds
Illinois & Missouri
Jan. 21, 1939
Chronicle
Financial
462
not exist side
by side, and, he added:
1
.
government should bear the same
their livelihood in private employment."
Bringing his argument up-to-date to include the effect of the Court's
decision in the Port Authority case, Mr. Roosevelt said:
"In the interest of equity and justice, immediate legislation is required
to prevent recent judicial decisions from operating in such a retroactive
fashion as to impose tax liability on these innocent employees and investors
for salaries heretofore earned, or on income derived from securities hereto¬
fore issued."
'
••
Asserting that a statute alone was necessary to remove the tax exemption,
the President said:
"It is difficult for almost all citizens to understand why a constitutional
"Those who earn their livelihood from
tax burden as those who earn
I Stifel, Nicolaus & Cojnc.
,
Founded 1890
106 W. Adam*
DIRECT
St.
•
314 N. Broadway
ST.
WIRE
CHICAGO
LOUIS
News Items
Income
Taxes Being
provision permitting taxes on 'income
not mean 'from
(The above matters are treated at greater length in our
Department of "Current Events and Discussions," on a
Considered by Three States-
be made this year in the number of
States which do not Jevy taxes on incomes of their residents.
This was apparent in reports that movements are under way
in three States to inaugurate an income tax.
All but 15
States already have levies on income taxes.
Further reduction may
preceding
Bond
Maryland and Nebraska are the three States which do hot
yet levy income taxes, but which are considering such a plan. A bill intro¬
duced in the Connecticut Legislature provides for a graduated Income tax
of from 1% to 4%. A member of the Maryland Legislature is having a bill
drawn up which will provide for a graduated tax of up to 4%.
The Ne¬
braska Legislature has received a bid providing for a graduated State income
page
of this issue.)
tax of
2% to 10%.
which do not have
The States
ALABAMA
COUNTY (P. O. Columbiana), Ala.—BONDS SOLD—It is
stated by J. L. Appleton, County Superintendent, that $63,500 school
building bonds have been purchased by Ward, Sterne & Co. of Birmingham,
as 4s, paying a price of 102.598, a basis of about 3.80%.
Due as follows:
$7,500 in 1952, and $8,000 in 1953 to 1959.
*
(We had previously reported that these bonds were to be purchased at
par by the Public Works Administration but Mr. Appleton states that the
above price was so much better the sale was canceled.)
SHELBY
time include the
Maryland, Michigan,
Rhode Island, Texas,
income taxes at the present
undoubtedly arise in
Opposition to the proposed income tax bills will
States which will shortly consider the measures. Income
proposals have successfully been combated in the past in
and a limited sales tax was set up by the preceding session of the Legislature.
all three of the
ALASKA
Connecticut
tax
"
The
maintained a pay-as-you-go policy on relief despite
tax in recent years, and the only funded debt of
$25,000,000 of bonds which were sold late in 1938.
State has
absence of an income
State is the
Municipal
JUNEAU, Alaska—BOND SALE CORRECTION—The $93,000 coupon
or registered municipal impt.
bonds offered Dec. 20-—V. 147, p. 3641—
were awarded to Jaxtheimer & Co. and Blyth & Co., Inc., both of Portland,
Ore., in joint account, as 4s, at a price of 105.76.
Dated Oct. 1, 1938
and due on Oct. 1 from 1939 to 1958 incl.
Second high bid was submitted
by E. M. Adams & Co. of Portland.
(Above corrects the report given
in V. 147, P. 4083.)
the
the
Analysis Course Announced—The Wall
York University at 90 Trinity Place
course of study in the Analysis of Municipal
Street Centre of New
announces
a
Wednesday evenings from 7:15 to
1.
:
include a study of State, county, city and district obli¬
investor's standpoint.
Analysis will be made of the
Securities to be given on
9:00
beginning Wednesday, Feb.
This course will
,
assessment methods,
debt ana tax limits.
examined with respect to authority, purpose and
restriction of Issue.
Default records ana remedies will be studied.
Current developments in the field of municipal finance will receive
special attention as will the problems of uebt adjustment and refunding.
Individual bonas wid be
New York
State—Nearly All Railroad Issues
'
ARIZONA
.
PHOENIX, Ariz.—BONDS OFFERED TO PUBLIC—A. $59,000 issue o
3K% semi-ann. water and sewer bonds is being offered by Tyler & Co. of
Boston, for general investment.
Dated July 1, 1938.
Due July 1 as fol¬
lows: $20,000 in 1942, $22,000 in 1943 and $17,000 in 1944.
Prin. and
int. payable at the Irving Trust Co., New York, or at the City Treasurer's
office.
These bonds are a direct obligation of the City, and are payable
from unlimited ad valorem taxes.
Legality approved by Thomson, Wood
& Hoffman of New York.
■
,
gations from the
financial statements of typical municipalities as to
tax delinquency, debt structure, sources of revenue,
:
Proposals and Negotiations
Connecticut,
following: Connecticut, Florida, Illinois, Maine,
Nebraska, Nevada, New Jersey, Ohio, Pennsylvania,
Washington and Wyoming.
'
from whatever source derived' does
whatever source derived'."
Ineligible for
Legal Investment—Virtually all of the railroad bonds of the
country have become ineligible for purchase by New York
State savings banks through failure to meet requirements in
ARKANSAS BONDS
Markets in all State, County
restored by the Legislature
last year. There are a few exceptions such as Union Pacific,
the Eastern coal roads and bonds of various small railroads.
It is considered possible, however, that the law will be
& Town Issues
1938 under the statutory tests
amended.
'
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST. LOUIS,
.
requirements caUed for the earnings of charges one and one-half
times for five of the six past years including the most recent year.
During
the depression the Legislature passed emergency law which eliminated these
requirements in order to alleviate the pressure on the bond market. Last
year the old requirements were reinstated With the provision that for the
year 1931 to 1937 inclusive, earnings equal to charges might be substituted
for the one and one-half times ratio.
With the passing of another year,
it becomes necessary that the roads cover charges at the old ratio of one
and one-half for 1938.
'vV".V
°
MO.
The old
United States—Federal
ARKANSAS
ARKANSAS, State of—GOVERNOR PROPOSES REVISION OF DEBT
ADJUSTMENT PROGRAM—A special dispatch from Little Rock to the
"Wall Street Journal" of Jan. 19 reported as follows:
Governor Carl Bailey has revised debt adjustment program, for which
a bill will be introduced in the Legislature, to exclude more than $8,000,000
of Confederate pension bonds, which are not callable.
Bonds of this series
were issued from 1927 to 1933 at 4J£% to 5%.
Administration plan calls
Officials Urge Ban on Tax Exemp¬
3%.
Miliage tax for Confederate
of Government and State Securities—Four Federal officials
advised Congress on Jan. 18 to place the same taxes on local,
for refunding at
tion
ages
governmental obligations and salaries that now
apply to private business and its employees, according to
Washington press advices.
"
These officials paved the way for a special message from President~Rooseand national
ter Co.
required for debt service.^!
of St. Louis:
Gasoline taxes in Arkansas, from
which are serviced the State's highway
and road bonds,
Each
year
1935,
have produced $45,305,738 in the last five years.
has surpassed the preceding year as follows: 1934, $8,032,263;
$8,199,271; 1936, $9,171,165; 1937, $9,890,449; 1938, $10,012,588.
This revenue is far in excess of interest requirements, so that the
ask the elimination of all tax exemptions on future securities
and salaries of Federal, State and local governments. The officials appeared
before a special Senate committee created to consider removal of tax exemp¬
tions that have existed since the first days of this Government.
They told the committee that they agreed with the President's propo¬
sal, made last April, for a "short and simple statute" and predicted that
the Supreme Court would uphold Congressional action.
John W. Haines, Under-Secretary of the Treasury, estimated that re¬
moval of the exemptions would net about $300,000,000 annually when
existing tax-exempt securities had been retired.
Asserting that some $65,000,000,000 was now invested in tax-free securi¬
ties of national, State and local governmental agencies, Mr. Hanes asserted
that this discouraged investment in other fields that involved risk.
"In¬
dustry finds it difficult to compete with tax-exempt securities in attracting
capital of individuals in the higher-income brackets," he said.
At least four Secretaries of the Treasury prior to Secretary Morgenthau and including Andrew MeUon and Ogden Mills, Republicans, had advo¬
cated removal of exemptions. Presidents Harding, Coolidge and Hoover,
as well as Mr. Roosevelt, had endorsed the proposal.
James ff, Morris, Assistant Attorney General; John Philip Wenchel,
sink¬
ing fund, operating with increasing frequency (4 times in 1938), has now
retired a total of about $18,039,934 since issuance of the bonds in 1934.
CALIFORNIA
HUMBOLDT COUNTY
(P. O. Eureka), Calif.—SCHOOL
$85,000 issue of Eureka High School
OFFERED TO PUBLIC—An
BONDS
District
San Francisco, for public
subscription, divided as follows: $25,000 maturing $5,000 Jan. 15, 1940 to
1944, as 35is,
(J-J), $35,000 maturing $5,000 Jan. 15, 1945 to 1951 as
2Ms, and $25,000 maturing Jan. 15, $10,000 in 1952 and $15,000 in 1953
as 2s.
Dated Jan. 15, 1939.
Denom. $1,000.
Prin. and int. payable
in lawful money at the County Treasurer's office.
Legality to be approved
by Orrick, Dahlquist, Neff & Herrington of San Francisco.
LOS ANGELES COUNTY (P. O. Los Angele.), Calif.—BOND SALES
—The $80,000 issue of Montebello Unified School District bonds offered
for sale on Jan. 17—V. 148, p. 307—was awarded to John Nuveen & Co.
of Chicago, as 3Hs, paying a premium of $632, equal to 100.79, a basis of
about 3.39%.
Dated Jan. 1, 1939.
Due $5,000 from Jan. 1, 1940 to
bonds is being offered
general counsel for the Internal Revenue Bureau, and W. W. Gardner or
the others who argued for the removal
of exemptions.
the Solicitor General's office, were
pension bond principal and interest aver¬
ARKANSAS, (State of)—REPORT ON GAS TAX REVENUE—'The
following information is taken from a circular issued by the Scherck, Rich-
velt which will
President Asks Congress to End Tax Exemptions—In a
special message to Congress on Jan. 19 President Roosevelt
requested that legislation be enacted to remove the present
immunity from taxation of State, Federal and local salaries
and securities. He also recommended that action be taken to
relieve the Treasury Department of any theoretical obli¬
gation to undertake to collect back income taxes from the
.
$1,000,000 per year, of which $800,000 is
by Donnellan & Co. of
1955 inclusive*
The following two issues
at
of bonds aggregating
$31,000, offered for sale
to the Wm. R. Staats
equal to 104.52, a basis
148, p. 307—were awarded
4s, paying a premium of $356,
the same time—V.
Co. of Los Angeles, as
of about 3.58%:
-
$24,000 Water Works District No. 13 (Lomita) bonds.
Dated Jan. 1,
1939.
Due $1,000 from Jan. 1, 1940 to 1963, inclusive.
7,000 Water Works District No. 13 (Lomita) bonds.
Dated July 1,1928.
Due on July 1 as follows: $1,000 in 1960, and $3,000 in 1961 and
/
1962.
...
Volume
Financial
148
Denom. $1,000.
County Treasury.
SAN
DIEGO
SALE—The
Principal and interest payable in lawful money at the
COUNTY
$179,000
issue
(P.
of
O.
SanDiego).
School
bonds
District
on Jan.
12—V. 148, p. 150—was awarded to the Pacific
Co. of California, of Los Angeles, and Dean Witter & Co. of San Francisco,
jointly, paying
bonds divided
a
as
price of 100.01, a net interest cost of about 2.45% on the
follows: $169,000 as 2Mb, maturing on Dec. 15: $8,000,
1940 and 1941; $9,000, 1942 to 1948; $10,000, 1949 to 1957; the
$10,000
SAN
2s, maturing on Dec.
as
remaining
15, 1958.
Calif.—BONDS OFFERED TO PUBLIC—%78,000
issue of 3M% semi-aim. sewer bonds is being offered by Tyler & Co. of
Boston, for public subscription.
Dated Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1 as follows: $7,000 in 1945 to 1948; $2,000 in 1951 and 1952;
$7,000 in 1953 to 1958, and $4,000 in 1959.
Prin. and int. payaole at the
GABRIEL,
City Treasurer's office.
oblihation of the city,
These bonds are a direct
payable from unlimited ad valorem taxes.
O'Melveny, Tuller & Myers of Los Angeles.
and
Legality approved by
are
VENTURA COUNTY
(P. O. Ventura), Calif.—-SCHOOL BOND OF¬
Clerk, that he will
a. m. on Jan. 24, for the purchase of a $15,000
issue ot3M% semi-annual Moorpark School District bonds.
Denom. $1,000.
Dated Feb. 1, 1939.
Due on Feb. 1 as follows: $2,000, 1940 to 1946,
and $1,000 In 1947.
Principal and interest (F-A) payable in lawful money
at the office of the County Treasurer.
These bonds were approved by
the voters at an election held on Dec. 13.
A certified check for 2% of the
bid, payable to the County Clerk, is required.
FERING—We
are
shall be submitted covering the bonds of each county, but any
such sealed offerings may be enclosed in one mailing envelope.
The right is reserved to reject any and
Calif. —SCHOOL BOND
Unified
Coronado
offered for sale
informed by L. E. Hallowell, County
receive sealed bids until 10
463
Chronicle
number of
all offerings or portions of offerings.
e!
HOLLYWOOD, Fla.—CERTIFICATES SOLD—It is stated by B.
Mann, City Auditor, that the $200,000 water revenue certificates approwd
by the State Supreme Court last March, have been purchased by Robert
H. Cook & Co. of Miami.
JACKSONVILLE, Fla.—CERTIFICATE SALE—The $250,000 issue of
water revenue certificates offered for sale on Jan.
18—V. 148, p. 307—was
awarded jointly to Harris, Hall & Co. of Chicago, and the Milwaukee Co.
of Milwaukee, as 2Ms, paying a premium of $2,192.50, equal to 100.877,
net interest cost of about
a
Dated Dec. 15, 1938.
2.09%.
Due $25,000
from Dec. 15, 1940 to 1949 inclusive.
Other bidders and their bids
follows:
were as
Name of Bidder—
Premium
Paine, Webber & Co., N. Y. City;
Clyde C. Pierce Corp., Jackson¬
ville, and Chace, Whiteside &
Co., Inc., Boston
$175.00
rru
o
4-±
"nt
i
T>
4-
,
r
and
The
Atlantic
\$75,000 194041-42
100.00
Phelps Fenn & Co.; Fenner & Beane
1 $50,000 1940-41
.Corp
Par
/ 200,000 1942-49
Shields & Co., New York; J. N.
Hynson & Co., Inc. N. Y
275.00
D. T. Moore & Co., N. Y. C
2,187.50
COLORADO
COLLINS, Colo.—BOND SALE—The $55,000 issue of re¬
funding bonds offered for sale on Jan. 13—V. 148, p. 150—was awarded
to the Fort Collins-First National Bank, as 2j^s, at par, according to the
City Clerk.
Dated March 1, 1939.
He states that Boettcher & Co. of
Denver submitted the next best offer, bidding on $24,000 as 2Mb, and
as
2 Ms.
NO.
DISTRICT
5
(P.
PUEBLO COUNTY JUNIOR COLLEGE DISTRICT (P. O. Pueblo)
$160,000 building revenue bonds purchased by Brown, Scblesman, Owen
& Co. of Denver, as 3 Ms and 4s, as noted here—V. 148, p. 307—were sold
a
price of 95.00.
to have been reached in later years.
O.
Colo.—PRICE PAID—It is now stated by the Codege President that the
at
MT.
same
LONDON, Conn .—BOND SALE—'The $125,000 school bonds,
11, offered Jan. 17—V. 148, p. 307—wero awarded to F. W.
Co. of Hartford as lj^s, at 100.019, a basis of about 1.497 %.
Dated Jan. 1, 1939 and due Jan. 1 as follows $8,000 from 194C to 1949,
incl. and $9,000 from 1950 to 1954 incl.
Other bids
NEW
series No.
Home &
Rate
Bidder—
Rote
Tampa),
Fla.—BOND
Fla .—CERTIFICATE SALE—The $33,000 issue of 4%
PALATKA,
semi-annual water works revenue certificates offered for sale on Dec. 13—V.
147, p. 3340—was purchased at par by a local investor, according to the
ST.
Due from 1940 to 1958, incl.
Dated Oct. 1, 1938.
City Clerk.
PETERSBURG,
Fla .—CERTIFICATE OFFERING—It is stated
by T. L. Crossland, Director of Finance, that he will receive sealed bids
until 2 p. m. on Jan. 31, for the purchase of a $214,000 issue of 4% semigas plant revenue coupon certificates.
Dated Oct. 1, 1938. Denom .
Due Oct. 1, as follows $4,000 in 1939, $10,000 in 1940 to 1948
$12,000 in 1949 to 1958.
The bonds are callable at the option of the
City in reverse order of maturity on any interest payment date at full
principal and accrued interest plus ^ of 1% premium for each unexpired
year or fraction thereof, such premium, however, not to exceed 5% in any
case.
Prin. and int. payable at the office of the Director of Finance, or at
the Chemical Bank & Trust Co., New York.
These certificates are part
of an authorized issue of $238,000 approved by the State Supreme Court,
ann.
$1,000.
and
and together with $47,000 principal amount of
dated July 1,1914, constitute an exclusive first
Public Improvement bonds,
lien upon all of the revenues
the operation of the gas plant after deduction only of the
cost of operation, maintenance and repairs.
No approving
derived from
Enclose
a
certified check for $2,COO.
PETERSBURG,
Fla.—FINANCIAL
CONDITION
SHOWS
IMPROVEMENT—Annual audit of city accounts filed by Auditor A. A.
Rabe indicates that St. Petersburg on Sept. 30 closed one of the most
history. City debt was reduced more than $1,000,000
during the fiscal year.
Cash on hand at the close of the year was close to
$500,000, or twice as much as the amount in the city's coffers at the close
of the 1937 fiscal period.
Earnings from utlities, trolley cars excepted, were
successful years in its
far
ahead
of the
while collection
previous year.
1M%
l%%
101.38
101.31
1 M%
\%%
1M%
1M%
1M%
2%
.
V
101.17
101.134
100.769
100.30
101.138
DELAWARE
MIDDLETOWN, Del.—BOND SALE—The Wilmington Trust Co. of
Wilmihgton purchased on Jan. 12 an issue Of $75,000 school building bonds
as 2s, at a price of 100.22.
Other bids:
Bidder—
Int. Rate
Rate Bid
Francis I. DuPont & Co
ij
2M%
101.76
Laird, Bissell & Meeds.
--2M%
101.74
Laird & Co
2M%
101.09
•
—
—^
increase,
showed a decrease of $1,561,937, accounted
for almost entirely by council's adjustment of delinquent special assessment
liens under its adjustment committee.
This committee ceased to function
Nov. 1.
Commenting on the audit, sponsors of the adjustment plan said
the decrease in "book" assets as indicated in the audit would be more than
offset in the rescue of submerged properties that will now go back on the
active tax rolls as a result of the adjustments.
►'
•
GEORGIA
101.557
Estabrook & Co. and Putnam & Co
Tax collections showed a 5%
of delinquent taxes dropped in like proportion.
The city's assets, however,
Bid
Hemphill, Noyes & Co. and H. C. Wainwright & Co.
_i.
O.
ST.
CONNECTICUT, State of—LOCAL BOND BILLS INTRODUCED—
A special dispatch from Hartford to the "Wall Street Journal" of Jan. 18
reported as follows:
Several bond issues are proposed in bills before the general assembly, led
by an issue of $2,500,000 Bridgeport refunding bonds. The Town of Wallingford is contemplating an offering of $45,000 for refunding purposes and
Shelton, $50,000 in 1939 and an equal amount in 1940 for relief purposes.
New Haven County has under consideration an issue of $300,000 for im¬
provement of the County Court House at Water bury.
Shields & Co
(P.
by the Superintendent of the Board of Public Instruction, for the purchase
of $4,000 school bonds, approved recently by the voters.
opinion will be provided.
CONNECTICUT
;
DISTRICT
SCHOOL
ENON
About $250,000 of school bonds also
time.
OFFERING—It is reported that sealed bids will be received until Feb. 16,
reasonable
Due from Oct. 1, 1941 to 1958 incl.
Day, Stoddard & Williams
Cooley & Co____
R. L. Day & Co.......
Union Securities Corp
Halsey, Stuart & Co
2M%
2M%
by a three-two vote has agreed to accept the plan of R. E. Crummer & Co.
of Orlando to refund $3,000,000 countywide and special district bonds.
The refunded bonds will carry a straight interest rate of 4% and unlike
those that are being taken in are not callaole.
At the present the bonds,
previously refunded, carry an interest rate of 5% with a maximum of six
will be refunded at the
Fort
Collins), Colo.—BOND OFFERING—It is reported by Harry B. McCreary,
Secretary of the Board of Education, that he will receive sealed bids until
4 p. m. on Jan. 25 for the purchase of an issue of $148,000 refunding bonds.
Interest rate is not to exceed 3%, payable M-S.
Dated March 1, 1939.
Denom. $1,000.
Due March 1 as follows:
$10,000 in 1942 to 1955,
and $8,000 in 1956.
Prin. and int. payable at the office of the County
Treasurer.
These bonds are offered subject to approval at the elction
to be held on Jan. 23, and are issued to refund $130,000 4M% series B
bonds, issue of March 1, 1924, due March 1, 1954, optional March 1, 1939;
$11,000 5M% bonds, issue of April 1, 1921, due April 1, 1951, optional
April 1, 1939, and $7,000 4^%_bonds, issue of Oct. 1, 1923, due Oct. 1,
1953, optional Oct, 1, 1938.
The purchaser will be required to furnish
the blank bonds of proper form and suitable workmanship without expense
to the district; also if any expense is incurred by an escrow agreement in
the process of refunding the honds, the fee therefor shall be paid by the
purchaser.
The Board of Education will furnish a certified copy of the
resolution and
proceedings prior to and including the election; subsequent
proceedings ana the final legal opinion approving the bonds shall be fur¬
nished by the purchaser at his expense.
Enclose a certified check for $3,000.
SCHOOL
COUNTY
2.4%
4%
2%
MANATEE COUNTY (P. O. Bradenton), Fla.—BOND REFUNDING
PLAN APPROVED BY COUNTY OFFICIALS—'The County Commission
FORT
LARIMER
2% '
Nat.
Bank of Jacksonville
—
$31,000
3K%
1175,000 1943-49
,
The Barnett Nat. Bank of Jackson¬
ville,
Int. Rate
DUBLIN, Ga.—BOND SALE—The $39,000 issue of 4% coupon semi¬
annual refunding bonds offered for sale on Jan. 16—V. 148, p. 308—was
awarded to J. H. Hilsman & Co. of Atlanta, paying a premium of $5,200,
equal to 113.33, a basis of about 2.90%.
Dated Jan. 1, 1939. Due from
Jan. 1, 1952 to 1956.
■
Associated with the above firm in the purchase was the Trust Co. of
Georgia, and Johnson, Lane, Space & Co., both of Atlanta.
The second best bid was an offer of $5,175 premium, offered by "Wyatt,
Neal & Waggoner of Atlanta.
IDAHO
COUNTY (P. O. Preston), Idaho—BOND SALE DE¬
TAILS—We are now informed by the Clerk of the Board of County Com¬
missioners that the $20,000 coupon county bonds awarded on Jan. 7 to
Sudler, Wegener & Co. of Boise, as noted here—V. 148, p. 308—were sold
as follows:
$8,000 as 2 Ms, the remaining $12,000 as 334s, paying a premium
of $25, equal to 100.125.
Due in from 2 to 20 years.
"
-.
.
FRANKLIN
NEW MEADOWS
SCHOOL DIST. (P. O. New Meadows), Idaho—
is stated by the District Clerk that the $14,000
BOND SALE DETAILS—It
FLORIDA
BONDS
Clyde C. Pierce Corporation
Barnett National Bank
Building
*
JACKSONVILLE Branch Office: f AMPA
,
First
National Bank Building
FLORIDA
high school construction bonds purchased by the State of Idaho, as noted
here—\: i4gt p. 154—were sold as 4s at par, and mature $1,400 from 1940
to 1949 incl.
POCATELLO, Idaho—BOND SALE—The $11,000 issue of public park
Jan. 18—V. 147, p. 3943—was awarded to the
Lake City, as'2Hs, paying a price of 100.09,
according to the City Clerk. Dated Jan. 1, 1939. Due in not to exceed 20
years from date.
bonds offered for sale on
Edward Alberton Co. of Salt
,
ILLINOIS
T. S. Pierco. Resident Manager
DANVERS
FLORIDA
FLORIDA (State of)—BOND
TENDERS INVITED—'The State Board
Feb. 3, at the Governor's
of matured or unmatured original or
refunding 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:
Brevard. Broward, Desoto County Punta Gorda S. R. & B. District No. 3,
and S. R. & B. Districts No. 4 and 5 only, Glades, Hardee, Jensen S. R. &
B. District, Levy District No. 7, and Palm Beach S. R. & B. Districts
No. 3, 8, 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. 13, and must state full name, description
and serial numbers of bonds, interest rate, date of issue, date of maturity
and price asked.
The offer must specifically state exactly what coupons
are attached and will be delivered with the bonds for
the price asked.
Bonds that are in detault of interest must be offered at a flat price, which
of Administration will receive until 10 a. m. on
office in Tallahassee, sealed offerings
price shall be understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid coupons attached, and notice is
hereby given that if any such coupons have been detached prior to delivery
of any bonds accepted and (or) purchased hereunder, the face value of such
miRfiing coupons will be deducted from purchase price, and offerings must be
submitted on this basis.
•,
Sealed envelope containing offerings of bonds shall plainly state on its
face that it is a proposal for sale of road and bridge bonds.
Separate tenders
COMMUNITY
HIGH
SCHOOL DISTRICT NO. 430,
bones was sold on
Dated Feb. 1, 1939
111.—BOND SALE—An issue of $6,000 3% builaing
Jan. li to C. E. Bohlander & Co. of Bioomington.
and due on Feb. 1 in 1955 and 1956.
LOUIS, 111.—OTHER BIDS—'The $200,000 police and fire
Barcus, Kindred & Co. and the Municipal Bond
jointly, as 3s, at par plus $255 premium, equal
100.127—V. 148, p. 308—were also bid for as follows:
EAST
ST.
station bonds awarded to
Corp., both of Chicago,
to
JnL Rate
Bidder—
3%
Blyth & Co., Inc
& Co., Inc
Channer Securities Corp...
R. W. Pressprich & Co., et al
—
L740.00
fconn
ol/l?
& Co_--.--
Sons Co., Inc
Kelley, Richardson & Co., et alPaine, Webber & Co
A. S. Huyck & Co., et al—Bartlett, Knight & Co., et al
H. S. Speer &
$134.00
-
-
Ballman & Main
John Nuveen
Premium
o'oln'nn
Harriman Ripley
568.00
334%
-
-
o
'3H%
*
£^%
o$r*9?
3,227.71
3M%
1,616.00
St. Louis were
$105,000:
HARRISBURG, 111.—BOND SALE—Stix & Co. of
awarded on Jan. 17 the following bond issues aggregating
$85,000 3M% sewer bonds.
Dated Oct. 1,1938.
20,000 5% levee bonds.
Dated July 1, 1938.
1
JERSEYVILLE, III.—BOND SALE POSTPONED—Award of the $50,
general obligation sewer bonds offered Jan. 18—V. 148, p. 308—was
000 4%
Financial
464
put
< 1
'•
: 1
''
Dated Sept. 1,1938 and due Sept. 1 as
1940 to 1947 incl. ;$3,000 from 1948 to 1957 incl. and $4,000
McHENRY COUNTY (P. O. Woodstock),
$130,000 bridge bonds authorized at an
Ballman &
to
Main of
follows
as noted here—V. 148. p. 309—were purchased by the
Phillips Corp. of Davenport, as 224s. at a price of 101.30.
Chicago,
NO.
PAGE
Galesburg National Bank of Galesburg at par.
It
of Des
INDIANA
1938.
1,
Ind/anapoiis.
The bonds mature $1,000 each:year from
f939
H,Rffpn»r><»r£rtn«
Urn/hop
Ji-r
^9
r
to 1948 incl
Iowa—CERTIFICATES SOLD—
Moines,
as
234s, paying
a
price of 100.06.
fire pro¬
awarded
the Iowa-Des
White-Phillips
Corp. of Davenport, as 124s. paying a price of 100.257, a basis of about
J.72%. Dated Jan. 1,1939. Due $10,000 from July 1, 1943 to 1952 incl.
SIOUX CITY, Iowa—BOND SALE—ThejSlOO.OOO issue of
bonds offered for sale on Jan. 18—V. 148, p. 309—was
awarded
—1—
.J:
„
Clarinda)
O.
FARMERSBURG, 1 owa—BOND OFFERING—It Is reported that sealed
bids win be received until 7.30 p.m. on Jan. 23, by Carroll H.
Oelke, Town Cierk, for the purchase of a $13,000 Issue of municipal water
works system bonus.
Interest rate is not to exceed 4%, payable semi¬
annually.
Due in 20 years; callable in five years after date of issue.
BEDFORD SCHOOL CITY CITY, Ind.—BOND SALE—The $18,700
school improvement bonds offered Dec. 8—V. 147, p. 3490—were
(P.
and open
Ross, McCord &
Legality approved by Matson,
COUNTY
These certificates mature pn Dec. 31,1941.
ANGOLA.And.—BONDS SOLD—Lewis, Pickett & Co. of Chicago pur¬
chased $18,000 214% water works revenue bonds at a price of 10(3.33.
Dec.
Dated
stated by the County Treasurer that $49,000 anticipation certificates
offered on jan. 17 and were awarded to Shaw, McDermott & Sparks
is
w-ere
Datea
234s, paying a price of 102.37, a basis of about 2.01 %.
Due from Nov. 1, 1940 to 1958.
OK°B°JI, Iowa—BOND SALE POSTPONED—It is stated by Maud
Elston, Town Clerk, that the sale of the $22,000 water works bonds which
was scheduled for Jan. 14—-V. 148, p. 309—has been deferred.
Due from
Dec. 1, 1941 to 1956; callable on and after Dec. 31, 1945.
WATAGA SCHOOL DISTRICT,
111.—PURCHASER—'The $24,000
234% building bonds reported sold in V. 147, p. 2728 were purchased by
Clifford of
—Y> 148, P. 152—was awarded to John Nuveen & Co. of
^n*,
as
Jan. 1, 1939.
59, 111.—BOND SALE DE¬
TAILS—The $12,000 building bonds sold locally—V. 148, p. 308—bear
4% Interest and were marketed at par.
the
White,
Due from Nov. 1.
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. O. Mason
City). Iowa—BOND SALE—The $71,250 issue of building bonds offered
£?£»'e on
,
DISTRICT
Denom. $1,000.
Coupon bonds, dated Jan. 2, 1939.
1940 to 1950. Interest payable M-N.
Chicago.
SCHOOL
1939
Jan. 21,
$2,000.recently,
in^1958.
"L—^AVDA^L^The
election last September were sold
PAXTON, 111.—SALE NOT CONS UMMA TED— The sale of $60,000
334% sewer revenue bonds to John Nuveen & Co. and Charles K. Morris
& Co., both of Chicago—V. 147, p. 3943—was not consummated, as the
voters refused to approve the issue at the election on Dec. 28.
TOLONO
Chronicle
tection
'
Trust & Savings Bank of Chicago,
Moines National Bank & Trust Co. of Des Moines, and the
jointly to the
CLARKSVILLE CIVIL TOWN (P. O. Jeffersonville), Ind.—BOND
SALE—The $30,000 sewer system bonds offered Dec. 30—V. 147, p. 3943
—were awarded as 334s to Beasongood 6c Mayer of Cincinnati.
Due semi¬
annually
14.
WOODBURY COUNTY (P.
•*-
-
'
°
'
bid for" is required.
JEFFERSON TOWNSHIP (P. O. R. R. No. 1, Monroeville), Ind.—
SALE—The $42,000 school building construction bonds offered
Aug. 23 last—V. 148, p. 924—were awarded to the Fletcher Trust Co. of
Indianapolis as 234s, at a price of 101.20, a basis of about 2.34%. Dated
Sept. 1,1938 and due semi-annually from July 15,1939 io July 15, 1953.
CRAWFORD COUNTY (P. O.
PUBLIC—An issue of $124,000
TO
(P. O. Anderson), Ind.—BOND OFFERING—
July 15 from 1941 to 1944,
incl., and $1,000 Jan. 15, 1945.
Bidder to name a single rate of interest,
expressed in a multiple of 34 of 1 %.
Principal and interest (J-J 15) payable
at the County Treasurer's office.
A certified check for 3% of bonds bid
$400,000 general fund
,
bonds
McPHERSON, Kan.—BONDS SOLD— It is stated by the City Cierk
semi-ann. swimming pool and band shell bonds have been
purchased at par by the Columbian Securities Corp. of Topeka.
that $38,500 2%
Indianapolis), Ind.— WARRANT SALE—
warrants soid
following
16—v. 148, p. 308—
by the City Clerk that
approved by the voters at an election
December by Estes 6c Co. of Topeka.
Denom. $5o0. Dated Sept. 1, 1938. Dueasfollows: $500,1939 to 1942, and
$1,000, 1943 to 1958.
Prin. and int. (M-S) payable at the office of the
PALCO,
State Treasurer.
PORTER,
ind.— BOND
SHAWNEE COUNTY (P. O.
OFFERING—C.
works relief bonds were
•
S.
to
1949, inci.
bimmons,
Town
Clerk,
Interest F-A.
.
TOWNSHIP (P. O. Kansas City), Kan.—BOND
SALE DETAILS—In connection with the sale of $315,000 4% amei-ann.
water revenue, bonds to Beecroft, Cole & Co. of Topeka, as reported in
our issue of Jan. 7—V.
148, p. 152—it is now stated that Estes 4k Co. of
Topeka and the Brown-Crumrner Co. of Wichita, were associated in the
purchase-of the said bonds.
Due from Jan. 1, 1943 to 1969; callable on
WYANDOTTE
A certified check
^YJN,CEN^ES» Ind.—BOND
fered Jan.
SALE—The $18,500 refunding bonds of¬
to John Nuveen & Co. of
plus $312.90 premium, equal to 101.69, a basis of
Dated Jan. 16, 1939-anddue Jan.
15, 1956.
The Fxetcher
16—V. 147, p. 3944—were awarded
Chicago
as
224sj
about 2.63%.
at par
Indianapoiis,
forv&j
or
KENTUCKY
WARSAW SCHOOL
CITY, Ind.—BONDS SOLD—An issue of $60,000
improvement bonds was sold to the Central Securities Corp.,
Wayne, as 234s, at a price of 101.259.
Dated Dec. 27, 1938 and
approved as to legality
by Matson, Ross, McCord & Clifford of Indian¬
apolis.
Ky.—BONDS OFFERED TO PUBLIC— The Bankers Bond
Co. of Louisville is offering for general investment a $43,000 issue of 4%
coupon semi-ann. water works revenue bonds at prices to yield from 2.60%
to 4%, according to maturity.
Dated Jan. 1, 1939. Denom. $1,000.
Due Jan. 1 as follows: $1,000 in 1940 to 1946, and $2,000 in 1947 to 1964,
callable on any interest payment date at 10233 and interest for the first
5 years and ,at par and interest thereafter.
Prin. and int. payable at the
BENTON,
■
SCHOOL
CITY,
Ind.—BOND S/ILE— The
bonds offered Jan. 16—V. 148,
p. 151—were awarded
Johnson of Indianapolis as 2 34s, at par plus $130.3,6 premium
a basis of about 2.12%.
Dated Jan. 16, 1939 and due
'
1?. R-<fhneth S
Kn
?
$4 7°°
i
*
Bank
.
,
ui(i(kr—
c
Indianapoiis Bond
Int• R°te
-
^
John Nuveen & Co
Fletcher Trust Co
2
& Share
McNurlen & Huncilman
34%
234%
234%
Corp
.1
Lafayette Savings Bank
.
.
'
Premium
$129.00
105.00
77.00
234%
234 %
234%
.
City Securities Corp
16.75
100.00
69.00
S»iynh,TS'C°ml,0.r
&TC^Ralph Mayersttln, Lafayette
18-00
224%
IOWA
ANAMOSA, Iowa—BONDS
'
75.00
;
SOLD—It is stated by S. Gardner, City
total of $87,160.85 bonds were offered for
sale on Jan. 16
and of these an
aggregate of $57,160.85 bonds were
purchased by the
Carleton D. Beh Co. of Des Moines
as follows:
$30,000 sewer outlet and
purifying plant, and $10,000 improvement bonds were sold as 3s at a
Clerk, that
$30,000
a
100.087, while $17,160.85 were sold as 5s at par.
The remaining
outlet and
purifying plant bonds were not sold.
sewer
HARRISON
It
is
COUNTY (P. O. Logan), Iowa—BOND OFFERING—
reported that bids will be received until 1:30
p. m. on Feb. 7, by A. C.
Schulmeister, County Treasurer, for the purchase of
refunding bonds. Dated Jan. 1, 1939.
Due on Dec. 1
in
1948, and $13,000 in 1949.
$23,000 issue of
as follows:
$10,000
A certified check for 3% of the bid is
required.
a
»JI^LC!OUNTY
°* Ida Grove) Iowa—CERTIFICATE SALE—The
$40,000 issue of secondary road construction
certificates offered for sale
on Jan. 19—V.
148, p. 309—was awarded to Shaw, McErmott &
Sparks of
Des Moines, as
134s. at par, according to the County Treasurer.
Dated
Jan. 2,1939. Due on Dec. 31 in
1941 and 1942; optional on or after Dec.
j-Uoy
31,
•
.lee COUNTY (P. O. Fort
Madison),
$56,000 issue of funding bonds offered for sale
—was
Iowa—BOND SALE—The
on Jan. 17—V.
148, p. 4085
awarded to the Carleston D. Beh Co. of Des
Moines, as 2s, paying a
price of 101.567,
1946 to 1948.2
a
basis .of about ,1.79%.
Dated Jan. 1, 1939.
i
Due in
2
LOUISA COUNTY (P. O.
Wapello), Iowa—BOND SALE DETAILS
—It is stated by the
County Treasurer that tie jiJ.JJ) fuulin; bmii sjld
of
Benton.
Legality
to
be approved by Chapman &
Cutler of
Chicago.
July 15. 1947 and $8,000 Jan.
15, 1948.
John Nuveen & Co.of
Chicago, second high bidder, offered to
pay 101.01 for 2 34s.
Other bids:
1
t
after Jan. lr 1945.
next highest bidaer, named a price of 101.086
Fort
«iW££T LAFAYETTE
$12,700 school
Topeka), Kan.—BONDS SOLD—We are
Hoiman, County Clerk, that $15,000 coupon public
awarded on Dec. 23 to the Baum, Bernheimer Co.
of Kansas City, as 134s, paying a price of 100.1525.
He also reports that
the second best bid was an offer of 100.1503, tendered by the Columbian
Securities Corp. of Topeka.
»
nformed by Charles E.
-
will receive seaioa bids until
7:30 p. m. on Feb. 7 for the purchase of $4,000
4% park Improvement bonds.
Dated Jan. 31, 1939.
Denom. $400.
Due
$400 on Aug. 1 from x940
for $100 is requirea.
.
held
200,000 county welfcre fund warrants were purchased by the Indianapolis
Bona «St Share
Corp., Indianapoiis, at 134% interest, plus $15.50
1939.,
Kan.—BONDS SOLD—It is stated
$18,0UU 3% semi-ann. water bonds
on Aug. 12, were purchased in
as
Indianapolis
premium.
.
Dated Jan. 31,1939 and due
Jmy 15.
DISTRICT (P. O. Hay.), Kan.—BONDS SOLD-It
of the Board of Education that $102,000 high school
approved by the voters at an election held on Sept. 29, have been sold.
is stated by the Cierk
134s. at par plus $7 premium, to
institutions:
Fletcher Trust Co.,
Union Trust Co., Indiana Trust
Co., Indiana National Bank,
American National Bank, Merchants National. Bank, ana the
Fidelity Trust Co.
«
the
.
HAYS SCHOOL
for, payable to order of the Boadr of County Commissioners, Is required.
The oonds are unlimited tax obligations of the
county and the legal opinion
of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished the
successful bidder.
'
MARION COUNTY (P. O.
Girard), Kan.—BONDS OFFERED
224% semi-annual refunding bonds is
by the Small-Milburn Co. of Wichita for general public
Daited Jan. 3, 1939.
Denom. $1,000. Due Feb. 1 as
follows:
$12,000 in 1940 to 1947, and $14,000 in 1948 and 1949.
These
bonds, issued to refund outstanding indebtedness bearing a higher coupon
rate, constitute, in the opinion of counsel, a direct and general oDligation
of the entire cojnty, payable from unlimited ad valorem
taxes levied
against all tangible taxable property in the county.
Legality approved
by James G. Martin of Wichita.
Prin. and int. payable at the State
Treasurer's office.
\
-
John J. Reddington, County Auditor, will receive sealed bids until 10 a. m.
on Jan. 31 for the purchase of
$10,000 not to exceed 4% interest series A of
1939 bridge building bonds.
Dated Jan. 16, 1939.
Denom. $1,000.
Due $1,000 July 15, 1940; $1,000 Jan. 15 and
The $600,900 tax
anticipation warrants offereo Jan.
were sola as follows:
1,
being offered
subscription.-
m
COUNTY
as
ABILENE, Kan .—PRICE PAID—It ,1s stated by the City Clerk that
the $35,000 2% semi-annual street bonds purchased by the Columbian
Securities Corp. of Topeka, as noted here on Jan. 14—V. 148, p. 309—were
sold at a price of 101.845.
BOND
MADISON
SALE—The
KANSAS
*
'
O. Sioux City) Iowa—BOND
309—
single rate of interest, expressed in a multiple of 34 of 1 %.
Prin¬
cipal and interest (J-J) payable at the City Treasurer's office.
The bonds
are solely a debt of the
Sanitary District of the City as a special taxing unit
K/n
Schaller of Storm
$130,000 issue of funding bonus offered for sale on Jan. 16—V. 148, p.
was awaraed at public auction to Halsey, Stuart & Co., Inc. of Chicago,
0.75c, paying a price of 100.135, a basis of about 0.66%.
Dated Jan.
1939. Due from April 1, 1940 to Dec. 1, 1940.
v
to name a
tirill
W.
from
HAMMOND
SANITARY
DISTRICT,
Ind.—BOND OFFERING—
Molly Mitchell, Secretary of Board of Sanitary Commissioners, w.il receive
sealed bids until 2 p. m. on Feb. 10 for the purchase of $210,000 not to ex¬
ceed 334% interest series A of 1939
sanitary bonds.
Dated x eo. 1, 1939.
Denom. $1,000.
Due $7,000 on Jan. 1 from 1941 to 1970, ind.
Bidder
orirI
LAKE, Iowa—CERTIFICATE SALE— The $6,000 issue of
offered for sale on Jan. 16—V, 148, p. 309—was awarded to
Lake, as 4s, according to the City Clerk.
Due
Nov, 1, 1939 to 1945.
STORM
certificates
May 15 and Nov. 15 beginning in 1939.
on
Harris
"
CORBIN, Ky.—BONDS OFFERED TO PUBLIC—A $220,000 issue of
333% semi-ann. water, electric light and power revenue bonus was offered
by A. 8. Huyck & Co. of Chicago, for public investment.
Dafed Aug. 15,
1938.
Denom. $1,000.
Due Aug. 15, as follows $6,COO in 1940 to 1943;
$7,000 in 1944 to 1946, $8,000 in 1947 to 1950. $9,600 in ly51 to 1053,
$10,000 in 1954 to 1956. $11,000 in 1957 and 1958, $12,000 in 1959 and
1960, $13,000 in 1961 and 1962, and $14,000 in 1963.
Prin. and int. pay¬
able at the City Treasurer's office.
These bonds, part of a total authorized
issue of $220,000, in the opinion of counsel, constitute valid legally binning
obligations of the City, secured by an irrevocable pledge of ana payable
solely from, revenues derived from the operation of the municipally owned
system.
Pursuant to the ordinance authorizing these bonus, the City is
obligated to fix and continuously maintain rates for water and electric
power services sufficient to pay the operating and maintenance expenses
of the system, and interest and principal requirements on the Donds.
Legality approved by Chapman 6c Cutler, of Chicago.
These bonus are
issued by the City pursuant to the laws of the State and an ordinance duly
enacted by its Board of Commissioners and the proceedings for the issuance
were presented to the Court of Appeals of the State which is a court of last
resort and by decision of that Court all questions presented with respect
to the validity of the bonds and the authority of the City to issue them
were
satisfactorily adjudicated.
FLATWOODS, (P. O. Russell), Ky .—BONDS SOLD TO
PWA—The
$22,000 issue of 4% semi-ann. water works revenue bonds offered for sale
on Jan.
16—Y. 148, p. 309—was purchased at par by tne Public Works
Administration, the only bidder, according to report.
HENDERSON, Ky.—ADDITIONAL INFORMAT lui\—In
connection
with the sale of the $125,000 gas distribution system revenue bonds to a
syndicate headed by the Bankers Bond Co. of Louisville, as 434s, at a
price of 90.25, the last report on which was given in our issue of Jan. 14—
V. 148, p. 309—we are now informed that the bonds are in the denomina¬
tion of $1,000, are.dated Nov. 1, 1938 and are due as follows: $4,000 in
1941 and 1942; $5,000 in 1943 to 1945; $6,000 in 1946 to 1948; $7,000 in
1949 to 1951; $8,000 in 1952 to 1954- $9,000 in 1955, and $10,000 in 1956
to 1958, callable on4any interest payment date on or after Nov. 1, 1941,
at par, plus accrued interest.
Prin. and int. payable at the Ohio Valley
TheseJaonds constitute, in the opinion of
obligation.of the city, in accordance with the
by a first charge upon all of the in¬
of the gas^distribution system and payable solely out
revenues.
The city, in their opinion, has power and
National Bank of Henderson.
counsel, a valid and .binding
terms and
come
and
provisions thereof,'^secured
revenues
of such income and
*
Volume
Financial
148
Chronicle
Dated Jan.
is
obligated to fix, maintain and collect charges for gas service so as to
provide revenues sufficient to pay, as the same become due, the principal
interest on these bonds, in addition to paying, as same accrue, the
necessary expenses of operating and maintaining the system and all other
charges as provided for in the bond ordinance.
Legality approved by
Woodward, Dawson]& Hobson of Louisville.
to
COUNTY
(P.
O.
certify
as
to
their genuineness.
Legality approved by Ropes, Gray,
Boyden & Perkins of Boston.
Second high bidder Was the First Boston
Corp. of New York, which offered to pay a price of 100.149 for lMs.
Ky.—BONDS OFFERED TO
Vanceburg),
NOTE SALE—The $300,000 revenue anticipation notes offered the same
were awarded to the First National Bank of Boston at 0.21 % discount.
Due in slightly less than 10 months.
Jackson & Curtis of Boston, second
PUBLIC—A
$75,000 issue of 3M% coupon semi-ann. school building
bonds is being offered by the Bankers Bond Co. of Louisville for
public subscription at prices to yield from 2.50% to 3.50%, according to
the maturity desired.
Dated Oct. 1, 1938.
Due Oct. 1 as follows: $3,000
day
revenue
high bidder, named
in
1940, and $4,000 in 1941 to 1958, callable at 104 for the first 5 years,
103 for the next 5 years, 102 for the next 5 years, and thereafter at 101.
Prin. and int. payable at the County Treasurer's office.
Legality approved
by Woodward, Dawson & Hobson of Louisville.
SCIENCE HILL, Ky .—BOND SALE—The $33,000 issue of water reve¬
bonds offered for sale on Jan. 16—V. 148. p. 309—was purchased by
were
sold
as
bonds in the denomination of $ 1,000 each.
to be decided later.
4s, at a price of 82.00
Due in 20
years.
Coupon
Other details
ESSEX COUNTY (P. O.
hospital maintenance renewal notes offered Jan. 20 were
awarded to the Gloucester National Bank of Gloucester at 0.078% discount.
Dated Jan. 20, 1939 and due April 1, 1939.
The $280,000 tuberculosis hospital maintenance notes offered at the'
time were sold to the Gloucester National Bank at 0.148%-discount.
Dated Jan. 20, 1939 and due Jan. 20, 1940.
same
DISTRICT
(P. O. Franklinton) La.—BONDS
SOLD—It it stated by the Secretary of the Parish School Board that the
$16,000 4% semi-ann. school bonds offered for sale on Aug. 23—V. 147, p.
1072—were purchased at par by the Washington Bank & Trust Co. of
Franalinton.
'
FALL RIVER, Mass.—NOTE SALE—The $1,000,000 revenue antlcipa
notes
of 1939 offered Jan. 18 were awarded to
Loavitt & Co. of
tion
New York
INDEPENDENCE, La .—BOND OFFERING— It is stated by Charles
Sinagra, Town Clerk, that he will receive sealed bids until 8p.m. on Feb. 8,
purchase of a $32,000 issue of city hail and water bonds.
Dated
Feb. 1, 1939.
Due from Feb. 1, 1940 to 1957.
Interest rate is not to
exceed 6%, payable F-A.
These bonds were approved by the voters at
an election held on Nov. 29.
A certified check for $1,000, payable to the
Bank, and B. M. C
,0.118%.
Jan.
leans,
10—V. 147, p. 3796—was purchased by Dane &
as
from Jan.
4Mb and 5s, according to report.
1, 1942 to 1959.
MADISON
Weil of New Or¬
Dated Jan. 1, 1939.
PARISH SCHOOL DISTRICT NO. 2 (P.
Due
O. Tallulah),
La.—BOND OFFERING—It is reported that seaied bids will be received
until 10 a. m. on Feb. 2 by James R. Linton, Secretary of the Parish School
Board, for the purchase of a $15,000
issue of 4% semi-annual school bonds.
Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1 as follows: $7,000
1947 and $8,000 in 1948.
The right is reserved to sell all or any part of
the bonds.
A certified transcript of the approving opinion of Chapman
Dated
In
& Cutler of Chicago will be furnished the purchaser without cost.
Enclose
a certified check for $250, payable to A. T. Palmer,, President Parish School
Board.
,/
■
SCHOOL DISTRICT NO16 (P. O. Natchitoches) La.—MATURITY—it is now reported by the
Superintendent of the Parish School Board that the $35,000 building
bonds purchased by the Peoples National Bank of Natchitoches, as 4Ms,"
at a price of 100.30,; as noted here in November, are due on Oct. 1 as
follows: $1,500in 1939and 1940;$2.000,1941 to 1945?$2,500,1946to 1949.
and $3,000, 1950 to 1953, giving a basis of about 4.46%.
NATCHITOCHES
PARISH
WARD
5.
SALE—The $1,500,000 issue of coupon
sewerage, water and drainage, series E bonds offered for sale on Jan. 18—
Y. 148, p. 152—was awarded to a syndicate composed of Lehman Bros.,
R. W. Pressprich & Co., both of New York; the Northern Trust Co. of
Chicago, White, Dunbar & Co. of New Orleans, C. F. Childs & Co. of New
York, and the Trust Co. of Georgia, of Atlanta, paying a price of 100.13,
a net interest cost of about 2.18%, on the bonds divided as follows: $1,330,000 maturing Jan. 1, $135,000 in 1941, $140,000 in 1942 and 1943, $145,000
in 1944 and 1945, $150,000 in 1946, $155,000 in 1947 and $160,000 in 1948
and 1949, as 2Ms, and $170,000 maturing Jan. 1, $165,000 in 1950 and
NEW ORLEANS, La.—BOND
$5,000 in 1951.
BONDS
as
ALL
2s.
SOLD—It
was
announced
by the above purchasers
on
Jan. 19 that all of the bonds had been sold to investors.
They had been
reoffered as follows:
$1,330,000 2Mb, priced to yield from 1.00 to 2.25%
for maturities ranging from 1941 to
yield 2.30% and maturing
1949, and $170,000 2% bonds, priced to
1950-51.
NEW ORLEANS, La.—BONDS SOLD—It is reported that $2,000,000
Belt Railroad refunding bonds were sold on Jan. 11 to Newman,
Public
Harris Js Co. of New Orleans.
PARISH SCHOOL DISTRICT NO. 4 (P. O.
La.—BOND OFFERING DETAILS—In connection with the
offering scheduled for Feb. 8, of the $80,000 school bonds, noted ip our
issue of Jan. 14—V. 148, p. 309—it is now reported by S. P. Lorio, Secretary
of the Parish School Board, that the interest rate is not to exceed 5M%,
POINTE
COUPEE
New Roads)
payable M-N.
Due May 1, as follows: $2,000 in 1939 to 1941, $2,500 in
1945 to 1947, $3,500 in 1948, $4,000 in 1949 and
1942 to 1944, $3,000 in
1950, $4,500 in 1951, $5,000 in 1952 and 1953, $5,500 in 1954. $6,000 in
1955 and 1956. and $7,000 in 1957 and 1958. Purchaser to pay for printing
bonds and cost of legal opinion of Thomson, Wood & Hoffman, of New
York.
THIBODAUX, La.—BONDS SOLD—It is reported that $93,500 pav¬
ing bonds were sold on Jan. 10 jointly to the Citizens Bank & Trust Co.,
the Lafourche National Bank, both of Thibodaux, and the Raceland Bank
•
v ■ V.
authenticated
to
as
HOLYOKE, Mass.—NOTE SALE—The $500,000 revenue anticipation
17—V. 148, p. 310—were awarded to the First National
Dated Jan. 17, 1939, and due Nov. 9,
1939.
Other bids: Merchants National Bank of Boston, 0.28%; National
notes offered Jan.
Bank of Boston at 0.27% discount.
Shawmut Bank,
.
0.29%.
LAWRENCE. Mass.—NOTE SALE—The $500,000 revenue anticipation
notes of 1939 ofrerea Jan. 20 were awarded to the Second National Bank of
'
0.285% discount.
Dated Jan. 20, 1939 and due Nov. 3, 1939.
of 0.34%.
Jackson & Curtis of Boston, second high bidder, named a rate
La.—BOND SALE—The $30,000 issue of drainage bonds offered for sale
on
;
Boston at
(P. O. Thibodaux),
antici®
genuineness and validity by aforementioned bank, under advice of Storey,
Thorndike, Palmer & Dodge of Boston.
purchased by a syndicate composed of Scharff & Jones, White, Dunbar
Nusloch, Baudean & Smith, all of New Orleans; F. P. Clark of
Alexandria, and Couturier & Derbes of New Orleans.
Dated Oct. 1, 1938.
Due from Oct. 1, 1940 to 1958.
DISTRICT NO. 2
revenue
HAVERHILL, Mass.—NOTE OFFERING— Gertrude A. Barrows, City
for purchase at dis¬
Dated Jan. 25, 1939
both in 1939, at the
Co.;
FOURCHE DRAINAGE
0.54%
Treasurer, will receive bids until 11 a. m. on Jan. 24,
count of $500,000 revenue anticipation notes of 1939.
and payable $300,000 Nov. 3 and $200,000 Dec. 20,
National Shawmut Bank of Boston.
Notes will be
were
LA
*«,!.«;
„
pation notes of 1939, offered Jan. 17, were awarded to the Cape Ann Na¬
tional Bank of Gloucester at 0.104% discount.D ue $300,000 each on Nov.
15 and Dec. 15, 1939.
Payable at Merchants' National Bank of Boston
or at Central
Hanover Bank & Trust Co., New York, at holder's option.
Legal opinion of Ropes, Gray, Boyden & Perkins of Boston.
The Mer¬
chants National Bank of Boston, second high bidder, named a rate of
Superintendent of the Parish School Board that the $135,000 5M% semi¬
bonds mentioned in our issue of Jan. 14—V. 148, p. 309—
the bid.
as
0.39%
0.41%
Durfee Trust Co. of Fall River
GLOUCESTER, Mass.—NOTE SALE—The $600,000
PARISH CONSOLIDATED SCHOOL DISTRICT NO. 1
KENTWOOD, La .—BOND OFFERING— Sealed bids will be received
until 7 30 p. m. on Feb. 7. by Carl M. Pierce, Town Clerk, for the purchase
of a $20,000 issue sewerage, water and street bonds.
Interest rate is not
to exceed 6%, payable F-A.
Dated Feb. 1, 1939.
Due on Feb. 1, 1940
to 1949.
These bonds were approved by the voters at an election held on
Nov. 29.
A certified check for $750, payable to the town, must accompany
.
Fall River Trust Co
E. H. Rollins & Sons
annual school
&
Notes authenticated
Bidder-rDiscount
First Boston Corp., National Shawmut Bank, Merchants National
Jonesboro), La .—BOND SALE DETAILS—It is stated by the
O.
Dated Jan. 20, 1939 and payable Nov. 8,
geniuneness and validity by the National Shawmut Bank of Boston,
under advice of Ropes, Gray, Boyden & Perkins of Boston.
Other bids:
Town, must accompany the bid.
(P.
0.349% discount.
1939 at the National Shawmut Bank of Boston.
to
for the
JACKSON
at
.
(P. O. Lake Charles) La.—BOND SALE
DETAILS—It is now reported by the Treasurer of the Parish Police Jury
that the $250,000 stock exhibit pavilion and auditorium bonds purchased
by the Calcasieu-Marine National Bank of Lake Charles, and associates,
as noted here on Oct. 22,
were sold for a price of 100.106, giving a net
interest cost of about 4.04%, on the bonds divided as follows:
$50,000
maturing Oct. 1, $9,000 in 1939, $10,000 in 1940 to 1942, and $11,000 in
1943, as 4Ks, and $200,000 maturing Oct. 1, $11,000 in 1944 to 1946, $12,000 in 1947 to 1949, $13,000 in 1950 and 1951, $14,000 in 1952 to 1954,
$15,000 in 1955 and 1956, $16,000 in 1957, and $17,000 in 1958, as 4s.
PARISH
CALCASIEU
Salem), Mass.—NOTE SALE—'The $280,000
tuberculosis
v
LOUISIANA
SCHOOL
ANGIE
of 0.28%.
opinion of Ropes, Gray, Boyden & Perkins of Boston.
The Merchants
National Bank of Salem, second high bidder, named a rate of
0.12%.
Byrd of Louisville, it is reported.
It is stated that the bonds
a rate
ESSEX COUNTY (P. O. Salem), Mass.—NOTE SALE—The $800,000
tax anticipation notes of 1939 offered Jan. 13 were awarded to the Glou¬
cester National Bank of Gloucester at 0.119% discount.
Dated Jan. 13,
1939 and payable Nov. 7, 1939 at the Merchants National Bank, Salem, or
at holder s option, at the National Shawmut Bank of Boston.
Legal
nue
J. H.
1, 1939.
Denom. $1,000.
Due $16,000 on Jan. 1 from 1940
Principal and int. (J-J) payable at City Treasurer's office,
1949 incl.
with interest coupons payable at holder's option at the National Shawmut
Bank of Boston.
This bank will supervise engraving of the bonds and
and
LEWIS
465
Mass.—BOND SALE— First Boston Corp. of New York wa*
Jan. 20 a total of $300,000 coupon bonds, paying a price of
LYNN,
awarded
on
100.219 for the bonds divided as follows:
$150,000 2% sewer bonds. Due $5,000 on Feb. 1 from 1940 to 1969 incl.
50,000 1H % street and sidewalk paving bonds. (■ Due $30,000 on Feb.
1
from 1940 to 1944 incl.
orthe bonds are dated Feb. 1, 1939. Denom. $1,000.
Principal and
interest (F-A) payable at First National Bank of Boston or, at holder's
option, at the Oi< y Treasurer's office. Legality approved by Storey * Thorndike, Palmer & Dodge of Boston. "
All
..
.
MANSFIELD, Mass.—BOND SALE—Smith, Barney & Co. of New York
obtained the award on Jan. 20 of $250,000 coupon sewerage bonds, paying
a price of 100.1399 for 2s.
They are dated Feb. 1, 1939, in $1,000 denoms.
and mature Feb. 1 as follows: $9,000, 1940 to 1957 incl.; $8,000 from 1958
to 1968 incl.
Principal and semi-annual interest payable at the Merchants
National Bank of Boston. Legality approved by Storey, Thorndike, Palmer
& Dodge of Boston.
■
.
W
MASSACHUSETTS T(State
OFFERING—William T E.
of)—NOTE
lintil noon on Jan. 24
purchase of $3,000,000 notes dated Feb. 2, 1939 and due Jan. 31,
Hurley, State Treasurer, will receive bids in writing
for the
1940.
They will be issued under the provisions of Chapter 49 of Acts of
1933 as amended, creating an Emergency Finance Board, for the purpose
of renewing a similar amount maturing Feb. 2, 1939.
Interest on the notes
will be
payable at maturity and figured on exact number of days on a 360Principal and Interest payable in Boston or New York at
Delivery to be made in Boston.
*4*4
day year basis.
option of purchaser.
Mas*."—BOND SALE DETAILS—The $180,000
last November to National Shawmut Bank
price of 100.10—V. 147, p. 3644—are dated Nov. 1,1938 and
mature $18,000 on Nov. 1 from 1939 to 1948, incl.
Principal and Interest
payable at the aforementioned bank.
Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston.
PPNEW
BEDFORD,
2M% construction bonds sold
of Boston at a
NEW
BEDFORD,
Mas*.—NOTE OFFERING—'Timothy J.
Crowley,
City Treasurer, will receive bids until 11 a. m. on Jan. 24, for the purchase,
at discount of $600,000 revenue anticipation notes of 1939, dated Jan. 26,
1939 and payable Nov. 9, 1939 at the National
authenticated as to genuineness and
Notes will be
Shawmut Bank of Boston.
validity by aforementioned
& Dodge of Boston.
bank, under advice of Storey, Thorndike, Palme^
NEWBURYPORT, Mas*.—NOTE SALE—The $300,000 revenue antici¬
pation notes of 1939 off red Jan. 19 were awarded to First & Ocean National
Bank of Newburyport at 0.28% discount.
Payable Nov. 21, 1939 at the
Merchants National Bank of Boston or at the Central Hanover Bank &
Trust Co., New York, at holder's option.
Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston.
Second high bidder was Tyler <5c
Co. of Boston, at 0.29%.
■^NORFOLK COUNTY (P. O. Dedham). Ma**.—NOTE OFFERING—
Ralph D. Pettingell, County Treasurer, will receive bids until 11 a. m. on
Jan. 24 for the purchase at discount of $400,000 notes issued in anticipation
of taxes for the current fiscal year. Dated Jan, 24, 1939 and payable Nov. 9,
1939 at First National Bank of Boston or at Central Hanover Bank & Trust
Co., New York City. Legal opinion of Ropes, Gray, Boyden & Perkins of
Boston.
& Trust Co. of Raceland.
HAMPDEN
WATER DISTRICT (P. O.
on
Harapcen), Maine.—PRICE
PAID—The $145,000 3% water works construction bonds purchased by
F. W. Home & Co. of Hartford—V. 147, p. 2895—were sold at a price of
102,
a
PLYMOUTH COUNTY (P. O. Plymouth), Mass.—NOTE OFFERING
Ewell. County Treasurer, will receive sealed bids until 2 p.m.
Jan. 23 for the purchase of $300,000 notes, dated Jan. 20, 1939, in
$20,000 denoms. ana payable Nov 15, 1939. at the Second National Bank
of Boston.
Legal opinion of Ropes, Gray, Boyden & Perkins of Boston.
—Avis A.
MAINE
basis of about 2.84%.
SALEM,
Mas*.—NOTE SALE—The issue
of $500,000
notes offered
was awarded to Second National Bank of Boston at 0.108%
Dated Jan. 20, 1939 and due Nov. 3, 1939.
The Merchants
tional Bank of Boston, second high bidder, named a rate of 0.115%,
$1 premium.
Jan.
19
count.
MASSACHUSETTS
BEVERLY, Mass.—NOTE SALE—The $300,000 revenue anticipation
notes offered Jan. 18—V. 148, p. 310—were awarded to the Beverly Na¬
tional Bank of Beverly at 0.10% discount.
Dated Jan. 18, 1939, and due
Nov. 3, 1939.
The Beverly Trust Co., second high bidder, named a rate
of 0.108%.
BROCKTON, Mass.—BOND AND NOTE FINANCING—The $160,000
registered surface drainage and sewer bonds offered Jan. 19 were
awarded to Tyler & Co. of Boston as 1 Ms. at 100.599, a basis of about 1.39 %
coupon or
dis¬
Na¬
plus
..
Mass.—NOTE OFFERING—Howard A. Briggs, City
Treasurer, will receive bids until 11 a. m. on Jan. 24 for the purchase at
discount of $200,000 revenue anticipation notes of 1939.
Dated Jan. 25,
1939 and due Nov. 10. 1939.
The First National Bank of Boston, which
will supervise engraving of the notes and guarantee the signatures, will
certify that the notes are issued pursuant to an order of the municipal
council, the validity of which has been approved by Storey. Thorndike,
^TAUNTON,
Palmer & Dodge of Boston.
m*'
*rnm
m*
Financial
466
MICHIGAN
DETAILS—The Ann Arbor Trust
Co. of Ann Arbor purchased in July, as previously noted—V. 147, p. 607—
total of $235,000 water and sewer bonds, taking $85,000 general obliga¬
tions
as
3^s and $150,000 revenue as 4s.
CHARLEVOIX, Mich.—BOND SALE—'The $36,000 general obliga¬
tion city hall bonds offered Jan. 16—V. 148, p. 152—were awarded to the
First of Michigan Corp., Detroit, as 2Ms, at par plus $148.67 premium,
equal to 100.412, a basis of about 2.46%.
Dated Jan. 16, 1939, and due
Jan. 16 as follows: $1,000, 1941 to 1946, incl.; $2,000 from 1947 to 1953,
incl., and $4,000 from 1954 to 1957, incl.
Braun, Bosworth & Co. of
Toledo, second high bidder, offered to pay 101.18 for 2M»Mich.—ADDITIONAL BOND TO BE REDEEMED—Series
ECORSE.
D4 Yi% refunding bond number 106 is also
Feo. 1, 1939, in addition to those noted in
V.
published in
being called for payment on
the report of the call action
148, p. 310.
registerable as
to
principal
only.
.
1939
The bonds
payable as to both principal and interest from such portion of the
are
a
Jan. 21,
The bonds shall be
York.
ALPENA, Mich.—BOND SALE DETAILS—The $192,500 bridge con¬
struction bonds purchased jointly last October by First of Michigan Corp.,
Detroit, and Paine, Webber & Co., Chicago—V. 147, p. 2426—consisted
of $125,000 2Ks and $67,500 2^s.
BRIGHTON, Mich.—BOND ISSUE
Chronicle
gasoline or motor fuel taxes levied by the State as may
sufficient lor such purpose, or in accordance with the
be necessary and fully
provisions and defini¬
contained in the aforesaid Chapter 130, Laws of Mississippi, 1938.
Under the terms of and as permitted by said Act , said bonds, together with
the other bonds authorized, issued and-permitted under said Act, enjoy a
tions
prior pledge of such portion of said revenues as may be necessary for the
prompt payment of the principal of and int. on said bonds, and it is recited,
covenanted and agreed that said taxes, to the amount necessary as afore¬
said. shall be irrevocable until all of said bonds have been paid in full as to
principal and interest.
No other bonds will be sold by the Commission
under the provisions of said Act within 90 days after the date of this notice.
The bonds will be issued and sold pursuant to Chapter 139, Laws of Mis¬
sissippi,
1938, and resolutions adopted by the State Bond Commission,
detailed description thereof.
The
reference to which is made for a more
approving opinion of Chapman & Cutier of Chicago, that such bonds are
valid ana legally binding obligations of the State, payable solely as afore¬
said, will be furnished to the purchaser.
Enclose a certified check for 2%
of the par value of the bonds bid for, payable to the State Treasurer.
SUNFLOWER
COUNTY
O.
(P.
Indianola),
Miss.—BONDS SOLD
,Tt is reported that $156,500 4% semi-ann. general obligation county bonds
purchased recently by Leftwich & Ross of Memphis.
Dated Jan. 2,
1939.
Legal approval by Charies & Trauernicht of St, Louis.
were
HARTFORD, Mich.—BOND SALE—An issue of $10,000 sewer bonds
sold to the Van Buren State Bank of Hartford.
Due from 1930 to
They were voted in the latter part of 1938.
'
was
1943 incl.
Clemens), Mich.—BOND CALL—
interest refunding certificates, payable
accordance with the refunding schedule
MACOMB COUNTY (P. O. Mount
The following refunding bonds and
at the Detroit Bank, Detroit, are in
called for payment Feb. 15, 1939.
Series B refunding bonds, issued FeD. 15,
1936, due Feb. 15, 1956,
62, 70, 86, 94, 98. 105, 122, 129 and 133.
Interest refunding certificates, issued Feb. 15, 1936, due Feb. 15,
Nos. 3, 11, 14, 34, 39, 47, 58. 60, 67, 72.
No further interest will be paid on these bonds and certificates
than the Feb. 15, 1939, coupon.
Interest coupons must accompany
bonds when presenting same for payment.
bond
Nos. 5, 13, 16, 35, 43, 50,
TOWNSHIP
MARCELLUS
SCHOOL
DISTRICT
NO.
1941,
other
these
O.
(P.
9
school bonds
Marcellus), Mich.-—BOND SALE DETAILS—The $20,000
awarded to Paine, Webber & Co. of Grand Rapids—V. 148, p. 310—were
sold as 2s, at par plus a premium of $37.25, equal to 100.186, a basis of
about 1.94%.
Dated Dec. 1, 1938 and due $4,000 on March 1 from 1940
to
1944, incl.
Re-offered to yield from 1 % to
Mich.—BONDS STILL
MENOMINEE,
to
exceed
light
and
1.75%, according to maturity.
MISSOURI
RIVER DRAINAGE DISTRICT (P. O. Harrisonvillfc),
Mo.—BONDS SOLD TO RFC—It is reported that $128,000 4% semi-ann.
GRAND
refunding bonds have been purchased by
poration.
Dated April 1, 1938.
These
authorized issue of $136,000.
.
Mo.—BONDS SOLD—It is stated that $825,000
trafficway bonds were purchased privately on Jan. 16 by Stranahan, Harris
& Co., Inc., of Toledo, the Bancamerica-BIair Corp., and L. F. Rothschild
& Co. of New York, as follows: $75,000 maturing $15,000 Feb. 1, 1941 to
1945 as 2^s, $100,000 maturing $25,000 Feb. 1, 1946 to 1949 as 2^8.
$200,000 maturing $25,000 Feb. 1, 1950 to 1957 as 2^s, F-A, and $450,000
maturing $25,000 Feb. 1,1958 to 1975 as 2%s. Dated Feb. 1,1939. Legalit>
to be approved by Charles & Trauernicht, of St. Louis.
BONDS OFFERED FOR INVESTMENT—The purchasers reoffered the
above bonds for general investment at prices to yield from 0.70% to 2.70%,
KANSAS
CITY,
according to maturity.
'
UNSOLD—The $623,000 not
interest special obligation first mortgage revenue
power system bonds unsuccessfully offered last June,
4%
the Reconstruction Finance Cor¬
bonds are said to be part of an
MONTANA
electric
remain
GLASGOW, Mont .—BOND SALE—The $18,000 issue of flood control
3494—was purchased by the
according to report.
unsold.
bonds offered for sale on Dec. 27—V. 147, p.
PLEASANT
RIDGE,
Mich.—BONDS
OFFERED—Paul
W.
Eaton*
City Clerk, received bids until 7:30 p. m. on Jan. 20 for the purchase o
$7,221.25 not to exceed 6% interest refunding bonds.
Dated Feb. 1, 1939*
and due Feb.
1, 1949.
Interest payable annually on Feb. 1.
Legal
opinion of Miller, Canfield, Paddock & Stone of Detroit.
RIVER
ROUGE,
CALL—Raymond
Mich.—BOND
J.
Peters,
City
that series C 5% refunding bonds, Nos. 1 to 40,iincl.,
1934, and due Feb. 15, 1954, should be prsented for pay¬
ment, with Feb. 15, 1939, and subsequent coupons attached, on or before
Feb. 15, 1939, at the River Rouge Savings Bank, River Rouge.
Clerk,
announces
dated Feb.
15,
ROYAL OAK TOWNSHIP (P. O. Royal Oak), Mich.—BONDS SOLD
—The $160,000 water supply system self-liquidating revenue bonds un¬
successfully offered as not to exceed 6s last October—V. 147. p. 2426—
were sold subsequently to B. K. Blanchet & Co. of Toledo.
.
(P. O. VanderWANTED—F. L. Yoss, District Sec¬
dated Aug. 1, 1935,
State Board of Land Commissioners,
MONTANA, State of—DEBENTURE OFFERING
after five years
from date of issue.
Lake),
Mich.—TENDERS
WATERFORD AND INDEPENDENCE TOWNSHIPS FRACTIONAL
SCHOOL DISTRICT NO. 9 (P. O. Waterford), Mich.—BONDS SOLD—
The $17,000 school bonds for which no bids were
received on Nov. 22—V.
147, p. 3493—were sold later, on Dec. 30, to Crouse & Co. of Detroit, as 4s,
par.
Dated Sept. 1, 1938, and due Sept. 1 as follows: $3,000 from
1939 to 1941, incl., and $4,000 in 1942 and 1943.
at
MINNESOTA
ALBANY
SCHOOL
(P. O. Albany), Minn.—BONDS
Board of Education that $36,000
May 27 have been pur¬
DISTRICT
SOLD—It is stated by the Clerk of the
building addition bonds approved by the voters on
chased by the State.
Minn.—CERTIFICATE SALE—The
ALEXANDRIA,
sewer
and water certificates aggregating $2,400,
BRAINERD SCHOOL DISTRICT
issues
two
of
offered for sale on Jan. 9—-
V. 148, p. 153—were purchased by the Alexandria State
as 38 at par, reports the City Clerk..
(P. O. Brainerd) Minn.—BONDS
3% semi-ann.
Sept. 16, have
'
'
' \
.
SCHOOL DISTRICT NO. 8
(P. O. Chisago City), Minn.—BOND OFFERING—Sealed bids will be
received until 8 p. m. on Jan. 23, by George W. Palmer, District Clerk,
for the purchase of the following issues of not to exceed 3Yi% semi-ann.
bonds, aggregating $36,750:
of St. Paul.
Minn,—BONDS SOLD—It is reported that $35,000
semi-ann, sewer system bonds approved by the voters at the general
tion held on Nov. 8, have been purchased by the State of Minnesota.
FAIRMONT,
3%
elec¬
OFFERING— It is reported that
Feb. 2, by Stanley Stewart, City Clerk,
$8,166 issue of 3% semi-ann. sewer warrants.
Minn.—WARRANT
sealed bids will be received until
for the
purchase of
an
HIBBING, Minn.—BONDS SOLD—It is stated by the Village Recorder
that the following bonds aggregating $353,000, approved by the voters at
the election held
on
as noted in these columns at the time, have
$130,000 street and $28,000 water extension bonds.
July 23,
been sold to the State:
McKINLEY, Minn.—CERTIFICATE OFFERING—It is reported that
sealed bids will be received until Jan. 24 by Jake Butala, Village Clerk, for
the purchase of a $5,000 issue of certificates of indebtedness.
Due on July
15, 1939.
SANDSTONE,
Minn.—BONDS
Recorder that $5,000
sewer
SOLD—It
is
stated
by
the
Village
system bonds have been sold locally.
more
In
16—V.
than
$1,100.00 per year.
addition to the successful company, other bidders were present as
First National Bank of North Platte; McDonald State Bank Of
North Platte, of North
Pettis & Co. of Omaha;
Platte; Greenway & Co. of Omaha;
First Trust Co. of Lincoln.i
Kirkpatrick,
SPALDfNG7Neb.—BOYD SALE DETAILS—It is now reported by the
Village Clerk that the $,16,000 auditorium bonds sold to the WachobBender Corp. of Omaha, as noted here—-V. .148, p. 31l—were purchased sis
4s at a price of 100.437, and mature on Oct .1 as follows: $500, 1940 to 1947;
$1,000, 1948 to 1957, and $2,000 in. 1958; optional after two years from
"
date of issuance.
.
.
,
NEW
$9,000 5%
semi-ann. refunding bonds have been purchased by the First
National Bank of Memphis. Dated July 1, 1938. Legal approval by Charles
Louis.
MISSISSIPPI, State of—BOND OFFERING—It is stated by Greek L.
Rice, Secretary of the State Bond Commission, that he will receive sealed
HAMPSHIRE
Plymouth), N. H.—NOTE SALE—
offered Jan. 13—V. 148, p. 153
Bank of Boston at 0.24% dis¬
count.
Dated Jan. 18, 1939 and aue $50,000 Nov. 29, $100,000 Dec. 21,
both in 1939, and $65,000 Jan. 18, 1940.
The Merchants National Bank
of Boston, second high bidder, named a rate of 0.26%.
GRAFTON
COUNTY
(P.
O.
The $215,000 tax anticipation notes of 1939
—were awarded to the National Shawmut
WOLFEBORO, N. H.—BOND OFFERING—Sealed bids will be received
office of Harold H. Hart, Fiscal Agent, Wolfeboro, until 1 p. m. on
26 for the purchase of $60,500 coupon sewer bonds.
Dated Jan. 1,
1939. One bond for $500, others $1,000 each. Due Jan. 1 as follows; $3.000,,
1944 to 1947 incl.; $4,000 from 1948 to 1958 incl. and $4,500 in 1959. Bidder
to name a single rate of interest in a multiple of x/i of 1 %.
Principal and
interest (J-J) payable at the First National Bank of Boston.
These bonds
will be valid obligations of the town, payable from revenues of the sewer
system and in the event of a deficiency in such revenues from funds to be
raised by taxation and that all taxable property in the town will be subject
to the levy of unlimited ad valorem taxes to raise such funds to pay both
principal and interest. They will be engraved under the supervision of and
authenticated as to their genuineness by The First National Bank of Boston.
This bank will further certify that the legality of this issue has been approved
by Storey, Thorndike, Palmer & Dodge, of Boston, a copy of whose opinion
will accompany the bonds when delivered, without charge to the purchaser
at the
Jan.
MISSISSIPPI
MARKS, Miss—BONDS SOLD—It is stated by Mayor C. P. Smith that
& Trauernicht of St.
Neb.—
sale on
147, p. 3946—was awarded to the Wachob, Bender Corp. of
Omaha, on the terms described as follows by the Superintendent of Schools:
The first $40,000.00 to be serial bonds with $4,000.00 payable yearly
during the first 10 years.
The interest on these bonds to be 2% %• The
balance of the bonds to be 15-year term bonds bearing a 3% interest coupon.
For these bonds the Wachob Bender Co. are to pay par plus a premium of
$150.00, and also to pay for the printing of the new bonds, the legal opinion,
collect the old bonds, and all other expense of any kind whatsoever in con¬
nection with the transaction.
V
Since the bonds that were refunded bear a 4H% coupon, considering the
terms of the transaction will effect a net saving to the school district of
Jan.
,
$24,750 building bonds.
Due from 1941 to 1968.
12,000 building bonds.
Due front 1941 „to 1957.
Dated Feb. 1, 1939.
Prin. and int. payable at the First National Bank
FAIRFAX,
ft NORTH PLATTE SCHOOL DISTRICT (P. O. North Platte)
BOND SALE—The $80,000 issue of refunding bonds offered for
follows:
SOLD—It is stated by the District Secretary that $170,000
building bonds approved by the voters at an election held on
CHISAGO COUNTY INDEPENDENT
NEBRASKA
CRETE, Neb— BOND SALE— The $22,979.60 issue of city hail bonds
offered for sale on Jan. 18—V. 148, p. 311—was awarded to the Wachob,
Bender Corp. of Omaha, as 3s, paying a price of 101.63, according to the
City Clerk. Due annually for 20 years.
^
Bank of Alexandria
been purchased by the State.
-
MONTANA, State of—BONDS SOLD—It is reported that $51,000 4%
building addition bonds have been
purchased by Brown, Schlessman, Owen & Co. or Denver, paying a price of
102.00. Due over a period of 25 years.
semi-ann. State Tuberculosis Sanitarium
SUMMIT TOWNSHIP SCHOOL DISTRICT NO. 8
cook
retary, will receive tenders of series A refunding bonds,
until 4 p. m. on Feb. 14.
POSTPONED—It i«
reported by Ray N. Shannon, State Treasurer, that no bids were accepted or
openea for the $1,500,000 issue of not to exceed 4% semi-ann. 8tate High¬
way Treasury anticipation debentures that was scheduled for sale on Jan. 17
—V. 147, p. 3798—because of a legal technicality raised by bond attorneys.
It is stated that these debentures will be readvertised for saie in the very
near future.
Dated Feb. 15, 1939.
Due on Feb. 15, 1949; subject to call
Financial Statement, Jan. 1, 1939
$3,371,560.00
98,600.00
55,600.00
Assessed valuation for year 1938
Total bonded debt, not including
Water bonds (included in
present loan
total debt)
2,360
Population, 1930 census
1938
1936
1937
$116,850.07 $121,368.34 $131,957.60
Levy
$32,267.30
Uncollected to date
bids until Jan. 26, for the purchase of a $5,000,000 issue of State highway
bonds.
Interest rate is not to exceed 4% payable F-A.
$1,262.41
HOWARD
C.
$65.18
AVERY,
Town Treasurer
Bids will be received up to 10 a. m. on said date.
Dated Feb. 1, 1939.
Due $147,000 Feb. and $150,000 Aug. 1, 1950; $152,000
$155,000 Aug. 1, 1951; $158,000 Feb. and $160,000 Aug. 1.
1952; $163,000 Feb. and $166,000 Aug. 1, 1953; $169,000 Feb. and $172,000
Aug. 1 1954; $175,000 Feb. and $178,000 Aug. 1, 1955; $181,000 Feb. and
$184,000 Aug. 1, 1956; $187,000 Feb. and $191,000 Aug. 1, 1957; $194,000
Feb. and $322,000 Aug. 1, 1958; $328,000 Feb. and $334,060 Aug. 1, 1959;
$340,000 Feb. and $346,000 Aug. 1, 1960, and $352,000 Feb. and $96,000
Aug. 1, 1961.
Rate of interest to be in multiples of M of 1%.
No bid of
less than par and accrued interest shall be considered.
Prin. and int.
payable at the State Treasurer's office, or at the Guaranty Trust Co.. New
Denom. $1,000.
Feb.
NEW
and
JERSEY
BLOOMFIELD, N. J.—BOND SALE DETAILS—'The $144,000 ZK%
public improvement bonds sold at par to the Town Police and Firemen's
Pension Fund Commission—V. 148, p. 153—mature $6,000 annually from
1939 to 1962 incl.
CAMDEN, N. J.—FINANCIAL SURVEY ISSUED—Dougherty, Cork& Co. of Philadelphia have prepared for distribution an analysis of the
ran
important factors bearing on the
economic and financial status of the city.
Volume
EAST
148
Chronicle
Financial
RUTHERFORD,
N.
Rising $180,000 bonds
as 3 34 s and paying a price of $181,962, equal to
basis of about 3.16%.
Dated Feb. 1, 1939, and due Feb. 1 as
«5.000. 1940 to 1953, incl.; $6,000 in 1954; $7,000 from 1955 to
1968, incl., and $6,000 in 1969.
Other bids:
>
No. Bonds
Int,
Rate
101.09.
a
^
J. H.
R°ppef&~Co ~
Bid for
Rate
Parsons & Co., New York, and J. 8. Rippel & Co., Newark, jointly, were
successful bidders at the offering of $292,000 county building bonds on
Jan. 17—V. 148, p. 153, taking $291,000 bonds as 2s, at a price of $292,885,
Bid
equal to 100.647,
1S°
—
Schlater, Noyes & Gardner, Inc
H. B. Boland & Co—
10°'564
181
3)4%
3)4%
100.563
100.288
179
334%
101.385
180
A. C. Allyn & Co. and E. H. Rollins & Sons
Colyer, Robinson & Co., Van Deventer, Spear
&Co. andJuliusA. Rippel, Inc.—
C. P. Dunning & Co., C. A Preim & Co. and
3*%
180
L.~Ailen&~Co"and
Rogers, Gordon & Co
3 34%
100.92
100.805
180
334%
Feb. 1
Bancamerica-Blair
Miller & Co-
Dated Dec. 1, 1938 and due Dec. 1
as
follows: $2,000
Among other
from 1939 to 1943, incl. and $3,000 from 1944 to 1948, incl.
bids
were these:
Bidder— .v.
int. Rate
Jjulius A. Rippel, Inc.-----Minsch, Monell & Co.Barr Bros. & Co., Inc--Campbell & Co
-a
-
H. B. Boland & Co-C. A. Preim & Co
_
—
----------
_
---4
2%
2 )4 %
2)4%
2%%
234%
234%
Rate Bid
Corp.,
and
MacBride,
291
-
100.32
100.61
100.37
100.82
100.34
100.33
*
2%
292
2%
100.26
2%
100.04
FORT LEE, N. 3.—BONDHOLDERS COMMITTEE TO OPPOSE BANK¬
292
v
287
288
101.789
101.68
288
2)1%
101.53
288
.
234%
2% %
2 )4 %
101.45
NORTH BERGEN TOWNSHIP, N. 3.—BOND ISSUE APPROVED—
The State Funding Commission has approved the township's proposal to
ssue $222,000 refunding bonds!
in
good faith and attributes this lack of good faith to non-performance by
the Borough and the Municipal Finance Commission of New Jersey which
has been functioning during the period of default.
The committee points
out that the Commission has not ordered the Borough to make even partial
payments to bondholders nor has it instituted a single court proceeding to
compel such payments.
Commenting on an independent survey of the Borough's finances which
was issued in connection with
the refunding plan, the committee states
that it failed to mention the legal obligation of the debtor to pay money
due the bondholders in keeping with the bond contracts the legal rights of
bondholders to receive tbe money and finally the legal remedies afforded
the bondholders for enforcement of payments due:
The committee is of
the opinion that the absence of any mention of these points is of more
importance than the financial statistics presented in the survey.
According to the report, the committee contends that the plan does not
disclose the true maximum capacity of the Borough and School District
of Fort Lee to pay on their obligations, which have been in default for about
six years.
In this connection it is pointed out that the Borough's tax rate
has been reduced steadily from 6.14 in 1931 to 4.38 in 1937 despite the fact
that the Borough is pledged to levy an unlimited tax to provide money to
pay its creditors.
Pointing out that the collection of the current year's tax levy has de¬
clined from $462,987 in 1932 to $343,620 for the year 1937, the committee
asserted that this decline resulted almost entirely from a reduction in the
rate of tax and not from a decline in the percentage of current tax collections.
PERTH
AMBOY, N. J.—REFUNDING ISSUES APPROVED—State
Funding Commission has approved of legislation providing for the issuance
of the following refunding Issues: $3,300,000 general refunding, $200,000
school, $203,000 series A water, and $77,000 series B water. Documents
were filed with the Commission under date of Dec. 23 and fully comply
with plan of
refunding with particular respect to discount provisions, &c„
according to report.
RUTHERFORD, N. J.—BOND SALE—The $137,000 coupon or regis¬
,
tered
Joint trunk sewer bonds offered Jan. 17—V. 148, p. 154—were
awarded to H. L. Allen & Co. and Minsch, Monell & Co., Inc., both of
New York, jointly, as»2)4s, at par plus $246.60 premium, equal to 100.18,
a basis of about 2.23%.
Dated Feb. 1, 1939, and due Feb, 1 as follows:
$5,000 from 1940 to 1944, incl. and $7,000 from 1945 to 1960, incl.
Reon a 0.30% yield to a price of 99.50, according to maturity.
Other
offered
bids:
NoBonds
°
Bidder—
Bid for
4,
2)4 %
101.14
136
234 %
100.77
A.C. Allyn & Co., Inc. and E.H.Rollins & Sons
137
137
100.70
100.36
M. M. Freeman & Co---...-
137
Julius A. Rippel,
13,6
2H%
2)4%
2)4%
2)4%
——
^
Rippel & Co. and Dougherty,Corkran & Co.
Kean, Taylor & Co. and Van Deventer, Spear
&
was
$26;000 joint outlet sewer bonds.
All of the bonds are dated Jan.
NEW
^
and
JERSEY CITY, N. J .—TO RESTORE LAST OF SALARY REDUC¬
TIONS—Mayor Frank Hague in a statement made public Jan. 13 stated
by July 1 to the
which
were made
1932.
Bulk of the cuts had been previously rescinded.
Mr. Hague said that he was taking this action in the belief that the city
will have collected by July 1 some part of the $10,000,000 in second class
effective June 1,
YORK
NEW YORK, N." Y.—PLANS LARGE OuND OFFERING--Joseph D.
McGoldrick, City Comptroller, plans to offer at public sale on or about
Jan. 31 a total of $30,800,000 securities, consisting of $20,800,000 serial
bonds and $10,000,000 40-year corporate stock.
The city conducted three
sales during 1938 for an aggregate principal amount of $133,000,000.
Last
operation was held in November when award was made of $40,000,000 serial
Longfellow of New York City will be furnished the successful-bidder.
that salaries of municipal employees would be restored
levels which prevailed prior to the general reductions
The one other bid submitted,
MASSENA (P. O. Massena), N. Y.—BOND OFFERING—Francis L.
Hosmer, Town Clerk, will receive sealed bids until 2 p. m. on Jan. 31 for the
purchase of $35,000 not to exceed 4% interest coupon town hall building
bonds. Dated.Feb. 1,1939. Denom. $500. Due $3,500 on Feb. 1 from 1940
to 1949 incl. Principal and interest (F-A) payable at First National Bank 6c
Trust Co., Massena, in New York exchange. The bonds are unlimited tax
obligations of the town and no legal opinion will be furnished in connection
with the issue. A certified check for 5% of the amount bid, payaole to order
of Allan P. Sill, Town Supervisor, must accompany each proposal.,
$188,000.
Bidder to name a single rate of interest,
expressed in a multiple of 34 of 1%.
A certified check for 2% of bonds
offered, payable to order of the town, is required.
Bonds are unlimited
tax obligations of the town and the legal opinion of Hawkiils, Delafield 6c
of 1937 and 1938 on all those corporations who were made parties to the
proceedings filed by the city in December.
It was arranged by the group of lawyers that the corporations involved
would be notified of the offer and arrangements were made to hold another
meeting at a future date, when the attitude of the corporations towards
the offer could be better determined.
1; 1939.
BUFFALO, N. Y.—NEW JURIST TO HEAD INQUIRY—Governor
Herbert H. Lehman has appointed Supreme Court Justice Albert Conway
to succeed Justice George A. Larkin as presiding officer in the special*
grand jury investigation of the city's affairs.
The Governor acted at the
behest of Mr. Larkin, who has recently been in ill health.
$15,000, 1940 to 1942 incl.; $10,000, 1943 to 1948 incl., and $5,000 from
p
,
1967 incl.;
price of 101.59 for $628,000 334s, was made by a group composed of B. J.
Co., Inc.; H. L. Alien & Co.; Minsch, Monell & Co.; Colyer,
Robinson & Co.; VanDeventer, Spear & Co., and J. S. Rippel & Co.
1949 to 1963, incl.
Principal and inferest (J-D) payable at Merchants &
Newark Trust Co., Newark.
The sum, required to be obtained at the
of lawyers representing the corporations to enter into a conference
what the attitude of the city would be to a compromise and
Due $1,000 on Jan. 1 from 1940 to 1905
Van Ingen &
sale Of the bonds is
group
registered,bonds
total of $631,000 bonds,
a
All of the bonds are dated Dec. 1, 1938.
Denom. $1,000.
Combined
annual instalments, with payments due each Dec. 1, follow: $8,000, 1939;
that the conference was held Dec. 22 at the Essex Club in Newark.
At that time Mr. Baer said the city's position was stated to be that it
will be willing to accept a lump offer of $9,500,000 to settle for taxes
a
inclusive.
as
to determine
Bankers took
$605,000 school bonds.
Due Jan. 1 as follows: $15,000, 1940 to
$16,000 from 1968 to 1978 incl. and $9,000 in 1979.
$48,000 school bonds.
Due annually from 1940 to 1948 incl.
20,000 sewer improvement bonds, part of authorized issue of $20,000 and
due annually from 1939 to 1945 inclusive.
120,000 improvement bonds, part of authorized issue of $120,900 and due
annually from 1939 to 1J)63. inclusive.
which have been assessed for the 1937
100.83
naming an Interest rate of 334 % and paying a price of $638,256.50, equal
to 101.15, a oasis of about 3.41%.
The bonds, shown below, were reoffered
by the syndicate to yield from 1 % to 3.50% /according to maturity:
follows:
and 1938 personal taxes will agree to the settlement remains to be seen.
Mr. Baer said that Mr. Greer and himself had been approached by a
successful bidder at the offering of $638,000 coupon or
offered Jan. 18—V. 148, p. 311.
IRVINGTON, N. J.—BOND OFFERING—W*. H. Jamouneau, Town
$3,000,000 in taxes on personal property of the corporations assessed for
10Q-22
N. J.—BOND SALE— A syn¬
of A. C. Allyn & Co.,.Inc., E, H. Rollins & Sons, Inc.,
Hemphill, Noyes & Co., H. O. Wainwright & Co., Schlater, Noyes &
Gardner, Inc., all of New York, and MacBride, Miller & Co., Newark,
Clerk will receive sealed bids until 8 p. m. oh Jan. 26 for the purchase of
► Whether the 1.000 corporations
Inc. and Ewing & Go
WEEHAWKEN TWP.(P. O.Weehawken)*
school bonds.
Dated Feb. 1, 1939.
One bond for $200, others
$1,000 and $500 each.
Due Feb. 1 as follows: $1,500, 1940 to 1948, incl.;
$2,000 from 1949 to 1958, incl., and $1,700 in 1959.
Principal and interest
(F-A) payable at the Hackettstown National Bank, Hackettstown.
The
price for Which the bonds may be sold cannot exceed $35,200.
A certified;,
check for 12% of the bonds offered, payable to order of the Board of Educa¬
tion, is required.
Proceedings incident to authorization of the issue have
been approved by the Attorney General of the State.
*
thejear 1939 and for succeeding years.
•:
—
dicate composed
bids until 8 p. m. on Jan. 27 for the purchase of $35,200 3, 3 H or 3)4%
hour conference with 30 lawyers representing 300 corporations with offices
in Jersey City on Dec. 22, when such a compromise was offered by the city.
In addition to the $9,500,000 settlement offer, the city agreed to accept
(5o--_
.
coupon
JERSEY CITY, N. J.—OFFERS TO COMPROMISE IN PERSONAL
has offered to settle for $9,500,000 its
$250,000,000 tax bill against corporations in Jersey City for non-payment of
personal taxes for the years 1937 and 1938.
This was admitted recently by Theodore C. Baer, counsel to City Comp¬
troller Raymond M. Greer, who said that he and Mr. Greer had held a three-
Bid
136
J. 8.
INDEPENDENCE TOWNSHIP SCHOOL DISTRICT (P. O. Vienna)#
N. J.—BOND OFFERING—Earl 8. Harris, District Clerk, will receive sealed
TAX LEVY. DRIVE—The city
Rate
234%
—-
-
John B. Carroll & Co. and Campbell & Co
$35,000 from 1945 to 1965 incl.
Bidder to name a single rate of interest,
expressed in a multiple of )4 of 1%.
The sum required to be obtained at
the sale of the bonds is $830,000.
Principal and interest (J-D) payable at
the West Hudosn County Trust Co., Harrison.
The bonds are unlimited
tax obligations of the town and the approving legal opinion of Hawkins.
Delafield & Longfellow of New York City will be furnished the successful
bidder:
A certified check for 2% of the bonds offered, payable to order of
the town, must accompany each proposal.
.
Int.
Rate
136'
H. B. Boland & Co
.
$188,000 not to exceed 6% interest coupon or registered bonds, divided
■
General of the State, pursuant to statutory requirements.
take all legal means for resisting the proposals embodied in the refunding
plan submitted on behalf of the Borough under the Federal Bankruptcy Act.
The committee asserts that the petition in bankruptcy has not. been filed
HARRISON, N. J.—BOND OFFERING—Francis J. MacDonald, Town
Clerk, will receive sealed bids until 8.30 p. m. on Jan. 26 for the purchase
of $830,000 not to exceed 334 % interest coupon or registered general re¬
funding bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as
follows* $10,000, 1940 and 1941; $25,000 from 1942 to
1944 incl. and
100.56
•
MOORESTOWN TOWNSHIP SCHOOL DISTRICT (P. O. Moores,
town), N. J.—BOND OFFERING—Albert J. Frohock, District Clerk, wil1
receive sealed bids until 8 p. m. on Jan. 30 for the purchase of $68,000 2)4,
2 )4, 2 34, 3, 3 )4,3 34. 3 34 or 4 % coupon or registered school bonds. Dated
Dec. 15, 1938. Denom. $1,000. Due Dec. 15 as follows: $3,000 from 1940
to 1947 incl. and $4,000 from 1948 to 1958 incl.
The price for which the
bonds will be sold shall not exceed the aggregate par value of the bonds
offered for sale and an additional sum of less than $1,000.
Interest J-D.
Legal opinion of Walter Carson, Esq., Camden, attorney for the Board of
Education, will be furnished the successful bidder.
Proceedings in con¬
nection with authorization of the issue have been approved by the Attorney
RUPTCY PROCEEDINGS—The Committee for Bondholders of the Borough
of which Edwin H. Barker is Chairman, announced Jan. 20 that it is
intended to oppose the present bankruptcy proceedings now pending before
the United States District Court at Newark, on which a hearing is scheduled
for Feb. 6.
In a report to bondholders, the committee states that it will
,
Dated Feb. 1, 1939, and due
Kean, Taylor & Co.; H. L. Allen & Co.,
and VanDeventer, Spear & Co
Phelps,
Fenn
&
Co., and Dougherty",
Corkran & Oo-__B. J. Van Ingen & Co., Inc.; Outwater &
Wells, and Martin & Chambers-.
E. H. Rollins & Sons, and Stroud & Co
Lehman Bros., and Charles Clark & Co__R. W. Pressprich & Co.: First of Michigan
Corp., and Colyer, Robinson & Co- -_
FANWOOD, N. J.—BOND SALE—The $25,000 general funding bonds
1.89%.
basis of about 1.93%.
a
follows: $15,000 from 1940 to 1958, incl., and $6,000 in 1959.
were the following:
No. Bonds
Bidder—
Bid for
Int.Rate Rale Bid
as
Among other bids
offered Jan. 18-—V. 148, p. 153—were awarded to Van Deventer, Spear &
Co. of Newark as 2s, at par plus $150 pretaium, equal to 100.60, a basis
of about
.
MERCER COUNTY (P. O. Trenton), N. J.—BOND SALE—Graham,
_
_...
Bidder--
Minsch, Monell & Co. and Dougherty, Corkran
467
railroad taxes which have been in litigation since 1932.
It was assumed
that the Mayor referred to a possible compromise with the railroads in the
matter.
Various court decisions have favored the city with respect to
the assessments on such property which, according to the Mayor, repre¬
sents more than 20% of the city's total ratables.
J.—BOND SALE—B. J. Van Ingen &
Co., Inc., and MacBride, Miller & Co. of Newark, jointly, were successful
bidders at the offering of $181,000 sewer bonds on Jan. 16-—V.
148, p. 153—
.
special assessment
bonds to the Chase National Bank of New York and
associates at an interest cost of 2.88%—V. 147, p. 3495.DETAILS OF BOND OFFERING—Joseph D. McGoldrick, City Comp¬
troller. will receive sealed bids until noon_pn_Jan._31 for the purchase of
$30/800,000 corporate stock an^serial bonds/divided 4s follows^
10,000,000 corporate stock for water suppiy.
Due Feb. 1, 1979.
<
.
10.000,000 rapid transit* railroad construction bonds.
Due $250,000 on
Feb. 1 from 1940 to 1979, inclusive.
4.550,000 school construction and various municipal purposes bonds.*
Due $130,000 on Feb. 1 from 1940 to 1974, inclusive.
3.300.000 school construction and various municipal purposes bonds.
Due $110,000 on Feb. 1 from 1940 to 1969, Inclusive,
1.550,000 dock improvement, water supply and school construction
bonds.
Due $155,000 on Feb. 1 from 1940 to 1949, inclusive.
900,000 various municipal purposes bonds.
Due $180,000 on Feb. 1
from 1940 to 1944, inclusive.
•
500,000 rapid transit railroad construction bonds.
Due $125,000 on
Feb. 1 from 1940 to 1943, inclusive.
'
B__,rr.rn
PORT OF NEW YORK AUTHORITY, N. Y.—$16,700,000 REFUND¬
ING BONDS ISSUED PRIVATELY—Frank C. Ferguson, Chairman of
the Port of New York Authority, in a statement made public Jan. 19 re¬
garding the agency's refinancing plans, said that several weeks of negotia¬
tions had resulted in the sale or exchange of general & refunding 3)4 %
bonds to several insurance companies and other fiduciaries.
The total
par value of $16,700,000 is involved and the transactions are part of the
operation of refunding the George Washington Bridge serial 4)48, first
callable Nov. 1, 1939.
Negotiations of the several transactions were car¬
ried forward and concluded either through dealers or directly by the Treas¬
.
Department of the Port Authority.
The parties in the transactions are: John Hancock Mutual Life Insurance
Co., Prudential Insurance Co. of America, Mutual Life Insurance Co.,
New York; Massachusetts Mutual Life Insurance Co.; Woodmen or the
World Life Insurance Society; Mutual Benefit Life Ihsurance Co.: Aetna
ury
Financial
468
Chronicle
Aug.
Jersey; New York Life Insurance Co.; Mutual Life Insurance Co. of Iowa.
Originally the Port Authority issued S30.000.000 George Washington
Bridge 4H% bonds in 1920 for the construction of the Bridge.
There
have been acquired previously $4,439,000 par value of these bonds in ex¬
change for general & refunding bonds.
Cash on hand of approximately
$9,000,000 in George Washington Bridge reserve funds and sinking funds
will be applied to reduction of debt.
The safes and exchanges now announced practically complete the re¬
funding arrangement.
NEW
YORK,
of—BILL
State
INTRODUCED
TO
1939
21,
1941 to 1968, incl.
1, 1938.
Due $2,000 in 1940, and $3,000 from
Payable at the office of the Town Treasurer.
and Annuity Fund, State of New
Life Insurance Co.; Teachers' Pension
Jan.
C.—NOTES SOLD— It is reported that $7,000
revenue anticipation notes were purchased On Jan. 17 by the First National
Bank of Clover, S. C., at 4%, paying a premium of $3.
WAYNESVILLE,
N.
WINSTON SALEM, N.
C.—BOND OFFERING—It is stated by W. E.
Secretary of the Local Government Commission, that he will
a. m. on Feb. 7, for the purchase of the following
three issues of not to exceed 6% coupon semi-ann. refunding bonds aggre¬
gating $375,000:
Easterling,
receive sealed bids until 11
AUTHORIZE
$2,000, 1949 to 1956, and
LARGE DEBT FOR SCHOOLS—Assemblyman Rooert J. Crews of Brooklyn
has introduced in the Legislature a measure authorizing creation of a State
$40,000 water bonds. Due on Jan. 1 as follows:
$.3,000 from 1957 to 1964.
debt of $200,000,000. available from Jan. 1, 1940, to pay the cost of new
school buildings and repair or replacement of present buildings.
The
151,000 school bonds.
Due on Jan. 1 as follows:
$8,000, 1949 to 1954;
$10,000, 1955 to 1962; $11,000, 1963, and $12,000 in 1964.
184,000 general bonds.
Due on Jan. 1 as follows: $10,000, 1919 to 1958,
and $14,000, 1959 to 1964.
proposition for the bond issue would be submitted to voters at the general
election
1939.
in
The bill went to Ways and Means
Committee for consideration.
Dated Jan. 1,1939. Denom. 11,000, A separate bid for each separate issue
(not less than par and accrued interest) is required. Bidders are requested
in multiples of M of 1%; each bid may
Among other bills introduced are measures which would;
Make mortgage bank debentures legal investments for trust funds,
and limit amount of investment to 15% of the total of any one estate or trust.
Make mortgage bank debentures legal investments for life insurance
to name the interest rate or rates
banks.
to
to
further long-term debt last year.
purchase the bonds at the lowest interest cost to the city, suCh cost to be
by deducting the total amount of the premium bid from the
the bonds until their respective
bonds will be entertained. Prin.
payable in New York City in legal tender. General obligations;
unlimited tax.
Delivery at place of purchaser's choice.
The approving
opinion of Reed, Hoyt, Washburn & Clay of New York, will be furnished.
Enclose a certified check for $7,500, payable to the State Treasurer.
trust
and int.
DAKOTA
NORTH
NEW YORK (State of)—$35,537,000 DEBT REDUCTION IN 1938—
During the, calendar year 1938 the State reduced its gross funded debt by
$35,537.000.the figures at the start and close of the year being $699,028,000
and $663,491,000, respectively.
The State did not find it necessary to
any
ma¬
aggregate amount of interest upon all of
maturities. No bid for less than all of the
debentures.
advised
earliest
determined
companies to invest in stock of mortgage banks.
Permit savings banks to purchase debentures of mortgage banks, not
exceed 15% of the assets of the bank.
Permit investment of State funds by the Comptroller in mortgage bank
incur
of the bonds of any issue (having the
turities) and another rate for the balance, but no bid may name more than
two rates for any issue, and each bidder must specify in his bid the amount
of bonds of each rate.
The bonds will be awarded to the bidder offering
Provide for incorporation of mortgage banks with principal office In
New York City and one or more branches; with mortgage loans to be made
on real property situated in this State.
Permit
for parr
one rate
name
corporations.
Permit savings banks to purchase and hold capital stock of mortgage
NEKOMA, N. Dak.—BOND SALE— The $1,500 issue of community
hall bonds offered for sale on Jan. 16—V. 148, p. 154—was purchased by a
local investor, the only bidder, according to the Village Clerk.
In this connection we are
by Comptroller Morris S. Tremaine that the only outstanding
were for grade crossing elimination and unemployment relief
WELLS COUNTY (P. O.
-
authorizations
FERING—It is reported that
Fessenden), N. Dak.—CERTIFICATE OF¬
oids will be received until 2 p. m. on Jan. 23,
As sufficient moneys were available from former sales to take
care of the grade elimination program and the relief burden was largely
resolved by direct appropriation by the State Legislature, the State was
thus in postion to forego the creation of new permanent indebtedness for
the first time in a number of years.
Mr. Tremaine also called attention to
the fact that voters approved last November an issue of $300,000,000
bonds for housing purposes, the sale of which is subject to decision of the
by Otto G. Krueger, County Auditor, for the purchase of a $10,000 issue
of certificates of indebtedness.
No bid of less than par value will be con¬
sidered.
A certified check for not less than 2% of the bid, payable to
the county, is required.
Legislature.
2 p. m. on Jan. 25 by David Arstein,
issue of $1,000 not to exceed 7%
purposes.
is set forth in the following compilation:
Comparision of Gross Funded Debt Jan.
1,
1938
With Dec. 31,
DISTRICT NO. 18 (P. O. RoIIaL N. Dak.
that bids were received until
District Clerk, for the purchase of an
certificates of indebtedness.
Dated
July 25, 1940.
WOLF CREEK SCHOOL
CERTIFICATE OFFERING—It is reported
The debt position of the State at the start and close of 1938
Jan.
1938
25,
Due on
1939.
Outstanding
Outstanding Increase +
12 '38 Decrease—
$
$
$
Canals..
150,488,000 150,352,000
—136,000
Highways
93,600,000
93,200,000
—400,000
Forest preserve
5,900,000
5,800,000
—100,000
Palisades Park.
5,000,000
5,000,000
World War bonus.
21,600,000
19,800,000 —1,800,000
State Institutions buildings
32,096,000
30,096,000 —2,000,000
General State improvement
78,732,000
74,877,000 —3,855,000
State park system...
11,257,000
10,846,000
—411,000
Grade crossing elimination.._v..... 94,520,000
92,470,000 —2,050,000
Emergency construction
41,680,000
39,680,000 —2,000,000
Emergency unemployment relief
164,155,000 141,370,000—22,785,000
Jan. 1,1938 Dec.
MUNICIPALS
OHIO
MITCHELL, HERRICK & CO.
.
700 CUYAHOGA
InCTCOLSB
■
Jan.
t, 1938 Dec. 31'38
•
$
$
General fund.:..
...........100,Out),000 200,0u0.000
Grade crossing elimination...
1,000,000
State Institutions buildings.
■
275,000
In .anticipation of appropriations..
52,500
52,232
Decrease
SPRINGFIELD
COLUMBUS
OHIO
699,028,000 663,491,000—35,537,000
Comparision of Temporary Debt Jan. 1, 1938 With Dec. 31, 1938
*
BUILDING, CLEVELAND
CINCINNATI
AKRON
CANTON
Ohio—BOND
CANFIELD,
"f"
ceive sealed bids until noon on
—
OFFERING—The Village Clerk will re¬
Feb. 4 for the purchase of $6,730.54 4%
street
improvement bonds.
Dated Sept. 1, 1938.
One bond for $80.54,
others $350 each.
Due as follows: $80.54 April 1 and $350 Oct. 1, 1940,
and $350 April i and Oct. 1 from 1941 to 1949, incl.
a certified check for
$150, payable to order of the Village Treasurer, is rdtjuired.
>
"
$
4-100,000,000
—1,000,000
4-275,000
—268
CEDARVILLE, Ohio—BOND SALE—The $3,500 fire apparatus bonds
18 were awarded to the Xenia National Bank.
Dated Jan. 1,
1940 to 1949 incl.
offered Jan.
101,052,500 200,327,232
+
1939 and due $350 on Oct. 1 from
99,274,732
COLDWATER,
PEEKSKILL, N. Y.—BOND SALE POSTPONED—City decided to
postpone the sale of $56,000 incinerator plant bonds, scheduled to take
place Jan. 19, on the advice of Dillon, Vandewater & Moore of New York
City, who pointed out that new legislation will be enacted putting into
effect the provisions of Section 2, Article 8 of the new Constitution bearing
the financing of such projects.
Bonds were to be dated Jan. 15, 1939.
Denom. $1,090.
Due Jan. 15 as follows:
$6,000 in 1940 and $5,000 from
1941 to 1950 incl. Principal and interest payable at Central Hanover Bank
on
& Trust
Co., New York.
Legal opinion by attorneys previously referred to.
PELHAM
MANOR.
N.
Y.—BOND OFFERING—Village Clerk will
receive sealed bids until 3:45 p. m. on Jan. 24, for the purchase of $32,000
bonds including $15,000 refunding and $17,000 land improvement.
PORT
OF
NEW YORK
TRAFFIC FOR
AUTHORITY, N. Y.—REPORTS GAIN IN
1938—Records for interstate bridge and tunnel vehicular
traffic again were broken last year despite recessions at several facilities
from the striking gains that had been made in the previous 12 months.
An informal preliminary report made public by Frank C. Ferguson,
Chairman of the Port of New York Authority, shows that the 1938 vehicular
movement between the two States was 23,378,378, an increase of 756,062,
or
3.3%,
over
1937.
•
This upward swing In the grand total for all tunnels and bridges was due
opening of the Lincoln Tunnel. The traffic in the latter was 1,790,000,
which did not actually meet expectations.
The year ended with an upward
trend at the Lincoln Tunnel, however, and with important increases fore¬
to the
seen
when the completed approach through North Hudson is opened in a
few months.
The
20,000,000
goal in
interstate
bridge and
tunnel
traffic
attained in 1936, when 20,345,760 motor vehicles were reported.
exceeded in 1937 by 2,290,000, and in 1938 by 3,045.000.
The Holland
Tunnel in
1938
was
This
was
used by 12,452,866.
This was a reac¬
tion of 626,403, or 4.8%, from the all-time peak of the previous year.
The
George Washington Bridge with traffic of 7,693,966
256,739,
was
3.2%,
or
under its high of 1937.
The Bayonne Bridge
with 513,096 was 26,685, or 4.9% under 1937; the
Goethals Bridge with 604,466 fell off 39,000, or 6%; the Outerbridge Cross¬
ing with 323,280, was 13,000, or 4% less than 1937. All facilities, however,
were
"
well in
excess
SYRACUSE,
N.
of 1936 and also of most other
Y.—CERTIFICATE
preceding
SALE— The
years.
$1,000,000
certifi¬
cates of indebtedness
offered Jan. 20 were awarded to Bank of the Man¬
hattan Co. of New York at 0.19% interest rate plus $19 premium.
Dated
Jan. 23, 1939, and due Nov. 24, 1939.
mond of New York City.
Legal opinion of Caldwell & Ray¬
OFFERING—The Village Clerk
30, for the purchase of $30,000 3
.
COLLEGE CORNER
SCHOOL DISTRICT, Ohio—BONDS OFFERED
McDonough, Clerk of Board of Education, received sealed bids
on Jan. 19 for the purchase of $8,000 4% school bonds.
Dated
Jan. 15, 1939. Denom. $800. Due $800 on April 1 and Oct. 1 from 1945_to
1949, incl.
Interest A.O.
*
/
m
—Joseph
until
noon
CONNEAUT, Ohio—BONDS SOLD—City" Sinking Fund Commission
purchased $7,210 3% fire apparatus bonds at par.
Dated Jan. 1. 1939.
Due $1,442 each year from 1941 to 1945. incl.
Principal nad interest (J-J)
payable at the City Treasurer's office.
.
ERIE
Lester E.
COUNTY (P. O
Sandusky), Ohio—BOND OFFERING—
Curtis, Clerk of Board of County Commissioners, will receive
Feb. 2, for the purchase of $58,300 4% court¬
sealed bids until 1 p. m. on
improvement Donds.
Dated Aug. 1, 1938.
One bond i or $1,300,
Sept. 1 as follows: $5,000, 1939; $5,300, 1940
1948, incl.
Interest M-S.
Bidder may name a
different rate of interest provided that fractional rates are expressed m a
multiple of K of 1%.
A certified check for 5% of the amount of the bid
is required.
house
others $1,000 each.
Due
and $6,000 from 1941 to
JACKSONVILLE, Ohio—-BOND
(fFFERING—William C. Hilt, Village
the
?
bond for $200,
Clerk, will receive sealed bids until noon on Feb. 11 for
$3,200 4% funding bonds.
Dated Dec.'l, 1938.
One
others $500 each.
Due on Dec. 1 from 1940 to 1945,
and interest (J-D) payable at Village Clerk's office.
CAROLINA
report from its
Cincinnati bureau:
.
"Injunction handed down by Common
CLAYTON, N. C.—BOND SALE—The $13,000 issue of
coupon water
County bonds by
Toledo.
"Proceedings were filed by Corinne L. Pleasant, of Vandalia, Ohio,
charging that negotiations between the County Commissioners and Strana¬
han, Harris & Co. were brought about through fraud and collusion.
"The $425,000 represents refunding bonds which were to be exchanged
for notes now held by the bond company.
A hearing has been set for
.
& Co. expressed surprise at the
stating that the bonds had already been delivered
non-litigation certificates from the county, and that
been entirely completed.
They said they expected
be removed.after the hearing on Jan. 24."
PARMA
Inclusive.
.4
^
Pleas Judge Robert U. Martin,
Dayton, has halted sale of $425,000 Montgomery
County Commissioners to Stranahan, Harris & Co. of
in
Officials of Stranahan, Harris
and light Donds offered for sale on Jan. 17—V. 148, p. 312—was awarded
to R. S. Dickson & Co. of Charlotte, as 4Ms, at a price of 100.123, a basis
of about 4.24%.
Dated Dec. 1, 1938.
Due from Dec. 1, 1941 to 1955,
Principal
incl.
MONTGOMERY COUNTY (P. O.
Dayton), Ohio—BOND SALE
HALTED—The "W411 Street Journal'"of Jan. 19 contained the following
Jan. 24.
NORTH
will
treatment plant bonds.
Dated March 1, 1939.
Denoms. $1,000
and $500.
Due $500 March 1 and $1,000 Sept. 1 from 1940 to 1959. inclInterest M-S.
Bidder-may name a different rate of interest provided that
ractional rates are expressed in a multiple of M of 1%.
A certified check
for $300, payable to order of the Village Treasurer, is required.
first
was
Ohio—BOND
receive sealed bids until noon on Jan.
sewage
(P. O. Brooklyn Station,
.
.
injunction
to them, along with
the sale to them had
the injunction would
Cleveland), Ohio—BONDS PURm
bonds resulted in the purchase of
of 68.795, according to John
CHASED—Call for tenders of refunding
NORTH
CAROLINA,
State of—LOCAL BONDS SOLD TO PWA—
It is reported that the following obligations were purchased on Jan. 10 by
the Public Works Administration: $33,000 Halifax 4% water and sewer
bonds at par; $25,000 Sparta 4% water bonds at par; $15,000 Lincolnton
bond anticipation notes at 2%, plus a premium of $2.50.
Ohio—BOND OFFERING—Village Clerk will re4, for the purchase of $2,300 6%
Dated Nov. 1, 1938.
One bond for $300, others $500
each.
Due Oct. 1 as follows:
$300 in 1940 and $500 in 1942, 1944, 1946
and 1948.
Interest A-O.
A certified check for $100, payable to order of
the village, is required. (Above issue was unsuccessfully offered on Dec. 10,
PROCTORVILLE,
ceive sealed
bids until noon on Feb.
funding bonds.
W
SPARTA, N. C.—BONDS SOLD TO PWA—It is stated by the Secretary
of the Local Government Commission that the $14,000 coupon sewer bonds
offered for sale on Jan. 17—V. 148, p. 312—was
Works
Oct.
$117,000 principal amount at an average price
Graham, City Treasurer.—V. 147, p. 3649.
Administration, as 4s at par.
1, 1941 to 1968 incl.
purchased by the Public
Dated Oct. 1, 1938.
Due $500 from
1938.)
Ohio—BONDS PUBLICLY OFFERED—Charles
A.
Cincinnati are offering for public investment $100,000
municipal electric light plant mortgage revenue bonds at prices to
WELLSTON,
£ WAYNESVILLE, N. C.—BONDS SOLD TO PWA—It is stated by the
Town
Attorney that $86,000 sewer system bonds have been purchased by
the Public Works Administration, as 4s, at par.
Denom. $1,000.
Dated
/
Hinsch & Co., Inc. of
3V4%
field from 2.25% to 3.10%, according to
maturity.
Principal and interest
*
Volume
148
Financial
?±^,n^fc.CltJ,Tfeafurer's office-
from 1940 to 1958 incl.
v
V
.
Legality to
V,0™*11* Cincinnati.
145, p. 312.
Chronicle
Dated Oct. 1. 1938 and due on Oct. 1
oe
approved by Peck, Shaffer, Williams
Previous reference to this issue
made in
was
WEST UNION VILLAGE SCHOOL
DISTRICT, Ohio—BOND SALE
-—Charles A. Kinsch & Co.,
Inc., Cincinnati, purchased an issue of $38,900
P, fP
tax, voted school building bonds and re-offered them to
yield from 2% to 3.30%, according to maturity.
Dated Nov. 1, 1938.
SKI
HAMLIN.
Is foU®w®: $1,000, 1940 to 1944, incl.; $1,400, 1945; $1,500,
1946; $2,000 from 1947 to 1959, incl. and $1,000 from I960 to 1964, incl.
Principal and interest (M-S) payable at the National Bank of Adams
County, West Union.
First interest coupon matures March 1, 1939.
Legality approved by Peck, Shaffer & Williams of Cincinnati.
XErSf,IA^,CI,TX„ SCHOOL DISTRICT, Ohio—BOND
t
1954, incl., and $2,000 from 1955
to
Interest J-D.
1959, incl.
of interest provided that fractional
rate
148. p. 313—that
had been sold to the Public
HANOVER TOWNSHIP SCHOOL DISTRICT (P. O. Wilkes-Barr*)
„
Pa.—NOTE SALE DEFERRED—Award of the $30,000 not to exceed 4%
interest notes offered Jan. 18—V. 148, p. 155—was not expected to be made
until Jan. 20.
Due $10,000 on Jan. 15from 1940 to 1942, inclusive.
OFFERING—
MANOR, Pa.—BOND OFFERING—L. Doty Grieve, Borough Secretary,
Bidder
•
may name a. different
Pa.—CORRECTION—The report in—V.
issue of $129,000 4% water revenue bonds
Works Administration was incorrect.
an
Louis F. Clark, Clerk of the Board of
Education, will receive sealed bids
until noon on Feb. 8 for the purchase of $55,000
3% building bonds. Dated
Nov 1
1938.
Denom. $1,000.
Due Dec. 1 as follows $3,000 from 1940
to
469
FERNDALE (P. O. Johnstown), Pa .—BOND OFFERING—A. E.
Snook, Borough Secretary, will receive sealed bids until 7 p. m. on Feb. 10
for the purchase of $30,000 4%
coupon funding and refunding bonds.
Dated Feb. 15, 1939.
Denom. $1,000.
Due Feb. 15 as follows:
$3,000,
1944; $4,000, 1945; $5,000, 1946 and 1947; $6,000 in 1948, and $7,000 in
1949.
Registerable as to principal only.
A certified check for 2% of
amount of bonds bid for, payable to order of the Borough Treasurer, is
required.
rates are
expressed in a multiple of
of 1 %.
A certified check for 1 % of the amount
of the bid, payable to order of the Board of
Education, is required.
Legal
opinion of Peck, Shaffer, Williams & Gorman of Cincinnati will be furnished
will receive sealed bids at the office of C. O.
Wathour, Irwin Gas Coal Co.
Bldg., Greensburg. until 2:30 p. m. on Feb. 6, for the purchase of $15,000
Siupon, at one of the as to principal, as named in the successful bid: bear
street improvement bonds, to 1H,
terest registerable following rates,
2Ji>
1K» 2.
2*G 3'
or
3H%>
Dated Dec. 1, 1938/
Denom.
$1,000. .Due Dec. 1 as follows: $1,000, 1940 to 1949, incl.; $2,000 in 1950
and $1,000 from 1951 to 1953, incl.
Callable at any time prior to fixed
the successful bidder.
maturity date by giving notice as provided in bond ordinance.
Interest
J-D.
Bonds will be sold subject to approval of
proceedings, by the Penn¬
Department of Internal Affairs.
A certified check for 1% of
amount bid for, payable to order of Borough Treasurer, is required.
sylvania
R. J. EDWARDS, Inc.
PENNSYLVANIA
(State of)—LOCAL ISSUES APPROVED—The
Pennsylvania Department of Internal Affairs has approved the following
local bond issues.. Information includes name of the municipality, amount
and purpose of issue and date approved:
Municipal Bonds Since 1892
Date
Oklahoma City, Oklahoma
AT&T Ok Cy 19
Long Distance 787
u
provements.—
OKLAHOMA
(P. O. Hastings), Okla.<—BOND
SALE DETAILS—It is stated by the Superintendent of Schools that the
$7,000 school bonds purchased by Calvert & Canfield of Oklahoma City,
as noted here—V. 148,
p. 154—were sold as follows:
$3,000 as 2%s, due
$1,000 in 1943 to 1945; the remaining $4,000 as 3Ks, maturing $1,000
20,000
ton School buildings—
40,000
Upper Moreland Township School District, MontgomeryCounty—Addition to the high school build¬
ing in Willow Grove—
75,000
Brentwood Borough School District, Allegheny Co.—
Addition to and alterations of the high school bldg130,000
Dale Borough, Cambria County—Payment of floating
indebtedness and for improving streets and alleys..
10,000
1946 to 1949.
_
OKLAHOMA, State of—TAX COLLECTIONS SHOW DECREASE—
State Tax Commission reports special tax collections in first six months
of fiscal year at $26,700,603, compared to $29,539,774 in corresponding
1937
months, decrease
creased 17%.
of $2,839,171
or
9.61%.
PENNSYLVANIA
December income de¬
Gross production tax in six months yielded $5,041,295, against $7,249,767;
vehicle excise tax at $421,979, against $649,188, and sales tax at
$5,080,683.
On comparative figures of other years, State Tax Commission estimates
revenue of full fiscal year at $56,000,000, compared to
$61,718,991 in the
preceding year.
,
„
Jan.
10
Jan.
10
of)—SCHOOL
(State
RETIREMENT
Jan.
12
Jan.
13
Jan.
13
BOARD
LOCAL ISSUES APPROVED—Following is the latest tabulation of
local
bond issues approved by the Pennsylvania Department of Internal Affairs.
Information Includes name of municipality, amount and purpose of issue
and date approved:
Date
Municipality and Purpose of Issue— *
Amount
S. D.t Allegheny Co. (addn. to the
——
$18,000
(sewer system in¬
stallation)
:
75,000
Whiteland Twp. S. D., Chester Co. (consolidated
elementary school building construction)
28,500
Camp Hill Br ough, Cumberland Co. (constructing a
sewer trea
aent works)
75,000
Whitaker B; rough, Allegheny Co-, (street and sewer
improvements)
——
20,000
OREGON
Approved
Richland Twp.
school building)
Ore.—BOND SALE—The $34,000 issue of refunding
Jan.
4
EYanklin City S. D., Venango Co.
bonds offered for sale on Jan. 16—V. 148, p. 312—was awarded to E. M.
Adams & Co. of Portland, as 3s, paying a price of 100.262, a basis of about
2.95%.
Dated Feb. 10, 1939.
Due from May 10, 1941 to 1951; callable
on or after May 10, 1942.
—
CLACKAMAS COUNTY SCHOOL DISTRICT NO. 64 (P. O. Clack¬
amas), Ore.—BONDS OFFERED—Sealed bids were received until 2 p. m.
Jan. 20, by Mary E. Talbert, District Clerk, for the purchase of a
$2,500 issue of school bonds.
-
—
on
——
Jan.
5
Jan.
5
Jan.
6
Jaja.
6
PENNSYLVANIA TURNPIKE COMMISSION (P. O. Harrisburg)
BONDS READY—The Fidelity-Philadelphia Trust
COOS
COUNTY SCHOOL DISTRICT NO. 9 (P. O. Marshfield),
Ore.—BOND OFFERING—Sealed bids will be received until 4 p. m. on
Jan. 26 by L. A. Parr; District Clerk, for the purchase of an issue of$165,000
not to .exceed 4% semi-annual school bonds.
Dated Feb; 15, 1939.
De¬
nomination $1,000.
Due Feb. 15 as follows: $10,000 in 1943 to 1946,
$11,000 in 1947 to 1949, $12,000 in 1950 to 1952, $13,000 in 1953 and 1954,
$14,000 in 1955 and 1956 and $2,000 in 1957.
Bids are also requested on
bonus bearing interest at the rate of 4%.
Prin. and int. payable at the
fiscal agency of the State in New York City or at the office or the County
Treasurer.
The approving opinion of Tear, Winfree, McCulloch, Shuler
& Kelley of Portland win be furnished.
Enclose a certified check for $3,000.
Pa .—DEFINITIVE
with
bonds
Co., Philadelphia, trustee, has announced that definitive bonds
interest coupons are ready for exchange at its office for temporary
issued following the public offering last Octo¬
ber of $10,000,000 turnpike revenue 3
—V. 147, p. 2432. Interest due
Feb. 1,1939 upon the temporary bonds will be paid only on presentation of
the appropriate interest coupons .which are attached to the definitive bonds,
and holders are therefore requested to exchange tdmpoary bonds for defini¬
tive bonds on or before Feb. 1, 1939.
without coupons which were
,
WITHOUT PAY—
resulted in a payless
payday for the approximately 20,000 of municipal employees on Jan. 15.
It is likely that the next payday, Jan. 30, will also prove of negative value
to the workers.
City Council isstill trying to bridge the gap of $18,000,000
between anticipated revenues and estimated expenditures for the year,
with recent efforts being expended on a pian to borrow $25,000,000 on the
municipal gas works. The law forbids the City Comptroller from counter¬
signing payrolls in the absence of a budget.
When similar difficulties at¬
tended adoption of a budget for 1938, the State Supreme Court granted the
city'spetition for authority to pay salaries of employees. The city has made
no effort to obtain an order this year for the reason, according to report,,
that drastic pay cuts may be resorted to in order to help balance the
budget. The problem will again be considered at a special session of council
PHILADELPHIA,'
Pa .—EMPLOYEES
WORK
Failure of council to adopt a budget for the present year
FALLS,
Ore.—BOND
OFFERING—It
is
reported
that
sealed bids will be received until 7:30 p. m. On Feb. 20 by Oari K. Cook,
Police Judge, for the purchase of a $22,000 issue of nor to exceed 2% semi¬
annual underpass bonds.
Dated March 1, 1938.
Denom. $1,000.
Due
$2,000 March 1, 1940 to 1950.
Prin. ana int. payable at the City Treas¬
urer's office J
The ponds are the remainder of an authorized issue of $24,700.
The approving
opinion of Teal, Winfree, McCudoch, Shuier & Kelley of
Portland will be furnished.
Enclose
a
certified check for $1,100.
MARION
COUNTY SCHOOL DISTRICT NO. 78 (P: O. Salem,
R. F. D. No. 6), Ore.—BOND SALE—The $2,000 school bonds offered
for sale on Jan.- 14—V. 147, p. 4089—Were purchased by Baker, Fordyce
& Tucker of Portland as 3 He, according to the District Clerk.
Due $1,000
on
10
fund and the rate of interest.
Okla.—BOND OFFERING—It is reported that bids will
23 by W. F. Dawson. Town Clerk,
for the purchase of a $10,000 issue of not to exceed 5% semi-annual street
equipment bonds.
Due $1,000 from 1942 to 1951 incl.
A certified check
for 2% of the amount of the bid is required.
until 7:30 p. m. on Jan.
KLAMATH
9
.
aggregate principal amount of. $138,423,080 bonds, bulk of which was
made up of securities of Pennsylvania municipal units.
The foregoing
figure, representing the total par value of investments, compares with
book value of $143,495,304.96.
The report details the holdings to the
extent of listing the name of the municipality, amount of its bonds in the
WAftETTE,
BEAVERTON,
Jap
Jan.
MUNICIPAL HOLDINGS,—According to the 18th annual report of the
Pennsylvania Public School EmployeesTRetirement Board, recently issued,
the State Treasurer held for account of the Board, as of July 1, 1937, an
motor
be received
Approved
Bridgeville Borough School District, Allegheny Co.—
Repairs and equipment to the Lincoln and Washing¬
HASTINGS SCHOOL DISTRICT
in
Municipality and Purpose of Issue—
Amount
Township School District, Washington
County—Junior high school building construction-. $40,000
Manor Borough School District, Westmoreland Co.—
Equipping the brick school building in Borough-.-.
7,000
Shillington Borough, Berks County—Water works im¬
Fallowfield
,
on
Aug. 1 in 1950 and 1951.
WHITELAND
TOWNSHIP
SCHOOL DISTRICT
(P. O.
West
Chester), Pa .—BOND SALE—An issue of $28,500 building bonds was
as 2Hs, at par, to the National Bank of Malvern.
NYSSA, Ore.—BOND SALE DETAILS—It is reported by the City
Recorder that the $23,000 sewer bonds sold to Tripp & McCleary of Port¬
land, as noted here—V. 148, p. 312—-were sold as 4s, at a price of 100.50,
and mature on Dec.,1 as follows: $1,000, 1940 to 1954, and $2,000,1955 to
1958, giving a basi? Of about 3.94%. J
'
PORTLAND, Ore.—BONDS SOLD—It is stated by the City Auditor
that a $53,212.64 issue of 6%, semi-annual improvement bonds was offered
for sale on Jan. 18 and was awarded to the United States National .Bank of
Portland, paying a price of 113.46.
Dated Nov. 15, 1938.
Due in 10
years, optional after three years from date of issue.
Jan. 23.
sold
■
-
ISLAND
RHODE
CRANSTON, R. I .—NOTE SALE—t he $100,000 notes offered Jan. 17
were awarded to the First National Bank of Boston at 0.31% discount.,
Dated Jan. 18, 1939, due Dec. 1, 1939, and issued in anticipation oftaxo?
assessed as of June 15, 1939.
Legal opinion of Ropes, Gray, Boyden &
Perkins of Boston.
Other bids:
Bidder—
Corp
—
Whiting, Weeks & Stubbs
$24,000 BOROUGH OF WINDBER,
PA.,
2%s, due Jan. 1, 1950, through Jan. 1, 1958
at
102 M
and 102
JOHNSON 6k McLEAN
Incorporated
$2,000,000 emergency unemployment relief bonds.
on Feb. 1 from 1940 to 1959, inclusive.
ALLEGHENY
COUNTY
Pittsburgh),
Pa.—PLANS BOND
SALE—The county is expected to announce shortly details of an offering
of $6,000,000 bonds, of which $3,000,000 will be road purposes; $2,000,000
bridge construction; $600,000 park and $400,000 tunnel.
(P.
O.
ARNOLD, Pa.—BOND SALE—The $100,000 coupon bonds, including
$75,000 st. impt., $20,000 fire hall and police station and $5,000 fire alarm
system, offered Jan. 19—-V. 148, p. 155—were awarded as 3s to M. M.
Freeman 9c Co. of Philadelphia,
Dated Jan. 1, 1939 and due Jan. 1 as
follows: $5,000 from 1941 to 1948 Incl. and $10,000 from 1949 to 1954 incl.
-
Due $100,000 annually
.
,
_
800,000 PWA municipal building (police and fire station) bonds.
Due
$40,000 annually on Feb. 1 from 1940 to 1959, inclusive.
All of the bonds are dated Feb. 1, 1939.
Re-offered to yield from 0.25%
to
PENNSYLVANIA
0.328%
0.33%
—
———
PROVIDENCE, R. I .—BOND SALE—The $2,800,000 bonds offered
awarded to a syndicate composed of Smith,
Barney & Co.; Harriman Ripley & Co., Inc.; Stone & Webster and Blodget,
Inc.; Phelps, Fenn & Co.; Estabrook & Co.; Union Securities Corp.; R. L.
Day & Co.; Eldredge & Co; H. C. Wainwright & Co., Boston; Mississippi
Valley Trust Co., St. Louis, and the Boatmen's National Bank, St. Louis,
as 2s, at a price of 101.459, a basis of about 1.85%.
Sale consisted of;
A. T. T. Teletype—PITB 289
Telephone—Atlantic 8333
-
-
Jan. 19—V. 148, p. 155—were
PENNSYLVANIA
PITTSBURGH
Discount
*
First Boston
2%
,
according to maturity.
The following other
Syndicate Manager
Lazard Freres & Co-
bids, also for 2% bonds, were received:
Rate Bid
Syndicate Manager—
-101.149
Lehman Bros- -
Bankers Trust Co. of N.
Rale Bid
Halsey, Stuart & Co.. Inc—100.409
101.117
Blyth & Co., Inc
Y--100.919
WARWICK, R. I .—BOND SALE—The $550,000 sewer bonds
Jan. 16—V. 148, p. 313—were awarded to First Boston Corp.
WEST
offered
and Harriman
as
2Ks at
a
Ripley & Co., Inc., both of New York, In Jointaccount
price of 100.20, a basis of about 2.73%.
Dated Feb. 1, 1939
$15,000 from 1941 to 1946 incl., and $20,000
Other bids:
.
m*I
and due Feb. 1 as follows:
from 1947 to 1969 inclusive.
t
.
#
fInt. Role
Peabody
&
Co.;
Bond,
Judge &
and Schlater,
Noyes & Gardner, Inc
&
Webster
Fenn & Co
and
Stone
Blodget,
Inc
,
; 101.629
3%
101.439
b
-
washington
WENATCHEE, Wash .—BONDS NOT SOLD—It is stated by
Lee L. Thulean, Town Clerk, that the $3,000 not to exceed 6"% semi-annual
sewer bonds offered on Jan. 9—V. 147, p. 3806—were not sold.
Due in
20 years.
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BONDS REOFFERED—Sealed bids will be received until 8 p. m. on
Jan. 28, by the above clerk, for the purchase of the said bonds.
EAST
Par
Co., and H. C.
Wainwright & Co
100.40
3%
—._
"a'1^% for'maturities*from"194T"to"1946, an"d*3^Tfor maturities from
1951, and 2M% tor
1947 to 1969.
b3M% for maturities from 1941 to
maturities from 1952 to 1969.
separately.
Altogether there were about 15 successful bidders
receiving approximately $460,000 for the bonds sold.
with the State
Phelps,
ana
SEATTLE,
until 10
south
dakota
TIMBER LAKE INDEPENDENT SCHOOL DISTRICT NO. 2 (P. O.
year and
amounts
————
'(■■■x:'
tennessee
;
Tenn.—BOND SALE—The $43,000 issue of 4% semi-annual
water revenue
bonds offered for sale on Dec.
22—V.
147, p.
3951—was
purchased at par by the National Power & Light Co. of Knoxviile, according
to Mayor Beasley.
Dated Jan. 1, 1939.
Due from 1941 to 1963; callable
1, 1949.
after Jan.
P SPRINGFIELD, Tenn.—BOND SALE—The $22,000 issue of coupon
4% semi-ann. city bonds offered for sate on Jan. 16—V. 147, p. 4090—was
awaraed to the Cumberland Securities Corp. of Nashville, paying a premium
of $575, equal to 102.61, a basis of aoout 3.74%. Dated Jan. 1, 1939. Due
from Jan. 1, 1941 to 1959 inch
A
—,
premium of $570 was offered by Nunn, Shwab & Co. of Nashville.
TENNESSEE, State of—BOND TENDERS INVITED—1% is stated by
M. O. Allen, Chairman of the State Board of Claims, that he will receive*
tenders of Morgan County highway refunding bonds, series of 1935, dated
Aug. 1, 1935, due on Feb. 1, 1949, and callable at par on any interest
payment date on or after Feb. 1, 1939.
The Board of Claims is requesting
tenders at par for the entire issue on any day from Jan. 14 to Feb. 1.
Accrued interest will be paid on the bonds to Feb. 1.
Delivery of the bonds must be made to the State Treasurer on the above
Immediate confirmation will be made of all tenders.
basis.
Bonds tendered
The bonds shall mature annually, commencing with the second
ending! with the 20th year after-their said date of issue, in such
(as nearly as practicable) to be specified by the City Council by
resolution, as will, together with interest on all outstanding bonds of the
same series be met by an equal annual tax levy for the payment of said
bonds and interest.
Both principal and interest will be payable at the
State's Fiscal Agency in New York City or at the City Treasurer's office
at the option of the holder.
All of said bonds shall be approved as to
legality by Thomson, Wood & Hoffman of New York City, whose favorable
opinion will be delivered to the purchaser free of charge.
Bidders shall submit separate bids on blank forms furnished by the City
Comptroller specifying: (a) the lowest rate of interest and the premium,
if any, above par at which the bidder will purchase said bonds; or, (b) the
lowest rate of interest at which the bidder will purchase said bonds at par.
Said bids shall be without condition, interlination, explanation or erasure.
They shall be accompanied by a deposit of 5% either in cash or by certified
check of the amount of the bid.
».
The proceeds of the sale are to be used for redemption of outstanding
general fund warrants issued prior to June 1-, 1938, except warrants for
certain purposes which the State Supreme Court has held are ineligible for
funding into bonds.
It is estimated that the amount of warrants to be so
redeemed and funded with interest will be approximately $3,500,000.
A
sufficient tax for the payment of the principal and interest of said bonds, as
they become due, is pledged by Ordinance No. 68473 out of the permissible
millage levy as allowed by law.
$1,000.
Dak.—BONDS SOLD—In connection with the $20,000
11 and
Aug. 8, 1938, when all bids were rejected, it is stated by the District Clerk
that a sale of these bonds was completed on Jan. 9 to. the State Permanent
School Fund.
.—J
mm
bonds that were offered for sale without success on July
W HALLS,
.
V SEATTLE, Wash.—BOND SALE—The $150,000 Issue of sewer bonds
offered for sale on Jan. 16—V. 147, p. 3807—was awarded to Dean Witter
& Co., Ferris & Hardgrove, and tbe Drumheder, Ehrlichman Co., all of
Seattle, as 4 Ms, paying a price of 100.11, according to the City Comptroller.
Due in from two to 20 years after aate of issue.
Dated Feb. 1, 1939.
be described accurately as to
is
must
designation.
being made due to the fact that the
State has funds on hand to retire the above described bonds, which are 100%
subject to reimbursement by the State.
The Board of Claims does not
desire to pay any further interest on these bonds after Feb. 1.
Franklin), Tenn.—BONDS SOLD—
It is reported that $35,000 highway right-of-way bonds were sold on Jan. 10
at public auction to Nunn, Shwab & Co. of Nashville, as 1Mb.
It is said that the bonds mature as follows: $3,000, 1940 and 1941; $5,000,
COUNTY CONSOLIDATED SCHOOL DISTRICT
(P. O. Everett), Wash.—ADDITIONAL INFORMATION—In
with the sale of the school bonds aggregating $53,000, at a
SNOHOMISH
This notice of call for tenders
WILLIAMSON COUNTY (P. O.
Wash.—BOND OFFERING—Sealed bids" will be received
Feb. 6, by W. F. Thomas, City;Comptroller, for the pirnfunding bonds.
Interest rate is
Dated March 1, 1939. Denom
a. m. on
chase of a $3,500,000 issue of emergency
not to exceed 6%, payable semi-annually.
Timber Lake), S.
school
90 items in this sale and each item wa
1
3%
—
Co.; R. W. Pressprich &
&
offered
-
John Nuveen & Co ; Kennedy, Spence & Co.; Chace,
Whitside & Co., and First of Michigan Corp—
Blyth
100.633
Co., and
Burr & Co., Inc
Goldman, Sachs & Co.; Kgtabrook & Co.,
the State Treasurer that there were
Rate Bid
a
Bidder—
Kidder,
Jan. 21, 1939
Chronicle
Financial
470
NO. 329
connection
price of 100.15, reported here last September, it is stated by the County
Treasurer that these bonds were purchased by Harold H. Huston & Co.
of Seattle, divided as follows: $20,000 as 3Ms, maturing on Oct. 1 $1,000
in 1940 and 1941, and $2,000 in 1942 to 1950; the remaining $33,000 as
3%s, maturing $3,000 from Oct. 1, 1951 to 1961 incl.
1942 to 1945 and in 1947, and $4,000 in 1948.
west
texas
BASTROP, Texas—BOND SALE DETAILS—We are informed by the
City Attorney that the $32,000 light and power revenue bonds sold recently
as noted here—Y.
148, p. 314—were purchased by Dewar, Robertson &
Pancoast and the Brown-Crummer Investment Co., both of San Antonio,
as 4s, paying a price of 100.315.
Coupon bonds, dated Dec. 20, 1938.
Denom. $1,000.
Due on Dec. 20 as follows;
$1,000, 1940 and 1941;
$2,000, 1942 to 1950, and $3,000, 1951 to 1954; callable after Dec. 20, 1949,
giving a basis of about 3.96%, - Interest payable J-D.
ECTOR COUNTY (P. O. Odessa), Texas—BONDS SOLD—It is stated
by A. H. Dennison, County Judge, that $50,000 3M% semi-annual re¬
funding bonds have been sold.
PASO
EL
COUNTY
(P.
O.
EI
Paso), Texas—BIDS REQUESTED
FOR SECURITIES
HELD IN SINKING FUND—The Commissioners'
Court will at 2 p. m. on Feb. 13, at the regular meeting place in the County
Court House, receive bids for a total of $446,000 worth of bonds constituting
investments in, the sinking funds of the county road bonds series 1923 and
county refunding road bonds series 1935-A.
Such bids may be for each
group of listed bonds owned by said sinking fund series and (or) for all or
any
number of the groups of the securities owned by the sinking fund of
either
or
bidders
both
on
of said
file
with
series
Joseph
as
more
McGill,
fully appears in specifications for
County Judge, and which will be
furnished to prospective bidders upon request.
Such specifications are for
the information and guidance of prospective bidders and all bidders must
BONDS
comply with said specifications.
A certified
or
cashier's check must accompany each bid for 2% of the
All bids must be sealed.
El Paso County reserves the
amount of such bid.
right to reject any and all bids.
FALLS COUNTY (P. O. Marlin), Texas—BOND SALE—'The
$130,000
of court house bonds offered for sale on Dec. 12—Y. 147,
issue
was
p. 3805—
purchased by the State Board of Education, according to report.
HAMLIN,
J*™*—BONDS SOLD TO PWA—lt is stated by the City
OFFERED
2s, maturing $2,000 from Dec. 15, 1939 to 1949; the remaining $19,250 as
1950 l° 19541 *2'25° ta 1955; $2,500,
utah
SALT LAKE COUNTY (P. O. Salt Lake
City), Utah—BONDS SOLD
our Western correspondent that $1,000,000 tax-antici¬
sold recently to Edward L. Burton & Co. of Salt Lake
City, the award being approved by the Board of County Commissioners.
—It is reported
pation bonds
FOR
INVESTMENT—'The
successful
bidders re-
the above bonds for public subscription on the following terms»
according to maturities desired:
One of the issues consists of $652,100
2M% bonds maturing from 1940 to 1958, inclusive, and priced to yield from
0.75% for the 1940 maturities to 2.30% for the 1956-58 maturities.
The
other issue consists of $873,000 2M% bonds maturing from 1958 to 1972,
inclusive.
Of this issue the 1958-59 maturities yield 2.20% and the 1060-61
offered
maturities
2.25%
,
while the bonds due 1962-63 are priced at 99, those
due 1967-69 at 97 and those due 1970-72 at 96.
due
in 1964-66 at 98, those
Secretary that $129,000 4% semi-ann. water revenue bonds approved by
the voters at an election held on Oct. 1, were
purchased at par by the
Public Works Administration.
WHARTON INDEPENDENT SCHOOL DISTRICT
(P. O. Wharton)
Texas—BOND SALE— The $41,250 issue of building bonds offered for
sale on aan. 16—V. 148, p. 156—was awarded to
Diningham & McClung
Inc. of Houston
paying a premium of $79.58, equal to 100.192, a net
interest cost of about 2.53%, on the bonds divided as follows:
$22,000 as
virgin ia
CHARLESTON, W. Va .—BOND SALE—The three issues of bond
aggregating $1,525,100, offered for sale on Jan. 18—V. 148, p. 314-—were
awarded to a syndicate composed of Phelps, Fenn & Co.; Stone & Webste^
and Blodget, Inc.; R. W. Pressprich & Co.; Paine, Webber & Co., all of
New York; First of Michigan Corp.; Baker, Watts & Co. of Baltimore*!
Chace, Whiteside & Symonds of Boston; Pohl & Co. of Cincinnati, and
Wm. R. Compton & Co., Inc. of New York, at a net interest cost of about
2.36%, on the bonds as follows: •
$1,375,000 boulevard bonds at 100.05; for $584,000 maturing Dec. 1,
$25,000 in 1940, $26,000 in 1941 and 1942, $28,000 in 1943 and
1944, $29,000 in 1945, $30,000 in 1946, $31,000 in 1947, $32,000
in 1948 and 1949, $34,000 in 1950 and 1951, $36,000 in 1952,
$37,000 in 1953 and 1954, $39,000in 1955 and 1956, and $41,000
in 1957, as 2Ms, and $791,000 maturing Dec. 1, $43,000 in 1958,
$44,000 in 1959, $46,000 in 1960 and 1961, $48,000 in 1962,
$49,000 in 1963, $51,000 in 1964, $52,000 in 1965, $54,000 in
1966, $56,000 in 1967, $57,000 in 1968, $58,000 in 1969, $60,000
in 1970, $62,000 in 1971 and $65,000 in 1972. as 2Ms.
100,100 fire station bonds at par; for $46,100 maturing Dec. 1, $21,100
in 1940, $2,000 in 1941 to 1950 and $3,000 in 1951 to 1958, as
2 Ms, and $54,000 maturing Dec. 1, $3,000 in 1959 to 1961,
$4,000 in 1962 to 1971 and $5,000 in 1972, as 2Ms.
50,000 West Side streets bonds at par; for $22,000 maturing Dec. 1,
$1,000 in 1940 to 1955 and $2,000 in 1956 to 1958, as 2Ms, and
$28,000 maturing $2,000 Dec. 1, in 1959 to 1972, as 2Ms.
wisconsin
CUDAHY, Wis —BOND OFFERING—Seaied bids will be received until
8 p. m. on Jan. 24, by James F. Keller, City Cleck, for the purchase of an
issue of $100,000 school building bonds.
Interest rate is not to exceed
3%, payable J-J.
Dated Jan. 1. 1939.
Denom. $1,000.
Rate of in¬
terest to be in multiples of M of 1%.
The basis of determination of the
best bid will be the lowest interest rate bid and/or interest cost to the
city.
No bid for less than par and accrued interest.
Prin. and int. paya¬
ble at the City Treasurer's office.
The bonds are issued subject to the
favorable opinion of Chapman & Cutler of Chicago, which will be furnished
by the city.
The blank bonds shall be furnished by the purchaser.
In¬
close a certified check for 2% of the par value of the bonds, payable to the
City Treasurer.
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by
were
It is said that these bonds
were
sold at
an
interest cost of 0.50 %.
(P. O. Superior), Wis— BOND SALE-- The
$100,000 issue of coupon relief bonds offered for sale on Jan. 18—V. 147.
p. 4090—was awarded to A. S. Huyck & Co. of Chicago, as 3 Ms, paying a
price of 100.70, a basis of about 3.36%.
Due $10,000 from Jan. 2, 1940 to
DOUGLAS
1949
GREEN
will be received until
for the purchase of a $44,000 issue of
school bonds.
Denom. $1,000.
Due
PORTSMOUTH, VA. Refunding 5i/4s
1, 1950 at 3.30% basis
F. W. CRAIGIE & COMPANY
**
A. T. T. Tel. Rich.Va. 83
virginia
ALEXANDRIA, Va —BOND OFFERING DETAILS—It is
stated
(State of)—BOND TENDERS RECEIVED—In connection
with the offering on Dec. 6, of various municipal bonds aggregating $415,000, by the State Boara Of Sinking Fund Commissioners, it is reported by
fc-
will be received
Denom. $500.
Dated Feb. 1, 1939.
Due $10,000 from Feb. 1, 1941 to
1950 incl. It is reported that these bonds are being issued to replace a sum
expended for emergency relief purposes during the years 1929 to 1936, incl.
»
now
by Carl Budwesky, City Manager, that the $195,000 public improvement
bonds scheduled to be sold on Jan. 26, as noted in our issue of Jan. 14—
V. 148, p. 314—are due on June 15 as follows: l$5,000, 1940 to 1948, and
$6,000 in 1949 to 1973.
VIRGINIA
MARINETTE, Wis.—BOND OFFERING—Sealed bids
until 2 p. m. on Jan. 31, by John Moore, City Clerk, for the purchase of an
issue of $100,000 3%
semi-ann. emergency relief replacement bonds.
Richmond, Va.
Phone 3-9137
inclusive.
BAY, Wis .—BOND OFFERING—It is stated that sealed bids
11 a. m. on Feb. 6, by H. A. Dreager, City Clerk,
2M%, semi-ann. coupon vocational
Jan. 15, as follows: $13,000 in 1940
to 1942, and $5,000 in 1943.
Bonds will be furnished by the city.
The
purchaser shall furnish legal opinion.
Enclose a certified check for 2% of
the par value of the bonds.
$25,000
Due Jan.
COUNTY
ST. CROIX COUNTY (P.
O. Hudson), Wis.—BOND OFFERING—It
Is"stated by S. N. Swanson, County
Clerk, that he will receive bids until
of $104,000 highway improvement
April 28, for the purchase of an issue
bonds.
SUN PRAIRIE JOINT SCHOOL DISTRICT NO. 2 (P. O. Sun
Prairie), Wis.—BOND OFFERING—Jt is reported that sealed bids will
Clerk of the Board of Education for the
purchase of a $28,000 issue of 3% semi-annual school bonds.
Due from
be received uhtil Jan. 24 by the
1940 to 1944.
@FedFRASER