The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
24
A OUt,
IBRARY
The
ommftria
DANA COMPANY, NEW
COPYRIGHTED IN 1838 BY WILLIAM B.
YORK.
l"u,dW;;K,Y,rC0|,y-
VOL. 146.
BROOKLYN TRUST
MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK,
of
Chartered 1866
George V.
THE CHASE
NATIONAL BANK
The
For
Member Federal
CITY
THE
OF
NEW
YORK
chase is tra-
ditionally a bankers' bank.
BROOKLYN
NEW YORK
NO. 3787.
OF
New York
McLaughlin
President
NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, JANUARY 22, 1938
BANK
7
COMPANY
ENTERED AS SECOND-CLASS
years
many
it has
Depotit Insurance
TRUST
Corporation
COMPANY
served
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
White, Weld & Co.
Members New York
Member Federal
Stock Exchange
Deposit Insurance Corporation
Boston
New York
PREFERRED
Amsterdam
London
United States
STOCKS
Representatives' Offices
Government
Buenos Aires
Paris
Securities
The
Hallgarten & Co.
Brown Harriman
first boston
CORPORATION
Establshed 1850
BOSTON
NEW YORK.
YORK
SAN FRANCISCO
PHILADELPHIA
London
Chicago
AND OTHER
63
Wall Street, New York
Telephone: BOwling Green
9-5000
Chicago
Philadelphia
Boston
San Francisco
CHICAGO
NEW
& Co.
Incorporated
Washington
Representatives in other leading Cities
PRINCIPAL CITIES
Wertheim & Co.
120
The
Broadway
State and
New York
NewYirkTrust
Amsterdam
London
CARL Ma LOEB
61
Municipal Bonds
Company
& CO.
Barr Brothers & Co.
BROADWAY
Capital Funds
NEW YORK
.
.
$37,500,000
INC.
Chicago
New York
Amsterdam
Berlin
London
Parts
IOO
BROADWAY
57TH ST. & FIFTH
40TH ST. &
SMITH, BARNEY & CO.
14 WALL
522
AVE.
MADISON AVE.
NEW YORK
to
YORK
European
Representative's Office:
8 KING
PRINCIPAL
WILLIAM STREET
Dealers since
i
888
LONDON, E. G 4
BOSTON
St.
111
Devonshire
hornblower
&
weeks
Established 1888
OFFICES IN
PHILADELPHIA
St.
*
40
Adams St.
11
Birchin Lane, EC3
Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
Member of the
Wall Street
NEW YORK
Members New
LONDON
CHICAGO
105 W.
Banks and
STREET, NEW YORK
FIFTH AVENUE, NEW
1411 Chestnut
Service
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Financial
n
Jan.
Chronicle
1938
22,
.
Foreign
Becker & Co.
G.
A.
Incorporated
J.&W.Seligman & Co,
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Chief Office In New Zealand: Wellington
P. R. M. Hanna, General Manager
Established 1893
Head Office:
No. 64 Wall Street
8 Moorgate,
Subscribed
Investment Securities
NEW
Paid up
YORK
London, E. O. 2. Eng.
Capital..
Capital..
£6,090,000
£2,000,006
....
Reserve Fund
£1,000,000
Currency Reserve
Commercial Paper
£500,000
•
The
Bank
conducts
every
description
of banking
business connected with New Zealand.
London Correspondents
Correspondents throughout the World
London Manager, A. O. Norwood
Chicago
New York
SELIGMAN
And Other Cities
BROTHERS
Australasia and New Zealand
BANK OF
Leading Out-of-Town
NEW SOUTH
Investment Bankers and Brokers
WALES
(ESTABLISHED
Paid
1817)
Up Capital.......
£8,780,000
6,150,000
8,780,000
Reserve Fund
Reserve
BIRMINGHAM
Liability of Proprietors
HARTFORD
£23,710,000
Aggregate Assets 30th Sept., 1937- £123,145,000
A. C. DAVIDSON, General Manager
MARX & CO
Specialists in Connecticut
830
PUTNAM & CO.
MUNICIPAL
CORPORATION
6
BONDS
CENTRAL
Tel. 6-0151.
ROW
AGENCIES
in
the
transacts
ever
description of Aus¬
Business.
Wool and other
Banking
Produce Credits arranged.
Members New York Stock Exchange
AND
Bank
tralasian
AND
States, New Zealand, Fiji, Papua,
Territory of New Guinea, and London,
Mandated
The
SOUTHERN
BRANCHES
Australian
Securities
BIRMINGHAM, ALABAMA
Head
Office:
HARTFORD
George Street, SYDNEY
London Offices:
A. T. T. Teletype—Hartford 564
Threadneedle Street,
29
47
E.C.2
Berkeley Square, W.l
Agency Arrangements with Banks throughout
IS
ST. LO
DETROIT
the U. S. A.
MICHIGAN MUNICIPALS
Missouri and Southwestern
and
CORPORATION
BONDS
Stocks and Bonds
NATIONAL BANK
WATLING, LERCHEN & HAYES
Members
New York Stock
Exch.
Detroit Stock Exchange
834 BUHL
Smith, Moore & Co.
York Curb Assoc.
New
Chicago Stock Exch.
BLDG.,
St.
DETROIT
Louis
of EGYPT
Office
Head
A. T. & T. Teletype
Exchange
....
FULLY
PAID
CAPITAL
RESERVE FUND
LISTED
AND
.
.
Cairo
St. Louis Stock
St. L. 587
£3,000,000
.
3,000,000
....
UNLISTED
ST.
LOUIS
LONDON AGENCY
SECURITIES
6
and
7, King William Street, E. C. 4
Branches in all the
principal Towns in
Charles A. Parcells &
Co.
EGYPT and the SUDAN
Members of Detroit Stock Exchange
PENOBSCOT
Srn^
BUILDING, DETROIT, MICH.
4
ga/nt Laura
8O9OUVT st
MILWAUKEE
Members St. Louis Stock
WISCONSIN
NATIONAL BANK OF INDIA, LIMITED
Exchange
Bankers to the Government in Kenya
CORPORATION SECURITIES
Colony
and Uganda
Head Office: 26,
Teletype—Milwaukee 92
BishopSgate, London, E. C.
In India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
EDGAR, RICKER&CO.
750 North Water
Subscribed
Street,
Milwaukee, Wis.
Notices
<
NOTICE
OF VOLUNTARY
Paid
LIQUIDATION
OF
THE
MT.
GILEAD
Mt.
NATIONAL BANK
NO.
£2,200,000
and exchange business
Trusteeships
6620
£4,000,000
..£2,000,000
...
The Bank conducts every description of banking
Gilead, Ohio
CHARTER
Notice
Capital.
Up Capital
Reserve Fund
and
Executorships
also
undertaken
is
hereby given that the shareholders
owning more than two-thirds of the stock of the
Mt. Gilead National Bank, Mt. Gilead, Ohio,
at a meeting regularly called and held for that
purpose on the 22nd day of August, 1935, voted
that said Bank should go into voluntary liquida¬
tion and be closed.
Notice
is
to
is
further
given that the Association
affairs and the holders of Its
creditors are hereby notified
present the notes and other claims against the
closing
notes
and
up
its
other
Association for payment.
By order of its Board of Directors.
F.
WM.
BRUCE, President.
(SEAL)
Hong Kong & Shanghai
BANKING
CORPORATION
Incorporated in the Colony of Hongkong. The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Authorised Capital (Hongkong Currency) HI50,000,000
Paid-up Capital (Hongkong Currency)..-HJ20,000,000
The
Reserve Fund In Sterling
Little
Ferry National Bank, located at
Little Ferry, in the State of New Jersey, is closing
its affairs.
All note holders and other creditors
of the
to
association
present
are
the notes
therefore
hereby notified
and other claims for
Fund in Silver
Reserve
HJ10.000.000
Liability
Reserve
A.
LOFTUS V.
BUNN
1937.
of
Proprietors
kong Currency)
(Hong¬
HJ20,000,000
pay¬
ment.
Dated November 23,
£6,500,000
(Hongkong Cur¬
rency)
President.
2
G. KELLOGG, Agent
WALL STREET.
NEW YORK
TH?
I J | Vt* tv
rnrticle
oitimeiria
No. 3787
JANUARY 22, 1938
Vol. 146
CONTENTS
Editorials
PAGE
477
The Financial Situation
The
489
Rigor of the Game
Make the Investigation
...
Thorough
—
—
...
...
490
Comment and Review
Listings
on
the New York Stock Exchange
Year 1937-.
— -
Building Construction in the
Early Gains in 1937
Week
on
During the
—
the European
:
-—
Economic Situation
Foreign Exchange Rates and Comment
.
482
486 & 544
503
504
479
543
Course of the Bond Market
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York Curb
;
General
—
Exchange
Exchange
News
515
541
Discussions.
Bank and Trust Company
495
481
Stock Exchanges
Foreign Political and
Current Events and
491
United States Falters After
Items
586
Corporation and Investment News
622
Dry Goods Trade
State and Municipal Department
623
Stocks and Bonds
544 & 551
Foreign Stock Exchange Quotations...
Dividends Declared
Auction Sales
.
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other
546
578
552
552 & 562
568
572
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
Quotations
Over-the-Counter Securities—Stock &
Bond Quotations
574
579
582
Reports
485
544
Foreign Bank Statements
Course of Bank
Clearings
549
Federal Reserve Bank Statements..
General Corporation
and Investment News
586
Commodities
The Commercial Markets and the Crops
Cotton..
Breadstuff s
612
615
620
Morning by the William B. Dana Company, 25 Spruce Street, New York City
Editor: William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred EfyGray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, i Drapers' Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 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
Published Every Saturday
Herbert D. Seibert, Chairman of the Board and
for foreign subscriptions and
advertisements must be made in New York
funds.
Financial
VIII
Jan. 22, 1938
Chronicle
This it not
an
Offering Prospectus.
The offer of these Bonds is made only by means of the Offering Prospectus.
though registered, is not approved or disapproved by the Securities and Exchange Commission, which does not
the merits of any registered securities.
This issue,
pass
on
$9,000,000
Consumers Power
First
Company
Mortgage Bonds, 3l/2% Series of 1937 due 1967
Due November 1, 1967
Dated. November 1, 1987
Interest
CITY BANK
payable May 1
FARMERS
and November 1
York City
in New
TRUST COMPANY,
NEW YORK,
Trustee
Redeemable, at the option of the Company, in whole or in part, on any interest date prior to maturity, on at least thirty days'
published notice, at the principal amount thereof, plus a premium of Y. of 1% for each year or fraction thereof
of unexpired life, except that if redeemed on or after November I, 1964, at the principal amount
without any premium.
These
in
Bonds
will, in the opinion of counsel for the Company, meet the legal requirements for investments for savings banks
York, California, Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, Rhode Island and
Vermont.
New
1936
The following is merely a brief outline of certain information contained in the Offering Prospectus and is subject to the more detailed statements
in the Offering Prospectus and the Registration Statement, which include important information not outlined or indicated herein.
The Offering
Prospectus, which must be furnished to each purchaser, should be read prior to any purchase of these Bonds.
COMPANY
THE
Consumers Power Company, 68.97% of the voting capital stock of which
ti
owned by The Commonwealth
& Southern Corporation {Delaware), was incorporated in Maine on April 14, 1910, and admitted to do
Michigan on July 21, 1915.
The Company is engaged in Michigan principally in the generation and purchase
of electricity and its distribution and sale in 987 communities and townships as well as rural areas, in the production
of manufactured gas and its distribution and sale in 126 communities and townships and in the purchase of natural gas
and its distribution and sale in 103 communities and townships.
Total population served is estimated to be in excess of
1,909,000. The Company owns and operates electric generating plants with an aggregate rated installed generator capacity
of 413,215 kilowatts {effective capacity 402,215 kilowatts; reduced to an estimated 346,390 kilowatts in low water season),
gas plants with daily manufacturing capacity of 40,430,000 cubic feet {including inactive reserve capacity of 12,290,000
cubic feet, but not including duplicate Water gas generating capacity of 15,000,000 cubic feet), together with electric
substations, electric and gas transmission and distribution lines, etc., serving as of November 30, 1937, 392,653 electric
business in
customers and
193,515
customers' meters.
gas
Although the total electric energy sold during the months of September, October and November 1937, was, respectively,
25.99%, 22.30% and 6.72% greater than during the corresponding months of 1936, the total electric energy sold during
December 1937, was 2.67% less than during December 1936.
The current recession in the automobile industry and in
industrial production generally may adversely affect the revenues of the Company.
•'>
CAPITALIZATION
Outstanding
as
of
November 80,1937
,
First
Mortgage Bonds
Series of 1934 4% due {November 1) 1944
3%% Series of 1935 due {May 1) 1965
3Yi% Series of 1935 due (May 1) 1965
3lA% Series of 1936 due (November 1) 1970
3H% Series of 1936 due {November 1) 1966
Preferred Stock,
Common Stock,
cumulative,
no par
Outstanding in series:
PURPOSE
for,
or
OF
no par
$8,168,000.00
18,594,000.00
18,925,000.00
55,349,000.00
.
Vv
..
12,000,000.00
.
value*.
70,631,024.50
value {1,643,080 shares) stated at
34,284,725.00
$5.00—191,924 shares stated at $18,690,928.00; $4.60—647,788 shares stated at $61,940,101.60.
v :
^he Company
proposes to apply the entire net proceeds, estimated after deducting expenses
and exclusive of accrued interest at $8,908,355, from the sale of the $9,000,000 new Bonds to
pay
ISSUE
to reimburse its treasury in part for, net property additions made and to be made
EARNINGS
$113,036,000.00
.
The following
summary
subsequent to January 1, 1937.
of the Income Statements has been prepared by the Company from the financial
certified by Arthur Andersen & Co. in the Offering Prospectus and is subject to the notes and
comments in
the Auditors? Certificate and on the financial statements, particularly with
regard to the new uniform
systems of accounts and depreciation:
statements
Other Income
Deductions, Including
Years Ended
Total Gross
December 81
Interest on
Other
Interest
Net
>
Revenue
{11 months)**
Funded Debt
Charges, etc. {net)
$12,006,261.74
12,984,023.54
13,319,073.95
$4,371,842.79
4,676,769.83
3,956,549.49
$421,654.53
313,844.29
326,872.86
$7,212,764.42
7,993,409.42
9,035,651.60
34,358,132.52
1935„
Income*
$28,685,138.05
30,477,295.12
33,051,899.73
1934
1937
Gross
13,126,619.86
3,688,416.13
314,313.96
9,123,889.77
Income
*
After provision for taxes {including Federal taxes) and provision for retirement reserve.
**Eleven months ended November 80.
The annual interest charges on
will amount to $4,328,585.
NEW
BONDS
the $122,036,000 bonds to be outstanding
upon
completion of the present financing
The $9,000,000
new Bonds, the issuance and sale of which have been authorized by the Michigan Public
Commission, will, in the opinion of counsel for the Company, be secured, pari passu with the
outstanding under the Mortgage, by a first lien on substantially all of the fixed property of the
Utilities
other series of bonds
Company.
:rA~Y,
The Mortgage permits, under certain
conditions, the issuance of additional bonds thereunder, of the same series
the new Bonds or of other series, which Would rank
pari passu with bonds of all series outstanding under the Mortgage,
and provides, on certain conditions, for releases of and substitutions for
property covered by the Mortgage.
No notice
is required to be given to bondholders in connection with
any release or substitution.
TheMortgage provides for semi-annual cash payments to the trustee equal to at least A of 1% of the aggregate bonded
indebtedness of the Company outstanding on the date of such
payments, to be used to reimburse the Company for
expenditures for extensions, enlargements or additions or to purchase bonds issued under the Mortgage.
as
Subject to certain terms and conditions, the Underwriters named below have severally agreed to
purchase the Bonds from the Company at 100%, or a total of $9,000,000, plus accrued interest.
Such
public at 102%, or a total of $9,180,000, plus accrued interest.
The underwriting discounts
2%, or a total of $180,000.
Payment for and delivery of the Bonds are to be made on or after January 25, 1938, but
later than February 8, 1938.
UNDERWRITING
Bonds
are
not
are
to be offered to the
Price 102% and Accrued Interest
_
The Underwriters have agreed
to purchase these Bonds when,
and if issued, and subject to the approval of their counsel, Messrs. Winthrop,
delivery of Bonds in temporary form,, exchangeable for definitive
January 25, 1988, against payment therefor in New York funds.
purchase and sale, in the open market or otherwise, of these Bonds for their several accounts, either for long
short account, within the limits and
during the period set forth in agreements referred to in the Offering Prospectus.
as
Stimson, Putnam & Roberts, and to certain further conditions.
It is expected that
Bonds when prepared, will be made at the
office of J. P. Morgan & Co. on or about
Ihe Underwriters have authorized the
or
Further information, particularly financial
statements, is contained in the Registration Statement on file with
the Securities and
Exchange Commission, and in the Offering Prospectus which must be
furnished to each purchaser and is obtainable from the undersigned.
MORGAN STANLEY & CO.
BONBRIGHT &
Incorporated
THE FIRST BOSTON CORPORATION
COMPANY
Incorporated
BROWN HARRIMAN & CO.
Incorporated
SMITH, BARNEY & CO.
MELLON SECURITIES CORPORA TION
E.
W.
CLARK & CO.
COFFIN & BURR
Incorporated
Dated January 19, 1938.
The Financial Situation
afford
advice
on
policy,
general
it
strictly
can,
IT and a sorry spectacle that economicpresenting
IS
planners
have been
speaking,
of
past week is certainly no exception
line
After another of the numerous
Conferences, on Wednesday last, it
President, and there is nothing to indicate that the
economic
late.
to the
The
managers
general rule.
White
House
had in
mind the
group'* of
What
organization of a "non-statutory
not
formulation of
to reconcile the
public policies in such a way as
interests of all elements in the national
actively under consideration by the
the
House
White
intended to say was
sort to help in the
some
action
Chief Executive has forsaken his "round table" idea.
made known that the President and his advisers
was
of
hardly be said to be unrelated to any
being thought of
as an
If
we
this
dent has in mind in these
with
then
it
be
business
business
people
as
little
ably equally unrelated to
as
what it brings into
"much
idea, and is prob¬
table"
possible over and above
the public treasury of the
State.
A tax may either take out or keep
out of the pockets of the people a great deal
more than it brings into the public treasury,
men,
course
as
in contemplation is
"unrelated" to the "round
Every tax ought to be so contrived as both
take out and to keep out of the pockets of
the
to view the
necessary
whole
of
would
to
In
advisory
the
sense,
group
Expensive Taxes
all that the Presi¬
talks
plan would be given
effect, if it is decided to proceed with the plan.
economy,
to assume that
were
was
instrument through which
the President's "round table"
whatever that may mean.
this
evidently
"spokesmen"
that this particular group was
the
ideas
other
various
and
plans of the President
and his Administration.
in the four following ways:
ado about
nothing."
The
has
had
President
such
a
called
So
long
far
the
as
nothing
public
with
do
to
is
had next to
it has
aware
so-
Council.
Advisory
formulation of the
the
policies
of the Administration.
enable them
Apparently the President
would
like
to
organize
belief that
a
of
would be less
men
and
wieldy
the
but
the
who
realist
is
offers
tax
rise
must
great
a
temptation
be
carefully
else they
have
will
little
as
policy
to
do
they
may
of
by the Administration.
Nor
need
man
be told that
such
a
the
thoughtful
group were
much
ness
they
and the disinterested¬
of
an
inhabitant
Mars, it would
prove
it,
upon
says
be
or
other
these
of
that taxes
of
in¬
desks
move
of
the
those
gaged in framing
in
new
Washington
now
It
would be
be
to
reason
ence
to make
"spokesmen," apparently and possibly sig¬
nificantly
eager to
avoid giving the impression that
Administration was con¬
another National Recovery
templated, that this particular plan was "unrelated"
to the wish recently expressed by the President that
steps be taken to permit
around
sented)
a
business executives to sit
counsel table (with the Government repre¬
and
and price policies.
is avowedly envisaged as a body to
plan
Since this group
production
in
to
help from the busi¬
community, assuming
he really wants sin¬
and
able
assistance.
our
existing
planners and managers
need
Washington have for
do what would be asked
effort
President's
Certainly
en¬
tax legislation.
that the impossible would
Inquirers at the White House were
demanded.
told by
he seeks, there might
to applaud
help.
servers
unable
President
cere
assuming
simple
whole economy in
to give the
way as
that
its function real.
of it for the
or
wise
some reason
ness
that these ancient, but
all
a
obtain
are
burdensome to
men,
four
frequently so
people than
beneficial to the sovereign.—Adam
ways
more
are
one
of
living,
man
results that the
still vital,
words of wisdom be suitably engraved, framed
and placed in a conspicuous place upon the
adequate to the tasks im¬
posed
some
any
group
such
Smith.
We
slightest
that there
the
in
different
selected
with the wisdom of Solo¬
mon
is
the
age our
the
It
were
to believe
enough to plan and man¬
from it.
though
plan and manage
business.
If
any
much
taken
tell the President
to
were
tax-gatherers, it may expose them to
unnecessary
trouble, vexation, and
oppression; and
though vexation is not,
strictly speaking, expense, it is certainly
equivalent to the expense at which every
man
would
be
willing to redeem himself
be used in
the staging of steps
duty of these gentle¬
to
reason
Fourthly, by subjecting the people to the
frequent visits and the odious examination
Advisory Council, however
much
it
there
temptation to commit the crime.
the larger
as
give
it would
American
too, in proportion to the very circumstance
which ought certainly to alleviate it, the
with
so,
how
then
or
or
men
proportion to the temptation.
will
to
In fine,
be the
to
hand-picked,
that
proceed most
expeditiously
effect.
punishes those who yield to it;
and it commonly enhances the punishment,
advisers
this,
sound, and if
dent is
law, contrary to all the ordinary prin¬
ciples of justice, first creates the temptation,
and
whether
how he may
individuals
The
likely to doubt that such
really signifi¬
function, is advice as
any
the other idea of the Presi¬
But the penalties of smuggling
in
be
cant
may
smuggling.
it is to
to
so.
unfortunate
as¬
given
attempt
it
tax,
dicious
un¬
useful,
hardly
more
easily to do
those
apparently
suming that
unsuccessfully to evade
frequently ruin them, and
thereby put an end to the benefit which the
community might have received from the
employment
of
their
capitals.
An
inju¬
much the
smaller body
a
more
which
alties
sort, possibly in the
same
What is
wanted of this group,
Thirdly, by the forfeitures and other pen¬
incur
smaller group of
Helping the President Plan
the greater part of the produce of the
tax,
and
whose
perquisites
may
impose
another additional tax upon the people.
Secondly, it may obstruct the industry of
the people, and discourage them from ap¬
plying to certain branches of business which
might give maintenance and employment to
great
multitudes.
While
it
obliges
the
people to pay, it may thus diminish, or per¬
haps destroy, some of the funds which might
up
his
in
group
First, the levying of it may require a great
of officers, whose salaries may eat
number
Qualified ob¬
with
long experi¬
weeks past been trying
vague,!con¬
heads and tails of the various
pronouncements and alleged
Administration. About the best that
they have been able to do is to confess their inability
to present any coherent account of what is going
on, or at least to present any such account with
reasonable assurance that it is accurate and de¬
flicting and ambiguous
plans of the
pendable.
For
who
this
state of
affairs, at a time when those
had "planned it that way"
stand forth as possessing a clear under-
thought that they
ought to
Financial
478
Chronicle
it is
standing of the situation and be ready with corrective
action,
One of them is that the great
influential advisers of the
has
as
majority of the
more
crisis," and that all that
temporary "inventory
a
it is
for the managers at Washington to
necessary
do is to
have
"stall"
until
elapsed when
we
relatively few
a
shall "be
on our
weeks
more
way" again,
would
it so,
keep
be
to
as
the
imperfect
often
which
one
to
seem
this view,
mechanism for
Another
business.
theory is that the President is
now
ceiving advice from a great
many sources
wide
held
of
variety
views
are
re¬
where
and from
a
which
conflicting proposals emanate, and does not
many
himself
know
just
which
he ought
way
turn
to
to be done.
according to this
theory, to be viewed largely
"trial balloons/'
as
designed to aid the Administration in selecting
likely to be popular.
course
Some
a
has face¬
one
There is
such choice.
no
A
to
in
now
the
these
explanations,
nor
planners and
in Washington
managers
as
even
ordinarily capable.
office,
Failed
What is clear is that there is
Administration circles to
give
no
in
up
any
degree
part their faith in planned and managed
any
and what cannot be too often repeated
omy,
or
in
econ¬
or
too
to the politicians.
the whole matter could be
ous
If they were,
quickly disposed of. The
fact of the matter is that for
generations past the
gaining throughout the world that
by collective control of the individual in vari¬
by checking natural forces here and stim¬
ways,
ulating them there, and in general by planning could
under the
disposition in
Error
confined to public officials
means
or
greatly improve
Managed Economy Has
imagine that there is.
we
Pervasive
our power
dependable control.
no
recognize this simple fact is, unfor¬
tunately, by no
man
of
re¬
put out of
are
it is within
as
We deceive ourselves when
Failure
provide
them), there is
by fan mail."
None
a
or
When the automatic "con¬
eliminated (so far
gear or
to eliminate
notion has been
of the other somewhat similar theories, reveals
really have
we
synthetic "plan"
controlling the economic system,
tiously termed this type of procedure "management
any
some
trols" which natural forces
The various statements and semi-official
are,
a
storing its health or keeping it in working order.
despite recognition of the fact that something needs
reports of Presidential plans
body
be causing the
may
imply that
according to this explanation, is much inclined to
his hold upon
a surgeon
Current discussions of our prob¬
choice between nature and
although quite willing to take advantage
that
suppose
system capable of functioning as well as
nervous
even
foolish
as
lems
of the situation to extend
the mechanic
as
devise and introduce into the human
could
that
The President,
men, any
"adjusts" the various parts of an automobile engine,
patient trouble.
planned it that way."
of
group
or
of "plans," any "program," or
and
order
working
and the Administration again in a position to boast
"we
man,
any
group
or
of "programs," to place this mechanism in
group
President still view what
happened to business during the past few months
possible for
"plan,"
number of explanations have been offered.
a
22> 1938
economic system developed
upon an
guidance of natural forces.
found it not difficult
have
that such
was
interferences
pockets,
or
the
to
in limited
case
fields, since the
they wished would put
at least
Some groups
convince themselves
money
they believed.
so
in their
Witness the
greatly emphasized at this time is that the whole
growth of protective tariffs and similar devices dur¬
idea of planned or managed
economy must be aban¬
ing recent decades.
doned if
more
we
to make real
are
abundant life.
It is obvious that the
and the managers now
of the
unaware
else
have
in control either
problems by which they
faltered,
are
choose
to
or
the
other group
some
men
defects
the
found, but
or ever
have
course
as
of planners and
of
no man
we now
and
Better managers
have could doubt¬
no group
of
men
industry, trade and finance of
A
now
really wise
live,
a
nation
would not for
man
a
group
counsel would be to
planning and management like
hardly be added that
a
of
advisers
drop economic
hot potato.
it would be
absurd to
expect to solve the problems of the day by
tinkering with the mechanism of management, alter¬
ing plans here and there, or by modifying manage¬
ment
be
policies. In the nature
no assurance
anisms
or
are
new
case
plans,
many parts are not
any man, not even the wisest of
new
mech¬
infinitely intricate, its bear¬
exceedingly delicate, and the
ships of its
there could
policies of control would succeed.
The economic system is
ings
of the
whatever that
new
trines
have
exact relation¬
fully understood by
us.
loosely labeled socialism, and similar ideas,
been
To suppose
that
feeding
discontent
upon
and
making
capital of admitted abuses and defects which
are
apparently ineradicable ingredients of all human af¬
fairs.
The World War gave
ideas.
It
was
in the
now
term
great impetus to such
early post-war period that the
notion of Planwirttschaftt
(or
more or
"planned economy")
less what
we
blossomed forth in
Germany. The great and world-wide depression has
added
to
general discontent and
stimulated
such
notions to the point where it has been possible for a
skilled
political tactician such
enthusiasm
arouse
such
conceptions,
which
such
It
a
can
as
the President to
practically the world
and
launch
to
be described
as
the
was
hardly
disconcerting to
say
the least to find that
better
were
enthusiasm for
more
than
a
caught
up
idea that
an
who should
in the tide of
was
and
is
modern version of the doctrine
generally prevailing several centuries
ago,
and it
disheartening at present to be obliged to observe
that
or
Deal,
political adaptation of
a
great many practical business men
have known
is
for
over
New
philosophies.
popular
equally
But quite apart from miscon¬
ceptions born of self-aggrandisement, the broad doc¬
Were the President to
contemplated
wisely, their first
It need
call in
lived, wise enough to direct successfully
ours.
the
managers,
managers
is today faced.
moment undertake the task.
choose
or
system and the difficulties by
planners than
less be
such
faced
for advice, and in this way eliminate
of
which that system
the
are
We must not make the
existing planners and
and better
naively
supposing that it would be possible to
have
practical
planners
are
confused, and do not know
in what direction to turn.
mistake of
toward the
progress
even
five
today after the experience of the past four
years
there
are
that the rank and file
convincing indications
no
even
in the business
commu¬
nity have definitely lost faith in these futile hopes,
no
matter how much the
the saddle
disliked
aware
or
or
particular planners
their programs at
distrusted.
that many
We
now
certain points
are,
of
course,
in
are
fully
of the various individuals and
or-
Volume
Financial
146
ganizations of business lately expressing views as to
deposits
what
reserve
ought to be done to relieve existing difficulties
think of themselves
must for the sake of
make
carefully,
with
less
more or
expediency measure their words
protestations of sympathy
many
"objectives," and generally conduct themselves
in ways
thought best designed to gain a part of a
thought to be beyond
loaf where the whole loaf is
making due allowances, however, for
After
reach.
all
negotiators who
as
this, it is difficult to study much of the current
output of suggestions without obtaining the impres¬
sion that there still exists in this country a very
substantial
omy
of
of faith in semi-managed econ¬
measure
variety
some
or
other. So long as this is true
it is futile to
Dis¬
by the regional banks fell $325,000 in the week
counts
$10,790,000, while industrial advances
to
The
$23,714,000 to $250,047,000.
unchanged at 80.1%.
by
ratio remained
bankers bills moved up
dropped
Open market holdings of
$54,000 to $17,829,000.
$8,000 to $548,000.
Aggre¬
gate holdings of United States Treasury issues, as
already noted,
unchanged this week at $2,564,-
were
015,000, but advantage apparantly was taken of
market
excellent
the
long term Treasury securities
for
through sales of bonds and acquisitions of notes and
discount
Holdings of bonds were lowered by
bills.
$18,966,000, while note holdings increased $12,216,000 and bill
expect the Administration to do more
at most than
479
Chronicle
holdings $6,750,000.
"patch up" its program a little, and
so
long as the Administration does no more
this it is futile to expect a
than
return of solid, sound
enduring prosperity, whatever may be the pos¬
and
sibility of artificially induced spurts in activity.
The New York Stock Market
DULL and erratic sessions on the New York Stock
Exchange again reflected, this week, the un¬
certainty occasioned by the decline in business and
the
vacillating policies of the Federal Administra¬
tion.
There
short
the
Federal Reserve Bank Statement
week
VARIATIONSofnoted 12 Federal in the condition
statement
the this week Reserve Banks,
combined,
again mainly in the direction of ex¬
were
panded credit resources, owing to further retirements
of currency from circulation.
The credit summary of
the Federal Reserve Banks indicated that $49,000,000
a
good rally in stock prices during
optimistic, and an irregular
canceled most of the
drift
downward
Saturday, but events this
last
from
far
were
bulk of
was
session
ially lower for the entire period.
Turnover was con¬
sistently under the 1,000,000-share level, indicating
a
that quietness which
toward
tendency
drastic
succeeds
declines.
rather
during the same period in building up its general
account with the Reserve Banks, and it appears that
cession in activities late last year
deposits, and therefore
the member banks found their
their
reserve
increased
$25,557,000
in
reserve
that the larger requirements not only offset
appears
the increase but occasioned a decline of
in the
ments.
Al¬
balances were
the statement week, it
bank
member
the
though
requirements, increased as well.
cially at $1,370,000,000, as against $1,390,000,000 a
There is still no indication that the
week earlier.
Federal Reserve Banks intend to
market
liquidate the $37,-
of Treasury securities added to the open
825,000
The post-holiday
portfolio last November.
expected to bring at least this
offset, and it is altogether obvious that
return of currency was
much of
no
real
an
can
reason
be adduced for retention of the
But consistency never
securities.
of the great
minds that have mismanaged the credit
and currency system
The monetary
once
more
previous
has been the bane
at
in recent years.
$12,755,000,000, unchanged from the
week
by
virtue
manipulations
of
dition statement
indicates total
of the
reserves
12
of
that
The combined con¬
plainly should be made public.
Federal Reserve Banks
$9,554,452,000,
343,000 for the week to Jan.
19.
up
$22,-
Gold certificate
holdings receded $1,497,000 to $9,118,394,000, but
the increase of other cash far
decline.*
more
than offset this
Federal Reserve notes in actual circulation
dropped $34,862,000 to $4,155,272,000.
posits with the regional banks moved
000 to
up
Total de¬
$62,198,-
$7,771,936,000, with the account changes
sisting of
a
con¬
The effect of Federal
relief
$135,018,000;
a
drop of foreign bank balances by
$6,770,000 to $167,934,000, and an increase of other
the week-end by an
over
east of the Commonwealth
offer to sell to the
from the Tennessee
Valley Authority developments.
Willkie, President of the Commonwealth
Wendell L.
&
Southern,
made
the offer
as
a
"last resort."
Coupled with recent diatribes by President
velt
Roose¬
holding companies, this incident
against all
plain the plight of utilities which are suffer¬
made
ing governmental attacks on
stocks
Mr.
This
& Southern Corp.
of course, suffers severely and directly
company,
all fronts.
As a matter
liquidation of various groups of utility
resulted, early in the week.
The offer by
Willkie, it appears, will not be considered
seri¬
government officials or
Plainly enough, the Administration is
ously by the TVA or other
agencies.
not anxious to
entire
is
in
achieve
a
sensible adjustment of the
question, for its chief interest in the utilities
vote-catching possibilities of continuous
the
agitation.
Another shock
Tuesday,
Erie
RR.
this
filed
was
an
This step
riers
the
railroad
field.
The
application for reorganization
the National Bankruptcy Act.
followed the inability of the old company
obli¬
its fixed and even some of its current
It emphasized the difficulties of the car¬
by bringing up to about 30 the percentage
railroad mileage now
one
administered the market on
in
time
under Section 77 of
gations.
an
yard-sticks and unfair com¬
government the operating properties in the South¬
increase of the
$7,218,937,000;
unfortunate incidents took place.
more
petition in the utility industry was thrown into high
to meet
$25,557,000 to
almost of neces¬
for it is in these important spheres
pressure,
that the
gain of member bank reserve balances by
Treasury general account balance by $19,697,000 to
The
that the unprecedentedly severe re¬
Utility and railroad stocks were alternately under
severe
of course,
gold stock of the country is reported
were
sity will be folloAved by at least some recovery, and
there are mild indications that such is the case.
$20,000,000
aggregate of excess reserves over legal require¬
Such excess reserves are now estimated offi¬
better maintained than other
belief prevails
usually
stocks
groups.
Industrial
returned from circulation in the week to
Wednesday night.
But the Treasury was engaged
of currency
gain in the
shares, while leaving some of them mater¬
kind
or
another.
of
in bankruptcy proceedings of
Also adverse, as market influ-
480
Financial
the French Cabinet difficulties,
ences, were
hensions of
of
some
The
a
the
appre-
liquor price war, and unsettlement in
important commodity markets,
more
in
conferences
series of
Washington between
President Roosevelt and dozens of industrial leadfailed to
ers
inspire much confidence, for distrust
of Administration
ingrained
occasioned
Allied Chemical & Dye at 171 against 171; E. I. du
Pont de Nemours at 116% against 118; National
Cash Register at 17% against 17%; International
un-
at 15 against 15%; National Biscuit at 20 against
20; Texas Gulf Sulphur at 33 against 32%
few best-grade
a
a
But
among
against 163%; Standard Brands at 8% against 9;
sharp down-
Westinghouse Elec. & Mfg. at 104 against 106%;
The Erie
reorganiza-
at 17%
Lorillard
against 19; Schenley Distillers at 24 against 25%,
marked
more
the
or
precipitately lower.
less
fresh
Other bonds that
speculative also tended to recede.
commodity markets, agricultural products
not much
changed, but base metals showed
uncertainty, and
shares of
affected
drop in the copper level
a
producing companies.
dealings
exchange
were
on
a
small
Foreign
scale,
and
and National Distillers at 20% against 22.
The steel stocks turned lower this week.
on
Friday of last week; Inland Steel at 75% against
75%; Bethlehem Steel at 61% against 63%, and
Youngstown Sheet & Tube at 40% against 41%.
5 against 5% on Friday of last week; General Motors at 36
and
from France.
Sterling
but not much changed
Call loans
mained
On
was
soft and firm by turns,
for the week.
New
York
half-day session
shares;
re-
Monday they
on
shares;
Exchange the sales at
Saturday last
on
791,410 shares.
the sales last
932,880 shares;
day, 178,680 shares;
were
on
Mon-
on
on
Saturday
was
close the short session
to three points.
one
Dulness
as
a
The utility shares in particular'came
consequence.
in for much pressure.
The market entered
day of trading
on
Recessions claimed the
Pennsylvania RR. closed
at 22 against 23%
yesterday
Friday
on
13%, and Northern Pacific at 11% against 12%.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 49% against 49%
upon
its
Tuesday, with equities
Friday of last
on
week; Shell Union Oil at 17% against 17%, and
Refining at 20%
33 against
Smelting
34%
on
21%.
51%
against
Trade
about at least
a
modest recovery from the low level
for the week ending today
were
American
Institute
tling effect
tinued
a
to
on
developments had
trading.
prevail
on
unset-
an
Downward tendencies
con-
Wednesday, notwithstanding
modest
and
industrial reports suggest that the
and
approving the filing of
unfavorable
53%,
natural resiliency of American business is bringing
tors of the Erie RR. in
application under Section 77 of the Bankruptcy Act
the
Phelps Dodge at 27% aganist 29%.
of turnover reached late last year.
an
In
Friday of last week; American
Refining at
&
against
Anaconda Copper closed yesterday at
copper group,
Steps taken by the direc-
other
last
18% against 20%; Southern Railway at 12 against
declining still further.
and
of
week; Atchison Topeka & Santa Fe at 37% against
Atlantic
Monday and prices drifted lower
on
on
Friday, 125,655 shares.
brisk and stocks rallied to
slowest
Friday,
Thursday, 139,820
on
Trading in the stock market
registering gains of
rich at 18% against 17%.
Pacific at 80% against 86%; Southern Pacific at
on
122,775 shares;
Wednesday, 147,050 shares;
shares, and
Friday of last week; United
on
40; New York Central at 17% against 19; Union
Tuesday, 142,835 shares;
on
21% against 21%
on
On the New York Curb Exchange
Saturday
In the rubber
Goodyear Tire & Rubber closed yesterday at
Wednesday, 1,001,911
were
on
737,810
were
Thursday, 818,310 shares, and
on
group,
railroad shares this week.
Stock
Tuesday, 778,960 shares;
in
Exchange
unchanged at 1%.
the
against 36%; Chrysler at 58% against 59,
Hup Motors at 1% against 1%.
States Rubber at 30% against 28%, and B. F. Good-
the New York Stock
on
In
the motor group, Auburn Auto closed yesterday at
French francs nevertheless showed drastic weakness
times, owing to the intermittent flight of capital
United
States Steel closed yesterday at 58% against 59%
steadily under the control of the stabilization funds,
set
against 17%; U. S. Industrial
further railroad reorganizations would take
were
the
Conti-
;
nental Can at 42 against 42; Eastman Kodak at 164
Alcohol at 21% against 22; Canada Dry at 17%
no
were
at
Western Union closed yester-
petition shocked the market out of its belief
that
In
at 146 against 147%.
day at 26% against 26% on Friday of last week;
the
of
events
place, and bonds of many so-called borderline rails
are
Ward & Co. at 34% against 34%; Wool-
worth at 40% against 40, and American Tel. & Tel.
the
Treasury and
in evidence.
was
Sears, Roebuck & Co. at 62 against 62%; Montgomery
high degree of
a
by
secondary and defaulted carrier liens
tion
favorable
a
corporate loans were well maintained.
ward trend
so
Jan. 22, 1938
Nickel at 50% against 50; National Dairy Products
bond market
was
United States
week.
of
is
now
seriously.
the listed
In
settlement
anything
hardly
that
nature is taken
promises and policies
Chronicle
Iron
and
Steel
Steel operations
estimated by the
at
capacity against 27.8% last week, 23.5%
ago,
and 80.6%
power
29.8%
a
of
month
Production of electric
a year ago.
for the week ended Jan; 15
was
reported by
rally which occurred in the closing hour,
Little change was noted
Thursday until the final
watt hours
hour, when the rallying
week and 2,264,125,000 in the corresponding week
invoked
points
and
were
powers
of the market
were
gains running from fractions to two
of last year.
week to Jan. 15 were reported by the Association of
close, the first to be
Saturday last. After early steadiness
yesterday the market resumed its lethargic state
and turned lower in slack
of last
against 2,139,582,000 in the preceding
recorded at the
made since
closed
the Edison Electric Institute at 2,115,134,000 kilo-
trading.
General Electric
yesterday at 42% against 44%
week; Consolidated Edison Co.
on
Friday
of N. Y.
23% against 25%; Columbia Gas & Elec.
at
at
8%
against 9%; Public Service of N. J.
at
34%; J. I. Case Threshing Machine
at 94% against
90; International Harvester
at
65
32% against
against
66%;
Car loadings of
revenue
American Railroads at 580,600
gain of 28,286
cars
over
cars.
freight in the
This*
was
a
the previous week, but
a
drop of 115,435 cars from the total reported at this
time last
As
year.
indicating the course of the commodity mar-
kets, the May option for wheat in Chicago closed
yesterday at 94%c.
as
Friday of last week.
yesterday at 60%c.
against 97%c. the close
May
as
corn
on
at Chicago closed
against 60%c. the close
on
Volume
Financial
146
Friday of last week.
May oats at Chicago closed
yesterday at 31%c.,
the
close
Friday of last
on
funds in
The
spot price for cotton here in New York closed
yesterday at 8.58c.
against 8.60c. the close on
as
Friday of last week.
yesterday
was
14.92c.
Friday of last week.
close
against 14.57c. the close on
as
Domestic
copper
closed yester¬
against 10%c. to 11c. the
as
price of bar silver yesterday was
20 pence per ounce as
against 19 13/16 pence per
Friday of last week, and spot silver in
on
New York closed
ings
In
the
yesterday at 44%c., the close on
ternational
small
transfers
the
foreign
London closed
on
transfers
cable
3.31%c.
on
industrial stocks
issues lost
day, and
stocks.
yesterday at
Friday of
regarding
uncertainty
with
developments the chief factor.
spasmodic upward and downward movements
the
London, Paris and Berlin
exchanges left
The French
prices almost unchanged for the week.
Cabinet crisis attracted close attention in all mar¬
kets, for it
plain that
was
was
nances
of the main
one
tion of the first
inquiry developed also for industrial
International issues were dull.
a
in
equities to higher levels.
liquidation of international secu¬
settled occasioned
After an uncertain
gains and French bank, utility
fractional
and industrial
equities were likewise marked higher.
International
securities
ratio
inverse
slightly lower,
drifted
a new
in
confidence
increased
the
to
Formation of
franc.
in
the
regime by M. Chautemps
Wednes¬
Ministerial
impressed the French market favorably on
day, but dealings were small pending the
Declaration and the
judgment of Parliament. After
strong opening the price
trend was reversed, and
for the dissolu¬
rentes showed small losses
for the session, although
Nor
most French
improved. International
but recovered their
dispute regarding fi¬
reasons
Chautemps regime.
it
was
con¬
a
inspiring when Georges Bonnet, the chief
losses
and
in the Finance post
serve
the Paris Bourse,
on
feeling that the Cabinet crisis quickly would be
proponent of moves toward a sound currency, re¬
under the
sue
minimum
equities
were
soft at the
closed
start,
Dealings were at a
unchanged.
Thursday, for most traders and in¬
on
preferred to await the Ministerial statement.
In London
vestors
opinion prevailed that the franc would be per¬
Rentes
were
uncertain, and small but erratic move¬
ments
also
marked
regime formed by M. Chautemps.
cessor
the
stimulated
was
foreign exchange. Rentes were in good demand, and
were
fused to
British funds were firm yester¬
ground.
some
issues
fidence
leading the advance. British
Monday, by the resumption of ordinary trading
showed
week,
A cheerful tone
opening Tuesday, buying was resumed on the Bourse
and levels were bettered in almost all groups. Rentes
IRREGULARinmovements were European financial
exchanges
all the leading reported on stock
this
only
steady, and most commodity
were
rities, which dropped sharply.
American and French
showed
Thursday, with gilt-edged issues and
on
The
on
groups
changes in either direction.
prevailed
French bank stocks led the
European Stock Markets
on
commodity
closed
last week.
centers,
and
Friday of last week,
on
Paris
against 3.33%c. the close
as
cable
exchanges,
yesterday at $4.99 15/16
against $4.99% the close
return flow of fugitive capital
the in¬
on a
Industrial stocks weakened, and
to France.
Confidence
of
matter
Wednesday were quiet, with British funds
on
slightly lower
Friday of last week.
The
commodity stocks all were irregu¬
international securities
Friday of last week.
on
In London the
ounce
spot price for rubber
The
day at 1014c. to 10%c.
and
London, but industrial securities, interna¬
tional issues and
lar, with losses more pronounced than gains. Deal¬
week.
as
481
Chronicle
mitted
to
drop further, and the renewed currency
unsettlement caused
equally
the
from
important,
the
were
misgivings everywhere. Almost
viewpoint,
general
developments in the United States.
from this country is oc¬
of orders for commodities
casioning
reaction
a
almost all world markets,
on
American
and interest in
trends is
increasing
the
cor¬
British in¬
respondingly, in the European markets.
dustrial
Lack
production continues at a good rate, despite
adverse
incidents, but price indices are drop¬
ping. In France
a
sharp rise is reported in commod¬
ity price levels, but production is backward.
The
only
to
a
modest
started
last
issues moved
Exchange a new account
Monday,
were
but dealings remained
not much affected.
Gilt-edged
slightly higher, and modest increases
registered also in most industrial stocks. Both
base and
precious metal issues were firm in the com¬
modity group.
sues
fell
In the international section, Anglo-
favorites
American
sharply.
were
good but Far Eastern is¬
When trading was resumed on
Tuesday, the impression prevailed that the French
crisis
would
and the
took
opening
place,
changed
settled
be
was
and
quickly and satisfactorily,
favorable. But liquidation soon
closing
levels
from previous figures.
continued
to
reflect
the
greatly
Gilt-edged stocks
were
accumulation
not
of
French
interna¬
quiet
also was
International
issues
mainly toward
Recessions of a point or two were com¬
lower levels.
mon
Boerse was on a small
movements
heavy industrial, chemical,
among
lignite and
Fixed-interest issues were quiet
and steady. Fresh buying appeared on Tuesday, at
the lower levels, and the tendency was firm in that
shipping shares.
An announcement that a
Bourse
drafts
to
a
degree,
the capital
on
extent.
that
small
on
market might be delayed to
demand.
Wednesday,
and
scale
the
downward
that
dealings were on a
were
was
again of modest proportions.
dividends
might be
Ru¬
curtailed by some
caused declines in almost
In a dull ses¬
yesterday small changes were the rule, with the
equities, but bonds were steady.
sion
The
continued on Thursday,
large industrial concerns
all
unimportant.
fractions in most cases, and
obligations hardly varied at all.
tendency
with variations
mors
The trend again was
but
changes
Losses were confined to
fixed-interest
allotted, aided the
since it meant that further
Industrial equities and fixed-income
issues alike were in
reversed
1,000,000,000 mark
oversubscribed by 200,000,000
had been
marks, with the enhanced sum
Stock
London
the
small and levels
were
equities.
with
Monday,
session.
developments
and
interest
some
Trading on the Berlin
scale,
external
reflects
equities
receded.
Reich loan
extent.
was
French
in
taken
and
yesterday,
Reich, with its closely controlled economy,
German
On
session
French
Rentes showed small gains in a
tional issues.
undertone firm.
482
Financial
Naval
Race
have
shown
but all the evidence points to still greater
years,
"defense"
establishments
creased burdens
augmented to
depression.
naval
Land and air forces have been
Now it
soon
that all restrictions
appears
with
There are,
pretense whatever
any
of
longer
course, no
1936
of
which
sea
na¬
power.
certain
qualitative restrictions
by Britain, France and the United States,
as
three
And it
now
signatories of the last London treaty.
is reported
the
in the capitals of all three countries
that the restriction of
battleships to
35,000 also is to be terminated.
unofficially from London,
over
It
a
tonnage of
was
reported
the week-end, that
Japan already has started construction of two ships
of about
ing
43,000 tons each, and intends to start build¬
two
one or
the effect
to
about
more
that
this year.
the
French
rumors are
Japanese vessels will be of
46,000 tons each. The London treaty provides
specifically that its qualitative limitations
ended if
Wednesday that
on
had
taken
place
French
an
authorities admit¬
exchange of views already
the London Treaty signa¬
among
tories, with the aim of ending the restriction
tleship size. Plainly enough,
another
the
be
non-signatory Powers exceed the stipula¬
tions therein contained.
ted
can
of
the
naval
others, and in
any
Powers
every
building by
will
be
bat¬
on
one or
matched
by
instance the construction of
bigger and better engines of death will be in the
name
In Moscow
away
of alliances and toward
a
the Rome-Berlin axis.
discussions between
enlarged scale
and it is far from certain that the "unofficial" sta¬
tus of the conflict
tained
in
mier, Milan Stoyadinovitch, made
Germany
a
visit of state to
the last week-end, and when he de¬
parted from Berlin on Monday a joint statement
over
It
was ascer¬
Tokio, last Saturday, that a second and
offer of
amended
terms by Japan had been
peace
rejected by the Nationalist regime in China.
conditions
not made
were
known
probable, indeed, that they
writing. It
and it
Government acted to
officially in Berlin
definite about this
ful.
Intense
Tokio
over
degree
some
as an
was
Wednesday.
on
governmental activity was reported in
week-end, and
Monday
on
issued that the
was
continuance of the conflict and
sponsibility for
peace
Government
on
the
same
nation that the Nationalist
local government.
on
agreed
were
"Japanese
re¬
The Japa¬
day announced the
Nanking, with
regime is
now
expla¬
an
considered
Tokio, and did
lowing day. In Shanghai it
was
so
the fol¬
assumed that these
preliminaries to formal Japanese
mere
recognition of the Peking regime, formed
still
as
puppet-State in recently conquered terri¬
The Chinese Government
that it
of¬
China virtually was invited to
recall her Ambassador to
steps were
an
Japanese Cabi¬
in Eastern Asia."
recall of its Ambassador to
a
confirmed
was unsuccess¬
net, military and naval authorities all
nese
intermedi¬
The only thing
episode is that it
the last
ficial statement
on
quite
reduced to
never were
in the conversations, and this
ary
The
is
admitted in Tokio that the German
was
on
Wednesday
an¬
throught its diplomats in other capitals
never
would
accept peace on terms calling
for dismemberment of the nation.
Widening of the
by
operations is foreshadowed
war
Tokio declaration that the
a
resort to another
The Yugoslavian Pre¬
be maintained.
can
day that the fascist Premier, Octavian Goga, in¬
tends to align Rumania with
Germany and Italy in
friendship pacts.
war on
probable in the Far East,
appears
China to terms had
series of
firmer
a
j
dent of the New York "Times"
reported on Wednes¬
a
reported toward
was
regard to Japanese aggression in the
FOLLOWING the admitted failure China, peace
of recent
Japan and
fresh reorientation based
The Bucharest correspon¬
contract ;nade Rus¬
Sino-Japanese War
nounced
BOTH Rumania and Yugoslavia French system
appear to be
drifting rapidly
from the
per
Far Bast.
tory.
Diplomatic Developments
on
tendency
a
with
stand
another
of defense.
merely that the Rus¬
was
as
sia liable to the tune of "tens of millions of lire."
upon
since Japan
none
battleships already have been discarded
on
without payment
up
The Italian reply to
permitting her fuel bills to
was
sian failure to deliver oil
an
being whittled away. Gun limitations of
are
pile
on
Washington treaty. The London pact
continued
14 inches
by all the
to
restrictions
any
aggregate fleets, and have been
denounced the
charges that Italy
will be swept aside and tremen¬
dous additions made to battle fleets
tions
in¬
sensational degree throughout the
a
building
correspondingly
taxpayers who already find
upon
the load intolerable.
and
Jan. 22, 1938
Soviet oil to the Italian navy.
WORLD armaments and the increases in recent
rapid cost of maintaining
them
Chronicle
failure
to
bring
"compelled the Government to
course
of
serious nature."
a
Mili¬
tary experts in China expect Japanese drives in the
great Yangtze Valley, possibly with Hankow as the
goal.
will
It is also believed likely that the Japanese
attempt by
one means
flow of munitions to China
or
another to halt the
moving to the mainland
was
issued to the effect that the
prerequisites exist
through Hong Kong.
for
permanent friendship
Thursday that their adversaries had that day tried
and
lated to preserve the
peace
co-operation
of Europe.
calcu¬
"Both sides
expressed their firm intention to further these for¬
tunate
added.
relationships in the future," the statement
In
France
caused not
insistent
a
that the German Nazi
in the international field.
uncertainty, however,
a
basis
as
or were
regime plans
There is
to whether these
animosity between Russia
and
Italy
The
was
growing
empha¬
Saturday, when Russia suspended all
commercial payments to
described
some
rumors
merely circulated to hasten
solution of the French Cabinet crisis.
sized, last
was
only by these developments, but also by
rumors
fresh coups
have any
good deal of uneasiness
as
a
Italy, in what the Russians
dispute regarding
the
delivery of
to
land
forces
on
Chinese
island
the
southern coast of China.
continued
in
them
at
Hainan, off the
of
city
for months in
Tsining,
appar¬
sort of resistance that
same
Shanghai
on
Fighting, meanwhile, was
stage of the undeclared war.
portant
of
reported
Shantung, with the Japanese
ently meeting much the
held
sources
in
the
early
The strategically im¬
southern
Shantung,
changed hands several times over the last week-end.
There
was
increased
Yangtze basin.
flict is
proving difficult
ficial attitudes
H.
activity
on
all fronts in the
The problem of financing the
on
con¬
both sides, but the of¬
naturally exude confidence. Dr. H.
Kung, Premier and Finance Minister of China,
declared
last
Saturday that his country not only
mv
Volume
146
Financial
will be able to finance the
to met interest
The
were
way.
It
that
troubles
that
the
and
a
$50,000,000
country for purchases of machinery
heavy
J.
interesting
an
reported by the New York "Times"
this
otner
Thomas
for
entails
war
Japanese industrial interests seek
credit in
products.
Watson,
tional Chamber of
They
President
as
approached
of
the Interna¬
Commerce, for this
It
purpose.
quickly made known in Washington that the
was
United States Government would look with disfavor
such credits, and the matter
upon any
there is
Recall of the
occa¬
diplomatic aspects
and therefore
war,
110
There
few incidents involving the rights and
a
foreigners in the
Consul
between
at
Nanking
The Amer¬
war zones.
found
it necessary
last
of
rights.
property
An
armed
clash
Japanese and British soldiers at Tientsin
narrowly averted Thursday, when the British
was
denied
request that Chinese in the British
a
sion be handed
over
to the invaders.
In
conces¬
Shanghai
a
good deal of apprehension exists that Japan will
its products duty free into the
area now
control, and thus destroy the market for
its
Socialist
regime.
in
the
as
head
the
is
Parliament, with
France.
wares
on
permitted.
stubborn
Insurgent forces continued
attacks
on
the
loyalist
town
Teruel, while the government troops held
Both
tenacity.
Teruel
sides
still
and
symbolical,
as
much
of
with
on
to
regard
the
armed
seem
of
strength of either side is concentrated at the south¬
ernmost
point
of
the
Aragon
claims, which have not been
were
through
north of the
in
city.
a
very
Insurgent
reliable of late,
ring of loyalist fortifications
Loyalists said little and remained
possession of Teruel.
unable
make
to
staged this week
on
front.
to the effect that General Franco's forces had
smashed
coastal
"strafed"
cities.
Perhaps because they
much
a
progress,
the
Barcelona
insurgents
and
Valencia
was
were
were
bombings, which long since have been
demonstrated to possess little
International
were
series of spectacular air raids
severely, and hundreds of civilians
killed in these
when it
military importance.
complications again
reported
on
were
threatened
Thursday that the Amer¬
ican tanker Nantucket Chief had been
captured
by
insurgent ships, while carrying Russian oil to Bar¬
celona.
ments
In
the
Washington the State and Navy Depart¬
promptly started
view to
an
investigation, with
determining whether the ship
high
in territorial waters.
seas or
Non-Intervention group
tose state.
Paris
was
seized
exists
as
a
of
remained in its usual
rumors
a
parties into
Meanwhile, it
coma¬
suggest that Italy is pre¬
some
could be
the way
taken
to the front, where they readily
for Moors.
This
appar¬
the
will
longer
no
Whether
again draw the three
action is another question.
common
that
seems
that
means
fears of another
vague
by the German Government played
coup
part in
a
hasty patching of the French political quilt, but
it is not clear from this distance whether the
circulated with the intention of
were
decision,
of the
or
really have
a
basis in fact.
informed
maneuvers on
rumors
stimulating
a
The effect
opinion in France is
perhaps best indicated by the flight from the franc
which took
place intermittently, not only while the
Cabinet crisis
lasted, but also after M. Chautemps
announced his
new
regime.
Resignation of the coalition Cabinet headed by
M.
Chautemps
an
Friday of last week
011
was
followed
offer to the former Finance Minister, Georges
a
for
M. Bonnet
government.
fall
the
of
regime, owing to his insistence
the
both
ment,
freedom of
upon
having
principles
these
opposition of extremists who
was
coalition
exchange and continuance of the tripartite
agree¬
the
aroused
concerned
were more
with so-called social reform than with soundness of
M. Bonnet was able to gather support
currency.
only from his Radical-Socialist colleagues, and he
gave up
able
to
the attempt to form a regime that would be
weather the
Parliamentary storm.
Leon
Blum, leader of the Socialists in France and the
chief
organizer of the Left Front,
this
government, but
M. Chautemps
attempt also was unsuccessful.
finally
requested
was
on
next asked by
was
President Albert Lebrun to form a
Wednesday to solve the
puzzle, and he was able to organize a new one-party
regime
011
of
tion
Paul
caused by the
party dislocations, is the substitu¬
Marchandeau
Finance
critical
highly
The most important change,
Wednesday.
other than that of
for
M.
Bonnet in
The
post.
the
nervousness
Cabinet crisis was not entirely dis¬
pelled by the refusal of M. Bonnet to serve again
in that
capacity, in a government formed by his own
Yvon Delbos retained the Foreign Affairs
party.
portfolio, and other traditional leaders of the Radi¬
cal-Socialists
also
held
their
offices
in
the
new
regime.
on
reports it is indicated that Libyan troops already
one
the center in
as
definitely cohesive alliance.
circumstances
Anglo-Irish Discussions
The London
paring to send large forces to Spain, and in
are
groups
Wednesday
Popular Front formed late in 1936
Bonnet, to organize
MILITARY changes werefighting in days when
lacking Spain this
week, despite bitter
equal
on
nitely declared their opposition.
the
largely responsible
Spanish War
their
the
name,
modest leaning toward
a
regarded
now
again
purely Radical-
a
of the center
one
The Cabinet formed
by
of other countries.
the weather
of
Notwithstanding its
the left of what is
under
pour
After five days of political
Radical-Socialist party
Left
or
Saturday to protest to Japanese authorities against
violations
office
force
application of the Neutrality Act.
interests of
ican
assumed
"legal" state
no
again
were
late last week.
conversations, Premier Camille Chautemps
but Washington again contended that
war,
need for
a
of the Cabinet crises that devel¬
portant Socialist group, but the Communists defi¬
trial balloon.
a
fresh examination of the
a
oped
in
means
ently will have the benevolent support of the im¬
was
respective Ambassadors by Japan and China
of the
resulted
position, by
dropped
in the nature of
sioned
INTERNAL political slight clarification France
maneuvering in of the
only
In all likelihood the incident merely
immediately.
was
French Cabinet
conflict, but will continue
reflected last Sunday in
was
483
external debts.
on
financial
Japan
Chronicle
EADERS of the three days in Irish Governments
British and London, this week,
conferred for
and
found
their views sufficiently close to insure
early settlement of most of
tions
that
have
Irish
Free
State
strained
was
the outstanding ques¬
relations
formed
in
ever
1921
since the
and
trans-
Financial
484
formed
into Eire, or Ireland.
few weeks ago
a
No
k
Chronicle
Jan. 22, 1938
possibility of civil strife is not lightly to be dis¬
treaty was signed at the conclusion of the conversa¬
missed.
tions, late Wednesday, but a joint statement indi¬
already are
appearing in Rumanian edicts.
anti-Semitic
drive
to
"discussions had
that
cated
justify
of
proceeded far enough
detailed examination of a number
more
points by officials of the respective governments."
intimate examinations
been
Typical indications of fascist intolerance
will
Hitlerite
of fresh
forthwith, with an assurance
be
the talks
Only in one important respect were
Ulster remains to be
this
The problem of
inconclusive, it appears.
settled, quite possibly because
trump card is one that
ment is not anxious to
the London Govern¬
which both countries
obviously desire.
Eamon de
to be concluded by the Goga regime
are
This augments the im¬
Germany and Italy.
pression that Rumania is swinging rapidly away
from the alliance with France and the commitments
under the Little Entente
arrangements, with simple
dictatorship along German and Italian
Even the Nazi swastika has been
aim.
lines the
adopted, it
reported, although in Rumania it is colored blue.
The Rumanian drift away
in
on
well calculated to aid the reconciliation
manner
a
carried
friendship
with
is
play, for the time being.
The conversations in London were
per¬
spondent at Bucharest to the effect that treaties of
adjusted and the solutions embodied in a
formal accord.
by the extension of
disturbing of all,
are
data
elapse before some of the more difficult questions
will
Most
suggested
hardly more than a few weeks are likely to
that
menaced
influences.
haps, are reports from the New York "Times" corre¬
when necessary
dispatches it is
London
In
available.
An
proportions has
exportation of capital by Jews who
their livelihood
find
Ministerial conversations
impressive
fomented, and recent exchange difficulties are
traceable to the
The statement added that the
start
of
tutions
emphasized
was
from democratic insti¬
Monday by the
on
announce¬
that the Parliament elected Dec. 20
ment
dis¬
was
Valera, Prime Minister of the State of Eire, was
solved
received
place March 2 for the Chamber of Deputies, March 4
equal
an
as
Minister Neville
by Prime
Chamberlain, and the meetings were conducted in
for the
this
A preliminary statement
Councils.
merely that "outstanding
necessary
spirit throughout.
indicated
London
from
New elections will take
by Royal decree.
Senate, and March 5 and 6 for the Municipal
Under
Rumanian
the
procedure it is
for the ruling regime to receive at least
questions which affect relations between the two
40% of the votes in order to remain in office.
countries" would be discussed.
mier
given
Mr. de Valera
was
hearty welcome when he arrived in London,
a
Sunday, at the head of an extensive delegation, and
in the three
agreement
made
days of negotiations which followed
important hitch developed.
really
on
which detailed studies
said to include
was
The
no
tentative
now are
to be
cooperation in the defense
the Liberal Cabinet headed
ceived
impressive in comparison with the 9% of the
the
votes accorded
intervention
Goga fascists, but King Carol's
upset the operation of ordinary influ¬
It is
already apparent,
of the land
elections decreed for next
barriers
Valera
erected
brought
matter of
up
united
a
in
recent
but did not
Ireland, it
Mr.
years.
press
unduly the
indicated.
was
de
He
merely stood pat on the old demand that the six
counties of Northern Ireland must
The British attitude
ties of Eire.
only be achieved, if at all,
can
In
it
join the 26
on a
was
that union
voluntary basis.
dispatch to the New York "Herald Tribune"
a
added
was
significantly, however, that "if Prime
Minister de Valera continues to show
compromise with the British
and
coun¬
on
willingness to
matters of defense
trade, then the British may be expected to
their influence
with
the northern
Irish
use
toward
rapprochement with the southern Irish."
a
It is not
in
effort to
an
pets of the King.
In
that the
managed
favorable vote for the pup¬
assure a
York "Times" of
moreover,
March will be
Bucharest report to the New
a
Thursday it
was
abolished
the
other
up
series of black
a
adherents first
on
dots, with the Goga
the list with
one
to the number of 28.
In view of the heavy per¬
centage of illiterates in Rumania, party
have
great significance there, and
kind
now
ordered
election in
a
All reports agreed
a
hard
disposition
on
bargain, and in these circumstances
a
A strict censorship has been
Discount Rates of Foreign
rates
Rumanian Fascism
in
a
Rumania
by
Premier
Present
any
at
rates
the
leading centers
Octavian
Rate in
Pre¬
Rate in
Effect
Date
vious
Jan. 21
Country
Established
Holland...
1 1938
published last Monday by the "Daily
of London, Carol referred to the new
Herald,"
regime
as
the tenure
whim
to
or
"my government," and he indicated that
of office is
judgment.
solely
a
Opposition
matter of his
groups are
own
tending
unite, in the face of such declarations, and the
Mar.
Batavla
4
July
Belgium
Bulgaria
2
6
1 1935
May 15 1935
Aug, 15 1935
Canada
interview
3H
3K
2H
Mar. 11 1935
Chile
4
Jan.
24 1935
4H
Java..
Colombia..
4
July
18 1933
5
Jugoslavia
Argentina..
July
10 1935
1 1938
3
Jan.
4
Jan.
2 1937
4
Oct.
19 1936
England...
2
June 30 1932
Estonia
5
Finland....
4
Dec.
France....
3
Nov. 12 1937
Germany.
4
vakia
Greece
_
6
Sept. 25 1934
4 1934
Sept. 30 1932
4 1937
Jan.
vious
Rate
2
Dec.
2 1936
2H
4~
Hungary...
4
Aug. 28*1935
India
3
Nov.
Ireland
3
June 30 1932
3H
May 1811936
Apr.
6 1936
3.65
H
2H
7
•»*»
4J*
Italy
Japan.....
3.29
3
.
Lithuania..
Denmark..
Date
Established
4
4H
29J1935
Jan.
14 1937
1 1935
5
4
5
Feb.
July
1 1936
May 28 1935
5 1938
4
Dec. 17 1937
5
4H
8H
5
Norway
3M
2X
5H
4M
3H
Poland
5H
6H
3H
4M
Portugal
4
Rumania..
4H
Aug. 11 1937
Dec.
7 1934
SouthAfrlca
3X
5
May 15 1933
July 10 1935
4
2H
1M
Dec.
3
Czechoslo¬
Danzig
Pre¬
Effect
Jan. 21
Country
Rate
Austria
Goga, whose National Christian party received only
9% of the votes in the recent national elections. In
an
are
shown in the table which follows:
WITH the aid and connivance of cast rapidly is
regime of
Nazi King Carol, a
being erected
Central Banks
the discount
THERE have been noofchanges during the week in
of the foreign^central
banks.
fascist
appearing with
are
The anti-Semitic drive is being
formal
agreement should be easy to reach.
new
an
pressed with particular vigor.
either side to drive
was no
emblems
change of the
contrary to the wishes of the
bewildered peasants.
blank spaces.
a
easily suffice to swing
may
manner
many
capital will again be selected.
large dot, while
parties must represent their leanings by dots
London
that there
an
ordinary party emblems and substi¬
tuted therefor
clamped down, and newspapers
Dublin, but in all likelihood the British
indicated that
overnight decree relating to the elections suddenly
yet settled whether further meetings will be held in
or
re¬
The
showing of the Tatarescu regime was, of course,
rather
ences.
tariff
by George Tatarescu
only 38%% of the ballots last month.
arrangements of Ireland, settlement of the question
annuities, and reduction of the trade and
Pre¬
Goga and his associates came into office after
3H
Morrocco..
Spain
...
5
Sweden
7
Switzerland
Jan.
11933
6
4*J
6
5H
Nov. 25 1936 92
Volume
Financial
146
IN bills Friday market discount rates 9-16% on
LONDON open 9-16%, against for short
on
as
were
Friday of last week, and 9-16% for three-months'
bills,
as
against 9-16%
call at London
on
Friday of last week. Money
on
Friday
on
At Paris the
Mi%«
was
market rate remains at 3 x/i% and in Switzerland
1%.
485
Chronicle
Bank of
England Statement
THE statement for the week£6,461,000 in19circula¬
ended Jan. shows
further
of
contraction
a
tion
bringing the total reduction since Dec. 22 to
£33,644,000.
decline
open
a
at
In the
of
period last
same
week
there
a year ago
was
corresponding
and in the
£4,582,901
following the Holiday peak, circula¬
year,
tion
contracted
now
aggregate £475,671,000 compared with £450,-
Bank of France Statement
THE further declinethe note circulation of13 showed
statement for in week ended Jan. 916,000,a
000
francs, which brought the total down to 92,552,-
A
046,330 francs.
year ago
circulation aggregated
87,490,466,485 francs and the year before 80,453,A decrease was also shown in credit
546,400 francs.
1,000,000 francs and in advances
balances abroad of
The Bank's
gold holdings rose slightly to 58,932,770,203 francs,
compared with 60,358,742,140 francs last year and
66,416,762,136 francs the previous year.
French
against securities of 48,000,000 francs.
discounted registered
bills
commercial
crease,
namely
current
accounts
serve
large in¬
a
1,736,000,000 francs and creditor
of 3,103,000,000 francs.
The re¬
50.25%;
ratio stands now at
57.57% and two
A comparison
is furnished below.
72.39%.
years ago
of the various items for three years
BANK OF FRANCE'S
it was
a year ago
COMPARATIVE STATEMENT
that it
therefore again
decreased
serves
would
as
with 26.9%
in the
Public
was
Jan.15,1937
Francs
fiduciary issue;
c
fell off
No Change 31,908,805.755
19.598,092,309
50.25%
57.57%
—0.95%
purchased In France,
per
gold valuation was
of
c
Rep¬
Bank.
at rate of 43 mg.
franc, previous to that time and subsequent to Sept.
49 mg. per franc prior to Sept. 26, 1936, there were
26, 1936,
66.6 mg.
gold to the franc.
Bank of Germany Statement
Gold
a
totaled 66,868,000 marks
year ago
Reserves in
before 76,536,000 marks.
exchange and checks, ad¬
circulation showed decreases of
foreign currency, bills of
and notes in
vances
marks, 3,074,000 marks
and 260,000,000 marks respectively.
The loss in
circulation brought the total down to 4,857,900,000
marks, compared with 4,506,774,000 marks last year
and 3,868,560,000 marks the previous year.
The
149,000 marks, 277,610,000
1.57%,
ratio stands now at
Bank's
reserve
1.69%
as
against
a year ago
item of
and 2.11% two years ago. The
investments showed an increase of 342,000
daily maturing obligations of 103,-
marks and other
485,000 marks.
Below
with comparisons
we
other securities
£2,828,366
and
se¬
The discount rate
Below
are
shown the dif¬
comparisons for previous years:
COMPARATIVE STATEMENT
Jan. 20
Jan. 22
Jan. 23
Jan, 24
1938
1937
1936
1935
1934
475.671, ,000 450.464,130 394,918,734 373,823,921 364,212.787
16,969,062
12,815,455
13,075,463
11.051. 000
13,555,436
161.295, 930 137,855,390 155,241,026 144,588,316 154,966,242
Bankers accounts. 124,357, 740 100,287,072 118,866,630 108,238,376 118,060.089
Other accounts
36,938, ,190 37,568,318 36,374,396 36,349,940 36,906,153
81,122,413
78,792,869
86,680,001
Govt, securities
104,388, 165
74,934,953
19,388.905
19,598,285
Other securities
34,732, 940
30,984,969 33,790,731
19,279,807
9,121,511
8,097,940
Discount & advs..
12,966, 691
8,905,857
14,510,924
19,267,394 11.500,345
21.766, 249
22,079,112
Securltlea__
79.171,535 87,609,230
65,979,236
Reserve notes & coin
63,617,461
51,319, 000
Coin and bullion
326,990, 720 314,081,591 200,897,970 192,995,456 191,722,019
Public depositsOther deposits
29, ■7%
for Week
Reichsmarks
Reserve In foreign curr.
checks
other.coln.__
Bills of exch. and
Advances
Investments
Other assets
Other daily matur. oblig
Market
DULL conditionsmarket this to prevail in ratesNew
continued week, with the un¬
York money
changed in all departments.
Bankers' bill and com¬
mercial paper
dealings dragged along, with the sup¬
ply of
showing no tendency toward expan¬
sion.
a
paper
The
Treasury in Washington sold on Monday
further issue of
91
f50,000,000 discount bills due in
days, and awards were at 0.111% average, com¬
puted
on an
annual bank discount basis.
New York Stock Exchange
Call loans
held at 1% for
on
the
all
transactions, while time loans again were l1/4%
for maturities to 90
days, and 1%% for four to six
months' datings.
New York
Money Rates
Stock
Jan. 15,
1938
Reichsmarks
Jan. 15,
1937 Jan. 15, 1936
Reichsmarks
Reichsmarks
+25,000
70.686,000
66,868,000
76,536.000
20.333,000
5,604,000
26,669.000
20,264,000
5,158,000
—277,610,000 5,049,522.000 4.599,208,000 3,626,818,000
239,942,000
264,013,000
220,479,000
43,475,000
49,527,000
44,713.000
—3,074.000
523,849,000
663,870,000
393,728,000
+342,000
785.838.000
761,484,000
877,509,000
—149,000
5,649,000
P*LiabUUies—
Notes In circulation
2%
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
STATEMENT
No change
Gold and bullion
Of which depos. abr'd
New York Money
52.15%
2%
for previous years:
Changes
Assets—
49.00%
39.19%
2%
42.00%
2%
2%
furnish the different items
REICHSBANK'S COMPARATIVE
Silver and
on
Jan.19
Proportion of reserve
to liabilities.
marks, which raised the total to 70,686,000
and the year
securities
government
declined
change from 2%.
ferent items with
THE statement for the second in gold andJanuary
showed another slight gain quarter of
bullion
marks.
on
£1,258,633.
rose
Bank rate
of 25,000
£989,592
Circulation
72.39%
b Includes bills discounted abroad,
resenting drafts on Treasury on 10-bllllon-france credit opened at
Since the statement of June 29, 1937, gold valuation has been
gold, 0.9 fine,
42.00%.
£
State.-
Includes bills
was
The latter consists of discounts
which
which
1.435,320,775
3,587,497,007
No Change
abr'd
Propor'n of gold on
hand to sight liab.
a
Loans
£1,569,733.
advances
Temp. advs. with¬
out int. to
com¬
6,584,371,112
874,656.976
and
ago
it
a year ago
£14,220,000 and those
BANK OF ENGLAND'S
+1.736,000,000 10,276.560,787
proportion
reserve
week
Of the latter amount,
to other accounts.
increased
8.616,655.954
1,314,833,849
3,324,887,399
—48,000,000 3,860,506,397
Adv. against securs.
—916,000,000 92,552,046,330 87,490,466.485 80,453,646,400
Note circulation
11,299,696,721
Credit current accts +3,103,000,000 24,726,471,082 17,350,771.033
bills discounted-.
a
addition to bankers' accounts and £158,606,
an
Francs
+ 40,175 58,932,770,203 60,358,742,140 66.416,762,136
13,019,856
12,360,195
18,444,777
—1,000,000
The
deposits fell off £2,138,000 and other deposits
Jan. 17, 1936
Francs
re¬
Nov. 10, just prior to the in¬
on
£1,148,198.
rose
result,
a
decline, less the £73,091 loss during
gold holdings.
dropped to 29.70% from 37.4%
crease
As
£200,000,000.
same
and is
normally have happened, by the amount
the week in
pares
16 last,
£13,602,000 instead of increasing,
of the circulation
French commercial
b Bills bought
increased Nov.
was
did not
Jan. 13,1938
Rrancs
a
amount
now
The fiduciary note issue was re¬
year.
during the week by £20,000,000, the
curities
for Week
Credit bals. abroad,
duced
and
Changes
Gold holdings
464,130 last
Notes in circulation
£23,651,431.
—260.000.000 4.857,900,000 4,056,774,000 3,868,560.000
690,596.000
774,857,000
826,628.000
+ 103.485,000
335,248,000
Other liabilities
Propor. of gold & for'n
curr. to note circul'n.
+0.08%
335.283.000
296,958.000
1.57%
1.69%
2.11%
was
ruling quotation all through the week for both new
loans and renewals.
The market for time money
continues
this week.
90
quiet, no transactions having been
Rates continued nominal at
reported
134%
up
to
days and llA% for four to six months' maturities.
Trading in prime commercial paper has been quite
active this week.
Paper
has
been in good supply
Rates are quoted at
and the demand has been brisk.
1% for all maturities.
Financial
486
Bankers'
Chronicle
Jan. 22, 1938
single day's offering in
Acceptances
weeks, all believed
many
10
have been taken for account of Continental hoarders.
TRANSACTIONS in prime bills have acceptances
bankers' been
Prime
fell off this week.
and the
market has
has been
no
tion
and
the
The official quota¬
and including 90 days
%%
are
well
as
traders and bank¬
as
foreign central banks
as
are
under
necessity of maintaining substantial balances in
London, regardless of the week to week movements of.
by the Federal Reserve Bank of New
York for bills up to
bid
ing interests
There
extremely quiet.
Sterling also displays firmness
.
scarce
change in the rates.
issued
as
been
v
trade.
The present
7-16% asked; for bills running for four
is in
respects
some
interlude in the
an
For the past two months
months, 9-16% bid and %% asked; for five and six-
foreign exchange market.
months, %% bid and 9-16% asked.
sterling has been exceptionally strong in terms of the
The bill-buying
rate of the New York Reserve Bank is
%%for bills
run¬
ning from 1 to 90 days; z/i% for 91- to 120-day bills,
and
1% for
Bank's
Reserve
holdings of acceptances increased
from $540,000 to
quoting the
The Federal
180-day bills.
121- to
Open market dealers
$548,000.
rates
same
Federal Reserve Bank of New York.
open
market acceptances
SPOT
■■■
'
The rates for
follows:
are as
120 Days
Asked
Bid
Ashed
Bid
Asked
X
•«
X
'ii
'»
X
—00
Days—-
Bid
Prime eligible bills
........
FOR
M
DELIVERY
—60
Asked
Days—
30
exchange would have favored
commercial account.
Now, following
sterling would normally firm
the expansion
on
commercial account
However, seasonal factors
fully operative since the World War.
Commercial requirements for
had
strength with
of tourist requirements until seasonal
London developed
pressure on
in terms of
up
the dollar and would continue to gain
foreign exchange which
always established seasonal market trends,
are
Days
Bid
Asked
Bid
Asked
X
h*
,
WITHIN
Jan. 15,
on
have not been
150 Days
Days
Bid
Prime eligible bills...........
New York
toward the end of August.
DELIVERY
180
■
are
those reported by the
as
dollar, whereas under normal conditions it would
have been weak and
7u
X
7"
THIRTY DAYS
Eligible memberbanks..
Eligible non-member banks..---.-
%% bid
............................. .............
no
longer fully effective, and the movements of funds
have to
large extent been governed by political and
a
economic factors and
%% bid
by fears aroused by political
interference with the currencies and the free
Discount Rates of the Federal Reserve Banks
of
ment
exchange.
The rate fluctuations
move¬
now
are
governed entirely by the operations of the equaliza¬
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
tion funds,
The
the United States.
rates
for
following is the schedule of rates
the
classes
various
of
now
the
at
paper
in effect
different
Reserve banks:
The decline in the note circulation of the Bank of
England
Effect
Date
on
Jan. 21
Boston...
to
the
three
Previous
Established
Rate
vu;-
IX
Sept.
New York
1
Aug. 27 1937
Philadelphia.
IX
Sept.
Cleveland
IX
f
11 1935
2
IX
Aug. 27 1937
2
IX
Aug. 21 1937
2
Chicago
IX
Aug. 21 1937
2
St. Louis
IX
Sept.
2
Aug. 24 1937
2
2 1937
Minneapolis
Kansas City
IX
IX
Sept.
3 1937
•>. ' 0 2
IX
Aug. 31 1937
2
San Francisco.
IX
Sept.
banks to
2
3 1937
speed
England
Dallas
£8,114,000
It would
year.
largely overestimated their
However, London
reports state that the Treasury has requested the
2
Richmond
Christmas
was
period last
IX
4 1937
Atlanta
May
since
which
Christmas currency requirements.
2
2 1937
same
that the banks had
seem
weeks
£27,183,000,
greater than in the
Rale in
Federal Reserve Bank
for
amounted
DISCOUNT RATES OF FEDERAL RESERVE BANKS
particularly those of Great Britain and
so
may
v
order
up
the return of notes to the Bank of
that the Chancellor of the Exchequer
a
prompt reduction in the fiduciary issue.
When the issue
Course of Sterling Exchange
had
been
increased in November it
was
planned to reduce it
as soon as
satisfied.
The
the
was
holiday demands
strength
displayed
by
STERLING exchange in the third week of January
although slightly easier than dur¬
British funds since the turn of the
year is attributed
almost entirely to the flow of
ing the past month
money to
continues firm
of the
dollar,
as
The slightly firmer tone
or more.
shown by the rates for New York
London, is due largely if not altogether to
interest
on
the part of
a
on
renewed
European bankers and investors
the American security markets.
The range for
sterling this week has been between $4.99 7-16 and
in
$5.00 for bankers' sight,
between
a range
$4.98% and $5.00 5-16 last week.
of
The
for cable transfers has been between $4.99%
range
and
compared with
$5.00 1-16,
compared with
$4.98 15-16 and
The
$5.00%
foreign exchange
a
week
of
recent
weeks.
range
no
of between
surely
new
Trading is
far
so
features
on
as
just noted, the in¬
in interest in American investments in
dollar.
Europe
At the
same
time
owing to the crisis in the French franc which had
been
definitely impending since Jan. 5, there has
a
heavy movement of European funds to the
been
London
market,
demand for
demand
the total
expressed
largely
gold in the London
was
gold
open
in
hoarding
market.
This
especially marked last Monday, when
on
played a large part in retard¬
ing activity not only in Great Britain but in other
countries.
The
"Economist" index of activity, adjusted for
seaonal
movements,
November.
but
good demand for
offer reached £880,000, the largest
Unfavorable events
are
in the United States has
has
sterling in other markets.
tends to lend support to the
"Economist" points out that British
has lost momentum.
believed to be responsible for the
slight
reduction in business activity.
The sharp recession
from
a
As
abroad
whole
the
quite limited, although there is
crease
The London
recovery
declined
100) in September to
ago.
market,
sterling is concerned, shows
those
a
Continental
uneasy
London.
on
In
some
the contrary a
been
held
113
in
from
113%
October
lines there has been
decided advance.
largely
to
consumer
machinery and engineering trades
are
(1935=
and
no
112
in
decline,
The decline
goods.
The
running well
above last year's activity.
The year's steel output is
placed at 12,964,000 tons, exceeding the 1929 peak
by 34%. Iron production in December was 783,800
tons, the largest output since
with 671,400 tons in
1918, and
December, 1936.
compares
Despite the
indications of retardation in industrial
activity the
"Economist" insists that there are no indications
that
a
general slump is imminent.
The "Economist"
points out that the majority of heavy industries have
&
large volume of orders on hand which will take
many
Volume
Financial
146
months to
complete.
continues,
heavy industry will remain
for
some
tracts
time to come,
especially
active
very
armament con¬
as
An index of the
high degree of business activity in
Britain last
year
ments of condition
and
reflected in the state¬
was
of Dec. 31, 1937
as
published by
487
$4.99 7-16@$4.99'11-16 for bankers' sight
range was
$4.99%@ $4.99% for cable transfers.
day the pound
$4.99 13-16;
On
Bankers'
cable
$4.99 13-16@$5.00
For the year
Thursday exchange
amounted
to
£208,198,216,
Dec.
for
statement
increase
an
The
1936 of £18,681,728.
31,
the
over
National Provincial Bank's advances reached £140,-
445,354,
increase over the statement of the pre¬
an
vious December of
Money continues abundant and easy in London.
bills is in supply at %%.
three-, and four-months' bills
months' bills
the
London
Two-,
9-16%, and six-
are
All the gold
on
offer in
chiefly for account
there
On Saturday last
Monday £880,000,
Wednesday £617,000,
£497,000, and on Friday £254,000.
on
the Port of New York the
on
was
None
INCLUSIVE
None
change
notified that approximately $97,000 of gold was
figures
the week ended
on
On Thursday there were no imports or
metal
or
was as
The day-to-
follows.
Amount
15
17
18_
19
Increase for the
equalization fund has taken
no
steadiness
Wednesday, Jan.
+$13,720
+12,802
+10,072
+12,535
+3,822
+543
Week Ended Wednesday
following
steady.
Montreal
following tables show the mean London check
Paris, the open market gold price, and the
Monday,
Jan. 17
Tuesday, Jan.
United States:
LONDON CHECK
150.25
150.23
—149.37
18.
RATE ON
PARIS
Wednesday, Jan. 19
Jan. 20
149.46
Friday,
Jan. 21
151.00
Wednesday, Jan. 19
139s. 7>£d.
Monday, Jan.
17
139s. 8d.
Thursday,
Jan. 20
139s. 7^d.
Tuesday, Jan.
18
139s. 7Hd.
Friday,
Jan. 21...139s. 8^d.
BY THE UNITED STATES (FEDERAL
RESERVE
$35.00
35.00
35.00
Monday,
Jan.
Tuesday. Jan.
17
18—
BANK)
Wednesday, Jan. 19
$35.00
Thursday,
Jan. 20.
Saturday last
4.99
was
Jan. 21
35.00
firm in dull trading, slightly up
Friday's close.
Bankers' sight
was
$4.99%(§>
11-16; cable transfers $4.99 9-16@$4.99%.
Monday sterling was steady in quiet trading.
developed in the early
Blum's
Leon
a
announcement
on
ministry which included
early part of the week there was an abnormal
a thin market to meet immediate
requirements because of the fear of exchange restric¬
tions which would make franc transactions uncertain
This fear
the time.
for
was
largely dissipated by
Tuesday and the spot franc
immediately began to sag.
In Thursday's trading
political developments
3.30 cents,
but
off
more
on
York
were
quoted just under
than six points from Wednesday's
points above the record low since
seven
1926
established
on
13
Jan.
at
3.23
cents.
Thirty-day futures
were
quoted
Jan. 17 at 13
on
In the 90-day franc the discount on Jan. 17
points.
was
21
points under the basic cable rate
Jan. 19 to 11 points
It is
On
The
and improved
discount.
quite generally felt that the franc will go lower
and that the present
Government is only
a temporary
makeshift and cannot resolve the very serious
culties
35.00
Friday.
Referring to day-to-day rates sterling exchange on
from
All trading had been
Friday, Jan. 14.
the Centrists.
on
139s. 7lAd.
Saturday, Jan. 15—
M.
Sunday that he favored
PRICE
15
FOR GOLD
on
148.77
Thursday,
LONDON OPEN MARKET GOLD
PAID
were con¬
points discount from the basic spot rate. On Jan. 19
the future rate had improved to a discount of 4
Saturday, Jan.
PRICE
future francs
by Premier Chautemps against exchange
November,
15
discounts
Monday, Jan. 17.
and
control,
close
MEAN
severe
The show of firmness which
premium of 1-128%.
Saturday, Jan.
franc gave some indication of
temporarily suspended
ranged this week between a discount of 1-64%
on
19,
resumption of foreign exchange trans¬
a
actions after
and
price paid for gold by the
steps to maintain
Apparently the Bank of France
siderably relaxed.
funds
rate
On
attempt by M. Chautemps to form
a new
spot francs in New
Canadian exchange is relatively
The
the rates.
in
demand for francs in
$50,000
a
Exchange
Daily Change
$1,222,930,289
1,222,943,091
1,222,953,163
1,222,965,698
1,222,969,520
1,222,970,063
14
Jan.
and
FRENCHpast twohave been fluctuating violently
francs weeks. Apparently the French
the
In the
TREASURY'S INACTIVE FUND
-
Jan.
$4.99,
closed at $4.99%.
Continental and Other Foreign
tion taken
indicated in the
day changes are our own calculations:
13
at
part of this week was due to covering of short sales,
daily Treasury statements issued during the week
GOLD HELD IN THE
days)
(60
payment
repayment of the franc loan by Belgium, the posi¬
Gold held in the inactive fund, as
Jan.
sight bills finished at $4.99%,
gold
held earmarked for foreign account.
Jan.
Friday
change in gold held ear¬
On Friday there were no
imports or exports of the metal or change in
Wednesday
for
for payment
permitted
for
are
marked for foreign account.
Jan.
on
60-day bills at $4.99, 90-day bills at $4.98 11-16,
which had been prevailing on
received at San Francisco from Australia.
Jan.
Commercial
firmness around 3.36 cents and the
Gold Earmarked for Foreign Account
No
ended last
transfers.
another cabinet, the
Exports
exports of the
Closing quotations
$4.99% for demand and $4:99 15-16 for cable
folllws:
I mports
Wednesday.
transfers.
for
GOLD MOVEMENT AT NEW YORK, JAN. 13-JAN. 19,
above
cable
were
Tues¬
gold movement for
Reserve Bank of New York, was as
The
for
Thursday
on
reported by the Federal
the week ended Jan. 19, as
Note—We have been
was
range
documents
available £131,000, on
Net Change in
The
demand
$4.99%@
with
seven-day grain bills at $4.99 7-16. Cotton and grain
hoarding interests.
At
abroad.
On
transfers.
steady
to have been
seems
day £371,000,
cable
for
continued
market and taken for unknown
open
destinations
of
19-32%.
are
On
transfers.
continued steady.
London
on
$4.99%@$4.99% for bankers' sight
Friday sterling
from
cable
for
1-16
$4.99 13-16@$5.00
chiefly
quiet market.
a
$4.99% for bankers' sight and $4.99%@$4.99 15-16
£14,368,063.
Call money against
The range was
and
$4.99 11-16@$4.99%.
firm in
was
more
a
$4.99%@
was
$4.99%@$5.00 for bankers' sight and
the Midland Bank and the National Provincial Bank.
the Midland's advances to customers
sight
transfers
Wednesday sterling
The range was
On Tues¬
fractionally firmer in
was
market.
active
increasing.
are
Great
Even if the lull in newjorders
Chronicle
characterizing
monetary
situation.
the
French
economic
diffi¬
and
M. Chautemps relies for his
support chiefly upon the members of his own group,
the Radical-Socialists (who are neither radical nor
socialist), and the Centrist groups.
The question
actively
of exchange control continues to be
debated in France, with Socialists, Com-
Financial
488
Chronicle
munists, and Labor elements all strongly in favor of
control.
sider
Radical-Socialist
No
anything
An
new
a
Trade figures for the
on
"France
out:
luxury of
this week
on
the
December trade figures, which
adverse import
an
problems confront-
many
was seen
high record import surplus of 2,193,-
new
000,000 francs.
Commenting
of the
one
Government
publication of the
showed
con-
drastic than informal restrictions,
more
example of
ing the
ministry will
year
indicated
balance of 18,381,000,000 francs.
the figures Paris
not
can
newspapers
pointed
permit herself the permanent
adverse balance of trade of 18,000,-
an
000,000 francs annually and must seek to develop
Jan. 22, 1938
Amsterdam reports frankly acknowledge recession
in Dutch business.
results of
a
Despite the excellent financial
large number of Dutch and Netherlands
Indian companies for 1937, hesitancy dominates the
market because the Dutch
retarded
perhaps
or
recovery process
is being
suspended by the recent
even
fall of the financial market and the decline in
com-
modity prices, while the dilemmas in the United
States and France, which have shaken confidence,
exerting incalculable influences
are
Netherlands business
there
indications of
are
the plans of
on
Amsterdam reports that
men.
movement of Dutch funds
a
exports, which is possible only by increasing produc-
to both New York and London. The Netherlands
Bank is in a strong position, with gold holdings of
tion at lower costs."
1,385,800,000 guilders and
the
import surplus
One
reason
for the growth of
in 1937 is the
depreciation of
the franc.
The
increase
Belgian
well above par, is
is
which early last
currency,
ruled
year
showing considerable weakness and
frequently quoted under dollar parity of 16.95.
The
banking position of Belgium is
the whole
on
highly satisfactory, and while industrially there
are
signs of business recession, the chief influence dis-
turbing Belgian exchange derives from the critical
French monetary situation.
more
concerned
itself.
Brussels
In
domestic affairs
olize
Bank of
French
the
out Of
The
conversation.
In fact Brussels
seems
the French situation than Paris
over
developments
and
newspapers
statement of
crowd
monop-
the National
Belgium for the week ended Jan. 13 showed
gold stock
abroad of
of
3,566,800,000
belgas
1,272,600,000 belgas.
and
balances
The bank's ratio of
gold to notes stood at 82.49%, and its ratio of gold
was
69.86%.
to total liabilities
The
following table shows the relation of the lead-
gold holdings although the bank is strongly
receiving either gold or deposits from
Gold stock and sight liabilities of the bank
to
averse
abroad.
are now at
the highest levels in recent
b France
Its ratio of gold to notes stands at 196.66%
and its ratio of gold to total liabilities is 83.46%.
Bankers' sight on Amsterdam finished on Friday at
francs.
55.7234? against 55.65
transfers
at
sight bills at 55.68, against 55.60.
and commercial
Swiss francs closed
at 23.1134 for checks and at 23.1134 for cable transfers, against 23.09 and 23.09.
Copenhagen checks
finished at 22.3034 and cable transfers at 22.3034?
against 22.30 and 22.30.
Checks
at 25.7634 and cable transfers
on
at
25.7534 and 25.7534; while checks
Sweden closed
25.763/2, against
on
Norway finished
at 25.1134 and cable transfers at 25.1134? against
25.1034 and 25.1034♦—
Hi
Thu Week
Friday of last week; cable
on
55.73, against 55.65;
' EXCHANGE on the
Range
Parity a.
„
(franc)
old Dollar
presents
no
new
South American countries
features from those of recent
3.92
6.63
Belgium (beiga)
13.90
16.95
wio
sil?
Holland (guilder)
JirojttoiBiiiH
greater or less degrees of exchange control.
40.20
68.06
55.67
dispatch from Rio
betweeTs^ld7
3.29^ to
16.90
3.39
to 16.94
to
55.73^
°f the Eui0pean
The London check rate
at*151.00, against 150.37
New York
sight bills
on
3-30%, against 3.33
mi
Paris closed on
Friday
Friday of last week. In
the French center finished
at
of the
16.9034.
33.29
were
40.2834 for bankers' sight bills and 40-.2834 f°r cable
transfers, in comparison with 40.24 and 40.24.
Italian lire closed at
5.2634 for bankers' sight bills
and at 5.26J4 for cable
transfers, against 5.2634 and
5.2634. Austrian schillings closed at 18.90, against
18.90; exchange on Czechoslovakia at 3.5134? against
3.5134;
on
Poland at
2.2134?
Bucharest at 0.7434? against 0.7434;
19.00, against 19.00; and on Finland
against
2.21.
Greek
exchange
closed
on
at
—♦—
Hi
war
on
presents mixed trends.
currencies
move
in
closest
The Scandinavian countries
touched
many
tion
by
other
seems
the
not
to
have been
business recession experienced
countries.^
to
The Scandinavian
sympathy with sterling,
seem
be at
true of Sweden.
Business of
high levels.
i
i
.
,
Janeiro
the
to
are
in
every descrip-
This is especially
local
coffee
bolsa
under
A recent
New
be
York
"It
was
reopened
pre-
Reserve
Bank and full operation of
industrial and agricultural sections of the
Bank of Brazil."
Argentine
paper
pesos
closed
on
Friday, official
quotations, at 33.33 for bankers' sight bills, against
on
Friday of last week; cable transfers at 33.33,
against 33.29.
was
The unofficial
or
free market close
29.30@29.40, against 29.30.
Brazilian milreis
are no
longer quoted.
Chilean exchange is nominally
quoted at 5.19, against 5.19.
Peru is nominal at
24%, against 24%.
•—
C1 XCHANGE
on
the Far Eastern countries
con-
tiaues to follow the trends in evidence since
the outbreak of the
war between Japan and China.
H. H. Kung, Premier and Finance Minister of China,
said
the countries neutral during the
that
Central
new
at
0.91%, against 0.91%.
Fj*XCHANGE
.
only with the greatest caution after various
the
Berlin marks
de
n
all these countries
currencies oi
liminaries have been completed, namely, installation
Friday of last week; cable
transfers at 3.3134 against 3.33%.
Antwerp belgas
closed at 16.9034 for bankers'
sight bills and at
16.9034 for cable transfers, against 16.9034 and
on
Final quotations for
/•
1 he
recommended
on
on
i
weeks.
Coffee and Sugar Exchange said in part:
b Franc cut from gold allowed to "float" on June
30,1937.
On
years.
Jan. 15 its gold stock totaled 2,796,900,000 Swiss
ing European currencies to the United States dollar:
New Dollar
ratio of 85.1%.
a
The National Bank of Switzerland continues to
in
news
a
statement
agency
currency
released
in Hankow
on
through the
Jan.
16 that
official
China's
is maintained at extremely close stability
with relation to foreign currencies.
He had reference
chiefly to its relation to sterling and the dollar.
seems
reasonable," he said, "to
suppose
foreign payments will return to
mate balance, though
as
to
on a
imports and exports."
a
"It
that China's
state of approxi-
much restricted basis
as
Volume
Closing quotations for
29^@29%,
at
Hong¬
week.
against 31.30@31 %
closed at 31.31@31JHj>
Shanghai
29J^@29 25-32;
against
58%,
58.70; Bombay at 37.75, against 37.73; and
Manila at
against
50J^, against 50 3-16; Singapore at
Banks
Gold Bullion in European
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
banks as of
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
exchange) in the principal European
of
four years:
1938
1937
1936
£
Bank» of—
£
£
Spain.
310,172,475
2,517,650
c87,323.000
Italy
a25.232.000
Netherlands
114,653,000
101,805,000
81.815,000
26,142,000
6,544,000
7,515,000
Switzerland
Sweden
Denmark
Norway
...
2,034,100
62,731,000
42,575,000
59,963,000
105.835,000
83,475,000
25,484,000
6,551.000
6,603,000
76,666,000
70,170,000
72,897,000
69,392,000
90,203,000
42,575,000
87,323,000
191,722,019
617,284.562
17,039,150
76,621,000
78,444.000
67,518,000
14,515,000
7,398,000
6,574,000
54,720,000
97,615,000
46,825,000
22.870,000
15,972,000
7.395,000
6,555.000
6,602,000
6.582,000
90.458.000
1,247,141,983 1.244,239,831
1,101,012,790 1,247,339,815 1,245,214,191
Total week. 1,090,709,845 1,099,735,249 1,103,011,917
Prev. week. 1.089,192,474 1,100,177.243
1936, latest figures available,
Amount held Dec. 31,
a
infringed
b Gold holdings of
the
which Is now
reported at £1,016.660.
c Amount held Aug. 1, 1936, the latest figure available.
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
of gold 0.9 fine, equal to one france; this was the second change In the gold's values
within less than a year, the previous revaluation took place on Sept. 26, 1936,
exclusive of gold held
Bank of Germany are
abroad, the amount of
value of 49 milligrams to the franc as compared with
On the basis of 65.5 mgs., approximately 125 francs equaled
sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
mgs., there are about 190 francs to £1.
66.5 mgs. previously.
£1
are
and undermined in ways that are
upon
Government has
its
results, by no means always as salutary as intended,
and those temporarily entrusted with its executive
authority are sadly impatient of the slower proc¬
be
to
esses
that
usually in strange haste to achieve
are
alone consistent with nice
observance
Bill
satisfy their
aspirations, including those born of real or supposed
political expediency, it is frequently necessary either
personal immunities guaranteed by the
of the
of
Bights.
override these fundamental
To hasten sufficiently to
rights
or
to induce
acquiesce in
social
obligation.
In such situations there is a consid¬
erable force of persuasion available to the executive,
and it is more often than not supported by a rather
they are guaranteed to
invasion, commonly upon the plea of
that
concerned in the
groundless and unreasoning emotion among
part of the public which is least
controversy or in its results.
example, suppose that an agent of the
For
De¬
partment of Labor, or the President, or any wellintentioned officer of the Federal Government, de¬
The typical course is to dis¬
already in progress.
avow
settle one
prevent a threatened strike or to
sires to
when the gold was given a
43
principles, they
subtle, insidious and subversive.
their
192,995.456
655,499,427
2,899,100
90,709,000
200,897,970
531,334,097
2,814,850
314.081,591
365,810,558
326,990.720
France
Nat. Belg'm
£
£
England
Germany b.
abstract
as
those to whom
1934
1935
their propriety
constantly being
deny their existence or to challenge
to
corresponding dates in the previous
shown for the
are
fundamental
come
against 37.73.
Calcutta at 37.75,
Nevertheless, although these rights continue in the
law and none has the effrontery to
checks yesterday were
yen
29.06, against 29.08 on Friday of last
kong
489
Financial Chronicle
146
any concern over
the merits of the issues in¬
both sides their minimum
volved but to obtain from
The Rigor
No
yet has dared to look any
as
one
been
heritage since centuries before
our
Constitution of the United States.
new
merely declared formally the
it
of
there
That Con¬
formulated in 1787, did not create or
liberties or safeguards against tyranny,
stitution,
confer
section of
high degree of freedom which
manent value of that
was a
statements of demands and
citizenship in the face and deny the per¬
American
has
of the Game
those
that,
many
as
existence of some
students of government
believe, are so definitely inherent in free govern¬
ment that it cannot exist without them and that
must, therefore, be
tion where
considered as existing by implica¬
not specifically stated.
are
Judge Cooley wrote that even in
Thus
of express
lative
they
the absence
direct implication no legis¬
regime of freedom, could pass
prohibition
body, under a
or
provide for the
of law. Im¬
pregnable barriers against such intrusions upon
private right must in fact be considered as a part
of the vital atmosphere of freedom, without which
an
ex
post facto statute of crimes or
taking of property without due process
it
is
at
once
stifled
Foremost among
and
must forthwith
perish.
the personal rights that cannot
be
liberty persists are:
unreasonable searches
protection against compulsory exac¬
destroyed or impaired while
the
and
right to immunity against
seizures,
tion of
self-incriminating testimony, and the guar¬
neither
liberty
property shall be
antee
that
taken
except by due process of law.
no means
the
all the
nor
These are by
requisites essential to freedom, but
enumeration is sufficient for
sacrifice any one
illustration.
To
of them would be to sacrifice free¬
dom as the masses
of the people have known it, not
Constitution but as it existed with¬
the days when George III reigned and,
only under the
out denial in
colonial settlements in Vir¬
ginia and Massachusetts.
indeed, in the earliest
their maximum of pos¬
concessions, from that point
sible
one
pressure upon
proceeding to put
side or the other, occasionally
both, in order to effectuate an agreement.
the point of refusing
upon
Persuasion often extends to
to the
employer the protection
violence
similar
or,
he is
against disorder and
plainly entitled, denying
protection to men willing and
work upon
ers,
which
to
anxious to
conditions freely offered by the employ¬
in less frequent instances,
working men and their leaders
threatening the
with a more rigorous
preservation of the public peace unless they mod¬
erate the terms on which they have undertaken to
All this is extra-legal
stand.
where it is not actively
illegal, and involuntary servitude is involuntarvy
servitude whether it is the workman or the employer
surrender
convinced is warranted
both legally and morally.
Here perhaps the prin¬
ciples involved are measurably satisfied when the
persuasion is within bounds and does not extend to
the point of genuine coercion, but the line is, in the
majority of cases, indefinite and invisible to most
observers, and it is really questionable whether to
invoke the prestige of exalted office, far outside the
defined functions of such office, or any powers that
who is forced or
of
cajoled into the reluctant
position which he is
a
might conceivably be conferred by it, is not to make
of the executive branch of government a perpetual
and
time to become
offensive and overbearing.
pernicious busybody, certain in
generally dangerous,
A much more
that possess the
rights
takes
place
and
highest historic sanction
regularly in connection with
evidence bearing upon social proc¬
problems.
One of the simplest cases of
meddling with the Bill of
eral and State
fer
an
personal
quite
efforts to obtain
esses
evident interference with
Rights occurs in the Fed¬
legislation which is intended to con¬
equivalent for the
constitutional guarantee
490
Financial
against self-incrimination, in the form of statutory
immunity from prosecution for any offence in connection with which
compulsion.
this
testimony has been given under
But in many instances the results of
meddling have proved especially unsatisfactory,
for it became evident
immediately that
astutely
an
Chronicle
orderly,
Jan. 22, 1938
of taking testimony
processes
are
by their
intrinsic character proof against such baseless
very
and harmful consequences.
such
Moreover, the injury in
is not merely to those who are unjustly
cases
and falsely accused, but it extends to the entire
fabric of industrial society which is in danger of
advised criminal could obtain complete protection
unwise
from
action when the idea is spread and supported by
punishment by the convenient
facilitated with the assistance of
a
device, often
venal
or
com-
plaisant prosecutor, of arranging to be called before
grand jury or
a
the
arose
committing magistrate.
a
Hence
practice of preventing these so-called "im-
legislation
if
of
not
subversive
actually
seeming authority that the practices of its leaders
The fact is that
commonly harsh and unjust.
are
in these exhibitions (and the Wheeler Committee in
its investigation of railway financing is working in
munity baths" by demanding, from all those called
much the
to
long way towards supporting the doctrine that the
testify, preliminary waivers of immunity ; that is
the Senators have gone
manner)
same
a
to say, a
ancient method of eliciting facts and testimony is
upon
the only
formal and effective promise not to claim,
trial, the benefit of the statute expressly conferring an immunity as the quid pro quo of an invaded and violated
right.
This may not have been
objectionable when the waiver
so
was
offered
for
Games
one
that is consistent with human liberty,
best played when the rules are observed,
are
In fact, when rules
become
quences
voluntary acceptance
tory.
of any sort,
to call for the
tion.
or rejection, without coercion
but that has long ceased to be the situa-
ment, contumely in the public
to be the common
come
them
press,
the rights given
upon
by the statutes and the Constitution.
Consider,
ances
Committee
beginning,
Civil
on
That
inquiries; it had all the
and
poena
documents
duces
all
that
examine
had, at the
to compel oral and
power
documentary testimony that
Yet
the
by young
over
committee
of
fund for the expenses of its
an enormous
Senators.
Liberties
States, presided
Senator La Follette.
be conferred upon
can
was
not
enough.
To sub-
witnesses, to obtain relevant
by having them produced under subpoena
tecum
and
verified
under
oath
during the
of giving oral testimony would, these Senators, or some of them, believed, limit the bulk of
process
the results obtained
lation.
The
or
delay their complete
alternative, not provided for by
to enlist the services of
was
accumu-
numerous
any
experts,
and to set them at work
upon corporate books and
records, to send out voluminous questionnaires and
collect voluminous
great
replies, to get together, in short,
of material that
mass
explore and that
digested
or
never
no
one
would
be
understood by the committee,
of its employees.
any
ing indictment of
Finally,
many
and industrial leaders
through the daily
among
those
wrong,
even
names
could
adequately
or even
by
broad and sweep-
a
presented to the Nation,
with
names
scorn.
are
man
of the leading enterprises
was
press,
for condemnation and
of those held up
Next, it
appears that
who
done
some
have
if the most harsh interpretations
no
are
applied to their conduct; who even within the most
prejudiced and impassioned judgments ought not
to have been
from
the
those
included in the attack.
on
the committee
All the
who have
answer
committed
is a few scattering and obscurely preapologies, and the plea that "manifestly" it
wrong
sented
has been
"impossible" thoroughly to examine
all the
returns collected.
Now,
obliged,
no
one
under
was
the
in
any
way
could
or
Constitution
that could be
preted and misrepresented.
The
Is it not time
investigation of the operations of the Na-
tion submitted by
so
The
of
have
the
manner
been
United
outlined
readily misinter-
ordinary, and the
Board, proposed in
resolu-
a
Senator Burke of Nebraska,
useful
many
purposes
can
if it is energetically
prosecuted and not permitted to become merely a
"white-washing" expedition.
should
Such
investigation
an
bring home to the public realization of what
the Board is
attempting to do,
a
realization that is
sadly lacking despite the sensational publicity that
has attended
that
decisions and
recent
some
actions of
and despite the widespread criticism
agency
of its recent conduct.
A
thorough
to abandon
of the untenable positions it has assumed and
result in needed and
even
the
prob-
survey very
ably would at least force the Board
some
might
comprehensive revision of
Wagner Act.
A Senate subcommittee headed
of West
by Senator Neely
Virginia will shortly hold hearings
upon
Burke resolution to determine the need for such
investigation.
the
an
It is especially important, therefore,
that the
public understand the need for a painstaking review of the Federal agency, lest this preliminary
be
survey
used
simply to
"kill"
the
Burke
resolution.
Actually, most industrialists and publicists have
only
an
extremely
idea of what the Labor
vague
Board has been doing during the past two years,
Current criticism of the Board very probably is
based upon its
handling of cases concerning the
jurisdictional quarrel within the ranks of organized
labor and the recent celebrated
freedom of the
press
cases
and speech.
which involved
Yet this Federal
agency has handed down dozens of decisions estab-
lishing important principles in the law of collective
bargaining,
of which has
none
ever
received consid-
eration from the front page metropolitan
papers.
In
fact, the latest annual report of the Labor Board
devotes
mary"
some
of
100
Board verdicts.
pages
of small type to
principles
so
Until these
legal
the Federal
obliged,
States, to supply material in the
or
in government.
so
conse-
rigor of the game?
tional Labor Relations
serve
another example, the recent perform-
as
of the
Senate of the United
ever
It may be
violated the
or
unfair and unsatisfac-
Make the Investigation Thorough
these have all
penalties universally visited
who dare to stand
upon any
a
ignored
Persecution of the rankest
sort, harsh criti¬
cism from the mouths of high executives of
govern-
law,
are
arbitrary,
principles
courts
far
a
"sum-
established
are
by
upset in
they constitute the law of the
land,
It is
five
suggested, therefore, that the first construc-
service
Board
could
a
Senate
investigation
accomplish
would
be
of
an
appraisal of the law thus established.
the
Labor
impartial
If the
in-
Volume
Financial
146
491
Chronicle
vestigation would only cause industry and the pub¬
Its annual
lic
decisions
at
large to peruse the summary of principles
established
by the Board
printed in its annual
as
report, one could confidently predict that the Board
would
The analysis and in¬
shortly be deflated.
Senate
properly make might effec¬
terpretation of these "principles" which
a
labor
a
report shows, for example, that Board
frequently have forbidden as an unfair
practice, employers stating to employees that
union
was
"racketeers."
is
a
waste of
a
"racket"
or
money,"
"reds"
or
that
that
Statements
organizers
were
"payment of dues
that leaders of such organ¬
similarly branded.
The
izations
were
tively stimulate the demand for alteration of the
Board's
express
labor relations law.
attempts of employers to discredit the union in any
committee could
A
illustrations
few
of
some
most
these
of
just what is entailed by
"principles"
should
great public indignation.
aroused no sur¬
provoked
rightly
press
be instructive.
of the freedom of the
The Board's recent invasion
the Barclay case
Yet its action in
trend of
prise among those who had followed the
Labor Board decisions
The Board has in
during the past year or more.
many
cases
handed down edicts
of speech.
which involved an infraction of freedom
Listings
of
securities
corporate
new
(apart from Government issues) listed on the New
York Stock Exchange during the calendar year 1937
discloses
once
changes that have taken
the
again
place in the general.financial situation throughout the
United States.
Starting with 1930, up to which
end
the
since
time
World War
the
of
corporate
until the
reached in 1929
(the biggest on record for any 12-months' period in
the history of the Exchange), a steady decline was
listings have shown increases year by year
huge total of $9,151,523,107 was
shown with
in
$7,632,633,397 in 1930, $2,703,030,179
$373,137,314 in
This huge shrinkage
corporate listings was brought about by
1931, $687,564,099 in 1932, and
1933, the smallest in 39 years.
in the total
conditions and business
the economic and industrial
in
increases
1934 and 1935 showed large
corporate listings over 1933, the total
The
depression.
years
being $815,156,214 and $1,686,495,443,
showing that business was on a more
respectively,
stable basis,
Borrowing from Government agencies to meet out-
standing obligations declined in 1934 and 1935 from
Less ad1936 and
therefore, witnessed the resumption of
the figures at
that
which they stood in 1933.
by these agencies were made in
vances
year,
methods of raising capital.
normal
The reopening
further
of the investment market to
corporations
stimulated by money rates
favorable for refunding
was
operations and was an outstanding factor in bringing
1937
opened
The year
listings
the corresponding
$4,189,242,528 for 1936.
total listings to
with
auspiciously
corporate
showing monthly increases over
During the latter part of 1937 it
months of 1936.
became
increasingly evident, however, that business
recession
industrial
one
of
at
was
hand.
of the sharpest on
volume of
ditions
in
general
December was
record and in the short space
of the
most
recovery
made in the
production in the preceding two years was
This
lost.
decline
The
activity from August to
four months
general
decline affected financial con-
generally and
was
not
conducive to
the listing of
new
result
that
financing which generally precedes
securities
total
on
the
corporate
year
1936,
The
on
shows
a
The
the
is
new
Exchange for the
sharp decline from the
the total for the year amounting to
compared with $4,189,242,528 in
decline in listings in 1937 from the
$3,078,720,862,
1936:
Exchange.
listings
calendar year 1937
ers
constituted
way
the law.
were
position in these cases was that
a
violation of Section 8 of
Yet, in making such statements, employ¬
simply expressing thoughts they sincerely
believed, along with millions of other citizens, and
thus
exercising
a
guaranteed
right
by the
Con¬
stitution.
Curiously enough, the Board's decisions show that
even
when
such
opinions
(Continued
on
as
page
those just cited are
503)
the New York Stock Exchange During the Year 1937
on
volume
total
The
such
were
1936 total is in accord with the actual corporate
financing for the 12 months as represented by stock
and bond issues offered on the investment market
by corporations where there has also been an enormous shrinkage during the past year in the offerings
of new securities. (Full details regarding the latter
were given in our issue of Jan. 8, in our article on
"New Capital Flotations," pages 165-171.)
Among other features in connection with the
year's listing we note the following: (1) An increase
over 1936 in the amount of foreign government
securities listed, the total of $311,739,500 cornparing with $186,990,700 in 1936, $76,000,000 in
1935, and the entire absence of such listings during
the three preceding years. We note also the listing
of $2,682,944,320 United States Government and
Agency bonds. (2) A decrease in the amount of
corporate bonds listed, the total, $1,543,810,965,
comparing with $2,775,968,270 in 1936, the largest
on record for any 12 months in the history of the
Exchange. This latter compares with $929,608,680
in 1935, $229,329,500 in 1934, and $140,796,025
in 1933, the lowest since 1885, or as far back as our
records go. (3) The large amount of bonds issued
for replacing old securities, the total reaching $1,246,727,962. This latter figure compares with $2,443,453,771 in 1936, being the largest in the history
of the Exchange for any single 12-months' period,
■ (4) An increase in the total amount of stocks listed
the total of $1,534,909,897 comparing with $1,413,274,258 in 1936, which latter was almost double
the amount listed in 1935. (5) We also note the
listing of two debenture issues of the American
Telephone & Telegraph Co., together aggregating
$335,000,000. These two issues together mark the
largest listing of bonds of any single corporation in
the history of the Exchange and exceed the single
issue of $230,000,000 Northern Pacific-Great Northern
joint 15-year (C. B. & Q. collateral) convertible
bonds listed in 1921.
The corporate bond issues listed during 1937, as
already stated, aggregated $1,543,810,965, as against
$2,775,968,270 in 1936, $929,608,680 in 1935, $229,329,500 in 1934, $140,796,025 in 1933, and $328,297,600 in 1932. Of the 1937 total, railroad bonds
comprised $205,417,700, as against $621,142,900 in
1936, $155,220,000 in 1935, $165,559,100 in 1934,
and $113,725,100 in 1933. Of the 1937 total, $65,-
492
Financial
691,700
issued for
were
issued for
were
the
Public
12-months' period in the history of
Exchange, $214,749,000 in 1935, $44,539,500 in
$36,106,793
issued for
were
capital and $907,-
new
Utilities.
%
%
S
482,207
refunding
for
Industrial
purposes.
bonds listed
1937
in
reached
73,460,110 1,277,911,170
39,500,755
68,364,061 1,305,409,442
748,192,226
5,720,737
580,105,977
1934 165,559.100
4,081,800
196,223,000
523,800,000
585,098,300
471.134,300
407,186,300
72,758.700
1931 418,635,572
1930 940,401,837
1929 567,890,460
In the
We
high record.
tions
in
This latter compares with $559,639,680
1935, $19,230,900 in 1934, $22,989,125 in 1933,
and $59,315,900 in
987,510
issued for
were
The
Of the 1937 total, $193,-
1932.
issued for
were
capital and $200,816,755
new
refunding and like
purposes.
stocks listed in
volume of
noted, reached $1,534,909,897, and
per
and
amounts,
compares
Public utility stocks listed in 1937
364,061 in 1936,
$15,120,242
Industrial
and
1933,
and
1937 reached
with
compares
$68,-
$114,271,513
miscellaneous
stocks
$1,277,911,170, which
in
Railroad.
old
represent
for
were
were
stocks
that in several
listed
nominal
compares
new
certain extent
stocks listed
1935
S
$
5
5,695,941
40,300,530
•
■
mm.mmm.mmm
13,803*500
...
...
322,896
1,915470
301.280
19,534,347
18,535,185
78,051,068
1930
...
...
2,988.720
82.970,060
5o",bbb"6o6 22",8"ob"66o
...
1931
...
80,000,000
3~,578"666
2*.729" 100
179,313,000 74",726" 500 112,795,500 332,270,900
125,000,000 130,890,000 267,161,000 41,790,900
15,750,000 98,102,500 203,352,000 46.572.339
SECURITIES
OF
AMERICAN
OPERATIONS
COMPANIES
OUTSIDE
3~6~40~d00
ISSUED
UNITED
FINANCING
FOR
STATES.
:
the
shares
Bonds.
•
Stocks.
Indus.
Railroad.
1935
1934
Mis cell.
Utilities.
$
1936
Public
dk
%
Railroad.
;
%
Indus,
%
$
$
dk
MisceU.
Utilities.
...
1,957~500
...
9,836,340
...
mmmmmmmm
1,089" 720
...
1933
...
1932
...
1931
...
listed
were
more
of
or
no
less
Although this practice has to
1,874,700
3,322,440
157,378
170380
63,199,372
124.335.974
144,339,323
12,136444
9,685,340
86,755,025
Government issues, foreign and domestic, are not
it must be taken into account
included
1930
...
1929
...
1928
5d,bbb"666
5o",bbb",666
...
........
36,551,800
1,360,000
25,000,000
57,000,000
in the above tables.
The
of such issues listed
3i",5bb"666
following is the aggregate amount
authorized to be listed for the past
or
10 years:
GOVERNMENT
BONDS
LISTED
a
ON
NEW
YORK
EXCHANGE,
Total.
Securities.
(Incl. Canadian).
1937
STOCK
U. 8. Government
Foreign Issues
changed the comparisons of the total
expressed in dollars, still the value
as
impaired,
the figures
as
declared value of the
or
reported in the companies' latest balance
sheets.
$311,739,500
$2,682,944,320
$2,994,683,820
186,990,700
76.000,000
5,706,005,275
3,675,639,050
6,270,129.450
5,892.995,975
3,751.639,050
6.270,129.450
2,938,224,600
2.938,224,600
1931
zoo.ibo'ooo
2.121,410,350
1930
401,338,000
2,321,560.350
401,338,000
1929
as
given represent the stated
:
18.500.000
19,053,500
...
1932
1928
Wi
%
S
27,904,000
dk
Mis cell.
Utilities.
Railroad.
Mis cell.
S
Indus,
Public
dk
...
1934
1933
purposes.
of comparisons is in no way
shares
Stocks.
25,000^000
...
with
capital, $63,370,201
represented by
are
figures.
STOCK
YORK
NEW
Indus.
3,297,000
...
1936
during
just listed, and $844,873,286
cases
and
value,
par
for
refunding and like
As in recent years,
THE
Public
Of the $1,277,911,170 listed in
1937, $369,667,683
ON
Utilities.
$
1937
1937
1932.
LISTED
Public
1932.
$1,305,409,442 in 1936, $748,192,226 in 1935, $580,105,977 in 1934, $217,002,647 in 1933, and $191,511,986 in
IN THE UNITED
EXCHANGE.
OF FOREIGN CORPORATIONS PLACED
AND
in 1935, $5,720,737 in 1934,
none
in
and
are
Bonds.
1929
in 1934, only $218,400 in 1933, and $53,-
aggregated $73,460,110,
already stated,
as
with
with $39,500,755 in 1936, $8,694,537 in
none
or
corporate listings in the above:
SECURITIES
1937, railroad stocks comprise $183,538,617, which
1935,
financing
Both
included in the totals of
acquiring
for
developing properties outside the United States.
already
as
Of the $1,534,909,897 listed in
483,000 in 1932.
issued
corporations
826,714 in 1934, $232,341,289 in 1933, and $359,-
compares
and secondly the amounts of securities of
se,
American
$1,413,274,258 in 1936, $756,886,763 in 1935, $585,-
266,499 in 1932.
undertake to show how
we
listings in the above were for foreign purposes.
give first the amounts of securities of foreign corpora¬
STATES
1937,
"218", 400
15,120,242
217,002,647
53,483,000
114,271,513
191,511,986
59,315,900
9,869,270
237,193,009 1,315.376,328
198,156,000
518,805,300 745,974,094 1.441,236,493 3,401.117.373
612,143,000 265,148,356 1,439,787,105 5,795,419,886
704,500.000 533.603.989 1,396,823,452 2,421,617,350
22,989,125
following tabulations
much of the
804,265, compared with $989,572,370 in 1936, the
8.694,537
19,230,900
44,539,500
1933 113,725,100
and
$394,-
%
%
1337 205,417,700 943,589,000 394,804,265 183,538,617
1928 726,503,066
miscellaneous
Industrial dk
Miscellaneous
S
Railroad.
Mis cell.
1936 621,142.900 1165253000 989,572,370
1935 155,220,000 214,749,000 659,639.680
1932
Of the 1937 total
1934, and $4,081,800 in 1933.
Public
Utilities.
dk
Indus.
Railroad.
$943,589,000,
up
1938
Stocks.
Bonds.
Public
purposes.
with $1,165,253,000 in 1936, the high
record for any
Jan. 22,
capital and $138,429,000
new
refunding and like
utility bonds listed in 1937 foot
and compare
Chronicle
153,295,000
888,639,000
1936
1935
1934..... iiwi. wi- * -.i & -b#
-
1933...
1932
1928
153,295,000
1.138.639.200
25d.bbb~6oo
The
following table embraces the record of aggre¬
gate corporate listings for the last 10 years:
CORPORATE
LISTINGS
ON
NEW
YORK
STOCK
EXCHANGE.
Issued for New
Now Listed.
&c.
Replacing
Old Securities.
$
Capital,
Bonds.*
Old Issues
$
S
1937
295,786,003
1936
1935
332,345,499
137,752,264
1934
1933
1,297,000
169,000
Total.
1,246,727,962
2,443,453,771
9,777,000
3,218.000
782,079,416
159,439,200
16,081,800
294,923,900
sTobb'.obo
1931
623,598,672
1930
1929
1,725,295,150
1.190,959,555
1928
884,883,600
New York Central
1,543,810.965
2,775,968,270
929,608,680
229,329.500
124,714,225
28,373,700
513,414,900
315,600,287
445.208,205
953,305,766
3,578,000
3,410.000
15,000,000
140,796,025
328,297,600
1,140,591,572
2,044,305,437
1,651,167,760
1,838,189.366
Stocks.
1937
407,310,983
63,370,201
1936
177,688,367
140,611,600
1,064,228,713
984,021,944
289,638,052
1,534, 909,897
1934
62,127,308
251,563,947
326,637,111
425,941,221
1933
65,509,543
205,407.438
108,751,530
37,489,798
58.080,216
116,369,263
232, 341,289
359, 266,499
1929
346,896,024
2,723,806,396
2,660,789,377
1928
2,189,175.784
82,485,537
546,199,903
1,032,197,383
443,339.549
1.133,057,046
2,318,321,661
3,807,368,587
1.719,529.458
1,562, 438,607
5,588, 327,960
7,500, 355,347
1935
1932
1931
1930
w
—*
——
1,413, 274,258
756, 886,763
585 826,714
97,758,185
—
ocyaiatcij'
or
"assessment
paid"—the
securities
themselves
been listed—are not Included in this table.
In the
the
following
amounts
we
under
previously
leading head,
so
as
to indicate
namely, railroad,
public utility and industrial and miscellaneous companies.
This table shows at
listed
groups
a
glance the volume of bonds and stocks
during the last
mentioned:
10
years
the
by each
of
the
different
•
AlOliWA
VI.U
334s, issued for
conv.
forJrefunding
purposes,
North¬
and $41,097,000
secured 3Ms, also issued for re¬
conv.
utility bonds listed, the
$175,000,000 American Tele¬
phone & Telegraph Co. 334% debentures and $160,000,000
$943,589,000
are
public
worthy of note:
3M% debentures ofjthe same corporation, together aggre¬
gating $335,000,000, issued to refund existing bonds; $130,000,000 Philadelphia Electric Co. 1st & ref. 334s; $80,000,000
Union Electric Co.'of Missouri 1st & coll. trust 3%s;
000,000
Gas
Louisville
&
Electric
Co.
1st
&
ref.
$28,334s;
$45,000,000 Southern Bell Telephone Co. 3Ms; $35,000,000
lstT3Ms and $9,500,000 4% debentures of Oklahoma Gas
&
Electric
Co.
1st
Of
&
the
following
Credit
classify the figures
each
having
iOOUVO
Co.,
ref.
and $35,000,000
334s,
or
Pacific
Gas & Electric
all issued principally for refunding
issues carrying
a
higher
coupon
rate.
•
Note.—Applications for the listing ol trust company receipts and ol securities
marked "assented" (if preparatory to
reorganisation), or of securities stamped
"assumed"
Of
following
4,352, 044,791
jJ u
k/V/LLVi
purposes.
maturing issues,
—V.muvu,
A CA'AJLL V/CVVA.
3 Ms, issued
gen
funding
66,672,300
1932..
l/jLLC
$52,670,700 Pennsylvania RR.
corporate purposes and expansion; $50,000,000 Great
ern
•
.,
VIUVA
are
$394,804,265
are
of
3M% and
Water
industrial
the principal issues:
bond
issues
listed
the
Two issues of Commercial
$30,000,000 and $35,000,000 each and bearing
2M% interest, respectively; $40,000,000
Associated
Oil
Co.
Panhandle Eastern Pipe
Tide
334% debentures; $24,000,000
Line Co. 1st mtge. & 1st lien 4s;
$25,321,500 Allis-Chalmers Manufacturing Co. 4% deben¬
tures; $25,000,000 Koppers Co.
1st & Coll. trust 4s, and
$20,285,000 Phelps Dodge Corp. 334% debentures.
Volume
Financial
146
Among the stocks of railroads listed
we
1951
INDUSTRIAL
note $15,315,300
York
Central
The
and
RR.
Internationsl Rys, of
185,000 shares
of
(no par)
Armour &
Commercial
547,788
shares (no par) $4.50 pref. stock of Consumers Power Co.
and 85,750 shares (no par) $5 pref. stock of Consolidated
public
stock
utility
issues
listed include
and
industrial
miscellaneous
stock
Interlake Iron
$20,880,125 common and $50,021,550 6% pref. Atlas
Corp.; $18,000,000 5% cum. pref. stock of Household
Finance Corp.; 400,000 shares common (no par) of John
Morrell & Co.; $38,372,425 common stock of Texas Corp.;
500,000 shares $4.50 conv. pref.(no par) and $8,160,800 com.
stock of Tide Water Associated Oil Co.; 200,000 shares $4.50
-.vy
V
GOVERNMENT
Otis Steel Co
Panhandle
Total
Working capital, &c.
62,900 Issued per reog. plan
176,500 Issued per reorg. plan
(R) Hoe & Co Inc 1st mtge 1944..
14,000 Issued per reorg. plan
Koppers Co 1st & Coll tr 4s 1951__ 25,000,000 Refunding, working capital
Lautaro Nitrate Co Ltd 1st inc 1975
1,813,000 Exch. per plan for conv.bds.
Liquid Carbonic Corp conv 4s 1947
3,500,000 Refunding
Phelps Dodge Corp 3M% debs *52 20,285,000 Capital expenditures
Pittsburgh Coke & Iron Co 1st 4Mb
2,975,000 Refunding
Francisco Sugar Co coll tr 6s 1956-
5,465,000
2,547,000
4,140,000
4,140,000
355,740,220
29,000,000
Richfield Oil Corp 4%
debs 1952-.
Safeway Stores Inc 4% debs 1947..
27,300 Issued per reorg. plan
7,663,765 Issued per reorg. plan
15,000,000 Redemption of notes, gen.
Simmons Co
10,000,000 Refunding, working
1951.
44,839,000
1,248,000
6,860,500
1946
Amount
Company and Class of Bonds—
of Ga
1936
&
1937
¥ Total
Purpose of Issue—
1st
_
-
*1,830,550 Conv.
red. of
of pref.,
pref. of sub., &c.
*3,659,880 Red. 2d pref. stk., ext., &C.
^
„
„
*164,931 Conversion of preferred
23,117 Issued per reorg. plan
,
*41,665 Purch stock constit. co.
l,663,oQ0 Acq. stock Rustless
■
njn
.
,
,
_
.
*7,348,260 Acquis.,red. 7% pref. stock
1,294,650 Conversion of debentures
40,890 Issued per recap, plan
AtCommon""
SECOND SIX MONTHS OF 1937
20,880,1251 Exchange for stocks of
50,021,550/ constituent companies
*44,733 Working capital
6%
preferred" "
Atlas Powder Co com
Common
k
07
(1,342 shs)-
--•••.»
—
"(i6'l~63~ shs)
-.
Boeing Airplane Co common
Bridgeport Brass Co com (187,398
shares)
-
Bucyrus-Erie Co common
45,000.000 Refunding
——
Ba°4 738W6hari°!-^l-?™-Butler Bros common
'
,
_
,
.....
*2,796,364 Old stock just listed
6,000,000 Exch. old pref., corp. purp.
*507,6001 Issued per plan of recap.
(28,200 shares)
^referred
Blaw-Knox Co com
deb
$255,029,000
DW^exchange^tog
30,570 Conv. of preferred stock
(217,083 shares)
Founders Inc com.
Smelting Co com
Associates Investment Co—
Common (418,235 shares).----5% cum preferred.--
trust
Total
Old stock just listed
Old stock just listed
Working capital
Chain
American Type
Union Electric Co of Mo 1st & coll
|
2,798,200
pref
Amer Zinc Lead &
3Ms 1962
80,000,000 Refunding
Westchester Ltg Co gen 3Ms 1967- 25,000,000 Repay advs. to parent co.
,
^
_
American Steel Foundries common
Refunding
35,000,000 Refunding
9,500,000 Refunding
Co
jt£j* JgLJ
MONTHS OF 1937 |
Purpose oflssue—
& Cable Co Inc
(122,171 shares)
Co Inc com.
American Machine <fe Metals Inc
common (8,333 shares)
American Rolling Mill common. —
American Smelting & Refining Co
common (365,988 shares)
15,000,000 Refunding, improvements
3 Ms 1962_
Red. old preferred issues
Amount.
(640,000
common
Company and Class of Bonds—
Amount
Purpose of Issue—
Buffalo Niagara Electric Corp gen
& ref 3Ms series C 1967
$17,029,000 Refunding
Cincinnati Gas & El Co 1st 3 Ms'67 10,000,000 Expansion, impts., &c.
N Y Telephone Co ref 3 Ms 1967— 25,000,000 Redemption of pref. stock
Ohio Edison Co 1st 4s 19u7
8,500,000 Add'ns, impts., &c.
Oklahoma Gas & Electric Co—
4% debentures 1946
Bell Tel & Tel
...
,,
LISTED FIRST SIX
Amer Encaustic Tiling
f
Southern
bbott Laboratories com
American
35,000,000 Refunding
PUBLIC UTILITY BONDS LISTED
*
Exch N. Y. Steam pref.
$63,408,634j
-
Amalgamated Leather Cos Inc com
American Brake Shoe & Foundry Co
(146,444 shares)-------
12,500,000 Refunding
15,000,000 Refunding
1st 3 Ms 1966
Total
Allied Stores Corp 5%
$688,560,000
Total
193^
„
*54,834 Issued per reorg. plan
shares)-.-...----*$6,440,000
Allen Industries Inc common
246,000
Allied Mills Inc com (22,457 shs)..
*125,759
Southern Natural Gas Co 1st mtge
pipe line 4Ms 1951
■'
,,
"CompaniTund Clas.f*ofstock—
Purpose of Issue—
Southern California Gas Co—
-
Amount
- -
INDUSTRIAL STOCKS
25,000,000 Refunding, corp. purposes
1st & ref 4Ms 1961
1st & ref 4s 1965
fr***
MONTHS OF
Purpose of Issue—
*
28,000,000 Refunding
Philadelphia Electric Co 1st & ref
3Ms 1967
130,000,000
Issued per reorg. plan
^
h*. (9,620 shares)
48,000,000 Refunding, additions, &c.
3M_s 1972_ — _ 26,560,000 Refunding
C 1966
„
LISTED SECOND SIX
preferred (85,750 shares)
*$8,575,000
Power Co $4.50 pref
(547,788 shs)
*54,778,800
New York City Omnibus Corp com
Pacific Gas & Electric Co 1st & ref
3Ms series I 1966
Pacific Tel & Tel Co ref 3Ms series
t
Conversion of preferred
Consumers
Montana Pr Co 1st & ref 3Ms 1966Ohio Edison Co 1st
,
Amount
¥ Company and Class of Stock—
Consol Edison Co of N Y Inc $5
&
-
of 1937
MONTHSIOF1193
Purpose of Issue—
—$10,051,476 M
-
PUBLIC UTILITY STOCKS
j.
Co
second six months
LISTED FIRST SIX
(481,025 shs)
*$7,528,041
New York City Omnibus Corp cap
stock (422,708 shs)
*2,523,435
$175,000,000 Refunding
160,000.000 Refunding
Elec
$183,538,617
Company and Class of Stock—
Brooklyn-Manhattan Transit Corp
rapid transit coll tr 4Ms 1966
4,500,000 Acquis'n sub co bonds
Central Illinois Light Co 1st & cons
3Ms 1966
2,000,000 Additions, &c.
Consumers Power Co 1st 3Ms 1966 12,000,000 Acquis'n, impt., &c.
Gas
*18,500,000 Corporate purposes
-*145,378,700 Conv of 6% bonds
Columbia Gas & Electric Corp com
American Tel & Tel Co—
3Ms 1966.
*$516,617 Issued per reorg. plan
3,828,000 Capital purposes
15,315,300 Stock dividend
None
"
.
Amount
1937
Purpose of Issue—
FIRST SIX MONTHS OF
Amount
stocks listed
PUBLIC UTILITYfSTOCKS
355,8001 Bonds maturing in
1936
157,500)
extend to 1946
9,873,000 Expend, construction, &c
808,000 Old bonds just listed
489,000 Old bonds just listed
Company antl Class of Bonds—
$181,459,865
STOCKS LISTED
Total..—
UTILITY* BONDSTlSTED-FIRST SIX MONTHS OF 1937
3 M % debs 1961
3 M % debs 1966
capital
,
5,946,800 Issued per reorg. plan
6,500,000 Pay. demand & time notes
1947..
(185,000 shs)-__.
(1,453,787 shs)
Railroad
Pay bank debts &c.
Expansion, corp purposes
OF
,
Stores Corp
—
common
$16,271,300
I Total
ref
Cigar-Whelan
N Y Central com
Maturing 5s ext at 3%
Refunding, &c.
Refunding J
MONTHS
,
13,600,000 Refunding, acquisition, &c.
-
Company and Class of Slock—
Alleghany Corp com (42,400 shs)_
Bangor & Aroostook RR 5% pref..
Chesapeake & Ohio Ry pref A
Internat Rys of Central America
Purpose of Issue—
SIX
corporate purposes
4% debs 1952
Corp 1st & gen 4 Ms
Total
$4,588,000 Bonds due 1937 ext to 1942
Cuba RR—
1st & ref 7 Ms series A
1st & ref 6s series B
Chic Burl & Quincy gen 4s 1958—
N Y & Long Branch RR gen 4s
Warren RR 1st ref 3 Ms
Louisville
.
5s 1952---...
Wilson & Co Inc 3M% debs
$189,146,400
LISTED- -second
Central RR & Banking Co
coll trust 5s 1942
PUBLIC
.
Southern Kraft
Lake Erie & Western RR 1st mtge
BONDS
Inc 5% debs
Pressed Steel Car Co
4,927,000 Exh sec of constituent cos
1967- 50,000,000 Refunding
Indianapolis Union Ry rer & impt
3,150,000 Refunding
'
3Ms 1986
Total
11,600 Issued per reog. plan
Consolidation Coal Co inc 5s I960.
30,000,000
55,000,000
(stamped) 1965
RAILROAD
SIX MONTHS OF 1937
Amount
Purpose of Issue—
$4,562,500 Exch. for coll. trust bonds
25,321,500 General corporate purposes
4,000,000 Refunding, working capital
Commercial Credit Co 2M% debs
1942
35,000,000
Great Northern Ry gen 3 Ms
7,250,000
3s 1947
10,268,000
Long Island RR ref 4s 1949
N Y Central conv sec 3Ms 1952— 41,097,000
New York Chicago & St Louis RR
16,000,000
4% coll trust notes_-_
Pennsylvania RR conv 3 Ms 1952- 52,670,700
SECOND
LISTED
BONDS
Celotex Corp 4M% debs 1947
Colorado Fuel & Iron Corp inc 5s
1970
El Paso & Southwestern RR 1st &
ref 5s
$213,344,400
—
Adams Express Co 4 M % debs 1946
Allis-Chahners Mfg Co 4% debs '52
$23,500,000
35,000,000
70.000,000
$2,929,2001 Bonds maturing in
854,500/
extended to 1946
A
prom, notes, red.
pref. stock, wkg. capital
10,000,000 Rfdg., plant construction
Company and Class of Bonds—
TO BE
Cuba RR—
1st & ref 7 Ms series
1st & ref 6s series B
12,507,200 Exch. for 6% debentures
105,100 Issued per reog. plan
40,000,000 Repay
RAILROAD
.
24,000,000 Refunding, corp. purposes
%
debs 1952
following tables:
Amount
15,000,000 Refunding, impts., &c.
Co
Line
Union Oil Co of Calif deb 3 Ms 1952
United
Company and Class of Bonds—
Pipe
1947
The purposes on account of which the several bond and
stock issues listed during the year were issued are given in
the
650,000 Ext. of 7M % notes
4,500,000 Pay bank loans
Exch. per plan for conv.bds.
6s extended to 1946
lst4Ms 1962
Eastern
Pressed Steel Car Co 5% debs.
Tide Water Associated Oil Co 3 M
$2,994,683,820
Total
5%
conv
1st mtge & 1st lien 4s 1952
Paramount Pictures Inc conv 3 Ms
1,786,360,050
540,844,050
1953-49
1945
Inc
Lautaro Nitrate Co Ltd 1st inc '75 25,040,000
National Acme Co 1st 4Ms 1946..
750,000
Amount
Treasury 2 Ms,
Treasury 2Ms,
1952
Co
Kinney
INDUSTRIAL
LISTED AND AUTHORIZED
LISTED DURING 1937
Argentine Republic*—
Sinking fund external conversion loan 4M % bonds, 1971—
.Sinking fund external conversion loan 4% bonds, 1972
Sinkingfund external conversion loan 4% bonds, 1972
Canada, Dominion of—
'
7-year 2M% bonds, 1944
30-year 3% bonds, 1967
Dominican Republic—
20-year 5M % customs a dm. 1st series ext. to 1961
20-year 5M % customs adm. 2d series ext. to 1961
14-year 5M % customs adm. 1st series ext. to 1969
14-year 5M % customs adm. 2d series ext. to 1969
Home Owners' Loan Corporation 2Ms, series G, 1944-42 —
Norway, Kingdom of, 26-year 4% external loan, 1963
Uruguay, Republic of, ext. readj. sinking fund dollar bonds—
3M-4-4M% due May 1, 1979
3M%, due Jan. 1, 1984
4-4M-4M%, due Feb. 1, 1978
United States of America—
10,000,000 Refunding, reimburse treas.
R)
Kresge Foundation coll tr 3Ms 1947
*""V
ISSUES
728,000 Issued per reog. plan
53,000 Issued per reog. plan
Corp 4% conv debs
notes 1941
pref. (no par) of Standard Brands, Inc.; 3,986,639 shares
stock (no pai) of Richfield Oil Corp.; $15,655,125
$2 pref. stock and 963,872 shares of common (par $1) of
Rayonier, Inc., and four issues of National Supply Co. of
Pa., aggregating $52,465,090.
The following tables show at a glance government bonds
listed and authorized to be listed on the Exchange during
■
194,400 Issued per reog. plan
debs
1947
(G
common
1937:
Credit Co 3M%
Francisco Sugar Co coll tr 6s 1956(R) Hoe & Co Inc 1st mtge 1944..
include
issues
20,000,000 Wkg. capital, repay loans
Corp inc 5s'70
30.000,000 Working capital
Consolidation Coal Co inc 5s 1960170,200 Issued per reog. plan
Dow Chemical Co 3% debs 19515,000,000 Corporate purposes
Electric Auto Lite Co 4% debs 1952 10,000,000 Red. pref. stock, pay bank
loans, working capital
Edison Co. of New York, Inc.
The
1st 4s series
Co of Del
C 1957
Colorado Fuel & Iron
SIX MONTHS OF 1937
Amount
Purpose of Issue—
$4,500,000 Acquisition wk£. capital
146,500 Issued per readjust, plan
Allied Stores Corp
Central America.
FIRST
LISTED
BONDS
Company and Class of Bonds—
4Ms 1951
Anglo-Chilean Nitrate Corp debs-
Chesapeake & Ohio pref. A; 1,453,787 shares (no par) of
New
493
Chronicle
—
California Packing Corp 5% prefCallahan Zinc-Lead Co common.-
Carpenter Steel Co common
3*290,000/
*279,500 Acquis, of property, &c.
203,675 Working capital
*1,361,786 Corporate purposes
76,740 Issued per recap, plan
*47.899 Exch. $3.50 conv pref
227,300 Conv. of preferred stock
2,582,200 Divs on common stock
302,518 Expansion &c.
_
1,800,000 Old stock just listed
494
Financial
Company and Class of Stock—
Amount
Purpose of Issue—
Caterpillar Tractor Co 5% pref... $6,014,700 Divs. on common stock
Central Foundry Co common
123,170 Conversion of bonds
Celotex Corp—
Common (1,009 shares)
*1,0091 Issued per reorg. plan of
6% preferred
22,500/
old company
Central Violeta Sugar Co S A cap
stock
2,528,798 Issued per reorg. plan of
Eastern Cuba Sugar Corp
Certain-teed Products Corp—
Common
14,7951 Issued per recapitalization
6% cum prior preferred
302,400/
plan
Chicago Pneumatic Tube Co—
Common (135,852 shares)
*1,494,370) Issued per plan of recap.
$3 cum pref (181,135 shs)
*9,056,750/
Collins A Aikman Corp 5% pref-4,888,400 Exch. for 7% preferred
Colorado Fuel A Iron Corp common
(11,023 shares)
*110,230 Issued per reorg. plan
Columbia Pictures Corp com (7,189
shares)
*96,398 Stock dividend
Commercial Inv Trust Co common
*245,600 Acquis, of constitut. co.
Consolidated Aircraft Corp com—
579,360 Old stock Just listed
Consolidation Coal Co com (v t c)324,975 Issued per reorg. plan
Container Corp common
2,500,000 Working capital
Crane Co 5% pref
19,280,300 Red. of 7% pref., wkg. cap.
'Crown Zellerbach Corp—
Common
10,305,9951 Merger Crown Willamette
$5 cum pref (529,655 shares)
*52,965,500/
Paper Co and company
Davega Stores Corp 5% pref
1,875,000 Corporate purposes
Diamond T Motor Car Co com—
800,000 Old stock Just listed
Doehler Die Casting Co common
(283,187 shares)
*943,957 Old stock just listed
Douglas Aircraft Co Inc common
(9,800 shares)
*98,000 Acquis, stock of constit. co.
Dow Chemical Co com (945,000
shares)
*12,685,000 Old stock just listed
(30,700 shares)
—
-
El Paso Natural Gas Co
common--
Fairbanks Morse & Co Inc
109,350 Conv. of debentures
Common
-
*5,050,150 Issued per reorg. plan
*1,432 Working capital
(15,537 shares)
*123,710 Issued per reorg. plan
General Time Instruments Corp
common (2,282 shares)
*22,820 Old stock just listed
Goodyear Tire & Rubber Co—
Common (271,035 shares)
*l,219,6571jssued per plan for rear$5 preferred (517,452 shares)
*51,745,200/ rangement of capital
Graham-Paige Motors Corp com..
120,372 General corporate purposes
Greyhound Corp 5/^ % preferred.1,950,900 Div. on common stock
Hinde& Dauch Paper Co common3,502,600 Old stock just listed
—
Hercules
Powder
Co
com
com
(23,838
(95,715 shares)
cum. preferred stock
Hupp Motor Car Corp common—
Industrial Rayon Corp common
(151,625shares)
Inland Steel Co com (74.950 shs)._
Internat Business Machine Corp
capital stock (36,946 shares)
International Mining Corp com
Interstate Department Stores Inc
common (75,344 shares)
Johns Manville Corp com (100,000
shares)
5%
—
*238,380 Conversion of preferred
72,080 Gen. corporate puposes
*2,392,875 Exch. for partic. pref. stock
18,000,000 Exch. for part. pf. stock, &c
998,971 Working capital
*2,021,161 New plant, &c.
*2,473,350 Improvements, &c.
*1,190,282 Stock dividend
3,513 Acquire stock of constit. co.
Inc
*2,000,000 Expenditures, wkg. capital
*1,050,917 Issued under opt. to execs.
Mar ne Midland
Marshall
Corp
Field
&
Co
171,0651 Issued per plan of recap.
agreement
*749,273 Conversion of debentures
common
cos.
'
(259,335 shares)
(Glenn L) Martin Co
*1,296,675 Issued per plan of recap.
common869,613 Old stock just listed, cohv.
of notes
Martin Parry Corp com(50,000
shs)
*400,000 Pay loans, wkg. capital, &c.
Masonite Corp com (536,738 shs).
*795,885 Old stock just listed
Melville Shoe Corp com (3,372 shs)
*4,215 Conversion of preferred
Mengel Co—
_
,.
Common
95,9241 Exchanged for 7%
preferred stock
conv 1st pref
Twin Coach Co
1,029,900 Acquis,
of
exch. for
Montgomery Ward &
(647,121 shares)
,,
Co Inc
A
Co
6% preferred
common
United
*15.062,787 Exch. for parent
Total—
common....
C) Penney Co com (75,000 shs)_
Pennsylvania Glass Sand Corp com
vtc (6,815 shares)
Pfeiffer Brewing Co com (39,041
shares)
*48,801 Gorportate purposes
_
5H% preferred....
Schenley Distilleries Corp
com
Scott Paper Co com (248,990 shs).
Corporate purposes
Acquis, of contr. cos.
Merger of constit. cos., Ac.
Brake
Shoe
A
second
1937
*$3,679,000
1,326,860
„
Allied Mills Inc com (36,668 shs)..
Allied Stores Corp com (30,000 shs)
*191.030
*500,000
Purpose of Issue—•
Acquisition
Exchange for old stocks,
Corporate purposes
Working capital
Acquisition
Fdy Co
Common (10,316 shares)
American Chain & Cable Co Inc
Common (63,495 shs)
American Encaustic Tiling Co Inc
*168,494 Merger of constituent
cos.
*85,718 Conversion of preferred
6,073
Issued per reorg. plan
Issued per merger plan
Red. debs
corp. purposes
265,400 Conversion of debentures
Amer News Co com (432,000
shs)._*10,800,000
American Rolling Mill
Co4H% pf 45,000,000
American Type Founders Inc com.
American Zinc Lead &
Smelting Co
Common
,
11,242) Issued per recapitalization
conv preferred
42,675/
plan
Q Paper Co Inc com (816 shs).
*10,200 Conversion of securities
Armstrong Cork Co common (201,520 shares)
*1,007,600 Red. of debentures
Baldwin Locomotive Wks vtc com.
13,360,906 Issued per reorg. plan
Black & Decker Mfg Co com
(7,388
shares)
*36,940 Issued per empl. compensation plan
Blaw-Knox Co com (1,900 shs).
*52,250 Acquisition
Boeing Airplane Co common
663,825 Working capital
Bond Stores Inc common-.
701,497 Consol. of constit. cos., Ac.
Bower Roller
Bearing Co., com...
1,500,000 Old stock just listed
Bucyrus Erie Co common
154,415 Issued per recapit. plan
Burlington Mills Corp., com
550,051 Issued per reorg. plan
Butler Bros common...
25,860 Conversion of pref. stock
Canada Dry Ginger Ale Inc com..
512,630 Pay loans, wkg. funds, Ac.
Caterpillar Tractor Co 5% pref—
5,646,700 Dividend on common
Central Foundry Co common
3,327 Conversion of bonds
Central Violeta Sugar Co S A com.
115,166 Issued per reorg. plan of
Eastern Cuba Sugar
Climax Molybdenum Co commoti
(2,520,000 shares)
*39,311 Old stock just listed
Cluett, Peabody A Co Inc common
(110.671 shares)
*1,957,851 Additions, wkg. capital.Ac.
A P
——
,
,
Colorado Fuel A Iron Co
common
(10,495 shares)...
—
stock of constit.
154,350 Conv. of class A stock
495,500 Exch. for A red. of 7% pref.
*489,980 Stock dividend
1
2,379,6901 Old stocks just listed
Class B
Pictures Corp
(8,451 shares)
Consolidation Coal Co—
1,897,310/
common
....
Container Corp of America com—_
Continental Can Co Inc com pref
'(200,000 shares)
*20,000,000
Deere A Co com (2,002,908 shs)— *9,978.080
Diamond T Motor Car Co common
42,518
(E I) du Pont de Nemours A Co
$4.50 pref (500,000 shs)
*50,000,000
El Paso Natural Gas Co
^
*113,666 Stock dividend
'
v
67,700) Issued per reorganization
26,500(
plan
54,180 Working capital
common.
_
Flintkote Co com (1,600 shs)
Florence Stove Co com (2,561 shs).
Pay current bank debt
Stock dividend
Acquisition
Gen'l corporate purposes
26,-832 Conversion of debentures
*16,000
*32,012
General corp. purposes
Working capital
Food Machinery Corp—
Common
404,830 Conversion of pref.
cum conv
4,000,000 Pay loans, working capital
preferred
(59,485 shares)
*594,850 Issued per reorg. plan
2,589,735 Old stock just listed
com
—
co.
1,050,000 Acquis, stock of constit.
*104,950 Acquisition
Broadcasting Co—
General Tire A Rubber Co
*32,171,124 Conv. of securities, acquis.
^
Conv. of preferred
Conv. of preferred
stocks listed
OF
Amount
Goodyear Tire A Rubber Co (com
59,753 shares)
Graham-Paige Motors Corp com
(W T) Grant Co (Del)—
(1,-
Revere Copper A Brass Inc—
Common—
I"#;-
common
51,161 Issued per reorg. plan
*5,333,100 Redemption of notes
2,500,000 Old stock just listed
153,301 Stock dividends, &c.
common
MONTHS
Air Reduction Co com (36,790
shs)
Allied Kid Co.,. common
4H %
Pressed Steel Car Co Inc common.
Pure Oil Co com (533,310
shares)—
Reliance Mfg Co common
Conv. of preferred
Reduce indebt., developm't
Exch. old shs. of $100 par
Gabriel Co class A (5,800 shares)*5,800 Working capital
General Theatras Equipment Corp
*6,815 Conv. of pref. stock
—
Remington Rand Inc
Republic Steel Corp
385,492 shares)
SIX
Company and Class of Stock-—
Common (v t c).
5% preferred stock
■
*55,9651 Issued in exchange for 7%
preferred
1,485,720 Old stock just listed
189,930 Conv. of preferred
526,663 Issued per reorg. plan, conv
of preferred
31,246 General business purposes
5,060 Old stock just listed
*717,750 Corporate purposes
?ra^e«Rust p™of Co
(J
*44,915
1,026,000
2,400,000
18,315
384,980
*2,603,475
374,000
484,664
—$645,600,122
—
Columbia
*2,866,800/
common
com
.*•,-.
Class A
co.
National Department Stores
Corp—
Common (161,464
shares)
*1,614,640IJssued per reorg. plan
6 % preferred
i ,633,040 f
National Gypsum Co common
1,174,382 Old stock just listed
Paramount Pictures Inc com,
*79,713 Conversion of preferred
472,500 Old stock just listed
7,005,000 Conv. of debentures
Common (478,554 shares)
*4,242,886 50% stk. div., corp. purp.
4>£% preferred
10,000,000 Red. 6>£% pref., wkg. cap.
Walworth Co com (20,280 shs)
*50,700 Gen. corp. purposes
Wayne Pump Co common
289,659 Old stock just listed
Western Auto Supply Co common.
7,513,680 Exch. for old stocks, red.
bank loans, wkg. capital
Westvaco Chlorine Products Corp
(54,400 shares)..
*465,120 Acquisition constit. co.
(8 S) White Dental Mfg Co com..
6,000,000 Old stock just listed
Yellow Truck & Coach Mfg Co cl B
13,853 Working capita
Youngstown Sheet & Tube Co com
(206,032 shares)
*12,877,000 Conversion of debentures
5,616 Conv. of class A stock
*82,886 Construction, &c.
8,228,000 Acquis. Kelvinator Corp.
Otis Steel Co—
Common (11,193 shares)
$5.50 conv 1st pref (28,668 shs)Outboard & Marine Mfg Co com..
Pacific American Fisheries Inc com
*154,980 Conv. of preferred, &c.
237,160 Purchase of equipment
Corp
shares)
United Electric Coal Cos
United Paperboard Co Inc com
U 8 Hoffman Machinery Corp com
U 8 Pipe A Foundry Co com
stock
265,518 Old stock just listed
Mueller Brass Co common
Mullins Mfg Co class B
(G C) Murphy Co com (15,500 shs)
.Nash Kelvinator
Corp common
991,305 Gen. corporate purposes
common
common
Carr-Fastener
(8,983
Columbia
£ (400,000 shares)
Park A Tilford Inc
co.,
*10,725,722 Reimb. treas. for com. div.,
working capital, Ac.
•
Morrell
constit.
com
—
Co
Union Oil Co of Calif common
United Air Lines Transport Corp
,
Regulator
Co 4% preferred
.
cum.
3,294,800/
Minneapolis-Honeywell
—
Coal
(30,996 shares)
Twentieth Century-Fox Film Corp
common (79,713 shares)
$5
4,681 JExch. for 8% preferred
3,328,000 Conversion of preferred
*337,865 Issued
per
management
7,275,840 Merger of constit. cos.
1,417,500 Acquis, stock of assoc.
com__
common
common
Truax-Traer
common
*376,720 Adv. to sub. to pay loans
Loew's Inc com (41,670 shs)
Lone Star Cement Corp common
(21,478 shares)
McKeesport Tin Plate Corp
5,508,200 Exch. for constit. cos*, stks.
$4.50 conv pref (500,000 shs)...*50,000,000 Red. of 6% pref. stock
Transcontinental & Western Air
American
*1,466,100/1
.
Tide Water Associated Oil Co—
Common
Industrial and"*miscellaneou&
(G R) Kinney Co Inc—
Common...
$5 prior pref (14,661 shares)
Kresge Department Stores Inc com
Lehigh Portland Cement Corp com
Lehman Corp com (3,223 shares)-.
(John)
.
_
*287,775 Corporate purposes
shares)
(A) Hollander & Son Inc common.
Household Finance Corp common
o%
—
(11,511
Furnace Co
shares)
,
preferred (67,000 shares)
——
*6,700,000 Exch. for 7% pref. stock
(L C) Smith & Corona Typewriters
*2,844,712 Old stock just listed, conv.
of preferred stock, Ac.
Spiegel Inc—
Common
21,316 Iss. per bonus plan to empl.
$4.50 cum pref (100,000 shs)
*10,000,000 Red.of6H% pref., increase
working capital
Square D Co common
127,200 Exch. for class A stock
Stokely Bros & Co Inc common.-.
535,000 Exch. predecessor co. stock
Studebaker Corp common
12,544 Issued per reorg. plan
Superior Oil Corp common
350,000 Working capital, &c.
Symington Gould Corp com
142,306 Conversion of bonds, Ac.
(James) Talcott Inc—
Common
3,234,510 Exch. for old stock
5y-2% partic preferred
1,500,000 General corporate purposes
Texas Corp common.
38,372,425 Pay bank loans, acquis.,&c.
Thermoid Co common
176,225 Gen. corp. purp., div. on
conv. preferred >tock
Thompson Products Inc common
(8,280 shares)
*82,800 Conversion of preferred
k. Inc (v t c) com (228,537 shs)
Walgreen~Qq-—-
22,450 Issued per empl. comp. plan
*776,850 Stock dividend
—
*$15,491,857 Working capital
*116,316 Conv. of debentures
shares)
Sharon Steel Corp com (9,693 shs).
Sloss-Sheffield Steel & Iron Co $6
Universal Cyclops Steel Corp com.
*1,864,080/
1938
22,
Purpose of Issue—
Sears Roebuck & Co com (590,166
U 8 Rubber Co com (38,570 shs)„
United Stockyards Corp common.
General Theatres Equipment Corp
(12,371 shares)
Amount
common
*1,086,149 Conversion of preferred
*7,000 Gen. corporate purposes
*281,050 Working capital
39,650 Conv. of preferred stock
575,000)Old stock just listed
3 preferred (186,408 shares)
Gen Amer Transportation Co com.
General Refractories Co common
Jan.
Company and Class of Stock—
common
(52,496 shares),.
Flintkote Co com (700 shares)
Florence Stove Co com (22,484 shs)
Food Machinery Corp common—
Francisco Sugar Co com (350,000
shares)
Gabriel Co class A (1,432 shares)-(Robert) Gair Go Inc—
Holland
Chronicle
co.
Common.
:
5% preferred
;
Greyhound Corp—
Common (71,742 shares).
5/^% preferred
Hercules Powder Co com (59,618
—
shares)
*248,765 Conv. of $5 pref. stock
50,060 General corp. purposes
11,905,5401 Issued
per
7,002,760/
agreement
consolidation
*89,677 Acquis, of constit.
1,321,630 Stock dividend
*1,490,450 General corporate
co.
purposes
Volume
Financial
146
In the following
Purpose of Issue—
Amount
Company and Class of Stock—
Finance Corp common
(20,000 shares)
International Paper & Power Co-
Household
which
*$500,000 Corporate purposes
27,408,0751 Issued per plan of change
Common
92,976,200/
5% cum conv preferred
(G R) Kinney Co—
Common
in capitalization
28,9981 Issued per plan of recap.
-
*4,709,000/
$5 prior pref (47,090 shares)
Lehigh Portland Cement common.
Lehman Corp common
73,500 Conversion of preferred
16,515 Issued
per
management
agreement
Libbey McNeill & Libby common
(214,676 shares)
*1,502,732 Dividend
(R H) Macy & Co Inc common
(150,383 shares)
*5,233,328 Working capital
Marine Midland Corp common
8,215 Acquis, of constit. cos.
McKesson & Robbins Inc $3 pref
5H% con prior preferred
23,160,600)
of National Supply Co.
6% prior preferred
6,468,7001
(Del.) and Spang, Chal$2 conv preferred
yll,276,120]
fant & Co.
Neisner Bros Inc 494 % preferred..
2,500,000 Red. & exch. of 7% pref.
Oliver Far in Equipment Co com
(67,163 shares)
*2,686,520 Pay bk. loans, wkg. cap.,&c
Otis Steel Co—
*980/Issued in exchange for 7%
*50,900)
preferred
(196 shares)
$5.50 conv preferred (509 shs)__
64,593 Conversion of pref.
Paramount Pictures Inc common..
Pennsylvania Glass Sand Corp com
vtc (1,270 shares)
.Pittsburgh Coke & Iron Co—
Common (609,341 shares)
$5 cum preferred (19,818 shares)
Pittsburgh Steel Co—
5M% prior preferred
5% preferred class A
Pure Oil Co common
*6,093,410 Issued per reorg. plan
*1,981,800 Redemption of bonds
15,733 Issued per reorg. plan
1,692,710 Exercise of warrants
Rayonier Inc—
963,872 (Issued
Common
per
consolidation
$2 cum preferred
15,655,125/ agreement
Remington Rand Inc common
19,863 Corporate purposes
Republic Steel Corp com (319,060
snares)
*7,408,573 Conv. of securities, acquis.
of stock of constit.
Revere Copper & Brass
Reynolds Metals com (63,876 shs).
Richfield Oil Corp com (3,986,639
shares)
*74,437,250 Issued
—
x530,625 Red. of debenture stock
788,100 Dividend
Safeway Stores Inc 5% pref
Sears Roebuck & Co common
(22,-
Steel
Corp
(20,000 shares)
Simonds Saw
preferred
$5
*2,000,000 Redemption of debentures
*3,000,000 Old stock just listed, work¬
ing capital
(L C) Smith & Corona Typewriters
Inc (v t c) com (1,814 shares)..
*23,100
Spencer Kellogg & Sons Inc com¬
mon (9,105 shares)
*227,625
Sperry Corp vtc com
66,454
Standard
Brands
Inc $4.50 pref
(200,000 shares)
*20,000,000
Standard Oil Co (Ind) common—
154,975
Stokely Bros & Co Inc common..
11,500
Studebaker Corp common
15,184
Sim Oil Co common (171,555 shs). *4,512,337
Sunshine Mining Co common
14,888
Symington Gould Corp
40,951
Thermoid Co $3 preferred
410,000
Tidewater Assoc Oil Co common..
2,652,600
Truax-Traer
Coal
Co
Conversion of pref. stock
Stock dividend
Exchange Vickers Inc. shs.
Red. bank loans, wkg. cap'l
Issued under empl. stk.plan
Acquisition
Issued per reorg. plan
Stock dividend
Old stock just. listed
Conversion of bonds, &c.
Reclassification of capital
Exch. for constit.
*193,695 Conversion
of
cos.
LISTING
COMPANIES
and
com
*27,140 General corporate
290,700 Acquisition
shs)
purposes
Westinghouse Elec & Mfg common
Wheeling Steel Corp—
Common (175,117 shares)
*8,755,850(Issued per recapitalization
$5 cum pref (350,241 shares)
*35,024,100J
plan
Willys-Overland Motors Inc—
Common.
896,229(Issued per reorganization
6% preferred
3,207,7781
plan
Woodward Iron Co common
2,670,380 Issued per reorg. plan
Worthington Pump & Mach'y Corp
Common (116,012 shares)..
*1,160,120] Issued pursuant to plan of
Preferred 4
% conv series
6,280,900)
recapitalization
Preferred 4M% series.
6,280,900J
Youngstown
Sheet &
Tube Co
common (84,288 shares)
*5,268,000 Conversion of debentures
declared
or
no
par
value.
The amounts given represent the
share
are
issued by Irving Trust Co.
represents
Each
each)
350,000
stock (no par)
7% cum. preferred stock (par $100)
CHANGING PAR VALUE OF SHARES WITHOUT
NUMBER OF SHARES LISTED
No. of Shares
COMPANIES
CHANGING
.
a2,086,884
a206,234
Lehman Corp
Neisner Bros., Inc., common
New York Dock Co.—
c70,000
clOO.OOO
d1,000,000
gl,257,297
Common
Pacific Western Oil Corp., common
—
Consolidated, Inc
Pennsylvania-Dixie Cement Corp., preferred
Square D Co., class B
Patino Mines & Enterprises
el21,200
a222,876
b306,000
f725,000
.—
White Motor Co
-
shares exchanged for no-par shares, share for share,
b Nopar shares changed to $5 par and exchanged share for share,
c No-par
shares exchanged for shares of $100 par, share for share,
d New $10 par
shares exchange for no-par shares, share for share,
e New no-par value
shares issued for $100 par shares, share for share,
f New $1 par shares
exchanged for $50 par shares, share for share,
g American share certifi¬
cates, par $10, exchanged for no-par shares, share for share.
a
New $1 par
SPLIT-UP
OF
Building construction in the United States was
made
during 1937 by much the same forces that
possible
an
advance in other business fields
No. of Shares
American Chain & Cable Co.,
801,784
Inc., (3 for 1)
*
—-
659,998
1,341,348
741,956
shares changed from no par
—
-
-
Liquid Carbonic Corp. (2 for 1)
— McGraw Electric Co. (par changed from $5 to $1 per share
and split 2 for 1)
National Supply Co. of Del. (3 for 1).
Owens-Illinois Glass Co. (2 for 1)
Ruberoid Co. (3 for 1)
----Transamerica Corp.
(stock reduced, each 2 no-par shares
receiving 1 share of $2 par)
Union Bag & Paper Corp. (4 for 1)
-
LISTED
activity
we are
presenting
our
„
able to point to
for the year as a
whole,
as
preceding annual periods.
a
Common
-
Printing Ink Corp.)—
500,000
H28.364
2,661,204
438,942
11,590,784
1,055,442
,D,
Preferred
Kalamazoo Stove & Furnace Co. (from Kalamazoo
Nash-Kelvinator Corp. (from Nash Corp.)
Solvay American Corp.
Corp.) 5}4% preferred
(from
110,000
22H£0
—
-
—
Stove Co.) - -
66,917
300,000
2,730,000
Solvay American Investment
139,648
Spiegel, Inc. (from Spiegel, May, Stern Co., Inc.)-—
Common (par $2)
6M% cum. preferred stock (par $100)-Worthington Pump & Machinery Corp. (Del.) (successor
Virginia corporation of same name)—
1,265,000
40,530
to
ro'^oo
oA.igi
91,330
Common
7% class A preferred
6% class B preferred
-
—
SECURITIES FOR WHICH CERTIFICATES OF
LISTED, THE SECURITIES THEMSELVES
PREVIOUSLY LISTED
New York
DEPOSIT WERE
HAVING BEEN
of, certificates of deposit for customs
of dep. for 7% cum. pref. stock-.
Dock Co. certificates of
New York Steam Corp.
Cum.
—
4,386,000
39,438 shs.
- —
preferred stock, $6 dividend
Wheeling Steel Corp. deposit
have cast
a
series
—
receipts for 6% pref. stock—
deep shadow over building
activities and prospects,
business
58,070 shs.
$381,547
1937
construction
and the course of general
clearly will be a prominent factor in deter¬
assurance
program,
wise
$2,230,500
3,500,000
deposit for 5% serial
certificates of deposit for:
Preferred stock, series A
favorable trend
Recent events, however,
350,000
250,221
—
■
---.
building.
There is also
of Federal Administration efforts to
building through
stimulate
against the immediately
*4
756,046
1,380,246
Inc. (from Amer. Chain Co., Inc.)
5% cum. conv. preferred stock.
Interchemical Corp. (from International
of building
survey
2,604,040
No. of Shares
American Chain & Cable Co.,
an
In
2,009,280
SECURITIES FOR WHICH NEW CERTIFICATES WERE LISTED
THROUGH CHANGE IN NAME OF COMPANY, WITHOUT
CHANGING NUMBER
OF SHARES OF STOCK ALREADY
about
months.
2,462,040
577,173
changed from
$12.50)
Greyhound Corp. (4 for 1, and shares changed from $5 par
to no par)
Hupp Motor Car Corp. (par changed from $10 to $1 per share
and number of shares reduced to—)
mining the further trend of
sharp recession or depression in the final
BY
SHARES, &c.
during the early part of the year, while bringing
a
LISTED
SHARES
OF
NUMBER
CHANGING
COMPANIES
Building Construction in United States Falters After Early Gains in
affected
VOTING
397,010
249,743
48,400
Common (no par)
Class A partic. & conv.
gold notes 1938
stated value.
American shares
FOR
Shares
1st lien 8s 1948--Manati Sugar Co. ctfs.
as depositary.
four ordinary shares (par 5 shillings
deposited under the deposit agreement dated July 10, 1928.
y Also includes stock dividend paid on common.
x
SHARES IN EXCHANGE
CERTIFICATES
United States Leather Co.—
El Salvador, Republic
$632,311,048
Total......
American
53,728 shs.
91,333 shs%
-
*13,808 Acquisition
(3,452 shares)
Walworth Co com (10,856
THE
$3,499,000
4,400,000
1,350,000
Interborough Rapid Transit Co. (par $100)
Common
preferred stock
(25,669 shares)
United Aircraft Corp common
United Carr Fastener Corp
of
PLAN,
LISTED
TRUST
stock
bonds
*25,669 Conversion of preferred
62,000 Working capital
Common
shares
TO
1948
Ogdensburg & Lake Champlain RR. 1st mtge. 4s,
Rutland-Canadian RR. 1st mtge. 4s, 1949
Worthington Pump & Machinery Corp—
Class A 7% cum. preferred (par $100)-Class B 6% cum. preferred (par $100)
Lehman Corp. (3 for 1)
Twentieth Century-Fox Film Corp
Includes
ASSENTING
common
(20,398 shares)
*
AS
HAVING ALREADY BEEN
to
Steel Co common
&
(500,000 shares)
STAMPED
Rutland RR. 1st consol. mtge. 4Ms, 1941
no par to $1 par) —
Homestake Mining Co. (8 for 1, and
*591,971 Working capital
549 shares)
Sharon
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
our table above as they represent substitutions for securities
already listed and are not considered by us as new or addi¬
tional listings.
The tables follow:
Borg Warner Corp. (2 for 1)
Cluett, Peabody & Co. (3 for 1)
Cutler-Hammer, Inc. (2 for 1)
Hercules Powder Co. (2 for 1)
General Printing Ink Corp (4 for 1, and shares
per reorg. plan
Ltd
Roan Antelope Copper Mines
American shares (106,125)
list of the securities for
a
list
cos.
9,680 Conversion of class A stock
*526,977 Working capital
Inc com..
give
United Electric Coal Cos
1,937,6001 Issued per plan of capital
4,859,000/ readjustment
-
we
receipts were issued during 1937, a
$5 non-cum. preferred
*1,270 Conv. of preferred stock
Pressed Steel Car Co Inc common.
tables
company
SECURITIES
(50,000 shares)
*5,000,000 Capital additions, &c.
Montgomery Ward & Co common
(5,022 shares)
*82,863 Working capital, &c.
Mullins Mfg Co common.
375,525 Stock div., acquisition, &c.
National Bond & Share Co common
(180,000 shares)
*4,500,000 Old stock just listed
National Department Stores Corp
common (2,081 shares)
*20,810 Issued per reorg. plan
National Supply Co (Pa)—
Common
11,559,6701 Issued per merger agreem't
Common
trust
SECURITIES
*3,448,200 Acquisition
*5,000,000 Investment, wkg. cap., &c.
(10,000 shares)
Mead Corp $5.50 pref (50,000shs).
Monsanto Chemical Co $4.50 pref
495
Chronicle
a
widespread housing
while some of the State governments like¬
indicated an intention of encouraging
have
construction.
Whether such official interventions
Financial
496
will
genuinely beneficial or harmful in the
prove
long
it is
For the time being
remains to be seen.
run
only possible to state that the same sort of
confusion and
business
uncertainty evident throughout other
prevails
spheres
building
in
also
con-
struction.
When
ties
one
we
presented our survey of building activi-
able to note that virtually
year ago we were
continuous
Our
ment.
place throughout 1936,
took
progress
favorable for further improve-
with the indications
expectations
hopeful
realized
were
amply in the first part of 1937, for construction
gained sharply and generally throughout the
activities
industrial
also
the
in
latter months
country with
modern housing.
of
building naturally
But
stifled late in
was
far less than
production in the
enterprises.
mits
that
trend
was
It
of
the
were
con-
contracted
mobile indus-
new
building
latest
per-
downward
evident.
Herbert H. Lehman.
buildcities of the United
States. This study shows clearly that the decline
in building work which started as early as 1926
reached its end in 1933, when the totals were truly
We turn now to our compilation covering
ing permits in all the leading
diminutive
and
obvious accompaniment of the
an
more
than
apparent
ever
improvement in building construction is
the most necessary
activities
Building
from
one
of
and important problems of these
aspects of trade
known that the
business paralysis then prevalent.
being curtailed, but
made
most
and other projects were
private initiative more than
In
for this retrenchment.
up
common
and
affect
directly
industry.
many
It is well
capital goods industries suffer far
business
retrenchment
than
the
food,
which, in
our
opinion, never can take the place of
the free judgment of ordinary
initiative, based on
the profit motive.
Some excesses of private building can
only by free competition, but such excesses are corrected far more quickly than would be the case if
clothing and other consumption goods industries,
planning
thought of profit or sensible financing.
all to be classed in
the
capital
building
varying degrees
as
representative
durable goods industries.
or
industry
usually
others of the durable
contracts
The
an
goods classification when de-
done
significance of these matters for
eral economic welfare has been
the
concern
emphasized
anew
admirable,
Perhaps the most important of the official
meas-
designed to stimulate building is the Wagner-
Steagall housing bill, which
forms
was
passed in different
by both Houses of Congress during the special
session late last year, and
which then
conference for final adjustments and
text.
This
stimulate
Administration
was
designed
measure,
on
mortgages for
up
$4,000 of valuation
would be insured
of the bill
larger buildings.
as
as
we
go
to
are
the
on a
to
gov-
to 90% of
appraised values of houses costing $6,000
while the next
Phases
sent to
uniformity of
construction, provides in general for
ernment insurance
ence
by
good
a
has been manifested of late
with results that may or may not
prove
ures
a
our gen-
abrupt business decline of late 1937, and
deal of official
as
a
or
less,
$10,000 house
mortgage
up
to 80%.
designed also to encourage
But the
measure still is in confer-
to press, and until it appears and is
work
to
set
without
In this con-
construction,
immense amount of construction should be
is
and its advance in
were
bill is designed to stimulate private
That
more
period of business improvement also is tardy
The
authorities
nection it is noteworthy that the Wagner-Steagall
than
pression conditions prevail,
rule.
are
and do
when there is freedom of action restrained
occur
Buildings, locomotives, machinery and the like
of
with
observers, we remain profoundly skeptical con-
cerning national building and planning programs,
Meanwhile, it has become
more
in
1937 along
Because
more
rather in
was
reflection
the
huge
a
enterprise
enterprise in all other fields.
struction
times.
has been
lative program
of "public works"
reverse
building field, for it is well known
lag in building throughout the. depression
shortage
other
comprehensive legissuggested by Governor
New York State, for instance, a
form
in the
case
developed in
whereas quite the
that started in 1929 left the
trial
State programs also
being directed, in some instances, toward the
stimulation of housing and other construction.
In
are
hand, the actual activities
economic
our
major contributing factor
were a
the latter half of the year,
the other
the final passage of the bill.
necessarily is planned far in advance, on
phases of
apparent that excessive inventories piled
early in 1937
with
Interest rates on
mortgages and other important matters may delay
A mild and hesi1934, while
larger and more encouraging gains were recorded in
1935 and 1936.
In the early part of 1937, and to
some extent in the later months of that year as well,
the tendency of actual construction was favorable,
although permits naturally began to decline sharply
toward the end of last year. It was, moreover, in
the field of private enterprise that the greatest improvement was manifested, for dwellings, apartment houses and similar structures once again were
being erected at a more encouraging rate, while
plant construction in the industrial field likewise
showed betterment. Governmental activities in the
toward the fresh industrial crisis that
that the
passed and accepted by the President too much
should not be taken for granted.
improvement was registered in
It is
is the
Jan. 22, ms
tant
halt,
a
Circumstances differ vastly in the
industrial and construction
life.
that
of 1937
brought the improvement in building to
sympathetically.
up
coun-
But the unpreeedentedly severe contraction of
try.
Chronicle
sufficiently
construction
obvious.
Although
building
overdone in the 1920's, especially
was
in the large cities such as New York, Chicago,
Los
Angeles and Philadelphia, the extra space then provided
no
longer
seems
excessive in view of the
growth of population and the increasing diversificaSo far
tion of business.
as
homes
are
concerned, the
shortage of modern facilities is acute, and aparthouses in
ment
the large
that
the
years.
cities likewise could be
It is, in fact, in these categories
built in numbers.
greatest
advances took
should prove successful,
it would necessarily stimu-
late all other phases of business.
lumber,
into
place in recent
If the program of building in such categories
cement and
For iron, steel,
countless other things enter
building construction, while the employment
afforded by these projects also is of immense im-
portance, both directly and indirectly,
The statistics
now
presented in these columns
indicate that the improvement in building early last
year was
sufficient, on an annual basis, to offset the
made possible a good showing
later decline and thus
for 1937 as against 1936 and the immediately prece-
Volume
Financial
146
dent years.
Apart from the recent developments,
497
Chronicle
authorities.
building departments and
Our com¬
however, the figures show that vast additional im¬
pilations relate entirely to the latter; that is, to
provement is necessary before building can be said
the
be
to
making its
contribution to national
proper
prosperity.
Our tabulations
mits in 354
the building per¬
cities, and these show
cover
contemplated
a
lation does not include
do the
figures,
struction, such
645,340
work in the nature of
17.08%.
against $1,046,887,801 in 1936, a gain of
The comparison with earlier years of the
great depression is quite favorable, as a matter of
for
course,
building
only
amounted
permits
to
F. W.
totals than those
and
the low
The year 1933
point of the depression in building, and
the diminutive
It is in
the smallest in decades.
was
comparison of current figures with the
pre-depression
years
of the
picture
figure
that
a
true and comprehensive
building situation
be gained.
can
in the
public utilities like light, power and similar
say,
dependent
$3,096,839,460, in 1928 to $3,500,730,450, in 1927 to
$3,651,036,266, and in 1926 to $4,121,964,853.
tion of continued
was
attained in 1925, when the aggre¬
that
seen
decline
the
which
started
1926
was
are
upon
financial conditions
developments, and these were all in the direc¬
expansion until the period of the
great breakdown in 1929.
The decline in
Thus it is
in
trend disclosed by our
Engineering projects involving,
tabulations.
own
compilations did not until
downward
1929 reveal the
and
gate was no less than $4,393,364,166.
explain why the yearly compari¬
of such
case
Thus, permits in 1929 in the 354 cities amounted to
highest point
the
by
compiled
presented by the building plans
It will also
tion.
son
explains why records of
those
permits which form the basis of our compila¬
enterprises,
The
This
Dodge Corp., invariably arrive at much larger
in
1934, and to $355,324,978 in 1933.
bridges, grade-crossing elimi¬
like
awarded,
$657,236,411 in the 354 cities in 1935, to $399,494,015
was
Nor
subways and highway
sewers,
as
nation and the like.
contracts
engineering projects.
rule, include public works con¬
as a
expenditure for the calendar year 1937 of $1,225,as
The record of
plans filed with local authorities.
building permits which forms the basis of our tabu¬
in 1925 to
our
tabulation from $4,393,364,166
$355,324,978 in 1933 affords the sharpest
uninterrupted until 1934, and this trend is quite
possible contrast, for the drop was no less than
instructive, since the decline preceded other indica¬
$4,038,039,188.
tions of the 1929
the
The figures show, more¬
collapse.
the degree to which recovery in this highly
over,
it is evident that the
important sphere must be carried if the stimulation
in 1937
of
trend
really active building period is to be afforded.
a
We
to
now
present a record of building permits back
1906, which enables the reader to determine at a
glance the trends and statistical levels entering into
The table shows New York
this matter.
rate from the rest of the
City
sepa¬
country, for building is of
Last year's
great significance in the metropolis.
permits in New York City, including all the five
boroughs, totaled $307,418,752 against $211,225,454
in
1936,
an
increase of 45.54%.
The gain from the
1933
depression low of $74,210,983 is impressive, but
here
again the current figures make an unfavorable
comparison with the period from 1925 to 1929, when
York
New
City figures consistently ran
close to
OF
YEARLY
DISTINCT
BUILDING
FROM
PERMITS FOR NEW
improvement to $1,225,645,340
still leaves much to be desired.
in the latter part
tributed
more
than
the recovery
to
case
a
and construction contract
awards for the 37 States east
1935; $1,543,108,400 in 1934, and
in 1928 no less than
$6,628,286,100.
MONTHLY
RECORD OF CONSTRUCTION
AS COMPILED BY THE F. W. DODGE
$
$
*
243.737,700
June
317,742,100
July
321,602,700
August
281,216,700
September
207,071,800
202,080,900
198,401,600
209,450,600
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
225,767,900
208,204,200
199,695,700
2.913,060.000
2,675,296,000
242,718,500
188,257,300
March
Outside CUiet.
Total All.
231,245,900
1937
354
307.418,752
25.08
918,226,588
1,225.645,340
1936
354
211,225,454
20.18
835,662,347
1,046,887.801
1935
354
23.22
354
1933
354
1932
354
504,632,757
318,917,727
281,113.995
342,623,677
657,236,411
1934
152,603,654
80.576,288
74,210,983
77,902,719
28.62
22.77
1926
354
1925---
354
1924
354
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
1923
310
785,557,945
1931
354
1930
354
1929
354
1928
354
1927
354
20 17
20.89
18.53
24.14
871,496,894
1,369,555,384
2,136,747,717
2,563,093,311
2,770,289,853
25.73
3,061,913,459
22.97
3,384,792,814
2,855,629,518
2,663,907,795
2,169,314,914
1,393,407,781
1,343,549.455
1,253,554.036
22.91
31.01
26.78
22.88
1922
308
638,569,809
22.74
1921
307
306
1919
297
1918
287
1917
277
476,827,194
290,828,942
261,500,189
56,500,495
103,068,798
221,293,974
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
241.064.458
25-50
1920
1916
273
1915
284
1914
284
1913
273
1912
235
1911
235
ltflO
223
19U9
209
1908
206
1907
200
1906.-
163
It is necessary
ous
17.79
17.26
16.61
450,859.008
718,970,094
910,278,381
758,991,580
753,730,258
818,029,278
22.25
798,913,875
20.81
762,174,380
763,368,183
740,677,942
555,324,252
604,671,736
564,486,823
11.14
12.54
19.56
18.56
15.49
21.88
26.94
23.94
24.63
29.93
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
3,651,036,266
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
805,551,281
to note, as we have done on previ¬
commonly are used to measure the course of
building work, namely, (1) the statistics regarding
engineering and
construction work,
statistics which deal with
and
October
November
December
Total
1932.
1933.
127.055.400
1,844,544,900
1,543,108.400
1931.
$
227,956,400
235,405,100
369,981,300
July
AUgUSt
September
„—
November
December
Total
is
113,075,000
128.768,700
107.273,900
105.302,300
81.219,300
336,925,200
306,079,100
316,147,600
285,997,3t0
233,106,100
251,109,700
242,094,200
151,195,900
136,851,600
1,255,708,400
May
June
84,798,400
89,045,800
112.234.500
121,704,800
146,221,200
106,131,100
122,615,700
145,367,200
162.330,600
207,209,500
April
There
148,005,200
159,257,500
168,557,200
167,376,200
200,595,700
188,115,000
264,136,500
102,341,900
82,693,100
February
March
October
186,463,700
96,716.300
178,345,800
131,157,000
134,363,700
$
1
$
99,773,900
75,047,100
122,940,500
124,020,000
126,720,100
83,356,000
52,712,300
59,958,500
56,573,000
77,171,700
January
1.351.158.700
3.092,849,500
room
for
133,988,100
127,526,700
a
1934.
119,662,300
119,591,800
110,151,200
135.224,800
111,691,500
92,684,900
1930.
$
323,975,200
317,053,000
456,119,000
482,876,700
457,416,000
600,573,400
366,878,400
346,643.800
331,863,500
336,706,400
253,573,700
249,435,500
4,523.114,600
difference of opinion as to
802.290.451
occasions, that there are two sets of records
which
269,534,200
April...
AWARDED
CORPORATION.
1935
May..
Whole.
CONTRACTS
1936
1937
REST OF COUNTRY
New York.
$1,255,708,400 in
1933, when the lowest point of the depression was
reached.
In 1929 the total was $5,750,290,500, and
February
CUiet.
The figure con¬
$2,675,296,000 in 1936; $1,844,544,900 in
YORK
Per Cent of
No. of
Year.
of the Rocky Moun¬
$2,913,060,000 for 1937.
January
Calendar
In the
presented by the F. W. Dodge
Corp., the engineering
trasts with
building con¬
small part of its normal share
which ended last summer.
of the figures
tains total
Since the
of 1937 again was down¬
ward, moreover, it cannot be said that
$1,000,000,000 and sometimes exceeded that level.
COMPARISONS
It is in the light of that decline that
improvement since 1933 can best be gauged, for
(2)
the
plans filed with the local
which set of
figures may be taken as
best represent¬
building work. As we have ex¬
plained on previous occasions, we are inclined to
believe that the building figures which we and a few
others undertake to collect furnish a better indica¬
tion of the course of new building work than the
record of contracts awarded, though it is not to be
ing the course of
498
Financial
denied that the latter have
Chronicle
Jan. 22,
peculiar value of their
a
1933.
1932,
1931.
f
S
1938
S
1930.
own.
Building permits naturally deal more particu¬
larly with distinctly building work, and they reflect
projected work
begun.
They
faithfully than work actually
more
thus
are
valuable indication of inten¬
a
tion,
now
to the details of
it is noteworthy than
buildings,...
our
on
own
compila¬
annual
an
basis
some
unevenness
New York
the country, although
over
to pace
as
City the gain
naturally
try outside the metropolis.
which
noted
we
a
This
reverses a
coun¬
tendency
City tended to lag behind the rest of the country.
For the five boroughs of New York
City construc¬
in
tion
1937
totaled
225,454 in 1936,
an
$397,418,752
against
increase of 45.54%.
$211,-
There
was a
considerable
divergence of trend within the metropo¬
lis, however, for the Bronx, which had been forging
ahead
in
1937.
Gains
preceding
showed
years,
downturn in
a
were
pronounced, however, in Manhat¬
tan, Brooklyn, Queens and Richmond, and such ad¬
far
vances
more
than offset the modest recession in
the Bronx.
The
noted
in
New
York
of
building
in
house
apartment
activities
once
more
and
were
a
illus¬
are
large degree.
Manhattan,
private home construction is at
in the
City
developments elsewhere, to
increase
that
376.051.200
39.950.400
82.307.500
228,777.000
37,252,100
48.353.000
117.982.600
121,193,300
162.120.600
181,266,600
53.099,600
98,746,600
139.814.600
Religious, Ac., buildings..
Social, Ac., buildings
81.056.000
403.723.700
♦Residential
Total
Total
92.837,100
113.298,400
Ac..
480,789,600 1,110,345,800 1.770,563,900
280.067,900
811,388,700 1,101,312.500
614.699.700
875.448.000
963.008.600
75,601,500
295,667,000
688.229.600
760,857,500 1,921,734.600 2,871.876.400
103.204,800
construction
1,255,708.400 1,351.158,700 3.092.849.500 4.523.114,60
Note.—Military and Naval buildings
by
38,682,600
652.985.8(k
499,617,80
buildings...
Public Utilities
"Public
27.255.000
249,262,100
buildings...
included under tbe general claa
are now
Buildings."
Includes projects without general contractors, sub-contracts being let directly
owners or
architects.
X Figures lor 1930
It will be
were
formerly classified
Industrial buildings.
as
from the above
seen
Dodge figures that
private construction activities in both commercial
and residential
in
spheres continued to reflect
progress
1937, whereas public construction tended to lag.
Commercial
and
factory buildings together
aggre¬
gated $610,732,300 in 1937 in the 37 States east of
the
Rockies,
whereas
activities involved
a
in
1936
money
such
construction
outlay of $447,155,200.
Residential
buildings in 1937 amounted to $905,292,800 against $801,623,800 in 1936.
One of the
most
significant variations in the figures
concerns
where
minimum, shows
a
similar
construction
the increase, at least
on
public works category, which dropped to $581,864,500 in 1937 from $714,142,700 in 1936.
The
decline in
public works projects reflects, of course,
the
tendency of government to retrench and permit
private industry once again to take up the burden
of advance.
as
It should be
emphasized that, in
building is concerned,
early part of 1937. The divergence among the
boroughs obviously is due to sectional influ¬
ences,
with the gains in Brooklyn, Queens and Rich¬
culty
mond
indicating that home construction
under
every
far
so
indication of im¬
provement
home
proved,
whole.
as a
also
im¬
Industrial construction played
was given by private industry last year,
notwithstanding the excessive taxation and the diffi¬
and
that
other
an
phase of construction activity
until well into 1936.
building last
year,
Despite the diversification of
under the
were
and under the normal requirements.
age
mental
aver¬
Govern¬
antagonism to private enterprise must bear
great part of the blame for the lack of
nounced
advance.
Excessive
peculiarly vicious taxes
oped
on
basis, it remains true that all
departments of construction
a
subnormal
and the general improvement
annual statistical
an
was
also
as
adverse
are
taxation
a more
and
have lately been
elements
of
pro¬
such
devel¬
im¬
great
portance.
proceeding further with
our
analysis of
building permits, various points of interest
be noted in the F. W.
and
classifies
a
to
Dodge Corp. figures of engi¬
construction
together for
are
period of
awards,
when
brought
The Dodge Corp.
years.
the
obtaining
present
building
public buildings
are
important classifications hardly
over
1936
recorded
was
last
DODGE
CORPORATION
FIGURES
OF
CONSTRUCTION
CONTRACTS AWARDED.*
Years.
1937
1936
1935
$
Commercial buildings
buildings
Educational buildings....
Hospitals and Institutions
297,043,400
313,688,900
230,706,800
the attacks
on
Returning to
worthy
that
our
all
which the cities
of
with 1936.
showed
a
are
divisions
into
some
improvement last year, in comparison
rate
of
other
York,
Total
buildings
Public works &c
Public utilities
New England entered
area.
second
Total construction
forward trend.
gains, for the annual period,
more
modestly in the
The great areas of the Southern and
increases.
managed to show only
Since
crops
good
were
in
1937, whereas industrial production fell severely in
the later months of that
year,
sible that the
953,259,700
801,623,800
675,488,600
478,843,100
543,031,800
248,840,100
2,053,465,400 1,754,883,500 1,154,331,700
581,864,500
714,142,700
578,541,800
277,730,100
206,269,800
111,671,400
791.871,900
18.298.900
126.192.000
was
The Middle Western and Middle Atlantic
States reflected modest
55,672,000
2,913,060,000 2,675,296,000 1,844,544,900 1,543,108,400
upon
only to Greater New York in the rate of
$
625.044.500
already indicated,
improvement rather belatedly, but in 1937
37,308.800
905,292,800
as
gain that exceeded the improve¬
1934.
47.574,500
large
grouped showed at least
97,786,600
23,674,300
60,173,800
1,148,172,600
a
classifications, it is note¬
47,056,900
Non-residential bldgs..
improvement
Public utility
year.
geographical
Greater New
ment in any
the
own
the
150,595,800
116,078,600
117,503,200
Residential buildings...
any
and
In all these
Administration.
164,479,800
108,858,500
173,458,700
Religious, Ac., buildingsSocial, Ac., buildings
*
%
hospitals
the utilities which form such
249,136,100
198,019,100
226,146,900
74,120,100
102,208,200
28,252,900
75,376,400
81,845,400
104,901,400
36.867,600
83,119,100
Public buildings
$
apparent when
part of the political stock in trade of the Roosevelt
diminutive
Factory
this
on the other hand, increased to $277,730,100 in 1937 from $206,269,806 in 1936, despite
the "other Western" States
Calendar
of
construction,
while the Pacific States shared
W.
more
considered.
lowing table
F.
market
extent
construction,
advance.
the figures back to 1930:
capital
The
construction contracts
according to
types of building and construction, and in the fol¬
we carry
the
to
access
regulations.
governmental enterprise is
educational
measure
Before
neering
of
divergence between private enterprise in building
important part in the advance during 1937, par¬
ticularly during the first half of the year, although
♦
1256,632,500
the
Tendencies
trative of
628,809,500
116.157.000
60,908.300
17.668.600
buildings
Hospitals and institutions.
buildings
for in 1936 New York
year ago,
311,105,800
Educational
*
than in any of the great divisions of the
year
In
apears.
pronounced last
was more
t
122.718.200
43.490,900
Public
Public works.
continued all
recovery
99,371,200
127,517,100
Non-resldentlal buildings
tions with respect to the immediate future.
Turning
Commercial
Factory buildings
more
rural
it is
areas once
more
than pos¬
again will show
larger gains than the thickly populated industrial
portions of the country, in the
But
everything depends, of
of affairs in
general.
year now
course, upon
Meantime,
we
started.
the trend
present
parison of groups covering the last eight
a com¬
years:
Financial
Volume 146
Chronicle
AGGREGATES OF BUILDING PERMITS BY GEOGRAPHICAL DIVISIONS
Before
Calendar Years
1937
1936
1934
1935
Dec.
presenting
pilation,
Inc. or
we
Dominion
%
New England
Middle Atlantic.—(72)
+9.53 105.434,934
217,761.13z 184.187.684 + 18.23
97.249,470
81,542.367
81.278,248
+ 0.32
58,277.167
188.269.356 178.055.685
+ 5.73 101.286.2)0
161.564.694 161.298,267
+ 0.23
88.699.494
(45)
Pacific
(51)
Southern
(60)
Total
New York
Total
City
307,418,752 211,225,454
all
(354) 1.225 645 340 1016877
1933
%
New
(59)
England
Pac flc
(51)
Southern
(60)
34,903.798
45,410.987
(353)
281.113.995
342.623.677
74.210.983
77,902,719
Atlantic
Middle
Other
(72)
Western...—(66)
Western
(45)
Total
New York City
Total all
(354)
40,556.836
234.100.823
183.777.508
36.740.298
93 656.351
68.475.061
136.850.981
110.732,571
69.390.236
by
a
gain of 27.29%.
We
This restored the favorable
building, which
frontier towns and the
was
interrupted
larger and older com¬
joined in the upswing.
now
detailed
871.496.894 1,369.555.384
add
our
very
elaborate and compresensive
tables, covering the last eight years and
embracing all the leading cities of the United States,
407.067.669
as
also those of Canada:
420.526.3% 1.220.779.503 1,776.623.053
355,324.978
UNITED
STATES BUILDING
OPERATIONS
Inc. or
1937
New York
re¬
decrease in activity in 1936 as against 1935.
munities
231.878.275
181.623.518
349,282,609
a
Both
154.011.851
325,491.320
350.826.501
125.723.919
112.378.600
92.050.259
included,
report building permits
1936,
%
J
%
31,989,491
51.995,427
31.969,471
26.318.791
100.937,017
Middle
are
well with the tenden¬
$47,133,555 in 1937 against $37,027,445 for
trend of Canadian
1930
1931
Canada, which also
The 56 Canadian cities
valued at
+17.08 657.236.411 399.494.D15
1932
of
trend that compares
a
com¬
included in this tabulation
80,576.288
+ 45.54 152.603,654
80ll
general and detailed
cies in the United States.
+ 9.88 504,632.757 318,917.727
918.226.588 135.662,347
(353)
flects
our
note that the building statistics for the
$
37,657.768
70.949.829
71.383.162
30,763.486
56.144,427
52,019,055
50,685.402
182.223,370 166.375.080
Middle Western... (66)
Other Western
%
64,457.383 + 31.75
86.855.66h
(59)
$
$
499
1936
City—
Dec.
1935
%
$
1934
1933.
1932.
1931.
1930.
Manhattan
87.210.685
50.261 047
59,967.761
54 907,333
+45.43
Bronx
Brooklyn...
Queens
66.107,595
42.507.060
97,439.002
6,400.423
50,203,089
3,640,211
+55.52
+94.09
+75.82
44,910,370
22,447.219
48.907.810
30.424.219
5,914,036
32.684.461
11.375.406
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
198.662.088
56.115.642
73.903.136
70.044,381
8.342,422
307,418,752
211,225,454
+45.54
152,603,654
80.576.288
7*.210,983
77,902,719
349,282,609
407,067,669
764,149
680,608
+ 12.27
398,816
396.018
292.664
657,618
870,759
1,566.831
+80.67
389,725
392.448
378,664
464.826
709.306
774.302
369,492
*287,585
150,000
202.200
456.000
1.555.7C0
*500.000
681,653
24.882,551
1.113.417
3,688,061
11,063.211
Richmond
Total N. Y. O
—8.46
New England State®—
Me.—Portland
N.
H.—Manchester
1,354,130
749,529
Vt.—Burlington..
406,975
407 321
—0.08
Mass.—Attleboro
*160 ,000
451 ,857
*150,000
21,419 ,497
520 ,220
2,485 .081
3,600 ,869
11.809.103
336.315
+6.66
+33.28
+81.38
Beverly
Boston
Brockton
Brookline
Cambridge
Chelsea
188 ,922
Chlcopee
336 ,020
226 ,969
Everett
Fall River
567 .365
Fitch burg
Haverhill
389 ,539
267 ,652
Holyoke
425 ,525
Lawrence
1.034 ,819
351 ,000
339.022
2,462,735
1,583,735
126,013
311.285
192,107
311,900
326,421
312.406
662,060
983,230
+ 54.6s
+0.91
+
127.37
+ 49.92
+7.95
+ 18.15
+81.91
+ 19.34
2,229.686
+ 100.01
572,660
—25.17
121,502
509.526
548,373
1.103,652
392,799
+63.46
+ 1.29
261.983
574,484
325.895
423.391
347.460
710.466
653.309
North Adams
241
Northampton
428 .493
896 396
Plttsfield
-
,591
Quincy
1,117 .927
Revere
354 .641
1.27.3,790
+ 120.05
953,187
—32.74
145.780
+ 13.85
1,957.820
+67.18
...
Worcester
-
Conn.—Ansonia
231 ,485
2 814 .362
Bridgeport
Bristol
745 ,213
Danbury
480 .952
Hamden
910 ,894
■/
Hartford
6,285 ,236
682 ,058
984 ,530
274 ,200
791 ,780
4.537 ,299
Manchester
Meriden
Middletown
New
*100,000
1,716.610
500,318
214,513
511.433
3,103,698
380.790
409.761
+ 131.49
+63.95
+48.95
+ 124.21
+78.11
+ 102.51
+79.12
+ 140.27
—28.20
+ 168.03
254.985
+39.84
94,750
+5.54
1.027 .812
835 .948
Haven
381,888
1,118,697
1,692.806
335,160
1 783,976
*100 000
Britain
New
+40.80
—21.65
165 ,100
3,273 ,201
i
Westfield
New
—9.71
641 ,107
Somerville
Waltham
—14.17
—5 i.24
851.305
545.635
1,198 ,600
Springfield
877,418
542.331
427 ,487
2,803 .045
Salem
911.385
+ 12.76
840,185
503,904
1,319,576
4,009,115
—0.50
+233.66
+ 7.18
London
685 313
Nor walk.
1.492 ,924
356 ,578
Norwich
Shelton
...
Stamford
Stratford
Torrlngton
Water bury
545 ,238
_.
1,357 ,160
4,259 ,032
West Hartford
West. Haven
--
295 .955
88.700
--
*40 .000
37,320
Wlllimantic
325.506
962,231
833,822
—29.22
+ 104.47
—16.31
+8.20
+2.85
+6.23
406,969
848,186
414,201
828,638
299,908
578,305
661.782
110,960
1,949,839
35,000
1,187,202
404,331
228,226
355.573
2.670.204
169,005
407,879
384,240
722,758
1,362,888
174,749
695,134
120,581
78,295
626,710
339,941
225,861
492,765
3,740,882
101,125
33,977
86.617
102,298
167.525
235,608
164,380
250,655
418,820
148.644
326,615
232,660
1,685,353
119,755
315.889
885.220
1,359.670
1,977.158
284.935
110,010
121.255
2,015.316
4,716.235
445.283
697.105
188.648
129.092
240,875
234.738
265.670
259,586
360.862
834.950
248.676
582.329
1,445,251
763.091
159,645
566.550
633.480
419.980
1,520.647
253.201
456,115
194.205
2,238.682
1,343.208
4,887.579
975.484
383,230
52,140
220.625
126,695
598.475
420,062
574.032
1,618,230
1,839.062
188,910
646.144
555.754
279,675
872,073
976.028
193.199
178.398
161.526
421,495
364,417
152,295
539,327
239,003
747,361
365.975
213.396
347,802
9S0.665
3,693,443
856,913
113,083
1,288.623
1,140,760
1,589.992
6,594.581
*62,000
775,427
52,000
611.527
127,812
169,600
337,839
891,921
122.645
322,443
193,080
322.829
*250.000
801,294
115,337
257.932
620.568
253.939
266.420
171,905
978.924
1,686,033
104 750
317,904
352,786
620,338
2,287.996
352.678
410.065
.56,389
31,595
509.561
179,725
167,97.r
528,051
1,135,084
189,753
51,821
2,204.475
880,690
576,834
175,282
25,000
509.693
183,315
177,638
286,735
1,019,015
223,834
2,183.567
215.645
339.530
219,024
417.456
2,645,778
433.740
651,736
279.942
52.200
472.489
418.429
*600,000
3,036.634
657.697
522,240
1,615,960
5,732,875
428,447
1,142,498
737,864
891,321
10,011,976
2,294.810
1,862.663
155,846
79,725
1,074,485
1,100,779
202,435
354,935
1,523,580
777,636
879,320
340.860
1.703.095
591,372
597,950
1,144,424
3,115,586
1,133.678
1.656.466
982,463
5,884,777
426,950
893,156
1,732.290
2,758.729
694,901
1,161,595
1,380.406
5,668,263
1,730,946
434,894
6.328,166
*800.000
3,235,022
902,279
1,223,391
1,554,811
6,458,883
372,245
950,524
1.073.418
926,164
16,406,195
1,273,120
2,365,724
392,930
180,145
2,640,490
1,341,410
1,113,772
2,138,224
4,563,664
1,156,592
310,143
236.891
830.137
1,135,084
1,019.193
2,494.086
300,364
57,665
480,917
856,960
541,120
68,660
285,479
2,520,950
48.895
*300,000
2.224.589
748,500
6.382,150
154,780
1,694,125
10.879.814
165.652
45.765
98,375
289,530
115,547
452.700
—41.15
2,870,780
42,710
929.762
1.930,950
37,657.768
31.989,491
112,378,660
154,011.851
+34.75
50,685.402
40.556,836
64,457,383
3,315,204
281,315
214.067
2.852,569
229.840
810,828
1,806,460
2,880,198
305,258
817,689
417,708
3,119.447
9.240.971
848.436
739.509
740.371
275.300
10,596,246
1.142,503
2,405,723
17,303,110
1,846.553
+ 113.1 8
280.587
—26.49
2.321,732
—64.45
—59.52
3,131,885
175,895
1,162,624
2,961,753
305,665
391,162
289,800
164.086
1,261,830
277.450
618,496
971,984
200,403
2,714,201
811,297
1,868.802
1,270,326
325,010
1,920,371
210,810
1,835,921
+20.16
+31.41
+ 1.63
+94.26
2,788.386
6,670,846
3,983.538
+105.23
3,228,100
101,540
....
641.622
-
Providence
-
Total New England:
59 cities
./
•
h
Middle Atlantic States:
York—Albany...
Auburn
Binghamton
Buffalo
.
Elmira
5.595,036
326.693
Jamestown
282.153
Kingston
885,878
06,253
825,281
524,515
Middletown
Mount Vernon
New burgh
1.295.839
+ 7.02
—65.49
New Rochelle
2,913,482
1 780.331
+6.3.65
Niagara Falls
2,917,708
255,959
5.153,171
1,607.212
3,375.112
245,800
6,241,279
1.327,080
3,136.814
731,171
515,733
203,982
1,502,781
3,933,083
—13.55
Poughkeepsie
Rochester
;
Schenectady
Syracuse
Troy
2.660,620
1,235,295
1.132,871
Utlca
Water town
White
184,831
179,735
212,178
190,536
641.5J2
+3.52
49,475
619,833
5.485,441
86,855,669
I.—Central Falls
Pawtucket
New
531.696
252.697
139.675
196.543
282.364
455.871
*120,000
347.435
578.948
74,500
237,945
444,054
272.180
256.992
440.850
2,594,310
1,117 ,830
465 ,455
436 ,547
791 ,780
3.266 ,179
Bedford
190.243
979.215
—26.30
Lynn.
+3.90
+71.11
Newton
♦300.000
24,679.886
+ 119.09
—3.72
552,909
New
♦200,000
270.870
9,453.614
361.390
+5.25
364.550
Medford
97,450
319,749
7,038.080
4,431,578
120,788
—35.73
574 ,470
Maiden
*95,000
277.917
8,403.438
148,594
339,735
376,261
134,950
255,873
797.572
166,944
301,952
356,675
—14.33
Lowell
Long Meadow
*100.000
158.971
13.537.429
399,789
1,687,161
867,890
830,472
308,512
144,305
195,242
1,098,563
Plains.
Vonkers
340,006
1,500.374
4,976.247
+4.13
—17.43
+21.11
—15.18
+68.9,5
+119.66
+ 66.68
—0.16
+26.52
221.907
763,195
2,367,997
848.745
890,777
2,649,312
343,183
940.755
349,552
146,035
469,126
*250,000
394.062
1,017,144
228,309
3.714,596
556.337
1,159,305
673,093
1,299,240
189,088
361,055
909.462
.
856,662
125,551
269,143
212,166
*57,000
181.650
607.521
277,900
539.355
453,995
251,422
260,667
399,349
306.819
317.556
677.317
*450,000
747.959
919,739
437.741
1,300,328
2,436.270
458,387
639,215
499,989
618,920
123,126
399.669
1.867.674
565,314
1.330.848
719.510
461.475
245.221
636.238
2.633.078
1,299.236
990.535
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
213.335
6.334.160
10.657.588
782,854
1,036.632
251.615
4,197,164
1.198.647
3,616.387
3.787.546
744.467
8.008.274
5,564,205
5,418.484
3.026,943
1.527.746
434.823
6,001,825
9.893.303
500
Financial
Chronicle
Jan. 22, 1938
UNITED STATES BUILDING OPERATIONS—
Inc.
Middle Atlantic States:
(Con.)
1936
Dec.
981.455
674.562
Bayonne
Blooinfleld
745.117
493.226
810.518
173.254
851.346
64.239
2,023.789
1.030,101
1,533.603
832,831
673.848
302,348
982.701
2,072.033
1,555,510
1,538,398
5.235.830
449,081
656,200
Caldwell
Camden
Clifton
East Orange
Elizabeth
Hackensack
Hoboken
Irvington
Jersey City
Kearney
1935
1934
1933.
$
1,119.251
N. J.—Atlantic City
or
+31.71
+36.77
+37.30
—62.92
560.440
+ 137.72
+83.80
2,087.208
—26.52
907 912
—8.27
733,262
471,660
387,445
2,365,308
665,095
1,104,587
7.569,905
372,369
460,603
928,985
1,856.238
—8.10
—35.90
+ 153.64
555,131
445,332
665.550
45,063
1,647,820
314,478
698,602
612,100
343,466
317,824
446,033
497,997
363,231
341,049
46,826
496,765
338.692
512,407
276.681
131,564
153,790
148,875
404,176
328,256
367,700
52.458
224,674
322,522
218,897
582.881
143,087
157,786
746.025
952.414
+ 12.11
+7.72
491,385
309.741
Trenton
1,055,169
597,215
625,006
865,433
933,524
+21.92
—36.03
569,028
568,440
185,691
358,643
380,595
1,375.360
796,730
288.189
574,550
404.880
380,060
+72.63
720,215
238,135
303,430
266,219
138,070
175.048
639,610
766,286
*400,000
695,396
9.255,150
5,807,900
160,935
373,930
579,941
765,970
145,033
302,840
415,485
436,025
174,355
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
507,698
437,060
41,806
406,706
419,205
642,435
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
New
Brunswick
Orange
615 019
Passaic
1.262.311
Paterson
836,320
Plalnfleld
West
Orange
Pa.—A11 en town
621.071
1,394.594
Altoona
Bethlehem
Bradford
503,627
Chester
435,472
East on
210,830
1,114.850
2,497.620
298,375
1,184.698
Erie
Harrlsburg
Hazleton.«--i---.
Lancaster
30.881.720
Philadelphia
Pittsburgh
8,588,244
164,667
1,074,802
778,008
1.043.637
353,034
Pottsvllle
Reading
Scranton
...
Wtlkes-Barre
Wllkensburg
Williams port
702,863
1,054,435
York
Del.—Wilmington..
+39.27
—33.80
—32.00
477.323
930.966
307,650
457,725
752,351
+ 175.26
+39.27
—d0.83
+20.60
+ 115.51
+ 142.73
+24.39
+ 14.58
—42.88
369.103
745.176
1,175,680
*500,000
2,212.177
20,907,010
7,483,695
761,065
+49.61
+112.44
—40.33
—44.15
+47.71
+ 14.76
—78.36
—30.75
—50.77
1.552,067
1,580,320
1.348,979
245,330
729,961
—22.64
+43.90
—3.71
719,403
+46.57
4,494,022
4,348,246
+3.35
18,194,412
508,040
361.186
17,683,944
497,488
329,480
2.88
O.—Washington.
31.168,515
31,553,390
-1.22
W. Va.—Charleston.
2,907,275
533,616
1,280,706
1,950,376
2,224,125
707,424
1.500.210
1,166,616
+30.72
182,233,370
166,375.080
3,497,837
137,585
249,481
328,158
1,424,042
18.203.110
11,125.000
6,637,400
4,327,120
209,434
778,476
621,765
1,117,179
383,325
749,870
217,620
971,582
4,373,329
1,929,438
187,184
2.503,800
89.920
+39.70
154,585
177.817
941,603
18,488,020
8,876,500
5,567,075
2,669,412
179,123
466,394
752,709
1,843,001
282,640
391,061
+61.38
+ 84.55
Md.—Baltimore.
Cumberland..
Frederick
D.
Clarksburg
Huntington—....
Wheeling
t:2.12
9.62
—24.67
—14.63
+67.18
2,545,737
9,947,460
1,057,349
105,202
22,968,678
1,388,196
413,748
367,895
591,473
88,570
399.898
2,877,418
107.317
1930.
544.601
802,640
173.926
447,000
1.621,848
243.205
1,249,158
1,062.799
450,427
914.418
2,417,706
102,489
351.118
480,328
850.982
336.154
*300,000
719,447
925.296
717,315
116,710
239.249
164,282
240,986
506.203
660,453
493,990
437,036
362,135
13,118.835
8,983,157
136.834
494,354
2,121,440
567,033
77.576
510,514
237,978
1.402,607
786,650
2,583.156
1,136.541
2.581.097
1.492,465
2,678,736
2,186,365
1,776,984
827,843
1,600.480
12,231,639
884,751
1,939.867
10.199.323
983,420
1,202.222
2,157.602
1.164.715
1.358.897
3,947,134
1,700,152
*700,000
1,572,237
1.744.885
1,148.612
2.448.909
2,022.639
822.495
408,019
456,700
714,150
772.495
184.857
2,678.901
1.552,390
539.702
538.423
597,335
76,753
479.607
547.579
508.691
461,258
365.075
1,025.973
Newark
S
1,511.931
394,335
South Orange
Montclalr
2,178,586
3,883,828
407,330
756,289
5,811,063
820,539
211,239
1931.
199.226
855,907
83,090
460,661
4,754,184
123,702
289,008
381.684
764,228
450,260
274,162
390,888
282,501
—12.40
1932.
S
1937
2,270,422
1,373,467
1,082,865
*400.000
1,190,261
568,883
3,315,378
1,987,134
512,125
1.144.306
55,267,390
20.759,002
1,007,555
2,573,356
3,067,695
1.603,194
852.965
1,287,589
1.696,197
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
404.578
484,691
35,126,060
13,061,730
727,963
2,891,906
1,402.184
1,196,061
326,267
595.521
796.068
1.183.824
2,135,484
1,407,923
3,351,286
4,993.738
10.096,776
139,302
12,752,300
99,165
*90,000
29.571,120
292,989
181,007
32,628,952
158.631
6,629,106
171,784
*60,000
10,499,030
6,509,440
11,298.985
30,821,649
28.578.772
307,610
259,161
524,149
123.125
113,216
325.276
878,982
1,021,207
314,390
642,690
6,213.990
423,657
266,581
98,793
112,751
320,867
70.949.829
54.995,427
92.050.259
234.100,823
325.491,320
959.673
754,935
19,350
26,000
83,865
101,635
5,301,921
2,748,000
824,200
487,481
921,694
22,310
61,791
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
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
9.298,891
280.650
199.315
251,053
212.631
239.659
597,575
1,110.922
Total Middle Atlantic:
72 cities
+9-53
105,434,934
Middle Western States—
Ohio—Akron
.
Alliance
Ashtabula.
.....—
....—..—
Barberton——....
Canton
———
Cincinnati
—
Cleveland...
Columbus
...——
Dayton
—
East Cleveland
Hamilton
...
Lake wood
—
Mansfield
Newark
Norwood
—
Sandusky
Springfield
...
Toledo
-
Youngs town—
Zanesvllle
ind.—Elkhart
Fort
—
Wayne
.......
Gary
Hammond
Indianapolis
Kokomo
Michigan City
193.662
Richmond
509,083
1,403.305
519,698
South Bend
Terre Haute
.
ill.—Aurora
Blooming ton
Chicago
741,477
477,534
28,806,443
748,820
792.646
933,838
1,226.555
3,128.050
Cicero
Decatur
East St. Louis...
Elgin
Evans ton
Free port
336.777
Mollne
Oak
826,453
2,577,288
1.629,625
3,261,083
9,088.076
854,859
1,982,512
988,625
2,386,806
Park
Peoria
Qulncy
....
181.776
Rockford
Rock Island
1,326,440
1,336,300
Springfield
1,624.587
Mich.—Ann Arbor
Bay City
Detroit
Flint
Grand
Rapids
Highland Park
Jackson
Kalamazoo
Lansing
Muskegon
Pontlac
Saginaw
Wis.—Kenosha
Madison
Manitowoc
Milwaukee
Oshkosh
Sheboygan
Shorewood
Superior
Total Middle West:
cities
+ 53.01
+51.24
—1.50
+25.33
+19.23
+62.10
+ 16.92
+66,91
—17.40
—39.38
+35.62
+91.75
+85.98
+16.06
117.010
837,128
4,566,078
1,545,250
—4.22
+24.86
189.695
—1.32
369,141
1,764.862
939,462
3,267,283
7.417,546
989,891
288,573
376,154
1,048.669
918,941
+123.88
+46.03
+73.46
217,761,132
282.282
238,046
7,727,351
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
133,434
207.500
3,824,500
64,677
186,626
302.076
1,239,257
611,700
44.030.944
1,070,703
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
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
537,560
693.236
8,682,949
562,631
2,678,285
191,404
190,589
381,375
306.571
150,455
303,258
520.199
2.012,362
261,876
650,962
64,577
95,927
97.249,470
71.383.162
31,969.471
+130.78
198,240
588,102
869.123
217,945
947,750
229,090
335,893
626,200
—9.19
+138.17
+ 145.60
+48.38
+21.91
+ 145.60
—33.72
—43.38
1,791,342
162,885
577,640
265,498
169,946
741,700
99,887
170,653
181,850
910,987
—19.15
95,065
58.314
+ 11.34
1.191,295
1,461,483
2.890,557
366,547
1,390,000
2,087,036
553,018
1,494,059
1,428.639
12,098,981
1,229,444
1,306,776
475,376
654.924
299,735
2,445,712
1,048,255
3,303,684
9,032,678
173,113
249,970
324.475
872,839
392,083
499,401
2,108,200
276,252
619,238
1.491,575
4,215,842
224,820
586.893
670.857
94,573
1.581.507
135,425
151,788
3,180,060
56.524
153,165
71,700
524,135
605,521
250,270
579.122
12,936,409
374.065
332,906
456,453
227.300
322,892
326,184
677,438
403,553
21,222,391
1,433,625
625,045
440,122
168,826
882,072
1,040,185
315,426
771,711
1,326,953
425,311
263,084
8,836,558
701,614
472,905
160.427
73,153
516,794
312.980
197,550
183.722
375,505
1,138,336
546,142
7,143.326
246,942
530,531
348,616
184,314
552.404
—8.57
—43.80
3,513.785
889,960
43.169,099
3,435,295
1,783,160
627,180
2.394,320
56,117
175,819
118,685
190,580
150,014
85,755
142,770
85,400
294,675
194,124
123,568
1,166,576
+32.93
+68.85
+51.70
+35.34
+33.82
—55.06
+57.28
+22.56
+6.82
+40.24
+296.26
+60.11
409.450
—49.79
.
+84.66
+95.07
+2.54
+ 1.45
532.094
+ 17.87
1.773,710
715.232
12,345.827
+34.99
733.902
1,361,807
1,059,460
710,485
+67.52
—4.04
—55.13
—7.82
184,187,684
+18.23
—6.20
—2.00
34,061
97,724
370,122
201,746
178,744
3.246.816
47,847
383,080
139,500
242,820
691,628
1,757,620
760,688
122,158
557,779
300,615
18,989,322
—32.89
6,151,670
3,078,500
847,600
866,312
46,845
368.827
307,640
256.917
73,750
218.118
69,410
164.864
2,426,015
339,033
19,360,019
60,808
547,275
—43.45
—0.19
+22.52
—13.64
23,426
52,912
40,051
376.207
64,759
189,820
146,923
68,699
117,225
30,023
57,480
397,155
531,237
22,225
622,952
1,406,185
4,618,111
147,633
237,645
142,139
563,740
384,366
1,578,924
1,399,703
52,909,940
3,669,421
2,500.754
1,622,489
697,901
3.853,860
1,078,781
1,532,035
1,449,320
1,410,482
32,680
86,142
71,311
473,614
12,309,225
3,883,000
2,645,200
1,079,829
113,873
256,722
432,292
445,596
71,550
249,139
349,772
313.119
153.142
789.450
295.500
161,251
245,270
562,835
62,487
776.205
177,700
567,642
211,605
655,255
918,700
1,710.351
394.021
367,833
1.609,771
40,068.782
32,440.000
5,585,500
5,958,214
848,559
1,621,634
1,492.607
717,563
234,310
695,887
305.397
773,510
9,691,460
2,821,414
206,673
527,207
3,054,906
1,190,810
1,822.527
8,135,387
262,960
393,950
403,854
3,959,530
738,479
1,415,125
443,700
79.613,400
1,098.173
2,005.440
1,423,498
745,456
3,152,450
604,786
1,349,647
1,861,455
3,546,830
776,374
2,863,445
759,874
3.267.264
1,349.506
1,274,224
48,369,293
3.989,968
3,073.680
713,015
281,004
2,313,859
1,287,425
23.068,068
1,765,328
1,212,630
117,290
418.830
1,073,228
1,017,577
485,872
339,519
500.321
141,218
586,420
294,988
4.066,208
260,469
323,075
115,775
249.712
706,881
1,249,225
1,184,020
12,173,501
932,526
1,205,878
1,025,134
290.584
2,215,078
2.081,064
771,825
32,334,512
1,143,614
1,589,314
1.023.131
1.021.570
59.390,236
183.777.508
350.826.501
260,953
1,526,560
81,783
367,667
200,377
494.237
72,323
72,018
698,792
1,067,579
2,064.747
1,236,030
1,290,706
2,689,650
Volume
Financial
146
501
Chronicle
UNITED STATES BUILDING OPERATIONS—{Continued).
Inc. or
1936
1937
Other Western States
Mo.—J op 11 n
$
400.700
Kansas City
St. J<
"
3,476,050
St. Loui
8,735,111
122,230
195,215
Sedalla
41.32
+20.41
1931.
%
1930
97,396
2,241,100
147,185
4,331.904
20.585
523,175
5,720,950
454,406
16,619,836
82,500
S
858,665
15,942,375
1,628,830
17,347,865
153,000
104.468
2,537,360
148,316
80,342
1,366,970
398,973
6,426,805
3.064,037
260.255
991,637
238,481
12,371,660
13,994,545
107,080
2,212,396
623,216
13,449,340
11,084,281
478.576
315,510
11,355,867
74,000
—36.59
1932.
87,385
1.823.700
426.250
4.998.453
32,000
121,087
1,247,400
248,632
10,106,632
610.862
132,415
3,113,065
244.800
i.04,434
1,015,846
30,000
+80.06
+2.88
+4.64
—3.98
981,858
150,023
4.690.790
4,334,858
171,147
1,056,446
2,842,602
+51.40
+35.77
931,349
1,634,375
482.736
1.952,432
327,932
1,097,556
296,156
2,196,174
1,585,864
3.914,556
1,492,634
5.035,825
132,601
3,476.050
59,406
3,893.500
+123.21
46.237
—10.72
4,354,537
168.500
184,800
—8.82
2,124,772
2,306,162
2,155,198
2,356,683
—1.41
*60,000
971.530
—2.14
1,251,181
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
1,180.008
100,610
647,147
116,340
2,126,088
2,340,208
251,025
1,353,858
320,850
2,386,881
6,276,230
1,286,422
1,089,822
189,338
799.621
+18.04
+20.23
+44.35
+7.52
+93.32
+5.02
986,135
218,047
452,740
2,121,223
416,047
193,642
427,878
745,284
281,467
276,750
373,139
265,117
436,358
227,760
1,154,241
2,687,977
Winona
Neb—Lincoln.
Omaha
Kan.—Atchison
Kansas City
Leavenworth
«...
Wichita
Rapids.
Iowa—Cedar
Bluffs
Davenport
382,153
716,954
1,890,001
533,761
788.950
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
2,032,388
776,450
2,451,802
4,078,984
1,546,355
545,325
3,411,875
1,191.575
Moines
73.419
559.468
Ottumwa
Sioux
*2,500,000
198,457
818,900
887,882
1,126,572
383,651
860,000
753,568
Dubuque
City
2,760,264
Waterloo
Colo.—Boulder
Springs.
679,647
579,514
8,337,479
233,899
289.215
626,856
8,890.342
647,845
Denver
Pueblo
So. Dak.—Aberdeen.
Sioux Falls
No.
4,467,100
1933.
1,599,467
3,859,513
St. Paul..
Colorado
—14.18
1934
1,222,810
449,583
7,195,795
7,381.263
206,530
462.535
Mankato
Dos
381,725
4,050,500
332,677
13,775,132
101,512
2,201.791
Minneapolis..
Council
+4.97
%
282,690
7,529,855
7,229.131
198,320
Minn.—Duluth.
Topeka
1936
Dec.
$
285,849
1,178,049
437.023
Dak.—Fargo.
338,386
185,468
Grand Forks
Mlnot
*
199,004
1,160,361
281,279
745,693
209,000
—2.06
'
+ 145.01
940,146
1.512,986
188.968
350.820
1,513.923
158.059
405,525
1,142,319
440,155
—57.45
257.885
373.444
5,223,616
298,894
2,663.411
165,617
205,760
132,505
2,166,491
73,319
129,350
256,373
3.214,363
129,243
136,135
387,963
7.127.490
453.425
271,684
926,322
8.007,100
537,206
88,104
1,041,727
37.275
386.458
49,099
256,949
170,466
561,512
395,415
2,151,930
284,255
2.034,768
263,042
149,517
98,970
184.170
73,000
74,415
81,142
42,402
149,830
216,111
102,304
58,400
569,848
476,931
302,170
1,625,866
262.829
915.435
357.886
659,178
1,893,768
65.322
272,092
1,272,792
42,821
348,451
568,434
54,150
119,005
527.826
96,890
250,890
3,396,785
282,985
579,760
4.275.493
392.983
+63.55
648,232
67,678
354,490
37,449
144,437
89,405
96,080
131,685
256,728
*30,000
982,130
565.810
79,933
992,820
482,075
412,584
1,286,152
—15.13
+8.17
+6.63
+ 176.98
+43.64
+ 1.52
+55.37
—54.62
—11.26
+8.61
176.089
500.450
528,837
3,911,362
424,615
1,236,904
3,373,630
—35.88
City..
Montana—Billings
882,140
429,981
690,865
691,795
709,230
422,420
—39.37
1,883,818
2,067,095
—8.87
1,068,960
398^301
219,526
262.667
757,478
782.915
1,262,896
+39.68
902,617
—11.91
1,825,718
904,120
153.256
1,531,661
2,080,892
—12.26
94,820
1,140,146
1,297,474
172,850
59,301
310.959
573,391
86,311
23,400
330,319
259,808
70,950
♦30,000
392,411
351,106
447,516
65,969
2,125,343
1,228,570
635,966
122,512
3,001,066
2,066.345
81.542,367
81.278,248
+0.32
58.277.167
30,763,486
i.26,318,791
36.740,298
93,656,351
125,723.919
—30.36
848,394
780.595
375,475
289,291
940,029
674,547
1,171,450
2,802,210
274,302
130,546
1,663,232
142,513
316.802
83.159
159,614
387.284
1,444,484
246,955
281,676
408,833
760,173
1,797,892
143,703
16,575
416,459
42,088
117,854
518,511
57,305
740,435
476.656
6,452,960
15,283,216
50,938
2,050,116
42,088
29,700
993,671
184,727
159,506
186,545
103,948
383,453
1,365,988
622,011
2,575,714
7,309.635
118,147
1,324,005
531,368
52,351
644.236
259,025
1.578,664
138,807
488,251
143,521
1,819,154
56,448,751
74,010
1,061,870
386,369
172,275
486,529
214,518
313,171
637,710
125,247
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
979,264
1,115,855
1,487,310
2.986.989
5.865.990
746,122
118,250
979,650
283,850
660,116
1,339,321
382,846
3.409.701
1,688,528
13.480,380
74,088,825
107,769
9,284,768
671,920
203,927
6,040,751
696,838
1,254,840
869,727
625,782
1,665,878
3,062,373
1,852,646
5,393,252
22,726,994
412,336
3.417.200
1,475.545
692,178
2,400,541
1,334,158
1,315,643
420,387
885,551
90.333
193,376
2,301,431
286.899
55,702
104,238
2.380,440
184,607
649,143
447,943
5,977,626
325,765
95.001
1.206,727
12,063.580
629,406
619,254
45,187
45,220
2.187,525
753.917
612,592
1,273,182
109,482
373.167
38,976
9,517
1,934,150
622,180
135.055
131,259
57,357
88,440
740.990
83.176
76.056
142.099
67,213
136,684
9.415,600
2,088,970
2,154,326
179,636
135,910
1,806,085
393,470
128,052
30,843,465
3,640,843
4.571,470
230,643
403,542
1.648,185
462,177
Utah—Logan
793,151
Ogden
Salt Lake
Butte
Great Falls
Idaho—Boise.
Wyo.—Cheyenne
135,000
2.054,350
Sheridan
Ariz.—Phoenix
__
Tucson
+15.94
+27.51
+51.99
Total other Western:
46 cities
Pacific States—
677,464
Calif.—Alameda
2,461,037
1,753.205
2,330,195
4,868,680
Alhambra
Bakersfleld
Berkeley
Beverly ITIlls
Burllngame
Colton
Compton
Emeryville
...
Eureka
Fresno
Fullerton
Glendale
Huntington Park..
Long Beach
Los Angeles
National City
Oakland
Ontario
Orange
Pasadena
Piedmont
City
Richmond
1,294,183
4,943,771
2,104,847
8,223,350
20,245,440
802,169
2,352,360
1,886,329
Riverside
Sacramento
3an Bernardino
San Diego
8 an Francisco
San Gabriel
San Jose
San Mateo
San
3.038,156
407,313
5,129,880
1,309,389
8,278.505
63,170.944
404,517
8,396,095
635,656
190,050
4,281,376
733,885
890,154
795,001
789.527
Pomona
Redwood
825,242
352,232
752,711
934,480
367,348
972,815
1,946,044
1,806,380
2,689,461
4,331,510
1,001,319
174,570
455,853
298,381
418,509
2,160,026
752.705
5,181,868
1,354,573
8.147,680
62,653,541
274,039
8,688.815
638,849
232,378
3,511,726
1,028,279
842,859
552,956
453,066
969.777
1,643,716
2,045,793
+ 12.40
397,263
983,835
844,017
1.354,384
3,013,921
—17.58
390,864
+101.77
258,033
753,155
273.940
203.691
+26.46
—2.94
—13.36
+65.12
+213.18
—12.22
+40.65
—45.89
—1.00
—3.34
+1.61
+0.83
+47.61
—3.37
—0.50
425,583
—18.22
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
+21.92
—28.63
+5.61
+43.77
+74.26
+33.45
+200.77
+2.89
—8.65
9,002,137
19,927.148
678,658
1,993,855
1,670.493
+ 1.60
+ 18.20
+17.98
+12.92
386,175
Torrance
Venice
Ore.—Astoria.
Klamath
Portland
Salem
Wash.—Aberdeen.
Hoqulam
—31.25
2,464,590
1,054,031
1,609,580
453,978
+46.68
+11.91
+ 134.83
*500,000
+90.31
211,463
601,810
8,671,285
1,156,227
Stockton
561,711
3,615,136
1,033,309
1,801,333
1,066,057
951.528
Rafael
Santa Monica
South Gate.
153.476
200,927
6,775,650
1,893,246
+37.78
+199.52
+27.98
247,664
101,005
6,538,505
2,895,522
1,463,344
382,786
588,120
932,596
131,626
203,142
2,056,967
214,493
2,004,599
771,094
6,864,188
31,672,983
89,495
9,685.368
—1.97
—38.93
+88.16
—50.28
349,454
1,328,360
592,944
145,229
1,311,769
372,032
1,059,704
204,895
452,218
134,250
104,658
3,385,200
348,359
88,597
45,190
3,575,360
1,564,284
334,134
573,344
659.650
1,886,528
163.651
105,234
256,612
90,774
216,222
801,398
123,442
933,524
572.521
2,629,670
14.591.595
39,063
Spokane
Tacoma
Vancouver
Walla Walla
Yakima
51 cities
Norfolk-
Petersburg
Richmond
Roanoke
N. C.—Asheville
.......
—_.
Greensboro
Raleigh
Wilmington
.....
Winston-Salem
..
8. C.—Charleston..
Columbia
Greenville
59.280
47.284
1,219,653
121,115
469,553
154.165
150.494
294,576
2.375.253
199.449
2,137.011
16,427,915
109.525
1,033,810
354,958
188,141
641,144
169,960
1,394,132
787,898
242,278
81.600
139,400
4,827,230
204,384
34,694
18.980
4.022.084
572,801
4,590,795
41,210,860
89,484
7.415,159
418,590
233,384
4,053,183
6,281,800
+4.09
—26.62
—25.68
496,098
880,595
+18.55
+5.91
178,065,685
+5.73
104.286.290
56.144.427
100,937.017
68,475.061
136.850,981
231.878.276
1,101,033
570,857
2,550,163
214,151
4,175,888
2,208,743
837,340
819,946
1,784,859
171,389
3,558,468
1,706,732
+31.49
560,923
866,796
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
1,024,615
404,766
936.288
277,788
1,219.384
38.848
1,095,951
387,768
880,112
772.785
1,589,299
137,818
3.046.948
1,284,436
1,697,231
1,317,915
2.641,117
212,807
6,896,468
2,768,955
721,862
3,484,871
2,297,240
2,121,214
1,678,880
302,813
1,488,370
1,129,655
1,074,276
908,979
*100,000
1,072,016
331,163
788,834
675,665
618,702
290,670
*75,000
352.127
165,242
721,988
27,950
267,918
144,248
*50,000
245,964
101.468
602.567
385,985
205,247
132,330
240,083
1,275,290
714,880
1,111,126
575,752
475,350
863.987
2.607,313
1,013,155
766,985
671.462
828.050
1.602,428
2,117.255
513,966
2,741,370
1,885,226
1,843,515
749,587
*200,000
1,498,992
1,202,913
1,570,102
1,196,649
1,121,009
2,170.480
1,803,542
—30.56
570,767
1,368,218
—33.65
721,809
518,600
919,182
392,660
142,464
143,403
146,320
407,718
1,095,859
492.348
936,647
1,872,395
1.026.934
+ 1.29
817,554
286,155
395.934
Statei
Va.—Lynchburg
Newport News...
Durham
2,716,760
17.606.606
36,838
2,388,773
3,945,765
1,444,643
515,048
Total Pacific:
Charlotte
84,540
1,247,695
239,920
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
188,269,356
Seattle
Southern
1,135,669
159,146
23,400
192,313
55,803
89,603
791,617
685,944
....
...
363,269
—30.38
+42.88
+24.95
+ 17.35
+29.41
+40.45
+27.12
+21.86
+15.06
+123.98
+81.63
+41.25
+7.31
136.000
403,021
238,112
582,209
174.275
46^08^
Financial
502
Chronicle
Jan.
1938
22,
UNITED STATES BUILDING OPERATIONS—(Concluded).
Inc. or
1937
Southern States (Concl)
$
4.621,909
Ga.—Atlanta
775.877
*900.000
Augusta
Macon—
1,087,362
Savannah
Fla.—Jacksonville
5.400,267
14,003.604
1,509,425
1932.
1931.
1930.
2.557,881
2.514.488
854.535
1,896.465
757.756
718.586
361.539
*14,502
3.402.110
350.928
8.924.099
365,339
383.156
394.255
—2.95
366,853
377.210
251.171
893.384
412.631
1.210.683
—29.90
647.712
134.405
+3.21
+11.01
+23.6s
3,373,645
9,486.787
2.284.622
5.478.559
1,658,061
1,806.379
2.871.689
1.067.427
1.728.200
2.079.347
367 930
181.501
370.029
159.126
203.835
1.594.351
2.159.496
343.835
641.483
+4.52
+3.P6
764.542
540,185
817.600
+0.5S
2.000.960
1,231,782
+53.70
+67.80
1,521,354
989,197
1,898.557
+52.62
+34.85
1,551,394
—13.28
1,415,150
414.952
1,254,372
726,403
+57.30
+25.27
744.779
613.887
102.201
468,283
700,987
—33.20
211,315
603,327
4,424,854
2,518,071
+0 55
+ 1.28
+ 13.20
334,076
155.243
226,652
111 ,500
*150.000
244.000
3,473.282
1,286,465
1.414.390
1.321.804
1,185.297
441,201
3,197.238
5,529.626
937.141
—83.58
—27.76
415,626
—29.53
4,328,102
+67.91
1,085,525
482.927
327.757
2.790.391
260.107
208.999
1,444,667
7.742.810
1,579,369
6,666,972
4,000,137
18.684,035
4,553,778
1,154,897
1.999.729
10,987,285
940,613
8,541,782
1,564,932
18,460,966
4,594,381
—21.95
+ 1.21
3,370.878
1.229,826
6.961.396
—0.88
4,074.051
313,095
894,698
—65.01
383,669
1.302,152
374,114
3,334.800
1,007,217
87,435
150,000
562,029
1,465,686
136,846
480,236
575,756
+9.61
66.409
399,431
575.757
65.525
214.666
470.551
95,012
118,930
145,027
170.600
21.980
231.749
102.000
426.805
229.746
1.666.107
2.125.705
134,540
165,151
193,507
227,414
300,413
16,025
42,256
*60.000
25.628
*40.000
11,875
*7.000
3,285,940
1,582.210
28,869
53,595
18.565
1.757.106
972,000
1,441,894
515,059
1.596.418
41.297
80.495
9.941
13.355.821
4,605.930
578.554
39,540
20.604.772
1,226.724
1.880,741
3,223,914
3,594.192
641,027
1.251.044
1,732.250
1,395,668
641,724
489,769
1,615.482
1,804,299
1.369.685
1.373.370
1.258.357
3.021,336
1,052.664
3.479.635
2.683.118
1.975.090
1.147,845
4.846,035
9.921.132
5.443.874
155.618
426.892
150,979
974,060
2,419,359
34.975
166,500
330,364
1,640,165
21,850
197.139
898.141
2,093.388
*50,000
755,251
342.342
5,465,910
*100,000
652,850
1,295,361
6,845.650
*150.000
45.410.987
110,732,571
181.623.518
...
Ala.—Birmingham
...
Mobile
Montgomery
Miss.—Jackson
...
Vlcksburg...
La.—Alexandria
*6 >w,oia
Charles
New Orleans—....
4,481,454
Shreveport
2,850,503
Texas—Amarillo
189.684
Beaumont
...
—...
Paso
Ft. Worth
Salves ton
ouston
Antonio
Wichita Falls
...
Ark.—EI Dorado
Fort Smith
Little Hock
Okla.—Guthrie
Muskogee.
Okmulgee
Oklahoma
1933.
932,579
532,320
Petersburg
San
5.227.325
1934
S
_
12,614,824
1,268.911
812.700
Tampa
E)
752,858
927,318
1,551.097
%t
1,973.177
909,957
Pensacola
IJallas
4,422.223
1935
Dec.
2.897,563
1,067,445
1,345,389
—-—--
Orlando...—
Lake
$
3.075,476
2,066,958
Miami......
St.
1936
323.885
—
84.130
5,773.085
6.006,604
City
Tulsa
Tenn.—Chattanooga
2,809,408
2,442.292
791.553
+ 155.61
+17.03
+ 154.57
—18.54
15.527
+6/.3S
+441.83
8,175.951
2.573.040
+133.44
—29.39
391.650
415,524
273.700
1.014.914
672.650
468.510
438.992
741.933
1.293.961
2,350,140
997.592
594.993
763.940
2,314.302
3.185.698
503,944
423.830
86,060
107.479
17.122
347,838
1.128.459
819.750
1.084.670
1.274.082
478,920
58,320
138.416
478.586
61.073
72.976
98.809
563.609
385.375
681,900
166.655
367
186
428.212
458.034
276.616
*1,500.000
298.000
1,959,465
2,352.162
248.666
364.712
1,380.166
2,814.163
529,180
4.800,873
470,069
1.434.299
1.019.876
2.874.040
1.535.807
719.113
27.077
510.802
354.785
2.737.571
1.115.552
7,190.914
961.756
6.316.346
2.542.275
11,900.170
3.281.864
150,568
797.525
2.985.334
191.675
560.731
401.434
6.183.082
1.559.716
1.843.145
2.666.354
11.135.911
2.953.770
10.096.821
1.796.860
17.264.993
8.511.555
1,104.822
169.618
8,166.839
Memphis
7.225.820
2,794,588
2.749,303
10.921,355
Nashville
4,344,154
7.565.320
—42.58
777,478
293,060
+ 165.30
925.382
+ 19.32
—24.11
3,419*359
334,066
775,520
5.948.581
79.306
+321.24
53.050
161,534,694
161,298.267
+0.23
88,699,494
52.019,055
34,903,798
1,225,645,340 1,046,887.801
+ 17.08
657,236.411
399,494.015
355,324,978
420,526.396 1.220,779.503 1.776.623.053
835.662.347
+9.88
504,632.757
318,917,727
281,113,995
342.623.677
8,208.294
833,400
6.905.323
816,835
+ 18.87
+42.05
+ 12.03
+ 199.08
7,455.436
915,119
2,141,695
7.635.493
354.825
415,308
126,025
5,648,862
182,850
724,548
10.428.631
272.950
1.179.465
186,400
228,588
359,116
305.900
Knoxville
.
...
Ky.—Covington
Lexington
Louisville
4,514.249
...
Newport
—
+0.53
—11.17
—33.84
Total Southern:
60 cities
Total:
354 cities
Outside New York:
353 cities
918,266,588
DOMINION
THE
Eastern
OF
CAN ADA
Canada—
Quebec—Montreal
Outremout
...
Suebec
herbrooke
Three
586.700
831,740
278.100
383.417
—
Rivers
West Mount
1,836.000
356,378
547,328
Ont.—Belleville..—
Brantford
150.395
270.703
Brockville
44.100
85,065
161,602
967,769
775,550
—79.12
314,450
555,555
+53.58
188,110
701,165
+76.80
+67.51
145,602
272,648
76,455
283,586
Peterborough—
199,686
173,410
269.165
Port
708.143
212,671
793.227
355.950
823.398
—3.66
226,340
+57.26
52.106
79.545
—34.49
192,830
1,475,395
1.650,250
123,229
1 012,565
+56.48
+45.71
175,000
109,181
152,450
388,688
282,869
1,887,622
213,928
589,325
1,835,110
*120,000
82,862
26,875
125,300
4,096.240
49,452
195,880
164,071
225,341
131,320
128,350
137,052
443,960
Chatham
190,990
495,880
369,458
138,267
1,694,189
360,629
William
Fort
Gait
-
Guelph
Hamilton
Kingston
Kitchener
891.247
London
100.000
207.500
141.226
100.200
1.466,906
253 398
449,123
672.745
—95.44
+90.99
+ 138.98
+ 161.61
+37.99
+ 15.49
+42.32
+98.44
+41.18
+9.59
+86.97
Oshawa
949,790
*8,000
239.882
46.593
218.760
Ottawa
2.437,770
1,781,855
+102.51
+36.81
56.447
—25.81
+232.98
Midland
Niagara Falls
North
Bay
Owen Sound
St.
871.496.894 1.369.555.384
Arthur..
Catharines
Marie
Sault Ste.
St. Thoraau
Sarnla
Sudbury
Toronto
...
7.300
127.767
58,700
108,022
—20.63
—67.45
465,765
35.000
53.850
621,700
135,006
110,078
772,185
141.398
234.449
671,840
60,000
59,819
18,450
50,970
29,700
171,783
32,820
89,113
213,400
101.256
180,665
510,200
179,667
140,233
551,485
*20,000
42,882
42,261
127,202
133,670
7,378,772
108,326
170,102
641.100
23,150
49,035
916.065
31.000
133,900
114,815
115,356
93,397
64,863
63,846
66,235
4,291,667
46.286
70,485
944,130
1,257.000
16,800
149,238
101,807
151,648
257,340
31.873.676
790.750
107.575
286.370
4,049,875
676.350
242,030
705.188
100.705
221,900
170.844
506.677
87.545
54.480
76.060
294,100
88.768
106.443
1,424.300
150,865
451,000
239.021
221,072
37.504.590
1,481.600
4,912.257
812.150
851,703
2,207.501
187,360
1,034.957
327.635
821,258
1,227.300
264,899
346,448
6.291,100
848.377
1.742.065
5,029.050
548,199
627.853
1,456,900
71.805
220.448
155.508
146,375
3.055.200
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
589,803
180,327
643.898
1.914.600
30,095,589
196,125
1,990,335
4.623.050
349.039
363,047
567.690
*40.000
167.299
117.280
41.314
1,549.515
23.055
192.919
282.438
221.566
142,679
44,955
61.518
91,240
6,919.550
1.056,986
1,344.232
2.744.735
42,000
483,678
1,024,710
195,470
6.295,075
131,800
797.895
995,487
610.067
2,002,850
—17.60
9,905,455
Welland
231.429
107,465
Windsor
3,524.699
1,650,250
703,970
2.002.850
+115.35
+400.69
—17.60
675,149
1,432,700
1,488,326
354,564
1,113,998
179,396
+36.60
+97.64
1.545,824
54,418
749,428
74,992
597,909
33,325
942,719
114,344
2,964,985
102,830
3,118,395
235.107
214,680
261,155
100 292
211.244
+114.05
+23.63
240,876
200,669
978,228
256,420
143,093
131.066
155.611
440,306
385,850
1,256,927
456,692
2,063.454
33,435,088
26,810,902
+24.71
37,539,622
25,617,701
17,523,191
30.394,252
83,854,697
120.100.268
111,235
26,350
110,540
2,723,400
44,758
17.300
80,640
707.650
46,821
19,200
53,390
742,200
155,104
77.870
218,945
2,219.400
286.611
144,600
270.695
4.396.600
874,286
676,535
118,442
31,607
687.094
479,108
70,110
5,780
449,917
428,565
54,283
917.868
1,093.045
192.150
1,944,039
1,377,175
1,294.056
7.990
48.106
11,180
56,165
121,836
632,944
144,650
9,330
*33,000
172,595
100,687
118,481
291,696
79,725
13,530
2,650
23,600
44,845
85,598
97,606
277.069
531,855
10,230
8,690
32,465
87,630
1.059,303
40,789
133,392
107,910
35,750
1,153
30.000
269.805
1.598.440
1.718,515
25,285
24,544
32.613
524,692
2.971.543
5,518,040
199,730
230,803
221,825
114,800
1.564,541
340,136
135.062
2.130,466
389.673
580,321
10,066.425
737,160
553,990
14.645,206
1,898,262
.
York
N. S.—Halifax
Sidney
N. B.—Moncton
St. John
Total East (38 cities).
Western Canada—
Man.—Brandon
East Klldonan
St.
Boniface
157,310
45,000
;
Winnipeg
Alta.—Calgary
Edmonton
Lethbrldge
Red
Deer
Sask.—Moose
Jaw
Prince Albert
Reglna
Saskatoon
Swift Current
Weyburn
York ton
British Columbia—
New Westminster
Vancouver
Victoria
Total West (18 cities).
Total all (56 cities)
*
Estimated.
113.235
12.400
357,792
2,152,100
97,279
1.407,450
+38.92
+262.90
+267.80
+52.91
667.809
845.287
—21.00
865,660
232,298
61,416
895,440
—3.33
200.414
+ 15.91
+7.92
191,087
95,428
458,941
249.901
57,818
173,262
+230.50
358.865
+27.89
+11.58
+14.91
31,985
180
68.270
541,715
6,760,880
56,910
223,9.55
27.836
89,325
61,700
—44.92
—99.80
+ 10.65
74,609
67.650
557,178
260.450
811,570
6,653,650
4,054,3$4
4,300,935
984,830
125,025
369,215
4,641,545
584,517
+46.72
+45.66
+30.14
210,490
3,892,665
760,695
518.463
77.695
1,418.822
432,112
13,698.467
10.216,543
+34.08
10,464,533
4.651,438
t.215,682
8.621.202
24,865.694
45.571,396
30.269.139
21,738,873
39.015.454
108.720,391
165.671,664
47,133,555
37,027,445
+27.29
48,004.155
Volume
Financial
146
Make the
page
refusing to recognize the guilty organization.
Regarding the
would not
lence it
of
defense
bargain with
during
conduct
may
full
he
"In
many cases
strike the bounds of permis¬
a
have been overstepped by men
leaders cannot be used to
or
that
employer
one
union because of the vio¬
a
committed, the Board said:
the fact that
sible
not justi¬
are
deny to employees their
foregoing constitute only
established
the Board's
a
few instances of
"principles."
Perhaps
one
other line of decisions should be cited to illustrate
for
the need
and its
maintained that any
A
impartial investigation of the Board
interpretation of the law.
The Wagner Act
(1) provide
of the
Federal
provision charges the Board, of course,
with the task of
any
appraising the true
reason
back of
The Board's decisions con¬
layoff of employees.
cede that it is unable to estimate
employee efficiency
and thus it cannot determine whether or not
work¬
of union
truth of charges that these
attempted to make this determination
by consideration of such factors as tenure, opinions
of "other"
employees, and the "treatment given to
The various possible interpreta¬
employees."
tions of such evidence that could be
bers of
made by mem¬
Board which obviously can know
a
conditions in
actual
a
nothing
given plant almost defy
of
sentation
annual
implication of other "principles"
the
the
in
found
100-page
occasion
of the
summary
Board's
It can be safely asserted, however,
report.
virtually every
and
surprise
of these principles will
one
concern
to
disinterested
Board in
cerns.
The
;
It would be
extremely serious, however, were the
Senate committee to confine
its investigation solely
functioning of the National Labor Relations
Board itself and the decisions it has
other
Perhaps
of
phases
handed down.
operations
under
the
Wagner Act are more in need of investigation than
those
a
already cited.
Certainly the opportunity for
review of the conduct of
Federal
the informa¬
possess
which to base a forecast of what will be
by
such investigation.
any
Knowledge
happened in too many cases, however,
justify the opinion that the information thus
would
disclosed
amendment
stimulate
greatly
the
drive
for
repeal of the labor relations
even
or
statute.
b"-;
The Course of the Bond Market
agency
and,
The Baa
public
hearings where the evidence used
decisions of the National Board was developed.
the few cases
widely publicized, we have
frequently heard charges that these trial examiners
unions. It has
been alleged that evidence offered by the employer
was usually rejected and that all evidence tendered
always biased in favor of the
by the union was admitted. It has been charged that
Labor Board attorney in
in most of these cases the
charge of the case and the trial
orders
directed
Who
from the
examiner himself
union counsel, who actually
proceedings.
can
High grades revealed little sympathy with the mar¬
point.
ket's
say
whether all or any of these charges
by concerns cited for hear-
that have been levelled
rails
Aaa
although
weakness,
lost
ground.
some
United States Governments again showed strength, further¬
ing an advance of about 18
weeks' duration.
although most of them displayed
gen.
4s, 1995, at 108
Terminal RR. Assoc. of St. Louis 4s,
off 1% points;
were
losses,
vestige of strength
some
Atchison
toward the close of the week.
registered
have
bonds
railroad
1953, closed 4% points lower at 102%, a new 1937-1938 low.
Pennsylvania
bankruptcy
caused
Southern
&
to
59%;
&
declines
in
issues
of
among
particularly vulnerable to wide price
Jersey
1955, dropped 15% points
Gs,
& Maine 5s, 1955, were off 2%
W.
S.
Ohio
5s,
Div.
1950,
lost
Defaulted railroad bonds also closed lower
2%
at 37%;
at 40%,
than a week ago.
advanced moderately, while
lost ground. At 104%, Consumers Power
utilities
High-grade
An¬
and junior bonds of Erie,
Illinois Central, Boston & Maine and
and
Boston
Baltimore
108%.
at
to reorganize
senior
Both
were
Erie
reactions.
off 2%
were
Erie's petition
precipitate
Ohio,
Ry.
of
week
this
Baltimore
1908,
5s,
gen.
nouncement
lower grades have
have
3%s, 1905, were up 1% from a week ago;
New York Edison
Among lower grades, specu¬
Yet, with a few exceptions which ihvolve
on
the lowest price
were at
but remain well above the year's low
declined moderately,
holding
lative
company
debentures were especially weak.
National Power & Light 5s, 2030,
Power
&
Light
Power
A
1st 3%s,
declined 4 to 72; American
closed at 76%, off 3% ;
1975, at 00%
by
represented
was
2016,
6s,
Light & Power 0s,
the conduct of the
lias
market.
week's bond
Utility and industrial Baa's have
1933.
April,
this
in
8.79%,
rails, at a yield of
since
level
lower-grade railroad bonds
development
3%s, 1967, gained % at 105%.
nationally-known corporations, little is known about
Based
chief
the
im¬
of considerably greater
The decisions of the Board are a matter of
record.
substantial decline in
A
been
103%; New York Telephone
not be lost.
took
con¬
...
3%s, 1965, were unchanged at
of the trial examiners who
actually conduct the hearings for the Board, should
were
..
regional directors of the
portance, the actions
in
critic does not
average
of what has
does
affecting both large and small
cases
-
marginal roads.
analysts as well as to industry at large.
the
officials have frequently
employers into refraining from contesting
High-grade
Space limitations prevent, unfortunately, a pre¬
lo
of
hearings held by trial examiners apointed by the
imagination.
that
conduct
the
charges filed by unions; (3) appraise the conduct of
Yet, despite this admission, the
activity.
has
Board
of
scrutinize
(2)
discharged because of inefficiency or because
ers are
other
thorough and impartial analysis
a
agency;
uncovered
a
the facts?
regional directors of the Board and ascertain the
Board must prevent the dis¬
Such
of the decisions issued by the
on
implications of decisions so far issued by the
charge of workers for participating in union activi¬
ties.
foundation
genuine investigation of the Labor Board would
thus
tion upon
stipulates that the
based
were
any
of these allegations, how can it be
any
bulldozed
right of representation."
The
for
Board
Yet if
true or unfounded?
are
exists
491)
admittedly well founded, employers
fied in
ings
Investigation Thorough
{Concluded from,
503
Chronicle
an
lost 9%.
offering of
market
bond
been
relatively
Steel
4%s,
$9,000,000 Consumers
1967.
slightly declining tendency has
trial
United
New financing
this
week,
In
narrow.
characterized the indus¬
although
the
steel
fluctuations have
group,
Bethlehem
1960, receded % to 103%, while National
Steel
4s, 1965, fell % to 106y2.
General Steel Castings 5%s, 1949,
fell 2% to 54.
Amusement bonds have been lower, Warner
Bros.
Pictures 6s, 1939,
declining 1% to 77.
Movements in
have been mixed; the high-grade Standard
Oil of N. J. 3s, 1961, falling % to 100%, while Houston Oil
other
groups
5%s, 1940, rose % to 101.
Among tire and rubber bonds,
Goodrich 6s, 1945, fell 1% to 96.
National Distillers Prod¬
4%s, 1945, fell from 105 to 104%.
bonds, Haiti 6s have dropped to a new
low on the announcement of temporary sinking fund cur¬
tailment.
Brazilian and other defaulted South American
ucts
Among foreign
issues have firmed
their
issues
recent
have
up
advance,
somewhat, while Polish bonds, after
lost some of their gains.
Italian
generally improved, but Germans tended to
Japanese have been under renewed pressure.
become softer.
Moody's
are
computed bond prices and bond yield
given in the following
tables:
averages
Chronicle
Financial
504
(Based
U.
(Based
on
22,
1938
(REVISED)
Individual Closing Prices)
Govt.
All 120
120 Domestic Corporate *
120 Domestic
Domes¬
by Ratings
Corporate by Groups *
tic
Ind'ts.
Averages
Corp.
120 Domestic
by Ratings
Corporate by Groups *
Domes¬
Bonds
1938
Daily
1938
Daily
tic
k.
Baa
Aa
Aaa
Corp.*
Averages
AVERAGES
YIELD
BOND
Average Yields)
120 Domestic Corporate *
120
AU
S.
on
MOODY'S
PRICES (REVISED)
MOODY'S BOND
Jan.
R.
P.
U.
30
For¬
R.
Baa
A
Aa
Aaa
R.
Indus.
U.
P.
eign*
5.76
Jan. 21.. 110.52
20- 110.58
94.33
115.35
106.73
94.81
69.99
77.84
100.18
109.05
Jan. 21-.
4.34
3.20
5.52
3.99
3.51
94.49
115.78
106.92
94.97
70.20
78.20
100.35
109.24
20-.
4.33
3.18
3.62
4.30
6.20
5.49
3.98
3.50
19- 110.60
94.33
115.78
106.92
94.97
69.58
77.72
100.35
109.05
19
4.34
3.18
3.62
4.30
6.26
5.53
3.98
3.51
18- 110.60
94.97
115.78
107.49
95.13
70.73
79.07
100.35
109.05
18-
4.30
3.18
3.59
4.29
6.15
5.42
3.98
3.51
115.78
—
6.22
4.31
3.63
17-
110.36
95.46
107.69
95.46
71.79
80.20
109.24
17..
4.27
3.18
3.58
5.33
3.98
110.34
95.62
116.00
107.69
95.62
72.11
80.58
100.53
109.24
15..
4.26
3.17
3.58
4.26
6.02
5.30
3.97
3.50
110.15
95.78
116.00
107.69
95.62
72.32
80.84
100.53
109.24
14
4.25
3.17
3.58
4.26
6.00
5.28
3.97
3.50
13- 110.07
95.78
116.00
107.88
95.78
72.43
81.09
100.53
109.24
13-
4.25
3.17
3.57
4.25
5.99
5.26
3.97
3.50
12
4.24
3.17
3.58
4.25
5.97
4.24
3.17
3.56
4.24
5.98
5.24
3.98
3.50
4.24
3.18
3.56
4.25
5.97
5.22
4.00
3.50
4.26
3.19
3.57
4.27
6.01
5.24
4.01
••
«...
3.50
15-
•
3.53
14
—
100.35
109.24
—
4.27
6.05
-
-
3.50
3.97
5.25
•
5.83
12- 109.98
95.95
116.00
107.69
95.78
72.65
81.22
100.53
11- 109.97
95.95
116.00
108.08
95.95
72.54
81.35
100.35
109.24
11
10- 109.99
95.95
115.78
108.08
95.78
72.65
81.61
100.00
109.24
10—
8- 109.97
95.62
115.57
107.88
95.46
72.21
81.35
99.83
108.66
8
7- 109.97
95.62
115.78
107.88
95.46
72.00
81.35
99.83
108.46
7..
4.26
3.18
3.57
4.27
6.03
5.24
4.02
3.54
6— 110.01
95.29
115.78
107.88
95.13
71.57
81.22
99.48
108.08
6..
4.28
3.18
3.57
4.29
6.07
5.25
4.03
3.56
5— 109.90
95.13
115.35
107.88
94.97
71.25
81.09
99.48
107.49
5..
4.29
3.20
3.57
4.30
6.10
5.26
4.03
3.59
4-. 109.69
95.29
115.57
107.88
95.13
71.46
81.61
99.48
107.11
4..
4.28
3.19
3.57
4.29
6.08
5.22
4.03
3.61
3- 109.69
95.46
115.35
108.27
95.29
71.68
82.13
99.48
106.92
3
4.27
3.20
3.55
4.28
6.06
5.18
4.03
3.62
High 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
Hlgh 1937
4.40
3.48
3.67
4.41
6.29
5.53
4.22
3.76
5.78
1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.83
3.65
3.09
3.29
3.76
4.46
3.92
3.67
3.36
5.39
4.02
3.35
3.55
4.18
4.98
4.48
4.01
3.55
6.
—
—
—
■
—
1937 107.01
93.37
109.64
105.98
93.21
69.27
77.72
96.28
104.30
Low
1 Yr. Ago
Jan. 21'37 112.40
106.36
117.72
113.48
104.30
92.43
101,41
105.98
112.05
Jan.21'37
2 Yrs.Ago
Jan. 21'36 108.15
99.66
112.25
108.27
84.83
92.12
99.83
108.27
Low
*
-
-
-
_
_
_
-
-
-
•
-
-
"
1 Yr. Ago
2 Yrs.Ago
I
I
96.94
Jan.21'36
yields on cue basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
These prlcee are computed trorn average
level or the average movement
the bond market.
»leld averages, the latter being the truer picture of
Indications of Business
STATE
THE
TRADE—COMMERCIAL
OF
EIPTOME
Business
activity
shown some
week lias
the past
of
gains
the previous
cheerful effect
generally.
business sentiment
011
in
News-Record" reported yesterday.
53% above the preceding week and
58% above the 1937 week.
Public construction is 12% below
last
week
and
18% below 1937.
Motor company sales
For
business index stood at 75.7, while for
Commerce" weekly
Jan. 15 the index registered G9.8 and com-
the week ended
96.4
the
for
of 1937.
week
corresponding
'
distinct
a
feeling of optimism among many of the leaders of industry.
This
borne
is
out
Colby M.
from
by the recent statement
Eastern territory are now somewhat more
the
in
is
the outlook for new car volumes than in the last
few weeks.
Many officials believe that January new model
deliveries will compare more favorably with the preceding
hopeful
However,
though business activity is lagging, there's
even
construction
officials
with a revised figure of 67.4 for the week of Jan. 8,
Xiares
"Engineering
1937,
Private
preceding the Christmas holiday, the "Journal of
the week
Engi¬
2,264,125,000 in the corresponding week last year.
neering construction awards for the week, $47,069,000, are
12% above last week and 9% above the corresponding week
week, but far from sufficient to have any
over
real
Activity
24,448,000 kilowatt hours under the previous week, wrhen
it stood at 2,139,582,000, and 148,991,000 under the total
Friday Night, Jan. 21, 1938.
and
m
5.75
on
year's levels than did December's.
The strike at this time
last year cut into retail sales, it is pointed out.
The cold
aided
weather
in
lifting
retail
trade
volume
this
week.
Chester, Chairman of the National Association of Manufac¬
turers, in which he asserted that two-thirds of the country's
.
According to Dun & Bradstreet trade review,
major distribution centers were 1% to 4% higher than the
the consensus of
further
in
He
that
labor,
and
verge
it
government,
declared
optimism prevailing
following statement
for the greatest
among
was
the
are
a
regulations
definite plan or
business."
than
is
it
program
"That industry is ready
to
irregular that
over
reasonable govern¬
apparent
lack
of
a
of government regulations toward
Although steel
another notch
To further emphasize
the
ingot
production has moved
Opera¬
intermittent, it points
out, facilities being shut down for as much as a week to
such
orders.
orders, and then operated to process
gain in production, it is noted,
The sharpest
State
below
It
dom
review states.
"This is dictated
by the fact that steel inventories are not completely liqui¬
dated, that steel can be obtained on relatively short notice,
thereby eliminating the need for forward buying, and also
because buyers
are awaiting
the outcome of the wage
negotiations between the United States Steel Corp. and the
last
week
While the automo¬
making production gains—a 20%
increase
the
Tuesday, which
24
was
below
degrees
with 20 passengers
The feature
throughout New
south
as
reported
38
Virginia.
degrees
the coldest spot in the
at
Lake
Placid
and
15
In Connecticut, Satan's King¬
The Hudson River
above
normal
lachian
Great
from
everywhere
being
and the
abnormally
ice jam.
Gov¬
the week
were
an
the
of
west
high
in
Appa¬
central
the
Northwest, where the weekly depar¬
16 de¬
the normal ranged upward 10 degrees to
Abnormally warm conditions
grees.
most
marooned for five hours
that temperatures for
practically
Mountains,
Plains
was
when it was caught in
charts show
ernment
of the country
quite general
were
over
west of the Mississippi River, while in
Ohio Valley, west Gulf sections, and along the Pacific coast
moderate
warmth
quite cold for the
On
prevailed.
season
in
the
other
hand,
12
was
degrees
area
below
the
seasonal
the weather
of the week,
it
was
the northern portions of New
England and New York, particularly the latter,
part
Organizing Committee.
far
as
Adirondacks,
Newburgh-Beacon Ferry Co.,
City
automobile industry," the
last
was
the
in
reported eight degrees below zero.
York
Workers'
extension
wave
frozen at Newburgh and the ferryboat Dutchess, of the
was
early
the Wheeling-Weirton area, where the rate
10 points to 56% of capacity.
"Hand-to-mouth buying
is the policy of almost all steel users, not excluding the
industry is
the cold
degrees below at Watertown.
has occurred in
Steel
its
and
View,
zero
State.
is up
bile
the second consecutive week in which the
was
of the week's weather was
tures
tions of many mills and furnaces are
await accumulation of
This
up
30% of capacity, the flow of business is
no definite trend is yet indicated,
"Iron
Age" says in its current summary of the industry.
the previous
over
percentage drop from a year ago was reduced.
Mountain
Lehigh University banquet
over
increase of 5.1%
on
made last night by T. M. Girdler,
He told
an
decline of 16.6% from the like period of 1937,
a
reported today by the Association of American Rail¬
was
York
we
the leaders of industry, the
that business "is far less disturbed
so
end
to
development and expansion that the human
has yet known."
ment
and
that
further
Chairman of Republic Steel Corp.:
race
business
"mud-slinging"
in
get capital free to act.
we
but
roads.
turn
a
of the greatest forward movement this country
if
ever saw
questioned
between
He
week,
the worse.
"armistice"
an
totaled 580,600 cars,
for
predicted
survey
the
preceding week and 2% to 8% above the 1937 comparative.
Car loadings of revenue freight for the week ended Jan. 15
of the manufacturers
few
a
recession.
business
the
time
He said
opinion of 40 industrialists.
cooperation
urged
the
only
cross-section
a
some
He told the Senate Unemployment Committee that
in 1938.
was
business
in
expect improvement
manufacturers
sales at
was
with
the latter half of the week it
average.
severely
considerable
was
In
cold
where
the
it
New
during the
snow
and
ice;
clear to cloudy, with the
cold temperature moderating considerably.
Today it was
cloudy and cold here, with temperatures ranging from 29
to
40
degrees.
The
forecast
was
for
rain
and
warmer
tonight and Saturday.
Overnight at Boston it was 22 to 32
degrees; Baltimore, 32 to 42; Pittsburgh, 32 to 38; Port¬
land, Me., 20 to 32; Chicago, 34 to 36; Cincinnati, 40 to 46;
Cleveland, 36 to 38; Detroit, 28 to 36; Charleston, 44 to 56;
Milwaukee, 32 to 34; Savannah, 48 to 60; Dallas. 54 to 66;
Kansas City, 36 to
40; Springfield, Mo., 42 to 46; Oklahoma
week before—its steel buying has not
appreciably.
However, Hudson is in the
market for 40,000 tons and Ford for a lesser
tonnage.
The
brightest spot in the automobile situation is the export
Montreal, 18 to 26, and Winnipeg, 8 to 14.
market, where substantial gains
Sharp Decline
been
ers
state.
totaled
Jan.
over
increased
Production
2,115,134,000
15,
Institute.
a
loss
shown, informed observ¬
of electricity in the United States
kilowatt
of 6.6%,
Output
for
are
hours
according to
the
latest
in
the
the
week
week
Edison
showed
a
ended
Electric
loss
of
City, 42 to 56; Salt Lake City, 22 to 40; Seattle, 42 to 48;
—-—♦
Noted in "Annalist"
sale Commodity
Index of Whole¬
Prices During Week Ended Jan. 19
July, 1936
—Index Lowest Since
Wholesale
commodity prices experienced their worst drop
points,
since the week ended Nov. 23, when the index lost 1.1
Volume
according to
20.
Jan.
Financial
146
an
"Annalist" on
announcement issuedjby the
For Jan.
Index of Wholesale
"Annalist"
the
19
505
Chronicle
charges of $4,576,115 and for the 10 months of 1936 of $31,880,348 under the re¬
quirements of an Act approved Aug. 29, 1935, levying an excise tax upon carriers
and an income tax upon
(Public No. 400,
their employees, and for other purposes.
74th Congress).
'
Commodity Prices was 84.0, a new low since July 21, 1936,
and 7.5 points lower than a year ago.
The "Annalist" also
which will become due on account of principal of long-term
debt (other than funded debt matured unpaid) within six months after close of month
stated:
of report.
Practically all of this week's loss
fact
which
make
should
the
was
confined to farm and food products,
housewife
average
feel
metals, chemicals, building material and fuels were
ucts classification
cheaper,
casued by reductions in cotton
was
INDEX
WEEKLY
"ANNALIST"
Tin suffered the worst
cloth and silk.
decline in the metals group, with copper
THE
Lamb and pork were also
A small decline in textile prices
apples, oranges and flour.
as were
firm.
also easier.
OF
WHOLESALE
Wednesday.
Jan.
19,1938
COMMODITY
Wednesday,
Tuesday,
Jan.12, 1938
Jan. 19,1937
83.6
102.8
74.3
76.0
83.9
Textile products
Fuels
*60.3
60.5
82.4
91.3
91.3
88.7
Metals.
104.0
104.2
98.0
Building materials
68.6
68.6
67.6
Chemicals.
88.9
88.9
86.8
Miscellaneous
74.3
74.3
72.4
All commodities
84.0
84.9
91.5
80.8
products
Food products
♦
.
than two years after date of issue.
Freight
6.1% in
Rise
Loadings
Car
Week
Ended Jan. 16, 1938
Loadings of
freight for the week ending Jan. 15.
This is a gain of 28,286 cars or
revenue
1938, totaled 580,600
cars.
5.1% from the preceding week;
decrease of 115,435 cars,
a
16.6%, from the total for the like week a year ago, and
a drop of
5% from the total loadings for the corresponding
week two years ago.
For the week ended Jan. 8, 1938,
loadings were 21.1% below those for the like week of 1936,
and 10.2% below those for the corresponding week of 1935.
Loadings for the week ended Jan. 1, 1938 showed a loss of
22.2% when compared with 1937 and a drop of 15.5% when
comparison is made with the same week of 1936.
The first 18 major railroads to report for the week ended
Jan. 15, 1938, loaded a total of 261,081 cars of revenue
freight on their own lines, compared with 260,565 cars in the
preceding week and 333,462 cars in the seven days ended
Jan. 16, 1937.
A comparative table follows:
or
(1926=100)
PRICES.
Farm
Revenue
A long list of declines in the food prod¬
led by milk and beef.
was
Includes obligations which mature not more
c
Small price concessions were
of grains, wool, cotton and hides.
:
of
sustained by milk, eggs,
made by seUers
In the farm products group largest losses were
fowls and certain citrus fruits.
Prices
better.
..
„
b Includes payments
Preliminary.
REVENUE
FREIGHT
CONNECTIONS
RECEIVED FROM
AND
LOADED
(Number of Cars)
Selected
Balance Sheet
and
Income
Steam Railways
Items of Class I
Loaded
for October
steam
of
Statistics
the
railways in the United States for the month of October.
figures are subject to revision and were compiled
These
representing 141 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies. The report in full is as follows:
from
135
reports
TOTALS
Weeks
1938
1937
Ended—
15 Jan.
8 Jan.
1938
10
1937
Atchison Topeka & Santa Fe Ry.
20,307
18,829
20,925
4,708
4,158
6,814
Baltimore & Ohio RR.
23,226
22,487
32,370
12,745
11,754
16,777
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago MIlw. St. Paul A Pac. Ry
Chicago & North Western Ry
19,544
17,462
24,235
6,757
5,937
8,877
15,868
15,515
16,018
6,527
6,359
18,531
18,382
19,276
7,152
7,406
8,952
14,420
14,349
15,508
9,310
11,885
3,415
3,624
3,548
1,660
1,962
2,052
1,536
2,503
8,884
1,928
2,825
3,901
14,263
4,326
4,171
3,004
2,231
2,982
Gulf Coast Lines
International Great Northern RR
Missouri
For the 10 Months of
Received from Connections
16 Jan.
8 Jan.
1938
1938
Pacific
RR
RR
New York Central Lines
of October
For the Month
Lines
Ended—
15 Jan.
Jan.
Missouri-Kansas-Texas
UNITED STATES (ALL REGIONS)
FOR THE
Own
on
Weeks
Interstate Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
of
Bureau
The
1,644
2,677
14,149
15,172
8,459
8,714
9,769
29,044
43,186
32,836
28,041
45,258
3,883
30,292
3,886
N. Y. Chicago A St. Louis Ry...
8,855
4,798
8,672
7,561
11,967
Norfolk & Western Ry
Income Items
1936
1937
1936
1937
16,0.51
14,428
23,411
3,842
3,513
4,756
Pennsylvania RR
47,850
45,787
30,126
4,446
42,859
4,140
64,960
5,026
27,869
4,335
Pere Marquette Ry
$60,747,446 $89,809,373 $530,770,021 $524,292,105
119,634,438
112,432,173
10,369,096 11,510,391
Net railway operating Income.
Other Income
3,941
5,847
3,266
3,095
7,304
3,506
2,959
7,006
24,216
23,906
25,971
x7,822
x7,561
x9,762
5,056
5,197
5,501
7,663
6,950
9,810
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
$71,116,542 $101319 764 $643,202,194 $643,926,543
Total Income..,
Total
1,754,088
1,663,077
Mlscell. deductions from Income
16,891,399
16,881,770
Excludes
x
Inc. avail, for fixed charges.. $69,453,465 $99,565,676 $626,320,424 $627,035,144
Orleans
Fixed charges:
Rent for leased roads
10,648,931
40,366,367
223,065
...
Interest deductions
Other deductions
11,230,627
40,492,200
237,212
110,339,807
405,868,932
2.306,927
261,081 260,565 333,462 161,614 149,037 216,051
Co.
TOTAL
110,897,527
interchanged between 8. P. Co.-Pacific Lines and Texas <fc New
cars
RR.
RECEIPTS FROM CONNECTIONS
LOADINGS AND
413,401,306
2,282,699
(Number of Cars)
.
Weeks Ended—
$51,238,363 $51,960,039 $518,515,666 $526,581,532
Total fixed charges
18,215,102
47.605.637
107,804,758
100,453,612
1,020,175
1,020,175
10,265,135
10,155,135
$17,194,927 $46,585,462
Income after fixed
$97,539,623
$90,298,477
16,737.621
2,799.753
16,199,501
163,621,962
3,324,161
31,771,716
161,357,364
23,393,050
1,260,988
6,231.333
1,618,363
1,184,779
73,845,241
65,421.307
20.633,432
18,413,186
charges
Contingent charges
Net Income
■
Jan.
and equipment)
On preferred stock
24,248
24,375
Illinois Central System
30,991
12,792
29,258
12,363
32,391
13,425
67,873
65,869
80,191
St. Louis-San Francisco Ry
The Association
of American Railroads, in reviewing the
week ended Jan. 8,
Loading of
This
cars.
October
decrease
a
Traffic and car-service balances receivable..
Net balance receivable from agents
and supplies
Materials
and conductors.
receivable
.....
........
Interest and dividends receivable
Rents receivable
Other current assets
i—
2,690,689
67,819,537
54,535,397
148,402,128
294,507,835
23,716,104
—
$554,817,336
19,089,247
384,376,045
--
Loans and bills receivable
$464,197,370
18,564,793
39,657,491
124,512,434
143,538,400
deposits
Special deposits
cars,
30,458,567
2,297,911
9,284,612
6,460,169
65,361,849
53,.509,902
above
cars
40,350,519
of
Loans and
bills payable.c
Traffic and car-service balances payable.
Audited accounts and wages payable
Miscellaneous accounts
$135,195,839
$210,062,762
88,130,321
264,538,313
87,119,745
234,142,055
102,760,540
109,916,669
2,366,339
478,742,803
464,198,663
6,363,275
105,493,056
38,002,158
Unmatured Interest accrued
Unmatured rents accrued
107,080,327
37,737,882
27,239,794
$117,074,022
Other than United States Government taxes.
a
The net Income
as
156,040,238
$33,104,616 for the 10 months of 1937, $1,562,789 for October, 1996 and $14,676,483
for the 10 months of 1936 on account of accruals for excise taxes levied under the
Social Security Act of 1935
also includes charges and credits resulting in a net charge
of $3,555,577 for October,
1937 and $20,022,323 for the 10 months of 1937, because
Act of 1937." approved June 29,
1937 and
repeal of the Act of Aug. 29, 1935, levying an excise tax upon carriers and an income
their employees, and for other purposes. (Public No. 400, 74th Congress).
The charges and credits were not handled in a uniform manner by all the carriers
tax upon
and separate totals are not available.
corre¬
28.8%
or
8
was
below
week,
increase of
an
which
contained
a
The net income for October, 1936 Includes
week, but
cars,
decrease
a
an
increase of 36,166
65,117
of
below
cars
the
than
carload
the corresponding
a
lot
freight
totaled
above the preceding week,
cars
week
cars,
142,136
decrease
a
1937.
in
increase of 6,607
an
decrease of 60,678
but
cars
cars
above
below the corresponding
1937.
and
week
ing
products
grain
loading
39,672
totaled
cars,
an
the
Live
above
stock
the
Western
increase
of
districts
alone,
grain
in. 1937.
week
the
for
above
week
the
of
In
Jan.
a
14,641
cars,
decrease
to
but
of
the Western
8
but
a
increase
an
778
districts
10.870
totaled
week
preceding
and
grain
increase
an
7,320
cars
1937.
in
loading amounted
preceding
week
sponding
cars
In
corresponding week
the
stock
1937.
in
loading for the week of Jan. 8 totaled 25,280 cars,
cars above
the preceding week and an increase of
6,965
above
alone,
cars,
decrease
of
an
of
below
cars
4,550
the
loading
increase
251
jars
cars
corre¬
of
of
live
3,501
below
the
corresponding week in 1937.
Forest
above
products
the
loading amounted to 6,454 cars, an increase of 1,110
preceding
in
Coke
the
week
but
a
All
in
of
3,372
cars
below
the
cars
above the
corresponding
1937.
a
6,830 cars,
decrease of
an
4,923
increase
cars
of
1,768
cars
above
below the corresponding
1937.
districts
1937
decrease
loading amounted to
preceding week but
week
in
loading totaled 24,226 cars, an increase of 7,457 cars
week but a decrease of 5,811 cars below the corre¬
1937.
preceding
week in
sponding
$86,508,831
159,515,340
reported includes charges of $3,458,962 for October, 1937 and
of provisions of the "Carriers Taxing
cars,
Jan.
loading totaled 207,868
26,616
below
cars
Grain
week
Tax liability:
United States Government taxes
223,441
preceding
loading amounted to 110,487
in
Ore
$1,941,297,501 $1,820,252,369
Total current liabilities.
552,314
the
10,681 cars above the preceding week and 9,812 cars above the correspond¬
1,274,268
25,302,986
Other current liabilities
totaled
below
in
preceding week, but
516,805,535
3,397,675
Unmatured dividends declared
the
1937.
merchandise less
of
16,865
week
$217,826,952
633,047,752
payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid...
decrease of
a
above
preceding
increase of
an
Coal
the
of
$84,544,668
the
Loading
cars,
2,796,975
Liability Items—
Funded debt maturing within six months.b-
and
20.8%
or
corresponding week
products
Selected
8
21.1%
or
freight for the week of
revenue
Miscellaneous freight
109,385,885
$1,339,693,359 $1,331,314,284
Total current assets.
Jan.
ended
cars,
1930.
$681,844,392
10,676,448
Demand loans and deposits
accounts
1937
in
94,955
$693,023,591
Cash
Miscellaneous
in
week
week
147,732
holiday.
bonds, &c„ other than those
companies—
Time drafts and
week
same
Loading of
Selected Asset Items—
of affiliated
sponding
for the
of
1936
1937
Investments in stocks,
reported as follows:
freight
revenue
was
the
Balance at End of
1937
24,090
Total
Dividend appropriations:
On common stock
Jan. 16,
8, 1938
Chicago Rock Island & Pacific Ry.
Depreciation (way & structures
Federal Income taxes....
Jan.
15, 1938
and
reported
decreases compared
with
the corresponding
weeks
1930.
In the following: we
undertake to show also the loadings
the week ended Jan. 8,
roads showed increases
when compared with the same week last year:
for separate roads and systems for
1938.
During this period only 21
Financial Chronicle
506
Total Revenues
from Connections
Eastern District—
Ann Arbor—
829
867
969
454
403
763
Richmond Fred. A Potomac...
351
296
3,696
9,210
17,128
8,660
20,213
6,695
17,766
4,234
11,341
1,086
4,388
4,564
15,285
362
440
349
567
790
134
170
131
534
797
88,761
106,135
88,418
54,431
67,029
14,349
2,429
18,382
4,169
15,042
2,299
18,875
4,317
1,060
13,848
2,149
19,249
4,355
8,884
2,113
7,406
2,602
10,323
2,885
584
142
898
1,231
171
234
7,754
1,414
8,180
1,532
10,329
2,340
Seaboard Air Line
25
13
32
54
Southern System.
1,217
4,138
6,478
—
——-
West.
Delaware Lackawanna A
1,099
344
584
1,663
26
Boston A Matne
Delaware & Hudson
962
258
466
2,157
8,360
1,745
1,349
892
5,062
8,562
2,183
7,661
6,664
Tennessee Central
5,532
1,287
5,704
4,674
Central ludiana———~
9,551
217
320
225
89
101
1,942
3,291
2,727
1,646
319
337
2,400
11,001
2,704
12,967
5,184
11,272
4,362
157
118
10,423
5,452
1,312
1,428
1,457
Lehigh Valley
7,797
9,467
1,725
8,504
Maine Central
2,808
2,609
1,707
3,025
29,044
8,350
1,283
3,883
3,211
4,140
42,769
267
—
Winston-Salem Southbound
Total.
1,676
3,876
15,328
140
1937
Piedmont Northern-
Norfolk Southern
523
Chicago Indianapolis A Louisv.
Central Vermont
District— (Concl.)
2,429
6,639
1,174
—-—
Bangor & Aroostook—
1938
1936
1937
1938
Southern
from Connections
Freight Loaded
Railroads
1937
1938
1936
1937
1938
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
Jan• 22> 1938
CONNECTIONS (NUMBER OF CARS)-WEEK ENDED JAN. 8
LOADED AND RECEIVED FROM
REVENUE FREIGHT
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit A Toledo Shore
188
Line..
Erie—
Grand Trunk
Western
Lehigh & Hudson River
Lehigh A New England
.
Monongahela
Montour...
New York Central Lines
Hartford
N. Y. N. H. A
Western.
New York Ontario A
Louis
Pittsburgh A Lake Erie
N. Y. Chicago A St.
Pere Marquette
Pittsburgh A Shawmut
>
7,744
1,741
647
1,561
6,156
7,704
2,678
3,021
3,944
2,798
171
212
2,151
36
36
28,041
1,734
4,788
7,432
4,907
38,700
10,124
1,908
4,239
4,750
5,737
2,843
3,941
41,514
12,026
1,772
10,773
6,861
5,207
540
387
24
18
5,120
2,407
10,609
9,429
1,260
7,561
—
.
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western.
_.
Great Western
...
Milw. St. P. A Pacific
St. P. Minn. A Oxnaha
642
Duluth Missabe A I. R
7,946
2,225
149
504
820
556
276
358
4,195
Duiuth South Shore A Atlantic
Elgin Joliet A Eastern....-—.
7,946
5,726
4,044
7,361
412
262
153
143
8,710
9,428
2,222
2,775
511
Green Bay A Western
318
8,894
Ft. Dodge Des Moines A South
Great Northern
580
555
419
583
57
216
452
393
Lake Superior A Ishpeming
95
Minneapolis A St. Louis
1,737
1,528
1,653
1,638
1,714
Minn. St. Paul A 8. S. M.._
5,074
5,011
5,024
Northern Pacific
8,136
8,976
8,642
2,304
2,543
2,156
3,308
383
427
298
171
295
Pittsburgh A West Virginia
775
1,329
1,071
1,085
1,311
466
588
516
726
958
Spokane International...-
68
105
116
151
274
Rutland
5,197
2,076
5,665
5,151
8,807
Spokane Portland A Seattle
1,081
1,118
1,163
1,080
1,406
4,106
3,598
6,950
2,038
70,976
77,157
73,526
36,034
43,701
114,240
157,793
140,809
117,777
166,344
323
480
552
560
843
18,829
2,802
20,774
2,854
18,137
2,772
4,158
1,745
5,937
2,343
279
263
256
77
92
15,515
1,811
12,227
2,596
16,545
14,823
1,761
10,671
6,539
7,921
732
939
8,131
8,778
3,172
1,522
3,503
1,846
2,768
1,214
2,593
Pittsburgh Shawmut A North..
'
-
Wabash
Wheeling A Lake Erie
Total
3,449
Total.
Central Western District—
Allegheny District—
Akron Canton A Youngstowu
Atcli. Top. A Santa Fe System*
Alton
22,487
1,009
32,668
3,067
26,498
1,640
11,754
15,399
848
2,138
Buffalo Creek A Gauley
373
416
305
6
9
Cambria A Indiana
906
1,438
6,359
1,427
5,353
16
25
8,911
11,142
388
714
119
52
62
Chicago Rock Island A Pacific.
129
370
379
33
31
Chicago A Eastern Illinois
Colorado A Southern
Baltimore A Ohio...-----Bessemer A Lake Erie
4,296
Central RR. of New Jersey-
Cornwall
-—--•
Cumberland A Pennsylvania..
118
197
256
15
38
Long Island
558
609
724
Penn-Reading Seashore Lines.
786
900
881
45,787
11,681
65,821
55,919
13,359
2,394
1,462
41,811
17,531
6,506
14,684
15,136
2,083
1,193
27,869
12,038
8,983
1,205
2,855
55
86
99
0
0
Llgonier Valley
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern..
3,754
2,710
Western Maryland
6,825
4,051
3,190
....
_
_
....... ... -
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
102,565
70,635
119,684
146,699
98,112
2,397
3,893
669
997
766
11
1,222
1,708
Denver A Rio Grande Western-
3,318
1,085
999
1,057
1,984
1,031
968
1,146
1,422
262
296
Denver A Salt Lake
Fort Worth A Denver
City
Illinois Terminal
...
2,037
430
Missouri-Illinois
791
2,070
468
3
25
1,482
1,667
116
170
485
659
696
349
413
18
38
100
0
55
17,290
18,998
15,567
4,494
6,075
415
342
383
936
12,931
13,059
12,192
5,813
1,139
8,061
Nevada Northern
North Western Pacific...
Southern Pacific (Pacific)
Toledo Peoria A Western
Union Pacific
10,956
867
Peoria A Pekin Union
Total..—
2,314
System
...
403
892
733
8
7
1,456
1,482
1,298
1,791
2,200
94,375
103,455
93,060
42,046
53,394
Utah
Western Pacific,
Pocahontas District—
18,920
5,937
3,513
8,321
4,842
4,129
750
45,221
10,200
14,144
35,892
Norfolk A Western
53,442
14,428
....
Virginian
Total.
Total
981
22,172
4,002
25,361
23,363
4,718
17,462
Chesapeake A Ohio
Southwestern District—
Alabama Tennessee A Northern
119
156
Atl. A W. P.—W, RR. of Ala-
615
824
122
1,097
739
146
1,430
219
224
238
1,928
International-Great Northern
1,962
2,198
3,084
2,205
1,569
2,040
1,094
131
163
125
958
2,064
1,328
1,782
1,291
1,629
1,029
1,897
Louisiana Arkansas A Texas.
116
109
89
321
392
Litchfield A Madison
236
382
358
802
824
Midland Valley
574
882
767
133
227
Missouri A Arkansas
205
141
62
197
138
580
786
933
7,726
Charleston A Western Carolina
342
439
312
Cllnchfield...
983
1,221
949
3,925
2,297
1,041
1,508
4,846
3,295
Columbus A Greenville
304
274
356
247
274
Durham A Southern
153
203
107
395
330
971
1,093
757
936
942
MLssourl-Kansas-Texas Lines.
29
35
29
71
73
Florida East Coast
Galnsvllle Midland
Georgia
...
Kansas City Southern
Louisiana A Arkansas
4,326
4,545
4,687
2,677
2,884
14,183
Missouri Pacific..
16,620
14,977
8,714
9,775
1,284
1,608
Quanah Acme A Pacific
242
101
92
77
396
265
415
615
St. Louis-San Francisco
7,058
919
St. Louis Southwestern
2,434
7,562
2,186
4,008
986
2,019
Texas A New Orleans
6,616
4,599
7,697
2,375
7,077
4,014
1,521
2,613
2,607
789
729
24,382
9,103
4,014
11,001
17,241
1,412
20,248
20,368
Macon Dublin A Savannah
127
132
136
377
484
Wichita Falls A Southern
Mississippi Central
119
183
115
289
328
Wetherford M. W. A N. W__
1,880
1,659
2,743
1,374
1,486
1,730
2,310
Illinois Central System
20,625
23,380
Louisville A Nashville
Mobile A Ohio
-
Nashville Chattanooga A St. L.
2,326
Note—Previous year's figures revised.
5,124
2,050
2,364
Index
Commodity
Staple
of
slightly this week, closing at 151.2
on
Prices
Friday,
as
declined
compared
week ago.
vidual commodities.
Rubber,
wool
cocoa,
and sugar
declined; and there
lead, and coffee.
corn,
Fri.,
Jan.
Sat.,
Jan.
Mon.,
Jan.
Tues., Jan.
Wed.,
Jan.
Thurs., Jan.
Fri.,
Jan.
as
hogs, steel
hides, wheat,
were no
The movement of the Index
parisons, is
scrap
copper,
and
cotton
net changes for silver,
in
during the week, with
152.4
152.1
..151.2
150.8
151.1
151.2
2 weeks ago, Jan. 7
Month ago, Dec. 21
com¬
45
35
38
55,365
52,462
35,157
36,032
advance in the composite
tinued:
index."
Raw material prices reached a high point
4,326
43
material
index
stood
at
85.0.
week ended Sept. 25, when the raw
Thereafter
six
weeks
above
year
a
showed little
month
ago.
ago
raw
The
index
during the week.
ago.
material
prices declined
1937, and during the next
uncertainty with a current index of
75.9
0.9%
and 14.1% lower than the corresponding week of a
for
the finished
products group increased
0.1%
Compared with the corresponding week of December,
They are 0.5% below a year
Semi-manufactured commodity prices increased
0.8% in tbe week
15, the first upward movement in this index since
Low—Nov.
1938
of 90.9 in the week ended April 3,
steadily to 75.4 for the week ended Nov. 27,
High—April 5
144.6
Aug. 21, 1937.
registered for textile products, metals
Year ago, Jan, 21—
1937
The Commissioner con¬
lower than last year.
24
High—Jan.
10
152.9
Low—Jan.
3
148.3
Department of Labor Reports Advance
Wholesale Commodity Prices of 0.2% During
Week Ended Jan.
6,185
They weakened earlier than the prices of finished products, which
1937.
151.4
149.1
207.9
228.1
States
15
Following the almost steady decline since the week ended
Sept. 25, the Bureau of Labor Statistics', United States
Department of Labor, general index of wholesale commodity
prices advanced 0.2% in the week ended Jan. 15, according
to an announcement made Jan. 20 by Commissioner Lubin.
"A sharp and significant rise of 0.8% in prices of raw ma¬
terials and the 1.0% boost in market prices for farm prod¬
ucts," Mr. Lubin said, "were primarily responsible for the
24
49,958
The index for the week—77.6—is at the
level of a month ago and 9.5%
In addition to the advance in farm product
prices, increases were also
and metal products, chemicals and
drugs, and miscellaneous commodities.
Two groups hides and leather
products and building materials—showed declines of 0.5% and 0.2%
foods, fuel and lighting
goods—remained unchanged.
81.0% of the 1926 average,
the level reached during the last week in December.
Compared with a
month ago, the combined index was down 0.6%.
The decrease since a
year ago, when the index stood at 85.7, was 5.5%.
Non-agricultural commodity prices, measured by the index for
all com¬
modities other than farm products," are 0.2% higher than for the preceding
respectively.
United
62
17
Total
ended Jan.
-.152.1
——
3,067
4,046
199
prices of finished products are down 1.3%.
follows:
14...J
15
17
18
19
20
21
4,142
204
reached the high point of 89.5 in the
Only moderate net changes occurred in the prices of indi¬
advanced; silk,
4,805
218
Texas A Pacific
♦ Previous figures.
Moody's Commodity Index Slightly Lower
a
93
598
281
Gulf Mobile A Northern
with 152.1
973
1,294
———
Georgia A Florida
Moody's
2,825
1,779
1,287
Kansas Oklahoma A Gulf
793
10,257
4,268
2,718
1,132
2,207
253
223
4,237
443
Atlantic Coast Line
Central of Georgia
400
268
3,624
8,557
3,225
Atlanta Birmingham A Coast..
113
190
Gulf Coast- Lines
Fort Smith A Western
Southern District-
144
161
Burlington-Rock Island
materials,
The
The general levei for three groups
and
housefurnishing
all-commodity
index now stands at
corresponding week of December, 1937,
ended Jan. 16, 1937. According to
products and foods, in¬
dustrial commodity prices increased 0-1%.
Compared with the index for
a month ago, they are 0.1% lower and compared with a year ago they are
week
0.7% lower than for the
and 1.8%
below the level of the week
the index for "all
0.6% higher.
commodities other than farm
Volume
507
Chronicle
Financial
146
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
furnishing the above comments by Com¬
the Labor Department in its Jan. 20
In addition to
missioner
Lubin,
announcement said:
Higher
increased 0.4%.
vegetable oils and inedible tallow.
The indexes
and drugs and pharmaceuticals
materials, mixed fertilizers,
fertilizer
prices for Japanese raw silk and slightly higher
cloths, muslin, burlap, and raw jute caused the
products group to move upward 0.1 %.
Lower average
index for the textile
China raw silk and cotton duck.
Clothing and
unchanged.
Announced lower prices for children's youths', and misses' shoes and sole
leather accounted for the 0.5% decrease in the index for the hides and
prices were reported for
knit
goods prices were
products group.
Shoe prices decreased 0.9% on the average.
hides and skins and leather subgroups were 0.2%
leather
indexes for the
The
lower than for the
preceding week.
building materials again moved
Average prices for
fractionally downward.
yellow pine flooring, carbon
Higher
black, and white lead.
lath, red cedar shingles, rosin, turpentine,
The current index for the group—92.1—
prices were shown for yellow pine
and China wood and linseed oils.
above a year ago.
Indexes for the 3 groups—foods, fuel and lighting materials, and housefurnishing goods—showed no change.
Dairy products declined 0.2%; fruits
and vegetables dropped 2.1 %; other foods including eggs, oleo oil, and granu¬
lated sugar dropped 0.3%; and petroleum products, particularly Pennsyl¬
vania gasoline, decreased 0.3%.
Average prices for cereal products rose
2.1 %.
Other subgroups of these 3 major groups remained unchanged from
the week before.
Important individual food items showing price declines
were butter, cheese
(Chicago and New York markets), canned peaches,
seedless raisins, canned spinach, fresh beef, lamb, smoked ham, and mess
below 4 weeks ago and 1.0%
is 0.8%
pork, dressed poultry (New
edible tallow, copra,
flour, wheat flour, and canned apricots
109.8
69.4
69.3
86.6
47.7
46.2
71.4
73.3
70.4
112.5
73.1
72.9
74.0
81.4
84.6
84.6
83.8
80.2
81.3
80.8
80.4
84.2
Textiles
62.4
62.1
62.4
79.7
7.1
Metals
98.9
98.2
98.6
95.3
6.1
Building materials
Chemicals and drugs
83.2
83.3
83.4
86.6
95.3
95.3
95.5
94.4
.8
Fertilizer materials
72.5
72.4
72.9
70.7
.3
Fertilizers
79.8
79.8
79.8
75.8
.3
Farm machinery
96.5
96.5
96.5
92.7
78.5
77.9
78.0
85.5
Fuels
Miscellaneous commodities
1.3
All groups
100.0
r
.
_
combined
Revised.
for Week Ended Jan, 15, 1938, Totals
2,115,134,000 Kwh.
Electric Output
weekly report,
production of electricity by the electric light
The Edison Electric Institute, in its current
estimated that
ended
and power industry of the United States for the week
Jan. 15, 1938, was 2,115,134,000 kwh.
This was a decrease
6.6% from the output for the corresponding week of
1937, when production totaled 2,264,125,000 kwh.
The
of
ended Jan. 8, 1938, was estimated to
2,139,582,000 kwh., a decrease of 4.7% from the like
output for the week
be
week
a
'
year ago.
weeks and for Jan. 16,1937, Jan.
of com¬
18,1936, Jan. 19.
Week Ended
Week Ended
Regions
Jan. 15, 1938
Jan. 8, 1938
4.0
x2.1
0.7
Middle Atlantic.
West Central
Not
Available
1.3
Southern States
Available
2.2
2.8
0.5
xl.4
3.8
Jan.
Jan.
Jan.
xIncrease.
DATA
FOR RECENT
1938
1938
Per Cent
Change
from
2,202,451
2,175,810
+ 1.2
1,897,180
2,169,480
+0.3
1,913,684
1,938,560
—6.0
1,953,119
1,475,268
+0.9
11
1,876,684
1,969,662
1,983,431
2,002,005
1,510,337
2,196,105
2,169,715
2,196,175
2,133,511
2,243,916
2,278,303
2,274.508
+2.5
4
2,224,213
2,065,378
2,152,643
1,525,410
1,520,730
1,531,584
1,815,740
2,176,557
1,518,922
1,563,384
1,818,164
1,718.009
1,806,222
1,840,863
1,554,473
1,860,021
1,847,264 .1,414,710
1,619,265
1,854,874
1,970,578 1,602,482
1,598,201
1,949,676
1,637,683
1,542,000
6
Nov.
..
Dec.
1938
1937
Dec.
Jan.
Jar\.
16
18
Jan.
19
18
1936
1937
1937
1935
Jan.
Dec.
Dec.
20
1934
18
Dec.
25
...
2,202,200
2.085,186
—2.1
—3.3
85.7
80.2
78.5
72.3
1
Jan.
1,998,135
81.0
73.2
92.3
78.1
76.7
59.0
Jan.
15
2,115,134
76.8
77.8
78.9
79.7
87.3
82.9
79.8
64.6
Jan.
22
97.9
98.3
98.4
98.2 101.8
97.8
86.8
90.3
Jan.
70.0
69.2
69.4
69.4
69.5
76.9
71.0
78.8
78.7
78.6
78.6
77.1
76.4
74.0
96.1
96.2
96.4
90.4
86.0
85.3
92.4
92.5
92.8
91.2
85.2
84.8
86.5
79.5
79.2
79.2
79.2
79.1
87.9
80.3
79.8
75.0
90.8
90.8
91.2
91.4
92.1
84.5
82.2
82.1
81.7
75.0
materials......
drugs..
HousefurnLshfrig goods..
70.7
67.5
.
_
_
_
_..
_
.
Finished products
other
74.8
75.6
67.8
75.3
75.2
88.4
77.9
*
farm products and
foods._
77.4
77.6
85.7
74.7
*
*
84.3
84.6
85.0
85.5
84.8
82.3
*
*
82.6
82.8
83.1
83.4
84.3
80.6
78.8
75.1
83.6
83.5
83.6
83.6
83.7
83.1
78.9
77.9
78.6
During Week Ended Jan. 15 According to
upward trend of the previous week,
the
advanced
during the week
Fertilizer Association
15
78.5%
(based on the 1926-28 average of
77.9% in the preceding week.
from
index
to
stood
78.0% and
at
on
to
a
year
ago
A month ago
The
at 85.5%.
announcement,
under date
of Jan.
17, went
say:
Price
firmness
was
common
to
most
commodity groups
last week, with
commodities moving upward.
Another
advance in the price of meats was largely responsible for the upturn in
the
food group
average.
The cotton, grain and livestock averages all
moved higher during the week,
resulting in a moderate upturn in the
index of farm product prices.
The cotton index was at the highest point
reached since the middle of last September.
Another upturn in the metal
foods, farm products and industrial
group
following the sharp decline in the latter part of
index,
1937, was
brought about by higher quotations for non-ferrous metals.
Higher prices
for leather, rubber and cattle feed were responsible for the fourth consecu¬
tive increase in the index representing the prices
of miscllaneous com¬
modities.
downturn
lower
Changes
in
the
in
the
prices
of paint materials caused a fractional
building material index, the only group
average
to move
during the week.
price series included in the index advanced during
week compared
with 23 declines; in the preceding week there were
advances and
21 declines; in the second preceding week there were
24
declines.
1.955,507
1,588,967
1,733,810
1,736,729
1,717,315
Hotels According to Horwath &
Below Year Ago
four years,
those of the corresponding
month of
before—by 2%—according to Horwath & Horwath,
in their monthly survey of the trend of business in hotels.
The firm noted that "a sharp drop of four points, or 7%,
in occupancy was tempered by a 6% rise in rates, with the
result that room sales were down only 1%.
Average rates
in most
places showed smaller increases than usual."
Horwath & Horwath continued:
Cleveland made the best
showing, a general improvement
in business
for that city and nearly all the hotels recording higher
sales than in December, 1936.
Business in Chicago was better than in
most of the other localities, room sales increasing in more than threefourths of the hotels and restaurant sales in more than half.
Philadelphia
and the Pacific Coast section made much poorer comparisons than re¬
cently, but this was
the
32
19
,
partly due to unusually large volumes last year.
Year's Eve business as a whole was only
York City, the New
In New
slightly below that
of a year ago, although individual
fluctuations, both up
hotels showed sharp
and down.
general is indicated by the slight declines
for the group, "all others," in both room sales and occupancy, this group
comprising hotels scattered all over the country and therefore not reflecting
any
the hotel recession is
sectional trend.
The decreases in room
of 1929 are
and restaurant sales from
the corresponding months
shown In the following:
Restaurant
Rooms
Sept.
Oct.
Nov.
Dec.
Sept.
3%
Oct.
8%
Nov.
12%
Dec.
22
23%
23%
25%
33%
15
21
19
28
*17
*14
*14
7
Chicago
39
29
34
39
33
36
44
Philadelphia
Washington
43
19
32
15
24
18
30
7
22
24
24
26
37
26
9
24
4
19
17
25
3
*9
*6
x30
22
New York
City
Cleveland
Detroit
—
,
Pacific Coast
Texas
Total
Same month of last yr.
*
and
—6.6
for the first time in more than
In December,
All others
Forty-three
advances
—4". 7
Horwath—Sales in December 2%
That
Association's
'
being reported
compiled by the
Jan.
100%)
the
National
wholesale commodity price index
National
^
the year
Association
Continuing the
Trend of Business in
hotel sales fell below
Average Further Advanced
Wholesale Commodity Price
Fertilizer
29
*
77.2
than
products
commodities
74.9
75.5
than
other
commodities
74.6
75.3
77.0
84.4
.
77.6
82.8
_
74.5
75.9
_
_
Raw materials
Semi-manufactured articles-
2,080,954
2,244,030
2,264,125
2,256,795
2,214,656
85.1
92.3
96.5
__
—
74.2
96.1
92.1
Metals and metal products
1,793,584
76.4
78.8
materials._
Fuel and lighting
Miscellaneous
2,139,582
72.9
69.3
Textile products
Chemicals and
8
73.0
97.4
Hides & leather products
81.2
72.7
76.8
.....
---------- ______
81.0
Jan.
products
80.8
73.4
commodities
81.5
1,798,169
1936
1937
■
ended
1929
1932
1935
1937
1936
1938
weekly
KILOWATT-HOURS)
WEEKS (THOUSANDS OF
1937
Week Ended
Nov. 27
25
1
8
15
Commodity Groups
farm
x0.2
3.3
4.7
6.6
Total United States.
Dec.
All
x2.1
4.6
Rocky Mountain
Pacific Coast
5.0
Not
11.3
Central Industrial
Nov. 20
(1926=100)
All
Dec. 25 1937
1938
Jan. 1,
12.1
New England
Nov. 13
j.V:.:.-.;
V
:
1935, and Jan. 20, 1934.
Building
Week Ended
Week Ended
Major Geographic
table shows index numbers for the main groups
The following
Foods
PREVIOUS YEAR
PERCENTAGE DECREASE FROM
1936
modities for the past five
Farm
94.9
75.0
advanced;
All
86.5
.
48.3
beans, lard, pepper, raw sugar,
vegetable oils, oatmeal, rye
most
68.1
69.9
Average prices for mutton, bacon, fresh
pork.
York market), cocoa
62.4
69.0
8 2
10.8
level for lumber dropped 0.9% and paint, and paint materials
minor decrease.
Lower average prices were reported for Douglas
fir lumber,
77.1
62.2
Livestock
The general
showed a
76.6
71.6
Cotton
Sharp increases in average
prices for tire fabric, print
16,
1937
Grains
stationary.
were
Jan.
63.0
Farm products
23.0
}
Ago
18,
77.0
Cottonseed oil
17.3
chemicals and drugs group
The index for the
Year
Ago
Dec.
8,
1937
Fats and oils
preceding
Paper and pulp prices advanced 0.5% and crude rubber prices rose
4.4%.
The price level for automobile tires and tubes remained unchanged.
Reported higher average prices for nonferrous metals, especially electro¬
lytic copper, pig lead, and pig tin, accounted for the 0.4% increase in the
index for metals and metal products.
Agricultural implements, iron and
steel items, and plumbing and heating materials were unchanged from the
preceding week.
Lower average prices were reported for babbitt metal,
for
Jan.
1938
Foods
25.3
7.6% higher than for the
quicksilver, and sheet zinc.
15,
1938
Total Index
week.
prices were reported for
Jan.
Bears to the
Month
Week
Week
Group
Each Group
corresponding week of last year.
Average prices of cattle feed were
Preced'g
Latest
Per Cent
largely because
of the 3.1% increase for grains and 2.7% advance in livestock and poultry
prices.
Important farm product items showing price advances were barley,
oats, rye, wheat, cows, steers, hogs, ewes, wethers, live poultry, cotton,
hops, peanuts, seeds, and Montevideo wool.
Lower prices were reported
for corn, lambs, eggs, apples, oranges, leaf tobacco, dried beans, sweet
potatoes, and white potatoes (Chicago market).
This week's farm prod¬
ucts index—73.4—is 0.3% above 4 weeks ago and 20.5% lower than the
farm products rose 1.0%
The index of market prices for
(1926-1928=100)
Association.
Complied by the National Fertilizer
Increase.
9
2
16
25
14
22
34
7
3
10
13
1
*9
*11
10
22
18
18
20
7
*2
*2
19%
20%
19%
25%
8%
3%
0%
23
25
24
24
9
5
4
4
5
11
9
Financial
508
Chronicle
Horwath & Horw^th also made available the following
analysis by cities:
TREND
BUSINESS
OF
San
1936
Francisco:
First (Boston)
District
Room
Sales
Percent¬
age
Same
Res¬
This
taurant
Month
Rooms
Inc.
Month
view"
of
(+)
err
Last Year Dec. (—)
"Monthly Re¬
The Federal Reserve Bank of Boston, in its
Rate
Occupancy
Percentage of Increase <-f)
or Decrease (—)
Total
1938
22,
lowing remarks are from the reports of the Reserve Banks
of
Boston,
Philadelphia, Cleveland, Richmond, Atlanta,
Chicago, St. Louis, Minneapolis, Kansas City, Dallas and
HOTELS IN NOVEMBER. 1937, COMPARED
IN
WITH NOVEMBER.
Jan.
of
business
between October
1, stated that the level of general
Jan,
activity in New England declined sharply
and
November, after allowances had been made for cus¬
seasonal changes, "thereby continuing the decline
which was prevalent during October in practically all major
tomary
—5
New York City..
---+}
61
69
+6
70
+ 12
+ 5
+4
65
Philadelphia.-...,
+ 1
+ 9
45
43
Washington
Cleveland
+ 1
+2
53
52
+2
+ 12
+ 10
70
69
+7
—6
—3
62
68
+6
Chicago
-
Detroit-—..
—7
+7
~1
•:
"'
I+li + fcvCnoeitk-'Od.
—0
: +5
0
Pacific Coast..
Texas
All others
+7
55
62
69
68
55
+6
+4
—2
—1
—2
56
60
+6
+8
Total...............
store
in
+9
+7
66
65
+7
pairs,
the
of
current
year
corresponding period last
Construction Contracts Awarded in December and the
Year
The
1937
und rtaken during 1937
Total contracts awarded in the
37 eastern States attained the highest dollar value for any
year since 1931, according to T. S. Holdon, Vice-President
of F. W. Dodge Corporation.
In residential building, it is
necessary to turn back to 1930 to find a total which can
six-year peak.
a
match the 1937 volume.
Contracts awarded in the 37 eastern States for
913,060,000,
as
1937 amounted to $2,-
reported today by F. W. Dodge Corporation.
This total
12%.
of residential building, the
case
1937 total of $905,292,800 recorded a gain of 13% over last year.
the highest annual total for any year since 1930.
amounted
to
$1,148,172,600
for
1937,
an
of
20%
This
over
was
public works the 1937 total of $581,864,500 represented
a
In reviewing
19%
loss
by recording
a
percentage gain of 31% over last year.
declined
In only two
On the other hand, publicly-financed construction
in
14% from last
year.
Mr. Holdon also pointed to
November
was
residential type.
significant gains in contemplated residential
recorded in the volume of
The
This is the largest gain for
by these
of
Industrial
November,
of
building projects
new
as soon as
for the 37
contract record
1937
residential $46,474,800 for public works and
CONSTRUCTION
States totaled $209,non¬
$18,286,000 for public utilities.
AWARDED—37
CONTRACTS
STATES
EAST
OF
THE
of
during
$21,210,800 reported
ago.
trade
Retail
sales
allowance
appreciably
trade
Business
and animal products
greater
was
11%,
by
off
falling
from
output
higher than
in
F:
larger than in 1936.
were
approximately
were
for
the
a
usual
the
in
though
even
latter
part
of
smaller
than in
increased
smaller
for
than
Insofar
be
were
determined
dollar
the
volume
of the previous
October
from
they
and
can
as
season
same
litlte
a
but
November
to
of
year.
ago.
year
a
variation,
December,
the
decline, when
additional
an
seasonal
before.
year
information
wholesale
at
of
9%
to
was
'/-v'
than
was
fractionally
level
It
the rate
when
year,
about
during November showed
incomplete
Christmas
The
October
from
December..
for
the previous
considerably.
products
made
smaller
the
from
is
indicated
;
/ 'V
"
usual
than
more
is
however, averaged
crops
also
income
6%
recession
November of
1936.
agricultural
year.
was
MOUNTAINS
ROCKY
y-'
Philadelphia District in the clos¬
decreased
in
November,
period
same
due
for residential, $101,210,300 for
was
than
more
were
Massachusetts
in
compared with
as
a year
expanding
was
through
Marketings of farm
the pending legislation
providing for the liberalization of National Housing Act.
450,600 of which $43,479,500
year
according to the Federal Reserve Bank
further
a
production
the
to indicate
production
and
plans
December
in November
this
v'/^v
establishments
retail
$21,062,182
14% smaller than
of
The
746
of
volume
declines
stated:
cash
further release of
but the
vV'.
Philadelphia, which, in its "Business Review" of Jan. 1,
prices
a
a
Business activity in the
the
seem
the number of wage-earners employed
in
establishments in Massachusetts between
decrease of 9% in the amount of aggregate
ing months of 1937 declined virtually to the level prevailing
planned work of the
These December gains would
8.6%
and
amounted to
Farm
is passed
of
payrolls,
and
concerns
January
This favorable record did not include any of the 35 large-scale
are now in progress.
this
in
Third (Philadelphia) District
major class reported for
any
consumption
wool
raw
these months this year there was a
manufacturing
November
sales
November
An increase of 28%
new
a
November
and
'+V
housing developments to cost approximately $119,000,000 for which working
the month.
decrease
a
employment
also
building which appeared in the December record.
over
was
October and
months out of the year did the 1937 totals fail to exceed the 1936 totals for
corresponding months.
consumed in New England mills
considerably less than the number
year ago, the cumulative consump¬
1937 exceeded that of a year ago by nearly
was
20%.
about two years ago,
the 1937 construction program, Mr. Holdon pointed out
privately-financed work continued the upward trend which started
in 1935
about
11
the total during the
1936.
from the 1936 volume.
that
was
October
weekly payrolls, according to the Massachusetts Department of Labor and
industries.
There is usually a seasonal decrease between these months both
Public utility contracts totaled $277,730,100, a gain of 34% over last year.
For
the
than
less
pairs produced during the first
usually increases, but between
of
Non-residential building
increase
during November
36.6%
cotton
raw
bales
November
months of
11
representative
All classes of construction shared in the improved conditions during 1937
In the
of
in
or
October
seasonal.
represents an increase of 9% over the 1936 total of $2,675,296,000.
with the exception of public works.
October
in
There
.
England
amount
about 2% less than
was
54,746
of
Between
decline
.
.
New
in
an
year.
amount
for the first
tion
district
in
the
November
consumed
construction
of
amount
reached
Although
during
last year.
shoes
and
The cumulative number of
year.
months
and department
smaller volume than
loadings
car
total and "about 36% less than the total produced in November
production
last
Year to date
boots
of
5,853,000
at
freight
England daring November was in
corresponding month
Production
estimated
further noted:
It
by
represented
as
in New
sales,
the
district."
this
in
Distribution,
+4
53
industries
Manufacturing
No. of
Projects
New Floor
The
Valuation
Space (Sq. Ft.)
the
Month of December—
1937—Residential building
Non-residentlal b ullding
........
Public works and utilities
4,365
2,532
10,855,500
16,626,200
1,236,700
1,028
Total construction
$43,479,500
101,210.300
64,760,800
V
7,925
45^660
18,968,800
$65,487,300
2,467
—
28,718,400
6,389
1936—Resi dential building
Non-residential building...
14,369,500
294,300
72,956,000
61,252,400
Public works and utilities
749
recession
middle
of
and
sharply
immediate
but
is
9,605
33,632,600
$199,695,700
Year—
91,366
38,745
235,515,300
202,750,200
14,358
7,817,300
144,469
446,082,800
and
$801,623,800
....
1936—Residential building
$905,292,800
Non-resldentlal building
37,851
222,515,000
181,382,900
Public works and utilities
...
15,550
5,776,600
953,259,700
920,412,500
137,307
409,674,500
$2,675,296,000
Total construction
NEW CONTEMPLATED
WORK
REPORTED—37
ROCKY
STATES
EAST
OK
THE
a
year
short-term
buying of any
the absence of
has
in
continued
decline
to
ago.
figures.
the
of
and
of
98
in
December
compared with
as
April.
in
indicated
is
of productive
index
average
high
a
recession
adjusted
The
1923-1925
A
year
by the
activity
84
this
ago
pre¬
dropped
October,
in
89
to
in
number
index
91.
was
Fourth (Cleveland) District
"Based
recorded in
were
the
The
No. of
Valuation
$116,627,500
current
2,780
136,854,600
7,592
2,854
Public works and utilities....
1,025
105,882,600
847
$104,142,500
107,891,200
97,168,000
9,648
$359,364,700
11,293
$309,201,700
110,723
43,686
$1,437,480,900
1,701,047,300
102,147
15,677
1,733,513,200
15,626
$1,204,499,700
1,202,547,100
1,410,464,400
170,086
$4,872,041,400
156,382
$3,817,511,200
6%
the
below
38,609
Various
Federal
Reserve Districts
business
of
the
various
Federal
the
its
"Monthly
lines,"
the Bank
in
Bank
"In
some
monthly
all
in
but
lines
of
activity
because
forgotten
four months of
the last
in
most
been
reports
Reserve banks.
The
on
fol¬
the
in
relation
to
previous
recent
periods.
Reports of
arid
a
in
auto
than
in
of
volume
larger than
a
to
compared
firms,
falling-
a
with
October,
1%
less than
was
the
for
up
early
permit
a
retail
above
this fall has
latter
plants
the
in
1936.
this section
year.
enjoyed
a
good
been sharper than the
have
.
.
the working down
of
been
working
Tire
.
down
production
inventories
trade
the
in
pre-holiday
period
gain for the 11 months of about 12%
declined;
year
10%
built
up
labor trouble this spring.
of
1936, but
have
the
built
recently
anticipation
Dollar
about
the curtailment
assemblies,
inventories
lagged
November
in
manufacturers in
accessory
whole, but
as
drop
Ohio
for
figures for over 8,500
averaged
employment
parts
on
still
are
...
Manufacturing employment was down 3%, but for the 11
year.
year,
parts'
reported
based
first
sharp
the
of
the year.
make it hard to realize that the year's results
in
Inventories
from
Reserve
31.
evident
has
occurred
was
index,
last
Auto
in
in
1937
of
operations
of
has
excerpts
1936
over
The Bank further reported:
favorable,
months
Year—
below
gains
Employment declined quite sharply in the past four months;
off
but
give
Dec.
of
favorable, situation
months
quite
5.843
Summary of Business Conditions
1,
Valuation
Projects
Residential building.
Non-residential building
Total construction
Review"
curtailment that
Month of December—
Residential building
Dee.
to
noted, "improvement for the period was great, and the year
was the best since 1929, from a production stand¬
1936
No. of
Non-residential building
Public works and utilities....
Federal
Cleveland
Business
point."
Total construction
figures
output of all industries important to the
Fourth District except plate glass production," it was stated
by
eight
Projects
available
on
just closed
MOUNTAINS
1937
We
orders
unfilled
of
for
some
forward
no
expected,
off
lots
odd
to
been
have
has been
As might be
than
further
a
liminary
$2,913,060,000
83,906
volume
the
859,594,600
Total construction....
few lines there
there
fallen
have
largely
restricted
are
a
general
smaller
products
factory
1,148,172,600
Public works and utilities
In
of
Output of factory products in this district again declined 6harply during
November,
September
1937—Residential building
Non-residential building
in
much
now
77%
Total construction.
puichases
several months.
for
demand
sustained
Sales
month.
last
requirements.
consequence
deepened considerably since
manufacturing activity has
current
commitments,
and
in
ago
seasonally adjusted
on
Dec.
1
compared with
index
was
81%
department
an
store
was
was
stocks
increase of 23%
on
smaller
experienced.
were
Nov.
of the 1923-1925 average.
16%
1, and
Whole-
Financial
v aiume
146
sale
shown
have
inventories
fall
an
contraction
greater
even
early
from the
Fifth (Richmond; District
Reserve
Bank
District
in
that
said
Richmond Federal
in the Fifth
December "were below
November
and
business
early
and
expectations in many lines, but leveled off sub¬
stantially from the relatively precipitate drop of September
and October."
The following is also from the review:
There
was
accounted
for
.
seasonal
by
Both
.
.
decline
further
some
slowing
and
cotton
than
other
that
construction and other outside
textile mills continued to restrict
rayon
November, but some progress was apparently
made
in inventory reduction in
certain textile lines early in December,
especially in unfinished goods.
.
.
.
Fifth District cotton growing
States produced 27.3% more than in 1930.
Tobacco prices in North Caro¬
lina continued higher in November than prices a year earlier, but Virginia
prices were a shade lower last month.
Tobacco manufacturers turned out
substantially in
operations
than
in
above the
volume this year in most
but averaged slightly
spotted,
was
1937,
month
business done in November,
smoking tobacco and snuff in November,
November, 1936.
Retail trade in department stores last
cigarettes,
cigars,
more
1936, while wholesale trade was in smaller
Sixth (Atlanta)
In
of
the
Federal Reserve
reported that "there were declines in
retail and wholesale trade in building and
Atlanta
November
in
and in other lines of industrial
construction
Sixth
Review"
"Monthly
31
Dec.
its
Bank
lines.
District
In
District."
(Atlanta)
the
part,
trict
view"
Trade
■
'
seasonal
the
ratio
November,
and
amount,
about
was
District, at both retail and
the Sixth
in
volume of trade
collection
were
the
same
13.5% larger than a year ago.
as
for October, but below that
The
wholesale firms declined 14.6% from
4.7% less than in November a year ago, but for the 11
70
by
were
reporting
November sales
but decreases were
reported in other lines.
Sales of dry goods in the 11 months' period
have been 2.7% less than in that part of 1936.
Increases ranging from
1.7% in furniture to 19.2% for hardware are shown for other reporting
13.6% larger than in that part of last year.
were
drugs
lines.
.
larger than
groceries were
and
a
year
to the United States Bureau
ing
•
both number of workers and the amount
this district report¬
of Labor Statistics declined slightly
from
higher than a
An increase from September to October
of 6.9%
in Florida, because of increased employment in wholesale and
retail trade and in cigar manufacturing, largely offset decreases in the
The October indexes were, however,
September to October.
except for Mississippi.
ago,
year
five
other
grain.
Rural
greater
than
volume
than
in
Preliminary
6tores
the
during
States.
the dollar volume of sales at city department
half of December indicates some decrease when
on
first
More recent reports on
stores reporting a
decided improvement and other stores reporting no change.
.
.
Other indicators of business volume that have been higher in 1937 than
in
1936
are
the number and valuation of building permits, residential
contracts awarded,
the number of warranty deeds recorded in Hennepin
and Ramsey Counties,
electric power consumption in Minnesota and the
the
Dakotas,
in
ware
and
of
output
North
sales
and
copper
life
Dakota,
insurance
Seventh (Chicago) District
silver, iron ore shipments, new car
sales, and wholesale grocery, hard¬
,
(Kansas City) District
recession,
show
to
month
Last
but
of goods,"
and sale
facture
it was
quote:
of activity were under a year ago,
Even in
early December declines are mdre marked.
production that are still
narrowed. Factors little related
grain.
Declining lumber sales and building permits reflect the unsatisfactory
state
of
the construction industry,
arid lower shipments and prices of
series
above
a
general
loans
in marketings of
of business
life
decline.
insurance sales,
in the country as a
which are better in
While retail 6ales
equal to a year
investments are
whole.
department store sales are nearly
much above last year and bank
lower,
are
Bank
lower.
included
items
district than
[Tenth]
ago.
the result
are
ores
favorable
More
in
the margin is greatly
ago
activity account for gains
zinc
and
lead
by check and crude oil
payments
as
year
business
to
are
...
Trade
sales
of
the usual increase in
than
less
Following
volume
at
.
November of last year,
but. the month had one more
business day this
that on a daily average basis the comparison with a
year ago actually shows a decline.
Total sales so far thiB year are about
4% larger than in the same period of 1936.
Retail prices, which have
been
declining since September, were still better than 4% higher on
Dec. 1 than a year ago, according to the Fairchild index.
...
The value of November wholesale sales in this district was about 11%
under that in October, sales of drugs declining about 13%, diy goods 20%,
than
last,
so
8%, hardware 22%, and paper 16%.
nearly 4% in employment and of better than 4% in payrolls
middle of October to the middle of November have reduced em¬
groceries
Declines of
the
to a level
payrolls
and
November
respect to the manu¬
reported in the Dec. 31
"For the most part," it was noted, "the level
noticeably under that prevailing in
closing months of 1936, and retail trade has fallen below
year ago volume."
The review also said:
the preceding month, dollar
in the district declined by
Sales were 1% larger than
reporting departrnent stores
seasonal amount in November.
the usual
about
last
year.
slightly below that at the middle of
'.v
.
with
Report" of the Federal Reserve Bank
"Business Conditions
Federal Reserve
lines
few
relatively
a
November and
in
such
ployment
"business has continued in recent
both
receded further," said the
"Monthly Review" (dated Dec. 31) of the
Bank of Kansas City, from which we also
'
weeks
some
sales.
shoe
Tenth
from
In the Seventh District
15%
lesser
1936.
November,
reports
compared with the first half of December, 1936.
the volume of sales since Dec.
15 vary widely,
year
payroll at 5,500 firms in. the six States of
week's
a
of
sale
sections reporting increases up to
in November last year and five sections reporting a
in
.
Contrary to seasonal tendency,
reflect the larger 1937
trade conditions were quite
during November continued to
the
from
ago,
Industry
of
income
farm
this
sales
October and
months
the
spotted throughout the district, 12
for
1936.
November
of
28,
trade
also
wholesale,
declined from October to November.
Total sales by 49 reporting retail
firms
declined
9.1% over the month, and were 2.9% larger than in
November, 1936.
Because of the different number of business days, how¬
ever, daily average sales declined by more than the seasonal amount.
Total sales by the 49 reporting firms in the 11 months of 1937, how¬
ever,
were
7.8% larger than in that part of 1936.
Inventories at the
close of November increased over those a month earlier by slightly more
than
retail
Rural
"During recent weeks business
"
-
Dec.
of
in noting this, in its
also had the following to say:
added:
The
preceding month and
"Monthly Re¬
Minneapolis Federal Reserve Bank
slightly below that of the
was
November last year;
of
November in the Ninth Dis¬
in
business
of
volume
activity in the
"Review"
(Minneapolis) District
Ninth
Tlie
in
up
-
employment
in
cement,
at glass,
reported
also
was
trade
seasonal
work.
working plants. Marked
fire-clay, and non-ferrous
smelting establishments.
.
.
*.
Factory employment and pay¬
rolls
declined, and there was less than the usual seasonal increase in
clerical employment at retail establishments.
machine shops and other ferrous metal
foundries,
metal
The Dec. 31 "Monhtly Review" of the
•
.
curtailment
peak.
509
Chronicle
Eleventh (Dallas; District
trend in some
in November, the
"Although the downward
and
industry continued
of
Chicago.
generally was substantially
of
industrial activity is
lines of business
level of activity
higher than in the correspond¬
ing month of
the
the
low rate in the
middle of December, with little new business' in immediate prospect.
Out¬
put during November of steel and malleable castings, stoves and furnaces,
furniture, paper, and shoes fell below that for October and was smaller
than
a
year ago.
Because of lagging demand, manufacturers of auto¬
mobiles have curtailed production schedules to a level under that of last
Steel
The volume of employment and payrolls in
year.
mid-October and Nov.
6harply between
retail
and
sale
November
the
of
both
in
retail
but
period,
1936
to equal the
inventories was
trade failed
Evidence of a reduction of accumulated
volume.
31 "Monthly Review" of the St.
(compiled Dec. 22), Eighth
District trade and industry, "in common with other sections
of the country, sustained a further downward movement
during the past 30 days, and in a number of important
classifications activities at mid-December had receded to the
lowest levels of the year, also considerably below levels
Dec.
the
Reserve
Federal
Bank
obtaining at the corresponding period in
its
in
the
a
October.
trade,
as
registered
Holiday
hampered
and
The
-case
a
year
Unseasonably
of
The Bank,
investigated
by this
Bank,
with
chemicals, the volume of November sales fell
and aside from boots and shoes, which
gain, totals were under those recorded in
earlier,
contra-seasonal
small
•distribution
sleet
of drugs and
of
that
showed
warm
descriptions
all
indicated
weather
of
fall
during November tended to retard
and winter merchandise, and retail
by sales of department stores in
the principal cities,
both as compared with a month and a year earlier.
the third week in December was seriously
Louis and other sections of the district by a spell of
declines,
shopping
in
St.
during
rainfall.
exhibit
of
to
decline
a
made
of distribution.
There was a
favorable than in the
sharp contraction in operations at mills,
production
was
even
less
and
for the first 11 months
the amount of liabilities
in either the preceding month or the corre¬
•
greater than the average gains
The number of commercial failures and
1937.
involved
were
or
larger
than
sponding month last year.
Twelfth (San Francisco)
District
production and employment in the Twelfth
District declined further during November, it was noted by
the San Francisco Federal Reserve Bank in its "Monthly
Review" of Jan. 1.
Retail trade increased somewhat less
than seasonally, the Bank said, "but on the whole appears
to have been relatively well maintained, as in other recent
months."
It also had the following-to say:
Heavier than normal rainfall throughout the district during November
and the first three weeks of December was generally favorable to agricul¬
ture, improving livestock ranges and providing needed soil moisture for
vegetables.
.
...
reduced during November to the lowest level since
the strike of mill workers and loggers in
1935. New orders also con¬
tinued to decrease, and stocks rose slightly further to a level on Nov. 30
considerably higher in relation to new orders received during the month
than has been customary at this season.
Output of other industries sup¬
Lumber
plying
output was
construction materials,
considerably lower than
in the
in' the
since
a year
including steel, cement and
brick was also
ago.
widespread reductions in output during recent months,
and payrolls have also declined.
The effect of
schedules has been principally apparent in a reduction
number of hours worked per week, although employment, particularly
Pacific Northwest, has also declined somewhat more than seasonally
Accompanying
industrial
employment
curtailed production
.
bv
smaller than customary declines occurred from
the increases in sales over a year ago were
implements,
November,
equal to
about
winter
lines
jobbing
wholesaling and
exception
below
1936."
also said:
review,
all
In
in
farm
except
larger
the
but
resulted
Industrial
Eighth (St. Louis) District
to
those at this time last
than seasonal recession from October to November
in this Bank's adjusted index of department store
6ales.
The figure for November was 108.5% of the 1923-25 average as
compared with 109.8% in October and an average of 107.2% for the
first 10 months of the year.
In all reporting lines of wholesale vtrade,
year,
wholesale and retail phases.
According
Louis
part, went on to say :
store sales were 12% in excess of
Department
October
of whole¬
trade in the district recorded recessions in business during
a month
earlier.
Wholesale trade activity was above that
corresponding
year-ago
noted
from
the district was reduced
15.
trend, in most instances, reporting groups
line with seasonal
In
in
Chicago District were operating at a
the
of
mills
1936," says the "Monthly Business Review"
(Dec. 31) of the Federal Reserve Bank of Dallas, which,
the
late
summer.
510
Cost
Financial
of
Chronicle
Living of Wage Earners in United States De¬
clined
further,
Sweden
0.4% from November to December, According
National Industrial Conference Board
to
Norway
slight
declined
0.4%
the monthly
Board.
of
from
November
December,
to
according
of the National Industrial
survey
tion,
and
in
December,
1929.
ber,
which
21.9%
brought
below
0.4%
them
that
below
December,
of
the
level
of
low
the
at
month showed the
again,
close
0.4%
falling
1937
of
during the past
November
8.4%
was
41.5% above that of January,
first decline
from
decreased
prices
men's
in
above that of December, 1936,
but 3.3%
1934,
held
At
the
December.
to
prices
4.9%
were
1937
The
but
it
2.6%
was
only 1.1%
was
with
higher
1933.
12.9
in
than
in
the
December,
112.4c.
the dollar
in
1936,
in
November,
December,
116.1c.
in
Cost
Item
in
December,
1936,
z
Nov.,
1937
and
33
g*......
84.4
85.4
89.1
of
_
_
12
._.....
77.7
78.3
71.5
Sundries
....
30
97.8
97.8
88.6
89.0
67.9%
to
4.4%.
to
index
the
112.9
indicate
fell
December's
in
112.4
1937, and Nov. 16, 1937.
z Revised series.
Figures on revised basis for
dates prior to July, 1936, may be found In "Cost of
Living in the United States,
1914-1936," price $2.50.
leather
Hours and Employment in
Manu¬
Industries During November Noted by
National Industrial Conference Board
figures
presented
_
in
by the National
connection
with
man-hours worked
Board's
survey
number
of
9.0%
were
workers
in
in the
Conference
less
declined
25
industries covered
November
in
3.5% and
than
total
in
by the Conference
October,
while
disbursements
payi-oll
the
8.9%
The
decline in
manufacturing activity in November was general.
There
slight improvement in only three of the 25 industries, namely, the
chemical
and
meat
packing
industries,
and
book
Average hourly earnings in the combined
tries
the
in
were
practically the
work
average
week,
same
group
November
in
however,
in
as
37.8
from
and
job
printing.
of manufacturing indus¬
October.
hours
35.6
to
A
decline
hours
in
resulted
drop in
a
Dr.
E.
Two
of
average weekly earnings from .$27.12 in October to $25.59 in
This decline of 5.6% in
weekly earnings was partially offset
drop of 0.6% in living costs, with the result that real weekly wages
5.1% lower in November than in October.
Actual weekly earnings
City.
10.4%
0.8%
lower
above the
1929
than
in
1929,
but
real
weekly
earnings
still
are
were
ucts
which
most affected and showed
moderately.
advanced
level.
Declined
December.
during
Employment dropped 4.1%.
Andrews pointed out
forces.
reports
.
busier,
plants
industries.
increased
Utica
activity
industry.
on
collected
Raise
According to National Industrial
Board—Third Consecutive Decline
World
month
payroll
and
the
Employment
and
Payrolls
increases
and
Binghamton-Endicott-Johnson
in
employment and
districts had net losses in both
and
the
of
men's
forces
clothing
and
the
Binghamton-Endicott-
in
appliance
and
factories
not
were
and
shoe
busy,
so
but
mills helped to raise the total employment in
knit
goods
mills
Albany-Schenectady-Troy
in
stated
that
United
foreign
the
Board's
during the
are
by
in
Latin
in
shops.
In New York City the men's clothing industry showed
much greater percentage
In
machinery
and
factories.
machinery
decline in employment than the women's clothing
and payrolls were reduced in most metal and
forces
Syracuse,
reductions
Sharp
and
cited
was
industrial
and
drug
by
were
felt
few factories
a
in
chemical
as
most
Buffalo
industries.
the
reason
The
current
conditions
months.
Output remains
the
new
sharply in
for lost time.
Employment
a
high level, but is
have been
A
slight
decline
the
recent
+ 1.4
Reports
indicate
increase
sup¬
seriously contracted.
fourth
occurred
in
suc¬
Great
countries
that
in
Japanese
except armaments and the heavy
During
the
12
rapidly and
increased
in France
production
business
took
has
place
been
during
curtailed
November.
in
all
lines
industries.
months
was
ended Oct.
31,
German production expanded
well above pre-depression levels.
Industrial output
during October.
+ 0.8
+ 0.6
+ 4.5
—2.0
....
Utica
—6.6
—2.7
Albany-Schenectady-Troy
New York City
i
—5.8
•
—3.2
Buffalo
—8.5
—8.4
.
—0.2
—4.0
Syracuse.._
—9.5
in
were
more
prosperous
during 1937
since the recovery began, but have been adversely affected
sharp decline in world commodity prices.
In Canada a
moderate
1937
Payrolls
Weekly
Report
Lumber Movement—Week
Jan. 8, 1938
of
Ended
in
Belgium and receded for the
Netherlands.
American
orders
at
metal
severe
City
The lumber industry during the week ended Jan. 8, 1938,
stood at
40% of
of
33% of the 1929 wTeekly
average
the corresponding
of that week's
a
1929 shipments.
shipments.
considerable
In Denmark, business activity declined
period.
increase
Reported
preceding
w7eek;
slightly below.
average of
Production
week of 1929;
any year
further
rather
the advance
leading Euro¬
strikingly similar to those that prevailed in this country
declined
month
Britain.
than
analysis indicates that
summer
Production
cessive
chiefly confined to the
has been at least temporarily checked.
issued Jan. 10, the Board further said:
by large backlogs, while
ported
been
is
countries
centers
pean
has
States^ but reports indicate that
In its report,
The
recession
It
were
curtailing forces sharply, and likewise iron and steel plants and locomotive
and equipment
Rochester.
of the National Industrial Conference Board.
survey
and
shoes
machinery and chemical prod¬
payrolls
instrument
machinery
Binghamton-Endicott-Jolmson City
activity declined during November for
third consecutive month,
according to the latest monthly
of
results
under the direction
Information
Conference
industrial
for
based
are
net
in
and
cotton
Most
weekly
total
a
each
manufacturers
especially
in
employment
of
December's prelimi¬
Rochester
most
metal
,+
reported
Employment
not.
rose
and
losses.
1,898 representative factories
from
the majority of metal and
hut
were
clay
stone,
These indexes
This
100.
as
fur,
power,
.
up-State districts
City
index
74.5.
was
Statistics and
of
.
textile,
the
Labor's
of
workers
are
industry groups
light and
water,
had the severest net
reports
on
main
11
goods industries had the least
whereas
1925-19<?7
388,130
Rochester
The
payroll index
based
All
paper
groups
Department
years
were
This
greater than usual declines in November, which,
Up-State Districts
In
by the
1% in employment,
employment,
The
of the
During Novem¬
ber
a
Pre¬
decrease of approximately
a
The other five industrial
Johnson
that
in
State
December snowstorm
Industrial Production
nine
during the
November to December,
World
of
He continued:
December, namely,
payrolls.
a
now
the loss
average,
recession in October.
Patton.
the
payrolls in
group.
are
1928
during
index
the last 23 years.
over
the Division
B.
Two
by
were
The combined
Commissioner
working
These
analyzed in
November.
a
an
Albany, Jan. 12, by Industrial Commis¬
employing
were
were
during this period.
was
the
sugar,
and machinery
81.6.
was
$10,233,835.
of
in
York
tabulations
nary
its
the
showed
declined
commodities
month.
Andrews.
a
losses
metal
average
which
Industrial
trade
world
of
1936
traded
rubber, and printing and
New
the
on
regular monthly survey of
earnings, hours, and employment in manufacturing industry.
The Board's survey showed:
Total
and
December
Declines in Wages,
Board
value
further decline
a
followed
losses
net
and
The
decline in manufacturing activity is reflected
are
in the quantity of world trade,
gain of slightly more than 0.5 of 1% in payrolls.
a
losses
percentage net
glass,
+.
The
(1929
lowering
period.
During the first
15% over the like 1936 interval.
Tin prices
2.0%.
turn, had followed
+ 0.4
States Bureau of Labor Statistics for
14,
facturing
F.
Elmer
reported
food price indexes of the United
48.1
Figures
October.
the
rose
of
except
The usual changes were
—0.4
Purchasing value of dollar........1
on
trade
only
to
index to 47.7.
45%, but substantial losses occurred in each of the other items
accompanied by
Based
in
1937
consecutive
average movements
0
100
...
_
average
in
that these changes were considerably more severe than the
0
of all Items.....
... .
Weighted
further
trade
the third quarter,
in
usual changes from November to December as shown
+ 0.3
86.7
early
The failure of gold
average.
world
corresponding
of
fourth
lowered
Payrolls
+ 0.6
86.7
Gas and electricity
85.8
85.3
accelerated
preliminary tabulations showed further net declines in
sioner
—0.6
86.1
85.8
to
the 11.7
over
both employment and payrolls this December, according to a
—0.8
71.1
5
......
con¬
Reports from New York State factories received in time
-0.8
85.0
Women's...............v.
Fuel and light...
Coal...
1929
—0.4
84.3
........ .
sharply
was
of
internationally
of
reports
for
—1.2
88.7
Men's
*
trade
index
of
the
statement issued in
.
_
10%
of
the
expected
Employment and Payrolls in New York State Factories
Show Further Declines During December Accord¬
ing to New York State Department of Labor
1937
20
Food *
gain
a
in
is
year
a
engineering
as
from Nov., 1937
to Dec., 1937
Dec.,
Budget
heavy
unemployment
steel this
tons,
recent trends
declined
volume
the
in
P.C. of Inc. ( + )
or Dec. (—)
of Living
1923=100
Family
the
liminary
112.9c.
was
railways.
complete,
There has, however, been
in
crude
decline occurred
more
over
prices
for
value
months
10
amounting
decline
Indexes of the
Relative
Importance
Dec.
increase
consump¬
on
months to
several
99.7, and the gold value
showing
included
1929.
1937,
gold
26%
was
month
merchandise
shipbuilding and
million
of production,
year.
moderate
first
of
November
and
date
than partial recovery to pre-depression levels, however,
value index
the
staples
take
will
for
international
more
A
available
World
compared
as
and
increasing.
Output of
cf
index to
nine months
1923.
Housing.
Clothing
and
substantial
a
adjusted
100).
For
The cost of sundries at the close
below the iaverage of December,
purchasing value of
compared
in
the
increase
1936, and 7.9% below that of December, 1929.
latest
to employment,, coal
building,
contracts
produced last
but
The
higher
level 0.1%
a
noted in the cost of sundries in December
was
November,
100c.
November
clothing
prices advanced 0.0% from November to December to
8.4% higher th?R at the low of
of
from
1937
28.0% higher than at the low point of 1933,
21.8% below the level of December, 1929.
change
with
of
the
during the second quarter the seasonally adjusted index of net
the volume
the close of 1936, and
below that of December,
No
0.8%
end
in
Czechoslovakia
definite slowing down
a
relating
still
are
new
total
recovery
and
equals
below that of Decem¬
clothing prices slightly exceeded the decline in women's
prices.
but still
Coal
tons
not
Clothing
clothing
than at
in
and
prices to show
The
ber, 1929.
decline
large
contracts
record
The
four
December.
to
and
September,
During
physical volume actually exceeded the
which last
decreased
level
rent
and
manufactures,
remain
decline
a
1937,
1933.
Rents,
years,
armament
million
point
Poland
Activity
available, output in Italy reached the highest
indices
goods industries.
and
1936,
the
above
of
reach
December,
38.1%
but
1929,
In
1938
22,
experienced.
was
level.
occurred.
are
in the
sumers'
substantially, 1.2% from November to Decem¬
high
a
Kingdom there is
hand
construction,
recently
announcement
an
United
on
marked
by the Conference Board it was also stated:
Food prices again declined
of
In
figures
especially
exports
Orders
23.6% higher than at the low of 3933, but still 11.7% lower
issued
the
In
reflected
All
recovery
1928.
to
Conference
major groups of expenditures declined except
coal prices, which advanced seasonally.
Living costs in
December were 2.9% higher than in December, 1930, and
than
official
level since
in the United States
earners
wage
at
recession
for which
The cost of living
slight
a
maintained
was
further
a
Jan.
while in
production and
was
about 39%
shipments, about 49%
The 1938 wreek in general showred
activity after the low holiday
in
production was appreciably above the
business was above and shipments
new7
For the fifth consecutive w7eek
new
orders
have exceeded production.
National production reported for
the week ended Jan. 8, 1938, by 9% fewer mills wras 26%
above
the
shipments
output
were
(revised figure)
2%
below7
of the preceding wreek;
shipments
of
that
week:
new
Volume
Financial
146
511
Chronicle
reports to the National Lumber Manufacturers Association
from
DuringTthe entire month of November 811,000
destroyed.
The
Exchange's announcement
■
Y:,./.
cablegram.
bags were
continued:
orders
6%
were
regional
above
week's
that
associations
covering the operations
by
to
im¬
of
In the week ended
portant hardwood and softwood mills.
Jan.
according
orders,
8, 1938, production, shipments and orders as reported
softwood
below
similar
Association
booked
week
orders
were:
Mills,
feet; orders,
All
Jan.
produced 113,816,000
shipped 132,483,000 feet;
mills
492
combined;
Revised
feet.
production,
539;
but
Pine,
California
similar
week
Lumber
wood
regions
reported orders below
1937.
of
orders
mills
All
for
reported
totaled
8, 1938, by 420 soft¬
37% above the production of the
the week ended Jan.
143,944,000 feet,
or
for the same week were 127,937,000
Production was 105,351,000 feet.
Reports from 91 hardwood mills give new business as 4,042,000 feet, or
52% below production.
Shipments as reported for the same week were
4,546,000 feet, or 46% below production.'* Production was 8,465,000 feet.
mills.
same
feet,
Shipments
21%
or
reported
as
above production.
Mill
Identical
Reports
,
1937-38 program agreed upon, which
1st, 9,248,000 bags have been burned bringing the
half year period to
a
56,729,000 bags.
grand total
♦
Revises
feet.
Basis of
Proportionate Shares for Sugar
Crops
Growers in Puerto Rico for 1938 and 1939
Administration announced
previously established
for determining proportionate shares for new growers of
sugarcane in Puerto Rico for the 1937-38 and 1938-39 crops,
commonly referred to as the 1938 and 1939 crops.
Propor¬
tionate shares for Puerto Rican producers, which are estab¬
lished in terms of short tons of sugar, raw value, deter¬
The
Agricultural
13
Jan.
on
the
mine
Adjustment
revision of the method
a
maximum
of
amount
which
sugarcane
grower
a
if he wishes to
qualify for the conditional payments provided in the Sugar
for
market
may
the
of
excess
from
a
30%
revised
15
of
method,
of
tons
base
conversion
equal
sugar
sugar,
new
may
growers
have
whose current production is in
their
share computed
proportionate
50% of their current production, rather than from
to
production,
such
into
The announcement of the AAA further said:
Act of 1937.
Under
production of 410 identical softwood mills was
feet and 185,324,000
Since July
for the six and
1'
„
104,618,000
feet, and a year ago it was 148,727,000 feet; shipments were, respectively,
127,302,000 feet and 162,885,000 feet, and orders received, 143,121,000
Last week's
been
From these latest figures it would appear that
Brazil is determined to complete the
and
Redwood
but Western Pine, Redwood and Northern Pine reported
production.
below
slowly
halt; therefore, the reported burning since that date has
a
watched with great interest.
AAA
Western
reported orders below production in the week ended Jan. 8,
those of
corresponding week of 1937; all but West Coast reported shipments below
and all
softwood regions but Northern Pine reported production below
shipments
to
come
preceding week
shipments, 135,256,000
feet;
90,118,000
Coast,
West
beginning of No¬
vember, the coffee trade of the world expected that destruction would
for
figures
139,919,000 feet.
Pine
.
provides for the destruction of about 20,000,000 bags of surplus coffee.
1938,
8,
softwoods
147,986,000
All regions
1938.
respectively, 30%, 22% and 23%
corresponding week of 1937.
The
reported:
ended
and
of
regions
Northern
in
items
hardwoods
of
were,
further
During the
feet
mills
,.
With Brazil's changed policy announced suddenly the
provided
as
This change was made
originally.
inquiry showed would
be available, up to a
who prior to Oct. 1,
1937, planted sugarcane for harvest in either of the crop years 1938 or
1939.
New growers who planted sugarcane after Oct. 1, 1937, for harvest
in 1939, are limited to a maximum base equal to 39.5 short tons of sugar,
avoid
to
result
undue
hardship upon new
the
under
growers,
which
This option will
original basis.
maximum base of 1,000 tons of sugar, to new growers
Automobile Financing in November
dollar
The
of
volume
automobile
for
financing
retail
November, 1937 for 456 organizations amounted to $103,361,654, a decrease of 5.4% when compared with October,
1937; a decrease of 9.1% as compared with November,
1936; and an increase of 8.7% over November, 1935. The
volume of wholesale financing for October, 1937 amounted to
$160,947,534, an increase of 20.1% when compared with
October, 1937; an increase of 02.5% compared with Novem¬
ber, 1936; and an increase of 18.2% over November, 1935.
The volume of retail automobile receivables outstanding
at the end of November, 1937, as reported by the 224 or¬
ganizations, amounted to $1,172,679,716.
These 224
organizations accounted for 95.2% of the total volume of
retail financing ($103,361,654) reported for that month by
the 456 organizations.
Figures of automobile financing for the month of October
were published in the Dec. 25,1937 issue of the "Chronicle"
page 4032.
The following tabulations show the volume of financing
in October and November, and the first 11 months of 1937,
1936 and 1935, and the amount of automobile receivables
outstanding at the close of each' month, January, 1936 to
November, 1937 inclusive.
The figures are as reported to
the Bureau of Census of the Department of Commerce.
determination
revised
formally
by
approved
1937,
page
The
issued
12
preliminary
a
the unfilled balances of the 1937 offshore sugar
The report shows that all but 34,682 short tons, raw
value, of the total quotas of 5,153,387 tons entered the coun¬
try during the year.
The statement of the Sugar Section
showing
quotas.
also said:
offshore
Although
not
the
sugar,
areas
raw
and
are
complete,
data for December are
the continental sugarcane and sugar beet areas.
months of 1937 there were 329,612 short tons of
value, charged against the quota for the continental sugarcane
1,127,316 short tons, raw value, against the quota for the
first
continental
11
soon
degree raw sugar, including the continental quotas, will be
final outturn weight and polarization data are available.
as
1937
final
A final report of charges against all quotas
beet area.
sugar
terms of 96
as
quota reports
for
available
yet
During
quotas
for the offshore areas and the balances
1937
are a6
1937 Sugar
Number
in
Number
in
Number
of
Thou¬
of
Thou¬
of
Thou¬
sand
Cars
sand
Cars
Unfilled
Quotas
Balance
Area
in
Cars
456 Ident leal
Orga nlzations
sand
Dollars
Dollars
Dollars
2,148,951
1,085,304
Cuba
Philippines—Total quota
Less amount reallotted on
86,805
Sept. 10.
998,499
Puerto Rico
1937—
134,010
265,553
109,256
105,480
November
160,947
b246,806
103,361
98,710
64,612
60,882
160,073
44,643
148,096
42,479
-
-
0
1,038,333
54,123
Hawaii—Total quota
Less amount reallotted on
7,129
897,063
a—
October
Dec. 9-w--------
984,210
0
10,023
114,641
25,372
5,153.387
34,682
mos.
ended
unused
follows:
(Tons of 2,000 Pounds—96 Degrees)
Volume
Volume
Volume
in
Dollars
Total 11
Jan.
Cars
Thousand
Summary for
the
Adjustment Ad¬
statement
of the Agricultural
on
Volume
and
Month
been
3413.
Section
Sugar
ministration
Used and
Unclassified
New Cars
Total
ing
has
supersedes
Unfilled Balance of 1937 Offshore Sugar
Quotas Total 34,682 Short Tons, Raw Value
Wholesale
Financ¬
which
Wallace,
AAA Reports
The
Year
shares,
Agriculture
Nov. 18, 1937.
of
previous announcement was given in these columns
The
of Nov. 27,
during the calendar year
Retail Financing
on
proportionate
on
Secretary
issued
determination
former
made
(a)
for 456 Identical Organizations
value.
The
in
AUTOMOBILE FINANCING
Summary
raw
Nov.. 1,747,697 3,983,803 1,629,986 1,660,277 980.542 2,323,526 649,444
Virgin Islands
than Cuba.
Foreign countries other
2,181
1936—
October-.
November.....
275,747
106,501
100,086
60,791
175.661
45,710
272,051
75,207
133,554
113,747
124,120
73,202
147,931
40,544
Direct-consumption
Total 11 mos.
k
1005984 2,181,921 561,896
ended Nov.. 1,518,005 3,916,422 1,567,880 1,734,501
1935—
78,577
221,655
78,903
76.411
44,024
145,244
136,160
October.......
November
243,435
95,122
114,170
62,710
129,265
34,880
32,412
ended
a
Of these organizations.
RETAIL AUTOMOBILE
37 have discontinued automobile
59.5% were used cars and 0.5%
As
Reported by 224 Identical
above
quota.
importation
the
1,027.526,044
February ...1,019,141.962
March
1,056,017.095
January
April
1,106,521,475
May
1,164,568,870
1,217,156,358
689.063,760
674,711,360
728,338,498
806,325.166
886,991,761
958,036.566
No data available prior to
of raw sugar
for processing.
(Tons of 2,000 Pounds—96 Degrees)
unclassified.
1937
$
1936 Direct
MONTH
1936
$
1.010,461,745
Direct
1.212.121.145 1,022,762,192
November..1,172,679,716 1,018,048,313
_
-
-
Philippines
—-
Total-
6,492
80,214
- - - -- - -.
—-----
—
0
29,616
11,800
610.863
Puerto Rico
Hawaii.
Unfilled by
Consumption
Quota
375,000
126,033
Cuba-—
October
December..
Balance
Consumption
Area
Quota
1,248,800,302
August-—-1,266,953,395 1,039,063,562
September..1,253,926,346 1.044,854,445
July...
the quota
The following tabulation
Organizations*
1936
5
$
is included in sugar charged against
table, since the direct-consumption
the
total
in
the
b Of this
financing,
RECEIVABLES OUTSTANDING END OF
1937
*
area
in
Nov.. 1,248,182 2,864,773 1,055,234 1,192,050 655,119 1,672,723 400,115
number 40% were new cars,
June
each
included
by
Total 11 mos.
sugar
quota is
shows the directconsumption quotas and the parts of such quotas unfilled by the importa¬
tion of direct-consumption sugar at the end of th# year.
The difference
between
these balances and the total
quota* balances above were filled
for
18,292
0
1,035,994,308
1936.
Payments to Sugar Growers
Administered by Agricultural Conservation
Field Work with Respect to
1,046,000 Bags of Brazilian Coffee Destroyed During
Last Half of December—56,729,000 Bags Eliminated
of coffee during the last half
bags or 66% more than were burned
Brazil burned 1,046,000 bags
during the first half of that month, the New
Sugar Exchange announced on Jan. 11 that it
York Coffee &
had learned by
Be
Committees,
The
Since Start of Program
of December, 418,000
to
sugar
States
field work
AAA Announces
with respect to conditional payments to
beet and sugarcane growers in the continental United
will be administered in communities, counties and
States
by the Agricultural
lished
under
the
Conservation Committees estab¬
Conservation Programs, it
Agricultural
512
Financial
announced
was
11
Jan.
on
Chronicle
by the Agricultural Adjustment
unfinished gasoline and 118,962,000 barrels of gas and fuel oil.
Administration, which said:
Under
duction
of
the
Jones-Costigan
Cotirt
decision
of
of Jan.
1936
Under the Agricultural
1936.
6,
Cracked gasoline production
pro- '
sugarcane
by the Agricultural Conservation
by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry
details
whole,
as
a
Bureau of Mines basis, produced an average of 745.000 barrels
on a
daily during the week.
Conservation Pro¬
provisions regarding sugar
special
the
were administered
sugarcane
and
Those contracts were invalidated by the Supreme
1937
and
beet
sugar
committees administered local
and
adjustment associations
'adjustment contracts.
grams
separate
Act
Jan. 22, 1938
of the end of the week, 80,947,000 barrels of finished and
pipe lines as
DAILY AVERAGE CRUDE
beets and
OIL PRODUCTION
(Figures in Barrels)
Committees.
j
:
'
The
in
former
single
administration
by
established
connection
the
with
Agricultural
commodity committees An counties were replaced
Agricultural Conservation Committee in each county.
The
field
he
will
program
Division, AAA,
administered
includes the
Kansas, Montana)
Farrell
following States that produce
rado,
Idahb,
New
the Western
in
which George E.
of
Mexico,
North
The
North
Central
administer
wild,
Wisconsin,
field
the
which
of
Division,
program
Claude
Ohio,
in
R.
vr'-''"
Wickard
Indiana,
'be
completed
forth
in
State
the
committees
Sugar Act of
of:the
mittees
connection
in
in
by
the
Oklahoma
which
and
and
the
Boyd,
rules,
who
is
Director
of
the
Michigan,
Section, of
for
payment
heretofore.
It
will
be responsible
for
the
—-
of the
aspects
sugar
186.472
Jan.
1938
16
541,600
598,650169,000
172,900
+ 7,950
72,250
—1,350
73,100
—500
32,600
32,700
198,900
+ 1,200
195,800
170,500
87.300
+ 1,360
-
will
238,400
main¬
of
185,650
+ 4,650
194,900
179,350
256,000
+ 1,100
78,950
71,600
+ 1,250
171,100
169,550
241,150
249,600
+ 2,350
250,050
41,050
—1,500
44,450
27,450
128,000
54,100
133,550
—4,850
134,950
117,300
50,450
—950
55,500
Eastern......
_
.
.
.
A.
Michigan.....
50,200
13,100
4,300
13,850
+ 4,750
—350
48,300
13,850
4,550
+ 100
4,450
107,150
+ 50
107,450
Wyoming..
Montana...
....
New Mexico...—..
103,100
2,728,500
California
678,300
107,100
y678,300
50,800
.
29,550*
47,750
'
16,250
3,450
92,750
2,763,700 + 36,100 2.753,450 2,591,250
713,200
+ 3,700
707,350
593,400.
such
3,406.800
3,476,900 + 39,800 3,460.800 3.184,650
Note—The figures indicated above do not Include any estimate of
any oil which
might have been surreptitiously produced.
program.
Sugar Consumption in 14 European Countries During
First
11 Months of 1937
Increased 3.1%
Above
Last Year
x
Allowable effective Dec.
y
Recommendation of Central Committee of California Oil Producers.
16, again revised to 1,357,573, effective Dec. 18.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHEDGASOLINE
AND GAS AND
FUEL
OIL,
WEEK ENDED
JAN.
15,
1938
(Figures In Thousands of Barrels of 42 Gallons Each)
-
Consumption of sugar in the 14 principal European coun¬
during the first 11 months of 1937, January through
November, totaled 8,025,128 long tons, raw sugar value, as
compared with 7,784,845 tons consumed during the cor¬
responding period of the previous year, an increase of 240,283
tons, or approximately 3.1%, according to Lamborn & Co.,
New York.- An announcement by the firm continued:
Daily Refining
Crude Runs
Capacity
tries
to Stills
Stocks of
Finished and
Unfinished Gasoline
Stocks
of
District
Finished
Poten¬
Reporting
Aver¬
East Coast.
669
.
?.
Total
C
669 100.0
Oper¬
At Re-
age
tial
Rate
P.
ated
fineries
C.
512
76.5
6,560
Terms,
&c..
Gas
in
Daily
Unfin'd
and
Nap'tha
Fuel
Distil.
11,447
1,117
Oil
12,041
Appalachian.
146
129
88.4
107
82.9
1,224
1,644
260
1,166.
Ind., 111., Ky
Okla., Kan.,
529
489
92.4
429
in¬
87.7
7.598
4,786
786
6,796
452
383
84.7
246
64.2
4,184
2,365
The estimated beet sugar crop for the 1937-38
campaign for the 14 prin¬
cipal (European countries, according to advices received from F. O. Licht,
Inland Texas
355
201
56.6
147
73.1
2,089
187
270
1,755
Texas Gulf..
833
797
95.7
724
90.8
9,576
2.51
1,913
La. Gulf
174
168
96.6
138
82.1
1,632
287
645
414
10,969
3,582
Sugar stocks
5,070,000 tons
for these countries
on hand
against 4,914,000 tons
as
on
Dec. 1, 1937, amounted to
on
the
same
date in 1936.
an
of 156,000 tons, or approximately 3.2%.
Mo
•
the European
486
3,617
authority, is placed at 6,393,000 long tons, raw sugar,
compared with 5,898,000 tons last season, an increase of 495,000 tons,
or
58
63.7
39
67.2
87
56
Rocky Mtn.
89
62
69.7
47
75.8
1,760
95
687
61.4%
as
California...
821
746
90.9
535
71.7
10,731
2" 582
1,315
75,073
3,702
89.0
2,924
316
79.0
45,641
23,994
3,700
610
sugar
Harvesting of the
.
crop is
practically completed.
The 14 countries included in the survey are Austria, Belgium, Bulgaria,
Czechoslovakia, France, Germany, Holland, Hungary, Irish Free State,
Italy. Poland, Rumania, Sweden, and the United Kingdom.
No. La.-Ark.
91
476
,
Reported
Est.
.
457
unrept.
6.712 116,162
290
2,800
xEst.tot.U.S.
jail.
Germany Anticipates Record High Sugar Beet Crop
It
is
anticipated in Germany that the local
harvest for the 1937-38
tons
against
establish
a
season
10,648,000
tons
a
beet
Average
Crude
Ended Jan. 15,
The
daily
American
Oil
at
During Week
3,476,900 Barrels
Institute
estimates
that
the
crude oil production for the week ended
3,476,900 barrels.
This was a gain of
was
the output of the previous week, and
figure was above the 3,406,800 barrels
calculated by the United States
Department of the Interior
the
to
current
over
week's
be the total of
the restrictions
imposed by the various
Daily average pro¬
oil-producing States during January.
duction for the four weeks ended Jan.
15, 1938, is estimated
at 3,460,800 barrels.
The daily average output for the
week ended Jan. 16, 1937, totaled
3,184,650 barrels.
Fur¬
ther details, as reported
by the Institute, follow:
Imports of petroleum for domestic
United States ports for
a
use
and receipts in bond at
the week ended Jan.
the week ended
Jan.
8 and
principal
15 totaled 973,000 barrels.
daily average of 139,000 barrels, compared with
barrels for
a
daily average of 128,143
147,286 barrels daily for the four
3.240
49,341
24,604
4,159
3,210
48,024
24,237
7,002 118,962
7,070 119.146
40,440
19.709
6,°62 104,766
xJan.
x
15 '37
z3 038
Estimated Bureau of Mines basis,
were no
receipts of California oil at Atlantic and Gulf Coast ports
for the week ended Jan. 15, compared with a
daily average of 9.286 barrels
for the week ended Jan. 8, and 6,214 barrels
daily for the four weeks ended
Jan. 15.
Reports received from refining companies owning 89.0% of the 4,159,000estimated daily potential refining capacity of the United
States,
barrel
indicate that the industry as a whole
ran
to stills, on a Bureau of Mines
basis, 3,240,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries,
Petroleum
and
z
January,
1937, dally
average.
bulk terminals, in transit and in
Its
Products—Texas
Orders Complete
for Six Weeks—February
Crude Oil Demand Put 31,400 Barrels Above Janu¬
ary Estimate—Output Up 39,800 Barrels Daily in
January 15 Week—Interstate Oil Compact Com¬
Shutdown
mission
on
Sundays
Suggests 5% Cut Below Allowables
The order of the Texas Railroad Commission
directing all
oil fields in the state to shutdown each
Sunday for a period of
starting January 23 took precedence
over
all other
developments affecting the petroleum industry this week.
The action had the immediate effect of
bolstering sentiment
all
along the line for it bolsters immeasurably a price structure
was
momentarily expected to weaken.
The current
state allowable, as of January 15, was
1,405,240 barrels
daily, which is approximately 40,000 barrels ahead of the
which
Bureau of Mines' estimate for the state.
The shutdown, it is estimated, will have the effect of cut¬
ting the entire nation's flow by approximately 200,000 bar¬
rels
daily. In turn, this on the basis of last week's production,
bring the daily output down to around 3,260,000 barrels,
or
approximately 150,000 barrels daily under the estimated
requirements as calculated by the Bureau of Mines.
Following quickly on the heels of the Texas action, ad¬
will
vices from San Francisco strongly suggested the
probability
that Governor Merriam of California would call a
special
session of
the State
the purpose of
weeks ended Jan. 15.
There
4,159
4,159
six weeks
Production
1938, Placed
Petroleum
average gross
Jan. 15, 1938,
39,800 barrels
4,159
8'38
all-time record
new
report from the American
Daily
15 '38
Jan.
U.S.B. of M.
sugar
will total 13,332,000 metric
in the preceding season to
high production, according
Consulate, Leipzig, made
public by the Department of Commerce, on Jan. 17.
The
yield per hectare for the current season's crop is estimated
at 34.39 tons against 31.53 tons in the
preceding season.
It is believed, however, that the
sugar content of the current
crop of beets will be less than the yield recorded for the 193637 season, according to the report.
to
'
100,350
448,200.
35,200
......—...
Total east of Calif.
be
preparation
88,200
491,250
241,050
79,500
Total Louisiana
administer
Chief, will
+ 100
+ 800
170,100
Louisiana
Arkansas
65,000
1,350.900 *1357 573 1,389,500 + 14,200 1,384,850 1,247,950
the
to
66,200.'
•
239,050
198,100
North Louisiana
Coastal
67,750
492,250
—
Total Texas
•
crease
/
1937
69,450
Coastal Texas
and determinations as may be necessary under the Act
handling administrative questions that arise in connection with the
technical
Week
Week
Ended
15
Jan.
32,200
regulations,
for
Previous
543,600
+4,750
180,200 + 17,550
550,000
179,300
Southwest Texas
i
is
566,600
-«
-
—
Colorado
Division,
Bernhardt
—
East Texas....
set'
as
forwarded
Hawaii.
which Joshua
15
1938
East Central Texas...
'
'
;
distributed to the county com¬
Insular
Jan.
West Texas
Director,
-';.rv ;■
is
1
Panhandle Texas
This
in Puerto Rico and
programs
as
to be
Jan.
West Central Texas...-
Illinois,
Instructions have been
areas
payment.
Sugar
tained.
and
for
for
field
The
conditions
Ended
North Texas
Conservation Associations for accumulating the
information will be used for computing the
dtermining whether sugar beet producers have met the
payments
B.
the
A
„
Kansas
Agricultural
information.
|H.
1937.
beet
sugar
necessary
conditions
with
Weeks
from
lations
a
Division, of which I. W. Duggan is Acting Director.
r
"The new sugar'legislation authorizing payments to producers on harvest¬
ings after July 1,11937, gives the committees definite administrative tasks
to
Change
Ended
Calcu¬
T[he continental sugarcane areas ,are located in Louisiana and Florida;
.these States the field program v?i}\ be administered by the Southern
in
Week
Allowable
California, Colo¬
South Dakota and Nebraska.
Minnesota, Iowa,
State
Interior
Dakota,' Oregon, Utah,
Washington and Wyoming.
.
of M.,
Dept. of
{Jan.)
States
is Director,
beets:
sugar
with
Four
H.
Adjustment Administration in
Conservation Program when the
Agricultural
the
various
Western
of the
with the administration of the general farm program follows
program
policy
1936
the county and other local
to integrate
step
sugar
the
Legislature for February or March for
considering proposals for state control of oil
production.
Daily
average
supply of 3,438,200 barrels of crude oil will
be necessary to meet demand in
February, it was announced
this week by the Bureau of Mines.
This figure is 31,400
barrels above the January estimate and is 110,600 barrels
higher than the actual production during February a year
ago.
Crude oil production during the four weeks' period
Dec. 4 to Jan. 1, according to the Bureau,
averaged about
1
Volume
Financial
146
3,451,000 barrels daily. Crude oil stocks during the period
rose
434,000 barrels, although 418,000 barrels of this ex¬
pansion was in foreign stocks, which left production on
almost a par with the demand during the period.
Supplementing these figures was the further report of
the Bureau of Mines which revealed that stocks of domestic
and foreign crude at the close of the week ended Jan. 8
aggregated 303,078,000 barrels, a decline of 390,000 barrels
from
the preceding week.
Domestic stocks nose-dived
796,000 barrels, but an increase of 406,000 barrels in foreign
crude pared the net change.
Daily crude oil production for the week ended Jan. 15
came to 3,476,900 barrels, a rise of 39,800 barrels over the
preceding week.
The Bureau of Mines calculations for
January are 3,406,800 barrels daily.
Texas and Kansas
were
the chief contributors,
the former accounting for
14,200 barrels and the latter for 17,550 barrels.
The much-awaited meeting of the Interstate Oil Compact
Commission came and passed this week, with the group
urging a 5% slash below the suggested allowables for Okla¬
homa, Texas, Kansas and New Mexico.
Members of the
Commission informally stated that such a cut-back in daily
crude-oil production was necessary to allow the industry
to reduce its excessive stocks of
513
Chronicle
reduced
days' supply.
"The tabulations revealed that
days' supply of motor fuel in stock at the
beginning of January was the largest for any January in the
years 1933-1938 inclusive. Residual fuel oil supply amounted
to 98.6 days in January, which compares with 88.8 a year ago
and 92.2 in January, i.936.
The number of days' supply of
gas oil and distillate fuels was estimated at 38.6 for January,
lower than the estimated stocks in January of the three pre-,,
ceding years.
n
"It may seem strange," Mr. Brown continued, "that one
of the outstanding companies in the marketing branch, which
is also one of the principal importers, has just announced a
reduction in the price of heating oils assigning as the reason
'the accumulation of stocks,' although this is one item show¬
ing a low level in terms of days' supply in the statistics."
Price slashing in the northern New Jersey tank wagon
market for gasoline was reported during the week.
Although
tank car prices remain unchanged at 6% to 7 cents a gallon,
reports are that one seller was doing business at as low as
5>6 cents a gallon.
our
the estimated 57.9
At weeks-end New York distributors
purchase Texas crude oil for the next six
months were submitted at the hearing of the Texas Railroad
Commission.
They follow: February, 1,578,373 barrels
daily, off 18,921 from January; March, 1,585,179 barrels;
April, 1,598,784 barrels; May, 1,603,308 barrels; June,
1,608,895 barrels, and July, 1,608,899 barrels. 'W--:'.V. E. Cottingham, Chief Engineer for the Commission,
testified that the bottom-hole pressure in the East Texas
field has declined 11.22 pounds per square inch in the last
month, to 1,198.9 pounds on Jan. 8, and reiterated his
recommendation that a one-month shutdown be placed in
U. S. Gasoline (Above 65 Octane), Tank Car Lots,
New York—
Stand.
,08%
Richfield OIKCal.) .07%
Warner-Qulnlan.. .07%
companies
Madison, Wis., continued this week.
Judge Patrick T.
Stone on Thursday dismissed four individual defendants,
reducing the total to 32. Those dismissed were: Dewey K.
Chamberlain, Tulsa, Okla., Pure Oil Division Manager;
Thomas Fitzgerald, Tulsa, Assistant Vice-President of MidContinent Petroleum; Clyde Boggs, Arkansas City, Kan.,
Secretary of the Western Refiners Assn., and H. A. Gardner,
Bartlesville, Okla, Sales Manager for Phillips Petroleum.
On Jan. 19 advices from Mexico City stated that American
and British petroleum companies operating in Mexico have
been ordered by the Labor Board to pay the 33 1-3% wage
increases ordered on Dec. 18 or face the alternative of legal
consequences, one of which would be an embargo on com¬
pany properties.
A press Department statement said that
if foreign "technicians" of the foreign oil companies should
leave the country they must inform the government "so that
their places can be taken by Mexicans."
Well completions in the United States for the week ended
Jan. 15 decreased 37 from the preceding week to a total of
485, according to the Oil & Gas Journal.
Of the total 365
were oil wells, 35 were gas wells and 85 were dry holes.
Crudes
per
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$1.27
Lima (Ohio Oil Co.)
1 25
Rusk, Texas, 40 and over
Corning, Pa
1.27
Darst Creek
Illinois
1.35
Central Field, Mich
Western Kentucky
1.40
Sunburst,
Mid-Cont't, Okla.. 40 and above
Rodessa, Ark., 40 and above
1.30
1.25
Mont..-.Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Smackover. Ark., 24 and
0.90
Petrolla.
over
1.35
1.09
1.42
....
1.22
1.22
1.42
2.10
Canada
REFINED PRODUCTS—GASOLINE STOCKS UP 1,616,000 BARRELS
IN WEEK ENDED JAN. 15—CUT IN OPERATIONS URGED TO
SAVE
PRICE
STRUCTURE—COLD
WEATHER
BRINGS
UP¬
TURN IN FUEL-OIL DEMAND
Inventories of finished and unfinished
gasoline continued
During the
week ended Jan. 15 stocks spurted 1,616,000 barrels to a total
of 80,947,000 barrels.
Significantly enough, the latest figure
is what the trade several months ago had visioned would be
the total at the end of March when the heavy consuming
season
opens.
The present inventory, moreover, is but
704,000 barrels under the record high attained on March 31,
to
pile
up
at the Nation's refineries last week.
last year.
Crude runs
.05%
04%-.04%
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
iNorth
$.05^|Los
(Bayonne)
N. Y. (Bayonne)—
I
Bunker C
INew Orleans--t.05%- .05%
$.04
Texas
,08%-,05
Angeles
Fuel Oil, F.O.B. Refinery or
I Tulsa
.03^-
.04
Terminal
.$1.05
New Orleans C
California 24 plus D
$1.00-1.25 Phlla., Bunker C...
$1.25|
.
1.35
2.20
.
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
iChicago—
27 plus
...$.04^1 28-30 D
|Tulsa...
$.053
$.02%
1
-.03
I
Gasoline, Service Station, Tax Included
z
New York
..$.19
z
Brooklyn.
.19
z
Not Including
$.175
$.1051 Buffalo
.181
INewark
|Boston
2% city sales tax.
Weekly Coal Statistics
The National Bituminous Coal Commission in its current
weekly report stated that the total production of soft coal
in the week ended Jan. 8 is estimated at 6,480,000 net tons,
an
6.8% over the holiday week
Production in the week of Jan. 9,1937, amounted
increase of 415,000 tons or
preceding.
10,679,000 tons.
The total output for the 41 weeks
to date stands at 318,742,000 tons.
to
of the coal year 1937-38
In comparison with the
corresponding 41 weeks of the coal year 1936-37 this is a
decrease of 5.3%.
In comparing the current output with
that of the preceding coal
year,
it should be noted,
however, that from Jan. 1, 1937, to March 31, 1937, con¬
sumers of coal were making heavy purchases for storage.
In
that 3-month period, about 10,000,000 tons were added to
consumers's stocks, in anticipation of a suspension of min¬
ing on the expiration of the wage agreement on March 31.
The coal year 1937-38 therefore began with unusually large
stocks, and the successful negotiation of a new agreement led
consumers
to reduce their surplus reserves and to meet
current requirements in the months of April, May, and
June 1937 partly from storage.
The United States Bureau of Mines in its weekly coal
reported that anthracite production in Penn¬
sylvania for the week ended Jan. 8 amounted to 815,000
tons, or 135,800 tons per day for the six working days of
the week.
In comparison with the daily rate of output
obtained in the five-day week of Jan. 1 there was a decrease
of 30.6%.
Compared with the same week of 1937 there
was a decrease of 29.6%.
The consolidated report of both of the above-mentioned
organizations follows:
statement
ESTIMATED UNITED STATES
COKE
Bituminous coal:
PRODUCTION OF COAL AND BEEHIVE
(IN NET TONS)
Jan. 8,
1938
Jan.
1, 1938
Jan. 9,
1937
likely to emulate the action of Jersey Standard.
of fact this latter procedure is being urged
more
strongly as an industry policy.
In this connection
Russell B. Brown, General Counsel for the Independent
Petroleum Assn., in a statement to Charles F. Roeser, Presi¬
dent of that group, said that if larger units in the industry
would announce a broad policy of reduction of refinery runs
and a policy of sale commensurate with economic operations
from time to time, the smaller units would be glad to follow.
Mr. Brown asserted that three tables had been prepared to
show the refinery situation at present.
"These tables," lie
said, "show that for motor fuels and residual fuels we are in¬
creasing our supply too rapidly.
For heating oils we have
a
10,679,000
6,480,000
195,800
1,157,000
192,800
932,000
1,102,000
26,400
24,200
4,400
._
1,780,000
979,000
135,800
776,000
Daily average
Commercial production e
1,189,000
815,000
Total, including mine fuel
6,065,000
1,080,000
Total, Including mine fuel
Daily average.
Pennsylvania anthracite: b
4,033
62,700
10,450
Beehive coke:
and its domestic affiliates have announced that they planned
a slash of 15,000 barrels a day starting Jan. 15.
Other com¬
United States total
Daily average..
are
a
$.05
-.05%
,0G^-.07
Gulf ports
Tulsa
Week Ended—
to
result from the fact that the Standard Oil Co. of New Jersey
As
07%
stills
aggregated 3,240,000 barrels daily,
an increase of 30,000 barrels over the preceding week.
Re¬
finery operations were at 79%, up 0.9%.
The next report
of
the American Petroleum
Institute, however, should
register a curtailment in refinery operations.
This should
panies
08% New Orleans..
Shell Eastern
Tide Water Oil Co.
The anti-trust trial of sixteen major midwest oil
at
Cltlet—
Gulf
.08
..
$.072* Chicago
Texas
J..$.07^
Diesel 28-30 D...
$2.201 Eldorado, Ark., 40..
noticeable
F.O.B* Refinery
Other
New York—
Oil N.
Socony-Vacuum
effect in that field to correct the decline.
Price# of Typical
a
weather has been the stimulus for the betterment.
crude and motor fuel.
Nominations to
Bradford. Pa
reported
improvement in the demand for fuel oils.
The improvement,
was apparent in both the wholesale and retail fields. Colder
1937
1938
Coal Year to Date—
1929
matter
Bituminous coal:
a
Daily
Pennsylvania anthracite: b
Total, including mine fuel
Daily average—
c Commercial production e
c
411,838,000
336,408,000
1,409,000
1,712,000
d38,409,000
166,300
d39,653,000
d56,204,000
171,700
243,300
770,000
987,000
1,375,000
72,200
120,000
11,371
average......
318,742,000
1,333,000
30,600
Total, including mine fuel
10.314
Beehive coke:
United States total
Daily average
a
includes
ior
purposes
01
iiibuuriuai
cunjyaiHMjii
»uu
production of lignite and anthracite and semi-anthracite outside
b Includes washery and dredge coal and coal shipped by truck
operations,
c
cludes colliery
/
Figures for calendar year to date,
fuel.
17.143
wuvciiicuvu
mc
of Pennsylvania,
from authorized
d Sum of 40 full weeks,
e Ex¬
Financial
514
WEEKLY
ESTIMATED
According to
(IN THOUSANDS OF NET TONS)
subject
are
to
and State sources,
revision on receipt of monthly tonnage reports from district
or of final annual returns from the operators.)
of
'
Jan. 1
'
'
:
,
Dec. 25
Jan. 2
Jan. 4
Jan. 5
1938 P
1937 p
1937
1936
1929
170
e
3
231
60
95
105
93
174
164
199
226
*
1
1
Georgia and North Carolina
*
.........
1,142
1,162
1,088
Kentucky—Eastern
404
300
Maryland.
66
76
102
72
140
164
154
173
129
190
443
736
731
676
607
130
146
166
176
316
20
37
37
46
55
7
14
12
12
32
Montana..
72
68
72
65
59
82
New Mexico—
30
27
42
31
41
73
8
Michigan.
60
North and South Dakota.
57
57
s44
64
850
243
309
484
489
294
814
1,190
1,270
2,366
1,826
2,056
3,402
51
59
95
96
83
133
Ohio
bituminous—;
Tennessee.
—
11
14
26
19
100
79
85
77
110
109
176
186
245
233
177
211
37
34
41
31
41
1,087
1,116
260
131
117
........—...
Virginia
Washington
■'
Virginia—Southern a
Northern b._.
Wyoming
Other Western States
c._
6,065
{
1.582
1,471
109,480 119,409
Totals
477
548
a
110
117
186
86
87
*
6,150
,
inthisissue.—Ed.]
on
the B.
&
in Kanawha,
O.
'
Lead
Business by lead producers during the
8,995
8,385
8,305
11,850
930
855
1,202
1,138
1,968
7,080
9,850
9,587
9,443
13,818
W., C. & O., Virginian, K. & M., B. C. & G.
Mason, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary,
it Alaska, Georgia, North Carolina, and South
Dakota Included with "other Western States."
* Less than 1,000 tons.
producers and consumers in a comfortable position, and
having placed
Duty-Free Copper Statistics for 1937
"Copper1* Institute
Estimates, based on deliveries of 35,000 tons monthly,
place January requirements about 90% covered.
4.90c., New York, the contract settling
The price continues steady at
basisiof the American Smelting & Refining Co., and 4.75c., St. Louis.
Zinc
19 about 1,500 tons of the common
During the week that ended Jan.
grades of zinc were sold, indicating that activity has slackened,
In fact,
Unfilled orders
ment.
on
STATES
1
Jan. 13 released the following
DUTY-FREE 'COPPER
on
Inquiry for zinc again was chiefly for
metal was sold last week for July ship¬
some
Jan. 15 amounted to 47,752 tons.
Easier London quotations reflected less encouraging news from the United
States.
Foreign producers of zinc have agreed to exchange statistical in¬
formation, according to advices from abrooad
Tin
Buying interest subsided during the last week.
prices abroad,
in
the last few
Smelter
begin to
narrow.
40.250c.; 15th, 41.125c.; 17th. 41.000c.; 18th, 40.125c.; 19th, 40.000c.
\ STATISTICS
DAILY
PRICES OF METALS
Custi'jmers
Refined
Aug....
50,420
51,961
Sept
66,842
Oct..
72,074
73,978
69,656
75,212
Nov
Dec
1937—Jan
Feb
72,023
91,118
94,596
87,579
89,882
Mar..
Apr..
May...
June
July,.
748,660
54,447
964,176
802,538
62,798
9259,908
53,985
>
528,194
764,560
59,807
64,140
55.410
91,485
4,290
81.336
95,265
86,016
205,736
188,719
7,677
178,018
8,030
6,667
5,979
75,919
67,379
82,409
80,812
74,610
94,830
95,884
218,705
4,239
3,780
75.892
62,655
72,895
68,682
78.853
68.097
171,291
161,068
142,374
136,121
2,876
3,519
9,166
4,920
I
77,725
67,356
68,019
75,790
60.463
121,448
99,576
108,585
111.020
5,856
66,229
43,742
33,892
18.103
79,611
61.333
6.616
5,534
6,373
117,741
126,184
144,321
4,698
3,133
182,911
*
221,676
*259,908
4,128
x On consignment and In commission exchange warehouses,
consumers' stocks at their plants or warehouses.
13
10.750
"Metal and Mineral Markets" in its issue of Jan. 20
over
week that ended
Jan.
re¬
19.
Renewed
developments in Washington, particularly
in reference to the utilities, caused buyers to act with great
reserve.
The domestic market for copper was dull in the
last few
days and selling pressure forced the price down to
lO-J^c., Valley, a net loss of three-eights of a cent.
Led
sales were large enough to hold the price structure in that
metal on a firm basis.
Zinc was unchanged.
Tin declined
lj^c.
The publication further reported:
reduced scale in the
12,700 tons in the pre¬
The price weakened in the last three days as sentiment took
On Jan. 17, business was booked by custom smelters
prices ranging from lO^c. to
more
than
one
dried up and
ments in
draw
10 %c.,
Valley.
seller offered copper at 10%c.
copper
was
On the following day,
On Jan. 19 business almost
available virtually all day at 10 %c.
Develop¬
Washington, plus unfavorable statistics, caused buyers to with¬
from the
market.
in lower London prices.
The unsettlement in
Buying abroad
jthis Country
was
reflected
was much smaller in volume than
in recent weeks.
10.300
42.200
4.90
4.75
5.00
10.150
41.750
4.90
4.75
5.00
10.150
42.625
4.90
4.75
5.00
10.300
42.500
4.90
4.75
5.00
Jan.
18
10.525
10.400
41.625
4.90
4.75
5.00
Jan.
19.....
10.275
10.175
41.500
4.90
Average..
10.556
10.246
42.033
4.90
110.525®/
J
10.650
1
in the copper in¬
dustry expected domestic deliveries to fall to 18,103 'tons.
put
production has been curtailed, but
!;adidtional
It
was
pointed
restriction in out¬
will be necessary, it is said, unless business improves appreciably in
the near future.
■
4.75
5.00
4.75
5.00
Average prices for calendar week ended Jan. 15 are:
Domestic copper f.o.brefinery, 10.608c. export copper, 10.242c.; Straits tin, 42.429c.;'New York lead,
4.892c.; St. Louis lead, 4.742c.; St. Louis zinc, 5.000c.; and silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based
on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted. All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for Dromot delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that la,
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard. Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for cooper are reduced to net at refineries on the Atlantic
On foreign business in copper sellers usually name a c.i.f. price—Hamburg.
Havre, and Liverpool. The c.i.f. basis commands a premium of 0.350c. per pound
above f.o.b. refinery quotation.
seaboard.
Daily London Prices
Copper
Copper, Std.
3M
Zinc
Lead
Tin, Std.
Jan. 13.......
43b«
43*16
Jan. 14
(Bid)
Spot
47%
3M
187%
Spot
187%
17%
3M
Spot
3M
17*16
15%
15%
15%
42%
43%
42 *4
46 %
185
185%
17
17*16
15*16
17
44
188%
16**16
17
15%
15%
43%
47%
47%
188%
43 %
185%
186
161*18
16%
15%
15*16
Jan.
42*ie
42*16
46%
184%
185
16*16
16*16
15*16
15%
Jan.
19
Prices for lead and zinc
are
the official
buyer's prices for the first session of the
London Metal Exchange; prices for copper and tin are the
prices. All are in pounds sterling per long ton (2,240 lb.).
Steel
Ingot
Production
Gains
official closing buyers'
Slightly
to
30%
of
Capacity
The Jan. 20 issue of the "Iron
got
production has moved
up
Age" stated that steel in¬
another notch to 30% of
Small as this improvement
capacity from 28% last week.
is, it has not been uniform as to districts.
The sharpest
gain has taken place in the Wheeling-Weir ton area, where
10 points to 56 % of capacity
Chicago
iy2 points to 27H%, all due to one producer. Pitts¬
burgh remains at 24%.
Elsewhere there have been losses
or operations are
unchanged.
The Youngstown district is
down one point to 27%, the South is three points lower at
46% and the southern Ohio district is off two points to 29%.
The "Iron Age" further reported:
•
.
The flow of business is
indicated.
mittent.
so
irregular that no definite upward trend is yet
Operations of mills and
Facilities
are
shut down
orders and then started up
furnaces at many plants are inter¬
week to await an accumulation of
one
for another week to process these orders.
users, not ex¬
Hand-to-mouth buying is the policy of almost all steel
feThe December statistics left the trade stunned, for few
out that
St. Louis
is up
a
last week, sales amounting to 5,165 tons, against
at
St. Louis
the rate has risen
Copper
copper in the domestic market was on
turn for the worse.
New York
Jan. 18
ported that the active demand for non-ferrous metals that
characterized the preceding week gave way to a quiet spell
in most items in the
Zinc
New York
Electro.
Metals—-Domestic Copper Lowered Threeeights Cent in Quiet Market—Lead Sales Good
a
QUOTATIONS)
Lead
10.650
Does not Include
Non-Ferrous
ceding week.
J."
10.650
Spot
Buying of
M.
15
Jan.
Jan.17
80,437
Dec
uncertainty
&
Tin
Jan. 14
Jan.
523,435
C69.446
Oct
Refineries
354,436
231,415
161,068
82,835
90,982
87.030
Sept
Export
379*843
336,710
496,658
71,233
83,676
83,178
85,243
90,947
83,806
Aug...
|
v_
360,534
506,085
731,629
981.622
1936—July
xRefined
Stock at
Domestic
■_
Nov
("E.
Straits
Dom.,Refy. Exp., Refy.
Production
Intake
1937
better position and the con¬
Chinese tin, 99%, was nominally as follows: Jan. 13th, 40.450c.; 14th,
Delivi'ries to
Custom
1935
sup¬
a
and future delivery will soon
or
Production
1936
Traders believe, however,
fin Tons of 2,000 Pounds)
Mine
1934
The trade believes that
days, reflected the modified views
tango now existing in price between spot
Electrolytic Copper
YearJ1933
compared
However, the price continued steady on the basis of
5c., St. Louis, for Prime Western.
plies of tin are gradually being worked into
statistics pertaining to the production, deliveries and stocks
of duty-free copper:
UNITED
buying slackened toward
there has been no pressure to sell, even though
the end of the week.
held here on the near-by business outlook.
The
week.
the last two weeks as
The trade appraises the business transacted during
lower
United States
V
<
week reached a good volume, In¬
volving 8,634 tons, compared with 14,964 tons sold in the previous
with a week previous.
979
Includes operations on the N.
413,846 471,752
[Detailed statistics regarding U. S. duty free copper are given elsewhere
forward delivery.
and
...192,170 211,844
Totals
179,872
762
124
7,044
Pennsylvania anthracite d.
All coal
4,128
221.676 259,908
Foreign—.
185.270
—
1,134
2,187
*
2
Total bituminous coal
121,966
3,133
...
74
261
Utah
West
14
15
Texas
154.588
-
United States—.
60,463
240
23
--
Totals
copper
Stocks, refined:
75,790
United States—.
659
480
—
...—
.....
Pennsylvania
9,470
Production, refined:
2,111
387
65
Kansas and Missouri
Western
968
316
197
Iowa.......—
Foreign
—178,324 166,184
-
Foreign
8
s
940
357
Illinois
Indiana
8.730
91,896
12,955
U. S. exports of domestic
Totals
434
88
■
167
-
296
33,892
18.103
120.696 103.863
Domestic
52,603
10,142
99,408
U. S. scrap, &c
Foreign mine
8
s
163
79
Arkansas and Oklahoma
Colorado
Avge.
1923
mi
Dec.
Nov.
Deliveries to customers:
Dec.
Nov.
59,304
Foreign scrap, &c
2
238
2
161
Alabama
|
for Novem-
December, in short tons:
U.S. mine—.
hiaie
.
and
Production (blister):
Week Ended—
Alaska-........-—....-
1938
4% over the appropriations for 1937.
Following is a summary of the Copper Institute's statistics
ver
.
Jan. 22,
World," the electric utilities in this country
"Electrical
plan to spend $472,640,000 during 1938 on new construction, an increase
shipments
(The current estimates are based on ra'lroad car loadings and river
and
Chronicle
STATES
BY
COAL,
OF
PRODUCTION
So-called world stocks of refined copper at the end of De¬
cember amounted to 471,752 tons, an increase of 57,906 tons for the month.
Domestic business in copper booked since the first of the month totals
19,172 tons.
cluding the automobile industry.
inventories
are
not
This is dictated by the fact that steel
completely liquidated, that steel can be obtained on
relatively short notice, thereby eliminating the need for forward buying,
but also because buyers are
awaiting the outcome of the wage negotiations
between the United States Steel Corp. and the Steel Workers'
Organizing
Committee.
Conversations to prepare the way for the formal negotiations that wil
commence
Feb. 7
between United
States Steel and the steel union hav
Volume
Financial
146
and John L. Lewis without any in¬
taken place between Myron C. Taylor
timation
as
to the
probable outcome.
usual
and prices is fraught with more than
It is difficult to see, for example,
complexities.
intention on taxes, competition
clearer indication of the Government's
Steel
companies
showing
are
disposition to
no
One of the automobile companies is reported to
that present steel prices are
reasonable.
While the automobile industry is making production
last
crease
week
Ford for
for 40,000 tons
The brightest spot in the automobile sit¬
lesser tonnage.
a
uation is the export
A little more
market, where substantial gains are shown.
The Argentine State Railways are in the
the Central of Brazil is inquiring for 300
market for 800 or more cars and
Manchurian
railroad equipment and supply
activity is shown in the
trade, but part of it is export.
gondola cars.
been in¬
However, Hudson is in the market
creased appreciably..
and
gains—a 20% in¬
week before—its steel buying has not
the
over
concede
Many automobile company buyers
without result.
apparently
have tested the
obtained,
quotations could be
market to determine whether lower
sheet
with
toward large employers of labor.
make concessions on
private enterprise and of its future attitude
prices.
how forward
be established until business has some
policies on wages and prices can
Some of this business may come to the United States.
The
railroads have bought 3,800 tons of rails here.
Domestic
The'.Chicago & North Western is asking
The Pere Marquette has placed a total
equipment inquiries are light.
for prices on three locomotives.
of 3,550 tons of rails with
"Steel"
The Chesapeake & Ohio is inquir¬
three mills.
2,728 kegs of track spikes.
in the week totaled about 15,000 tons, including
1,900 tons for a bridge at Searsport,
Brooklyn, 2,600 tons for schools in New
York.
New projects totaling about 11,000 tons are headed by 3,500 tons
for a bridge in Omaha, Neb., and 1,200 tons for a coal bridge for the Ford
Motor Co.
Ten river barges to be built for a Pittsburgh company take
2,600 tons for a hospital in Pittsburgh,
Me., 1,600 tons for a library in
2,350 tons of plates.
Mills are not buying, so the chief sup¬
Scrap prices are marking time.
quotations in the eastern part of the country is
Age" scrap composite price remains at $14
port of present
The
trade.
"Iron
third week.
capital goods index shows the most
The "Iron Age"
in
the index
widespread gains
advanced in the past week,
figure is still only 57.5 against 93.3 in the corresponding
all five components having
five months,
but
export
for the
; •••
week of 1937.
Finished Steel
1938, 2.605c. a Lb.
Jan. 18,
fBased on steel bars, beams, tank platen
wire, rails, black pipe, sheets and hot
| rolled strips. These products represent
[ 85% of the United States output.
..2.605c.]
One week ago
..2.605c.
...2.330c.
One month ago
One year ago
Low
High
1936
Pig
Jan.
Mar. 2
Mar. 10
2.330c.
2.084c.
Mar. 9
Dec. 28
2.605c.
2.330c.
1937
Iron
(Based on average of basic iron at Valley
..$23.25] furnace and foundry irons at Chicago,
23.25 j
Philadelphia,
Buffalo.
Valley
and
20.25 [
Southern iron at Cincinnati
18, 1938. $23.25 a Gross Ton
One week ago
One month ago
One year ago
Low
High
$23.25
19.73
1937..
1936..
-
$20.25
18.73
Mar. 9
Nov. 24
Feb. 16
Aug. 11
Steel Scrap
(Based
18, 1938, $14.00 a Gross Ton*
Jan.
One week
on
No.
1
heavy,
Philadelphia
'I
18.421
One year ago
1936
Iron
American
The
nounced that
and
Steel
$12.92
12.67
Mar. 30
Dec. 21
Institute
on
Nov 16
June 9
Jan. 17
an¬
telegraphic reports which it has received indi¬
of steel companies having
98% of the steel capacity of the industry will be 29.8% of
that
cated
the
operating
capacity for the
27.8% one week
week
ago,
rate
beginning Jan. 17 compared with
23.5% one month ago, and 80.6%
This represents an increase of 2 points, or
7.2%, from the estimate for the wek ended Jan. 10, 1938.
Weekly indicated rates of steel operations since Jan. 4,
one
year
decision
the
ago.
the Interstate
of
seem
line has
this
in
business
foreign
some
been booked.
Commerce Commission
on
Plans to expedite
the petition for a
freight rate increase give hope of releases during March as programs are
understood to have been outlined and held back until the financial situa¬
tion
be judged more
can
drawal
the
of
inquiry of
bids had been taken.
for
It
accurately.
Indicative of this hesitancy is with¬
the Western Maryland for 1,100 cars on which
is understood a large Eastern road has a program
freight cars which is being
repair of some 24,000
7,000 tons of 6teel for a dam
Leading in the structural market is some
the
across
work
for
bars
Missisippi River at Clarkesville, Mo., on which bids
Bureau of Reclamation has placed 1,900 tons of
The
asked.
at
29%.
week
the
in
rate
have been
reinforcing
Calif.
Calexico,
Steelmaking shows an upward tendency and last
to
withheld until the
situation is cleared.
rate
week rose three points
the low mark of 21% the first
January.
Most centers showed an increase in activity or held to
of the preceding week.
Chicago gained two points to 26.5%,
This
the second rise since
is
35%, Detroit 19 to 52%, New
Youngstown one to 25%, Wheeling nine to
Cincinnati resumed at 28% after a week of com¬
plete idleness.
There was no change in the Central Eastern Seabord Dis¬
trict at 31, Birmingham 63,
Buffalo 23 and St. Louis 21.
Pittsburgh
lost one point to 24.5% and Cleveland two to 24%.
Subsidy agreements made and in the making by the Maritime Commission
provide for construction of 20 to perhaps 64 ships during the next four
years.
Requirements of steel for this program will be spread over a
considerable period, but adds to the prospective tonnage mills will be
called on to supply.
Construction of some of the ships will be undertaken
England
seven
to 26%.
during the present year.
Automobile assemblies
last
week
gained
more
11,000
than
over
the
Chrysler resumed more normal operations.
Total
output was 65,735 compared with 54,084 the week before.
General Motors
produced 22,160 against 22,425; Chrysler built 13,975 compared with
2,750 ; Ford held steady with 22,765 units.
Independent builders assembled
6,835 compared with 6,144 the week before.
Shipments of finished steel by the United States Steel Corp. in Decem¬
ber repeated the pattern of other activity indexes, showing a decline from
November but an increase of 18% for the entire year compared with 1936.
Great Britain in December established a record in production of pig
period
as
783,800 tons, the largest tonnage since
all-time high was made in production of
making
iron,
previously an
191S. A month
steel ingots and
castings.
For the seventh
prices
consecutive week "Steel's" composite
Pittsburgh.
some
Effect of export demand in the East is
strength.
Due to advances in scrap
of this
composite is 4c.
steel
of steelworks scrap
quotations at
believed responsible
rising 7c. to $13.90, on stronger
shows an advance,
prices the iron and
The finished steel composite is
higher at $38.97.
unchanged at $61.70.
Steel
Low
High
..$21.92
17.75
1937
steel
melting
hearing.
to be in best position, with
production at a good rate.
Automotive output shows a slight increase.
In some instances it seems
steel consumers have fairly large stocks of
finished articles and defer further activity until these are moved.
Railroads continue to hold off buying except for urgent requirements.
Some cars and locomotives, usually in small fots,
are being placed and
implement manufacturers
Agricultural
for
quotations at Pittsburgh,
and Chicago.
$14.00(
13.581
ago
One month ago
of the steel market, buyers delaying
Hesitancy seems to be the keynote
preceding
"IRON AGE" COMPOSITE PRICES
THE
of the iron and
summary
purchases until more definite indications of the future appear.
In the case of railroads it is because of the pending freight rate
ing for 786,484 tie plates and
Structural steel awards
its
in
Cleveland,
of
markets, on Jan. 17 stated:
steel
The situation with respect to wages
the
515
Chronicle
for the week ended Jan. 17, is
ingot production
placed at approximately 30% of capacity, according to the
"Wall Street Journal" of Jan. 20.
This compares with
28^% in the previous week
"Journal" further reported:
U.
S.
Steel subsidiaries are
and 20% two weeks ago.
The
estimated at around 31%, against 31%
in
20)4% two weeks ago. Leading independents are
with 2934%, compared with 27% in the preceding week and 20%
week before and
the
credited
two' weeks
ago.
The following
of the percentage of production
together with the
week immediately preceding:
table gives a comparison
with the nearest
corresponding week of previous years,
approximate changes,
in points, from the
1937, follow:
Jan.
11
Jan.
18
79.4% Apr. 19
78.8% Apr. 26
3
80.6% May
Jan.
25
77.9% May 10
4
85.6%
84.6%
83.2%
83.8%
Nov. 15
Dec.
6
Aug. 30
84.1%
Dec.
13
71.6%
80.4%
Dec. 20
74.4%
66.1%
63.6%
55.8%
52.1%
2
9
91.3%
92.3%
Aug.
Aug. 16
Aug.
Feb.
1
79.6% May 17
Feb.
8
80.6% May 24
81.6% May 31
91.0%
91.2%
90.0%
91.0%
77.4%
7
76.2%
Sept. 7
Sept. 13
Sept. 20
June 14
76.6%
Sept. 27.
Feb.
15
Feb.
22
82.5%
85.8%
87.3%
88.9%
89.6%
90.7%
1
Mar.
Mar.
8
Mar. 15
Mar. 22
Mar. 29
Apr.
12
The
Aug. 23
June 21
75.9%
Oct.
4
June 28
75.0%
Oct.
11
July
5
67.3%
Oct.
18
July
12
82.7%
82.5%
84.3%
Oct.
25...
89.9% July 19
90.3% July 26
5
Apr.
June
Week
1937—
1937—
1937—
1937—
Jan
76.1%
Nov.
1
8
Nov. 29
Dec. 27
36.4%
31.0%
29.6%
27.5%
27.4%
23.5%
19.2%
1938—
Jan.
Jan.
Jan.
3.....25.6%
10.....27.8%
29.8%
17
87
tf*
—1
59
+i
+4
44
+5
64
+3
34
1935.......--
1934
+ 1 34
30
+ 1
37
+2
+i
+ 1)4
1634
18
+ 1
1734
1933
26
1932
1931...
—
+2
+3
+2
+2
+1
77
+ 1
67
72
8334
1930
+4
+5
+5
+434
69
42
82
4434
26
+4
—
+3
6834
and $7,000,000 in Treasury cash other than
gold, and an increase of $11,000,000 in Reserve
bank credit, offset in part by increases of $20,000,000 in
Treasury deposits with Federal Reserve banks and $19,000,000 in non-member deposits and other Federal Reserve
accounts.
Excess reserves of member banks on Jan. 19
estimated to be approximately
$1,370,000,000,
7634
The statement
Reserve Banks
inactive
a
de¬
the week.
Inactive gold included
in the gold stock and Treasury cash amounted to $1,223,000,000 on Jan. 19, unchanged for the week.
The principal changes in holdings of bills and securities
were a decrease of $19,000,000 in United States Treasury
bonds and increases of $12,000,000 in United States Treasury
notes and $7,000,000 in Treasury bills.
+2
42
41.0%
with the Federal
of $20,000,000 for
2m
74
50
1Q27
circulation
crease
+1
51
1936...
1928
Diu-ing the week ended Jan. 19 member bank reserve bal¬
ances increased
$26,000,000.
Additions to member bank
reserves arose from
decreases of $49,000,000 in money in
were
81
1937
31
1)4
+
Independents
U. S. Steel
Industry
30
1938
1929
48.6%
Nov.
Nov. 22
in full for the
week ended Jan. 19, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 550 and 551.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
Jan. 19, 1938, were as follows:
Increase (+) or Decrease (—)
Since
Jan. 19. 1938
Jan.12,1938
discounted
Bills
boughtA."
-
securities
Industrial advances (not Including
$13 000 000 commitm'ts—Jan. 19)
Oth eir'Reserve bank credit
Total Reserve bank credit
U. 8. Government
Jan. 20,1937
+$9,000,000
-2.000.000
+134,000,000
$11,000,000
Bills
1.000,000
2,564,000,000
18,000,000
...
..
—6,000,000
17,000.000 +$11,000,000
+ 9,000,000
2,610.000,000 +11,000,000
+^,000.000
Gold stock
..12,755,000,000
..—.... +1,438,000,000
Treasury currency
2,639,000,000
—1,000,000
+106,000,000
Member bank reserve balances
7,219,000,000 + 26,000,000
+ 464,000,000
Money in circulation....-.-------- 6,346,000,000
—49,000,000
+7,000,000
Treasury cash
3.621.000,000
—7,000,000 +1,168.000,000
Treasury deposits wltb F. R. bank-135,000,000 + 20,000,000
—53,000,000
Non-member deposits
eral Reserve
and other Fed¬
accounts.----—----
682,000,000
+19,000,000
+109,000,000
516
Financial
Returns
of
Member
Banks in
York
New
Chronicle
Jan.
Increase
City and
Below is the statement of the Board of Governors of the
Reserve
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE
CITIES
——New York City
19
Jan. 20
Jan. 19
Jan. 12
Loans—total
Commercial,
Industrial,
1937
1938
1938
1937
S
%
$
7,852
3,413
7,852
3,344
1,929
1,941
3,497
617
622
222
*
30
30
+ 6.000.000
—109,000.000
—333,000.000
+ 297,000.000
+ 68,000,000
+ 127,000,000
Cash in vault
330,000,000
+ 8,000,000
1,957,000,000
Balances with domestic banks
+39,000,000
—83,000,000
—397,000,000
Liabilities—
Demand deposits—adjusted
14,463,000,000
+ 244,000.000 —1,099,000,000
—22,000,000
+150,000,000
—4,000,000
+ 20.000,000
+40,000,000
—9,000,000
-857,000,000
+ 19,000,000
—2,000,000
5,264,000,000
....
Foreign banks
432,000,000
6,000,000
...
*
+6,000,000
Comparable figures not available.
384
389
*
28
26
*
36
37
Chinese Stiffen Resistance Against Japanese Invaders
-—Assert They Have Recently Won Victories on All
*
*
181
186
654
682
*
1,018
Fronts—United
39
213
128
129
38
Real estate loans
37
Loans to banks
*
73
73
129
13
13
14
27
1
1
5
*
235
234
*
20
21
192
3,069
3,555
954
962
1,126
392
383
451
102
102
95
995
987
1,065
256
255
276
2,718
2,660
2,590
610
618
599
51
56
54
25
28
33
189
>
Chinese
Obligations fully guaranteed by
United States Government...
Other securities
Reserve with Fed, Res, banks..
Cash In vault
banks..
73
71
79
156
149
470
475
497
60
58
74
5,822
641
5,785
6,431
1,416
1,430
1,567
641
600
465
465
455
352
364
169
63
65
53
2,131
2,083
2,393
566
564
626
384
392
387
6
6
4
6
Other assets—net
Time deposits
United States Govt, deposits—
Inter-bank deposits:
Domestic banks
.....
7
Borrowings
....
Other liabilities
351
361
334
16
15
22
Capital account
1,483
1,482
1,467
248
249
in
successes
this
announced
were
in
Yangtze
however,
drive
nese
Valley
fronts.
had
been
not
As
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
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
close of business Jan. 12:
said that
but
the Japa¬
merely slowed
was
up by the Chinese defense..
On Jan. 10 it was reported that
Japanese naval forces had landed at Tsingtao and captured
that city without resistance.
The
Sino-Japanese conflict
Jan.
of
1,
in
the
of
presence
last
was
33.
page
On
the
referred
Jan.
10
Emperor
in
to
the
imperial
an
held
was
at
China adopted after disputes
between Cabinet leaders and the military faction.
On the
Great
day
same
France
that
Britain
she
would
national
Settlement
on
notified
strongly
for permanent changes in
at
United
the
States
and
Japanese demands
oppose
the administration of the Inter¬
Shanghai.
Agreement between the Japanese Cabinet and high mili¬
and naval authorities was announced in Tokio on
tary
Jan.
15,
described
as
in
the
following
Associated
Press
the
Cabinet
dispatch from that city:
The
announcement
following
consider
The draft
issued
was
by
the
day of "liaison conferences"
a
the
draft of
a
statement
chief
and
secretary
special
a
of
Cabinet
session
to
outlining the government'-; China policy.
by Premier Prince Fumimaro
submitted to Emperor Hirohito
was
Konoye.
Domei
The condition statement of weekly reporting member banks in 101 leading
cities shows the following principal changes for the week ended Jan.
and
stopped,
Tokio to sanction decisions
Member Banks of the Federal
the Preceding Week
from
on
Spokesmen for the Japanese,
denied these assertions,
conference
Reserve System for
advices
Shanghai, fol¬
Hangchow, capital
Cliekiang Province, while the Chinese also reported that
they were repulsing the Japanese on the northern, central
"Chronicle"
»
Warns
opposing invading Japanese troops
week
Comparable figures not available.
of
at Inaugura¬
Singapore—Aban¬
in
of
238
Returns
Base
lowing strong Chinese counter-attacks
and
Liabilities—
deposits—adjusted
Naval
dons
Effort
to
Salvage
Panay—China
Japan to Respect Sovereign Rights
*
190
3,121
32
British
of
tion
*
32
Otherwise secured & unsec'd
U. S. Gotft. direct obligations—
*
Send Three Crusiers to Ceremonies
to
Other loans:
On securities
Japanese Policy Is Announced
Imperial Conference in Tokyo—United States
After
212
carrying securities..
Complete
1,131,000,000
2,910,000,000
5,600,000,000
573
1,518
......
*
$
+41,000.000 —1,178,000,000
Other securities
2,070
1,484
Loans to brokers and dealers.
c
S
8,097,000,000
Reserve with Fed. Res. banks
Other loans for purchasing or
W Foreign banks
(—)
Jan. 13. 1937
by
Borrowings
8,568
222
Otherwise secured & unsec'd
Demand
1938
and
On securities
Balances with domestic
Jan. 5,
$
agricultural loans:
Open market paper
fully
guaranteed
United States Government
Jan. 20
1938
$
$
Loans and Investments—total..
*
U. 8. Govt, direct obligations....
Obligations
Inter-bank deposits:
Domestic banks
Chicago
Jan. 12
1938
Assets—
iis eu
Jan. 12,1938
^
Time deposits.
5,203,000,000
United States Government deposits
675,000,000
(In Millions of Dollars)
Jan.
1938
22,
Decrease
or
Since
Chicago—Brokers' Loans
Federal
(+)
at
12:
(the
Japanese
agency)
news
said the statement would
be
issued
Sunday.
noon
Activity within the Cabinet and the Imperial
Increases of $41,000,000 in holdings of United States Government direct
by the
obligations and $68,000,000 in "Other securities" and
indorsed
the
with
Headquarters
was
marked
Emperor presiding.
a
decrease of $16,-
000,000 in commercial, industrial and agricultural loans; increases of $39,in balances with domestic banks and $127,000,000 in reserve
000,000
balances
with
Federal Reserve banks; an increase of $244,000,000 in de¬
of 24 retired warriors who
appearance
the
Among
decision,
the
Governor
which
elderly
Genera]
Japanese forces
in
increase of $40,000,000 in deposits credited to domestic banks.
War
Kazunari
Commercial, industrial and agricultural loans declined $6,000,000 in New
paper
declined $5,000,000 in New York City and at all reporting member
banks.
Ministers
decorated
Open market
leaders
Minami
Jiro
mand deposits-ad justed, a decrease of $22,000,000 in time deposits, and an
York City and $16,000,000 at all reporting member banks.
developed
former
China ;
of
recent
the
from
conference
ex-Premier
were
Korea,
one-time
and
Sadao
Scnjuro
held
Hayashi,
>
commander
the
of
Misao Kawaii,
Araki,
former
Shigeru
Honjo,
and
for
brilliant services in the 1933-1935 Manchuria campaign.
decision, explained to the one-time leaders by Lieutenant Gen¬
Yoshitaro Kawamoto, of the Military Affairs Bureau,
was
reported
The
eral
firm
by Domei to be, in effect:
Holdings of United States Government direct obligations increased $17.000,000 in New York City, $14,000,000 in the Boston district, $9,000,000
been
in the
China,
Chicago district and $41,000,000 at all reporting member banks.
Holdings of obligations fully guaranteed by the United States Government
increased
member
$8,000,000 in New York City and $6,000,000 at all reporting
banks.
Holdings of "Other securities" increased $55,000,000 in
New York City and $68,000,000 at all reporting member banks.
"The Japanese Government, for the permanent peace of East Asia, has hitherto
conducting
the
on
operations against the anti-Japanese Government of
hand, and endeavoring, on the other hand, to give that Govern¬
punitive
one
ment a chance
for self-reflection at awakening from its point or view.
"From general circumstances, however, the Japanese Government Is compelled
to conclude that China shows no signs of reconsideration, and the Japanese Govern¬
ment therefore must
proceed with resolute enforcement of its established policy for
attainment of its ultimate goal."
Demand deposits-adjusted increased in nearly all districts, the principal
increases being $121,000,000 in New York City, $31,000,000 in the Chicago
district, $26,000,000 in the Kansas City district, $23,000,000 in the San
Francisco district, $14,000,000 in the Dallas district and $12,000,000 each
The
United
nounced
States
Navy
Singapore
nificance in this visit, but
Time deposits declined $11,000,000 in New York City and $22,at all reporting member banks.
Deposits credited to domestic banks increased $49,000,000 in New York
City and $40,000,000 at all reporting member banks, and declined $10,000,000 in the Dallas district.
Deposits credited to foreign banks declined
$12,000,000 in New York City.
Borrowings of weekly reporting member banks
were
$6,000,000
on
Jan. 12.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended Jan. 12, 1938, follows:
interpreted
States.
(+)
or
Decrease
(—)
Since
Jan. 12,1938
$
Loans and Investments—total
21,333,000,000
9,195,000,000
Loans—total
Jan. 5, 1938
$
Jan.
$
—31,000,000
+156,000,000
On securities
—1,000,000
♦
Open market paper
Loans to brokers and dealers in
loans
for
purchasing
460,000,000
—5,000,000
842,000,000
securities
+ 2,000,000
*
or
carrying securities
625,000,000
1,164,000,000
—3,000,000
66,000,000
—3,000,000
On securities
720,000,000
—3,000,000
•
Otherwise secured and unsec'd
817,000,000
—4,000,000
*
Real estate loans...
.....
Loans to banks
+1,000,000
*
+12,000,000
+9,000,000
Other loans:
for
conflict
of
further
as
between Great
accord
an
the
of
a
United
increasing interest in the
in
seen
were
evidence
Britain and
the
departure
on
visit
a
Shanghai
to
confer
to
Admiral
with
fleet,
the Far Eastern situation.
on
The
military situation in China was outlined
in Associated
It
the
airfields
had
had
been
Hangchow
was
follows
Russian-made planes and
100
Russian
capital of Kiangsi Province, raiding
of
the
7,000 Chinese troops had advanced to
that gunfire was audible in Hang¬
city and
miles southwest of
Shanghai.
They said
"heavy rein¬
being sent to "the new battlefield" by the Japanese.
was
not
hard
Meanwhile
tung
125
were
statement
Japanese
as
Shanghai:
concentrations.
admitted
area,
miles"
chow, which is
The
100
military
and
Jan. 18 from
on
spokesmen, who previously had denied reports of fighting
army
few
a
at least
that
Hangchow
"within
advices
operating from Nanchang,
were
Japanese
Press
reported
was
pilots
forcements"
—386,000,000
announcement
denied any political sig¬
Washington commentators
Commander-in-Chief of the United States Asiatic
*
—15,000,000
some
Yarnell,
Japanese
569,000,000
Officials
14.
Other indications
pines,
in
Otherwise secured and unsec'd 3,932,000,000
an¬
Jan. 18 of Paul V. McNutt, Governor General of the Philip¬
Commercial, Industrial, and agri¬
cultural loans:
the
Sino-Japanese
13, 1937
+ 84,000,000 —1,464,000,000
Feb.
on
Far Eastern
"
Increase
13
Jan.
on
light cruisers will attend the
ceremonies at the opening of the new British naval base at
OOtLOOO.
00(f,000
Department
that three American
in the Boston and Richmond districts, and the total increase
being $244,-
Other
War Office and
Privy Councillor
former
Ugaki
to the
came
considered
been
pressed
able to
to
confirmation
of
Chinese
penetrate the area
maintain
their
position
reports that the
beyond
in
Hangchow
the
historic
hut
city.
captured Dec. 24.
it
Peninsula,
was
disclosed
across
the
that
fighting had
Whangpoo
River
broken
from
out
in the Poo-
Shanghai.
Japanese
Volume
■declared
Financial
146
that
Chinese
3,000
irregulars
that
in
failed to with¬
who
area,
"mopped up."
The
major part of Shanghai's food had been coming from that area in recent
draw
when
Shanghai
occupied,
was
being
were
weeks, and the supply was interrupted by the new
Chinese
reported
Shanghai.
Japanese
said
they
that
fighting.
Chwangsha,
captured
had
the river from
information on the
across
no
but that "it is possible."
capture,
The
The
had
they
Chinese
that
asserted
continued
Tsining,
and that
hands"
to
report
miles
120
Chinese
forces
They
Shantung.
Southern
in
successes
Tsinan, was "entirely in our
moving northward with reinforcements
south of
were
the Peiping-Hankow Railway.
up
"A
battle
decisive
is
imminent,"
heavy
said
damage
the
air
three
They
Press reported.
still
Generalissimo,
Chinese
the
of
command of the
in general
was
force.
pilots
foreign
other
of
presence
On
Chinese
that
Shantung
defenders.
Associated
16
Jan.
stated
was
to new activity
Spurred
recovered
had
from
accounts
insisted
Shanghai
the tide of battle in
favor of the Chinese
Kaiadvance
by the presence of Generalissimo Chiang
Chinese not only had stopped the Japanese
miles.
10
Kuomin
semi-official
The
Press
reports
Province had swung in
These advices added: >
shek, they declared the
the
said
agency
news
again
Chinese forces
toward
Southern Shauntung, which has changed
several times within the past week, and had advanced 10 miles
Yenchow.
It said another Chinese column was moving northward
along
the
taken
had
hands
Tsining
strategic
were
advices
These
Chinese
directly
were
announcements and
the Japanese were steadily
Japanese
to
contrary
indicated
which
reports,
newspaper
Wireless advices,
Jan. 17, to the New York
"Times" said,
part:
Ambassador
China's
Sieh-ying,
Tokio
from
and
expected
is
to
to Japan, is being
arrive here within
Foreign Office spokesman announced today.
It is admitted that the recall was prompted
the
Chinese
It
Government.
was
was
denied
the
that
move
meant
a
summoned to
a
week, the
decisions
of the
relations
Japanese
however, that Mr.
the situation in Japan, and it
of diplomatic relatione with
said officially,
only being summoned to report on
Hsu
was
by the
repudiating
virtually
conference
imperial
Japanese
with
lowing
statement
China's official
is
reply to announcements in
Tokyo fol¬
The statement ends with the
conference.
imperial
Japanese
the
unlawful
such
of
acts
organizations
that may be set up in
areas
will be considered null and void, both
Chinese Government."
The statement recalls that since the Lukouchiao incident, in July, 1937,
the Chinese Government has repeatedly declared its readiness to seek an
amicable settlement by any pacific means known to international law. Japan,
however, was declared to have embarked on a large-scale invasion of China
and wanton massacre of her people, forcing China to act in self-defense.
Chinese cities and towns were said to have been illegally occupied by
occupied by the Japanese military
externally,
and
internally
by
the
lives and property had been ruthlessly destroyed,
their arms and helpless noncombatants, including
children, were murdered in cold blood and untold damage had
to industrial and cultural enterprises.
Japanese
Army,
soldiers who had given up
women
been
and
done
International
Law
Violated
continues, "violates international
law, the anti-war pact and the Nine-Power Treaty.
Responsibility for dis¬
turbing the peace rests on Japan, not on China.
"Japan has now declared that she respects the territorial and sovereign
rights of China, as well as the rights and interests of foreign powers in
this country.
It should be observed, however, that in respect to China's
territory and sovereignty Japan means the dismembering of China through
the creation by force of various unlawful
organizations within Chinese
territory and the making use of such organizations to usurp the sovereign
"That
action
by Japan," the statement
rights of China.
"Likewise
Japan
means
with
respect
to
the
rights
the securing of monopolistic
and
interests of foreign
powers
rights through her predominant
position in China."
On
Jan.
2 it was
issimo Chiang
announced at Shanghai that General¬
Kai-shek had given up the
mier, as head of the
all his time to
position of Pre¬
Executive Yuan (Council), to devote
prosecution of the war against
Japan; this,
taken by Chinese circles to be an indica¬
tion of the Chinese Government's determination to continue
resistance.
Associated Press advices from Shanghai, report¬
it was stated, was
ing this, added, in part:
The announcement,
made at Chungking, one of China's
present emergency
who has been Finance Minister, had accepted
the post previously held by Chiang, in a reorganization which merged the
Railroad and Communications Ministries and changed the Industrial Min¬
capitals, said Dr. H. H. Kung,
istry
into
a
"Ministry
naval authorities
States
months.
recovered by divers.
advices from Shanghai,1 that
gunboat Tanay^ suhk
His
that
of
These advices added:
examination
the engine room
in
silt,
established that the
and superstructure were shattered
bombs.
Japanese
commander
Yarnell,
E.
Harry
said
when
had been
had been
of the United States Asiatic
gunboat's hull was blown out
a
Japanese bomb, after piercing her superstructure, exploded below
;//' \ "t
,vsi>. •.
statement said the tear in the hull was seven feet in diameter and
Admiral
fleet,
,
announced,
by Japanese bombs in the Yangtze River Dec. 12,
abandoned after the ship's safe and official papers
It
said
Panay was lying
the
on
by repeated rounds
her side, almost
Hohsien.
near
Japan's apologies
1 issue,
page 32, and the apology of Japan to Great Britain for the
attack on the British gunboat Ladybird was referred to on
page 33.
The latter incident was virtually closed on Dec. 31
(said London advices that day to the New York "Times")
with the publication of a note to Japan in which it appeared
acceptance by the United States of
The
bombing of the Panay was noted in our J an.
for the
Great
that
had
Britain
moved
almost
parallel lines with the United States.
gram to the "Times" likewise said:
The
note
was
presented to Koki
but
not
quite
on
The Dec. 31 cable¬
Hirota, the Japanese Foreign
Minister,
Craigie, the British Ambassador, today.
essential difference between the American and British acceptances
by Sir Robert L.
The
of
Japan's profusion of apologies is that
of
the
States and
The
the British expect to be informed
punish those Japanese officers responsible for what
been a "mistake" and what both the United
Great Britain consider to have been something entirely different.
taken to
steps
hold
Japanese
text
of
to have
the British
note follows:
Government In the United
have noted with appreciation the
from His Majesty's
Kingdom to inform Your Excellency that they
assurances contained In Your Excellency's note
of Dec. 28 In connection with the
attacks on British warships and merchant shipping on Dec. 12 and have learned with
satisfaction that the statements contained in your note of Dec. 14 apply to the mer¬
chant vessels concerned as well as to the warships.
"His Majesty's Government are bound to observe that their information inregard
to the circumstances in which the attacks took place—notably, for instance, on the
point of visibility—is at variance with that of the Japanese Government.
"His Majesty's Government note, however, with satisfaction that the Japanese
Government have taken or are prepared to take the necessary measures to deal
suitably with the officers responsible for these Incidents and to prevent any repe¬
tition."
in Attempts to Recapture
Reported Around Strong¬
hold—Austria and Hungary Agree to Recognize
Franco Regime—Heavy Death Toll in Bombings of
Jan. 18 in the name
warning:
"All
United
salvage the United States
to
Insurgents
Spanish
of
the Nationalist Government of China declared that China
will not accept any peace terms from Japan which provide
for the dismembering of
China through the creation by
force of territorial puppet governments.
It added that no
statement by Japan that she respected Chinese territory
would overcome
such actual encroachment upon China's
integrity.
A dispatch to the "Times" from Hankow on
Jan. 19 reported this statement as follows:
A statement issued in Hankow on
the
13
Jan.
and that 800,000 men additional
behind the lines for service within three
severance
Tokio.
The
at the various war fronts,
"I have the honor on Instructions
advancing.
Hsu
reports said General
training
efforts
the
offensive.
China
in
Ou
in
Tientsin-Pukow Railway and that Japanese were pouring in
bolster their lines against an overpowering Chinese counter-
to
troops
in
each,
were
buried
disclosed as the result of
engagements.
An unidentified French pilot was killed and a British
pilot named Whitehead was wounded.
The
aerial
but
press
men
was
administration
his
Chinese
decks.
reported at Nanchang were said to be operating under
command of their own officers, although Mme. Chiang Kai-shek,
direct
wife
the Associated
hours.]
forces,
lasted
Ministry
Navy
with
navy
Russian fliers
The
the
quoted
Japanese
on
engagements
abolished temporarily, Chiang combining the
of military affairs.
Chiang had divided China into seven
war zones for the purpose of continued resistance t oJapan and had named
General Pai Chung-shi Vice-Commander of China's armed forces."1 General
Pai is considered one of the ablest military men in China.'
;
'
Chinese declared that 900,000 Chinese soldiers, in 90 divisions of >10,000
The
according to Assiciated Press
Chinese said.
the
Chinese newspapers as saying that 600
Japanese troops had landed at Chungshan, 45 miles east of Hongkong, on
Sunday under cover of a naval and aerial bombardment, but were unable
to make any headway against Chinese forces.
[Chinese army spokesmen at Hankow said Chinese land and air forces
had made a counter-attack Sunday at Wuhu, Yangtze River city, inflicting
dispatches
Hongkong
517
Chronicle
of Economics," with
broadened powers.
Gain
Teruel—Fierce Fighting
Barcelona
Fierce
week
hold
and
Valencia
fighting continued around the
city of Teruel this
strong¬
troops
victories and announced that they had
Spanish insurgents sought to recapture the
recently taken by loyalist forces.
Insurgent
as
claimed
important
captured several strategic
positions.
Spanish civil war was referred to most recently in
the- "Chronicle" of Jan. 1, page 32.
On Jan. 11 it was
announced in Budapest that both Austria and Hungary
The
Spanish Government headed
General Francisco Franco. This announce¬
ment followed a series of conferences between Count Ciano,
Italian Foreign Minister, and representatives of Austria and
would
recognize the nationalist
by the insurgent
Hungary,
designed to promote Danubian support
which is backing a rebel
so-called Rome-Berlin axis
for the
victory
The Budapest announcement was described as
follows in United Press advices of Jan. 11 from that city:
The communique,
issued after two days of conferences, revealed that
Count Ciano had failed in his reported efforts to obtain Austro-Hungarian
adherence to the German-Italo-Japanese pact signed against Communism.
The protocol powers, explaining that full sympathy had been extended to
the
Rome-Berlin axis, said simply that Austria and Hungary "sympa¬
thetically greet" the anti-Communist Powers.
The
communique
revealed that Italy, although failing to persuade
Austria and Hungary to follow her lead and that of Germany and Japan
by
withdrawing from the League of Nations, had greatly weakened
Danubian support of the Geneva institution.
In case the League becomes
an
ideological group of nations, the communique asserted, Austria and
Hungary are prepared to "reconsider their attitude toward the League."
Italy and Austria, for their part, announced that they "recognized anew"
Hungary's right to armament equality.
Italy and Austria also asserted
that
they were "well satisfied" with
the development of Hungarian
negotiations with the New Rumanian regime of Premier Octavian Goga,
and that the three governments would do their utmost to increase trade
among the Rome protocol Powers.
in
Spain.
dispatch from William P. Carney to the New York
Teruel front, dated Jan. 17, said:
Better weather today enabled insurgent troops to carry out a surprise
thrust from
Celadas, 10 miles north of Teruel, with complete success.
Muleton and Altos de Celdas were captured,
along with 1,500 prisoners
and a government artillery battery.
Not only is the government base at Tortajada, seven miles north and
slightly east of Teruel, seriously menaced now, but the insurgent forces
A
"Times" from the
government's artillery from Santa Barbara
east.
down five loyalist planes.
[Madrid
reported two government and five rebel planes shot down.]
A Russian
pilot was captured when he parachuted down inside the insurgent lines.
are
in
a
position to push the
Heights, dominating Teruel on the
Insurgent fliers today brought
518
It
Financial
the
loyalists
be
can
Heights, east of Teruel, it
draw
completely
from
driven
from
is believed
the Teruel
Barbara
Santa
and
Mansueto
they will be obliged then to with¬
sector.
dead
of
and
19
between
children.
that
It
two
700 and
also
was
Spanish
1000, including
unconfirmedly
many
women
reported
insurgent gunboats had
Jan.
on
captured the
American tanker Nantucket Chief off Barcelona
Jan. 18.
on
The insurgent
bombings of Barcelona and Valencia were
the following United Press dispatch from the
described in
former city,
Late
and
dated Jan. 19:
tonight Barcelona's
the
toll
The
wounded
of
heaviest
..v
squads
rescue
in
slaughter
the
city
and
had
the
destruction
either killed
occupants
dock
A
warehouse
which
collected
400
bodies,
along
was
San
Juan
Avenue,
virtually destroyed, and
were
like tinder
1938
its loans since they were contracted
on
well as the fact that the Haitian Government is beforehand in its amort¬
as
period only, that during this period it will make
ments,
that
it
will
continue
to
a
temporary
amortization pay¬
some
the full interest service, thus
pay
view of the other
undertakings of the Haitian Government regarding the
limitation of the Haitian expenses, the Council is of the opinion that the
interests of the bondholders are not
reduction
of amortization
for
the
Sept. 30, 1938, and that there is
Council
the
Haitian
on
behalf of the
Government
and
injuriously impaired by this proposed
nine-months'
bondholders, to make
regarding its action.
Council
On the
wisely recognize
can
Haitian Government, the straightforward
Jan.
period
occasion for the
no
contrary,
it
struck
was
by
or
for
to the
protest
any
difficulties
the
manner
1938 to
1,
bondholders,
the
bond¬
besetting the
in which it has set out
they can accept, with confidence the
announce¬
ment of the
Haitian Government that at the termination of the temporary
period agreed to between the governments of the United States of America
and Haiti, the terms of the loan contracts will again be met in full.
after
recog¬
nizing the^necessity of meeting both elements of the debt service, and in
to meet this situation, and
gravely wounded.
or
burned
punctual payment of full interest
holders
about
placed at 1,200.
was
where five buildings, of eight or nine stories,
all
Jan. 22,
izations, that the Haitian Government is asking for relief for
Spanish rebel bombing planes on Jan. 19 attacked Bar¬
celona and Valencia. Preliminary estimates placed the num¬
ber
Chronicle
^
an
bomb yielded 200 dead, and piles of debris still covered the
lower floors, where fifty men and women were believed to be
trapped.
incendiary
The six
dead
of
planes exacted
battles
most
At
Barcelona,
10,000
The
lines.
world
bombs
It
war"
scored
the
was
has
that
raged
direct
11
worst
hits
slaughter
destruction
and
as
bombardment.
said
the deaths
of
at
greater,
even
for
Although
Valencia,
and
down
altitude
an
unconfirmed
some
the
coast,
towns
other
several
12:15
p.
the
of
there would not reach
capital
emergency
weather
and
A minute
for
half
a
apartment
buildings
hundreds.
In
Far
to
loyalist
Spain
of
hundreds of old
as
m.,
clear
felt
reports
de¬
were
the
from
terror
Valencia
later
large
in
southwest,
armies
was
official denial
no
in
the
and children
women
of the city
areas
ruins,
sunshine
took
at
advantage
their
burning
were
shambles.
a
interiors
bodies of civilians
the
Big
tombs
the mountains of Teruel, where rebel and
in battle, Generalissimo Francisco Franco's
the
at
Valencia,
laying waste
after
Puerto del
the
Sol
at the
shells fell
when
moment
and
the
of
rate
black
the
Barcelona,
Gran
three
were
appearing
Franco's siege guns
over
blasting
were
20
Jan.
air
from
three
the
Associated
raiders
lure for Franco's
a
terrific
Madrid
No estimate of the casualties
not
said:
damage in today's
or
noted that
we
of the
one
important battles of the Spanish civil war was being
waged around the city of Teruel, reported as captured the
December by the loyalists.
Under date of
Jan. 7, Barcelona advices to the "Times" from Herbert L.
part of
Matthews
Two
after
took
soldiers
Both
siege.
the
yielded
National
insurgents
weeks'
two
loyalists
all
with
Defense
their
Teruel
the city
and
surrendered
the La
in
full
two
according to
arms,
honorably
Muela Hill
companies
of
today
sector
230
communique
a
the
Navarrese
of
the
civilians
surrendered, including the entire insurgent
holding out in tunnels beneath Santa Clara Convent.
was
The surrender
was negotiated
by Lieutenant-Colonel Francisco Rey d'HarTeruel's Military Governor.
He telephoned to General Juan Surabia
court,
in
loyalist staff headquarters.
for
arranged
The
As the connection
Lieutenant-Colonel
terms of the
surrender
From Hendaye,
was
Rey d'Harcourt to
then
were
General Surabia
poor,
and
out
come
parley.
fixed.
and
France, Jan. 16, Associated Press accounts
behind
The
the
Teruel
the
front
An
insurgent
holding
taken last
The
were
quiet, but
was
claimed
government
advices said there
still
bombing squadrons raided several government towns
Aragon front today, but government reports insisted
damage was done.
west,
of
were
"no
in
month
in
Teruel,
a
artillery
of
captain
The
insurgent
forcements
to
by
insurgent
with
report
Insurgent
of
insurgents
were
occupation
of
the
city
red
had
were
in
week
a
ago,
the Bank of Spain building
command.
expected to
renew
their
attempts
mainder
yesterday
communique declared
carrying
was
wounded
1,175,351
Dec. 31
said
the
train
was
carrying
government
rein¬
Fiscal*
Council
of
Dollar
Bonds
Year—Foreign
Says
Action
for
Re¬
Bondholders'
Does
Not
Impair
The
Foreign Bondholders' Protective Council, Inc., an¬
on Jan. 19 that there has been a
slight modification
of amortization payments on the
$9,000,000 of Haitian
Government bonds outstanding in this
country, and added
nounced
that it is indicated that full interest
payments will continue.
The Council pointed out that modification of
amortization
will be for only nine months, and that the
plan has been
on
the ground that Haiti has far
its amortization schedule in the past.
asserted that the change does not
interests of
Council
situation.
In
The
more
than met
announcement
seriously
impair
the
bondholders, and added:
has
view
given
of
June 30
1,230,579
most
the
July
1,012,186
1.049,964
944,957
30
1,007,736
Aug. 31
Sept. 30
...1,136,814
966,935
967,593
1,132,817
1,117.059
Jan.
29
29
1,214,082
June 30
1,138,358
Feb.
26
1,426,522
Nov. 30
Mar. 31
....1,199,064
Dec. 31
1,184,215
1,051,870
July
31
1937—
996,399
1,314,840
Oct.
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock and
Curb Exchanges
Stock
monthly list of companies listed on the New York
Exchange reporting changes in the reacquired holdings
of their
own stock was issued
by the Exchange on Jan. 14.
previous list was given in our issue of Dec. 18, page 3896.
The following is the list issued Jan. 14:
Shares
•
'>Y-
Previously
Reported
Name—
AlpbaPortland Cement Co.
common...
1,000
....
American Agricultural Cnemicai Co.
capital
American Drake Shoe & Foundry Co.
6% preferred..
careful
record
of
3
50,000
732,417
is
1
13,881
7,798
Barnsuail Oil Co. common
Briggs Manufacturing Co.
Burlington Mills Corp.
5,600
41,300
2,619
;.
common
common
Commercial Investment Trust Corp. common
62,898
♦Commonwealth Edison Co. capital
Conde Nast Publications, Inc., common
Consolidated Oil Corp. $5 preferred
169
1,160
2,285
10,500
2,137
14,681
28.005
9,200
36,550
4,419
62,658
924,674
12,850
48,800
common
common
1,360
49,000
55,870
Continental-Diamond Fibre Co.
Continental Oil Co.
2,500
9,000
716,421
Atlas Corp.—Common
common
Report
2,135
46,200
American-Hawaiian steamship Co. common
American Woolen Co. preferred
Atlas Powder Co.
Shares
per Latest
1
56.006
9,000
Detroit Edison Co. common
Dun!till International, Inc.,
2,400
5,059
5,275
16,545
81,800
44,337
capital
17,745
common
81,600
(E. 1) Du Pont de Nemours & Co. common
Evans Products Co. common.
Feneral Mining & Smelting Co.
37,033
298
54,777
1,200
1,205
3,800
Hercules Powder Co. common
Household Finance Corp. common..
3,155
782,747
54,759
*(W. T.) Grant Co.—Common
*5% preferred
(M. A.J Hanna Co. $5 preferred
49
2,966
778,847
preferred
General Motors Corp. common
Gotham Silk Hosiery Co.,
Inc., common
3,743
38,958
44,710
350
...........
364
Jewel Tea Co., Inc., common
11,865
6,066
84,120
84,620
common
(G. It.) Kinney Co., Inc., $8 preferred.....
(S. S.) Kresge Co. common
....
consideration
the
Haitian
McCaU Corp. common
McLellan Stores Co.—Common
29,963
...
...
and
study to
for
this
the
8,847
26,803
Loose-Wiles Biscuit Co. common
Mathieson Alkali Works, Inc., common
28,303
30,000
2,600
5,500
9,089
17
14,700
2,000
16.400
6% preferred
5
Manufacturing Co.
♦Paramount Pictures, Inc., common
common
Raybestos-Manbattan, Inc.,
.....
41,412
common
........
1,889
....
1,770
Safeway Stores, Inc.—5% preferred
7% preferred
(W. A.) Sheaffer Pen Co. common
common
460
2,100
1,348
164,499
47,335
42,012
1,899
1,970
679
1,212
....
1,672
2,694
2,804
2,200
25,028
:
...
(A. G.) Spalding & Bros, common
Sterling Products, Inc., capital
Stokely Brothers & Co. common
165,508
36,179
Real Silk Hosiery Mills, Inc.,
7% preferred.:
Reynolds Metals Co. common
Skelly Oil Co.
27",960
8,696
..
...
Swift & Co. capital
Texas Corp. capital
(John R.) Thompson Co. common
Tide Water Associated Oil Co. common.............
45,548
2,094
4,600
25,039
45,550
80,250
80~,683
.......
511,045
.......
1,444
511,247
1,546
....
...
Transamerica Corp. capital
Inland Steel Co. common
*
Initial report
.
390,784
15,830
28,400
15,400
25,600
.....
.....—
common
Wheeling Steel Corp. 6% preferred.;
Youngstown Sheet & Tube Co. common
992
386,885
15,500
Vick Chemical Co. capital.......
Walgreen Co.
961
-
United Dyewood Corp. 7% preferred......
United Fruit Co. common...
Armour & Co. (Del.) 7% preferred
Armour & Co. (111.) common
Government
58
228,568
Lane Bryant, Inc., common.
Park Utah Consolidated Mines Co. common..
Peoples Gas Light & Coke Co. common
Interests of Bondholders
approved
30
Mission Corp. common
Outboard Marine &
crosses.
Amortization
of
Protective
The
Mar. 31
May 28
1,066.184
Nov. 30.
...
A Barcelona
up.
planes
Teruel.
Curtails
Haiti
Oct.
Apr. 30
(Julius) Kayser & Co.
named Llorente
train
marked
bands
government
convent and
a
to
was
135 miles to the
Reina.
garrison which surrendered
a
a
and
la
surprise offensive.
remnants
bombarded
front,
de
importance."
despite
Insurgent forces outside the city
recapture Teruel once rains let
men
Cuesta
near
communique reported two small
out
insurgents,
an
the central
on
gains
said to be barricaded inside
with
1.103,399
1,246,715
Duplan Silk Corp.
insurgent
cities
little
31
Feb. 28
974,338
1,011,670
._
Davega Stores Corp. 5% preferred
stated:
Spanish
1937—
Aug. 31
Sept. 30
Bethlehem steel Corp. common
Ministry here.
combatants and
garrison, which
inside
Outside
initiative
1936—
927,028
__
1936—
Jan.
was
compares
5>4% preferred
said, in part:
thousand
This
19.
1935—
Dec. 31
recovered
yet
most
latter
announced by the Exchange on
with 1,184,215 on Nov. 30 and
with 1,136,814 on Dec. 31, 1936.
In the following tabulation is shown the short interest
existing at the opening of the last business day of each month
since Dec. 31, 1935:
Jan.
A
item in the Jan. 1 issue
our
by the New York Stock Exchange from its members.,
1,051,870 shares, it
was
The
Valencia,
immediately available.
was
In
twice attacked
bombing raids of yesterday which caused "exceed¬
ingly large" casualties.
raids
Pyess advices from
today
obtained
Via, in Madrid. For ninety minutes big
minute, causing heavy casualties. There,
a
guns.
On
of the close of business
as
May 29
bombers
too, shoppers and promenaders found the bright sunshine
Insurgent
existing
Dec. 31 settlement date, as compiled from information
Apr. 30
insurgent artillery hammered the city of Madrid.
Almost
The total short interest
on
of
strewn about.
were
across
locked
were
there
bombers
the
saw
men,
the streets the torn
the
twenty,
promenades.
lay
Exchange Decreased
During December
18 months.
from
huge death toll.
a
This
New York Stock
on
of
feet.
officially
the
front
"little
huge
11
slaughter
scribed
of
this
in
noncombatants
of
Short Interest
toll of civilian lives that exceeded the soldier
a
the
in
12,600
44,172
......
........
100
279
15,072
23,047
11,304
23,410
11
9
3,699
Volume
The
Financial
146
New
York Curb Exchange announced'on Jan. 13
following fully listed companies have reported
changes in the amount of reacquired stock and bonds held:
that
the
Aero Supply Manufacturing
Co., Inc., classlB...
Previously
Reported
14,660
Allied International Investing Corp. $3 conv. pref.
American General Corp.—$2 div. series pref
Common.
.......
*
12,847
315 10-75
$54,000
,
Other than
Knott Corp. (The) common....
North American Rayon Corp. 6% prior pref
North Central Texas Oil Co., Inc. (The) common.
Oilstocks, Ltd., capital
...
23,300
17,694
no
...
48
128
606
465
transactions
*Nole—On the New York Curb Exchange the round-lot transactions of specialists
"in stocks in which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
well
as
those of the specialist.
as
classifications may total more than
the number of reports received because, at times, a
entries in
than
more
YORK
NEW
single report may carry
classification.
one
EXCHANGE—TRANSACTIONS
STOCK
FOR
ACCOUNT OF
MEMBERSa
IN
ALL
STOCKS
(SHARES)
Week Ended Dec. 25. 1937
Total for
....
184
—
262
320
-
23,400
17,994
500
Rustless Iron & Steel Corp. common
floor
The number of reports in the various
8,725
21,750
4,966
Pittsburgh Forgings Co. capital
105
specialists:
on
....
8,425
21,650
4,928
1,692
Klelntert (I. B.) Rubber Co. common.
871
200
Reports showing
dealer,
100
200
Series 1940 warrants
as
Initiated
200
....
Curb
1,074
Initiated off floor
11,299 6-10
16,471
....
New York
Exchange
As specialists*
13,197
330 41-75
9,751 6-l|0
Hearn Department Stores, Inc., 6% conv. pref.. 15,339
Hygrade Food Products Corp. conv. 6s, A 1949..$31,000
International Utilities Corp.—$3.50 prior pref-..
3,494
York
follows:
Reports showing transactions:
164 2-3
Equity Corp. (The) $3 convertible preferred
Klein (D. Emil) Co., Inc., common...
as
Number of reports received
137,548 93-100
163 1-3
$1.75 preferred..
Class A.
classified
Stock
2,761 4-10
common
These reports are
New York
500
127,885 23-100
Cohn & Rosenberger, Inc., common
Crown Central Petroleum Corp. common.......
based upon reports filed with the New
are
Exchange and the New York Curb Exchange by their respective
members.
Exchange
Latest
Report
12,660
425
$2.50 dividend series preferred.
Baldwin Rubber Co.
Stock
data published
per
26,877 6-10
.....
The
Shares
Shares
Name—
519
Chronicle
188
Per
Cent, b
Week
v
Total volume of rounl-lot sales effected
on
6,315,140
the Exchange
Round-lot
transactions of members except transactions of
specialists and odd-lot dealers in stocks in which registered:
Republic of Chile and Mortgage Bank of
Chile Bonds Adopted by New York Stock Exchange
Ruling
The
on
following announcement, regarding
Initiated
Republic of Chile to the holders of certain
referred to in our issue of Jan. 15,
page 362, was issued on Jan. 11 by the Committee on Securi¬
ties of the New York Stock Exchange:
Sold........
on
Total.
Round-lot
4.21
531,420
transactions
of
specialists
in
stocks
In
which
registered—Bought
Securities
5.81
733,770
274,835
266,585
....
515,620
510,450
Sold
YORK STOCK EXCHANGE
Committee
358,050
375,720
Initiated off the floor—Bought
Chilean bonds, which was
NEW
the floor—Bought...
Total.
2.
the
of
on
Sold
offer made by
an
the Autonomous Institute for the Amortization of the Public
Debt
1.
Total
8.12
1,026,070
Jan. 11, 1938
Referring to the offer, published by Autonomous Institute for the Amorti¬
zation of the Public Debt, and dated Jan.
11, 1938, to holders of certain
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks In which registered—Bought..
1,148,505
1,142,755
Sold
Chilean bonds of payments against presentation and surrender of coupons
under Law 5580 of Jan. 31,
Jan. 4,
Total
1935, of the Republic, and Decree No. 37 of
1936, issued pursuant thereto:
The Committee on Securities directs attention to the fact that acceptance
of payment for the coupons
18.14
2,291,260
Transactions for account of odd-lot dealers In stocks In which
under this offer
original responsibility of the debtor."
appears
to "extinguish the
registered:
1.
In round lots—Bought
termined that these bonds will not be deliverable against sales made
the
on
Exchange if the coupons which are payable pursuant to the above
310,090
138,570
Sold
The committee has therefore de¬
Total.
448,660
3.55
men¬
In odd lots (including odd-lot transactions of
2.
tioned law and decree are detached.
specialists):
Bought
Accordingly, to be a delivery the following bonds must carry the coupon
861,402
1,051.838
Sold
designated in each case and subsequent coupons:
Total
Republic of Chile—20-year 7% external loan sinking fund gold bonds,
due
1942, Nov.
due 1960, Oct.
1, 1931, coupon; 6% external sinking fund gold bonds,
1,913,240
*
YORK
NEW
CURB
1. 1931, coupon; railway refunding sinking fund 6% gold
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
external bonds, due Jan. 1, 1961, Jan. 1, 1932, coupon; 6% external sinking
bonds, due Feb. 1, 1961, Aug. 1, 1931,
fund gold
Sept. 1, 1961, Sept. 1, 1931,
external loan sinking fund 6% gold bonds, due 1962, Sept. 1, 1931,
Bank of Chile—Guaranteed sinking fund 6H%
Mortgage
,
Total volume of round-lot sales effected on the Exchange....
Round-lot transactions
gold bonds,
Dec. 31, 1931, coupon; guaranteed sinking fund 6% gold bonds
1.
of
members,
except
transactions
specialists In stocks In which registered:
Initiated on the floor—Bought
Per
Cent, b
Week
1,167,390
of
17,450
18,950
;
Sold
due 1961, Oct. 31, 1931, coupon; guaranteed sinking fund 6%%
gold bonds of 1926, due 1961, Dec. 31, 1931, coupon; guaranteed sinking
fund
STOCKS
Total for
■
coupon;
ALL
(SHARES)
coupon;
external loan sinking fund 6% gold bonds, due 1963, Nov. 1, 1931, coupon.
of 1928,
MEMBERSa
Week Ended Dec. 25, 1937
coupon; external loan
sinking fund 6% gold bonds, due
due 1957,
OF
IN
Total.
36,400
1.55
6% gold bonds of 1929, due 1962, Nov. 1, 1931, coupon.
ROBERT
L.
FISHER, Secretary.
2.
Initiated off the floor—Bought.........
44,470
39,950
Sold
Total.
Member
Trading
Curb
on
New
York
Stock and
New
York
Round-lot
84,420
of
transactions
specialists
In
stocks
In
registered—Bought
Exchanges During Week Ended Dec. 25
119,995
126,505
8old
An increase
during the week ended Dec. 25 in trading in
stocks on the New York Stock Exchange for the account
of all members, except odd-lot dealers, in relation to total
trading, was made known by the Securities and Exchange
Commission yesterday (Jan. 21).
During the same week,
however, the percentage of trading by members of the
New York Curb Exchange for their own account to total
transactions was below the previous week ended Dec. 18.
During the week ended Dec. 25, according to the SEC,
the total round-lot volume of trading for the account of
members of the Stock Exchange was 2,291,260 shares, which
was
18.14% of total transactions on the Exchange of 6,315,140 shares.
In the preceding week ended Dec. 18
the Stock Exchange members' transactions of 2,036,435
shares was 18.01% of total trading of 5,654,540 shares.
On the Curb Exchange member trading for their own
account during the week ended Dec. 25 was 367,320 shares,
or
15.73% of total trading of 1,167,390 shares; this com¬
pares with a percentage during the previous week of 16.61 %,
member trading during that week having amounted to
379,005 shares and total volume to 1,140,925 shares.
The data issued by the SEC is in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936, on
the "Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended Dec. 18 were given in the "Chronicle" of
Jan. 15, page 363.
The Commission, in making available
the data for the week ended Dec. 25, said:
The figures given for
York
Stock
total round-lot volume in the table for the New
Exchange and the New York Curb Exchange represent the
volume of all round-lot sales of stock
effected
on
those
tinguished from the volume reported by the ticker.
volume for
the week ended Dec. 25
on
the New
exchanges
Stock
6,315,140 shares, was 10.2% larger than the volume reported
On the
week,
New York Curb
1,167,390 shares,
of rights
and warrants).
Exchange,
exceeded
as
Exchange,
on the ticker.
total round-lot volume in the
by 3.8%
dis¬
The total round-lot
York
the ticker
volume
same
(exclusive
3,62
which
Total.
10.56
246,500
Total round-lot transactions for accounts or all members:
Bought
181,915
185,405
Sold
Total
15.73
367,320
-
Odd-lot transactions of specialists in stocks in which registered:
Bought
Sold....
81,791
66,411
-
Total
a
The
148,202
term
"member"
Includes all
Exchange
members,
their
firms
and
their
partners, Including special partners.
b Percentage of
members' transactions to total Exchange transactions.
In cal¬
culating these percentages the total of members' transactions is compared with
twice the total exchange volume for the reason that the total of members' trans¬
actions Includes both purchases and sales, while the total exchange volume Includes
only sales.
Approval by Members of New York Stock Exchange of
Amendment
as
It
Permitting Special Partners
to
Serve
Governing Members
was
announced
New York Stock
the Constitution
ning Committee
of member firms
Members of the
Committee
was
on Jan. 13 that the
membership of the
Exchange has approved the amendment to
of the Exchange, adopted by the Governon Dec. 29, authorizing special
partners
as well as general partners, to Governing
Exchange.
The action of the Governing
referred to in these columns Jan. 1, page 37.
Odd-Lot Trading on New York Stock Exchange During
Week Ended Jan. 15
Jan. 20 the Securities and Exchange Commission
public a summary for the week ended Jan. 15, 1938,
of the daily corrected figures on odd-lot transactions of
odd-lot dealers and specialists in stocks, rights, and war¬
rants on the New York Stock Exchange, continuing a series
of current figures being published weekly by the Com-
On
made
Financial
520
The figures for
mission.
the week ended Jan. 8 appeared in
362.
these columns of Jan. 15, page
^The data published are based upon reports filed daily with
the Commission by odd-lot dealers and specialists.
The
following are the figures for the week ended Jan. 15:
TRANSACTIONS OF ODD-LOT DEALERS
IN STOCKS. RIGHTS. AND WARRANTS ON THE
EXCHANGE—WEEK ENDED JAN. 15, 1938
ODD-LOT
AND SPECIALISTS
NEW YORK STOCK
Chronicle
Jan.
adopted, to be inserted under a new Article,
The following new rule is
follows:
Probition of Use of Certain Financial Statements.
6.
Article
Prohibition of Use of Certain Financial Statements.
Rule 170.
PURCHASES
{Customers' Orders to Sell)
No. Ord.
Value
Shares
No. Ord.
Shares
Value
which such statement is
least
......
Jan, 14 and 15
^
5,261
142,946
230,145
7,380,940
9,473,883
1,386,042 541,597,490
37,391
55,075
Total for'week..
be effective March 1, 1938.
4,306,395
3,375
The caption shall be in type at
body of the statement.
large as that used generally in the
as
6,196,541
285,114
** *1
r
174,997
11,132
Jan. 12.
Jan. 13....
249,418
223,245
of the underwriters and the assumptions
based.
57,274,382
8,167
6,533
357,579 510,309,018
8,245,091
288,638
7,667,855
256,400
5.901,643
198,311
9,055
10,088
8,122
14,124
11,609
Jan.11
effect to the receipt and
The caption of any such financial statement
shall clearly set forth the names
The foregoing action shall
Jan. 10
to give
proceeds from the sale of securities for cash
shall not be used unless the sale of such securities is underwritten and the
underwriters are to be irrevocably bound, on or before the date of the public
application of any part of the
upon
Trade Date
purport
statements which
Financial
offering, to take the issue.
8 ALES
{.Customers' Orders to Buy)
and Regulations under the Securities Act
Article 6. of the "General Rules
of 1933" as
1938
22,
By the COMMISSION.
6,212,820
Title Guarantee & Trust Co.
1937—First
for
1,020,751 $31,371,078
Reports Profit of $26,571
Operating
Net
Gain
in
Three
Years
Chairman of the Board of the Title
annual
George McAneny,
By Governing Committee of New York Stock
Exchange of Amendment to Rules Establishing
Numerous Service Charges on Inactive Accounts
Repeal
Jan. 12 by the Committe
York Stock Exchange said:
An announcement on
Relations of the New
Public
Committee of the New York Stock Exchange today re¬
The Governing
pealed Section 9 of Chapter
XV of the Rules of the Governing Committee,
1937, specifying minimum service charges on inactive
also directed that the Committee
adopted Dec. 29,
The Governing Committee
accounts.
on
on
and to report its recommendations to the Governing Com¬
mittee.;''.
Under
an
charges on
to time be
1937, each menber of the Exchange or firm
Dec. 29,
for customers shall collect service
inactive accounts at not less than such rates as shall from time
prescribed by the Governing Committee.
carrying accounts
thereon
registered
.
amendment to the Constitution of the Exchange which be¬
effective on
came
adoption of Section 9 was noted in our issue of Jan. 1,
36.
The
page
Trust Co. of New York City, in his
report to shareholders on Jan. 18 announced that for the
first time in three years the company had a net operating
profit in 1937.
That profit totaled $26,571, after deduct¬
ing depreciation on office buildings but before non-operating
losses and provisions therefor.
Operating profits before
deducting depreciation were $113,191.
The company re¬
ported a net loss of $177,500 for the year 1936.
Extracts
from the annual report are given below:
make a further study with respect to such
Quotations and Commissions
service charges
Guarantee &
During the year $1,500,000 was
contingencies.
The
reserves
transferred from surplus to reserves for
for contingencies at the end of the year
non-operating losses and pro¬
amounted to $3,236,252.76, after deducting
therefor of $2,932,509.23 as set forth in the statement
visions
of income,
In addition to the reserves for con¬
tingencies and the reserve for title insurance shown on the accompanying
statement of condition, other reserves of $7,015,953 carried on the com¬
and analysis of surplus.
expenses
pany's books have been specifically applied to
assets.
reduce carrying value of
'.v
' V
.'•••
end of the year amounts to
.
Funded reserve for title insurance at the
issued or guaranteed by
been
$6,025.47 from
fund's assets, while title losses, less recoveries during the year,
to $98,377.54 and were charged directly against operating in¬
$274,818.43, all of which is invested in securities
the United States
SEC Issues New Forms for Reporting
Security Acquisi¬
by Utility Holding Companies—Text of Com¬
Ruling
tions
mission's
Commission on Jan. 12 an¬
new form and rules under the
The Securities and Exchange
nounced
the issuance
of
a
Holding Company Act to be used by public utility holding
companies in making quarterly reports of security acquisi¬
required by the law.
Such purchases have formerly^
been reported by letters.
The new forms will be available
shortly, the Commission said.
In the future, if holding
companies make no acquisitions, they will report by letter
as in the past.
The text of the SEC ruling follows:
tions,
as
conferred upon it by the Public Utility
Holding Company Act of 1935, particularly sections 14 and 20 (a) thereof,
and finding such action necessary and appropriate in the public interest and
for the protection of investors and consumers and to carry out the provisions
of the Act, the Securities and Exchange Commission hereby amends rule
Acting pursuant to the authority
14-1 to read as follows:
of Acnuisitions Under Rule 9C-3.
Rule 14-1 Reports
(a) As used in this rule—
"Quarter"
the three months' periods ending respectively on
means
March
31, June 30, Sept. 30 and Dec. 31 in each year:
"Majority-owned subsidiary" means such a subsidiary as defined in rule
"Minority-owned subsidiary" means any subsidiary other than a
9C-2.
majority-owned subsidiary.
(b) Except as otherwise provided in paragraph
(c) of this rule, each reg¬
within 30 days after the close of each quarter,
report with respect to acquisition of securities
income on
amounted
During the year these reserves have
Government.
increased by $37,324, through
provision from earnings and
come.
litigation involving the
with others in the distribution of
held by it.
During the year
Appeals sustained this company's contentions in that
year's report reference was made to the
In last
right of the company to share pro rata
moneys on
mortgage participation certificates
the Court of
1937
litigation.
Bond
court, referred
rehabilitator of the
Appellate Division affirmed the decision of the trial
The
year's report, requiring that we return to the
to in last
&
collateral consisting of mortgages,
avails thereof originally held by this company as col¬
Mortgage Guarantee Co. the
real estate and the
lateral for the note of Bond & Mortgage Guarantee
decision to the extent of awarding to us cash
Co., but reversed that
in the amount of $308,029.32.
During the year negotiations were begun
between the Superintendent of
the Bond & Mort¬
Insurance of the State of New York as rehabilitator of
comprehensive set¬
Superinten¬
dent's petition therefor.
Included in the settlement agreement is the action
involving the aforementioned collateral and all other litigation brought by
the rehabilitator against this company, including the two judgments ob¬
tained during the year.
The settlement agreement provides, among other
things, for the return of the above-mentioned collateral to the rehabilitator
and the payment by us of $666,970.68, together with the sum of $308,029.32
awarded to us by the decision of the Appellate Division, making a total of
$975,000.
Meanwhile, the payments and collateral are held by an escrow
agent and are not included in the assets of the company in the statement
gage
Guarantee Co. and this company, which led to a
which is subject to court approval on the
tlement agreement
specific reserve of $884,737-66 was provided
istered holding company shall,
of condition and an additional
file with the Commission
which, after allowance for the cash
awarded to us and the application
other available specific reserves, was
sufficient to reduce the carrying value
a
during such quarter by such company and by all subsidiaries
or
thereof (whether
majority-owned), which acquisitions were exempted from the re¬
not
quirements of section 9 (a)
those of paragraphs
If
stating that fact.
by any of the provisions of rule 9C-3 except
(1) to (4).
the quarter, the report shall
If not such acquisitions were made during
be made by letter addressed to the Commission
such acquisitions were made during the quarter,
any
the report shall be made on form
U14-1, marked "Adopted Jan. 7, 1938",
shall contain the information required
by such form, and shall be prepared
in accordance with the instructions therein
contained.
file such a report for any quarter if a
subsidiary shall
file a report for such period which includes all acquisitions as to which such
company would otherwise have been required to report.
No report which
clearly states that it is made without taking into account any acquisitions
that must be reported by one or more (named) minority owned subsidiaries
of the reporting company shall be deemed insufficient for that reason if
all such minority owned subsidiaries are themselves registered holding
(c) No company shall be required to
registered holding company of which such company is a
companies.
(d) Any company preparing a report required by this rule may accept
as
accurate, and may incorporate
contained in any report
Commission.
written statements
supplied to it by any subsidiary thereof if, before pro¬
notified such subsidiary that the in¬
formation to be supplied is to be used in a report to the Commission and if
no
incorrect.
reasonable ground for believing the
report clearly calls attention to
procure
information supplied to be
Any information required in such report may be omitted if the
circumstances
the fact of such omission and sets forth
showing that the company filing such report is unable to
such information without incurring unreasonable effort or expense.
SEC Amends Rules
An amendment
to
on
Financial Statements
registration statements of financial
statements, was announced on Jan. 4, effective March, by
the Securities and Exchange Commission.
The adoption of
new
rule
was
made known
as
follows by Francis P.
Brasson, Secretary of the Commission:
(exclusive of title in¬
which were paid out of income), the company
during the year mortgage investments at
principal amount,
aggregating $726,357.86, receiving upon such payments
of $574,909.74 principal amount and
the books of the company at $50,250, the principal
settlements mortgage investments
real estate carried on
amount
of the former mortgages thereon.
In addition to the foregoing,
during the year (exclusive
end of the year) in the amount of
$26,547.83, all of which are in process of appeal.
These transactions are
not reflected in the operating income and expense accounts of the company
judgments have been secured against the company
of
judgments reversed or paid prior to the
♦
..
Earnings of Guaranty Trust Co. of New York $13,660,810 in 1937 as Compared with $13,409,158 a Year Ago
—Possibilities for Higher Earnings Dependent on
Increased
Business
Withdrawal of Government
from Lending,
&c., Says Chairman Potter
Earnings of $13,660,810 for the year 1937, as compared
with $13,409,158 for the previous year, were reported by
William C. Potter, Chairman of the Board of the Guaranty
Trust Co. of New York at the annual meeting of the stock¬
holders on Jan. 19.
Out of the 1937 earnings dividends of
$10,800,000 were paid, $527,308 was set aside as reserves and
for other charges, resulting in a credit to undivided profits of
$2,333,502.
With respect to the outlook for earnings, the
report to the stockholders, signed jointly by Mr. Potter and
W.
Palen Conway,
President, said:
The Outlook
the rules under the Securities Act of
1933, affecting the use in
the.
has paid out
or
other claims against the company
claims above noted,
and cash, together
by reference or otherwise, any information
curing such information, it shall have
It has
With respect to
surance
which any subsidiary thereof shall file with the
Any such company may also rely on the accuracy of any
of
of the note to $1.00.
In attempting to
for Bank Earnings
appraise the outlook
should be given, first to
for bank earnings, consideration
the factors affecting gross revenues,
and second
to factors of expense.
Prior to
discounts
1930 the major part
on
loans,
Beginning in 1932, a
a
much
of bank earnings came from interest and
smaller amount coming from investments.
marked reversa
of this situation began.
Volume
(In
earnings in 1937 being $4,198,000 and in 1936 $3,096,000.
Total additions to current net earnings are shown as $718,000
1930 as between
table:)
the change in the trend of earnings since
our own case
loan interest and investment income is shown in the following
1930
1937
Inasmuch
Income from this
largely on these items.
70 per $100 in
depend
of bank earnings, future prospects
part
the $718,000
Government
securities, whereas in 1936 profit resulting therefrom was
$2,889,000.
As to the lower figure this year the New York
the major
income from loans and investments constitutes
as
in 1937, compared with $2,891,000 in 1936; of
for 1937, $665,000 represented profit on sales of
Investment income 18%
Investment income 50%
-Loan interest 82%
Loan interest 50%
for all member banks went from $5
source
A decline of such major importance natur¬
1929 to $3.19 per $100 in 1936.
As a
demand deposits has been
ally has had an unfavorable effect on the earnings of the company.
partial offset to this, the payment of interest on
discontinued,
It would
the
commercial loans at
better rates of interest.
commercial loans will de¬
Whether the banks will be able to increase their
pend
earnings of banks lie in
then that possibilities for higher
of expanding
direction
If the current
business conditions and business requirements.
upon
business recession proves to be only temporary, it
a
is reasonable to expect
recession is
If, on the other hand, the business
further increase in loans.
prolonged, a contrary tendency may be expected.
would be increased
trade; increasing
due to larger pay¬
business, necessitating larger inventories; increased foreign
goods; depleted cash in corporation treasuries
ments in dividends as a consequence
of the undistributed profits tax;
with¬
Low rates and easy requirements
Banks cannot force loans on business.
There must be confidence
will not alone induce business men to borrow.
in the future and
reasonable expectation of profit.
a
was
made
in
the
report
of Mr.
amount of
investment,
the
many reports and returns required in connection with taxes.
These factors,
taken together with lowered compensation to the company because of the
reduced size of estates coming in for administration, and smaller fees for
handling trusts because of lower rates of return from investments, have
eliminated all profit from the personal trust division of the trust department.
Rates of compensation now allowed by law are inadequate for such changed
has been due to the constantly increasing
increased cost
This
work and attention
required to be given to every class of trust
and to the steadily increasing cost
of keeping records for and making
conditions, and it is evident that the company, as well as
For
in order
business of such great service to the public.
the development of
bondholders
of which the company is proud.
There is
now pending in the Senate of the United States a bill known as the Barkley
Bill (S-2344) which, if enacted as now drawn, will materially limit the
acceptance of corporate trusts by the company, and interfere with the flow
of credit to corporations—to the injury, we believe, of bondholders, the
corporations and the company.
It is to be hoped that the bill, if enacted,
Its record as such trustee in relation to the
country.
and to the corporations is one
will be so modified that its effect will be less serious
From the report, we
In
than in its present form.
a
also quote:
tendency to increase.
for
States
amount
1937 increased
The expenses of the
$223,785
over
1937
the Act.
During 1937 total assets of the New York Reserve Bank
to $4,635,428,000 Dec. 31 from $4,449,590,000
31, 1936.
Reserves increased during the year to
$3,666,028,000 from
$3,505,237,000,
while holdings of
United States Government securities at the end of 1937
amounted to $739,704,000 comparing with $645,243,000
Dec. 31,
1936.
Total deposits at the latest date were
$3,361,083,000, against $3,183,684,000 at the end of the
previous year.
The profit and loss account for the years 1937 and 1936,
as shown in the annual statement just issued, follows:
Dec.
PROFIT
1937 AND
CALENDAR YEARS
LOSS ACCOUNT FOR
AND
1936
(In thousands of dollars)
1937
1936
511,549
7,351
510,537
$4,198
$3,096
5665
Earnings
expenses
$2,889
7,441
.
Current net earnings
Additions
Profit
to
current
earnings:
net
sales of Government securities—
on
-
53
2
$718
$2,891
All other
Total
additions
Deductions from
earnings:
net
current
Reserve for contingencies
$144
----
269
$199
Reserve for losses
505
Special reserves and charge-offs on bank premises
Prior service contributions to retirement system
639
638
of Governors
514
729
20
3
$1,372
$2,288
$3,544
$3,699
*
of the company
company
in the
In addition, the
1936.
1937 was
Notwithstanding the conditions previously
the volume of transactions remains large.
in this report,
discussed
current net earnings in
against $2,288,000 the previous year.
From the net earnings of $3,544,000 in 1937 dividends of
$3,070,000 were paid, $469,000 was transferred to surplus
under section 7 of the Federal Reserve Act, and $5,000 was
$1,372,000
Total deductions
of $91,563 over 1936; also, taxes of $1,598,000 were
an increase
$675,000 greater than for 1936.
potential profits were not
All other
paid to the Federal Deposit Insurance Corporation in
$1,178,866,
market and replaced
Last year maturing issues which were
The total deductions from
Assessment for building for Board
with other business, the operating expenses
common
United
refunding issues but sold them in the
exchanged, with the result that
were
In 1936
Federal Reserve
exchange its maturing holdings of Govern¬
established.
Expenses and Volume of Transactions
have had
Treasury offerings.
new
rather strict interpretation of the
them with open-market purchases.
refunded
Net
billions of dollars of bonds, secured and un¬
secured, have been issued by corporations in financing
this
a
Act amendments of 1935, did not
ment securities for
to
under corporate
than 50 years, the company has acted as trustee
more
indentures under which many
bank, following
owing principally to a change in the
year were
subscriptions
other institutions
engaged in similar business, should have increased compensation
to carry on a
profits this
handling
increased
Potter and
Mr. Conway to the trust department of the company and to
the increased cost of handling estates and personal trust, as
to which, (and incidentally the Barkley Bill) the report said:
Reference
of
paid to the United States Treasurer under section 13b of
Government from lending.
drawal of the
The smaller
method
were
Some of the factors creating larger credit requirements
cost of
"Times" of Jan. 19 observed:
the
by law.
required
as
seem
521
Chronicle
Financial
146
Net
earnings
$5
$14
3,070
3,037
469
648
(Section 13b).
Paid United States Treasurer
Dividends
paid
Transferred to surplus (Section 7)
-
—
with 1937 report.
1936 figures have been revised to conform
The
following figures on some of the activities bear this out.
of
State and
stockholders.
$11,381,268
Securities" include
short-term
obligations of the
City of New York, $16,789,138 short-term obligations of the
Federal Intermediate and Federal Home Loam
term
State Andrew Mills Jr.
of the items in the condensed statement of
some
condition may be of interest to
"Public
Year for Savings Banks in New York
Reports—Gain of $46,691,898
in
Deposits Now $5,289,589,813—Number of De¬
positors Less Than Year Ago—Loss Attributed to
New Law Affecting Unclaimed Accounts
1937 Satisfactory
Statement of Condition
A brief description
banks, 27 issues of short-
$20,235,031
municipal bonds and notes amounting to $5,655,275 and
of
investments
branches
foreign
of
which
$18,750,620
are
short-term
obligations of Great Britain.
The total of such securities of $54,050,712
is carried on the statement at
$53,300,712, which is less than the market
value.
"Other securities" include $5,847,479 in stocks of companies, such as the
The
trend
of
continued
1937
in
amounts
if
Savings Banks of
the Mutual
savings in
State
York
New
show
is made
allowance
for the
in
advances
to
dollar
additional
dividends, according to statistics released on Jan. 15 by the
Savings Banks Association of the State of New York.
The
Guaranty Co. in liquidation. Guaranty Safe Deposit Co., Discount Corp.,
Association, in making public the showing, stated that
Guaranty Executor & Trustee Co., Ltd. of London and the French-American
figures for the final
Banking Cop.,
some
$4,578,040 active or listed corporate bonds, some $6,-
listed corporate stocks acquired in liquidation of loans or
798,479 active
or
investments.
The above-mentioned securities amounting to
together
with
inactive
reorganizations,
are
securities
carried
less than their market
as
the
statement
at
loan liquidations
or
$16,817,683, which is
estimated value.
or
A statement of the principal
is
on
acquired through
$17,223,998,
classifications of "Loans and Bills Purchased"
follows:
1937,
time by the fact that a new
law enacted by the 1937 Legis¬
calendar
the
Commodity loans
Loans by foreign
which $41,849,065 are by
branches in Great Britain and $5,013,065 by branches in
France and Belgium
branches,
requires that all savings accounts, where there has
been no transaction or interest credit entered on the pass¬
book for
46,862,130
The balance, amounting to $41,273,260, includes acceptances purchased,
bills of exchange sold with company's endorsement, sundry advance, &c.
The Dec. 31 statement of condition of the
referred to
Guaranty Trust
in these columns Jan. 8, page 200.
due
Net
New York Federal
Reserve Bank—
Earnings for 1937 of $3,544,000 Compare with
$3,699,000 for 1936
Net earnings
of the Federal Reserve Bank of New York
reported for the calendar year 1937 as com¬
pared with $3,699,000 for 1936. These figures are shown in
the 23rd annual statement of the Bank issued on Jan. 18 by
George L. Harrison, President.
The total earnings of the
Bank for 1937 are reported as $11,549,000, contrasting with
$10,537,000 in 1936.
The net expenses during the latest
of $3,544,000 are
year
were
$7,351,000 against $7,441,000, the current net
are
to be turned over to the
subject to recovery
It is announced that the amount
These accounts are, of course,
depositors
1937, was $5,289,589,813, which
It
Dec. 31,
on
is further stated:
the first six months of the
1937, was $14,deposits show a
of $1,669,428, but allowance must be made for the fact that the
turned
over
to
the
Comptroller during that period $2,413,765.
large part of this increase took place in
the gain between
for
year,
532,198.
decline
banks
Further,
last
For
the
June
last quarter of
30, 1937, and Dec. 31,
1937 total amounts of
Club members also during the
banks paid out to Christmas
the
quarter $2,936,616.
were
Annual Statement
than 22 years,
proof of ownership.
upon
A
was
more
Comptroller of the State of New York in December of each
represented a gain of $46,691,898 for the calendar year.
of
$581,971,617
Co.
of
year
lature
year.
$278,065,345
210,106,010
46,938,132
Secured loans to customers and brokers
Unsecured commercial loans
the
of the year, and in fact for
are complicated for the first
quarter
credited by
During the year dividends totaling $102,711,236
the savings banks of the State.
For the calendar year
1937 there
was a
loss in the number of depositors,
120,894 abandoned accounts, averaging
$20 each, were turned over to the Comptroller of the State.
The number
of depositors on Dec. 31, 1937, totaled 5,959,918, or 69,754 less than on
Sept. 31, 1936.
The loss in number of depositors was naturally the
greatest in
the last quarter, which showed a decline, including the
again attributable to the fact that
accounts
turned
readjusted
to
rather
than
accounts
of
of
as
of
to
the
individual
21,000.
increase in
rate
over
State,
of
certain types of accounts,
savings bank practice
usual
the
accounts.
124,358.
In
addition,
some
banks
such as school savings, to conform
reporting these as one account
of
This
caused
a
reported
decline
in
Without these two major adjustments the long record
the number of depositors would
72,000 for the year.
have been maintained at the
522
Financial
'
"On
whole, the year 1937 has proven a satisfactory
the
Chronicle
/an.
likewise
gerald,
New York State," com¬
mented Andrew Mills Jr., President of the Association and
President of the Dry Dock Savings Institution, Manhattan.
planning than
the
given
Union
to be
$1,000
kept at interest 100
years.
He went
has
193s
Mutual
for
one
The
to say:
on
have
banks
number
Savings Banks in
interested primarily
been
long
in
increase
an
the
in
providing thrift service.
For all
72,000 active savers to our list
of depositors during the year.
It is a further source of great satisfaction
that
the uninterrupted dividend record of our savings banks has been
maintained for still another year, and that we have been able to provide
these thrifty people
with more than $100,000,001) of earnings on the
accounts which they have maintained often at some sacrifice.
of
practical
they
whom
people for
were
have added
we
purposes
some
The year
has been marked by a number of important implications for
banking and savings bank depositors.
The banks, for instance,
savings
the active
of the original
use
dpositors
that
further
show
in the
The
acquired
property
increased generally; bond
have
and,
improvement
restore
to
best
of all,
there
iB
to
investment
diminution
no
desire of the citizens of the State to provide, through their
obvious
their
efforts and
own
efforts
their
Surpluses
ownership.
private
lists
attended
has
success
thrift, for future needs.
own
figures of
the
savings
banks for
a
ago
year
were
given in our issue of Jan. 23, 1937, page 541, and the con¬
tinued
growth in savings bank deposits was noted in these
8, this year, page 189.
columns Jan.
Constantly Facing Attack—Sees Danger in
Budget—At Annual Meeting of Stock¬
holders
Reports Add:tion to Undivided Profits
Through Net Operating Profits
Unbalanced
While noting that "business started the year 1937 with
flattering prospects," "unforeseen happenings" which "soon
brought a marked slowing down of enterprise and later a
general recession in all lines of endeavor" were referred to by
Percy H. Johnston, Chairman of the Chemical Bank & Trust
Co. of New York in his report to the stockholders at the
annual meeting on Jan. 19.
The "unforeseen happenings"
cited by Mr. Johnston were:
The launching by the Administration in Washington
the 231st
on
Thrift
Week
began
the inspiration
as
The
is
purpose
to
for this
week
encourage
17,
of
thrifty
better
a
In this
con¬
nection, Henry R. Kinsey, President of the National Asso¬
ciation of Mutual Savings Banks, has made available the
of
results
his research
Franklin.
It
is
maxims of Poor
into
pointed
the
out
practical
that
philanthropy of
everybody
Richard, but few of
knows
knew,
us ever
lack of respect for property rights, attended in many
a
absolute failure of the authorities to protect such rights
the
really
or
forward without adequate
assurances
of protection" said Mr. Johnston, who went on to say:
It cannot fournish successfully in an atmosphere where it is constantly
facing attack.
under¬
standing of personal economics at all times.
an
'"Business cannot go
Jan.
on
by
and the property of citizens.
anniversary of the birth of Benjamin Frank¬
lin—regarded
thinking.
National
of the proposal to
Supreme Court, followed almost immediately by widespread
change the
Anniversary of Birth of Benjamin Franklin
of
can
Where
\
instances
Observance
a
by Franklin.
us
»
strikes, disorder and
Observance of National Thrift Week Incident to 231st
for
set
planning for the future, but I
Stating that the "Future Is Fraught with Uncer¬
tainty" Percy H. Johnston of Chemical Bank^ &
Trust Co. Observes that Business Cannot Flourish
is also
Much
that
spirit.
their heirs.
or
gratifying to note that these savings banks devoted exclusively
the conservation of the savings of the thrifty are in splendid condition.
It
to
better example of long-range
Nowadays we hear a great
think of no other instance
on
record to compare with the wisdom
of Franklin.
Emphatically, it
teaches us one thing: individual initiative has been the mainspring of our
national development, and we should guard against any attempt to stifle
that there never was
say
may
about
have succeeded
and
Kinsey observes:
well
deal
unparalleled efforts to find the owners of long dormant accounts
remarkably well, so that these funds have been restored
have made
to
Mr.
We
laws that
It must have
fixed set of rules and laws, and not rules and
a
continually changing like a weather-vane.
are
The future is fraught with uncertainty,
business
the incessant political attack on
has slowed down the general wheels
men
of industry.
We
are
of
the opinion however, that in the end sound reason and judgment will prevail,
and
that
the
Nation
will
again
forward; that industry, the real life
go
blood of the Nation, will recuperate and be less molested and harassed.
To attack business because it is
over a
big is sheer nonsense.
Our observation,
long period of time, has been that big business has consistenly lowered
the price to the consumer, bettered working conditions,
comprehended, the extent of Franklin's benefactions down
raised wages and has been the
to
shortened hours,
national governments.
present day.
our
Back
wills
of
1790
in
Franklin
written
ever
Mutual
Savings
had the following
One
"I
born
Literature,
fore
of
one
the
remarkable
most
the National Association
says
man,
in
Banks,
which, under
free
date of Jan.
17,
Grammar
Schools
owe
established
in
there:
Will.
my
first instructions in
my
I
But I
have there¬
under
also
am
obligations to the State of Massachusetts, for having unasked appointed
me
formerly their Agent in England with a handsome Salary; which
"I
some
have
years.
that
Citizens,
Art
native
business
which
that
in
in
my
kind
foundation
be ascribed
may
having
and
Town, and
Philadelphia by
the
was
Artisans
among
likely to make good
of
loan
good
myself been bred
of
End
this
I
devote
and
which
the
that
may
Interests
and
Purposes
hereinafter
my
up
there,
life
in
Death,
my
if
be serviceable
business
man.
We again call attention to the grave danger of an unbalanced budget.
The balancing of the budget does not seem imminent.
The
Social
Security Act
Government
specific
this
£1,000 thereof
mentioned
plan is executed and succeeds
Managers
Years,
discretion
£100,000
At
for
How
would
two
another
and
and
of
he
Years.
the second
long
for
Town
of
.
.
to
the
£1,000
for
the
There is little
or no
before
that
the
the
first
The
was
and
old
100
that loans
so
without interruption
Boston,
.
Philadelphia
I
would
have
then lay at
their
remaining
in
the
£31,000,
above
manner
to be divided between
Pennsylvania.
institution
years?
of
Court
.
.
.
apprenticeship
decrees
the
in
might be made to others beside
comparative
purposes.
By 1890, on the completion of
Franklin fund in Philadelphia had reached $90,000—
not the $650,000 that the donor
expected, owing to slower rate of turnover
than he anticipated and reductions of the interest rate.
So in this case
the first century, the
his
dream
potential
money
of
heirs
for
Franklin
At
the
end
While
1937
of
the
1908
fell
This
short
of
realization.
Also
litigation delayed use of the
finally was granted to the
$133,000
fund, the basis of that leading technical
$42,000 to continue accumulating until 1990,
remained
this capital
millions
claims.
in
building
There
time
the
but
time,
Institute
which
by
promptly filed
some
institution.
at
pounds
will
sum
be divided
was
between the city and
the State.
In
divided
it
1894,
into
The former
took
of
form
in
today.
this
two
sum
the
of
capital
the
parts,
then
capital
one
was
Franklin
Meanwhile,
imposing total
1990
when
of $329,000
reached
$431,000,
and the other of
the
trustees
$102,000.
dedicated to "public works," and in 1908 these
Union, another outstanding technical institution
the
second
$650,000.
should
had
sum
When
the
of
$102,000
second
100
has
years
expanded
to
rolls around
the
in
represent
considerably more than $1,000,000,
thereby achieving the goal of its founder.
Substantially the whole amount
in hand at present has been invested in accordance with
the security list
of Massachusetts
mutual
savings banks.
Just
by
previous to completion of the Franklin Union
Andrew
Carnegie
example of Franklin,
with
a
another
gift
Boston
of
States
a
In that capa¬
sacred and binding as that of any other trustee-
as
difference between these funds and those held in trust
with
an
ever
mounting debt it is unsound and unmoral for the trustee to
divert those funds to its
own use
Eventually, there will be
a
and put in
their place Government I. O. U.'s
day of reckoning.
will repeal the tax on undis¬
This law works great hardship on business, especially
companies struggling to accumulate a surplus needed for the develop¬
ment of their business and others
making every effort to clear their debts.
Turning to the bank's affairs Mr. Johnston stated that
"we were unable to employ safely the bank's funds as profit¬
ably in 1937 as we were in 1936, but the net operating profits
were sufficient,
after making provision for losses, reserves,
pensions and the usual dividends, to add to the undivided
profit account $1,243,093."
From Mr. Johnston's report
we
also quote:
The deposits as of Dec. 31,
date in
1936.
^937 were smaller than at the corresponding
For the year 1937 deposits averaged
S14.698.000 less than
in 1936.
After charging off losses and the general operating expenses,
tion of the balance of the year's earnings is
Dividends
Reserve
on
for
S3,600,000.00
the stock in the bank
1,132,663.45
contingencies
Amortization
of
the disposi¬
shown below:
Premiums
on
States
United
and
other
1,002,500.67
securities
Reserve for Federal Deposit Insurance---.
Employee welfare
5% additional compensation officers and employees
364,500.00
328,698.80
158,307.32
5,000.00
Added to undivided profits
1,243,093.95
identical
accrue.
Federal
United
derived from taxes for
Contribution to American Red Cross
$135,000.
the
philosopher's gift to Philadelphia grew at a moderate rate,
gift to Boston increased faster.
By 1890 the fund in that
city amounted to $391,000, roughly two-thirds of the sum he
thought would
his
funds
trust
It is to be devoutly hoped that the Congress
."
.
bringing ruin
large funds to flow into the
are
Federal Government is the trustee.
purpose and the
city its duty is just
declared."
which
of
Interest
on
century the money
changed his will
apprentices,
£131,000,
out
.
and
possibly foresee
disappear
cities
100
let
projected,
as
be
the
to
be
to
Massachusetts
could
then
in Public Works.
continue
the end
Boston
will
of the Donation
have
would
directed
the Sum
These
securities.
"If
100
causes
Treasury and restricts the investment of these funds to
on
for
This Nation cannot
to all the people.
tributed earnings.
the
a
They know of no one or no class
that has the best interests of the Nation more at heart than the average
Further along he commented:
I
has been the handmaiden of business for more than
by the life insurance companies for their policy holders and, in our opinion,
I give,
Inhabitants of the Town of Boston, in Massachusetts, and the other
to the Inhabitants of the City of
Philadelphia, in Trust to and
Uses,
Institution
consultants and advisers of business men.
manual
a
set
utility
after
even
men
to
to
most
are
two Friends
all
of
I wish to be useful
£2,000,
assisted
Money from
possible, in forming and advancing other young
to their Country in both those Towns.
"To
Apprentices
afterwards
Fortune,
my
to me,
experience.
continue spending more than its income without eventually
...
considered
Printing
ness
century, and its officials for five generations have been the confidential
already considered those Schools
continued
better than
This
Boston, New England, and
the
to
We believe
old-fashioned principle that business men can do this
politicians and theorists whose background is devoid of any practical busi¬
to say, in part:
of the will read:
clause
was
left
in the
by
backbone in the support of city. State and
The biggest job in this Nation is the filling of pay envelopes.
$468,000.
citizen, former
its
funds
were
doubled
Bearing in mind the
Maj-br John F. Fitz-
$7,834,764.19
In the "Times" of Jan. 20 it
In response to questions
66.7%;
and
State
stated:
of shareholders, Mr. Johnston said the distribu¬
tion of the bank's investments
securities,
was
by classes were:
municipal,
United States Government
15.2%;
(Federal), 7.6%; public utilities, 3.5%; railroads,
Dominion of Canada, 0.6%, and Federal Reserve
the
bank's
holdings
of United
mature within one year,
States
governmental agencies
1%; industrials, 4.1%;
Bank stock, 1.2%.
Government
securities, 44%
Of
will
31% from one to 10 years and 25% in more than
10 years.
by 16,082 shareholders, an increase of
The Dec. 31 figures of condition of the
The bank is owned
522
over
last year.
Chemical Bank & Trust Co.
issue,
page
201.
were
referred to in
our
Jan. 8
Volume
E.
L.
Financial
146
Strengthening
FDIC Policies in
Praises
Pierson
Attitude with
'Easy Money" Program of Federal Reserve System—
Irving Trust Co. Chairman Issues Annual Report
Tlie policies of the Federal Deposit Insurance Corpora¬
tion in urging banks to strengthen their capital structures and
Banking Structure—Contrasts this
praised on Jan. 19
Trust Co., in
his annual report to stockholders.
He contrasted this
attitude with the monetary program of the Federal Reserve
authorities, which was designed to make available an abun¬
to avoid
risky loans and investments were
by Lewis E. Pierson, Chairman of the Irving
dance of bank credit at extremely low rates.
the
objectives
same
as
Mr. Pierson
directed toward
His report said,
policies should be
those of the FDIC.
said that Federal Reserve
A
policy is that It cends to encourage
disturbing effect of the easy money
19367
and conservative investment
of those sound
abandonment
and loan
Federal Deposit Insurance Corpora¬
the security of bank deposits
ultimately rests.
If progress is to be made in strengthening the banking
system as a whole, the policies of the Board of Governors of the Federal
Reserve System should be geared to the same objective as that of the Fed¬
policies
which the Chairman of the
on
tion has
strongly insisted, and on which
so
Deposit Insurance Corporation.
eral
Easy money policies may serve a useful purpose when business
contracted and there Is a real need for credit expansion, but
is severely
experience
abrnomally low
if long continued, are likely to create more problems than
they solve.
While under-feeding of credit at prohibitively high Interest
rates is undeniably bad for the economic structure, prolonged over-feeding
of credit at abnormally low rates involves an under-nourishment of the
banking system which may cause serious difficulties to business as well as
abnormally abundant credit and
that
clearly indicates
interest rates,
to the banks.
It is to be hoped that this
will receive full consid¬
aspect of the situation
and that as quickly as is feasible the
pressure for abnormally easy money will be abandoned in favor of policies
which will permit the strengthening of the banking structure.
by the proper authorities,
eration
reported that tlie operating profit of the
Irving Trust Co. for 1937 amounted to $3,646,400, practic¬
ally the same as for the preceding year.
He added:
As a result of charge-offs during the year which reserves had previously
been provided, and based upon the year-end appraisal of assets, $1,000,000
contingencies to undivided profits.
transferred from reserve for
additions
Net
undivided profits amounted to
to
$4,080,433.54 before
aggregated $3,000,000.
Dividends during the year
dividends.
1.80% for the
loans and investments was
The average rate of return on
year,
be
The effect on income of this
rate was largely offset by a decrease in the
compared with 1.73% for 1936.
as
slight increase in the average
volume of earning assets.
/
The following table shows a
comparative summary of operating income,
operating expenses and operating profit
for the past two years:
Expenses
Profit
$6,548,310
6,711,336
$3,600,862
3,646,400
shown above include a charge in
each year of
Income
.
The operating expenses
Operating
Operating
Operating
$10,149,172
10,357,736
assessments.
approximately $400,000 for deposit insurance
reported that the aggregate book value of
Government securities held Dec. 31 was,
$192,375,669, as compared with $220,596,310 at the end
of the previous year.
The average maturity of these secur¬
ities, he said at Dec. 31 was less than two years.
From
Mr. Pierson's report we also quote:
Pierson
Mr.
United
States
In the following summary,
the principal classes of loans
and discounts
corresponding figures a year ago. In
loans and discounts" consists largely of commercial
31, are compared with the
at Dec.
this summary "Other
possibilities for the improvement of world trade.
in creditor and debtor countries alike to see
great
readiness
a
and
stances
The international
financial machine has been im¬
for too long and there is a risk of the
A resumption of overseas lending,
peded
wheel.
the
beyond the
an
relationships.
national
There must
appreciation and understanding of each others' circum¬
difficulties, to do their utmost td resume more normal inter¬
by
present and,
brake becoming rusted to
if and when it becomes
would supply a much-needed lubricant and would
bring nearer the goal of stabilization.
Countries which have so ordered
their national affairs as to render themselves, at some sacrifice, largely
prudent,
possible and
would come again upon the scene, and would
material essential for their needs, if they are to
the markets of the world.
It cannot be too
independent of outside help,
able to
be
buy the
their
increase
raw
exports
to
that the three
strongly emphasized, however,
interlocking measures neces¬
trade,
to a return to more satisfactory world conditions, namely freer
revival of overseas lending and the stabilization of currencies, depend
sary
a
revival of
a
upon
confidence.
Confidence must be based on
confidence
they must have confidence
creditor countries are to lend,
the
something
If countries are to pursue more liberal trade policies, they must
in the international political situation.
If investors in
tangible.
in the ability
and redemption of their
loans and in thir determination to honor their obligations.
If an inter¬
national monetary system is to be restored, each country must ensure that
its economic and financial policies are such as to inspire confidence in its
own currency.
Unfortunately in recent years, action by individual countries
has
not always
been such as to contribute to that confidence without
which real progress cannot be made.
The effect of the War has been to
disturb both material and morgl values.
If the world position is to be
the
of
to meet
borrowers
improved,
as
the charges for interest
wish
should
we
to see it improved, every country must
in at least one of these directions."
prepared to make its contribution
be
remarks Mr. Fisher stated that
never been greater than it is
today, and of all the problems facing us it ranks amongst
the foremost in importance." He added:
"Our efforts to secure markets abroad should, therefore, be active and
unceasing.
Competition is very keen and we should be ever on the alert
to sense the changing needs of our customers and be ready to adapt our
During the course of liis
need for exports has
"the
organization to meet them."
productive
From Mr.
Pierson
Mr.
was
such
have
in part:
the
523
Chronicle
trade
"That
will
the
good
is
in the
United Kingdom at the moment,
no one
indisputably
All the evidence we have goes to show that this is
But the very existence of this satisfactory 6tate of things
deny.
case.
some
Fisher's remarks we also quote:
causes
unwholesome
which they feel must of necessity be round
people, unwilling to count
their blessings, to look with
for the 'slump'
We should have a
persistence
proper sense of values.
That bad times
knowdledge, and trade charts, with their peaks
depressions, supply evidence of this; but, as the stage is set today—
and it is a different setting from that of 1929—there is little justification
for undue concern.
We must count ourselves fortunate that we, in this
country, have a measure cf general prosperity which is by no meanB uni¬
versal.
But no country can prosper in isolation and every effort should
therefore be made to widen the circle of well being so that all nations
may share in the improvement which scientific and technical developments
have made possible.
In accepting with proper appreciation and thankful¬
ness
the condition of affairs at home we must not be unmindful of the
part played by our Government, which, through its administration of our
national finances, its trade negotiations, and its contacts with industry,
has done much to restore confidence to the trading community; for con¬
fidence is the breath of life to business, and its absence produces that
state of hesitation and half-heartedness, which lowers the general system,
and has a paralysing effect on all enterprise."
the
corner.
follow
good,
is
common
and
which include iron and
shipbuilding, may be expected to
remain active, Mr. Fisher said. The Government's rearma¬
ment program has naturally affected them favorably, and
there are other factors which helped to make them leaders
in the general prosperity which the country is enjoying.
With special reference to the rearmament program, he
Britain's heavy industries,
Great
steel,
engineering
and
added:
loans.
Dec.
Call loans and acceptances of
31,1936
$55,145,157.61
26,267,000.00
110.546,155.06
other banks
Time loans to brokers...
Other loans and discounts
Dec. 31,1937
$34,288,767.88
13,402,900.00
125,339.247.35
$191,958,312.67 $173,030,915.23
"For
been
reasons
forced
in
mensions
to
which
are
well known and
universally accepted we have
embark upon a rearmament program of unprecedented di¬
of peace, involving a heavy burden upon the country—
time
the program, since
necessarily be large, if we are to retain
that
is so essential under present conditions.
This expenditure involves a sacrifice on the part of the community as a
whole and must, in the long run, tend to depress the standard of living.
It is to be hoped, therefore, that a growth of goodwill and mutual under¬
standing between the nations may make it possible to reduce expenditure
on
armaments and so lead to a lightening of national budgets.
"The armaments program, superimposed upon an
already high level
of industrial activity, naturally caused a certain degree of dislocation of
production, until the necessary adjustments could be made. As the program
proceeds, however, it will provide, directly and indirectly, employment for
large number of persons for a considerable period, but it is clear when
all is said and done that outlay on armaments must be classed as unpro¬
ductive expenditure.
Our aim must be to ensure that, as the work is
completed, other work will be ready to take its place, and that preoccupa¬
tion with production
for defense purposes, does not cause us to neglect
overseas markets.
Overseas trade is a vital, necessity to this country
and, although the substantial rise which took place in our exports last
year is encouraging, it was overshadowed by a still
greater increase in
a
burden which does not cease
with the completion of
for maintenance must
measure
of strength which
provision
the year-end
Loans in Germany at
pared with $6,249,260.38 a year
Barclay's Bank
by Edwin Fisher of
Expressed
Hope
amounted to $3,425,970.03, as com¬
earlier.
(London, England) That Lost Confidence in United
States Will Be Regained and That Private Enter¬
Encouraged—Views
Be
Will
prise
Meeting Holds Problem
in
Affecting Exports of Fore¬
Importance—Comments
most
Recession
Domestic—At Annual Stockholders'
Business Here
on
International
Monetary System
the reasons underlying
The view that
in the United
business
in
sion
than
international,"
man
of
expressed by Edwin Fisher, Chair¬
Barclay's Bank, Ltd., in addressing in
Jan. 20 the 43d
"It is to be
will
was
much of the reces¬
States as "domestic rather
soon
hoped," said Mr. Fisher, "that lost confidence
be regained, and
encouraged
London on
annual meeting of the stockholders.
that
that private enterprise will be
its influence towards the betterment
to exert
country,
of
trade
in
in
world
which is so important a factor
prosperity."
In
"The
the
following to say:
disturbance caused
when
last
international situation,
concluding his remarks on the
Mr. Fisher had the
rumors,
which
to
were
in April
subsequently denied, were circulating as to
commodity and financial markets
possibility of a reduction in the United States buying price for gold,
the uncertainty that will always be present until it proves pos¬
indicates
sible
to
not
wait
revive
an
international
monetary
system. We should therefore
in a direction which holds
indefinitely before taking some steps
a
our
unfavorable balance of merchandise trade
expansion in invisible exports
avoid deficits on our balance of inter¬
national payments, it seems that we must endeavor to narrow the gap
between
imports and exports of merchandise.
This should be brought
about by an increase of exports rather than by a curtailment of imports,
for the restriction of imports would press hardly upon those countries who,
through their sales to us and to others, are enabled to buy those things
which are requisite to their needs.
At the same time, the high level of
import trade demands a flourishing export trade if we are to enjoy
the continuance of our relatively high standard of living.
In the archi¬
tecture of our Island economy the export trade might justly be regarded
keystone and, in appreciating the value of this keystone to the general
structure, it is our duty to see that nothing is done to impair its strength.
The need for exports has never been greater than it is today.
Mr. Fisher's report was made available at tlie office of
tlie bank's New
York representtive.
imports.
will
no
and
if
our
ag
a
The resulting rise in our
doubt be partly
in
the
made good by an
future we are to
Financial
524
Liquidation
Receiverships
66
of
of
National
Chronicle
Jan.
22, 1938
They (the bills) will be issued in bearer form only, and in amounts or
Banks
Completed During December, According to Comp¬
denominations
troller of Currency
(maturity value).
F.
No
Comptroller of the Currency, an¬
nounced on Jan. 14 the completion of the liquidation of 66
receiverships during the month of December, 1937.
This
makes a total of 958 receiverships finally closed or restored
to solvency since the banking holiday of March,
1933,
according to the Comptroller's announcement, which also
J.
T.
O'Connor,
said:
"
3358,708,797,
aggregated
depositors
to
and
or
an
of 79.75%
average
of total
liabilities, while unsecured creditors received dividends amounting to an
average
Dividends distributed to creditors of
of 65.67% of their claims.
Total
$7,396,507.
1933,
to
Dec.
31,
1937,
amounted
to
i ■i I
ffl' v
i
'
1
' '1
-
-W
The following are
finally closed
the 66 National banks liquidated and
restored to solvency during December:
or
INSOLVENT NATIONAL
BANKS LIQUIDATED AND
Per Cent
Per Cent
bursem'ts
Total Dis-
of
Failure
Jnciudino
Offsets
bursern'ts
Allowed
Nam and Location of Bank
Liabilities
to
Total
or trust company.
will be opened and public announcement of the accept¬
to the closing hour
able prices will follow as soon as
The
morning.
the amount
probably
possible thereafter,
on
the fol¬
Secretary of the Treasury expressly reserves the
all tenders
any or
or parts
of tenders, and to allot less than
applied for, and his action in any such respect shad be final.
submitting tenders will be advised of the acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash or other immediately available
funds
on
Jan. 26,1938.
The Treasury bills will be exempt, as to
gain from the sale
or
principal and interest, and
any
other disposition thereof will also be exempt, from
(Attention is in¬
taxation, except estate and inheritance taxes.
vited to Treasury Decision 4550, ruling that Treasury bills are not exempt
Dividend
from the gift tax.)
Declared
ury
to All
dealers in in¬
Immediately after the closing hour for receipt of tenders on Jan. 24,1938,
from all
Total DlsTotal
without cash deposit from incorporated banks
Tenders from others must be accompanied by a de¬
all tenders received at the Federal Reserve Banks or branches thereof up
FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF DEC,, 1937
than three decimal places, e. g., 99.125.
accompanied by an express guaranty of payment by an in¬
are
corporated bank
Those
»
" 1
Each
posit of 10% of the face amount of Treasury bills applied for, unless the
paid and distributions to depositors of all
16,
March
$1,000,000'
The price offered must be expressed
companies and from responsible and recognized
trust
vestment securities.
lowing
$893,476,548.
^
Tenders will be accepted
and
right to reject
dividends
from
receiverships
of $1,000.
and
$1,000 will be considered.
Fractions must not be used.
the month of December, 1937, amounted to
all active receiverships during
$500,000
$100,000,
than
amount less
the basis of 100, with not more
on
receiverships, exclusive of the 42 restored to
other creditors of these 958
solvency,
allowed,
$10,000,
$1,000,
an
tender must be in multiples
tenders
offsetts
Including
disbursements,
Total
of
for
tender
No loss from the sale
bills shall be allowed
as a
deduction,
other disposition of the Treas¬
or
otherwise recognized, for the
or
the purposes of any tax now or hereafter imposed by the
Claimants
any
United States
or
of its possessions.
Treasury Department Circular
First National Bank, Mascoutah, 111.-.,
1-12-34 $708,414
a
The Bright National
2-13-34
355,674
106.02
107.42
prescribe
a
Coast National wank, Fort Bragg,
Calif, 11- 7-33
7.25,490
106.53
108.9
a
104.21
418,
and this notice
amended,
Merchants & Fanners National Bank,
7-24-34 2014,639
No.
their issue.
115.2
a
Bank, Flora, Ind
Charlotte, N. C
,
—
107.01
107.3
a
First Nat. Bank, White Lake, S.
Dak__ 12-11-33
Jasonville, Ind 2- 5-34
2-10-31
Peoples National Bank, Osceola Mills, Pa.
164,542
67.29
16.66
a
The First National Bank,
402,848
93.71
86.5
283,974
70.44
63.0
10-30-33
134,089
100.39
lOi.O
6-22-31
318,261
395,055
382,331
250,501
137,847
65.04
44.27
82.62
82.08
78.83
62.32
63.96
51.7
Farmers National Bank, Rake, Iowa....
a
Planters National Bank, Saluda, S. C
First National Bank, Boyne City, Mich..
8-
South Gate Nat. Bank, South Gate, Calif..
2-6 -32
Commercial Nat. Bank, Cnatsworth,
3- 8-30
111.,
7-31
a
Farmers Nat. Bank, Fayettevlile, Tenn.
4-16-34
a
First National Bank, Carrier, 111
9-27-33
82,070
60.02
35.1
1- 5-33
124,135
104.43
103.6
10-13-33
263,439
87.2
First National Bank, Monrovia, Ind
a
First Nat. Bank, Somers Point, N. J
a
95.11
94.6
Trl-County Nat. Bank, Oliver Springs,
Tenn.
73.65
9-14-33
—
81,159
106.10
2-
2-32
87.46
9-
3-31
2-23-32
978,512
181,268
255,829
78.06
71.533
7-21-31
183,776
68.1
62.3
110.09
Washington National Bank in the City of
Tacorna, Wash
....
First National Bank, Vidalla, Ga
First National Bank, Sedro-Woolley, Wash.
Greenville Nat. Bank, Greenville, Mich..
....
79.503
50.38
18.55
Anamosa National Bank, Anamosa, IowaFirst National Bank, Jenkins, Ky_.
1-27-32
525,787
82.0
1-12-32
249,252
87.48
80.266
First National Bank, Tyndall, S. Dak____
First National Bank, Leland, 111
First National Bank, Bode, Iowa
7-
2-32
244,321
62.52
45.25
8-
1-32
219,570
62.76
1-31
70.66
65.6
8- 3-31
67,831
516,451
72.85
67.216
12-29-3Z
454,594
73.28
58.9
10-26-33
139,751
92.14
87.35
10-31-33
157,470
78.72
71.15
7-31
853,961
93.35
82.15
2-16-32
8- 8-33
477,577
90,246
91.26
233,834
83.65
310,510
101.37
174,361
75.25
70.25
2-31
86,282
95.49
95.2
Treasury bills
as
and
the
govern
conditions
of
$160,075,000 Received to Offering of $50,000,000 of
91-Day Treasury Bills, Dated Jan. 19—$50,130,000
Accepted at Average Rate of 0.111%
to
Announcement that bids of $160,075,000 had been received
the offering of $50,000,000, or thereabouts, of 91-day
Treasury bills, dated Jan. 19, 1938, and maturing April 20,
1938, was made on Jan. 17 by Acting Secretary of the Treas¬
ury Roswell Magill.
The tenders were received up to 2 p. m.,
Eastern Standard Time, Jan. 17, at the Federal Reserve
banks and the branches thereof.
Of the tenders received,
Acting Secretary Magill said,' $.50,130,000 were accepted.
Previous reference to the offering of bills was made in our
issue of Jan. 15, page 369.
The following is from Acting Secretary Magill's announce¬
77.116
Cherokee National Bank, Cherokee, Okla 10-4 -33
10-20-32
of the
90.05
9-23-32
terms
47.0
10-
the
»
Oconto National Bank, Oconto, Wis
First National Bank, Ortonville, Minn
a First National
Bank, Dallas City, 111
a First National Bank, St.
Anager, Iowa
First National Bank, Christopher, 111.
National Bank of De Pere, De Pere, Wis..
_
12-
First National Bank, Burnslde, Ky._...
First National Bank, Cairnbrook, Pa
a
a
First National Bank, Palestine, 111
Citizens National Bank, Seward, Pa..
11-
First National Bank, Oakley, Kan
Belton National Bank, Belton, Texas
a
78.94
57.99
54.2
102.4
8-18-33
150,160
11-13-33
222,099
75.97
73.65
8-15-33
801,760
105.63
109.56
American Nat. Bank, Marshfield, Wis..
5-23-34 1665.211
First National Bank, Woodlake, Calif.... 12- 2-32
106,800
105.74
112.0
103.39
105.95
a
First National Bank,
a
Hoopeston, 111....
82.53
a
60.7
First National Bank, Nappanee, Ind...
9-26-33
216,113
91.37
Citizens National Bank, Mulberry, Ind.
First National Bank, Twin Falls, Idaho
8-15-33
202,367
107.09
12-12-31
917,206
87.25
Citizens Nat. Bank, Hooversvllle, Pa.
First National Bank, Goodhue, Minn
7-12-34
261,517
89.63
84.4
10-13-33
366,872
77.04
67.2
a
a
a
a
The
National
Bank
of
Arkansas
Bluff, Ark
at
..
88.733
108.17
79.51
Pine
7-21-30 1524,512
ment of Jan.
17:
Total applied for
Total accepted
$160,075,000
50,130,000
Range of accepted bids:
High_„
99.982 equivalent
Low
99.971 equivalent
Average price
99.972 equivalent
(94% of the amount bid for at the low price
Transactions
First National Bank, Fosston, Minn
First National Bank, Harvey, 111
a
accepted.)
in
Government
securities for
Treasury in¬
December,
1937, resulted in net sales in the amount of $15,351,100,
the Treasury announced on Jan. 17.
This compares with the
purchase of $2,000,050 of securities during November.
The following tabulation shows the Treasury's transac¬
tions in government securities, by months, since the begin¬
ning of 1935:
vestment
accounts
for
the
calendar
72.36
53.77
650,976
65.85
59.53
8-15-27
610,561
64.13
55.57
January
55,420, 800 purchased
358.873
94.53
93.35
February
August
10-30-32
399,789
67.92
51.28
March
411,041
74.98
67.26
April
1,300, 000 purchased
41,049, 000 purchased
21,900, 000 sold
746,214
74.69
64.176
May
224,850
90.58
86.23
June..
191,996
71.81
33.8
July
580,957
month
July
10-30-33
10-16-33
First National Bank, Stanton, Iowa
First National Bank, Webster City, Iowa.
a
i
was
$15,351,100 of Government Securities Sold by Treasury
During December
4-26-34
_
East Berlin Nat. Bank, East Berlin, Pa..
First National Bank, Bishop, Calif
a
rate approximately 0.071%
rate approximately 0.115%
rate approximately 0.111%
2-
1-32
Inkster National Bank, Inkster, Mich....
9-23-31
First National Bank, Hermosa
Beach, Calif 12-29-32
a First National
Bank, Augusta, Kan.._.
7-27-33
a First National
Bank, Aurora, Colo..... 10-31-33
1935—
1936—
23,326, ,525 purchased
8.765, 500 purchased
33,426, ,000 purchased
35,439, ,000 purchased
15,466,700 purchased
3.794,850 purchased
September
November..
5,912,300 purchased
24,174,100 purchased
December...
1937—
85.9
75.963
338,142
66.69
46.15
August
September
86.69
85.01
October
City National Bank, Herrin, 111
60,085 ,000 purchased
17,385, ,000 purchased
February
853,121
10-22-31
684,377
65.85
November
First National Bank, Fairchance. Pa
b Old First Nat. Bank. Farmer
City, 111.,
b Columbus Nat.
Bank, Columbus, Ohio.,
18,419, 000 sold
April
2-26-31
250,901
66.82
60.4
December
10-25-30
98.402
100.00
80.00
8-11-31
239,583
47.52
47.52
January
4-19-35
314,010
76.34
47.219
February
6-21-34
841,872
72.62
11.699
March
Edgewater, N. J..
b American Nat.
Bank,
b Herkimer Nat.
Shreveport, La
Bank, Herkimer, N Y
b First
National
Bank
&
Trust
Co.
.
assessment
95.5
6.7095
Reference
to the
during November
page 3742.
May
liquidation of National banks completed
appeared in these columns Dec. 11,
Offering of $50,000,000,
Treasury Bills—To be
Tenders to
a
new
ot
or
Thereabouts, of 91-day
Dated
Jan.
offering of $50,000,000,
26,
Sales of
1938
thereabouts,
91-day Treasury bills, to be received at the Federal Re¬
serve
banks, or the branches thereof, up to 2 p. m., Eastern
otandard Time, Jan. 24, were invited
on
Jan. 20 by Roswell
Magill, Acting Secretary of the Treasury.
The tenders will
not,be received at the Treasury Department,
.
The Treasury bills will be sold
on a
.....
Washington.
discount basis to the
bearing on the
bills, Acting Secretary Magill stated:
new
2.000.050 purchased
maturity value of sales of United States Savings
"Baby Bonds," during the calendar year
1937 amounted
to
$635,419,200, purchased by approxi¬
mately 490,000 purchasers,—the average sale for each busines
Advices from Washing¬
day for the year, being $2,090,200.
or
Jan.
so-called
17
to
the New York "Journal of Commerce"
offering of
re¬
porting this also said:
The total maturity value sale of Savings
Dec. 31,
more
business
Bonds to the close of business
1937, amounted to $1,367,935,000.
than
1,200,000
investors,
day since March
1,
This total was purchased by
and represents
1935,
an
sale for each
average
wfieh these bonds
were
first sold, of
$1,577,800.
The sale of Savings
Bonds for the calendar
in 1935
20
3.716.000 purchased
15,351,100 sold
The total
than for 1936, and the year
They will be dated Jan. 26, 1938, and will
April 27,1938; on the maturity date the face
amount of the bills will be
payable without interest.
An
issue of
$50,052,000 of bills will mature on Jan. 26.
In his
on
Jan.
12,510,000 purchased
8,900,000 purchased
"Baby Bonds" in 1937 Aggregated $635,419,200
Day's Sale on Jan. 10 This Year
mature
of
3,853,550 purchased
24,370,400 purchased
4,812,050 purchased
May
July
4,500, ,000 purchase!1 August
32,702 ,150 purchased, September
19,025 ,000 purchased October
15,794, 000 purchased November
$30,465, ,400 purchased December...
highest bidders.
announcement
5,701,800 purchased
119,553,000 purchased
11,856,500 purchased
—Record
ton
or
14,363,300 purchased
;
March
unfinished
Bonds
New
.....
b Receiver appointed to levy and collect stock
in value of assets sold, or to complete
Cash returned directly to shareholders
by receiver.
January
June
18,546 ,850 purchased
June
covering deficiency
c
5,275, ,200 purchased
1936—
April...
8-12-32 5112,872
Formerly in conservatorship,
liquidation,
83.59
"in
Pontlac. Mich
a
2-
47,438.650 purchased
27,021,200 purchased
....
October.
5-34
First National Bank,
a
of
year
1937
was
34.6% greater
1936 exceeded the 10-months sale of these bonds
by 82%.
Detailed
analysis of the daily sale at each of the post offices through¬
out the country
authorized to sell savings bonds was begun
and for the year
on
ending Aug. 31, 1937, showed that there
value sale of $636,748,500. or an average sale
Sept. 1. 1936,
was a
maturity
of $2,101,500 for each business
day for the first year these records were kept.
Volume
Financial
146
Direct-by-mail and post office sale from Chicago give that
for the Nation and for first-class post offices.
period
city the lead
Chicago's cash sale for
the
S25.577.200.
was
with a cash sale of
having a cash
Osceola, Neb., leads all third-class post offices,
$271,987.50.
such
for further pur-1
huge scale, and that unfulfilled requirements call
an
almost equal extent, is conclusive evidence
a
chases
of its dominant'
to
control, however, eliminates the possibility of
accurate
prediction regarding the world price, because this is dependent
upon the Treasury's daily buying rate which is admittedly on a 24-hour
basis.
We therefore refrain from any attempt to forecast the future
in
level
for
Such
silver.
position
Spencer, W. Va., leads the second-class post offices
525
Chronicle
,
sale of $65,737.50.
market
out the United
States,
led by Plemons, Tex.
are
34,000 through¬
This town of less than 100
of which there are more than
The fourth-class post offices,
$58,500.
people had the extraordinary cash sale of
country are author¬
ized to sell United States savings bonds.
Regional reports as to annual
sales at each of these offices and mail-order sale originating in their repesctive territories are being prepared, and as completed will be forwarded to
the postmasters concerned.
The distribution will be completed, it is esti¬
mated, within the next two months.
On Jan. 17 it
announced by Secretary
was
of the Treasury
record for one day's sale of th'e "Baby
Monday Jan. 10 of this year, when
$10,029,780 maturity value of the bonds were sold.
Sales
by post offices throughout the United States on that day
represented $9,025,360, maturity value of bonds, and directby-mail orders were received in Washington for Savings
Bonds of a maturity value of $1,400,020.
Bonds"
a
set
was
on
events,
results
consequent
Production
World
at
Handy & Harman—-Record
276,000,000 Ounces in 1937
Compares with Previous High Figure of 261,000,000
Ounces in 1929—Treasury Silver Holdings Total
2,176,000,000 Ounces
statistics cov¬
Handy & Ilarman,
New York bullion brokers, in their annual review of the
silver market for 1937, made public Jan. 10.
"Most im¬
portant," it is stated, "is the creation of a new record for
world production,
which amounted to 276,000,000 ounces
against the former peak of 261,000,000 ounces established in
1929."
"Also," says the review, "for the first year since 1933
the amount of newly-mined metal has exceeded the total
facts are disclosed by the
"Two interesting
ering 1937 silver supplies," it is stated by
other sources such as
of market offerings from
coinage, government stocks, and treasure from
The review adds:
demonetized
the Orient."
pursued
63,000,000
world
of
estimate-
production
ounces.
silver holdings as
31, 1936, as published in their review of a year
ago (referred to in these columns Jan. 23, 1937, page 546),
Handy & Harman state that the figure of 1.900,700,009
ounces should be reduced to 1,859,600,000 ounces.
In part,
Should
1936.
The review estimates that
States
the
31,500,000 ounces of silver were
in the United
20% over the
spite of the definite decline in business
1937 by the arts and industries
Canada, an increase of nearly
used during
and
preceding year, in
which occurred during the last quarter.
from
Advices
important classifications,
is
tion
unable
indicate
England
that
review continues:
the present
to
any
secure
show that 15,900,000 ounces were retained
1937, we are allocating that amount to German con¬
sumption without any attempt to classify it.
since statistics
silver,
by
that country in
hut,
of
Figures
silver supplies and
world
presented as follows in the
position of the United States in
dominant
The
commented
silver is
in alluding to the
market "on such a huge
in the review, which,
upon
in
participation
country's
for
the
scale," says:
Before
existed
the
at
nouncement
silver
of
form
the
in
close
on
a
issued
was
WORLD SILVER
1937
1936
68 4
88 0
Canada 1
24.3
South America
32.3
All other countries...63.0
62.8
77.5
19.3
31.3
59.8
proclamation,
mined
place subject to its
any
ment,
command
rate
a
silver
for
of
of
price
States
United
the
to
on
which
extended until
Dec.
31, 1938,
his
silver
States
jurisdiction should, subject to further amend¬
64.64c. per ounce 1,000 fine when delivered
This
mints.
domestic
origin
order
from
reduced
buying
which had
the government
the price of
77.57c.,
1935. and reestablished the figure set by the
original proclamation.
By not so much as a word did the President
elaborate upon his action, or allude to the international aspects of the
silver
situation; therefore,
the mere reduction of the domestic price
affords no basis for predicting the Administration's future silver policy.
since
prevailed
25,
eight-nation silver control agreement terminated
The
and
April
no
effort
made
was
to
renew
it.
Again,
this
with the ypar 1937,
should not be
fact
policy by the United States, because
presumably the need for such an agreement no longer existed.
This pact,
which became effective on Jan. 1, 1934, for a four-year period, was made
interpreted
for
the
mean
purpose
of
a
change
stabilizing
in
world
silver prices by means of
absorbing
limiting sales of silver through the combined action of
governments.
Subsequently, the stabilization program which this
production
certain
to
and
completely dwarfed by the magnitude of
purchases already made and still required under the provisions of
Silver Purchase Act, which became law six months later.
joint
accord
imposed
was
the
the
official statement from the Treasury
Department, amounted to 1,226,740,100 ounces at Sept. 30, 1937, and do
not
include 172.672,400 ounces of domestic newly-mined silver acquired
under the President's proclamation.
The sum of these figures, plus an
estimate for purchases covering the last quarter of the year, when added
to government silver stocks previously on hand, produces a total of 2,176,900.000 ounces, which represents Treasury silver holdings at Dec. 31, 1937.
Based on year-end gold stocks of $12,760,000,000. additional
acquisitions
of silver to the extent of about 1.113,000,000 ounces are still needed to
fulfill the requirements of the Silver Purchase Act.
It is also of interest
to note that,
in spite of these enormous purchases, the goal prescribed
for silver in this country's monetary reserve has been approached by less
than 200,000,000 ounces during the past three and one-half years.
The
fact
that the
United States has participated in the market on
Such
purchases,
69.9
Domestic production....
United States.
Mexico..
...
Nationalizedstocks......
Open market
276.0
Total production
...
purchases..247.4
317.3
331.6
7.2
1.7
1.1
0.6
7.2
purchases
Eight-Nation
Silver Pact:
250.7
Mexico
....
Canada....
Other supplies:
Sales by China
Peru.
(Hongkong
.....—.
Australia.
sales are Included in the
figure)..........174.3
3.0
7.6
1.7
China
Hongkong...
....
French Indo-China
3.6
Cuba
4.5
Honduras.........
Rumania
6.0
Venezuela.....
...
Great Britain.......
1.0
0.1
0.1
.....
Soviet Union.........
Red Sea district.........
1.0
Indian consumption
464.6
Total.
1.7
1.1
0.6
Coinage:
302.0
Other sales:
Germany
61.1
0.4
270.1'
Other government
under the
German consumption
554.7
6.0
10.0
58.0
15.9
7.9
2.8
100.0
16.0
Arts and Industries:
the United States
In
Canada.
and
26.5
.........
31.5
—
15.0
12.0
476.6
507.4
In England
Total
proclamation reducing the Treasury
domestic silver was given in our issue
President Roosevelt's
price for newly-mined
of Jan. 8, page
191.
"Good-Neighbor" Principle Continues Keystone of Our
Foreign Policy, President Roosevelt Says in Letter
Read at Exercises Dedicating New International
Business Machines
Building—Secretaries Hull and
Roper Also Send Messages
neighbor" continues as the
policy, President Roose¬
velt said in a letter read on Jan. 18 at ceremonies dedicat¬
ing the new world headquarters building of International
Business Machines Corp. in New York City.
The President's
The
of
principle
cornerstone
of
the
good
American foreign
addressed to Thomas J. Watson, President of the
and President of the International Chamber of
Commerce
and
a
trustee of the Carnegie Endowment,
letter,
company
the efforts of Secretary of State Hull to extend
through reciprocal trade agreements.
Other letters read at the dedicatory exercises were frpm
Secretary Hull and Secretary of Commerce Roper.
Mr.
Hull said that the United States is "pursuing a policy of
praised
mutual trade relations
rebuilding foreign commerce
through the medium of trade
agreements, which seek to encourage the lowering
ficial and arbitrary trade barriers throughout the
The
letter from President
The
according to an
CONSUMPTION .
1937,
1936
U. S. Govt, acquisitions:
Production:
of Dec. 21, 1933, and amended it to the effect that
during the year 1938 from natural deposits in the United
proclamation
or
consider the situation that
Roosevelt's long-awaited an¬
the evening of Dee. 31, and appeared
future, let us
of the year.
President
silver's
discussing
consumption are
review:
SILVER SUPPLIES
(In Millions of line Ounces)
1936
1937 at
317,300,000 ounces, divided into the following classifications: from domes¬
tic ores, 69,900,000 ounces; from nationalization, 30,000 ounces ; from open
market purchases, including miscellaneous deposits at the mints and assay
offices, 247,400,000 ounces.
The total from these sources, added to the
1,859,600,000 ounces on hand at the beginning of the year, amounts to
2,176,900,000 ounces, which represents our estimate of Treasury silver
holdings at Dec. 31, 1937, and includes coin in circulation.
It does not
include, however, those government purchases which, pending refining or
remelting, were still in unacceptable form for delivery to the Treasury.
acquisition
this informa¬
estimate.
In the case of Germany we have been
segregation of data to indicate purely industrial uses
preliminary
a
for
'
Government
States
United
total
estimate
We
industries in that
arts and
the
15,000,000 ounces during 1937, but
country consumed about
Dec.
of
It goes on to say:
from the consumption stand¬
point, the percentage increases were as follows: sterling silverware, 25%;
silver-plated ware, 20%; motion pictures, 10%.
There have also been
some
increases in the jewelry and dental trades.
In the purely industrial
field, special silver products and alloys, developed by research during
past years, have been put to a widespread and increasing use.
These com¬
prise brazing alloys principally, but also include 6ilver powders, sintered
products, and silver-clad metals.
We estimate the -amount of silver used
in such materials during the past year at 4,000,000 ounces, an increase
of about 35% over the 1936 figure.
the more
we
revising their estimate of Treasury
In
price, and this
been recognized by the Treasury
January,
since
WORLD
apportion as follows:
United
States, ' 68,400,000
ounces;
Mexico, 88,000,000 ounces; Canada,
24,800,000 ounces; South America, 32,300,000 ounces; all ether countries,
above
The
demonstrated the unfortunate
sharply advancing or declining
a
upon
s
have sufficiently
believe,
has apparently
Among
Review of Silver Market by
the white metal.
we
in its buying program
reduction in the price of
domestic silver be the forerunner of a decline in the foreign price, we.
earnestly hope that such decline will be gradual and orderly.
The United
States Government has the power to control the situation, and, we assume,
will continue to prevent sudden and wide fluctuations in the price of
foreign silver.
Such silver is the sole source of supply for the arts and
industries in this country, because all newly-mined domestic metal is sold
to the Treasury at a premium price, and stability of the market for foreign
silver is unquestionably beneficial to the silver trade of the United States.
fact
Approximately 16,000 post offices throughout the
Morgenthau that
Past
My
dear Mr.
I
am
of arti¬
world."
Roosevelt follows:
White
House,
Washington, Jan.
14.
Watson:
glad to wish you
Godspeed as you dedicate your new
world head¬
building to the cause of "World Peace Through World Trade."
That is an excellent slogan and all
mankind would be the beneficiary if
the nations of the world would adopt it as their own and put it into
quarters
effect
It
As
everywhere and every day.
is
a
the
way
with Cordell Hull in these
he has steadfastly shown to the
pleasure to join
Secretary of State
to
peace
and goodwill through
dedicatory exercises.
nations of the earth
mutual trade relarions—a prin¬
has found practical expression through the reciprocal trade
agreements which he has negotiated.
These agreements are now being
carried out in the spirit of the good neighbor, the neighbor who respects
ciple
which
Financial
526
big obligations and lives
the
remains
The principle of the good neighbor
to them.
up
of
cornerstone
Chronicle
ROOSEVELT.
National Association
the
hearty
dedication of
through world
greetings
this
and greater
access
cated road
In
from
present
structure
the
to
this occasion
on
of
cause
world
of
peace
cooperation
the
for all nations to live a satisfactory and improv¬
Restoration of
freer movement of
a
international
trade
of the people to the resources of the world is the indi¬
threat of
recognition
those
Through economic interchange and
trade.
life.
business
fine
opportunity is presented
ing type of
all
to
to the
war
hope of peace.
relationship between peace and the
economic wellbeing of the citizens, the United States is pursuing a policy
of rebuilding foreign commerce through the medium of trade agreements,
which
seek
barriers
to
fundamental
of the
the
lowering
world.
The
encourage
throughout
the
of
artificial
pursuit
opportunity for the United States to be
an
effective the conditions of peace.
Now,
arbitrary
trade
always, the support of American
as
is an invaluable factor in
export interests
and
of this policy has provided
leader in the effort to make
a
the
this constructive
of
success
program.
join
your
of
Industrial
through
Corp.'s
pleasure
cause
to
respect,
The
those
and
personal
that
the nations
has
building.
building
is
the
you
It
is
a
being dedicated
to follow
cultivate
based
faith,
confidence
and
knowledge
and
through
to
necessary
science
control
Congratulations
man.
lead and
your
inaccurate
on
discovered
procedure
to
this
opportunity
suspicion
world
and through
you,
headquarters
Through World Trade."
great
a
.among
dispelling
mechanics
the
except
service you
know
Peace
have
statesmen
misunderstanding.
tion
to
and
inven¬
the
Com¬
sponsored by the Administration, will be pressed
for action
In advices
during the present session of Congress.
Jan. 17 to the New York "Journal of Commerce" from its
Washington bureau, Mr. Maloney is quoted
► Purpose of
ethical
work
of
brokers and dealers which shall be designed to improve
plane
free
a
dealers to
which
upon
and
Join
conducted
business is
within
the frame¬
market, while neither compelling brokers and
open
the associations which would furnish this mechanism nor
of monopoly or other restraints upon free com¬
the growth
permitting
saying:
as
the bill is to establish the mechanism for regulation among
over-the-counter
the
the
on
splendid
rendering in this respect.
are
ROPER.
Watson and Nicholas Murray Butler, President of Columbia
The messages from
Hull
retaries
and
Roper
also introduced the
speakers.
President
read
were
Securities
by
In the
Watson,
who
of his remarks
course
Watson
with
register
may
Under the
scope.
on a
SEC
the
as
these
measure,
in effect would be
groups
similarly regulated as Securities Exchanges are under the
Securities and Exchange Act of 1934, said Washington
advices Jan. 17 to the New York "Herald Tribune" which
further stated:
The Commission is given broad powers to police these associations,
provisions
specifically call for expulsion
a
in
unethical
member in
in practices
whose
punishment of members for
or
An
practices.
firm
over-the-counter
cannot
National Securities Association if it has participated
a
considered
unethical, subject to the Commission's review of
charges.
;
Restricted
Roosevelt, Sec¬
Mr.
organize associations
is of the size and character to render them national in
group
become
Mr.
were
dealers in the over-the-
or
geographical
a National
Association, if the membership of the dealers
and
participation
DANIEL C.
University.
provides that brokers
counter market may
forces
all
you
Among the principal speakers at the exercises
Mr.
which is
Exchange
It is stated that the measure,
Maloney of Connecticut.
basis,
the dedication of the International
on
world
new
to
me
"World
understanding
mutual
organization,
your
Machines
of
the
friends in congratulating
many
personnel of
Business
source
Securities and
the
of
introduced in the Senate, Jan. 18 by Senator
was
The bill
retary of Commerce Roper:
to
providing regulation of over-the-counter markets
supervision
mission
HULL.
The following is the message of congratulation from Sec¬
entire
under
petition.
CORDELL
I
bill
A
Secretary of State Hull, in his letter, said:
my
Regulation of Over-the-Counter Markets
in
Senate—Measure
Sponsored
by
Maloney
Provides
Self-Regulation
by
Senator
FRANKLIN D.
extend
1938
Introduced
Very sincerely yours,
I
SEC
Bill for
foreign policy.
our
Jan. 22,
-
Membership Likely
With the approval of the Commission, membership in a national asso¬
ciation may
be restricted
on a
specified geographical basis,
or on a
specified
basis relating to the type of business done by its members, or on any other
emphasized the need of restoring the normal
flow of goods and services between nations which is now
specified appropriate basis.
being retarded with the result that international relations
mission may suspend
are
affected
He
also
and
the progress
pointed
of civilization
is slowed up.
the
out
interdependence of nations, in¬
stancing the indispensability of imports to our standard of
living, and the importance of our exports in supporting
American
About
industry.
two
years
In part, Mr. Watson said:
the
ago
International
Chamber
Carnegie Endowment for International Peace
make
certain
Through
economic
studies
World Trade.
currencies,
At
debts
limitation
alike;
materials,
of
these
tion
that
fair adjustment
international
tries
food
and
studies
to the
on
of
have
time
set
up
began
we
of
international
armaments
We
and
trade
have
barriers,
that
credit
us
to make
which
so
deeply interested.
we
all
are
Referring to his company's activities in world trade, Mr.
Watson stated:
It
is
the
outside the
have
we
obligation
international
of
pioneers
prevent
living and
and
war
business
nearly
and
we
will
something
profession.
As
in
certain
fields
the
proper
exchange
century
convinced
that
result
in
mutual
cultural
profit,
life
higher
all
objective of
common
and
educational
A
warning that
waging is
There
conducted
ideas,
for
in
or
ordination
gain
alone
unless
to
hand in hand,
which
war
military
as
it
at
to
matter
no
together with
financial
be
and
to
war
everywhere
sounded
was
by
what cost
in
spirit
of
is
principle,
in
to
be
moral
service.
Given
these
gain-seeking is not only defensible but commendable,
those
presuppositions
it
would
be
indefensible
and
justly
to vigorous attack.
open
It
is
must
these
principles and ideals which the twentieth century world
and act upon if it is to be lifted out of its present maelstrom
confidence, of depression and of antagonism to the very point
grasp
of
lack
of
military
of
military
poison
if it
ground
is
economic
fought
and
gas
The
war.
war
with
battleships.
continued
many
of
those
It
much
which
war
other
is
everywhere waging
implements
is
quite
longer,
institutions
will
and
than
tanks
destructive
as
and
is
only
guns
and
military
as
in
which
we
Americans
so
profoundly believe.
Take
down
and
definite
and
currency
economic
the
barriers
of
international
monetary standard to
measurement,
interests,
like
and
their
serve
open
moral
as
the
men's
interests,
Provide
stabilized
a
international unit
eyes
are
to
the
fact
common,
of value
that
not
their
antagon¬
istic, and that only through multiplication of acts and policies of human
cooperation,
human
confidence
and
human
action
can
the
world
be
advanced
or
even
protected in its present stage of development.
Mrs. August
a
in
Belmont, President of the Opera Guild, also
speaker at the dedication, represented women's interest
world
peace.
Lafayette College,
Dr.
William
Mather
Lewis, President of
speaker.
The new build¬
was likewise a
ing is located at 590 Madison Avenue, at 57th
of 1934 the Com¬
rules, which
subject to SEC approval and scrutiny
are
(1)
and
(2), patterned after Section 19 (A)
This paragraph
(3) of the Securities
provides that the Commission,
after notice and hearing, may suspend for 12 months or expel any member
of
association who the SEC finds has violated the
an
of the Commission.
who he had
person
Or, who has affected
reason
to believe
was
Exchange Act, or rules
any transaction
for any other
violating such provision or rules.
Dues Are Provided
Sections
F,
G and
H
are
ciations
may
expenses
of the organization.
devoted to
disciplinary actions which asso¬
take against members, who
are
to pay dues to defray the
These sections follow:
"(F) A registered securities association (whether national or affiliated)
may, upon such reasonable notice and upon such terms and conditions
relating to orderly liquidation as the Commission may deem necessary in
the public interest or for the protection of investors, withdraw from regis¬
tration by filing with the Commission a written notice of withdrawal in
such form as the Commission may by rules and regulations prescribe.
Upon the withdrawal of a National Securities Association from registration,
the registration of any association affiliated therewith shall automatically
terminate.
"(G) If any registered securities association (whether national or af¬
filiated) shall take any disciplinary action against any member thereof,
or shall deny admission to
any broker or dealer seeking membership therein,
such action shall be subject to review by the Commissio*. on its own
motion, or upon application by any person aggrieved thereby filed within
60 days after such action has been taken or within such longer period as the
Commission may determine. Application to the Commission for review, or
the iastitution of review by the Commission on its own motion, shall not
operate as a stay of such action, unless the Commission shall so order.
Proceedings Shown
"(H) (1) In a proceeding to review disciplinary action taken by a
registered securities association against a member thereof.
If the Com¬
mission, after appropriate notice and opportunity for hearings, upon con¬
sideration
of
the record
before
the
association
and
such
other
evidence
it may deem relevant, shall (a) find that such member has engaged in
such acts or practices, or has omitted such Act as the association has found
him
to
acts
or
have engaged in or omitted, and (b) shall determine that such
practices, or omission to act, are in violation of such rules of the
as have been designated in the determination of the associa¬
tion, the Commission shall by order dismiss the proceeding, unless it appears
association
to the Commission that such action should be modified in accordance with
paragraph (2) of this subsection.
"The Commission shall likewise determine whether the acts
prohibited,
Street.
or
or practices
the omission of any act required, by any such rule constitute
conduct inconsistent with just and equitable principles of trade, and shall
so declare.
If it appears to the Commission that the evidence does not
warrant the finding required in Clause (A), or if the Commission shall
determine that such acts or practices as are found to have been engaged
in are not prohibited by the dasignated rule or rules of the association, or
that such act as is found to have been omitted is not required by such rule
rules, the Commission shall by order set aside the action of the
or
asso¬
ciation."
The SEC has the power to remove any officer or director of a registered
national
securities
association,
broadest
poweis
the
who
enforce the rules of the association
of the
trade.
Exchange Act
revoke the registration of an asso¬
or
Other punitive measures included in the Maloney bill are those in par¬
agraph
war
certainly bring tumbling to the
ideals
and
as
that business
suppose
a
own
Order of
is
Gain-seeking is not in itself to be derided
gain-seeking undertaken otherwise than in sub¬
principles
then
whereas without
than
error
the association's
countries.
service.
moral
presuppositions,
and,
respective
the economic
greater
no
human
attacked
or
their
of
On this theme he said, in part:
be
can
of
destructive
as
Dr. Butler.
standards
giving greater service to the industrial,
institutions
of
people.
for
We have learned that
competition and cooperation can go
and that people of
many nationalities and races can work
the
while
worth
organization,
an
methods, ideas and ideals between nations
fuller spiritual and
a
do
to
or
quarter
a
are
and
men
citizen
every
own
for
education,
goods and services,
will
of
bounds of his
been
Securities
for 13 months
of
raw
worthwhile contribu¬
a
of the
at all times.
coun¬
of
continuation
a
eventually enable
in
settlement
distribution
hope
great
Peace
of international
debtor and
better
a
World
upon
study
a
the
and
joint committee to
a
violation
Exchange Act of 1934.
Commerce
bearing
a
basis that will lie fair to
a
clothing.
will
cause
which
of
For
ciation, after notice and hearing, or for failure to enforce compliance with
or
Commission finds
has failed to
has abused his authority.
This is
one
which the bill grants to the SEC, in fact much
stronger than the provisions of the Securities and Exchange Act of 1934.
A member of
it
is
a
registered national securities association shall not deal,
provided,
with
who
uses
mean
one
merce to
exchange
Those
non-member
mails
or
who is not
dealing
specifically denied to
instrumentality of interstate
a
member of any registered
exclusively in commercial
are
com¬
subsection
paper,
securities
association.
banker's acceptances
or
excepted.
in
effect
permits
to refuse to extend dealers' discounts,
are
broker dealer
an
effect security transactions, otherwise than on a national securities
commercial bills
This
a
the
members
of registered
associations
&c., to such brokers and dealers a#»
eligible for membership, but who do not join an association or who have
been
excluded
therefrom.
criminate against the
No registered
members of
any
association, however, may dis¬
other registered association.
Volume
The bill
Financial
146
was
the subject of
discussion this week-end by the
Board of Governors of the Investment Bankers Association
of America.
527
Chronicle
tug and an oiler.
The bill also carries $119,641,050 for continuing
tender and
Appropriations
Veto"
Amendment
Elinmiates
Committee
from
Independent
"Item
Offices Ap¬
propriation Bill—Acts After House Leaders Oppose.
Power Granted When Few Representatives Were
Floor
on
a
forty-three destroyers, sixteen submarines, a seaplane
destroyer tender.
Appropriations Committee on Jan. 17 elim¬
Independent Offices Appropriation Bill an
amendment which had been approved by the House giving
inated from the
These contemplate funds sufficient for the
mittee report without change.
purchase of 319 planes, including 46
reduce or eliminate in the interest of
economy any appropriation item in the bill passed by Con¬
gress without vetoing the entire measure.
Passage of the
bill by the House, and inclusion of the "item veto" amend¬
ment, were reported in the "Chronicle" of Jan. 15, page 373.
On Jan. 14 members of the House Appropriations Committee
joined in an appeal to the Senate to nulify the amendment,
which had been approved while few House members were on
the floor.
Foes of the proposal said that if it were not de¬
feated by the Senate, separate legislation repealing the
Presidential power would be offered after the bill was
passed.
The action of the Senate Appropriations Committee was
noted in the following Associated
Press Washington dis¬
patch of Jan. 17:
The full committee agreed to the
recommendation of a subcommittee
striking out the amendment, which would have permitted the
reduce individual items
President to
appropriation bills by executive
in
order.
Senators had expressed
Some
As
over
the legality of conferring the
\/.f
approved by the Senate committee, the bill
$1,440,950
or
doubt
without a constitutional amendment.
power
more
of the planes to
The Senate committee added $2,763,000
the House appropriations
The Committee also adopted the budget
overrode
and budget estimates for the Labor Board
its
totaling $2,326,000 to the
ply bill.
to the
Appropriations
and
Committee and added items
billion-and-a-half-dollar Treasury-Postoffice sup¬
for construction of annexes
This more than offset the additions.
voted were $1,000,000 for the pay of city mail car¬
amount for clerks in first and second class postoffices.
It also eliminated a $2,500,000 item
government printing offices.
The largest increases
riers and a similar
in the current year.
Winthrop W. Aldrich Says Government Policies Stimu¬
lated Recession—Banker Tells Senate Unemploy¬
ment Committee
Balanced Budget and Co-opera¬
tion Between Administration and Business Would
Aid
Recovery
policies contributed toward the current busi¬
Government
recession, Winthrop W. Aldrich, Chairman of the Board
of the Chase National Bank, told the Senate Committee on
ness
Relief and
Unemployment
$553,266,494
Appropriations for
Naval
Construction Expected,
Following Forth¬
coming Presidential Message
Appropriations Committee Reports
Bill—Further
Supply
Jan.
on
He asserted that
14.
would improve "in the greatest possible way" if
there were some indication that the Federal budget would be
business
balanced and if sincere and mutual trust between Govern¬
ment and
business could be
arranged
so
that the investing
public would regain confidence. Public utilities he said, are
"bursting to go ahead" if assured against Government com¬
petition in their field. Mr. Aldrich's testimony was reported
as follows in a Washington dispatch of Jan. 14 to the New
York "Herald Tribune":
Appropriations Committee on Jan. 17 reported
Supply Bill, carrying allotments totaling
$553,266,494 during the fiscal year ending June 30, 1939.
The measure includes provisions for continuing uninter¬
rupted the naval building program under the Vinson-Trammell Act.
This will be supplemented by expected legisla¬
tion on recommendations which President Roosevelt plans
to submit in the near future, contemplating additional naval
construction in view of the unsettled state of world affairs.
It was predicted in Washington that the forthcoming Presi¬
dential message will recommend adoption of an authoriza¬
tion program for more vessels and airplanes.
Legislation covering defense appropriations was discussed
in the following Washington dispatch of Jan. 17 to the New
The House
the annual Navy
York "Times":
readiness,
five-point outline of what he regarded as
Mr. Aldrich gave the Senators a
economic slump, a prompt attack on
which should greatly promote recovery:
Above all others, "this continually unbalanced budget."
Lack of confidence on the part of business and the investing
public alike,
together with the threat of government competition with private business.
Repressive effects of high income taxes, the capital gains tax in its present
form and, especially, the undistributed profits tax.
Certain
regulations of the Securities Exchange Commission, which
prompted Mr. ^ldrich to declare: "My own belief is that the market should
be as broad and free as possible, with whatever restrictions are necessary to
prevent abuses."
Slackness in foreign trade.
ready "to go ahead fast" if they
has
banking executive said they could
regard to the public utilities, the
In
Navy
."
♦
contribute greatly to resumption
House
the present year.
recommendation for an average
of 17,500 men as compared with 17,000
Marine Corps enlisted strength
important causes contributing to the
for construction of the Gilberts-
been stricken in the House, but cut
the Interstate Commerce Commission.
House
but it is planned that in
be acquired will be replacements,
Speaking from notes and answering all questions with great
carried $1,412,069,465,
than it did when it passed the House.
ville, Ky., T. V. A. dam, which had
The
for the reserves.
This is about the
for the current fiscal year.
Many
number provided for in appropriations
the President power to
or
adopted in the com¬
Budget recommendations for new airplanes were
1939 there will be in operation 117 more planes than in
The Senate
eliminate
work on the construc¬
North Carolina and Washington, three aircraft car¬
tion of the battleships
riers, eight cruisers,
Senate
mine sweeper, a submarine tender, a fleet
destroyers, six submarines, a
caused
never
with private
me
of employment, and he believed they were
received any encouragement.
"Regulation
It is government going into competition
fear.
any
business with the utilities or any other
On these
industry."
words he closed his testimony.
Previously, Mr. Aldrich had
answered a question from Senator
Murray, Democrat, of Montana,
James'E.
about government's possibilities of co¬
operation by saying:
One thing
about the government's
of business men who feel exactly as you do
should be stopped.
that those things
most
position
Certain inflammatory statements are
put in a most unfortu¬
hurled at them. After all,
Those of us who feel as you do are
regrettable.
nate
attitude which is particularly un¬
that
distinguish between those who do things
fortunate is the failure to
result in fraud and the great mass
when blanket indictments are
of individuals, the same as business is.
I don't
think business should accuse government of propaganda, or that govern¬
ment should accuse business of propaganda."
What about co-operation between the two. Senator Murray wanted to
government is made up
know.
Mr. Aldrich
that, as a patriotic
It's the intelligent thing to do.
whether there had been any action by New York
replied, "Every business man realizes
citizen, he can't
possibly do anything else.
The Senator then
asked
bankers to hold down loans.
Aldrich. He added, in reference to his bank,
$600,000,000 of loans outstanding today. . . . But the
"Absolutely not," said Mr.
Statisticians estimate that the
regular construction provided for in the
bill will mean work for 77,000 men.
annual supply
How the Administration feels about
the foreign situation was outlined
Chief of Naval Operations, in testi
before the Appropriations Subcommittee during consideration of the
budget.
The record of those hearings was made public today and
briefly by Admiral William D. Leahy,
mony
naval
showed that Admiral Leahy before expressing
the approval
his views on that score had
of his superiors.
"The present
"We've got some
mostly is this continually unbalanced budget.
I
of that can be overemphasized."
declared that the late summer docline in the stock markets
thing that concerns me
don't think the importance
Mr. Aldrich
was
received by every one
reasons,
he said some
There must be a desire on
government policies.
moment," he said, "is not one when the United States can
defense without jeopardizing our na¬
tional security.
The political conditions in the world, both in Europe and
the Far East, are more threatening than at any time since 1918 and are
safely reduce its means for national
with surprise and increduility,
because business
to justify the down trend. When pressed for
related to the market itself and others stemmed from
indices, he said, didn't seem
the investor's part to invest
implied confidence in future business prospects.
He believed there was a general feeling since the market break, that "cer¬
tain government policies contributed to that decline."
he
pointed out, and that
distinctly worse than a year ago....
"In considering estimates
for the navy, conditions in the world on all
sides of us and the strength
of our navy as compared with the strength of
the navies of other great
powers
President
President's special message the House will
It plans to
take up the bill tomorrow and hopes to complete the debate on Friday so
that progress may be made in disposing of all the regular supply measures
in the interests of as early adjournment of the session as possible.
General
Pending the delivery of the
begin
debate
The report
on
of the Appropriations Committee
was
made possible through
miscellaneous parings of items.
through utilization of reappropriations
duced by
followed substantially the
but a reduction of over $ 11,000,000
In addition,
the total of $553,266,494 was re¬
$4,071,000 to $549,195,494.
Navy Department
of $565,929,461. Naval ap¬
amount to $526,543,308, including
a reappropriation of $10,000,000.
The increase for the fiscal year 1939 is
largely accounted for in the regular building program and advanced cost
The total compares
of
with preliminary estimates by the
$713,743,273 and with a budget estimate
propriations for the current fiscal year
of materials.
The House Committee
adopted the Administration recommendations for
construction. This is $9,637,000
less than requested by the budget, but through utilization of continuing
funds $182,908,421 will be available for shipbuilding in the fiscal year 1939a
building.
It asked $138,063,150 for ship
Provides for
Included
in
this section is
battleships, with a
New Ships
$18,422,100 to begin construction of two
completed cost of $70,850,300 each, two cruisers, eight
Reed
to
Succeed Justice Sutherland on
Supreme Court—Senate
Early Nest Week
the annual naval appropriation measure.
recommendations of the Budget Bureau,
Judiciary Committee Approves
Roosevelt's
Nomination
of Solicitor
Subcommittee of Senate
must be considered."
A
subcommittee of the
Confirmation
Senate Judiciary Committee on
voted unanimously to approve the
Solicitor General Stanley F. Reed to be a
Jan.
Expected
20
nomination of
Justice of the
Supreme Court, succeeding Justice Sutherland, who
on Jan.
18.
Justice Sutherland's letter to President
retired
Roose¬
retirement was reported
199. As a result of the
action of the subcommittee, it was expected that the Senate
.Judiciarv Committee would approve Mr. Reed's nomination
on Monday and that the Senate would act in a similar manner
velt, notifying him of his proposed
in the "Chronicle" of Jan. 8, page
early next week.
President Roosevelt
noted in the following
the
New York
From
"Times":
the moment
retirement Mr.
nominated Mr. Reed on Jan. 15, as
Washington dispatch of that date to
on
Jan, 5 when Justice
Reed's name has
probabilities, just as it was
retirement last spring.
Sutherland announced his
been in the forefront of Supreme
after Justice Van Devanter's
Court
announcement of
528
Financial
Seating
of Mr.
Reed
the
upon
Court
Supreme
will
Until Mr. Cardozo returns
appointed the rest of the Court will
In
the
even
another
or
with
tion
a
Approved, first by
262-97,
Approved by
judicially minded toward all
as
of
his
associates
in
the
Department of Justice today de¬
He
each
professional New Dealer.
a
question
new
proposed
He is not
separately
its
on
zealot.
a
merits
briefing New Deal
cases
striking record
a
presented to the Supreme Court.
The Democratic leader, Representative Rayburn, and Chairman Woodof the Appropriations Committee tried to bring support to
tive
Ludlow, and equally emphatic pleas for economy
Re has a high reputation
lawyers and has won obvious respect from the justices by bis forceful
Department of Justice officials say he is
The
line
of
distinguished
lawyers who have been Solicitor General, among
Davis, James M. Beck, William D. Mitchell, Thomas D.
Thatcher, Frederick W. Lehmann and Judson Harmon.
if air and
With the
reports that Attorney General
Cummings would resign at
long current
that
his
loyalty
the
to
Administration
in
whole-heartedly
advocating a change in the Supreme Court had resulted in denying him the
ambition of every lawyer—a seat upon that bench.
Along with
that
rumors
of the
one
men
Mr.
mentioned
Cummings plans to resign
possible appointee
as a
came
reports
call
attention
that
notice
"to
upon the desk of Vice-President Garner.
Black, however, the
in the President's
name
of Mr.
m.
was
and
coming.
was
was
"Some
of you
that
argue
Washington advices of Jan. 20 described
by the subcommittee
the approval of Mr. Reed's nomination
as follows:
The
vote
Mr.
on
was
taken
when
the
committee
concluded
brief
a
hearing
Reed's qualifications.
Senator Logan, Democrat, of Kentucky, said that there
of
Mr.
Reed's
qualifications.
Mr. Reed,
Attorney General Cummings attended.
was no
Solicitor
now
General,
Kentuckian
was
a
"great personal satisfac¬
put the nomination before the full Committee
Prompt approval is expected and confirmation by the Senate
early next week.
.
Robert
Gray Taylor of Philadelphia asked permission to testify when
Mr. Logan concluded, and said that he wished to
know, among other things,
whether Mr. Reed ever stimulated or
cooperated in "the un-American antiCatholic Klan activity."
of Mr.
Borah, Republican, of Idaho, interjected the remark that
Taylor's
questions
the
na¬
these increased
he went
"But
on.
appropriations
no
balanced budget.
a
as
seriously and the majority party is willing to
budget, Gold help
us
will help re¬
thing would help
one
em¬
Unless Congress is willing to
help the President
when the electors next
pass
"l
V
judgment
"These
amendments
Treasury, and they
nothing
are
can
more
than
out-and-out
-
/
have no purpose other than
to
raids
•
further
on
:
v'.'
the
unbalance
regarding
Mr.
Some members smiled when Mr. Michener, a conservative
Republican,
pleaded with the
Democrats
help their
to
leaders in
own
balancing the
budget.
House
Ways and Means Committee Studies 63 Proposed
Changes in Tax Laws—U. S. Chamber of Commerce
Spokesmen
Say
Tax
Program
Does
Not
Go
"Far
Enough"
The subcommittee will
► Senator
much
as
.
and
tion."
Monday.
.
joining in
up
Mr. Taber said:
discussion
The Attorney General praised Mr. Reed's legal
ability and said that the
nomination of the 53-year old
were
the budget and put the Treasury in a hole."
handwriting.
Associated Press
unemployment,"
balance the
laid
typewritten instead of being
.•
members
some
appropriations, pile
tional debt and thereby force inflation."
Unlike the nomination of Justice
Reed
is balance its income and outgo,"
increase all
onus."
a.
bill he
appropriation
.
Clerk, left the White House, there
11
new
the financial condition of the
.
deliberate movement
a
think
intimation of what
each
Representative Woodrum charged that
ployment
it convened at
and
"We have got to do what any sane individual would do—what any sane,
lieve
was no
with
and again to
again
he said.
President Roosevelt sent the Reed nomination to the Senate In the same
fashion as that of Justice Black last
August.
The name had been kept
secret, and except for a little flurry when Maurice C. Latta, Executive
as
year,
position to be generous to its employees.
a
sound corporation would do—-and that
perhaps Mr. Jackson, would succeed to the Attorney Generalship.
The paper reached the Senate
fiscal
included in the reckoning,
not
were
government."
Solicitor General,
as
appropriation
Rayburn Pleads for Economy
eany date.
an
Some members of Congress said that Mr. Cummings was a victim of cir¬
cumstances,
seeking the enlarged
group
mail subsidies
ocean
Rayburn served
"would
of the Reed appointment caine a revival of
news
of the
leader
therefore would be in
Mr.
that
principal
W.
Cummings Reports Revived
the
on
Representative Mead of New York, who argued that the Post Office
was
would have a prospective surplus of $30,000,000 in the coming
,
worthy figure in the long
a
Representa¬
made
were
Republican side by Mr. Taber and Representative Michener of Michigan.
Many victories stand to his credits; few defeats.
presentation and conscientious preparation of the issues.
them John
<•
rum
The nominee, conceded to be the new Justice, has had
among
allowances for railway
expense
type of new equipment furnished to third-class postoffices.
and
bias."
emotional
In arguing and
voice vote, $100,000 to the
Eliminated by a vote of 149-60 a provision that would have limited the
liberal, but not
a
examines
without
a
postal clerks.
scribed him thus:
"He is
standing vote of 119-66 the addition of $200,000 to al¬
a
Approved, 151 to 53, the addition of $1,000,000 for employment of city
Added, by
closest
roll-call of
a
mail carriers.
legislative ventures.
One
standing vote of 99-73 and then by
a
additional $1,000,000 for clerical and other additional help in
an
lowances for third-class postoffices.
is universally regarded in Wash¬
realistic rather than radical and
as
inspectors.
Zealot, Says Associate
before the highest Court,
measures
1938
22,
first and second class postoffices.
Mr. Reed, while having liberal views and defending scores of Administra¬
ington
Jan.
Eliminated by 116 to 36 committee's grant of additional funds for postal
justice is
two conservatives and two
comprise
middle ground.
Not
r
President
assure
Roosevelt of four Justices in the popular classification of liberals,
Justice Cardozo absent.
Chronicle
Reed
were
some
absurd.
Justice Sutherland retired from the
Supreme
Jan. 17, on which he served for 15
years.
Court
on
A total of 63
changes in the present tax laws, designed to
revenue legislation mora
effective, was proposed to the House Ways and Means
Committee on Jan. 14 by the sub-committee headed
by
Representative Vinson.
These suggestions were referred to
in the "Chronicle" of Jan. 15, page 374.
On Jan. 20 repre¬
make the administration of Federal
sentatives of the Chamber of Commerce of the United States
told the House Ways and Means Committee that its program
did not go "far enough" and that the undistributed
profits
tax should be repealed.
In discussing the proposed revisions, a Washington dis¬
patch of Jan. 14 to the New York "Journal of Commerce"
said:
Chairman Vinson of the subcommittee which made the study said:
"It is almost certain that the changes proposed will tend to stabilize the
House Passes
$1,515,352,286 Treasury-Post Office Ap¬
propriation Bill—Representatives Disregard Econ¬
omy Pleas, in Adding $2,300,000 by Amendments to
Original Measure
The
total of
Treasury-Post Office Appropriation Bill, carrying a
$1,515,352,286 was approved by the House of Rep¬
resentatives
on
Jan.
18 without
a
record
vote, and sent to
the Senate for consideration.
House disregarded
In passing the measure, the
appeals and overwhelmingly
voted for amendments
increasing various items.
Although
the total added to the
original bill was only $2,300,000, both
Democratic and Republican leaders warned the House that
the result would be of
major importance in indicating its
attitude toward economy, yet a
majority of almost three to
economy
to
one was
recorded in
roll-call test vote to
a
an
amendment
adding $1,000,000 to appropriations for personnel in first
and second class
post offices.
Passage of the bill, and the
addition of amendments to the
original measure, were de¬
scribed as follows in a
Washington dispatch of Jan. 18 to
It is the opinion of your subcommittee that there will be a very
revenue.
substantial stimulation of business by the enactment of the recommenda¬
tions
into
of
a
new
won
only
on
an
item
for
$26,000 to support
on a
Temporarily Smaller Than
The
was
bill
as
introduced,
because
while
$2,300,000
Treasury
ment
from
These matters
the
postoffice
was
was
for continuing construction of
deleted
on a
a new
last
subcommittee that
action,
down by 281 to 4
the establishment
as
a
number of
No effort
made at
was
this
respects depletion allowances for the oil
1.
changes made by the committee included the following:
Sweeping modification of the undistributed profits tax structure to
eliminate the burdensome effects of this tax upon approximately 90% of all
corporations filing returns and extending relief to the remainder.
2.
Proposal that "closely held" corporations be redefined in the law and
subjected to
3.
an
additional penalty tax after allowance of certain deductions.
Permit the carryover of losses
by corporations to be applied against
income in the second year under certain
4.
limitations.
Revision of the capital gains and losses provisions to enable taxpayers
their capital gains from other income, to be subject to
schedule of rates
or
treat
their
Permit
Establishment
a
of
special
.
of capital losses into the second
a
a
gains as ordinary income subject to the
|
carryover
of compensatory rates
system
seeds entering this country from
abroad for crushing
tax burden on the seed and the oil
Govern¬
ruling that the appropriation para¬
by this Committee of the Whole, but
of the
way to
left for later study.
struck temporarily from the
was
well-balanced tax
Major Changes Outlined
The major
7.
ation
wrote
the
Representative Ludlow,
bill, demanded
votes
on
years
8.
to
year.
on
so as
vegetable oil
to equalize the
produced therefrom.
a
on
six other amendments
on
their capital stock in
the return to be filed in 1939, and
every
three
thereafter.
Imposition of
a
3% excise tax to be levied on
foreign insurors having
no
ail gross
premiums paid
office or place of business in the United States,
of the 1926 Revenue Act and in lieu of the tax
premiums received by non-resident aliens and foreign corporations pro¬
vided for
by Sections 211 (a) and 231 (a) of the 1936 Revenue Act.
Although the subcommittee strongly defended the principle of the
before passing the bill the House laughingly voted
motion to recommit the bill, made
by Representative
Taber of New York, ranking Republican
menber of the subcommittee, who
asked that all funds for
administration of the silver-purchase program be
stricken out.
The House voted
Allow corporations, for capital-stock tax purposes, to set a new valu¬
to be in lieu of the stamp tax
on
by the House in formal session
As its
were
5.
to
a
unprofitable to the Treasury Depart¬
standpoint of enforcement.
6.
new legislation, and therefore was out of
order; it pre¬
sumably will be restored in proper form by the Senate as a matter of
course.
|K Passage of the bill followed more than three
days of consideration by
the House, sitting as a
Committee of the "Whole.
The amendments were
Chairman
proven
time, however to revise the law
graph contained
each
the
have
applicable surtax rates.
when it
being
May Set New Valuation
Printing Office,
inserted
which
section.
This $2,500,000, which
ment
added
was
into
and mining industries or to go into the problem of community property.
at First
passed carries at the moment $200,000 less than
section, one clause carrying $2,500,000
^
10 additional
final test.
will bring
they
general rule of corporate taxation to elimination of
nuisance levies
to segregate
Economy
that
Changes proposed by the group ranged all the
the New York "Times':
postal inspectors, this being deleted
and
law
system, improved in respect to certainty and equity."
as
follows:
un¬
distributed profits tax, it recognized that the tax has its bad effects but not
as
bad, the report said,
as some
of its critics contend.
Testimony on proposed taxation changes before the House
Ways and Means Committee on Jan. 20 was reported as
follows in Associated Press Washington advices of that date:
Volume
Financial
146
Fred H. Clausen of Horicon, Wis., a manufacturer and Chairman of the
r
Chamber's Committee
•our
position
that
penalty
any
legitimately held, not for the
of corporate
taxation
that are
earnings
of avoidance of the individual surtax,
purpose
„
of the surtax on
undistributed earnings should be complete."
modification of the undistributed profits and capital gains taxes,
provides
reduction
Mr. Morgenthau addressed his letter to
described
Chambers
the
"general position"
on
the com¬
of the Select
that
General would be
Committee
of the
result
net
tonight
ran
would be preferable
We do not think
profits tax.
undistributed
far enough to conform with the practical
situation with which they endeavor to deal.
are
not
We do
better than the present treatment of capital gains and losses.
think they meet the practical necessities of the situation.
Taxes—We
Gift
and
have
the
Clausen
contended
objections
serious
to
of the
some
is
evidence
in
business
the
world that
contributed
directly to the severity of the recent recession.
Proper alteration in that
method, he said, would help restore business and employment and relieve
of the burdens
on
A separate item
on the
bet, too, that there will be a new system for accounting
can
regarding: the hearings before the House
proposed tax changes appears elsewhere
Criticism " Without Merit"
Secretary Morgenthau's letter replied to two specific complaints in Mr.
Elliott's report, with comment on the general issue.
"It
it is
is
merely
Much
Jan. 15 filed a minority report
Reorganization Bill, in which
he declared against provisions for reorganization of the civil
service and the Government accounting service, as well as
the delegation of authority to the President to regroup and
consolidate independent agencies.
The measure has been
reported to the Senate by a special committee headed by
Senator Byrnes.
Senator Byrd asserted that the bill would
provide for dangerous centralization of power in the hands of
the President and would deprive Congress of supervision of
the spending of public funds.
Earlier, on Jan. 11, Secretary of the Treasury Morgenthau
had complained to Congress against the authority exercized
by Richard N. Elliott, Acting Comptroller General.
A Washington dispatch of Jan. 15 to the New York "Herald
Tribune" summarized Senator Byrd's report as follows:
Byrd of Virginia
on
the Omnibus Governmental
member of
a
Senate committee which investigated the measure
,
Senator
minority report, announced he would oppose these features
a
bill and would insist authority to reorganize the executive agencies
carry
of the
should
with it the obligation to reduce ordinary expenses 10% by eliminating
waste, duplicated effort and needless overhead.
effort to reduce the recommendations
The Senate bill represents the fifth
of the President's
special committee on administrative management to bill
form for consideration of the Senate.
of the original White House version
of the bill, and two House bills have been passed.
Senate
Byrd objected to the following
Senator
provisions of the
bill:
That abolishing the office
of Comptroller General and the independence
of the general accounting office, establishing
instead general auditing offices
That setting up a three-year
period in which the President, by Executive
tive departments and agencies and
sonnel and balances of
abolishing
shuffle execu¬
transfer and retransfer property, per¬
bi-partisan
one-man
Civil
Service
Commission
and
sub¬
civil service administration answerable only
President, and the corrollary giving authority to the President to
be policy-making.
he determines to
the
reorganize
as
accounting
general
Interstate
the
office
and
so-called
Army, the Coast Guard and the Tariff Commission.
create a department
The same bill would
of welfare and limit the time allotted for carrying out
the reorganization to two years
Byrd said it
was
permanent Federal
under the
administration of President Wilson, $18,514,879,955, in 1919, the
peak
War
expenditures;
President Hoover, $4,861,695,763 in
year
1932.
Beginning with an outlay of $4,845,018,254 in 1933, the Roosevelt ad¬
Senator
Byrd
showed,
had
increased regular
expenditures
urge
immediate
Government
and
the
and
drastic reduction in
prompt
elimination
expenses
of the Federal
of needless overhead cost oc¬
casioned by red tape and the numerous instances
thousands
of the Federal and State taxing systems
of the present
overlapping of particular forms of
the elimination
In this connection consideration is being given to
ation of some of the
The elimination, as to future issues,
2.
the possible elimin¬
duplicate returns now required by State
administrations, as has been done, for example,
tax
and Federal
in Australia.
accorded
Federal, State
of Federal, State and municipal
of the exemption now
by the State and Federal Governments to the interest on
and municipal securities, and to
the incomes
officers.
The gradual repeal of
3.
on
additional manufacturers' excise taxes
and the substitution for them, if necessary,
temporary basis;
a
imposed
of other
forms of taxation.
consolidation of the State tax and the gift tax, to
The possible
4.
end
confusion as to which tax is applicable to certain forms of inter
and to apply a single set of rates to all transfers made by an
the present
vivos transfers;
the time of his death.
individual during his life or at
The simplication and the
of the various forms
and
consolidation of the administrative provisions
the procedure for suits
of taxes, and in particular of
appeals involving deficiencies
and refunds.
operating losses of one
of subsequent years.
7. The general problem of exemptions and credits/including the personal
exemptions, the earned income credit, and the former credit against the
normal tax for dividends received by an individual."
Further provision
6.
for the application of the net
against the net operating income
dispatch Jan. 15 from Washington to
A
the New York
Mr.
Magill emphasized that the
of duplicated effort among
of Federal offices, said the Byrd report.
subcommittee in its discussions had never
outstanding gover nmental securities,
considered trying to tax the interest on
but only
The
future issues.
public seems generally to
the Treasury
have misunderstood this,
he said.
While
he added, both it and the
be achieved only by a constitutional amend¬
still strongly urges such action,
subcommittee believe it can
ment.
mild
advices it
was
stated:
received today with only a few
explanation and defense by Mr. Magill of
made yesterday by ios sub-committee.
.
The full Ways
and Means Committee
bi-partisan criticisms an
hearings the account from Wash¬
the "Times" had the following to say in
With the start of the
ington Jan. 15 to
part:
Tread way
and Crowther
Critical
subcommittee's report recommends 63 changes, several
of them major, attention today centered mostly on the proposed modifica¬
tion of the undistributed corporate profits tax.
This modification, and that proposed in the capital gains tax, drew
Although
criticism
steadily, the total for 1937 being $8,001,200,000.
"I
Methods for the integration
1.
taxes.
under the administration of Presidents
Harding and Coolidge, $5,115,927,689 in 1921; under the administration of
ministration,
Bill—Under-Secre¬
and for
the report
relief policy
for Government under the ad¬
of President Theodore Roosevelt was $659,196,320 in 1908;
World
Revision
Magill, Under Secretary of the Treasury, was
In the same
under the administration of President Taft, $693,743,885 in 1909:
of the
Tax
of the hearings on the recom¬
made by the sub-committee
of the House Ways and Means Committee, to which reference
was made in these columns Jan. 15, page 374.
Mr. Magill
in indicating his approval of the changes in the existing
tax laws proposed by the sub-committee, headed by Repre¬
sentative Vinson, advocated further changes for later con¬
sideration, and renewed a Treasury recommendation for a
constitutional
amendment under which future issues of
Federal, State and municipal securities would be subjected
to the same income tax rates as other obligations.
Changes outlined by Mr. Magill for future consideration,
which he pointed out, are not designed for incorporation in
the bill at this time, were the following:
Senator Byrd showed the biggest outlay
ministration
"they were not sufficiently
with the opening on Jan. 15
for tax revision
his opinion that the time to authorize a de¬
before, reorganization for the
of duplicated effort, agencies and functions and after deter¬
a
had refused to use symbols
700-page work; that they were issued only
mendations
from the date of passage of the Act.
partment of public welfare was after, not
mination of
a
by the Treasury."
use
Roswell
independent
Commerce Commission,
Commission, United States Maritime Commission, Engineer Corps of the
elimination
from the
the first to be heard by the House" Ways and Means Com¬
mittee (of which Representative Daughton is Chairman)
mission, Federal Communications Commission, National Bituminous Coal
Senator
accounting office
by law, and to assert authority neither
by the accounting office, Mr. Morgenthau said that the
of power
Federal Trade
Commission, Federal Power Commission, Securities and Exchange Com¬
such
without merit and that
continuing effort of the general
"Times" said:
One of the bills passed by the House would deprive the President
to
careful examination, that
Treasury Magill Endorses Subcommittee's
Proposals—Indicates Further Changes Are Planned
—M. L. Seidman, Railroad Interests, and Others
Present Views on Proposed Revision
fill without regard for civil service requirements any vacancy in a position
agencies,
a
Administration's
year
appropriations.
the
stituting therefor a
which
most
Hearings Before House Ways and Means Committee on
5.
order, subject only to a Congressional two-thirds veto, could
to the
a
16 days before ordered to take effect, and finally,
reliable for
1
empowered only to make post audit expenditures.
That
incident in
and titles ordered
Four bills have been introduced in
the House, embodying many provisions
Specifically
an
symbols numbered 12,000, filling
Authority from Congress to President—
General
Byrd, in
"after
law."
Opposes Government
Secretary Morgenthau Criticizes Acting Comptroller
a
belief," he wrote,
to assume duties not entrusted to it
Reorganization Bill—Says Measure Would Transfer
As
my
tary of
Senator Byrd, in Minority Report,
on
by
organization other than the present one."
in this issue.
Senator
prediction by Mr. Coch¬
exercised by the Comptroller
of control
question
Reorganization.
a
government.
Committee
too
was
In replying to one criticism, that the Treasury
there
the present method of levying the corporation income tax has
some
correspondence
expressly granted by law nor properly deductible by implication
proposals relating to these taxes."
Mr.
and Senator Byrnes, Chair¬
the criticism of the Acting Comptroller General is
"Capital Gains and Losses—We believe that on the whole these proposals
"Estate
Organization, and to Senator Lewis,
Government
on
fought out in connection with the program for reorganiza¬
"Corporation Income Tax—We believe that enactment of the proposals,
in the main, which relate to the corporation income tax,
that these proposals, however, go
Representative John J. Cochran,
He added:
"You
some
proposals in these words:
to maintenance of the present
replying to the an¬
Expenditures in the Executive Departmetns
on
Government
on
Chairman of the Committee on Expenditures,
man
tion.
of gift and estate tax exemptions and many other changes.
mittee's
the outstanding points in a 15-page letter
of the Comptroller General to the Congress.
Chairman of the Committee
The
'
The tax revision program as recommended by a sub-committee
Clausen
were
.
"If the principle is accepted that employment in private business is better
than Government relief, then we contend that the repeal
Mr.
These
nual report
and the Committee
should be repealed.
Ik-
basis for
Federal Finance, said, "There is sound
on
529
Chronicle
the
from
Representative Tread way of
Massachusetts, ranking Re¬
member of the committee, who said he was speaking for the
of the subcommittee.
However, another Republican, Representative Crowther of New York,
said the subcommittee had "gone far in revising the undistributed surplus
publican
minority members
tax."
Mr. Morgenthau's complaints were reported as follows in a
Washington dispatch of Jan. 11 to the New York "Times"
The
which
Secretary
charged
would make him a
the Government.
that
Mr.
Elliott
had
requested
authority
of
"czar" over the conduct of the fiscal affairs
device, but it has been ameliorated
said Mr. Crowther.
Mr. Magill later protested against this characterization, asserting that
"the problem is always the most equitable way of getting certain amounts,
and what you take off in one place must be obtained in another."
"The tax is
so
retained as a face-saving
much that I guess
I'll have to vote for it."
530
As Mr.
Magill finished his formal presentation,
the
particularly those regarding
recommendations,
undistributed
the
This,
he
Jan. 22, 1938
continued,
Mr. Magill's statement today that there is
no con¬
why railroads should not
argument
Mr. Fletcher
questioned extensively as to the troubles of the rail¬
was
He said that
roads and their failure to consolidate into a few systems.
Representative Dingell of Michigan voiced fear that repeal of the old
It is
the railroads, he added, because expansion of the
by the ICC.
carriers is governed
vincing evidence that these taxes have been a major factor in the business
recession," he added;
the main
is
be subject to a heavy penalty tax on their undistributed earnings.
argued that the tax prevents corporations from becoming too large, but
this does not apply to
profits and capital gains taxes."
"We also object to
Chronicle
Representative Tread-
asserted that "the minority of the subcommittee frequently objected
way
to
Financial
t.
one
of the industry was excessive regulation and with
of the chief difficulties
prohibition-day taxes on wort and brewers' malt would bring a return of
respect to consolidations listed three obstacles which have tended to prevent
alley brewers and bootleggers.
mergers:
From
Representative Lamneck
Democratic side
the
of Ohio inquired
why "you put a 20% tax on a corporation which can't distribute its profits
which can?"
and only 16% on one
"The corporation least
Mr.
Obstacles
able to pay pays the most," he remarked.
2.
or
to finance
expansion could first make various deductions under
the proposed bill, such as
have to pay only
for the previous year's losses, and
even
4% more, and pay it only once, for the expansion
debt-
cr
it has been given the least consideration in the various merger plans pro¬
posed.
"My belief is that the principle of wholesale consolidations is of doubt¬
Representative Thompson, Democrat, of Illinois, also wondered whether
ful propriety," he stated.
proposed changes would not discriminate as much against partnerships
and individual business as the present law is alleged to discriminate against
corporations.
Chairman
,
Doughton,
Chairman Vinson of the subcommittee and Mr.
Magill were quick to defend the sub-committees handiwork.
tax
one
He said that the last point is of greater importance than any other yet
raise it."
Mr.
Opposition of the public at various intermediate points to substitution
line for another or elimination of duplicate facilities.
of
then would
retirement money—"which is far less than you'd have to pay to borrow or
the
Opposition of railway labor.
3.
Magill replied that a corporation needing its profits for payment
of debts
Magill said
pressure
estimate, necessarily
an
vague,
that the surplus
was
its
year
in taxes
When Mr. Vinson pointed out that the tax
revenue
losses.
norma*
problems
can put
out
directly brought in another
corporation tax
that
increase
would have to be imposed.
that
was
to
reasons
would
have
been
on
a
to
necessary
simultaneously and retroactively to make
to new taxes
additional
pass
was no
taxes
the loss, subjecting business
up
year's business practically completed.
the
"Further,
convincing evidence that the undistributed profits and capital
gains taxes had been
a
No.
recommendation
but the problem cannot fairiy be disposed of on a theoretical
or
academic
14
practical question is whether such gains represent capacity to pay
less degree than income in the form of salaries, dividends, interest
otherwise," he continued.
"In other words, would it be just to repeal
the present tax on capital gains and to make up the lost revenue by increased
taxes on salaries and other forms of
the
hearing
Monday,
on
Jan.
"stimulant"
business.
to
ington advices Jan. 17
L.
America,
distortion
of
our
From Associated
Press
Wash¬
quote:
capital economy
He recommended
levy.
■'
with
the
breaking down of
He
dertaken
con¬
a
business
obsession in business circles."
Bankers
"a
Association
constant
for
necessary
flow
of
©f
new
prosperity," said
Washington
also quote:
we
supported in his arguments also by Morris S. Tremaine, Comp¬
Representative Emanual Celler
he said,
should
be
thorough re-examination of Federal spending.
to make more citizens
un¬
He also
"realize that it
being spent."
to
indirectly what they would be required, under
directly."
pay
proposal to tax
a
as
under
our
proposal, to
few closely held corporations at rates
a
present
law,
Mr.
Seidman
suggested
that
if
these firms
are "inimical to
society" they be permitted to disolve without tax.
He expressed the opinion that if personal
holding companies were per¬
mitted to wind up their affairs without further tax
on
stockholders, "there
would be mighty few of them that would choose to exist."
Stating that counsel for the motor carrier industry and
industry joined on Jan. 18 in an appeal to the
House committee that
complete exemption be provided in
the proposed undistributed
profits tax title of the 1938
Revenue Act to any transportation
industry whose rates are
subject to public regulation, advices on that day (Jan. 18)
from Washington to the New York "Journal of Commerce"
the railroad
same
time
outright repeal
of the
was
of Commerce and Frank E. Gannett of
Gannett
also
proposed
a
entire
undistributed
advocated by the
Rochester, N. Y.,
new
profits
Ohio Chamber
newspaper
so
not
as
more
with
50%
a
figure at
credit after the 51st
about
Tremaine
the
same
ratio
as
employment and
pointed out that
look for the fundamental
opinion," he said,
my
comings
"we must look to ever-increasing
of the ever-increasing number of
practically no new enterprises of
years
"In
care
we must
are
any
"practically all
reason
new
seeking
persons
why in the past
kind have started up."
of
our
sorrows
and
short¬
due in a large measure to our antiquated tax system, which
This point is
our revenues.
supported by the following facts:
On all previous occasions when our extreme rates of income taxes
reduced total
were
"2.
The
of American enterprise is
of extreme taxation
of this Nation.
extreme legislation.
stop any sensible
increased sharply.
revenues
great spirit
and resentment
country,
Most of
our
a
of this
characteristic
the
was
primary cause of
disasters have been the result of
The extreme upper brackets of our income tax would
man
from engaging in new enterprise."
A recommendation
was
made to the committee
on
Jan. 19
by James H. R. Cromwell, husband of Doris Duke Cromwell,
that immediate reduction and ultimate repeal be made
of all forms of income tax.
estate and
sales
tax
He also advocated revision of
gift taxes, and the adoption of
on
finished
a manufacturers'
goods.
According to the
from Washington Jan. 19, which
consumer
Associated Press accounts
also stated in part:
Mr. Cromwell said such
a
"scientific tax system" would end "the unjust
and uneconomic discrimination between the taxation of corporations and of
unincorporated business enterprises."
Furthermore, the witness asserted, it would tend to encourage distri¬
bution of wealth and enhance labor's bargaining power.
He testified at hearings on proposals of a Ways and Means Sub-committee
for revising the tax structure.
"I
believe,"
Mr.
•
Cromwell said,
can
"that
a
just and ever-increasing dis¬
be gained only by encouraging the investment of
Fletcher Presents Views
was
not
urging
a
change in the proposed
treatment of railroads in the tax bill because of the
present difficult financial
of many carriers but because of
apparent absence of any co¬
operation between the various departments of the Government
in the matter
of railroads.
situation
On the
other hand, he declared, the
outgo of the carriers is, in effect,
regulated by Congress and the Treasury Department
through the levying
of taxes, while on the other hand income of
carriers is
tion of the Interstate Commerce
Commission
by political action through income, estate and corporate surplus taxes will
defeat this purpose and will undermine
the capitalistic system."
He suggested that investors in new productive enterprise be given more
favorable
in
treatment
because
they
make
possible ultimate
living standards and strengthen the bargaining
improvement
of all workers
power
Mr. Cromwell, whose wife inherited a tobacco fortune, suggested com¬
V. Fletcher, General Counsel for the Association
of American Rail¬
roads, told the Committee that he
or
be scaled down from that
enterprises to take
pub¬
scheme of corporate taxation
which would allow credits to
corporations of wages and bonuses paid workers.
freight rates.
proposed modifications of
savings in productive enterprise and that attempts to obtain greater equality
application to all corporations
Mr.
the
He suggested that the maximum tax might be placed at 20%
tribution of wealth
continued in part:
the
for
committee
capital gains of $1,000,000
Mr.
allowance for dependents so as to reach the
many millions of people who
high
the
but said that the rate should be lowered
discourage the making of profits and the changing of one investment
on
peisonal exemptions and
as
preferable.
commended
to another.
the birth
believe that greater tax consciousness on the part of our
people
be brought about by a broadening of the income tax
base, he continued.
"This can be accomplished by a reduction of
Referring to
more
the capital gains tax
Tax
"We
virtually
but the burden of the tax in its proposed form compared
stright corporation tax of 17% is not materially different and the latter
would be much
destroys opportunities for labor and reduces
can
over
that
of the undistributed profits tax were good, granting that the principle of
"1.
of Federal taxing methods,
is their money that is
R.
grounds
industry is
(Jan. 19), from which
was
the tax is sound,
to a
,
•
without
an
as a
flat tax of 12 K % on capital gains to replace the pre¬
a
revision, he added, should be aimed
lisher.
the
(Dem., N. Y.).
few
of the undistributed profits tax,
■
No reorganization
At
on
Investment
the present surtax.
and
stimulant, has become somewhat of
tax
the
troller of the State of New York, and by
"So thoroughly is business convinced of this," he continued, "that the
need for the immediate repeal
«
into
Bureau
month and
we
fidence in the future functioning of our economy."
pay
on
V;':
profits and capital gains
Jan. 19 by James J. Minot Jr.,
advices to the "Journal of Commerce" from its
Seidman,
The great majority of business men, Mr. Seidman said,
sincerely believe
the undistributed profits and capital gains taxes "had much to do with the
now
and
Commends Modification Plans
M.
17,
Trade, urged the House Committee to approve immediate
repeal of the undistributed profits and capital gains tax as
sent
advocated
of
Vice-President
ordinary income?
Chairman of the Tax Committee of the New York Board of
a
dividends
consent
Mr. Minot said recommendations of the subcommittee for modification
"The
At
shareholders
convering
undistributed
the
taxes in toto was
basis."
or
of
Repeal
major factor in the business recession."
Discussing the arguments for repeal of the capital gains tax, Mr. Magill
said "It is urged that gains from sale of property are not really income,
to any
.
proposed new general rule of corporate taxation but also from
capital
"The unsettling effect of such action was obvious," he said.
there
.
He urged exemption of the industry not only
Trucking Associations, Inc.
from
for failing to accede to "insistent
of the too much-criticized taxes, Mr. Magill said.
it
.
make up that
repeal by the special session, retroactive to last January,
that
bonded indebtedness
on
made by J. Ninian Beail, Counsel for the American
Y Repeal Is Urged *
The subcommittee had several
was
One of its main
payment of heavy penalty taxes even though the ICC requires that
$500,000,000," he said.
for
who are in the railroad industry and know
men
their best judgment into operation.
recommendation No. 17 covering closely held corporations.
"Yes, it really would need to be increased by 40%
demands"
(Dem., Mass.).
The appeal for relief of the motor carrier industry from the proposal of
the subcommittee
$150,000,000 last year from corporations subjecting themselves to it, Mr.
his estimate of the
of Representative McCormack.
the future of the carriers, Mr. Fletcher said there must be some re¬
sinking funds be established and maintained
Thus its repeal, he added, would necessitate
increasing corporation taxes by a fourth to prevent
Magill revised
In reply to a question
as to
laxation of regulation so
troubles, he added, is the fact that the industry cannot set up reserves with¬
brought in $230,000,000 to $250,000,000 last
from individual stockholders.
One
Mergers
to
The impracticability of any group of men to set up a system of con¬
solidations that meet all problems raised.
1.
subject to the regula¬
because of Its jurisdiction
plete overhauling of the estate and gift taxes
excessive concentration
Mr.
up to
trust
time
Cromwell
,| which he said give rise
proposed
that
deductions
from
estate
the full amount of such levies, be allowed for
to
and
bequests
charitable, educational and scientific institutions.
he suggested
From
a
"Times"
George
to
of capital and to specualtion.
repeal of all State inheritance,
gift
or
taxes,
gifts in
At the
same
gift and estate taxes.
Washington dispatch Jan. 19 to the New York
take the following:
we
H.
Houston, President
of
the Baldwin
that normal recovery from the depression
Locomotive Co.,
said
had been retarded by restrictive
public policies, of which the undistributed profits tax and the tax
on capital
Volume
Financial
146
The profits tax, he said, had the effect of "eating
gains were examples.
The capital
capital
amended to segre¬
from ordinary income and should be taxed at a "rela¬
Houston asserted, was in effect a
Mr.
gains tax,
and a drain upon accumulated savings; it should be
gate net capital gain
make
to
lacked jurisdiction to try the case,but
The Court of Claims held that it
a
However, when the suit
bill giving the Court authority.
pressed, the Government insisted that
was
The Court of Claims agreed with this
tively low flat rate."
contracts.
he would receive appropriate
Congress passed
He asserted that he had
Department.
for the Ordnance
guns
assurance
the seed corn" and should be repealed.
evy
531
Chronicle
the bill had been legally vetoed.
and so did the Supreme Court today.
Argued that Bill Became Laiu
Appeals Upholds Legality of Closed
New York Court of
Contract
Between
System and Union
Shop — Unanimously
Rules
Brooklyn-Manhattan Transit
Is
Valid
The
on
which
peals,
Workers'
Transit
Union
closed shop agreement was
a
and
America
of
the
Brooklyn-Manhattan
Six employees of the company, not mem¬
System.
on the
and was contrary
to public policy.
The Appeals Court affirmed the rulings
of the Appellate Division and a Special Term of the Su¬
preme Court, both of which refused to grant to Charles
Williams and others an injunction to halt enforcement of
the contract.
The opinion was summarized as follows in
an Albany dispatch of Jan. 18 to the New York "Times":
bers
of
the
union,
attacked
had
agreement
the
grounds that it constituted a monopoly
The
"closed
within
a
shop"
month
after
becamfe
contract
required
section
all employees join the union
all employees at the time the
that
being hired and gave
effective
brought the application for the injunc¬
belong
to the union and
did not desire to, would be banned from working, and
since the company was the principal, if not the only, employer of trans¬
port workers, the contract amounted to a monopoly of the labor market.
declared
that
2,000
than
more
Opinion
stated
have
I
"As
this contract
is
Chief Judge
by
said
beginning,"
the
at
employees, who did not
other
Chief
Judge
Crane,
"the
(Mr. Williams and others) has conceded that
valid and that the law is constitutional except in the one
the defendant employers constitute the
the locality stated, there is by this
monopoly created; that is, if only union men are to be em¬
ployed, the plaintiffs, if they refuse to join the union, will be without
that
the
and
the
"We
insisted that because the Senate was in recess
Counsel for Mr. Wright
Congress
was
Senate, accepted the bill and message
when it convened on Thursday.
and transmitted them to the Senate
not in session, thus preventing
industry
during
argument
employees
other
"were
In short, they argued that the bill had
stituted transmission to the Senate.
The Government contended that this was not the case.
become law.
"Congress" had not adjourned merely
Chief Justice Hughes held that
because the Senate
was
He said also that dispatch of the bill to
in recess.
Colonel Halsey meant transmission to
There
the Senate.
greater difficulty he stated, in returning a
was no
of the
The Decision by
Chief Justice Hughes
hold," said the Chief Justice, "that where the Congress has not
"We
adjourned and the house in which the bill orginated is in recess for not more
three days
under the constitutional permission while Congress is in
session, the bill does not become a law
if the President has delivered the bill
with his objections to the appropriate
scribed 10 days and the Congress
officer of the house within the
pre¬
does not pass the bill over his objections
by the requisite votes."
Justice Stone, writing the concurrence,
come
bill
about because the Senate, by
prevented the return, and not because, as the majority held, the
properly returned to the Senate or
was
said
He
agreed that the bill failed to be¬
He said, however, that this came
law.
the
majority conclusions had
"leave in confusion and doubt the meaning
of the Constitution, the certainty
Colonel Halsey.
no
application to the
case and
and effect of the veto provisions
of whose application is of
supreme im¬
portance."
by labor organizations it is a matter to be considered by
by the courts, for the reason that there are two sides
Legis¬
to the
Officials
Government
of
Views
"Meaningless" Business
Decision—
Ruling in Case
Against Minnesota Tea Co.—
Tribunal
in
Two
Separate Opinions Upholds
Presidential Veto Sent to Congressional Branch
Sutherland
Practices
in
in
Attacks
His Final Supreme Court
Recess
last
Supreme
a case.
United Press advices
of Jan. 17 reviewed ..the opinion in the
follows:
Minnesota Tea Co. case as
Government's efforts to levy
taxes on $106,471 involved in the transfer of the company's assets in 192®
to the Grand Union Co.
The Grand Union Co. exchanged its stock and
$426,842 for the tea company assets and the money was distributed to the
The Minnesota
Tea case grew out of the
stockholders of the latter company.
assumed obligations to pay tea
The Government held that the company
benefited by the transfer and that the funds should be taxed.
Upholding
the Government, Justice Sutherland criticized "meaningless" and "un¬
necessary" financial operations that took place and said:
"A given result
at the end of a straight path is not made a different result because reached
return,
company
however,
the stockholders
debts totaling $106,471.
by following a devious
of New
York, for a review of the Second Circuit Court of Appeals ruling rejecting
its suit for repayment of $558,704 of alleged overpayments of Federal in¬
taxes
petition of the F. W. Woolworth Co.
for the years 1922 through
The Court recessed until Jan.
1925-
31.
Its opinions on the veto
question were described as follows in a
of Jan. 17 to the New York "Times":
Chief Justice
Hughes, supported by five
effective in the instance
Washington dispatch
other Justices, held the veto
stated.
Brandeis, but on entirely dif¬
ferent grounds; their concurring opinion tartly criticized the majority for an
"academic discussion," and an "erroneous interpretation of the Con¬
stitution which may have grave consequences."
Justice Black voted with Mr. Hughes instead of with the liberals, Justices
Stone and Brandeis, Justice Cardozo was out of the case due to his illness.
In the case decided, David A. Wright of Winona, Mo., sued the Govern¬
ment in 1921 to recover expenses which he incurred in 1918 through rehabil¬
itating a manufacturing plant and starting production of heavy-duty lathes
So did Justice Stone,
proposal made by Wendell L. Willkie, President of the
the
Commonwealth and Southern Corporation, that the Govern¬
purchase private utilities properties in the area served
ment
Mr. Willkie's sugges¬
elsewhere in this issue of the
by the Tennessee Valley Authority.
reported in detail
is
tion
On Jan. 16 Representative May of Kentucky,
"Chronicle."
Chairman of the House Military
Affairs Committee, criti¬
policies and also opposed
proposals to buy properties of private power companies.
same day Senator Norris of Nebraska, one of the
original sponsors of legislation creating the TVA, said that
any
the
On
power
companies
are
themselves responsible for their present
David E. Lilienthal, Director of the TVA, on
also criticized Mr. Willkie's offer, and in turn
difficulties.
18
suggested local negotiations whereby cities so desiring would
buy parts of the utility operating companies and Federal
ownership through the TVA would be extended by the pur¬
chase of other parts.
In reply to Mr. Lilienthal's statement,
Mr. Willkie said on Jan.
18:
for the solution of the
On Jan. 6, 1937 I proposed to the President
in writing that the properties in the Tennessee Valley be bought as systems.
To that proposal I have never had an acceptance or rejection.
As I told
the President, there is no personal or corporate sacrifice within the limits
of my trusteeship that I would not make to work out the problem.
I
cannot, however, work it out by sacrificing the property of security holders.
In so far as I am able to understand Mr. Lilienthal's statement, it is
I have made repeated proposals
For four years
problem created by the
TVA.
proposed that we should resume negotiations with municipalities in order
to sell the distribution systems to them at prices to be determined under the
funds; that some of the transmission lines
sold to the TVA at TVA's prices; and
that the balance of these facilities and the steam generating plants are to be
retained by the company even when the market for their power is either
eliminated or so far removed as to make economic operation impossible.
The loss to the utility investors from such a program would be tremendous.
threat of
duplication with Federal
and some of the
As everyone
hydro plants should be
who has the slightest
knowledge of the utility business knows,
be dismembered, piece by piece, and retain
its efficienty than can a human body.
So broken up, the utility would be
wholly unable to finance itself and would be easy prey for further TVA
competition.
Even under present circumstances, The Commonwealth &
Southern Corporation has had to advance $30,000,000 to its southern oper¬
a
utility system can no more
the past four years.
this business is to be saved, these utility systems
If the investment in
I know of no fairer method of arbitrating
submit it to three men—one to be named by the
President, one by the Supreme Court and one by the utilities.
If the Federal Government thinks it should not buy the utility systems
be bought as systems.
must
such
a
transaction than to
systems, then
as
I urge, on behalf of these investors and employees, that it
the States in the Tennessee Valley for that purpose.
advance the money to
It seems to me
an
of
of these investors, we should have either
instead of a mere resumption
which have been going on fruitlessly for several years.
that in the interest
acceptance or a
negotiations
backed by Justice
Buy
TVA Leader
to
ating companies in
path."
The Court also denied the
to
Government officials this week were, in general, critical of
Jan.
Court opinion written by Justice
Sutherland, who retired on Jan. 18, the tribunal attacked
"meaningless" business practices and warned that a given
result "at the end of a straight path is not made different
because reached by following a devious path."
This decision,
handed down on Jan. 17, returned a victory for the Govern¬
ment in its income tax case against the Minnesota Tea Co.
On the same day the Court returned two opinions, both con¬
curring as to conclusions, on the question whether a Presi¬
dential veto is constitutional when a bill is returned within
the 10-day limit to a branch of Congress while it is in recess.
Both opinions contended that the veto was effective in such
the
Proposal
of
cized the Administration's utility
Justice
on
Private Utilities—Senator Norris,
Representative May and Director Lilienthal Reject
Suggestion of W. L. Willkie—Utility Head Replies
its
question—the other side being that the labor organizations, through this
of contracting and negotiating, are enabled to strengthen their repre¬
sentative bodies and to effectuate collective
bargaining."
come
one
sending it to the White House during his temporary absence.
employer
means
In
bill to
presenting a bill to the President by
two chambers when in recess than in
of the case attorney for Mr.
led to state that carrying out
latures and not
In
the return of the vetoed bill.
They questioned also that acceptance of the bill by Colonel Halsey con¬
in that
one
that if
5, the President returned the bill with a veto message.
Properties
logical conclusion all such contracts would be illegal
in a village or town or small community was the
particular line of business."
think that his distinction is not justified," the opinion stated, "and
there be an evil in the monopoly of the labor market in a particular
doctrine to
this
only
after presentation of the
But on Monday, May 4, the Senate recessed until
Col. Edwin A. Halsey, Secretary to the
.
continued
Williams
where
the 10th day, Sundays excluded,
a
employment."
He
was
Thursday, May 7, the House remaining in session.
its recess,
particular stated, which is that, as
main transit and
railroad lines in
contract
presented to President Roosevelt on April 24,1936. Wednes¬
bill to the Executive.
plaintiffs
the
for
attorney
day, May 6,
than
month to join.
one
five others who
Mr. Williams and
tion
was
Oil Tuesday, May
unanimously
Jan. 18 by the New York State Court of Ap¬
upheld such a pact between the Transport
legality of
sustained
The bill
A
rejection of this proposal,
dispatch of Jan. 16 to the New York
described the reaction of officials
Willkie's proposal as follows:
Washington
"Journal of Commerce"
to
Mr.
Senator
holds
that
George
power
W. Norris (Prog.,
Neb.), called the father of TVA.,
companies are themselves
responsible for the present
muddled situation.
themselves in the thing they now appear to want," he
"If they are in a predicament, it's one they got themselves into."
"They defeated
said.
Financial
532
Chronicle
Senator Norris referred to the success he attributed to the corporations in
"There is
been
Jan. 22, ms
supply."Ihe
great void of a home
a
said.
"This shortage has
because the demand has not
been active of late.
bringing about removal from the original TVA bill of a provision which
not
would have
However, estimates of the housing shortage range from two million and three
permitted that agency to buy power systems and sell distribution
He declared that the TVA has always tried to pur¬
lines to
municipalities.
chase
transmission line if one existed rather than to build a new one, but
a
utilities have made this difficult by making a price that
added that the
million
so
apparent
family units upward.
This is a potential demand that will become
active with business improvement; a demand that will run into a
nobody could afford to pay.
It
♦
apparent that any proposal from the Administration for
made
was
the status the provision referred to by Senator
having been originally proposed but defeated because of utilities
legislation restoring to
Norris
as
Non-Farm
opposition would be fought in Congress.
there
is
in Congress
disposition
a
President in the fulfillment of his social
"go along"
objectives, his followers
with
are
the
inclined
further entry of the Government into business
balk at agreeing to the
to
to
activity.
Mr. Willkie's proposal was seen here tonight as a repetition of a similar
suggestion made following a
Orl
representativeriof the great power interests of the country
that date
accord with the
sought an
White House power conference Sept. 30, 1936.
Roosevelt Administration on the pooling of
and discussed in general terms other phases of the broad power
power
seeking an era of peace between private and public agencies in
program
the utilities field.
-
Foreclosures
Estate
57.6
from
56.6
to
for 11 Months of 1937
ures
by Mr. Willkie would prove, ac¬
of the House Military Affairs Com¬
toward State socialism."
Acquisition of such systems as proposed
mittee, the "first step
Real
Declined
During November
October—Foreclos¬
in
17% Below Same Period
in 1936
cording to Chairman Andrew J. May
While
building
boom which once started, will beget its own activity until it bursts."
Non-farm
real
Federal
Bank
Board,
.1937, and recorded
United
the
which
decline of 197 cases,
a
in
States
estimated at 10,878, according to the
were
Loan
Home
represented
foreclosures
estate
during November
that
states
1.8%
this
from
October,
low month for the recovery period.
a new
or
The Board adds that November was the fourth consecutive
month during which foreclosures have remained
monthly average for 1930.
below the
However, it states, this
reces¬
sion, which brought the index from 57.6 in October to 56.6
in November
(1934 equals 100) is less than the 2.8% decline
by the three-year average.
between these months manifested
Optimistic Statement Issued
The Board's announcement, issued under date of Dec. 30
Following the conference a highly optimistic statement
was given
out,
presumably at the instigation of the White House, to the effect that it ap¬
peared from the discussion of experience here and abroad that there might
be savings made in pooling
the
of transmission, which would be beneficial to
Corwin
Research
in
it was added, it was agreed that during the next few
Consequently,
Subsequently it
was
learned that the President specifically limited the
discussion to such an extent that he avoided the major issue of cooperation
cinnati,
The
District
Idaho
to
Arthur
Chairman
TVA through the sidetracking
E. Morgan, proposed that the
of
Willkie companies ne¬
gotiate the sale of municipal distribution system, to those cities desiring
to
buy, and sell to the TVA such transmission lines as it needed, as well a»
dams and power
"I
has
it
assets," said Mr. Lilienthal.
buy anything but
"It has no authority
intention to pay for water or write-ups in these companies.
any
Nor would TVA
be
a
party to recommending that any municipality pay
Mr. Willkie immediately replied that the Administration proposal con¬
a
piece-by-piece dismemberment
of his operating companies
which would result in "tremendous" loss to the utility investors.
of the investors, there should be acceptance
of this proposal, he said, instead
have been going on
or
of "mere resumption of negotiations which
Mr. Lilienthal's statement was issued at about the time he called at the
White House today with Harcourt Morgan, another director
of
the TVA;
Frank R. McNinch, the President's chief power adviser, and William
Douglas,
Securities
Exchange
Commission
Chairman.
The
whether he thought Mr.
situation.
O.
President's
only later comment was in answer to a question at his press conference
as
Willkie's sale offer had helped solve the utility
of
six
,
Touching
on the recent
study of the National Association of Real Estate
Boards made to ascertain why people are not now buying homes, he pointed
out that it disclosed that the
present retardents to new construction and real
estate activity were:
Lack of confidence in the future.
2.
High building costs and uncertainty of labor.
widened
with
stood
cases
of
to
Cin¬
were
increases
a
scattered,
more
noted.
The
Pacific
of adjacent
group
Kentucky,
those reporting
in
extending from
were
be
may
and
predominant
more
States,
States
Mississippi,
foreclosures
more
.
of
last
November
year,
24.8%.
was
foreclosure
Only the Portland
district
due to rises in Montana and Utah.
the
in
two
Topeka and
community
Winston-Salem
Los
district,
Angeles districts.
registered
improvement
and
Also,
all
Novem¬
over
17% Under 1936 for the Eleven-Month Comparison
foreclosures
estate
had
each
dropped
1937
Eleven
situation
in
1937
periods ranging
was
11
months
them
Topeka
of
Of
1936.
four
Maryland
district,
the
For
the
the
Only
and
United
estate
than
In
1930
two
to
(12,508)
this
and
favorable
which
of
the
in
reported
an
east
the
of
River
given
were
in
these
columns
In his report of October foreclos¬
October,
during
totaled
Mississippi
Virginia.
West
Home
the
of
Of
it
which
11,123,
stated, in part:
estimated
is
that
1,029,
was
Bank
Loan
Great
districts,
three
Lakes,
disclosed
advances
eight districts
the
showing
fewer
non-farm
5.8%,
or
less
immediately south
in
the
to
three-year
unfavorable
were
identical
in
in
Des
average
the
and
in
Indianapolis
favorable
in
the
over
October
drop of 41.6%.
a
September to October
change,
Cincinnati,
Moines,
foreclosures
foreclosures
September, Pittsburgh again led, this time with
relation
tricts ;
The
foreclosure
January-to-November
(under date of Nov. 30)
States,
Federal
west
one
in
November.
12,883
preceding month.
four
ments
the
11.2%,
to
(21,033).
State
every
stood
of
England States and the remaining three
figures
foreclosures
September.
than
with
contributed
the
States
seven
New
are
and
September
Mr. Corwin
ures,
between
13.7%
of
of
end
the Indianapolis district to 3.9%
Nov. 20, 1937, page 3335.
real
1933
districts
the
at
through
month
average
1937
the only district showing an increase.
Altogether, 20 States,'.
west of the Mississippi River, registered rises over the first
Indiana,
The
in
high
June
of
This cumulative margin
which
months)
month of
Bank
months
11
year.'
1936,
from
11
on
declines
40.1%
The
reporting increases,
are
Loan
with
from
District.
of
month
(based
average
Home
first
earlier
an
only slightly above the
Federal
the
periods of
from
additional
for
for
period of last
same
identical
over
considerably below the
and
move¬
Topeka
remaining
dis¬
eight
districts.
Of the
48
States, 24 and the District of Columbia showed decreases from
September totaling 1,951
advances
country
aggregating
as
a
whole
cases;
922.
of
As
Lakes
Carolina
in
and
to
result,
are
belt
Atlantic
of
no
change, and 21 revealed
there was a net decline for the
These rises and recessions from
rather generally distributed geographi¬
of increases in the
slight preponderance
a
a
three showed
a
1,029 foreclosures.
September in the various States
rise
Lack of buying power.
5.
real
month
average
the
3. A scarcity of operative builders with adequate capital.
4.
size
cally except for
1.
more.
October
Winston-Salem,
States, eight others also reported advances, three
district,
by
months
13
Realty values throughout the United States have not de¬
clined in recent months, despite the general business reces¬
sion, Philip W. Kniskern, President of the First Mortgage
Corporation of, Philadelphia, said yesterday (Jan. 21).
Speaking before the Main Line Kiwanis Club at Merion, Pa.,
Mr. Kniskern said that only 10% of all cities in the country
reported lower selling prices in December, 1937, as compared
to a year earlier, while 36% showed higher selling prices and
54% indicated no change.
He said that the principal ques¬
tion interesting real estate dealers in the current recession was
not "what intrinsic value a property has, but when there
will be a market of sufficient activity to develop that value."
Other extracts from Mr. Kniskern's address, as reported by
the First Mortgage Corporation, follow:
.
declined
Indianapolis,
improvement
advance,
Philip W. Kniskern Says Most United States Cities
Report Advanced Realty Values in Last 12 Months
—Only 10% of Country's Cities Show Declines
Boston
17% below those for the
Boston
for.
two
reported
in
districts.
Arkansas,
month
(0.8%), which
1937 Foreclosures
to
The President said that he did not know, that it depended on
what paper a person wrote
States
districts
movements,
York,
United
each
among
.
same
the
groups
first
fruitlessly for several years."
the
the
States,
all
October.
in
with
these
the
in
Non-farm
purpose.
rejection
than
October
Of
Alabama,
were
foreclosures
ber, 1936.
He added that if the Federal Government did not buy, then it should
the States in the Tennessee Valley for that
namely,
a
as
States
England
■
fewer
revealed increases aggregating
States registered declines totaling
whole there was a net decrease
Although
five
or
the United
in
each
country
inclusive.
of
say,
•
six
Topeka
to
States
19
from
Oklahoma,
to
and
belt
New
increase
addition
located
the
four
located,
and
an
v."
average
and
Declines
the
comparison
showed
one
of
of
activity in
systems must be bought as systems."
In the interests
four
Rock
following
reported
the New
in
northern
York,
groups
November
In
four
"If the investment in this business is to be saved," he said, "these utility
advance the money to
New
centrally
In
inflated prices."
templated
few
nor
the
and
three-year
the remaining 29
for
the
in
districts
favorable
Little
foreclosures.
States,
in
Thus
cases.
197
Missouri
plants.
hardly say that TVA cannot and will not
need
useful physical
1,187
a
has
by
Division
Board's
the
preceding month,
Columbia
of
located
of the
also
Bank
their
foreclosures, while
States
actual head
the
were
Indianapolis,
of
Lilienthal,
Loan
with
changes
New York "Herald Tribune":
Mr.
in
comparison
990
were
of
.
reported as follows in a
Washington dispatch of Jan. 18 by Albert L. Warner to the
Mr.
Director
Statistics,
Home
than
November
without destructive competition.
Lilienthal's comments
and
Federal
November
In
further and in detail these possibilities.
Fergus,
part;
Six
public and investors.
weeks there would be explored
A.
and
Gulf
States
Texas, showing declines from September.
Indiana
was
due
to
the
area
south
of
extending from North
The sharp abnormal
increased foreclosure activity of
the HOLC
Tax fears.
in that
State.
Kniskern pointed out that high costs have always been characteristic of
a
boom and that they would be absorbed by increasing rents.
that
he
foresaw
little
possibility of
lower
He declared
building costs, giving
as
Second
his
freight rates
President's
on
materials.
proposal to
Furthermore, he said he had
guarantee
continuous
no
He stated that the matter of capital for operative builders now "is
taking
of itself" and that the lack of buying power, largely a holdover from
by the
*
Touching
on
the future of real estate, he pointed out the
fact that while
Insurance
Under Unemployment Laws—Extension
Social
Security Advocated—Statement
as
to
Old-Age Reserve Account
In
the
its
second
category he placed persons reaching the marriageable age, population in¬
security,
up,
fires, demolition, and obsolescence.
June
report submitted to Congress,
on
Jan.
9,
Board stated that the close of the
fiscal year's operations under the Social Security
Act
doubling
annual
Social
there has been virtually no new construction in the past four or five years,
the "makers of the home demand" have continued to increase.
In this
creases,
Social Security BoardWorkers Covered
Under
Program—21,000,000 Workers
Report of
30,000,000
Included
of
care
liberal financing terms adopted by lending institutions in recent years.
Than
OldrAge
faith in the
employment.
the depression of the early thirties, has been met, to a large extent,
Annual
More
grounds the shortage of both skilled mechanics and apprentices and high
Security
"marked
broad
health
and
advances
welfare."
on
all
The
fronts
report
of
cited
economic
that
on
30, 1937, the close of the fiscal year covered by the
Volume
report,
146
Financial Chronicle
"not quite 23 months had
ment of the
law, and
elapsed since the enact¬
some 17 months since means were pro¬
vided to implement it."
Progress by the close of the fiscal
under the titles of the Act administered by the Social
year
Security Board,
summarized
as
the Board's annual
in
re¬
funds
The
1.
beginning- of payment of old-age benefits and unemployment com¬
2.
Receipt
from
of
two
social
than
more
insurance programs
30,000,000
for
workers in every part of the country covered by the old-age
program.
3.
of
of
Alaska
and
:
approval
States, the
all
of
these
laws
jobs covered by
employed in
are
48
laws in all
Hawaii, and
Some 21,000,000 workers
unemployment compensation laws.
Provision
4.
households
this
unemployment compensation
Columbia,
the Board.
•these
insurance
.
Enactment
District
by
numbers
account
of
regular monthly
having needy aged
assistance
operation
in
being
financial assistance
blind
persons,
under
rendered
persons
2,000,000
some
dependent children,
or
Federal-State
joint
a
to
in
program
States and Territories.
44
The
development
rapid
the
Board,
of
been
has
the
social
possible
security
program,
of
because
only
the
"wholehearted acceptance of its goal, by the people of the
United States and their delegates, the agencies of Federal,
State and local
government."
is
the
of the
conviction
>
Roosevelt
time
"a
as
law
that
Board, based
will
take
these two years' experience,
on
provide for the United States
soundness."
President
The
structure
which
intention
of
is
the
also
to
and
the
at
same
economic structure of vastly greater
an
but
Act
by
is
the
continue
implicit in this legislation in
studying and
made by President
needs
human
described the
built
being
Congress
of
care
"a.
as
that
of
a
The
complete."
means
no
erection
in
cornerstone
is
structure
that the Board is charged with the duty of
further
recommending
6teps
to
Major administrative questions growing out of the develox>ment of the old-age insurance program, the report stated,
must await solution through further experience gained in
actual operation.
It emphasized the necessity for continued
education of workers
account
had
to the uses and
as
applied for and received
that in others numbers
a
to
him," the report continued, "it is essential
worker hold only one number and report it
a
and
chance that the full wage credit to a worker may not
be attributed
that
than one number,
more
probably had been shifted from one
"To avoid confusion in the records
employee to another.
with
importance of their
numbers, pointing out that in some cases workers
accurately
his employer."
to
account
reserve
as
explained
that administration of this provision is the responsibility
of that department but that study of the financial factors
is also being made by the Board in order to fulfill its re¬
sponsibility to consider methods of promoting economic
by
Department,
Treasury
the
The
the
policy
the
building
of
Act,
rights
tions, to workers who
benefits
and
both the
old-age
up
written
taxes
benefit
to
the
into
the
reserve
paid out in benefits.
Act
be
will
by
the
But
as
rate
and
collected
sums
It
Act.
through
It
also
a
benefit
annual
that
use
finance
old-age
portion of
program
be
the
the
changed
out
of
general
in
the
benefits, and
disability
measures
in
Act
to
estab¬
adequate
such
some
much higher tax
in the present law,
a
of
workers
a
the
a
large
very
United
States.
government subsidy, to help
that
effect,
in
mean,
of
covers
to
pay
a
the
non-covered
substantial
part
Were the coverage of the
would
reserves
not
the
it should
present
which
but
a
non-contributory
is
system
and
is
the next few
years
to
be
is
earlier payment of benefits, larger mini¬
other types of
annuities,
benefits,
increase
on
been
have
instances,
the
cost
provisions for a
such
as
proposed
bills
in
of
survivorship and
by various
introduced
the
reserve
in
program
fund.
groups
Congress.
and
size
even
which
has
at
and
would
have
in
action
estimated
for these
The report stated that programs of the Act
or
later
dates."
administered
Federal agencies other than the Social Security Board
also were in effect on a substantially nation-wide scale
according to data supplied by these agencies.
At the close
of the fiscal year 51 programs for services for maternal and
welfare, and 45 for crippled chil¬
had been approved by the Children's Bureau of the
Department of Labor for States and other jurisdictions.
In
all, 51 States and Territories, public health services had
been extended and developed through grants of Federal
dren
•'.•
■
'
-.
that
problems
the
oi
At the
States
solutions
security
will
the
be
in
130,-
of
made by
progress
Federal
found.
people
a
time, the
same
and
Government
The
has
Act
gives
enabled
people and their government to take immediate and practical
toward
laws.
developing
effective
an
relationships.
questions
arise
social security
foundation
a
It has met
program.
the
for
future.
It
of
stated
was
interstate
that
of
most
the
relationships
in public
the residence requirements of State
from
The rigidity of these requirements, it was explained,
has caused
recently
difficulty in the
moved
from
aged persons who have
cases of
State
one
to
"It
another.
is
be
to
hoped," the report stated, "that interstate agreements will
be developed by the States during the next year through
which
adequate
more
provision
be
may
for
made
such
cases."
Reference
was made to some of the
problems States have
financing their public-assistance programs.
In some,
had in
it
asserted, the limitations
was
State and local
on
revenue
have resulted in failure to provide assistance to large num¬
bers of presumably eligible persons.
"This situation might
be
a
ameliorated, in
cases," the Board stated, "through
some
revision of State and local tax
effective
systems or through more
collections."
tax
,
Referring to the experience which had accumulated in the
establishing of the Federal-State system of unemployment
compensation,
the
Board
which
has
been
it
says
whether
under
took
cognizance
in
expressed
State-by-State
a
compensation
is
the
concern
quarters
to
as
the
solvency
of
well
protected
as
system
fund
of
some
as
might be the case under a single national fund.
"This
question," it reported, "is being carefully studied and it is
confidently believed that safeguards can be established,"!
adding that "among the possibilities, for example, is that
of establishing
event that
a
secondary
a
and
to be drawn
reserve
on
in the
with
Presi¬
State fund should be depleted."
■**
Labor
Leaders
Who
Confer
dent Roosevelt Ask Him to
Clarify Administration
Policies—Seek
Cooperation with Government—
Cite
Confusion
Regarding Taxes, Utilities and
Nation's Monetary Course—"Private Committee"
Formed—Conference
Also
Executives—Meeting
with
Held
with
Small
Automotive
Business
Men
Planned
A
representing
group
Jan.
14
asked
President
labor
industry,
Roosevelt
to
and
finance
announce
as
on
soon
as
"policy of government" and, in the interest of
furthering economic recovery, clarify apparently conflicting
economic statements of some Administration spokesmen on
matters concerning the national welfare.
The group which
possible
a
conferred
wishes
do
such
on
durable
to
conference
Mr.
noon
that
the
Administration
the
country
intends
goods industries and monetary policies.
briefly referred to in the "Chronicle"
was
spokesman for the group.
In detailing the
Washington dispatch of Jan. 14 to the New
conference,
a
"Times"
who
Those
him
told
what
to
15, page 370, when we gave a statement issued by
Lewis,
York
as
questions as prices, taxation, public utilities,
aid
of Jan.
President
the
with
reassurance
The
said, in part:
conferred with
Owen D.
were
the
President in
the
White
House
soon
after
Young, Chairman of the Board of the General Electric
Corp.; John L. Lewis, Chairman of the Committee for Industrial Organiza¬
Thomas W. Lamont,
President
of
Later it
Vice-President of United Mine Workers of America;
senior partner of J. P. Morgan & Co.; Charles Taussig,
American
Chamberlain
of
was
Molasses
York.
New
Co.,
and
A.
Berle Jr.,
A.
former
City
...
learned that neither conferees nor the President had
sought
given.
It is understood that Presi¬
throughout the discussion, contenting
commitments and that none was
any
Roosevelt
dent
with
himself
little
did
talking
hearing what his
visitors had to say and listening to them
intently.
It
is
further
understood
that
after
the
White
House
conference
the
themselves a "private committee on national affairs."
They decided to have further conferences on the subjects discussed with
the President, both among themselves and with other groups.
group
The
by
child health, 45 for child
of
of
that
assurance
American
interstate
the
these earlier periods, for accumulation
been
be
In its report on the development of the Federal-State
public assistance program the Board considered problems of
per¬
Any
If changes of these
it is obvious that the tax rates now specified
yield funds,
old-age dependency should
Board
gainsaid.
tion; Phillip Murray,
account in
reserve
the
of
urgent present needs and has built
be
light of possible modifications in the present system.
would
of the
For
respect.
revenues.
some
types were adopted,
of
the
need,
on
coverage
important bearing
an
be
Security Act also makes provision for
based
assistance
incorporated,
such
maximum
be compelled
this
in
the Social
significance of the
manent
amount
rates
Without
interest.
insuring the covered population.
only increased
mum
of
would
considered also
Not
for
be
not to
are
ground
years,
to become more nearly universal, the nature of the problem would
old-age
The
of
payments during the early
over
the
in the-form
would
significantly
financed
funds,
insurance
of
belief
coordinated
to
all,
means
no
tax
remembered that
of
will
will
rates
old-age insurance program
the population
the cost
of
by
of other
■
the
The complexities
000,000
Title VIII and the
payments
these
compound
employees than
and
the present
but
proportion,
The
3%
at
number
a
under the tax
annually
estimated
is
for
been
study should be continued of
feasibility of protection against additional types of risks to economic
of
large government subsidy.
Furthermore,
iB
security.
The rates of taxation
this early period only by means of
employers
on
by
years
it would be possible for succeeding generations to meet obligations
accruing
unemployment and
adds:
report
the
benefit amounts become larger, this
as
reversed,
investment
with
reserve,
or
early
and
had
rehabilitation
to groups of the population
who, for adminis¬
trative reasons, are not included at the present time."
The
made by Congress will exceed the amounts
the proportion of old people in the population
only because of the excess of contributions
years,
of
inconsiderable excep¬
with
that,
assume
the
than
more
lished
the
and employees until
increases, as must be expected, and
situation
limited,
are
paid by employers
appropriations to
much
during
reserves
subject to the payroll tax.
are
vocational
extended
Business
says:
States
According to the report, "it is the conviction of the Board
as rapidly as experience warrants, protection against
must be analyzed in the light of the objectives to be achieved.
program
Under
report
the
was
for
As to the old-age reserve
security through social insurance.
account,
it
Health
Public
46
In
that,
unemployment
Discussing the status of the old-age
reported
States
Department.
by Federal grants, administered by the Office of
security.
economic
promote
United
the
Education of the Department of the Interior.
assistance
that the Social Security Act has justified the designation
by
Treasury
extended
immediate
From the report we also quote:
It
the
services
steps
says
of
Hawaii,
risks
of the Act.
applications
administered
Service
port, includes:
pensation under the
533
of
the
the
constituted
President's
current
privacy
might
The
easily
did
the
made
President's
become
visitors,
improved
such
of
conferees
on
worse
no
attempt to
First-hand
economic trend.
study
than
to
the
was
said
in
effect that conditions
present.
at
the other hand,
were
minimize the seriousness
accounts of what
did not discount predictions of greatly
economic conditions next spring.
But they did not agree that
improvement would come about regardless of what the Administration
said between now and then.
or
It
pants
was
in
stated in this connection
the
conference
that
Mr.
by
a
source
Lewis's
close to
statement
one
of the partici¬
for
the
group
on
Financial
534
leaving the White House was to be
rather than for what it disclosed.
Attacks
The
chief
on
question of prices and material costs, against the current level of
Administration spokesmen have recently inveighed with some
The
some
vigor,
levels
and
by
by several of the conferees.
It was pointed out to
very vigor of the attack on current industrial price
stressed
was
the President
the
that
Administration spokesmen had given many manufacturers
the impression that such prices might be forced down.
some
business
men
the group conferred
of
Members
same
it
was
agreement.
Mr. Tugwell did report to President Roosevelt the
the group's discussions, however, and the President expressed a
with them on the various topics discussed.
They were:
desire to confer
2.
Housing.
3.
The
4.
5.
Gold
}
Monetary policy as reflected by actions of
-v
■.
industry.
utilities
policy as
a
statement
was
to say:
on
Representing a majority of the membership
Council of the Department
by the Council's Chairman, W. Averill Harriman, it drew from the
President comment on the various proposals, and led to some general
cussio.i, following which it was made known
dis-
by the President that, it is de¬
hat all such problems be handled in this co-operative manner.
sirable
informed newspaper correspondents that he and others in the
rent were working with the business advisory group and with other
T. Early,
Govern
groups
Fiat have been down and are coming to
lishment
<
Washington toward, estab¬
President explained, all are agreed, should represent
all the elements which enter into legislative
and administrative policy, both
of view of geographic area and all the different types of in¬
terests—business, big and little;
labor, finance, distribution, agriculture,
was
subsequently made apparent that the President had in mind pos¬
of Roper's Business Council to take in such of the interests—
sible expansion
perhaps notably organized labor and organized agriculture—to serve as a
Capital
business
the President and a group of leaders in the automobile manu¬
facturing and financing field. A White House spokesman
on Jan. 20 said that the
President would soon confer with
small business men in seeking co-operative' methods of
regularizing business and employment. The latter announce¬
ment was reported as follows in Associated Press Washington
Thus far, a White
House official noted, the Presidential conferences have
included only captains of industry and finance and labor leaders.
hundreds of letters had
He
a
result
lT-esident instructed aids today to go through
the
The
a
high
stack of these letters, select at random a number of smaller corporation
President's suggestion that labor unions should make public their
leaders, meanwhile, both bewildered and
financial statements left union
All those that could be reached in the capital said that they made "public"
their financial reports, although most of them defined "making public" as
William Green, American Federation of Labor President, said the federa¬
both its members and the
press a
"complete financial
marked
can say
the
same, too,
In
Mr.
years
Green
the
Secretary-Treasurer of John L. Lewis's union for
before he became A. F. of L. chief.
many
reporting the proposed conference with automotive
executives, a Washington dispatch of Jan. 17 to the New
York "Journal of Commerce," said:
It
was
made to appear that the President has struck a popular chord in
can
be cultivated.
,
In contrast, his attack on holding companies has
criticism and
uncertainties
The
a
brought
great deal of
a
renewal and elaboration of charges that he creates greater
by his disquieting assertions and his attacks
automotive
group
called
upon
business-
and
And I
Walter P.
Chrysler, Chairman, Chrysler Corp.; Edsel Ford, President,
Macauley,
William S. Knudsen, President, General Motors Corp.;
President,
Packard
Motor
Co.
and
the
Automobile
Manufacturers' Association.
Also
Corp.;
John
J.
Shuman
Jr.,
of
General
Motors
Investment
Acceptance
Trust; A.
D.
the
the
that
improvement
if enterprise is to continue to
constantly available for it.
Now
private
of
that
mean
such
in
there
is
investment,
are
practically
of capital."
"strike
a
phrase today
a
There
as
of the public utilities,
the needs of which, for new
he answered?
but believe that
cannot
good part of the current business reces¬
a
the bewilderment and loss of confidence among our citi¬
zens,
owing to the general attitude of distrust towards business which
in the last five years has been cultivated in this country.
For a century
American
our
industry and
built
have been
commerce
blood.
life
have
agriculture,
mutual trust.
Credit—one man trusting another—has
Through its means we have builded 10,000 cities;
of
basis
a
been
we
/from
half
a
upon
going the hum of industry from the North to the South
set
and
shores of the sea; we have developed all that vast struc¬
of scientific invention,
mechanical skill and creature comfort that
the
wide-parted
of
nations
and
people materially the most blessed by far of the
made the American
have
been
building
valor
foresight,
men
for example,
as,
at
in
"because of their very absorp¬
or
liberal
all-around,
business
American
that
[their own particular industries, they
sight of the relation of such industries
up
have sometimes lost
the
extraordinary story of human
an
lacking in
labor policy;
of
matters
to
been
has
conceded
Lamont
in
It
possibilities of free enterprise.
have
times
tion
earth.
the
the
of
of
progress
country."
the
He
continued:
There
in
much
is
effort
its
to
effect
in
machine.
It
creation
of
certain
handle
tendency
centralized
a
the
regulating
for
to
this
is
the feeling among us today that government,
obvious abuses, has seemed to feel itself
validity in
correct
merely
not
attempting
business
of
but
country,
for
intimate workings of the industrial
super-administration, towards the
the
towards
bureaucracy
that
makes
today.
approaching
pause
men
the
difficult
why this country instinctively shrinks from the tendency towards
over-administration shown
by some of our agencies.
The methods of
democracy have prevailed here for 150 years.
Such methods have not
always been successful.
The road which we have trod has had its danger¬
is,
of
autarchy
to
has
as
that
suggest
and
well
with
its glorious
the
as
itself
found
rounded
America
States.
communist
is
Yet
it
is
not
better
of
more
the
off
generation before
it.
heights.
living
in
factors
And
Yet, even so, every genera¬
and standards, sur¬
happiness,
conditions
make
that
for
security and
that holds true
even
after the dark
have weighed upon the country.
For in these
there has been awakened a social consciousness that has expressed
in
the activities of government and no less in an understanding
of depression which
years
years
generous
And
so
believe,
community of individuals.
today,
to
a
It
the extent that our people have been unwisely
distinctions and a class war, there is, I
except to
idea
the
of
class
self-reliance and solidarity among us than ever
of common interdependence and goodwill that has
greater mutual
that
is
sense
which
repels
suitable regulation
large affairs which cf course is necessary, but at any attempt actually
manage our
daily affairs for us; to tell us that there is in govern¬
freest
play
shrinks
in
from
the workings of democracy.
It is that very sense
bureaucracy, and which instinctively distrusts and
from any
effort
to
to
fascist
the
of
declivities
tion
of
absurd
course,
see
a
wisdom
of
central governmental authority, not at
so
omniscient that
commerce
and
it
industry
can
foresee and handle the varying
throughout
the
vast
areas
of
our
the Atlantic to the Pacific.
Surely the people of this country are by and large committed to the
ideas of social
betterment on a large scale, of improved conditions for
labor and of all the advances that in this modern day must go to make
country stretching from
And I believe they appreciate the immense
But even so, I think they
programs of reform can certainly be carried into effect without
the adoption of methods so swift and drastic as gravely tc disturb the
actual economy and the normal processes of the country's growth.
And I for one believe that moderation will prevail.
Since my boyhood
liberal
a
difficulties
of
American life.
government in times like these.
that
days
President
Henry Ittleson, President, Commercial
For
made
observation,
my
maintain
to
be made
fields
the
not
reason
cannot
arises
sion
feel
Ford Motor Co.;
efforts
to
But the obstacles in the path have been too
must
the problems
of
ment
aloud
up
for the Friday meeting includes the fol-
lowig:
Alvin
does
little
conditions
cessation of activity until a new demand
according
has,
capital to be expended in material and labor for improvements, are crying
ment
a
any
longer are businesses to be permitted to conserve a fair measure
earnings for bad times; "locked out" by the continued unsettle-
no
their
of
industries by discouraging forced selling that temporarily speeds up produc¬
bring about
due to
never
country like America,
capital
That
just as
his efforts to regularize employment and bring stability to consumer goods
tion only to later
are
to over-simplify such causes.
there would be to say
that 30,000 employees who had lost their jobs because of slack orders
bad gone on strike.
No!
Would it not be nearer the mark to say not
that capital was
on strike,
but that it liad been "locked out" by such
things as the surplus profits tax which has given warning to investors
is
before.
In
the world
in
mistake
early 1937.
markets,
capital
closed.
incited
was
activity
great
a
determined
great
a
fresh
advance,
for the United Mine Workers (C. I. O.)," Mr.
Green asserted.
is
and
and
1936
great.
and
The A. F. of L. report is presented to its convention each autumn.
it
community
strenuous
itself
statement."
"I
business
most
than
giving the statements to their members.
tion annually gave
And
example, quite contrary to thef views apparently held in some quarters, the
entire
ous
angry.
business
in
changes
cause.
one
In discussing recent business trends,
Lamont said:
Mr.
It
officials and call them in.
The
Mr. Lamont suggested that, instead, capital
Philadelphia.
as¬
been received from smaller business
pointing to this and requesting similar White House audiences.
As
Day report
responsible
advices of Jan. 20:
men,
Path of Business and Urges
Co., declared on Jan. 17 in an address at the
luncheon of the University of Penn¬
&
Morgan
Mr.
announced in Washington on Jan. 17 that a White
House conference would be held yesterday (Jan. 21) between
was
serted that
It
has not "gone on strike" to cause Ike present
recession, Thomas W. Lamont, a partner in J. P.
Franklin
policy advisory group.
It
Capital Is "On Strike"—
Has Been "Locked Out"—.
Denies
Rather,
Refers to Obstacles in
ture
transportation, credit, investment and the consumer.
It
Lamont
W.
Suggests,
and
f simple machinery in respect of policies.
Such machinery, the
from the point
This led to the belief that he
purchaser.
75% down payment in all automobile sales.
a
Thomas
resident told the Council, his Secretary for public relations, Stephen
The
particularly for pleasure cars, in excess of 25% of the
of credit,
favored
that
of the President.
business, which won the hearty approval
Re d
of the Business Advisory
of Commerce, they earlier in the day had worked
which, in effect, could be taken as a program tendered by
out a statement
that the President is opposed to any
It is understood in some quarters
grant
annual income of the prospective
has been "locked out."
the Federal Reserve System.
it affects the Treasury sterilization fund.
presented to President Roose¬
velt by the Business Advisory Council, composed of 49 of the
Nation's leading industrialists, who, it was noted by Clarence
L.
Linz, Washington correspondent of the New York
"Journal of Commerce," pledged co-operation to the Presi¬
dent in effecting geographic decentralization of industry,
outlawing of improper holding companies, development of
effective anti-trust legislation and in carrying out other
features of his economic program.
I n part Mr. Linz's advices
On Jan. 19
went
consumed."
sylvania's Bicentennial Campaign for Endowment, given at
revision.
Tax
1.
until such time as the surplus is
consequent recession in production
Cooperation Between Administration and Industry
of
results
and
on
did reach conclusions on a program of action, it is under¬
only a meeting of minds rather than a definite and
group
that
formal
salesmanship which creates cycles of overproduction within given industries
said:
paper
the
If
stood
with the President
play in the exercise of "high pressure
part too liberal installment sales terms
which time advices (Jan. 13) to the
previous day, at
the
President,
P. Sloan Jr., Chairman of General
indicated that the President was concerned over the
Motors Corp., it was
President by the group was the need
a
which
1938
22,
Duncan, President, Commercial Credit Co. and Ernest Kanzler,
In an earlier conference with Alfred
"crystallization" of policy by the Administration.
They made it
plain that, so far as each of tliem was concerned, they did not know in
which direction the Administration intended to go or how far.
for
Jan.
Universal Credit Co.
Prices Mentioned
left with the
thought
considered significant for its omissions
Chronicle
I
have
seen
several
minor
nessed
extreme
ones.
two
major
And
legislation,
business
depressions
accompanying each
honestly
designed
one
to
in
this country and
I have invariably
wit¬
evils
but
correct
real
Volume
Financial
146
faulty, because
law-givers
our
have too
than sporadic, and
typical rather
were
generally assumed that the evils
have attempted to cure them
thus
in aiming to cure
obstacles in the path of
progress, crippled
the natural interplay of economic forces.
I have seen all these things happen, and yet each time in the succeeding
years I have seen the pendulum
slowly adjust itself; never, fortunately,
swinging back to the old extremes, but always finding a tolerable mean.
These laws, many of them hastily conceived, written overnight, frequently
in
a
punitive rather than a constructive spirit, often passed without
debate, will gradually beff amended or modified or changed in administra¬
tion.
And at other points man, who is an adaptable animal, will adapt
by sweepingly restrictive legislation—legislation which,
the
evils,
his
its
life
business
You
by
has
I
and
to
deep faith
a
in
the abiding wisdom of the American
We know that, if they find themselves being led to intemperance,
to extremes of either laissez faire or of crippling government restrictionpeople.
intended—they
well
how
matter
no
this
react
to bring about
conception has been
time
in
class or group war.
Surely
evil days if we permit our people—especially
goodwill among men—never one of a
of
one
will
Our country is one whose basic
friendly adjustment.
country will
come
upon
idea that there is some subtle cleavage among us,
must carry on a gladiatorial combat in order to gain
youth—to gain an
our
and
that
our
of
rights.
some
us
We must be mindful of the difficult problems of
business, and do everything within our power to have
and
work
both State
all factors
the
is
That
And in
creed.
American
true
the
and
man
realize
must
of
that,
the
for
them
We
logic
break
turn the artist, the man of letters,
essential as for the mathematician
which shackle the mind, and
chains
understanding,
of tolerance in
our
spirit of give and
judgments, lacking
surely fail.
shall
gripped the country.
.
.
of some
.
for
has yet
industry, steel, plays in civilization
nothing compared with the promise of the future.
.
.
.
Looking to the months and years ahead I believe industry is ready
the
expansion that the human race
and
development
greatest
As great a part as my own
today, it is as
I believe in the future of industry of this country
the fundamental sanity, fairness and common sense
There
ple.
which
certain fundamentals
are
inevitably return.
must
we
that
because I believe in
of the American peo¬
have made America and to
These are that the more the nation
produces, the greater its income and its wealth; and that the more men
who
employed making goods, the more men there are who
are
sume
canlcon-
.'
goods.
The achievements of private enterprise in
this country give ample proof
capitalistic system of free and independent business, based upon
that our
the social need for
high standard of living for our people, is the
a
tem that man has yet
best sys¬
devised.
of Republican Steel Corp. Sees Business
Disturbed over Reasonable Government Regu¬
Less
lations than Over
Apparent Lack of Definite
of Government Relations
an
address
Jan.
on
Plan
Toward Business
20 the statement was
made by
Corp. that
"I think
reasonable
government regulations than it is over the apparent lack of
a definite plan or program of government relations toward
business."
"Business and industry," said Mr. Girdler, "are
able and willing to adapt themselves to any fair and sound
program.
They only want to know what that program is
to be over a reasonable period of time.
That is an absolute
necessity in planning ahead for new projects and under¬
takings."
Mr. Girdler, who spoke at Murry Hill Hotel,
New York, before the Lehigh University Alumni Banquet
said, "How can any game be played when no one knows what
Chairman of the Republic Steel
business is far less disturbed over
T. M. Girdler,
the rules are to be?"
Some
wonders
clear
in
He added:
definition of fair rules as
helping
to
Anthracite
Workers
Agree Step Is
Needed—President Roose¬
Pledges Support of Whatever Remedial Action
velt
He Considers Nesessary
Governor George
18 that
Jan.
H. Earle of Pennsylvania announced on
anthracite operators and mine workers have
agreed to ask Congress to nationalize Pennsylvania's hard
coal
followed
This announcement
industry.
a
five-hour
wipe
away
representatives and members of the State Anthracite Com¬
mission. On the preceding day (Jan. 17) Governor Earle had
conferred with President Roosevelt in Washington, and he
later said that the President had given assurances of support
for whatever remedial steps appeared necessary.
A Wash¬
ington dispatch of Jan. 17 to the New York "Times," dis¬
cussing this meeting, added:
work
After all, the
applied to business would
present
uncertainty.
of Industry both are striving to reach the port
prosperity by the shortest, safest and quickest route.
They must chart
parallel courses.
House conference
White
the
After
whatever remedial steps
Department sought means to put into effect a
also quote in part:
weeks I have been traveling a
Governor Earle said the
1920 Supreme Court decree
of anthracite mines by certain coal-carrying
directing disolution of control
railroads.
In addition to Governor
included
Jackson,
Charles
Earle, those who participated in the conference
General
Attorney
mission: Senator Guffey,
On leaving the
Bituminous Coal Com¬
David Lawrence, Pennsylvania Secretary of State,
Commission.
President's office, Governor Earle said:
"We have been discussing
monopolistic practices in the anthracite coal
accompanied by tremendous write-ups and pyramiding of costs
have resulted in increasing costs of coal to consumers, and in 80,000
coal miners being out of
"Conferences along
In the
tinue
Assistant Attorney General
Kalodner, economist of the State Anthracite
and Harry E.
which
Cummings and
H. Ilosford, Chairman of the
very
work.
this same line, namely, to
near
prices, consumption has
000 tons since 1920.
From his address we
in which
whole-hearted sympathy and support of
seemed necessary, it was learned that the Justice
President gave assurances of his
region,
Ship of State and the Ship
In recent
Nationalization of Pennsylvania's
Industry—Says Operators and Mine
Governor Earle Urges
meeting in Harrisburg attended by mine operators, union
T. M. Girdler,
of
of efforts to restore confidence and eliminate the causes
success
of the fears which have
the imagina¬
is as
the
whole community there must be that
generous
we
must
In
poet.
for
the
throughout
In
How far
fill us if we are even in small measure to
opportunity has held out to us.
The business
for him and for the scientist, imagination is as
as
banker.
which
Govern¬
of the decline
passed and that we presently will be on the path of improvement.
and how rapidly we will proceed on this road will depend upon
has been
must
that
know
take,
conquered four
working in harmony to demonstrate that the worst
ment
the
I believe that the difficul¬
America ?
less acute than those which were
are
I believe it lies within the power of industry and the
years ago.
which
destiny
indispensable
and
which
spirit
the
must
What is the future of industry in
ties of the moment
solution of our day-by-
Material progress is but the product of
the chief end of man.
fulfill
fair profit and pay a fair return on
the money invested in business.
understanding.
in
day problems which we are all striving to bring about we must not forget
that America's material achievements, of which I have spoken, are not
tion
ing conditions all the time and to earn a
known.
changed order.
somewhat
a
have
placed
inclusiveness
very
535
Chronicle
find a remedy, will con¬
Because of the unwarranted mark-up in
future.
declined from 90,000,000 tons annually to 54,000,-
We have the assurance of the President
of his whole¬
and support in attempting to remedy the situation."
Earle said that much evidence had been developed to show that
hearted sympathy
great deal about the country
Governor
be leading to a closer
understanding and co-operation between government
and industry.
That is one of the first problems that must be solved if we
are to make any important headway toward the return of real prosperity.
the anthracite industry and that resulting
responsible for the "ghost towns" found through¬
out the region.
Unwarranted prices had driven consumers to competitive
fuels and thrown miners out of work, he said.
talked with scores of business men in many
desire on their part to
practical co-operation.
They are anxious to
buckle down to the job in that spirit.
Throughout the land tonight mil¬
lions of people facing the bitter realities of another depression are hoping
and praying that the Government will really join with business in the effort
to speed up industry and make more jobs.
P^The Governor's announcement regarding proposed na¬
tionalization of the mines was reported as follows in a
Harrisburg dispatch of Jan. 18 by Paul W. Ramsey to the
Philadelphia "Inquirer":
His program calls for Government ownership, Government regulation
and private operation of the bidion-dollar industry which has been suffering
(^Solution of the problem should not be difficult. There is no great gulf
between the objectives of industry and the objectives of the Government.
Fundamentally both want to see that work is provided for every one who
wants work.
Government spokesmen say.tbey want to abolish poverty
and increase the purchasing power of the masses of the people.
Industry
wants the same thing.
Industry is absolutely dependent for its life in this
country upon the mass consumption of goods.
It wants to see the wheels
turning and smoke coming from the factory chimneys.
Anything that will
increase mass purchasing will help the farmer, labor and business in general.
How long, for example, do you think the automobile industry or the steel
industry would survive if they had to depend upon the purchases of a
from
and I have been
delighted to read in the papers
of events which we hope may
During my travels I have
parts of the country
and I have found a unanimous
give the government every
few wealthy
people?
monopolistic practices existed in
maladjustments had been
a
decade.
accepted by Congress the Federal Government
proceed to acquire all the State's hard coal resources and improve¬
at a "fair price" if possible, or by condemnation if necessary.
multitude of ills for nearly a
suggestions are
If his
would
ments
A possible
alternative suggested by the Governor would be
alone with provisions for leasing them back to
owners
for operation
practices" in the anthracite
I#Accordingly I say there is every material and humane reason why the
Government and industry should co-operate in stemming the recession, in
and in spreading it as widely as
possible.
||I know of no attitude on the part of industry which would make such
cooperation impossible.
American business does not advocate anarchy.
It does not rebel at the idea of fair government regulation to correct recog¬
nized faults.
In our complex modern civilization industry recognizes the
necessity for fair and impartial government regulations and rules to pre¬
vent abuses and practices which are not in the public interest.
It is just
as necessary to restrain th6 chiseling minority in business as it is to re¬
strain the law breakers among our citizens.
But business does not ap¬
prove
the imposition of controls
based on false theories.
It is a generally
majority of business men are honest. Isn't it
possible that a way can be found to give clearance to this honest majority
and permit the march of recovery to move ahead ?
.
.
.
America has the jnatural resources, the inventive genius, the industrial
capacity and the manpower to accomplish even greater wonders in the
future than it has in the past.
We have seen how the luxuries enjoyed by
a few in one decade became the necessities of millions of the next.
That
accepted fact that the great
is4the achievement
to create more
make goods more
Industry's aim is
and under better work¬
of modern industry. Its task is to
available and in better quality.
cheaply, more readily
jobs for more men at better wages
under Government
significant that his announcement was made today
White House conference at which he laid before the
"monopolistic
bringing back prosperity
purchase of
the present
regulation.
He plans to go to Washington on Monday or Tuesday to enlist support
of President Roosevelt in his new venture of economic planning.
It was
the coal lands
Only Enduring
The Governor was
definitely
following yesterday's
President evidence of
industry.
Solution
careful to explain, however,
that the President has not
committed himself to the program.
"But," said Earle,
Congress that
able to convince the President and
constructive program and the only enduring
"I hope I will be
this is the most
solution.
President," he added,
"The
ditions in
structive
"said he felt most deeply the terrible con¬
anthracite region and would back whole-heartedly a con¬
program to bring relief to a million Pennsylvanlans and lower
our
anthracite to 40 million Americans."
said the United Mine Workers of America have long favored
nationalization of the coal industry.
His own commission, he
unanimously favors his decision.
And these things were to be
prices for
Gov. Earle
outright
added,
expected.
„
Says Operators
But most
surprising was the
Back Plan
Governor's statement that his plan was
also
mine operators who attended his coal conference today at
executive mansion. They were Ralph Taggart, President of the Phila¬
favored by the
the
delphia &
Co.; J. B. Warriner, President of the Lehigh
represented the Anthracite Institute at tM
Reading Coal & Iron
Navigation Coal
Co., who
Financial
536
conference,
representing independent
of Hazleton,
Gordon,
Joseph
and
Chronicle
dent,
operators.
government should agree to take over the personnel of these
that Homer 8. Cummings, Attorney-General had that day
ordered a "careful study" of charges of monopolistic prac¬
tices in
Pennsylvania's anthracite region made by Governor
Earle.
Not Planned
Recession
by "Big Business," Says H. H.
Heimann of National Association of Credit Men in
Plea for Fair
All
"We
not
are
having
recession
a
because
big
business
monthly review sent
members in banking,
He added,
manufacturing and wholesaling fields.
big
We
cut
that
know
its
off
their
spite
to
nose
its
from
have
instances,
Why
such
the
mind
practices?
the
of
acts
in some
certain
of
the
officials,
by such
indict
public
irresponsible labor
In
instances.
economic
recent
face?
It
is
that
This
recession
of
out
several
with
in
some
monopolistic prac¬
businesses
few
a
have
he equally alert
followed
in
watching
which is becoming a monopoly
elements of labor have demanded
some
has
which,
the
potential
to
power
throw
the
joint.
both
in
forced
late
added
costs
prices.
pointed
was
months
obviously headed
were
The
higher
rises
price
the
We
taken.
of
And
out
the
danger
here,
not
the
spring
and
1936
for it
arising out
of
of
but
once
months
Some people seem to have the idea that big business is not only monopo¬
listic per se but that
because a business is big it has an easy time
desires.
If
representative
big
profit
any
statement
of
a
it
they would learn what
I
have
expressed
insure, within
if
recognize
business
If the
such
is
need
and
more
be
for
As
in
I
the
analyze
seven
I
in
this
at
fact,
also
I
in
are
not
am
favoring policies
as
small
of
would
it
certain
our
that
if
between
The
biased
so
fields.
that
isn't
It
is
government
better
I
size
of
capital,
could
we
progress,
by
as
There
and
government
such
can
cooperation
the past and
go
that
turned
long way towards
a
business
government
my
management
and with
business life in
made
labor.
mistakes
But
I also
whole is sincerely anxious
a
day of
a
when
was
and willing and,
only by its government, but
not
can,
attitude
an
the
on
of business,
part
friendly relationship with labor and
more
suspicions
Willkie
and
that
Southeastern
with
the
approval
the senior
Every
Authority Act,
domestic
with
their
distrust,
born of
Federal
Properties
mis¬
past
1933,
of
Common¬
desperate situation,"
that the Tennessee Valley properties of the Commonwealth
& Southern Corp. "be purchased in their
entirety by the
Federal
Government"
and
Valiey with
lines.
was
made
a
Jan.
on
15
(referred to in these columns
made
known
at
a
press
week
a
at
from
Roosevelt's
ago,
conference,
page
which
said to have suggested that the utilities sell
tion systems to cities in their area.
in
favor of
of
45%
be
loaned
on
was
indicated
as
holding companies, but, said
371)
time
the
views
were
he
his
press
declared
their distribu¬
having modified his edict
Willkie,
a
conference, Jan. 18,' for his exact position, he
it would be silly to attempt to
give a dic¬
that
tionary definition of
in
his
a
holding
statement
of
company
Jan.
15,
at this time.
said "there
utility problem in the Tennessee Valley
with
which
in
the
at
their
than
more
As
sell
lived
alone,
invested
550,000 customers.
in
were
held
and
peace
so
all
in
Authority
accord
satisfactory that
the
Act
previous
years
began
of
June,
Tennessee
government
plants
power
in
the
flood
to
behalf
on
passed,
was
and
power
transmission
these projects, and it contem¬
dollars.
Federal
low
at
able
until
the
&
Government
interest
to
rate.
persuade
Southern
stand-by
of
announced
these
By
40
over
that
cities
inducements,
municipalities
the
to
vote
which
the
millions
transmission
value
of
value
where
there
in
preserve
the
Mr.
the
be purchased
in their entirety by the Federal Govern¬
price to be fixed by negotiation or to be deter¬
by three arbitrators—one to be named by the Presi¬
By
market
no
wll
price
in
the
the
purchasng other
their
get
that
which
suggests
now
cities at
interested
not
cities
the
wholesale
which
and
two-
represent
the
of
generation
reduced
have
the
to
other
no
in
the securities of the
have
not
An
security holders
one
dollar
of
naturally anxious to
are
dollar
greater
even
of the operating
com-
yesterday the major portion of the invest¬
these
people in
have
does
security holders.
organizations
who
which
the senior
the
be
lines
power.
their money
that corporation
these
policy,
will
transmission
their
for
Corp.,
of
President's
by the city
and
have invested
American
condition
of
uncertainty.
which
companies
the
In
be destroyed.
utilities would
men
the
served
have
for
interest
been
built
would
years
of
these
and
up
be
placed
employees
and
make the following proposal:
That these companies In the Tennessee Valley
be purchased in their entirety by
the Federal Government at
a price to be fixed by negotiation or to be determined
by three arbitrators—one to be named by the President, one by the Supreme Court
of the United States and
I
also
believe
personnel
The
these
of
for
gifts
and
It
should
government
to
agree
take
stated
loans
of
for
to
not
there
that
is
municipalities
passing
these
of
more
no
building
for
either the
upon
gifts
and
loans,
faced
immediately
are
that I
reason
make
this
the
in
money
budget
duplicate distribution
The Supreme
constitutionality of the
refused
with
to
either
intervene.
duplication
eco¬
These
or
the
the balance rendered worthless.
with
part of their facilities,
this
the
over
companies.
has
utilities
sale
is
the
But these gifts and loans have already been made.
operating
forced
by the utilities.
one
that
President
suggestion as
a
laest resort in
a
desperate situation.
In
reporting
President's
tHe
comments with respect to
Washington dispatch, Jan. 14, to the
New York "Herald Tribune" said, in part:
holding companies,
President
holding
Roosevelt
companies
justification
for
L.
House
disclosed
all
of
that
from
the
he
favors
the
elimination
horizon,
economic
finding
of
no
existence.
expressed
the
today
types
his
a
views
holding
on
discussion
Commonwealth
of
companies
at
the
press
the memorandum which Wendell
Southern
&
Corp.,
left
at
the
White
following his conference with him last November.
The
to
a
the courts of
in
Willkie,
of
their
Roosevelt
Act
His proposal is "that these
companies in the Tennessee Val¬
is
Southern
caused to
addition,
conference
write-up in it," and he adds that "by the policy
suggested yesterday the major portion of the investment of
the American people in these utilities would he
destroyed."
of
Authority.
purchased
The officers of
no
Federal
rural
not
investment
employees
a
securities
already selling
are
Nor will they want to buy the lines
customers upon
which the utilities have
By the policy suggested
of
In
these
they
these
serve
dollars.
people
&
it.
be
would
the
President
to
are
Valley
Generating plants
200,000
write-up
to
and
of
lines
junk.
Commonwealth
loss
senior
utility investment.
villages
expended
Over
the
systems
because
Tennessee
built
were
the total
small
and
the
people,
supply
They have already indi¬
they will not want to buy the generating plants and transmission
cated that
lines
plants
80,000
over
par.
These cities
upon.
alone,
system
by
problem
distribution
steam
from
power
thirds of
owned
this
to
their
determine
the
83,000 people
serving
rates
was
dams,
billion
$88,000^000 below
citie
with
a
Federal
system
own
solution
a
utilities
Mr.
was
of
at
to
were
Commonwealth
pany
mined
the
until
municipal ownership would be given outright gifts
duplicate existing distribution systems and would
operating utilities,
dollar
ment
and
propaganda
The
balance
the
up
Government created it."
He points out that "over
200,000
people have invested their money in the securities of the
Commonwealth. & Southern Corp., which does not. have one
ley
near
Tennessee
municipal electric distribution systems.
As a result, the investments which so many American
people had placed
good faith in the operating utilities will be very seriously impaired.
In
is
Washington dispatch on
that day to the New York '"Times," in answer to a
request
at
the
passage
Government
built
a
all.
authorities
Federal
Later, Jan. 18, Presi¬
dent Roosevelt
half
over
voted
which
by Wendell L.
companies
President
structure.
in
com¬
the
build generating plants, trans¬
to
utilities
the
spent $160,000,000 on
not
wisdom
holding
of
Tennessee
operating
Southern
&
The companies
and
money
is
nomic
economic
of
to
Valley
government
although
Nation's
utility
governments,
service
Federal
this
But
Court,
all
lines
Their
it has
plates spending
systems.
of
result
a
the
have to face in
the Tennessee Valley
local
prior
Tennessee
both
The
cates
elimination
as
in
;■
ownership election
the
To date
Willkie, President of the corporation, following the remarks
attributed to President Roosevelt on Jan. 14 that he advo¬
the
arise
these
may
Commonwealth
Mountains.
the
however,
investors, I
Corp.—Action Urged Following
Statement Favoring Elimi¬
Holding Companies
last resort in
should
of the Tennessee Valley
the other of these companies had the lowest average
the highest average domestic use of any utility system
Rocky
as
projects.
Government
Roosevelt's
a
effort
or
customers.
soon
President
suggestion, "as
much
as
1933.
in
A
save
every
taking place
which
the companies
years
municipal
one
of
distribution
fve
one
rate
the
of
east
in
the
State and
of
and
for
year
In
it.
securities
lines
mission
wealth & Southern
nation of All
inevitably
now
plight
utility problem
no
created
'
With such
L.
W.
order to
that
business
in their
public utility properties and the
will
-v
Government
ment
Purchase
the
f
panis.
Proposal
which
competition
understand
to
than
...
labor
kept always in mind.
are
essential
the disintegration of
personnel
government
cannot
the
economic and eocial
problem is: how
hand
in
realize
postponed
understandings,
is
already facing and which others
are
Valley.
If these benefit the
people tried to forget
problem
group.
that the
seem
order
panies
that
business
economically
are
good, regardless of the size of the business.
to do the very best it
by the labor
It
charged with
are
money
be offered in
can
possible.
as
of
proposal
those who
invested
Valley and elsewhere.
to set
be the business large or small.
time business
eager
what
prevent
subsidized
situation,
have
.
existence
we
the
years
know, from contacts made throughout the United States in recent months,
that
the
these
business
in its relations with
past
whole
having spent the major part of
man,
to
this
of
the people who
investment
disorganization
to
management,
the
only
past
the
difficulties.
our
business
a
But
self-evident.
to
of
some
the
cooperation
believe
attention
active
close
more
assured?
their
solving
the continued
on
harmful, if they impede
they cannot be justified,
The
would
for
but the policies of the business.
counts,
are
people
several occasions
on
entities.
public the policies
policies
these
corporation
problem big business has.
that
the need of big
that
general
myself
believe
I
have
we
real
a
reasonable limits,
organizations.
off
made
to
1937.
getting
that
be
only
mystery.
were
demands
forced
and
times,
great
no
measures
uneconomic
unwarranted
of
is
the seriousness
consider
now
As
corrective
various
must
of
in
business
all
leadership,
that
problems
recent pro¬
Higher Costs—Higher Prices
unless
of
view
responsibility to
problems
many
lighter by
are
some
action.
because
years
legislation
structure
mistakes,
made
The American public should
uneconomic
whole
intensified
constantly attempt to
in
tices
have not been
government
some
been
have made
But these businesses have too
which
problems
own,
nouncements
destroyed.
De
In
future, it is necessary to summarize briefly the situation
big businesses
some
probably still making them.
of
will
In
business
ridiculous to think it would.
points inevitably to two conclusions:
Second—If the municipalities should buy the distribution systems of operating
utilities (as the President proposes) but not the generation and transmission facilities,
the major portion of the American people's Investment in these operating utilities
in part:
should
Why
Jan. 17 to the Association's
on
Mr. Willkie's statement follows:
The President's statement yesterday
First—In extending the "death sentence" to all holding companies In every In¬
dustry, President Roosevelt has done exactly what was predicted at the time the
"death sentence" In the Public Utility Act was proposed;
a
planned it that way," declared Henry H. Heimann, Execu¬
tive Manager of the National Association of Credit Men,
in his
companies."
Analysis to Replace Attempt to Indict
Business
by the Supreme Court of the United States, and
He also expressed the belief "that the
one
by the utilities."
one
Associated Press advices from Washington Jan. 20 stated
Jan. 22, 1938
Willkie
memorandum
"death sentence"
Administration.
asked
as
The
modification
for
of
of the conditions to
one
President
said
he
was
the
an
Holding
Com¬
"undemanding"
unalterably opposed
modification, but that he had not considered any specific new additional
legislation aimed
Reiterating
at
the
holding companies.
government's
policy
of
giving
loans
and
grants
municipalities where State permission has been already given for the
tion
of
publicly-owned utility projects
companies,
had
upheld
the President
the
said
government.
that
in
or
to
erec¬
the purchase of privately-operated
this
connection
the
Supreme Court
Volume
Financial
146
Emphasizing his point,
Mr.
Roosevelt
be where the city offered a
would
plant.
In
the
it
event
rejected,
was
declared
that
said,
he
there
for its power
to be
have
would
We
situation
ideal
an
fair price to the company
and
this
At
The
recalled
controlled
point he said that his Jackson Day dinner address and
statement
that
$600,000,000
of
holding
company
capital
companies
by
praised
were
President,
the
leaders signified their willingness to follow his suggestion that they
pany
In
ment.
blocked
expansion
an
New York.
The
the
which
program,
holding
would
wants
company
mean
expansion
declared,
he
instances,
some
because
increased employ¬
have been
funds through
programs
President
how
asked
was
lie
intended
holding
eliminating
com¬
panies from the picture.
emphasize his point.
but declined to
the formative
in
He said this decision was
stage.
L
from
its
Clarence
correspondent,
Washington
Linz, Jan. 14, the New York "Journal of Commerce" said,
in
We
We
in
it
the
easiest
all
that
say
various
are
would
to
way
putting
of
the holding
do,
is trying to
Administration
the
the four-inch tail,
.
.
.
his aims, he inferred, and
entirely on the taxing power of the
is to eliminate the power in
quite frankly,
There
that
suggested
was
case
be
not
accomplishing
of
ways
to rely
necessary
referred to water and wind in the
capital structures of corporations and which he has all along demanded be
written off,
and he was asked whether or not he had thought of any
government for
other
device
There
been
indicated
concerns.
.
.
thing,
would
fears
such
maintain
the
A
speaking
again
that,
amortization or
Administration
the
of
operating
or
thinks
now
is
sound
a
out of
great
majority of the holding companies
he has
of what
You
mind.
in
find
can
good many parts of the country, he told
a
basks are controlled by some holding company.
The little
local banks are going.
Why, he inquired, cannot a bank, in a community
that is able to start a bank, run
itself under proper supervision of the
Government, which
Federal
check-up
in
said
that
inquiries
to
response
Roosevelt
"the
he
had
not
yet gotten
the
that he was not referring to branch
...
.
apply either
March 4, 1933, and that after such date and for
to
or
method be adopted.
This was rejected today by the President when he said this would be
impossible, for if the thing is wrong now, or has been wrong since
March
4, 1933, he could not see where the government has any moral
future, the prudent investment
right
condone
to
entirely
the
a
forgotten
or
felony by saying that crimes of the past will be
forgiven and leave the existing wind and water in
capital structure.
Willkie
particulars
The
of
so-called
The
suggestion
that
the question
is as to
Among other things, Mr. Willkie wants modification
of the utility holding company law.
President,
he asserted,
We cannot agree
all time to come.
memorandum
November
last
with the
the
Willkie,
Mr.
of the Public Utility Act in certain
"death sentence"
revealed
There,
thing.
was
down to the heart of the
wants the four-inch tail legalized for
on that, he said.
one
comes
of Mr. Willkie to
referred
in
to
President Roosevelt
columns Dec. 4,
these
3589.
page
Under another
of government
ment
head in
this issue we refer to
the views
heads on Mr. Willkie's proposal and a state¬
by D. E. Lilienthal of the TVA.
Ex-President Hoover Offers Eight-Point Peace Program
—Says Protection of Western Hemisphere Should
Be
An
peace
Only United States Objective
eight-point program for the preservation of American
and
President
neutrality was proposed
Herbert
Hoover, in
bers of the Women's National
City.
the
an
on
Jan. 15 by former
address before the mem¬
Republican Club in New York
Mr. Hoover did not appear in person, but spoke before
club's Western members in
San Francisco, and his
address
asserted
was
that
paralleled
the
world.
every
opportunity
and
force
build
pacific agencies to
President's remarks fol¬
fight for
would
that
warned
abroad
the lives
In
than
arms
preparation
for
"waste
not
Philippines
"Our
at
with
declared
and said
the
rights
the
respected
Nation
and
moral
gone
with
for military expenditures
present program
than $800,-
year, more
nation.
he said.
race,"
should
States
United
limit
its
armament
to
Western Hemisphere, Mr. Hoover said we
or
interest elsewhere,"
and expressed
the
of
our
had
soldiers
diplomacy."
substance
obligation
national
or
need
defense
for
of
the
longer existed.
no
policies
in
let
"And
with
naval
me
strength
suggest
that
we
They have to
battleships.
building
this fact," he
confuse work
be maintained afterward
be aligned
should
further
to
should
not
expense."
high
declared
Hoover
Mr.
and
defense
that
satisfaction
the
that
should
keep
must
$1,150,000,000 next
leading the
are
Hoover
Doctrine,
interference
with warships and
our
other
proposing
relief
that
any
more
Mr.
the Monroe
from
Diplomacy" Ended
"dollar
of
the expenditure of
for
000,000
of
know that the
must
citizens.
government
Hoover observed
called
isolation.
independence,
resulted
contracts
attributes
other
Mr.
no
was
citizens, but added that the time when we thought it
of
enforce
to
necessary
the
their
violation
prevent
must
wishful think¬
dreaming,
by idealistic
the whole world
that
assertion
individual
of
or
protect
preserve
the American people had no desire for
although
<(Dollar
He
cooperate with
on
and
into confusion
the
proposal
for
a
referendum
on
war
recently
Congress might be. all right if other nations were democratic
in
agreed
such
to
procedure.
World
Grant of
$35,000-$40,000 By Alfred P. Sloan Foundation
Chicago for Studies In Field of
University of
to
broadcast
to
the present
New
lTork from
that city.
Economic
He
Administration had lost an "un¬
opportunity" for economic peace by
Conference
in
1933 in
proposed peace program was as follows:
Alfred
P.
Sloan
Foundation
has
made
a
grant
of
$35,000 and $40,000 to the University of Chicago
make studies in the general field of economics and to
between
to
exploratory work leading toward the broadcasting of
information, President Robert M. Hutchins an¬
nounced on Jan. 13. On Dec. 12 Alfred P. Sloan Jr., Chair¬
economic
of
man
to the
endowment
destroying
London.
His
Corp., gave the
of
University represents the income on a
the
on
General Motors
of the
$10,000,000 in securities, as
in these columns Dec. 18, page 3913.
The gift
an
noted
was
Board
the
Foundation
basis
of
the University's
average
million dollars,
yield on its own
endowment.
endowing the Sloan
In
Foundation, Mr.
Sloan said that
organization proposes to concentrate on
"the promotion of a wider knowledge of basic economic truths generally
accepted as such by authorities of recognized standing and as demonstrated
by experience, as well as a better understanding of economic problems
in
which we are today so greatly involved and as to which we are so
the
concerned."
Announcement
a relationship between the government
which will restore investment confidence in the industry."
responded
utility investor.
the
Clarification
order to establish
"in
President
what
Utility Act
proposed clarification
utilities
and the
that,
difficulties
importantly
.
For
Mr.
international effort to advance the
sane
the
the world.
in
torn
people
our
trade
of
boycotts
wars.
do
Willkie's statement in his memorandum
with Mr.
agreed
to
greatest immediate requirement of the utility
this date
to
up
of
to
Economics
utility valuation under the rule established by the courts
the
6aid
government
The
industry is a large
inflow of common capital indispensable lor much needed additional
con¬
struction," but made it plain that he had in mind operating companies.
He approved also Mr. Willkie's thought that "a large construction with a
considerable increase in employment" would follow the flow of capital.
He took the industry to task for failing to amortize the securities issued
under the rulings of the Supreme Court.
Mr. Willkie also suggested that
the
the
Legislation
on
banks, but that the question of chain banks was different.
Mr.
of
moral
people's
other
device
exert
were
American
is providing deposit insurance and careful
of legislation to cure this;
question
that
Hoover
times?
all
at
now
Undecided
He
welfare
amplifying his
most
endeavor
the
all
cally
end
or
in every
every
to
force in
where in a very large geographical area practi¬
correspondents,
newspaper
in
to
given in the New York "Times" of Jan. 16:
they
defeated
situation
a
by
military
use
ing and the illusion of isolation where there
added.
holding companies in the utility field,
after declaring himself in favor of elimination of all holding companies,
he referred to the situation in banking as another very good illustration
social
to
in any economic sanctions or embargoes or
join
prevent
end conflict
as
war,
do not
the subject of
are
ware.
Other extracts from the former
low,
com¬
senior
he stated.
funds,
from
Digressing
and
should
peace
of
sinking funds against
not
ourselves
people's
cooperate
nations
the
case
disturbance of the capital market which Mr.
the retroactive application of any new
no
grow
valuation.
of
theory
up
which
be
would
there
Willkie
In
responded.
he
suggested
set
issued,
when
securities
rule,
we
neutrality.
engage
not
to
should
"We
had
had
they
if
not
should
We
.
President
The
panies,
purpose.
operating
amount of wind or water is comparatively small, as has
to him by operating company heads discussing their own
universal
no
the
companies
"wringer" to accomplish his
the
than
is
if
solely to repel aggression against the Western
arms
our
end other
or
economic
He had
the purpose.
respected
our
preserve
endeavor
We
In
President
be
must
should
prevent
part:
The
company
that
know
against us is preparedness for
only for our justice but for our
aggression
from
assurance
limit
must
Mr.
advices
In
the last shred of our material
should
-
We
He replied there were several methods of achiev¬
ing this,
still
We
other
...
world
the
Hemisphere.
obtain
to
And
strength.
that
undertake
independence to
our
strength.
We should
who 6aid
substantially all of the wind and water has been squeezed out of
their capitalizations, but with the case of the holding companies this was
not so.
"'■ ■;
\:v> v-;7.::'f
At this point he said that his conferences with utility operating com¬
operating
fight for
greatest
.defense.
$13,000,000,000 of public utility assets.
Utility
must
physical
have peace.
parallel systems.
his
537
Chronicle
Automotive
safety"
cil.
that
Safety
Mr.
Sloan
Foundation
had given $25,000 to the
for "the cause of traffic
made on Jan. 13 by the National Safety Coun¬
said the New York "Herald Tribune," will
send 12 police officers and eight traffic engineers
was
The money,
be used to
from
prize-winning cities and States in the Council's 1937
Safety Contest to Northwestern and Har¬
Universities for a year's training in traffic safety.
National Traffic
vard
Frank of Chairmanship of Repub¬
Committee—In Expressing His
Understanding of Purpose of Committee Says It Is
Not Its Duty to Write Campaign Platforms or Pro¬
mote Candidacy of Any One for Office—Free Enter¬
prise Urged by Dr. Frank
Glenn Frank, former President of the University of Wis¬
consin, made known on Jan. 6 his acceptance of the chair¬
manship of the Republican Program Committee in a tele¬
gram to John D. M. Hamilton, Chairman of the Republican
National Committee.
The selection of Dr. Frank to head
the
Program
Committee was rioted in these columns
Dec. 25, page 4054, at which time we gave a statement
issued by Mr. Hamilton quoting Dr. Frank as saying that
if he was able to arrange his "personal and business affairs"
he would accept the position "as the greatest honor and obli¬
gation of my life."
In advising Mr. Hamilton of his
acceptance of the post, Dr. Frank stated that "it is not
the business of this commission to write platforms for the
1938 and 1940 campaigns," and he further stated that "it is
not the business of this committee to promote the candidacy
Acceptance by Glenn
lican
Program
Financial
538
ticians"
The committee, he said, "will
for any office."
of anybody
Chronicle
radical
in a responsible search
for the principles and lines of national action that will
keep America a going concern." Dr. Frank, in his telegram,
seek
play its full part
to
indicated
nomic
to
me
readjustments
in
That
obligations.
other
my
position
until I had made the
of this sort
obligation
major
a
in
not
notified
alone
for
with
Along
It
are
express
me
the
for
That is
campaigns.
1940
who
of
the
for
the
understanding
my
platforms
a
convention, and the custodians
legal source of party policy is the national
policy in the interims between national conventions are the
Republican members in the Senate and the House when, as now, the
party is not in power.
It is not the business of this commission to promote the candidacy of
of
prices artificially
First, by the
ways.
by the
adop¬
levels;
second,
high
at
third,
that merely
results
"jamming the gears" of the system,
competition, which have "in
in
designed to stop unfair
of superior efficiency in
party
anybody
the
no
of
political
is
the lines
body of laymen asked to devote themselves behind
a
social and
party action to a study of the extraordinarily grave
now confront the Nation.
formal
of
party recognizes its obligation in the present critical
situation to call out and to mobilize the full resources of intelligence and
file of its millons of adherents possess.
rank and
the
that
The
business
professional men and women,
farmers,
of work¬
small and large,
men,
regardless of party lines or of sectional interests.
I
As
will not be
seek
will
It'
attack.
to
ministering
full
its
in
part
a
open-minded,
sincere,
telegram,
Frank's
Dr.
acknoweldging
Hamilton
Mr.
which you accept the chairmanship of the
Republican Committee on Program is in accord with the spirit which
prompted your selection by the Executive Committee and is in accord also
with the earnest desire to serve party and country expressed by the more
than 150 men and women who will work with you on the committee.
It
high
with
purpose
made known on Jan. 8 that both Alfred M. Landon,
was
Republican nominee for President in 1936, and his running
mate, Colonel Frank Knox, declined to act as Honorary
Chairman of the Program Committee formed in St. Louis
last month.
Former President Herbert Hoover and former
Dawes, who were asked to serve
Vice-President Charles G.
in
similar
capacity, accepted.
Dr. Frank was a speaker at a luncheon in New York City
on Jan. 12 of the New York Board of Trade at the Waldorfa
that occasion, as given in the New
Astoria ; his remarks on
The
Nation,
under
that
Frank
Dr.
said
democratic
a
his
in
was
built
on
system
of
free
address,
and
government
a
basic
two
enterprise
There are charges
enterprise is outworn and that the "consciences" of the enter¬
capitalism, both of which are "under fire today."
free
prises must be kept by politicians.
"I
said,
confess," he
obituaries
announcing
that
not
it
is
free
proving
daily
workable,
provokes
legitimate
name
of
the
criticism,
free
of
perversion
free
reading the almost daily
of
for
enterprise,
I
thing
is
that
convinced
am
perverted
a
The thing that is
the thing that
1929.
dying,
is
masquerading
something
enterprise.
of free
is
enterprise
dying
and should
this perversion of free enterprise and to re-create a
renounce
enterprise which, in
for the much-heralded
best
judgment
All
my
candidates for members of
new
Horace
Gov*
the Board of
E.
Dunham, Herbert A. Shipmen and
William S. Muller.
They will succeed L. Sherman Adams,
Thomas Morris and Henry Parish 2nd.
erors
are
die.
And
he
save
now
the
is to
true economy
B.
Frank
intention
The
of
Noyes to Retire as President of
Press—Has Held Post 38 Years
of
Associated
the
term in
April
Mr.
and
Noyes
his
first
ment
of
the
"Star,"
made
business manager
of
the
With
form
of
became
Victor
coincident
New
York
of
the
the
York and
Mr.
group
Mr.
1893
in
of
incorporation
still
active
"Star"
E.
and
its
into
1863
a
years
the
family,
newspaper
President.
for
In
seven
depart¬
he
1881
years
paper
1910.
Stone,
both
the
of
its
President.
He
first
presidency
headquarters
of the association
he helped
dead,
now
member
a
from
corporate
was
editor
as
has been active in the
in
was
newspaper
74
From
in the circulation
press
was
retired
elected
in
in
the
(1902-1909)
the
Lawson
was
now
take the following:
and except
paper,
of
removal
Noyes
we
father
Melville
and
Press
When
with
State,
original
with
contact
which his
President
Lawson
Associated
the
Directors.
to
of
14
Washington
in
active
Chicago "Record-Herald"
He
since.
of Jan.
born
was
had
President
as
President for 38 years.
as
York "Times"
New
Noyes to retire
the
of the Associated Press and
has served
age,
B.
at
expiration of his present
made known on Jan. 13.
Mr. Noyes, one
was
of the founders
Frank
Press
Associated
under
from
the
1900,
Chicago
laws
is the only
Board
in
one
of
New
of the
work.
Chandler
A.
Mackey Re-elected to Fourth Term as
President of New York Coffee and Sugar Exchange
At the annual meeting
of the members of the New York
Mackey
was
unanimously elected President to serve a fourth term.
In addition to Mr. Mackey, the members voted for F. Shelton
Farr to succeed himself as' Vice-President and W. W. Pinney
Coffee and Sugar Exchange on Jan. 20, Chandler A.
succeed himself
to
as
Richard L.
Treasurer.
Lamborn of
Lamborn, Hutchings & Co.,
was
the Board of
two-year term, as was George
Managers for
a
elected
V. Christman of Little & Christman.
a new
member of
Other members of the
Board reelected for a further two-year term were H. L.
Bache, M. E. Rionda, P. R. Nelson, and F. C. Russell.
Mr. Mackey's father, Wm. D. Mackey was one of the original
founders of the Exchange in 1882.
judgment, is the world's most dependable hope
hope for the
By free enterprise,
laws."
tired
grow
responsibility of business and industrial leadership just
supreme
own
I
death
to the tragic impasse of
us
less
under the
"This
"that
the
enterprise that is dying and that it is not free enter¬
prise that brought
three year term.
a
York "Times" of Jan. 13, are quoted in part as follows:
institutions:
Shipman.
R. McCormick has been nominated for trustee of the gratuity fund
The
of
said:
The
Herbert A.
William S. Muller has been designated for a one year term.
E.
of petty fault-finding or vindictive
agency
an
play
that will
and its
effectively to the human needs of the whole
of life congenial to the American spirit.
people—and insure a way
In
Dyer, Harold H. Hart, James J. Hopkins, David U. Page, W. Reitze
and
responsible search for the principles and lines of national action
keep America a going concern—with its business, its industry
agriculture
a
of the members who have already written to me,
the spirit
sense
commission
this
as
three year term, G. Arthur Callahan, Joseph A. Cole, James A.
Corcoran, Robert H. Cox, J. Chester Cuppia, Horace E. Dunham, James
For
for
parties, all sections and all groups.
I hope, therefore, that
mission will have access to the deepest desires and best thought
all
Exchange at the annual election of
designated by the Nomi¬
follows:
Feb. 14, 1938 have been
on
nating Committee,
,
boundaries of
this com¬
the situation cuts across the traditional
of
gravity
Curb
York
New
officers
Republican
action
ers,
The nominees for members of the Board of Governors of
the
A.
difficulties that
economic
The
Designates
for any office.
special commission
mission
Committee of New York Curb Exchange
Nominees for Members of Board of
Nominating
Governors
is outside the normal day-to-day operation of
machinery of the party.
It has no authority, it can have
authority, and it desires no authority other than the intrinsic authority
the soundness of what it may say and do.
Since office holders of the party are not in its membership, this com¬
This
of
four
profits;
guarantee
in the New York Stock
Exchange firm of C. D. Barney & Co., was sworn in on
as a member of the Securities and Exchange Com¬
mission.
On taking office Mr. Hanes said "I see an oppor¬
tunity for real co-operation between government and busi¬
ness," according to Associated Press advices from Washing¬
ton, Jan. 14.
Reference to confirmation by the Senate of
Mr. Hanes' nomination appeared in these columns of Dec. 25,
page 4054.
this
election in
for
stand
to
to
fix
to
John W. Hanes Sworn In As Member of SEC
matter of State conventions and
the mid-term campaigns of 1938
national convention preceding the 1940 campaign.
The sole
and
and
let
acceptance
of this special commission.
business of this commission to write
the
not
is
of
Jan. 14
my
1938
the attacks
to
open
John W. Hanes, formerly a partner
and purpose
those
it
instances strangled the fair competition
many
to
delayed acceptance.
nature
left
management."
necessary
accounts
tending
by laws
fourth,
It meant, however,
individual or to any group in the party.
of the committee's action I was
any
when
assume
regarding this chairmanship.
I am glad this was so,
free now to accept this post without any prior obliga¬
me
seeking
measures
measures
procedure
a
too
with
and
system
crippling, he explained, has been done in
of
and
because it leaves
tion
and eco¬
either before the St. Louis meeting or during its sessions, com¬
municated
the
by legislative measures tending to keep alive and to "extend compensation
to some of the weakest and most inefficient units of our economic system,"
by the .Republican National Committee.
inquiry created
No one,
that
commission of political
chairmanship of the special
the
of
This
tion
Jan. 22, 1938
"crippled"
critics.
adoption of
today give you, as I now give you, my assured accept¬
I could not until
ance
...
acceptance as follows:
his
have
more
for
"limitation
the
intelligent business
abundant life."
he meant business
explained,
men
agree
of
free to act
decent
on
economic
its
traffic
Commodity Exchange, Inc., Re-elects F. Y. Keeler as
President—Harry A. Astlett and J. Chester Cuppia
New
to this, he declared.
Vice-Presidents
The Board of Governors of
Three
This type of
ing marks.
"asking no papa, political or otherwise," to
It is flexible in good times and bad, and it knows
income
wage
rate with
than
bad "a high wage rate with little work and
are
for
the
more
worker
is
not
work and
a
as
raising prices.
he declared,
"And,"
for the
"when it is
maximum wages and maximum
The third
solely
nor
on
to
point, he went
There
declared,
a
free to be flexible
total
and
is
ably
maximum
man¬
consump¬
profits."
is that free enterprise must be competitive,
It resorts "neither to private monopoly
on,
the basis of efficiency.
public coddling to
quences
slender
a
as
best served by lowering rather
are
aged, free enterprise makes for maximum production,
tion,
worker,
lower
larger total income for the worker.
It
he continued, that profits
too,
sound,
of
its
has
own
been
because
save
mistakes
little
of
itself from the impact of risk
in
this
short-sighted
or
the
conse¬
type of
enterprise
men
a
meeting held
and
in
recent
years,
"foggy-minded
he
poli¬
on
Governors also re-elected Martin H. Wehncke
and
Douglas
Walker,
Milton
R.
as
Treasurer
Katzenberg and
Ivan
Reitler Vice-Presidents of the silk group, the hide group and
the metal group, respectively.
Mr. Cuppia is a partner of
E. A. Pierce & Co. and has been a Governor of Commodity
Exchange, Inc. since its inception, having previously served
two terms as Vice-President.
Mr. Cuppia succeeds Harold
L. Bache of J. S. Bache & Co.
& Co. has been
judgment."
business
Commodity Exchange, Inc.,
Jan. 20 re-elected Floyd Y. Keeler of
Orvis Bros. & Co., President of the exchange for his third
term.
J. C. Cuppia and Harry A. Astlett are newly elected
Vice-Presidents to represent the Commission House Group
and the Rubber Group of the Exchange, respectively.
The
at
free enterprise. Dr. Frank continued, has three distinguish¬
times
total
knows,
of Enterprise
It is courageous,
guarantee its earnings.
that when
Marks
for
one
& Co.
year.
a
Mr. Astlett of H. A. Astlett
Governor of Commodity Exchange, Inc.
He succeeds Charles T. Wilson of C. T. Wilson
Volume
John
E.
Financial
146
Watson
Appointed
Chief
Miscellaneous
of
Bureau of New York State Insurance Department
The
appointment of John E. Watson to the position of
Chief of the Miscellaneous Bureau of the New York State
Insurance
Department
was
announced
Jan. 12 by Super¬
on
This position was
intendent of Insurance Louis H. Pink.
formerly occupied by Joseph F. Collins who has been ap¬
pointed Chief of the Rating Bureau.
An announcement in
the matter continued:
Mr. Watson
was
appointed as an examiner in the Insurance
In 1909 and was first assigned to the Life Bureau,
Department
receiving bis preliminary-
He later served in the Fire and Marine
became a certified public ac¬
training under Nelson Hadley.
Bureau and in 1912, the same year that he
countant
come
,
he was assigned to the Casualty Bureau
where he has since be¬
Bernard F. Hogan, President of the Greater New York
Savings Bank, and August Ihlefeld Jr., newly elected Presi¬
dent, were named directors.
A. A. Berle, formerly director,
declined re-election but will continue as General Counsel to
the Trust company.
The statement of
tendering to President Roosevelt on Jan. 14 his resig¬
as Comptroller of the Currency, J. F. T. O'Connor,
indicated it as his desire to return to his home in California
In
nation
care
In "regretfully"
there."
of pressing matters
acceding to Comptroller O'Connor's request that he be
relieved of his duties, the President asked that he withhold
his resignation until April 1.
Mr. O'Connor was appointed
Comptroller by President Roosevelt in May, 1933, at which
time Mr. O'Connor noted, "the banking crisis confronted
you
immediately
assuming office." President Roose¬
accepting the resignation follows:
upon
velt's letter dated Jan. 19,
Your letter of Jan. 14th requesting me to
relieve you of your duties as
Comptroller of the Currency of the United States is on my
I must regretfully accede to your request
to
depositors in closed National
of
April 1st.
Market value of all securities owned at the end of the year was
Deposits, which
Washington as Comptroller of the Currency is
surpassing that of any previous
administration.
achievement for the lifetime of most
This record would be a satisfactory
people, but I know that the same faithful and
have rendered the nation as
and sucessfully given to
intelligent service which you
Comptroller of the Currency will be cheerfully
whatever task you may assume.
end our pleasant con¬
friendship is to continue even
United States Government deposits declined almost a third
1937.
year
of 16% to
The
Trust
a
to
banks.
The
company
during the
that
announces
type of service provides two complete
new
ROOSEVELT
its investment
from these
reviews each year
liabilities.
Further, it includes follow-up recommendations as to the consistent
ranging from about $500,000 to over $100,000,000 par
accounts
im¬
It is stated that savings banks with bond
provement of the bond account.
value have
subscribed to this service and have found it highly satisfactory.
The Trust company also reports an increase
of securities in
of 150% in the total amount
safekeeping in its custody.
+
Owen D. Young
Named Chairman and Federal Reserve
Agent of Federal Reserve Bank of New York—Depu¬
ty Chairman and Class C Director also Appointed
Announcement
made in Washington, Jan. 21, of the
was
appointment of Owen D. Young as Chairman and Federal
Reserve Agent of the Federal Reserve Bank of New York.
The post of Chairman of the New York Reserve Bank has
been vacant since April 30, 1936 when the position was
placed
on
"honorary basis" and J. H. Case, who had
an
held the office until then, retired.
Also announced yesterday, were
the appointments by the
Deputy Chairman of the Fed¬
York and Edmund E. Day,
President of Cornell University, as a Class C director.
The terms of office of both Mr. Young and Mr. Ruml
Board of Beardsley Ruml as
eral Reserve Bank of New
expire at the end of the current year; Mr. Day's appointment
is for the unexpired portion of the term ending Dec. 31, 1939.
+
v:
Association of
Dinner of
Annual
chants to Be Held in New
D.
year
of the entire bond account and its relationship to all assets and
yours,
FRANKLIN
during
showecl an increase during the
total of $11,012,266.
savings banks was altered in response to requests
services
stronger in the years ahead.
Cordially
of 1936 to $67,213,411 at the end of
the year to $20,660,675, while trust deposits
Although your return to California will bring to an
ferences of the past years, I am sure that our
$429,211
the State,
exclusively from mutual savings banks in
are
increased from $61,867,465 at the end
In my opinion, this course of action
law practice and come
ample evidence of a job
well done.
The nation, as well as you and I, remembers those first days in
1933 but much of their stress and strain has been forgotten, and it is my
firm belief a strong contributing cause for forgetting has been the achieve¬
ment of the objectives outlined in your letter.
The strengthening of the
capital structure of our banking system is attested by the few failures of
National banks in the last five years, a record, as you have pointed out,
to
was carried forward onto the surplus fund
profits, bringing the latter to $4,752,232.
above the values at which they are carried in the Statement.
I shall ask you to withhold
shortly after the inauguration in 1933 to leave your
revealed a slight
aggregate of
It is further announced:
banks requiring at least your
your resignation until
will enable you to take care
of pressing matters in your home State of California and yet gives you an
opportunity to return here as often as necessity requires during the interim.
The review in your letter of the work accomplished since I asked you
part time attention,
undivided
but, in view of the fact that
unfinished work in connection with the payment
there remains important
dividends
desk.
company
$134,215,114, of which $104,196,041 represented quick as¬
sets.
This latter figure represents a liquidity of 105% of
total deposits which amounted to $99,441,300.
The Trust company showed net profits of $613,935 for the
year against $1,124,030 in 1936.
The decline, it is stated,
was due to the fact that security profits were less than those
taken in 1936.
After dividends of $150,000 on the capital
and
Resignation of J. F. T. O'Connor as Comptroller of
Currency—President Roosevelt Requests That He
Delay Effective Date Until April 1
the Trust
decline in total assets for the year to a present
stock, $508,573
the assistant chief.
"to take
539
Chronicle
The annual dinner
Cotton Textile Mer¬
York, Jan. 28
of the Association of Cotton Textile
held at the Union League
Honorable J. F. T. O'CONNOR
Merchants of New York will be
Comptroller of the Currency
Club, New York, on Jan. 28, with Dean Joseph H. Willits
of the Wharton School of Finance and Commerce as guest
Treasury Building, Washington, D.
C.
of honor and
Association Elects New Officers
—Henry J. Nichols Named Chairman of Clearing
principal speaker of the evening.
Boston Clearing House
Annual Convention of A. B. A. to Be Held at
At
the
annual
Association
on
Houston
Texas, Nov. 14-17
House Committee
meeting of the Boston Clearing House
17 officers were elected as follows:
Jan.
Henry J. Nichols, Vice-President of the National Shawmut
Bank of Boston, named Chairman of the Clearing House
Committee; Thomas P. Beal, President of the Second Na¬
tional Bank of Boston, elected President of the Association,
and Herbert E. Stone, Vice-President of the Second National
Bank, named Secretary.
Other elected members of the
Clearing House Committee included: Charles E. Spencer Jr.,
Vice-President the First National Bank of Boston; Robert
Brewer, President the Merchants National Bank of
Boston; Allan Forbes, President State Street Trust Co., and
The 1938 convention of the American
will
Raymond B. Cox, President Webster & Atlas National Bank
+.
of Savings Banks
Houston, Tex.,
the
be
will
Hotel
Rice
headquarters.
official
Francis
President of the First National Bank, Houston,
has been named Chairman of the Houston Convention Com¬
mittee.
Mr. Law was President of the American Bankers
Association in 1933-1934.
Present officers of the Associa¬
Marion Law,
tion
are:
Orval
President,
State
National Bank,
First
Adams,
W.
Executive
Vice-President,
Utah
State
Salt Lake City.
Philip
Vice-President,
Brooklyn, N. Y.
Second Vice-President,
A.
Robert
Benson,
M.
President, Dime Savings Bank,
Hanes,
President, Wachovia Bank &
Winston-Salem, N. C.
Treasurer, M, A. Malott, President, Citizens Bank, Abilene, Kans.
Co.,
Secretary, Richard W.
Executive
for the past three years has served
as President of the Savings Banks Trust Co., was advanced
on Jan.
19 to the newly created post of Chairman of the
Board, following the annual meeting of the Trust company
at its offices, 14 Wall St.
August Ihlefeld Jr., Executive
Vice-President since the formation of the Trust company,
was
elected President.
Albert 0. Johnson was advanced
from Vice-President to Executive Vice-President and two
new
Vice-Presidents were elected—Alfred J. Casazza and
Bankers Association
Nov. 14-17, it is announced
by Dr. Harold Stonier, Executive Manager of the Associa¬
This will be the sixty-fourth annual convention.
The
Trust
Charles A. Miller Becomes Chairman
Trust Co.
held at
tion.
D.
of Boston.
be
Manager,
Hill, New York City.
W. Stonier, New York City.
Harold
Charles A. Miller, who
Stewart Hathaway, Vice-President, did
Other officers of the
Trust
company were re-elected.
Six directors were re¬
elected by the shareholders:
Joseph E. Hayes.
not stand for
re-election of that office
Dean Nott, President, Erie County
Savings Bank.
Robert Louis Hoguet,
President Emigrant Industrial Savings
York City.
Henry R. Kinsey, President
.Williamsburgh Savings Bank; and
East River Savings Bank, New York
Joseph A. Broderick, President,
City. ^
^
ZH
SSI
H
.
dM
A. B. A. to Be Held in New
Trust Con¬
York City,
Feb. 15-17
Two
symposiums, one on common trust funds and one on
for trust service, and a forum devoted
costs of and charges
Liabilities of Trustees,"
Scott of Harvard Law School, will
feature the program
of the nineteenth midwinter trust
conference of the American Banker^ Association, scheduled
for
Feb. 15-17 at the Waldorf-Astoria Hotel, New York
to
led
the
by
subject of "Limitations on
Dr.
Austin W.
City, it is announced by Robertson Griswold, President of
the A. B. A. Trust Division, in releasing the program of the
Mr. Griswold is Vice-President of the
Maryland
Md.
The annual midwinter trust
banquet of the Association, with which the conference will
close, will be held Thursday evening, Feb. 17.
The symposium on costs and charges will be summarized
by Gilbert T. Stephenson, director of the Trust Research
Trust
Bank, New
W. Scott to Address Midwinter
ference of
conference.
Savings Bank of Utica.
Poughkeepsie Savings Bank.
Roy C. Van Denbergh, President,
Frank L. Gardner, President,
Dr. Austin
Co.,
Baltimore,
540
Financial
Department of the Graduate School of Banking.
posium
sym¬
trust funds will be led by Carl W. Fenof the Provident Trust Co., Phila¬
on common
ninger,
The
Vice-President
Common Trust
The open forum on
delphia, and Chairman of the Committee
Funds of the A. B. A. Trust Division.
"Limitations
Liabilities
on
Trustees"
of
member of the faculty
another
Banking, Dr.
on
be
will
led
by
of the Graduate School of
William H.
vertisers
A.
reference
issue
our
A.
B.
the
to
coming
conference
was
Regional Banking Conference to Be Held
at
Moines, Iowa, Feb. 10-11
public relations activities of the American Bankers
Association
will
be
developed further at the Regional
Banking Conference of the Association at Des Moines, Iowa,
next
month, through the medium of a bank customers'
forum
which
to
invite
the
banks
in
the
Des
Moines
will
area
their
depositors and other customers, it was stated
by Orval W. Adams, President of the Association, in an¬
nouncing the program for the conference.
the
theme
ices,"
Feb.
10
which
of
will
be
will
held
be
"Broadening the Bank's Serv¬
the
at
The conference,
Fort
Des
Moines
Hotel,
11.
and
The sessions
are being planned to
promote the forum type
For the most part,-the discussions will be led
of meeting.
by. local bankers familiar with their subjects through ex¬
perience in the North Central territory.
The addresses are
to be short and designed to initiate general discussion.
The
depositors' forum will be the closing session Friday evening,
Feb.
by
A.
11.
it is
the outgrowth of
President
B.
A.
Adams
In
at
the
the
recommendation
Boston
announcing the
forum
convention
meeting,
of
Mr.
our
I
has
occasionally
the
I
It
purpose
believe
out
grown
meet
of
that
with
of
long-established
a
depositors
our
in
individual
the best
that
moreover,
of
we
bankers
ourselves
will
we
partnership
the various
banks
Illinois,
to
benefit
by
so
State bankers associations
of
Iowa,
II. L.
the
10
North
Kansas,
Central
Minnesota,
The
the
Bankers
Association
President
program
banks
of
of
Des
the
doing.
as
part of the
States,
Missouri,
Chairman
of
Moines
the
Russell to
than
More
bankers
400
will
week for the annual mid-winter
the
feature
North
subjects
of
Bank Jan.
The
24.
meeting includes a morning
a banquet in the even¬
ing at the Hotel Roosevelt.
The speaker at the banquet
will be William F. Russell, Dean of Teachers College, Colum¬
bia University, whose topic is "Education and Citizenship."
In addition to the reports of various committees which
will be presented at the business sessions, two speakers have
been announced.
At the morning session, W. W. Schneckenburger, Vice-President of the Marine Trust Co. of Buf¬
falo will speak on "A Balanced Asset Account" for banks
and Dr. John H. Williams, Vice-President of the Federal Re¬
serve Bank will discuss the current recession in business in
the afternoon.
The delegates will be guests of the Officers
a luncheon
and Directors of the Federal Reserve Bank at
at the bank.
Officers of the Association are: President, Frank K.
Houston, President of the Chemical Bank & Trust Co., New
York City; Vice-President, Thomas A. Wilson, President of
the Marine Midland Trust Co., Bingham ton; Treasurer,
Joseph E. Hughes, President of the Washington Irving
Trust Co., Tarry town; Executive
Manager, W. Gordon
Brown, New York City; Secretary Clifford F. Post, New
York
City.
ITEMS ABOUT BANKS,
has
TRUST COMPANIES, &c.
S. Adams, recently elected Assistant Treasurer,
placed in charge of the Boal and Iron Office of
been
the Marine Midland Trust Co.
of New York, where he will
Bricker, who is retiring after 31 years of
Mr. Adams is a graduate of the Middlesex School
succeed Mervin W.
service.
*
The following changes in the official staff of the Chemical
Bank & Trust Co., New York, were made on Jan. 20 at the
organization meeting of the Board of Directors;
Clinton C.
of
the
Johnson, formerly Assistant Secretary,
department.
House
Committee
on
practical
interest
on
those
newer
D.
Duncan, formerly Manager of the Waldorf-Astoria office,
appointed Assistant
Vice-President,
Manager of that branch,
Harrison
D.
Blair
was
was
following were
branches, as indicated:
Raymond
L.
Pfeiffer,
H.
John
A.
Baris,
The speaker to address the forum session is
Dr. Adam S.
Bennion of Salt Lake City, Assistant to the
President of
the Utah Power & Light
Co., wiio is a speaker of national
note on business and financial
subjects.
He is expected to
emphasize the mutuality of interest between bankers and
their customers, with the
object of creating a better under¬
standing.
John
C.
Foley,
was
formerly Assistant
appointed Assistant Secretary.
The
John
and
appointed Manager to succeed Mr. Duncan.
320
appointed
Assistant
Managers
of
Broadway.
Waldorf-Astoria.
O'Neill, Broadway at 73rd Street.
Elsewhere in these columns today we refer to the annual
report at the
stockholders'
meeting presented by Percy H.
Johnson, Chairman of the bank.
♦
At
the
annual
meeting, on Jan. 13, of the Pennsylvania
Exchange Bank of New York, Irving C. Dobrow was elected
and
George P. Vassil
was
named
Auditor.
1
Central
banking
appointed Manager
was
foreign
Claudius
including
territory, with special
services by means of
which the usefulness of banks is
being steadily broadened.
emphasis
gather in New York next
meeting of the New York
and afternoon business session and
Assistant Vice-President
will
Annual
State Bankers Association which will be held at the Federal
Nebraska,
Clearing
local
Hold
Meeting in New York Jan. 24—W. F.
Speak at Banquet
Horton, President of the Iowa-Des Moines National
and
Association, is
Arrangements.
to
York State
and credit.
money
North Dakota, South Dakota, Wisconsin and
Wyoming, and
is being actively promoted
by the bankers associations of
those States.
Bank
and
Mid-Winter
to inform
Association's educational program.
The second will be at
Indianapolis, March 17 and 18, and the third at Oklahoma
City, March 24 and 25. The Des Moines meeting is planned
the
Massachusetts
New
Banking Conferences planned for this winter in cooperation
for
of
Savings
and of Harvard class of 1933.
obligation
an
ability in matters of
our
of
that
The bank customers' forum, which will be held at the
Shrine Auditorium Friday evening, Feb.
11, is in line with
the recommendation President Adams made in his
inaugural
address at the A. B. A. convention at
Boston, and aims at a
better understanding by the public of banks and
banking.
The Des Moines conference is one of three A. B. A.
Regional
with
Association
Maiden
Maiden, Mass., is
the
interest.
have
we
conviction
the spirit
discussing matters of mutual
as
depositors to
believe,
Banks
the
Adams
forum
conferences.
of
City, is Chairman of
George Gilman, President
A.
made
meeting, with which it is planned to close the Regional
Banking Conference in Des Moines, Feb. 11, is a new departure in banking
should
Committee.
Bank,
Chairman of the Banquet Committee.
Stirling
The
Institution, New York
Savings
President
said:
for
Savings
Conference
the
Reserve
trust
Dec. 4, page 8595.
of
Des
The
of
Bankers
Association, and Walter
Wyatt, general counsel to the Board of Governors of the
Federal Reserve System.
Previous
Dock
the
President of the Financial Ad¬
Dr. Harold Stonier, Executive Man¬
American
the
made in
1938
22,
Andrew7 Mills Jr., President of the Savings
Banks Association of New York and President of the Dry
Nestl,
Association;
of
ager
Jan.
of the Division.
Scott.
Speakers who will be heard at the conference include
Orval W. Adams, President of the American Bankers Asso¬
ciation;
Chronicle
At the annual meeting the Board of Trustees of the Irving
Savings
Campen
Bank
of
York
New
Assistant
appointed
Walter
L.
Van
Secretary
at the main office, 115
Chambers Street, and made William II. Mehrling an Assis¬
tant
as
Secretary at the branch office, 81st Street and
Avenue.
•
T
■
First
'
#
William F. Knox
appointed an Assistant Vice-Presi¬
dent of the Greenwich Savings Bank, New York, on Jan. 13.
was
«
Spring Savings Conference of A. B. A.
New York
The
annual
Be
to
Held
in
City March 3-4
Spring Savings Conference
of
the American
Bankers Association wall be held at the Roosevelt
Hotel, in
New York City, on March
3-4, it is announced by W. Espey
At the annual meeting of the trustees of the East
its
officers,
the
following
Albig, Deputy Manager of the Association, who is
Secretary
of
its
Savings Division.
The
banquet, which
always
made:
features
Assistant
Vice-President;
Assistant
Vice-President
March 3.
this
conference,
will
be
held
on
the
A feature of the conference will be
a
evening
school
of
sav¬
ings forum
on March 3, under the direction of Robert
W.
Sparks, Chairman of the School Savings Committee of the
Association and Vice-President of the
Bowery Savings Bank,
York City.
The President of the A. B. A. Savings
office
elections
promotions
or
were
Gaetano Zampariello, Manager of the Spring Street
and former Assistant Secretary, was appointed an
George
and
Smyth
Manager
was
of
appointed
the
Broadway
office; Howard E. Drake was appointed Real Estate Officer,
and Charles C. Joyce, formerly Auditor, was elected Comp¬
troller.
New7
Division, under whose auspices the conference will be held,
is Henry S. Sherman, President of the
Society for Savings,
Cleveland.
P. R. Williams, Vice-President of the Bank of
America N. T. & S. A;, Los
Angeles, Calif., is Vice-President
River
Savings Bank of New York, held Jan. 13, Joseph A. Broderick, who was elected President and trustee on Oct. 1,
1937, was reelected President.
In addition to reelection of
♦
Charles
G,
Edwards,
President
of
the
Central
Savings
Bank, New York, announced on Jan. 13 that the Board of
Trustees, at the regular meeting, had promoted six officers.
Otto
Strippel
was
advanced
from Treasurer to Vice-Presi-
Volume
dent
and
Financial
146
Henry Vogeler from Assistant Secre¬
Treasurer;
tary to Assistant Vice-President; August Sidler from Secre¬
tary
Secretary
to
Kreeb
from
Frank
and
Reber
Secretary.
Treasurer;
Charles
H.
Assistant Treasurer;
Assistant Secretary to Assistant Treas¬
from
V.
and Everett
urer,
Assistant
Assistant
Secretary
to
Lanthier was promoted to Assistant
branch
stock
payable
are
of
as
retired in
in
Bagdad,
has maintained
Bank
The
Iraq.
Italian North and East Africa,
Malta, Rhodes, Turkey, Syria and Palestine.
A representa¬
tive office is maintained at 15 William Street, New York.
At the annual
meeting of the stockholders
their
ner
their
official
the
this issue.
elected
:
W.
expired,
had
terms
Canada
and
dent
Dry
Ale,
Ginger
Director;
National
Drug, Inc., Director; U. S.
and
U.
Industrial
S.
Inc.,
Director;
following:
Corp. Presi¬
Director; United
National Carbide
Products
Distillers
Corp.
Co.,
President
Directors, follow¬
the
of
in the
annual
the
meeting of stockholders of Empire
Co., New York City, on Jan. 19, Leroy W.
of the institution, reported earnings,
Trust
Baldwin, Presi¬
profits and re¬
of $771,916 before adjustments, or $2.20 a share,
dent
coveries
since
1932
office
Trust
in
1923,
has
had experience in
has been
Federal
North Hudson,
and is now
Street.
Total
all
left
is
31
Dec.
statement
public today
dend
(Jan.
Bank of North Hudson, according to
Federal receiver, which was made
Stock,
10).
holders of ether unsecured
Any remaining divi¬
59% of the amounts due them.
have received
leave
will
National
Samuel
$125,948.20 is
of more than $3,000,000
suspension of the bank depositors and
Since the
claims
$255,500 and a cash balance of
at
of
Observer" of
say:
meeting the unsecured claims
to
of the closed
depositors
the
estimated
assets
that
of
Union City, N. J., the "Jersey
10 had the following to
Jan.
their total
recovery
At
at
60%
or
less.
After giving effect to the
receipt of $1,200,000 from an increase in capital stock during
the year and the addition of $1,000,000 to reserves and the
payment of $337,500 in dividends, capital, surplus and un¬
divided profits stood at $7,447,134 at the year end, compared
with
$6,812,718 a year ago.
Deposits wiere $76,076,573
compared with $82,466,216 and total resources $83,077,782
compared with $90,412,108.
George B. St. George was
elected a Director of the company and all retiring directors
shareholders' meeting of the Trust Co. of
annual
the
New
Kilbourn
elected
was
a
the
Subsequently,
elected.
N. J., 011 Jan. 11,
director and the old
City,
Jersey, Jersey
re-elected.
directors
Jonathan F.
directors re¬
at their meeting re¬
all the officers and made the following promo¬
Assistant Treasurer in charge
appointed
Albert H. Klomburg,
Avenue branch, advanced to the office
sistant Vice-President;
of As¬
and George Baeder Jr., to the same
branch, was made an Assistant Treasurer,
while Frank W.
at
of
Assistant Treasurer of the company, located
the Veterans Square office, was advanced to the office
Anderson,
Vice-President.
Assistant
■
compared with $625,178 in 1936.
were
18, which added:
6ince
auditing and foreign, as well as other departments,
Union
the
of the Jersey
At
and
departments,
tions:
Treasurer.
Assistant
Jan.
and Director.
stockholders, the officers of the
Guaranty Trust Co. were re-elected for the ensuing year.
Guaranty Trust Company of New York on Jan. 18 an¬
nounced the appointment
of William S. LaPorte as an
meeting
the
of
the bank
with
Industrial Alcohol Co., President and Director;
Chemical
At the annual meeting of the Board of
ing
"Transcript"
associated
the
Treasurers, it is learned from
Assistant
as
Concerning the affairs of the defunct National Bank of
were
Palen Conway, John W. Davis,
with which Mr. Munson is also associated are the
Mass.,
officers
all
reelected
week,
Guaranty
unanimously re¬
Philip G. Gossler, Frederick P. Keppel, George E. Roosevelt, Eugene W.
Stetson, Cornelius Vanderbilt Whitney and George Whitney.
At the same meeting, Charles S. Munson was elected a Di¬
rector of the company. Mr. Munson is President and a Di¬
rector of the Air Reduction Co., Inc.
Among the companies
whose
rectors,
this
connected with the credit
department.
Mr. Lewie was with the National Union Bank when that
institution was merged with the State Street Trust Co. in 1925.
He has
the following Di¬
19,
Jan.
meeting
Walter E. Dow Jr. and Thomas H. Lewis to
roster
Dow,
various
been
At the annual meeting of the stockholders of the
annual
Boston
Mr.
at
York,
Mr.
posts.
newly-created
both
Directors of the State Street Trust Co. of Boston,
and added
New
Cashier,
new
Philip A. Benson, John T. Egan,
Milbank, C. Reginald Oats, Purcell
D. Wood.
At the
organization meeting of the Board of Trustees, all officers
were reelected.
The annual report to the stockholders of
George McAneny, Chairman of the Board of the company,
of
11, advanced Carl H. Maar
named Donald F. Buech-
Jan.
on
Vice-President, joined the bank in 1933 and
has been in charge of the credit department.
William T.
McCaffrey is President.
C. Robertson, Frank L. Stiles and Willis
Company
meeting
Assistant
an
Maar, the
Robert Goelet, Albert G.
is referred to in another item in
12 it is learned that
at
of Jan.
of the Title
1911:
in
Syracuse "Post"
annual
at
Trust
which is in addition to a like amount
Feb. 1,
to the office of Vice-President and
lowing named were elected trustees in the class whose term
expire
6*4%, both of
the directors of the Lincoln National Bank & Trust Co.,
Co., New York, held on Jan. 18, the fol¬
Guarantee & Trust
will
of
stock
common
on
August, 1937.
From the
Rome, Italy, has recently opened a
long time offices in
a
the
on
Feb. 1 to stockholders of record
Jan. 11, 1938.
The stock dividend in common stock repre¬
sents the retirement out of earnings of $20,000 in preferred
which
v.
•
The Banco di Roma,
for
dividend
stock
a
•
new
541
Chronicle
4
Total
deposits
of
$235,449,329
and
total
resources
of
$331,235,286 are reported by the Union Trust Co. of Pitts¬
burgh, Pittsburgh, Pa., in its condition statement at the
close of business Dec. 31, comparing with $249,577,404 and
$342,144,037, respectively, at the close of business June 30.
Loans and investments in the later report are shown at
$141,232,172,
States
up
from $127,976,765 011 June
securities are given
Government
30, while United
as
$128,560,902,
$148,855,413. The company's capital remains'the
$1,500,000, but surplus and undivided profits are
down from
same
M. Rabenold,
Ell wood
New York, told the stockholders at their annual
Trust Co.,
meeting on Jan.
Dec.
Chairman of the Board of Clinton
31, 1937
19 that the capital funds of the bank on
$1,102,624 which showed an increase as
were
compared with $1,082,025 on
December 31, 1936, and that
deposits at the end of the year were $8,144,413 compared
with $7,294,488 for December 31, 1936. During the year, Mr.
Rabenold stated, there had been a substantial increase in
number of accounts.
Five directors whose terms expired
were
re-elected
for
a
further
three
year
period,
namely,
John Horn, Samuel Miller, John Mullen
Robert C. Schock. Joseph Zoeiner was elected Assistant
Lee S. Buckingham,
and
Officer in charge of the mortgage trust
Trust
department.
of The Continental Bank
York, announced the following
changes in the elections and appointments of officers made
at the special annual organization meeting of the Board of
Directors of the bank on Jan. 20:
F. Anthony Grien, from
now
000
Trust
of New
Company
Secretary, Peter
from Assistant Treasurer to Treasurer, Celius L.
Secretary-Treasurer to Vice-President and
C. Newell,
Howard,
from
Assistant
Harry C. Thompson, from
Earl S. MacNeill, from
ficer, and Carroll
ter
in
is representing
Dallas,
Trust Officer to Vice-President,
Assistant Trust Officer to Trust Of¬
J. Hester, Assistant Secretary. Mr. Hes¬
the Bank in the Southwest with offices
Soden,
Harry
Colonial
President
a
many
years
Manager of the bond department of the
of Pittsburgh, Pa., was elected a Viceof the bank at the annual meeting of the directors
C. Bell,
Mr. Bell joined the
and became Manager
is
for
First National Bank of
Trust Co.
Jan. 14.
on
director of the
Colonial Trust Co. in 1915
of the bond department in
1919.
Eljer Co. and the Electric Products
He
Co.
Many promotions were made in the personnel of the
Pennsylvania Co. for Insurance on Lives & Granting Annu¬
ities of Philadelphia, Pa., at the organization meeting of
the
directors,
held Jan. 17, following the annual
C. S. Newall, heretofore President
Deputy Tax Appraiser of the State of
to the Board of Directors.
The
New York,
bank also
declaration of the regular
dividend on the preferred stock, the directors declared a
cash dividend of 75c. per share on the common stock and
elected
announced that in addition to the
stock¬
of the
elected Chairman of the Board of Directors
previous Executive Vice-Presi¬
dent, was named President in his stead.
This action was
taken upon Mr. Newall's request to be relieved of some of
the active duties incident to the office of President.
He
has been connected with the company since October, 1896.
Other appointments announced were:
Lewis M. Evans,
formerly Assistant Secretary, as Secretary; Howard V. Milcompany,
stockholders of the Peoples
Bank of Brooklyn, N. Y., on Jan. 11, David F.
Doney,
holders' meeting.
Texas.
At the annual meeting of the
was
F.
Vice-President to Vice-President,
4
National
$75,000,-
Vice-President and
Duquesne, Pa., was
elected President of the institution at the directors' organi¬
zation meeting on Jan. 11, according to "Money & Com¬
merce" of Jan. 15. He succeeds James S. Crawford who re¬
tired and was made Chairman of the Board. Other promo¬
tions included the election of Nicholas Mervos, an Assistant
Cashier, to Vice-President and Cashier; John W. Living¬
stone from an Assistant Cashier to a Vice-President, and
Clarence V. Keck, from a Teller to Assistant Cashier.
Willis
Cashier of the
Frederick H. Hornby, President
&
at
$78,500,000 and $833,907, respectively, against
and $2,725,485, respectively, on June 30.
and
was
William
Fulton Kurtz,
Financial
542
Assistant
formerly
bourne,
Assistant
Branch
Treasurer,
Assistant
as
formerly Assistant Trust
Officer, to the new office of Trust Investment Officer, and
David W. Measuroll, Albert W. Whittlesey and Willard L.
Case Jr.
Trust
Assistant
as
Mr. Kurtz,
Baird,
John
Manager;
Investment
Officers.
Jan. 22, 193s
L.
Elmer
Vice-
Harry C. Culshaw and Lloyd It. Bechtel, as
Treasurers; Percy H. Clark Jr. as Assistant
President;
Chronicle
Forsythe,
National
Central
heretofore
Bank
of
Minneapolis, Minn.,
was born in Philadelphia
third generation of his family in Phila¬
delphia banking circles.
He is a Manager of the Western
Saving Fund Society, a director of the Association of Re¬
serve City
Bankers, the Fire Association of Philadelphia,
Reliance Insurance Co., Pennsylvania Fire Insurance Co.,
Excess Reinsurance Co. of America, Commonwealth Title
Co. of Philadelphia, Glassine Paper Co., Proctor & Schwarts,
He succeeds John
11.
Jan.
on
continues with the bank
At
tors.
the
meeting
same
cers
stockholders'
Boss
Thomas
and
all
the
directors
annual meeting
St.
of
of the directors of the First National Bank
St. Paul, Minn., it is learned from the "Com¬
Paul,
mercial West" of Jan. 15.
As of Dec. 31, 1937,
the company showed
total deposits of $10,078,912 and total
$12,216,605.
Trust funds
(kept separate)
$9,657,998.
Emmett O'Neill is Chairman of the
Bank
National
annual
of
to the Frankford Trust Co.
of
Tulsa,
of
Directors, and John B. Hartmann, President.
advices
13
Jan.
on
Commerce":
Assistant
of
the
Continental
time voted to
stock held
The
cash
record Jan.
stock
common
retire
National
outstanding,
additional
an
Bank
is
payable
and
&
Finance
Feb.
1 to
the
at
$10,000,000 of
by the Reconstruction
dividend
the
at
recent
the Chicago
appearing in
"Journal
of
Vice-Presidents,
Vice-Presidents;
named
were
P. D. Hayes, formerly an Assistant Cashier, and C. A. Smoot
Assistant
become
have
named
Vice-Presidents;
C.
H.
Seger
was
Assistant Cashier, and E. L. Sticker, Comptroller.
an
President A. E. Bradshaw and other officers
were
reelected.
■
*
K.
John
.
Sr. on Jan. 11 became Chairman of the
Ottley
First National Bank of Atlanta, Atlanta, Ga.,
relinquishing the presidency to James D. Robinson, formerly
Illinois
Trust Co. of Chicago, Chicago, 111., on Jan. 14 declared divi¬
dends of $1 a share in cash and 25% in common stock on
$40,000,000 of
Okla.,
it is learned from Tulsa
A. B. Crawford and Verser Hicks, heretofore
Board of the
♦—
Directors
Tulsa,
meeting of the directors,
of
resources
tion.
at
elected
appointed
the recent
The following changes were made in the official staff of
shortened
same
were
was
were
Philadelphia, Pa.,
marked its fiftieth anniversary.
Established Jan. 11, 1888,
as
the Frankford Real Estate & Safe Deposit Co., eight
years later, after obtaining trust powers, it changed
its
corporate title to the Frankford Real Estate Trust & Safe
Deposit Co.
In 1908, just 30 years later, the name was
ferred
Davies
Cashiers, and Marguerite Davis
Assistant Manager of the Travel Bureau,
♦
meeting
On Jan. 11 the Frankford Trust Co.
the
J.
Assistant
the
totaled
J. D. Husbands was elected
Forsythe, and all other offi¬
•
L.
Wallace
reelected.
Board
Schmidler, who retired, but
renamed.
were
Inc., and other corporations.
the
the
chosen
member of the Board of Direc¬
as a
and represents the
At
of
was
President of the institution at the directors' annual meeting
Vice-President to succeed Mr.
the new President,
Vice-President
pre¬
Corpora¬
holders
20, while the stock dividend is payable
on
of
Feb. 1
Executive Vice-President of the institution.
for 48
the
Ottley has
Other changes in the bank's personnel were
of It. Clyde Williams from the office of
years.
promotion
Vice-President
that
to
ceeding Mr. Robinson)
Fuller
Freeman
and
Executive
of
Vice-President
(suc¬
and the advancement of Samuel J.
Strickland
from
Assistant
Vice-Presi¬
to Vice-Presidents.
dents
«
to
holders of record at the close of business on that date.
Issuance of the $10,000,000 additional common stock to re¬
Mr.
been associated with the First National and its predecessors
the
At
annual
meeting of
was
the directors of the Republic
Dallas, Tex., on Jan. 11, D. S.
Durpee, T. J. Moroney and H. M. Russell Jr., heretofore
Assistant Cashiers, were named Assistant Vice-Presidents,
Cummings, Chairman of the Board of
Directors, at the annual meeting of the stockholders later
on the same day, at which the
retiring Board of Directors
headed by Wirt Davis, Chairman of
F. Florence, President, were reap¬
pointed, it is learned from the Dallas "News" of Jan. 12,
place the $10,000,000 preferred stock will place the bank's
capitalization at $25,000,000 of preferred and $50,000,000 of
stock.
common
made
Announcement
of
the
Board's
action
by Walter J.
reelected.
was
Directors, at their organization meeting,
meeting of the shareholders, made the
following changes in the official roster of the institution;
E. F. Reiter, a Second Vice-President, was elected a Vicewhich followed
the
President while continuing in charge of the savings
depart¬
ment; H. R. Piatt Jr., an Assistant Cashier, was promoted
to
Second
a
Vice-President;
L. H.
Cashier, was made Auditor;
Assistant
B. J. Maiworm
were
,
Hammerstrom,
an
P. M. Carrick and
elected Assistant Cashiers; C. P. Bron-
ston and
It. W. Swezey were made Assistant Secretaries in
the trust
department, and E. B. Stofft,
tary,
was
National
C. Warman and
and
all other officers,
Board,
Cashiers
of
the
National
were elected
Boulevard
Bank
of
other changes.
reelected
ously
Schlipper,
formerly
Assistant
Cashier,
the
to
post
of
Assistant Vice-President, and the appointment of Walter A.
Blumtlian as Assistant Cashier.
All directors were elected
by the shareholders.
-—♦
r
promotions
Side
made
were
National
Bank
learned
in
the
official
staff
of
the
of
Chicago on Jan. 11, it is
"Journal of Commerce" of the
from the Chicago
following day. Frank L. Moran, heretofore chief clerk, and
Henry J. Beutel, lieretofere Discount Teller, were advanced
to Assistant Cashiers.
as
were
same
All
the directors
at
other
officers
were
reappointed
the stockholders' meeting on the
assets
statement
Bank
total
of
of
as
$211,534,748
Dec.
31
of
are
the
shown
First
in
the
Wisconsin
condition
National
of
Milwaukee, Milwaukee, Wis., as compared -with
resources of $218,400,688 on June 30 last.
The prin¬
cipal items making
up
Government securities,
the
resources
$89,569,382
the
are:
United
States
(up from $89,002,570 at
from banks, $62,553,843
earlier date) ; cash and due
(against $68,874,660), and loans and discounts,
$40,577,292
(against $42,166,183).
On the debit side of the report total
deposits
on
are
June 30).
Dallas
meeting
and undivided
profits account is shown at $1,061,004
Walter Kasten is President.
$1,412,074).
*
National
Jan. 11
on
(down
Bank, Dallas, Tex.,
at
advanced J. Neal Mancill
from the post of Assistant Cashier to a Vice-Presidency, and
reelected all the other officers, it is learned from the Dallas
"News" of Jan. 12.
At the stockholders'
meeting, held
previously,
no
change
made in the Board of Directors.
was
——♦
Y.
Hill,
heretofore
Assistant Cashier,
an
became
an
Assistant Vice-President of the Oak Cliff Bank & Trust Co.
of
Dallas, Tex., at the directors' annual meeting on Jan. 11,
officers, headed by R. D. Suddarth, President,
were renamed, as were all the
directors, at the stockholders'
annual meeting held previously on the same
day, the Dallas
and all other
The
of
Jan.
12
reported.
following
changes were made in the personnel of
California, N. A. of San Francisco, Calif., at the
directors' annual meeting on Jan. 11, we learn from the San
the Bank of
Francisco
"Chronicle"
of
Jan.
formerly
Vice-President
and
President;
and Herbert V.
named Cashier.
.
was
Cashier,
Alward,
a
was
promoted
Vice-President,
to
was
♦——
■
A. P. Giannini
12:
Charles Iv. Mcintosh,
advanced to the newly
of the Board; James J. Hunter,
formerly President of the bank,
.
reelected Chairman
of the Board and
Chairman of the General Executive Committee of the Bank
of America
National Trust & Savings Association
(head
the
W.
San
was
Francisco, Calif.)
directors.
L.
E. Blauer and A.
men
of the
reelected.
elected
M.
J.
at the recent annual meeting
Giannini
Gock
renamed President;
reappointed Vice-Chair-
was
were
Board, and all other officers of the institution
At the stockholders'
directors:
meeting the following
were
■
O.
H.
Baker, W. E. Blauer, Leon Bocqueraz, Dr. G. E. Caglieri, J,
Cereghino, John A. Corotto, A. de Bretteville, Fred L. Dreher, Paul B.
Fay, F. W. Flint Jr., Dr. A. H. Giannini, George J. Giannini, A. P.
Giannini, L. M. Giannini, A. J. Gock, Marshal Hale, C. N. Hawkins,
James F. Leahy, John E. Marble, H. A. Mazzera, William Wallace
Mein,
Angelo Petri, Joseph M. Schenck, Dr. Celestine J. Sullivan and J. Zentner.
given as $190,853,206 (down from $197,269,962
The bank's capital and surplus now stand at
$13,500,000 and $2,500,000, respectively (as compared with
$14,000,000 and $2,500,000, respectively, six months ago),
from
of the
their annual
of
*
were
*
Directors
office
day.
Total
directors of the institution
created office of Chairman
■
South
that all
by the stockholders at their meeting held previ¬
the same day.
on
"News"
4
It is learned from the Chicago "Tribune" of Jan. 14 that
directors of the Amalgamated Trust &
Savings Bank of
Chicago on that day announced the promotion of L. K.
Two
Fred
and
which also stated
T.
Longley Richards
Chicago at the annual meeting of the directors on Jan. 14,
according to the Chicago "Tribune" of that date.
There
no
Dallas,
the
♦
were
of
an Assistant Secre¬
elected Assistant Secretary and Trust Officer.,
Winfield
Assistant
Bank
*
In
indicating that the Colville Valley National Bank of
Colville, Wash., was to become a branch of the SeattleFirst National Bank of Seattle, Wash., as of Jan. 14, a dis¬
patch
Jan.
by the Associated Press from
13, had the following to say:
Spokane,
Wash.,
on
Volume
Effective
Financial
146
tomorrow
Colville will become
(Jan.
14)
Colville Valley
the
National
branch of the Seattle-First National
a
Bank of
Bank, President
Executive Vice-President of the
Spokane and Eastern Branch of the Seattle bank, said in a joint'statement
W.
Fred
Dickey
Joel
and
E.
543
Chronicle
tonight.
Net gold coin and bullion.
Net silver coin and bullion
Oct. 1. 1937
Nov. 1. 1937
Dec. 1. 1937
$
Holdings in U. S. Treasury
Ferris,
$
$
Net Federal Reserve notes
Mr.
of
$1,000,000
bring
deposits
new
to the Seattle-
Dickey will continue as Branch Manager.
of The Dominion
the bank's opera¬
31, 1037 reports
increased earnings, a strong cash and liquid position, sub¬
stantially higher deposits, a marked expansion in commer¬
cial loans, with a relative increase in total assets.
After
providing for all taxation, contributing $75,500 to officers'
pension fund, writing $100,000 off bank premises, dividends
of 10% amounting to $700,000 were paid and $101,838 was
added to profit and loss account.
Compared with a year ago total deposits of $117,782,320
show an increase of $5,303,900. Another important feature
of the statement is the substantial increase of $7,419,858
in commercial loans and discounts in Canada, representing
increased demand for the bank's funds. Cash, securities and
immediately available assets of $91,445,340 represent 72%
of liabilities to the public.
Capital and reserve fund at
$7,000,000 each remain unchanged while undivided profits
stand at $770,815. Total assets now exceed $144,000,000.
The
statement
annual
Sixty-seventh
Bank, Toronto, Canada, showed results of
tions for the twelve months ended Dec.
The
of
directors
announce
Ltd., of London
Anderson as a member
Bank,
Midland
the
election of Sir John
the
of the Board.
'
NATIONALJBANK NOTES
IN
CHANGES
give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
We
National Bank
Bonds
Amount
tion
Legal
for National
Total
Tenders
Bonas
beoo.ooo
30 1937
a250.515.885
Sept. 30 1937
Aug. 31 1937
July 31 1937
beoo.ooo
246,835,165
251,115.885
a246,235,165
beoo.ooo
beoo.ooo
beoo.ooo
beoo.ooo
—
Apr. 30 1937—
Mar. 31 1937
28 1937
30 1937
Dec.
31 1936
a271.564.454
272.164,454
beoo.ooo
beoo.ooo
beoo.ooo
beoo.ooo
beoo.ooo
June 30 1937
Jan.
257,327,515
262,142.195
266,092,159
a256,727.515
a261.542.195
a265,492,159
a277.484.675
278.084,675
a283.639.865
284,239,865
291,184,270
298,076,385
beoo.ooo
beoo.ooo
Nov. 30 1936
$2,258,881.50 Federal Reserve bank notes
lawful money, against $2,298,883.50 on
a290.584.270
a297.476.385
a304.831.788
a313.138.265
a321.212.120
305.431,788
313,738,265
321,812.120
outstanding Dec. 1, 1937, secured by
Dec. 1. 1936.
called bonds redeemed by Secretary of the Treasury,
Secured by $600,000 U. S. 2% Consols, 1930, deposited with U. S. Treasurer.
Includes proceeds for
a
b
The following shows
the amount of National bank notes
tender deposits Nov. 1, 1937,
their increase or decrease during the
afloat and the amount of legal
and Dec. 1, 1937, and
month of November:
National
Bank
Notes—Total
Amount afloat Nov. 1, 1937
Afloat—
-
Net decrease during November
-
--.$251,115,885
4,280,720
$246,835,165
Amount of bank notes afloat Dec. 1,1937
Legal Tender Notes—
Net amount of bank notes
$250,515,885
1, 1937
National bank notes Nov.
redeemed In November
Amount deposited to redeem
—_
4,280,720
National bank notes, Dec. 1, 1937—-a$246.235,165
proceeds for called bonds redeemed by Secretary of the Treasury.
Amount on deposit to redeem
Includes
a
PUBLIC DEBT
COMPARATIVE
(On the basis of dally Treasury
STATEMENT
statements)
Aug. 31, 1919,
March
31, 1917,
Pre-War Debt
Gross debt
Net bal. In general fund.
Dec.
31, 1930,
When War Debt
Lowest Post-War
Was at its Peak
Debt
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
306.803,319.55
1,118,109.534.76
74,216.460.05
Gross debt less net bal.
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767 52
In general fund
$12.36
of Int.
Interestbearing debt outstand(per cent)
Computed
$250.18
$129.66
2.395
Gross debt per capita
4.196
3.750
rate
per annum on
Dec.
a
31, 1936,
Year Ago
Nov. 30,
1937,
Last Month
Dec.
31,
1937
$34,406,920,961.66 $37,093,523,041.22 $37,279,291,518.10
Gross debt
2,972,840,959.12
2,608,228,140.44
1,905,950,813.33
Net bal. In general fundGross debt less net bal.
$32,500,970,148.33 $34,485,294,900.78 $34,306,450,558.98
in general fund
Gross debt per capita...
Computed
rate
of
$266.96
a$286.2J
2.570
2.550
a$287.49
int.
interestbearing debt outstand¬
ing (per cent)
per annum on
a
2.568
Subject to revision.
TREASURY
MONEY HOLDINGS
compilation, made up from the daily Gov¬
ernment statements,
shows the money holdings of the
Treasury at the beginning of business on the first of October,
November and December, 1937, and January 1, 1938:
The following
2,787,322
3,149,565
1,084,600
943 824
15,774,175
16,794,520
473,057
313,718
5.223,291
5,502,362
5,420,655
6,341.825
2.188,977,685 2,276,193,874 2,251,154,238 ♦2248492,163
156,039,431
156,039,431
156,039,431
156,0391,431
Cash balance in Treas.. 2,032,938.254
2,120.154,443 2.095,114,805 2,092,452,732
Dep. in spec'l depositories
account
Treas'y bonds,
Treasury notes and cer¬
767,955,000
161,160,388
552,317,000
127,894,164
485.038,000
132,298,398
834,858,000
180,682,678
To credit Treas. U. 8..
16.817,015
To credit dlsb. officers.
29,358,197
2,195,036
2,600,297
14,698,840
32,173,933
2,185,515
2,513.600
17,012,008
30,064,298
1,843,557
2,864.681
15,079,865
34,364,041
1,751,548
2,816,504
tificates of indebtedness
Dep. in Fed. Res. banks
..
Dep. In National banks—
Cash in Philippine Islands
Deposits in foreign depts.
Net
casb
in
Treasury
and in banks
Deduct current
labilities.
3,013,024,187 2,851,937.495 2,764,235,747 3,161,905.368
189.064,409
156,007,607
176,137,262
153,362,415
Available casb balance. 2,859,661,772 2.675,800,233 2,608,228,140
*
Includes
on
Jan. 1 $426,766,274 silver bullion
2,972,840.959
and $3,165,636 minor, Ac., coin
ot Included In statement "Stock of Money."
THE
CURB
EXCHANGE
Trading on the New York Curb Exchange was com¬
paratively quiet with the trend pointing toward lower levels
during the first half of the week.
There was some activity
in the mining and metal group on Monday, but interest
waned and these stocks again moved downward.
Public
utilities attracted little attention and the oil stocks have been
either way. On
but the changes
The daily transfers have
moderately active, but made little progress
Thursday prices were somewhat stronger,
particularly noteworthy.
were
not
comparatively light.
were active and strong during the
Saturday, and while the gains did not
stocks
on
extend to all parts of the list, there was a fairly large repre¬
sentation among the oil shares, mining and metal issues and
side of the advance when the
The tone was strong and the
volume than on the preceding Satur¬
day.
Aviation issues were in demand and some of the more
active shares registered modest gains.
Public utilities were
the weak stocks due to selling pressure and the mining and
metal shares were stimulated by the renewed activity in
Mountain City Copper.
Outstanding among the gains were
Aluminum Co. of America, 3 points to 84; Consolidated
Mining & Smelting, 2l/i points to 6434; Draper Corp., 5
points to 58, and Newmont Mining Co., 2 points to 70.
Sharp declines in the public utility preferred stocks un¬
settled the market on Monday and some of the trading
favorites slipped back from fractions to a point or more.
Mountain City Copper continued to move forward but the
gains were smaller.
Airplane stocks were moderately higher
and industrial specialties were down a point or more. Techni¬
color was strong, due in a measure to the favorable comment
of a recently released motion picture in color.
Transfers for
the day were somewhat lower than the last preceding full
day.
Prominent among the trading favorites closing on
the side of the decline were Aluminum Co. of America, 3%
points to 80M; Newmont Mining Co., 4 points to 66; Brill
pref., 2 points to 2534; City Service pref., 334 points to 283^;
Colt's Patent Firearms, 2)4 points to 58, and General Public
Service pref., 3 points to 44.
Lower prices were registered by most of the active issues
on Tuesday.
Oil stocks were fairly steady with only a slight
change from the previous close.
Mining and metal issues
failed to hold the gains of the previous day and there were a
number of soft spots among the industrial specialties.
The
transfers for the day were 143,595 shares, against 178,680
on Monday.
While most of the declines were in small frac¬
tions, there were a number of active stocks scattered through
the list that were down from 1 to 2 or more points on the day.
These included among others , Consolidated Gas & Electric
of Baltimore, 2)4 points to 67)4; New England Power Asso¬
ciates 6% pref., 3 points to 59; Western Maryland 1st pref.,
4 points to 71; Atlantic Coast Line, 2 points to 28, and New¬
mont Mining Co., 1% points to 68%.
Stocks continued to work lower during the greater part
of the day on Wednesday.
There were occasional exceptions
to the trend, but the list, as a whole, was weaker than during
the preceding session.
Public utilities showed a few scat¬
tered gains, industrial specialties were off on the day and
oil shares were lower.
Mining and metal issues were unable
to hold their advances of the early part of the week and
slipped down with the rest.
The principal declines were
American Hard Rubber, 2 points to 11; Babcock & Wilcox,
3M points to 86, Childs pref., 2)4 points to 34; Quaker Oats,
2 points to 98; Detroit Steel Products, 1 point to 19, and
Royal Typewriter, 2 points to 45.
Renewed buying among the leaders of the public utility
stocks and industrial specialties gave the market an appear¬
ance of strength on Thursday.
Smaller gains were scattered
through the list but the improvement was not particularly
impressive as most of the advances were in minor fractions.
Babcock & Wilcox was the strong stock among the specialties
and closed at 89% with a gain of 3M points.
Cities Service
specialties on the
market closed for the day.
industrial
$
Nov. 30 1937
Feb.
Total casb in Treasury.
Less gold reserve fund
two-hour session
Bant Notes
May 31 1937
3,237,759
5,068,640
Net subsidiary silver
Minor coin, &c
Curb market
Circulation Afloat on-
Deposit to
on
Secure Circula¬
Oct.
447,131
Net National bank notes.
been
deposit therefor:
2,510.959
916,812
14,403,260
675,758
3,764,784
6,222,776
2,685,041
1,037.767
13,469,707
Net Fed. Res. bank notes.
will
National chain.
1,1938
K $
1,716,738,015 1,783,993,334 1,758,006,399 1,747,660.257
467,867,809
462,303,030
463,706,191
446,293,625
Net United States notes..
addition
The
First
Jan.
transfers
were
in larger
Financial
544
Chronicle
pref. led the advance in the public utilities with a gain of
6ZA points to 35M and Singer Manufacturing Co. moved up
1 point to 240.
Other advances included Aluminum Co. of
America 1 point to 81; Royal Typewriter 2Yi points to 473^;
and Electric Bond & Share 6% pref. 1% points to 54.
Irregular price movements with a tendency toward lower
levels were apparent during a goodly part of the session on
Friday. There were a few scattered gains ranging from 1 to
2 points but most of the changes whether on the side of the
advance or decline were in minor fractions.
Mining and
metal stocks attracted some buying, particularly Consoli¬
dated Mining & Smelting which advanced 2 points to 633^;
Valspar 6% pref. also moved forward 2 points to 403^.
As compared with Friday of last week the range of prices
was toward lower levels, American Cyanamid B closing last
night at 24% against 25% on Friday a week ago; American
Gas & Electric at 25% against 26%; American Light &
Traction at 12% against,14; Commonwealth Edison (New)
at 25% against 26%; Creole Petroleum at 25% against 26%;
Electric Bond & Share at 8% against 9%; Hudson Bay
Mining & Smelting at 25% against 26%; New Jersey Zinc
at 70% against 72; Newmont Mining Corp. at 65%
against
68 and Niagara Hudson Power at 8 against 8%.
DAILY
TRANSACTIONS
THE
AT
NEW
YORK
Stocks
CURB
Bankers, manufacturers, merchants and
Jan.
21. 1938
Domestic
MANUFACTURERS TRUST COMPANY
PRINCIPAL
122,775
$2,000
$12,000
Monday...
178,680
1,567,000
11,000
142,835
1,177,000
17,000
24,000
Wednesday.......
Thursday..
147,050
139,820
1,186,000
949,000
20,000
19,000
Friday
125,655
1,011,000
Total....
$6,617,000
856,815
Sales at
New
15,000
4,000
FOREIGN
$71,000
1938
Jan. 15
|
$6,617,000
$13,374,000
71,000
253,000
126,000
489,000
$6,814,000
Total
$14,116,000
$17,875,000
THE
Sat.,
Mon
Jan. 15
,
Jan. 17
48/7%
106/3
Cable & Word
£64 %
Canadian Marconi
5/6
Central Mln <fc Invest.
Cons Goldllelds of S A.
78/1%
46/9
Courtaulds 8 & Co
De Beers
.198250*
.198200*
.052607
.052610
.557178
.557107
.557132
.250950
.251060
.251150
.251095
.251130
.189700
.189675
.189700
.189800
.189850
.045225
.045208
.045254
.045237
.045233
.007350*
.007353*
.007350*
.007350*
.007335*
.061416*
.061416*
.061416*
.061416*
.061416*
.061300*
j .045275
} .257504
Fri.,
Jan. 21
Gaumont Pictures ord.
A
£12 »u
104/3
Holiday
Hudson Bay Mln A Srn
Imp Tob of G B A I..
London Midland Ry__
15/9
22/9
6/9
2/6
24/6
148/1%
£27%
70/£8%
25/150/£28
Metal Box
69/-
Rand Mines
£8%
RloTinto
£18%
Roan Antelope Cod M.
Rolls Royce
£12%
£12%
103/15/6
22/9
6/9
£18
20/6
95/-
20/6
48/10%
48/6
106/10% 107/6
£64%
£64
5/3
5/3
£24%
£24%
77/6
78/1%
46/6
46/3
2/3
24/6
148/9
£27%
71/3
£8ht
£18
2/9
103/3
15/6
22/6
6/9
2/6
24/150/7%
£28%
2/6
24/149/4%
£28%
71/3
71/3
£8%
£18%
£8*i«
£18%
20/95/7%
20/3
95/7%
£40^h<i
Shell
20/3
95/£40%
£4"32
£4"it
£4"ia
£4«J2
£4%
Triplex Safety Glass...
50/39/29/9
25/10%
51/40/25/9
25/9
51/40/3
26/25/4%
51/6
38/6
26/9
25/6
51/40/6
27/6
25/-
£9%
£9»1#
£9%
£9%
£97u
95/-
Royal Dutch Co......
Transport
United
£41
Ltd
Molasses
vlckers
Vest
£40%
Wltwatersrand
Areas
*
£41
Ex-dlvldend.
BERLIN
STOCK
as
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tlentsln(yuan) dol'r
15
Jan.
17
Jan.
18
Jan.
19
Per Cent
.231066
.023343*
.023325*
.295000
.294479
.294583
.294791
.294583
.294583
.294791
.294583
.294583
.294791
.295000
.294479
.294479
.294583
.294583
.294791
.295000
.312062
.312187
.312500
.312500
.377106
.377255
.377368
.377355
.377376
.290330
.290358
.21)0410
.290352
.290335
.585875
.585750
.586000
.586250
.586250
.586125
Straits Settlem'ts, dol.'
Australasia—
3.982000* 3.981428*
Africa—
.999843
.999939
.999951
.999843
.999166
.999166
.999166
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.997343
.997402
.997441
.997460
.997343
.333091*
.333283*
.333233*
.333216*
Newfoundland,
South
dollar
.333029*! .332975*
Chile, peso—official..
.051680*!
.051680*
.051680*
.051680*
.051680*
.051680*
.040000
.040000*
.040000*
.040000*
.040000*
.040000*
.557900*
.557050*
.558700*
.557100*
.557900*
.557900*
.657360*
.657290*
.657430*
.657668*
.657630*
.657605*
a
export..
Colombia, peso..
Uruguay, peso
*
Nominal rates,
a
based
OF
a year ago.
upon
20
21
$5,683,576,448,
a
same week in 1936.
loss for the week ended Friday
Clearings—Returns by Telegraph
Week Ending Jan. 22
170
169
169
169
121
121
121
121
123
123
123
122
122
127
127
127
127
146
145
144
145
130
130
129
114
114
114
114
114
163
161
162
161
160
148
148
148
148
154
153
154
153
153
"115
115
212
213
232
232
83
83
84
.1212
212
212
232
233
232
212
175
174
174
174
173
212
213
212
212
$3,135,976,665
—13.5
274,915,267
—14.1
301,000,000
337,000,000
—10.7
220,996,000
84,696,930
—5.7
—12.4
Cent
—17.9
...
84,800,000
121,802,000
118,400,412
97,607,968
66,416,088
77,117,490
.
56,477,823
Eleven cities, five days
—8.6
$3,986,149,782
$4,609,790,555
—13.5
Other cities, five days
—3.8
—27.1
—19.7
—13.9
750,163,925
743,111,740
+0.9
Total all cities, five days
All cities, one day.
$4,736,313,707
$5,352,902,295
—11.5
947,262,741
1,114,813,301
—15.0
Total all cities for week
$5,683,576,448
$6,467,715,596
—12.1
213
Financial
usually appearing here, will be found
on
578.
EXCHANGE
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
RATES
In
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the
world.
We
give below a record for the week just passed:
_
173
215
FOREIGN
Baltimore.
148
153
The English Gold and Silver Markets and
Market by Cable,
page
Pittsburgh
160
149
Per
1937
51,648,654
Cleveland
114
Relchsbank (8%)
Our
1938
117,200,000
86,367,067
Detroit
130
Rhelnlsche Braunkohlen (8%)
of 13.5%.
78,332,164
127
144
130
SaJzdeturth (6%)
Siemens A Halske (8%)
against
At this center
74,300,000
.....
San Francisco
145
116
us,
181,521,706
79,891,470
Philadelphia
Rys pf 7%). 130
83
com¬
$2,713,231,303
236,241,330
New York
Boston..
168
121
124
117
decrease
telegraph advices from the chief cities of the
Kansas City
St. Louis
168
83
a
Preliminary figures compiled by
Chicago
(5%)...121
116
CLEARINGS
$6,467,715,596 for the
136
82
BANK
from which it is possible to obtain
weekly returns will be
12.1% below those for the corresponding week last year.
Our preliminary total stands at
136
84
a
country, indicate that for the week ended today (Saturday,
Jan. 22) bank clearings from all cities of the United States
136
...
a
clearings this week will again show
pared with
Jan
of Par
Roehren"(4% %)""IIIII"IIll7
a
No rates available.
COURSE
Bank
136
Mannesmann
a
a
"
136
Nordeutscher Lloyd
|
.997343
America—
Argentina, peso
Brazil, milrels
136
Gesfuerel (6%)
Hamburger Elektrlzltaetswerke (8%)
Hapag
.999903
.277400
Berliner
(7%).
.999843
Cuba, peso
117
Farbenlndustrle I. G.
4.010312*;4.011927*!4.013333*;4.011428*'4.012552*
Mexico, peso
116
(4%)
3.981812*;3.981979* 3.981666* 3.981718*
4.951562* 4.952578* 4.950781*
116
Dresdner Bank
.312062
America—
Canada, dollar
119
127
.295000
.311916
118
Deutsche Bank (5%)
Deutsche Erdoel (6%)
Deutsche Relclisbahn (German
.294583
.294479
.294479
.377148
121
Berliner Kraft u. Llcht (8%)
Commerz-und Privat-Bank A. G.
Dessauer Gas c5%).__
.294479
.294479
.294479
.290591
Allgemelne Elektrlzltaets-Gesellschaft
Handels-Gesellschaft (6%)
.257645
Hongkong, dollar..I
received by cable
Jan.
.231058
.023350*
British India, rupee..
Japan, yen
i
each
Jan,
.257617
.231025
.233325*
comparative summary for the week follows:
EXCHANGE
Closing prices of representative stocks
day of the past week:
.257588
.230926
.023337*
,]./
Chefoo
there is
THE
.257558
.230921
.023440*
;
.257454
.230907
franc...!
New Zealand, pound. 4.012375 *
Thurs.,
.198200*
J .007439*
Australia, pound
Jan. 20
£12%
Electric & Musical Ind.
Ford Ltd
.009164*
.052607
Spain, peseta...
Sweden, krona
$45,818,000
Wed.,
*104/9
15/9
23/6/9
Distillers Co
.402727
.009162*
.198200*
1,383,000
1,249,000
Jan. 19
77/6
46/6
.402723
.009157*
.033611
.556903
$43,186,000
Tues.,
£24%
77/6
46/6
£12%
103/6
18/9
22/9
6/9
.033065
.402775
.009156*
.052608
Asia—
Jan. 18
£25
£25
.033005
.402665
.556678
North
48/10'A
49/1A
105/7%
105/£64%
£64%
5/3
5/3
.033455
.402753
.052607
received by cable
as
.033672
.009151*
.198200*
Switzerland,
LONDON STOCK EXCHANGE
Boots Pure Drugs
British Amer Tobacco.
Unilever
.033484
.402725
.198200*
Portugal, escudo
Rumania, leu
•
Quotations of representative stocks
each day of the past week:
Jan. 21
.052607
15,075,258
$17,183,000
357,000
335,000
Jan. 20 |
Jan. 19
i
.009157*
j
Hungary, pengo
Italy, lira
Bonds
Foreign government..
Foreign corporate
Jan. 18
Jan. 17
Netherlands, guilder.! .656675
Norway, krone
1 .250995
Poland, zloty
J .189800
China—
Domestic
INCLUSIVE
1938,
$$$$$$
188850* .188940* .188920* .188920* .188920* .188920*
169057
.169045
.169067
.169157
.169148
.169007
Germany, relchsmark
Greece, drachma
j
1937
2.953,025
RESERVE
OF 1930
Austria, schilling
Belgium, belga
Bulgaria, lev
012600* .012600*
.012600* .012600*
.012600* .012600*
Czechoslo'kla, koruna .035083
.035100
.035097
.035104
.035096
.035096
Denmark, krone
222993
.222962
.223056
.223095
.223066
.223098
England, poundsterl'g4.996250 4.994875 4.997458 4.998625 4.997583 4.998125
Finland, markka
j .022065
.022055
.022050
.022072
.022104
.022083
$6,814,000
1938
1937
5,389,098
FEDERAL
BY
Noon Buying Rate for Cable Transfers in Nejjo York
Value in United States Money
Europe—
Jan. 1 to Jan. 21
856,815
CERTIFIED
1938 TO JAN. 21,
15,
Yugoslavia, dinar
Exchange
Association
Insurance Corporation
UnU
York Curb
Stocks—No. of shares.
RATES
Country and Monetary
992,000
1,030,000
$126,000
Week Ended Jan. 21
EXCHANGE
JAN.
$741,000
15,000
DEPARTMENT:
YORK
BANKS TO TREASURY UNDER TARIFF ACT
1,595,000
28,000
NEW
Member New York Clearing House
1,221,000
1,235,000
30,000
STREET,
Member Federal Deposit
France, franc
Saturday
FOREIGN
AND
BROAD
Member Federal Reserve System
Total
Tuesday
$727,000
OFFICE
55
EXCHANGE
Foreign
Corporate
Government
others
world-wide banking facilities.
geous to use our
Bonds (Par Value)
Foreign
of
Shares)
1938
22,
interested in trade abroad will find it advanta¬
CNumber
Week Ended
Jan.
cases
has to be estimated.
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.
15.
For that week there
was a decrease of
22.7%, the aggregate
clearings for the whole country having amounted to
$5,434,986,952, against $7,033,968,475 in the same week in
of
Volume
1937.
Financial
146
545
Chronicle
Outside of this city there was a decrease
of 16.0%,
recorded a loss of
27.3%. We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a falling off of 27.0%, in the
Boston Reserve District of 26.7%, and in the Philadelphia
Reserve District of 21.3%.
In the Cleveland Reserve Dis¬
trict the totals are smaller by 18.1%, in the Richmond
Reserve District by 9.0%, and in the Atlanta Reserve Dis¬
trict by 8.5%.
The Chicago Reserve District shows a
decrease of 19.7%, the St. Louis Reserve District of 11.1%,
and the Minneapolis Reserve District of 2.0%. The Kansas
City Reserve District suffers a loss of 9.8% and the Shn
Francisco Reserve District of 9.7%, but the Dallas Reserve
District enjoys a gain of 7.4%.
In the following we furnish a summary by Federal Reserve
the bank clearings at this center having
districts:
Week Ended Jan. 15
Clearings atInc. or
1938
Dec.
1936
$
$
%
%
Seventh Feder al Reserve D lstrlct
Mich.—Ann Arb
Ind.—Ft.
Indianapolis.
104,270,956
468,280
87,828.915
—30.0
3,467,602
1,885,221
—16.1
1,334,854
—3.8
947,934
19,944,000
—9.0
15,603,000
1,451,918
—13.9
5,488,144
22,858,436
—10.0
1,156,191
661,943
13,315,000
757,809
3,660,768
14,625,380
1,090,823
117,704,441
3,755,158
1,568,976
1,134,449
Wayne
..
%
+ 12.5
—24.9
18,159,000
.
Lansing
610,532
Des Moines..
8,085,260
1,145,841
8,619,119
Sioux City
3,501,734
338,281
3,596.069
371,126
—2.6
—8.9
1,183,725
4,037,873
19,113,094
1,008,467
7,343,833
3,089,626
328,010
300,023,170
379,609,321
877,934
4,813,533
1,428,436
1,373,212
—21.0
286,583.553
1,049,989
3.917,942
1,208,327
1,412,893
+2.9
462,912,663
576,361,910
—19.7
South Bend
Terre Haute...
1,249,380
4,938,717
Wis.—Milwaukee
23,711,369
la.—Ced. Rapids
111.—Bloomingt'n
Chicago
__
1,187,106
Decatur
Peoria
Rockford
1935
Chi cago—
621,797
88,391,928
2,630,027
1,316,912
Detroit-.
Grand Rapids
—
699,805
.
Springfield
SUMMARY
1937
+3.7
+3.6
—6.2
720,122
6,108,559
2,571,682
263,375
259,523,594
+ 19.6
812,023
558,525
—18.6
4,050,956
873,234
986,787
2,796,574
692,030
871,866
455,646,059
398,465,834
—15.4
OF BANK CLEARINGS
Totals 18 cities)
Inc.or
1938
1937
Dec.
1936
1935
S
Week End. Jan. 15, 1938
t
%
S
*
Eighth Federa 1 Reserve Dls trict—St. Lo
91,900,000
83,100,000
uis—
—9.6
1st
Dists.
Reserve
227.474,595
12 cities
Boston
Ky.—Louisville..
310,536,885
—26.7
283,159.292
261,552.392
4,157,601,753
398,464,830
4.125,432,748
13
"
3,172,122,153
4,342,988,739
—27.0
Philadelphia 10
2d
"
335,002,336
425,406,124
—21.3
256,820.389
Tenn.—Memphis
77,600,000
35,136,191
17,729,790
24,081,484
—6.4
13,908,595
X
216,990,483
York
New
3d
44,031,554
22,325.734
36,589,591
20,886,990
85,700,000
—16.9
Mo.—St. Louis..
Federal
338,599,629
Ul.—Jacksoi
X
X
X
X
551,000
505,000
+9.1
442,000
386,000
141,127.581
158,762,288
—11.1
139,007,981
115,9 6,079
2,322,356
1,862,742
48,188,979
Quiney
5
'
263,878,802
322,212,557
—18.1
5th
Richmond
6
"
133,593,170
146,873,699
—9.0
120,478,563
100,236,448
6th
Atlanta
10
"
154,308,599
168,609,825
—8.5
142,424,400
110,140,671
7th
Chicago... 18
"
462,912,663
576.361,910
—19.7
455,646,059
398,465,834
8th
St.
Louis..
4
"
141,127,581
158,762,288
—11.1
139,007,981
115,976,079
Ninth Federal
9th
Minneapolis
7
"
95,699,710
98,707,688
—2.0
89,061,099
75,043,995
Minn.—Duluth..
10th KaasasCity 10
"
130,861,419
145,011,078
—9.8
141,491,262
121,350,584
+7.4
60,578,039
43,341,536
—9.7
241,434,191
196,509,176
Cleveland..
4th
.
6
"
70,628,178
65,782,081
Fran.. 11
"
246,377,746
272,715,601
11th Dallas
12thSan
5,434,936,952
—22.7
6,486,167,858
6,103,639,575
2,826,997,224
—16.0
2,447,711,402
2,079,884,669
302.060.787
Outside N. Y. City
7,033,968,475
2,375,504,145
112 cities
Total
371,951,756
—18.8
352,743,870
299,657,906
32 cities
Canada
We
add
now
our
Total (4 cities).
Reserve' Dls trlct—Minn eapolls
—5.4
2.924,049
2,767,238
St. Paul
2,091,185
Mont.—Billings
664,238
(7cities).
1937
2,497,689
2,122,235
—2.0
89,061,099
75,043,995
98,707,688
1,722,259
511,807
$
S
569,162
550,030
2,107,569
—6.3
268.488,764
—28.2
2,046,989
245,133,852
2,249,657
231,156,337
789,402
—25.6
657,019
+ 12.3
454,494
107,492
94,960
114,246
70,962
2,898,527
—9.0
1,952,230
30,520.432
30,405,990
+0.4
+ 19.3
2,628,729
32,535,758
2,188,347
2,319,056
3,006.759
+28.5
4,093,808
85,984,597
101.416,209
—15.2
3,574,165
694,043
3,455,167
714,163
94,445,449
4,217,176
—2.8
588,299
577,037
+2.0
534,765
625,492
145,011,078
—9.8
141,491,262
2.766,845
..
Colo.—Col. Sprgs
Pueolo
+3.4
26,754,594
2,300.833
3,594,611
81,342,709
4,225,288
458,852
555,545
642,346
443,845
_
+ 1.1
St. Joseph
+0.2
City
+ 14.1
3,864,189
Kan.—Topeka
%
as
85,369
132,801
2,637,170
Mo.—Kan. City.
$
$
387,080
590.890
589,493
1,974.523
192,744,719
587,441
498,627
River
460,694
+4.0
2,303,9651
20.175,279
97,400
1935
1936
Dec.
Reserve Dlst rlct—Boston
Lowell
578,722'
—4.6
134,279
Lincoln...
Inc. or
1938
Fall
+ 15.4
96,699,710
.
Omaha
Mass.—Boston..
605,331
Reserve Dls trlct—Kans
Clearings at-
Portland
+ 2.6
2,396,199
Helena
Hastings
Me.—Bangor
647,178
57,389,207
23,723,964
1,969,511
579,650
698,361
.
Neb.—Fremont
Week Ended Jan. 15
Federal
25.885,711
2,193.112
—0.5
detailed statement showing last week's
figures for each city separately for the four years:
First
—2.9
25,762,664
N. D.—Fargo
S. D.—Aberdeen
Total
64,148.342
62,319,825
Minneapolis
Total (10 cities)
722,468
947,614
—23.8
755,627
741,616
Springfield
3,286,574
3,722,122
—11.7
2,069,861
2,387,497
—13.3
3,454,732
1,775,160
2,571,054
Worcester.....
Conn.—Hartford
10,644,575
3,997,328
9,904,500
453,089
13,723,104
—22.4
12,603.602
9,076.893
Dallas
4,432,710
—9.8
4,381,990
3,302.589
Ft.
12,247,100
657,665
—19.1
10.799,200
—31.1
527,465
9,105,400
380,619
Wichita Falls.
130.861,419
121,350,584
New Bedford..
ral
Reserve
District—Da lias—
N.H.—Manches'r
310.536.885
—26.7
Feder al Reserve D istrict—New
+ 18.8
+ 21.2
1,186,301
1,224,542
+6.1
31,988,269
5,318,356
3,073,000
3,423,000
—10.2
1,190,247
5,741,065
1,009,779
+ 17.9
45,669,941
6,649,616
3,595,000
840,097
4.617,648
+ 24.3
2,637,084
2,218,369
70,628,178
65,782,081
+ 7.4
60,578,039
43,341,536
Texas—Austin.
_.
Worth....
+9.7
2,592,000
X
261.552,392
7.274,312
York-
9,165,068
Total (12 cities)
Second
283.159,292
1.290,295
48,860,279
6,581,080
Total (6cities).
R.I.—Providence
1,564,426
51,836,820
7,222,620
La.—Shreveport.
New Haven
1,388.771
N. Y.—Albany..
BInghamton
Buffalo
Elmira
10,883,617
1,115,452
31,800,000
487,182
747,775
Jamestown
1,295,400
—13.9
5,777,900
1.190.045
36,600,000
—13.1
'33,200,000
27.700,000
758,529
—35.8
634,005
483,112
809,602
—7.6
613,610
500,586
—27.3 4,038,456,456
4,023,754,906
3,059,482,807 4,206,971,251
8,483,210
7,934,657
New York
Rochester
Syracuse
Westchester Co
Conn.—Stamford
N. J.—Montciair
Newark
227,474,595
....
Northern N. J.
4,241,257
3,790,937
4,025,298
993.353
—6.5
7,965,666
6,185.657
4,315,571
—1.7
4,279,684
2,995,378
+26.6
2,906,428
3,849,473
+4.6
3,730,908
3,586,320
2,347,408
2,980,706
320,000
16,603,931
490,764
500,614
—2.0
500,000
18,757,559
21,348,643
—12.1
28,364,848
45,896,000
—38.2
20,233,496
38,113,555
Total (13 cities) 3,172,122,153 4,342,988,379
—27.0 4,157,601,753
al Reserve D istrict—San
—6.2
23,964,956
Ore.—Portland..
Utah—S. L.
—5.6
32,560,479
—21.8
8,546,000
1,045,028
—17.7
860,377
28,874,351
16,426,215
29,257,069
—1.3
27,114,217
15,968,578
4,715,363
5,285,272
+2.9
14,705,740
4,447,944
—13.0
3,824,979
2,885,536
164,454,000
2,863,298
1,681,901
2,275,531
—12.9
143,687,284
120,212,076
—5.8
1,820,848
2,438,709
Yakima
35,256,561
9,913,000
859,785
Spokane
+8.3
2,687,883
1,320,928
1,803,945
1,193,844
+ 7.2
1,778,360
1,351,317
246,377,746
272,715,601
—9.7
241,434,191
196.509,176
33,299,401
4,339,038
4,596,926
San
Francisco.
143,270.000
2,697,473
32,702,457
—8.0
8,142,000
429.849
21,027,823
12,405,296
3,092,534
4,125,432,748
Total (11 cities)
Reserve Dlst rlct—Phllad elphia
376,166
548,427 —31.4
Third Federal
Pa.—Altoona
Franc Isco
7,755,000
Wash.—Seattle-
437,333
274,955
X
329,908
335,538
351,732
285,919
+ 17.4
487,133
270,659
1,128.091
—15.8
1,221,432
816,538
332,000,000
1,493,711
408,000,000
—21.1
1,656,102
—9.8
2,272,001
2,708,791
—16.1
328,000,000
1,464,294
2,146,231
952,762
—19.3
1,577,359
1,179,916
1,771,662
382,000,000
1,272,152
2,905,734
1,031,627
—11.0
1,581,760
1,204.302
N. J.—Trenton..
4,536,800
7,563,000
—40.0
7,257,000
3,420,000
Total (10 cities)
335,002,336
425,406,124
—21.3
398,464,830
338,599,629
5,434,986,952 7,033,968.475
—22.7 6,486,167,858 6.103,639.575
231,513
1,340.575
Bethlehem
Chester.......
Lancaster
Philadelphia
..
Reading
Scranton
WIlkes-Barre..
York
.
cities)
1,041,796
1
Fourth
Feder al Reserve D lstrlct—Clev eland
Ohio—Canton...
X
X
X
58,684,560
66,112,869
—11.2
54,936,786
46,567,220
Cleveland
85,280,667
97,945,359
—12.9
76,434,975
65,206,797
Columbus
12,469,800
14,602,000
—14.6
11,180,200
10.029,400
1,441,926
1,862,289
—22.6
1,419,724
1,275,064
Youngstown...
Pa.—Pittsburgh
X
X
106,001,849
.
Total (5 cities).
141,690.040
—25.2
263,878,802
322,212,557
—18.1
X
112,848,704
256,820,389
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
C.—Wash'g'n
Total (6cities).
93,912,002
216,990,483
236,560
325,152
2,780,000
—13.1
2,432,000
38,574,590
1,221,519
39,980,267
1.480,590
—3.5
34,309,920
—17.5
1,056,366
68,510,505
22,594,915
76,853,557
25,454,133
—10.9
61,407.687
146,873,699
Reserve Dlst rlct—Atlant
Sixth Federal
—11.2
—9.0
21,036,030
120,478,563
—4.7
Nashville
18,603,697
19,493,442
—4.6
Ga.—Atlanta
49,100,000
57.300,000
—14.3
—19.6
1,138,376
4,659,798
1,272,456
Augusta
Macon
Fla .—Jacksonville
Ala.—Birm'ham.
Mobile
.
Vlcksburg
La.—NewOrleaas
Total (10 cities)
♦950,000
15,033,000
17,124,498
1,581,929
X
4,888,443
1,582,401
129,856
2,107,000
24,927,098
971,677
55,618,343
16,482,474
100,236,448
a—
3,889,973
16,712,057
49,000,000
Tenn.—Knoxville
2,708,222
12,075,560
36,800,000
901,134
1.150,6.56
—17.4
967,841
649,167
18,829,000
—20.2
14,528,000
15,202,000
20,511,999
—16.5
19,207,475
1,780,407
—11.1
1,388,162
13,701,654
1,062,767
X
1937
X
X
X
184,974
172,643
+ 7.1
180,567
129,589
45,798,247
42,900,834
+6.8
35,411,949
26,910,578
154.308.599
168.609,825
—8.5
142,424,400
Montreal
Winnipeg
Vancouver
104,609,817
96,189,983
26.275,694
15,507,588
1936
1935
17.383,030
Ottawa
Quebec..——
5,075,087
Halifax
2,329,304
4,606,053
5,389,297
1,351,596
1,615,851
2,237,290
3,624,497
2,525,429
239,411
487,590
1,066,459
Hamilton
Calgary........
St. John
Victoria
—
139,331,863
—24.9
117.543,926
119,342,270
32,855,557
19,289,250
16,968,925
4,932,417
2,512,900
—19.4
94,007,978
—20.0
70,980,051
103,517,242
87,662,535
54,066,651
—19.6
16,647,852
14,378,336
+2.4
15,556,455
4,338,671
+2.9
3,383,673
3,386,768
—7.3
2,285,703
4,428,392
5,457,211
1,931,155
+4.0
4,387,340
—1.2
4,989,898
1,370,267
1,531,640
2,374,054
3,668,690
2,418,483
226,182
2,180,210
3,261,375
4,701,791
1,526,235
1,354,087
—30.0
1.736,148
—6.9
2,776,384
3,818,518
2,926,114
—19.4
236,268
+ 1.3
2,329,366
356,100
+36.9
434,160
1,345,197
—20.7
1,202,920
Moose Jaw
476.025
491,355
—3.1
Brantford
826.923
971,346
—14.9
734,885
Fort William
749,624
837.713
—10.5
484,276
3,978,255
2,258,198
245,802
347.426
1,035.126
373,073
704,504
551,167
New Westminster
645,094
565,790
+ 14.0
509,694
411,436
224,183
181,054
+ 23.8
169,409
152,000
Peter oorough,...
589.222
562,664
+4,7
587,600
534,460
Sherorooke
750.208
615,662
+ 21.9
513,871
475,879
Edmonton
Regina
Brandon
—
Lethbridge
Saskatoon
Kitchener
Windsor
Prince Albert
—5.1
—13.7
410,719
995,039
987,049
914,580
2,793,911
+0.8
+4.1
928,059
2,907,845
303,986
307,769
—1.2
2.493,828
199,468
2,267,289
270,193
Moncton
650,628
831,638
—21.8
584,529
552,832
Kingston
515,351
505,338
523,726
—l.i
493,123
466,041
559.772
—9.7
412,987
496,598
910,747
445,760
412,334
1,041,878
+ 11.4
—12.6
799,807
422,742
365.427
628,209
302,060,787
371,961,756
-18.8
352,743,870
299,657,906
Chatham
Sarnia
Sudbury
110,140,671
Dec.
%
Canada—
Medicine Hat—
—14.9
276,641
133,593,170
Inc. or
1938
London
2,415,000
W.Va.—Hunt'ton
Miss.—Jackson.
X
Reserve Dlst rlct—Rlchm ond—
Fifth Federal
D.
X
2,079,884,669
Week Ended Jan. 13
Toronto........
X
—16.0 2,447,711,402
Clearings atr-
-
X
Cincinnati
Mansfield-
Outside New York 2,375.504.145 2,826,997,224
Total (32 cities)
♦
Estimated.
xNo figures available.
Financial
546
NATIONAL BANKS
Per
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
,
:
Name of
The
VOLUNTARY LIQUIDATIONS
.
Amount
$50,000
3—The First National Bank of Hynes, Calif
Dec. 24, 1937.
Liq. Agent, W. C. Marshall,
Jan.
Share
Company
Fiduciary Corp
—
—
Firestone Tire & Rubber Co. 6%
preferred A.
First Mutual Trust Fund.
First Security Corp.
of Ogden, cl. A & B (s.-a.)-
German Credit & Investment
Burlington, Iowa.
Succeeded by National
lington, Iowa.
Charter No. 14,395.
Glen Ullin, N. Dak
25,000
Effective Dec. 31, 1937.
Liq. Agent, S. B. Erickson, Glen
Ullin, N. Dak. Succeeded by, State Bank of Glen Ullin, N. Dak.
Jan. 7—First National Bank in
of Seimer, Tenn
Effective, Dec. 31, 1937. Liq. Agent, W. L. Weatherly, Seimer,
Tenn. Absorbed by, Seimer Bank & Trust Co., Seimer, Tenn.
Jan. 10—The First National Bank
30,000
National Bank, Texarkana,
$500,000. Amount of increase
:
.
Hawaiian
and reorganiza¬
Moore &
Schley to conduct an unlisted trading department.
The firm of
William C. Orton & Co., which, with occasional partnership changes has
been in business since 1914, was dissolved as of Jan. 15.
2$
J
DIVIDENDS
Dividends
first
grouped in two separate tables.
In the
together all the dividends announced the
are
bring
we
Then
current week.
we
show
the
we
follow with
a
dividends previously
second table in which
announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the comj>any
News
in our " General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week
are:
Per
Share
Name of Company
Alabama Power Co. $5 preferred (quar.)
Allied International Investments preferred—
American Bakeries
American Book Co
-
Extra..
20
26
„
Jan.
1 May 25
1 Aug. 25
1 Nov. 25
10 Dec. 31
Louisville & Nashville RR. Co.—
50c
Jan.
15 Jan.
14
Feb.
15 Jan.
2 Mar
20
Apr.
Apr.
2 Mar
5
Sept
Dec.
_
_
_
20
68Mc
Feb.
15 Feb.
1
40c
Feb.
1 Jan I
Mar.
6c
Jan.
SIM
SIM
SIM
SIM
Feb.
1 Jan.
14
Feb.
1 Jan.
1 Jan.
14
Feb.
Feb.
1 Jan.
19
15
19
t25c
Febl
15 Feb.
$2
SIM
Jan.
26 Jan.
Feb.
1 Jan.
1
14
11
Feb.
25c
Feb.
15 Jan.
26 Feb.
30
6
65c
Feb.
1 Jan.
20
SIM
Apr.
1 Mar. 12
50c
Feb.
SIM
Feb.
Feb.
25c
10 Jan.
1 Jan.
15 Feb.
Mar. 10 Feb.
28
29
5
Central Ohio Steel Products
25c
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
;
Quarterly
Century Ribbon Mills
Cherry-Burrell Corp. (quar.)
Preferred (quar.)
Cincinnati Inter-Terminal RR.,
4% 1st guaranteed preferred (s.-a.)
10c
Feb.
15 Feb.
5
10c
5
10c
May 16 May
Aug. 15 Aug.
10c
Nov. 15 Nov.
5
Cincinnati Northern RR.
10c
Feb.
15 Feb.
35c
Jan.
Jan.
31 Jan.
31 Jan.
9
25
25
$2
$6
Cincinnati Street Ry
City of New York Insurande (s.-a.)
Commonwealth International Corp. (qu.)
Consolidated Oil Corp., pref. (quar.)
Feb.
1 Jan.
20
Jan.
31 Jan.
21
Feb.
Feb.
1 Jan.
24
10c
60c
4c
SIM
Container Corp. of America
Continental Oil Co
30c
Cook Paint & Varnish (quar.)__
15c
25c
$4 preferred (quar.)
SI
7c
Corporate Investors, Ltd. (increased)
(increased)
Feb.
Mar.
Feb.
1 Jan.
17
15 Feb.
1
1 Feb.
15
19 Feb.
5
Mar. 31 Mar.
7
Mar.
1 Feb. 18
Mar.
1 Feb. 18
31
15 Jan.
31
1 Jan.
15
$15$15-,
SIM
Feb.
1 Jan.
15
Feb.
1 Jan.
17
Feb.
1 Jan.
17
17 He
Jan.
15 Dec. 31
Dec.
$6 preferred (quar.)
De Vilbiss, 7% pref.-(quar.)
Diamond Alkali Co. (extra)
Domestic Finance Corp. cum. pref. (quar.)
15 Jan.
Feb.
22 Dec.
25c
Cumberland City Power & Light, 6% pref
5H % preferred (quarterly)
Dallas Power & Light Co. 7% pref. (quar.)
Dominion Bridge, Ltd. (quar.)
Dow Chemical Co. common
Feb.
Feb.
SI
Crown Cork & Seal Co., Ltd.
—
50c
J30c
Feb.
Feb.
10
1 Jan.
25
Empire & Bay State Telep. & Teleg.,
P*»4% guaranteed (quarterly)
Emporium Capewell Corp. (year-end.)
MlCommon (quar.)
*
Federal Knitting Mills (liquidating)
Fidelity & Deposit (Md.) (quar.)
Feb.
15 Jan.
15 Feb.
31
75c
1M%
Preferred
5
SIM
(s.-a.)
Erie & Kalamazoo RR. Co
19
Feb.
15 Feb.
1
Mar.
$1
1
50c
Jan.
1 Feb.
31 Jan.
22
18
25c
Jan.
31 Jan.
22
SIM
$10
Feb.
1 Jan.
26
Feb.
1 Jan.
24
SI
Jan.
31 Jan.
21
5
1 Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
15
Feb.
5 Jan.
15
Feb.
1 Jan.
$1s1
Feb.
1 Jan.
15
Feb.
10 Jan.
SIX
SIX
SIX
Feb.
15 Jan.
31
31
Feb.
Mar.
1 Feb.
25
15
15c
Feb.
8 Jan.
24
50c
Mar.
1 Jan.
1 Feb.
15
24
15
15
15
SIX
Feb.
19 Feb.
1
Feb.
1 Jan.
25
Feb.
1 Jan.
Jan.
28 Jan.
1 Feb.
10
25
4
Mar.
May
2
Apr.
1 Mar. 18
Apr. 20
Feb.
15 Feb.
5
25c
May 15 May
Aug. 15 Aug.
5
5
25c
25c
SIX
SIX
SIX
SIX
SIX
SI
Nov. 15 Nov.
Mar. 15 Mar.
5
15 June
4
June
5
3
Sept. 15 Sept.
•
5
15 Dec.
1 Jan. 20
Mar.
1 Feb. 15
Dec.
Feb.
50c
Jan.
t$4
Jan.
SIX
Feb.
30c
Feb.
28 Jan.
28 Jan.
24
15 Jan.
1 Jan.
29
17
26
1 Mar. 18
15 Feb.
5
13
5
19
Jan.
15
Mar.
Feb.
Feb.
1 Feb".
15 Jan.
1
20
60c
Bourjois, Inc., preferred (quar.)
Brentano's Book Stores, $1.60 cl. A (qu.)
Broadway Dept. Stores, Inc. (irregular)
5% cum. preferred (quarterly)
Brooklyn Teleg. & Messenger (quar.)
Brookmire Investors (quar.)
Buckey Steel Casting 6H% preferred (quar.)
6% preferred (quar.)_
Buckeye Steel Casting, 6H% pref. (qu.)
6% preferred (quarterly)
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Bullock's, Inc. (extra)
5% preferred (quarterly)
California Water .Service preferred (quar.)
Campbell, Wyant & Cannon Foundry Co
Carolina Insurance Co. (s.-a.)
Case (J. I.) Co., pref. (quar.)
Castle (A. M) & Co., common (quar.)
Celotex Corp. preferred (quar.)
Central Cold Storage Co. (quar.)
15 Feb.
25 Jan.
25 Jan.
24
Dec. 31 Dec.
Feb. 15 Feb.
Mississippi Power & Light $6 preferred (quar.) —
Moody's Investors Service partic. pref. (quar.)
Moore Drop Forgings class A
————
Mtge. Corp. of Nova Scotia (quar.)
;
Munising Paper Co. 5% 1st preferred (quar.)
Muskogee Co., 6% cum. pref. (quar.)
Mutual Telep. Co. (Hawaii) (quar.)
—^-H
Nat. Credit Co. (Seattle, Wash.) 5% pf. (qu.)
National Electric Welding Machine (qu.)
National OatsJCo. (quar.)
National Power & Light Co., com. (quar.)
24
Feb.
17
1 Jan.
10 Feb.
Mar.
1 Feb.
Feb.
Mission Oil Co
Jan.
Jan.
1 Jan.
Feb.
Feb.
25c
18
10c
75c
25c
(Phila.), $3 pref, (quar.)
Bonwit Teller, Inc..
Preferred
Feb.
50c
1 Jan.
28 Jan.
15 Jan.
18
24
15
Mar. 25 Mar. 15
17
Feb.
1 Jan.
Feb.
15
31 Jan.
31 Jan.
22
Feb.
Apr.
1 Jan.
Jan.
25
SIX
S2X
1 Jan.
27
18
Feb.
*—
——
Feb.
20
25 Jan.
28 Jan.
$1#
—
Feb.
20
1 Jan.
28 Jan.
Feb.
15
Jan.
—.——
5% preferred (quar.)
Louisiana Power & Light Co $6 preferred
20c
1 Jan,
Feb.
Jan.
10c
Corp
....—— —
SIM
SIM
5
25c
Associated Insurance Fund, Inc.( s.-a.)
Assoc. Insurance Fund (semi-ann.)
Loose-Wiles Biscuit Co
Lynch Corp.
--Lynn Gas & Electric (quar.)
Magnin (I.) & Co., 6% pref. (quar.)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Marine Bancorporation fully partic. (quar.)
Initial stock (quar.)
Massachusetts Bonding & Insurance Co. (qu.)
Mclntyre Porcupine Mines (quar.)
McNeel Marble 6% preferred (quar.)
Metropolitan Investments, Inc. (quar.)
Metropolitan Storage Warehouse Co. (quar.)
SIM
SI
SIM
25 Jan.
Jan.
25c
Ludlum Steel Co
50c
.
—
Jan.
40c
(quar.)
June
25
15c
75c
SIX
six
Quarterly
Quarterly
.Quarterly
— ...
J
7% preferred (quar.)
7% preferred (quar.)
—
7% preferred (quar.)
7% preferred (quar.)...
Laubeck Corp. 6% preferred (quar.)
Liggett & Myers Tobacco com. & com. B (qu.)__
Lincoln Stores, Inc. (final)
Lit Bros, preferred
Loew's, Inc., preferred (quar.)._
SI
SIX
SIM
SIM
SIM
3
1
20c
50c
Inc., common
,
1 Jan.
5 Jan.
25
$20
10c
-
22 Jan.
1 Feb.
Feb.
Feb.
Jan.
wJL
—
Kroger Grocery & Baking Co.
7 % preferred (c
, quar.)
6% preferred (quar.)
Landis Machine
15
20
Mar.
t75c
SIX
7% preferred (quar.)-...
—:
Interchemical Corp. 6% preferred
— —
International Harvester, pref. (quar.)___ — —
Jamieson (C. E.) & Co
Jarvis (W. B.) Co. (quar.)
Kentucky Utilities junior preferred..
Kobacker Stores,
1 Feb.
15 Feb.
25 Jan.
28 Feb.
SI X
10c
preferred (quar.)—... — ——————
Illuminating & Power Securities
Kings County Trust (quar.)
King Oil Co
5
SIX
SIX
Hutchinson Sugar Plantation Co. (monthly)
Idaho Power Co. 7% preferred (quar.)
Jan.
18
15
SIX
preferred (quar.)
Power 7% pref. (quar.)
Jan.
Mar
t50c
Feb.
1 Jan.
15
1 Feb.
45c
$6 preferred (quar.)
/w
24
8^c
(quar.)
partic. pref. (quar.)
40c
Co., 7% pref. A (qu.)
7% preferred A (quarterly).„_
7% preferred A (quarterly)
American Factors, Ltd. (monthly)
American Fidelity (quar.)
American Re-Insurance (quar.)
American Sugar Refining Co
Preferred (quar.)
Appleton Co. (quar.)
Preferred (quar.)
Blauner's
Payable of Record
Feb.
6% non-cum.
Home (Jos.) Co.
.
24
1 Jan.
15c
—
Houston Lighting &
$6
1 Feb.
15 Feb.
Mar.
1 Feb.
Feb.
10c
—
...
15c
_
7% preferred A (quarterly)
Arnold Constable
Holders
18
Feb.
25c
25c
Corp., class B
American Envelope
SI X
When
20
20
Mar.
$3
20c
(quar.)
Honomu Sugar Co. (monthly)
Horn (A. C.) Co. 7% non-cum.
"Cliff" Orton, Jr., have become associated with
29 Jan.
26 Jan.
—--
Monthly
M. Reed, formerly manager
—William C. Orton, widely known specialist in inactive
Jan.
20c
Homestead Fire Insurance (s.-a.)
tion securities and William
20
20
Feb.
Jan.
10c
Ltd. (monthly)
Stores, preferred (quar.)...
Co. (monthly) ..
Home Insurance Co.
Arthur Warner & Co. has become re-associated with David R. Mitchell &
firm.
]
SIX
25c
$5 preferred (quar.)
Utilities Co. 6% preferred—
Co., with whom he had been previously associated for 11 years.
of Wm. C. Orton & Co. has also become connected with the
Mar.
Mar.
Monthly
Harry
of the Real Estate and Industrual Department
26 Jan.
Jan.
29 Jan.
-
—
Hibbard, Spencer, Bartlett &
M. Trotte, recently manager of the Trading Department of J.
1
15c
Agricultural Co. (monthly).
Hearn Department
-—Carl
15
31
80c
Ilaverty Furniture Cos., Lnc
NOTICES
Feb.
Mar.
Jan.
_
Engineering Works (quar.)
Great Western Electro-Chemical—
Hancock Oil Co. of Calif, class A & B (quar.)
Hawaiian Electric Co.,
CURRENT
SIX
]
It Jan.
•
Hanna (M. A.) Co.
250,000
Feb.
15 div. and is
Great Lakes
Havana Electric &
Texas
Texarkana
12—The
From $250,000 to
Mar.
Mar. 1£
20c
(quar.)
being paid now on account of undistributed
profits tax.
Grace National Bank (N. Y.) (s.-a.)
Class A & B (extra)
COMMON CAPITAL STOCK INCREASED
Jan.
Co., 7% pref. (qu.)
Gorham Mfg. Co
- - - - This div. includes the March
19
11 June 10
5c
Globe & Republic Insurance
Extra
Bank of Bur¬
31
June
+75c
-—-
Globe Democratic Publishing
100,000
15
Dec.
50c
Corp.,
Allotment certificates
Charter No. 13,044.
Feb.
50c
General Metals Corp. (quar.)
cisco, Calif.
Jan.
]
Jan.
75c
Preferred
Montgomery St., San Francisco, Calif.
Absorbed by Bank
of America National Trust & Savings Association, San Fran¬
Jan.
4—The First National Bank in Burlington, Iowa
Effective Dec. 20, 1937.
Liq. Agent, Mortimer Goodwin,
1
It
Feb.
Mar.
25c
(quar.)
Freeport Sulphur
SI
$1H
Holders
When
PayabU of Record
19c
— -
550
Effective
1938
22,
Jan.
Chronicle
—
—
50c
SIX
SIX
SIX
SIX
SIX
30c
30c
May 15 May
Aug. 15 Aug.
Nov. 15 Nov.
Feb.
Feb.
1 Jan.
1 Jan.
5
5
5
20
20
5 Jan.
1 Feb.
27
Jan.
15 Jan.
11
Feb.
18
87 Xc
Feb.
tio%
SIX
Mar.
1
50c
Feb.
1 Jan.
1 Jan.
Jan.
20 Jan.
3
$1H
Feb.
1 Jan.
15
75c
Feb.
15 Feb.
SIX
SIX
Feb.
1 Jan.
20
Feb.
24
Feb.
1 Jan.
1 Jan.
Mar.
1 Feb.
15
20c
—
25c
—
SIX
—
20c
SIX
2 He
13
1
2
Mar. 15 Mar.
Feb.
Feb.
25c
Mar.
5
1
15 Feb.
1 Jan.
25
1 Feb.
1 Jan.
19
5% preferred (semi-ann.)
5% preferred (semi-ann.)
Neptune Meter, 8% pref. (quar.)
New England Water Light & Power Associates—
6% preferred (quar.)
New Jersey & Hudson River Ry. & Ferry—
6% preferred (s.-a.)
New Process Co. preferred (quar.)
New York Fire Insurance Co. (quar.)
31
15c
Mar.
25c
National Paper & Type
Feb.
six
SIX
Feb.
$2
Feb.
15 Feb.
1
SIX
Feb.
1 Jam.
20
1 Jan.
1 Jan.
31
29 Jan.
29 Jan.
24
$3
SIX
15 Jan.
15 Jan.
31
Aug. 15 July
30
Feb.
Feb.
20c
Jan.
5c
Extra
Jan.
-
Mar.
25c
t45c
20c
$2H
50c
8
Feb.
25
25
24
5
12
15 Jan.
1 Jan.
21
1 Mar. 15
$2
S2X
Apr.
25c
Feb.
21 Feb.
15 Jan.
Feb.
1 Jan.
Feb.
50c
Feb.
1 Jan.
1 Jan.
10c
Feb.
SIX
S3X
Feb.
50c
40c. preferred (quarterly)
Passaic & Delaware RR. (s.-a.)
Peoria & Bureau Valley RR. Co. (s.-a.)
Pennsylvania Sugar Co
Philadelphia Germantown & Norristown
Philadelphia Insulated Wire (s.-a.)
Portland RR. Co. (Me.) 5% gtd. common
Public Electric Light Co. (quar.)
Public Service Co. of N. J. (quar.)
8% preferred (quarterly)
7% preferred (quarterly)
$5 preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
Randall Co., class A (quar.)
Rand Mines, Ltd., ordinary bearer (final)
Regent Knitting Mills, Ltd., pref. (qu.)
Reed (C. A.) $2 preferred A
Rolls-Royce, Ltd., Am. dep. rec. for ord.reg
Jan.
nix
tsix
—
—— —
21
24
Feb.
5 Jan.
Mar. 10 Feb.
Feb.
1 Jan.
Feb. 15 Feb.
25c
—a
31
1 Feb.
40c
New!World Life Insurance Co
North American Oil Consol. (quar.)
North River Insurance Co
Owens Illinois Glass Co
Pacific Power & Light, 7% preferred
$6 preferred
Parker (C. S.), Inc., A (quar.).-
17
31
31*
$2.65
—
Noyes (Chas. F.) Co. 6% preferred
Oahu Sugar, Ltd. (monthly)
Ogden Mine RR. (s.-a.)
Oliver United Filters class A (quar.)
Omnibus Corp. preferred (quar.)
Oswego & Syracuse RR. (s.-a.)
—
Feb.
Jan.
SIX
50c
Feb.
4
30
18
18
25
25
1 Jan.
1 Jan.
21
10 Jan.
31 Jan.
Mar.
4 Feb.
Feb. 15 Feb.
20
21
1 Jan.
1 Jan.
15
Feb.
19
1
S2X
Feb.
25c
Feb.
65c
1
Mar. 31 Mar.
Mar. 15 Feb. 15
$2
SIXSIX
50c
50c
50c
50c
—
20
Mar. 15 Feb.
Mar. 15 Feb.
15
15
15 Jan. 28
Mar. 15 Feb. 15
Apr. 15 Mar. 15
Feb.
1 Jan. 25
Feb.
$4
40c
Jan.
+50c
21 He
Feb.
Mar.
Jan.
31
~
~
m
—
«•
i5
1 Feb.
1 Jan.
24
Dec.
22
26
mm
Volume
Financial
146
Rochester Gas & Electric, 5% pref. (quar.)__.
6% preferred C & D (quarterly).
St. Louis Screw & Bolt, preferred
~
SIX
fig
1 Feb.
1 Feb.
11
Feb.
1 Jan.
Jan.
7%
St. Paul Fire & Marine insurance Co
six
17 Jan.
Seasoned Investments, Inc. (quar.)
Second Standard Royalties, preferred
20c
Feb.
1 Jan.
18
lc
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
20
25c
Feb.
10 Jan.
31
mx
six
Feb.
1 Jan.
Simpson's, Ltd.. preferred
—
South Carolina Power Co., $6 1st
South Coast Corp., common
pref. (qu.)
25
15c
Gas & Electric Co.,
4.8% preferred (quarterly)
Spencer Kellogg & Sons, Inc. (quar.)
—
Stein (A.) & Co----,---——.—
Stouffer Corp., $2X class A (quar.)
Strawbridge & Clothier, $7 preferred
Syracuse Binghamton & New York RR. (qu.) —
Tennessee Electric Power Co.,
Preferred
15
SiJex Co
27 Jan.
Feb.
Central New York Power Corp., 5%
Central Power & Light, 7% pref
Feb.
1 Jan.
10
Feb.
1 Jan.
15
Feb.
1 Jan.
15
Mar.
1 Feb.
18
Feb.
1 Jan.
17
Feb.
1 Jan.
18
1 Jan.
1 Mar. 15
1 Mar. 15
1 Mar. 15
18
15
1 Feb.
1 Mar. 15
1 Jan.
18
1 Feb.
15
1 Mar. 15
Feb.
Feb.
1 Feb.
10 Jan.
15 Jan.
Preferred
28
Feb.
1 Jan.
1
27J
27
Feb.
1 Jan.
211
Mar. 19 Feb.
28*
June 20 May
31*
20 Nov. 30*
1 Feb.
15
Feb.
1 Jan.
20
Mar.
2 Feb.
19
20 Feb.
17 Feb.
15
15
Mar.
—
Feb.
1 Jan.
Western Cartridge Co., pref. (quar.)
Western Virginia Pulp & Paper Co.,
Feb.
19 Feb.
1 '
Feb.
15 Feb.
11
Feb.
pfd. (qu.)_
1 Mar. 19
Apr.
Apr.
Whitaker Paper (quar.)-
Feb.
10
1 Mar. 19
15 Jan.
31
Apr.
1 Mar. 15
Feb.
27
1 Jan.
22
Feb.
— —
7 Jan.
Feb.
_
1 Jan.
22
Feb.
1 Jan.
12
Feb.
1 Jan.
151
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
and not yet paid.
The
nounced this week, these
Per
Share
of Company
Holders
When
Payable of Record
25c
Feb.
1 Jan.
15
Feb.
1 Jan.
21
Feb.
—
Mar.
15c
50c
(quar.)
1 Jan.
21
1 Feb.
15
UMar.
Apr.
n'il Feb.
15c
Feb.
1 Feb.
15
1 Mar. 15
4
15 Jan.
5
15c
Feb.
1 Jan.
1 Jan.
Feb.
10 Jan.
31
Allied Kid Co
$2
25c
Feb.
1 Jan.
20
Aloe
50c
Feb.
1 Jan.
21
75c
Feb.
1 Jan.
20
12Xc
Feb.
Extra
(quar.)
(A. S.) Co. (quar.)
Altorfer Bros., pref. (quar.)
Amalgamated Sugar Co., pref. (quar.)
Amerada Corp. (quarterly)
—
Amerex Holding Corp. (s.-a.)
American Can Co. (quar.)
—
American Cities Power & Light, class A (quar.)_
Payable in class B stock or cash.
American Equitable Assurance (quar.)
—
——
—_ -—
———
Jan.
1 Jan.
31 Jan.
17
50c
70c
Feb.
1 Jan.
12
$1
Feb.
15 Jan.
25
75c
Feb.
1 Jan.
12
15*
40c
Jan.
25 Jan.
17
10c
Jan.
25 Jan.
17
SIX
Feb.
1 Jan.
8
Feb.
1 Jan.
14*
——-
pref. (quar.)
20c
American Home Products (monthly)
50c
30c
—
Feb.
Feb.
1 Jan.
37 He
pref. (qu.)
(quar.)
American Investment Co. (111.) $2
American Light & Traction
Preferred (quarterly)
5
Feb.
1 Jan.
1 Jan.
20
15
15
American Machine & Foundry Co
20c
Feb.
1 Jan.
15
American Reserve Insurance (s.-a.)
Extra
50c
Feb.
1 Jan.
15
American Ship Building Co
American Smelting & Refining
25c
50c
75c
Co
25c
American Thermos Bottle
68
Anglo-Canadian Telep. Co., 5X% pref
Amoskeag Co., common (s.-a.)
Preferred (semi-ann.)
Archer-Daniels-Midland, pref. (quar.)
Asbestos Mfg. Co.. SI.40 pref. (quar.)
Associated Dry Goods Corp., 6% 1st pref
7% 2nd preferred
Atchison Topeka & Santa Fe, pref. (s.-a.)
Atlantic City Electric Co., $6 pref. (qu.)_
Atlantic Refining Co., pref. (quar.)
Atlas Plywood Corp. (quar.)
Preferred (quarterly)
Atlas Powder Co., preferred (quar.)
Badger Paper Mills, 6% pref. (quar.)
Baltimore American Insurance Co. (s.-a.)
15
1 Jan.
15
Feb.
28 Feb.
4
Feb.
1 Jan.
1 Jan.
20
Feb.
July
July
fig
15
5 June 25
5 June 25
Feb.
1 Jan.
1
Mar.
1 Feb.
21
ll"
Mar.
1 Feb.
11
%2X
Feb.
1 Dec.
31
M
Feb.
1 Jan.
Feb.
1 Jan.
13
5
25c
Feb.
15 Jan.
25
31c
Feb.
1 Jan.
25
SIX
Feb.
1 Jan.
20
21
Feb.
1 Jan.
24
20
2Hc
Feb.
1 Jan.
20
Feb.
SIX
Jan.
1 Jan.
31 Jan.
31 Jan.
20
Jan.
25c
Feb.
1 Jan.
30c
Feb.
1 Jan.
21
14
Feb.
15 Jan.
20
Fe^.
15 Jan.
20
Feb.
15 Jan.
20
68
Feb.
15 Feb.
Columbus & Southern O. Elec. 6H% Pf.
Commonwealth Edison.
Commonwealth Investment Co. (Del.)
...
—
———
(qu.)
1
SIX
31Hc
Feb.
1 Jan.
15
Feb.
1 Jan.
15
4c
—
— —
Feb.
1 Jan.
14
fig
SIX
Pf. C (qu.)
SIX
Community Public Service
Connecticut & Passumpsic River RR. Co.—
6% preferred (semi-annual)
Connecticut River Power Co. 6% pref. (quar.) —
Consolidated Cigar Corp. 7% pref. (quar.)
Prior preferred (quarterly)
Consolidated Edison Co. (N. Y.), pref. (quar.).
Consolidated Laundries Corp., pref. (quar.) —
Consolidated Oil Corp. (quar.)
Consolidated Royalty Oil (quarterly)
Continental Can Co. (interim)
Coon (W. B.) Co. (quar.)
—
7% preferred (quar.).
Corn Exchange Bank Trust (quar.).
Crowell Publishing, pref. (s.-a".)
Crown Drug Co., pref. (quar.)
Crum & Forster pref. (quar.)
Cuneo Press, Inc. (quar.)
Preferred (quarterly)
Davenport Water, 6% pref. (quar.)
Davidson Bros, (quar.)
De Met's, Tnc., $2.20 preferred
Dennison Mfg. Co., debenture (qu.)
Deposited Insurance Shares, series A—
50c
Commonwealth Utilities Corp. 6H %
Series B
Derby Oil & Refining Co., $4 pref
Diamond Match Co., pref. (semi-ann.).
1 Feb. 15
15 Jan. 25
Feb.
1 Jan.
3
1 Feb.
15
Mar.
1 Feb.
15
Feb.
1 Jan.
Feb.
1 Jan.
15
3
Feb.
1 Jan.
15
Feb.
15 Jan.
5c
Jan.
25 Jan.
15
50c
Feb.
15 Jan.
25
15c
Feb.
1 Jan.
22
SIX
Feb.
1 Jan.
22
75c
Feb.
1 Jan.
20
$3H
Feb.
1
Jan.
24
431C2
50c
SIX
six
7Xc
t55c
$2
4Xc
15 Feb.
Mar. 31 Mar
10
1 Jan.
20
Feb.
Feb.
21
Mar. 15 Mar
1
Feb.
1 Jan.
20
Jan.
21
Feb.
31 Jan.
1 Jan.
Feb.
1 Jan.
20
Feb.
1 Jan.
Feb.
1 Jan.
3
Mar.
1 Feb.
1 Feb.
21
Mar.
31
3
15
25c
Mar.
1 Feb.
11
$2
Mar.
1 Feb.
11
Feb.
8 Jan.
11
Feb.
1 Jan.
21
Feb.
1 Jan.
15
Apr.
Apr.
1 Mar. 10
7H%
pref.. w. w
37Hc
(quarterly)..
Duquesne Brewing Co
—
Dominion Tar & Chemical, pref. (quar.)
Duplan Silk (serai-annual)
Du Pont de Nemours (E. I.) & Co. debenture—
$4H preferred
Eastern Steel Products, Ltd
62&c
1 Mar. 10
1 Jan.
22
XS1X
Feb.
1 Jan.
14
50c
Feb.
15 Feb.
1
Jan.
45 Jan.
25 Jan.
10
fig
Feb.
Jan.
10
1 Jan.
15
Feb.
1 Jan.
15
Feb.
1 Jan.
Feb.
1 Jan.
6
Mar.
1 Feb.
18
Feb.
Easy Washing Machine, Ltd., pref
Electric Bond & Share Co., $6 preferred
15
20c
75c
Dictaphone Corp.
Preferred (quarterly)
Distillers Co., Ltd., Am. dep. rec. ord. reg
Less tax and deduction for expenses of dep
Distillers Corp .-Seagrams Ltd.,
Dividend Shares, Inc
Dixie-Vortex Co. (quarterly)
Feb.
21
Mar.
$3
SIX
SIX
SIX
SIX
X
——————
Mar.
21
—
$5 preferred
Ely & Walker Dry Goods (quarterly)—-——
Employers Group A (quar.)
Eppens Smith Co. (semi-ann.)-—
Eureka Pipe Line Co.
—-—....
Faber, Coe & Gregg, Inc.. 7% pref. (quar.) —
Federated Dept. Stores, Inc
Fibreboard Products, Inc., 6% pref. (quar.)
Fidelity Fund, Inc. (quar.)
—
Filene's (Wm.) & Sons. pref. (quar.)
Franklin Fire Insurance (quar.)
6
31 Jan.|17
Feb.
1 Jan. 25
Feb.
1 Jan. 15*
Jan.
Feb.
1 Jan.
20
Jan.
29 Jan.
19
15
Feb.
1 Jan.
Feb.
1 Jan.
20
Jan.
25 Jan.
Feb.
20
1
Jan.
13
Feb.
Freeport Sulphur Co.. pref. (quar.)
Froedtert Grain & Malting Co., Inc.—
Partic. conv. preferred
Fulton Industrial Securities Corp.,
1 Jan.
15
87Hc
General Foods Corp. (quar.)
General Mills, Inc. (quar.)
General Motors Corp. preferred
_
15
1 Jan.
20
1 Jan.
Feb.
(monthly)
General Cigar Co., Inc., 7% preferred (quar.)
General Discount Corp. (Atlanta, Ga.)
1 Jan.
Feb.
Feb.
preferred (quar.)
Feb.
75c
$3H cumulative preferred (quar.)
6% preferred
1 Jan.
Feb.
Feb.
Extra
Gardner-Denver Co. (111.)
Gas Securities Co. (mo.)
1 Jan.
22
20
1 Jan.
15
Mar.
1 Feb.
18
Jan.
25 Jan.
20
Feb.
25
Feb.
15 Jan.
1 Jan.
1 Jan.
Feb.
1 Jan.
10
10
15
1 Feb.
15
Feb.
(quar.)
Telep. Allied Corp., $6 pref. (qu.)
Gibraltar Fire & Marine insurance
General
Extra
—
Gillette Safety Razor Co. $5 conv.
Gimbel Bros., 6% pref. (quar.)
15
Mar.
--
pref. (quar.).
Mar.
1 Feb.
Feb.
1 Jan.
15
3
Jan.
25 Jan.
10
Feb.
1 Jan.
10c
5c
Feb.
15 Feb.
1
Globe Knit Works
Jan.
Feb.
15 Feb.
1
Gotham Silk Hosiery Co., Inc.,
Feb.
25
1 Jan.
12
30c
2,5c
Feb.
1 Jan.
10
13
Great Northern Iron Ore
Jan.
31 Jan.
14
Feb.
1 Jan.
Great
7%, pref. (s.-a.)
pref. (quar.)
Properties
Western Sugar Co
(H. L.) Co. pref. (quarterly)
25c
62J&
25c
Birtman Electric Co. (quar.)
Preferred (quarterly) —
fill
Blauner's, preferred (quarterly)
Blue Ridge Corp., $3 pref. (quar.)
75c
Feb.
1 Jan.
15
Green
Feb.
$1H
Extra
1 Jan.
15
Jan.
Jan.
31 Jan.
26 Jan.
3
21
Hartford Electric Light Co
Hartford Times, Inc., 5H% pref.
Jan.
26 Jan.
21
Hat Corp.
Feb.
1 Jan.
15
Feb.
1 Jan.
15
$1
«2Jge
50c
—
Co., ordinary.
(C.) & Co., Ltd. (monthly).
British Columbia Telep. Co. 6% 2nd pref. (quar)
Brooklyn-Manhattan Transit—
Preferred (quar.)
Brown Fence & Wire Co., pref. A (semi-annual).
Buffalo Niagara & Eastern Power, 1st pref
Bullock Fund Ltd. (reduced)
Burroughs Adding Machine Co
15
20
Feb.
1 Jan.
20
Jan.
30 Jan.
25
Feb.
5 Jan.
25
Feb.
1 Jan.
10
Feb.
Feb.
15 Feb.
15 Jan.
25
Feb.
15 Jan.
25
15 Jan.
25
Agricultural (mo.)
Pineapple Co
Jan.
31 Jan.
15
(quar.)
Hercules Powder Co., pref. (quar.)
Hershey Chocolate Corp
Jan.
31 Jan.
15
1 Jan.
10
Hecker Products Corp.
Conv.
preferred (quarterly)
—
Hoi linger Consol.
Jan.
25 Jan.
20
Feb.
1 Jan.
17
Gold Mines
Holly Sugar Corp
SIX
Preferred
Feb.
SIX
28 Feb.
1 Jan.
Feb.
14
15
20c
Feb.
1 Jan.
15
20c
Mar.
5 Jan.
29
15
28 Jan.
14
1 Jan.
Mar.
Feb.
JEXtTflU
(quar.)
Horn & Hardart Co. (N. Y.)
(quar.)_
18
Jan.
28 Jan.
15 Jan.
18
29
Feb.
Hormel (Geo. A.) & Co
20
28 Jan.
Feb.
m
25 Jan.
Jan.
m
1 Jan.
15
15
Jan.
(monthly)
Horder's, Inc. (quar.)
Class A preferred
1 Feb.
Jan.
—
(quarterly)
Homestake Mining Co.
Feb.
4
Feb.
(Chas. E.) Co.. class A (quar.).
25 Dec. 22
$1
•
—
Additional dividend
Hires
Jan.
1
15
1 Jan.
Hawaiian
15 Apr
1 Jan.
14
1 Jan.
Hawaiian
waiiai
Apr.
25
Feb.
*50c
Brazilian Traction Light & Power
Brewer
18
1 Jan.
26 Jan.
Feb.
1
Mar. 25 Mar. 10
4 Jan.
Feb.
(qu.)
5
Feb.
Feb.
Jan.
of America, class A and B—
6H% preferred w. w.
15 Feb.
Mar.
1 Feb.
Feb.
—
Feb.
Halle Bros. Co
cash.
Boston Edison Co. (quarterly)
Bower Roller Bearing Co., common.
1 Jan.
75c
Bangor Hydro Electric
Barnsdall Oil Co. (quarterly)
Beatty Bros., Ltd., 1st pref. (quar.)
Beatty Bros., 1st pref. (quar.)
Beldtng-Heminway Co
Best & Co., Inc
1 Jan.
Feb.
Feb.
Extra
Payable in common stock or
Bon Ami Co., class A (quar.)
Class B (quarterly) — —
^c
S2X
Feb.
15*
Feb.
—
Class A
1 Jan.
1 Jan.
$5
5% preferred (quar.)
;
Cluett, Peabody & Co., Inc., common (quar.)
Coast Breweries, Ltd. (quar.)
Columbia Gas & Elec. Corp., 6% ser. Apf. (qu.)
5% cum. preferred (quarterly)
5% cum. preference (quarterly)
Columbia Pictures, pref. (quar.)
Mar. 31 Feb.
Feb.
1 Jan.
15
Feb.
20c
24
]
1 Dec. 31
Feb.
(quarterly).
24*
31
28
Dec.
pref
Cleveland Cincinnati Chic. & St. L. Ry
Mar. 31 Feb.
(quar.)
Mar. 15 Mar. 10
6% preferred
Century Ribbon Mills, pref. (quar.)
Century Shares Trust, par tic. shares
Cerro de Pasco Copper Corp
Chain Stores Investment Corp., $6H pf- (quar.)
Chase National Bank (N. Y.)
City Baking Co. 7% pref. (quar.)
City Water Co. of Chattanooga, 6% pref. (qu.)_
Civic Finance Corp., class A
1 Mar. 15
Feb.
Extra
15
Central Hudson Gas & Electric Corp. com—
Sept. 20 Aug. 31*
American Gas & Electric Co.
1 Jan.
19
Wailuku Sugar Co
Walker & Co., $2H class A
Walton (Ch.), 8% pref. (quar.)
Alaska Packer Assoc.
18
Feb.
21
Mar.
Preferred (quarterly)
Agnew-Surpass Shoe Stores (s.-a.)
Preference (quarterly)
—
Alabama Great Southern RR. Co. preferred
Alaska Juneau Gold Mining (quar.)
1 Jan.
1 Jan.
Common (quarterly)
Common (quarterly)
Abbots Dairies. Inc.
20
18
Feb.
29 Jan.
Feb.
:-
Adams (J. D.) Mfg. Co. (quarterly)—
Adams-Millis Corp
31 Jan.
Jan.
United States Fire Insurance
Name
Jan.
tSl
.
$5 preferred (quarterly)
we
20
1 Jan.
22
United States & Foreign Securities, 1st pref—
United States & Internat. Securs., 1st pref
Ja* Below
20
1 Jan.
Feb.
1 Jan.
Mar.
-
1 Jan.
Feb.
15 Jan.
Feb.
-
Feb.
Feb.
United Corp. Ltd., SIX class A (quar.)
United Gas Improvement (quar.)
u
-
28
Feb.
Feb.
Apr.
Extra
:
Yuba Consol. Gold Fields, Inc
Zeller's Ltd., 6% pref. (guar.)
Feb.
25 Dec. 31
1 Dec. 28
25c
Apr.
_
28
Mar. 21
Jan.
56 Xc
Mar. 10 Feb.
Mar.
7% preferred (quarterly)
White (S. S.) Dental Mfg. (quar.)
Will & Baumer Candle Co., Inc., pref
Williams (R. C.) & Co_
Wisconsin National Life Insurance Co. (s.-a.)
31
31
Feb.
23
31
40c
Feb.
Universal Insurance (quar.)
Utilities Stocks & Bonds (s.-a.)
Vanadium-Alloys Steel Co
15 Jan.
Mar. 21
preferred
(quarterly)
24
Feb.
Apr.
Apr.
Apr.
Apr.
United States Pipe & Foundry Co., com.
Common (quarterly)
31
15 Jan.
Canadian Dredge & Dock (s.-a.)
Canadian Investment Corp. (quar.)
Canadian Investment Fund, special shs
Carter (Wm.) Co., pref. (quar.)
1 Jan.
1.2%
5% 1st preferred (quarterly)
6% 1st preferred (quarterly)
7% 1st preferred (quarterly)
7.2% 1st preferred (quarterly)
6% 1st preferred (monthly)
6 % 1st preferred (monthly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Trane Co., $6 preferred (quarterly)
Union Oil Co. of California
(quarterly)
Common (interim)
Preferred
Southern Indiana
Mar. 15
1
15 Jan.
Feb.
Canada Northern Power Corp., Ltd
Canada Southern Ry. (s-a)
Canadian Bronze Co., Ltd., common
26
1 Mar. 15
Apr.
Apr.
Feb.
—
Canada Cement Co., Ltd., 6H%
Additional
1 Mar. 15
Apr.
Jan.
35c
Payable of Record
Feb.
(Quarterly)
20
SIX
SIX
Shamokin Valley & Pottsbille RR. (s.-a.)
Sierra Pacific Electric Co., 6% pref. (qu.)
(quarterly)
preferred (quarterly)
California Packing Corp. (stock div.)
2-200ths of a sh. of $50 pref. stock.
24
12
^
40c
Calamba Sugar Estates
11
Mar.
Mar.
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
547
Chronicle
15 Jan.
29
Feb.
1 Jan.
11
Financial
548
Per
Share
Name of Company
Chronicle
Jan.
Per
Holders
When
Share
Name of Company
Payable of Record
5c
6% -----pref. (quar.)
International Business Machines (stock div.)—
10
Jan.
Jan.
15
Public Service of N. J., 6% pref. (monthly)
Feb.
Jan.
15
Apr.
Mar. 15
Public Service Co., Nor. 111. (quar.)
Common (no par) (quarterly)
$1H
5%
Jan.
20
Jan.
Feb.
Feb.
14
Feb.
Jan.
15
3
22*
22*
sih
$2
Jan.
Jan.
24
Apr.
Mar. 15
20c
Feb.
Jan.
50c
International Cigar Machine Co., com,
International Nickel of Canada, preferred
International Utilities Corp., $7 prior
Feb.
5c
B(Extra)
inois Northern Utilities,
...
Feb.
Public Serivce Co. of Colorado, 7% pref. (mo.). 58 l-3c
50c
6% preferred (monthly)
—;
412-3c
5% preferred (monthly)
—
26c
25c
Hussman-Ligonier (quar.)
- —
Hydro-Electric Securities, pref. B (a.-a.)
Idaho Maryland Mines (monthly)
Feb.
Jan.
$$1H
S3H prior preferred (quar.) —
pref. (quar.)
Intertype Corp., 1st pref. (quar.)___
—
Ironrite Ironer Co., 8% pref. (quar.).
—
Jantzen Knitting Mills (quar.)
—
-Preferred (quar—,
Kalamazoo Stove & Furnace Co
Kansas City St. Louis & Chicago BR.—
6 % guaranteed preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)
.Quarterly^
...
Kellogg Switchboard Supply (quar.)
Preferred (quar.).
Klein (D. Emfl) pref. (quar.)
———
Knickerbocker Insurance (N. Y.) (quar.)
Kokomo Water Works Co. 6% pref. (quar.)
Kress (S. H.) & Co. (quar.)
Special preferred..
Kroger Grocery & Baking Co. 7 % pref. (quar.)..
Lane Bryant, Inc., 7% pref. (quar.).
Lansing Co. (quar.)
;
Interstate Dept. Stores,
— —
....
Feb.
Jan.
$ih
pref
Feb.
Jan.
87)4c
25c
$1H
25c
20
Feb.
Jan.
15
Mar.
Feb.
25
Feb.
Jan.
21
20
$1H
Feb.
Jan.
$194
Mar.
Mar. 10
40c
Jan.
Jan.
10
15c
Jan,
Jan.
11
Jan.
11
62 He
Feb.
Jan.
20
20c
Jan.
Jan.
17
$1H
Feb.
Jan.
40c
15c
Feb.
Jan.
20
21
Feb.
an.
21
Feb.
Jan
20
14
$1H
Jan.
m
25c
Feb.
Feb.
10
Lee Rubber & Tire Corp
25c
Feb.
Jan.
15*
Lehigh Portland Cement Co., common
Preferred (quar.)
Lehigh & Wilkes-Barre Corp. (quar.)
Lerner Stores Corp. pref. (quar.)
Lincoln Printing, pref. (quar.)
Link Belt Co. (quar.)
Preferred (quar.).
Loew's Boston Theatres Co. (quar.)
Lone Star Gas, 6H% Pref. (quar.)
...
25c
Feb.
Jan.
14
— .
81
Apr,
Mar. 14
$1
$1H
Jan.
Jan.
Feb.
Jan.
15
87 He
50c
Feb.
Jan.
18
Mar.
Feb.
15
$194
Jan.
Feb.
12
Mar. 15
22
Apr.
15c
Feb.
Jan.
$1.63
Feb.
Jan.
19
Jan.
20
...
Feb.
Feb.
Feb.
1
Aug.
Aug.
1
$2H
$2H
_ ——
__—.
$3H
$4
$4
7% guaranteed preferred (s.-a.)_._
Louisville Henderson & St. Louis RR
Feb.
Feb.
Aug.
Jan.
Jan.
14
75c
_
Aug.
50c
5% preferred (semi-ann.)
5% preferred (semi-ann.)
Macy tit. H.) & Co
Mandel Bros., Inc. (special)
Massawippi Valley Ry. Co. (s.-a.)
Maytag Co., $3 pref. (quar.)
1st $6 preferred (quarterly)
McCall Corp., common (quar.)
McCrory Stores Corp., pref. (quar.)
McGraw Electric (quar.)
Jan.
Jan.
20
1
1
...
$3
75c
Feb.
Dec. 31
Feb.
Jan.
15
$1H
37Hc
$IH
Feb.
Feb.
Jan.
Jan.
15
15
Feb.
Jan.
20
25c
......
Feb.
]|Jan.
20
20
40c
20
31
Feb.
Jan.
14
Jan.
14
$194
Feb.
Jan.
31
15c
Preferred (quar.)..
Mercantile Stores Co., Inc., 7% pref. (qu.)
Merchants & Manufacturers Fire Insurance
Merchants & Manufacturers Security—
Jan.
Feb.
...
Jan.
Jan.
Feb.
$1
6% preferred (quar.)
Meadville Telephone Co. (quar.)
Melville Shoe Corp. (quar.)
Jan.
$1H
37 He
McLellan Stores Co
Class A & B
Jan.
Jan.
20
div.)
7% pref. (quar.)..
Michigan Baking, Inc. $7 pref. (quar.)
Non-cum. prior pref
Michigan Central RR. (semi-ann.)
Michigan Public Service Co., 7% pref. (qu.)--.
6% preferred (quarterly)—
...
Milwaukee Electric Ry. & Light Co—
6% pref. (quar.)
—
- Mine Hill & Schuylkill Haven RR
Minneapolis-Honeywell Regulator, pref. B (qu.)
Monsanto Chemical Co. $4H class A pref. (s.-a.)
Montreal Light, Heat & Power Consol. (quar.)
Montana Power Co., $6 pref. (quar
Morris Plan Insurance Society (quar.)
Quarterly
Quarterly.
Quarterly..
National Automotive Finance, 6% pref. (qu.)..
National City Bank of N. Y
National City Lines, $3 pref. (quar.)
_ .
.....
Feb.
15 Feb.
26c
Feb.
15 Feb.
4
SlH
$1H
Feb.
1 Jan.
22
Feb.
1
$1
8fi
M
.
____ —
Mar.
Dec.
Nov. 26
$1H
Feb.
Feb.
$1H
-—_ —
;
SlH
$194
Pacific Gas & Electric 5H % pref. (quar.)______
6% preferred (quarterly)
Pacific Lighting Corp. (quar.)
Pacific Public Service Co.. 1st pref. (quar.)
Pan America Airways
Parker Rust-Proof Co. common ($2H par)
Common (no par) (quar.)
Payable at such time as said stock is turned
in for exchange into $214 par com stock
Peninsular Telephone Co. 7% preferred (quar.)_
Penmans, Ltd. (quar.)
—
„
15
1
27
Jan.
15
1 Dec.
Jan.
Feb.
30
15
Jan.
15
1 Feb.
Feb.
1 Jan.
16
29
Feb.
1 Jan.
20
Feb.
1 Jan.
Feb.
18
18
Feb.
31
1 Jan.
19 Jan.
Mar.
1 Feb.
Feb.
31 Jan,
Feb.
1 Jan.
1 Jan.
Feb.
Feb.
Feb.
Feb.
15
1
Jan.
Feb.
lo"
15
15
15
1 Jan.
1
15 Feb.
2 Dec. 24
10 Jan. 25
24 Jan.
24 Jan.
18
18
24 Jan.
24 Jan.
18
18
Feb.
1 Jan.
15
Feb.
5 Jan.
15 Jan.
15
31
15 Jan.
15 Jan.
31
Jan.
$1
Jan.
Jan.
Jan
34 He
Feb.
37 He
75c
32 He
25c
37 He
37 He
Feb.
Feb.
20
15
Feb.
1 Jan.
Feb.
1 Jan.
1 Feb.
20
Feb.
10
Mar.
10
.
(quar.)
75c
Feb.
Feb.
Feb.
5
Feb.
Feb.
Jan.
21
Feb.
Mar.
Jan.
Feb.
20
21
MM
Mar.
Feb.
21
IVC
(monthly)
-
Extra
__-
Jan.
Jan.
Jan.
10
Jan.
10
Feb.
Jan.
11
11
55c
shPo
75c
__
Philadelphia Co. common (quar.)
6% pref. (s.-a.)
Philadelphia Electric Co., $5 pref. (quar.)
Phillips-Jones Corp
preferred
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)
Potomac Edison Co., 7% pref. (quar.)
6% preferred (quar.)_
Procter & Gamble Co. (quar.)
FeD.
Jan.
25c
Jan.
Dec. 31
25c
Mar.
Feb.
Feb.
Jan. 10
Jan. 20
Feb.
.
:_
Feb.
1 Jan.
60c
Feb.
15 Jan.
15
25
$1
50c
Feb.
1 Jan.
Feb.
1 Jan.
$1
Jan.
81H
Feb.
25 Jan.
1 Jan.
10
75c
Apr.
Mar. 15
SIM
Feb.
Jan.
SI H
50c
Feb.
Jan.
Feb.
Jan.
20
20
25
15
15
15
15
Mar.
1 Feb
Apr.
July
1 Mar. 10
1 June 10
19
Jan.
26 Jan.
22
Feb.
1 Jan.
Feb.
1 Jan.
15
20
2 Jan.
19
Feb.
Feb.
15 Feb.
Feb.
15 Feb.
1
Feb.
1 Jan.
17
Feb.
1 Jan.
20
Feb.
1 Jan.
25 Jan.
20
Jan.
Feb.
1 Jan
20
Feb.
1 Jan.
20
19
1
18
Feb.
1 Jan.
Feb.
15 Jan.
15 Jan.
25
Feb.
$1H
Feb.
10 Jan.
31
Feb.
1 Jan.
Agricultural Chemical Co
6% preferred (quarterly)
Solvay American Corp., 5H% pref. (qu.)
South Pittsburgh Water Co., 5% pref. (s~a.)
Southern Calif. Edison Co., Ltd
—
25
14
25c
___
Feb.
1 Jan.
21
SlH
Feb.
1 Jan.
21
$194
Smith
s
5% cumul. partic. pref. (extra)___
common (quar.)-.
Spiegel, Inc. (quarterly)
Preferred (quarterly)
Standard Brands. Inc., $4M cum. pref. (qu )
Stanley Works (New Britain) preferred (quar.)
Steel Co. of Canada (equalizing dividend)
_-
(quar.)--.
Sterling, Inc. (quar.)_
Preferred (quar.)
Stix, Baer & Fuller Co. (quar.)
Sun Ray Drug Co. (quarterly)
—
Feb.
15 Jan
$1H
Feb.
19 Feb
10
37Hc
Southern Canada Power Co.
Feb.
15 Jan.
20
25c
25c
Feb.
Apr.
20c
25c
15 Jan. 20
15 Mar. 19
15 Jan. 31
Feb.
SlH
$1H
3lHc
i$2
$43 He
$43 94c
Feb.
1 Jan.
Mar. 15 Mar.
Mar. 15 Mar.
Feb
Feb.
Feb.
Feb.
15 Jan.
1 Jan
1 Jan.
1 Jan.
15
15
1
1
29
7
7
7
5c
Feb.
1 Jan.
24
37 He
Feb.
1 Jan.
24
Jan.
25 Jan.
15
20c
Jan.
27 Jan.
17
50c
Jan.
27 Jan.
17
37 He
Jan.
Feb.
27 Jan.
15 Jan.
25
25c
Extra
Preferred (quarterly)
;
.
_
_
__
_.
17
Feb.
1 Dec.
Feb.
1 Jan.
15
Feb.
1 Jan.
15
17
Feb.
1 Jan.
15
Feb.
15 Jan.
Feb.
1 Jan.
31
20
Feb.
1 Jan.
15
Feb.
1 Jan.
15
Feb.
1 Jan.
15
Jan.
27 Jan.
10
15c
Feb.
37Hc
20c
Jan.
1 J an.
31 Jan.
15
2c
_
(N. Y.) (quar.)
(s.'a.)
Tung-Sol Lamp Works, pref. (quar.):
United Biscuit Co. of America, pref. (quar.).
United Bond & Share Ltd.. common
20c
5
21
19
1 Jan. 18
15 Mar. 21
31 Jan
1 Jan.
Feb.
Jan.
$194
Feb.
20c
15c
Apr.
July
4c
-
Common
Feb.
15 June 30
United Insurance Trust Shares—
Series F, registered
Series F, coupon
1 Jan.
Mar.
1
Apr.
Feb.
1 Mar. 15
1 Jan. 15
Mar.
1 Feb.
Apr.
Feb.
1 Mar. 15
1 Jan. 15
50c
Mar.
50c
Apr.
$2H
6894c
SlH
$1H
Apr.
Feb.
75c
M
Apr.
July
Feb.
Feb.
July
Feb.
15
15
15
1 Feb. 15
1 Mar. 15
10 Mar. 21
1 Jan.
21
15 Mar. 15
15 June
15
1 Jan. 12
27
1 Jan
1 June 15
28 Jan.
1 Jan.
$2
SlH
$194
,
July 20 July
Oct. 20 Oct.
10
1 Jan.
15
50c
Feb.
Apr. 20 Apr.
Feb.
17
15
11
11
Mar. 15 Feb. 25
2 Mar. 26
Apr.
SlH
$194
$194
July
2 June 25
$194
Oct.
3 Sept
50c
Feb.
1 Jan.
3uc
Feb.
1 Jan.
SlH
SlH
_
Feb.
50c
25c
25c
25c
Feb.
Feb.
Jan. 31 Dec. 31
Apr. 30 Mar. 31
July 30 June 30
25c
f.
1
—
Oct.
May
1
SlH
37 He
SlH
SlH
SlH
SlH
SlH
$194
Feb.
Feb.
1 Jan.
1 Jan.
July
1 June
SI
SlH
Feb.
15
14
15
21
Feb.
Feb.
1 Jan.
Feb.
1 Jan.
5
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1
25
25
15
Jan.
21
5
31 Jan. 20
1 Feb. 10
8 Jan. 14
Feb.
Feb.
8 Jan. 14
Jan.
60c
Mar.
Is. 9d.
-
31 Sept. 30
15 Jan.
15 Jan.
40c
—
24
15
15
10 Jan. 3
1
19 Feb.
4
15 Feb.
25c
—
preferred
Jan.
$194
$194
(quarterly)
Walgreen Co. (quarterly)
84H preferred (quarterly)
Waltham Watch Co.
prior preferred (quar.)_
Prior preferred (quar.)
Prior preferred (quar.)
Warren Foundry & Pipe (quar.)
Washington Gas Light (quar.)
Cum. conv. preferred (quar.)
Western Cartridge Co., 6% pref. (quar.)
Western Tablet & Stationery Corp., com
Westinghouse Air Brakes (quar.)
Quarterly
Quarterly
Quarterly
Westminster Paper Co. (semi-ann.)
Weston, Geo., Ltd., pref (quar.)
Westvaco Chlorine Products, pref. (quar.)
West Jersey & Seashore RR. (s.-a.)
West Penn Electric Co., 6% preferred
*
1
Feb.
50c
-
West Penn Power Co","6% preferred
7% preferred
Wheeling & Lake Erie Ry. Co., 5H % pref.
Prior lien (quar.)
Wilson & Co., preferred (quar.)
W J R the Goodwill Station (quar.).
Woolworth (F. W.) Co. (quar.)—
Woolworth (F. W.) Ltd., ordinary (final)
Ordinary (bonus)
Wrigley (Wm.) Jr Co. (monthly)
Monthly
Monthly
Feb.
58 l-3c
581-3c
58 l-3c
53c
53c
53c
pref. (mo.)
ly).
6.36% preferred (monthly).
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United New Jersey RR. & Canal (quar.)___
United States Hoffman Machinery preferred
United States Sugar Corp pref. (quar.)
Preferred (quar.).—
■
Universal Leaf Tobacco Co., Inc
Upper Michigan Power & Light Co., pref
Vermont & Boston Telegraph Co_
Virginian Railway
Preferred (quarterly)
Vulcan Detinning pref. (quar.)
Preferred (quarterly)
Preferred
1 Dec. 31
4c
United Light & Rys., 7%
5
55c
SIM
_
Pennsylvania Power Co., $6.60 pref
$6.60 preferred (monthly)
$6 preferred (quar.)
Penn Traffic Co
(semi-ann.)
SlH
15c
20
$1H
(quar.)
Skelly Oil Co., preferred (quar.)___
1
Dec.
Mar.
Feb.
22
5c
21
_
Feb.
10c
(s.-a.)__
20
15 Feb.
15 Feb.
Feb.
$1H
$1.18 94 Feb.
SlH
$1H
3M%
Paauhau Sugar Plantation (monthly)
15
Jan.
Feb.
10
Jan.
Feb.
—
-----
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
75c
1 Jan.
—
Transamerica Corp. (new)
Truax-Traer Coal Co
$i
50c
13
Feb.
Tom Reed Gold Mines Co
May 27
Aug. 27
20
1 Jan.
10 Jan.
19
Sept.
1 Jan.
Feb.
___
Trade Bank
25 Dec. 31
1 Dec. 27
Feb.
1 Feb.
1 May 10
31 Dec. 31
Jan. 12
Feb.
Feb. 24
Mar.
1
15
25
75c
25c
Extra
Feb.
1 Jan.
15 Jan.
3
50c
15c
37 He
Extra—
Jan.
June
—
—
(quar.)
_
June
$i
$in
Common
—
Feb.
15
15
25
25
Jan.
31 Jan.
1 Jan.
Jan.
Jan. 31 Jan.
Feb.
1 Jan.
1 Jan.
Feb.
Feb. 28 Feb.
25c
15
Dec. 24
Dec. 24
Jan. 21
$i
—
—_
4
15
15
15
81H
$1H
25c
Quarterly
6%
Rolls-Royce,Ltd..Am.dep.rec.for ord reg. (inter)
Roos Bros., Inc. (Dela.) $6M pref. (quar.)
$194
25c
Rose's 5-10-25c. Stores, Inc
$1,109
Royal Dutch Co. N. Y. Shs. (interim).
25c
Saco-Lowell Shops, new (initial)
25c
Conv. preferred class A & B (quar.)
SlH
Saguenay Power Co.. pref. (quar.)
25c
St. Lawrence Flour Mills (quar.)
Preferred (quar.)
SlH
Schwitzer-Cummins Co. (quar.)
37 He
Securities Corp. General. $7 pref. (quar.)
$1H
—
$6 preferred (quarterly)
SlH
87 He
Sharp & Dohme, Inc., $3H pref., ser A.:
20c
Shawinigan Water & Power (quar.)
referred
1 J an.
1 Jan.
Feb.
15
Feb.
Newberry (J.J.) Realty, 6 H% pref. A (qu.)
6% preferred B (quarterly)
$1H
5% pref. A (quar.)
SIM
New England Fund
5c
New York Merchandise Co. (quar.)
20c
Niagara Hudson Power, 1st pref. (quar.)
SIM
2d preferred A & B (quar.)
Norfolk & Western Ry., pref. (quar.)
North American Edison Co.. preferred
$1H
Northern Oklahoma Gas, 6% pref-$1
Northern RR. (N. H.) (quar.)
$1H
Ohio Public Service Co., 7% pref. (monthly)
58 l-3c
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
5 H % 1st preferred (quarterly)
SIM
Ohio Telephone Service Co., 7% pref. (quar.)..
$1H
Outboard, Marine & Mfg. Co
30c
Outlet Co. (quarterly)
75c
Peoples National Bank (B'klyn)
Payable in stock.
Rike-Kumler Co_—
Riverside Cement Co., pref. (quar.)
1 Jan.
Feb.
Feb.
Jan.
81H
$1H
10c
National Power & Light Co.. $6% pref. (quar.)_
Neisner Bros., pref. (quar.)..
■__
Nevada-Calif. Electric Corp.. 7% pref
Preferred
—__
Rochester Button Co SlH pref.
Roeeer & Pendleton, Inc. (quar.)
Feb.
Feb.
$25c
Jan.
$1H
825
$1 H
50c
—_—
1st preferred (quarterly)
2nd preferred (quarterly)
Oxford Pipe Line Co., 7% pref.
—
—.
—
Holders
When
Payable of Record
30c
Quebec Power Co. (quar.)..
Railway Eequipment & Realty Co.—
6% preferred (quar.)__
Railway & Light Securities, preferred (quar J.¬
Raymond Concrete Pile Co. (quar.)
Preferred (quarterly)
Reading Oo_ _:
;
Reliance Mfg. Co. (quar.)
Republic Investors Fund, pref. A & B (qu.)_ —Reynolds (R. J.) Tobacco Co., com. & com. B_
Rhode Island Public Service, class A (quar.)
$2 preferred (quarterly)
•
20c
Super Mold
Tacony-Palmyra Bridge, preferred (quarterly)—
$1H
15c
Telautograph Corp. (quar.)
;
Texas Power & Light, 7% pref. (quar.)
$194
86 preferred (quarterly)
_;
SlH
Thatcher Mfg. Co., conv. preferred.
90c
The Fair, (Chicago), pref. (quar.)__.:&
$194
Toledo Edison Co., 7% pref. (monthly)
58 l-3c
50c
6% preferred (monthly)
:
412-3c
5% preferred (monthly)
Feb.
1
Jaj. 31
Feb.
1
Feb.
1
25c
10c
(quar.)
National Liberty Insurance of Amer
Extra
Extra
Jan.
15c
(quarterly)
Partic. preferred (partic.
Merchants Refrigerating Co.
National Distillers Products
National Lead Co. pref. B._
$1H
Quaker Oats Co. pref. (quar.)
Quarterly Income Shares (quar.)
Sioux City Gas & Electric, pref.
Louisiana & Missouri River RR.—■*
Common (semi~ann.)_
50c
75c
75c
1938
22,
6d.
20
25c
25c
Feb.
1 Jan.
Mar.
25c
Apr.
1 Feb. 19
1 Mar. 19
Transfer books not closed for this dividend,
t On account of accumulated dividends.
$ Payable in Canadian funds, and in the case
reduction of a tax of 5% of the amount of such
of non-residents of Canada,
dividend will be made
Volume
STATEMENT
MEMBERS
OF
ASSOCIATION
OF
*
Clearing House
Net Demand
Surplus and
Undivided
Capital
|
Bank of New York at the close of
in
comparison with the previous week and the
corresponding
date last year:
Jan. 19, 1938 Jan. 12, 1938 Jan. 20,
Time
Deposits,
Average
1937
Deposits,
Average
Profits
Members
shows the condition of the Federal Reserve
business Jan. 19, 1938,
The following
City
York
YORK CLEARING HOUSE
SATURDAY, JAN 15, 1938
ENDED
York
New
NEW
THE
THE WEEK
FOR
Bank of
Condition of the Federal Reserve
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New
Clearing House is given in full below:
549
Chronicle
Financial
146
$
$
$
Asset*—
Gold certificates on hand and due from
$
Bank of N Y 4 Trust Co
Bank of Manhattan Co.
20,000,000
Natlonal City
77,500,000
Bank
Chem Bank 4 Trust Co.
90,000,000
Manufacturers Trust Co
424,757,000
Z58.834, 500 al,438,077,000
436,507,000
54,625, 900
20,000,000
Guaranty Trust Co
42,419,500
21,000,000
15,000,000
Flrst National Bank
10,000,000
Irving Trust Co
50,000.000
697,944,000
248,272,000
423,574,000
464,386,000
39,500,000
108,207, 600
61,732. 200
Cent Hanover Bk4Tr Co
United States Treasury.*
Redemption fund—F. R. notes
172,173,000
10,300,000
54,512,000
95,083,000
52,073,000
24,861,000
2,265,000
6,113,000
9,381,000
45,592,000
181,690, 100 61,274,560,000
453,566,000
45,129, 300
70,476, 200
18,052, 000
Corn Exch Bank Tr Co.
12,040,000
36.494 000
148,329,000
13,372, 700
25,862, 300
6,000,000
Other cash
t—————
-
3,676,775,000 3,620,195,000 3,522,619,000
1,046,000
875,000
1,710,000
77,253,000
93,891,000
94,180,000
3,772,665,000 3,714,961,000 3,600,918,000
Total reserves.
Bills discounted:
Secured
by
Govt, obligations,
S.
U.
Chase National Bank...
4,158, 700
131,390, 700 cl,852,918,000
51,644,000
3,660, ,300
d738.316.000
76.932, ,400
4,000,000
100,270,000
500,000
Flfth Avenue Bank
Bankers Trust Co
25,000,000
Title Guar 4 Trust Co..
Marine Midland Tr Co..
10,000,000
5,000,000
1,265, ,200
9,021, ,000
New York Trust Co
12,500,000
27,798 ,700
8,154 ,000
8,949 ,900
7,000,000
Comm'l Nat Bk 4 Tr Co
7,000,000
Public Nat Bk 4 Tr Co.
768,000
584,000
3,667,000
3,712,000
1,352,000
215,000
212,000
4,381,000
4,394,000
1,096,000
5,916,000
Treasury notes
210,002,000
337,964,000
215,473,000
334,440,000
189.641,000
361,251,000
191,588,000
739,554,000
739,554,000
652,260,000
747,817,000
747,872,000
660,624,000
64,000
68,000
87,000
6,768,000
6,988.000
138,409,000
9,973,000
11,380,000
167,161,000
10,134,000
bills discounted
market-
Industrial advances
United
States
Government securities:
Bonds....-.............-——..-.
—
.
Total U -S. Government securities..
♦As
official reports*
National, Dec. 31, 1937: State, Dec.
z As of Jan. 4, 1938.
deposits in foreign branches as follows:
a $273 792,000;
per
132,062,000
158,947,000
663,111,00Q
9,227,116,000
909,313,700
523,189,500
Totals
374,000
Bills bought In open
2,993,000
53,777,000
75,560,000
82,054,000
3,338,000
385,000
Total
2,684,000
34,593,000
2,723,000
10,287,000
35,167,000
13,666,000
97,225,000
266.261,000
3,282,000
Treasury bills...
Continental Bk 4 Tr Co
direct or fully guaranteed
Other bills discounted...
31, 1937; trust
companies, Dec. SI, 1937.
Includes
c
6 $93,452,000;
Total bills and securities.
$119,520,000; d $47,902,000.
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
returns
not
following
" Times"
York
The New
are
Due from foreign banks
Federal Reserve notes of other banks—
Bank
NOT
INSTITUTIONS
BUSINESS FOR
NATIONAL
IN
CLEARING
FRIDAY, JAN.
8,384,000
10,469,000
4,701,370,000 4,629,651,000 4,457,777,000
,
OF
BANKS—AVERAGE FIGURES
STATE
11,531,000
Total assets
CLOSING
14, 1938
HOUSE WITH THE
THE WEEK ENDED
AND
9,973,000
premises
All other assets
the figures for the week ended Jan. 14:
are
152,552,000
Uncollected items
Liabilities—
879,210,000
925,905.000
920,159,000
Deposits—Member bank reserve acc't.. 3,228,324,000 3,181,445,000 3,042,907,000
68,409,000
37,454,000
24,831,000
U. 8. Treasurer—General account
34,591,000
63,845,000
59,605,000
Foreign bank
—
151,411,000
196,555,000
182,147,000
Other deposits
F. R. notes In actual circulation
Loans,
Disc, and
Investments
N.
Including
Dep. Other
,
Bants and
Deposits
S
$
$
$
Cross
Trust Cos.
Y. and
Elsewhere
Bant Notes
$
Manhattan—
Res. Dep
Other Cash,
20,311.600
120,100
7,444,000
Bterllng National...
16,593,000
6,629,000
2,752,900
8,106,000
Trade Bank of N Y_.
4,208,408
287,034
3,032,263
223 257
3,521,938,000 3,452,268,000 3,297,318,000
Total deposits.
26,748,000
480,000
6,621,947
National
Grace
28.267,000
138,759,000
131,696,000
160,077,000
51,003,000
51,943,000
Deferred availability items.
51,102,000
51,943,000
7,744,000
8,210,000
783,000
51,237,000
Capital paid in
Rrootlgn—
Lafayette National..
6,497,600
355,500
1,736,000
4.895,000
99,000
713,000
Surplus (Section 7)
8,065.500
5.642,000
372,500
People's National
558,000
COMPANIES—AVERAGE
TRUST
N.
Cash
Dep.,
Trust Cos.
Federation
$
Ratio
Deposits
1,519,816
*1,322.102
*6,423,000
3,805,965
1.985,068
21,281
486,100
23,560,200
Lawyers
States
27,853,400 *11,506,100
69,457,892 27,528,123
United
Commitments
vancea
Brooklyn
76,207,000
3.468.000
43,922,000
31,181,522
1,746,626
11,053,502
x
38,458,016
Federal Reserve as follows:
ciary, $946,841; Fulton, $6,100,600; Lawyers,
bills
on
84.9%
make
to
86.2%
84.9%
691,000
995,000
4,655,000
purchased
...
Industrial
ad
—
8,389,000
Federal
Reserve bant notes.
66,000 116,106,000
Kings County.
Includes amount with
and
t "Other cash" does not include Federal Reserve notes or a bank's own
Brooklyn—
*
deposit
to
4,620,000
liability
10,694,142
38,268,100
82,147,594
763,000
15,416,171
reserve
for foreign correspondents
13,198,271
814,200
10,549,608
20,261,200
total
F. R. note liabilities combined
3,687,200
Fiduciary
of
Contingent
?
71,043,000
13,532,000
Fulton
7,744,000
9,260,000
1,457,000
Cross
52,947,500 ♦11,261,400
216,737
8,929,874
Empire
51,474,000
4,701,370.000 4,629,651,000 4,457,777,000
Total liabilities.
Batiks and
8
S
s
8,210,000
1,614,000
Dep. Other
Elsewhere
Investments
Manhattan—
7,744,000
All other liabilities
FIGURES
Y. and
Res.
Loans,
Disc, and
Surplus (Section 13b)
Reserve for contingencies..
...
by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
These are certificates given
over
100 cents to
59.06 cents,
these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as
Empire, $9,119,400; Fidu¬
under the provisions of the
$10,816,600
profit by the Treasury
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 resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
latest week appears in our department of "Current Events and Discussions",
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
These figures are
always
a
(he Federal Reserve System upon the figures for the
Commencing with the statement of May 19. 1937, various changes were made in
described in an announcement of the Federal Reserve Bank of New York of April 20,
the breakdown of loans as reported in this statement, which were
1937, as follows:
confined to the classification of loans and discounts.
This classification has been changed primarily to show the
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and chose located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
The changes in the report form are
amounts of
securities.,
cial paper
bought in open market" under the revised caption "open market paper." instead
of in "all other loans," as formerly.
industrial, and agricultural loans" and "other loans'
Subsequent to the above announcement it was made known that the new items "commercial,
each be segregated as "on securities" and "otherwise secured and unsecured."
would
A more detailed explanation
of the revisions was published in the May 29, 1937, issue of the "Chronicle," page
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY
ASSETS AND
21,333
Loans and investments—total
Atlanta
Chicago
St. Louis
%
$
Minneap. Kan. CUg
$
Dallas
San Fran.
New York
Phila
$
$
ASSETS
Cleveland Richmond
Boston
Total
Federal Reserve Districts—
3590.
DISTRICTS. ON JAN, 12, 1938, (In Millions of Dollars)
%
$
S
1,216
8,714
1,108
1,815
640
548
2,979
649
387
665
497
2,115
291
955
319
178
273
243
1,034
$
S
s
$
S
457
707
234
46
46
14
12
49
51
10
17
11
41
3,932
260
1,639
164
238
99
148
533
147
77
156
144
327
460
80
197
23
17
14
4
47
10
8
19
3
38
29
689
19
24
3
6
45
14
625
34
288
35
39
18
15
88
1,164
84
235
59
174
30
27
87
47
66
—
Otherwise secured and unsecured..
Open market paper
Loans to brokers and dealers
Other loans for purchasing or
-
5
38
2
2
2
2
4
7
720
59
265
50
125
29
25
45
11
carrying
securities
Real estate loans
-
3,844
38
and agrlcul. loans;
On securities
Loans to banks
643
842
—
Commercial. Indus
9,195
569
Loans—total
251
-
Other loans:
On securities..
—
—
5
,
1
4
3
13
9
13
15
58
6
21
20
374
11
74
------
12
1
14
3
Otherwise secured and unsecured..
817
54
259
59
42
42
52
57
28
55
28
36
105
United States Government obligations
8,097
421
3,285
301
792
282
152
1,443
192
155
234
175
665
Govt.
1,131
2,910
22
433
91
60
46
31
190
45
14
44
29
126
130
1,152
259
256
61
Reserve Bank..
5,600
304
2,792
250
334
137
73
19
41
19
Obligations fully guar, by U.S.
Other securities
Reserve with Federal
93
40
114
50
290
832
155
73
169
117
332
64
11
6
13
11
22
330
-
—
122
148
146
189
114
110
329
116
76
218
170
219
1,275
78
553
84
103
36
37
89
23
16
22
27
207
14,463
982
6,320
785
1,044
415
322
2,163
408
256
486
396
886
5,203
266
1,052
275
733
196
182
883
184
122
145
128
1,037
675
28
375
25
20
13
18
89
8
2
14
22
61
5.264
domestic banks
Other assets—net
391
12
1,957
Cash in vault...
Balances with
74
105
39
212
2,150
273
317
207
194
760
257
114
347
188
245
.
LIABILITIES
Demand
deposits—adjusted
Time deposits.....
—
—
United States Government deposits..
Inter-bank deposits:
Domestic banks
432
Foreign banks
Capital account
9
394
3
1
------
2
1
1
7
'
14
6
Borrowings
Other liabilities
—
------
6
826
23
372
20
17
24
5
19
7
7
3
6
323
3.626
239
1,611
226
350
91
89
372
90
56
92
81
329
-
— —-
-
------
------
......
......
......
.
..
—
.
...
......
Financial
550
Chronicle
J*n. 22, 1938
Weekly Return of the Board of Governors of the Federal Reserve
System
Thursday afternoon, Jan. 20,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
The
issued by the Board of Governors of the Federal Reserve System on
following
was
COMBINED
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
Thru ciphers
Jan.
(000) omitted
19,
12,
1938
1938
?
ASSETS
.
Gold ctfs.
hand and due from U. S.
on
Other cash *
reserves
S
Dec.
29,
1937
S
Dec. 15,
1937
1937
.
S
%
Dec. 1,
Nov. 24.
1937
Dec. 8,
1937
I
S
AT THE CLOSE OF BUSINESS Jan. 19, 1938
Dec. 22,
1937
20,
1937
S
%
I
Jan.
8,849,893
12,729
-
9,118,39 4
9,39 1
426,66. 5
9,119,89 I
9,119.8912
9,120,39 1
9,120,39 0
9,121,90 7
9,121,90 7
9,121,90 5
9,122,401I
8,32 1
403,89 1
9,43( 3
362,63 L
9,91 3
9.91 2
8,92 [)
9,68 3
9.78 7
9,94< )
330,544
283,36 5
313,18 )
311,28-2
322,26'1
319,181
314,574
9,554,4512
Treas.x
Redemption fund (Federal Reserve notes)
Total
Jan. 5,
1938
Jan.
9,532,101)
9,491,951)
9.460,8413
9,413,6613
9.444,00 7
9,442,87 7
9,453.95<J
9,451,521
9,177,196
11,691 )
12,00'1
12,21<)
6.18C )
12,071
11,59;
4,266
1,506
4,961
17,031
15,863
2,381
3,084
24,131
Bills discounted:
Secured
by
S. Government obligations.
U.
6,971
7,42(
Other bills discounted—
3,811
3.69S
7,09(
3,984
9,34(
3,50'
Total bills discounted.
10,79(
11.11S
11.08C
12,84'
16,121
15,772
17,39{
2,82]
18.291
2.82S
2.82S
18,432
2.82S
2,82*
2,82*
18,38(
18.45C
18,464
18.589
direct
or
fully guaranteed
Total U. S. Government securities
54C
17,894
728,073
1,171,713
664,222
747,03£
1,159,497
738.072
738,072
738,073
1,134,997
1,168,462
657,47£
657.47S
657.47S
1,168,463
657,479
1,168.463
657,478
751,531:
1,154,99/
657,47£
771,53£
1,154,997
657,478
657,479
492,045
1,345,963
592,219
2,564,01S
2,564.015
2,564,015
2.564.01S
2.564.01S
2.664.01S
2.564.01S
2,564,015
2,430,227
2,593,182
-
54C
17,882
2.564.01S
Treasury notes
2,593,553
2,593,529
2,697,980
2,601,341
2.601,044
2,602,680
2,602,340
2.601.295
2,459,823
751,538
751,53£1
1,154,995
securities
Foreign loans
on
gold.
Total bills and securities.
Gold held abroad
179
30.477
574,127
45,033
39,625
premises
All other assets
45,034
45.021
38,480
Total assets..
179
27,441
637,442
37,361
171
Items
""*181
178
""*223
25.740
685,237
•45,235
37,802
21.629
23.358
26.314
25,784
25.892
681,498
45,251
774,034
669,040
589.718
29,821
665,840
46,146
"""179
27,260
614,313
Due from foreign banks..
Federal Reserve notes of other banks.
Uncollected
Bank
875
54?
United States Government securities- -Bonds..
Other
3,761
17,821
Bills bought In open market.
Industrial advances.—
Treasury bills
4,421I
7,218,937
43.850
40,144
12,732,584
12,841,932
12,757.802
12,419,193
45,344
4.346,383
4,293,307
4.294,885
4,279,489
4,264,829
4,159,036
6,982,752
139,604
172,634
239,983
6,854,904
152,593
188,837
280,868
6,884,407
231,540
216,438
202,583
6,836,282
241,843
225,938
219,700
6.906,472
6,754,890
272,492
186,855
6,948,927
113,302
270,068
214,742
7,534,973
7,477,202
7,534,968
7.523,763
7.542,456
7,547.039
7,255,589
681,839
625,146
132,619
145.854
27,615
35,673
10,032
744.682
669,928
595,428
132.505
658,189
35,697
9,301
660,213
132,534
145,854
27.616
35,733
11.987
35,734
8,338
35,709
8,823
36,232
5,131
12,419,193
4,257.846
7,193,380
4,155,272
Deposits—Member banks'
44,161
4,283,385
4,190,134
Federal Reserve notes In actual circulation...
45,269
46,223
/
12,923,974
12,853,021
12,813,959
45,284
36,066
670,245
45,268
12,800.524
12,832,932
12,874,036
36,956
""*178
"""181
"""181
LIABILITIES
United States Treasurer—General account.
135,018
115,321
Foreign banks
167,934
250,047
226,333
7,071,249
126,896
175,313
228,428
Other
reserve
account...
deposits
Total deposits
174,704
7,771.936
7,709,738
7,601,886
Deferred availability ltems.
597.884
568,580
Capltal paid In
Surplus (Section 7)...
Surplus (Section 13-B)
133,041
147,739
27,683
33,019
7,462
foreign
liability
147,739
27,683
27,683
33,052
3,962
33,052
3,460
132,737
145,854
27,615
35,673
10,945
12,874,036
12,813,959
12,832,932
12,853,021
12,800,524
12,923,974
12,732,584
12.841,932
12,757,802
80.1%
80.0%
80.1%
79.6%
79.8%
79.9%
80.0%
80.0%
1,836
1,466
1,696
1,680
1,785
1,683
1,888
2,169
12,723
12,895
12,792
12,780
12,841
12,955
13,137
13,249
13,316
20,332
13.903
1,893
.
132,550
145,854
27,615
132,518
145,854
27,615
145,854
27,615
131,972
145,854
27,190
deposits and Federal
Reserve note liabilities combined
Contingent
147,739
8,215
.
to
133,071
628,339
132,927
1,784
Total liabilities..
reserves
188,259
94,900
217,540
80.1%
Reserve for contingencies..
All other liabilities
Ratio of total
176,637
on
bills
purchased
80.4%
for
correspondents..
Commitments to make Industrial advances...
------
Maturity Distribution of Bills and
Short-term Securities—
10,697
13,061
13,326
15,349
14,889
314
395
914
826
381
478
247
110
742
681
582
972
434
625
604
628
255
636
437
414
426
428
275
383
237
82
509
606
682
759
748
758
760
679
808
41
10,790
Total bills discounted.
1-15 days bills bought
16-30 days bills bought
31-60 days bills bought
61-90 days bills bought
8,966
430
774
61-90 days bills discounted
Over 90 days bills discounted
8,701
714
578
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
11,115
11,080
12,847
16,121
15,772
17,390
17,033
15,863
2,381
1,269
1,545
767
586
485
2,182
In open market
91
In open market
259
"""185
138
"""438
1,451
1,990
In open market
198
215
262
400
""268
173
174
140
140
1.989
1,288
1,107
615
*""791
""*353
598
2,825
In open market....
1,269
89
215
Over 90 days bills bought In open market.
Total bills bought In open market.
2,825
2,828
2,828
3,084
921
1,037
1,091
922
1,152
271
563
596
244
323
584
758
799
751
842
560
438
471
515
392
802
624
1,103
21,145
548
540
540
2,827
2,825
1-15 days Industrial advances
16-30 days industrial advances
31-60 days Industrial advances...
1,415
1,156
1,201
1,334
1,305
87
467
538
302
415
324
319
577
61-90 days Industrial advances.._
742
803
624
Over 96 days Industrial advances.
Total
industrial
171
15,170
15,749
15,675
15,626
15,576
15,878
18,291
18,380
18,432
18,450
18,464
18,589
24,131
33,296
49,011
24,385
63,926
180,299
46,083
28,285
22,809
30,630
78,087
260,101
2,161,901
24,385
33,296
26,333
33,725
217,424
121,791
2,158,329
27,720
32,746
72,582
259,626
2,171,341
2,172,899
2,203,067
2,564,015
2,564,015
2,564,015
2,564,015
4,516,887
4,587,496
361,615
397,362
4,623,282
365,436
4.683,094
399,709
4,155,272
4,190,134
4,257.846
4,606,632
4,671,132
9,472
33,000
9,998
25,000
4,649,104
Total U. 8. Government securities
15,640
17,894
2,564,015
...
31-60 days U. S. Government securities
61-90 days U. S. Government securities
Over 90 days U. 8. Government securities...
15,212
17,883
32,746
1-15 days U.S. Government securities
16-30 days U. 8. Government securities
15,133
17,829
advances.
4,706,130
26.333
33,103
41,783
38,083
25,329
147,816
2,283,632
54,053
147,937
2,295,657
125,135
2.246,394
141,932
70,582
2,279,085
2,195,580
2,564,015
2,564,015
2,564,015
2,564,015
2,430,227
4,709,922
363,539
4,669,198
375,891
4,665,962
371,077
4,623,603
344,114
4,608,797
343,968
4,494,145
4.283,385
4.346,383
4,293.307
4,294,885
4,279,489
4,264,829
4,159,036
4,685,632
9,538
25,000
4,735,132
11,950
4,730,632
15,118
4,705,632
4.644,632
4,488,838
14,801
20,000
16,450
20,000
15,293
1,897
20,000
4,690,632
16,677
20,000
4,645,632
25,000
20,000
93,000
4,720,170
4,772,082
4,765,750
4,740.433
4,727,309
4.682.082
4.679.925
4,583,735
68,350
265,085
27,720
66,471
240,424
57,681
61,374
1-15 days other securities...
16-30 days other securities...
31-60 days other securities...
61-90 days other securities...
Over 90 days other securities.
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank..
In actual circulation.
335,109
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ct/s.
hand and due from U. 8. Treas..
on
By eligible paper..
United States Government securities
Total collateral.
•
x
"Other
These
cash"
are
oents on Jan.
does
not
Include
Federal
Reserve
notes,
f
Revised
certificates given by the United States Treasury for
figure.
the gold taken
over
from the Reserve banks when the dollar was
31, 1934, these certificates being worth lees to the extent of the difference, the difference
provisions of the Gold
Reserve Act of 1934
devalued
from 100 cents to 59.06
tself having been appropriated as profit by the Treasury under
Volume
551
Chronicle
Financial
146
(Concluded)
Weekly Return of the Board of Governors of the Federal Reserve System
CLOSE OF BUSINESS Jan. 19, 1938
EACH OF THE 12 FEDERAL RESERVE BANKS AT
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
%
$
5
$
Gold
certificates
on
and
hand
Chicago
%
I
9,554,452
reserves
751
380
512
216
1,125
28,426
17,258
10,890
26,653
15,463
41,864
676,235
305,742
241,940 1,815,793
298,191
188,471
291,514
192,568
719,908
406
507
276,197
1,119
94,180
32,380
36,601
520,216
43,385
426,665
Other cash *
676,919
280,182
487,430
531,209 3,772.665
9,393
Redemption fund—Fed. Res. notes..
*
176,889
264,349
177,201
219,862 1,756,308
505
1,493
58,980
20,585
487.155 3,676,775
669
1,710
9,118,394
%
$
%
San Fran.
Dallas
Minneap. Kan. City
St. Louis
%
$
%
due
from United States Treasury
Total
Atlanta
Cleveland Richmond
Phila.
RESOURCES
639.127
Bills discounted:
Secured by U. S. Govt, obligations,
6,979
442
3,282
1,427
491
328
386
150
54
104
138
17
160
3,811
90
385
853
317
185
642
73
3
163
854
117
129
10,790
532
3,667
2,280
808
513
1,028
223
57
267
992
134
289
548
41
215
56
51
23
19
68
2
2
16
16
17,829
728,073
2,724
4,381
3,561
856
1,745
125
695
235
590
461
937
1,519
23,639
37,512
28,330
61,287
direct and (or) fully guaranteed..
Other bills discounted
Total bills discounted
Bills bought In open market.
Industrial advances
53,452
86,023
210,002
60,088
71,852
38,703
337,964
96,703
115,635
45,591
65,551
73,156
32,507
52,315
29,656
60,369
54,819
,30,514
49,108
27,839
38,041
191,588
62,285
35,309
129,047
48,764
21,566
34,222
25,846
98,632
55,913
2,564,015
188,239
739,554
211,610
253,038
136,297
107,461
282,390
114,478
83,246
132,103
99,767
215,832
2,593,182
191,536
747,817
217,507
254,753
138,578
108,633
283,376
114,772
84,105
133.572
100,854
217,679
U. 8. Government securities—Bonds.
1,171,713
664,229
Treasury notes
Treasury bills
Total U. S. Govt, securities
Total bills and securities
Bank
13
64
17
16
7
6
21
3
2
5
5
317
6,768
885
2,266
2,311
1,559
1,553
767
3,501
614,313
59,838
44,710
51,346
28,127
3,724
81,154
2,136
152,552
1,473
59,222
29,678
14,766
31,460
29,728
31,732
45,033
3,001
6,215
2,700
2,341
1,489
3,346
4,421
2,451
3,713
1,517
1,410
3,153
1,856
1,281
3,816
2,119
1,581
4,589
2,458
9,973
11,531
4,826
39,625
1,450
3,421
791,977 1,002,335
503,090
384,717 2,192,370
448,638
291,802
463,113
326,653
979,599
_
items.
premises
All other resources.
Total resources
788,372 4,701,370
12,874,036
•
LIABILITIES
4,155,272
275,082
920,159
311,179
420,778
202.181
157,914
970,462
178,351
135,036
165,308
83,003
335,819
7,218,937
F. R. notes in actual circulation
407,427 3,228,324
37,454
6,356
377,679
457,414
11,791
222,868
175,439 1,034,644
37,826
1,724
210,065
122,603
188,458
6,477
551,038
10,068
15,465
7,460
6,072
20,004
5,043
4,875
5,031
1,764
5,415
3,700
4,387
3,276
7,082
2,836
3,866
3,338
242,978
5,770
1,331
3,059
11,936
15,435
430,591 3,521,938
402,723
490,085
236,654
187,622 1,095,750
228,667
132,643
254,954
201,832
588,477
138,759
51,003
51,943
7,744
43,045
59,476
49,411
26,408
31,185
4,911
4,964
3,409
1,401
4,425
5,626
730
7,312
1,215
30,745
3,915
3,892
1,270
1,776
31,010
10,093
1,603
14,829
2,895
3,153
1,001
1,943
32,850
12,276
81,575
13,010
22,387
1,429
159
389
445
131
302
202
220
274
448,638
291,802
463,113
326,653
979,599
53
41
52
38
127
326
43
101
269
2,919
Deposits:
Member bank
reserve
account
U. S. Treasurer—General account.
135,018
Foreign
167,934
250,047
Other
bank
deposits
Total deposits
4,705
7,771,936
a
58,591
9,394
597,884
Capital paid In
133,041
Surplus (Section 7)
147,739
9,900
27,683
2,874
33,019
Reserve for contingencies..
other liabilities
1,448
8,210
2,000
492
1,614
2,877
357
All
Total liabilities
788,372 4,701,370
12,874,036
Contingent liability on bills purchased
for foreign correspondents
Commitments to make Indus, advs..
does not include
2,626
13,132
14,323
1,007
3,177
7,462
Surplus (Section 13-B)
"Other cash"
6,806
16,474
59,605
196.555
12,103
Deferred availability items
*
1,784
128
1,534
4,411
3,877
4,667
545
384,717 2,192,370
791,977 1,002,335
503,090
175
164
57
46
143
833
1,603
332
691
12,723
13.466
4,620
212
•
Total
Boston
New York
$
$
%
for notes
Chicago
%
$
452,096
Issued
to
16,044
9,524
94,515
11,512
386,277
60,458
178.351
135,036
165,308
83,003
335,819
166,000 1,020,000
200,632
136,500
182,000
96,500
404,000
214
55
221
964
132
283
182,964
96,632
404,283
970,462
27,548
31,318
12,369
275,082
920,159
311,179
420,778
202.181
157,914
4,606,632
341,000 1,050.000
470
3,598
347,000
455,000
208,000
1,710
514
510
Securities
Government
348,710
341,470 1,053,598
on
the
455,514
New
801
8,000
9,472
33,000
20,000
5,000
Transactions
at
quoted
Bid
26 1938.
Bid
Asked
Asked
Feb.
2 1938
0.12%
Feb.
9 1938
Feb.
16 1938
0.12%
0.12%
Feb.
23 1938
0.12%
2 1938
Mar. 30 1938
0.13%
0.13%
0.13%
0.13%
0.13%
April 6 1938
April 13 1938
April 20 1938
0.12%
0.12%
0.12%
9 1938
Mar. 16 17 18419 1938
Mar. 23 1938
0.12%
0.13%
0.13%
0.13%
0.13%
April 27 1938
May
4 1938
May 11 1938
0.15%
May 18 1938
May 25 1938
1 1938
Jan
81938
June 22 1938
June 29 1938
July
13 1938
July
20 1938
6,300
6,300
6,200
6,300
Bas
Parlslenne.-
1,127
414
1,120
410
240
1,118
410
231
—.
Pacific...-..-.-....
1,120
411
237
25,300
614
26,200
1,220
37
442
675
170
220
438
1,380
1,190
282
480
1,240
35
Canadian
0.15%
0.15%
0.15%
July
26.000
Canal de Suez cap
592
1,240
37
442
677
170
224
440
1,400
1,170
Cle Distr d'Electrlolte..
Cle Generale
d'Electrlclte
Cle Generale Transatlantlque..
Citroen B
Comptolr Natlonale d'Escompte
.....
Lyonnalse...
Lyonnalse cap
Credit
Nord
Energie Electrlque du Littoral..
Energle Electrique du
474
Jan. 21
Holl-
L'Alr
Llquide
Lyon (P L M)
Nord
...
Ry
Pathe
Capital
point.
Rentes. Perpetual
Rentes
3%
4%, 1917
1918
4^%, 1932. A
43^%, 1932 B
5%, 1920
Rentes 4%,
Int.
Asked
Maturity
101.5
101.7
Mar. 15 1940...
100.26
Rentes
Bid
Asked
1X%
102.1
102.3
1X%
102.13
102.15
Rate
Bid
Rentes
Rentes
Dec.
15 1941...
1H%
IX %
1X%
101.18
100.28
101.20
Mar. 15 1942...
Sept. 15 1939...
15 1939...
1X%
101.19
101.21
101.13
101.15
Sept. 15 1942...
June 15 1939
101.15
101.17
June 15 1941...
1H%
1W%
Dec.
15 1942
...
101.27
Sept. 15 1938...
Feb.
1 1938...
June 15 1940...
1H%
101.27
101.29
June
15 1940...
1H%
101.27
101.29
Mar. 15 1938...
Mar. 15 1939...
Mar. 15 1941...
Dec
1 H%
101.25
15 1938
1X%
102.13
2%
2K%
2X%
103.13
103.15
102.17
102.19
102
102.2
102.15
Royal Dutch
Saint Gobaln
C & C
Schneider & Cie
Societe
—...
FrancaLse Ford-.
Societe Generale Fonciere
Society
Lyonnalse
2X%
100.1
2X%
3%
101.22
101.24
101.9
-
Tubize Artificial
101.7
Union d'Electrlclte
Societe
day
Marseillaise
Silk preferred..
•
Wagon-Llts........
......
1,170
272
476
633
1,130
2,005
Pechiney
675
170
223
436
1,400
1,150
805
799
366
23
Orleans Ry 6%...
Figures after decimal point represent one or more 32ds of
25,700
605
1,240
35
445
625
Kuhlmann...................
Quotations for United States Treasury Notes—Friday,
Int.
Jan. 20 Jan 21
Francs
Francs
6,300
Banque de l'Union
0.14%
6 1938
June 15 1938.
received by cable
15 Jan. 17 Jan. 18 Jan. 19
Francs
Francs
Francs
Banque de Paris et Des PayH
0.14%
0.14%
0.14%
June
BOURSE
Francs
Eaux dee
15 1938...
567.
of the past week:
Credit Commercial de France..
Dec.
page
Bank of France.......-----.--
0.14%
June
PARIS
Coty 8 A
Rate
Exchange,
567.
Quotations of representative stocks as
Courrlere8
Maturity
Stock
York
Averages—See
THE
each day
Jan.
New
Bills—Friday, Jan. 21
for discount at purchase.
are
the
Daily, Weekly and Yearly—See page
Exchange—See following page.
United States Treasury
141,721
200,687
186,801 1,020,214
216,510
Stock and Bond
Dec.
$
$
174,832
338,727
4,649,104
States
York Stock
a
San Fran.
Dallas
$
banks:
Treasury
Total collateral
Mar.
9,805
2,121
2,000
139,251
4,215
194,395
312,438 1,027,614
107.455
37.356
Eligible paper
U. 8. Government securities
Mar.
934
by Agent as security
from United States
Rates
1,142
S
178,306 1.003,886
33,424
20,392
214,550
4,516,887
361,615
Gold certificates on hand and due
United
3,613
Minneap. Kan. City
St. Louis
8
$
$
4,155,272
In actual circulation
held
Atlanta
Cleveland Richmond
Phila.
$
Federal Reserve Bant of—
Federal Reserve notes:
Held by Federal Reserve Bank
4,110
RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Issued to F. R. Bank by F. R. Agent
5,284
Federal Reserve notes.
FEDERAL
Collateral
12
171
banks
notes of other
Uncollected
80,187
27,260
Due from foreign banks.
Fed. Res.
39
70.25
66.75
66.10
75.60
74.10
94.00
6,190
2,060
1,016
61
90
1.170
143
372
81
805
805
366
23
1,998
70.60
67.70
67.00
74.00
74.50
94.00
6,110
2,058
1,005
62
97
1,175
473
140
374
81
238
25,700
610
1,250
37
433
677
170
220
444
1,390
1,190
278
488
634
1.130
803
795
367
23
1,995
70.90
68.00
67.20
74.20
74.80
94.75
6,120
2,010
1,017
62
97
1,180
470
140
382
81
238
170
....
1,390
1,170
635
1,140
805
795
366
23
1,998
70.80
68.30
67.25
74.20
74.80
95.25
6,090
2,200
1,016
62
94
1.192
473
139
380
82
1,140
366
....
70.90
68.00
67.00
74.10
74.75
94.75
6.250
62
—.
Jan. 22,
552
1938
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of
such sales in computing the range for the year.
No
the day.
account is taken of
United States Government Securities
furnish
York Stock Exchange
the New
on
Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners* Loan and
Corporation bonds on the New York Stock Exchange during the current week.
^a"»7
4
a/
msio'Vtt
Quotations after decimal point represent one or more Z2ds of a point.
Below
y\
#
i
we
«
.
_
—
/i
a
s*\
.—
/ijh
/v.
t
/Wi St
a/v*
'Wi/i'V*/)
o
st
Daily Record of U. 8. Bond Prices Jan. 15 Jan. 17 Jan. 18 Jan. 19 Jan. 20 Jan. 21
Treasury
High
117.16
4 Ha,
Low.
117.13
117.20
117.16
117.24
117.23
Total sales in 51,000 units...
18
12
Daily Record o' XJ. 8. Bond Prices Jan. 15 Jan. 17 Jan. 18 Jan. 19 Jan. 20 Jan. 21
117.22
Close
13
1947-52
117.24
108.2
108
(High
108.3
108.6
108.6
108
107.31
108.3
108.4
108.2
108.3
108.4
108.5
108.3
108
108.3
7
10
113.5
fHlgb
113.9
113.11
112.31
113.1
113.9
113.8
113.9
113.8
111.15
111.10
102.22
19
29
30
28
40
36
101.22
101.23
101.29
101.30
101.30
101.27
101.18
101.20
101.27
101.26
101.29
101.25
101.22
101.23
101.29
101.29
101.29
101.25
34
26
31
39
20
216
101.11
101.15
101.19
101.17
101.20
101.17
Low.
101.11
101.9
101.16
101.17
101.18
101.16
Close
101.11
101.13
101.17
101.17
101.18
101.17
15
78
30
35
48
113.7
High
102.22
102.27
2^8. 1956-59
111.22
40
40
Total sales in 51,000 units
20
100.3
(High
Low.
111.10
111.15
111.22
Close
111.10
111.15
111.22
[Close
Total sates in 51,000 units...
10
8
15
Total sales in $1,000 units...
High
108.10
108.19
108.18
Low.
108.10
108.19
108.17
108.15
Close
108.10
108.19
108.17
108.15
Total sales in 51,000 units—
1
30
4
1
104.21
104.20
104.28
104.28
Low.
104.21
104.20
104.23
Close
104.21
104.20
104.28
Total sales in 51.000 units—
10
28
47
3«s. 1946 56
3hb, 1943-47
[High
3s. 1951-55
106.3
High
106.5
2Mb, 1949-53
104.28
104.26
10
106.11
106.10
103.9
103.9
103.17
103.20
103.16
Clone
103.9
103.13
103.17
103.20
103.16
67
2
2
Federal Farm
Mortgage
36
104.30
104.27
104.22
25
104.19
104.30
104.27
104.22
104.24
104.30
104.27
104.22
10
1
19
104.12
104.12
104.8
106.6
106.6
106.7
106.7
3^8, 1944-64
Federal Farm
,
Mortgage
High
104.12
104.10
Low.
104.12
104.8
Close
104.12
104.8
3s. 1944-49
106.4
106.11
106.4
41
167
106.10
106.13
106.10
106.10
106.9
106.10
106.10
106.9
106.10
104.11
104.5
104.11
104.6
1
2
(High
104.17
104.20
104.22
104.26
[Low.
104.17
104.16
104.19
104.22
104.17
104.20
10
104.22
3
5
Federal Farm
106.9
106.9
104.12
104.12
42
Total sales in 51,000 units...
106.12
106.9
106.9
Low.
29
107.11
Mortgage
3s, 1942-47
36
Federal Farm
107.12
Mortgage
6
334b, 1946-49
106.24
106.27
106.28
106.28
1
Home Owners' Loan
106.28
103.17
103.11
103.8
103.12
103.11
103.13
103.12
103.11
12
103.3^
|
106.28
[High
36
20
103.13
103.3
Close
Total sales in 51,000 units..
.22
5
103.3
Low.
107.12
6
....
.
High
2MB. 1942-47
107.12
107.11
Close
Total sales in 51,000 units..
107
1
Total sales in 51,000 units.
10
106.9
104.24
[ Close
15
Low.
......
Low.
1
106.6
107.12
103.19
104.16
106.3
High
103.20
104.16
Close
3 mb, 1941-43.
103.17
[Low.
[Close
106.5
13
192
103.15
[High
106.4
1
126
Total sales in 51,000 units...
105.30
Total sales in 51.000 units—
100
100
30
1
High
3 mb. 1940-43
100.3
100.4
147
104.24
106.3
55
100.3
100.5
152
104.16
Close
Total sales in 51.000 units...
100.1
100.6
100.1
153
14
100.4
100.8
100.6
[High
Low.
3b, 1946-48
99.31
100.3
Total sales in $1,000 units
104.24
104.26
*3
100.6
103.9
2Mb, 1945
104.24
104.28
100.3
99.31
Low
108.15
104.28
106.8
102.27
High
113.7
113.8
105
102.27
102.27
Low
113.7
113.5
2
102.25
102.27
102.27
Ol086
2hb. 1951-54
11
Low.
Total sales in 51,000 units...
102.27
102.19
102.22
Total sales in 51,000 units...
108
Close
4s, 1944-54
102.25
102.19
102.19
High
108
9
113.9
102.29
102.19
Total sales in 51,000 units..
Close
Total sales in 11,000 units...
102.19
Low.
Treasury
2 5*8. 1948-51
Low.
3 xb. 1943-45.
High
Close
117.23
48
25
High
104.10
104.12
104.14
104.15
104.11
3s, series A, 1944-52.
104.8
(Low.
106.19
106.22
106.24
106.26
106.26
106.28
Low
104.10
104.11
104.10
104.13
104.8
I Close
104.8
106.28
106.22
106.27
106.26
106.26
100.28
Close
104.10
104.11
104.12
104.13
104.8
104.8
Total sales in 51,000 units...
8
12
1
Total sales in 51,000 units...
11
34
84
5
102.13
102.14
5
High
3Hs. 1949-52
High
2mb, series B, 1939-49.. Low
102.11
102.11
102.11
102.13
102.11
102.12
102.13
102.11
10
m.
-
Total sales in 51,000 units...
1
31
12
32
20
107.22
Low.
107.26
J Low.
107.31
107.24
102
102.3
102.4
102.4
102.2
101.29
102
102.3
102.4
102
101.31
101.28
107.18
102.3
102.4
102.2
102
101.28
1
4
Total sales in $1,000 units...
107.28
----
2Mb, 1942-44....
*
0
34
107.29
107.25
107.29
107.27
6
10
....
Odd lot Bales,
102.13
102.14
102.20
102.20
102.23
102.19
1 Treas.
102.8
102.8
102.12
102.16
102.18
102.16
[Close
2 Treas.
102.13
102.12
102.17
102.18
102.19
230
175
35
85
High
104.17
104.20
104.28
104.25
104.29
104.26
Low.
104.17
104.19
104.25
104.25
104.24
104.17
104.19
104.28
104.25
104.24
104.21
2
52
301
52
2
34
8
includes
only
sales
77
35
above
table
Transactions in registered bonds
of
coupor
were:
104.21
Close
34s, 1945-47.
10
30
Total sales in 51,000 units
2
1
102.16
25
13
t Deferred aellvery sale
Note—The
bonds.
fHIgh
-(Low.
234s, 1955-60
102.4
102
107.18
107.19
-
107.31
12
....
Total sales in 51,000 units...
102.4
Low.
107.18
107.19
«►
107.29
107.24
....
[Close
W *»
•
3
....
[High
[High
102.6
——
107.31
107.22
Total sales in 51,000 units
Home Owners' Loan
102.12
[Close
107.19
107.22
Close
6
102.9
Cl08e
106.18
m'M.
106.20
fHIgh
Home Owners' Loan
106.18
106.18
106.20
.mmmm
Total sales in 51.000 units...
334s, 1944-46
15
106.20
Low.
Close
3 34 s, 1941
26
Total sales in 51,000 units
3Mb, 1943-45.. 108.1
3^8, 1943-47.. 108.12
United States
United
to
103.1
18 Treas.
to
103.12
|
1944-46.. 107.28 to
Treasury Bills—See previous
States
Treasury
Notes,
107.2!
page.
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
Saturday
Monday
Jan. 15
Jan.
$ per share
17
$ per share
PRICES—PER
Jan.
*48
10
10
978
21
10%
*20%
10%
*197S
20%
*20%
21
*21
22
*134
56
1%
16%
40
*33
51
*48
51
72
12
1%
*3858
21
41%
10%
lh
57%
1%
1%
1%
15%
i%
12
1%
1238
1%
*14l2
16%
17
*13
16
*12
*1412
17
*13
16
*1634
18%
21%
*16
15
*12%
15%
1534
21
20%
9%
9%
172% 172%
10
*9%
21
93s
172
9l2
174
21
958
172
16%
17
2134
978
172%
*9%
10
*9%
10
14
14
1378
8%
*50%
14
8%
*50
8%
5134
4934
14l4
*234
*23
5078
50
1414
14%
3
*234
24
665s
*62
15%
5334
•
*22
8
5134
5078
1434
278
23%
14
14
40
*33
40
*48
Abraham 4 Straus
50%
*45
51
Acm« Steel Co
10%
10%
*20%
21%
1%
57
1%
14%
1334
14
13
*1212
14
66%
*65%
1534
62%
*14%
5334
52l2
52
27S
24%
67%
1%
*
72
l234
1%
1434
*13%
*12%
13%
15
1434
15
Abbott Laboratories
3,900
21
1%
Advance Rumely
300
Air Reduction Ine
Air
72
12%
1%
14
13
1%
14
14%
*12%
14%
2,300
400
5^%Pref A without
15
15
16
16
20%
20%
20%
3,200
9%
173
*9%
9%
800
170
172
*9%
10
*9%
10
14%
14%
14
14%
234
*21
8%
734
51%
*50%
47%
49
13%
234
25
1234
3
*20
5134
*50%
47%
49%
13
3
23%
67
65
65
62
*62
65
15%
52h
this day.
*49
800
13%
278
*20%
65%
*62%
52.50 prior
Allen
2.700
14%
5134
200
19,600
1,800
5% preferred....
ALUfl-Chaimere Mfg
700
66%
66
700
157«
52
51
5234
6
42
Mar
70
Dec 29
Aug 13
59
Apr
share
8
74*4
Nov 23
Oct 19
Oct 19
Oct 15
Mar 11
Oct 19
Oct
5
Oct 19
22% Mar 11
28% Feb
3
36
9
Jan
4*s Jan 26
80%
Jan
7
5% Jan 25
100% Jan 22
15*4 Feb 25
166
Aug 10
5*8 Feb 18
11
Oct 19
59*4 Feb 11
11
Oct 20
59
10
Oct 19
Feb 11
58»* Feb 17
938 Apr
177, June
221, Jan
zli« Jan
58
2
Apr
Jan
91
Mar
13
July
178 Aug
Jan
27
0% Oct 19
145
Nov 23
237s Apr 12
25812 Mar 9
17is Aug 14
Apr
Jan
245
Aug
Aug
34
Nov
6*4
Jan
Dec 29
85
69
Jan
Oct 19
83% Jan 22
35*8
Jan
8i2 Oct 19
1U Oct 19
39*4 Jan 28
19*4 May
19
Nov
23
34
87, Mar 13
60
541, Nov
40*s Oct
157
49
9
Mar
5% Nov
267t July
Mar
Nov
171, Sept
195
611, Nov
601, Nov
5218 Feb 18
6i8 Oct 18
103
Jan
455s Mar 15
33i8 Jan 16
217, Mar 6
37U Oct
2H, Jan
881| Nov
61, Apr
Jan
Oct 19
Oct 19
Feb
Feb
Apr
10% Oct 19
10
35*4
1214
12i,
13
7% Dec 28
Nov
15*4 Nov
21,
12*8
100
4
Oct
201$ Nov
90
81
Nov
Dee
341, Nor
5*4
Dec
Oct 20
52U Mar 15
5ll2Nov23
53% Oct 19
1147, Mar 11
75
Jan
10H, Jan 22
49
July
American Bank Note
6% Preferred
10
10
Oct 19
36
Dec
65%
Apr
50
50
Dec 30
65
Jan
73
Nov
Amerada Corp
200
a Def'd
per
Mar
Mar
85
Am Agric Chem
(Del)..No par
4,000
$ In receivership.
Highest
share 5
69
1
Amalgam Leather Cos Ine
1
6% eoav preferred— .....50
1,800
15
per
Ns par
Alpha Portland Cem...No par
24
15%
5
55
146
No tun
1
share
8
8
warlOO
Industries Inc
per
Nov
97
pref.No par
Chemical 4 Dye-No par
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied Stores Corp.—..No
par
10,400
13%
278
par
Allied
3,900
4934
conv
Allegheny Steel Co
10
8%
8
14%
*51
174
*9%
1334
8
64%
15%
171
Way El Appliance.-No
5
44i2Nov 24
% Oct 19
Allegheny Corp
..No par
5M %Pref A with'530 warlOO
5M %Pref A with $40 warlOO
14%
20%
*9%
169
10
..No par
Vickeburg RR Co.. 100
Alaska Juneau Gold Mia...10
Albany 4 Susq RR
100
10,600
15
934
No par
Ala 4
80,200
share
1936
Lowest
Nov 26
4334
77g
17i2
16%
1%
Ne par
5,300
Year
Highest
37
No par
3.300
per
Range for Previous
100-Shars Lou
36
25
Express
Adams-Millis
Address Multlgr Corp
600
5
No pai
No par
Adams
100
21%
134
2034
62
on
*
200
15
1434
52
10%
58
1%
1%
63
Bid and asked prices, no sales
57
38%
20%
*9%
13
65
1%
1%
57*4
1%
57%
1%
13
21
*1%
lh
38%
20*4
21
58
13
15
14
15
21%
72
12%
10%
x20h
21
*1%
5134
4934
6612
*33
14
6312
Par
50%
10%
5134
48%
68%
Shares
40
734
51%
46%
*21
5 per share
39
8%
234
$ per share
*38
8%
63%
157g
53
14%.
On Basis of
Lowest
38%
*
72
Ranoefor Year 1937
YORK STOCK
EXCHANGE
Week
934
1*4
56%
1%
*65
Jan. 21
*20%
21%
*1%
21
1%
12%
Jan. 20
38%
21
5712
72
STOCKS
NEW
the
*48
*1*4
11*4
Sales
*33
56%
1%
*66
CENT
Friday
$ per share
40
*48
1%
*6512
11%
112
4U4
40
*385s
*30%
1%
57%
PER
Thursday
Jan. 19
18
53
21
NOT
Wednesday
$ per share
*38%
*30%
41i2
SHARE,
JVI
Tuesday
delivery,
n
New stock,
No par
r
Cash sale,
x
Ex-div.
y
41*8
Jan 16
75ig Feb
Ex-rights.
4
31% Nor
39U Dec
1251* Mar
89
Nov
^ Called for redemption
Volume
SALE
HIGH
AND
LOW
PRICES—PER
Monday
Tuesday
Jan. 17
Jan. 11
15
Jan.
41
42
411
124
78
27
2634
50
50
48
17
17*4
16%
*100
150
*100
*99
100
*99
*
16'
*81*2
85.
4^8
44
9
*6
81
167
*160
167
*162
*158
45*2
25
50
164
16%
150
*100
150
101
*100
101
25
1514
154
*15
124
154
83*2
83
*80
824
124
154
824
154
81
734
1234
*80
4%
4*4
4*4
4
4*8
4
6*2
6*2
6*2
*5*8
734
*5
7%
"200
134
154
1,100
1,300
824
140
*6%
13
loi2
*80
4
9
21
*11
13
*12
44
2534
*23
4*8
*24
44
36
37
37
37*2
37*2
14
3%
*23*4
12
*11
*3%
*224
25
4
22%
23
21*2
23*4
21
7*4
2II4
72
74
72
74*2
7034
7034
144
14*4
14*2
14*2
14%
14*4
14
7*2
7*2
5
5*8
374
35
37*2
7*4
7*2
*5
5*4
5*4
354
*105
*105
119
29
29
29
29
3834
*374
31%
*105
36
*28
534
34*2
34
33%
33
33%
32
53*2
5534
54
130
132%
*130
52
*50*2
33
30
*284
147% 14834
69*2
69*2
71*4
70*2
*138*2 139*4
7
7*4
12%
124
*854
54
86
32
32
*35
35
30
2934
110
5
54
30
314
434
4%
600
Amer Mach A Metals. .No par
35%
6,900
Amer Metal Co Ltd...No par
220
0% conv preferred
-.100
American News Co new No par
284
354
294
13*4
165
39
37*2
36%
34*2
344
33*8
35*8
77%
*68
*
--
71
*70*4
♦
92
"38"
92
"364
*70
71
*
92
*
11%
30
19*4
"35"
37
3734
37
64
64
64
64
7
7
5
5
434
43<
4*2
4*2
*
38*2
68
70
74
5
*4%
5
31*2
31*2
7%
734
31%
324
34%
*
85
~~8~
8*4
85
"7%
*
8*4
85
7%
"354
*4*4
85
""7%
7*4
♦
74
"92
37
85
""734
70
*67
70
*68
70
*68
70
*68
70
*68
82
*74
82
*74
82
*74
82
*74
82
*74
*35*2
*75*4
40*2
*70*2
*35*2
40
80 %
—
-
-
-
41%
72%
*75*4
*72
40
70*8
40
*364
40
77
80*4
77
41
38*4
6934
70*4
40
70
40
*77
36*2
*6834
-
*3534
40
80*4
*3534
*72
*72
----
*77
804
-
--
-
-
400
143*4 Jan 13
Oct 19
187
26
....26
67
Dec 28
99
Tobacco
4U
Oct 19
8
Oct 19
82
Oct 20
9*4
10%
10*2
12%
12%
*32
33
9%
12%
*32
9%
11%
10%
12%
*32
33
9*2
9%
12*4
33
8%
—
-
—
-
-
9*4
11*2
*32
------
30
39"
13,400
70
800
9%
1134
*32
9%
12%
33
9%
114
*32
4,500
900
200
6,200
100
3,900
800
500
—
—
"
—
-
—
—
"400
3,300
400
20
8,200
95
89
89
16%
16*2
2,100
10
10
9%
*9%
10%
17%
9%
17*4
10
16%
9*2
864
16%
86*2
16%
86%
16*2
86
17
10
9%
900
31*2
*28
28
30
29
28
28
'
150
15
15%
15%
14%
15%
10,500
12*2
12
12
*110*8 112
*110*8 112
110*4 110*4 *110% 112
17
*17
17%
17*8
17%
174
17%
17%
112
112
1534
16
12*2
124
*110% 112
174
17*2
15%
12%
*29
31*4
16
15%
12%
124
31*4
154
12%
12%
12*4
*28
15
*12%
99
*95
97%
*954 105
174
*95*2
*30
*31
42
*30%
42
*30*2
42
*30*2
*99
*99
101
99%
99%
*99
8
8
*94% 100
96*2
*94%
96*2
42
42
*30%
105
1024 *100
8%
8*4
8*8
8%
85*2
*82
*82*2
85*2
14%
14%
17*4
17%
37
374
63*2
65%
98*2
100
42
100
101
*8*4
■*814
84%
1,200
8%
*82
14%
14
14%
14%
14
1434
10,200
*17%
36*2
*17*4
17*2
13%
17*4
14*4
17*2
17%
17*8
17*4
17%
17%
1,800
37*2
37
37*2
36%
374
136*2
36*2
36
36
63%
65%
62
64
60%
63
64
61%
64%
1,400
89,100
15*4
15%
97%
15*2
15*2
15%
15%
154
15%
1,700
98%
98*4
98*2
984
97
97
*25%
27*2
26*2
26*2
600
16
16*2
254
*15*4
26*2
16*2
17*4
1,000
13*2
13%
134
13*8
13%
3,000
1734
17%
*15*8
17%
20
62
*45
62
16
*82
16
15*2
*97*2
27
28
27
27
*25%
17%
17
17
16*2
27*2
16*2
14
13%
14
134
13%
16*2
13*4
98%
,
974
85%
*15%
17%
*15%
17%
*15*4
17%
*15*4
17%
*45
62
*45
62
*45
62
*45
62
33*2
900
14%
98
*29
40
17*2
8%
*8H2
14%
16
13%
8%
*99
600
8*4
85*2
8
98
*16%
101
34%
34%
35*2
30
30
30
33%
29%
6F%
*45
85
34%
32%
34*2
33%
3414
29%
29
29%
29
29
33%
28%
27*4
Oct
10984 Sept
Feb
Feb
114
62>4 Sept
70*4
794 Feb 23
34 July
24
May
50
694 Mar 10
28
Jan
654 Nov
Feb 23
36
Jan
89*2 Deo
26*4 Mar
Feb 23
20
97
74 Mar
Deo
May
111
Jan
9
June
43
Nov
24 Dec 29
104 Feb 10
3
July
7
Nov
No par
Illinois
6
Nt par
100
preferred
Cork Co—No par
Artloom Corp
6
.A# par
100
—
-
-
-
-
-
600
------
34%
38,500
28%
900
Oct 19
30
47g Oct 19
Oct 19
2%
80
Nov 27
Dec 29
58
Line RR...100
G A W I 86 Lines. .No par
Atlantic Coast
100
26
4% conv pref series A—100
Atlas Corp
1
6% preierred
....60
Atlas Powder
No par
6% conv preferred
100
6% preferred..
Atlantic Refining
No par
tAuburn Automobile..No par
Austin Nichols
No par
95 prior A
No par
Avia n Corp of Del (The) — .3
Baldwin Loco Works__No par
Atlas
4% Oct 19
57
Dec 29
96
Feb 4
1st preferred
100
2d preferred
100
Co ..No par
100
100
Atch Topeka A Santa Fe.. 100
6% preferred.
100
Tack Corp
Barber Co
5H% preferred....
60
Co......——.6
inc
No par
1st preferred—..——.100
Beatrice Creamery
26
96 preferred w w
No par
Beech Creek RR
60
Beech-Nut Packing Co
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part prel
Bendlx Aviation
6
Beneficial Indus Lo»n__Nfl par
Best A Co
No par
Bethlehem Steel (Def).No pa'
6% preferred.
....—20
7% preferred
100
Blgelow-Sanf Carp Inc.N# par
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
Bloomlngdale Brothers. No par
Blumenthal A Co pre!
100
Boeing Airplane Co
6
Bohn Aluminum A Brass
5
Bayuk Cigars
Oct 19
1
Jan
6
126
17«a Jan 21
July 23
Jan
Aug
128
Deo
Feb
Jan
84
Jan
Jan
95
12%
6
Apr
026g Mar
186g Nov
22 4
108
Feb
May
274 Nov
9
95
Dec
112
Oct
98
Jan 28
Mar
104
7*2
164 Feb 27
100
24>4 Mar
84
474
704 Mar 13
Feb
124
Oct
.09
Jan
674 Feb 18
106
Feb 18
88
June 29
884 Aug
94»4 May
9
Feb
7
904
Jan
107
Oct
654 Mar 17
29
Mar 13
216g
Apr
49
Deo
104
6
Oct 19
9
Oct 19
44
Jan 18
18
Oct 19
37
Mar 11
6
8
524 Mar 10
101% Sept 29
1164 Feb
7i8 Dec 29
39 U Oct 19
11
Apr
134
Apr
206g June
109
Sept
314 Oot
644 Nov
354
Apr
1184
Dec
184 Mar
38
Nov 26
94
Mar 11
48
Jan
84
Nov
101
Dec 30
133
Jan 13
*112
Jan
131
Nov
9
2
14
June
304
Feb
206s June
544
Mar
4i2 Oct 19
3]8 Dec29
2
Sept 25
15
Dec 29
214
Oct 19
3*8 Sept 10
3
Ine.......——10
No par
Bamsdail Oil
18
Jan
Jan
Jan
604
994 Mar
101
6
Sept 11
Oct 19
— -
Barker Brothers
13«4 Feb 27
125
327gNov23
74
May
1054
9
66l2 Dec 27
Jan
46g June
Apr
118
6
Dec 23
7134 Dec 22
Dec 16
Jan
1104
37
8
Mar
46
111
Nov 20
70
50
122
Jan
Feb 18
1214 Feb
33
Dec
Jan
154
111
83
.....—
Vot tr ctfs
4
Oct 18
93
6
6% pref with warrants..
All
Dec 28
22
11684May
Dry Goods......1
Associated
Bangor A Aroostook.......60
Conv 5% preferred..—100
16%
*28
Jan
7*8 Sept
97
25,200
3,800
10*2
*89
Apr
92*4
374 Jan 12
934
11%
33
17%
95
194
1
14*8 Jan 18
79
Jan 12
24*4 Aug 2
Feb 13
13
Baltimore A Ohio—.....100
4% preierred
100
10*2
*85
3
Oct 26
17,300
17
95
Dee
Oct 19
9%
50
*85
Mar
18
7
Mining
95 pref without warrants
------
*
37*4
10
Feb
150
20
Copper
Assoc Investment
*68%
12
104
84 June
136
Oct 20
7%
------
384
33
8
88*2 Mar
Jan
4
294 Jan 13
Feb
Feb
Oct 19
6%
■
■
6834
8%
24l2Nov
1024
10
Preferred
-
4,800
6834
9*4
2514 Dec 15
314 Oct 19
*274 Oct 19
1904 Nov
Mar
96
Arnold Constable Corp
700
38
8%
1
26
20is Feb
Jan
Apr
87
1504 Jan 26
107
26*s
1494
8
Jan 28
997s Feb
Sept
145
39
7%
70
9*4
3*2 Oct 19
206s Mar
Jan
Aug
Ne par
GlassCorpAo par
Assented.
9%
No par
100
1,000
7*2
9%
6884 Dec 28
128*4May 13
No par
Founders Inc
3,100
24%
9*4
100
10
Jan
Jan
129
257g Jan 25
140
Armstrong
13*2
22%
9%
Oct 19
14
100
Co
96 conv pref
100
3834
27
1047g Oct 11
Armour A Cool
200
23%
24%
24%
23%
25%
23*2
26*2
25%
26*2
'7
7
*6
7
*5*2
7
7
7
7*2
*6*4
12
12
14
13%
13*2
*11*2
*114
144
*12%
*12*4
21
20%
20*2
20%
21%
21%
21%
20*2
22%
21%
107
*105
107
105% 105% *105
♦105% 107
107
*105
*105% 107
8%
84
8*2
8%
8%
812
9%
8%
8%
8%
9%
9*4
41
*41
41%
414
43
43
42%
43
42%
*414 424
*42%
47
*45
46
45
45
47
45%
*45
46*2
47
46*2
*45%
114
*105
114
*105
114
111*4 *109
111*4 *110
*110
111*4 *110
7
7
7
7
7
*6%
*634
*7
7%
*6%
6%
634
5
5%
6%
5*2
5%
5*2
5*2
5*2
5%
5*2
534
54
3*4
3
3*4
*2%
*3
3%
*2%
*3
3%
3
3
3%
22%
20
22%
*19*2
20
24
*19*2
*20
*19*2 23%
20
20
4%
4*2
4*8
4*4
4%
4%
4*2
4*4
4%
4%
4%
44
26*2
7*4
13*2
2134
Deo
100
7% preferred
100
ArmourACo(Del)pt 7% gtdlOO
9,600
80*4
*77
Jan
Dec
63*g
Archer Daniels Mld«'d.N» par
40
*35%
*72
*72
04
30
A P W Paper Co
82
*72
1454
Apr
Dec
Andes
------
70
*74
734
Jan
20*2
Apr
Anchor Hock
"""266
-
8
*67
674 Mar
133*8
Jan 21
244
Anaconda W A Cable
"""lOO
85
"74
Deo
Nov
96.60 conv pref erred. No par
74
434
*
8
15284 Mar
48*4
Anaconda Copper Mining..60
500
38
7*4
*4*4
Jan
6678 Jan 11
f 6 prior conv pre!
1,400
92
36*2
74
434
1364
454
264 Jan 20
Preferred
112,000
70
92
74
44
♦
8
70
♦
103
7% Dec 29
24
Dec 28
Amer Zinc Lead A Smelt
200
--
Jan
100
16 1st preferred
American Woolen
12,200
-
Jan
66*4
148
Am Water Wks A Elec.No par
2,400
74
34
258s
No par
Am Type
1,400
33*4
J8*4 NOV
Mar 19
681* Jan 29
Feb 6
Oct 19
Nov 16
0% preferred
100
38
46
Common class B.
5,100
20,700
*32
2
126
Apr1
Feb 20
68
73'4
American
12
38
Dec
18
Nov
"3984 "6oi
Dec
22*2 Oct 19
Amer Telep A Teleg
86
7*2
122
31
3
29
7
Nov 23
Am Sumatra Tobacco..No par
*854
31
41
Feb
!06<4Mar 11
154
Jan 28
7i2 Oct 19
244 Dec
26
Preferred
7%
12%
7%
36
15*4 Dec 29
....100
Snuff
American Sugar Refining..
500
11
Refg.No par
100
American Stores
1,600
4,800
68
694
138% 138%
Co.No par
6% preferred
86
3534
7*8
4%
1016s Aug 18
Amer Steel Foundries..No par
15,000
69
37
23*4 July
634 Dec 29
American
200
145*2 146*2
139
167
45% Mar 11
Preferred
700
*17*4
19
3
Jan 21
15i2 Oct 19
Amer Smelting A
100
110
110
110
*33
92
1654 Aug
74
pref
100
American Safety Rasor..l8.60
5
70
70
71
Jan
294 Feb
170
Oct 23
9
25
4 H% conv
50
314
11*2
*28*2
----
--
Apr
9U Oct 19
140
...100
Preferred
American Rolling Mill
300
*46
49
49
454 46
474
474
474
484
484
4912
17
17
*16
1634
164
iei2
18
164
174
174
174
109*2 *105*4 109*2 *105% 109% *105*4 109% *1054 109%
109% *105
15
17
15
15
*14*4
*14
16
*15*4
*14*8
16*2
18*2
*16*2
4*2
*34
44
44
*3*4
*3*4
*34
44
44
*34
4l2
*3*4
29%
31
2934
*29
31
31
*2934
2934
2934
31
*28*2
*294
*120
*118*2
*120
*120
*11812
*120
103
994 *100
994
*994 103
100*4 100*2
100*4 100*4
*100
100*2
6*2
6*4
6*2
6*2
6*4
6%
634
6*4
6%
6*2
6%
6*2
-
18*4
744 Sept
27*8 Jan
14,800
1,000
18
-
Feb
300
*474
-
874 Sept
306g
16 preferred.
1134
344
14*8 July
Feb
Jan 12
Am Rad A Stanu San'y.No par
86
7%
Feb
43
72i2
25,600
51
July
Oct 19
-
130
30
3 H2 Dec
Feb
15
644 Nov
134
26
Amer Ship Building
51
Dec
Jan 18
American Seating Co..No par
130
118
164 Jan 13
770
32i4
11*2
294
7
Nov 20
1224 Nov
294 Jan
87i«
600
53*2
27
Apr
Apr
Oct 19
124
129
10
Oct 19
334
51%
May
Dec 29
124
129
Apr
Apr
21
234
Jan
154 Nov
4888 Deo
3
32
53%
684
100
00
8
136s Jan 20
6884 Mar 10
1294 Feb
1
Jan
24
104 Sept
96g Apr
6
Feb
Jan
668
24 Sept
2988 Mar
Oct 19
88g Mar
31
400
20
614 Nov
26
10,800
1,400
21%
*105
-
-
Jan
6
No par
..No par
<6 preferred
32%
*17*4
39
*30
-
-
46
37
125
Oct 19
2484 Nov 22
13
110
'
39
*33
37*2
364
-
-
Oct
Oct
62»gMar 3
484 Mar 16
27% Feb 16
17«4 Mar 11
5878 Feb 4
10ig Oct 19
3
45g
314
Feb
Amer Power A Light.—No par
27,500
4,600
6,300
17,200
6
63
100
Preferred
11'4 Mar 13
65»4 Mar 13
684 Dec 29
14i2 Oct 19
No par
American Locomotive..A# par
Jan
504 Dec
214 July
21
Oct 20
14
100
pref
5
30
7%
74
No par
Ice
non-cum
Amer Mach A Fdy Co..No par
5
30
7%
84
6%
10
1,500
139
5*4
13
Hawaiian SB Co
1,000
5%
354
Dec
224
6,900
28
Dec
Apr
13%
6*4
60*8
Apr
*13%
3534
Jan 18
25
13%
29
Oct
984 Mar
64 Apr
29*4 Jan
Jan 22
12
Amer Internet Corp
119
Feb
175
587a Jan 22
7*2
35
Oct
Dec
14&8
Jan
384 Jan 22
69
*105
9«4
175
4
Aug
Sept
84
I4I4 Dec 29
784 Oct 19
2i2 Oct 19
20i2 Oct 19
32U Oct 19
li8 Oct 19
20*2
36*2
Mar
32
Apr
No par
19*2
119
225
35*8 Nov
6878
American
200
34
134 Jan 28
17
Jan 18
Dec
101
2i2 Oct 19
Amer
1,000
2
2
17i2 Dec 29
6»4 Oct 19
6% preferred
60
American Home Products-.. 1
17*2
204 July
164 Jan
89
Apr
Jan 21
99% Mar
Oot
104
74 July
30»4 Mar 31
Dec
35*4 Deo
Nov
3
23% Mar
Dec
604
vai
*74
1384 1384
6%
64
12
114
86
*85*4
31%
734
33%
27
Deo
1374 July
..No par
2d Preferred A
No pai
Power...No
a
*664
7*4
1454 14634
67*4
674
5
84
Jan 25
Dec
704
141
13»4
6934
1454 146%
69
68*4
69
70*4
5
Aug 12
29
Oct 19
2034
*2834
18
112
1212 Oct 19
600
3034
*11*4
110
18
1094 HI
1134
Oct 19
American Hide A Leather... 1
2
52%
29
Dec
87&g May
90
111
2012 Dec 30
5% Oct 19
8I4 Oct 19
Oct 19
200
*16
*125% 130
51*2
51*2
51%
130
*130
1334
31*4
11*2
120*4
Oct 19
5
1,400
14
13
29
30
5*4
7%
*29
*18
19
18*2
18*2
146*4 148*2 14534 147
68*2
69*4
69l2
694
72
70
7034
70*2
138% 138% *138*4 139*4
64
7
7*8
64
11*2
114
12*4
11*2
86
*85*4
86
*85*4
18%
*18
11*4
112
1174 ♦111
*111
3334
324
11*8
*28*2
11*2
Dec
Nov
100
"lOO
I64
53%
*51
514
133*4 al30
29%
31*4
324
114
11%
1134
100
176
Co
10 preferred.
36
130
*50*4
305g Apr
57
Apr
4
3384 Aug 25
150
Apr 25
104*2 Feb
Oct 19
Amer A For
1,000
32
51%
*125
130
*130
130
130
33%
*114
*124
51%
*504
133*4
*128
524
554
131
4
Amer European Sece...No par
-
36
324
31*2
32*4
54*4
314
-
36
13
*12
1234
1234
13
Feb
Oct 19
2
3%
29
30
29
28
27
28*2
274 28%
3034
31%
13
13
12%
124
12%
1234
13*4
13*2
134
13%
*157
165
165
*157
*157
165
165% *157
165*2 *157
21
21
214
2134
2H4
2134 2214
224
22%
22%
21*2
77
774
78
77%
77%
78
76%
77*2
7734
78
78
20
*19
20
19
19
20*2
*18*2
19*4
19*4
1934
1984
13
71
10
11%
13*4
13*41
—
23
*157
13*4
174
Encaustic Tlilng__l
$V
—
35
35
May
Nov 29
1,200
19*2
284
534
534
5*2
102
$7 preferred
23
354
29
29*2
5*2
334
9
80
1,600
23*4
*105
119
Jan
86
*434
14%
44
3534
174
11*4 Oct 19
13%
71
Dec
36
20%
6934
74
21
44
American
7,200
14
164
7*4
17*2
3334
36*4
119
29*2
6*4
5*2
32%
6*2
6%
5
3434
*105
119
14
18
110
Dec
100
6% 1st preferred
Amer Express
36
14
14
*16*2
*7*4
1934
70*2
18
*16*2
7%
*11*2
334
4
*3%
23*4
37
37
36
14
*164
14
14
14
18
*16*2
12
*11
12
4*8
9
Co)26
American Crystal Sugar
400
*17
Jan
1C
Comm'l Aloohol Corp..20
Am
3,600
7%
20
*174
*17
34
244
12
13
25l2
3%
19
19
*15
20
*15
121
American Colortype Co
*5*8
4*4
Dec 29
..No par
American Chicle
Am Coal Co of N J(Alleg
*1764 300
*1764 300
*176*2 300
*1764 300
*176*2 300
*176*2 300
4
4
4
34
34
334
334
34
4%
4%
334
4*4
224
224
2234
22
2234
2214
2214
22I4 *214 23
2334
234
10%
10
*9%
1034
10
10
*9*2
*9%
11
1034
9*2
1034
*18
-
""200
25
*_._.
"*64
7
May
100
5% preferred
'
-
Apr
124
Am Chain A Cable lnc.No par
3,400
*97
*
25
*12%
17
40
Feb 18
-vlOO
*
share
per
8O84 Feb 18
151% Oct 22
15% Oct 19
100
Preferred
Highest
\
share
per
160
69
American Car A Fdy__.No par
300
494
*100
99*2
*64
1234
"3,200
25%
*454
i
share
per
1
109
25
_
Preferred
_
-
16
110
"~6%
7*2
1314
167
Can
$
per share
28
Oct 19
100
pref
conv
American
4,900
824
25
25
16%
*
25
244
*46*4
7*2
13*4
154
13*4
15*4
*81*2
4%
6*2
1334
13%
*15%
80
25
*6*2
8
125
79
25
254
24*2
45*2
*45% 48*2
17%
154
16%
17
*100
150
*100*4 150
100
994
*99*4 100
*20
25
~*7~
*123
79
bh%
150
125
Fdy.N# vat
Am Brake Shoe A
1,100
41%
*40
125
264
*
39
39
9
Lowest
Highest
Lowest
Par
Shares
$ per share
$ per share
48
2634
Week
125
774
167
Jan. 21
40*2
*122
79*4
*158
167
40
122
78
Jan. 20
$ per share
42
122
79*4
*158
167
42
41%
124
1234 1234
79
81*4
*160
$ per share
$ per share
$ per share
Friday
the
19
Jan.
EXCHANGE
Thursday
Wednesday
Range fT Previous
Year 1936
100--bAare Lots
On Basis of
STOCK
YORK
NEW
1937
Range for Year
STOCKS
Sales
CENT
NOT PER
SHARE,
for
Saturday
553
New York Stock Record—Continued—Page 2
146
8is
Oct 19
10
Oct 19
30
Oct 19
89
Dec 22
10i8 Oct 19
184
Jan
36*4 Feb
94 Feb 1
524 Mar 26
94 Jan 12
6% June
104
Jan
294 June
46*t
Jan
Jan 29
24 July
114
94 Jan 30
23*4 Aug 18
3
Apr
784 Mar
114 Dec
24 July
94
Dec
*274
Nov
Oct
Fob
404 Mar 17
164
47*4 Mar 17
45
Feb 11
21
Apr
Apr
39
Deo
414
49*2
24% Nov
384
Dec
Jan
24
Nov
284
Dec
1104 Feb
43*g Mar
8
9
734 Dec 29
32
Jan 21
20
Nov 24
42
Jan 21
10
Oct 19
134
9U
108
Oct 19
Oct 20
354 Feb 1
204 Jan 17
115
Aug 16
144
Jan
10*4 June
110
May
28«4 Feb
9
18
Jan
92
105*4 Mar
8
100
Aug
29i2 Dec 29
90«4 Oct 19
73g Oct 19
434 Feb 19
35
Feb
114«4 July 14
13U Oct 19
Nov 10
S2i8 Dec 10
8I4 Oct 19
15
Oct 19
29
Dec 29
41
Oct 19
14
Oct 19
224 Nov
116
Dec
284 Nov
106
July
424 Oct
112
Dec
85
Feb
Feb
8
11
Dec
104 Mar
884 July
4
83
June
894 May
15*4
304 Feb 11
5
62% Jan 8
1054 Mar 11
23*4
20
Jan
Jan 18
214
Jan
32*g
20
Jan
254
48
Jau
72
Oct
45*4
Apr
774
Dec
104
Apr
20
Dec
Oct
Nov
I35*i Nov
854 Nov 24
2214 Dec 30
13% Nov 24
1294 Feb 10
694 Feb 10
38
Jan 21
1074 July
Oct 19
294 Mar 10
7
944 Jan 10
49*4 Mar 3
484 Feb 13
184 May
384 Nov
9
158s Dec 13
60
16
21
Dec 3
Oct 19
Oct 19
v
32*z
Jan
Ex rights
1 '
23
Jan
66*2
Dec
284
Deo
r344
Dec
144 July
244
Dec
774 July
120
Oct
104
Apr
374
404
Deo
634 Mar
Dec
New York Stock Record—Continued—Page 3
554
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
Tuesday
Wednesday
the
Friday
Thursday
,
Range for Year 1937
STOCKS
NEW
for
Monday
Saturday
YORK
On
STOCK
Basts of
Jan. 16
Jan. 17
Jan. 18
Jan. 19
Jan. 20
Jan. 21
Week
S per share
$ per share
$ per share
$ per share
$ per share
Shares
92
4234
13%
19%
28%
4%
4%
*21
91
43%
♦42%
13
187s
27%
4%
27
*4%
4%
9%
25
24%
25
30
30
*32%
33
20
33
24%
30%
•32%
2%
9%
34%
♦32%
2%
8%
34
*32%
2%
9%
12%
12
36
21
19
43
*38
8%
5
11
19%
3%
1178
16
11%
10%
36%
23%
*4778
2%
9%
23%
23
15
15%
19%
*19
2%
9%
1878
♦45
7%
36
4
10%
32%
10
32%
Budd Wheel
1,900
Bulova
1,100
BuJlard Co
8%
19%
3,800
3,200
Burlington Mills Corp
Burroughs Add Mach. .No par
3
1,700
{Bush Terminal
10
400
*13%
8
20%
16
1,700
400
10%
10%
10%
2,600
3,600
32%
32%
240
10
30
No par
100
No par
No par
19
17%
18
18%
19
19%
1,100
23
23
23
23
23
23%
1,200
California Packing
62
*49%
52
52
9%
*49%
2%
8%
14%
14%
15
2
2%
*4778
17g
9%
14%
17%
9%
9
2%
18%
*45
37
*35
14%
18%
14%
1678
48
7%
6%
7%
2%
9%
14%
17%
17%
48
7%
3578
6%
678
2
14%
•45%
37
6%
2%
17%
*45
7%
3578
6%
17%
48
*45
7%
7%
35%
*6%
35%
•2~2~4()6
45
*40
45
*40
45
*40
45
*40
86
*85
95
*84%
95
*85
95
*85
4%
91
17%
4%
91%
91%
*107
*10512 108
52
51
*22
♦104
60
17%
♦
"22"
60
26
*56%
20%
104% 104% ♦104
♦10
8
0
'
10
11%
*7%
6%
8%
52%
94
107
*
100%
22%
21%
56%
26%
3%
60
26%
4%
It
100%
22
*6%
*934
*7%
6%
7%
*5
0
11%
7%
44%
7%
29
97%
45%
7%
♦95%
29
29%
♦104
*95
97%
*96
97%'
42%
7%
437g
41
42%
28
97%
45
7%
29%
z43%
7%
28
7%
105
104
104
104
30
30
30
30
30
12
12
11%
♦45
46
45
45%
36%
*89%
37%
*1
37%
91
1%
12%
45%
38%
91
11%
37%
*89%
12%
45%
37%
*8978
*3
♦1%
1%
*1
3%
*3
3%
5,400
"""800
700
107
50
200
500
♦1%
1%
5
5%
*2%
13%
%
1%
1%
*4%
12%
*30
*1
5
15%
12%
32%
12
*12
1
2%
1%
2%
12%
15%
5%
12%
15
15%
5%
5%
*40
31%
1
5%
50
60%
63
13
13
66%
66%
*66
12
15
♦56
75
75
*3%
♦22%
23%
*50
3%
*3%
3%
24%
*22
•151
-
♦107% 108
*23% 24%
3%
21%
107% 107%
24?8 25
82
-
-
m
*77
»
-
-
m
61%
108
*23%
39%
82
*77
38% 39
15
14%
*114% 119
124% 125
38
82
15
♦114
124
121
124
*58
59
10%
*92
11
93%
*27%
28
*58
A
10%
*92
*120
58%
10
10%
*92 1
93%
27%
22
73
14%
*13%
14%
34
*32%
8%
34
*78
80
9
79
9%
79.
73
9%
21%
70%
82
10
3%
22
*21%
*
66%
73
8%
70
*»
-
—
—
—
»
""600
3%
22%
700
14%
100
200
24%
82
♦III"
38'
92%
m
m -»
50
"37%
38%
"3" 900
14%
14%
2,600
70
18
7%
11
18%
18%
18%
"i",600
7%
7%
7%
7%
450
*9%
18%
7
lilt
9%
9%
*8
9%
*8%
21%
21%
21
21%
21%
21%
20%
70%
21
21
*9%
9%
21%
21
*21
70%
14
*32%
8%
78
72
14%
34
8%
78
71
71
13%
14
13
*32%
33
*32%
8%
8%
*74%
64%
04%
04%
65
65
38
38%
37
37%
*61%
36%
8%
87%
65%
*60%
37%
37%
*76%
*8
lib
70
21%
3,400
*20%
13%
70
1,100
13%
1,000
13%
*32%
8%
,
8ll 1*74%
33%
8%
24,900
79
200
65% 4*60%
65%
150
38*
37%
2,900
37%
9%
1%
40
88
*84
88
43
43
42%
43*
42%
43
93
93
93%
93%
9%
41%
*93%
8%
42%
93
*92
*84
44%
93%
93%
93%
300
9
7,300
1%
1%
*94%
8%
1%
96
8%
1%
9%
1%
38%
40%
9%
9
9%
9
1%
1%
36%
1%
1%
40
•
40
36%
37
37
9
39
Bid and asked pricesjno sales on this day.
*84
881
1%
100
3
10
6% preferred
*84
88
39
{ In receivership,
100
{Chicago 4 North Weet'n.100
Preferred
100
Chicago Pneumat Tool. No
$3
par
pref erred ...No par
{Chlo Rock Isl 4 Pacific.
100
conv
.
7% preferred
0% preferred
.
...100
Oct 15
2% Dec 28
Dec 28
% Dec 28
1% Oct 19
7g Dec 29
2% Dec 23
141* Mar
115
1%
39
a
•
-
43,100
Jau 14
Deo
Feb 10
111
1% Oct 19
Oct 19
11
Oct 19
4
Feb
Jan
90% Mar
0
59
Jan
08% Mar
4
51
Jan
18% Mar
6
12%May 19
Jan 20
32
3% Mar 18
7% Mar 17
0%Mar 4
19% Feb 17
9
Class B
.
v t c
c—
No par
.No par
preferred-No par
Columbia Gas A Elec_.No par
6% preferred series A
100
6% preferred
Commercial Credit
100
10
preferred
100
Comm'l Invest Trust..No par
Deo
38% Deo
09% Apr
100
Nov
77% Nov
l%May
2%
Jan
3%
8%
Deo
1%
Apr
2%
Feb
14%
Deo
12
Jan
4
Jan
6
May
25% May
1%
2%
2%
6%
12%
Apr
Apr
Apr
May
Jan
33% Nov
2% Feb
6% Feb
4% Feb
17% Dec 29
179
12%
Oct
3
Jan
8
July
27% Jan 14
22% Jan 29
15% Mar 3
80
Mar 11
135% Feb 11
213s Feb 18
10% Mar
48
8
Oct 19
23
Deo
Nov
89*4 Nov
60
Nov
13% Nov
Jan
40% Mar
7
Jan
200
Oct
Jan
July
111*4
Deo
47%
Oct
82
Feb
90
Deo
48
Mar
51
48
Apr
77%
48% Aug 16
33
90
Jan 14
50% Feb 26
41
Jan
Mar
51
138*4 Nov
2384
156%
107%
Oct 18
Oct
45
Jan
Aug 10
Jan
Nov 20
Dec 29
Dec 28
Jan
Jan
Jan
179
82
Jan
85%
15%
72%
32% Oct
30% Jan
14«4 Deo
4*4
113
47% Mar 31
7
25
Feb
1
Oct 18
2412
13%
110%
9334
56%
8%
24% Dee
8
102% June 21
19% Dec 29
Apr
1% Apr
Feb 18
2.50
111
3% Apr
3% Apr
1934 Jan
173s sept
July 15
100
Nov
3% Mar 17
74
4% 1st preferred
74
19% Mar
72% Deo
10% Feb 19
8«4 Mar 8
92
4% 2d preferred
100
Columbia Broad SysIncclA2.50
conv
8
Oct 19
100
4X%
Mar
Dec 21
Colorado A Southern
conv
4
ITos -&t
Mar 11
Dec 31
No par
Colo Fuel A iron Corp.No par
Columbian Carbon
Columbia Plct v t
100
2
100
J an
Aug
58
No par
97% May
Mar
57
5% conv preferred
Colonial Beacon Oil
Nov
19
5
100
Feb
12
22%
100
Coca-Cola Co (The)...No par
Class A
..No par
57
Apr
101
100
Special guar 4%
50
Molybdenum..No par
Cluett Pea body A Co ...No par
Apr
6%
48
Feb
6%
Climax
35
Aug 28
par
Clev Graph Bronze Co (The).l
Clev A Pitts RR Co 7% gtd.50
Dec
Dec
63%June 10
Feb 13
Sept
9%
8% June
57% Sept
82
80
37%
47%
45
Oct 19
Clark Equipment
No par
C C C & St Louis Ry Co...100
Clev El Ilium $4.60 pf .No par
Oct
Dec 24
29% July 15
132%June 3
170% Apr
124
Jan
129
July
2
84
Jan
134
Nov
9
55%
Jan
58
Nov
Jan 29
59
Oct 19
25<4 Mar 19
June
Deo
13
June
21%
Deo
iOO
Aug
106%
Feb
95
Dec 21
104%
18
Dec 29
62>4 Feb 13
II284 Mar 11
45
Apr 12
39% Apr
30
Oct
51% Feb 10
28% Sept
48
Dec
27% Mar
19
Dec
36%
Feb
98% Nov 24
26
Jan 18
11% Oct 19
5% Dec 2 9
Jan
0
6
8%
Jan
6684 Nov
Dec 29
30
Jan 14
19%
Jan
37% Mar
7% Dec 29
29
Jan 25
16
Jan
36
16% Dec 29
16% Dec 28
32
2
8
05
Nov 23
10
Oct 19
2
12534 Apr
1
94
Jan
136% Aug
39% Jan 20
31
May
z45% Jan
51% Jan
23% July
10834 Oct
2534 Dec 28
46%
x4%
20% Jan 14
Oct 19
Jan 20
x68% Oct 19
64% Dec 28
303$ Dec 29
108
Jan
101
Jan 14
Dec 14
114
80
Mar
Aug
31% Aug
09%
Jan
8
8
Jan 12
39%
14
Dec
Jan
90%
8084
Jan
44
Jan
Jan
100% July
103
Aug
84% Sept
128
Nov
34
Dec 28
86
5
Dec 21
Oct 19
21% Jan 21
14% June
24%
Feb
No par
1
Oct 19
4% Jan 13
5%
Feb
$0 preferred series...No par
34
Oct 19
75% Jan 13
Apr
59% Apr
$4.25
conv
Commercial
pf ser '35-No par
Solvents..No par
Commonwith A Sou
2,900
Def. delivery,
Jan
Deo
39%
Jan
23% Feb 10
33
No par
6H% preferred
City Investing Co
City Stores
„
4,300
110
0% Nov
86% Mar 10
Oct 19
0%
1
10
25%
3
28% Dec 14
% Dec 28
100
Chllda Co
$2.76
43%
88
Oct 19
Dec 15
100
4% preferred
400
70
71
21
43%
43
Nov 24
31
89
{Chic Ind 4 Loulsv 4% pf.100
Chicago Mall Order Co
5
{Chic Mil St P 4 Pac..No par
20
9%
21%
34
91
z40
25
100
IOO
26
98
*9
par
6% preferred...
Collins A Alkman
)
.
29
19%
7%
Chesapeake Corp
No
Chesapeake 4 Ohio Ry
Oct 19
par
300
2,200
*96
11
:
25% Nov 23
5
Colgate-Pal moll ve-Peet No
94
*12%
7%
*9%
103% Dec
6
4",000
*93
26A
25%
No par
Preferred
2,400
......
92%
951
29'
25
Common
Checker Cab
Sept 23
Oct 19
*112% 119
*112% 119
123% 123%
123% 123%
*58%
59
594
*58%
10%
10%
10%
10%
10%
,
6% prior preferred
100
CbampPap A Fib Co 6% pf 100
95
34% Dec 29
3% Oct 19
18% Oct 19
Oct 19
109
*23%
824
504
"37%
100
-
Cerro de Pasco Cop per .iVo par
Certain-Teed Products
1
40% Dec 29
*146
-
24%
xl4%
~92~"'92%
38%
*84
*
*
41% Jan 16
24*4 Jan 11
.6
123% 123%
59
*58%
64%
88
3%
107^2 107% *107
50
Oct 19
312 Oct 19
par
Chrysler Corp
City Ice A Fuel
70
38%
Oct 19
4
N*
Oct 19
66%
♦56
36
8
Century Ribbon MtHs,
3
67
-
Central RR of New Jersey. 100
Central Vloleta Sugar Co...19
12
70
-
May
32%
107% Jan 20
36
*56
•
54
Juno 29
25
*66%
*23%
7
90
No par
70
*146
Dec
82% Jan
Chickasha Cotton Oil
1,300
Nov
Apr
39% Jan 12
12% Jan 28
Chicago Yellow Cab...No
1,500
z91
19
Oct 21
Chile Copper Co
5%
Jan
21% May
106
Oct 19
700
15
54*4
July
9
Oct 19
50
5
*40
Feb
June
143
8
2
300
66%
38
♦84
15
5%
95
•18%
*14%
*32%
15
50
9%
180
Jan
June
62
500
13
25%
19%
7%
11
9%
21%
21%
♦11
*12%
20
11%
11%
6*4 May
92% Jan
116
48% Mar
24
300
95
20
22%
1,300
29
*12%
22
1%
2%
2%
*1
95
29
*10
100
*12%
17%
95
21%
♦21%
31%
95
95
*12%
19%
7%
11
*31%
31%
1%
29
*
99
8%
3,100
26
29
11%
12%
26
*95
8%
93
11%
13
24%
115
-.100
5% preferred..
600
12
21%
19% Dec 29
Central Agulrre Assoc--No par
Central Foundry Co
1
Central 111 Lt 4H% pref. .100
5,800
4,600
25%
*12%
11%
124%
*58%
1%
1%
4%
4%
%
13
15
15
14%
*112% 119
*11212 119
11
%
1%
*1%
*3%
12%
14%
59
26%
38%
MOO
6,400
12%
108
Dec 21
1,800
5
12%
*
37%
14%
4%
13
61% 154,700
*23%
90
100
No par
4% Mar 16
58%
108
7% prior pref
Celotex Co
13% Mar 17
61%
*151
41%May 20
Oct 19
13
Dec
105% Aug 11
Dec 29
Oct 19
2%
22%
I
Dec 15
13
% Oct 19
%
1%
1%
*3%
Feb
97
6% preferred
1
*1%
3%
100
100
Ceianese Corp of Amer. No par
2
59%
♦
Nov 22
9% Apr 20
191% Aug 3
129% Jan 22
100
2%
22%
24%
40
Oct
103%
2
{Chicago Great Western.. 100
2%
3%
108
No par
35%June
{Chic 4 East 111 Ry Co
6 % preferred
66%
22
Deo 10
Preferred series A
60%
*56
3%
13% Nov 19
100
*2%
Nov
Jan xlOO
Jan
200
5
5
87
91
1%
4%
*40
8
Jan 18
1%
3%
*1%
4%
12%
*14%
5%
1,300
Feb
106
*1
*2%
11%
15
13,100
63
102
27g Oct 19
80
Nov 23
Caterpillar Tractor
2
Apr
08% Nov
18% Feb
8
97
1
52% Jan
Jan
Apr
12% May
45% Jan
Nov 12
90%
*1%
50
43%
36%
Oct
18% Mar 11
*89
*2
12
70
500
37
100
500
29%
11%
57%
12%
12%
♦151
35%
1%
3%
1%
1%
2%
2%
5
*40
67
75
09
*56
11%
2%
*1%
50
*42%
59%
*12%
*66
1%
1%
4
1
13%
*77
1%
1%
12%
31%
63%
13
%
2%
13
15%
5%
50
00
5
3%
11%
*30%
*30
2%
2%
2
15%
*5%
1%
1%
4%
*1
12%
%
43%
90%
*2%
*1%
4%
*2%
12%
%
1%
1%
*3%
11%
*30%
4%
12
105
36%
*89
1%
*2%
78
1%
90%
4%
5
*4
♦2%
13
*42
36%
43%
35%
44
34%
1
2%
♦12
"29%
44
12%
1%
*
*10%
1%
%
540
11
3
1%
29%
29
1%
*12%
29
104
3
4%
32%
3
*1%
5
12%
78
1%
%
1%
1%
4%
12%
1%
1%
4%
127g
31%
1%
*2%
5
*2%
12%
13%
78
29
10%
3%
1%
4%
1%
4%
*2%
2,800
10%
9
100
Preferred
"9",500
7%
6
Preferred
97%
42%
29
*1
200,
.
17% Mar
61% Jan
Case (J I) Co
900
6,900
7%
104
*89
Carriers & General Corp
41%
11%
44%
Nov
Jan
Jan
Oct 19
37% Dec 10
85
5
Jan 14
%
Nov 24
90
Stamped
Carpenter Steel Co
100
6
4% Dec 29
Carolina Clluch A Ohio Ry.100
7%
29
6%
28
-.1
10
Dec
44
25
No par
Cannon Mills
Capital Admin class A
43%
104
100
Canadian Pacific Ry
50
6
29
3
Feb
7%
104
*10%
52% Sept 29
0% Feb 25
Nov
Mar
Deo
Deo
Oct
Deo
16
11%
28
30% Apr
Jan 11
33%
0%
29%
88%
33%
48*4
D*c
9,100
22%
7%
*95
2
600
*9%
9712
2
48% Feb
Jan
Aug
42%
7%
28%
91
1%
*3
1%
5
*1
*95
7%
27%
104
*28%
*7%
34% Mar
700
:
♦95
Oct 19
18% Dec 29
49% Dec 28
6
|3 preferred A
101%
17%
61
12%
10% Apr
54% June
22
Apr
60
par
Canada Dry Ginger Ale
80
10
7%
6
91
54
3,900
10
10
Oct 19
61
59%
*104
Oct 19
30*4
27%
4%
105
6
24
10% Apr
*56
*104
Dec
Dec
9% Feb 25
33% Mar 9
38% Mar 19
*27
107
2
3
9% Oct 19
57
3%
18% Mar
16% Nov
27
4%
4614 Feb
36% Mar
40%
56
4
Oct 19
6% Oct 19
16% Oct 19
2% Oct 19
Jan
115
"22%
21
Apr
Mar
Jan
27
4
*104
108
*
115
"2I"
50%
27
17%
14%
13%
29%
2%
Oct
9
6
4
101
1
34%
33% Deo
31% Nov
16% Nov
30
17%
17%
Jan
Deo
Deo
Jan
8%
Feb
Mar
20% Jan 12
""16
4
101%
2%
1
14
59%
35%
37% Feb 13
500
94
97%
*105% 108%
52%
52%
51%
17%
Apr
26
11% Jan 29
39
15% May
Dec 28
1*3",100
97%
51%
8% Apr
11% Jan
20% Apr
Sept
115
115% Sept
10
108
101
2
45% Jan 18
18% July 14
35% Feb 9
Jan
Campbell W & C Fdy..Ne
700
*16%
4%
95
107
50%
52%
*100% 101%
17%
17%
18
17%
♦10%
4%
4
90%
107
101
7%
16%
4
92%
108
*5
5%
16%
4
4
4%
4%
11%
8
*5
52
101
101
26
4%
108
♦10
92
*107
17%
18%
♦8978 115
22% 2278
62%
27%
4%
17%
4
5278
101
24
*57
17%
108
62
♦100% 101
18
18%
*8978 115
*26
17%
4%
92%
Feb 15
65% Mar
85
Calumet A Hecla Cons Cop..6
Canada Sou Ry Co
95
19
13
7
Dec
Deo
Oct 19
Callahan Zinc-Lead
45
86
10
Jan
22%
21%
Oct 19
7%
*40
Oct 19
98
Oct
Jan
1
21,800
7%
95
Oct 19
1%
6% Dec 31
24% Feb
Oct
57
65%
4
36
45
15
24% Jan 11
100
9,200
18%
7%
6% Dec 14
Jan 14
7
Jan
Dec
09
3,700
9%
*6%
50
Oct 19
Jan
1
48
36
7%
5
5% preferred
2%
*84
*4
1
100
23%
62
10%
No par
23%
*4778
*33%
*18%
4
Oct 19
Oct 19
2% Oct 19
24% Dec 29
Butler Bros.
7%
20%
2%
No par
{Bush Term Bldggu pf ctfs 100
60
7%
20%
3%
♦39
♦17%
No par
Dec 27
No par
Watch
Debentures
35%
3%
10%
Oct 19
5,600
19
15
8
6
5%
*18
97S
15%
6%
3
*9%
20%
10%
32%
47%
778
6%
3
10%
8%
107% Bant
9% Jan
52%
50
6% Oct 19
2
102% Jan
Dec 29
36
6% conv preferred
Butte Copper & Zinc
Byers Co (A M)
Parti c preferred
Byron Jackson Co
*35
8%
36
*6%
15
20%
37g
3
Dec 28
15% Dec 28
30%
Jan
117% Mar 12
14% Jan 11
21
Jan 12
34
7% preferred
Jan
4%
40% Jan
97% Feb
44% May
45
Sept
8% May
8% Jan
Dec 28
No par
9,400
41
53
100
*978
*13%
Jan 13
7
70
8%
Jan 23
8
Dec
33
6
580
47
47
38% Jan 14
—100
No par
8%
19%
3%
20%
378
*45%
7%
48
Oct 19
7% preferred
Bufld (E G) Mfg
8%
19%
*278
10%
8
Dec 28
1
Oct 19
_
11%
34
5% Dec 29
Bucyrus-Erle Co
19
18% Feb
64% Mar
Apr
50% July
12% Mar
61% Mar
58% Sept
28
6%
49%
5
y!2% July
43% Apr
63% Feb 13
10
*29%
18%
5% Nov
Oct 19
3,000
30%
18%
5
18%
1% July
Dec 29
Bruns-Balke-Coilender.N# par
5%
47%
0
18
1,000
82
15% Mar 23
22
Brown Shoe Co
100
Nov
32% Aug
50% Aug 25
Brlggs
7
8%
*79
6%
1,400
47
Oct 19
15% Dec 29
8%
50%
19%
10%
32%
52
*4778
2%
9%
1478
17%
5%
8
4
11%
36%
18%
23%
18
52
678
900
19%
41
8%
8%
8%
300
600
3,200
10,400
32
19%
82
300
100% Apr
June
Oct 19
%
Brlggs & Stratton
1,400
9
*38
8%
*80
19%
32
42
8%
8%
8%
15
8%
21
*20%
4%
36%
19%
10%
34%
15
8%
21
4
4%
15
15%
8%
8%
♦20%
8%
19%
3%
10%
3%
3
Jan 18
4% Jan 11
Aug 14
23% Feb 23
59% Feb 11
11%
19%
81
22% Dec 29
5
-100
Maine RR
{Botany Cons Mills class A.50
Bower Roller Bearing Co. 17
10%
30%
11
Corp
Bore-Warner
Boston A
33%
2%
5
31
18%
20
800
*32%
2%
8%
478
*29%
18%
3%
7,200
4
34
5%
30%
19%
8%
19%
27
33
49
11
28
Manufacturing-No par
Nc par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
$0 preferred
No par
Bklyn-Manh Transit—No par
$0 prerfered series A.No par
Brooklyn Union Gas—No par
50
8%
Dec 28
Bridgeport Brass Co—No par
*32
8
Dec 28
16
7,000
*48
19
11
15
9,400
60%
30
Apr
1
Borden Co (The)
80% June
share
per
Jan
Bond Stores Inc
9%
*38
5%
25%
300
25%
5
11
15%
8%
21
5%
5%
30%
19%
8%
19%
3%
8
*78
0
39
30
41
Jan 22
Highest
share $
per
93
5,900
9%
11%
33%
19%
$
Oct 19
30
8%
share
40% Apr 13
25
Aug 16
4
2%
per
76% Oct 19
25
2%
8%
11%
Lowest
Highest
S
share
39
32
49
778
19%
3%
19%
4
6%
52
30%
*19%
30%
82
8%
*78
per
No par
Class B
*30
1078
32
18%
8%
8%
I
No par
Bon Ami class A
20
160
21
9%
26%
2
*38
9
80
578
50%
6%
52%
6%
19
40%
9%
878
Lowest
Par
13
19%
Range for Previous
Year 1936
IOO-Share Lots
19
*12%
18%
26%
4%
*19%
9%
9%
778
10%
31%
18%
34
*1878
40%
9%
8%
80
82
34
20%
'
9%
9%
9%
10%
19
*2
2%
8%
11%
8
36
35%
•20%
•38
34
♦2
2%
878
1278
88
42%
13%
1878
26%
25
30%
25
0
19
88
42
*4
10
*30
61%
5%
30%
19%
7%
19%
3%
•1078
*16%
*8%
♦20%
4%
10
10%
9
27
4
10
26
*78
*12%
18%
26%
1878
20
33
*9%
42
13
26
89%
42
*80%
1978
25
36
91
42%
20%
10%
20%
*30
12%
*86%
42%
*12%
18%
13
18%
28%
4
2178
10%
*86%
91
43%
13%
19%
*86%
*42%
*13%
18%
27%
1938
EXCHANGE
$ per share
*86%
4234
13>«
19%
27%
Jan. 22,
n
New stock,
r
Cash sale
x
Ex-dlv.
y
80% Jan 26
55
Jan
Jan 25
97
Jan
120
Ex-rlghts.
2%
91*4 Nov
130
82
T Called for redemption
Nov
Feb
Volume
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Jan. 15
Jan. 17
Jan. 18
Jan. 19
Jan. 20
Jan. 21
Week
$ per share
73g
*65g
$ per share
$ per share
$ per share
Shares
S per
$ per share
*7
7
7
78s
8ig
912
9
68
185g
187g
*
*8
19
177g
784
75s
*
68
"73"
83
♦74
10
183s
8
734
7l2
♦712
*8
19i2
73
1«4
1®4
ll2
134
634
63g
63g
25
2512
95U
534
*53g
534
10i8
10
934
7ig
6I4
h
7
38
*3g
53s
53s
*21
10
81
10
500
Consol Film Industries
1,700
*5
5I2
5%
*5%
5%
10
10
934
934
9%
1053g
10538 *100
1053s *100
900
17,500
No par
7
1,500
$5 preferred
Nt par
Consol RR of Cuba 6% pf.100
100
634
%
800
^Consolidated Textile. .No par
1,000
Consol Coal Co (Del) v t C..25
6%
6%
38
®8
38
434
478
21%
5
6
24
21%
87
*85%
15ig
*1578
155s"
l63g "151?~16%
15
16
1434
153g
85
4284
43
31
32l2
1'4
158
33
3214
1%
17
*1512
*5414
64i4
55U
15g
16
63
62l2
168
♦162
100
26
2684
26i2
26i2
25
2512
25
96
95
95
9414
94%
23%
94%
24%
37
24
24
2314
23
23
lOU
38l2
IOI4
2314
978
23
lOU
3812
397g
*984
3634
Ids
3914
37i2
984
3584
38
*33
38
*34
38
33
327g
3278
*32
33
33
33
11&8
11
1118
10i2
11
11
11%
78
71i8
68
41
*6812
4018
7H8
4134
68 «|
4338
H8
10i2
5is
Ills
IOI4
514
5ls
80
80
Us
17i2
18
46i2
49
478
1778
*4912
678
678
*4934
5i8
18i8
55
5i8
1778
*4912
23«4
"2334
2338
*6%
678
658
*1378
*1378
15i2
*10314
»10314
25"
*75
80
*75
80
1712
7
7i8
50i4
48
55
17i2
*49i2
634
*137g
1514
*10314
634
16
712
*2
1818
1718
55
24%
24l2
157g
1618
7%
2i2
*478
*7
18s4
*32
*26
28
*25
34%
2634
♦34
3434
3434
*35l8
8i2
13%
*712
*4912
7%
214/
102
8i2
I884
*2
102
*47g
*7i2
8l2
*47g
*7l2
1834
*327g
39
*3312
2514
25
25
26
3512
8i2
♦35U
1334
*351S
734
1414
72
72
*67
703g
X70
*16%
17
*16i4
17
*
1434
35l2
8
8i2
1384
15,900
I6I4
*31i2
400
15
100
23g
200
tDenv A Rlc Gr West
10134
700
Detroit Edison
*478
6
6
1884
3334
500
26ig
2,100
35l2
300
6% participating pref
8i2
2,000
Diamond T Motor Car
14l2
4,400
265s
3512
70
812
1414
200
JDuluth 8 8 A Atlantic—-100
6% preferred
100
Dunhlll International
—1
300
1634
200
32
*3H2
32
50
22
2134
22
2112
21%
2114
2114
21
21
5638
56i8
56i2
718
8I4
700
443g
4578
46i4
38,500
94
4412
93&g
5534
8ig
437g
14,700
71s
5714
8U
57l2
7
57i2
7l2
5758
*6i2
9334
*22
24
*21
24
*21
24
12
1212
58
*14
*12
*3
*10
*118*2
1
*l2
i*
12
12
*113% 115
11U
1205s
135
135
11334 11334
6%
*14
113%
678
117
120
*13378 135
1137g 1137g
112% 112%
6%
67g
164
166
165% 16634
*158
165
160
21
160
12%
127g
41
41
38
39
♦37
38%
357g
36
*30
31
30
30
*4%
20%
97g
*334
*®8
*25g
20%
♦39%
*104
5%
434
21%
10%
378
34
*.%
27g
25g
20%
20
47
109
12
93
*l4
*12
*234
*21
23
*21
24
*1114
*14
*12
*234
12
*11
II84
♦10
12
1
3%
12
♦10J
115ig 11812
135% 135i8
1
3%
21
4l4
197g
934
334
113g
38i4
*3434
29%
*10
2H2
4i2
20%
IOI4
334
1178
38i4
36i2
20lg
20U
4%
193g
414
1934
9i2
*358
1038
30
412
4i2
1934
20
20
10
37i2
2,200
3612
3612
357g
357g
800
28i4
28l4
2912
29
29
700
27g
34
*214
20
47
5
1912
47
*38
19
*39l2
1912
47
*45
48
47
50
50
50
50
*55
60
*53
60
*52
60
*54
59
*54
2l2
2i2
318
512
3i2
434
9i2
♦15s
334
9%
184
912
15g
I84
1«4
17g
2
2
43g
434
3
714
7
75a
512
412
67g
6I4
514
514
512
334
5*8
5
5
*5
5
5
10U
10
10%
IOI4
31
31
*3U2
10
~3~2%
10
*8%
11
31
10
1®4
2
IO84
30
32"
178
I8I4
134
*17%
478
9%
30
10
10
2812
2934
31
~3~1%
70
*70
75
*95
105
*95
105
4ig
4
4
37g
4
4
4
4
4
17g
134
134
♦3%
1«4
*17%
1714
16i8
18
*95
5
700
978
2,200
1&8
400
2ig
310
10
1038
110
29
2934
2,700
*95
*68
105
18
*434
107g
*95
4
434
7312
105
*3i2
3,600
*70
*95
414
12,500
*10l4
76
414
22,800
63s
72
*70
4
3%
305s
10l2
75
58
414
10
*70
*53
312
*70
.
400
57g
4U
*4i2
*95
30l2
50
6i8
978
74
♦3«4
1*8
2814
105
4
*31
10U
*70
70
*95
3®4
El Paso Natural Gas
Corp
.—3
50
5% preferred
Engineers Public Servlo®
100
1
par
100
Erie Railroad
50
934
158
Corp—No par
50
"i'ioo
400
*2
jElk Horn Coal
6% preferred
278
48
*2i2
OA Co 20
6% non-voting deb
100
$4.50 pref
No par
Duquesne Light 6% 1st pf-100
Eastern Roiling Mills
5
Eastman Kodak (N J).No par
6% cum preferred
..100
Eaton Manufacturing Co
4
Eltlngon Schlld
No par
Electric Auto-Lite (The)
6
Electric Boat
--3
Elec A M us Inc Am shares—
Electric Power A Light.No par
$7 preferred
Ns par
$6 preferred
No par
Elec Storage Battery.-N" par
preferred....No
$5^ preferred w w..No
$6 preferred
No
Equitable Office Bidg. - No
47
334
1012
♦10
19,100
—100
preferred..
Du P de Nemours(E
Endlcott-Johnson
30
4ig
7312
73i2
2,500
6
3l2
*9
74
19%
47
4
*70
*30i2
11
*40
534
73i2
31%
100
300
418
*95
*95
*70
♦701s
*212
58«4
27g
25g
45s
*214
I8I4
106l2
IO6I2 *103
106l2 106l2 *103
5
4l2
5%
434
4l2
434
5234
7
84
2%
s4
4812
*96
1214
37i2
278
95s
1U2
38,600
40
*%
*15s
*134
1012
*2912
600
39
♦50
178
218
30,200
35s
39i2
36i2
*46
*1%
*17g
*934
3084
*9012
30i2
8,400
1014
377g
53
184
2058
97g
3%
117g
49
2
1,800
12
*50ig
1«4
438
IH4
*35g
*47
2
4%
10U
37g
1214
4
53
10
170
2,900
3,700
*20
48i2
5i8
10%
6164
20
*214
1914
*23g
6%
164
1,800
34
106i2 10612
2l2
113l2 113l2
21
53
214
800
165
4812
212
500
*20
47
212
4%
135l2
1133s 1133g
*160
27g
4%
12,500
21
34
5
8%
116% 119l2
*134
..No par
Duplan Silk
12
165
*2l2
193g
1
3
*11312 115
116l2 119
135
135
36U
*2812
*%
*38
*12
*234
*160
165
*160
5
*14
*11312 1151 *11312 115
160
160
500
III4
11
1137g 11378
1137g 1137g *11218 11334
113l2
113i2 113i2 *113
112% 11234
65s
6l2
6i2
658
684
67g
163
165
16434
164
165
1 6534
20%
*38
1
278
116i2 11884
13412 134i2
34
258
*104
45s
n0
105g
37g
12%
45
i2?8
*91
900
24
*21
1134
*11312 115
21%
109
534
•l2
♦
21%
4%
21%
4%
197g
10%
37g
11%
215g
1134
12%
314
118
*112
12
9358
25
T.966
72
17
*67i2
*16i4
8I4
4558
Devoe A Reynolds
Co..2
Distil Corp-Seagr's Ltd No par
6% pre: with warrants. .100
Dlxle-Vortex Co
Ne par
Class A...
No par
Doehler Die CastlngCo No par
Dome Mines Ltd..
No par
Dominion Stores Ltd.-No par
Douglas Aircraft—— No par
Dow Chemical Co
No par
Dres8er(SR)Mfg conv ANo par
Class B
No par
55i2
97
6% non-cum preferred..100
A ..No par
Diamond Match
No par
*7l2
22
45l4
6%pflOO
......100
Co.—100
3334
26ig
35ig
8I4
1412
7
*95
Western..50
39
2H2
56i2
46i8
Preferred
1834
*6i2
100l2
Deere A Co new
Det A Mackinac Ry
21l2
5534
4414
pref
♦2
2l2
102
31
*95
5%
Delaware Lack A
31
98
Davega Stores Corp
3,300
33
44i2
54is Dec 20
32
IOI4
""906
500
""206
"l'ooo
334
*3%
1«4
37g
3«4
*1«4
17S
112
I84
2,600
16lg
I6I4
1614
16l2
16ij
700
4
200
par
par
par
100
—100
Cleaner
5
Co
5
Exchange Buffet Corp .No par
Fairbanks Co
---25
8% preferred
100
Fairbanks Morse A Co-No par
Eureka
Vacuum
Evans Products
6% preferred
.....100
Fajardo Bug Co of Pr Rlco.20
Federal Light A Traction. .16
preferred
Federal Mln A
100
Smelt Co—100
——100
Federal Motor Truck..Ne par
Federal Screw Works.-No par
Federal.Water Serv A..Ns par
Federated Dept Stores.No par
Preferred
105
384
4% 1st preferred—
4% 2d preferred
$6
73i2
70
$5 conv
39% Dec 29
86
Sept
6%
Jan
Jan
3512 May
1678 June
99i2 Mar
6
.100
4,700
71g
9
63i2
6
4
2384 Mar
73g
16
16
33
97
109i2 Jan
83gMar
16l2
*13
15lg
33
43
Oct 19
—No par
20
Diesel-Wemmer-GUbert
10
Delaware A Hudson
100
♦31
56i2
7i2
435g
2
—5
25
Dayton Pow A Lt 4j^ % pf. 100
23,800
H4 Sept
4
178s Jan
8% Oct 19
No par
preferred
Conv
2514
9512 Apr
127
1
A—
400
3278
*31
Class
284 Oct 19
1
No par
Preferred
Cutler-Hammer incnewNo par
24~
Oct 19
3
3
Apr
28
Jan 11
Curtis Pub Co (The).—No par
678
*10384
231g
*2412
714 May
20% Feb 11
*100
25
3
Oct 18
Curtls8-Wrlght
Deo
44
135
4
2,400
10
Jan
46% July
8I84 Mar 3
MarlO
Nov 26
1
i2 Dec 30
Dec 29
Cushman's Sons 7% pref.
15
43%
12
$8
*13i2
15
15% Mar
3
8
47U Jan 28
25U Apr 13
56i2 Jan
60
Packing
Mar
2884 Jan 15
1007g Feb
143g Jan 12
Jan 11
43
Mar 1
Preferred
Oct
35
Jan 16
Dec 22
Cudaby
July
Aug 13
37
Aug
4
41
3
115
Apr
158
17H2 Jan 14
56i2 Feb
Dec
6514
63% Aug
71% Jan 15
70
Sugar
10
......100
~2~1%
*612
67g
*718
214
37,600
55
21
22
23"7g
7%
1,500
5i8
177g
*4912
55
6,100
7
4 834
17i2
1734
*6l2
678
*13i2
1514
103i2 10312 *10334
227g
22i2
24
25
2412
24l2
*13
*1312
1514
15%
,15% 157g
*634
678
700
*23
213g
*1378
a
70
18
5
*23
23
2214
102
39
25
73
1678
17U
55
*4912
227g
67g
1514
49
5%
5
17%
102
102
34
834
1514
4814
518
*23
2278
8
49
80
*17l2
678
*47l2
1734
7
7
7
678
478
*23
25"I8
1734
5i8
5
2334
18
18
*75
Oct 19
21
80
100
26
Feb 13
77
Apr
2ig
28i8 June
8
3558 Mar
—57%"Dec28 To884™Apr 15
...No par
(The)
80
1
3012 Dec 29
8i2 Oct 19
100
Cuban-American
4834
2i8
10512
8i2
♦45s
1678
No par
Preferred
Cuba RR 6% pref
36
1678
$5 conv pref
1,600
514
lSSg
5
Crucible Steel of America.. 100
1,100
•34
1678
200
2,100
218
8i2
200
17,100
96l2
5
7%
54
105
1478
71
3984
*90
No par
Pref ex-warrants
Crown Zsllerbacb Corp
984
17l2
*7H2
4,000
42
*69
72
4184
""466
III4
78
16l2
758
9
3312
47g
17i2
1578
28*4 Nov 23
34
Dec 21
912
*17U
73
6% Dec 29
Crown Cork A Seal....No par
5
*13
1514
Crosley Radio Corp...No par
$2.25 conv pref w w..No par
17i2 June
3512 Apr
lOU Mar 16
900
lis
17i2
Oct 19
3
22% Nov 20
885g Dec 6
21
Nov 23
9,100
9l2
17l2
9l2 Oct 19
46s4 Nov 27
50% Oct 20
153
Apr 14
984
38
5
*1
IOI4
Oct 19
24
387g
*918
15
*85s
Cream of Wheat ctfs-_.No par
*1
2378
73
100
5% conv pref
900
5
15
3484
25
Us
2378
10812
1034
*478
*8
1834
No par
Co
9%
1578
'*2%
Crane
5
25
*2%
100
Coty Inc
3,500
1,200
914
Us
*15
♦105
2~300
80
80
25
Preferred
412
5
1
♦23l2
24
Corn Products Refining
168
33l2
1034
96
*90
Corn Excb Bank Trust Co..20
3,200
5
95s
5i8
2312
*237g
24
9478
170
64
Cuba Co
11
*23
*24
*90
96
*90
1
1
*75
*17i2
634
9412
55
*34
38
lli8
9412
Continental Steel Corp. Ne par
984
33
92
5
Continental OH of Del
Jan
Jan
Deo
63»4
2534 Jan 23
4234 Jan 23
378 Feb 11
49
July 19
7g Oct 19
Jan
2
108i2 Dec
Oct 19
23
1
Motors
100
16
37% Dec 28
1067g Dec 17
5% Oct 19
37l2
10
37%
*33
92
par
4,400
8,600
112
32l2
24%
10
3912
No
$4.50 pref
Continental
23
1178
38%
20
Continental Can Inc..
Continental Insurance...$2.50
93l2
3412
4134
Oct 18
Continental Diamond Fibre. .5
93
38
*33
400
65
2,200
23
3638
934
4,100
100
preferred
8%
1,100
2478
♦33
*70
16g
67U
94%
*32
78
108s
100
25l2
ft 11%
433s
I684 May
514 Jan 15
10934 Feb 17
69% Jan 9
4l2
4%
25%
June
12% June
3784 Jan 14
Oct 19
9
*162
168
4%
6
1
31
*1512
5484
63%
54
2
6
373g Apr 13
1*2
6434
*162
414
414
458
63
1314 Apr
62*4 Apr
712 Oct 19
3112
16
*15%
5334
6234
*5312
168
43s
5484
16
5434
6414
Oct 19
Oct 19
1034 Oct 19
9
32
3
16
...No par
Class B
31
1%
1%
31%
3g May
Continental Bak class A No par
'108% 10912
9
5i2 Sept
Container Corp ol America. 20
79
3084
3s Oct 16
3,000
4284
9
Jan
4
16s Feb 27
10®8 Jan
2% Oct 19
8,700
79
30%
D2
325S
112
3H4
16i2
*162
434
108
101
10578 Jan 23
Dec 23
Apr
1112
5
2l4
v-100
42
9
1778 Apr
Oct 19
16l2
82
31l4
9
31
378 Apr
13^2 Feb 26
3% Oct 19
Jan
102
Jan 12
108
Nov 26
Apr
Apr
15U
27U
1834 Jan
16%/M. 000
4284
108%
42
95
267g
20i2
45g
2%
*79
42
*10712 108l2
3284
5412
65l2
168
♦162
""484
82
4114
31^4
*16
16i2
65i2
6434
»1612
54i2
6384
*161I4
45s
*96
33
2%
9ig
9i8
3114
158
32i2
3114
2i4
*79
42
108
108
95s
16
100
4% Sept
9
497g Jan 23
92% Aug 16
151S
2i8
16%
15%
5% preferred v t 0
June
7984 Dec 28
165s'
16
153g
100
Consol Oil Corp
8
Consumers PCo$4.50pfNo par
861
2ig
82
4H4
108
3034
112
31
21%
8612
14%
214
*79
4234
912
5
5
*1978
87
_
83
*107
9l2
6^8
65g
i*857g
108
92
94l2
16i2
23g
914
$5 preferred
No par
Consol Laundries Corp
5
2378
9412
157g
108
4% Oct 19
21% Dec 29
12 partlc pref
23i8
87
4Hg
No par
Consol Edison of N Y..No par
94
15i8
157g
23g
*8012
*80
600
Aug
65'4 June
72U Jan
584 Jan 20
1%
6i8
24%
*8434
2i8
1
1
H2
6
Jan
15
7
Mar 11
95
134
93%
*19
214
Oct 21
Oct 19
23%
*85%
2ig
Oct 18
65g
*1%
*6%
23
5I2
65
63
95
871
•.*85
7%
July
July
16
187g Jan 15
87
Mar 2
484 Oct 19
100
100
preferred
6H % Prior pref w w
87
*5
53s
1,300
88
*74l2
251 I* 20
5U
*20
25
8%
*7l2
*65
26
share
3078 Aug
Jan 14
22
per
7
$
share
19*8 Feb 11
45% Mar 11
19*4 Jan 23
per
Oct 19
2334
%
h
l2
36
8
4>£ % Dref-100
1
Consolidated Cigar
No par
34,000
225g
10
Consol Aircraft Corp
81
634
*9378
518
912
Conn Ry A Ltg
11,000
88
134
*6
1053g *100
6I4
63g
1053s *100
*6
614
1053g *100
*100
*112
2378
9434
5l2
937g
514
95a
""l30
No par
Cigar
*73%
*73i2
134
2314
9514
235g
9514
2434
9514
5i2
97g
9l2
712 Dec 31
578 Dec 20
Congress
*65
86
81
63g
*ll2
6%
Congoieum-Nalm Inc..No par
per
I884
8%
7%
No par
Conde Nast Pub Ino
8i8
18
183S
7%
400
1,500
*712
8%
8%
18
7x2
712
83
734
912
1834
6%
24
23%
*7%
8
*70
88
*73"
*63s
.
23%
$
share
4ig Oct 19
20
Dec 23
S
Lowest
Highest
Lowest
Par
243g
6%
7
*6
65g
23%
734
*712
9i2
68
0i2
*2314
*712
235s
9
*73s
I8I4
7i2
235g
734
2414
24
24
23i2
share
Range for Previous
Year 1936
100-Share Lots
On Basis of
YORK STOCK
NEW
for
1937
Range for Year
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
555
New York Stock Record—Continued—Page 4
146
4
Jan
IOI2
Jan
Sept
36% May
69
Jan 14
Feb 27
Nov 20
62
18% Nov 23
6
Oct 19
27
12i2 Oct 19
24
Feb
5
96l2 Oct 21
19*2 Nov 23
205s Nov 20
109
Jan
5
27
Nov
1
31«4Mar
5
27
Jan
Oct 19
29
5
1912
Apr
13
Oct 19
583$ Mar 17
36>4
Jan
5
Oct 19
24i2 Mar 17
147g Apr
24
8
184 Oct 19
3
885g Dec
5
Oct 19
Oct 29
Jan
Apr
75g
Jan 16
181*
107"
Deo
107g Feb 18
4
Jan
7
28
19
May 13
4
May
Apr
13
June
42
Jan
Jan
116ia
22
May
12ig Oct 15
30
29i2 Dec 29
18% Oct 19
30
Occ 15
76ig Feb 19
36i2 Feb 2
534 Dec 29
10
Oct 19
23
Fob 4
Apr 10
29
Mar 17
96
Mar
9
93
26
Feb
9
19
Oct
41U Jan
468< Feb
57U Dec
128s Mar
77U Jan
14384 July
25
17
28
8
25
13
40
Aug
Jan 16
60% Oct 20
15
Oct 15
27
Oct 19
1612 Oct 19
35
Oct 19
5
2
Dec
2612 Oct 19
79l2Nov 26
21
Dec 24
8% Dec
U Oct
12 Oct
ll2 Oct
28
25
19
19
10
Oct 19
106
98
Nov 20
Nov 24
130
Oct 20
107% Oct 21
109l2 Oct 27
2i2 Oct 19
144
Nov 24
150
15%
234
1478
334
3%
2
Dec 29
Dec 29
Dec 29
Oct 19
Oct 19
Oct 19
Apr
40 ig
65
39U Jan
7
5
3% Feb 19
8i4 Jan 16
17i2 Jan 19
lis
Jan
Jan
47g July
13ig Aug
Feb
115i2 Jan 22
17
Mar
5
tlll% June
512 July
198
Aug 16
156
Apr
164
Nov
4
152
July
3712 Feb 11
16
Mar 17
28i2
Jan
684
4512 Feb 11
16
Feb 23
30»4
10
Apr
Apr
Apr
6
Deo
63g
Jan
7U Feb
6
2
Jan 19
8
Jan 18
29
Jan 18
60
Feb 11
HSig Jan 19
17% Jan 16
3284
2912
Jan
393g
Dec
Jan
i2 Jan
H2 Jan
22»4 Nov
53i2 July
Aug
110
7it
Jan
45i2
Jan
3
23
86I2 Feb 10
55
5
Oct 19
3
Oct 19
6I2 Dec 29
II4 Oct 14
1
Oct 19
712 Oct 18
Jan 15
Mar 17
Mar 17
Mar 17
Jan 21
Mar 3
684 Jan 21
53g Jan 28
9<4
23%
363g
28%
14ig
34%
28
Jan 28
23i2 Oct 19
Mar 31
26
Oct 18
717g Jan 15
210% Jan 14
70
Jan 11
7ig Oct 19
7284 Dec 28
60
Nov 29
90
Oct 19
298g Jan 18
Jan 4
Mar 11
129
Apr 2
Oct 19
11% Feb 19
150
2U Oct 19
1U Oct 19
143i Dec
Jan
®8 May
78i4 Jan 30
81
Feb 19
21'
1% Dec 28
414 Oct 19
8I4 Oct 19
2
Jan
29
6I2
Jan
Feb
44i2 Jan 16
Nov
Apr
50%
Apr
Oct 19
Nov
4Hs
71s
133
22
45
Dec
129
Oct 19
51
Apr
114
24
Oct
18%
Jan 19
Oct 19
41
Oct
180ig Jan 18
135it Feb 19
112
Nov 18
122
27
i2 Oct 19
112 Oct 19
14i2 Oct 19
33
Nov 24
ICO NOV 30
3
Oct 19
Oct
37i2
13s Jan
265s Jan 14
92U Jan 7
87
Jan 8
6ig
30ig
29
48
Jan
Jan
11
Apr
Apr
10
Apr
5U
II84
Jan
12
Jan
23ig July
43g
Jan
2% June
8i2
3484
1221s
31%
I884
Apr
Jan
Jan
Feb
Apr
103
84
Jan
150
37
Aug
lilt Feb 25
6
Jan 14
4384 Mar
4
697g Mar
78g Jan
3
2%
20%
Apr
Jan
Jan
New York Stock Record—Continued—Page 5
556
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
Saturday
Monday
Jan. 15
Jan.
$ pa share
*71%
Tuesday
17
Jan. 18
$ per share
79i2
*77%
*31%
78%
32%
*16
30
*15
24'4
*01%
32%
25%
92%
3214
32%
*76%
31%
30
*16%
22%
30
*16
32%
33
17%
31%
18%
284
32%
16%
28%
♦17%
2%
32%
17
29
20
2%
32%
32%
17%
29%
32%
32%
*32
1,000
1,100
9,500
32%
31%
32
2%
31%
95
95
95
95
18%
19
17%
18%
70
65
65
60
61
.
25%
25%
*4%
*40
26
4%
46
25%
4%
26
106
*106
114
30
*23
26
*24%
30
*11
11%
114
*25
12%
11%
11%
2%
4%
*14%
2%
2%
23s
2%
4%
5
4%
14%
16
16
16
16%
*15%
17
*15%
90
*89
90
*15
16%
*88
90
90
16
6%
7
6%
6%
7%
*94
98
44
443s
8%
9
6%
6%
*93%
7
120
43
8%
120
120%
4%
12%
*23% 24%
4%
11%
*21%
12%
23%
*21%
*70
*67
80
*69
4%
12
90
*119
6%
26
26
*25% 26
•111
120
*110% 120
44%
45%
44%
43%
33
32%
33
33%
1%
1%
1%
1%
♦30
50
*30
*55%
56%
*118% 123
36%
38%
25%
13%
2%
4%
4%
*15
16%
15-%
16%
90
*88
16%
90
6%
6%
6%
6%
6%
6%
6:
6%
*93%
98
*95%
98
42
43
43
8%
8%
9
121% *119% 121%
5
434
484
11
11%
11%
23%
22%
22%
80
*71%
80
25%
25% 26
36%
*114
*31
6%
31%
5*4
9%
Dec 16
67*
6%
98
44
8%
118
*4%
10%
21%
*71%
87*
50
*30
50
t FollansbeeBrothers..no par
Machinery Corp
100
434% conv pref
100
27
Oct 19
68
80
Oct 20
98
35%
♦115
31%
36%
116
31%
Foster-Wheeler
11% Oct 19
18%
3
1,900
140
69
*90
99
1%
*17%
1%
19%
26%
27%
27%
137*
1%
*17%
27%
26%
13%
27*4
26
13%
1%
19
27
1334
50
36%
37%
11534 116
*28%
32
90
1%
*16%
25%
2434
13%
90
1%
19%
27
*90
99
1%
*16%
24%
18%
26%
23%
13%
*11%
2584
40
Dec 10
"j'ooo
18
Oct 19
102
Oct 19
150
I
27
13%
810
800
70
2,800
800
15% 4 15%
*15%116%
7
*6%
*93%
6
97
1,700
1,900
9
118
3,800
50
22
80
Bronze
"
l'ioo
10
52,400
6,700
2,500
55
"""400
20
36
37% 119,700
115% 116
1,500
100
*28% 31
900
*5%
*90
12%
99
1%
4,200
"""306
4,000
20
10,200
19
26%
25%
12%
20
20
*19
20
19
19
19
19
18
18
105
*90
105
*90
105
*90
105
*90
10%
59
8*8
834
56%
25%
25
51%
50%
27*
*3%
3%
3%
*77
13%
*54%
57
25%
*50%
10%
2%
*3%
25%
50*4
278
3%
8
*54%
23%
*50
*2%
3%
12%
10*8
59*4
8%
57
24%
51%
278
3%
12
10%
6934
7%
*54%
23%
51%
2%
3%
12%
10%
59%
8%
8
13%
10%
59%
8%
*54%
24%
*50
24
*2378
8%
54%
24%
51%
*50
52
56
*77
19%
18%
19
18
18%
17%
18%
57%
227*
55
57
*55%
21%
58%
55
21%
2178
2034
55%
21%
88
88
56%
*4%
21%
*85%
4%
*54
4%
*54
65
1%
1%
6%
1%
6
1%
13%
17%
65
6
6
1%
1%
*13%
13%
17%
26%
21%
*17
27
26%
21%
21%
14%
21%
14%
14
25%
24%
317*
*40
4%
1%
24
*126
88%
1%
13%
177*
27
2278
32
14%
25%
231
85%
*4%
*54
1%
5%
*1%
13%
17%
*26%
*21%
13%
23%
10
10%
8%
1%
8
8%
1%
8%
1%
1%
26
*25
6%
*5%
19
26
*94
24%
*121
2%
01
*88
16
56
21%
14
24%
*20
25
5%
64%
18%
10
8%
1%
25
5%
"7",500
*90
al41
16%
56
*92%
*18%
21%
*
51
93
25
22%
100
10%
*22
*102
5784
25
11%
4934
*83%
8%
51%
*2%
*6%
9%
1%
11%
*19
3534
7%
*4314
92%
*18%
21
*
"T
22%
21
*
..
59%
25
"59"
2434
ii84
11%
4934
50
85
8%
52%
2%
784
934
1%
1134
*83%
8%
51
2%
*6%
9%
20
19%
35%
35%
7%
7%
234
3%
1,600
2,100
8%
1%
8
*1%
25
9%
8%
1%
25
20
18%
19%
54%
23
19,100
1,700
22,300
86%
4%
400
*84%
4
*54
*40
18%
9%
7%
1%
*23
500
65
2,400
3,200
15,900
1,800
50
"""806
9%
6,600
3,500
1%
Railway Signal...No par
6% preferred
100
Gen Realty a Utilities
700
40
128
7%
65
234
9134
7%
100%
141
16%
*121
7%
*65
*2%
*90
7%
*90
♦138
16
128
7%
95
234
9134
92%
25
22%
10%
*4334
*92%
*19%
100
2234
*121
27
95%
22%
128
734
*59%
2%
89%
7%
"2%
90
*90
100%
142
142
16
51
93
25
9
15%
53%
95%
23%
95%
24%
7%
15%
93
*19%
21
47
93
21
21
*99% 100
9
8%
50
40
23%
96
23%
128
*122
7
7
7
2%
90
738
*90
*134
1434
*60
"2%
90
7%
100%
150
15%
2%
90%
7%
21
21
~2,300
10
"~2%
1,500
90%
7%
1,100
2,900
90
90
200
*134
150
30
14%
1434
5534
56%
*126% 128
*4334
47
*44
*92
94
93
93
*19%
21
25
21
*99% 100
*9%
9%
19%
19%
21
21%
*99% 100
20%
7%
1,000
27",i66
900
3,600
126% Mar 31
52% Jan 23
162
Jan 13
Oct
17
Jan
70%
Jan
49
Dec
140
Jan
Oct 19
May
1
28% Dec 29
111
Oct 25
21% Oct 19
3% Oct 19
8% Oct 19
*99
Dec 16
64% Jan 21
34%
Apr
44% Feb
9
33%
Feb
3*4 Jan 18
%
124
60% Jan
15% Feb
Oct 19
85
Nov 16
Oct 19
Oct
53%
18%
1
5*4
19
Jan
Jan
Mar 20
Jan 19
Jan
Jan
9
110
1% Dec 27
16
Feb
Jan
105
5% Jan 13
65% Feb
4
117% Jan 22
8
684
Jan 20
Jan
3%
Apr
32% Apr
106
Jan
2
Apr
26% May
33% Apr
32% Apr
48% Jan
70% Feb
4
13% Oct 19
88
6
9% Oct 19
16
Dec 16
33*4 Jan 26
17
43% Feb 11
30% July
7
Jan
<5
conv
July
Aug 30
1
13% June
Aug
51% Jan 28
37%
43
58% Jan 18
62% Sept
50
1% Oct 19
2
46
16% Oct 19
72% Dec 29
3% Dec 29
Graham-Paige Motors
Granby Consol m sa p
Oct 19
1
3
1
preferred
1% Oct 19
June
1% July
6% Jan 22
3% Apr
16
Apr
24% Aug
28% Jan
22
Dec
47% Jan
6
par
100
25
8
60%8ept 14
15% Oct 19
7% Oct 19
7% Dec 29
v8 Oct 19
12
Oct 15
3% Oct 19
12
Oct 19
25
23% Dec 28
26% Apr 17
10
4«4 Oct 19
No par
6% preferred
100
Hanna (m a) Co $5 pf. No par
Harbison-Walk Refrao.No par
1734 Dec 29
Jan
Jan
31
Jan
2
136
Jan
64% Mar 10
60% Mar
39% Mar 10
22
Apr
16% Feb
14*4
Dee
8
11% Mar 18
4*4 Jan 11
59
1% July
July
Jan
9
17% Mar
59% Mar
34*4 Feb
5
9%
6
30%
8
30
Jan
36
7
33
June
20% Feb 10
6
Jan
Jan
24
Jan
Jan
31
Feb 16
14
108
Feb 18
xl04
Deo
Oct 26
105
Jan 22
100
June
18
Oct 19
Dec 23
5
Oct 19
2
32%
2
42% Jan
146% Mar
Nov 26
121
25
16
66*4May 20
95
1
100
22% Dec 10
28% Mar 8
92
100
w
Jan
2
10
Dec
8% Apr
9
1
129
Dec
2100
Jan 12
8
20% Dec 29
23% Oct 19
Jan
Sept
4*4 Feb
16
27*4 Feb
3
13%
74
21% July
77
48% Feb
Oct 19
Feb
5
Oct 19
10
Jan
6% Nov
Jan
Dec 29
No par
Hayes Body Corp
Hazel-Atlas Glass Co
Mar 11
10
1934 Dec 27
3%
116
13% Jan 18
96
13
8% preferred
100
Gulf Mobile a Northern..100
6% preferred
Hat Corp of America cl a
141
par
10
8% preferredHackensack Water
50% Mar 11
87*4 Mar 11
47% Mar 11
par
Preferred
100
Green Bay a West rr Co. 100
Green (h l) Co Inc
1
Greyhound Corp (The)-No
Oct 19
Feb 17
Jan
6*4
8% Feb 19
116
1% Oct 19
6
5% pref
20
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
Great Western Sugar..No par
Guantanamo Sugar
55
Dec 28
9
6% Feb 26
Oct 19
z83% Dec 30
1234 Dec 29
par
No par
w
Oct 25
par
100
634% preferred
4
19% Dec 29
No par
preferred
Gotham Silk Hose
534%
105% Jan
6% Dec 29
49% Oct 19
preferred
oonv
8
Nov 29
No par
68% Mar
140
5
Jan
Feb 26
120
Jan
17*4 Jan 11
12
Jan
104
Nov
55% Dec 30
1% Oct 19
107
Feb 26
8
Jan 14
81
117% Aug 13
Nov 23
30%
Jan
4% Apr
99% Deo
12% Aug
Hecker Prod Corp v t a. No
par
Helme (g w)
Preferred
25
86
Dec 28
126
Feb
9
117
100
129
Nov 24
166
Jan
6
150% July
No par
11
Oct 19
39% Feb 11
26% Apr
Powder new—No par
preferred
100
50
Nov 24
125
May 22
8%
54
Motors
cum
Chocolate
conv
558 Dec 29
No par
39% Dec 29
No par
preferred
83
Hlnde a Dauche Paper Co. 10
Holland Furance
No par
preferred ..No
Hollander a Sons (a)..
conv
Holly Sugar Corp
7% preferred
par
5
No par
100
Homes take Mining
16%
Nov 26
Dec 29
15% Oct 19
93
Nov 19
734 Dec 29
15% Oct 19
109
Oct 19
*39*4
Oct 19
par
21
Dec 29
No par
6
Oct 19
stk. No par
44
12.50
Houdallle-Herehey cl a.No
Class b.
Household Fin
5% preferred
Houston Oil of Texas
com
100
v t
C..25
Howe Sound Co
6
Hudson a Manhattan.... 100
5% preferred
8^900
Hudson Motor Car
9,500
9,800
Hupp Motor Car Corp
Illinois Central
100
No par
1
100
15%
Jan 25
Dec
6
135% Feb
2
May
64
67*4 Jan 21
111
37
52*4
120%
30*4
43%
114*4
Jan 19
June
126
Aug
58% Sept
102
8ept
4
Feb
6
Jan
4
108
Mar
9
9
Jan
Mar
3
108
Feb
53*4 Dec 27
407
Dec
41
Jan
7
5
27% Feb 11
30%
19%
Jan
June
Jan
Jan
39% June
22% July
54*4 June
Oct 19
73
Jan 11
78% Dec 29
434 Oct 19
94
Mar 20
Jan 22
6«g
Jan
37
Oct 19
90% Mar 10
48*4
Jan
1% Oct 19
3% Oct 19
5% Jan 21
3% June
8% Apr
13% May
1% Dec 30
15% Jan 21
23% Feb 17
4% Aug 17
8
38
4
Oct 19
Oct 19
400
6% preferred series a... 100
18
Oct 19
520
Leased lines 4%
rr Sec ctfs serlee a
100
34
Dec 28
1000
5
Dec 29
80
4
Mar
Jan
No par
200
200
48
117
18
No par
400
7,200
4,300
33
Oct 19
5% preferred
No
Goodyear Tire a Rubb.No
6%
"3",000
Oct 19
1
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (b f)
No par
Hershey
100
65
Jan
7
6*4
Oct
434%
Hercules
1,500
34
141
4
Dec
3,500
"""366
Dec 16
4
Feb 11
84
Hercules
10
Oct 25
Dec 29
Feb
14
32% Mar
90% Mar
Brothers
16 preferred
Glldden Co (The)
1,600
47
9%
9%
20
20%
20
20
20%
100
*102
110% *102
110% *102
110% *102
110%
60%
62
60%
z59%
62
60%
6 53g
61
6334
2434
*24% 25
24%
24%
*23%
24%
23%
2334
11%
11%
11%
11
10%
11%
11%
1034
11%
50
50
50
*50
53
*50% 53
53
*50%
8434
83%
83%
83%
83%
*83% 85
*83% 85
8%
8%
8%
734
8
8%
8%
8%
8%
52%
50%
52%
48% 49%
49
49% 503s
49%
2%
*2
2%
2%
*2
2%
*2
2%
2%
*6
734
734
*5%
784
*5%
734
*5%
7%
9%
9%
9%
8%
9%
9
9%
9%
9%
1%
1%
134
1%
1%
1%
1%
1%
1%
11%
10%
11%
9%
10%
10%
10%
10%
10%
19
19%
18
*18%
18
*18
19
18
18
35
35%
35%
35
33%
33
33
33
34
*7
7%
7%
*6%
*7
7%
7%
*6%
21
2,700
128
7
55
65
5434
12634 12634 *126% 128
*4334
*98% 100
*94
*122
*60
7%
100%
21
*2034
*99% 100
8%
100
*95
144
57%
51
*98% 100
*634
*20
66
22
299
163
70
Gimbel
Hamilton Watch Co
7
20
Oct 13
2% Oct 19
6% Oct 19
14% Oct 19
Jan
42% Apr
10*4 Apr
88% Feb 23
29*8 Mar 9
200
*6%
20
117
86% Feb 17
19% Jan 14
24
500
6%
21
Oct 19
Dec
20% Feb
7
634
*20
5
97
Oct 19
20%
22
31% Nov 22
14
7% preferred class a
Hall Printing
*20
6
8% May
Oct 10
80
22%
105% Jan
Nov
15%
Oct 19
200
634
9
8
33
634
15% Mar
11% May
100
56
26
7
Jan 16
General Tire & Rubber Co.. 5
Gillette Safety Razor.-No par
$5 conv preferred
No par
*25
200
33
95
*32
400
Jan
100
*16%
19%
*5
3*4
6% Oct 19
1
-
26
6%
7% Mar 3
153s July 19
x39%June21
1
No par
Grand Union Co tr ctfs
7%
26
Gen
<3 conv pref series...No
Granite City Steel
No
Grant (w t)
600
Jan
Apr
19% Feb
No par
700
57
19
No par
600
1,100
47*8
31%
118
Preferred
42,900
3,600
4
8
70% Feb 11
122% Feb 2
1
16 preferred
Gen Public Service
33
100
10%
51%
400
Jan
48% Jan
106% Jan 28
17%
Mar 17
18%
Apr
67% Mar 11
30
72
58
Jan
11
May
Jan 20
97'4
35%
Nov 2135
Jan
General Printing Ink
*32
53%
56%
*125% 127% *126% 127% *126% 127
*43
3,500
73
July
23% July
108
Oct
No par
*25
23%
16%
5734
8%
5%
25
Mar 25
16
10
Common...
32
95
144
19%
25
100
32% Jan 13
117
Oct 19
5
Mar
Deo
95*4 July
63
1
No par
29
100
100%
57
*18%
934
1%
57
9
July
Motors Corp
s5 preferred
32
23%
7%
*40
1878
978
5%
6,900
Jan
Nov 23
Nov
Dee
Deo
Deo
18% Jan 12
83
58
Gen Outdoor Adv a—No par
*25
3334
95
2%
57
*18%
9%
*23
8%
Jan 14
Nov
Apr
65% Jan 18
100
6% pref
700
24%
4
91
June
14
Gen Time Instru Corp .No par
lb',166
11% Dec 28
10% Oct 19
3% Aug
32
54% Feb
136
Dec
46
64% Jan 29
preferred...
General
Dec 28
30% Sept
25% Mar
Nov 16
600
4,100
1%
1%
138
1%
5
5%
5%
5%
134
134
*1%
134
13%
13%
*13%
13%
17
16%
1634
1634
*27
26%
2634
27%
21% 21%
21% 21%
13%
13%
*13%
14
24
23
23%
2334
31
3034
31%
31%
*126% 127
*126% 127
*40
Dee
Apr
% Oct 19
General Refractories
No par
Gen Steel Cast $6 pref.No par
Gen Theat Equip Corp .No par
710
54
21%
6%
25
100
*90
65
Dec
Nov
28% Nov 23
16 conv pref series a.No par
General Mills
No par
25
24%
7%
31
127
4%
40%
36%
105*4
68%
42%
66*4
34%
11*4
48%
No par
No par
*32
95
2%
91%
23%
85
*54
1834
54%
22%
8634
4%
Jan
Jan
Feb
No par
34
100
7%
2634
21%
13%
53%
2134
Foods.
25
95
65
13%
17
"is"
Electric
General
Gen'i Gas & Elec a
900
10%
59%
80
General
100
19
23%
*121
5%
1%
3%
preferred
*16%
*96
7%
134
234
3%
7%
18
95
65
65
234
77
7% cum preferred..
100
General Cigar Inc
No par
18
25
128
3034
127
85%
4%
*
No par
5%
19%
19
634
100
7%
*141
*26%
21%
13%
22%
17
77
14
Class a
*5%
*16%
25
7
7%
*62
6
♦32
21%
*96
26
19
3334
21%
26%
*40
10%
1%
5%
*1%
*1234
*40
8%
1%
*4%
13%
1778
31
18%
978
33%
*6%
578
134
127
18%
*25
1%
31
19%
*18
*54
127
*187*
10%
*5%
*83
65
31%
127% 127%
127%
64%
64%
19%
26
85%
4%
234
3%
3%
80
18
54%
2%
80
77
13
10
*57
83
80
12%
10%
5934
5
No par
16 preferred
105
60
18 let preferred—..No par
Cable
50
*90
13%
1038
20%
z24%
40
88
3
s6 preferred
..No par
Gen Am Transportation
5
General Baking
5
General
2,400
3
Gen Amer Investors—No par
General
120
1%
*16%
26%
25%
10
No par
S6 pf_.No par
Gar Wood Industries Inc
1,300
55
1%
18%
26%
25%
12%
conv
6,700
4%
11%
105
60
1% Oct 18
6%
*90
12
6% Oct 19
Gannet Co
43%
20% Oct 19
No par
S6 2d preferred
53 preferred..
GamewellCo (The)
_2"6oo
Dec 23
46%
58%
39%
9%
234 Oct 19
Gabriel Co (The) cl a ..No par
Galr Co Inc (Robert)
1
30
22
14%
10%
59%
8%
100
Fuller (g a) prior pref-no par
30
*20
13%
10%
59%
8%
*54%
6% conv preferred
90
99
12
13%
66
*2%1I 2%
4% | 4%
1%
*16%
25%
25%
24
10
17 conv preferred..-no par
Francisco Sugar Co
No par
12%
43%
87*
1% Oct 19
Food
f'k'n Simon <fc Co Inc 7% pf 100
Free port Sulphur Co
10
26
*90
1%
First National Stores.-no par
200
4%
*119
*30
31
5,200
46
*6%
5%
*5%
5%
5%
5%
5;
9
9%
9%
9%
834
9%
9
8%
9%
108
*104% 108
*104% 108
*104% 108
*104% 108
*104% 108
2
2%
*1%
1%
1%
*1%
1%
*1%
17S
1%
1%
25
25
26%
24
24
26%
24%
23% 24
23% 24
99
600
31%
95%
18%
*4%
*30
35%
36%
115% 115%
49*4 Nov
Sept
95%
119% *115
4%
4%
11%
107*
22%
21%
80
*71%
25
25%
56%
115% Nov
Apr
Feb
Feb
Mar
Feb
Apr
25%
25
25%
110% 110% *111% 120
*112
117
*112
117
43%
44%
42%
43%
43% 43%
42%
44%
33%
33%
32%
33%
32%
327*
327*
33
1%
1%
1%
1%
1%
1%
1%
1%
*30
37%
116
Dec 22
15
90
120
32
22
Florehelm Shoe class a .No par
27%
28
103% 104
*2
16
90
No par
100
26%
*55
56%
56%
56%
*55
56%
56%
118% 118% *118% 123
*118% 121% *119
115
*90
4%
Fllntkote Co (The)
Florence Stove Co
No per
700
*40
50
*30
9%
*104%
*1%
24%
2%
4%
4%
Dec
38
52% Mar
18
share
106
100%
107% Feb
28
*61
106%
24%
12%
12%
2
413gMarll
share f per
per
3934 Feb 19
8
28
46
*30
115
5%
38
4%
11%
11%
2%
4%
43
8%
*40
30
11%
434
14%
16%
*4%
46
Nov
20% Deo 29
11% Oct 19
*25*
31%
69
26
25% 26%
♦104% 106% *105
106
*24
*106
4%
*41
3
31
18
90
16%
96%
18%
*61
Dec 29
16% Oct 19
preferred series a.-.100
S
share
*17
19
31
6%
per
33%
17%
17
28%
*95%
20
1834
16%
28%
*17%
*2%
2%
31%
94
94
5
*120
20
"tf,600
92
46
8%
Fllene's (Wm) Sons Co .No par
Firestone Tire <fc Rubber—10
24
*91
5
44%
30
23
91
♦43
44%
*16
23%
91
5
98
39
22
91
46
*91
22% Oct 19
23%
*5
6%
6%
Fed Dept Storee 4* % pf—100
Fidel Phen Fire Ins n y..2.50
91
*40
25%
700
700
91%
19
108% Mar 9
45% Jar !8
80
265
Lowest
S
31%
24
29%
Highest
share
Oct 19
per
*767*
31%
91
*17%
S
79%
31%
23%
*65
70
323a
Lowest
Par
92
16%
19
79
32
Range for Previous
Year 1936
On Basis of 100 Share Lou
Week
z78
16%
Range for Year 1937
STOCK
Shares
25
*28%
18%
234
31%
*65
Jan. 21
$ per share
30
17%
234
32%
92%
19%
Jan. 20
$ per share
YORK
EXCHANGE
92
29%
2%
*31%
9234
NEW
the
24%
29%
19
19
Jan.
Friday
*31%
*16%
16%
*18
Thursday
$ per share
70
79
$ per share
32
32
Wednesday
Jan. 22, 1938
June
Oct
Feb
Apr
78
Dee
63%
Feb
Volume
LOW
AND
SALE PRICES—PER
HIGH
Saturday
Monday
Jan. 17
Jan.
Wednesday
Tuesday
Jan. 15
$ per share
$ per share
Week
$ per share
Shares
Jan. 20
S per share
§ per share
100
Indian Refining
*734
834
*738
*7%
2H2
22
7i2
20%
21%
*7%
213S
8*2
2134
8
203s
834
2114
*7%
21%
21%
22
7,700
87
85
86
85
85
83
85
78
83
73%
79
2,300
Ingersoll Rand
*135
138
*135
138
*135
138
*135
138
138
138
138
20
7612
*4
5%
14i8
*4%
5%
22l2
29
*25
733s
733s
*74*2
1458
13%
1414
1334
4U
43s
4%
4%
4%
4%
21%
22%
4%
5
5U
22
22%
434
43s
12%
4%
12i8
312
2634
43s
1314
13
378
4%
45g
*22
23
*93
94
*93
4%
1278
3%
75%
13%
*4%
4%
*21%
414
1234
35s
3%
3%
27
28
29
*26
27%
152%
152% 152i2 152
152i2 152l2
6738
66%
673s
68
6634
69i4
*147
150%
14714 *145
149l2 *147
7
638
6U
6%
7
714
4%
4%
438
4%
4%
4%
1034
9%
978
*93s
912
75%
143s
4%
*93
94
94
4
4
434
4%
22%
434
1234
28
28%
3%
154% 15434
67
65
1.700
26,300
7,000
1,500
2,200
10
43s
1,900
24,400
6,700
1,500
1,000
8,900
6%
6%
6%
4
4
1,800
23,900
11%
11%
50 3g
11%
Dec 29
Nov 24
144
132
Oct 16
143
No
Steel
**66,200
513^
pari
Inspiration Cons Copper...20
Insuranshares Ctfs Inc
May
147
125
Aug
140
Deo
88% July
122
Nov
6
33% Feb 23
6
Jan 18
6%
24%
Deo
6
Oct
7%
Jan
10%
Dec
18%
Jan
t Interboro Rap Transit--.100
No par
1% Oct 19
20
Oct 19
64% Apr 20
37
May
100
92
Dec 29
111% July 16
107
Apr
11% Mar 16
28% Mar 11
2%
9% Apr 14
63% Apr 14
2% July
6%
preferred
Intercont'l Rubber
No par
2% Oct 19
No par
6
Oct 19
Agricultural..No par
2
Oct 19
Iron
Interlace
Internat
Prior preferred
18%
100
93s
3834
5
36,4
5%
3734
47g
5
36%
478
36%
41
3834
43
*41
42
2234 July
*2014
*34%
2U4
*2014
2H4
*20U
35
35
35
*35
40
*19
21
20
20
*17%
*66
•
78
*66
78
*67
678
*714
1214
75
7%
7%
1214
75
678
73s
634
7%
117ft
*72l2
12
75
35%
35%
5%
21
44
45%
12
24
76
194
Deo
5
66%
Jan
105%
Deo
...100
138
Nov 30
162
Jan 18
148%
Jan
160
Apr
3
Oct 19
16% Jan 29
2«4
Apr
10%
15% Apr
4%
Jan
8
13»8
Dec
A
26
Int Mercantile Marine-No par
1% Oct 19
Internat Mining Corp
1
6
Oct 19
Int Nickel of Canada—No par
37
Nov 23
1884
9
7
Ian
18
18%
*118%
838
"¥%
19
19
*17%
18
*13%
14
*75
100%
9
9%
6
6%
*83%
41
87
425,
*914
*2H2
*2%
934
22
234
*1214
*1314
48
*18
16
*17J8
*118l2
*84
4034
*91g
22
*2l2
*15
*12l2
18%
18%
6
*538
*26%
29
17%
*16%
17%
*25
29
*26
19% Oct 19
Shoe
No par
30
Oct 19
493g Jan
4
47
Oct
International Silver
100
16
Oct 19
52
Mar 11
15
Apr
35
Nov
75
*68
75
100
65
Oct 19
110
Feb 19
60
June
Nov
75
♦68
93
*68
Inter Telep & Teleg
No par
4
Oct 19
15% Feb 19
11% Sept
19%
68s Oct 23
8% Nov 10
36% Jan 18
107% Apr 6
10% Apr
37% Nov
7
75
6%
6%
634
7%
11%
75
*73%
*73%
12
12
*11%
25
*23
*23%
116% 116% *116%
*49
49%
49%
76
77%
76%
7
1138
7
11%
*1
1%
*434
27
5
2714
15
1734
100
6I4
*1
434
27
11
1078
27
27
4012
41%
3934
9
834
*26%
27
*26%
99
99
*96
9
73%
18%
18%
*118%
123
73%"
18%
8
*17%
*17%
13%
5%
*19
*118%
*8%
*17%
*17%
13%
5%
87
383s
40%
8%
9%
*21
*238
25g
30
18
87
41
23
20
73%
*7434 100%
*8%
9
87
*16
9
23
2%
48
15%
*14%
15%
183s
18
*5%
6%
18%
6%
30
25
27
*1034
7434
25
*5l2
125s
7
15
18
100
12%
*5%
*14%
*5%
*26
17
18%
6%
*1
Us
434
273s
1078
27%
41%
4%
2634
*10%
2634
100
*23%
12
7
*5%
14
15
17
18%
17%
15
26
12%^
7%
11~§66
73g
7%
11%
75
*73%
*11%
1234
25
*23%
*116%
11%
2,500
2,000
7%
11%
49%
49%
78%
78%
124
5%
87
38%
8%
*21%
*2%
*12%
*13%
17%
*5%
*25%
17%
*15%
25%
12%
*8
14
16%
*16
39%
47,300
2,600
100
2%
*2%
48
*15
*13%
163g
50
18
1734
17%
*5%
*25%
30
17%
150
30
*26%
26%
2,600
123g<
17%
*10034 112
5
5
26%
26%
10%
11%
10%
27
27
38%
8%
39%
27
*26%
27
99
*96
98
8%
12%^
12%
15%
1434
1734
17%
*10034 112
5%
6
1
*%
434
434
2.900
26%
3,800
26%
103s
10%
*26%
27%
400
500
900
834
884
26%
300
99
100
9934
3,100
16%
200
2,500
99%
99%
99%
166%
16534 16534 *165
*16
16%
*16
100
3314
31
32
30%
31
30
3034
3034
3034
40 >8
40%
1934
40
40
40
40
39%
40
39
39%
900
19%
19%
51%
1,100
11,700
5034
52l2
109
*105
1%
35i2
4%
*20
1%
35i2
4%
207,
104
104
18
18
*132% 134%
51
50%
51%
52%
*105
*106% 109
*106% 109
1*2
35
3534
4%
19
20
103t2 10334
17%
*134
17
1634
*53%
55
*5314
197,
1%
3434
4%
1834
15g
*4
17
19
18%
49%
1938
18
134i2
17
106
*17%
134%
*16
52%
19%
5434
20
19%
51%
109
19%
50%
*105
4%
19%
50%
109
49%
*105
109
13
Nov 20
pf._100
80
Nov 20
Kelsey Hayes Wheel conv cl A1
7
Oct 19
69% Mar
4634 Apr
834
*11%
*2%
6%
*%
11%
*11%
23s
6%
*34
*5
7
*5
9
9
*8
10
*1%
*29%
31
2%
11%
2%
6%
6%
1%
11%
*2%
6%
*34
7%
6
6
9%
9%
10
*29%
9%
31
20
21
*4
2
9%
43g
36
36%
*25
26%
157
*155
42%
42%
*1%
*29
9%
20
4
3534
*25
*155
41%
6%
1%
*1%
2
31
9
9%
63,
51
Nov
24% Jan 14
28
Jan
6
Oct 19
27% Jan 14
19% June
20% Apr
337g
Jan
100
8
Oct 19
41% Jan 14
32
05% July
10% Dec 29
6
5%
63s
25%
9%
934
79
•
1%
*5
7
2
9
35
24%
25%
*155
25
*80%
*15%
9%
90
16
9%
*85
*76%
79%
79
1434
9%
63
25
90
16
9%
79
Bid and asked prloes; no sales on
40%
6
*24
*85
1434
9
*75
200
7
6%
3%
42
12
2%
6%
2034
157
10
Co
preferred
No
pai
No par
—5
Lehigh Portland Cement...25
Lee Rubber A Tire.,
100
50
4% conv preferred
Lehigh Valley RR
Lehigh Valley Coal
No par
34
24%
157
41%
6%
25
*8%
*1%
*29
6%
1%
2%
6%
7
9
*8%
9
2
*1%
*29%
1734 Mar
Oct 19
27% Mar 11
14
Oct 19
51% Feb
1
97
Dec 31
Feb
1
203
8%
8%
20%
20%
2034
3%
*3%
4
34
34
25%
*155
40%
6%
25
9
25%
157
40%
63
25
*33
35
*25
*155
26%
4% Oct 19
24% Mar 17
% Dec 29
2% Dec 29
3®4 Jan 18
23
Oct 19
68% Jan
23
Oct 19
Tobacco..25
25
Preferred
100
Lily Tulip Cup Corp..-No par
Lima Locomotive Wka.No par
82
Dec 28
Liggett A Myers
Series
B
....No par
Link Belt Co
Liquid Carbonlo Corp.No par
Loew's Inc
No par
16.50 preferred
No parr
Loft
5%
Louisville A Nashville
10
-No par
No par
Macy (R H) Co Inc
No par
Madison Square Gard__No par
Magma Copper
10
J Mariatl 8ugar
100
Certificates of deposit—100
Preferred
100
Pref ctfs of deposit
100
6%
90
Mandel Bros..
t Manhattan Ry
Manhattan
800
9%
77%
9%
1,700
77%
200
a
No par
7% guar. 100
Modified 5% guar
20
15
t In receivership,
preferred
Mack Trucks Inc
200
14%
this day.
1
MacAndrews A Forbes
700
90
9%
100
Ludlum Steel
500
16
79
100
Louisville Gas A El A ..No par
7,000
27,800
1,200
1,100
90
9
10
Lorlllard (P) Co
7% preferred
20
*85
*77
25
100
25'
Shirt
Maracalbo Oil
100
Exploration.. 1
Midland Corp
Market Street Ry
5
100
preferred100
Prior preferred
100
6% 2d preferred
100
Marlln-Rock well Corp
1
Marshall Field A Co ...No par
Martin (Glenn L) Co—
1
Martin-Parry Corp
No par
MasonlteCorp..
-No par
Mathleson Alkali Wka.No par
7% preferred
100
May Department Stores...10
Maytag Co
-—No par
{3 preferred w w
No par
13 preferred ex-warr.No par
16 1st cum pref
No par
McCall Corp
No par
McCrory Stores Corp
1
6% conv preferred
100
*14%
9
Biscuit
preferred
7,200
1434
79%
Inc
"'16
90
Oot
33% Dec 28
"i"66o
25
Oct
Feb
19
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
Life Savers Corp
-5
15% Mar
Def. delivery,
6%
6%
n New
stock,
r Cash
sale.
2
38% May
47% Jan
7
May
29
Oct 19
5
5
4
25
May
97
Mar
Aug
113% Feb
114
12384 Nov
2184 Nov
05
Nov
80% Nov
13
31%
115
Nov
Jan
Jan
9784 Mar
160
Oct
Jan 28
175
83% Oct 19
161
May 20
Nov
Apr
9%
Jan
9
180
4
May
Jan 16
Feb
18% Nov
I884 Deo
45% Nov
2684
22
12
79
18% Nov
July
2
89
Marine
6%
*5%
♦24
Apr
94% Apr
8% Jan
21% Feb 11
500
40 84
July
15%
18% Jan 18
43%June10
157
4034
Jan
12
Oct 19
2
8%
20%
3%
15% July
7%
Dec 30
9»4
8
30
31
Mar
5
2234 Dec 29
50
6% conv preferred
1%
*34
*5
24
June
Lehman Corp (The)
1
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
1,100
*11%
32% Nov
Dec 29
20
*734
Jan
Nov
14
60
8
61
No par
200
1834
Apr
30
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
200
8
*634
Oct
Deo
35«4 Aug
700
10
*6%
*14
7%
20% Apr
4% Apr
200
2%
3%
34
8
18%
24%
40%
3% May
16% Jan 16
800
1134
19%
42
6%
*23%
834
9%
10
63% Nov
Jan
18%
47% Jan 23
3,300
2%
Jan
17«4 June
Jan
Jan
Oct
Oct 19
60
28%
28%
107
Feb
Nov
Dec 29
900
28
*2%
6%
*34
2%
4
25%
2
Feb
28%
247ft
4
100
*11%
12
21
♦155
42%
29% Jan
Dec
33%
6
15% Dec 29
17%
87
36% Nov
110
22
2,700
12%
8
35
25%
157
35% July
Jan
80
Deo
Apr
20
Apr
48% Aug
50%
121
No par
Kresge (S S) Co
Kresge Eept Stores
160
*12
8
8
20%
3%
2034
43g
3534
6%
*76
1%
*29%
25%
90
15%
6%
2
*6%
15%
*7%
*14
2%
31
*23%
*80%
*6%
*634
*14%
8
12%
*9%
*1%
7%
8
2%
*34
9
18%
8
*11%
*6
*8%
834
8%
8%
Dec 29
Jan 13
33
Nov 24
23%May 5
83% Feb 16
63
Aug 14
14
Oct 19
43% Dec 29
9934 Nov 24
87% Aug 11
110
Jan 23
116%
Jan
170%
Deo
Apr
23%
19
Feb
03% Nov
26% July 26
15% Oct 19
18% Oct 19
Loose Wiles
18%
85,
Dec 28
11
1
1,600
*8
8%
20
par
Oct 19
♦15
20% Mar
4
10
8
14
30
par
June 22
8%
19% Jan 14
9% Mar
71
Feb 30
1
2%
8%
Deo
1734 Dec 29
134 Oct 19
32
19%
8%
19%
28% Nov 8
5% Oct 19
No par
*2
8%
2338 Feb 11
par
3,500
*8
Deo
par
par
Lone Star Cement Corp No par
Long Bell Lumber A—No par
31
19%
23%
Kennecott Copper
No
Keystone Steel A W Co No
Klmberly Clark
No
Kinney (G R) Co
$8 preferred
No
15 prior preferred
No
4,200
1,200
30%
10
8*2
197,
Jan
27% Jan 18
Jan 14
110
109% Feb
60
*8%
8%
Jan
17
Oct 19
5,300
*15
Jan
19%
Dec 31
11,000
32
Nov
13
4
1%
24
39% July
44% Jan 16
35
Mar 6
80
4
*1%
6
Jan
-1
Class B
3434
2%
Feb 15
Kendall Co 16 pt pf A .No par
4
*1%
Deo
Mar 17
*1%
126
23s
Dec
29
3434
23
2%
Deo
Oct 19
5
4
125
*23g
Sept
93% Nov
133
116
Vz
34%
19
19
*18%
19%
18%
18<
"103% 106
*103% 106
*103% 106
18
17%
18
*17%
18
17%
17%
134
134
134
134
134% 134% 134%
17
17
16%
16%
1634
16%
16%
52
52
52
52
48%
50
52%
19
19%
1934
19%
18%
19
19%
120
12K
Mar 17
46
4
1934
31% Nov
Feb
121
1%
34%
106
Apr
22«4
76% May
15% Dec 28
115% Apr 8
4
*30
3
121 »4
Oot
107
152
64'4 Nov 24"
3434
32
*30
*29
31
31
31
*29%
31
32
*31
*12158 125
*121% 125
*121% 125
*1215g 125
•1215s 125
22
23
22%
23%
23%
2334
24%
23%
24%
23%
32
30%
31%
30%
30%
30%
31%
31%
313,
31%
11%
11%
*11%
11%
*11%
12%
*1134
12%
12%
*1134
28
28%
28%
29%
27%
27%
285s *28
29i2
29i2
*23a
Jan
Jan
Feb
May
136
4
1%
88
126
1%
343s
1%
35
58%
Mar 18
120
Oct 19
700
26%
*97%
Apr
Jan
Jan
87%
155
15
50
3,500
1,400
40
39%
Jan
113
4
Aug
Jan
15
24-% Aug
65% Nov 22
14% Oct 19
Lane Bryant
1,400
1,800
32
1934
127
Dec 28
49
82
26% Jan 30
30
Apr 15
100
Kaufmann Dept Stores.$12.60
Kayser (J) A Co
5
1,800T Lambert Co (The).
7
*5
33%
1934
100
Kansas City Southern
4% preferred
90
435s
19%
Nov 29
r
33
20
pref-.lOO
Kalamazoo Stove A Furn_..10
Kan City P A L pf ser B No par
Kress (SH) A
17%
*13
17
....
No par
No par
1001
Jones & Laugh Steel
30
*40
*19i2
Preferred
6
17%
17%
preferred
Johns-Manvllle
2,300
6
15%
39
16%
60
8%
2%
Dec 28
9
20% Oct 19
Sept 23
1 *116
Jewel Tea Inc
2,200
23%
27
99% 100
165%
165% *165
5%
89%
38
48
70
1
Kelth-AlbeeOrpheum
7%
17%
100
500
*21%
1
*95
9%
8%
1
99
100
400
2334
1
*96
200
17%
5%
403g
1
834
1,900
*85
87
1%
434
27%
19
*8%
8%
5%
6%
85s
"*8%
13%
13%
*7434100%
17%
18
6%
40%
19
$6
Corp
Feb
53%
■MSr • ~.a
*118%
19
6%
11%
2634
90
700
17
4%
124%
20
19
7
26%
5,800
IP
1434
4%
49%
79%
19
*5
26%
Island Creek Coal
710
534
27
Intertype
100
900
8% Dec 29
No par
200
75
*7434100%
8%
20
preferred
Foreign share ctfs
No par
Interstate Dept Stores.No par
Preferred
100
13%
73%
*14%
7
*123
75
Salt
2434
74
14%
*10034 112
*26%
99
99% 100%
100% 100%
*160
165% *16278 165i4 *164
16
*16
10%
I6I4
*15l2
30
14
7%
634
6%
6%
*10%
*25%
38%
8%
*26%
39%
9
2714
15
12%
*10034 112
63s
Oct
30
No par
International
18%
17%
Apr
International
100
15%
17%
23
100
100
18%
5l2
*26
61% Nov
20
16
30
10%
Jan
40
29
123s
6%
*23g
*15
Jan
21
*23%
7
18J2
2%
48
Oct
Oct
Jan
3
*17
15%
15
100
9%
11%
334
19%
*35
16
12l2
*63s
3934
Deo
Deo
*20%
11%
*18
*21
14%
8%
40
634
73%
9%
Nov
130
Feb 16
10
4% Sept 25
34
Dec
6
100
preferred
5%
1%
Jan
Jan
8A Jan 30
67% Feb 16
2834 Jan 25
2% Oct 19
Internat Rys
Feb
2%
21%
"
22
C
125%
20
¥%
425g
884 Sept 13
78
634
11%
*73%
*85
6% Dec 29
*17
20
8634
68% Sept 22
127%May 27
15
20%
6%
"
29% Dec 29
100
No par
Preferred
*35
15
17%
*5%
1434
*95
1712
5% conv pref__
100
of Cent Ana.. 100
Voting trust certlfs. .No par
Feb
Dec
00% Nov
*20%
17%
15%
123s
*18%
.
4% Sept 10
Deo
18%
20
*118%
8%
8%
20
*19%
18
18
*17%
*17%
14
14
*13%
*13%
*7434100%
*7434 100%
9%
*85s
9%
*8%
6
6
638
534
8U
*19%
*5%
17
76
No par
43% May
73%'tfarlOi
135«< Jan 6
19% Sept 22
18
Apr 6
91, Apr 6
Inter Pap & Pow Co
1,060
Apr
160
40
*10
7434
48%
46
45%
5,300
6,520
Deo
4
Aug
21
24
7434
6
5%
12,700
7%
Jan
120
*35%
*17%
12
12
135g
25
*233s
24%
*23%
*116i4 11712 *116% 117% *116*4 117*2
50
4934
4934
4934
4934
82
81
78%
80
81%
82l2
124
*122% 124
124
*123i2 12412 *122l2 124
*10l2
363g
36
36%
5%
43%
8%
8%
8
Deo
Deo
6% Mar
No par
Harvester
Int Hydro-Elec Sys cl
100
*130
132
8%
534
5
4234
21*4
42
*125
85s
34%
538
513s1
503s
511s
132
8
834
5%
18%
189
Class B
132
132
8I2
938
49%
51U
50%
*125
132
834
Jan
127% Nov 22
53% Nov 22
Int Business Machines.No par
Internat
Oct 19
4834 Nov
112
Sept
9% July
Class
*125
132
v9
5134
50%
51%
50%
*125
Jan
1334 Jan 20
Interchemlcal Corp
Feb
100
Feb
Oct 19
3%
1
41% Nov
5
July 30
131% Mar
6884 Nov 23
6% Oct 19
Highest
share S per share
15% Nov
4% Jan
per
25% May
47% Apr 20
15
72
Preferred
9,000
22% Jan 20
No par
1(X
I
share
per
...No pc
preferred
Inland
'148% 150%
4%
1034
11*4
10%
94
14
12%
3%
4%
4%
*334
4%
1234
1134
123s
12%
3%
3%
3%
3%
28
26
2614
26%
152i4 152l2 *152% 154%
6378
65%
66%
150%
*146% 150% *146
6%
6%
6%
4
7534
*93
76%
14
94
*93
94
94
7414
76%
15%
4%
53s
25
75%
7634
15is
4%
5%
14
*130
%
share
Oct 19
per
5%
10
Industrial Rayon
*85
7i2
%
Lowest
Highest
Lowest
Par
20%
834
100-Share Lots
EXCHANGE
the
Friday
Jan. 21
Thursday
19
Jan.
18
On Basis of
STOCK
YORK
NEW
Range for Previous
Year 1936
Range for Year 1937
STOCKS
Sales
NOT PER CENT
SHARE,
for
$ per share
557
New York Stock Record—Continued—Page 6
146
Oct 19
17% Dec 29
2%
Oct 30
101
15% Dec 29
125
Oct 29
14% Oct 19
48% Nov 24
13% Oct 19
2634 Oct 20
3% Feb
257g
Deo
"43"
Apr
"07%
*04%
Feb
1087?
Dee
»_l
3%
61%
Feb
Deo
Apr
2!
36%
33s
43% Jan 8
May 12
*3 884
8
21%
28% Feb
55
July
75% Mar 11
10«4 Jan 20
110
Jan
36
107
Jan
Jan
8% Mar
Oct
45
Jan
May
113
Sept
Apr
26%
151
Jan
Jan
14734 Jan 20
140
Dec
2834 Jan 13
99
Mar 17
20
May
30%
Jan
102%
Oot
Oot
4184Mar 11
22% July
35
Feb
42
Jan
36
Feb 11
67%
33
Oct
134% Nov
123% Nov 19
132% Feb
0
8
68% Mar 8
15% Jan 20
127%
Jan
173s Dec 29
62% Mar
27%
Jan
49%
40%
Apr
05% Nov
8%
Jan
15%
MarlO
34%
1%
Jan
Jan
57
7% Jan 12
9
Dec
7%
Jan
35%
Deo
18
Nov
Dec 29
25
Oct 19
18% Oct 19
1% Oct 19
8%
03
1
Oct 15
7
Oct 16
30
Jan 11
Nov
Mar 30
6
Oct
Deo
5% Dec 28
21% Apr
0
10% Jan 11
Jan 14
7
June
Oct 19
39
32
Dec
57%
Jan
Oct 19
16% Jan 20
1278
Dec
23%
Feb
9% Oct 19
1% Oct 19
29% Jan 30
24»4
14% Feb 13
17%
2%
8%
1%
6%
I884
2%
May
Jan
5% Oct 19
41
May
50% Nov
Jan
25% Nov
6
Deo
10
4%
7
684 Feb 17
3% Mar 29
Jan 21
84 Dec 28
Oct 19
20
634 Dec 29
39
3
Jan 20
1% Oct 19
0% Mar 27
Dec 28
51*4 Mar 4
30%Marlu
24
7% Dec 29
10
Oct 19
134 Oct 19
Oct 18
20
22
Dec 29
142
May 17
29% Apr 30
13% Jan 10
74
Feb
11%
Apr
Jan
July
Jan
July
0% Apr
Dee
0»4 Mar
1284 Aug
3% Mar
23
Nov
45
Nov
7%
Deo
12"
Mar
"42%
Nov
5
8
Jan 25
4134 Jan
~27%
Apr
153%
Jan
163
Dec
3334 Dec 29
4% Oct 19
60% Mar 11
43% May
70
Nov
15% Jan 11
13% Apr
21%
20% Dec 29
44
Jan 13
43% Dec
3
45
Jan 13
44,
Nov 21
111
Jan 22
11% Dec 28
734 Oct 19
*66
Oct 19
30
2
35
75
June
* Ex-dlv.
165
Jan
Feb
50%
Apr
103
Jan
110%
Oct
29
Feb
37
Deo
24% Feb 11
2% May
2
June
100% Mar
Feb
55
Nov
23% Nov
101%
De
tEx-rlghts. H Called for redemption.
New York Stock Record—Continued—Page 7
558
AND
LOW
SALE PRICES—PER
HIGH
SHARE,
NEW
for
Wednesday
Thursday
Friday
the
Jan. 17
Jan. 18
Jan. 19
Jan. 20
Jan. 21
$ per share
14%
14%
*10%
10%
41%
417g
25
247g
7%
734
*327g 34
% per share
$ per share
$ per share
Shares
Monday
Jan. 15
$ per share
14*4
*9%
14%
11%
41%
42%
25
25
25
*72
80
*69%
*54
14
14%
*68%
*14%
94
14%
33
94
94
*69
78
*69
78
*69
65
61
61
*57%
65
*58%
65,
48
47%
*47
48
*47
"MOO
""166
48
477g
*5
5%
20%
6
5
5
5
4%
5%
1,600
20
20
20
20
20
20%
20%
167g
43%
IVz
*15%
41%
10%
16-%
4134
10"%
*8
1634
1634
41
4034
41
41
10
10%
10%
I684
41%
10%
*8
40%
1034
2H4
21%
21
21
2034
21
21
10%
20%
10%
21%
27
27
*25
26
25%
26
101% 101%
21%
25% 25%
♦9934 101%
101% 101%
25%
300
100
6
Mead
Corp
No par
No par
$5.50 pref ser B w w'sNo par
Melville Shoe....——No par
Oct 19
78% Dec
10
1
Dec 29
66% Dec 22
50
Dec 30
37% Dec 14
Lowest
% per share
21
Sept 21
28%
42%
42%
16%
47%
19
$ per
share $ per share
Jan 19
16
Jan 14
38%
June
Oct
Mar 24
Mar 17
8% Apr
37»4 Jan
11% Apr
Jan 12
8
Jan
112% Jan 14
3434 Apr 19
x95
101
x95
Dec
1234
Feb 16
Jan
Dec
93% Aug 13
86
Jan 13
65% Jan
6% May
10,700
3,300
Oct 19
16% Feb
9
16% Dec 28
47»4 Mar
8
Merch A Mln Trans Co -No par
"1,100
14
41
31%
Jan
Meeta Machine Co
5
40%
5
3334 Nov 23
4% Oct 19
5
Miami Copper.
Mid Continent Petrol
26% Feb 23
534
Jan
Jan
14
35% Mar 10
Mengel Co. (The)
5%
conv
3.
1
1st pref
50
10
3
Dec
Oct 19
Jan 16
72% Mar
5
217% Apr
21% Jan
2
110
900
Midland Steel Prod
No par
15
Oct 19
20
26
im1
101%1 *99
*99
28% Dec 29
McLellan
240
*14
6% Oct 19
$6 pref series A
48
42l2
18% Dec 29
5
6% conv preferred
48
7*4 Dec 15
30% Oct 19
$3 conv preferred....No par
Stores
1
400
78
*55%
Mclntyre Porcupine Mines..5
-10
McKesson A Robblns
3,300
Year 1936
Highest
S per share
11
Dec 28
McKeeeport Tin Plate
3,200
8%
78
1
new
2,200
5
8% cum 1st pref
100
87
Nov 24
122
Jan
6% pl__100
Minn-Honeywell Regu.No par
4% conv pref ser B
100
Minn Mollne Pow lmpl No par
91
Oct 26
106
Jan 22
88
Mar
63
Nov 24
120
Mar 17
266
Apr
Oct 19
Oct 19
124
MarlO
119
Dec
Dec 28
108
101%
48% Mar
Feb
x
ti
*94%
63
*10514 107
67g
7%
*58l2 60
84
84
1%
1%
17%
3%
♦34
1%
17
3%
10%
*1%
10%
1%
*3'g
3%
17%
•16
88
90
•110U 113
35% 36%
*27
317g
*3712
38%
%
J2
1834
I884
13%
197g
13%
2012
~*94%
99
*94%
69
62
*94%'
99
'
714
U
*62
64
*1234
13%
58%
*1278
13%
68%
*102!2 104
7%
7%
♦437g 50
11%
11%
14
127g
9%
*140
104
154
17
80
*42
43%
18%
15-%
17%
1514
7%
111
|*108%
109
734
*4%
7%
50
12%
14%
12%
9%
197g
20%
13
934
17
7784
43%
17%
*43
17%
15%
1534
I
TT
*
62
600
600
1,800
1,800
1,800
Monsanto Chemical Co
Jan
21
Dec 10
46
Feb 17
41%
Dec
Dec 28
66%
Jan 18
Jan
Dec 29
Oct 19
3% Feb 26
38% Jan 15
60%
«4
Motor Products Corp.-No par
Motor
Wheel
6
36%
%
12%
8%
Oct 19
26
Feb 13
4,700
Mueller
Brass
15% Dec 28
61
Mar 15
Mulllns
Mfg
30", 700
300
20
11,300
3,100
1,500
60
104
104
*103
105
*103
105
152
10%
*9%
20
20
50
7%
11%
1434
12%
9%
5,800
*13%
12%
834
20%
200
19,100
70
1,200
3,000
12,000
154
16%
16%
*16
16%
500
81
*77
81
*77
81
*77
81
J7
42
43
*42
44
43
*41
42%
*4134
17%
18
17
1784
17
17%
17%
15%
15%
15
15%
15%
153g
15
*110
111
*110
111
109
109
109
109
109
109
7
7
22
5%
22%
*4%
217g
2234
1934
217g
*18%
22%
*18%
TE%
7%
28%
7%
n7'8
7%
*434
5%
109
3,300
9,100
111
109
*108% 109
7
M
6:)4
6
434 j^*4%
21%
20% 21%
0%
22%
200
17%
15%
*110
6%
634
434
*18%
111
1
*434
2Q34
50
79
107% Aug 27
May
Jan
28% Apr
Jan
70
May
21
Jan
90
Mar 13
44% May
108% Jan 26
2084 Feb 11
102% July
14
Apr
3
Oct 19
44
Dec 24
Nash-Kelvlnator Corp
6
Nashv Chatt A St Louis.. 100
5
Oct 19
10
Oct 20
National Acme.
7%
cum
8
1
1
24
Mar
183g Jan 21
3338 Mar
145
May 18
13
Dec 29
100
A w w
43
90
Aug 20
Nat Bond A Share Corp No par
No par
39
Oct 19
13
Oct 19
Nat Dairy Products.-.No par
12
Oct 19
—100
Nat Depart Stores
No par
106% Dec 20
104% Oct 19
5% Oct 19
...100
167
2
Jan 18
153
3384 Jan 13
103% Feb
Dec
100
Dec
21
Apr
Apr
21
8
112% Mar 11
112
May 20
24% Mar
Jan
30%
3
67% Aug 17
38% Feb 25
26% Feb
Jan
20% May
12% Apr
9% Apr
2834 Oct
9
Oct 19
Dec 28
Nat Cash Register
6%
Mar
100
pref
ser
Oct 19
6%
71
z24% Jan 28
47% Mar 11
17
Nat Bond A Invest Co .No par
5% pref
8
Apr
10
No par
180
200
993g Mar 19
36% Feb 11
102
1,100
14,600
Dec 29
Nov 23
5% preferred
100
Murray Corp of America... 10
Myers F A E Bros
No par
Nat Aviation Corp
National Biscuit
16% Aug 16
9% Dec 13
par
No par
C).—No
(G
7% pref class A
7% pref class B
5%
21
Co
Oct 19
50
10
6%
*6%
conv
4%
1
par
500
111
Co-
Co class B
preferred.—No
Munslngwear Inc
500
*16
*77
1534
50
Essex
Mother Lode Coalition.No par
Murphy
50
*43%
10%
20
20%
153% *153%
16%
16%
153
154
*153
100
12%
7
7%
Morris A
90
57
12%
1134
1484
12%
9%
3% Jan
19% Aug
Jan 23
,700
7%7 4,701
f
.
60
50
40%
3584
*56
7
12% Dec 28
Jan
Jan
Sept
Mar 10
13%
*43%
11%
*13%
12%
20
2
Sept 24
57
7%
100
6%
14%
6% Mar 17
12% Mar 17
69
*56
11%
14%
12%
934 Mar 17
34% Mar 17
109
*12%
45
Oct 19
6% Oct 19
1% Dec 28
1% Oct 19
Oct 19
13%
7
2
100
34
Oct 19
57%
*427g
11%
13%
12%
*9%
19%
6
No par
100
600
2% Aug
2% Jan
1684 June
4
8
Dec 28
Preferred series A
300
Jan
Apr
6%
15
J Missouri Pacific
6% conv preferred
Mohawk Carpet Mills
4,600
5% Mar
No par
30
*56
7%
47
117g
1484
1234
934
20
100
Mission Corp
Mo-Kan-Texas RR
Aug 3
2% Jan 23
% Dec 16
84 Dec 28
% Oct 19
—100
6% Jan
57% Jan
1% July
105
*12%
7%
45%
1134
*14%
1234
9*4
1934
7% preferred
4% leased line ctfs
""150
50
16% Mar 11
>4.60 preferred
.No par
Mont Ward A Co Inc.-No par
Morrel (J) A Co
No par
14%
104
16.60 conv preferred.No par
Minn St Paul 488 Marie. 100
43g
Nov 23
57
111
7%
5%
400
98%
„
7
62
2,200
~4~ 100
r71
*56
*110
7%
fc<-
7%
*60
Mllw El Ry A Lt
10
*1234
152
150
*16%
7734
>110
99
*94%
59%
*103
1134
14%
150
*16%
*77
62
104
*44
934
20%
'
*7
*56
14%
1278
20
99
*94%
60
58%
*105% 107
7
6%
■^T
~?7g
7,
64"
*57
99
60
*60%
61
587g
63%
64
60%
*105% 107
♦105% 107
*105% 107
*105% 107
7
7
7%
67g
67g
6%
7%
6%
59
59
60
66%
6534
*58% 59%
*55%
58%
58%
5
*%
%
%
%
%
%
84
*%
1
1
*84
1%
*34
*34
*34
%
♦34
%
*1%
1%
1%
*1%
1%
1%
1%
1%
1%
*1%
16
16
16%
16%
*1534
1634
16'4
*1534
16%
16%
3
3
3
3
3
3
3
3%
3%
3%
87g
97g
10%
97g
10%
10%
9%
9%
9%
9%
2
2
2
2
2
*134
1%
1%
*1%
*134
3
3
3
*3
3
3
3%
3%
2%
3%
16
16
♦15
15
15
1534
147g
15%
15%
1534
87
*87
88%
8784
88%
89
86%
86%
86%
86%
*110
113
*110% 113
♦110% 113
*110% 113
*111% 113
35
36%
35%
3534
34% 3584
35%
3534
35%
34%
29
*28
30
*28
S234
30%
30%
32% *29
32%
*37
36
36
♦36
38
38%
*35% 37%
38% *3634
%
%
%
%
%
%
%
%
38
19
19
19
19% 20%
19%
1934
18%
19%
19%
13%
1334
1334
13%
1334
13%
13%
13%
13%
13%
19
19%
20%
19%
I884
38%
18<1 18%
64
"
*32
33
8%
*68%
14%
8%
*8%
16,600
2434
7%
33%
13%
32%
*68%
137g
Par
McGraw Elec Co
McGraw-Hill Pub Co ..No par
*16
167g
11%
21% 21%
26i2 27%
♦101% 104%
.
7%
4234
24%
7%
*69
434
1012
I
4334
2434
7%
Range far Previous
10O-Share Lots
Lowest
600
20%
48
43
43
43
24
1938
EXCHANGE
600
14%
934
4334
20
5%
21
♦16
43%
24%
7%
32%
*1334
9%
10
10
78
59
*69ig
*5512
48i2
*47g
21
417g
24%
14
1334
14i4
10%
7%
14%
*1334
10
8
♦74
80
14
xl4
94
8%
8%
8i2
65
*47
33
33
*74
14%
78
14%
42%
25%
77g
7%
7%
34
8%
1
1434
10%
14%
10%
4184
7%
*33%
8%
On Basis of
STOCK
YORK
Week
$ per share
Range for Year 1937
STOCKS
Sales
CENT
NOT PER
Tuesday
Saturday
Jan. 22,
107«4
Oct
107
Dec
10
9
Apr
10
4
Oct 19
No par
17
Oct 19
35
Mar 17
25% June
I734 Dec 13'
38
Mar
28
preferred
Nat Distillers Prod
10%
Jan 28
'
29
7
28
2734
159
*156
159
140
*128
140
*156
158% *156
28
277g
158% *156
*134
140
140
23
23
7%
♦34
27%
*134
22%
7%
7%
%
%
*34
*%
6034
*%
61
62
21%
217g
24%
247g
74
74
%
21
24
72
*70
4%
4%
9
*65
9%
25
*65
42
40
40
106
*104
106
*10
14
18
19%
18
19
39
38%
39
19%
18%
20%
19%
20%
36%
24%
4%
*18%
21
21%
3534
25%
4%
10
3534
25%
*4%
934
35
24
4%
*9%
'159
%
*84
%
%
*71%
73
*70
80
*70
80
4-%
10%
4%
9%
*23%
10
9,200
25
300
Nelsner Bros Inc..
68%
100
41
200
4%
4%
9%
9%
23%
66%
4%
9%
4%
4.%
9%
*23
934
*23%
25
18%
1834
17%
18%
19
1934
35
24%
1734
31%
23%
18%
33%
23%
4
4
4
3334
24
4
9%
10
17%
18%
32
*9%
1%
9%
59
*88%
1%
95
1
100
,
*%
197
"
58
I
1%'
*106
108%
2034 21%
*51% 54
97g
10%
99
1%
10%
60
95
197
61
*88%
*98% 100
*7g
2%
10
*92
94
234
*17%
30%
12%
27g
23%
14%
31%
12%
92
92
24%
*122
11%
24%
126%
1134
57%
1%
95
*88%
*98% 100
1
*%
600
18%
65,100
4,600
33
123
*%
*
%
60
2%
*5%
1%
9%
*53%
*88%
*99
123
*111
2%
6
1%
95
100
12%
13%
*90%
12%
30
30
*30
*17
14
234
22
14%
30%
31
*2%
14
50
-
—
*1
9%
54
97%
*94
*90%
92
*90%
11%
31%
*2%
*2%
*17
11%
30%
*2%
*17
14
28
11%
13%
29%
13%
29
11%
*92%
98
*6%
7
11%
*93
*6%
12%
30%
2%
21%
14%
30%
11%
98
12%
31%
2%
21%
14%
30%
*17
13%
28%
7%
14,300
11
11%
*50
56
*50
66
*50
58
*50
*14%
15%
*14%
15
*14%
15
15
*40
52
*40
52
*40
52
*40
64
64%
11
5%
63%
*5
16
16
*1034
734
•
784
*114
60
63%
10%
4%
IO84
*5
6434
11%
5%
1434
*7%
1434
7%
15
15
11
5%
7%
5
11
!
5
14%
83g
Bid and asked prices; no Bales
ci
58%
*10%
on
*7
-
---
59%
10%
*114
58%
10%
5
*5
15
15
7%
this day.
E
*7%
27%
17%
Jan
6% preferred series A
100
NYC Omnibus Corp ..No par
30% Nov 24
100
Jan 22
36%
Jan
15
Oct 19
31% Mar 19
2% Oct 20
12% Jan 22
25% Jan 22
New York Dock
No par
5% preferred.
No par
5
50
110
Oct 19
135
Jan 20
119
50
113
Nov 24
137
Mar 12
125
Jan
Oct 18
2
7
1
Jan
54% Dec 31
97
Feb 10
90
Jan
3
Apr
N Y A Harlem..
10% pref
Conv preferred
3g
2
100
7% preferred
Oct 15
4% Oct 19
Adjust 4%
Oct 19
19% Feb 11
Oct 19
76% Jan 22
73
9
June
%
Oct 19
Jan
114
Jan
105
May
Oct 19
Oct 27
91
Oct 14
105
9%
.100
62%
Jan
98
Jan
97%
36% Mar
Dec 28
Feb
6%
3
17% Jan 21
Oct 19
53% Jan
6% Mar
Jan
Apr
23% July
60
Aug
40
Oct 19
22% Apr
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
24
Nov 23
17
July
8% preferred A
100
Oppenhelm Coll A Co..No par
90
Feb
107
Jan
Oct 19
19% Mar
8
Otis
20% Oct 19
45% Jan
7,900
20
7,200
100
Ohio Oil Co.
Elevator
1% Oct 19
6% Oct 19
5%
No par
6% preferred
125
100
Otis Steel
Nov 10
6%
120
280
12% July
Mar
79
28
Jan
Dec 21
75
Jan
4
115
June
114
470
Def. delivery,
:
2d
n
No par
May
..in
4
No par
pref
New stock
5
10
1st preferred
r
Cash sale,
Jan
44
100
Pacific Coast
123
Feb
97
x9% Dec 31
2% Oct 19
7% Oct 19
5%
Jan
24% Apr
24% Mar
51% Nov 20
16%
Apr
Oct 19
Pacific Amer Fisheries Inc
16
140
Jan
Aug
12% Aug
24% Jan
26% Feb
114
2
19
Dec 31
48
Owens-Illinois Glass Co..12.50
*5
73
'
Jan
1234 Dec 2 9
.No par
$5.50 conv 1 st pref..No par
Outboard Marine 4 Mfg
6
Outlet Co
No par
Preferred
Nov 19
1,100
8%
23% Apr
104% Jan
7,600
a
57% Feb
3
93
11
■
8
34% Jan 14
1
58%
8
93% Apr
1% Aug
210
11
11
5
Jan 14
57
8%
3
Mar
Apr 8
14% Oct 19
48%June 18
50
Pacific
Apr
83
272
No Amer Edison >0 pi.No par
Northern Central Ry Co...50
Northern
July
May
9
*114
t In receivership,
9%
57
3
484 Mar
4
Oct 19
11
5%
10234May
112%May
Jan
7% Apr
6% Feb 11
Oct 15
63%Junt 14
No par
6% preferred..
North Amer Aviation
10% May
8
1
No par
pref
984 Mar
3% July
26% Feb 25
3
No par
North American Co
Jan
30
100
N Y Steam >0 pref
$7 pref series A
Oct 19
60
16
Jan
No par
52
*114
Mar 17
Oct 19
13,900
15
*114
72
15
58
15%
52
....
Oct 19
30
1,600
56
♦114
55% Mar If
14
Telegraph...50
23% 23%
127% 127%
*14
*46%
Jan
15% Oct 191
par
Northwestern
23% 24
24%
24%
126% 126% *126% 127%
11
11
10%
11%
*50
Jan 18
Norwalk Tire <fc Rubb—No par
Preferred
50
100
15%
53
Apr
4134
160
7%
58
Feb
9
Oct 19
100
20
*14%
*48%
10%
102
4,700
*51
104%
Mar 17
No
York Central
...100
200
Apr
Apr
Jan 11
37
N Y Chic A St Louis Co...100
180
700
41
109
New
100
23,100
Sept 21
6484 Mar 10
8
32%
100
28,800
87
7% July
10% June
3234 Apr
98% Feb 10
t Norfolk Southern
50
Deo 14
Nov 24
10%
Norfolk A Western
12
7%
Dec 28
Dec 29
100
98
11%
*93
12% Jan 15
13% Feb 25
57% Feb 13
1,200
92
12%
30%
2%
21%
Oct 19
9
t N Y Ontario A Western..100
97%
93
Dec 28
62
N Y Shlpbldg Corp part stk—1
20
Oct 29
75
Nov 26
900
10
Jan
29
8,800
88%
88%
*98% 100
%
%
Jan
%
80% Oct 30
99% Nov
JNYNH4 Hartford—100
120
30
Dec 14
32
1
%
57% Apr
No par
800
55
99% Aug 14
26% Nov 12
N Y Air Brake
2,200
4,200
Oct 19
Oct
9% May
Jan 18
1
6%
100
5%
1%
10%
2%
*5%
*94
*30
*7
240
60
*90%
28%
12%
11%
98
92%
*92%
*7
7%
784
2334 23%
2334
24%
*122
12634 *122
12634
11
11%
10%
11%
11%
92%
730
2% Jan 18
3
100
Newport Industries....
Dec
22% Dec 29
1
6% pref series A
Jan
54
75
No par
-
13784
Jan 22
63% Dec 20
No par
Natomas Co
2%
*
97%
11
National Tea Co
155
Jan 29
61%
1484 Jan 14
17% Dec 29
20% Dec 29
40
100
100
20
%
*94
97%
93%
1234
30%
234
21%
14%
29%
II84
$2 pref
5H% Prior pref
6% prior pref
Oct
26% June
Jan 22
150
Oct 19
55
J N Y Investors Inc...No par
N Y Lack A West Ry Co..100
%
10
58
6,500
2,200
-
1%
1
*%
192
189
200
197% *192
100
190
191
191
106
106
*106
10634 106
108% *106
108% *106
108%
19%
2034
19%
1934
19%
20%
20%
21%
19% 20%
517g
517g
52
52
51%
52%
61%
52
*51%
*51%
10
10%
934
10%
10
9%
9%
10
9%
9%
9434
13%
30
734
10
55
5%
W,20b
197
97%
*7
2%
*2%
5%
1%
9%
*88%
95
*98% 100
*%
1%
99
14
59
60
1%
9%
*97%
*22
*111
%
59
2%
5%
1%
*57
99
*92%
1234
2934
*2%
%
61
6
97g
59
%
18%
18%
National Steel Corp
25
National Supply (The)PcnnalO
t New Orl Tex <fe Mex
36%
24%
24%
25%
*4
4%
4%
10
10%
10%,
10%
114% 114% *113% 115
114
*%
33%
160
14
17%
13%
26%
18%
"2" 100
105%
24%
4%
10
123
25g
4%
*9%
1734
*34%
18%
3,100
1,100
70%
*65
105
114
6
25
*40
*111
*2%
25
40
123
6%
1%
10
19%
24%
70%
25
106
120
6
2034
*65
68%
*65
68%
40
40
40
*39%
*104% 108
*104% 108
14
14
14
*9%
*93g
18
18%
17%
18%
18%
37
36
36
35%
35%
66%
*39%
*114
62
59
171
9
Mar 11
%Sept 9
%Sept 11
4H % conv serial pref
100
Newberry Co (J J)
No par
*70
♦111
*58
4,200
11,000
90
60
Oct 19
July
6
100
71%
90
120
2%
59%
20%
National Power A Lt—- No par
5% 2d preferred
44
16% Dec 29
3
18% Apr 22
Oct 19
153
Nat Rys of Mex 1st 4% pf-100
200
7%
20%
24%
123
62
100
%
%
71
*114
*2%
%
*84
20%
24%
*111
*57
127
Nat Mall <fc St Cast's Co No par
21%
71%
120
%
—.100
100
7% preferred A
6% preferred B
18
1,600
11,600
21%
7%
%
%
10
4% Oct 19
10
71%
123
%
100
134
134
Lead
20%
24%
♦111
%
*157
National
1
5934
1934
2434
*114
*%
159
*126% 140
21%
2134
7%
7%
7%
22
Nat Gypsum Co
60
*35
10
28%
6,500
3,700
59
*9%
1734
39
28%
2212
Nat Enam A Stamping.No par
61%
20%
24%
106
14
*9%
28
*84
*%
23
68%
*35
*103
7%
*
„7l«
7
7%
634
22%'
7%
28%
*18%
7%
*27%
»
21%
«4
*%
*70
4%
9%
*23%
70
7
217g
25%
72%
4%
9
22%
60
90
25
*21%
62
*70
*23%
*128
23%
7%
78
"*15%
7
*18%
634
x
Oct 19
Ex-dlv
■
y
Dec
"47" "Jan
114
July
13
July
10334 Aug
23
Jan
15% Feb
40
3% Jan
8% July
4% Jan
Mar
27% Feb
Ex-rights.
^ Called for redemption
EE
-
15B
Volume
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
Jan.
Jan. 15
Jan. 17
$ per share
$ per share
Wednesday
Jan. 21
Week
$ per share
Shares
383a
1,000
15*2
15*2
1538
114
*113
115
*114
114
115
*114*2 117*2 *115*8 122
*135
135
135
136*2 *135
136*2 135*4 135*4 *135*4 140
14
♦13
14l2
13
13
*13*4
13«4
14
13
13
53s
6*2
5*8
6*4
5i8
5U
5*4
5*8
5*4
5*8
9&g
9&8
95g
*8*2
*8*2
*8i2
*7*2
95s
8*2
8*2
1%
1*2
*1*4
1%
*1*4
*1*4
*1*4
1*2
13g
*1*4
1,500
Pacific Mills
*3812
16
16
16
15
15
114
136*2
♦135s
17*2
5*8
53s
*8*2
*114
9%
54
1*2
55*2
♦51*2
40*2
♦
98
11*2
♦92
*1138
2%
55
nig
11*8
11*2
11
11
•2212
2334
*22*2
27g
3
234
33*2
20*2
*20
2%
2%
2%
23g
*2
614
614
6
618
*1158
6I4
12
5*2
*1084
*53s
44
4434
43l2
70*2
*2
412
*2
22
23
23
512
*43
4312
*2
15*8
1312
36i2
36i2
38*8
17
35
37*4
12
12
6I4
2914
*3512
65
70
*65
37*4
6i8
3018
1178
6*8
2834
*64
*2
3*4
*334
4i2
38
%
*30*4
734
*23
4
35
*6
*5*2
30*4
*7*4
43
54
*
"~8%
6*8
29*8
3634
8*2
15*2
""S*~8
15
45
*40
*2
*63
15
*34
1878
*10
113s
*3
2*8
94
15*4
1
19*8
1434
*11*8
12
*414
934
10*4
10
10*8
29*4
31
50
50*2
118
118*2
34*8
34*2
97*2
97*2
*106*2 108
*123
127
*140
143
36
13
918
*15*2
7
*67
5078
365g
133g
102
9*4
16*2
7*4
71
52
41
13*8
10*2
*10%
*234
*%
3*4
*234
3*4
5,600
1,400
108
108
*106
113
127
*123
127
140
140
141
141
141
141
*136
142
35*8
1234
*98
9
*1534
7
*65
5058
5
36%
133g
102
3434
125g
13
98*4
98*4
9*8
834
16*4
16*8
7*4
67g
71
50*8
*11212 113
*64
50
47g
5*8
834
16*8
7
71
*98
8*2
*15%
6*2
*64
50*4
5*8
493g
4*2
35%
127g
100
87g
16
67g
127g
12%
98*4
98*4
834
9
*15%
16
6%
71
*64
49
434
6%
66
13
9
22,600
200
3,400
87g
*15%
157g
100
6%
67S
35,800
*62
64
------
29
*27*2
22
*21
217g
800
29%
29%
*28%
300
29*2
*26
29*2
29%
37g
500
4*4
3%
3%
*3%
*35%
517g
5178
11
*38*2
*1*8
*8%
10
*9
12
11*2
14l2
14
14*8
*66
65
69
65
*26
*334
*11
*66
*64
11*2
♦11
138
11*2
143g
1334
14*8
69
66
66
70
*55
70
*11*8
14
*66
*55*2
4*4
40
1%
11
9%
11*2
14*8
69
69
37g
39
*1*8
*8%
9
*11*8
14
41
1%
11
9*4
11*2
14*2
300
300
620
------
------
400
------
6,600
*66
69
100
*60
69
10
5,800
19*4
20*4
2%
19*4
3
187g
27g
197g
3
19%
278
20*8
*27g
205g
20
66,100
*73
75
7434
7434
71
71
71
71
72
72
600
71*2
16*4
71
71
70
70
*69
71
71
27g
27g
284
193g
2034
75*2
1934
*83l2
90
70*2
1534
♦30*8
*83l2
*63
65
*63
17*4
*87
912
978
9%
437g
44*2
43*4
*52*2
*678
7*8
♦103g
3
234
16
234
147g
15*2
14*2
73
1534
1434
15*4
600
5,600
1584
*30*2
3734
*28ig
40
*28%
40
*30
37
90
*84
90
*84
90
*85
90
*85
90
65
*63
65
*63
65
63
63
64*2
64*2
40
17*4
17
17*2
17*2
17*2
1,200
90*8
9*2
*87
90*8
87*s
40
17*4
94
17
17*4
*87
17*4
*87
9%
90*8
97g
44
42i2
43*2
9*4
42%
60
58*2
*63s
58*2
58
978
8*4
7
73g
11
2H4
3
*20*4
*21*2
*2*8
3
40*4
38
39*4
235s
1*4
1*4
1*4
1*4
27.
278
3
3
*10%
8*4
7*4
11
♦7*4
67g
10
4234
58*4
8*4
7
2034
*2%
*2
227g
2%
38
36
3634
1*8
*27g
3
1*4
234
*7%
♦10*2
3634
1*4
*52
7
20*4
21*2
*22
9*4
42%
103g
20*4
23%
212
20*4
Jan
Oct 19
Nov 22
60
Oct 19
178 Dec 31
30*8
No par
6
1*4
27g
20*4
20*2
*2
Phoenix Hosiery
100
pref...100
25
shares'
Pittsburgh Coal of Pa
100
0% preferred
100
9%
43
58*2
9%
42%
*52
87%
934
43
58*2
------
100
3,000
13,800
60
8*4
*7%
8*4
7
67g
10*2
7*8
8,300
10*2
500
1934
19%
1,300
21
22
11
20%
20*2
2*2
*2
------
600
2*2
3634
1*4
37%
37%
3734
6,100
1*4
2%
2%
*1*4
234
1%
234
800
900
Oct 19
27
Preferred
Pitts Coke A Iron
$5 conv pref
CorpWo par
No par
100
Pitts Ft W A Chi pref
Oct 19
4
7i2 Feb
4l2 Oct 19
2
Jan 12
14
87*4 Jan
64
July
Jan
Jan
Conv pref
unstamped
Pittsburgh A Weet Va
Plttston Co (The)
No par
Plymouth Oil Co
5
Pond Creek Pocahon..Wo pat
Wo par
Poor A Co class B
48®4 Dec
5% conv 2d pref...
2
Quaker State Oil Ref Corp..10
Radio Corp o! Amer—No par
No par
*5 preferred B
*3 50 conv
lBt pref-.Aro par
$2
1
25
60
..50
50
preferred
Reading
4% 1st preferred
4% 2d preferred
5
100
Real Silk Hosiery
Preferred
A Co.
— .Wo
par
preferred
....
100
Corp.—ATo par
Reliance Mfg Co..—
10
Reis (Robt)
Remington Rand— —
1
Preferred with warrants..25
Rensselaer A Sar
Reo
RR Co—100
Motor Car..
Republic Steel
Corp
.
5
No par
preferred
100
6% conv poor pref «w A. 100
Revere Copper A Braes
6
Class A
10
7% preferred.. ...
100
6*4% preferred
...100
Reynolds Metals Co.—Wo par
6% conv
-100
6^% conv pref..
.1
Reyno ds Spring
Reynolds (R J) Tob class
B.10
-10
Rhine Westphalia Elec A Pow.
Richfield Oil Corp
No par
Common....
7
8
7*8 Apr
8
23*2 Geo
32
Dec 29
122
MarlO
23
Dec 17
30
Dec 11
30
Dec 28
45
Dec
4
Jan 12
Dec 28
28
Jan 12
lSg Oct 19
x97*4 Apr 29
8*2 Oct 19
preferred
100
Oot
58*8
Jan
21
Jan 12
11%
9
Dec 30
Oct 19
22*2 Aug 30
33*8 Feb 4
117g Jan 22
20
7
Jan
Apr
1*2
297g Apr 22
5% Oct 19
3
378 Jan 22
Jan
15*2 Jan 20
317a Feb 11
17*2
Oct
17*4
57*2
Oct
Oct
31
Feb 10
86
Feb 11
Oct 19
91
Oct 20
Jan
Jan
1*4
Oct 19
3038
Jan
May
12
4*8
6*2 Oct 19
20
65*2 Jan 15
118*2 Jan
4
52>4 Jan 21
112*4 Feb
8
684 May
40*4 May
11534
Deo
39
Apr
103*2
Feb
113*8
103*8 Oct 19
117
Oct 25
128*2 Jan 21
140*8 Jan 20
132
Sept 29
162*8 Jan 25
146
Apr
Apr
Apr
110
June 17
Jan 25
112
Jan
884 Oct 19
Oct 18
85
684
Oct 19
13*8 Dec 1
484 Oct 19
113*8
72*8 Feb
4
24*8 Feb
3
128
36%""jan
16
Aug
Feb 15
91*4 May
23«4 Feb 25
18% Jan 21
9% May
16*8 Oct
9*4 May
107
12*4 Mar
6
Nov
5
83*2 Jan
68*2 Apr
8
115
Dec 28
80
Oct 19
10*8 Apr 19
6
Jan
19i2 Dec 19
Deo28
37*8 Aug 25
26
Deo 11
287g
Jan
Dec 28
29*2 Dec 13
47
Mar 8
96*2 Dec
44
2*4
20
26
18*8 Dec 29
Dec 23
Dec 8
Jan 16
35*2
Jan
Jan 11
39
Jap
8
37
Jan
30
49
23
43»4 Jan
3*8 Oct 19
39
Dec 29
1
Sept 11
1388 Jan 16
83
Jan 20
4*8 Mar
Mar
7*2 Dec 28
30
734 Dec 31
9«4 Oct 19
22*8 Feb
8*8
Oct 19
61*2 Nov
69
8
Dec 30
1% Oct 19
6
5
8
29*8 Mar
9
94*4 Jan 30
110
Feb 18
9*2 Feb 18
47*4 Mar 11
12*4
Oct 19
Dec 28
124
9
Dec 29
Oct 19
110*4 Mar 10
26
Dec 29
98
7634 Dec 28
60
Nov 19
1234 Oct 19
139
00
Apr 23
49% Apr 14
95*4
Apr 14
Apr 17
Jan 26
Nov 12
30% Jan 14
112
Jan 8
5% Dec 28
40*4 Dec 7
34*4 Jan 22
58
Jan
8
80
97| Jan
65*8 Oct
17g Apr
125, May
16
Aug
35*t Mar 31
65
17*2 Aug
81
Deo
99*8 Sept
4*8 July
167g
77
Apr
May
78*4 May
10
Apr
24*4 June
90
92
Apr
Dec
22*2 May
106
Apr
25
July
50
Apr
Oct 19
67
Jan 26
687g Sept
10*4 Nov 9
4*8 Oct 19
14
Feb 23
884 Nov
65
834 Dec 29
6%
6
June
2%
Oct 19
l2 Oct 19
18*8 Deo 29
17*4 Oct 19
Antelope
Jan
1*4 May
14
13
Copper Mines
Ruberold Co (The)
No par
Rutland RR 7% pref
100
St Joseph Lead
10
{ St Louts-San Francisco.. 100
Roan
Dental Mfg
BSg Feb
1
141
July 14
47*4 Mar
49
2
84 Nov 24
8
1
No par
Rftter
Feb
176
Jan
.
1st
Reliable Stores
100*2 Aug 14
Mar
25l2 Oct 19
100
7*8 June
35*2 Apr
Mar
No par
Nt pat
Wo par
Jan
Deo
Dec
43
43U Oct 19
8% preferred
8
273s
4934
20
114i2 Mar 25
Purity Bakeries
Jan
5*2 July
July
70
190
No par
Pure Oil (The)
38*8
Deo 29
6% Pf (w* o* Feb. 1 *29). 100
Pub Serr Corp of N J..Wo par
$5 preferred
Wo pat
6% preferred
100
7% preferred
— 100
8% preferred.
-.100
Pub Ser El A Gas pf 15.Wo par
Pullman Ino
2
May
4% Oct 19
8
Oct 19
172
2i2 Oct 19
Procter A Gamble
18*4 Jan
68
14*4 Aug 16
{Postal Tel A Cable 7% pf.100
Pressed Steel Car Co Inc
1
5
60
Feb 17
76*8 Jan 22
1*2 Oct 19
«4 Oct 19
5% conv 1st pref
Jan
6
26
20
13
6
18
Oct 19
A.Wo par
No par
Class B
Apr
Apr
7*4
Jan 16
20
Mar
66
9512 Aug 31
Dec 29
1
100
25
100
100
1
3*8 Feb
4
7% pref class B
100
6% pref class A
100
5H 1st scr conv prior pref 100!
6% preferred
Pittsburgh United
8Ha Jan
3*4 Jan
8*s Jan
1*2 July
8
25
No par
23*4
2134
12
100
Rayonier Inc
*27*2
*11*8
7% preferred...
Phillips Petroleum
600
2912
217g
*9
Jan
45*2
55a Oct 19
No par
400
29*8
10
25*8
65
Phillip Morris A Co Ltd...10
17,800
23*2
*9
597g Mar 10
64*j Jan 14
106*4 Jan
Dec ll
62
is Oct 15
47g
23*2
23*2
29*2
10
10*8 June
184 Deo 31
2*4 Oct 19
*22
*22
13g
13U Feb 19
60
60
7% preferred
*21*8
*21%
23
13g
Oct 19
No par
{Phlla Rapid Tran Co
Phlla A Read C A I
23
23
35g
Jan
123g June
18*2 Nov 22
{Radlo-Kelth-Orph
No par
Raybestos Manhattan.Wo par
47g
3,400
22
3%
Jan
16
34l2 Nov 26
49*2
23
*27
56
60
49*4
434
49*2
24
*9
2358
1234
26
10
♦21*2
♦218
39%
35*2
24
*9
20*4
35
*24
*35*8
*1*8
*8*4
20*4
8,000
35
50
47g
200
34*4
*98*4 100
90
1127g Il27g
24
11
73g
*112*2 113
100
------
26
*24
*1*4
*85g
8*4
800
*123
11
11*4
4,500
9534
127
39
7*8
107g
3234
108
*1*4
*85g
*6%
560
*123
39
59
5,400
*103
11
*52
1,600
50
127
*10
94
28*4
108
26
*87
32*4
95*4
1,100
117%
*123
26
17*2
50
*103
26
17
27*2
117
127
33%
12*4
100
934
*106*2 108
35
8
Jan 11
215a Mar 11
25
_
No par
$8 preferred
Jan
25
Oct 19
3
5
Phelps-Dodge Corp
Philadelphia Co 6% pref_
91
Oct 15
938
II
par
Pfelffer Brewing Co...Wo par
Porto Ric-Am Tob cl
...
9*4
*34
28
28*2
27*2
27*2
29*2
31*2
31l2
50
50
50*8
50*4
50
50
49%
50*4
*117
118
118
118*2 *117
118*4 118*2 all8
33
32
32*2
32l4
3234
317g
3414
327g
96
96
97
97
*9534
98
*97
9584
*112
400
*9*4
26
17
2,100
934
31
3978
1434
10*2
9%
*26
73
1834
*93g
31
15*2
300
3,800
9*2
9*4
30
*3034
%
9*2
9
934
217g
*69%
3
13%
**2
18%
1
934
112
590
12*2
%
4*4
934
4
140*4
1,700
------
1
4
*2938
75*2
92
4*4
1*8
4
140
30*4 Dec 29
No
Milk
Pitts Term Coal Corp
1
*%
4
30
70
15
180
4*4
1*8
4%
22
♦65
*63
100
*4*s
93g
1*8
*78
30
69
*1334
%
*2
2*8
*10*4
2*8
92
------
------
1034
45g
934
10*8
*123
5% preferred
Petroleum Corp of Am
Pittsburgh Steel Co
1*2
18
10
9*2
♦9*2
29*2
25*8 Apr
64*2 Jan
Plttsb Screw A Bolt.—Wo par
41*4
*7g
*9
18%
29
*66
41
1*2
11
934
10*4
*2%
*21
14*2
42
*78
*9
18*2
10*8
10*8
7
6,000
23*4
14*2
1034
34
14
44*2
23*4
10
22
13s
*40*2
23*2
10
29
52
44*2
15
19
29
*1*4
*40*2
8*8
14
3
6
Jan
1,600
~~8~
h
18i2
107g
*234
50
------
14
%
800
634
55*2
173
14*2
1*4
*30
*35
400
*s4
*21
4
55*2
*
300
7*4
35
*14*4
30*8
*334
684
6*2
42
8*8
1434
"~7%
*17s
22
*26
*30
65
173
*63
*20*2
30*8
*6
7
35%
78
3
4
87
220
42
42
15*4
1134
Mar
48*2 Mar
66
2
*234
17
Oct 19
Dec 29
Oct 19
92
11*2
Oct 15
9
Dec 14
2
1178
11*2
Jan
3
30
20*4
*63
19
4
100
36
2
187g
Apr
Pirelli Co of Italy "Am
92
*10
Feb
Mar
Plllsbury Flour Mills
1
Jan
June
30
Pierce Oil 8% conv
--
50
17
28*4 Apr
38
600
—
3*a June
Jan
4*2
2834
110
Mar
400
-
Mar
9
63
Oct 19
22
Jan
Aug
116% Jan 27
65*2 Feb 6
Dec 29
27
110*4 Sept 27
7*2
35
-
2
19*4
147S
17,100
40*4
50*4 Mar
1*8
60
69
8
23
2
1
10
17
..100
100
100
6% Prior preferred
Phillips Jones Corp
------
13*2 Dec 29
Oct 19
20
23*2
42
1*2
*2834
*2334
72
6*s Jan
12*2 Feb
7*2
23
5*8
2334
24*2
29*2
5
23
72
*63
2*8
94
112
*112
*97
15
*84
187g
3*4
1*8
4i2
*1
2
*63
10,300
734
14*4
8*8
*41
18
*6*4
*50*2
76*8 Feb
2984 Feb
*22*2
*55*2
45
*9
6% conv preferred
100
People's G L A C (Chic)-.100
Oct 19
15
7*2
*
*42
14
60
Pennsylvania RR
10334 Mar
2234
6*2
6*2
55
25
*9
Penn G1 Sand Corp v t oNo par
57*2 Nov 23
1*4 Oct 19
214 Oct 19
*7*8
4412
18
No par
pref ser A
Nov 23
37
9*2
74i2
20»4
33*8
*34
*22
*%
300
*30*4
*40
*9
conv
7% Jan 14
2284
15
41
310
*2
9034
89
8*2
------
4
*2
8884
*30*4
7*4
25
*9
4
4
44
1*8
3*4
*2
%
200
647g
35
15
43
200
*2*2
*22
♦%
17,200
3584
39*2
*40
1*2
1,200
28*2
4
26
*78
534
2734
3534
40*4
4512
138
6
29*4
35*2
*2*2
26
*1
$7
Pet
"i'500
1134
39*4
29
14l2
420
19
1134
534
4
15*2
45*2
15*4
1,100
4
3*4
*6*2
*50*2
35
*26
*40
60
40*4
173
"77«
No par
Penney (J C)
No par
Penn Coal A Coke Corp...10
Penn-Dlxle Cement
No par
Peoples Drug Stores...Wo par
36
33*2
4*2
*6
8*4
20,700
Penlck A Ford
3784
*30
6*2
6% June
7«s Feb 18
64
Jan
9
112
647g
4lTJan?
2l2 Oct 19
3
Peerless Corp
35
7
55
Oct 19
10*8 May
36
88
42
*
12
Pere Marquette
35
.
2.60
40»4 May
23
Apr
Peoria A Eastern
**2
23
2>4 July
4434 Feb 3
295s Aug 25
5
200
4
8*2
8*4 Feb 2$
Oct 19
10*8 Jan
14*4
*2
%
Oct 19
28
237g Mar 11
14*4
70
Jan
1
No par
Parker Rust Proof Co
100
558
June
8*8 Aug
17*a
5
34*8 Jan
1
200
28*8
35*2
18*8 Oct 19
7*8 Aug
Oct 19
1,100
11*2
59
26*4 Jan 28
Oct 19
213g
*15*2
200*8 Jan 28
Oct 19
8
8
"l~,306
19
Jan
Apr
July
No par
23g
4
18*2
Patlno Mines A EnterprWo par
4,600
72
*33
67
103
Pathe Film Corp
484
33*2
MarlO
3,100
2,700
500
2234
Flay 13
90
1097g Mar 18
28*4 Jan 28
1U Oct 19'
*4%
213g
22
121
32i2 Nov 23
Sept 30
8*a Oct 19
80*8 Oct 19
1
Jan
4
*2
112
Oct 19
4*2 Jan 25
Parmelee Transporta'n.No par
4*2
*31*4
12*4 Aug
1*8 Jan
29
1
Parke Davis A Co
44
7134
71
Jan 20
67g
2,900
53g
*43
17*8
Oct 19
z96
100
10
Park Utah C M
700
Oct 19
I
100
Inc
3,500
6*2
*5*8
Park-Tllford
9,000
12
11*4
6*2
preferred
6% 1st preferred
6% 2d preferred...
530
*6
6
1,300
300
conv
7
No par
Paramount Pictures Ino
11«4 Apr
Oct 19
2934 Apr 6
12*8 Feb 18
1134 Dec 29
100
preferred
35*2
*30
54
2
6*8
conv
33*2
*63
*41
15*2
2
6*2
8%
Parafflne Co Ino
35*2
7
173
Pan-Amer Petrol A Trans p.. 5
12*2
35
*55g
634
4
12*2
11*2
72
42
44*4
*6*2
*30
55
8
Jan
No par
700
19*4
5
*15*2
117g
23
30*4
Jan
140
36
19
*50*2
387g
*2l2
*30*4
7*4
72
118
2
35*2
88
*6*4
4
Jan
14
♦4
*12*2
70
86
734
23
23
33*4
5*2
14
4
4
32
33*2
6
3934
173
4%
Jan
149
38~666
23g
*2
43g
3*4
*2i2
7*2
*51
70*2
258
*3l2
**2
387g
35
*
71*2
152
Apr 28
5,700
234
44
44
Nov 22
"""240
1078
23&8
27g
3334
19*4
IO84
*22*2
113g
*5*8
43*2
*2
4
46
*5*2
6*4
*170*4 173
8*2
8*4
53s
3634
%
4034
8
33
59
*50
*52i4
23*2
7
734
83
*30
*6*4
75
46
46
*43
6*8
11
32ig
90
88
8*2
233s
6
11*4
♦64
**2
91
*7
734
2334
2
4
4
*2
41*2
2
3*4
*2
4*2
75
19«4
2
28*8
*34l2
70
3*4
*6*2
*52*4
39*2
*212
*30*4
33*4
20
284
34
1984
36
3634
65
89
234
33*2
*15*2
11*2
295s
*35*2
*4
91*2
8*2
24
*4
1178
6*8
*2
*2
8884
*6*4
*5214
397g
*2l2
2384
32
37*4
19
3634
2914
*36
2334
234
3334
*1214
31*2
34
*15*2
1238
6i8
6*4
30l2
3734
11
438
5*2
100
11%
10*4
Jan
{Panhandle Prod A Ref No par
17,900
92
11
9
133
4%
11*8
91
447g Jan
Oct 19
10*8
Deo
110
Oil Corp
Packard Motor Car
Pac Western
97
11^4
*2
14*4
33
20
12
72
258
33*2
*4
*12*2
3714
*16
97
2H4
36
3734
4434 Deo
14*4 May
30»4
100
10
6% preferred
50
800
91
5*4
43*2
70*2
5*2
4%
*33
1312
513s
11*8
20
20*2
20*8
20*8
14*4
15%
14*4
14*4
*13*2
2218
22%
22*8
22*2
23l2
36
36
*31*2
36
*3H4
*31*4
112
112
*111*4 113
*111*4 112
15*2
*13*8
*153s
5384 Jan 14
22
100
Pacific Telep A Teleg
70
600
42
*
90*4
11
21%
*14*4
22%
*1414
1512
23i2
243s
2314
24i2
*31l2
36
*3112
36
*110
112
*110i8 112
34
34i2
3378
3378
*4i2
5*2
*45g
512
•1414
3934
11 *4
6
5%
4*2
434
23
5138
41
53
3934
2
44
71*2
*51
20
11
5*2
2%
45g
4%
12
73
71
71*2
2%
584
11
38
38
91
*22%
2%
3312
23s
*20
39l2
10*4
33*?
20*4
20*4
52l2
*90
2334
27g
333g
27*4
1538-
10*2
33*8
20*4
333g
38
97
1134
9334
2678
1434
300
16
*13*2
27*8
38U
39*2
93
145g
2678
50
ll7g
33*4
*13*2
27%
*
97
95
3
14
265s
X38*4
14l2
41
*
97
11*4
*93*8
1214
99*8
1158
23
23
53
40*2
5512
40*2
44
•41
♦
32*4 Jan 14
38
Jan 12
30
Oct 19
10*2 Dec 29
No par
40
39
Highest
share
I per
$ per share
share
per
z34»4 Oct 19
No par
14
40
•135
S
Pacific Ltg Corp
14
27*4
14l2
2734
0114
Par
Pacific Finance Corp (Cal).lO
Pacific Gaa A Electric
25
14
27
27*4
3934
•39*2
15*4
Jan. 20
$ per share
Lowest
Highest
Lowest
Jan. 19
4,400
•14
14*8
2734
14i8
27*2
Range for Previous
Year 1936
1937
10O-Shate Lots
EXCHANGE
% per share
18
$ per share
On Basis of
STOCK
YORK
NEW
the
Friday
Thursday
Range for Year
STOCKS
Sales
CENT
NOT PER
for
Tuesday
Monday
Saturday
559
New York Stock Record—Continued—Page 8
146
1
Oct 19
26*8 Nov 24
6*2 Oct 29
31*2 Feb
4
38
June
Feb
4
984 Feb 19
65
Mar 11
Oct 19
4*4 Mar 17
lla Oct 15
11*8 Feb 25
1
19*2
19*2 Dec 21
5*8 June
July
22
1*2
2%
Jan
Jan
New York Stock Record—Continued—Page 9
560
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW
for
Monday
Jan.
*5%
$ per share
♦5%
6
*9
Jan. 18
$ per share
15
I per share
Tuesday
Jan. 17
Saturday
6
♦5%
Wednesday
19
Jan.
Jan.
I per share
6
*5*8
Thursday
5*2
20
Jan. 21
*9
18
♦9
16
♦9
16
*9
22%
23
23
22%
22%
22%
22%
22%
22%
78
78
92
92
*5%
16
23
17
17*2
25«4
26
80
80
1
1
♦6*4
7*4
40*2
.
40*4
♦34
*2%
243s
♦5*8
24*2
53s
63
63%
1534
834
1934
20
%
3
163s
834
♦64%
6*8
*65
7034
47
47*2
♦46
*2734
17%
*27«4
♦17%
2934
18*4
♦100*4 102
8*4
8*4
23
~
2334
100
8
.
22%
3%
3*4
22
*19
32
69%
*64
69
5%
5
5
2:46
46
5%
5*4
♦3
*20
31%
*91%
3212
48
2934
17%
100%
64%
29%
173s
173s
31%
100% 100%
8
734
8
22%
3%
21%
21%
21%
31
3%
*19%
2934
*92%
♦91
95
95
*92
95
82
76
78
75
75
100
♦97
100
*97
100
22%
3%
21
30%
22%
*79%
80
102
80
17
17%
24%
80%
%
*534
41
1,500
9,700
80%
700
%
7%
41%
"""440
*14
2,600
24
21
2134
13%
21
13%
20*4
•28
20%
12%
A
*3*2
48
334
.
■
*20
*43
3%
334
*8
9*2
75
21
20%
12%
*29
35
♦3%
*43
2184
1334
20
66
100
5
5
700
29
8
3%
*
*8'8
"2l"
21
29
4*2
*21
21%
30
*86
*97
♦17%
*13%
*12%
15%
100
*97
19%
15%
334
3%
10
*8
*21
21%
20*8
*1334
*38%
10%
19%
21%
20%
♦16%
*36%
11
15%
44
14%
1434
39
39
11%
10%
11%
58
56
56
56
19%
21%
19%
9%
8%
57
20*2
20*2
8%
9
10634 10634
*3%
3%
434
10%
*21*4
24%
*1
1*4
32%
35%
32
35
♦30
*1
32*4
35%
35
4984
2434
58
11%
♦934
10%
634
♦55%
*30
60*2
26
58*4
11%
10%
11%
49%
*24
58%
10%
*10
934
6%
6%
57
29
3 !
3
3%
17
17
;■
♦8%
*1
32%
32
35%
34%
*30
35
50%
3%
*58
3*2
10*8
6%
16%
21
*20%
9%
1834
*8*2
18%
*2634
39
10%
10
1034
10%
56*2
20%
54
56
193g
19%
834
9
106% 106%
*3%
3%
4
4*8
9
9%
19%
19*2
21%
1
31%
10
9%
6%
55%
125
55%
*124
11%
27%
3
3
15%
20%
*8*2
16%
20*4
18%
18
27
26*4
9*2
7%
7*2'
7
106
3%
438
9%
106
3%
4*2
45*2
*19
*18%
20*2
23
23%
22%
*%
32%
1*4
32%
34%
*%
34
*30
5
43%
42%
4*8
3234
834
9%
43
418
33*4
834
9%
9
9%
2%
5%
15%
♦3
3%
♦12
13%
15%
15%
♦83
13%
47%
12
7%
9*2
*
o'8
♦82
6%
♦10%
22%
*30%
5%
88
13%
47%
12%
7%
9%
4*8
86
6%
11%
23
31%
5%
*38
47
10
10
*2
2%
58
68
12
76
12%
78%
2084
20%
86%
88
79
79
2*8
*4%
2%
4%
*14%
3%
*11%
15*8
15
*83
13%
46%
11%
7*8
*8%
4
*83
3%
3%
13%
15%
*11%
88
*83%
25%
•
15
13%
13%
47
46
12%
11%
6%
*8%
3%
7%
9*2
4%
86
6%
10%
6*4
10*2
*83
6%
*434
14%
3
3%
13%
15%
13%
46%
11%
634
9%
1234
8%
31
46
*40
44
9%
2
♦57*2
10
2*8
60
11%
12
76
78
20%
86%
20%
*78
87*2
80%
23
23%
26%
25%
27
*9*4
*2
56%
11%
76%
20%
85*2
79*2
2234
25*2
5%
934
2%
57%
1134
77%
2034
87
*52%
11
20*2
on
7734
*22%
25
thl«
26
day
Mar
54%
Jan 11
40%
Nov
feb 16
984 Oct 19
Socony Vacuum Oil Co Inc. 15
13
Oct 19
300
Bolvay Am Corp 5)4% pref 100
110
Mar 18
South Am Gold A Platinum.1
300
"2"900
So Porto Rico
Sugar
8% preferred.....
1*2 Oct 19
20% Oct 19
No par
100
Southern Calif Edison
130
Oct 25
8
2934 Feb 15
23% Aug 14
115
June
9
63s Feb 26
42*2 Jan 12
155
Jan
40% June
72
Jan
21
30*2
Deo
Sept
12% May
110
Mar
3% July
26
Apr
32*2 Jan 13
25
Feb
32% July
17
100
Jan
65% kt
23*8
Jan
'/ »8
Oct
26% Dec
64% Doc
Oct 19
r 7
9
Oct 19
43% Mar 17
1284 Apr
100
15
Oct 18
60% Mar
19
Jan
200
Mobile & Ohio Stk tr ctfs 100
27
Dec 29
34
Jan
""26
Spalding (A G) A Bros.No par
1st preferred..
100
4,500
100
5% Dec 29
73% Sept 20
19% Dec 27
31
Feb 26
94
Feb
2
36
Jan
2
1
No par
10
2334 Jan 12
10
Dec 29
35
Aug 14
preferred A..No ptr
Spiegel Inc
2
39
Dec 29
60
Jan 18
No par
1
72,200
S perry
14%
300
11,300
820
1,600
16,000
500
Corp (The) vto
Splcer Mfg Co
$3
conv
Conv $4.50 pref
Square D Co class B
No par
1
Standard Brands
No par
49
1,100
4%
5,600
9,400
1,000
cum
2,000
$7
cum
101
12,900
11,400
Standard Oil of Indiana
684 Apr
67» Jan
73% June
2984 May
69
Oot
11% Nov
82
Oct
984 Mar
27
Oct
92*2
36«4
Oct
Jan
1578 Apr
13% Jan
24% Aug
44
Jan
5384 Mar
Apr
43»4 Nov
18% Nov
37
Nov
2884 Feb 11
95*2 Apr 28
48% Mar 8
2184
16% Jan 20
14% Apr
107% Dec 23
8
9*2 July
6% Apr
13% Mar
9% Feb
Oct 19
32% Mar
8
9*2
27%
Deo
10
Oct 19
65
62
Deo
14
10
14% Mar
5
25
Standard Oil of Kansas
Oct 20
9*2 Jan 28
684 July
63% June
2*2 Oct 19
Stand Investing Corp__No par
Standard Oil of Calif..No par
34%
8
2*2 Oct 19
prior pref
No par
prior pref....No par
1*4
32%
Nov
7*2 Oct 19
JStand Gas A El Co...No par
$4 preferred
No par
$6
Nov 23
16
$4.50 pref
3%
Oct 19
8% Dec 29
..No par
Stand Comm Tobacco.
1
100
Jan 20
11% Mar 16
77% Mar 17
$5.60 preferred
20
65%
6
1% Oct 19
35*4 Oct 19
1*2 Oct 19
Sparks Wlthington
Spear A Co
Mar
150
17«4 Oct 19
25
__
7*2 Feb
35% Aug
160
2
...100
5% preferred
17*8 Nov
July
114
12% Jan 22
Oct 19
72% Jan
72%
Deo
Jan
Feb
Jan 12
7
Jan
24*4 Apr
2684 Apr
% Dec 28
4
Jan 11
2
Feb
3%
27% Dec 28
26*2 Oct 19
30%May 14
50
Feb 19
35
Aug
47%
60
Feb
9
3284
43
25
j an
Mar
48% Deo
125
11
9%
10%
6%
10
9%
6%
6%
56
55%
*124% 125
12
12%
m
m
m
^
31,500
Stone A Webster
9,700
1,100
Studebaker Corp
Sun Oil
110
10
27*2
2%
27%
3
3
3%
4,200
16
16
16
16%
20%
1,800
43%
*20%
*8*2
17%
26%
9%
*7*4
5
7%
42
4%
32%
8%
9*2
9%
18%
26%
7%
*4%
*50
25
*23
63
*58
4%
50
Sutherland Paper Co
4%
50
Texas Pacific Land Trust
Old
100
100
The Fair
$3.60
50
conv
pref
4%
4*4
1,300
2%
400
800
84
1,000
9,100
Tide Water Assoc OU
84%
300
$4.50
com
pref
conv
No
Jan
Jan
Oct 19
6
Nov
Oct 19
44
33
Jan
4484 Nov
Jan
9% June
15% Feb
14% Mar
900
Jan 19
Mar 30
16% Jan 22
15% Jan 28
Jan 19
Oct 19
6
1334 Mar
1
93% Jan
13% Feb
Nov 23
4
3
8*2 Jan 13
7%
1000
28
Deo
Deo
8%
Deo
July 1375
Jan
33%
Apr
59
Mar
8*4 June
85
13
65%
Oct
8*2 May
49
Feb
July
48% Nov
63%
Oct
16
Nov
110
Feb
12% Mar
3%
Jan
5
8%
Jan
13% Nov
Feb 11
Jan 25
Jan 25
Feb 4
24%
4%
JaD
Jan
32% July
8*2 Mar
25
4
Dec 29
15% Mar
par
10
Oct 19
par
1% Oct 19
6% Oct 19
13*8 Oct 19
28%
10%
40»4
21%
72
Dec 29
884 Oct 19
9*2
Feb
98% Aug 13
par
10
No par
pref
9%
Apr
2% Oct 19
1% Oct 19
1
684 May
5%
15% Mar
Jan 13
3%
$3.50
8
67*2 Feb 3
8% Jan 12
64
13*2
14%
3%
*11%
1534 Jan
Nov
Oct
28%
3% Oct 20
100
13% Nov
26% Nov
35% Jan
20% Deo
15% Deo
15
Feb 19
Thermold Co
37%
Jan
12% Nov
64*4 Mar
55
Jan
Apr
28% Apr
17% Jan 21
48
55
6%
2384 Jan 20
18% Dec 29
14%
84%
84
3%
33% Mar 31
No par
No par
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co.No
14%
23
20%
3
5% Oct 19
900
39% Jan 25
20% Jan 20
28% Mar 8
15% Nov 19
Third Avenue Ry
14
1
9% July
65% Apr 22
9% Mar 15
5% Oct 19
100
2%
*4%
5%
5% Oct 19
3484 Oct 19
No par
5%
Oct 19
47% Mar 11
100
Preferred
2%
14%
Oct 19
6% Dec 29
100
Texas & Pacific Ry Co
Thatcher Mfg
63
,
4%
Sulphur
No par
Texas Pacific Coal A Oil... 10
4*4
*12
5% Oct 19
2% Oct 19
484 Oct 19
Swift International Ltd
*4%
14%
3%
13%
14%
734
Symington-Gould Corp ww..l
*2
14
'7% Dec 28
10
50
25
(The)
Swift & Co
2
25
*4l4
56
684 Mar
42% Deo
2334
1
Dec
60
Jan
Texas Gulf
300
Oct
Jan
Oct 19
10%
Nov
3
Dec 28
"21"
125
27
4
*18%
Jan
2
41
9%
118
3
9
~20"
Mar
7S4 Mar
Oct 19
5)4% preferred
50
Telautograph Corp
...6
Tennessee Corp
....5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
4,800
6,200
15,400
Deo
15%
91
6184 Feb
8
100
100
4,000
30*2
Jan
20*2 July 12
700
9
4
Jan
Dec
Oct 19
1% Oct 19
5
4%
Jan
9%
18
Talcott Inc (James)
33%
125
14%
70
10
100
8%
9%
Feb 17
77% Jan 11
Superheater Co (The)..No par
Superior OH
1
1
1,700
25,800
Jan
Apr
Oct 19
45
33
8%
20
Without warrants
7%
43%
16%
17% Jan 20
9
Sweets Co of Amer
7*2
42%
4%
33
400
7%
7%
42%
4*4
700
3,500
2,200
2,000
4,200
9%
*7%
*43%
*4%
43%
5
28
65
33% Jan 29
Oct 19
44% Dec 16
118
Aug 6
100
Sunshine Mining Co
Jan 29
Feb 11
3
1
No par
Superior Steel
*27
9,800
75
21
6% Dec 29
6*2 Oct 19
No par
(The)
6% preferred
12
26
Apr
39%
2IS4
Deo
Jan
Apr
27%
Deo
Jan
27% Apr
22% Deo
14*4
Jan
13
13%
45%
2,400
4,600
12%
45
13%
43%
28% Feb 11
44%
Oct 19
79
Feb
4
56
11%
11%
11%
13,200
TImken Roller Bearing.No par
Transamerlca Corp
2
36
11%
10
Oct 19
17
Aug
6%
6%
9%
Oct 19
*8%
3%
3%
Feb
2
*80
40
9%
2%
55
11%
76%
2084
85%
78
23
120
Oct 19
Dec 28
O) Corp
11%
*5
9%
June 17
13
10
Deo
Apr
85
125
5%
*2
96
10
47%
132
57
*10
75
No par
Jan
Dec
Sept
47
11%
23
30*2
6%
54
78*2 Nov
24*2 Apr
6*8
*97S
22%
30*2
4%
82
79%
2234
26%
Hid *nd asked prices." no sales
86
MarlO
1
40
23
*39
8%
4
3%
10%
23
13%
46
11%
6%
634
6%
10*2
*30*2
*4%
5*2
83*2
►
86
32%
13
15
441s
11%
4
23%
3
*11%
14%
83*2
88
23
15%
19%
97%
197
Smith A Cor Typewr..No par
Snider Packing Corp
No par
*4%
*2
15
*30*2
5%
23
23
*434
*14
60% Apr 22
102% Feb 4
Nov 24
6
*58
*4*4
Nov 23
67
Stokely Bros A Co Inc
63
♦2
88
100
Stewart-W arner
*58
15%
...100
Sterling Products Inc
63
4*8
2%
Oct
Jan
8
200
*58
4*8
Jan
684
1,100
63
483
2%
5%
14%
48%
2,000
♦56
4%
2%
Oct
127% Nov
10
*23
4%
26
Dec
8«4 July
1984 Jan
*3% June
11
23
4%
4% Apr 21
102
58%
23
56
Marl6
Deo
58*4
10%
*9%
"20"
*4*4
25
17% Mar 11
58
Deo
Nov
58
20
"4%
2% Nov 4
1534 Dec 29
26% Dec 29
10
""166
900
4*2
81m ms Petroleum
Nov 26
5% Oct 19
17% Oct 19
64
45
28%
Deo
20
~*4%
91
13% Jan
30% Apr
1434 Apr
Deo
Oct
900
*50
5)4% conv preferred
100
Sliver King Coalition Mines.5
Simmons Co
No par
8
Deo
104% DeO
11% Deo
70%
23
4%
Feb
3484 Feb 19
1053s Feb 2
Jan
31
25
56
Jan 21
44
July
40%
1050
*4%
65
Dec
434
Jan
*18%
*
2
24% Dec 30
14% Nov 22
44
89
1
55%
*23
434
Feb
24*4 May
25
56
MarlO
5
23"
63
14
9
♦19'
434
120
8
*23
*58
Dec 15
384 Oct 19
Dec
21
K
32%
Mar
25
434
1984 Nov
Jan
Mar
21
56
Jan
76
♦22%
*4%
Jan
11%
2084
4
48
26
834
15%
17% Feb 10
42% Mar 10
60
$3.50 conv pref set A.No par
Sheaffer (W A) Pen Co. No par
Shell Union Oil
No par
34
Feb
101% Nov
31% Nov
Nov 24
18
4%
Dec
Oct 19
Jan
19% Dec 29
53% Dec 29
6*2 Oct 19
20%
9%
34
59%
Dec
778 Nov
42
*8%
8%
Dec
44
Starrett Co (The) L 8..No par
18
4%
2%
8%
Jan
Apr
Standard Oil of New Jersey .25
*20
33
%
2
30*2 Aug
3% July
400
9%
18%
43%
4%
7%
4138
2
2
5
Mar 1
Aug 18
Jan
Jan
Apr
25,500
7%
784
2%
8%
54%
11%
98%
15
19,600
9%
Feb
Feb
49»4 Nov 23
12a4 Dec 27
6% Oct 19
14,100
39
4*4
20*8
50
*7
734
3% Oct 19
1% May
7% June
9
45% Jan 14
25
7*2
43*2
4%
7%
42%
5
Oct 19
3% Feb
1778 Nov
55% Nov
10184 Mar
25
7%
45%
1*2 Oct 19
No par
No par
34
9%
7%
23% Feb 10
Dec
49*2
7
5
93
114% Mar
25%
9
45*2
37% July
16
1
Skelly Oil Co
June
51*4 Mar 17
98% Mar 15
% Oct 19
3*2 Oct 19
No par
No par
$5 conv pref
Sharpe A Dohme
11
Dec 29
Dec 29
34% Nov 26
«4 Oct 19
par
Servel Inc
Sbattuck (F G)
Dec
Nov
22
100
Sharon Steel Corp
99
114
49*2
26
7*2
42%
4%
No
Dec
Aug
110% Sept
25%
57%
10%
9%
9%
6%
7%
5
Air Line
4-2% preferred
23%
21%
35
2
Oct 19
96
108
Smith (A
2,000
20*2
23%
*30
27*2 Mar
11
Mar
49% Nov
48*2
9%
*43%
t Seaboard
31%
35
3
1
..No par
$6 preferred
57
3%
4%
9%
10
Feb
100
8cott Paper Co
No par
Spencer Kellogg A Sons No par
19%
9
834
106
106
Jan
113
9
400
3%
19%
9
103
113
Dec
800
334
10%
Dec 22
Dec 20
7%
71
100
6% preferred
10
*21%
20%
14%
*38%
10%
70
86
Sloes Sheff Steel A Iron
75
20
26%
5
*850
3%
884
834
8
5*4% preferred
JSchulte Retail Stores
3% Oct 29
220
30
46
19%
6%
784
42%
4%
32%
9*4
934
*98
7% preferred
Savage Arms Corp
Southern Pacific Co
57
15%
20%
*7
,.100
...100
100
No par
Schenley Distillers Corp
__5
5% preferred..
6% preferred
Southern Railway
56
7%
5
9%
*54
26
7
July
5,200
♦8
10%
9*2
7*2
45%
9%
12%
28
20%
18
2634
9%
9
6*2
55%
3%
15%
20%
*8%
9%
18%
7%
4*4
33%
10%
10
10
3
3*8
16%
20%
9%
7%
3234
834
57%
125
12%
28*2
9%
9%
10
27
57%
10%
*9%
9%
6%
11
8
4%
33
32%
3434
34%
49%
48
10
44
1
*30
2634
*42%
2134
*25
27
14,900
t
39
50*8
Jan 13
35,000
3%
*14
33%
46
12%
*3%
934
*38%
1*4
32%
35%
Dec 28
19%
46
75
20%
14%
39
8
*7
3%
*7*2
*38%
9
18
20
*27
23%
20%
1434
1984
No par
1884
4
*21
*13
Oct
Oct
Safeway Stores
12
I884
52
23%
18%
26*2
9%
*7
8
*3%
*43
75
*2l"
934
6*2
10*2
3%
8
23%
20%
1434
1034
9%
11%
4%
52
►
35
*23
58*4
29
26*2
58*4
49%
27
*55*2 56*4
55*2
124*2 124% *124
12
12%
12%
28*2 29
28*2
124% 124*2
12%
1234
29 i
1*4
29
30
12
share
per
15
100
17%
17%
14%
14%
12%
12%
15*2
15%
11234 II284
2%
3%
26% 26*2
1934
13%
19%
*33s
106*2 106*2 *106% 107%
3%
3*2
3%
3%
4*8
4*2
4%
43s
9
9%
9%
9%
19%
21% *19
19%
22
21% 22%
21%
434
10%
2234
24
9
I884
*43
75
21
19%
*29
4*2
10
75
20*2
12%
19%
11%
52
2T0OO
78%
19*2
14%
Highest
1 per share I
37
95
*70
share
per
Jan
Slmonds Saw A Steel ..No par
"
30
95
78%
1734
29
*3%
*43
48
3,600
6,600
1,900
3%
30
12%
I8S4
800
8
*3%
2134
700
"165
2234
*74
153s
21%
12%
203g
12,800
8,300
2,600
1,400
*65
22
$
Jan
Seagrave Corp
No par
Sears. Roebuck A Co..No par
5
8%
Lowest
Highest
share
18
200
8%
22%
per
20'4 Mar 5
37% Mar 11
Seaboard Oil Co of Del. No par
66
8
21%
3%
*19%
t
Nov 10
200
1834
*45
46*2
46%
30
30
*2734
*27«4
17%
17%
17%
17%
101% 101% ♦100
101%
Range for Previous
Year 1936
10
3,000
16
8%
1834
Lowest
Par
8% preferred
2%
23%
3%
62%
1234
13%
1534
15%
112% 112% *11234 114
3
2%
3%
3%
27
27
*23%
*25%
130% *128
130% *128
130% *128
130*2 *128
130*2 *128
130%
24
24
23
23%
23% 24
z22%
2284
2234
2234 2234
♦128
1,700
'4
*2%
2234
*3%
61%
15%
*92%
100
*17%
190
93
102
7484
*97
19
1934
19*2
18*2
18%
*14
*14
15%
1534
15%
13
13
13%
1334
1334
1334
16
15%
15%
16
15%
15%
*111% 114
♦1113s 114
*111% 114
3
234
2%
234
234
234
25
25
25*4
*25% 27
25%
19%
15%
1,700
*91
24
IQO-Share Lou
X St Louis Southwestern—100
5% preferred
100
22%
8034
95
74
*97
5%
16
*45
*27«4
1734
8
3%
46
*64
*434
*2734
22%
3*8
*19*8
•3034
8*8
23
5
46
29%
17%
101% 101%
64%
5
♦78
21
*9
79
79
80
80
80
81
78*2
78*2
93
93
92
92
93
93
92% 92%
*101
102
♦101*4 104
♦101*4 102
♦101*4 102
*17
17%
18*4
*1734
18%
1734
1734
1734
25*2
26
23%
25
23%
23%
2334
24*8
80
80
80
80
82
7834
80
*80*4
1
%
%
%
%
%
%
%
♦6
*6*2
7*4
7%
*5%
7*4
*5%
7%
41
4038 40*2
40*2 40%
40%
40*2
40*2
34
*4
34
84
*4
h
%
%
♦2%
2*2
*2%
234
*2%
2%
2%
2*2
23
22
23
23%
24% 24*2
22%
22%
5
5
5
♦5*8
5*4
5*8
5%
*334
63
64*4
62%
63%
60%
62%
62%
61%
15
153s
1534
15%
16*2
1434
15%
1584
8«4
8%
8%
8%
8%
8*2
8%
8*2
19
19
19%
20*4
♦18%
1834
18%
1834
♦101U 104
On Basis of
Week
Shares
5%
18
Range for Year 1937
YORK STOCK
EXCHANGE
$ per share
$ per share
*5%
the
Friday
Jan. 22, 1938
T5%
22%
30*2
*40
9%
*2
53*2
11%
75%
20%
82%
*77
86
13%
7
3,300
Transcont A West'n Air Inc. 5
4
9%
300
Transue A Williams St'l No par
6*8 Oct 19
22% Jan 11
27% Jan 22
4,200
Trl-Contlnental Corp ..No par
3% Dec 29
11% Mar
86
"5%
6
10%
*9
23%
31*4
5*4
23
10*2
23%
30*2
31
5%
*5*8
42
*40
—
2,100
7
26% Mar
8
7%
Apr
3,500
1,000
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
18% Oct 19
40% Mar 13
22*2 June
25
50
31%
400
Twin City Rap Trans.-No par
Preferred
100
10
200
77%
20%
2:20%
20%
82*2
83
80%
80%
*77%
79*2
1,100
3,500
11,700
3,200
3,100
700
23
23
23
23
25*4
26
25%
26%
1,000
37,300
Def
tlellvry.
1 in receivership
a
110
10
200
8,200
54%
11%
12
Jan
Jai1
2*2
11
93
47g
10*4
77
109% Jan 21
Truscon Steel
Twin Coach Co
234
Nov 23
Oct 19
Mar 13
17% Jan 22
39
Dec 29
94
Jan 20
7
1
Ulen A Co
Dec 29
Oct 19
25
Apr
8% May
Jan
1% Oct 19
u% Jan 25
2% June
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
46% Nov 24
100% Jan 8
18% Sept 17
74% June
Union Carbide A Carb.No par
Union Oil California
25
61% Nov 23
17% Oct 19
80
Nov 23
a
New stock,
111
Feb 20
28% Feb
4
148% Mar 16
9984 Jan 13
"71% "Jan
20*4 Aug
108*2
Jan
Jan
Jan
Apr
100
78
Oct 19
..No par
4% preferred
Union Tank Car
United Aircraft
8% Dec 29
100
22
Nov 24
31% Feb
4
90%
22%
Oct 19
35% Mar
5
20%
Corp
r
Cash sale,
10'4
5
r
Feb
Oct
9% Nov
28
Deo
38% Nov
47% Nov
17% Deo
Mar 29
65%
No par
Union Pacific
74*2 Nov
Jan
3
*2
54%
Dec 15
7%
Mar
10
11%
82
No par
No par
14%
10% May
12
2%
77%
$6 preferred
Truax Traer Coal
8
4% Oct 19
10*4
55
10
3%
6%
*8%
3%
*
6
42
Tlmken Detroit Axle
Ejv-dtv.
y
Ex-rlgbts
109
Deo
8%
102%
Deo
Jan
105% Nov
28% Feb
149«4 Aug
100
June
31%
Feb
32%
Feb
1 Called for redemption.
Volume
NEW
for
Tuesday
Jan. 15
$ per share
$ per share
$ per share
7%
*8i2
10
*19%
20
19%
*113
*8
*18i2
1914
1834
19
11034 11034 *10834 11034
*11034
44l2
45
19
35s
3H2
6%
9%
718
9
*34i2
*63
5i2
34
35
*34
6178
63
62
10ig
IOI4
10%
*10514 107
512
534
5%
105s
1034
10534
*5%
*105% 109
5%
8
*814
*1
778
87fi
*7i8
67
7
*32l2
22
6%
9%
6%
6i2
IOI4
10%
*64
3034
6112
69%
58i2
68i2
68
*63
152
50
58
5734
67
67%
68
2%
1234
13%
63
1,900
13%
54
*54
57
*54
57
*54
143
*141
143
*141
143
*141
51
51
1
1%
51
*43
49
1
1
1
1
1
1
*1
19%
1%
25
22
19%
21
105
*97
21%
*23%
18%
21%
*23%
18%
*20%
1%
*1
25
*1
25
*23%
19%
21%
*1
18%
21%
21
60
*53
60
*52
63
*55i8
*11734 125
*11734 125
*11734 125
2%
2%
2%
2%
2%
25s
3%
334
3%
3%
334
334
6
8
20
*79i2
8
44i2
*1834
1512
334
45%
7%
*37l2
20%
81%
8%
*3
5
*3
6
*7%
8%
*7%
8
*7%
19%
20%
1934
19%
19%
*19%
79
79
1934
81%
7%
79%
80
*80
8%
4434
734
42%
19%
19
16%
334
*15
1534
15%
3%
3%
46
7
37
4
334
46
7%
37
4%
1378
*11
14
*24
24%
*23%
24
17%
29%
17
29
*79
7%
*12^
*17
*2% «'2%
17%
2934
48
15%
7%
40%
*1834
14%
3%
3%
44
19
46
48
7%
4134
19%
14%
3%
46
7%
42
*1834
15
3%
46%
8
1934
81%
8
42%
19%
15
3%
40%
7
634
6%
6%
7%
*36
38
36%
36%
37%
37%
4
4
334
4
4
14
334
*9%
14
23%
23
23
23%
23%
17
16%
16%
15%
15%
634
*9%
23%
*16%
27%
28
26%
3
234
1%
*11
13
2734
234
28%
28%
*2 34
2%
1%
3034
*1%
II
30%
*29
*74
75
28%
*2%
*1%
3034
*74%
75
*74%
75
*74%
75
*74%
75
*90
96
*92
95
*90
95
90
90
*87
91%
*95
98%
97
97
97
97
96
97
*93%
95
92
92
93
93
*90
94
*234
*Hs
*31
94
119
3
1%
32
94
119%
94%
3
1%
31
94%
1612
*3234
153s
26l2
*85
2514
*90
106% 108
*119% 120
17%
*4
*7%
*1%
234
25%
26%
104
17
4
17%
4%
8%
1%
234
26%
26%
106%
138
15%
15%
"15%
34
*31
*31%
15%
31%
32%
*15%
3334
16%
3334
15%
14%
15%
26%
*25
28%
*26
15%
27%
90
*85
90
*85
90
27
100
25%
*90
26%
101
25%
*90
63
*59%
15
*14
26
*85
24%
25%
101
*90
63
*5834
16
*14
*15
15%
15
12
12%
12
12%
1134
12
*10%
1034
10%
10%
10%
2%
16%
*59%
2%
16%
25g
*2%
2%
2%
6
6
55s
58
5%
57
2%
16%
2%
15
11%
*10
2%
2%
15
15%
*2%
2%
2%
234
*2%
2%
3
6%
534
6
6
58%
29%
119% 119%
5%
*57%
234
5%
5%
5%
61
*59
19
18
19%
1634
40%
40
40%
1734
39%
17%
40
40%
39%
187g
19%
18%
18%
18
18
17%
*1%
17%
4%
8%
1%
*234
3
2534
2634
25%
*17
4%
*7%
25
104% 106%
7%
42%
*18%
15
3%
*44
678
38
3%
80
8
42%
19%
15
3%
*2%
1%
30
*74%
*88%
Jan 21
"67%
Apr
92
Nov
Jan 19
153
Mar
165
Aug
108
Jan 18
50
Jan
116
Apr
15%
*31%
26
14%
*25%
90
*85
25%
110
24%
*90
15%
120
3
preferred
100
Virginia Ry Co 6% pref-—100
8
6%
1,300
*1%
16
*25%
90
*85
25
*90
3,400
100
400
1,300
200
60
900
200
200
"5",i66
100
13
17,300
11
2%
18%
60%
*59%
1634
17%
40%
18
40%
1734
17%
40%
17%
40%
18%
*64
78
*62
78
*61
78
*62
78
*62
78
*62
60
*45
60
*45
60
*49
60
*45
60
*45
*3412
37
32
*31
3434
33
32
46
39
44
*29%
*4514
*29%
*39%
89
90
88
91
*83
89
*83
87
*84
87%
65
65
*64%
66
*65
66
a:64%
6434
*64
64%
*64
26%
*25
27
25
25
25
25
*24
*43%
45%
43%
43%
25
41%
25
41%
25
5 % con v preferred
WheelAL ErleRy.5J4%c
630
91
17%
18
*1734
43%
82
41%
43%
41
41%
39%
41%
41
42
40%
*76
82
*76
82
20
20
20
20
15%
16
1534
3%
16%
3%
*75
2034
1634
3%
*76
82
*75
82
*75
21%
20%
21%
20
20%
19%
17%
16
1034
15%
3%
16%
3%
15%
3%
3%
3%
Bid and asked prices; no sales on
3%
82
20
1534
3%
this day.
3%
3%
1 In receivership,
42%
$4 conv
preferred
Wilcox Oil A
No par\
5
Gas
Willys-Overland Motors
1
6% conv pref
10
No par
$6 preferred
100
Woodward Iron Co
10
Wool worth (F W) Co
10
WorthlngtonPAM (Del) No par
Wilson A Co Inc
100
100
4series—10
Prior pref 4H % convserleslO
Wright Aeronautical ...No par
Wrlgley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B
1
Preferred-.
100
Young Spring A Wire—No par
Youngstown S A T
N0 par
preferred
.---100
Youngst'wnSteelDoorCoNopar
Preferred B 6%
1,700
14%
88
ctf ..No par
Sewing Mach—No par
Preferred A 7%
18
13%
88%
18
1|
White Motor Co.—
15% 143,600
1334
18
30
prlOO
Corp—No par
Preferred
—100
$5 conv prior pref—-No par
WhlteDenflMfgCo(Tbe SS>20
Wheeling Steel
3,600
8,600
2,200
92
12%
85
18%
Mfg
1st
600
14%
13%
89
18%
Telegraph. 100
Westlnghouse El A
4,600
91
13
Feb
8
Oct 20
92% Aug 18
1884 Mar 11
51% July 15
19% Jan
8
7%
Oct 19
50% Feb
2
Oct 19
7134 Dec 28
3% Oct 19
20% Dec 22
484 Oct 19
Dec 16
2% Oct 19
9
Nov 24
16
Oct 19
11% Oct 19
Oct 19
2% Oct 19
1
July 15
23% Oct 19
1
IO84 Feb 20
99% Mar 2
Jan
18
5
69% Jan 23
Jan 25
12%
35% Jan 16
40
MarlO
38% Feb 19
50«4 Aug 10
9«4 Feb
1
2% Jan
6
26,400
"MOO
6,700
1,900
a Pet, delivery,
Prior pref
Zenith Radio Corp
Zonlte Products
n New
stock,
No par
Corp
r Cash sale.
1
6884
Dec
114% May
13«4
Deo
41%
Dec
131% Aug
86
Feb
137% June
4%
Feb
784 Mar
Nov
Jan
61
Apr
39%
Deo
"~6% "Jan
"l2%
Deo
9%
30
28%
17%
Apr
Apr
4984 Nov
20
Nov
10%
2%
47%
9%
Jan
Apr
Jan
Apr
62
Nov
7% Nov
105
Nov
18% Dec
Deo
44
Apr
69
4%
15%
Jan
Jan
38% Deo
21
Apr
37% Deo
19%
Apr
39% Deo
6% June
1
Aug
12»4 Deo
11%
284
Feb
Jan
73% Nov 20
84
Oct 25
Oct 20
108
Aug 26
91>4
Jan
62% Deo
83»4 Deo
107
Sept
109
Feb 11
90
Jan
110
Apr
76
Oct 23
103
Aug 26
87
Feb
102
Sept
117%
Oct 19
123% Mar
9
110%
Jan
124% Sep'
9
115% Jan
8
III84
Jan
110»4 Deo
8%
Apr
"12%
88
110% Apr
50
Mar 17
84% Feb
4
14% Dec 29
2% Oct 19
5% Oct 19
33% June
78
Feb
29% July 12
1134 Mar
5
23% Mar
6
15
Apr
6% Aug
72% May
400
89
19% Feb 11
49
Aug
116
10% Mar
11% Mar 17
9,900
1,800
25
18%
Oct 19
Deo
49% Nov
Jan
1% Oct 19
300
13%
6% Dec 15
18
30%
4% June
100
250
92
6
preferred
6%
100
65
18
18% Mar 16
10
Mar 17
1% Nov
1,800
8734
13%
2% Oct 19
2% Oct 19
434 Mar 17
White
41%
90
2% Aug
Oct 15
700
84
18
100
2d preferred
White Rk Mln Spr
41%
14%
Aug
10% Mar 16
1
300
91%
120
122% Jan 11
100
400
13%
7% pref.lOO
preferred
—100
Supply Co...10
Western Maryland
100
0%
500
34%
9112
1734
417g
100
100,
Western Auto
60
32
No par
A.-No par
preferred
preferred
West Penn Power
78
*45
Aug
22% Dec 29
preferred
Weston Elec Instrum't-No par
Class A
No par
Westvaco Chlor Prod ..No par
16
6%
60%
17%
70
240
10%
2%
6%
Mar 12
1784 Oct 19
110
2%
98
87% Nov 23
12
5%
59%
17%
40%
1778
Dec 28
50
50
90
*6
Jan
Westlngh'se Air Brake.No par
*14
5%
60%
May
*114%
Western Union
1034
234
6%
14
4
9,000
14,100
1,200
3
6
Mar
11,800
1234
5%
7%
6%
4%
3334
1434
263s
*2%
2%
Jan
135
Western Pacific
1034
*2%
No par
West Penn El class
30
1,400
16
37
9
2
20
ACo—
1
Snowdrift No par
$4 conv preferred
10
16%
25%
Oct 20
Oct 16
2
1
Wesson Oil A
120
138
Apr
II784 Feb
33
$3.85 conv pref
75
11%
*5%
100
6
Warner Bros Pictures—
Wells Fargo
*14
234
No par
;
2884 Aug
Mar
Dec
Oct
Dec
67
8% Deo
4
Oct 19
Preferred
6
2%
48% July
109
17
A--.No par
74% Apr
115
6% Mar
Jan
4%
6
7
32
Webster Elsenlohr
12
*2%
Class B
50
1284 Apr
8»4 Nov
102
Nov
Apr
40
May 12
Feb 15
No par
900
1,800
113
Mar
Apr
12»4 Jan
Dec 20
W Ltd No par
Walk (H)Good A
Preferred
1.50
16
18
No par
Walworth Co
Ward Baking class
1034
234
2%
6%
5%
Co
No par
4H % Pref with warrants 100
100
63
2%
System-.——No par
Walgreen
200
*234
26
17
Waldorf
1%
*5978
16
5% preferred A
5% preferred B
500
7,900
4,400
100
100
100
tWabash Railway
3
63
*2%
Preferred
220
""300
100
100
28%
120
2% Oct 19
18% Oct 19
June 29
Virginia Iron Coal A Coke.100
1,700
1,600
Feb
47
230
500
*8
100,
Detlnnlng-.—
Jan
*110%
115
105
Vulcan
2884
5
Oct 19
Va El & Pow $6 pref ...No par
3
26% 28
23% 25%
104
106%
*4
No par
Cbem
June
16%
Oct 19
Oct 19
3584 Nov 24
6
preferred
30
393s Mar 11
44% Jan 20
Oct 19
3%
4% Jan 13
2% Jan 20
97
5
Wayne Pump Co
*59%
2%
0%
58% Jan 20
Oct 19
9%
14%
3,400
63
16
Va-Carollna
1
Jan
July
10
100
7% 1st pref
Vlck Chemical Co
84% Jan 11
Oct 19
30
1,000
*31%
1412
110
16,700
9,900
17%
4%
8-%
1%
17%
3334
14%
25%
200
Oct 25
Apr
6734 May
%
100
Preferred
10
Oct 19
84
^Utilities Pow & Light A
1
Sales
No par
Vadsco
1,500
9334
July
Oct 20
15%
95
*90%
168
29
preferred
No par
{Warren Bros
No par
$3 convertible pref--No par
Warren Fdy A Pipe
No par
Waukesha Motor Co
5
95
Oct
5
Universal Pictures 1st pref.100
250
30
160
9
5
May 17
14,700
13
131
5
86
7
24
15%
2778
9
Jan
Dec
164
38
13
Mar
Apr
79%
15484 Nov
144
July
Nov 29
500
4%
Jan
75%
135
47
*23
138
*138
*138
15%
63
25s
2i2
534
55g
57i2
18i2
4
9%
*7%
1%
*1%
234
234
25% 26%
25% 26%
102% 105%
~1~7~"
*59l2
10i2
*2l2
*1534
17
17
"17%
29%
80
8
1934
112% 112% *112% 113% *112% 113% *11234 113%
138
*137
*137
30
1%
119% 119% *119% 120
1133s 113% *112% 113
18
18
1734
1734
4%
4%
4%
414
9
9%
*7%
♦8%
1%
1%
*1%
*H4
3
3
3
*234
26i2 2734
26% 27%
27%
26% 27
2634
1O012 109%
3
*1%
*19%
40%
115%
Jan 22
150
103«4 Nov
100
6
*7%
120% Mar 11
Nov
101
2x
60
*3
Jan
9% Feb
8% Feb
934 Dec 28
Van Raalte Co Inc
3%
68%
Nov 26
50
2%
Jan
72% July
758s Jan 18
63% Dec
19% Dec
49% Nov
46
1,000
*2%
3%
47
Mar 11
105
169
1
Vanadium Corp of Am.No par
117% 117% *117% 125
6
44%
4%
*2%
3%
2%
3%
8%
*1858
7%
117% 11734
Jan
47
21%
*52
60
*52
8%
*4
19%
40
60
*3% *3%
*3
4%
4478
45%
*52
Apr
No par
16 conv pref. A
7,800
-
Jan
7%
16%
Jan
Jan
Sept
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
400
41
*42
43%
41
43% *42%
43
43
*40%
*40%
5
5%
5%
5%
5
5%
5%
5%
5%
4%
47g
31
32%
30
31%
29
28% 30%
30%
2934
29% 31
110
110
112
109% 109% *110
112
*109% 112
*109% 112
4
*3%
5
4%
4%
4
4%
4%
384
37g
334
20
15% *10%
*10%
14%
*10%
15
15%
15% *1134
*1134
120
*115
*115% 120
120
*115% 120
120
*115% 120
*115%
21%
723s Mar 31
118
Feb 18
9%
18%
104
400
3,500
43
Jan
62% Nov
69
Apr
12,100
30
105
Aug
71
136
147
1934
21%
*96
105
*96
10
Mar 30
Oct 22
114
1
1%
25
19
Oct
Jan
Apr
100
Stockyards Corp
1%
*23%
1934
4%
109% Feb
20% Nov
United Stores class A..No par
8%
49
*43
I
1
97
97
105
49
*42%
31% Aug
72% Mar 9
19% Jan 12
Oct 19
No par
S Tobacco
9
160
Apr 29
2% Oct 19
100
Preferred
39% Jan
125% Nov
3
United
143
1834
8
U
24% June
80% May
May
8% Jan
49
Aug
112
48% Nov 23
100% Oct 19
100
2384 Nov
| 1,600
100
57
143
*97
*312
100
U 8 Steel Corp
Preferred
46%
54
1
21%
4%
2%
*141
25
20
1,900
60
1234'
1234
leTeoo
162
*41
50
Apr
15% Mar 13
2238 Mar 17
43% Dec 29
52% Nov 23
68
Dec 28
50
Jan
10
43% Feb
Oct 18
3%
20
100
8% 1st preferred
U S Smelting Ref A Mln
Nov
5
23% Mar 22
70
Mar 22
Oct 19
Preferred
145%
*12%
24
No par
25,300
68
*4%
2%
20
No par
Feb
100
34% Jan 13
Dec 14
U S Rubber
20
Jan
Feb 10
65
U S Pipe A Foundry
U S Realty & Impt
Jan
Jan
Feb
100
No par
19%
113% July
Apr
172
Prior preferred
U S Leather
Nov
87
2
137
Partlc & conv class A.No par
U S Industrial Alcohol-No par
1,200
2,200
13
Doc
0a4 Nov
20% Jan 19
534 Dec 29
29% Dec 27
16% Oct 19
334 Oct 19
6% Oct 19
5.800
Jan
8%
.
91
4
154% Nov
50
5H% conv pref
14% Nov
109
8
9
Nov 23
53
20
100
U S Hoffman Mach Corp___6
200
4,400
30%
2,900
534
31% 106,900
68
60%
112% 113
No par
preferred
Jan
June
105
100% Feb 3
3% Jan 28
Oct 19
4% Oct 20
5% Oct 19
100
preferred
16% Feb
2484 Mar
5% Dec 2 9
Nov 23
84
60%
Jan 14
17
70
100
2
113% Jan 14
3% Oct 19
No par
100
55
1
105
12%
12%
1234
2%
Oct 20
$6 first preferred
1,100
75
4%
2%
46%
*41
46%
Oct 19
U S Dlstrlb Corp..,
60
68
.
434
2%
*41
50
*41
4%
4%
2%
4%
2%
*4%
2%
25
*115
*66%
9
101
U S Gypsum
*66%
5812
58%
8684 Mar 19
U S & Foreign Secur—No par
Mar
32% June
Oct 19
10
U S Freight
8%
43
22%
6%
9%
July
52
100
7%
Jan
9% Mar 11
4
03
100
70
15
93
Oct 19
No par
Jan
26«4 Apr 19
No par
preferred
Conv
9% Feb
48% Aug
16% Feb
29% Aug
24
2,400
230
Apr
Apr
IO84 Apr
8
5
United Paperboard
2934
68
68
$5
5%
40%
Mar
100% Feb 26
6% Oct 19
Dec 22
2% Oct 19
United Gas Improvt—No par
200
35% Nov
8% Jan 14
1,400
200
29%
5%
60%
67
*65
*64
1,700
11,900
9684 Nov
Jan
16
74
Jan
117
Jan
22%
40% Jan 14
Fruit
Oct
68
Oct 19
United Eng <fe Fdy
United
35
Oct 19
United Electric Coal Cos-_--5
800
68
55%
68
1
458
28i2
*10914
*35s
*lli4
30
534
30%
5%
59
32
*40i2
29
68
1
19
29%
56%
434
*44
1%
21l2
29%
534
29%
5%
27%
*25
*97
29
5%
62
3,240
24% Mar
Oct 19
10
37% Nov
33% Nov
111
3
6
100
25% 8ept
Apr
Mar 17
Feb
91
2
Preferred
Jan
16%
25%
5
United Dyewood Corp
3,000
*57
29%
5%
68
*1234
*52%
50
1'8
30
9%
117*4
36% Dec 17
17% Dec 2 9
share
per
13
No par
$3 preferred
30
8%
6%
914
63
9%
28
48
*141
143
63
61
2%
55
*141
9
75
69%
4%
16%
*5218
9
*63
30%
*41
*12
6
30%
Oct 15
United Drug Inc
66
*8%
*33%
21%
37
22%
6
6%
Oct 19
110
Highest
share $
$ per
share
Jan 12
Feb 10
Jan 11
Feb 6
No par
United Corp
166
*8%
65%
166
15
100
No par
United Carr Fast Corp No par
1,700
1 7% *7%
59%
5734
60%
58% 60%
114
112% 113% *112
113% 113%
113% 114%
*121
120
120
*120% 145% *120% 145% *120.% 145%
*152
152
*148
152
155
152
*148
152
*148
48
*41
*32%
2134
33%
22%
33%
21%
*5%
9%
2934
6
5934
434
2%
*4%
23g
Q
80
5%
*165% 167
8%
8%
75
*63
32
*63%
62%
5914
11278 114%
*120
14578
*148
10
68
6
29
6%
3034
5%
29%
58%
31%
3012
534
22%
*5%
9%
75
*65
75
22%
734
7%
734
33
23%
6%
22
7%
Q
9%
67
66%
166
166
167
734
33
7%
*834
66
65
35
*32%
33,300
2,700
1,700
3%
30%
7U
No par
Preferred
United Carbon
500
*74i2
9
80
5%
*7
9%
*8%
8%
65
167
8%
834
*74%
7
7
7%
64
"
7
9
79
19
5%
5%
5i2
5i8
5%
34
34
*34
35
*33% 35
34i2
63
62
63
63%
6178
6234
62i2
10
lOU
10%
10i8
10%
10%
IOI4
*105
109
*105
109
109
10534 *105
5%
5%
5i8
53g
*5%
5%
55s
7%
7%
7%
7%
738
712
734
*72
90
*71
90
*71
85
99
*1
*1
13s
1% 1*1
1%
H4
7%
8%
9%
8
8%
37i2
2334
1U
68
*166
"
8
712
*70l2
7
9%
65%
68
*166
83s
*70l2
1%
*1
90
II4
8
8%
72
72
7
87g
79
31%
United Biscuit
"""766
50
3%
Oct 19
No par
2,700
30
24%
7
5
United Amer Bosch
Lowest
Highest
$ per
share
$ per
5% Oct 19
Un Air Lines Transport
9,400
44
19
314
30%
7%
3%
30
30i4
7
9i8
80
19
19
3i8
29i8
7i8
8%
*79
578
5%
64
7%
9%
80
19%
110% 110% *110%
43
43U
43%
19
3
3U
*8i2
19%
1034
*18%
4334
*18
29i2
29U
2978
7%
80
578
35
5%
3
3%
3
29%
81
*79
18i2
19
19
19
3%
30%
6%
9%
4234
4414
18i2
4414
45%
45
*9
Par
Shares
7%
1«34
19%
7%
8
7%
1034
Range for Previous
Year 1930
1937
100-Share Lots
Lowest
Week
21
$ per share
$ per share
778
7&S
*8
Jan.
Jan. 20
19
$ per share
778
1034
7%
8%
1034
19%
7%
8%
*9
Jan.
Jan. 18
On Basis of
STOCK
YORK
EXCHANGE
the
Friday
Thursday
Wednesday |
Monday
Jan. 17
Range for Year
STOCKS
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
LOW
Saturday
561
New York Stock Record—Concluded—Page 10
146
113
Oct 18
1034 Oct 19
31% Nov 19
1034 Oct 19
21% Dec 29
83% Jan 22
3484
94%
Jan
Jan
*50% Deo
153% Oct
Jan
160
32
July
19»4 June
35% Oct
3184 Nov
Oct
99
July *120
39% Deo
21% July
34% Jan
75
Nov 23
Dec 29
1'4 Oct 19
2
Dec27
4% Dec 29
4% Oct 19
4984 Dec 30
10% Dec 28
34
Dec 29
12
Oct 19
54% Oct 20
40
Oct 19
34
Dec 29
Jan
27% Feb 23
65
Oct 19
Jan
22% June
126
1% Oct 19
11
Oct 19
Oct
3384
39
3038 Jan 22
39 May
6
Oct 19
6
Feb
123%
Dec 10
8% Oct 19
Feb
9%
90% Nov
6
5784 Mar
19
14% Oct 19
4
107% Jan 22
170
Jan 22
90
55
Feb
23% Sept
Aug
7
6
Mar 11
126% Aug 14
90«4 Aug 31
23%May 15
33% Feb 16
18% Jan 25
684 Mar 22
46% Jan 4
6% Jan 25
5% Sept
12
Sept
35%
84
18%
Oct
July
Feb
1384 July
3%
16
2»4
Apr
Apr
Jan
109%
Feb
28% Nov
17% Nov
684 Nov
43
Nov
5% Mar
7
7
0% June
June
11
Jan
87
Jan
12% Feb 27
9I84 Mar 2
70
1334 Dec 13
65% Jan 20
44%
Apr
Jan 22
23%
Apr
56
Apr
30«4 Deo
8684 Deo
47
Jan
8O84
47
112% Mar 25
Mar 10
100
4034 Dec
54
Nov
6
7
Oct
5
Oct 19
Nov
1
3984 Dec 2 9
"71"
62%
Jan
14084 Sept
128
Mar
58% Oct 19
76
Jan
63
Aug
79
Feb
2134 Dec 29
02%
Jan 27
33%
51
Nov
7% Oct 19
Dec 29
37% Feb 16
142
Jan 23
884
Apr
Jan
83%
Jan
12% Dec29
34% Nov 24
70
Oct 25
46% Feb 15
38
68
11% Dec 29
2% Oct 19
* Ex-dlv
101% Mar
115
6
Jan 27
4384 Aug 31
9%
Jan 16
y Ex-rlghts.
42% July
41>4
105
Jan
Jan
11% Jan
584 July
23%
Dec
103% Doc
65
87«4
122
Apr
Oct
Aug
42% Nov
9%
Jan
^ Called for redemption.
562
Jan.
NEW
YORK
EXCHANGE
STOCK
Bond
1938
22,
,yadWeekly and Yearly
irFdroceR
NOTICE—Prices are "and interest"—except for lnoome and defaulted bonds.
unless they are the only transactions of
Friday
fcs
EXCHANGE
Week Ended Jan. 21
Y.
STOCK
Week's
Last
«»
BONDS
N.
Cash and deferred delivery sales are disregarded in the week's range,
the week, and when selling outside of the regular weekly range are shown in a footnote In the week In which they
Nc recount is taken of such sales in computing the range for the year.
occur.
Range or
Friday
Sale
2 fe
Price
»<&,
Bid
<k
Low
Friday
2
for Year
Asked
High
Low
Y.
16 19-
117.13
117.24
A
15 19
O
O
"108
107.31
108.6
D
113.7
112.31
113.11
111.10
M
S
43
44
207
113 .16121.14
Week Ended Jan. 21
104 .2
♦Colombia Mtge Bank 6 *s
♦Sinking fund 7s of 1926
111.22
33
108.15 108.10
108.18
36
104 .28110.18
104.24 104.20
104.28
99
101
107 12114.9
106.28
Copenhagen (City) 5s
26-year gold 4*s__-
D
106.4
105.30
106.11
295
102 .10107.30
D
106.9
106.9
106.13
80
104 20107.27
S
107.11
107.12
12
106.28 106.19
106.28
67
102 .20108.24
D
106.15 106.15
106.20
30
102 .24108.18
A
107.18 107.18
107.27 107.24
107.22
8
104 .24108.24
External 5s of 1914
O
107.31
62
104
109.25
External loan 4*s
M
8
102.16 102.8
102.23
580
99
104.30
Sinking fund 5*8—Jan 15 1963
104.29
443
100 18106.16
♦Public wkg 5*s—June 30 1945
Czechoslovakia (Rep of) 8s
1951
M
104.21 104.17
S
M
S
M
102.22 102.19
102.2£
182
99 2
104.16
D
J
Treasury 2*8—.Deo. 16 1949-lfl
Deo. 15 12
101.25 101.18
101.17 101.9
101.30
366
98 4
103.17
101.20
220
98
98 6
101.22
J
D
100
100.8
806
J
D
103.16 103.9
103.20
132
101. 27102.21
104.22 104.16
104.6
104.5
104.30
129
101.7
M N
104.12
J
J
104.18 104.16
M
S
99.31
8
103.3
99.24105.3
1 193
102.14
82
98.28103.2
J
101.28 101.28
A
O
17*
18
100*
6*
♦6*
J
J
J
J
102.4
144
6*
17*
3
19
4
100*
12
6*
1
7
J
J
6*
♦6*
A
O
6*
A
O
*6*
6*
m
6*
mm
6*
98.16102.31
O
2
6*
7
mm mm
1
17*
18*
97
5*4
5%
20*
20
6
20
5%
20*
5
17*
16*
16*
5
6*
6
5
99*
26
97
94*
93*
94*
85*
85*
60
88* 103*
A
85
84
A
O
85*
84*
J
M
S
80
95*
73
80
94*
104*
104*
105*
68
105*
22
101
36
103*
M S
107*
♦19*
107*
J
J
106*
J
D
101
J
J
F
A
M
O
♦External sinking fund 6s.-.1958 J D
♦Brazil (U 8 of) external 8s
1941 J D
♦External s f 6*s of 1926...1957 A O
f
22*
21*
19*
18
19*
D
17*
18*
19*
2
1
25*
105* 111
101* 110*
109* 118*
99
103*
18
25*
18*
mmmm
25
22*
19*
35
20*
69*
79
18
19*
19*
18
47
13
18
47*
97* 103*
S
100
100
5
A
101
100*
4
D
102
102
101
102*
5
97* 103*
99* 105*
1962 J
D
22*
5
21*
(Prov) extl 6s...1961
M
1961 M
1961 F
4*j*-4*fl
8
------
22*
22*
♦80
------
S
78*
A
1977 M
A
1976 A
O
M N
106
1
78*
♦70
8
1976 F
Refunding s f 4*s-4*s.
Extl re-adj 4*8-4*8
67*
67*
68*
107
33*
97* 106*
79
93*
78*
63 *
69
67*
67*
23
64
85*
69
14
65*
86*
67
88
68*
♦70*
......
72*
7-year
♦78 part paid
♦Sink fund secured 6s
s
♦Farm Loan 6s
ser
♦Chile (Rep)—Extl
s
♦7s secured
s
Irish Free State extl
s f
5s
Italy (Kingdom of) extl 7s
1
59
60
61*
6
61
81
♦18
19
26
«.
•,
25
4
99
100
7
108*
5
105*
107
24
36
105* 109
17*
25*
102
124*
92* 119*
10
105* 130
23*
♦
1953 M N
107
24
97*
97*
mrnm mmm
105*
98*
105*
♦99*
1949 J
D
100*
1949
26
25*
23*
31*
32
25
26*
25*
26
17
23
mm
23*
29*
29*
42
82*
♦20
100*
33
84*
98
96*
96*
69
91
61*
61 *
61 *
♦29*
28
29
11
25
35*
27
25*
27
14
25
28
77*
84*
13
87
19
19
1
17
77*
1952
*
19
mmmmmm
♦104*
34
59
s
t g—
104
al8
al8
♦18
20
18
♦18
19*
17*
♦18
19*
5
mmmm
17*
25
20*
107
18
30*
30*
30*
27*
3
57
1960 M N
D
1951 J
2
47*
62*
111
"82" "85
"79*
S
81*
80*
64*
79*
62*
80*
J
72
72
80
55
58*
42*
A
s f 6 *s—.1954 F
Extl sinking fund 5*s
1965 M N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f7s
1947 F
Lower Austria ; Province) 7*8.1950 J
57
56*
42*
11
67
196
22
*
65
32
64*
42*
♦18*
A
115*
85*
93*
120
1
mm
mm
94
82*
67* 160*
62*
89*
97
♦Medellin (Colombia) 6*s
D
1954 J
♦Mexican Irrlg assenting 4*s_1943 MN
♦Mexico (US) extl 5s of 1899 £ 1945 Q J
101*
96* 103*
99*
45
95*
80
D
104*
29*
19*
95
43*
26
7
6*
♦2*
33
3*
3*
.
•
-
—
3*
1954 J
1954 J
J
3*
mm
17
9
3*
4*
,
D
8
11*
11*
11
9
9*
9*
3
2*
3
1
2
3*
2*
3*
3*
1
2*
7
1*
8*
2*
2*
3*
3*
J
J
Milan (City, Italy) extl 6*8—1952 A
Mlnaa Geraes (State)—
3
5*
D
J
8*
5*
3
mm
mmmm
2*
4
*
—
♦2*
1945 Q
♦} Small
5*
100*
O
2
•
1
1
64*
67
ICO H
10
66*
10
5
59
9
13*
13
82
'
♦Sec extl
s
f 6*s
1958 M
♦Sec extl
s
f 6*s
1959 M S
1952 J D
8
10
10
60*
60*
mmmmmrn
57*
9*
34
30
31 *
6
48*
101*
17*
17*
44
12
25*
Norway 20-year extl 6s
1943 F
A
107
106*
107
8
17
104* 108*
17*
55
12
25
20-year external 6s
1944 F
A
106*
106*
107
15
17
103*
102*
104*
102*
102*
♦102*
105* 109
101* 106*
A
__
31*
4
30*
2
32*
26*
26*
28*
54*
40
40*
♦Montevideo (City) 7s
♦68 series A
1959 M N
A
O
mm
101
mmmmrnrn
m
mm
m
17*
26
12
25
J
17*
17
1956 M
17*
60
12
24*
External
17*
1985 A
O
S
External sink fund 4*s
s f 4*s
S
J
M
17*
17*
18
11*
17*
17*
1963 F
A
S
17
17*
10
12
1970 J
D
17
12
24*
24*
24*
21*
21*
21*
4s
M
♦Nuremburg (City) extl 6s
Oriental Devel guar 6s
Extl deb 5 *s
Osle (City) s f 4*s
1952 F
A
1953 M
S
52*
52*
1958 M N
1955 A O
50*
50
22
Panama (Rep) extl 5*8
1953
M N
17
13*
8
15*
15
14*
15*
119
15
14*
--
15
14*
-
17*
14*
D
J
——
101*
17*
30*
O
39
30*
30*
O
O
15*
15
20
13*
18
12*
*
40
......
19*
13*
13*
10*
11
9*
9*
8*
33*
21*
73
19*
1
18*
13*
13*
16
13*
36
12*
12*
38
f ext loan
Municipal Bank extl
♦Extl
8
s f 5s
J
*
*
1963 M N
38
37*
--
39
33
58
56
16
100
68*
105*
100
105
19
9
19
59
mm
~
m
54
103*
♦40
1963 M N
f 5s ser A
♦Stamped
56
50*
102*
9*
9
4
22
102*
D
105*
103*
102*
104*
2
26
16
mrnmm
rnmmm
8
76
99* 104*
95* 102*
102* 104*
17
25*
85
52*
79*
47*
97* 103*
103
107
40
85
36
76
26*
13*
s
•
38
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
1947 M
1959 M
9
S
9
2
S
11*
♦Nat Loan extl
s
f 6s 1st ser.. 1960 J
D
10*
11*
10*
11*
10*
45
♦Nat Loan extl
♦6s extl
34
17*
M N
O
Oct 1961 A
7
New So Wales (State )extl 5s.. 1957 F
External s f 5e
Apr 1958 A
♦34
J
Jan 1961 J
mm.
30*
10*
60*
57*
102*
102*
S
S
28
29
♦JTreas 6s of '13 assent(large) *33 J
100*
O
1
mmmm
26*
18*
21*
1968 FA
109* 114*
96*
A
124
32
♦20
30
104* 110*
100*
D
65
66*
100*
31*
28*
25*
36
30*
23*
mmmmmm
1964
13
J
1961 J
100
26
23*
40
98
26
26
J
1957 J
82
108
109*
113*
101*
101*
J
M
1928
62
„
-
100*
100*
1954 J
M
♦Chinese (Hukuang Ry) 6s....1951 J D
♦Cologne (City) Germany 5 *8.1950 M S
Colombia (Republic of)
of
62
81*
81*
109*
M N
♦6s
55
109*
J
1961
9
♦AssentiDg 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
1967 J
♦Chile Mtge Bank 6*s
♦Sink fund 6*s of 1928
♦Guar s f 6s
64
-
Japanese Govt 30-yr
33*
2
101*
100*
♦Ry ref extl s f 8s
Jan 1961
♦Extl sinking fund
6s..Sept 1961
♦External sinking fund 6s.. 1962
♦External sitxlng fund 6s...1963
82
60
*
Italian Cred Consortium 7s ser B,*47 M
Italian Public Utility extl 7s.—1952 J
22
A
55
1946
♦4s of 1904
—
5
1941
f g
34
A Apr 15
61
♦Hungarian Land M Inst 7*s_1961 M N
♦Sinking fund 7*s ser B
1961 M N
♦Hungary (KlDgdom of) 7*8—1944 F A
32*
17s
60
Hungarian Cons Municipal Loan —
♦7 *s secured s f g
1945
32*
♦External sinking fund 6s..
A
♦Extl sinking fund 6s...Feb 1961 F
60
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7*s '60
Helsingfors (City) ext 6*s
1960
65*
A
63*
59*
1948
Haiti (Republic) s f 6s ser A
48*
Oct 15
f 6s
82*
7
1968
21*
J
♦Farm Loan
80
97* 101*
1945
♦6s part paid
51
1944 J
2*a
30-year 3s
♦Carlsbad (City) s f 8s
45
4
♦(Cons Agric Loan) 6*s
1958 J D
♦Greek Government s f ser 7S--1964 M N
31 *
mmmm
1961 J
3*s
6
58
104* 107*
100* 103*
63
♦7s unstamped
1949
German Prov A Communal Bka
M N
25-year
83*
18
60*
♦5*s of 1930 stamped
1985 J D
♦5*s unstamped
1965
♦5*s stamp(Canad'an Holder)'65
♦German Rep extl 7s stamped. 1949 A O
♦31 *
113
12
1967
7s unstamped
German Govt International—
*49*
A
105*
105*
103*
101*
1945
7*8 unstamped
External 7s stamped
J
O
105*
1969
5*s 2nd series
♦Dresden (City) external 7s
J
.1952 M N
103
103
102*
100*
-
J
F
1
60
1940
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
A
230
60
Customs Admins 5 *s 2d ser_1961
5*8 1st series
1969
J
6s.
73
103
105
101
104*
97* 102
101* 105
47*
73*
62
67*
Bulgaria (KlDgdom of)—
♦Secured sf7s
9
47*
104
i960 J
b tamped
s
♦
21
104*
1967 M
stamped
♦6*s
21*
21*
mmmmmm
O
5
101
♦
98
18*
107*
107*
115*
mmmmmm
104* 110*
104* 110
99* 103*
1968 F
♦Budapest (City of) 6s
Extl
22
101
S
A
4
103*
106*
115*
102
193
100*
103*
105*
M N
1952 J
13
83*
French Republic 7*s stamped. 1941
99
J
Sinking fund gold 6s
20-year s f 6s
....
98
104*
17*
86*
100* 105*
------
30
99*
mmmmmm
1972 F
Brisbane (City) s f 6s
•»«...mm
71
101
30
101
M N
♦7s (Central Ry)
5
105*
1955
Finland (Republic) ext 6s
♦Frankfort (City of) s f 8*s
D
f 6*s of 1927--.1957 A
99
20
103
Apr 15 1962
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
J
Austrian (Govt) s
80
♦104
72*
——
103
105.23
145
f 7s 3d series. 1957 A
51
82
103*
1942
External gold 5*s
104.10
104.15
A
♦6s
Denmark 20-year extl 6s
99.6
104.8
Antwerp (City) external 6s
1958 J
Argentine (National Government)
19
26
20
104*
1942
101.8
102.4
M N
♦Buenos Aires
ser B
33
102.4
F
s
Sinking fund 8s
87
104.8
J
98
1949
104.26
A
External 6s of 1927
90
62*
90
♦103*
*103*
96*
1944
A—.1949
103.17
F
1972
101 *
100*
77
88
.
——
^♦Stamped extd to Sept 1 1935—
Domlnican Rep Cust Ad 6*8.-1942
1st ser 5 *8 of 1926
1940
Foreign Govt. A Municipals—
♦External
ser
100 11105.17
M N
30-year 6s
93
60*
1
1951
82
1 194
8 f extl conv loan 4s Feb
S f extl conv loan 4s Apr
96
25
63
Deutsche Bk Am part ctf 6s.__1932
Agriculture lMtge Bank (Colombia)
ustralia
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
2d series sink fund 5*8
J
62
1957
106.10
Home Owners' Loan Corp—
sec s
♦7s stamped
Cordoba (Prov) Argentina 7s—1942
External g 4*s
M
1 194
15
98*
103.18
S
Federal Farm Mortgage Corp—
15 194
31
30*
30*
1
104 .24108.24
D
18
6
♦60*
1957
A
Treasury 2 *s..
98
1953
F
♦External
High
17*
18*
18*
17*
100*
98
100*
-1962
♦Cordoba (City) 7s
J
2*s series B__Aug.
1937
Low
22
18*
17*
1947
J
3s Bcrlee A—.May
for Year
100
18*
1946
♦Sinking fund 7s of 1927
S
M
Mar.
Jan.
Range
2S
High
♦17*
1947
109.26
J
.Mar.
2
Asked
db
Low
J
3s
Bid
Price
109 .12115.20
D
J
M
2*s...
Friday
Foreign Govt. A Mun. (Cont.)
A
J
Treasury 3*s
Range or
Sale
EXCHANGE
STOCK
High
U. S. Government
Treasury 4*s_—Oct.
Treasury 3*«—Oct.
N.
1937
No.
Week's
Last
BONDS
Range
3
s
f 6s 2d ser.. 1961 A
O
10*
10*
10*
27
♦Poland (Rep of) gold 6s
1
8*
11
9*
9*
30*
28
26
26
1940 A
O
66*
67*
20
47
67*
f 7s
1947 A
O
80*
80*
82
17
60
82
♦External sink fund g 8s
1950 J
J
60*
60
61*
33
45*
64
♦Stabilization loan
1
For footnotes see page 567.
s
66*
Volume
New York Bond Record—Continued—Page 2
146
BONDS
Price
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City of) 8a
1901
D
1962
♦Pruaala (Free State) extl OMs.1951 M
QueeDBland (State) extl s f 7b._1941 A
26-year external 0s
1947 F
108M
108 M
A
♦Rblne-Maln-Danube 7s A....I960 M S
♦Rio de Janeiro (City of) 8a
1940 A O
f g
b
21
1
10M
25 M
11M
9M
100
24
104M 113M
12
100
113
10M
8M
9M
♦9M
70 M
10
D
1962 A
73
~7l
O
(Kingdom of) 78—1959 F
(City) 0a
..1953 J
12M
O
A
33M
J
103 M
112
99 M 106 M
O
95M
94 M
95M
150
89 M
D
1952 M N
♦10
1957 M N
37
38
90
41
90
37 M
35
38 M
91
44 M
91H
32
32
33
23
40
85 M
A N Y Air Line 1st 4s 1955 F
A
11
83 M
26 M
43
Bklyn Qu Co A Bub con gtd 5s. 1491 IVI N
27
10
12
33
32 M
32 M
9M
9M
10M
35 M
34M
§♦88 extl loan of 1921
1930
J
13M
13M
13 M
44
Bklyn Union El 1st g 5b
Bklyn Un Gas 1st com g 5s
1950 F
13
12M
13M
11
43 M
35 M
1945 IVI N
1950 J
1st Hen A ref 6s series B
1957 IVI N
F A
♦6b extl Dollar loan
1968 J
J
9M
10
34 M
Secured
f 7a
1940 A
O
35 M
45M
98
s f deb 3Ma
1950
Buffalo Gen Elec 4 Ma ser B
1981 F A
Buff Nlag Elec 3Ms series C—1967 J D
Buff Roch A Pitta consol 4 Ma. .1957 IVI N
♦Saxon State Mtge Inst 7s
1946 J
1946 J
D
19 M
25
{(♦Burl C R A Nor 1st A coll 5a 1934
D
22
25
♦Sinking fund
6 Mb
g
10
27
32 M
31M
32 M
10
25
33
1902 M N
33M
31M
33 M
84
24
33
59M
60 M
51
40M
60
28
39 M
90 M
98W
♦7a series B
extl
sec
♦Slleala (Prov of) extl 7s
1958
D
J
♦Slleslan Landowners Asan 0s.-1947 F
A
♦
If Syria (Province of) 7s
1940 F
A
*i66~"
Sydney (City)
1955
F
A
103M
s f
8Mb
31M
104"
11
s
1971 J
J
1952 M S
External
s
f 6 Mb guar
51M
1901 A O
1957 M N
f5Ma_.
Tokyo City 6s loan of 1912
~53M
Trondhjem (City) 1st 6 Mb
♦Uruguay (Republic) extl 88—1946 F A
♦External a f 0s..
1960 M N
49M
♦
53
38
♦103M
~53M
53 M
51M
51M
1904 M N
♦External a f 6s.
1979 M N
1984 J
J
3 M -4-4 M % extl read J
3 Ms Extl readjustment
Venetian Prov Mtge Bank
Vienna (City of) 6s
52
~5l"
50
*43 M
*
7s--1952|A O
~99M
1952 M N
Yokohama (City) extl 0«
59 M
55
1901
53 H
1947 J
Coll trust 4a of 1907
D
106M
1O0M
30 M
1
104 M
58
39M
"34"
30 M
10
♦Camaguey Sugar 7a ctfs
O
1962 A
O
5b A
com gu
105M
93
9
9
11
Canada Sou
108 M 112M
1
10
55
32
7
31
83
40 M
"42
15
55
~39M
10
90 H
37
9
83
53
73 M
18
100
104M
12M
108 M
16
104
114
21
109 M 110
110M
23
113
119
24
"27
U4H 121
114M 121
112M 118H
5
110M 116M
1957
114
113M
July 1969
50
80M
116
116
Guaranteed gold 5a..
104M
54 M
52 %
~28
99M 103
48 M
72
52 M
2
21
18
40 M
47
47
70M
70 M
62 M
78~~
8
88
83 M
100M
29
39 M
62
101
51M
80 M
118M
♦118M
117
116M
114M
113M
124M
124M
Oct 1969
Guar gold 4Mb
1970
June 15 1955
Guaranteed gold 4 Mb..
1950
Guaranteed gold 4 Ma—Sept 1951
Canadian Northern deb 6 Ma...1946
88 M
Canadian Pac Ry 4% deb atk perpet
Coll trust 4Mb
60 M
49
109M
94
D
F
6a equip trust ctfs
102 M 105M
42
7M
119H
Coll trust gold 5a
trust 4 Ma
110M 110
22
120
89
88
94
80
99 M
102M
103
43
113
114H
10
103M
96 M
104
08
97
1900
1949
101 M
107 M
1952
128 M
99 M
105M
109 M 116M
98 M
98 M
55
91
110M
90M 105M
101X
"16
50
83 M
101M 105 M
107 M
2
*40
1938
guar 4a
10
125M
103M
Dec 1 1954
Collateral
117
118M
114M
114M
113
—.1944
{♦Car Cent let
U9M
102 M
1940
1950 M N
1198 F A
Celotex Corp deb 4 Ms w w
♦Cent Branch U P 1st g 4s
1947 J
J
1948
94
90
106
97
89 M 105M
*92 M
99
107
111M
83
100
101
93 M
105 M
82
70
113
109
115
102M
101
110
F
1O0M
52
51
76
*40
67
57
74
♦Mid Ga A Atl Dlv pur m 5a.
A
90
90
2
72 M
72 M
76
85
63
63
66
73
»
162""
1943 J
A
Alb A Susq 1st guar 3 Ms
-.1940
Alleghany Corp coll trust 5a...1944
F
Coll A conv 6s
1949 J
♦Coll A
1950 A
5s
A
♦5b stamped
1950
A
.1998
M
Allegh Val gen guar g 4»—...1942
A
Allied Stores Corp deb 4 Mb
1950
4 Mb debentures...
1951 F
Allls-Chalmers Mfg conv 4s...1952 M
Allegh A West 1st gu 4s
1965
2030
Alplne-Montan Steel 7s
Am A Foreign Pow deb 5s
M
M
..1963 J
American Ice s f deb 5s
*
O
t
"125
35
64
"l5
107 M
O
90M
92
M
4
A
85
85M
10
104
105M
250
S
105
8
08M 101M
90 M
59
37
93 M
24 M
80
S
108
103
107 M
91
72 M
102 M
93 M 102 M
55
58 M
40
61M
97
98
11
87
100
104
25
99
109M
Telep A Teleg—
M N
20-year sinking fund 5Mb...1943
98 M
13
87 M
80M IO0M
Amer
A
debentures
3961
debentures
1900 J
♦Am Type Founders conv deb. 1960 J
8Mb
8Mb
101M
101M
167
96M 102M
D
101
100 M
101M
133
96M 102M
106
106
Jan
f Ann Arbor 1st g 4s
....1965 Q
Ark A Mem Bridge A Term 5s. 1964 M
B.1955 F
1957 J
Armour A Co (Del) 4b series
1st M s f 4a ser C (Del)
09
O
Cop Mln a f deb 4Mb 1950
♦Anglo-Chilean Nitrate—
1967
113M
U2M
100 M
Amer Wat Wks A Elec 0a ser A. 1975 M N
A O
Anaconda
8 f Income deb
113M
J
111M 114
1
95
200
17
91
110M
104
105
96
99M 107
29
29
13
23
39
40
4
*93
99
"94M
104 M
94M
29
39
S
A
93 M
"117
92
93 M
30M
93
91 M
"92M
J
95M
93 M
01
42M
74
105
75 M 100M
80
99 M
General 4s.
1996 A
1995
Nov
1995
M N
Conv gold 4s of 1909
Conv 4s of 1905
1956
J
D
1955 J
D
Conv gold 4s of 1910
I960 J
1948 J
1965 J
D
Conv deb 4 Ms
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s...1958 J
1962
1946
1944
1944
Cal-Arix 1st A ret 4Mb A
Atl Knox A Nor 1st g 5s
Atl A Cbarl A L let 4 Ms A
1st 30-year 5s series B
com
O
D
108
109M
103
103
1
100
112
101M
103
138
100
112
101M
101M
'161M
107M
102
101
101
106M
103
103
110
J
S
J
108M
J
J
"l08M
D
J
103M
104
104M
J
M
206
J
*114
*
3
16
2
101
34
84 M
87
M N
MN
J
"72"
3
108
104M 111
110M 113M
118M 118M
97
111M
99 M 116
85M 105 M
99 M
80M 1O0M
71
74 M
81
74
99 M
31M
20
27
1
20
64
55M
58
14
57 M
83H
23
10M
85M
92
99 M 107 M
stmpd.1940 M N
July 1948 A O
Refund A gen 5s series A
1995 J D
let gold 6s
July 1948 A O
Ref A gen 08 series C
1996 J D
PLEAWVaSysref 4s
1941 M N
Baldwin Loco Works 5s
Bait A Ohio 1st g 4b
101
102
4
60
65
145
28M
33M
195
60M
64
69M
34 M
32 M
38
101
61M
32 M
...........1958
{(♦Chicago A East 111 1st 08—.1934
{♦Chic Ind A Loulsv ref 0s
♦Refunding g 5a aeries B
♦Refunding 4b serlea C
50
88
219
8
102
104
73 M 108M
37 M
94M
78M 116M
43
103 M
♦Geii 4s serlea A
40
49M
44 M
2
8
30 M
28M
32 M
178
36 M
26 M
24 M
28M
523
30 J*
82 M
(♦Secured 0 Mb
31
29
33
190
37
93 M
♦let ref g 5s
112
5
111
111M
1960
1st A ref 5a aeries C
For footnotes see page
507.
104M
alO0
*
89
106
10
al06
5
64
....
~99M
118M
127
18
34
90
244
107 M
107 M
99
mmm
49
7
mm
F
A
A
O
F
A
"~3
30
104
44
33
44
*25
31
29
92 M
95M
115
104
"04""
N
71 M
♦
*
A
8
"44
*116"
S
104 M
75 M
88 M
78 M
93 M 112M
97M 108 M
00 M
88
70
120
104 M
95 M
92
110
61M
63 M
T05M
105M
160"
9
118
120M
95 M
25
95M
11
126 M
65
61M
90 M
104 M 108
119
N
94 M
93 M
A
95M
95M
*-._..
38
108
105 M 109
116M 128M
93 M 102 M
92 M 102 M
107 M 111
lis""
U5""
105 M
10
120M
109M 115
II t•
24
23 M
105
20 M
27
22
t
1
t
108
I
111M
108
*107 M
O
109
28
89M
S
N
38
93
""
mm mmm
N
90
100 M 108 M
"20
92
*
"04"
102
25M
104 M
104
23 M
60M 125M
44
44
108M
58 M
J
J
100 M
31
104
J
J
'io0M
1O0M
109M
56
107 M 113M
IVI
S
104M
104 M
107
F
A
F
A
A
O
274
110
107
117M
101M 110M
MN
"72M
103 M
82
107 M
212
*90 M
15M
99M
102 M
99 M
14M
10M
"53
10
15M
M N
99M
103
10M
80 H
18M
13M
2
9
28
107
159
16
51M
11M
44 M
13
43
""8
10M
39 M
i,7M
11
6M
7M
3
5M
M
S
17M
72M
10M
J
J
12M
12M
J
J
♦10M
J
J
10 H
11
M N
0M
J
7
J
J
85
J
D
J
*110M
85
104 M 119
88
20
2
1
113
93
101M
40 M
45 M
124
20M
26 M
107 M
110M 112 M
99 M
118M
120M
119M
18
127M
45
07 M 105
51
50
107 M
99 M
93 M
110
103
110M
105 M 116M
60
78 M
101
103 M
115M 121M
120
131
30
35M
75
mmm
29 M
32 M
32 M
29 M
30
41
32 M
32 M
30
35M
12
11
13
30 M
J
mm
mmmmm
12
O
M N
4M
-----
M N
15M
M N
47 M
i04M
10
28
May 1 1989 J
{♦Chic A No West gen g 3Ma.. 1987
♦General 4s
—1987
44 M
1951
Battle Creek A Stur 1st gu 3a.. 1989
Beech Creek ext 1st g 3 Mb
1961
Bell Telep of Pa 5b series B
1948
31
13
*107
B—May 1 1989
J
C—May 1 1989
J
♦Gen 4Mb series E—.May 1 1989
J
♦Gen 4Mb series F—May 1 1989
F
{♦Chic Mllw St P A Pac 6s A.. 1975
A
♦Conv adj 6s
...Jan 1 2000
47 M
1951
1947
♦Gen g 3 Mb series
46 M
44 M
stamped
24
"*~5"
♦Gen 4Mb series
J
Con ref 4s
40
23
Chic Mllw A St. Paul—
J
I960
1990
1943
1982
1947
1947
♦1st A gen 5b Berles A
1900
♦1st A gen 6a series B__May 1966
Chic Ind A Sou 50-yr 4s
1950
Chic L S A East 1st 4 Mb
1969
Tol ACln Dlv 1st ref 4a A—1959 J
Ref A gen 5a series D
2000 M
M 5e series F
Bangor A Aroostook 1st 6s
6a_1951
{♦Chicago Great West 1st 4s...1959
Southwest Dlv 1st 3Ms-5a..l950 J
4 Ma
12
60M
31
*75
55M
4a..
1971
•19
Ref A gen
.1949
1949
Chic Burl A Q—HI Dlv 3 Mi—1949
Illinois Division 4s
1949
General
3
14
*
S
1977
1941
1959
23-M
0M
6M
2
*
M
1st A ref 5a series A..
{♦Auburn Auto conv deb 4Mb. 1939
Austin A N W 1st gu g 6s
23 M
4M
6M
"l4
75
1st A ref 4 Mb Berles B
29M
30
81M
30 M
5
11M
0M
*68 M
103M 110
31
J
9M
10
S
104M 109 M
73M
71
IVI N
Chicago A Erie 1st gold 5a
73M
05
110
(♦Cent RR A Bkg of Ga coll 5a 1937
IVI
5s extended to May 1 1942
M
Central Steel 1st g a f 8s
—1941
IVI
Certaln-teed Prod 5Ms A...—1948
M
Champion Pap A Fibre deb 4Mb *50
IVI
Cbes A Ohio 1st con g 5a
1939
IVI
General gold 4Mb
1992
M
Ref A lmpt mtge 3 Mb ser D..1990
Ref A lmpt M3MBserE
1990 *
Craig Valley 1st 5s
May 1940 J
Potts Creek Branch 1st 4a—1946
R A A Dlv let con g 4s
1989
2d consol gold 4s
1989
Warm Spring V 1st g 5b
1941
114
70
40
*25
A
*l'07M
1900
Guaranteed g 5a
110
70 M
J
18
S
Through Short L 1st gu 4a...1954
6
D
1964
10-year coll tr 5b
May 1 1946
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s....
1948
Second mortgage 4s
1948
Atl Gulf A W I 88 coll tr 6e
Cent Pacific 1st ref gu gold 4s.
24
72
4
1902
Central N Y Power 3Ms
112
92 M
21
...1987
110
"89M
20
1901
5s.—.—1987
{♦C A E 111 Ry (new Co) gen
♦Certificates of deposit
89M
20
1900
Cent Illinois Light 3 Mb
107
97 M
97
97 M
D
Cent III Elec A Gm 1st 6t—1951
103
116
70 M
J
Cent Hud G A E 1st A ref 3MB-1905
1
4s July 1952 M 8
General unified 4Mb A
1O0M 116
101
93
7
1947
1940 J
1941 M
M
1941
Chic A Alton RR ref g 3s
Atchison Top A Santa Fe—
Adjustment gold 4s—
Stamped 4s
00
70 M
{♦Cent New Eng 1st gu 4a
98
103M
97M
Gen mortgage 5s
Central of N J gen g
General 4s
55
103M
98 M
Central Foundry mtge 6a
101M
8
1949 M N
5 Ms.-1949 J
♦Mobile Dlv 1st g 5a
112M
82 M 100 M
105 M
D
Amer I G Chem conv 5 Mb
Am Internet Corp conv
45
"29"
~32M
O
90M 107
3
75 M
6M
*47
1943 J
A 68—
4s series B_
99 M
53
76 M
O
♦Ref A gen 5 Ms series B
♦Ref A gen 6s series C
Albany Perfor Wrap Pap 6s...1948
6s with warr assented
1948 A
cons
*72
53
D
"16"
A
89
*81M
{♦Central of Ga 1st g 6«—Nov 1945
M N
♦ComoI gold 5s
J 946
1959
1959 A
♦Chatt Dlv pur money g 4a. .1951 J
J
♦Mac A Nor Dlv 1st g 5s
1940
4s
"~9
104
"44
57 M
8
10-year deb 4 Ms stamped.. 1940
Adriatic Elec Co extl 7s
1952 A
Conv
111 M
O
Cart A Adlr 1st gu gold 4s
Atl Coast Line 1st
103 M 107
HI M
J
Carriers A Gen Corp deb 6b w n
J
conv
109
100 M
*106
iii'M
132 M
INDUSTRIAL
AND
{ (♦Abltlbl Pow A Paper 1st 68.1953
M
Adams Express coll tr g 4s
1948
com
87
O
Guaranteed gold 5a
COMPANIES
1st
44
1940 J
1942 A
deb 6a
1st A cona g 6s ser A.Dec 15
Ala Gt Sou 1st
95M
1900 A
conv
Caro Clinch A Ohio 1st 6a
RAILROAD
106
94
{Bush Term Bldgs 5b gu
Guaranteed gold 6a
61M
58 M
05
CalPack
73 M
100
100 M
J
78 M
79M
♦Warsaw (City) external 7b... 1958
100
10
1955 J
5a
49 M
52 M
46
122 M
62
23
O
49
56
115M
101M 106
49 X
"51"
74
*8
Canadian Nat gold 4Mb
Taiwan ElecPow
1
78M
1952 A
Conaol
83
78 M
108
106M
♦Certificates of deposit
JBuah Terminal 1st 4a
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962 IVI N
A
104
55
69
106M
105M
100
D
1956 M S
41H
44 M
44 M
94 M
1947 IVI N
1950 J
s
34 M
69
1st lien A ref 08 series A
Brown Shoe
135
8M
39 M 101M
97 M 105M
60
~78M
♦8s external
12M
♦10M
61
64
A
♦7b extl Water loan
12M
72
*_——
J
Debenture gold 5a
♦0 Mb extl secured s f
San Paulo (State of)—
104
t
1941 J
68
2
54 M
stamped
1st
12
44
103M
103M
12
41 M
60
3
99M
112
107
S
20 M
9M
"66
33 M
*107 M
34 M
1955 IVI N
1961 A O
1st g 4Mb serlea JJ
{♦Boston
J
Brooklyn City RR 1st 5s
1941 J
Bklyn EdlSon com mtge 3Ma—1966 IVI N
Bklyn Manhat Transit 4Mfl—1960 M N
9M
9M
29M
25
103M
1906 A
Com mtge 3Mb series E
103M
1907 M
40
10M
20M
20
J
Boston A Maine 1st 5a A C
33
6
27
18 M
24
*18
♦Berlin Elec El A Undergr
Beth Steel cons M 4Mb ser D—1900
28*"
18 M
22M
*18
1944 J
8M
29
High
20"
23M
*18
Big Sandy 1st 4a
11M
10
Taw
10—
20M 26M
O
34M
7
10
1937
No.
32 M
59
10
D
A
1955 A
6 Mb 1950 A
♦Debenture 08
Asked
High
F
10M
"3
for Year
A
J
8Mb—1943
20
36 M
11
9M
♦Saarbruecken
Sao Paulo (City of, Braxll)—
♦8e extl secured s f
108M
109M
92
cons
1st M 5s series II
..1907 J
Rome (City) extl 6 Ms
♦Roumanla
25 M
9M
1960 M N
♦7b municipal loan
17M
♦22
1968
♦7s extl loan of 1920
2
107 M
Rio Grande do Sul (State of)—
♦8e extl loan of 1921
1940
♦0s extl
♦Berlin City Elec Co deb 0 Ma..1951
♦Deb sinking fund 6Ma
1959
'21
107 M
"ii
A
1953 F
♦Extl aec 6 Ms
Belvldere Delaware
19
Range
Friday
Bid
Low
31
97
Range or
Sale
Price
33M
9M
21
O
f 0s
Last
STOCK EXCHANGE
High
10
10M
Y.
Week Ended Jan. 21
96 M
19
S
O
b
Low
No.
7
11
N.
1937
Asked
High
♦9M
1962 A
♦External
A
♦10
J
MN
Prague (Greater City) 7 Mb
for Year
Bid
Low
.—I960
♦Extl loan 7 Ms
Range
Friday
Sale
Week Ended Jan. 21
BONDS
Ranee or
Last
N. Y. 8TOCK EXCHANGE
563
Week's
Friday
Week's
Friday
-----
♦Btpd 4s non-p Fed inc tax 1987
M N
Btpd Fed lnc t*x--1987
M N
♦Gen 6s Btpd Fed lnc tax
1987
stamped
18M
18M
j 120M
18M
17M
00
24M
25M
25M
69 M
57 M
09 M
2
28
71M
316
8
30 M
392
3
12M
14
49 M
16M
18
52 M
62 M
10
64 M
16
56
52
18M
18
M N
*181
14
"26
31
M N
20M
20 M
22
J
D
——
10M
HM
D
10M
10M
111
40
10M
18M
9M
8M
D
10M
A.11H
20
8M
30 M
M N
5M
0M
142
5
24 M
stpd.May 1 2037
J
♦1st A ref 4Mb Ber C.May 1 2037
4Mb serlea A
4M
25
J
—1987
1936
May 1 2037
♦1st A ref 4Mb
♦Conv
15M
16M
30 M
♦15MJ](20
♦Gen 4Mb
♦4 Mb
4M
*15M
3
1949
17
U5
61
38
30 M
562
Jan.
YORK
Bond Record,
NOTICE—Prices
are
1938
22,
STOCK EXCHANGE
NEW
Friday, Weekly and Yearly
"and Interest"—except tor Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the week's range,
unless they are the only transactions of the week, and when selling outside of the regular
Nc "eoount Is taken of such sales In computing the range for the year.
weekly range are shown In a footnote In the week.In whleh they
occur.
Friday
Week's
BONDS
Last
N. Y. STOCK EXCHANGE
Sale
Range or
Friday
21
Week Ended Jan.
Price
NO.
<k
Low
Asked
33
High
Bid
No.
Low
Treasury <3*>
Oct.
Treasury 3>*•-.-Oct.
15 1947-1952
16 1943-1946 A
Dec. 15 1944-1954 J
O
117.13
117.24
43
104.2
107.31
108.6
113.7
112.31
113.11
111.10
16 1946-1956 M 8
16 1943-1947 J D 108.15 108.10
16 1951-1956 M S 104.24 104.20
111.22
33
107.12114.9
108.18
36
104.28110.18
104.28
99
101
......
Treasury 33*s
Dec. 16 1949-1952
Treasury 33*8—
Aug. 16 1941
Treasury 3)*s_..Apr. 15 1944-1946
Treasury 23*S—Mar. 15 1955-1960
207
109.26
109.12115.20
106.28
D
106.4
105.30
106.11
295
102.10107.30
D
106.9
106.9
106.13
80
104.20 107.27
107.11
107.12
12
......
106.28 106.19
106.28
67
102.20108.24
J
D
106.15 106.15
106.20
30
102.24108.18
F
A
107.22
8
104.24 108.24
A
O
107.18 107.18
107.27 107.24
107.31
62
M
S
102.16 102.8
102.23
580
104.21
104.17
104.29
443
102.22 102.19
102.29
99.2
104.16
101.25 101.18
101.17 101.9
101.30
366
98.4
103.17
101.20
220
98
3s
Mar. 15 1944-1964
May 15 1944-1949
3s
Jan.
100.8
806
96.6
101.22
103.20
132
M
S
M N
15 1942-1947 J
..Mar. 1 1942-1947 M
Home Owners' Loan Corp—
J
100
99.31
103.16 103.9
F
1942-1944 J
A
J
♦Gtd sink fund 6s
1947 F
182
101-27 102.21
104.30
129
104.12
82
100 11105.17
104.26
33
101.8
105.23
103.17
87
99.6
104.10
103.3
101.7
106.10
104.8
104.8
104.15
145
99.24 105.3
102.4
102.4
102.14
82
♦Gtd sink fund 6s
1948 A
101.28 101.28
1734
18
1963 M N
J
144
s
f 7s series B__
1946 J
s
f 7s series C
1945 J
J
634
^External
■
f 7s series D
1945 J
J
♦External
s
f 7s 1st series
1967 A
O
♦External
sec s
f 7s 2d serles.1957 A
O
......
♦External
sec s
f 7s 3d series. 1957 A
O
......
Antwerp (City) external 5s
1958 J
D
Argentine (National Government)—
}■' 8 f external 4 Vis.—
1971 MN
1972 F
External 5s of 1927
O
J
—.1957 M S
External g 4)*s of 1928
Austrian (Govt) s
A
-—.1955 J
A
7s
1956 M N
—.1957 J
♦Bavaria (Free State) 63*8
Belgium 25-yr extl 63*8—
1945 F
J
External s f 6s
1955 J
J
External 30-year s f 7s
1955 J
D
Bergen (Norway) extl s f 5s—.1960 M S
♦Berlin (Germany) s f 6Hs
1950 A O
♦External sinking fund 6s.-.1958 J D
♦Braxil (U 8 of) external 8s
1941 J D
♦External s f 63*s of 1926—1957 A O
♦External s f 6)*s of 1927—1957 A O
♦7s (Central Ry)
1952 J
Brisbane (City) s f 6s
D
98.16102.31
634
99
1
30
183*
30
101
.
-
*
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
External 5s of 1914
ser
98
1951 M N
1949 F
Czechoslovakia (Rep of) 8s
Sinking fund 8s
ser
B
J
J
D
1951 A
—-1942 A
Denmark 20-year extl 6s
.
-
1st ser 5 34s of 1926
1940 A
5 34s 1st series
French Republic 734s stamped. 1941 J
734s unstamped
External 7s stamped..
6
5
163*
26
97
883* 1033*
102
73
80
94 J*
8534
8434
10434
10434
......
D
10534
101
22
101
36
......
10754
10734
11534
101
10734
10634
10334
♦1934
10734
10634
11534
10334
68
10534
10534
10034
10334
101
*
22
4
_
5
21
2
1
2134
*
....
2134
......
....
1043* 1103*
1043* 110
993* 103 3*
68
1043*
183*
253*
1053* 111
1013* 1103*
1093* 1183*
99
1033*
18
253*
183*
25
2234
1934
2134
2234
1934
35
203*
18
79
18
593*
473*
1934
1734
1834
1934
1934
104
18
......
1934
100
13
5
10034
2234
100
101
4
102
......
10234
5
2234
♦80
......
2234
106
5
....
47
18
473*
973* 1033*
973* 1033*
993* 1053*
♦6s part paid
Haiti
(Republlo) s f 6s ser A
1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 734s '50
Helslngfors (City) ext 634s
1960
Hungarian Cons Municipal Loan —
♦7348 secured
♦Chilean Cons Munlc 7»
♦Chinese (Hukuang Ry) 5s
A
A
O
1053*
107
.
-
.
.
-
♦6s extl
s
f g
......
....
7234
51
*3134
3234
3234
107
....
3134
2
1960 M N
Italy (Kingdom of) extl 7s
D
1951 J
Italian Cred Consortium 7s ser
B,'47 M S
Italian Public Utility extl 78—1952 J
J
Japanese Govt 30-yr s f 634s—1954 F A
Extl sinking fund 5 34s
1965 M N
A
79
933*
783*
63 3*
10934
10934
113
11334
13
10034
10134
34
97
10934
26
843*
26
253*
26
233*
233*
40
66J4
10034
10534 109
98
1734
2534
12434
9234 11934
102
10534 130
100
124
65
2634
3134
1
1834
2134
2834
♦ OA
2534
32
313*
32
25
2634
36
26
253*
26
17
23
8034
2334
2934
2934
84
42
3234
8534
*20
1043* 1103*
1093* 1143*
1013*
59
J
J
10034
9634
10034
10034
9634
33
963* 1033*
98
99?*
69
91
9634
6134
6134
*34
......
J
6134
39
3
953*
45
32
60
3*
29
28
29
11
25
253*
27
14
25
773*
773*
843*
13
87
19
19
*
*18
12
253*
12
25
20-year external 6s
External sink fund 434s
External s f 4 34s
1734
483*
12
25
17
1734
1734
26
1734
60
12
1734
1734
1734
1734
18
113*
17
1734
10
12
1734
17
1734
17
12
1434
15
1434
15
1434
1534
15
243*
243*
243*
243*
213*
213*
213*
1434
15
20
1234
1334
18
1534
......
1334
♦
40
......
8
8
1934
1734
18
....
1734
....
25
18
3034
3034
3034
2734
6234
57
2
82
85
8534
803*
11
65
94
643*
793*
793*
625*
32
57
8234
72
72
80
196
6734 10034
563*
425*
55
585*
120
62 34
8934
1
2934
1934
26
4734
111
813*
803*
643*
423*
*183*
......
103*
11
93*
93*
83*
333*
22
213*
73
1934
1
183*
11534
9334
38
s
4s
s
5H
3 3*
....
23*
....
«5*
33*
43*
9
....
3
4334
10034
17
83*
8
9
1
2
33*
33*
1
23*
95*
93*
23*
23*
7
13*
9
33*
J
"66)*
33*
2
85*
23*
13
"67"
"643*
10
603*
573*
•
2
9
58
76
4
56
68
100
3*
10534
19
100
105
107
8
107
15
1045*
1053*
1033*
1023*
1043*
extl s f 5s
1970 J
1952 F
...—.1953 M
extl 6s
Panama (Rep) extl 534s
♦Extl s f 5s ser A
♦Stamped
S
A
D
......
......
1033*
1023*
......
1958 M N
1955 A
O
1963 J
.
22
.
9
19
59
....
....
523*
56
54
50
523*
503*
D
1963 M N
1963 M N
1023*
1023*
*1023*
*
A
S
33
16
1063*
O
84
1023*
1063*
F
93*
1023*
107
1956 M
93*
101
A
1963
82
103*
605*
A
—..1965 A
f ext loan
59
5
57 3*
10
603*
31
133*
10
10
A
O
11
53*
3
J
D
3
115*
115*
3
1944 F
extl 6s
Municipal Bank
33
33*
VA
1013*
1065*
Apr 1958 A
Oriental Devel guar 6s
Extl deb 534s
Osle (City) s 1434s
95
1943 F
f 5a
♦Nuremburg (City)
7
63*
♦23*
*
33*
....
1043*
......
1959 M N
Norway 20-year
22
503*
26
1025*
16
1023*
.-....
*
1033*
*40
38
373*
115*
103*
103*
663*
803*
60
....
...
....
..
39
8
10434 10834
10534 109
10134 10634
9934 10434
9534 10234
10234 10434
17
2534
5234
85
4734
7934
9734 10334
103
107
40
85
36
76
263*
123*
123*
1952 J
♦68 Berles A
External
425*
*
D
(City. Italy) extl 634s—.1952 A O
Mlnas Geraes (State)—
♦Sec extl s f 634s
1958 M 8
♦Sec extl s f 6 34s
—1959 M S
55
6
17
......
195*
5
17
1534
2034
104
107
....
D
Milan
44
2
3134
1734
119
1
....
28
10134
57
23*
♦JTreas 6s of *13 assent(large) '33 J
♦{Small
J
New So Wales (State )extl 5s..1957 F
3034
17
1734
1734
19
7
*1043*
33*
403*
263*
30
J
263*
283*
3134
1734
3034
......
....
303*
4
1954 J
♦Montevideo (City) 7s.
4
3034
3034
.....
30
♦23*
543*
40
....
28
*293*
D
♦Medellin (Colombia) 634s
1954 J D
♦Mexican Irrlg assenting 4 34s. 1943 MN
♦Mexico (US) extl 5s of 1899 £ 1946 Q J
♦Assenting 6s of 1899
J
1945 Q
O
1334
1334
1334
16
Jan 1981 J
J
1334
1334
1334
36
38
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
♦Nat Loan extl
♦Nat Loan extl
s
s
1947
M
1959 M
9
S
S
115*
f 6s 1st ser.. 1960 J
D
f 6a 2d ser..1961 A
O
103*
103*
663*
803*
603*
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
1940 A
O
1947 A
O
♦External sink fund g 8s..—.1950 J
10
82
92
10134
.
1053*
1003*
Irish Free State extl s f 5s
O
10134
Oct 1961 A
For footnotes see page 567.
36
195*
A
10034
♦Cologne (City) Germany 5 3*s.l950 M
Colombia (Republlo of)
♦6s of 1928-
24
983*
1053*
233*
O
♦Leipzig (Germany) s f7s
1947 F
Lower Austria t Province)
734s.l950 J
10034
D
24
973*
-
J
A
♦Jugoslavia (State Mtge Bk) 7s 1957
333*
973* 106 3*
J
J
107
*
O
J
213*
J
—.1962 M N
M S
1951
1
*4934
1952 M N
f 6s
5
20
♦Assenttog 4s of 1904
1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small.:
s
7
al8
♦4s of 1904
♦Guar
4
*18
333*
7834
*7034
......
J
O
25
100
1083*
♦18
34
A
26
al8
22
1961
81
19
J
213*
*70
1968 M N
f 6s
61
99
♦Assenting 5s large
♦Assenting 5s small
s
6
J
f g
s
f g
653*
♦Guar
613*
1946 J
s
483*
7834
J
♦External sinking fund 6s—.1962 M 8
♦External slicing fund 6s...1963 M N
♦Chile Mtge Bank 63*s
1957 J D
♦Sink fund 65*8 of 1926
1961 J D
59
1945 J
♦7s secured
88
♦External sinking fund 6s...
A O
♦Extl sinking fund 6s—.Feb 1961 F A
♦Ry ref extl s f 6s
J
Jan 1961 J
♦Extl sinking fund
6s..Sept 1961 M S
1
♦Hungarian Land M Inst 7 34s. 1961 M N
♦Sinking fund 7 34s ser B
1961 M N
♦Hungary (Kingdom of) 734s—1944 F A
67
s f 6s
Oct 15 1980 A O
♦Farm Loan 6s ser A
Apr 15 1938 A O
s f 7s
1942 M N
62
8134
8134
27
1968
853*
♦Chile (Rep)—Extl
55
*993*
♦(Cons Agrlc Loan) 634s
1958 J D
♦Greek Government s f ser 7s—1964 M N
♦7s part paid
—.1964
♦Sink fundsecured 6s
1968 F A
863*
♦Farm Loan
9
German Prov <fc Communal Bks
953*
65 3*
S
82
64
235*
D
♦534s of 1930 stamped
1965 J D
♦534« unstamped
1965
♦534s stamp(Canad'an Holder)'65
♦German Rep extl 7s stamped.1949 AO
♦7s unstamped
1949
173*
163*
14
M
55
108
J
1949
69
6s—July 15 1960 J
5
62
975*
1949 J
7s unstamped
6834
f
8234
61
60
1941
64
s
80
6334
5934
1948 J
23
Loan
45
60
60
Estonia (Republic of) 7s
J
1967 J
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 634s_—1953 M N
6734
♦Farm
6
60
69
J
10434 107 J4
10034 10334
9734 10134
4
835*
*18
6734
J
18
7
O
6734
J
12
58
10534
10534
63
1945 M N
6734
6834
J
103
103
605*
1969 A
67 34
A
9734 102
10134 105
4734
7334
60
5 34s 2nd series.
♦Dresden (City) external 7s
......
O
1
1053*
1033*
1013*
833*
O
8
i960 A
230
10034 10534
101
10434
60
—1969 A
A
Aug 15 1945 F
73
1023*
1005*
O
2d series Blnk fund 534s.----1940 A O
Customs Admins 5 34s 2d ser.1961 M S
A
1967 J
9
1045*
1053*
J
{•Stamped extd to Sept 1 1935— M S
Dominican Rep Cust Ad 5 34s_. 1942 M S
1976 F
1984 J
13
Deutsche Bk Am part ctf 6s.-.1932
1977 M
Extl re-adj 45*s-45*s~.1976 A O
Extl s f 4 3*&-45*s
1975 M N
98
105
103
1961
F
....
103
101
Extl s f
7-year 2 Ms
—1944
30-year 3s
1967
♦Carlsbad (City) s f 8s
1954
♦Cent Agrlc Bank (Ger) 7s
1950
3634
....
103
A
......
1961
1734
5
20
.....
.....
*104
O
8
10-year 23*e
25-year 3)48
80
99
O
1942 J
1955 F
1961 M
5s
90
51
82
.
.
Apr 15 1962 A
External gold 534s
stamped
♦6)48 stamped
Canada (Dom of) 30-yr 4s
77
19
26
O
20)*
6
80
102
f 7s.
96
93
3034
3034
10134
10034
90
*1033*
*1033*
98
963*
1043*
1033*
71
723*
.
A
J
53*
5
«...
60
D
s
15
25
....
31
1734
1834
German Govt International—
203*
193
i960 J
♦Secured
1
623*
20
S
A
20
9434
20-year
♦Stabilisation loan 73*s
63
18
6
88
1949 F
20
8534
8534
101
8% external s f $ bonds
Bulgaria (Kingdom of)—
High
603*
62
1944 M
A
6
9334
8
43*a-4)*s
Refunding s f 4)*»-4)*8
185*
173*
1003*
983*
♦603*
-
J
55*
53*
84
A
♦6s
....
173*
97
9434
1957 M
1962 J D
♦Buenos Aires (Prov) extl 6s.-.1961 M 8
2
634
9934
1
....
634
634
12
85
1958 F
♦Budapest (City of) 6s
7
634
Sinking fund gold 5s
s f 6s
7
♦634
9934
4
634
♦634
A
1949 M S
19
10034
634
634
J
♦External
3
1734
10034
634
♦634
J
♦External
8 f extl conv loan 4s Apr——1972
.
♦El Salvador 8s ctfs of dep
102.4
■/
■
O
Australia 30-year 6s
1937
Low
22
100
98
A
98.28103.2
A
loan 4a Feb
♦7s stamped
1957 F
Cordoba (Prov) Argentina 7s..1942 J
Sinking fund 5)*S—.Jan 15 1953
♦Public wka 534s—June 30 1945
104.18 104.16
.
conv
for Year
CQ<§!
High
185*
173*
1003*
A
External loan 4 34s
Govt. A Municipals—
♦Antloqula (Dept) coll 7s A.-.1945
1957 F
104.30
Agricultura IMtge Bank (Colombia)
8 f extl
Range
is
Asked
<k
♦173*
183*
A
1962 J D
1953 M N
Copenhagen (City) 5a
25-year gold 4)*s
♦Cordoba (Ctty) 7s
109.25
j
Akershus (Dept) Ext 5s
♦Sinking fund 7s of 1927-—1947 F
99
104.22 104.16
104.6
104.5
S
1 1944-1952 M N
1 1939-1949
O
A
1946 MN
♦Sinking fund 7s of 1926
External g 4 34s
25*s
Ferelgn
Bid
Low
104
100.18106.16
Mortgage Corp—
May
Price
103.18
Treasury 25*8—Sept. 16 1956-1959 M S
Treasury 23*s...Deo. 15 1949-1953 J D
Treasury 2)*b—
Deo. 15 1945 J D
3s series A
Friday
N#,
Week Ended Jan. 21
2
Range or
Sals
104.24 108.24
Treasury 25*«—Sept. 16 1945-1947 M S
Treasury 25*s—Sept. 15 1948-1951 M S
Treasury 25*s_—June 15 1951-1954 J D
25*s series B„Aug.
2)*b series Q
Last
u fc
EXCHANGE
113.16121.14
44
108
D
Treasury 35*s_._Mar. 16 1941-1943 M 8
Treasury 33*s—June 15 1946-1949 J D
3)*S
STOCK
High
O
15 1946-1948 J
Treasury 35*8—June 16 1940-1943 J
Federal Farm
Y.
Foreign Govt. & Mun. (Coni.)
A
Treasury 33*s
Mar.
Treasury 33*8...June
Treasury 3s
Sept.
Treasury 3s
June
N.
1937
II. S. Government
Treasury 4s
Week's
5— Friday
BONDS
Range
for Year
J
9
115*
103*
105*
675*
2
1
45
27
834
11
934
934
3034
28
26
26
20
47
6734
82
17
60
82
613*
33
4634
64
Volume
New York Bond Record—Continued—Page 2
146
BONDS
Lost
N. Y. 8TOCK EXCHANGE
Week Ended Jan. 21
Ranos or
Sals
D
108 *
108 H
19
2
21
1
of) 8a
1946
1953
6 Ha
O
F
A
11*
9*
(City) 6a
10
10*
8H
9*
*9H
10
70 *
73
33 H
9H
12 *
10
33 H
10
1967
1952 A
1959 F
1953 J
Rome (City) extl 8 Ha
92
24
25 H
16H
104 H 113H
12
106
113
"71"
1957
♦10
M N
9*
26*
*18
24
20
25
♦Berlin Elec El A Undergr 6 *s 1956
Beth Steel cons M 4*s ser D—1960
Cons mtge 3*s series E
"~3
10H
34H
Big Bandy 1st 4a
1944 J
59
8H
33
Boston A Maine 1st 5s A C
103*
90
41
90
38*
91
44*
lit g
1961 A
O
32
32
33
23
40
91*
85*
A
J
12
12
8*
34*
39* 101*
97* 105*
44* 104
40
29
9H
9*
9H
33
{♦Boeton A N Y Air Line 1st 4a 1965 F
32 H
Brooklyn City RR 1st 6s
Bklyn EdWon
60
32 H
83 H
mtge 3*B—1966 Nl N
Bklyn Manhat Transit 4*8.-1966 M N
25 H
43
20 H
27
Bklyn Qu Co A Sub
1st 6a stamped
35 *
Bklyn Union El 1st g 5a
Bklyn Un Gas 1st cons g 5a
6
10*
"66
3
4*s series JJ
1941 J
11
cons
con
10
12
9H
10*
34 *
1950 J
1st Hen A ref 5a aeries B
87
A
A
111*
111*
106*
"34"
30*
95*
106*
111*
106*
36*
45 H
98
19 H
25
{(♦Burl C R A Nor lat A coll 5a 1934 A
25
1950 F
1981 F
33H
31H
D
J
59*
♦Slleslar Landowners Asan 6s.. 1947 F
A
♦
1946
F
A
F
A
11
53
38
Ca 1 Pack
39 H
♦Camnguey Sugar 7a ctfs
1942 A
90H
104
{Bush Term Bldga 5a gu
60
28
31*
103*
33
40H
♦100
1955
24
98 H
Canada Sou
1962 A
5a
conv
5a A
cons gu
a f
1971 J
6 Ha
55
104
External
s
11
O
O
106
♦103H
104H
53 *
54 *
"28
51 *
52 H
21
52
52 *
2
47
70 H
70 *
50
52 H
46
18
47
62 H
Canadian Pac Ry 4% deb
1961 A O
f 6 Ha guar
M N
J J
Bank 7s—1952,A O
3*-4-4*% extl readj
1979
3Ha Extl readjustment..—1984
78~~
83*
1952
7s—1958
1961
♦Warsaw (City) external
Yokohama (City) extl 6a
53*
51H
"51"
*♦43 H
*
M N
49
78 H
49 H
73 H
"44
50
80H
99* 103
48 *
72
49 *
"51"
"53*
Trondbjem (City) 1st 5Ha
1957 M N
♦Uruguay (Republic) extl 8s—1946 F A
♦External a f 6s._..........I960 M N
♦External a f 6a.
1964 M N
Venetian Prov Mtge
Vienna (City of) 6s
49H
*
56
46 H
79*
~99*
59 *
55
53 *
100
61H
58 *
8
88
100H
29
39 *
62
101
51H
86 H
Guaranteed gold 5a
atk perpet
Coll trust 4 *a
1946
5a equip trust ctfs
...1944
Coll trust gold 5a
Deo 1 1954
Collateral
trust 4 *9
1960
{♦Car Cent 1st guar 4s
1949
57*
1947 J
49
109H
94
90
106
*92*
F
97
99
*72
10-year deb 4Ha stamped_. 1946
1952 A
Ala Gt Sou 1st cons A 5a
1943 J
82
*
A
93* 105H
99 H
76
113
162"
1943 J
89 H 105*
101
100
Adriatic Elec Co extl 7s
4s series B
60*
94
{(♦Abltlbl Pow A Paper 1st 58.1953
M
4s
1948
Adams Express coll tr g
Coll trust 4a of 1907
109
115
102*
101
110
Albany Perfor Wrap Pap 6s—1948
6s with warr assented
1948 A
*47
*40
67
A
90
90
2
72 H
72*
76
85
63
63
66
73
Alb A Susq 1st guar
..1946
Alleghany Corp coll trust 5s—1944
3Ha
F
1949 J
1950 A
Coll A conv 5s
5s
*
A
1950
A
1998
M
Allegh Val gen guar g 4s
...1942
A
Allied Stores Corp deb 4Ha—-.1950
F
4 Ha debentures
1951
A Ills-Chalmers Mfg conv 4s—1952 M
♦6s stamped
*
1955
2030
Alplne-Montan Steel 7a
deb 5s
M
M
1963 J
American Ice s f deb 5s
85
6
108
68H 101H
59
96 H
37
125
"l5
92 *
4
85H
10
105*
74
250
103
93 H
24 H
72 H
80
102 H
107* 112H
91
101H
82 H 100 *
96
105 H
S
65
55
58 H
40
D
98
97
98
11
87
100
104
25
99
109H
13
86 H 106*
M N
Am Internat Corp conv
J
Amer Telep A
35
76
57
96* 107
93H 102H
51H
87*
Amer I G Chem conv 5H8
1949
5H8-.1949
104
105
51
64
107*
90 H
S
52
45
"29""
"32H
Allegh A West 1st gu 4a
Am A Foreign Pow
103*
103H
98H
97 H
98 *
116
118*
*118*
116*
114*
113*
117
124*
J
113
J
103*
M
J
15
55
10
37
83
53
9
73*
104*
12*
108*
18
16
104
114
21
116*
23
109* 116
118*
113
119
24
114* 121
102* 105*
42
7*
97
119*
"27
117
5
114*
114*
119*
10
125*
22
114* 121
112* 118*
110* 116*
110* 116
120
128*
89
94
102*
103
43
99*
99* 105*
113
114*
16
109* 115*
103*
96*
104
68
91
98* 110*
90* 105*
101* 105*
88
98*
*40
55
80
50
101*
101*
"16
15 1952
107*
107*
2
83*
107
111*
M N
106*
89
83
53
53
60
93
J
D
76*
75*
76*
70*
97*
J
D
20
20
21
18
40
F
A
*25
65
71
81*
J
*
1946
5a. 1947
1946
Central Foundry mtge 6a..
1941
Gen mortgage 5a
1941
Cent Hud G A E lat A ref 3 *8.1965
Cent 111 Elec A Gaa 1st 5a
1951
Cent Illinois Light 3*s
1966
J
*
deb 5a w w 1950
1198
MN
A
debentures
-.1961
debentures
1966 J
♦Am Type Founders conv deb. 1960 J
Amer Wat Wka A Elec6aaer A. 1975 MN
8Hb
8Ha
Anaconda Cop Mln a f
Celotex Corp deb 4 *s w w
F
deb 4 Ha 1950
A
O
113H
101H
101
113 *
100 *
100 *
101*
167
101H
133
106
"94*
104*
69
112*
94 H
104
111H 114
96 * 102 H
96H 102*
♦Mac A Nor Dlv 1st g 5a
..1967 Jan
5 f Income deb
Q
{Ann Arbor let g 4a
-—1965
Ark A Mem Bridge A Term 5s.1964 M
S
F
A
J
J
Armour A Co (Del) 4s series
1st M a f 4a ser C (Del)
B.1955
1957
.
-
-
91*
93*
92
F
A
4a.—1954
1960
A
O
F
A
117
61
93
105
75 H 100*
80
99 H
General 4s
1995 A
1995
1995
1955
O
Nov
M N
108
Conv 4s of 1905
D
I960 J D
J D
1948
Conv gold 4s of 1910
Conv deb 4 Ha
J
Rocky Mtn Dlv 1st 4a
1965
Trans-Con Short L 1st 4a...1958 J
1962
1946
1944
1944
Cal-Arlx 1st A ref 4Ha A
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 Ha A
1st 30-year 5s aeries B
100
112
103
138
100
112
102
103*
3
16
2
106* 116
104* 109*
103* 110
......
101
101
104*
104
106*
J
......
103
103
1
103
107
J
.....
110
110
6
110
114
108*
112
24
M
8
J
D
J
J
J
J
Atl Coast Line 1st cons 4s July 1952
M 8
A...—1964
10-year coll tr 5a
May 11946
LAN coll gold 4a
Oct 1952
Atl A Dan 1st g 4a
1948
Second mortgage 4s
1948
J
General unified 4Ha
1
101*
101*
.....
103
101*
.....
D
109*
103
101*
J
—1955 J
Conv gold 4a of 1909
206
107*
......
D
M N
108*
*114
*
101
116
97*
07
92*
"72
70
73*
34
"89* "89*
70*
3
101
108
104* 111
110* 113*
118* 118*
97
111*
99* 116
85* 105*
73*
99*
86* 108*
Chic Burl A
4ak-
1949
General 4s—....... —..—1958
1st A ref 4*s aeries B.._
1977
1st A ref 5s series A
1971
{(♦Chicago A East 111 1st
6a...1934
5a.1951
{♦C A E 111 Ry (neio Co) gen
♦Certificates of deposit
84*
87
72
71
74*
81
74
99*
30
29*
31*
20
27
31
1
26
54
57*
16*
83*
85*
♦GeL 4s aeries A
99* 107*
♦Gen 4*s series
J
J
J
J
J
1941
J
......
J
......
stmpd.1940 M N
Refund A gen 5a
A
O
J
July 1948
Bait A Ohio 1st g 4a
D
series A
1995
July 1948 A O
Ref A gen 6s series C
1995 J D
PLEAW VaSysref4s
1941 MN
J
Southwest Dlv 1st 3H»-5«—1950 J
1st gold 6s
2000
1960
1996
1943
4 Ha
F
Bangor A Aroostook 1st 5s
Ref A gen M 5s series
1961
Con ref 4a
1961
Battle Creek A Stur lat gu 3s..1989
Beech Creek ext lat g 3 Ha
1951
Bell Telep of Pa 5s series B
1948
lat A ref 5s series C......
1960
4s stamped
For footnotes see page
567.
55*
55*
58
*19
23
*75
......
14
92
....
4
101
102
61*
32*
60
65
145
28*
33*
195
66*
64
69*
88
34*
32*
38
47*
46*
47*
50
46
49*
101
219
8
89
102
104
73* 108*
94*
37*
78* 116*
9
119
118
120*
25
95*
38
95*
11
93*
95*
♦
24
J
108
115"
M
104*
F
99*
F
A
103
O
1
t
1
»
1
1
1
10
1
1
55
96*
104* 108
105* 109
116* 128*
93* 102*
92* 102*
107* 111
105* 111*
108
120*
109* 116
108
108*
26*
27
106*
109*
31
104
106*
56
107* 113*
104*
107
274
103*
107*
212
23*
105
'106*
J
99*
102*
*90*
82
99*
22
58*
110
107
117*
101* 116*
104* 119
J
J
J
72*
17*
J
J
"l5*
88
101*
J
12*
M N
J
14*
16*
"53
10
15*
M N
16*
2
9
72*
16*
80*
28
107
18*
13*
159
15
51*
11*
44*
13
43
"~"8
10*
k7H
11
5*
7*
3
5*
89*
28*
26*
12*
*10*
10*
6*
7
J
J
J
85
J
D
*110*
2
20
11
85
1
48*
45*
124
44*
30*
44*
44*
2
28*
32*
178
26*
24*
28*
523
M
8
31
29
33
190
37
J
J
112
5
111
106
10
al06
5
104*
.....
al06
♦
...
.
.....
118*
127
64
-
99*
118*
126*
99*
....
1
{♦Chic A No West geu g
♦Gen 4*8
8
111*
104*
4*s series F—May
103*
67* 105
A
......
♦Gen
51
F
103
93*
116
110*
105* 116*
60
101
78*
103*
119*
18
115* 121*
127*
45
120
131
113
93
107*
110* 112*
1 1989
J
"32*
J
32*
J
3*8—1987
4s
♦Stpd 4a non-p Fed lnc tax
1987
1987
stpd Fed lnc t»x—1987
♦Gen 5a atpd Fed lnc tax
1987
♦4 *a stamped
1987
(♦Secured 6*8
1936
♦1st ref g 5s
May 1 2037
♦lat A ref 4*s atpd.May 1 2037
♦1st A ref 4*s ser C.May 1 2037
♦Conv 4*8 serlea A
1949
"12
F
O
4*
M N
M N
"15*
M N
M N
M N
J
D
J
D
M N
66
36
41
24*
25*
69*
32*
35*
30*
12
25*
11
13
4*
*15*
18*
18*
3
2
316
392
18*
15*
16*
75
4*
28
8
36*
3
12*
49*
14
"181
67*
69*
71*
16*
14
18
16
52*
52*
54*
16
66
52
17*
"l0*
18*
31
20*
22
17
10*
20*
D
J
25
29*
*15*JJ 20
18
120* "26
MN
M N
35*
32*
30
30*
J
30
29*
J
{♦Chic Mllw St P A Pac 6s A—1975
A
♦Conv adj 6s
Jan 1 2000
♦General
M
J
May 1 1989
B—May 1 1989
C—May 1 1989
4*s series E—May 1 1989
♦Gen g 3*a series
43
107*
50
99*
36*
93*
30*
82*
Tol AClnDlv lat ref 4s A.-.1959 J
D
63*
106"
95*
92
125*
Chic Mllw A St. Paul—
♦Gen
Baldwin Loco Worka 5s
61*
1
A
116
105*
95*
66* 104*
76
120
61*
94*
93* 112*
97* 108*
60*
31
♦lie"
109
90
104*
100* 108*
38
75*
28
88*
25*
78*
88
89*
*107*
M N
{♦Chic Ind A Loulav ref 6a
1947
♦Refunding g 5s aeries B....1947
♦Refunding 4a series C
1947
♦let A gen 6s series A
1966
♦lat A gen 6a aeries B—May 1966
Chic Ind A Sou 50-yr 4a
1956
Chic L S A East lat 4 *a
1969
93
——
115""
Chicago A Erie lat gold 5a
1982
M S
{♦Chicago Great West 1st 4a—.1959
J
*-
115
"44
105*
1941
3a
95*
71*
102
"26
104
/—.1989
1949
Q—HI D1V 3*B—1949
J
1959 J
Austin A N W 1st gu g 5s
......
4a—-I—1989
V lat g tyC
Illinois Division
■
"64"
.....
M N
2d consol gold 4a
Warm Spring
MN
{♦Auburn Auto conv deb 4*8.1939
Atl Gulf A W I SS coll tr 5a
*
64
......
104*
92
92*
......
M N
1941
M 8
Certaln-teed Prod 5*8 A—...1948
M S
Champion Pap A Fibre deb 4*a *50
M N
Ches A Ohio lat con g 5a
1939
M S
General gold 4*8
1992
MN
Ref A lmpt mtge 3 *s aer D.. 1996
A
Ref A lmpt M 3 *s aer E
1996 F
Chic A Alton RR ref g
Atchison Top A Santa Fe—
Adjustment gold 4a
Stamped 4s...
104
44
29
M N
R A A Dlv lat con g
....
"3
33
Craig Valley let 5s
May 1940 J
Potta Creek Branch lat 4a.—1946'
93*
93*
44
30
*25
104
74
99
.
31
42H
*93
-
92*
7
44
44
30 *
4
49
99
1962
1937
107*
.....
23*
60* 125*
*107
23
13
244
8
110H
29
34
90
M
200
40
18
75
99H 107
39
31
10
*68*
107*
91
29
24
13
S
96
39
23
M
1
29
J
40
110
96
95H
12
*i07*
17
106
23*
36*
14
S
1987
(♦Cent RR A Bkg of Ga coll 6a
5a extended to May 1 1942
4*
M
gold 4a..1949
Through Short L let gu
Guaranteed g 5a
23*
6*
28
1961
Central N Y Power 3*s
Cent Pacific lat ref gu
5
'*5"
...1987
4s
6*
6*
9*
6*
O
11*
6*
J
♦Mobile Dlv lat g 5s
General
10
J
♦Mid Ga A Atl Dlv pur m
{♦Cent New Eng 1st gu 4a
Central of N J gen g 5a—
75""
A
105
♦Anglo-Chilean Nitrate—
Ref A gen 5s series
A
♦81*
A
M N
Central Steel 1st g a f 8a
Teleg—
20-year sinking fund 5Hs_—1943
Conv
113*
116
124*
88*
102*
J
Cart A Adlr 1st gu gold 4s
conv
"42
1947
♦Cent Branch U P 1st g 4a
1948
{♦Central of Ga lat g 6a.-Nov 1945
♦Consol gold 6a
—J945
♦Ref A gen 5*a aeries B
1959
♦Ref A gen 6a series C
1959
♦Chatt Dlv pur money g 4a. .1951
Carriers A Gen Corp
J
♦Coll A
31
90*
INDUSTRIAL
AND
COMPANIES
cons
32
7
1938
let A cona g 6a aer A.Dec
1st
114
Guaranteed gold 5a
Caro Clinch A Ohio 1st 5a
RAILROAD
9
101* 106
1957 J
July 1969 J
Oct 1969 A
Guaranteed gold 5a.—
1970 F
J D
Guar gold 4*a
June 15 1955
Guaranteed gold 4 *a
1956 F A
Guaranteed gold 4*8—Sept 1951 M S
Canadian Northern deb 6*s__. 1946 J
51H
1952 M S
Tokyo City 5a loan of 1912
108* 112*
104* 105*
93
39*
9
"39*
40*
Canadian Nat gold 4*s..
Taiwan Elec Pow
109
83
1960 A O
1940 J
J
deb 5s
106
-
103* 107
10
*8
33
Consol
10
O
1952 A O
1955 J
J
25
32*
33H
60*
*106
of deposit
{Buah Terminal 1st 4a
132*
65
94
C—1967 J D
Buff Roch A Pitta consol 4*s..l957 M N
31*
100*
94*
Buffalo Gen Elec 4 *a Ber B
Buff Nlag Elec 3*8 series
32 *
106
106*
1957 M N
f deb 3*a
115*
122*
108
78*
Brown Shoe
Certificates
83
74
69
34H
♦
55
78*
69
35 H
27
135
60
106*
105*
106
D
43 H
41*
,
"78*
10
1962 M N
5 Ha
1st Uen A ref 6s aeries A
2
72
44*
t
J
1960 F A
1946 Nl N
1947 M N
s
54
54*
gtd 6S.1491 M N
1941 J
44
104
61
41*
103*
103*
22
12H
1962 M N
Sydney (City)
112
107
38
35
11H
1945
1946
TSyria (Province of) 7a
*107*
34*
37*
7
Serbs Croats A Slovenes (Kingdom)
.1958
99* 106*
89*
99*
37
11
1940
extl
150
D
12 H
Secured
♦Silesia (Prov of) extl 7a
112
95*
,
1965 M N
10
9*
35 H
♦8s secured extl
103*
94*
28"
1967 M S
13*
♦10 H
1968
6 Ha
103*
95*
13
1958
a f
18*
12H
1950
♦6s extl Dollar loan
sec
22*
44
♦7s extl Water loan
♦7s series B
27
*18
13 H
♦8s external
g
18*
O
A O
J
J
1966 A O
sinking fund 6*s
♦Debenture 6s
2<j"~
10..
26* 26*
23*
13*
1938
♦Saxon State Mtge Inat 7a
High
3 *8—1943
13*
(♦8s extl loan of 1921
f 7a
Low
32H
29H
1952 MN
♦6 Ha extl secured s f
1937
No.
High
1955 A
cons
20
San Paulo (State of)—
♦Sinking fund
♦Deb
Asked
*18
♦Berlin City Elec Co deb 6 *s. .1951
25 *
for Year
A
J
J
J D
1959 F A
Belvldere Delaware
100
Ranos
Friday
Bid
Lois
Debenture gold 5a
Sao Paulo (City of, Braall)—
♦8s extl secured s f
s
Pries
no.
31
17H
Range or
Sals
BTOCK EXCHANGE
Week Ended Jan. 21
1st M 5s series II
9*
J
♦Roumanla (Kingdom of) 7s
♦Saarbruecken
11
21
36 *
'll
A
—1966 MN
♦7a municipal loan
108*
109H
♦22
Rio Grande do Sul (State of)—
♦8s extl loan of 1921.
1946 A
♦6a extl a f g
1968 J
♦7s extl loan of 1926
107 *
107 H
Y.
33 H
9H
21
O
N.
High
10
19
Queensland (State) extl a f 7s—1941
25-year external 6a
1947 F A
♦Rhine-Main-Danube 7a A....1950 M S
sec
7
10 *
97
♦Prussia (Free State) extl 6H&-1951 M S
♦External s I 6a
1952 A O
♦Extl
11
Low
No.
Last
BONDS
Year
1937
*9H
96 *
WIN
A
for
Asked
High
♦10
J
♦Extl loan 7*8
♦Bio de Janeiro (City
A
Loir
Foreign Govt. AMunlc. (Concl.)
♦Porto Alegre (City of) 8a.
1961
.—1966
Prague (Greater City) 7*s
1952
Bid
Rattgs
I:
Friday
Pries
•Sft,
563
Week's
Friday
Week's
Friday
11*
115
16*
18*
9*
10* fll
10* 111 *
5*
6*
40
8*
38*
20
8*
36*
6
24*
142
61
38
New York Bond Record—Continued—Page 3
564
Jan.
Friday
s
Week Ended Jan. 21
Bennett
'Bros. & Johnson
.1906 A
Gen A ref M 4s ser F
Gen A ref mtge 3 Xa ser G._ .1906 M
♦Detroit A Mac 1st lien g 4s— .1995 J
—
105 x
Last
BONDS
Range or
Friday
Sale
STOCK EXCHANGE
Ended Jan. 21
y.
Bid
Price
Week
Range
for Year
Asked
<k
Low
Low
High
♦Certificates of deposit
♦Conv g 4 J4s
Wl N
I960
1951 J
16
43 x
15x
42 x
26 x
8
87
0x
10
58
6x
22 x
25 x
June 16 1951 J
D
Cblc T H A S'eastero 1st 5s...1960 J
7X
D
20
5X
48
D
J
61
1951
Memphis Dlv 1st g 4s.
Inc
gu
*50
4
22 x
16
113x
86
94 x
90
69
98x
02
Dec 1 1900 M S
6s...
6x
90
84 X
83 x
64
32
68
99 x
44
40
52 X
33
48x
91
1944 A
Guaranteed 4s
O
J
J
J
M
S
Cblc A West Indiana con 4s... 1952
J
J
D__
1st mtge
3Xs
3Hb series E
guaranteed..
1902
1st A ref M 4 >4 s ser D
Chllds Co deb 5s
1943
J
97X
95
90 X
03 X
92
91X 105 x
64 X
55
34 X
104 X
15
*13X
ioix
104
♦107X
*101X
107X
106 X
106 X
D
1993
Ref A lmpt 4Xs series
Cairo Dlv 1st gold 4s
1939
Cin Wabash A M Dlv 1st 4s. 1991 J
88
"go"
"23
15
M N
1990
4s_
63 X
102 X
Cleve A Pgh gen gu 4 xh ser B.1942 A
106"
A
J
82
67
107 x
118
98 x
102X 100 x
1
111
36
J
1942
1942
guar
1948
guar
1950
Gen 4X8 series A
1977
Gen A ref mtge 4 Xs series B.1981
Cleve Short Line 1st gu 4XB-.-1901
Cleve Union Term gu 5X8
1972
1st s f 5s series B guar.
1973
1st s f 4X8 series C
1977
Coal River Ry 1st gu 4s
1946
4X«
Series C 3 Xs
Series D 3Xs
guar......
J
»
1970
m
3X« A
109
111x
107x
105
104 x
6
102 x 110x
95 x
104
100 x
51
95 x
87
92 x
63
90
mUmm
22
*99 x
101
A
J
A
J
1
mm mm
02
39
44 x
41
96
98 x
93
97 x
98
97
mm
mm
93 x
*112x
*109x
107 x
107 x
93 x
8
67
96x
mmmfmm
mm
m
mm
mmmrnm
m
97
mm
103 x
mmrnrnU
m
mm
mm
108
65
100 x
120
103 x
101
17
mmmm
mmmm
m
*107x
*.
rnrnmmm
*107x
107x
m m mm
mm
21
98
97
100 x
103
,mrnmmrn
#
F
14
62
41x
mm
O
16i"
101
M
mm
mm
105 x
106
104 x
104 x
105
52
102 x
102 x
103 x
22
"26
2
106
13
J
*
26
J
107~"
ioex
J
98 x
98 x
107x
99 x
17x
17x
J
-
—
-
J
27
*16
.........1956 A
....1950 J
♦Consolidation Coal s 15s
1960 J
Consumers Power 3X8-May 1 1905 Wl N
♦Debenture 4s
mmm
mm
*16
♦Debenture 4s
m a* mm m
*16
May 1 1965 M N
1970 M N
100
Container Corp 1st 0a_.
15-year deb 5s...
1946 J
1943 J
F
1951
1942
J
D
to
105x
112x
99x 108
59
96
38x
77 x
90
105x
92 x 105
89
105x
109
114x
110x 115
102
108x
94
100x
98x 101
99 x
101
105 x
106
105x h2x
104x 107x
100x 108 x
102 x 1o0x
99x 107x
-
mm
—
-
41x
J
D
mrnm-tm-rn
J
D
mmmmm
1940
..
Dayton Pow A Lt 1st A ref 3 Xs I960 A O
Del A Hudson 1st A ref 4s
1943 Wl N
Del Power A Light 1st 4X8
J
1971 J
1st A ref 4Xb
J
1969 J
47 x
1q7x
o0
Stamped
as
to Penna tax....1951 Wl N
108 x
J
J
F
A
6x
♦Ref A lmpt 5s ser B...Apr 1978 AO
{♦Dee M A Ft Dodge 4s ctfs...l935 J
J
{♦Des Plains Vai 1st gu 4X8—1947 Wl S
9x
-
-
10
-
104 x
8
42
46
45
47 x
21
50x
12
46 x
107 x
4
49
46 x
106 x
-
102
40
11
52 x
48
71
mU
•
mm
103 x
5
106 x
108 x
2
108 x
108 x
108 x
12
14
*12
12x
7
5
1
15
6
6
9x
3
99
....
"97 x
97 x
1
98 x
99 x
6
98 X
*60
95
5
*40
55
58
J
D
58
1
7
45
10
6x
....
98 x 102 x
103x
98x 104 x
97
82
81x
87
5x
6x
6x
*2X
6X
9
M N
*1X
*1X
2
5X
1941
Framerlcan Ind Dev 20-yr 7Xs 1942
Francisco Sugar col) trust 6s...1956
103X
J
*
J
126
49
M N
s
f 5X8
A......1947
J
A
X
2X
103X
6x
ix
5
102 x 107x
107
45
49 X
60
J
118
162"
98 X
98X
90
100x
121x 122 x
99
102 x
96x 100 x
6C
*_
102
102 X
99 X
J
*40 X
J
D
*40 X
Wl
N
*40 X
"45"
F
A
103
103 X
44
29 x
98 x 105
F
A
102 X
102 X
96
92
1940
1948
Gen Motors Accept Corp deb3s-'40
15-year 3Xs deb
1951
Gen Pub Serv deb 5Xa
1939
Gen Steel Cast 5Xs with warr.1949
♦Sinking fund deb 6Xs
♦20-year s f deb 6s
J
103
96
96
53 X
30
44
30
43
41x
98 x 105 x
103 x
41 x
97 x
45
J
*18
20 X
19
{(♦Ga Caro A Nor 1st ext 6s.. 1934
J
*20
24
19x
44 x
62
*22
30
J
57
1945
1st
21 x
Gouv A Oswegatchle 1st 5s
Grand K A I ext 1st gu g 4Xs
1942
-194»
Grays Point Term 1st gu 6s
1947
Gt Cons El Pow (Japan) 7S----1944
1st A gen s t 6Xs
1950
J
J
J
A
J
General 5Xs series B
General 5s series C
General 4 Xs series D
General 4Xs series E
General mtge 4s series G
Gen mtge 4s series H
Gen mtge 3X8 series I
68~"
14
09
98x
65X
2
61
96 x
97 X
86 X
94 X
86 X
1907 J
84
99
98 X
88 X
88 X
77
77X
95
13
108
102
40
100x 119x
97X
89 X
37
88x 109 x
9
78 X
*50
9
118
33
9
80
J
1961
o
1966
o
ioix
101X
102X
15
1940
o
102 X
15
J
102 X
108
103 X
1952
s
f 4Xs
10-year deb 4Xs
100 x
103 x
J
f 5s ser A...1962 J D
Hudson Co Gas 1st g 5s
..1949 MN
Hudson Coal 1st
s
90"
88
108
88
108
11
2
*22
118X
*60
102 x 105x
105 x 108
22
28
114x 120 x
118X
01
65
K
93x
99x
97x 105 x
83x
42
40 X
97 x
80x
"
101
14
90 x 103 x
23 X
30
55
28
loo
101
25
120X
120 X
120 X
1
57 x
110x 124
A
54
53
56
36
48
A
O
20 X
20 X
23 X
89
14
Illinois Bell Telep 3Xs ser B...1970 A
O
108X
108X
52
101x 106
Illinois Central 1st gold 4s
1st gold 3Xs
♦Adjustment Income 5s.Feb 1957
15
106 x
75
80
O
Gulf States Utll 4s series C
96
65
80
1952
Gulf States Steel
75x
106
"8l"
1st mtge 5s series C
1950
Gulf A 8 11st ref A ter 5s Feb 1952
Stamped
108 x
98 x 141x
89
111 x
7x
*104X
81
87
115x
50
60
Feb
♦Debentures ctfs B
97
568
94
116x
27
ioix
Feb
Greenbrier Ry 1st gu 4a
.1940 M N
Gulf Mob A Nor 1st 5Xa B....1950 A O
95
108X
87 X
84
J
107 x
105 x 111
65
107 X
♦Green Bay A West deb ctfs A.
106
67 X
65
107 X
1977 J
1940 J
..1940 J
78
103 x 103 x
106X
....1973 J
1970 J
..1962
100
30x
106 X
*80
J
Great Northern 4Xs series A..1961 J
51
85
96 X
D
F
105
*
J
J
104
104X
D
Hudson A Manhat 1st 5s ser A. 1957 F
85 x
36x
103
05
42 x
64x
62 x
35
55
101x 108
95 x
104
107x
101x 105 x
104x 107
106 x 108x
106x 108x
10x
86x
28
5
23
6x
20
4
22 x
10x
13
7x
2x
32x
42
110x
87 x
♦Gen Elec (Germany) 7s Jan 16 1945 J
Hackensack Water 1st 4s
38
5
9x
104
♦Certificates of deposit
Fort St U D Co 1st g 4X8
J
♦Harpen Mining 6s
..1949
J
Hocking Val 1st cons g 4Xb.—-1999
Hoe (R) A Co 1st mtge
...1944 A O
{(♦Housatonlc Ry cons g 5s—1937 MN
Houston Oil sink fund 5X8 A..1940 Wl N
47
20x
20
ix
40x
71x
35
96 x
56
M N
♦Certificates of deposit
1952
{(♦Proof of claim filed by owner.
(Amended) 1st cons 2-4s
1982
{(♦Proof of claim filed by owner
40
30
105
45
Fonda Jobns A Glov 4Xs
15
97
80 X
105
95 x 103 x
80
85
94x
J
27
11
3
00
1
103 x 107
5
-
103x
J
507.
mmm'—m
mmmm
91
106 x
J
For foot notes see page
*106 x
104 x
*107 x
1st mortgage 4Xs..—
J
1909 J
Den Gas A El 1st A ref s f 5s...1961 Wl N
{(♦Den A R G 1st cons g 4a...1936
(♦Consol gold 4Xs..
...1930
{♦Den A R G West gen 5s.Aug 1956
♦Assented; subj to plan)
18x
26
105x 108 x
92 x 107 x
15
41x
15
41x
49
7
23
107
18
J
to 1946.
m
96 x
S
1974 M
♦1st A ref 5s series A
96x
ioix
101
1952 J
g
m
96x
89
100 x
m
{♦Fla Cent A Penln 5s
1943 J
{♦Florida East Coast lst4X»--1959 J
61 x
102x
102
S
89
58
mmrn
1946 J
61
A
D
24
102 x
A
114X
100X
100
102X
111
102 x
105
107
*95X
89
99X
99x 107x
98 x 108x
96 x 103 x
101x 105 x
79x 103 x
99x 102x
100#sa
118X
97 X
103 x 110x
*104 x
90
104
98X"
3
*100 x
101
104 x 119
33
95
3
90 x
48
62
96
17
D
1950 MN
J
1951 J
Cuba Nor Ry 1st 5Xa
mmmm
18
54
74
54 X
99
54
A
Crane Co 8 f deb 3 Xs.
Crown Cork A Seal s f 4a.
Crown Willamette Paper 6s
«.
57
58
O
107
D
F
mmmm
M
59 X
J
40
39 x
D
104x
103 x
m
30-year deb 6s series B
Flat debs! 7s
93 X
89
795
1110
1942 Wl S
1942 Wl 8
1954 J D
f 5s stamped
58
60 X
22 X
22 X
D
mtge 4 Xs
1950
Goodyear Tire A Rub 1st 5s-..1957 WIN
Gotham Silk Hosiery deb 5s w w "40 Wl s
106 x
m
s
94 X
♦Good Hope Steel A Ir sec 7s.. 1945
103
mm
1st lien
1st lien 0s stamped
47 x
Goodrich (b F) conv deb 6s
106 x
m
1950 J
92 X
94X
27
16X
1938 Wl
1954 F
1O0X
"16X
N Y A Erie RR ext 1st 4s—. 1947 Wl N
Fairbanks Morse deb 4s
52
47 x
J
1955 J
♦Genessee River 1st s f 6s... 1957 J
Federal Light A Traction 1st 5s 1942 Wl
6s International series
1942 M
80
72
111x
mmimmm
1900 MN
HCopenhagen Telep 5s-Feb 15 1954
180
"l7X
28 X
27
18
O
♦Erie A Jersey 1st s f 0s
73d mtge 4Xs
111
95 x 110x
103x 107 x
131
139 x
97x 111
108 X 113X
100 x 106 X
113
109
J
1943 A
Wuertemberg 7s_..1956
Consol Gas (N Y) deb 4Xs
1951
Consol Oil conv deb 3X8
1951
{♦Consol Ry non-conv deb 4s.. 1954
♦Debenture 4s......
...1955
0s series B extended
1975 A
22 X
:
O
1967 Wl N
-
1930
{♦On A Ala Ry 1st coos5e.Oct 1
m
93 x
1942 J D
1901
m
....
.....
95x
1951 J
of Upper
7X8 series A extended
1953 A
4s series D
Gen Cable 1st
♦Consolidated Hydro- Elec Works
Cuba RR 1st 5s
conv
♦Ref A lmpt 5s of 1927
♦Ref A lmpt os of
108
87
Consol Edison (N Y) deb 3X8-1940 A
3 Xs debentures
1950 A
1st mtge 8Xs
1st mtge 3X8—
♦Gen
24
1953
B
110
103 x 107
25
104 X
105X 1ux
uox 110x
94
1951 J
.1951 J
Stamped guar 4Xs
1st mtge 8Xs
349
O
A
Jan .15 1961 J
f
115
34
D
A
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3X8-.-1961 A O
s
57
25 X
22 X
Galv Hous A Hend 1st 5Xs A..1938 A
A
ColumDlA A II V 1st ext g 4s. .1948 A
Columbus A Tol 1st ext 4s
1965 F
Conn Riv Pow
47
29 X
Gas A El of Berg Co cons g 6s. .1949 J
Gen Amer Investors deb 5s A.. 1952 F
105
.m mmmm
104 x
Columbia GAB del) 5s...May 1952 WIN
Debenture 5s
Apr 15 1952 A O
2X8 debentures...
Commercial Invest Tr deb 3X>
Conn A Passum lilv 1st 4s
Conn Ry A L 1st A ref 4 Xs
mm
A
Colo A South 4Xs series A....1980 WIN
Debenture 5s
51
J
104
107
107 X
mm
mmm
mm—**
*106 x
Colo Fuel A Iron Co gen s f 5s.. 1943 F
♦5s Income mtge
107X
U+.
F
103X
J
♦Series
102
106 X 112
95
1O0X
102 x 100
93X
....
J
103
104 x
109X 113
M N
F A i_
72
105
....
55
107 x 118X
100H 102 X
20x
72X
104
O
Series A
106
O
Series B 3Xs guar
110x
104 X 104 x
*103X
J
g 4s prior.. 1990
♦1st consol gen lien g 4s...., 1996 J
1953
♦Conv 4s series A
104
110X
111
104 x
-
ioix
111X
98
100
83
104 X
99
*100
Cleve-CUffs Iron 1st mtge 4Xs. 1950 M N
J
Cleve Elec Ilium 1st M 3X8-.-1965 J
40 x
101
89 X
84 X
85X
1940 M S
J
1940 J
W WVal Dlv 1st g
94
105 X 109 x
115X
"60""
101 x
J
St L Dlv. 1st coll tr g 4s
82
89 X
J
8pr A Col Dlv 1st g 4s
6
108
J
1977
E
88
38
107X
107X
100 X
D
General 5s series B—
97 X
108 x
104 X 107
104 X 108x
J
Cleve Cln Chic A St L gen 4s ... 1993
103
nix
101X 108x
105
"64X
M N
Clearfield A Mah 1st gu 4s
109
107x
104 X 113
94 X
M S
...1943 A O
cons
104
94 X
5s...1952
Cincinnati Gas A Elec 3X8
1960 F A
1st mtge 3 Xs
1907 J D
Cln Leb A Nor 1st con gu 4s...1942 M N
Cln Un Term 1st gu 5s ser C-..1957 Wl N
1st mtge guar 3Xs series D..1971 IV! N
{♦Choc Okla A Gulf
106X
110X
105X
*109X
107 X
107X
105
104 X
J
1903
1903
1951
1st mtge 4s series
100X
65
48
105
J
Ernesto Breda 7s
Chicago Union Station—
32
106X
*109
O
{♦Erie RR 1st cons
7x
4X
D
Cb St L A New Orleans 5s
*131X
101 x
24
90 X
.1965 A
.........
4
19X
17X
17X
8X
7X
8X
7X
7X
8X
7X
5X
.1965 A
El Paso A 8 W 1st 5s
109 x
00
46
107
85
Elgin Jollet A East 1st g 5s... .1941 Wl N
El Paso Nat Gas 4Xs ser A— .1951 J D
43
18X
♦Certificates of deposit
41x
85
22 X
108X
*103 X
.1952 F
Electric Auto Lite conv 4s
108 X
103 X
107
A
9
51
J
1988
51
60
55'
108
Erie A Pitts g gu 3Xs ser B— .1940 J
1940 J
Series C 3Xs
-
F
108X
103 X
22 X
Ed El 111 Bklyn 1st cons 4s... .1939 J
Ed El 111 (N Y) 1st cons g 5s. .1995 J
5s stamped...
§♦ Refunding gold 4s
...1934 A O
♦Certificates of deposit..{♦Secured 4Xs series A
1952 MS
3 >4s
High
stpd
{(♦Chicago Railways 1st 6s
Feb 1 1937 25% par paid
{♦Chic R I A P Ry gen 4s
Gold
1937
A) bs
101
37
East T Va A Ga Dlv 1st 6s... .1956 MN
N.
72
75
*35"
{(♦Dul Sou Shore A Atl g 5s_. -1937 J
Duquesne Light 1st M 3X8... .1965 J
Week's
87
106 H 110X
105 x mx
53
.1951 J
4s. .1948
High
111x 116X
2
D
Wl N
4X8. .1901
East Ry Minn Nor Dlv 1st
Friday
100
Low
14
.1995 J
Dow Chemical deb 3s
Randolph 7711
110X
1937
No
109
*35
.1995 J
Detroit Term A Tunnel
ti. 1-1-761 -<• Veil System Teletype •>- Cgo. 543
113 X
110X
105X
Tiox
♦1st 4a assented
Chicago, lit.
112X
H2X
.1995 J
High
109
Detroit Edison Co 4 X« ser D. -1B01 F
.1952 A
Gen A ref 5s ser E
135 So. La Salle St.
Connections
*DIgby 4-5200
NO.
♦Second gold 4a
♦2d 4s assented.
'
'Private Wire
One Wall Street
Range
for Year
Price
Friday
Bid
dt
Asked
Low
%AlLROAD 'BONDS
View York, V{. Y.
Range or
??■ Sale
—'
STOCK EXCHANGE
Y.
Week's
Last
«
BONDS
N
1938
22,
12
67x
..1951 J
1951 J
Extended 1st gold 3X8....-.1951 A
1st gold 3s sterling...
1951 Wl
Collateral trust gold 4s
1952 A
Refunding 4s
1955 M
Purchased lines 3 Xs
1952 J
Collateral trust gold 4a
1953 M
Refunding 5s
1955 M
40-year 4X8....
Aug 1 1900 F
Cairo Bridge gold 4s.
.1950
Litchfield Dlv 1st gold 3s
1951
Louisv Dlv A Term g 3XS...1953
Omaha Dlv 1st gold 3s—.—1951
...
—
108
98
97
111
*88
99
93
107 x
O
*88
99
90
107 x
¥
S
1
92 x
93
37
50x
95
35
44 x
49
86
"14
41
90
55 X
14
50
34 X
131
93
51
O
48 X
48X
N
46 X
46 X
N
41
40"
44
N
53
50
A
32 X
28 X
60
J
90x
104 x
32
80
102
103
109
82
63
98
80
70
89 x
75
88
80
*
72
80
72
72
1951
Springfield Dlv 1st g 3XS...1951
Western Lines 1st g 4«
..1961
110
98
J
St Louis Dlv A Term g 3a...1951
Gold 3X8
101X
J
90
92x
98 x
79X
102 x
100x 100x
83 x 101X
Volume
New York Bond Record—Continued—Page 4
146
I
BONOS
N.
Y.
STOCK
Last
EXCHANGE
Bid
A
1937
Asked
Low
J
D
40
J
D
A
O
A
C
39
76
107
44
37%
107
106%
104% 104%
96% 107
71
44%
J
J
87
87
4
J
J
13%
13%
1
*100%
104%
105%
23
IVI
S
F
A
-
J
J
A
O
M
S
A
----
-
O
43
12%
46%
12
47%
46
13%
66
55%
56
24
49%
91%
54%
54%
78
♦Certificates of deposit
IVI N
215
51%
20%
80
53
100
100%
97
5
50
45
67
11
98% 102
17
42%
4%
17%
16%
40%
16%
40%
18%
100%
19%
21
4%
5%
26
O
5
J
J
15
15
18
52
J
J
15
15
18
67
A
O
67%
65%
O
68%
46%
92%
128
A
19
84
102%
79%
80%
83%
63
68
101%
80%
1
J
J
IVI
s
86%
79%
86%
IVI N
F
A
46
90
44%
89%
95
80%
87%
91%
20
94
J
58
58
59
89
38%
75
J
J
88%
88%
90
120
74
94%
F
1st Hen 4 ref 6%s...
A
61%
61
63%
81
40
80%
96%
77%
96%
J
IVI
Jones A Laughlln
A
Xl*K C Ft S A M Ry ref g 4s.]
D
IVI
Kanawha A
Steel 4 % s A . . ]
Mich 1st gu g 4s. _]
3
S
J
4s—]
James Frank A Clear 1st
A
s
"27"
O
27
A
O
69%
J
J
J
J
Kansas Gas A Electric 4%S---]
J
D
♦Ctfs
w w
♦Ctfs
w
w
61%
1 M
$925)-.]
stmp (par
Keith (B F) Corp
1st 6s
Kentucky A Ind Term 4
Stamped
48
*37
15%
J
J
J
J
-
J
:
J
J
J
*107
-
*
98
*
-
-
98%
Plain
4%s
7 A
O
J F
A
1 J
J
------
J
103%
D
------
:
1 J
Kinney (G R) 5%s ext to
:
J
Koppers Co 4s ser A
]
M N
1st A ref 6 %s
5 J
3%s collateral trust notes—:
J
7 F
Kresge Foundation coll tr 4s..:
*151%
78
---
103%
100
-
-
--
78
146% 161
-
10
100%
103%
*98
99%
--
-
-
5
—
-
«
-
103%
102%
102%
15
100%
100
100%
23
A
90
82% 100
99
107%
109% 109%
108%
----
■
78
*98%
35
115%
89% 101%
-
99
-
------
37
91
78
108%
99% 114
104
119%
98% 102
99% 104%
96% 111%
85% 102%
^♦Kreuger A Toll secured 6s
5%
1977 M S
*2 %
1956 J
*2%
♦4s (Sept 1914 coupon)
♦Mlag Mill Mach 1st
89
Ref A lmpt
1979 J
4%s series C
19
2
101%
102
27
98
105
J
101
101%
95%
16
97
105
19
O
101%
J
*77%
D
*51
M
S
J
J
X*MH Spar A N W 1st
4s.-.1947
gu
j*Mllw A State Line 1st 3 %8—1941
j*Mlnn A St Louis 5s ctfs
1934
^♦M St P A SS M con g 4s int gu '38 J
♦1st cons 5s
1938 J
♦1st
cons
5s gu as to
17%
"l7"
"5%
"5%
*2%
3%
F
D
95
85%
1
95
24
100
98
98
98
30%
30
30%
66%
70
7
60
63
65
9
58
4
J
J
------
4
J
J
63
Lehigh A New Eng RR 4s A--.
5 A
O
------
Lehigh ANY 1st gu g 4s
Lehigh Val Coal 1st A ref s f 5s.
5 M
S
------
4
F
}Secured 6% gold notes
J
F
27
9%
J
J
J
1946 J
6%
11
9%
J
1949
♦1st ref 5 %s series B
1978
list Chicago Term s f 4s
1941
X*Mo-Ill RR 1st 5s series A
1959
Mo Kan A Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A.-.1962
40-year 4s series B
1962
Prior lien 4 %s series D
1978
♦Cum adjust 5s ser A
Jan 1967
f*Mo Pac 1st A ref 5s ser A
1965
♦25-year
101
99%
106%
109%
-
—
-
-
-
-
44
-
-
-
-
1
3
J
68
100%
60
2
62
107
57
103%
52
*46%
—
20
-
25%
25
29%
155
27
30%
77
36%
38%
36%
*
A
O
------
A
1
79%
------
O
164
5%s
M
J
S
J
M N
J J
J D
J
J
J
J
J
J
A O
F A
♦Certificates of deposit
.1975 M
1977 IVI
S
8
"3 %
3%
63
♦Conv
gold
♦1st A ref g 58 series
H
105
106%
110%
21
99%
54
62%
62%
O
D
100%
) IVI
8
*85%
91%
9 IVI
S
86%
8
86
86
4
A
O
1
F
*127%
Gen A ref
86
Gen A ref s
126%
100% 106%
108
6 M
S
103%
3%a
2000
..1955
Constr M 6s series A
Constr M 4%s series B
Mutual Fuel Gas 1st gu g
5 IVI
8
*106%
1965
5a—1947
5%--1941
Nash Chatt A St L 4s ser A
1978
stpd
1951
Acme 4%s extend to
1946
Dairy Prod deb 3 %s w w.,1951
Distillers Prod deb 4 %s—1945
27
38
79%
60
18%
80
21
19%
21%
23%
31
19
21%
7%
23%
21%
23%
3
18
48%
45%
"~7
6%
19%
20%
*20%
20%
*17%
5%
Nat
135
116% 124%
67% 100%
66
99% 103
106
112%
♦4%b Jan 1914 coup on
♦4%s July 1914 coup on
96
103
109%
2
14
92% 108%
♦Assent warr A rcta No
6
85
1st A ref 3%s series
3 A
O
77%
77%
80%
87
79
F
107%
4 F
96
16
—
-
-
—
-
—
-
80
111
-
80
5
111
2
*
A
98
98
111
103%
98
105% 111%
85%
—
-
111
J
5 IVI N
110%
1 IVI N
) IVI N
99%
98%
88
99%
2
98%
—
99%
47
88
5
OJ
D
45
51
15
2 A
O
*30
48
♦Certificates of deposit
D
X*Manhat Ry (N Y) cons
4s. 1990 A
♦Certificates of deposit.—
*42%
48
O
Maine Central RR 4s ser A...
...
f J*Manatl Sugar lBt s f 7 %s—.
3 J
D
88
-.
-
♦Second 4s
—
Manila Elec RR A Lt s f 5s...
4s...
1st ext 4s
X*Man G B A N W 1st 3%s...
For footnotes see page 567
—
3 J
3IVI
-
-
28%
28%
27%
27%
D
99%
J
J
♦
80
25
95% 105%
90
105%
65
86%
90
90%
23
57%
22%
53
—
—
1
-
-
—
12
33%
92%
-
85
*70
9 M N
1
10
99
85
106
25
109
-
*72
85
97
25
31%
27%
*12%
8
9 M N
74
97
20
17
64%
14
8%
9%
13%
90%
100%
46
94%
♦4a April
1914 coupon
♦Assent warr A rets
92%
100%
87
54
M N
M N
113%
74
65%
61%
70
59
55%
47%
78
IVI N
101
100%
IVI N
104%
104
*1
J
82 %
92%
90
69%
78%
12
41
105%
^♦Naugatuck RR 1st g 4s
Newark Consol Gas cons
|*New England RR guar
1965
1954
6a—1948
6a..-1945
1946
New England Tel A Tel 6a A.. 1952
1st g 4%s series B
1961
N J Junction RR guar 1st 4a..l986
N J Pow A Light 1st 4%s
1960
New Orl Great Nor 5e A—--.1983
N O A N E 1st ref A Imp 4 %s A 1952
New Orl Pub Serv 1st 5s ser A--1952
1st A ref 6s series B
1956
New Orleans Term 1st gu 4s.—1953
80%
84
97%
102
97
112% 119
113%
106
A
99%
98% 104%
85%
79%
74
86%
M N
-
«
70
-
13
-
-
-
22%
96
-
115
93
111
98%
63%
101
95% 107
106%
100
4
-----
1%
4
1%
1%
1%
2%
1%
1%
6%
2%
4
*2%
2
J
*2%
A
O
O
1%
*1%
1%
J
D
106%
106%
"i%
2
2%
2
"6%
7%
*1%
A
No 4 on '51
Nat Steel 1st coll s f 4s
108%
89% 110%
80
60%
58%
J
1951
off.-.1951
111%
100
75%
59
4 %s—
4 on. 1926 J
98%
105
104
94
39%
39%
78
106%
103%
96%
115
84% 100%
109% 115
93
Nat RR of Mex prior lien
♦Consol guar 4s
McCror* Stares Corp s f deb 5s.
McKesson A Robblns deb 5 %b.
92% 100
J
♦4a April 1914 coupon on
2 J
47
88
106%
O
87%
-
18%
74
M N
A
99%
-
13%
62
1914 coupon off
1977
♦Assent warr A rets No 5 on '77
91%
-
12
D
J
♦4a April
87
107
49%
19%
O
90
*112%
46%
18%
79
A
99%
*
"26"
o
1914 coupon on_..1977
♦4a April
90
------
48%
17%
"23% "62
73%
1957 J
1967 J
♦4% July 1914 coup off
1957
♦Assent warr A rets No 4 on '57
------
------
18%
Nat
O
S
46%
18%
48
21%
Nat
106%
104%
O
8
(
91%
100%
48%
75
19%
104
49
4%
86
O
A
47
"31
17%
18%
"5% "36
85
19
103%
24
104
6%
18%
27
24
71
114
19
100
3 A
6 M
76
39%
22
J
3 A
0 IVI
37
D
3 A
6
48
J
C.
E.
96%
88%
38%
J
1st A ref 4s series D...
------
43
Nassau Elec gu g 4s
Louisville A Nashville RR—
1st A ref 5s series B—
61%
41
o
F
96
45%
O
J
28%
95%
68
84% 108
-
108%
122%
66
32
4
103%
102%
Morris A Essex 1st gu
30
5%
66
O
series C..1955
1955
60
79%
99% 106%
125
68
102%
s
100% 103%
128
121
J
J
J
Montreal Tram 1st A ref 6a
41%
6%
20
National Rys of Mexico—
A
0 J
D
3%8.1986
1941
f 68 series A
1955
f 5s series B
1955
Montana Power 1st A ref
76%
10
4%
4%
10
) J
32
8%
37
-
4
87%
9 M
5s-
72
11
*17%
A
♦Ref A lmpt 4%s
1977 M S
♦Secured 6% notes
...1938 M S
Mohawk A Malone 1st gu g 4s. 1991 M S
Monougahela Ry 1st M 4s ser A '60 IVI N
Monongahela West Penn Pub Serv
1st mtge 4 %s_.
1960 A O
6s debentures
1965 A O
17
-
37%
8
9%
7%
20
♦Montgomery Dlv 1st g 6s..1947 F
Mut Un Tel gtd 6s ext at
75
—
10
9
—-
21%
2%
2%
37%
^♦Mobile A Ohio gen gold 4s—1938 M S
95% 101%
100%
*
32%
108
63%
) A
57
3%
11
4%.-July 1938 MN
117
D
D
27%
75
Mo Pac 3d 7s ext at
9
b J
1
----
63
19%
*68%
136
7 J
2 J
14%
67
33%
"34"
♦Certificates of deposit
126
126
98%
91%
46%
8
--- -
63
19%
24
125
*
99%
60
32%
A
1981 F
Gen A ref s f 6s series D
125
99%
90
-
42%
♦Certificates of deposit
Gen A ref s f 4%s
A
------
-
-
56
1949 IVI N
1980 A O
6%s
129%
F
------
-
—
31
57
*18
1978 M N
♦1st A ref 5s series G
109
130
A
24%
88
-
-
O
F
-
-
96
4%
♦Certificates of deposit
116
—
-
118
*116%
129%
129%
6
77
19
27%
2 M N
26%
78
37
3 IVI N
4
A--.
100%
60
5 A
5s.
69
100
3 IVI N
1
105%
94%
95
:
3 IVI N
35%
106%
104%
*35
100
:
Lehigh Val (Pa) cons g 4s
General cons 4%s
94
35
-
36
35
21%
66
----
44
——————
A
0 J
Leh Val N Y 1st gu g 4 %s
44
*35
A
4
Leh Val Harbor Term gu 5s
60
A
F
8 J
100%
*
A
4
-
A
F
4
1st A ref s f 5s
F
4
—
*..
85
-
5%
3
77
----
18
55
S
1938 J
lnt
♦1st A ref 6s series A
70
J
74%
60
M N
1949 IVI
1962 Q
♦1st A ref gold 4s
♦Ref A ext 50-yr 5s ser A
49
62
95%
"
90
110%
85% 108
26
90%
D
A
{{♦MllwANo 1st ext 4%s(1880)1934 D
1st ext 4%s
1939 J
Con ext 4%s
1939
♦1st A ref 5s series F
95%
11
89
1971 J
1940
1st mtge 6s
68%
Lehigh C A Nav s f 4%b A — ..
Cons sink fund 4 His ser C...
Manlla RR (South Lines)
87%
1961 J
X*Mld of N J 1st ext 5s
Mllw El Ry A Lt 1st 5s B
♦1st A ref 5s series I
♦1st mtge Income reg
Gen mtge 4Ha ser A
J
6%
105%
88
102
70%
J
102
100%
16%
28
21
103
43
J
1%
S
54
*89
104%
5%
1952 IVI N
2
J
9
1951
3%s
M
100
1st gold
31
6
1st & ref 4 %s series
i
1940 ,
102% 109%
2
Jack Lans A Sag 3%s
53%
7
Lake Sh A Mich So g 3%s
Little Miami gen 4s series
D
Michigan Central Detroit A Bay
59
50%
Lautaro Nitrate Co Ltd—
1st A ref s f 5s
f 7s
53%
1
2d gold 5s
lst & ref s f 5s
s
57%
7 J
107%
17
6%
1977 M
♦Certificates of deposit
to..
93
102
5%
Lake Erie A Western RR—
68 1937 extended at 3%
19
108%
102
*1%
58
.
99
97%
108%
6
1968
1950
♦General 4s
♦
103
S
70%
------
100
79
A
53%
A
68
6
Jf»Met West Side El (Chic) 4s. 1938 F
62
2 F-
3
89
♦Mex Internat 1st 4s asstd
60%
Coll tr 6s series B
High
80
88
108%
102
56%
A
1937
Low
80
88
S
58
A
for Year
No.
High
O
A
2 F
Asked
A
84%
D F
A
IVI
Metrop Ed 1st 4%s ser D
Metrop Wat Sew A D 5%s
18
Coll tr 6s series A
Coll A ref
Range
Bonds Sold
Friday
Bid
O
1947 A
f 6s
89%
3 F
C
5%s series D
a
Market St Ry 7s ser A...April 1940 Q
J
Mead Corp 1st 6s with warr.. 1945 IVI N
87
O
Coll A ref 6%s series
Marlon Steam Shovel
88%
J A
Price
Low
23%
6s.:
Range or
Sale
Week Ended Jan. 21
19
:
Laclede Gas Light ref A ext
Week's
Last
EXCHANGE
31
8
:
STOCK
29%
J IVI
Uniform ctfs of deposit
Y.
108
-
-
31
25
2
-
25
21
-
2
—
*
«
-
44
11%
J
unguaranteed
:
Kings County El L A P 6s
:
Kings County Elev 1st g 4s.-.]
Kings Co Lighting 1st 5s
:
-
-
83
------
40
-
-
27
83
8
J
-
95
106
15
-----
27
83
5 IVI
-
15%
*23
N
------
]
]
—]
]
Kentucky Central gold 4s
106%
47%
64
58% 100
109%
102% 106
43
15%
♦Ctfs with warr (par $925)--]
95
108
66%
68%
104%
------
stmp (par $645)..]
24%
53
62%
59%
108
22
71
106%
107
M N
1st 6s.-.]
91% 106
29
69%
Friday
BONDS
N.
City Air Line 4s
39
"29" "40
*25
9%
79% 102%
92%
gold 3s
]
Ref A lmpt 5s
-.--Apr ]
Kansas City Term 1st 4s
]
♦Karstadt (Rudolph)
97%
102
2%
2
O
♦Certificates of deposit
Kan City Sou 1st
14
3
78%
YORK
NEW
A. T. A T. Tele. N. Y. 1-1598
91
A
5
Wall St.
Telephone WHltehaU 4-2900
104%
J
43
63
95%
J
J*Int-Grt Nor 1st 6s ser A.
Co.
Si
Members New York Stock Exchange
108
18%
51%
20%
55%
-
D. H. SlLBERBERG
98% 105%
101
51
52%
♦Certificates of deposit.
BANKS AND DEALERS
FOR
40 %
91%
36%
87%
106% 108
39%
36%
O
Illinois Steel deb 4 Kb
IN BONDS
BROKERS
High
Low
High
O—
111 Cent and Chic St L 4 N
1st A ref 4 %s series
Range
for Year
Friday
Price
Stt,
2
Range or
Sale
21
Week Ended Jan.
565
Week's
Friday
**
IVI N
*65
J
D
J
T%
107
J
D
*26
J
J
*20%
80
65
93%
116% 122%
'60"
62
82
25
32
74%
122%
120%
123%
27
118% 127%
120%
1
116% 125%
107%
123%
M N
F
*6"
102% 107%
*117
J
~~i%
107%
"~3
104% 108%
*
A
95
94%
57%
63
64
47%
95%
63%
48
98
94%
57%
97%
71
100
33
101
58
98
15
45
85%
33
90% 103%
89% 103
100
28
75
100%
New York Bond Record—Continued—Page 5
566
Lost
BONDS
Urn
{(♦N O Tex A Mex n-c lno fie—1985
♦let fie serlee B—
1954
♦Certlfleatee of depoelt
A
O
1966
1966
F
1964
O
♦let fie serlee C
D
A
♦let 4 He serlee
♦let 6 %s series
♦Certificates of
A
A
A
A
M
J
J
A
gold 3 He...-1998 F
Mich Cent coll gold 3%s
1998 F
N Y Chic A St Louis—
Ref 5 He series A
1974 A
Lake Shore coll
O
1946 F
His extended to—1947 A
4Hs A
1963 F
1st guar fie serlee B
1963 F
NY Dock let gold 4s
1961 F
1st mtge 3
N Y Connect 1st gu
89
86H
i
58
66
I
Certificates of
60
Parmelee Trans deb 6s
32
119
157
153
113H
104X
69H
59
H
81
56
59 H
1
95 H
71H 100X
General fis series B
108%
98 X
78H
66
69
236
97 H
63
60
85
104 h
105
105H
"io
95
108
lST'lOW
1
X
fl07%
108 H 109%
47
72 H
2
48
deposit
103%
1966 A O
E
1966 A
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 6S—1948 J
Purchase money gold 4a——1949 F
1st Hen A ref 3%s ser
O
48%
■ 46%
6
37 H
72
44 H
2
40 H
60
H
103 H
103 H
103 X
104 H
69
97
104
30
97 H 105 H
£
Pennsylvania RR cons g 4s
105H
General 4H> serlee
D
Gen mtge iH* series E
123%
113%
113%
1
123%
114%
6
116% 126H
109H 117 H
O
N
N
N
O
101H
79 H
104X
101X
99 X
1984
1952
1943
-1947
Conv deb 3Hs
110
92
92
118H
118
101
100H
108H
86H
N Y A Harlem
fie--.
1946 Wl N
2000
gold 3 %s
4a ser A—. 1973
N Y Lack A West
4Hs series B
—-
5Hs.
N Y L E A W Dock A lmpt fie.
N Y A Long Branch gen 4s—.
{♦N Y A N E (Boat Term) 4a{♦N Y N H A H n-c deb 4s
♦Non-conv debenture 3 He..
N Y L E A W Coal A RR
Wl N
*103
Wl N
78H
1942 Wl N
82
105 H
94H 109 H
93
85
J
84
99 H 102
105
106 H
1941 M S
100
101H 108 H
1943
1939
99%
s
1947 M
8
A
J
*17
18%
14
17
21
7
18
47 H
16H
47
18H
17H
16
20 X
20
1957 Wl N
J
46 H
18
20
Wl N
1940 A
47
9
J
of 1927--. 1967
♦Harlem RAPt Chee 1st 4s. 1964
19%
15H
J
♦Debenture 4s
98
17%
1948 J
♦1st A ref 4Hs ser
'
15H
16
O
♦Collateral trust 6s.—
98
24
O
1947 wi
3 His.. 1964
1955
♦Non-conv debenture 4a
♦Non-conv debenture 4a.—. 1966
1956
♦Conv debenture 3Hs
—
debenture 6s
*78%
1973 Wl N
♦Non-conv debenture
♦Conv
97 X 101H
99 H 107
64%
24
116
23
34 H
11
16
10
20%
O
23
76
33
"10
D
5
20
18X
X
20 H
Wl N
78
S
9
X
44 H
15 H
60
Peop Gas L A C 1st cons 6s
Refunding gold fie
Peoria A Eastern 1st cons 4s—1940 A O
♦Income 4s
.April 1990 Apr
78
1992
1955
{♦N Y Ont A West ref g 4s
♦General 4s
N Y A Putnam 1st con gu
J
D
6H
A
O
*99 X
A
O
*69%
4s. 1942
4s.—1993
{♦N Y Providence A Boston
N Y Queens El Lt
M N
N Y A Rlchm Gas 1st
9H
32
M N
A Pow 3 Ha—1965
{N Y Rys prior lien 6s stamp„1968
6s*,A
1951
N Y Steam 6s serlee A
1947
J
J
71
M N
({♦Norfolk A South 1st g fie—1941 IVI N
Norf A W Ry 1st cons g 4a
1996 O A
North Amer Co deb fis
—1961 F A
No Am Edison deb fie ser A
1957 Wl S
Aug 15 1963
Nov 151969
North Cent gen A ref fis—
1974
Gen A ref 4Hs serlee A
1974
♦{Northern Ohio Ry 1st guar fis—
♦Oct. 1 1934 A sub coupons. 1945
Deb 5 He serlee B
Deb fis series C—
F
A
N M
M
,105 H
t-106 *
21
£11
;; 12 H
^UX
?. 8%
16
41H
106%
105H
*
92 H
10
A
7
69 H
88 X
158
100 H
138
86% 107
95% 111%
97H
83
97 H
100H
54
95% 111%
81X
*116X
110X
88X
223
112H
82% 111%
116% 121%
108% 117%
iiox
60
6
105
105
Geneial 5
series B__
General g 4 Hs serlee C——1977 J
Generai 4H* series D—1981 J
Phlla Co sec fis serlee A
-.1967 J
80 X
17
8
5X
5
1949 IVI
a
(♦Philippine Ry lei • f 4s
1937 J
J
Plllsbury Flour 1 lUb 20-yr 6s.-1943 A O
PlrelU Co (Italy) conv 7s—
1962 Wl N
Pitts Coke A Iron conv 4 Hs A.1052IM 8
PlXtsCCC A8tL4Hs A
Serlee B 4Ha guar
86
Q
F
?56%
J
J
J
J
J
J
J
A
O
J
J
J
J
F
Porto Rlcan Am Ton
112
49
97
WP7
27
52
82H
122
106H
98 X
105 H
101X 106 H
68
83
87
72 H
81H
191
60 H
68
90 H 112H
60
82 H
75
45
70
106
86 X
208
83
112
77
14
76
110
78
*23
76
*102
2
103%
"80
102%
58
9H
14
109 K 109 H
96
106H
15
98
109 X 112H
102
95
100 H
113
14
♦111H
107 H
107 H
33H
100H 101H
91H 100
101H
113
107H
11
14
100
6
—
98H 104
110
115
107 H 115
114
106
J
Paramount Broadway Corp—
1st M e f g 3s loan ctfs
For footnotes
see page
567.
J
6
115
121H
116
117 *
12
117
123
102 X
106 H
98
100 H
102 x
'"73%
100 H
1
103 H 107 X
99 X 103 H
73%
74H
24
Pm
"•49 -4
D
1st A ref mtge 3%s ser H...1981
1st A ref mtge 3%s ser I
1966
Pao RR of Mo 1st ext g 4s
1938 F
1938
Pacific Tel A Tel 8%s ser B
1966
Ref mtge 3%s ser C
1966
Paducah A 111 1st s f g 4 Hs
1955
Panhandle Eastern Pipe L 4s—1952
J
D
Pacific Coast Co 1st g fie
1946
Pacific Gas A El 4s series G—1964
2d ext gold fis
J
S
"41
116H
ki
1961 J
YOslo Gas A El Wka extl fis—1963 M
109H
116
"ile"
108 X
D
105 H
D
101 x
A
O
J
D
J
J
IVI
8
99% 1100
79
1955 F
A
60 H
65
60 H
104%
104
61H
294
8
108X
100 H
2
106
83H
"9
26%
30
109%
85% 102
75
100%
110H
47
107% 111%
109
113%
106
113%
110% 113%
*110
112%
110
111
109
*109
114%
109
114%
113
125%
111
122
124%
109H
108% 124
110X
108% 123%
101
101""
lllX
110
109H
103X
101
107%
112% 113
96%
64%
*106
*55H
"65~"
55X
55
55 H
60
55
55
55 H
50
97%
109%
108
110%
96
109%
119% 124%
75%
108%
88%
15%
104%
104%
52 X
57
92 H
94 H 101H
102 H
84
95
48
99
5
102 H
105 H
98 H 104 H
108H 108
"16
32
16
82
J D
J D
A O
J
J
J
J
55
18
82
*5%
9%
45%
6
100
106
2
70
100
5%
7%
"84"
390
"84~ "
85%
28%
90
84
101
76%
11
75
126%
66
64
66%
20
74
104%
84H
84
85%
68
85
85
85
84% 108%
84% 108
75
1
S
Wl N
M S
94 X
F A
M N
94
82 H
J
Rlchm Term Ry 1st gen fis
1952 J
♦Rlma Steel 1st s f 7s
—.1955 I
{♦Rio Grande June 1st gu fis—1939 J
♦Rio Grande West 1st gold 4a..1939 J
♦1st
con
1949 A
A coll trust 4a A
Roch G A E 4 Hs series D
Gen mtge fis series E
33
"28
82%
85%
110
107
108
108%
33
40
75
60
97% 106
«28
29
8
22
26
29
26
1
18
26%
19
30
19%
*
32
5
19%
30%
30%
2
.9%
30%
S
91
95
J
*104%
30
49
D
J
48
41
7
45
41%
18%
41%
18%
1
40%
1
18% > 52%
116% 117
107% 109%
*118%
"5
10%
29
*11%
*9%
*12%
*9%
103%
"ie"
103%
20
99% 103%
101%
101%
12
97
J
109
109
5
J
O
*_"_"
J
♦Stamped
J J
Safeway Stores a f deb 4a
1947 J D
Saguenay Power Ltd 1st M 4Hs '66 A O
St Lawr A Adlr 1st g fis
—1996 J
2d gold 6s
1966 A
St Louis Iron Mt A Southern—
28%
103H
101H
58 H
32%
10%
9%
12
22
9%
12%
34%
15
104%
107
112%
94
*
—
25%
13
32%
96
103%
98%
92
102
58%
62%
60
1933 Wl N
8
20%
——
St Joe A Grand Island 1st 4s—1947 J
,84
109%
1941 J
4Hs
,01%
109%
10%
109H
J
con
jt 60
4l"
41
O
J
1st
92
84
101% 104%
A
J
RR
32
26%
1949 J
♦Rutland
100
26%
*26%
S
♦Stamped
.99% 130%
87
101
84%
O
♦Rut-Canadian 1st gu g 4a
73% 100
26%
1977 M S
—1962 Wl S
f fis
112
212
26%
1948 A
■
115%
110
100
84 H
100H
A
O
({♦R I Ark A Louis 1st 4HS-1934 Wl
♦Ruhr Chemical
88
112
116%
——1952 M N
4a s f conv debentures—1952 IM
94%
110
zi'n"
60
57
55
1
59
89%
88%
14%
48
99 H 107 H
"I
*103 ^'109
103 H
104
22 X
3%
41
♦fRlv A G Dlv 1st g 4a
-
72
42
♦Certificates of deposit
70*
60%
5H
104
♦Cons mtge 6s of 1928—1953 F
♦Cons mtge 6s of 1930
1955 A
Richfield OllCorp—
82
82
106%
13
108
J
111
{
106%
102
*110
♦Rhine-Westphalia El Pr 78—1950 M N
54
^
87
67
1
♦Rhine-Ruhr Water Service 68.1953 J
103
*70
97
83
4
J
4
101% *102%
117
92
1956 IVI N
52
^ 70
107
45%
Revere Cop A Br 1st mtge 4 X ■-1956 J
♦Rhelnelbe Union s f 7s
1946 J
50 "*
J
21
113%
104%
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 68 A com stk (65% pd)
(♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4 Hs series A_—1997
Gen A ref 4 Hs series B
1997
rl09H
105%? 106%
108 H
A
mx
*108H
110H
110X
*110X
{♦Providence Sec guar deb 4s..1957 IVI N
{♦Providence Term 1st 4a
1956 Wl S
Purity Bakeries s f deb fis
1948 J
J
♦Direct mtge 6s
109K
102 H 104 X
107
97%
129
119
45%
Remington Rand deb 4H® ww.1956 M
70 H
102%
101%
116
109
50%
104%
Rensselaer A Saratoga 6s gu—1941
Republic Steel Corp 4Hs ser A. 1950
Gen mtge 4 Hs serlee B
1961
Puroh money 1st M conv 6Hs '54
12
107
J
120
76X
12
24
"2
95 X 107
90%
♦12%
20
97% 119%
J
125H
101H
1962
conv
119
70
4
93 H
107H
76% 106
J
1st 5s 1935 extended to 1950
120
72H
*56%
99
68—1942 J
Port Gen Elec lst4Hs—
37
101H
J
81""
12
60
5%
26%
105
113
—1977 J
-
118
*
J
Ore-Wash RR A Nav 4s
1962 F A
1974 J D
D
1960 M S
B
fis series C
22 H
45H
70 ^
100 H
D
Otis Steel 1st mtge A 4%s
1st gen 5s series
95H 109 H
9
32 H
31
8H
15
D
J
I
D
27
76 X
101 x
108H
J
4
48—1946
1948 J
A
94 H
98
68H
"69% *69%
102 X
16H
108X
J
D
Ore Short Line let cons g fis—-1946 J
Guar stpd cons fis
1946 J
g
ser
J
1946 J
Oregon RR A Nav con
Pitts Y A Ash 1st 4s
{♦Postal Teleg A Cable coll fis. 1953 J
A
Ontario Power N F let g fis
1943 F A
Ontario Transmission 1st fis—1945 M N
F
Pressed Steel Car deb 5s.-.—-1951 J
1966 J
4s debentures
4Hs
Gen mtge 5s series A
Potomac Elec Pow 1st M 3HS.1966 J
J
B—1947
4 Hs
104
* 86
2
*116
cons guar
108H
104
6
10
*111
cons
109 H
T68
J
22
A
A
Series I
125
4
106H
IVI N
1970 J D
Gen mtge 5s series B
1975 A O
Gen 4Hs aeries C
1977 J
J
Pitts Va A Char 1st 4s guar
1943 M N
Pitts A W Va 1st 4 Ha ser A.—1958 J
D
1st mtge 4Hs series B
1959 A O
1st mtge 4Hs serlee C
1960 A O
Series H cons guar 4s
Series J
Gen mtge 4Hs serlee C
1943 M S
1965 M N
1st mtge 4s
1967 M S
J
1st mtge 3%s
1972 J
lOhio Indiana A West 6a.Apr 11938 Q J
Service 7a ser
Oklahoma Gas A Elec 3%s
gold
O
O
N
N
A
D
N
75
70
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4a
iOhlp PubUc
...
A
A
M
M
F
J
M
F
100
*
1948 J
♦Og A L Cham let gu g 4a
♦Stamped
1940
1942
1942
1945
1949
-1953
1957
1969
1963
1964
106
.*70
J
92 H
17H
♦Conv deb
110
109H
92 H
6
103 X
102%
"23
117H
107H
106H
5
H
8X
110
J
13
102 H
100
60
107
110
8
4
77
"I
24
*70
Q
*116
D
1st 4 Hs series D
45
101
109
109
J
D
Phlla Electric 1st A ref 3HS—1967 IVI
1st gen
102 H
S
103X
10ZX
{♦Phlla A Reading C AI ref 68.1973 J
105
103
♦Oct 1937 and sub coupons..1946
♦Stpd as to sale of April 1 *33 to
April 1 1937 lnol coupons..1945
North Pacific prior Hen 4a.—-1997
Gen Hen ry A Id g 3s Jan
2047
Ref A lmpt 4 He serlee A—2047
Ref A lmpt 6s series B
2047
Ref A lmpt fie series C—
2047
Ref A lmpt fis series D
2047
Nor Ry of Calif guar g fis
1938
Northweetern Teleg 4 Hs ext---1944
1943 M N
—1974 F A
Phlla Balv A Wash 1st g 4s
106 X
109 H
103
118
101
43
101H
105% 123
15
103%
101
mx^noH
$
101H * 104
197
133
106
*11%*12%
119
296
110H
106H
"106%
**53 *1
104H
89% 103%
115% 126
100% 115%
68
5
?97%£f98
37
69
108% *108%
93 H U94 H
106
93 X
119
3
36
6X
109% 116%
13
103
70
4
91
5
r43
106%
105 H
10H
7
80
70
»4%
8
M
95
101M 109H
106 H
90
94 H 108H
*11H »11%
♦Certificates of deposit
42 H
101H
98 X 107 H
107 H
98
8%
116%
111
74 X
Series G 4s guar
102 X 108 H
*
112%
109
"48
67
46 H
3
*11%
108
113
111
80 X
Serlee E 3 Ha guar gold
6
*106
106
110
105%
109% 111
96% 106%
79 X
99 H
i
106%fl06%
mx
1951 IVI N
1st mtge 5s
1956 M N 105%
J
11
{♦(N Y Subq A West 1st ref fie.1937 J
(*2d gold 4Hs
1937 F A
F
A
♦General gold fis
1940
♦Terminal 1st gold fis
—1943 Wl N
106 %
N Y Telep 1st A gen s f 4%s—1939 M N
ref mtge 3%s ser B—
1967 J J 105H
N Y Trap Rock let 6s
-1946 J D
6s stamped
1946
{(♦N Y Weetch A Boet 1st 4Hsl946 j" j m 4H
Niagara Falls Power 3Hs
1966 M S 106
Nlag Lock A O Pow 1st fis A—-1955 A O
Niagara Share (Mo) deb 5%B—1950 Wl N "~94%
97 H
Nord Ry ext sink fund 6 %s
1960 A O
({♦Norfolk South 1st A ref fie-1961 F A *12%
1st mtge fie
40
72
Serlee C 4 Ha guar
1
9
4
100H
100 H
102
100% 107
67
Serlee D 4s guar
5
87
87
102
J
55
65
107%?108
96 H JS 96 H
98
80
1
138
J
37 H
7H
98
65
12
104H
a956 J
serlee B.
20
7H
10%
6X
110
95% 106%
fis—1956 J
1st
Series F 4s guar
M
103% 107%
101
C
—1980 M 8
Phelpe Drdgeconv 3Hs deb—1952 J D
Pere Marquette 1st ser A
75
10
2
"56
45
20
96
107
104
98
1st g 4 Hs serlee
N Y A Greenwood L gu g
80
101% 106%
1
102H
80 H
77%
98
87 X
J
A
A
M S
1974 F
99H
*108X
iiox
108H
——1970 A
.1981 A
Peoria A Pekln Un 1st 5 Hs
D
A
Nl
IVI
IVI
A
F
J
D
O
1968 J
Debenture g 4 Hs
47
46
A
4Hs series B
1981 J
Pennsylvania P A L 1st 4 Hs—1981 A
1943
Consol gold 4s
1948
4s sterl stpd dollar May 1 1948
Genmtge3HsserC__i
1970
Consol sinking fund 4Hs
1960
General 4H* series A—.—1966
80
57
Wiix
108H
96 H
4HS-1960 J
Pa Ohio A Det let A ref 4 Hs A.1977 A
87
26
100 H
100 H
Penn Glass Sand 1st M
95
127
103H
103H
99
Penn-Dlxle Cement 1st 6s A...1941 M
10
62
103 X
96%
103
90
37%
116% 122%
79 H
*103
103H
"99 H
F
109%
54
*
103 H
J
103
76
£53
60 %
118H
103H
2
105X
80
89H 105
81
*43
*60%
47
118H
68
86
82 X
19
45
96 H
93 X
180
1963
91H
*
118H
J
D
Guar 3Hs trust ctfs D
Guar 4s ser E trust ctfB—-1952 M N
28-year 4s.--
71
*103H
Penn Co gu 3Hs coll tr ser
77 H 106 X
88% 105%
51
F
♦PauUsta Ry 1st ref s f 7s
Hiok
31
74 H
91
Pat A Passaic G A E cons fie—1949 M
62 X
Low
97 X
M
65 H
86
1937
No.
45
1968 M
—1944 A
1942
B..1941
1942
1944
High
72X
M
67
44
D
1947
Range
for Year
Friday
dt
Asked
95 H
Paramount Pictures deb 6s.—1955 J
30
30
96 H
-
58
O 193
A 104 H
A
_
84
78%
93
80
A
87H
58
*62% £68H
78 %
A
A
160
f'62
66 X
1938 A O
Serial 6% notes
N Y Edison 3%s ser
3Hs conv debentures
Parts-Orleans RR ext 5H»
110
%78%
*74
86 %
O
O
N
J
J
O
O
C-——---1978 M I
----- Oct 1 1938 A
O
4s collateral trust——
21
21
*110
74 H
1998 F A
1946
2013
Ref
2013
Conr secured 3%s—-—--1962
N Y Cent A Hud River M 3 %»-1997
Debenture 4s
1942
Ref A lmpt 4 His ser A
2013
.
69 X
32
32
A
34
35%
30
32
"f36%
30
31%
A
4%sl945 J
4 %s serlee A
A lmpt fie series C
serlee
~12
Bid
Low
High
61H
1938
22,
Range or
SaU
Pries
Week Ended Jan. 21
Guar 3Hs trust ctfs C
10-year 3%s sec e f
Ref 4%s
1 38
J 35%
32% *32%
Ref A lmpt
8-year 6s _ _ .
"12
35%
Low
Last
STOCK EXCHANGE
Y
28
* 30
34 W 35%
deposit
Newport A C Bdge gen gu
N Y Cent RR 4e serlee A
No.
High
*28
O
A
N.
1937
£<
Asked
dt
Year
for
Fridag
Bid
Pries
BONDS
Range
Ratios or
Salt
STOCK EXCHANGE
Week Ended Jan. 21
N. Y.
Jan.
Week's
Fridat
Week's
Friday
97
69
101
8
76H
{♦8 L Peor A N W 1st gu fis—1948 J
J
St L Rocky Mt A P fie stpd—.1956 J
{♦St L-8an Fran pr Hen 4a A.-1950 J
J
J
1950
j""j
"iiH
♦Certificates of deposit
♦Con M 4 He series A
♦CtfB of deposit stamped
1978
ivi's
17%
18%
*68
12
♦Certificates of deposit
♦Prior Hen fie series B__
17H
"13""
11
14%
15
70
70
12%
11%
*12%
11%
11
9%
12
"46
15
37%
"l5
10
33%
11%
14
12%
13%
11%
85
10%
36%
10%
33%
59
9%
33%
49
8%
30%
Volume
New York Bond
146
BONDS
Y.
STOCK
La.it
EXCHANGE
Price
Friday
a
Atltd
Bid
g 2
Range
for Year
§§
1937
Hiab
No.
Low
{St L SW let 4s bond ctfa
1989 M N
♦2d g 48 lnc bond ctls—Nov 1989 J
J
{♦1st terminal A unifying 68.1952 J
♦Gen & ref g 5s series A
1990 J
J
con g 4a.. 1968 J
{♦St Paul E Gr Trk 1st 4X8—1947 J
D
St Paul A Duluth 1st
{♦ St Paul AKCBhLgu 4X8-1941
F
Low
63
20
66
29
2
29
24
15
16X
17
11
98
98
2
♦8
"98"
J
A
67 H
20 X
20 X
J
25
8X
""15
Y.
STOCK
100
74 X
65 X
15X
64
96
109X
7H
37
27
St Paul Minn A Man—
St Paul Un Dep 5s guar
Wh
.---1972
♦Vertlentee Sugar 7s ctfa
Virginia El A Pow 4s ser A
i943 J
S A A At Pass Ast gu g 4s
77 H
San Antonio Pub Serv 1st 6s. .1952 J
San Diego Cons°i G A E 4a...1965 M N
Santa Fe Pres A Pben 1st 5s..1942 M S
{♦Scbulco Co gu
♦Stamped
r
1946 J
J
J
6Xs
J
"no"
♦109H
109X
♦110X
17X
"20"
s f 6Xs series B
1946 A O
A O
♦Stamped
Scioto V A N E 1st gu 4s..—1989 M N
({♦Seaboard Air Line 1st g 4s.. 1950 A O
(♦Gold 4s stamped
1950 A O
1st cons 5s-.
.1939 M N
A
4
6X
♦Certificates of deposit--
.1939
J
79 X 103 X
105X nox
115
S
43 X
10X
39 X
13
30
16
5
8X
79
9X
"51
9
10
121
35H
36X
♦Ref A gen 5s series D
1
100 x
58 X
108
1
98 X
107 X
1945
Walworth Co 1st M 4s
1955 A
O
.1955 A
O
.1939 M
S
77
75 x
{♦Warren Bros Co deb 6s
.1941 M
8
42
41
6H
22X
Warren RR 1st ref gu g 3
Xs- .2000 F
38 X
Washlngton Cent 1st gold 4s.. -1948 Q-M
17
3X
3X
14X
93
54X
14 X
102
89 X
100
86
16
99X
35
55
100X 107 H
118
Wash Term 1st gu 3Xs..—
1st 40-year guar 4s.;
108X
108X
108X
23
{♦Western Pac 1st 5s
48
93X
24
9*>
106 X
n*X 100 H
98
98X
25
94 X
60
66
31
♦6s assented.
92
1951
coll)—1949
4Xa (Oregon Lines) A—1977
98 X
106
108 X
65
101X
74
H
119
53 X
62 X
148
M N
53 H
51H
M N
53
J
J
74
51 H
74
O
101
101
t\H
80
103X
225
247
67
65
85
Southern Ry 1st cons g 5s
80 X
80 X
79
82 X 102 X
109X
"74H
A
38X
36 X
50 X
49
54 X
53
1956
1996
Mem Dlv 1st g 5s
"52""
1938 M
*
S
"74H
D
8-western Bell Tel 3Hs aer B—-1964 J
S'weetern Gas A Elec 4a ser D—1960 M N
J
F
1961 J
Standard Oil N J deb 3s
1943 J
♦Studebaker Corp cony deb 6s. 1945 J
Swift A Co 1st M 3Xs
1950 M
Tenn Coal Iron A RR gen 5s...1951 J
Tenn Cop A Chem deb 6s B...1944 M
Staten Island Ry 1st 4 Ha.
Corp deb 6s ser C—1944
M
1947 J
Tenn Elec Pow 1st 6s ser A
Term Assn of St L 1st g 4 Ha—1939 A
1st cons gold 68
—.1944
J
D
--1943
-2000
Texas A Pac 1st gold 5a
Gen A ret 5s series B
103 X
*104
'ioox
100H
J
"nx
N
105X
70
105X
J
121
8
97
.
14
104X
101X
29
105 X
55 X
110X
101H 105 X
103
105
77X
95X
109 X
102
5
"m
"72 X "67
106X
121 X
55
3
"28
106X
95
102
100
105X
O
1980 J
5
103
68 H 159
102 X 107 H
115
126
93 H 105
105X
108
"l2
106
109 X
118 X
105 H
81
3
83
106
122
100
105 X
105
110
104 X
115X
"16
85 X
15
83
87
21
82
85 X
18
103X
102
102
4
31X
7H
31
33
34
101
6X
*72 X
g 5s
1937 J
J
Tide Water Asso Oil 3 H»
1952 J
J
"I6i"
D
54
53
D
98X
98X
1953 J
1st 6s dollar series
Tol A Ohio Cent ref A imp 3Xa 1960 J
1950 A
Tol 8t Louis A West 1st 4s
80
O
1942 M S
Tol W V A Ohio 4s ser C
Toronto Ham A Buff 1st g 4s.. 1946 J D
Trenton G A El 1st g 5s
1949 M 8
J
Tri-Cont Corp 5s conv deb A— 1953 J
Tyrol Hydro-Elec Pow 7Hs— 1955 M N
Guar sec s f 7s
.1952 F A
8X
82
85
101X
"88
57
101H
110H 128 X
White
{♦Wh
'(
80
51
5
i03H
96
83
W
inar
1 son
67 X
72
72 X
67
*
J
iiox
103
♦Certificates of deposit..
{♦Sup A Dul dlv A terra 1st
mibs"
110
June 2008 M
June 2008 M
.1970 A
100
90
101X
96
90
72 X
4
106 Vt
107 X
52
9X
104
123
"~2
69
102 H
8X
lit mtge
0
s
f 4s
ser
O
1953 M
108X
35
112X
106X
115X
95
110
36
94 X
13
94
34
1944 M
106
~76H
8
71
106X
76X
16
21
132
8
J
1934 J
({♦United Rys St L 1st g 4s
U 8 Pipe A Fdy conv deb 3X8. 1946 M N
J
U 8 Rubber 1st A ret 5s ser A.. 1947 J
80
81
6
16
"37
6X
25X
7
7
24
9X
6H
....
99X
ioox
.1961 M N
89
100X
7
96
105
current week and not included In the yearly
r
week, a Deferred delivery sale; only
Under-the-rule sale; only transaction during
lmpalied by maturity,
t Accrued
Cash sale: only transaction during current
transaction
during current week,
week,
x
n
J Negotiability
Ex-Interest.
interest payable at exchange rate of
$4.8484.
7 Bonds called for redemption or nearlng
maturity
{ Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
♦
♦
z
Deterred delivery
under
No sales transacted durlDg current week.
Friday's bid and asked price.
Bonds selling flat
transacted durtng the current week and not Inoluded
sales
In the vearly range*
Republic Steel 4Xs 1950, Jan. 19 at 112.
Transactions
the
at
York
New
Exchange,
Stocks,
Week Ende t
Jan. 21, 1938
RaUroad A
State,
United
Total
Number of
Shares
Mis cell.
Municipal A
States
Bond
Bonds
For'n Bonds
Bonds
932.880
Sales
$407,000
$478,000
$2,927,000
5,329,000
737,810
Saturday
895.000
831.000
855,000
1.176,000
488,000
8,868,000
8,410.000
736.000
6,773,000
6,837,000
6,948,000
5,179.000
858,000
5,458,000
659,000
877,000
5,061,281
Thursday.
Friday
$3,812,000
7,055.000
974,000
778,960
1,001,911
818,310
791,410
$32,678,000
$4,719,000
$4,515,000'
6,994,000
$41,912,000
1937
1938
1937
1938
Exchange
5,061,281
16,132,320
17,468,351
45,723.070
$4,515,000
4.719,000
$2,890,000
State and foreign
Railroad and industrial
32,678,000
63,547,000
$9,059,000
14,772,000
90,521,000
$18,490,000
39,585,000
204,561,000
$114,352,000
$262,636,000
Stocks—No. of shares.
91 X 101H
105 X 109
70X
Jan. 1 to Jan. 21
Week Ended Jan. 21
Sales at
New York Stock
116X
103
109 X
111X 116X
90 X 101X
60H
Stock
Daily, Weekly and Yearly
Bonds
Government-
Total
...
---
$41,912,000
10,111,000
$76,548,000'
72 H 103 X
108
26X
26 X
"27"
~~5
110
109
110
105X
104X
105X
186
27X
27X
27X
27X
28X
27X
3
27X
♦Un Steel Works Corp 6Hs A.. 1951
♦Sec s f 6 Hs series C
1951
♦Sink fund deb 6Ha ser A... 1947
"I5X "33
7 X
104 H
76X ioox
106H 115
35 X
10 X
11
32 X
*
current
23
110
106
1952 A
92
6
97H
107X
U5X
93 X
93 H
United Drug Co (Del) 5s
U N J RR A Can gen 4s
17
No sales.
116X 121X
101
114X
115H
Un Cigar-Wbelen Sts 5s
C
Cash sales transacted during the
range:
!07X
118
106
"93H
i"J
1943
100
8
1971 M N
35-year 3Hs debenture
United Biscuit of Am deb 5s... 1950 A O
47
12H
62
6X
101 x 104
107
*13X
6X
*5X
*5X
47
X
Youngstown Sheet A Tube—
Tuesday.
Wednesday
94
8
O
12
"31
X
1017ie
14X
14X
'~6X
4s "36 IVI N
•Certificates of deposit..
{♦ Wor A Conn East 1st 4 Hi—
6
*109X
{♦Wis Cent 50-yr 1st gen 4s... .1949
105
92
100 X
84 X
84
.1960
113X
83X 103 H
7
99 %
100
107 H
106
19
101
101"u
70 H ioox
96
87
105
100
6X
39 X
58 X 109 X
19
25 H
93
*15
1947
W inston-Salem 8 B 1st 4s
81
Y3
18
D
40 X
58 X 111H
59 X 107 X
Iiox
18
.1938
deb 3Xs
Monday
118
.1952
.1940 MN
A Sioux Falls 5s
105X 105X
108" ""9
70
Toex
*105X
110X
91X
*91X
111X
16 X
16 X
21
A Co 1st M 4s series A. .1955
onv
102 X 107 X
116
119
i03X
*92
8
.1962 J
Union Pac RR 1st A Id gr 4s... .1947
1st lien A ret 5s
64
.wire Spencer St't 1st 7s 1935
Jltf dep Chase Nat Bank
J
J
fa for col A ret conv 7s A .1935 MN
108H
107
Union Oil of Calif 6s series A—. .1942
1st lleD A ret 4s
"67_"
"72 X
A
{♦Wtikes-Barre A East gu 6s— .1942
73X
6X
46X
75
101X
96 X 101X
97
♦116X
94
.1966 F
-
Mach deb 6s
*ew
28 X
14
*9X
.1945 M
34-year 3Hs deb
26
J
108 H
80
107 H U0X
154
....
103X
{(♦Union Elev Ry (Chic) 5s... .1945
3 Ha debentures
70
A L E Ry 4s ser D.. .1966 M S
RR I' f consol 4s
.1949 M S
Total
7s
43
Wheelim
Tokyo Elec Light Co Ltd—
s f
66
100
4
108
82 H
Tex Pac Mo Pac Ter 5 Ha A—-1964 M S
Union Electric (Mo) 3Xs
62
67 X
J
106 X
85
~85X
84
"82 X
O
l6i"
111X
108 X
D
J
"56"
115
115
U5X
D
1979 A O
UJlgawa Elec Power
6
J
Wheellt g Steel 4 Hs series A.
88 X 106 H
94 X 108 X
14
18 X
109 X
102
20
98 H 106 X
11X 40
100X 106 H
"79
81
Jan 1960 A
85 X
63
3
15
♦
Gen A ref 5s series D
♦AdJ lnc 58....
(♦Third Ave RR 1st
43X
112X
100
""l5
97
*
1960 J
79
66
"7l"
"~74X
O
Gen A ref 5s series C
Third Ave Ry 1st ref 4s
85 X 108 X
S
D
"i05H
1977 A
—
*100 X
D
102 X
J
76
108X
14
71
52
103 X
A
Texarkana A Ft S gu 5Ha A-..1950
Texas Corp deb 3 Ha
1951
gold 5s
1261
108
14
1953
f g 4s
243
61
97X
74X
126
44 X
57
79X
1951
1938 M
♦{Spokane Internet 1st g 5s..-1956
Staley (A E) Mfg 1st M 4s
1946
X
J
J
St Louis Dlv 1st g 4s
East Tenn reor Uen g 5s
Mobile A Ohio coll tr 4s
31
97
21
"62"
127X
96 X 102 X
123 X
117
102
108
S
.2361 J
116
"21
91X
108
D
.1960 M
108 H 112X
104 X 108X
106 X 111X
108"
18X
.1950 M N
.1951 J
110X
541
19
.2361 J
100 H 100 X
A
1956
Devel A gen 6 Xa
con
91
74
1956 A
Devel A gen 4a series A
Devel A gen 6s
108"
8
West Shore 1st 4s guar
97 H
101
26.
88
1946 M
♦Westphalia Un El Power 6s.. .1953 J
99 X
68 X 100 X
58 X
98
58
97 X
121X
94 X
...
65 H
54X
4
102 X
♦110X
107 X
-1946 M
30-year 5s
4
105 X
10
-1943 A
A—
Western Union g 4X8
25-year gold 5s
Wl
1st 4s stamped
ser
.
73
80
102 H
106
l05X
120X
-1977 J
99 H
ioox
77
120
88
90
100
121X
101X
.1952 A
109 H
74X
70 d
98
121X
101X
-1966 J
Registered..
68
1955 J
1955 J
1994 J
So Pac RR 1st ref guar 4s
—
30
105 X
105 X
-1961 J
West N Y A Pa gen gold 4s
70
39
105 X
.1950 J
.1967 J
E. -1963 M
1st mtge 3Xa series I
Western Maryland 1st 4s
1st A ret 5 Hs series A
101X 107 H
99
95 X
93 X
98 X 102
ser
"45
*Io8X
A
Westchester Ltg 5s stpd gtd.
Gen mtge 3Hs
West Penn Power 1st 5s
1st mtge 4s ser H
66
80
*"""'
-1945 F
f 5s
40
100
7
78 X
43X
*-.---
-1939 J
s
16
66
*74X
A
-1945 F
130
107 X
95Xi
I04X
103 X
65
Warner Bros Plct deb 6s
6s debentures
44
9X
23 X
"55
1946
Tex A N O
5"d
41
10 X
*9
20
103 H
1947
"14"
*10
5X
8H
102X
Southern Kraft Corp 4 lis
Southern Natural Gas—
s
a"o
-1980
♦Certificates of deposit..
Walker(Hiram) G&W deb 4Xs
13 X
82 X
76 X 102 X
94
102 X
1
*9
20 X
100
108
*10X
5
73
Southern Colo Power 6s A
Gen refund
...
2X
108"
1960 A
44
9X
25X
1961
San Fran Term 1st 4s
10 X
10 X
T02H
10-year secured 3Ha
44X
41X
12
13
12
50 X
Southern Calif Gas 4 Xb
1st mtge A ref 4s...
Gold 4X8-
10X
9H
'IIX
s
81
44
68
1962
1968
1969
1981
1946
99 X
43 X
"64"
South Bell Tel A Tel 3 Xa
Gold 4^8
Gold 4fcs_„
71X
97 X
25
*120 X
1st mtge pipe line 4 Xa
So Pac coll 4s (Cent Pac
40
69X
27 X
"77"
85X
1965
40
32 X
18X
107X
*25 X
*
86
1
62 X
i960
60
27
*73 X
South A North Ala RR gu 6s.-.1963
45
9
A
Socony-Vacuum Oil 3 Ha
*32"
106 H
14
4X
58X
98 H
97
12
*98 X
1951
45
94
9
5
100
1952
deb 4s
98 X
30
+-----
10
31
J
F
64X 103 X
9
*9
5
D
1946
1941
29
60
-1976 FA
9
1935 J
-.1951 M S
56 X
33
♦Certificates of deposit..
♦Ref <fe gen 4 Hs series C
1978 AO
♦Certificates of deposit
4X
100
107 X
♦Ref A gen 5s series B
4X
Skelly Oil deb 4s
Tennessee
IVI
101X
*
O
.1941
♦Toledo A Chic Dlv g 4s... .1941 M S
{♦Wabash Ry ref A gen 5Hs A .1975
♦Certificates of deposit—
58
101
43
21
1951
1952 J
f 7s
♦Debenture s f 6Xs
♦Silesia Elec Corp 6Xs—
SlleBlan-Am Corp coll tr 7s
1st
♦Des Moines Dlv 1st g 4a
♦Omaha Dlv 1st g 3 Hs
110
5
83
31X
J
Wash Water Power
M
Sblnyetsu El Pow 1st 6Xs
Simmons Co
.1941
103
61
104 X
41X
8
A
♦Det A Chic Ext 1st 5s
41X
16
20
A
1935 F
♦Series B certificates
Sbell Union Oil deb 3 Ha
s
8H
1935 F
124
High
8
104 X 109 X
45
67
19X
7H
8X
1933 M S
113
2
Low
43 X
102 »
103 X
54
J
110
114H
18H
4
♦6
{♦Alt A Blrm 1st gu 4s
{♦Seaboard All Fla 6s A ctfa-.
54X
61
A
.1954
108 X 112H
"55
■17 X
14X
9
103 X
.1939 F
30
"el"
S
♦1st lien g term 4s.
110
♦14
O
-1945 M S
16
78
no"
♦114
1959 A
♦Certificates of deposit
♦1st A cons 68 series A
(Siemens A Halske
27
Oct 1949 F
♦Adjustment 5s
(♦Refunding 4s...
J
O
106X
12 X
*42
NO.
109 X
*
1958 A
1937
High
11H
109X
S
.1966 M
Virginian Ry 3X« series A
t (♦Wabash RR 1st gold 5s
♦2d gold 5s
for Year
Asled
A
27
*25X
"27"
45
11X
.1955 MN
Va Iron Coal A Coke 1st g 5s_. .1949 M
Va A Southwest 1st gu 4s
2003 J
Range
or
Friday
20
17
♦Guar
118X
Range
Sale
D
.1942 J
101
103
117X
Last
Price. Bid
Low
.......
♦102
S3
SI
EXCHANGE
Week Ended Jan. 21
22 X
8
9X
BONOS
N.
High
29
tPaclflc ext gu 4s (large)—-.1940
567
Week's
Friday
Range or
Salt
Week Ended Jan. 21
Record—Concluded—Page 6
Week's
Friday
27 X
5
4
1
114X
23
36 X
106
170X
100
107X
22
33 H
23H 32 H
81X
84
16
32 H
19X
84X 105 X
84X
84
52
84
{♦Utll Power 4 Light 5 Hs——. 1947
1959
{♦Debenture 6s.
50
50
85X
50X
95
41
50
50
70
41
84X
the
daily closing
averages
of representative
stocks and bonds listed on the New York Stock Exchange
compiled by Dow, Jones & Go.:
67 X
Vanadium Corp of Am conv 5s. 1941 A O
Vandalla cons g 4s series A
1955 F A
Cons s f 4s aeries B
...1957 M N
are
69
50
Stock and Bond Averages
Below
Utah Lt 4 Trac 1st 4 ref 5s
Utah Power 4 Light 1st 5s
(♦Vera Crux 4 P 1st gu 4Hs
(♦July
coupon off
1944
.1944
as
106 H
Bond*
Stock*
10
84 X
I-"
85X
no"
22
81
111
U3X
1934 J
J
IX
J
4
4
20
Total
10
First
Second
10
UtUi-
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
5H
J
20
Rail¬
trials
107X 111
110
10
30
Indus¬
Date
Total
Jan. 21-
130.69
29.80
20.78
42.64
105.31
97.93
53.48
103.68
90.10
Jan. 20.
132.33
30.45
21.04
43.25
105.85
98.69
53.93
103.71
90.55
Jan.
19.
130.09
29.97
20.71
42.54
105.96
98.69
53.81
103.76
Jan.
18-
131.53
31.06
20.78
43.18
105.90
99.53
54.46
103.76
90.91
Jan.
17-
132.49
31.81
20.95
43.65
106.07
100.26
56.56
103.69
91.65
Jan.
15.
134.31
32.33
21.75
44.42
106.08
101.25
56.80
103.89
92.01
90.56
New York Curb Exchange—Weekly and
568
Yearly Record
regular weekly range are
from the daily reports of the Curb
which any dealings occurred during
Exchange itself, and is intended to include every
the week covered:
Par
Week't Range
for
Sale
of Pricet
Low
High
Week
Price
20
Acme wire v t c com
33%
33%
Low
Sharet
50
24
Class B
'2~4O6
4
3%
1
Alnsworth Mfg common..6
Air Devices Corp com
1
Air Investors common...*
Conv preferred
*
ilB
1,600
IX
2,500
*15"
Oct
Borne Scrymser Co
Dec
15
15
400
7
Sept
Dec
63
30
53
54
510
2X
■2X
300
Oct
8X
*79"
81
8X
"84%
Brewster
Bridgeport
Dec
1,650
10
m
n7
09 X
72 X
1,050
12X
72 X
American Beverage
*10"
com..l
American Book Co
100
IX
51
Amer Box Board Co oom.l
Dec
Brill Corp class B
Oct
4X
55 X
Oct
100
X
Dec
Dec
89X
6%
Class B
10
n-v
22X
2X
7,000
27X
850
25
2 X
700
Amer Foreign Pow warr—
com....*
*
Preferred
110%
American General Corp 10c
6% preferred
Amer Mfg Co common
23 H
22 X
Oct
Oct
Nov
11
IX
Mar
Feb
"25% "20X
"4*566
17 H
Oct
1
Oct
Dec
21X
Oct
625
99
Oct
1,800
4
Nov
25X
260
13
100
*"266
14
1,600
23
25
25%
25%
26X
7%
400
3%
500
Jan
,
.
$6 preferred
*
Brown Rubber Co com.-.1
Bruce (E L) Co
5
JX
12
Feb
Jan
16 1st preferred
Bunker Hill 4 Sullivan 2.50
Jan
Burco Inc common
ox
99
"15%
36%
Feb
Burma Corp Am dep rets.
3%
Feb
Burry Biscuit Corp.. 12%c
Cable Elec Prod vtc
*
3
Jan
May
37
Mar
14
Oct
38
Feb
Oct
26%
28%
Jan
54%
Apr
Oct
82
Oct
Deo
400
H
OX
3
Sept
2%
59
2%
Jan
Mar
*
25c
Carman 4 Co class A
53
10
Dec
10%
Jan
Class B
Dec
1
Oct
Carrier Corp..
*
Carter (J W) Co common. 1
29%
Oct
Casco Products
15%
Oct
Castle (A M) 00m
10
Catalln Corp of Amer
1
Celanese Corp of America
{Arcturus Radio Tube...l
X
Arkansas Nat Gas com...*
3%
3%
6%
*
10
Arkansas P 4 L17 pref...*
3X
200
700
2X
Oct
40
,0$
2,000
X
Dec
3X
4X
1,300
2X
Oct
Feb
3X
4X
8,900
1,300
2
Oct
Feb
4X
Oct
OX
OX
10
00 x
OX
200
4X
Oct
3X
1
4
900
IX
Oct
72
•
Jan
15%
8%
10X
10X
100
X
X
IX
Nov
%
Oct
1,700
8
9X
1
1
1%
l
S5 preferred
*
7%
7X
%
13%
Dec
1%
Feb
Sept
4X
28
1
Atlas Plywood Corp
Austin Silver Mines
*
1
6
IX
IX
X
Automatic Products
4X
28
14
14
X
Dec
90
Sept
500
3
Oct
10
20
Oct
13%
57%
Mar
4
Jan
X
Oct
Dec
29%
Mar
*u
800
100
Feb
Dec
3%
Mar
9
2,300
9
Feb
IX
2
700
1%
Dec
7X
8X
500
6%
Oct
11%
Mar
6
Automatic Voting Mach..*
Avery (BF)
6
6% preferred w w
25
Oct
16%
Aug
21
21
'""*25
Tobacco—
89
Purch warrants for com..
4
16%
17X
80
90
•3%
30
Baldwin Rubber Co com.l
Bards town Distill Inc
1
15%
8%
IX
8%
IX
Barium Stainless Steel... 1
Barlow 4 Seelig Mfg A...5
2%
2X
Bath Iron Works Corp
1
Baumann (L) 4 Co com..*
7%
4%
15%
9%
IX
2X
30
525
4,600
200
Dec
Oct
2
5
1,200
IX
10
10
7%
Oct
Oct
8%
100
4,400
7X
Oct
3X
Oct
164
117
*
1,500
8
2
30
158 X
10
113X June
Dec
16
Chic Rivet 4 Mach
Chief Consol Mining
%
Blckfords Inc common...*
12.50 conv pref
*
Sept
page
Oct
23)
May
19
Oct
2}
Oct
%
26%
8%
Oct
Oct
3%
Oct
Sept
%
Jan
July
July
Jan
Feb
10
Oct
June
2
Oct
102%
97%
67%
14%
38%
42%
10%
Dec
124
June
15
Mar
57
Mar
23%
6
Oct
Oct
3
Oct
105%
Jan
Jan
Aug
Feb
Feb
July
Jan
Mar
82%
Dec
19
Oct
*11%
96
Feb
Nov
90
Deo
Jan
Dec
22%
Feb
91%
6%
Apr
Oct
Oct
Oct
2%
27%
Jan
275
%
2%
300
7
Oct
62
Jan
150
2%
Oct
33%
Jan
3
Oct
26%
Jan
6,300
14%
5%
"13"
9
13
9
9
......
""3% "4"
"800
8%
200
"2l"
7%
50
6%
400
46
Jan
Oct
7
Mar
5
Dec
19
May
16%
27%
Sept
6%
15%
Dec
Oct
Dec
32
Oct
7
45
Jan
2%
95%
"21
Oct
"""% ""%" ""366
123
Feb
Apr
76% May
18% July
Tl«
Sept
175
27%
Dec
17,400
2,300
1%
Oct
2%
92%
5%
15
Oct
60
20
13
Oct
35
25
24
Nov
79%
Feb
28
Oct
76
Feb
6
400
4
Oct
15%
4%
Feb
200
17
33%
1%
28%
35%
27
28
35
36%
2
1%
5%
5%
3%
20
"""2%
Oct
Sept
Feb
Apr
Jan
Jan
5%
58
Jan
Jan
Feb
Dec
40
11,300
X
Jan
Mar
33%
10C
30%
5%
600
20
Apr
Dec
3%
10%
48%
2
Oct
16
Aug
3
Oct
9
Apr
%
8%
Dec
6%
4%
Dec
3
*
""1% ""!%
*
_
35
Oct
78
Jan
Nov
%
6%
33%
_
Ilium
""266
*
1 ox
100
com
Oct
Oct
2%
22
Jan
Jan
Mar
Mar
3%
3%
2,100
2
Sept
9%
8%
4
4
200
3
Oct
4%
Feb
Oct
24%
74%
Feb
104%
10%
Jan
7%
600
56
60%
900
58%
58%
50
4%
4%
1,900
6%
"""4%
4?*
57
Oct
Sept
2%
29
*
25%
Oct
Commonwealth Edison. .25
Oct
Feb
Feb
Apr
ox
Oct
14%
July
Commonw Dlstrlbut
Oct
15
Sept
Community P 4 L $6 pref • "24"
20%
Community Pub Service 25
Community Water Serv. .1
25%
5,100
27
Oct
Jan
June
39
Jan
20%
Oct
33
Aug
%
Sept
Commonwealth 4 Southern
4X
15
Oct
24%
Oct
41
Feb
Aug
*i«
%
%
%
Warrants
100
Jan
Jan
1
1%
*
Elec
100
20
2%
Columbia Pictures
1,900
90
1%
Oct
8X
21X
12%
*i«
34%
Dec
7X
12%
%
*
X
21X
200
4
....*
X
12
7X
7)
3]
Feb
74
30 X
Bliss (E W) new com..... 1
Bliss 4 Laughlln com
5
"2",566
100
1%
300
400
500
400
300
"*33%
2,300
*
15%
5%
14
8%
*
IX
X
*
com
Oct
Oct
Mar
Columbia Gas 4 Elec—
Blrdsboro Steel Foundry 4
com
4,100
20
1%
1
7i«
9
21%
5%
7%
100
Conv 5% preferred.. 100
Columbia OU 4 Gas
1
1
Purchase warrants.
100
4
10X
Berkey 4 Gay Furniture. 1
Oct
%
2,200
1%
Colorado Fuel 4 Iron warr.
Colt's Patent Fire Arms. 25
Nov
3
1%
29%
88
Rosenberger Inc.*
Colon Development ord
6% conv pref
£1
Oct
117
3%
"3,766
Cohn 4
Oct
800
20
31)
8)
74
5
Club Alum Utensil Co
Cockshutt Plow Co com
Dec
4
15X
12%
Charts Corp
10
Cherry-Burrell com
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Cleveland
July
X
164
14X
1
100
see
Strip Co
Feb
Oct
Oct
1,000
85
4
*
Chamberlln Metal Weather
Clayton 4 Lambert Mfg
Oct
22X
20
1%
Cleveland Tractor com
*
Cllnchfleld Coal Corp. .100
Dec
300
Feb
69
Centrifugal Pipe
Clark Controller Co
1
Claude Neon Lights Inc.-l
Dec
SH
5
6% % pf.100
For footnotes
*29.100
City Auto Stamping
*
City 4 Suburban Homes. 10
Oct
iu
1%
"'"§% """3% "3%
Preferred BB
*
Cities Serv P 4 L 37 pref. *
16 preferred
*
Nov
6,800
Benson 4 Hedges com....*
Conv pref
*
Machine Co
ser
Preferred B
Oct
ion
74X
_
Beech Aircraft Corp
1
Bell Aircraft Corp com._.l
com
13 X
60
2,600
7% 1st pref
100
Beaunlt Mills Inc oom__10
11.50 conv pref
..20
Blauner's
Conv pref opt
100
Preferred
Class A common
..10
Babcock 4 Wilcox Co
*
Baldwin Locomotive—
6%
32%
Mar
28
5%
100
..100
Chllds Co preferred
Cities Service oommon
Warrants
Bell Tel of Canada
warr
Conv preferred
% May
80
4%
Jan
Oct
Nov
75
1
com
6% pref without
7% preferred
.
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..60
Atlas Corp warrants......
""260
85
1
Jan
»u
*
Atlanta Birmingham 4
Coast RR Co pref...100
Bell Tel of Pa
Cent Hud G 4 E com
_*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
7u
Jan
Mar
1%
Dec
Oct
3
Jan
8
Dec
Mar
Jan
Mar
Oct
69
Jan
5
38%
%
5%
Mar
Oct
22
Cent States Elec
""x ""%" """266
Assoc Laundries of Amer.*
Dec
*
Jan
'w
X
2%
2
*
Oct
5%
100
1,000
1st preferred
Cent P 4 L 7% pref
100
Cent 4 South West Utll 50c
300
10,700
Oct
Oct
17 dlv preferred
Jan
Oct
20
7% 1st partlc pref.—100
Celluloid Corp common. 15
5%
39%
1
Option warrants
Bellanca Aircraft
*
Cent Ohio'Steel Prod
Common
Class A
Dec
Aug
Feb
Industries
£1
12%
Jan
Oct
OX
72
"ox
1,800
3%
3X
12
Oct
15
"*T%
3X
1%
"~T% "~IH "ix
Carnation Co common...*
11
90
Mar
Jan
Aug
*
Carnegie Metals com
1
Carolina P4LI7 pref...*
56 preferred
*
102 X 103
6u
X
150
25%
106%
31%
6
Jan
3%
Feb
Oct
2%
1%
Jan
Wupperman__l
3%
3%
""4% "T% ""4%
Jan
Apex Elec Mfg Co com...*
Appalachian El Pow pref-*
51)
20
*
1
3
""SOO
Jan
Apr
Sept
14%
99
.....
Oct
11
59%
....
3
Apr
4%
20%
Oct
Oct
70
X
Dec
6,900
Oct
Feb
"i",66o
*
Oct
Oct
*15}
28}
12)
0}
30)
Calamba Sugar Estate. .20
Canada Cement Co com..*
Canadian Car 4 Fdy pfd 25
Canadian Indus Alcohol A*
Capital City Products
Carib Syndicate
Nov
Oct
Feb
June
Oct
Amer dep rets pref she £1
B non-voting
Canadian Marconi
Jan
Apr
Oct
Dec
4
Feb
Mar
Cables 4 Wireless Ltd—
Jan
Mar
85
%
OH
preferred
17
32
Oct
9%
2
1%
75*
7%
15
42
Oct
2%
39
Dec
32
500
6
Feb
Dec
*
600
Axton-Flsher
99%
Oct
10
4
"21% "21%
17
.*
Mar
Mar
9
75
1
Mar
31
Feb
36
15
X
12%
Nov
19
Warrants
Mar
15
900
*
$3 convertible pref
Jan
3%
50
pref25
*
Oct
25
9
77
fld
7
3%
.
Oct
900
2,400
8X
ox
8%
Oct
Oct
20
Brown Fence 4 Wire com.l
47
24
600
0|a«w A pref
*
Brown Forman Distillery. 1
Jan
48%
112%
26%
Mar
41%
37
25%
8
7,000
1
Jan
Dec
Oct
May
1
22 X
79 X
X
"466
July
23
12X
1
Aug
3%
7%
16%
Sept
8% May
74%
V to common
100
Oct
33
*
Amer deposit rets
Assoc Gas A Elec—
200
8%
"20% "20% "20%
*
Elec
700
25%
4
2
28
1st preferred
Associated
4%
22%
8%
Preferred
Ashland Oil A Ref Co
Feb
"""166
100
{Brown Co 6% pref
Aug
23
12%
Republics....10
2
Am Superpower Corp com*
Preferred
Oct
.....
_*
Class B
Buff Nlag A East Pr
Amer Potash A Chemical.*
Art Metal Works com....6
Oct
X
1%
2%
16%
*7%
.....
*20
Amer Seal-Kap com
Common class A
108%
£1
Buckeye Pipe Line
100
"l7X "l7X
American
Angostura
Dec
Am dep rets ord reg.-lOs
British Col Power class A.*
Feb
Jan
Amer Pneumatlo Service.*
American Thread pref
Anchor Post Fence
Oct
85
27
1
*
7
40
83
Jan
Aug
100
Preferred
Amer Maracalbo Co
800
83
Feb
8
11
25
100
Amer Meter Co
*"83~"
Mar
32
37
*
Amer Laundry Mach...20
Amer Lt A Trac com
25
1,800
9%
Mar
25%
Oct
25%
Amer Hard Rubber com. 60
Amer Invest (111) com
7%
5%
9%
0%
Oct
Mar
Dec
IX
5
4%
4%
3
33
2
6,700
110% 111
Jan
30%
14%
6%
21%
10%
500
Dec
Oct
25
24%
5
5
—...1
1
S2 preferred
12.50 preferred
IX
11
25 %
Jan
Jan
25%
20
Amer Fork A Hoe com...*
Amer Gas A Elec
"i",66o
8
Mar
5,300
3X
27X
26X
IX
"24%
Dec
Dec
Nov
26%
Amer dep rets reg
2X
27X
6%
British Celanese Ltd—
61
2%
150
Jan
Mar
25
Oct
42
Cyanamld class A. 10
"\2X "ll'X "l2X
Oct
Oct
Dec
Dec
Amer
9
%
Oct
6
20X
24
8X
Oct
100
16
48
100
26X
Feb
%
7%
2%
32%
19%
50
22 X
25
Class A with warrants 25
Class B
---1
%
*
*
400
Dec
Class A
Jan
19
British Amer Tobacco—
Dec
2%
56%
Dec
Jan
Jan
Am dep rets ord bearer£1
Oct
ix
Jan
1%
"~8X
23%
Registered
Dec
7X
11
Nov
3%
%
British Amer Oil coupon..*
Nov
I'Mo
10 H
%
"Tr
.......
Dec
Oct
9
Brlllo Mfg Co common...*
ClAfts A
Jan
Oct
11
100
*
7% preferred
Dec
X
*
""'io
100
Class A
Nov
2X
S5.50 prior pref
•
Amer Centrifugal Corp...l
Am Cities Power A Lt—
16%
*
10c
S3 preferred
8%
4%
48%
43%
Oct
Oct
4
10%
*
~ii~~
51
ox
100
Preferred
American Capital—
Class A common—10c
Common class B
400
1,000
10%
*
Bright Star Elec cl B
105
95
100
"io"
39%
High
Low
IX
34%
"Vox ""16%
1
Machine
Oct
5
100
350
105X 106
70
1,700
2%
Aeronautical.-.1
Dec
Dec
10 x
Aluminum Industries com*
American Airlines Inc...10
Breeze Corp
Sept
14
Aluminium Ltd common
2d preferred
100
Brazilian Tr Lt A Pow...*
X
Aluminum Goods Mfg.,
6% preferred
Oct
BOX
2X
100
7% 1st preferred
Dec
65
1
100
1%
7%
Bowman-Biltmore com...*
49
53 %
......
1%
39%
8harts
{Botany Consol Mills Co.*
Bourjols Inc
*
10
25
preference
100
25
1st preferred
Dec
X
IX
*
Aluminium Co common..*
7%
5%
63
*
*
Alice A Fisher Inc com...*
Alliance Invest common..*
Allied Internat Invest com*
pref
16 preferred
Class A conv com
*
(S) A Co.—*
Bohack (H C) Co com...•
100
X
Southern. .50
Ala Power $7
Price
1
2
7
1%
X
S3 conv pref
Allied Products com
Par
2
7
Warrants
Alabama Gt
Week
Blumenthal
Feb
Range for Year 1937
for
of Prices
Low
High
S3 opt conv pref
Oct
400
32%
Week't Range
Sale
Blue Ridge Corp com
Oct
8
32
Agfa Ansco Corp com
Lati
High
Dec
16
Supply Mfg class A
Sales
STOCKS
Continued)
Range for Year 1937
Last
6%
Curb Exchange for the
It is compiled entirely
security, whether stock or bond, in
Friday
Sales
Friday
STOCKS
Aero
1938
following extensive list we furnish a complete record of the transactions on the New York
beginning on Saturday last (Jan. 15, 1938) and ending the present Friday (Jan. 21, 1938).
In the
week
Jan. 22,
disregarded In the week's range unless they are the only transactions of the week, and when selling outside of the
stown In a footnote in the week In which they occur. No aeoount Is taken of such sales In computing the range for the year.
deferred delivery sales are
Cash and
NOTICE
%
1
11,600
100
•n
28
20
%
575
350
800
'11
2%
%
64
Oct
18
1
Oct
Oct
13
21
23
34
Oct
2%
Jan
Jan
Jan
Jan
Mar
573.
3W
Volume
569
New York Curb Exchange—Continued—Page 2
146
Friday
West's
Last
STOCKS
Sale
(Continued)
Par
Range for Year
Range
1937
of Prices
Low
Price
Cities Service Co.
High
Low
High
Common
Compo Shoe Mach—
v
14
t c ext to 1946
100
14
Oct
834
1734
Preferred
and
Jan
UOTED
BO UOH T—SOLD—Q
Conn Gaa A Coke Secur—
*
S3 preferred
Consol Biscuit Co
1
5
Consol Copper Mines
434
534
434
6534
11334
100
5% pref class A
WILLIAM P. LEHRER CO.,
534
Consol G E L P Bait com *
1
34
6234
HA
Teletype-
2-5383
6134
334
INC,
York City
New
Street,
N. Y. 1-1943
34
Consol Mln A Smelt Ltd .5
Wall
60
Consol Gaa Utilities
1
Consol Retail Stores
Cook Paint A Varnlsn
434
S3 prior preference
Copper Range Co
Copperweld Steel
Cord Corp
734
734
Am dep rets ord
800
2
Oct
100
334
63
Nov
1
134
60
1234
70
134
1234
3,000
234
1234
100
6
Crocker Wheeler Elec
*
Croft Brewing Co
1
*
2534
734
ht
25
Crown Drug Co com..26c
Preferred
26
8
28
July
Gat'neau Power Co com
Jan
Feb
Aug
General Alloys Co
Gen Electric Co Ltd—
Oct
1434
1J4
2034
Oct
3834
Oct
20
•
34
10
934
com
Oct
34
Dec
Oct
16
Feb
1
Dec
5
Jan
Sept
26
1,700
50
1634
Oct
34
600
34
934
734
1034
T
21
20
*
Sept
Aug
834
Oct
Nov
21
2~200
5
150
"1034
16
Oct
Oct
Dec
tj|
6034
10834
1634
34
1834
1534
2834
33
i«u
"*734
Feb
Feb
Feb
Feb
Feb
Jan
Apr
Apr
July
Tire
Dec
134
234
334
1834
1934 May
Nov
734
20
134
Oct
200
2
Oct
334
300
2
2034
1,000
1,400
2
334
Dec
Oct
15
334
11
1034
64
Feb
Mtty
Feb
Jan
Feb
July
3534
Sept
Sept
1034
Sept
Diamond Shoe Corp com.*
Distilled Liquors Corp
6
16
Nov
30
Distillers Co Ltd
£1
2534
Dlvco-Twln Truck oom._l
2 34
9
334
334
334
Apr
Dec
Oct
10
15"
"1534
Dec
10
1
Dominion Steel A Coal B 25
Oct
1034
2934
534
2234
2834
Gen Water G A E
17 34
Gilbert (A C) com
17 preferred...!
Goodman Mfg Co
Jan
Great
Rapids Varnish—*
Atl A
*
25
Greenfield Tap A Die
*
Grocery Sts Prod comj.25c
Apr
Dec
96
Jan
Duke Power Co
""306
"134 "i
100
6434
1
*
10
Eagle Plcher Lead
Oct
Dec
134
575
65
62
"966
Oct
Oct
4
34
Durham Hosiery cl B com *
Duro-Test Corp com
Duval Texas Sulphur
14
"634 "634
834
1134
834
200
1334
834
11
6,000
Dec
Oct
3 34
7
Oct
•
Oct
4234
111
634
79
134
734
1034
2734
Jan
May
Eastern
Jan
Hazel tine
Jan
Hearn
71
Jan
Feb
300
2634
634
8234
8234
1334
preferred..
Hecla Mining Co
100
""134"
*
2334
700
$6 preferred series B
*
2334
100
States Corp
♦
Easy Washing Mach B
*
Economy Grocery Stores.*
"166
Helena
Jan
Jan
Heller Co com
Jan
Hewitt
Mar
25c
Preferred ww
Rubber com.
Edison Bros Stores
2
100
1
500
44,900
434
2834
Jan
80
Feb
Holllnger Consol G M—6
Jan
Jan
Jan
Hormel
Jan
Horn
1
2,200
1
400
8734
1134
934
♦
950
80
Elec Power Assoc com
Class A
Elec P A L 2d pref
A
_.l
500
$6 conv. pref w w
__*
Elec Shovel Coal $4 pref..*
500
Electrol Inc
v
.1
t e
134
134
2234
3234
Elgin Nat Watch Co. —15
6% preferred
-.100
634% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equip..6
Equity Corp com
10c
Esquire-Coronet
Eureka Pipe Line
33
33
13
134
2234
3234
700
100
50
25
33
134
2534
7234
Feb
74
Feb
400
77
Mar
81
Feb
Nov
7
Oct
3,500
13
34
Oct
Oct
*11
Oct
34
Oct
8
3134
1934
234
1134
4734
Feb
Mar
Jan
Nov
1
334
1
734
Fanny Farmer Candy
1
1334
3~ 300
234
334
800
734
7
800
12
1%
4534
Mar
Oct
Mar
134
Oct
5
Oct
2734
834
1134
2534
...5
8
1
22
8
"260
434
Dec
100
"534 "634
Metallurgical...*
734
Dec
Oct
300
23
1
34
34
6034
6034
10
734
3,300
58*
25
1534
34
1,100
10
7
1
58
100
Oct
41
3 34
60
1734
1534
Feb
Feb
Mar
Aug
Feb
Mar
15
Jan
Feb
1,700
1934
Oct
92
Mar
Feb
Feb
2734
Dec
734
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
50
preferred
Apr
100
1534
Dec
Aug
34
Dec
7,00
434
Dec
3334
434
1834
2234
4934
600
4534
Dec
11734
Jan
11634
Oct
128
Feb
31
200
Oct
47
Apr
Oct
1634
34
6,200
934
400
31
Oct
27
634
6 34
6 34
600
4
234
234
300
3
Oct
34
Jan
Jan
Jan
Imperial Oil (Can)
Registered
Deo
6
Mar
Jan
134
6334
4034
4l»4
80
Jan
Jan
7,600
33
Oct
20
67
Nov
90
Feb
7834
4034
Nov
95
Jan
Apr
Jan
Oct
1734
734
11
Dec
24
8
Sept
53
Dec
7
334
12
134
1534
334
12,
200
100
134
134
134
534
1534
634
Dec
234
1534
Jan
Nov
Dec
134
134
134
200
134
300
34
200
34
Oct
6
200
334
Dec
500
7
Oct
1634
Jan
Aug
Apr
Oct
Jan
Feb
1834
1734
Feb
Feb
3,200
T.SOO
20
20
50
Oct
52
Oct
2534
Mar
Oct
934
Apr
Deo
434
7 34
"934 "l034
Dec
634
"934
5
30
7
Oct
634
20
31
Ireland..£1
10
Service 6% pf.100
100
P A L 634 % pref 100
Jan
45
June
Dec
35
Apr
2,400
9
Oct
Oct
1534
3334
1534
Deo
24
100
20
"2534 "2534 *2734
7",500
6434
6634
2,200
534
534
900
Oct
96
Dec
1034
2234
100
Oct
1834
Dec
1634
1534
5434
Oct
42
Nov
87
434
13
34
100
Dec
112
July
Jan
Jan
8ept
Feb
Feb
1234
July
23
Mar
2
Feb
534
234
33
4
1534
33
334
15
534
1234
Oct
2734
Feb
8
Nov
26
Apr
13
534
100
434
Nov
2)4
3334
500
1*4
Oct
250
3434
Dec
434
1,200
17
534
13
1,600
500
250
534
6334
Feb
234
Oct
1134
8
Oct
3334
334
Oct
1334
Jan
Mar
May
May
May
Dec
34
July
934
Sept
6234
Feb
834
Dec
Oct
Oct
Oct
934
2434
Mar
Mar
60
1834
1834
1834
1834
6,000
14 34
1834
1 834
200
1434
1234
35 34
1034
3734
1,400
7 34
400
8834
8834
25
134
134
Oct
Oct
Oct
1034
"8834
3634
734
3734
Oct
84
Oct
534
100
Dec
Nov
34
...—1
Am. 10
Oct
Dec
4134
6
Industrial Finance—
preferred
Mar
9
234
100
Jan
Jan
Feb
Oct
Oil—
*
Jan
8
100
Non-voting class A....*
Class B
Jan
July
Aug
200
594
Indiana Pipe Line
7% preferred
Nov
Apr
10
1334
1034
1 3 34
Imperial Tobacco of Can.6
Imperial Tobacco of Great
and
Dec
11
1034
2834
16J4
4734
Feb
36
1034
13 34
A.*
coup..*
*
Oct
634
*
Zinc
Indiana
8
234
534
Dlv arrear ctfs
Britain
Jan
38
»ii
31
7% pref stamped.... 100
7% pref unstamped.. 100
Hydro Electric Securities.*
Hygrade Food Prod
5
Illinois
Feb
34
Dec
1
Common
7%
4
34 June
2734 Dec
107
2034
*
SHylers of Delaware Inc—
Vtc common
573.
Sept
1C0
Hussman-Llgonler Co
Insurance Co. of No
For footnotes see page
934
Dec
934
4834
534
5%
Feb
Aug
Feb
3934
49
6634
Indian Ter Ilium
Mar
4534
1234
28
51
634
*
Humble OH A Ref..
Indpls
Oct
Oct
Dec
Oct
534
Hummel-Ross Fibre Corp 6
Jan
Jan
July
Jan
Oct
*1834 *1834
34
9)4
—
Feb
4734
134
8234
1834
Oct
Oct
Feb
Oct
Imperial Chem Indust—
Am dep rets ord reg..£l
Oct
16 34
1
Horn A Hardart
*
5% preferred
100
Hubbell (Harvey) Ice...5
Hud Bay Mln A Smelt—♦
Feb
Aug
16
5
(Geo A) Co com.*
Illuminating Shares cl
7
Oct
24
(A C) Co com
Feb
6
Falstaff Brewing
(Pblla)
Jan
Oct
3,100
Fairchild Aviation
Fldello Brewery
Oct
Oct
24 34
1234
Ferro Enamel Corp
Oct
Feb
Mar
Mar
Oct
2,700
34
1234
100
3
36 preferred
Oct
22
1034
10
*
Lead
Flsk Rubber Corp..
Oct
100
7% preferred
Ex-Cell-O Corp
Fire Association
60
Oct
Jan
Jan
Feb
26
.
Feddere Mfg Co
Oct
60
26 34
24
Option warrants.
Wallower
Oct
22 34
Oct
5
Empire Diet El 6% pf.100
Empire Gas A Fuel Co—
...1
com.
.60
European Electric Corp—
20
734
9834
2234
1734
534
4034
134
10
Electrographlc Corp com. 1
Fansteel
Jan
Shareholding—
Common
Evans
14
500
Option warrants.
Electric
6
Apr
500
Holophane Co com
*
Holt (Henry) A Co cl A..*
500
1,700
4834
Nov
250
1934
25
5
Elsler Electric Corp
*
55
1,400
63
...—*
2
Class A
Elec Bond A Share com..5
*
Nov
Oct
234
Heyden Chemical
10
Hires (C E) Co cl A
♦
Hoe (R) A Co class A... 10
$6 preferred
Apr
Dec
Sept
14
60
24
$5 preferred
1194
3634
9534
434
65
32
6
Rubensteln
Jan
Jan
Jan
Jan
Feb
107
434
Dept Store com..6
6%
21
900
$7 preferred series A
Eastern
Oct
Feb
1234
34
1
*
Corp
1034
80
450
Mar
Feb
Oct
85
1
Brewing Co
Harvard
125
Malleable Iron.25
Jan
IOO34
334
30
6
"1234
*
Hartman Tobacco Co
500
30
100
78
com.*
Hartford Elec Light
25
Hartford Rayon vtc
1
250
*
100
Hamilton Bridge Co
Hat Corp of Am cl B com.
434 % Prior preferred. 100
6% preferred
100
Jan
963?
Oct
734
5
Feb
Mar
Feb
100
32
534
*6
Haloid Co
East Gas A Fuel Assoc—
Common
25
Feb
Mar
Jan
Feh
834
45
5
preferred
.*
Gypsum Lime A Alabas..*
Hall Lamp Co
*
4934
104
200
7434
70
"634 "634
Gulf States Utll $5.50 pref
30
Oct
1
Guardian Investors...
Gulf OH Corp
100
13
1334
1st preferred-...100
7%
Gt Northern Paper
50
2034
1,000
1234
1
Aug
Mar
Pao Tea—
Non-vot com stock
Dec
59
200
Dec
32 34
7034
Station. 10
16
58
134
3734
85
*
Vtc agreement extend.*
Grand National Films Inc 1
Jan
Aug
Oct
Oct
Nov
Feb
Gorham Mfg Co—
Gray Telep Pay
Mar
Apr
30
44
*
S3 preferred
Grand
Shoe Co—
2034
2534
134
50
Gorhara Inc class A
Sept
10
Dec
*
Dominion Textile com...*
100
Dublller Condenser Corp. 1
23
Oct
34
Consol Mines.. 1
Apr
July
*
Aug
7% preferred
Oct
1034
500
Gladdlng-McBean A Co..*
Sept
Driver Harris Co
19
600
*
82
100
*
200
34
34
*
100
7% preferred
Draper Corp
234
1934
1334
13
1234
•
Preferred
Gilchrist Company
Nov
L)
234
Feb
6434
May
(W
Deo
634
S5 preferred
15
Douglas
7534
Oct
534
*
75
preferred
Deo
Oct
134
*
83
634%
1034
6534
134
i
com
$3 preferred
Georgia Power 16 pref
100
Domln Tar A Chem com.*
Dec
20
600
100
6% preferred A
Goldfleld
Jan
7934
44
*
Godchaux Sugars class A. *
Class B
•
12
Mar
Rubber—
A
Glen Alden Coal
Aug
1034
com
pref
conv
July
2834
Dobeckmun Co
S3
May
Nov
98
*12
87
834
Jan
13
Nov
89
July
34
Jan
Oct
2134
1934
234
16
2 34
19
Dec
Warrants
General
Jan
Oct
8
8
•
$6 preferred..
1434
14
200
7934
Dec
52 34
1834
Dec
100
250
General Telephone com. 20
10
Preferred
634
834
*
...100
6
"3 x "334
134
Jan
534
Jan
1134 June
1434
Feb
11
Gen Rayon Co A stock...*
10
De Vllblss Co com...
5% preferred
60
y
1
Detroit Steel Products
Dec
•ie
1
Detroit Paper Prod
Nov
~
Det Mich Stove Co oom__l
Feb
Feb
1634
Jan
Jan
634
*
Detroit Gray Iron Fdy
234
June
900
Dennlson Mfg 7% pref. 100
20
1
Mar
834
2934
3134
16
Feb
15
Defiance Spark Plug com •
6% pref ww..
Oct
Dec
75
13
11,400
Davenport Hosiery Mills.*
Detroit Gasket A Mfg
Oct
334
65
Sept
9
1
Oct
Dec
*
May
34
he
34
Derby Oil A Ref Corp com*
14
Gen Outdoor Adv 6% pflOO
Gen Pub 8erv S6 pref
*
Sept
4
10
6
Preferred
834
234
100
100
Dejay Stores
Nov
75
Gen Fireprooflng com
*
General Investment com. 1
Feb
834
*
35
500
5
Gamewell Co $6 conv pf.. *
Mar
434
100
Dayton Rubber Mfg com.*
134
12
Dec
29
6
434
834
Amer dep rets ord reg-£l
3
vtc.*
Cusl Mexican Mining..60c
5
65
11
'15""
1
Jan
100
17
com
3
100
434
1034
134
Cuban Tobacco
Class A
1834
1,400
2,300
5
434
1
Oct
400
5
434
1034
134
Crystal Oil Ref
6% preferred
com
5 34
234
15
preferred
Dec
1,700
34
17
134
5,000
1,100
2634
734
434
Crown Cent Petrol (Md)*6
Crown Cork Internat A..'
Darby Petroleum
Conv
Fruehauf Trailer Co
Nov
34
Creole Petroleum
Curtis Mfg Co
Jan
134
1034
Cramp (Wm) A Sons com. 1
634% preferred
734
9434 Mar
534. July
1034
70
£1
Cuneo Press Inc.
High
Oct
16
Corp....!
Common
Crowley, Milner A Co
534
1734
534
21 )4
Froedtert Grain A Malt-
234
♦
com
150
_..*
Franklin Rayon
134
.1
oonv preferred
Low
4034
Amer dep rets... 100 frcs
Fox (Peter) Brewing.....5
5
Cosden Petroleum
Range for Year 1937
for
Weet
Shares
Ford Motor of France—
834
*
Courtsul da Ltd
High
40
*
reg..£l
Class B
16
$6 preferred A
of Prices
Low
Ford Motor of Can cl A..*
*
com..
Corroon A Reynolds—
Common
6%
Florida P A L 17 pref
Ford Motor Co Ltd—
34
*
com
Price
79
*
Cooper Bessemer
Sale
Par
*
$4 preferred
Weet't Range
Last
(Continued)
134
Cont Roll A Steel Fdy_._*
Continental Secur Corp..5
1
STOCKS
80
100
10
8% preferred
Consol Royalty Oil
Consol Steel Corp com
*
Cont G & E 7% prior pf 100
Continental Oil of Mex
1
Sales
Friday
834
59
834
6134
25
800
634
46
Oct
Oct
Oct
24
Feb
16
Mar
4434
15
Jan
Mar
36
Jan
3934
Jan
105
Jan
434
434
Jan
234
2234
7534
Feb
Feb
July
Jan
New York Curb Exchange—Continued—Page 3
570
Sales
Friday
STOCKS
Last
Week's Range
Sale
of Prices
Low
High
Week
Par
Price
International Cigar Mach •
22
22
Low
Shares
18
100
Oct
IK
60
S3.50 series
IK
ICC
IK
Dec
16K
900
9H
X
Oct
Oct
"2*4 "~2K
"MOO
IK
Dec
3,800
23 K
100
31K
2K
Oct
Nov
A stock purch warr
Internat'l Paper A Pow war
International Petroleum
2*4
29*4
29K
30
Registered
International Products...*
1
Internat Safety Razor B.*
3K
7K
3*4
8)4
7
X
2,500
100
7
1
1,000
Oct
Oct
4
9
Internat Radio Corp
H
Feb
Feb
Moore (Tom) Distillery.. 1
Mtge Bk of Col Am shs...
Mountain City Cop com 5c
7*4
44
Jan
Mountain Producers
5
Oct
2*4
9
Jan
Sept
39*4
Mar
38
Mar
8*4
Apr
15*4 May
Dec
1*4
Dec
Oct
Dec
38
X
Aug
'»
K
3*4
3K
600
2K
Oct
Oct
*4
7*4
Mar
4
K
4 *4
200
3*4
Dec
7
July
Mills..*
27K
27K
100
Interstate Power S7 pref-*
5*4
220
1H
Oct
7n
5*4
7i«
500
15 K
150
12*4
700
K
11K
5*4
tie pt
15*4
10*4
Vitamin—1
International
Interstate Home Equip.. 1
Interstate Hosiery
1
10—10
Investors Royalty...
Iron Fireman Mfg v
1
Irving Air Chute
Isotta Franschinl Co—
1.200
25
1
20 Lire
Italian Superpower A
*
Jacobs (F L) Co.
--1
Jeannette Glass Co
*
Jersey Central Pow A Lt—
6K% preferred
100
6% preferred
100
7% preferred..
100
Amer dep ids
Conv part preferred
National Steel Car Ltd..
800
Oct
Nov
9*4
126*4
114*4
Jan
2,300
IK
27X
""206
5X
Dec
12
Aug
1st preferred
Nelson (Herman) Corp ..5
Neptune Meter class A
*
150
9K
Dec
Feb
Nestle-Le Mur Co cl A
Jan
Nev-Callf Elec
11
'«,«
Feb
28*4
3*4
88*4
65*4
8*4
8*4
1*4
"34"
30
Dec
21
Feb
Oct
Jan
Dec
60
~37^i
27X
Nov
3,200
IX
2K
Oct
Oct
""40
3
3K
4
600
IK
IK
30
300
Dec
8K
200
OK
Oct
13*4
17*4
10%
100
2IX
Feb
26
Oct
0
900
Oct
Dec
111*4
12*4
"52"
~54K
23",300
45 K
Oct
21*4
78*4
59*4
3H
900
IX
Oct
9*4
Dec
11
110
Mar
Feb
Feb
Jan
Apr
Jan
Aug
Feb
Jan
Jan
Feb
Mar
Feb
Feb
Apr
Feb
39
30*4
Aug
Feb
Niagara Hudson Power—
Common
10
34
July
200
IX
13
Oct
21*4
Nov
7
Mar
300
5
Oct
10
13,400
5,700
4
Oct
18*4
16*4
Feb
Class A opt
Class B opt
6*4
Oct
14*4
Jan
9 *4
8K
Lone Star Gas Corp.
»
8K
8K
2K
9H
Oct
Jan
Long Island Ltg—
IK
39K
33
34
1,400
1
Oct
20
32
Dec
93
Mar
450
IK
39K
28*4
Deo
80
Jan
Oct
0*4
15*4
Jan
2 K
2K
100
8K
9K
3,600
IX
0*4
Dec
K
K
400
K
Dec
37 K
20
150
38
Oct
0*4
2*4
65*4
X
Oct
2*4
42*4
conv
Oct
5*4
10*4
Oct
82
10 X
17
...
Mapes Consol Mfg Co...*
Jan
Jan
Jan
Aug
Feb
Jan
Jan
Oet
Apr
Nov
May
Marconi Intl Marine—
Communication ordreg£l
May Hosiery Mills Inc
$4 preferred w w
•
McCord Rad A Mfg B...*
MoWllllam8 Dredging
*
Mead Johnson A Co
OK
15
16)4
2K
11
59
101
101
70
1*4
"65*4
50
64 K
9*4
200
72*4
9*4
70*4
50
5
1,050
1*4
70
1,300
200
4K
98
Nov
8*4
1*4
00*4
Oct
5
Nov
135*4
20
Oct
29
9*4
100*4
92*4
100
9*4
29*4
200
4*4
200
9*4
100
101
92*4
550
93*4
20
16
22
Oct
34
8
Dec
8*4
8
7*4
73*4
1,200
4
4
16*4
9
100
18
60
8*4
9,600
75*4
275
2*4
3*4
14*4
4
Jan
10*4
Feb
100
94
Feb
79*4
Aug
100
98
Feb
69*4
300
*4
1
1
300
*4
5*4
6
500
*16
warr
warr
Class B common......5
Class A pref
loo
Nlles-Bement Pond
*
115
36 preferred
35"
"38*4 "l,500
Apr
Dec
15
Aug
Aug
1*4
2
400
1*4
4
400
2*4
Sept
Oct
3*4
11*4
1*4
1*4
1,300
1*4
Oct
7*4
36*4
37
22
22
22
22
23*4
22*4
1,150
1,000
37
Oct
77
17*4
18*4
61*4
1*4
1*4
100
*4
Dec
Dec
Oct
Oct
3*4
3*4
1,500
*16
1,700
3*4
*4
63*4
Oct
Sept
Dec
72
Nov
300
47*4
100
109*4 109*4
111
111*4
99*4
99*4
100
400
Oct
7*4
Oct
!
Oct
2*4
Oct
68
Nov
10
Dec
4
100
V,300
125
50
>*16
1*4
*4
27
"u
K
7
73
63*4
Oct
7
31*
11*
2*
80*
Oct
Nov
Oct
K
600
44*4
125
Oct
3*4
1,900
65*4 May
14*4 Feb
Oct
Oct
2*4
6*4
Feb
July
Jan
Mar
Ollstocks Ltd
Jan
Jan
Feb
Feb
Jan
Oct
37
Feb
Nov
106
Jan
77
70
Tix "13*4
K
"l",200
6%
com.
111*4
99*4
90*4
conv pref
'""9*4
9*4
20*4
100
Oldetyme Distillers
1
Oliver United Filters B__.»
Overseas Securities..
*
Pacific Can Co com._.__.*
Pacific G A E 0% 1st
pf.25
Dec
4*4
Jan
Nov
3*4
Jan
5K
8K
1,200
2*4
Oct
11*4
18*4
1*4
Mar
•u
*ie
400
*4
Oct
Jan
3 K
100
2*4
Oct
8
Jan
Pacific Tin spec stock
.*
3K
4
1,000
2*4
Oct
7
Feb
*
»16
Page-Hersey Tubes Ltd..*
Pan-Amer Airways
—5
100
K
Oct
2
Feb
Pantepec OU
Oct
10
Jan
92
9*4
9*4
60
8
200
pref..**
5
Oct
3
Midland Steel Products—
$2 non-cum dlv shs
Mid vale Co
Feb
of Venez
Parker Pen Co
10*4
7*4
7K
100
Oct
24
Mar
Oct
90
Mar
1
Deo
0*4
Oct
4*4
14*4
Mar
Nov
13
Aug
Oct
5
Feb
Peninsular Telp
Preferred
Jan
1*4
27
27
106"
106"
6*4
35*4
Oct
07
Nov
110
103
Nov
111*4
102*4 June
90
Dec
90
Sept
9*4
9*4
1,700
6*4
550
19*4
25*4
28
91*4
2*4
92
300
50
9*4
85
Oct
Oct
Oct
Oct
Oct
2*4
2,100
1*4
3*4
""266
2*4
Oct
Dec
"29*4 "30*4
"1,000
26*4
7
3*4
Nov
25 X
103*4 105*4
'""5*4 "5*4"
"l25
"IOO
Oct
Oct
98 X
Nov
50
30
112
111*4
104*4
Nov
32*4
106
6
10
10*4
2*
29*4
107*4
89
16*4
"29""
18
400
8*4
1,600
2*4
14*4
24*4
Dec
101*4
17
"27"
Apr
54*4
106*4
Oct
20 X
*15
Oct
Oct
6*4
16,400
Oct
Oct
14*4
5*4
2*4
3*4
6*4
Dec
24*4
9*4
6*4
30
Penn Edison Co—
8
25
Minnesota P A L 7% pf 100
37
10
10
53
60c
41
Oct
Dec
Dec
4*4
2*4
27
1
103)
12*
10
Paramount Motors Corp.l
5
961
Oct
90*4
6*4% 1st preferred-__25
2.90C
*4
*4
51*
4*
0*
89
15
50
7
28*4
5
com
Oklahoma Nat Gas
33 preferred
50*4
Oct
5*4
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
Ohio P 8 7% 1st pref...100
6% 1st preferred
100
Jan
74*4
cl A.. 100
Mar
Apr
*4
Nor Ind Pub 8er 0% pf. 100
7% preferred
100
Northern Pipe Line
10
Ohio OU 0% pref
100
Ohio Power 0% pref...100
Dec
43
Jan
Parkeraburg Rig A Reei.__
Patchogue-Ply mouth Mills *
18
18*4
200
Pender (D)
Class B
24*4
24*4
50
3*4
3*4
300
comIIII_
ioo
14*4
Oct
30*4
21
Grocery A...«
Dec
53
20
Oct
43
3*4
19
Dec
Oct
109*4 May
12*4
30*4
110
00
Oct
98
Jan
32.80 preferred
109
July
118
Feb
49*4
Nov
72
4
Oct
35 preferred
Penn Mex Fuel Co
•
Dec
1
Nov
Pennroad Corp vtc
1
3*4
2*4
Pa Gas A Elec class A
Pa Pr A Lt 37 pref
*
9*4
Sept
8*4
5*4
17*4
3*4
Voehrlnger
8
7K
8
5K
5K
2,000
"2K ~~2K
M00
300
K
Montana Dakota Utll...10
30
Moody Investors pref
Moore Corp Ltd com
Class A 7% pref
25
K
25
Oct
Nov
Apr
May
Sept
36 preferred....
Penn Salt Mfg Co
•
.*
50
Feb
2*4
89*4
82
149*4
2*4
89
89*4
80*4
82
100
6
Nov
17
Jan
170
120*4
Nov
157
Feb
Penn Traffic Co
2.50
Pa Water A Power Co
*
72
72
27*4
Sept
37
Jan
Pepperell Mfg Co
74
73*4
23 X
25
175
20
Dec
44
Jan
Perfect Circle Co
27
Oct
180
Aug
45*4
184
50
60
200
Aug
Apr
100
Oct
Oct
42*4
113
86
Oct
79*4
Oct
112
Oct
179
115
24*4
300
*
3,900
Pennsylvania Sugar Co. .20
30*4
5K
2*4
140*4 149*4
136K
131
100
573.
2*4
4*4
Feb
28
29*4
5K
132 K
Montreal Lt Ht A Pow...*
Oct
1
2
2
16*4
11*4
12
1
Monarch Machine Tool..*
Monogram Pictures com.l
Monroe Loan Soc A
1
Oct
Oct
5*4
2*4
Feb
98
62
4
6% prior preferred
50
No Am Utility Securities. ♦
Nor Cent Texas Oil
5
Nor European Oil com
1
com
Feb
Oct
24*4
Jan
16
Feb
SePt
24*4
78
2.60
Feb
30
Novadel-Agene Corp....*
Nov
Jan
Mar
Mar
Oct
*4
2*4
2
*
North Amer Rayon cl A._*
Class B com
*
Dec
Oct
8
...
1
4*4
91*4
35*4
Nineteen Hundred Corp B1
Niplssing Mines
.5
Noma Electric
.1
Nor Amer Lt A Pow—
Common
*16
54
20*4
Miss River Power pref. 100
Missouri Pub Serv com..
Feb
Oct
Feb
Dec
3K
*
Mar
Feb
65
Oct
93
Pacific Ltg 36 pref
*
Pacific P A L 7% pref—100
Pacific Public Service._._*
31.30 1st preferred
•
Montgomery Ward A
12*4
5*4
Dec
63
75*4
10*4
18*4
50
X
Midwest Piping A 8up.
Mining Corp of Can
*
Minnesota Mining A Mfg.*
Dec
Dec
100
100
300
90
50
*
10
Feb
Mar
Mar
Jan
Nov
100
....
300
2*4
1,300
Metropolitan Edison pref.*
3K
Mar
15*4
115*4
105*4
Oct
90*4
80*4
*4
12*4
1
310
6*4
Oct
11*4
100
K
Michigan Steel Tube..2 50
Michigan Sugar Co...
•
37
Oct
§ Nor Texas Elec 6% pf.100
Northwest Engineering..*
19
45
1
94*4
3*4
Nor Sts Pow
25*4
24
K
140*4
30*4
Nov
Aug
Oct
Dec
4
Mexico-Ohio Oil
...♦
Michigan Bumper Corp._l
Dec
53
Mar
4*4
13*4
55
"3K "Ik
6*4% A preferred... 100
Mesabi Iron Co
Metal Textile Corp com..*
see page
88
Dec
19
Participating preferred.*
Merrltt Chapman A Scott •
Warrants
Molybdenum Corp
Oct
10
55
Merchants A Mfg cl A...1
6*
35
68
Jan
250
300
3
10*4
12
100*4 10QK
Memphis P A L $7 pref..*
Mercantile Stores com...*
59
Dec
"500
600
z52
*
Memphis Nat Gas
6
"7 X ~~7K
1 OK
89*
Nov
Dec
33*4
22*4
3*4
10*4
1
Massey Harris Common..*
Master Electric Co
1
Oct
Oct
13
1*4
Mass Utll Assoc
OK
Oct
Nov
4*4
4
0*4
*
Mid-West Abrasive
Midwest Oil Co
19*4
19 7A
2*
23*
17
...»
Marlon Steam Shovel
t c
80*|
Oct
Dec
Niagara Share—
1
For footnotes
6% 1st pref
6% 2d pref cl A
5% 2d preferred
5% 2d pref cl B
10
..6
Lockheed Aircraft
A Oil
Nov
Shipbuilding Corp—
2*4
9K
Locke Steel Chain
Mock. Jud,
Common
N Y Pr A Lt 7% pref.. 100
10 preferred
*
13*4
2*4
Oct
112*4
59*4
.*
N Y A Honduras Rosarlo 10
N. Y. Merchandise
10
Oct
Sept
Dec
2I%
Oct
1*4
2X
K
Nov
Oct
30
63
9*4
1,300
4,000
12*4
9*4
Oct
6
Founders shares
1
New York Transit Co
5
N Y Water Serv 0% pf.100
21
Oct
3
Warrants..
N Y
100
200
42
N Y Auction Co com
N Y City Omnibus—
Jan
400
9*4
12*4
June
78*4
1
Newmont Mining Corp. 10
New Process common
*
Jan
4,100
Preferred
Middle States Petrol—
Class A v t c.
41
*
25
10«8
12
conv
New Haven Clock Co
New Jersey Zinc
New Mex A Ariz Land
19
102
6% preferred
100
New England Tel A Tel 100
20
25
100
*
Oct
25
1,200
5
Oct
12
X
13*4
100
Oct
Nov
13*4
100
com
7% preferred
New Bradford Oil
New Engl Pow Assoc
K
10X
25
"8K
X
13*4
3
*
500
"»•
23
2*4
*4
400
1
v
*
K
0% preferred........25
Lit Brothers com
*
Class B
12.50
13 K
Oct
Midland Oil
Oct
2K
41H
Deo
Michigan Gas
Oct
IX
X
10*4
Nebraska Pow 7% pref. 100
Nehl Corp common
*
4K
Partlc preferred
7X
4,700
Jan
K
oom
Sept
"""366
100
3K
v 10
5*4
~8~X ""8*4
Nov
19 X
Margay Oil Corp
28
81
13«
preferred
Manlschewltx (B) Co
7*4
57*4
Dec
10
Le Toufneau (R G) Inc.. 1
<5
Oct
14*4
82*4
Jan
Dec
25
10
Loudon Packing
*
Louisiana Land A Explor.l
47
Oct
3*4
1
X
Lucky Tiger Comb G M.10
Lynch Corp common
5
Majestic Radio A Tel
Mangel Stores
Oct
65
Nebel (Oscar) Co com..
13
~34~~
200
Oct
500
Nat Union Radio Corp
Navarro Oil Co
87 X
100
60*4
Dec
12
250
Jan
2*4
IK
900
16*4
Jan
10*4 Sept
*
58
37
96*4
Mar
18
45
Oct
13*4
19*4
13*4
6*4
National Sugar Refining..*
National Tea 5*4 % pref. 10
89
Dec
Oct
Oct
35
Oct
Oct
45
...100
13*4
1,600
Oct
Nov
Line Material Co........*
Lion Oil Refining
*
7% preferred
0% pref class B
50
2*4
7*4
Sept
63 X
72
*
Common
36*4
8*4
14*4
dU
3*4
10*4
K
30
9*4
23 K
36*4
Dec
July
*4
25
Feb
Oct
H
3*4
73
25
Upton (Thos J)cIA
23
100
60
1
Develop
13*4
Dec
Dec
17*4
*
10
Lehigh Coal A Nav
Dec
6
900
National Transit
100
*
10
"""600
Nat'l Tunnel A Mines
Koppers Co 6% pref... 100
Lefcourt Realty com
Preferred
100
*4
Jan
8K
53X
155*4
28*4
1*4
37*4
17*4
Feb
10K
Lakey Foundry A Mach-.l
Lane Bryant 7% pref-_100
Langdendorf Un Bak A.,.*
Dec
Dec
K
2*4
18*4
6
1
3
123*4
7*4
IK
14
Oct
14*4
Lackawanna RR (N J). 100
Lake Shores Mines Ltd
1
Dec
700
600
*5*4 "5*4
Oct
3H
Kobacker Stores com.
9K
11*4
1
IK
26
1*4
8*4
11X
7*4
*
common
4*4/ Oct
Klein (D Emll) Co com..*
Kreuger Brewing Co
Nat Service
100
11
Klelnert(I B)Rubber Co. 10
Knott Corp common
1
13
8K
8
Nat Rubber Mach
Jan
400
105
Kir by Petroleum,
1
Klrkl'd Lake G M Co Ltd. 1
Oil
Jan
Feb
27*4
18*4
1,300
37K
3*4
5
Oct
Oct
25
"o~K "~6K
37*4
Dec
4K
7
*
2*4
1
Kress (8 H) A Co
Jan
National P A L S6 pref
National Refining Co
K
H
8
4*4
4
13*4
*
82 *4
27
5
H466
National Fuel Gas
7K
K
100
5
Nat Mfg A Stores com..
National Oil Products....4
73
38
11*4
36*4
Mar
Nov
High
Oct
X
8*4
S3 conv pref
50
National Container (Del)-l
42*4
24*4
1
Low
1*4
700
"7*4 "8*4" 25l900
1
com
3
1
Breweries
Kings Co Ltg 7% pref B100
Leonard
Nov
600
8
80
Kennedy's Inc
6
Ken-Rad Tube A Lamp A *
6% preferred D
Kingston Products
Oct
1*4
6*4
K
OX
Kansas G A E 7% pref-100
Kingsbury
Oct
Feb
Range for Year 1937
3*4
1*4
com
2K
ok
Jonas A Naumburg..-2.50
Jones A Laughlin Steel. 100
Oct
for
Nachman-Sprlngfllled
Nat Auto Fibre
1938
22,
Week
Shares
National Baking Co com.l
21*4 Feb
3*4
Feb
15*4 Sept
"h
of Prices
High
National Candy Co com.
National City Lines com.l
28
X
—
SI.75 Preferred
S3.50 prior pref
Warrants series of 1940
Week's Range
Low
iMountain States Power.*
Mountain Sts Tel A Tel 100
Feb
8
Class B
10
Murray Ohio Mfg Co
Muskegon Piston Ring.2K
Nat Bellas Hess
*
....
Price
28*4
4*4
International Utility—
Class A...
Sale
Par
High
Hydro-Eleo—
Interaat
Last
(Continued)
14 K
Internat Holding A Inv._♦
Pref
| Friday
STOCKS
Range for Year 1937
for
(Continued)
Jan.
Sales
2
'72
200
62
75
150
58*4
25
Nov
Sept
2$
Oct
95
Nov
151
Oct
37
Feb
Jan
Volume
New York Curb
146
Friday
STOCKS
Last
Par
Pharis Tire A Rubber
Week's Range
of Prices
Low
High
Week
Pries
Range for Year 1937
3*
4*
Low
2.000
Philadelphia Co com
*
Phlla Elec Co $5 pre!....*
Phlla El Power 8% pref-25
7*
7*
100
PhUllpe Packing Co.
Dec
3
6*
Dec
3 *
4
20
June
Oct
34
2
Oct
15*
1,200
1
Conv pref series A
Pierce Governor com..
•
116*
Feb
Smith (H) Paper Mill
Mar
40
Mar
20
14*
6*
33*
Feb
Dec
3*
Feb
4",100
2*
Oct
6*
Jan
700
20
15*
17*
Pioneer Gold Mines Ltd--1
"_2*
"~2* "T*
4*
Oct
9*
Jan
Apr
Meter
..*
6
6*
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie. 60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Ino
Polaris Mining Co..
Potrero Sugar com
5*
Nov
140
62*
Nov
Oct
87*
2,500
6*
77
Nov
1*
Nov
""8* "8*
87 *
"""266
"86"
2*
2*
*
4*
4*
'21*
2
2
17
♦
Providence Gas.........*
Prudential Investors...
•
16 preferred
•
Pub 8er of Col 7% 1st pf 100
'6 *
17
16* June
147*
2*
19
Feb
Jan
.
2*
Oct
*
Oct
4*
Apr
July
Jan
Oct
Feb
Feb
6*
.i*
'
Oct
12*
33*
16
700
"4OO
Dec
7
Oct
41
Jan
Oct
4*
35*
Jan
Feb
1*
1,100
Oct
16
100
2*
36*
160
100
100
1,000
Deo
Jan
5
Dec
Sept
103
Jan
Oct
109
Jan
June
105
Feb
27
27*
20
14
16
70
22
Oct
68*
Jan
Jan
10*
Oct
41
Mar
74
Oct
98
Jan
74
Oct
93
Feb
*
Oct
4*
Jan
30
Oct
Oct
90*
80*
Jan
10*
6*
Oct
14*
Feb
Nov
124*
Jan
6% preferred
100
Apr
Nov
150
Jan
200
100
50
138*
10
138*
Quebec Power Co
Ry. A Light Secur com...*
91
125*
15*
10
10
Railway A Utll Invest A..1
9
75
Dec
•is
Dec
Class A
1
•is
Dec
Class B
i
*
26*
28*
1*
Nov
*
*
300.
Jan
Jan
Jan
Rainbow Luminous Prod—
preferred..
Raytheon Mfg com
conv
*
4*
4*
4*
27*
27 *
28*
Nov
63* Mar
Oct
2*
400
"""*
"""*
"hi
Dec
7* Feb
21* Sept
3",166
11*
11*
200
2",066
Reeves (Daniel) com
*
Relter-Foster Oil
♦
Reliance Elec A Engin'g .5
Reybarn Co Inc
...1
Richmond Radiator
1
Rio Grande Valley Gas CoVoting trust ctfs
1
21
2*
1
1*
5
600
4
Oct
2
"2*
2*
600
1
Oct
*
*
*
*
500
95*
110
13*
13*
Nov
June
7*
1*
"3*
3*
*
*
"47*
"360
100
Oct
2*
"45"
6
8*
9*
3*
Ryerson A Haynes com__l
Safety Car Heat A Lt
St. Anthony Gold Mines.
1*
1*
83*
...
35*
4
1*
83*
3
32*
5*
2*
13*
7*
Mar
Jan
Feb
Mar
Feb
* July
104*
112
Feb
July
15
Dec
27*
16*
4*
13*
Aug
Aug
Feb
Jan
Jan
18
*
1,000
?*
1,900
Technicolor Inc common.*
Teck-Hughes Mines.....1
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref...100
Texon OH A Land Co
2
Thew Shovel Co com....6
Ttlo Roofing Inc
.1
Tlshman Realty A Const. *
'*
Oct
6*
Jan
Deo
8
Mar
141
Apr
*
Apr
*
Jan
To no pah
Apr
Apr
Oct
Apr
Trans western Oil Co
117*
Jan
Tri-Contlnental warrants..
6*
July
1 *
1
600
14*
20
Oct
69
4*
Feb
109
Dec
26
Jan
May
Dec
65
Mar
Oct
11*
22*
100
300
Oct
Deo
36*
109
Oct
Sept
54* May
Scranton Spring Brook
*
f 16*
Scullln Steel Co com.....*
Warrants
6*
250
6
7*
600
I*
\
17*
1
600
16*
Mining of Nev.l
Nov
400
16*
7
Dec
Dec
78*
7*
Jan
Dec
Common...1
10
Trunz Pork Stores.
Segal Lock A H'ware
1
Selberllng Rubber com..,
Selby Shoe Co
1*
1*
3*
4*
Class A............
Tung-Sol Lamp Works
1 *
6% preferred
2
UnexceUed Mfg Co
10
Union Gas of Canada....*
Union Investment
Oct
16
99*
1*
Oct
99*
50
100
Oct
105*
1*
1*
2,400
Oct
Oct
7*
7*
Oct
69*
Jan
8*
*
2,200
1,600
5
Dec
25
Feb
100
7*
7*
16*
1
Dec
50
Jan
Union Premier Foods Sts.l
Jan
Jan
Jan
Jan
Oct
Oct
12
Sept
Deo
8
Mar
15*
*
Dec
25
Mar
Oct
10
Feb
93
Feb
93
Feb
13
Nov
107
Feb
1,400
3
Oct
13*
100
80
Oct
40
8
Oct
15$
135
Mar
7\
Mar
65
Feb
6
3*
3
3*
4*
29
29
""7"
"7"
29
3,500
4*
2*
"7*
T,66o
4*
Oct
4*
100
3
3
600
2
Oct
Oct
6*
1
11*
200
700
9
10*
5*
Deo
Sept
••ii
Jan
21* July
107
27*
Oct
6)
83)
Oct
28
Feb
Feb
Sept
Feb
Feb
Feb
Mar
Feb
13
*
■»
3*
11
11
Deo
2
Oct
300
31
Deo
10
34*
-
11
3*
35*
"2", 900
10
Oct
44
""3*
Apr
Oct
46
17
Feb
119
Aug
5*
195
19*
4*
5
4*
28
1*
20*
*
1*
19*
Jan
Feb
Apr
110*
150
98
Jan
5
500
Deo
16*
400
3*
25*
Nov
41
Nov
*
*
Oct
Oct
*
1*
21
400
400
11,700
2,400
14
Oct
4*
11
8*
5*
5*
101* 101*
4*
4*
10* 11*
8*
8*
4*
Oct
53*
5*
101*
July
10
96
Nov
600
2
Oct
500
9
Dec
200
5*
Oct
3
Nov
65
Apr
2
Oct
Jan
22*
29
115
Mar
50
*
116*
3*
3
3*
15*
2,900
16*
700
14*
1*
'51* "54""
'"260
32*
Feb
Jan
«e
2*
Deo
5*
Mar
Aug
34
6*
77*
112
7*
Jan
Feb
Jan
Jan
Jan
25* Sept
18*
10*
66
Mar
Jan
Jan
4* July
18*
3
Feb
74
July
Oct
105
Oct
90
Oct
Oct
Oct
115
94*
95*
20
hi
iis
"166
hi
Dec
*
1*
3,100
*
Dec
3.
3*
6*
6*
*
2,500
1,400
1,300
1*
4*
Oct
Nov
•i«
Dec
6*
6*
Nov
95
1 *
6*
*
li
8*
2,700
35
31
11
Jan
Feb
Mar
•11
800
Oct
4*
Feb
Mar
Dec
Oct
Dec
9*
30
Jan
United
Jan
com
3
Feb
Apr
Jan
9* May
Oct
31*
Feb
May
Dec
86
500
1*
Oct
11*
Feb
400
"266
Oct
Deo
Oct
13*
9*
Feb
"2* ""2*
6*
1*
1*
6*
Feb
Deo
4*
Jan
11*
Oct
18*
4*
Oct
*
9*
Apr
10*
*
Jan
July
Apr
Nov
7
""2*
14*
14
"14* "14*
13*
""266
14*
6,200
10*
12
3,700
4
100
Oct
12*
85
11
United Chemicals
5*
13*
Feb
3*
7*
3
.100
Aircraft Transport
Warrants
25
2
*
3*
Union Stockyards
15*
J
Mar
45
»i«
Union OH of Calif deb rts..
5*
2
*
2*
H
com..*
50*
2,300
Oct
T,706
"20* "21*
1*
1
1
80c dlv preferred...
*
Ulen A Co 7*% pref...25
Dec
*
2,300
16*
fl*
r4*
99*
1
Corp
Nov
"is
Dec
20
*21~"
•
Tublze Chatlllon
1
*
*
Seeman Bros Inc
9*
14*
Jan
Jan
8
...1
36
Securities Corp general
Oct
Trans Lux Plot Screen-
175
113
2,400
7% preferred A
100
Tonopah Belmont Devel.l
5,200
27*
113
100
18
reg...£l
4
2
1* Dec
* Sept
600
14
Am dep rets def reg...£l
Todd Shipyards Corp
•
Toledo Edison 6% pref.100
61
14*
Scran ton Elec 66 pref...-*
Scran ton Lace Co com..
Water Service pref
Tastyeast Inc class A...1
Taylor Distilling Co
1
Nov
73
25
26
Manufacturing. .25
200
14
8
15*
38*
11*
3*
4
17*
8
Swan Finch OH Corp...15
Swiss Am Elec pref....100
Taggart Corp com
1
Tampa Electric Co com..*
Rights
*
Oct
* May
100
500
14
11
Sunray Drug Co
*
Sunray Oil
.......1
6*% conv pref
50
Superior Ptld Cement B..*
$3.30 class A partlclpat.*
Am dep rets ord
Oct
60
5
common
Apr
Oct
Jan
3*
Samson United Corp com.l
Sanford Mills com
Schlff Co
1*
Deo
50
60
Nov
18
•
Dec
6
Oct
20
Tobacco Securities Trust-
5*
1,100
*
.100
Savoy Oil Co
18* Sept
63*
Jan
21* Aug
13* Apr
11
Nov
6
200
2,300
*
62 conv pref A
St Regis Paper com...
27
»
Tobacco and Allied Stooks*
Tobacco Prod Exports.._•
34*
6
1
St. Lawrence Corp Ltd
Mar
Feb
Stroock (S) A Co..
Sullivan Machinery
Sept
•
Rustless Iron A Steel
62.50 conv pref...
Ryan Consol Petrol
46*
8*
Oct
•
Russeks Fifth Ave
Dec
100
*
Royal Typewriter
Oct
1,000
*
Oct
1
1,000
1*
3*
5*
9*
6*
20
Rotallte Oil Co Ltd
Oct
12
200
6*
6
61.20 conv pref
Rossla International
Sept
Nov
26
13*
5
Root Petroleum Co
Oct
Dec
Dec
Oct
4*
1
Amer dep rets ord reg_£l
Rome Cable Corp com
Roosevelt Field Ino
Dec
*
8*
Rochester G A E6% pfD 100
Rochester Tel 6 * % pf.100
Roeser A Pendleton Inc.
Rolls RoyceLto—
Oct
3*
1
*
Oct
Oct
35
100
Stetson (J B) Co com....*
Stlnnes (Hugo) Corp
5
Dec
200
♦
....
49
11
150
50c
Reynolds Investing...
Rioe Stlx Dry Goods.
Feb
1
14
1
Red Bank OH Co
Reed Roller Bit Co
16
400
20
Mar
*
Apr
100
9
...50
Prod.l
Aug
19*
4
1st preferred
2d preferred...
23*
Oct
Oct
Deo
14
Sterling Brewers Inc
1
Sterling Inc
.......1
Jan
2
30
13*
6*
200
Sterchi Bros Stores
Sterling Aluminum
Raymond Concrete Pile—
Common
1
1,000
6*% preferred.....100
7
98
com....
3*
1*
*
4*
1*
*
17*
Steel Co of Canada ord..*
Stein (A) A Co common..*
7
Jan
300
Jan
Feb
Mar
22
Standard Tube ol B.
l
Standard Wholesale Phosp
A Acid Works com
20
Starrett (The) Corp v t c.l
26
6*
8*
83
Oct
900
400
•
175
16
6*
Jan
37*
Standard Products Co
Standard Silver Lead
1
Standard Steel Spring....5
126
32
15
66 preferred
Puget Sound Pulp 4c Tim.*
Pyrene Manufacturing-.10
Mar
19*
6% preferred
100
Standard Pow A Lt......l
Common class B
...»
Preferred
41*
29*
28
Dec
5*
2*
conv
Standard Oil (Ky)
.10
Standard OH (Neb).....25
Standard OH (Ohio) com 25
Aug
July
22
...10
6*
$1.60
Jan
5*
*
4*
1*
*
17*
preferred..20
Standard Invest $5* pref*
-
Mar
38*
Standard Dredging Corp—
100
*
preferred
Conv preferred
Jan
7
2*
10*
22
*
Mar
4*
2*
6*
Oct
July
100/
Jan
/6* Sept
29* Mar
6*
38*
Standard Brewing Co
*
Standard Cap A Seal com.l
•is
33* Sept
25* Nov
23* Nov
148
2*
6*
Spanish A Gen Corp—
Am dep rets ord reg..£l
Am dep rets ord bearer £1
Spencer Shoe Corp
♦
com
2*
1
Southland Royalty Co...6
South Penn Oil
...25
So West Pa Pipe Llne..50
Stahl-Meyer Ino
Oct
Oct
Oct
Oct
Dec
65
100
South New Engl Tel...100
Southern Pipe line.—.10
Southern Union Gas...
•
17*
11*
14*
7*
300
27*
Oct
50
3*
25*
Dec
Puget Sound P A L—
ScovlU
3*
36*
100
..100
7% preferred
2,600
27*
25*
2,300
Common....
60
fPub Utll Secur 17 pt pf..*
$3
1*
36*
*u
6*
7H
98
66 preferred
Pub Serv of Nor HI com..*
Quaker Oats
1*
27*
7%. preferred..
July
1*
1*
4*
25
6
6*
Public Service of Indiana—
*7 prior pref
*
95
*
6*% pref series C....25
*
6*
7*
...1
Prosperity Co cl*™ B
2*
Feb
Mar
500
1*
"20* "21*
42*
27*
116*
2,400
2*
1*
4*
5
Premier Gold Mining
1
Pressed Metals of Amer__*
preferred
62
.6
Powdrell A Alexander
6%
'""900
61
25c
Power Corp of Can com.. *
Pratt & Lambert Co
•
Nov
39
"m "~9*
*
Producers Corp
1
100
6% preferred B
„
High
Apr
2
2*
5% original preferred.25
„
Low
98
16
2*
Southern Colo Pow cl A.25
Pltney-Bowes Postage
Pitts Bessemer A L ERR 60
Range for Year 1937
Shares
25
88
Southern Calif Edison—
100
20
High
•
Mar
Oct
Dec
Oct
1
Low
88
Solar
11*
Feb
2*
17*
4,500
Price
Mfg Co...........1
Sonotone Corp..
"1
Soas Mfg com
1
South Coast Corp com
1
1.900
3*
Week
Sioux City G AE 7% pf 100
Skinner Organ com
...*
July
1
10
Pines Winterfront
3
3*
for
of Prices
Par
Phoenix Securities—
Common
Week's Range
Sale
Jan
8*
30
8*
Last
High
111
♦
Sales
STOCK!
(Continued)
Shares
1
571
Friday
for
Said
{Continued)
Exchange—Continued—Page 4
Safes
Jan
85
4
Oct
30*
13*
2
Oct
45
4
*
Deo
Feb
Jan
Mar
Feb
•
4-
Selected Industries Ino—
Common
....1
Convertible Stock
5
65.60 prior stock
25
1
1*
$3
*
1,200
Dec
8*
100
7
Dec
55
56*
150
52
Dec
4*
28*
101*
58
58*
250
63
Dec
104
8*
Allotment certificates..
Jan
Mar
Mar
June
Selfridge Prov Stores—
Amer dep rec
•i«
1
100
*
Jan
Oct
6
1
Seton Leather com......*
4*
Seversky Aircraft Corp
1
Shattuck Denn Mining..6
Shawlnlgan Wat A Pow__*
Sherwin-Williams
2*
8*
com..25
87
109
2
8*
4*
2*
10
600
1,000
2,900
3*
*
3*
Dec
Oct
United Elastic Corp
United Gas Corp com
•
1
""83* "87*
109
110
2",606
70
Oct
Oct
72*
106*
17
.
Mar
Nov
Oct
Nov
Line stamped........25
SUex Co com
•
*
6*
*
6*
100
*
Sept
100
6*
Dec
Slmmons-Broadman Pub—
Conv pref
•
21
Simmons Hard're A Paint *
2
2
1*
Dec
Nov
240""
"76
4*
2^1*
Nov
4*
100
4*
Oct
1
240*
100
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
For footnotes see page
'240"
4*
573.
JEl
Nov
800
2*
$3 preferred
United Molasses Co—
114
28*
Feb
1
10*
Am dep rets ord reg—
United N J RR A Canal 100
Jan
United Profit Sharing
Preferred
35
7*
13*
370
6*
Feb
Feb
July
Jan
Apr
4*
.....
United Specialties com
U S Foil Co class B
4*
95
1
"2*
"22*
5
98
1 *
75
2*
4*
22*
19*
3*
4*
25*
19*
Oct
2
Jan
til
Mar
14,700
3
Oct
500
78
30
11,300
200
5,700
50
74
Oct
1*
2*
14*
13*
124
3*
Feb
Jan
Jan
94
Jan
Oct
11*
Jan
Oct
Oct
11*
Dec
Jan
76*
Jan
17
Nov
45
Feb
May
75
Feb
5*
228
221
"u
228
10
»i«
"~2* ""2*
"1:266
244
200
Jan
Oct
5*
1*
1*
75*
40*
5*
40*
10
6*
500
6*
900
6
76
800
225
*
Apr
Aug
Dec
1*
*
8*
253
Oct
8
2*
1 *
.25
1
Oct
*
1,600
10
1
Dec
Mar
*
55
United Shoe Mach com.25
Preferred
4,700
75
*
United Shipyards cl A...1
Class B
1
*
2,400
*
♦
Apr
Aug
"u
52* May
1* Nov
*11
.*
$6 1st preferred
•
United MUk Products...*
*
*
*
Un Cigar-Whelen 8ts..lOo
United Corp warrants....
Common class B__
Shreveport El Dorado Pipe
com
•
Option warrants
United O A E 7% pref. 100
United Lt A Pow com A.*
Dec
18
5% cum pref ser AAA 100
Sherwln Williams of Can.*
Simplicity Pattern
Singer Mfg Co...
A part pref
1st $7 pref non-voting.*
1*
£1
Sentry Safety Control
Serrtck CorpclB...
cum
Dec
Oct
63
Oct
37*
4*
Apr
Dec
47*
15
Aug
Oct
18*
Feb
4
Jan
New York Curb
572
WeeVt Range
Jor
Sale
oj Prices
Week
Par
Price
High
Low
55 %
1st pref with warr
---*
10
U 8 Lines pre!
U S Playing Card
3%
17
oonv
X
4
U 8 Rubber Reclaiming..*
U 8 Stores
1%
22%
3%
2%
Ye
1
U 8 Radiator com
*
Corp com
IK
22%
4X
3H
X
v
Oct
Nov
47
*
X
Oct
84%
Feb
Oct
16
Mar
14
Mar
19
2%
1,000
500
200
200
2X
2
2%
IX
2X
3,200
6
Jan
18
July
Feb
Utility Equities Corp
Priority stock....
"41X
43%
IK
X
lUtll Pow A Lt common— l
325
8%
22%
Apr
Jan
1st 4%s series D
1967
1st M 4* series F...1981
Oct
19
Jan
3%s series H
Oct
Feb
35%
z2% Sept
Dec
80%
Jan
Dec
4%
Apr
Dec
0
Jan
X
2X
*i«
16
1
16
17
40%
Dec
%
Dec
1%
Oct
IX
77X
IX
77X
OK
$6 conv pref
5
Van Norman Mach Tool. 6
2X
40X
15%
OK
3X
11
2X
37%
1%
Jan
Jan
Feb
Oct
Feb
6s ser A stamped
1943
Cont'l Gas A El 5s. ..1958
Dec
73
Feb
Crucible Steel 5s
300
12%
Dec
33
Apr
Oct
Dec
3,000
X
Oct
50
72%
Oct
6%
Nov
100
Jan
1
Oct
6
Oct
4%
11%
2%
Wellington Oil Co..
X
Oct
"»• Nov
0
1
Wentworth Mfg......1.26
Western Air Express.....!
2%
3%
ox
2X
3X
OX
2K
4%
Oct
4%
100
Oct
6
200
Oct
2
700
Oct
2%
Oct
West Cartridge 0% pf.100
101
Feb
Western Grocery Co
20
Western Maryland Ry—
7% 1st preferred....100
Western Tab A Stat-..--*
Westmoreland Coal Co...*
8
Deo
2X
2X
7
74%
1%
6%
300
7
2X
100
3 X
X
.....*
9X
Empire Dlst El 6s
1952
Empire OU A Ref 5%s. 1942
Mar
96%
5%
July
X
*!•
Nov
300
X
Dec
Dec
24
8%
Winnipeg Electric cl B...*
Wise Pr A Lt 7% pref. 100
6
Jan
10
Oct
95
01
Wolverine Portl Cement. 10
Wolverine Tube com....2
Mar
June
400
Oct
Mar
14
400
200
Mar
Feb
Nov
Feb
Jan
Jan
May
16% May
Jan
Jan
2
5X
ox
6
OH
8%
Feb
Dec
Oct
18%
12%
Feb
6
600
Oct
4%
1,500
0
l
ox
Woolworth (F W) Ltd—
Amer dep rets
6c
Apr
23%
6%
Jan
Apr
Oct
8%
Jan
Oct
4%
Mar
16%
6% preferred
£1
Wright Hargreaves Ltd..*
6
-----
7X
6
IK
8
10,700
IX
2
1,800
5%
1%
Oct
Jan
BONDS
102
102
97 X
86
90 X
86
98 X
92
Deb 6a series B
General Bronze 6s
1940
General Pub Serv 5s..1953
Gen Pub Utll 6%s A. 1956
♦General Rayon 6s A. 1048
Gen Wat Wks A EI 5s. 1943
Georgia Power ref 5s..1907
♦Gesfurel 6a
Amer Beating 6s stp.P1946
Appalachian El Pr 6s. 1966
107 X
76 X
105 X
87 X
104 X
Appalachian Power 5s. 1941
Debenture 6s......2024
Ark-Loulslana Cas 4s. 1951
100 X
Arkansas Pr a Lt 5s.. 1956
93
Glen Alden Coal 4s...1965
Gobel (Adolf) 4%s_..1941
86
Oct
Jan
Hall
78%
Oct
105%
99%
Associated Eleo 4%g..1953
38
72X
tlOOH 107 X
107 % 108 X
si",000
74 X
93,000
80%
105X 106 X\ 26,000
87 X
87 X
21,000
104 X 104 X
48,000
106 X 107
27,000
112
112
1,000
100 X 100 X
21,000
71
102
Apr
104
Oct
68
Oct
61,000
93,000
28
91X
36X
95X
40X
103%
81
103%
105%
Oct
95
Jan
Jan
Dec
107% June
108% June
106%
Jan
100% Nov
108% Mar
Oct
107
Oct
110% June
Jan
May
109
Mar
119%
Jan
98
Oct
89
Oct
102%
104%
Jan
Oct
07%
Jan
Jan
72
78
71
71
"27"
27
27
26%
20X
"20 X
20X
28X
30
32 X
72
5%s registered...1938
Conv deb 4%b Q... 1948
4%s registered... 1948
Conv deb 4%s
1949
Conv deb 5s
1950
30
Debenture 6s
1968
29 X
31X
36
77
77 X
95
"77'
29X
32
Conv deb 5%s
1977
Assoc T & Tdeb5%s_A'55
Atlanta Gas Lt 4%s.l955
95
38,000
1,000
1,000
1,000
24,000
70,000
51,000
9,000
10,000
1,000
65
Oct
83% May
71X
124,000
111 Northern Utll 5s...1957
111 Pow A Lt 1st 6s ser A '53
1st A ref 5% s ser B.1954
1st A ref 5s
Indiana
ser
C...1956
Dec
Oct
20%
22%
Oct
77
62%. Jan
61
22
Oct
65%
65%
32%
Oct
69
09
Oct
92%
Dec
Oct
Jan
91%
105%
69
Nov
74
6s series A
6%s series B
1951
Jan
Jan
Indiana A Mich Eleo 5s. *55
5s
104%
101%
"71"
83%
Dec
1956
99 X
92 X
1968
98 X
4%s series H
1981
Cent Ohio Lt A Pr 6s.. 1950
Cent Power 5s ser D.. 1957
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s... 1948
ex-warrants... 1954
Cent States PAL 5%s '63
Chic Diet Eleo Gen 4%s'70
Oct
5,000
111%
Feb
113%
Dec
99 X 101
92 X
92 X
98 X
99 X
15,000
24,000
29,000
99%
86%
Oct
105
Jan
Oct
Jan
95
Oct
87%
88
Oct
104%
104%
103%
104%
03
Oct
94
Jan
Aug
Jan
Jan
Jan
Jan
Jan
Feb
88 X
88
90
81,000
73
Oct
99
Jan
37X
37 X
40
23,000
31
Oct
Jan
40 X
52,000
47,000
72%
72%
75%
38 X
46
1901
40 X
10 5% 100
33,000
*107% 109
Chicago A Illinois Midland
Ry 4%s A...
v 1960
Jan
37X
106
31
33
103%
104%
Oct
Oct
Apr
Mar
4
Oct
3%
Dec
1
Deo
4
1%
%
89%
70%
Dec
100%
Mar
57%
Oct
1
Dec
109
96%
Jan
Jan
Mar
Mar
Jan
Jan
Jan
102% May
115
Feb
104%
103%
93%
Jan
100
Dec
7,000
84
Dec
31,000
05
Oct
64
Oct
103
62
Dec
Dec
101%
102%
103%
Jan
90
78%
64
13%
12%
4%
4%
95%
Oct
*52%
55%
104
104%
67
70
21,000
13,000
5,000
7.0C0
4,000
Oct
Aug
73%
108%
93%
Jan
Feb
Mar
Jan
104%
Deo
105% Mar
105% June
1.C00
58,000
93
Sept
72
Oct
100%
Jan
17,000
77,000
82
Oct
Jan
99
Sept
3,000
1,000
18,000
90
Oct
90
Sept
101%
104%
102%
101%
101%
104%
99%
96
Jan
103% 104%
101% 101%
101% 101%
75
71
71
86
70
73%
75
75
77
78
83%
88%
02
77
83%
63
4,000
25,000
1,000
9.00C
70,000
4,000
"7l""
70
70
59%
59%
60
92
92
107
Oct
Oct
54%
3,0C0
100%
88
Mar
Oct
Dec
Nov
97
105%
Jan
Jan
Mar
Jan
Jan
88
Jan
31%
89%
89%
Dec
Jan
Feb
105
Jan
Jan
107%
Dec
67
Dec
94%
Jan
4,000
43
Oct
02
Jan
28
Oct
75%
Jan
102
Apr
107
78
Nov
Jan
102% Feb
37% Sept
2,000
106
106%
11,000
5,000
80
84%
5,000
*32
99
25
63
Oct
25
Oct
60%
Dec
03
Dec
27% Aug
104% Feb
105% Sept
103% June
33% Apr
88% Feb
86% Feb
106
Jan
20%
30
88
Mar
T.666
~
2,000
64
"s'ood
81
Dec
97
17,coo
*102% 102%
99
Oct
74
77
Jan
23
36
*17
02%
*60
Jan
58
60
56
*21
85%
Oct
13,000
12,000
60
35
88
Dec
i~5~, 000
107%
60
56
80%
Dec
21%
*31%
60
74
82
58%
70%
72%
Jan
Jan
Jan
Dec
95%
Nov
108
Aug
84%
83%
Oct
106%
Feb
Oct
100%
Jan
90% 125,000
83
19,000
79
Oct
104%
Jan
80
74
Oct
99%
86%
86%
Oct
91
2,000
1,000
82
91
98%
92%
89%
75
77
107% 107%
98%
99%
92%
94
89
32,000
17,000
75
108% 108%
80
107%
80
107% 107%
111
19,000
6,000
1,000
6,000
85%
70
Oct
Oct
105
Jan
106%
99
Jan
Jan
Jan
l60%
Aug
108%
Dec
77%
105%
Dec
101
Jan
Mar
109%
Feb
107%
111%
79%
June
Dec
Jan
Sept
Cct
Oct
5,000
7.000
4%
Apr
91
9,000
Oct
97%
106%
101
~i~,666
97
Mar
Nov
102
70 X
7,000
35,000
105%
Jan
109% Mar
107% Apr
106% May
82%
7.000
94
Jan
Dec
35,000
94
Oct
43
36,000
94
Oct
98%
106
5,000
103 %
68X
52
8,000
8,000
63%
100 X 108X
92 X
97
WX
5,000
Jan
56
114X U4X
F.I967
Jan
53
102% 103%
109
109%
105
105%
101% 102%
Nov
78
88%
101%
104%
114%
105%
Mar
80
92
Oct
Ind'polls P L 5s
5s A1952
ser A.
1957
56
105%
International Power Sec—
6%s series C
1955
Jan
3,000
July
2,000
48
Jan
87
101
97
Mar
56
99
87
July
Oct
51
145
Oct
93%
98%
104%
Oct
99%
1963
Oct
Dec
Oct
60%
83
~72~"
1952
66
60
2,000
Jan
1st lien A ref 5s
.1957
73%
Jan
Jan
78 series F
128
Feb
109%
125%
Oct
7s series E
2,000
104%
45
Jan
16,000
Apr
July
Apr
105
7,000
Jan
62
Jan
10,000
3,000
Jan
85
Jan
130
57%
125
130
98%
101
Aug
111%
124
83 X
Oct
Deo
80
55
115%
62
56
1950
Mar
83 X
79% 120,000
89
1957
Mar
Cedar Rapids M A P 5s *63
Central 111 Public Service—
Oct
Indiana Service 5s
Jan
Mar
103
Oct
90%
Dec
Sept
112% July
112%
Dec
108%
Dec
107%
Dec
104% June
90%
Jan
Feb
114%
62
04
87%
1953
113
93 X
Apr
Mar
123%
72%
80%
1947
110
106 X
107%
100%
113%
113%
Electric Corp—
32,000
14,000
2,000
17,000
34,000
6,000
61
85
Indiana Gen Serv 5a..1948
Indiana Hydro Elec 6s 1958
Jan
67
85
5%s...May 1957
120 X 121
130
102
26,000
34,000
95
...1949
113X 114**
121X 121X
Broad River Pow 5s.. 1954
Canada Northern Pr 58.'63
♦Canadian Pao Ry 6s. 1942
Carolina Pr A Lt 5s... 1950
Jan
107
Jan
Sept
107
June
International Salt 5s..1951
Interstate Power 5s...1967
Debenture 6s
1952
Interstate Publle Service—
58 series
52%
46%
27
72
1958
F
09%
Iowa-Neb LAP 5s... 1957
5s series B
Isotta Fraschlnl 7s... 1942
Italian Superpower 6s. 1963
Jacksonville Gas 5s...1942
Stamped
Jersey Central Pow
6s series B
55
60%
71%
68%
96%
62%
""39"
62
6,000
63
53%
105
Oct
77
Jan
Oct
83%
Feb
81
Feb
109
May
Nov
Mar
32
Oct
18
Oct
76%
69%
96
Jan
Jan
72%
24,000
62
69%
96%
21,000
58%
2,000
25,000
92
June
92
July
88%
104%
104%
104%
Apr
106%
Dec
98%
Nov
105%
79%
Feb
102% 102%
63
02%
*78%
103%
14,000
2,000
107
12,000
107%
119,000
45% 48
27
62,000
28%
106% 106%
102%
83,000
57
95
.1901
Iowa Pow A Lt
4%s..l958
Iowa Pub Serv 5s
1957
Iaarco Hydro Elec 7s. 1952
57
57
59%
1955
D___
4%s series
105% 106
Jan
Jan
2,000
8,000
Oct
Oct
80
51 ~66o
54
Oct
71
8,000
Oct
Jan
Jan
Feb
Feb
Jan
80
Feb
Feb
39
42
32%
Oct
71
36
36%
8,000
35
Oct
56%
Jan
105% 106
104% 105%
*97
99
114% 114%
7,000
47,000
103
Mar
105%
Apr
Oct
105%
"looo
110%
A Lt—
1947
4%s series C._
1901
Kansas Elec Pow 3%s. 1900
Kansas Gas A Elec 68.2022
104%
Kansas Power 5s.....1947
99
93% June
Nov
101
6,000
98
Nov
77%
79
9,000
65
Oct
100
99
Jan
Dec
121%
104%
Jan
99%
107%
103%
99%
Jan
Jan
Kentucky Utilities Co—
94
Chic Jet Ry A Union Stock
Yards 5s
1940
94
94
*47
l*Chlc Rys 5a ctfs
1927
Cincinnati St Ry 5%s A '62
6s series B
1955
6s series B
121
Bethlehem Steel 6s... 1998
Birmingham Elec 4%s 1968
Birmingham Gas 5s... 1959
see page
73
4,000
38.000
106%
103%
104
6%s with warrants. 1943
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A... 1949
113X
....I960
5s series G
70
108
95
Houston Gulf Gas 6s.. 1943
♦Indianapolis Gas
♦Convertible 0s
1950
Bell Telep of Canada—
1st M 6s series A... 1955
1st M 5s series B... 1957
ser
♦Hamburg El Underground
A St Ry
5%s
1938
Heller (W E) 4s w W..1940
5s series C
59%
23%
Works—
6s series E
Print 6s stpd
1947
♦Hamburg Eleo 7s...1935
8 f deb
Associated Gas A El Co—
Conv deb 5%s.
1938
Jan
Apr
104
...1953
Jan
1967
4K«-
Jan
107%
103% 104
Georgia Pow A Lt 5e..l978
105
1st A ref
Aluminium Ltd debt 6el948
Amer G A El debt 6s..2028i
Am Pow A Lt deb 0S..2O10!
Amer Radiator 4%s..l947|
110%
110%
95
1941
Oct
13,000
43,000
For footnotes
Gatlneau Power 1st 5s. 1950
Deb gold 6s. June 161941
87
82 X
78 X
7.0C0
"e'ooo
102% 102%
Guantanamo A West 6s.'58
Guardian Investors 5s. 1948
Hackensack Water 5s. 1977
80 X
6s series B._.
67
1944
Jan
80 X
6%s
5s ex-warr stamped.
Apr
1968
Jan
Gary Electric A Gas—
108%
89 X
4%s
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '57
Florida Power A Lt 5s. 1954
104%
86
1st A ret
104%
Oct
86
6s series C
-77"
1967
Erie Lighting 5s
Federal Water Serv 5%s *54
Finland Residential Mtge
Banks 6s-5s stpd.,.1961
Firestone Cot Mills 5s. 1948
97
I960
Deo
72%
78% 101,000
107% 108
67,000
71% 149,000
67%
*103
104%
101% 102%
"4",000
102%
.......
310,000
1st A ref 5s
1st A ref 5e
70
75%
107%
67%
1953
Grocery Store Prod 0s. 1945
...1951
Jan
46% Juffe
6,000
Eleo Mfg—
Jan
1st A ref 6s
Loco in
Ercole Marelli
1950
102
19,000
21,000
6,000
80
113
113%
112%
111%
97
96%
130
*127
3%
*1%
XX
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd..l950
Abbott's Dairy 6s
.1042
Alabama Power Co—
1st A ref 5s....
1946
Baldwin
Elec Power A Light 56.2030
Elmlra Wat Lt A RR 5s '66
El Paso Elec 5s A
Jan
June
10
Yukon Gold Co
Eastern Gas A Fuel 4s. 1956
Edison El 111 (Bost) 3%S '65
Mar
9
4X
1
10
Oct
80
4%
Aug 1 1952
♦Certificates of deposit
Mar
117
1
Petroleum
Apr
*32
9%
12%
1%
9%
X
....*
Wood ley
Apr
102
♦Deb 7s
Jan
Feb
Aug
July
Oct
Oct
Dec
Oct
IWiHow Cafeterias Inc.-l
Wilson-Jones Co
Willson Products
13%
102%
21%
Jan
Oct
8%
Weyenberg Shoe Mfg.
1
Williams (R C) A Co....*
Williams Oil-O-Mat Ht..*
preferred
5
9%
10%
13%
7%
Jan
Nov
70
19
West Texas UtlJ $0 pref..*
West Va Coal A Coke....*
Conr
10
71
Oct
36
53
1944
6%s series A
71
Apr
92
30%
96%
105%
Wahl (The) Co common.*
Waltt A Bond class A...*
*300
104%
79%
15,000
102% 103
73%
Det City Gas 6s ser A.1947
5s 1st series B
..I960
Detroit Internet Bridge¬
ts..
Aug 1 1952
♦Certificates of deposit
Aug
Aug
"OH "lx
Oct
Jan
51,000
21,000
21,000
61
1940
109
98
Bros-Brower.. 1
Jan
118
102%
Dec
Weisbaum
Jan
103
121%
Denver Gas A Eleo 5s. 1949
83
•
Gen mtge 4%s
.1954
Consol Gas Util Co—
Cuban Tobacco 5s
7% preferred.......100
900
83
Oct
6,000
10,000
Delaware El Pow 6%s.l959
Jan
IK
Oct
49,000
Jan
Feb
IX
78
42
88
105% 106
121% 121%
Jan
10
)
54%
54%
High
82
Oct
104% 105%
Feb
18%
1%
Wayne Knit Mills.......6
102
51
Low
45
104%
3%
23
Class B
97
9%
100
Oct
100
101
112%
*112%
112%
111%
107%
107%
106%
106%
103%
02%
"62%
Cuban Telephone 7%s 1941
300
99
112%
1939
2
11%
Dec
3
10 X
•
58
97
1,000
171,000
67,000
City)—
6b
24
Jan
Mar
11
•
Waoo Aircraft Co.......*
(Balt« 3%s Ber N...1971
Consol Gas (Bait
400
Oct
Sept
3
Venezuelan Petroleum...!
2
350
X
Venezuela Mex Oil Co..10
Va Pub Berv 7% pref..100
89%
6%
1%
3%
28%
10%
1,000
1,250
15
2%
39 %
Oct
200
300
54%
Range for Year 1937
Consol Gas El Lt A Power-
I
1
100
..1965
Com'wealth Subsld 5%s '48
Community Pr A Lt 6e_'57
Community P S 5s
1960
Conn Light A Pow 7s A.'Sl
"255
1
Walker Mining Co
4%s series C...1966
Oct
500
43
41
X
Utility A Ind Corp oom_..£>
Conv preferred
7
Wagner Baking v t c
1st M 5s series A... 1953
1
42
60
for
Week
Shares
Edison—
1st M 5s series B...1954
1st
of Prices
High
51
Privat 6%s'37 "78"
34
.....
~~2X "~2X
Vogt Manufacturing
51%
1949
Nov
Utah Radio Products
7% preferred..
101%
Commonwealth
Oct
55%
98%
1943
Line 6s
Week's Range
Low
60
Cities Serv PAL 5%s. 1952
Feb
Oct
12%
6
Valspar Corp com
1950
1%
Universal Products......*
Utah Pow A Lt $7 pref...^
Class B
Conv deb 5e
Cities Service Gas 5%s.'42
Cities
Service
Gas
Pipe
Jan
Dec
1960
6s
3%
"zx "zx
Universal Pictures com—1
Utah-Idaho Sugar
Service
5%b_
♦Comma-* A
Jan
IX
T.SOO
Cities
9%
"*3%
1
8
Universal Insurance
Oct
1%
18%
1%
4%
A
600
Universal Consol Oil.... 10
Universal Corp v t c
Jan
Mar
8
United Verde Exten—fiOc
Wall Paper..
Mar
Oct
1%
•u June
100
X
IK
3
93%
4%
K
Oct
t c
Price
Oct
400
1st pref
United Stores
United
X
200
56
Sale
(Continued)
High
Low
Shares
100
U S and Int'l Securities „_*
Last
BONDS
Range for Year 1937
Last
Sales
Friday
Sales
Friday
STOCKS
{Concluded)
Jan. 22, 1938
Exchange—Continued—Page 5
48
52%
86%
90
86
*89%
21,000
12,000
573,
I
Dec
100
Jan
1st mtge 5s
95
97
8.000
93
Oct
110
Jan
6%s series D__
5%s series F
1948
Nov
1955
87
87
85
Oct
39%
Dec
84
Jan
58 series
1969
77%
79
1,000
8,000
65%
Oct
80
Dec
101%
Feb
87
48%
91%
105%
1,000
Dec
105%
Jan
I.
ser
H...1901
78
78%
Jan
Jan
Jan
Volume
Sales
Friday
Rang* for
BONDS
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
33*8 '66
95
ioi")*
Lehigh Pow Secur 68—2026
♦Leonard Tletz
73*s._1946
mmm'm
m-m
Lexington Utllltlee 5fl-1952
94
963*
1033* 103 3*
943*
Llbby McN A Llbby 5a '42
Long Island Ltg. 6s—1945
Louisiana Pow A Lt 5s 1957
1033*
.
«,
«.•
_
.
95
1013* 1013*
$23
29
95
w
104
♦Manitoba Power 53*81951
793*
97
93
5,000
Mar
rnmmmmm
17,000
38,000
20,000
104 3*
12,000
793*
2,000
993*
Oct
183*
36,000
Mar
93
101 J*
97
102 3*
87
1015*
1113*
2634
Jan
Jan
July
105
Jan
106
Feb
May
1st A ref mtge 4s... 1960
107
106)* May
105
Jan
Marlon Res Pow
983*
983*
5,666
953*
82
43*8-1952
1952
Memphis P A L fie A..1948
Mengel Co conv 43*8.1947
83
4,00
76
$75
92
Metropolitan Ed 4s E.1971
Middle States Pet
6)*s '45
Midland Valley RR fie. 1943
43*8—1967
Minn PAL 43*8
1978
913*
1955
Mississippi Pow fis
57
583*
95
913*
72
72
>'863*
Miss River Pow 1st fis. 1951
853*
109
109
Missouri Pub Serv 5s.1960
Montana Dakota
92
923*
993* 100
1955
Miss Power A Lt fis...1957
793*
93
583*
Milw Gas Light
1st Aref fie...
793*
6,000
30,000
81
77
6>*s
33*
Nassau A Suffolk Ltg fis '45
Deb fis series B
|*Nat Pub Serv fie ctfB 1978
Nebraska Power 4)*s.l981
Oct
104
Jan
Dec
118
Apr
fis series A
Debenture 6s
Mar
Standard Investg 53*s 1939
I Standard Pow A Lt 6sl957
♦Starrett Corp Inc fis. 1950
Oct
Oct
106
Jan
Nov
Dec
Feb
Jan
17,000
68
863*
39,000
78
Nov
993*
1003*
21,000
107
Feb
1093*
Dec
6,000
653*
923*
1.000
91
33*
18,000
23*
95
12,000
71
47,000
663*
44
44)*
25,000
1083* 1093*
$115
119
17,000
903*
733*
1163* 1163*
723*
Dec
Dec
Oct
Dec
Oct
Nov
75
25,000
90
Nov
79
1003*
143*
Feb
107
Jan
1073*
973*
Jan
Feb
Jan
May
51
Jan
June
110
May
Oct
44
Dec
69
Oct
1951
2d stamped 4s
Teral Hydro-El
63*8—1953
Texas Elec Service fie. 1960
Texas Power A Lt 5s. .1956
6s ser lea A
2022
Tide Water Power 6s. 1979
Jan
Tlets (L) see Leonard
Toledo Edison 6s
.1962
110
Jan
Twin
993*
1213*
843*
Jan
Oct
Jan
Oct
85
Jan
United El Serv 7s
99,000
44
Oct
843*
Jan
80
80
83 3*
38,000
79
Dec
82
83 3*
24,000
803*
Dec
1013*
1023*
Jan
82 3*
Jan
713*
613*
983*
Debenture fis
107
107
96 3*
_
1964
95
104
„
.1123*
Nippon El Pow 6)*S—1953
108
973*
104
1123* 1123*
55
55
953*
1956
Nor Cont'l TJtil 63*8-1948
1043*
1083*
No Indiana G A E 68.1962
623*
1,000
100
1043*
Nov
1,000
1103*
Apr
Apr
1133*
series
863*
1063*
Jan
1003*
693*
1083*
Jan
Nov
99
100
23,000
95
Oct
99
99
100
13,000
95
Oct
Jan
Oct
1053*
1043*
1053*
Dec
105
Jan
43*s ser D. 1956
43*s—.1951
106
Okla Nat Gas
debs
973*
1946
91
Okla Power A Water 8s.'48
77
conv
93
25,000
1043*
3.000
893*
1033* 104
104
Ohio Power 1st 5e B..1952
1st A ref
913*
7,000
88
1945
Ogden Gas fis
fis
Jan
100
103
1053* 107
1053* 1063*
97 3*
983*
893*
1013*
81
14,000
10134
1043*
18,000
103
37,000
Oct
Oct
1113*
Jan
108
Jan
Jan
Jan
Nov
m
m
653*
Palmer CorD fis
Penn Cent LAP
3,000
80
77
803*
873*
90
24,000
85
85
2,000
79
80
7,000
17
17
43*8
1944
Va Pub Serv
53*a A..1946
1st ref fis series B
1946
43*s.
873*
1st 6s
♦fis income deb
863*
Wash Gas Light fis... 1958
Wash Ry A Eleo 4s... 1951
Wash Water Power fie 1960
1053*
Wise Pow A Lt 4s
106 3*
Deo
Oct
1003*
1083*
Jan
Jan
♦York Rys Co fie
4s
series
893*
72
Dec
100
Oct
108
119
Jan
1023*
Jan
»
_
Pledm't Hydro El 6)*B-'60
—
„
593*
Pittsburgh Coal 6s... 1949
65
863*
863*
66 3*
102
343*
88
10,000
,,000
863*
11334
84
1113*
37,000
51
Nov
Oct
933*
Jan
Mar
103
Aug
7,000
30
Oct
38
40,000
83
Dec
993*
95
2,000
843*
Oct
Nov
♦20-year 7s
Jan
♦Baden 7s
Jan
103
Jan
1956
8
♦Prov Banks 6s B..1961
1,000
7,000
1063*
1113*
Jan
1073* 1083*
1003* May
Deo
10734
5,000
105
109
Dec
91
19,000
76
83*
7,000
63*
13,000
1083*
83*
$76
58
80
593*
100
58
------
Mar
Jan
107
65
73
Oct
100
Oct
Mar
113
303*
Jan
Mar
993*
62
Feb
Oct
105
Dec
108
Jan
3,000
96
Oct
107
Jan
183*
Apr
26
Aug
4,000
56
Dec
86
Jan
12,000
m-rn.rn.mm
10534
Jan
108
104
Apr
109
Jan
2,000
67
Dec
81
Mar
3,000
96
Oct
104
Feb
18
Mar
25
July
Oct
147
Jan
4,000
132
1333*
20,000
1283*
1,000
10734
Oct
1,000
1033*
Mar
106
106
104
1043*
10,000
100
Oct
1043* 1043*
1,000
101
Mar
104
F. 1981
1053*
July
104
1043* 1053*
1,000
1003*
7,000
102
Oct
Mar
1123*
10534
Aug
Apr
105
July
10434 June
104
Nov
10534 May
•
-
—
-
109
43*8.'79
......
Ban Antonio P 8 5s B.1958
Ban Joaquin L A P 6s B '52
643*
Oct
923*
93 3*
2,000
82J4
Dec
26
23
1093*
223*
Mar
13,000
1043*
11
113*
22,000
7
Oct
2834
263*
1093*
183*
11,000
1003*
Apr
107
$193*
-
«.
1968
1970
Sheridan Wyo Coal 6s. 1947
Carolina Pow fis. 1957
23 3*
49
49
-
25
1003* 101
101
1951
Sou
19,000
25
-
-
50
1073* 1073*
1033* 104
Bhawlnlgan WAP 43*8 '67
43*s series B
♦Lima (City) Peru
♦Maranhao 7s
104 3*
21
203*
20
97
Apr
11,000
6,000
60
Apr
6,000
17
Jan
17
Mar
173*
13
213*
20
19
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 63*8.1949
58
20
"203*
.1947
19
13
1958
13
1,000
1,000
163*
13
63*s-'58
163*
1,000
♦Medellln 7s series E.1951
$73*
♦
69
Mendoza 4s stamped. 1951
Apr
2,000
54
203*
1952
63*8
♦Secured 6s
Apr
Mar
99
17
Apr
Bept
Oct
7
Oct
65
Dec
93*
"3,666
72
Jan
Mtge Bk of Bogota 7s. 1947
♦Issue of May
♦Issue of Oct
$173*
$173*
1927
1927
63*8—1959
$3*
♦Russian Govt
63*8
1919
♦63*8 certificates...1919
♦53*8
1921
♦53*8 certificates...1921
♦Santiago 7s
203*
22
2,000
143*
143*
18
$133*
$993* 100
103*
93*
103*
93*
♦Mtge Bk of Chile 6S-1931
6s stamped
1931
Mtge Bk of Denmark fis '72
♦Parana (State) 7s
1958
♦Santa Fe 7s stamped.
203*
23
3*
$3*
July
Apr
93*
Dec
8,000
Dec
9
12,000
3*
3*
1
"3,666
Dec
3*
Oct
3*
Oct
1,666
3*
Dec
"
3*
3*
Oct
113*
953*
1
<
Nov
Dec
11
65
65
2,000
623*
Jan
113*
1945
1949
113*
1,000
103*
93*
Nov
Nov
$113*
1961
18
Jan
63
223*
Scripp (E W) Co 53*8.1943
1st 4)*s series D
94
$1113* 112
25
♦Bchulte Real Est 6s..1951
1st
27,000
1003* 1003*
65
693* 126,000
18
125
$1293* 132
1955
Wks 6s.. 1937
1948
193*
20
Jan
96
1033* 1033*
Queens Boro Gas A Eleo—
63*8 series A
1952
♦Ruhr Gas Corp 63*8.1953
♦Ruhr Housing 63*s„1958
Inc 5s.
External
57
Deo
Jan
9834
Oct
109
59
1053*
Oct
57
$24
D.1950
Oct
12,000
93
65
653*
59
1003*
6034
64 3*
.1966
Scullln Steel 3s
1953
♦7s
1st A ref 5s series C. 1950
Bervel
1955
♦German Con Munlo 7s *47
Oct
Dec
104 3*
Puget Sound PAL 53*8 '49
Pub
53*8
fis
2.000
30
$21
26
$100?* 1013*
$993* 1033*
..1952
♦6 series A
Danish
Jan
77
21
1113* 1113*
...1960
Sauda Falls 5s
73*
♦Cauca Valley 7s
Cent Bk of German State A
893*
Sept
$21
Jan
Apr
Mar
Dec
18
Dec
109
108
Deo
17
Nov
1055*
Pub Serv of Oklahofna—
♦Saxon
183*
6
106
104
|*8t L Gas A Coke 6s. 1947
3,000
23
80
Oct
1980
Safe Harbor Water
183*
$173*
80
Oct
1978
ser
183*
Dec
86
May
89
♦Rio de Janeiro
...1966
43*8
73
85
80
65
1333*
1033* June
$72
105
1003* 1003*
$20
30
6% perpetual certificates
1st A ref
Nov
5,000
3,000
$76
7,000
Pub Serv of Nor Illinois—
4s series A
893*
21,000
70
70
.1947
1948
9,000
6,000
$1083* 111
65
6s. 1954
ser
943*
Oct
...1952
♦7s stamped
♦73*8 stamped
Public Service of N J-
4)*s series D
4)*s series E
1st A ref 4Mb
43*s series I
Deo
Buenos Aires (Province)—
893*
106
1961
Potrero Bug 7s stmpd.1947
Power Corp (Can)43*sB '59
1st A ref 5s
Feb
1043*
1951
96
58
58
Potomac Edison fis E. 1956
6e series C
1053*
"3,666
...
1053* 106
96
943*
1043* 105
1947
1063*
1053*
893*
$19
Portland Gas A Coke fie '40
Electric
$1073*
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
Nov
mmmmmrn
97
100
♦Pomeranian Elec 6s.. 1953
♦Prussian
Dec
10234
Jan
87
$1123* 1133*
$1073* 108
Pittsburgh Steel 6s... 1948
43*8 series F
Oct
35
16,000
AND MUNICIPALITIES—
117
75
FOREIGN GOVERNMENT
Oct
101
Jan
Oct
1,000
61,000
6,000
105J*
105
1053*
Apr
Jan
102
1113* 112 3*
83*
63*8..
Phlla Rapid Transit 6s 1982
Oct
Nov
Nov
June
893*
39 3*
Danzig Port A Waterways
1981
B
93
1937
8,000
108
l*Peoples Lt A Pr fis..
Phila Elec Pow
103
873*
Yadkin River Power fis '41
Nov
103 3* 103 3*
io§3*
35,000
1,000
383*
1966
Feb
92
92
4)*s series B
19i
Peoples Gas L A Coke—
1053*
1033* 1033*
West United G A E 53*8 *66
Wheeling Eleo Co fis.. 1941
Wlso-Mlnn Lt A Pow fis '44
11
1043*
2,000
873*
79
2,000
19,000
1053* 106
1003* 100 3*
1053*
West Texas Utll fis A 1957
West Newspaper Un 6s *44
1073* 1073*
92
9,000
4,000
1053*
1073* 1073*
105
1073*
West Penn Elec fis
2030
West Penn Traction fie '60
Penn Ohio Edison—
893*
"so"
1954
2,000
$91
1971
"883*
1950
6s
35,000
32
...
Penn Electric 4s F
31,000
64
77
flOl
..
Park Lexington 3s
35
106
92
87
m
$21
743*
103
1163* 1163*
A. 1948
ser
Oct
2,000
61
75
90
1941
1st 6s series B
65
16,000
102
47,000
Pacific Gas A Eleo Co—
Pacific Invest fis
593*
76
103
Pacific Coast Power 6s.'
Oct
Jan
30
61
Jan
1966
92 3*
80
1063*
Waldorf-Astoria Hotel—
107
4)*8 series E
1970
N'weelern Elec 6s stmpd'45
N'western Pub Serv fis 1957
58
$21
1973
Feb
1969
C
fis series D
Dec
11.000
46
1143* 1143*
"58""
..1974
6s series A
Deo
Oct
Northern Indiana P S—
fis
423*
Utah Pow A Lt 68 A..2022
Jan
1,000
46
1023*
1043*
108
10,000
43,000
Nov
13,000
1083*
108
Oct
102
39,000
Oct
108
"i",66o
78
Dec
Oct
863*
1083* 1083*
623*
63
70
90
85
84,000
103
863*
Oct
923*
92
1033* 1043*
$97
723*
24,000
15,000
46,000
Un Lt A Rys (Del) 63*s '52
Jan
38
Oct
63
United Lt A Rys (Me)—
6s series A
1952
Dec
36
993*
65
2,000
97
"97"
Nov
4,000
59
70
Jan
1093*
37
1053* 1053*
713*
713*
613*
633*
Feb
Nov
Dec
May
74,000
101
75
37
41,000
5,000
3,000
Apr
72
1043*
793*
37
953* 1003*
Oct
79
5,000
953*
No Amer Lt A Pow—
53*8 series A
Oct
45
1959
Nov
92
1956
63*8
53*8
Jan
99
54
Oct
16
683*
60
1,000
35
44,000
593*
9,000
1043*
Dec
67", 000
28
60
24,000
.*>0,000
67
53
62
New York Penn A Ohio—
N Y State E A Q 4)*s 1980
N Y A Weetch'r Ltg 4s 2004
71
473*
603*
85
$76 3* 100
Oct
58
United Lt A Pow 6s... 1975
New Orleans Pub Serv
983*
393*
43
♦United Industrial 63*8.'41
♦1st s f 68
1945
Ext 4)48 stamped..1950
N Y P A L Corp 1st 4j*s '67
Oct
31,000
243*
City Rap Tr 63*8 *62
563*
N Y Central Elec 53*8 1960
Oct
40
523*
Ulen Co—
Jan
50
713*
22,000
76,000
42
53
$693*
"483*
.
1263*
51
90
51
48
Mar
1950
98 3*
Oct
Mar
Conv deb fis
893*
42
503*
49
"493*
Tennessee Elec Pow fis 1958
Tenn Puollc Service 6s 1970
45
663*
6,000
50
102
473*
90
Oct
1023*
20,000
67
Oct
42
1,000
1,000
68,000
1942
40
14,000
1,000
563*
fis stamped
Oct
993*
5,000
15,000
51
4,000
57 3*
♦Income 6s series A. 1949
Dec
41
50
Oct
753*
106
51
New Eng Pow Assn fie. 1948
Debenture 5>*b
1954
Nov
40
51
Apr
Jan
„
106
52
113
1023*
49
•
1970
1948
3,000
1023* 1043*
50
523*
Mar
Apr
Mar
1946
let 43*s
fie
New Amsterdam Gas fie '48
6,000
993*
993*
104
483*
50
Conv 6s 4th stamp. I960
United Elec N J 4s...1949
N E Gas A El Assn fie.1947
19,000
12,000
Super Power of HI 43*s.'68
Nov
1063*
88
38.000
983*
73
Stlnnes (Hugo) Corp—
2d stamped 4s
1940
Jan
1063*
$883*
723*
Oct
973*
Debenture 6s. Dec 11966
95
76 3*
2022
Nevada-Calif Eleo fie. 1956
87
♦Certificates of deposit
Jan
Jan
86
71
Nelsner Bros Realty 6s.'48
51
2,000
"50""
13,000
803*
443*
19,000
95
1023*
Dec
943*
86
1083*
563*
93
I^Stand Gas A Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s
1935
623*
873*
72
2030
543*
"553*
So'west Pub Serv 68..1945
Dec
83
Nat Pow A Lt 6s A—.2026
1951
Jan
743*
33*
$90
1083*
43*s 1968
Sou Indiana Ry 4s
Aug
1093*
923*
1944
Sou Counties Gas
104
Power—
♦Munson SS 63* s ctfa.1937
10,000
Dec
Jan
68
1053*
Nov
Oct
653*
105
1053* 1053*
1083* 109
104
1053*
73
31,000
2,000
Mar
923*
"98 H
75
18,000
103
1053*
31,000
28,000
So'weet Pow A Lt 6a__2022
1073*
993*
973*
1063*
1023*
1003*
$1063* 108
$79
96
1063*
8'western Lt A Pow fis 1957
943*
86
«*«• mm mm
Oct
106
Aug
Memphis Comml Appeal
Deb 4)*s
77
101
273*
Low
85,000
92)*
8'western Assoc Tel 5s 1961
223* May
Range for Year 1937
eel
Sou Calif Edison Ltd—
Oct
Oct
for
Shares
953*
Southeast PAL 6s...2025
Nov
Dec
of Prices
High
Low
Price
Debenture 334s
1945
Ref M
33*8. May 1 1960
Ref M 334a B.July 1 '60
July
Week's Range
Sale
(Concluded)
High
Low
$22
McCord Rad A Mfg 6s '43
Last
BONDS
Year 1937
Week
Mansfield Mln A Smelt—
♦7s without warr'ts.1941
Sales
Friday
(Continual)
Lake Sup Diet Pow
573
New York Curb Exchange—Concluded—Page 6
146
— m—m
-
-
74
773*
2,000
4,000
Jan
n Under
n years
.
...
transacted during current week.
f Reported In receivership.
1 Called for redemption.
Nov
Sept
47
Mar
yearly range:
Jan
No sales
Dec
2,000
Mar
delivery sales not Included In year's range,
year's range,
r Cash salee not Included
Ex-dividend.
y Ex-Interest.
$ Friday's bid and asked price.
No sales were
♦
Bonds being traded flat.
x
35
Nov
17,00 J
range,
132
9434
603*
the rule sales
Dec
112
22 3*
42
•No par value,
a Deferred
not Included m
Aug
Feb
2,000
12,000
Aug
Nov
12,000
3,000
18,000
Jan
Jan
Mar
22
1043*
1043*
104
Jan
2,000
603*
103 3*
1073*
Apr
107
Dec
10534
Apr
1013*
Oct
10334
45
Jan
e
Dec
1073* May
105
Feb
1043*
1053*
y
Cash sales transacted during the
Under-the-rule sales transacted during
Oct
Mar
5834
Dec
72
70
Oct
101
July
Mar
included In weekly or
the current week and not
included In
weekly or yearly range:
Feb
1013*
1013*
current week and not
No sales.
t
Deferred delivery sales
transacted during the current week
and not included
In weekly or yearly range:
No sales.
Jan
Abbreviations
Used
"cum." cumulative:
"v
t
without warrants.
'cons," consolidated!
"n-v," non-voting stock;
x-w.
Above—"cod," certificates of deposit:
*conv," convertible; "m," mortgage:
c," voting trust? ertlflcates "w
1," when Issued; "w w." with warrants
Financial
574
Chronicle
Jan.
1938
22,
Other Stock Exchanges
Sales
Friday
New York
Stocks (Concluded)
Helvetia OH Co t
Bid
Unlisted Bonds
Ask
Bid
Ask
Place
34 %
Park
90
Bryant Park BJdg 0%sl945
25
11 West 42d St 6%s..l945
33
Apt Hotel 6s %
1938
65 West 39th Street Bldg—
Dodge Corp—
Income bonds v t c
Certificates of
Internat Commerce Bldg—
,
Price
Par
1
Isle Royal Copper Co
22
20 %
deposit—
12
Established 1853
Calvert St.
39
Inc
1
Louisville, Ky.
Butte
Old Colony
4%
Broadway
Stocks—
Arundel Corp
Price
Black A Decker com....
60 %
100
1
1
Mfrs Finance
com
18
104
Low
105
CO £
110
%
Nov
3
1%
Dec
9
Oct
9%
3,500
36c
Dec
55
3%
Dec
2%
29%
3%
5
2%
Dec
23
16
17%
06% 70
114% 114%
170
13%
Dec
38
62
Oct
89%
Oct
Oct
25
3%
3%
11
110%
Oct
5
357
8%
Oct
115
200
30c
18
17%
x
-
-
-
Dec
16%
Feb
Oct
20
0%
91c
Nov
33%
3%
Feb
595
24%
Dec
41%
May
33
Mar
98
Jan
91c
5
26%
91c
26%
-
27
20
75
50
20
1
*
76%
450
64%
Oct
41
100
37%
Sept
Oct
Oct
1
1%
1,175
61c
3%
3%
4%
72
2%
63%
65%
63%
51,000
61
65%
65%
600
78
Eastern Mass St.
110
7
7
168
2%
2%
3
1,875
1,130
2
Oct
2%
2
Oct
Dec
41
1948
1948
CHICAGO
Dec
Dec
Unlisted
Member*
(Associate)
10 So. La Salle St., CHICAGO
Jan
Apr
8%
Oct
18%
1%
3,005
1%
Dec
2
8ept
92%
92%
50
90
Oct
104
Feb
%
100
73%
65
%
65%
Dec-
Chicago Stock Exchange
Feb
Jan
Jan. 15 to Jan. 21, both
inclusive, compiled from official sales lists
Sales
Friday
10 %
1%
1
Ry...50
Owings Mills Distillery... 1
%
Penna Wat A Pow com...*
73
Phillips Packing
72
72
Oct
Last
!•*'
.
Stock*—
Par
Western National Bank. 10
Feb
Low
Price
Common
72
10
70
Dec
37
20
34
Dec
45
Apr
13%
32%
15%
3,665
11
Oct
29%
Jan
Adams Mfg (J D) com
*
Adams Oil A Gas Co com.*
32%
5
15%
Oct
37
Jan
Advance Alum
Mar
103%
Bonds—
*
(new)
Altoefer Bros
Baltimore City Bonds—
City 4s Dock Impt. 1961
118
$700
500
117% 117%
112
sew'ge Imp 1980
Bait Transit Co 4s (flat) '75
112
1,400
22%
25%
23%
25%
27
17,000
9,000
115
Feb
119
Jan
113% May
119
July
108
115
Aug
Feb
25
-
—
Aro Equip
Corp com
Asbestos Mfg Co com
1
Oct
41%
Jail
Oct
48
Jh
conv
pref
*
Barber Co (W H) com
30 State St., Boston
Week's Range
for
Sale
of Prices
Low
High
Shares
Range for Year 1937
Week
Boston A
100
103
Boston Edison Co
100
120
119 % 122
895
115
Boston Elevated
100
50 K
49 %
51
345
47
Dec
69%
Boston-Herald-Traveller _*
20 K
19%
20 K
155
18%
Oct
30%
Jan
2%
25
234
Sept
Mar
Mar
Boston Personal Prop Tr. *
3K
3K
4%
12%
2%
UK
3H
3K
4%
12 K
Boston A Province
70
70
55
%
Oct
0%
2,489
13914
Oct
187 K
Dec
147
Dec
160
154
88)4
Jan
Jan
25
*
100
49%
49 %
.100
30 %
30H
Jan
5%
1st preferred
10
7%
Brothers
100
•
•
Common
1
conv
Cities Service Co com....*
29
Mar
10
Dec
Common capital
10%
For footnotes see page 578,
7K
10 K
30c
22
Aug
Oct
Oct
22%
850
16%
Oct
30%
14%
43%
Mar
28%
9%
3,250
22%
Dec
750
0
Oct
60%
30%
Mar
5%
400
4
Dec
13
July
8%
1,900
21
200
1%
Jan
17
Deo
43
July
12
Oct
19
Feb
Chicago Yellow Cab Co._*
%
150
6%
100
4
Dec
49%
130
46
Dec
31%
310
30
Oct
95
300
78
Oct
5
200
2
14
14
21%
50
2%
33%
5,200
45
46
1%
1%
New
Jan
Common def shs
Oct
Jan
Cord Corp cap stock
Dec
10%
Jan
v
2
1%
30%
Oct
Jan
Jan
Jan
Mar
Jan
73
Mar
20%
Sept
6%
Mar
Dec
48
Feb
35
Oct
77
Mar
1
Dec
20
95%
30
60
2
Nov
6%
75
110%
20%
Feb
Feb
150
100
63%
12%
Oct
3%
19
z81%
700
3,150
10
1%
4
5%
5%
~"~i%
2%
1%
t c A50
5
Aug
Dayton Rubber Mfg com.*
Decker A Cohn com....10
Mar
Dexter Co (The) com
Dixie Vortex Co—
350
3,000
8
Oct
6%
37%
Mar
Feb
Oct
108
Feb
Nov
77
May
Oct
6%
1%
Oct
20%
15%
27%
5%
Jan
Jan
23
Dec
51
Jan
2
Dec
7
Jan
Dodge Mfg Corp
2%
Dec
12
Jan
Elec Household Utll cap. 5
Class A
33%
48%
2
Oct
11
10
5
Oct
14%
"2%
100
2%
Dec
6
Sept
Oct
Mar
2
64%
15
8%
Oct
Dec
250
15
10%
8,700
4%
5%
64
900
1,600
1%
Aug
Feb
Jan
July
Feb
20
50
Dec
5%
110%
100
12
Oct
26%
Feb
Apr
10%
3%
1,150
5%
Oct
28%
3
500
2
Oct
l1 %
Jan
6
3
5
300
6%
220
3
Dec
17%
Jan
31
31
50
31
Oct
41
Feb
14
*
14%
100
12
Dec
20%
Aug
4%
23%
2%
1,850
Dec
12%
"
com
280
15
Oct
20%
Mar
Elgin Nat Watch
18
27
Dec
47
Mar
Fuller Mfg Co com
8
Oct
14%
Jan
8K
Oct
20%
Feb
New
Jan
$3 curaul
2
12
Oct
15% Dec
100
11
12%
Cudahy Pack'g Co pref. 100
Cunningham Dr 8tores_2%
Jan
Oct
3%
Dec
Edison—
20%
17%
3%
1%
10
63%
.»
23
Oct
100
%
100
•
•
27%
Oct
1,300
21%
2%
32%
v
22
25c
Mar
Mar
5%
40
25%
50
18%
36%
Oct
300
22%
60
%
Oct
Oct
5%
17
100
Aug
14
25%
178
Feb
Feb
23
25
7K
Feb
Dec
Consolidated Biscuit com. 1
Consumers Ck vtc pref. 50
10K
30c
U
*
300
*
Jan
Feb
9%
Compressed Ind Cases cap*
48%
*
19
20%
23%
4%
Jan
22
Oct
8%
Feb
75
Dec
Mar
550
18
25
Sept
9
19%
200
151
3K
50
Oct
Feb
1,000
8
Dec
Dec
Gillette Safety Razor
15%
7%
Dec
25%
Hathaway Bak clB
450
600
10
40
29%
13%
10%
12%
12%
14%
63
30K
29%
10
10
50
*
150
225
81
Genera! Capital Corp
Gilchrist Co
10
4%
4%
pf *
Commonwealth
Dec
18
Mar
94
32%
Mar
49
17 H
9
1%
30%
1%
94
*
Preferred..
Mar
65
*
Dec
%
6%
Chic A N West Ry oom.100
Chic Rivet A Mach cap
4
23
4)4
Employers Group
2%
49
6%
49%
2%
20
2%
3K
600
%
33
13%
*
Deo
96
22
*
com
common
Dec
140
3%
Jan
1
360
Jan
22
Cherry-Burrell Corp com.5
Chicago Corp
Dec
7%
22
17
1%
*
*
3%
4K
2K
22
"3 '%
Mar
Nov
7%
20%
1
Convertible preferred
Cent 111 Pub Serv pref
Central S W—
3)4
10
6%
100
4%
57%
3%
8%
5%
Chic Flexible 8haft com..6
East Mass St Ry—
Adjustment
Oct
Dec
150
26
8%
1
com
10
2H
1
700
4%
13%
26%
*
Ring
90
242
307
1
1%
36%
10%
5
com
10%
56%
9%
1
July
30
48
Warner Corp—
Jan
East Gas A Fuel Assn—
100
12%
20%
Chicago Towel Co
Copper Range
Dec
20%
Mar
Boston A Maine—
8%
5%
7%
Chain Belt Co
IK
IK
145% 148%
100 % 108%
8%
200
7%
Prior Hen pref
High
100
25
6%
"14%
Preferred
Low
Amer Tel A Tel
Calumet A Heel a
Feb
Aviation com....5
Common
Amer Pneumatic Service—
100
84%
13%
12%
12%
13%
Central States Pr A Lt pfd*
CI D 1st pref stpd..-TOO
Jan
Oct
30
120
Central IlUnols Sec—
Exchange
Sales
10
43
Oct
4H
8%
_
5% conv preferred
30
Caval Const Co conv pref *
Castle (A M) common..10
Central Cold Rtor com..20
Lewiston
Last
Class C 1st preferred .100
Oct
1,050
13%
Butler
N. T. Tel. CAnal 6-1541
Feb
6%
35
54
"12%
(New)
Jan. 15 to Jan. 21, both inclusive, compiled from official sales lists
Prior preferred
100
Class A 1st pref stpd. 100
12%
26%
Mar
Oct
Feb
1%
35%
amm
Burd Piston
Portland
100
'
m
Bruce Co (E L) com
Private Wire Syetem
...50
Oct
12
1
Borg
New York Curb Exchange (Aeeo.)
UNLISTED TRADING DEPARTMENT
Price
3
50
Berghoff Brewing Co
1
Bliss A Laughlln Inc cap-5
Nevo York Stock Exchange
Friday
300
Bendlx
1887
Member a
Boston Stock
Jan
4%
15%
Barlow A Seelig Mfg A com 5
Bastlan-Blesslng Co com. *
Belden Mfg Co com
10
Townsend, Anthony and Tyson
Bangor
12%
30
4%
%
m
*
com
55%
17%
Nov
600
6%
Athey Truss Wheel cap...*
r
Dec
4%
35
Associates Invest Co com .4
25
8%
4,700
52
6%
1
22%
Feb
270
7%
39%
6%
pref...*
100
conv
Nov
9
4%
15%
Castings..5
Backstay Welt Co
Boaton Stock Exchange
High
5%
5%
Armour A Co common...6
Auto Washer
Established
Low
Shares
8%
38
38%
8%
Amer Pub Serv pref...
118
1901
Range for Year 1937
for
Week
High
Abbott Laboratories—
Allied Products cl A
of Prices
Feb
1%
95
72
UK
Week's Range
Sale
.
37
Peaboard Comin'l Pref-.25
East Steamship Lines com*
Jan
Jan
659
Common
Feb
Pauf H.Davis & €o.
Jan
11%
0% preferred
89
101
SECURITIES
Listed and
Jan
%
6%
9%
1%
4% % prior pref
Dec
Nov
Ry—
Chicago Curb Exchange
%
Apr
Common
JaD
Chicago Stock Exchange
27%
7%
...
12%
Aug
Oct
Preferred stamped
Jan
2% June
Oct
Aug
Albany
Jan
40%
14
%
305
4
6% preferred
Nov
18%
75
41
New York Curb
22
Par
Jan
9%
765
New York Stock Exchange
9
Stocks—
25%
670
11%
Jan
86
Boston Tel. LAP 7010
Nov
100
10
Apr
2%
1976
20
20
9%
48
24%
flat
Mar
130
2%
new
11%
Oct
24%
6s
Mar
Dec
Oct
Monon W PennPS7%pf.25
Mt Ver-Wdb Mills com 100
3%s
Jan
50
2
89
14
A
Jan
Jan
230
4
10
510
265
92% 104
10
10%
110
4s sewerage impt
Nov
10
Aug
16%
2
25c
20
9%
•
Jan
30%
10
pref..100
Mar
June
1%
44%
19%
Mar
Jan
Merch 4 Miners Trans p..*
U 8 Fidelity A Guar
1%
Jan
285
3
1
Northern Central
63
2%
10%
Jan
7
25
No American Oil com
Mar
Mar
Jan
112
%
Common class A
New Amsterdam Casualtyfi
X0
142
147
(new)
Apr
1
2%
1st preferred
Mar Tex OH
Oct
Nov
High
Oct
14
23%
1%
12%
4%
4%
*
t
v
1
98
Bonds—
2%
8
20
100
pref
100
4%
70c
Apr
11%
Oct
2%
Jan
Feb
1,242
698
*
Eastern Sugar Assoc—
Houston Oil
2,140
Mar
66
15%
United Shoe Mach Corp.25
Preferred..
25
1
Preferred
Dec
24%
Union Twist Drill Co
2%
1st pref vtc
Fidelity & Deposit.
22%
Range for Year 1937
Shares
17
16%
Bait Transit Co com v t c
6% preferred
285
30c
*
*
Common
24%
May
Week
•
Consol Gas E L & Pow—*
Jan
Jan
3%
14%
Series D 6s.
of Prices
Low
High
Dec
22%
Suburb Elec Securcom...*
Sales
Sale
1%
15%
Rhawmut Assn T C
Exchange
189
4%
«
Reece Button Hole MachlO
Toning ton Co
5%
20
30
2
22%
Series A 4%s
Par
64
20
8%
22
...50
Stone A Webster
Jan. 15 to Jan. 21, both inclusive, compiled from official sales lists
for
«.
25
Warren Bros Co
Week's Range
24%
Oct
6%
3%
Pacific Mills Co
York, Pa.
Last
Dec
Jan
19
-2%
-
*
Utah Metal & Tunnel
Friday
Oct
55c
55c
100
Pennsylvania RR
Quincy Mining Co
Members New York, Baltimore and Chicago Stock Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
Baltimore Stock
Nov
13
23
99
2.50
RR..
Certificates of dep
Old Dominion Co..
NEW YORK
Hagerstown, Md.
1
15
5
4%
2%
2%
98% 101
23
Linotype.
Narrag&nsett Racing Ass'n
National Tunnel A Mines.*
Stein Bros.&Boyce
S.
200
2
N YNH AHRR.....100
6
1
20
20
New England Tel A Tel 100
Exchange
BALTIMORE, MD.
2%
1
8
77
Baltimore Stock
High
Oct
35c
40c
1
25
Mergenthaler
10 East 40th St Bldg 5sl953
on
50
40c
5% cum preferred
1
Mass Utilities Asso vtc.
21
North
Orders Executed
Low
Shares
15% xl6
c
6
«_
250 W 39th St Bldgs 6s '37
5%
lH'
Year 1937
Week
Maine Central—
616 Madison Ave—
1941
7s
for
of Prices
Low
High
Loewg Theatres (Boetc
Bldg—
1945
(The) 6s
38th
St
Alden
B'way
Week's Range
Sale
Exchange
Closing bid and asked quotations, Friday, Jan. 21
Unlisted Bonds
Range for
Last
Estate Securities
Real
*
3%
15
3%
23
1
~"~2%
*
14%
2%
2%
Jan
300
21
Oct
40%
Mar
200
2
Dec.
5%
May
Dec
23%
July
Dec
70
July
Gardner Denver Co—
common
conv
pref...20
14
15
52%
52%
250
50
9%
45
Volume
146
Financial
I
Friday
Last
Stock* (Concluded)
Par
Low
Rang« for
for
Shares
4
Low
Common
550
254
A.*
2X
2X
354
3,000
32
32
2354
8X
1354
23 X
100
8X
1454
10
6X
6H
50
Hamilton Mfg cl A pt pfdlO
m
6Va
100
6X
ex
Gossard Co (11
W) com..*
Great Lakes D & D com..*
Hall Printing Co com...
14"
Harnlschfeger Corp com. 10
HeUeman Brew Co G cap. 1
5H
5X
7
6
Heln Werner Motor Parts 3
70
Horders Inc com
1354
19 X
Houdallle-Hershey cl B_..*
Hupp Motor com (new)..l
11
10
.100
i2x
J^y
Oct
ex
Dec
2954
20X
Feb
4
Dec
14
Apr
20
Indep Pneum Tool vtc..*
Dec
Oct
11X
Oct
1ZX Mar
52X May
2154 June
Nov
90
14
1 Nov
250
16
Oct
23
Jan
27H
4X
19X
.111#
Aug
Jan
Aug
49
Mar
50
7H
De*
IX
Dec
AX
Oct
190
92
28
50
21
Nov
7
200
4X
12X
Nov
Dec
Oct
Oct
28
ex
1554
1554
100
Oct
17 X
18 X
350
13 X
*
2354
40 X
2354
4054
50
Joslyn Mtg & Sup com...5
Kats Drug Co com
1
Kellogg Switch A Sup com*
Ken-Rad T A Lamp com A*
Kentucky Utll Jr cum pf 50
6% preferred
100
Kerlyn Oil Co cl A com..5
Kingsbury Breweries cap 1
50
1954
3854
5X
900
1
com
4 54
454
1054
Oct
28 X
60 X
130
19
Dec
Oct
1254
28X
43X
10
54
Oct
89
X
X
354
X
IX
Dec
3
Oct
10
20
Dec
954
200
7X
Dec
9
250
6X
Oct
Feb
Jan
Jan
7X
3M
1354
3454
1954
1554
450
Oct
1244
15
Nov
3354
400
2
Oct
6X
14
14
60
18
Oct
48X
31
70
29
Dec
5754
50
100
8X
9X
4«
24
4.100
1,350
4
Prior preferred
*
Mlckelberry's Food Prod—
24
2H
1
554
IX
10
2 54
ex
ix
ex
IX
150
Oct
X
19
Dec
Nov
21
3054
Dec
7X
3H
25
3154
8,150
IX
ZX
Oct
Oct
1,200
X
1
Jan
5
2254
25
2554
360
24
Oct
36
Feb
28
26
28
10
23
Oct
3054
Apr
268
.14
Dec
24
Jan
11
97
Oct
106
Mar
Kroger
....*
_
.
Magnavox
17
17
1754
50
97
97
99 y
2.50
Little Miami Guar
1
1
.
.
Procter & Gamble
IX
"io
Okla Gas & El 7% pref 100
Oshkosh B'Gosh com
*
com
Rapid
*
27
27
27
20
22
Oct
38
Feb
22
22
23
40
1954
Oct
3454
Feb
10
7
7
7
45
Wurlitzer
100
Preferred
Members Cleveland Stock
CILLI
Telephone: CHerry 5050
Cleveland Stock
Jan. 15
to
Rath Packing Co com
for
IX
Airway Elec Appl pref. 100
Feb
Akron Brass Mfg...
5
9% Mar
City Ice & Fuel
Common
Bangamo Electric Co
12X
Serrlck Corp cl B com
1
Clev Elec Ilium 84.50 pref *
Cleveland Ry
.....100
108
108
17
Jan
Jan
Oct
1,650
ii*
10X
25
100
50
3654
354
Feb
Feb
Dec
58
Feb
Faultless Rubber
Oct
Feb
Federal Knitting Mills...*
Jan
Foote-Burt
Nov
2
ex
1054
Oct
954
16 54
Oct
37
Mar
50
10
Dec
54
Jan
60
12
Oct
54
Jan
10
99
Oct
116
Jan
100
10
754
13
29
150
Oct
1554
2454
Oct
35
Dec
150
29
VA
25
IX
100
ioox
420
86
Nov
20
121
16
Apr
Dec
1754
50
2X
IX
2X
IX
200
IX
Oct
1.400
50
62
30
Oct
Oct
Oct
X
60
Dec
So Bend Lathe Wks cap. .5
South w Gas A El 7% pf 100
Mar
Jan
com
Aug
1454
Mar
35
Mar
42
Apr
2854
Feb
2754 Mar
100
100
10
89
Nov
107
Jan
72
72
20
71
Dec
95
Jan
2X
12X
13
ex
10
ex
2X
Oct
250
9X
Oct
200
5X
Dec
Sunstrand Mach Tool oom5
12
12
13
700
Swift International
15
26
25X
27
300
22 X
.25
18
18
18X
2,750
15X
IX
X
IX
16
250
15X
11X
IX
800
X
Nov
Oct
Oct
Oct
Dec
550
IX
18
18
Trane Co (The) com.....2
Utah Radio Products com •
Utll A Ind Corp com
5
Convertible pref—..—7
IX
X
IX
100
I. terlake Steamsh ip....
44
9
Dec
Mar
10354 June
2954 Dec
14
Oct
Feb
4054
112
Jan
Jan
6354
50
Mar
Aug
30
Jan
56
Aug
117
21
Nov
30
55
13
1754
754
25
30
54
Mar
40
33
Dec
50
May
5
92
Dec
104
Jan
100
6
Dec
18
Apr
4454
1754
1854
654
1054
44
1754
1854
17?4
1854
....
6
*
-*
25
National Refining
*
National Tile
220
40
Nov
50
15
Dec
7354
1754
1254
Feb
30
■'
Dec
Dec
Oct
Jan
Jan
Dec
17H
Feb
2254
6 54
Jan
2054 May
1554 Mar
2854 Mar
3354 Mar
2854
Mar
2654
454
July
Apr
Troxel Mfg
.
Upson-Walton
Van Dorn Iron Works....*
Tool.
*
Warren Refining....
2
Vlchek
445
27
27
Nov
16
Dec
645
4
254
1154
1854
1154
.
Feb
14
Oct
10
1854
Dec
9
110
30
4
115
Mar
Mar
354
Oct
152
2
Oct
105
Jan
Jan
5854
Mar
60
Feb
1254
1054
2054
Feb
Mar
Mar
300
1054
1754
8)4
36
543
30
354
3254
300
29
155
16
Dec
11
11
31
10
Sept
4
4
15
4
Oct
6X
254
054
254
*
100
1
1
1
8% cum pref
S M A Corp
5
4
-*
Selberling Rubber
2954
1854
354
254
1154
1854
1154
3554
354
11
Reliance Eie.trlo & Eng. .5
Richman Bros
10
254
1154
1854
1154
3554
354
3254
.*
*
Patterson-Sargent
6
1054
2954
1854
354
*
Packer Corp
98
2,000
Mar
10154
654
654
Jaeger Machine
July
Jan
Dec
3X
8
Dec
105
654
254
8354
Nov
Oct
Dec
35
.*
Feb
Feb
4
12
Dec
95
754
354
50
150
Feb
120
3754
McKee (A G) B
900
10
Feb
105
29
Mar
300
Dec
31
95
3754
Dec
24
Jan
21
2
2,056
11054 11054
2054 2054
20
2054
754
754
3754
Leland Electric
11
10
Dec
554
17
162
29
Harbauer Co
11
58
106
1854
95
Lamson & Sessions
50
28
31
31
Dec
3354
1454
10
32
3754
Jan
150
Nov
3054
1654
11054
2354
2054
■m
50
29
Jan
12X
6354
6X
23X
High
Oct
217
254
Halle Bros pref
100
Hanna (M A) 85 cum pref *
150
72
2X
—*
Great Lakes Towing...100
254
31
Kelley Isl Lime & Transp*
100
*
Standard Dredge com
*
Convertible preferred. 20
..*
Feb
26 X
15X
Bouthw Lt & Po w pref
pref—.100
3%
12554
12X
28
30
Dow Chemical
254
Medusa Portland Cement *
IX
X
Low
5
Feb
Slgnode St Strap Co—
Preferred
11
108
Cliffs Corp vtc
.*
Commercial Bookbinding.*
275
62
Feb
6
40
00
10
62 H
"Sx
20
60
2054
*
Schwltser-Cummlns cap._l
Sears Roebuck A Co com.*
654
1254
40
32
IX
654
1^54
1
? 56
62
30
ex
1254
...
*
*
2X
8X
12 X
Range for Year 1937
Shares
6
Cleve Builders Realty
Cleve Cliffs Iron pref
Oct
1
6
Clark Controller
Rollins Hob Mills—
St Louis Natl Stkyds cap.*
6
Jan
Dec
5
Price
Jan
Jan
Nov
2X
50c
6% preferred vtc
Par
1254
Raytheon Mfg—
Common vtc
Exchange
Sales
Jan
17X
10
Exchange
Jan. 21, both inclusive, compiled from official sales lists
Feb
J'
t»Apr
Week
Nov
18
|May
134
A. T. & T. CLEV. 565 & 566
954
854
250
20
Dec
s(0>WOOD A
4654
300
Dec
Union Trait Building, Cleveland
Oct
1,400
11
7054
39
of Prices
Low
High
4
X
120
Ohio Listed and Unlisted Securities
Deo
139 X 140
Preferred....... ....100
954
6854
6854
Week's Range
120
98
9
100
Salt
40
23
Mar
10
Last
50
22X
X
21X
2X
Jan
215
U 8 Playing Card
Oct
22X
Feb
Western Bank
Friday
110
IX
"98"
Feb
1
13
29
*
Oct
211
454
6554
20
Jan
454
1
com
44
72
16
5054
Jan
22X
23X
7X
A 10
Perfect Circle (The) Co
Pfnes Winterfront
118
212
16
20
100
*
50
212
16
754
136 X
"~8
Northwest Utll 7% pref 100
Prior lien preferred.. 100
50
212
*
70
27 X
Dec
154
*
150
3
27
40
100
8 % preferred
Randall A.
Oct
X
1
15 X
Dec
22
20
Swift A Co
2554
_
Jan
Dec
1
IX
454
"21X
Northwest Bancorp com.
Northwest Eng Co com
Storkllne Furniture
*
Hilton Davis pref
Feb
22
com...
Noblltt-Sparks Ind com.
Quaker Oats Co
Jan
Gibson Art..
Apr
132
_
conv
1*
70
20
*
com
Nort Amer Car com
10
2
100
300
'
IX
2%
3
27
*
4
IX
IX
100
100
pf. *
4
3X
Montg Ward A Co cl A...*
National BatteryCo pref.
National Standard com..10
Penn Elec Switch
25
Mar
7
Oct
4
Conv preferred A......*
Midland Utll 7% pref A 100
Nat Union Radio
Dec
Stocks-
Common
Miller A Hart Inc conv
11
Jan
4X
Nov
Midland United Co-
Modlne Mfg Co com
Monnol Chemical Co
130
Mar
1
.18
Mer A Mfrs Sec cl A com.l
7% prior lien
6% prior lien
12
Feb
30
"m
Middle West Corp cap...5
Stock purchase warrants
12
July
Jan
1
High
12
Jan
850
18
Low
*
Feb
Mar
July
Mar
4
2X
Range for Year 1937
Jan
25
2X
(Concluded)
Formica Insulation
Jan
23 X
2X
30
Stocks
Sales
Friday
Last
Week's Range
for
Sale
Week
of Prices
Par Price Low
High Shares
Aug
50
3X
23 H
CINCINNATI
Mar
3X
Jan
25
50
3%
8X
Mapes Cons. Mfg capital.*
.....
50
Oct
Oct
3X
350
.
22
9X
McCord Rad A Mtg A...*
McQuay-Norris Mfg com *
Manhatt Dear'nCorp com*
Common
1,200
2X
30
22
4
100
1
2X
*
*
4
29
.*
com.,
Feb
Mar
Dec
6
9X
*
Marshall Field
Feb
Aug
50
4
Ubby McN A Llbby_._10
Lincoln Printing CoCommon..
*
Feb
51
55
50
7
60 X
Cumulative preferred .*
Le Rol Co com
10
Feb
29X
27
.
Loudon Packing com
10X May
11X
7
La Salle Ext Unlv com.. .5
Lion OU Ref Co com.
3X
Feb
27
11X
Lawbeck 6% cum. pref 100
Leath A Co-
Common
Dec
TRUST BLDG.
Phone Cherry 6711-Bell SyH. Tel. Cin. 363
Jan
40
600
Indiana Steel Prod com..
Ohio Listed and Unlisted Securities
Mar
ex
3X
150
Exchange
Trading Markets In
BALLINGER & CO.
UNION
Jan
5
ix
Iron Fireman Mtg v t c._
Jarvls (W B) Co cap
Oct
Oct
42 X
ex
9
854
8X
106 X 107
107
Cincinnati and
Jan
130
IS* a*
IX
1054
5054
Feb
Mar
70
13 X
Hormel A Co com A
19 X
200
45
*
Oct
3,300
44 X
Oct
27
200
ex
Hlbb Spencer Bart com..25
Jefferson Electric Co
Members Cincinnati Stock
High
5X May
Oct
IX
2,000
Goldbiatt Bros Inc com—*
Illinois Brick Co cap
111 North Utll pref
Year 1937
Week
High
Active
Gen Finance Corp com.
Gen Household Utll—
Godchaux Sugar Inc cl
Range
of Prices
Price
575
Sales
Week's
Sale
Chronicle
654
654
254
054
254
50
554
Dec
1054 Apr
1354 May
147
1154
554
Dec
14
Feb
Dec
1554
554
Jan
254
654
254
25
20
100
Oct
Oct
Dec
Nov
254
Dec
2
Oct
34
Feb
18
Sept
Mar
Mar
5754
954
6454
Aug
19
Jan
J&n
Watling, Lerchen fit Hayes
Members
2
Jan
Oct
054
Feb
Detroit
Nov
2454
Feb
NOV
40
Jan
Oct
5
Jan
New Ydrk Curb Associate
New York Stock
Exchange
Stock Exchange
Chicago Stock Exchange
Viking Pump Co—
Common
.....*
Preferred
*
36X
(The) com......*
IX
WahlCo
Wisconsin Bank shs com.*
Woodall Indust com
2
Yates-Amer Mach cap
5
Zenith Radio Corp com..*
36X
10
34
IX
50
19
20
12X
4X
ex
ex
VA
17X
4
*
com
16
12X
1954
Walgreen Co common
*
Wieboldt Stores Inc com..*
Williams Oil-O-Matic
10
"lx
ex
454
IX
'iex
1554
X
750
18
Oct
4954
50
10
Dec
2654
1254
250
1,200
300
50
1,900
2H
Oct
Buhl Building
Feb
Deo
Feb
4
Dec
12
Dec
IK
11J4
Dec
Dec
1654
254
4354
Feb
Nov
Detroit Stock
Mar
2X
Jan. 15 to Jan. 21, both
Last
Sale
Jan* 15
to
Jan. 21,
Last
Sola
Stocks—
Par
Pries
Week's Bangs
Bangs for Ysarl1937
for
Week
of Prices
High Shares
Low
High
17
17
18
97
16
Dec
3
3
3
25
2
May
*
30
30
220
100
104
p Preferred
754
2954
104
104
Cincinnati Telephone—.50
80
754
754
9954 iooy
454
6
7954 80
Crosley Rad.o .......—*
Eagle-Picher Lead
10
10
10
10
12
12
1254
Churngold
Clntl Gas A Elec pref. .100
Cincinnati Street Ry
50
For footnotes see page
4X
578.
Price
Range
for
Week
of Prices
Low
High Shares
7
10
201
574
180
5
90
Auto City Brew com.—1
62c
02c
75c
154
454
154
954
26
354
6254
454
154
ix
--*
"2554
IX
854
2454
Burry Biscuit com...1254c
Chrysler Corp com
5
Crowley, Mliner com....*
"mi
58
-
2054
104
554
94
D©e
Dec
111
654
Feb
Det A Cleve Nav com... 10
Jan
100
Jan
Dec
28
Jan
Ex-Cell-O Aircraft com. ..3
1054
103
Detroit Edison com....100
Jan
Dec
1354
108
3
Range for Year 1937
Low
1,900
High
54
Dec
850
54
Dec
3
July
3,143
554
Oct
1554
5654
754
13254
1154
Feb
1,297
19
Nov
400
2
Oct
2,882
47
Dec
240
354
Dec
775
154
Dec
254
Feb
Jan
Mar
Mar
Mar
Feb
June
com...5
1
Detroit Paper Prod com__l
Eureka Vacuum com... .6
Oct
Oct
454 Nov
75
3454
354
63
1
Baldwin Rubber com
Briggs Mfg com..
Low
American Laundry Mach20
American Prod prior pref .7
Champ Paper A Fibre
Sales
Week's
Allen El
Sates
Friday
Par
Stocks-
both inclusive, compiled from official sales lists
Exchange
inclusive, compiled from official sales lists
Friday
Aug
Cincinnati Stock Exchange
DETROIT
Telephone: Randolph £530
Jan
Jan
Detroit Gray Iron
.
Federal Mogul com..
*
105
1%
m
"354
254
354
2
354
354
5
5
Det-Mich Stove com
1254
954
1254
1054
85
90
1,350
2,014
1,750
2
154
Dec
Oct
354 Mar
14554 Jan
354 May
Oct
U
Dec
Dec
10
460
254
354
754
506
8
Dec
100
Oct
14
2754
23
Feb
Jan
Jan
Mar
Jan
Financial
576
Sales
Friday
r
Last
Stock* IConcluded)
Federal Motor Truck
Week's Range
Sals
Pai
oJ Prices
com*
Frankenmuth Brew
prtce
m
lx
62c
.1
1
Grand Valley Brew com..l
General finance com
1
Hall Lamp com
....*
Hoover Ball & Bear com. 10
Houdaille Hershey B
*
Hudson Motor Gar com..*
Hurd Lock & Mfg com—1
Gotbel Brewing com
Graham-Paige com......
Kingston Products
Kresge (S 8) com..
62c
6H
30
com—.10
General Motors
ix
6%
3534
334
IX
13.
com__l
'6
5X
4
23
Feb
549
*
5Q0
100
2,850
1,200
100
134
Oct
1,200
834
2934
134
934
234
434
134
234
734
434
Feb
Jan
26
Feb
2,435
4
Oct
203-4
Feb
2,333
4
Oct
741
28
Oct
1234
4434
1934
Feb
Feb
Aug
Aug
910
334
634
2H
<
1,963
1,000
295
2x
334
434
334
2134
1234
280
825
900
4,000
100
520
30
Oct
334
134
Dec
2
Oct
234
334
Oct
Oct
2
Dec
Dec
1434
Dec
10
10234
July
534
300
1,450
3
234
200
134
134
4,245
3
334
34
634
330
100
300
534
13
Feb
634
934
534
634
1034
Jan
Feb
Feb
Jan
27
Jan
Feb
2834
11134
Feb
Aug
Oct
134
334
434
134
2 34
2
Dec
2,797
365
34
Dec
10
Feb
Dec
8
Feb
Dec-
11
Feb
2
5
6
934
2
1,805
434
134
234
3
Jan
Oct
5
2%
Jan
Jan
Mar
Jan
12
434
134
434
"ill
Feb
100
107
107
....
Feb
100
12
334
2134
1234
lH
434
Jan
Feb
534
11
4K
2
Oct
Oct
2
Oct
34
234
Oct
4^
^
Oct
934
834
734
134
734
Mar
Feb
Sales
Friday
Range for
Last
Par
Stocks (Concluded)
Week's Range
for
Sale
of Prices
Price
High
Low
334
1234
1234
Yosemite Ptld Cement
18
High
Lois
Shares
6
500
5
334
534
334
6
1
Wellington Oil Co
1937
Year
Week
200
234
Nov
1334 Apr
534 June
Sept
1534
Oct
Mining—
Jan
100
1034
Blk Mammoth Cons MglOc
22c
22c
22c
2,800
12c
Oct
10c
134c
134c
134c
2,000
lc
Mar
4c
Feb
Feb
10
Gold
Alaska-Juneau
Calumet Gold
-
Cons Chollar G«tS.
22c
22c
3,800
16c
Dec
8234 c
434
700
134
Apr
5
134c
3,000
lc
Dec
9c
Feb
29c
29c
100
30c
Oct
48c
Jan
8c
7c
8c
5,000
434c Nov
15c
Jan
1234
....1
1
Zenda Gold
20c
334
134c
29c
Imperial Development.25c
Tom Reed Gold
39c June
434
134c
1
1
Cardinal Gold
1234
1234
434
Oct
2934
Oct
Oct
Dec
Nov
934
834
2734
6254
*
Oct
Unlisted—
834
4334
5034
1234
434
634
834
4434
5134
41
41
41
200
3514
1834
35
3534
1834
200
2934
3034
Aviation Corp (Del)
434
Curtiss-Wright Corp
5
America...*
Radio-Keith-Orpheum—*
Standard Brandslnc
*
Standard Oil Co (NJ)—25
US Steel Corp..
*
234
100
300
834
3734
400
45
6234
6834
5434
1234
1234
NOV
Dec
Oct
400
16
100
4
Dec
734
434
500
5
Nov
100
4
Dec
10
9
400
4534
Dec
72
400
4934
100
534
Nov
Oct
59
Feb
Feb
Oct
Mar
Nov
Nov
Feb
Feb
Apr
Feb
300
4934
6134
7
7
Feb
Jan
Mar
45
Oct
5
434
834
4934
7
5
334
5
eX
434
834
49?4
6034
Radio Corp of
100
1,200
634
18
5
*
Warner Bros Pictures
5
834
4334
Montgomery Ward—...*
New York Central RR—*
Packard Motor Car
12
600
5134
Sanitary.*
3
1
Electric Bond & Share
5
General Electric Co
*
Intl Nickel Co of Canada.*
Kennecott Copper
*
Amer Rad & Std
11734
1734
July
Feh
Jan
Feb
Established 1874
Feb
July
Dec
Feb
SANTA ANA
SAN FRANCISCO
Feb
IX
1334
34
4
Wayne Screw Prod com..4
Wolverine Brew com
1
Oct
734
2X
334
"m
100
1
1
*
*
-*
..*
..1
Oct
34
334
IX
2H
2
River Raisin Pai>er com..*
Standard Tube B com
1
Stearns & Co (Fred'k) com*
Tlmken-Det Axle com—10
Wolverine Tube com
2,584
2,100
1,945
Oct
*3 X
—
—
Feb
Dec
11
Rlckei <H W) com..
B.._.
2734
25c
534
3334
-
Walker & Co B
Dec
234
Oct
134 -June
IX Nov
34
Oct
34
Oct
334
Oct
234 June
134 Dec
Peninsular Metal
Warner Aircraft com
Jan
8
Telephone: VAndike
Feb
255
1534
7
„
*
corn...*
Prod cml
Pfeiffer Brewing com
.*
Prudential Investing com.l
Ileo Motor com
..6
534 June
7
SPRING STREET*lOS ANGELES
2201
Teletype: LA 477
650 SOUTH
Feb
22
Co.
STOCK EXCHANGE
ANGELES
LOS
MEMBERS
Feb
Oct
350
IX
ht
iy
334
4
434
2.25
Nov
Dec
800
ix
334
3/4
134
1334
"
STOCKS
Revel Miller &
Feb
8
■
10
100
UX
X
Packard Motor Car com.
United Shirt Dlst com
334
234
Feb
203
65c
7X
Universal Cooler A
Dec
190
IX
IX
1
McCianahan Refining cornl
Michigan Sugar pref
10
Mlcromatlc Hone com—1
Mid- Wert Abrasive comSOc
Motor Wheel com..
.5
Murray Corp com
10
Tom Moore Diet com
50c
334
12
3
-.
Tlvoli Brewing com
400
62c
63c
com—1
Preferred
3,070
10,135
Oct
Dec
Oct
Oct
X
2%
1834
McClanahan Oil com
Parke-Davis com
1%
%
70
Oct
1
Feb
Feb
Feb
BANK
ANGELES
LOS
High
1134
234
1934
Oct
234
34
•IX
1834
3X
"Year 1937
Low
434
2834
234
134
1,868
4,867
«
Lakey Fdry & Mach com
Parker Wolverine
260
m
7
4
com..l
10
1
McAleer Mfg com
600
38
334
334
nx
1134
12
Klnsel Drug com....
Masco Screw Prod
Shares
434
4
Range for
f0T,
Week
High
Low
4
Gar Wood I rid com..
Jan. 22,
Chronicle
Feb
DeHaven & Townsend
Members
Nsis York Stock Exchange
Wm.Cavalier&Cg
Philadelphia Stock Exchange
PHILADELPHIA
Lob
30 Broad Street
Chicago Board of Trade
New York Stock Exchange
San Francisco Stock Exchange
Angeles Stock Exchange
Philadelphia Stock Exchange
Teletype L.A. 290
Los Angeles
523 W. 6th St.
NEW YORK
1513 Walnut Street
MEMBERS
both inclusive, compiled from
Jan. 15 to Jan. 21,
Last
Los
Angeles Stock Exchange
Jan. 15 to Jan. 21, both
Sales
Friday
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
Chapman's Ice Cream Co.
200
1.10
Oct
1934
100
16
Dec
3134
Feb
1.35
1.35
200
1.30
Dec
4.50
Feb
6234
734
1034
434
700
4834
634
!734
2X
Dec
Consolidated Steel Corp
Preferred..
.5
..1
434
3634
834
10
Gladdlug-McBean & Co..*
200
100
100
400
56
434
934
434
934
400
75c
8734c
1,300
Oct
434
Jan
Feb
135
Jan
Oct
1234
Oct
1734
Mar
1734
2434
Dec
Feb
Feb
6
7
Oct
1934
Mar
50c
Oct
1.68
Mar
390
Nov
460
70
Dec
3034
Mar
200
434
Dec
1134
Jan
Jan
273-4
Dec
2834
2734
2834
80c
80c
80c
100
55c
Oct
1.50
Nov
134
134
134
500
134
Dec
234
Nov
5c
5c
5c
2,100
5c
Oct
18c
Mar
10c
Dec
7234 c
10c
Jan
12c
400
Lincoln Petroleum
10c
18c
18c
18c
2,000
10c
Oct
60c
Feb
Lockheed Aircraft
1
834
234
834
234
500
Oct
Feb
Oct
1634
634
300
534
134
434
Oct
10
1,000
50c
Oct
1.45
4.75
Klnner Airpl & Motor
11c
11c
1
4
4
934
234
434
Mascot Oil Co
1
75c
75c
75c
Menasco Mfg Co
1
1.15
Los Angeles
Industries...2
LosAugeles Investment-10
400
5
Chrysler Corp—
Curtis Pub Co com
Low
High
767
734
Dec
14534 14834
1734
1634
712
14034
Nov
18734
80
10
Oct
118
208
112
May
Oct
11934
534
537
654
234
434
"Vk
2934
534
200
234
6334
1,258
4634
43
12734
30 34
38 34
Jan
Feb
13434 May
25
334
Oct
2034
Feb
277
2134
29J4
Oct
Dec
4454
7034
Feb
Dec
334
434 roct
1334
2434
734
634
35
Mar
13
Dec
28
Jan
Mar
1434
Oct
5734
*
Feb
2634
—10
General Motors
Range for Year 1937
Week
Shares
1134
11
"""5 k"
Electric Storage Battery 100
<
1,842
80
Jan
Jan
334
4
634
634
130
734
734
45
5
)Oct
1434
Jan
234
234
2,807
2
Dec
Apr
2234
554
5034
11734
Lehigh Coal & Navigation
60
Lehigh Valley
Natl Power & Light
234
1
50
Pennroad Corp vtc
Feb
Oct
30 34
1,826
1934
11434 U634
3054
2934
77
10934
1,743
30
Dec
1834
1854
280
18
Oct
234
234
434
10
154
334
99
234
634
654
113
1054
1154
936
130
1
4034
34
4034
134
134
1,700
434
534
3534
54
50
234
234
101
134
Oct
*
"30 k
2934
30 34
315
com..*
1034
10634
934
1034
6,527
834
10654
169
10034
534
Pennsylvania RR
2234
5 pref *
Phila Electric of Pa
PhllaElecPowpref..
.
Phila Rapid Transit
Dec
7
Hancock Oil Co A com...*
Jade Oil Co
*
Feb
30
18
Co—..*
11934"
pref-100
Budd (E G) Mfg
Budd Wheel Co
25
Phlla Insulated Wire
Holly Development Co—1
Hupp Motor
10
Jan
700
2,000
of Prices
High
Low
Mar
Mar
Oct
Oct
7
Jan
300
3734
834
5
5
6234c
65
399
3534
834
5
Milling..25
2X
10
390
399
Farmers & Merch Natl. 100
Globe Grain &
10
1034
434
934
8234c
26
Emsco Derrick & Equip.
General Motors com
5834
734
10
Consolidated Oil Corp
100
2X
14534
100
American Tel & Tel
Bell Tel Co of Pa
Jan
234
1934
6034
734
1034
434
......5
Claude Neon Elec Prods—
Exeter Oil Co A com
Oct
1.35
Byron Jackson Co—
District Bond Co
High
Low
234
1934
Bolaa-Chica OH A com.. 10
400
l
l
1
Berkey & Gay Furn Co— 1
Chrysler Corp
Shares
334
Price
1134
Barber Co
934
334
734
334
334
Baudlni Petroleum Co—1
Par
Stocks—
American Stores
Range for Year 1937
Last
Stocks—
list.
for
Week's Range
Sale
inclusive, compiled from official sales
official sales lists
Sales
Friday
7% pref
Philadelphia Traction
Salt Dome Oil Corp
1834
.
.
50
50
.50
1
Scott Paper
*
Tonapah Mining
Union Traction
United Corp com
3
*
Preferred
United Gas Improv
Preferred
3
*
105
334
225
134
25
Oct
Mar
Feb
3534
3534
Apr
Oct
734
Feb
Oct
Oct
1334
1634
Feb
Oct
20
Oct
4534
Jan
Dec
D*ii
Mar
734
Feb
Apr
Jan
Jan
Oct
834
Oct
4634
Jan
Oct
1734
Jan
Jan
Oct
11434
Jan
Oct
1634
Mar
Feb
Mar
Jan
1.15
1.45
3,000
90c
Oct
2c
lc
4c
11,400
lc
Jan
4c
Mid-Western Oil Co... 10c
5c
5c
Jan
23c
5
13c
13c
13c
12c
Dec
45c
1
29c
29c
29c
100
24c
Dec
80c
Feb
Oceanic Oil Co
1
1.15
1.15
1.20
500
70c
Jan
2.00
Mar
7c
200
16c
Sept
40c
Mar
41c
Dec
134
May
$5,000
Feb
Occidental Petroleum
7
June
NordonCorp Ltd
2,000
4,500
lc
7
Jan
5c
Bonds—
Rights
Olinda Land Co
1
Pacific Distillers Inc
1
7c
Pacific Lighting com
6% preferred.
534% preferred
27
27
200
2734
200
2434
2534
Oct
3734
2834
22
300
15
Oct
35
3934
3934
3934
100
3534
5534
Jan
*
103
*
PITTSBURGH, PA.
BLDG.,
BANK
& T. Tel. Pitb-391
A. T.
Court-6800
434
1,000
434
26
35
35
Oct
Dec
9534 • Nov
107
Mar
1334
50
Specialists in Pittsburgh Securities
Oct
1034 May
Jan
934
July
634
334
25
100
*
Transamerica Corp
1
25
*
Union Oil of Calif
25
Universal Consol Oil
10
NEW YORK
Feb
Oct
Oct
234
30
BROADWAY,
120
Jan
634
334
734
334
3,100
200
434
334
Dec
1.45
1.45
1.58
1,300
1.05
Dec
113o»
40
112
Jan
120
Feb
10
23
Dec
57
Feb
Friday
1
For footnotes see page
5
103
103
434
35
50
Standard Oil of Calif
Tel.
Feb
.25
6% preferred B
25
534% preferred C
25
So Calif Gas 6% pref A. .25
Sunray Oil Corp
UNION
Jan
2734
Original pref
Superior Oil Co
H. S. EDWARDS & CO.
Jan
21
Corp...25c
*
Southern Pacific Co
32
21
27
Ryan Aeronautical Co.-.l
8 J L & P 7 % prior pref. 100
Security Co units ben int..
Sierra Trading
Dec
2734
Roberts Public Markets..2
Sontag Drug Stores
So Calif Edison Co
11
10
Republic Petroleum com.l
Rice Ranch Oil Co.
100
400
25
Pacific Gas & Elec com..25
534 % 1st pref
14
49c
1434
49c
49c
14
Pacific Finance Corp comlO
Pacific Indemnity Co
634c
El & Peoples tr ctfs 4s 1945
113
112
29
29
29
3.25
Feb
Pittsburgh Stock Exchange
Jan. 15
to
Jan. 21,
both inclusive, compiled from official sales lists
Sales
9c
9c
10c
2,000
Dec
15c
Aug
Last
Week's Range
for
734
2234
734
2234
734
500
8
Nov
Jan
Sale
19
Oct
of Prices
Low
High
Week
300
1434
3234
36
36
Oct
41
Feb
2734
2734
2534
3034
2034
3134
Jan
2534
3034
2034
3134
334
3434
1134
2034
734
578.
3
24
3634
2734
2534
3034
2034
3234
334
34
35
iy
2034
734
12
i
21
734
30
400
200
100
400
400
700
i.
500
2,800
1,500
100
2c
3434
2534
Jan
Stocks—
Price
Par
2334
2734
Nov
2734
2834
Mar
Armstrong Cork Co
31
Aug
Blaw-Knox Co
Nov
6234
4934
Mar
Byers (A M) com
Carnegie Metals Co
*
1
2
2934
934
1734
5
Dec
Feb
Allegheny Steel com
Oct
5
Feb
Oct
55
Mar
Clark (D L) Candy Co...*
Columbia Gas & Electric.*
Oct
1634
2834
1834
Aug
Copperweld Steel
Feb
Devonian OH
Oct
Oct
July
2134
3554
1354
*
1734
2734
2054
*
*
Nov
Dec
3834
1434
1154
134
454
10
1
11 ^
1
1
1
154
434
:
834
Range for Year 1937
Shares
325
Low
121
1434
3034
351
934
55
High
Oct
534
Dec
Oct
Oct
1,825
90c
Oct
320
334
Oct
9
422
434
1934
Oct
Nov
•
43
Mar
7034
2934
Mar
Mar
2154
July
4
Feb
854
2034
Feb
3434
Aug
Jan
10
23
23
10
.10
19
19
130
17
Oct
26
Feb
1334
14
335
11
Oct
2434
Feb
Duquesne Brewing Co.-.5
Volume
Financial
146
Friday
Sales
Week's Range
for
Sale
of Prices
Week
Price
Par
Low
Year 1937
Range for
Stocks
High
Low
(Coicluded)
Dl Giorgio Fruit com.-.10
pref—100
10
10
11
70
5
Oct
104
103
105
190
100
Oct
111*
Feb
9
424
5X
Oct
14*
Jan
Doernbecber Mfg Co
IX
200
1
Oct
4%
Feb
35
*
McKinney Mfg Co
*
Nesta Machine Co
5
-
Jan
2X
Penn Federal Corp com..*
375
Nov
72X
Mar
6*
3
1,164
3%
Oct
12X
Jan
1,071
IX
Oct
10
IX
Natl Fireproofing Corp—5
43*
6*
2X
Mountain Fuel Supply.-lO
IX
20
1
Oct
202
22
Dec
159
80
Pittsburgh Brewing pref. .*
25
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
86X
Renner Co..
1
IX
Rund Mfg Co
5
MX
Shramrock Oil & Gas
50
8*
1*
40*
-25
Mar
IX May
Feb
50
$3 preferred
Nov
147 X
Feb
Oct
19X
Mar
Galland Merc Laundry
General Motors com
95c
Dec
2X
Mar
General
100
15X
July
2X
Dec
153
23X
Oct
56
Sept
IX
Feb
25
26X
103X 105X
549
18
Oct
56 X
Mar
160
89
Nov
mx
Jan
Oct
Feb
Unlisted—
Dec
5X
Mar
Jan. 15 to Jan. 21. both inclusive,
20
18*
Dec
40
38
3,381
28*
Dec
70*
8*
300
7
Oct
18*
7X
7*
8*
615
7
Dec
31*
Feb
3*
720
8*
Apr
Board
Trade
of
Week's Range
Range for Year 1937
for
Week
of Prices
Low
High
106
Shares
Low
4*
10
3
412
39
39
120
34
Dec
16*
16*
300
14
Oct
1*
Oct
5
9*
2,570
1
1*
2,141
*
Oct
12
12*
370
10*
Deo
14
14
14
144
11*
Oct
9*
7*
10*
4*
42*
8*
42*
100
40
40
12
11*
10
28
28
12*
28*
10*
6*
9*
9*
6*
6
Jan
Jan
42
Feb
45*
Feb
16*
Feb
Jan
5
23*
Mar
Feb
28
7*
845
Dec
13* May
Dec
10
Oct
6*
1,505
120
4
10
37
20
38
540
50
Feb
5
100
40
10
*
25
25
*
*
preferred
*
6% preferred
Parafflne Cos
.100
Dec
Dec
Dec
Nov
9*
Feb
Mar
33
102*
Mar
96
Mar
16*
Mar
Jan
32
Oct
17* Apr
12* May
9*
4X
Oct
4*
140
Oct
13*
Oct
20
1,254
Dec
56
56
21*
28
28
Dec
25
Aug
S J L & Pwr 6 % pr pref. 100
68
34
Dec
49 X
Feb
Schlesinger Co (B F) pref 25
37
Jan
Signal Oil & Gas Co A...*
10
22
Dec
20
2
Nov
5
250
5
30
31X
2X
20*
117
1
40
116
5
117
7X
35
400
20X
2X
29 X
194
2X
30
30
34 X
170
7X
35
218
Dec
Feb
Standard Oil Co of Calif..*
125
June
Super Mold Corp of Calif 10
Oct
11*
Mar
40 X
6
Feb
Nov
20 X
Feb
17 X
Feb
Nov
28 X
49 X
Jan
31X
8
28*
180
36
116
11
60
10
9
226
10
9
32
Jan
Oct
11
Knapp Monarch com
*
Laclede-Cbristy CI Pr com*
So Pac Golden Gate B.... *
Apr
Jan
Dec
21
Aug
Dec
22
Mar
32 X
Mar
16
16*
65
12
Oct
14X
16
...25
14X
32
13
50
17
July
22
Feb
45
28 X
Dec
58
Mar
190
10 X
Dec
26 X
Mar
*
"30 X
30 X
25
nx
12X
Mldw Piping & Sply com .*
13
Nov
70
Oct
13X
275
5
20
110
70
101
110
6*
7X
Dec
6
Dec
19 X
Dec
83
*
7
7
55
Southw Bell Tel pref
100
1
122
123
40
Union Sugar Co com
25
United Air Lines Trans. .5
Universal Consol Oil
10
14*
11*
20*
17*
7*
7
7
87
Feb
26
Dec
117
30
2,086
613
Dec
105
Dec
Dec
Oct
9*
625
Jan
18*
Jan
89*
27* Dec
31* Dec
19* June
10* May
106* Mar
Apr
12*
48* Mar
69* July
Dec
2,766
4
Oct
20
106
July
40
2
Oct
Dec
18*
15*
100
80
Dec
130
27*
17*
*
27*
Nov
1,720
200
*
32*
16*
1,063
570
Nov
Dec
Dec
Oct
11
Dec
10
1*
14*
12*
7,679
21
1,848
840
17*
7*
7X
4*
275
13*
9*
17*
Nov
17
Sept
Oct
Oct
Dec
6*
4*
3*
810
600
Oct
30*
65*
July
Aug
Mar
1
Jan
Feb
49*
21* June
5
21*
16*
28*
28*
23*
Feb
Feb
Aug
Feb
Oct
Jan
19
July
July
4*
10*
4*
10*
10*
220
9
Dec
9*
18*
40
40
40
80
35
Dec
75
Western Pipe &
22
22
22
190
16
Oct
326
3
Nov
com___l
5
Preferred
Steel... 10
Yosemite Port Cem pref. 10
3*
3*
Dec
100
3*
Oct
40*
4*
Aug
Jan
Mar
July
117X
Schwabacher 8k Co.
Feb
Apr
Members New
June
Apr
June
128""
York Stock Exchange
111 Broadway,
Mar
162
5
Oct
11*
Mar
15
8
Dec
Jan
275
19
Oct
13*
49 X
Feb
90c
Dec
Santa
Dec
36X
New York
Private wire to own offices
Dec
Jan
26 X
26X
8X
27
90c
90c
90c
495
27X
$3,000
8X
Dec
Walalua Agricultural Co 20
Victor Equipment
7X
7
7X
Stlx Baer <fc Fuller com..10
Union Oil Co of Calif...25
Sept
8X
62
100
60
2
Jan
34*
4*
49*
20*
Mar
117 X
53
6X
62
1st pref...
Scullln Steel com
60
13*
Oct
Dec
2X
50
St Louis B B1 Equip com.*
5
10
150
Mar
5
4X
101
*
com
Transamerica Corp
Jan
Nov
Mar
5
Tide Water Ass'd Oil
Jan
Jan
152*
Aug
23
250
30
7
Rlce-Stix Dry Goods com *
1st pref
100
Oct
25
7X
8X
8X
30
Natl Bearing Metals com.*
Natl Candy com
*
Thomas-Allec Corp A
24
133
800
30*
21*
Mar
19*
*
31*
15*
Jan
Jan
8*
10
82
19*
*
31*
16*
1*
14*
11*
20*
17*
7*
Dec
35
36
19*
30
Oct
Jan
Dec
100
81
11*
107
108
2,405
30
48
Oct
23
81
Oct
2
23
23
20
2X
19X
19X
118X
60
4*
Sou Calif Gas 6% pref..25
Southern Pacific Co
100
May
\x
104
Oct
Oct
135
13*
6*
103* 104
4*
4*
Soundview Pulp common. 5
Preferred
100
Aug
39 X
6
4X
7*
Mar
9X
Oct
24
14
98
739
21
Oct
IX
9*
Apr
Dec
27
Huttlg (S & D) com
5
Hyde Park Brew com—10
5*
4X
24X
10
Hamilton-Brown Sh com.*
1
*
20
2
31
common
common
130
21
_
Mfg
Dec
600
24*
29*
14*
7*
Richfield Oil
Jan
35
32*
29*
53*
20
56
23
Jan
531
6
Preferred
38
Oct
473
134* 134*
41
39*
6
Apr
2
134*
Oct
27*
25*
290
115
6
114
21
114
Ry Equip & Realty com. *
6%
100
Rayonier Inc common
Dec
5
115
41
105
1
27*
37*
104*
5*
16*
Feb
23
2,581
27
27*
29*
30*
28
27*
39*
37*
104* 104*
5X
6*
17
16*
30
18*
2,216
7
7
7
27*
*
common.
10
106
Central Brew
16
Aug
16*
16
500
4X
High
Burkart Mfg com
Scullln warrants
31
Oct
245
14*
2*
100
10
Pacific Can Co
compiled from official sales lists
40
Wagner Electric com
Oct
Nov
18*
14
IX
Pacific Tel & Tel com.. 100
40
com
Sept
18*
9*
6*
9*
4*
42*
(Non-v)
40
Sterling Alum
36*
19*
12
5*% preferred.
*
Scruggs-V-B Inc com
Dec
Doc
22
16*
9X
Pacific Lighting com
Brown Shoe com
Mo Port Cement com
27*
2,031
9*
6*
9*
St. Louis, Mo.
20 X
McQuay-Norrla com
22
Oct
28*
39
2X
6% 1st preferred
20
20
Oct
158
340
14*
Pacific Gas & Elec com..25
20
com.
2*
12*
28*
3
Jan
9
12*
28*
27*
18*
.
100
com
3*
Feb
Oct
28*
O' Connor M of f att & Co A A *
—*
Landis Machine
Mar
22
Automotive Fibres..*
Rheem
Laclede Steel
Mar
8*
com
Occidental Insur Co
Sales
Sale
International Shoe com—*
7
35
Oliver United Filters B.__*
Friday
com
Dec
22
5X % preferred
St. Louis Stock Exchange
Grleeedleck-West Br com.*
Jan
1*
8X
Pac Pub Ser (non-v) com.*
Falstaff Brew
160
Oct
22
6% preferred
*
Ely & Walker D Gds com25
1st pref
100
Mar
2*
2*
6% preferred
Telephone Central 3350
Dr Pepper com
27
Mar
New York Curb (Associate)
315 North Fourth St.,
Century Elec Co (new) .10
Coca-Cola Bottling com..l
Columbia Brew com
5
494
10
North Amer Oil Cons
all
Chicago
Chicago Stock^Exchange
com
31*
*
1874
MEMBERS
com
31
96*
57*
North Amer Inv com.. 100
Mid'Weetern and Southern Securitiee
American Inv
Dec
■2X
LeTourneau (R G) Inc.-.l
Lockheed Aircraft
1
Nat
I. M.SIMON &CO.
(a S) Aloe Co pref
66*
35*
Hatomas Co
Last
320
*
Meier & Frank Co
ST. LOUIS MARKETS
Price
75
31
Marchant Cal Mach com.5
Par
Mar
72*
*
B
(I) Magnln & Co
Stocks—
19*
9X
*
Magna vox Co Ltd
New York Stock Exchange
St. Louis Stock Exchange
Oct
10
com
Leslie Salt Co
on
Dec
6*
*
La.gendorf Utd Bak A..*
Oct
Enquiries Incited
26*
470
*
40
Business Established
170
10
Hawaiian Pineapple..
Honolulu Oil Corp
210
U
Mar
34*
9*
3X
12X
43
60c
40
34
Oct
24*
47*
28 X
42 X
2X
600
*
Vanadium
2X
14*
*
Oct
1
13*
*
2
7%
61*
ox
Mar
200
Pennroad Corp vtc
Sept
Hancock Oil Co..
3X
34*
IX
60c
Mar
9
Golden State Co Ltd
Hale Bros Stores Inc
3X
250
59
Jan
34 X
60c
17*
Oct
Dec
Gladding McBean & Co..*
United Engine & Foundry 5
United States Glass
25
Alloy Steel
*
Victor Brewing Co
Westinghouse Air Brake..*
Westinghouse El & Mfg_50
Oct
22*
3*
9*
Jan
200
IX
2*
110
225
19
.1
....
Paint
Mar
225
5
75
2X
4%
High
34*
10
705
1937
Year
Low
5
5
Emsco Derrick & Equip..5
Fireman's Fund I.sur_.„25
1,400
Range for
Shares
28
5
27 X
*
IX
14*
87 X
8*
8
High
27*
4*
5
..100
Food Mach Corp com
Foster & Kleiser com
Low
for
Week
1354
Emporium Capwell Corp.*
4X% cum pref w w
50
Lone Star Gas Co
Range
of Prices
Price
Par
Koppers G & Coke pref 100
Follansbee Bros
Week's
Last
Sale
Shares
High
Sales
Friday
Last
Stocks (Concluded)
577
Chronicle
90c
Cortlaudt 7-4150
Barbara
—
Del
In San Francisco — Los Angeles —
Monte — Hollywood — Beverly Hills
Bonds—
27
zUnlted Railways 4s..1934
23X
Francisco Curb
San
Jan. 15 to Jan. 21,
Dean Witter
Co.
&
Last
Sale
Par
Stocks—
Private Leased Wires
5
Alaska-Mexican
Members: NewYork Stock
New York Curb
Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
San Francisco
Oakland
Exchange, San Francisco Stock ExcJtange, Chicago Board ofTrade
Tacoma
Seattle
Stockton
Sacramento
New York
Portland
.
Fresno
Beverly Hill*
Honolulu
Lot Angelas
Ppsadena
long Beock
American Tel & Tel ...100
Anglo Nat'l Corp
...6
.
..
5
3
Aviation Corp
Francisco Stock
Jan. 15 to Jan. 21.
Exchange
both inclusive, compiled from official sales lists
Last
for
Sale
Par
Week's Range
of Prices
Low
High
Week
Price
Range for Year 1937
Shares
„
w
Bunker HHl-Sulllvan
z
Cardinal Gold
13*
12*
13*
Anglo Cal Nat Bk of S F.20
18
18
19
Atlas Imp Diesel Eng Co.5
8*
Bank of California N A..80
187*
Calamba Sugar com
20
20*
Low
8*
8*
186
187*
305
25
181
20*
170
20*
20
20
*
11*
11*
*
50
23
60
Preferred
Calif Water Service pref 100
Caterpillar Tractor com..*
Preferred
..100
96
51*
101
571
9*
13*
High
20
80
*
11*
23
23*
765
50
60
175
10
Dec
14*
31*
2
Central Eureka—
Feb
2
Nov
20
*
10*
18*
49
23*
Mar
Oct
1*
Jan
Mar
Aug
Mining. 1
1
Italo Petroleum
1
Preferred
1
t Klnner Air & Motor
1
Klelver Motors....----10
94
Nov
106*
Apr
40
Nov
Dec
99*
104*
Aug
1,180
46*
Dec
125
Mar
1
18
115
14
Dec
32*
Cons Chem Indus A
*
32
32
32
125
27*
Dec
46
150
3,607
8*
Oct
100
57*
Dec
71*
For footnotes see page 578.
22c
Oct
6*
25
108*
Feb
Mar
Apr
May
Idaho-Maryland
z
Internat'l Cinema
McBryde Sugar Co
2
MenascoMfgCo
60c
Feb
Jan
3.10
Nov
Oct
186*
Jan
Feb
Jan
45o
1.50
4,775
393
70c
1,400
Oct
97c
27c
41c
1,640 37c Jan 1938
85c
Jan
Feb
141
55c
15
16*
750
Nov
27*
4.26
200
1.80
Oct
11.50
3*
8*
3*
8X
15
3*
Dec
13
12
4*
4*
150
Dec
Oct
5*
4,119
7*
2*
3*
2
100
IX
Dec
18* Mar
9*
Jan
13*
Jan
4* May
15
13*
Oct
10
60
15*
15*
63
63
18c
23c
26c
2.25
2.00
2.35
2.30
2.05
2.35
1*
2
2
1*
2*
6*
9*
8*
6*
9*
12
Oct
21
Aug
Dec
95 *
Mar
10c
Oct
82c
Feb
15c
Dec
50c
July
10,818
5,280
1,328
2,150
40c
Jan 2.35 Jan '38
40c
Jan 2.35 Jan '38
392
249
1 *
Oct
5*
70c
Jan
3*
Mar
2*
8*
Mar
6*
Oct
Oct
6*
28*
Dec
10*
67
57
75
50
Oct
79
21
1,000
20
Oct
23*
8*
1.50
1.50
485
100 1.50
Jan'38
Oct
Feb
Mar
Jan
Mar
Oct
1.25
Mar
1.45
Oct
7*
Mar
5c
Dec
72c
Jan
10c
Oct
60c
Mar
4.50
Oct
10.50
Jan
75c
Oct
48c
Jan
6
18c
27c
46c
42c
48c
1,400
30c
2.55
2.55
2.90
12C
12c
14c
1,100
1,900
15c
15c
100
5.25
5.50
141
1.25
1.45
25
Jan
July
7*
5X
20c
250
7
Jan
1.85
3.60
Apr
2,045
13,250 16c Jan *38
6
6
1
Jan
Feb
6,600
200
21
8*
57
Hobbs Battery Co A......
Feb
97*
10*
63
20
53
150
70
Preferred
48*
752
10*
Gt West Elec Chem com...
46
96
70
—
Dec
52*
3
General Metals
Dec
Nov
18
*
"ibx
Electric Bond & Share...5
Mar
51
4*
11*
Curtlss-Wright Corp
1
1
July
32*
18
Preferred
Claude Neon Lights
High
Low
10c
145* 149*
IX
1
1
214
69*
Crown Zeller Corp com...5
Feb
600
36c
Cities Service
96
4*
1
Oct
Dec
5
4*
10
25
Chrysler Corp
Consolidated Aircraft
Creameries of Amer Inc_.l
Feb
100* 101
58
62*
20
8*
......
1
Dec
18*
300
*
Oct
18c
5
"""3*
Carson Hills Gold
4
7% preferred
—20
Calif-Engels Mining Co..l
Calif Cotton Mills com. 100
Calif Packing com
1,120
18c
4.00
15
Beech Aircraft
Preferred
Alaska Juneau Gold Min 10
—
Calif-Ore Pow 6% '27..100
Sales
Friday
Stocks—
Bancamerlca-Blalr.
Week
Shares
2
—
Argonaut Mining
Arkansas Nat'l Gas A
of Prices
High
Low
Range for Year 1937
for
63c
146*
"""41c
Anglo-American Mines
Week's Range
1.40
18c
American Toll Bridge. ...1
Atlas Corp com
San
Price
25
Alaska Treadwell
official sales Hsta
Sates
Friday
MUNICIPAL AND CORPORATION BONDS
Exchange
both inclusive, compiled from
1 Jan '38
1 Jan *38
1
Rights
Apr
M J A M & M Consol
1
32c
Apr
Mountain City Copper..5c
7*
1
310
33c
8.500
2.40
Oct
63c
Feb
7*
8*
4.695
4*
Oct
17*
Mar
Financial
578
Last
Week's Range
for
me
of Prices
Range for
The
daily closing quotations for securities, &c., at London
reported by cable, have been as follows the past week:
High
as
33
T.70
1.70
30%
Dec
400
25c
Oct
82c
Feb
8
7%
20
Pac Coast Aggregates. 10
Jan
50
30c
32 %
30c
32 %
Oabu Sugar Co..
20
Occidental Petroleum.. 1
Olaa Sugar Co
229
6%
Dec
17%
Jan
728
90c
Oct
4.15
Jan
1 80
44
4.5c
300
40c
Oct
7%
370
5%
Oct
12%
i...
1.45
1.45
100
1.25
Oct
2.50 May
Schumacher Wall Board.-
2.40
2.50
415
1.25
Oct
0.50
10
10
50
9%
Nov
45c
Pacific Distillery
7
Radio Corp of America—
Ryan Aero
Preferred
22 %
z
246
27%
168
8%
27 %
8%
235
Mar
Oct
41%
Oct
32%
Jan
Oct
Oct
28%
29%
16%
Jan
45c
50c
500
36c
Dec
2.70
Mar
6%
6%
200
4%
Dec
14%
Aug
1.00
1.10
400
75c
Oct
3.75
1
1.30
1.30
1.50
400
95c
Otc
2.90
Feb
100
58%
50
Nov
1265*
Mar
1%
58%
1%
100
1%
25
3.25
3.50
500
1.00
US Steel com
Utah-Idaho Sugar
Vlca Co com
Fri.,
Thurs.,
Jan. 19
18
Jan
Jan. 21
Jan. 20
20 3-16d.
20%d.
19 15-16d. 20 l-16d
20d.
Consols, 2%%.
Holiday
£76
£75%
£75%
£76
£76
British 3%%
War Loan...
Holiday
£102%
£102%
£113%
£113
£102%
£113%
'
£102%
£113%
£102%
Holiday
£113%
Jan
Dec
1.10
US Petroleum
17
Jan
Wed,
Tues.,
Mon.,
,
19%d.
Gold. p. fine oz. 1398.7 Hd. 139s.8%d. 139s.7%d:. 130s.7%d. 139s.7%d. 139s. 8d.
Jan
"~45c
Stearman-Hammond 1.25
Sal
Jan. 15
Silver, per oz..
Mar
Texas Consolidated OI1.1
Studebaker
z
27
Jan
Feb
19%
23%
25%
7%
613
25%
27 %
"25*
23 %
25
..25
5%% preferred......25
6% preferred..
25
Standard Brands Inc
1.80 May
25
30
26
26
26
8hasta Water Co com
Sou Callf-Edlson
CABLE
MARKET—PER
FINANCIAL
ENGLISH
Year 1937
Low
Shares
High
Low
z
*
1938
22,
Week
Price
Par
(Concluded)
Jan.
Sales
Friday
Stock*
Chronicle
51
Dec
Oct
Feb
British 4%
1960-90
price of silver per ounce (in cents) in the United
States on the same days has been:
The
BarN. Y.
Closed
(newly mined)
3
3.50
(for.)
44%
44%
44%
64.64
44%
64.64
44%
64.64
64.64
U. 8. Treasury
64.64
64.64
I
No„
•
No par value,
e Cash sale,
a A. M. Castle <fc Co. split Its common stock on
two-for-one basis on March 9, 1937.
6 Ex-stock dividend,
d Stock spilt up on a
two-for-one basis,
g
The
THE
ENGLISH
AND
GOLD
SILVER
MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 5, 1938:
GOLD
Bank of England
gold reserve against notes amounted to £326,406,625 on Dec. 29th, showing no change as compared with the previous
Wednesday.
In the open market about £1,750,000 of bar gold was disposed of at the
daily fixing.
Prices showed a premium over dodar parity varying from
4 %d. at the beginning of the week to 9%d. yesterday and today; although
the latter premium appears somewhat artificial it was found necessary in
order to attract offerings in sufficient volume.
Equivalent Value
of £ Srerlinq
Ounce
1937
1937
1938
—
—-
-
12s. 2.16d.
12s. 2.16d.
139s. 6d.
139s. 6d.
139s. 5d.
139s. 6d.
139s. 9d.
139s. 6.40d.
—
-
Imports
British South Africa
£1,594,886
British West Africa..,..
218,031
Tanganyika Territory
8,449
Kenya
5,507
334.726
362,708
528,992
195,226
176,320
150,000
50,000
27,982
16,476
5,259
20,040
British India
Canada
United States of America
Peru
Uruguay
Belgium.
France
Germany
...
Netherlands
Other countries.
$12%—
25 General Mortgage & Loan Corp. preferred.*
1 Texas Power & Light Co. 7% preferred, ex-div., par $100
500 Amoskeag Manufacturing Co. ($3 paid In liquidation)...
100
par
7
New
England
British India...
Belgium
£140,521
8,020
1,164,500
Shares
1
15 Lowell
Electric
Light
Shares
rShare
Stocks
5 Fidelity-Philadelphia Trust
Yugoslavia
22,600
Other countries
10 Sea view Golf Club, capital, par $100...
100 Mono Service Co.
Publicker
$13,000 Chelsea Hotel Co. 1st mtge. s. f. 6s, reg., ctf. of deposit
agreement with Mexico
Exports
United States of America..£319,516
Norway.
3,015
Austria
Portugal
Aden &
Dependencies..
x
2,600
1,362
xl0,315
x8,780
xl,397
x25,562
z2,000
3,288
Coin of
£377,835
Shuldiner, William A.
town
Hotel on March 10,
NEW
YORK
2 Mos.
Dec. 29, 1937
Dec. 30, 1937
19 l-16d.
Dec. 31, 1937
19%d.
19%d.
Jan.
19.025d.
Jan.
1,1938
3, 1938
4, 1938
Jan.
change in corporate name of Loeb &
The corporation is engaged in rendering
will continue
Leo
President, Paul H. Eames, Vice-President, W. F. Stanely, Secretary,
engineering services and in public utility management, and
its offices at 57 William St.,
Loeb is
New York, and 744 Broad St., Newark.
and J. B. Adams, Treasurer.
—Announcement is made of the formation of the New York
change firm of Hettleman, Field &
Partners are
Phillip Hettleman, Charles Rose, Sampson R. Field, Gabriel Caplan, and
The highest rate of exchange on New York recorded during the period
from Dec. 30, 1937 to Jan. 5, 1938 was $5.01 % and the lowest $4.99%.
Statistics for the month of December, 1937;
Oz. Std—
2 Mos.
19 9-16d.
18 l-16d.
18.560(L
business.
Robert N. Kastor, member of the Stock Exchange.
-—The
partnership
of Burnham,
Randle &
Co, has been formed by
Percy C. Burnham and Thomas P. Randle as successors to Thistle, Burnham & Co.
will do
and
The
new
partnership, which will have offices at 42 Broadway,
general dealer and broker business in listed and
a
140s. %d.
139s. 6d.
139s. 9.38d.
& Co. and Kidder,
Peabody & Co., has joined Lord, Abbett & Co. to assume charge of sales
promotion in connection with the distribution
of American Business Shares
and Affiliated Fund.
—Newell S. Knight, who has been with
nected with Barcus, Kindred
open
municipal trading
a
John B. Dunbar & Co. is now con¬
& Co., 231 S. La Salle St., Chicago, and will
department which is a new
activity for this
company.
—Doty, Fay & Co., 15 William Street, New York City are distributing
a
year-end analysis of 22 New York City bank and trust company
which
includes
per
share statistics
stocks,
and covers the years 1934-1937, in¬
clusive.
—Ira
Haupt & Co., 39 Broadway, New York are distributing a circular
containing graphs which depict the trend
of the market price of the six
Arkansas bond issues from June 30, 1936, to Jan. 10,
1938.
name
Jr. have formed a partnership
of Alfred J. Mayer & Co. to transact a general securities
business with offices at 40 Wall Street this city.
—Hirsch, Lilienthal & Co., 165 Broadway, New York City have prepared
circular
on
the automobile outlook for 1938 with particular
reference to
General Motors.
—Roland D. Irving, formerly with Bonbright and
sociated
with
Research
and
Management
Council,
Co., has become as¬
Inc.
as
a
securities
analyst.
—Saul Lehrer has become associated with Cohen,
Mr. Lehrer
was
way,
Wachsman & Wassail.
formerly with Fitch's Investors Service.
—Kenneth B. Thistle Co. announces the opening
Bar Gold
Fine
per oz.
unlisted stocks
bonds.
—Charles P. Frazier, formerly associated with Cassatt
a
45 cents
45 cents
45 cents
Holiday
45 cents
45 cents
Stock Ex¬
Co., with offices at 52 Wall Street,
New York City to transact a general investment
(Per Ounce .999 Fine)
Oz. Std.
O'Kane, Jr.,
Numerous out-of-
representatives are expected to be present.
—Alfred J. Mayer and Lester W. Pett,
IN
J.
John
Titus, Jr. and L. E. Walker.
—Announcement is made of the
under the
LONDON
includes
Chairman; James Currie, Jr., Harry J. Hardy, Herbert M. May, Henry D.
legal tender in the United Kingdom.
Quotations during the week:
—Bar Silver per
Cash
arrangements
on
Shaw, Inc. to Loeb & Eames, Inc.
z
hold its annual dinner
for members and their guests at the Waldorf-Astoria
committee
reg..$150 lot
...21% flat
NOTICES
CURRENT
most active State of
19 ll-16d.
18 3-16d.
.18.835d.
...
—....
Cooperage Co
The
3%
90%
-$1 lot
.........—$1 lot
$16 lot
preferred, par $100
1,000 Mounts Sicker & Breton Mines, Ltd
100 Stanton Oil Co
—The New York Security Dealers Association will
£143,411
Coin not of legal tender in the United Kingdom,
Highest price
$5 lot
—........
...
738
Other countries
Lowest price
313
-
1
Trinidad
Average
$100
$5,000 Country Club of Atlantic City 1st mtge. 6s, due Oct. 1, 1939,
Egypt.
4, 1938..19 9-16d.
5, 1938..19 9-16d.
Average
19.200d.
par
596.206
Straits Settlements
Jan.
Co.,
463,642
Kenya
18%d.
-----
415,863
United Kingdom imports and exports of silver
registered from mid-day on the 24th ultimo to mid-day on the 3rd instant:
18 7-16d.
-
By Barnes & Lofland, Philadelphia:
The following were the
£112,549
13,234
8,969
5,954
2,705
6%
81
44%-44
35
18%
Life Insurance Co., par $100
Switzerland
particularly reassuring in view of the alarm occasioned by the recent large
shipments of Chinese Government-owned silver.
The price to be paid by the United States Treasury for newly-mined
domestic silver has been reduced from 77.57 cents to 64.64 cents per ounce,
thus reverting to approximately the same price as that fixed in December,
1933 when the policy of paying a premium for domestic silver was first
established; the reduction had been generally anticipated and even at the
new price there is still a premium of 43% over the price which is being paid
for foreign silver.
With regard to the latter, the market was relieved to
find that 45 cents per punce was still being paid and so long as this price is
maintained there whould be little likelihood of any important setback.
The events of the week brought a return of confidence and, mainly owing
to bear covering purchases, prices made a good recovery, today's quotations
of 19 9-16d. for cash and 19%d. for two months' delivery comparing with
18 7-16d. and 18%d. a week ago.
Imports
$ per Share
Stock
Columbian National
Netherlands
with China relating to the purchase of silver from, and
Jan.
104 &. intj
28 Berkshire Fine Spinning Assts. common
announced.
Bar Silver per
Cash
-
Per Cent
Bonds—
France
the sale of gold to, that country is to continue until July 1st next and this is
Dec. 30, 1937—18 9-16d.
Dec. 31, 1937..19 l-16d.
Jan.
3, 1938_.19%d.
—
730 Chelsea Second National Bank & Trust Co. capital, par $25
by further announcements by the United States Treasury
to the effect that agreements had also been concluded with Canada and
China.
Moreover the silver purchase understandings with Mexico and
Canada are to continue throughout 1938 and are not limited to January as
IN
..............
.....
$25..—
Power Association common
$1,000 Newport & Fall River Street Ry. 4%s, July 1954
12s. 2.13d.
followed
Other countries
Co.,
20 Boston Real Estate Trust
Exports
United States of America
The announcement made last week of a silver
France
-
par
Qulncy Mining
12s. 1.16d.
SILVER
Belgium
Germany
.....
$25
15 Springfield Gas Light Co.,
67,076 fine ounces as compared with 68,170 fine ounces for October, 1937
and 64,377 fine ounces for November, 1936.
Australia
Range Co
Copper
1,000 Isle Royal Copper Co., par $25
1938.
The agreement
...
...—
800
...145
14
$5 lot
100
37c.
6%
1%
3%
8%
13
—
.....
12s. 2.25d.
£2 812.090
The SS. Narkunda which sailed from Bombay on Jan. 1st carries gold to
the value of about £131,250.
The Southern Rhodesian gold output for November, 1937 amounted to
at first
par $100-
12s. 1.90d.
£3,694 602
was
Co.,
Corp., par $25
25 Chapman Valve Mfg. Co. common, par $25
The following were the United Kingdom imports and exports of gold
registered from midday on the 24th ultimo to midday on the 3rd instant:
Australia
$ per Share
Sto(ks
10 Dwlght Manufacturing Co., par
By Crockett & Co., Boston:
Per Fine
v
1938
1938
SALES
sold at auction on Wednesday
were
By R. L. Day & Co., Boston:
Shares
3 Rockland Trust
Quotations during the week:
'
Dec. 30,
Dec. 31,
Jan.
3,
Jan.
4.
Jan.
5,
Average
following securities
of the current week:
J Company In bankruptcy, receivership or reorganization.
The
AUCTION
Stock dividend of 100% paid Sept. 1, 1936.
r Cash sale—Not
z Ex-dlvldend.
v Ex-rlghts.
z Listed,
tin default.
in range for year,
included
of offices at 29 Broad¬
New York City specializing in Unlisted Securities.
—Josephthal & Co., 120 Broadway, New York City are
current review of business conditions.
distributing their
Volume
579
Chronicle
Financial
146
Canadian Markets
AND
LISTED
Provincial and
UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, Jan. 21
Province ol Alberts—
Bid
Ask
fie
Jan
1 1948
f* 454
5654
5e
Oct
4Hs
Oct
1 1958
/S254
5354
6s
Sept 16 1943
July 12 1949
4Mb
Oct
11953
May
1
1959
116H 117J*
120)4 121)4
June
1
1962
lo8)4
4%s
Jan
15 196-S
116)4
1 '5
89
85
June 15 1964
84
87
4Hs
Mar
2 I960
5s
Dec
2 1959
85
fc8
4s
Feb
1 1958
Province ol Quebec—
Prov ol New Brunswick—
4)*s
1 1961
May
109^ 110
107
107%
110%
109
108
Apr
15 1960
106
Apr
4Hs
4)4s
15 1961
10354 10454
6b
4%s
Sept 15 1952
Mar
1 1960
11554 11654
June 16 1943
74
76
5%S
4%b
10754 10854
5s
Nov 15 1946.
75
73 %
77
Oct
Preferred
Canadian
Pacific
8854
Sept 15 1942 /106 54 10754
10054
Dec 15 1944 100
11254 11354
July 1 1944
6s
4Hs
58
Preferred
4^8
102% 103 %
1954
103% lv3*A
97 %
97
6s
Dec
1
4%S
July
1 I960
*
Bid
•
Simon (H) & Sons
*
Southern Canada Power..*
oi
4%b
4)* 8
4Hs
4)4s
1 1951
Sept
June 15 1955
1 1956
1 1957
1 1969
Feb
July
July
6e
Western
11454
11654 117
1145* 1145*
654a
1 1946
July
125
1255*
4s
Jan
1 1962
108
116
3s
Jar
1
1962
96
11654
56
Oct
1 1969
119
56
Feb
1 1970
«.
-
-
49
1754
954
130
4%
330
1554
4454
20
16
m
Sept
Sept
Apr
130
Dec
12354
Jan
3354
Feb
4854
Apr
12
Oct
1154
Dec
60
45
Dec
79
130
15
Oct
2554
754
Oct
11
June
354
Dec
15
Apr
Mar
Jan
295
12
Oct
3954
Apr
50
35
Dec
98
Aug
1754
Oct
3354
Feb
Apr
1,899
80
365
13
Dec
30
754
Nov
16
1154
Sept
1854
Feb
Oct
9654
Mar
Mar
13
.8*
13
65
6254
65
607
53
6054
6054
751
49
Oct
8854
20
3
Aug
15
15554
Jan
3
Oct
Jan
554
149
5%
554
149
554
365
Feb
159
1154
Feb
Mar
3
3
5
7
Jan
65
65
91
70
Feb
70
Feb
7
65"
7
5
9
Sept
23
Jan
Oct
1054
Jan
Oct
10
Jan
43
Jan
60
June
254
Oct
100
•
2%
254
254
522
*
254
254
1,85
1354
254
1454
55
too
15
1254
Oct
.60
Preferred
63M
6454
Ltd....*
59
13
2
Banks—
11954
Canada
Montreal Stock
5854
160
.100
Canadlenne..
to
85
1.666
1954
1554
*
Grocers
Windsor Hotel pref
5
1454
1554
30
965*
1185* 11954
Jan. 15
Dec
*
B
11354 11454
57
15 54
25
Winnipeg Electric A
Grand Trunk Pacific Ry—
10
454
~"o%
*
Canada
Vlau Biscuit
Ask
bid
Ask
Jan
May
1754
954
~20%
Tuckett Tobacco pref-.100
United Steel Corp
*
Canadian Northern Ry—
114
99
103
44
50
preferred
Preferred
Dominion Government Guaranteed Bonds
Nov
49
9%
454
1554
30
Nov
May
125
*
July
2854
82
14%
100
158
Nov
103
10154
14%
15 %
Mar
Apr
•
2754
25
125
100
*
Steel Co
150
300
86
55
Sherwln Williams of Can 25
1 1946
Sept
10
974
Oct
25
55
Quebec Power
A
170
85
*
Penmans
High
Low
25
25
101
Tooke Brothers
Canadian National Ry—
85
3054
100
Shawlnlgan W & Pow
Canadian Pacific Ry—
88
25
100
St Lawrence Paper pref 100
4(1
150
29J4
Range for Year 1937
Shares
235
150
30%
Ottawa L H & Power--_100
Preferred....
High
235
*
Regent Knitting
Bit
Alt
Ry—
4s perpetual debentures.
Low
Price
..100
Preferred
74%
Railway Bonds
Bid
Week
*
St. Lawrence Corp
1 19511
for
of Prices
Powei Corp. ol Canada..*
Price Bros & Co Ltd
*
Prov ol Saskatchewan—
Province ol Nova Scotia—
Ogllvle Flour Mills
Ottawa Car Mfg
1 1941
As
Aug
Par
(New)
Province of Manitoba—
4Hs
Stocks <Concluded)
Week't Range
Sale
111)* 112
4s
9954 10054
95
9654
Sales
Last
5s
Prov ol British Columbia—
56
1942
1
Exchange
Friday
Ait
Bid
Province ol Ontario—
59
88
55
Oct
160
31
150
Jan
161V4
Aug
Exchange
Jan. 21, both inclusive, compiled from official sales lists
Sales
Frday
Last
Par
Stocks—
Week't Range
for
Sale
of Prices
Low
High
HANSON BROS Canadian Government
Week
Price
Range for Year 1937
7
7
High
Low
5
8)4
Jan
12
100
105
105
6
1035*
Nov
110
Jan
Amal Elec Corp pref
50
29
29
10
25
Sept
30
Apr
Associated Breweries
*
1254
125*
1054
200
11
Jan
16
Mar
1,900
9
Dec
23)*
Apr
Agnew-Surpass Shoe
*
Preferred
Batburet Power A Paper A*
Bawlf North Grain
*
1054
1.25
100
166
1.25
1.25
16
Sept
38
May
170
1154
125*
6,140
33
*
100
Canada Forgings cl A
35*
1254
Canada North Pow Corp.*
Canada Steamship (new).*
354
60
115*
Canadian Bronze
Canadian Celaneee
—*
Preferred 7%
100
Canadian Foreign Inv
•
Class B
Canadian Locomotive
*
Nov
11)4
11%
4
2
Oct
.0
Nov
1254
265
1.925
Nov
7)4
Oct
17
25
10
Oct
1954
35*
1954
354
80
16)4
Oct
363
2
July
6%
Apr
11
12
601
9
Oct
IX H
Apr
20
215*
195*
Feb
jan
85
33)4
Dec
61)4
Jan
1,406
5)*
Oct
2VA
Feb
350
12)4
Oct
32
Feb
20
340
107
20
100
Dec
126
Mar
108
108
95
105
" Apr
106
Mar
18
18
454
145
45*
45*
4
4
4
1,775
2,045
9
10
66
------
Oct
•6)*
Canada Malting Co.
Oct
Jan
5
Oct
33
7
Oct
7H
Oct
V/s
23)4
17)4
22)4
45
Oct
1(¥>%
16
Dec
22
Oct
29
17
50
Distill Corp Seagrams
13J*
1554
3254
600
20
405
15
Oct
110
40
100
Nov
9,821
10
Oct
of Prices
Lfw
High
Jan
Mar
Mar
Mar
2
254
1754
"58"
1854
58
60
354
354
5
5
Dominion Bridge
•
Dominion Coal pref
25
100
Dominion Glass
Dominion Steel A Coal B 26
Dom Tar A Chemical
31
1954
110
155*
Dominion Textile
31
1954
110
14 54
854
•
100
(New) pref
1454
83
Nov
265
69
Dec
754
754
1454
*
100
General Steel Wares
*
Rights
Goodyear T pref lnc '27.50
Gypsum Lime A Alabas..*
Hamilton Bridge
•
Preferred
Oct
15
69
1454
Foundation Co. of Can...*
Preferred
6%
83
*
Gatlneau
Oct
83
.1
Electrolux Corp
855
95*
24
68
------
*
Dry den Paper
155*
791
10)4
95*
80
754
16
56
1454
95*
795*
15
Holilnger Gold Mines..—5
135*
Howard Smith Paper .J..*
Preferred
100
15
20
Apr
24
Jan
30
Cndn Light & Power
56
30
8
1,046
60
53
10
1,287
14
15
J 85
98
98
10
Mar
1054
144
Dec
22
Mar
8
Falrcblld Aircraft Ltd
49
Dec
Oci
10)4
11)*
Dec
98
Oct
1854
1854
1854
4,214
14)4
Oct
Imperial Tobacco of Can. 6
Industrial Accept Corp
*
1454
14
1454
5,130
12)4
Oct
275
24)4
Oct
5054
2754
4954
2854
Intl Nickel of Canada..
5154
10,055
Nov
145
36 h
28
145
23)*
..
*
2654
Int Bronze Powder pref.25
27
2654
27
International Power pf.100
305*
295*
305*
Jamaica P 8 Co Ltd preflOO
77
77
155*
Internat-Pet Co Ltd
Lake of the Woods
•
*
Lake Sulphite
*
Massey-Harrls
*
Oil—*
McColl-Frontenac
Apr
10
Oct
11
754
125*
30
2954
31
7
655
9
Oct
Jan
Mar
Apr
15)4
Jan
34)4
Apr
6754
3554
3554
25
38)4
73)4
Mar
112
16)*
Dec
20
1.2u
Nov
4.00
Jan
1654
55
12
Oct
23)*
Aug
14
40
15)4
125
l.ou
Oct
75
1.00
Dec
Aug
10
65
Jan
25c
100
20c
Sept
80c
425
1.26
Oct
4.00
454
654
454
355
2)4
Oct
654
5,413
6
Dec
12%
Apr
6
Oct
19)4
Apr
6
Oct,
19
Apr
554
5J4
120
1754
7
1754
1854
16
15
5
Oct
33
200
3
Oct
13
25
4
Dec
650
14 %
135
11)4
11)4
2,431
Jan
Jan
July
Feb
Dec
60
Dec
60
49
Jao
75
Oct
110
Mar
22
Dec
1754
38
135
32
70
70
25
23
*70
Oct
10)4
29%
Apr
Nov
16
38
1654
Feb
73
Nov
5)4
554
5%
Mar
Sept
1,365
11
Apr
4
3,345
7
Jan
24)4
51
654
554
Jan
Aug
5
654
11
5
45
39%
854
23
60
Apr
Apr
39)4 LJan
305
3
( Sept
11
11
2
13
Dec
20
Jan
8
8
110
7
|Oct
21)4
Feb
80c
90c
560
70c
Oct
3%
Feb
354
11
80c
454
Jan
40
22
Dec
87
Aug
10
24
May
25%
July
80
32)4
Oct
73%
Mar
8654
88
56
88
Dec
100%
Mar
5
\ Oct
9%
Feb
30
30
Melcher8 Distilleries Ltd—
27
Jan
Oct
23
Massey-Harr 5% cum pflOO
McColl-F Oil 6% cum pflOO
Jan
Jan
16
•
1.60
5
Jan
Oct
4954
Jan
Apr
30
3)4
7.75
2
49
Dec
87
654
10
Ltd-*
Isl Power Co...*
Preferred
14
Mitchell (Robt) Co
Montreal
1.00
654
129
1454
22
7)4
1.00
10
1.50
f
Oct
30
Jan
June
1.50 June
104
May
105%
Dec
80
Nov
110
Mar
Dec
107
Feb
100
12)4
&P6%cmpfl00
105
105
1,290
")4
Oct
16)4
Mar
Page-Hershey Tubes Ltd.*
93
93
""25
m
Apr
15
Mar
Power Corp of
Oct
9354
94
135
11
11
75
7
Sept
22
6
5
10
7)4
July
16
Jan
108
Feb
Dec
22
Mar
101
80
*
25
4054
40
40
40
40
50
36
Corp..*
*
3754
37
385*
1,235
17
5954
595*
6054
2,327
37
Oct
83
Feb
14
14
10)4
Jan
37
Feb
2554
330
I Jan
23
Lake St
Mar
219
pref—100
7
21
Sept
Jan
Loblaw Groceterias A...
39)4
43)4
Feb
Jan
5
650
105
554
*
B.l
John P A P—-- *
28
130
Apr
1.65
5
20
Internatl Utilities Corp
98
89
1754
16
Voting trust ctfs
Mar
Jan
Aug
Oct
109
82)4
1.60
37
Fraser Cos Ltd
Mar
83
Preferred—
Ford
Jan
Apr
32
80
10
Sept
1,635
2,887
12
4154
*
Motor Co of Can A •
24)4
15)4
61
National Breweries
654
Fleet Aircraft Ltd
6% cum pref
Int Utilities Corp A
80
40
—
July
90
•06
B
*
Freiman (A J) 6% cmpf 100
GenSteelWares7%cm pflOO
Inter-City Baking Co—100
Intl Paints (Can) Ltd A—*
Apr
61
•
Montreal Tramways—100
Noranda Mines
130
10
18)4
18)4
82
Montreal Telegraph
N S Steel A Coal
92
155*
1254
Nov
56
25 H
56
Mtl L H A P Consol
National Steel Car
77
75*
1254
12
Oct
76
12
Lang A Sons Ltd (John A)*
Dec
1,408
125*
454
6
Oct
7 Vs
25c
•
Mar
Oct
10
60
1.40
Ltd *
Dominion Stores Ltd
*
Donnacona Paper A
*
18
Sept
25
99
24
Dominion Eng Works
Dec
5
Jan
Apr
26)4
654
pflOO
*
Imperial Oil Ltd
5
Consolidated Paper Ltd.*
David & Frere Llmltee A. *
Preferred
Ea KootenayP7 % cm
5%
9
Apr
Apr
14
-100
7% cum pref
Apr
53
m
1754
Claude NeonJGen Afv
*
Commercial Alcohols Ltd.*
Aug
16)4
Oct
Oct
Aug
Dec
Dec
4
Dec
1.35
14
Dec-
3)4
Apr
Apr
4)4
2.00
75)4
%
75
651
80
122)4
12)4
16H
1.00
VT
7
Oct
155
1.25
Oct
16
Dec
40
1,490
105
"T 55
1
Ltd..*
Vlckers Ltd.—
*
Oct
563
14
354
15i2
754
Canadian Marconi Co
Oct
1,665
Dec
6754
"3554
ColOQ
4)*
8
1.40
2154
8
P referred
Can
4,875
1,630
1654
Ltd-
Canadian Breweries
V
55
16
1354
Apr
Aug
July
Oct
754
1354
Mar
Nov
155*
53
100
Mar
Mar
5%
488
754
1
8554
Mar
12)*
937
95*
754
18 H
1
Mar
25
80
65
28)4
Jan
210
754
15
8
754
58)4
23)4
118
High
Low
Shares
754
2054
Can Pow & Pap Inv
*
lists
Range for Year 1937
for
Week
1054
"2l"
Can <fc Dom Sugar
Jan
17
6254
Ltd.—*
♦
Can No P Corp 7 %cmpflOO
Canada Vinegars Ltd
*
Feb
Crown Cork A Seal Co—*
25
415
*
Bathurst Pr & Pap class B •
Beauharnols Pow Corp—•
Brewers Ac Distill of Van—5
Brit Amer Oil Co Ltd
•
British Columbia Packers*
Canada Bud Brew Ltd—*
o)4
2,721
954
Mar
...100
6% cum pref
Asbestos Corp Ltd
Oct
Oct
64
754
954
Price
2
Abltibl Pow & Paper Co.
3H
3
17
61
754
*
31
Par
Stocks—
Week's Range
Jan
107
...25
Con Mln A Smelt new
20%
Sale
Apr
at.
6,184
.
22H
Lasi
Sales
Friday
233
754
1054
Canadian Pacific Ry
Cockshutt Plow
73
inclusive, compiled from official sales
Ian
Jan
110
111
Jan. 15 to Jan. 21, both
Mar
107
115*
2154
*
Canadian Indust Alcohol.*
Jan
115
39
108
Industrial Bonds
330 Bay SL, Toronto
Montreal Curb Market
Niur
39)4
120
11
100
Cndn Cottons pref
30)*
Oct
454
3854
25
Preferred
Nov
1UH
30
35*
52
11
•
Canadian Car A Foundry. •
12
109
16
107
*
Preferred
454
52
Building Products A——*
St., Montreal
Sparks Su* Ottawa
Feb
33
454
255 St. James
56
Jan
157
115*
♦
Public Utility and
Jan
17
440
33
Preferred
5.75
50
166
British Col Power Corp A.*
B
*
Canada Cement
Dec
17
166
Brasllllan Tr Lt A Power.*
Brack Silk Mills
1.00
1883
JUtf
17
100
Preferred
Ben Telephone
105*
MlllliCipal
INCORPORATED
Sharee
established
7
1,640
33
36)4
Jan
Oct
65
Feb
May
100
Feb
Oct
42)4
Feb
Oct
43)4
Feb
Oct
67)4
Jan
'
30
Nov Scot L
Canada
6% cum 1st pref
100
Sarnla Bridge Co Ltd A..*
Sarnla Bridge Co B
*
Sou Can Pow 6% cum pf 100
United Distill of Can Ltd.*
Walkerville Brewery Ltd.*
•
No par value.
10454
1.15
1.60
94)4
Jan
10454 106
1.00
1.15
66
104)4
Sept
500
65c
Apr
1.15
Jan
1.60
215
1.00
Oct
3.25
Jan
1.50
Jan.
Chronicle
Financial
580
1938
22,
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Stocks (Conch*ded)
Par
Week's Range
of Prices
Week
High
Low
Price
Walker-Good & Worts (H) *
42 H
Walker-G & W S1 cum pf
1SH
18H
*
32
Oct
51 H
250
%
18H
17 H
Oct
20
56c
55c
61c
2Xc
--
2Hc
2Mc
Capltol-Rouyn Gold
1
Cartler-Malartic G M Ltd 1
Central Cadillac G M Ltd 1
Central Patricia Gold
1
Conlaurum Mines Ltd
25c
1,000
22c
1,400
32c
Nov
1.15
Sept
05c
50c
700
9c
10c
6Hc
6c
29H
27 H
6Hc
30
1.12
9Hc
7 He
8c
2.28
37c 43 He
2.15
2.28
1.65
1.65
30c
Feb
30c
Oct
1.75
Mar
3H
3H
125
3X
Deo
10H
Jan
0C
6c
1*43
1.30
1.45
2.44
2.30
Lake Shore Mines.......1
Lamaque Contact Gold..*
Lebel Oro Mines Ltd
1
Lee Gold
Macassa Mines
1
Mclntyre-Porcuplne..
13c
Jan
Can Steamship
Canadian
7c
Dec
47 He
Jan
65c
Mar
Cndn Bk of
*
6.15
2.03
Jan
1st preferred
2.70
Feb
2d
5c
Sept
60c
Oct
2.03
Jan
1.45
0"t
3.60
Oct
12.75
Feb
1.58
Feb
603
Feb
Canadian Oil
C P R
Oct
41H
Feb
Feb
-
17c
Dec
Cariboo Gold
1
400
18c
Nov
45c
Apr
Castle
97 He
46 M
Mar
1.64
Apr
Central Patricia.........1
Sept
Jan
Central Porcupine
938
59
Trethewey
1
52 H
54
3Hc
300
3c
Nov
14c
14c
Oct
30c
Jan
2c
1 He
Oct
7 He
Jan
5.20
3.95
Oct
8.50
Jan
Cockshutt Plow
..*
42 H
42 H
34
Jan
Coniagas Mines
Oct
1.19
Jan
Conlaurum
*
4,000
5c
Nov
45c
Mar
42
Chromium
Cons
..*
Mining
Mines
100
2Hc
Oct
10c
Feb
Cons Chlbougamau
4c
1,000
2 He
Nov
11c
Feb
Cons
*
1.03
100
80c
Dec
2,15
-—1
3.60
3.10
4.00
27,260
2.45
Oct
13 H
Jan
Pamour Porcupine M Ltd *
Pandora Cad
1
4.00
3.85
4.05
2.15 June
4.05
Jan
42c
46c
20c
Oct
1.10
Mar
Pato Gold!
1
2.65
2.00
2.70
4,800
10,500
6,700
70
Oct
3.80
Feb
Pend-Orellle
1
2.30
2.20
2.53
5,825
1.25
Oct
0.50
Perron Gold Mines Ltd..l
1.22
1.15
1.23
Oct
2.51
a..l
Pioneer Gd Mines of B C. 1
4.60
4.85
2,500
1,780
60c
4.30
Sept
3.15
3.15
100
3.05
Dec
Placer Development
16
16
12
12
Oct
221
150
Nov
5
270
3
155
17
Jan
Oct
Feb
13
Oct
32
Jan
29H
3H
Oct
46
Mar
1,160
25
3 H
Oct
7H
Jan
85c June
2.30
Feb
905
5H
21H
50
30
4
1.13
10,950
Oct
480
10
Dec
18H
Jan
8H
3,812
3
Oct
17H
Mar
2H
175
1H
Apr
800
16
'"25c
1.80
1.30
Oct
66c
70c
3,162
46c
Oct
1.66
Jan
2.15
2.30
31,880
1.85
Oct
5.25
Feb
13c
11c
14c
20,200
7HC
Oct
43c
Jan
59c 62 He
39c
15,300
38
Oct
1.87
July
60c
37c
"9 k"
10H
30C
1
62
195
100
Mines
1
Petroleum
.*
Denlson Nickel Mines
1
Feb
Distillers Seagrams..
Preferred
Dome Mines
9.10
Feb
Dominion Bank...
6.75
Feb
May
Dominion Coal pref
Dominion Explorers
15c
100
Jan
*
14H
»m
56
100
200
25
1
34
12 He
15c
50
44
41c
*
64
197H
34
34
49
Feb
22 H
Mar
1.75
Nov
500
30C
61
195
95c
Oct
3,760
15
10
2,790
1.00 May
15
20c
Nov
Oct
Feb
45
Oct
100H
Mar
Oct
211
Mar
200
31
Dec
50
5,000
8 He
9,541
20
Oct
2.95
Feb
Jan
40
Aug
Mar
50,300
2,050
Nov
13H
15 H
Oct
28H
71H
71H
25
66
Dec
94H
55 H
57 H
205
0,758
36
Oct
51
Jan
40
194
Nov
250
Feb
19 H
145
17
Oct
24
Mar
4Hc
1,500
200
19M
19H
4c
10H
3HC
Dec
505
12c
Oct
17c
160
2.00
Dec
4.15
Jan
Dom Foundry & Steel
30
32
85
24
Oct
65c
200
30c
Oct
85c
Feb
Dom Scot Inv pref
50
31
31
31
30
30
Dec
4.20
4.45
8,050
2.25
Oct
6 85
Dom Steel Coal B
25
10
20c
Sept
2.00
Feb
Dominion
Stores
14H
6H
3,604
6,750
15H
8H
15 H
33c
m
6c
6c
3,300
5c
Nov
22c
Feb
Dominion
Tar..........*
2c
400
2c
Oct
10c
Feb
21c
25c
10,800
20c
Dec
1.13
Feb
Feb
15c
Jan
43 H
Aug
44
Apr
Feb
Feb
*
*
Preferred.
Dorval Slscoe
..1
17c
Mar
5H
Nov
12H
Mar
9
150
6H
Nov
18
Apr
83 H
100
28 H
17,251
8H
84
40
Nov
116
Feb
19c
15c
24,200
Oct
81
100
Nov
1.55
1.75
6,410
97c
Oct
4 00
2.95
3.25
11,000
2.25
Nov
6 05
Jan
Eastern Steel
*
95c
1.05
74c
Oct
2.50
Jan
Easy Washing......
*
4H
4H
4H
50
*
27Hc
22c
15,650
32c 243,275
28c
Nov
2.90
Mar
Eldorado Mines
1
2.40
2.30
2.47
29,195
1.50
Oct
Sullivan Cons Mines Ltd. 1
1.05
1.02
1.10
4,050
80c
Oct
2 25
Jan
*
6.50
6.15
6.70
3,534
4.75
Oct
1
3.15
3.15
3.20
250
2.60
Oct
4.70
Feb
Falconbrldge
Fanny Farmer
1
20 H
20 H
21H
1,739
10H
Oct
550
4.50
Oct
12c
29,500
6Hc
Sept
16c
142
130
95,755
147
5.50
5.50
Feb
Federal-Klrkland
1
llHc
1
1
24c
20c
28c
94,544
16c
Oct
2.15
Jan
20c
22c
9,105
38c
36c
40c
41,825
19c
Oct
73 He
Apr
Firestone Petroleum...25c
Ford A
*
20c
Wood Cad-..-
18H
17H
18H
3,681
Wrlght-IIargreavee
*
7.90
7.80
7.90
600
5.80
Oct
8.10
Jan
1
2.70
Jan
Jan
Feb
192
1.04
Thompson Cad
2.14
05
1.60
Sylvanlte Gold
Teck-Hughes Gold
3.50
23
2,550
46c
39c
Jan
Oct
1.83
1.65
15
1.47
15c
7H
3.15
Btadacona-Rouyn
Jan
525
1
Bladen Mai
1.75
2,800
2.25
2.20
Y.71
5
Gas.
Crows Nest Coal
Davles
9H
.1
Slscoe Gold Mines Ltd
Dec
"2".30
........1
Sherritt-Gordon
4
T.87
1.85
6c
1
Ritchie Gd Mines Ltd—1
Jan
7H
2c
4.30
Reward Mining
H
8H
Jan
2H
7H
31c
1
Mar
12H
21H
11H
4H
Apr
10H
11
33
Aug
20 H
6H
4
Jan
23 H
210
Oct
1,080
33
Apr
3H
Oct
17H
8H
H
Apr
Aug
Oct
8
65c
Red Crest-.............*
......1
Nov
10H
17H
21
4H
1.00
170H
4H
"l7H
820
1.85
1
Premier Gd Mining Ltd._l
Shawkey
1
1.60
173
100
Smelters...
Consumers
Dark water
1
173
Bakeries..........*
2Hc
2Hc
1.40
7
18H
34
Jan
4c
Read Authler Mine
1.60
5
500
30 H
25c
Oct
36 He 36 He
20c
19c
27 He
1.03
Quebec Gold
Dec
Comraonw'ltb Petroleum.*
5.00
1,100
1,500
1,500
10c
2c
Pickle-Crow Gold
July
19
1
700
1.03
O'Brien Gold
Oct
8
25
12H
20c
*
Normetal Mining
2
80
15H
3HC
.1
328
.*
1.40
"l4c
*5*15
3H
1.06
20c
54
Feb
July
1.11
1.32
57c
98
160
*
25
Canadian Wineries
4,000
Oct
Nov
4
Nov
14c
65
137
*
Malartic
Nov
Jan
5
20
11H
B
33c
Apr
Aug
70
20
11
Canadian Dredge
*
Canadian Ind Alcohol A..*
4Hc
15 H
23
110H
28 H
150
3H
10H
-.25
1,000
13c
Dec
20
8H
Preferred
Apr
4.70
Mar
20
preferred
Can Car & Foundry
Jan
Oct
18
11H
*
Canadian Canners
Oct
Oct
85
70
10H
Nov
7H
40
20
3H
Commerce.ioo
1.05 June
355
20
70
Preferred
Sept
12H
107 H 108
146
100
Breweries
8,100
1.40
12
107H
19H
„*
0c
1
Murphy Mines Ltd
Feb
pref....50
45c
5
New bee Mines
Mar
59 H
Canada Steamships
Feb
6.50
McWatersGold Mines. Ltd*
Monfague Gold
103H
Nov
—
6c
1
—
Canada Permanent
40c
1
1
Canada Packers
Feb
6.25
Kirkland Gd Rand Ltd— 1
Klrkland Lake Gold
Dec
42
Canada North Power...
FeD
22c
505
88
7
*
45c
26
15
43
.......100
Preferred
0.25
26
92
43
Canada Cement
Canadian
26"
92
50
B
375
Graham-Bousquet Gd M.l
J-M Consol Gold
100
Canada Bread
Aug
2.44
Duparquet Mining Co—1
1
Eldorado Gold M Ltd
1
*
Aug
50 H
15c
Apr
12,500
18C
Oct
Aug
H
60c
Nov
36H
44
51c
14
Feb
Dec
55c
Canada W ire B
20c
21
1
Oils
Feb
2.00
210
6.55
72c
30
19
Oct
2.28
1,310
1,500
50,000
2,200
57 H
55 H
Hudson Bay Mln & Smelt *
Oct
6Hc
4,100
57 H
Falconbrldge Nick M Ltd. *
Francocur Gold M Ltd—*
Nov
Dec
1.15
79c
1
12
6.250
90c June
100
29c
30c
*
East Malartic Mines
2H
Dec
20
20,000
3,400
67,350
3,300
"40c
*
Nov
700
8Hc
Nov
7c
2,100
5,300
1,915
1.05
"s]i'c
37 He
32c
22
High
80
3.10
Feb
30c 30 He
21H
Low
Shares
2.80
A
Feb
19c
4,380
1,500
60c
Consol Chlbougamau_...l
Dome Mines Ltd
j an
25c
13
Range for Year 1937
for
Week
2.97
Jan
"C
12 H
Canada Bread..
Feb
4Hc
20c
--1
Bldgood-Klrk Gold
1
Big Missouri Mines Corp.l
Bouscadlllac Gold Mines. 1
Browulee Mines (1930)—1
Bulolo Gold Dredging...5
Can Malartic Gd M Ltd..*
1.90
Oct
Au~
24c
*
Arno Mines Ltd—
Arntfield Gold—1
Beaufor Gold..
30c
8,300
4,500
lHc
2Hc
3<
2c
Range
(FN)
25
Calgary & Edmonton...
Calrnont
Aldermac Copper Corp,..*
Price
Burt
Feb
Oct
Par
of Prices
IjOW
High
Burlington Steel
July
Mines—
Alexandria Gold
(Continued)
Stocks
High
095
44
40 H
Low
Shares
Week's
Sale
for
Sale
Sales
Last
Range for Year 1937
Last
Exchange
Friday
Sales
Friday
5.10
11c
12
Nov
4
Nov
1.22
24
m
3.65
Feb
Feb
Feb
Anr
12.90 May
Aug
Oct
26c
Oct
15
25 H
64c
29 M
Julv
Jan
Jan
2.82
3.05
800
1.25
Oct
Feb
0.40
17c
17c 18Hc
4,700
16c
Deo
1.25
*
45c
40c
45c
8,735
32o
Nov
1.58
Feb
Fontana Gold.
Calgary & Edmonton....*
*
Francoeur
Oil—
1
13c
12c
16c
5,500
18c
Dec
20c
Dec
Gatlneau Power
*
9H
9
9H
437
7H
Oct
14
Foundation
Pete
Co
*
*
Royaltte Oil Co..
..*
1.33
2.20
45
1.30
2,225
80c
Oct
2.20
1,700
1.00
Oct
2.25
Dec
46 H
865
24c
Oct
59 H
Mar
4.10
Oct
75 H
Dec
8
Feb
llo
Dec
18 H
65c
May
4Hc
9,900
3 He
July
30c
Jan
55c
60c
July
1.02
JaB
21c
15,345
5,100
40o
20c
37c
1,000
32c
9,800
80 H
126
58
7H
8H
915
19 He
17Hc
1
4Hc
4Hc
*
60c
1
21c
50c
37c
37c
1
30c
30c
Preferred
Feb
100
General Steel Wares
Gillies Lake Gold
.
Glenora
Toronto Stock
Jan. 15
to
Exchange
Jan. 21, both inclusive, compiled from official sales lists
Last
Sale
Stocks—
Par
Price
100
17
Week's Range
for
Range for Year 1937
Week
of Prices
Low
High
Shares
Low
High
8Hc
He
51,100
July
22c
Apr
71H
115
72 H
Oct
97 H
Aug
55 H
27
52 H
Oct
67
Graham Bousquet
Mines
6HC
0Hc
4,000
4c
Nov
63c
Feb
5Hc
6c
2,700
4 He
Oct
57o
Feb
8Hc
2,500
4Hc
Nov
10
11H
Deo
12
Dec
Oct
26 H
53 H
Apr
1
Granada
...1
5 He
8Hc
9c
Dec
1,500
2c
2,150
Sept
Sept
Sept
Great West Saddlery.....*
Grull-Wiksne Mln
1
Gunnar Gold
1
2H
22 He
82c
Gypsum Lime & Alabas..*
7H
Alberta Pac Grain pref.100
A PCons Oils
1
15
15
10
32c
32c
3,425
18c
Oct
55c
54 He
61c
30,100
30c
2c
2Hc
3,000
1H
Nov
.1
2Hc
Amm Gold Mines
1
22 He
20c
1.45
1.40
1.45
3.70
3.70
19c
19o
Ashley Gold
9Hc
7c
..1
3 He
37 He
34c
1
Aztec Mining
Bank of Montreal
22c
1
22c
"65c
240
50
40
35c
Big Missouri
60
Oct
70c
Oct
3.44
Jan
3.95
3.40
Nov
Harker
1
llHc
34,500
8o
Oct
33c
Feb
5,000
12HC
13c
22c
18c
Dec
High wood Sarcee
*
18c 18Hc
1.250
100
Oct
90c
Mar
10c
16,234
6c
Sept
4c
7,600
3c
Oct
Holllnger Cons
..5
40c 118,550
13H
25c
Jan
Home Oil Co
•
1.30
6He
Oct
Homestead Oil
1
Howey Gold
1
56
Oct
Hunts A
*
10
10
10
10
10
Dec
19
Mar
100
66
66
60 H
15
60
Dec
95
June
24c
205
247H
40
10,400
20
14Hc
190
Nov
Nov
Sept
Huron & Erie 20%
Imperial Bank
6
286
Nov
Imperial Oil
18
234
Nov
Imperial Tobacco
5
36
Oct
12,268
53o
International Pete
*
7,810
96c
Oct
33c
48c
34
28 He
48c
33
34
14H
•
Dec
"30c
6
International Nickel
8H
105
18H
Nov
52
190
322
48,328
3,350
50
13 H
4,670
1.38
29c
3,735
2,300
32c
25,902
1.30
27c
30c
5
8
*
12c
16H
13
8
209
100
32,800
50
27c
32c
....100
Intl Milling pref
Intl Mining Corp
40
16H
*
Huron & Erie
1.40
4H
5M
104H 166
Hlnde & Dauch
214
31
19
0,233
18H
13«
100
100
14H
100
50 H
30 H
Feb
30 H
3,955
23 H
Oct
Mar
7
Dec
Oct
Intl Utilities B
.1
850
85c
100
65o
Oct
3.25
Feb
Apr
99
Jack Walte
1
44c
48c
3,500
34c
Oct
1.62
Mar
Dec
J aco la
Mines
1
18Hc
14c
Dec
53c
Mar
Cobs
...1
55c
7,242
57c 201,100
1
14c
Nov
4H
154
35c
29c
30
Oct
Intl Utilities A
Jelllcoe
Oct
J
Oct
*
Kelvlnator
M Consolidated
8
8
8H
90
18c 21 He
38 He
13c 14 He
9,300
1.82
1.92
1.00
1.23
1.39
1.30
1.40
29
Oct
Laguna
1
31c
30c
32c
_.l
53 H
52
20,575
•
12H
12
54H
12H
*
4c
4Hc
20,500
8c
0.40 May
10
Jan
Brown Oil
*
49 He
41c
58c
94,200
23c
Nov
Buffalo-Ankerlte
1
16c
14Hc
3Hc
16c
5,842
8.25
Apr
4Hc
20,700
51
125
90,250
Jan
39H
21H
1.20
17c 21 He
Feb
73H
1.85
51
Mar
Nov
1
21c
Mar
15H
105
30H
l
*
Mar
May
24 X
20,730
__1
Hill
Jan
51H
Kirk Hud Bay...
Klrkland Lake..
Building products.......*
15H
240
Jan
49 H
30
Oct
*
Oct
19H
Oct
...
Nov
Nov
14H
87c
72c
Oct
4H
35
0H
195
Oct
Oct
7
16H
34
2o
21c
Jan
100
1,135
Brit Columbia Power A._*
Jan
10H
2,812
5,701
Jan
10H
1
12H
7H
21H
6H
22H
15H
405
Oct
11H
20 H
33 H
Oct
Nov
835
6H
Oct
Oct
12
9.00
11H
14
97
8.90
21
Jan
9 H
80
5
9.00
*
7
500
..*
»
Jan
Dec
3H
14,700
5
7c
2c
211
11c
Brewers & Distillers
Apr
500
9H0
Brazilian
Jan
18H
39,800
2c
2c
...1
11c
B A Oil
1 25
Oct
3H
Halcrow-Swaze
1
Mines..
Feb
65c June
5H
1.35
35c 37He
101
1,450
3H
10H
1
Blue Ribbon pref
Aug
Sept
18c
1.20
1.30
"5H
Bobjo Mines
5
3 H
10H
Bell Tel Co of Canada. 100
1
Nov
1.35
10H
Beatty Bros 2d pref. ...100
Bloodgood Klrkland
12,695
Oct
Dec
7c
*
.
1.39
Beauharnols
83c
8
2
1
02c 66 He
300
100
*
80c
7H
23 H
500
Hard Rock
16
Bank of Toronto
Beattle Gold.—..
27
8c
Harding Carpets
300
Bathurst Power A
2H
8c
Jan
Oct
1,500
Bank of Nova Scotia... 100
Barkers Bread pref
Base Metals Mln
126
32
18c
Nov
8c
205
100
Bankfleld Cons
11H
H
2H
7
11c
7Hc
..50
Bagamac Mines...
30
164
1.00
59 He 59 He
..50c
Bank of Canada
11
10
Jan
2,000
948
24c 242,500
3 Ho
Augite-Porcuplne Gold...l
Astorla-Rouyn
8c
11
7 Ho
Oct
Anglo-Can Hold Dev
Anglo-Huronlan
.....*
Arntfield Gold
9
32c
Aldermac Copper
Alexandria Gold
*
Apr
55
3c
9c
Dec
Dec
Jan
08
68
25c
9 He
1.25
14H
Oct
22
39c May
9Mc
23c
AJax Oil & Gas
030
1,145
3,900
Mar
68
2Hc
*
Afton Mines Ltd
2H
18H
9Hc
12c
49
*
....50
1
Acme Gas & Oil
2
17
,
Oct
15
Apr
1
Preferred..
...1
6% preferred
Bunker
Eagle
Grandoro Mines
*
The G Greening Wire Ltd *
Great Lakes Paper
*
Preferred
2H
ADltlbl
Buffalo-Canadian
Gold
Goodflsh Mining
Goodyear Tire
Sales
Friday
Bralorne
Gold Beit
80 H
Aug
21c 140,200
79 H
7H
1
Goldale Mines
1.36
2.20
44 H
*
God's Lake Mine
Home Oil
OkaltaOlls Ltd
Feb
2c June
39
10c
Preferred...
.....100
Kerr Addison
Gold
Lake Shore
Lake Sulphite
Lamanue Contact
Nov
Sent
*
13 H
14
106
106
•
No par value.
_.
4c
60c
17c
Oct
Dec
2.15
59c
Mar
Feb
Feb
Oct
50
39
Feb
Nov
108
Mar
5
104H
16.783
1.40
Oct
3.30
Apr
16,000
75c
Oct
2.66
Feb
37,970
17,561
90c
Feb
1.70
Apr
25c
Oct
1.10
Feb
45 H
Oct
69 H
365
9
Dec
3r
Nov
27
28c
Jan
Aug
Jan
Volume
581
Chronicle
Financial
146
Canadian Markets—Listed and Unlisted
Stock
Toronto
(Continued)
Stocks
of Prices
Low
High
Cap Cold
Lebel
Oro
Lee Gold
53.725
1.07
10,875
68c
1.30
July
12c
15c
58.300
10c
Oct
30c
Jan
2c
2c
500
2c
Dec
734c
Jan
36c
Oct
4 00
96c
5.40
5.50
2234
23
1,054
•
21
2034
21
792
Jan
Jan
Whitewater
White EaPle
Oct
23%
Wlltsey-Coghlan
90
Aug
Feb
10c
Sept
Oct
8.60
Jan
Preferred..
1.40
12.850
80c
Oct
1
42c
31c
42c
38,250
32c
Dec
1.20
Mar
Manitoba &
*
33*c
234c
334 c
43,000
2c
June
16c
Feb
Maple Leaf Gardens pref 10
Maple Leaf Milling
*
Preferred*
6 34
6
634
120
2 %
234
254
420
1%
'
9c
11c
3
734
734
47 H
47J4
50
*
12)*
11
1254
1,920
87
8834
4334
63
8,601
McColl Frontenao
100
Jan
1234
388
Oct
36c
1634
Mar
Oct
74
Mar
1434
Mar
June
83*4
Dec
8%
6
42 34
Oct
4234
1
96c
91c
1.01
21,750
85c
Oct
2.03
1
13c
13c 13 34c
6.400
12c
Oct
57c
Feb
Oct
Merland Oil.
Mining
2.15
Corp
Dec
5c
Jan
3c
Dec
17c
Feb
23*
Oct
77o
Feb
Wright Hargreaves
5.80
Oct
8.10
Jan
Ymlr Yankee Girl
*
263*c
24c 263*c
8,100
18o
Oct
52c
Keh
30
Exchange—Curb Section
Toronto Stock
Jan. 15
both inclusive, compiled from
Jan. 21,
to
Week's Range
Last
Jan
Sale
Par
Stocks—
of Prices
High
Low
Price
36c
13,100
240
1.18
1.400
13c
Nov
63c
Mar
1,000
6c
Sept
39C
Feb
Bruck Silk.
11.420
1.25
Oct
5.00
Feb
Canada Bud.-——-*
2.15
2.40
1
*
Brett Trethewey
Dec
3334c
Apr
Canada
36c
1,000
32c
Nov
1.15
Fob
Canada Vinegars.
*
*
39,205
96o
June
1.98
Apr
Canadian Marconi
353*
3334
3534
1,860
Oct
4534
Aug
Canadian Wirebound
Dec
88o
Feb
Coast Copper
254c
7
28c
1434c
4,112
2 340
4,500
35
July
Oct
Malting
10c
Feh
Cobalt Contact
4234
Feb
Consolidated Press
—
—
11
Apr
Dec
2134
Feb
Oct
1.05
Feb
6
12
*
17
3,500
2340
Dec
12c
Feb
Hamilton Bridge.-
30c
2,700
24c
Dec
1.49
Jan
Honey Dew preferred
1.95
2.00
2,840
1.65
Sept
5934
6034
3,931
36%
Oct
Feb
Hudson Bay M & S
Feb
3.60
83
Inter Metals A
1.02
1.11
12,147
65c
Nov
254c
3c
4,000
23<o
Oct
1634 c
Jan
14c
49c
65c
57c
Dec
95c
Apr
125
33*
Aug
m
Feb
3.55
3.10
4.05
62,425
2.50
Oct
13.25
Jan
2.05
2.22
13,150
66c
Oct
4.10
Feb
National Steel Car
lc
Oct
12o
Jan
534c
36c
40c
104,03
8
40c
8
140
37,000
5c
*
1
Omega Gold
Ontario Steel
4c
30C
Oct
Dec
9
5
July
Page Hereey..
Pamour Porcupine
Feb
22
36c
Oct
3.60
Feb
Nov
Apr
Jan
Feb
Jan
June
Feb
1,878
24
Oct
223*
583*
130
5
Oct
183*
Apr
15
Apr
96
834
123*
73*
60
73*
1534
Sept
Oct
3,360
834
100
7
70
4134
183*
Oct
45
Dec
7434
21C
23c
3,000
13*c
Feb
Jan
Mar
108
Oct
53*
118
4.00
1,000
134c
134c
2,700
Mar
Jan
44c
1,600
34c
Nov
42c
Nov
275
Oct
934
Jan
Dec
Pend Oreille
Prairie
Cities
Ritchie Gold
Robb Montbray
193*
22
22
*
—*
31
Payore Gold
1
14c
634
1334c
15c
24.600
Partanen-Malartlc
1
173*c
14c
19c
9,000
5c
Oct
410
Apr
8o
Oct
460
Jan
Supertest Ord
Temlskaming Mines
July
Stop & Shop
18c
21,800
Paymaster Cons.
1
62c
57c
67c
30,730
33o
Oct
1.38
Jan
1
1.23
1.16
1.25
7,000
50340
Oct
2 50
Jan
United Fuel
75c
Feb
6.65
Feb
Dec
16c
Feb
1340
Oct
23* June
123*c
83*
6
19
Oct
34
Dec
173*
200
50o
Jan
3134
18,800
16o
Nov
Oct
21c
2034
15
17
42
10
30
39
58o
June
42
Jan
Jan
3.50
Dec
160
75c
31
Jan
Feb
56
2034
*
100
Jan
6c
6
19c
20c
Thayers 1st pref-.
Perron Gold
2034
*
Jan
30c
Oct
2c
276
2034
Standard Paving pref- -100
Shawlnlgan W & P
2%
13c
12c
June
2
60
4
4
4
Rogers Majestic.-
634
35
3 3*0
60
3c
40c
15c
1.25
3c
Feb
17c
I3*c
53*
Mar
Paulore Gold
Jan
3o
4c
63*
Apr
2.20
43340
Pantepec Oil
673*
83*c
Oct
Oct
Oct
Dec
*
3.50
Dec
44c
183*
4c
1,041
4,200
2.60
Nov
Pandora-Cadillac
Jan
3834
2.25
■8C
3.80
2934
37
2.25
60o
4.00
Jan
3034
3734
7,000
20,285
1.50
Oct
Feb
69c
Oct
2c
5
1.90 June
43*o
Nov
26 3*
10c
16,900
81
Nov
10c
362
10c
35,200
130
lc
3,200
38
*
5,000
134c
14c
29,347
Apr
22c
1
73c
4.05
55c
13*c
1
1
1.10
94
Oct
3034
Pawnee-Kirkland
11c
9254
143*0
20c
Oslsko Lake Mines
46c
Dec
Preferred
Kirkland Townslte
Jan
1.10
...»
123*
Jan
1.28
18
73c
.........
Oils......
20
585
500
13 3*c
94
Orange Crush
Oro Plata
33*c
7434
Oil Selections
...
Olga Oil & Gas
Dec
21c
Montreal LH&P
2.20
3%
1
Gold
3,500
lc
273*
Mandy
I
Okalta Oils—
10.00
834
Malroblo..
334
334
14c
.....
North Star Oil
Oct
25
Feb
61c
1,600
6,750
Dec
"lie
1
_....♦
1.95
13*c
1.02
234c
...
Nordon OU
100
8
253*
25 %
Jan
Dec
63*
3234
12
*
100
2.23
Norgold Mines
North Canada
*
♦
334
Oct
193*
3.25
134c
63*
21
1.00
14
31
Dec
Feb
10
134c
'"634
Feb
Oct
15
20
12
134c
Jan
Apr
1034
383*
504
1.40
20
3.25
3.25
12
303*
200
353*
8
4c
28c
2.00
Oct
8
334c
59%
Dec
7
20
—
28c
..5
...
Mines
4
25
163*
*
Dominion Bridge
Oct
90
130
25
36
35 %
DeHavilland
200
-.1
Consolidated Paper
*
22,100
734
4,500
8
Feb
21c
Oct
9c
334
1.20
-6
31c
*
Nlplsslng-
Pacalta
25
50
18
28c'
3c
500
33*c
...1
New Golden Rose
O'Brien
334c
41
17
18
*
1
Newbec Mines
Nonnetal
17c
41
Naybob Gold
Noranda
16c
334c
3c
8c
8
*
National Grocers
High
Low
33*
834c
1
National Sewerplpe
1937
Range for Year
for
Week
Shares
Jan
18c
official sales lists
Sales
Friday
2.29
Murphy Mines
Aug
20C
16,395
36c
National Brewing,.
95
26,100
2.07
16c
Jan
40c
7.90
734c
33c
334c
1
53
36o
36c
Kirkland
Jan
7.50
2.24
Morris
Jan
44
7.80
1
Corp
10
Oct
383*c
1
*
Moore
Dec
30
93
2
10
*
Moneta Porcupine
'
Jan
10
16
80
■
-100
10
Dec
31
234
234
2
166
—I
Wood Cadillac.
Model Oils
Mlnto Gold
Mar
5c
134c
434c
33*
3,000
1,500
14
17c
*
Mercury Oil..
280
2,700
1 3*
234
734c
33c
McWatters Gold
Dec
7t*o
23*
Jan
Mc Vlttie-Graham
Mines
Mar
17c
Oct
133*c
183*
1063*
43*c
1
Mar
101
McKenzie Red Lake
Mclntyre
Jan
Dec
Dec
75
19,700
Aug
Mar
Oct
32
86%
4134
Preferred
Nov
Dec
o
Jan
8c
1,820
103*c
Dec
7%
11
4%
17.175
734
1
•
100
Mines
Massey Harris
Jan
Oct
Nov
93*
Jan
CO CO £
7c
100
(Alex) pref
Oct
July
22o
13*
*
Wood
20
25o
10
13c
Oct
Dec
1,285
1134c
1134c
♦
B
Jan
Madsen Red Lake...
Preferred
—
Electric A..
3.70
4.85
Maralgo
W lnnipeg
7,580
8
123*
81
*
11,401
4
113*
1
Feb
1.35
17c
4
26c
523*
1634
163*c
14,500
7,400
81
West Turner Petroleum50c
8.40
25
909
15c
21c
1134
Oct
5.20
1.30
19
Oct
31
4,716
14o'
21c
Oct
10c
1.35
1834
*
4.90
1
183*
143*c
High
Low
Shares
4434
.100
Preferred—
15c
East
403*
•
Westons
5.00
MacLeod Cockflhutt
Wee
1
Westflank Oil
*
Mines
for
of Prices
Low
High
4134
•
Preferred
Wendlgo Gold
-1
Lowery Petroleum
Macassa
88c
June
*
Walkers
19*4
3,575
23
93c
Range for Year 1937
Week's Range
Price
22
30,350
5.50
*
B
Oct
58
Jan
1.02
♦
A
Jan
143*C
Loblaw
Gold-
Apr
33
1
77
"Tie
Little Long Lac
Leltch
21%
Oct
33c
25
63
Dec
13
15
47c
62 34
*
—-1
1
1
—1
Laura Seoord
12 34
40c
Par
Stocks (Concluded)
High
Low
Shares
1234
46c
—1
Lapa Cadillac-..
Year 1937
Week
*
Lang & Sons
Lava
for
Last
Sale
Range for
Weet's Range
Price
Par
Sales
Friday
Sales
Last
Sale
Toronto Stock Exchange
Exchange
Friday
26
June
Mar
Dec
Pet Cob Mines
13*C
134c
154c
6,000
lc
Dec
334c
Jan
4.90
4.65
4.95
33,222
4.10
Oct
9.20
Feb
Waterloo Mfg A....
Jan
2.35
Oct
6.86
623*
1.40
5
1.25
Oct
3.25
Jan
1.50
WalkervUIeBrew—
Pickle Crow
Oct
1.40
pref
1.50
50
1.00
Nov
5.00
Feb
Feb
........1
3.20
4,760
2.12
1.95
2.15
50,335
13 K
1334
1334
10
25c
32c
30c
32c
5,600
1
1.95
3.00
Pioneer Gold
1
Powell Rouyn.......
1
Power Corp.
Prairie Royalties
Premier
Pressed Metals
1
Quebec Mining.
...
1.20
2 20
Oct
33J4
Feb
Oct
290
July
16c
1.89
2.00
3,050
1.60
Oct
1834
250
1734
Nov
1.22
31,300
500
Oct
1.15
Oct
27
4.60
Jan
36
Feb
1.47
85
Government
Jan
26c
65c
2,300
4.10
4.45
10,941
2.25
Oct
6.85
Feb
Municipal
•
Corporation
•
New York, Montreal and Toronto
Feb
31c
SECURITIES
CANADIAN
Jan
62c
»
31c
31c
1,400
20c
Sept
1.95
Red Lake G Shore
..♦
34c
Nov
1.78
*
23c 3634c 236,700
600
47c
47c
12c
Reeves-Macdonald
25c
Oct
1.52
Red Crest Gold
Feb
4.30
1
Read Authler
76c June
12
17
*
Preston E Dome
2.95
*
Reno Cold..
1
50c
234
3934c
Roche Long Lao
1
1434c
1234c
Reinhardt Brew
234
100
53c
16c
4
Feb
Apr
June
2
July
45,620
57c
Nov
1.35
7o
Oct
48340
16434
New York
HAnover 2-0363
Feb
33
Royal Securities Corporation
Jan
65,300
Private wire connection between
100
*
190
Dec
227
Royallte Oil
45
4554
410
24
Oct
60
Russell Motors..
100
70
70
31
56
Jan
78
109
109
25
97
Nov
118
•
Bell System Tele.
•
NY 1-208
Apr
Motors pref...100
30 Broad Street
June
Royal Bank
Russell
1
*
St Anthony
St Lawrence Corp
163*c
1234c
1.38
17
1.36
39,400
12o June
Mar
Mar
32c
Jan
10
5
5
"
1
San Antonio
190
1.41
32*
Oct
1434
1.19
Oct
2.40
Industrial and Public Utility
Apr
3,364
Jan
I
50c
2434c
21c
20c
Dec
1.10
Feb
1.02
1.00
1.02
4,400
60c
Apr
95c
Nov
Sherrltt Gordon
1
1.55
1.53
1.75
27.259
90c
Oct
3.96
Feb
Sllverwoods
*
1.00
Closing bid and asked quotations,
Shawkey Gold
Sheep Creek
26c
12,825
*
3
3
20
2%
Sllverwoods pref
Simpsons B
234
234
65
3
Dec
734
7
734
71
5
Dec
17
Jan
240
78
Dec
110
Feb
95
94
100
Preferred.—.
Dec
2.00
Oct
434
Sept
Bid
Abltlbl P 4 Pap Ctfs 56 '63
68.1046
Beauharnols Pr Corp 5s '73
Bell Tell Co of Can 58-1955
Burns 4 Co 5s
-—-1958
Slscoe Gold-
1
Y. 15
2.95
3.25
28,940
Bladen Malartlc
1
1.01
95o
1 06
64,650
74c
Oct
2.49
Jan
Slave Lake
1
19c
13c
24c 161,200
10c
Dec
2.50
Feb
Canada North Pow 5e.
25c
"~22c
•
Spy Hill Royal
28c
Stadacona
♦
Steel of Canada
"64"
25
Preferred..
6o
Dec
19c
Aug
Oct
2.00
Feb
Canadian Lt 4 Pow 5s 1949
Dec
26c
Dec
Canadian Vlckers Co 6s '47
94
P 6s '63
22c
32c 294,955
20
7
Nov
2.85
Apr
Dec
28
1534
Jan
634
6234
634
6634
96
Feb
30
52 34
55
Oct
60
Nov
88
Mar
4
50
334
Jan
6
Oct
105
9340
Oct
1534c
Oct
1.75
Oct
6.90
Feb
Sudbury Contact
•
1
1,140
14c
5,000
9C
Oct
4034 c
Sullivan Con*
1
1.05
1.03
1.10
10,315
80c
Oct
3.25
Jan
Sylvanlte Gold
3.10
3.05
3.15
10,375
2.50
Oct
4.80
Feb
Tamblyns
1
*
1434
15
Tashota
1
Texas Canadian
*
1.38
Tip Top Tailors
*
To burn Gold-.
1
50
Exploration.-1
Treadwell Yukon
1
Uchi Gold
—1
...
CJnlon Gas
United Oils....
United Steel
*
......
*
•
—
70
1034
Dec
4,460
3o
Oct
1654
2834 c
Feb
5.25
5.45
12,041
4.25
Oct
6.00
Jan
1.50
6,800
1.35
12
2.45
2.60
65
2,805
1.00
10
1.79
Oct
2.35
Feb
16
Oct
4.65
Nov
120
53c
14)4
1961
63*8 ex-stock
63*8-1945
Co—
4s
1956
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Eraser Co 6s—Jan 1 1950
Gatlneau Power 6s--.1956
Gt Lakes Pap Co 1st 5s '65
lot Pr 4 Pap of Nfld 6s '68
Lake St John Pr 4 Pap Co
Dom Gas 4 Klec
17
105
16
46
Apr
7
46
Dec
62
77
Nov
110
•
_
463*
8134
74
75
95 '
97
99
9834
104#
39
89)4
102
5034
102
96
100
9634
10034
10534 106
10034 10134
1023*
101
1013* 10134
1023* 1033*
ser
103 3* 1043*
10234 103
1043* 104%
Smith H Pa Mills 43*8 '51
9434
Grow'Ss. 1948
United Secure Ltd 53*8 "52
78
Winnipeg Elec 8s-Oct 2 '64
79
933*
1023*
97
—
United Grain
9734
/ Flat price
n
65
653*
I
70
1961
No par value
50
973*
B
1966
Shawlnlgan W 4 P 43*8 '67
434b
50
1981
-
Feb
126
„
„
47
104%
Nominal.
Aug
59
--
-
9434
Donnaconna Paper
53*s
85
Mar
120
53c
19
110
Sept
58c
5,600
3434c
Nov
2.00
Nov
2.60
Feb
1.10
Aug
1134
CURRENT
Feb
20c
122
30c
600
1.17
1.30
1434
1534
22,400
1,231
60c June
Oct
19
Jan
23o
23c
24c
8,200
12c
Oct
70c
Feb
5%
534
554
1,455
234
Oct
1134
Mar
7.00
6.80
1,903
9.10
May
3.30
Oct
1
1.10
1.10
1.15
650
00c
Sept
Walte Amulet
•
1.87
1.80
2.05
18.140
1.00
Oct
453*
/51
8034
68..
45
101
Consol Pap Corp 53*8 1961
Jan
Jan
8334
30o
~1~.25
Cedar Rapids M 4
Aug
16
84 H
Vulcan Oils
Ventures
Jan
45
*
To wag mac
Jan
334c
12
2.55
50
Toronto Mortgage
13c
3c
5.30
963*
114
10,000
Toronto General Trusts 100
9534
23c
3.60
..•
mmm
10334 104
40c
1434c
13c
9634
107
600
13c
Preferred
96
4,000
3.25
Toronto Elevators
Maple Leaf Milling—
234a to '38—63*8 to 49
Massey-Harris Co 68—1947
McColl Frontenao Oil 6s '49
Minn 4 Ont Paper 6s. 1945
Montreal Island Pr 63*8 '67
Montreal L H 4 P (150
par value) 3s
1939
33*8
1956
33*8
1973
Montreal Tramway 5s 1941
Ottawa Valley Pow 63*8'70
Power Corp of Can 43$s '59
5s
Dec 1 1967
Provincial Pap Ltd 53*8 '47
Saguenay Power 434s A '66
70
6,500
13c
Teck Hughee
713*
11334 11434
9c
3.35
Sudbury Basin
71
Ask
1033*
78
70c
•
Straw Lake Gold
63*8.1951
8c
4
100
Sterling Coal
1953
103
Manitoba Power
22c 22 34c
5934
♦
Standard Chemical
Jan
MacLaren-Que Pr 63*8 '61
70
70c
*
Southwest Petroleum
6.65
593*
Canadian Inter Pap 6s '49
9c
*
Southend Petroleum
Nov
Bid
Ait
69
fb8%
Alberta Pac Grain
Calgary Power Co 58—1960
Canada Bread 6s
1941
2.40
Bonds
Friday, Jan. 21
7.15
2.25 June
4.65
Feb
—Heller
analysis of
&
Levenson, 30 Pine
NOTICES
St., New York City have
prepared an
Niles-Bement-Pond Co.
—Bendix,
Luitweiler &
circular on Japanese
Co., 52 Wall St., this
City, have prepared a
bonds.
—Morris Manson,
formerly with Greene &
with J. F. Reilly & Co.
Co., has become associated
582
Financial
Quotations
on
New York
Chronicle
Jan. 22, 1938
Over-the-Counter Securities—Friday Jan. 21
New York Bank Stocks
City Bonds
Par
Ask
Par
Bid
100
Bank of Manhattan Co. 10
Klngsboro
National... 100
65
103
Bank of Yorktown..66 2-3
Merchants Bank...... 100
100
10634
106 34
Bensonhurst National...50
National Bronx Bank...50
40
Chase
13.55
National Saiety Bank. 1234
.....10
13
City (National)
1234
Commercial National.. 100
Penn Exchange
105 34
Peoples National...
60
47
10834
Fifth Avenue
Public National
25
30 V*
11134
First National of N Y..100
Sterling Nat Bank A Tr 25
25 34
11134
Flatbuab National
Trade Bank
17
106
100
100
1234
10
11134
1133*
1143*
New York Trust
11434
11434
11434
Companies
Par
i
Banca Coram ltallana.100
Fulton.......
Bk of New York A Tr..l00
Guaranty
Bankers
...........10
7
Irving
Bronx County
Brooklyn
New York State Bonds
Kings County
100
Central Hanover
Lawyers
20
Chemical Bank A Trust-10
Clinton Trust
Manufacturers
50
25
Sfl 1974
World War Bonus—
Colonial Trust
3s
43*8 April 1940 to 1949.
Highway Improvement—
Preferred
Continental Bank A Tr.10
1981
Canal A Highway—
5s Jan a Mar 1964 to '71
4« Mar A Sept 1958 to '67
Canal Imp 4s JAJ *60 to '67
Highway Imp 434s Sept '63
Canal Imp 4348 Jan 1964..
Can a High Imp 43*8 1966
New York
Title Guarantee A Tr
Corn Excfa Bk A Tr
20
Underwriters
Empire
10
United States
Barge C T 4s Jan '42 A '46
Barge C T 43*s Jan 1 1945.
Chicago & San Francisco Banks
Par", Bid
Ask
American National Bank
Port of New York
Authority Bonds
A Trust
Bank
Holland Tunnel
43*s
160
Bid~
A
i
Ask
loOl
270
'295
Northern Trust Co...
185
100
505
635
47
I 49
Continental Illinois Natl
i
Trust...33 1-3
First National
Port of New York-
Pari
Harris Trust A Savings.
-100
100
103
105
8AN
223
228
Bk of Amer
FRANCISCO
|
NTASA—1234'
E
ser
Gen A ref 4s Mar 1 1975.
1938-1941
MAS
ser
35*s '65
1942-1960
MAS
Gen A ref 3d ser
334s '76
1 Gen A ref 2d
Gen A ref 4th
3s 1976
Insurance
Companies
ser
Aetna Cas A Surety..—10
Aetna
10
Home Fire Security
Homestead Fire
10
Importers A Exporters
Agricultural
43*8
tar
Aetna Life..
Inland Terminal
D
25
Ins Co of North Amer
American Alliance...
Gen A ref
ser
10
Knickerbocker
5
Lincoln Fire
5
33*s.w...l977
1938-1941
MAS
George Washington Bridge
1942-1960
MAS
434«
ser B
1940-53.M N
American Equitable
American Home.
United States Insular Bonds
American of
American
-.5
10
Newark...234
Re-Insurance. 10
4s
1946
Honolulu
6s...
U 8 Panama 3s Juut
1962
Govt of Puerto uio<
6e
1955
434s July 1958
5s
Apr
Feb
1962
6348 Aug
1941
6s
Merch Fire Assur com
5
Merch A Mfrs Fire New'kS
234
Boston..
1946
25
...100
Camden Fire
1947
5
Carolina
..10
City of New York
10
Connecticut Gen Life
10
Continental Casualty
Eagle Fire
Federal Land Bank Bond
National Casualty
10
National Fire
Baltimore Amer
Bankers A Shippers
.-e
Conversion 3.-
10
1961
July 1948.
U S converelou
Hawaii 434» Oct 1956..
i
—
Maryland Casualty
1
Mass Bonding A Ins.. 1234
Merchants (Providence)..5
Automobile
1959
5
10
10
American Surety
4348 Oct
434s July
10
...25
American Reserve
Philippine Government-
Par
...10
234
5
Employers Re-Insurance 10
Excess
5
10
National Liberty
National Union Fire
20
2
New Amsterdam Cas
2
New Brunswick
10
New Hampshire Fire
New Jersey......
New York Fire
20
Northern....
10
2
12.50
North River
2.60
Northwestern
National.25
Pacific Fire
25
Federal
3s 1955 opt 1945
3s 1956 opt 1946
JAJ
JAJ
38 1956 opt
1946
MAN
33*8 1955 opt 1945..MAN
JAJ
MAN
43*8 1958 opt 1938—MAN
Phoenix
fidelity A Dep of Md
4s 1946 opt 1944
4s 1958 opt 1938
10
20
Preferred Accident
Fire Assn of Phlla
10
Providence-Washington
10
5
.
10
Human's Fd of San Fran26
Firemen's of Newark
5
Franklin Fire
5
Reinsurance Corp (N Y)_2
Republic (Texas)
Revere (Paul) Fire
10
..10
General Reinsurance CorpS
Georgia Home
..10
Gibraltar Fire A Marine. 10
Joint Stock Land Bank Bonds
Atlanta 3s
Atlantic 3s
...
Burlington 5a
43*8
California 5s
Lincoln 434s
5s
Chicago 43*s and 6s
Dallas 3s
5
Seaboard Fire A Marine..5
5
Seaboard Surety
10
Security New Haven
10
Springfield Fire A Mar..25
Globe A Republic
15
15
5
Great Amer Indemnity... 1
Halifax
10
Hanover
10
New York 5s
...
Glens Falls Fire
Globe A Rutgers Fire
2d preferred
Great American
Louisville 5s
Central Illinois 5s
St Paul Fire A Marine...25
Rhode Island
5
Rossia
5
Stuyveeant
6
Sun Life Assurance.... 100
Travelers
100
US Fidelity A Guar Co.. 2
Hartford Fire
North Carolina 5s
Ohio-Pennsylvania 5s
Oregon-Washington 5s....
10
U S Fire.
Hartford Steambotler
10
U S Guarantee
Home
5
4
10
Westchester Fire
2.50
Pacific Coast of L A 5s
Denver 5s
First Carollnas 6s
First of Fort Wayne 434s..
First of Montgomery 5s.._
First of New Orleans 5s
First Texas of Houston 5s.
First Trust of Chicago 434s
Fletcher 33*8
Fremont 43*s and 5s
Greenbrier 5e
........
Pacific Coast of Portland 5s
Pac Coast of Salt Lake 5s..
Pac Coast of San Fran 5s._
.....
Potomac 58
St Louis 58
...
San Antonio 3s
Southwest 5s..
Southern Minnesota 5s....
Union of Detroit 434s
....
.......
Greensboro 3s
Illinois Midwest 6s
Iowa of Sioux City 434s.._
Lafayette 5s
Surety Guaranteed Mortgage Bonds and Debentures
Pennsylvania 5s.........
Phoenix 434a
5s
.............
5a
Virginian 5s
Virginia-Carolina 3s
Allied Mtge Cot*
inc—
All series 2-5s
Nat Union Mtge Corp—
1953
Series A 3-6s
Arundel Bond Corp 2-5e '53
ArundeJ Deb Corp 3-6a '53
Series B 2-5s
Associated Mtge Cos Inc—
Debenture
Gone'
Inv Bd
3-6s
1953
Corp 2-5s '53
Dallas
North Carolina..
Pennsylvania
Denver
1945
Inc 2-5s
1953
ture
Corp 3-6s
Potomac
part
Funding
ctfs
series)
Nat Cona Bd Corp 2-5s '53
Nat Deben Corp 3-6s.l953
Virginia
Fremont
1953
Virginia-Carolina.
Deb
Realty
Realty
1953
Atlantic
Corp 3-6«
Bond
A
1953
Mortgage
deb 3-6s
1953
San Antonio
First Carollnas
3-68
Potomac Maryland Deben¬
Potomac
Des Moines
(all
1953
Potomac Deb Corp 3-6s '53
Potomac Franklin Deb Co
(Central
New York
Issues) 2-5s
Empire Properties Corp—
Nat Bondholders
Atlantic
Corp
CnnL Inv DebCorp 3-6s'53
Interstate Deb Corp 2-6s'55
Mortgage Bond Co of Md
Atlanta
1954
Bond
Potomac Cons Deb Corp—
3-6s
1953
2-3s
Joint Stock Land Bank Stocks
Potomac
1954
Lincoln
Unified Deben Corp 5s 1955
Telephone and Telegraph Stocks
Par
Am Dist Tel eg (N J) com. ♦
Preferred
Par
New York Mutual Tel. 100
100
Bell Telepof Canada... 100
Federal Intermediate Credit Bank Debentures
Pac a Atl Telegraph
Bell Telep of Pa pref...l00
Cuban Telep 7% pref..l00
Peninsular Telep com
Preferred A...
Emp a Bay State Tel..100
Franklin Telegraph.... 100
Gen Telep Allied Corp—
Rochester
96 preferred
*
Int Ocean Telegraph...100
Mtn States Tel a Tel..100
For footnotes
see page
585,
25
•
100
Telephone—
$6.50 1st pref
100
So A Atl Telegraph
25
Sou New Engl Telep.—100
S'western Bell Tel pref. 100
Wisconsin Telep
7% pf.100
Volume
Financial
146
Quotations
on
583
Chronicle
Over-the-Counter Securities—Friday Jan. 21—Continued
Railroad Bonds
Guaranteed Railroad Stocks
1945
/44
47
1945
(44
47
1953
81)
1939
1957
April 1. 1943
1950
61
53
90
94
90
93
Ms...........—
fts
3o$cpb Walker $ Sons
Baltimore
Prior
2*6600
STOCKS
Terminal
let 4s.................
45
42
46
....................
35
40
86
90
Creek 1st ref 5a
Chateau?*? Ore a Iron 1st ref 5s
Choctaw A
Guaranteed Railroad Stocks
40
40
1944
1940 45
...
..................
Convertible 6s
Buffalo
35
1942
..1942
.....................
..........................
Prlo< l«en 4 M«
Since1855J
S3*
.................
85
1961
Maine 3s.
i*en 4s
.........
...
1st 4Mb..
A AlDany
Boston A
Tel* REctor
GUARANTEED!
NEW YORK
Ohio 4 Ms
4
Blrroingiibm
Boston
Dealers in
Union Station 1st 4a...............
Augusta
M.mbtrt Srw York Stock Extbang*
120 Broadway
Atled
Bid
Akron Canton a Youngstown 5
,.
MemphlB 1st 5s
00
68
1949
f30
36
...1965
68
63
..1995
58
03
..1945
1978
34
38
75
85
1940
60
65
1978
89
92
...
....
.....
Cincinnati
Indianapolis a Western 1st 5h_.
Cleveland Terminal a Valley 1st 4s.............
(Guarantor in Parenthesis)
Georgia Southern a Florida 1st 5s.................
Goshen A Derkertown 1st 5 Ms...............
Dividend
Hoboken
Atkea
Uoilart
Par in
Fenv
1st 5a
........
Kansas Oklahoma a Gulf 1st 6s
........
Little Rock a Hot Springs Western 1st 4s.....
Alabama A Vlcksburg (Illinois Central)..,
100
6 00
66
71
Albany A Susquehanna (Delaware A Hudson)..,
10.60
115
Canada Southern (New York Central)
1939
/5
8
...............1949
o5
87
...........1965
85
95
125
Boston & Providence (New Haven)..
100
100
60
100
100
Long Island ref mtge 4a..........
6 00
57
62
Macon Terminal let 5s.
2.00
30
34
8.75
98
103
Maryland A Pennsylvania 1st 4s._......
Meridian Terminal 1st 4a
60
60
70
100
2.85
43
48
Carolina Cllnchfleld & Ohio common 5% stamped..100
6 00
84
88
Allegheny A Western (Buff Roch & Pitts)
Beech Creek (New York Central)
(New York Central)...
Boston & Albany
ft
............
Montgomery a Erie 1st 6s............
6 00
80
88
Piedmont
50
3.60
77
80
Portland
....50
2.00
47
60
..25
Cleve Clnn Chicago A St Louis pref
2.00
38
42
(N Y Central)..100
Cleveland & Pittsburgh (Pennsylvania)
Betterment stock
.......
Delaware (Pennsylvania)
100
5 60
59
10 00
173
4.00
45
Michigan Central (New York Central)
100
Morris & Essex (Del Lack & Western)
50
New York Lackawanna A Western (D L & W)....100
50.00
900
34
1966
76
1946
45
65
1960
1961
....1945
92
14
1967
70
..........
1st mtge 3 Ms............
Ry
-
Congo.Idated 5e
49
90
25
Ferry general 5s
RR 1st 3 Ms
Rock laiand
178
100
Northern
45
85
...............
Frisco Terminal 4Ms
55
69
83
86
64
100
a
40
........1949
Minneapolis 8t Paul a flault Ste Marie 2d 4s
New York a Ho Del en
1961
1955
...
....
(N Y Central)
Fort Wayne & Jackson pref
Madison a St Louis 1st
8t Clair
Georgia RR & Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
85
3.875
35M
38 M
5 00
67
61
Washington County Ry 1st 3 Ms..........
4.00
90
93
23
4.60
43
1.50
37 M
40
3 00
165
168""
7 00
170
174
109
80
85
46
48
76
7.00
78
107
............
48
50
Preferred...
—50
Pittsburgh Fort Wayne & Chicago (Pennsylvania).. 100
60
75
30
...60
87
45
....
4.00
TO
83
1951
4a
Shreveport Bridge a Terminal 1st 6s
1955
8omer»et Ry 1st ref 4s
.......1956
Southern Illinois a Missouri Bridge 1st 4a..........
1961
Toledo Terminal RR 4 Ms
1967
Toronto Hamilton a Buffalo 4Ms..._.........
I960
50
Northern Central (Pennsylvania)
Northern RR of N J (Erie)
Oswego & Syracuse (Del Lack & Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
.
...100
100
Preferred
6 82
62
68
100
100
6.00
137
142
3.00
68
72
100
6.00
137
142
100
100
..100
100
100
10 00
228
233
6.00
55
Warren RR of N J (Del Lack & Western).
West Jersey & Seashore (Pennsylvania)
Public
Rensselaer & Saratoga (Delaware A Hudson)
8t Louis Bridge 1st pref (Terminal RR)
Second preferred
Tunnel RR St Louis (Terminal RR)
United New Jersey RR & Canal (Pennsylvania)
Utlca Chenango A Susquehanna
(D L & W)
Original
53
57
6.00
54
31
35
3.00
57
a
60
"
*
Bid
Utility Stocks
All
Mississippi P a L s0 pref.*
71
73
Miss Rlv Pow 0% pref. 100
Missouri Kan Pipe Line..5
100
3M
_.*
6M
6m
preferred
*
El 0% pref.*
7M
1C9
Bangor Hydro-El 7% pf 100
Monongahela
7M
Birmingham Eiec 17 pref.*
Buffalo NlagaraAEastern—
SI 60
25
preferred
*
preferred
6%
New Eng G A E 6 M % Pf
78M
New
$7 prior lien pref
•
New Orl Pub Serv 17 pf..*
New York Power a Light—
78 m
80 m
70
38
42
95m
97M
79 m
0
80 M
7M
preferred
100
112
115
Derby Gas a El S7 pref..*
Essex Hudson Gas
100
30
34
178
Federal Water Serv
57
Corp—
...
preferred
preferred
*
*
oum
cum
22
23
23m
23 m
25 m
26 m
Gas a Eiec of Bergen..100
At*
Bid
Baltimore A Ohio 4 He
65 50
4.50
3 Ha
64.00
5s
3.00
3.75
3.75
64.00
5 Ms
65.50
3.00
New Ori Tex A Mex 4Ms.
64.25
3.75
64.00
.
4.50
64.00
6s
Boston A Maine 4mb
5B
64.00
Missouri Pacific 4Mb
3.00
New
63.25
2.50
62.00
1.25
64.00
3.00
64.00
Dei 1 1936-1944
3.00
York Central 4mb..
6s
N Y Chlo A St L 4Mb
2.76
63.50
2.75
63.25
2.70
Cent RR New Jersey 4Ms.
64.25
3.00
6s
Cheeapeake A Ohio—
64.00
3.00
64.50
3.50
64.50
3.60
Northern Pacific 4 Ms
61.75
1.20
Pennsylvania RR 4m»
63.50
Canadian National 4 Ms...
Canadian Pacific 4 Ms
62.00
1.25
61.60
1.00
6s
N Y N H A Hartf 4 Ms
-
6s
4 Ms
62.75
2.00
5s
5s
61.75
1.00
4s series E due
Jan A July 1937-49
2 M* series G non-call
Dec 1 1937-50
Chic Milw A St Paul 4Ms.
5s
5.00
5.00
66.50
6.50
Pere Marquette
66.50
5s
66.00
66.00
Chicago A Nor West 4Hs.
6.60
Reading Co 4Ms
4Mb
*
.100
101
104
108 m
88
Trustees' ctfs 3 Ms
62.10
26
6
preferred
7% preferred
Erie RR 6 Ms
6a
4MS-—
5s
Great Northern 4 Ms
5s
Hocking Valley 5s
64.50
3.50
64.60
3.50
64.50
5 Ms
3.50
66.00
60.00
66.00
64.60
62.80
61.80
61.75
Interstate Power S7
98
3.76
3.00
63.00
Southern Ry 4Mb
64.50
64.00
5 Ms
4.60
2.40
62.50
preferred...
100
Supply—
preferred
50
Jer Cent P a L 7% pf.,100
Kan Gas a El 7% pref. 100
Kin.rs Co Ltg 7% pref. .100
Long Island Ltg 6% pf-100
7% preferred
100
7M%
...*
preferred
2.50
2.00
preferred
7%
84
100
,•«.*
Ohlo~Edlson 36 pref
37 preferred
*
*
07
69 m
91
12
94 m
104 m
112M
90 m
100
98
Okla G a E 7% pref...100
100
preferred
7%
96 m
102
1I0M
92 m
100
102 m
62
67
89 m
90M
40m
42m
pref... •
preferred
0%
100
Republic Natural Gas
1
4
6
Rochester Gas a Eleo—
preferred C
100
Sioux City G a E 37 pf.100
95 m
89
!0m
91m
8% pref series B
26
South Jersey Gas a El. 100
27
28
178
42m
44
47
49
39 m
35
Tenn Eleo Pow 6%
33 m
39
40 m
Texas Pow a Lt 7% pf.100
100 m 102M
Toledo Edison 7% pf A.100
101m 103 M
24
24 m
53m
55 m
45
47 m
Utah Pow a Lt 37 pref..*
61
54
Virginian
36 m
Bid
pf.100
preferred
7%
.100^
United Gas a El (Conn)—
100
preferred
7%
100
Ry
Par
All
74
77
41m
44
147 m 151
Kobacker Stores
61.60
2.50
61.75
1.10
7%
100
(M H) Co Inc..*
Flshman
...
Virginia Ry 4 Ms
5e
Bid
63.75
3.00
preferred
1.00
61.70
1.00
61.70
63.75
3.00
64.00
3.00
1H
90
96
90
2M
15 m
All
4
12m
9
(I) Sons common..*
0M% preferred
100
Murphy (G C) 35 pref. 100
20
26
100
104
3
Reeves (Daniel) pref... 100
100
17m
95 M 100
9
7M
*
12
74
United Clgar-Wbelan Stores
35
•
preferred..
96
90
90
63.00
21m
82
Miscellaneous Bonds
Associates Invest 3a..1940
64.60
3.75
Bear
Mountain-Hudson
7s
1953
River Bridge
3.75
Bid
All
Henry Hudson Parkway—
4s
A prill
1955
92 M
Home Owners' Loan
2s
99
Federal Farm Mtge
lMs—
lMs
IMS
2s
100.30 101.2
101.8
June 1 1939
Marine Parkway Bridge—
Corp—
101.8
101.10
Sept 1 1939
Banks
April 1938 100.6 100.8
July 1938 100.12 100.14
D»o 1940 101.19 101.22
Federal Home Loan
All
103m 104m
Corp
...Aug 15 1938
101.0
4Mb
Dec 1960
Reynolds Investing 5s. 1948
104
105
79
82
lMs
2.25
64.50
20
15
100
90
90
6 Ms
Miller
1.00
5 Ms
Western Maryland 4mb.
Western Pacific 5s
11m
pref
1.00
61.50
6s
1.10
1M
Bid
Wabash Ry 4 Ms
6s
Kress (S H) 0%
85
common...*
preferred
100
7%
1.60
63.40
61.75
75
Bo hack (H C)
2.50
5e
9
10M
2.50
...
7
32 m
63.25
Texas Pacific 4s
*
2.50
82
9M
63.25
63.40
For footnotes see page 585.
(Del) 7% pref
(Minn) 6% pref
107 m 109 m
30 M
62.25
Long Island 4 Ms
Minn St P 4b 8 S M 4s
94 m
99m 101M
Southern Calif Edison—
•
32.50 conv pref
4Mb
3.50
5 Ms
54 m
B /« Foodsjlno common..*
Bickfords Inc....'....—*
5s...
64.50
Maine Central 5s
39 m
62M
100
Borland' Shoe" Stores
1.25
Internat Great Nor 4Ms..
5s
7% cum preferred...100
Northern States Power—
Chain Store Stocks
Par
Diamond Shoe pref
Union Pacific 4Mb
Louisv A Nash 4Mb
38
Mass Utilities Associates—
5% conv partlc pref..60
Memphis Pr a Lt S7 pref.*
Mississippi Power 36 pref.*
1.00
2.15
3.25
6e-
66 M
92 m
2.00
63.50
62.75
5s
3.60
3.25
—
*
6%
7%
2.50
97
95
4Mb—
St Louis Southwestern 5s.
4.50
4.60
64.50
6s
7m
Jamaica Water
$7
preferred
2.50
94
Southern Pacific 4mb
5s
64.50
Illinois Central 4 Ms
27
Southern Utilities—
Iowa
$6 cum
92
St Louis-San Fran 4s
Denver A R G West 4M«-6s
c2
65
110m
*
pref..*
56
2.50
.
22 M
Queens Borough G a E—
2.00
62.75
63.25
63.10
6s
Chicago R I A Pacific—
2.00
62.90
21m
31
Pacific Pr a Lt 7% pf..l00
178
Interstate Natural Gas
1.50
*
19m
112
Penn Pow a Lt 37
120
Hudson County Gas...100
Atk
-
17 m
Eng Pub Serv Co—
Ohio Power 0% pref...100
Ohio Pub Serv 0% pf..l00
Idaho Power—
Bid
100
81
S0 cum preferred
62.25
120
85 H
m
68 M
77 m
SO.50
Atlantic Coast Line 4 Hi..
110
83 m
100
preferred
7%
I
»M
21
Newark Consol Gas
76
Dallas Pr a Lt 7% pref. 100
Equipment Bonds
M
100
22
Consumers Power 15 pref_ *
Railroad
26 m
24
Nassau A Sut Ltg 7% pf 100
Nebraska Pow 7% pref. 100
03
Continental Gas a El—
Philadelphia, Pa.
preferred
211*
preferred
100
Cent Pr A Lt 7% pref._100
Consol Eiec a Gas 16 pref
Consol Traction (N J). 100
7%
Private Wires t« New Ysrk
0
Penn
Pub Serv 7% pref
25
Mountain States ibrcom..*
7%
Maine Power—
56
Stroud & Company Inc.
108 m
5
119
Central
Quotationa-AppraUala Upon Requeat
West
All
57
55
*
Carolina Pr A Lt 17 pref..*
EQUIPMENT TRUST CERTIFICATES
Bid
64
Electric
preferred
Par
62
Atlantic City
$7
58
3.50
Gas
$8 60 preferred
60
60
Preferred
Arkansas Pr a Lt 7% pref
Associated
60
5.00
5 00
50
Valley (Delaware Lackawanna & Western)
Vlcksburg Shreveport A Pacific (Illinois Central)
Par1
Power $7 pref..*
Alabama
..1964
....
Trlborough
Bridge—
4s s f revenue 1977
.
AAO
4s serial revenue 1942-68
108 m 108m
62.40 to3.70
584
Financial
1
s
'
,
Chronicle
'
.
Jan.
1938
22,
11
,
Quotations on Over-the-Counter Securities—Friday Jan. 21—Continued
Public
62 H
87
Amer Wat Wk A El 6s '7
Associated Electric 5s_19e
64X
Bid
Houston Lt A Pow 3 Mb '66
Bid
Atk
103 M
Morgantown Water 5e 1965
105
101 X
New Jersey
100 M
101M
New Rochelle Water—
98M 100
104H
43 M
44 M
Idaho Power 3 Ma
1967
101 x
97
26M
Iowa Sou Utll
Corp—
6Hs—1960
101%
98%
Ask
104M
Muncle Water Works 5a '65
104%
90
24M
Assoc Gas A Elec
Water Bonds
Utility Bonds
Atk
Bid
Water 5s 1950
6s series B
1951
6Hs
1951
72
25
26
Kan City Pub Serv 4s. 1957
25%
26H
Kan Pow A Lt 1st 4H8 '65
109
109H
New York Wat Serv 5s '51
67 M
29
30
Keystone Telep 5Hs—1955
94
96 M
Newport Water Co 5s 1953
98
49
52
X
Ohio Cities Water 5Hs '53
Ohio Valley Water 5s. 1954
105
£ 103
Ohio Water Service 6s. 1958
96
98M
Ore-Wash Wat Serv 5s 1957
82
84
92 M
93
28X
29H
53
Metrop Edison 4s ser G '65
105
54
Missouri Pr A Lt 3^8.1966
99
100
58
61
Mtn States Pow 1st 6s. 1938
77
H*1"—• O OQ *
106
61
79
50
90
01
24
27
20
24
OO
92
89
►—
Narragansett Elec 3 Mb '66
Newport N A Ham 5s.1944
N Y State Elec A Gas
Assoc Gas A Elec Co—
23
T—<
<N
103 %
104 H
oo <N
*-t
Corp
4s
1965
Citizens Wat Co (Wash)5s
195:
6 Mb
92 M
94
North Boston Ltg Prop's
series
A
27
Secured notes 3 Hs.-1947
25
30
North'n States Pr 3 Mb '67
30
24
Ohio Pub Service 4S..1962
23
27
Old Dominion par 6s--1951
50 H
Sink fund lnc 5-08..
25
30
8
6M-6Ma...
Atlantic City Elec 3Hs '64
30
34H
Bellows Falls Hy El 5s 1958
102
B lac ketone V G A E 4s 1966
109K 110
101
99% 100H
8 f lnc 4Hs-5Hs.-.
194:
f lnc
98 M
Parr Shoals Power 6s..1952
Pennsylvania Elec 5s. 1962
99
_
1966
99%.
76
68
96 H
Corp 1st 4s '65
ser
G *60
.1947
99 H
Power
60
6s series B
39"
37
39
62 H
120
82
100H
Dallas Pow A Lt 3 J4s.l967
Federated Utll 5H8—1957
102
85
Shenango Val 4s
1952
93
96
South Bay Cons Wat 5s '50
68 M
Hackensack Wat Co 5s. '77
5 Mb series B
1977
108
South Pittsburgh Waterlst mtge 5s
1955
6s series A..
1960
102 M
Water—
6s series B....
1954
101
6s
1954
103
1962
104
Investors Fund C
9.89
10.50
23.43
13.56
14.89
Series K-l
15.55
10.82
9
Series K-2
10.37
11.36
70c
Series S-2
14.78
Series S-4
5.03
100
78c
Amer A Continental Corp.
8
Amer Gen Equities Inc 25c
Am Insurance Stock Corp *
62c
»
Bullock Fund Ltd
1
mm
—
4X
5
6M
2%
3%
Major Shares Corp
*
Maryland Fund Inc.—10c
16.92
13H
5.92
103
101M
101H
99
81
100
86
103 X
5s series B
103 X
1st mtge 5s
1st mtge 5Hb
Lexington Wat Co 5 Hs '40
Long Island Wat 5 Hs. 1965
99 X
1950
..1951
1950
91
88
95"
98H
100
102 H
Middlesex Wat Co 6Hs '57
Monmouth Consol W 6s '66
5s series B
104 X
92"
6 Mb
1950
1956
5s series C
1960
6s series A
89H
Monongaheia Valley Water
..1949
100 H
19.79
21.00
10.63
11.62
Nation Wide Securities 25c
3.25
101X
105
104M
102
1.37
Voting Hxares
National Investors Corp.l
Commonwealth Invest... 1
3.27
3.56
8X
2.14
Reports—Markets
8.47
9.16
Hank stock
N
8.21
8.85
6.81
AMOTT, BAKER & CO.
5.35
13.24
7.38
New England
Fund
1
INCORPORATED
Y Stocks Ino—
Agriculture
Electrical equipment
7.68
2
10
mmmm
Insurance stock
8.76
9.47
2 57
mmmm
Machinery
7 79
8.43
BArclay 7
150
2360
Broadway,
BeUN:ytS^el
N. Y.
8.31
Accumulative series... 1
Series
I
AA
mod
Series ACC
1
mod..
Crura A Foreter
1
2 10
5.10
12.31
Building supplies
4.05
23.19
8
Estate Securities
3.35
1.24
Real
e".49
1
Mutual Invest Fund
14%
3 65
pf.100
91
101
1949
ioix
1958
46c
24.70
21.56
Series AA
Water 5s B '56
Public Utilities—Industrlals—Railroads
31c
22.87
Century Shares Trust..-*
Corporate Trust Shares.. 1
90
erre Haute
1957
2X
10
Mass Investors Trust
3.21
Canadian Inv Fund Ltd.. 1
Continental Shares
102 M
105
6M
15.82
British Type Invest A...1
Broad St Invest Co Inc..6
70M
5.58
70c
Inc
98
10.19
Series B-3
Fund
Ask
21.44
22
Bankers Nat Invest Corp *
Basic Industry Shares..lb
Bid
1
4.09
20 H
Boston
1960
Sprlngf City Wat 4s A "56
Kokomo W W Co 5s.. 1958
Keystone Cust Fd Ino B-2
12.88
Fund Inc.—IX
Amerex Holding Corp...*
Amer Business Shares.60c
Assoc. Stand OH Shares..2
5s series B
105"
101H
Indianapolis Water—
1st mtge 3 Mb
1966
Indianapolis W W Secure—
Par
ser B 1961
6s series A
Illinois Water Serv 5s A *62
Ask
12.11
105
104H 105H
Investing Companies
Administer edFund2ndmc*
78
1967
97
Joplln W W Co 6b
Affiliated
78
76M
1st A ref 5s A
94
Huntington
103 M
Bid
101
1952
6s
Par
99
76
6s series B
105H 1055^
69 %
61M
Green Mountain Pr 5s_1948
1958
Water Service 5s. 1961
5s series A
5a
1961
4Mb
100H
Scranton-Sprlng Brook
100H
Greenwich Water A Gas—
Wisconsin Pub Service—
1st mtge 4s
99 M
104M
104
37
90 M
99
100H
..1942
97
63 H
1950
Roch A L Ont Wat 5a. 1938
St Joseph Wat4saer A..'66
Scranton Gas A Water Co
100H
102 M 103 X
103
104
101M 102
100
104M
07
103 M 104 H
37
1962
Consol Edison 3H8---1958
Cumberl'd Co PAL 3 Mb '00
Richmond W W Co 5s. 1957
97
63
36
105
Consol E A G 6s A...1062
105 M
Roanoke W W 5s
100
2%
n%
Plalnfleld Union Wat 6s '61
94
195
6s series A
101M 102 M
'52
1953
6s
59M
96
1013^
99
4Mb
107M
93 H
Pittsburgh Sub Wat 5s *58
Consol Water of Utica—
8l"
105
96
.1958
Income 5Hs with stk
103 M
106
58
E St L A Interurb Water
4Mb.
Central Public UtilityColorado
100
Pinellas Water Co 5 Mb. '59
98M
105 %
PSM
70
Cent Maine Pr 4s
1948
98 M
98
57
Peoples L A P 5H8—1941
Public Serv of Colo 68.1961
Pub Utll Cons 5H8—1948
65
1st Hen coll trust 6s. 1946
1948
Phi la Suburb Wat 4s—1965
99 H
93
86
63
1948
1st consol 5s
Prior lien 5s
53 X
88 H
87 H
Cent Ark Pub Serv 6s_1948
1st consoL 4s
100 H
104 H
Penn Telep
Calif-Oregon Pow 4s.
1950
66
103 H
Central G A E 6Kb... 1946
1st A ref 5s
...
103 X 104 H
99 X
76 M
Peoria Water Works Co—
34H
20
1st coll trust 4Mb—1966
103
City of New Castle Water
6s
89
101
Penna State Water—
102
195:
82
78
2 57
m
23
100
8% preferred
Metals
114
m
"
20
mmmm
Crura A Foreter Insurance
Common
B
shares...10
7% preferred
..100
Cumulative Trust Shares. *
7
9.81
Railroad equipment
7 63
8.15
Alden 1st 6s
1941
J34
8.23
8.90
Broadmoor (The) 1st 6s '41
f35
J22
_
No Amer Bond Trust ctfs.
31
28
109
4.45
9.89
9.07
Oils
i.m
No An»r Tr Shares 1953. ♦
ser
A1
2.91
B1
Diversified Trustee Shares
C
3.50
D
j
Dividend Shares
25c
3.50
1
2.54
1
....
2.48
8ertes 1958
2 60
ser
B'way Barclay 1st 2s..1956
B'way A 41st Street—
1st leasehold 6>is..l944
2.00
Series 1955
1.00
Deposited Insur Shs A...1
Deposited Insur Shs
1
m
mm
m
0.00
1.21
Class B
•
M
N
Quarterly Ino Shares.. 10c
Eaton A Howard Manage¬
6% deb series A
—
43c
10.90
96H
61
58X
54
N Y Majestic Corp—
4s with stock
1950
49
52
8H
1H
1st 6s
Apr 28 1940
1941
Dorset (The) 1st 6a
51c
11.93
/31
f27
34
29
5 Hs series F-l
1st A ref 5 Mb
100
5 Hs series Q
19th A Walnut Sts
/5 X
1947
17 34
18 62
28.70
Representative TrustShs 10
25 M
28 M
Republic Invest Fund.25c
35c
40c
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
60 Bway Bldg 1st 3s lnc '46
Royalties Management.. 1
40c
60c
*
18.65
20.09
10c
2.64
2.90
Selected Income Shares
Sovereign Investors
6%
600 Fifth Avenue—
Fidelity Fund Inc
ka
Fiscal Fund Inc—
10.05
Amer
Shares.2H
9.20
10.03
3.90
Insurance stk series. 10c
3.34
3.67
Fixed Trust Shares A... 10
B
10
8.70
mmmm
Spencer Trask Fund
*
14 64
15.41
6.91
mmmm
Standard Am Trust Shares
2 40
2.00
Foreign Bd Associates Inc.
7.63
8.27
Standard
Foundation Trust Shs A.l
3.80
4.05
State Street Invest Corp. ♦
Fundamental Invest Inc.2
Fundamental Tr Shares A2
16.03
17.03
Super Corp of Am Tr Shs A
4.61
5.25
B
Utilities Inc.50c
AA
_*
4.19
General Capital Corp
*
General Investors Trust. ♦
29.63
31.85
4.70
5.11
49c
82 M
D
Group Securities—
1.14
shares
810
Building shares
Chemical
...
Food shares
Merchandise shares
Petroleum
shares
1.17
1.28
Series D
1
2.28
Trustee Stand Oil Shs A.l
83c
99c
77c
95c
com.
*
1.33
Serte8B
1
Holding Corp
1
1.36
63c
71c*
Trusteed Industry Shares.
92c
1.01
U S El Lt A Pr Shares A..
12 %
13 %
1.85
1.95
92 c
Investors..*
1.04
H
70c
10.60
mmmm
1.19
1.32
1.28
1.42
Institutional Securities Ltd
Bank
Group shares
Insurance Group Shares
Insuranshares Corp (Del)l
Invest Co. of Amer com. 10
38
1949
30
52d A Madison Off Bldg—
6s
Nov 1947
Film Center Bldg 1st 6s '43
/50
Voting shares
84c
Un N Y Bank Trust C-3.*
2
*
1
Wellington Fund
1
12.89
1
34
1H
36
2%
IX
14.21
Banking Corps
Bancamerlca-Blair Corp.l
Central Nat Corp cl A.—*
class B
___•
First Boston Corp
Scboelkopf, Hutton A
Pomeroy Inc
oom
POM
41H
—-
mmm
(The)—
Nov 15 1939
1st 6s
2d
33
mtge 6s
1951
f6M
70
mmm
103 E 57th St 1st 0s—.1941
«.
-
•
41
45
165 Bway Bldg 1st 6Hs *61
147
49
63
f41
45
1958
44
46
1939
62
1400 Broadway Bldg—
1st 3Ha-6Hs stpd..1948
37
Fox Theatre A Otff Bldg—
1st 6 Ha
Sept 1 1941
/6
38H
1st 2H-4S (w-s)
Graybar Bldg 5s...
1949
37
1946
59 H
mmm
1950
28
30
Harrlman Bldg 1st 6s.1951
36H
38 H
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
69
71
Sherneth Corp—
3-5 X s deb lnc (ws).1950
/21
23
42
45
60 Park PI
39
40 Wall St Corp 6s
42 Bway 1st 6s
—
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
mmm
39 H
7
lst6H8
Apr 15 1937
4%
5%
35
40
2
5
10
15H
10c
1%
1963
Loew's Theatre Rity
1st 6s
6Hs stamped.
1961
01
Realty Assoc Sec Corp—
5s income
1943
J51
55
Roxy Theatre—
1st fee A l'bold 0 Ha. 1940
S48
50
40
■mmm
Savoy Pla*a Corp—
3s with stock
(Newark) 6s *37
016 Madison Av 1st 8Hs'38
01 Broadway Bldg—
35
f24M
26 H
3H-58 with Btock.—1950
59 H
63
39
41
Syracuse Hotel (Syracuse)
1st 0Hs
Oct 23 1940
62
65
42
J6v
Corp
61
1947
88
London Terrace Apts 6s '40
f38
mmm
90
—
Textile Bldg—
1st 3-5s (w s)
1958
40
Trinity Bldgs Corp—
1st 5Hs
1939
60
67
63 H
59
2 Park Ave Bldg 1st 4s 1946
Ludwlg Bauman—
1st 6s (Bklyn)
1942
1st 6 He (L I)
1936
Metropolitan Chain Prop—
6s
1948
57
65
mmm
88
91
88
92
Metropolitan Corp (Can)—
6s
1947
For footnotes see page
Walbrldge Bldg (Buffalo)—
1st 6Hs
Oct 19 1938
fl7
Wall A Beaver St Corp—
1st 4 Hs w-s
1951
23
25
Westlnghouse Bldg—
16
2X
Prudence Co—
41H
Lincoln Building—
Income 5 Mb w-s
B
July 7 1939
Oliver Cromwell
Lewis Morris Apt Bldg—
Trusteed Amer Bank Shs B
In vestm't
Incorporated
"
1.17
85c
X
30c
——
5.89
Un N Y Tr Shs ser F
Huron
10.10
6.33
83c
75c
52
(Phlla)
mmm
50
2.28
1.07
Tobacco shares
,
Trustee Stand Invest Shs—
1
1.19
shares
Guardian Inv Trust
9.39
Series C
1.22
equipment shares...
Steel
5.46
1.52
90c
....
Mining shares
RR
3
....
1.24
89c
75o
Investing shares
——
5 46
1.21
shares
85 M
3.18
2.03
C
Supervised Shares
Agricultural shares
Automobile
B
—
35 H
Fuller Bldg deb 6s..—1944
53 c
3.07
2.03
BB
mmmm
70c"
mmm
48
Hotel St George 4s....1950
89c
••
1 Park Avenue—
6 Mb stamped..
Selected
P
Bank stock series
9.55
1st 6s..
29
f45M
/33
f49 M
/39
5Hs series BK
5 Hs series C-2
East Ambassador Hotels—
26.98
.
•
N Y Title A Mtge Co—
Court A Remsen St Off Bid
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
ment Fund series A-l..
27
Y Athletic ci ub—
51M
1.31
Plymouth Fund Inc... 10c
65
!2
J24
S f deb 5b
1948
4—6s.
28
7M
63
Metropol Playhouses lnc—
m
24
Atk
1945
1st mtge 2s stpd A reg '55
1st A gen 0s
1946
mm
fnc 4s
1945
Chsebrough Bldg 1st 6s '48
228
26
Bid
mmm
35
Chanin Bldg
Pacific Southern Inv pref. *
Class A
*
Mortgage Certificates
Ask
Broadway Motors Bldg—
mmmm
5.40
Bid
....
53
Series 1956
Deposited Bank She
Real Estate Bonds and Title Co.
9.15
Steel
10
com
'mmmm
585.
1st lee A leasehold 4s '48
68 M
—
Volume
Quotations
on
585
Chronicle
Financial
146
Over-the-Counter Securities
Friday Jan. 21
-
Concluded
Foreign Stocks, Bonds and Coupons
Inactive Exchanges
BRAUNL
WALTER E.
52 William
Tel. HAnover 2-5422
St., N. Y.
Foreign Unlisted Dollar Bonds
Bid
Anhalt 7s to
1946
Hansa SS 6s stamped.
21
m
20
1948
r\5
20
Barranqullla 88*35-40-46-48
/12
/19
14
8s
1946
Bank of Colombia 7%. 194?
7s
Bavaria 6Ms to
..1945
Bavarian Palatinate Cons
Cities 7s to
7s
/n X
18 X
1940
Brazil funding 5s..
.
E.
t3X
f3X
/ New York Security Dealers Association
j Commodity Exchange, Inc.
BOwllng Green 9-3666
61 Broadway, New York
Teletype N. Y. 1-1666
/l 9
Land M Bk Warsaw 8s '41
Leipzig O'land Pr 6X* '48
Leipzig Trade Fair 7s. 1953
/20
A9
Luneberg Power Light A
Water 7s
..1948
/18
Mannheim A Palat 7s.l941
American Arch
Book
American
American
5M
4
—*
*
100
Petroleum
63
Petroleum Heat &
11X
HH
Remington nrmscom
*
Scovlll Manufacturing. .25
25
Manufacturing..100
236
23
Publication
10
...100
82
25
Amer Maize Products
*
American Mfg 5s pre!..100
Andian National Corp...*
Art Metal Construction. 10
Bankers Indus Service A.*
Belmont Radio Corp
*
Beneficial Indus Loan pf.*
22
8%
pref
cum
Singer
*
Corp com
35
26 X
5X
13
16
75
Standard
49 M
61
Stromberg-Carlson Tel Mfg
ex
7X
18
19 M
Sylvanla Indus
Corp,....*
14X
16 X
m
±
m m
4%
51M
20
Screw
6X
*
*
Tubize Chatlllon cum pf.10
United Artists Theat com. *
United Merch & Mfg com *
United Piece Dye Works.*
Preferred...
100
Trlco Products
5X
8
50
67
4
5
6
4
11 M
2X
3X
35 X
37 X
80
87 X
33 X
IX
7X
109
•
-
-
37
33
36M
Warren
IX
8X
X
X
3X
4X
*
com..6
Pap com. *
...100
1
17 M
19 X
94
98
Preferred
m'm'm
47 X
West Dairies Inc com v c o
17
51 M
21
61
64 X
White Rock Mln Spring—
3M
4%
30
14 M
19 M
Foundation Co For sbs—*
2X
♦
IX
3X
2%
*
41 X
43 M
18
6M
15 X
18
95
86
Preferred
shares
American
8X
9M
Garlock
Packing com
Extinguisher...*
Corp
1
Graton A Knight com
*
Gen
Fire
Good
Humor
4X
6X
50
Sta__5
100
12
15
26
28
York Ice Machinery.....*
11
Wilcox & Glbbs com
WJR The Goodwill
Worcester Salt
7%
50
/3
1934
/22
91
100
71H
126
101
40 X
44
Great Lakes 88 Co com..*
30 X
32 X
Great Northern Pa per
...25
5
Kildun Mining Corp
1
King Seeley Corp com
1
Lawyers Mortgage Co..20
31 M
33 X
Harrlsburg Steel Corp
7X
9X
%
H
7H
8H
95
98
%
X
Bethlehem Steel 3 Ha. 1952
87 M
88
Lawrence Portl Cement 100
13 X
15X
Chicago Stock Yds 5s.1961
Cont'l Roll A Steel Fdy—
91
93
1940
89
91
100
1st 6% preferred
2d 8% preferred
175
100
100
Lord A Taylor com
110
200
'■'■mmm
113
.
-
-
7H
Mac bidden Pub common.*
BX
*
43 X
47
Merck A Co Inc common.1
29 M
31M
100
113M
Preferred
8%
preferred
'
'mmm
7% preferred
100
Muskegon Piston Ring_2M
75
11M
12 X
Casket
*
44
47
..♦
109
Preferred
Nat Paper A Type
5%
preferred
com...*
100
New Britain Machine
*
mm'm
mm
Norwich
Ohio
American Tobacco 4s. 1951
1st conv s f 6s
5
Pharmacal
Leather common...*
Ohio Match Co
*
Cuban Atlantic Sugar. -.10
1
Eastern Sugar Assoc..
1955
Deep Rock Oil 7s
1937
Haytlan Corp 8s...-.1938
Kelsey Hayes Wheel Co—
—1946
/37
/66
A5
Costa Rica Pac Ry 7Mb '49
68
1949
/16
18
Panama City
/14
17
Panama 5%
Cundlnamarca 6Hs.—1969
Dortmund Mun Util 6s "48
J7
A8M
A7 X
Cordoba 7s stamped.. 1937
Costa Rica funding 5s. '51
1945
1945
East Prussian Pow 6s. 1953
Electric Pr (Germ)
6Xb '60
1953
6Ms
Martin (Glenn
No
par
dlvldend.
y
value,
a
94 M
95 M
95
96 M
79 X
16
1952
/23
33
/24M
27M
/36M
/38
40
A8
21
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
1937
6s
1940
.......
German Atl
German
bank
1941
R C Church Welfare 7s *46
mmm
Royal Dutch 4s......1945
Saarbruecken M Bk 6s '47
Salvador
1957
7s ctfs of deposit-1957
1939
165
Shipbuilding 5s..l946
m
107
22
130
m mm
m m
A3
/28
14M
1948
/23
mmm
Santa Catharina (Brazil)
/30M
31
/85
95
8%
Santa Fe 7s
1947
stamped. 1942
1948
6s. .1943
Pub Works 7S-.1945
Santander (Colom) 7s.
/40
:'mmm
July to Dec 1934
Jan to June 1935
/37
mmm
.
Sao Paulo (Brazil)
Saxon
'
1
/9
/66
68
7M
n
9X
/8M
/20
mmm
1951
/19
6s._1947
A9
mmm
Stem A Halske deb 6s.2930
/375
390
mmm
State
Mtge Bk Jugoslavia
..1956
/35M
/34
mm m
/31
6Mb
mmm
July to Dec 1935
Jan to June 1936
/32M
v'
11
/80
Scrip
German defaulted coupons:
/58
••
•
/20
Saxon State Mtge
'
mmm
/26
/25
5s
/57
59
27
2d series 5s__
1956
/57
59
26
ex
Coupons—
Oct 1932 to April 1935
/62
1937
/42
9X
Stettin Pub Util 7s—1946
/18
1936
/62
Certificates
1938
28
/23
......
4e—1936
7s unstamped
1946
/60
/58
Certificates
4s—1946
/46
1955
/57
mmm
1947
/7
7M
rex
Oct 1935
/9
/18
Stlnnes 7s unstamped.
19
rnx
12 X
/14
Dec 1 *34 stamped
June 1 '35 to June 1 '37..
15
106 X
1954
to April
mmm
Toho
Electric
7s
Tollma 7s
Great Britain A Ireland—
...
mmm
21
•
••
...
...
...
Union of Soviet Soc Repub
113X H4X
/34
1960-1990
1948
Water Wks
Unterelbe Electric 6s. .1953
1957
/19
21
Vesten Elec Ry 7s.... 1947
1953
75
85
Wurtemberg 7s to
7% gold ruble
1943 186 87 91.49
21
/[ 8
/18
A8
21
83
5Ms—.1945
9M
22
17 X
8s
Funding 3s_.
1946
Int ctfs of dep July 1 *38
6s.
20
mmm
mmm
riex
Guatemala 8s_
175
/17
mmm
8s ctfs of deposit-1948
mmm
Conversion Office
Graz (Austria) 8s
7%
4s scrip
■
S2 0
mmm
A9
mmm
1948
mmm
A7
/8M
A8
A8
mmm
J27
mmm
/50
1933
Rom Cath Church 8Mb '46
Land-
8Mb
1941
Rio de Janeiro 6%
.:
/19M
103M 106 X
Aoo
Aoo
'mmm
AOO
Cable 7s.. 1945
Building A
9M
/24
/l 7
6s
mmm
38
A8
/24
Rhine Westph Elec 7% '36
;
59
/8M
mmm
1967
1945
56
(Ger¬
many) 7s
21
/28
/20
income
1968
5s
1967
7s
...1956
Coupons..... 1936-1937
'mmm
/22
7s
6Mb
scrip
Poland 3s
7X
Protestant Church
1966
4s
-.1946
Conv 6s
Haiti 6s.
—
1945
21
/ Flat price.
25
Scovlll Mfg
108
Standard Textile Products.
1942
Ms '52
70
WestVa Pulp A Pap 5
51
63
Wit herbee Sherman 6s 1944
34 X
36 X
17
/21M
CURRENT
23
7X
8%
1962
1st 5s...
Bid
11
/38M
40 M
101M 103 M
2d conv Income 5s..1962
Par
Ask
12 X
7X
8 X
18X
Haytlan Corp Amer
93 M
97 M
Bid
Ask
•
1
X
X
30 X
32 M
West Indies Sugar Corp.,1
3X
4M
Savannah Sug Ref com
b Baals price,
d Coupon,
e
Ex-rights.
x Ex-
—McGraw & Co., Inc.,
( Quotation for Jan. 14 should have been
95-98.
77.4234 grams of pure gold.
120 South La Salle St., Chicago, announce
the
for trading and dealing in all Chicago trac¬
tion securities, to be conducted by Cecil O. Condit, J. A. Francoeur and
Walter F. Wylie, all of whom have made a specialty of these securities for
more than 15 years.
They were all formerly with Edwin L. Lobdell & Co.
and for the past two years Messrs. Condit and Francoeur have been as¬
sociated with Farwell, Chapman & Co. and Mr. Wylie was with Joh- B.
opening of a special department
Dunbar & Co.
—Coincident with the dissolution
made of the formation
of A. C. Doty & Co., announcement is
of Doty, Fay & Co., with offices at 15 William
deal in bank and insurance
St.,
stocks, real estate securities and
C. Doty,
O. Edmund Fay and Ralph J. Berkson, who will continue the business of
Doty & Co., and its predecessor, Doty, Fay & Co., under which name the
firm did business until
Stock Exchange.
! Quotations per 100 gold rouble bond, equivalent to
NOTICES
100 M 101
Woodward Iron—
12
m
Interchangeable,
21M
Hanover Han
80
n Nominal quotation,
to i When issued,
w-s With stock,
Selling on New York Curb Exchange,
i Ex-stock dividend
t Now listed on- New York
20
A8M
to
22
unlisted stocks and bonds.
•
/18
1945
7s
/34
this City to
/ Flat price,
1946
Olden burg-Free State
German Young coupons:
L)—
Nat Radiator 6s
N Y
Oberpfals Eleo 7s
18
20 X
income
mmm
39
rnx
/18
/18
1966
mmm
A8
69
Porto Alegre 7s
7Ms
mmm'
/18
/98M 100 M
European Mortgage A In¬
vestment
mmm
/94
North German Lloyd 6s '47
4s
1947
20 X
Dec 1934 stamped
/78
/14
1st 3^8
23 X
17X
Preferred
/20
German scrip
German Dawes coupons:
Sugar Stocks
Par
1953
1948
Mtge 7s
City Savings Bank
Apr 15 '35 to Apr 15 '37.
Cudahy Pack conv 4s. 1950
22
100
Yeast... 100
69
Jan, to June.-
107
Wire Fabrics 7s..1942
Am
1st 6s assented
Preferred 6M%
16
/66
Colombia 4s.
/94
National Hungarian A Ind
A3
July to Dec 1937
21M
New Haven Clock—
Northwestern
preferred
6"
4
A3
■
Bonds—
Conv deb 6s...—..1948
Mock Judson A Voehringer
National
7%
16"
6X 8.1946-1947
(CAD) 6Ms-1948-1949
Nat Central Savings Bk of
Hungary 7Xa
1982
1968
Budapest 7s
6X* '38
Panama
Bank
(A A B)
July to Dec 1936
Jan to June 1937
12 X
69 X
..100
preferred
Young (J 8) Co com...100
27 M
Nat
July to Dec 1933
Jan to June 1934...
55
100
Preferred
/25M
Nassau Landbank
Central German Power
German
18K
5
100
Spencer Steel..*
J7 1st preferred
Wick wire
2 X
*
$3 cum preferred
22
5
'
West Va Pulp &
116 M
21
/i9
Recklinghausen 7s..1947
*
105
100
8
7 X
6s
100
(Jos) Crucible...100
Douglas Shoe preferred. 100
Draper Corp
*
Federal Bake Shops
*
Preferred
Dixon
22
A9
8X
Gelsenklrchen Mln 68-1934
22
19
63"
/19
1947
(Brazil) 8s
French Nat Mall 88 6s '52
41M
preferred
7%
39 X
(Northam)—
13 conv preferred
Welch Grape Julcr
/61
1945
13X
Frankfurt 7s to
2X
IX
1957
re
nx
Duisburg 7% to
11
14
30M
Corp
—
Munlc Bk Hessen 7s to '45
fl\X
1944
Duesseldorf 7s to
10
..*
Tennessee Products
Chic Burl A Qulncy
30 X
Taylor Wharton Iron &
Steel common
53
10
8
preferred
100
Bur dines Inc common....1
9
7
28
7M
-
1st
—100
Chilton Co common
10
Columbia Baking com...*
$1 cum preferred
*
Crowell Publishing com..*
$7 preferred
.100
Dennlson Mfg class A...10
Devoe A Raynolds B com *
Dictaphone Corp
*
4X
241
4X
mmm
Munich 7s to
7s... 1947
Chilean Nitrate 5s
38
sx
mmm
'■
Merldlonale Elec 7s
56
•
f7X
7s assented
5
Singer Mfg Ltd
—
Skenandoa Rayon Corp..*
Hotels
Bowman-Blltmore
Power.*
22
—
f20X
Chile Govt 6s assented
1
70
Hardware
American
X
3X
Con version... 1
32
m
7Ms *46
Madgeburg 6s
102
98
49
Hard Rubber—
American
*
7% pref
Pat he Film
Ask
Bid
27
Cynamid—
5% conv pref
oeara
Par
m
m
/18
'»
At O
Cauca Valley 7>£8__i.l948
Industrial Stocks and Bonds
Alabama Mills Inc
J
•
/69
Municipal Gas A Eleo Corp
Cailao (Peru) 7Xa
Ask
/42
..1943
35
Buenos Aires scrip
/54
Burmelster A Wain 6s. 1940 A16
Call (Colombia)
Bid
/68
Nov 1935 to May 1937
Koholyt 6Mb
A5
Caldas (Colombia)
Par
Nov 1932 to May 1935
21
19
6Ms
Members
Coupons—
8X
20
Corp—
..1953
mmm
55
/46
Hungarian Bank
1962
:
65
4X
rex
/18
1953
mmm
■
64
A7
7M»
A9
54
33
Brown Coal Ind
'
/24
1948
Jugoslavia 5s funding. 1956
Brazil funding scrip
& CO.
UNTERBERG
1936
Ilseder Steel 6s
J ugoslavia 2d series 5s. 1956
Bremen (Germany) 78.1935
6s
1940
C.
mmm
9X
1931 61
British
m m m
/18
4%
4X
S4
1969
Brandenburg Elec 6s.
mmm'
/18
'
1958
7s
mmm
'mmm'
17
12 X
8s. 1947
6s
Hungarian Ital Bk 7Xa '32
Hungarian Discount A Ex¬
21
Ask
/80
/95
/19
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
/14
1945
8s
Bolivia (Republic)
1939
1939
6s unstamped
20
change Bank 7s
1945
Bogota (Colombia) 6Ms '47
SYLVANIA INDUSTRIAL CORP.
Bid
Ask
118
m
Antloquia
—William
Co., Inc.
T.
Partners in the new firm are Archibald
1935.
Brown
has
become associated with
Ed. O. Wright &
586
Financial
General
Chronicle
Jan. 22. 1938
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
Adams
Express Co.—Annual Report—
Thomas L. Chadbourne, Chairman and Steele Mitchell. President, state
in
RIGHTS-SCRIP
Dividends of 60 cents per share were paid on the common stock
The total income of the company from dividends, interest,
&c., for 1937 was $1,667,690, which compares with $1,542,913 for the year
1936.
Income available for interest in 1937 after deducting expenses and
taxes was $1,377,186, equivalent to 3.09 times interest requirements for
the year, while the net income remaining after deduction for interest was
$932,228.
Giving effect to the payment of dividends on the common stock,
earned surplus increased by $11,143.
A net loss of $7,221,035 was realized on securities sold during 1937 which
was charged to capital surplus in accordance with the established
accounting
practice of the company.
Based on market values as of Dec. 31, 1937, the net assets applicable to
its outstanding securities were $27,193,703, equivalent to
278% of the
principal amount of the funded debt outstanding in the hands of the public
McDonnell &ra
Members
York Stock Exchange
ISO
New York Curb Exchange
Broadway, New York
Bell
FILING
OF
Telephone REctor 2-3815-80
Teletype NY 1-1640
REGISTRATION
STATEMENTS
SECURITIES
filed
a
registration statement covering 6,000 shares of 6% cumulative
preferred stock, $50 par, and 12,000 shares of common stock, no par, to be
offered in units of 1 share of preferred and 2 shares of common at
$51 per
unit, to directors and their friends.
Proceeds will be used for property,
building and equipment.
No underwriter was named in registration state¬
M. J. Uline is President of the company.
ment.
American
Filed Jan. 17, 1938.
Institute
of
Laundering, Inc. (2-3581, Form A-2) Of
registration statement covering $200,000 5% 10-year
first mortgage sinking fund bonds, due 1947, to be offered at
par.
Proceeds
will be used to redeem 6% serial first
mortgage gold bonds.
Illinois Se¬
Joliet, III., has filed
O. L. Roach is
Electric Power Co. (2-3456, Form A-2 a refiling) of
Roanoke, Va., has filed a registration statement covering $57,000,000 1st
mortgage 4% bonds, series due Feb. 1, 1963, and $10,000,000 of
sinking
fund debentures, series due Feb. 1, 1948.
The interest rate of the de¬
bentures is to be furnished by amendment to the
registration statement.
Filed Jan. 13, 1938 .(For further details see V. 146, p.
431).
The SEC has announced that at the
request of the
cant it has consented to the withdrawal of the
appli¬
stantial discount from its net asset value at the dates of
purchase,
shares of its common stock, thereby reducing the common stock
139,600
outstanding
in the hands of the public as of Dec. 31, 1937 to 1,500,000 shares.
stock so acquired was placed under restricted registration on the
Consolidated income Account
Revenue—
(nterest
bank
common
National
Life
stock, par $100.
Insurance Co. (3569)
Filed Dec. 30, 1937.
covering
2,000
shares
Valley DistillerslCorp. (1879).WSeeTdetails under that
subsequent
our
previous list of registration statements
issue of Jan. 15, page 430.
on sees,
Interest
Int.
461
$39,349
779,872
18,119
$1,542,913
$979,691
$837,340
390,840
390,840
46,711
127,009
290,504
380,974
90,422
10,482
233,504
173,390
164,052
$932,228
$827,530
$282,448
bonds
on
coll. notes._
on
.
on
Net
income
Pref. divs.
921,085
744,393
$11,143
3,852,972
$83,137
3,841,829
def$17,506
3,758,691
def$3,020
3,775,559
1,639,600
1,714,748
1,714.748
$0.51
$0.09
(5%)
«.
Balance, surplus—
x
Profit & loss surplus
Shs. com. stk. outstand¬
ing (no par)
Before
—
—
—
-
charging net realized losses
—
285,468
Nil
on securities.
Consolidated Earned Surplus Dec. 31
1937
1936
Surplus during year
above) after divs
1934
$3,775,559
$3,685,464
(as
11,143
83,137
defl7,506
def3,020
$3,852,972
$3,841,828
$3,758,053
$3,682,444
(See below)
(See below)
(See below)
prof92,884
Cr639
Cr230
$3,841,828
$3,758,691
$3,775,559
Total
Net
1935
$3,758,691
Earned surplus previous
Dec. 31
$3,841,829
realized
losses
on
sales of securities
Fed. tax refund, adjust,
of
for
reserve
discounts
taxes
on own
&
bonds
Earned surp. Dec. 31-
$3,852,972
Common Stock and
Capital Surplus Dec. 31
Jan.
1 capital surplus &
stock
$39,658,511
Increase due to retire,
$40,587,424 $40,818,090 $40,697,537
common
of
pref.
stock
purchased at discount
divs. paid
on pref. stock at date
of redemption
given
of
shares
common
Net
x
48.435
120,553
of
33,453
own
stock
2,231,870
7,221,035
realized
loss
Capital surplus &
951,860
prof56,400
-
-
on
279,101
com.
stock Dec. 31
$30,205,606 $39,658,511
$40,587,424 $40,818,090
Effective Jan. 1,1935, realized profits and losses on securities have been
credited and debited to capital surplus, whereas previously such profits and
x
cannot be
losses were credited and debited to earned surplus.
Consolidated Balance Sheet Dec. 31
1937
Assets—
formed.
Cash
Justice McTague held that the application should not have
been made
under the Ontario Act, but that it could have been carried
forward under
the Dominion Companies Creditors'
Arrangement Act.
"In case a higher court should decide I am
wrong, I think I should deal
Acer.
with the merits of the plan," Mr. Justice
McTague said. "There is no doubt
Abitibi should be taken out of
receivership at as early a date as possible.
Neither is there any doubt that fresh
capital will have to be introduced.
On the other hand, I am by no means convinced that a
fairer plan from the
point of view of bondholders cannot be worked out.
"Part of the new securities being given the bondholders are
non-cumula¬
tive income debentures.
If the future of the company is reflected in
uneven
earnings, then the advantage is to the equity holders at the expense of the
bondholders.
i
Amt.rec.for
1937
&
33,944
opposition
to
the
plan
at
the
banks, due 1937-
In hands of public 2 .234,000
12,971
10,870
requirements.
"While I have never believed in the principle that the court should sub¬
stitute its judgment for the business judgment of reasonable business men
voting in their own interest, I do believe that the court-should be
very
slow and cautious about sanctioning schemes which result
in confiscation
of contractual rights at the will of the
majority unless the majority is at
least what the Legislature has fixed.
"I can see no circumstance here which justifies
my exercising my dis¬
cretion and relieving the proponents of the plan from failure to obtain the
statutory requirement, since it is
properly taken."—V.
my
view that the opposition
145, p. 4106.
was
justified
4,714.500
Coll tr. 4% bonds,
due
March
1948,
In
1,
hands
of public
10-yr. 4X% debs.,
due Aug. 1,1946,
2 318,500
4.393,500
In hands of public 5 218,500
663,000
Int.
accr
lncl.
un¬
claimed matured
bondholders'
meeting, so much so that the proposers were unable to obtain a favorable
vote of 50% of the outstanding bonds,
although the vote in favor was over
If the plan is to be sanctioned, then I must exercise the discretion
me by the Act, and hold that in the circumstances the vote is suffi¬
cient even if not amounting to the required
majority.
The legislation, in
granting such a discretion, must have contemplated special circumstances,
not merely the one circumstance that the vote came
close to the statutory
4.000.000
Coll.tr. 4% bonds,
dueJune 1,1947,
equip.—
less deprec
.
considerable
$
due
notes
1941
65,377
Secur. (at cost) .36,258,754 53,845,768
Prop.
Coll.
1936
$
Liabilities—
$
3,891,783
98.633
secur.
sold—not deliver
a
1936
$
8,106,330
Int. & divs—
27,090
Interest
144,801
113,278
496,142
3 852,972
496,380
39,658,511
3.841,829
44,470,521
57,880,998
Res. for taxes, ac¬
cruals & conting.
49%.
given
very
........
_
1,500,000
$0.62
Earns .per sh.on cap.stk.
x
—
Accumulated
applied in the
case of insolvent companies, since that field is now
covered by Dominion
legislation, Justice McTague of tne Supreme Court of Ontario on Jan. 17
dismissed the motion of the trustees for the bondholders for
sale of the
assets of the company, covered
by a $50,000,000 mortgage bond.
Plan of
bondholders was that Abitibi should be sold to a new
company, yet to be
and
957,231
$415,461
261,512
171,455
Common dividends
-Plan of Sale Dismissed
Declaring that the Judicature Amendment Act
was
$21,999
271,238
owned
$12,688
1,527,801
2,425
10-yr. 4H% debaj
Sals., exps. and taxes
com¬
by Court—
"There
1934
$47,062
1,613,630
6,998
securities
Abitibi Power & Paper Co., Ltd.-
31
1935
Expenses—
Interest
Cost
was
1936
$1,667,690
Divs.
page.
The last
in
balances
ment
Stop order with opinion issued:
Trenton
pany on a
Years Ended Dec.
1937
securities and
on
Miscellaneous income
following:
Service
The
Exchanges.
registration statement:
Dewey & Almy Chemical Co. (3387) covering 22,496 shares $5 cum.
conv. pref. stock
(no par) and 142,626 shares of common stock (no par)
Filed Aug. 31. 1937.
value of
asset
permitting
President of the company.
Appalachian
net
a
greater flexibility in the handling of the investments of the company.
The company acquired in the open market during the year, at a sub¬
a
curities Co. will be underwriter.
Filed Jan. 17, 1938-
has
the 4% bonds were surrendered (including $663,000 surrendered in
1936).
This offer of exchange, which expired on July 31,
1937, was made in order
to obtain release of collateral securing the 4%
bonds, thereby
Imperial Pictures, Inc. (2-3578, Form A-l) of New York, N. Y.f has
filed a registration statement covering 961,286 shares of $1
par common
stock.
Of the shares being registered, 425,000 are to be offered to the
Capitol Garden, Inc. (2-3580, Form A-l) of Washington, D. C., has
stock
common
the year, and at Dec. 31, 1937 the company had no bank loans.
Pursuant to the offer made by the company to exchange its
10-year 4
%
an equal principal amount of its collateral trust
4% bonds
due in 1947 and 1948 outstanding in the hands of the
public, $5,218,500 of
.
(2-3579, Form C-l) of Jersey City, N. J.,
has filed a registration statement
covering 250,000 mutual investment fund
trust certificates to be offered at market.
Proceeds will be used for invest¬
ment.
Sponsored by depositor.
Herbert J. Lyall is President of the
company.
Filed Jan. 14, 1938.
the
debentures for
ACT
Management Co.
basis
per share, which compares with $22.84 per share as of Dec. 31,
As of Jan. 11, 1938 the net asset value was $13.78 per share.
Bank loans of $4,000,000 evidenced by collateral notes were
paid during
1936.
following additional registration statements (Nos.
3578 to 3581, inclusive, and 3456, a refiling) have been filed
with the Securities and Exchange Commission under the
Securities Act of 1933.
The total involved is
approximately
$70,981,000.
-Yr
Mutual
On this
$11.61
UNDER
public at $1.50 per share, 75,000 will be given the underwriter as bonus for
resale at market and 100,000 are optioned to underwriter at prices
ranging
from $1 to $1.10 a share.
The balance of 361,286 shares are optioned to
William M. Pizor and to employees of the company.
They are not to be
offered for at least a year.
Proceeds will be used ror working capital and
payment of indebtedness.
A. D. Braham & Co., Inc., are underwriters.
William M. Pizor is President of the company.
Filed Jan. 14, 1938.
date.
that
on
The
,
during
the past year.
Specialists since 1917
New
part:
lncl. def. credits
b Common 8 took.. 30 205,606
Earned surplus
Total
44,470,521
57,880,998)
Total
Market
value: Dec. 31, 1937, $19,622,879 and Dec.
31, 1936, $47,b Represented by 1,500,000 no par shares in 1937 and 1,639,600
par shares in 1936.—V. 145, p. 3808.
a
800,689.
no
Adelaide-Sheppard Co., Ltd.—Receivership—
The
bondholders
committee
Guaranty Trust Co. of Canada
bondholders
are
requested
to
announced
as
recently
receiver
forward
and
the
appointment of
Unregistered
manager.
their names ana addresses to the
bondholders' committee, 134 Bung St. E., Toronto, to ensure their
receiving
a copy of the
report now being issued.—V. 145, p. 2379.
Volume
Financial
146
Affiliated Fund,
Inc.—Earnings—
$170,233
$261,930
60,858
62,583
6,285
debentures
Amortization of discount on debentures
Net income.
69,524
1.
$201,728
144,041
distributions.
$194,777
125,253
$57,687
,
_
Undivided profits included in
$69,524
Undivided profits Dec. 31
provision for Federal normal income tax and surtax on
Less $9,046
a
undistributed
profits.
Note—Dividends amounting to $263,919 were
Account."
"Distribution
$147,290
47,487
$132,204
_
Undivided profits Jan.
Total
$225,469
40,284
34,338
3,557
4,250
Total income
on
al 15,716
of securities
Expenses
Interest
$105,504
■91",697
Income—Cash dividends
Stock dividends
Net profit from sales
1936
1937
Years Ended Dec. 31—
Statement of
paid during 1937 out of
- "•'//'
y",
' y..-
...
Paid-in Surplus for Year Ended Dec. 31, 1937
stock
over amounts paid for capital stock reacquired (excl. of the
par value of such stock and incl. net equalization credits of
$203,581)
2,235,390
-
—
conversion of debentures into capital stock
(including equalization credits $212)
Credit arising from
credits included in distribution in pro¬
portion to net income
119,878
distributed
$3,424,751
Notes—Equalization credits represent portion of amounts received for
subscriptions to capital stock and portion of credit arising from conversion
of debentures into capital stock, included in funds available for distribution
to equalize the per share amounts thereof at dates of subscription (less
comparable amounts paid on
reacquisitions).
The cost of investments at Dec.
31, 1937 was $1,691,103 In excess
quoted market values for such investments at that
Balance Sheet Dec. 31
cost)..54,257,380 $2,382,383
Cash
1,640,183
145,030
$21,263
49,698
12,621
&accr.
taxes
debentures..
37,460
21,263
Diva, receivable..
6.040
DIstrlb.
3,050
on
1936
$37,460
11,749
7,206
Due to brokers._.
Accts. pay.
dep.
of int.
pay.
1937
pay.Jan. 1
on spec.
for
103,674
29,970
1,498,400
850,500
863,946
3,424,751
Undivided profits.
57,687
debentures.
1,305,869
37,468
63,809
_
debs
Capital stock
1
Furn. & fixtures..
conv.
(par
249,750
$1.25)
Paid in surplus...
$6,004,873 $2,589,193
Total
—V. 145,
69,524
$6,004,873 $2,589,193
Total
p.2283.
market
on
quotations of Dec. 31, 1937, investment securities had
with $15,850,561 as of Dec. 31,
indicated value of $9,922,242 compared
decrease of $5,928,320, approximately 37.4%.
Using market
values of Dec. 31, 1937, as a basis of appraisal, investment securities cost
$8,148,484 more than their indicated value.
After allowing for all known
liabilities and the preferred stock at its liquidating value, including unpaid
1936,
a
—V. 146, p. 430.
consideration current liabilities, equaled $3,322 for each
$1,000 principal amount of bonds outstanding and, after allowing for the
funded debt, equaled $140.13 for each share of preferred stock outstanding.
Unpaid cumul. divs. on the pref. stock Dec. 31,1937, amounted to $875,000
or $17.50 per share.
Income Account
Interest
Alleghany Corp.—Assents Received—
52% of the holders of the 5s of 1950 have been received in
change the indenture of the issue to permit the use of
collateral cash for the purchase of the bonds in the open market.
There
are $24,387,000 outstanding.
Merger Suit Dismissed—
plan to consolidate Chesapeake Corp. with Alleghany Corp. was
summarily dismissed by the Court of Appeals in Annapolis, Md., Jan. 19.
The Court found that the corporation had abandoned the proposed plan of
consolidation and the case therefore had become moot and that, therefore,
it could not be further considered by the Appellate Division.
The judgment was in answer to appeal from an interlocutory injunction
granted by the Baltimore Court, which restrained any such merger.
Protest was entered by Aldebaran Corp. and Broseco Corp. as holders of
54,500 shares of 5>£% cumulative preferred stock, series A, of Alleghany
Corp. and 6,700 common shares of Chesapeake Corp.
Among those also objecting to the proposed consolidation were J. & W.
Seligman & Co., managers of Tri-Continental Corp, also Selected Industries,
Inc., and trustees of the University of Pennsylvania.—V. 146, p. 270.
Investing
Corp.—Accum.
Div.
dividend of 50 cents per share on account
pref. stock, no par value, payable
Feb. 1 to holders of record Jan. 26.
Like payment was made on Aug. 1
and on 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; similar payments were made on the
two preceding quarters,
prior to which regular quarterly dividends of
declared
a
of accumulations on the $3 cum. conv.
75 cents per share were
American
disbursed.—V. 145, p. 426.
1934
1935
1936
$974,132
$668,364
$586,179
shipm'ts made
during period
Depree. of plants and
depletion of mines
381,060
382,775
374,067
50,090
45,878
41,955
45,485
Res. for self-insurance..
317,533
23,818
255,704
36,156
Prov. for Fed. inc. taxes
x20,000
290,253
15,246
x80,000
x
American Bakeries
Corp.—Class B Dividend Reduced—
dividend of 25 cents per share on the class B stock
Dividends of 50 cents per share
Oct. 1 and on July 1, last.—V. 145, p. 3965.
The company paid a
on
Jan.
were
5 to
paid on
holders of record Jan. 3.
American Bantam Car
President R.
Co.—To Raise Output—
S. Evans, said that this company
will increase production
by one-third on Feb. 1.
The company has received orders for immediate delivery of 2,500 cars.
In December 300 cars were sold, the majority of which were for export,
Mr. Evans said.—V. 145, p. 1574.
American
European Securities
Co.—Annual Report—
analysis of surplus for the year
ended Dec. 31, 1937, a condensed balance sheet arid a list
of the securities owned as of that date, showing market
A statement of income and
value,
are
Ernest
B.
given in the advertising pages of this issue.
Tracy, President, says in part;
during the year 1937, consisting of dividends
received and interest received or accrued, amounted to $658,613, an
increase over 1936 of $82,398, approximately 14.3%.
Interest, general
expenses, and taxes paid or accrued totaled $217,362, leaving a balance of
$441,250, from which balance there was deducted a net loss realized from
the sale of securities of $4,336, determined on the basis of the cost of the
certificates delivered, less a profit of $465 made by the purchase and
The income of company
$405,187
151,150
m
_
w
9
142
29,257
7,740
28,143
6,830
_
_
46,772
19,477
31,675
15,285
Oper. profit for year..
$441,251
$378,104
$229,079
$218,921
4,336
3,259
prof$6,901
995.288
Net loss
sales
on
of se¬
curities
Profit from the purch. &
retire, of co.'s own bds.
465
—•—
400.000
$235,981 loss$776,367
150,000
$37,379
622,744
pref. stock
on
$374,845
350,000
$24,845
647,589
$85,981 def$776,367
733,570
sur42,797
$585,365
$622,744
$437,379
Net profit
Divs.
Surplus
Previous deficit-
Deficit
'
.
$647,589
$733,570
Includes $6,758 ($7,500 in 1936) dividends received in securities, which
have been entered on the books of the company in accordance with Federal
z
tax
regulations.
'36 Dec. 31, '35 Dec. 31, '34
Dec 31/37 Dec. 31,
Cost of investment secu-
$18,070,725 $18,056,574 $18,072,040 $17,975,069
Appraised value of inment securities held9,922,242
15,850,561
12,347,019
7,036,862
rities held.
Excess of cost over ap¬
$8,148,484
praised value
$2,206,012
$5,725,021 $10,938,206
Comparative Balance Sheet Dec. 31
$
securities
Stocks
16,418,321
Bonds
1,652,404
16,404,170
1,652,404
45,023
Preferred stock.,
5,000.000
b
97,731
116,035
Cash
Invest,
1936
$
Liabilities—
$
$
1
1937
1936
1937
5,000.000
Common stock_10,139,510 10,139,510
d
Option warrants
615
3,017.000
c
Funded
debt
615
3,023,000
fund. debt.
50,425
50,475
General reserve—
45,123
Acer. int. on bds-_
600,000
600,000
9,697
8,471
622,744
Int.
on
Accrued
taxes
585,365
Deficit
Total
b
.
—
18,231,883 18,199,328
Total....
18,231,883 18.199,3281
Represented by 354,500 shares of no par value,
c
Represented by
50,000 shares of no par $6 cum. stock, d There are issued and outstanding
option warrants entitling the holders to purchase at any time 20,500 shares
of common stock at a price of $12.50 per share.—V. 145, p. 3489.
American General
Corp. (& Subs.)—Earnings—
[Including American Securities Co.—wholly owned subsidiary]
Years Ended Dec. 31—
1937
1936
Income—Cash dividends on stocks
...
$1,284,530 $1,836,307
Interest earned on bonds
9,260
246,631
Interest received on intermediate credits
10,844
Interest earned on account received
8,667
1,654
2,552
$1,304,111
Total
Operating
$2,096,334
593,852
480,420
expenses
331,232
938,093
13,532
21,159
$478,927
$543,730
Interest on debentures
refunded to debentures
paid at source
-
holders and taxes
operating expenses (withoutgiving effect to results of security transactions or
to certain expenses carried to
surplus
—V.
145, p. 2685.
Institute
American
$132,647
$161,695 loss$97,717 loss$125,233
provision for surtax on undistributed profits.—V. 145, p. 3645.
profit
No
$417,234
151,150
Excess of income over
on
322,783
15,879
Net
431
$576,215
151,150
105,774
Expenses
Taxes paid and accrued.
Taxes
Provision for loss on time
sales
708
Miscellaneous income
Agricultural Chemical Co. (Del.) (& Subs.)
1937
6 Mos. End. Dec. 31—
$925,964
Gross profit from oper'ns
Gen.
operating and ad¬
384,566
ministrative
expense.
$298,982
$300,762
115,763
$658,614
151,113
Total gross income.-Int. on funded debt
Assets—
A
International
1934
1935
1936
z$445,358
130,522
335
bonds
on
Other income
Assents from
Allied
for Calendar Years
1937
z$523,816
134,798
Gross inc.: Cash divs
favor of the plan to
The directors have
applicable to the common stock
an appraised indicated value of $3.19 per share for the
354,500 shares of common stock outstanding, whereas using the same
basis, on Dec. 31, 1936, the appraised indicated value equaled $19.57 per
share for the 354,500 shares of common stock outstanding.
\
As of Dec. 31, 1937, the appraised indicated net worth of company's
of company had
income
Alfred Decker & Cohn, Inc.—New Directors—
At the recent annual stockholder's meeting, M. A. Barancik and Edwin
M. Stark were elected directors to fill vacancies.
All officers were re-elected.
••,v
the books of company at cost, thus
payable
Jan. 15
5% 10 yr. secured
Unamortized disc't
on
Based
an
Int. on accts. payable.
;-v:s
Int.accr. on debs.,
deposit
with trustee
of the
date.
Liabilities—
1936
1937
Assets—
Invest, (at
Cash
Investment securities are carried on
31,1937 (incl. equalization credits $98,503)
Balance Dec.
on
1937.
continuing the policy previously adopted by the board of directors.
The
actual cost of the securities, represented by certificates delivered against
sales, was used to determine gains and losses on securities sold, resulting in
a net loss of $4,337.
Had company used the average cost method to
determine the net gain and loss on security sales, a net gain of $59,965
would have been reported and would have resulted in an increase in surplus
earnings over those shown of $64,302.
assets, taking into
3,370
$3,544,629
Total
Portion of equalization
cancelation of $6,000 5% collateral trust gold bonds, series B.
The net
surplus earnings for the year were $437,379 compared with $374,845 for
1936, an increase of $62,534, or approximately 16.7%.
Two dividends,
one of $3 per share and one of $5 per share, were paid on the preferred
shares out of current earnings, which dividends covered the 16 months'
cumulative period ended Jan. 31, 1935, and amounted to $400,000.
After
all chargas, including the dividends paid, there remained $37,379 net
earnings for the year, which reduced the deficit in the surplus account from
$622,745 on Dec. 31, 1936, to $585,365 deficit in surplus account Dec. 31,
cumulative dividends, the net asset value
$1,305,869
Balance, Jan. 1, 1937 (incl. equalization credits $14,586)
Excess of amounts received for subscriptions to capital
587
Chronicle
of
Laundering,
Inc.—Registers
With SEC—
See list
given on first page
of this department.
American Locomotive Co.—Acquisition—
Stock Exchange has been notified that, effective Dec. 1,
this company took over all the assets and liabilities of its subsidiary,
Alco Products, Inc.-V. 145, p. 3489.
The New York
1937
American
International Corp .-—Annual Report—
Harry A. Arthur, President, says in part;
During 1937, corporation retired $2,000,000
issue of $10,000,000 5M% debentures, due in
of bank loans, leaving the
1949, the sole indebtedness
routine payables.
Based on market quotations, or, in their absence, on valuations estab¬
lished by directors, the net assets of corporation as of Dec. 31, 1937 were
$17 453,422, equivalent to a coverage of $1,745.34 per $1,000 principal
amount of outstanding debentures, compared with a coverage of $2,588.76
as of Dec. 31, 1936.
On the foregoing basis the asset value per share of
common stock amounted to $7.45 compared with $19.06 as of Dec. 31,1936.
As of Jan. 15, 1938 the asset value, similarly calculated, amounted to $9.31
per share of common stock.
,
,
During the year Ulen & Co. completed arrangements whereby service
on its holdings of National Economic Bank of Poland bonds has been re¬
sumed at a reduced rate of interest, enabling Ulen & Co. to meet the interest
on its own bonds.
Rehabilitation of the Maverick project has progressed
to the point where a promise of some recovery is in prospect for the Maverick
District security holders.
Due to the uncertainties present in both of these
situations, directors continued the nominal valuations at which they were
outstanding, apart from
,
carried
a year
ago.
^
588
Financial
Chronicle
Income Account for Calendar Years
1937
1935
1934
$60,427
975,051
6,268
$129,516
813,631
24,400
$138,415
822,621
13,416
$1,038,865
153,675
57,720
570,000
$1,041,746
163,439
41,169
637,010
$967,547
171,427
22,064
760,155
$974,451
172,345
20,033
760,155
$257,469
$200,128
$13,901
$21,918
1,000,000
1,000,000
1,007,973
1,007,973
$0.25
$0.20
$0.01
$0.02
Miscellaneous income
Total
_
Deduct—Expenses...
Taxes.....;.
Interest
Shs.
1936
$9,363
1,010,689
18,814
Interest revenue
Dividends
Net earnings..
common stock out¬
standing (no par)....
Earned per share
....
American
W.
American
-
reserve
for adjustment
book
of
value
Machinery Co. of America—wholly owned..
Provision for taxes
of
4,704
applicable thereto—
——
—......
Net oper.
1937
'
Total income
1937
$
Liabilities—
1,886,054
Investm't in Allied
Mach'y
Co.
of
Net
Accrued
183,518
178,814
22,488
70,395
204,009
813
Dlvs. received and
sees.
sold, &c
Invest, in Sociedade
Anonyma
x
per
pay.
debentures..
275,000
78.060
20,701
11,077
49,792
2.000.000
7,911,307
Capital surplus... 2,531,186
6.655,303
2,531.186
Earned
surplus
Mar¬
x
1937-3 Afos.-1936
$
$
1937-12 Mos —1936
$
$
x
27,892,861
18,582,277
107,369,000 106,920,784
89,157,000
81,610,927
9.310,584
56.273,282
1,528,622
198,782
18,212,000
25,309,857
171,856.000 166,071,313
6,998,000
7,048,640
668,000
839,682
52,149,000
4,450,000
67,311,270
7,063,573
197,734,000 199,269,492
17,973,000
24,443,078
60,247,697 179,761,000 174,826,414
42,038,354 168,181,000 168,081,179
42,045,000
5,654,000
18,209,343
11,580,000
6,745,235
18,687,000
18,683,713
18,687,000
18,675,687
$2.55
$3.22
$9.62
$9.36
share
x Figures
for December, 1937, partly estimated.
Consolidated Accounts of Company and Its 25
Principal Telephone Subsidiaries
275,000
Accounts payable.
Notes pay to bank
Co.—Report—
26,944,000
23,290,000
Earns, of A. T. & T. Co.
10,000,000 10,000,000
int.
income
Aver. No. of shs. of cap.
stock outstanding
s
1,000,000
Accrued taxes
accrued Interest.
Receivable for
on
_.
Balance
1936
$
Common stock.. 1,000,000
20-year conv. gold
y
debentures
Amer.—wholly
owned
..
Interest deductions.
Dividends
1936
$
Telegraph
47,699.000
Other income (net)
$10,442,493
General Balance Sheet Dec. 31
3,319,287
&
3,654,000
46,290,000
2,054,000
151,000
income
Interest income
VElU6S.
Assets—
Vice-President—
ago.
Dividend income
a On
Dec. 31, 1932, the book values of securities on hand
were writte
down to market values, established 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
Cash
a year
Operating revenues
Oper. exps., incl. taxes..
Earned surplus—Dec. 31,1937 (accumulated from Jan.
1, '33) $7,911,307
Capital surplus at beginning and end of year
2,531,186
Total surplus—Dec. 31, 1937
Telephone
Period End. Dec. 31—
$7,991,927
65,000
15,620
income......>.
Uncollectible interest relating to prior periods, written off
Y.—New
Earnings of American Telephone & Telegraph Co. Only
55,325
on
N.
Vice-President and Chairman of the Underwriting
The company called for redemption on Jan.
3, 1938, at par and accrued
interest, its $12,923,000 10-year convertible 4H% debenture bonds, due
July 1, 1939.
of Allied
Refund of N. Y. State franchise tax for year 1930, less
expenses
Surety Co. of
M. Tomlins Jr.,
The Bell System had a net gain of about 876,000
telephones in 1937
compared with 871,000 in 1936.
For the last three months of 1937 the net
gain was 170,000 telephones compared with 274,000 in the last three months
of 1936.
There were approximately 15,330,000 telephones in service on
Dec. 31, 1937.
The total number of telephone calls in 1937 was about
6.5% greater than
in 1936. Toward the end of the year, however, the rate of
growth was less
and toll and long distance calls were running at or
slightly below the level
Earned surplus—Balance, Jan.
1, 1937 (accumulated from
Jan. 1. 1933)
$6,655,303
Operating income for the year, as above
257,469
Net an ount realized in excess of book values, on sales of securs..
al,019,126
of
1938
Committee of this company, was elected First Vice-President at the annual
meeting of the board of trustees held on Jan. 18.—V. 146, p. 431.
Statement of Surplus for Year Ended Dec. 31, 1937
Reduction
Jan. 22.
ority of the preference stock at Dec. 31, 1937, were $8,260,360, equal to
$35.12 per share.
There were no net assets applicable to the common stock
at Dec. 31, 1937, on the basis of valuing the
corporation's holdings of se¬
curities at market prices on that date.—V. 145, p. 597.
Period End. Nov. 30—
1937—3 Mos.—1936
$
$
1937—12 Mos.—1936
$
$
Operating revenues
265,706,330 252,879,590 1049925900 986,225,677
x
Operating expenses...180,473,925 166,327,768 703,097,099 657,232,357
Taxes.....
34,180,662
28,491,898 133,445,856 115,609,241
Net oper. income.... 51,051,743
58,059,924 213,382,945 213,384,079
y Other Income (net)..
8,093,951
8,675,636
32,838,960
28,274,168
vin...
100,000
100,000
Securities ownedl 7,977,329 20,295,906
.
Total
21,806,631
22,531,982
Total
21,806,631
Total income
Interest deductions
Securities owned have been carried on the books
since Dec. 31, 1932 at
value established as of that date
plus additions at cost, less the
average book values of securities sold.
Market value Dec. 31, 1937
x
market
988,259: 1936, $29,174,528.
—V.
145,
p.
Represented by 1,000,000
y
$13,-
no
2685.
American Superpower
Calendar Years—
par
shares.
$1,038,975
See y
See y
$1,085,240
Total income
1936
$1,085,240
$1,038,975
$606,166
$509,978
60,135
60,613
68,339
See y
Expenses in reissue and
2,454,417
29,091
6,800
72,047
98,949
Bal. applic. to divs
Divs. on 1st preferred..
y$921,718
1,161,839
'y$863,243
y$460,233
1,328,466
1,853,213
$346,235
1,359,990
"5",547
6,681
"6,026
$240,121
$465,223
$1,392,980
$1,013,755
x After
deducting net profit of $60,462 on sales from the loss of
$441,180
resulting from the expiration of Niagara Hudson Power
Corp. "C" warrants,
y Losses of $260,826 ($4,740,053 in 1936,
$1,791,474 in 1935) on sales of
securities were charged to the reserve for
decrease in market value of securi¬
ties.
Keith
S.
a
Balance, Dec. 31, 1936
$2,622,814
Assistant Vice-President of the
Vice-President.—V. 146, p. 431.
Water
Output of electric
decrease
in
market
value
of
$58,207,647
This represents the balance of a
reserve of $65,000,000 to
provide for
the market value of common stocks
and
option warrants
corporation, created in 1934 by charging earned
surplus
$27,647,447 and capital surplus with $37,352,552.
Balance
Sheet Dec.
Wk. End.
Dec. 25
1937
1936
a38,240,000
50,201,000
1938
Jan.
1
Cash
31
Appraisal
Dec. 31
'36
Appraisal
$2,167,728
$fil5,285
171,287
2,027,500
1,833,683
2,721.200
18,305,472
4,816,641
2,227,048
2,561,063
33,666.731
402,246
_
Common stocks & option warrants
Bankers Trust Co. agreement re
with
$1,315,285
171,287
2,035,852
1,748,088
3,057,281
24,237,499
Interest and divs. receivable
U. 8. Government securities
8...
15-..
39,604,000
40,233,000
Dividend declared on 1st pref.
stock,
payable Jan. 3, 1938
Reserve for taxes, expenses, &c
452,999
Includes Christmas,
week.—V.
146,
x
1st
pref. $6 cum. stock (no par)
Preference stock $6 cum. (no par)
Common stock (no par)
Capital surplus
Earned surplus.
Total
recoveries,
or
1934
1933
38,198,000
1935
33,687,000
1934
c
No comparable
Ltd.—Earnings—
1937
1936
1935
1934
incl.
$452,675
107,950
$465,178
84,935
69,403
1,124
44,771
12,589
64,831
1,935
64,560
3,128
$540,598
$617,987
$616,879
$834,726
300,185
416,339
484,183
521,092
4,898
2,115
85,281
71.269
71,561
90,463
6,064
1,425
5,668
1,421
1,995
931
1,700
10,560
$147,643
563,521
$123,289
511,042
$58,208
$203,896
$415,878-
Dividends
$387,753
Net profit on foreign ex¬
change
Interest, &c., earned less
paid
$647,016
81,639
38,382
Mine oper. expense, incl.
development
Insurance
Municipal taxes..:
Examination and claims
written off
Reserved for deprec
Dividends paid.
Deficit
$314,819
71.146
18,230.000
20,887,900
x8.260,361 x25,424,447
April 1, 1932, amounted to $8,114 641
The net assets which would be
applicable to this pri¬
501.042
$442,834 sur$203,896
Balance Sheet July 31
Assets—
1937
Cash
1936
$227,379 $1,880,339
3,486.491
436,477
38,930
Investment.
6,519,610
(secured)..
383,322
Accts., Int. & div.
62,770
$32,967,537 $26,827,425 $46,698,312
$34.50 per share.
1936
$344,335
125,736
Bullion
$274,295
mon
preference
1935
45,349,000
b Includes New Year's Day.
l,
Loans
The foregoing balance sheet indicates
no appraisal value for
the com¬
stock, as the priorities of the first preferred and
preference stocks are
greater in amount than the market value of the
assets of the
corporation.
The first preferred stock has
priority to the extent of $100 per snare and
accrued dividends.
The preference stock,
following the first preferred stock,
has priority to the extent of $100
per share and accrued diviaends
remaining
unpaid on such preference stock.
At Dec. 31, 1937, the
total accrued divi¬
dends on the
stock from
x
Inc.—Weekly
431.
p.
Years Ended July 31—
Metal
1,090.541
$274,295
62,770
18,230,000
235,207
5,272,379
2,848,134
6,044,753
on
168,561
$32,967,537 $26,827,425 $46,698,312
•
Liabilities—
was
b47,122,000
48,763,000 b43,260,000 b36,191,000 b30,818,000
49,494,000
44,401,000
37,637.000
32.519,000
pur¬
chase of 1st pref. stock
company,
Co.
b36,991,000 a43,821,000 a39,207,000 a32,741,000 a28.997,000
c
a
1937
General and administra¬
tion expense
Dec. 31.1937As per Books
Electric
securities.
(x)
Assets—
&
of the electric properties of American Water
Works & Electric Co. for the week ended Jan.
15, 1938, totaled 40,233,000
kwh., a decrease of 18.7% under the output of 49,494,000 kwh. for the
corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years follows:
Sundry earnings
the decrease in
owned by the
x
$9.54
energy
225,319
Balance, Dec. 31, 1937
$2,848,134
Reserve for Decrease in Market Value
of Securities
Balance Dec. 31, 1936.
$57,086,358
Balance Dec. 31, 1936, of amount allocated as a
reserve for de¬
crease in market value of
corp.'s int. in Bankers Trust Co.
agreement of Nov. 22, 1935
1,382,115
Loss on sales in 1937 of 83,900 shs. com.
stk. of Commonwealth
& Southern Corp. under said Bankers
Trust Co. agreement..
260,826
Works
Output—
Jan.
Excess of capital value over cost of
26,579 shares of 1st pref.
stock acquired and retired
x
$10.24
McHugh,
Jan.
Statement of Capital Surplus
for the Year 1937
Total
$2.69
consolidated, including Western Electric Co.
Balance, deficit
Corporate bonds
Preferred stocks
$2.47
American
79,658
28.780
for
13.007,351
178,055,236
Includes current maintenance, depreciation,
traffic, commercial, general
x
"
76,184
CT 8,687
reserve
11,407,928
and miscellaneous expenses and
operating rents,
y Includes proportionate
interest in net income
(partly estimated) of controlled companies not
Jan. 20 elected
All other expenses
Taxes, incl. reserve for
income taxes
Net loss on sale of securs.
Dec. 31, 1937
3,432,032
50,289.766 191,324,911
New Vice-President—
rights, legal exp., &c..
Exps. in counec'n with
study of invest, trusts
conducted by SEC
Total
46,110,473
Co. stock
1934
$890,695
x380,717
transfer of stocks and
x
53,721,798 202,732,839 191,062,587
public
58,771
1935
$606,166
66,735,560 246,221,905 241,658,247
13,013.762
43,489,066
50,595,660
Net inc. applic. to Am.
T. & T. Co. stock
Per share, Am. T. & T.
Corp.—Earnings—
1937
Cash divs. and interest..
Loss on sales & comm'ns
59,145,694
10,580,804
Total net income
48,564,890
Net inc. applic. to stks. of
subs, consol. held by
22,531,982
receivable
Liabilities—
1937
charges
$18,904
Unclaimed dlvs
Res.
22,549
for taxes
42,651
b Capital stock
23,285
101,248
2,000
447.251
4,122
2,520,092
10,074
779,525
Surplus
Prepaid Adef.chgs
Exploration expen¬
ditures
on
5,706
other
properties
Advs. to & shs. in
other min'g cos.
a
$164,785
22,294
57,452
4,305.979
1,878,362
17,891
5.301
5,340,349
Mining and milling
supplies
1936
Accts. pay. Aaccr.
4,463
Mine, mill, camp
and office bldgs.,
plant, mach.and
equipment
Total
$7,944,545 $6,428,872
Total
$7,944,545 $6,428,872
a After
depreciation,
b Represented by 1,500,000
1937 and 1,302,605 in 1936.—V.
145, p. 3000.
no
par
shares In
Financial
144
Volume
Angostura-Wuppermann
Corp.—Sales Contract—
corporation
1938,
into under date of Jan. 8 between this
and McKesson & Bobbins, Inc., pursuant to which, beginning Feb. 1,
it will act as distributors of Angostura Bitters throughout the United States,
with the exception of the seven Pacific Coast States, where Parrott
San Francisco, Calif., will continue as its representatives.
The contract provides only for the distribution of case goods
Angostura corporation will continue the sale and promotion
It will also handle all exports to its foreign markets and the sale
tura Bitters in Canada, Mexico, Cuba and the Insular Possessions
A contract was entered
(Richard) Borden Mfg.
Stockholders at a special
the
to
& Co. of
and the
of bulk bitters.
of Angos¬
of the
Annapolis Dairy Products
automatic
18 declared a dividend
Dividend—
of 25 cents per
the same as the first step
This is 60 cents for the first 100
using this minimum amount will
be exactly as before.
For the next 600 feet of gas the charge will be
20 cents per 100 feet, and for the following 800 feet the charge proposed is
10 cents per 100.
Thereafter, the rate decreases to a low point of six cents
per 100 feet for amounts of 100,000 feet or over.—V. 146, p. 272.
share on the
Jan. 28 to holders of record Jan.
compares with a dividend of 12^ cents paid on Dec. 15, last,
three months previous.
In addition, a dividend of 50 cents per
paid on Jan. 21, 1937.—V. 145, p. 1891.
27. This
and each
share was
Associated Gas & Electric Co.—Weekly Output—
ended Jan. 14 Associated Gas & Electric System reports
net electric output of 86,139,893 units (kwh.).
This is 6,214,506 units,
or 6.7%, below the corresponding figure for a year ago.
Gross output, including sales to other utilities, amounted to 91,670,735
For the week
units.—V. 146, p. 431.
& Santa Fe
Atchison Topeka
Ry.—Abandonment—
issued a certificate
certain railroad
and SanAFran¬
Commission on Jan. 10
Commerce
Interstate
The
permitting abandonment by the company of operation over
and ferry facilities of the Southern Pacific Co. in Alameda
cisco counties, Calif.—V. 146, p. 431.
Corp.—Annual Report—
Automobile Banking
handled—retail
Wholesale
_
Gross income
Provision for loss reserve.
.......
Actual charge-off......
.
■;
Net earnings
Dec. 31
receivables outstanding
Number of retail accounts
Retail
294.83
284.91
The earnings for the year ended Dec. 31, 1937 in detail follows: Gross
volume of business handled, $8,568,012; gross income after deducting cost
of insurance, $645,417; to adjust unearned finance charges, $43,118; in¬
terest on notes payable, $90,577; commission to agents, $106,126; life in¬
Average investment per
account
$64,583;
furniture, fix¬
$109,017;
Dividend paid:
$2,333; $1.50 con¬
$39,332.
premiums, $1,123; provision for Federal and State taxes,
provision for general loss reserve, $64,802; depreciation on
and supplies written off, $1,200; general operating expense,
Net profits available for dividends and surplus, $164,872.
8% preferred (called for redemption July 1, 1937),
vertible preferred, $44,800; class A and common, $78,407, balance,
Balance Sheet Dec. 31, 1937
surance
tures
Liabilities—
Assets—
Cash In banks & on
$462,593
4,298,341
4,625
hand
receivable
Notes
Accounts receivable
50,001
Repossess, cars, a?t. sales val.
Inv. in wholly earned subs,
10,000
2
at cost
Other inv., at nominal value.
&
Furniture
equipment,
at
4,327
(net)....
cost
Prepaid interest.....
23,584
...
a
Collateral trust notes
without coll.
payable for insurance..
bonus, officers <fc employ
Other notes pay.,
Aoct.
Acer.
U nclaimed
20,653
6,000
8
114
payable
Fed. & State
Allow, for add'l
15,968
prior years (est.)
Allow, for Fed. & State taxes
taxes
61,349
335,224
1937 (est.)
Reserves
719,575
$1.50 pref. stk.conv.(par $25)
Common stk. cl. A (par 25c.)
Common
18,706
15,688
stock (par 25c.)—
Capital surplus?
50,125
surplus!
444,815
Earned
recommendation for public ownership of the company was
supplemental report of Commissioner Webber of the Massa¬
chusetts Department of Public Utilities submitted with the general report
and recommendations of the Commission, which were filed Jan. 17 with
the Governor and Metropolitan Transit Council.
This report resulted
from a study made of the Elevated's affairs, required by law whenever the
road operates in any year at a loss.
The stand of Commissioner Webber is
the same as he has taken in all previous reports filed with the Legislature.
In its report the Department states that a study of operating figures for
the calendar years 1930-36, inclusive, indicates that revenue passengers
have fallen off 13.57%; revenue miles 17.07%; receipts 19.73%, and operat¬
the management of the
of total gross income of
this phase of the in¬
"because we believe it is not within
ing expenses 21.75%.
Fixed charges, over which
company has no control, however, absorb 36.36%
the road.
"We make no further comment concerning
vestigation," the Commission says,
our jurisdiction under the statute."
.
The Commission cites modest savings effected the past year and
further recommendations.
A substantial saving can be effected in opera¬
tion of the South Boston power station the Commission said.
Illegal taxicab competition costs the Elevated about $60,000 a year.
The company expended the sum of $4,397,474 in 1937 on rolling
shops, the Commission found, an increase of $204,640 over
amount $162,510 is the result of wage increases.
The Commission placed itself on record in opposition to further
of the trackless trolley type of service as now installed and operated.
made
stock and
1936. Of this
extension
investigation
us," the Commission reports, "that a thorough
should be made of the practicability of discontinuing many existing street
car lines and substituting therefor bus service.
It appears from figures
available to us that bus operation is conducted at an approximate cost of
30.04 cents per mile, while street car operation costs 36.42 cents per
If it appears feasible to substitute bus operation for street car lines, it
then seem to follow that the generation of electricity at the South Boston
mile.
discontinued and the smaller
plant be
Collateral notes receivable
8% cumulative preferred
145, p. 3967.
stock called but not
$ 4,853,472
b For 1 share of
presented for redemption.
—V.
Baldwin Locomotive Works (& Subs.)—Bookings—
dollar value of orders taken in December by the Baldwin Loco¬
and subsidiary companies, including the Mid vale Co., was
announced on Jan. 14 as $3,370,119, as compared with $11,183,894 for
The
motive Works
December, 1936.
The month's bookings
consolidated group for
1937 to $34,510,839, as compared with $46,900,726 in 1936.
Consolidated shipments, including Midvale, in December aggregated
$4,209,469, as compared wtih $2,311,590 in December, 1936.
Consolidated
shipments for the year 1937 were $40,894,715, as compared with $23,brought the total for the
the year
018,533 for the year 1936.
On
Dec.
31,
1937,
consolidated unfilled orders including
amounted to $24,583,345, as compared with $30,531,416 on Jan. 1,
All figures are without intercompany eliminations.—V. 146, p.
Mid vale,
1937.
432.
Baltimore & Ohio
E.
died
M.
on
Devereux,
Bangor
RR.—Obituary—
of this company
of 65.—V. 146, p. 271.
Treasurer
Jan. 15 at the age
$188,666
Gross earnings
Operating expenses
40,977
Taxes accrued
27,100
$184,747
64,044
12 Mos.—1936
$2,217,474
be looked for, if at all, in reducing
purchase or acquisition of the outstanding common
such savings must
744,747
342,900
158,982
728,330
250,900
154.269
37,003
15,624
Net oper. revenue
Fixed charges
$83,586
24,015
$86,678
24,039
$970,843
$1,011,485
288,105
377,447
Surplus
Div. on pref. stock
Div. on common stock-_
$59,570
25,482
18,101
$62,638
25,482
18,101
$682,738
305,794
217,216
$634,037
305,794
191,874
$15,986
$19,054
$159,728
purchased in
fixed charges. By the
stock, which now pays
dividend and forms an annual overhead charge of
$1,193,397, an immediate and substantial reduction in the deficit may be
hoped for, and the door opened to further retrenchment, Mr. Webber said.
"The direct effect of acquiring the outstanding common stock will vary
according to price paid," the Commissioner pointed out, citing the cost of
$20,000,000 which would be required to take up the option.
If the Boston
a
guaranteed $5 annual
present
saving of about $833,000.
guaranteed the District bonds,
with an annual
bonds,
or
might exceed $900,000.
A saving of $300,000
If the Commonwealth issued its
Mr. Webber thought the savings
interest rates of the
should be expected if present
hold, the Commissioner said, when outstanding Elevated
from 1941 to 1947, are refinanced.
which I wish to renew, referred to in my supple¬
mental statement of 1933/' Commissioner Webber stated, "and that is the
possibility of exchanging District bonds for the price agreed upon,
with the stockholders, in which event some allowance or refunding expenses
District obligations
and West End bonds due
"There is another plan
directly
considered in favor of the assenting stockholders. Such
bonds, ordinarily tax exempt under statutes providing for issuance of
District bonds, might be very acceptable at a fairly low rate of interest."
Touching on the tax situation, Commissioner Webber said that in his
obviated might be
favorable
now
Elevated is completely public-owned
and receive concessions
position to demand
borne by
over-taxed real estate.
it will be in a more
to lighten the burden
Elevated could with
registration fees now paid
reasonable contribution
in interest for
and expenseAof
146, p. 101.
He thought the
propriety secure relief from the gasoline tax and
in operation of busses and motor vehicles, while a
from the highway fund justifiably could be sought.
Savings
current borrowings, refunding commissions and discounts
stock transfers would be had under public ownership.—V.
Inc.—Smaller Dividend—
Broadway Department Store,
directors have declared a dividend of 20 cents per share on
stock, no par value, payable Feb. 1 to holders of record Jan.
The
common
with 60 cents
paid on Aug. 2, and on May
on the common shares.—V.
This compares
paid on Oct. 28, last,
Brooklyn-Manhattan Transit
the
18,
and dividends of 40 cents
1, 1937, this latter being the
145, p. 2538.
initial distribution
System—Earnings—
$4,329,592
3,010,565
System]
1937—6 Mos.—1936
$4,570,014 $24,782,947 $25,890,902
2,955,834 17,363,853 16,968,802
$1,319,027
$1,614,180
537,399
481,448
$7,419,094
3,098,691
$8,922,100
2,891,409
$781,628
98,688
$1,132,732
$4,320,403
88,910
496,428
$6,030,691
579,150
$880,316
687,736
$1,221,642
657,580
$4,816,831
4,127,749
$6,609,841
3,930,830
$192,580
$564,062
$689,082
$2,679,011
64
43,124
$192,516
$520,938
[Including Brooklyn
1937—Month—1936
31—
Period End. Dec.
Total oper. revenues
Total oper. expenses
properties
Operating income
income.
Net non-oper.
& Queens Transit
-
$2,144,985
18,400
power was
suggestion of this Department, indicate that this recom¬
economically sound."
Commissioner Webber in his supplemental report thought it doubtful
whether economies in the ordinary operating expenses of the company can
result in further substantial savings without curtailment of service and said
mendation was
Taxes on oper.
1937
1937—Month—1936
amount of power
on the Chelsea Division
accordance with
for the past 20 years,
Hydro-Electric Co .—Earnings—
Period End. Dec. 31—
would
required be pur¬
chased from other sources.
Results of operations
of the Eastern Massachusetts Street Ry., when
opinion if the
a
Total
aggregating $3,733,445.
$4,853,472
Total
Ry.—Legislative Report Filed—-
Elevated
Boston
A renewed
contained in a
$3,100,000
65,250
dividends
b Account
proposed new rate will be
"It appears to
1937
1936
$6,022,076 $4,182,065
2,545,935
1,410,400
645,417
452,681
64,802
21,263
41,142
21,833
* 164,871
120,107
3,892,927
2,579,529
13,204
9,054
Calendar Years—
Gross volume of business
existing rates which now cover
general commercial use, and
of the company in effect at
the house heating, kitchen heating and industrial rates,
intended to replace three
for general domestic use,
heating.
All other rates
The first step of the
granting
and registration
6% gold
that de¬
trading activity
stock, par $5, payable
gas
water
of the present general domestic rate.
cubic feet of gas.
Bills of all customers
Co.—Delisting—
Constable Corp.—25-Cent
Arnold
The directors on Jan.
common
Co.—Applies for New Gas Rate
of gas has been
Utilities by this
present, including
will not be affected.
Securities and Exchange Commission has issued an order
application of the company to withdraw from listing
on the Baltimore Stock Exchange, their first mortgage 15-year
bonds, due 1943.
The application stated, among other things,
listing was sought because of the limited distribution and
on the Exchange.—V. 137, p. 1243.
The
the
of
sale
the
22, last, voted to change
shares of $100 par value
general rate for domestic and commercial use
State Department of Public
new
company.
The new rate is
large
present
Virgin
earnings."—V. 145,
Gibboney,
Consolidated Gas
Boston
A
made with our distributors" says Stuart
President "will enable the company to eliminate a
sales expense and will greatly reduce the corporation's
overhead and this, coupled with the economies resulting from the manu¬
facture of Angostura Bitters at the plant we have established in the
Islands, will undoubtedly mean 3. large increase in our
p. 3966.
"
favorable arrangement
"The
G.
Co.—Par \ alue Changed—
meeting held on Dec.
value of company's stock from 10,000
10,000 no par shares.—V. 144, p. 924.
par
filed with the Massachusetts
United States.
part of its
589
Chronicle
Gross income
Total income
deductions
$136,369
Depreciation
Balance
—V
146,
Bell
G.
p.
Current income
p.
Pennsylvania—Obituary—-
Balance
B.-M.
to
Period End. Dec.
Cartier, 47, Vice-President in charge of operations of this
and the Diamond State Telephone Co., died on Jan. 19 in Bryn
Hospital from injuries received in automobile accident.—V. 146,
Thomas
T.
Bon wit-Teller,
Inc.-
■Clears
Up
Preferred Arrears—To
Dividend—
Jan.
18 declared a dividend of
31—
155,834
$689,082
$2,523,177
Queens Transit System]
1937—Month—1936
1937—6 Mos.—1936
$2,715,096 $14,552,320 $15,534,830
1,457,232
8,936,478 8,566,701
$2,534,167
1,522,046
Total oper. revenues
Total oper. expenses
Net rev.
272.
The directors on
.
[Excluding Brooklyn &
Telephone Co. of
Pay Common
carried
surplus
272.
company
Mawr
to
Accruing to minority int.
of B. & Q. T. Corp...
from oper...
Taxes on oper.
properties
preferred stock, par $10, payable Jan. 25 to holders of record Jan. 20.
clears up all preferred arrears up to Feb. 1, 1938.
the same time declared a dividend of 25 cents per share
on the common stock, likewise payable Jan. 25 to holders of record Jan. 20.
Common stockholders last year received a dividend of 3-10ths of a share of
new preferred stock for each share of common stock held on Jan. 28.
—V. 144, p. 1099.
the
This dividend
$1,257,864
296,328
$5,615,842 $6,968,129
1,936,901
1,856,705
$961,536 $3,678,941
174,684
478,038
$5,111,424
771,413
$4,156,979
3,441,089
$5,882,837
3,312,812
Operating income....
income..
$669,676
Gross income
$765,365
572,919
$1,136,220
551,200
$192,446
$585,020
Net non-oper.
60 cents per share on
$1,012,121
342,445
Total income
....
deductions
95,689
The directors at
1937.
Current income
to
carried
surplus
Note—The above is
without provision for tax on
$715,890 $2,570,025
undistributed profits
590
Financial
Legality of Closed Shop
Chronicle
net
Upheld—
income from rentals,
interest, &c., of $13,585 ($13,722 in 1936), and
$16,340 in 1937.
The New York Court of Appeals on Jan. 18 refused to grant an injunction
sought by six non-union Brooklyn-Manhattan Transit System employees
against the closed shop portion of a contract between the company and
the Transport Workers Union. O. I. O. affiliate.
The employees sought
income from guaranteed call loans and investments,
to have the agreement
Consolidated Balance Sheet Sept. 30
1937
A ssets—
declared monopolistic and against public interest.
1936
$
291.847
Guar, call loans..
775.000
500.000
Accts. & Dills rec.
2,260,908
631,472
monopoly of labor market In a particular industry by labor organizations,
it is a matter for legislatures and not courts.
The six employees claimed that approximately 2,000 employees did
not belong to the union and would lose their jobs unless they joined within
60 days after the signing of the agreement in Octdber, 1937.—V. 146, p. 433.
Arnts. due by dlrec.
& Co.. Ltd
12,232
Total oper. expenses
Net revenie from oper.
Taxes on oper. propertiesi
.
r
v
$316,281
194,954
$366,055
185,121
$1,859,811
1,161,789
$222,480
128,965
$790,586
817,393
$1,094,100
756,166
$93,515
def$26,807
surplus
Note—The above is without provision for tax
—V. 145, p. 4111.
all0,245
109*489
421,475
183,098
Capital stock... 3,986.442
4,853.735
5,254,040
8,809
Res. for conting..
Bills payable under
1,066.768
2,175,372
2.326,363
Investments
Fixed assets
y
sales
z
Goodwill, tr. mks.,
&c_...........
1
10,102.683
Total
the common divi¬
on
An extra dividend of 25 cents was paid on
was paid on Nov. 1, last, and
previously
regular quarterly dividends of 25 cents per share were distributed.
See
also V. 145, p. 3968.
California Arizona & Santa Fe
Interstate
1.
Commerce
Commission
Canadian National
depreciation.
Reserve for
1,800
24,259
taxes
1935
1937
$3,067,417
revenues
$3,249,123
$181,706
1937
$2,326,000
Increase
$203,712
62,812
2,300
24,399
$243,548
61,075
2,100
28,223
pref. shs.
1,750
1,750
1,750
1.75U
Other,, deductions
Net
a985
income
$119,754
110,400
$112,948
110,400
29.816
$112,449
147,200
$149,416
147,200
$9,354
157,501
def$27,268
184,769
def$34,751
219,520
$2,216
217,304
$166,856
Dividends paid
$157,501
$184,769
Canadian Pacific
Ry.—Earnings—
Balance, surplus
Previous surplus
Totalsurplus
$1.23
$1.22
common
shares
1936
Liabilities—
1937
1936
Land, bldgs., plant
& equipment
$1,803,647 $1,810,299
Cash
16.877
19,967
Accts. receivable..
67.971
76,509
Inventories
303.362
302.865
Capital Btock...$1,322,503 $1,322,503
Surplus
166,856
157,501
Res. for deprec...
541,147
495,225
Western Vinegars,
Goodwill
Bal. owing In con¬
-
24,001
24,001
x
Ltd.. stock
25,000
25,000
12.000
74.000
nect. with assets
purchased
Accounts payable.
Llab.
to
cust.
63,431
returned
x
$2,231,048
Represented by 92,000
no par
Total
sell. & gen. adm. exps.
on
27,000
$1,520,649
a72,28i
4,512
existing
vacancies.
Stay Halts Purchase of Certain-teed Stocks—
A temporary injunction was granted Jan. 19 by Justice Aaron
Steuerin
York Supreme Court to two suing stockholders of the
corporation
New
seeking to halt the proposed purchase by the corporation of 9.496 shares of
6% prior preference .stock and 109,360 shares of common stock of the
Certain-teed Products Corp. from the Phoenix Securities
Corp.
It is alleged that the purchase would constitute an
improper expenditure
of Celotex funds, and that the deal would involve
$493,666 above the
market value of the securities.—V. 146, p. 434.
Years Ended Dec. 31—
Income from int., divs.,
commissions, &c
State franchise tax
t
Federal capital stock tax/
$1,100,795
$907,453
93,746
10,699
$440,548
98,650
42,665
90,838
8,418
677
McNish & Co., Ltd..
Int. on cash pays, to deb.
28,554
"5",483
228,898
63,074
49,302
96,197
Legal
expenses
Prov. for income taxes..
Amt. written off invest.
in shs. of other co
Prov. for contingencies.
162",361
71",603
78,230
32,845
60,000
161,6I8
$326,175
Cr.1,955
y 14,703
100,103
$283,391
1,783
y32,351
$234,050
$213,325
reserves...
$249,256
y
86.448
$87,792
1.344
xllJ93
$222,857
$86,448
Includes provision for Federal
Assets—
Sheet
1937
1936
$629,758
$131,066
.a1,609,098
A
356,812
2,128,961
Cash
Securities
dTreas.stk.class
Dec.
31
Liabilities—
Due
for
1937
7,401
293,174
36,424
2,784
3,717
c
4,003
5,603
Capital surplus
Accts. & notes
rec.
3,842
$2,609,855 $2,598,947
833
Class B stock
Total
21,503
276,371
14.473
50,000
1,506
10.665
31,757
250,000
$367,472
$196,122 loss$558,776
$85,797
48,021
1,000,000
$41,004
45,973
1,000,000
137,500
1,125,213
137,500
1,125,213
213,325
249,256
$2,609,855 $2,598,947
This item comprises:
Book
%
of Total
Value
Capital
$1,351,062
54.6 %
108.710
Common stocks
Preferred stocks
2,574
71,135
1936
securities
pur.& accts.pay.
Res. for taxes, &c.
b Class A stock
36,090
382,539
4.4%
6.0%
Bonds
149,327
The aggregate market value of these securities as of
Dec. 31, 1937, was
$1,753,254.
If the appreciation of $144,155 over book
value were realized,
the taxes thereon, at 1938 rates
(other than surtax on undistributed profits)
would amount to approximately $26,000
b Represented by 50,000 no
par shares,
c Represented
by 55,000 no
par shares,
d. 6.335 shares (at cost) in 1937 and 4.910 in
1936—V. 145.
p.601.
Central Ohio Steel Products Co.—25-Cent
Dividend—
conversion to dollars of
The
.Dr68,577
directors
common
Dr9,104
31,815
246
$545,120
$358,368
$227,937 loss$558,529
profit from the sale of materials and supplies of $35,752
($56,242 in 1936V profit from sale of fixed assets of $6,604 ($9,000 In 1936);
$23,945
63,847
x Provision for Federal income taxes,
income taxes of $4,703 ($12,351 in 1936).
a
162,478
5,710
accts. of Robt. McNish
Includes
$147,602
249,256
Adjustments
Provision for
Class A divs
Total
62,409
$613,697
Consol. profit for year
32,370
$60,534
222,857
Undivided profits.
Exchange arising through
a
135.294
Furn. and fixtures.
245,003
13,740
111,211
of Robt.
McNish & Co., Ltd..
Executive salaries
$12,308
24,741
Accr'ls & def. debs
244,012
of
Add'l
fees
1O8S$8,425
84,184
2,039
2,000
$35,793
Balance
"l",793
Directors' fees
4,060
A
bank loans, &c._
deb. stk. of Robt.
Directors'
\
$79,797
$76,919
Net profit
Previous balance.
Dougall & Co., Ltd.,
written down
_
7,878
49,914
Surplus, Dec. 31
5,031
Invest, in Alexander Mc-
Special U.S. Govt, claim
for duty
res. against invent.
of raw mat'Is & suppl's
Prov. for depreciation.
23,878/
1934
31,505
Robert McNish & Co.,
Robt.
McNish & Co., Ltd..
Int. on 5% red. deb
1935
$100,857
84.657
2,056
1,836
$439,871
Ltd., written off
stockholders
1936
$136,985
89,254
$126,833
$905,690
1,763
accounts
on
1937
1934
$1,020,491
1,340
a78,964
Prov. for bad & doubtful
on
Corp.—Earnings—
$251,460
100,749
Expenses
Co., Ltd.—Earnings-
Amt, due from & shs. in
Int.
Int.
In addition, 27,000 shares benefically
family but deposited in a voting trust were not
favoring the Certain-teed acquisition.
The
as
against the proposal was 19.779 shares.
Stockholders also voted to increase the authorized Celotex common stock
1,500.000 shares, from the present authorized 750,000 shares and
ap-
curity transactions
Total profit
$1,592,929
i
Maint. of stocks of spirits
Non-oper. overhead
proposal.
Eroved the amendments to the company's certificate of incorporation
$2,218,451 $2,231,048
Years Ended Sept. 30 (lncl. Sub.
Cos.)
1937
1936
1935
investments
Miscellaneous income
the
and
y-laws providing for the elimination from the certificate of the
special
provisions placed there to protect the holders of debentures and first mort¬
gage bonds which have since been retired.
Lee B. Ewing and John Irwin were elected directors to fill
Oper. profit after deduct,
Divs.
in
Central National
22,500
30,000
shares.—V. 144, p. 606.
Canadian Industrial Alcohol
income Account
interest
owned by Mrs. Dahlberg's
voted but were indicated
28,692
22,500
Res. for income tax
$2,218,451
78,627
35,015
for
cont.returned..
Prov .for containers
Total
At the annual meeting held Jan. 18 stockholders
approved by a large
majority the acquisition by Celotex of 9.496 shares of preference stock and
109,360 shares of common stock of the Certain-teed Products Corp.
Holders of 73,011 shares of Celotex stock voted for the
proposal.
These
shares did not include the 61,044 shares of stock'held by Phoenix
Securities
Corp. and interests identified with Phoenix, such shares having been with¬
held from voting on the Certain-teed acquisition because of Phoenix's
fi¬
$1.62
of Western
Consolidated Balance Sheet Nov. 30
1937
Corp.—Stockholders Approve Acquisition of Cer¬
vote
a Amount
paid in excess of book value of
Vinegars, Ltd., purchased during year.
AS86tS—
Celotex
to
$1.30
par)
$35,000
Inc.—Registers with SEC—
tain-teed Stock—Stock Increase Approved—New Directors—
nancial
Earns, per sh. on 92,000
shs. cap. stk. (no
1938
$2,361,000
See list given on first page of this department.
$219,520
i.
Decrease
1934
Western Vinegars, Ltd.,
divs. pay. on
not owned
certificate
1938
Gross
Capital Garden,
$210,778
66,845
1,900
27,336
70,325
_
a
—V. 146, p. 434.
Traffic earnings
—V. 146, p. 434.
-Earnings—
1936
$217,888
deducting all costs—
10 issued
Ry.—Earnings—
Week Ended Jan. 14—
1937
Jan.
on
Earnings of System for Week Ended Jan. 14
have declared an extra dividend of $2 per share on the
common stock, payable'Jan. 26 to holders of record Jan. 14.
The regular
quarterly dividend of 50 cents per share was paid on Dec. 1, last.
An extra
dividend of $1.50 per share was paid on Jan. 26, 1937.
See V. 144, p. 2988
for detailed record of previous dividend payments.—V. 144, p. 4336.
Canada Vinegars, Ltd. (& Subs.)-
Ry.—Construction—
by the company of a branch line of railroad
extending from a point on its main line near Ennis in a southwesterly direc¬
tion, approximately 5.9 miles, all in Maricopa County, Ariz.
The lease of the line by the Atchison Topeka & Santa Fe
Ry also was
approved and authorized by the Commission.—V. 137, p. 4186.
The directors
Prov. for
10,102,683
construction
Bullock's, Inc.—Extra Dividend—
Directors' fees
9.115.401
Total
x
After reserve for bad and doubtful accounts of $37,446 in 1937 and
$44,559 in 1936.
y After reserve for depreciation of $2,467,082 in 1937 and
$2,667,209 in 1936.
z Represented by 988,480 voting shares and 123,436
non-voting shares, both no par.
a Includes $15,828 accrued interest on
5% redeemable debentures.—V. 145, p. 1895.
authorizing
Dec. 23, last; a dividend of 50 cents
Years End. Nov. 30—
Net profit for year after
441,071
17,687
9,115,401
884,952
surplus...
1
12,225
51.937
contract..
Earned
Deferred charges..
The
The directors at their recent meeting took no action
Feb.
3,815,345
2.531,309
Accrued Interest.,
3,017,811
21.821
75,951
undistributed profits.
on
Buckeye Steel Castings Co,—Dividend Reduced—
dend ordinarily due
&
$337,934
Current income carried
to
McNish
chase contracts.
$977,781
116,319
$135
Total income reductions
$698,022
92,564
$136,688
136,553
Gross income
$180,934
41,546
132,052
285.678
6% debentures.
5% red. debs
Supplies contr. for
$2,012,486
1.034,705
$121,327
15,361
Operating income
Net non-oper. income—
291,013
631,669
Co.. Ltd.. 20 yr.
310,426
Prepaym'tson pur
1937—Month—1936
1937—6 Mo*.—1936
SI,807,675
$1,868,505 $10,306,045 $10,434,554
1,491,394
1,502,450
8,446,234
8,422,068
'
Robt.
14,505
230.277
for Domln.,
Prov. & oth. tax
able securities..
Inventories
258.298
change, Ac
Prov.
Invest, in market
Brooklyn & Queens Transit System—Earnings—
Period End. Dec. 31—
Total oper. revenues
Accounts payable.
Accr'd charges, ex¬
of Robt. McNish
$
$
Liabilities—
444.846
x
1936
1937
$
Cash
The Court held that the object of the contract was to advance the interests
of the defendants through the closed shop and that if there is an evil in
'■
1938
22,
Jan.
stock,
have
par
declared a dividend of 25 cents
per share on the
$1, payable March 10 to holders or record Feb. 19.
This compares with 35 cents
paid on Nov. 1
and
on
Aug. 1, last; 25 cents
Said on May35 and Feb. 1,1937; an extra dividend of 25 cents and a25 cents
ividend of
1 cents
regular
paid
Nov. 1, 1936 and
dividend of
was
was
par
on
a
paid on Aug. 1, 1936, this latter being the initial dividend
stock.—V. 145, p. 3191.
on
the $1
Volume
Financial
146
Central Vermont Ry.,
Ry. oper. revenues
458,402
435,990
Ry. oper. expenses
Pneumatic
Chicago
Inc.—Earnings—
1937—Month—1936
$436,140$581,350
Period End. Dec. 31—
$5,905,576
5,554,948
Permanent
$122,948
18,460
$806,096
238,077
$350,627
Railway oper. income. def$13,682
Hire of equip, rents, &c40,282
$104,487
$568,019
448,347
$112,697
Net railway oper. inc.
Other income
def$53,964
$70,945
4,580
3,378
$119,672 def$194,268
36,352
27,411
Inc. avail, for fixed ch.
def$49,384
107,941
$74,323
106,790
$156,024 def$166,857
1,297,932
1,293,415
$157,325
$32,467
Net
$149
from ry. oper
rev.
13,832
Fixed charges
Deficit, balance..
33,542
$1,460,272
$1,141,908
-V. 145, p. 3969.
Chesapeake & Ohio Ry.—Earnings—
1937
• 1936 '
$9,284,569
4,199,534
$8,201,947
3,665.155
3,434,865
2,866,028
127,346,701 135,538,279 114,024,685
54,817,540
65,523.790
50,734,792
42,614,449
52,734,863 39,937,282
109.489,077
48,674,104
36,997,795
$8,844,088 $11,139,644
3,264,411
5,557,563
3,079,610
4,634,332
Net from railway
Net after rents..
1—-
From Jan.
Gross from railway
Net after rents
—V. 146, p.
counsel.
104.
Equipment trusts
Ref. mtge. 6s, 1947
Ref. mtge. 5s, 1947
Ref. mtge. 4s, 1947
Ind. & Louisville 1st 4s,
b 1st mtge. 4s,
of 1937 amounted to $31,156,007,
1st & gen. 6s, 1966____
Note (6%) to Chase
(1 y2%) to R. C. C_
(4.75%) to L. & N. RR.
account R. C. C. advance...
Note
Note
purchased and retired a total of 42,941 shares
stock, acquired at a cost of $1,788,623, or an average price
share of $41.65.
Four regular quarterly dividends at the stated rate
of 75c. per share each were paid on the preference stock in 1937.
Fort Dearborn Mortgage Co. was acquired by corporation in 1933.
The
f
of preference
per
principal business of this corporation consists of the purchase and sale of
real estate and real estate mortgages.
At Dec. 31, 1936, the total invest¬
ment of corporation in Fort Dearborn Mortgage Co. amounted to $1,026,000, represented by $500,000 of preferred stock and 86% of the common
stock.
During 1937 Chicago Corp. received dividends on the preferred and
common stocks of Fort Dearborn Mortgage Co. amounting to $158,375.
In Dec. 1937, $250,000 preferred stock of Fort Dearborn Mortgage Co.
held by Chicago Corp. was retimed by the Fort Dearborn Mortgage Co.
at par and accrued dividends.
Parkers burg Rig & Reel Co. common and preferred stocks were acquired
in 1936 at a cost of $920,000.
The company is engaged in the manufacture
and sale of oil well equipment.
In April, 1937, corporation sold 40,625
shares of common stock of Parkersburg Rig & Reel Co. to an underwriting
syndicate for a total consideration of $897,000, and retained at Dec. 31,
1937, 1,575 shares of preferred stock and 32,500 shares of common stock.
Hawkeye Corp. was formed to acquire a controlling interest in the Des
Moines Joint Stock Land Bank and to accomplish the liquidation of its
mortgages and its farm properties.
Chicago Corp. has an investment of
$501,000 which is secured by the stock of the Land Bank.
The program
of liquidation is proceeding satisfactorily.
Sydney Corp. represents control of the Megowen-Educator Food Co.,
the successor to the Johnson Educator Biscuit Co. and affiliated'companies
through a completed reorganization.
The Chicago Corp. has an invest¬
ment in Sydney Corp. of $654,000.
Globe Steel Tubes Co. common stock was acquired in July, 1937, through
an underwriting of an offering of common stock by that company to its
1937
1934
$240,350
1,077,528
33,435
$283,048
977,093
32,500
$1,860,905
155,579
$1,351,313
130,955
$1,292,641
125,260
45,377
51,645
38,274
x77,500
Total..
Gen. & admin, expenses.
1935
$209,413
1,639,321
12,171
$2,106,289
167,963
Miscellaneous
1936
$124,156
1,974,768
7,365
accrued._
Cash divs. rec. & declar.
x82,000
62,000
66,498
36,688
transfer
Taxes
Net inc. from int. and
(excl. of profits
$1,815,449
$1,571,681
$1,120,084 $1,064,195
convertible
preferred stock
yl,613,805 yl,364,419
1,127,969
1,007,411
x Includes $30,000 ($34,000 in 1936 estimated Federal income tax appli¬
cable to net income from interest and dividends,
y Less $222,781 ($3,987,130 in 1936) portion charged to capital surplus.
securities)-
—
.
Divs. paid on
Undistributed Net Income and Capital
Summaries of
the Year Ended Dec.
31, 1937
Surplus Account for
$299,544
1,815,449
Balance at Dec. 31, 1936---
Net income for the year
1937
-
U2 U4 9Q3
1 ^836 [587
Total
pref. stock ($3 per share)
thereof charged to capital surplus
Dividends declared on con v.
Less portion
Balance at Dec. 31,
1937
Cr222,781
$501,188
- —
Capital Surplus—
$12,270,568
Balance at Dec. 31, 1936
disposition of investments
investm'ts previously written down to
Net profit on
Recovery on
$2,548,492
nominal val.
57,638
$2,606,130
Less—Estimated Fed'l income tax applic. to profit on invest'ts.
Credit for over-accrual of prior years' Federal income taxes appli¬
115,000
cable to profit on investments.
of amount at which 3,000
Excess
stock were
value)
over
DrlO.OOO
shares of common treasury
recorded as compensation of officers (at market
the par value thereof..
12,375
$14,994,073
pref. stock (see above sum¬
income)
—
stated value of 42,941 shs. of company's pref¬
Portion of divs. declared on conv.
mary
of undistributed net
Excess of cost over
erence
stock retired—
222,781
715,098
-
$14,056,193
Balance at Dec. 31, 1937-
1937
$
Assets—
1936
S
8,552
2,673
3,495,959
Dividends payable
11,990
14,612
c28.476.117 28,357,910
Res. for other taxes
125,383
458,159
15,738,525
4.055.344
Investm'ts at book
value
Accrued
1937
Liabilities—
Accounts payable-
Cash
Int.
declared divs
pref. stk_14 ,665,000
b Common stock-. 3 ,306,342
a
and
143,187
233,554
Conv.
Capital surplus.-.14 ,056,193
3,303,342
12,270,568
501,188
299,544
Undistributed inc.
32,674,648 32,087,423
Total
a Represented
by 586,600 (629,541 in
$1 par value,
c Bonds (quoted market
32,674,648 32,087,423
1936) no par shares, b Shares of
price, $684,268), $660,424, stocks
market price, $24,487,699), $25,884,258;
controlled corporations $1,931,435.—V. 145, p. 601.
(quoted
45,000
23,591
28,891
6,362
207,500
40,000
420,360
84,947
16,814
$100)__
for Int.
Revenues
1930
—
$1,357,915
268,265
$14,725,077
11,054,802
7,916,338
7,228,716
7,427,499
8,255,917
10,403,998
1932.
1933.
1934.
1935.
1936.
def42,140
70,950
139,954
226,514
601,031
for certain non-recurring items the amount available
after rent for leased roads and equipment, for
1930 to 1936 inclusive was as follows:
After adjustment
interest charges,
for fixed
the years
.$1,490,038 1933-- - 385,876 1934---220,784
1932....
fixed
$161,134
638,040
$249,36911935
37,24511936
charges proposed in this plan
foregoing table, this charge was covered
interest
are $180,731.
As
in each year except
available for 1934 and 1935 was to a large degree
expenditures for deferred maintenance.
Taking
the five-year average, 1932 to 1936, the proposed fixed charges have been
covered more than 1.4 times.
These figures, however, do not reflect
the substantial savings which would result from the proposed rehabilitation
1934 and 1935.
The net
distorted by substantial
program.
' ■
After careful
*
study
approximate $12,600,000 per annum.
period of time,
institution
the
its experts, the committee has been advised
earnings for the "Monon" will, over a reasonable
by
that the average gross
of the operating
This gross, after
proposed
economies and i inprovements,
opinion of the committee's
for interest. This is suffi¬
cient to cover fixed and contingent interest charges and show approxi¬
mately $4.83 earned per share on the new preferred stock.
After deducting
the capital charges, as proposed, there would remain $246,817 (about $2.06
per share) available for payment on the new preferred stock.
Theory and Purpose of Plan—For many years prior to the commencement
of these proceedings, the debtor was controlled through stock ownership
by the Louisville & Nashville RR. and the Southern Ry.
These two
companies together own approximately 77% of the debtor's preferred
stock, 93% of its common stock, and nearly all of its unsecured obligations.
From the outset the committee has realized very fully the importance
of this relationship, and this plan has been formulated and proposed by
it only aftei a thorough investigation and consideration of the whole subject.
In this connection the committee has had the benefit of studies made
by its technical advisers on traffic and operating matters.
Based on their
reports and advice, it has reached these conclusions:
(1) For a small railroad such as that of the debtor, the support of a
strong proprietary system or systems, both in traffic and operations,
ought to be of great importance and value;
(2) Neither of the proprietary companies has in the past or is now
giving the debtor such measure of support or supervision, either as to
traffic or operation, as should rightfully be expected from controlling
by the committee, should produce, in the
experts, approximately $1,565,000 available
owners"
companies in the future
on their part to supply
(3) Continuance of control by the proprietary
ought to be conditioned on a definite undertaking
and supervision;
such support
control of the
unsecured
plan should be adopted which will give future
the secured creditors, unless the stockholders and
by the payment of assessments, supply the funds required
for a program of rehabilitation and improvement which is necessary
efficient and economical operation, and which should have been untertaken and paid out of earnings in the past.
(4) A
debtor
to
creditors will,
for
The
committee
is
convinced from its studies and the
property of the debtor has not
technical advisers that the
studies of its
been operated
and efficiency as would have been
possible if certain desirable improvements had been made from time to
time.
After considering the dividend record of the debtor in relation
to its cash position for many years prior to commencement of these pro¬
ceedings it seems reasonable to assume that those needed improvements
were not undertaken because of the dividend policies imposed upon the
in
the
past
with as great economy
debtor by the proprietary
companies.
the
of the funds for Carrying
be operated
and this plan
accordingly contains provisions for that purpose either (1) by assessment
of the equity and unsecured creditors, or (2) by sale or other disposition
The committee
believes that any
sound plan of reorganization for
accordingly provide for the raising
such a program, which is essential if the property is to
in the future with proper efficiency and greater economy,
of the common stock.
For the purposes of
this plan, it is sufficient to state that the committee
approximately $3,500,000 should be expended within the
of which approximately two-thirds will be chargeable
improvements and one-third to operating expense.
The committee
believes
next
to
stocks and notes of
that
five
years,
operating
$625,000
being
based upon an assumed railway operating revenue of $12,600,000 which
is the committee's estimate for an average future year, or of approximately
$800,000 upon the basis of an assumed railway operating revenue of
by the expenditure of these amounts and improved
faciliated thereby, annual savings of approximately
effected in the debtor's operating expenses, this estimate
is advised that
methods
Total...
208,000
99,841
out
1936
$
239",520
133,940
1931.
property should
Balance Sheet Dec. 31
1,197,600
4,991,300
10,497,000
——
a Owned and pledged by debtor with 1st & gen. mtge. trustee,
b Owned
and pledged by debtor with 1st & gen. mtge. trustee,
c Owned and pledged
by debtor with Chase National Bank,
d Owned and pledged by debtor
with Chase,
e Owned and pledged by debtor with Railroad Credit Corp.
f It is the position of the committee that these notes are without value
under the provisions of Section 77, and that in any event they are not
entitled to participate in the reorganization for the reason that they do
not constitute bona fide obligations of the debtor.
Earnings of the Property—The statements filed by the debtor with the
ICC indicate that total operating revenues and net available for interest
for the years 1930 to 1936 inclusive were as follows:
Total Oper.
*
Net Avail.
shown in the
for Calendar Years
46,880
295",450
Preferred stock (par $100).
The
Income Account
234,400
750,000
(5% and 6%) to L. & N.
Common stock (par
'
stockholders.
282,000
249,900
212,000
1,378",766
on
RR.
of cash advs
Notes (4%) to L. & N. RR. and
Southern Ry. on account dividends
Notes
Fixed
Ann. Int.
$19,740
478,000
5,909,000
233,000
3,992,000
2,255,000
2,003,000
750,000
1,572,755
and Southern Ry. acct.
During the year there was
ref. bonds, being
$1,410,000
1,249,500
1,060,000
1,172,000
1956
e
calculated on the same basis.
Registrar
and
agents* fees.
1956
d
equivalent
to $53.11 per share of outstanding convertible preference stock and $0.51
per share of outstanding common stock, after deducting the preference at
the original stated value of $50 per share plus the current dividend accrual.
This compares with $79.25 per share of outstanding convertible preference
stock and $5.52 per share of outstanding common stock on Dec. 31, 1936,
Interest rec. &
1948.......
i-;
Indiana Stone 5s, due
a
4,700,000
4,998,000
5,300,000
253,000
...
1st & gen. 6s, 1966
1st & gen. 6s, 1966
Chicago Corp.—Annual Reoprt—
or on
1930
$394,808
j-
1st & gen. mtge. 5s, 1966
c
1st & gen. 5s, 1966.
The net assets at the end
divs.
•
The committee represents the holders of $10,944,000
approximately 73% of the amount now outstanding.
1934
Gross from railway
Louisville Ry.—Reorganization.
reorganization has been filed with the Interstate Commerce
the U. S. District Court for the Northern District
of Illinois, Eastern Division, by the protective committee for the ref.
mtge. gold bonds.
The plan is proposed to become effective on July 1,1938.
The members of the protective committee are:
Alfred II. Meyers,
Chairman, Austin McLanahan, Sterling Pierson,
Eugene J. Conroy,
Oliver M. Whipple, Milo W. Wilder Jr., Henry M. Work, with Walter H.
Brown Jr.. Sec., 15 Broad St., New York; Central Hanover Bank & Trust
Co., depositary, and Miller, Owen, Otis & Bailly, 15 Broad St., New York,
A plan for
Commission and with
Capitalization Outstanding as of July 1, 1938
Unpaid Int.
Principal
to July 1 '38
1935
December—
Net from railway
Chicago Indianapolis &
237,930
306,965
stock are now available for
of the Chase National Bank in exchange
certificates.—V. 145, p. 3342.
for prior preferred
certificates
delivery at the 11 Broad St. office
for outstanding temporary
Railway tax accruals
Co.—Permanent Certificates
Tool
Ready—
1937—12 Mos.—1936
$6,243,723
5,437,626
591
Chronicle
will
be
$14,193,000, which is the
debtor's estimate of a normal year.
Financial
592
Distribution of New
Chronicle
the proposed
Securities
Accrued
2d Mtge.
5s
1st Mtge.
a
Ref. 5s
4,998,000
1,249,500
1,249,500
20%
4,700.000
1,410,000
1,222,000
4,888,000
20%
The
following debt now outstanding will remain undisturbed: Recon¬
Finance Corporation loans, $11,499,462; Railroad Credit Corp.
struction
80%
e
Ind & Lou 4s-1,172,000
e
1st <fc gen 5s.
5,909,000
1,378,766
e
1st & gen 6s.
3,992,000
4,998,000
Securities Disturbed Under the Plan
......
1,197.600
20%
The following obligations will be treated
& Northern RR., 1st mtge.
$5,465,825
36,439
75%
208.000
750,000
25%
3,892,200
25.948
75%
Chase loan...
under the plan as follows:
4Hs, $2,117,000, will receive
$1,376,050 in mortgage bonds and $740,950 in common stock.
Milwaukee & Northern RR. consol. mtge. 4^8, $5,072,000, will receive
$3,296,800 mortgage bonds and $1,775,200 common stock.
Chicago Milwaukee St. Paul & Pacific RR. gen. mtge. bonds, series A,
B, C. E, F, and G. $138,788,000, will receive $90,212,200 mortgage bonds
and $48,575,800 common stock.
Chicago Milwaukee St. Paul & Pacific equip, trust certificates, series A.
C, D, E, F, G, H, J, K, and L, $19,888,200, will receive $12,927,330 mort¬
gage bonds and $6,960,870 Income bonds.
General American Tank Car Corp. sublease, $699,737, will receive $454,828 mortgage bonds and $244,909 income bonds.
Chicago Milwaukee St. Paul & Pacific 50-year 5% mortgage bonds,
$106,395,096, will receive $53,197,548 income bonds and $26,598,774 each
in preferred and common stocks.
Chicago Milwaukee & Gary 1st mtge. 5s, $3,000,000, will receive $1,500,000 income bonds and $750,000 each in common and preferred stocks.
Chicago Milwaukee St. Paul & Pacific 5% convertible adjustment mtge.
bonds, $182,873,693, will receive $91,436,846 preferred stock and $45,Milwaukee
......
......
25%
958,000
......
......
.
100%
1 R C C.....
L
d
1,572,755
99,841
750,000
207,500
133,940
28.981
N-Sou
&
1.672.596
100%
.......
......
b9,575
—
N-R C C
advances...
Pref stock
bl.628
—
......
4,991,300
Com stock
......
\
—...
......
10,497,000
/
cl54,883
a Payment of interest not obligatory during fi st five years, but interest
fully cumulative and payable as provided in tne'plan.
Interes- fixed after
five years or earlier setting aside of total aggregate amount of $2,500,000
for rehabilitation and improvement program.
b To be issued at rate of
of
one
718,423
obtained.
c To be issued to holders of
preferred and common stocks upon payment
of assessment of $15 per share by the present preferred and $30 per share
by the present
common
by not less than 75%
in interest of the holders
of each class.
If assessment is not paid, shares are to be held by trustees for sale or
distribution
as provided in the plan.
In event of sale, proceeds are to be
(a) Payment of accumulated interest on the new 1st 4s, as
in plan,
(b) Completion of rehabilitationa and improvement
program,
(c) Retirement of bonds as provided in plan,
d Plan omits provision for $420,360 notes issued by debtor in payment
used
common
'
stock.
Chicago Terre Haute & Southeastern Ry. mtge. securities (Bedford Belt
Ry. 1st 5s, $250,000; Southern Indiana Ry. 1st 4s, $7,287,000 and Chic.
Terre Haute & Southeastern Ry. 1st & rer. 5s, $8,056,000), $15,593,000,
will receive $10,135,140 mortgage bonds and $5,457,550 common stock.
Chicago Terre Haute & Southeastern income 5s, $6,336,000, will receive
$3,168,000 preferred and $1,084,000 common.
Preferred stock $119,307,300 and common stock $105,175,303, will be
eliminated from the plan.—Y. 146, p. 435.
share for each $100 of claim upon payment
assessment at the rate of $10 for each share so
an
for:
Chicago Towel Co.—Earnings—
provided
1937
of dividends,
e Bonds
outstanding in hands of public.
f To be adjusted at consummation of plan to reflect any dividends
applicable to reduction of Ii. C. C. debt, also to reflect changes in rediscount
1935
1934
$3,333,706
2,455,281
$2,970,297
2,305,550
$2,708,307
2,091,206
$906,481
2,387
$878,425
1,733
$664,747
5,371
$617,101
6,807
$908,867
$880,158
44,653
132,994
$670,118
44,130
99,726
$623,908
46,048
91,636
$719,480
122,178
600,000
$702,511
122,178
560,000
$526,262
123,359
400,000
$486,224
125,573
480,000
$2,698
Expenses.....
1936
$3,707,202
2,800,721
Calendar Years—
Gross revenues
,
sur$20,333
sur$2,903
$119,349
80,000
80,000
$7.25
80,000
80,000
Operating profit.....
Other income
rate.
Total income
Committee's
Proposed
Capitalization
(Assuming
All
Assessments
Equipments
Fixed 4s
Income 5s
$5 preferred
Common (calculated at $50 per share for purposes of this plan).
Proposed Changes Undercapitalization
Fixed interest
.
__
Total charges
$1,354,183
599,431
Chicago Milwaukee St. Paul & Pacific RR.—Independent Committee Files
Reorganization Plan—
The
independent committee for protection of the company's bondholders
placed before the Interstate Commerce Commission on Jan. 17 a new
plan
of reorganization dated Dec. 31, 1937.
This plan is sponsored by the
committee headed by James D, Colyer, Chairman, and includes Louis
I.
Kane, Henry Schenk and J. H. Behrens, Sec., 551 Fifth Ave,, N. Y.
City.
are
counsel for the committee.
This new plan provides for the
scaling down of company's debt and the
elimination of present stockholders.
[Another plan asking the elimination
or stockholders was filed with
the Commission last week.
See V. 146, p.
435.1
The plan suggests that the total
capitalization be cut from $803,082,852
$460,391,453, to consist of $145,833,809 of fixed interest bearing se¬
curities, with total annual fixed charges of $6,224,851; $61,903,329 income
bonds with contingent annual
charges of
to
$3,088,946;
48,674
Federal taxes.
140,714
Net income
Preferred
dividends
Common dividends
Net deficit...
$180,731
36,000
1,137,452
Preferred dividend
—V. 146, p. 104.
Weiss, Pels & Grant
Depreciation
v
equipment
Contingent charges
Paid)
$394,808
4,024,780
16,099,120
11,988,621
11,423.657
charges
Rent for leased road and
■
ail.A
,
■
,
Ry adv....
L <fc
.....^
•
......
80%
......
Total fixed interest on these obligations will be $1,028,640.
$12,827,000.
......
1,125.120
281.280
234.400
$121,953,620
5%
preferred stock and $130,700,697 common stock.
In a preliminary statement the
Colyer committee states that the re¬
organization of the company has lagged because of a reluctance to deal
realistically with the financial problems of the road.
"The management's
plan of 1935," says the statement, "has been thoroughly discredited.
It
failed to recognize the hard fact that the St. Paul cannot be
reorganized upon
an enduring basis unless its
capital structure is brought into line with normal
earning power.
While rendering lip service to railroad credit the manage¬
ment sought to create a
paper structure similar to the capital set-up of 1928.
To repeat this performance would be a
major catastrophe.
'The credit of the company can be restored only by reducing the stagger¬
Shares of
common
stock
outstanding (no par).
Earnings per share
$7.46
$4.50
$5.03
Balance Sheet Dec. 31
Assets—
1937
LiabUities—
1936
d Prop, plant, eqp.
$694,287
$616,236
Service equip, con
tracts & goodw.
1,891,691
1,888,191
151,910
254,484
Cash
Accts. receivable..
52,424
16,888
Accts.
17,108
$2,959,0291
$2,978,602
373,951
payable and
50,298
140,000
Treasury stock..
Total
35,527
132,500
Dr45,004
Federal taxes
a
$1,659,358
800,000
370,649
800,000
accrued expenses
129,430
Notes receivable..
Common stock..
b Surplus
53,579
171,401
Total
Preferred stock...$1,659,358
c
Inventories
1936
1937
Dr45,004
$2,978,602 12,959,029
a 485
shares preferred stock,
b Before deducting amounts applied in
acquisition of treasury stock,
c Represented by 80,000 shares of no par
value,
d After depreciation of $613,346 in 1937 and $612,765 in 1936.
—V. 145, p. 3813.
Cincinnati Street
Ry.—Earnings—
Period Ended Dec. 31—
x
y
Earnings
1937—Month—1936
Net income
1937—12 Mos.—1936
$78,381
$29,880
per
$367,905
$0.77
$224,932
share
$0.47
After interest, depreciation, Federal income taxes,
shares of capital stock, $50 par.
x
&c.
y
On 475,239
Dividend Reduced—
The
directors
have
declared
a
of
dividend
10
cents
share
per
on
the
capital stock, par $50, payable Feb. 1 to holders of record Jan. 24.
Divi¬
dends of 15 cents per share were paid in each quarter of 1937 and dividends
of 10 cents per share were distributed in each quarter of 1936.
In addition
extra dividend of
an
Cleveland
10 cents
was
Cincinnati
paid on Nov. 2, 1936.—V. 145,
p.
3970.
Chicago & St. Louis Ry.— To
.
ing debt and the issuance of securities which have
a
fair chance of
return.
a
"In
yielding
the past top-heavy
capitalizations were perpetuated by railroad rein order to promote their private interests.
Unconscionable
organizers
profits such
been
as were made in the last reorganization of the St. Paul have
inducement to fashion a weak financial structure.
an
failures
Repeated
increased profits to the reorganizers. • With
knowledge of
Congress enacted subdivision b(4) of Section 77 intended to
meant
these abuses
put an end to this 'racket.'
"A road may not now
emerge
provides:
terest on
from the bankruptcy court unless the plan
'for fixed charges (including fixed interest on funded
debt, in¬
unfunded debt, amortization of discount on funded
debt, and rent
for leased
railroads) in such
an amount
that, after due consideration of the
probable prospective earnings of the
property in light of its earnings ex¬
perience and all other relevant facts, there shall be
adequate coverage of
such fixed
charges by the probable earnings available for the payment
thereof.'
''This is sound policy and sound finance.
The plan submitted
by this committee follows the mandate of Congress.
It rests upon the firm foundation
that the securities to be issued are ade¬
quately covered by the probable earnings in the light of actual
experince.
I he maintenance of the
proposed capital structure can safely be relied upon
under circumstances
reasonably to be anticipated.
The plan does not aim
to
sugar-coat the situation
bankers.
The plan
or
save
the
face of the
management
and its
attempts to deal realistically with the serious financial
Problems of the road and to prevent another
reorganization.
The security holders must realize
that their investment has greatly
depreciated in value.
In fact it never had the value attributed to it in the
last
reorganization.
The extent of the loss
already sustained is reflected
securities which currently
$127,000,000.
"The earning record since the last
reorganization proves conclusively that
the nominal capital of
$803,082,852 (including the bonds of Chicago Terre
Haute & Southeastern Ry.) is
fictitious, and that it Is utterly impossible to
meet the required charges.
Certainly the interests of investors are not
served by continuing this false
structure.
The salvation of the investor lies
i^ mafket value of all outstanding St. Paul
total less than
in
a
a
Undisturbed Under Plan
loans, $1,103,689; Federal Emergency Administration of Public Works 4%
loan, $2,001,000; equipment trust certificates, series M, N, O, P. Q, &>R,
80%
Ref. 6s
The earnings record does not justify
Securities Remaining
Common
Shares
5% Panic.
Securities—
standing
Interest
4s
deferred
Equip, trusts.
$394,808
Will remain undisturbed
Ref. 4s..
5,300,000 $1,060,000 $1,272,000 $5,088,000
......
20%
80%
Out-
plan is $6,224,851.
higher estimate."
-WW Receive
Existing
Jan. 22, ms
permanent solution of the
company's
classes of securities.
"Neither the preferred nor common
stock of the company
and any reservation of interest to
the stock can
Cincinnati, Lafayette & Chicago; Columbus Hope & Greensburg; Evansville
Indianapolis & Terre Haute; Evansville Mount Carmel& Northern; Muncie
Belt Ry., and Vernon Greensburg & Rushville.
The New York Central, parent company of
Big Four, is seeking to
simplify its corporate structure.
An immediate result of the consolidation
was stated recently would be "less wear and tear" on its directors,
many
it
of whom also serve
has any value,
as
directors of subsidiaries.
The proposed merger would result in little change in the Big Four's
capital structure.
A total of 3,582 shares of common stock would be issued
and exchanged for shares of stock of merged companies not owned by the
Big Four.
The stockholders would have the option of new stock, or cash.
In a companion application the Big Four asked permission to assume
liability for $1,000,000 of Cincinnati Northern first mortgage 4% bonds
and $3,340,000 New York Central equipment trust certificates of 1924.
—V. 146, p. 105.
Commercial Banking
Corp.—Earnings—
9 Months Ended Dec. 31—
Gross income
1937
Net income to surplus...
Total volume of business
*
109,464
5,919,767
of the
company's history, its territory, traffic trends, competitive conditions and
prospects in the light of general conditions affecting all
railroads, indicates
that the St. Paul cannot
excess
safely support
of $6,250,000.
a debt structure calling for interest
The fixed annual interest provided under
$241,785
75,304
4,359,189
After provision for Federal and State income taxes, but before dividends
on undistributed profits.
and surtax
Condensed Balance Sheet Dec. 31, 1937
Assets—
LiabUities—
Cash
$351,348
Notes & discounts receivable..
3,712,842
Loans & miscellaneous recelv.
ments in process
57,991
Dividend payable
Dealers' loss
29,784
of llquldat.
automobiles
Deferred income—unearned fi¬
22,803
24,564
65,790
62,534
Reserve for taxes—estimated.
reserve
Reserve for losses
(in
co.'s possession)
Investments—affiliated
Collateral trust notes payable.$2,707,500
Accounts payable..
52,238
85,203
Sundry notes, accounts & Judg¬
cos...
16,000
P'urniture, fixtures & equlpm't
Prepaid Interest & insurance..
20,365
10,342
Goodwill
1
only be at the expense of the
be excluded from participation in
the plan of this committee is approved,
In giving an outline of the
plan the committee states that "a study
1936
$337,149
*
The stock must accordingly
distribution of new securities.
If
all creditor securities will benefit from
the enhancement in value which will
inevitably follow a sound reorganization."
charges in
The company has asked the Interstate Commerce Commission for au¬
thority to merge'eight subsidiaries into the parent company.
The roads to
be merged include Cincinnati Northern; Cincinnati Sandusky & Cleveland;
Repossesed
problem.
'Every security to be issued under this plan will have real worth backed
by a property capable of producing a return.
Priorities are maintained with
such adjustments
necessary to maintain an equitable balance between all
^edjf®rs.the
Merge Eight Lines—
nance
Prior
charges
preferred
cum.
187,676
stock—$1.20
(par $10)
250,000
7% cum. pref. stock (par $20)
Common stock (par $1)
483,160
68,472
272,358
86,781
Capital surplus
Earned surplus
Total
$4,283,876
Total
$1,233,87
-V. 145, p. 1736.
Commonwealth Edison
The electricity output of the
company sales
Co.—Electricity Output—
Commonwealth Edison Co.
deducted) for the week ended Jan. 15, 1938,
(inter¬
135,259,-
group
was
Volume
000
Financial
146
kwh., compared with
period
137,494,000 kwh. in the corresponding
last year, a decrease of 1.6%.
The following are the output
and percentage comparisons for the
four weeks and the corresponding periods last year:
Inc.
-Kwh.
Output" 1937
137,494,000
134,477,000 138,918,000
Jan. 15
__
Jan. 8
Jan.
or
1938
.--135,259,000
Week Ended—
1937
_
25
+
0.5%
+4.9%
Commonwealth
Southern
&
Suggests
Corp.—Willhe
cl937
1936
1935
1934
$34,358,132 $33,051,899 $30,477,295 $28,685,138
13,126,619
13,319,073
12,984,023
12,006,261
Int. on funded debt
3,688,416
3,956,549
4,676,769
4,371,842
a Other income deducts.
314,313
326,872
313,844
421,654
Net income
9,123,889
9,035,651
7,993,409
7,212,764
Plan for Conference on Purchase of
Utility Systems—
For details see under
"Current Events and Discussions" on a
months ended Nov. 30.
the $122,036,000 bonds to be outstanding
completion of the present financing will amount to $4,328,585.
upon
preceding
page.
New Bonds—The $9,000,000 new bonds, the issuance and sale of which
have been authorized by the Michigan P. U. Commission, will, in the
opinion of counsel for the company, be secured, pari passu with the other
series of bonds outstanding under the mortgage, by a first lien on sub¬
stantially all of the fixed property of the company.
The
Kenney, director and Vice-President of this company
19 after long illness.—V. 146, p. 436.
Jan.
Community Power &
Light Co.-
■To
died
Simplify Capital
Structure—
The Securities and Exchange
Commission announced Jan. 17 that com¬
under the Holding Company
simplify its capital structure,
stock dividends and reduce preferred dividend
pany has filed an application (File No. 34-12)
Act for a report on a plan of recapitalization to
adjust arrearages in preferred
requirements.
will have accumulated dividend arrearages as of Feb. 1,
its first preferred stock amounting to $2,586,075, and the re¬
capitalization provides for the elimination of these arrearages so as to place
the company in a position to finance its bank debt and the construction
requirements of its subsidiaries through the sale of additional common stock,
according to the applicant.
The recapitalization would affect the appli¬
The company
1938,
on
preferred stock $6 dividend series (no par), of an aggre¬
gate stated value of $6,896,200 of which 68,962 shares are outstanding;
and its 10,000 shares (no par) common stock outstanding, having an ag¬
gregate stated value of $2,500,000.
The plan provides for the exchanging of each share of present first pre¬
ferred stock for four share of new common stock and the creation of a
new $1.50 cumulative convertible first preferred stock, $37.50 par value.
The company proposes to issue one share of the new preferred for each
share of present first preferred in full satisfaction of all unpaid accumulated
and accrued dividends, or the issuance of a dividend certificate of $37.50
to holders of the present first preferred who do not accept shares of the new
preferred.
At least two-thirds of the present first preferred must favor the
plan and accept the new preferred for the plan to become operative.
The
redemption price of $37.50 for the new preferred and the face amount of the
dividend arrears certificates of $37.50 may be adjusted at the time of
the meeting of stockholders to such greater face amount as shall represent
the dividend arrears per share at that time.
Each share of the present common stock would be reclassified into eight
shares of common stock with a stated value of $10 per share.
A total of
500,000 shares of new common will be authorized.
The new preferred will
be convertible into two shares of new common stock, with certain provisions
protecting against dilution.
At present the common stock has a voting power of 78% against 22%
in the first preferred stock, while under the plan, if fully consummated,
the present preferred stockholders would have a voting power of 84%
against 16% in the holders of the prsent common stock.
As a result of the reclassification, the plan proposes to reduce the capital
of the company to the extent of $5,837,720 which would provide in part,
the basis for the issuance of the new preferred, as well as a reserve for the
dividend arrears certificates, and for the writing-off of the excess carrying
value of investments in subsidiaries, unamortized debt discount and expense,
and the cost of stock financing.
Part 2 of the application constitutes a declaration with respect to the
solicitation of proxies and acceptances in connection with the plan.
A hearing will be held on this application on Feb. 23.—V. 146, p. 436.
cant's
first
Consumers Power
—Public
offering
Co. (Mich.)—$9,000,000 Bonds
was
Offered
made Jan. 19 by a banking group
Stanley & Co., Inc., and Bonbright &
Co., Inc., of a new issue of $9,000,000 1st mtge. 33^% bonds
due on Nov. 1, 1967.
The bonds were priced at 102 and
accrued int., to yield 3.39253% to maturity.
The current
offering marks the fifth time since 1935 that the company
has entered the capital market.
As a result, all high coupon
bonds and nearly all its preferred stock have been refunded.
Other members of the underwriting syndicate are The First
Boston Co., Brown Harriman & Co., Inc.; Smith/Barney
& Co.; E. W. Clark & Co.; Mellon Securities Corp. and
headed by Morgan
Coffin & Bi rr,
Inc.
due Nov. 1, 1967.
Rhode Island and Vermont.
Listing—Company will make
application for the listing of the bonds on
Exchange.
Company—Company, 68.97% of the voting capital stock of which is
owned by Commonwealth & Southern Corp. (Del.), was incorp. in Maine on
April 14, 1910, and admitted to do business in Michigan on July 21, 1915.
Company is engaged in Michigan principally in the generation and purchase
of electricity and its distribution and sale in 987 communities and townships
as well as rural areas, in the production of manufactured gas and its dis¬
tribution and sale in 126 communities and townships and in the purchase
the New York Stock
its distribution and sale in 103 communities and town¬
Total population served is estimated to be in excess of 1,900,000.
Company owns and operates electric generating plants with an aggregate
rated installed generator capacity of 413,215 kilowatts (effective capacity
402,215 kilowatts; reduced to an estimated 346,390 kilowatts in low water
season), gas plants with daily manufacturing capacity of 40,430,000 cubic
feet (including inactive reserve capacity of 12,290,000 cubic feet, but not
including duplicate water gas generating capacity of 15,000,000 cubic
feet), together with electric substations, electric and gas transmission and
distribution lines, &c., serving as of Nov. 30, 1937, 392,653 electric cus¬
of natural gas and
ships.
tomers and
193,5i5
gas
customers' meters.
1937
of 1934, 4% due (Nov. 1) 1944
Capitalization Outstanding as of Nov. 30,
bonds—Series
of 1935 due (May 1) 1965.
*--of 1935 due (May 1) 1965
of 1936 due (Nov. 1) 1970
of 1936 due (Nov. 1) 1966
Preferred stock, cumulative (no par)*
Common stock (no par) (1,643,080 shares) stated at—
♦
Outstanding in series:
$5—191,924 shares stated
$4.50—547,788 shares stated at $51,940,102.
First mortgage
3% %
3H%
3 H%
3H%
series as the new bonds or of other
bonds of all series outstanding
under the mortgage, and provides, on certain conditions, for releases of and
substitutions for property covered by the mortgage.
No notice is required
to be given to bondholders in connection with any release or substitution.
The mortgage provides for semi-annual cash payments to the trustee
equal to at least K of 1% of the aggregate bonded indebtedness of the
company outstanding on the date of such payments, to be used to reimburse
the company for expenditures for extensions, enlargements or additions or
to purchase bo.ids issued under the mortgage.
Underwriters—The names of the several principal underwriters of
the
bonds and the several principal amounts underwritten by them respectively,
are as
follows:
Principal
series
series
series
series
Amount
Name and Address—
Morgan Stanley & Co., Inc., New YorkBonbright & Co., Inc., New York
The First Boston Corp., New York
Brown Harriman & Co., Inc.. New York
$8,168,000
—18,594,000
18,925,000
55,349,000
12,000,000
70,631,025
34,284,725
at $18,690,923;
$2,125,000
2,12o,000
1,000,000
1,000,000
750,000
750,000
-
Smith, Barney & Co., New York
E. W. Clark & Co., Philadelphia
Mellon Securities Corp., Pittsburgh
Coffin & Burr, Inc., Boston
750,000
-
500,000
1937
Balance Sheet, Nov. 30,
Liabilities—
Common stock
Investments in various com¬
Sinking funds & special deps.
disc't,
prem.
&
(net)
&
unadjusted
....
Accrued taxes
113,726
Accrued interest
int. receiv.
Pref. stock divs. accrued...
6,819,175
5,309,701
(net).........
Materials and supplies
Miscell.
current liabilities..
Earned
a
.
$20,215,350;
reserve,
$450,184; contingencies reserve,
Title
Conveyancers
312,907
9,545,205
......
.......
......
2,807,511
336,325
570,777
107,348
22,038,992
Total
$256,473,992
casualty and insurance reserve,
$419,220; other reserves, $954,237.
$256,473,992
Retirement
„
Reserves
a
Surplus—Acquired..
Total
376,478
53,998
Accts. pay.—Affil. cos..
3,378,934
hand..
1,886,002
486,695
......
7,604,229
5,518.052 Payrolls payable
Working funds
notes &
dabs.
credits.
Accounts payable..
...
Accts.,
Def.
exp.
Def. chgs. & prepd. accts
Cash in banks & on
Funded debt
601,139
151,299
panies, &c
Debt
$70,631,025
34,284,725
113,036,000
Preferred stock
.......$226,977,737
Fixed capital
Insurance
&
Co.—
Mortgage
Reorganization—
of insured first mortgage certificates
Russell of Warren, Garfield, White¬
reorganization of the com¬
pany which is now in receivership.
Other members of the committoe are:
Harold Williams, attorney, and William H. Davies, of Brown Harriman
advisory committee for holders
of which Richard M.
The
of the company
side & Lamson is Secretary,
& Co., Inc.
The committee in a
is advocating the
insured first
tentative reorganization plan and advises
pari-mortgage receipt holders has agreed
to cooperate to effect a readjustment on the basis of the plan submitted .
The tentative plan proposes that the committees call for the deposit of
receipts and certificates which will be used to acquire all of the assets of the
old company.
In consideration for the surrender of these certificates and
receipts the reorganized company will issue certificates of beneficial interest
representing the net appraised value of the mortgages and property against
which certificates and pari-mortgage receipts were issued, plus common
stock for the difference between the principal amount of certificates of
beneficial interest so issued and the face value of the certificates and receipts
communication to the holders of the
mortgage certificates proposes a
that the group representing the
in arrears.
securities of the new company
surrendered, including interest
It is understood that
company
no
,
*
.
will be issued
holders and that control of the new
will be vested entirely in the holders of the certificates of beneficial
other than to the
certificate and receipt
interest.
,
...
for the certificates
advises that they have received powers
holders of approximately $1,500,000 out of a total
principal amount of certificates outstanding.
The
committee is now requesting powers of attorney from substantially all of
the certificate holders.
If a sufficient number of certificate and receipt
holders indicate approval of the plan the committee will proceed in effecting
such a reorganization.—V. 144, p. 448.
of attorney from the
of about $5,000,000
Copenhagen Telephone
The
Nov.
1954,
company
Co.—Bonds Called
informs us that all
($4,605,000 on
bonds of 1937, due Feb. 15,
15 next.—V. 140, p. 4231.
of the outstanding
f. external 5% gold
have been called for redemption on Feb.
30, 1937) 2.5-year s.
Increased—
Cornorate Investors, Ltd.—Dividend
declared a dividend of 7 cents per share on the com¬
stock, payable Feb. 15, to holders of record Jan. 31.
This compares
with 6 Yi cents paid on Nov. 15 and on Aug. 15, last; 5 Vi cents paid in each
of the four preceding quarters: five cents per share paid each three months
from Feb. 15, 1935, to and incl. May 15, 1936 and 4 cents per share paid
quarterly previously.—V. 145, p. 107.
The directors have
mon
Increasedr—
Crown Cork & Seal Co., Ltd.—Dividend
declared a dividend of 25 cents per share on
Directors have
the common
This
stock, payable Feb. 15 to holders of record Jan. 31.
compares
dividends of 20 cents per share paid on Nov. 15. last, and each three
previously.
In addition, an extra dividend of 20 cents was
on
last, and on Nov. 16, 1936.—V. 145. p. 2841.
Cummins Distilleries
with
months
Nov. 15.
paid
Corp.—Earnings—
Profit and Loss Statement
Period Ended Dec. 31,
1937—
n
$101,409
ooiog
-
September,
and
the total
electric energy sold during December, 1937, was 2.67% less than during
December, 1936. The current recession in the automobile industry and in
industrial production generally may adversely affect the revenues of the
Although the total electric energy sold during the months of
October and November, 1937, was, respectively, 25.99%, 22.30%
6.72% greater than during the corresponding months of 1936,
company.
conditions, the issuance of ad¬
permits, under certain
series, which would rank pari passu with
The committee
Interest payable M. & N. 1 in
N. Y. City.
City Bank Farmers Trust Co., New York, trustee. Coupon
bonds in denom. of $1,000 registerable as to principal. Registered bonds in
denom. of $1,000 and $10,000.
Coupon bonds and registered bonds are
interchangeable. Redeemable, at option of company, in whole or in part,
on any int. date prior to maturity, on at least 30 days' published notice, at
principal amount thereof, plus a premium of ]4 of 1% for each year or
fraction thereof of unexpired life, except that if redeemed on or after
Nov. 1,1964, at the principal amount without any premium.
These bonds will, in the opinion of counsel for the company, meet the
legal requirements for investments for savings banks in New York, Cali¬
fornia, Connecticut, Maine, Massachusetts, New Hampshire, New Jersey,
Dated Nov. 1, 1937
mortgage
ditional bonds thereunder, of the same
'
Obituary—
Timothy A.
on
1, 1937.
Years Ended Dec. 31
Total gross revenue
b Gross income
The annual interest charges on
Units in Tennessee Valley by Government—
Member Accepts
Private
proceeds, estimated
accrued interest of $8,908,355,
to pay for, or to reimburse its
for, net property additions made and to be made sub¬
a Including other interest charges, &c.
(net), b After provision for taxes
(including Federal taxes) and provision for retirement reserve,
c Eleven
435.
Purchase of
TVA
sequent to Jan.
—
—3.2 %
1936
Purpose—Company proposes to apply the entire net
after deducting expenses and exclusive of
from the sale of the $9,000,000 new bonds
treasury in part
+
—1.6%
132,391,000 126,252,000
—V. 146, p.
last
Dec.
128,427,000 127,729,000
1
_
Dec.
593
Chronicle
91.292
4
$339,081
31.5,301
$10,117
5,504
$23,780
$4,613
Gross profit.
$7,805
1.5,975
Expenses, netNet profit
-V. 146, p.
for period.
274.
.*
Delaware Lack.
The company
& Western RR.—Seeks $1,000,000—
the Interstate Commerce Commission
has applied to
for
$1,000,000 for six months at 3 % from the First National
Bank New York. The funds are needed to "replenish its treasury.
The road also asked for authority for the Syracuse Binghamton & New
York RR. to issue to the D. L. & W. its promissory note for $1,462,576,
which the latter will pledge as collateral security for the bank loan
The
note, equivalent in amount to advances made by the D. L. &
w to its
authority to borrow
sub
will mature in
three years and bear
interest at 4 %.—V. 146. p.
106.
594
Financial
Daviess County Distilling
Chronicle
Co.—Earnings—
Earnings for the Year Ended June 30. 1937
(& Subs.)—Earnings—
Calendar Years—
Net sales, income from whiskey storage and custom
bottling
Oost of sales, warehousing and custom
bottling...
expenses
*
1937
Electric department
Steam heating department
Gas department
$56,796,520 $52,700,680
1,942,885
1,978,160
389,143
370,593
6,172
51,239
-
-
Operating profit
Total
Underwriter's fee and other expenses in connection with the sale
of 6 % cumulative convertible preferred stock
Interest paid
Provision for doubtful accounts & accounts charged off
$606,218
84,757
15,661
4,686
—
Depreciation
on
from Oct. 22.
appreciation of depreciable
assets for the period
1934, to June 30, 1936
Provision for Federal normal income and
and State income tax
Net profit
Balance at June 30,1936
3,391
excess
profits taxes
112,000
$382,146
617,838
-
Total
DlvidendVdeclared?
common
stock:
In dividend
$999,984
......
On preferred
stock—In"cash—717'.500
In common stock
100,000
450,000
certificates
Balance at June 30,1937
$432,484
Notes—Provision for depreciation
plant and equipment Included in
$34,960 for the year ended June 30,
on
cost of sales or expenses amounted to
1937.
Total
Oper.exps. (incl. rents & gen., sell. & admin, exps.)
Maintenance and repairs
Current appropriations to retirement reserve
-
Uncollectible accounts less recoveries
Taxes (other than income taxes)
Provision for income taxes
Income from operations
Dividends
Interest
on common
stock exceeded the
adjusted net
Profits
Inventories
Other assets
763,948
674,642
Fixed assets
x773,997
Deferred charges
Fed.
Inc.
&
tax
(subject
mination)
3,158
final
to
deter¬
112,000
Dividend certificates
250.000
x
$2,845,819
After
reserve
Net income
for depreciation of $67.021.—V.
145, p. 1415.
Dayton Rubber Mfg. Co.— To Change Par of Stock—
Income Account Years Ended Oct. 31
approve a
par.
standing ($100 par)
„
Assets
a
1937
Net sales
1936
$8,429,8411
5,860,977/
Not
Reported
$2,568,864
1,547,503
.
Income charges and credits.
$835,211
224,829
$830,146
.
$2,196,518
1,361,307
$1,021,361
191,215
-
$7.82
$8.39
1937
Fixed capital
on
...
,
Consolidated Balance Sheet, Dec. 31
hand and
on
deposit in banks
Inventories
Prepaid insurance
Loans to employees (less
reserve)..
Casualty & contingency investment fund
Long-term contracts rec. & other miscell. assets.
c Deposits in banks & trust cos.
closed or under
restriction
1,077,653
6,924,037
597,102
Suspense items
Capital stock reacquired for sale to employees
Total
1936
$310,959,068 $301,863,090
1,784,450
4,296,348
9,151,698
8,611,859
437,276
387,482
7,282,642
5,893,105
353,454
400,463
154,985
132,789
211,499
252,419
1,593,458
1,549,634
,551,570
291,707
1,250,937
7,197,569
186,763
.$341,078,896 $332,314,169
•»»%»,
1937
1936
Capital stock ($100 par)
$127,226,000 $127,226,000
Premium on capital stock
763,517
758,038
General & refunding mortgage bonds:
Series D, 4J4%,.due Feb. 1, 1961
50,000.000
50,000,000
Series E, 5%. due Oct. 1, 1952.
15,000.000
15,000,000
Series F, 4%, due Oct. 1, 1965
49,000,000
49.000,000
Series G, 3 lA %, due Sept. 1, 1966
20,000,000
20,000,000
Great Lakes Power Co. mtge.
bonds, 0%, due
April 1,1943
320,000
320,000
Notes payable—banks
2,500,000
Accounts payable
2,281,372
1,753,835
Accrued liabilities
5,147,712
5,109,780
Dividend declared payable Jan. 15
2,544,520
2,544,520
Consumers'deposits
681,811
689,876
d Deposits by employees
153,120
53,840
Miscellaneous current liabilities
31,254
26,327
Retirement reserve...
36,822,729
33,590,782
e
Casualty & contingency reserve.
1,096,393
1,051,652
Miscellaneous reserves
174,501
126,003
Unadjusted credits
14,891
36,107
Earned surplus
27,321,074
25,027,407
-
(Incl. Subs.)
Cost of sales
$9,950,937 $10,670,593
7,612,529
7,622,585
Dividends
Liabilities—
$2,845,819
At the annual meeting Feb. 7 stockholders
will be asked to
change in the capital stock from no par share to shares of
$1
$15,967,492 $16,943,422
5,679,200
5.944,549
268,828
286,177
68,527
42,102
Earns, per share on 1,272,260 shs.
cap. stock out-*^**
432,484
Total
38,257
.....
750,000
200,000
Common stock (par $1)
Earned surplus
6,665
37,315
26,993
3,812
48,163
1
ncome
Gross corporate income
Interest on funded debt
Amortization of debt discount and expense
Other interest
450,000
7% cum. pref. (par $25)
6% cum. conv. pref. (par $25)
Total
sales of securities
b Bonds and other investments
excess
profits taxes <fc State Income
21,696
Intangibles
for
on
Notes and accounts receivable
(trade)
Other notes and accounts receivable
$430,000
208,819
12,516
Accrued expenses
Prov.
5,912
35,434
44,419
on
Miscellaneous other
Cash
Balance Sheet June 30, 1937
Assets—
IAabUUies—
Cash on hand <fc demand depos
$41,435 Notes pay. to banks—secured.
Receivables
666,943 Accounts payable
$15,843,468 $16,820,472
marketable securities
Other interest
►» No provision for Federal surtax on undistributed income was
considered
necessary because cash dividends paid on 7 % preferred stock
plus face value
of dividend certificates Issued
Income for the year.
$59,134,721 $55,100,673
23,532,226
21,170,247
4,261,990
3,362,373
7,730,800
6,687,944
62,251
54,030
6,382,693
5,860.418
1,321,293
1,145,188
3,576
—...
Miscellaneous deductions
On
Miscellaneous
$512,985
93,233
Other income
1936
Gross .earnings from operations:
$2,525,759
1,894,956
117,819
...
Selling, administrative and general
Jan. 22, 1938
Detroit Edison Co.
$610,381
-
...
...
-
Inventory write down
Federal income taxes:
Excess profits
220,528
Normal income.
98,0811
10,082/
Undistributed profits
$447,467
112,632
-
1-
$334,835
224,900
176,839
-
Class A dividends.
Shares common stock
Earnings
per
99,916
53,988
share..
$2.00
»
a
cost
x$510,466
44,217
169,690
$2.46
x After
provision for depreciation and amortization
charges totaling
a To provide reserve for
difference between cost and market
values of Oct. 30, 1937, of future raw
material commitments.
Note—The company at Nov. 1,
1936, adopted the policy of providing for
customers' cash discounts
by establishing a reserve to provide for such
expenses.
The amount so provided
during the year was $10,838 in excess
of the discounts allowed.
As a result of the
adoption of this procedure
profits for the year are this amount less than
would have been indicated
under the former
accounting method.
Depreciation on appreciated values
amounting to $29,616 has been charged to
surplus
$133,583.
by appreciation.
on
1937
1936
Liabilities—
hand and
on
deposit
Inventories
Miscell. assets....
$143,825
Notes payable
Due to stkholders.
300,000
964,433
984,115
1.055,927
37,117
Notes to obllg. pay
Fixed liabilities
Reserves
Class A Dref. stock
20,484
4,597
57,076
13,792
174,400
53,248
1,550,993
25,534
Prepaid values and
deferred charges
129,503
120,751
58,961
Investments
42,148
1,343,506
272,053
Fixed assets
al,791,254
Intangible assets..
270,513
x
(par $35)
1.628,130
1,628,130
Common stock..
438,622
344,302
Earned surplus...
Paid-in surplus
625,748
150,511
461,213
515,814
z
....$4,921,362 $3,999,442
After
reserve
225,000
16,060
Surpl. by apprec'n
Total
1936
$564,363
$130,171
accepts, recelv..
y
1937
Accounts payable.$l,065,178
Accts., notes and
x
143,307
490,829
$4,921,362 $3,999,442
for doubtful items of
$36,049 in 1937, $35,797 in 1936 and
discounts and
advertising allowances of $11,838 in 1937,
for depreciation of
$1,294,685 in 1937 and $1,127,244 in 1936.
reserve
After reserve
Represented by 176,839 no par share in
1937 and 169,690 no par shares
a Includes land,
buildings, machinery and equipment, Charlotte,
North Carolina—cost (less reserve for
depreciation $5,176) $75,245.—V.
145, p. 2692.
y
in 1936.
Detroit & Canada T unnel
Corp.
(&
Oct. 31, 1937
$815,620
8,282
$823,902
206,739
_
Operation
Maintenance
Provisions for depreciation and
Taxes (except income
taxes)
Interest on funded debt
65 357
amortization".!""IIIIIIIIIIII
3 I"
Provisions for U. S. and Dominion of
Canada income
154i887
158 652
127,064
taxes" 11
on
5,624
134,047
Cash in banks and on hand
1,260,684
Miscellaneous accounts recelv.
3,832
-
$7,781,384'
x]Represented by 115,141Ino
Expansion—
On the theory that the current recession will be of
limited duration this
company is planning to spend $18,000,000 on new construction this
year
the largest construction
budget since 1930.
This
or
with a
of about
compares
planned expenditure of $13,500,000 and
$14,000,000 in 1937.
an
actual expenditure
the basis of present plans, $7,900,000 will be
spent this year on
generating equipment, $1,800,000 on substation construction, $2,400,000
on overhead and
underground transmission lines, $3,100,000 on new bus!
ness
connection, including line extensions, transformers,
meterst meter
boxes, &c., $2,800,000 for miscellaneous construction,
including heating
system expansion, new trucks, sales offices,
warehouses, and $750,000 to
complete and equip the new service building at Detroit.
While present
plans are expected to be carried through, they are subject
to change if conditions make such revision
available.
Current income of
the company is
running considerably below that of a year ago, with indu
trial consumption less than
60% of the corresponding period of 1937
With the decline in industrial
consumption easing for the second con¬
week, total output of Detroit Edison Co. for the week ended
Jan. 15 was 52,300,000 kwh.
This compares with 66,240,000 Irwh in the
like 1937 week, a drop of 21
%.
In the previous week output of 50,387,000
secutive
was off 26.4% from the
68,467,000 kwh. of the like period a year ago.
In the latest
week reported, industrial consumption amounted to
18,347,000 kwh., a decrease of 47.9% from the 35,214,000 kwh. used in the
corresponding week of last year.
Decline in the preceding week was 50.7 %
from the comparable week of
1937, while for the week ended Jan
I
a
drop of 55.4% was recorded.—V. 145, p. 397i
Dewey & Almy Chemical Co.—Registration Wlihdrawn—
Diamond State Telephone
Co.—Obituary—
See Bell Telephone Co. of Pennsylvania, above.—V.
Dome
12 Mos. End. Dec. 31—
1937
Total recovery—
$7,484,436
Devel.,
oper.
19
19361
FT 1935
$7,234,390] [$6,939,9
1934
7.177,086
and general
costs
2,825.763
2,484,868
720,751
790,316
590,987
4,296
28,558
18,046
$3,933,626
377,035
$3,930,648
350,502
$4,056,125
363,595
$4,310,661
$4,281,151
$4,419,720
-
Estimated
144'
Mines, Ltd.— Earnings—
Prov.,
2,274,8
2,123,104
Dom.
and Federal taxes
x20 ,419
Dom. div. tax paid
Outside exploration writ¬
ten off
973,865
Operating profit
Oct. 31,11937
Other income
Liabilities—
Property, plant <fc equipment. $6,3 77,19 7
Participation certificates and
Total
b Quoted market values not
undistributed profits
[ConsolidatedlBalance Sheet,
W Asset'—
restricted deposits
Prepaid expenses and deferred
charges
reproduction cost,
^
Plans $18,000,000
S 30,784
Net income
x.Includes $7,474Ifor surtax
or
See list given on first page of this department.—V.
145,
Sub.)—Earnings
Statement of Consolidated Income
for the Year Ended
Operating revenues
Non-operating revenues
W Total gross
earnings
value, replacement cost
readily obtainable, c After reserve for undetermined losses of
$497,066 in
1937, and $497,982 in 1936.
d On account of options to purchase
capital
stock reacquired by the company, e After
deducting $497,066 in 1937 and
$497,982 in 1936. Allocated to reserve for undetermined losses in
respect of
deposits in closed banks,
kwh.
Total
for cash
z
$341,078,896 $332,314,169
The amounts at which fixed
capital is carried represent the historical
thereof, and do not purport to represent or determine present sale
On
Balance Sheet Oct. 31
Assets—
Cash
Total
x$510,466
par
Common stock
x$4,461,886
1st mtge. 5%
bonds, 1966... 2,406,800
Current liabilities...
634,877
Reserve for unredeemed tokens
6,500
Reserves for deprec. & amort.
Surplus
154,885
116,436
Total
$7,781,384
Total inc. before allow¬
ing for deprec.
depletion
and
Number of tons milled
in
1937, 576,300,
John
p.
4003.
gold-fine ounces,
$4,459,025
213,403.—
V. 146, p. 438.
Dominion Bridge Co.,
shares.—V. 144,
$4,080,117
378,908
Ltd.—New Director—
Burns, President of Burns & Co., Ltd., has been elected a director
his uncle. Senator Partick Burns, deceased.
of this company, succeeding
—V. 146, p. 438.
Volume
Financial
146
Domestic & Foreign Investors
Jan. 10. *38
_
$29,868
2,769
Dividends and interest received
General expenses
Interest paid on loans
Interest
on
2,386
3,112
$30,561
24,424
loss$29,686
.
Profit
$21,182
3,208
$15,683
151,912
56,025
debentures..
on
securities sold.
3
over
or
where income accounts or
►
307,133
subsequently acquired
bDr456,755
a341,758
.def$486,441
968,313
Deficit June 30.
Minority interest have not been charged with deficits
subsidiaries have so resulted.
The "net equity
subsidiaries.
of
market value on June 30,1935,
cost if
Full
earned
1 935
$36,703
2,935
760
,
g
6 Mos. Dec. 31
1936
profits for the year 1936, but includes no provision for 1937.
dividend requirements applicable to respective periods, whether
or unearned,
h Based upon holdings by the public of common
stocks of subsidiaries at end of each of the respective periods.
Notes—All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of sub¬
sidiaries represent full requirements for the respective periods (whether
paid or not paid) on securities held by the public and give no effect to
preferred stock dividend arrearages for prior periods.
The "portion
applicable to minority interests" is the calculated portion of the balance
or income applicable to minority holdings by the public of common stocks
tributed
Corp.—Earnings—
July 1 *37 to
595
Chronicle
$396,743
1,052,439
$474,729
1,690,466
of Electric Power & Light Corp. in income of subsidiaries" includes interest
and preferred dividends paid or earned on securities held, plus the pro¬
portion of earnings which accrued to common stocks held by Electric
Power & Light Corp., less losses where income accounts of individual
subsidiaries have resulted in deficits for the respective periods.
The
statement for each
$655,696
$1,215,737
1936, on securities
31, 1936, of $128,659, decrease in reserve heretofore established to reduce book value of
investment to their aggregate quoted market value where available or in
the absence thereof to estimated values $145,744 and net unrealized ap¬
preciation on securities of $67,355.
b Consists of additional reserve required to reduce Investment to quoted
market value at Jan. 1,1938, $431,494 and loss in excess of reserve provided
at June 30, 1937 on securities held at that date and sold during the period
Balance, deficit, at Dec. 31.
$1,454,754
other
Consists of excess of reserve provided at June 30,
held at that date and sold during the period ending Dec.
ending Jan. 10, 1938, $25,261.
of $56,025 being the amount
paid on account of accrued interest on the 205^% debentures for the period from Aug. 1,1931 to Jan. 10, 1938.
Cash
on
662,923
$96,534
1,126,627
Investments
22,424
of securities
$18,950
and
2,490,000
25,000
75,000
655,696
Represented by 75,000 no par
(W. L.) Douglas Shoe Co.—Reorganization Plan
Voted—
of capital reorganization which was sent to the stockholders
adopted at a special meeting held on
under the date of Dec. 7, 1937, was
Jan. 14, 1938.
9,744
9,744
38,974
38,974
x$14,330
Indicates
$142,403
x$48.306
x$112,490
loss,
stockholders were represented at the meeting.
29,853 shares voted in favor of the plan and
only 50 shares in opposition, these latter being held by two stockholders
who were represented at the meeting by a New York attorney.
The plan provides for the elimination of the present preferred stock
of the company and accumulated dividends and the issuance of new con¬
vertible prior preferred stock and common stock in exchange.
The
question of declaring the plan operative will be determined by tne board
of directors in the near future, at which time, if the plan is put in operation,
the time and place for presentation of certificates for exchange will be
RR.—Change in Collateral—
has received notice of the following
under the companty's first and refunding
Stock Exchange
York
mortgage:
(a) Acquisition and cancellation of $900,000 par value stock and $372,000
value bonds of the Alamogordo & Sacramento Mountain Ry.
This
par
company was
&
dssolved on Dec. 7, 1937, and its properties were
acquired
Dec. 14, 1937, as a stockholder's liquidating dividend by the El Paso
Southwestern RR. Co., which properties are now subject to the lien of
and refunding mortgage.
the latter company's first
(b) Acquisition and cancellation of $2,700,000 par value stock and
$2,700,000 par value bonds of the El Paso & Northeastern Ry.
This
company was dissolved on Dec. 7, 1937, and its properties were acquired
on Dec. 15, 1937, as a stockholder's liquidating dividend by the El Paso
& Southwestern RR., which properties are now subject to the lien of the
latter company's
Over 80% of the preferred
See also V. 145, p. 3971.
New
changes in collateral deposited
mortgage.—V. 145, p. 940.
first and refunding
Ely & Walker Dry Goods
Of the preferred stockholders
announced.
1,550,000
El Paso & Southwestern
shares.—V. 145, p.
The plan
1,550,000
y Includes provision of $129 for
Federal surtax on
profits for the year 1936, but includes no provision for
1937.—V. 146, p. 276.
x
on
y
387,500
expense
The
$1,211,974 $1,953,254
Total
Represented by 5,000 no par shares,
2543.
210,750
387,500
Bal. carried to earned
6.728
debs.
due Aug. 1, 1947 2,490.000
x $6 cum. pref. stk
25.000
y Common stock.
75,000
Deficit
1,454,754
x
yl99,552
Amort, of debt discount
70,000
Int. pay. on debs.
$1,211,974 $1,953,254
$1,740,220
41,615
by
20-yr. 5)4%
Total
$581,262
50,003
undistributed
purch. of sec
on
Loan pay. sec.
coll..
Accts. rec. on sale
Dec.31,'36
pay.—due
$1,687,234
$432,917
Total income
Expenses, incl. taxes—
Int. on gold debentures,
5% series, due 2030-
surplus
Jan.10,'38
Liabilities—
Accts.
1,856,720
deposit...
165
Other
Balance Sheet
Jan. 10 '38 Dec. 31.'36
1937— 2 Mos.—1936
$1,739,607
$1,685,070
613
2,164
1937—3 Mos.—1936
$432,917
$581,097
Period End. Nov. 30—
Gross inc.—From subs—
Note—The above statement reflects a charge
Assets—
for any
Only)
Comparative Statement of Income (Company
of interest authorized to be
year
period is entirely independent of the statement
period.
a
Co.—Earnings—
1934
1937
1936
1935
$36,086,253 $35,118,199 $30,540,858 $32,183,445
Years Ended Nov. 30—
x
Sales
gen.
depreciation__
paid!
Interest
35,319,981
135,431
104,123
33,563,977
120,384
32,069
30,240,439
108,992
33,307
30,773,537
$526,718
79,044
& adm. expenses.
Prov. for
$1,401,769
74,014
$158,120
62,527
$1,227,680
65,086
y26,410
yl05,331
yl05,681
9,809
Gross income
Interest received
116,835
65,393
Divs. received from non-
Dow Chemical
Co.-—Earnings—
cess
Earnings per share on 945,000 common shares
Note—While
Dec.
Recovery on assets in ex¬
Nov. 30, 1937
Net profit after int., est. deprec.. Federal income taxes, &c., but
before any prov. for possible Fed. surtax on undist. profits..
ended
consol. subsidiaries—
^
Earnings for Six Months Ended
direct comparison is available, for the seven months
1936, the company reported net profit of $2,781,924 or
$2.85 a share on common.
Company states that approximately $163,000 or 17 cents a share was
received in dividends during the period from an affiliated company in
excess of its earnings.—V. 146, p. 438.
Ebasco
For the
13,
Total income
operating companies which are subsidiaries of American Power &
Light Co.; Electric Power & Light Corp. and National Power & Light Co.,
as compared with the corresponding week during 1937, was as follows:
the
Net profit
First preferred
*
dividends
1,987,000
*1,496,000
*5,874,000
2.0
*2.9
*7.2
Earned surp. Nov.
Shs. com. stock
ings of prior years.
(& Subs.)—Earnings—
$8,693,552
Net oper. revenues...
for lease of plants
$25,074,090 $109103,010 $94,715,648
bl3,119,263 c58,007,084 d49.013.270
3,242,358
14,910,240
11,325 682
$8,712,469 $36,185,686 $34,376,696
Rent
Dr937
Cr5,923
(net)..
$8,699,475
Operating income
240,483
151,283
Other income
Other income deductions
1
Drll5
CV2.412
$8,711,532 $36,185,571 $34,379,108
398,532
127,727
740,371
e916,446
712,751
535,771
and
$8,788,675
....
3,235,809
12,844,976
504,568
2,126,795
488,299
157,371
1,036,756
Cr9,361
0130,380
2,811,592
725,853
033,704
loans, &c.)
Other deductions.
Cr24,722
Int. charged to construe.
$4,635,625
Balance
1,975,013
giPref. divs. to puolic..
Balance
h
Portion
$2,660,612
__
1,983.627
7,924,870
7,934,507
$3,110,323 $12,206,479 $11,011,793
17,553
Accounts
98,221
deposits—
156,614
Corp'n life insur..
Inventories
11,010,868
7,198,651
20,997
1,191,528
140.078
8,663,445
7,684,457
100,518
1,281,558
stock
$2,620,626
$2,620,626
Divs.
Prov.
income,
for
&c., taxes
Other current and
—
5,932,360
stock._Dr2,438,700 Dr2305,525
tl99,552
1,588,974
210,750
1,588,974
$2,358,302
of $61,800
$9,505,143
$7,915,766
21,501,316 19,788,893
1937 and $336,882 in
Dividend—
declared a year-end dividend of 50 cents per share
regular quarterly dividend of 25 cents per share on the
directors have
common
holders of record
record of previous dividend payments.
of 25 cents is not due until April 1 and
that date, but the payable date has been moved
stock, no par value,
both payable Jan. 31 to
Jan. 22.
See V. 144, p. 1278, for
The current quarterly dividend
$9,715,490
41,615
Federal surtax on undistributed profits in
The
in addition to the
$2,797,161 $11,293,669
397,244
$2,173,379
c
$1.75
2,164
Total
Emporium Capwell Corp.— Year-End
$9,713,326
made in October and November for
1937 and a net credit of $142,000
in September to adjust over-accruals in previous months,
b Includes
provision of $89,900 for Federal surtax on undistributed profits in 1936.
c Includes provision of $527,588 for Federal surtax on undistributed profits
in 1936 and $477,790 in 1937.
d Includes provision of $310,500 for Federal
surtax on undistributed profits in 1936.
e Includes provision of $329,752
for Federal surtax on undistributed profits in 1936, but includes no pro¬
vision for 1937.
f Includes provision of $129 for Federal surtax on undis¬
provision
1936.
$2,796,996 $11,293,056
165
613
Bal. carried to consol.
earned surplus
71,356
6,082,003
Accrued taxes..—
doubtful debts of $351,271 in
Loans to employees only.—V. 144, p. 611.
fiscal year
50,003
Int. & other deductions.
Includes
301,900
59,366
payable
After reserve for
normally would be paid on
to Jan. 31 in order that
up
397,244
Expenses, incl. taxes
a
$9,713,326
Corp.—
Other income...
a
497,671
67,828
71,358
2,300
payable-
accrued llablls—
21,501,316 19,788,893
Total
$2,796,996 $11,293,056
Net equity of
Total
104,854
1,500,000
Due officers & em-
Treasury
1,298,467
~~
.P.& L.
E. P. & L.
Corp. in inc. of subs—
800,003
Notes, pay., others
16,413
72,963
Insur.
913,423
313,327
39,986
Corp. in inc. of subs $2,620,626
Elec. Pr. & Lt.
234,795
158,750
C69.127
purposes
$5,093,950 $20,131,349 $18,946,300
applicable to
minority interests
Net equity of E
2,200,000
309,891
Notes payable
Common
12,106,047
526,689
9,000,000
5,140,000
90,824
$8,982,337 $36,009,496 $34,556,088
3,162,784
Int. on long-term debt—
Other
interest
(notes,
1,500,000
9,000,000
471,407
67,306
Accts. & notes rec
1,500,000
Second pref. 6%
1,249,677
Surplus
Gross income
6
$
7%
270,110
&c
1936
1937
trade
Sundry real estate
held lor reallz'n.
Cash
30
Liabilities—»
S
1,417,894
equipment.
Adv. to empl.,
$3.35
Representing in part earn-
y
1,500,000
Other loans & adv.
a
281.594
First preferred
Investments
for
$4,294,829
278,011
$0.42
1936
and
bldgs., machin'y
Loans
$4,036,013
Comparative Balance Sheet Nov.
Factory lands
1937—12 Mos.—1936
1937—3 Mos.—1936
Subsidiaries—
Operating revenues
$27,301,019
Oper. exps., incl. taxes._al4,671,093
Property retirement and
deplet'n res. appropr.
3,936,374
$301,901 sur$382,012
4,294,829
3,787,816
125,000
43,084
271,311
$4.11
and allowances,
$
102,529
86,835
563,142
420,051
$4,879,497
266,000
$1.38
1937
Asseis—
Period End. Nov. 30—
30 $4,710,353
share on com.
Decrease.—V. 146, p. 438.
Electric Power & Light Corp.
102,529
86,820
271,311
outstand¬
Less discounts, returns
x
191,738
$1,134,518
required.
Res. no longer
Earns, per
36,083
$307,502
102,529
86,823
$169,143 sur$843,484
4,879,497
4,036,013
surplus
Previous
295,061
$1,304,144
537,430
ing (par $25)
%
Amount
101,534,000
51,704,000
82,114,000
$1,326,256
108,951
Second pref. dividends..
Common dividends..__
Increase
1937
23,685
$343,585
$557,624
102,529
86,808
income taxes
Net deficit.
1938, the kilowatt-hour system input of
Operating Subsidiaries of—
1938
American Power & Light Co..103,521,000
Electric Power & Light Corp. 50.208.000
National Power & Light Co.. 76,240,000
17.257
$1,599,204
Prov. for Fed. and State
Inc.—Weekly Input—
Service
week ended Jan.
18"09l
$666,575
Other income
$2,381,137
$2.44
no
31,
17,300
17,104
of res. provided—
a
the disbursement might be
The board's action in
which ends Jan. 31.
influenced by the surtax law.
The dividends to be paid
Jan. 31 bring the
share.
authorized charging
Directors
total for the fiscal year to
„
Fox Theatres
..
$1,000,000 representing
price of an Oakland busi¬
out of surplus
"going concern value" that was included in the
ness purchased 10 years ago.—V. 145, p. 3816.
'
made within the
this respect was
Corp.—Receivership Extended—
of the
Weisman,
Federal Judge Martin T. Manton has extended the receivership
corporation to July 12, 1938, and has authorized Milton C.
business until that date.
....
.
.
The receiver reported that the corporation s consolidated current cash
position is $301,656.
Cash receipts from July 1. 1937 to Dec. 31, 1937,
amounted to $604,048, including $541,747 on hand on July 1, and the dis¬
bursements amounted to $291,462, including a 3% dividend to creditors
amounting to $267,694.
Total dividends paid to creditors amount to
$559,623, or 8% of allowed claims.
tJ
A
..
Efforts are being made by the receiver to liquidate the Liberty Theatre
and Office Building in Elizabeth, N. J., and the Isis Theatre in Denver,
Colorado.—V. 145, p. 3008.
receiver, to conduct the
Financial
596
Chronicle
Equity Corp.—Earnings—
Years Ended Dec. 31
Income Account
Income—Cash dividends
Int. earned on bonds
Int.
loan to subs.
on
_
Total
7,700
------
10,994
7,391
$618,216
$1,134,714
231,706
167,500
241,204
167,500
$3,445
913
210
1,329
$423,702
204,228
53,042
.
income
expenses
debentures,,
on
1934
$417,847
1,717
2,808
750
782
Underwriting profit--
Interest
$1,125,790
$599,521
Miscellaneous income,
Operating
1935
1936
1937
------
and
$4,569
90,602
2,405
2,531
Six
over
>
,
,
.,
•
•:.
■
and
soonniitay
exps.
of
endeavor to have the condition removed.
The road failed to receive ICC
a loan with C. & O. guaranty or unless the latter would
authorization for
— -
giving effect to nonresult^
same day the ICC approved the RFC loan to Erie on condition it
guaranteed by C. & O., the Commission gave final approval to the
acquire direct control of the road.
Erie after being turned down
by the C. & O. made three additional applications for an RFC loan in an
loan the Erie
(without
oper. exps.
On the
$2,500,000 in securities to be pledged under the loan in
some
addition to the collateral which Erie would put up.
paid at source
operating
manent cure of Erie's financial troubles.
was
taxes
Excess of income
1938
22,
C. & O. to
Taxes refunded to deben-
tureholders
Jan.
During the time between the decision of the ICC requiring C. & O.
guaranty of the Erie loan and the decision to file under Section 77 much
pressure was brought by Jesse H. Jones, RFC Chairman, and Administra¬
tion and the Erie management and security holders to force the C. & O.
to endorse Erie's note.
The C. & Q. management, however, voted against
Erie on the theory that to guaranty this loan would not bring about a per¬
$216,604
transactions)
Non-oper. exps'. charged
to capital surplus—_
Pref. divs. out of surplus
$723,480
605,928
6,432
loss$86,033
1,503
1,438,134
---—
24,398
64,798
221,184
lore Issues
Defaulted—
The company informed the New York Stock Exchange Jan. 14 of more
on its obligations.
Defaults in interest on six of its bond issues,
defaults
aggregating $122,000,000 of principal, were disclosed in the statement to
the Exchange.
The defaults announced pertained, to interest due on Oct. 1 last on Erie
4% convertible Series A bonds of 1953, 4% convertible Series B bonds of
1953, 4% convertible Series D bonds of 1953, 5% rounding and improve¬
ment bonds of 1975 and interest due on Nov. 1 on 5% refunding and im¬
provement 5% bonds of 1967 and on 5% prior-lien New York & Greenwood
Lake Ry bonds of 1946.
The management said these obligations would no longer be paid and the
Exchange's committee on securities ruled that they be dealt in "flat."
,
Balance Sheet Dec. 31
Assets—
1937
Cash in banks and on hand
Accts.
1936
$2,448,448
Accounts and dividends receivable
23,745
5,419,270
General market securities, at market quotations,,
Invest'ts in secur. of sub. and (or) associated cos.
American
353,890
5,452,548
1,800,857
420,908
488,738
13,986,573
1,755,607
57,134
General Reinsurance Corp., capital stock—
First York Corp., common stock.
Deferred charges
75,726
—
Total..
$15,976,799 $31,830,558
Liabilities—Accts. pay. for securities purchased—not received
Other accounts payable and accrued expenses
Accrued interest
on
debentures outstanding.
Reserve for taxes and contingencies
Debs, assumed by the corp.—Amer.,
Continental
$2,463
33,602
69,792
x38,533
Corp.
5%
British
gold debs, due Feb.
&
1,
1953
Fluctuation res've—representing excess of amounts
3,350,000
-
(net) at which in Amer. Gen. Corp. pref. and
com. stocks are carried herein, over book cost..
zDr489.980
Excess of cost of invest, in First York Corp. com.
stock over carrying amount
7>r221,942
Unrealized apprec. (net) of gen. market sec. owned
yDr414,512
Preferred stock ($1 par)
263,070
Common stock (10 cents par)
479,129
Capital surplus,,
12,866,646
Total
$ 15,976,799
for
contingencies
only,
y
$98,038
76,623
69,791
1,026,235
3,350,000
Federal
■Sheet
(net)
Light
&
145
Co .—Consolidated
Traction
1937
1937
1936
Assets—
$
Properties, Includ¬
ing tangibles
43 ,126,558 45.012.913
y
Invest,
Brunswick
inv.
in hands of pub.
Pow.
Min.
Co., not consol.) 4,487,826
Sinking fund and
special cash dep.
Cash.„i.
sub.
Funded debt
964,734
Notes pay.,
,165,983
1,049,911
539,886
54,489
73,743
Prepaid insurance,
payable
pref.
70,680
74,907
,157,557
1,590,276
"principal maturities, interest payments, leased line rental
and equipment trust payments."
Not included was $1,564,640 outstand¬
ing on Jan. 1 in "secured bank loans against which the banks
holding same
have since applied cash balances of debtor.
and debtor also has
a large amount of unpaid vouchers for
traffic balances, materials, supplies
and other expenditures."
.
.
.
The petition said its net cash balance at the close of business
on Jan. 15
was $2,116,330.
Cash from all sources through March 1 was estimated at
$10,102,955 to
pay operating expenses and taxes estimated at
"so that estimated amount available for debts due and
to
$10,613,495,
become due during
approximately $1,605,790."
the bankruptcy proceedings the "Wall Street Journal"
had the following:
Speedy reorganization of the Erie will be sought by Chesapeake & Ohio
Ry, which owns 55.68% of three outstanding Erie stock issues.
It is be¬
lieved that the controlling road will be
willing to put a substantial amount
of new money into the Erie to bring about its
recapitalization and reduction
of its present debt.
No definite plans on the reorganization of the
Erie have been
However, it is considered likely that
dividends.
—not
&
the transaction, which will be
merely
a
bookkeeping item.
C
Total
When C. & O. received ICC permission to
control the
ment did not intend to take immediate
Erie, the manage¬
steps to acquire the minority in¬
terest in that road because of its financial
condition.
However, now that
Erie must reorganize, the
way is open to bring the Erie directly into the
system, with a probable reduction in its fixed
obligations, which on a con¬
solidated basis, would be taken care of
by the system's earnings.
One factor regarded as
likely to help the reorganization of the Erie is that
It will be about the only road under
Section 77 having a rich parent with
consolidation authority.
One of the peculiar circumstances
surrounding Erie's plight is its earnings
oyer the depression years.
On an average, Erie covered its fixed
charges for the period of 1930 to 1936, inclusive,
and, it is estimated, failed
r,£°
1937 by only a nominal amount.
In 1932 the carrier covered
only 80% of its charges.
On the other hand, from 1908 to the end of last
year Erie paid dividends on its first
preferred in full only in 1929 and 1930
and half in 1931, while on the second
preferred dividends during this period
were paid only in 1929 and
1930.
record
The sequence of events which
brought about the move by the directors
°i Erie to authorize the filing of a petition to reorganize under Section 77
of the
Bankruptcy Act first started as long ago as last summer when
gross
revenues of the road
began to decline and at the same time expenses con¬
tinued upward.
not able to retrench
unpaid vouchers and
a
quickly enough to conserve its cash
few unpaid traffic car balances
began to ac¬
as long ago as
July, 1937.
In December the road filed an
application with the Interstate Commerce
Commission for approval of a Reconstruction
Finance Corp. loan of $6,006,the condition that the C. & O.
000.
This was approved by the ICC on
guarantee principal and interest of the loan.
refused to do.
reserve
no
par
.
for
496,386
13,934
5,903,183
13,400
ex¬
earned surp.
147,514
First
202,829
1,348,514
7,805,657
8,411,263
^
Total.........51,968,532 52.244,111
of $75,696 in 1937 and $52,916 in 1936.
y Represented
shares,
z Consolidated capital surplus only.
The earnings for the year ended
Sept. 30 were
published in V. 146, p. 439.
Security Corp. (Ogden)—Pays Extra Dividends—
The company paid extra dividends of 25 cents
per share in addition to
regular semi-annual dividends of 50 cents per share on the class A and
class B stocks
on
Dec. 15 to holders of record Dec. 10-—V. 145, p.
3972.
(Henry) Fischer Packing Co., Inc.- -EarningsYears E? ded Oct. 31—
Gross profit on sales..
$322,173
230,220
$341,199
203,112
$168,354
3,748
$91,953
3,849
$138,086
7,804
$172,102
19,400
1.216
$95,802
12,554
1,300
$145,890
25,760
2 5", 140
26" 025
$86,021
173,388
$56,808
171,844
$99,075
123,916
$259,409
$228,653
$222,992
21,000
x68,250
Other income.
Total income
Federal & state income taxes
Loss
1935
1936
1937
246,697
26",864
51,148
$415,050
Selling, delivery & general expenses..
farm operations, &c
Flood loss
on
Depreciation
on
plant and machinery
beginning of
19,037
1,753
y39,705
Net profit..
year
Totals
Dividends paid:
On preferred stock—in cash
On common stock—in cash
On common stock—in
This the
Chesapeake & Ohio
stk.
com.
28,400
$170,159
$173,389
$171,844
Includes $42,000 dividend
x
on old common stock of record on Oct. 15,
Flood loss represents the value of meat destroyed as a result of
Ohio River flood in January, 1937.
Other damages caused by the
1936.
the
y
dood were nominal and have been included in
expense accounts.
Balance Sheet Oct. 31, 1937
Assets—
LiabVUles—
Cash
Accts.
$122,528
receivable—customers.
Inventories.
Prepaid
800
20,826
1,398
y526,256
Fixed assets
Total
After
Accounts payable...35,376
Accrued expenses
35,468
5,863
expenses
Other assets
x
Live stock drafts payable.
xl36,129
143,757
1st mtge. notes receivable....
Cash value of life Insurance...
$957,558
reserve
for losses of $9,422
$302,249 —V. 145,
p.
$16,201
...
Drivers' fund
354
Pref. stock—6% cum. sinking
fund (par $25)
350.000
Common stock (par $10)
350.000
........
Surplus...
170.159
Total
y
After
$957,558
reserve
for depreciation of
3653.
Freeport Sulphur Co. (& Subs.)—Earnings—
i
and
..51,968,532 52,244.111
After
x
by 44,374
The option ex¬
1, next, and if necessary because of the mechanics
involved,
undoubtedly would be granted by Alleghany
cumulate
434,017
5,141,377
acquired surpl..
Balance
extension of the option date
was
232,702
Consol. capital and
.
The road
382,256
line
depos.,
a
by
Alleghany Corp.
The option price on this stock is $13.25 a share and was
given by Alleghany to C. & O. in 1932.
C. & O. already has
paid to Alleg¬
hany the full amount on this option and no further cash will be needed in
on Feb.
1,303,634
ncl. accrued int.
thorized the O. & O. to obtain and exercise direct control
of the Erie as well
as the Nickel Plate, such a
special committee probably will seek to bring
the Erie directly into the O. & O.
system and in addition also take up the
problem of merging the Nickel Plate with the C. & O.
by taking up the
minority interest in that carrier.
It is believed C. & O
will take up its option on the Erie
stock owned
if requested.
46,671
1,781,987
current..
Customers'
Reserves.
prepared yet.
special committee will be formed by
C. & O. management to take up the task.
In view of the fact that the Interstate
Commerce Commission has au¬
an
61,780
Tickets outstand'g
14.
for
291,771
446,^08
to
—
tensions.....--
He ordered the road to submit
financial statement by April 18 and to make
monthly reports thereafter.
In its petition the Erie said it owed
$10,071,062 between Jan. 1 and
pires
cos
extens on
Judge Samuel H. West signed thfe application four hours after it had
filed, making operations subject to court approval pending appoint¬
on
23,267
Accts. & notes pay.
rec.
current..
Deferred charges,.
been
Commenting
6,820
18,843,600 18,563,600
700,000
1,800,000
Acer, int., taxes &
taxes
2844
that period will be
banks
affiliated
A
1
2.648,240
other notes pay.
466,103
Contribut.
March
2,640.040
Accts. payable and
Accts.
ma¬
for Reorganization Under Section 77 of the
Bankruptcy Law—Trustees to Be Named—
a
7,873,545
company..
290,324
767,454
terials & supplies
—not
7,873,545
in
int.
598,100
receivable
Accts. & notes
$
4,387,400
stock¬
com.
holders'
2,721,201
Accts. and notes
Interest &
$
4,387,400
Common stock...
In & adv. to New
Erie RR.—Files
ment of one or more trustees on Feb.
1936
Pref. stock of subs.
(incl.
Liabilities—
$6 pref. stock
of
Federal District Court took contiol today cf the historic Erie RR.
under Section 77 of the Federal Bankruptcy Act.
The road, reporting
that it expected to be unable to meet
approximately $10,000,000 of debts
due between Jan. 1 and March 1, sought the action as a
way out of its
dilemma,
Balance
Sept. 30—
Merchandise,
Unrealized depreciation
five other bond issues.
276.
p.
General Market Securities owned,
z Excess
of cost of investments in
American General Corp. pref. and common stocks over
carrying amount.
-
on
Equipment Trust Issue—
department of the Pennsylvania Co. for Insurance on Lives &
4>£s Series NN
Jan. 15, has been
deferred.
Payment of $247,000 principal was due Jan. 15.
It is understood that the road has a 30-day grace period from Jan. 15
within which to meet the principal and interest due on this issue.—V. 146,
x
$31,830,558
on
Granting Annuties, Phila., trustee for the equipment
has announced that rental under the equipment trust, due
8,494,712
3,438,321
269,468
495,689
14,511,682
Jan. 3 defaulted in interest
on
Defers Rental
The trust
65,134
Real Estate Equities, Inc., capital stock & advs,
Reserve
14,472,788
General Corp.—
Pref. stocks, at market quotations
Common stock
x
$874,240
38,394
73,358
for securities sold—not delivered
rec.
The Erie
(Formerly Freeport Texas Co.)
Years Ended Dec. 31—
1936
1937
Net income after deprec.,
Federal taxes, &c
$2,703,742
Shares com. stock out¬
standing (par $10).796,381
Earnings per share
$3.30
or
1935
y$2,009.784 z$l,492,108
796.371
$2.43
796,371
$1.78
1934
$1,477,089
796,371
$1.75
Fourth quarter earnings totaled $724,383 or 89c. a share against $499,273
61c. a share in like quarter of 1936. y After provision for this company's
shares of the losses of its
subsidiary. Cuban-American Manganese Corp.,
amounting to $191,185.
z Before deduction of $64,910 losses of CubanManganese Corp.
Freeport's proportionate share of the net income of Cuban-American
Manganese Corp. for the year 1937 was $261,052, or 33 cents a sharejon
Freeport's common stock.
This compared with a net loss sustained in
1936 of $191,185, which amounted to 24 cents a share on Freeport's stock.
American
/
Volume
General
The common dividend is payable March 1 to stockholders of record
preferred dividend March 15 to stockholders of record
_
March 1.
General Public Service
Langbourne M. Williams Jr., President, announced Jan. 20 that directors
F. H. Cabot Jr., Chairman, and
Value of Assets—Reflecting the
outstanding
calling of the outstanding unconverted preferred stock requiring
$1,267,003 reflects the improved cash position of the company,
Mr.
Williams said, "and will effect an annual saving to common stockholders
'"The
Cash stood at $6,365,159 at the end of 1937 compared with
Dec. 31. 1936."
a regular quarterly dividend of 50 cents a
share on the common stock, payable March 1 to holders of record Feb. 15,
making it the 45th consecutive quarterly payment on this class of stock,
of $73,806.
$3,968,749
and
a
on
directors also declared
The
final dividend of 75 cents a share on the
manufacturing facilities for a complete line
smallest.—V. 146, p. 440.
Motors
of Diesels,
from the largest to the
Feb. 15, and the final
have voted to call for redemption on March 15 all the 12,301
shares of the $6 convertible preferred stock at $103 per share.
597
Chronicle
Financial
146
preferred.—V. 145, p. 2845.
Corp.—Annual Report—
D. K. Laidlaw, President, state in part:
severe decline in security prices, the
31, 1937 was $6,882,408, which, after
deducting the $5,000,000 of debentures outstanding, amounted to $83.55
per share of preferred stock.
The decline in the market value of assets for
1937, after adjusting for preferred stock dividends paid or declared in
excess of annual requirements and the cost of preferred stock purchased for
market
value
retirement,
of
assets
on
Dec.
27.7%.
was
Investment Action—-In anticipation of a substantial reaction in business
in stock prices, a protective policy was adopted during the rising
market in the spring of 1937.
Practically all the corporation's holdings of
and
common stocks, all the railroad common stocks and some utilities
sold, the major part of the selling being done in March and the early
At the completion of this selling cash amounted to approxi¬
mately $5,500,000 or 57% of the market value of assets.
Except for the
industrial
Bonds—
Justice John C. MacCrate, Brooklyn, on Jan. 18 struck
German Atlantic Cable Co.—Loses Suit
Surpeme Court
the
out
on
by two of
The bondholders
of the company in two suits brought against it
answers
its bondholders and awarded judgment to the
plaintiffs.
Bernard Dioglas. who sued to recover $6,825; and Louis J. Goodman,
who sued for $6,425.
Both men based their suits upon alleged failure of
are:
the company to pay on its $4,000,000 bond issue, issued
cable line between Emden, Germany, and the Azores.
a
to defray cost of
The bonds were
issued April 1, 1925 and are due in 1945.
The answer interposed by the cable company was that under the German
law of June 9, 1933. it is forbidden the use of any foreign exchange for the
payment of bonds in balance.—V.
144,
p.
3673.
Corp.—75-Cent Dividend
German Credit & Investment
The directors have declared a dividend of 75 cents per certificate on the
25% allotment certificates payable Jan. 26 to holders of record Jan. 20.
A
dividend of 50 cents was paid on Jan. 27, 1937; 40 cents was paid on Aug. 1,
1936, and one of 25 cents per share was disbursed on Dec. 3, 1935.
This
latter was the first distribution made since Aug. 1, 1931.—V. 145, p. 113.
General American Life Insurance Co.—Directorate—
Jan. 18 the following directors were elected
L. Ray Carter, Harry H. Langenberg, Walter
Souers, Powell B. McHaney, all of St. Louis, and
J. Rockefeller Prentice of Chicago.
This was the first meeting in which
policyholders have participated under the Company's mutualization plan.
Other members of the board who will hold over as a result of their election
At the annual meeting held on
to serve for a two-year term:
W,
Head,
Sidney W.
last
year for a two-year term are: Hugh
James M. Kemper, Kansas City, Mo., and
Stephens, Jefferson City, Mo.;
John B. Strauch and Thomas O.
Moloney, of St. Louis.—V. 144, p. 1279.
General
Earnings
The
American
over
New
$4
per
Corp.—Listing—
authorized the listing of 10,220
$5) on official notice of issuance,
has
Exchange
additional shares of common stock (par
making the total amounts applied for to date 1,032,945 shares.
The stockholders at their annual meeting April 13, 1937 approved the
G. A. T. Compensation Plan.
This plan provided that in the event the
earnings of the corporation in any year during the years 1937 to 1939, both
inclusive, exceeded $4 per share based on the number of shares of common
stock outstanding at the end of any such year, the directors shall be auth¬
orized at any time within four months of the close of any such year, to issue
from the unissued common stock and thereafter to distribute among the
employees of the corporation and its subsidiaries, shares, not to exceed in the
aggregate for any such year, 1% of the corporation's common stock out¬
standing on Dec. 31 of that year provided, however, that in no event shall
there be so issued and distributed for any such year shares, the aggregate
market value of which on Dec. 31 of such year shall exceed 10% of the
corporation's earnings for that year.
Earnings for the year 1937 as stated by Sam Laud, Executive Assistant
to the President and Comptroller were in excess of $4,500,000.
These
earnings were in excess of $4 per share based on the number of shares out¬
standing on Dec. 31, 1937 (1,022,725 shares). The stock of the corporation
had a market value of $40.50 per share at the close of business Dec. 31,
1937; 10% of the corporation's earnings for the year 1937 amounted to in
excess of $450,000.
Thus the 10,220 shares of the stock of the corporation
covered by this listing application and to be distributed to its employees
under this compensation plan had an aggregate market value on Dec. 31,
1937 of $413,910, less than 10% of the corporation's earnings for that year.—
V. 145, p.
3817.
General Capital
1937
x$258,846
$201,128
880
$210,271
12,020
$157,366
390,385
$198,251
1,004,099
Statement
and
$127,373
value at
$200,072 loss$233,019 loss$805,848
of receipt of stocks received as
date
of Surplus for the Year Ended Dec. 31,
1937
$977,167
2,886
cost..-_b2,576,984
Cash dlvs. receiv'le
15,131
Invest, at
sale of 25,354 shares of un¬
1936
$252,777
123,457
4,990,725
25,968
$3,572,168 $5,392,926
1937
Liabilities—
Accts.
payable
1936
<fc
$25,082
Total
llabs—
2,242,829
Balance-
Fed. and
payablei
under deb. indenture
$3,572,168 $5,392,926
market
plus—Excess of assets, based upon marketable securities
value, over liabilities and capital.—V. 145, p. 3973.
Motors
Corp.—Begins
a$269,498
10.731
$384,580
34,141
32,305
5,933
$427,762
37,843
34,274
2,470
$318,035
$312,200
$353,175
272,433
339,859
344,872
15,525
29,156
123,563
34,700
taxes
State
-
$6,414
$45,602 loss$27,659
$8,303
received are not treated as income; the
corporation's books is solely to re¬
proportionately the book value per share of all the stock owned in
Net
profit
Stock dividends as and when
a
effect of such
duce
the
stock dividends on the
in question.
1937 the corporation's
company
b Prior to Dec. 31,
stocks owned as income
on
dividends
dividends
practice was to treat
only when received; at that date the
declared but not yet collected, aggregating $23,438 (corresponding amount
at Dec. 31, 1936 was $33,515), were credited to earned surplus.
Dec. 31, 1937 dividends will be included in income as at the dates the
to receive them accrue.
After
right
1937
surplus—Bal.
at begin, of year
Net inc. (as above)
Mass
Production
$117,346
6,414
transf. tax applic.
•
prior years
Dr7,500
_
b23,438
interchangeable.
$106,904
$147,198
110,138
114,190
1,027,514
420,609
1O8S36,827
1,000
of yearprofit on sale of
and
Prem.
$71,744
490,902
39,845
Cr31,933
surplus:
Bal. at begin,
Net
$117,346
1,143,966
390,408
profit
Security
expenses
on
debentures called
Stated value of common
stock scrip
which exp'd
1934
Cr842
Dec. 31,
on
$6 pref. stock dividend,
$5.50 pref. stock div
4*7*3",565
_
3*6*9", 600
------
-
4,813
3,850
$1,055,996
$1,143,966
$490,902
$110,138
1,203.194
Total
1,261,312
562,646
217,042
securities sold were determined on the basis of the
book values.
The books values were the written-down values
established Dec. 31, 1931, and (or) subsequent costs,
b See footnote (b) under income statement.
Note—Based on the market value, as per investment list, the unrealized
net depreciation of investments at Dec. 31, 1937 was $2,110,194
with a net appreciation (after deduction for Federal normal income tax on
the taxable profit which would result from the realization of appreciation)
of $1,008,270 at Dec. 31, 1936, or a decrease of $3,118,464.
a
Profits or losses on
average
compared
Comparative Balance Sheet Dec.
1936
1937
Assets—
stocks, .$5,570,529 $7,306,197
490,090
Preferred' stocks.,
638,692
1,032,838
Bonds
802,280
418,605
Cash in banks
1,983,568
28,359
Accts. receivable.15,000
Divs.
receivable-_
Accrd. int. receivle
23,438
14,908
15*888
..$9,048,416 $9,291,976
Total
production of an integrated line of industrial high-speed two-cycle
Diesel engines is to start immediately in the new Detroit Diesel plant of
General Motors Corp., which was opened formally on Jan. 19.
► Th9 new engines, all parts of which are made by the corporation, are
said to show considerable improvement over previous Diesels in lightness,
compactness, low operating costs and freedom from necessity of special
lubricants and fuels.
A new feature is a provision for completely balanc¬
ing the engine, reducing vibration or rocking.
>■ Using automobile assembly-line methods,
the plant will have initial
production of 50 engines per eight-hour day, with ultimate capacity several
times that figure.
Output will consist of one, three, four and six-cylinder
engines, all having 71 cubic inches per cylinder.
All four of the Detroit
plant's engines are of identical basic design, with all parts
Completion of the plant at Detroit and of the new engine factory at
LaGrange, III., which will be in operation within a few months, gives
Mass
$98,601
8,302
$106,904
loss27,659
$71,744
45,602
Ass't for Fed. stock
of
Diesel Engines^
1934
1935
1936
Income
at quoted market
'
1934
a$238,346
131,159
15,075
Int. on debs. &
Common
carried on the
General
272,070
(other than Fed!)
3,123,663
accrued
$397,156
39,234
expenses
Taxes
$26,434
Capital stock...._c2,512,379
d Capital surplus. 1,034,707
value.
The marketable securities at Dec. 31, 1937, are
corporation's books at cost, $4,516,191.
c Represented by
132,107 no par shares (including .3,744 shares held in treasury) $2,510,033,
83 shares sold but unissued; amount to be allocated to capital $1,577 and
amount to be allocated to surplus $769; total (as above) $2,512,379.
d Sur¬
b At
Other
1937
($1,018,876) in excess of amount credited to capital stock
($481,726), $537,151; decrease during the year ended Dec. 31, 1937,
in General Capital Corp. stock held in treasury (Dec. 31, 1937, 3,744 shs.
cost $111,041, Dec. 31, 1936, 40,584 shs. cost $1,367,397), $1,256,356;
total, $4,163,710. Deduct: Divs. to stockholders, $190,264; cost of 55,133
shares of treasury stock retired by vote of stockholders on Nov. 1, 1937,
$1,982,569; Less.- Amount carried in capital account in respect thereto
$1,047,527), $935,042; unrealized net depreciation in quoted market value
of marketable securities during the year ending Dec. 31, 1937 (Dec. 31,
1937, net depreciation, $1,939,207,
Dec. 31, 1936, net appreciation.
$64,488), $2,003,696; total, $3,129,002.
Surplus—Excess of assets, based
upon marketable securities at quoted market value over liabilities and
capital at Dec. 31, 1937, $1,034,707.
Balance Sheet, Dec. 31
stock
$354,746
35,837
33,046
7,378
& adm. servicesi
Salaries
securities,
account
Assets—•
bds., notes & cash
Rev. fr. option contracts
a
panying statement, $127,373; proceeds from
Accts. receivable..
tm'm*
i
to
Surplus—Excess of assets, based upon marketable securities at quoted
value over liabilities and capital at Dec. 31,
1936, $2,242,829;
Add: Net operating profit for the year ended Dec. 31, 1937, as per accom¬
Cash..
<m
1935
1936
a$299,774
81,857
$278,485
O tUvlXf)
UU
Accrued divs. rec__
market
Total
V* LVD,
on
175
11,851
dividends
taxable dividends.
issued
Int.
-
79,020
profits tax
Cash
1937
b$294,669
58,277
1,800
Calendar Years—
V/ADU
undistri¬
Net profit for period..
x
$192,560
35,193
$218,244
Net oper. income
Net loss on sale of inv
buted
approximately
Surplus Statement as of Dec. 31
41,736
Taxes and expenses
Fed.
of
this cash position was maintained until Sept.
first part of October further investments were
stocks at progressively lower levels, resulting
Surplus (earned):
1934
1935
1936
$242,864
40,602
Int. & divs. received
for
$1,600,000 during the summer months,
During that month and the
made in industrial common
in a fully invested position
at the end of the first week in October.
On the recovery which followed
the drastic decline later in that month, the cash position was increased
by the sale of approximately $1,700,000 of industrial common stocks and
this position was substantially maintained to the close of the year.
Except for the liquidation of the small holdings of railroad bonds, there
was little change during the year in the corporation's investment in bonds
and preferred stocks.
At Dec. 31, 1937 approximately 53% of the market
value of assets was represented by common stocks, 18% by bonds and
preferred stocks and 29% by cash.
Financial—During the year corporation purchased for retirement 2,390
shares of its preferred stock at a total cost of $185,737.
Other than this
retirement of preferred stock, there was no change in the outstanding
capitalization in 1937.
Dividends—Dividends amounting to $18 a share on the $6 dividend pre¬
ferred stock and $16.50 a share on the $5.50 dividend preferred stock were
paid during 1937 out of earned surplus derived from profits on the sales of
securities.
Of these amounts, the payment on April 1, 1937 of dividends
of $15 and $13.75 on the two series of preferred stock, respectively, elimi¬
nated all cumulative dividends accrued and in arrears on the preferred stock
as of Feb.
1, 1937.
Regular quarterly dividends were subsequently paid
on May 1 and Aug. 2.
No dividends have been paid since the latter date.
Payment of the Nov. 1 quarterly dividend, which had been declared
prior to the drastic decline of security prices in October, was postponed
through action of the board of directors at its meeting held Oct. 28, 1937.
The Board deemed it prudent to take this action in view of the fact that,
at the low prices in October, there was an impairment of the capital repre¬
sented by the preferred stock.
reinvestment
Corp.—Earnings—
Calendar Years—
Prov.
part of April.
Share in 1937—
Stock
York
Transportation
were
31
1937
Liabilities—
payable.
Pref. dlvs. payable
Accounts
Taxes accrued
Convertible
1936
$17,212
$50,594
33,769
4.833
2,369,000
5K% ser.due'39 2,631,000
2,084,143
a Preferred stock,
669,886
c Common stock..
b35,378
Capital surplus
Earned surp. (from
Jan. 1, 1932)... 1,203,194
Total
"4*925
debs.:
5% ser. due 1953
2,369,000
2,631,000
2,305,258
669,886
1,261,312
$9,048,416 $9,291,976
Represented by 22,320 shares (1936, 24,640 shares) $6 dividend pref.
210 shares (1936, 280 shares) $5.50 dividend pref. of no par value
(entitled to $110 per share upon redemption or voluntary liquidation, or
$100 per share upon involuntary liquidation, plus accrued dividends).
Total pref. stock authorized 47,610 shares, of which 23,690 shares of
preferred are reserved for conversion of 5% debentures.
Junior
stock authorized 10,000 shares of no par value, of which no shares have
a
and
$5.50
preferred
issued.
b
cost
and
c
the year 1937 the corporation purchased and retired
dividend preferred and 70 shares $5.50 dividend pref.
During'
shares
$6
assigned value of such shares by
this amount was credited to capital surplus.
,
Represented by 669,886 shares of no par value.
Authorized
thereof was less than the
shares, of which 26,310
—Y. 145, p. 3008.
shares are reserved for
2,320
The
$35,377
...
900,000
conversion of 5^% debs.
598
Financial
Georgia & Florida RR.—Earnings—
Week Ended Jan.!—
1938
'
Glidden
1937
$17,500
Operating revenues
—V. 146, p. 441.
Decrease
$23,775
$6,275
Chronicle
Pittsburgh, the depositories for the company.
Interest that fell due Oct. 1, 1937, on the new collateral trust bonds
issued, will be paid as soon as legal formalities can be completed and
bonds delivered.—V. 146, p. 278.
Co.—Acquisition Voted—New Treasurer—
Stockholders at the annual meeting held Jan. 20 approved acquisition of
Chemical Co. for 34,697 shares of Glidden common
This will bring into the Glidden organization four addi¬
tional wood chemical plants.
Sales of the newly-acquired company for
1937 were approximately $800,000 and its assets amount to about $1,040,000
R.
H. Horsburgh, Senior Vice-President and Treasurer, resigned his
$30
share.
a
position as Treasurer, although continuing asl Senior Vice-President, and
John A. Peters, Assistant-Treasurer, was elected Treasurer.
Clifton M.
Kolb was added to the board, increasing it to eight members.—V. 146,
441.
p.
Globe &
Republic Ins. Co. of American-Extra Div.—
The directors have declared an extra dividend of five cents per share in
addition to the regular quarterly dividend of 20 cents per share on the
common
stock, both payable Jan. 29 to holders of record Jan. 20.
Similar
payments were made on Oct. 30 and on July 30, last.—V. 145, p. 2584.
Gorham Mfg. Co.—
The directors on Jan.
Greif Bros.
18 declared
a
dividend of 25 cents was paid on March 15 last; a special dividend of
paid on Jan. 25, 1937 and a regular quarterly dividend of 25 cents
per shre was distriouted on Dec. 15, 1936.
The company stated that the current dividend was being paid on account
$1
a
was
undistriouted
of the
profits
includes the
and
tax
normally be paid on March 15,
Jan. 31.—V. 145, p. 3656.
1938.
dividend
which
would
Cooperage Corp. (& Subs.)—Earnings—
Years End. Oct. 31—
1936
1937
1935
ussd
mfg.exp. & depletion. $1,680,350
103,907
$1,401,114
28,428
Total income
L
$1,784,257
Depreciation.
220,197
Sell., gen. & admin, exps.
641,402
Red.
book
in
value
$1,106,857
48,723
$1,155,580
172,187
494,704
,429,542
169,233
554,539
$1,132,133
$1,151,360
220,146
462,191
10,000
20,357
16,202
Other income.
17,398
28,000
57,344
of
land, &c._
Addit. prov. for conting.
Interest expense
Red. in sees, to market
18,139
values
25,196
dls.
on
of
perma¬
nent assets._
15,198
Misc. deductions (net)__
16,111
Prov. for est. Fed. tax..
151.579
undist. profs..
62,000
Surtax
on
103,000
""393
Crl",298
$602,376
112,000
$357,430
64.000
$287,886
64,000
$310,030
Net profit
Divs. on class A stock—
Balance, surplus
Corp.—Earnings—
$490,375
$293,430
$223,886
Assets—
1937
1936
Liabilities—
Land, bldgs.,mach.
$859,635
630,476
182,205
Capital
and equip.,
1937
stock
„
Selling, administrative and general expenses
Profit from operations
$46,953
7,554
_
Accts. payable....
Accrued taxes..
368,975
Marketable
143,113
subsidiaries
receivable
844,262
783,473
1,983,194
40,689
$36,037
y29,866
x Includes $551
for surtax on undistributed profits,
y $7,467 paid in
cash, $0.50 per share and $22,400 paid in scrip certificates $1.50 per share,
due on or before Sept. 25,1942, without interest.
Balance Sheet
Notes & accts. receivable
Inventories.-
77,208
234,129
....
Prepaid Insurance & supplies...
Claimed
Pennsylvania income tax
.
_•»
»
5-year notes,
1942
Goodwill..........
149,700
5%, due Aug,
Treas.
notes
&
1,
Div.
ctfs., payable on or
before Sept. 25, 1942, without
interest..
1
.....
$553,0901
zlO.OOO
z
Represented by 1,000
Grand Rapids Varnish
Calendar Years—
Sales.
y
Corp. (& Subs.)—Earnings1936
1935
Selling and adver.
1934
$2,097,591
$1,666,223
exp__
Adminis. & gen. exp
bonds
30,175
26.522
21,911
21,911
297.962
__
247,638
on
,
(affil. cos.)
1
1
36,693
Deferred charges..
25,587
Total
$7,015,908 $5,169,206
Total....
$7,015,908 $5,169,206
x
Company has outstanding 64,000 shares of class A cum. com. stock and
54,000 shares of class B com. stock; both of no par value.—Y. 145, p. 3973
Greyhound Corp.—Issuance of Notes of Subsidiaries—
The Interstate Commerce Commission on Dec. 8 authorized the following
companies to issue serial equipment mortgage notes in the aggregate
principal amount of $3,680,000 to finance the purchase of 340 new motor
buses. The notes in all cases run for a period of five years except in the case
of Pacific Greyhound Lines, which run for four years.
To finance the pur¬
chase of the equipment the companies propose to borrow from the National
143,016
154,645
136,409
62,167
$1,985,199
1,234,674
24,574
393,602
143,235
$1,942,946
1,187,481
$1,236,886
372,792
129,329
$1,529,814
911,948
20,757
331,222
106,673
$189,113
Cr2,683
$231,036
G'rll,510
$159,215
11,541
$146,997
26,325
26,700
3,300
33,150
10,050
19,500
18,600
the total cost of each bus contracted for (except in case of Pacific Greyhound
Lines, which will pay $5,500 per bus, costing $13,500). The balance of the
purchase price, approximately $2,000 per bus, and cost of issuance of such
notes will be paid with applicant's own funds.
The companies, the amount they will borrow and the number of buses
to be bought by each are as follows:
$1,299,053
Less returns, allowances,
Net sales
Operating profit
Other deductions (net)._
for Fed. inc. tax
(est.)
Amount
No. of New
Buses
Borrowed
22,309
Prov.
Prov. for Federal surtax.
2,491,113
1,485,483
1,841,171
Jmrsuant to tripartite agreements which subordinate applicant's present
ndebtedness to the parent company funds with which to pay $12,000 of
Represented by 9,208 no
shares.
no par
1937
freight and discount._
327,843
2,491,113
__.
City Bank, New York (except Pacific Greyhound Lines which will borrow
from American Trust Co. of San Francisco), upon their promissory notes,
$2,128,216
Cost of goods sold
Provision for deprec'n..
Capital stock
Profit and loss
6,171
44,858
.....
Total
After allowance for depreciation of $95,717.
shares,
22,400
149,330
y92,086
Earned surplus, since Oct. 1, '36
par
23,565
363,542
$553,090
Capital surplus..
x
25,427
scrip
Pref stock, 5% cum ($10 par)..
Com stock, cl. A non-voting
Class B
Total
life insurance.
accrued
int., pay. at maturity of notes
i.............x185,039
.
3,599
5,634
Federal Income tax
Land, bldgs., mach. & equipm't,
patterns,
automobiles,
&c.,
at cost..
x
19,724
3,287
con¬
&c—
16,077
Second mtge. bond
2,020
19,100
receivable-...
account
$27,808
Accrued accounts
$35,594
&
Goodwill
Accounts payable
for
Cash surrender vai.
Liberty
Invest,
Liabilities—
deps. in hanks & cash
hand
notes
an
sub__
tingencies,
receivable
deposit, <fec
Sept. 30, 1937
Assets—
on
& misc.
accts.
163,890
217,000
to
pay.
Reserve
Officers, employees
Net income
Dividends on preferred stock
425,000
264,209
70,443
State
&
unconsol.
101,060
$1,800,000
229,353
taxes
Acct.
MLsc. notes & accts
receivable
$11,668
Prov. for Fed., Do¬
minion
3, 039,002
Inventories
......
Notes payable
Customers' notes & ;;
accts.
$54,508
9,286
x9,184
....
Interest expense
Allowances for income taxes
secure.
511,891
153,693
1936
of
&c.,
less depreciation? 1 502,640 $1,065,400
Timber properties.
610,391
285,640
Cash
Cost of sales
Demand
38.600
86,000
$674,830
364.800
Loss applic. to min. int.
The company's fiscal year ended
Income Account for the Year Ended Sept. 30, 1937
Sales, less returns and allowances
Total income
19,227
Consolidated Balance Sheet Oct. 31
Good Roads Machinery
Other income
1934
Mfg. profit after deduct,
Loss
To Pay $1.25 Dividend—
dividend of $1.25 per share on the
common stock, no par value, payable Jan. 26 to holders of record Jan. 18.
Dividends of 50 cents were paid on Dec. 15, Nov. 15, Sept. 15 and June 15
last;
1938
22,
to be
assets of Southern Pine
at
Jan.
Securities of the company may still be deposited with Chemical Bank &
Trust Co., 165 Broadway, New York or Peoples-Pittsburgh Trust Co.,
Central Greyhound lines, Inc
Central Greyhound Lines, Inc., of New York
Dixie Greyhound Lines, Inc
704,542
21,526
Illinois Greyhound Lines, Inc
Ohio Greyhound Lines, Inc
259,271
104,549
$300,000
372,000
180,000
120,000
60,000
800,000
1,200,000
360,000
96,000
72,000
120,000
Pacific Greyhound Lines (see below)
Pennsylvania Greyhound Lines, Inc
Southwestern Greyhound Lines, Inc
Teche Lines, Inc
Capital Greyhound
Richmond Greyhound
25
31
15
10
5
100
100
30
8
6
10
The notes to be given the bank (except in case of Pacific Greyhound Line
below) will be issued in series of 20 notes of even date and of equal
principal amounts, the aggregate principal amount thereof being equal to
$12,000 multiplied by the number of busses to which they pertain, and will
mature serially every three months over a period of five
years after date,
with interest at the following rates per annum,
payable every three months
after date until paid in full: First four instalments,
1.5%; next two instal¬
ments, 2%; next two instalments, 2.5%; next two instalments, 3%; next
two instalments, 3.5%; and last eight instalments,
4%.
Applicants will
have the options to prepay at any time the
principal of and accrued interest
on any note or notes.
Contemporaneously with issuance of each series of
notes, they will execute and deliver to the bank a chattel mortgage which
will be a first lien on the busses and
equipment, except tire6, to which such
notes pertain.
The tires are owned by the tire manufacturer, and are
rented to applicants on a mileage basis.
After all of the busses have been
delivered, applicants will execute and deliver to the bank, in substitution
for the several chattel mortgages given at the
respective delivery dates, a
chattel mortgage which will be a lien on the total number of busses and
appurtenant equipment, and will secure the payment of all the notes
theretofore given.
The notes to be given the bank by the Pacific Greyhound Lines will be
issued from time to time as the busses are delivered;
repayments on the
principal to commence at such time as the maximum amount required is
secured, and to be made in quarterly instalments of $50,000 each, and will
bear interest at the rate of 3% per annum
payable monthly on the first
day of each month. As security for the sums of money so borrowed, appli¬
cant will execute and deliver to the bank chattel
mortgage on all the motor
vehicles so purchased, and it represents that the entire
obligation will be
repaid in four years.—V. 145, p. 3973.
—see
Net profit
$161,796
133,000
$128,174
69,125
$102,072
64,575
$28,796
________
$199,345
119,702
$79,643
$59,049
$37,497
$1.22
Dividends paid
$1.50
$0.96
$0.76
Balance
Earns, per share on 133,000 sns. cap. stock (no
__
Par)
Consolidated Balance Sheet Dec. 31
Assets—
Cash
1937
1936
$29,227
150,000
$32,208
150,000
Accounts payable.
Commissions
143,739
189,269
Accrued taxes, int.
& other exps
369.605
415,612
Provision for Fed.
Liabilities-
hand and
on
on deposit
TJ. S. Govt,
1937
Notes payable.
secur.
Customers* notes &
accounts recelv.
Inventories
Other assets
...
7,421
7,796
Permanent assets
328,013
287,764
15,100
8.695
$200,000
69,307
158,586
3,025
11,975
7,854
Fed.cap.stk.tax.
Deferred charges..
1936
$237,500
Fed. & State social
x
income tax
30,000
2,820
security tax
5,172
Res. for conting._
y
z
$1,043,104 $1,091,345
Treasury stock..
Total
y
Represented by 143,500
no par
5,000
454,999
308,920
283,093
7>r73,500
Dr73,500
$1,043,104 $1,091,345
,n^Afterr.reserve8 for depreciation of $221,867
1936.
5,000
454,999
Capital stock
Earned surplus...
Total
43,200
shares,
no-par shares.—V. 145, p. 3345.
in
z
1937 and $199,651 in
Represented by 10,500
Grumman Aircraft
John
Grand Union Co.—Sales—
This
company
and subsdiaiaries
reported
145,
for
52
weeks
ended
Jan.
1
1938, store sales of $30,838,209 as compared with
$29,255,241 for the 53
ended Jan. 2, 1937 an increase of
$1,582,968 or 5.4%.—V. 145,
weeks
p. 3009.
Great Western Electric Chemical Co.
Dividend—
The directors have declared
mon
stock,
no
par
value,
To
Pay 80 Cent
This compares with $1.40 paid on Dec.
15, last; $1 paid Nov. 15 and on
Aug. 14, last 80 cents paid on May 15 and on Feb. 15, 1937; $1.60
paid on
Dec. 24, 1936, and 80 cents per share
paid on Nov. 14, 1936, and each three
months previously.—V.
Grant
145,
Building,
p.
1420.
Inc.—Plan in Effect—
The company with the approval of the
representatives of its first mort¬
gage leasehold bondholders, on Dec. 31, 1937, declared its
reorganization
plan dated July 28, 1937, in effect.
J. Bergen
4118.
has
Engineering Corp.—New Director—
been
elected
a
director
of
this
corporation.—V;
Hancock Oil Co. of California—Extra Dividends—
The directors have declared extra dividends of 20 cen*s
per share in
addition to the regular quarterly dividends of 25 cents
per share on the
class A and B common stocks, no par value, all payable March 1 to holders of
record Feb. 15. Similar dividends were paid on Dec. 1 and on
Sept. 1, last.
Extras of 12^ cents were paid on June 1 and March 1 last and on Dec. 1
and
dividend of 80 cents per share on the com¬
payable Feb. 15 to holders of record Feb. 5.
a
p.
Sept. 1, 1936.—V. 145,
p.
3009.
(M. A.) Hanna Co.—Subsidiaries Dissolved—
The company has notified the New York Stock
Exchange that its whollyowned subsidiaries, Monongahela Securities Co., a Delaware
corporation,
and Hanna Coal Co., a Delaware
corporation, were dissolved on Dec.
14,
1937, and Dec. 21, 1937, respectively.—V. 145,
Hartford
The
&
Interstate
Connecticut
Commerce
Western
Commission
on
3974.
p.
RR.—Abandonment
Jan.
10
issued
a
certificate
permitting abandonment by the trustees of part of a line of railroad extend¬
ing from a point about 0.27 mile west of former High Street Junction Sta-
Volume
Financial
146
to, Collimill6, to a point about one mile east of Winsted, approximately
11.34 miles, all in Litchfield County, Conn.
Permission also was granted
the trustees of the New Haven to abandon operation
of the line.—V. 14ft,
279.
p.
New
$619,233
46,303
23,425
$427,158
48,197
21,062
$132,325
44,037
15,765
$595,161
Royalties
Other
$688,961
$496,417
$192,126
249.469
285,684
213,326
21,363
51,606
36,382
$295,550
y492,135
$351,672
x762,810
$225,345
Selling, general & admin¬
istration, &c., expense
Other
<
deductions
Provision for
U.
Canadian income
taxesi
Preferred dividends
w
loss$39,574
($344,494) paid out of consolidated paid-in surplus
($418,314) paid out of consolidated earned surplus.
$212,045 charged to paid-in surplus and $280,090 charged to earned
surplus.—V. 145, p. 3009.
y
Hat Corp. of America
inventory 2,169,662
1,262,559
112,591
1,826,106
35,698
35,698
receivable
1,455,868
122,302
a
Mdse.
Land,
c
262,837
com.,&c.
wages,
Prov.
1936
salaries,
Accrued
b Notes and accts.
Life Ins. policies..
for
Fed.
219,415
miscell taxes
Divs. payable
mt
_
—
—
«■
—
6}4% pref. stock.. 3,006,800
Bldgs., machin'y
•
186,129
&
equipment.
1,372,133
1,334,659
37,700
36,900
(voting) (par$l)
251,458
100,108
3,174,813
Class A com. stock
Land for plant ext.
and
d Tenements
Class B
on
21,680
18,090
31.129
29.586
1,565,100
rent,
e
In¬
surance, &c
Goodwill,
com.
359,660
stock
109,660
non-vot.(Dar $1)
Capital surplus. 1,703,925
1,357,794
Earned surplus
$7,214,526 $7,310,5501
Total..
1934
$2,534,143
$1,543,484
$1,223,640
63,776
65,703
89,495
45,145
,090,447
184,936
36,635
45,647
572,233
$2,599,846
$1,632,979
160,746
6,144
166,850
378,136
145,327
57,813
$1,268,785
124,340
41,796
225",755
182",055
$2,250,996
115,205
$1,887,971
$1,204,084
115,205
115,204
$920,594
115,204
!,135,791
Surplus avail, for com. $2,135,791
Shs. com. stk. outst'g—
724,004
$2.95
Earnings per share
$2.95
$1,772,766
$1,088,880
.....
Depreciation
...
....
Interest
Deb. int., disc. & exp_.
Federal taxes...
_
_
_
_
_
_.
Net profit.....
Preferred dividends.,
109,660
1,701,324
1,317,061
Total.........$7,214,526 $7,310,550
Certified by the management as to quantities and marketable condi¬
tion of the inventory, and valued at the lower of cost or market,
b After
reserve for bad debts, discounts and allowances of $359,897 in 1937 and
a
$303,267 in 1936.
c After reserve for depreciation of $557,851 in 1937
and $451,415 in 1936.
d After depreciation reserve of $30,881 in 1937 and
$28,385 in 1936.
e
Upon the basis of treating $4,000 ($497,900
in
1936) par value of 6>£% cumulative preferred, stock in the treasury as
though retired.
The corporation may at any time apply the 6 Yi % cumula¬
tive preferred stock in its treasury against its charter obligation to provide
a sinking fund for the retirement of preferred stock.
The earnings for the year ended Oct. 31 were published in Y. 146, p. 441.
Revenue Act of 1936.
the parent company out of earnings of
will be subject to the income tax laws ap¬
On the basis of income tax rates now applicable, further
taxes on the distribution of the earnings to the parent company for the quar¬
ter ending Nov. 30, 1937, are calculated at approximately $135,000.
No
provision has been made for this since such taxes may never be incurred or
required.—V. 145, p. 3346.
subsidiaries in the United States
plicable thereto.
at their meeting held Jan. 17 decided to omit the dividend
capital stock which would ordinarily have been paid on Feb. 15.
Quarterly dividends of 25 cents per share were distributed during 1937.
See V. 145, p. 614, for detailed dividend record.—V. 145, p. 438.
the
Holly Development Co.—-Earnings—
by-laws so as to increase the number
Havana Electric & Utilities
Co.-—Accumulated Div.—
dividend of 75 cents per share on account
1st pref. stock, par $100, payable Feb. 15
to holders of record Feb. 1.
Similar payments were made in each of the
six preceding quarters, on Aug. 15 and May 15, 1935; Aug. 15, May 15,
and Feb. 15, 1933, and on Nov. 15, 1932.
The last regular quarterly
payment of $1.50 per share was made on May 16, 1932.—V. 145, p. 2694#
def$2,700
$15,918
86,806
90,698
128,638
119,913
Earned surp. Nov. 30-
$141,939
$87,998
$144,557
$132,294
Balance Sheet Nov. 30
Hawaii Consolidated
Dividends of 20 cents per share were paid on Sept. 15,
1937; dividends totaling $1.20 per share were paid
during 1936, and dividends amounting to 80 cents per share were distri¬
buted during the years 1935 and 1934.—V. 145, p. 4180.
June 15 and March 15,
(G.) Heileman Brewing Co .—Dividend Omitted—
held Jan. 19 decided to defer payment of the
Directors at their meeting
dividend ordinarily due Feb. 15 on the company's common
stock.
A regular
quarterly dividend of 25 cents per share was distributed on Nov. 15, last.
A representative of the company, commenting on the action, said: "The
company's earnings for the year 1937 are regarded as satisfactory, in view
of the high cost of raw materials that prevailed throughout the year.
Since
July, 1937, the company's sales have shown a substantial increase over
comparable months in the preceding year, and contracts for materials
already placed for 1938 are on a basis below the average 1937 costs.
Con¬
sequently, it is believed that the profit outlook for 1938 is good.
The directors felt that in view of general business uncertainities and the
payment in the dividends in 1937 of somewhat in excess
earnings, it was advisable to defer action."—V. 145, p.
of the 1937 total
1260.
276,250
276,750
Marketable securs.
12,500
Acc'ts receivable-.
41,077
2,460
22,504
46,453
4,682
125,530
101,286
383
1936
$1,003,474
1937
$1,278,731
Years Ended Dec. 31—
Income
Inventory
Cash
Deferred charges..
1935
$271,582
30,294
Total income
$476,075
$353,327
Home Insurance Co.—Extra Dividend—
declared an extra dividend of 15 cents per share in
to the regular quarterly dividend of 25 cents per share on the
common stock, both payable Feb. 1 to holders of record Jan. 17.
Similar
distribution were made on Nov. 1, Aug. 2 and on May 1, last.
A stock dividend of 1.29 of a share of common stock for each share held
was paid to stockholders of record March 25, last.
See V. 144, p. 454 for
detailed record of previous cash distributions.—V. 145, p. 2549.
The directors have
addition
to
plan for the resumption of business by the company by a return
stockholders and under control of a board of directors, was
submitted to Jan. 18 to Justice George E. Brower in New York Supreme
considerable discussion.
It was favored by a large majority
and certificate holders.
Opposition to several of its pro¬
James S. Kleinman, a large individual creditor.
The plan provides that creditors be paid one-eighth of their claims at
once in cash, three-eighths in notes and the remaining half in certificates
Court after
of the creditors
visions was voiced by
of beneficial
interest.
losses
time the
47,930
$353,327
561,258
$277,849
477,322
Horn- & Hardart
$
31,114
Accounts recei v.
Inventories
256,789
......
517,400
$755,172
y
6,200
68,895
xll8,818
893,502
15,492
325,869
517,400
x
11,803,880 11,801,471
_.
$
2.137.025
..
300,493
233,941
expenses.
330,990
299,832
149,289
47,160
17,890
224,992
payable.
Accrued
Dividends
payable
Deferred credit
$871,329
245,473
$1.48
$42,481 paid July 31, 1935.
Balance, earned surplus, Dec. 31--
Earnings per share
x
Includes extra of
$2)
$680,586
242,333
$0.98
y
90,321
Res. for Fed. taxes
33,117
92,000
52,482
33,117
Mtges.
Deferred charges..
92,000
56,456
Treasury stock.»
Shares common stock (par
117,930
Goodwill
$561,257
234,094
$0.89
Consolidated Balance Sheet Dec.
Assets—
Cash
on
1937
$
Liabilities—
Coll. trust notes..
1,444,184
1,328,607
Notes pay., unsec.
9,789.473
Accounts
79,457
116,186
i
Accrued taxes....
181,124
128,848
10-yr. 4% notes'46
2,500^000
Deferred inc., &c.
25,000
524,327
1,641,125
490,946
Capital surplus...
55,336
Earned surplus
871,329
Treas. pref. stock. Z>r30,549
Pref. stk. (par $25)
Com. stk.
Total..
12,120.130
11,246,930
Total..
(par $2)
.
$
5,621,707
239,785
1
Reserves
1936
377,500
4,702,325
172,318
125,824
Furniture & fixt..
Deferred charges..
payable.
payable
$
.—..
Dividends
Investment...
2,500,000
15,000
435,776
1,641,125
484,666
41,992
680,587
After
3819.
565,000
4,057,500
6.089.026
13,744,232 13,821,654
Represented by 99,526Tno par shares, y After reserve for depreciation.
earnings for the year ended Sept. 30 were published in V. 146,
442.
Howe Sound Co.—Earnings—
Dec. 31— 1937—3 Mos.—1936
1937—12 Mos.—1936
$4,178,451
$3,902,219 $19,453,664 $13,018,688
Period End.
Value of metals sold
3,439,879
_
Total income
Less depreciation
x
Net income
Earns, per
x
—
No
sh. on cap .stk.
3,246,403
14,439,897
10,969,408
$655,816
244,213
$5,013,767
94,755
$2,049,280
$900,029
96,709
$5,108,522
355,478
$2,854,408
$652,888
Operating income
Miscellaneous income.
$738,572
5,303
$743,875
90,987
Operating costs
$803,320
$1.38
$1.70
$4,753,044
$10.03
$2,518,984
$5.32
provision was made for Federal surtax on
805,128
335.424
undistributed profits.
Metals Sold
Ounces
...^.12,120,130 11,246,930
deducting balances withheld from dealers, &c., payable upon
collection of receivables, $2,877,311 in 1937 and $3,057,068 and reserve for
doubtful receivables, $239,361 in 1937 and $210,831 in 1936—V. 145, p.
x
Total
135,000
4,135,000
6,364,267
x
p.
31
Receivables...__10,527,344
22,777
in banks
x
$
mtges.
The
1936
hand and
13,744,232 13,821,654
Total...
Includes $2,993 for
47,160
16,883
277,414
due within
lyear...
Long-term
Surplus
additional prior year's taxes.
1937
_
$
2,137,025
Capital stock...
Accts.
land,
est.,
fixtures.
113,908
171,425
Common dividends
.
Sheet Sept. 30
1936
IAabllitles—
Res. for contlng..
Prepayments
Real
Federal in¬
for prior year.
Preferred dividends.
assumed
1937
1936
835,548
114,682
119,316
$1,156,662
additional
Baking Co.—Balance
$
Assets—
$914,585
come taxes
of which
i...
,.
Crowley and Abraham Feinstein for creditors and certificate
holders, Samuel Feller for Superintendent of Insurance Louis H. Fink,
who has had control of the company as rehabilitator; Jacob L. Holtzmann
for the State Mortgage Commission, all united in favoring the plan and
asking Justi'-e Brower to approve it.—V. 145, p. 4118.
24,027
$476,075
680,587
ol
shrinkage
Ralph
Investments
for
of mortgage certificates or owners
will require a period of about six years, by the end
stockholders hope to find that their holdings have again
Cash
Provision
^
suffered by holders
complete mortgages are to be determined by appraisals or direct
sales and certificates of indebtedness are to be issued to cover all
1937
Underwriting expenses in connection
with issue of add'l capital stock—
Previous earned surplus.
Co.—Submits Plan—
Title Insurance
Home
The
the hands of its
$301,877
profit on above operations.
Other income (net)
.$1,855,938 $1,785,856
substantial value.
$353,327
Provision for Federal surtax
yl03,493
87,998
£iiicl losses shown
34,000
profits taxes
81,817
784,033
794,664
141,939
2694.
354,519
82,578
$476,075
.
..
.
Total
Total.........$1,855,938 $1,785,856
—V. 145, p.
$756,610
Net
Prov .for Fed. inc. & excess
.
depletion..
Earned surplus
1,669
&
Res. for deprec.
foreclosure
458,692
108,787
63,792
18,876
583,346
eral and administration expense
payable-
Reserve for taxes.
The plan
Acquisition, collection, factoring, gen¬
Provision for doubtful receivables.
Accounts
$900,000
3,103
10,722
$900,000
5,463
12,204
1,471
advances
The
(Walter E.) Heller & Co. (& Subs.) —Earnings-
Capital stock
Taxes accrued—-
and
Investments
Ry., Ltd.—Preferred Dividend—-
of record Dec. 5.
$1,332,709
1936
1937
Liabilities—
1936
1937
Assets—
The directors have declared a
The company paid a dividend of 60 cents per share on account of accumu¬
lations on the 7 % cumulative preferred stock, par $20, on Dec. 10 to holders
$12,381
$55,132
Dec. 31
Balance
Capital assets....$1,397,738
of accumulations on the 6% cum.
$48,381
36,000
$24,300
27,000
—
Previous surplus
25 will consider amending
of the board of directors from
f
27,000
$42,918
27,000
$82,132
Dividends
1934
1935
1936
1937
11 Mos. End.Nov.30—
Net earnings
Stockholders at their annual meeting on Jan.
11 to 16.—Y. 146, p. 441.
Omitted—
(A.) Hollander & Son, Inc.-—Dividend
Directors
on
To Increase Directorate—
the
'$805,390
721,533
660,000
660,000
$2.45
$1.65
$2.45
$1.65
$1.22
Note—No provision has been made for the quarter ending Nov. 30, 1937,
in respect of surtax on undistributed profits imposed by the United States
Dividends received in Canada by
359,660
trade¬
marks, &c
1935
$3,026,672
—
1,565,100
above land
Prepaid
1936
$110,338
$194,435
Accounts payable-
$403,253 $1,089,261
_
1937
Liabilities—
1936
1937
Assets—
(& Subs.)—Bal. Sheet Oct. 31—
Worts, Ltd.—Earnings—
1937
Profits from operations.
Other income...
Total income..
x$3.50 per share
and $4.25 per share
Cash
Hiram Walker-Gooderham &
3 Mos. End. Nov. 30—
and
S.
,
The company will until March 16 receive bids for the sale to it of sufficient
7% cumulative preferred stock to exhaust the sum of $18,289 at prices not
exceeding $25 per share and accrued dividends.
The company will also receive until March 16 bids for the sale to it of
sufficient 10-year 4% notes due Oct. 1, 1946, to exhaust the sum of $23,953
at a price not exceeding par and accrued interest.—V. 145, p. 3819.
217,950
13.750
50,142
received
income
Secretary and Treasurer of this
for many years and
has been named
Petersen
Mr, Petersen has been with the company
previously held the position of Treasurer only.
Tenders—
1934
1935
1936
1937
$545,683
34,567
14,911
Official—
Lawrence A.
company.
(& Subs.)--EarningsYears End. Nov. 30—
Gross profits on sales
599
Chronicle
Gold
1937... 2,378
3rd quar., 1937... 2,587
—V. 145, p. 3974.
4th quar.,
Pounds
Pounds
Copper
Pounds
Silver
Lead
Zinc
1,147,213
1,160,721
9,815.382
8,542,151
31,973,252
31,963,363
39,724,473
24,475,255
Ounces
Financial
600
Howes
Bros.
earnings
Indian
Co.—Earnings
1937
1936
1935
1934
$222,627
97,410
115,000
$216,456
$223,262
97,772
115,000
$210,164
99,821
115,000
Calendar Years—
Net
Chronicle
— —
Preferred divs. paid
divs. paid,.--
Common
96,994
115,000
Balance
-
Profit and loss surplus.
,
_
$10,217
1,670,437
$10.88
$ 4,462
1,660,219
$10.40
$10,490
def$4,657
1,638.349
1,665,757
$10.91
Drilling Corp.—Earnings—
revenue
$431,640
$592,481
1,483,533
x
Merchandise..-,
2,196,742
1,512,744
2,839,307
46,524
Expenses
$9.60
1937
y
Investments....
806,005
809,255
Preferred stock..
Common stock
L~C acceptances
Net profit for the period
56,850
Notes payable...
Surplus
....
290,112
315,674
350,000
1,670,437
412,515
600,000
........
$5,078,761 $5,592,946
Cash ad vanced
x
on
y
—
—
-
2,744
36.963
Fixed assets
Deferred charges-.-
— -.
34
—
Acco unts payable ..
Exchange has removed the
from unlisted trading privileges.—Y. 144, p. 1282.
common
—
Total.....
$40,676
—
—
Net
income
Previous balance
Incorporated Investors—-^Earnings—
Years Ended Dec. 31—
Cash dividends
1936
Total income
$2,539,745
5,159
$1,635,061
115,122
$2,522,871
...
,544,903
347,002
101,474
326,939
89,405
17,175
6,106
""4",474
225,467
x46,115
16,606
4,906
4,281
"""654
2,228
989
$2,082,592
$2,069,184
$1,451,818
56,670
60,089
$2,082,592
$2,125,854
$1,511,906
Transfer agents' fees and expenses—_
Legal fees and expenses
Printing stock certificates
Total earned surplus-
$1,750,183
Management fee.
Taxes-------—
20,543
...
Miscellaneous expenses
$169,183
21,849
4,799
$206,419
21,297
$182,827
762,387
$182,518
687,941
20,000
$142,368
643,292
$945,214
$890,459
$786,305
13,365
85,000
2,390
213
166
644
145,
p.
170,000
127,500
$793,972
Dec. 31
3974.
Interchemical
571
158,210
,
Earns, surp. at
—V.
877
9,384
Income, &c. charges
Divs. paid and accrued.
$774,337
$762,387
$687,941
Corp.—Defers Common Dividend—
The directors at their meeting held Jan. 15 deferred action on the com¬
dividend.
A regular quarterly dividend of 50 cents per share was
mon
paid
Part of proceeds of capital stock con¬
stituting payment for participation
in undivided earnings
1934
1935
$212,878
23,667
2,227
4,157
1935
$2,395,556
127,316
Interest
Inc.—Earnings
Calendar Years
Income credits
1937
'
.
6,000
7.997
$961,566
Interest
See list given on first page of this department.
593
24,000
.
$187,229
774,337
Expenses
Franchise & cap. taxes..
Imperial Pictures, Inc.—Registers with SEC—
.
$2,086
$216,036
22,610
1,933
4,265
Dividends earned
no par,
"
"
..$40,676
—
1936
1937
stock,
--—>
(long term).....
Capital stk. 60 slis. (par $100).
Income Account for
(Tom) Huston Peanut CoUnlisted Trading—
.
Notes payable
Insuranshares Certificates,
Purchase of stock in tanneries.
The New York Curb
.
Accrued taxes and expenses....
Earned surplus.
Total
—V. 144, p. 614.
y
$936
,———
Inter-company account
..$5,078,761 $5,592,946
Total..
hides and leathers,
Liabilities—•
Assets—
Current assets—
1,660,219
Dr369,900
Treasury stock... Z?r314,200
Total.
$3,166
—
____
1936
.$1,850,000 $1,850,000
1,150,000
1,150,000
.
Accounts payable
78
$49,691
.
Balance Sheet Dec. 31, 1937
Liabilities—
1936
1937
Assets—
Accts. receivable..
$49,613
—
——- -
—
Comparative Balance Sheet Dec. 31
Cash..
1938
Earnings for Six Months' Period Ending Dec. 31, 1937
Revenue—Drilling and cleaning revenue.
Other revenue
Total
Earned per share on com.
Jan. 22,
Nov.
on
1, last.
In a letter to stockholders it was explained that this action was in line
with the policy adopted at a meeting held by the board Jan. 10, when it
was decided that action on common dividends should be taken from time
to time
as the best interests of the corporation and its shareholders seemed
dictate, instead of at regular intervals as formerly prevailed.
corporation and certain of its subsidiaries, the stockholders were
advised, have been engaged in various important new product develop¬
ments.
During the past year this had involved abnormal charges against
earnings and substantial cash expenditures on which no return as yet has
been realized since these products are just reaching the markets.
They
include important
developments in protective and decorative coating
materials and related raw materials.—V. 145, p. 3198.
to
Undivided earnings Jan. 1.
dividends
declared
850.333
$2,362,240
z2,813.566
1,371,884
$589,611
and
990,356
$3,116,210
1,795,626
Cash
302,644
$2,385,236
$302,644
$990,356
paid
Undivided earnings Dec. 31
x Includes
$22,000 accrual of 1936 Federal capital stock tax, which is
subject to subsequent adjustment as the amount of the tax cannot be
finally determined until declaration of capital value is made in the return
to be filed in July, 1936.
y Representing amount included in price of new
shares for participation in accrued gross earnings before expenses and in
the balance of undivided earnings account,
z Exclusive
of $6,651,413
distributions charged to paid-in surplus account.
Statement
capital and surplus
per
books
basis
on
investment securities at cost
Unrealized depreciation of investment securities:
Cost
_____
Value at market
quotations.
_
International Cinema Inc.—Files
resources
basis
on
of stating
Note
as
77-B
of the National
Investment Co. of
interest
1937
1935
1934
$14,537
$28,065
270",602
303",430
160,131
175,731
$281,920
43,462
11,784
$315,809
42,117
20,433
110,859
$174,669
36,746
11,720
127,068
$204,660
34,859
11,785
126,607
23,997
21,814
22,152
16,118
$202,677
$120,586
loss$23,017
$15,289
863
Total income
_
Custodianship & agency
Int. on 5% deb. bonds..
Federal capital stock tax
& miscellaneous taxes.
Excess of income
over
fin. chgs., &c
exp. &
in sees,
this
to
first
basis of cost
on
co.
"first
in,
out"._-.._
179,334
2,232,168
1,279,441
277,357
$382,011
$2,352,754
$1,256,424
$292,646
63,511
15,092
132,610
16,657
b438
268,098
2,667
4,795
120,129
87", 909
"""764
$302,971
241,279
$1,957,065
472,025
$1,035,905
$275,223
investment securities at
$47,659,549
to Tax Provisions—The corporation has provided on its books at
1937, for estimated accruals of Federal capital stock and State
No provision has been made on the books nor in the accom¬
panying financial statements for any Federal income tax or surtax on
or on gains on investments as it is believed none is
required under
income
Prov. for mangt. comp'n
contingency payable.
Interest
on
_
bank loans..
Provision for surtax
Prov. for Fed. inc. tax._
the Revenue Act of 1936.
Net profit
Statement of Paid-in Surpls Account Year Ended Dec. 31, 1937
Dividends,
Stock.a.
Balance, Jan. 1, 1937 (as reduced by realized net losses, by
transfers to capital stock on account of stock dividends
paid
a
cash
1,1936) $37,778,661
during the
year, computed on first-in, first-out basis as in previous years
1,645,497
Adjustment of tax provision applicable to prior year
10,295
Total
$39,434,453
Distributions from net gains realized since Jan.
1,
1936,
on
405,858
__....
Paid
April 30, 1937 (25 cents per share)
Paid Oct. 30, 1937 (25 cents per
share)
Paid Dec. 22, 1937 (10 cents
per share)
Charge on account of treasury capital stock trust certificates
resulting from sales thereof during the year and valuation at
749,084
744,809
298,871
$5 each of certificates in treasury at end of the year
Portion of estimated State excise taxes
a
share,
Assets—
1937
Liabilities—
1936
Cash In banks and
demand deps...
Cash in closed De¬
$598,270
3,090
troit banks
on
Investment
$755,994
7,833
12,347
unpaid
Investm'ts at cost-
19,550
4,817,880
issue
taxes
Balance, Dec.
31,
1937
unrealized appreciation of
$24,224,645 at Dec. 31, 1936, indicates a total
change (decrease in appreciation and increase in
depreciation) attributable
to the year of
$29,596,830.
_
^
On Dec.
Condensed Statement of the Resources Dec. 31, 1937
31, 1937, the company had
9^-
$8,066,131
Investments, at Market Quotations:*
United States Government securities..
Railroad bonds
10,210,938
1,187,250
.
Common and preferred stocks
Interest and dividends receivable
1-1.1.11
28,'203!613
114,036
Making total resources of
$47,781,967
Against which the company had liabilities of management fee
payable Jan. 3, 1938
59,574
State
taxes...._
_
_
_
for'each
of
*
These investments are carried at their cost of
$44,973,984 on the books
of the company.—V. 145, p. 3658.
Inland Steel
Total
capital stock of the
$50
per
share.—V. 145, p. 3011.
19,600
438
120,129
4,795
25,106
25,106
1,010,700
1,001,820
2,383,098
$5,027,916 $5,455,880
Total
stock..
1,397,848
.-$5,027,916 $5,455,880
Authorized, 600,000 shs., par $10 each; issued, 100,833 shs., $1,008,330;
subsequently, 237 shs. (413 shs. in 1936), representing the un¬
issued balance of common shs. of capital stock required under the plan of
reorganization placed in force as of Dec. 5, 1933.
The plan called for issu¬
ance of one common share with respect to each pref. share of the predecessor
of this corporation.
Note—Option warrants outstanding and which may be outstanding (upon
completion of conversion of common shares and option warrants of prede¬
cessor) are as follows:
Option warrants to purchase 137,827 common
shares of the capital stock of this corporation at $115 per share, the options
being exercisable at any time without limit.
Option warrants to purchase
282,173 common shares of the capital stock of this corporation at $155
per share, the options being exercisable on or before Dec. 31, 1942.—V. 146, p. 280.
y
International Paper Co.—Loans Listed-
Says
-Report to SEC
It Owes $11,100,000 to Banks—
Details of bank loans, of recent changes in minor subsidiaries and of the
current status of newsprint arrangements between subsidiaries are recorded
a report filed by the company with the Securities and Exchange Com¬
mission and made public Jan. 14 at the New York Stock Exchange.
At the end of 1937 the company had bank loans of $11,100,000, of which
$5,100,000 was borrowed under an agreement with three banks providing
lending to the company not more than $10,000,000, to be used solely
cover advances previously made to the Southern Kraft Corp. for con¬
struction of a mill at Springhill, La
However, advances up to $2,000,000 may be used for other purposes
pending the date specified in the agreement for completion of this mill.
The company paid fees of $150,000 to the banks in connection with this
loan.
Of the total, $3,100,000 was used for construction of the mill and
$2,000,000 has been devoted temporarily for general corporate purposes.
for the
to
.
Co.—Options Granted—
The company has advised the New York Stock
Exchange that options
have been granted to certain officers and
employees of the company and its
subsidiaries to purchase 3,055 unissued shares of
pany at
21,000
income tax..
in
$47,659,549
resources of $47,659,549 were equivalent to $15.90
2,996,694 shares.
4^000
___
This leaves net resources of
o
58 844
cap.
tax
to be issued
...
Estimated Federal and
Accrued expenses
1,761
1,440,289
Capital surplus
Earned surplus.— 2,444,790
the basis of carrying investment securi¬
ties at cost does not reflect the
change during the year in unrealized appre¬
ciation and depreciation of investment securities.
Unrealized depreciation
of investment securities at Dec.
31, 1937, $5,372,184, as compared with
3,373
Reserve for Federal
Res. for conting..
$37,458,653
on
divs.
yCommon
3,874
Note—The above statement
unclaimed
1,722
and
Res.for Fed.surtax
applicable to gains, and
original
pay.
stock
7,767
4,261,065
$500,000
Accrued interest..
Accrued Fed.
on
stks. ex-div. and
accrued int. rec.
1936
$82,220
Note pay. to bank
of investments..
Divs.
1937
purch.
payable..
Accts.
sales
179,162
-
b Includes normal income tax.
Balance Sheet Dec. 31
Receivable
securities:
.
"
Being 8,823 shares at $46
and by distributions from net gains realized since Jan.
Net gain realized on sales of investment securities
of investment
1936
$12,379
Prof, from sale of invest,
.$44,973,985
39,601,800
excise taxes.
sales
America—Earnings—
$11,318
Admin, and research
$ 53,031,734
a petition in bankruptcy
Bankruptcy Act.—V. 145, p. 2077.
;
Divs. from inv. in stocks
of carrying
market quotations
Dec. 31,
Section
Calendar Years—
Int. on inv. in bonds
5,372,185
Net
Under 77-B—
Company has filed in Federal court, Los Angeles,
under
Other
of Capital and Surplus Dec. 31, 1937
Capital stock ($5 par value) 2,996,694 shares
$14,983,470
Coasisting of 3,000,000 shares issued less 3,306 shares cor¬
responding to treasury capital stock trust certificates.
Shares issued (save for seven qualifying shares) are repre¬
sented by the same number of cap. stock trust certificates.
Balance of paid-in surplus account, per accompanying statement 37,458,653
Undivided earnings, per accompanying statement
589,611
Total
The
com¬
Volume
Financial
146
The other $6,000,000 loan,
the bank making
public offering—that is, underwritten—of securities convertible into or
carrying warrants for the purchase of stock of the company or its parent,
the International Paper & Power Corp., if such offering is made prior to
repayment in full of the $6,000,000 loan.
The report shows that the George & Sherrard Paper Co. has become a
subsidiary of the International Paper Co.; that St. George Timberlands,
Ltd., and the Nipigon Corps., Ltd., were transferred to outside interests
in 1937; that the Continental Bag & Paper Corp., the Glen Junction Transfer
Co. and the Herkimer Fibre Co. were dissolved last year and that assets
of the Victory Bag & Paper Corp. were transferred to Southern Kraft.
Terms of a new agreement made on April 23 last modifying an earlier
agreement dated Jan. 1, 1936, also were reported, covering newsprint sales
between the International Paper Sales Co., Inc.; the International Paper
& Power Co. of Newfoundland, Ltd., and the Canadian International
3348.
Paper Co.—V. 145, p.
Dismissed—
& Power Co .—Suit
Iowa-Nebraska" Light
and four other utilities to enjoin the use of
Public Works Administration funds for the construction of a power project
on the Platte River was dismissed in the IT. S. District Court Washington
D. C., Jan. 15.
Dismissal was by mutual consent of utility and govern¬
ment counsel but the order contained a provision that the utility companies
may have the right to institute subsequent action if they choose.
The
bonds which they posted at the time a preliminary injunction was granted
pending disposition of the Alabama Power case, was ordered released.
—V. 138, p. 2928.
of the
The suit
company
$3,360,050
90,206
$403,869
75,517
$348,846
64,866
$369,998
4,577
56,848
$479,386
5,276
67,812
$413,712
3,494
72,856
$308,573
1,627,905
Cost of sales
$3,603,587
2,582,321
506,145
111,252
$406,298
1,381,138
$337,361
xl,106,648
68,000
571,724
Selling expenses
Administrative expenses
118,791
$279,792
& expenses.
Profit before other inc.
Other income
profit
Other expenses
___
Federal inc. & excess profits taxes, est.
Net
1935
1936
1937
$4,124,112
3,153,805
Net sales
Total
Earnings—
Co. (& Subs.)
Julian & Kokenge
Years Ended Oct. 31—
profit
Previous balance
Special provision
Excessive deprec., Chicago storeRefund of inc. taxes for 1935
Adjust, of bad debt reserve
2,446,782
460,998
103,421
y
3.299
1,415
112
int.
Min.
$1,787,436
$1,938,005
Total surplus
Add'l inc. taxes prev. year
Dividends paid
837
295",676
157,693
$1,515,309
2,760
131,411
of Foot Saver Shoe Shops,
1,000
Inc
$1,381,138
131,411 no par
share on
per
$1,627,905
$1,642,329
Balance, Oct. 31
Earns,
$2.56
Including portion of minority interests share of deficit. Foot Saver
Shoe Shops,
Inc., Chicago, which is accrued by capital stock $1,500.
y Prov. for doubtful notes and accounts receivable returned to surplus.
shs. Cfip.
$3.09
$2.35
stock
x
Consolidated Balance Sheet Oct. 31
in bank
x
Accounts
tin hand and
$158,525
$626,304
646,559
542
1,185,175
641,324
62,861
....
and accts. receiv
Accrued int. rec..
______
57,396
779
857,610
Cash surr. value of
life insurance
Note
39,623
36,707
.....
61,063
Common stock..
433,057
76,174
433,057
606,076
606,076
1,642,329
1,627,905
Federal taxes
z
Surplus arising from
retire,
of
pref.
stock
annexed
38,769
with coll. bal
N. Y. World's Fair
2,500
4% debs.
Accts.
rec.
120,648
120,648
18,211
64,429
329,866
285,687
Prepaid & deferred
accounts-......
Land
....
yBuildings & equip
16,020
64,429
250,000
250,000
Goodwill
.$2,881,001 $2,924,767
of $139,620 in
1937 and $123,857 in 1936.
y After allowance for depreciation of $346,440
in 1937 and $328,873 in 1936.
z Represented by 131,411 no par shares.—
$2,881,001
Total
After
x
V. 145, p.
allowance
$2,924,767'
for doubtful
Total.
accounts and discounts
2697.
Kable Brothers
1937
Earnings for the Year Ended Sept. 30,
$475,480
185,077
profit on sales
Selling and administrative expenses.
Provision for doubtful accounts...
Allowance for depreciation.
Operating profit
•
97,456
102,609
,
$90,338
4,330
11,773
______
________
Provision for Federal income taxes.
Net
profit......
...
_
Dividends
$74,234
65,000
...
....
_
Earnings per share on 100,000 common
$0.59
shares (par $10)
Balance Sheet Sept. 30, 1937
Liabilities—
Assets—
payable—banks,
trade
Less reserve
$74,553
506,759
Notes
Receivables:
Inventories.
i
274,537
Accounts and taxes payable..
Cash
on
hand and in banks
Land, buildings, machinery
x751,897
res've
Cash surrender of life insurance
Accts. & notes
receiv.—trade.
creditors and others
Accruals..
&
equipment
Other land & bldgs.: Less
Long-term
___j
36,461 Preferred 6% cumulative
14,587 Common stock (par $10).
154,833 Surplus.
$145,250
140,533
63,622
27,000
250,000
1,000,000
210,676
8,158
ployees and others
Mortgage notes & stock in out¬
7,907
5,000
2,387
side corporation
equip't
Prepaid expenses
.$1,837,0801
Total
x
Interest...
...
Tax reserve
127,017
After reserve for depreciation
Net income
Total.
of $1,414,195.—V. 143, p.
..$1,837,080
2056.
Southern Ry.—Earnings-—
Period End. Dec. 31—
Railway oper. revenues.
Railway oper. expenses.
$1,045,487
741,729
$1,218,824 $14,174,834 $13,831,777
809,270
9,048,038
8,726,243
$409,553
82,500
$5,126,796
1,081,485
$5,105,534
1,137,000
$327,053
64,049
9,943
$4,045,311
(net)—Dr.
$303,758
38,485
$265,273
42,580
3,171
$3,968,534
731,381
103,861
income.
$219,520
$253,060
Ry. oper. income
Equip, rents (net)-Dr__
Jt. fac. rents
Net ry. oper.
581,291
92,390
.
$3,371,629
$3,133,291
undis¬
includes charge for Federal tax on
145, p. 4119.
Note—Railway tax accruals
tributed profits.—V.
$184,041
Shs. of com. stk.
16,459
17,581
21,878
20,873
400,000
401,900
361,710
100,505
def$l 17,018
400,000
Surplus
$54,580
$42,218
401,900
$67,077
401,900
$0.71
$1.13
$1.01
outstd'g
Earnings per share_____
402,020
$0.41
include earnings of Julius Kayser
Ltd. of England.
The above figures do not
Pty. Ltd. or Kayser-Bondor,
provision was made for taxes on
(Australia)
undistributed profits.—V.145,
2697.
p.
Transcontinental
Keeshin
Issuance
The Interstate Commerce
Inc.—
Lines,
Freight
of Debentures—
authorized the com¬
subject to certain condi¬
Commission on Dec. 31
4.5% serial debentures,
pany to issue $1,600,000
tions imposed.
The report of the Commission says in part:
Applicant is a holding company which controls, through direct or
ownership of their capital stock, the motor carriers which compose
indirect
the so-
Applicant's balance sheet as of Oct. 31, 1937,
shows total assets of $2,668,152, consisting of: Current assets $9,632 com¬
prised of cash $632, and notes receivable $9,000: investments in subsidiarycompanies $754,484; advances to subsidiary companies $1,900,616; unamor¬
tized debt discount and expense $1,760; commission and expense on capital
stock $1,648, and organization $12.
Liabilities were: Current liabilities
(accrued taxes) $15,000; deferred credits $18; long-term obligations (5%
debentures) $1,200,000; preferred stock $190,000; common stock $1,282,000;
capital surplus $100,000; earned surplus (debit balance) $118,866.
Its income statements for the period Aug. 12 to Dec. 31, 1935, the year
1936, and the first 10 months of 1937 show deficits of $8,864, $30,247 and
$63,932, respectively.
called
Keeshtn system.
Applicant has
issued and outstanding $1,200,000 5% serial convertible
dated as of July 15, 1936, and having maturities
debentures in two series,
which
$100,000 every six months from May 1, 1937, to May 1, 1939, on
latter date $800,000 will become due and payable.
Yellow Manufacturing Acceptance Corp., a subsidiary of General Motors
of
acquired $600,000 of such
expended
recordrs
which_such
proceeds were disbursed include $600,000 to repay bank loans, $327,992
for motor equipment and $272,008 for working capital.
Interest on de¬
bentures has been paid as it became due but applicant is in default with
respect to two payments on the principal of $100,000 each, which became
Corp., and Standard Oil Co. of New Jersey each
debentures at par for cash.
The net proceeds therefrom have been
for the benefit of, as are accounted for in applicant's accounting
as advances to, its subsidiary companies.
Specific purposes for
1937, and Nov. 1, 1937, respectively.
^ _
30, 1937, applicant, the trustee, and the owners
executed an agreement extending the maturity date of $100,0UU
due May 1,
On April
bentures
of the de¬
1, 1937, to Nov. 1, 1937, and
subsequently applicant filed application, seeking authority to extend the
maturity date of such debentures.
That application lacked certain neces¬
sary information and supplementary data sufficient to sustain affirmative
findings in connection with the application was not furnished prior to filing
aggregate principal
of
the
amount thereof from May
application.
title
In the latter applicant proposes
to issue new
exchange
outstanding.
of $1of
A,
O. Such de¬
upon terms more advantageous to itself, and to
$1,200,000 thereof on a par for par basis for the debentures now
On Dec. 11, 1937, applicant's directors authorized the issuance
600,000 4.5% serial debentures of which $400,000 shall be
series
$800,000 shall be of series B, and
$400,000 shall be series
bentures will be issued pursuant to the provisions of an indenture
made by applicant as of Nov. 1, 1937, to American National
Co., Chicago, as trustee.
They will be issued in denoms. of
or
thereof, will be diated as of Nov. 1, 1937. will have interest
quarterly commencing Feb. 1, 1938, may be redeemed at any
days' notice at 105 and interest, and will be unsecured.
to he
Bank & Trust
$100 multiples
payment dates
date on 30
principal amounts ag¬
1, 1944, and in
quarterly interest-payment
1945, and will be convertible into
applicant's founders stock at the rate of one share for each $100 of debentures
with accrued interest to date of purchase to be payable in cash.
The series B will not be convertible, and will mature $34,000 quarterly
from Feb. 1, 1940, to and incl. Nov. 1, 1944, and $30,000 each quarterly
interest-payment date thereafter to and incl. Nov. 1, 1945.
.
The series C debentures will be subordinate as to both principal ana
interest to the debentues of series A and series B, interest thereon will be
payable currently only out of earnings available, but will be cumulative
from Nov.
will mature quarterly in
to and incl. Nov.
on each
The debentures of this series will mature on Nov. 1,
convertible into founders stock at the rate of 26.6 shares
1, 1937.
1947, and will be
each $1,000 of debentures.
The $400,000 series C will be offered to applicant's stockholders,
than Lehman Brothers, which has waived its right to participate in sucn
offer, on the basis of $100 of such debentures for approximately
shares of founders stock outstanding.
Any amount not purchased by tfte
stockholders will be otherwise offered.
The expenses incident to the issue
of the aggregate amount are estimated at $1,800.
.
...
..
Applicant's stockholders have adopted resolutions authorizing
of such stock for
certificate of
other
incorporation be amended so as to
increase its
that its
authorized
of preferred stock
board of directors
of series C de¬
which applicant
capital stock to 52,000 shares, comprised of 2,000 shares
and 50,000 shares of founders stock.
The Chairman of its
has agreed to make available for purposes of conversion
bentures an aggregate of 2,000 shares of founders stock,
may acquire at $1 a share.
...
The owners of the 5% debentures have indicated their
_
willingness to
series A and series B,
Such exchange will
be to applicant's advantage in that thereby all existing defaults will be
eliminated, there will be no increase in its liabilities, its interest obligations
will be reduced, and the deferred maturity dates of the new issue will afford
it opportunity to effect readjustments and economies with the purpose of
accept at par the $1,200,000 of 4.5% debentures,
in exchange for the debentures which they now hold.
improving its financial condition.
The proceeds of the series C debentures are required to build
ing capital of applicant and its subsidiaries, and to enable
needed replacements and rehabilitations.—V. 145, p. 3975.
up the work¬
them to effect
Kentucky Utilities
Co.—Preferred Dividend—
share on account of
par $50, payable Feb. 19
$1,623^ paid on Nov. 20,
last; dividends of 873^ cents paid on Aug. 20 and May 20 last; dividends of
$1.25 per share paid on Feb. 20, 1937, Nov. 20, Aug. 20, May 20 and
Feb. 27, 1936; 87M cents paid on Nov. 20 and on Aug. 20, 1935; 50 cents
paid on May 29, 1935, and 25 cents on May 29, 1934.—V. 145, p. 3199.
The directors have
declared a dividend of $1.25 per
Kolmar, Inc.—Earnings—
Earnings for Month
Ended Dec. 31, 1937
-
—
Gross profit
Expenses (net).
—i.
—
Net
rail¬
operations
Railway tax accruals—
150,681
$421,509
Cost of sales..
1937—12 Mos.—1936
1937—Month—1936
Net revenue from
way
145,417
$477,353
Employees pref. divs
Common dividends
Sales.
Kansas Gity
138,283
$304,860
Depreciation
Note—No
$362,684
3,165
24,796
$619,982
3,394
49,661
$696,368
4,040
76,693
$491,092
6,171
53,044
1934
$319,697
42,987
accumulations on the 7% cum. junior pref. stock,
to holders of record Feb. 1.
This compares with
Accts. & notes receivable—em¬
Deposit on purchase of
39,224
_____
Total income.
.
each 3.21
Co.—Earnings-
Gross
Net other deductions.
$451,868
Net earnings...
Other income
x
-
gregating $16,000 from Feb. 1, 1940,
principal amounts aggregating $20,000
date thereafter to and incl. Nov. 1,
Securities owned,at
cost(market val.
not available)..
xl937
The series A debentures
4,571
2,915
suspen.
Companies]
1936
1935
$647,173
$581,873
49,195
38,109
Jncluding Affiliated
6 Mos. Ended Dec. 31—
debentures,
Earned surplus, as
cust'r
rec.,
$144,848
taxes,
Ac
Notes, accept'ces
Inventories
$98,855
payable.
Acer, wages,
1936
1937
Liabilities—
1936
1937
Assets—
Cast)
(Julius) Kayser & Co.—Earnings—
of a mill
of prior date, covered construction
Georgetown, S. C., by Southern Kraft, and entailed a $60,000 fee to
the loan.
This loan entitled the bank to purchase any
at
601
Chronicle
—V.
p.
— _—
—
______
$594,987
531,182
$63,805
46,73o
$17,070
profit
145,
—
..._
3500.
(S. S.) Kresge Co.—Chairman Completes Contract—
has completed a contract with S. S. Kresge, Chairman of
Board, which provided for the payment of $3,500,000 by Mr. Kresge
and the return to him of 200,000 common shares, held as security, according
to the company's letter reporting reacquired shares to the New York Stock
Exchange
According to the latest report, company holds 27,960 of its
common shares, compared to 228,568 on Nov. 30.—V. 146, p. 443.
The company
the
602
Financial
Chronicle
Kinsey Distilling Co.—Earnings—
Earnings for
Year Ended Dec. 31,
Gross sales, bulk whiskey
of sales
1937
$701,049
464,521
j.
—
Cost
--—
Gross profit on sales
Sundry income (Including interest received), customers' storage
-
and
sundries)
Net profit on auxiliary operations (inci. repurchased
bottling, &c.)—
-
-
-
-
.
-
—
whiskey,
'i
—
Total
Warehouse, selling, general & administrative expenses.
Hundry charges (incl. interest paid, adjustments and sundries)..
Extraordinary charges, experimental work on slop drying equip.
Net profit
—
-
——
Credit balance, Jan. 1, 1937-Realized appreciation of buildings to Dec. 31,
annum
per
$22,880 write-up in
on
1937, being 2%
accordance with plant
appraisal dated Dec. 28,1933
Amount transferred from reserve for retirement of prior pref. and
pref. stocks, equiv. to cost of 3,681 shs. of pref. stock (par $5)
of these 5%
Southeastern
Provision for retirement of prior pref. and pref. stocks.
Commissions and exps. in connection with sale of 28,348 06-100
shares of prior preferred stock
Amount paid in excess of par value upon retirement of
shares of preferred stock, par value $5
3,681
William L. Fulton of the ICC
Balance Sheet Dec. 31, 1937
Assets—
Accounts
Notes
receivable
receivable.
$83,362
104.811
accts. rec,, Pa.
trol Board,
9,650
Inventories—at cost
87,956
Liquor Con¬
Calendar
assigned In like
amount.
$14,093
Demand
45,923
45,729
y514,408
formulae
7,775
Deferred charges..
23,633
Customers'
1,935
30,350
credit balances...
payable,
warehouse
24,000
1,946
868,000
Demand loans, banks, secured
by coll. tr. notes in like amt.
446,000
liability
2,836
Prior pref. stock (par $10)-.-.
Preferred stock (par $5)4...-.
21,278
surplus
20,590
Earned
surplus
49.232
Total...
......$2,393,026
y
After
reserve
mon
were
Balance, surplus
Prem.
are
announced by Secretary-Treasurer
Joseph A. Simard, Bethune Smith, G. Leitch, Fred Connell
and J. W. McColl.
R. O. Sweezey, relinquished the
Presidency to John
as Chairman of the
Board of Directors.—Y. 144,
p.
Lamson & Sessions
Stadler, but continues
3179.
Lane Bryant, Inc.
(&
6 Mos. End. Nov. 30—
Net profit after Fed. tax
Earns, per sh. on com.
1936
1935
$6,997,935
80,344
$6,292,959
35,785
$6,199,750
5,210
of Nov. 30,1937 showed current assets of
$4,879,400
and current jliabilities
(including $100,000 16-year 6% debenture sinking
fund requirement within one
year) of $1,550,854.—V. 146, p. 443.
Lawyers Mortgage Co.—Plan Draws Assents of 7,000—
Approximately 7,000 holders of more than $55,000,000 of mortgages and
mortgage certificate have filed assents to the
company's reorganization
plan,
a
report of reorganization managers.
i,rvhe^Plan,vwlllcl1
was approved Sept. 14, last, by Judge Frankenthaler,
Supreme Court, provides that the reorganization managers,
representing the creditors, will file and prove'Claims (except trust claims)
against the company of holders of
mortgages and mortgage certificates who
of the New York
assent to the
plan.
At the same
time, reorganization managers announced no personal assess¬
liability is involved in assenting to the plan.
The managers, ap¬
pointed by Judge Frankenthaler, are Charles G.
Edwards, WilliamE.
Russell and P. Walker Morrison, to
represent the creditors, and Richard
ment
or
M. Hurd to represent the stockholders.
McLanahan, Merritt & Ingraham, 40 Wall Street, is counsel for the
managers.
The plan provides that
mortgage and mortgage certificate owners shall
retain possession and
complete ownership and control of their guaranteed
mortgages and certificates and nothing in this plan shall be deemed to affect
such possession,
ownership and control in any way.
Under the plan, holders of claims
against the company, who assent to
the plan, will receive their full share of the
assets of the company, payable
in cash and in stock
(to be represented
by voting trust certificates) of
Lawyers Mortgage Guarantee Corp.
The plan
provides that lawyers Mortgage Guarantee Corp.
together
with the experienced and
competent employees and officers of the company
(many of whom have been associated with it for years) be availed of to
carry
on the business of a
mortgage company to such extent as may now or here¬
after be permitted by law,
including the efficient servicing of outstanding
guaranteed mortgages and mortgage certificates and such other
phases of
the mortgage business as may be
servative
the
manner.
The
profitably conducted in a sound and con¬
operating company will wherever possible facilitate
refinancing of the outstanding mortgages
p. 3012.
Drl ,318,981
B
com.
2,277,083
$6.34
and
3,136,939
3,136,939
$7.25
$4.91
3,136,939
$5.92
gold bonds
required by
trust indenture.
Comparative Balance Sheet Dec. 31
1936
$
$
Real est,, machin'y & fixt's 10,852,101
Brands,
tr.-mkg.
goodwill,
tob.,
1937
Liabilities—
&c.
11,307,778
1
1
4,476,164
3,158,310
U.S.Govt. bonds 13,181,023
Gash
7,201,203
stocks
Accounts recelv.
20,874,100
Common stock. 21,496,400
Com. stock B... 56,927,075
7% bonds
9,664,800
12,886,600
5% bonds.
Securities
Preferred
$
7% pref.stock..
mid.
stk. & op. sup.133,765,003
Stks. in sub. cos.
439,005
10,307,530
121,200,716
Accr'd int.
Bills payable
7,356,951
10,438,687
Special
Pref.
div.
payable.
175,978,835
$
21,496,400
56,927,075
9,779,600
12,886,600
439,614
Accrued taxes..
reserves.
4,581,072
2,715,434
42,143,362
365,297
1,807,627
2,500,000
5,136,465
2,715,434
41,050,623
163,016
Total...... .183,606,857
365,297
1,515,112
10,000,000
Profit and loss..
42,190
184,328
1936
20,874,100
pay¬
able January.
Accts.
437,604
pay.
439,005
4,476,164
3,158,310
17,389,538
Acc'ts receivable
y
cos
48,669
Total..
After deducting depreciation.—V. 145,
The directors have declared
the
p.
183,606,857 175,978,835
3349.
on
certificates.—V.
145,
a
year-end dividend of 25 cents per share
on
stock, no par value, payable Jan. 28 to holders of record
A regular quarterly dividend of 25 cents per share was distributed
common
Jan. 24.
Dec.
1, last.
A special dividend of $1 per share was paid on Jan. 23,
1937.—V. 145, p. 1907.
Lit Brothers,
net income.
according to
$2,886,464
38,984,607
Lincoln Stores, Inc.—Year End Dividend—
1934
Nil
$0.36
Nil
Nil
Note—No provision has been made for the Federal surtax
on undistributed
as
and
com.
Deferred Charges
after pref. dividends..
The balance sheet
1,346,969
This is the difference between purchase price and par of 7
%
of this company purchased and canceled
during the year as
Subs.)—Earnings—
1937
$7,160,093
loss21,760
1,343,217
x
14, for the purpose of
voting on a proposed recapitalization plan has been adjourned to March 14
without any action being taken.—V.
145, p. 3975.
Sales..
24,264
3,023,913
$42,143,362 $41,050,623 $40,262,751 $41,871,071
stk. outst'g (par $25).
Earnings per share
allied
Co.—Meeting Adjourned-—
The meeting of stockholders scheduled
for Jan.
31,978
2,569,853
$787,872 def$289,339
40,262,751
41,871,071
bonds canceled
y
Ltd.—Changes in Personnel—
was
$1,092,739
41,050,623
Profit and loss
Leaf
Directors
33,999
4,161,980
38,459
1,330,932
pref. stock &
1937
dividend of 50 cents per share on the com¬
stock, payable Jan. 28 to holders of record Jan. 25. Similar amounts
paid on Sept. 1. June 1, March 1 and on Jan. 25,1937.—V. 145,
p.3199.
W. H. Hurd.
on
Assets—
a
Lake Sulphite Pulp
Co.,
Reorganization of this company
bonds
for de¬
Kobacker Stores, Inc.—50-Cent Dividend—
The directors have declared
on
Previous surplus
Shs.
....
$2,393,0261
35,158
3,659,345
68,386
1,323,778
$21,375,560 $24,207,632 $16,856,543 $20,086,690
Pref. dividends (7%)
1,461,187
1,461,187
1,461,187
1,515,531
Com. dividends (20%)— 18,821,634
21,958,573
15,684,695
15,684,695
60,000
Paid-in
Total-
$26,462,227 $29,773,003 $20,801,591 $24,481,836
purch.
of 7% bds_
281,595
Surplus arising from revalua'n
of plant assets
'
1934
1935
Net income
443,305
Common stock (par$J)
x
Less notes receivable discounted of
$53,844.
preciation of $46,474.—V. 146, p. 112.
Interest
10,559
Reserve for retirement of pre¬
ferred stock
1936
bet.
par
23,534
expenses
Coll. trust notes—secured
Deferred
price &
Federal surtax.
payable
Accrued
Total income.
Difference
Federal income tax.
install.
due in year 1938..
Taxes
3822.
Operating profit.....$24,752,550 $28,276,279 $19,611,944 $21,808,723
1,709,677
1,496,724
1,189,647
2,673,113
x
construe'n
"H,"
p.
Other income
2,538
of
1937
Depreciation..
1,459
Commission payable, salesmen
and distributors
Contract
Jan. 3 recommended to the Commission
$242,448,565 $236888,813 $221736,295 $222608,737
216,461,508 207,406,789 200,912,139 199,627,316
1,234,507
1,205,745
1,212,212
1,172,698
Costs &exp
44,048
Accounts payable, trade.....
Accts. pay., repurch. whiskey-
storage
Property, plant & equipmentGoodwill, trade names, brands
Years—
Net sales
1,456,583
collateral trust notes..
Accrued customers' warehouse
on
denied.]—V. 145,
Liggett & Myers Tobacco Co.—Earnings—
loan, bank, secured
by warehouse receipts
Notes payable, trade creditors
Assets pledged in trust to se¬
and
Demand loan, bank, secured by
X58.925
...
_
Accrued interest receivable..
cure
that the application be
Liabilities—
hand
on
Kentucky Securities) and Lexington Utilities
own $850,000 and $92,800
collateral notes, respectively.
Greyhound Lines
is a Kentucky corporation operating
directly and by means of partly and wholly-owned subsidiaries, a bus
transportation system operating principally in the States of Kentucky.
Tennessee, Alabama, Georgia and Florida.
In September, 1937, South¬
eastern, which is subject to the jurisdiction of the ICC, filed an appli¬
cation with that Commission requesting authority (1) to issue and sell
at par 28,121 shares of 6% convertible preferred stock ($20 par), in part
payment of certain secured promissory notes held by Kentucky Securities
Co. and Lexington Utilities Co., aggregating $1,747,340 principal amount;
(2) to issue at par to Kentucky Securities Co. and Lexington Utilities Co.
118,492 shares of common stock, in payment of the balance of the in¬
debtedness; (3) to increase the par value of 123,480 shares of its presently
outstanding common stock from $5 to $10 per share.
The ICC. however,
has not at the present time entered an order on this application. [Examiner
.
Dividends paid on prior preferred stock
Dividends paid on preferred stock
Federal and State income tax for the year 1937
Federal and State income tax for the year 1936 in addition to
the amount charged off
Cash in banks and
1938
22,
The Securities and Exchange Commission on Jan. 3 authorized (1) the
acquisition by Lexington Utilities Co. of 5,488 shares of 6% convertible
preferred stock ($20 par), and 23,124 shares of common stock ($10 par),
to be Issued by Southeastern Greyhound Lines in payment of its presently
outstanding secured promissory note in the face amount of $341,000, and
(2) the acquisition by Kentucky Securities Co. of 22,633 shares of 6% conv.
preferred stock ($20 par) and 95,368 shares of common stock ($10 par),
to be issued by Southeastern Greyhound Lines in the payment of its pre¬
sently outstanding three secured promissory notes in the total face amount
of $1,406,340.
The approval is to be effective only if an order shall issue
from the Interstate Commerce Commission permitting the Southeastern
to issue the securities which are to be acquired by the utility companies.
Both the
Lexington and
Kentucky companies are
indirect
subs,
of The Middle West Corp. and direct subs, of Kentucky Utilities Co.
Kentucky Securities Co. is a non-utility holding company whose principal
asset consists of 63,540 shares or 51.46% of the common stock of South¬
eastern Greyhound Lines, and the note of Southeastern previously referred
to.
Lexington Utilities Co. is an electric utility company serving the
City of Lexington, Ky.
Kentucky Securities Co. had outstanding as of Oct. 31, 1937, $1,025,100
of 5% collateral trust notes which are secured by 63,180 shares of the
common stock of Southeastern and by the secured note of Southeastern in
the face amount of $1,406,340.
Kentucky Utilities Co. (the direct parent
of
Total
Jan.
Lexington Utilities Co.—Acquisition of Securities—
Philadelphia-—Accumulated Dividend—
The directors have declared a dividend of $4 per share on account of
accumulations on the 6% cum. pref. stock, par $100,
payable Jan. 28
to holders of record Jan. 17.
This compares with $2 paid on Oct. 28 last,
$4 paid
Jan. 25, 1937, and $2 paid on Oct. 10, 1936, this latter being
1933, when $1.50 per share was dis¬
dividend of $1.50 per share was paid
April 1, 1932.—V. 145, p. 2698.
on
the first payment made since Jan.
2,
tributed.
The last regular quarterly
on
Loose-Wiles Biscuit Co.— To Pay 30-Cent Dividend—
The directors
on Jan. 17 declared a dividend of 30 cents
per share on the
stock, payable Feb. 1 to holders of record Jan. 26.
This com¬
10 cents paid on Nov. 1 last, and dividends of 50 cents per
share previously distributed each three months.—Y. 145, p. 3013.
common
pares
with
Louisville Gas & Electric Co. (Del.) (& Subs.)—Earns.
Years Ended Nov. 30—
1937
Operating revenues
Operating expenses, maintenance and taxes
Net oper. revs, (before approp.
for retire, res.)-.
Other income
$5,138,671
240,904
Net operating revenue and other income (before
appropriation for retirement reserve)
$5,379,575
Appropriation for retirement
reserve
i...
Amortization of contractual capital expenditures..
Gross income
Interest charges (net)
1
Amortization of debt discount and expense
Amortization of flood and rehabilitation expense..
Other income deductions
Divs.
on
1936
$10,478,420 $10,938,419
5,339,749
5,518,868
1,200,000
37,000
$4,142,575
1,030,213
159,772
209,000
$5,419,551
379,131
$5,798,683
1,112,500
37,000
$4,649,183
1,296,193
129,107
23,219
12", 963
1,354,920
1,354,920
$1,365,450
$1,855,998
pref. stock of Louisville Gas & Electric
Co. (Ky.)
Net income
Notes—(1) The above income
...
...
account for the 12 months ended Nov. 30,
adjusted to reflect additional taxes applicable to the 11
months ended Nov. 30, 1936 charged to surplus in 1937, the effect of which
1936
has
been
Volume
146
Financial
reduced net income for that period by $68,114.
Also, the portion of such
charges applicable to the month of December, 1936 has been reflected in
the 12 months ended Nov. 20, 1937, which reduced net income for that
period by $6,192.
(2) No provision
Federal
1936
year
as
against
for surtax
or
that company claimed
on
(Ky.) for
for the
undistributed profits
in
sinking fund.—V. 144,
p.
Sugar
Accounts
resulted in
1936 which
bonds redeemed in
taxable income for that year.
no
During the period from Jan. 1
Aug. 31, 1936, Louisville Gas & Electric Co. (Ky.) made provision for
Federal income taxes in the amount of $271,400 which was reversed over
the period from Sept. 1 to Dec. 31, 1936.
During the period from Jan. 1
to Nov. 30, 1936, that company also made provision for State income taxes
in the amount of $90,060 which was reversed during December, 1936.
Also provision made for the 11 months ended Nov. 30,1937 has been reduced
to
Forma
Co.—Pro
on
hand...
toward
Consolidated
the
Balance
Note payable to U. S. Govt...
$404,528
receivable
xl7,974
pay
Accrued
i.
165,134
molasses..
Deferred
15,333
in
at cost less amt. written off-
Advances to colonos
1937 is included
surtax will be incurred
Deferred charges
25.000
rec'd
income—rents
7,362
f. bds., due 1957Common stock (par $1)
5,500,900
Capital
1,621,592
s.
3
Property and plant.6,495,339
year
287,785
advance
20-yr. 4%
238,960
ing from the flood in Louisville during Jan. and Feb., 1937.
No surtax on
undistributed profits was incurred by the other companies consolidated
herein for 1936.
No provision for surtax on undistributed profits during
17,359
Est. expenses of reorganiza'n.
Reserve for contingencies
4,630
1,035
hand
on
84,306
interest-.
Est. exps. in Cuba on sugar &
1st mtge.
bond (old) int. coupons due
prior to Oct. 1, 1931
Accts. receivable, not currentNotes receivable-
Materials and supplies
$37,500
Accts. payable & accruals
412,313
Sugar on hand
Special deposit to
result of deductions to be made in income tax returns for losses result¬
as a
made
Liabilities—
Cash in banks and
and
on
be
to
were
1966.
Assets—
income tax returns for the year 1936 the unamortized discount and expense
redemption premium and expense
which
payment
Sheet—October 31, 1937—
deduction in its Federal and State
as a
603
defendant
the
Manati
made by Louisville Gas & Electric Co.
was
State income taxes
or
Chronicle
in
the
above statement
it
as
is
estimated that
such
no
by the company or its subsidiary companies for the
1937.
The above figures reflect the loss in revenue due to the flood at
(3)
Louisville in
by the
Ja|n. and Feb., 1937.
Public
Service
with flood damage is
—V. 146, p. 113.
Commission
of
being amortized
Kentucky,
over
Louisville Gas & Electric Co.
connection
(Ky.) (& Subs.)—Earns.
1937
1936
$10,342,709 $10,809,100
5,219,549
5,314,581
revenues
expenses, maintenance and taxes
Net oper. rev.
in
expense
five years beginning with 1937.
(before approp. for retire, res.)._
$5,123,160
240,898
$5,494,519
$5,364,058
1,181.000
Other income (net)
$5,842,149
1,093,500
37,000
347.629
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve
Amortization of contractual capital expenditures.
37.000
_
Gross income
$4,146,058
1,028,684
159,772
209,000
22,530
Interest charges (net)
Amortization of debt discount and expense
Amortization of flood & rehabilitation expense
Other income deductions
$4,711,649
1,392,018
129,107
Net income
$2,726,072
$3,178,393
Notes—(1) The above income account for the 12 months ended Nov. 30,
1936, has been adjusted to reflect additional taxes applicable to the 11
months ended Nov. 30, 1936, charged to surplus in 1937, the effect of which
reduced net income for that period by $68,114.
the
12
months ended
period by $6,192.
(2) No provision
taxes
or
claimed
year
for surtax
as
a
Nov.
was
30,
1937, which reduced net income for that
made by the company for Federal
or
State income
undistributed profits for the year 1936 as the company
deduction in its Federal and State income tax returns for the
1936 the unamortized discount and
expense
and redemption premium
which
made provision for Federal income taxes in the amount of $271,400
was reversed over the period from Sept. 1, to Dec. 31, 1936.
During
the period from Jan. 1, to Nov. 30, 1936, the company also made provision
for State income taxes in the amount of $90,060 which was reversed during
December, 1936.
Also provision made for the 11 months ended Nov. 30,
1937. has been reduced as a result of deductions to be made in income tax
returns for losses
resulting from the flood in Louisville during January and
February, 1937.
No surtax on undistributed profits was incurred by the
other companies consolidated herein for 1936.
No provision for surtax on
undistributed profits during 1937 is included in the above statement as it is
estimated that no such surtax will be incurred by the company or its sub¬
sidiary companies for the year 1937.
(3) The above figures reflect the loss in revenue due to the flood at
Louisville in January and February, 1937.
In accordance with permission
granted by the Public Service Commission of Kentucky, expense in connec¬
tion flood damage is being amortized over five years beginning with 1937.
—V. 146, p. 113.
discharged.
V.
146, p. 443.
Manufacturers Finance Co.,
a
trust notes is
being made by the
ment dealers.
crued
MacKinnon Steel Corp.,
Years End. July 31—
1937
Profit
on
sale of bonds
-
1935
1936
Loss from oper. after de¬
duction of income tax_prof$27,772
Income from investm'ts.
Cr4.818
$10,943
CY5.467
$13,398
CY5.917
CY2.125
C'rl 0,000
CY10,000
$2,252
GY850
Res. previously provided
Interest
__
on
10,000
10,000
279
_
•
-'wi,
-
—
.
Manufacturers Trading Corp.
490
Net loss
825
See
10,000
a
"""925
$6,841
$6,313
$2,327
1,528
3,856
—
$182,226
—
50,513
-
—
21,911
5,903
23,921
11,270
—:—-
—
—
Rediscount and interest charges
-------
—
Provision for estimated income taxes.
-
-
-
-
$68,709
.
50
A;
$68,759
67,052
—
Dividends paid.:
Earned surplus—Dec.
Cash
on
31, 1937
$1,707
...
Balance Sheet Dec. 31,1937
lossl 1,626
loss4,785
hand & in banks
Liabilities—
$84,403
479,914
Reserve for clients
Collateral notes
138,708
Rediscounts
372,054
Reserve for estimated taxes...
13,230
3,773
Reserves
50,525
17,801
Preferred
Office equipment.—
x6.269
Good-will
25,000
cumul. (par $10)
Com. stock—(par $1)--
46,943
Paid-in
...—
Industrial liens
sur$6,533
$4,785
$11,626
Depreciation of $10,000 was provided
arising from redemption of preferred stock at
a
by
a
a
transfer
discount.
sur$1,529
from
surplus
Comparative Balance Sheet July 31
Assets—
—
Accts., notes & trade accepts..
from
Total deficit....
$5,170,214
182,032
—
194
—
Assets
__.-_____prof$18,159
on
profit
previous year..
Total commercial paper purchased
Income service charges earned
Miscellaneous income
131
875
3,289
Balance
(Del.)—Earnings—
Earnings for the Year Ended Dec. 31, 1937
.
Prov. for Dom. & Prov'l
income tax
per annum.
Earned surplus—Dec. 31, 1936
1,000
bank loans.
4}/£%
exchange at 100% of principal amount, dollar for dollar.
Holders of the
notes maturing April 1, 1938, will be paid a premium of 1% of the principal
amount of notes exchanged.
According to the prospectus, the new notes are being offered for the
purpose of refunding the notes maturing April 1, 1938, which bear interest
at the rate of 5% per annum.
Proceeds in excess of the amount required
for this purpose will be used as working funds for general corporate purposes.
Company was organized in Delaware in 1909.
Its business consists of
the purchase of, advances on or loans on open accounts receivable, notes
receivable and any other form of commercial paper arising from com¬
mercial transactions and from the sale of merchandise by manufacturers,
converters, &c.
For the nine months ended Sept. 30, 1937, the company and its sub¬
sidiary company reported earnings of 2.28 times interest requirements.
During its lifetime the total indebtedness of the company could have been
retired at any time by the cash on hand plus the average collection during
a 45-day period, it was stated in the company's report.—V. 145, p. 3823.
Total
Directors' fees
through invest¬
Concurrently, the notes are offered to the holders of the company's
present outstanding series A collateral trust notes due April 1, 1938, in
Net i ncome
inventories, not
required
Depreciation on plant,
machinery, &c
agst.
now
are
General operations expenses
Additions to reserves
1934
company
which are priced at par and ac¬
dated Oct. 1, 1937, mature Oct. 1, 1942,
Taxes—other than income tax
CY138
-
issue of $2,000,000 series A collateral
The notes,
interest,
Total Income.
Ltd.—Earnings—
new
and bear interest at the rate of
directors
have declared a dividend of 50 cents per share on the
stock, par $5, payable Feb. 15 to holders of record Feb. 5.
This
with $1 paid on Nov. 15 and on Aug. 16, last, and previously
regular quarterly dividends of 50 cents per share were distributed.
In
addition, a special dividend of $1 was paid on June 29, 1937 and an extra
dividend of $1 was paid on Dec. 19, 1936.—V. 145, p. 3350.
Baltimore—Notes Offered
—Offering of
common
compares
$8,176,982
—
The indenture securing the new 4 % bonds provides for the cancellation
of such first mortgage and the creation of a new first mortgage, upon the
transfer to the trustee under the indenture or upon the acquisition and can¬
cellation by the company of all the old 7}4% bonds now outstanding.—
Lynch Corp.—Dividend Reduced—
The
Total
(After giving effect as at that date to the terms of the plan of reorganiza¬
1, 1936, as subsequently modified, also to certain adjust¬
ments of propeities and other accounts, as approved by directors, and after
charging deficit on earned surplus account against capital surplus arising
from the exchange of securities pursuant to the plan of reorganization, in
accordance with resolution of the directors, also after giving effect to certain
adjustments of properties and other accounts on the books of two subsidi¬
ary companies, the Ferrocarril de Tunas, S. A., and Compania Terrateniente y Urbankzadora del Puerto de Manati, S. A., as approved by the
directors of those companies.)
x After reserve for doubtful accounts of $10,000.
As at Jan. 13, 1938, the holders of $5,206,400 1st mtge. 20-year 7H%
sinking fund bonds due 1942 being approximately 94% of the aggregate
principal amount of such bonds outstanding, had deposited their bonds
under the plan of reorganization or had exchanged them for securities of the
reorganized company, in accordance with the terms of the plan.
The
bonds so deposited or exchanged are and those hereafter exchanged will be
pledged as collateral security for an equal principal amount of new 20-year
4% sinking fund bonds due 1957 issued or to be issued pursuant to the plan.
The first mortgage securing the old 7 ^ % bonds has not yet been canceled
tion dated Oct.
on
and expense on bonds redeemed in 1936 which resulted in no taxalbe income
for that year.
During the period from Jan. 1, to Aug. 31. 1936, the com¬
pany
51,507
.$8,176,9821
Total
Also, the portion of such
charges applicable to the month of December, 1936, has been reflected in
surplus
fund held by trustee
for 1st mortgage bonds (old)
of
12,130
19,220
cane
430,045
Sinking
In accordance with permission granted
Years Ended Nov. 30—
Operating
Operating
Administration
516,140
1937
1936
$91,258
$28,764
Accts. receivable..
86,175
59,797
Cash
45,790
28,433
Res. for deprec'n..
1,541
928
—
...
Liquidating
accounts
Investments & securities..---
--------
Organization
expense
915
_
_...
--
-
--
--
--
--
.1X
_...
-
-
-
$154,171
-
362,948
-
......
——
stock—con,
-
-
-
surplus
-
-
75c.
--
-
—
-
-
25,670
300.000
267,525
Res. for redemp. of
Inventories
Preptl. taxes & ins.
Liabilities—
1936
$70,081
able, taxes
$9,627
126,000
116,000
preferred stock.
4,347
4.347
7% pref.stock--..
475,000
475.000
Com. stk. & surp
85,769
67,610
Invest. In Domin.,
Provinc'I & Can.
municipal bonds
1937
80,650
100,850
455,784
453,811
x
Land, bldgs., plant
and
machinery.
Total
x
$761,198
$672,584
Represented by 12,000
$761,198
Total
common shares without
nominal
or
$672,584
par
value.
—V. 145, P. 3501.
Madison
x
Square Garden Corp.—Earnings—
Period End. Nov. 30—
Net profit
x
1937—3 Mos —1936
$147,239
$137,448
1937—6 Mos.—1936
loss$28,851
loss$56,114
After depieciation and ah othex- charges.—V. 145, p. 2853.
Mansfeld
Mining & Smelting
—Judgment—
Co., Eisleben, Germany
The New York Trust Co., as co-trustee under an indenture of May 1,
Jan. 18 entered judgment for $632,109 in the County Clerk's
office against the company.
The judgment was entered after company defaulted in a suit by the Trust
company to collect principal payments due under the indenture.
This
covered the issuance of the defendant's 15-year 7 % closed mortgage sinking
fund gold bonds in the amount of $3,000,000.
At the time the suit was
nstituted, $579,000 of the bonds were outstandng.
Default was claimed
1926,
Deferred charges
Earned surplus
1,707
Accts. & bills pay¬
Total-...x
After
reserve
(Glenn
.--$1,175,779
...
Total
for depreciation of $2,825.—V,
L.)
.-—....$1,175,779
.....
115,
p.
3823.
Martin Co.—Orders—Personnel Changes—
Unfilled orders on the books of the company
exceed $17,500,000, the
largest total in the company's history, Mr. Martin announced on Jan. 17
at a meeting of the board of d'rectors.
Changes in the company's personnel also were made known; J. P. Hartson
being named Executive Vice-President; Harry F. Vollmer, Vice-President
in charge of manufacturing, and B.C. Boulton, Vice-President in charge
of engineering.
John W. Castles, was elected a director to fill the vacancy
left by the resignation of John W. Hanes.
The resignation of Gardner W. Carr as Vice-President and director also
was announced.—V. 145, p. 3553.
Martin-Parry Corp.—Earnings—
3 Months Ended Nov. 30—
Gross sales, less discounts, returns and allowances.
Total cost of sales and expenses.
1937
1936
$10,191
57,665
$23,314
1,232
loss$47,472
$24,547
Operating profits
Other income
$185,536
162,222
$47,157
4,665
315
on
Net loss..
Income deductions (net)
141
Federal and State income taxes.
3,183
Profit for period.
x
Before provision for undistributed
x$21,223
profits tax.
loss$51,821
Financial
604
Jan. 22,
Chronicle
$271,5.56
$85,426
Cash
Accounts
payable.!
liabilities./
Accts. rec., less res
44,576
10,445
Accrued
Inv., less reserve..
84,607
29,297
Res've for
153.434
Prop., bldgs, and
equip., less res..
Prepaid
588,631
6,350
5.441
expenses.
$35,505j
4,966
300,000
(RFC)
Mtge. pay .(officer)
...—
x Capital stock
1,400,000
Capital surplus...
Operating deficit..
392,889
Mtge. pay.
_
48.000
441,267
1937 and 125,000
Represented by 175,000 no-par shares in
1936.—V. 145, p. 3350.
no-par
The
corporation
that it has paid in full all of its guaranteed
announces
c20,000
c65,000
c65,000
June 30 1937._.
cl05,000
Federal
Before
a
....
,
1933, company has been steadily
liquidating the guarantees.
As of Nov. 26, 1937, all owners of mortgages
and mortgage certificates, guaranteed by the corporation have been paid
100% of principal and all accrued interest at the rate of 5)4 %.
The assets of the company now consist of mortgages, cash, real estate
and investments.
It also owes no indebtedness to banks.
Through its 99% owned subsidiary, Maryland Title Guarantee Co., it
continues in the title business in Baltimore and Maryland.
Melchers Distilleries Ltd.—Warrants Extended—
announced that at a recent meeting of the board of directors
and termination of the fractional warrants for one
quarter 6% preferred and one quarter common share of the company was
extended to Dec. 31, 1938.
The date of termination was previously Dec.
31, 1937.—V. 145, p. 2854.
The company
the date of cancellation
x
-
$9,803
-
Inc.—Balance Sheet Dec. 31—
Liabilities—
1936
1937
Assets—
Cash on deposit-
$15,688
1,376,871
equipment,
1.408,860
1
1
Goodwill........
Unexp'd
Accounts
Gross sales
advance.......
Tenants'
on
Insurance
.
will be available for working capital.
12.467
paid taxes.....
11,464
1, 1932
136,000
24,000
6,152
Extra,
400
inc.
tax
expenses
on
$167,767
138,000
22,000
920,000
140,000
20,000
5,669
$2,295
$2,563
4,119
def$2,260
31
Shareholders'
Total.... .....$1,399,142 $1,436,012
$532,692 in 1937 and $500,530 in 1936.
of Drop.
of off'es In Can¬
N.
G.
Co.
$2,151,824
cap.$2,000,000 $2,000,000
(1882)
Exc. in val,
$2,151,824
oper.by
W.
Tel.
share¬
over
151,823
Div.
151,823
40.000
holders' capital.
ada & U. S
1936
mi
Liabilities-
1936
1937
Assets—
Tel.cables in Can¬
Investors Trust—Cash
Massachusetts
5,784
$76
ada & U. S
Tel. offices & eqp.
$12,959.
Note—Accumulated dividends on preferred stock not declared or paid
at Dec. 31, 1937, amounted to 108% of the par value of the outstanding
preferred stock.—V. 144, p. 781.
5,908
2,053
._
Tel. lines in Can¬
ylCapitalized value of equipment acquired by cancellation of lease, $61,936;
operating deficit at Dec. 31, 1937, $74,895; balance, deficit (as above),
$168,233
Balance Sheet Dec.
sur3,005
$1,399,142 $1,436,0121
After reserve for depreciation of
$168,080
140,000
20,000
1
ada <feU. S
x
$165,000
3,233
.
Surplus revenue
No value
yl2,959
Deficit..
Total
$165,000
3,080
pre¬
ceding income
494,000
1934
1935
1936
$165,000
2,767
$168,282
Total revenue
Res. for income tax
920,000
-
1937
$165,000
3,282
Years Ended Dec. 31—
8% preferred stock
($100 par).....
direct management of w. B.
have developed the business
This management owns ap¬
Co.- Earning s-
Montreal Telegraph
Administration
shs., no par)... No'value
_
the
stock.—V. 145, p. 3503,
of this capital
16,500
Com, stk. (150,000
68,610
proximately 82% of the 180,000 shares of capital stock now outstanding.
The 20,000 shares of capital stock to be offered are from tne authorized but
capital stock of the company and not from personal holdings.
W. B. Malouf, A. B. Malouf and B. B. Malouf have agreed wi th the under¬
writer not to offer, sell, or otherwise dispose of any of their peronsally owned
stock within the nine months period following the date of the public offering
16,500
473,000
$584,453
50,637
unissued
payable—
due Oct.
under
is
Management—Company
Dividends.
400
,
Malouf, A. B. Malouf and B. B. Malouf, who
since its inception in Los Angeles in 1927.
$2,108
....
and
$484,678
,
_
before Federal income taxes.
profit to total sales
$2,201
deposits
leases
Mtges.
premiums & pre¬
,
10.5%
11.73%
Purpose—Net proceeds from the sale of debentures and 20,000 shares of
capital stock (not yet offered) (after deducting expenses in connection with
both issues) will amount to approximately $466,500.
These proceeds
will be used in retiring indebtedness to banks, officers and directors, and
others, in the aggregate amount of approximately $394,000, and the balance
1936
1937
payable.
,
,
July 1, to
July 1, to
Per cent of net
Revenue from investm'ts
Rentals received in
buildings,
Land,
the first 2 )4 months of the present
Sept. 19 '36 Sept. 18 '37
Gt North Westn Tele.Co
Midland Properties,
Stores
in Oper.
at End
Gross
a Net
of Period
Sates
Earnings
58
$1,003,302
$90,756
79
1,264,444
191,306
90
b871,6l3
bl00,742
133
2,136,866
277.787
b Six months ended June 30. 1936.
taxes,
income
Company sales and profits for
prior fiscal years were as follows:
Net profit
Corp.-—All Guaranteed Cer¬
mortgages and mortgage certificates.
Even since the bank holiday in March,
Ended—
Dec. 31 1934
Dec. 31 1935...
b June 30 1936-.
1,000.000
138.344
shares in
Maryland Title Securities
tificates Paid in Full—
Fiscal Year
$1,047,583 $1,0-58,804
Total
$1,047,583 $1,058,804
Total....
*
826,625
$5,419
8,307
Federal
and State taxes.
Property & equip.
(not used)
1936
1937
Liabilities—
1936
No. of
Employ.
at End
of Period
302
352
517
540
Manuf't'g
Space Used
at End
of Period
Balance Sheet Nov. 30
1937
Assets—
1938
40.000
before
pay.
Rl. est. in Mont.,
deduct.of inc.tax
Que., Ottawa &
Unclaimed divs...
415
Toronto
Contingent fund..
<: 50,254
.50,173
24,000
22,090
Cash,
Res. for inc. tax.
accr'd
inv.,
112,657
114,670
Montreal
Holdings Gain—
-V. 144, p.
.$2,266,494 $2,264,481
Total
$2,266,494 $2,264,481
Total
share at the close of 1937 was $18.64.
Cash and
short-term United States Treasury notes amounted to 12.5% of the fund
484
furniture—
rev.,
Net asset value per
.
2837.
Dec. 31.
on
Distributions
investment
from
income
received
during
1937
Montour
totaled
$5,426,845.
Including 17 cents a share payable today, these distributions
totaled $1.10 a share.
At the close of 1937 there were 5,240,684 shares outstanding held by
47,756 investors, the highest totals in the history of the trust.
"With the
expansion of the trust," the trustees observe, "the percentage of operating
costs to gross income continues to decrease.
The figure of 10.3% representating the ratio of expenses to gross income for the year 1937 includes
an item of 2% for Federal
capital stock tax." During the last five years
the expense ratio has declined steadily from 14.7%, according to detailed
figures presented in the report.—-V. 145, p. 4120.
Value
special meeting held Jan. 18 approved the proposed
changing of 700,000 shares of common stock to $1 par value from no-par.
This will result in a reduction to $700,000 from the $6,363,123 in stated
value of these shares.
Resultant capital surplus credit of $5,663,123 will
be used to reduce by that amount the existing operating deficit which, on
Oct. 31, 1937. totaled $5,150,317.
Consolidated deficit on the same date
was $3,112,197.—V. 145, p. 3977.
Mode
at
a
O'Day
Corp.,
Los
Angeles,
Calif.—Debentures
1936
1935
1934
$192,632
67,059
56,997
$135,044
25,025
29,825
$121,114
41,999
52,323
2,347,041
1,009,127
1,988,370
821,922
1,862,602
728,085
953,449
844,898
774,331
36,154
From Jan. 1—
Gross from railway
_
_
_
.
2,464,868
1,037,406
1,036,774
_
Net from railway.
Net after rents
—V.
145,
p.
4121.
Drop Forging Co.—Tenders—
sealed offers for the sale to it of the company's
exhaust the sum of $53,451 now
Shares so offered will be purchased by the
company on Feb. 18 at the lowest prices offered, not exceeding $75 per
share.
Offers for the sale of shares should be made on or before Feb. 1
to either Bankers Trust Co., New York, or The First National Bank of
Boston, transfer agents.—V. 146, p. 445.
This company is inviting
class A shares in
Voted—
Stockholders
1937
$131,432
26,141
after rents
Net
Moore
Minneapolis-Moline Power Implement Co.—Change in
Par
RR.—Earnings—
December—
Gross from railway
Net from railway
an
amount sufficient to
available in the sinking fund.
Morristown Securities
Corp.—Earnings—
$124,780
1936
$153,581
$127,486
23,368
8,000
24,833
10,000
22,742
5,000
$93,412
41,935
48,086
$118,749
83,870
43,714
$99,744
83,870
21,857
$3,391
def$8,836
def$5,982
1937
Calendar Years—
Interest and dividends
received
Expenses
Offered—An issue of $400,000 6% convertible 10-year deben¬
tures was offered last November by Banks, Huntley & Co.,
Los Angeles, at 98 and interest.
Reserve for taxes, &c
1947.
Denoms. $1,000, $500 and $100,
reglsterable as to principal only.
Interest payable M. & N. at Los Angeles,
Calif., and principal payable at Los Angeles.
Red., at the option of the
corporation, as a whole or in part at any time on or after Nov. 1, 1939, on
90 days' published notice, at the principal amount thereof and accrued int.,
Dividend,
lov. premium of 5% if called for red. on or after Nov.
Slus a 1, 1940; of 4% if called for red. on or after Nov. 1, 1, 1940, and prior
1939, and prior to
Deps. with banks.
Dated Nov. 1,1937; due Nov. 1,
1, 1942; of 3% If called for red. on or after Nov. 1, 1942, and prior to
1, 1944; of 2% if called for red. on or after Nov. 1, 1944, and prior
1, 1946, and thereafter without any premium.
Debentures are convertible, at the option of holders, into shares of capital
to Nov.
Nov.
Net profiton $5 cum. preferred
Divs.
common
stock
stock
—
Surplus.
Balance Sheet Dec. 31
$66,237
$111,426
redemption, whichever shall be earlier, at following conversion rates and
If presented for conversion on or before Nov. 1, 1940, at rate of $10
per principal amount of debentures per share; if presented for conversion on
or after Nov. 2, 1940, and on or before Nov. 1, 1942, at rate of $11.50 per
principal amount of debentures per share; if presented for conversion on or
after Nov. 2, 1942, and on or before Nov. 1, 1944, at the rate of $13 per
principal amount of debentures per share; if presented for conversion on or
after Nov. 2, 1944, and on or before the maturity of debentures, at the rate
of $14.50 per principal amount of debentures per share.
prices:
To Be
Capitalization—
$400,000 6% convertible 10-year debentures.
Capital stock (par $5)
Authorized
$400,000
400,000 shs.
Outstanding
$400,000
200,000 shs.
Business—Company and subsidiary are engaged in the manufacture and
sale at wholesale of low-priced apparel for women and children.
The
principal outlets for the products manufactured or merchandised by the
company are (at Oct. 7,1937) 143 retail stores not owned or operated by the
company but operated by licensees under names which in general employ
the term "Mode O'Day."
During the fiscal year ended June 30, 193/,
approximately 88% of tne company's total sales were made to such outlets.
The operators of such "Mode O'Day" stores are parties to uniform license
agreements with the company which provide that such stores will deal only
in "Mode O'Day" trademarked apparel furnished to them by the company.
In the opinion of counsel, the company is not liable for so-called "chain
store" taxes nor for sales taxes on retail sales made by such licensees.
Company owns, and occupies seven floors of a 12-story class A steel and
cqncrete loft building in Los Angeles, in which is concentrated the entire
manufacturing, shipping, selling, and executive functions of the company.
The entire balance of the building is under lease to others.
The trust in¬
denture provides that the property of the company cannot be mortgaged or
encumbered, or additoinal debentures or other long-term obligations issued,
without the consent of the holders of two-thirds of the outstanding de¬
bentures.
Growth of
Business—The growth of the business of the company during
since Jan. 1, 1934 (carried on by four constituent companies
prior to their consolidation into the company on July 1, 1936) is indicated by
the following figures:
recent
1,488,849
3,061,503
y
Common
Divs.
pay.
$87,429
26,229
6,555
stock.
Jan. 3.
Reserve for taxes.
Surplus
Total
$1,555,086 $3,172,929
Total
$1,555,086 $3,172,929
Motor Transit Co.
y
Represented
$69,830
58,346
12 MosS
$<50,709
691,91
(Fla.)—Earnings—
Period Ended Dec. 31,1937—
Transportation revenue
Operating expenses, taxes, rents and depreciation..
Mon(/i
1,978
on
3.984
615
bds_.
$83,608
15,206
104,527
47,806
7,297
$1,172
Balance
Income deductions, except int. on 6)4 % inc.
$91,229
$13,462
1,325
8,710
6)4% income bonds
Amortization of franchise cost
Amortiz. of organization and development
Balance, deficit..
Balance Sheet Dec. 31,
1937
Liabilities—
Assets—
Plant and property
Investm'ts & advances sub. cos
Franchise cost (unamortized).
Organization & development..
*700,000
$1,091,242 Capital stock ($10 par)
17,647 1st mtg. 6)4% inc. bonds]1952 1,655,000
1,159,303
179,877
Material and supplies
Prepayments
Special deposits
Other unadjusted debits.
Reacquired securities:
6)4% income bonds
30,980
Interest accrued
x
Interest on bonds
Miscellaneous liabilities
Taxes
2,725
458,314
5,683
accrued
14,507
285,341
Retirement reserve
Operating
26.892
reserve
720.524
Deficit
46,880
11,680
—
Capital stock
Total
y
1,283
7,521
43,415
—
170,671
Equipment notes
payable
Accounts
1,725
5,945
13,835
receivable
Accts. receivable
32.632
Paving liens
81,867
Cash
x
$58,788
24,820
$11,484
Balance
Income
Provision for int.
9,219
2.593,138
1,434,874
...
x Value $950,720
($3,059,928 in 1936) at market prices,
by 87,429 no-par shares.—V. 145, p. 2553.
Notes
$419,350
87,429
63,792
(par $25)
the corp. (at cost)
years
$5 cum. pref. stock
Invest, owned by
for
1936
1937
Liabilities—
1936
1937
Assets—
x
to Nov.
stock (par $5) at any time on or before the maturity or at any time up to
and incl. the 15'h day prior to the date upon which debentures maybe called
1935^^
$2,662,222
Accrued but not payable,
y
Total
-
.$2,662,222
Except bonds.—V. 145, p. 3977.
Volume
146
Financial
Mother Lode Coalition Mines Co.—Stockholders
Oppose
Delisting—
While the
Securities
and
Exchange Commission
Jan.
18
being
urged by a representative of the New York Stock Exchange to grant its
application to delist the capital stock of the company, a group of stock¬
holders appealed in person and by letter to have the exchange market
continued.—Y. 146, p. 115.
Mountain States Power
on
1937
expenses, maintenance and taxes
Net oper. rev.
(before approp. for retire, reserve)
Rents from lease of properties.
_
__
Miscellaneous non-operating re%renues
Inc. from merchandising, jobbing & contract work.
$3,632,230
2,382,160
$1,343,123
242,080
2,814
___
1936
$4,031,370
2,688,247
revenues
$1,250,070
244,532
2,880
i>r48,268
_
Net operating revenue and other income (before
appropriation for retirement reserve).
477,521
45,917
371,528
19,687
___________
Gross income
$1,497,483
300,000
$1,197,483
12,000
477,521
45,917
401,798
4,997
$324,096
reserve.
$1,539,750
300,000
$1,239,750
Appropriation for retirement
$255,249
Rent for lease of electric property.
Interest
1,000
funded debt
on
_____________
Amortization of debt discount and expense.
Other interest (net)
:
Other income deductions
Net income
Notes—(1) In the above statement of income accounts, net income for
the year ended Nov. 30. 1936, and for the month of December, 1936,
(in¬
cluded in the above income account for the year ended Nov. 30, 1937) has
been reduced by $35,764 and $2,846. respectively, to reflect adjustments of
amortization of debt discount and expense charge to surplus in 1937 and
sundry other items charged or credited to surplus after the close of the
respective periods affected, which have been applied retroactively in the
accounts.
(2) The revenues and expenses for the 11 months ended Nov. 30, 1937
(included above in the year ended Nov. 30, 1937) are in accordance with the
classifications of accounts prescribed by the Federal Power Commission
and by
the Public Utilities Commissioner of the State of Oregon, effective
1937, which differ in certain respects from the classification pre¬
viously followed by the company.
(3) On Dec. 31, 1937, the District Court of the United States for the
District of Delaware approved, as properly filed, the petition of Mountain
States Power Co. for reorganization under Section 77-B of the Bankruptcy
Act and after hearing continued the company in possession of its business
and property.—V. 146, p. 445.
Jan.
1,
Mutual Management
142,
p.
undeposited notes to $3,536,000.—V. 146,
116.
p.
New
York
with ICC
on
New
Haven
&
Plan Show Wide
Hartford
RR.—Briefs Filed
Differences—
Widely conflicting opinions as to the proper treatment of security holders
and the basis of new capitalization of the New Haven are shown in a score
of briefs filed with the Interstate Commerce Commission in connection with
the reorganization case.
The arguments advanced also served to emphasize further the deep-rooted
and
seemingly irreconcilable differences of opinion over intent of Section 77
of the
Banktruptcy Act in relation to all rail reorganizations.
Heading the list of briefs filed Jan. 18 was one on behalf of the New Haven
management, supporting its plan of reorganization now under consideration
by the ICC.
The management's plan was attacked by various security
holders, including the insurance company group committee independent,
bondholders committee and Old Colony stockholders.
The Pennsylvania RR., owner of 15.52% of the New Haven's voting
stock, attacked the proposal of various bondholders groups to wipe out the
present stock in reorganization.
When the current business cycle completes
itself, the Pennsylvania RR. said, "we may confidently expect another era
of prosperity which may well duplicate or surpass that which succeeded the
dark days of 1922."
The Pennsylvania brief said there is no basis whatever of barring partic¬
ipation by
the common stock in the prospective future earnings of the
reorganized company.
The road pointed out it is confidently expected the
ICC will grant rail rate increases.
Others filing brief in the New Haven case were: Providence & Worcester
RR; protective committee for Old Colony stockholders; Merchants National
Bank of Boston; certain insurance companies as holders
of New York
Westchester & Boston Ry. first mortgage bonds; Manhattan Co.; State of
Rhode Island; Rhode Island Commission on Foreign and Domestic Com¬
merce; City of Boston and Boston Port Authority: Independent Bond¬
holders Committee; Bankers Trust Co., trustee of New Haven 1st & ref.
mtge; Irving Trust Co., trustee under collateral trust indenture; Bank of
New York & Trust Co., trustee under New England RR. consolidated
mortgage; Housatonic bondholders; RFC: mutual savings
banks group
committee; City Bank Farmers Trust Co.,
trustee under Central New
England first mortgage; Old Colony RR., Railroad Credit Corp., and R.
I. Hospital National Bank.
New
Group Enters Reorganization Case—
James Jay Kann, C. Kenneth Baxter and Arthur F. Shettle have been
authorized by the Interstate Commerce Commission to act as a protective
committee for holders of securities of the company.
Mr.
Kann, New York, Chairman of the committee, is President of the
Securities Corp., Wilmington. Del.
Mr. Baxter is an investment
in Philadelphia representing a number of interests which hold
New Haven securities.
Mr. Shettle, New York, is a partner in the invest¬
ment firm of Francis I. du Pont & Co.
Amera
counselor
The authorization of the
Co.—Registers with SEC—
See list given on first page of this department.—V.
605
and reduces the amount of the
was
Co.—Earnings—
Year Ended Nov. 30—
Operating
Operating
Chronicle
new committee permits it to solicit authorizations
by dr issued under the first and refunding
debentures due 1957, and the 4% debentures of the
from holders of the bonds secured
4347.
mortgage,
the 4%
Providence Securities Co. due in 1957.
(F. E.) Myers & Bro. Co.—New Director—
The commission declared that "our action herein shall not be construed
Curtiss Ginn Jr., was elected director of this company to fill the vacancy
created by the death of
A. N. Myers.—Y. 145,
National Oats Co .— To
The
p.
3977.
Pay 25 Cent Dividend—
C.
directors
&c.—
Reid, formerly Vice-President and General Manager, was elected
President of the company, succeeding J. R. Matthews, who was appointed
Chairman of the board.
J. Garnett Mathews, formerly Secretary, was
made Vice-President and Treasurer and J.
L. Cooper was appointed Vice-
President and Secretary.—V. 145, p. 3352.
National
(Mexican Currency)
Railway oper.
Railway oper.
1937—Month—1936
11,279,905
10,351,526
expenses.
Net oper. revenue
Tax accruals and uncol¬
lectible
revenues
Balance.
928.379
928,379
210,016
Total income.____.
Net oper.
1,862,446
178,488
1,138,395
641,834
_________
income
-V. 145, p.
1,862,446
118,821,151
97,552,919
104,354,111
86,052,850
21,268,232
18,301,261
30,263
__
__
Other income.
Deductions
1937—10 Mos.—1936
10,809,123
8,946,677
52
revenues.
2,040,934
486,053
496,561
sums
or
of the application by it
to
committee was (originally organized on or about July 13, 1937,
represent less than 25 holders of the securities herein involved, its for¬
mation being motivated by the belief of certain large holders of the debtor's
securities that the plan or reorganization filed by the debtor dealt unfairly
with such securities, and such formation was for the definite constructive
purpose of preparing a plan of reorganization.
Such a plan has been
prepared and filed with the court and this commission, as the Independent
Bondholders' Reorganization Committee plan for the New York New
Haven & Hartford RR. Co."—V. 146, p. 445.
New York Title &
Mortgage Co.—Decision—
Appellate Division of the New York Supreme Court has affirmed the
ruling of Justice Alfred Frankenthaler that holders of series 0-2
certificates had a trust claim against the company for rents collected by it
on property covered by C-2 mortgages before rehabilitation proceedings
started.—V. 146, p. 284.
The
recent
Rys. of Mexico—Earnings-—
Period Ended Oct. 31—
any
"The
have declared a dividend of 25 cents per share on the
stock, payable March 1 to holders of record Feb. 19. This compares
with 50 cents paid on Dec. 1, last; 25 cents paid in each of the three pre¬
ceding quarters; $1 paid on Dec. 1, 1936; 50 cents on Sept. 1, 1936, and 25
cents per share previously distributed each three months.
J.
of the expenditure of
approval
:t added:
ithe committee] for compensation for its members out of the debtor's estate."
common
New President,
as
1,554,880
21,268.180
2,096,615
23,364,795
6,642,353
16,722,441
18,270,998
1,452,934
19,723,932
4,733,983
14,989,949
3978.
North
American
Utility Securities Corp .—Earnings—
1935
1934
$54,738
230,577
$63,494
190,825
$285,315
5,010
9,030
$254,318
y36,348
b285,000
$289,055
z270,000
$271,274
315,000
$244,407
210.000
$11,564
$19,055
def$43,726
$34,407
1937
Calendar Years—
1936
$31,132
x301,299
$1,424
Gross earnings—Interest
Dividends
x326,988
Total.
$328,413
5,348
a26,500
$332,430
7,027
$296,564
Miscell. exps. & interest
Taxes-
Net income.
Divs. paid on
2d pref. stk
Surplus
4,909
5,001
x Includes
$7,543 ($1,502 in 1936) received in preferred stock,
y In¬
cludes $7,500 Federal normal income tax excluding tax on profits arising
security transactions and $8,500 Federal surtax on undistributed
profits,
z During 1936 dividends aggregating $840,000 or $14 per share
were paid on the pref. stock reducing arrears in accumulated dividends to
$ 14 per share.
Of the divs. paid $570,000 was declared from capital surplus.
from
National
Tea
Co.—Sales-
Period End. Dec. 31—
Sales..
1937—4 Weeks—1936
$4,422,823
$4,884,163 $62,098,337 $62,480,912
1,205
1,221
No. of stores
—V.
146, p. 284.
1937—52 Weeks—1936
!
Naumkeag Steam Cotton Co.—Earnings—
Years End. Nov. 30—
Net profit after
Dividends
1937
deprec--
Shares cap. stock
Earnings per share
x Loss,
y After
1936
y$341,868
295,804
1935
1934
$151,909
187,251
60.000
60,000
Nil
$2.53
1936) provision for
y$434,854 x$l,136,323
49,259
49,259
46,619
$6.89
$90,785
deducting
60,000
$7.24
($105,998
in
State and Federal taxes accrued.
No Action
a
on
Com. Dividend—
Directors at their meeting held Jan. 19 took no action on the payment of
on the common shares at this time.
Dividends of $2 per share
dividend
Oct. 7 and on July 1, last $1 paid on April 26 and on Jan. 1,
paid during 1936; $1 paid each three months from April 2, 1934,
to and including Jan. 2, 1935, and 80 cents per share paid on Jan. 10, 1934.
—V. 145, p. 2085; V. 144, p. 4352.
were
1937;
paid
on
none
New York Athletic
Club—Earnings$507,899
399,380
92,040
Expenses, taxes, &c
Interest on 1st and general mortgage bonds
income.
$16,479
22,267
Surplus credits
Total
$38,746
113,768
Provision for depreciation.
Net deduction from surplus
$75,022
Balance Sheet Nov. 30, 1937
Trust funds
24,648
396,446
Cash & accts. receivable
Inventories of stores & supplies
Prepaid expenses
36,198
27,053
First and general mtge bonds_$4,573,600
Second mortgage bonds
919,000
Trust funds
Current & accrued liabilities.Unearned
income.
24,648
121,830
190,803
Surplus
620,461
Total
$6,450,342
...___?6,450,342
Total
—V. 145, p.
615.
New York Dock Co.—Notes
Deposited—
Company has reported to the New York Stock Exchange that $445,500
additional 5% notes, due April 1, have been deposited under a plan of ex¬
change for new notes.
This brings the total amount deposited to $1,964,000
Includes
$3,610 Federal normal income tax excluding tax on profits
profits, and $20,140 other taxes,
b After deducting portion declared from
profits on sale of securities of $60,000.
Note—The figures shown above do not include the results of security
transactions dining the year.
In March, 1933 the carrying value of securi¬
ties owned by the corporation on Dec. 31, 1932 was reduced to values
based on market quotations as of Dec. 31, 1932 by a charge to capital
surplus.
The latter account has been credited with an amount equal to
such reduction in carrying value of any such securities sold during 1937
and with the balance undistributed of the net profit on sale of securities,
based on average cost, less provision for Federal normal income tax with
respect thereto.—V. 145, p. 1108.
Northern Pacific
The
Interstate
Ry.—Abandonment—
Commerce
Commission
on
Jan.
10
issued
a
certificate
permitting abandonment by the company of part of its line of railroad
extending from engineers' station 3562 plus 17, at Sunnyside Junction,
to engineer's station 150 plus 64, near Granger, approximately 2.856 miles,
all in Yakima County, Wash.—V. 146, p. 117.
Period End. Nov. 30—
(Del.) (& Subs.)—Earns.—
1937—11 Mos.—1936
1937—12 Mos.—1936
Operating revenues
$32,609,042 $31,689,796 $35,767,047 $34,730,886
Oper. expenses, mainte¬
nance and taxes
19,041,385
18,509,912
20,754,750
20,138,409
Net oper. rev.
(before
forretirem't
$13,567,656 $13,179,884 $15,012,297 $14,592,477
Other income.
69,619
64,012
76,901
65,406
approp.
reserve)
___
Net oper. rev. & oth.
inc. (before approp.
for retirement res.).$13,637,276 $13,243,897 $15,089,199 $14,657,884
Approp. for retire. res__
2,666,666
2,666,666
2,900,000
2,900,000
Liabilities—
Assets—
Cluohouse property and equip.$5,965,997
a
Northern States Power Co.
Earnings for Year Ended Nov. 30, 1937
Income from dues, initiation fees, &c_
Balance of
The balance was declared from undistributed income.
arising from security transactions, $2,750 Federal surtax on undistributed
Gross income.
$10,970,609 $10,577,230 $12,189,199 $11,757,884
3,705,104
5,427,608
4,198,198
5,921,937
578,886
517,602
626,854
564,525
Other income deduc'ns..
57,380
48,742
61,403
51,803
Divs. on pref. stock of
sub. co. held by public
1,077,083
1,077,083
Minority int. in net inc.
of sub. cos_____
57,913
59,659
64,221
65,721
Interest charges (net)___
Amort, of dt. disc. & exp.
Net
income
___
$5,494,241
$4,523,619
$6,161,438
$5,153,897
Notes—(1) For comparative purposes the above figures have been re¬
vised to reflect certain changes in classification, due to the Uniform System
of Accounts which became effective Jan. 1, 1937.
effect in the 12 months ended Nov.
(2) The above statement gives
30,
1936, to the adjustment of debt discount and expense and to the adjustment
of refunds of electric and steam revenues in North Dakota, which adjust¬
ments were made in 1936.
.
.
.
T.
j
v
_
(Minn.) is making no provision for fed¬
for the year 1937 as it is contemplated it will
and State income tax returns for the year
Northern States Power Co.
(3)
eral
.
t
State income taxes
or
claim
as a
deduction in its Federal
1937 debt discount and expense on bonds redeemed in 1937. consisting of
unamortized discount and expense on such bonds at date of redemption,
and
premium and expense on
charges, which will result in no
redemption together with duplicate interest
taxable income.
Weekly Output—
'
3.5% compared with the
Years Ended Nov. 30—*
Operating revenues
Operating expenses, maintenance
Co. (Minn.) (& Subs.)—Earns.
for retir. reserve) .$12,446,363 $11,959,525
income.—--1,055,294
1,061,376
Net oper. rev. (before approp.
Other
2,050
200
320
$339,007
48,006
2,320
27,442
15,305
$370,881
43,620
Provision for taxes
$573,305
28,393
2,440
17,273
9,491
37,858
31,485
$380,159
57,990
1,720
42,583
22.092
Previous balance.
$515,707
80,672
$245,935
60,461
$256,139
30,048
$255,772
418,266
Dividends paid--
$596,379
282,156
$306,396
225,725
$286,187
225,724
$674,038
225,725
$80,672
$60,461
$448,314
Profit on sale of bonds—
Total income
Oper. salaries & exps—
Trustees' fees
Interest
paid
Bal. ofres., &c.,
and other income (before
$542,312
Undiv'd prof. Dec. 31
Balance Sheet Dec. 31
Bal.
$11,056,818 $10,577,019
Interest charges (net)
— ----3,342,287
5,065,676
Amortization of debt discount and expense
595,724
532,993
Other income deductions
52,455
41,792
of
Other demand note
33,399
33,400
capital shares.-
3,851,641
3,960,792
Notes pay.—demd
and Investments
Gross income.--;
from
arising
restatement
$9,191,093 $9,305,614
980,000
670,000
Investment--
$5,000,000 $5,000,000
Capital shares
Invest, in shares of
1936
1937
Liabilities—
1936
1937
Assets—
hanks
$13,501,658 $13,020,901
2,444,840
2,443.882
appropriation for retirement reserve)
Appropriation for retirement reserve--
1,780
restored
capital stocks of
Net operating revenue
$346,142
33,697
$354,849
15,832
$333,327
3,629
Interest
Cr228,089
$30,935,366 $30,093,188
18,489,002 18,133,663
and taxes
^
$569,957
2,596
751
Divs. from bank stocks-
1936
1937
1934
1935
1936
1937
corresponding week last year.—V. 146, p. 445.
Northern States Power
-Earnings—
Trust Associates
Old Colony
Years End. Dec. 31—
,
1938 totaled
15,
Jan.
„
„
Northern States Power Co. system for the week
26,243,703 kilowatt hours, an increase of
Electric output of the
ended
1938
22,
Jan.
Financial Chronicle
606
450,000
900,000
11,809
75,241
24,363
Pro v. for taxes
of
Div. pay. Jan.2_.
agent for paymt.
56,431
Reserve for divs. &
Cash
hands
in
56,431
15,871
of dividend
36,512
Cash in bank
369,059
other purposes..
Undivided
profits
—from Dec. 31,
$7,066,351
Net income
$4,936,557
For comparative purposes the above figures have been re¬
vised to reflect certain changes in classification, due to the Uniform System
of Accounts which became effective Jan. 1, 1937.
(2) The above state¬
ment gives effect in the 12 months ended Nov. 30, 1936, to the adjustment
of debt discount and expense and to the adjustment of refunds of electric
and steam revenues in North Dakota, which adjustments were made in
1936.
(3) The company is making no provision for Federal or State income
taxes for the year 1937 as it is contemplated it will claim as a deduction in
its Federal and State income tax returns for the year 1937, debt discount
1933
and expense on bonds redeemed in 1937 consisting of
and expense on such bonds at date of redemption, and
unamortized discount
premium and expense
redemption together with duplicate interest charges, which will result
in no taxable income.—V. 146, p. 117.
on
Total
—V. 145, p. 4123.
Owens-Illinois Glass Co.—Dividend Again Reduced—
20 declared a dividend of 25 cents per share on
$12.50, payable Feb. 15 to holders of record Jan. 30.
This compares with 75 cents paid on Nov. 15, last; $1 paid on Aug. 15,
last, and all initial dividend of 75 cents paid on May 15, last.
The com¬
pany's common stock was split two-for-one and the par changed from $25
to $12.50 per share on April 21, last.
The current dividend represents approximately the undistributed balance
The directors on Jan.
the common stock, par
Federal Bankruptcy Act has been confirmed by the
District of Massachusetts.
the Committee on Unlisted Stocks has ruled that upon
of Section 77-B of the
U.S. District Court for the
Accordingly,
receipt of information of the closing of the transfer books for the 6% pref.
stock (par $100) and the issuance of the new securities in exchange therefor
as provided in the plan of reorganization,
the stock will be stricken from
unlisted trading on the Exchange.
As set forth in the plan of reorganization each four shares of 6% preferred
of the company are exchangeable for one share of common stock of the new
company to be created in accordance with the plan.—V. 145, p. 4123.
Nova Scotia Steel & Coal
by Dominion Steel & Coal Corp., Ltd.,
regarding a reorganization of the Nova Scotia company, have been accepted
by the receivers and liquidators of the latter, with the unanimous approval
or the protective committees representing the first mortgage bonds and the
Proposals recently submitted
debentures.
proposals as affecting the first
holders will receive new 25-year 3lA%
mortgage bondholders are that the
bonds secured on the Newfoundland
and Cape Breton properties of Nova Scotia company, and will also receive
one share of Dominion Steel & Coal Corp., Ltd., common class B stock per
$100 par value of bonds.
The mortgaged properties will be leased to Dominion Steel & Coal Corp.,
at an annual rental or $225,000 plus 25 cents per ton on all ore mined from
the Nova Scotia areas in
excess
of 450,000 tons.
on the
bonds.
These bonds will be exchangeable over two years from April
1, 1938, into common class B shares of Dominion Steel at the rate of four
shares for every $100 par value of bonds.
The proposal to the debenture holders is three shares of common class B
stock of Dominion Steel for every $100 par value of debentures, and an
offer will be made the holders of the Nova Scotia & Coal Co., Ltd., pref¬
erence stock, of which there are 10,000 ($100 par) shares outstanding, of one
new
share of Dominion Steel common class B stock for each share of the Nova
preferred.
The necessary meetings of security holders
will be called with the least possible delay.
Sales
—
Cost of
-
-
-
$222,676
194,932
26,886
goods sold
Selling expenses
General and administrative expenses
12,689
;—
$11,832
727
Net loss from trading,
Other income
—
—
$11,105
1,032
Total loss
Income deductions
Net loss for year
$12,137
— — — ___ — -
Condensed Balance Sheet, June 30, 1937
Liabilities—
Assets—
batiks$4,859
41,028
Deposits receivable——
3,053
Inventories
129,625
Notes payable. ——$8,196
Accounts payable
32,406
Accrued liabilities.-4,275
Capital stock—Outstanding-... 718,950
Prop., plant & equipment
x432,408
Agency
contracts,
registered
Earned surplus—Deficit
Cash onhand&in
Accounts receivable (net)
40,724
—
47,626
Prepaid expenses—5,158
Deferred charges-..59,346
brands, &C—...
(Charles F.) Noyes Co., Inc.—Accumulated Dividend—
The directors have declared a dividend of 45 cents per share on account
of accumulations on the
6% cumulative preferred stock, par $30, payable
Jan. 24.
Similar amount was paid on Nov. 1,
1 last.
A dividend of 75 cents was paid on April 26 last:
60 cents was paid on Feb. 1, 1937 and dividends of 45 cents were paid on
Nov. 2 and Aug. 1, 1936.
Arrearages after the current payment will
amount to 90 cents per share.—V. 145, p. 2554.
to holders of record
Total
...$723,103
Total
shareholders of Dominion Steel will also be necessary
to approve the necessary increase in the share capital.—V. 146, p. 117;
V. 139, p. 2370.
Feb.l
Distillers, Inc.—Earnings—
to sanction these proposals
A meeting of the
and
Pacific
The lease rental will be
applied solely for the purpose of providing interest and sinking fund
Scotia
.
^
that net earnings of Owens-Ulmois
1937, subject to final determination
by the company's auditors, were estimated at $9,315,000 as compared with
$10,099,131.35 for the year 1936.
In arriving at these earnings, deductions
have been made for depreciation, depletion, repairs, Federal taxes, includ¬
ing tax on undistributed earnings, and bad accounts.
Depreciation and
depletion have been charged against both operating and non-operating
plants at the same rates as used in prior years.
For the year 1937 estimated earnings, before audit, are equivalent to
approximately $3.50 per share, on 2,661,204 common shares of the par
value of $12.50 per share outstanding Dec. 31, 1937, as compared with
$7.59 per share on 1,330.602 common shares of the par value of $25 per
share outstanding Dec. 31, 1936.—V. 145, p. 2702.
Wm.
Glass Co. and subsidiaries for the year
Earnings for Year Ended June 30, 1937
Co., Ltd .—Reorganization—
The
the year 1937.
E. Levis reported
of net income for
President
Northern Texas Electric Co.—Plan Confirmed—
Notice has also been received by the New York Curb Exchange that the
plan of reorganization dated June 15, 1937, filed pursuant to the provisions
80,672
$9,931,004 $10391.317
Total
$9,931,004 $10391,317
-
542,312
——
Notes—(1)
—V. 145, p. 127.
.
Pacific Power &
The directors
have
.-Sv/c"
-
$723,103
■
Light Co .—Accumulated Dividends—
declared
a
dividend of $1.75
per
share on the 7%
stock, par $100, and a dividend of $1.50 per share on the
6% cumul. pref. stock, par $100, both payable on account of accumulations
on Feb.
1 to holders or record Jan. 18.
Similar amounts were paid on
Dec. 24, Nov. 1 and on Aug. 1, last.—V. 145, p. 4124.
cumul.
pref.
Aug.
on
Penn
Valley Crude Oil Corp.—Earnings—
1937
$154,902
6 Months Ended Dec. 31—
1936
Producing expenses
Developing expenses
35,805
approved the ac¬
quisition by the company of the properties of the Youngstown & Austintown Ry. Co.
The Nypano RR. is a corporation organized in Pennsylvania and Ohio,
Administrative and office expenses
19,598
59,559
$161,504
33,736
5,729
27,571
39,708
and is authorized to do business in those States and in New York.
Other
$39,940
2,689
$54,760
7,329
$42,629
5,409
$62,089
10,833
8,153
$37,220
$43,103
Nypano RR.—Acquisition—
The
Interstate
Commerce
Commission
on
Jan.
10
It owns
388.51 miles of main line and 190.61 miles of branch line railroad in the
States mentioned.
The Youngstown &
Austintown Ry. is organized in
Ohio, and
approximately 4.82 miles of main line railroad extending
in Youngstown, O., with the Cleveland & Mahoning
Valley RR. to Bears Den Road, and connects in Youngstown with the
Nypano *s line.
It has an authorized capital stock of $100,000, of which
$10,500 is issued and outstanding.
The properties of both are operated
under lease by the Erie RR., which also controls these two corporations
through ownership of their capital stock.
The applicant proposes to purchase the properties and all other rights
of the Youngstown & Austintown for a cash consideration of $10,500 which
is equivalent to the amount of stock outstanding. To enable it to make the
purchase the Erie will advance the necessary funds, and when the trans¬
action is completed the Youngstown & Austintown will be dissolved as a
corporation under the laws of Ohio, and its assets, which will consist of
the purchase price of $10,500, will be distributed to the sole stockholder,
the Erie, thereby reimbursing it for the funds advanced the Nypano.
from
owns
junction
a
Oklahoma Natural Gas Co. (&
Subs.)—Earnings—
12 Months Ended Nov. 30—
x
Net income
Earnings
surtax
x
Net operating income.
revenue
Net income from all sources.
Income charges
Federal income taxes
Net income.
Balance Sheet Dec. 31
Assets—
$41,207
$566,478
Deposits
share without deduction for
undistributed profits
1936
$25,000
$11,250
"5,412
gage
payable
payabie.
Investments
196*050
3,712
Intangible develop
111,099
Accrued liabilities.
Oil & gas reserves.
X519.290
33,307
572,520
20,000
115,755
Deferred income..
Purchase
Land,
options.
Long-term oblig
Total.-x
Oil
—
333,060
269,261
17,901
44,037
($6 par)------Class B com. stock
2,162
2,251
1,050,000
1,200,000
1,000
Penn
1.902
72,442
87,577
—
Total.......-.$1,218,656 $1,514,726
only.—V. 146, p. 286.
Valley Development Corp.—Earnings—
Earnings for Six Months Period
Ended Dec. 31, 1937
Revenue—Oil sales.
The
Colony Investment Trust—Smaller Dividend—
directors
have
declared
a
dividend
of 20
cents
per
share
on
Miscellaneous revenue
— — -
—
$5,722
46
the
stock, payable Jan. 27 to holders of record Jan. 18. A dividend of
35 cents was paid on Jan. 20, 1937, this latter being the first dividend paid
since May 15, 1931, when 40 cents per share was distributed.—V. 145,
P. 3979.
1,000
45,799
....$1,218,656 $1,514,726
reserves
1.05
Without deduction for surtax of $40,000 on undistributed profits 1937
common
15,127
56,250
—
Earned surplus
(none in 1936), charged to surplus.—V. 145, p. 3664.
Old
23,614
12,719
9,535
Class A pref. stock
buildings &
equipment
Prepaid expenses.
Accounts
($0.01) par)
929,867
2.13
Current notes pay.
Warrant and mort¬
50
Sinking fund
1937
Liabilities—
1936
1937
Current assets
$7,565,534
2,574,567
per common
on
Depletion and depreciation
1936
$8,126,365
3,092,185
1,578,437
Gross income after retirement accruals
;
Capital surplus...
1937
Operating revenue
Oil sales
Total
revenue.
Expenses
Net loss for the period.
$5,768
14,607
$8,839
Volume
Financial
146
Chronicle
607
Balance Sheet, Dec. 31, 1937
Assets—
Current
$915
Land, buildings and equipment
Oil
310.498
reserves
Deferred charges
Current notes payable
$25,200
675
...
Accounts payable
55,121
138
289
180,733
Accrued expenses and taxes—-
123
Deferred income.
Capital stock (par $100)
190,000
-
31,974
Earned surplus (deficit).
—...
$366,672
.....
Total
$366,672
—
Pennsylvania Co. for Insurances
on
City of Philadelphia Bonds
Pennsylvania Municipal Bonds
Lehigh Valley RR. Annuity 4^s and 6s
Pittsburgh, Fort Wayne & Chicago 7%
Pennsylvania Sugar Co. Common Stock.
1,625
Accrued interest
Long term notes payable
Total
1937
Assets-—
A. T. & T.
of
$
U. S. Government securities.
Loans upon collateral
41,685,284
36,029,965
30,320,541
6,350,000
28,462,172
7,093,959
Call loans to brokers
Z.I
.II_II.II.
of "cash
Miscellaneous
I
assets
11111.
Interest accrued
Bank
7,436,335
5,318,118
635,822
1,894,826
9,823,000
25,110,470
balances in
Commercial paper
1st mortgages owned..
Reserve fund for protection
trust accounts"
39.239,839
38,765,808
41,444,126
6,574,117
1,799,517
870,850
1,981,735
_
investment securities
.....
I.ZIIZ
building, vaults and equipment
Other real estate
4,556,523
Customers' liability account letters of credit issued
and accepted, executed
Total
Earned
242,377
Total
$87,704
37,500
Cash dividends paid
...
...
Unearned int
Reserve for building, taxes and expenses
Miscellaneous liabilities.
Letters of credit and accept, exec, for customers.
....
Balance Sheet Oct. 31, 1937
Assets—
Liabilities—
Cash in banks and
hand...
_.
.........
Total
.252,074,804 272,663,328
724
1,361
334,590
Brands, trademks. & formulae
1
Pre-payment & def'd charges.
8,462
After
reserve
of $200,470.—V.
p.
10,022
Federal normal & surtaxes
11,877
Capital stock ($1 par)
250,000
...
Paid-in surplus
210,000
,
202,014
Surplus arising from appraisal.
50.204
Earned surplus
$824,353
Total
for bad debts of $7,500.
145,
trade
Accrued expenses
$824,3531
Total
$65,000
23,622
1,613
Due officers
3,895
Deposits
b After reserve for depreciation
2703.
Pierce-Arrow Motor
Corp.—Reorganization Delayed—
The corporation and its creditors have agreed that no plan of reorganiza¬
tion will be submitted until the currant trend of business is stabilized.
This
decision
Jan,
-V. 145, p. 2401.
Accounts payable,
Excise stamps
Miscell. accounts receivable..
a
434",252
305,790
85,390
144,869
242,377
199,826
224,403,782 246,305,460
2,275,301
3,227,474
Notes payable—to banks
$10,241
112,137
352,941
on
Accounts & notes receivable.
508,466
.......
Reserve tor contingencies.....
8,400,000
12,000,000
2,584,549
336,000
8,400,000
12,000,000
2,548,595
336,000
_
Undivided profits.
Reserve for dividends
$50,204
_Oct. 31, 1937, balance of surplus._
b Fixed assets
Liabilities—
Capital
j
Surplus
$36,382
51,322
Net profit for 12 months ended Oct. 31, 1937, as above.
Inventories
199,826
Surplus Oct. 31, 1937
Earned surplus Oct. 31, 1936
a
252,074,804 272,663,328
Deposits
Philadelphia
$
86,150,314 102,752,608
dep. with Fed. Res. Bank
Teletype—Phila. 22
1528 Walnut St.
1936
i
amount
Pref.
YARNALL & CO.
Lives & Granting
Annuities—Balance Sheet Dec. 31—
Cash and
IN
WE DEAL
Liabilities—
assets
was
16.
after a hearing before Federal Judge John Knight
Knight approved former Federal Judge John R. Hazel
reached
Judge
Martin Eward, Secretary-Treasurer of the company, us co-trustees to
act "in a custodial capacity."—V. 146. p. 118.
and
Petroleum & Trading
Corp.—Report—
The net asset value of the class A stock outstanding as of Dec. 31, 1937,
based
market quotations of securities held was equivalent to $17.95 per
share after payment of dividends of $1.25 per share during the year.
Com¬
pared with net asset value of $25.82 per share at the close of 1936, this was
on
decrease for the year of 30.48%.
It is the opinion of company's counsel that 74.32541% of the dividends
declared on the class A stock in 1937 represent taxable dividends to stock¬
a
holders under the Revenue Act of 1936, the remaining 25.67459%
being applicable to the basis of the shares.
thereof
Postal
claims and interests of
of reorganization,
and Raymond O.
Kramer, trustees, at 67 Broad St., N. Y. City.
Claims not filed by that
date will not be permitted to participate in any proposed plan of reorganiza¬
tion for the debtor except on order of the court for cause shown.—V. 146,
446.
p.
Potrero Sugar Co.
Income Account Years Ended Dec. 31
1937
Telegraph & Cable Corp.—-Filing of Claims—
Federal Judge Alfred T. Coxe has directed that all
creditors and stockholders of the corporation in process
be filed before Feb. 15, in the offices of George S. Gibbs
Income from dividends & interest
General and administrative expenses.
Federal and State taxes.
$127,712
6,755
8,206
$137,090
6,724
6,596
x$70,959
6,415
4,760
Inc. before losses from sales of
Net loss from sales of securities.
$112,751
2,950
$123,769
prof967
$59,783
62,427
$109,800
zl09,800
$124,736
zl24,736
(& Subs.)—Earnings—
1937
1936
1935
$1,194,305
878,977
$1,079,126
$1,149,852
743,761
Years End. Oct. 31-
1935
1936
loss$2,643
62,271
Cost of goods sold
__
_
exps..
52,898
54,849
31,741
28,473
Oper. profit for period
$262,430
3,799
$240,228
2,783
$374,350
3,098
$115,267
3,952
$266,229
$243,010
$377,448
$119,219
23,297
11,173
15,281
37,264
8,942
60,504
124,591
63,563
Other income credits
Bank
Deficit
Includes
charged to capital surplus.
Balance Sheet Dec. 31
Assets—
1937
Cash
1936
Liabilities--
$91,534
$510,092
1,918
1,466
Accrued
Dlvs. & accrued in¬
Mktable
2,651,403
2,321,320
pref. stock
franchise
16,476
6,297
2,097
disct.,
1st mtge.
on
7s
Depreciation
absentee
..$2,751,151
Valuation
based
on
145,
p.
1936, $2,583,888.
3664.
7,500
to
2,496,607
284,485
$2,751,151 $2,834,976
quotations Dec. 31, 1937, $2,013,005,
b Represented by 10,000 no par shares.—V.
Loss of $357,079 on
Inc.—Hearing
on Plan Adjourned
The possibility of the forced liquidation of assets of the company was
indicated Jan. 18 when Federal Judge Robert P. Patterson declined to sign
anjorder limiting reorganization expenses and allowances to attorneys, for
services rendered, to $15,000, an amount fixed by the Reconstruction Fi¬
nance Corporation in consideration of a proposed loan of $150,000 by it to
the company.
The hearing on the plan was adjourned until Feb. 4, on
which date he will rule on applications for fees and allowances for services
andfexpenses.
He directed all creditors to be notified and that all claims
for fees be filed by that date.
s
Judge Patterson, who approved the corporation's plan of reorganization
last Nov. 12, after proceedings which began in June, 1934, when a petition
to reorganize was filed, said he would not fix allowances "upon the dictation
of the party furnishing new money, regardless of whether the amounts were
fair or reasonable with respect to the services rendered."
Under the plan of reorganization, the RFC was to advance $150,000 in
new working capital, provided the corporation raised an additional $50,000.
After the Court confirmed the plan, the RFC informed Evan W. Walters,
trustee, that it would not make the loan unless all reorganization expense^
were limited to $15,000, or 10% of the amount of the loan.—V. 145, p. 3355
Period Ended Oct. 31, 1937—
after discounts, allowances,
3 Months
of
$145,407
goods sold—includes
depreciation..
all
Gross profit
Selling, general and administrative
expenses
Operating profit
Other income—discounts, rents, &c.._
Net profit (before
$536,916
80,098
289,629
manufacturing
costs and
a
12 Months
freight—
out and excise taxes.
Cost
......
Federal income taxes)
profits taxes:
Cr3,196
$139,956 loss$139,335
$31,458
expropriation of sugar cane lands has been charged
Consolidated Balance Sheet Oct. 31
1936
Bills payable
Accts. payable
4,981
$54,782
3,078
Bills receivable...
169
135,728
Advs. to cane grow
60,238
Bankloaas—
34.046
Accts. receivable..
Due from officers
•
.
i,
*,
„'«■
'i,
notes
int.
other
Accrued
18,981
19,461
2,906
2,395
terest
coupons
1,190
1,400
95.825
11,556
239.593
Growing cane
_..
3,814
3,416,512
Deferred charges..
94,882
80,496
x
y
on
6,615
28,554
pref.
2,153
2,153
834,000
repurch..
fund gold
bonds
y
890,000
222,545
224,505
Preferred stock,
Common
1,159,495
1,528,334
.
1,159,496
1,885,414
314,339
stock
Capital surplus.—
368,465
Deficit
.$3,625,347 $4,061,919
After
4,655
26.757
in¬
y
3,758
3,029,702
1936.
stock
1,770
1st mtge. 7% sink.
194,565
Land, bldgs.,mar
Total
bond
105
1.813
payable..
Discount
94,901
'■
chinery, &C—
Investments
x
105
Mat'd int. coupons
Accrued
Spec. dep. for bond
Mat'ls & supnlies.
1,190
bond
Unpresented
than bonds..;—
Sundry accts. rec.
30,551
1,400
—
6% income
payable —
10,278
...
11,678
38,787
and
accrued accts
Rum on band <fc in
Drug store Invent.
$190,314
7,682
interest coupons
acct. of buyers—
1936
$110,000
—"
5,002
Alcoiiol on hand for
interest
L
—
5,672
».
8,800
sold
process..
1937
Liabilities—
1937
$52,553
Total...
$3,625,347 $4,061,919
reserve for depreciation of $1,095,878 in 1937 and $1,008,272 in
Shares of $5 par value.—Y. 146, p. 446.
Pressed
Metals of America,
poned until a later date.
Inc.—Offering Postponed—-
$65,309
51,631
$247,286
187,602
$13,677
682
$59,684
3,268
$14,360
at
Washington.-^V.
8,947
p.
Co.—Delisting Hearing—
called a hearing for Jan. 28
Chicago to determine whether the common stock (no par)
suspended or withdrawn from registration and listing on the
Chicago Stock Exchange because the company had failed to comply with
the rules in an annual report filed for 1935.—V. 146, p. 446.
The Securities and Exchange Commission has
should
be
Printz-Biederman
Co.—Earnings—
Earnings for Year Ended Not. 30, 1937
Net
Surtax
145,
at its offices in
$62,952
Prov. for Fed. income & excess
The postponement was made necessary by the
the Securities and Exchange Commission
3828.
amendment of the application to
Prima
Normal tax..
profit, including $28,13/ realization on life insurance.
.....
$59,258
198,788
2,682
on
undistributed profits.
Balance, Nov. 30, 1936
—
...$258,046
35,320
TotaL
Net profit for
Earnings
1
71,639
128,078
1,993
Company has informed the Toronto Stock Exchange that the plan of
offering to stockholders subscription rights on or about Feb.l, has been post¬
Valley Wine Co.—Earnings—
Sales—net
19,581
_
capital surplus.
Assets—
rum
Pleasant
_
256
Due for alcohol and
Phoenix Silk Mfg. Co.,
m
9,045
7,298
x$41,341
market
Dec. 31,
_
2,028
15,176
8,866
tax
x
7,500
Total.
_
67,276
128,565
9,165
Prior year's adj. (net)..
Credits to profit & loss. _
b Class B common
$2,834,976
_
—
(export)
Cash
a
-
122,100
Prov. for Mex. inc. tax.
596,080
Capital surplus
2,437,546
Operating deficit..
284,486
Total
m
'
587,640
stock....
«.
Loss on prop, & inv. sold
Exps. in connection with
obtaining
assent
of
bondholders to plan..
(par
$5)
tax
Int.
$2,799
$1.25 cl. A partic.
Prepaid New York
State
$2,951
ceived
(net),
Prov. for doubtful accts.
Mex.
Sec. bought not re¬
securi¬
ties, at cost
1936
1937
and
State taxes
terest receivable
a
Fed.
int.
exchange, &c
$64,914
$242 proceeds of sale of securities received as dividends,
y Total dividends charged to capital surplus during 1934, 1935 and 1936,
$151,058.
z After
deducting $37,929 ($25,341 in 1936) portion thereof
x
1934
$638,398
494,658
Shipping, selling, gen. &
administrative
secur
784,049
a
period
250,000 shs. capital stock
per share on
Federal
been computed on net income of $67,382
adjustments required for,tax purposes only.
income taxes have
due to depreciation and other
$51,322
$0.20
Dividend
Balance, Nov. 30. 1937
Earnings per share.
-
.$222,726
$1.01
Financial
608
Balance Sheet, Nov.
136,915
Notes
A
A
accepts.
accts.
304,388
245,882
40.797
37,385
surr.
...
value of life Insur
Other assets_
—
_ .
Goodwill, trademark, pats., Ac.
y
*782,700!
Total
all liabilities
*782,700
including 31,234 shares in treasury,
Inc.—Report—
Investors,
Prudential
taking investments and U. S. Treasury
The net assets of the corporation,
discount bills
-
....Drl78,336
Treas. stock at cost
Total
x Represented by 89.949 no par shares
See x.—V. 146, p. 446.
y
-
Capital surplus
Earned surplus
44,784
72,549
1
Fixtures & equipment
Deferred charges.
*43,322
... *181.770
513,218
222,726
Ac.
Accts. pay., payrolls, taxes,
Capital stock-
rec.
less reserve
Inventories--..,
Cash
Reynolds Spring Co.—Loan of
30, 1937
LtabtlUte8—
Assets—
Cash
market quotations as of Dec. 31, 1937, and after deducting
shown on the balance sheet, amounted to $8,964,565 which
as
equivalent to $197.52 per share on 45,386 shares of $6 cumulative
preferred stock outstanding.
After deducting $100 per share for the pre¬
ferred stock, the balance remaining for 500,000 shares of common stock
outstanding was $8,85 per share.
This represents a decline of 31.99%
in net assets from the value of net assets on Dec. 31, 1936 after allowance
for Federal normal income tax on unrealized appreciation as at that date.
adjustment is made for $425,046 paid as dividends to common and pre¬
$144,671 applied to the repurchase of the corpora¬
tion's own common and preferred stocks during the year, the resultant
decline in net assets would be 27.67%.
for Calendar Years
Income Account
Mfg. Co., Inc.—Listing—
authorized the listing of 80,000 shares
par) upon official notice of issuance at any time
or from time to time uopn the exercise of the right of conversion to which
holders of the 5% cum. conv. preferred stock will be entitled pursuant to
the terms of a proposed amendment to the certificate of incorporation (see
Ritter Dental
The New York Stock Exchange has
of
225
$64,520
522,362
1,463
$104,080
287,161
3,312
$78,048
290,820
4,708
$528,899
66,727
15,564
$588,344
65,153
19,517
$394,5.54
50,935
22,678
$373,576
44,462
22,161
$446,609
275,046
150,000
$503,674
277,776
253,000
$320,939
277,776
$306,951
277,776
$21,563
def$27,102
$43,163
$29,891
498,782
Interest
Cash dividends
Miscellaneous—
Total income
General expenses
Taxes paid and accrued
_
Net income
Preferred dividends
Common dividends
Balance of inc.
stock
common
also V.
146,
$29,175
1937
616,238
294,917
319,343
483,731
Common stocks- 7,205,304 10,394,014
dend payable...
68,079
69,444
Reserve for taxes.
11,574
19,495
Pref.
Other investm'ts:
8.
.
stocks
Due from
5,735
Accrued Int. pay'le
2,225
6,000",000
6,000,000
415,909
394,346
3,928.492
4.200,946
7,855
sold
2,038
1
Furn. and fixtures
by financing company
Provision for Federal capital stock
Social security taxes.
Income and
excess
10,424,054 11,386,4561
.10,424,054 11,386,456
Total
1937—12 Mos.— 1936
$11,151,752 $11,043,443$126,795,021$122,843,047
Oper. exps., maint'ance,
depreciation & taxes..
6,747,884
7,711,072
Net inc. from oper
$4,295,558 $36,874,116 $38,489,701
2,355,595
24,531,606
24.612,933
$3,440,679
2,749,733
Bal. for divs. & surplus.
84,353,346
89,920,905
—V. 145, p. 4126.
& Timber
Pulp
Co.—Listing
&
Trade
246,645
293,609
Accounts receiv'le.
331,290
244,795
Inventorles
The directors have declared
a
Corp.—Sales—
—V. 145, p.
1937—Month—1936
$1,058,572
.
1937—12 Mos.—1936
$9,448,817
$1,190,201
$9,090,786
4127.
Reno Gold
1937
not due
1,100;280
7% cum. pref. stk. 2,500.000
x Common stock..
2,544,512
(net).
1,682,441
1,733,516
Earned surplus—
Prepd. exps. A def.
charges...
113,324
58,504
Miscellaneous income.
$418,995
1,691
$455,747
1,939
$420,686
8,594
39,614
52,586
52,052
$457,686
9,178
55,781
41,385
62,259
Dividends.
$267,839
223,989
$43,850
2.544,512
at cost
673,846
758.029
Z>r2,964
...
Dr2,964
$6,152,689 $6,143,995
Total
Represented by 160,000 shares (no par).—V. 146, p. 286.
x
Rock Ola Mfg.
Corp.—Earnings—
Operating
$86,329
74,519
Total income
Other deductions
Net income before Federal taxes
Ix>ss for month reflects the usual seasonal decline
$466,774
57,522
$16,852
22,989
Operating profit.
$1,284,845
818,071
$11,810
5,042
expenses
Other income
x
10 Months
Month
Period Ended Dec. 31, 1937—
Gross profits on sales
$524,296
191,514
x$6,137
5332,782
inj,business.-—V. 145,
4127.
(A. I.) Root Co. (& Subs.)-—Earnings-
.
.
j
1934
1935
1936
1937
$844,014
573,240
$517,086
339,627
$180,854
179,383
$195,701
176,203
$177,458
156,339
$1,471
10,249
$19,498
17,080
$21,119
15,002
$42,959
Total expenses
$627,040
431,339
$74,144
15,585
al5,600
--
Manufacturing profit.
$614,517
433,663
$270,774
196,630
...
Cost of sales
lloss$8,778
$2,417
Operating profit
Other deductions (net).
Est. Fed. taxes on income
5
Net profit
Divs. paid on 1st pf. stk.
$289,081
219,156
Balance.
110,544
2,500,000
Com. stock reacq.
$6,152,689 $6,143,9951
Total...
$33.75 per
$870,532
451,537
34,784
22,794
1,025,214
$873,173
417,426
Cost of production.
74,430
98,795
22,794
142,598
-
Deferred income..
Ei
$7,600 surtax
7.795__
on
undistributed
taArofe—Unpaid
1936
62,867
Total reserves
investments
""aTncludes
Mines, Ltd.—Earnings—
Years Ended June 30—
$101,865
$110,239
.
22,226
.
Period End. Dec. 31—
Dec. 31/36
A excess
profits Ac. taxes
Other, accr. liabs.
283,183
no par
A like payment was made on Nov.
pay
A ac¬
rolls
241,712
(net)
Years Ended July 31—
sales
value, payable
1,
Aug. 2, April 26 and Feb. 1, 1937, and on Nov. 1, 1936, this latter being
the first dividend paid since Feb. 1, 1935, when a regular quarterly dividend
of like amount was distributed.—V. 145, p. 2704.
pref. class A stock,
crued
1.100,276
receivs.
Net
dividend of 50 cdnts per share on account
1 to holders of record Jan. 24.
pay.
20,827
Non-curr.
listing and registration.—V. 146, p. 119.
of accumulations on the $2 cumul.
1,020,729
Other curr. assets.
The New York Curb Exchange has admitted the common stock, no par,
(C. A.) Reed Co.—Accumulated Dividend—
Accts.
Fed. inc.
in-
A
notes
stalm't contracts
p.
Reliable Stores
$225,910
131,250
119,000
Comparative Condensed Consolidated Balance Sheet
Liabilities—
Oct. 31, '37
Oct. 31, '37 Dec. 31/36
$1,420,507 >1,307.603
50,000
Deposit on bid....
Regis¬
tration—
Consolidated net sales.
"
.......
Cash
Jersey (& Subs.)—Earns.
1937—Month—1936
Period End. Dec. 31—
Feb.
"
profits taxes_
Preferred dividends
Fixed assets
Public Service Corp. of New
to
tax"Zllll~.ll.il. I
Common dividends
Market value as of Dec. 31, 1937, was $6,603,553, against $14,400,524
Dec. 31, 1936.
y Represented by 45,386 (46,296 in 1936) shares $6 pref.
stock and 500,000 (504,000 in 1936) shares common stock, all of
no par
value.—V. 145, p. 3981.
Sound
51,198
4,095
27,336
62,353
46,700
...
Miscellaneous ded uctions
x
Puget
$417,593
Gross income
on
Gross earnings
$373,021
44,573
PrPv,-/?r losses under guaranty with respect to instalment notes
held
Total
5,896
1
Accrd. Int. rec
Total
divi¬
y
149,391
sees,
stock
700,000
Capital stock.__
Operating surplus.
Capital surplus
dis¬
Treas.
count bills
6,000
94,140
Profit from operations.
Assets—
Bank loans—secur.
deposits--*2,282,937
Accts. receivable..
603,331
......
plant and equipment...
Income credits
$
Liabilities
$43,110
U.
$1,076,491
Selling & administrative expenses, & royalties
Frov. for doubtful notes & accts. receivable—Trade..
1936
$
1936
Cash In banks, de¬
—
31, 1937
10 Months Ended Oct.
Gross profit on sales, after all manufacturing expenses
Balance Sheet Dec. 31
1937
Preferred
286).
p.
Consolidated Income
Net income before amortization of appreciation..
avail¬
able for com. stock.
Assets—
(no
Prov. for deprec. of prop.,
1934
1935
1936
1937
Bonds
$500,000—
the Securities and Exchange Commission by the company
on
Nov. 11 the company borrowed $500,000 from the
American Steel A Wire Co., a subsidiary of United States Steel Corp., on a
4% demand note, payable in $50,000 quarterly instalments beginning April
26,1938.
Proceeds of the loan were used to pay off a $300,000 loan from the
Central Hanover Bank & Trust Co., New York and a $150,000 loan from the
City National Bank & Trust Co. of Chicago, with the balance going into
working capital.
Under the terms of the transaction, Reynolds Spring agreed that during
the life of the loan it would endeavor to maintain net working assets of at
least $500,000 at each month-end, that it would not mortgage or pledge its
fixed assets or pay dividends without the consent of American Steel & Wire,
that American Steel & Wire would have the right to name a director and the
treasurer or controller of Reynolds and that Charles G. Munn would be
continued as President of Reynolds and J. H. Merrell as Vice-President
unless the lender agreed to changes.
In December, A. F. Allen, Secretary and Treasurer of American Steel &
Wire, was elected a director of Reynolds Spring.—V. 145, p 4127.
A report to
discloses that
If
ferred stockholders and
x
1938
22,
at
was
mand
Jan.
Chronicle
►
,117
""nrofits
profits and $950 e
cumulative dividends
share at Aug. 1,1937, or a total of $105,232.
onls^ncPoqo stock amounted t0
$69,925
,
Balance Sheet July
Assets—
1937
U. S. Govt,
1936
$46,243
Cash
$13,370
25,785
secure.
31
1937
Accounts
Notes A accts. rec.
Sundry administrative expenses, &c.
Depreciation
Depletion.
Dominion and Provincial taxes
.
126,618
87,907
346,964
324,447
311,800
104,550
6,927
464,000
Reserve
11,039
321,700
461,500
Deferred Income..
96,580
8,588
7,500
Accrued liabilities.
Inventory
$15,000
37,581
27,167
7,000
6,439
payable.
1936
$30,000
30,389
Liabilities—
Notes payable
Affiliated
cos
Other assets
Property,
plant A
equipment
Deferred assets...
273,299
14,189
$914,935
Total
282,729
11,894
$857,611
5% cum. pref .stk.
Common stock...
7,929
Capital surplus...
12,787
2,624
Profit A loss surp.
27,852
def7,311
$914,935
$857,611
Total
—V. 143, p. 2858.
St.
Balance Sheet June 30
Assets—
1936
1937
Cash in banks
Gold bullion A
$405,262
Liabilities—
$242,662
1937
Wages accrued
W'kmen'8
con-
cent'tes on hand
$6,207
1936
$7,070
2,092
695
18,856
com pen
Trade accounts
and in transit
Anthony Gold Mines, Ltd.—Rights—-
Holders of the capital stock of record Jan. 15,
20,409
Res. for Dominion
52,867
61,448
Accts. receivable..
6,969
2,418
A Provincial tax.
Inves'ts (at cost)..
Stores on hand (at
51
51
Dividend payable.
56,400
1,880,000
237,299
„
22,002
Deferred charges.
a Mine A mill pl'ts
38,396
6,950
180,352
b Mining proper'es
218,737
265,533
1,348.551
1.362,659
_
Discount
on
shares
Total
a
143,
p.
6,220
$2,258,136 $2,174,1361
After
b After
reserve
reserve
Surplus
Amortization
of
Sept. 30 '37
$182,564
33,060
$192,473 in 1936.
depletion of $216,246 in 1937 and $163,660 in 1936.—V.
$683,000 general mortgage convertible 4H% bonds, ser®sA,
Other deductions (net).
PTov. for Fed. inc. tax_.
Net loss
a
tion
Sept. 30 '35
$195,435
16,590
Sept. 30 '34
$377,865
10,207
After deducting cost of
and amortization.
61,336
56,554
72,422
$19,611
182,717
_
due Sept. 1, 1950, have been called for redemption on March 1, nex1. at
105 and accrued interest.
Payment will be made at the Chemical Bank &
Trust Co., 165 Broadway, N. V. City.—V. 145, p. 3829.
Sept. 30 '36
$363,460
23,285
129,892
Gross profit
Sell., adm. & gen. exps
Operating loss
Republic Steel Corp.—Bonds Called—
flin^K
of thfi
special
tools and dies
$2,258,136 $2,174,136
3010.
A total of
^r.tr,
9 Mos. End.
Years EndedGross profit from sales
Prov. for depreciation__
for depreciation of $230,504 in 1937 and
for
rr.
the office of
Ryerson & Haynes, Inc.- -Earnings-
a
Total
...
,
71,417
211,141
cost)
^
Subscriptions upon exercise of the rights must
prior to the close of business, Jan. 31, and forwarded to
corporation in Toronto, Canada.—V. 145, p. 3829.
1.826,306
193,449
57,281
will be
Itnck
additional share 01 capital stoc
for each four shares held.
54,789
Sh. capital($l par)
to subscribe at 25 cents per share to one
$278,839
158,121
$122,291
196,360
$295,236
116,306
$163,105prof$120,718
63,323
8.588
15,500
$226,429
prof$96,630
$74,068prof$178,930
7,633
6,582
24,418
$81,701prof$147,931
goodsjsold.'exclusivelof provision,for deprecia¬
a—
w
te- u.....
/
Volume
Financial
146
Balance Sheet Sept.
Assets—
1937
Cash
a
1936
81,216
111,468
7,399
7,730
applications
126,929
5,080
5,080
Payroll
33,537
20,723
Misc. accts. pay..
Accr'd taxes.com.,
12,640
10.018
380,525
372,459
Deferred charges..
237,735
Acct.pay.to officer
15.205
Instal.
•
for expenditures in that amount
1st consol. mtge. bonds due Nov. 1, 1937.
$31,419
Liabilities—
8,079
Ins. & royaltles.
26,0421 Fed. Inc. tax (est)
149,319
6,199
Prop., pl't & eqpt.
Pats., pat. rights &
1936'
$46,322
Accts. pay., trade.
$147,504
143,124
Accts .rec .—trade
Inventories
Other assets
1937
Notes payable
,
$43,699
on
609
Chronicle
RR.'s
30
al
or
any
part of these bonds as
issue.
time the Southern Pacific RR. asked authority to pledge
repledge $1,074,000 of the issue of 1st ref. mtge. bonds as collateral
security for any short-term notes.—V. 145, p. 2244.
At the
same
and
12,534
15,500
Southern Pacific
Lines—Earnings—
1937—Month—1936
Period End. Dec. 31—
$
1,500
1,500
19,500
21,000
Com. stk. (par $1)
205*466
Paid-in
surplus...
269,250
227,500
Appreciation surp.
14,548
14,911
125,602
sur98,045
$729,930
$770,041
Earned deficit
a
After
Total
for doubtful accounts of $1,000 in 1937 and $500 in
reserve
V. 144, p.
$770,041
oper. expenses
1937—12 Mos.—1936
$
$
$
22,459,954 225,016,912 204,338,550
13,757,110 173,912,676 148,233,849
16,468,601
13,210,974
oper. revenues
1,500
Deferred income..
$729,930
Ry.
Ry.
193,400
Mortgage payable.
Total
pledge and repledge
collateral security for any short-term
notes which the company may
mtge.
21
of its
The Southern Pacific Co. also asked to be allowed to
payable—due on
Nov.
of the maturity
treasury
Net
rev.
from ry. op__
3,257,627
1,288,986
783,315
77,339
__
Net ry. oper. income:
After depreciation..
1936.—
Before depreciation.
950.
8,702,844
777,024
895,307
61,024
51,104,236
16,998,747
10,712,281
776,926
56,104,701
12,092,092
9,262,127
663,800
1,107,986
1,799,085
Ry. tax accruals
Equipment rents (net)
Joint facil. rents (net)..
6,969,487
22,616,280
30,728,758
34,086,680
41,890,318
7,616,823
freight revenues in December,
1937, is the result of considerable revenue gains in December, 1936, from
freight moved by rail because of interruption of steamship services to and
from Pacific ports and approximately $1,742,000 of this decrease is due to
the inclusion in December, 1936 accounts of $1,896,000 for charges against
P. F. E. Co. for services rendered during the whole year of 1936 by S. P.
Co. whereas such credits for 1937 were accrued monthly and only $154,000
is applicable to and included in December, 1937, accounts.—V. 145, p. 4128.
Note—A substantial part of the decrease in
St. Louis Screw & Bolt Co.—Accumulated Dividend—
The directors have declared
accumulations
the 7%
on
a
dividend of $1.75 per share on account
cum.
of
pref. stock, par $100, payable Feb. 1 to
was paid Nov. 1 and on Aug. 1,
A like amount
holders of record Jan. 24.
ast; a dividend of $7 was paid on June 25, last, and dividends of $1.75
paid on June 1, May 1, March 22 and Feb. 1, 1937, Nov. 1, Aug. 1,
May 22 and Feb. 29, 1936, and on Nov. 30, 1935.
Accumulations after
the current payment will amount to $14 per share.—V. 145, p. 2705.
were
Southern
Seagrave Corp.—Plans to Retire Preferred Stock—
Ry.—Earnings—
Second Week January—
10-year preferred stock retirement plan
whereby all of the outstanding shares of the 5% preferred stock will be
retired by 1948, according to H. B. Spain, President.
1
BlFirst step in the plan was consummated recently when the company
retired $25,000 of preferred stock at a 4% premium.
The plan calls for a
graduated increase in the annual retirement until the original issue of
$1,190,000 is taken up.—V. 145, p. 3829.
The company has inaugurated a
S.
Stralem
Selected American
sey.—V. 145, p. 3020.
Service National Life Ins.
See list given on first page of
Sioux
Co.—Registration Withdrawn
this department.—V. 146, p. 287.
City Gas & Electric Co.—Acquisition—
The Securities and Exchange Commission has approved the acquisition
by the company of 2,000 shares ($25 par) common stock of Yankton Gas
Co. together with notes in the amount of $88,000 and accrued interest on
the notes totaling $3,678.—V. 146, p. 448.
Simpson's, Ltd .—Accumulated Dividend—
of
1 to
last.
The directors have declared a dividend of $2.25 per share on account
accumulations on the 6M% cumulative preferred stock, payable Feb.
holders of record Jan. 25.
A dividend of $1.25 was paid on Nov. 1,
last, the directors declared a dividend of $1.25 per share on the
5% cum. pref. stock payable May 1, but due to the cancellation of the
In April,
new
refinancing plan, this dividend has been credited to the old 6^%
stock, and accumulations reduced accordingly. —V. 145, p. 2559.
616 Madison Ave.
Apt.
Hotel
Bldg.—Deposit
The
009,348 kwh.,
committee has
to the holders
sent
The
a
stock,
declared a dividend of 15 cents per share on the
$1, payable Jan. 27 to holders of record Jan. 26.—
have
par
780.
Southern Canada Power Co.,
1937—3 Mos.—1936
$206,792
83,347
$193,196
$620,253
260,821
$577,627
77,637
$123,445
$115,559
$359,432
$340,197
115,700
113,502
335,849
331,537
$7,745
Operating expenses
$2,057
$23,583
$8,660
—-_
Net earnings
deprec.,
p.
237,430
amortiz.
and dividends
Surplus
—V. 146,
Ltd.—Earnings—
—1937—Month—1936
Period End. Dec. 31—
Gross earnings
448.
Southern Natural Gas
Income Account for
Co.—Earnings—
the 12 Months Ended Nov. 30, 1937
decrease of 2.3% compared with the corresponding week
Program—
'
•
'
.
•;
■
1,556,981
Purchase of natural gas
Operating labor, supplies and expenses, &c
647,609
Maintenance expense.
86,733
311,892
than income taxes)
for
Federal and State
Taxes (other
income
taxes
(including
$90,000 for surtax on undistributed profits)
obsol. and amort, of tang. & intangible prop..
Prov. for deprec.,
345,462
986,063
proceedings for corporate reorganization under Section 77-B of the Bank¬
and on Dec. 23, 1937, the Court entered the final decree ap¬
proving procedure for completing the reorganization.
The new securities to which bondholders are entitled under the
131,187
-
$2,467,509
Income before interest and amortization
Interest—1st mtge.
Miscellaneous
660,037
346,918
47,000
10,453
91,858
bonds, 4series due 1951.
Adj. mtge. bonds, 6%
AlA% secured note
...
interest
Amortization of debt discount and expense,
CV7.719
Miscellaneous deductions.
After the payment of taxes and actual expenses, there remained approxi¬
mately $50,000 out of the proceeds of the loan which has been turned over
corporation.
,
.
In order to provide for the payments requiredTby the amended plan and
the fees allowed by the Court, series A and series B certificates of indebted¬
ness of the new company
have been issuedfandfdelivered to the parties
entitled to same.
Series A certificates are outstanding in the principal
amount of $78,027 and are limited to that amount by the order of the Court.
to the new
the principal amount of $147,650
Both series of certificates are sub¬
The series A certificates bear interest
at 4H% Per annum, and the series B certificates are non-interest bearing.
The capital stock of the new corporation, numbering 42,351 shares, has
been issued in accordance with the amended plan to the trustees.
The new
corporation and the trustees have also executed the stock trust agreement,
and Halsey, Stuart & Co., Inc., as exchange agent, is now ready to issue
the certificates of beneficial interest to the bondholders of State-Randolph
Building Corp. in accordance with the amended plan of reorganization and
the orders and decrees of the Federal Court in the reorganization proceedngs.—V. 124, p. 2444.
and
certificates are outstanding in
B
are
likewise limited to that amount.
ordinated to the
reorganization loan.
Sterchi Bros. Stores,
831,750
Dividends, class A stock
Adjustment pertaining to prior period.
of subsidiary companies—Alabama Gas Co., Ala¬
bama Natural Gas Corp. and Huntsville Gas Co.—all of the stocks of which
are owned by the company, are not consolidated in this statement because
Alabama Gas Co. and Huntsville Gas Co. have been owned only since
May 1, 1937, and a consolidtaed statement
parable with statements previously released.
would not therefore be com¬
The operation of Alabama
Sales.
-
-
—V. 145, p.
Inc.—Sales—
1937—Month—1936
Period End. Dec. 31—
x
Note—The accounts
.
,
$1,318,960
Net income
$586,258
I$644,686
Corp.—Preliminary Report—
The liquidating value of the shares of the corporation as of Dec.
to $68.55 per share as compared with a liquidating
amounted
$89.97
net loss after all charges of $29,216.
The business of
and this loss is not indicative of a
normal full years' operations.—V. 145, p. 3983 , 3830.
Net worth
aggregate
these subsidiaries is seasonal in nature
Southern
The
road
has
Pacific
applied
RR.—Bond
to
the
Issue
Interstate
Commission
for
The bonds will bear 4% interest,
accrued interest
and will mature Jan. 1, 1955, and are to be sold at par and
to the Southern Pacific Co.
Of the
proceeds from the bonds, $3,533,000 will be used to reimburse
RR.'s treasury for moneys expended in that amount
the Southern Pacific
and not heretofore caiptalized in payment at maturity of the like amount
of Southern Pacific branch railway 1st mtge. bonds due April 1, 1937.
The balance of $4,127,500 will be used for payment to the Southern Pacific
of Sept. 30, 1937.
Dec.
37 Dec. 31,
36
$34,275,781 $50,193,967
499,990
472,711
—
$68.55
$106.18
Number of shares outstanding
Net worth per share
31,
31, 1937
value of
-
Income Account 12 Months Ended Dec. 31
authority to issue $7,660,500 1st ref. mtge. gold bonds, and at the same
time the Southern Pacific Co. asked permission to guarantee payment of
principal and interest on these bonds.
as
Planned—
Commerce
1937—12 Mos—1936
$5,473,291
$5,777,797
3983.
State Street Investment
i
Natural Gas Corp. for the 12 months ended Nov. 30, 1937, and of Alabama
Gas Co. and Huntsville Gas Co. from May 1 to Nov. 30, 1937, resulted
an
amended
and can be obtained by forwarding
bonds to the office of Halsey, Stuart &
Co., Inc., exchange agent, 201 South LaSalle St., Chicago., accompanied
by a letter of transmittal properly executed.
The certificates of beneficial interest, as provided in the amended plan,
will be issued in fully registered form and will be delivered promptly after
registration is completed.
The new corporation, Capitol Building Co., formed in accordance with
the provisions of the amended plan, acquired the property of A. H. L.
Building Corp. on May 31, 1937, and has since been operating the property
under the supervision of the Court.
The amended plan authorized a re¬
organization loan of not to exceed $550,000.
It was deemed advisalbe,
however, not to make a loan in excess of $450,000.
A loan in the principal
amount of $450,000 has been obtained fromlEquitable Life Assurance
Society of the United States, bearing interest at 4H% per annum, and the
proceeds of the loan have been used in payment of past due and accrued
taxes and actual expenses incurred infconnection with the reorganization
are now ready for exchange,
certificates of deposit or undeposited
plan
Series
$2,336,322
Net operating income
Other income
In
.
gold bonds (Joseph Solari, Chairman)
letter dated Jan. 14 states:
and the new mortgage.
$6,271,063
Operating revenue, natural gas sales
x
Co.—Weekly Output—
operating companies in the Standard
week ended Jan. 15, 1938, totaled 107,-
The amended plan of reorganization for A. H. L. Building Corp. (formerly
State-Randolph Building Corp.), was confirmed on Feb. 9, 1937, by the
U. S. District Court for the Northern District of Illinois, Eastern Division,
of certificates of
in
directors
Provision
H. Walter
ruptcy Act,
V. 145, p.
Int.,
& Electric
The committee for the 1st mtge.
Corp.—To Pay 15 Cent Dividend—
South Coast
common
succeeding
State-Randolph Building Corp., Chicago—Plan Com¬
pleted
Terms to
4023.
director
thern]States Power Co. (Minnesota) and subsidiaries, $6,810,740; Northern
States Power Co. (Wisconsin) and subsidiaries, $918,925; Oklahoma Gas
&
Electric
Co.,
$2,861,257;
Philadelphia
Co.
(Pittsburgh,
Pa.),
$12,543,598; San Diego Consolidated Gas & Electric Co., $1,572,016;
Southern Colorado Power Co., $221,714; Wisconsin Public Service Corp.,
$3,310,699; Empresa de Servicios Publicos de los Estados Mexlcanos,
S. A., $127,550.
The amount of $12,543,598 indicated as the preliminary
construction budget for Philadelphia Co. includes expenditures contem¬
plated by all of the subsidiary companies of Philadelphia company.
In¬
cluded in this amount are estimated expenditures by Duquesne Light Co. of
$8,276,690, and Equitable Gas Co. of $1,134,300.—V. 146, p. 449.
deposit for the first mortgage serial 6}4% bonds dated Oct. 1, 1923, a
notice of termination of the deposit agreement on Jan. 31, 1938.—V. 144,
p.
a
a
This company's preliminary construction budget for
1938 will total
$31,392,873 for operating companies in the system, not including the
California Oregon Power Co. and Mountain States Power Co., budgets for
which have not yet been approved by the respective boards of directors,
according to Bernard W. Lynch, President.
Preliminary construction budgets for the individual operating companies
in the Standard Gas & Electric Co. System are indicated as follows:
Louis¬
ville Gas & Electric Co., $2,447,767; Street Railway Co., $578,607; Nor-
in
bondholders
elected
last year.
pref.
Expire—
been
Electric output of the public utility
1938 Construction
as a merber of the board of directors.
by the recent death of James O. McKin-
$502,236
449.
Gas & Electric Co. system for the
Shares, Inc.—New Director—
has been elected
Robert E. Wood
has
Gas
Standard
Mr. Wood fills the vacancy caused
Decrease
$.*,595,646
Stahl-Meyer, Inc.—New Director—
Donald
Blumenthal.—V. 146, p.
Seiberling Rubber Co.—Notes Extended—
Company has secured an extension to Nov. 15, 1938, of $2,350,000 of
6% debenture notes which matured Nov. 15, 1937. The notes are largely
held by banks, it is stated.—V. 146, p. 287.
1937
1938
$2,093,410
Gross earnings (est.)
—Y. 146, p. 448.
1937
Prov.
1934
$666,125
26,706
234,338
247,507
173,685
127,041
7,736
999
65,274
1,125
48,280
$2,085,217
dividends declared
2,249.955
$1,802,502
10,138,490
Interest
paid
Other expenses
Net income
x
1935
$999,933
48,236
for State taxes
Management services—
Stock transfer stamps,.
Cash
1936
$2,497,015 x$2.219,414
111,187
120,000
Divs. and int. receiv...
5,404
Includes $114,211 securities received as
28,729
18,035
$743,878
794,269
dividends.
$486,606
620.300
Financial
610
Statement
of Surplus for 12 Months Ended Dec. 31, 1937
Surplus at beginning of the period
-.$25,176,210
for period
2,085,217
Net credit during the period resulting from sales of treasury stock
1,555,474
$28,816,901
Elimination of unrealized appreciation of securities at beginning
of period plus unrealized depreciation at end of period. _
18,649,935
25,327
Net loss from sales of securities
Adjustments of prior period tax provisions.-Cash dividends declared
6,912
—-—
2,249,955
—
Jan.
at the time he took over
Net income
Total——
Chronicle
Feb., 1936, his company had liabilities of $10,000 and
trant some time in
material assets.
no
record, that for some time prior to the
"Furthermore, it is clear from the
effective date Martin Gilbert's financial situation was such that Mr. Low,
Mr. Thompson and the others interested in the then management of the
registrant had felt it necessary to induce Mr. Barnes
Underwriters Corp. to come into the picture and to
$7,884,771
—
and his Securities
undertake the dis¬
tribution."
The SEC also asserted that while the registration statement said that
stock was to be offered to the public at not more than $1.25 a share,
evidence showed "that none of the registered issue was
Surplus at end of period
1938
22,
Mr. Gilbert's underwriting contract with the regis¬
the
the
offered or sold to the
145, p. 1917.
general public" at that price.—V.
Comparative Balance Sheet Dec. 31
liabilities—
$
$
7,345,290
3,426,361
Assets—
Cash
—...
Sub. to cap. stock.
Securities (market
1,163,729
_
$
Accts. pay. and ac¬
crued expenses.
$
y45,471
97,644
1,500,000
Demand note....
27,299,266 47,602,730
Accts. receivable..
160,057
73,723
value)-.-..
Management fee
payable
43,368
62,821
65,000
75,000
Ees. for Federal &
State taxes
Divs. declared pay.
337,110
374,993
Capital stock.. .26,391,010 25,017,758
Surplus.......... 7,884,771 25,176,210
z
...34,804,613 52.266,5431
Total
y
Accounts payable only,
z
Total
..34,804,613 52,266,543
Represented by 499,990
no
United
1936
1937
1936
1937
par
shares in
Consolidated Income Account Years Ended Dec. 31
Interest paid
Loss
directors
stock,
have
no par
a
declared a dividend of 25 cents per share on the
value, payable Feb. 15 to holders of record Jan. 31.
special dividend of 50 cents per share
1753.
was
paid
on
Hud.
a dividend of $1 per share on account of
7% cumul. pref. stock, par $100, payable Jan. 29 to
A dividend of 75 cents was paid on Jan. 3, last:
$1.75 was paid on Oct. 1, last; dividends of 75 cents were paid on July 1 and
on April 1, last; a dividend of $1.50 paid on Jan. 28, 1937 and dividends of
75 cents per share paid on Dec. 31, Oct. 1, July and April 1, 1936.—V. 145,
p. 4129.
the
holders of record Jan. 19.
on
Jan. 18 the formation of
a
California sub.
with headquarters in Los Angeles.
The new company will be known as
James Talcott of California, Inc. and present plans contemplate opening
for business in Los Angeles on or
In making the announcement,
about Feb. 1.
J. Frederick Talcott, President, said that
the rapid developm ent of factoring on the west coast necessitated opening a
California office in order to facilitate the handling of constantly increasing
business.—V. 145, p. 4130.
-
listing on the New York Curb Exchange, company has forwarded to share¬
holders the following letter:
"Company's common stock is presently listed on the Toronto Stock
Exchange and the New York Curb Exchange and is traded on the Montreal
Curb market.
Most of the trading takes place on the Toronto Stock Ex¬
change; the facilities of that Exchange are readily available to residents of
the United States, as well as to residents of Canada.
Consequently, it is
believed that the continuance of listing on the New York Curb Exchange s
unnecessary in the interest of investors and does not afford the shareholders
any needed facilities for trading.
"Moreover, it is believed that the expenditure of the time and money
necessary to comply with the rules and regulations which must be complied
with in order to continue listing of the stock on the New York Curb Exchange
and registration under the Securities Exchange Act of 1934 is an unwarranted
burden.
Accordingly, company has recently applied to the Securities and
Exchange Commission for permission to withdraw its common stock from
listing on the New York Curb Exchange and from registration under the
Securities Exchange Act of 1934."—V. 146, p. 449.
Ry.—Approval of Merger Asked-—
The company, part of the New York Central System, has applied to the
ICO for authority to consolidate into it five other subsidiaries of the system.
These subsidiaries are Kanawha & Michigan Ry.,
Kanawha & West
Virginia Ry., Zanesville & Western Ry.,
Bailey Run Sugar Creek &
Athens Ry., and Middleport & Northeastern Ry.
The Toledo also requested permission to assume obligation and liability
in respect of $2,469,000 of Kanawha & Michigan first mortgage 4% bonds,
$463,186 Kanawha & Michigan promissory notes and $60,000 of promissory
notes of the Zanesville.
The New York Central also has proposed to assume obligation and lia¬
bility in respect of the $2,469,000 of Kanawha & Michigan 4% bonds which
also are to be guaranteed by the Toledo & Ohio Central.—V. 145, p. 2866.
Co., Ltd.— To Vote
on Dissolution
A special meeting of stockholders of Alaska Treadwell Gold Mining Co.,
Alaska Mexican Gold Mining Co. and Treadwell Yukon Co., Ltd., has
been called for Feb. 1, when stockholders will vote on liquidating and dis¬
solving the companies. Principal assets to be distributed consist of shares
of Treadwell Yukon Corp., Ltd., new company
recently organized which
has taken over the properties and assumed the liabilities of the three com¬
panies facing dissolution.
Stock of the new company will be distributed to individual shareholders
of the three companies to be dissolved on the following basis: Alaska Tread¬
well, one new share for each half share held
Alaska Mexican, one new
share for approximately 4.4 shares held; Treadwell Yukon,
for 8.718 shares held.—V. 145, p. 4130.
one
new
share
Trenton Valley Distillers
Corp.—Registration Statement
Suspended by SEC—Shift of Underwriting Set-Up After Filing
Condemned in the Opinion—
An order suspending effectiveness of a registration statement filed under
the Securities Act of 1933 by the corporation was issued Jan. 18
by the
Securities and Exchange Commission.
The entire issue of 273,000 shares of
the stock was sold after the effectiveness of the statement, Feb.
28, 1936,
and the management of the company is different from what it was
when
the statement was filed and the stock sold.
Regardless of this, however, the SEC said, it felt that it could not dis¬
pense with the proceeding without condemning the attempt,
"apparently
deliberate in character, of the former officers of the
registrant to conceal
from this Commission and from the investing public the actual state of
facts with respect to the distribution of the stock covered
by the registra¬
tion statement."
Hearings held in Washington and in New York were
terminated on Sept. 14, 1937.
Harry Low, who was president of the corporation when the stock was
sold, resigned In the fall of 1936 and Charles F. Bryan became president
under the new management.
"The statement," the SEC said in its opinion, "names Martin Gilbert
of New York as the only underwriter and describes the
underwriting agree¬
ment as providing for a firm commitment for the purchase of
25,000 shares
of stock and an option upon the remaining 248,000 shares to be
exercised
in specific amounts at specific times.
As a matter of fact, the evidence in
the record demonstrates conclusively that Martin Gilbert was not, and
prior
to the effective date of the statement, it was known that he would not be
the only underwriter of the issue.
stock
The evidence shows that the registered
actually underwritten and distributed by a group of persons
including Benjamin Guibert, Colin Melhado, Harry Thompson and E. Lester
was
Barnes.
300,000
$10,269,858
$9,049,837
$9,979,580
7,466,084
2,905,895
7,466,075
2,905,895
7,466,066
7,466,061
$320,619 def$102,112
$1,583,770
$2,513,519
14,531,197
$0.10
14,531.197
$0.17
.
surplus
Bal. carried to
Shares
stock
com.
>
14,531,197
$0.23
of dividends
Exclusive
x
...—
out-
standing (no par)
Earnings per share
14,531,197
$0.19
received in stock in
1934,
vix.
6,061 shares
5% cum. preference stock, y Arising
17,475 oridinary fully paid shares of Societe Lyonnaise des
Eaux et de l'Eclairage in 1934 and 14,563 in 1933.
z Includes $6,711 surtax
on undistributed profits,
a Dividends received only,
b Includes $22,628
surtax on undistributed profits.
Consolidated Balance Sheet Dec. 31
Shares
Water Works
American
&
shortly
prior to the offering of the stock. The evidence further shows that this was
Mr. Barnes's first attempt to underwrite a security distribution, that he
was induced to take the deal by Mr.
Thompson and Mr. Guibert and that
1936
1937
Held
Assets—
$
Electric
63,002
...
5,982,000
Columbia Gas & Elec. Corp. common 2,424,3561al35,725,768
Columbia Oil & Gasoline Corp. com__
84,769 /
Commonw'lth & South'n Corp. com
1,798,270 i
a
5,982,000
135,725,768
__
35,590,010
35,590,010
203,900
24,823,554
24,823,554
33,175
34,858
3,782,3/4
5,969,201
48,705
Option warrants entitling holders to
purchase 1,500,000 shares of comstock at $30 per share.
Consol. Edison Co. of N. Y. common.
Consolidated Gas Electric Light &
2,220,946
3,782,374
5,969,201
2,220,946
6,673,590
j
j
Power Co. of Baltimore common
Lehigh Coal & Nav. Co. capital stock.
Mohawk Hudson Pow. Corp. 2d pref.
■_
Niagara Hudson Power Corp.—
Common
A
2,351,007
—
option war'ts entitling holders to
purchase 250,819 2-3 shs. of com.
stock at $105 per share.........
B
74,282,284
67,608,694
78,461,600
214,447,420
214,447,420
d581,285,157
350,000,000
350,000,000
231,285,157
231,285,157
5,649,778
5,338,812
32,681
43,413
14,896
43,413
237,011,030
236,682,279
350,040
341,908
124,453,233
124,453,233
72,655,988
26,603,942
12.947,828
72,655,987
26,603,942
12,627,208
237,011,030
236,682,279
......
option war'ts entitling holders to
purchase 145,530 shs. of stock at
an aggregate price of $50 for each
1 l*~o
shcircs
'
•
Public Service Corp. of N. J."common
988,271'
United Gas Improvement Co. com._.6,066,223
Total cost
Less
declared value of securities
or
for depreciation of securities
reserve
Balance......
Cash
on
Prepaid
.......
—
....... .
...
hand....
taxes..
...
Federal tax paid under protest
__—
Total..
——
78,461,600
581,285,157
'
Liabilities—
.
Reserve for taxes.
Preference stock, cum. (2,489,064 shs. no par),
stated value $50 per share (b)
,
Common
stock
(14,531,197^
shares
no
par),
stated value $5 per share
c
Capital surplus
._
_
Earned surplus
Total...
....
— ._
.
J.__
a The
proceeds from the sale of 52,124 shares of Columbia Gas & Electric
Corp. conv. 5% cum. preference stock received as stock dividends on the
common
stock have been applied to the reduction of the total cost or
declared value of the investment.
b Under the provisions of the charter the holders of the $3 cumulative
preference stock upon any dissolution are entitled to receive $50 per share
plus accrued dividends, or, in case of call for redemption, are entitled to
receive $55 per share plus accrued dividends.
c After reserve for depreciation of securities of $350,000,000.
d Total investments had an indicated market value at Dec. 31, 1937, of
$144,528,214, based upon last quotations in 1937 on the New York Stock
Exchange and the New York Curb Exchange, as compared with a total
$581,285,157.
As of Oct. 6. 1936, the directors
created a reserve for depreciation of securities of $350,000,000 by a charge
to capital surplus.
The difference between the total cost or declared value
of the securities (less the above mentioned reserve) and the indicated market
value thereof at Dec. 31, 1937, is $86,756,943.
This exceeds the aggre¬
gate of capital surplus and earned surplus at Dec. 31, 1937, by $47,205,173.
—V. 144, p. 449.
cost or declared value of
United Gas Corp.
Period End. Nov. 30—
Total oper. revenues
(& Subs.)—'Earnings1937—3 Mos.—1936
1937- 12 Mos.—1936
$9,829,286 $47,040,925 $38,142,400
4,461,811 b22,761,391
16,817,592
.$11,004,152
incl. taxes._ a5,424,016
Oper. exps.,
Prop, retire.
&
deplet'n
2,181,775
reserve approps
__
Other income deductions
Gross income.
Int.
on mtge. bonds
Interest on debentures.
Other int.
&c.)
_
_
Balance............
divs.
to
5,503,882
$3,987,327 $15,447,680 $16,014,647
218,618
796,700
931,454
405,216
1,620,250
664,865
175,708
405,063
460,627
7.851
Cr8,301
487,023
243,742
Cr9,683
$2,171,115
1.951,823
264,488
C'r61,093
2,669,408
101,189
Cr20,526
$2,903,316 $10,875,512 $11,668,257
public—
Subsidiaries.........
Portion applic. to min.
interests
earned
8,638.358
$3,717,437 $15,641,176 $15,820,926
379,010
645.028
616,246
109,120
c838,524
422,525
(notes, loans,
Other deductions.
Int. chgd. to constr'n
Pref.
1,650,038
$3,398,361
212,377
137,770
$3,472,968
Net oper. revenues.
Other income
3.607
14,395
Bal. carried to consol.
"This distrbitution, engineered by the foregoing individuals, was carried
out in the name of a company known as the Securities Underwriters
Corp.,
of which Mr. Barnes was the president and which he had purchased
■
Electric Bond & Share Co. common..
Teck-Hughes Gold Mines, Ltd.—Delisting—
Tread well Yukon
C
Bal. applic. to divs...$10,692,598
Divs. paid on $3 cum.
-
In connection with the company's intention to withdraw its stock from
Toledo & Ohio Central
Corp.
Co., Inc., common.
(James) Talcott, Inc.—Forms New Subsidiary—
announced
Pow.
option warrants——-
Columbia Gas & Electric Corp. conv.
Strawbridge & Clothier—Accumulated Dividend—
The company
320,976
z.364,774
sales of securities
from sale of
The directors have declared
on
222,561
.....
1934
$9,471,100x$10,784,362
51,444
266,032
305,052
155,231
144,122
y4,164
Loss arising from expira¬
tion of 300,000 Niag.
Dec. 26, 1936.—V. 145,
P.
accumulatiions
on
preferred stock
This compares with 40 cents paid on Nov. 15 and on Aug. 14, last, and
dividends of 25 cents per share paid each quarter previously.
In addition
$10,955,608
—_
b378,082
Current expenses...
Taxes
Divs. paid on com. stock
(A.) Stein & Co.— To Pay 25-Cent Dividend—
The
..i.
-
1935
1936
1937
Dividends & interest-_a$l 1,293,241
1937 (472,711 in 1936).—V. 145, p. 4129.
common
Corp.—JEarnings—
surplus
'
12,220
39,244
48,881
6,714
46,958
78,707
■
$2,153,113
$2,884,382 $10,/89,310 $11,540,669
a Includes
provision of $21,800 made in October and November for
Federal surtax on undistributed profits in 1937 and a net credit of $164,500
in
September to adjust over-accruals in previous months,
b Includes
provision of approximately $410,000 for Federal surtax on undistributed
profits for the year 1936 and $95,190 in 1937.
c Includes provision of
Volume
146
Financial
$320,177 for Federal
includes
surtax on
undistributed profits for the year 1936, but
provision for 1937.
Notes—All intercompany transactions have been eliminated from the
above statement. Preferred dividends of subsidiaries and
interest deductions
of both the company and subsidiaries
represent full
no
requirements for the
respective periods (whether paid or not paid) on preferred stocks of subs,
and int.-bearing obligations of the
company and subs, held by the public,
and give no effect to preferred stock dividend
arrearages for prior periods.
The "portion applicable to
minority interests" is the calculated portion of
the balance of income applicable to
minority holdings by the public of
common stocks of subs,
at the end of each respective period.
Minority
interests have not been charged with deficits where income accounts of
subs, have so resulted.
Figures previously published for prior periods have
in certain cases been
rearranged in the above statement.
Comparative Statement of Income (Company Only)
Period End. Nov. 30—
1937—3 Afos.—1936
1937—12 Mos.—1936
Oper. revenues—Natural
Prop, retire,
$1,683,747
1,551,326
approp.
110,000
res.
a$2,112,462
al,980,857
al40,000
$22,421
From subsidiaries....
From others
$1,676,684
179,218
$1,169,284
333,866
$6,371,299
410,722
$5,520,686
455,241
Other income deductions
$1,855,902
112,788
$1,503,150
97,533
$6,782,021
b733,093
$5,975,927
370,533
Other income (net)
$1,743,114
$1,405,617
$6,048,928
$5,605,394
Gross income
$1,765,535
585,970
$1,405,617
438,976
$6,040,533
1,909,564
$5,605,394
$1,179,565
$966,641
$4,130,969
$3,015,480
Interest..
proposal.
The independent debenture group by its figures indicates that the
cor¬
poration is currently insolvent in the amount of over $2,000,000.
If some
compromises of claims could be effected nominal solvency might be shown
it was indicated.—V. 146, p. 450.
Valspar Corp.—To Readjust Debt and Capital Structure—
Funding Bank Indebtedness and
Clearing Up Preferred Dividend Arrears—Issuance of New
4Vi% Notes and of $4 Preferred Stock Proposed in Exchange
Offer—
Directors Approve Plan for
proposal, which has been approved by the directors, involves acquisition
by the corporation of the assets of its three American subsidiaries and
lossa$8,395
2,589,914
concentration
in one company of all
manufacturing operations for the
production of paints, varnishes, lacquers and enamels.
Special meetings of stockholders have been called for Feb. 18 at Wilming¬
ton, Del., to act upon the plan, to authorize new securities issuable under
the plan and to amend the by-laws.
The plan provides for the issuance of $2,401,184 new unsecured
4J^%
notes of the corporation in
exchange for an aggregate of $2,279,522 out¬
standing 6% notes and debentures of the corporation and its subsidiaries,
together with $121,662 of accumulated interest on the parent
company's
income debentures, thus effecting an annual interest
saving of $28,000.
The
Bal. carried to earned
Ttems represent
operations
of natural
gas
distribution properties
acquired on and subsequent to July 28, 1937.
b Includes provision of
$320,177 for Federal surtax on undistributed profits for the year 1936, but
includes no provision for 1937.—Y. 146, p. 289.
a
United Dyewood Corp.—New Director—
a recent
directors'meeting, Gordon I. Lindsay was elected
At
or
director
Joseph C. Baldwin Jr., deceased.—V. 145, p. 1917.
the unexpired term of
United
Fruit
a
Co.—Obituary—
Francis Russell Hart, President of this company for the last five
years
died on Jan. 18 of a heart attack in his home.—V.
145, p. 3672.
United Gas
Improvement Co.—Weekly Output—
Week Ended—
Electric output of system (kwh )
Jan. 15 '38
Jan.
91,152,960
89,287,586
8
'38 Jan.
16
'37
94,053,242
—Y. 146, p. 450.
U.
S.
&
International
Securities
Corp.—Accumulated
Dividend—
The directors have declared a dividend of $1.25 per share on account of
accumulations on the $5 cumulative 1st pref. stock, no par value, payable
Feb.
1
to holders of record Jan.
paid during
dividend
1937.
U. S.
27.
Four dividends of like amount
See V.
payments.—V.
145, p. 2561 for
145, p. 2867.
were
detailed record of previous
new
notes
Realty & Improvement Co.—New Director—
Edward F. Barrett, President of the Long Island Lighting
Co., has been
a director of this
company to fill the vacancy due to the death of
J. D. Tooker.—V. 145, p. 2709.
Foundry Co.—Declares Four 50
21 declared four quarterly dividends of 50 cents
per share each on the common stock, par $20, payable March 19, June 20,
Sept. 20 and Dec. 20 to holders of record Feb. 28, May 31, Aug. 31 and
Nov. 30, respectively.
Four dividends of 75 cents per share each were
paid during 1937.
See V. 144, p. 627 for detailed record of previous
United States Lines Co.—New Assistant Treasurer—
Gibbons
company, effective Jan.
has
been
elected
Assistant
Treasurer
this
these subsidiaries or transferred to new subsidiaries which will
stock outstanding on Dec. 31, 1937, 2,140,955 shares, or
brokers' names, representing a decrease of 105,209 shares
from the 2,246,164 shares, or
25.81%, held by brokers on Sept. 30,
Investors common stock holdings on Dec. 31, 1937, were 6,562,297
1937
1936
1935
operations
Deprec. of bldgs., rnach'y and equipt.
$2,398,586
1
60,917
$2,074,278
$1,857,615
59,059
63,540
Selling and administration
$2,015,218
1,692,939
$1,794,075
1,918,993
Profit from
expenses..
$2,337,668
1,889,052
Profit before other income & chges.
Other income
$448,616
27,898
$322,279 loss$124,918
47,956
62,288
$476,514
145,631
$370,236
155,039
y40,122
x21,432
1,558
30,247
sale of
Kearny plant.
Miscellaneous charges
on
1937.
Netprofit
or^75.40%, as compared with 6,457,088 shares,
Comparative Consolidated Balance Sheet Nov. 30
or 74.19%, on Sept. 30,
preferred stock outstanding 398,391 shares, or 11.06%, were in
Dec. 31, 1937, a decrease of 9,240 shares from the 407,631
shares, or 1131%, so held on Sept. 30, 1937.
Investors' holdings of pre¬
ferred amounted to 3,204,420 shares, or 88.94% of the
outstanding issue
on*Dec. 31, 1937, as compared with 3,195,180 shares, or
88.69%, held by
them on Sept. 30, 1937.
Foreign holdings of Steel common on Dec. 31, 1937, amounted to 817,181
shares, or 9.39% of the issue, as compared with 798,210 shares, or 9.17%,
so held on Sept. 30, 1937.
Of the preferred stock 78,159 shares, or 2.17%,
were owned abroad on Dec. 31, 1937, as
against 75,280 shares, or 2.09% so
held Sept. 30, last.—V. 146, p. 450.
1937
Assets—
United States Tobacco Co.—To Recapitalize—
Exchange of a proposed
change in capital stock so that there will be authorized 104,000 shares
7% non-cumulative preferred stock par value $25 per share and 2,400,000
shares common stock without par value;
eaclj outstanding share of present
7% non-cumulative preferred stock to be exchanged for four new shares
and each authorized share of present common stock to be exchanged for four
new shares.—V. 145, p. 3361.
Utilities Power & Light Corp.—Debenture
1936
$
Cash.....
364 626
receivable (net)...1,106,712
1,030.132
Marketable securities
Notes
and
1937
Uabtiities—
$
282,487
4,896
9,066
Accts.
Accrd.
1,203,932 1,022,479
Matured
behalf
of
not
3,500
Con-Ferro
Goodwill of subsid'y.
250,000
250,000
Deferred charges
129,688
109,046
6%
notes
of
cum
6.723
50,000
Valen-'
tine & Co
1 ,117.413
6% notes of Detroit
Graphite Co
6%
6,723
Inc.
1,133,300
486,210
499,600
675.900
675.900
debs.
of corporation
6% serial gold bonds
of Det. Cold Stor¬
age & Terminal Co.
Def.
127,500
land
on
con¬
tract receivable...
Reserves
12,986
preferred stock..
44,624
152,255
Com. stock (par $1).
Capital surplus
233,117
716,988
$6
Earned surplus
Total
a
4,133.964 3,924,5571
Total
152,255
233,117
716.988
175,122 def94.206
4,133,964 3,924.557
Provision for Federal income tax only.—V. 146, p. 450.
Vanadium Alloys Steel Co.—60 Cent Dividend—
The
directors have declared
common
a dividend of 60 cents per share on the
stock, no par value, payable March 2 to holders of record Feb. 19,
This compares with 75 cents paid on Dec. 2, last; and
previously regular
quarterly dividends of 60 cents per share were distributed.
In addition,
an extra dividend of
$2.25 per snare was paid on June 25, last.—V. 145,
p.3024.
Vanadium Corp. of
share.
According to the proposal, all of the new debentures together with 2,891,800 shares out of the 2,970,400 common shares that might be issued would
Income
lnstalm't sales
Kentucky, Oklahoma,
(3) Acquisition of other utility properties grouped around (a) Indianapo¬
(b) St. Louis (gas), and (c) Central States and interstate systems,
depending on what arrangements can be made with other holding companies.
Eventual liquidation
of Central
States Electric
Co.
and
Interstate
Power Co. as sub-holding companies was visualized.
Through revising depreciation of utility subsidiaries and adjusting their
earnings, a valuation of $54,789,000 was calculated by this group as the
value of all Utilities Power & Light Corp. assets.
Subsidiary operating
companies retained in the system would have an estimated annual earning
power of $1,700,000.
Using such figures as a base, this group projected a possible reorganiza¬
tion whereby $21,000,000 of new 4% 10-year debentures would be issued
along with common stock and warrants to purchase common stock at $10
a30,683
6% notes of Detroit
Graphite Co
Holders Sub¬
lis,
to the present debenture holders.
bonds
Sundry assets
67,957
34,841
Property account...1,082,855 1,098,559
independent holders of debentures, Robert N.
attorney, has submitted to the Securities and Exchange Com¬
mission suggestions for plan of
reorganization calling for:
(1) Sale of non-utility assets.
(2) Disposition by sale or trade of Newport, Derby, Laclede Power &
go
78,258
42,301
Paint & Vjrn. Co.
Golding,
a
of
4,000
2,400
certain
Light (electric) and isolated properties in Canada,
North and South Dakota.
116,832
presented
Note
mit New Plan—
On
26,111
com¬
inc. taxes & surtax
1,808
Investment in capital
stock of subsidiary,
consolidated..
81,108
28,041
Prov. for Fed. & for'n
3,037
Inventories
121,662
debs.
wages,
$
205,290
missions, &c. exps.
con¬
solidated
on
1936
202.220
Other Interest
accounts
subsidiary,not
$
pay'le—trade
Accrued int.
Acct. receivable from
not
This company has notified the New York Stock
$183,390 loss$277,596
Includes provision for contingencies of $35,000, provision for porportionate share of loss of subsidiary company, not consolidated of $1,600,
provision for unrealized depreciation of marketable securities of $3,157 and
miscellaneous charges of $365.
y
Of the
names on
$269,329
loss$62,630
153,112
46,059
2,664
13,130
Includes $2,237 provision for surtax on undistributed profits,
x
shares,
brokers'
perform the
plan must receive the approval of a majority of
the holders representing three-fourths in value of each class of stock and
must further be approved by the Court of Chancery of the State of Dela¬
ware after a public hearing.
The letter to stockholders states that the
management and directors are themselves undertaking the carrying out of
the plan without expense to stockholders, and no payments whatsoever
are to be made for underwriting or other financial services."
Corp.—Holders of Slock—
common
were in
1941.
sales functions."
Provision for Federal income tax
Common stock of the United States Steel Corp.
outstanding as of Dec.
31, 1937, amounted to 8,703,252 shares while preferred stock amounted to
3,602,811 shares.
Of the
30,
ferred stock and five shares of common stock.
The new preferred stock is
to be convertible into 10 shares of common
stock, whereas the present
preferred is convertible into only five shares of common stock.
Preferred
stockholders will thus immediately receive
152,220 shares of common
stock out of 385,342 shares to be presently
outstanding, or about 40%,
and will be entitled to receive, upon complete conversion of
the issue of
new $4 preferred stock, a total of 456,660 shares of common
out of 689,782
shares then outstanding, or over
66%.
Existing restrictions on the pay¬
ment of dividends are removed under the new plan.
In his letter to stockholders, Mr. Campbell
points out that interest
charges will be reduced approximately $28,000 per year through lower¬
ing the interest rate on indebtedness from 6 to AYi%.
"In addition," he
says, "the maturities of this indebtedness will be extended to 1941, thus
giving a better opportunity for a permanent refunding of this indebtedness,
and the corporation will be relieved from the immediate
liability for payment
of $121,662 of accumulated interest on the income debentures.
Through
the acquisition of the assets of the three present American
subsidiaries, all
manufacturing operations will be concentrated in The Valspar Corp., but
it is contemplated that trade-marks and trade names
may be retained by
Loss
of
17.—V. 145, p. 2409.
United States Steel
24.60%,
1937 and mature Nov.
Interest
payments.
|Wln declaring the current dividends, directors stated that the payment
was after considering the
present business conditions and the uncertainties
as to the character and
scope of possible changes in the Federal tax laws.
—V. 145, p. 452.
David
dated Nov. 30,
Consolidated Income Account Years Ended Nov. 30
The directors on Jan.
Charles
be
The plan also provides that there will be issued in
exchange for each
of the outstanding 30,444 shares of $6 dividend cumulative
convertible
preferred stock (on which accrued and unpaid dividends as of Feb. 1 will
amount to $27 per share), one share of new $4 cumulative
convertible pre¬
Cent Dividends—
dividend
will
They are to be amortized at the rate of $100,000 principal amount in each
year and an additional principal amount in each year equal to
any excess
of cash dividends paid in such year over $100,000.
To become effective the
elected
United States Pipe &
611
Holders of preferred stock as a class would receive the
remaining 78,600
shares of new common stock and in addition each
preferred share would
receive warrants for the purchase of two new common shares.
Holders of the class A stock would receive one warrant for each
two
shares and holders of the class B common stock one warrant for
each 10
shares.
A total of 1,500,648 warrants is envisioned in the
A comprehensive plan for readjustment of the debt and
capital stock
structure of the corporate on, providing for the funding of bank indebtedness
and the clearing up of all preferred dividend
arrears, was announced Jan. 20
in a letter sent to stockholders by Thurlow J.
Campbell, President.
The
Net oper. revenues—
Natural gas
Other income:
.
Chronicle
America—Obituary—
Charles Prescott Rees, Vice-President, in charge of mining, died on Jan.19
of
jmeumonia at his home in Yonkers.
He was 60
years of age.—V. 145,
Financial
612
Wabash Ry.—
Time Extended—
Davis at St. Louis has extended until Feb. 1
the time within which company shall file a narrative statement or the plan
of reorganization.
The plan was filed in tabulated form last July.
The date for filing objections, if any. to the plan of reorganization, or to
the narrative statement, also has been extended to Feb. 15.—V. 146, p. 450.
Federal Judge Charles B.
Wagner Electric
Corp.—Directorate Reduced
Dec. 22 amended by-laws reducing number of
At annual stockholders' meeting held Jan. 17 all
re-elected with exception of A. K. Bahret and. John B. Strauch
The Board of directors on
directors from
directors were
of officers is scheduled for Jan.
26.—V.
Co.—Accumulated Dividend—
Walker &
Co.—Initial Dividend—
(Jack) Waite Mining
initial dividend of IK cents per share on
to holders of record Feb. 10.—V.
payable Feb. 21
stock,
common
145, p. 2249.
West Jersey
& Seashore RR.— Unlisted Tradina—
Exchange has removed the common stock, $50 par,
The New York Curb
trading
unlisted
from
Western
Electric
be outstanding 136,256 $25 par
approval of the issue of 30,000
to stockholders at $25 a share.
of indebtedness now outstanding
and redeeming 18,000 shares of
preferred stock, and to the extent of $300,000 for permanent extensions
and improvements.—V. 140, p. 2205.
Following this reduction there will
shares.
The company requests
additional common shares to be offered
Proceeds are to be applied to the payment
to the extent of $450,000 and to calling
$25.
Mineral
Springs
Co.— To
Vote
on
meeting of stockholders has been called for Feb. 1 to act on a
proposed reduction in the authorized 1st pref. stock to 12.308 shares from
20,000 shares and a reduction in capital represented by the outstanding
common stock from $4,950,000 to $1,000,000.—V. 145, p. 3362
Inc.—No Common Dividend
18 took no action on the payment
A dividend of 10 cents was paid on
Feb. 15, 1937, and previously regular
quarterly dividends of 10 cents per share were distributed.—V. 145, p. 2093.
Directors at their meeting held Jan.
common
dividend at this time.
15, last; 20 cents was paid on
Ry.—Operation—
Willamina & Grand Ronde
The
Corp. (& Sub.)—Earnings—
Years Ended Nov. 30—
_
for retire, reserve)
$3,510,067
$3,399,659
jobbing «fe contr work_
32,195
17,105
27,978
Dr66,631
$3,559,368
933,750
$3,361,005
919,166
$2,625,618
998,185
162,359
$2,441,839
Net oper. revenue and other income
approp. for retire, reserve)
Appropriation for retirement reserve
(before
-
Gross income
(net)
—
Interstate
Commission on Jan.
Commerce
3 issued a certificate
authorizing operation in interstate and foreign commerce
of its line of railroad in Yamhill and Polk counties, Ore.
I* The company's line extends from a
Southern Pacifie Co. at Willamina in a
by the company
connection with the railroad of the
southerly and westerly direction to a
point approximately 0.75 mile west of
miles, all in Yamhill and Polk counties,
Grand Ronde, approximately nine
Ore.
organized in 1920 in Oregon. For more than 15 years
it has operated its line of railroad in intrastate commerce.
The Miami
corporation owns all the capital stock of company, and all the capital
stock of the Polk Operating Co.
The latter conducts a logging business in
the vicinity of Grand Ronde, and its logging railroad connects with the
company's line at that point.
The company states that in the area tributary to the line there are
approximately 30,000 acres of pasture land and 4,480 acres of land under
The company was
1,187,969
28,142
94,323
24,000
$1,436,931
Other income deductions
$1,135,546
-
Net income
Notes: 1.
1936
$7,906,302
4,506,643
Netoper.rev. (before approp.
Miscellaneous non-oper. revenue
Income from merchandising,
1937
$8,43o,420
4,925,353
Operating revenues
Oper. exps., maint. and taxes
Interest charges
A special
a
approximately 81 miles long extending from the hydro-electric plants to
Green Bay, Wis.
The proceeds from the sale of the bonds and notes were
used to pay the purchase price of the property acquired from Northern
Paper Mills and to partly reimburse the company for the expenditures pre¬
viously made for additions, extensions and improvements to its plants and
properties.—V. 146, p. 125.
Amortiz. of debt discount & expense
Will & Baumer Candle Co.,
of Hydro-
Company during December, 1937, issued and placed privately $2,000,000
bonds, 3K% series due 1961, and $700,000 of 3% notes,
payable in five equal annual instalments.
Previously the company en¬
tered into an agreement with Northern Paper Mills of Green Bay, Wis.,
for the purchsae of physical property and appurtenant flowage rights,
comprising the hydro-electric generating and transmission system of North¬
ern Paper Mills for a price of $2,350,000.
The physical property of this
hydro-electric system consists principally of two hydro-electric plants hav¬
ing a combined installed capacity of 15,800 kw., a 13-2 kv. inter-connecting
transmission line between the two plants and a 132 kv. transmission line
Stock
Decrease—
Nov.
Power Co.—Purchase
Privately—
Wisconsin Public Service
common
Rock
Pacific Co. respecting inter¬
Michigan
Wisconsin
Electric Plants Financed
Co.—To Reduce Par
This company has petitioned the Massachusetts Department of Public
Utilities for authority to reduce par value of its common stock from $100 to
of
Company is negotiating with the Southern
change of traffic and division of rates.
143, p. 607.
privileges.—Y.
Massachusetts
Value—
White
cultivation; that the line provides an outlet for timber and timber products
in an extensive area, in which there are approximately two billion feet of
timber of excellent quality; and that the operation of its line in Inter¬
state and foreign commerce will be an advantage to the operators of the
saw mills and the owners of the timber in the tributary area, as such oper¬
ation will make it possible to establish through tariffs and rates, thus placing
the owners of the mills and timber on a fair competitive basis with the
owners
of other sawmills and timber with which they must compete.
first mortgage
declared a dividend of 50 cents per share on account
of accumulations on the $2.50 cumulative class A convertible stock, no par
value, payable Feb. 17 to holders of record Feb. 10.
Similar payments were
made on Dec. 23, Sept. 30, July 26, April 26 and Feb
18, 1937; bov. 30,
Oct. 15, Aug. 31, July 1, April 25 and Feb. 15, 1936, and on Dec. 20,
Nov. 15, Aug. 15, May 15 and Feb. 15, 1935.—V. 145, p. 3985.
The directors have
The directors have declared an
1938
22,
fir
11 to 9.
resigned.
Meeting for election
145, p. 3672.
the
Jan.
Chronicle
For comparative purposes the
above figures have been revised
in classification, due to the uniform system of
accounts which became efefective Jan. 1, 1937.
2. No provision has been made by the corporation for Federal income
taxes or for surtax on undistributed profits for 1936 or for State income taxes
for 1936 or 1937 as the corporation has claimed as a deduction in its income
tax returns for 1936 the unamortized debt discount and expense and re¬
demption premium and expense on bonds redeemed in 1936 which results
in no Federal or State income taxes for that year or State income taxes for
1937.
During the period from Jan. 1 to June 30, 1936, the corporation
made provision for Federal income taxes for 1936 in the amount of $20,100
which was reversed over the period from July 1 to Dec. 31, 1936.
During
the period from Jan. 1 to Aug. 31, 1936, the corporation also made pro¬
vision for State income taxes in the amount of $50,000, which was reversed
over the period from Sept.
1 to Dec. 31, 1936.
The amount included in
operating expenses as provision for Federal income taxes, in the consolidated
income account for the year ended Nov. 30, 1937 above,
includes $665
representing provision made by the subsidiary company for Federal income
taxes for the calendar year 1936, which amount includes $205 for surtax
on undistributed profits.
No provision for surtax on undistributed profits
during 1937 is included in the above statement, as it is estimated that no
such surtax will be incurred by the corporation or the subsidiary company
for the year 1937—V. 145, p. 4132.
to
reflect certain changes
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
done
despite the small stocks here. Milds were steady,
for January-February shipment at 9^c.
Havre futures were \ l/i to 2% francs lower. Some traders
predict that Brazil will again lose export business to mild
countries now in the process of marketing new crops, unless
steps are taken to not only supply plentiful good quality
coffee at competitive prices, but do it now rather than after
mild crops are entirely sold. On the 19th inst. futures closed
2 to 3 points up on the near deliveries and 5 points down on
was
COMMERCIAL EPITOME
with
Friday Night, Jan. 21, 1938
Coffee-—On
closed 1 to 5 points
with sales totaling 14 lots.
The Rio contract closed 1 to 3 points lower, with sales of
only 3 lots. A cable from Brazil that on the surface appeared
to be important news, failed to stimulate activity in the
coffee market, prices moving within a very narrow range.
The contents of the cable would seem to imply that Brazil
views adversely any further reductions in price when it
proposes limiting selling in the Bolsa market.
It also indi¬
cates that there will be a delay in reopening, if that market
must wait on the formation of a Brazilian Central Bank, in
the
15th
inst.
futures
net lower in the Santos contract,
the view of observers.
On the 17th inst. futures closed
un¬
changed to 2 points up in the Santos contract, with sales
totaling 47 contracts. The Rio contract closed unchanged
from the previous final quotations, with sales of 17 contracts.
On light selling reported to be coming from Brazilian sources,
coffee futures sagged slightly.
The Santos contract opened
2 to 4 points lower, while Rios were 5 to 8 points lower.
Saturday's news on proposed reopening of the Brazilian
futures markets was interpreted by many in the trade as
meaning that Brazilian authorities will not be satisfied with
a further decline in
price. However, coffee traders here can
see little ground gained in
exports for the 2^2 months under
which Brazil had apparently operated on a "free" basis.
Cost and freight offers from Brazil were little changed, with
Santos 4s at from 7.00c. to 7.40c.
Manizales were steady
to firm with offers at 9% to %.
Havre futures were 1% to
francs lower.
On the
18th inst. futures closed 9 to 7
points net lower in the Santos contract, with sales totaling
34 contracts.
The Rio contract closed 3 points off, with
sales of 15 contracts.
Light trade by local trade and Bra¬
zilian interests sent coffee futures lower.
Santos contracts
opened 7 to 6 points lower, while Rios opened 2 to 3 points
lower.
Cost and freight offers from Brazil were unchanged,
with Santos 4s at from 7.00c. to 7.40c.
But little business
Manizales
the distant deliveries of the Santos contract, with sales
totaling 34 contracts. The Rio contract closed unchanged to
1 point higher, with sales totaling only 6 contracts. Trading
was centered
largely in the Santos contracts, which opened
unchanged to 1 point lower, and later showed a maximum
advance of 6 to 7 points. In Rio de Janeiro the No. 7 spot
price was off 100 reis, while in Santos both hard and soft 4s
were up 100 reis.
Cost and freight offers from Brazil were
mixed.
While Santos 4s
were
rated at from 7.00c. to 7.40c.,
old crop off-color 3s were
while good 2-3s were at
reported sold yesterday at 6.30c.,
7.60c., illustrating the premium
being paid for quality. Lightish color 4s were offered by one
shipper at 6.75c.
Milds, meanwhile, held steady, with
Manizales at 9%c.
Havre futures were A% to 714 francs
lower.
On the 20th inst. futures closed 3 to 4
points down in the
Santos contract with bales totaling only 5 contracts.
Rio contract closed 1 point off, with sales totaling
contracts.
ness
in
A
The
but 2
holiday in Rio de Janeiro and continued dull¬
actuals
restricted
coffee
futures
trading.
Santos
contracts
opened 1 point lower, while Rio contracts were
about a point off at the opening.
Cost and freight offers
from Brazil were unchanged at from 7.00 to 7.40c., but
coffees described as "free from Rio flavor" were at from
6.50 to 6.95c.
Manizales for shipments
within 30 days were
reported sold at 9^c., while Washed Robustas were nomi¬
nally quoted at 6%c. Havre futures were lA to 2l/i francs
Today futures closed unchanged to 1 point down in
the Santos contract, with sales totaling 33 contracts.
The
lower.
Volume
Financial
146
Rio contract closed 1 point
down to 5 points up, with sales
Coffee futures trading continued
narrow and without feature.
On comparatively small selling
Santos in early afternoon was 1 to 3 points lower, with May
at 6.15c., off 1 point, while Rios were unchanged from last
night, with May at 4.13c.
Due to the thinness of the
market, traders are generally of the opinion that any sub¬
stantial selling would bring a sharp decline.
In Brazil spot
prices and the milreis held unchanged.
Cost and freight
offers on ordinary Santos 4s were the same at from 7.00 to
7.40c., but for light 4s. only 6.70c. was asked. Havre futures
were 9 to 11 \i francs higher.
totaling
16
contracts.
Rio coffee
prices closed
as
follows:
March
4.341 September
--4.03
May
July
4.18 December.
4.041
4.03
Santos coffee
prices closed
as
follows:
March
6.321 September
May
July
6.16 December
6.11|
-
„
-
—
6.11
6.10
Cocoa—On the 15th inst. futures closed 6
hands.
points higher
Only 111 lots, or 1,487 tons, changed
London reported the outside market 6d. easier and
futures
on
to
3
points lower.
the
Terminal
Cocoa Market 3d. lower to
un¬
changed, with 230 tons trading. The markets are believed
to be marking time prior to the meeting of Gold Coast and
Nigerian cocoa-growing interests. Some important decision
on the drop holding movement of the past three months is
expected. Local closing: Jan., 6.20; March, 6.26; May, 6.30;
July, 6.36; Sept., 6.38; Dec., 6.47. On the 17th inst. futures
closed 9 to 14 points off.
Transactions totaled 319 con¬
tracts.
The market for futures was relatively quiet, though
with a sagging tendency.
The London market was irregular
and cables reported negotiations looking to price control in
West Africa.
Warehouse licensed stocks decreased 21,000
bags. The total is down to 811,705 bags, which by many is
regarded as only a normal supply. Local closing: Jan., 6.08;
March, 6.17; May, 6.16; July, 6.21; Sept., 6.27; Oct., 6.30;
Dec., 6.37. On the 18th inst. futures closed 35 to 28 points
off. The market received quite a jolt today as the result of
heavy liquidation influenced by news that some cocoa farm¬
ers on the Gold Coast were selling.
This caused many to
believe that the holding movement had been broken. Stoploss orders were uncovered, which greatly accelerated the
decline, prices suffering an extreme break of 51 to 57 points.
However, later cables denied that the
movement was really broken.
Moreover, warehouse stocks
showed another sharp loss of 24,600 bags, which reduced
the total licensed supply to 787,087 bags. On these develop¬
ments the market rallied somewhat, but prices still showed
March went to 5.60c.
heavy losses at the close. Transactions totaled 538 con¬
tracts.
Local closing: March, 5.82; May, 5.86; July, 5.93;
Sept., 5.98; Dec., 6.08.
On the 19th inst. futures closed
19 to 29 points net lower.
The opening range was 10 to 15
points under the preceding close. Transactions totaled 381
There was a further drop of 23,100 bags in New
York warehouse stocks, bringing the total to 736,944 bags.
This latter item was only given passing attention, the trading
being influenced largely by the feeling generally prevalent
that the holding movement abroad has weakened.
Local
closing: March, 5.63; May, 5.62; July, 5.67; Sept., 5.70;
Oct., 5.74; Dec., 5.79.
On the 20th inst. futures closed 1 to 5 points net higher.
The market today was nervous.
Prices started 10 to 15
points higher, but abruptly dropped 20 to 30 points from the
top, only to rally on renewed buying, which brought the
market about back to last night's closing level.
The London
market was easier, a fact which influenced local traders.
Licensed warehouse stocks showed a further sharp fall of
contracts.
25,670 bags overnight.
They now total 738,274 bags com¬
pared with 507,834 bags a year ago.
There is no cocoa
afloat to this country, reports state, whereas a year ago
afloats totaled 277,000 bags.
Local closing: March 5.64;
May, 5.64; July, 5.69; Sept., 5.74; Oct., 5.76; Dec., 5.84.
Today futures closed 24 to 19 points net lower.
Transac¬
tions totaled 353 contracts.
The cocoa futures market was
unsettled because of the confusion created by cables from
the Gold Coast.
Prices slumped 10 to 13 points with March
down to 5.51c. on sales of 225-tons.
Traders are anxious
to have the West
Africa situation clarified.
The Wall
Street interest in the market has been expanded materially.
Warehouse stocks continue to decline severely owing to
absence of new arrivals.
The overnight decline was 17,500
bags.
The stocks now total only 720,500 bags.
closing: March, 5.42; May, 5.42; July, 5.45; Sept.,
Oct., 5.55; Dec., 5.65.
Local
5.54;
Sugar—On the 15th inst. futures closed unchanged to 1
point higher. Transactions totaled 232 lots, all but 22 lots
of which were in switches from March and September into
January, 1939.
were
effected at
The March-January switches, 24 lots in all,
difference of 7 points and the September-
a
January switches, totaling 81 lots, were done at 2 points
The bullish factor in the market is the con¬
difference.
tinuation of the Puerto Rican stevedores'
strike.
What
which the Government is
reflected the London market, which was unchanged to
lower.
Raws there were nominally held at 6s.
On the
3^d.
17th
inst. futures closed 1 point up.
Transactions totaled 30
contracts.
Trading in the domestic market came to a stand¬
still pending further developments,
with bids about at
Saturday's closing level, while offers were 1 to 2 points
higher. In the raw market Revere of Boston secured 1,000
tons of February-March shipment Philippines at 3.23c., off
2 points.
Further offers ranged from 3.25 up to 3.30c. The
Puerto Rican stevedores' strike continued unabated.
anxious to learn from the AAA
are
Traders
what final distribution
Figures are expected momentarily.
opened unchanged to Y point lower
point low'er with March at 1.13)^c.,
off 1 point.
London futures were Y to 13^d. lower, the near
months again showing the greater loss.
Raws were reported
offered at 6s. lO^d., equal to about 1.103-^c. per pound
f.o.b. Cuba, -with freight at 18 shillings per ton.
On the
18th inst. futures closed 2 to 4 points down in the domestic
figures
were
for 1937.
World sugar contracts
and later stood Y to 1
contract.
refiners
Sales totaled
take
127 contracts.
further
The reluctance of
substantial
supplies of raws,
brought further hedging and liquidation into the domestic
sugar futures market.
In the absence of any concerted
support prices sagged 1 to 2 points, with March selling at
2.28c., off 2 points, and but 3 points above the seasonal low.
In the raw market buyers and sellers were 5 points apart at
3.20-3.25c.
No
sales
were
reported.
The Agricultural
Adjustment Administration's preliminary figures on final
1937 deliveries were about at trade expectations, how¬
ever, above rather than below a median of estimates. World
sugar contracts reflecting further losses in London, were
again subject to liquidation and losses in early afternoon
were 1 to
13^ points.
The market finally closed with net
losses of iy2 to 2 points.
Sales totaled 93 contracts.
In
London futures were Y to Id. lower, while raws were still
offered at 5s. 103^d. after sales of afloat sugars at 5s. 9Md.,
equal to about 1.09c. per pound f.o.b. Cuba. On the 19th
inst. futures closed unchanged to 3 points down in the
domestic contract, with sales totaling 138 contracts.
This
market was barely steady throughout most of the session.
In the raw market, Philippines for January-February ship¬
ment were offered at 3.23c., while Cubas and duty frees were
in the background at 3.25c. basis.
In all about 50,000 tons
were openly offered.
A New Orleans refiner bought 4,000
tons of Philippines and
January arrival at 3.20c.
The
Puerto Rican Stevedores' strike continues.
In Cuba nearly
half the centrals (mills) are now believed to have started
grinding the new crop. World sugar contracts opened Yi to 1
point higher and later were 1 to 13^ points higher, with the
March contract up 2 points.
Sales in this department were
87 contracts.
London futures market was up Yd. to 33^d.,
with the spot month there very firm.
Raws were reported
still offered at 5s. 103^d. per cwt., equal to about 1.103^c.
to
on
pound f.o.b. Cuba.
per
On the 20th inst. futures closed 3
points up to unchanged
Trading was dull.
So far no
January transferable notices have been issued.
Next Mon¬
day, the 24th, will be last notice and last trading day. In
the raw market the spot price was established at 3.20c., off
3 points, when American late yesterday paid that price for
3,000 tons of Philippines late January arrival.
Today the
same refiner bought a further 1,000 tons due February 15th
and Revere 1,500 tons due February 14th, both at 3.20c.
A further 3,000 tons of Philippines were offered at 3.20c.
Refiners are again hesitant.
Meanwhile the Puerto Rican
strike continues and reports indicate that some mills have to
shut down temporarily due to lack of storage facilities for the
sugar already made and the shortage of supplies.
World
sugar contracts were 1 point lower in quiet trading, with
March selling at 1.12c.
In London futures were Y. to Id.
lower except for February, which was off 2d.
Raws were
offered at 5s. 103^d.
To-day futures closed 1 point off in the
domestic contract, with sales of only 60 contracts.
The
world sugar contract closed unchanged to 3^ point up, with
distant March 23^ points off.
Sales totaled 37 contracts.
Domestic sugar futures were ruling 1 point lower in early
afternoon after an unchanged opening. March was selling at
2.26c., off 1 point, and but 1 point above the seasonal low.
In the raw market no sales were reported made to-day, with
in
the
domestic contract.
buyers at 3.20c. and sellers of Cubas and duty frees asking
generally from 3.22 to 3.23c., but further sales were confirmed
as made yesterday at 3.20c.
World sugar contracts were
unchanged to 3^ point higher, March selling at 1.12c., un¬
changed. In London futures were unchanged to Yd- lower
on trading of 4,000 tons.
Raws were reported offered at
5s. 113^d., but afloat cargoes are
believed available at
5s. 10Yd. per cwt., equal to about 1.11c. per pound f. o. b.
Cuba, with freight to Europe reduced to 17s. 6d. per ton,
off 6d.
.
Closing quotations were as follows:
January
2.24 July
2.29
March
2.26 September.
2.30
—
2.28 December.
May
may
bearish factor is the final 1937 consumption figure,
expected to announce soon. The
raw market today was unchanged from the previous session,
with sellers holding for 3.25c. and buyers generally unwilling
to pay more than 3.20c.
The world sugar contract was dull
today (Saturday), with prices 3^ point lower. Only 10 lots
were traded, March at 1.15c. to 1.143^e.
The easier tone
prove a
613
Chronicle
Lard—On the
net
was
15th inst. futures closed
-
10 to 12 points
higher. At the opening prices were unchanged. Trading
relatively light, and without particular significance.
Export shipments of lard from the Port of
New York today
Southampton. Liverpool
lard prices today (Saturday) were unchanged to 6d. higher.
Hog prices at Chicago today averaged 10c. higher. Total
were
53,200 pounds, destined for
Financial
614
receipts for the Western run were 13,700 head, against
19,300 head for the same day last year. On the 17th inst.
futures closed unchanged to 5 points up. Trading was light
and without particular feature. The opening range was un¬
changed to 2 points higher. Lard exports from the Port of
York were 68,860 pounds, destined lor Glasgow.
Liverpool lard futures were unchanged to 3d. higher. Chi¬
cago hog prices closed 10c. to 35c. higher, the top price
registering $8.70, with the bulk of sales ranging from $7.15
to $8.60.
Total receipts for the Western run of hogs were
92,200 head, against 86,900 head for the same day last year.
Lard stocks at Chicago for the first half of January in¬
creased 6,736,950 pounds as a result of the heavy hog re¬
ceipts. Total stocks now at the leading Western packing
centers amount to 27,866,000 pounds, against 21,129,051
pounds on January 1 and 85,848,828 pounds on Jan. 15,
1937.
On the 18th inst. futures closed 12 to 15 points net
lower.
The opening range was 7 to 15 points down, with
nearby January off 25 points. The market closed at about
the lows of the day. No real rallying tendency was shown
throughout the session, the market's heaviness being ascribed
to the heavier hog movement than expected.
Chicago hog
prices ranged from 10c. to 20c. lower, the early top price
being $8.55, with scattered sales at prices ranging from $7.25
to $8.50.
Total receipts for the Western! run of hogs were
120,300 head, against 80,600 head for the same day last year.
Lard exports from the Port of New York were fairly heavy
and totaled 286,605 pounds, destined for London and Liver¬
pool, Manchester and Antwerp. On the 19th inst. futures
closed 7 to 20 points net lower.
The market started with
prices a shade lower. Later, however, considerable foreign
selling developed which caused prices to ease, which in turn
influenced considerable local selling.
Export shipments of
lard from the Port of New York today were 303,000 pounds,
destined for Hull and Havre. Hog prices at Chicago were
15c. higher. Total receipts for the Western run were 91,500
head, against 58,400 head for the same day last year. The
top price for hogs today was $8.60 with the bulk of sales
ranging from $7.20 to $8.85. Liverpool lard futures were
New
6d, to Is. lower.
On the 20th inst. futures closed 10 to 15
points net higher.
The market was steadier today after declining
for three
consecutive days.
Opening prices were practically un¬
changed, but when grains and cotton-seed oil firmed up,
speculative buying lifted values 10 to 17 points above the
previous close. Export shipments of lard from the Port of
New York today were 340,410 pounds, destined for London.
Liverpool lard futures were 6d. lower on the spot position,
with the other active deliveries 3d. lower.
Chicago hog
prices closed 10c. higher, the top price registering $8.70,
with the bulk of sales ranging from $7.35 to $8.60.
Total
receipts for the western run were 88,600 head against 44,100
head for the same day last year.
To-day futures closed un¬
changed to 2 points off.
Trading was light and without
particular significance.
DAILY CLOSING PRICES OF LARD FUTURES IN
Sat.
Mon.
Tues.
Wed.
CHICAGO
Thurs.
8.20
8.92
8.82
8.30
8.97
8.97
9.22
9.35
9.22
9.35
9.10
9.22
9.02
9.12
9.17
9.27
9.15
9.25
January
8.55
March
May
July
8.30
Pork—(Export), mess, $27,373^ per barrel (per 200
pounds); family, $31.50 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export) steady.
Family (export), $27
per barrel (200 pounds), nominal.
Cut meats: piclded hams:
picnic, loose, c. a. f.—4 to 6 lbs., 1334c.; 6 to 8 lbs., 12c.;
8 to 10 lbs., 1134c.
Skinned, loose, c. a. f.—14 to 16 lbs.,
16<4c.; 18 to 20 lbs., 1424c. Bellies: clear, f. o. b. New York
—6 to 8 lbs., 20c.; 8 to 10 lbs., 1924c.; 10 to 12 lbs., 18c.
Bellies: clear, dry salted, boxed, N. Y.—16 to 18 lbs., 12c.;
18 to 20 lbs., 11 Kc.; 20 to 25 lbs., 1124c.; 25 to 30 lbs., 1124c.
Butter: creamery, firsts to higher than extra and premium
marks: 3024 to 3434c.
Cheese: State, held '36, 22 to 24c.;
held '37, 20 to 21c.
Eggs: mixed colors, checks to special
packs: 19 to 24c.
Oils—Linseed oil in tank
cars is quoted 9.6 to
9.7c.; in
Quotations: China wood: tanks,
spot and nearby—1524; drums, 16 to 1624; coconut: crude,
tanks, .0424; Pacific Coast, .04.
Corn: crude, west, tanks,
nearby, .0624 to .07. Olive: denatured, spot, drums, $1.05;
new crop, .95.
Soy bean: crude, tanks, west, forward, .06;
L. C. L., N. Y., .07.
Edible: 76 degrees—1024Lard:
Prime, 1124; extra winter strained, 1024Cod: crude, Nor¬
wegian, light filtered, 35. Turpentine: 3534 to 3934- Rosins:
tank wagons, 9.6 to 9.9c.
$6.40 to $9.30.
Cottonseed Oil, sales, including switches, 50 contracts.
Crude, S. E., 624c.
Prices closed as follows:
February
7.50@
7.62 @
7.63 @
March
April
7.64@
ay
June
July
August
7.65 September
n
7.65@
n
7.70@
7.54@
n
7.75@ 7.77
Rubber—On the 15th inst. futures closed 13 to 17
points
This was quite a substantial move forward in
opening range of unchanged to 6 points up
compared with the previous final quotations. Trading vol¬
ume was small, transactions
totaling 580 tons. The outside
market was dull. There was virtually no
activity, but out¬
side prices were raised to a spot basis of 14 13-16c. for
net
higher.
view
of
the
standard sheets.
In view of the current low rate of rubber
consumption in this country, the belief is gaining in rubber
circles that the International Rubber
Regulation Committee
will
1938
22,
drastic cut in the rubber export quota
order another
second quarter.
The quota which now stands at
70% of the basic allotments, as against 90% during the
second half of 1936, may be cut to 60% for the second quar¬
ter, the trade holds. The committee will meet Jan. 25, but
may possibly postpone action another month.
To this ex¬
pectation was attributed largely the strength displayed in
today's session. Closing: Jan., 14.70; March, 14.90; May,
15.04; July, 15.12. On the 17th inst. futures closed 5 to 7
points off. Transactions totaled 23 contracts. The market
for futures was quiet but steady.
There appears a disposi¬
tion among traders to await the January meeting of the
International Rubber Committee, scheduled for next week.
London was dull, l-16d. higher to l-16d. lower.
United
Kingdom rubber stocks increased 925 tons last week. They
now
total 59,731 tons.
The low point was 41,000 tons,
touched in 1936.
Singapore observed a holiday.
Local
closing: May, 14.97; July, 15.07. On the 18th inst. futures
closed 2 points down to 4 points up.
The market in the
early trading ruled heavy, but later firmed up a bit. Rubber
cables were barely steady. There was some buying by opera¬
tors and some short covering.
London closed unchanged and
Singapore also was unchanged.
C. I. F. offerings were
reported light. In the New York market transactions totaled
147 contracts.
Local closing: March, 14.83; May, 14.97;
July, 15.10; Sept., 15.21. On the 19th inst. futures closed
1 point down to 6 points up.
The opening range was 4
points lower to 6 points higher, with July the only month
below the previous close.
The market held steady through¬
out most of the session.
London and Singapore markets
closed dull and steady, respectively, with the former un¬
changed to 1-16d. easier and the latter up 1-16 to l-32d.
Local closing: March,
14.85; May, 15.00; July, 15.09;
Sept., 15.21; Dec., 15.42.
On the 20th inst. futures closed 26 to 12 points higher.
Transactions totaled 219 contracts.
Evening up trades in
advance of the forthcoming meeting of the International
for the
Rubber Committee
were the feature of -the rubber futures
A firm undertone prevailed throughout the session
market.
prices starting with gains of 10 to 15 points.
London was
quiet and unchanged to 24d. higher. Here the forecast is for
a
cut in export quotas, but some London cables hint at
doubts.
Local closing: March, 15.08; May, 15.22; July,
15.35;
Sept., 15.45; Oct., 15.49; Dec., 15.57.
Today
futures closed 4 points down to unchanged.
Transactions
totaled 323 contracts.
Rubber futures had
a
firm tone
on
buying ascribed to shorts who were covering in advance of
the meeting of the international committee next
Tuesday.
The trade here expects a further cut in the
export quotas.
Trading was active, with a turnover of 2,340 tons up to early
afternoon.
At
that
time
March stood at 15.25c., up 17
quoted at 15.40, up 18 points.
The
London market was 1-16 to 34d. higher.
It was estimated
the rubber stocks in the United Kingdom had increased
I,200 tons this week.
Local closing: March, 15.04; May,
15.22; July, 15.32; Sept., 15.43; Oct., 15.47.
points; while May
was
Fri.
8.40
9.00
8.55
9.05
Jan.
Chronicle
Hides—On the 15th inst. futures closed unchanged to 5
points higher. Trading was unusually heavy for a half day
session, and buying power was somewhat stronger during the
later dealings.
At the opening, prices ranged from 2 to 8
points off. Considering the very large turnover for a short
session, price fluctuations were narrow. Transactions totaled
7,560,000 pounds.
No new developments were reported
either in the domestic or Argentine markets for
spot hides.
Local closing March, 10.05; June, 10.36;
Sept., 10.70; Dec.,
II.00.
On the 17th inst. futures closed 29 to 35
The opening range was 3 points
up to 3
points net
points off,
the list weakening considerably as the session
progressed.
This weakness was ascribed
largely to a weakening stock,
market.
Transactions totaled 6,440,000 pounds.
No new
developments were reported in the spot hide markets. Local
closing: March, 9.73; June, 10.08; Sept., 10.41; Dec., 10.71.
On the 18th inst. futures closed 19 to 23
points off.
The
market ruled heavy today, chiefly as a result of
long liquida¬
tion induced by weakness in the securities market.
There
lower.
was
also
a
substantial
Commission houses
were
of offerings from dealers.
principal buyers, with demand
amount
the
largely on the scale down.
Transactions totaled 150 lots.
Reports were current that Armour & Co. sold 5,600 light
native cows at lO^c., and that Cudahy sold 10,000 branded
cows
at
10c.
It
was
also reported that there
were
3,000
heavy cows sold at 11c. Local closing: March, 9.54; June,
9.87; Sept., 10.20; Dec., 10.51.
On the 19th inst. futures
closed 13 to 16 points net lower. The opening
range was 1 to
8 points above the previous finals, the market
subsequently
turning easier. Sales to noon totaled approximately 1,720,000 pounds.
March sold at 9.45, off 9 points during the
early afternoon. Sales in the domestic spot market totaled
18,200 hides, with October light native cows selling at 10^c.
In the Argentine market 8,000 Dec .-Jan.
frigorifico steers
sold at 13 9-16c. and 1,000 frigorifico cows at
123^c. Local
closing: March, 9.40; June, 9.74; Sept., 10.05; Dec., 10.35.
On the 20th inst. futures closed 16 points net higher.
The
opening range was 9 to 16 points higher compared with
previous finals.
Although trading was relatively light, the
market held firm during most of the session.
The market
appears to be waiting for action in the spot hide situation
where tanners show little inclination to buy.
Their indiffer¬
ence so far has been
quite disappointing.
It is ascribed to
Volume
Financial
146
615
Chronicle
the poor demand for leather.
In the early afternoon March
stood at 9.45c. and June at 9.79c. on sales of 1,560,000
market
pounds. Local closing:: March, 9.56; June, 9.90; Sept., 10.21.
Today futures closed 31 to 32 points off.
Transactions
Grade D silk
totaled
tracts
118
were
contracts.
Nervous
of
holders
sellers because of the current
raw
rumors
hide
con¬
that stocks
growing unwieldy both in this country and in Argentina
Prices in the early
are
because of the lack of tanner interest.
afternoon
were 27 to 31 points lower on sales of 2,280,000
pounds. At that time March was selling at 9.29 cents, off
27 points, and June at 9.61c., off 29 points.
Local closing:
March, 9.25; June, 9.59; Sept., 9.89; Dec., 10.19.
Ocean Freights—Demand for tonnage continued spotty
during the past week, most of the activity being confined to
Charters included: Grain: West Australia
the tanker trade.
Greece, end Jan.-Feb., 34s. 6d. Madras Coast to United
Kingdom-Continent, Feb. 12-25, 33s. 9d., kernals. Madras
Coast to United Kingdom-Contindnt, March 5-25, 34s.
Gulf to Antwerp or Rotterdam, Feb. 24-March 10, 3s. 6d.
option U.K. 3s. 9d., Germany 4s. St. Lawrence to Antwerp
or Rotterdam, last half May, no rate given.
Gulf to Antwerp
or
Rotterdam, Feb. 20-March 10, 3s. 6d., option United
Kingdom including Belfast, 3s. 9d.
Grain booked: Five
loads, New York to Rotterdam, end Jan., 17c. Eight loads,
New York to Sweden, Feb., 27c.
Scrap: Providence to
Rotterdam, early Feb., 19s.
Calfiornia to Japan, no other
details given.
Los Angeles to Japan, prompt, private terms
(recent). Trip: Gulf to Far East, Feb., $5.40.
to
Coal—The recent
cold snap did much
It
COTTON
Friday Night, Jan. 21, 1938.
as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 116,840
bales, against 121,714 bales last week and 125,265 bales the
previous week, making the total receipts since Aug. 1, 1937,
5,864,525 bales, against 5,200,655 bales for the same period
of 1936-37, showing an increase since Aug.
1, 1937, of
663,870 bales.
The
to stimulate the
reported that in
New York lump coal is being bought at a premium.
There
is no change in the situation as concerns slack coal.
Interests
report that mines are operating from a one to three day a
week basis.
No solution is expected until industrial activity
picks up to the point where stocks in the hands of consumers
are depleted to some extent.
The report comes from Chiacgo
that contract shipments of fine coal are increasing, and that
this movement is expected to relieve the jammed situation
at the mines in Illinois.
It is believed by western observers
that business exists in the market, but buyers are holding off
until the last minute, hoping that something will be done
about the higher code prices in Cook County area. Operators
however, believe that sustained cold weather will break the
current dullness and improve the market generally.
demand for domestic sizes of coal.
unchanged at $1.56 for crack double extra silk.
prices were 1 yen higher to 3 yen lower.
was 2% yen lower at 675 yen a bale.
Local
closing: Jan., 1.51; March, 1.493^; May, 1.48; July, 1.48;
Aug., 1.48. To-day futures closed unchanged to 1 cent lower.
Transactions totaled 56 contracts.
Trading in raw silk
futures was light, but the undertone of the market was
steady. In early afternoon January was y2c. higher, while
other active positions were unchanged on sales of 130 bales.
The price of crack double extra silk in the New York spot
market was lc. higher at $1.57.
It was said that a larger
volume was changing hands.
In futures most of the trading
consisted of switches.
Yokohama Bourse prices were 3 to
6 yen higher.
Grade D silk advanced 10 yen to 685 yen a
bale.
Local closing: Jan., 1.51; May, 1.48; June, 1.473^;
July, 1.47; Aug., 1.47.
was
Yokohama Bourse
Movement
of
Crop,
Mon.
Sat.
Receipts at—
the
Galveston
Houston
5,947
sumers
of the
lower bids.
8,181
wool situation has changed
but
material to sound out the market by making
Dealers in general are not responding favorably
208
4,115
3,314
4,505
522
190
588
6
136
29
18
33
48
142
110
725
1,203
1,377
an
scoured B pulled wools,
that the lessened mill demand for wool has reduced the need
for
no
indication of the situation there were
the last quarter
and only 1,500 bales from the Argentine.
imports, and
Charleston
Lake Charles
37
331
■■
1,377
<.
Wilmington
137
121
106
103
4
Norfolk
102
44
510
372
326
of the year
unchanged to l^c.
higher.
Transactions totaled 53 contracts.
Trading was
very light,
though the undertone was reported steady.
The opening was j^c. to lc. lower, excepting April, which
was
J^c. higher. In the New York spot market crack
double extra silk was l^c. higher at $1.57. The Yokohama
Bourse was 4 to 7 yen lower, but grade D silk in the outside
market advanced 2y yen to 687^ yen a bale. Local closing:
Jan., 1.503^; March, 1.49; May, 1.48; July, 1.48; Aug.,
1.473^. On the 18th inst. futures closed lc. to 2c. net lower.
Transactions totaled 76 contracts.
The opening range was
3^c. to 2c. lower in sympathy with easier Japanese cables.
It was reported that some commission house selling was
done. However, at the lower level the market steadied and
in early afternoon stood yc. to 2c. lower.
The price of
crack double extra silk in the New York spot market was lc.
lower at $1.56.
The Yokohama Bourse closed 12 to 15 yen
lower, while grade D silk outside was iy2 yen lower, at 680
yen a bale.
Local closing: Jan., 1.49; March, 1.48; May,
1.47; July, 1.463^; Aug., 1.46y. On the 19th inst. futures
closed unchanged to lc. higher.
The market started un¬
changed to lc. higher, and held to that range until the
session ended.
Transactions
totaled about 70 bales.
Jan¬
Totals this week.
9,964
l)^c.
was
table shows the week's total receipts, the
Aug. 1, 1937, and the stocks tonight, compared
with last year:
On the 20th inst. futures closed
y2 to l^c. higher. The
firm undertone throughout most of the session.
Transactions totaled 76 contracts.
The New York spot silk
a
Stock
1936-37
Receipts to
Since Aug
Week
This
1,1937
Texas City
1, 1936
1938
773,585
7,688 1,169,354
291
280,833
13,137
1,266
50,177 1,527,045
189,808
2,662
86,477
3,607
109,520
1,124
858
146,179
897,859
62,077
504,255
20
53,883
444
18,333
27,715
28,245
18,969
31,142
50
.
—
42,579 1,543,250
462
387,212
Houston
Corpus Christi
Beaumont
8,944
28,154 1,616,207
175,077
2,114
70,143
50
3,539
142
117,025
1,203
174,141
1,377
77,653
1,039
16,110
1,372
42,797
New Orleans
■
Pensacola, &c
Jacksonville
Savannah
Charleston
Lake Charles
Norfolk
:
2,082
—
15,455
69,827
100
Boston
«.
~
571
Baltimore
Totals
we
54,075
26,332
682,061
108,028
6,584
2,378
156,141
45,682
18,658
21,553
34,536
818,221
68,523
11,919
3,133
150,139
418
3,643
2,958
1,125
New York
In
1937
928,676
14,719 1,554,136
37,777 1,618,921
Galveston
Since Aug
Week
This
Jan. 21
«
925
20,628
1,312
13,506
82,643 5,200,655 3,108,853 2,438,419
116,840 5,864,525
order that comparison may be
made with other
years,
give below the totals at leading ports for six seasons:
Receipts at—
New
1935-36
1936-37
1937-38
1932-33
1933-34
1934-35
15,037
10,711
18,529
2,762
1.427
22,725
36,011
47,398
2,161
42,885
31,495
28,195
1,727
2,403
36,255
66,575
65,816
8,476
1,941
142
14,719
7,688
50,177
2,662
1,124
1,203
"858
1,902
1,694
*1,670
"2",459
1,039
1,372
444
186
50
203
907
2,082
460
289
754
829
37,777
42,579
28,154
Galveston
Orleans.
2,114
Mobile
Savannah
Brunswick
941
Charleston
Wilmington
.
_
Norfolk
Newport News
*
~
"
"
"
"2",460
"2",889
~1*229
1,974
**5*279
15", 723
116,840
82,643
103,103
52,473
114,611
198,981
All others
Total this wk_
Since Aug.
1__ 5,864,525 5,200,655 5,648,250 3,424,195 5,826,209 6,505,029
for the week ending this evening reach a total
132,100 bales, of which 51,807 were to Great Britain,
28,445 to France, 16,239 to Germany, 11,112 to Italy, 8,065
to Japan, nil to China, and 16,432 to other destinations.
In
The exports
of
the
year total exports were 81,330
to date aggregate exports have been
corresponding week last
bales.
For the
season
3,691,551 bales, against 3,250,031 bales in the same period
of the previous season.
Below are the exports for the week:
Jan. 21, 1938
Exports from—
Galveston
France
many
4,739
9,252
4,016
3,641
18,235
288
50,899
2,002
*275
*985
5,978
382
263
263
5*703
Angeles
2,512
2,362
150
51.807
28,445
16,239
11,112
1937
10,576
6,316
9,942
31,145
Total
1936.—
25,502
14,700
9,682
13,951
16,432 132,109
8,065
Total
Total
24,421
1,641
186
6,007
"*47
Norfolk
Total
44,002
4,473
3*036
729
335
Other
6,203
1,455
Jacksonville
San Francisco...
China
4,758
23',621
Japan
5,369
Mobile.—
Los
Italy
19,439
7,533
Corpus Christi..
New Orleans
Ger¬
Great
Britain
1.47; Aug., 1.47Hmarket had
571
24,619 116,840
12,901
18,312
28,125
22,919
1,039
1,372
The following
total since
Houston
Crack double extra
unchanged at $1.56.
The Bourse at Yokohama closed 3 to 8 yen higher, while
the price of grade D in the outside market was down 2iy
yen to 6773^ yen a bale.
Local closing: Jan., 1.50; May,
uary was quoted at 1.503^, up
in the New York spot market
18
571
Houston
Silk—On the 17th inst. futures closed
568
Baltimore
as an
arrivals of wool from Montevideo during
50
50
14
Savannah
exception perhaps would have to
which sell within
of 57-62c. with C supers at 52-53c. Prospects for
improvement in mill consumption during the first quarter
of 1938 seem dubious.
Total supplies are larger than a year
ago, and a new clip in sight.
Consequently no marked change
in domestic wool values is anticipated.
It is pointed out
generally, though
be made in the
the range
462
80
9,283
Jacksonville
Wilmington
very
28,154
2,114
14
5,072
672
Mobile
ventures.
37,777
42,579
160
_
Mobile
very
raw
7,527
9,094
1,865
Corpus Christi.
New Orleans
Original bag territory wool of French
combing length is still quoted 72 to 75c., though more resis¬
tance is offered by mill buyers who are talking of a 70c.
scoured basis for wools of this type.
Prices favor the buyers
such
to
Total
3,963
5,178
4,675
11,991
12,161
4,625
3,504
3,510
1937-38
little,
though it could be called a little less steady, with volume of
orders light.
Spot sales of wool at the Boston market are
reported as barely sufficient to establish the market. Lower
prices in the Australasian market have encouraged some con¬
Wool—The
Fri.
Thurs.
Wed.
Tues.
was
19,145
2,336
11,333
13,324
81,330
86.622
Financial
616
Chronicle
Jan.
1938
22,
Southern spot
|
From
Exported to—
Aug. 1, 1937, to,
Jan. 21. 1938
Ger-
Great
France
from—j Britain
Exports
Galveston
230,754 155,927
Houston
many
204,536 134,873
88,175 71,516
Corpus Christ!.
New
55,233
61!
4,119
Beaumont
98,193
2,586
33,143
Savannah
47.894
Charleston
920.769
3,5561 56,982
354,021
1,200136,500! 854.643
I
*1*12
51,077
8,085
13,609,
60!
145,012
250
243
44,606
30,508
648;
4.096
83,146
123,470
3,961
1,000
33,009
86.500
3,772
*16*076
6,699
5,341!
2,157
700
769,
Gulf port
New
York....
Boston
24,004
1,621
15,818
"lo
6.861
.8,472
250
3,613
4,090
1*977
132
3,214
64,375
218,147
63,909
88,444
10!
10
398''
30;
Philadelphia...
154
561
322
Los Angeles...
77,046
9,914
18.513
428
200'
1,162!
San
Francisco.
6,072
9,863
8,600
200
46.937
;
—J
Seattle
1211,323 614.750:
Total..
i
1,000
1,541
420,
227
.......
Baltimore
1,396
10,858
*2*196
....
7,380
19,801;
Wilmington...
Norfolk
742,404
300
1,284
114
1,222
Pensacola, <fcc.
Total
;
12T.509
73,888
31,845!
17,083
74,390
Mobile
Jacksonville...
Other
China
48,237! 14.055169,021
32,266 10,980149,534
25,677j
52,882
2,900
323,573 208.780
21.365
6,041
Orleans..
Ijake Charles..
j
Japan
Italy
197,452 105,323,
129,025 81,190
638.6.53,325,442 172,378, 29,991699,0143691,551
Total
1936-37.
731,527 541,806;
446.185'l93,902 889.77li
Total
1935-36.
912,267522,8181
536,653 216,7031071,584' 21,580614,213 3895,818
In addition to above exports, our
16,511430,329 3250,031
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
markets, as officially reported, were 5 to 13
points lower. Average price of middling at the 10 designated
spot markets was 8.50c.
On the 19th inst. prices closed 5
to 6 points net higher.
The market opened steady and 2 to 4
points lower in response to declines in both Liverpool and
Bombay and under further liquidation, hedging and selling
for Bombay account, while trade houses were best buyers of
the near months with some Liverpool buying of distant
positions.
Offers from primary sources again proved small
and around midday the market ran up 9 to 13 points from
the early declines.
There was no appreciable change in the
general cotton situation. Spot cotton has been selling more
freely in the south, principally for domestic mill account,
although Japanese interests have reentered the market in a
moderate way.
The spot basis was firm. While cotton was
going into government loan less rapidly, holders were not
inclined to sell at present market quotations.
Concern was
expressed over further decline in the market, as it was feared
that selling might occur here in the way of undoing spreads.
On the 20th inst. prices closed 3 to 5 points net higher.
The market was steady after the call, being influenced by
higher cables from Liverpool and Bombay.
The opening
range was 3 to 5 points higher and maintained that range
throughout most of the session.
There
was
some
and trade houses.
bulk of the contracts
The
were
by the Far East, the South and spot houses.
On
Shipboard Not Cleared for—
Leaving
Jan. 21 at—
Great
Ger¬
Britain
Galveston
Francs
many
4,200
1,900
7,156
7,160
3,935
3,270
2,741
11,505
27,110
10,915
Coast¬
Foreign
wise
19,200
18,211
6,070
"ioo
18,957
12,468
25,044
Houston
New Orleans..
Savannah
2,000
1,908
1,974
Other
Slock
Total
674
2,935
Charleston
Mobile.
3",537
*696
Norfolk
Other
ports
Total
1938—
Total
1937..
Total
1936—
5,882 44,177
7,354 118,152
15,047 52,196
reported
6,109 86,630 3.022,223
6,489 171,573 2,266,846
3,067 106,269 2,463.245
business.
The weather map showed
of showers throughout the greater part of the
Oklahoma
and the western part of Texas
exceptions to this rule, since it remained
districts.
According to preliminary figures
areas.
the general
were
in
dry
supplied
Worth Street
moderate
a
the presence
cotton
898,876
865,975
796,812
150,139
69,827
64,986
31,142
144,466
29,800
31,884
21,409
2,500
covering
by the trade and lifting of hedges by cooperative brokers
these
the Bureau
of Census reported
that 26,704,476 cotton spin¬
ning spindles were in place in the United States
of which 22,328,472
were
operated at
some
on
Dec. 31,
time during the
month.
This compared with 22,791,550 for November and
24,083,306 for December a year ago.
Today prices closed 4 points down to 2 points up.
After
maintaining the steady
tone of the past few days during
prices slipped back somewhat in the late
dealings and around the close were maneuvering
the early session,
Speculation in cotton for future delivery during the past
week
was
trend
moderately active, with fluctuations narrow and
irregular.
warrant any
ers,
the
There
buying
or
appears
selling in
little
a
in
the
substantial
like all others in the business world,
uncertainties and
gram
on
the part of the
On the 15th inst.
Trading
narrow
the
was
apparent lack of
situation
Trad¬
way.
affected
are
by
definite pro¬
a
Administration at Washington.
prices closed 2 to 3 points net higher.
relatively light, with prices ruling within
range.
to
a very
The market started with declines of 2 to 4
afternoon
very
previous finals.
tributed
largely to the stimulating effect of.
stock market.
the
The market's improved tone
There
was a
an
at¬
advancing
by trade houses and shorts.
day.
fixing in the
wire
house
on
were
readily
Late in the session the
local and commission house
buying.
also
perhaps the most impressive feature.
months
increased Wall
and
Street and
were
steady
The official
moved
and
were
within
a
narrow
At
range.
quiet, with prices steady.
quotation for middling upland cotton in the!
day for the past week has been:
New York market each
Jan. 15 to Jan. 21—
Sat.
Mon.
Tues.
8.63
Middling upland
8.60
8.53
Thurs.
8.62
Wed.
8-59
Fri.
8.58
Futures—The
highest, lowest and closing prices
week have been as follows:
at
New York for the past
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 15
Jan. 17
Jan. 18
Jan. 19
Jan. 20
Jan. 21
Feb. (1938)
Range—
Spot business im¬
proved during the week, with sales of 132,878 bales at the 10
leading markets, compared with 92,250 the previous week
and 53,372 for the corresponding week last year.
The Com¬
modity Credit Corp. announced that 4,558,439 bales of
cotton had been pledged to the government loan through
Jan. 13, with an aggregate value of the loan $199,999,840,
representing an average loan of 8.38c. a pound. On the 17th
inst. prices closed 2 to 4 points off.
The market was moder¬
ately active during the day, with prices ruling within a
narrow range.
Traders were not inclined to operate to any
appreciable extent because of the uncertainty connected with
the general business situation and nervousness over the
French crisis.
The cotton market opened 3 to 5 points lower
in response to disappointing cables from both Liverpool and
Bombay and early extended losses to 5 to 7 points. Moderate
hedge selling and liquidation met only indifferent demand
from trade and commission houses.
The low point was
reached early, however, and after moving within narrow
limits, prices moved up later on covering, but met renewed
hedging on small advances. Spot markets were inactive and
textiles failed to renew the recent
activity on the buying side.
It appears to be generally
recognized that the cotton going
into the loan will be taken off the market for
an
indefinite
period and that the available supplies will be reduced
proportionately.
On the 18th inst. prices closed 7 to 9
points net lower. The market opened quiet at 2 to 4 points
lower in response to declines at both Liverpool and
Bombay
and under moderate overnight
hedge selling and liquidation.
Early prices held steady until increased selling of March and
May through Wall St. commission houses developed and was
followed by scattered selling for foreign account.
Demand
was limited
largely to trade price fixing and some covering,
while outside demand was slow with buyers still nervous over
the French situation and business in general.
Some im¬
portance was attached to reports from Washington relative
to the prospects of farm legislation.
It was said that some
definite progress had been made toward the
fixing of quotas.
near
buying
Liverpool spots
The
continued absence of aggressive pressure against the market
was
an
of new crop was the feature of the
initial dealings.
New Orleans, the South and spot houses
supplied the contracts.
Futures on the Bombay Exchange
selling from the South fell off to small proportions and the
market rallied
decline of 3 points to
a
point from the closing levels of the preceding
The market opened barely changed.
Continued price-
fair amount of hedge selling at
opening and further liquidation, but offers
taken
was
A short time before the end
trading the list showed
advance of 1
points, but later recovered and closed about that much above
the
close to previous finals.
of the
Closing.
8.51n
8.48 n
8.41n
8.47a
8.50 n
8.46a
8.48- 8.54
8.48- 8.53
8.40- 8.48
8.38- 8.49
8.50- 8.55
8.48- 8.55
8.53
8.50- 8.51
8.43
8.49
8.52
8.48- 8.49
March—
Range..
Closing
-
—
—
-
April—
Range.
8.55 n
8.53 n
8.46n
8.52 n
Range..
8.54- 8.61
8.54- 8.60
8.47- 8.55
8.44-
Closing.
8.59- 8.60
8.57
8.49
8.55
Closing.
8.55 n
8.52a
8.57- 8.62
8.55- 8.61
8.58- 8.59
8.57
May—
—
—
8.57
—
June—
Range..
Closing.
8.62n
8.59n
8.52 n
Range..
8.60- 8.66
8.60- 8.64
8.53-
Closing
8.65
8.62
8.64a
8.57 n
8.61a
8.59a
8.51- 8.60
8.62- 8.68
8.60- 8.66
8.55- 8.56
8.60
8.64-
8.62
8.57 n
8.63a
8.67 n
July—
.
—
8.60
—
8.65
Aug.—
Range..
Closing.
8.68n
8.66a
Sept.—
Range..
8.71w
8.67n
8.59 n
8.66a
8.70 n
Range..
8.68- 8.75
8.67- 8.71
8.60- 8.67
8.59- 8.68
8.71-
Closing.
8.74- 8.75
8.70
8.62-
8.68
8.73
8.70a
8.75a
8.61- 8.72
8.74-
8.72
8.77
Closing
.
8.70a
Oct.—
8.63
8.78
8.71-
8.75
8.73
—
Nov.—
Range..
8.75 n
8.72n
8.64n
Range..
8.72- 8.75
8.71- 8.75
8.64-
Closing.
8.77 n
8.75
8.66
Closing.
8.76 n
Dec.—
8.71
8.79
8.77-
8.80
8.79
Jan.(1939)
Range..
Closing.
n
Nominal.
Range for future prices at New York for week ending
Jan. 21, 1938, and since trading began on each option:
Option for—
Jan.
1938—
Feb.
Range Since Beginning of Option
Range for Week
1938.
Mar. 1938—
Apr.
8.38
Jan.
19
8.55
Jan.
20
8.38
Jan.
19
8.55
Jan.
20
Oct.
9 1937 13.94
Apr.
7.69
Nov.
3 1937 13.85
Mar. 31
7.39
Dec.
3 1937 13.97 Apr.
8.44
Jan.
19
8.62
Jan.
20
8.51
Jan.
19
8.68
Jan.
20
7.65
7.60
Oct.
8 1937 12.96
9.63
Aug. 27 1937 11.36 July
Oct.
8 1937 11.36 July
27 1937
8.59
Jan.
19
8.78
Jan.
20
8.61
Jan.
19
8.80
Jan.
21
7.85
Nov.
8.37
Dec.
7.50
5 1937
1937
5 1937
1938—
May
1938..
June
1938..
July
1938—
Aug. 1938
Mar. 21
1937
27 1937
—
Sept. 1938—
Oct.
1938
—
4 1937
8.85
Jan.
11
1938
29 1937
8.87
Jan.
11
1938
Nov. 1938—
Dec.
1938
Volume
Financial
146
617
Chronicle
cable and
538,968 bales more than at the same period last year.
The
receipts of all the towns have been 52,793 bales more than
as
the
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
afloat are this week's returns, and consequently all foreign
The Visible
brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
■
:
figures
are
.
1938
967,000
1937
822,000
174,000
94,000
1,141,000
251,000
324,000
15,000
916,000
212,000
278,000
16,000
Jan. 21—
bales.
Stock at Liverpool
Stock at Manchester
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
23,000
8,000
5,000
53,000
16,000
Stock at Genoa
Stock at Venice and Mestre
9,000
Stock at Trieste.
Total Continental stocks
542,000
668,000
1935
1936
630,000
98,000
835,000
74,000
728,000
276,000
204,000
18,000
68,000
76,000
11,000
5,000
909,000
313,000
170,000
27,000
82,000
43,000
20,000
8,000
663,000
658,000
1,809,000 1,458,000 1,386,000
94,000
194,000
161,000
365,000
301,000
298,000
1,502,000
106,000
215,000
Egypt, Brazil,&c., afl't for Europe
155,000
131,000
120,000
Stock in Alexandria, Egypt
359,000
406,000
334,000
Stock in Bombay, India
704,000
866,000
541,000
Stock in U. S. ports.
3,108,853 2,438,419 2,569,514
Stock in U. S. interior towns
2,629,639 2,090,671 2,285,388
U. S. exports today
20,576
11,507
13,247
107,000
Total European stocks
India cotton afloat for
Europe—
American cotton afloat for Europe
314,000
625,000
2,836,585
bales.
Liverpool stock
Bremen stock
Havre stock
-
Continental stock
Europe.
American afloat for
245,000
316,000
322,000
60,000
596,000
130,000
216,000
298,000
64,000
365,000
Manchester stock
70,000
216,000
188,000
129,000
298.000
157,000
242,000
28,000
301,000
47,000
260,000
142,000
101,000
215,000
3,108,853 2,438,419 2,569,514 2.836,585
2,629,639 2,090,671 2,285,388 1,801,024
20,576
11,507
13,247
6,463
U. S. port stock
U. S. interior stock
U. S. exports today
-.7,428,068 5,643,597
Total American
East Indian. Brazil, Ac.—
Liverpool stock
Open
Contracts
19 Jan. 20
18 Jan.
17 Jan.
15 Jan.
14 Jan.
Jan.
Jan.. 20
New York
Current crop
(1938):
January..
4,600
.
-
-
„
■
■
'■
*
«
-
.
-
«
*
-
»---
m
-
19,600
12,900
19,700
28.600
22,900
20,200
618,800
May
23,100
11,700
23,800
37,900
34.300
30,500
946,600
July..
18,900
13,600
12,900
28,000
18,100
13.900 1,071,500
March..
_
.
_
_
_
.
.
.
•'
All inactive futures-
•
*.
*
^
-
_
-
New crop (1939):
October..
7,600
11,400
6,000
8,400
8,300
8,400
375,600
December
2,600
2,400
900
4,300
3,000
3,900
62,900
76,400
52,000
63,300 107,200
86,600
Total futures
New Orleans
Current crop
Jan.
18
17 Jan.
15 Jan.
14 Jan.
13 Jan.
12 Jan.
Jan.
76,900 3,075,400
18
(1938):
300
200
January
600
•-
-
-
6,091,149 5,654,072
590,000
3.100
3,500
2,400
1.500
750
5,100
83,200
3,300
4,950
3,800
4,300
1,650
9,050
101,650
July
8.400
6,850
4,500
2,050
3,200
7,450
164,000
1,650
550
1.000
3,100
4,400
50
500
6,300
8.850
8,750
22,500
448,950
March
'
All inactive futures-
1,200
October
Total futures.....
28,000
62,000
16,000
47,000
161,000
27,000
53,000
28,000
79,000
106,000
1938
Egypt, Brazil, &c., afloat
155,000
131,000
107,000
Stock in Alexandria, Egypt
359.000
704,000
406,000
866,000
120,000
1933
1932
Indian afloat for Europe
Stock in Bombay, India
314,000
625,000
334,000
541,000
Total American..
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s*fine,Liv
9,245,068 7,896,597 7,708,149 7,583,072
4.93d.
7.16d.
6.17d.
7.08d.
8.58c.
12.97c.
11.85c.
12 65c.
9.66d.
11.34d.
9.93d.
9.40d.
4.15d.
5.91d.
5.46d.
6.Old.
S.64d.
6.18d.
4.27d.
—...
...
5.88d.
1936
1935
1934
1931
75,399 bales, a gain of 1.348,471 over 1937, an
1,536,919 bales over 1936, and a gain of
1,661,996 bales from 1935.
of
Quotations for 32 Years
1916
12.30c.
1908
1915
8.70c.
13.05c.
1914
1917
18.05c.
16.65c.
38.75c.
27.85c.
32.30c.
16.90c.
1907
17.40c.
20.40c.
19.05c.
13.60c.
20.90c.
24.00c.
32.90c.
1922
28.40c.
-
1921
1920
1919
1918
1913
1912
---_.
12.90c.
9.50c.
14.90c.
14.45c.
10.00c.
12.10c.
10.80c.
1911
1910
1909
Market and Sales at New York
SALES
Futures
Spot Market
Saturday—_
Monday
Tuesday
Wednesday.
Thursday
-_
Friday
Market
Closed
—
Continental imports for past week have been 134,000 bales.
The above figures for 1938 show an increase over last
150
12.000
8.58c. 1930
12.95c. 1929
11.90c. 1928
-12.70c. 1927
11.60c. 1926
6.25c. 1925
6.75c. 1924
10.45c. 1923
1937
1,817,000 2,253,000 1,617,000 1,929,000
7,428,068 5,643,597 6,091,149 5,654,072
Total East India, &c
150
17,400
New York
308,000
—.
-
-
93,800
quotations for middling upland at New York on
Jan. 21 for each of the past 32 years have been as follows:
34,000
55,000
36,000
24,000
194,000
Other Continental stock
'm-m
h-
-
The
507,000
Havre stock—
500
16.700
December
44,000
37,000
26,000
27,000
94,000
Bremen stock
-
W
-
New crop (1939):
371,000
Manchester stock
week
given in bales of 500 lb. gross weight.
are
May
follows:
of American and other decsriptions are as
Of the above, totals
A tncriccLTi'—
Other
figures
6,463
7.583,072
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
1,801,024
9,245,068 7,896,597 7,708,149
Total visible supply
week last year.
same
Volume of Sales for Future
Closed
Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
Steady
Steady
Steady
Steady.
Steady
Steady—
3 pts. dec3 pts. dec—
7 pts. dec—
6 pts. adv..
3 pts. adv__
4 pts. dec _-
"ioi
l",300
600
1,100
410
900
500
1,600
Total
1,401
1,700
1,310
2,100
50
50
6,561
4,900
1,661
35,678 120,900 166,578
Total week.
Since Aug.
Contr'ct
Spot
1
of
increase
Overland Movement for the Week and
Since Aug. 1—
give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
We
At
movement—that
the
Towns
Interior
the
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
reports Friday night.
The results for the
Aug. 1 in the last two years are as follows:
corresponding period of the previous year—is set out in
Shipped—
Movement to Jan. 22, 1937
Via Mounds, &c
Via Rock Island
—
480
Ala.,Birming,m
48.
Eufaula
354,
46;
Montgomery.
Selma
Ark.,Blytheviile
8,158'
Forest City..
1,922!
Helena
2,215
64,241
143,271
31,634
57,695
543
913
27,875
110
"715
1
408
14,867
Columbus
Greenwood..
Jackson
Natchez
1,537
121,954
5,607
36.349
109
18,356
153
340
37.229
10*341
43,309
13,181
25,810
241,719
472
"584
3,217
160,565
4,855
4,359 151,943
2,404 142,266
1,200 34.350
1,395
99
500
31,890
17,313
11,997
481
Vicksburg
Yazoo City..
948
4,810
195'
12,425
36,555
272
16,017
18.913
28,272
8,430227,392
4,407:120,597
300
36,700
1,043
40,103
200
817,358
571
13,506
5,184
125,462
1,312
15,319
20,628
7,274
260,238
5,300
•V
328
6,143
6,143
144,152
16,959
288,140
overland *—30,443
681,564
3,826
529,218
Total to be deducted
Leaving total net
*
.
Including movement by
The
rail to Canada.
foregoing shows the week's net overland movement
has been 30,443 bales, against 3,826 bales for
this
year
the
week
and that for the season to date the
overland exhibits an increase over a year ago
last year,
aggregate net
32,157
932
35,992
290
250
21,834
110
2,066
72,901
100
5,385
79,457
1,177
252
35.230
54
20,573
99,188
149,997
37,612
4,780 118,242
1,365
248,826
9,365
63,797
263
58,306!
1,017
21,996
"260
15,687
38,226
1*879
bales.
of 152,346
2,811
9,886
477
24,137
943
39,983
77
51,176
4,810
2,288
8,333
3,430
359
204,818
7,484
11,238:206,038
3,140! 80,253
62,025 689,514
14
8,849
36
1,864
635
170.398
4,160
138,962
46,624
70,101
101,005|
3,493
20,785
272
61,639
1,147
61,994;
Mo., St. Louis.
N.C.,Gr'nsboro
381,520
825,716
6,858106,351
27,211
88,541
6,000
.36,586
overland
Shipments—
4,695
.
10,644
1,614 104,210
18,802
172,241
27,263
112,110
92,345
545,563
15,063
397
82
3,768
Overland to N. Y., Boston, &c—
21,686
53,658
205,067
108,642
3,371
6,648
25,533
Total gross
Deduct
8,333
1,675
11,729
1,397
50
268,183;
785
7,237
Louisviiie.
65,153
83,855
349
51
La., Shreveport
Mlss.Clarksdale
1,389
27,089
162
35
10,057
60,750
40,329
3,082
725
246
962
490
249
800
Macon
....
131
48,801
971
21,900
41,425
16,212
143,196
212,740
37.204
Columbus
Rome
16
573
3,400 119,819
1,530 33,147
137,6281
Athens
other routes, &c
2,766
1,919
1,967
4
Ga., Albany...
via
166,618
8,382
52,412
4,160
Walnut Ridge
1,689
1,745
2,545
1,156
Virginia points
Week
138
461
Augusta
Little Rock..
Newport
Pine Bluff...
Via
22
419
44,852
44,061
46,663
84,8081
Via
Jan.
63,173
8,603
42,707;
53,111
55,280
9,509i
67,819
155,529!
!
Stock
1,405
366
Atlanta
1,524
Season
Week
412
750
Hope
Jonesboro
21
Week
64,147
33.203
137,493
42,431
164,113
60,314
16,391
41,166!
239
Jan.
j ments
Season
Week
Sliip-
Receipts
Aug. 1
101,332
81,516
2,274
2,686
4,810
2,475
ments
Stocks
Ship-
Receipts
Since
Week
Aug. 1
Week
Via St. Louis
Movement to Jan. 21, 1938
1936-37
Since
Jan. 21—
detail below:
Towns
week and since
1937-38
224
1,000
33,037
435
33,467
8,333:
67:
3,857
Since
Since
In Sight
Week
Aug. 1
Week
>
Aug. 1
5,200,655
Southern
116,840
5,864,525
82,643
30,443
85,000
681,564
2,710,000
3.826
130,000
529,218
3,215,000
232,283
16,623
Receipts at ports to Jan.
Net overland to Jan. 21
9,256,089
1,832,658
216,469
*51,941
8,944,873
2l
consumption to Jan. 21
13,885
1,629
851
1936-37
1937-38
and Spinners'
Takings
20,289
3,736
■
5
over
consumption to Jan. 1
906,616
1,056,143
477,540
—
Oklahoma—
15
towns
*_
S. C..Greenville
Tenn., Mem phis
Texas. Abilene.
11,916
485,793
81,813
3,257
69,216 1.853,881
234
44,385
Austin
80
16,838!
Brenham
18
13,281t
6,568
Dallas
747
Paris
Texarkana
76l
..
753|
Waco
Total, 56 towns
*
515
34,017
"402
1.50
26,503
79!
32
877
41,267;
175
86,972
961
totals
497:
4,177
5
2,171
7,135
31
430
733
21,187
34,512
"488
9,338
21,283
147;
77,100
1.699j
3,226
that
88,6524,960,087140,593 2090671
interior stocks have
bales and are tonight
the
16,623
North,
*
10,907,632
11,566,287
21-
spinn's'takings to Jan. 21 38,847
10,288
978
164,528
248,906
Total in sight Jan.
1,046
13
631
of 15 towns in Oklahoma.
show
during the week
37,985
15,885
5,980
76,310
68,705
13,697
8,583
98,
141,4455,185,267024,8222629639
above
increased
461
7,515!
Includes the combined totals
The
9
2,811
91,498
"is
San Antonio.
113
101,151!
15,657;
Robstown
186
50,660 2,029,054
96.846
3,730 83,530
64,833 636,351
3,277
780,451
42,906
1,114,568
Decrease.
sight in previous years:
Movement into
Bales
Week—
1936—Jan. 24
1935—Jan. 25
1934—Jan. 26
-
196,168
130,435
165,271
Since Aug.
1935
1934
1933
1—
Bales
10,437,944
6,917,956
9,791,214
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Financial
618
Chronicle
Jan. 22, 1938
Cotton consumed amounted to 433,058
46,462 bales of linters, compared with
484,819 bales of lint and 57,565 bales of linters in November,
ber, 1937 and 1936.
Closing Quotations for Middling Cotton onWeek Ended
Jan. 21
Saturday Monday
Galveston
New
Wed'day Thursday
Tuesday
8.50
8.76
8.39
8.76
8.63
8.52
8.44
Friday
8.45
8.48
8.76
8.45
8.54
Orleans
8.47
bales
8.78
8.78
8.68
8.73
8.50
HOL.
Norfolk
8.75
8.75
8.70
HOL.
Montgomery—
8.70
8.67
8.60
Augusta
Memphis.
8.93
8.90
8.83
8.70
8.89
8.40
8.40
8.35
8.40
8.40
8.40
Houston
8.50
8.50
8.45
8.50
8.50
Little Rock
Dallas
8.35
8.35
8.15
8.30
8.08
8.35
8.14
8.45
8.17
8.35
8.18
Fort Worth
8.18
8.15
8.08
8.14
8.17
lint
and
1937, and 694,841 bales of lint and 61,036 bales of linters in
December, 1936.
It will be seen that there is a decrease
8.50
8.07
Mobile
Savannah
8.73
of
8.53
8.77
8.80
8.80
8.80
8.92
8.89
8.52
8.74
8.80
8.07
in December, 1937, when compared with the previous year,
in the total lint and linters combined of 276,357 bales, or
36.6%.
The following is the statement:
DECEMBER REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND
ACTIVE
AND
EXPORTED,
COTTON
SPINDLES
(Cotton in running bales, counting round as half bales, except foreign, which Is In
500-pound bales.)
New Orleans Contract Market—The
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Codon on Hand
Consumed
Cotton
Dec. 31
During—
Cotton
Spindles
In Con¬
Five
Months
Year
In
suming
Public
Monday
Tuesday
Jan. 15
Jan. 17
Jan. 18
Wednesday
19
Jan.
Thursday
Jan. 20
21
Jan
Ended
(.bales)
Friday
Active
Storage
Dec.
Dec. 31
ments
(bales)
During
presses
(bales)
Saturday
Establish¬ <fc at Com¬
(bales)
Dec.
(Number)
Feb.(1938)
March....
8.66-
8.67
8.67
8.53
8.63
8.61
8.69
8.72
8.76
1937 433,058 2,650,558 1,718,352 11867457 22,328,472
United States
8.69
8.73
8.73
8.66
8.63
1936 694,841 3,176,502 2,005,556 7,786,860 24,083,306
April
8.73
...
—
8.78
May
8.73
—
8.77
Cotton-growing States..
August
49,329
322,815
418,322
213,953
66,165
4,437,658
95,069
237,477
75,100
5,805,710
AH other States
1937
10,431
68,966
55,034
10,005
610,466
1936
—
1937
1936
8655- 866a
1937 373,298 2,258,777 1,449,365 11791287 17,280,348
1936 578,327 2,658,255 1,723,155 7,705,309 17,541.394
New England States—
June..
JuJy
21,445
99,925
44,924
6,451
736,202
1937
4,310
28,342
13,103
25,622
September
October
..
8835- 884a
8825- 883a
885b- 887a
8845- 886a
8.72
8.82
8845- 885a 8.825-8.83a
-
—
November
December-
8765- 877a
8835 -885a
8.87
Included Above—
8.86
Egyptian cotton
1936
Jan. (1939)
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady,
Steady.
Steady.
Steady.
Steady.
Activity in the Cotton Spinning Industry for De¬
cember, 1937—The Bureau of the Census announced on
Jan. 20 that, according to preliminary figures 26,704,476
41,963
22,167
7,938
38,675
7,344
9,241
569
4,776
2,029
3,391
8,934
3,300
1936
6,025
5.302
1937
Amer .-Egyptian cotton.
29,739
3,484
1937
Other foreign cotton..
6,354
1937
1936
Tone—-
Spot
w-'.'i
Options.
25,634
22,354
46,462
61,036
322,870
251,782
67,138
332,637
241,639
67.079
10,870
Not Included Above—
Linters
1936
cotton
spinning spindles were in place in the United States
on
Dec. 31, 1937, of which 22,328,472 were operated at
some time during the month,
compared with 22,791,550 for
November, 23,724,272 for October, 23,886,948 for Septem¬
ber, 24,353,102 for August, 24,394,300 for July and 24,083,306 for December, 1936.
The aggregate number of
active spindle hours reported for the month was 5,726,020,185. Since the inauguration of this inquiry in 1921, the
average hours of operation for the day shift for all of the
mills was used in computing the monthly
percentage of
activity.
The hours of employment and of productive
machinery are not uniform throughout the indsutry. How¬
ever, in order that the statistics may be comparable with
those for earlier months and years, the same method of
Imports of Foreign Co• on (500-16. Bales)
December
Country of Production
1937
Egypt
Peru
1937
6,693
1936
22,576
26,112
44
384
458
526
108
2,761
3,300
5,122
1,168
1,366
1,926
7,960
China
Mexico
Br.tlsh India
3,512
4,533
172
173
10,612
1,124
16,267
All other
Total.
8,638
15,910
39,996
56,612
Linters
...
625
Imported during four months ending Nov. 30. 1937, amounted to
3.885
equivalent 500-pound bales.
com¬
puting the percentage of activity has been used. Computed
on this basis the cotton
spindles in the United States were
operated during December, 1937, at 92% capacity on a
single-shift basis. This percentage compares with 105.2 for
November; 111.1 for October, 124.1 for September, 130.5
for August, 121.9 for July; and 135.4 for
December, 1936.
The average number of active spindle hours
per spindle in
place for the month was 214. The total number of cotton
spinning spindles in place, the number active, the number of
active spindle hours, and the average hours per
spindle in
place, by States, are shown in the following statement:
3,634
-
5 Mos. End. Dec. 31
1936
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
Country to Which Exported
December
5 Mos. End. Dec. 31
1937
United
Italy..
Germany
Spain
Belgium
1936
152,223
40,102
988,236
538,669
279,633
503,627
618,771
61,641
105,221
France
1937
244,443
126,113
Kingdom
1936
98,977
66,353
467,848
151,694
353,275
279
27*821
Japan
19*816
1*12*005
71,554
Other Europe.
47,872
371,082
83,853
262,226
119,921
780,745
36,014
117,973
1,500
214
5,550
Canada
23*264
44,643
121,611
Allother..
54,930
4,401
149.768
144,678
27,883
751,001
593,860
3,184,766
2,896,802
China
Active Spindle Hours
Spinning Spindles
Total..
for December
Stale
In Place
Active Dur¬
Average per
Note—Linters exported, not Included above, were 35,625 bales during December
Dec. 31
ing Dec.
Total
Spindle in Place
26,704,476
22,328,472
5,726,020,185
214
17,280,348
4,646,507,392
247
many,
4,437,658
976,216,092
138
Japan,
610,466
103,296,701
127.
445,774,445
76,230,838
232
804,518,722
188,811,032
429,582,291
248
in 1937 and 19,668 bales in 1936; 128,268 bales for the 5 months ended Dec. 31 in
1937 and
United States
Cotton-growing States
18,798,330
7,092,902
813,244
New England States.
All other States
Alabama
1,917,652
Connecticut
1,650,306
677,536
454,948
Georgia
3,237,834
2,940,754
Maine
706,256
3.922,708
565,508
Massachusetts
Mississippi
207,636
2,126,520
164,152
New Hampshire
New York
671,074
527,740
365,108
244,056
North Carolina
6,055,076
5,495,418
Rhode
1,016,816
684,046
5,696,798
5,470,724
Island
South Carolina
Tennessee
599,252
54,544,104
118,770,161
40,190,947
1,275.475.377
136,644,010
1,635,541,060
United
110
134
287
168,574,568
232
All other States
739,652
596,846
71,466,070
147,085,800
132,810,760
of
Aggregated
Cotton
Loans
CCC
4,558,439 Bales Through Jan. 13—The
Corporation announced
on
278
1937
follows
1,886; South Africa, 389.
raw
a measure designed to curtail con¬
cotton, the Japanese Ministry of Commerce
The Depart¬
ment said:
180
$199,999,841
December
by the Department of Commerce Jan. 13.
281
215,940
for
to the Bureau of Foreign and Domestic Commerce from the
American Commercial Attache at Tokyo, and made known
211
566,178
distribution
2,259; Balgium, 919; France, 6,522; Ger¬
manufacture
177
625,336
The
announced that effective Feb. 1 all cotton yarn used in the
of goods for domestic consumption must be
mixed with 30% staple fiber, according to cabled advices
110
256,998
1936.
10.109; Italy, 752; Yugoslavia, 34; Canada, 1,776; French Indo China, 500;
sumption of
263
634,080
In
Japanese Issue* Decree Designed to Curtail Consump¬
267
Virginia
bales
10,479; Netherlands,
tion of Raw Cotton—In
113
Texas
102,650
Kingdom,
on
Commodity Credit
Jan. 14 that "Advices of Cotton
Loans" received
by it through Jan. 13, showed loans dis¬
by the Corporation and held by lending agencies on
4,558,439 bales of cotton.
The amount of the loans
aggre¬
gated $199,999,840.50 and represented an average loan of
Authority for this move was contained in the Japanese export-import
readjustment law passed last Fall but which has not been enforced until
now, it was stated.
It
was stated that trade reports in Tokyo indicate that new
regulations
shortly be issued in order to strengthen existing regulations covering
mixing of staple fiber in woolen yarns for domestic consumption in
Japan, according to the Bureau.
will
the
bursed
8.38 cents per pound.
Figures showing the number of bales
are given below:
on
which loans have
been made by States
State—
Bales
Alabama-__
State—
Arkansas.California
Florida
Georgia
Louisiana
Mississippi
Census Report
699.066
40,881
612,137
22,671
Missouri
New Mexico
North Carolina
966
Arizona
South Carolina
395,711
225,059
479,114
Oklahoma
Tennessee
Texas
Virginia
Bales
75,080
37,961
87,168
79,318
207,667
231,177
1,455.642
8,821
on Cotton Consumed and on
Hand,
December—Under date of Jan. 14, 1938, the
Census 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 month of
Decem¬
&c.,
in
Returns by Telegraph—Reports to us by
telegraph this
evening indicate that farm work in many sections of the
country is being held up by anxiety over Government regu¬
lations in connection with the planting of the new
crop of
cotton.
Most farmers are thoroughly bewildered over the
reports they receive from Washington and are unable to
Rain
Amarillo
..
Inches
High
Low
3
0.05
68
50
1
0.02
76
32
82
..
Rainfall
Days
Texas—Galveston
36
59
84
42
63
82
52
67
Austin
Abilene
-
2
Brownsville
0.07
dry
76
Corpus Christi
Dallas
59
54
63
1
0.82
74
42
58
0.01
84
48
66
72
44
59
El Paso
Houston
..
Palestine
—
San Antonio
50
Mean
1
..
Del Rio
Port Arthur
-Thermometer
„
2
0.03
78
48
63
1
0.10
78
40
59
1
0.01
74
84
46
60
44
64
dry
Volume
146
Financial
Rain
Rainfall
Inches
High
1.34
Days
Oklahoma—Oklahoma City
72
74
70
36
28
78
74
72
42
37
dry
Arkansas—Fort Smith
2
Little Rock.
Louisiana—New Orleans
l.
4.62
dry
dry
dry
Shreveport
Mississippi—Meridian
VicksburgAlabama—Mobile
-Thermometer-
0.01
74
72
34
68
34
0.28
72
40
dry
78
3
Atlanta-
56
38
48
70
36
62
dry
dry
64
62
0.02
62
38
28
32
0.06
50
28
58
1
Raleigh
Wilmington.
32
1
dry
dry
Tennessee—Memphis
Chattanooga
66
0.01
68
1.46
66
Jan.
36
This week
Jan. 21, 1938
Feet
Above
.Above
zero
—Above
Above
Memphis
Nashville-
...
Shreveport
Vicksburg
...
This
zero
of gauge-
zero
of gaugeof gauge-
11.0
11.6
8.8
50.3
21.4
35.9
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Stocks at Interior Towns
1
1936
i
1937
1935
1936
1937
I
1936
263,182|259,641*363,686 2,226,923 2,301,784 2,287,554 388,719 295.054 398,140
12.. 245.688264.096330,485
2,342.886 2.316.783 406,335 305.198 359,714
19.. 195,034:251,440 271,993 2,459,694 2.373.757)2,321,538:267,158 282,311 276,748
26.. 160,560217,563 222,432 2.501,559 2.397,1882.350.425 202,425240.994 251,319
-
1936
Cotton
ings, Common
Middl'g
Upl'ds
32s Cap
Twist
to Finest
8.
d.
d.
s.
8% Lbs. Shirt¬
Cotton
32s Cap
ings, Common
Twist
to Finest
Middl'g
Upl'ds
d.
d.
p..
d.
d.
s.
e.
Oct.
9 10%@10
9 10%@10
1%
IX
4.89
5„ 10% @12
12
10%@12%
9 10%@10
9 10%@10
IX
IX
19- 10%@12
26- 10%@12
9
10%@10
9 10%@10
IX
IX
9
10%@10
9
22- 11%@12%
29- 11%@12%
10
3
4.83
10% @12
10%@12
10
9
4.55
11
@12
10
6 92
4.63
11
@12%
10
4.55
11
@12%
10
7%@10 10%
9
0
@11
3
6
@10
4.64
U
@12% 10
9
@11
0
6.72
@10
@11
6
6.96
0
6.81
Nov.
—
6.71
6 76
Dec.
3..
169.362;211,898,258.9502,545,908 2,368,617j2.358,279:213.711181,327 266,804
10..
165,506 133,018177,4552,610,8502,327.953 2,369.180 230,448 94,354 188,356
169,711 143,595|188,143 2,640,423 2,290,467|2,371.801199,284 106,109 190,764
24.. 139,333 119.319,158,812 2.663,852 2 253,7151.911,138162,762 82,567 169,268
31- 141,563 117,505! 99,7052,658,3482,250,2472,361,505147,067 112,749 78,953
17..
Jan.7..
I
1937
1938
125,265
1936
1938
1
1937
1936
1938
96,101; 98,8042.619,7992,180,501 2,337,209
1936
1937
86,716
26,355
74,508
14..121.714
61,240
92,756 2.613,0162,142,612 2,311,287128,497
23,351
66,834
21.J116.840
82,643103,1032,629,639 2,090,671 2,285,388133,463
30,702
77,204
World's Supply and
Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
Cotton
Takings,
from which statistics
amounts gone
or
out
3-
10%@11%
10- 10%@11%
17- 10%@11%
24- 10%@11%
31- 10%@11%
4.65
11% @12% 10
9
6.81
4.70
11 % @12%
10
9
@11
@10
0
IX
4%
6.93
IX
4.81
11% @12%
10
6
@10
9
6.88
IX
4.88
10
6
@10
9
7.01
9 10%@10
IX
4.84
11 % @12%
11 % @12%
10
6
@10
9
7.10
IX
IX
4.97
11%@12%
11% @12%
9
4
@ 9
6
7.11
5.02
9
4
@
6
7.20
IX
4.93
12
9
6
@10
19 38
Jan.7- 10%@12
14..
IX
10%@10
9 10%@10
9 10%@10
21- 10% @11 %
Shipping
10%@10
10%@10
9 10%@10
9
News—As
shown
@12%
on
a
previous
9
7.16
page,
up
from mail and telegraphic reports,
are as
follows:
Bales
Burgerdijk,
GhenV—Jan.
18—Michigan, 114...Jan.
14—Hybert,
933—Jan.
Jan.
Johannes Maikenbuhr, 897
To Havre—Jan. 18—Michigan, 1,580—Jan.
1936-37
112
13—
19—
2,056
.—
14—Ilybert,
2 519
To Dunkirk—Jan.
4 099
_
Week
Season
Week
Season
To
Visible supply Jan. 14-.
Visble supply Aug. 1
9,169,669
—
140,000
11,000
44,000
12,000
Alexandria receipts to Jan. 19
Other supply to Jan. 19 *b
4,899",258
164", 528
11,566,287
729,000
211,000
1,329,200
221,000
18^-Michigan, 543—Jan. 14^-Hybert, 97Antwerp—Jan. 13—Burgerdijk, 126
Jan. 18—Michigan,
Jan.
14—Hybert, 209
Jan.
19—Johannes Mai¬
kenbuhr, 200
Bremen—Jan.
15—Ileinhoyer,
5,584—-Jan.
19—Elmport, 3,334
Rotterdam—Jan. 13—Burgerdijk, 750
Trieste—Jan. 14—Livenza, 765
Jan. 15—Eglantine, 139.
Venice—Jan.
14—Livenza, 1,639—Jan.
15—Eglantine,
145,000
32,000
62,000
16,000
10,907,632
1,257,000
368,000
1,438,200
284,000
To
To
To
To
300:
Total supply
Deduct—
9,625,575 18,395,509
8,317,931 19,154,090
9,245,068
9,245,068
Of which American
380,507
265,507
Of which
115,000
9,150,441
6,555,641
2,594,800
7,896,597
-----
7,896,597
2,526
Liverpool—Jan. 14—West Quechee, 4,158—Jan.
Counsellor, 5,059; Johannes Maikenbuhr, 3,226__
19—
14—West Quechee, 3,104—Jan.
Counsellor, 2,466; Johannes Maikenbuhr, 1,426
To Rotterdam—Jan. 14—-Hybert, 398
To Hamburg—Jan. 19—Elmport,334
To Havana—Jan.
19—Margaret Lykes, 15
To Manchester—Jan.
Total takings to Jan. 21 _a—
other
421,334 11,257,493
278,334 8,355,293
143.000
2.902,200
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c*
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,710,000 bales in 1937-38 and 3,215,000 bales in 1936-37—
takings not being available—and the aggregate amounts taken by Northern
and foreign spinners, 6,440,441 bales in 1937-38 and 8,042,493 bales in 193637, of which 3,845,641 bales and 5,140,293 bales American,
b Estimated.
To Bunoes Ventura—Jan.
12,443
19—
19—Margaret Lykes, 129
To Cartagena—Jan. 19—Margaret Lykes, 400
To Puerto Colombia—Jan. 19—Margaret Lykes, .520-
HOUSTON—To
Liverpool—Jan.
19—West
Quechee,
-
4,203
To
17—
115
Ghent—Jan. 18—Hybert, 957—Jan. 17—Johannes Mai¬
kenbuhr, 5
Jan. 13—Michigan, 136
Antwerp—Jan. 18 Hubert, 41—Jan. 13—Michigan, 50-Copenhagen—Jan. 19—Tortugas, 613
Havre—Jan.
18—Hybert,
2,334—Jan.
13—Michigan,
1,246
Rotterdam—Jan. 18—Hybert, 494
Genoa—Jan. 19—Eglantine, 1,286
Trieste—Jan. 19—Eglantine, 701-—Jan. 14—Livensea, 375
Venice—Jan.
19—Eglantine, 1,102—Jan. 14—Livensea,
1,294
Oslo—Jan. 19—Tortugas, 162
Gdynia—Jan. 19—Tortugas, 1,361
To
India
Cotton Movement from All Ports—The
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
Gothenburg—Jan. 19—Tortugas, 233
To
To
To
To
To
1937-38
1936-37
1935-36
To
To
Jan. 20
Since
Since
Receipts—
Week
Aug. 1
Week
Since
Week
Aug. 1
To
Aug. 1
To
Bombay
140,000
729,000 145,00C
For the Week
1,257,00()
84,000
924,000
Since Aug. 1
Exports
From—
Bombay—
1937-38-
Great
Conti¬
Jap'ndc
Britain
nent
China
Total
14,000
108,000
19,000
135,000
655,000
29,000
140,000
399,000
Conti¬
China
Total
i.OOO
16,000
32,000
43,000
8",000
16,000
14,000
49,000
59,000
28,000
50,000
196,000
318,000
809,000
568,000
Oth. India—
1937-38-
9,000
1936-37—
3,000
1935-36-
11,000
74,000
32,000
119,000
249,000
211,000
368,000
18,000
2,000
29,000
18,000
113,000
208,000
321.000
60,000
137,000
all—
1937-38—
10,000
18,000
32,000
1936-37—
3,000
43,000 91,000
88,000
138,000
245,000
384,000
1935-36-
8,000
45,000
32,000
28,000
142,000
348,000
68,000
196,000
529,000
655,000 1,177,000
889,000
399,000
1,098
91
613
3,580
494
1,286
1,076
2,396
162
1,361
13—Hein
3,280
250
16
100
436
361
CORPUS CHR1STI—To Ghent>—Jan. 16—Antverpia, 186
186
To Havre—Jan.
16—Antverpia, 1,335
To Dunkirk—Jan. 16—Antverpia, 120
LOS ANGELES—To Japan—Jan. 13—Kwanto Maru, 1,698
Jan. 15—Anneazan Maru, 1,292; Chichibu Maru, 2,713
To India—Jan. 15—Chichibu Maru, 200; Bengkalia, 75-----SAN FRANCISCO—To Japan—?—2,362
To Great Britain—7—150
NORFOLK—To Hamburg—Jan. 2—City of Norfolk, 263
JACKSONVILLE—To Liverpool—Jan. 15—Fluro Spar, 335-——
To Bremen—Jan. 16—Keronspool, 47
3,330
233
55
Jan.
-
Japan &
nent
.
1936-37—
1935-36-
Great
Britain
To Mytilini—Jan. 19—Eglantine, 55
To Bremen—Jan.
17—Elmsport,
1,959
Seger, 1,321__
To Lisbon—Jan. 17—Elmsport, 250
To Oporto—Jan. 17—Elmsport, 16
To Varburg—Jan. 17—Elmsport, 100
To Dunkirk—Jan. 13—Michigan, 436
To Hamburg—Jan. 13—Hein Soyer, 361
6,996
398
334
15
129
400
520
2,892
15—Johnnes Maikenbuhr, 1,311
To Manchester—Jan. 19—West Quechee—3,215—Jan.
Jan.
Johannes Malkenburh,
of Indian cotton at
935
8,918
750
904
1,939
2,526
-
To Genoa—Jan. 15—Eglantine,
To
Visible supply Jan. 21
640
400;
7.898,403
4,339",022
248", 906
American in sight to Jan. 21
Bombay receipts to Jan. 20—
Other India shipm'ts to Jan.20
the
exports of cotton from the United States the past week have
reached 132,100 bales.
The shipments in detail, as made
GALVESTON—To
1937-38
19 37
9
10%@11%
of
Week and Season
Total
1
35,000 646,924
44,000 610,031
1937
d.
22.. 323,319 378,683405.164 2,051,912 2,179.563 2,220.751471,196 483,163 493,570
29.. 313,437
385,111|372,149 2,129,8042.266.371 2,253.100,391,329 471,919 404.498
Nov.
Dec.
Since
Aug.
9,000 138,171
8,000 92,358
16,000 394,794
2,000 21,601
1935
Oct.
5..
This
Week
1
101,018
115,911
8",666 97,387 9",660 115,078
16,000 395,152 32,000 357,927
1,000
13,720
3,000
21,115
8% Lbs. Shirt¬
Received from Plantations
1935
Since
Aug.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady.
There is talk of resorting to short
time.
We give prices today below and leave those for
pre¬
vious weeks of this and last year for comparison:
Ended
1937
This
Week
1
Note—A cantar is 99 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week
ending Jan. 19 were
220,000 cantars and the foreign shipments 25,000 bales.
The
Recelpts at Ports
Aug.
25,000 607,277
Total exports
11.5
36.3
Southern
Week
Since
Week
To Liverpool
To Manchester, &c
To Continent & India
To America.
Feet
4.2
6.4
Receipts from the Plantations—The following table
indicates the-actual movement each week from the planta¬
tions.
210,000
6,512,316
Jan. 22,1937
of gaugeof gauge-
zero
1935-36
310,600
7,181,283
6,681,864
Exports (Bales)—
following statement lias also been received by tele¬
graph, shoving the height of rivers at the points named at
8 a. m. on the dates given:
zero
1936-37
220,600
Since Aug 1
The
Above
1937-38
19
Receipts (cantars)—
45
48
52
51
36
1
New Orleans
a
Alexandria, Egypt
47
39
28
1
Nashville
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
weekly
dria, Egypt.
48
47
51
45
0.04
i
North Carolina—Asheville
Charlotte
a
53
32
32
during the week, and since Aug. 1 show
Alexandria
ceive
63
dry
Augusta
South Carolina'—Charleston..
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's
receipts of
5,000 bales.
Exports from all India ports record a decrease
decrease of 648,000 bales.
67
54
78
64
l
70
0.01
2
619
of 31,000 bales
50
51
56
0.02
0.01
_
Tampa
Georgia—Savannah
50
60
56
52
54
57
36
66
0.02
l
Miami
Pensacola
51
32
34
dry
2
Mean
54
30v
0.02
l
\
—
Birmingham
Montgomery,
Florida—Jacksonville
Low
Chronicle
-
1,335
120
5,703
275
2,362
150
263
335
47
Financial
620
Bales
-Endicott, 931---Jan. 17—
NEW ORLEANS—To Ghent—Jan. 17-
450-
Burgerdijk,
3,134---Jan. "i&^Risinger,
17—Endicott,
To Havre—Jan.
1,381
-
—
15,285
3,036
12,151
3,036
17—Endicott, 445—Jan.
To Bremen—Jan. 17—Bochum,
To Rotterdam—Jan.
17—Berger-
dijk, 1,006
1.451
—
400
18—Contessa, 400---.--------Liverpool—Jan. 14—Haberton, 6,321; Wanderer, 1,186--16,149
Jan. 12—Colonial, 8,642
—
7,472
To Manchester—Jan. 14—Harberton, 3,016; Wanderer, 4,4562,950
To Dunkirk—Jan. 15—Risinger, 2.950——
500
To Gdynia—Jan. 14—Tennessee, 500
To Gothenburg—Jan. 14—Tennessee, 350---Jan. 19—BrabeTo Chile—Jan.
To
-
To
450
holm, 100
Gdynia—Jan. 19—Braheholm,
—
1,450
1,450
25
19-—Braheholm, 25—
—To Reval—Jan. 19—Braheholm, 50----—------------—>—
To Havana—Jan. 15—Sixaola, 300
MOBILE—To Liverpool—Jan. 10— Darian, 413. —
To Manchester—Jan. 10—Darian, 316—
,
To Genoa—Jan. 12—Ada O, 985
To Antwerp—Jan. 15—Wocasta, 288To Stockholm—Jan.
^
50
300
—
Total.
T-— — — — —
------
-
413
316
985
288
—132,100
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, inc., are as
follows, quotations being in cents per pound:
Cotton
Manchester.52c.
,67c.
Antwerp
.62c.
.67c.
I
Piraeus
.85c.
1.00
,60c.
Salonica
.85c,
1.00
d.85c.
1.00
Shanghai
d.45c.
.60c.
Bombay
Oslo
.58c.
.73c.
Stockholm
,63c.
.78c.
Quotations.
No
Venice
*
Japan
67c,
.67c.
x
*
*
Barcelona
.52c.
Rotterdam .52c.
♦
ard
,60c.
d.45c.
.Flume
Havre
Stand¬
Density
d.45e.
Trieste
,67c.
Genoa
ard
Density
ard
.52c.
High
Stand¬
High
Stand- j
High
Density
Liverpool
.72c.
Copenhag'n.67c.
Naples
d.45c.
*
•50c.
.65c.
Leghorn
Bremen
.52c.
.67c.
Gothenb'g
Hamburg
.52c.
.60c.
,60c.
.67c.
x
d.45c.
.
.72c.
.57c.
d Direct steamer.
Only small lots,
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
30
Dec. 30
Jan. 14
Jan. 21
42,000
54,000
66,000
51,000
1,101,000 1,108,000 1,106,000 1,141,000
663,000
672,000
680,000
726,000
91,000
64,000
67,000
87,000
52,000
38,000
43,000
73,000
213,000
225,000
261,000
255,000
141,000
154,000
167,000
147,000
Dec.
Forwarded
>
Total stocks
Of which American
Total imports
Of which American
Amount afloat
-
Of which American..
Liverpool market for spots and futures
day of the past week and the daily closing prices of
The
each
of the
tone
been
spot cotton have
as
follows:
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet.
Quiet.
Quiet.
Quiet.
Moderate
Quiet.
12:15
\
(.
demand.
Futures.
Market
4 to
pts. 1 to 2
6
(
f
Market,
Quiet but
pts. 1 to 3
pts. 1
report as visionary.
They characterized it as ridiculous
long-range weather forecasting -the world over for a year or
two years ahead.
Rallying at the last the early losses were
reduced somewhat.
In addition to less anxiety over the
drought which has been threatening large areas of United
States winter wheat, especially in Kansas and Nebraska,
a bearish factor was word that overnight export business in
North American wheat had been small. A further adverse
influence came from news that Great Britain was purchasing
Argentine wheat, and had taken 5,000 tons.
On the 20th inst. prices closed
% to %c.
Quiet, 1 pt.
Prices of futures at
to 5 to
Quiet; uncli
2
pts.
pts. to
decline.
advance.
net higher.
l%c. in Chicago
of
gains
enlarged export business in North
disappointment over moisture scanti¬
ness
Southwest.
Between 500,000 and 750,000 bushels of
wheat from North America were bought today for ship¬
by
stimulated
today,
and
wheat
The basis for No. 2 red wheat here was
2c. a bushel.
Contributing to higher
Europe.
advanced in
some cases
prices were gains in securities, indications pointing
of export demand for wheat from North
betterment
to
A further
America.
that
stance
6
8
pts. 6 to
pts. 1
are
incentive to purchase was the circum¬
5c.
of around
declines
recent
apparently had
Fri.
to l%c. net lower.
Today prices closed %
pts.
given below:
Thurs.
Wed.
3
to
decline.
advance.
Liverpool for each day
Tues.
Quiet;
Steady,
decline.
decline.
Mon.
Sat.
15
Jan.
Quiet,
pts. 3 to 6
Quiet,
Quiet, un¬
advance.
decline.
1
P. M.
3
maximum
values scored
Wheat
put the wheat market in a favorable position for buyers.
stdy., 4 pts dec.to 2 pts changed
4
to
decline.
decline.
advance.
decline.
Quiet,
Quiet,
Quiet,
Quiet,
(
opened
place the dust
one
points, had been disposed of to Spain. On the 18th inst.
prices closed He. to Ho. off. The market received its set¬
back today largely from reports of heavy wet snowfalls in
Nebraska.
The reaction to this news was more prompt
and sharp than the market's action on reports of recent
dust storms.
Persistent slackness of European demand for
North American wheat counted also as a weight on prices.
Prices suffered an extreme decline of \zHe. on the Chicago
Board.
It was doubted that export purchases of North
American wheat today would total even 200,000 bushels.
Execution of numerous stop-loss orders on the part of
Chicago owners of futures contributed to the setbacks of
wheat prices.
Partial rallies of the Chicago market were
associated with buying for domestic milling interests and for
previous speculative sellers who were collecting profits. On
the 19th inst. prices closed lc. to 13^c. net lower.
A de¬
cidedly bearish item tumbled wheat prices today on the
Chicago Board, prices showing a maximum drop of 2c. a
bushel.
The bearish development was an International
Wheat Committee report saying normal yields from present
acreage would' lead to enormous supplies.
Leading crop
specialists in Chicago ridiculed the International Committee
wheat
4.93d.
4.91d.
4.90d.
4.93d.
4.95d.
4.95d.
Mld.Upl'ds
At
visibility by about a mile. Unexpected strength
shown by the Liverpool wheat market was attributed to
unconfirmed reports that about 1,840,000 bushels of Russian
wheat which was in store at various European continental
ment to
(
P. M.
renewal of dust stormslwas noted.
1938
reduced
American
Saturday
Spot
Market,
Jan. 22,
Chronicle
Late dips in
prices today carried Chicago wheat down to the day's low¬
est levels, off about l%c. overnight.
Scattered selling based
on
failure of export demand to develop was largely re¬
sponsible for the late setbacks of wheat; In addition, rains
reported in Texas and in Oklahoma.
Rallies in wheat
were associated with reports that moisture in domestic win¬
were
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
.Jan 21
d.
d.
d.
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
ter
drought
crop
light
districts was too
to
of much
be
January (1938)_.
4.81
4.80
4.80
4.78
4.78
4.75
4.73
4.76
4.79
4.78
4.77
March
4.84
4.83
4.84
4.82
4.82
4.78
4.77
4.81
4.84
4.83
4.81
May
4.88
4.87
4.89
4.87
4.87
4.83
4.82
4.86
4.90
4.88
4.87
in
July.
4.87
4.86
4.90
4.93
4.92
4.91
4.94
4.92
4.96
5.00
4.99
4.98
by the government report, and that owing to unusually dry
4.91
4.91
4.92
4,91
4.91
Octo ber...
4.97
4.96
4.98
4.97
4.97
December
4.99
5.00
*.
4.99
January (1939)-.
5.01
5.03
5.04
m'm
May.
5.06
--
July
5.07
Marcli
-
«
-
~
-
..
„
5.05
5.07
-
~
»
ML
-if
-
4.94
5.02
-
«.
-
«.
-
-
~
4.97
5.05
4.99
5.06
5.01
5.08
-
5.08
-
5.02
-
~
-
m.m
-
—'/
-
-
-
-
-
-
—
-
-
5.00
5.02
5.05
-
•
-
5.09
5.10
5.03
5.06
5.07
-
--
5.08
5.09
Predictions
benefit.
western
conditions
made
were
Kansas would
the
that
not prove
seeded
acreage
large as indicated
as
were
not
delivery, led
the upturn, and from an early low of 90c. a bushel, rose
to Ol^c.
Open interest in wheat was 92,571,000 bushels.
seeded.
thousands
many
July wheat in
intended
of
Chicago,
a
new
acres
crop
October
DAILY
CLOSING
PRICES
OF WHEAT
Sat.
No. 2 red
BREADSTUFFS
DAILY
-.112%
CLOSING
PRICES
Friday Night, Jan. 21, 1938
Flour—Demand for flour continues at
or
ance
unsatisfactory
The trade is still confined to odd carlots for immedi¬
level.
ate
an
nearby shipment.
of
flour
militates
It is stated that the sizable bal¬
remaining to be delivered against contracts
against extensive
new
Wheat—On the 15th inst.
purchases.
prices closed He. to He. lower.
during the session showed advances of
He. Winnipeg closed He. lower to H,e. higher, also
weak compared with the early ranges, although a fair rally
from the day's lows.
Although official weather predictions
failed to indicate such, a belief that the dry Southwestern
States were due for some precipitation over the week-end,
put pressure on grain prices late in the day.
This selling
centered largely in July, and did much to dampen the earlier
display of strength on the strong action of the Liverpool
market.
Liverpool came in considerably higher than due,
showing losses of only Ho. to J^c. at the opening, and
running to He: lower at the closing. Buenos Aires finished
3^c. to Ho. higher and proved no market factor. On the
17th inst. prices closed unchanged to Ho. higher.
Late
reactions of Chicago wheat values today virtually wiped out
earlier gains of l}Jc. a bushel.
This sharp reaction was due
in large measure to liquidating sales on the part of holders.
There was no follow-up buying on advances, and European
demand for North American wheat was disappointingly
small.
New Crop deliveries of wheat led the Chicago mar¬
ket price gains.
Dispatches at hand said no relief from
excessively dry conditions had been received over the week¬
end, by Kansas in particular.
Besides abnormal spring¬
like temperatures prevailed, and in some cases a temporary
Prices at
one
time
about
OF
May
July
September
Season's
May
July
September
112%
WHEAT
Sat.
112%
NEW YORK
97 *6
91%
90%
Tues.
96%
91%
90%
105%
91%
Fri.
111*6
111^
111*6
IN
CHICAGO
Thurs.
Wed.
95 %
*9%
89%
When Made
I
Season's Low and
July 29. 19371 May
85%
Sept. 28. 1937l.Tuly
81 %
Jan. 13, 19381 September
86%
High and
122%
Thurs.
Wed.
FUTURES
Mon.
97%
91%
90%
IN
Tues.
Mon.
9574
90*6
89*6
Fri.
94%
89%
8874
When Made
Nov. 8,1937
Nov. 8.1937
Jan.
6,1938
DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
Sat.
May
July
-
Octnhfir
October
125%
116^
innu
10074
Wed.
Mon.
Tues.
125%
117%
inns%
100*6
124^ 124**
117*6 117%
inn5%
100*6 101**
Thurs.
Fri.
125*6 125
118% 117%
101*6 100*6
Corn—On the 15th inst. prices
closed unchanged to HoAlthough trading was light, the undertone was firm
throughout most of the session.
The feed grain was encour¬
aged by a semi-official estimate of a corn crop of only 197,000,000 to 236,000,000 bushels for Argentine, against
359,615,000 bushels in 1937. Primary corn receipts remained
heavy, being reported at 1,661,000 bushels today.(Saturday.)
On the 17th inst. prices closed unchanged to He. lower. This
market was viewed as holding up surprisingly well in the face
of further visible increases, continued heavy primary re¬
ceipts and the weakness of Argentine corn.
Buenos Aires
closed 3He. lower for February and l^c. down for May.
Advices of further beneficial rains accounted for the losses.
higher.
On the 18th inst. prices closed He. to He. net higher.
This
grain appeared to ignore the heaviness of the wheat markets,
and
displayed independent strength.
Scantiness of rural
offerings, together with enlarged shipping demand, served as
a
stimulus.
Primary arrivals of corn today totaled only
912,000 bushels, against 1,679,000 bushels a week ago.
On
the 19th inst. prices closed %e. to Ho- lower.
Attention of
the trade
appeared to be focused largely on the wheat mar-
Volume
Financial
146
ket, which latter market experienced quite
setback.
The
created
sentiment not altogether friendly to corn values here.
The
Argentine market finally recovered from a 3c. loss to close
to %c. higher.
Primary receipts at Chicago again ran
light, totaling 990,000 bushels, against 1,783,000 bushels a
week ago and 459,000 bushels on the same day last year.
weakness of Buenos Aires
On
the 20th
inst.
a
market most of the day
corn
% to
prices closed
%c. stronger.
The
minor revival of
bullish outlook for the Argentine,
the
and
the
At the
market.
relatively
light,
1,850,000 bushels
same
time
helped
primary receipts continue
929,000
bushels
against
a week ago and 483,000 bushels last year.
Country offerings are nil.
Today prices closed unchanged
to %c. up.
Corn trade was slow, pending a revival of Euro¬
pean demand for United States corn.
Open interest in corn
was 52,284,000 bushels.
DAILY
totaling
CLOSING
only
PRICES
OF
CORN
Sat.
No. 2 yellow
Mon.
...75#
Tues.
75#
Wed.
75#
May
July...
September.
Season's
Mon.
60#
61
61#
High
May
July
September
Thurs.
60#
60#
60#
60#
61
61#
*
Fri.
75#
CHICAGO
IN
Season's Low and
When Made
55#
July 29. 1937 May
Sept. 30. 1937 July
56#
Jan.
8. 1938 September
60#
and
74
66#
62#
75#
Wed.
Tues.
60#
60#
61
Thurs.
75#
DAILY CLOSING PRICES OF CORN FUTURES
Sat.
YORK
NEW
IN
60#
61#
61#
When
Fri.
60#
61#
61#
Made
Nov. 30. 1937
Nov. 30. 1937
Jan.
6, 1938
Oats—On the loth inst.
prices closed unchanged to Y%q.
higher.
There was very little to report on this market,
trading being dull, though the undertone was reported steady.
On the 17th inst. prices closed 1/8q. to 3^c. higher.
The
steadiness of this grain was attributed to the firmness of
wheat and corn, and a fair spot demand for oats.
On the
18th inst. prices closed unchanged from the previous finals.
While not showing the same firmness displayed in yester¬
day's session, the undertone of this market was steady,
though trading was very light.
On the 19th inst. prices
closed y8c. to Yc. lower.
The action of this market was
largely in sympathy with wheat and corn, which tended
decidedly lower.
On the 20th inst. prices closed ^c. net higher.
This
market
%c.
was
steady, with trading light.
DAILY
There was
lower.
net
the trading in
Today prices closed
real news connected with
no
of the last three years:
Flour
Receipts at-
May....
July
Season's
-
FUTURES
Mon.
31#
29#
29#
—
September
Tues.
32#
30
29#
CHICAGO
IN
Wed.
32#
30
29#
Thurs.
31#
29#
29#
When Made
I
Season's Low and
July 29, 19371 May
28#
Oct.
2, 19371 July
28
Jan. 10, 19381 September
28#
and
33#
32#
30#
High
183,000.
Oats
bush 56 lbs
Rye
Barley
bush 32 lbs bush 56 lbs bush 48 lbs
216,000
592,000
373,000
210,000
80,000
33,000
297,000
45*660
21,000
212,000
1,060,000
240.000
4,477,000
110,000
15,000
7,000
20,000
996,000
24,000
169,000
913,000
175,000
812,000
104,000
44,000
123,000
86,000
150,000
89,000
372,000
Milwaukee..
731,000
55,000
Duluth
1,673,000
775,000
128,000
I
Minneapolis..
12,000
149,000
1,165,000
*6* 000
4,000
392,000
19,000
10,000
33,000
1,816,000
1,092,000
392,000
20,000
Toledo
Indianapolis.
St.
bs
Louis
112,000
47,000
Peoria
Kansas City.
Omaha
9,000
St. Joseph..,
Wichita
Sioux City..
Buffalo
11,000
53,000
Total wk.1938
Same wk.1937
371,000
436,000
2.854,000
1,894.000
Same wk.1936
373,000
3,283,000
Since Aug. 1—
1937..
1935
Total
354,000
1,197,000
88,000
195,000
705,000
51,000
913,000
13,243,000
3,797,000
5,581,000
9.143,000 205,267,000150,972,000
10.290,000 153,335,000 94,273,000
9,076,0001245 ,911,000' 79,604,000
1936
48,000
140,000
*3*666
209,000
453,000
1.809,000
2,670,000
871,000
1,942,000
72,326,000 20,273,000 62,077,000
47,930,OOOJl,100,000 59,654,000
90,641.00014,675,000 56,088,000
receipts of flour and grain at the seaboard ports for
Saturday, Jan. 15, 1938, follow:
the week ended
Flour
Receipts at—
Wheat
Corn
bbls 196 lbs bush 60 lbs
New York
Oats
bush 56 lbs
Rye
112,000
Philadelphia
Barley
bush 32 lbs bush 56 lbs bush 48 lbs
105,000
413,000
24,000
16,000
1,000
237,000
8,000
24,000
.
Baltimore
14,000
New Orleans *
27,000
100,000
1,405,000
84,000
170,000
*29*666
*5*666
*72*,000
184,000
516,000
4
Galveston
4.000
138,000
380,000
115*060
22.000
St. John
94,000
St. John, West
"2T660
Boston
20,000
8*1*4",000
*2*666
28,000
32*666
Total wk.1938
246,000
2,473,000
1,799,000
Since Jan.1'38
516,000
4,750,000
Week 1937...
285,000
616,000
Since Janl/37
586,000
1,452,000
Halifax
1,000
3,000
2,827,000
63,000
109,000
186,000
227,000
463,000
754,000
1,125,000
2,105,000
80,000
146,000
16,000
59,000
9,666
*
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports
OATS
OF
PRICES
Sat.
May
July
September
Chicago
Corn
Wheat
bbls 196 lbs bush 60
this grain.
CLOSING
621
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
export interest, with about 150,000 bushels
selling,
Chronicle
32#
Fri.
statement:
31#
29#
29#
When Made
Oct. 13,1937
Nov. 6.1937
Jan.
5,1938
from the several seaboard ports for the week
Saturday, Jan. 15, 1938, are shown in the annexed
ended
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from,—
Bushels
Barrels
Bushels
Bushels
Bushels
1,617,000
489,000
224,000
286,000
657,000
850,000
126,000
814*666
lis'ooo
New York
228,000
48,000
Philadelphia
Baltimore
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
July
49
46#
48#
October..
43#
43
48#
45#
46#
48#
45#
42#
48#
46#
42#
48#
45#
41#
Ry e—On the 15th inst. prices closed unchanged to Yc.
Trading was light and without special feature.
On
prices closed l/i to Mc. net lower.
The heavi¬
Mobile...
ii~o~666
New Orleans,
Galveston
39,425
23,000
92.000
*72*666
184,000
95,000
370,000
"i~666
"~4~66o
9*4*666
St. John..
St. John, West
2*1*666
28,000
*3*666
93,425
83,885
39,000
32,000
Halifax
3*43*,000
Pt. Arthur, Texas
down.
the 17th inst.
of this
rather surprising in view of the steadi¬
ness in the other grain departments, especially wheat.
This
easing off of rye values was attributed largely to a dis¬
appointing demand for spot rye and some liquidation by
tired longs.
On the 18th inst. prices closed }{e. off to Yc.
up.
There was very little to report on this market, trading
being light and without special feature.
On the 19th inst.
prices closed % to lMc. lower.
The bearish developments
affecting wheat also had their effect on rye, price declines in
the latter almost paralelling that of wheat.
ness
On
tlie
grain
20th
inst.
prices closed
Y2
to
lc.
higher.
The
other grains naturally affected rye,
and as a result there was considerable short covering.
To¬
day prices closed % to Ytc. down.
The heaviness in this
grain was largely in sympathy with the heaviness of wheat
The destination of these exports
July 1, 1937, is
CLOSING
PRICES
OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri.
75#
70#
May
July....
September
75#
69#
68#
69
High
and
84
May
July
72#
September..69#
75#
69#
68#
When Made
I
Season's
Aug. 10, 19371 May
Low
74#
69
67#
21,1937{July
Jan.
15, 19381 September
74#
69#
67
When
Nov.
62
67#
Made
8, 1937
Nov.
and
63#
Oct.
74#
70
67#
8, 1937
CLOSING
PRICES
OF
RYE
Sat.
May
July
Mon.
82#
-.82#
DAILY CLOSING PRICES
83#
82#
Tues.
IN
Jan.
19,1938
Mon.
62#
.59#
62#
59#
Tues.
WINNIPEG
Wed.
83#
83
83
82#
OF BARLEY FUTURES
Sat.
May
July...
FUTURES
IN
Wed.
63#
59#
63#
60
Thurs.
84#
83#
Fri.
83#
82#
Week
Since
Week
Since
July 1 to—
Jan. 15
July 1,
1937
Jan. 15,
July 1,
1937
Jan. 15,
July 1,
1937
Bushels
Bushels
1938
Barrels
United
Kingdom
Continent
.
—
So. & Cent. Amer.
West Indies
41,990
3,665
10,500
31,500
Other countries—
were as
93,426
,..
The
visible
2,904,621
3,067,031
Coarse
supply
Corn. New York—
No. 2 yellow, all rail
75#
Oats, New York—
No. 2 white
the
stocks
in
and
265*,000
118*666
698*666
2*1*666
25*666
1*2*666
399,000
1.589,000
22,000
2,353,000
Galveston
78,000
221,000
94,000
1,000
61,000
9,000
9,000
4,725,000
1,007,000
3,142,000
-
Hutchinson...
3,215.000
15,147,000
St. Joseph
3,808,000
—
Indianapolis
Peoria..
Chicago
—
afloat
.........
Milwaukee
afloat
512,000
3,711,000
1,441,000
10,000
-
-
-
-
Total Jan. 15. 1938.--
8,1938
Total Jan. 16,1937
5,000
77*000
6,000
777,000
45,000
io~666
3,236.000
4,927,000
730,000
930,000
279,000
34,000
18,000
8,000
1,054,000
150,000
9,000
26,000
103,000
85,000
3,042,000
170,000
1,024,000
100,000
408,000
13,000
9,756,000
7,776,000
2,838,000
762,000
939,000
1,945.000
65,000
1,103,000
296,000
107,000
7*05*666
2,721,000 13,788,000
4,598,000
3,489,000
2,000
5,000
1,633,000
580.000
751,000
197,000
1,148,000
1,025,000
173,000
5.249,000
1,434,000
185,000
8,403,000
Minneapolis
Total Jan.
Barley
Bushels
1,312,000
181,000
New Orleans
afloat
Rye
Bushels
1,000
21,000
29,000
Baltimore
"
Oats
Bushels
1,000
704,000
885,000
afloat
Philadelphia—
"
Corn
213,000
New York
Buffalo
Rye, No. 2, f.o.b. bond N. Y__ 87#
Barley, New York—
47# lbs. malting
61#
Chicago, cash
.48-66
comprising
Bushels
2,000
Boston..
Detroit
45 #
4,000
......
77,076,000 3,090,000 11,320,000
81,930.000
2,000
2,849,000
1,179,000
of grain,
170.000
GRAIN STOCKS
Duluth
GRAIN
Wheat, New York—
No. 2red, c.i.f., domestic
111#
Manitoba No. l.f.o.b. N.Y..168
1,469*006
5,900,000
Wheat
"
4 00
2,000
Bushels
5,246,000
Bushels
United States—
Sioux City....
Fancy pearl, Nos.2,4&7 5.25@5.60
41,358,000 2,237,000
853,000
33,206,000
1,015,000
28,000
1,552,000
1,287,000
8,000
at principal points of accumulation at lake
seaboard ports Saturday, Jan. 15, were as follows:
St. Louis
Rye flour patents
5.10 ® 5 20
Seminola, bbI..Nos.l-3- 7.40 @
Oats, good
v
2.55
Cornflour
2.05
Barley goods—
Bushels
1938
granary
Omaha
FLOUR
Spring oats, high protein .6 50@6.80
Spring patents
6 25@6.50
Clears, first spring
5.70 ©5.95
Soft winter straights
5.00 @5 25
Hard winter straights
5.60@5.85
Hard winter patents
.5 70 @5.90
Hard winter clears—
4.70 (^4.90
1938
3,000
174,866
83,885
Total 1938
Total 1937
Fort Worth
follows:
346,500
731,000
5*770
Kaasas City
Closing quotations
Barrels
1,374,154
275,101
Brit. No. Am. Col.
Wichita
64#
60#
Corn
Since
WINNIPEG
64#
60#
Wheat
Flour
Week
Thurs.
Fri.
for the week and since
below:
as
and Since
"
DAILY
3,000
Exports for Week
futures towards the close.
Season's
1,179,000
Same wk. 1937
was
strength displayed by
DAILY
2,849,000 3,090,000
Total week 1938..
3,125,000
195.000
7,690,000
4,206,000
78,017,000 36,434,000 23,786,000
82,351,000 34,947,000 24,514,000
52,531,000 13,587.000 32,476,000
~
3~66o
2,000
267,000
133,000
376.000
795,000
179,000
4,257,000 9,458,000
4,423,000 d,594,000
4.647,000 13,887,000
Financial
622
Barley—Duluth, 110,000 bushels New
Note—Bonded grain not included above:
against 5.555.000
l03/
116,000; Philadelphia, 2,000, Bufalo. 326,000,
Albany, 276,000; Erie, 991,000; total, 4,370,000 bushels, against 24,524,000 oushels
York, 35,000; total, 145,000 bushels,
2,659,000 bushels New York afloat,
In 1937.
_
Barley
Wheat
Corn
Oats
Rye
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
38,000
748.000
2,037,000
Lake, bay, river <fc eeab'd 13,481,000
Ft. William <fc Pt. Arthur 10,050,000
941,000
928,000
1,128,000
Other Can. & other elev.
27,917,000
7,486.000
327,000
6,695,000
Total JaD. 15. 1938-..
51,448,000
52,141,000
43.234.000
9.175.000
1,293,000
1,248,000
9,860,000
9,913,000
4,154,000
Total Jan.
8,1938
Total Jan. 16,1937
9,111,000
4,878,000
1,086,000
4,257,000
1,293,000
78,017,000 36,434,000 23,786,000
51,448,000
9,175,000
Canadian
Total Jan. 15,
9,458,000
9,860.000
5,550,000 19,318,000
5,671,000 19,507,000
5,733,000 18,041,000
1938—129,465.000 38,434,000 32.961.000
134,492,000 34,947,000 33,625,000
95.765,000 13.587.000 37.354.000
8. 1938
Total Jan
Total Jam 16, 1937
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Jan. 14', 1938,
are
only scattered sections, principally on lowlands.
The crop is dormant in Nebraska where the soil continues dry and
has been some damage by drifting.
Duststorms were especially
severe in western Kansas on the 13th and caused a deterioration of winter
wheat; in central and eastern Kansas, however, the crop shows only moder¬
ate decline, with no damage from blowing, though top growth is small.
Winter wheat made little or no growth in western portions of Oklahoma
and some has been blown out in sandy lands of the northwast; the con¬
there
good in the eastern part and fairly good to poor elsewhere.
Rain
entire State, urgently so in the western third, and would
is needed over the
be beneficial in the Texas Panhandle.
New Mexico is the fourth State reporting
—
THE DRY GOODS TRADE
and since July 1, 1937, and July 1,1936,
New York,
Corn
Wheat
Since
Week
Since
Since
Week
Jan. 14,
July 1,
July 1,
Jan. 14,
1938
1937
1936
1938
Bushels
Bushels
Bushels
North Arner.
Since
1937
Bushels
Black Sea—
Bushels
4,155,000 105,510,000127,188,000
576,000 58,346,000 43,496,000
44,914,000
Argentina...
1,656,000
23,674,000
Australia
3,591,000
192,000
July 1.
July 1.
1936
\
3,128,000
10,707,000
137 000
3,014,000
Bushels
2,000
13,498,000
1,307,000 174,081,000226,605,000
45,151,000' 39,754,000
—
India
264,000
Oth. countr's
11,296,000
12,752,000'
Weather
for the
Report
497,000
59,588,000
13,897,000
5,069,000 247,390,000 254,002,000
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Jan. 19, follows:
At the beginning of the week low pressure was central over
gan, with scattered precipitation over the Lake
Great Plains, and high pressure was central over
cooler weather and local subzero temperatures,
Lake Michi¬
region and the northern
Colorado, with somewhat
On the 13th pressure was
low off the middle Atlantic coast and in the Great Plains region, with conse¬
quent precipitation general over the Northeast and along the Atlantic coast
southward to northern Florida, as well as in the Pacific Northwest.
On the following day a low was central over the Ohio Valley, but pre¬
cipitation was light and scattered, while relatively high pressure, with
cooler weather, had appeared over the Great Plains.
At the close of the
week distribution of pressure systems was very erratic, but cloudy, un¬
settled conditions prevailed over much of the Northeast and the Lake
region, and at the same time precipitation was rather widespread in Pacific
Coast States.
Temperatures continued moderate for the season during
the latter part of the week.
Temperatures for the week were above normal practically everywhere
west of the Appalachian Mountains, being abnormally high in the central
Great Plains and the Northwest, where the weekly departures from normal
ranged from plus 10 degrees to 16 degrees.
Abnormally warm conditions
were quite general over most of the country west of the Mississippi River,
while in the Ohio Valley, west Gulf sections, and along the Pacific coast
moderate warmth prevailed.
The week was slightly cooler than normal
from New Jersey southward to Florida, but it was quite cold for the season
in the northern portions of New England and New York, particularly the
latter State where it was 12 degrees below the seasonal average.
Minimum temperatures for the week were not abnormally low, although
the line of freezing weather extended to the Southeastern coast and the
central portions of the Gulf States.
In most of the Ohio Valley and central
and southern Great Plains the minima ranged from 8 degrees to 14 degrees
below freezing.
Subzero weather was confined to the Northeast, northern
Great Plains, and parts of the Rocky Mountain area.
The lowest tem¬
perature reported for the week from a first-order station was 24 degrees
below zero at Canton, N. Y.t on the 18th.
The week was uniformly dry in practically all sections from the southern
Appalachain Mountains westward to the southern Rocky Mountains, ex¬
tending northwestward over the northwestern Great Plains.
Throughout
most of this region the weekly totals were too small to measure, or no
precipitation was reported.
Moderate to locally heavy precipitation was
reported from New England and New York and parts of the Lake region,
while much of the Northwest and Pacific coast districts had heavy to ex¬
cessive amounts.
The weekly totals were especially heavy from northern
California northward, with most stations reporting over 2 inches.
A continuation of mild, open weather throughout practically all the
central portions of the country was favorable for seasonal outside opera¬
tions, with scattered reports of plowing and hauling.
In the more south¬
ern sections outdoor work was also favored,
except in some portions of
the central and west Gulf
work.
sonal
The
areas
snowcover
where the soil continues too wet for
is still
confined
recession during the week.
much of the central and southern
with
to
more
northern
sea¬
portions,
some
In
Great
Plains,
extending
as
far
eastward as Iowa and Missouri, including eastern Colorado, New Mexico
the Texas Panhandle, a continued absence of appreciable precipita¬
and
tion has been very detrimental.
In many parts of this area it is necessary
haul water for livestock, with particular shortages noted in southern
to
and western Iowa and western and northern Missouri, with some creeks,
springs and wells the lowest ever known in the latter State.
Duststorms
were reported from western Oklahoma and Kansas and eastern New Mex¬
ico, while drifting soil was noted in adjacent sections.
The storms ap¬
peared particularly severe in western Oklahoma, where reports of visi¬
bilities
of less
than
100 yards occurred.
Conditions were also reported
soil blowing in eastern New Mexico, where all
dry, with little flow in main channels.
extremely favorable for
small streams
An
are
of the winter so far is the extremely favorable
been experienced by western grazing interests.
The
uniformly mild and many lower ranges are open, per¬
mitting some grazing, thus supplementing feeding, while losses from severe
winter conditions are at a minimum.
Unusually abundant precipitation
has been experienced in the Pacific Northwest, with winter grains in
very
important feature
weather
that
weather
has
has
been
food to excellent condition, while to the with additional moisture ofRocky
eastward in the northern bene¬
fountain sections grains are doing well,
fit in the northern Great Plains.
There was more or less damage by soil
blowing in the western Great Plains, and moisture is now urgently needed
throughout the lower Plains region.
In most southeastern districts winter
crops are in good to excellent shape and farm work is progressing normally.
Snow depths are now reported seasonal in Washington, while in Idoho
depths are reported as greater than last year.
Increases were noted in
Nevada, but depths are still below normal, while they are also deficient in
other parts of the Southwest.
Water prospects are excellent in Wyoming,
especially in the Foxpark area.
Small Grains—In Minnesota, parts of the Lake region, and the eastern
Ohio Valley, and in most States to eastward a light to moderate snowcover
protected
winter
grains
during
the
week.
In
eastern
and
northeastern
the condition of winter wheat continues mostly fair, with the
dormant in many areas; to southward of the Ohio Valley, small grains
sections
made
generally satisfactory
progress; in Tennessee they show the effect of
the recent cold spell, though improvement is expected with warm weather.
Some damage from freezing and thawing was reported in Indiana and the
crop is generally browned in Illinois where damage is apparently slight,
although the crop entered the winter small.
From the Mississippi River westward, except for portions of the lower
Valley, the week was less favorable.
Snowcover was generally insufficient
and more moisture is badly needed in practically all sections,
except por¬
tions of the far West and locally in the Rocky Mountain States.
Winter
reductions in
limits, and
narrow
While the total volume of
year's figures, the loss was held in
sections, notably in the rural dis¬
number of lines.
a
sales failed to reach last
some
again able to register considerable gains.
De¬
partment stores in the local area, according to figures com¬
piled by the Federal Reserve Bank of New York, showed a
were
decrease
Week Ended Jan. 19—The
Friday Night, Jan. 21, 1938
Responding to much lower temperatures during the early
part of the week, retail business expanded moderately as
consumers
increased their purchases of seasonal apparel
lines.
Continued January promotion sales also met with
a better response although partly as a result of recent price
tricts,
6,992,000
14,696,000
10,434,000 256,729,000 277,040,000
Total
.
,
duststorms during the week;
conditions prevail in many sections with small streams dry.
In western Colorado winter grains have a good snowcover, but chinooks
have removed much of the cover in the east.
To westward, in Utah,
Montana, Idaho, Washington and Oregon wheat lands are largely bare,
but warmth of the week was favorable and no damage was reported from
temperature changes.
Throughout this area the condition of winter grains
varies from good or very good to excellent.
Spring barley is being seeded in Oregon and rye, oats and barley are
mostly good to excellent in central sections, but additional moisture would
be beneficial generally.
shown in the following:
Exports
crop
western
droughty
SummaryAmerican
1938
22,
dead in the principal producting counties of southern and
Iowa and is unusually small in Missouri where it shows greenlin
looks
wheat
dition is
.....
Jan.
Chronicle
in
sales
for
the
first
two
weeks
of
the
current
1.1%, with stores in New York
and Brooklyn registering average losses of 0.6%, whereas
stores in the Newark area showed a decrease of 2%, and
those in the Buffalo area of 7.1%.
Trading in the wholesale dry goods markets continued its
moderate improvement as both wholesalers and retailers
placed further orders to cover their spring requirements.
In line with the firmer tone displayed by the primary markets,
prices for some staple items showed a slightly steadier trend.
While the majority of current orders involved rather small
month amounting to only
amounts
and
the total
volume of business
continued
sub¬
it was hoped that, following the
inventories at the end of January,
merchants will feel more inclined to replenish their stocks
of merchandise.
Business in silk goods turned slightly
more active although prices showed few changes.
Trading
in rayon yarns, following last week's reduction in prices,
broadened moderately.
Little forward buying was done,
however, by users, and total sales remained far below
expectations.
Late in the week, another cut of 5c. in the
price of viscose yarns was announced by the leading pro¬
ducer, and it was expected that this move would be followed
by other makers.
stantially below last
completion of retail
year,
Cotton Goods—Trading in the gray cloths
quieted down considerably follownig its previous
spurt.
While it was evident that the more urgent needs
of users have been covered, the undertone of the market
remained confident and increasing inquiries on the part
of prospective buyers caused predictions that another buying
wave may not be far off.
Chief determining factors for the
better feeling remained the continued steadiness of the raw
cotton market, the unaltered curtailment measures of most
mills, and the moderate improvement in the flow of finished
goods, as well as the belief that the present series of con¬
ferences taking place in Washington will lead to a better
understanding between the Administration and industry.
Business in fine goods remained active, with large demand
manifesting itself for slub yarn broadcloths, and buyers
finding it necessary to pay premiums to spot deliveries.
Lawns were in fair demand, and a good call existed for
organdies and filling sateens.
Closing prices in print cloths
were as follows:
39-inch, 80s, 63^ to 6^c.; 39-inch 72-76s,
6c.; 39-inch 68-72s, 5 1-16 to 5Mc.; 3834-inch 64-60s, 4%
to 4%c.; 38^2-inch 6Q-48s, 3% to 4c.
Domestic
markets
Woolen
Goods—Trading in men's wear fabrics improved
a number of mills expanded operations on
a
small scale.
Clothing manufacturers placed additional
scattered orders for spring materials as dwindling supplies
of
wanted
goods
necessitated replenishment.
Tropical
moderately, and
worsteds and
gabardines continued in good demand, and a
for cheviots and herringbones.
Reports
from retail clothing centers made an improved showing as
severe winter weather caused a quickening flow of seasonal
fair
call
existed
merchandise.
ened
as
Business in
women's
wear
materials broad¬
perceptibly, with active demand continuing for fleeces
well
as
tweeds
and shetlands.
Garment manufacturers
reported increasing activity in the sale of spring lines.
Foreign Dry Goods—Trading in linens remained quiet
although prices held steady as the statistical position of the
market
was
reported to have improved considerably of late.
Little demand existed for household items but a few fill-in
orders
goods were received.
Business in burlap
expanded moderately as bag manufacturers showed some¬
more
interest in shipment offerings.
After early
steadiness, prices receded slightly, in sympathy with the
trend in the Calcutta market.
Domestically lightweights
on
dress
what
were
quoted at 3.65c., heavies at 5.00c.
Volume
623
Chronicle
Financial
146
Mississippi—Jobless Benefit Law Upheld by State Supreme
a decision given by the State Supreme Court on
the constitutionality of the State Unemployment
Insurance Act, which was enacted at a special session of the
Legislature in 1936, was upheld, affirming a Hinds County
Chancery Court ruling, according to Jackson news advices
on that date.
The decsion is said to have maintained that
the statute does not coerce the various States in connection
with the execution of the Act and that the States are free to
Court—In
Jan. 10,
PUBLIC
Additional
WORKS ADMINISTRATION
Information
on
Proposed Dissolution of Power
Injunctions—In connection with the report given in our issue
of Jan. 15 to the effect that the PWA was seeking to break
halting five municipal electric developments—V. 146,
463—we give herewith the text of a press release dealing
with this matter, received from the above Federal agency
writs
p.
Jan.17:
on
Notices have been served and motions filed in courts
asking for the disso¬
lution of injunctions against PWA power projects in 32
active projects, Public Works lawyers today reported
Ick6s
In
cases
involving 36
to Administrator
•
addition,
in
three
cases
against
Mich.; Thayer, Mo., and Columbus,
the utility companies become
construction to proceed.
PWA power projects—Bessemer,
Neb.—the injunctions obtained by
dissolved automatically on Jan. 18, permitting
struction.
precedent affects 61 PWA projects in 23 States, having an estimated
$146,000,000, which had been enjoined in various
total construction cost of
by utility companies, pending final decision
of the issue by the Supreme Court.
A list of the motions filed in the District Court of the United States for
the District of Columbia to dissolve injunctions issued against PWA power
projects follows:
Motions to Dissolve Preliminary Injunctions in the District Court of the
United States for the District of Columbia
Equity No.
courts throughout the country
Bessemer, Ala.—Birmingham
Electric Co. v. Ickes, et al
Tarrant City, Ala.—Birmingham Electric Co. v. Ickes,
Court land, Ala.—Alabama Power Co. v. Ickes, et al
;
59,500
et al
59,510
63,087
59,439
Paragould, Ark.—Arkansas Utilities Co. v. Ickes, etal
Imperial Irrigation District, Calif.—The Nevada-California Corp.
v.
Ickes, et al
Jacksonville, 111.—Illinois Power & Light Corp. v. Ickes, et al
Lamoni, Iowa—Iowa Southern Utilities Co. v. Ickes, et al
Hoisington, Kan.—Kansas Power Co. v. Ickes, etal
*
Bessemer, Mich.—Lake Superior District Power Co. v. Ickes, et al.
Dowagiac, Mich.—Michigan Gas & Elec. Co. v. Ickes, et al
Glenwood, Minn.; Jamesville, Minn.—Northern States Power Co.
ickes
*v
ot/ 3/1
«•
»
m
Eveleth, Minn.—Minnesota Power & Light Co. v. Ickes, et al
Trenton, Mo.—Missouri Public Service Co. v. Ickes, et al
La Plata, Mo.—Missouri Power & Light Co. v. Ickes, et al
*
Thayer, Mo.—Arkansas-Missouri Power Co. v. Ickes, et al
The Central Nebraska Public Power & Irrigation District; Platte
Valley Public Power
&
Irrigation District;
Ickes, et al.
Co. v. Ickes, et al.
Las Vegas, Nev.—Southern Nevada Power Co. v. Ickes, et al
New Hyde Park, N. Y.—Long Island Lighting Co. v. Ickes, et al__
Plattsburg, N. Y.—N. Y. State El. & Gas Corp. v. Ickes, et al
Sandusky, Ohio—Ohio Public Service Co. v. Ickes, et al
Myerstown, Pa.—-Metropolitan-Edison Co. v. Ickes, et al
Knoxville, Tenn.—Tennessee Public Service Co. v. Ickes, et al
Lewisburg, Tenn.; Lenoir City, Tenn.—Tennessee Electric Power
Columbus, Neb.—Northwestern Public Service
Co.
64,740
61,110
60,360
61,684
65,445
63,468
59»974
60,030
61,694
60,822
65,582
Loup River Public
Power District-Iowa-Nebraska Light & Power Co. v.
*
Ickes, etal
Columbia, Tenn.—Tennessee Elec. Power Co. v.
v.
Ickes, et al
Chattanooga, Tenn.—Tennessee Elec. Power Co. v. Ickes, et al
Memphis, TennMemphis Power & Light Co. v. Ickes, et al
Newbern, Tenn.—Kentucky-Tennessee Light & Power Co. v. Ickes,
60,567
65,446
62,149
60,725
61,497
60,374
61,550
60,883
60,085
61,297
61,113
61,114
63,136
etal
Paris, Tenn.—Ky-Tenn. Light & Power Co. v. Ickes, et al
Jackson, Tenn.—West Tennessee Power & Light Co. v. Ickes, et al_
Fayetteville, Tenn.—The Tenn. Elec. Power Co. v. Ickes, et al
Lower Colorado River Authority, Texas—Community Public Ser¬
vice Co. v. Ickes, etal
60,145
62,673
64,307
60,870
59,765
63,668
62,821
15 days after decision of the Supreme
Light Co. v. Ickes, et al
Ickes, et al
Norfolk, Va.—Virginia Elec. & Power Co. v. Ickes, et al
Vorktown, Texas—Central Power &
Electra, Texas—Texas Electric Service Co. v.
South
*
Injunction by its terms expires
Alabama Power Co. v. Ickes, et
decided Jan. 3, 1938.
Court of the United States in
was
al., which
Jersey—Municipal
Finance
contains,
and property
Maryland—Mutual Savings Banks Held Exempt from In¬
Tax—Mutual savings banks were exempted by the State
come
Legislature from the State income tax law,
ruling by Attorney General Herbert
according to
a
R. O'Connor.
According to the opinion, the Legislature with the intention of putting
equality with Federal banks, which are exempt from the
law, wrote in a general exemption.
Savings institutions
State banks on an
State income tax
New
time
Jersey—Governor Moore Assumes Office for Third
Harry Moore took office on Jan. 18 for a third
the Governor, the first person thus honored in the
A.
Time.
as
history of the State.
In his inaugural address the Chief
points he thinks the Legislature
Executive stressed several
Governor
Moore specifically
recommended reorganization of the State
government along lines suggested by the Princeton survey, made during
his second term in office, creation of a State Water Authority to regulate
and adoption of the Mort plan of financ¬
He also warned responsible heads of government depart¬
policy of the strictest economy must be followed because
"necessity compels us to tighten our belts and get along with funds we have
the water resources of New Jersey,
ing education.
ments that a fixed
available."
Concerning reorganization, he said:
"I favor a sane reorganization of the State government
and a sensible
realignment of agencies and activities in keeping with sound principles of
administration.
I remind you, however, that change alone does not mean
and that the mere pushing around of established agencies and
solve fundamental problems."
citizens were taking a more
inquiring interest in their government, he pointed out that the State had
"not only one budget that cannot be understood by the ordinary man and
woman, but two budgets, a general budget and a highway budget."
"The State government," he added, "is a single united undertaking and
should be run as such.
Let me reiterate, the people want a plan, an under¬
standable presentation of the cost of government.
Give them one budget
and the effective controls as recommended by the Princeton survey, and
I promise you that we will be able to take care of our people's needs, relief
or otherwise, within the bounds of the State's income."
Governor Moore passed the problem of solving the relief financing
situation, one of the major tasks of the 1938 session, along to the Re¬
publican Legislature, pointing out that many veteran members of that body
already had developed plans for providing essential relief without additional
progress,
activities will neither reduce costs nor
Reminding the legislators that New Jersey
taxation.
Tennessee—Chart Prepared on
hensive chart
has been
Trust
on
County Debt—A compre¬
the debts of the various counties in the State
compiled by the Union Planters National Bank &
of Memphis.
The chart consists of an outline
Co.
of the State, showing the location of the 95 counties,
are imposed blocks measuring the gross and net
debt of the individual counties.
Also given are figures on
assessed valuation of each, per capita net debt and popu¬
map
over
which
lation.
Grants Are
handed
down a decision that utilities franchise rights, unless other¬
wise specified, are perpetual and not revocable "upon reason¬
able notice," according to Nashville advices.
Tennessee—Supreme
Court
Holds
Utilities
Irrevocable—The State Supreme Court on Jan. 15
having consented to the occuptation of its streets by the
unlimited time, the company is in lawful occupation of
this right cannot be terminated by the city," Associate
Justice D. W. DeHaven said in announcing the Chattanooga decision.
Chattanooga, seeking' Tennessee Valley Authority power, had asked a
judicial definition of the company's franchise rights.
The city contended
it had authority to revoke the utility's franchise privileges at its pleasure.
Contending that the city was trjdng to destroy "between $25,000,000
and $30,000,000" of utility proterty, the company's attorneys retorted
that the franchise privileges were not only valid but were perpetual so
ong as the corporation supplied satisfactory service.
"The
city,
company, for an
the streets, and
revenue
besides the population, area, assessed valuation
exemption in all municipalities, the tax levy, tax rate, com¬
parison of budgets for 1930 and 1937, comparison of expenditures during
1930 and 1936, debt service requirements for 1930 and 1937, bonded and
current indebtedness as of Dec. 31, 1936, and educational costs in each
municipality and for each pupil therein.
A supplementary page of data
gives similar statistics for the individual counties in the State.
The book¬
let, which contains 37 pages of statistics, may be purchased from the Asso¬
ciation for 25 cents.
booklet
may
referred to
Statistics Compiled—
The New Jersey Taxpayers' Association, Trenton, N. J.,
has recently released a compilation of 1937 figures relating to
local budgets and expenditures covering New Jersey's 586
county and municipal governments and all school districts.
The
deem it proper.
reported as saying that none of the pro¬
visions of the Act infringes upon the sovereign powers re¬
tained by the State.
The State is free "to accept or reject
this proposition and to withdraw at any time from the ar¬
rangement when, in its opinion, it should do so."
they
The tribunal is
United States—Survey Finds 23 States Employing Sales
Taxes—Transactions levies or their equivalent, commonly
News Items
New
time
should consider at this session.
opening the way to go ahead with the construction of
projects, results from the decision of the United States
Supreme Court Jan. 3, upholding the Federal Emergency Administration
of Public Works
power program in the instances of the Alabama Power
Co. and the Duke Power Co. attacks.
In these test cases the Supreme
Court denied the right of the utilities to obtain injunctions against the
municipalities and the Public Works Administrator, holding up the con¬
This court action,
the PWA power
This
repeal the law and withdraw their respective funds at any
as
sales
taxes,
constitute important sources of
for 23 of the States now,
and with 9 legislatures
convening this year it is regarded probable
will be increased during the period.
that the number
considering sales tax measures, and
Governor Hugh L. White in his recent message to the Mississippi session
urged not only re-enactment of the State's sales tax but the passage of a
Massachusetts and New Jersey are
"use" tax in addition.
States that in one form or another have adopted this widely debated
"emergency" tax are listed by the Federation of Tax Administrators as
Arizona, New Mexico, North Dakota, South Dakota, Missouri, Louisiana,
Illinois, Mississippi, Alabama, North Carolina, West Virginia, Indiana,
California, Washington, Utah, Wyoming, Coloardo, Kansas. Iowa, Ar¬
kansas, Michigan, Oklahoma and Ohio.
Those which have had sales taxes of some nature and have permitted
them to lapse include Georgia, Maryland, New York and Pennsylvania. In
Idaho, Kentucky, Maine, New Jersey, Oregon and Vermont sales taxes have
been repealed or invalidated.
Among the States that have no sales tax with 1938 legislative sessions
scheduled are Kentucky, New York, Rhode Island, South Carolina and
Virginia.
Louisiana, which meets in May, already has a general sales tax.
Sales taxes go under various names and have a number of administrative
variations, the federation points out.
Indiana, for example, differs from
other States in that it has a gross income tax applying to all personal in¬
comes as well as to business receipts.
The Louisiana tax, although known as
a "luxury" tax, applies essentially to the same items covered by the sales
tax elsewhere.
r
Financial
624
hTknown as a gross receipts tax, occupa¬
consumers' tax or gross sales tax.
Certain States like Con¬
Delaware, Pennsylvania, Virginia and District of Columbia,
although having a restricted low rate mercantile tax under 1%, are generally
excluded from the sales tax classification.
In 1937 Florida and Minnesota
In still other States the levy
tional
tax,
necticut,
levies as part of their chain store taxes.
Experts estimate that sales taxes ranked second in revenue production
by the gasoline tax.
had small gross receipts
Chronicle
fan.
of past due interest.
Also involved in the court proceedings is the disposition to be made of cash
funds in the hands of Grady
bond
several
of the
trustees
CALIFORNIA
CALIFORNIA
Proposals and Negotiations
ALABAMA
Ala.—BOND SALE—Tne $50,000 issue of improvement
public auction on Jan. 13—V. 146, p. 136—was
awarded to J. Mills Thornton, of Montgomery, as 4)£s, at a price of 99.82,
a basis of about 4.28%.
Dated Jan. 1, 1938. Due $1,000 from Jan. 1,
Miller, receiver.
St. Louis banks which are
issues have petitioned for disbursement of
cash to meet past due interest.
of all State taxes levied, being preceded only
Bond
1938
22,
No provision is made in either plan for payment of $686,500
and interest.
of)—BOND
(State
SALE
EXPECTED—The
State
Veterans Welfare Board has announced it probably will be necessary to offer
welfare bonds, financing veterans' home pur¬
chases, for auction sale in June or July.
That will place on the market the last of the $30,000,000 authorized
bond issue.
The four bond issues authorized by California to help former
service men to acquire farms and homes on long-term loans total $80,000,000
the last $3,000,000 block of
ANNISTON,
CALIFORNIA, State of—BOND SALE DETAILS—In connection with
semi-ann. harbor improvement bonds to the
basis of about
bonds offered for sale at
the sale of the $200,000 4%
Bankamerica Co. of San Francisco, at a price of 115.7625, a
2.88%, as noted here recently—V. 146, p. 465—it is now reported that
Blytn & Co., the Anglo California National Bank, and Heller, Bruce &
Co., all of San Francisco, were associated with the above firm in the pur¬
1939 to 1948 inch
ARIZONA
chase of the bonds.
WILLIAMS, Ariz .—BONDS TO BE SOLD TO PWA—In connection with
the report given in these columns recently that the PWA had authorized
a supplemental loan of $8,000 for a sewer and disposal plant—V. 146, p. 465
—it is stated by J. C. Butler, Town Clerk, that the $8,000 4% bonds will be
sold to'the PWA.
Due $1,000 from July 1, 1959 to 1966 incl.
COUNTY
FRESNO
(P.
O.
Calif.—FOWLER SCHOOL
will receive bids until
Fresno),
BONDS OFFERED—E. Dusenberry, County Clerk,
Jan. 28 for the purchase at not less than par of $88,000 Fowler
School District school building bonds.
Bidders are to name rate of interest,
not to exceed 5%.
Denom. $1,000.
Dated Jan. 1, 1938.
Principal and
semi-annual interest (Jan. 1 and July 1) payable at the County Treasurer's
office.
Due $4,000 yearly on Jan. 1 from 1939 to 1960.
Certified check
for $1,000, payable to the Board of Supervisors, required.
2 p.
m.
SCHOOL BOND OFFERING—Sealed bids will be received
COALINOA
Jan. 28 by E. Dusenberry, County Clerk, for the purchase of
until 2 p. m. on
$350,000 issue of Coalinga Union High School District bonds.
Interest
rate is not to exceed 5%, payable F. & A.
Denom. $1,000.
Dated Feb. 1,
1938.
Due on Feb. 1 as follows: $37,000, 1940 to 1941; $39,000, 1942 to
1946; $40,000, 1947, and $41,000 in 1948.
These bonds were approved by
the voters at an election held last November.
Prin. and int. payable in
a
lawful money at the County Treasurer's office.
A reasonable time,
exceed 10 days, will be allowed the buyer to determine the legality
not to
of the
proceedings had in connection with the issuance of the bonds, and the bonds
must be taken up and paid for within five days after notice has been given
that they are ready for delivery.
A certified check for $2,000, payable to
the Board of Supervisors, must accompany the bid.
IMPERIAL IRRIGATION
ARKANSAS
report:
Validity of Act 239 of 1937, which provided means for construction of a
State school for the blind, was upheld by Chancellor Dodge yesterday,
new
dissolving
a temporary
injunction granted W. M. Walls and others.
The in-
>llnd from obtaining a loan of the Board of Control of permanent school
{unction would have prevented up to $200,000 from the the school for the
fund to be seemed by proceeds from sale of the present
blind school prop¬
erty.
upholding the Act, Chancellor Dodge said the only question in the
case appeared to be wheather there was diversion of school funds from their
original purpose.
He held schools for the blind and for the deaf were educa¬
tional institutions and not charitable as argued by the plantiffs.
The State had demurred to all the allegations of the complaint except that
sale of the present property would bring no more than $40,000 and would be
unsafe as security for the loan.
The State contended and Chancellor Dodge
agreed that market value of the property had no bearing on the case.
In
INDEBTEDNESS REDUCED DURING 1937—The State of Arkansas
had a per capita indebtedness of $77.67 at the end of 1937, a reduction of
approximately two dollars from a year ago, Comptroller J. O. Goff said
in his second annual report on the State's bonded indebtedness.
The figures
are based on an estimated population of 2,048,000 persons.
The State sliced $4,212,928.39 off its bonded indebtedness during 1937,
reducing the total to $159,066,933.14, Dec. 31.
Mr. Goff said in a letter of
transmittal to Governor Bailey that this reduction was greater than had
been made during any other 12-month period in the history of the State.
"This outstanding record of liquidating our bonded debt, together with
the passage of Acts No. 130, 151 and 278 of 1937, which provide for re¬
financing the highway debt at lower interest rates make this second annual
report necessary
for the information of the investors and the public in
general," Mr, Goff said.
Highway Obligations Represent 91%
Of the total indebtedness $145,602,167.30 or
91.07 is represented by State
highway fund obligations, issued under provision of Act 11 of 1934.
Only
eligible for refund under this
Act have not been deposited for exchange, the report said.
The full faith and credit of the State is pledged on all issues, except the
Arkansas State College of Jonesboro building bonds.
One and four-tenths
six-tenths of one per cent of all obligations
per cent of the cigarette tax is
of these.
Par value of these
pledged for payment of principal and interest
bonds outstanding on Dec. 31, was $92,450.
The report showed that debt service requirements on the State's indebted¬
ness during the fiscal year
1938-39 would total $6,600,383.86 of which
$5,190,478.24 will be expended on highway obligations.
Debt Service Needs for
1938-39 Enumerated
Other debt service requirements for 1938-39 follow:
State construction bonds—$269,380.
purpose
These bonds were issued for the
of acquiring building sites, construction of buildings, additions and
improvements to other buildings and for the purchase of additional equip¬
ment for the State hospital and the tuberculosis sanatorium.
The first
$275,000 of income tax, or as much thereof as is necessary, has been pledged.
Confederate pension bonds—$731,907.50.
These bonds were issued for
providing pensions for Confederate veterans and widows of
All revenue derived from a two-mill ad valorem tax is
the purpose of
Confederates.
pledged for payment of these bonds.
A. M. and N. (Negro) school bonds—$18,500.
These bonds were issued
to construct college buildings at Pine Bluff.
A .12 mill ad valorem tax has
been pledged for payment.
University of Arkansas building notes—$55,975.
These notes were issued
to erect and equip buildings at the University of Arkansas and for other
permanent improvements.
The principal and interest are payable from the
University fund, the revenues of which are derived principally from the onemill ad valorem tax.
Penitentiary funding notes—$9,248.16.
These notes were issued for
funding outstanding warrants drawn against the State peni¬
tentiary fund, enabling the penitentiary to operate on a cash basis.
From
the first revenues of the penitentiary there has been pledged an amount
sufficient to retire the interest.
It will be necessary for the 1939 Legislature
to make provision for retirement for the principal which will be due Oct. 1,
the purpose of
1939.
(P. O.
El Centre). Calif.—
Public Works Administration of the $1,518,000 4%
semi-ann. electric plant bonds, reported in these columns last April, it is
reported by M. J. Dowd, Chief Engineer and General Superintendent,
that the bonds have not been taken up as yet by the Federal agency.
posed sale
LOS
the
to
ANGELES COUNTY (P. O. Los Angeles), Calif.—GARVEY
BONDS SOLD—The $12,000 building bonds of Garvey School
SCHOOL
District, offered on Jan. 18—V. 146, 305—were awarded to Redfield &
Co. of Los Angeles as 3s, at par plus a premium of $20, equal to 100.166,
a basis of about 2.95%.
Dated Jan. 1, 1938.
Due $2,000 yearly on Jan. 1
from 1939 to 1944.
Dean Witter & Co. of Los Angeles bid a premium of
$44 for 3>£s.
MARIN COUNTY (P. O. San Rafael), Calif.—BOND ELECTION IN
SCHOOL DISTRICT—A special election will be held on
14 in Sausalito Elementary School District to vote on a proposition
SAUSALITO
Feb.
to issue
$30,000 school building bonds.
COUNTY
MARIN
SAN RAFAEL
(P. O. San Rafael), Calif.—BONDS VOTED IN
Jan. 11 the voters of
calling
HIGH SCHOOL DISTRICT— On
San Rafael High School District gave their approval to a proposition
for the issuance of $125,000 school building extension bonds.
RIVERDALE
PUBLIC
DISTRICT
UTILITY
(P.
O.
Riverdale),
Calif.—BOND SALE—The $26,000 water system bonds offered on Jan. 14
146, p. 4148—were awarded to the Pasadena Corp. of Pasadena as
4%8, at par plus a premium of $276, equal to 101.061.
Denom. $1,000.
Dated Sept. 15, 1937.
Interest payable Feb. 1 and Aug. 1. Due Feb. 1,
—V.
1964.
SAN BERNARDINO COUNTY (P. O. San Bernardino), Calif.—
UPLAND SCHOOL BONDS SOLD—The $175,000 Upland Elementary
17—V. 146, p. 305—were awarded to
School District bonds offered on Jan.
Crowell, Weedon & Co., Los Angeles, and Farwell, Chapman & Co. of
Chicago, as 2 Ms, at par plus a premium of $50, equal to 100.028, a basis of
about 2.49%. Dated Feb. 1, 1938. Due on Feb. 1 from 1939 to 1958.
SAN
FRANCISCO
(City
and
County),
OFFERING CONTEMPLATED—The
from San Francisco to the "Wall Street
Calif.—AIRPORT
BOND
following is the text of a dispatch
Journal" of Jan. 18:
City and County of San Francisco does not plan to issue for several
$1,600,000 hospital improvement nor to market immediately
months the
bonds passed by voters at
City officials have pointed out that funds
two issues will not be needed for
be sold until cash is actually re¬
quired.
Best indications available are that hospital bonds will not reach
the market before some time in March or April.
Airport bonds, proceeds
of which will be used for Mills Field airport additions and extensions, will
not be marketed in one block, but will be offered in smaller pieces.
Official
advertising will probably be started this week for an initial block of about
$650,000 airport bonds, sale of which will be followed by other pieces of
the entire $2,850,000 of airport improvement
the
November, 1937 election.
for carrying on work planned under the
some time and bonds will probably not
the issue
as
funds
are
needed.
VENTURA COUNTY (P. O. Ventura), Calif.—NORDHOFF SCHOOL
BONDS SOLD—The $35,000 3% school building bonds of Nordhoff Union
Grammar School District, whicn were offered on Jan. 17—V. 146, p. 465—
awarded to Blyth & Co. of San Francisco at par plus a premium of
$518.50, equal to 101.481, a basis of about 2.75%.
Dated Feb. 1, 1938.
Due $3,000 yearly on Feb. 1 from 1939 to 1949, and $2,000 Feb. 1,1950.
were
COLORADO
REFUNDING PROPOSAL APPROVED—
first reading an ordinance authorizing
to undertake his proposal for refund¬
ing outstanding special improvement district bonds amounting to about
$4,000,000. ' The plan, if finally approved, would provide for consolidat¬
ing all the district funds into one "refunding improvement bond redemp¬
tion fund," and graduating the interest rate from 3% to 4%.
The present
maturities would be unchanged, but the bonds would be callable in numerical
order after 15 years.
Final completion of the plan would depend upon the
consent of the present bondholders to the proposal.
DENVER,
Colo.—GOODE
On Jan. 17 the City Council passed on
John H. Goode, Denver bond dealer,
PROJECT—We quote in
15:
Western
George F. Hughes, Executive Secretary of
DENVER, Colo.—CITY ACQUIRES WATER
College Library bonds—$2,866.
These bonds were issued
and equip a library at the Jonesboro school.
Interest and principal are payable from revenues derived from .15 mill ad
Arkansas State
to
DISTRICT
BOND SALE TO PWA NOT COMPLETED—In connection with the pro¬
ARKANSAS, State of—BLIND SCHOOL LOAN UPHELD BY COURT
—The Little Rock "Arkansas Gazette" of Jan. 12 carried the following
purchase library books
valorem tax.
part as follows from the Denver "Rocky Mountain Post" of Jan.
Denver will officially acquire title today to the $11,000,000
Slope water diversion projects,
Department, announced.
The Federal Government, through its many Public Works Administration
contractors, will turn over the city hundreds of tunnels, conduits, canals,
syphons and dams which constitute the Moffat Tunnel diversion system.
Final Federal Government and city accounting figures revealed yesterday
that the Moffat Tunnel itself cost $3,868,000.
The various extension
the Water
College building bonds—$7,298.
These bonds were issued
for the purpose of funding warrants issued previously for construction costs
of the administration buildings.
One and four-tenths per cent of the
cigarette tax is pledged for payment of principal and interest.
General obligations of agricultural credit corporations, revolving loan
fund, penitentiary bonds, University of Arkansas endowment, permanent
school fund and State Debt Board notes—$314,730.96.
Interest and princi¬
pal on these bonds and notes are paid from .20 mill ad valorem tax and trans¬
fers from the general revenue fund.
Legislatures in the past have trans¬
ferred funds to overcome any deficit in tax collections.
Arkansas State
projects cost
,
,
_
,
,
^
$5,021,389, and the crosstown pipe lines—still under con¬
instances—will account for $860,000 of Federal and city
struction in many
To the total cost of $9,749,389 must
by the city before the PWA grants were made.
money.
be added $1,300,000 spent
SPRINGS, Colo.—BOND EXCHANGE DETAILS—
is stated by Lucy M. Horan, City Clerk, confirming the report given in
these columns last November, that $69,000 refunding water bonds have
been exchanged through Peters, Writer & Christensen, of Denver, as 3s at
par.
Due as follows: $9,000 in 1938, and $5,000, 1939 to 1950.
GLENWOOD
SOUTHEAST
ARKANSAS
LEVEE
DISTRICT
(P.
O.
McGehee),
Ark .—RFC REFINANCING LOAN SOUGHT—In a new effort to adjust
above district, application has
Corporation for a 60% loan.
In previous negotiations, application for a 35% loan was approved, but the
plan was rejected by bondholders, and the Federal agency then rejected
petition for a 65% loan.
The district proposes to issue 30-year bonds in security for the loan.
In the United States District Court at Little Rock, action is still to be
taken on a plan to refund the debt at par with adjustment of maturities
the $2,413,500 bonded indebtedness of the
been made to the Reconstruction Finance
ROCKY FORD, Colo.—BONDS CALLED—.It is now reported that 5%
water extension bonds, numbered 135 to 148, 164 to'169, 198 to 202, 216,
217,232 to 237,312,317 to 319, in the amount of $37,000, dated Jan 2,1923
have not yet been presented for payment.
Due on Jan. l, lyja.
ine
bonds should be sent to the First National Bank of Denver.
Volume
Financial
146
625
Chronicle
WALSENBURG, Colo.—BONDS CALLED—It is reported that $13,000
5% water bonds, dated Jan. 1, 1923, numbered 1 to 3, 14, 15, 54 to 56,
and 143 to 147, have not yet been presented for payment.
Due on Jan. 1,
1938.
These bonds should be sent to the International Trust Co., Denver.
The Jan. 1, 1938 coupons should be sent d rect to the City Treasurer.
ing bonds and the certificates of indebtedness will provide such funds.
The
certificates will bear no interest and have no maturity dates.
They are to
Cliff) Colo.—
$10,000 con¬
of Denver.
the first two years, 234 % for the next two years, 3 % for the next six years,
4% for the next 10 years and 5% for the final 10 years.
WESTCLIFFE
DISTRICT
SCHOOL
(P.
O.
Silver
1935-36 and prior yrears.
be retired through collection of delinquent taxes for
If all of the certificates are not retired by July 1,
1941, the city
may
levy
sufficient millage to retire one-sixth of the outstanding certificates annually.
The new bond issue will mature Oct. 1, 1967.
Interest will be 2% for
BONDS SOLD—It is reported by the District Secretary that
struction bonds have been purchased by Oswald F. Benwell,
Fla.—SUPREME
JACKSONVILLE.
COURT
TO
RULE
BOND
ON
ISSUE—The "Wall Street Journal'' of Jan. 18 carried the following special
CONNECTICUT
1.02%:
dispatch from Jacksonville:
validity of the proposed issuance of $1,000,000 in electric plant certifi¬
cates of indebtedness from the standpoint of their being on a parity with the
1937 issue of $1,250,000 will be decided by the Florida Supreme Court.
Over the objections by the State through William A. Hallowes III, State's
Attorney for the Fourth Judicial Circuit, Circuit Judge A. D. McNeill
$45,000 1H% revenue anticipation serial notes, series of 1937, first issue.
Payable $15,000 yearly on June 30 from 1938 to 1940.
100,000 1H % revenue anticipation serial notes, series of 1937, second issue.
Payable $20,000 yearly on June 30 from 1938 to 1942.
ing obligations against the net revenue of the electric plant, and would be
on a parity with the previous issue.
After the ruling had been made, State's Attorney Hallowes announced
NEW
Conn .—NOTE SALE— The $145,000 coupon notes
were offered on Jan. 20—V.
146, p. 465—were
Hartford on a bid of 101.063, a basis of about
BRITAIN,
described
below,
which
awarded to C'oeley & Co. of
has ruled that the
that
Both issues will be dated Dec. 30, 1937, in denomination of $5,000 each.
Principal and semi-annual interest (June 30 and Dec. 30) payable at the
First National Bank of Boston, or at the New Britain National Bank of
New Britain at holder's option.
The R. F. Griggs Co. of Water bury, second higher bidder,
offered a
price of 98.035.
Other bids
were
follows:
as
Rate Bid
100.961
100.9585
100.92
Bidder—
Shields
:
& Co., New York
Phelps, Fenn & Co., New YorkBancamerica-Blair Corp., New York
Burr & Co., Inc., Boston
Hazard Freres & Co., New York-First Boston Corp., Boston
—*
...
100.789
^.--100.771
—100.77
100.7589
F. W. Home & Co., Hartford-—
Putnam & Co., Hartford
100.743
100.72
Estabrook & Co., Hartford
First National Bank. Boston
R. L. Day & Co., Boston
-
-
Stafford Springs),
Conn.—BOND SALE—The
Jan. 17—V. 146, p. 465—was
Co., Inc., both of New York,
(P.
O.
jointly, as 2^8. at 101.059, a basis of about 2.14%.
due $5,000 on Feb. 1 from 1939 to 1958 incl.
Other bidders
City Attorney Miller said the certificates probably would be sold
during
March if the decision of the Duval County Circuit Court is sustained.
Pro¬
ceeds would be used for improvement of the electrical distribution system.
JEFFERSON COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
(P. O. Monticello), Fla.—BOND OFFERING—W. J. Bullock, Secretary,
10 a. m. Feb. 14 for the
Board of Public Instruction will receive bids until
Jurchase 1937. Principal and semi-annual interestDenom. 1$500.
of $48,000 4% coupon school bonds.
1,
(June
and
une
Dated
1)
Dec.
payable at any bank in Monticello or at the Guaranty Trust Co. of New
York, at holder's option. Due on June 1 as follows: $2,000, 1939 to 1945;
$2,500, 1946 to 1952; $3,000, 1953 to 1957, and $1,500 in 1958.
Fla.—BOND SALE—The $116,000
offered for sale on Jan. 18
composed of D. F. McRae
& Co. of Jacksonville, the Trust Co. of Georgia, the Robinson-Humphrey
Co., both of Atlanta, Leedy, Wheeler & Co. of Orlando, and the Clyde C.
Pierce Corp., of Jacksonville, at a price of 95.05, according to the Clerk of
the Board of County Commissioners.
Dated Feb. 1, 1938.
Due on
issue of $100,000 high school bonds offered on
awarded to Paine, Webber & Co. and Burr &
STAFFORD
ond
Eoint,attorneys the Floridafor a ruling.
new in had asked law. It was explained that New York City
MARION COUNTY (P. O. Ocala),
100.679
-100.637
100.528
100.457
;
Halsey, Stuart & Co., New York
Harris Trust & Savings Bank, Chicago
Miller he would appeal the decision
Supreme Court in order that there might be a final ruling on the
the request of City Attorney
to the State
issue of coupon refunding road bonds, series E,
—V. 146, p. 466—was awarded to a syndicate
100.682
Jackson & Curtis, Boston
at
proposed issue of certificates would, when sold, be bind¬
Dated Feb. 1,1938 and
were:
Feb. 1,1955.
VOLUSIA
COUNTY
SPECIAL TAX
SCHOOL DISTRICT NO.
38
DeLand), Fla.—BOND OFFERING—Geo. W. Marks, Secretary,
bids until 10 a. m. Feb. 10 for the
purchase of a $1,000 6% bond.
Dated April 1, 1929.
Interest payable
April 1 and Oct. 1. Due April 1, 1951.
(P. O.
Board of Public Instruction, will receive
Price Bid
Name—Int. Rate
Cooley & Co., Day & Co. and Day, Stoddard &
Williams, Inc
2M%
Estabrook & Co
2%%
GEORGIA
100.901
100.5935
SCHOOL
AVONDALE
DISTRICT
(P.
O.
Avondale), Ga.—BOND
Educa¬
Phelps, Fenn & Co
234%
100.153
SALE DETAILS—It
Putnam & Co
234%
100.115
234%
234%
2.40%
234%
234%
100.11
100.03
100.428
100.199
101.276
4% semi-ann. construction bonds purchased by the
Robinson-Humphrey Co. of Atlanta, as noted here recently—V. 146, p. 466
—were sold at a price of 101.00, and mature on Jan. 1 as follows:
$2,000,
1939 to 1958, and $3,000 in 1959, giving a basis of about 3.88%.
J. & W. Seligman &
R. L. Day & Co..j
Co
—
Halsey, Stuart & Co
Kennedy, Spence & Co
Bancamerica-Blair Corp
STONINGTON,
Conn .—BOND
school bonds offered on Jan. 17—V. 146, p.
tion that the $43,000
coupon high
465—were awarded to J. & W.,
SALE—The
is stated by the Secretary of the Board of
$125,000
Seligman & Co. of New York on a bid of 100.615 for 234s, a basis of about
2.19%. Dated Jan. 1. 1938. Due $5,000 yearly on Jan. 1 from 1939 to 1963.
HARTFORD (P. O. Hartford), Conn.—BOND SALE—We
unofficially informed that the $100,000 library bonds offered on Jan. 21
awarded to Day, Stoddard & Williams of New Haven on a bid of
100.217 for 134s, a basis of about 1.47%. Dated Feb. 1,1938. Due $10,000
yearly on Feb. 1 from 1940 to 1949.
COLUMBUS, Ga.—MATURITY—It is now reported by Marshal
Morton, City Manager, that the $30,000 3% semi-ann. street improvement
bonds purchased by Clement A. Evans & Co. of Atlanta, at a price of
103.443, as noted here recently—V. 146, p. 466—are due $10,000 annually
from Jan. 1,1939 to 1941, giving a basis of about 1.85%.
IDAHO
WEST
are
were
WILLIMANTIC, Conn .—NOTE SALE—F. W. Home & Co. of Hart¬
purchased recently, at 1.25%, an issue of $80,000 tax anticipation
ford
notes, due Aug. 31, 1938.
,.
BONDS
FLORIDA
Treasurer/is required.
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE
Building
-
.
Bank
T.
Building
S. Pierce, Resident Manager
FLORIDA
ALACHUA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. S6
(P.
O.
Gainesville),
Fla.—BOND ELECTION—It is reported that an
election is scheduled for Feb. 23 to vote on the issuance
KOOTENAI
COUNTY (P. O.
Coeur d'Alene), Idaho—BONDS
RULED ILLEGAL—In a ruling given on Dec. 23, it was held by District
JUdge E. S. Elder that $125,000 hospital bonds approved by the voters
at the general election in November, 1936, were Illegal.
LAVA
FLORIDA
Branch Office: TAMPA
First National
Idaho—BONDS OFFERED— Sealed bids were received
until 5 p. m. on Jan. 21, by Kenneth H. Colley, Village Clerk and Treas¬
urer, for the purchase of a $6,000 issue of coupon or registered sewer system
bonds.
Int. rate is not to exceed 5%, payable J. & J.
Denom. $500.
Dated Jan. 1, 1938.
The bonds are payable on the amortization plan for
a period not exceeding 14 years from the date of issue, and are to be amor¬
tized pursuant to Section 55-211 of the Idaho Code, annotated, as amended
by Chapter 38 of the 1933 Session Laws.
Prin. and int. payable at the
Village Treasurer's office.
No bid for less than par and accrued int. will
be considered.
These bonds were approved by the voters on Dec. 7.
A
certified check for 5% of the amount of the bid, payable to the Village
HOMEDALE,
of $225,000 in school
HOT SPRINGS,
Idaho—BONDS EXCHANGED—It is stated
by Ben Chapin, Village Treasurer, that the following refunding bonds
aggregating $105,000, have been exchanged with the holders of the original
bonds:
$52,000 water works bonds.
Denom. $1,000.
Due on July 1 as
$2,000, 1939 to 1943, and $3,000, 1944 to 1957.
40,000 hospital bonds. Denom. $1,000. Due on July 1 as follows:
1939 to 1955, and $3,000 in 1956 and 1957.
13,000 water works bonds.
Denom. $500.
Due on
$500, 1939 to 1950, and $1,000, 1951 to 1957.
Dated July 1, 1937.
follows:
$2,000,
July 1 as follows:
construction bonds.
ESCAMBIA COUNTY
ILLINOIS
SPECIAL TAX SCHOOL DISTRICT NO. 4
(P. O. Pensacola), Fla.—BOND ELECTION—It is stated by J. H. VarSuperintendent of the Board of Public Instruction, that an election
will be held on Feb. 8 to vote on the issuance of $25,000 in building bonds.
BREESE, 111.—BONDS DEFEATED—At the Jan.
posal to issue $80,000 water filtration plant bonds was
ESCAMBIA COUNTY SCHOOL DISTRICTS (P. O. Pensacola),
Fla.—BOND OFFERING—The Board of Public Instruction will receive
totaling $74,328,714 was adopted by the Board of Education. The figure,
it is said, represents an increase of more than $4,000,000 over last year's
num,
bids until 10 a. m. Feb. 10 for the
bonds:
purchase of the following school district
Special Tax School District No. 23 bonds.
Due yearly on
June 30 as follows: $300,1939 to 1958 and $400, 1959 to 1966 and
$800, 1967.
10,000 6% Special Tax School District No. 19 bonds.
Due yearly on
June 30 as follows.
$300, 1939 to 1958; and $400, 1959 to 1966;
$10,000 6%
and $800,
Denom.
$100.
1967.
Dated July 1, 1937.
Principal and semi-annual interest
(June 30 and Dec. 31) payable at the Central Hanover Bank &
or at any depository of county school funds.
Trust Co.
in New York
FORT
LAUDERDALE,
Fla.—DISMISSAL
SOUGHT
OF
BOND
READJUSTMENT PETITION— Objection to Fort Lauderdale's petition
bonded debt under the Wilcox amended municipal
Bankruptcy Act., and a motion to dismiss the petition have recently been
filed in United States District Court by Calmgrove Securities Corp., holders
of two judgments against the city for defaulted bonds and interest coupons
totaling $28,448.
Fort Lauderdale's plan provides in substance, the ob¬
jection charges, "that coupons be refunded at 25 cents on the dollar of the
aggregate face value, but that outstanding bonds to which coupons apply
shall be refunded at 100 cents on the dollar of the aggregate face value."
for composition of its
(P. O. Tampa), Fla.—ROAD DIS¬
TRICT
REFUNDING
PLAN OFFERED—Hillsborough
County Com¬
mission has taken under consideration a proposal by R. E. Crummer &
Co. to refund the $1,200,000 bonded debt or Road District No. 5.
The
refunding bonds would mature in 30 years at 4% interest for the first
five years, 5% for the next five years, and the present rate of 6% there¬
after.
The Commissioners, in taking the plan under consideration, said
they wanted to refund $1,442,000 of past due county-wide assessment
bonds recently upheld by the Supreme Court before they undertake the
refinancing of the district debt.
H. A. Lasseter of R. E. Crummer Co., discussed only the District 5
HILLSBOROUGH
COUNTY
of which he said his company represents a majority.
however, his firm would undertake the whole refunding program.
bonds,
He said,
HOMESTEAD,
Fla .—CERTIFICATE ISSUANCE
VALIDATED—
Judge H. F. Atkinson, of the Circuit Court, has validated $461,020 in
certificates of indebtedness to be issued by the city of Homestead.
This
followed the validation of $980,000 of refunding bonds.
A former petition
failed to provide sufficient funds to pay interest accruing on the outstand¬
CHICAGO,
11 election the pro¬
defeated.
111.—SCHOOL BUDGET $4,000,000 HIGHER—A
budget
budget, but includes salary restorations of $6,603,892.
The Board's tax
levy for 1938 was $62,092,732, a reduction of $816,026 from the 1937 levy.
The budget shows a decrease of $26,847,397 in outstanding educational fund
tax anticipation warrants from the 1937 total of $62,513,485.
CHICAGO
PARK
DISTRICT
(P.
O.
Chicago),
111 .—TENDERS
WANTED—Robert J. Dunham, President of the District, announces that
tenders will be received at the Treasurer's office until 2 p. m. on
sealed
Jan. 25 for sale to the
district, at the lowest prices
obtainable not exceeding
and interest, of series A, B, C and D refunding coupon bonds, dated
Sept. 1,1935. The amount available for the purchase of bonds is $6,644,000.
Upon acceptance of tenders, the holder will be required to make delivery of
the bonds so accepted and all appertaining coupons at the office of the
par
Treasurer, Administration Building,
Burnham Park, Chicago.
HANOVER, 111.—BONDS SOLD—The $5,000 bridge repair bond issue
was approved at an election last June was sold to the White-Phillips
Corp. of Davenport.
which
LANARK,
111.—BONDS
SOLD—The $80,000 sewage disposal plant
City Council have been sold locally.
bonds recently authorized by the
MERCER COUNTY (P. O. Aledo), 111.—BOND SALE DETAILS—
The $27,000 3% refunding and court house bonds sold to local banks, as
reported in these columns last December, were taken by the National Bank
of Aledo, Joy State Bank of Joy, State Bank of Sea ton and Farmers State
Bank of Sherrard.
METROPOLIS,
III.—BOND
SALE
DETAILS—The
$76,000 4M%
judgment funding bonds sold to the H. C. Speer & Sons Co. of Chicago,
as previously reported in these columns, were sold at par and mature Nov. 1
as follows:
$2,000, 1939 to 1942 incl.; $3,000, 1943 to 1945 incl.; $4 000.
1946 to 1949 incl.; $5,000 from 1950 to 1954 incl. and $6,000 from 1955 to
1957 incl.
\
PERU, 111.—BONDS OFFERED TO
Chicago are offering to investors an
INVESTORS—Lansford & Co. of
issue of $200,000 3H% coupon, register-
principal, revenue electric light certificates of indebtedness.
Offering is made at prices to yield from 1% to 3.12%.
Denom. $1,000.
Dated Jan. 2, 1938. Principal and semi-annual interest (Jan. 2 and July 2)
payable at the Continental Illinois National Bar k & Trust Co. of Chicago.
Due $10,000 yearly on Jan. 2 from 1939 to 1958; callable on any interest
payment date, In inverse numerical order.
able
as
to
626
ST.
Financial
ELMO, 111 .—BOND SALE DETAILS—The $17,500
bonds which
as
were
sewer system
purchased by the H. O. Speer & Sons Co. of Chicago,
reported in these columns last December, bear 5% interest, were sold at
serially from 1940 to 1957, inclusive.
par and mature
DeKalb County, Ind.—BOND
OFFERING—The Township Trustee will receive bids until 10 a. m. Jan. 29
on an issue of $22,200 school bonds.
HAMMOND
SCHOOL CITY
(P.
Ind.— WARRANT
O. Hammond),
SALE—The $575,000 tax anticipation warrants offered on Jan. 17 were
awarded to the American National Bank & Trust Co. of Chicago on a 1.90%
The Mercantile Bank of Hammond bid
interest basis.
2.90%.
of par and a premium of $11.
Dated Jan. 18, 1938 and due May 18, 1938.
The Union Bank & Trust Co. of Kokomo named an interest rate of 1M %
a
price of par.
MARION
basis of about
a
COUNTY
(P. O. Indianapolis), Ind.— WARRANT SALE
—The issue of $350,000 general fund tax anticipation warrants offered on
Jan. 19—V. 146, p. 467—was awarded to a syndicate composed of the
Union Trust Co.; Fletcher Trust Co.; Indiana Trust Co.; Merchants Na¬
tional
Bank; Indiana National Bank and the American National Bank,
all of Indianapolis, the only bidder, at 1 M% interest, at par and a premium
of $36.12.
Dated Feb. 1, 1938 and due June 15, 1938.
—The issue of $340,000
on Jan. 20—V. 146, p.
3% coupon senior high school building bonds offered
138—was awarded to the Harris Trust & Savings
Bank of Chicago, at a price of 106.39, a basis of about 1.87%.
Dated
Jan. 1, 1938 and due as follows:
$25,000, Sept. 1, 1946; $25,000, March 1
and Sept. 1 from 1947 to 1952 incl., and $15,000, March 1, 1953.
VINCENNES,
Ind.—BOND SALE—The
issue
of
$17,500
refunding
bonds offered Jan. 15—V.
146, p. 138—was awarded to the Fletcher
Trust Co. of Indianapolis, as 3s, at par plus a premium of $257.70,
equal
101.47,
a
basis of about 2.89%.
Dated Jan. 15, 1938.
Denom. $500.
Couoon bonds, with interest payable J. & J. 15
Due Jan. 15, 1955.
IOWA
ARNOLDS PARK CONSOLIDATED SCHOOL DISTRICT
Arnolds
Park)
Iowa—BOND OFFERING—A. L. Taylor,
(P. O.
Secretary,
Board of Directors, will receive bids until 2 p. m. Jan, 27 for the
purchase
of an issue of $25,000 school building bonds.
BELLE
PLAINE
INDEPENDENT
SCHOOL
COUNCIL BLUFFS, Iowa—BOND SALE DETAILS—It is stated
by
the City Clerk that the $12,000 (not $12,600), 3y2% semi-ann.
funding
bonds purchased by the First National Bank of Council Bluffs, as noted
here recently—V. 146, p. 306—are being exchanged for a like amount of
Dated Jan. 1, 1938.
bonds to the State School
Srice ofJan. 1 as noted $2,000, 1939; $3,000, 1940; $2,000, 1941; $3,000,
100.77, follows: in these columns recently—V. 146, p. 467—are
ue on
as
1942; $2,000, 1943; $3,000, 1944; $2,000, 1945; $3,000, 1946; $2,000, 1947,
1948, giving a basis of about 2.11%.
and $3,000 in
TOPEKA, Kan.—BOND SALE—The $60,000 2% public and civil works
on Jan. 18—V. 146, p. 467—were awarded to the Columbian
Securities Corp. of Topeka at a price of 101.78, a basis of about
1.40%.
Dated Jan. 15, 1938.
Due $12,000 yearly on Jan. 15 from 1939 to 1943,
bonds offered
incl.
The Small, Milburn Co. of Wichita bid 101.742 for the issue.
SCHOOL DISTRICT NO. 1 (P. O. Wichita), Kan.—
OFFERING—Sealed bids will be received until 8 p. m. Jan. 31, by
WICHITA
BOND
Louis
Secretary-Treasurer of the Board of Education, for the
purchase of a $650,000 issue of building bonds.
Bidders to name the rate
of interest in a multiple of M of 1%, from 1M% to 2M%.
Denom. $1,000.
Dated Feb. 1, 1938.
Due on Feb. 1 as follows:
$24,000, 1939 to 1943;
$33,0C0, 1944 and 1945; $36,000, 1946 to 1957, and $32,000 in 1958. Bids
Gertels,
should be submitted on blank forms to be furnished by the above Secretary.
Prin. and int. (F. & A.) payable at the office of the State Treasurer, the
district's fiscal agent, in Topeka.
Bidders may bid for all or any part of
The board expressly reserves the right to allot said bonds or
portions thereof among several bidders in the event the highest bid Is not
for all of the issue.
The approving opinion of Long, Depew, Stanley,
Weigand & Hook, of Wichita, will be furnished, along with a certified
transcript of proceedings.
The sale of these bonds will be subject to
rejection by the State School Fund Commission.
A certified check for
2% of the amount of bonds bid for, is required.
the bonds.
WYANDOTTE COUNTY SCHOOL DISTRICT NO. 8 (P. O. Turner),
Kan.—BOND OFFERING—Sealed bids will be received until 7.30 p. m.
Jan. 24, by C. J. Trevor, District Clerk, for the purchase of a $60,000
of Turner School bonds.
Denom. $1,000.
Dated Feb. 1, 1938.
Due$10,000fromFeb. 1,1939 to 1944, incl. Int. rate, pay. Feb. and Aug. 1,
to be specified by the bidder.
Bid is to be for not less than par and ac¬
crued interest.
Bonds will be sold subject to the approving opinion of
Bowersock, Fizzell & Rhodes, of Kansas City, Mo.
The district will pay
for the legal approval and the cost of printing the bonds.
A certified
check for 2% of the bid is required.
Bonds will be sold subject to re¬
jection by the State School Fund Commission.
issue
It is stated that the assessed valuation of the district is
there is
no
Due $6,000 on Jan. 1, 1939 and
CITY, Iowa—BOND OFFERING—Floyd Pousle, Town Clerk
will receive bids until 8 p. m.
works bonds.
ELDORA,
Iowa—BOND
Jan. 24, for the purchase of $3,500 water
OFFERING—It
is
stated
by
George
M.
Shafer, City Clerk, that he will receive bids until 7:30 p. m. on Jan. 31
for the purchase of the $36,000 issue of hospital bonds.
These bonds were
approved by the voters on Dec. 22.
•
GLADBROOK, Iowa—BOND OFFERING—Harry Lundt, Town Clerk,
will receive bids until 7:30 p.
Jan. 25
m.
on
an issue
of $5,772.60 street
improvement bonds.
IOWA
CITY
INDEPENDENT
SCHOOL
DISTRICT (P. O. Iowa
City), Iowa—BOND OFFERING—Charles S. Galiher, Secretary, Board of
Directors, will receive bids until 10:30 a. m. Jan. 25, for the purchase of
$398,000 school building bonds.
Interest rate is not to exceed 4%.
Due
each six months as follows:
$9,000 Nov. 1, 1939; $9,000 May 1 and $8,000
Nov. 1 In 1940 and 1941; $9,000 May 1 and Nov. 1 in 1942 and
1943;
$10,000 May 1 and $9,000 Nov. 1 in 1944 and 1945; $10,000 May 1 and
Nov. 1 in 1946; $11,000 May 1 and $10,000 Nov. 1 in 1947 and
1948;
$11,000 May 1 and Nov. 1 in 1949 and 1950; $12,000 May 1 and $11,000
Nov. 1 in 1951; $12,000 May 1 and Nov. 1 in 1952 and
1953; $13,000 May 1
and $12,000 Nov. 1 in 1954; $13,000
May 1 and Nov. 1 in 1955 and 1956;
$14,000 May 1 and $13,000 Nov. 1 in 1957. Printed bonds and legal
opinion
will be furnished by the purchaser of the bonds.
(This corrects a previous report which appeared in these columns—
V. 146, p. 467.)
KENTUCKY
BEATTYVILLE, Ky.—BONDS DEFEATED—It is stated by the City
Clerk that at the general election on Nov. 3, the voters defeated the
pro¬
posal to issue $90,000 in light and power plant bonds.
(We had previously reported that the voters had approved the said bond
issuance.)
KENTUCKY (State of)—BOND SALE— The $885,000 bridge revenue,
project No. 14 bonds offered on Jan. 20—Y. 146, p. 306—were awarded
Security Trust Co. of Lexington and associates as 2Ms, at par plus a
premium of $8,951.01, equal to 101.011, a basis of about 2.60%.
Dated
Jan. 1, 1938.
Due July 1, 1945. A syndicate represented by W. L. Lyons
& Co. of Louisville submitted the second high bid, offering a
premium of
$2,920.50 for 2M% bonds.
to the
VANCEBURG, Ky.—BOND ISSUANCE NOT SCHEDULED—It Is
stated by J. A. Halsted, City Clerk, that it is doubtful if anything will be
done until April or May regarding the marketing of the $148,000 5%
electric light and power plant revenue bonds approved by the voters at the
November general election.
Offerings Wanted:
LOUISIANA & MISSISSIPPI
MUNICIPALS
Bond
MASON CITY INDEPENDENT SCHOOL DISTRICT
(P. O. Mason
City), Iowa—BOND OFFERING—It. L. James, Secretary Board of
Directors, will receive bids
until
2
Feb. 4 for the purchase at not
Bidders are to name
rate of interest.
Dated Feb.
1, 1938.
Interest payable May 1 and
Nov. 1.
Due Nov. 1 as follows:
$5,000, 1939 to 1943; $6,000, 1944 to
1946; $7,000, 1947 to 1957.
Approving opinion of Chapman & Cutler
of Chicago will be furnished by the district.
less
than
par
of $120,000 school
p.
m.
1946; $500, 1947 and 1948; $1,000, 1949; $500, 1950; $1,000,
$500,1952 to 1956, giving a basis of about 3.20%.
1951, and
WALKER INDEPENDENT SCHOOL DISTRICT
(P. O. Walker),
Iowa—BOND SALE—The $20,000 school
building bonds offered on Jan.
17—V. 146, p. 467—were awarded to the North Linn
Savings Bank of
Centerpoint as 2 Ms, at par plus a premium of $250, equal to 101.25.
The bonds are coupon bonds in the denom. of
$500 each, dated Feb. 1,
19£8it
^riy °?^v* 1 38 follows: $5(M' 1939; $1,000, 1940 to 1954;
and $1,500, 1955 to 1957.
WOODBURY COUNTY (P. O. Sioux
City), Iowa -BOND SALE
—The $100,000 coupon funding bonds offered for
sale on Jan. 14—V. 146,
p. 306—were awarded at public auction to the Central
Republic Co. of
Chicago, as 1 Ms at a price of 100.12, a basis of about
1.72%, according to
report.
Dated Jan. 1, 1938.
Due $10,000 on Jan. 1, 1939, and
$15,000
from Jan. 1, 1940 to 1945, inclusive.
Other bidders
were:
Name—
Waehob-Bender Corp., Omaha, and Brown Harriman
& Co., Chicago
Int. Rate
Premium
1M%
$120
Carleton D. Beh Co.,
mott &
Des Moines, and Shaw, McDerSparks, Des Moines
Iowa-Des Moines Nat. Bank & Trust
Co., Des Moines
Toy National Bank, Sioux City, and Northern Trust
Co., Chicago
"
Stern Bros Co., Kansas City.,
Murdock Dearth & White, Des
Moines, and Goldman
Sachs & Co., New York City
Polk-Peterson Corp., Des Moines
420
2%
500
2%
275
920
100
2K%
620
370
2M%
675
2%
.
2%
2%
2%
John J. Seerley & Co., Des Moines
Jackley & Co., Des Moines
Halsey, Stuart & Co., Chicago
2%
650
NEW
Bell
ELECTION—An
election
of—ASSESSED VALUATIONS—The following
information Is furnished by the State Highway Commission in connection
with the offering scheduled for Feb. 9, of the $4,000,000 highway, Series T
bonds, and the $1,000,000 highway fund No. 2, series C bonds, described
in detail in these columns recently—V. 146, p. 307:
State
Total Actual Value of all Property for
Parishes—
Acadia
Allen
Ascension
Assumption
Avoyelles
Beauregard
5,010,910
9.250,320
5,334,980
6,662,133
13,981.250
110,739.100
25,215,360
4,510,393
4,667,690
3,987,929
12.959,896
5,435,566
10,088.670
Bienville
Bossier
Caddo
Calcasieu
Caldwell
Cameron..
Catahoula
Claiborne
Concordia
De Soto
East Baton Rouge
East Carroll
East Feliciana
107,893,556
5,205.220
4,761,465
6,852,200
9,576,611
3.995,054
13,107.007
9,564,523
4,532.288
29,586,759
13,051,470
14,674,493
10,817,260
3,363,770
6,531.888
Evangeline
Franklin.
Grant
Iberville
Jackson
Jefferson
Jefferson Davis
Lafayette
Lincoln
been
called for
Jan. 28 at which the voters will
pass on a proposal to issue $20,000 electric
light system bonds.
ATCHISON
s now
COUNTY
(P. O. Atchison), Kan.—MATURITY—It
reported by the County Clerk that the $12,000
2M% semi-ann. poor
Livingston
Madison
Morehouse
Natchitoches
Orleans
Ouachita
Plaquemines
Coupee
Rapides
Pointe
Red River
Richland
Sabine
St. Bernard
St. Charles
St. Helena
St. James
St. John the Baptist—
St. Landry
St. Martin
St. Mary
St. Tammany
Tangipahoa
Terrebonne
Union
Vermilion
BRIDGE,
.......
Vernon
-
Washington
Webster
West Baton Rouge
West Carroll
West
Feliciana
Winn
La.—BOND
Total year
—
1936
OFFERING
$14,066,830
11.890,615
481,139.252
42,654,040
7,069,286
7,075,884
24.283.980
4,4131604
10,419,441
5,870,430
11,528,074
10,443,030
1,613,108
6,960,529
6,154,885
18,523,230
4,970,615
13,401,070
7,997,047
Tensas
3,243,850
9,591,360
...
BREAUX
all Purposes
Pnri<thp<t—•
$20,010,369
4,755,508
6,104,450
La Salle
has
Raymond 5409
LOUISIANA
LOUISIANA,
Iberia
KANSAS
Kan.—BOND
BANK
ORLEANS, LA.
Teletype N. O. 182
Lafourche
ALMA,
Department
WHITNEY NATIONAL
building bonds.
PERRY, Iowa—MATURITY—It is now reported by the City Clerk
that the $11,000 sewer bonds
purchased by the Carleton D. Beh Co. of
Des Moines as 3 Ms, at a price of
100.363, as noted in these columns re¬
cently—V. 146, p. 306—are due as follows: $500, 1940 to
1945; $1,000,
$3,049,856, and
bonded indebtedness outstanding at this time.
1940.
DAVIS
Fund Commission.
SALINA SCHOOL DISTRICT (P. O. Salina), Kan.—MATURITY—
is reported by the District Clerk that the $25,000 2 M% semi-ann,
school bonds purchased by the Ranson-Davidson Co. of Wichita, at a
It
on
DISTRICT
(P. O.
Belle Plaine), Iowa—BOND SALE—The $23,400 coupon school bonds
offered on Jan. 17—V. 146, p. 306—were awarded to the State Bank of
Vinton as 2 Ms at par plus a premium of $406. equal to 101.735, a basis of
about 2.60%.
Due on Dec. 1 as follows: $5,000, 1948 to 1951, and $3,400
in 1952.
The Carleton D. Beh Co. of Des Moines offered a
premium of
$405 for 2 Ms.
stamped warrants.
2.19%.
JUNCTION CITY, Kan.—BOND SALE—The city recently sold $2,530
RICHMOND SCHOOL CITY (P. O. Richmond). Ind .—BOND SALE
to
1938
22,
INMAN, Kan.—BOND SALE POSTPONED—It is stated by John C.
Klassen, City Clerk, that the sale of the $35,000 2M% semi-aim. internal
improvement bonds, previously scheduled for Jan. 6—V. 146, p. 306—has
been postponed until 8 p. m. on Jan. 27.
Denom. $1,000.
Dated Jan. 1,
1938.
Due as follows:
$3,000, 1939 to 1943, and $4,000, 1944 to 1948.
A
certified check for 2% of the amount of the bid is required.
sewer
HOWARD COUNTY (P. O. Kokomo), Ind.—NOTE SALE— The issue
of $135,000 tax anticipation notes offered Jan. 18—V. 146, p. 467—was
awarded to the Wabash Trust Co. of Peru, to bear 1% interest, at a price
and
Jan.
GALATIA, Kan.—BONDS SOLD—It is reported by the City Clerk that
$2,000 city building bonds have been purchased by the State School Fund.
INDIANA
FAIRFIELD SCHOOL TOWNSHIP,
Chronicle
relief bonds purchased by Stern Bros. & Co. of Kansas City, at a price ot
101.512, as noted in these columns recently—V. 146, p. 467—are die on
Jan. 1 as follows: $2,000, 1939 and 1940 and $1,000, 1941 to 1948,
giving
15,117,810
5,515,629
9,217,235
7,371,695
11,366,072
5,088,681
12,454,148
12,214,102
6,144,531
3,980,811
3,108,996
4.165,517
$1,291,283,475
DETAILS—In
con¬
nection with the offering scheduled for Jan. 27, of the $29,000 issue of not to
exceed 6%
semi-ann. public improvement bonds, mentioned
in these
columns
recently—V.
146, p. 468—it is stated by
Mayor
Wilburn
R.
I
Volume
Financial
146
Bidder—
Angelle that the bonds
are being issued for the purpose of constructing a
plant, in accordance with the State Constitution and
laws, particularly by Article 14, Constitution of 1921, and Act 46 of 1921, as
amended.
Legality to be approved by Guidry & Willis, of St. Martinsville,
and B. A. Campbell, of New Orleans.
BONDS VOTED—It is also stated by Mayor Angelle that at an election
held on Dec. 14, the voters approved the issuance of $110,000 in not to
exceed 6% semi-ann. mortgage revenue bonds, divided as follows:
$75,000 water works and electric light plant bonds. Due in 20 years.
35,000 natural gas system bonds. Due in 15 years.
natural gas system
DONALDSONVILLE,
OFFERING— Sealed
La .—BOND
bids
be
will
627
Chronicle
Merchants National Bank of Salem
Day Trust Co
Naumkeag Trust Co.
Beverly National Bank
Merchants National Bank of Boston
HAVERHILL, Mass.—NOTE SALE—On Jan. 21 the city sold $400,000
anticipation notes on a 0.57% discount basis, the First National
Bank of Boston and Jackson & Curtis of Boston each taking $200,000 notes.
revenue
Dated Jan. 21, 1938, and payable Nov.
Financial Statement
of Dec. 31, 1937
1936
1937
$2,227,427.23
$2,223,290.82
1935
$2,291,716.56
record as passed upon will be furnished the successful bidder without
A certified check for $500, payable to the Commissioner of Finance,
Gross debt
cost.
must
4, 1938.
as
Tax Levy
Interest rate is not to exceed 6%, payable F. & A.
Denom. $500.
Dated
Feb. 1, 1938.
Due from Feb. 1, 1939 to 1968.
The approving opinion of
Charles & Trauernicht of St. Louis and a certified copy of the transcript of
Uncollected Taxes
$446.16
Net debt
bid.
0.22%
0.224%
0.23%
0.23%
0.24%
0.25%
Second National Bank of Boston
received until 8 p. m. on Feb. 14 by J. C. Bouchereau, Secretary of the Com¬
mission Council, for the purchase of a $25,000 issue of improvement bonds.
accompany
as
as
Cash
1937
1937---.
SPRINGHILL, La.—BOND OFFERING—It is reported that sealed bids
Clerk, for the purchase of an
6% semi-ann. sewer system bonds.
Due in from 1 to 10
years.
These bonds were approved by the voters at the election held on
WEST CARROLL PARISH CONSOLIDATED SCHOOL DISTRICT
NO. 2 (P. O. Oak Grove), La.—BONDS SOLD—It is now reported that the
$25,000 school bonds offered for sale without success on Jan. 4 when the only
bid submitted was rejected, as noted in these columns.—V. 146, p. 307—
were sold privately to a New Orleans firm, as 5%s, for a premium of $50,
equal to 100.20.
Dated Jan. 4, 1938.
Due from Jan. 4, 1939 to 1963 incl.
513,266.50
Tax titles--
925,000.00
148,443.54
Loan against tax titles
$197,157.72
Including tax title loans.
HOLYOKE,
will be received until March 14, by the Village
Dec. 28, as noted in these columns.—V. 146, p. 307.
-
hand
on
Notes outstanding from 1937 revenue
*
iasue of $100,000
$691,739.38
*$1,632,300.55
1,594,443.54
22,000.00
$5,374.67
of Dec. 31,
of Dec. 31,
Sinking fund
MINDEN, La.—BONDS VOTED—At a recent election a proposal calling
the issuance of $100,000 sewer system, ice plant and water works
improvement and extension bonds was approved by the voters.
for
Discount
'
Bonvouloir,
OFFERING—Lional
Mass.—NOTE
City
Treasurer, will receive bids until 11 a. m. Jan. 25 for the purchase at
discount of $500,000 revenue anticipation temporary loan notes.
Notes will be dated Jan. 25, 1938 and payable Nov. 9, 1938 at the First
National Bank of Boston, in Boston, or at the Central Hanover Bank &
Trust Co., in New York, and will be ready for delivery on or about Jan. 26,
1938 at either of said offices.
The denominations of these notes will be
as
$5,000.
and validity by the
follows: 4 at $50,000; 8 at $25,000; 8 at $10,000, and 4 at
Said notes will be authenticated
as
to genuineness
First National Bank of Boston, under advice of Storey, Thorndike, Palmer
& Dodge, and all legal papers incident to this issue will be filed with said
bank, where they
may
be inspected.
Financial Statement Jan. 17, 1938
MARYLAND
(State of)—DELINQUENT TA XES—Uncollected taxes
$1,838,453, of which $974,740 is due from the
recent year's levy.
On Nov. 30, 1937 such taxes aggregated $2,059,634,
according to report.
The State's surplus on Dec. 31 last was $5,011,567,
as against $4,914,931 at the end of the previous month, it was shown in
the
monthly
balance sheet issued by William
S. Gordy Jr., State
Comptroller.
75,010,9401 Borrowed against
Valuation 1937
332,477.88
1937 levy $2,200,658.25—Uncollected to date
Tax anticipation notes outstanding against
85% Coll.
1937 $750,000.
Cash balance $305,839.35.
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.—BOND
DETAILS—In addition to details previously given in these
tion notes offered
on a
option of the holder.
Principal and semi-annual interest payable at the
Equitable Trust Co., Baltimore, or at the Chemical Bank & Trust Co.,
New York City.
The genuineness of the seals of the Commission and the
respective counties guaranteeing payment of the debt will be certified by
the Equitable Trust Co., Baltimore.
The issue is designated series "MM."
Sealed bids should be addressed
to Howard Duckett, Chairman of the Sanitary Commission, at his office,
804 Tower Bldg., 14th and K Sts., N. W., Washington, D. C.
The bonds
will be dated Jan. 1, 1938.
Due in 50 years, redeemable in 30 years.
They
carry all the exemptions as to taxes of Maryland municipal bonds and are
guaranteed unconditionally as to both principal and interest by Mont¬
gomery and Prince George's Counties by endoresement on each.
Auth¬
ority for the issue is Chapter 122 of Acts of the General Assembly of Mary¬
land of 1918, and amendments thereto.
A certified check for $2,500 is
required.
Legal opinion of Masslich & Mitchell of New York City will
be furnished the successful bidder.
Application has been made to the
Public Service Commission of Maryland for the approval of the bonds.
MASSACHUSETTS
Mass.—NOTE SALE—The $300,000 revenue anticipation
BEVERLY,
Jan. 17—V. 146, p. 468—were awarded
Beverly National Bank on a 0.18% discount basis. Dated Jan.
The Second National Bank of Boston
0.194% discount.
to the
1938 and payable Nov. 4, 1938.
bidders
17,
bid
LEOMINSTER, Mass.—NOTE SALE— The $500,000 revenue antici
pation notes offered on Jan. 21 were awarded to the First National Bank of
Boston on a 0.36% discount basis.
Dated Jan. 24, 1938, and payable
$100,000 Oct. 20, 1938, and $200,000 on each of the dates Nov. 3 and
Nov. 22, 1938.
The Second National Bank of Boston bid 0.367% discount.
LYNN, Mass .—NOTE SALE—On Jan. 20 an issue of $500,000 notes,
payable Nov. 4, 1938, was awarded to the Security Trust Co. of Lynn on a
0.34% discount basis. The Day Trust Co. of Boston bid 0.36% discount.
NEWBURYPORT,
anticipation
revenue
Ocean
National
Discount
.20%
Name—
Jackson & Curtis, Boston
-
.217%
.22%
Trust Co., Beverly
Deposit & Trust Co. of Boston
Boston Safe
$3.00
.224%
First National Bank of Boston
Chace, Whiteside & Co., Boston___»_.
Merchants National Bank of Boston.
BROCKTON,
Premium
.225%
-
—-
.24%
Mass.—NOTE SALE—The $500,000
revenue
anticipa¬
loan notes offered on Jan. 18 were awarded to the First
of Boston on a .38% discount basis.
Notes are dated
Jan. 19, 1938 and will be payable $300,000 Nov. 4 and $200,000 Nov. 11,
1938.
The Home National Bank of Brockton bid .43% discount.
tion
temporary
National Bank
Other Bids:
Bidder—
National Shawmut Bank
-
Discount
0.45%
0.46%
Merchants National Bank of Boston
EASTHAMPTON, Mass.—NOTE SALE—On Jan. 18 an issue of $30,000
was awarded to the New England Trust Co. of Boston on a
.23%
Payable Nov. 25, 1938.
notes
discount basis.
Other bids:
Bidder—
Second National Bank of Boston
Merchants National Bank
Bancamerica-Blair Corp
...
——.
-
-------
—
SALE— The
issue
of $300,000
20 was awarded to the First &
at 0.33% discount.
Due Nov.
Other bids were:
Discount
0.37%
Bidder—
Merchants National Bank of Boston
0.67%
First National Bank of Boston
(P. O. Cambridge). Mass.—NOTE SALE—
Charles E. Hatfield, County Treasurer, reports tnat $1,500,000 notes were
awarded Jan. 17 to the Second National Bank of Boston, at 0.179% dis¬
count.
Due Nov. 15, 1938.
Other bids were as follows:
COUNTY
Bidder—
First National Bank of Boston.
_
— -
—
—
Merchants National Bank of Boston—
Jackson & Curtis.-
National
Co
—'—
Shawmut
— -----
—
—
Bank—
—— — ----
Discount
0.20%
0.21%
0.22%
0.23%
0.29%
TAUNTON, Mass.—NOTE OFFERING—Lewis A. Hodges, City Treas¬
urer, will receive bids until 11 a. m. Jan. 25 for the purchase at discount
of $200,000 revenue anticipation temporary loan notes, dated Jan. 26,
1938, and payable Nov. 10, 1938.
The notes will be in the following
denominations:
Four for $25,000, eight for $10,000, and four for $5,000.
These notes will be engraved under the supervision of the First National
Bank of Boston.
■
of Boston will guarantee the signatures and will
issued by virtue and in pursuance of an order
of the Municipal Council, the validity of which order has been approved
by Storey, Thorndike, Palmer & Dodge of Boston.
The legal papers incident to this issue will be filed with the First National
Bank of Boston, where they may be inspected.
Notes will be delivered on or about Jan. 26 at the First National Bank
of Boston, 17 Court St. office, Boston, for Boston funds, and are payable
in Boston at maturity.
Upon written request to the City Treasurer,
arrangements will be made for the payment of these notes in New York City.
Bills by telephone or telegraph will be accepted.
1937 tax levy, $1,251,256.83; uncollected Jan. 18, 1938, $278,023.57.
1936 tax levy, $1,439,552.79; uncollected Jan. 18, 1938, $138,269.75.
Total
uncollected taxes prior to 1936, $15,632.47.
The First National Bank
certify that the notes are
Discount
0.279%
0.33%
0.48%
MICHIGAN MUNICIPALS
0.50%
West Newton Savings Bank
Mass.—NOTE
notes offered Jan.
of Newburyport,
Bank
7, 1938.
Day Trust
were:
Jan. 21 were awarded to Jackson &
on
0.49% discount basis.
MIDDLESEX
temporary loan notes offered on
$500,000 revenue anticipa¬
Curtis of Boston
Dated Jan. 21, 1938, and payable Nov. 4, 1938.
Mass.—NOTE SALE—The
LAWRENCE,
OFFERING
Beverly
tax title 104,432.77
Total uncollected taxes previous to 1935 $25,565.09.
1935 levy $2,356,617.20—Uncollected to date.
$13,369.47
1936 levy $2,330,743.45—Uncollected to date
38,456.33
columns, we learn that the $250,000 series MM water bonds being offered
for sale Jan. 26 will be in coupon form, registerable as to principal at the
Other
$159,895.14
Valuation 1936--.--.-_$83,514,150ITax titles
MARYLAND
at the ciose of 1937 totaled
COUNTY (P. O. Salem), Mass.—NOTE SALE—On Jan. 21
three issues of notes aggregating $1,230,000 were awarded to the Gloucester
National Bank of Gloucester as follows:
$700,000 tax anticipation notes on a .20% discount basis. Due Nov. 4, '38.
250,000 tuberculosis hospital maintenance renewal notes on a
.15%
discount basis. Due April 1, 1938.
280,000 tuberculosis hospital maintenance notes on a .28% discount
basis.
Due Jan. 21, 1939.
All the notes are dated Jan. 21, 1938.
Chace, Whiteside & Co. of Boston submitted second high bids as follows:
.21% discount on the tax notes, .30% on the new hospital notes and .18%
on the renewal hospital notes.
ESSEX
Cray, McFawn 6k Fetter
GRAND
DETROIT
RAPIDS
Telephone Cherry 6828
Telephone 9-8255
A.T.T. Tel. DET 540-541
A.T.T. Tel. Grps. 7
MICHIGAN
Loan Board has
for the next fiscal
before Aug. 5, 1938.
DETROIT, Mich.—LOAN AUTHORIZED—The State
SALE—The $1,000,000 revenue anticipa¬
tion temporary loan notes offered on Jan. 18 were awarded to Leavitt &
Co. of New York on a .582% discount basis.
Dated Jan. 19, 1938, and
payable $300,000 Nov. 4, 1938 and $200,000 Nov. 11, 1938.
The National
Shawmut Bank of Boston bid .63% discount for the notes.
FALL RIVER, Mass.—NOTE
List of bids:
\
Discount
0.562%
0.582%
Bidder—
Leavitt & Co.
(For New York Delivery)
(for Boston delivery)
Durfee Trust Co., Fall
Leavitt & Co.
B.
River; National Shawmut
Bank; Jackson & Curtis, and Merchants National Bank of
M.
C.
Boston, Jointly
-
Fall River National Bank.
First Boston Corp.
—
and Brown Harriman & Co., jointly
0.63%
0.66%
0.718%
0 834%
Wrenn Bros. & Co
GLOUCESTER, Mass.—NOTE SALE—The $600,000 revenue anticipa¬
tion temporary loan notes offered on Jan. 20 were awarded to the Gloucester
National Bank and the Cape Ann National Bank, both of Gloucester, each
taking half the loan on a 0.26% discount basis. Payable $300,000 on each
of the dates Nov. 15 and Dec. 15, 1938.
E. H. Rollins & Sons of Boston
bid 0.27% discount
for the loan.
HAMILTON, Mass.—NOTE SALE—The New England Trust Co. of
Boston was awarded Jan. 18 an issue of $40,000 notes at 0.19% discount.
Due Nov. 17, 1938.
Other bids were as follows:
authorized the city to borrow $1,500,000 against taxes
year.
The notes to be issued will mature on or
DOWAGIAC, Mich.—BONDS NOT TAKEN UP BY PWA—IX is
by Clint Voorhees, Superintendent of Public Works, that the
Works Administration has not yet purchased the issue of $145,000
4% municipal electric plant system bonds.
reported
Public
DURAND, Mich.—BOND OFFERING—The City Clerk will receive
for the purchase of $30,000 4% coupon sewage
disposal system bonds.
Denom. 20 for $1,000 and 20 for $500.
Dated
Feb. 1, 1938.
Principal and semi-annual interest (Feb. 1 and Aug. 1)
payable at Durand.
Due in 1959; redeemable 1950.
Certified check for
2%, required.
bids until 7 p. m. Jan. 31,
ECORSE, Mich.—CALL FOR TENDERS— Don.
H. Beckmann, Village
Clerk, will receive until 7:30 p. m. on Jan. 25 sealed tenders of non-interest
bearing certificates of indebtedness, due Feb. 1, 1943. up to the amount of
$22,000, at prices tendered. The village will accept tenders stipulating the
lowest prices at which the owners of the certificates will sell them to the
Sinking Fund for cancellation, up to the amount of the available balance in
the fund.
HIGHLAND
PARK,
Mich .—REDEMPTION
Evans, City Controller, announces
F.
March 15,
NOTICE—Lilias
the call for redemption on
1938, at par and accrued interest, at the Manufacturers National Bank,
Detroit, of the following 4J^% sewer refunding bonds, amounting to
Financial
628
$47,000. dated Sept. 15. 1934 and due Sept. 15, 1949: Nos. 2. 4, 5, 6. 7, 8.
10. 11, 13. 15, 21, 22, 25, 26, 27, 29, 30. 31. 32. 34. 37. 38. 39. 43, 44. 45,
46, 47,49. 50, 52, 53, 55,56, 57,60, 61. 68, 70, 74,77. 81,82,83. 84, 86, 87.
HOLLAND,
Mich.—TENDERS
WANTED—Omar
Peterson,
City
Clerk, will receive written tenders before Feb. 1 for sale to the city, at not
more than par and interest to elate of payment, of up to $8,000 refunding
bonds of 1933.
Tenders to stipulate price at which the bonds are offered
for redemption.
If no tenders are received, the Common Council shall call
said refunding bonds by lot for redemption at the next interest date, being
Aug. 1, 1938.
LEVEL PARK SCHOOL DISTRICT
(P. O. Battle Creek), Mich.—
BONDS SOLD—An issue of $18,000 school construction bonds voted last
October was sold to Siler, Carpenter & Roose of Toledo.
MACOMB COUNTY
BONDS
that
CALLED
FOR
REDEMPTION— It
is
the
following refunding bonds and interest refunding
certificates, payable at the Detroit Bank, Detroit, are in accordance with
the refunding schedule called for payment Feb; 15, 1938:
Series B refunding bonds, issued Feb. 15, 1937, due Feb. 15, 1956,
numbers 6, 23, 51, 52 and 88.
Interest refunding certificates, issued Feb. 15, 1936, due Feb. 15, 1941,
numbers 40 and 65.
No further interest will be paid on the bonds and certificates other than
the Feb.
15, 1938 coupon. Interest coupons must accompany these bonds
when presented for payment.
State of—REVISION OF TAXING METHODS TO BE
DEFERRED—Members of the special tax study commission closed their
first session on Jan. 13 with the announcement that no program of tax
reform would be offered to the legislators before the next regular session
ojsjrly in 1030*
ktGov. Frank Murphy's efforts to reorganize the State government generally
had given many observers the impression he would submit tax reform
legislation as one of the major objectives for a special session likely to be
called next month.
Dr. Lent D. Upson, economist, who is Chairman of the
Tax Study Commission, said however, the commission assumed it had
until next January to survey the situation and submit recommendations.
He denied that Governor Murphy had made any mention of the special
session when appointing the commission, and indicated a comprehensive
review of the tax structure would require months.
r>.The Governor's des gnation of the Study commission and his recent
action in reorganizing the State Tax Commission have been considered the
first steps in an effort for a State income tax in Michigan.
MICHIGAN,
TROY TOWNSHIP SCHOOL DISTRICT
NO. 7, Oakland County,
Mich.—REFUNDING PLAN SUBMITTED TO STATE COMMISSION—
Matthew Carey, 2149 Union Guardian Bldg., Detroit, refunding agent,
announces that the plan for refunding the outstanding indebtedness of the
district, including $49,500 bonds, of which $12,500 are in default, and
$13,332.10 in bond interest, representing the net amount earned and ac¬
crued
to Oct. 1,
1937, has been submitted to the Michigan Public Debt
Commission under date of Jan. 11.
A total of $1,113.75 in past due interest
will be paid in cash at time of bond exchange, on the basis of $22.50
per
$1,000.
funded
Oct.
1,
Two series, designated A and B, wili be exchanged for existing
They will be general obligations, dated Oct. 1, 1937, due
1962, and callable on any interest date upon 30 days' published
debt.
The bonds will bear interest
notice.
Series A
as
follows:
Series B
2 years
2 years
2^%
2%
2 }A%
3 years......
3%
3%
2%
bonds.
Series A
3
5
10
Series B
4%
5%
5%
years
years
years
4%
5%
5j^%
Certificates of indebtedness, dated Oct. 1, 1937, due Oct. 1, 1947, noninterest bearing to maturity and 3% thereafter, will be issued to take care
of the net amount of interest due to and including Oct. 1, 1937.
The re¬
funding bonds and certificates of indebtedness will be approved as to legality
by Claude H.
Stevens of Berry & Stevens,
Manufacturers National Bank of Detroit.
Detroit.
Paying agent is the
Jan.
Bidders are to
name
rate of interest, in a
1938
22,
multiple of
not to
exceed 6%.
Denom. $1,000.
Dated Feb. 1, 1938.
Interest payable semi¬
annually.
Due Feb. 1 as follows:* $43,000, 1939 to 1947, and $48,COO,
1948.
Certified check for 2% of amount of bonds bid for, required. Approv¬
ing opinion of Calvin Hunt of St. Paul and of Thomson, Wood & Hoffman
of New York will be furnished by the county.
Delivery to be made naywhere in the United States, at purchasers' expense.
The county will
prepare and furnish the bonds at its own expense.
ROCHESTER INDEPENDENT SCHOOL DISTRICT (P. O. Roches
ter), Minn.—BOND SALE—The $50,000 issue of school bonds offered fo**
17—V. 145, p. 4002—was awarded to the First National Bank
of St. Paul, as l^s, paying a premium of $28.50, equal to 100.057, a basis
of about 1.74%.
Dated March 1, 1938.
Due from March 1, 1941 to 1943.
sale on Jan.
RUTHTON, Minn.—BONDS SOLD—It is reported that $8,000 water
of Minnesota.
(P. O. Mount Clemens), Mich.—REFUNDING
CERTIFICATES
AND
announced
Chronicle
works bonds were sold recently to the State
ST.
PAUL, Minn.—BOND OFFERING—Harold F. Goodrich, City
Comptroller, will receive bids until 10 a. m. Feb. 2, for the purchase of the
following bonds:
,
$184,000 5% sewage disposal system bonds.
175,000 5% sewage system bonds.
300,000 6% coupon airport bonds.
165,000 6% coupon public welfare bonds.
Denom. $1,000.
Certified check for 2%, required,
TOWER-SOUDAN
SCHOOL
DISTRICT
NO.
9
(P. O. Tower),
ELECTION—An election is scheduled for Feb. 7 at which
proposal to issue $170,000 school remodeling bonds will be submitted to
Minn.—BOND
a
vote.
a
TRACY, Minn.—BOND SALE—The $35,000 issue of coupon municipal
building bonds offered for sale on Jan. 17—V. 145, p. 4151—was awarded
to the First National Bank & Trust Co. of Minneapolis, as 2Mb, paying a
premium of $219.60, equal to 100.62, a basis of about 2.40%.
Dated
Dec. 15, 1937.
Due from 1938 to 1950.
MISSISSIPPI
AMORY, Miss.—BOND OFFERING—The City Clerk will receive bids
until
Feb.
1, for the purchase of
an
issue of $24,000 street improvement
bonds.
BROOKHAVEN SEPARATE SCHOOL DISTRICT (P. O. Brookhaven), Miss.—BOND SALE—The $50,000 issue of school bonds offered
National
Bank, of New Orleans, as 4s, at par, plus the expense of the approving
opinion of Charles & Trauernicht, of St. Louis, Mo.
The district is to meet
the expenses of printing and validation.
Dated Feb. 15, 1938.
Due on
March 1 as follows:
$2,000, 1939 to 1948, and $3,000, 1949 to 1958.
for sale on Jan. 18—V. 146, p. 469—was awarded to the Whitney
CANTON, Miss.—BOND OFFERING—It is stated by W. F. Prosser,
City Clerk, that he will receive sealed and auction bids until Feb. 1, at
7:45 p. m., for the purchase of a $56,000 issue of refunding bonds.
Denom.
$1,000.
Dated March 1, 1938.
Due as follows:
$1,000, 1939 and 1940;
$2,000, 1941; $4,000, 1942 and 1943; $8,000, 1944; $6,O00, 1945 and 1946;
$5,000, 1947; $6,000, 1948 and 1949, and $7,000 in 1950.
Bidders to name
the rate of interest.
Prin. and int. oayable at the office of the City Clerk.
Purchasers shall defray expense of attorney's opinion and publication of
ordinance, if required, and for printing and lithographing the bonds.
A
certified check for $1,000 must accompany the bid.
ISOLA
CONSOLIDATED
Miss.—PRICE PAID—It
is
SCHOOL
stated
by
DISTRICT
the
County
(P.
O. Belzoni),
Superintendent of
Education that the $25,000 school bonds purchased by the Citizens Bank &
Trust Co. of Belzoni, as noted here recently—V. 146, p. 308—were sold as
6s at par.
ROSE
Due from 1938 to 1957.
HILL
CONSOLIDATED SCHOOL DISTRICT (P. O. Rose
Hill) Miss.—BOND SALE DETAILS—It is now reported by the Principal
$8,000 (not $18,000), 4% semi-ann. school bonds sold
last December, as noted in these columns—V. 145, p. 4151—were purchased
by the Bay Springs Bank, of Bay Springs, at par.
of Schools that the
VERNON TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O.
Durand),
Mich.—BOND EXCHANGE—An issue of $184,000 refunding bonds, ap¬
proved by the Public Debt Commission, has been exchanged with holders
of the original bonds.
They bear interest at 4%% and 5%, dated Nov. 1,
1937, and in $1,000 denoms.
Principal and interest payable at the Detroit
Trust Co., Detroit.
Legality approved by Miller, Canfield, Paddock &
Stone of Detroit, gm
WATERFORD
STARKVILLE. Miss.—BONDS SOLD—It is stated by W. H. Utz.
City Clerk, that $7,500 4K% semi-ann. refunding bonds were purchased
recently at par by M. A. Saunders & Co., Inc., of Memphis. Legal approval
by Charles & Trauernicht, of St. Louis, Mo.
TOWNSHIP,
Oakland county, Mich.—BOND OF¬
Richardson, Township Clerk, will receive sealed bids
H. Lynch, Attorney, 710-12 Pontiac Bank
Bldg.,
Pontiac, until 2 p .m. on Jan. 27 for the purchase of $120,000 not to exceed
4% interest self liquidating water works bonds.
Denom. $1,000.
Issue
was approved by the voters.
Due Sept. 1 as follows: $2,000 from 1940 to
1942, incl.; $3,000, 1943 and 1944; $4,000, 1945 to 1958, incl.; and $5,000
from 1959 to
1967, incl.
Interest payable semi-annually.
A certified
check for $2,000, payable to the order of the Township
Clerk, must ac¬
company each
proposal.
Both principal and interest, unless otherwise
agreed upon with the purchasers, to be payable at the Community Na¬
tional Bank, Pontiac.
FERING—Carlos G.
MISSOURI
the office of James
at
WAYNE COUNTY (P. O. Detroit), Mich.—BOND ISSUE APPROVED
—The State Public Debt Commission has approved the proposed issue of
$802,000 incinerator plant construction revenue bonds to mature from 1940
to 1949, incl.
It is expected that the issue will be taken by the Public
Works Administration.
WOODSTOCK, ROLLIN, SOMERSET AND WHEATLAND TOWN¬
SHIP FRACTIONAL SCHOOL DISTRICT NO.
7, Mich.—TENDERS
WANTED—Grace L. Crofoot, Secretary, will receive tenders for $4,000 of
are to be redeemed Feb. 15. 1938.
bonds which
MINNESOTA
CLAYTON,
(P.
O. Wright), Minn.—BOND OFFERING—Mrs. Ida Peterson,
Clerk,
Board of Education, will receive bids until 8 p. m. Jan. 28 on an issue
of
$7,500 school building bonds.
Certified check for $500, required.
COSMOS, Minn.—BONDS SOLD—The $12,000 water works system
bonds recently approved by the voters have been sold to the
State of Min¬
nesota.
FILLMORE COUNTY SCHOOL DISTRICT NO. 174 (P. O.
Canton),
Minn.—BOND OFFERING—Sealed bids will be received until 8
p. m. on
Jan. 28 by Otto Jacobson, District Clerk, for the
purchase of a $30,000 issue
of refunding bonds.
Interest rate is not to exceed 3H%. payable semi¬
annually.
Denom. $1,000.
Dated Feb. 1, 1938.
Due as follows: $4,000,
1939 to 1945, and $2,000 in 1946.
Prin. and int. payable at place desig¬
nated by purchaser.
The bonds are issued for the purpose of refunding
school building bonds numbered from 46 to 75.
A certified check for
$1,500, payable to the District Treasurer, must accompany the bid.
FMADISON
SOLD
SCHOOL
DISTRICT (P. O. Madison), Minn.—BONDS
by the Superintendent of the Board of
$100,000 building bonds approved by the voters at an
last June, have been purchased by the State of
Minnesota, as
TO STATE—It is reported
Education
election
that
3s at par.
Minn.—BOND
OFFERING— F.
W.
EXCELSIOR
SPRINGS, Mo.—BONDS TO BE SOLD— In connection
LADUE, Mo.—BOND OFFERING—Sealed bids will be received until
8 p. m. on Jan. 31, by John L. Gilmore, City Clerk, for the purchase of a
$15,000 issue of fire department bonds.
Bidders to name a single rate of
interest in multiples of M of 1%, and all bids must be on forms to be
furnished by the City Clerk.
Denom. $1,000.
Dated Feb. 1, 1938.
Due
$1,000 from Feb. 1, 1939 to 1953, incl.
Prin. and int. (F. & A.) payable
at a place to be designated by the purchaser and approved
by the Board
of Aldermen.
The city will furnish the legal opinion of Charles & Trauer¬
nicht, of St. Louis, and will pay for the printing of the bonds and the
registration fee at the office of the State Auditor.
The said bonds are part
of an authorized issue of $25,000, approved by the voters on May 25.
A
$500 certified check, payable to the city, must accompany the bid.
Pacific),
CONSOLIDATED
Mo.—BOND
City
Clerk,
will receive bids until 9 a. m. Jan. 25 for the purchase at not less
than par
of $75,000 coupon general obligation water fund bonds.
Interest rate is
not to exceed 3%.
Denom. $1,000.
Dated Nov. 1, 1937.
Interest pay¬
able
May 1 and Nov. 1.
Due $5,000 yearly on Nov. 1 from 1938 to 1952,
$100, required.
The purchaser is to pay for
printing of bonds and for the legal opinion.
incl.
Certified
check
for
MILLE LACS COUNTY (P. O.
Milaca), Minn.— WARRANT OFFER¬
ING—Albert Sundberg, County Auditor, will receive bids until 2
p.
Feb.
1 for the
Denom. $1,000.
V.
146,
p.
m.
purchase of $10,000 3% county welfare fund warrants.
(This corrects a previous report given in these columns.—
469.)
RAMSEY COUNTY (P. O. St.
Paul), Minn.—BOND OFFERING—
Eugene A. Monick, County Auditor, will receive bids until 10 a. m. Feb. 7,
for the purchase at not less than par of
$435,000 coupon public welfare
SCHOOL
OFFERING—Sealed
DISTRICT
bids
will
NO.
be
3
(F.
received
O.
until
8 p. m. on Jan. 27, by E. W. Gross, Secretary of the Board of Education,
for the purchase of a $42,000 issue of coupon construction bonds.
Denom.
$1,000.
Dated Feb. 1, 1938.
Due as follows:
$1,000, 1940 and 1941;
$2,000, 1942 to 1949, and $3,000, 1950 to 1957.
Prin. and int. (F. & A.)
payable at a place to be designated by the successful bidder.
These bonds
were approved by the voters at an election held on
April 20, 1937. Legality
approved by Charles & Trauernicht, of St. Louis.
A certified check for
$1,000 must accompany the bid.
TWO MILE CREEK SANITARY SEWER DISTRICT (P. O.
Ladue),
Mo.—BONDS SOLD—The $73,000 issue of coupon sewer construction bonds
on Dec. 28, the sale of which was
postponed indefinitely,
as noted in these columns—V.
146, p. 140—has been purchased as 3s by
Francis Bro. & Co. and Crago, Hitchcock & Co., both of St. Louis,
jointly.
Due serially from Feb. 1, 1940 to 1958, inclusive.
scheduled for sale
MONTANA
SANDERS COUNTY SCHOOL DISTRICT NO. 9 (P. O.
Dixon),
Mont.—BONDS VOTED—It is reported by the Clerk of the Board of Edu¬
cation that at the election held oh Jan. 15—V. 146, p. 470—the voters
ap¬
proved the issuance of the $15,000 in not to exceed 6% gymnasium con¬
struction bonds by a count of 46 to 10.
TOOLE
offered
Bates,
2^%
by the Public Works Administration, as noted in these columns recently
—V. 146, p. 470—it is stated by the City Clerk-Collector that the bonds
will be purchased by the PWA.
COUNTY
Mont.—BONDS
FMANKATO,
$44,000
with the loan of $52,000 for development of mineral water springs, approved
V
GILBERT, Minn.—BONDS SOLD—It is reported by the Village^Clerk
that $18,000 warrant funding bonds have been
purchased by the Village
Fire Department Relief Association.
that
Charles & Trauernicht, of St. Louis.
PACIFIC
CARLTON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 11
Mo.—BONDS SOLD—It is reported
semi-ann. city hall addition bonds have been purchased by the Boatmen's
National Bank of St. Louis.
Dated Dec. 15, 1937.
Legal approval by
on
Jan.
SCHOOL DISTRICT NO.
14 (P. O. Shelby),
NOT SOLD—The issue of $35,000 construction bonds
14—V.
145,
p.
4003—was not sold.
The
bonds
will
be
readvertised.
NEBRASKA
PAWNEE COUNTY
At
an
ance
election held
of
$95,000 in
on
(P. O. Pawnee City),
Neb.—BONDS VOTED—
are said to have approved the issu¬
semi-annual refunding bonds by a substantial
Jan. 11 the voters
3H%
margin.
PLATTE VALLEY PUBLIC POWER AND IRRIGATION DISTRICT
(P.
O.
North Platte), Neb.—PWA ALLOTMENT DETAILS NOT
connection
with the report given in these columns
recently that the Public Works Administration had approved an allotment
of $1,061,000 in a supplemental loan to the above district—V. 146, p. 470
—it is stated by the District Secretary that the loan and grant agreement
has not as yet been received from Washington and no information is avail¬
AVAILABLE—In
able with reference to the amounts and maturity dates of the bonds. <
Volume
629
Chronicle
Financial
146
$24,755.42."A certified check for $520, payable
to the order of the township, must accompany each proposal. The approving
legal opinion of Reed ,|Hoyt <fc Washburn of New York, City will be] furnished
bonds must not be less than
HAMPSHIRE
NEW
GRAFTON COUNTY (P. O. Plymouth), N. H.—OTHER BIDS— The
$200,000 tax anticipation notes awarded to the National Shawmut Bank of
Boston, at 0.39% discount, as previously reported in these columns—
V. 146, p. 470—were also bid for as follows:
the successful bidder
SALE—The issue of $150,000 coupon
146, p. 471—
at par plus
a premium of $253.50, equal to
100.169, a basis of about 3.71%.
Dated
Jan. 15, 1938 and due Jan. 15 as follows: $19,000 from 1939 to 1944 incl.,
and $18,000 in 1945 and 1946.
Other bids reported were:
Bidder—
Int. Rale
Rate Bid
Schlater, Noyes & Gardner, Inc., and MacBride,
Miller & Co., Inc.. jointly
4%
100.26
J. S. Rippel & Co
---4%
100.14
H. B. Boland & Co
4M%
100.07
H. L. Allen & Co
4y2%
100.63
WEST NEW YORK, N. J.—BOND
or
0.40%
0.40%
0.42%
0.469%
0.52%
0.54%
Mansfield & Co. (plus $2 premium)
Merchants National Bank of Boston
E. H. Rollins & Sons, Inc
Lincoln R. Young &
Co.
Jackson & Curtis
First National Bank of Boston
NASHUA, N. H.—LOAN OFFERING—Bids will be received until 10 a.m.
$150,000 notes, payable $100,000
Jan. 26 for the purchase at discount of
Dec. 2 and $50,000 Dec. 15, 1938.
on
NEW
WEST ORANGE, N. 3—BOND SALE—A group composed of J. S.
Rippel & Co., Newark, the First National Co. of Trenton and Dougherty,
& Co. of Philadelphia
was the successful bidder at the offering
Jan. 18 of $233,000 coupon or registered sewer funding bonds of 1938.
The bankers purchased $231,000 bonds, naming an interest rate of 3% and
bid a price of $233,663.19, equal to 101.152, a basis of about 2.89%.
The
bonds are dated Feb. 1, 1938 and mature Feb. 1 as follows:
$15,000 from
JERSEY
Corkran
BRIDGETON, N. J.—PBOPRETY VALUATIONS HIGHER—Frank
Wallace, Secretary of the Cumberland County Tax Board, announced
Jan. 13 that there is a $214,000 gain in Bridgeton valuations for assessment
F.
purposes.
The Bridgeton
registered emergency relief bonds offered on Jan. 18—V.
awarded to B. J. Van Ingen & Co., Inc., New York, as 3
was
Discount
Bidder—
board of assessors has fixed the assessment
of the land
$3,582,510 and the valuation of buildings at
$7,324,150. Assessment on personal property has been placed at $2,926,305.
The total upon real and personal property is $13,815,965.
Amounts of
exempt taxes are:
Personal, $524,875; general exemption, $420,050, and
soldiers* exemption, $104,825.
within the city's bounds at
N. J .—BOND OFFERING—Louisa M. Woolson,
Borough Clerk, will receive bids until 8 p. m. Feb. 11 for the purchase at
not less than par of $12,900 coupon, registerable, general refunding bonds.
Bidders are to specify rate of interest, in a multiple of M %, but not to
exceed 5%.
No more bonds will be awarded than will produce a sum equal
to the amount of the issue plus an additional $1,000.
Denom. $1,000.
Dated Nov.
1, 1937.
Principal and semi-annual interest (May 1 and
Nov. 1) payable at the Merchants National Bank of Cape May.
Due
$2,000 yearly on Nov. 1 from 1939 to 1959.
Certified check for 2% of
amount of offering, payable to the Borough, required.
The bonds will be
valid and legally binding obligations of the Borough of Cape May Point,
and the Borough will have power and be obligated to levy ad valorem taxes
upon all the taxable property within the Borough for the payment of the
bonds and interest thereon without limitation as to rate or amount.
The
opinion of Hawkins, Delafield and Longfellow, of New York City, to this
effect, will be furnished to the successful bidder.
(The above sale was originally scheduled to be held on Jan. 14.)
CAPE MAY POINT,
Other bids reported were:
1943 to 1957 incl., and $6,000 in 1958.
No. Bds. Bid For Int. Rate
Bidder—
Colyer, Robinson & Co., Inc., and R. W.
Pressprich & Co., jointly
231
Phelps, Fenn & Co. and First of Michigan
Corp., jointly
231
H. L. Allen & Co.; Minsch, Monell & Co.,
Inc., and C. C. Codings & Co., jointly. 232
Kean, Taylor & Co.; Van Deventer, Spear
& Co., and Morse Bros. & Co., Inc.,
jointly
■:
233
Shields & Co.; Edward Lowber Stokes &
& Co.,
and John B. Carroll & Co.,
FORT
N.
LEE,
INCREASE
J.—SUGGESTS
IN PAYMENT ON
JUDGMENT—Borough Attorney Covinato is reported to have indicated
that the municipality will be able to make a larger payment in 1938 on a
judgment held by a group of bondholders.
Under an order
States District Judge William Clark at Newark on Dec.
issued by United
13, the borough
required to make annual payments toward liquidation of the judgment,
than $900,000 in principal and interest.
Although
the 1938
instalment was fixed at $34,555.48, the Borough Attorney is
stated to have asked that it be increased to $37,920.
is
which amounts to more
FORT LEE, N. J .—TAX
COLLECTIONS—The minutes of the Muni¬
cipal Finance Commission meeting of Jan. 7 contained the following informa¬
tion on tax collections by the Borough:
Collections of 1937 taxes for the year amount to $343,620.67 or 56.58%
of the 1937 levy of $607,370.67.
Collections of 1936 taxes in 1936 amounted
to $333,452.39 or 53.87% of the levy of $618,935.82.
Total collections of 1936 taxes now amount to $408,410.94 or 65.99%
of the levy of $618,935.82.
Total collections of 1935 taxes now
of the levy
with
amount to $461,538.85 or
1937 amounted to $88,867.71 as compared
$76,277.92 in 1936.
Collections of assessment
title liens in 1937 were
$18,761.17 as compared
1936.
receivable in 1937 were $12,745.66 as
$15,952.79 collected in 1936.
with $28,484.72 collected in
Collections of assessments
with
69.57%
of $663,443.26.
Collections of tax title liens in
compared
TOWNSHIP SCHOOL DISTRICT (P. O. Millburn).
N. J.—BOND SALE—The issue of $98,000 2%% school bonds offered
Jan. 14 by the State Teachers' Pension and Annuity Fund was awarded to
Dick & Merle-Smith of New York, at 103.35, a basis of about 1.97%.
Dated Dec. 1, 1937 and due Dec. 1 as follows:
$12,000 from 1938 to 1944,
incl. and $14,000 in 1945.
Principal and interest (J. & D.) payable at the
First National Bank of Millburn.
Legality approved by Hawkins, Dela¬
field & Longfellow of New York City.
MILLBURN
PALMYRA, N. J.—BOND SALE—The
reported
wood of
issue of $48,500 4% refunding
previously
in these columns—V. 146, p. 471—was sold to Hendricks & East¬
Philadelphia.
Dated Nov. 1, 1937 and due Nov. 1 as follows:
approved by the State Funding Commission, as
$5,000 from 1938 to 1946
incl. and $3,500 in 1947.
PENNSAUKEN TOWNSHIP (P. O. Merchantville), N. 3.—NOTES
SOLD—An issue of $40,000 3^% tax anticipation notes was sold to a
local bank.
The notes mature in three months.
N. 3.—BOND OFFERING—W. W. Schwab, Director of
until 10:30 a. m. Feb. 18, for the purchase at not
less than par of $273,000 coupon, registerable as to principal only or as to
both principal and interest, bonds.
The bonds are divided into three issues
TRENTON,
Finance, will receive bids
as
follows:
improvement bonds.
Due Jan. 15 as follows:
1942 to 1948.
improvement bonds.
Due $1,009 yearly on Jan.
$77,000 general
$7,000,
1939 to 1941, and $8,000,
16,000 sewer
1939 to 1954.
15 from
„
180,000 emergency relief bonds.
Due Jan.
to 1942, and $22,000, 1943 to 1946.
15 as follows:
$23,000, 1939
$1,000.
Dated Jan. 15, 1938.
Principal and semi-annual
interest (.Jan. 15 and July 15) payable at the Broad Street National Bank,
in Trenton, or at the City Treasurer's office, at option of holder.
Bidders
are to specify a single rate of interest for all the bonds, in a multiple of
Denom.
K%. but not to exceed 6%.
Bidders are to consider
the total price to be paid not to
of bonds as one issue,
$274,000.
Certified
Approving opinion of
by the county.
the total amount
exceed the sum of
city, required.
check for $5,460. payable to the
Reed, Hoyt & Washburn of New York
WASHINGTON TOWNSHIP
OFFERING—Joseph A. Beuerlein,
will be furnished
(P. O. Westwood), N. J.—BOND
Township Clerk, will receive sealed
of $26,000 not to exceed
registered general refunding bonds. Dated Dec. 1,
1 as follows: $1,000, 1938 to 1942 incl.
from 1948 to 1950 incl. Rate of interest
to be expressed in a multiple of }4 of 1%.
Principal and interest (J. & D.)
payable at the Hillsdale National Bank, Hillsdale. The price bid for the
bids until 8:15 p. m. on
Jan. 25 for the purchase
4% interest coupon or
1937. Denom. $1,000. Due Dec.
$3,000, 1943 to 1947 incl.; $2,000
100.65
3%
100.30
3%
3%
100.12
100.04
3)4%
101.80
3)4%
101.06
3)4%
3)4%
100.63
3)4%
100.27
........
.........
.
100.40
Noyes & Gardner, Inc.; C. A.
Preim & Co., and C. P. Dunning & Co.,
Schlater,
233
MEXICO
NEW
TUCUMCARI, N. M.—BONDS CALLED—'The City Treasurer is said
to be calling for payment Nos. 51 to 75, of PavingiDistrictjNo. 2, series B
bonds.
NEW YORK
N. Y.—APPROVES BOND ISSUE— The Common Council
the way for the city's winter and
spring Works Progress Administration program.1^
ALBANY,
has voted to issue $150,000 bonds to pave
CALLICOON,
BETHEL,
DELAWARE,
FREMONT, COCHECTON
SCHOOL DISTRICT NO. 1 (P. O. Jcffer-
AND LIBERTY CENTRAL
sonville), N. Y.—BOND OFFERING—Robert Mann, District Clerk, will
receive bids at the law office of William Deckelman in Jeffersonville until
1 p. m. Jan. 25 for the purchase at not less than par or $229,625 coupon,
fully registerable, general obligation, unlimited tax, school building bonds.
Bidders are to specify rate of interest, in a multiple of )4 or 1-10% , but not
to exceed 5%.
Denom. $1,000, except one for $625. Dated Dec. 1, 1937.
Principal and serai-annual interest (June 1 and Dec. 1) payable at the
First National Bank of Jeffersonville, in Jeffersonville, with New York
exchange. Due on June 1 as follows: $7,625 in 1940; $7,000, 1941 and 1942;
$8,000, 1943 to 1949; $9,000, 1950 to 1957; and $10,000, 1958 to 1965.
Certified check for $4,600, payable to William von Berg, District Treasurer,
required.
Approving opinion of Clay, Dillon & Vandewater of New York
will be furnished by the district.
CATTARAUGUS
COUNTY
(P.
O. Salamanca), N. Y.—BOND
L. Farnham, County Treasurer, will receive bids until
OFFERING—R.
Jan. 28 for the purchase at not less than par of $56,000 coupon,
general obligation, unlimited tax, county home bonds.
are to specify rate of interest, in a multiple of )4% or 1-10%,
but not to exceed 5%.
Denom. $1,000.
Dated Feb. 15, 1938.
Principal
and semi-annual interest (Feb. 15 and Aug. 15) payable at the Salamanca
Trust Co., Salamanca, with New York exchange.
Due Feb. 15 as follows:
$7,000, 1939; $9,000, 1940; and $10,000, 1941 to 1944.
Cert, check for
$1,120, payable to the County, required.
Approving opinion of Clay,
Dillon & Vandewater of New York will be furnished by the county.
2 p. m.
fully registerable,
Cold Spring), N. J.—BOND OFFERING
—Bertram Snyder, Township Clerk, will receive bids until 8 p. m. Jan. 27
for the purchase at not less than par of $35,090 coupon, registerable,
general refunding bonds.
Bidders are to specify rate of interest, in a mul¬
tiple of M %, but not to exceed 5%.
No more bonds will be awarded than
will produce a sum equal to the amount of the issue, plus an additional $1,000.
Dated Nov. 1, 1937.
Denom. $500.
Principal and semi-annual interest
(May 1 and Nov. 1) payable at the Merchants National Bank of Cape May.
Due Nov. 1 as follows: $1,500, 1939 to 1960, and $2,000, 1961.
Certified
check for 2% of amount of issue, payable to the township, required.
The bonds will be valid and legally binding obligations of the Township
of Lower, and the Township will have power and be obligated to levy ad
valorem taxes upon all the taxable property within the township for the
payment of the bonds and interest thereon without limitation as to rate
or amount.
The opinion of Hawkins, Delafield & Longfellow of New York
City, to this effect will be furnished to the successful bidder.
(The above
sale was originally scheduled to be held on Jan. 26.)
LOWER TOWNSHIP (P. O.
bonds recently
100.87
3%
Halsey, Stuart & Co., Inc
233
Bancamerica-Blair Corp., and B. J. Van
Ingen & Co., Inc., jointly
229
E. H. Rollins & Sons, Inc.; A. C. Allyn &
Co., Inc.; MacBride, Miller & Co., and
Milliken& Pell, jointly.............. 231
H. B. Boland & Co
232
M. M. Freeman & Co.
233
jointly
DUMONT, N. J.—BOND SALE DETAILS—The $18,000 5% public
improvement and sewer assessment bonds reported sold in these columns
last December, were purchased by the Dumont National Bank.
Due Oct. 1
as follows:
$1,000, 1938; $2,000 from 1939 to 1945 incl. and $1,000 from
1946 to 1948 incl.
100.899
3%
233
jointly...
Rate Bid
3%
-.-
Bidders
(P. O. Tuckahoe), N. Y.—CERTIFICATE SALE
$100,030 1% certificates of indebtedness sold to the
New York, as previously reported in these columns—
471—mature May 3, 1938.
EASTCHESTER
DETAILS—The
National City Bank of
V. 146, p.
STAFFORD,
BATAVIA,
ELBA,
TRAL
SCHOOL
DISTRICT NO.
OFFERING—Ernest C. Day, District
Jan. 27 for the purchase at not less
registerable,
unlimited
obligation,
general
OAKFIELD AND BYRON CEN¬
1
(P. O. Elba). N. Y.—BOND
Clerk, will receive bids until 2 p. m.
than par of $210,000 coupon, fully
tax,
school
building
bonds.
of interest, in a multiple of )4% or 1-10%,
5%.
Denom. $1,000.
Dated Feb. 1, 1938.
Principal
and semi-annual interest (Feb. 1 and Aug. 1) payable at the Bank of Elba,
Jn
Elba, with New York exchange, or at the Chase National Bank in
New York, at holder's option.
Due Feo. 1 as follows: $6,000, 1941 to
1946; $7,000, 1947; $8,000, 1948; $9,000, 1949 to 1955; $8,000, 1956 to
1960, and $7,000, 1961 to 1968.
Certified check for $4,000, payable to
Clarence F. Dilcher, District Treasurer, required.
Approving opinion of
Bidders
are
to specify rate
but not to exceed
Clay, Dillon & Vandewater
of New York will be furnished
by the district.
ELMIRA, N. Y.—BOND SALE—The $85,000 coupon or registered debt
equalization bonds offered on Jan. 19—V. 146, p. 471—were awarded to
C. F. Childs & Co. of New York as 1.20s, at par plus a premium of $33,
Feb. 1,1938.
equal to 100.038, a basis of about 1.24%.
Dated
as follows: $20,000, 1940; $25,000, 1941 and $20,000
Other
Due Feb. 1
in 1942 and 1943.
bids:
Int. Rate
Bidder—
Washburn & Co., Inc
Salomon Brothers &
-
-
Hutzler.__
— ....
Jackson & Curtis—
State Bank of Albany..
First National
Bank & Trust Co.
Harris Trust & Savings
Bank
Shields & Co
Chemung Canal Trust Co
Sherwood & Reichard
Manufacturer & Traders Trust
Kean, Taylor & Co
J. & W. Seligman & Co.
Premium
1.20%
—
Halsey, Stuart & Co., Inc..
Wood, Struthers & Co.
—-----
Co
— -
$22.10
1.25%
1.25%
85.00
72,00
34.00
1.25%
1.25%
1.40%
—
1.40%
1.40%
i— 1.40%
1.40%
1.50%
1.50%
1.50%
1.50%
-
1.90%
C. F. Herb & Co
26.00
200.00
*50.45
107.10
200.00
110.50
28.00
237.15
N. Y.—BONDS VOTED—At a recent election the
approved the issuance of $25,000 bonds for construction of a new
Work will begin in the spring.
FAYETTEVILLE,
voters
village hall.
HUNTINGTON
UNION FREE SCHOOL
DISTRICT NO. 3 (P. O.
Huntington), N. Y.—BOND SALE—George I>. McKay, District Clerk,
sealed bids until 2 p. m. on Jan. 28 for the purchase of $412,500
not to exceed 6%
interest coupon or registered school building bonds.
Dated Feb. 1, 1938. One bond for $500, others $1,000 each.
Due Feb. 1
as follows: $10,000,
1941 $12,500 in 1942, and $15,000 from 1943 to 1968
incl.
Bidder to name a single rate of interest, expressed in a multiple of
or 1-10 of 1%.
Principal and interest (F. & A.) payable at the Bank of
Huntington & Trust Co., Huntington, or at the Corn Exchange Bank
Trust Co., New York.
A certified check for 2% must accompany each
will receive
&
The approving legal opinion of Hawkins,
York City will be furnished the successful
proposal.
of New
Delafield & Longfellow
bidder.
mm
Financial
630
GREENE
COUNTY
(P.
O.
Cat.kill),
N.
Y.—OTHER
Chronicle
Manufactures
Traders
&
119933765
also bid for as follows:
Int. Bote
Bidder—
Salomon Bros. & Hutzler
Premium
2.30%
Trust
Co.
and
$340.00
2.30%
37.80
2.40%
2.40%
678.00
638.00
Kean,
Taylor & Co., jointly
Stranahan, Harris & Co. and C. F. Herb & Co.,
jointly
Barr Bros. & Co., Inc..
Halsey, Stuart & Co., Inc
Bancamerica-Blair Corp. and Goldman, Sachs & Co.,
jointly
Sherwood & Reichard and Kldredge & Co., jointly—
George B. Gibbons & Co., Inc. and Roosevelt &
Weigold, Inc
Phelps, Fenn & Co., Inc
B. J. Van Ingen <fc Co., Inc. and Minsch, Monell &
Co., Inc., jointly
2.40%
including the bonds advertised for sale, is $15,380,000.00. The population
total debt above stated does
having power to levy taxes
upon any or all of the property subject to the taxing power of the county.
This county operates under the county law of the State of New York and
particularly plan B as specified in Article 2-A thereof.
of the county (1930 census) was 423,881.
The
not include the debt of any other subdivision
72.00
798.00
2.50%
2.60%
678.00
680.00
_
2.70%
1,134.00
The amount of such taxes uncollected at the end of each
1935.
AGENCY
above
TO
units
jurisdiction
man
BE
CREATED—A
bill providing for consolidation of the
creation of a single quasi-governmental
agency to
operation of the facilities now under their respective
introduced in the State Assembly on Jan. 18 by Assembly¬
and
control
assume
the
and
was
Robert J. Crews of
Commissioner
Brooklyn, N. Y.
The measure, sponsored by Park
Robert
Moses, is designed to increase administrative effi¬
in the conduct of the affairs of the presently inde¬
to facilitate the completion of other improvements
proposed by Mr. Moses. The new authority to be created would be known
as the New York City Parkway Authority, with Mr. Moses as
Chairman
and sole member.
The latter occupies a similar dual role for each of the
existing agencies.
The proposal is expected to be placed in effect shortly
in view of the fact that the enabling measure has
already been approved
by the Assembly, Similar action is assured by the Senate as Mayor Fiorello
II. LaGuardia, who also favors the move, had requested an
emergency
message from Governor Lehman to insure early ratification of the bill.
The proposed New York City Parkway Authority would be
empowered
to issue up to $18,000,000 bonds for the purpose of
taking up the existing
ciency and
pendent
economy
bodies
and
bonds of the Marine Parkway Authority and the Henry Hudson
Parkway
Authority and to finance additional improvements.
In view of the fact
that the bonds now outstanding contain a callable feature, no
difficulty in
that respect is anticipated. The Marine agency has
outstanding $6,000,000
4M% bonds, due in 1960 and callable at any interest date on not less than
30 days notice at a varying scale of prices. The initial call price is 104
up to
and including Dec.'l, 1940.
The debt of the Henry Hudson agency com¬
$3,100,000 4s, due in 1955 and redeemable up to and including
April 1, 1940 at a price of 103; also $2,000,000 series B 3Ms, due in 1955,
with a call provision providing that a price of 102.50 is effective if
redemption
is made on or before April 1, 1940.
This latter issue, incidentally, was
offered privately last year, at par, with holders of the 4s
being accorded
preferential subscription rights.
The new bond issue of $18,000,000 is expected to be underwritten
by the
same banking group which handled the
financing of the existing units in the
original instance.
It includes B. J. Van Ingen & Co., Inc.; Stranahan,
Harris & Co., Inc.; Schoellkopf, Ilutton &
Pomeroy, Inc. and James H.
Causey & Co., Inc. We quote in part as follows from a memorandum which
accompanied introduction of the oill:
"This bill is designed to provide a method of financing the cost of
widening
Beach Channel Bridge on Cross Bay Boulevard in the
Borough of Queens
and of constructing a parkway between Cross
Bay Boulevard and the
boardwalk on Rockaway Beach and an ocean
parkway parallel to the
boardwalk with incidental beach and park improvements.
By the pro¬
visions of the new City Charter,
Rockaway Beach is placed under the juris¬
diction of the Department of Parks.
—
-
YORK, N. Y.—NOTE SALE—The Bank of The Manhattan Co.
Thalmann & Co., both of New York, jointly, submitted
bid for the $22,500,000 temporary obligations which were
Laden burg,
successful
as
stated below:
$10,000,000 bond anticipation notes at 0.28% interest.
Dated Jan. 21,
1938 and due in 90 days.
7,500,000 special revenue bills at 0.25%,
Dated Jan. 21, 1938 and due
in 90 days.
5,000,000 tax notes at 0.65%.
Dated Jan. 21, 1938 and due in one year.
The successful bidders only made public reoffering of the one-year issue,
this being priced to yield 0.45%.
The sale, result of which was described
by Comptroller McGoldrick as very gratifying, attracted a large number
temporary relief to the taxpayers
MARINE PARKWAY AUTHORITY-HENRY HUDSON PARKWAY
-
-
$22.50 for the issues to bear interest
LONG BEACH, N.
Y.—PLANS TO REFUND 1938 TO 1942 MA¬
TURITIES—Holders of general and water bonds maturing from 1938 to
1942 incl. are advised that the City Council has been influenced by existing
AUTHORITY, N. Y.—UNIFICATION OF UNITS PROPOSED—NEW
-
offered at public sale on Jan. 21 by City Comptroller Joseph D. McGoldrick.
The accepted tender was an all or none tender of par and a premium of
price of par plus a premium of $5, equal to 100.10, a basis of about
2.46%, in purchasing on Dec. 21 an issue of $5,000 '2lA% site purchase
bonds, as reported in these columns at that time.
financial conditions to grant
—
-
—
NEW
and
by A. C. Allyn & Co., Inc., New York.
a
and
of such fiscal
$1,652,862.82
1,653,172.68
1,337,252.04
—
collection,
1940 to 1942 incl.
Second high bid of par and a premium
by extending the time for payment of certain obligations for a reasonable
period, pending improvement of such conditions.
In this connection, it is
announced that the Manufacturers & Traders Trust Co., Buffalo, and the
South Shore Trust Co. of liockville Centre, have been engaged as fiscal
agents to assist the city in the matter of refunding. A financial study and a
copy of the refunding ordinance together with other relevant data will be
made available to interested persons upon application to Mr. Joseph E.
Chambers, Vice-President of the Manufacturers & Traders Trust Co.,
Buffalo, N. Y.
.u.-.
-
-
The amount of county taxes levied for the current fiscal year commencing
Jan. 1, 1938, is $10,539,583.17, which taxes are now in the process of
LIBERTY UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Liberty),
Y.—BOND SALE DETAILS—The Sullivan County Bank of Liberty
social
-------
years, was:
the
N.
-----
-
------
-
$8,359,683.92
8,644,108.14
10,575,724.25
-
-
1936..
Each issue is dated Jan. 1. 1938.
paid
Tax Data
—
1937.
100.13, a basis of about 2.47%, The sale consisted of:
$55,000 street improvement bonds.
Due July 1 as follows: $5,000 from
1938 to 1942 incl. and $6,000 from 1943 to 1947 incl.
18,000 street equipment bonds. Due July 1 as follows: $3,000 in 1938 and
of $173 for 2.90s was made
•
The total amount of taxes levied for the preceding three fiscal years, is:
KENMORE, N. Y.—BOND SALIC—The $73,000 coupon or registered
bonds offered on Jan. 20—V. 146, p. 471—were awarded to the Buffalo
Savings Bank of Buffalo as 2^s, at par plus a premium of $100, equal to
1939 and $4,000 from
Financial Statement
The assessed valuation of the property subject to taxation in the County
Monroe is $766,731,272.00.
The total bonded debt of the county,
of
576.00
2.40%
2.50%
1938
22,
Principal and interest (F. & A. 15) payable at the Union Trust Co., Roches
ter, or at the Marine Midland Trust Co., New York.
The bonds are general
obligations of the county, payable from unlimited taxes.
A certified check
for $7,000, payable to the order of the county, must accompany each
proposal.
The approving legal opinion of Clay, Dillon <fc Vandewater of
New York will be furnished the successful bidder.
BIDS—The
$200,000 2.20% county home and bridge bonds awarded to Brown Harriman
& Co., Inc., New York, at par plus a premium of $1,319.80, equal to
100.6599, a basis of about 2.17, as previously reported in these columns—
V. 146, p. 471—were
Jan.
of other tenders, as follows:
The National City Bank
of New York, in account with First National
York,
Lazard Freres & Co., Darby & Co., F. S. .Moseley
Co., Baker, Weeks & Harden, and Dominick & Dominick bid as follows:
or none of the $22,500,000 at
0.60%, a premium of $1,063.36; for
all or any of the issues toe bid was par for $10,000,000 at
0.45%, $7,500,000
at 0.45%, and $5,000,000 at 0.70%.
The group also made a tender for
the single issue of $5,000,000, naming an interest rate of 0.62% and premium
Bank of New
&
1
For all
of$110.
The Chase National Bank of New York, in account with Brown Harriman
& Co.
Inc.
Salomon Bros. & Hutzler and R. W. Pressprich & Co.
bid
10-.0U29 for all or nons, with $17,5,0,jO0 at 0.55% and $5.0u0,000 as
0.50s.
In bidding for all or any of the issues the offer was par for $17,500,000 0.5 js and $5..,00,.) 0 0.60s.
The Chemical Bank & Trust Co. and C. J. Devine & Co., both of New
York, bid only for all or none, offering a total premium of $14 for the two
issues aggregating $17,500,000 at 0.40%, and a premium of $11 for the
issue of $5,000,000 as 0.70s.
In addition to the foregoing, the following other bids were made
solely
for the $5,000,000 one-year loan:
Bidder—
Int. Rate
First Boston Corp._
Dick & Merle-Smith
Barr Bros. & Co., Inc
_____
-
x
Halsey, Stuart & Co., Inc
Goldman, Sachs & Co. and associates
Smith, Barney & Co
..1
x
Other
Rollins
&
members
Sons,
this
of
Inc.,
-----
__
0.54%
0.60%
0.65%
0.66%
0.68%
0.68%
Premium
$117.00
159.00
17.00
116.00
140.00
5.00
account
Hemphill,
were:
Gregory & Sons, Inc., E. H.
Noyes & Co., Bacon, Stevenson & Co.,
Coffin & Burr, Inc., J. H. Hynson & Co., Morse Bros. & Co., Inc., Edward
Lowber Stokes & Co., Equitable Securities Corp., Mississippi Valley Trust
Co. and Schlater, Noyes &
Gardner, Inc.
(The official advertisement of the public offering for subscription of the
$5,000,000 notes, will be found in the advertising section of this issue, on a
preceding page).
prises
.
"The Commissioner of Parks had a survey made of the condition
of this
beach which indicated it was too narrow,
overcrowded,
commercially
exploited, and that there were insufficient traffic approaches to take care of
present needs, and that traffic was bound to increase.
The Commissioner
recommended to the Mayor that certain improvements should be
made at
once and suggested that the main Cross
and made
Bay Boulevard bridge be widened
a
toil structure.
"The most serious problems on the
Rockaway Peninsula are lack of
sufficient traffic arteries, lack of parking spaces, the narrowness of
the
beach area and the danger from erosion. The
present dilapidated buildings
adjoining the boardwalk and the crowded old frame tenements and
rooming
houses on the streets leading to the
boardwalk, are a fire and health menace.
Street congestion is so bad at times that fire
apparatus answering alarms is
brought to a standstill.
"At the request of the Borough President of
Queens, funds were made
available to the former Department of Plant and Structures for
the making
of plans for the widening of Beach Channel
bridge on Cross Bay Boulevard
but no ordinary city funds were made available or are in
sight for actual
construction.
.
continue to
pay a somewhat higher charge.
It is further
these two projects the Henry Hudson
proposed to
combine with
Parkway now under the jurisdiction
Parkway Authority.
This will centralize in one
the Henry Hudson
administration all the authorities in New York
City which
control of the Commissioner of
Parks, resulting in increased
or
are
under the
administrative
efficiency and economy.
Furthermore, the income from Henry Hudson
Parkway has exceeded all expectations and by combining it with the other
projects, the amount of money necessary for the additional
improvements
can be borrowed at
advantageous interest rates.
The City of New York
will also be required to make a contribution for
additional land.
The arrangements for the necessary
financing have already been discussed
with investment banking firms and will
proceed promptly on the passage
of this Act so that actual construction of
improvements can
begin in the
spring.
"
COUNTY
(P.
O.
Rochester),
N.
Y.—BOND OFFERING
—Clarence A. Smith, Director of Finance, will receive
sealed bids until
11 a. m. on Jan. 26, for the purchase of
$359,000 not to exceed 4% interest
registered improvement bonds, the proceeds of which will be
share of the cost of the projects undertaken by
Progress Administration.
Dated
Feb.
15, 1938.
Denom
$1,000.
Due $35,000 on Feb. 15 from 1939 to 1948, incl.
Bidder to name
a single rate of
interest, expressed in a mutliple of X or l-10th of
coupon
or
used to finance the county's
the
$364,453,700, is governed by the State Legislature, Harold Riegelman,
delegate to the Constitutional Convention, in an address on Jan. 19 as¬
serted "that return to the city of full control of its finances would be pressed
before the Constitutional Convention, meeting in April."
He declared that the salaries of school teachers should be brought under
as are the salaries of other municipal employees.
Opposition
voiced to further referendums for pay increases.
Mr. Riegelman dis¬
city control,
was
closed that in New York alone of all cities in the State the salary rates,
fixed prior to March 1931 for school teachers, cannot be reduced
by either
the city or the Board of Education, but only by the Legislature.
NEW YORK, N. Y.—$2,677,000 BONDS OFFERED FOR INVEST¬
MENT—The Equitable Securities Corp. of New York is offering for public
investment, subject to prior sale or change in price, a block of $2,677,000
2 X % city bonds to yield as follows:
Matury
{Dec. 1)
Amount
$343,000
483,000
548,000
583,000
Matury
Yield
1944
2.10%
2.20%
2.30%
2.40%
1945
1946
1947
Amount
$400,000
310,000
6,000
4,000
{Dec. 1)
Yield
1948
2.50%
2.60%
2.70%
2.75%
1949
1950
1951
NEW
YORK, N. Y.—YEAR END CASH BALANCE OF $83,424,312
—New York City had a cash balance of $83,424,312 on Dec.
31, 1937,
according to a statement issued Jan.
16
by Comptroller Joseph D.
The financial summary for 1937 showed that the city's total
McGoldrick.
income
during
borrowed
and
During
from
tax
These
revenue
and the
the year was $1,398,131,057, of which $614,700,000
$783,431,057 was derived from other revenues.
bills
were
issued in
revenue notes were
tax levies
was
1937 the city spent $335,113,704, and set aside $142,391,499
receipts as pledged funds to redeem revenue bills and notes.
anticipation of the 1937 tax collections
redeemable from the collections of 1936 and the
of earlier years.
Comptroller McGoldrick prepared a table analyzing the city's revenues
$783,431,057 from taxes and other income producing sources.
Real
taxes of $432,267,190 topped the list.
Water rates brought in
$37,460,914; special taxes, such as motor vehicle, mortgage, income and
corporation
taxes,
$28,746,914; assessments,
$27,031,826; dock rents,
franchises, privileges and licenses, $18,853,353; liquor tax, $11,784,518;
of
estate
To the west of Cross Bay Boulevard is Marine Parkway Bridge under the
jurisdiction of Marine Parkway Authority, on which a
charge of 15 cents is
made for each pleasure car and
higher rates for each truck crossing the
bridge.
It is proposed to combine these two arteries under one
Authority
and charge a toll of 10 cents per
passenger car on Cross Bay Boulevard and
reduce the Marine Parkway Bridge toll to 10 cents. Trucks
will
MONROE
NEW YORK, N. Y.—FULL CONTROL OF CITY FINANCES TO BE
URGED—Declaring that 70% of New York City's payroll, or $257,228,000
of
Works
1%.
from other sources,
The interest
from
on
$13,074,315.
taxes, assessments and water rates was $10,372,686 and
$71,677,514 was derived.
Special fund receipts
aggregated $36,750,502.
From the State, for schools and a share of relief
expenditures, $95,411,325 was obtained.
Of the $335,113,704 spent during the year, $527,544,792 was paid from
appropriation funds.
Administrative and operating expenses of the city
emergency
taxes,
and county governments were $440,079,775.
Of the school funds received from the State, $30,000,000 went to redeem
special
For
revenue bonds which had been floated to pay teachers' salaries.
unemployment relief, the city spent $113,445,141.
For redeeming and amortizing the funded debt, exclusive of the redemp¬
tion of $260,000,000 of special corporate stock notes, $314,855,347 was paid.
Comptroller McGoldrick said that of the $614,700,000 obtained from
borrowings the largest sums included revenue bills, issued against the 1937
levy $134,200,000, and special revenue bonds, of which $30,000,000 was
reimbursed by the State, $48,750,000.
tax
NEW
POSED
YORK,
State
of—$200,000,000
SCHOOL
BOND
ISSUE
PRO¬
TO LEGISLATURE—Proposal for the creation of a State debt of
$200,000,000, proceeds of which would be used for school construction and
improvement, is contained in a bill introduced in the Legislature and re¬
ferred to the Committee on Ways and Means.
If approved by the Legisla¬
ture, the measure would be put before voters at the election next November.
The bill would empower the State Comptroller to sell the bonds in lots
at his discretion at not exceeding 5%, to mature in 10 instalments not ex-
Volume
Financial
146
ceeding 50 years.
The money would be apportioned to the cities and school
districts throughout the State.
In cities over 1,000,000 population the
monies would be divided equally for new construction and for improvements.
In school districts, however, the choice would be given to use the monies
for new construction, repairs, or toward payment of oustanding bonded
indebtedness contracted for school purposes.
OLEAN, N. Y.—BONDS
AUTHORIZED—On Jan. 11 the City
the issuance of $50,000 sewage
approved a resolution authorizing
plant completion bonds.
Council
disposal
SCHENECTADY, N. Y.—GENERAL REVENUES HIGHER—Revenues
collected by the city during 1937 totaled $1,940,388.
This was $239,768 more than the estimated total of $1,700,569 which was
carried in the 1937 budget, according to Clarence H.
Greene, deputy
exclusive of city taxes
director of finance.
STARKEY, HARRINGTON,
MILO, TYRONE AND READING
(Towns of) CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Dundee),
Y.—BOND OFFERING—R. L.
Shaw, District Clerk, will receive
sealed bids until 2 p. m. on Jan. 28 for the purchase of $370,000 not to ex¬
ceed 5%
interest coupon or registered school building bonds.
Dated
Feb. 1, 1938.
Denom. $1,000. Due Feb. 1 as follows: $10,000, 1941 to
1944 incl.; $11,000, 1945 to 1947 incl.; $12,000, 1948 to 1950 incl.; $13,000,
1951 to 1953 incl.; $14,000 from 1954 to 1956 incl., and $15,000 from 1957
to 1968 incl.
Bidder to name a single rate of interest, expressed in a multiple
of yi or 1-10 of 1 %. Principal and interest; (F. & A.) payable at the Central
Hanover Bank & Trust Co., New York City, with New York exchange.
The bonds are direct general obligations of the school district, payable from
unlimited taxes. A certified check for $7,400, payable to the order of Irene
N.
Harrop. District Treasurer, must accompany
legal opinion of Clay, Dillon & Vandewater
furnished
the
N.
DISTRICT NO. 11 (P. O. Alice), N.
Sadie Wavre, District Clerk, for the purchase
school bonds.
Denom. $150.
Due $150 from Jan.
A certified check for 2% of the bid is required.
NECHE, N. Dak.—BOND SALE—The $1,600 4% semi-ann. dam con¬
Jan. 18—V. 146, p. 310—were purchased
struction bonds offered for sale on
by the Citizens State Bank of Neche, paying a
101.56, according to the Village Clerk.
DISTRICT NO. 15 (P. O. Stanton),
OFFERING—Joe Pfliger, Clerk, Board of Educa¬
Jan. 29 for the purchase of $2,000 cer¬
PLEASANT VALLEY SCHOOL
N. Dak.—CERTIFICATE
tion, will receive bids until 1p.m.
tificates of indebtedness.
MUNICIPALS
OHIO
MITCHELL, HERRICK & CO.
700 CUYAHOGA
Jan. 19 an issue of
1954.
premium of $25, equal to
(State of)—CERTIFICATE SALE— The $900,000
coupon certificates of indebtedness offered on Jan. 11—V. 145, p. 4154—
were awarded to the Bank of North Dakota, acting for the State Industrial
Commission.
Dated Jan. 15, 1938.
Due $400,000 Nov. 15, 1938 and
$500,000 Jan. 15, 1939.
DAKOTA
NORTH
BUILDING, CLEVELAND
SPRINGFIELD
COLUMBUS
CINCINNATI
AKRON
CANTON
$1,000,000 tax anticipation certificates of indebtedness was awarded to the
Chase National Bank of New York on a 0.41 % interest basis, plus a premium
of $19.
Dated Jan. 21, 1938 and payable Nov. 21, 1938.
Salomon Bros.
& Hutzler of New York bid 0.45% interest, plus $16 premium.
TUCKAHOE, N. Y.—BOND SALE—The $67,500 coupon or registered
improvement bonds offered on Jan. 17—V. 146, p. 310—were awarded to
Goldman, Sachs & Co. and R. D. White & Co., both of New York on a bid
of 100.166 for 2.90s, a basis of about 2.88%.
Dated Feb. 1, 1938.
Due
Feb. 1 as follows:
$4,500 1939; $4,000, 1940 to 1951, and $5,000, 1952 to
Dak.
Jan. 24,
of an issue of $1,500
3, 1940 to 1949, incl.
bids will be received until 2 p. m. on
by
each proposal. Approving
of New York City will be
Y .—CERTIFICATE SALE— On
DAKOTA
NORTH
CASS COUNTY SCHOOL
—BOND OFFERING—Sealed
successful bidder.
SYRACUSE,
631
Chronicle
OHIO
ATHENS COUNTY (P. O. Athens), Ohio—BOND SALE CANCELED
—The sale of $33,300 6% poor relief bonds which was to have taken place
on Jan. 20—V. 146, p. 310—was canceled and all bids were returned un¬
opened.
FINDLAY, Ohio—BOND OFFERING— Charles E. Simpson, City Audi¬
will receive bids until noon Feb. 10 for the purchase of $24,000
%
system and sewage treatment plant bonds.
Denom.
$1,000.
Dated Dec. 1, 1937.
Due $3,000 yearly on Oct. 1 from 1939 to
1946.
Certified check for $500 required.
These bonds are part of the $80,000 block originally scheduled for sale
on Jan. 20.
The remaining $56,000 bonds will be taken by the City Treas¬
ury Investment Fund.
This portion of the issue will mature $3,000 yearly
on Oct. 1 from 1947 to 1958, and $4,000 yearly on Oct. 1 from 1959 to 1963.
tor,
Other bids:
Int. Rate
Bidder—
Roosevelt
&
Weigold
George B. Gibbons &
Marine Trust Co
A. C.
—
Rate Bid
100.33
3%
100.287
3%
Co., Inc_____
3.10%
Allyn & Co., Inc
100.05
3.20%
-
100.26
first mortgage sewerage
GARFIELD
C.
N.
"Inasmuch
2%s
F. W. CRAIGIE &
of the principal amount of general bonds due Nov.
and Dec. 1, 1937.
Funds are on deposit at the Central National Bank of
Cleveland for the payment of all interest coupons.
Sinking fund assets are
adequate for the payment of the principal, but they consist in part of
Garfield Heights refunding bonds held as investments.
"It is expected that refinancing plans, including provision also for the
general bonds metntioned above, will go forward now.
The recent emer¬
gency relief crisis in Cuyahoga County, overshadowing every other problem,
required the constant attention of administration officials and employees.
COMPANY
A. T. T.
NORTH
CHATHAM COUNTY (P.
the last half of 1936 fell below the
Budget Commission, funds are not avail¬
the tax collection for
able for the payment
Richmond, Va.
Phone 3-9137
as
official estimate of the County
1, 1961 at 100 & interest
Due Aug.
Ohio—PLANS TO REFUND UNPAID
H. Malone recently reported as
Auditor E.
follows:
COUNTY,
MECKLENBURG
HEIGHTS,
PRINCIPAL—City
BOND
$15,000
Tel. Rich. Va. 83
GREENFIELD, Ohio—BONDS TO
purchase an issue of $3,000 3
CAROLINA
BE SOLD—'The Sinking Fund
H % sewage disposal plant bonds.
HARLAN-BUTLERVILLE VILLAGE
SCHOOL DISTRICT, Warren
is scheduled for Jan. 25
Trustees will
O. Pittsboro), N. C.—NOTES SOLD—It is
notes were purchased on Jan. 11
County, Ohio—BOND ELECTION—An election
the voters of the district will be asked to
issue $44,000 school building bonds^
reported that $7,000 revenue anticipation
by the Bank of Pittsboro, at 3.50%.
at which
(P. O. Kenansville), N. C.—BONDS SOLD TO
PWA—A $36,000 issue of 4% school building bonds was offered on Jan. 18
and was purchased by the Public Works Administration, at par, according
to
W. E. Easterling, Secretary of the Local Government Commission.
Denom. $1,000.
Dated Oct. 1, 1937. Principal and interest (A. & O.) pay¬
able at the County Treasurer's office or in New York City, at holder's option
Ohio—BOND OFFERING—
Henry A. Tuttle, Township Clerk, will receive sealed bids until 2 p. m.
on Feb. 15, for the purchase of $8,000 not to exceed 5% interest fire equip¬
ment bonds.
Dated March 1, 1938.
Due Sept. 1, 1946. Rate of interest
to be expressed in a multiple of yi of 1%.
Interest payable M. & S. The
COUNTY
DUPLIN
Lillington), N. C.—NOTES SOLD—It is
reported that $54,000 revenue anticipation notes were purchased on Jan. 11
by the First Citizens Bank & Trust Co. of Raleigh, at 0.49%.
HARNETT COUNTY (P. O.
issue
was
check
for
(P.
TOWNSHIP
PERRY
O.
approve a
proposition to
Perry),
approved at the general election
$1,000, payable to the order of
each proposal.
last November. A certified
the board of trustees, must
accompany
COUNTY (P. O. Waynesville), N. C.—NOTES SOLD
reported that $20,000 notes were purchased on Jan. 18 by the Con¬
4%, plus a premium of $25.20.
HAYWOOD
—It is
R. J. EDWARDS,
cord National Bank, at
COUNTY (P. O. Asheboro), N. C.—NOTES SOLD—
It is stated that $60,000 revenue anticipation notes were purchased on
Jan. 18 by the Wachovia Bank & Trust Co. of Winston-Salem, at 2%, plus
a
premium of $3.38.
Inc.
RANDOLPH
COUNTY (P.
RUTHERFORD
SOLD—The American Trust Co. of
O. Rutherfordton), N. C—NOTES
Charlotte is stated to have purchased
$35,000 revenue anticipation notes on Jan.
1938.
Due on March 15, 1938, without
terest
Municipal Bonds Since 1892
Oklahoma
11, at 2.00%.
Dated Jan. 15,
option of prior payment.
In¬
AT&T
Ok Cy
City,
Oklahoma
Long Distance 158
19
payable at maturity.
SAMPSON
reported that
First Citizens
COUNTY (P. O. Clinton), N. C.—NOTES SOLD—It is
$105,500 bond anticipation notes were purchased by the
18, at 5H%-
Bank & Trust Co. of Clinton, on Jan.
THOMASVILLE,
N.
C .—BOND
OFFERING—W.
E. Easterling,
Secretary, Local Government Commission, will receive bids until 11a. m.
Jan. 25, for the purchase at not less than par of $25,000 coupon, fully
registerable, general obligation, unlimited tax, refunding bonds.
Denom.
$1,000.
Dated Feb. I, 1938.
Principal and semi annual interest (Feb. 1
and Aug. 1) payable in New York.
Due Feb. 1 as follows: $2,000, 1939
to 1943, and $3,000, 1944 to 1948.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of one-fourth of 1%,
Each bid may name one
rate for part of the bonds (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
Bids must be on a form to be furnished by the Local Government Com¬
mission and must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer of North Carolina for $500.
The approving opinion of Reed,
Hoyt and Washburn, New York City, will be furnished the purchaser.
Financial Statement, Dec.
Population
1930 U.
S. Census,
31, 1937
10,090; estimated present, 12,900,
$603,706.39
210,000.00
447,793.61
25,000.00
j
bonds
General.
Refunding bonds—
$1,286,500.00
Sinking Fund
MOUNTAIN HOME
CONSOLIDATED SCHOOL
to the
Clerk.
OREGON
CLACKAMAS COUNTY SCHOOL DISTRICT NO. 114
nings Lodge), Ore.—BOND OFFERING—Sealed bids will
until 8 p. m. on Jan. 26, by Jessie E. Ballard, District Clerk,
Corporation bonds
COUNTY SCHOOL DISTRICT NO. 4 (P. O. Rose
Ore.—BOND ELECTION—An election is said to be scheduled for
the issuance of $80,000 in construction and equipment
DOUGLAS
burg),
bonds.
irrigation bonds offered for sale on
was
purchased at par by the Public Works
Jan. 1, 1937.
Due from Jan. 1, 1941 to 1967.
Sewer Bonds)—
$1,742.18
Cash
Thomasville bonds
52,000.00
...
$53,742.18
$18,064.52
Uncollected street assessments
Taxes—
Assessed valuation
Rate per
Amount
Amount
$100 valuation.
levied
collected
be received
for the pur¬
1943
$3,992.73
City of
(P. O. Jen¬
$16,700 issue of school bonds.
Interest rate is not to exceed 6%.
payable F. & A.
Due on Feb. 1 as follows: $700 in 1942, and $1,000,
to 1958, incl.
Principal and interest payable at the State's fiscal agency
in New York City, or at the County Treasurer's office.
The bonds will be
delivered to the purchaser in Portland.
The approving opinion of Teal,
Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished.
A certified check for $1,000 must accompany the bid.
$2,817.73
1,175.00
Cash...
Sinking Fund (Water and
DISTRICT No. 54
The $10,000 issue of school
146, p. 473—was awarded
Brown-Crummer Co. of Wichita, as 3.08s, according to the District
Due $1,000 yearly, beginning three years after date of issuance.
(P. O. Waurika), Okla.—BOND SALE—
building bonds offered for sale on Jan. 18—V.
Jan. 28 to vote on
(General)—
Home Owners Loan
stated by Eva
Jan. 18 the voters
is
of $634,000 in water plant purchase bonds.
JOHNSTON COUNTY (P. O. Tishomingo), Ok 1 a.—BONDS DE¬
FEATED—At an election held on Jan. 11, the voters defeated a proposal
to issue $45,000 in court house bonds, according to report.
approved the issuance
chase of a
Outstanding Debt—
Water and sewer bonds
School
OKLAHOMA
BARTLESVILLE,
Okla.—BONDS VOTED— It
Sanderson, City Clerk, that at the election held on
193.5-36
$5,310,802.00
1936-37
$6,429,810.66
1.90
1.80
122,916.35
113,328.09
118,819.85
107,559.63
1937-38
$6,765,202.00
1.80
125,041.16
55,314.95
ENTERPRISE IRRIGATION
Ore.—BONDS SOLD TO
DISTRICT (P. O. Klamath
Falls),
PWA—The $40,000 issue of 4% coupon or regis¬
tered semi-ann.
JUNCTION CITY, Ore
—BOND
Jan. 17—V. 145, P-4155
Administration. Dated
OFFERING—Sealed bids will be re¬
City Recorder, for
Interest rate is not to
the purchaser.
Dated Fe&. 1, 1938.
Due on Feb. 1 as follows: $1,000, 1941 to 1948;
$1 500, 1949 to 1956; $2,000, 1957 to 1963; $2,500, 1964 and 1965; $3,500,
1966 and 1967, and $4,000 in 1968.
Principal and Interest payable at the
State's fiscal agency in New York, or at the City Treasurer's office.
These
ceived until 7:30 p. m. on Jan. 24, by Ira M. Peterson,
the purchase of a $50,000 issue of water bonds.
exceed 4U%. payable F. & A.
Denominations to suit
632
bonds
Financial
were
approved by the voters at an election held
on
Sept. 7,1937.
A
certified check for 2% must accompany the bid.
(This notice supplements the offering report given in our issue of Jan. 15.)
PHILOMATH,
Ore.—BOND SALE— The
$5,000
issue
of
4% semi¬
146, p. 144—
annual fire equipment bonds offered for sale on Dec. 31—V.
was
purchased at par by local investors.
1950; optional after Jan. 1, 1944.
Due $500 from Jan. 1, 1941 to
PORTLAND, Ore.—BOND TENDERS INVITED—It is reported that
Adams, City Treasurer, has on hand the sum of $60,000 in the
Municipal Irving Rotary Fund for the purpose of purchasing for the fund,
bonds of the United States Government, State of Oregon, City of Portland,
Multnomah County, School District No. 1 of Multnomah County, or
Port of Portland.
All bonds offered to be retired within five years.
Sealed
proposals will be received until 11 a. m. on Jan. 19, from the owners of
any such bonds, desiring to sell the same to the city for such purpose and
no offer will be considered except for bonds offered firm.
Proposals sub¬
mitted must be accompanied by a certified check for 1% of the amount of
the bonds submitted for sale, payable to the order of toe city.
The city
reserves the right to reject any and all proposals.
Bonds will be purchased
from the lowest responsible bidder.
William
,
SOUTH
WILLAMETTE
Ore.—BONDS VOTED—At
WATER
a
recent
DISTRICT
(P.
O.
election the voters
Willamette),
are
said
have
to
approved the issuance of $12,000 in water main bonds, to be used in
nection with
a
PWA
con¬
grant.
YAMHILL COUNTY UNION HIGH SCHOOL DISTRICT NO. 6
(P. O. Newberg), Ore.—BONDS VOTED—The electors of the district
recently approved the issuance of $163,000 high school building bonds.
434% Bonds due August 1, 1957
124.243
&
Interest
To
Net
2.65%
BANGOR,
Pa.—BOND SALE—The $104,000 refunding, improvement
equipment bonds offered on Jan. 17—V. 146, p. 311—were awarded
Bank of Bangor as 2%s, at par plus a premium of
$657, equal to 100.631, a basis of about 2.70%.
Dated Jan. 1, 1938.
Due
Jan. 1 as follows:
$2,000, 1944 to 1946: $7,000 in 1947 and 1948; $8,000,
1949 to 1954, and $9,000 from 1955 to 1958.
Chandler & Co. of Phila¬
delphia bid a premium of $217 for 3% bonds.
the First National
BRATTON TOWNSHIP SCHOOL DISTRICT (P. O.
Mattawanna),
Pa.—BOND OFFERING—C. L. Gates, Secretary, Board of School Direc¬
tors, will receive bids until 7.30 p. m. Feb. 1 for the purchase at not less
than par of the following coupon, registerable as to
principal, consolidated
building bonds:
$4,000 bonds, series No. 1.
Dated Jan. 15, 1938.
Interest payable Jan. 15
and July 15.
Due $1,000 on Jan. 15 in each of the years 1941,
1944, 1946 and 1948.
18.000 bonds, series No. 2.
Dated Feb. 1, 1938.
Interest payable Feb. 1
and Aug. 1.
Due $1,000 on Feb. 1 in 1941, 1943, 1945, 1947 and
1949 and annually from 1951 to 1963.
Bidders are to specify interest rate, making choice from
2%,2^%,2H%.
2 % %, 3 %, 3 M %, 3 H %, 3 % %, 4 %, 4 ^
% and 4 ^ %.
Certified check for
% of amount of bonds offered, payable to the District Treasurer,
required.
DURYEA
SCHOOL
DISTRICT
(P.
O.
Duryea),
Pa.—BONDS
AUTHORIZED—The school board has authorized the issuance of
$132,000
refunding bonds.
SCHOOL
DISTRICT,
Pa.— BOND
ELECTION—
At
a special election on Feb. 8 the voters will be
asked to approve an addi¬
tional amount of $10,000 school building bonds.
An issue of $40,000 has
already been approved for the structure.
OLD
FORGE,
Pa.—DEBT SERVICE CURRENT— Saverio Rosato,
Borough Solicitor, is reported to have stated that all bonds and interest
coupons are being met on schedule and that operations are
being conducted
on
a
cash
basis.
PALMYRA ISCHOOL
DISTRICT, Pa .—BOND OFFERING—A
Ulrich, Secretary, Board of Directors, will receive bids until 7:30
p.
31, for the purchase at not less than par of $35,000 214%
Jan.
bonds.
$1,000.
Dated Feb. 1, 1938.
Interest payable Feb. 1
and Aug. 1.
Due Feb. 1 as follows:
$3,000, 1939 to 1943, and $4,000, 1944
to 1948.
Certified check for $700, payable to the
district, required.
PENNSYLVANIA (State of)—LOCAL ISSUES
APPROVED—The De¬
partment of Internal Affairs, Bureau of Municipal Affairs, has
approved the
following local bond issues.
Information includes name of the
and
purpose
municipality
of issue and date approved;
Name of Municipality and Purpose of Issue—
Township S. D., Clinton County—Erecting
Lamar
and equipping a new school building
New Holland Borough S. D., Lancaster
Sunbury City S. D., Northumberland County—Pro^
viding funds for the construction of a new school
building and for equipping and furnishing various
school buildings
Sunbury City S. D., Northumberland County—Proor
furnishing of
towards the
Jan.
3
junior high school
Altoona City School District, Blair
County—Paying
operating expenses.
Mars
Borough S. D., Butler County—Providing
funds for paying for new
building to high school.
Baden Borough, Beaver
County—Erecting, construc¬
_
a new municipal building in said
Borough
;
Township S. D., Crawford County—Purchase
of
a
3
190 006
and construction of school
building;
also construction of addition to
high school
'
Stroudsburg Borough, Monroe County—Providing funds to refund a portion of the bonded in¬
debtedness of said Borough
jan
5
Jan.
5
98 000
jan>
10
150 000
Jan
11
15 000
12
10 000
Jan. '14
21 000
'
above
amount
in
the
'
Jan.
14
81,000
inclu¬
1938 budget.
In asking the court to
intervene, the city pointed out that the delay would permit
adoption of a
budget for 1938 and assure payment of salaries of
municipal employees
In addition, it would allow sufficient time in which
to determine how the
money is to be raised.
Attorneys for the bondholders who successfully
attacked the consolidation act objected to
any delay in making provision
for the appropriation to the
sinking fund.
WHITAKER, Pa .—BOND OFFERING—Sealed bids addressed
to Harold
Rushe, Borough Secretary, will be received until 8 p.m. on Feb. 5 for the
purchase of $15,000 coupon street improvement bonds.
Dated Feb. 1,
1938.
Denom. $1,000.
Due Feb. 1 as follows: $2,000 in 1950, 1951 and
1953, and $3,000 from 1954 to 1956 incl.
Bidder to name the rate of in¬
a multiple of M of 1
%. The sale of the issue is subject to approval
proceedings by the Department of Internal Affairs. Successful bidder will
be furnished with the approving legal opinion of Burgwin, Scully & Churchill
of Pittsburgh.
The borough will furnish the bonds.
A certified check for
$500, payable to the order of the Borough Secretary, must accompany each
proposal.
terest in
of
RHODE
RHODE
These are
expected to include
ISLAND
ISLAND
(State of)—BUDGET
Up $3,321,165—Governor
Robert E. Quinn has submitted to the Legislature his budget for the fiscal
year starting July 1, 1938, which calls for total appropriations of $20,433,318, or $3,321,165 over the current period's budget. The Governor
proposes new levies to produce $4,906,003 for the coming fiscal period.
a
graduated personal income tax, cigarette
tax and increases in various corporation levies.
to put
relief
The Governor's decision
"pay-as-you-go" basis rather than create debt for that
purposes accounts for $1,600,000
of the
$3,321,165
budget increase.
Relief expenditures for the current period are estimated at $1,476,000, of
which $500,000 was appropriated
from the surplus at the close of the
previous fiscal year, $700,000 was taken recently from the sinking fund
surplus, and $276,832 from a bond issue.
Along with the budget the
on
a
Governor attached a statement which placed the net bonded debt of the
State at $27,707,537 at Dec. 31,
1937.
Gross debt was $34,240,000,
against which sinking funds totaled $6,532,462.
The latter figure included
the $700,000 surplus which was diverted recently for relief
purposes during
the last half of the present fiscal year.
SOUTH
GREENVILLE
COUNTY
CAROLINA
(P.
O.
Greenville), S.
C.—ROAD BOND
BILL HELD INVALID—It is stated by Theron T. Earle,
County Clerk,
that the State Supreme Court failed to uphold the
constitutionality of the
GREENWOOD COUNTY (P. O.
Greenwood), S. C.—PWA PROJECT
STILL PENDING—E. I. Davis, Secretary of the Board of Finance,
reports
as follows on the
present status of the Public Works Administration loan
of $2,852,000 for hydro-electric power development, authorized in 1934:
"This application was approved by the PWA in 1934 and at that time a
schedule of bond maturities was set up in contract but since the
project
has been so long delayed this schedule will have to be advanced and at this
time we can only state that the bonds will mature serially over a
period of
20 years, beginning about 1940.
The bonds bear semi¬
annual interest coupons and will probably be payable at some of the New
York banks.
The interest rate, if sold to the Government, will be
4%.
There is a possibility that bonds might be sold elsewhere, either at a premium
or
at
lower interest rate but
a
In summarizing the muni¬
none
of these matters have been definitely
settled yet.
"We will be glad to give you more specific information when the
project
has developed to the point where plans, &c., are more specific."
In
connection
Associated
with
the
above
Press dispatch from
report
we
give herewith the text
Washington, D. C.,
on
of
an
Jan. 7:
"The Supreme
Court acted today to permit Greenwood County, S. C., to
begin work at once on its Buzzard's Roost power plant.
"At
the request of Solicitor General Stanley Reed, Chief Justice
Hughes
that the South Carolina Federal District Court be notified im¬
ordered
mediately of the Supreme Court decision last Monday that Duke Power
Co. had no right to challenge PWA loans and grants for construction of
the dam.
"Ordinarily 25 days
and
issuance of its
are
petition
the
allowed between
'mandate' to the
losing litigant to ask for
"Mr.
FISCAL STATUS HELD DEPLORABLE—
Speaking before the Phila¬
delphia Chamber of Commerce recently, City Treasurer Dr. Luther
Harr
described the city's fiscal condition as "deplorable"
and, in urging the early
solution of its financial problems, recommended
discontinuance of the
practice "since 1925 of spending from $2,000,000 to
$21,000,000" more
than the annual tax income of the
government.
Pa.—NOTE
approximately
Jan
Pa .—COURT REJECTS PLEA
TO
POSTPONE
SINKING FUND PAYMENT—The State
Supreme Court on Jan
17
citys Petition to delay for 30 days payment of more
than
$7,000,000 into the sinking funds for 1938 on the ground that
it was with¬
out authority to take such action.
In declaring unconstitutional on
Jan
5
the Sinking Fund Consolidation Act, the court
in effect ordered the
of the
Scranton),
WESTFIELD SCHOOL DISTRICT (P. O. Westfield), Pa.—BOND
OFFERING—Ellen J. Trowbridge, District Secretary, will receive bids
until 8 p. m. Feb. 8, for the purchase of $26,000 coupon bonds.
Bidders
are to name rate of interest, making choice from 1
\4%, 1%%, 2%, 2M%f
2H%. 2M%. 3%, 3fi%, 3H%, 3X% and 4%.
Denom. $500.
Dated
March 1, 1938.
Due on March 1 as follows:
$1,500, 1941 to 1949 and
$1,000, 1950 to 1961, and $500 in 1962.
Certified check for 2%, required
77 000
PHILADELPHIA,
sion
O.
law authorizing the issuance of $350,000 in road bonds, approved
by the
Legislature in 1937, due to legal technicalities.
It is not known whether
the bill will be re-enacted.
site for
East
(P.
SOUDERTON, Pa—BOND OFFERING—The Borough Secretary will
bids until noon Feb. 11, for the purchase at not less than par of
$123,000 coupon sewer, water system and improvement bonds.
Bidders
are
to specify rate of interest, making choice from 13^%,
1M%. 2%,
2H%. 2y2%, 2%% and 3%.
Denom. $1,000.
Dated March 1, 1938.
Interest payable March 1 and Sept. 1.
Due $30,000 on March 1 in 1943,
1948 and 1953; and $33,000 March 1, 1958.
Certified check for 2% of
amount of bonds bid for, payable to the Borough Treasurer, required.
Sale will be made subject to favorable opinion of Townsend, Elliott &
Munson of Philadelphia.
'
ting and equipping
Vernon
DISTRICT
receive
35 000
erecting, equipping
a
SCHOOL
$27 500
Jan
viding funds for
Amount
3
County—
purposes
and
Approved
Jan.
Acquiring land, erecting, equipping and furnishing
an addition to the
present high school building
Shamokin Borough S. D., Northumberland
County—
Paying the cost of comdenmation of land for school
SCRANTON
OFFERING—Jacob Eckersley, Secretary, Board of School Directors, will
receive bids until 8 p. m. Jan. 24 for the purchase of the following notes:
D
m'
coupon
Denom.
amount
PLUM TOWNSHIP SCHOOL DISTRICT (P. O. R. D. No. 2, New
Kensington), Pa.—BOND OFFERING— Sealed bids addressed to C. W.
Christy, District Secretary, will be received until 8 p.m. on Jan. 31 for
the purchase of $37.000 coupon school bonds.
Dated Feb. 1,1938. Denom.
$1,000.
Due Feb. 1 as follows: $3,000 in 1941, and $2,000 from 1942 to
1958 incl.
Bidder to name one rate of interest, expressed in a multiple of
K of 1%.
Sale of the bonds is subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs. A certified check for $1,000,
payable to the order of the District Treasurer, must accompany each
proposal.
Legal opinion of Burgwin, Scully & Churchill of Pittsburgh.
1953, and $2,000, 1954 to 1958.
Certified check for 2% of amount of bid,
payable to the Borough, required.
and fire
YORK
refunding loan in accordance with the original announcement.
This issue
was fully described in V. 146, p. 474.
A legal technicality is reported^to
have caused the elimination of the $500,000 issue from the offering.
Secretary, will receive bids until 6 p. m. Feb. 14 for the purchase of $25,000
fx>nds.
Bidders are to name rate of interest, making choice from
2% %, 3% and 3M%.
Denom. $1,000.
Dated Feb. 1 1938.
Interest
payable Feb. 1 and Aug. 1.
Due on Feb. 1 as follows: $1,000, 1939 to
PENNSYLVANIA
NORTH
PITTSBURGH, Pa.—$500,000 BOND ISSUE WITHDRAWN FROM
SALE—James P. Kerr, City Comptroller, informs us that no bids will be
received for the $500,000 funding bond issue of 1938 which was scheduled
to be sold Jan. 24.
Bids, however, will be considered for the $5,240,000
coupon
1520 Locust St., Philadelphia
school
1938
22,
SLATINGTON, Pa.—BOND OFFERING—Earl H. Sauerwine. Borough
Moncure Biddle & Co.
to
Jan.
cipal debt position, he declared that at the close of 1937 funded debt totaled
$550,000,000, and accumulated operating deficits, or floating indebtedness,
amounted to $35,000,000.
Sinking fund and interest charges on the
permanent debt, he said, required $30,000,000 annually.
Of $73,000,000
in taxes collected during 1937, the equivalent of 43% of such receipts had
to be earmarked for debt service before any expenditures could be made
for normal operations of government.
$250,000 tax anticipation notes, series of 1938.
Dated Feb. 10, 1938.
150,000 tax anticipation notes, series of 1938.
Dated March 10, 1938.
Bidders are to specify rate of interest.
Denom. $50,000.
Payable
July 1, 1938. Alternate bids may be submitted providing that notes dated
Feb. 10. 1938 may be called on and after May 10, 1938 and that notes dated
March 10, 1938 may be called on and after June 10, 1938.
The sale will be
made subject to the favorable opinion of Townsend, Elliott & Munson of
Philadelphia.
Allegheny County, Pennsylvania
Price:
Chronicle
a
lower
the
Supreme Court decision
This is to permit the
court.
rehearing if desired.
Reed told the court that Duke company had decided not to file a
for a rehearing and had no objection to immediate issuance of
mandate.
^''
Last Monday's decision also applied to Alabama Power Co.'s
challenge
of PWA loans and grants for four Alabama municipalities.
It was under¬
the Alabama company had not yet decided whether to seek a re¬
stood
hearing."
Volume
Financial
146
State of—REVISION OF TAX LAWS URGED
quote in part as follows from
special dispatch out of Columbia to the New York "Journal of Commerce"
SOUTH
CAROLINA,
TO PROMOTE INDUSTRIAL GROWTH—We
a
of Jan.
the
of
reasons
this
for
the
nature.
Up until 1890 South Carolina was almost a purely agricultural State.
Its only industries were a few cotton mills, some fertilizer plants and a
scattering of lumber mills.
During the next decade there was a great
spurt in industrialization.
The rate slowed down somewhat during the
first decade of the present century but there was another period of ex-
Eansion from 1910until it hasSince then industrializationthe erection of two
to 1920. almost ceased except for in South Carolina
slowed down
It is reported by the District Secretary
proved by the voters last August, have
of Education.
in the State in the last year.
SOUTH
GOLIAD COUNTY ROAD DISTRICT NO. 1 (P. O. Goliad), Texas
is reported by J. A. White, County Judge, that $5,000
3M% road improvement bonds have been purchased by the First National
Bank of Goliad, paying a premium of $120, equal to 102.40, a basis of
about 2.99%.
Due $500 from March 1, 1938 to 1947 incl.
HOUSTON,
DAKOTA
Jan. 11
be used
SCHOOL DISTRICT (P. O. Seneca,)
S. Dak.—BOND OFFERING— Leon O'Laughlin, Clerk, Board of Educa¬
tion, will receive bids until 8p.m. Jan. 24 for the purchase of $19,000 4%
refunding bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Due $1,000
yearly on Jan. 1 from 1940 to 1958, incl. redeemable on any interest pay¬
INDEPENDENT
ment date.
MADISONVILLE, Texas—BOND ELECTION—It is reported that an
election will be held on Jan. 25 in order to vote on the issuance of $40,000
in gas system
1954, and $157,000 in 1955.
A resolution is said to have been passed by the
City Council on Jan. 12
providing for the issuance of $750,000 in tax revenue
anticipation notes.
Midland)
MONEY
RELEASES
serially in 15 years.
ORANGE COUNTY (P. O. Orange),
Tex.—BONDS AUTHORIZED—
County Commissioners Court on Jan. 10 passed an order authorizing
reclamation and conservation refunding bonds
The
the issuance of $326,000
ORANGE, Texas—BONDS TO BE SOLD—It is stated by M. G. Davies,
City Treasurer, that $128,000 refunding bonds will be purchased at par by
the State Board of Education.
Saginaw), Texas
the voters of
proposition to issue $30,000 school
SAGINAW COMMON SCHOOL DISTRICT (P. O.
-BOND ELECTION—An election will be held Feb. 5 at which
the district will be asked to approve a
auditorium-gymnasium bonds.
SAN ANTONIO INDEPENDENT SCHOOL
Antonio),
ELECTION
Texas—BOND
DISTRICT (P. O. San
SCHEDULED—The
Education is said to have ordered an election for
Board
of
Jan. 31, in order to vote on
the proposed issuance of $550,000 in not to exceed 4J^% semi-annual con¬
struction bonds.
Due as follows: $19,000, 1939 to 1948, and $18,000,
1949 to 1968.
FOR
CITY
Jan. 4 voted approval of $100,000 sewage
mains extension revenue bonds.
SMYER
DISTRICT
SCHOOL
FUNDING APPROVED—A plan of
bonds into serial
bonds is reported
(P. O. Smyer), Texas—BOND RE¬
the district to refund $46,000 district
to have been approved by the State
Board of Education.
TEXAS, State of—TAX COLLECTIONS CONTINUE GOOD—Reports
indicate that tax collections are continuing
satisfactory rate. Although property valuations were reduced 13 cents
per $100 in Texas for the current fiscal year, collection of revenue from this
source rose $122,000 during October and November.
In Houston, receipts to Dec. 31 totaled $8,139,777, against $7,947,245 a
year previously. Neuces county receipts aggregated $1,008,590 on Dec. 31,
a gain of $82,002 over a year previously.
from the larger cities in Texas
at a
MANCHESTER, Tenn.—BONDS VOTED—At an election held on
Jan. 8, the voters are said to have approved the issuance of $40,000 in
refunding bonds.
TVA
Jan. 18 carried the following report:
$3,092,000 Public Works Administration allotment to construct a
municipal distribution system for Tennessee Valley Authority power was
released yesterday, the PWA announced at Washington.
The allotment
was made available following the dissolution by agreement with the Memphis
Power & Light Co. of an injunction suit against the Government which held
up the grant.
It was agreed between utilities companies and the Government that all
injunction suits based on the constitutionality of Federal loans for municipal
power projects would be dropped due to a recent Supreme Court decision
upholding legality of the loans.
The city has already issued $3,000,000 in bonds, and the PWA allotment
will be used to further the project.
The Government money becomes
available immediately according to PWA officials.
A
Tenn.—BONDS SQLD
bonds.
MIDLAND INDEPENDENT SCHOOL DISTRICT (P. O.
SEAGRAVES, Texas—BONDS VOTED—'The residents of Seagrave on
tystem construction and water
TENNESSEE
KNOXVLLLE, Tenn.—MATURITY—It is reported that the $1,460,000
4% bonds approved by the City Council on Jan. 10 to help construct a
municipal power system for the distribution of TVA-generated electricity,
as noted in these columns—V.
146, p. 475—-are due as follows: $26,000,
1942; $31,000, 1943: $36,000. 1944; $41,000, 1945; $60,000, 1946; $78,000,
1947; $114,000, 1948; $132,000, 1949; $152,000, 1950 to 1953; $177,000.
PULASKI,
and 2 A cents for the city library.
cents for operating purposes,
the bonds mature
PIERRE, S. Dak.—BONDS VOTED—The voters of the city on
approved the issuance of $30,000 bonds.
Of the total, $20,000 will
for park improvements and $10,000 for airport improvements.
Tenn.—PWA
assessed
of
H
tion bonds to the State Board of Education, as 3s, as noted in these columns
in November, it is reported by the Sectetary of the Board of Education that
FLANDREAU, S. Dak.—BOND ELECTION DETAILS— In connection
with the $158,000 municipal electric light and power system revenue bonds
which are scheduled for a vote at the election on Jan. 25, as noted in these
columns recently—V. 146, p. 474—we are informed that the bonds are to
bear interest at a rate not to exceed 6%, payable semi-annually, maturing
serially in not to exceed 20 years.
MEMPHIS,
fiscal year at $2 on each $100
property valuation, the charter limit.
This rate is the same as that
last year.
Of the levy, $1.14 will be applied to the bonded debt, 83
Texas—MATURITY—In connection with the sale of the $40,000 construc¬
Dak.—BONDS ALTHORIZED—The City Council has
ordinanace authorizing the issuance of $23,000 refunding bonds.
PROJECT—The Memphis "Appeal" of
UNCHANGED—The City Council
Texas—TAX RATE
has fixed the city tax rate for the next
_
ELK POINT, S.
SENECA
SOLD—
that $10,000 gymnasium bonds ap¬
been purchased by the State Board
—BONDS SOLD—It
as
wood pulp mills
adopted an
(P. O. San Diego), Texas—BOND ELECTION—
Feb. 10 for the purpose of voting on a pro¬
posal to issue $1,600,000 road bonds.
FERRIS SCHOOL DISTRICT (P. O. Ferris), T exas—BONDS
appointed by the South Carolina Legislature to
abrupt stoppage in the State's industrial
growth in the last ten years today recommended to the Legislature that
prompt attention be given to the revision of taxes, especially inheritance
and physical property and intangible levies, urged retrenchment in State
and county expenditures and suggested that the State Senate and House
create a committee on new industrial development to which should be
referred all bills affecting the industrial development of the State.
The commission also recommended that a non-salaried commission be
set up to advertise the State,
promote new industries and attract the
tourist trade.
It was pointed out that 36 of the 48 States are engaged in
efforts
DUVAL COUNTY
A special election will be held on
20:
The Commission of Nine
determine
633
Chronicle
LOCALLY—An issue of $37,500
$18,266,058 NET BALANCE REPORTED FOR STATE FUNDS—An
Austin on Jan. 6 had the following to say:
Texas governmental funds showed an aggregate net balance of $18,266,058
at the start of 1938, Treasurer Charley Lockhart reported Thursday, despite
the large deficits in the general and Confederate pension funds.
Cash in the county and district road bond indebtedness fund amounted
to $8,962,257,
State highway fund, $7,321,947 and permanent school
Associated Press dispatch from
fund, $5,063,326.
,
,
,
$1,000,000 to the good were: Available school,
unprorated cash from tax collectors, $3,672,185; highway
motor fuel tax, $3,566,380, and relief bond sinking, series two, $2,222,884.
The permanent University of Texas fund showed a balance of $125,500,
available university, $140,836, available A. & M. College, $88,598 and
University of Texas Medical College endowment, $2,273.
Funds with deficits were: General, $17,727,061; Confederate pension,
$5,035,728, and old age pension, $665,652.
Other funds more than
$1,054,873;
factory construction bonds has been sold locally.
RHEA
COUNTY
(P.
O.
Dayton),
VITED—Tenders will be received at the
Tenn.—BOND
There is available for this purpose
purchase
March 1,
$41,404.16, which will be paid to Rhea
purchased in event of acceptable offerings at the same
price will be made by lot.
Bonds tendered must be at a fixed percent
face value plus accrued interest to Jan. 1, 1938.
Tenders must remain
effect for confirmation mailed from Dayton, Tenn., on or before Jan.
and payment for accepted tenders will
of funds from the State of Tennessee.
SALT LAKE COUNTY (P. O.
Salt Lake City), Utah—NOTE SALE—
Commission sold an issue of $900,000 tax anticipa¬
L. Burton & Co. and the First Security Trust Co.,
both of Salt Lake City, on a 1.10% interest basis, plus a premium of $90.
The notes mature Dec. 31, 1938.
On Jan. 10 the County
tion notes to Edward
County, by the State of Tennessee in full and complete settlement due the
county, extinguishing the liability of the State on account of this issue under
the Highway Reimbursement Act of 1927.
This special fund was pledged
by resolution of the Quarterly County Court of Rhea County, to be used
only for the payment of principal and interest on bonds of this issue.
Purchases will be made at the lowest prices tendered and determination
of the bonds to be
UTAH
TENDERS IN-
office of Swafford and Woodlee,
County Attorneys, Dayton, Tenn., up to noon, Jan. 25, for the
and retirement of outstanding 5 % highway refunding bonds, dated
1935 and due March 1, 1955.
of
in
SOUTH
OGDEN
(P.
Ogden), Utah—BOND
O.
ELECTION POST¬
Clerk, that an election was
the issuance of $70,000 in water
system improvement bonds, but it was necessary to postpone the vote
because of a court decision changing the sale of revenue bonds under the
Granger Act.
He says that no new date has been fixed, but it may be
PONED—It is stated by V.
W. Taylor, Town
scheduled for Feb. 5 in order to vote on
held early in
March.
26
VERMONT
be made after requisition and receipt
VT.—NOTE SALE—An issue of $25,000 tax anticipation
notes was sold recently to F. W. Home & Co. of Hartford, at 0.55%.
Dated Jan. 10, 1938 and due Oct. 20, 1938.
RUTLAND,
Erwin), Tenn.—BOND TENDERS IN¬
Robbins, Commissioner of Finance,
of highway refunding
bonds, dated Aug. 1, 1935, and due on Aug. 1, 1949.
The county will have available for the purchase of bonds of the above
description, a total of $159,775.16. These funds represent the balance due
Unicoi County by the State of Tennessee on account of highway reimbursments, and the payment thereof to the county extinguishes the liability of
the State to the county on account of this series of bonds.
Funds applicable to this series will be applied to the purchase of bonds
tendered at the lowest price.
The right to accept any part of bonds so
tendered and to reject any or all tenders is specifically reserved.
On bonds
accepted, the county will pay accrued interest to Jan. 1, 1938, and tenders
must be submitted upon this basis.
All tenders must be firm for a period
of two days from Jan. 26, 1938.
Immediate confirmation will be made of
accepted tenders, and payment therefor will be made after requisition and
receipt of funds from the State.
Bonds tendered must be described ac¬
curately as to designation and bond numbers.
UNICOI
COUNTY
(P.
O.
VITED—It is announced that E. G.
will receive sealed tenders until Jan. 25, at 3 p. m.,
VIRGINIA
VIRGINIA, State of—RECORD HIGH BUDGET PROPOSED—'The
Journal" of Jan. 17 carried the following report under a Rich¬
"Wall Street
mond caption:
As Virginia's
,,
were
a
475—was not sold as no
bids were received,
$1,400,000 for public schools and the ex¬
of $6,000,000 for capital improvements at State in-
StiThe°retiring Governor's decision not to leave a margin sufficient to finance
make it necessary for the new Governor, James H.
Assembly either to cut the budget by approximately
who will be inaugu¬
ATLANTA, Texas—BONDS NOT SOLD—The $50,000 issue of UA%
semi-ann. water works and sewer revenue bonds offered on Jan. 13—V. 146,
p.
according to
the City
Secretary.
BROWNSVILLE, Texas— WARRANTS DECLARED ILLEGAL—'The
new city commission, disregarding the agreement made by the former city
commission for refunding the city's bonds, has formally declared that
$400,000 outstanding warrants are not legal, and has set the municipal tax
rate at $1.12 on the $100 of assessed property valuation.
Under terms of the refunding agreement the tax rate would have been
set at $2 to care for interest and principal on bonds and warrants.
The new
rate is 78 cents lower than the 1936 rate, %nd is the lowest tax rate Browns¬
ville has set in 20 years.
$2 400,000, or levy new taxes.
Governor-elect Price,
rated Wednesday, has made it plain that he does not believe
$20,000
school improvement
CYPRESS RURAL
press),
DISTRICT,
Texas—
approved the issuance of
bonds.
HIGH SCHOOL
DISTRICT NO. 5 (P. O. Cy¬
Tex'.—BONDS VOTED—A $15,000 bond issue for school improve¬
approved by the voters of the district at an election held on Jan. 8.
ments was
any new taxes
'will 1)© necessary.
unappropriated balance left in the anticipated general fund revenues
is only $529,605.
Approximately $2,900,000 will be needed to finance
an old-age aid Act, according to the estimates of the advisory legislative
The
^The^ budget
for buildings
carried recommendations for $5,932,570
and improvements at the State Capitol and
in capital outlay
State institutions,
for emergency relief.
the end of the current biennium next
July the Governor proposed no new taxes, but did propose that $750,000
be set aside for a new State office building here, and $450,000 for a new State
Library, the latter allotment to be made only if the city of Richmond re¬
turns the Ford lot to the Commonwealth.
,
and for a $2,000,000 appropriation
Predicting a $5,265,000 surplus at
ROANOKE, Va. BOND
CLEVELAND
INDEPENDENT
SCHOOL
VOTED—The voters of the district have
BONDS
^
convened last week,
recommended increase of
penditure of upwards
old-age assistance will
Price and the General
TEXAS
J
Governor
$163,906,282 before
budget in the State's
report of the special
committee on old-age assistance, but he did not recommend an appropria¬
tion to care for the estimated costs of the proposal.
Included in the budget
1938 General Assembly
George C. Peery submitted a biennial budget totaling
a joint session of the two houses.
It is the largest
history.
The Governor laid before the Legislature the
SALE—The two issues of bonds aggregating
Jan. 19—V. 146, p. 475—were awarded to a
$400,000, offered for sale on
composed of B. J. Van Ingen & Co., Inc., Washburn & Co., Inc., and
Shields & Co., all of New York, as 2M%, paying a price of 100-277, a basis
of about 2.22%.
The issues are as follows:
$300 000 bridge bonds.
Due $15,000 from Jan. 1, 1939 to 1958 incl
group
100BOO incinerator
bonds.
Due $5,000 from Jan. 1,
1939 to 1958 incl.
634
Financial
"BONDS
OFFERED
FOR
INVESTMENT—The successful bidders reoffered the above bonds for general investment at
prices to yield from 0.50%
to 2.30%, according to maturity.
ADDITIONAL INFORMATION—It is stated by Mayor
Sidney F.
Small that although Halsey, Stuart & Co.,
Inc., submitted a bid on 2s,
2 Ms and 3s for the entire issue which would have resulted in a
lower
Chronicle
Bidder—
Coupon Rote
Halsey, Stuart & Co., Inc., et al
Halsey, Stuart & Co., Inc., etal
Scotfr-Stringfellow, etal
Scott-Stringfellow, etal
Lazard Freres & Co,, et al
Lazard Freres & Co. et al
Goldman -Sachs & Co., et al
39-43
series, offered
of
Kean-Taylor & Co.
Mason & Hagan, Inc., et al
Mackubin-Legg & Co., et al
Miller & Patterson, etal
400,096.00
39-47 inc.l
48-58 inc./
2%
2%
*
Successful bid.
x
Lower
2M
55-58 inc./
39-48 inc.!
49-58 inc.;
official tabulation of the bids received
2.67
2.491
1
2.676
2.701
400,000.00
2.911
400,100.00
2.932
3)rumttfc Ehrlkhman & IDhtfe
Halsey, Stuart & Co., Inc
Harris Trust & Savings Bank
and
NORTHWESTERN
CORPORATE
Exchange Building
—
——
—
Bancamerica-Blair Corp.; T. E. Joiner & Co., Inc.
Paine, Webber & Co
coupon
general
obli¬
to
the
SCHOOL
DISTRICT NO. 147 (P. O. Seattle),
OFFERING—Sealed bids will be received until 11 a. m.
Feb. 5, by Ralph S. Stacy,
County Treasurer, for the purchase of a
$21,000 issue of coupon building and auditorium bonds.
Interest rate is
not to exceed 5 M %, payable
semi-annually.
The bonds will mature serially
in from 2 to 23 years after date of
issuance, provided that the district
reserves the right to pay or redeem the bonds
at any time after one
Prin. and int.
year
payable at the County Treasurer's office.
The
bonds shall be in such form and bear such date as
may be prescribed by the
board of directors.
Bidders must specify price and rate.
A certified check
5%, payable to the County Treasurer, must accompany the bid.
for
SEATTLE, Wash.—BOND CALL—It is reported by H. L. Collier, City
Treasurer, that he is calling for payment from Jan. 13 to Jan.
26, various
local improvement district bonds.
(P. O. Kenosha), Wis.—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Jan.
31, by John C. Niederprim,
County Clerk, for the purchase of an issue of $100,000 corporate
purpose,
Series of 1938 bonds.
Interest rate is not to exceed
4M%. payable J. & J.
Denom, $1,000.
Due $10,000 from Jan. 20, 1939 to 1948, incl.
Bonds
the
basis
of determination
shall
be
by the successful bidder, and interest cost
The call for bids is on the basis of a par bid with the rate of
interest which the bidder will
accept over the period stipulated by the
bonds.
The bonds may be redeemed at the
option of the county on or
after Jan. 20, 1939, upon 30
days' advance notice.
The bonds are issued
for the purpose of
paying the current and ordinary expenses of the
county.
The approving opinion of
Chapman & Cutler of Chicago, will be furnished
the purchaser.
A certified check for 2% of the amount of
bid, payable to
the county, is required.
to the county.
MILLTOWN UNION HIGH SCHOOL DISTRICT
(P. O. Mill town)
Wis.—BONDS VOTED—At the election held on Jan. 10—V.
146, p. 312—
the voters approved the issuance of
the $40,000 in building bonds.
We are
informed by the District Clerk that the
district plans on borrowing from
State funds.
OCONTO
COUNTY
(P. O. Oconto), Wis.—BOND OFFERING—
be received until 2 p. m. on Feb.
8, by Josie M. Cook
for the purchase of an issue of $160,000
3% highway'
Senas H. bonds.
Denom. $1,000.
Dated Dec. 1, 1937.
Due on June 1
as follows:
$35,000, 1942; $110,000, 1943 and $25,000 in 1944.
Prin. and
mt. (J
& D.) payable in lawful money at the
County Treasurer's office
Sealed
bids will
County Clerk,
Tppse bonds
are part of an issue of $5)0,000 approved on April 1,1936, of
which $340,000 have been sold.
The approving opinion of
Champan &
Cutler of Chicago, will be furnished.
A certified check for
2% of the par
value of the bonds, payable to the
County Treasurer, is required.
RICHLAND
JOINT
SCHOOL
DISTRICT
NO.
Center), Wis.—BOND OFFERING— It
2
(P.
O.
bearing the Attorney General's certificate will be furnished.
The bonds
being issued subject to the opinion of Chapman & Cutler of
Chicago,
the cost of which must be borne
by the successful bidder. These bonds are
said to be general
obligations of the district.
A certified check for $500
must be deposited by the bidder.
are
Financial Data
Bonds outstanding
a
CHATHAM, Ont.—DEBENTURE DEBT—Debenture debt of the city,
including Public Utilities and Water Commission bonds was $574,239 at
end of 1937, according to report.
This represents a reduction of
$641,986 since the end of 1931.
By 1941, the debt will be reduced to around
$200,000, provided there are no further issues.
EDMONTON, Alta.—TAX COLLECTIONS—Tax collections, arrears
current, amounted to $3,839,460, or 105.2% of the levy in 1937.
Although cash collections totaled $3,844,974 in 1936, the percentage of the
year's levy was only 103.59%.
and
MONTREAL
The
EAST
SCHOOL
DISTRICT, Que.—BOND SALE—
school bonds offered Jan. 17—V. 146, p. 476—were
Leclerc, Inc., of Montreal, at a price of 99.11. The
$119,500 4%
awarded to
Rene T.
total is divided
as
follows;
$69,000 due July 1, 1937, and due serially from 1938 to 1952 incl.
43,000 dated June 1, 1937, and due serially from 1938 to 1957 incl.
7,500 dated July 1, 1937, and due serially from 1938 to 1947 incl.
NEW
BRUNSWICK
(Province
of)—BUDGET BALANCED
FOR
FIRST TIME SINCE 1929—In its first balanced budget since 1929, New
Brunswick finished the fiscal year ended Oct. 31 with a surplus of $29,090
ordinary account, a provincial financial statement revealed Jan. 11.
surplus was attained with ordinary expenditures and revenues at
highest peak in the province's history.
Revenues of $7,869,483
topped the 1930 all-time high by more than $600,000, and the expenditures
of $7,840,303 constituted an increase of $76,459 over the 1937 estimate.
When Provincial Secretary-Treasurer C. T. Richard brought down his
1937 budget early last year, he predicted a deficit of $283,597, as compared
with a $424,964 deficit the year before.
The jump in revenue was given as
the reason for the province's improved showing.
Premier A. A. Dysart, commenting on the financial statement, declared
It showed "the confidence, the self-reliance and the initiative of our
people
have been re-awakened."
It provided "an auspicious beginning of a new
year which shows every indication of restored prosperity."
Public debt of the province jumped more than $9,000,000 during the
year.
Total debt at the end of October was set at $76,466,515, against
which sinking fund reserves totaled $10,032,833, for a net debt of $66,433,682, or an increase for the year of $9,125,978.
their
ONTARIO (Province of)—ISSUES REPORT ON LOCAL STATISTICS
—We have received from Hon. Eric W. Cross, Minister of Municipal Affairs
and Public Welfare, a copy of the annual report of municipal statistics for
the year 1936.
Priced at $5, the document includes a complete analysis
of the debt position and related data for all of the municipalities in the
Province.
This is the third annual volume of the report and, as stated by
Mr. Cross in the foreword, "is released with confidence that it will prove
to be of use and service to all those who are interested
tutions
and
in municipal insti¬
problems."
ONTARIO
HYDROELECTRIC
POWER
COMMISSION
(P.
Owas announced Jan. 20 that an issue
3M% refunding bonds had been sold to a syndicate headed
by the Bank of Montreal and McLeod, Young, Weir & Co. of Toronto.
The bonds, due Feb. 1, 1953, were immediately re-offered by the bankers
at a price of 99, to yield 3.33 %.
Proceeds of the issue will be used to redeem
a like amount of 4Ms
maturing Feb. 1, 1938.
Toronto), Ont.—BOND SALE—It
of $9,000,000
OTTAWA, Ont.—TO REFUND HOUSING LOAN—Approval has been
granted for payment of
$180,000 balance of the Ontario Housing Loan,
a 5% interest rate.
For this purpose it is planned to issue
three-year city 1M% debentures.
which bears
PRINCE
$36,088.39
36,488.00
32,463.00
1936
1935
1934
$3,589,247
4,173,975
3,709,499
$3,576,776
4,154,900
3,709,499
$3,617,052
4,157,108
3,709,499
ALBERT, Sask.—PROPOSE DEBT SURVEY— It is reported
that
Saskatchewan Local Government Board is being asked to investigate
the city's bonded debt structure.
The board is empowered by the Provincial
Government to order a reduction in bond interest if warranted.
The order
can be nullified, however, if holders of
25% of the bonds registered a pro¬
test
within 30
days.
EDWARD
ISALND (Province
of)—PLANS NEW ISSUE—
reported that the Province may enter the new capital market soon
issue of between $300,000 and $400,000 bonds.
The last previous
financing
Assessed Valuations—
Joint sch. dist. valuation (assassed)..
3M% registered stock issue which will
3.34%.
the
was
$36,088.39
36,448.00
32,463.00
L
reached 77 %.
group headed by R. Mivison & Co.
The purpose of the loan, the Minister said, was to refund a £7,000,658
maturity of Dominion of Canada 3% stock and bonds due next July 1
and £3,000,000 if Dominion of Canada Canadian Pacific Railway landgrant 3M% stock, also due July 1.
with
Amount Collected
City of Richland Center valuation (as¬
City valuation (actual)
now
CANADA
(Dominion of)—LARGE LOAN FLOATED IN LONDON
—Finance Minister Charles A. Dunning on Jan. 14 announced a new £10,000,000 Dominion loan had been underwritten in London by a banking
None
Tax Levies and Collections
for Joint District—
Year—
Amount Levied
Year—
has
$23,500,000 according to Canadian news sources.
Operating surplus of about $60,000 will be shown by the city on 1937
wiping out the $59,000 deficit carried forward from 1936.
Practically every civic department finished the year within its budget.
None
Warrants and certificates
sessed).._
INCREASE—ercentageP
of consent to the Fortin plan for debt equilization
When the plan became effective some weeks ago, $24,000,000 of outstand¬
ing bonds were affected.
Retirements since then reduced the amount to
It is
1935-...
2,011.70
CANADA
CALGARY, Alta.—REFUNDING ASSENTS
PRINCE
Indebtedness—
1934
3,117.00
Successful bid.
Richland
is stated that Alfred W.
Breeden,
District Clerk, will offer for sale at
public auction on Feb. 1, at 1:30 p. m.,
a $50,000 issue of
3% school bonds. Denom. $1,000. Dated Dec.
1, 1937.
Due $5,000 from June 1, 1939 to 1948 incl.
Principal and interest (J. & D.)
payable at the Farmers & Merchants Bank, Richland
Center.
Bonds
1936
_—
5,077.94
4,020.00
The
COUNTY
will not be sold for less than
par and
the lowest rate of interest bid
_
on
WISCONSIN
KENOSHA
—
The new offering was essentially a conversion offering, the Minister
said, cash subscriptions being received only to provide for any unconverted
balance of the maturing issues.
The books for cash subscriptions will open
and close Jan. 19, and the books for conversion subscriptions will
open on
the same day and remain open until Jan. 26.
Washington
on
from date.
-—
774.92
2M%
2M%
2M%
3%
The Illinois Co. of Chicago; First of Michigan Corp.;
Farwell, Chapman & Co
Central Republic Co.; John Nuveen & Co
notice.
bonds offered on Jan. 18—V. 146, p. 312—were awarded
State Finance Committee of Washington on a bid of
par for 4s.
Wash.—BOND
903.00
2M%
July 1,
1963, and will be callable at par on or after July 1, 1958, on three months'
MUNICIPAL
SECURITIES
Wash.—BOND SALE—The $50,000
COUNTY
2M %
C. F. Childs & Co..
The loan will take the form of
gation
KING
147.00
2,314.45
1,671.00
1,136.00
on Jan. 19 at 98 M, to yield approximately
The issue will carry a sinking fund of one-half of 1%, will mature
WASHINGTON
DAYTON,
390.39
112,000t
f
Dickey Co
Bartlett, Knight & Co.; Lawrence Stern & Co., Inc.;
*
$100.80
2 4-10%
12,850J
on
j2M% on 154,000
First National Bank of Chicago
2M%
Harris Tr. & Savs. Bank, and Wauwatosa State Bank.
2M%
The Northern Trust Co. Smith, Barney & Co
2M%
The Milwaukee Co.; Brown Harriman & Co.; Wells-
1921
SEATTLE
Premium
Inc.:)
\
j 2M %
13%
be offered to investors
AND
:
Rate Bid
2.441
•
ESTABLISHED
an
operations,
39 54inc
bid.
2.615
403,359.60
403,080.00
402,040.00
3
following is
Securities Co. of Milwaukee, Inc.; Blyth & Co.,
Blyth & Co., Inc.
2.466
2.474
400,247.60
39-46 inc.l
47-58 inc./
2M
146, p. 312—were awarded to Blyth & Co.
2.434
402,476.00
401,410.80
401,075.00
400.356.00
3
...
2.407
2.417
400,072.00
2 M
Mountain Trust Bank,Roanoke
2.391
2.397
400,156.00
39-50 inc.l
51-58 inc./
...
Mountain Trust Bank,Roanoke
2.376
403,464.00
2M
2M
Biyth & Co., Inc., et al
2M
Blyth & Co., Inc., et al
2%
Lehman Bros., etal.__
2M
Esta brook & Co., et al
2M
First Natl.Exch.Bank,Roanoke 2M
Bankers Trust Co,, et al
2M
Northern Tr.Co.,Chicago, et al 2
Northern Tr.Co.,Chicago, et al 2%
Virginia Surety Co., Inc
Virginia Surety Co., Inc
2.360
2.368
2.373
404,559.60
404,320.00
3
Dick & Merle Smith
Lewis & Hall, Inc.. et al
Galleher & Co., Inc
2.309
400,595.00
2M
2M
Brown Harriman & Co
18—V.
Wauwatosa State Bank
39-46 inc.l
47 58 inc.)
J. N. Hynson & Co., Inc., et al_
*
2.235
405,544.00
405,319.60
2 M
Brown Harri man & Co
2.210
400,108.00
\
J
39-44 inc.l
45-58 inc./
3
Mason & Hagan, Inc., etal
Jan.
on
on a bid of 100.036 for 2Ms. a basis of about 2.24%.
Due on
follows: $13,850 in 1938: and $14,000 from 1939 to 1957.
as
First National Bank of Wauwatosa
400,101.00
400,600.00
Series Z
68,574.59
40,352.18
Name—
inc.]
Series Y
Chicago
March 15
The
Aggregate Bid Net Int. %
$401,108.00
2.223
44-51 inc.)
52-58 inc. J
2M
2M
2M
2 M
3 M
2 M
2M
2M
$37,194.31
71,732.46
WAUWATOSA, Wis .—BOND SALE— The $278,850 school bonds, 20th
The following is an official tabulation of the bids received:
B.J. Van Ingen & Co.,Inc., etal 2M
Halsey, Stuart & Co., Inc., et al 3
Halsey, Stuart & Co., Inc., et al 2
1938
22,
Balance at end of last fiscal year
net
interest cost than the successful bid for the
bonds, it was determined that
tue higher bid would involve less
bookkeeping expense because of the one
interest rate, contrasted with the three coupon rates set
up in the lower
tender.
Jan.
Operating Statement Last Fiscal Year—
Balance beginning of year
Receipts during last fiscal year
Disbursements during last fiscal year
an
in May, 1937, when an issue of $400,000 3Ms, due in 1947,
98.17, a basis of about 3.72%.
was
sold at
ST.
HONORE
PARISH,
Chicoutimi,
Que.—BOND INTEREST
PAYMENT—Quebec Municipal Commission has authorized payment of
on unmatured bonds and on bonds matured but
unpaid, up to
Nov. 1, 1936, with exception of bonds which matured Aug. 1, 1932, 1933,
1934 and 1935, on which interest from Feb. 1 to Aug. 1, 1936, is now
payable.
interest
ST. HONORE SCHOOL COMMISSION, Chicoutimi,
Que.—PAST
DUE INTEREST PAID—Payment of interest due Nov. 1, 1933, on unma¬
bonds and bonds matured but unpaid,
has been authorized by
tured
Quebec Municipal Commission.
@FedFRASER