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JAN iq
CUS.
yBBAfW
nrnmf trial |
0.
■ to.
COPYRIGHTED IN 1838 BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 146. '"u'dW^lv„o6P,?v.ara0opy~
PAT. OFFICE
ENTERED AS SECOND-CIASS MATTER JUNE 23, 1879, AT THE POST OFFICE
NEW YORK, JANUARY 8, 1938
AT NEW YORK,
William
cor.
NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
sVu^SU^N^Sy
NO. 3785.
brooklyn trust
THE CHASE
company
NATIONAL BANK
0f
Chartered 1866
George V. McLaughlin
OF
■
Member
CITY
OF
NEW
YORK
New York
President
NEW YORK
THE
/ The
BROOKLYN
chase is
tra-
ditionally a bankers* bank.
For
Federal Deposit Insurance
many
it has
years
Corporation
served
a
large number
of banks and bankers
company
■;
.
-
'
.1; " ^
;
.
Members New York Stock
New York
Exchange
Boston
Public
"/.
v-
!'.•''..
Deposit Insurance Corporation
Utility
Bonds
United States
Representatives' Offices
Paris
depository, i
' ";
reserve
Member Federal
Amsterdam
London
correspondent
and
White, Weld & Co.
(
as
New York
Government
Buenos Aires
Securities
The
Hallgarten & Co.
FIRST BOSTON
CORPORATION
Establshed 18S0
Brown Harriman & Co.
Incorporated
63 Wall
'
Street, New York
Telephone: BOwling Green 9-5000
NEW YORK
NEW
YORK
!
BOSTQN
CHICAGO
PHILADELPHIA
Chicago
London
AND OTHER
Boston
Philadelphia
San Francisco
SAN FRANCISCO
Chicago
Washington
Representatives in other leading Cities
PRINCIPAL CITIES
Wertheim & Co.
120
The
Broadway
State and
New York
London
Amsterdam
New\orkTrust
Company
CARL ML LOEB & CO.
BROADWAY
61
Capital Funds
NEW YORK
Berlin
Amsterdam
London
Municipal Bonds
♦
.
$37,500,000
Barr Brothers & Co.
INC.
New York
Paris
Chieago
IOO BROADWAY
I
57TH ST. & FIFTH AVE.
SMITH, BARNEY & CO.
40TH ST. & MADISON AVE.
NEW YORK
14 WALL
Service
to
Banks and
Dealers since
1888
STREET, NEW YORK
522 FIFTH
AVENUE, NEW YORK
European Representative's Office:
principal
offices
PHILADELPHIA
1411 Chestnut St.
in
8 KING WILLIAM
■
&
40 Wall Street
St.
*
CHICAGO
105 W. Adams St.
LONDON
11 Birchin
Lane, EC3
WEEKS
Established 1888
LONDON. E. C 4
BOSTON
111 Devonshire
STREET
HORNBLOWER
NEW YORK
Members
Member of the
Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
New York, Boston,
Chicago,
Cleveland, Philadelphia and
Detroit Stock
Exchanges
'938
Financial
n
Jan.
Chronicle
8, 1938
A. G. Becker & Co.
Incorporated
CO.
MORGAN &
J. P.
Established 189S
NEW YORK
Investment Securities
CO.
DREXEL &
PHILADELPHIA
Commercial Paper
Condensed Statement of Condition December 31,1937
Chicago
New York
And Other Cities
ASSETS
Cash
on
Hand and
Deposit in Banks
on
$91,709,065.63
260,597,862.50
.
United States Government Securities
{Of these $4,210,000 are pledged)
State and
18,724,210.08
11,504,453.13
48,789,540.38
1,164 991.64
Municipal Bonds and Notes
Stocks and Bonds, etc.
Loans and Bills Purchased
..
Accrued Interest and Accounts Receivable
5,500,000.00
5,700,000.00
Morgan Grenfell & Co. Limited, Shares
Banking Premises
;
J.&W.Seligman & Co.
Inability of Customers on Letters
of Credit and Acceptances... .$13,880,909.67
Less
No. 54 Wall Street
13,125,758.42
346.255.33
755,156.25
Prepayments
Liability of Others on Acceptances Guaranteed..
NEW YORK
$457,111.631.96
Total Assets
London Correspondent*
LIABILITIES
SELIGMAN BROTHERS
$394,997,148.49
Deposits
Accrued Interest and Accounts
94,837.53
Payable
and Letters of Credit
Acceptances Outstanding
13,880,909.67
Issued
346,255.38
1,000,000.00
Guaranteed
Acceptances of Others
Special Reserve Fund
Capital
Surplus and Partners' Balances
Leading Out-of-Town
$25,000,000.00
21,792.980.94
48,792,980.94
Investment Bankers & Brokers
$457,111,631.96
Total Liabilities
The foregoing statement
BIRMINGHAM
is exclusive of our interest in the assets and
Paris.
MARX & CO.
liabilities of the Arm of Morgan & Cie.
as
Private Bankers
Private Bank by the Department of
Commonwealth of Pennsylvania
BIRMINGHAM, ALABAMA
under Article IP of the Banking Laus of the State of New York
Authorised
Licensed
as a
Banking of the
SOUTHERN
January
3,1938
MUNICIPAL
CORPORATION
AND
BONDS
MILWAUKEE
WISCONSIN
CORPORATION SECURITIES
THE
OF
CITY
OF NEW
Teletype—Milwaukee 92
BANK
THE FIRST NATIONAL
EDGAR, RICKER&CO.
YORK
780 North Water Street,
Report
Condition at the Close of Business
of
member
insurance
deposit
federal
December 31, 1937
Milwaukee, Wis.
corporation
ST.
RESOURCES
and
Loans
236,109,877.44
United States securities
Other bonds, stocks,
Banking House
126,939,299.15
5,000,000.00
securities, etc
.
Cash and due from Federal Reserve Bank
Exchanges
Due
from
LOUIS
$ 55,264,400.37
discounts
...
$121,057,064.61
28,608,925.43
5,493,326.15
banks
5m
155,159,316.19
&
Co.
SAINT LOUIS
Customers' liability—Indorsed drafts sold and acceptances
128,566.8 7
guaranteed
SO^OLfVC ST
$578,601,460.02
LIABILITIES
Members St. Louis Stock Exchange
$ 10,000,000.00
100,000,000.00
Capital
Surplus
8,207,632.83
Undivided Profits
Dividend payable
January 3, 1938...
2,500,000.00
•.
$ 16,573,000.00
Deposits: U. S
Banks
HARTFORD
121,970,636.98
Allother
317,212,307.29
455,755,944.27
2,009,316.05
Reserved for taxes and assessments
Indorsed drafts sold and acceptances
128,566.87
guaranteed.
Specialists in Connecticut
Securities
$578,601,460.02
PUTNAM & CO.
Memorandum:
and trust
U. S. securities pledged to secure
U. S.
deposits, and to qualify for fiduciary powers..
Members New York Stock Exchange
$25,331,530.92
6
CENTRAL ROW
Tel. 5-0151.
HARTFORD
A. T. T. Teletype—Hartford 564
WJ
flttrnwrtfu
Vol. 146
JANUARY 8, 1938
No. 3785.
CONTENTS
Editorials
pagb
Financial Situation
Mr. Roosevelt
148
Recovery and Reform
on
161
Why More Armament ?
162
Comment and Review
New
Capital Flotations in the United States During
December
of
Text
165
President
Congress
Roosevelt's
Annual
Message
to
171 & 172
_
Budget Message of President Roosevelt-.
174
Two Views
164
Book Reviews:
Socialism Versus
The A B C of
Capitalism
177
Municipal Bonds
178
The Undistributed Profits Tax.
Week
178
.....
the
European Stock Exchanges
Foreign Political and Economic Situation '
on
153
154
Foreign Exchange Rates and Comment
158 & 226
Course of the Bond Market
...
Indications of Business Activity
Week
on
Week
on
the New York Stock
the New York Curb
177
178
Exchange
...
.
.....
Exchange
151
225
News
Current Events and Discussions
Bank and Trust
General
187
Company Items
.
Corporation and Investment News
.........
Dry Goods Trade
State and
.
.
.......
Municipal Department
199
270
300
301
Stocks and Bonds
Prices in 1937 at the New York Stock
Exchange
Foreign Stock Exchange Quotations
...
Dividends Declared
Auction Sales
New York Stock
New York Stock
202
226, 230 & 235
230
,
268
.
Exchange—Stock Quotations
236
Exchange—Bond Quotations
236 & 246
New York Curb
Exchange—Stock Quotations..
252
New York Curb
Exchange—Bond Quotations
256
Other
Exchanges—Stock and Bond Quotations
258
Canadian Markets—Stock and Bond Quotations
263
Over-the-Counter Securities—Stock & Bond Quotations.
266
Reports
Foreign Bank Statements
.................
Course of Bank Clearings
r
-
-
-
-
Federal Reserve Bank Statements
General
-
-»-
-
...
-
-
.
-
.
Corporation and Investment News
156
226
233
270
Commodities
The Commercial Markets and the
Cotton
Breadstuffs
.
Crops
291
_...
294
298
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and
Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 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
for foreign subscriptions and advertisements must be made in New York funds.
The Financial Situation
officially admitted, and the realist will prob¬
had been
CONGRESStime beenreceived two week, and dur¬
ing that has has in session a major messages
ably be thankful, all things considered, if it is no
perfectly clear during this
President is "still harping
budget
period of time is that the
on my
daughter."
presented for the year ending June 30,
now
1939, carries
Possi¬
deficit somewhat less than a billion
a
bly because the diatribes of last week were not well
received, the President's tone was less strident than
that of Messrs. Jackson and Ickes—or possibly the
way," for only
"planned that
dollars, which again had not been
dent had been
months
It is evident that the President has
swerved in the slightest from his
not
"an essential part
as
An
recommenda¬
reiterates his
It
tion that
Congress vote him
the powers
department
the government;
man
of
for
It
itself
ills it
now
suffers; while
re¬
of
business
he
men,
obviously of the
that this "small
either
know
for
is
or
calling
tions
them
the
less
practical
abuses,
highly
the
career
of
that
legislation
of
most
to
re¬
one
"the
important fact
most
them
of
condone.
this
point that
budget is the
re¬
duction of $539,000,000 in
estimated expenditures for
the
fiscal
1939."
year
Much
more
this,
however, is the as¬
important ,than
sertion made in the course
they permit themselves for a
forget that the career of this, per¬
of his annual message
duced
wrong" to take
proposed action,
when the coun¬
try needed constructive ideas and programs.
any
cannot
be
re¬
greatly below $7,-
000,000,000
out
that
expenditures
henceforth
and to know what to suggest
ought
from
President
marked at
should
or
pro¬
subtract
Federal
right
likely to
President
the
The
them.
hard work in endeavor to "know whether it is
he
that
course,
more
by
than
this
their hearts they should not
or
for
expenditures
haps their most respected and most beloved
associate, has been notably marked not only
by independence of mind and action, but by
unfortu¬
nate which he thinks
hold
moment sanction
a
Nor
allegedly existing and
allegedly
of
deep in
moment to
condi¬
lists
to
always."
refraining from
purposes;
none
all
for
to
posed
eminently fitting in the present
himself, that a man in
public life who stops to ask only "whether a
thing is popular or unpopular, instead of
seeking to know whether it is right or wrong,
is
a
coward to begin with
and a menace
powerful enough to control
events
add
words of Senator Glass
group" is
knows, of
which it is
con¬
When hard pressed, let them remember the
opinion
enough
large
behalf
in
"small minority"
a
willing to stoop to
cause
Congress for
Congress is in a mood in
and also
a
reproach to all those members of the
present Congress now assembled in Washing¬
ton who sre being subjected to whip and spur
stricting his worst accusa¬
tions to
one
"elder statesman" up as an example
the
for
responsible
seems
circumstances
charge, that businesses
been
home
appropriations
although often conquering.
quer,
indeed, he did not make
the
good of
country
at heart,
we
hold in high
esteem this veteran of politics who has never
in
his long life deigned to "play politics,"
never
at
well
larger expenditures. Every
their
who has
ask
to
on
birthday.
Like all other citizens who have the
notice that
both
and abroad may
more
Virginia, Carter Glass, who
that day had reached his eightieth
charge, if,
a
conditions
him
until
Treasury
the country on
aptly quoted during the week by
Senator from
bility, he has carefully laid
the basis
July, and he places
the New York "Times" in honor of the senior
while tak¬
begin to flow
next
Edmund Burke who told the people
were
even
the
These words of the eminent British states¬
imperturba¬
of
The President himself
into
"owes you not his industry only, but
judgment; and he betrays instead of serv¬
ing you if he sacrifices it to your opinion."
the outward ap¬
pearance
Reproach
his
ing great pains, apparently,
to preserve
a
ment
organization of the
Executive
Example and
Great Britain that the member of Parlia¬
of
sought in the bill
having to do with changes
in the
was
for six
than indications of
more
will not
recovery;" he
of economic
hardly
plainly doubtful of the dependability of estimates
made now of receipts that
is
emphatically insists upon wages and hours legisla¬
tion
at best
are
hopes and general policies.
He
course.
But all such
figures applying to a period not beginning
student of current affairs is less
than in content.
relatively short time ago the Presi¬
expressing the hope, if not the opinion,
a
that there would be no deficit at all.
"planned it that way." But the serious
interested in tone
President
The
larger than the President estimates at this time.
About all that has been made
from the President.
functions
with¬
per year
"destroying
essential
letting people
to receive the attention of
It is the shame of all too many members of
government; he omits anti¬
Congress and of other men in public life today
that they honor him with their lips and dis¬
starve."
honor him with their deeds.
history have total tax re¬
trust
law
tions,
but makes it clear
recommenda¬
that he intends in the early
future
to
message to
send
better
No
time
than
found for turning over
the present
a
could be
Congress, the exact subject of which ig not
other occasions have such receipts ever come
specifically stated, but which presumably will concern
two billions of the mark.
itself
the
All
with
such
matters,
possibly
others.
among
this, however, is easily recognized as but another
of the endless variations of the
same
billion
dollars
which
more
the
President
as
a
evidently had
"planned that way," since last April he predicted
that the deficit would be $418,000,000,
last
October
$695,000,000.
he
thought
and
the figure
as
recently
is of
pay
can,
would be much larger than
within
The President's idea that
by political legerdemain, be so
of this country can year
$7,000,000,000 and more in taxes
hardship,
course
or
would do
simply fantastic.
tional outlays
so
without complaint,
To
suppose
that
na¬
would be held within or near $7,000,-
000,000 during a period of wild inflation
policies he
seems
to expound
would
produce would be equally beyond
such
as
sooner or
the
later
reason.
What Is the Price?
would be
But it has long been taken for granted
that the deficit this year
year
without
THE revised budget estimates for the current fiscal
show
deficit of something
than
a
population
increased that the people
old theme.
Unplanned Deficit
not
in our
"purchasing power" of this third, or that third,
of the
after
year
once
mark, and only on three
special
a
Only
ceipts ever come within a
billion dollars of such a
leaf.
new
or
But the
sage,
President, particularly in his annual mes¬
seems
to have placed in the
spotlight another
Volume
question,
of detail
Financial
146
of questions, by which these matters
or group
far exceeded in
are
importance. They have to
do with what the Administration expects
this
time,
ready to furnish
and the nature of the
the price is paid.
once
dent says at one point
The Presi¬
that "it is the opportunity and
duty of all those who have faith in democratic
business,
applied in industry, in agriculture and in
well
as
in the field of politics, to do their
as
cooperate with Government—without re¬
gard to political affiliation, special interests
nomic
prejudices—in
whatever
or eco¬
be
may
program
In his annual
message,
the President again insists
in
a wages
At another point he
"Government
be
can
assures
the public that
expected to cooperate in
every
with the business of the Nation provided the
way
strong language that
be enacted at this
form"
Not
the
on
tion."
Much
and hours
part of any group of business men.
think of aggressive steps
men
such
evidence
more
this
measure as
enough has been said to make it perfectly clear that
what the President is
community
holding out to the business
reward for its "cooperation" is not
as a
what it has been
demanding and not what it wants.
What then does the President offer?
tion
best be answered
can
lated
The ques¬
by inquiring into the
though here, too, difficulties confront the analyst
who would set down in black and white
the President would have the business
and
production policies appropriate to the times."
At still another he
has
and adopt price
no
obligation to make America safe for incompe¬
business
tent
solemnly declared that "the Nation
men
for
or
business
who fail to
men
note the trend of the times and continue the use of
machinery of economics and practices of finance
outworn
as
the cotton
as
spindle of 1870."
that does not
what
slough off everything
"belong to this day and age," and just
"price and production policies"
ate to the times" ?
effect
must
ness
are
"appropri¬
What component parts
such
What,
changes?
terms, must the business
man
of busi¬
in
plain
do to give evidence of
some
industry, agriculture and busi¬
but the program with which business is called
upon
to cooperate is one "sanctioned by the chosen
representatives of the people."
the
juxtaposition betray
a
Such words placed
strange conception of
application of "democratic methods" to business.
If any
meaning
that
is, of
be attached to these phrases, it
may
is that the "chosen
representatives of the people"—
the politicians—"sanction" (pre¬
course,
sumably having first formulated)
and
the
and
owners
prises must fall docilely into line.
occasions
1870?
outworn
as
And this
as
the
cotton
spindle of
"opportunity" and "duty" which
confront business to
"cooperate with Government in
whatever program may
be sanctioned by the chosen
given
such doctrines
this,
fear that it is the
tion that is fantastic.
line
just what
were
met and it set out to
generalizations
may or may
business executive
purpose
a reason¬
degree of confidence apply them to his every-day
tasks.
At the very
from
no
one can
cite
give
tfie
chapter and
statements
to
deductions
verse
from
President are,
plain
as a
answers to
prove
from the President's public
the
various
answers
recent
own
back upon
the
One thing is
as
pike staff. That is that the "cooperation"
prepared to grant (on
But
us
to the behavior even of a small minority of
"malefactors of great
prepared to give
up
equivalent, at least
wealth." He evidently is not
the undistributed profits tax,
so
far
as
or
corporations owned
we
practice only
a
thin
deeply averse.
more
Let
particularity into its meaning.
Logically construed, the President's words seem to
for example, that if the "chosen representa¬
of
the
people" sanction astronomical public
expenditures and
tinuing
a
correspondingly large and con¬
business
deficit,
should not
complain
men,
large
and
small,
attempt to forestall such
nor
action, but should proceed as if they regarded such
a
policy eminently sound, or at least as if they were
unaware
the
of the ultimate catastrophe.
Similarly, if
politicians chosen at the ballot box are told by a
(believing himself to be under a "man¬
President
date") to enact
convince
any
In actual
concept is still somewhat abstract.
inquire with
budget balanced by drastic reduction
17,000,000,000 mark is not by him related in
way
the
business
a
interpreta¬
people historically have repeatedly shown
themselves
The President has definitely turned his
expenditures. His "floor" under expenditures at
the
its
Certain
terms) is not what business has been de¬
manding.
in
correct.
statements of
however, legitimate.
which this Administration is
its
these questions, and
an
fantastic, but
political dictatorship of a sort to which the
American
tives
outset let it be carefully observed that
as
just
would
separates such doctrines from Fascism, from
mean,
What 18 Offered?
reject such
man
Hitlerism, from the Kussian version of communism,
unless the
realistically and with
can
Such
not glitter, but they will
necessity fail of their presumed
able
pursue once
"cooperate in
with the business of the Nation"?
every way
of
would the Government
course
its conditions
Finally,
previous
concept and not the interpreta¬
phrases into
of practical action?
many
reasonable
the President's words
of
representatives of the people"—how translate these
programs
any
feel himself constrained to
tion
Were it not for
on
evidence of belief in
strong
as
the "program,"
of business enter¬
managers
current
are
He
ness,
the fact that the President has
finance''
do.
arising out of the application of "demo¬
way
cratic methods" to
having noted "the trend of the times," and what
"machinery of economics and practices of
just what
man
speaks of the "opportunity and duty" apparently in
in this
Precisely what practices must "component parts of
business" abandon in order to
re¬
question of what the President demands, al¬
do not
age,
"coopera¬
as
might be introduced, but
component parts of business abandon practices which
belong to this day and
measure
session, also irrespective of "re¬
business
many
in behalf of
any
sanctioned by the chosen representatives of the peo¬
ple."
or
graduated rates without reference to their behavior.
"cooperation"
"cooperation" that the Federal Government stands
utmost to
of wealth
women
to put the matter bluntly, the price that
or
as
substantial part by men and
concerned, for he insists that the income paid
are
accruing to these individuals be taxed at sharply
from the Federal Government,
methods
in any
149
of business at
it demands of business for what it calls
the
Chronicle
a wages
and hours law, then the
community ought not to do what it can to
these
representatives that the action in
question is unwise, and, if such a law is placed upon
the statute
book,
no one
ought ever, under any cir¬
cumstances, to go into court upon the advice of his
lawyer to inquire as to the constitutionality or the
validity of the measure as applied to his business.
If
an
agrarian
bloc among these "chosen repre-
Financial
150
eentatives" make
der to
of adoption in
is assured
such
a
this
application
or¬
the absence of
"deal," there is something sacrosanct about
methods"
to
bog down
of
doctrine
the
of
"democratic
business, (and should the negotiations
the
on
"component part" of
some
way,
"an
missed
has
business
in
labor bloc in
a
opportunity" and failed
"duty." If these "chosen representatives of the
a
people" conclude that wages ought to
hours
be raised,
and workers permitted to apply
shortened,
themselves less
vigorously, and should reveal their
conclusions in
legislation
the
employer ought to assent without remonstrance
without hesitation
and
know
be
to
certain
the
ness
the business
nor
him to refrain from
usual.
as
man¬
cre¬
of
small
a
activity.
We
such
ances
proceeding with busi¬
Apparently the President thinks of
who will
consumer
tim
of his acqui¬
by the "chosen representatives of the people"
cause
the
consequence
may
for permitting conditions
ager can be excused
ated
regardless of what he
Neither the investor
escence.
to
in political speeches,
or
not,
minority which
him into in¬
scares
those of
an
annual message are not
ordinarily to be construed in strict logic.
cedure would sometimes reach the
It
ity.
to
leading him.
such
pro¬
point of absurd¬
never
inquire just where his phrases
were
But who is there to say that in light
of the whole
years
Such
be that the President himself has
may
undertaken
vic¬
as a
well aware that political utter¬
are
as
cannot, buy
or
course
of events
during the past five
interpretation
an
of these
particular
words of the President is unwarranted?
somewhat
of
cooperation
grow
"price and production policies in keeping with
what he would have in the form
price policies'—not
even
the proverbial Philadel¬
phia lawyer could possibly construct
consistent
a
coherent and
price philosophy from anything
or
all the
things the President has from time to time had to
the subject
from legislation bearing
say
on
the
subject which he has sponsored.
certain in his
was
flate"
or
mind that
own
on
ought to "re¬
prices to the 1926 level, but long before they
had reached such
prices
were
a
level he
began to complain that
too high. At present he apparently would
have
certain
other
policies that unavoidably raise costs and thus
make
prices reduced, but he insists
price reduction impossible.
when identical bids
are
on
upon
He is incensed
government supply contracts
received, but collusive price-fixing in the coal
industry is put forward
as
"solution."
a
He
com¬
The President has
prices
or
His
philosophy of
pro¬
duction is about
equally elusive. Industrial produc¬
tion
for
controlled
would without
the
question
purpose
arouse
procedure is the foundation
program rests.
business has
He
upon
seems to
curtailed
of raising prices
his ire, but just this
which his agrarian
be displeased because
production,
earlier because business did not at
more
as
an
he had been
earlier date
rapidly expand production in order to increase
employment, yet he
now
complains of "high-pressure
point of
philosophy of
He is less interested in poli¬
production.
The President's first interest is
for policies.
pass
that the Federal Government shall control the pro¬
duction and
price policies of
given section
any
branch of business at any
particular moment.
objective in
at any moment
branch
one
or
The
may
be
larger production and lower prices, while that in
another branch may
and
higher prices.
be curtailment of production
These two
exchange positions
easily
might
groups
overnight
very
without
and
notice, for the President, whether he admits it
not, still seems to think of himself
back in
football game.
a
Government
Federal
Is this
"biased"
a
President's
decide
forced
or
position?
or
the quarter¬
as
The main thing is that the
shall
these
questions.
interpretation of the
Not at all.
sider all the programs so
Carefully
con¬
far sponsored by the Ad¬
ministration, and then re-read what the President
had to say
to the press during the past week about
business
having
sit around
men
table and
a
fix
production policies—with the Federal Government
What the President has done and is
represented.
agriculture,
for
doing
industry and trade
and
he
far
as
matter.
for
do
to
control of production
The subsidies
They doubtless depend
connection.
a
like
would
as
probably prices is concerned.
another
upon
are
the
any group
that is considered
Here is the
explanation of the
apparent inconsistency between Messrs. Ickes and
Jackson
the
on
hand, and the President
one
on
the
other, concerning the working of the anti-trust laws.
The subordinates
to
evidently left it to the President
complete the story, which he has
least in
part and by implication.
imvardness
real
termed
and
the
now
done at
Here is also the
danger of what is being
Administration's
the
trust-busting
cam¬
paign.
Sum it all up,
and
dent demands of
lie
we
have this: What the Presi¬
business is submission
promises business is control.
tion," then
that he is able to
very
the
what
hand, that the President plainly har¬
bors such ideas is not half
is with
and
If this is "coopera¬
dictionary needs revision.
our
On the other
"get
so
away
important
as
with them."
the fact
The fault
Only
people, not with the President.
a
thin coating of veneer overlays the plans and
intentions of the Administration.
The President has
he has grown
happened to
Yet do
we
find it
There is unfortunately no indication
repudiated?
of it.
Federal Government itself.
coherent
no
cies than he is in who formulates and controls what
meat that
"rigger" than the
permits himself to become
it all.
be found
consistent market
1938
by this intricate network of contradictions
plains of market "rigging," but there is nowhere to
a more
8,
Point
the
Miss
and inconsistencies has missed the essential
Originally he
we
Not
the observer who
confused
in such
specific at certain points. He speaks
more
the times." As to
of
But
Must
political strength of
Getting Down to Brass Tacks
But the President's ideas about
Jan.
We
the enactment of two measures, neither
assure
which
of
bargain with
a
Chronicle
our
fed upon
so
great.
thought processes.
no
mysterious
Something has
Not
even
all
responsible business executives of a high order of
ability in their
to the
tal
own
condition.
Few
tional Industrial
ington.
which
fields have remained immune
spread of this insidious and progressive men¬
same
conceptions of the Na¬
Recovery Act originated at Wash¬
There are
the
of the
a
number of other measures of
could
be said.
That the business
community has not fully learned the lesson which
the National
Recovery Administration should have
salesmanship which creates cycles of overproduction
taught is evidenced by the fact—for fact it is—that
within
many
same
given
industries," and much
order.
more
of
the
an
executive would welcome the President's
conference table idea if
only the government repre-
Volume
sentative
could be eliminated
innocuous.
we
seri-
more
recently by the retire-
more
of the stalwarts of that
one
rendered
must think of as the retreat of the
Supreme Court, and
ment of
somehow
or
The situation is rendered the
by what
ous
Financial
146
body.
Once the
Supreme Court stood rather valiantly between the
people and
left
particularly obnoxious form of Fas-
a
cism. v That
is
true
longer.
no
Only Congress is
now.
Chronicle
gold figures leave something to be desired, since the
domestic
ently
ommon
o
production and
are
acquisitions
scrap
lost in the shuffle.
appar
The combined
con-
dition statement of the 12 Federal Reserve banks
indicates
decrease of $499,000 in gold certificate
a
holdings to $9,119,892,000, but the return flow of till
cash far
than offset this item, and total re-
more
thus increased $31,111,000 to $9,491,959,000
serves
of Jan. 5.
as
P
151
Federal Reserve notes in actual circu-
lation declined $25,539,000 to $4,257,846,000. Total
deposits with the regional banks increased $66,-
ense
^
AT THE anti-C. I. O. rally in Jersey City, N. J., on 913?000 to $7,601,886,000, with of member bank
the account variaThursday night, A. Harry Moore, Republican
consisting of
increase
l
tions
Governor-elect of New
of
the
administration
Roosevelt
"Business and
Jersey, criticized the policies
toward
business,
industry need protection and
encour-
agement," he said. "All these other agencies (C. I. O.
and
Communists)
stead of
if
ment and
we ever
find
are
industry in such
and
any one
today they
are
go
the other perishes. As
one,
going down to destruction
an
balances
re-
by $88,497,000 to $7,071,249,000;
a
drop of the Treasury general account balance by
$12,708,000 to $126,896,000;
bank balances
decrease of other
428,000.
The
a
ratio fell to 80.0% from 80.1%..
reserve
were
at a standstill
save
for
transfer, already noted, of Hungarian obliga-
tions to "other
tion in the
to
increase of foreign
deposits by $11,555,000 to $228,-
Open market operations
the
an
by $2,679,000 to $175,313,000, and
$540,000.
the open
assets," this change causing
reduc-
a
acknowledged bill holdings of $2,287,000
United States Government issues in
market portfolio
$2,564,015,000.
were
Discounts
quite unchanged at
the
by
regional
banks
dropped $1,767,000 to $11,080,000, while industrial
advances receded
$397,000 to $17,894,000.
common sense
cannot believe that Governor Moore
we
con-
that it
a manner
together." This is just plain ordinary
other
we
can
Industry and employment
hand; without
it stands
How
Without industry where will
employment?
hand in
unemployed.
employment if the Government
tinues to burden
destroys it?
should legislate to
we
from the relief rolls the millions
remove
return them to
In-
hope to return to honest employ-
citizens who
our
agencies of destruction.
legislation to destroy
build up,
of
are
Serve
or
The New York Stock Market
any
politician is committing political suicide in
uttering such palpable truths.
QTOCK prices on the New York market advanced
O briskly but intermittently in this first week of
1938, despite continued
Federal Reserve Bank Statement
jng
t}ie
course
uncertainty regard-
grave
and objectives
of
New
the
Deal.
WITH the exception of a statement of the 12 note, which contributed to theonoccasional buying
few year-end adjust- Business indices at length took a more favorable
ments, the condition
Federal
Reserve
banks,
combined,
again
reflects
only the usual seasonal influences this week.
continued to flow back out of circulation at
rency
normal
000,000.
expect
summary
$61,-
at
In this situation it would be reasonable to
liquidation of the $37,825,000 United States
a
Treasury securities added in November to the
market
last
a
rate, the decline in all forms of money in
being placed in the credit
use
Cur-
portfolio.
open-
The credit policy statement of
Sept. 12 suggested that
any
such additions prob-
ably would be offset when the usual post-holiday
return
flow
course
of
currency
apparently
present
monetary
United
States
changed
bank
is
set in.
not
Government
In
for the
issues
reasonable
a
by
portfolio
remained
consequence,
balances showed
reserve
in the week ended
a
contemplated
managers,
this week.
But
the
our
of
un-
member
gain of $88,497,000
Wednesday night.
Coupled with
the usual minor variations in the
made
cess
possible
an
requirements, this
increase of $110,000,000 in the ex-
and
reserves,
the
total
now
is
estimated
Open market holdings
drop to $540,000 from $2,827,000 this
spurts.
Commodity price levels turned upward and
.
little
a
confidence
ther deficits in the Federal budget
inflation.
quotations late last year.
such
as
the
$1,885,000 to $147,739,000, which indicates
earnings
over
the dividends
paid to member
banks.
The
summary
reflects
a
decrease
of
$5,000,000 in the monetary gold stock of the country
to
$12,755,000,000, obviously in
consequence of an
exportation of that amount to France.
But the
was
due
on
Some decidedly unfavor-
their debt requirements.
These
the stock market resulted in a modest price advance
on
Tuesday, and
Other
day.
a
sharper improvement
sessions
were
relatively
profit-taking apparent at times.
was one
on
Thurs-
dull,
with
The atmosphere
of hesitant optimism, in contrast with the
hesitant pessimism of recent months.
But the
cur-
rent feeling seems to be based in large part on the
belief that the unprecedented collapse of industry
could hardly
least
a
on
be carried to greater lengths, making
of
measure
improvement
inevitable,
the New York Stock Exchange
aver-
aged barely more than 1,000,000 shares,
Political factors dominated
the situation
com-
pletely as trading was started for the week and the
year,
the
last Monday.
The Presidential
investment community.
be
message
on
State of the Union was read to Congress by
Mr. Roosevelt at noon,
credit
advance
matters and the many others that go to influence
merely the transfer of long-held Hungarian obligaincreased
an
the inability of several important railroad
systems to meet
Turnover
Surplus under Section 7
stimulating
are
able developments also were made known, however,
of bills show
tions to "all other assets."
circum-
The occasional rallies'were aided also
by the simple fact that
at
week, but it is well understood that this reflects
this
technical grounds, after the sharp decline in stock
officially at $.1,270,000,000.
a
gained from
was
stance, although the fear persisted that huge fur-
described
as
but it failed to hearten the
The
constructive,
message
could hardly
although it seemed
mild in comparison with the absurd fulminations
by Secretary Ickes and Assistant Attorney General
Financial
152
therefore
statements
a
Far
relief.
of
market
tions.
a
measure
immediately influential, from
more
upturn in steel opera¬
was an
budgetary message on Wednesday pro¬
apprehension, to a degree, but also
nervous
major issues up from one to four points,
with the steel shares leading the
the
automotive, metal
The
proposal
Justice
George
Sutherland
dampening effect
since it
Court
the
occasioned
also
he
would
gloominess,
that the so-called liberals will be able
means
dominate the
high court entirely.
The railroad
times,
problem was prominent at all
the Soo
as
system late last week indicated its inability to meet
funded
obligations, while the Erie took
while
a
regarding another loan by the Reconstruction
Finance
Corporation to the Baltimore & Ohio, but
cleared
was
craft stocks
than
more
Presidential
listed
the
States
market
bond
others, largely
indicated
message
dealings
but movements were feverish.
Treasury issues tended
that list for
rier liens moved like weather
downward
sioned
vanes
upward
and
necessity to
Best-grade
in
drastic losses
obligations.
But
the
of
occa¬
Sensational
bonds, and almost equally
in
recorded
were
car¬
series
a
fluctuations,
by the railroad developments.
declines occurred in Erie
a
United
But secondary
corporate issues were steady.
sharp
on
higher, largely be¬
employment of idle funds.
O.
&
B.
Baltimore
after
&
face
climbed
continually.
ment.
ments seemed to be
substantial
advances
trends
solidated Edison Co. of N. Y. at
Columbia Gas & Elec.
Service of N. J. at
Harvester at
at
demand,
and
some
are
known
as
con¬
Tuesday
Base metals also
and
were
improvement developed
supervision of the various official funds, and
covered
small, but
over
of other
even
people's
some
wave
money.
mained
Sterling
was
stable, but
65% against 62; Sears, Roebuck & Co.
against 31%; Wool worth at 39% against 36%, and
American
24%
on
was
Exchange
915,050 shares;
Exchange;
on
re¬
on
Tuesday,
Wednesday, 165,230 shares;
on
on
Thursday, 1,205,240
on
Exchange the sales
shares;
on
Monday the sales
Friday, 1,053,720 shares.
on
New York Curb
shares, and
holiday
Tuesday, 942,080 shares;
Wednesday, 1,150,940 shares;
shares, and
on
a
on
on
On the
Monday
were
Texas
164
Gulf
flash
of
National
Nickel
at
47%
at
14%
Dairy Products
Sulphur at 30% against 27%; Conti¬
at
at
41% against 38; Eastman Kodak at
16% against 16%;
U. S. Industrial
against 21; Canada Dry at 15 against
13%; Schenley Distillers at 26% against 23%, and
National Distillers at
22% against 20%.
Higher prices prevailed among the steel stocks
this week.
United States Steel closed
57% against 54
Steel at 74
yesterday at
Friday of last week ; Inland
on
against 69%; Bethlehem Steel at 61%
against 58%, and Youngstown Sheet & Tube at 40%
closed
38.
In
the
motor
Auburn
group,
Auto
yesterday at 4% against 3% on Friday of
week;
Motors
General
at 33%
against
30;
Chrysler at 51% against 47%, and Hupp Motors at
1% against 1%.
In the rubber group, Goodyear
Tire & Rubber closed
on
yesterday at 20 against 17%
Friday of last week; United States Rubber at
25% against 23, and B. F. Goodrich at 16% against
13%.
The railroad shares participated in the gen¬
advance
in
stock
prices
over
that of
a
week
Pennsylvania RR. closed yesterday at 22%
against 21
a
Cash Register at
8; Westinghouse Elec. & Mfg. at 103% against 99%;
ago.
show
144%.
26% against
at
against 160%; Standard Brands at 9 against
Thursday, 209,670
opened after the New Year holi¬
fractionally lower, only to
against
yesterday
International
15;
44%;
nental Can
eral
shares;
Friday, 177,380 shares.
The stock market
147%
against 14%; National Biscuit at 19% against 17%;
on
129,910
at
closed
Friday of last week; Allied Chemical & Dye
against
last
New Year's Day and
Tel.
&
Tel.
Union
Western
against
the New York Stock
on
the New York Stock
day
owing to
unchanged at 1%.
Saturday
119,460
move¬
of strikes in France.
Call loans
were
price-
aggregations
enormous
the French franc reflected fresh pressure,
th
in
influences could not be
by these
33% against 32% bid; J. I. Case
114% against 112; National
Foreign exchanges remained under the close
ments were
23% against 21%;
8% against 7%; Public
59% against 54; Montgomery Ward & Co. at 33%
Lorillard
wise.
at
Threshing Machine at 92 against 83; International
Alcohol at 21
little.
General Electric closed yesterday
developed.
42% against 41% on Friday of last week; Con¬
the
a
Moderate gains characterized trad¬
day before.
ing in the afternoon, but at closing irregular price
Thursday, and recessions in other periods modified
gains only
a narrow
being somewhat under the levels prevailing
range,
the
largely responsible for the ris¬
Yesterday stocks moved within
ing trend.
at
Wheat, cotton and other agricultural prod¬
showed
of continued
way
173% against 162%; E. I. du Pont de Nemours
little to the better stock market senti¬
a
in the
at
improvement
Commodity price
tributed not
promi¬
more
Ohio
under pressure almost
were
trading
heavy
the
scoring gains of from one to six points.
Inflationary tendencies
against
rails
in
with
upward,
steadily
heavy Federal spending for work-relief and arma¬
loan
"borderline"
prices
and
recovered
issues
Bonds of what
a
The market made an about-
irregular.
nent issues
17%
completed.
legal requirements, had
the market, and stock prices,
on
Thursday
on
sharply when the arrangements for another RFC
were
by savings banks, due to
beginning the day moderately firm, weakened
and closed
at
were
institutional investors turned of
cause
that
be increased.
naval and air armaments are to
small scale,
of the ad¬
the various groups, steel and air¬
favored
were
the
because
through extension
up
As among
vance.
In
similar
a
Some uncertainty existed for
step on Monday.
ucts
securities
of rail
chases
Announcement by Supreme
retire from
the
Wednesday of the New York State
on
Superintendent of Banks to prohibit further pur¬
buying.
that
rise, followed by
and other kindred stocks.
their failure to meet the
Court
this
carried
Jan- 8, ms
inflation
some
to
viewed with
were
viewpoint,
The
duced
week, and Mr. Roosevelt's
the previous
Jackson,
Chronicle
on
Friday of last week; Atchison To-
peka & Santa Fe at 37 against 35%;
Central at
New York
17% against 16%; Union Pacific at 86
activity later in the morning which sent prices mod¬
against
erately higher.
However, after maintaining their
18%; Southern Railway at 11% against 11%, and
while, recessions claimed the
Northern Pacific at
advantage for
ket and
On
a
prices at the close
mar¬
irregularly changed.
Tuesday, early strength maintained throughout,
were
oil
at
81%;
Southern
Pacific
at
19%
11% against 10%.
against
Among the
stocks, Standard Oil of N. J. closed yesterday
49% against 45%
on
Friday of last week; Shell
Volume
Union
Financial
146
Oil
at
17*4 against 16%, and Atlantic Re¬
fining at 21 % against 20.
Anaconda
29%
on
In the
copper
group,
Copper closed yesterday at 33% against
Friday of last week; American Smelting &
Chronicle
aging developments
to
153
t
reported, but they failed
were
dampen the enthusiasm.
statistics revealed that the
in
the
United
British unemployment
slump is making inroads
Kingdom, despite the assertions of
Refining at 51% against 46, and Phelps Dodge at
political leaders that events in the United States
29% against 26%.
find
Among the
trade
interest centered
Iron
Steel
and
the week
steel
on
industrial
and
chief
reports,
operations.
The American
estimated
operations for
Institute
ending at 25.6% of capacity against*
now
it
no
parallel there.
disclosed
was
In the four weeks to Dec. 13,
Wednesday, the roster of
on
ployed increased 166,204, to
407.
In France
an
little uneasiness
a
unem¬
aggregate of 1,665,occasioned
was
Thursday by the disclosure in the bank statement
19.2% in the previous week and 79.4% in the first
that the French
Treasury had obtained another ad¬
week of 1937.
vance
of
from
Production of electric energy
week to Jan.
1, 1938,
Electric Institute at
was
for the
5,000,000,000 francs
the
Bank
of
estimated by the Edison
France, partly in order to meet the requirements for
2,000,000,000 kilowatt hours, in
repayment of the London credit of £40,000,000. The
comparison with actual production of 2,085,186,000
assumption had prevailed that the French Treasury
in the
could
preceding week, and 2,080,954,000 in the week
ended Dec.
26, 1936, which the Institute prefers to
consider the
loadings of
1938,
were
comparable period of
quiet
as
reported by the Association of American
year,
last Monday.
week of
cars, a
decrease from the previ¬
3,008 cars, and from the similar week
of 130,904
year ago
As
457,359
a
indicating the
course
of the commodity
mar¬
Gold
els.
yesterday at
on
against
Friday of last week.
yesterday at 62%c.
May
yesterday at 32%c.
close
on
at Chicago closed
corn
against 61%c. the close
as
Friday of last week.
90c. the
on
May oats at Chicago closed
as
against 30%c. the close
on
Friday of last week.
The
as
as
Friday of last week.
on
on
against 10%c. to 11c. the
as
the
price of bar silver yesterday
against 19 1/16
pence per ounce as
was
pence per
Friday of last week, and spot silver in
ounce, on
New York closed
yesterday at 44%c., the close
on
In
the
matter
as
of
the
foreign
London closed
on
against $4.99% the close
cable transfers
and
3.39
9/16c.
as
Congress in Washington
Tuesday
Roosevelt
cheerful,
was
in quiet
were
department
were
was neg¬
was
awaited.
The tone
the statements by Mr.
as
encouraged holders of securities not only
in the United
States, but in other countries
British funds moved
well.
as
fractionally higher, and gains
reported in nearly all industrial stocks.
were
favorites
gains.
largest
Com¬
in excellent demand throughout.
were
Anglo-American
An
naturally
active
session
showed
the
reported
was
on
Gilt-edged issues and British indus¬
departments.
stocks
trial
modity
alike
the
exchanges,
cable
yesterday at $5.00 3/16
were
in
demand,
and the
also followed the uptrend.
group
were
of uncertainty
gree
marked
was
com¬
Interna¬
sharply higher. A de¬
introduced
on
Thursday by
large increase of unemployment in the United
Kingdom and by overnight reports of hesitancy at
York.
New
and
Gilt-edged
advances
small
Friday of last week.
transfers
Gilt-edged issues
The international
tional securities
Friday of last week.
In London
19%
against 30%c. the close
Domestic copper closed yester¬
day at 10%c. to 11c.
close
on
were
The spot price for rubber Z Wednesday, with prices again higher in almost all
Friday of last week.
yesterday at 32%c.
against 8.38c. the close
Exchange
mining issues and base metal stocks
modity issues
spot price for cotton here in New York closed
yesterday at 8.58c.
Stock
resumed for the week and the
was
lected, while delivery of the Presidential message to
the
as
incurring
demand, while industrial stocks held to former lev¬
kets, the May option for wheat in Chicago closed
96%c.
business
uncertain.
cars.
without
repayment
the London
on
freight in the week ended Jan. 1,
revenue
Railroads at
ous
Dealings
Car
a year ago.
the
manage
fresh indebtedness to the central bank.
drifted
lower,
International
issues.
commodity
marked lower.
were
issues
but
reported in industrial stocks
were
securities
Gilt-edged issues
were
quiet
Paris
Friday of last week,
yesterday, but industrial stocks spurted forward
closed
on
reports of a similar trend in New York.
yesterday at
against 3.39 5/16c. the close
on
Friday
tional issues also
Mild
of last week.
were
optimism
on
Interna¬
better.
occasioned
was
the
on
Paris
Bourse, Monday, by the Parliamentary approval of
European Stock Markets
a
SECURITIES markets in the principal European
financial centers took their
New
more
York, for the
confident
recovery
tone
The British market
other
in
here
movement was
this week from
was
reflected by a
London, Paris and Berlin.
forged ahead
European exchanges, but
recession
cue
more
an
rapidly than
irregular upward
reported everywhere.
Fear that the
depression in the United States will
or
nominally balanced budget.
stocks
were
dull and
again
but interest was
velopments in
in
New
however, and
vances
that
this country.
York
The market improve¬
mitigated such apprehensions,
made possible a series of price ad¬
compared with
our
own
The lessened international tension
to this
end,
self with
did in the
as
also contributed
the British Government satisfied it¬
Japanese apologies, much
case
improvement.
of the
as
Washington
Panay sinking. A few discour-
good
of the international
some
better
inquiry.
while
gains
in demand-
were
neglected,
securities
also reflected
developed
on
the
Rentes were
more
Bourse
in
little better,
a
larger advances appeared in French equities.
sizable
issues.
were
Tuesday
With reports from New York
International issues
some
stocks
on
displayed in commodity issues, and
Wednesday's trading.
ment
rentes still
with
limited,
was
the necessary
world commodities of de¬
The turnover
French industrial and bank
optimistic,
upon
a
International securities
irregular.
slightly lower.
spread to other countries still prevailed, owing to
effect
Rentes made
showing, while French bank, industrial and utility
The
gains
were
in excellent request, and
appeared
also
in
commodity
persistence of labor troubles weighed
the Bourse down on
Thursday, and nearly all groups-
of securities suffered in that session.
Rentes dipped
fractionally, but French equities showed large losses
and
most
international
issues
also
were
marked'
154
Financial
lower.
In
quiet trading yesterday, small gains were
recorded in
in
rentes, while larger advances
French
Prices
equities and international issues.
changes
Berlin
the
on
session
initial
noted
were
of
the
firm
were
and
week
small.
were
Boerse
the
Heavy industrial,
in
the
chemical,
electrical and other issues all showed improvement,
investment
on
also
firm.
were
Fixed income
demand.
In
favorable
another
Tuesday these gains
were
extended.
securities
session
on
The advances
ranged from fractions to three points in the leading stocks, with all
trend.
the
Changes
sharing in the favorable
groups
Wednesday
on
modest,
were
majority of issues again advanced.
the
were
rule, with
additions,
Little business
steady.
price changes
was
issues
done
remaining
Thursday, and
on
unimportant.
were
Small gains
few stocks showing sizable
a
fixed-interest
and
but
There
profit-taking here and there, but it
little
was a
absorbed
was
world
sumed
yesterday, with almost all
bilver
I
NDICATIONS
other
sanity
metal
ounces
six months
ounces
amounting
to the
the
New
Deal.
effected, of
of
still
1937
all to
sort
same
A
an ounce
represents
the
slight
Jated
bounty
a
from
their
on
000,000 fund.
renew
firmed.
But the
The statement revealed,
moreover,
trifling amount of foreign exchange
a
was
held.
Gold holdings of the Bank of England in the
same
six
months'
period
increased
76,843,000
to
from 73,842,000 ounces, but the $35
ounces
valuation of gold cannot, of
such holdings.
an ounce
be applied
course,
on
It is safe to say that the British
Fund lost gold during the final quarter of last year,
the United States fund is known to have lost
as
metal
through
the
repatriation
and it
of
fugitive
Although belated, the disclosures
are
appropriate and ad-
pity that
seems a
our own
monetary
have not yet realized the reasonableness
managers
of such statements regarding their handling of other
people's
money,
the
no
It
sentences to foreign affairs, when he addressed
*
Congress
on
the State of the Union last Monday, but
matter gained applause in England and France, and
was
are
large
inti-
attempt would be
accord, and the hints
Foreign Policy
PRESIDENT ROOSEVELT directed his opening
At
absorb
to
annually.
early in December that
made to
basis, would amount to $1,394,-
silver
program.
agreement
engagement
amounts of the white metal
mated
same
less than half the "capital" of the £575,-
or
that only
an
gold holdings of the Fund, calcu-
his comments leave much to be desired at a time
when clarity is necessary above all else. The statements by the President on this highly important
the
over
the world price
even
London
from 77.57c.
lapsed, and the chief producing countries thus
absolved
the
on
890,000,
move
when at the
buying price for domestic
price of about 20c., and
end
The total
ounce.
vi sable,
of the Boose-
course,
highly artificial under the silver
the
equivalent of $461,300,000, if valued at $35
uncertainty that marks almost all
was
level
new
were
Equalization
Sept. 30 totaled 39,854,000
compared with 26,674,000
ounces,
French capital.
,
drop into the
dropped to 64.64c.
was
world
is to
the Treasury
year-end
The
of
aspects
toward
on
regarding the British Fund
Program
the effect that the silver program
of confusion and
re-
affected.
the last week-end
over
velt Administration
is
groups
was
in the period
progress
Sept. 30, 1937.
earlier, the increase of 13,180,000
some
advance
in
were
Fund gold holdings
just
The
knew
between March 31 and
direction
registered.
1938
8,
the additions to the British gold holdings that all
easily and at the end only small variations in either
were
Jan.
ling in the official statement, for it reflected only
the
but the
year,
Chronicle
were
con-
Treasury made known that several
agreements with individual countries had been
con-
condemnation in Germany and Italy.
This is
suf-
a
ficient indication that Mr. Boosevelt, perhaps purposefully, phrased his declaration in words that
might comfort the European democracies and lead
them to believe the isolation of the United States
still be ended to their advantage.
can
no
repetition
of the "quarantine"
There
was
comments that
eluded, for continued United States purchases of
earned such general condemnation in this country
silver, internationally.
last October, but vague statements about
Morgenthau
Eduardo
and
Late
the
Mexican
Suarez, issued
a
Dec. 31 Secretary
on
Finance
Minister,
joint statement that "mu-
our
ence
for peace"
were
subject to misconstruction in Europe.
"influ-
made, and it appears that they
were
London
tually satisfactory arrangements have been made
dispatches indicated that Mr. Roosevelt's latest
with
marks had the
regard to Mexican silver"
understanding
"continued
on common
as
part of
a
general
problems which included
stability of peso-dollar exchange."
It is
opinion
cago.
as
same
heartening effect
upon
re-
English
his famous "quarantine" speech in Chi-
In France, the "fervent hope" for
a
strength-
understood, however, that the agreement with Mex-
ening of American ties with that country and with
ico is for
Great Britain is said to have been stimulated.
month
January only, and is subject to month-by-
revision.
Similarly,
an
agreement
with
Germany the reaction to the address
Canada for purchase of silver from that
country is
able, while the Italian
reported, also
was
In
unfavor-
fresh hostilities.
on a
China, however,
silver
monthly basis.
With regard to
understanding is reported for
an
purchases until June 30.
The official buying
prices under these accords have not been revealed.
"In spite of the determination of this Nation for
become clear that acts
Exchange Fund
held that it will create
peace," Mr. Roosevelt declared at the outset, "it has
other
ritish
press
not
and
policies of nations in
parts of the world have far-reaching effects
only
upon
their immediate neighbors, but also
CONTINUING the practice Exchequersix months Nation is at thankful has beencan tell you that our
started Sir John on us. I am
that I kept at
Chancellor of the
It
despite
ago,
Simon
peace.
made
known
late last week
details of the British
As
on
the
former
three months
visable
to
some
essential
Exchange Equalization Fund,
occasion, the information
was
late, this interval being considered ad-
prevent speculative activities based
the disclosures.
There was,
on
however, nothing start-
peace
provocations which in other days, because of their
seriousness, could well have engendered war."
need
for keeping ourselves adequately
self-defense
tension and
was
emphasized, in
a
The
strong for
"world of high
disorder, where stable civilization is
actually threatened."
Proceeding to the question of
Volume
Financial
146
"Dis-
treaty observance, Mr. Roosevelt remarked:
Chronicle
155
and to cut off several important defense columns
regard for treaty obligations seems to have followed
left in that territory.
the surface trend away
from the democratic repre-
communication in hostile ground made the task dif-
It would seem, there-
ficult, however, and increasing resort by the Chi-
sentative form of
government.
The stretching of lines of
guerrilla warfare also hampered the invad-
fore, that world peace through international agree-
nese to
ments is most safe in the hands of democratic repre-
ers.
sentative
governments—or, in other words, peace is
the land forces of the invaders were engaged in
con-
greatly jeopardized by and in those nations
solidating the gains which culminated with the
cap-
most
where
democracy has been discarded or has never
I have used the words surface trend, for
developed.
I
civilized
that
believe
still
man
increasingly in-
sists, and in the long run will insist, upon genuine
participation in his own government.
believe that
will
over
the years democracies of the world
democracy will be
and
survive,
Our people
restored or
in those nations which today know it
established
In that faith lies the future of mankind."
not.
In the great and rich Yangtze River region
ture and looting of Nanking.
were
The southern Chinese Province of
Kwantung started preparations for what the Can-
was reported.
tonese consider
their foes.
almost inevitable invasion by
the populous city would not prove surprising.
an
attack
develops,
Cantonese
clared, only the burnt shell of
signs in Europe pointed this week to a fur-
/a
an
It is through Canton that munitions are
reaching China in goodly amounts, and an attack
such
ALL
made, however, on Hankow, some 500 miles
upstream, and a heavy toll of non-combatant lives
on
European Balance
Repeated air raids
a
If
officials de-
town will be left for
the invaders to enjoy.
rapid extension of the sphere of fascist
Notwithstanding the tremendous gains made by
influence, at the expense of the French system of
ther
typically
the Japanese in recent months, officials of the Nationalist regime in China calmly continued preparations for an indefinite struggle. The Chinese Gen-
regime, apparently has turned that country
eralissimo, Chiang Kai-shek, resigned his civil posts
definitely in the direction of Germany and .Italy,
with the government last Monday, so that he will
Yugoslavia was the first of the French allies to
be free to devote all his time to prosecution of the
war. Recruiting was augmented, and the organization of the various war boards improved. Guerrilla
The Rumanian upset, which
security and alliances.
resulted last week in the formation of a
fascist
its ties with
loosen
much farther in
process
a
Paris, but Rumania has gone
far briefer period.
Whether /this
accords with the real sentiment of Rumania
remains to be seen,
for the dictatorship now set up
by King Carol with Premier Octavian Goga at its
head
be
possibly
may
overthrown.
The
regime
represents a group that received less than 10% of
the votes at the election late last
sition lines
are
month, and oppo-
For the time being,
forming quickly.
however, the National Christian party of M. Goga
is
proceeding along strictly German fascist lines,
and
anti-Parliamentarism
with
anti-Semitism
chief
planks in the platform.
the
So severe were the
repressive measures instituted by the regime that
the British and French Governments made joint
representations, Wednesday, reminding Rumania of
the
rights of minority groups.
Paris that Rumania now is
and Rome for counsel and
said
were
It was admitted in
likely to turn to Berlin
support.
French officials
Monday to have ordered a virtual
on
em-'
bargo on arms shipments to Rumania and Yugo-
slavia, and a subsequent official denial probably is
diplomatic than reliable.
more
in
Rome,
that
Thursday,
It was announced
Rumania
already
recognized the Italian conquest of Ethiopia.
events
sions
necessarily
on
will influence the
new
has
These
discus-
European affairs started in Berlin by Lord
Halifax and continued
by French Foreign Minister
Yvon Delbos in a recent tour of
Poland, Rumania,
bands operated in many areas on a larger and
bolder scale, and it is evident that such activities
will prove costly and difficult for the Japanese
aggressors.
Reports frdth Tokio suggested that
Japan would be willing to make peace on fairly
reasonable terms, but the actual measures taken do
not tally with these declarations.
that Japanese be placed in controlling positions
in all the important organs of the Municipal Council, and such demands clearly would place the setwas
tlement virtually under Japanese dominion, if
granted. At Tientsin, according to mid-week reports, the Japanese plan to abolish the British and
French concessions through action by the newlyformed Peiping "independent regime."
The terms on which Tokio is "believed"
aggression. The Chinese must further agree to economic cooperation. China also is to acknowledge
financial liability for the cost of the war to Japan,
make
Japanese Aggression
willing
to discuss peace with Chinese authorities were
cabled last Sunday, by the correspondent of the New
York "Times." China, according to this account,
must repudiate communism and either denounce or
render innocuous the Sino-Russian pact of non-
but in the absence of a war
Yugoslavia and Czechoslovakia.
The Japanese
made demands in Shanghai on Tuesday which refleeted their desire to enlarge their influence in the
International Settlement there. One of the requests
indemnity, China must
concessions in the form
terests."
of "rights and in-
Japanese advisers must be accepted
by the
WITH the start of 1938, Japan fighting in set- Chinese, and the latter puppet-State of Manchukuo.
further bitter and China the
ate with the Japanese are to recognize and coopertied
war
down
to
which already has
The
recent
and
Great
incidents
Britain
been in progress six months.
involving the United
States
adjusted,
diplo-
having
been
matically, Japan drove ahead ruthlessly in the mili-
and all indications point to an exfighting area. Desperate efforts were
tary expedition,
tension of the
made
by the invaders this week to complete
their
occupation of the northern Province of Shantung,
"North China is not mentioned as far as can be
ascertained, but these are only basic principles and
the list is incomplete," the report added.
"The
absence of specific provisions regarding North
China is explained by the fact that Japan does not
wish to detach North China as completely as she
has Manchukuo. Her aims will be attained if an
autonomous government of North China leaders, not
Financial
156
dominated
Within
vail
by the Nationalist party and prepared
relations with
enter
to
Japan
Manchukuo, takes charge."
Chronicle
will
doubtedly
months,
many
occupy
fledged
boom now appears to be in progress,
Avar
Discount Rates of Foreign
Central Banks
THE Bank of effective Jan.Jan.from 4% to its dis¬
4 reduced 33^%.
rate, Norway on
5,
count
The
Spanish Civil War
4% rate had been in effect since Dec. 5, 1936, at
which time it
at the
SPANISH loyalists and insurgents continued this
sanguine struggle for the strategi¬
their
week
raised from 3 Yi%-
was
leading centers
Present rates
shown in the table which
are
follows:
DISCOUNT RATES OF FOREIGN CENTRAL
cally important city of Teruel, at the southern tip of
the
insurgent salient on the Aragon front.
the
Pre¬
Rate in
Country
Date
7
Argentina..
Rate
took similar steps
to hold it, with the result that
Bulgaria...
6
10
1
May 15
Aug. 15
Canada.._.
2X
4
Jan.
Holland
2
150,000 troops on either side faced each other.
The
insurgent commanders, who still have a habit
permitting their claims to outrun their armies,
announced late last Aveek that Teruel
had been
re¬
Dec.
Aug. 28 1935
3
Nov. 29 1935
loyalists denied this.
press
tion
possession of the city, despite
still in
were
bitter attack.
a
Waging Avar in snoAV that sometimes reached a depth
of three
forth
feet, the opposing armies surged back and
hills
the
over
soared overhead and
sides
are
pitting
Teruel,
near
while
airplanes
engaged in "dog-fights."
all
resources
in
the
Both
battle
for
Ireland
7
The
sanguinary
last
turning point in the entire
of the Avar
nature
Saturday, when
ber of press
the
a
a num¬
correspondents Avas demolished behind
insurgent lines by
correspondents,
a
three
loyalist shell.
killed,
were
Of the four
including
the
Americans, Bradish Johnson and Edward J. Neil,
and the
Briton, E. P. Sheepshanks.
Java..
5
Jugoslavia
new
no
White
the
with
contents
longer
on
indicating plainly that there is
enthusiasm
any
even
in the London For¬
eign Office for the solution of partitionment
sug¬
Denmark
5
Feb.
1 1935
SX
6K
July
1 1936
Morocco...
4
Jan.
2 1937
5
Norway
3 H
Jan.
51938
4
.
Oct.
19 1936
3X
2X
5X
4H
Dec.
17 1937
5
Portugal
4
.
England
2
June 30 1932
5
Sept. 25 1934
Finland....
4
Dec.
France
3
Nov. 12 1937
4
Sept. 30 1932
Jan.
4 1937
.
.
Greece
6
months'
lA%.
condemned
was
by
all
League of Nations took
a
brief
in
concerned,
an
and
has threatened to
fare.
near
An
Avas
on
soldiers killed
ish
severe
Christmas
clash
bills,
of
British
to this
nical
Avas
It is not
a
neAv
ap¬
such
an
problem," but also declares that the
Government
plan.
The
commission"
is not
paper
is
July
10 1935
Sweden
Dec.
1 1933
3
7
Switzerland
2X
IX
Nov. 25 1936
2
committed in any Avay
disclosed that
a new
"tech¬
5X
as
11-16%
call at London
on
Friday of
on
on
Friday
was
market rate remains at
open
England Statement
cur¬
circulation falling off £12,742,000 in the week,
bringing the total contraction since the peak reached
Dec.
of
In the corresponding Aveek
29, to £16,740,000.
1937
£4,704,000
only
retired and up until
remained in
of
circulation
note
Avas
Jan. 6, 1937 the post-holiday
no
more
circulation
than
of
as
£11,413,000.
Jan.
1938,
5,
£492,575,000 notes in comparison with £462,702,625
a
year
Gold holdings in the Aveek ended last
earlier.
Wednesday,
were
slightly the affect
culation,
and
reduced £123,999 and this offset
on reserves
was
a
rose
£12,617,000.
to liabilities rose sharpty,
reserves
30.1% from 24.8%
of the decrease in cir¬
therefore
reserves
proportion of
week
last
ago;
year
the
pro¬
Deposits also increased, those
31.70%.
public account, £3,057,000, and those for other
account,
and
Of the latter
£9,413,724.
593,614 represented
decreased
securities
£8,-
amount,
addition to bankers accounts
an
Loans
£820,110, to other accounts.
ment
on govern¬
£6,260,000 and those
other securities fell off £6,152,436.
The latter
on
con¬
sists of discounts and advances and securities which
increased £5,882,495
change
have
was
and £269,941, respectively.
made in the 2% discount rate.
tabulated
the
different
items,
No
BeloAv
shewing
Ave
com¬
parisons for previous years:
BANK OF ENGLAND'S
COMPARATIVE
STATEMENT
Jan. 5,
Jan. 6,
Jan. 8,
Jan. 9,
Jan. 10,
1938
ap¬
parts "is the best and most hopeful solu¬
the
4
5
THE statement for the week ended Jan. 5 shows a
great acceleration in the return flow of
rency,
considered advis¬
the White Paper provides
6
May 15 1933
Spain
against
as
Money
1937
1936
1935
1934
It insists that the division of Palestine
into three
tion
Avar-
reported
Day, with three Brit¬
along Avith 10 Arabs.
proach to the entire question
able, and
than
more
Avas
surprising, in these circumstances, that
proach.
After
reneAved
develop into large-scale
exceptionally
Nazareth
the
even
equivocal stand.
period of quiet, political strife
Palestine, and of late the situation
once
a
4X
7 1934
South Africa
were
Bank of
for
States, Avhile retaining
Dec.
334% and in Switzerland at 1%.
and
part of the Hold Land under British mandate,
Aug. 11 1937
5
At Paris the
portion
Arabs, in separate
4
*X
3X
_
Friday of last week, and 9-16% for three-
on
last week.
gestion for dividing most of Palestine between Jews
small
6
4X
3X
4 1934
on
11-16%
to
sug¬
Poland
Rumania.
6X
4X
May 28 1935
IN bills
LONDON open market discount rates for short
Friday
9-16%,
against
last
The
_
__
Foreign Money Rates
The
by the British Government.
5
4
14 1937
3X
Estonia
gested by the Peel Inquiry Commission and adopted
summer
Jan.
1 1936
Lithuania
....
There
BRITISH authorities published lastofTuesday a
Paper
the problem
Palestine,
3.65
Apr.
3
*X
contraction had reached
Palestine
May 18 1936
6 1936
4H
3.29
18 1933
war.
attested
was
automobile carrying
an
June 30 1932
3
Italy
Japan
2X
*X
3X
3X
Jan.
Teruel, and there is at least a possibility that the
struggle will mark
.
.
July
correspondents ascertained by direct observa¬
early this Aveek that the loyalists
full
Neutral
.
4
vakia
Germany
captured, but the
2 1936
2
4
India
3
Colombia..
Danzig
Itate
Hungary
Czechoslo¬
some
vious
4
24 1935
Belgium
July
7
4X
2H
1935
1935
1935
1935
July
4
Date
Established
Effect
Jan.
Mar. 11 1935
Chile
surprise attack last month. Insurgent forces
massed to retake the place, and the loyalists
were
Country
1 1936
Mar.
3X
3X
Austria
Batavia
Pre¬
Rate in
vious
Established
Effect
Jan.
greatest battles of the long-drawn Avar devel¬
a
BANKS
<7
One of
oped at Teruel, after the loyalists captured the toAvn
of
White
the
regarding the adventures in China, but a full-
with its usual concomitants.
in
1938
Paper added.
little uneasiness still is said to pre¬
a
Jan. 8,
£
Circulation
Public deposits
Other deposits
Bankers' accounts-
492,575,000 462,702 625 405,557,941 385,606,525 373,195,976
11,259,357
11,905,542
19,269,513
13,525, 577
14,441.000
166,621,433 148,630, 726 144,624,926 145,004,068 154,514,678
129,234,522 110,230, 114 107,832,881 108,522,167 117,482,670
37.386.911
38,400, 612
36,792,045
36,571,901
37.032,008
Govt, securities
108,338,165
93,294, 853
84.389,001
88,096,413
91,177,057
Other securities
36,224,516
35,517, 960
19,796,033
22,173,504
15.087.912
14,412, 881
21,136,604
21,105, 079
34,317.285
21,259,826
13,057,459
10,754,822
13,865,720
54,533,000
51,421, 512
55,260,231
67,190,990
78,500,286
Other accounts
Dlsct. & advances
.
Securities
being dispatched for further
Reserve notes & coin
inquiry and Avith full liberty to suggest modification
9,041,211
8,307,784
Proportion of reserve
of
the
Coin and bullion
to
partition
plan.
These
investigations
un¬
liabilities
Bank rate
I
327,109,344 314,124, 237 200,818,172 192,797,515 191,696,262
30.1%
31.70%
35.44%
42.79%
45.17%
2%
2%
2%
2%
2%
Volume
Financial
146
Bank of France Statement
Chronicle
157
any
time.
the
monetary managers were continued, and bor¬
THEfurther expansion week ended Dec. 30 showed
statement for the in note circulation of 2,-
rowers
568,000,000 francs, which brought the total
ury
a
new
record
tion
a
two
years
was
also
recorded
French
in
advances
credit
State
gold holdings showed
francs,
the
Gold
francs.
which is
of
to+al
holdings last
a
it
year ago
The
A
was
to
The
York
furnished below:
FRANCE'S COMPARATIVE STATEMENT
•'
•
Dec. 30, 1937
Francs
a
Dec. 30, 1936
Francs
b Bills
bought abr'd
Note circulation
months'
Stock
showed
end of
1935
+ 936,000,000 10,050,636,826
No change
888,661,793
3,781,687,505
+2,568,000,000 93,836,819,535
+ 89,000,000
datings.
The comprehensive
[Exchange tabulation of brokers'
aggregate of $659,219,305 at the
an
December, down $28,567,274 for that month.
New York
Money Rates
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
Stock
was
ruling quotation all through the week for both
and
renewals.
quiet,
90
no
The
market
for
time
new
money
transactions having been reported
Rates continued nominal at
134%
to
up
days and 134% for four to six months' maturities.
Francs
Francs
15,666,625
22,868,598
Credit current accts. + 3,705,000,000 22,787,468,484
c
Jan. 3,
The
market
for
prime commercial
paper
10,397,690
French commercial
Adv. against secure_
six
continues
+ 169,920 58,932,709,162 60,358,742,140 66,264,076,024
—7,000,000
bills discounted.,
1% for all transactions, while time loans
this week.
for Week
Gold holdings
Credit bale, abroad,
loans
loans
Changes
+rV', Y.*>
business
Exchange
four
comparison of the different items for three years is
BANK OF
any
New
before 71.08%.
year
hardly
the New York Stock
on
1%% for maturities to 90 days and 1%% for
ratio fell off to 50.53%;
reserve
Call loans
66,264,-
year
Bankers' bill and commercial paper
unchanged, with
amounted to 60,-
year
57.44% and the
were
to
58,932,709,162
358,742,140 francs and the previous
076,024 francs.
discount basis.
while
francs,
now
were at
of 0.065%, computed on an annual bank
were
slight gain of 169,920
a
The Treas¬
held
in creditor current
5,000,000,000
at such levels.
even
bills, due in 91 days, and awards
average
done.
abroad lost 7,000,000 francs.
balances
Bank's
of
an
in advances against
3,705,000,000 francs and in temporary
to
discount
rates
89,000,000 francs,
of
were scarce
sold last Monday another issue of $50,000,000
dis¬
bills
commercial
counted of 936,000,000 francs,
accounts
An increase
82,313,187,635 francs.
ago
of
Circula¬
aggregated 89,341,929,230 francs and
year ago
securities
to a
up
high of 93,836,819,535 francs.
The extremely low rates occasioned by
8*465,348,631
9,417,273,739
1,444,682,486
1,318,811,522
3,583,090,186 3,476,701,829
89,341,929,230 82,313,187,635
15,744,296,552 10,914,679.668
quite active this week.
has been
Paper has been in
supply and the demand has been fairly brisk.
good
Rates
quoted at 1% for all maturities.
are
Temp. advs. with¬
out int. to State.
+ 5,000,000,000 31,908.460,497 17,698,092,309
.
Propor'n ot gold on
hand to sight llab.
a
—2.88%
Includes bills purchased in France
Bankers'
57.44%
50.53%
71.08%
b Includes bills discounted abroad,
c
Rep¬
resenting drafts on Treasury on 10-billlon-franc credit opened at Bank.
Since the statement of June 29, 1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc, previous to that time and subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc prior to Sept. 26. 1936, there were 65.5 mg.
of gold to the franc.
Bank of
another
33,000 marks, which raised the total to
Gold
70,639,000 marks.
452,000 marks and the
Reserves
bills
of
in
4,330,000
and
year
other
aggregated 66,-
before 82,474,000 marks.
rose
currency
and
exchange
advances
marks
foreign
a year ago
checks
marks,
I
102,000 marks,
890,590,000
investments
marks,
692,000
daily maturing obligations 325,-
259,000 marks, while the items of silver and other
Acceptances
TRANSACTIONS in prime bankers' acceptances
1
have been
light this week.
been slow in coming out
quotation
High class bills have
and the demand continues to
There has been
fall off.
official
Germany Statement
THE statement for the lastincrease in December
quarter of gold and
showed
slight
bullion of
k
change in the rates.
no
Bank of New York for bills up to
days
are
for four
and
The
issued by the Federal Reserve
as
and including 90
34% bid and 7-16% asked; for bills running
months, 9-16% bid and J4% asked; for five
six-months, j^.bid and 9-16 asked.
The bill-
buying rate of the New York Reserve Bank is 34%
for bills
running from 1 to 90 days; %% for 91- to
120-day bills, and 1% for 121- to 180-day bills.
Federal Reserve Bank's
creased from $2,827,000 to
dealers
quoting the
are
The
holdings of acceptances de¬
$540,000.
Open market
rates as those reported
same
coin, other assets and other liabilities fell off 63,-
by the Federal Reserve Bank of New York.
139,000
rates for open
marks
marks,
61,982,000
respectively.
marks
An increase
and
was
17,752,000
market acceptances
463,000,000 marks, the total of
which is now 5,492,900,000 marks.
Circulation last
year totaled 4,980,101,000 marks and the previous
year 4,285,167,000 marks.
The reserve ratio stands
now at
1.39%, compared with 1.44% a year ago and
2.04% two years ago.
Below we furnish the dif¬
ferent items with comparisons for previous years:
The
follows:
SPOT DELIVERY
also shown in
notes in circulation of
are as
150 Days
—180 Days
Bid
Asked
Prime eligible bills......
FOR
Bid
Asked
'A
A
X
60 Days
Bid
WITHIN
Asked
X
A
X
DELIVERY
Asked
X
—90 DaysBid
Asked
Prime eligible bills
—120 Days
Bid
A
Vs
A
—30 Days
Bid
Asked
X
A
THIRTY DAYS
6A% bid
H% bid
Eligible member banks
Eligible non-member banks
....
Discount Rates of the Federal Reserve Banks
REICHSBANK'S COMPARATIVE STATEMENT
Changes
Dec. 31,
for Week
Assets—
Reichsmarks
Gold and bullion
1937 Dec. 31, 1936 Dec. 31, 1935
Reichsmarks
+ 33,000
70,639,000
Reichsmarks
66,452,000
26,186,000
5,702,000
5,671,000
+ 4,330,000
+ 692,000
Silver and other coin...
Advances
20,333,000
+102,000
60,294.000
391.251,000
—61,982,000
Of which depos. abroad
Reserve In foreign curr.
Bills of exch. & checks.
749,694,000
82,474,000
20,228,000
5,224,000
+890,509,000 6,131,497.000 5,509,842,000 4,551,655,000
—63,139,000
110,958,000
122,540,000
152,233,000
No change
Investments
Other assets._
Reichsmarks
74,378,000
523,802,000
642,891,000
Liabilities—
rates
The
following is the schedule of rates now in effect
the
for
various
classes
Other dally matur. oblig
Other liabilities
84,157.000
663,731,000
695,416,000
Propor. of gold & for'n
Federal Reserve Bank
New York
1.44%
2.04%
Money Market
Jan.
New York
1
IX
IX
Richmond
Atlanta
York
from
last
for 1938 were started in the New
money market with rates carried
week, and there
over
were
no
variations
-
IX
IX
IX
IX
IX
ix
St. Louis
Minneapolis
Kansas City
Dallas...
at
Date
7
...
San Francisco
Previous
Rate
2 1937
Aug. 27 1937
2
4 1937
2
11 1935
Aug. 27 1937
2
Aug. 21 1937
2
Aug. 21 1937
2
2 1937
Aug. 24 1937
2
Sept.
IX
Chicago
DEALINGS
different
Established
Effect on
Philadelphia
Cleveland
1.39%
the
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Boston
—0.12%
at
paper
Rate in
+463,000,000 5,492,900,000 4,980,101,000 4,285.167,000
+325,259,000 1,058,528,000 1,012,449,000 1,031,792,000
—17,752,000
326,556,000
329,465,000
301,997,000
clrcul'n.
of
Reserve banks:
I
Notes in circulation
curr. to note
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
i
Sept.
May
Sept.
IX
2
2
2
IX
3 1937
Aug. 31 1937
IX
Sept.
3 1937
2
Sept.
2
Financial
158
J*n- s, ms
reached during such a
Exchange
Course of Sterling
Chronicle
conference or even during the
current year.
INplayed unusual firmness owing largelysterling dis¬
THE first week of the new year to transac¬
Year's, all markets
On Saturday, New
tions abroad.
has been between
The range this week
closed.
were
bankers' sight, compared
$4.99 9-16 and $5.01 for
and $4.99% last
week. The range for cable transfers has been between
$4.99% and $5.01%, compared with a range of
with
a
of between $4.99 9-16
range
Monday, the first full session of the foreign
On
the foreign cur¬
reached
exchange market in the new year,
against the dollar as sterling
went
rencies
market
local
The
$5.01.
Foreign exchange traders in New York attributed the
entirely to selling from London
weakness of the dollar
and
general nervousness concerning the business situ¬
as well as the unemployment report.
The
ation here
delivery of the
held its firmness after the
market
and
President's message
Tuesday sterling moved
on
higher, and the rise was reflected in higher
even
major European currencies.
rates for the
Despite reported selling of dollars in London there
were
evidences of renewed interest in American
securities
on
London and Amsterdam.
the part of both
have been enough to offset dollar sell¬
This may not
would
ing in other quarters, but it
parts of the world for reasons
many
New
unrelated to the
In fact foreign funds have
York-European tie.
tendency to seek safety in
been showing a strong
despite the heavy
foreign funds to New York during the past
London for the past
flow of
three
to point to
seem
is moving into London from
the fact that money
several
years
As London is the principal free and
years.
the world, foreign interests are
obliged to keep large balances there at all times.
market of
open
silver
The
little
or no
developments
effect upon
the
the week-end had
over
course
of exchange rates.
proclama¬
All that need be said here about the silver
Treasury's bid price for domestic
that the
is
tion
mined silver
was
reduced from 77.57 cents
learn whether
will
not
or
Treasury's future policy
the
London
permit purchases of foreign silver in
other
markets
at
world
a
near
or
an ounce
London anxiously waits to
to 64.44 cents and that
productivity during the last quarter of 1937.
hardly indicate a real recession
official statements reiterating the existence of a
sion in
Available statistics
but
high level of business activity show clearly that many
England have canvassed the pos¬
business heads in
affairs
this side take
price
or
of about
on
However, should
pronounced decline.
a
a
favorable turn it is
more
possible that discouraging views now being
in
British quarters may
some
In
exceedingly quiet.
was
quite generally conceded that many lines
now
industry in Great Britain experienced some reces¬
sibility of
$4.99% and $5.00 a week ago.
between
It is
of
expressed
change.
cheerful New Year's message Prime
a
and tendencies I
dence to
Minister
"With full knowledge of the facts
Chamberlain said:
am
evi¬
satisfied that there is no
justify the forebodings of an early end of the
present prosperity, followed by a sudden collapse into
state of industrial depression which will be worse
a
than the last.
If, after
time, there should be
a
a
should be in an
infinitely better position to meet it than we were in
temporary decline in
world trade,
^
1937.
It
we
pointed out here only
was
a
few weeks
ago
that
the Midland Bank of London's statement disclosed
1937
that
an
was
exceptionally
prosperous
year.
Barclay's Bank, Ltd. issued its earnings report on
increase of 12.9% in net profits
Jan. 4 showing an
during 1937
for the year
increased
The
1936.
compared with 1936. Its net profits
were £2,133,825, against £1,894,361 in
as
past few years
recorded during the
profits
coincided with
a
steady increase dur¬
ing the period in advances to customers. The West¬
minster Bank in its earnings reports issued at the
time showed net
same
profits of £1,750,589,
as com¬
pared with £1,731,955, and these earnings were far
in
excess
of
recorded in several
any
Westminster Bank
creased advances to customers.
are
years.
The
earnings report also registers in¬
Other London banks
expected to show similar improvements indica*
tive of the
high degree of business activity.
British note circulation has been
in the
declining rapidly
past few weeks, a customary reaction following
In the four weeks following
Christmas.
1936 there
was
a
Christmas,
drop in circulation of almost £25,-
not the United States
000,000 and in view of the fact that Continental
Treasury continues to support silver in the London
European hoarding of British notes is less evident
44 cents
market
Whether
an ounce.
from time
to
occasions in the past
little
effect
sterling rates
reasonable
the
on
as
time
few
or
it
as
years,
major
has
of
movements
dollar-
kept within
cooperation of the
the
through
numerous
its policy can have
these fluctuations
limits
on
are
outstanding matter affecting the future of the
dollar-sterling relationship is the
progress
likely to be
made in the next few months toward the conclusion
of
a
trade agreement
Great
It
Britain.
between the United States and
officially announced from
was
London that the British authorities
delegation of experts who
early
in
February to
representatives
on
are
are
organizing
a
to arrive in New York
confer with
United States
the question.
Some observers believe that these conferences may
lead to closer cooperation
a
ing,
stabilization
gold basis will be discussed, but it is
believed
no
that
solution
of
this
problem
can
be
diminution of public spend¬
Since the turn of the year money rates
%%.
have eased
fractionally.
four-months
bills
are
Currently two-, three-, and
9-16% and six-months bills
The London gold market is relatively quiet.
offer is again being taken for account of
hoarding interests. On Monday there was available
£279,000, on Tuesday £201,000, on Wednesday
£458,000, on Thursday £221,000, and on Friday
£296,000.
At the Port of New York the gold movement for
the week ended Jan. 5, as reported by the Federal
Reserve Bank of New York, was as follows:
%%.
Gold
on
GOLD MOVEMENT AT NEW YORK,
DEC. 30- JAN. 5, INCLUSIVE
* Exports
|
Imports
j
None
Net Change in
on
the automatic
some
in London, with call money against bills plenti¬
ington with respect to stabilization of currencies.
currency
be
Money conditions over the year-end were extremely
easy
between London and Wash¬
Undoubtedly the matter of
and that in the south of England
year ago
the rate of decline may be greater this year.
ful at
exchange equalization funds.
The
than
there appears to
None
Gold Earmarked for Foreign Account
Decrease:
11,125,000
Note—During the week there was an export of $5,000,000 of gold to
France.
The inactive
gold account was reduced $5,000,000 as shown by
the daily statement of the
United States Treasury.
Volume
The
Financial
146
above
figures
Wesdnesday.
exports of the metal
or
marked for
gold
on
total
ear¬
There
were no
exports
foreign account.
fund,
indicated in the
as
daily Treasury statements issued during the period
Dec. 29 to Jan. 5 inclusive
.
was
are
calculations:
own
our
(Wednesday to Wednes¬
The day-to-day changes
follows.
as
Amount
Daily Change
$1,227,690,809
Dec. 30
1,227,693,676
Dec. 31
1,227,696,323
+2,647
Holiday
Holiday
1
3
Jan.
4
Jan.
5-.
+$7,098
'
+2,867
1,222,712,009
The
so
+5,022
Wednesday
during the week ranged between
3-64% and
Paris, the
discount of 1-128%.
a
open
a
mean
11
The French
MEAN
Holiday
Wednesday, Jan. 5
147.24
147.29
Thursday,
Jan. 6
__147.30
Tuesday, Jan. 4
147.29
Friday,
Jan. 7
147.35
Holiday
Wednesday, Jan. 5
139s. 5d.
139s. 8^(1.
Tuesday, Jan. 4
139s. 6d.
Thursday,
Friday,
BY THE
UNITED
Jan. 6
Jan. 7
139s. 9d.
STATES
(FEDERAL
RESERVE BANK)
Saturday, Jan. 1
Monday,
Holiday
Jan. 3
Wednesday, Jan. 5
Thursday,
Jan. 6
$35.00
Tuesday, Jan. 4
35.00
Referring
markets
were
closed
the New Year
firm in limited
kets-were
Friday,
$35.00
35.00
Jan. 7
35.00
day-to-day rates foreign exchange
to
on
Saturday last in observance of
holiday.
On Monday sterling ruled
trading here, though European
more
Bankers'
active.
sight
was
@$5.01; cable transfers $5.00%@$5.01%.
day the
continued
pound
firm.
@$5.01 for cable transfers.
The
$5.00%
On Tues¬
range
was
$4.99
13-16@$5.00%; cable transfers
quiet market. The
for bankers'
On
range was
$4.99 9-16@$4.99 15-16
was
firm in
a
quiet market
$4.99%@$5.00% for bankers' sight
andj|$4.99 15-16@$5.00 3-16
Closing quotations
on
for
Friday
were
cable
transfers.
$5.003d? for de¬
mand and $5.00 3-16 for cable transfers.
sight
$5.00@
sight and $4.99%@$5.00 for cable trans¬
Friday exchange
The range was
cial
was
On Thursday sterling was steady in a
$5.00 5-16.
fers.
Bankers' sight
bills finished
at
$5.00;
60-day
Commer¬
bills
at
$4.99%; 90-day bills at $4.98 13-16; documents for
payment (60 days) at $4.99%; an(f seven-day grain
bills
at
$4.99%.
Cotton
and
grain
for
payment
THE French franc continues to reflect the strain
Treasury position.
The current state¬
in
the
extreme left wing ele¬
Deputies, supported by
upon
complete exchange
previously been rejected by the
evidence
of
the contrary
country, as is exemplified in the active
market.
On Jan. 4 another $5,000,000 in
from New York to Paris,
visible transfers of
the past
gold
was
shipped
bringing the total known
gold from New York to France in
This gold
few weeks to $45,000,000.
was
acquired it is believed, since Oct. 2, when the franc
had fallen to 3.28 cents, at
franc
worth
was
which level the Bonnet
only 49%
of the
6.63 cent
value which it had before the suspension
worth
was
par
of gold in
In terms of pre-depression dollar
September, 1936.
only 1.94 cents,
lower than its
even
post-war inflation value.
The Government
has sold to date
approximately
5% bond issue. The
4,500,000,000 francs of the
new
most that the Government
hoped to obtain from the
issue
was
5,000,000,000 francs and the books were
indefinitely
the
open.
The
success
of the issue is in
indicative of restored confidence
way
monied interests in the
position
or
no
the part of
Government's financial
prospects, but is due to its high rate of
is calculated to
been
on
Including the redemption premiums the issue
yield.
yield about 6%%.
This return has
extremely attractive to small investors in the
country districts.
German
marks
long familiar.
held
continue
to
display the features
The so-called free
or
gold mark is
relatively steady from day to day by the opera¬
tions of the Reichsbank
control, but the various types
of internal and blocked marks are
discounts.
It
is
clear
that
quoted at
Germany
has
through the barter
effected by Dr. Schacht.
A few years ago
Dr. Schacht asserted
occasions that such barter
severe
had
a
agree¬
on numerous
arrangements would uni¬
versally replace all other forms of international trad¬
been
5,000,000,000 francs without interest to
of
repatriation
on
growing that capital is again inclined
are
ended Dec. 31 the Government again borrowed at
of
capital from abroad, but
ing contracts.
Bank
more
insisting
further
no
ment of the Bank of France shows that in the week
the
apparent
activity in important industries,
Chamber
are
no
bidding by hoarding interests in the London gold
ments
Exchange
than
The trade deficit is
successful export season
closed at $5.00.
Continental and Other Foreign
more
+
is
French
mar¬
On Wednesday sterling
steady in limited trading.
the
leaders,
There
it
$5.00%@$5.00% for bankers' sight and $5.00 3-16
was
of
control which had
139s. 9d.
Monday, Jan. 3—
more
and 90-
fundamental factor
a
franc, persists with
The
again apparent.
labor
LONDON OPEN MARKET GOLD PRICE
Saturday, Jan. 1
pressure,
discount of
and labor trouble, together with
years
contraction of
to leave the
Monday, Jan. 3
PRICE PAID FOR GOLD
largest in
indications
LONDON CHECK RATE ON PARIS
Saturday, Jan. 1—
budget deficit,
majority.
price paid for gold by the United States:
a
points discount.
in the weakness of the
London check
market gold price, and the
many mar¬
reflecting the
are
30-day futures frequently at
ments
Canadian exchange is steady but relatively easier.
following tables show the
francs
day francs irregularly quoted from 9% to
is
$1,201,198,179
Montreal funds
liquidation of francs appeared in
Forward
a new
Year 1937
not off
was
than three points below the basic cable rate,
the
$14,818,280
Net Increase in
The spot rate
hope of definite amelioration.
$4,954,816
on
French financial
control, but foreign exchange dealers report that sub¬
Net Decrease in December
rate
record total of
sharply due to the active support of the French
stantial
+11,864
1,222,728,895
Net Decrease for the 8 Days Ended
The
time money
same
to the
report indicating that the
foreign exchange market.
—4,984,314
1.222,723,873
:+
discount of
At the
rose
93,836,000,000 francs.
with
Dec. 29
Jan.
This brings the Bank's
19,820,000,000 francs.
kets.
GOLD HELD IN THE TREASURY'S INACTIVE FUND
Jan.
year-end debts.
temporary advances to the State since June 18
position is still precarious depressed the franc in the
Gold held in the inactive
day),
to
159
in circulation in France
change in gold held earmarked for
or
its
meet
imports
no
On Friday $705,500 of
received from India.
was
were
change in gold held
or
foreign account.
of the metal
week ended
for the
are
On Thursday there
Chronicle
a
In the past few months there has
gradual drift of Central and Southeastern
European countries away from Germany
so
far
as
Financial
160
trade
These
concerned.
is
they
forced to accept German goods whether
were
they wanted them or not in payment for sales to
The result has been an extreme shortage
Germany.
of
exchange
on
the part of these European countries
purchases from other countries,
with which to finance
with consequent
there is
tightening of exchange control. Now
growing disposition on the part of these
a
South American
countries and on the part of some
Germany unless payment
countries to refuse to sell to
made
is
dollars,
sterling,
in
other free
some
or
Jan.
Bankers' sight
caught
countries were
badly by the German exchange restrictions inasmuch
as
Chronicle
at
Amsterdam finished
on
1938
8,
Friday
on
55.66, against 55.66 on Friday of last week; cable
transfers
at
55.66,
55.66; and commercial
against
sight bills at 55.62, against 55.60.
Swiss francs closed
23.16% for checks and at 23.16% for cable trans¬
at
fers,
and
23.12%
against
checks
finished
at
Copenhagen
23.12%.
and cable transfers
22.32%
22.32%, against 22.31% and 22.31%.
Sweden
closed
at
and
25.78%
at
Checks
on
cable transfers
at
25.78%, against 25.76% and 25.76%; while checks
Norway finished at 25.13% and cable transfers
on
25.13%, against 25.11% and 25.11%.
at
♦—
currency.
A Berlin
dispatch
on
Jan. 2 stated that Dr. Schacht
defense of the gold standard in
again takes up the
published in the Journal of German Law.
article
suggests that in
an
He
the future some sort of written con¬
tract be
required between nations not to
currency
EXCHANGEcontrasting features. Exchange on
on the South American countries
presents
Buenos Aires is inclined to firmness, moving
with sterling.
has been growing stronger
experiments likely to throw the whole gold
standard system of
The following
international exchange out of
the United States dollar:
New Dollar
New Dollar
Parity
Parity
3.92
13.90
8.91
32.67
68.06
40.20
Holland (guilder)
3.40^
16.96^ to 16.97^
5.26^ to 5.26^
55.65H to 55.77
The London check rate on Paris
at
at
147.30
147.35, against
In New York
sight bills
on
on
closed
cable transfers at 3.39
and
Ant¬
belgas closed at IP.97% for bankers' sight bills
16.97% for cable transfers, against 16.96% and
Final quotations for Berlin marks were
16.96%.
bankers'
for
40.30
transfers,
Italian lire closed at
with
40.27
and
40.27.
5.26% for bankers' sight bills
and at 5.26% for cable
transfers, against 5.26% and
Austrian schillings closed at 19.01, against
5.26%.
18.90; exchange on Czechoslovakia at 3.51%, against
3.51;
Bucharest at 0.74%, against 0.74%; on
on
at
18.97%; and
19.01, against
on
0.91%, against 0.91%.
EXCHANGE on from neutralof
countriesweeks. The
presents no
features the those
recent
financial and trade position
seems
to be
they do not reflect
Up to the present
signs of probable business
any
The currencies of these countries
recession.
firm in
of all the neutral countries
highly satisfactory.
sympathy with sterling.
are
4% to 3%%.
since Dec.
all
The 4% rate had been in effect
5, 1936, when it
On Jan.
3
was
increased from 3%%.
the Bank of The Netherlands showed
gold holdings at 1,375,800,000 guilders,
over
the previous
an
increase
week of 10,000,000 guilders.
The
heavy increase in gold holdings of the Bank of The
Netherlands during the past several months is due to
continuous
purchases of sterling by the Dutch
change control.
sight
liabilities
Bank
of
showed
francs,
ratio of
total
a
ex¬
The bank's ratio of gold to total
stood
Switzerland
gold
84.4%.
at
in
a
stock
The
statement
of
for
National
Dec.
2,679,200,000
31
Swiss
ratio of gold to notes of 175.05%, and
gold to total liabilities of 82.53%.
recent
a
beyond Brazil's control, but
mean
repudia¬
payments would be resumed as
There
exchange available to meet external
although Brazil has declared exchange
and
coffee
policy
Dr.
asserted:
Vargas
now recover
com¬
He
peting freely with the coffee of other nations."
declared
these
measures
toward budget
Recent
the
were
preliminary
steps
readjustment.
dispatches from Lima give figures showing
satisfactory
highly
trade
position
Peru.
of
Import^ for the first nine months of 1937 were 166,-
381,884 soles, compared with 200,500,404 soles for
of
all
1936.
Exports
were
valued at 279,378,800
soles, against 235,812,411 soles in
1936 and 178,-
529,111 soles in 1932.
./
;
Argentine paper pesos
closed
on
\.
Friday, official
quotations, at 33.34 for bankers' sight bills, against
on
Friday of last week; cable transfers at 33.34,
The unofficial or free market close
against 29.30@29.40.
Brazilian
against 33.33.
was
29.30@29%,
milreis, unofficial or free market rates, were 5.15@
nominal at
Chilean
5.20@5.30.
against
5.30,
nominally
quoted at 5.19,
exchange
against 5.19.
is
Peru is
24%, against 24%.
♦
On Jan. 4 the Nor¬
wegian National Bank reduced its rate of rediscount
from
quoted
a
ground it has lost in the world's markets,
the
33.33
*—
new
reasons
"Brazilian coffee free of tax burdens will
Finland
Greek exchange closed at
2.21%, against 2.21%.
Vargas in
Defending the modification of the exchange control
■
Poland at
President
government monopoly.
a
system
sight bills and 40.30 for cable
comparison
in
be
to
Friday of last week.
the French center finished
9-16, against 3.39 5-16.
the free
near
warranted by the economic situation.
debt payments
Friday
on
due to
was
is not sufficient
3.39%, against 3.39% on Friday of last week;
werp
ments
soon as
Sept. 26 and Oct. 3, 1936.
The franc cut from gold and allowed to "float" on June 30, 1937.
between
b
declined to
emphasized that the stoppage did not
before devaluation of the European currencies
New dollar parity as
years.
since the advent of the
The official rate has not been
weeks.
several
for
during the past few
ever
has
government
tion and stated that
to 23.18
23.14
Vargas
market level.
Week
3.39% to
16.95
5.26
19.30
This
a
The Brazilian milreis
broadcast said that suspension of foreign debt pay¬
Range
6.63
(franc)--
Belgium (belga)_
Italy (lira)
Switzerland (franc)
a
gear.
table shows the relation of the lead¬
ing European currencies to
b France
in
engage
in line
Argentina's foreign exchange position
EXCHANGE on the Far Eastern countries pre¬
features of importance.
The
sents
bitter
no
new
between Japan
conflict
rise to
and China has given
extremely difficult financial problems in both
1937
In
countries.
$250,000,000 in
profit"
Japan
gold to
shipped
approximately
the United States.
The
made by revaluing the Bank of Japan's
gold stock, formerly held at 49.86 cents fin preRoosevelt dollars) to the yen, has been more than
exhausted.
It
is
believed
that
Japan
must
soon
to
dispose of the foreign exchange held by
its nationals.
This includes $76,000,000 of securities
commence
issued by nations
in
other than Manchukuo, deposits
foreign currencies of $48,000,000, and loans made
abroad
of
$46,000,000.
It is believed that Japan
Financial
Volume 146
will
be
pressed for foreign exchange by about the
end of March.
to ration
tion.
Hence sweeping
plans
are
being laid
imports and cut down domestic consump¬
However, it would be difficult if not impossible
to forecast the outcome of
sitated
by
drain owing to the closely
enormous
an
knit organization
tion has been
economy neces¬
Japan is capable of
extended conflict.
an
sustaining
Japanese
of the classes, where the popula¬
homogeneous for perhaps two thousand
Chronicle
same
Closing quotations for
29.11, against
29.10
yen
checks yesterday
Friday of last week.
on
were
Hong¬
be said of the Act authorizing the Recon¬
may
struction Finance
Corporation to make loans to in¬
companies and regulating other loans by
surance
that agency,
and the Home Owners' Loan and Farm
Credit Acts of 1933.
There
be
few other New Deal
recovery
to industry,
accrue
and
reform
Whatever help has been
clearly separated.
expected to
are
which
statutes, however, in
can
trade, agriculture
labor, it is obvious that the legislation which
or
has most
years.
161
has
clearly embodied the ideas of the New Deal
contemplated radical and far-reaching economic
and social
changes in the structure of American
so¬
kong closed at 31.32@31%, against 31 5-16@31%;
ciety and the character and operations of the Fed¬
Shanghai at 29%@29 25-32, against 29%@29 27-32;
eral
Manila
that the relief of excessive
50
at
3-16,
Singapore at
50 3-16;
against
58%, against 58%; Bombay at 37.76, against 37.75;
and Calcutta at
37.76, against 37.75.
vival of business
of the Act
or
Gold Bullion in European
Government.
Banks
the
1
bullion
of
(converted into pounds sterling at
exchange) in the principal European banks
par
of
as
respective dates of most recent statements, reported
to
us
by special cable yesterday (Friday); comparisons
shown for the
are
corresponding dates in the previous
four years:
1937
1936
1935
£
£
£
£
England
327,109.344
314,124,237
200,818,172
France
310,172,153
365,810,558
530,112,608
2,515,300
1,913,050
87,323,000
42,575,000
3,116,200
113,820,000
59,963,000
42,575,000
53,098,000
99,923,000
81,326,000
106.734.000
98,777,000
83,297,000
46,825,000
192,797,515
656,141,628
2,895,900
90,697,000
52,400,000
70,170,000
71,565,000
69,392,000
26.118,000
6,545,000
25,466,000
6,552,000
22,376,000
6,555,000
7,396,000
6,603,000
6,602,000
6,582,000
c87.323.000
a25,232,000
Italy,
"Netherlands
Nat.Belg'm
Switzerland
Sweden
Denmark
Norway
„
.
...
Amount held Dec. 31.
90,204,000
17,010,900
90,453,000
76,633,000
76,828,000
78,101,000
67,518,000
14,431,000
7,397,000
6,573,000
1936, latest figures available,
b Gold holdings of the
1936, the latest figure available.
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
of gold 0.9 fine, equal to one franc: this was the second change in the gold's values
within less than a year, the previous revaluation took place on Sept. 26, 1936,
when the gold was given a value of 49 milligrams to the franc as compared with
previously.
mgs.
or
or
or
the National
the Securities Act,
or
Any incidental benefits
labor might enjoy in consequence
were
entirely
over¬
by the clear purpose of the Acts to estab¬
lish and, extend Federal
dominant purpose
617,924,337
Bank of Germany are exclusive of gold held abroad, the amount of which is now
reported at £1.016.650
65.5
re¬
control, and the
same pre¬
stands out in the Wagner Labor
c
public utilities, and the Guffey Bituminous
Coal Act.
Total week. 1,087,598,797 1,100,360,845 1,101,058,980 1,245,878,043 1,244,565,499
Prev. week. 1,083.837,252 1.095.109,667 1,100,435,134 1,248,490,536 1,242,906,193
a
the
191,696,262
15,841,000
7,515.000
Spain
Recovery Act,
legislative enactments
shadowed
or
creating the Tennessee Valley Authority,
industry
of these
Act for
1934
£
Germany b.
seriously pretend
industry were the primary aims
or
Banking Act of 1933.
that
could
unemployment
Act, the Social Security Act, the Holding Companies
1938
Banks of—
the
one
Agricultural Adjustment Act,
Industrial
HPHE following table indicates the amounts of gold
No
Amount held Aug. 1,
On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
When, accordingly,
tices
be
a
Mr. Roosevelt, in his annual
enumerated eight or more business prac¬
message,
which, he declared, "most people believe should
ended," he
only giving further extension to
was
fundamental policy
which has been his from the
As long as economic distress was wide¬
beginning.
spread, the element of recovery was naturally given
No
special prominence.
of various kinds
ministration
sumed
was
one
could deny that relief
urgently needed, and the Ad¬
was
ready with remedies which it as¬
With the alleged
adapted to the case.
were
remedies, however, there went from the first other
measures
Mr.
Roosevelt
of Mr. Roosevelt's first term
Toward the end
President it
recovery
as
when it
folly developed, would
was
comprise two stages,
and
a
over
was
present stage of
As long
depression that still
the country at the beginning of 1933 con¬
tinued, the primary concern of
it
a
subsequent stage of reform.
the industrial and business
hung
the Administration,
said, would be with recovery, but once recov¬
ery was
well under
ably assured,
the reforms
we
way
and its continuance
should begin to hear
needed
to
business
beat the
reason¬
more
curring.
to
cycle and
he
Just
to fasten upon the country an elaborate
of national
scheme
planning under which the con¬
at Washington.
would be centralized
statutes
these
most
cases
as
only a
the country now knows, was
camouflage for fundamental
changes of a revolutionary and permanent character
which
being
now
are
as
measures
of
There is
that
Mr.
nothing in the annual message to indicate
Roosevelt has abandoned any of his "re¬
objectives, or essentially modified the argu¬
with
an¬
still favors "a Government program for a balanced
taken in connection with his refusal
agriculture" which will give the country "adequacy
over,
depression is
regards it
now
as
to
more
as an
but there
than
a reces¬
"assumption,"
sufficiently out of the
way
emphasize the task of reform.
where, in the New Deal
legislation of the
of
supply
but
duction
bills
which
they have been
and "adequate reserves
drought." He passes over the
control of land use and crop pro¬
inheres in
one
on
ciple of majority rule, so
full
Federal funds for
unemployment relief have, in
gen¬
eral, the character of recovery measures, and the
responsibility
the farmers themselves, under the prin¬
Emergency Banking Act of 1933, the Economy Act
the Acts appropriating
both of the agricultural
which will "place the primary
of
and all
He
pending in Congress, but commends his plan
as
year,
supported.
not glut"
firm Government
directly
easily determined. The
which
against the day of
form should be drawn is not
same
presented
"reform."
jjast five years, the line between recovery and re¬
the
A number of
labeled "emergency" measures,
were
"emergency,"
but the
in
inspection showed
of the essentials of the national life
of most
trol
cursory
ments
airy reference to it
to enable him
purpose was
a
are
admit that the
that
nothing to do with recovery, but whose
even
form"
pretty clear indications in Mr. Roosevelt's
sion and his
or
re¬
The depression is not
nual message,
which
had little
about
prevent anything like a serious depression from
some
as
began to be pointed out that the New
Deal program,
be found to
Recovery and Reform
on
that they may decide, with
knowledge of the facts of surpluses, scarcities,
world markets, and
domestic needs, what the plant¬
ing of each crop should
be in order to maintain a
Financial
162
Chronicle
Jan. 8, 1938
reasonably adequate supply which will assure a min¬
country has known, and extend it to great regions
imum
as
adequate price under the normal processes of
the law of
well
tition
supply and demand."
Since the effect of such Government intervention
to smaller
as
within
or
tection of labor"
and hours legislation that will raise
the
power
purchasing
which
of "that third of the Nation
receives its income
ment."
The idea of
from industrial employ¬
"complete uniformity in
wages
throughout the country" is rejected, as is that of
sudden
change from low wages to high.
"We
a
are
without
have
not
hour
provisions
only
confidence
with
that
prove
their worth economically and
socially under Government auspices in 1933, 1934
and
1935, but the people of this country, by
whelming vote,
—this
Congress—put
wages
shall not fall, and
floor below which industrial
a
a
ceiling beyond which the
hours of industrial labor shall not rise."
added
To this is
of the recommendations
renewal
a
an over¬
in favor of having the Congress
are
"for the
to
remove
the
statement,
removal
take
advantage of
We
fess
as a
Mr.
in
see
needs
ex¬
and
for
the
planning
for
future national
needs."
calls for in the
best be stated
he told
"It is deception," Mr. Roosevelt de¬
"conciliatory."
abuses which he
but there is
business
no
in
his
words.
own
methods, which I have previously
The demand for
renewed without essential
responsibility must
accompanied by
qualification, and
men¬
capitalization, investment write-
pres¬
They include high-pressure salesman¬
No Federal spending
continued, and
duction until such time
use
of
lic the
the
as
pro¬
surplus is consumed;
patent laws to enable larger corporations
to maintain
high prices and withhold from the pub¬
advantages of the
reduction in the gross
pones
progress
utility holding
holds out
hope of
no
weight of taxation and post¬
indefinitely the prospect of
of the New Deal
Nothing
com¬
is to be dis¬
agency
a
balanced budget.
in short,
program,
ap¬
scheduled for change, but further extensions
pears
of Federal
covery"
authority
now
to
are
clearly intimated.
A "re¬
under which recovery has bogged
program
be
merged with
Federal
more
a program
control
as
of "re¬
its aim.
It is
obviously to Congress, and not to the President,
that the
now
industry and business of the country must
look for
an
opportunity to revive.
of science; un¬
competition, which drives the smaller producer
out of business
tional
locally, regionally,
scale; intimidation of local
ment to
by threatening to
or
move
elsewhere;
locality
one
region to another in pursuit of the cheapest
There is
further
mention
of
wage
"problems af¬
fecting business" which arise "generically
.
.
out
.
of the concentration of economic control to the det¬
riment of the
classed
as
body politic," although they
should be
laws
remedied;
permit; others
are
are
directly and
in
not alike.
Some of
such
as
are
encouraged, in
by
some
policies
inaugurated and developed.
point is, however, that the desired "reforms"
apparently all to be attained through Federal
coercion.
The Government may
competition
with
or
is the
so
for
set up the most
private business
that
Another
armament.
figure that is being talked about
Washington. The actual expenditure for national
defense, including both
fiscal
things which existing
other indirectly,
which the New Deal has
at
appropriation
large
billion
cal year
inevitable incidents of free
competition, and still others
case
ther
number
a
clearly abuses, and
some are
are
prospect of a curtailment of civil expendi¬
no
tures, Congress will shortly be asked to make a fur¬
1937,
as
army
and
navy,
year
services is
The army
the
for the fis¬
reported in President Roosevelt's
budget message, was $844,056,155.
lumped together
things which obviously
the items in the list
budget deficit for the fiscal
ending June 30, 1939, of about $1,000,000,000
year
and
estimated
an
are not
"specific abuses."
Mr. Roosevelt has here
With
State govern¬
shifting of actual production from
scale."
Why More Armament?
or even on a na¬
prevent the enactment of laws for the pro¬
tection of labor
fair
a pur¬
permanent annual budget of ap¬
a
proximately $7,000,000,000
down is
are
of amending the
panies.
to relax the pressure on
form" with
The
hand in hand" is not
go
suggestion
any
a vague
with capital, "power
as
Wagner Labor Act. No intimation is given of
ship, which creates cycles of over-production within
of
and hours legis-
wages
control and executive reorganization is
crop
given industries and consequent recessions in
or
on
or
bidding in defiance of the anti-trust laws
ent statutes.
the
business,"
field
"They include,"
by methods which baffle prosecution under the
fair
on
now
and security manipulations; price rigging and
collusive
the
attack
may
shape of correction of abuses
tioned; excessive
ups,
an
recently made by Mr. Jackson and Secre¬
tary Ickes.
tion,
specified "is
repudiation of the brutal attacks
to end Government competition in the utility
Congress, "tax avoidance through corporate
other
and
pro¬
something
message
pose
The additional reforms which Mr. Roosevelt
"
enemy.
clares, to "tell the country" that "an attack" on the
and
Government," significantly
lower wage' scale
a
Roosevelt's
tive structure of the
required "both for immediate Executive
Mr.
not expected, but
are
species of public
suggestion that, with labor
as
Uniform
according to
entirely unable to follow those who
reorganization and improvement of the administra¬
plained
may
locality
certainly exist somewhere will brand the
are
to
"abuse."
an
country,
own
to
but he
favorable
a more
Roosevelt's
"we
minimum-wage and maximum-
seen
reasonably certain to put
the employer,
upon
becoming guilty of
employer
and intolerable hours," but
as
local laws for the further "pro¬
are now
throughout
wages
to end starvation wages
affirms
or
costs
not threaten to
seeking, of course," he declares, "only legislation
nevertheless
State
additional
which will
he
compe¬
be
of
farmer, Mr. Roosevelt also repeats his de¬
unfairness
by the Government, is to be punished
defined
suppressed.
the
itself,
may
will, he believes, be to raise the purchasing power
mand for wages
localities, but "unfair"
business
For the present
the estimated expenditure for the two
$933,776,100, and for 1939 $988,623,400.
figures,
as
given in the annual report of
Secretary of the Treasury,
are,
for 1937, $359,-
027,974, for 1938 $409,882,900, and for 1939 $427,796,000. The
navy
figures
are
$497,083,719 for 1937,
$541,005,200 for 1938, and $577,827,400
The
new
course,
appropriation to
be called
for
for
be in addition to these amounts.
1939.
will,
of
Not all of
the
sum
will be for immediate
un¬
the
case
of the navy,
the
larger share, the outlay for construction will neces-
expenditure, and in
which is likely to receive the
Volume
Financial
146
sarily be spread over at least two years, but an ap¬
propriation becomes effective as soon
ized, and
to
new
it is author¬
as
taxes or new borrowing will be needed
The
further
request for
armament was
clearly
foreshadowed in Mr. Roosevelt's annual message.
"I
thankful," the President said, "that I can tell
am
But in a
high tension and disorder, in a world
that our Nation is at peace.
you
of
world
stable civilization is
where
enough to
others to be strong
of those fundamentals
.
.
There is
.
the observance
assure
of peaceful solution of con¬
only ultimate basis for orderly
flicts which are the
a
trend in the world
from the observance both of the letter and the
away
We propose to observe, as we
treaty obligations; but
spirit of treaties.
the past, our own
in
have
cannot be certain of
we
actually threatened, it
at home and peace with and among
strives for peace
existence.
.
.
.
responsibility of each nation which
the
becomes
reciprocity
on
have followed the surface trend away
ocratic
from the dem¬
representative form of government. It would
therefore, that world peace through interna¬
seem,
tional
safe in the hands of
agreements is most
democratic
representative governments—or, in other
words, peace is most greatly jeopardized in and by
those nations where
has
or
larged
developed."
never
There
democracy has been discarded
is, of course, a formal justification for en¬
the
and those of Great Britain and Ja¬
in
armament
American navy
the
disparity
between
The London Naval Treaty, which fixed a 5-5-3
pan.
ratio for the three
it still has
some
Powers, is
interest
as
now a
a
dead letter, but
formal indication of
agreed naval relationship in tonnage and classes of
The United
vessels.
States, however, has never built
to the full limits that the London treaty
up
is
and
of
short
Great Britain
tonnage as well as of replacements.
and
in
allowed,
cruiser, destroyer and submarine
Japan, on the other hand, are actively engaged
enlarging and modernizing their fleets, both are
building battleships, and Japan is reported to be
planning
a
battleship considerably in excess of the
35,000 tons which the London Treaty fixed as a limit
and to which the new American battleships were
expected to conform.
so-called
Germany has developed the
"pocket" battleship, an armored cruiser of
exceptional speed and gun power, France and Italy
are
building, and Soviet Russia has announced an
elaborate
program,
far it has
although how
pro¬
no
end of hysterical talk about the
an
was
possibilities of
invasion by German submarines
airplanes, and vivid and fantastic pictures were
or
of
that
devastation
the
Yet if there is any country which, by
believe that
Japan, ambitious as it is for predomi¬
in the Pacific and the Far
nance
attack upon
an
ignorance and fear are likely to
it
was
of the
strength of the United States is less than
Italy, the two European Powers whose ag¬
many nor
gressive policies have aroused most apprehension,
credited with
seriously be
can
combination of
which the United
an
aggressive move against
defend itself at arms?
A careful
reading of Mr. Roosevelt's message, on
the other
hand, suggests that national defense, in
the usual
meaning of that term, is not what Mr.
Roosevelt has
a
chiefly in mind. It is incumbent upon
peace-loving nation, Mr. Roosevelt declares, "to be
strong enough to assure the observance of
damentals of
the
basis
ultimate
only
pro¬
which the proposed increase is intended to
There
can
be
no
disagreement with President
adequately strong in
self-defense."
Defense, how¬
implies either the danger or the fact of attack.
From what
quarter has the United States good rea¬
to fear attack?
In the early part of the World
War, when the preparedness wave swept the coun-
those fun¬
peaceful solution of conflicts which are
existence."
orderly
for
Again, "there is a trend in the world away from the
observance both of the letter and the spirit of trea¬
ties," and while the United States proposes to ob¬
its
serve
tain of
own
treaty obligations, it "cannot be cer¬
reciprocity
the part of others." Further,
on
"disregard for treaty obligations seems .to have fol¬
lowed the surface trend away
from the democratic
representative form of government," and it accord¬
ingly "would seem" that "world peace through
national
democratic representative
governments—or, in other
words, peace is most greatly jeopardized
those nations where
has
or
do
such
assertions mean ?
ment of every
cratic
as a
menace
to peace by
discarded democratic
it
have
in
trusted to observe
international agree¬
any
developed
state,
cannot be
treaty obligations, and that demo¬
kind of obligation to
together to see that treaties are
is the meaning, the
It not only
which have
government, or which do not
cratic nations are under some
If this
indict¬
nation in the world that is not demo¬
They further imply that nations
ment.
act
If they mean
they seem to mean, they constitute an
what
now
in and by
democracy has been discarded
developed."
never
What
inter¬
agreements is most safe in the hands of
observed.
doctrine is the most
by an American Presi¬
implies a right and duty on the
part of democratic nations to unite in defense of
their own institutions, but it carries also a covert
action against non-
suggestion of a right of joint
or
Roosevelt's statement that "we must keep ourselves
son
be called upon to
States would
democratic nations which fail to
adopted,
such design.
nations, that may be reasonably ex¬
to undertake
pected
theoretically expected to be when the ratio
purposes
ever,
any
Where, in all the world, is there any nation, or any
London Naval Treaty was
gressively less than it will be if other countries con¬
tinue their building programs, but the purpose or
serve.
East, contemplates
the United States, and neither Ger¬
dent.
important question, however, is not whether
Only those
eign invasion it is the United States.
who take counsel of
dangerous ever announced
The
invasion
geographical position, is safe from for¬
force has been
the naval
an
virtue of its
gressed is not certainly known. In all of these coun¬
tries and in some others the development of the air
given special attention.
such
might work.
the part of
Disregard for treaty obligations seems to
others.
try, there
drawn
provide for it.
.163
Chronicle
observe treaty ob¬
ligations, irrespective of whether or not the demo¬
cratic nations are parties to such treaties. It is a
only formal
differences of lan¬
of the doctrine of Mr.
Roosevelt's Chicago
the
reiteration,
guage,
with
speech, and an echo of the ostensible aims of
Brussels Conference.
The Chicago speech was
an
arraignment of Japan, Germany and Italy as essen¬
tially lawless dictatorships,
tion
Soviet
although no Power was
If the same Powers, and in addi¬
Russia, are not the ones aimed at in
actually named.
Financial
164
statements of
the
one
the annual message
just quoted,
fairly ask what Powers Mr. Roosevelt had
may
clared
it
war
The "Chronicle"
is
supporter of Italian Fas¬
no
of German Nazism, or of Communist dic¬
or
tatorship in Soviet Russia. It agrees with Mr. Roose¬
territorial limits
would
it
should
velt
that, in a world which is arming, the United
in
to its defenses.
States must also look
It favors
brigandage
adequate to prevent encroachments upon our
navy
insular
our
or
American
possessions, and to protect
the high seas.
commerce on
If the present
it favors
navy
is insufficient for those purposes,
such
replacements and additions as, in the judg¬
ment of those
competent to pass upon the question,
It protests
sufficient.
it
make
will
unqualifiedly,
I
at
is
If treaties to which the
party are openly violated, the
a
violation must be dealt with
the
to
case
may seem
the circumstances of
as
to justify.
It will be
no
service
democracy, however, either here or elsewhere, for
States
United
the
which
prefer
some
inject
itself
to
into
which it is not
navy
itself against nations
array
other form of government,
international
to
or
controversies
to
party, and to rely upon a strong
a
to give effect to its opinions or demands. That
is the
to war, and to all the losses and
way
most
into
care
request, will inquire with the ut¬
the foreign
policy which naval
pansion is designed to serve. It
to
can
be counted
ex¬
upon
There is great danger that the
go.
States, worked upon
derstandings
France which, while
ests of those
be led into
may
offhand
the
serve no
in world affairs.
World War will have been
teach
not
the
us
American inter¬
a
The lessons of the
poorly learned if they do
wisdom
of
maintaining national
independence, and of keeping out of international
entanglements while asserting and upholding all
proper
China.
in
I
Indeed,
should
say
with the exception of the Monroe Doctrine,
consistently
regard
with
successive
consent
and
but with
in
business
in
inter¬
China,
Governments.
are
with
this not only
the encouragement
the American
and
without
principle of
back for generations, and all
reaching
the
broad
Many thousands of Americans
residence
in
Administrations
other
any
relationship.
established
roots
by
than
party
to
national
It
of both
the
to
seems
view of your
perfectly
proper
me
our
liberately
attacked
destroyed,"
in
their
wish
I
neither
Japan,
China
be
as
anxious
as
precipitate in
centuries
over
of
slow
to avoid war, I
advance.
yours,
formal
STEELE.
M.
Conn.
[The existence of
upon
war in
declaration
recognition
of
a
fact does not, of course, depend
of
by
war
state
of
either
war
belligerent or
The
by
neutrals.
large-scale military operations of Japan in China
be classed
do
abandoning rights painfully
THOMAS
Haven,
United
obscure and difficult
anyone
Very truly
New
the
nor
recognizes.
am
to
deliberately
is
property
whole situation is complicated,
but, while
won
which
officially
The
if
or
should not deny them rights of protection
you
"war"
a
States
can
hardly
brigandage.
For the United States to claim
protection for its citizens and their property in a region
in
such
as
which
as
organized public
persons
deliberate
war
actually
is
going
on,
save
their property became the subjects of
would be, we think, to ignore the facts
or
attack,
of the situation in favor of the
merely technical contention
that
been
state
a
official 1 y
rights.
concession that their
government "may properly demand redress if they are de¬
or
except that of a mistaken opportunity to play
great part
rights in China.
enterprises
that,
formal
est
inclined
therefore,
was,
policy of the "Open Door" in China has been pursued
more
furthering the political inter¬
Powers, will
I
right, and I am wondering
was
un¬
agreements with Great Britain
or
distinction.
Roosevelt
it is by adroit and
as
persistent foreign propaganda,
a
long period to encourage Americans to embark
a
business
on
not
United
recognized war and an
and it seems to me that practically we
war,
their
lost
ment over
provide adequately for the national defense, but
beyond the legitimate needs of defense it should
stoutly refuse to
our
is—does
it
as
com¬
hoped that Congress, in responding to
Roosevelt's
but
phrase,
Act—foolish
Certainly it has been the consistent policy of our govern¬
plications which war involves.
Mr.
Japan and China are
just what stage, in proceedings of this sort, Americans
that in
It is to be
Neutrality
to think that Mr.
Chinese
way
other countries
of the
reasonable sense
make such
must
law
indulges
which
nation
that
doubt
moment
a
every
unrecognized
other Power in order to enforce their
States
international
that
any
recognize the difference between a
at
is to enable the United States to ally
in
recently-adopted
have
United
of
right
deprive the nationals of
to
not for
do
however, against any naval expansion whose ulti¬
joint will upon the world.
the
rights.
war
mate purpose
itself with any
undesirable
wholly
the
It seems to me that
a
of their
coasts
be
right of neutrals within
be the
of friendly Powers.
recognize
not heretofore
has
undeclared war imposes limitations upon
an
otherwise
would
what
law
that international
me
1938
Japan, then I should agree with you, but
upon
to
seems
Jan. 8,
recognized that
in mind.
cism,
Chronicle
of
war
had
not
formally
declared
or
recognized.—Editor. ]
•
Two Views!
Editor,
In
Editor, "Commercial & Financial Chronicle":
I
tion
usually find myself in pretty complete accord with the
editorials
This
in
always
your
holds true
of
interesting and
the issue
of
Dec.
valuable
paper.
25, but there is
one
"Commercial & Financial Chronicle":
renewing, perhaps for the fortieth time,
for
comparison,
very
which I
much
am
to have
inclined to question
At the bottom of page
Limits
of
American
in
Policy,"
of
one
effect that American vessels
citizens
to
while there,
you
notes
in the
quote
to
President
Japan to the
Yangtze River "by
particularly to commend
say
you
go
assertion of the right
remain
in
a
war
zone
on
that "There is
If
remain in
or
Japan had declared
f
'
a
war
war
veracious
well
as
subscrip¬
beyond
as
all
most
the
more
Limits
so
as
of
the
your
editorial
American
same
adroit
article of Dec.
Foreign
and
Policy":
25,
and
skilfully disguised
philosophy of the
war
"to end war" and "to make the world
safe for democracy," once before proved to
is again
in full flood and, with
extensive and
more
no
such
on
zone
do
and
enjoy,
prop¬
recognized right
China
at their
or
China
even
be
more
so
effective,
varied,
more
passionate combination of forces, appar¬
a
new
immolation.
Very truly yours,
of American
so
an
to say
international law," and that "Alien non-combatants who
elect to enter
all
"The
ently tiding the country to
right," and
full protection for themselves and their
erty, and youi
in
and
enter
his
were
uncontested and incontestible
an
most
my
is,
propaganda which, with the aid of the romantic but tricky
4025, in the editorial entitled 'The
Foreign
Roosevelt's statement
that this amounts to
and should like
elucidated.
world's
the
which
comprehensive repository of current information, I venture
entitled
statement
invaluable publication,
your
J. B.
New
York, N.
[Professor John Bassett Moore, whose opinions
had
de-
on
all ques¬
tions of international law carry the highest weight, was an
Assistant
Secretary of State, 1886-1891, and
Counsellor,
1913-1914;
peril."
MOORE.
Y.
professor
of
international
law
and
diplomacy,
Columbia University, 1891-1924; and member of the Perma¬
nent Court of Arbitration at The Hague, 1912-1928.—Editor.]
Volume
capital flotations in December, the closing
month
grand total of $163,801,987 for the
month, as against $135,328,674 recorded for November,
$197,496,090 for October, $223,828,030 for September,
$187,312,259 for August, $340,170,085 for July, $560,338,456
for June, $261,474,034 for May, $317,092,098 for April.
During the months comprising the first quarter of the year
of the year,
reached
a
it is found that March accounted for a
grand total of $382,-
while
The grand
total of $163,801,987 for December comprised $56,579,617
of corporate issues, $83,947,370 in the form of State and
municipal securities, $575,000 United States Possessions,
and $22,700,000 of issues falling under the head of Farm
Loan and publicly-offered governmental agency securities.
Refunding operations were on a greatly reduced scale and
of the December grand total of $163,801,987 only $42,-
345,221, February showed $521,550,323 of new issues,
for
January the grand total was $613,981,520.
refunding purposes,
demand at
$121,714,468.
The grand total of $163,801,987 for De¬
cember, 1937, compares with $725,567,269 for December,
1936; with $462,422,151 for December, 1935; with $187,261,268 in December, 1934; with $75,717,338 in Decem¬
ber, 1933; with $159,896,496 in December, 1932; with
$144,995,133 in December 1931; with $393,567,009 in De¬
cember 1930; with $650,524,414 in December 1929, and with
$1,173,156,904 in December 1928.
We mention here that
our compilations,
as always, are very comprehensive and
include the stock, bond and note issues by corporations, by
087,519 represented issues put out for
leaving the month's strictly new capital
thus
to fill
the
void,
issues and direct
with $29,982,500 for that group in November.
Public
utility issues totaled $20,250,480 in December, as against
but $5,850,000 in November.
Financing for the account of
railroads accounted for only $4,880,(XX) in December.
There
was no new financing for the account of railroads during the
pares
domestic combined with the foreign:
DOMESTIC CORPORATE ISSUES
Bonds and Notes
Cat. Years
1937
$1,583,556,700
4,026,041,600
2,116,597,775
455,293,100
227,244,700
619,860,300
1936.
1935
1934
1933
1932
1931
2,028,034,050
3,430,572,660
2,619,953,750
1929
DOMESTIC
AND
$1,583,556,700
1937-
1936———
1935——..—
1934
of that month's total.
There was but one refunding issue worthy of mention sold
during December of 1937.
It was $5,625,000 St. Joseph
Railway, Light, Heat & Power Co. 1st mtge. 4j^s, Dec. 1,
1947, of which $4,925,000 comprised refunding.
The largest corporate offering of the month was that of
$10,(XX),000 West Virginia Pulp & Paper Co. 1st mtge. 4^s,
Dee. 1, 1952, priced at par.
There were no foreign securities of any description floated
in this country during the month of December.
Included in the financing done during the month of De¬
cember was an offering of $22,700,000 Federal Intermediate
Credit banks 1 XA% debentures, dated Dec. 15, 1937 and due
June 15, 1938, offered at a premium over par value.
During the month of December there was but one con¬
spicuous offering made carrying warrants or a convertible
kind
or
another.
This issue
was
as
follows:
20,000 shares Abbott Laboratories (111.) 4)^% cum. conv.
pref. stock, convertible at any time into common stock at
the rate of 2 shares of common for each share of preferred
stock.
4,064,041,600
2,116,597,775
456,493,100
1933
228,844,700
1932
619,860,300
2,245,834,050
3,904,998,160
3,104,952,089
1931———
1930
1929
The
portion of the month's financing used for refunding
$14,462,769, or more than 25% of the total.
In November the refunding portion was $9,850,(XX), or more
than 27% of the total.
In October it was $69,652,500, or
more than 53% of the total.
In September the refunding
portion was $39,385,636, or more than 25% of the total.
In August it was $56,136,146, or more than 53% of the total.
In July the refunding portion was $56,780,528, or more than
40% of the total.
In June the refunding portion was $149,341,150, or more than 35% of the total.
In May the refund¬
ing portion was $87,210,363, or more than 52% of the total;
in April it was $86,535,499, or more than 53% of the total;
in March it was $181,055,483, or more than 56% of the total;
in February it was $224,520,551, or more than 63% of the
total.
In January the refunding portion was $203,516,962,
or nearly 69% of the total.
In December a year ago the
amount for refunding was $407,706,562, or more than 63%
Bonds and Notes
Cal. Years
The
purposes was
Common
Preferred Stocks
fixed investment trusts wrere offered during De¬
The Results
for the Full
Year 1937—Grand Total Far
Below that of 1936
the totals for the 12 months
obtain a comprehensive idea of the reduced
volume of private financing of all kinds—for corporations,
municipalities, &e.—in recent years under the new economic
conditions that have been thrust upon the country—to be
When
1937,
we
;
Total
Stocks
$467,291,167
$2,336,974,882
4,578,945,681
2,267,428.765
489,894,449
379,850,324
643,895,345
2,371,165,423
4,957,129,653
9.376,552,843
$286,127,015
270,840,364
123,650,746
3,198,450
15,222,555
10,920,875
148,015,667
421,538,230
1,694,749.201
282,063,717
27,180,244
FOREIGN,
31.402,899
137,383,069
13,114,170
195.115,706
1,105,018,763
5,061,849,892
INCLUDING CANADIAN
There
examine and study
we
replaced, of course, by United States Government financing
Total
Stocks
$2,336,974,882
4,631,945,681
2,267,428,765
491,094,449
$286,127,015
282,063,717
27,180,244
31,402,899
137,516,401
13,114,170
195,115,706
1,133,742,653
5,112,422,639
$467,291,167
285,840,364
123,650,746
3,198,450
15,222,555
10,920,875
148,015,667
434,538,230
1,808,986,401
Foreign Issues
were
Common
Preferred Stocks
381,583,*56
643,895
5
2,588,965,.
1
5,473,279,0*3
10,026,361,129
Placed in the United States
three foreign government
loans floated in this
the calendar year 1937. These loans aggre¬
gated $134,000,000 and represented refunding operations in
each case.
In addition, there was a refunding loan of
$85,000,000 for the Dominion of Canada and a $3,250,000
Canadian Provincial flotation, bringing all foreign govern¬
ment loans to a total of $222,250, (XX).
During the year 1936
there were four foreign government loans sold here for a
total of $78,500,(XX).
There was also a loan of $48,000,000
for the Dominion of Canada, making the foreign govern¬
ment total for that year $126,500,000, all of which repre¬
country during
sented refunding.
.
_
,
.
.
floated m the
two marketed
here by Canada, one for $76,000,000, in the form of 10-year
23^2% bonds due 1945, and the other for $40,000,000 in the
form of three-year 2% notes.
There having been no other
foreign government issues in 1935, the Canadian total of
$116,000,000 constituted the whole of the foreign govern¬
ment issues brought out in this country during that year.
This
figure compares with $60,000,000 in 1934, with a hke amount
in 1933, with $66,015,000 in 1932
*n
1931, with $619,630,000 in 1930, with $130 062 000 m 1929,
with $689,172,750 in
1928, with $912,381,300 m 1927,
$623,916,000 in 1926, and $791,336,000 in 192o
As al¬
ready stated, the three foreign government loans of $134r
(XX),(XX) and the Dominion of Canada loan of $85,000,000
sold here during 1937 were refunding operations exclusively,
single foreign government issue was
United States during the year 1935 outside of
Not
a
$126,500,(XX) for foreign government
The Canadian Government loans of
$116,000,000 sold here in 1935 were also used entirely for
refunding purposes.
The $60,000,000 shown for 934 and
1933 likewise represented refunding.
The refunding portion was $40,000,000 in 1932, as against no more than $9 500,01X1 in 1931, $71,738,000 in 1930,Jg,600,000 in 1929,
$103,538,413 in 1928, $85,469,<MJ0 in 192,, $81,873,000 in
1926 and $201,397,000 in 1925.
as
were
account
the loans of
during 1936.
_
new
cember.
of
showing the trend of the
corporate issues year by year.
We give the figures so as to
show the totals both for the domestic issues alone and for the
month of November.
No
discussed at considerable detail further
public offerings by governmental agencies.
Making further reference to the new corporate offerings
announced during December, we note that industrial and
miscellaneous issues accounted for $31,449,137, which com¬
one
as
present here a brief summary
we
municipalities, foreign and domestic, and also Farm Loan
feature of
of December
along in this article.
For the 12 months of the calendar
year 1937 the new issues brought out in the United States\
reached a grand total of $3,904,718,777, of which $1,854,909,472 was for refunding purposes, leaving $2,049,809,305
of new capital supplied.
The year's grand total compares
with $6,254,334,799 for 1936; with $4,752,345,562 for 1935;
with $2,212,259,482 for 1934, and with $1,053,711,679 for
1933.
The 1937 grand total of $3,904,718,777, of which
$1,854,909,472 was for refunding purposes, compares with
$11,592,164,029 eight years before, in the calendar year
1929, of which only $1,409,397,511 comprised refunding.
In other words, as against $2,049,809,305 of new capital
supplied from private sources in 1937, the amount back in
1929 was over $10,000,000,000—in exact figures, $10,182,766,518.
The amount of corporate issues, both for new
capital and refunding, in 1937 footed up only $2,336,974,882,
as against $10,026,361,129 in 1929.
New corporate financ¬
ing in 1937 of only $2,336,974,882 compared with over
$10,000,000,000 seven years before tells the story of what
has happened in the interval more eloquently than extensive
comment could do.
The record is such a striking one that
1930
holding, investment and trading companies and by States
and
165
Chronicle
Capital Flotations in the United States During the Month
and for the Twelve Months of the Calendar Year 1937
The New
New
Financial
146
^
.
sold m this country
during 1937, whereas four Canadian flotations for an aggre¬
gate of $53,(XX),(XX) were floated here during 1936.
There
were no
foreign corporate issues
No foreign or Canadian corporate issues were sold here
during 1935.
In 1934 there was a single flotation amounting
to $1,200,000.
In 1933 there were two small issues aggre¬
gating $1,733,332.
There were no Canadian or other foreign
corporate offerings in 1932 and even in 1931 they were on a
reduced scale, footing up only $217,800,000, against $516,149,390 in 1930, $649,808,286 in 1929, $887,648,150 in 1928,
$812,303,125 in 1927 and $725,877,040 in 1926.
The aggre-
166
Financial
gate borrowings, therefore, in the United States
behalf
on
of
foreign countries, both governmental and corporate, in
$222,250,OCX), as against
$179,.500,000 in 1936, $116,000,000 in 1935, $61,200,000 in
1934, $61,733,332 in 1933, $66,015,000 in 1932, $268,222,000
in 1931, $1,135,779,390 in 1930, $779,870,286 in 1929 and
$1,576,820,900 in 1928.
In 1927 the foreign flotations
aggregated $1,724,684,525 and this compares with $1,349,793,040 in 1926, $1,307,307,.500 in 1925, $1,244,795,765 in
1924 and $360,216,279 in 1923.
The following table carries
the yearly comparisons back to 1919:
the 12 months of 1937 amounted to
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED~STATES
(INCLUDING
CANADA,
ITS
PROVINCES
New
AND
Capital
MUNICIPALITIES)
Refunding
Total
Calendar Year 1937—
Canada,
ita
Provinces
and
munici¬
palities
Other foreign government
3.260.000
85,000,000
134,000,000
134,000,000
3,250.000
219,000,000
222,250,000
3.250,000
219,000,000
222,250,000
23,000,000
156,500,000
116,000,000
61,200.000
61,600,000
40,000,000
179,500,000
116,000,000
14,500,000
268.222,000
1,135,779,390
779,870.286
1,576,820.900
1,724,684,425
1,349,793.040
1,307,307,500
1,244,795.765
.
Total foreign government...
88,250,000
Canadian corporate Issues
Other foreign corporate Issues.
Grand total
Calendar Yeare—
1936
1936
1934
1933
1932
133,332
26,015,000
253,722,000
.
1931
1930
1,009,213,390
126,566,000
1929
757,837.569
22,032.717
1928
1,319,167,987
1,561,119,925
257,652,913
1927
1926
1,145,099,740
1925
1.086,160,500
1924
996,570,320
1923
280,274,600
1922
634,511,034
527,517,000
383,450,887
342,130.300
204,693,300
221,147,000
248,225,445
79,941.679
125,265,000
50,000,000
138,998,000
263,429.000
1921
1920
1919
163,564,500
61,200,000
61,733,332
66,015,000
360,216.279
759,776,034
577,517,000
522,448,887
605,559,300
Large Domestic Corporate Issues During the Year
Domestic
corporate
offerings of exceptional size during
December, already men¬
the year, in addition to those for
tioned,
were
as
follows:
100^, yielding about 4.48 %.
pref. stock, priced at
offa0S?&0H°TyieW°3%% By' C°- gen' mtge' 3%8' J' Jan'
$40,000,000
Oil
Co.
deb.
3^8, Jan.
X' 1967'
1,
1952,
February
$75,000,000 Northern States Power Co. (Minn.)
Feb. 1, 1967, offered at
101, to yield about 3.44%.
irJi30&00,(!00 Philadelphia Electric
at
Co. 1st & ref. mtge. 3^8, March 1,
102^, to yield about 3.37%.
April
into1,0£7,(K!0
New York Central RR. conv. 15-year secured 3 Ms, May 1,
1952, offered at par by company to stockholders.
May
$45,000,000
Southern
Bell
Telephone & Telegraph Co. 25-year deb.
at 96M, to yield about 3.45%.
5% cum. conv. pref. stock, offered at par, $100
3^s, April 1, 1962, offered
192,803 shs. Crane Oo.
psr snare*
,
Farm Loan Issues
Offerings of Farm Loan securities during the year 1937,
including direct public borrowings by governmental agencies
functioning along similar lines, amounted to $437,714,000,
as
against $375,212,600 in 1936, $1,137,070,700 in 1935,
$721,711,100 in 1934, $90,150,000 in 1933, $169,600,000 in
1932, $125,600,000 in 1931, and $86,500,000 in 1930.
There
were no Farm Loan offerings during 1929, but in 1928 a total
of $63,850,000 was marketed.
In 1927 the total was $179,625,000; in 1926 it was $131,325,000; in 1925, $188,225,000;
in 1924 it was $179,106,000; in 1923, $392,505,000; in 1922,
were no
offerings, but in 1919 a total of $110,000,000 was
put out.
The offerings made during 1937 comprised seven
separate issues of Federal Intermediate Credit Bank shortterm debentures totaling $287,200,000, three offerings of
Federal Home Loan banks consolidated bonds aggregating
$80,000,000, and 9. offerings of Joint Stock Land bank bonds
amounting to $10,514,000.
1st & ref. mtge. 3Ks,
March
1967, offered
$130,000,000 Philadelphia Electric Co. 1st & ref. mtge.
Ms, March 1, 1967, sold in March and used entirely for
refunding; $41,097,000 New York Central RR. conv. 15-year
secured 3 Ms, May 1, 1952, offered in-April and used entirely
for refunding.
An offering of $45,000,000 Southern Bell
Telephone & Telegraph Co. 25-year deb. 3Ms, April 1, 1962,
made in May, all of which comprised refunding.
Important refunding issues sold during June were as fol¬
lows: $80,000,000 Union Electric Co. of Missouri 1st mtge.
3Ms, July 1, 1962, of which $71,263,080 comprised refund¬
ing and $25,000,000 New York Telephone Co. ref. mtge.
3Ms, "B," July 1, 1967, used entirely to retire 6M% pref.
stock; 450,000 shares of 4M% cum. conv. pref. stock
of
the
American
Rolling
Mill Co.
were
offered
in
July, involving $45,000,000, of which $24,212,570 repre¬
sented refunding.
The
Ohio Public
Service Co. sold
two issues during August, namely, $28,900,000 1st mtge. 4s,
Aug. 1,1962, and $1,600,000 serial notes, 3s, 3MS, 3 Ms, 3 Ms
and 4s, both issues providing $28,586,615 for refunding
purposes.
442,443 shares of the Pure Oil Co. 5% conv.
pref. stock were sold during September, involving $44,244,300,
of which $33,000,000 was used for refunding; $48,364,000
New York Central Power Corp. gen. mtge. 3Ms,Oct. 1,1962,
were offered in October, of which
$36,364,500 was used for
refunding.
A private sale of $9,000,000 Philips Petroleum
Corp. 3 %-3 M % serial notes, due 1939-45, was made in Novem¬
ber all of which constituted refunding.
The more important
refunding issues sold during December have been mentioned
in our analysis of the financing done during the month.
ary;
3
Farm Loan
cum.
taSK8 ■£$£]I3£>t?Si%A 011 Oo-$4'50 cum'conv-pref-stock>
Tide Water Associated
floated at 101, to yield
3.41%.
Jan. 8, 1938
$386,415,000; in 1921, $121,940,000; in 1920 there
January
Consumers Power Co. $4.50
i
Chronicle
Corporate Issues Not Representing New Financing
Offerings of this type during the year 1937 amounted to
$64,662,181, as compared with $102,766,874 in 1936, with
$80,542,003 in 1935, with $20,200,000 in 1934 and with
$15,924,750 in 1933.
These figures are not included in our
totals of new financing because they do not represent appli¬
cations for capital by the companies whose securities were
offered.
The following table sets forth a monthly com¬
parison of offerings made during the past five years:
1937
1935
1936
1934
1933
June
$80,000,000 Union Electric
priced at par.
a
Co. of Missouri 1st mtge. 3 Ms,
July 1, 1962,
JEa00M°9 Socony-Vacuum
Oil Co., Inc., 18-year 3M% debs., sold
^P8, to a group of insurance companies.
5 00 8hs- JrV
du P°nt de Nemours & Co. $4.50
at
January
$8,008,000
4,641.113
March
12,451,695
12,008,694
1,58~5~,666
April
12,459,292
4,287,175
17,040.437
700,000
2,144,135
February
5,400,000
debenture
cum.
2Ms,
pref. stock,
June
15,
1942,
7,085,183
July
August
8,962,985
4,405,762
11,736,424
4,946,566
12,539,010
6,121,593
1.833,091
14,184,842
27,488,797
American Rolling Mill Co. 4M %
101, yielding about 4.45%.
MO-000 Westchester Lighting Co. gen.
offered at 102M. to
yield about 3.35%.
cum. conv. pref. stock,
mtge. 3 Ms, July
1,
.....
1,
1962,
Steel Corp.
(Del.)
mtge. 4s, Aug.
deb. 3Ms, offered by
to yield about 3.50%.
offered by the company
conv.
to holders °f its common
stock at par.
$25,321,500 Allis-Chalmers Mfg. Oo. 15-year
102, to yield about 3.83%.
conv.
deb. 4s, 1952, issued
October
info8,394,9^° Central
!962
New York Power Corp.
Priced at 99, to yield about
3.82%.
pric^'at°100areS °f ^ Gontinental 0an Co.,
gen.
mtge. 3Ms,
Oct.
1.
*
Inc., $4,50 cum. pref. stock,
November
prWatelyO'OOO Colombian Petroleum Co. 3% serial
notes, 1943-47, placed
December
The important issues for this
month have already been referred to in
remarks above in
The
The
our
analyzing the financing done during December.
Important
8,566,500
900,000
8,000,000
1,350,000
11 (b 000
7,499,940
9,200,644
417.885
8,808,198
21,088,127
1,658,000
551,250
$64,662,181 $102,766,874
$80,542,003
$20,200,000
$15.924,750
Total
One feature of the old method of
financing continues to
degree.
We allude to the tendency to
make bond issues and preferred stocks more attractive by
according to the purchaser rights to acquire common stock.
In the following we bring together the more conspicuous
issues floated during each month of the present year con¬
taining convertible features of one kind or another, or carry¬
ing subscription rights or warrants to subscribe for or acquire
Corporate Refunding
Operations
new
conspicuous corporate refunding issues sold dur¬
ing 1937 comprised the following: $50,000,000 Great North¬
ern Ry. Co.
gen. mtge. 3MS> "I," 1967, used entirely for
refunding, and 547,788 shares of Consumers' Power Co. $4.50
cum. pref.
stock, all used to retire preferred stock, both of
which were offered in January;
$75,000,000 Northern States
Power Co. (Minn.) 1st & ref.
mtge. 3Ms, Feb. 1, 1967, used
entirely for refunding, and 1,556,694 shares of Texas Corp.
capital stock, involving $63,492,760, of which $36,200,000
comprised refunding, both of which were offered in Febru¬
some
stock:
CONSPICUOUS ISSUES FLOATED IN 1937 CARRYING CONVERT¬
IBLE FEATURES OR SUBSCRIPTION RIGHTS OR WARRANTS
January
500,000 shares Tide Water Associated Oil Co. $4.50 cum. conv. pref.
stock, convertible into common stock at any time on or before Jan. 1, 1947,
in ratios ranging from 3 7-11 shares to 2K shares of common stock.
90,000 shares Emporium Capwell Co. 4H % cum. pref. stock with war¬
rants to purchase 1 share of capital stock of Emporium Capwell Corp., the
holding company, over a period of 10 years, at prices ranging from $26 to
$34 per share.
February
more
407.000
3.780,000
345,000
Decern oer
be followed to
n?t0 holders of its common stock at 100,
.442,443 shs. Pure Oil Co. 5% conv. pref. stock,
at
1.200" 000
1,560.000
The Convertible Feature
1st
September
$48,000,000 Bethlehem
1,229,000
Novemoer
1967,
August
$28,900,000 The Ohio Public Service Co.
floated at 102to
yield about 3.86%.
$4,212,000
825,000
4,600,000
May
October
July
™£S,09°in98'
at
June...
September
®ot
par> $100 per share.
$35,000,000 Commercial Credit Co.
priced at 99M, to yield about
2.777%.
$100,000
$14,376,300
$2,746,795
534,375
$10,000,000 Electric Auto-Lite Co.
conv. deb. 4s,
Feb. 1, 1952, con¬
31, 1947, into common stock at prices ranging from
$50 to $90 per share.
$4,500,000 Kresge Foundation coll. trust 3Hs, Feb. 1, 1947, convertible
into common stock of S. S. Kresge Co. from April 1, 1938, to and
including
Jan. 31, 1947, on basis ranging from 31 shares to 21 shares for each $1,000
vertible
until
Jan.
note.
March
100,000 shs. Walgreen Co. 4H% cum. pref. stock.
Each share carries
purchase 1 share of common stock prior to Sept. 15, 1943, at
prices ranging from $34 to $44 per share.
100,000 shs. Spiegel, Inc., $4.50 conv. pref. stock.
Each share convert¬
a
warrant to
ible into common stock until March
shares to 2H shares.
15,
1947, at rates ranging from 3H
Volume
Financial
146
April
$41,097,000 New York Central RR. conv. 15-year secured 3
May 1,
1952, convertible into common stock at conversion price of $60 per share
up to April 30, 1947.
$10,000,000 Interlake Iron Corp. 10-year conv. deb. 4s, 1947, convertible
x/'into common stock until Jan. 15, 1947, at prices ranging from $25 to $33
share.
per
May
5% cum. conv. preferred stock, convertible into
of preferred on
or before June 15, 1942;
shares after June 15, 1942, and on or before
June 15, 1947, and thereafter at rate of 1M shares of common for each
192,803 shs. Crane Co.
common
stock at rate of 2 shares of common for each share
share of preferred.
^
,
$10,000,000 Simmons Co. deb. 4s, April 1, 1952, convertible into com¬
stock from June 1, 1937, to and including March 31, 1942, at prices
ranging from $60 to $71 3-7 per share.
$6,500,000 Wilson & Co., Inc., conv. deb. 3^s, April 1,1947, convertible
on or before Oct.
1, 1946, at principal amount, into common stock at
v $13
per share.
mon
;v
■.
;y ■* V-'";
June 15, 1952, convert¬
subject to adjust¬
June
■
•
$20,285,000 Phelps Dodge Corp. conv. deb. 3
ible into capital stock at $50 per share, this price being
ment in certain events under the terms of the indenture.
July
450,000 shs. The American Rolling Mill Co. 4J4% cum.
cue
stock, convertible into common stock prior to July 15, 1947, at
ing from $40 to $50 per share.
conv.
pref.
prices rang¬
1.
of
$50
$2,000,000 The Le Tourneau Foundation coll. trust conv. 4s, July
1947, convertible into capital stock of R. G. Le Tourneau, Inc., at rate
$40 per share to Jan. 1, 1940; at $45.45 thereafter to July 1, 1942; at
thereafter to Jan. 1, 1945, and at $55.55 thereafter to June 30, 1947.
-
October
-
which has to be renewed
periodically without adding to the
volume of the outstanding public indebtedness.
the Government was showing huge surpluses and
So long as
the public
indebtedness was, as a result, being steadily and largely
reduced, the matter was of little consequence, but now that
there is a budget deficit of growing proportions (as a result
both of the ordinary expenditures and of the extraordinary
outlays) it is important to know the exact extent to which
the Government finds itself obliged to run into new indebted¬
ness.
United
States Government issues
appeared in the usual
during the month of December.
The month's financ¬
ing amounted to $1,023,699,450 and comprised five single
offerings of Treasury bills on a discount basis, an offering of
2M% Treasury bonds at par and an offering of \%% Treas¬
ury notes, also
September
$48,000,000 Bethlehem Steel Corp. conv. deb. 3Hs, 1952, convertible
prior to April 2, 1952, into common stock at rates ranging from
$110 of debentures to $120 of debentures for each share of common stock.
442,443 shares The Pure Oil Co. 5% conv. pref. stock, convertible up
to Oct. 1, 1947, into common stock at prices ranging from $22.22 2-9 to
$30 per share.
$25,321,500 Allis-Chalmers Mfg. Co. 15-year conv. debs. 4s, 1952, con-,
vertible into common stock up to Aug. 1, 1952, at prices ranging from $75
to $95 per share.
at any time
.-X-Ky
financing which represents distinctly new capital and repre¬
sents an increase, therefore, in the indebtedness of the Gov¬
ernment, and borrowing to provide for the taking up and
retiring of issues already outstanding, and which are to be
replaced by the new issues.
This is particularly true with
reference to the placing of United States Government se¬
curities.
Treasury bills are all the time maturing, and have
to be replaced with other issues, while Treasury certificates
of indebtedness are another form of short-term borrowing
order
August
V'
167
Chronicle
offered at par.
The details in respect to these
recorded further below.
In view of the magni¬
of United States Government borrow¬
ings, we give below a summary of all Treasury issues marketed
during December and also those sold during the 11 preceding
months, furnishing full particulars of the various issues and
presenting a complete record in that respect for the entire
calendar year of 1937.
offerings
are
tude and importance
None
New
November
December
mentioned
above in
REVISED
GRAND TOTALS OF THE NEW
THE
FINANCING DONE DURING
1937
CALENDAR YEAR
$187,312,259
223,828,030
August
...$613,981,520
January
February
521,550,323
Septem
March
382.345,221
October
April
317,092,098
Novemoer..
May
261,474,034
December
June
340.170,085
er
197,496.090
135,328,674
163,801,987
560,338,456
July....
Final Summary as
Total..
r......$3,904,718,777
...
to Ordinary Financing
following is a complete summary of the new financing,
corporate, State and city, foreign government, as well as
farm loans, issued during the month of December and the
The
12 months ended with December:
OF
SUMMARY
CORPORATE,
GOVERNMENT.
FOREIGN
Short-term.
Preferred
stocks..
Common stocks—...
<:
Canadian—
29,925,000
9,200,000
10,200,000
maturing notes, the exchange to be made par
200,000
9,031,280
137,769
7,423,337
y
Short-term...
stocks...
Common stocks
Other foreignLong-term bonds and notes
Short-term
Preferred
stocks
Common stocks.
42,116,848
14,462,769
56,579,617
22,700,000
4,849,750
'22,700,000
79,097,620
Total corporate
Canadian Government..
Municipal—States, cities,
&c
83,947,370
500,000
Grand total.
75,000
575,000
121,714,468
United States Possessions
42,087,519
163,801,987
12 Months Ended Dec. 31—
Corporate—
Domestic-
stocks
Com mo n stocks
.
.
199,383,021
-,
781, 078,851 1,491,406,700
46, 873,920
92,150,000
263, 750,822
467,291,167
86, 743,994
286,127,015
Canadian—
Short-term
.........
Preferred
stocks...
Common
stocks—.—.—
Other foreign—
Long-term bonds and notes.
Short-term
Preferred
Total corporate
-
Government....:
...
Other foreign government....—..
Farm Loan and Government agencies...
Municipal—States, cities, &c
United States Possessions......
These figures do not
157,000,000
280,714,000
437.714,000
175,172,885
902,404,895
1,575,000
5,375,000
2,049.809,305 1,854,909,472 3,904,718,777
Grand total.
*
1,158,527,295 1,178,447,587 2,336,974,882
85,000,000
88,250,000
3,250,000
134,000,000
134,000,000
727,232.010
3,800,000
♦
any agency
$232,372,200 the amount allotted for the new notes.
The
financing did not represent any "new money," as the pro¬
ceeds of the offering was used to pay off in cash nine isuses of
of 2^g%
I938Mr.
include funds obtained by States and
municipalities from
of the Federal Government.
■>
refunding of $276,679,000
A-1938, falling due Feb. 1,
Financing—Its Magnitude
It remains for us to show the exact extent to
which United
financing has been conducted during the period under
review, namely, the 12 months of the calendar year 1937.
It is important in our study that we distinguish between
States
Morgenthau
on
Dec. 9 announced another new olter-
ing of $50,000,000 or thereabouts of 91-day Treasury bills.
The bills were dated Dec. 22 and will mature March 23,1938.
Applications to the offering totaled $126,308,000,
$50,098,000 was accepted.
The average price for
was
99.974,
the
average
rate on a discount
of which
the bills
basis being
0.102%.
Issued to refund maturing bills.
Secretary of the Treasury Morgenthau on Dec. 23 an¬
nounced a further new offering of $50,000,000 or thereabouts
The bills were dated Dec. 29
1938.
Tenders to the offering
totaled $140,292,000, of which $50,077,000 was accepted.
The average price for the bills was 99.975, the average rate
on a discount basis being 0.101%.
Issued to replace matur¬
of
United States
Treasury notes, Series
being 0.124%.
Issued to replace maturing bill issues.
On Dec. 16 Mr. Morgenthau announced another new offer¬
stocks.
Common stocks......—
Canadian
1H% notes, of which $219,032,700 was accepted.
of the exchange subscriptions for
the notes were in the amount of $13,339,500, bringing to
the
The tenders and allotments
ing of $50,000,000 or thereabouts of 94-dav Treasury bills.
The bills were dated Dec. 15 and will fall due March 19,
1938.
Tenders to the offering totaled $153,402,000, of
which $50,030,000 was accepted.
The average price for the
bills was 99.968, the average rate on a bank discount basis
Long-term bonds and notes.
'
accept all subscriptions of the maturing notes tendered and
accepted.
Cash subscriptions to the 23^% bonds totaled $4,084,309,500, of which $293,511,750 were allotted.
The ex¬
change subscriptions tendered and allotted for the bonds
amounted to $247,428,500, making a total of $540,940,250
allocated.
A total of $2,702,416,300 was tendered in cash
maturing Treasury bills and the
710,327,849
45,276,080
203,540,345
Long-term bonds and notes.
Short-term..
Preferred
for par with an
adjustment of accrued interest as of Dec. 15, 1937.
The
right was reserved to the Secretary of the Treasury to in¬
crease the issues of notes and bonds by amounts sufficient to
for
Other foreign government
...
Farm Loan and Government agencies
*
It involved
4,925,000
Total
Refunding
Long-term bonds and notes
Preferred
Dec. 6 an¬
25,000,000
1,000,000
8,831,280
Long-term bonds and notes...
y
0.129%.
Issued to refund maturing bills.
Secretary of the Treasury Morgenthau on
nounced the Government's Dec. 15 financing.
offering for cash of $250,000,000 or thereabouts of eightyear 2J^% Treasury bonds of 1945 and an issue of $200,000,000 or thereabouts of five-year 1%% Treasury notes of
Series C-1942.
In addition, the notes and bonds were also
offered to holders of $276,679,600 of the 2^% Treasury
notes of Series A-1938, due Feb. 1, 1938, in exchange for the
;V;
-yv.'"
Domestic—
Tenders to the offering amounted to $145,843,000, of which
$50,142,000 was accepted.
The average price for the bills
was 99.964, the average rate on a bank discount basis being
the
$
December—
Corporate—
LOAN
MUNICIPAL FINANCING
New Capital
of
FARM
Secretary of the Treasury Morgenthau on Nov. 26 an¬
a
new
offering of $50,000,000 or thereabouts of
107-day Treasury bills.
The bills were dated Dec. 1 and
will mature Mar. 18, 1938.
Subscriptions to the offering
totaled $138,479,000, of which $50,040,000 was accepted.
The average price for the bills was 99.965, the average rate
on a bank discount basis being 0.119%.
Issued to refund
maturing bills.
^
V'
"•
Mr. Morgenthau on Dec. 2 announced a new offering of
$50,000,000 or thereabouts of 101-day Treasury bills.
The
bills were dated Dec. 8 and will mature Mar. 19, 1938.
nounced
7,285,568
AND
Month
the Month
of December, 1937
conspicuous issues for this month have already been
our remarks on the financing done du.'ing December.
The
During
Financing
Treasury
None
91-day
and
Treasury
bills.
will mature March 30,
ing bills.
Financial
168
Cash
sales of United States savings
bonds,
or
Chronicle
so-called
bonds," amounted to $601,572/277 for the first 10
months of 1937, according to an announcement made by
"babv
Secretary of the Treasury Morgenthau.
included in the grand total of Treasury
This amount was
financing done dur¬
ing the 12 months of 1937.
In the following we show in tabular form the Treasury
financing done during the 12 months of 1937.
The results
show that the Government disposed of $7,241,799,727, of
which $4,935,536,150 went to take up existing issues and
$2,306,263,577 represented an addition to the public debt.
For December by itself the disposals aggregated $1,023,699,450, all of which constituted refunding.
STATES
UNITED
TREASURY
FINANCING
DURING
THE
12
Jan.
Jan.
Amount
Due
Dated
27.
Accepted
Price
Yield
273 days
Dec. 31 Jan.
Jan.
7 Jan.
13 273 days
Jan.
14 Jan.
Jan.
21 Jan.
20 273 days
27 273 days
50,022,000
Treas. bills
50,015,000
50,038,000
50,015,000
60,038,000
$200,255,000
$50,385,000
50.025,000
50,027,000
50.024.000
$50,385,000
50,025,000
50,027,000
50.024,000
$200,461,000
$50,023,000
50,004.000
50,055,000
50,010.000
483,910,000
50,081,000
50,012,000
50,020,000
50,177,000
50,153,000
50,004,000
$50,000,000
$50,027,000
50,035,000
50,030,000
Treas. bills
273-day Treas. bills
Feb.
10..
Feb.
17..
273-day Treas. bills
273-day Treas. bills
273-day Treas. bills
Feb. 24..
Total.
3
3
105-day
273-day
98-day
273-day
Dec.
Treas. bills
2)4%
Treas. bills
Treas. bills
Treas. bills
Mar
273-day Treas. bills
♦0.333%
99.738 *0345%
09.726 *0.361%
Mar. 24
.
31
Total.
Apr.
Jan.
Feb.
Feb.
Feb.
3 273 days
28 Feb.
4 Feb. 10 273 days
11 Feb. 17 273 days
18 Feb. 24 273 days
Feb.
50,385,000
50,025,000
50,027,000
50.024,000
191,855,000
179,465,000
154,486.000
134,519,000
99.696 •0.401%
Apr.
99.717 ♦0.373%
99.717 ♦0.373%
99.708 *0.386%
Average
Avergae
Average
Average
Apr.
Apr.
Apr.
Apr;
Apr.
200,461.000
total.
Feb. 26 Mar.
105 days
Feb. 26 Mar.
273 days
98 days
Mar.
4 Mar. 10
Mar.
4 Mar. 10 273 days
7 Decl5'36 12-16 yrs.
92 days
Mar. 11 Mar. 17
Mar.
Mar. 11 Mar. 17 273
days
Mar. 17 Mar. 24 ,85 days
Mar. 17 Mar. 24 273 days
days
Mar. 24 Mar. 31 273 days
14
21..
21
28
28
99.935 ♦0.224%
99.695 ♦0.402%
99.951 ♦0.179%
50,010,000 Average
99.656 ♦0.454%
May
2.60%
99.956 *0.173%
99.602 ♦0.525%
99.896 *0.440%
100
50,081.000 Average
50.012,000 Average
50,020,000 Average
50,177,000 Average
50,153,000 Average
50,004,000 Average
99.461 ♦0.711%
99.901 *0.450%
99.512
Treas. bills
Treas.
bills
Treas. bills
Treas. bills
273-day Treas. bills
141-day Treas. bills
273-day Treas. bills
-
May 12
483,910,000
178,883.000
79
72-day
273-day
273-day
148-day
7
7
50,023,000 Average
50,004,000 Average
50,055,000 Average
111,863,000
114,519,000
153,617,000
130,196,000
483,910,000
140,722,000
106,662,000
88.640,000
99,782,000
122,846,000
Mar. 24 Mar. 31
Total.
May
135-day Treas. bills
5
5
Treas. bills
May 19
273-day
128-day
273-day
122-day
273-day
May 26
115-day Treas. bills
May 26
273-day
May 12
May
19
Treas.
bills
Treas.
bills
Treas.
bills
Treas. bills
Mar. 31 Apr.
Mar. 31 Apr.
72 days
273 days
8 Apr.
Apr. 15 Apr.
Apr. 15 Apr.
Apr. 22 Apr.
Apr. 22 Apr.
273 days
148 days
273 days
141 days
273 days
50,044,000
50,049,000
50,022,000
60,025,000
50,300,000
79,650,000
159,783,000
126,121,000
154.224,000
134,330,000
160,313,000
139.477.000
Average
Average
99.897 ♦0.513%
99.499 ♦0.661%
Treas.
bills
132,280,000
128 days
138,172,000
164,362,000
171,777,000
169,035,000
171,119,000
185.551,000
273 days
122 days
273 days
May 20 May
115 days
May 20 May
273 days
50,045,000
50,014,000
50,072,000
60,027,000
135,389,000
June
2.
June
9
108-day Treas. bills
273-day Treas. bills
99.469 *0.701%
99.787 *0.543%
June
June 23
99.458 ♦0.715%
June 30
273-day Treas. bills
June 15
,
June 15
16
Average
Average
99.801 ♦0.531%
99.440 ♦0.738%
July
July
14
99.820 *0.507%
July
14.
Average
69.452 ♦0.723%
99.838 ♦0.479%
July
21
July
21
69.480 ♦0.685%
69.863 0.430%
July
28
July
28
50,182,000 Average
50,019,000 Average
99.532
Treas. bills
Treas. bills
Treas. bills
Treas. bills
Treas. bills
Treas. bills
Treas. bills
Total.
May 28 June
108 days
273 days
273 days
7 June
7 June
2 years
5 years
June 10 June
273 days
June 17 June
273
June 24 June
273 days
140,170,000
179,085,000
131,178,000
50,112,000 Average
4
135-day Treas. bills
Aug.
4
273-day
129-day
273-day
122-day
273-day
117-day
50.030,000 Average
99.888 ♦0.376%
99.574 ♦0.662%
Aug. 11
Average
99.686 ♦0.645%
Aug.11.....
50,000,000
426,494,300
426,290.000
50,045,000
50,120,000
50,015,000
2,499,349,100
2,496,326.400
140.238,000
127,407,000
123,676,000
100
1.375%
100
1.75%
Average
99.566 ♦0.572%
Average
99.662 ♦0.578%
Average
99.531
0.619%
Aug. 18
Aug. 18
Aug. 25
Aug. 25
_
Treas. bills
Treas. bills
Treas. bills
Treas. bills
total.
273 days
155 days
July
133,100,000
120,248,000
273 days
8 July
8 July
July
July 15 July
July 15 July
July 22 July
July 22 July
141,935,000
144,990,000
148 days
273 days
142 days
273 days
50,010,000
50,060,000
50,000,000
50,136,000
50,015,000
50,012,000
60,032,000
156,436,000
137,791,000
151,608,000
total...
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
29
29
5
5
12
12
19
19
129 days
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Average
Average
Average
Average
Average
Average
Average
99.628 ♦0.490%
99.819 ♦0.419%
Sept.
Sept.
Sept.
8
99.610 ♦0.514%
Sept.
8..
99.837 *0.397%
99.620 *0.502%
Sept. 15
Sept. 15.
Sept. 15
Sept.22
Sept. 29
99.852 *0.372%
99.632 ♦0.485%
273 days
122 days
273 days
117 days
273 days
165,122,000
133,795,000
148,448,000
50,000,000
50,047,000
50,086,000
50,057,000
50,018,000
50,048,000
50,043,000
50,001,000
1
l
146,268,000
79,813,000
140,846,000
95,371,000
118,091,000
Average
99.915
Average
Average
Average
Average
Average
Average
Average
99.646 *0.467%
total
Oct.
99.924
*0.211%
Oct.
13
99.638 *0.478%
99.927 ♦0.216%
Oct.
2G
Oct.
27
6
99.892 ♦0.322%
1 110 days
1 273 days
8 104 days
8 273 days
103,158,000
123,622,000
160,209,000
15 15 mos.
2 years
15
15 273 days
22 273 days
29 273 days
433,507,900
342,135,800
176,174,000
159,031.000
120.959,000
50,072,000
50.028,000
50,224,000
50,016,000
433,507.900
342,135,800
159,174.000
to tal.
Average
Average
Average
Oct.
20 273 days
Octob
er
Average
$200,479,000
$50,000,000
$50,142,000
50,000,000
300,000,000
652,784"306
50,045,000
50,120,000
50,045,000
50,120,000
50.016,000
50,015,000
$550,180,000
$602,926,300
$50,010,000
50,060,000
50,000,000
50,136,000
50,015,000
60,012,000
50,032,000
$50,010,000
50,060,000
$50,000,000
50,060,000
50,091.000
50,159,000
49,885,000
$200,298,000
$149,976,000
$50,000,000
50,047,000
$50,000,000
$50,047,000
50,086,000
50,057,000
50,018,000
50,145,000
49,998,000
50,083,000
49,983,000
50,048,000
50,010,000
50,034,000
$400,300,000
$200,238,000
$200,062,000
$50,072,000
50,028,000
50,224,000
50,016,000
$50,028,000
$50,072,000
50,027,000
50,213,000
50,010,000
433,507,900
342,135,800
50,010,000
273-day Treas. bills
110-day Treas. bills
273-day Treas. bills
104-day Treas. bills
273-day Treas. bills
273-day Treas. bills
1X% Treas. notes
2% Treas. notes
273-day Treas. bills
273-day Treas. bills
27 140 days
183,266,000
134,079,000
163.285,000
50,090,000
50,103,000
50,025,000
50,065,000
143,108.000
total
Average
Average
1-25%
2.00%
99.557 *0.684%
99.666 0.441%
99.709
0.384%
99.675 ♦0.429%
99.725 *0.362%
Average
99.899 ♦0.261%
!K>.917 *0.226%
99.928 *0.201%
156,317,000
50,050,000 Average
137,294,000
50,012,000 Average
50,044,000 Average
Dec.
6 Decl5*37
Dec.
9 Dec 15*37
15
days
8 years
5 years
Deo. 16 Dec. 22
94 days
91 days
Dec. 23 Dec. 29
91 days
Dece mber to tal
Average rate
on a
99.952 *0.143%
99.963 *0.117%
200,225,000
107 days
6 Dec.
99.669 *0.436%
Average
Nov. 18 Nov. 24 114 days
101
138,479,000
145,843,000
540,940,250
232,372,200
153,402,000
126,308,000
140,292,000
50,040,000
50,142,000
540,940,250
232,372.200
50,030.000
50,098,000
50,077,000
1*023,699,450
bank discount basis.
Treas.
bills
Average
Average
100
100
Average
$100,285,000
50,090,000
bills
50,090,000
50,103.000
50,025,000
Treas. bills
50,065,000
50,103,000
50,025,000
50,065,000
Treas. bills
Treas.
$200,283,000
$200,283,000
$50,119,000
127-day Treas, bills.
120-day Treas. bills.
114-day Treas. bills.
50,044,000
$50,119,000
50,044,000
50,050,000
Dec.
1
Dec.
8
Dec.
15
Dec. 15
Dec.
15
Dec. 29
50,119,000 Average
Nove mber to tal.
$1,126,124,700 $1,025,839,700
273-day
273-day
273-day
140-day
Total.
100
173,632,000
126,458,000
Dec.
433,507,900
342,135,800
50,015,000
50,116,000
133-day Treas. bills.
Nov. 24..
200,283,000
29 Nov.
Nov. 26 Dec.
Dec.
2 Dec.
50,015,000
50,116,000
3
99.861 *0.480%
99.461 *0.711%
100
50,010,000 Average
50.015,000 Average
50.116.000 Average
3 133 days
Nov.
4 Nov. 10 127 days
Nov. 11 Nov. 17 120 days
♦
$200,064,000
$50,112,000
50,030,000
50,000,000
426,494,300
426,290.000
50,043,000
50,001,000
bills
Total.
99.871 *0.422%
99.534 ♦0.615%
1,126,124.700
6 273 days
13 273 days
Oct.
50,201.000
Nov. 10
400,300,000
Sept. 30 Oct.
Oct.
7 Oct.
14 Oct.
21 Oct.
50.120,000
50,000,000
99.603 *0.524%
Dec. 22
Oct.
50,099,000
50,064,000
99.652 *0.459%
Nov. 17
Septe mber
$50,059,000
50,000,000
*0.228%
Nov.
Aug. 26 Sept.
Aug. 26 Sept.
Sept. 2 Sept.
Sept. 2 Sept.
Sept. 7 Sept.
Sept. 7 Sept.
Sept. 9 Sept.
Sept. 16 Sept.
Sept. 23 Sept.
$150,494,000
$50,000,000
350,265.000
135 days
273 days
Aug.
Aug.
AUgU st
$200,022,000
$50,045,000
60.014,000
50,072,000
50.027,000
50,140,000
50,044,000
50,182,000
50,019,000
Treas. bills
Total.
July
July
50,076,000
1,153,106.300
June 29 July
July
"50,325*000
Treas.
Total.
Juhe
50,000,000
50.000,000
400,543,000
May 28 June
June
3 June
June
$50,093,000
50,022,000
0.617%
Aug.
June
$250,469,000
$50,000,000
$350,265,000
273-day
155-day
273-day
148-day
273-day
142-day
273-day
7
Average
50,140,000 Average
60,044,000 Average
total.
May
$733,980,000
$50,044,000
50,049,000
60.022,000
50,025,000
50,300,000
50,024,000
50,052,000
$1,153,106,300
Total.
360,516,000
135 days
273 days
2
273-day Treas. bills
1%% Treas. notes
IX% Treas. notes
273-day Treas. bills
273-day Treas. bills
Average *■ 99.494 *0.667%
Average / 99.776 *0.645%
Average
50.024,000 Average
60.052,000 Average
April total.
May
6 May
May
6 May
May 13 May
May 13 May
5.0142,000
984.449,000
June
Apr. 29 May
Apr. 29 May
50,015,000
♦0.643%
Total.
Marc b total.
Apr.
50,189,000
250,255,000
total..
Jan.
50708i;666
50.008,000
$400,543,000
Mar. 31
Treas. bonds
92-day Treas. bills
273-day Treas. bills
85-day Treas. bills
273-day Treas. bills
79-day Treas. bills
483,910,000
50,012,000
$350,516,000
Mar. 24
99.747
50,125,000 Average
50,022,000 Average
50,015,000 Average
50,038,000 Average
$50,000,000
$984,449,000
15 1936.
99.961 ♦0.199%
99.760 ♦0.316%
50,055,000 Average
105,265,000
131,040,000
125,862,000
124,392,000
134,878.000
50,022,000
3..
Mar. 17
days
50.125,000
Total.
Mar. 17
71
Deo. 31 Jan.
$50,000,006
Treas. bills
Treas. bills
Feb.
Mar. 10
Amount
Applied for
$50,180,000
Indebtednest
$200,461,000
20.
Mar.
$50,055,000
Refunding
$250,255,000
13.
Jan.
273-day
273-day
273-day
273-day
6.
Jan.
Accepted
71-day Treas. bills
6.
Jan.
Mar. 10
Date
1938
New
Total Amount
Type of
Security
Dated
Mar.
MONTHS OF 1937
Offered
Jan. 8,
USE OF FUNDS
99,965 *0.119%
99.964 *0.129%
2.50%
1.75%
Average
99.968 ♦0.124%.
99.974 *0.102%
Average
99.975 ♦0.101%
Total
50,050,000
107-day Treas. bills.
101-day Treas. bills.
2X% Treas. bonds.
1X% Treas. notes.
94-day Treas. bills.
91-day Treas. bills.
91-day Treas. bills.
50,012,000
50,012,000
$200,225,000
$200,225,000
$50,040,000
50,142,000
$50,040,000
50,040,000
540,940.250
232,372,200
50,030,000
540,940,250
232,372,200
50,030,000
50,098,000
50,098,000
50,077,000
50,077,000
$1,023,699,450 $1,023,699,450
*
Grand total
*
Includes *601.572.277 of "baby bonds" sold during the first 10 months of 1937.
$7,241,799,727 $4,935,536,150l$2,306,263,577
In the elaborate and comprehensive tables on the suc¬
ceeding pages we compare the foregoing figures for the four
years preceding, thus affording a five-year comparison.
We
also furnish a detailed analysis for the five
years of all the
corporate offerings, showing separately the amounts for all
the different classes of
corporations.
Following the full-page tables, we give complete details
of the new capital flotations
during December, including
every issue of any kind brought out in that month.
Full
details as to the separate issues for each of the
preceding
months dating back to the beginning of our
compilations in
March, 1921, can be found in the monthly articles for those
months, those articles now appearing usually on the first
or second
Saturday of the month.
o
G
a
*««.
&J
t&
Total
$
16,50 18 14,256"0 45,217320 10 ,0 75.1738
50 405,0 0 15,9.518
"549",
549,50
Refundi g "549",50
$
1933
Capit l
$
New
Total
$
42.93,0 3,0 ,0 289,650 1,037,50
47,25910 18,36" 6 12,70 18 187,261 8
-
12,3980
3,540 "289",650 1,037,50
New
Refundi g
Capit l
a
Oi
o
0>
ft)
CO
•i
"549",50
-
549,50
"549",50
$
$
1933
15,60 518 41, 965 10 ,0 57,10 7
Refundi g 9,3 8,0 3,0 ,0
Capit l
i4,"25o"6 3,76 , 61 18,5671
■465",0 15,9 518
$
1934
Total
o
o
a
o
549,50
0 0 15,60.518
15,36518
23,072 0 1,360, 0
18,"56 ,0 42,93 0
3,0 ,0
9,3 8,0
3,0 ,0
15.3" 0,5l8
"256",0 15,60 518
"289',650 1,327,150 23,072 0 1,360, 0 4,63r,56
18,50 0 289,650 47,25910
8,038,0 1,360 3,"O6 ", 6
12,3980
3,0 ,0
Refundi g 8,038,0 1,360, 0
"256",
1.-037",50
*.
3,0 ,0
Capital 15,034 0
1934
549,50
50
%
i8,56"o,6 3,540
Total
"250",65 16,50 18
15,"30,518
-549",
New
18,36"0 17,2346 47,91 46
549,50
"250",0 15,60.518
15,36"518
•
.
34,861 50 104,8 672 139,4 82
$
New
" 289'650 1,327,150 15.034,0
l,6~37",50
18,50 0 289,650 34,861 50
1,"037,56
•
_
%
Total
130,8 7502,809,12519,85 0 14,607.38
167,35491340. 0 12,50 13,567238 462, 15
21,09 0 71,0 0 26,50 0 7,"IO ",6 1,0 ,0 250, 0 2,0 ,0 1,43,750 130,8 750
Total
5,623,756 34, 62038 21,09 0 83,4 350 27,582938 2,"809",125 23,1 20 1,0 ,0 250, 0 2.0 ,0 6,1 7,50 167.354913
2,809,125 12,34" 50 1,082,938 16,02 0
125
2,"8"09',
_
«.
w*
..
1935
Refundi g 84.97 ,0 3, 6 ", 6 12,34 50
10,67350 40, 0 f,210,42019,38 459 241, 629
FGfFtoremvahoudnrigncpml-aeysl.YTFIUSTMODSENICHHAAVNREBRSD
YFFTMDFLOEAINIUOCAAHVRRCBDREPSMNGL
Capit l 45,?09750 2,809,12516,5 0 2,63,8
2,869,125
$
:
3,80~,6o 10,67350
3, 6 ",06 15,643 50 83,4~356 10, 0 3,974,0
3125,3043",
84,97 0
21,09 0 16,50" 0 3,126",56 1,0 ,0 250, 0 2,0 ,0 1,43,750 45,109750
Capital
6,73 563 40,289",580 14,78.69 21,05912
New
Refundi g 7i,6 ",6o 10, 0 3,~974~,6
$
1935
8
— 2,809,125 l",682",938
New
17.582~.938 2,"809"i25 19,380 1,0 ,0 250, 0 2,6 ",062,867,50 6,73 563
i."723~750 18, 68 21,09 0
16,02 0
.
Total
$
625,9135
Refundi g 390,576. 3,975,0 1,73650 1,4 8,3 6
$
1936
2",60", 0 96, 493
2,6 0", 0 49,032870
459,3 42
39,08 0 392, 180 35,40~6 3,249",0 1,0 ,0 15, 0 487,06 80 6,40,0
I", 5O~,6
7,5 0, 0 3,82 ,0 2,672,50 747, 07 9,174,0 31,5084 1,3250
72,4"07,980 13,29 53 49,2360 395, 430 747, 07 9",174",0 67,40,84 1,3250 3,249,0 1,0 ,0 87,95 80 625,91.35
Refundi g 15,2610 358.62,49 14,7086 "305*00", I",74O",6 390,576 3,0 ,0
"975",
00
3,975,0 3,82 ,0 862,0 0 38,3046",3 8,3 6
4,79",750 13,5486 2,04 10 359,42 96 19,6*2",80 3 8,3 6 350, 0
Capital 23,791 0 34,59304 20,631"920 2,89~,56 1,0 ,0 13,80 96,4214 3,40,0
725,6729
407, 652
487,06807,50, 0 2,3710 109.56,43
606
'571
Total
1936
$
_
6,51970 407, 652
!
„
_
Capit l 96,42143,57,0 10,5 5017,63809
218,05.73 47,962"04 26,1783
$
New
FCGOOVREPERNIGMANTT,,
Total
$
29, 50 10,2 0 9,031,2807,423, 7
..
75,0 0
14,6279 2,70" ,6 4,89,750 42,087.519
20 ,0 0 137, 69
Refundi g 4,925,0 9,20 , 0
$
1937
SOUM FARY Capit l
New
$
25,0 0 1,0 ,0 8,31,2807,285, 68
56,79617 2",70 6083,94730 575,0 0 163,80197
GNCOORREPUPFWIATE
CAHARNCDTE
50 ,0 0
-
42,1684 79,07",620 12,74 68
Sbtoanyeids
3,57 ,0 3 1,8 0,5 0 747, 07 9,174,06 27,804 810.974,16
"
67,28~30 18,3 649 27,19 0 36,19804 747, 07 9,'174,0 48,610968 10,97416 2,89,0 1,0 ,0 81,43820 218,0573
585,0 0
10,2 0 825~,480 1,6~97,S8
%
3, 46*,250 16,45 617 4,8 0, 0 20,5 480 585,0 0 27,132,8 7
New
Total
$
385,0 0
4,680, 0 9,425,0 15,43",06
29, 50
20 ,0 0
10, 0
"
385,0 0
3, 46,250 56,79617
...
4,925,0 9,"206", 0
Refundi g 4,925",6
$
1937
Capital
New
$
25,0 0 20 ,0 0
4,680, 0 4,50 , 0 15,43",65 "385,6 6
_
20 ,0 0 3 7, 69
"137. 69
9,20 , 0
20 .0 0
~137, 69
14,6279
3,146",250 16, 84 4,8 0, 0 6,125,480 585,0 0 26,9 5,1 8 "385",0 3,146",250 42,1684
1,0 ,0 825,480 585,0 0 1",56018
80 ,0 0
104,6125",
"
DOFECMBR boannodtess. stock. stockCandi—1 boannodtess. stock stockforeign— boannotdess. stock stock corpateGovernmtforgeoviergnmn.Gaanvcite_s,M&unicpal—tSes,PSostaeeisn toal ffdiinugnculrodesest OFDECMBR BNooteasn—ds _ utile.s&ccoopaelr,,manuft acesoriindmauansuntfricdtlrig:b&uildcngs, &httrroaulddsciitnngg,,,Miscelanous BNooteans—ds _utiles-&ccoopaelr,,manuft. acesoriindmuaasnutrficdtlrig b&uildcngs, h&ttrroaulddsciintngg,,,Miscelanous utile_s ccoo<pSa.l,,manufctres oi.indamuansnutfrcdtlrig _.b&uildcngs, &httroraulddsciintngg,,,Miscelanous utiles&ccoopal,,manufctres oiindmauansnutfrcidtrlig &builcngs, &htotrraluddcisinntgg,,,Miscelanous sceocrupritate
MONTH
Corpate-—
LiDomestc— ong-term Short-em Pref red Com on Long-term Short-em Pref redCom on Other Long-term Short-em Pref red Com on Total
Grand
Can dian Other Loan
Farm
These
*
*
United
MONTH
Long-Term Railrods. Public irsoten,l,Equipment Moatonrds
Total
Other
Oil
_ Ship ing
Land,Rub er.
Inv.
Short-Tem Railroads Public ste l,EquipmentMoatonrds
Iron,
Total
Other
Oil
Land, Rub er Ship ingInv.
Stocks— Railroads Public
Irsoten,l,Equipment Moatnords
Total
Other
Oil
Land, Rub er
Ship ingInv.
Total—
Railroads Public Irsoten,l, Equipment Moatnords Other . Rub er Ship ing Inv.
Oil
Land
Total
138,491.50 8,75320 15.2 ,5 137.8,069
Total
1933
13 ,3 2
Capit l 23,610 16.750 15,2 5 105,6 291
3S1,536 60, 0 90,15 0 520,4780231,50,0 1.053,71.69
1,60 , 0
Refundi g 14.870,5 72,0820 32, 17, 8
i,6ob",5o
20,86478 60, 0 26.50, 37,08 49 34,196.527
13 ,3 2
1934
287,03 10 6S.250 3.19S.45031,402,89
1,20 , 0
1,20 , 0
50,39125123.650,74627,18024
2,6748,6516,0 0 1,370 , 120,5 971,690 4,7523 6
Total
12,,7046358,814
Capit l 32,94386 1.294,125 4,95103 14,836 94
Total
$
3,96271,0 62,70 270,8436 28,06371 38,0 0 15,0 0
Refundi g 3,141,7462,3f 39.7 ,50 180,73 80 19,570 9 30, 0
2,908, 0 4,0 ,0 40 ,0 0 18,50 0
Total
$
60 ,0 0 50 ,0 0 40 ,0 0
196,730 1,2891,403 265,0 7,94*l",6 238,150 105, 0 8,360
6,0 ,0 8,9 7, 50
1935
123.89,601,475,68 16,245.6 2~,4~l",6 189,6540 1 ,281.506,392,0
4,0 ,0 7, 4 ,0
Capit l 72,843 2081,765 32 104,25.34 5,0.0 48,150. 5,218,7501,968,0
Total
90 ,0 0 325,0 0
859,269
325,0 0
16.75,0 7,06 , 603, 54,15 105,9 .072 1,795,120 1,08,56 120,41 78 12,0 0 34.21,0 3, 54.15 ~85~9,269 106,7402 1,795,120 1,08 ,56 160,7 18
175,0 0
250, 0
169,45 0
58 ,750
525,0 0
2.387*.49
~
31~0 ,20 10,789650 34,601349
176,4850 109,85 0 8,26,0 19,0 0
137,905
250, 0
80 ,0 0 50 ,0 0
31,50
58 ,750
40 ,0 0 525,0 0
249,3210 58,4 0 32,05374920, 0 18, 62 1,039650 491,04 9
58 ,750
58 ,750
10,789650 34,601349 72,4710 49,35 0 23.78,49 1,0 ,0 40 ,0 525,0 0 18, 0"2 1,039650 178,25 94
"525,6 6 310,20
2,387*.49
312,8650
2,06 58, 0
20, 0 5,0 ,0 8,~09~,l25 4,730, 0 6,0 ,0
6,0 .0 50, 39.125 34,8 0546 2 ,39485 102,78 37, 62 485,075,0
51,065 0 150,83 90 196,73 0 1,283751,946 29,84 58 16,852*,913 280, 7 48 16,57 0 8,360, 0 6,0 ,0 6,053 0 2,67.48,65
1,743 ,814
20, 0 5.0 ,0 2, 45,0 6,0 ,0
6.0 ,0 39,2450 3 ,045,296 13,7620 12,0987
2,67180 81,498 3 123,8960 1,20 1,64 180, 76 2,~4 T,06 204,3 47 106,28 50 6,392,0 4,0 ,0 36,41580
1,8635,807
1,294125 1,785,20 8,632,85 ~10~2 ,78 25,342 515.075,0
8, 09,125 ,485,0
2,0 ,0 1,243,750 32,94386
New
4,631958 48,0 0 78,50 0375,2160 1, 7351, 83,25,0 6.254,3 79
3,41695382 48,0 0 78,50 035,1260 382,4 6321,750, 0 4,2810,64
Refundi g
$
32,17 8 87,904,50 58,10478 19,5740 12,0 0 36,8956 5,9 ,16 20,86 478
73,68.20 2,147, 8 36.17~0.6
5,~95~,I6
287,03 10 70.947,0 75,0. 0 6,758,0 16,0 0
18,50 0 12.06, 7,0 ,0 23,0 0
*
987,019" 20365,10348,208,0
~
174,93150 63,9470 52,0 0 5,98,0 15.0, 0
New
FTM1ED3FYONHI2AVRCRSS., MEDF3YNOIVTA1CHRS.S
New
23,610 16,5"0 ,6
Refundi g 12,538.0 56,85 0 2,308, 0 3,50 , 0
Capit l 65,74 10 26,359 0
403,569 8 150, 150854,9 733,48,0 1,4209,31
$
178,2510 82,9450
$
1,8635,807 16,0 0 3,40.26,31
$ 39,2450 69,1564312,34 50
Refundi g
I
$
1935
90 ,0 0
$
1934
178,2594 405,1 0 82,97854 1.38647,30
New
14,8705 7,27,0 23,84.70 19,5740 12,0 0 5,6 ",0
Refundi g 80,62750 32.518,0 1,725,0
Total
859,269 90 ,0 0
325,0 0
90,35 20 9,147, 83, 54,15 859,269136, 90721.795.120 1,08.56 152,738956 9,04,50 92,731478 2,951 12,0 0 143,069.721,795,120 5,9 ,10 1,08~,56 325,0 0 381,53.65
138,49150 7.27,0 40,3470 19,5740 12,0 0 5~.17~5.6 5,9 ,16
92,6750 43.29,0 1,725,0 "~96 ",6
Capit l 12,0 0 10,7210
312,86.50 50, 0 10, 0 316,0 136,475 9 825,91 79
Capit l 12,06 31,50 3,198,45031,40289
$
New
491,04 950. ,0 10. ,0 721, 10 93,4593 2,1 59,4S2
174,93150 136,705
Refundi g
1933
160,7 18 63,90 0483,97. 41,50,0 709,51 2
Neto
Total
Total
278,53903", 69,3 19 7 72,843 20 83,5 08 2 1 2,8 7192 14, 19 3 75,9 7401 0,293750 1,968,0 2,0 ,0 29,63750 403,569 8
~
50 ,0 0
245,0 0
2000975,08 02,756 ,2 37,2 4,80 213,5~6 264,0 . 0 2,9480 27,0 0 60 ,0 01,0 ,0 239,50 4,0127,60 37,150 1,850, 02,0 ,0 9,275,0 4,50,0 7. 50, 5 62,70 3,82 ,0 47,8 763 14,29043 7,462,40 13,7820 256,7049 43,51483 10 ,0 03,509,3 01,9250 164,57 63 567.904,81 796,05890 2,1534,96 39,40 3 32,8.40 13,7820 479,361.97 2,01483 23,69 0 27,10 0 4,109,3 0 12,950 41,82763 4,63195,681
3
J
243,1506,8745 1957. 1,27 236,01752 0,73450 152,98 36 240, 1963 1,72 0 17.51,0 3,16057 3,17684,23 18,0 0 60 ,0 2,0 ,0 9,10,0 2,87,50
523,90
7, 50, 0 39,7 50 3,82 ,0 43, 0862 6,471,0 523,90 80, 49136 1,897.385 3,509,3 0 45,0 ~,780 20,43159
528,645 1 2,01659,8 24,5127 20,73450 24,93472 59,2684 1.72,0 17,510 3,509,30 85,96*,350 3,41695,382
FMLGAFFCIOUONVARERCEPNIDMPGNGALTT,, CIONTUSOSGFT1RNREPHIOAHUFWPEEA2IRD
2agencis.&_ ,049835 FGftoreSbavfhodmugtuarnnoicnmpaledyiyedls.s 31 Notes— manufctrig &c Notes— manufctrig _ &c_ manufctrig &c_ manufctrig &c
31
Capit l 816,4587 23.02,50 89,67284 26,49368 8,0 ,0 15,0 0
%
New
60 ,0 0
841,78 57 5,0 0 134,0 0 280,7140 175, 285 1,57,0 1.854,90 72
Capit l 710,327849 45,27608 203,54 5 19.38,021
OSUMFARY
New
1,58.279
ACHANRDTE
3,250, 0 157,0 0 72,3 01 3,80 , 0
9
11
267 123 148
Total
Refundi g
123,6490 52,93.81 4,07650 4.934",60 31,58 27,3480 23,78.0
1,49 06,7
3,20 ,50 781,0 851 1,450, 0 4,62390
325
1,70 , 0
~
1,784.5
304,650
35,90 45,27608 5,803,62 41,8564 12,73453 20.396,0 45,79307 2,49 ,490 "9 ,0 0 74,12351 402,936 20,4670 149,38 9 12,4 60 3,724,650 18.49 53 13, 8621 84,290537 10,630 3,14 , 90 349~,O5 146, 851 1,58 27,95
~
Neiv
EDNEDC. notes notes notes governmt ct ,Posein include DEC. holding, ;
12
46,873920 86,31025 4,27 0 162,850 61.3~6 .52612,0675 682,50 26,591859 350,49 816 125,09 0 653,8795 98,35 120 162,850 4,934,60 93.72 408 148,5 76 23,780 682,50 29.72359
80 ,0 0
650, 0 250, 0
Capit l 195,4670 140,59187 8,0590 3,420, 0 5,765,40 91,2 612 138,49750 10,630 36,8450 710,327.849 4,50, 0 3.076,08
11
236
467,50
35,90 92,150 92,13874 95,46274 12,734.53 281,759 2 16,89 02 3,176,9 0 ~ 9~ ,65 10,74210 753,418 2 325,14 70 803,26 874 27,59 7243,87,50 23,4 53 407, 1.029 32,745302 3,410 3,826,9 0 ~34~9,6 176,239 10 2,36.974,82
351067319,45 0 3,45 32, 0 ,420, 0 10,7 0 12,78 50 165,84 0 3 ,4 10 650, 0 ~ 2 5~0 6o 39,58 0 6,0 ,0 47,0 0 2,50 , 0
1937
52
13
boands stock stock boands stock stock foreign— boands stock stock corpateGovernmt. Goavntd,Municpal—Stes,Staes toal dfignuorest EMNODNTHS BLoonagn-Tdersm Railroads utile_s&cscotpoeall,,,Eqmuanipufmcterenst anodie indausntrdl &buildcngs, ttrraudsintg,,Miscelanous SBhooratn-TdesmRailroads utiles&cscotopeall,,,Eqmuanipufmcterenst anodi indaustrl b&ucild_ngs, httrroaulddsinitngg,,Miscelanous Railroads utiles&ccsootpeall.,,Eqmuainpufmcterenst anodi indausntrdl _b&uildcngs, ttrraudsintg,,Miscelanous Railroads utiles &ccsotopeall,,,Eqmuainpufmcternets anodi indausntridl b&uildcngs, tratrduisng,,Miscelanous csoercpuriatte
MONTHS Corpate— Domestic— Long-term Short-em PrefredCom onCandi— Long-term Short-em PrefredCom onOtherLong-termShort-em PrefredCom on Candian OfortehiergnLoan
Grand
Total
12
78 ,9 5
23,0250 4,579,1357,819,43 7,462,40 13,2430 175,2134 26,17458 50 ,0 0 10 ,0 0 1,9250 19,52183 367,4092 413,485 684,098 97 ,681 5 8,950 214,30 427,507 971,0 529,0 0 60 ,0 0 925,0 0 861,283 1,24950,2
175,0 0 2, 12,50 245,0 0
New
2,36.97482 8,250 134,0 0 437,140 902,4 8955,375,0 3,904718,
Refundi g 781,0 851 46,873920 263,75082 86,74394
Refundi g
Capit l 248,63485 17,854963 14,5824 4,096,50 60,53~l,6423,958037 1,260 9,429,0 1,0 ,0 206,3940 824,5687 19,50. 1.250,
21~.96"0~, 6 734,908 6 1,57,0 1,973 4185
1,49 067 92,150 467,29167286,1705
Total
1937
1,24950
1936
Farm
_
These
Total
*
*
United
12
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Total
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Stocks—
Public Iron, Motors Other Land, Rub er
Oil
holding,
Ship ingInv.
Total
Total—
Public Iron, Motors Other Oil__ Land,Rub er
holding,
Ship ingInv.
Total
Volume
146
Financial
Chronicle
171
DETAILS OF NEW CAPITAL FLOTATIONS DURING
STOCKS
DECEMBER, 1937
(Preferred stocks of a stated par value are taken at par, while preferrde
stocks of no par value and all classes of common stock are
computed at
their offering prices.)
LONG-TERM
BONDS
AND
NOTES
THAN
FIVE
(ISSUES MATURING
LATER
YEARS)
PUBLIC
RAILROADS
cum. pref.
bank loans and provide for
plant.
Price, 22M.
Offered
by Bonbright & Co., Inc.; Paine, Webber & Co.; Mitchum,
Tully & Co. and Blyth & Co., Inc.
stock,
$3,900,000 Atchison Topeka & Santa Fe Ry. equip, tr. 2Ms, 1938-47.
New Equipment.
Awarded to Evans, Stillman & Co. and
associates at 101.5719, representing about a 1.95% interest
cost basis.
Placed privately.
780,000 North Western Refrigerator Line Co. equip, tr. 3Ms, K,
Oct.
15, 1938-Apr. 15, 1948.
New equipment.
Priced to
yield from 2% to 4%.
Offered by Freeman & Co., New York.
and
l
a
3,030,800 Dow
Chemical Co.
30,308 shares 5% cum. pref. stock.
Additions to plant, acquisitions and other corporate purposes.
Price, 103. Offered by company to holders of its common stock.
855,000 Grumman
Aircraft
Engineering
Corp.
95,000
shares
common
stock.
Retire
promissory notes held by certain
stockholders and provide working capital.
Price, 9.
Offered
by John J. Bergen & Co., Ltd., N. Y.
Other underwriter
was Bernard E. Smith.
4,451,520 Hawaiian
stock.
Price,
Pineapple
Plant
400,000 Mode O'Day Corp. conv. deb. 6s, Nov. 1, 1947.
Retirement
of current obligations and provide working
capital.
Price,
98; to yield about 6.27%.
Offered by Banks, Huntley & Co.,
Inc., Los Angeles.
10,000,000 West Virginia Pulp & Paper Co. 1st M. 4Ms, Dec. 1, 1952.
of
a
new
Loeb & Co.
"7.""
mill;
?''
LAND, BUILDINGS,
AND
AND
Ltd..
222,576 shares common
additions
and
improvements.
to holders of its common
company
'
$11,697,887
MISCELLANEOUS
stock and
&c.
NOTES
(ISSUES MATURING
INCLUDING FIVE YEARS)
UP
stock.
common
Retirement of bonds and
Price, 57
purposes.
per
unit.
Offered
718,750 Gotham Credit Corp.
115,000 shares class B-capital stock.
Additional working capital.
Price, 6MOffered by James
Shean
N.
Co..
12,500 Gotham
Y.
Credit
Corp.
200 shares class A capital stock.
Price, 62Offered by James
N. Y.
1,150,000 Manufacturers Trading Corp.
100,000 shares 75c. cum.
conv.
pref. stock.
Pay rediscounts and provide working
capital.
Price,
11M.
Convertible into common stock at
terms varying according to time when offered for conversion.
Offered by Distributors Syndicate, Inc., N. Y.
325,000 Reed Drug Co.
65,000 shares class A 7% cum. conv. pref.
stock.
Acquisitions.
Price, 5.
Convertible share-for-share
into common stock.
Offered by Floyd D, Cerf Co., Chicago.
Additional working capital.
Shean
RAILROADS
$200,000 North Western Refrigerator Line Co. equip, tr. 4s, series
K-2 (2nd lien), due serially to 1943.
New equipment.
Placed
privately.
PUBLIC UTILITIES
Co.,
$3,346,250
FARM
LOAN
GOVERNMENTAL
AND
AGENCY
$22,700,000 Federal Intermediate Credit Banks
Dec. 15, 1937. and due June
Priced at a slight premium over par.
Dunn, New York, Fiscal Agent.
ISSUES
NOT
ISSUES
1M% debentures,
15, 1938.
Refunding.
Offered by Chas. R.
cons.
dated
NEW FINANCING
REPRESENTING
$65,625 Howell Electric Motors Co.
15,000 shares common stock.
Price 4%.
Offered by Wright, Bergen & Pistell, Inc.
158,700 Edgar P. Lewis & Sons, Inc.
31,740 shares common stock.
Price, 5.
Offered by Wilson, Ebert & Co., Inc.
193,560 Penn Rivet Corp.
77,424 shares common stock.
Price, 2 M.
Offered by Thomas & Griffith, New York.
issue.
$10,000,000
share
by company.
TO
$800,000 St. Joseph Railway Light Heat & Power Co. 3%, 3M%.
4% and 4M % serial notes, Jan. 1, 1939-43.
Liquidate a bank
loan incurred in redemption of bonds;
refunding and acquisi¬
tion of outstanding deot and reduction of short-term debt
in¬
curred to finance new equipment and
property additions.
Priced to yield from 3% to 4.50%.
Offered by The First
Boston Corp.; Halsey, Stuart & Co., Inc.; Harris, Hall & Co.
(Inc.); Coffin & Burr, Inc.-F. S. Moseley & Co.; E. H. Rollins
& Sons, Inc., and Arthur
Perry & Co.* Inc.
8,500,000 Western Union Telegraph Co. notes maturing Jan. 1, 193941.
Refunding.
Placed privately with Chase National Bank,
N. Y., and Central Hanover Bank & Trust
Co., N. Y.
700,000 Wisconsin Michigan Power Co. 3% serial notes, 1938-42.
Reimburse treasury for additions and betterments already made
and
provide
for
purchase of certain plants.
Agreement
reached with a single banking institution for purchase of entire
1
provide funds for loan
$385,000 Seminary of the Felician Sisters (Detroit, Mich.) 1st M. 4s
and 4Ms, A, July 1, 1938-50.
Real estate mortgage.
Price,
100M-100; to yield 3.00% to 4.25%.
Offered by B. C. Ziegler & Co., West Bend, Wis.
BONDS
by
$1,140,000 Fulton Industrial Securities Corp (Jacksonville, Fla.).
20,000 units, each unit comprising 1 share $3.50 cum. pref.
$15,435,000
SHORT-TERM
Co.,
property
Los Angeles.
40,000 Payne Furnace & Supply Co., Inc.
5,000 shares common
stock.
Pay bank loans and provide working capital.
Price, 8.
Offered by Hammons & Co.. Inc.. Los Angeles.
292,442 Southwestern Engineering
Co.
68,810 shares common
stock.
Retire accounts payable, reduce note indebtedness
and provide working capital.
Price, 4 M.
Offered by William
A. Lower & Co., Inc., Los Angeles.
provide for increases in cash, receivables and inventory, and
other corporate purposes.
Price, 100; to yield 4.50 %.
Offered
by Brown Harriman & Co., Inc.; Blyth & Co., Inc.; Kidder,
Peabody & Co.; White, Weld & Co.; Goldman, Sachs & Co.,
and Alex.
Brown &
Sons.
Other underwriter was Kuhn,
and
Offered
20.
328,125 Howell Electric Motors Co.
75,000 shares common stock.
Retire first mortgage bonds, provide for plant improvements,
repay bank debt and add to working capital.
Price, 4%.
Offered by Wright, Bergen & Pistell, Inc., New York.
500,000 Kinsey
Distilling Co.
50,000 shares prior pref. stock.
Working capital.
Price, 10.
Offered by company to holders
of its participating pref. stock.
Underwritten by H. Vaughan
Clarke & Co., Philadelphia.
200,000 Payne Furnace & Supply Co., Inc.
25,000 shares 60c.
conv.
pref. stock, series B.
Pay bank loans and provide
working capital.
Price, 8.
Convertible into common stock
on share-for-share basis.
Offered by Hammons & Co., Inc.,
Business Machines Corp.
10-year 3M%
debentures.
Working capital.
Placed privately with Pru¬
dential Life Insurance Co.
construction
cum. conv.
new
borrowing and provide working capital.
Price, 100.
Con¬
vertible at any time into common stock at the rate of 2 shares
of common for each share of preferred
%
Offered by A. G.
Becker & Co.. Inc.; Shields & Co., and F. S. Moseley & Co.
MANUFACTURING
in
20,000 shares 4M%
Sref. stock. Reimburse company for building, capital expended
construction of
research working
reduce current
Point. N. C.
incurred
&c.
OTHER INDUSTRIAL AND MANUFACTURING
5,000,000 International
loans
COPPER,
$2,000,000 Abbott Laboratories (111.)
$35,000 Carolina Casket Co., Inc. (High Point, N. C.), 1st M. 6s,
Dec. 1,1940-46.
Retirement of merchandise notes and permit
company to discount further merchandise bills.
Price, 100;
to yield 6.00%.
Offered by George B. Craven & Co.. High
bank
COAL,
Sheet
stock.
Retire
to
& Tin Plate Corp.
156,000 shares capital
Working capital and provide for modernization of
tinning department.
Price, 3M.
Offered by Leach Bros.,
Inc., New York.
UTILITIES
INDUSTRIAL AND
betterments
stock.
$9,425,000
OTHER
Liquidate
series.
IRON, STEEL,
$585,000 Ohio
$4,680,000
$1,800,000 Associated Telephone Co., Ltd., 1st M. 4s, B, July 1, 1965.
Liquidate bank loans and provide for additions and better¬
ments to plant.
Price, 102M, to yield about 3.87%.
Offered
by Bonbright & Co., Inc.; Paine, Webber & Co.; Mitchum,
Tully & Co.' and Blyth & Co., Inc.
5,625,000 St. Joseph Railway Light Heat & Power Co. 1st M. 4Ms,
Dec. 1, 1947.
Liquidate a bank loan incurred in redemption
of bonds; refunding and acquisition of outstanding debt and
reduction of short-term debt incurred to finance new equip¬
ment and
property additions.
Price, 99M; to yield about
4.55%.
Offered by The First Boston Corp.; Halsey, Stuart
& Co., Inc.; Harris, Hall & Co. (Inc.); Coffin & Burr,
Inc.;
F. S. Moseley & Co.; E. H. Rollins & Sons, Inc., and Arthur
Perry & Co., Inc.
2,000,000 Wisconsin Michigan Power Co. 1st M. 3%s, July 15, 1961.
Reimburse treasury for additions and betterments already made
and provide for purchase of certain plants.
Agreement reached
with a single insurance company for purchase of entire issue
at a price of 100 M.
$1.25
additions
'
PUBLIC
UTILITIES
$825,480 Associated Telephone Co., Ltd., 36.688 shares
$417,885
President Roosevelt in Annual
Message to Congress Urges Cooperation Between
Business and Government—Asks Passage of Crop-Controland Wage-Hour Laws
—Advocates Larger Navy and Strong National Defense—Willing to Accept Tax
Revision
President
Roosevelt,
delivering
in
person
his
annual
message to Congress after it convened in joint session on
Jan. 3, urged cooperation between business and the Govern¬
ment to raise the national income to insure the
country's
security in a world of "high tension and disorder."
He
urged Congress to enact laws similar to the proposed Wagesand-Hours Law for Industry and the
Crop-Control Bill,
designed to stabilize farm income.
The President, in dis¬
cussing the Federal budget, said that it could not be balanced
during the next fiscal year, but that the deficit would again
be reduced.
He reiterated his promise that the
budget
would ultimately be balanced and the national debt be
reduced.
The President's budget
message submitted to
Congress Jan. 5, is given elsewhere in this issue.
Among other objectives, Mr. Roosevelt in his annual
message, asked for a strong national defense, continuation
I have hitherto
national
stated that, in my judgment, the expenditures of the
government
cannot
without destroying essential
be cut much
functions
or
below
$7,000,000,000
letting people starve.
a
That
year
sum
be raised and will be cheerfully provided by the American people, if
can
we can
increase the nation's income to a point well
This
does
not
mean
that
as
beyond the present level.
the nation's income
goes
up
the Federal
On the contrary, the Congress and
expenditures should rise in proportion.
the Executive should use every effort to hold the normal Federal expendi¬
tures to
approximately the present level, thus making it possible, with
an
increase in the nation's income and the resulting increase in tax receipts, not
only to balance future budgets but to reduce the debt.
In
line
with
organization
this
and
policy
fall
improvement
my
former recommendations for the
of the
administrative
government, both for immediate executive needs and
future national needs.
The
some
I
President's
renew
contention
of
re¬
the
those recommendations.
message
termed "conciliatory" by
community.
He repeatedly
was
of the Nation's business
that
the
Government
of work relief instead of
stressed
definite
cooperate with the large majority of business men, and in
a dole, revision of taxes which cause
small business men, and measures to
end "the misuse of the powers of
capital or selfish suspension
of the employment of capital."
He said that his ultimate
aim
hardship
on
raise the annual national income to
$90,000,$100,000,000,000. In discussing the budget, the
President asked Congress to enact measures for
reorganizing
the Federal administrative structure with the
design of keep¬
ing Federal expenditures within the minimum of $7,000,was
000,000
000,000
to
or
a year.
With respect thereto he said:
his
structure
for the planning of
mentioning
a
desired
to
number of "abuses" which he said his Adminis¬
deception
long deceive to tell the country that an attack
tration desired to eradicate, he declared that "it is
that will not
on
these abuses is
an
attack
on
business."
Among other things the President said:
Capital Is essential; reasonable
earnings
on
capital are
essential;
but
misuse of the powers of capital or selfish suspension of the employment of
capital must be ended, or the capitalistic system will destroy itself through
its own abuses.
Financial
172
majority of business men and bankers
The overwhelming
dishonest or
straight-forward and true. No person in any
taken any
place in the Government
position contrary to it.
said in part:
discussing the need for tax revision he
In
responsible for every
ill.
It is human nature on the part of those who pay graduated taxes to
attack all taxes based on the principle of ability to pay.
These are the same
complainants who for a generation blocked the imposition of a graduated
income tax.
They are the same complainants who would impose the type
of flat sales tax which places the burden of government more on those least
able to pay and less on those most able to pay.
||Our conclusion must be that while proved hardships should be corrected,
they should not be corrected in such a way as to restore abuses already
terminated or to shift a greater burden to the less fortunate.
critized certain practices of organized
The President also
divisions relating to jurisdic¬
tion among the workers themselves," as well as "certain
hourly wage scales" which have hindered the construction of
homes and other buildings.
In urging cooperation of all elements within the country,
labor, including "unfortunate
New York "Times" referred to
of the representatives of the people, a
its enactment and its administration.
Not because of the pledges of party programs alone, not
program,
because of the
because of the need of na¬
mistakes of the past and meeting the necessities of
of the last five years, but chiefly
tional unity in ending
today, we must carry on.
Anti-Trust Message Later
ranks of labor, the message contained no
specific recommendations for anti-monopoly legislation. A special message
on this subject later in the session was promised.
Furthermore, Mr. Roosevelt referred only in an indefinite way to the
contemplated expanded naval building program, on which a separate
message was recently promised.
He asserted, however, that "we must
keep ourselves adequately strong in national defense" in order to command
dustry and finance and in the
respect for national rights.
his address the Naval Appropriation
between Senator
Barkley and Representative Rayburn, the Democratic leaders, and Rep¬
resentative Taylor, Chairman of the Appropriations Committee.
Indica¬
tions are that the measure will carry the largest amount in peace-time
annual
President
of
message
Congress at a
Roosevelt to
Jan. 3, we give
joint session of the Senate and House, on
herewith the message in full:
the
To
hazards
future
demand
I
that
speak
clearly
and
In
that
and
acts
far-reaching
of this Nation for peace, it has become
in other parts of the world have
the determinatian
spite of
clear
of nations
policies
effects
only
not
'
us.
upon
neighbors but also
immediate
their
:'-'V
::
'■
■
Union, present facts and
earnestly of the causes
all.
underlie events of profound concern to
which
on
United States:
the
of
Congress
addressing the Congress on the State of the
In
It has
kept at peace despite provocations which in other days, because of
seriousness, could well have engendered war.
The people of the
I
thankful
am
been
their
I
tell you that
can
Government
the
and
States
United
that
Nation is at peace.
our
States
United
the
of
have
and a civilized approach to the purposes
time we maintain the integrity inherent in
capacity for restraint
while
the
at
same
of 130,000,000 people, lest we weaken or
for peace and jeopardize the sovereignty itself.
It is our traditional policy to live at peace with
ereignty
shown
of peace,
the sov¬
destroy our influence
other nations.
More
than that, we have been among the leaders in advocating the use of pacific
•methods of discussion and conciliation in
international differences.
We
But
in
world
a
is
civilization
actually
which
be
strong
to
for
strives
nation
enough
world where stable
tension and disorder, in a
high
of
forces.
of military
the reduction
striven for
have
threatened, it becomes the responsibility of each
peace at home and peace with and among others
to
of those fundamentals of
only ultimate basis for orderly
the observance
assure
peaceful solution of conflicts which are the
Resolute
in
adequately strong
rights
the
for
rights of
to respect the
determination
our
respect
of
ourselves,
others, and to
must
keep ourselves
we
self-defense.
in
of the
letter and the spirit of treaties.
We propose to observe, as we have in
the past, our own treaty obligations; but we cannot be certain of recip¬
is
There
rocity
is
world
away
the observance both
from
seems
have followed
to
the
surface
democratic representative form of government.
It
that world peace through international agreements
the hands of democratic representative governments—or,
the
therefore,
seem,
safe
most
obligations
treaty
for
from
away
would
the
m
the part of others.
on
Disregard
trend
trend
a
in
by those nations
where democracy has been discarded or has never developed.
I have used the words "surface trend," for I still believe that civilized
other
in
words,
peace
is most greatly jeopardized in and
the long run will insist, on genuine
participation in his own government.
Our people believe that over the
years democracies of the world will survive, and democracy will be restored
or
established in those nations which today know it not.
In that faith
increasingly
man
the
lies
future
and
insists,
peace
in
Events of recent months
national government after the
for my equal candor.
cannot conduct a
1837, or 1887, for the obvious reason that human
needs and human desires are infinitely greater,
infinitely more difficult
to meet than in any previous period in the life of our republic.
Hitherto
it has been an acknowledged duty of government to meet these desires
and needs: nothing
has occurred of late to absolve the Congress, the
are
courts
that
proof
new
1787,
of
practice
Much
as
of
upon
a
from
trouble
third
in
task.
It
faces
1 o'clock and
came to
national
ignoring
life
industry,
transports
rests
each
squarely,
as
has
sprung
from
a
long
period
of
fundamentally was happening to us, and
to face facts as they forced themselves
what
on
two
nearly
equal
employing one-third
and distributes
producing forces, agricul¬
of our
citizens.
The other
the products of the first two, or performs
services for the whole.
The first great force, agriculture—and with it the production of timber,
minerals and other natural resources—went forward feverishly and thought¬
special
lessly
trees
until
nature rebelled
disappear
and
we
and soil exhausted.
and haoless, the President was in a
saw
jocular
south door soon
inquired of Kenneth Romney, Sergeant-at-arms,
greet him, whether there was a quorum
who
present.
Message Frequently Applauded
He
of
joint committee of the House and Senate
a
that the
assembled and prepared to hear his recommendations.
session was
Speaker's office he went before the assembly to
From the
a
Bankhead's office to await the formal
Speaker
directly to
went
announcement
be greeted by
thunder of applause.
complete text of the President's message is
The
given
the
deserts encroach,
floods destroy,
time
same
discovering that
have been
we
vast numbers
of
our
farming population live in a poverty more abject than that of many of
the farmers of Europe whom we are wont to call peasants; that the prices
often dependent on speculation by
that foreign nations, eager to become selfsustaining or ready to put virgin land under the plough, are no longer
buying our surpluses of cotton and wheat and lard and tobacco and fruit
as
they had before.
Since 1933 we have knowingly faced a choice of three remedies.
First,
to cut our cost of farm production below that of other nations—an obvious
of
products of agriculture are too
our
non-farming
impossibility
in
and
groups;
its
today unless we revert to human
crops
many
slavery or
equivalent.
of farm prices and the
underwriter
of
limit—a course which
would bankrupt the strongest government in the world in a decade.
Third, to place the primary responsibility directly on the farmers them¬
selves, under the principle of majority rule, so that they may decide, with
full
knowledge of the facts of surpluses, scarcities, world markets and
domestic needs, what the planting of each crop should be in order to
maintain a
reasonably adequate supply which will assure a minimum
adequate price under the normal processes of the law of supply and
the government the guarantor
excess
farm production without
to make
Second,
demand.
supply but not glut.
It means adequate
drought.
It is shameless misrepresentation
It is in truth insurance before the fact,
instead of government subsidy after the fact.
Any such plan for the control of excessive surpluses and the speculation
they bring has two enemies.
There are those well-meaning theorists who
harp on the inherent right of every free born American to do with his
land what he wants—to cultivate it well—or badly; to conserve his timber
That
to
call this
by
cutting
of
That>
slash,
that
if
I
fails,
his government.
or
is not an
assert,
farms his land
to
inherent right of citizenship.
For if a man
or the trees, he destroys not only
waste of the soil
the
the Nation's
but
assets
own
complete
erosion
and
crop
thereof—or to strip it clean, let
the ruin; to raise only one
to look for food and support from his
increment
the annual
only
crop—and
neighbors
his
of
day
the
policy of scarcity.
a
the
burn
fire
adequacy
means
against
reserves
Or
assets.
if by his
methods he makes
financial hazard of the community and the
government, he becomes not only a social problem but an economic menace.
The day has gone by when it could be claimed that government has no
interest in such ill-considered practices and no right through representative
himself,
year,
a
stop them.
other
The
after
year
methods to
of
group
perhaps less well-meaning.
enemies is
It includes
each and every practical effort to
help the situation, and also those who make money from undue fluctuations
those
in
purposes
oppose
prices.
measure
government
this Nation
balance
this
expenditures
in
aid
of agriculture.
The farmers
be put into effect without
know that a balanced output can
cost and with
excessive
If
their final consideration, I hope for a sound, consistent
will keep the cost of its administration within the figure
In
which
current
initiate a government program
between the two Houses
agriculture are now in conference
balanced
Congress.
of
partisan
gladly note that measures which seek to
a
of
for
who
crop
I
for
can
the cooperation
be
created
by
of the great majority of them.
an
all-weather
farm program,
our
will soon be assured of relatively constant purchasing
power.
From this will flow two other practical results: the consuming
public will be protected against excessive food and textile prices, and the
industries of the Nation
and their workers will find a steadier demand
farm
for
population
It
sold
wares
To
lifetime
our
us—as
time-serving unwillingness
and
the House at a meeting
House side of the Capitol from the
mood as he entered the
after
1933.
us.
Our
ture
that
President
inaction—from
from
we
or
in March,
the
or
insistently,
way in
history.
of
of mankind.
home, conditions call
At
of
received right
existence.
command
after the President closed
Not long
Bill
At
this issue to the
in
elsewhere
referring
are
we
of certain practices in business, in¬
"While it called for the elimination
Roosevelt98 Annual Message to Congress
Text of President
While
of the capital,
elsewhere in this issue.
people down.
I do not propose to let the
the message as follows:
leading Democrats were tinged with
disappointment that it did not go into detail as to the form in which he
sought to have each piece of legislation passed.
«■(
resentatives of the people.
clear policies
the'people down.
IjyTeGx j!"jkelair' to'"Be
although private comments from some
Attired in a gray morning coat
faith in demo¬
cratic methods as applied In industry, in agriculture and in business, as
well as in the field of politics, to do their utmost to cooperate with govern¬
ment—without regard to political affiliation, special interests or economic
prejudices—in whatever program may be sanctioned by the chosen rep¬
and the duty of all those who have
gfcThat presupposes on the part
3
well received on both sides
The President's message was
Mr. Roosevelt said:
It is the opportunity
Jan!
this or that tax is
It is human nature to argue that
'
United States will not let
the Congress of the
am sure
"a" Washington"iispatchof
responsible
of the United States today has ever
engaging in practices which are
This statement is
I
intend to be
citizenship by
definitely harmful to society
Only a small minority have displayed poor
good citizens.
Jan. 8, 1938
Chronicle
raise
will
not
third
that
to
the
stay
of
raised if
the
Nation
Millions
ployment.
third of our people.
the agricultural
purchasing
of
of the farmer is, however, not enough.
do not also raise the purchasing power of
which receives its income from industrial em¬
power
we
industrial workers receive pay so low that they
Aside from the undoubted fact that they thereby
have little buying power.
human hardship, they are unable to buy adequate food and
shelter, to maintain health or to buy their share of manufactured goods.
We have not only seen minimum wage and maximum hour provisions
suffer
great
prove
their
in
1933,
worth
economically
1934 and 1935, but the
and socially under government auspices
people of this country, by an overwhelm¬
Congress—put a floor
ceiling beyond which
ing vote, are in favor of having the Congress—this
below which industrial wages shall not fall, and a
the
hours
of
industrial labor shall
not rise.
Volume
Here
again
let
believing that
industrial
give
whether
some
for
is
service"
that is
raising
the
opposition.
A
of
part
is
it
sincere
Chronicle
in
the
not
to
In both
the
of
wages
Federal
but
it
cases
these opponents are
the
the
of
objective,
general
a
proposed.
of
business
Government.
do
like
not
is worth
national
In
Others
while to wonder
our
as
not at heart opposed to any program
underpaid
reducing
or
hours of
the
doing
overworked.
with
Another group
labor
to
will
low
industries
past five years,
selfishness
by
and
There
family
the
today
actions
are
Why?
It
the
because
of
change
unity.
I
existing
It
every
ill.
disappointed
taxes
to
which
sound
like
United
the
States where
the
conditions
worst
satisfied
are
to
average
live
to
they
as
lowest per capita wealth
and,
taxes;
pay
do.
It
Our
is
West,
of
and
the
living.:
overwork
long
not
enure
absentee
the
the
run,
Tliis
from
labor,
child
capital
into
gather
larger
profits
industries
which
bring permanent wealth will
simple
and
reasonable
seeking,
of
hours;
of
to
Capital
misuse
and
pay
of
good pay
on
a
and reasonable
hours,
greater industrial
seeks
uniformity
reasonable
any
and
are
wage6
in
in
wages
seek
person
should
the
that
those
underestimate
Wage
before
this
I
the
distribute
the
be
met
it
that
sole
need,
the
last
economic
in
power
as
an
purchasing power
who
is
that this
those
for
in
purchasing
transport
which
urgency
an
shortly
send
though
deficit,
not
a
as
be still
whole—in
further
in¬
large
from
income
in
billion
38
dollars
in
the
Our goal,
1937.
the year
our
a
by
and
it is
interesting to
the
for
budget.
balanced budget as
a
Congress is fully
declining the
the
As
I
or
done."
only
I
am
do
as
of
most
answer
been
has
"that is
them
which
The first
needy
condition
is
business man
or
of the United States Government
be
or
the budget
industrialist
and
that
we
which
believe
I
Federal
second
nating
curtailed
is
or
or
third
is
taxes
on
the
safety
raise
to
this
come—will
the
to
starve
sufficient
Executive join hands in elimi¬
activity which can be eliminated or
without harming necessary government func¬
Nation
in other words,
power—or,
to meet
on
the Nation's in¬
the necessary expenditures of the national
can
6um
if
we
stated
that,
in
my
judgment,
the expenditures of
government cannot be cut much below 6even
without
be raised
increase
the
billion dollars a year
people starve.
That
functions or letting
and will be cheerfully provided by the American people,
the Nation's income to a point well beyond the present
destroying
can
essential
level.
This
does
not
mean
that
as
the
Nation's
income
goes
up
the Federal
expenditures should rise in proportion.
On the contrary, the Congress and
the Executive should use every effort to hold the normal Federal expendi¬
tures
an
to
approximately
increase
in
the
the
Nation's
thus making it possible, with
and the resulting increase in tax
present level,
income
not only to balance future budgets but to reduce the debt.
line with this policy fall my former recommendations for the
cor¬
abuses
restore
of the
power
population
our
capitalistic
essential;
are
of
the
will
system
but
employment
itself
destroy
have displayed
dishonest
are
the
United
to
be
citizenship
by
bankers
and
men
poor
intend
definitely harmful to society.
or
No
in
person
States
any
responsible
ever
has
today
the
when
country,
attention
taken any
there has been
of capital,
condemned
That
minority
wilful
is
called
is
or
the criticism
to distort
but
deception,
to,
deliberate
a
to,
of
or
who
those
are
are
ganization and improvement of the
call
to
eager
certain
on,
it
does not
it
business
wrongful
"an
attack
in
facts:
certain
which
•
•
••
t
most
believe
people
should be
ended.
through corporate and other methods,
capitalization,
excessive
investment
They
which I have
laws
They
include high-pressure
or
defiance of
which
salesmanship
drives
the
the
prevent
smaller
national
a
on
is
business
of
local
locally,
State
or
laws for the protection
of labor
does
not
mean
that
business
as
.
a
Again, it is deception that will not long deceive
country that an attack on these abuses is an attack on business.
gives
food
us
for
thought
grave
be termed
which cannot
problems affecting business,
of
group
abuses,
specific
use
the shifting of actual production from
abuses
these
of
guilty of them.
the
of
intimidation
of
enactment
the
prices and
of science; unfair
progress
out
high
cre¬
reces¬
region to another in pursuit of ;the cheapest wage scale.
or
enumeration
tell
maintain
to
producer
scale;
by threatening to move elsewhere;
locality
surplus is consumed;
the
as
public the advantages of the
even
to
time
enable larger corporations
to
the
which
competition
whole
and
write-ups
price rigging and collusive bidding in
until such
production
regionally
one
all
on
cycles of overproduction within given industries and consequent
patent
to
made
attack
of the anti-trust laws by methods which baffle prosecution under
withhold from
about the
Gen-
future.
ericall.v such problems arise out of the concentration of economic control to
the detriment of the body politic—control of other people's money, other
people's
In
of
have been
but
efficiency,
created
for
on
the sake
the ground
of securities
control, the suspension of competition and the ambition
others.
In some lines of industry a very small numerical
financial
over
power
such
is in
group
lives.
instances such concentrations cannot be justified
operating
for
people's
other
labor,
many
profits,
followed
That
by
a
the
of
of
out
operate to
hands
of
bankers
the same field.
banking and finance is equally
in
control
Federal
through
efforts,
many
the
small
of
operating
units
influences
spite
of influence that its actions are of necessity
position
other
the
such
in
small
a
group.
legislation,
We
have
United
the
throughout
to take
to talk
but
States
to
realize
compelled in practice to
accept the policies laid down by a small number of the larger banks in
the
Nation.
The work
undertaken by Andrew Jackson and Woodrow
that
is
not
of
creates
yet.
properties
vast
heavy
a
are
organization of thousands of
The power should
the
or
obligation of
public service.
sought or sanctioned unless the responsibility is accepted as well.
who seeks freedom from such responsibility in
the name of
be
The
finished
not
ownership
The
they
conditions,
local
of
irrespective
Wilson
man
liberty is either fooling himself or trying to cheat his fellow
wants to eat the fruits of orderly society without paying for
individual
He
them.
,
As
Nation
a
relied
to
we
have rejected any radical revolutionary program.
For
a
weaknesses in our economic system we have
applications of old democratic processes.
It is not necessary
new
on
what has been accomplished in
recount
millions
of
hood
of
workers
farms
on
reor¬
administrative structure of the govern¬
preserving the homes and liveli¬
and
cities, in reconstructing
in
a
system, in reviving trade and industry, in re¬
establishing security of life and property.
All we need today is to look
banking and credit
sound
fundamental, sound economic conditions to know that this busi¬
upon
the
ness
recession
despair of
perplexity
more
causes
five years ago.
we have a
Furthermore,
that
inequalities
moral
new
finance
than
fear
on
the
part
of
most
mental attitude with the terror and
to
climate
in America.
That means
fact, to cure such
recognize that
they can cure without legislation but to join their govern¬
enactment of legislation where the ending of abuses and the
as
the
in
and
business
ask
we
ment
steady functioning of our economic system calls for government assistance.
The Nation has no obligation to make America safe for incompetent busi¬
ness
or
men
the
continue
outworn
as
for business men
use
the
which
of
economics
and
practices
of
finance
as
Bpindle of 1870.
be expected to cooperate in
Nation provided
do
who fail to note the trend of the times and
of machinery
the cotton
Government can
of
receipts,
In
the
capital
on
suspension
selfish
people and to contrast our prevailing
hitherto
have
I
be
should
to
as
way
permanent correction of grave
Federal
the
called
present statutes.
sions
because the
government.
national
the
men.
accept.
from a national point of view,
The
purchasing power of the Nation to the point that the
of
purchasing
be
Congress and the
any
postponed
even
the
tions
that
can
curtailing
or
should
all
continue the policy of not permitting any
and is willing to work
Government doe6 not provide the work.
who
or
But I lay down certain con¬
quickly as possible.
reasonable
seem
American
The
as
banker
any
that
brought into balance
ditions
the spirit
ates
workers
anxious
earnings
or
minority
the
security manipulations;
hundreds
economist
or
on
call capital and labor.
we
of business
capital.
mentioned;
control
a6
investor
previously
true,
invariable
consent.
ever
of
avoidance
such
point
for
practices
are
with
one
hardships
a
of increasing the purchasing
specific misuses
consider
us
There
not
the
And
have a suggestion.
They think
that relief for
the unemployed by the giving of work is wasteful,
and
when I
pin them down I discover that at heart they are actually in
favor of substituting a dole in place of useful work.
To that neither I
nor, I am confident, the Senators and Representatives in the Congress will
On
'
know nothing of the details, but I am sure that it could
That is not what you or I would call helpful citizenship.
eliminate?"
or
a
That, too, is wilful deception that will not long deceive.
include tax
even
business—I
my
Let
v
has been
for several years,
The proposed
curtailment
sharp
a
business."
100 billion dollars.
balanced budget,
elimination of government func¬
have asked the question: "What present expenditures would you
budget,
These
pay.
it.
all
is
there
Another
who have pleaded with me for an immediate balancing of the
many
practices,
The
budget for 1939, which I shall
Congress, will exhibit a further decrease in the
balance between income and outgo.
the
to
Nation
the
to plead for additional government expenditures
and this.
year
to
on
attention
government
income—can
who have pleaded
unbalancing
of
of ability to
for
graduated
pay
the wider field of the public attitude
into
or
small
a
part
attack
from such increase.
dollars
a
of the
power
will flow
about
to me
come
now
deficit,
be
that
increase
workers—especially
Nation's
the
billion
those
of
expense
reduce
of
part
purchasing
national
States,
Nation's
68
much
heard
the annual
tions,
essential
population—those
our
purchasing
of
the
about
many
fiscal
To
of
is to raise it to 90 or
note
at
the
raised
have
aware,
problem which is definitely
a
an
you
industrial
the
happy results
to
objective,
We
is
of
If
day.
the United
total
the
have
1932
for
of
met—if
is
words,
We
is
by complete and not by partial action.
creased—other
year
It
increase
the
third
people
such
straightforward and true.
on,
the
on
an
If
not
and
products of farm and factory, and those of the professions
groups.
I have tried to make clear to you, and through
all
serve
to
the
and
final
the
who
you
If
will
agricultural
who have least of it today—you will increase the
the
of
other
action.
for
to
is
made
into
hope
I
They have expressed themselves through the ballot box.
revert
groups
must
primarily
therefore,
legislation,
necessity of
farmers
power
the Nation.
of
importance of extending like aid to the industrial third.
walk of life.
Again
both
the
Congress
underlying
for
constituencies
third
It has the support of an overwhelming majority of our people
recovery.
every
the agricultural
represent
hour
and
responsible
long deceive.
of helping
who
is
who
complainants who would impose
proven
in
what
majority
the Government of
purpose
bargaining.
necessity
of
ended,
Only
contrary
is
hard¬
greater burden to the less fortunate.
a
reasonable
unfortunately
attack
Many of those who represent great cities have shown their understanding
of
definite
abuses.
own
are
the product
be
to
be
must
statement
But,
rightly
But, speculative
tax
those
of
principle
while
of capital
powers
overwhelming
position
and intolerable
wages
continue
shift
or to
The objective
essential;
citizens.
This
every
We
that
or
same
corrected
engaging in practices which
for
immedi¬
an
is
capital
good
efficiency
to the highest pay.
pay
only legislation to end starvation
desirable
collective
does
nor
change from the lowest
course,
more
complete
a
that
be
not
the cooperation
the
of
The
readily
more
be
must
should
through its
com¬
enterprises
new
come
work
to
proven
of
sought,
should
we
those most able to pay.
on
subject leads naturally
place in
person
drastic
and
low
Third,
or
methods
have
we
generation blocked the imposition of
a
the
are
various
which
of the Nation.
part
the
on
and less
pay
business.
presupposes
workers.
part of the United States;
ate
Indeed,
themselves.
that there they will find
reason
happier
No
for
insist
which
communities
those
efforts
First,
income.
this
the
on
based
They
using
farming third, the industrial third and the service third of
part
exploited
these
to
to
Far
every
blocking
munities
the
the
therefore, their whole scale
and
new
in
areas
by
in
West,
region where they exist but to the
or
their
6ent
such
ill-service
profits
locality
have
Middle
represent
constituents
the
to
who
owners
in
their property values and,
the
In
East,
Those who
t.heir
do
country
the
in
South.
the
in
their incomes,
raise
of
exist
communities
they
toward
future
flat sales tax which places the burden of government more
able to
already terminated
inadequate
therefore,
are
men
earned
that
argue
nature
income tax.
conclusion
rected,
and income;
to
taxes
by
restored.
they
over
complainants who for
same
least
those
health.
where
favored
human
all
planning of
Second, abuses by individuals
tax-paying
otherwise—abuses
and
the small business
be
nature
is
attack
the type of
find
we
of
functioning of local government.
Such
the
are
It
in schedules.
escape
provisions
on
not
human
is
sectional
or
am
utterances
certain
the
for
recommendations.
end—must be
to
success,
should
income
to
corporate
ship, especially
or
and
by the Federal Treasury must not be decreased
changes
any
designed
great
graduated
and
the
have
ability
lowest
and
recent
the
in
they
those communities
therefore,
because
from local
away
It is in those communities that
facilities
because
not
only
capital,
century ago.
a
educational
is
by some
and
outside
thought that, especially during
my
grown
patriotism
pitifully low.
is
has
communities
many
income
poorest
surviving
are
It has been
national
philosophy of half
the ground that cheap
on
to acquire industries and
this Nation
toward
recent
some
the
which
and long hours.
wages
these
legislation of this type
opposes
help their locality
retain
of
business,
needs
changes, three things should be kept in mind.
be derived
to
sum
those
renew
tax
to
corporations
the
I
needs.
result
a
173
immediate executive
for
relation
the total
specific
any
both
ment,
effort thus to raise the purchasing power of lowest paid
an
measure
analyze
us
workers
"lip
Financial
146
not belong to
every way
with the business
the component parts of business abandon practices
this day and age, and adopt price and production
policies appropriate to the times.
Financial
174
relationship of government to certain processes of
referred, it seems clear to me that existing laws
require reconstruction.
I expect, therefore, to address the Congress in a
special message on this subject, and I hope to have the help of business
in the efforts of government to help business.
I have spoken of labor as another essential in the three great groups
of the population
in raising the Nation's income.
Definite strides in
collective bargaining have been made and the right of labor to organize
has
been
nationally recognized.
Nevertheless, in the evolution of the
In
regard
to
the
business, to which I have
arisen in localities and among groups.
relating to jurisdiction among the workers them¬
selves have retarded production within given industries and have, therefore,
affected related industries.
The construction of homes and other buildings
has been hindered in some localities not only by unnecessarily high prices
for materials but also by certain hourly wage scales.
For economic and
social reasons our principal interest for the near
difficult
process
future lies
First, the immediate desirability of increasing
along two lines:
the lowest paid groups in all industry; and, second, in
thinking in terms of regularizing the work of the individual worker more
greatly through the year—in other words, in thinking more in terms of
the worker's total pay for a period of a whole year rather than in terms
of his remuneration by the hour or by the day.
In the case of labor as in the case of capital, misrepresentation of the
the
wages
of
the government of the United States is deception which will
In both cases we seek cooperation.
In every case power
responsibility must go hand in hand.
have spoken of economic causes which throw the Nation's income out
policy of
not
long deceive.
and
I
tional
1938
There must be proof
prepared more greatly than they are
in outlook.
spoliation; but no government
We have improved some matters by way of
where in some particulars that legislation has
whether it fails because some of its details are
government can punish specific acts of
A
cooperation.
conscript
can
remedial
failed
has
Government
relief
their
worthy of its name must make fitting response.
the duty of all those who have faith in demo¬
applied in industry, in agriculture and in business, as
field of politics, to do their utmost to cooperate with
government
a
the opportunity and
is
methods
cratic
well
a
cooperative endeavor fails to provide work for willing
for the unfortunate, those suffering hardship from no
own
have a right to call upon the government for aid;
private
If
and
It
At any rate, we hold our objec¬
We will never go back on them.
final responsibility for the well-being of its citizen¬
principles to be sound.
our
hands
of
sure
it is being sabotaged.
because
ship.
fault
be
cannot
or
tives and
and
But
legislation.
we
unwise
the
in
as
as
government—without regard to political affiliation, special interests or
economic prejudices—in whatever program may be sanctioned by the chosen
'
representatives of the people.
That
presupposes on
the part of
representatives of the people, a
program, its enactment and its administration.
Not because of the pledges of party programs alone, not because of the
clear policies of the past five years, but chiefly because of the need of
national unity in ending mistakes of the past and meeting the necessities
of
today,
I
abuses which demand correction
through the cooperation of capital and labor with the government.
But
no government
can help the destinies of people who insist on putting sec¬
do
I
I have spoken of practices and
of balance;
class interests are
to be national
today
weal.
class-consciousness ahead of general
and
sectional and
that
situations, have
divisions
Unfortunate
Jan. 8,
Chronicle
am
the
must carry on.
we
to let the people down.
United States will not let the people
not propose
the Congress of the
sure
FRANKLIN
White House,
The
D.
down.
ROOSEVELT. ;
1938.
Jan. 3,
Budget Message of President Roosevelt—Forecasts Deficit of $950,000,000 for 1939
Fiscal Year—Estimates Revenues of $5,919,437,000 and Expenditures of $7,070,-
$988,623,400—Says it may be
Situation and Domestic Economy
558,000—Asks National Defense Appropriations of
Necessary to Increase Appropriations if World
do not Improve
budget message which
Jan. 5, predicted a Federal deficit of
President Roosevelt, in the annual
he sent to Congress on
$949,606,(XX) for the fiscal year ending June 30, 1939,
despite planned economies of more than $500,000,000. The
President's estimate would compare with an estimated
deficit of $1,088,100,000 in the current fiscal year.
Last
Roosevelt forecast the deficit for the current
only $418,000,000. For the 1939 fiscal year the
President estimated gross expenditures at $7,070,558,000 and
revenues
of $5,919,437,000.
The indicated deficit would
make the gross public debt on June 30,1939 reach an all-time
high of $38,528,200,000, or $3,502,200,000 over the gross
debt estimated by the President when he submitted the
April, Mr.
fiscal
vear
at
a year ago.
Mr. Roosevelt told Congress
that despite the continuance
of an unbalanced budget, the Treasury would not have to
increase its borrowings in the public market.
Instead, he
said, the Government would use $1,163,000,000 in old-age
reserve and railroad and Government retirement funds and
unemployment trust fund, replacing these funds with
Government obligations.
Therefore, he added, Treasury
financing next year would be confined to refunding maturing
obligations.
Estimated expenditures for the next fiscal year were
approximately $539,600,000 below those for the 1938 fiscal
year, while revenues were estimated at $407,076,000 less
than the anticipated receipts during this fiscal year.
Mr. Roosevelt asked Congress to appropriate $988,623,400
for national defense, or $55,000,000 more than the appro¬
priation for the current fiscal year, and he added that he
might request an additional sum to increase the Navy's
fleet above the two battleships already laid down and the
two battleships and auxiliaries for which appropriations are
asked in the 1939 Navy Appropriations Bill.
In mentioning estimated reduction of expenditures next
year, the President said that "it is fair to say that this
estimated reduction may, by force of circumstances, become
smaller because of future events which today cannot de¬
finitely be foretold.
I refer specifically to the possibility
that, due to world conditions over which this Nation has no
control, I may find it necessary to request additional appro¬
priations for national defense." He added that if the economic
situation does not improve, he expects "the approval of
Congress and the public for additional appropriations if they
become necessary to save thousands of American families
in the
each department
pointed out that the figures of the gross
public debt do not take into account any future arbitrary
reduction that might result from the application of the
Treasury policy with respect to the gold sterilization fund,
which now totals $1,222,000,000, and which could be used
dent
Budget Message follows in full:
endingTjune 30,
this message, which is a part thereof.
1939, to¬
The estimates have
poses
Government, and I recommend appropriations for the pur¬
specifically detailed herein.
In simple fairness to
the Treasury of the United States I
that the Congress and the
am
confident
public will bear in mind certain fundamentals
relating to the making of the National Budget.
The first step calls
by
every
for the presentation, before the 15th of September,
department and agency head, of estimates of appropriations for
obtain during the 12 months beginning nine
which the Government may
This estimate by the Secretary
of the Treasury is furnished
long-standing experience with the
whole subject of forecasting economic conditions in what may well be
called the remote future.
These experts properly call attention to the
fact that they are asked to guess what the economic status—and therefore
the tax receipts—will be during the fiscal year beginning the first of thecivil-service experts who have
him by
by these experts, who are at least
forecast of tax receipts made
If the
of the largest banks and industrial
corporations of the United States, show that the department estimates
of expenditures will exceed the estimated tax receipts, the President in¬
of equal
competence with the experts
structs the Director of the
Budget to make every possible effort as a result
of his hearings to pare the
departmental estimates in order to reduce the-
total.
November and December and after the hearingsof the Budget, he presents to the President
During the months of
have been held by the Director
the total estimates with his
recommendations.
Treasury Department a check-upbeginning the following 1st of July.
Again the President obtains from the
estimated revenue during the year
on
If the
new
falling off of revenue, he makes every
report shows a probable
the assistance of the
effort with
reductions before approving
Director of the Budget to make further
the final department and agency budgets.
provide that the departments
be remembered that the laws
It should
and agencies
By these laws, the President
shall carry out certain duties.
and the Director of the Budget are, in
effect, prohibited from eliminating
the point of ineffectiveness.|i
Government functions or curtailing them to
The result is that the President
at
and the Director of the Budget arrive
which they believe to be therequired by law can be carried
figure for each department and agency
a
proper
amount under which the functions
out with
reasonable efficiency.
During the final two weeks of the calendar year,
from the Treasury Department its
once more
the President obtains
final estimates of tax revenues
begins more than six months later.
from practically every major source depend on
during the fiscal year which
Since
the tax revenues
business conditions during that future
necessity
are
based
on
a
months later and ending
Business
concerns
are
flexible.
They
are
fiscal year the Treasury's figures of'
prophecy of business conditions beginning six
18 months later.
more
months and even a year and a
fortunate.
They also lay out programs
half in advance.
But their programs are
controlled currently by the condition of business, which
permits the making of necessary
changes from month to month and even
from week to week.
The affairs of the Government are not so
the Administration's fiscal plan;
gress
of
While
I
out
The Budget reports
becomes practically affixed program
be changed for many months even though
change the receipt side of the ledger.
re-emphasize the difficulty
Federai Government from six to
as
flexible.
and in the form adopted by the Con¬
during the winter and spring, it
expenditure which cannot
economic conditions radically
of estimating the revenue of the-
18 months before that revenue flows in,
during the past four years the esti¬
have been infinitely more
Esti¬
prophecies have been far better borne-
receipts thus made far in advance,
proven
mates remain a
I transmit herewith the Budget of the
been developed after analysis of the revenues, obligations, and reasonable
of the
of the total amount of tax receipts
Secretary of the Treasury for estimates
months later.
accurate
of the United States
provisions of law
United States Government for the fiscal year
needs
of the Budget presents these totals to the Presi¬
taking up the thousands of separate items asks the
without
who
mates of tax
gether with
and agency, are intended to represent what they consider
of the work assigned to them by law.
Thereupon the Director
there is satisfaction in knowing that
for debt curtailment.
to
These
the minimum needs
are
The President
Pursuant
words
prepared by the Budget officers and other officials of
estimates, carefully
from dire need."
To the Congress
spending of the money can begin.
least nine months before the
at
following July.
budget to Congress
The President's
beginning the first day of the following July—in other
the fiscal year
by the final result than in the preceding years.
prophecy; but our
by later events than prophecies of earlier years.
It is also worth while to call the attention
to the fact that a very
of the Congress and the public
large proportion of our total expenditures represent
These charges and include interest on
the public debt, military and naval pensions, contributions to retirement
funds and to the old age reserve account, and many grants in aid to|States.
Another class of expenditures, which, though subject to some measure*
of administrative control, does not afford opportunity for large reductions,
fixed charges which cannot be
are
reduced by Executive action.
obligatory on the President and the Treasury,
is made up
of those which carry on the normal, everyday operations
Government.
For example, the major part
of the
of the appropriations for the*
Volume
buildings than
Department Is required to pay the reasonable salaries of consuls,
State
diplomatic agents, secretarial staffs, and ministers who represent
interests in every part of the
and
This Includes various kinds of aid to save
'■ •
.
farms and homes from foreclosure, to furnish work relief for needy
bodied
and
unemployed,
pensions,
these, though large in amount, can
as
able-
priving a very large proportion of our
population of benefits which modern '
of public expenditure for capital im
The final category includes items
and harbor projects, new
provements—such as new highways, new river
buildings, new reclamation projects, and other
flood control, new public
All of these items can be contracted or expanded to
of Government income.
public works.
new
conform with the contraction or expansion
First, because
expected Government income will be less, and second, because it has
been amply demonstrated that they do not provide as much work as do
This
I recommend that such items be curtailed.
year
For
example,
State
highways
We have
tions
for
and streets by Federal agencies adminis¬
These vast expenditures have put our high¬
far in advance of what would have been normal expansion.
eliminating Federal aid to highways, but I do ask that
great accumulation of unliquidated
a
aid to
figures.
For the
an
"matching" authoriza¬
1940—but the States also
States running into the year
encouraged
bring their highway budgets
to
1933, the Federal
10 years up to June 30,
of $40,000,000
average
a
year
for river and
Governmentfspent
harbor improvements.
During the past five years we have spent an average of over
a
Meanwhile,
year.
a
floods has developed.
am
to
more money
It is fair to say that
of circumstances, become smaller
cannot
definitely be foretold.
I
possibility that due to world conditions over which
control, I may find it necessary to request additional
this Nation has no
Furthermore, the economic situation
appropriations for national defense.
not improve—and if it does not,
may
and the
I expect the^approval of Congress
public for additional appropriations
if they become necessary to
thousands of American families from dire need.
save
'
Revenues
••.■■■ ;
and in business circles that the improvement would
There
was
every reason
yp;-;:
-yy
would be greater
than the expected revenues for 1938 and that with a re¬
duction in the cost of relief, the total
That
decline.
be maintained in 1938.
to expect that the revenues for the fiscal year 1939
expenditures,£or 1939 would greatly
the basis for our expectation of a balanced Budget
was
Today it is
The recent recession in business has changed that outlook.
the estimates of revenues.
necessary to revise
had anticipated.
mated
necessary
They will be less than we
They will, as far as we can tell, remain below our esti¬
expenditures.
We hope that the calendar year
1938lwill bring
business conditions and, therefore, in tax receipts.
to the conservative side,
but does not
for
:V....
1939.
assume
predicts some
in its
The present estimate
an
improvement in
The Treasury, leaning
improvement,1 over
the present level
figures that business in the calendar year 1938
will reach as high a level as
in the calendar year 1937.
of revenue for the fiscaljyear 1939
is'$5,919,000,000
compared with the present estimate of receipts, for the fiscal year 1938 of
$6,320,000,000—or, in other words, a falling off of $401,000,000.
started which will call for future appro¬
under construction have reached a
now
today
which
Balance
It seems obvious to me and I hope it will
Congress, that no further projects should be authorized
the
projects
harbor improvements in order
for flood emergencies.
Reclamation projects have been
to
events
refer specifically to the
Flood protection is necessary and in this Budget I
priations of neary $600,000,000.
be
$100,000,000
demand for greater protection against
justified
curtailing the estimates for new river and
provide
of future
the fiscal year
back to a more
normal figure. Therefore I hope that the Congress will start at this session
to cut down the actual appropriations used to match State funds.
be
should
because
improved materially and it was the consensus of opinion in Government
been spent during the same period for constructing,
be restored to approximately the pre-depression
such aid
It is hoped that this
During the first 10 months of the calendar year 1937 business conditions
tering unemployment relief.
I do not propose
They amount to
$1,500,000,000 during the past five years; and
almost
repairing, and improving roads
way systems
•;
have appropriated as Federal ajd to new permanent
we
equal sum has
an
J
/ •
$7,408,000,000.
fact will not be overlooked.
fiscal year of 1938 of
':y}[
of the unemployed.
other methods of taking care
expenditures for the fiscal year 1939.
this estimated reduction may, by force
-
",
fact of this Budget is the reduction of $539,000,000
$6,869,000,000, compared with estimated expenditures during the current
be reduced only by de¬
civilization insists on.
estimated
in the
iExpenditures
,.
The most important
unemployment
the social security program. Obliga¬
insurance and other assistance under
tions such
old-age
provide
to
the capital investment will be returned
of projects where
through savings in annual operating costs.
of the country who, for many reasons, definitely require some
form of Government assistance.
of Columbia, I am strongly of the opinion
public-building program should be restricted to the comparatively
number
small
of large groups of citizens in
Government to help the economic security
every part
of adequate housing for Government departments
agencies in the District
that the
represented by the major effort of the
paidrfor leasing private quarters. Except for
formerly
we
meeting the problem
American
world.
The third type of expenditure is
175
Chronicle
Financial
146
The net result of these estimates of expenditures and receipts shows
until
substantial stage of com¬
the fiscal year
the
pletion.
1,100 new Federal
buildings—almost doubling the number of such buildings throughout the
country. It is true that this saves the renting of buildings but to offset that
saving we are paying in many cases far more for maintenance of these new
During the past five years we have built more than
time that
same
deficit
a
we
fiscal year.
In other*,words, for the third year in
would continue to decrease the deficit.
the',major|classes of receipts and expendi¬
fiscal} years 1931 to}1939| as set} forth in thel following table:
willj.be of interest tojcompare
tures for the
RECEIPT8 AND EXPENDITURES OF THE GOVERNMENT
ACTUAL AND ESTIMATED
for
net deficit of $950,000,000, but it is fair to state at
this^deficitjwill be $138,000,000 less than the expected
the current
in
succession
It
1939
(Classifications include expenditures from both general and emergency
FOR THE FISCAL YEARS 1931-39
funds)
(In millions of dollars]
yy^
1939
1936
1937
revenue:
Income
tax
—
Unjust enrichment tax....----.—.--—
Taxes under Social Security Act
———
2,692.9
2,279.5
2,157.5
2,181.2
£.0
1934
1933
1932
1931
571.0
1,426.6
2,009.6
1.099.1
818.0
746.2
1,057.3
1,860.4
1.657.2
1.469.6
858.2
503.7
569.4
376.6
5.9
598.8
Miscellaneous Internal revenue
2,414.2
2.190.1
10.0
-
.
Actual
1935
'
Receipts
Internal
1938
252.2
116.9
.3
76.6
521.4
353.0
415.3
486.4
386.8
343.4
313.4
250.8
327.7
199.0
their employees
Processing tax on farm products—-----Customs
'
150.3
390.4
206.5
210.3
216.3
179.4
161.6
224.6
117.0
383.2
5,919.4
Taxes upon carriers and
6,320.5
5,293.8
4,115.9
3,800.5
3,115.6
2,079.7
2,005.7
3,189.6
—
Miscellaneous receipts.
Total receipts.
Expenditures
Regular operating expenditures:
Legislative, Judicial and civil establishments:
Legislative establishment
Department of Agriculture
Department of Commerce
Department of the Interior
20.8
24.7
19.6
16.6
17.7
21.9
21.4
176.1
122.9
71.1
62.7
72.2
98.0
71 5
41.2
40.3
44.3
39.0
30.8
41.7
48.1
56.9
74.4
49.9
55.8
63.4
60.6
32.8
31.7
44.1
24.5
30.7
26.9
18.6
12.7
13.7
S:?
29.6
39.3
85.9
64.0
64.2
117.4
203.0
17 6
17.1
17.2
18.7
12.0
13.8
16.7
15.3
178.0
184.6
164.1
123.0
111.8
133.9
161.0
136.1
48.2
(non military)
38.5
157.1
Department of State
38.6
182
Treasury Department
39.8
17.5
——
—
(deficiency)
112.4
40.7
——
122.6
78.5
16.3
Department of Labor
Post Office Department
95.2
——
—
Department of Justice.————————
War Department
20.7
150.0
44.5
—
21.1
124.9
47.5
53.1
46.2
44.1
41.1
43.1
47.9
46.9
44.4
12.2
145.7
5.0
5.0
5.0
5.7
4.5
5.7
7.8
9.5
9.5
171 6
150.4
96.8
81.7
45.1
36.1
76.6
108.8
89.4
760.0
827.3
814.7
733.6
554.9
475.3
637.8
844.7
Subtotal
991.3
957.0
888.6
870.5
656.6
499.9
633.6
664.5
667.3
National defense
£54.1
848.9
972.8
942.6
611.6
Dktrlct of Columbia (United States
share)
—
Independent offices and commissions
on
538.6
820.9
756.6
689.4
599.3
47.9
48.1
41.1
38.7
62.8
69.7
150.0
97.0
3,332.9
3,746.0
4,743.2
2,676.9
2,348.7
2,879.4
3,231.3
3,028.4
140.1
280.1
350.6
243.9
317.4
267.9
178.2
209.9
41.0
46.0
41.2
48.8
36.2
11.0
69.5
62.3
49.9
40.9
24.8
~25~2
26.3
13~9
60.0
81.2
142.4
137.8
132.9
76.4
50.5
55.4
51.4
63.9
Total.
749.4
60.8
—
—
settlement of war claims, &c.).
2,348.6
866.4
60.4
Other (refunds of receipts,
1,128.2
927.0
3,316.7
the public debt—
573.7
976.0
and benefits
Veterans' pensions
Interest
709.9
605.9
71.2
.54.6
52.3
38.7
48.1
39.7
29.2
37.8
Publio works:
Public highways....-— —
Tennessee Valley Authority
—
Reclamation
Rivers and harbors,
Improvement
Flood control..
—
173.8
"
——.—
...
including administration
105.7
78.7
Other.-.-....--
—
Total.
——
53.2
74.4
76.3
71.9
86.2
67.6
153.8
189.5
272.9
233.9
48.9
18.8
47.1
66.2
89.1
74.0
89.6
87.4
59 .4
71~7
"59,6
619.5
Public buildings—
Grants to public bodies,
878.1
1,079.4
912.5
762.7
613.1
458.7
478.7
404.1
350.7
Unemployment relief:
58.1
"
"
35 9
Loans (net)
591.7
1,914.1
715.8
1,896.7
1,264.4
11.3
805.1
310.0
385.8
486.3
435.5
331.9
8.8
1,266.0
Total.
184.3
1,322.2
230.0
and CWA).
Civilian Conservation Corps..
126.8
1,000.1
Direct relief
Work relief (WPA
1,759.0
2,466.8
2,342.4
2,360.9
1,852.8
359.5
38,528.2
37,603.6
36,424.6
33,778.5
28,700.9
27,053.1
22,538.7
—...
Subscriptions to stock and surplus—
Agricultural Adjustment Program...Social security
Railroad retirement
Supplemental items.
... .
Total expenditures,
-—
—
exclusive of debt retirement
Net deficit
Gross
*
public debt at the end of each fiscal year.
Excess of credits,
deduct.
_
19,487.0
16,801.3
Financial
176
Jan. 8, 1938
Chronicle
Expenditures
RECOMMENDATIONS
for the fiscal year 1938 are now
feature of the fiscal procedure in the majority of our States
An important
this
withhold approval of individual
items in an appropriation bill, and, while approving the remainder of the
bill, to return such rejected items for the further consideration of the Legis¬
lature.
This grant of power has been considered a consistent corollary of
is the authority given to the executive to
900,000 less than last
whether
whether a constitutional amendment
or
I strongly
expected to be about $35,-
There is a decrease of $1,185,600,000 in ex¬
year.
adjustment program,
refunds of taxes, and an increase of
$52,500,000 for the legislative,
$1,149,700,000 for the following purposes:
and
executive
offices
judicial
and agencies;
the civil departments
and
$167,800,000 for the general public works program; $89,700,000 for national
would be necessary.
legislation
Included in
debt retirements of $2064315,700.
penditures for recovery and relief, the agricultural
be given to the President by
similar item veto power could
a
estimated at $7,614,858,300.
statutory
the Civilian Conservation Corps, and
A respectable difference of opinion exists
have adopted it.
which
States
are
pensation payments, the 1938 expenditures are
of the executive; and the system meats
as to
amount, however,
Eliminating debt retirement and the non-recurring item of adjusted com¬
withhold approval of items in the Budget
with general approval in the many
the power of the Legislature to
(exclusive of expenditures from postal revenues)
The total expenditures
Appropriation Item Veto
recommend that the present Congress adopt whichever course
defense;
$2,300,000
benefits; $90,900,000.
Act; $60,600,000
and
pensions
veterans'
for
principally for grants to States, under the Social Security
it may deem to be the correct one.
for interest on the
Government employees' retirement
and the railroad and
account
reserve
Commodity Credit Corporation
public debt; $280,100,000 for payments into the old age
funds; $200,000,000 for supplemental items; and $205,800,000 representing
At present the
funds for the operations of the Commodity Credit Cor¬
a
from the Reconstruction Finance
Credit Corporation may
commodity loans remain an indefinite charge against the
Treasury until the liquidation of the Reconstruction Finance Corporation.
In order to provide for an annual review of the operations of the Commodity
reduction in revolving fund credits.
poration are provided through allocations
losses
Such
Corporation.
Deficit and Public Debt
Commodity
the
as
sustain upon its
mated at $1,088,129,600 as against an actual
the
918.
This, of
to
the
sterilization
$37,603,646,-
does not take into account any future changes in
course,
the debt which may occur as a result
of the assets of the Corporation, and, as a means of
annual appraisal
an
deficit in 1937 of $2,707,347,-
The gross public debt on June 30, 1938, is estimated at
111.
of its annual net cost to the Government, I recom¬
enactment by the Congress of legislation which will require
Credit Corporation and
mend
.
Excluding public debt retirements, the net deficit for 1938 is now esti¬
of the Treasury policy with respect
of gold.
providing funds to make and guarantee its loans, provide the Corporation
capital and authorize the issuance by it of obligations guaran¬
by the United States. Congress would be advised annually of the
with adequate
teed
FISCAL
might be necessary to meet any annual impairment of the capital
as
of the Corporation
The estimates of revenues for the fiscal year 1939, which are necessarily
that would result from losses sustained upon its loans.
based
existing tax laws, amount to $5,919,437,000.
on
less than the
REVIEW
FISCAL
THE
OF
YEARS
AND
1937
FISCAL PROGRAM FOR
AND
1938,
THE
anticipated receipts for 1938.
security taxes and realization
shows
1939
internal
1938.
expenditures for the fiscal year 1938, and with the fiscal program for 1939.
YEAR
$116,900,000,
293,840,237 which
but
a
was
year
$534,000,000 less than
gain over 1936 of $1,178,000,000.
was
estimated
one
The tax
1938.
unjust
on
miscellaneous
1937 accruals deferred by liti¬
produce $10,000,000,
Miscellaneous
of $148,882,320, or less than the current year by
year
upon assets is
The receipts from income taxes
Total
$89,439,000 less than
is
enrichment will
compared with $5,000,000 for 1938.
1937 amounted to $5,-
1938.
which
decline of $33,400,000 from 1938, which is due largely to
a
as
revenues show a total
$16,526,763.
Realization
estimated at $50,117,680, an increase of $9,026,763
$215,000,000 less than the estimate contained in the 1938 Budget,
were
for
than
Social-security taxes will be $598,865,000, an increase of $27,863,000
gation.
ago
less
$2,190,072,000,
revenue
estimated at $2,-
are
The taxes upon carriers and their employees are expected to total
over
for the fiscal
be
will
major class of
each
Income taxes
the fact that the 1938 collections included
1937
Receipts
Total general fund receipts
$278,700,000
or
revenue
This is $401,076,000
With the exception of social-
assets,
upon
decline below the 1938 level.
a
414,200,000,
This review concerns itself with the cash actually received and paid out
by the Treasury in the fiscal year 1937, with the estimates of receipts and
FISCAL
1939
Receipts
Corporation's net profit or loss and be in a position to make such appropria¬
tions
FOR
PROGRAM
over
1938.
Expenditures
while miscellaneous internal revenue taxes were $94,000,000 less.
It
was
would
taxes and
ment
a
The
believed last January that taxes on carriers and their employees
but litigation
produce $134,552,000,
delayed
only $345,088 was received in 1937.
produced only $5,886,836
as
The tax
less than was estimated at that time.
net increases of
Customs and miscellaneous receipts,
under
pointed out in
my message
defense
As a result of
a
these disclosures, committees of Congress have been considering corrective
tax
the revenue law
proven
same
Administration
and
general public works
$73,957,000 less than for 1938.
fiscal
year
United
will
States
require
Expenditures for national
be $54,847,000 greater
total of $988,623,400 in the
the
program
for
than
1939-
1938, reaching
On the other hand, the
producing
682,800 for 1938 to $538,610,000 for 1939, because of the completion of
time existing
payments of insurance claims on account of deaths occurring during the
will maintain the revenue
as
of the present tax structure while correcting at the
or
The
expected to
are
are
expenditures for veterans' pensions and benefits will decline from $573,-
legislation; and I hope that there may be enacted at an early date such
amendments to
power
Commission.
$404,026,500,
of April 20 last, the March 1937 tax returns
There
than accounted for by increases of $62,000,000
Electrification
Rural
the
Maritime
$18,000,000, respectively.
As
(exclusive of
This includes $201,515,-
$52,917,000 in the regular activities of the civil departments
and agencies which are more
however, exceeded the amount anticipated a year ago by $40,000,000 and
brought to light certain defects in the present revenue law.
1939
year
which is $539,600,000 less than the amount estimated for 1938.
against Budget estimates of $82,000,000
while the receipts from social-security taxes were $72,000,000
year ago,
for the fiscal
revenues) total $7,070,558,000.
000 for statutory debt retirement, leaving $6,869,043,000 for other purposes,
unjust enrich¬
on
expenditures contemplated
those from postal
of these
collection
War.
World
inequities.
Expenditures
under
adjustment
the agricultural
program
will increase $143,573,000 in 1939, due principally to the legislation enacted
Expenditures
during the last regular session of Congress providing for subsidy payments
The total expenditures for the fiscal year ended June 30, 1937 (exclusive
of expenditures
compared with
year
from postal revenues), amounted to
an
This latter estimate included
ago.
$8,105,158,547
to cotton
as
in the number of camps and
amount of $404,525,000 for
an
will require
statutory debt retirement while the actual expenditures for this pin-pose
were
the
$103,971,200.
fiscal
year
relief
were
$75,092,146 less than the estimate for that
1938 Budget.
$3,014,589,913
were
volving funds showed
a
as
The total expenditures for
against an estimate of $3,144,689,700.
to
$842,235,300.
ments
Re¬
$49,000,000
was
$80,000,000 less than for 1938.
more
a
decrease of $1,991,000 in administrative expenses.
recovery
and relief
$841,356,600 less than for 1938.
are
estimated at $1,138,304,000,
under the
We
totaled $4,417,887,093.
new
of the States have the effect of
of employment.
amount
Moreover, operations
Housing Act will greatly assist in providing employment.
also look to the regular
can
public works
program to provide a certain
With these aids and the assistance confidently
expected from private industry, I hope that the foregoing amount for
penditure will be sufficient to meet the needs for 1939.
The gross deficit for the fiscal year 1937 amounted to $2,811,318,311.
Excluding $103,971,200 for statutory debt retirement, the net deficit
$2,707,347,111.
The estimated net deficit,
year ago, was $2,248,128,774.
a
is more than accounted for
the
gross
was
Budget.
Budget
Expenditures from revolving funds
The increase in the net deficit
are
1938,
during the year amounted to $2,646,-
an
account the estimate is
reserve
over
increase in total expenditures of $179,739,200.
1938.
$475,000,000,
1938
in 1937 had to be met in
carried
Receipts
over
which is
The income of the
expected
to
Federal
increase
Government
$1,026,673,000
$1,101,573,000 in internal
revenue
during the fiscal
over
sources
collections
Income taxes
less than the deficit for the current year.
1939, is estimated at $38,528,252,918.
$2,279,511,000
$2,181,217,856.
as
changes in the debt which
indicated for 1938.
The
gross
public debt
This does not take into
may occur as a
on June
30,
account any
result of the Treasury policy with
respect to the sterilization of gold.
<
expected to produce $2,692,900,000
1937 receipts of $2,157,526,981.
amount to
now
The net deficit for the fiscal year 1939 is $949,606,000, or $138,523,600
a
revenues
(exclusive of postal revenues) will amount to $6,320,513,000.
are
1938, whereas there will be no accumulation to be
The amount for supplemental items is $75,000,000,
int 1939.
Deficit and Public Debt
This figure, however, is less by $973,100,000 than the estimate of revenues
for 1938 contained in the Budget last year.
re¬
1938 is
being partially offset by
The total
age
$117,250,000 will be
An accumulation of payments due
$125,000,000 less than the amount
that of 1937. the increase of
reduction of $74,900,000 in other classes of receipts.
from all
year
For the old
increase of $90,000,000
an
For the railroad retirement account
quired, $20,286,000 less than for 1938.
YEAR
expected to amount to $141,961,-
000, which represents, because of an excess of receipts of $37,778,200 in
debt on June 30,1937, to $36,424,613,732.
FISCAL
ex¬
An estimate of
appropriation of $1,000,000,000 for this purpose is contained in the 1939
by the decline in receipts.
The increase in the gross public debt
070,239, bringing the togal
contained in
as
or
The operations of the Social Security Act
materially reducing our program for work relief.
of the Government, including interest on the
Deficit and Public Debt
submitted
Expenditures
Security Act will
than for 1938.
and the unemployment compensation laws
expended $4,357,780,551, while the amounts esti-
mated for these purposes
States and
Expenditures for
Transfers to trust
For the operation and maintenance of the regular depart¬
public debt, there
reduced expenditures for cooperating agencies,
The interest payments on the public debt will amount to $976,000,000, or
$872,386,048, while the estimates for this purpose amounted
and establishments
or
total of $338,230,000, which represents an increase of $66,525,006
a
in grants to
and
net credit of $243,569,165, which was $84,963,435
less than the previous Budget estimate of $328,532,600.
accounts totaled
reach
year
recovery
$230,000,000,
for administration and grants to States under the Social
Thus, excluding debt retirement, the expenditures for
1937
contained in the
producers.
The Civilian Conservation Corps, because of a contemplated reduction
estimate of $8,480,804,493 in the Budget submitted a
Miscellaneous internal
as
compared with
revenue taxes
will
compared with actual collections in 1937 of
.
It should be pointed out,
reason
of the deficit
additional
stun
on
however, that the
does not mean
the market.
increase in the debt
that the Treasury will
by
borrow that
There will be available during the fiscal
The re-enactment of legislation levying taxes upon carriers
year
for investment in special issues of Government obligations, the net
and their employees will produce $150,300,000 in 1938, whereas last year's
sum
of
receipts amounted to only $345,088.
$600,000,000 from the old age reserve account and the railroad and Govern¬
levied
on a
on a six-month
Taxes under the Social Security Act,
basis in 1937, produced $252,160,840, and in 1938,
full-year basis, will produce $571,002,000.
ment is estimated at
source
in 1937.
$5,000,000,
Customs duties
or
are
The tax
on
unjust enrich¬
$886,836 less than the receipts from this
expected to yield $415,300,000 in 1938,
whereas in 1937 they produced $486,356,599.
Miscellaneous
revenues are
approximately
$1,163,000,000, which represents investments
ment employees' retirement funds
ment trust
fund, and
account of the
a
and $573,000,000 from the unemploy¬
reduction of
$10,600,000
adjusted service certificate fund.
vestment operations the
of
in investments held for
As
a
result of these in¬
Treasury financing for the fiscal year 1939 would
be confined to refunding maturing obligations.
$2,411,030 less than last year, the estimate for the current year being
$165,409,083; and from realization upon assets there will be derived a
years
1936 and 1937 and the estimated gross debt at the end of the fiscal
total of $41,090,917, or $1,432,505 less than in 1937.
years
1938 and 1939:
The following table shows the gross public debt at the end of the fiscal
\
•
Volume
146
Financial
*
The Course of the Bond Market
30, June 30,
June
177
Chronicle
[In millions of dollars]
June
1939
1938
(Est.)
(Est.)
30,
June
The high-grade bond
30,
1936
1937
market and prices of United States
Governments, which have both been pushing upward in an
Market operations:
unspectacular but consistent rise since early 'in September,
Held by—
cos,,
30,519
*2,564
30,240
2,564
corporations. Individuals, &c.)
Federal Reserve System
—
30,677
2,526
29,408
2,430
509
*509
451
381
1,300
1,260
1,212
933
Governmental agencies-.......
Government trust funds
bonds at 110.01
of
112.78,
34,bl3
34,852
V'
■■■
661
267
965
1,143
1,538
—
Unemployment trust fund
312
19
"280
Railroad retirement account
137
80
Employees' retirement funds
432
371
"316
Veterans' funds
515
525
538
127
Otber
150
150
125
but
A's
took
the
week
of
the
little
net
some
on
with
Speculative utilities and industrials advances, but
change.
lower-grade rails recorded extensive declines, with a major
default
2,752
1,558
626
38,528
37,604
36,424
33,778
and it is assumed for the purpose of this statement only
that they will remain at these amounts throughout the fiscal years 1938 and 1939.
As of Dec. 1, 1937,
Appropriations
for
those
the
Postal
Service,
District
the
of Columbia, and
The appropriations
and reappropriations already made and prospective supplemental items for
the fiscal year 1938 for the same purposes total $8,629,921,393This is a
probable supplemental items, total $7,973,843,219-
of $6.56,078,174.
decrease
FRANKLIN
Jan.
ROOSEVELT.
D.
3, 1938.
also included in the
*
were
as
required by the Budget andAccounting Act (31U. S. C. 11 (F))
J.
Actual,
1938
1937
$
$
Receipts:
(Supporting
Revenues
No.
Miscellaneous revenues
Total, revenues„
2.
with
this,
many
.
Schedule No. 2):
40,934,120.82
44,373,300
41,086,200
2. Civil departments and agencies.
640,069,800
591,006,739.02
692,986,500
3. General Public Works Program__
310,189,254.96
477,983,300
404,026,500
4. National defense
844,056,155.30
988,623,400
933,776,100
5. Veterans' pensions and benefits.
573,682,800
538,610,000
571,407,217.98
6. Agricultural Adjustment Program
442,477,000
515,837,595.04
586,050,000
7. Civilian Conservation Corps
310,000,000
385,807,729.81
230,000,000
182,759,138.73
8. Social security
273,696,000
338,230,000
9. Interest on the public debt..
866,384,330.90
976,000,000
927,000,000
10. Refunds..
49,398,268.68
47,910,900
50,808,800
11. Recovery and relief
1,138,304,000 1,979,660,600 3,014,589,912.78
12. Revolving funds (net)
*37,778,200 *243,569,164.51
'141,961,000
13. Transfers to trust accounts, &c._
872,386,047.96
595,791,000
667,356,600
14. Supplemental items.
200,000,000
75,000,000
Legislative, judicial and executive
_
roads to remain
&
Boston
six
on
ad¬
Erie's
of
Concomitant
row
registered in this
were
were
in
Ohio, Illinois Cen¬
At the
Maine, and Lehigh Valley bonds.
Corporation
with
Those
solvent position.
a
Baltimore &
brisk recovery was witnessed
the announcement by Jesse Jones that
RFC
the Reconstruction
aid the wreak
to
at the same time, the
loans;
& Ohio's loan
on
willing
was
of $8,223,000 was
been
bonds have
Court decisions
announced.
Supreme
by the
little affected
Monday and have moved in a very nar¬
moderately
market.
stock
the
in
strength
to
Among issues recording fair gains were Associated
Electric
credit
approval of
In the latter part of the week medium grades
range.
responded
&
II. Expenditures (Supporting
1937-38 lows
new
close of the week, however, a
Baltimore
5,919,437,000 6,320,513,000 5,293,840,236.87
Total, receipts.
default
interest
of
which suffered losses
roads
5,869,319,320 6,279,422,082 5,251,316,814.56
42,523,422.31
41,090,917
50,117,680
_
1995,
when fear developed regarding the ability of many
group
Utility
Realisation upon assets....
1.
Announcement
Finance
5,330,037,000 5,698,713,000 4,597,140,102.49
486,356,598.90
415,300,000
390,400,000
167,820,113.17
165,409,083
148,882,320
4s,
grade and speculative bond market this week.
1):
Customs
Norfolk & Western 4s,
Atchison- gen.
obligations has been the outstanding feature in the medium-
Schedule
Internal revenue
118%;
at
% to 109%; Texas & Pacific 5s, 2000, declined % to
Fiscal Year
1939
General and Special Accounts
Estimated,
Fiscal Year
%
off
were
115.
on
Estimated,
Fiscal Year
Erie RR.
week, and in most instances closing prices
shade lower than last week.
a
tral,
GENERAL BUDGET SUMMARY
Balanced statement
large
several
on
High-grade railroad bonds have displayed a mixed under¬
other weak
The following Budget Summary was
President's Budget message:
payments
"
,
vanced
appropriations and reappropriations recommended in this Budget,
The
interest
tone during the
1996,
including
in
issues.
3,915
L.
and
closed
Aa's
mixed.
Aaa's,
of
200
Gross debt
*
rather
strength
Held by-
Old age reserve account
at 115.78 compare with 118.16 a
As for lower grades, tendencies this week have
33,152
34,866
been
"v''-■
■
eight Treasury
with last January's record high
compares
whereas Aaa's
year ago.
Special Issues:
of
The price
this week.
advanced
again
Public (banks. Insurance companies, trust
Gas &
5%s, 1938, which closed at 65, up 3; Georgia Power
Interstate Public
1978, advanced 4% to 64%;
Light 5s,
Service
4%s, 1958, gained 2% at 66; Northwestern Public
Service
5s, 1957, rose 5% to 86%.
been
have
virtually at
Highest-grade utilities
standstill.
a
_
A
has characterized the indus¬
degree of strength
good
trial bond market this week, in
contrast to last week, when
receding tendencies prevailed.
In the steel group, Bethle¬
.......
expenditures
Total,
(excluding
6,869,043,000 7,408,642,600 8,001,187,347.47
debt retirement)
Steel
hem
Steel
4%s,
have
been
949,606,000 1,088,129,600 2,707,347,110.60
V. Gross
VI.
103,971,200.00
206,215,700
201,515,000
IV. Debt retirement
1,151,121,000 1,294,345,300 2,811,318,310.60
deficit._.
1,048,490,304.64
206,215,700
103,971,200.00
201,515,000
949,606,000 1,088,129,600 1,658,856,805.96
Increasing the public debt
about
Total, means of financing
Excess of credits,
' 1,151,121,000
1,294,345,300 2,811.318,310.60
U. S.
1938
Daily
AU
Govt.
Bonds
120
on
AU
A
Aa
Baa
k.
R.
P.
V.
Ind'is.
7~ 109.97
95.62
115.78
107.88
95.46
72.00
81.35
99.83
108.46
6.. 110.01
Jan.
1938
95.29
115.78
107.88
95.13
71.57
81.22
99.48
continued
strong,
bond prices and bond yield averages
BOND
Corp.
(REVISED)
AVERAGES
Individual Closing Prices)
120 Domestic
by Ratings
Corporate by Groups •
Aaa
Aa
A
Baa
R.
R.
P.
U.
Indus.
7-~
4.26
3.18
3.57
4.27
6.03
5.24
4.02
3.54
6..
Jan.
108.08
30
For¬
tic
Averages
YIELD
on
120 Domestic Corporate •
120
Domes¬
Daily
Aaa
have
bonds
mixed, while Germans have held their
in the following tables:
given
120 Domestic
tie
Corp.*
Averages
been
(Based
Corporate by Groups *
market-
sentiment
South American issues, which have
Polish
issues,
MOODY'8
by Ratings
improved
slightly
a
points
Average Yields)
120 Domestic Corporate •
Domes-
In the automobile group, Stude-
Japanese issues have declined.
MOODY'S BOND PRICES (REVISED)
(Based
been
Moody's computed
are
deduct.
Metal bonds
Phelps Dodge conv.
the
moderately.
El Salvador 8s, however, broke
following the renewed default.
Among
up
14
Italians have
own.
*
in
6s, 1945, have risen 5% points to 67%.
has
European
No. 4):
Replacing debt retirements
rise
Among
1955, advanced
5% points to 92%.
On the other hand, retail issues have
receded, Allied Stores 4%s, 1950, falling 1 point to 90.
firmed
accounts (Sup¬
porting Schedule No. 3)
a
packing bonds, Armour & Co. (Del.) 4s,
meat
Borrowings (Supporting Schedule
eral and special
by
wise towards defaulted
Decrease in working balance, gen¬
2.
featured
103%, and Otis
to
to 71.
5%
1962, have advanced
conv.
There
Means of financina deficit-.
1.
1960, have risen 3%
3%s, 1952, of 2% to 105%.
baker
III. Net deficit
4%s,
4.28
3.18
3.57
4.29
6.07
5.25
4.03
4.30
6.10
5.26
4.03
5.75
3.56
3.57
eign*
3.59
5.. 109.90
95.13
115.35
107.88
94.97
71.25
81.09
99.48
107.49
5..
4.29
3.20
109.69
115.57
107.88
71.46
81.61
99.48
107.11
4..
4.28
3.19
3.57
4.29
6.08
5.22
4.03
95.29
95.13
3.61
4-
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
3-.
72.11
82.66
99.31
106.54
Dec.31'37
4.27
3.21
3.56
4.29
6.02
5.14
5.70
115.14
108.08
4.04
95.46
95.13
3.64
Dec.31'37 109.69
104.67
92.43
101.41
106.17
112.45
High 1937
4.40
3.48
3.67
4.41
6.29
5.38
4.22
3.76
5.78
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.08
3.66
3.08
3.28
3.75
4.51
3.94
3.67
3.36
5.43
4.08
3.39
3.58
4.25
5.11
4.58
4.05
3.62
6.30
High 1937 112.78
Low
106.54
1937 107.01
93.37
118.16
109.64
113.89
105.98
93.21
69.27
79.57
96.28
104.30
Low
1
1 Yr. Ago
Jan. 7 '37 112.62
106.17
117.94
113.68
104.48
91.66
101.06
95.78
83.06
90.59
105.98
112.05
99.14
106.92
1937
Yr. Ago
Jan. 7 '37
2 Yrs.Ago
2 Yrs.Ago
Jan. 7'36 108.03
98.62
111.43
107.69
Jan. 7 '37
the
average
These prices are computed from average yields on the basis of one ' •typical" bond (4% coupon, maturing in 30 years), and do not purport to show either
level or the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
•
field averages, the latter being the truer picture of the bond market
BOOK
Socialism
Versus
pages.
Capitalism.
New York:
A well written
REVIEWS
By
A.
C.
Pigou.
The Macmillan Co.
137
$1.75
book, intended for the general reader, in
advantages of capitalism and socialism are
compared.
There is something to be said, the author thinks,
for socialism as a remedy for unequal distribution of wealth
which certain
individuals, and still more in the matter of relieving
The case is not clear in the allocation
of natural resources, and it is inconclusive in regard to profit
and technical efficiency.
In the matter of incentive a slight
preponderance is allotted to socialism, while the question
of allocating production resources under a scheme of socialist
general planning seems to the author to resolve itself into
a problem of technique rather than of ends.
In the field o
among
unemployment.
Financial
178
interest rates the outlook for the two systems seems
about
The general conclusion appears to be that while
equal.
the capitalist structure is worth retaining, the field of gov¬
ernment activity in nationalization may properly be enlarged.
The A B C of
166 pages.
Municipal Bonds.
By Louis S. Lebenthal.
New York: Harper & Brothers. $1.60
popular handbook, partly in conversational form, de¬
signed especially for small investors who are unfamiliar with
municipal bonds, and for municipal officials and bond sales¬
men.
The author discusses such practical subjects as the
circumstances under which a municipal bond issue becomes
necessary or desirable, the creation of bonds and their sale
and maturity, the scope of the taxing power, the essential
differences between municipal and
corporate
bonds and
the various types of the former, laws governing issuance,
the appeal of municipal bonds to individual and institutional
investors, the question of tax exemption, yields for income,
and odd-lot dealings.
A considerable wealth of illustrative
documents and statistics is provided.
The book should
prove jjractically useful for the classes of readers whom the
A
author has had in mind.
The Undistributed Profits Tax.
108
By M. Slade Kendrick.
Washington: The Brookings Institu¬
pages.
50 cents.
tion.
This meaty pamphlet offers a thoroughgoing examination
of the undistributed profits tax with special reference to the
STATE
THE
OF
TRADE—COMMERCIALAEPITOME
Friday Night, Jan. 7, 1938.
Business activity continues its uninterrupted downward
trend of many weeks, with uncertainty regarding the future
more pronounced than
ever.
There are some bright spots
in the picture, but these afford little comfort.
A further
sharp curtailment in the automobile industry and failure
merchandise
of
car
loadings to
their usual
score
seasonal
Chronicle
nature of the income
affected, the corporate surplus and its
the relation of the tax to the corporate surplus, the
actual burden of the tax, the possibility of obtaining new
capital by other means, and the relation of the tax to the
promotion of economic justice and to business depressions.
Regarding the effects of the tax on corporation financing,
the author reaches two
"inescapable conclusions: (1) In the
companies the forcing of distribution
the payment of additional
corporation taxes in the amounts called for by the' law; would
circumscribe the freedom of their financial policies but it
would not be ruinous or, for the more fortunately situated,
even severely oppressive.
(2) For smaller, more local, weak
or new companies the tax is likely to prove crippling in many
instances, and no amount of change in definition or procedure
seems capable of avoiding this result."
The author is "un¬
equivocally" of the opinion that the tax should be repealed.
"Its fundamental weakness is that it limits the possibility
of prompt and flexible capital developments, and handicaps
with particular severity a multitude of small and medium
sized business enterprises."
Four amendments are sug¬
gested, however, if the tax is to be retained.
Appendices contain the text of a questionnaire sent by
Senator Steiwer in June, 1937, to industrial corporations
regarding the tax, and a tabulation of 1,438 replies received;
some comments on the tax by three corporations, and sta¬
tistical exhibits showing the hypothetical application of the
tax to actual earnings since 1924 and the effect on surpluses
since 1923 if no dividends had been paid.
of large and strong
case
of profits or, as an alternative,
sharp
spring
54,084
totaled
advices
he
sees
linked
from
will
be
Co.
week's
weather
December
toward
attitude
"must
of the
business, the effect
of
be
recent
sulted in discouragement at a time
tempered
in
view
Federal Administration
speeches having
re¬
when the opposite influ¬
is
The
was
considerably
of
amount
reduced
in
the
replenishment
last
few
buying is
months,
expected
great
no
immediately,
owing to the uncertainties in the general business picture.
The extent of the activity in the automobile
industry this
month is
so
uncertain that the steel
industry is not counting
for
confined
is
it
where
the
to
blanket
light,
New
in
the
north-central
extreme
livestock
expanded
automobile
corporation,
Committee
period,
is
in
one
when
stated,
In
the
preparation
corporation
of equipping the five
a
of
recovery
for
plans to
new
the
recovery
out its
plants constructed last
Signs of increased manufacturers' demand
the
the
to
carry
$100,000,000 expansion program.
Ford, as usual,
the leading
optimists concerning the future.
spot commodity
or
returns
industry, William S. Knudsen, President of the
told the Senate Unemployment Investigating
recently.
he
program
year
operations
markets, rather than
strength in
cipal factor in
a
the stock
market,
in
number
a
of
at
snow
week.
the
constituted the prin¬
futures
final
decrease
was
estimated
of 3.3%
at
compared
the corresponding period last
year.
has been an encouraging surprise to
review
states.
to
January thus far
retailers, so the Dun &
"Instead
demand
of
of
the
anticipated
store-wide
mark-downs
lifted
sales at most of the leading centers of distribution
2% to 8% above the previous week's."
Car loadings were
0.7% lower than in the preceding week; 130,904 cars, or
22.3%
under
and 318,396, or 41% below the
Ward's Automotive Reports, Inc.,
announced today production in United States and Canadian
plants has passed its seasonal low point, adding that a slow
a
year
ago,
1930 comparative figures.
but
steady
upward
movement
was
for
except
a
northern New York
districts,
principally
the
is
country,
heavy
and
in
northern
the weather during the early
part of the
unseasonably mild during most of the
fair and cold here, with temperatures
was
colder
tonight
The forecast
and
was
Saturday.
Prices Dropped 0.2% During
1, According to United States
Department of Labor
in
prospect
until
the
Commodity
Week
Ended
Jan.
Largely because of
sale
a
sharp decrease in food prices, whole¬
commodity prices fell 0.2 % during the week ended Jan. 1,
Bureau
stimulus
area
Wholesale
it
United States for the latest week
Bradstreet
the
to 2 above.
in
downtrend,
time
this
clear, while the latter half was cloudy and rainy,
and
output report for the week ended Jan. 1, 1938.
How¬
ever, the institute revealed that production of electricity
.
at
of
for partly
Overnight at
Boston it was 34 to 42 degrees; Baltimore, 42 to 52; Pitts¬
burgh, 34 to 52; Portland, Me., 26 to 40; Chicago, 16 to 26;
Cincinnati, 26 to 52; Cleveland, 24 to 50; Detroit, 22 to 30;
Charleston, 56 to 66; Milwaukee, 6 to 22; Savannah, 54 to
64; Dallas, 38 to 54; Kansas City, 10 to 30; Springfield, Mo.,
18 to 34; Oklahoma City, 24 to 46: Salt Lake City, 22 to 34;
Seattle, 30 to 40; Montreal, 10 to 20, and Winnipeg, 14 below
mar¬
recently. This was regarded mainly as a movement
replenish greatly depleted inventory stocks.
Due to the
holiday, the Edison Electric Institute did not issue its
a
moderate,
and
ranging from 43 to 53 degrees.
to
with
portions
"inflationary" fears
broad advance in commodity
2,000,000,000 kilowatt hours,
Mountains
beginning of the new year is below normal,
Rocky Mountains.
In the New
Today it
cloudy
kets
the
Because of the
much below in the southern
temperatures
for
harmful
of
Colorado, and the storage is above normal in the far
Northwest, but in most other Western sections the stored
City
General
absence
December brought good snows in the mountains of Wyoming
was
bright spots."
and
and
wTith
the current
abnor¬
Mild temperatures were especially favorable
the great western grazing area.
nevertheless
Corp. regards the present recession in business only
"temporary depression," and plans already are being made
by moderate to
scanty
throughout
York
a
only
to
week
Motors
Rocky
northern
England
on business from that source.
Railroad buying
steel, though much below normal for this time of year,
of
weather
more
of
one
mostly
agricultural interests.
of
very much
is
depression.
This
The President of the Sears,
characterized
warm
east
snowcover
Lake region.
distributors have been
prosperity
warmth, considerable snow disappeared in the interior, and
to
consumers and
The
and agriculture are
temperatures in all portions of the country made a generally
inventories of many
of steel activities by
history, according
today.
precipitation and
sunshine in most parts of the country.
normal
than
abnormally
sorely needed," according to the current summary
"Iron Age."
"With a few exceptions,
the volume of orders for steel products in December fell
below that for November," the review says.
"Although
ence
Mich.,
in which industry
temperatures,
favorable week
of
week
today forecast an increase in employment in
goods industries by March or April.
The
operating
rates
the
consumers'
the
more
recalcitrant
Dearborn,
one
for
with 49,550 last
by an inseparable bond to banish
week and 92.2 for the corresponding week of last year.
Prospects in the steel industry are still shrouded in uncer¬
tainty, and hopes for a fair recovery this month from low
the
compared
Henry Ford believes America
day, he says, is at hand.
new
mally high
of
Production
comes.
and trucks,
is entering the most prosperous era of its
to
The index declined to 61.1
against 65.7 for the preceding
upturn
cars
week and 92,142 a year ago.
Roebuck
as
1938
use,
during the week following Christmas drove the
"Journal of Commerce" weekly business index for the week
ended Jan. 1 to its lowest point since September, 1934.
advance
.Jan. 8,
was
announced
of
on
Jan. 6 by
Commissioner Lubin of the
Labor
Statistics, United States Department of
"The decline," Mr. Lubin said, "brought the all-
Labor.
commodity index to 81.0% of the 1926 average, the lowest
point reached since late in September, 1936.
It is 1.2%
below the corresponding week of December and 4.4% below
the corresponding week of January, 1937."
The Commis¬
sion continued:
In addition to the pronounced drop in
were
the foods group, minor declines
registered by the hides and leather products, metals and metal products
building
materials,
groups.
Farm products and fuel
tionally.
housefurnishing
goods and miscellaneous commodity
and lighting materials advanced frac¬
Textile products and chemicals and drugs remained unchanged
from the preceding week.
Largely
ties,
the
as
a
raw
result of advancing market prices of agricultural commodi¬
materials
group
rose
0.3%.
This week's index—75.5—ia
Volume
Financial
146
and 13.1% below a year ago.
Semi¬
The index—77.2—is 1.5%
below the corresponding week of last month and 8.4% below that of last
year.
The finished products group declined 0.5% and is 1.5% below a
month ago.
The current index—84.6—is 0.6% above a year ago.
Non-agricuitural commodity prices, according to the index for "all
commodities other than farm products," dropped 0.4%.
They are 1.2%
0.3% below the level of a month ago
manufactured
below the level of
fell 0.3%.
prices
commodity
month ago and
a
0.8% below a year ago.
Industrial
the index for "all commodities other
products and foods," remained unchanged at 83.6% of the
-commodity prices, as measured by
than
farm
They are 0.4% below a
1926 average.
month ago, and 1.2% above the
'V'.--
corresponding week of 1937.
C>
Lubin, an
reporting these remarks of Commissioner
announcement by the Labor Department said:
In
Wholesale market prices of
foods declined 1.4% to the lowest point
reached
1936.
All subgroups shared in the decline.
Dairy products and fruits and vegetables dropped 3.0%; meats, 1.5%
and cereal products, 0.2%.
Quotations were lower for butter, cheese,
wheat flour, prunes, most fresh fruits and vegetables, fresh beef, mutton,
cured and fresh port, dressed poultry in the New York market, copra,
since the latter part of May,
Higher prices were reported for rye
lard, pepper and cottonseed oil.
179
Chronicle
0.6% from the preceding week; a decrease of 130,904 cars,
or 22.2%, from the total for the like week a year ago, and
a drop of 15.5% from the total loadings for the corresponding
For the week ended Dec. 25, 1937,
week two years ago.
loadings were 18.1% below those for the like week of 1936,
and 1.4% below those for the corresponding week of 1935.
Loadings for the week ended Dec. 18, 1937, showed a loss
of 17.3% when compared with 1936 but a gain of 0.4% when
comparison is made with the same week of 1935. •
,
The first 18 major railroads to report for the week ended
Jan. 1, 1938 loaded a total of 213,027 cars of revenue freight
on their own lines, compared with 216,371 cars in the pre¬
ceding week and 280,128 cars in the seven days ended Jan. 2,
1937. A comparative table follows:
below that for the week
Crude rubber prices
Cattle feed
Because of
a
decline in wholesale prices
of furnishings the housefurnishing
prices of furniture were
Average
to 91.2
goods index decreased 0.2%
stationery.
decreased 1.0%.
In
v:;:;'
■
products and building
materials group each dropped 0.1% during the week.
Weakening prices
for shoes were responsible for the decrease in the former group.
Leather
averaged higher.
In the metals and metal products group, prices of malle¬
able iron castings, solder and pig tin accounted for the decline.
Agricul¬
tural implements, motor vehicles and plumbing and heating fixtures re¬
mained unchanged at last week's level.
Falling prices for Douglas fir and
white pine lumber, red cedar shingles and prepared roofing resulted in the
minor decrease in the building materials group index.
Yellow pine lath
and flooring and china wood oil prices advanced.
Brick and tile, cement,
The hides and leather
products, metals and metal
and structural steel remained steady.
largely due to increases of 2.1 %
grains. Higher prices were
reported for barley, corn, oats, rye, wheat, steers, hogs, live poultry at
Chicago, eggs, apples at New York, lemons, peanuts, clover seed, flaxseed,
dried beans, sweet potatoes, white potatoes in the Chicago market and
Ohio wool.
Quotations were lower for calves, cows, wethers, live poultry
at New York, cotton, apples at Seattle, oranges, hops, onions, white pota¬
toes at Boston and territory wool.
The current farm products index—
73.0—is 1.2% below the level of a month ago and 19.2% below a year ago.
As a result of advancing prices for bituminous coal, the fuel and lighting
materials index rose 0.1%.
Average wholesale prices of anthracite, coke,
The farm
products group advanced 0.1 %
poultry prices and 1.0% in
in livestock and
and petroleum products
remained firm.
Minor fluctuations within the textile
the index
which remained at 69.4.
Cotton yarn and Japanese raw
79.2%
-ammonia
No changes
sulphate.
or
oils and
reported in prices of drugs and
were
mixed fertilizers.
of the Bureau of
The index
the average for
on
The following table shows
modities for the past five
784 price series
Labor Statistics includes
weighted according to their relative importance
and is based
in the country's markets
the year 1926 as 100.
main groups of com¬
1937, Jan. 4, 1936, Jan. 5,
index numbers for the
weeks and for Jan. 2,
'--v.-?/•?•••-
1935 and Jan. 6, 1934:
i ■
:
16,018
17,109
17,816
15,534
3,783
4.600
5,073
17,992
15,085
28,096
21,141
9,356
4,869
11,370
12,970
14,732
11,617
14,250
10,832
2,750
1,298
3,193
10,640
24,798
5,960
6,289
5,837
6,056
8,801
6,886
9,253
Baltimore & Ohio RR.
Gulf Coast Lines
International Great Northern RR
(1926=100) '>•
.
RR
Missouri-Kansas-Texas
Missouri
RR
Pacific
New York Central Lines
Pennsylvania RR
Pere Marquette Ry
...
Pittsburgh & Lake Erie RR
Southern Pacific Lines..
-
Excludes cars interchanged between
RR.
25,
1,
Commodity Groups
Dec
Dec.
18,
Dec.
11,
Jan.
4,
2,
4,
Jan
1937
1937
1937
1936
Jan.
Jan.
6,
5,
1935
1934
1938
1937
1937
Ail commodities
81.0
81.2
81.5
81.9
82.0
84.7
80.9
77.
71.0
Farm
73.0
72.9
73.2
73.4
73.9
90.4
79.3
75.6
57.4
1,265
1,328
2,027
3,191
3,668
10,928
25,623
2,983
12,442
12.542
1,776
1,896
6.493
36,065
24.302
1,848
1,950
6,271
29.374
7,657
1,388
1,749
2,108
2,358
6,766
2,609
2,847
8,102
34,161
9,103
3,530
35,828
4,585
5,256
19,596
22,055
X6.474
X6.397
x8,032
4,051
4,452
6,484
7,430
7,306
6,542
3,994
18,512
2.618
3,351
39,596
56,466
24,242
26,686
4,263
5,469
3,285
4,055
S. P. Co.-Pacific Lines and
Texas A New
Co.
TOTAL
LOADINGS AND RECEIPTS
;
^
FROM CONNECTIONS
(Number of Cars)
'
Weeks Ended—
Jan, 1, 1938
25, 1937
Dec.
.
2, 1937
Jan.
19,876
:
17,092
18,877
22,296
24,824
9,799
27,569
9,331
48,719
Chicago Rock Island & Pacific Ry.
Illinois Central System
53,500
58,326
Ry
St. Louis-San Francisco
Total
The Association of
week ended Dec. 25
10,881
American Railroads in reviewing the
reported
as
C
"
follows:
freight for the week ended Dec. 25 totaled 460,367
decrease of 102,211 cars or 18.2% below the corresponding
Loading of revenue
cars.
This was a
of 75,925 cars or 14 2% below the same week
week this year, the total for the
week of Dec. 25 due to the holiday, was a decrease of 142,925 cars or 23.7%.
Miscellaneous freight loading totaled 169,453 cars, a decrease of 48,250
cars below the preceding week, and 55,646 cars below the corresponding
week in 1936.
'
'
,
Loading of merchandise less than carload lot freight totaled 119,516
cars, a decrease of 26,132 cars below the preceding week, and 13,611 cars
period in 1936 and a decrease
in
1930.
Compared with the preceding
.
.
below the corresponding
Jan.
Dec.
3,314
1,323
6,990
213,027 216,371 280.128 124.234 141,818 168,609
Total
x
5,549
7.240
3,906
Wabash Ry
Orleans
5,451
15,262
12,332
2,676
12,499
39,936
3,417
2,463
20,439
Norfolk & Western Ry
12,460
10,837
11,612
13,999
3,130
N. Y. Chicago & St. Louis Ry—
silk
Higher prices were reported for
1926 average.
pharmaceuticals
:■<■
Fe Ry.
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry—
Atchison Topeka & Santa
slightly, while drillings, Chinese raw
of the
2,
1937
1937
1938
1937
Ended—
1, Dec. 25, Jan.
Jan.
2,
1937
products group had no effect on
silk, raw jute, and cotton
rope and twine declined.
Clothing and knit goods prices were steady.
The index for the chemicals and drugs group remained unchanged at
advanced
1, Dec. 25, Jan.
Connections
1938
ended Jan. 2, 1937.
declined 2.2% and paper and pulp
0.4%.
rose
Jan.
Weeks
Ended—
Weeks
flour,
Received from
Own Lines
Loaded on
meal, bananas, cocoa beans, edible tallow and corn oil.
food index—77.8—is 3.6% below the corresponding week of
December and 9.7%
%
(Number of Cars)
homint grits, corn
This week's
FROM CONNECTIONS
FREIGHT LOADED AND RECEIVED
REVENUE
week in 1936.
amounted to 101,437 cars, a decrease
Coal loading
of 48,492 cars below
week, and 22,519 cars below the corresponding week in 1936.
and grain products loading totaled 27.933 cars, a decrease of
the preceding
Grain
7,687 cars below the
corresponding
of 3,747 cars above the
In the western districts alone, grain and
preceding week, but an increase
week in 1936.
Foods
77.8
78.9
79.7
80.7
80.7
86.2
85.8
78.5
62.7
Hides and leather products-.
Textile products
98.3
98.4
98.2
98.3
99.8 101.1
96.6
86.8
90.0
69.4
69.4
69.5
69.9
69.8
76.2
72.9
70.0
Fuel and lighting materials..
78.7
78.6
78.6
78.6
78.6
77.2
75.5
74.1
74.3
loading for the week of Dec. 25, totaled 17,594 cars, a
decrease of 4,502 cars below the preceding week, but an increase of 2,483
cars above the corresponding week in 1936.
Live stock loading amounted to 9,555 cars, a decrease of 4,808 cars below
Metals and metal products._
96.1
96.2
96.4
96.2
96.3
89.9
85.9
85.6
83.3
the
Building materials
92.4
92.5
92.8
93.0
93.0
90.2
85.2
84.6
85.5
79.2
79.2
79.1
78.9
79.4
86.1
80.1
79.1
73.3
92.1
84.3
82.2
82.3
81.7
67.5
70.9
65.9
products...
.....
Chemicals and drugs
76.0
91.2
91.4
92.1
92.1
74.6
74.9
74.8
74.8
75.1
74.9
75.3
75.2
75.3
75.7
86.9
78.1
*
*
75.5
77.4
77.6
78.1
78.4
84.3
75.3
*
77.2
♦
Semi-manufactured articles..
85.0
85.5
85.9
85.9
84.1
83.2
*
Finished products...
84.6
82.8
83.1
83.4
83.8
83.8
83.5
81.2
78.4
73.9
83.6
83.6
83.7
83.7
83.9
82.6
78.8
78.0
77.6
Houesfurnlshing goods
Miscellaneous
....
Raw materials....
All
commodities
farm
All
other
commodities
farm
*
other
than
products and foods..
preceding week, and 306 cars below the corresponding week
alone, loading of live stock for the week of
decrease of 3,781 cars
Ore loading
amounted to 6,960 cars, a decrease
in 1936,
Moody's Commodity Index Advances
and all except the
Loading of revenue
Pocahontas showed decreases under
freight in 1937 compared with
Moody's Index of Staple Commodity Prices advanced this
"week, closing at 151.4 on Friday, as compared with 149.3 a
week ago.
Prices of cocoa, wheat, corn,
coffee and sugar were higher.
hides, rubber and steel
scrap,
silver, copper, lead, cotton,
There were declines for silk,
and no net changes for hogs
1
Jan...3
Tues.,
Wed.,
Jan.
4.
5
Thurs.
Jan.
Fri.,
Jan.
*
Jan,
com¬
149.3
-
*
148.3
149.3
24
Month ago, Dec. 7
Year ago, Jan. 7
1937 High—Apr.
5
2 weeks ago, Dec.
151.6
148.6
..208.6
228.1
Low—Nov. 24..
144.6
7..
151.4
3
Five weeks in May
Five weeks In July
Four weeks In August....
1938 High—Jan.
7..
151.4
Low —Jan.
4,593,449
3,718,983
4,475.391
3,752,048
2,786,742
3,572,849
2,954,522
3,062,378
3,515,733
3,725,686
Week of Dec. 25
4,751.349
3.014,667
3,191,342
745,295
787,072
739,096
744,353
603,292
460,367
....
4,097,448
627,637
623,337
622,131
....
Week of Dec. 18
3,618,960
3,351,564
182,943
017,319
Five weeks in October
Four weeks In November..
4...
Week of Dee.
Week of Dec. 11
2,543,651
897,704
976,522
812,088
115,708
April
2,512,137
2,415,147
955,241
148.3
6
149.3
150.0
1930
4,246,552
3,506,899
778,255
Four weeks in September.
Dec. 31
Jan.
the week, with
follows:
1936
2,974,553
003,498
Four weeks in February..
Four weeks In March.
Four weeks In
1930.
1936 and 1930 follows
1937
Four weeks In June......
The movement of the Index during
Frid.,
Sat.,
Mon.,
the
316,886
Five weeks in January...
and wool.
as
of 1,532 cars below the
preceding week, and 563 cars below the corresponding week in 1936.
Coke loading amounted to 4,912 cars, a decrease of 1,519 cars below
preceding week, and 5,515 cars below the corresponding week in 1936.
All districts, reported decreases compared with the corresponding week
Not computed.
parisons, is
In 1936.
Dec. 25,
below the preceding week, and
80 cars below the corresponding week in 1936.
Forest products loading totaled 20,601 cars, a decrease of 4,505 cars
below the preceding week, and 7.798 cars below the corresponding week
In the western districts
totaled 7,119 cars, a
in 1936.
than
products.......
grain products
730,048
713,865
37,992,928
Total
562,578
836,292
36.062.675
45.877,974
■
Holiday.
In the
Revenue
Freight Car Loadings off 3,008
Ended Jan. 1, 1938
Loadings of revenue freight for the
1938, totaled 457,359 cars.
This is a
Cars in Week
week ending Jan. 1,
drop of 3,008 cars or
following
we
undertake to show also the loadings
separate roads and systems for the week ended Dec. 25.
During this period only 23 roads out of a total of 138 roads
showed increases when compared with the same week last
for
year:
Financial
180
Chronicle
LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF
REVENUE FREIGHT
Total Revenues
Toted Revenue
from Connections
1935
1936
1937
1937
from Connections
1936
1937
1936
1935
1937
Southern District—(Concl.)
446
392
486
963
1,534
5,851
1,329
1,616
1,381
6,376
1,130
177
Boston A Maine
8,486
Chicago Indianapolis A Loulsv
1,611
1,813
10
21
13
46
725
3,670
7,054
1,130
4,702
7,256
4,101
6,877
1,628
5,827
5,212
315
143
71
1,717
2,281
1,766
4,486
15,951
9,260
1,603
275
274
9,973
4,642
9,099
3,414
6,422
6.781
3,398
3,011
10,942
412
13,775
16,396
5,080
12,856
304
355
283
129
124
118
560
71,710
82,337
64,966
50,004
Southern System
Southbound..
Total
122
118
67
2,972
10,102
6,824
1,512
1,164
6,994
2,307
1,814
884
860
1.383
Belt Ry. of Chicago*
6,629
6,608
2,543
3,206
1,651
29,949
8,343
1,662
3,234
4,227
4,759
7,282
2,453
Chicago
Chicago
Chicago
Chicago
2,983
2,338
4,263
1,294
7,436
2,539
3,973
1,883
34,323
8,531
1,572
3,815
5,902
5,075
134
Detroit & Toledo Shore LineErie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
-
Maine Central..
Monongahela
997
Montour
New York Central Lines..,.,
25,623
6,924
N. Y. N. H. A Hartford
York Ontario A Western
1,098
N. Y. Chicago A St. Louis...,
Pittsburgh A Lake Erie
Pere Marquette
.
Northwestern District—
1,782
2,415
122
206
569
A North Western.....
Great Western
Mllw. St. P. A Pacific
St. P. Minn. A Omaha
390
1,671
12,520
1,937
15,642
3,032
10,247
1,592
13,527
3,530
8,801
2,533
6,056
2,748
19
22
41,602
Duluth Missabe A I. R-.
612
454
155
11,625
Duluth South Shore A Atlantic.
434
587
377
280
1,675
10,598
6,083
Elgin Jollet A Eastern.
3,183
6,364
4,217
3,942
2,867
4,055
413
290
343
267
92
935
1,036
270
310
176
154
7,497
6,821
1,834
410
468
426
438
Green Bay A Western
300
360
178
66
1,320
4,010
6,603
1,267
4,137
7,136
1,136
3,399
6,380
1,290
1,732
Lake Superior A Ishpemlng
1,425
12
18
835
6,970
Ft. Dodge Dee Moinee A South-
204
981
.
Great Northern
5,794
262
Minneapolis A St. Louis
Minn. St. Paul A S. 8. M
Northern Pacific
410
508
393
852
956
4,051
1,934
4,549
3,193
4,266
2,769
7,430
1,986
8,856
Spokane International
3,752
Spokane Portland A Seattle
98,707
127,951
111,696
123,067
167,429
275
404
310
519
869
Wabash
Wheeling A Lake Erie....
Total
501
10,837
2,026
13,999
3,347
29,374
9,485
1,313
7,657
374
Pittsburgh A Shawm ut
Pittsburgh Shawmut A North.
Pittsburgh A West Virginia—
Rutland..,.......,-.-.--..
975
6,724
1,251
177
8,489
3,456
Detroit Toledo A Ironton
772
159
Winston-Salem
100
Detroit & Mackinac
270
245
Tennessee Central...
2,122
7,502
184
Delaware Lackawanna A West
506
311
240
Fred. A Potomac...
Seaboard AJr Line
59
998
...
Delaware A Hudson.,.
731
292
Richmond
1,300
643
Piedmont Northern
9,756
2,488
Central Indiana.,
Central Vermont
Norfolk Southern....
199
7,289
_
Bangor A Aroostook
New
Total Load* Received
Freight Loaded
RaUroade
Eastern District—
Lehigh Valley
1938
CARS)—WEEK ENDED DEC. 25
Total Loads Received
Freight Loaded
Railroads
Ann Arbor
Jan. 8,
91
74
2,251
181
1,484
1,336
916
55,833
64,168
54,254
35,048
17,816
2,425
16,993
2,410
14,737
2,202
4,600
1,632
248
275
245
93
11,612
1,362
9,103
2,118
13,128
1,974
9,226
2,706
12,014
J,739
8,087
2,694
5.837
736
975
818
966
2,876
3,039
2,587
2,207
776
Total
68
869
648
537
9
1,029
1,769
1,381
Central Western District—
Allegheny District—
Akron Canton A Youngstown
Baltimore A Ohio
Atch. Top. A Santa Fe System.
Alton...................
737
26,195
2,742
19,444
1,235
11,370
Bessemer A Lake Erie
521
16,270
2,311
Buffalo Creek A Gauley
318
197
164
6
6
Bingham A Garfield
999
1,144
5,134
1,125
12
8
4,428
8,894
12,057
Chicago
Chicago
Chicago
Chicago
17,992
Cambria A Indiana
Central RR. of New Jersey...
Cornwall
-
4,441
77
10
59
57
115
303
295
16
25
143
157
206
5
37
402
477
603
704
756
649
2,796
1,434
39,596
9,802
4,067
52,218
43,107
9,653
2,412
1,224
26,686
11,973
420
Cumberland A Pennsylvanla.
Ligonier Valley
Long Island
-
Penn-Reading Seashore Lines.
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
12,133
13,482
953
7,366
17
89
67
0
Denver A Rio Grande WesternDenver A Bait Lake
2,344
3,831
118,454
91,006
68,481
6,635
1,858
937
881
1,414
1,759
Nevada Northern
1,330
1,451
235
138
403
489
496
301
10
75
25
0
13,966
14,739
12,145
3.838
282
308
233
955
10,399
10,669
9,533
6,306
North Western Pacific...
6,257
82,372
102.075
Peoria A Pekin Union
Southern Pacific (Pacific)
Total
827
Illinois Terminal
Fort Worth A Denver City
1
2,946
Rock Island A Pacific.
A Eastern Illinois
Colorado A Southern
38,948
17,713
3,286
2,344
Western Maryland..
Burlington A Quincy..
A Illinois Midland
Toledo Peoria A Western..
Union Pacific System
Utah
760
526
408
507
12
1,180
1,194
1,061
1,267
79,519
83,347
72,693
39.622
151
140
163
4,438
Western Pacific
Pocahontas District—
Chesapeake A Ohio
15,085
12,442
18,394
16,474
16,051
12,214
838
Norfolk A Western
744
559
Norfolk A Portsmouth Belt Line
Virginian
5,960
3,351
1,244
Total
7,611
4,148
1,272
2,318
2,666
2,489
921
786
30,683
38,278
31,313
11,476
13,817
Southwestern District—
Total
Alton A Southern
90
121
95
217
186
202
163
Gulf Coast Lines...
2,676
International-Great Northern-
1,323
2,698
1,909
1.917
1,514
Burling ton-Rock Island
Fort Smith A Western
Southern District—
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
122
241
156
144
512
446
974
1,315
498
524
378
579
897
7,016
2,364
6,921
3,206
5,236
2,406
3,861
2,107
4,218
2,712
Charleston A Western Carolina
Clinchfield
304
306
226
833
952
799
976
801
1,497
1,993
Columbus A Greenville...
389
323
217
244
160
161
112
1,426
1,149
1,631
1,147
1,468
912
920
Kansas Oklahoma A Gulf
136
490
255
Atlanta Birmingham A Coast..
Atlantic Coast Line...
Central of Georgia.
Kansas
456
1,328
1,848
1,037
1,911
City Southern
Louisiana A Arkansas
96
157
73
237
Litchfield A Madison...;
180
251
321
779
Midland Valley
Missouri A Arkansas
594
536
576
113
162
63
164
3,191
3,679
11,806
1,950
10,928
3,877
13,119
Louisiana Arkansas A Texas
...
MLssourl-Kansas-Texas Lines..
136
Durham A Southern.....
127
105
83
370
198
Missouri Pacific
Florida East Coast..
714
867
553
984
972
Natchez A Southern
31
57
27
34
27
35
54
68
Quanah Acme A Pacific
181
59
81
111
569
760
412
1,113
1,395
St. Louis-San Francisco
5,671
6,452
1,913
3,111
1,900
2,559
Gainsville Midland
Georgia
Georgia A Florida
295
184
463
396
St. Louis Southwestern
2,075
1,487
18,624
18,109
1,231
15,510
14,791
920
912
Texas A New Orleans
8,470
10,430
4,690
5,630
3,951
1,471
4,402
3,640
2,224
5.918
1,611
4,894
3,419
1,663
97
146
87
257
381
Wichita Falls A Southern
231
251
197
74
101
205
105
304
267
Wetherford M. W. A N. W
8
39
49
27
1,590
2,170
1,106
1,731
1,428
1,539
1,692
2.117
41,543
48,043
40,760
47,939
Mississippi Central
Mobile A Ohio............
Nashville Chattanooga A St. L.
1,902
1,754
Note—Previous year's figures revised.
Texas A Pacific
Terminal RR. Assn. of St. Louis
Total
6,551
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Commodity Price Average Declined Slightly
During Week Ended Jan. 1,
Compiled by the National Fertilizer Association.
tional
Fertilizer
ended
Jan.
Latest
Per Cent
Each Qrowp
Week
Croup
Jan.
dropped slightly
curred in the
preceding week.
1926-28
previous week to 78.0%* the
earlier and
a
half.
A
84.0%.
Jan.
of
the principal
product
commodities
to
the
in
were
livestock
lowest
grains.
announcement,
and a
under
price
10
items
the
weakness
lower,
moved
downward
largest
the
decline.
resulting
since
1934.
in
the
last
was
week
Prices
index
group
Weakness
in
by 24 to 19;
;
index.
tin
than
more
group
offsetting
in
76.9
79.0
78.8
62.4
63.9
93.0
68.8
68.3
109.2
69.0
84.9
70.0
69.3
46.4
47.0
44.3
71.6
70.2
70.4
67.8
110.1
73.6
75.3
75.3
Farm products
85.9
81.0
Fuels
83.8
83.8
83.8
80.1
Miscellaneous commodities..
80.6
80.5
79.3
82.3
8.2
Textiles
62.0
62.3
62.7
7.1
Metals
98.0
98.1
98.1
93.2
6.1
of
most
of
Building materials
Chemicals and drugs
83.4
83.4
83.3
86.7
95.5
95.5
96.5
93.6
72.2
-
-
76.9
Fertilizer materials
72.2
73.1
69.8
with
.3
Fertilizers.
79.8
79.8
79.9
75.9
farm
.3
Farm machinery
96.5
96.5
96.5
92.7
78.0
78.1
78.7
84.0
declining
100.0
All groups combined
pronounced
Wholesale
Commodity Prices Continued to Decline
During Week Ended Jan. 6, According to "Annalist"
another
price
in
the
the
commodities
series
included
preceding
second
to
week
preceding
move
in
the
there
week
rise
in
Index
steel
about evenly balanced, with
were
Higher prices for hides
miscellaneous
Declines
vances
in
in the food
advancing and eight declining; the net result
group
of
2,
10.8
with smaller recessions occurring in cotton and
drop in the index of textile prices took it to a new low
Price changes
in
index
Ago
1937
quotations,
A small
scrap.
1937
Year
Jan.
17.3
for the current decline; a rise in the
price of wool was more than offset
by declines in other fibers.
A fractional drop in the metal index resulted
from
Ago
.8
indexes
showing
reached
1937
Month
Dec. 4,
Livestock
1.3
group
generally
25,
Cotton
year ago
date
Week
Grains.
23.0
say:
index
level
same
77.0
Preced'g
Dec.
67.6
Foods
Cottonseed oil
fell from 78.1% in the
level recorded two weeks
it registered 78.7%
ago
to
on
25.3
oc¬
point reached in the past year and
Association's
3, went
farm
lowest
month
The
Three
the
the
which had
Last week the index (based
of 100%)
average
in the week
Fats and oils
1, canceling the fractional rise
1,
1938
Total index
price index compiled by the Na¬
Association
(1926-1928=100)
Canceling the Frac¬
Bears to the
The weekly commodity
2,886
15,615
* Previous figures.
tional Gain of the Previous Week, According to the
National Fertilizer Association
the
18
215
Louisville A Nash ville
Macon Dublin A Savannah....
on
6,271
1,405
16,799
14,206
Gulf Mobile A Northern.
Illinois Central System
Wholesale
.....
was
and cattle
a
Reporting that "the new year failed to bring about any
change in the downward trend of commodity prices," the
"Annalist" announced on Jan. 6 that "largely because of
sharp declines in certain liyestock prices, further reductions
in quotations for dairy products and losses in many food
items, the "Annalist" Weekly Index of Wholesale Commodity
Prices eased 0.2 of a point to 84.8, which is a new low for
slight upturn
feed
caused
the
upward.
index
were
there
outnumbered
24
were
declines
41
advances
and
declines
20
ad¬
and
23
advances.
I
146
It is
1937-38.
noteworthy, however, that declines during
the past month have been
sort of base is being formed."
The decline which has occurred in
has been unusually
irregular, indicating that some
In its announcement of Jan. 6,
Ithis
a
the futures
broad front.
Gains were not sensational,
greatly, but advances were scored in
hours affords
'
'Vi: -Y;;
Jan. 5, 1938
data
on
the diagram.
numerical count. As the diagram indicates,
between August and November,
was 15% as compared with 26% for the index of manu¬
there are other influences which create differences between
employee-hours index also declined
the
but the decrease
factures.
Tuesday,
Jan. 5, 1937
Wednesday,
Dec. 29. 1937
from
more
output does not lend itself to
,COMMODITY PRICES
Wednesday,
employee-hours worked, adjusted
This index of employeecomprehensive coverage of manufacturing activities,
industries such as the manufacture of machinery, where the
a
it includes
as
WHOLESALE
(1926=100)
"While
the two indexes, such as
technological changes in production
fact that fluctuations in
the
83.8
84.4
102.8
75.6
76.9
84.7
times
Textile products...
60.6 p
60.6r
81.7
index of manufactures at some
whole.
—
tot<overstate movements in
the field of manufacturing as a
'-'7 : •:--7'"-
88.5
91.3r
91.3
103.6
103.8
Metals
tends
for price changes)
I
Building materials
68.9 p
68.9
67.6
Chemicals
88.9
88.9
86.8
Miscellaneous
73.9
72.5 r
72.2
84.8
85 .Or
and where necessary
for seasonal variations, tor year-to-year growth,
(Adjusted
97.0
methods, and
employee-hours and output may not neces¬
sarily be proportionate, it appears that the
Farm products
Food products
Fuels..
declined from
November, the lowest point since the summer of
somewhat broader measurement of manufacturing
for seasonal variation, is also shown In
demand aided other items.
"ANNALIST" WEEKLY INDEX OF
THE
a
obtainable
operations
Foreign buying led wheat, corn and cotton higher,
while both trade and speculative
Another and
1935.
did volume of trading increase
virtually all items.
index of manufactures calculated
omit—Ed. 1 the seasonally adjusted
118 in August to 87 in
Some of the cheer so evident during the holidays crept into
nor
we
manufacturing operations since August
As is indicated in the accompanying diagram
rapid.
by the'Board of Governors of the Federal Reserve System
the "Annalist" also stated:
markets and prices rose on
181
Chronicle
Financial
Volume
91.8
Nov.,
Sept.,
Oct.,
Nov.,
1936
All commodities
1937
1937
1937
industrial Production—
Preliminary.
Revised.
r
52
106
103
79
98
110
108
97
145
135
79
96
124
62
106
101
92
86
Crude petroleum
86
98
97
Electric power
p
94
96
94
Cotton consumption
Wool consumption.
108
102
88
79
122r
84
58
49p
Shoes...
122
91
85 p
79p
Meat packing.
...........................
Tobacco products.............
108
82
86
84
95
93
95
76
59
63
62
150
206
143
121
97
102
100
95 p
93
88
88
80 V
Residential building contracts...
37
27
25 r
28
Non-residential building & engineering contracts.
64
44
46r
54
71
68
Steel
Copper.
......
Passenger
Motor
Commodity Stocks
Domestic
Sharply in
Increase
combined index of commodity
The
ment of
stocks compiled by
Current Business of the United States Depart¬
rose to 161.2 in November from 149.0
The breakdown of the figures into manufactured
Agriculture
in October.
goods and raw materials shows that the increase was almost
entirely in the latter classification, the former being prac¬
tically unchanged from the preceding month.
Raw material
.stocks in November were 196.2 in comparison with 175.3
Machine tool orders.w......-- .1
> 7 7:-777 7777>/' ■ 7 '
Employment—
81p
94p
90p
94
.
Employment, manufacturing, United States
Employee-hours,
92
manufacturing, United States.
Construction—
publishing this index today for the first time, as
apparent that there is now a widespread interest in
such data.
To provide basis for comparison we are showing
the monthly indexes since January, 1936.
Below are the
figures:
We
trucks....
Cement..
in October.
it
................ii...........
Bltumlnous coal
November
the Survey of
cars.
are
is
''"C-
^y■
Primary Distribution—
K'
74
Car loadings, merchandise and miscellaneous
78
Car loadings, other
87
85
80
73
Exports..
65
86
86
86p
Imports
88
88
82
84p
87
-
1023-25=100
.
Distribution to Consumer—
Combined Index
Department store sales, United States
Manufactured Goods
(Quantity)
pl61.2
135
pll2.7
104
pi96.2
132
112.5
103
175.3
153
131
121
110
101
146
136
111
109
109
102
112
October
September
-
August
-----
98p
98
98
99
93
Mail order house sales
95
93
93
82
97
107
117
78
Money Payments—
66p
37
40
Velocity of demand deposits, outside N. Y. City a
69
70
113
75
Velocity of demand deposits, New York City .a
55
45
47
159
156p
152p
243p
104
107
100
104
106
103
109
104
91
99
106
107
102
93
108
101
109
107
102
98
115
111
115
110
104
111
123
120
122
110
105
127
127
127
111
104
139
February
Bank
debits, outside New York City...
.
.
102
March
158
161
Cost of living. 6
147
153
220
241
p
_
—
144
*Not adjusted
for
price changes,
v
Canadian
Downturn
dustrial
a
of
Business
The New
York
Reserve Bank in
Federal
of Jan. 1, states that "except
for seasonal expansion in retail
trade, business volumes appear to have declined further
during December."
The Bank continued:
In
the
operations
steel
are
industry,
where
contraction
been especially rapid,
has
estimated to have averaged about 25% of capacity during
December, which is the lowest monthly average since the fall of 1934.
November steel mills
were
In
operating at 38% of capacity, and In December,
Assemblies of automobiles also declined in December,
1936 at 76J4%.
reflecting the well stocked position of dealers; cotton mill activity, despite
pick
up
in sales, was reported to have contracted further; and the usual
seasonal expansion in electric power
production failed to materialize.
the other hand, bituminous coal mining, apparently
On
in anticipation of the
price regulations effective Dec. 16, tended to increase during the early part
of the
month.
Railway freight
car
first half of December, while sales
area
loadings declined seasonally in the
of department stores in the New York
through Dec. 24 showed a gain of approximately the usual seasonal
proportions over November.
November
over
marked by a further contraction
was
trial production,
by
a
the railroads, and by a moderate recession
ment store sales
in the volume of indus¬
larger than usual decline in the movement of freight
in retail trade.
Depart¬
for the country as a whole were somewhat lower than in
October, and sales in the Second District increased less than usual.
sions from the previous month
Reces¬
also occurred in mail order house sales and
in the volume of check transactions
throughout the country, and sales of
chain stores other than grocery declined, contrary to the movement of the
past
few
years.
The seasonally adjusted index
sales, on the other hand, was higher than in
of
October.
automobile registrations indicate little change from
ber,
as
Steel
grocery
chain store
Preliminary data
Industry
Operations,
However,
Not
Noted
quite marked
industry.
of
that
General Manager of the Canadian Bank
Commerce, head office Toronto, announced on Jan. 6
"a
in
Scale of In¬
Lower Than
Year Ago
A. E. Arscott,
presenting its
monthly indexes of business activity in its "Monthly Review"
in
December, by A. E. Arscott,—General
in December
downturn is now noted in
(Canadian)
This change is not fully accounted for by
seasonal
influences, which usually have a slackening effect on
most
gradual
spread of the unfavorable developments of the past few
months, culminating in a hesitancy in forward buying and,
industries at this time of the year,
but reflects the
than half of the
the
decline, while at last extending in slight degree to the heavy
industries, has not gone so far as to lower the general scale
of industrial operations below that of a year ago."
Contining Mr. Arscott said:
in
turn
in
lessened
industrial field.
activity
over
more
It should also be noted, however, that
employment, the
Statistics, which
represents a wide employment reporting service, falling slightly on Dec. 1
for the first time in any corresponding period since 1932
"Exports during the September-November period, when world trade
conditions took an unfavorable turn, declined in value by only 1H % from
It
has
had,
however,
some
seasonally adjusted index
the
a
of
depressing effect
upon
of the Dominion Bureau of
As we have explained in former statements,
to be expected as a result
extraordinarily small supply of exportable grains and of a weak
preceding three months.
downturn in exports in the past autumn was
the
foreign market for Canadian
lumber.
But the record in this important
be considered as better than was
department of the national economy may
anticipated, having regard to the fact that grains
in
and lumber bulk largely
export trade."
October to Novem¬
compared with sharp increases in 1935 and 1936.
declined
production
by approximately
one-third in
November,
Electric
bituminous coal mining contracted more than ordinarily, and copper pro¬
duction and electric power output
also were lower than in October.
daily cotton consumption by textile mills was reduced 11% from
to
51913 aver¬
a 1919-1925 average=100%.
Preliminary,
r Revised.
aged 00; not adjusted for trend.
Activity of Federal Reserve Bank
of New York—Business Volumes Declined Further
on
44
Preliminary.
Indexes
a
72
243
General price level .&
134
v]
40p
'
153
Composite index of wages.6.
Marked
January
63 p
66
50
April
May
registrations
69
99
—...--_
passenger car
Bank debits, New York City
106
July
June.......
81
94
158
149.0
November.
82
94
150
108
132
December
89
82
99
New
1936
1937
1936
1937
1936
1937
89
92
Chain grocery sales
Other chain store sales.r.
Raw Materials
97
Department store sales, Second District....
Stocks of
Stocks of
Domestic Stocks,
November to the lowest point since September,
seasonal declines in the production
tobacco products.
October
1935, and there
were
of cement and in the manufacture of
A small increase occurred in the number of automobile
assemblies, but the gain was considerably smaller than in November of
either 1935 or 1936.
The dollar volume of machine tool orders, sustained
partly by foreign business, was reduced only
moderately between October
and November and shipments continued at a
high level.
Production
for
Week
The Edison Electric Institute has
Jan.
Kwh.
Ended
Estimated to Be 2,000,000,000
Average
1
1938
tentatively placed elec¬
light and power output for the week ended Jan. 1, 1938
at 2,000,000,000 kwh.
This is a decrease of 3.3% from the
corresponding week of 1937 which also contained the New
Year's holiday.
The final output figure for the week ended
Dec. 25 is 2,085,186,000 kwh.
The Institute statement
tric
follows:
Chronicle
Financial
182
the
INCREASE OVER PREVIOUS YEAR
PERCENTAGE
exception
workers
Week Ended
Major Geographic
Regions
Jan.
Week Ended
y
Southern States
November.
x7.1
which
xl.O
xl.O
x2,8
0.4
x0.5
2.5
1.4
0.1
0.2
Mountain
Rocky
x0.8
x6.8
x3.3
Pacific Coast........
hut
11.4
2.5
RECENT
FOR
DATA
Adjusted to include holiday conditions both years.
y
(THOUSANDS
WEEKS
OF
KILOWATT-HOURS)
l'er Cent
Change
1936
1937
Week Ended
1937
1935
1929
1932
from
1936
the
9
2,280,065
+ 5.1
Oct.
16
2,276,123
2,168,487
+ 5.0
1,867,127
23........
2,281,636
2,170,127
+ 5.1
1,863,086
1,506,219
1,507,503
1,528.145
1,806.40-
Oct.
Oct.
30
2,254,947
2,202,451
2,166,656
+ 4.1
1,895,817
1,533,028
1,824,163
2,175,810
+ 1.2
2,169,480
+0.3
+ 2.5
1,897,180
1,913,684
1,938,560
1,525,410
2,176,557
2,224,213
1,531,584
1,815,740
1,798,169
1,793,584
Oct.
6
Nov.
....
Nov. 13.
+ 5.5
1,499,459
1,777,854
1,819,276
1,798,633
1,520,730
2,065,378
2,169,715
2,196,175
—6.0
1,953,119
1,475,268
1,818,164
2,152,643
2,133,511
+ 0.9
1,718,009
2.243,916
—2.1
1.876,684
1,969,662
1,510,337
2,196,105
1,518,922
1,806,222
18
2,202,200
2,278,303
—3.3
1,983,431
1,563,384
1,840,865
25
2,085,186
2,274.608
2,002,005
1,554,473
1,860,021
I;.*..***.- x2,000,000
2,080,954
1,847,264
1,414,710
1,637,683
Week
Ended
Nov. 20...-..-.
Nov. 27....
Dec.
4
Dec.
ii
Dec.
Dec.
:...
....
1938—
Jan.
-
'
«•
»
Subject to correction.
*
Weekly
of
Report
Lumber Movement,
Dec. 25, 1937
industry during the holiday week ended
stood at 34% of the 1929 weekly average of
production and 35% of average 1929 shipments.
December
is always the lowest month of the year in lumber output
and movement.
reported
much
For the
orders
new
curtailed
due
third
to
consecutive week
above
were
shutdowns.
since
May
which
production,
year-end
aluminum
was
week's
The
current
however,
decrease,
exceeds,
in
shown
those
1920),
with
any
index
interval
manufacturing
of
November.
of
and
number
similar
a
The
1936.
sharply
decreased
payroll
reported
decreases.
manufactures
most
industry
pronounced
losses
industries reporting declines
however,
the
business
of
the
in
resulted largely
gain
employment
of
were
the
Among
the
in
from
resump¬
accentuated
were
industries
which
in
recessions
in November were
(22.8%), milli¬
(36.9%), radios and phonographs
preserving
slackening
by
seasonal
contributing to the sharply reduced forces
canning and
manufacturing
81
In many instances,
seasonal nature.
a
curtailments
seasonal
usual
activity.
factors
were
both the durable and
in
operations following the settlement of labor difficulties.
of
The
Dec. 25, 1937,
The
non-durable goods
groups,
the decline in the durable goods group being 5.3% and in the
non-durable
goods group.
6.1%.
In the latter group, employment in
November, 1937, was 5.8% below the November, 1936, level, while in
the durable goods group employment was 1.4% above the level of Novem¬
ber, 1936.
The November, 1937, employment index for the durable goods
group
(92.3) indicates that for every 1,000 workers employed during the
index-base period (1923-25 equals 100), 923 were employed in November,
1937.
In the non-durable goods group there were 973 workers employed
in November, 1937, for every 1.000 employed during the index-base period.
Among the eight manufacturing industries reporting employment gains
between October and Novemlier, with the exceptions of the gains of 11.4%
in
the
silverware
and
plated ware industry and 18.0% in aluminum
manufactures, the expansions were relatively small.
In the silverware and
plated ware industry, the expansion was primarily seasonal, while in the
tion
lumber
Tlie
f
1937,
level
month
the
Employment
1,857,470
1,863,483
2,275,724
jobs
from
earners
decline.
November,
below
over
2,157;278
2,169,442
2
Oct.
November indi¬
in
wage
employment (94.7) is
November, 1937, payroll
index
(89.3) is 1.5% below the level of November of last year (90.7).
These comparisons indicate 183,000 fewer wage earners employed in
fac¬
tories
in November,
1937, than in November, 1936, and .-52.800,000 less
disbursed in weekly wages than in the corresponding month of last year.
The declines in
factory employment were widespread.
Eighty-one of
the 89 manufacturing industries surveyed reported losses in employment
x2.1
2.3%
Decrease,
*
factory
in
preceding
factory payroll decrease is considerably in excess of the
The
November
usual
The
x3.3y
Total United States.
of
factory employment are normal in
shown
in
14 of the past 18 years for
(November,
exception
November.
480,000
been
have
number
in
gain
employment
manufacturing
than
small
a
interval.
Declines
available.
are
which
in
month
in
more
interval.
Decreases
data
one
.
of
firms,
the
over
5.8%
of
release
xl.O
2.1
x5.0
Not
Available
brokerage
month
the
2.1
-
j
_
decline
the
cates
over
of
noted
was
x2.8
Middle Atlantic
Central Ind ustrial....
West Central
The
11, 1937
xll.5
*7.8
x4.0
New England
Dec.
Dec. 18, 1937
Dec. 25, 1937
1, 1938
Week Ended
Week Ended
Jan. 8, 1938
(15.3%), stoves (15.9%), woolen and worsted goods (12.7%), men's
(12.2%), sawmills (10.0%), women's clothing (10.2%), and
nery
clothing
and
boots
shoes
(10.4%).
reported production was 17% less than new business booked
and about
the
same
reported shipments.
Reported pro¬
duction, shipments and orders were all below the preceding
week and below the corresponding week of 1936.
Lumber
production and shipments in the year 1937 were loss than
2% above 1936, as reported weekly to the National Lumber
Manufacturers
Association
regional
by
associations repre¬
senting the operations of important hardwood and softwood
mills.
Cumulated new orders in 1937 were 10% lielow the
1936 record.
National
fewer
week;
20%
was
shipments
12%
were
Dec.
The Association's report further discloses:
production reported for the week ended
mills
1936
below
below
week's
shown
shipments
orders.
37%
below
orders
During the week
feet
booked
orders
of
Mills,
were:
feet;
in
corresponding
below
158,786,000
California
similar
1936
mills
same
mills.
541
mills
1937
and
shipments
;
orders were
new
produced
feet;
Western
pine
ended
production.
those
of
year's
Northern
and
All
all
and
reported
pine
Southern
except
week
of
softwood
production
reported
except these
all
regions
corresponding
week,
pine
Northern
all
1936;
but
regions
below
that
of
Shipments
above
from
for the week ended Dec.
135,614,000
as
reported
production.
97
hardwood
53% below production.
4,916,000 feet,
feet,
the
for
Production
mills
give
Shipments
1937, by
25,
wag
461 soft¬
110,847,000
were
4,411,000
as
for the
Production
feet,
week
were
same
was
9,378,000 feet.
Identical
week's
feet, and
a
110,242,000
feet
and
production of
year
it
ago
feet
and
212,829,000
was
453
Mill
Reports
identical softwood
128,660,000 feet;
155,187,000
feet,
and
105,340,000
were,
respectively,
received,
134,963,000
shipments
orders
was
feet.
pipe,
(3.8%),
goods
cotton
furnaces,
Blast
importance were:
rail¬
steam
textile
wares,
machinery
apparatus and
and
automobiles
and
parts,
brass-bronze-eopper,
typewriters,
and
stamped
shoes
and
the
which
over
tires.
the
Converting
in
(4.5%),
enameled ware, brick-tile-terra cotta, cotton small
leather, fertilizers, rubber boots and shoes, and rubber goods other
jewelry,
above
percentages
largest number of
the
month
the industries
released from employ¬
into aggregate figures,
wage
interval
earners
the
and
were
decline
estimated
number
in
of
blast
furnaces,
steel works and rolling mills (35,700), sawmills (25,400), men's clothing
(23,000), hoots and shoes (20,000), foundry and machine-shop piroducts
(19,800), women's clothing (19,700), cotton goods (15.900), woolen and
worsted
goods
(15,500).
electrical
machinery,
apparatus and supplies
(14,700), radios and phonographs (1'3,400), furniture (12,800), silk and
rayon
goods (8,800), knit goods (8,700), steam railroad repair chops
(8 100), stoves (8,100), making
(5,600), paper and pulp (4,900), auto¬
mobiles (4,800), brass-bronze-copper (4,700), brick-tile-terra cotta (4,700),
earners
ware
(4,300).
generally
of
in
creases
pronounced than the employment decreases, due principally
more
were
number
operating
reduced
States
the
for
weekly
payrolls
industries
11
and
enameled
(57,400),
preserving
and
practically all instances the payroll declines in manufacturing indus¬
In
tries
in
Canning
were:
and stamped and
(boots
clothing,
ranging
and
millinery,
preserving),
shoes,
shown
in
the
carpets
small
wares,
shutdowns
plant
and Election
and
rugs,
phonographs,
and
in
a
De¬
Day.
iron
heating,
and
women's clothing,
stoves,
16.6% to
from
losses ranging
hot-water
and
cotta, cotton
terra
to
from 20.0% to 42.3% were reported
woolen and worsted goods, wirework,
bolts-nuts-washers-rivets,
steam
supplies,
and
Day holiday
mills,
radios
payroll
and
schedules
Armistice
furnaces-steelworks-rolling
men's
mills
major
(7.5%),
machinery,
shops
Employment
cast-iron
blast
Last
industries of
supplies (5.5%), foundries
(0.9%).
decreases ranging from 6.1% to 9.4% were shown in
iron
and
steel
forginge,
steam
and hot-water heating
electrical
machine
apparatus,
to
106,513,000 feet.
business
reported
as
week
same
new
48% below production.
or
(3.0%),
and
27% above the production of the
or
issued by the De¬
announcement
an
repair shops
wage
25,
the
from
(3.1%). baking (2.5%), knit goods (4.1%), paper and
(3.4%), furniture (8.6%), silk and rayon goods (9.2%), petroleum
refining (1.7%), glass (3.0%), chemicals (4.1%), dyeing and finishing
for the preceding week
and
Dec.
the
pulp
ment
132,059,000
in
of
rolling mills
and
works,
road
shipments,
feet;
is
declines in
Other
steel
115,891,000
115,763,000
shipped
Revised figures
the week
last
reported
totaled
4%
or
Reports
ended
conditions
industries
partment of Labor:
orders
week.
Lumber orders
wood
and
1936
of
week;
same
145,673,000
below
below
redwood
week
combined;
feet.
orders below
shipments
the
and
States
United
employment
non-manufacturing
regarding
following
manufacturing
than
1937,
25,
Coast,
shipments
reported
reported
new
week
week;
in
feet.
West
production in
reported
cypress
Dec.
softwoods
production,
;
regions but
three
feet,
and
that
preceding
of the
week.
1936
140,025,000
546
orders,
All
orders
the
ended
hardwoods
of
of
1937, by 1%
25,
by softwood mills reporting for both
output
of
Dec.
figure)
Production
29% below last year's shipments of the
were
or
12%
that
was
18%
as
below the output (revised
were
below
25, 1937,
The
as
steel
and
forgings,
sawmill,
typewriter,
canning
19.9%
were
plumbers'
brick-tile-
and silk and rayon goods industries.
Approximately 86,000 fewer workers were employed in the combined
Industrial
Employment
in
United
States
During
November
Decreased
570,000 as
Compared with
October—Payrolls $25,900,000 Smaller, According
to Secretary of Labor Perkins
On
tlie
basis
of
data
made
available
by
approximately
125,000 important establishments to tlie Bureau of Labor
Statistics, United States Department of Labor, it is esti¬
mated that nearly 570,000 fewer workers were
employed in
November than in October in the combined manufacturing
and
non-mannfacturing industries surveyed and
weekly
wage disbursements were $25,900,000 smaller, Secretary of
Labor
Frances Perkins announced on Dec. 22.
"Aggregate
employment in these combined industries in November, 1937,
was at approximately the same level as in
November, 1936,
the yearly comparison showing about 4,000 fewer workers
employed in November, 1937," she said.
"Weekly payrolls
were $11,000,000
greater in November than in the corre¬
sponding month of last year."
In
addition
to
the
non-manufacturing
Secretary Perkins added:
sharp decline in factory employment, each of the 16
industries surveyed reported employment declines, with
16
the preceding
month, and weekly payrolls were estimated to be $3,900,000 lower.
Employment in
retail
trade establishments decreased 0.5% between
October
and
November,
indicating 19,400
fewer workers emploved
in
non-manufacturing
industries
November
the
sion
than
retail
in
in
trade
surveyed in November than in
preoeding
month.
employment
shown
This decrease is the first reces¬
from
October
to
November since
the preceding five years being
23,800 workers.
The general merchandising group of retail establishments,
which includes department, variety, general merchandising stores and mail
order houses, expanded their forces as is customary in November, employ¬
ment rising 1.7% over the month interval.
Other lines of retail trade in
which gains of a seasonal nature were shown included furniture, jewelry
and cigar stores.
Employment in retail food stores showed a slight gain
(0.1%).
Substantial
declines, seasonal in character, were reported in
lumber
and building materials
(3.6%), and wood-coal-ice (6.6%), and
smaller losses were reported in the automotive group
(1.3%), and drug
1932,
the
stores
November
gain
(0.7%).
average
over
(10.1%)
the
shipping season on the Great Lakes.
Employment in the
private building construction industry continued to recede in November,
reflecting seasonal curtailment.
Reports received from 9,114 contractors
showed a decrease of 7.3%.
The declines of 6.7% in dyeing and cleaning
Metalliferous
over
close
the
of
month
ore
mines
reported
a
sharp
decline
in
employment
interval, due primarily to poor market conditions and
Volume
plants
6.4%
and
coal
in
the
and
seasonal
2.1%,
MANUFACTURING
the
and
power,
Manufacturing Industries
a
shown
the
in
The
below
current
index for November, 1937 (94.7), stood 2.3%
November, 1936, level (96.9), and the November, 1937, index
the
goods
Non-durable goods
1.5% below that of November, 1936 (90.7).
manufacturing industries surveyed reported increased
employment or larger payrolls.
Employment in the silverware and plated
ware
industry showed a gain, primarily seasonal, of 11.4%, and plants
manufacturing aluminum products reported an increase of 18.0%.
In the
remaining six industries reporting gains in number of workers (beet sugar,
slaughtering and meat packing, cane sugar refining, chewing and smoking
tobacco, cigars and cigarettes, and fur-felt hats), the increases ranged
from 1.9% to 0.1%.
Canning and preserving establishments reported 36.9% fewer employees,
radio and phonograph factories reduced their forces
22.8%, firms manu¬
facturing stoves reported a decline of 15.9%, millinery firms showed a
decrease of 15.3%, and woolen and worsted goods mills reported 12.7%
fewer workers.
The men's and women's clothing industries reported em¬
the
of
Eight
89
of 12.2% and 10.2%, respectively, boot and shoe estab¬
lishments reported a drop of 10.4%, and sawmills, a decrease of 10.0%.
Decreases in employment ranging from 7.1% to 9.4% were reported in
rubber boots and shoes, cotton small wares, blast furnaces-steel workslosses
ployment
leather, stamped and enameled ware, furniture, iron and
forging3, brick-tile-terra cotta, silk and rayon, and steam and hotmills,
rolling
steel
water
more
were
Other industries in which declines of 5.0% or
October
to
November were bolts-nuts-washers-
heating apparatus.
from
shown
ornamental ironwork, tools, wiresupplies, textile machinery and
parts, typewriters, brass-bronze-copper, millwork, shirts and collars, butter,
ice
cream,
cottonseed oil-cake-meal, fertilizers, and rubber goods
(not
shoes
including
or
and
apparatus
electrical machinery
work,
and
structural
pipe,
cast-iron
riveta,
tires).
industries reporting declines were hardware
(3.3%), foundries and machine shops (4.5%), steam railroad repair shops
(3.1%), cement (3.4%), glass (3.0%), cotton goods (3.8%), knit goods
(4.1%), baking (2.5%), confectionery (4.2%), paper and pulp (3.4%),
chemicals
(4.1%), petroleum refining (1.7%), rubber tires and tubes
(4.8%), and automobiles (.09%).
Indexes of factory employment and payrolls are computed from returns
remaining
the
Among
establishments in 89 manufacturing industries.
The base used in computing these indexes is the three-year average, 1923-25,
taken as 100.
They have not been adjusted for seasonal variation.
Re¬
ports were received in November, 1937, from 22,808 manufacturing estab¬
lishments employing 4,226,990 wage earners, whose weekly earnings during
the pay period ending nearest Nov. 15 were $100,988,584.
The
following tabulation shows the percentages of change in the
Bureau's general indexes of factory employment and payrolls from October
by representative
supplied
to
November
each of the
in
19 years,
1919 to 1937,
not
Cutlery
Year
Year
crease crease
Year
crease crease
crease crease
1920
1921
;
1924
1922..
1923..
0.4
1934..
1936..
2.3
2.2
»■_
7.5
2.0
1924..
1925..
Plumbers' supplies
Steam
t
hot-water
and
1927..
5.8
1937..
Machinery,
the
and
index
numbers
earlier years
the
for
non-manufacturing
is not available from
General
Information
for
......
merchandlslng.
...
Radios and
light
and
!
P. C. Change from
A malnt.
Mining—Anthracite
Bituminous coal
-
74.3
81.6
65.5
95.8
100.8
107.8
92.2
97.0
93.5
90.4
100.7
97.6
187.2
174.6
158.6
202.3
173.0
128.9
111.4
120.9
134.2
105.6
150.5
93.2
182.6
203.5
102.0
136.3
119.5
141.1
148.4
111.6
113.4
124.8
96.8
106.0
110.4
97.0
120.0
113.5
93.3
157.7
127.8
158.0
170.3
124.4
200.5
210.6
122.7
165.5
169.4
74.0
70.3
80.9
67.4
106.0
128.4
134.4
118.8
129.9
113.4
751.1
646.4
688.7
723.0
Automobiles..
132.7
784.0
133.9
552.9
Aircraft
128.3
124.2
138.3
125.8
66.3
67.9
57.5
83.9
82.5
57.6
61.6
64.1
40.5
51.4
56.0
28.2
105.4
106.8
97.4
120.0
124.4
97.3
57.3
59.0
60.6
62.9
64.9
65.2
63.0
63.3
63.3
68.2
68.0
56.9
58.7
60.4
62.6
64.9
65.4
108.9
112.7
110.0
100.5
109.9
102.0
123.5
104.7
118.8
127.8
115.9
114.9
—
Cars, electric & steam-railroad.
Locomotives
.....
.....
Shipbuilding
Railroad repair shops
Electric railroad..
Steam railroad
Non-ferrous metals A their prods.
Alumlnum manufactures
Clocks
Nov.,
Nov.,
Oct.,
112.9
92.4
106.7
103.8
127.5
120.5
124.3
132.7
121.9
100.0
106.4
100.7
78.8
89,4
78.0
96.0
100.1
97.2
97.6
101.4
97.0
90.1
recording devices
Jewelry
113.1
80.8
73.8
82.5
80.7
88.6
92.1
79.4
84.6
90.9
70.0
141.1
154.0
156.0
135.5
156.4
155.0
63.2
69.4
67.8
54.9
65.3
60.8
105.9
i
and time-
watches
and
—
Lighting equipment
Silverware and plated ware
Smelting and refining—Copper,
lead, and zinc
Stamped and enameled ware..
Lumber and allied products
1936
1937a
1937
1936
79.4
86.8
88.3
65.5
76.8
77.6
54.3
53.4
45.9
51.7
49.6
47.3
52.6
49.9
40.3
49.4
42.7
68.2
71.4
67.3
63.7
69.6
61.1
50.0
49.6
36.8
44.2
41.1
63.1
Lumber:
Millwork
—
Sawmills
Stone, clay, and glass products..
Brick, tile, and terra cotta
45.4
!
66.8
.
64.2
67.6
72.2
109.9
97.6
111.0
119.2
99.4
42.3
43.4
43.3
34.7
37.8
34.2
76.8
-
69.2
106.7
-
78.6
77.0
70.0
72.9
67.1
98.8
104.8
71.3
84.2
.... ...
—
granite, slate A other
Non-Durable Goods
91.9
'
91.9
98.8
71.0
81.0
86.7
88.7
94.3
49.4
64.2
89.6
90.2
93.8
99.5
75.8
85.1
"87.9
—
Carpets and rugs..
91.0
103.6
96.8
97.8
112.2
117.8
89.0
94.6
100.6
83.0
82.7
61.4
62.0
68.0
111.6
116.3
121.0
111.6
122.8
124.2
68.4
Hats. fur-felt
98.4
108.9
83.1
Knit goods
75.4
.
51.7
62.4
63.8
41.9
52.8
66.1
68.8
87.0
84.6
59.7
68.4
112.1
116.0
90.9
103.5
106.5
61.3
80.2
79.3
135.0
150.4
158.1
84.6
110.1
102.7
87.9
89.7
90.4
83.1
87.3
88.1
130.7
135.9
143.0
103.3
111.8
125.5
.......
Men's furnishings
44.1
Shirts and
collars
Leather
...
47.8
27.2
35.5
31.2
120.7
124.7
102.4
112.5
116.4
80.7
-
Leather and Its manufactures
Boots and shoes
52.0
114.3
Millinery
89.5
89.0
54.5
66.3
67.3
58.7
58.2
82.6
89.6
98.4
82.4
95.0
100.8
114.3
125.0
114.1
115.7
125.0
108.3
81.3
v.
Food and kindred products
90.7
87.8
135.0
138.4
133.0
130.3
137.3
120.4
194.0
202.7
183.0
212.3
222.4
191.3
82.0
86.4
82.0
66.6
70.3
65.1
117.2
185.9
113.1
108.3
187.7
98.2
91.5
95.5
91.9
89.3
98.4
84.6
76.2
76.9
74.7
77.0
80.9
65.0
68.8
62.2
61.7
63.9
90.5
89.4
96.9
102.3
100.1
257.8
-
Butter
—
Canning and preserving
Confectionery
-
-
253.0
273.6
276.4
224.3
268.8
68.8
68.0
64.5
64.2
58.6
62.6
65.9
57.2
57.9
54.8
56.7
56.2
57.1
63.8
68.2
62.1
+ 7.5
—0.8
+ 7.4
109.9
+ 1.7
+ 0.6
97.3
+ 1.2
+ 6.5
86.8
—1.3
+ 2.0
70.7
—1.4
+ 7.6
Paper and pulp
1.2
+ 4.1
104.4
—0.3
97.3
+ 0.2
71.8
—
—0.8
56.4
101.6
105.1
98.6
106.2
102.7
108.9
108.8
113.3
117.3
111.9
105.4
116.7
104.5
98.9
95.6
93.0
92.6
periodicals.
products.
petroleum refining
than petroleum refining.
87.6
107.1
107.5
105.3
106.3
107.3
101.8
73.2
+0.6
50.5
—0.9
—1.9
45.1
—11.6
126.5
119.7
132.0
137.5
126.7
119.4
129.5
116.1
113.3
135.2
130.0
141.6
150.6
127.5
Cottonseed—Oil, cake & meal
119.5
127.1
103.6
111.0
118.9
83.1
Druggists' preparations
+ 12.1
—1.0
—0.3
77.9
—9.5
—3.5
112.1
114.8
105.9
124.9
128.9
112.7
95.4
97.3
95.4
106.6
110.5
70.8
—13.3
+29.7
42.1
—14.7
—3.2
Fertilizers
Crude petroleum
—
Explosives
—5.2
77.3
—0.1
+ 5.7
69.5
—0.6
+ 15.6
Paints and
Hotels (year-round)
89.0
—0.2
+ 5.2
b77.5
—0.2
+ 11.4
Laundries
88.0
—2.1
+ 1.2
79.1
—2.9
+ 6.2
Dyeing and cleaning
79.6
—6.7
—2.1
62.7
—12.2
c
c
c
69.8
78.3
83.2
63.1
125.3
125.2
134.1
116.8
374.0
387.5
364.0
360.3
374.9
298.2
99.9
102.8
102.5
115.5
121.1
101.6
125.7
121.1
140.3
142.3
119.1
92.1
97.7
100.0
83.3
94.3
101.2
71.9
77.5
79.9
62.1
70.4
69.2
shoes, tires, and inner tubes.
128.3
137.3
135.6
122.0
139.5
130.5
Rubber tires and Inner tubes..
+ 0.7
d
—7.3
—4.7
c
+ 1.0
+ 4.1
—2.1
+ 1.7
c
+ 1.2
+ 4.8
—5.2
c
—9.1
82.8
87.0
90.9
74.9
84,3
98.9
1929 base, d Less than 0.1 of 1%.
-
Petroleum refining..
Rubber products
*
Rubber boots and shoes.
Rubber goods, other than
+ 3.7
b Cash payments only; value of board, room, and tips cannot be
Data are not available for
80.5
131.6
123.6
Rayon and allied products.
Insurance
98.3
75.5
127.7
—
varnishes
Soap
Services:
Brokerage
114.7
122.4
129.6
Chemicals
+3.1
82.1
allied
and
122.1
and
Other
j'
—
Job
Newspapers and
+ 13.7
-
53.9
66.9
105.0
Printing and publishing:
—
Paper and printing
Chemicals
56.6
63.3
104.8
98.5
Boxes, paper
107.9
103.5
—1.0
75.3
63.7
106.4
Cigars and cigarettes
78.5
+ 13.8
99.8
69.3
and smoking tobacco
+ 4.2
—1.5
70.4
56.3
.
63.1)
Sugar, beet
+ 1.7
92.9
47.0
-
Beverages.
—0.5
+ 7.1
78.3
80.0
83.8
101.1
Woolen and worsted goods.
Chewing
87.2
86.9
87.1
Fabrics
—0.5
—1.2
71.6 ;
51.1
Furniture
Tobacco manufactures
Nov.,
1937
78.9
65.5
124.6
Brass, bronze & copper products
+ 18.6
73.2
115.0
—6.4
c
79.1
100.8
139.0
—10.1
computed,
102.9
82.8
74.6
Preliminary,
65.9
94.2
122.7
49.9
a
66.6
147.9
Quarrying & non-metallic.
Building construction
53.4
65.1
121.2
Transportation equipment
Metalliferous
producing
73.7
114.6
,
77.3
Sugar refining, cane..
Oct.,
Electric railroad and motor
bus operation
73.5
108.3
138.4
Ice cream
Payrolls
power
and manufactured gas..
63.3
154.9
phonographs
Typewriters and parts.....
Public Utilities:
Electric
76.2
154.3
Textile machinery and parts.
Book and
Telephone and telegraph
63.6
105.4
Foundry & machine shop prods.
Baking
Other than general mer-
cbandlslng.
85.8
133.9
Machine tools..........
and snuff-.
;
93.6
82.5
159.4
91.6
Retail
106.2
S5.9
153.5
93.5
Trade—Wholesale
58.3
114.5
118.2
Wearing apparel
Index
a
67.6
99.4
152.5
Slaughtering and meat packing.
1937
56.1
91.6
119.3
Flour
Nov.,
80.4
64.4
94.4
145.9
10.8
PAYROLL TOTALS IN NON-MANU¬
FACTURING INDUSTRIES NOVEMBER,
1937 AND COMPARISON
WITH OCTOBER, 1937, AND NOVEMBER, 1936
P. C. Change from
85.8
71.6
112.7
Silk and rayon goods
the Bureau's records:
Index
89.8
Engines, turbines, tractors, and
water wheels..'..
1.0
INDEXES OF EMPLOYMENT AND
Industry
47.8
103.0
Corsets and allied garments.
Employment
88.6
46.3
Electrical machinery, apparatus
and supplies
...
with indexes of employ¬
industries.
96.9
42.8
144.1
'
for November,
payrolls
78.7
65.6
trans¬
Cash registers, adding machines
and calculating machines
1.9
1937, where available, and percentage
changes from October, 1937, and November, 1936, are shown below.
The
12-month average for 1929 is used as the index base, or 100, in computing
ment
80.6
62.1
121.4
Including
not
portation equipment
Agricultural Implements
Non-Manufacturing Industries
industries surveyed,
84.8
177.3
Clothing, men's
Clothing, women's..
non-manufacturing
16
105.0
91.8
machine tools, flies and saws)
2.4
-
"
95.8
118.9
74.8
Wlrework
No change.
The
106.8
92.8
98.6
work
Dyeing and finishing textiles.
1937..
85.6
107.7
Tools (not including edge tools,
Cotton goods
3.0
--
99.3
117.5
Structural & ornamental metalTin cans and other tinware
Cotton small wares
1934..
3.5
..
1928..
105.8
91.0
4.0
1930..
92.9
66.5
Stoves
6.6
"met,
1935..
98.2
heating
apparatus and steam fittings.
6.5
X
88.9
89.7
Hardware
1933..
1.6
_
X
103.3
65.4
1932._
■
103.6
88.2
and edge
tools
5.4
3.2
_
1926..
0.2
7.3
1931..
4.2
88.9
91.3
and plated cutlery),
crease crease
1930..
1.2
-V
0.7
>
0.0
--
._
..
1935..
1.7
—
1927
x
1.2
4.0
0.3
..
1928
1921
1931..
-
1.2
..
1926
3.5
1933..
'
1.8
..
1925
1920..
1932..
0.1
..
..
1923
3.7
m
_
101.7
80.5
Forglngs. Iron and steel
products
Year
89.6
De¬
1929..
4.4
1919..
1930..
6.0
..
1922
3.9
1929..
1.1
..
91.0
silver
Textiles and their products
1919
90.7
97.5
58.0
including
(not
Pottery
In¬
100+
98.2
Cast-iron pipe...
Payrolls
De¬
In¬
De¬
In¬
De¬
1936
89.3
108.7
rolling mills
Marble,
Employment
Nov.
1937
96.9
Blast furnaces, steel works, and
Glass
In¬
Oct.,
100.5
products,
including machinery
Cement
inclusive:
1937
Durable Goods
Iron and steel and their
factory payrolls (89.3) was
of
Nov.
97.3
Durable
Bolts, nuts, washers, and rivets
year.
employihent
factory
1936
a
92.3
All Industries
declined 5.8% from October to November, and
weekly payrolls fell 10.8% over the month interval.
While decreases in
factory employment between October and November have been shown in 14
of the preceding 18 years for which data are available, the current decline
was
much more pronounced
than seasonal.
Factory payrolls have also
decreased from October to November in 14 of the 18 preceding years,
but in none of these instances was the decline as pronounced as that
Payrolls
Nov.,
Oct.,
1937
94.7
employment
Factory
Nov.
1937
v
.
IN
INDUSTRIES
Employment
1% to 1.2%.
Manufacturing Industries
PAYROLLS
1923-1925=100.0)
(Three-Year Average
producing, telephone and telegraph, electric
electric-railroad and motor-bus operations and mainte¬
hotels, and insurance) ranged from less than 0.1 of
wholesale,
nance,
reflected
forces
AND
EMPLOYMENT
OF
NUMBERS
INDEX
(anthracite and bituminous
surveyed
industries
mines
working
their
decreased
remaining
non-metallic
and
quarries
183
Chronicle
crude petroleum
mining,
light
in
Laundries
recessions.
declines
Financial
146
a
boots
November, 1937, Indexes preliminary, subject to revision.
Financial
184
Its Products—United States-Mexican
Abrogated—President Cardenas Demands
Royalties—Stay Granted in Wage Increase—Crude
Oil Output Off 56,000 Barrels in Week—New Agree¬
ment Provides Outlet for Venezuelan
Oil—Inter¬
state Oil Pact Commission to Meet Jan. 18
and
Petroleum
Oil Pact
Jan. 8,
Chronicle
agreement of 1928, assuring certain
operating in Mexico, was
the first day of the new year when President
rights for Americanjoil companies
abrogated
on
Cazaro Cardenas, in his annual message to the Mexican
apparently
by the end of Cardenas' term
are
Co.)
1.35
1.40
Mld-Cont't, Okla., 40 and above... 1.30
Rodessa, Ark., 40 and above
1.25
Smackover. Ark.. 24 and over
0.90
Western Kentucky.......
and firms that remain will have
Observers believe that the
to drive
a
Mexican Government has sought
This follows since around mid-November the
British controlled Mexican Eagle
proved rich Poza Rica fields in
return for royalties up to 35%.
American companies have
no such proved fields.
The first movement of tolerance by the Mexican Govern¬
ment in its controversy with foreign oil companies developed
on Jan. 6, when the Federal Board of Conciliation and Arbi¬
tration granted a suspension of the economic clauses of its
recent decision decreeing that the companies must lift wages
by 26,(X)0,000 pesos annually.
However, the Board was
not so lenient on another front, ruling that the companies
must immediately pay the 1,500,000 pesos in wages claimed
by workers for the duration of their two weeks' strike in
companies.
Government allowed the
Oil Co. concessions in the
May-June.
Companies affected filed objections with the Labor Board,
denying its authority to rule on a temporary injunction and
reserving all rights to proceed in the proper legal manner.
During the past six months 15,000,000 acres of petroleum
lands in Mexico have been declared national reserves and
placed under the recently formed National Petroleum Ad¬
ministration, the official newspaper "Nacional" declared
Jan. 6.
■»
production for the country as a whole slumped
sharply in the week ended Jan. 1, nullifying the expansion
registered in the immediately preceding week.
Output for
the week under review aggregated 3,346,600 barrels, a drop
of 56,000 barrels, which contrasted with the Bureau of Mines
calculation for December of 3,491,300 barrels.
All major
Crude oil
1.09
1.42
1.22
1.22
1.42
2.10
Mont
Sunburst,
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Canada..
Petrolla.
IN
STOCKS
THAN
MORE
IN
1.35
OPERATIONS UP 2%—COASTWISE
SHOW
WEEK
YEAR—REFINERY
A
TANKER RATES LIFTED
TO NEW HIGH FOR MOVEMENT
unwieldy situation in gasoline inventories this week
plague optimistically-inclined refiners.
Due prin¬
cipally to activity of refiners in turning out fuel oil, finished
and unfinished stocks of gasoline during the week ended
Jan. 1, rose 2,854,000 barrels to a total of 77,291,000 barrels,
the sharpest weekly expansion in more than a year.
The
total inventory brings the aggregate 15,000,000 barrels above
the figure at this time a year ago and if the increase continues
at this rate the 1937 peak of 90,000,000 barrels will be ex¬
ceeded when the high consumption period is entered early
An
to
arose
wedge between British and American Petroleum
.....
RISE
SHARPEST
$1.27
Central Field, Mich
PRODUCTS—GASOLINE
REFINED
to be largely liquidated
Government terms.
to meet
shown)
52.20 Eldorado. Ark., 40..
1.25 Rusk, Texas, 40 and over
1.27 Darst Creek
--
Corning, Pa
people, announced that United States petroleum companies
can hold their concessions only if they agree to pay royalties.
American landowners
at Wells
Crudes per Barrel
Prices of Typical
(Ail gravities where A. P. I. degrees are not
Bradford, Pa
Lima (Ohio Oil
Ltd..
price slashes.
Illinois
The Morrow-Calles
Imperial Oil Co.,
American Oil and
British
cents.
followed the
1938
in
April.
Runs of crude oil to refineries during
Petroleum Institute,
to the American
the week, according
75,000 barrels to
rose
average of 3,320,000 barrels.
The capacity of operations
spurted 2 % to 80.6 %.
Last year at this time runs amounted
to slightly more than 3,000,000 barrels.
It was learned early in the week that oil tanker rates in the
coastwise trade were lifted another notch to attain a new
an
The Castana has been
peak for the current movement.
while
fixed at 39 cents fuel oil, end of January shipment,
Huguenot is reported tohave been fixed to carry crude oil
from the Gulf to North Hatteras at prices ranging from 36
to 40 cents a barrel, according to gravity.
The Malabar also
the
reported to have been chartered to transport crude oil at
prices ranging from 35 to 39^ cents a barrel.
Mild weather prevailing throughout the country, par¬
ticularly in the East, has had mixed effects on the refining
trade. ~ Movement of motor fuel into consumption has
shown a noticeable improvement and prospects of price re¬
ductions in this field are lessened.
Demand for the various
is
grades of fuel oil has slumped because of the absence
of cold
weather.
gasoline measuring and dispensing pumps in
aggregated $1,705,837, contrasted with $1,808,539 in October and $1,704,351 in November 1936.
This
of
Sales
sections of
November
barrels, of which southwest Texas accounted for the largest
amounting to 12,350 barrels.
Oklahoma pared its out¬
060,543, against $17,387,778 in the
the country contributed to the recession.
For
the entire State of Texas the reduction amounted to 16,100
cut
put by 16,600 barrels and Kansas
15,600 barrels.
slashed its production by
whole the output of crude oil for
the Jan. 1 week was only 30,000 barrels daily in excess of
estimated requirements as calculated by the Bureau of Mines.
Meanwhile, dispatches from Austin indicated that an
increment of 4,000 barrels daily in crude oil production allow¬
Taking the country
ables
of
the
Placedo
as a
and McFaddin fields
of
Texas
was
brought the total for the first 11 months of the year to $27,-
power-operated units were sold in Novem¬
the preceding month and
8,306 units in November a year ago.
For the 11 month
period* sales were 135,453 power-operated units, against
84,786 in the same period of 1936.
ber, compared with 8,712 units in
Oil
Stand.
by the Texas Railroad Commission on Jan. 5.
The additional production is required to meet the demands
of the new refinery of the Barnsdall Oil Co. at Corpus
Richfield Oil (Gal.)
Warner-Qulnlan..
Gulf
.08
.083*
.073*
with
the
..
New York—
of
(Bayonne)
for
increases
in
allowables
—
Tulsa
Fuel OH, F.O.B.
Tank Car, F.O.B. Refinery
the Mene Grande Oil
Co., C. A., Venezuelan affiliate of the
Corp., reached an agreement with the International
Petroleum Co., Ltd. of Toronto, subsidiary of Imperial Oil,
Ltd., controlled by Standard Oil Co. (N. J.), which will
assure Mene Grande of an outlet for its surplus production
of crude oil for a long term of years.
In addition to pro¬
viding an outlet for Mene Grande's excess production, the
deal gives International an opportunity to invest a sizable
part of its cash and marketable securities in a way which will
return substantially more than at present.
Potential problems of oil supply and demand undoubtedly
will be discussed at the quarterly meeting of the Interstate
Oil Compact Commission called for Jan. 18 at Oklahoma
City by Ernest O. Thompson, of Texas.
Notices of meeting
dates have been sent to member States of Texas, Oklahoma,
Kansas, New Mexico, Colorado and Illinois.
Oil well completions in the United States last year estab¬
lished a new all-time high, according to records of the "Oil
& Gas Journal."
During the year ended Dec. 24 comple¬
tions registered amounted to 31,018, contrasted with 25,757
during the preceding year and 29,319 in 1936, the former
peak year.
Diesel
Railroad
Commission,
granted 259 permits to drill
new
it
was
announced,
oil wells during the week
Dec. 25, contrasted with 462 in the previous week.
Crude oil price reductions broke out in Canada during the
week.
The Royalite Oil Co., Ltd., announced a cut of 22
cents per
barrel in the average well price for Turner Valley
crude to SI.26 per barrel, effective Jan. 4.
The company
also announced a reduction in the pipe line and handling
charges and added that gasoline prices would be pared 1
Gasoline,
Brooklyn...
z
...
$.175
$.165|Buffalo
.181
city sales tax.
Average
American
Oil
Crude
Ended Jan. 1,
The
I
Service Station, Tax Included
|Boston
.19
Not Including 2%
Daily
$.053
....$.19 INewark
New York
z
$.023*-.03
jTulsa
$.043*1
z
1.35
F.O.B. Refinery or Terminal
IChicago—
28-30 D
N. Y. (Bayonne)—
27 plus
$1.05
I
Gas Oil,
Gulf Oil
Texas
D
28-30
Refinery or Terminal
$1.25
2.201
Bunker C
one
I New Orleans. .$.053*-.053*
I Tulsa.
,03J*-.04
iCalifornla 24 plus D
INew Orleans C
$1.00-1.25 Phila., Bunker C
N. Y. (Bayonne)—
of the most important develop¬
ments in the international oil industry in more than, year,
In what is considered
Gulf ports....
073*
Shell Eastern
iNorth Texas..
$.04
$.053* I Los Angeles— .033*-.05
2,500 barrels daily in the Thompson field and 1,500 barrels
daily in the Manvel field, respectively.
-.053*
.063*-.07
.053*
.043*-.04j*
$.05
.083* New Orleans..
.073*
Socony-Vacuum
Corp. and the Texas Corp. have filed applica¬
Commission
Cilia—
$.073* Chicago
Texas
Kerosene, 41-43 Water White,
The Gulf Oil
ended
Other
New York—
J..$.073*
N.
Tide Water Oil Co.
Christi.
The
Tank Car Lots, F.O.B* Refinery
U. S. Gasoline (Above 65 Octane),
New York—
authorized
tions
corresponding period|a
year ago.
A total of 8,212
Production
During
Week
1938 Placed at 3,436,600 Barrels
Petroleum
Institute
estimates
that
the
crude oil production for the week ended
Jan. 1, 1938, was 3,436,600 barrels.
This was a decline of
56,000 barrels over the output of the previous week, and
the current week's figure was above the 3,491,300 barrels
calculated by the United States Department of the Interior
daily
be
to
average gross
the
total of the restrictions imposed
oil-producing States during December.
duction for the four weeks ended Jan. 1,
at
3,445,850
by the various
Daily
average pro¬
1938, is estimated
The daily average output for the
totaled 3,121,400 barrels. Further
barrels.
week ended Jan. 2, 1937,
details,
as
reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in
United
a
daily
States
average
ports for the
week ended Jan.
bond at principal
1 totaled 1,409,000 barrels,
of 201,286 barrels, compared with a daily average of 108,429
barrels for the week ended
Dec. 25 and 158,286 barrels daily for the four
weeks ended Jan. 1.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
Jan.
1
compared with
barrels,
totaled
29,000
a"daily
average
and 6,571 barrels daily for the
a
daily average of 4,143 barrels,
of 11,429 barrels for the week ended Dec. 25
four weeks ended Jan. 1.
Reports received from refining companies owning 89.0% of the 4,159,000
barrel
estimated
daily potential refining
capacity of the United States,
Volume
Financial
146
Chronicle
''
a'Bureau of Mines*
Indicate that the industry as a whole ran to stills, on
185
•
V/
■
Lead
•
'
■
"•
1
'
>
basis, 3,320,000 barrels of crude oil daily during the week, and that all
Belief in the trade that some consumers view lead attractive at present
companies had in storage at refineries, bulk terminals, in transit and in
price levels is reflected by the volume of 4,439 tons sold during the last
pipe lines
of the end of the week, 77,291.000 barrels of finished and
as
week, which compares with 1,421 tons in the previous seven-day period.
of gas and fuel oil.
unfinished gasoline and 118,660,000 barrels
A better feeling about
94.8% of the potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines* basis, produced an average of 760,000 barrels
to
daily during the week.
the close of
Cracked gasoline production by companies owning
State
Allowable
Dec. 1
Week
'v";
,
.l; v'r:r.
2,
Shipments to
1937
were
186,000
Panhandle Texas
North Texas....
West Central Texas...
West Texas
East Central Texas
East Texas......
....
Coastal Texas.
553,600
176,600
579,900
165,850
67,450 —5,100
+350
73,500
—100
32,700
+ 1,850
194,250
85,800 —7,850
+ 1,750
491,200
237,250 —12,350
+ 5,350
196,750
Kansas....
533,700 —16,600
166,600 —15,600
550,000
176,700
588,800
Total Texas
Zinc
71,850
73,000
32,850
192,250
92,000
454,300
245,650
194,200
67,450
North Louisiana
TilX
Total Louisiana....
The world's visible supply of tin at the end
—1,300
246,500
Chinese tin, 99%, was nominally as follows:
+ 3,500
46,000
132,050
51,350
49,750
14,450
28,350
119,350
27,600
44,400
4,350
107,600
48,800
131,750
50,100
48,100
13,750
4,400
107,750
3,650
86,200
126,200
51,800
57,100
...
Montana
Colorado
15,800
4,400
104,100
...
New Mexico...
Total east of Calif.. 2,811,900
—4,350
—1,100
—1,400
+ 200
—50
Dec, 30...i.
9.900
1
Jan.
3
Jan.
4.....
Jan.
5
9.500
Holiday
Holiday
9.900
9.475
New York
z674,600
679,400
701,700
4.75
4.60
5.00
Holiday
Holiday
Holiday
41.125
4.75
4.60
5.00
9.900
9.525
41.625
4.75
4.60
9.700
42.000
4.75
4.60
9.925
__
Total United States. 3,491,300
3,436,600 —56,000 3,445,850 3,121,400
9.525
41.400
4.75
estimate of
any
5.00
5.00
,
4.60
*
5.00
Domestic copper f.o.b.
re¬
Re¬
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.
oil which
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
* Allowable effective Dec. 16
again revised to 1,357,573, effective Dec. 18.
commendation of Central Committee of California Oil Producres.
Note—The figures indicated above do not Include
might have been surreptitiously produced.
,
5.00
41.000
finery, 9.900c.; export copper, 9.495c.; Straits tin, 41.275c.; New York lead, 4.750c.;
St. Louis lead, 4.600c.; St. Louis zinc, 5.000c.; and silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
582,300
707,400
—3,200
4.60
4.75
41.250
St. Louis
Holiday
Average prices for calendar week ended Jan. 1 are:
California........
Zinc
Louis
St.
10.025
Average
2,734,900 —52,800 2,738,450 2,539,100
9.425
9.900
Deo. 31,....
Jan.
Lead
Tin
New York
1
J.** QUOTATIONS)
0*E' & M
Straits
Electrolytic Copper
Dom.,Refy. Exp., Refy.
17,250
107,700
Dec. 30, 39.750c.; Dec. 31,
39.500c.; Jan. 1, holiday; Jan. 3,39.625c.; Jan. 4, 40.125c.; Jan. 5,40.500c.
242,200
33,900
....
...
Michigan.
of December, including the
United States deliveries amounted to
5,020 tons in December, against 5,195 tons in November.
80,850
161,350
251,050
^•
year,
totaled 27,044 long tons, which compares
with 24,389 tons a month previous.
447,100
179,850
170.500
253,975
244,000
-V
'V 'j..
after' the turn of the
pound for the week.
Arnhem and Eastern carry-overs,
95,550
75,700
170,800
S j'X ^
Prices advances about lc. per
principally for March and April delivery.
63,650
—5,100
+ 3,800
76,400
\
,
Sellers reported a fair amount of business
32,900
167,350
174,650
Coastal Louisiana....
Wyoming
tons.
The price remained at 5c. throughout the
'V". ^
DAILY PRICES OF METALS
Eastern
around'*500
amounted to 5,588 tons and the unfilled orders
consumers
reduced to 47,987 tons.
-
1,399,800 X1357143 1,378,900 —16,100 1,356,100 1,224,350
Arkansas...
Sales of the common
week ended yesterday.
Oklahoma..
Southwest Texas.
Jan.
1,
1938 ,
CDec.)
•';
steady at
Refining Co. and at 4.60c., St. Louis.
grades for the week ended Dec. 31 were small, totaling
Ended
Jan.
Week
1938
lations
was
business, Jan. 5, at 4.75c., New Yorkhe contract settling
tending upward, the tone appeared to be steady.
rate
Week
Ended
from
Previous
1,
The market
large as in November.
as
consumers
anticipated in refined stocks for
is
increase
Inquiry for zinc improved a little late in the week, and, with the steel
Weeks
Change
Ended
Jan.
buslness'outlook has induced
toward inventories for the first quarter,
view
Another
v-,;
Four
Calcu¬
the general
rational
more
December, but not
(Figures in Barrels)
Interior
a
contend.
basis of the American Smelting &
DAILY AVERAGE CRUDE OIL PRODUCTION
B. of M„
Dept. of
take
traders
any
z
Dally London Prices
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Copper, Std.
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED JAN. 1, 1938
to Stills
Finished
Poten¬
Reporting
Daily
Total
Oper¬
age
ated
East Coast..
669
Appalachian.
Ind., Hl.,Ky.
Okla., Kan.,
129
529
C.
P.
489
669 100.0
146
.
fineries
577
86.2
88.4
107
82.9
92.4
414
84.7
Distil.
&c.
6,135
1,165
6,666
11,014
1,643
4,848
4,035
1,892
183 %
183
15%
15*18
14%
39iiid
43%
43%
181%
181%
181%
15%
15%
14%
14%
181%
15%
15S16
14%
14%
43%
45%
181%
186%
181%
15*18
14%
141*18
186%
15%
15%
15%
14«i6
15*16
%
3...
39*ie
39%
Jan.
4
39%
3915ie
Jan.
5
4018ie
41*18
prices. All are in pounds sterling per long ton (2,240 lb.).
12,339
250
1,145
722
6,815
2,395
530
205
337
8,912
1,434
256
1,990
465
465
3,724
1,793
10,925
3,439
99
34
499
78
617
1,290
74,574
December Production and
Mo
452
383
84.7
248
64.8
Inland Texas
355
201
56.6
125
62.2
Texas Gulf..
833
797
95.7
742
93.1
La. Gulf
174
168
96.6
145
86.3
No. La .-Ark.
91
58
63.7
48
82.8
294
Rocky Mtn.
89
62
69.7
29
46.8
1,613
California...
821
746
90.9
550
73.7
10,680
2,406
3,702
89.0
2,985
80.6
42,826
3,470
23,330
The American Zinc Institute
Shipments of Slab Zinc
on
Jan. 6 released the follow¬
ing tabulation of slab zinc statistics:
SLAB ZINC STATISTICS (ALL GRADES)—1929-1937
(Tons of 2,000 Pounds)
Retorts
(a)
Reported
Est. unrpd..
6,775 115,870
Produced
x Est.
335
Stock at
Period
End of
Period
Year 1929....
631,601
Year 1930.....
Year 1933
504,463
300,738
213.531
324,705
866,933
Year 1935
290
600
Shipped
During
Year 1934....
457
During
Period
...
431,499
602,601
436,275
314,514
218,617
344.001
352,663
465,746
75,430
143,618
129.842
124,856
105,560
119,830
83,758
2,790
Shipped Operating
End of
for
Period
Export
Average
Unfilled
Retorts
Orders
During
End of
Period
Period
tot. U. 8
Jan.
1, '38
4,159
4,159
Dec. 25,*37
4,159
4,159
3,320
3,245
46,296
23,930
7,065 118,660
43,318
24,178
6,941 118,659
Year 1931
U.S.B. of M.
xJan.
x
141'is
Prices for lead and sine are the official buyers' prices for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers*
Oil
1,079
3M
Spot
43
Jan.
Fuel
Terms., Nap'tha
Zinc
3M
Spot
39%
and
in
At Re¬
3M
39 %
Gas
Unfin'd
P. C.
Aver¬
tial
Rate
...
Dec. 31
Stocks
of
District
Spot
39
Dec. 30
Finished and
Unfinished Gasoline
(Bid)
3M
Spot
Stocks of
Crude Runs
Lead
Tin, Std.
Electro.
(Figures In thousands of barrels of 42 gallons each)
Daily Refining
Capacity
Copper
Jfear 1932....
1, *37
z3,002
Estimated Bureau of Mines basis,
37,198
19,324
6,822 106,868
December, 1936, daily average.
z
196
41
170
239
148
59
67,999
31,240
19,875
21,023
27,190
32,944
38,329
68,491
47,769
23,099
18,660
23,653
28,887
32,341
38,205
38,004
37,022
41,400
41,048
6,352
35,872
34,334
36,189
37,778
37,888
38,176
18,686
26,651
18,273
8.478
15,978
30,786
61,186
1936
Non-Ferrous
Metals—Domestic
Valley,
Expands
as
London
Copper
Advances
Raised
and
January
Trade
"
41,642
November
36,156
42,411
43,180
44.833
44,875
45,481
43,542
42,211
46,225
45,670
46,341
39,846
38,087
42,239
43,905
41,582
41,819
46,013
51,775
63,963
56,887
79,059
February
to
December
46,940
69,512
44,955
523,166
43,597
561,969
46,831
March
"
April
May
and
"Metal
Mineral
reported that political
week, which
was
Markets"
pressure
reflected in
non-ferrous metals and
in
its
issue
of
Jan.
6,
eased somewhat in the last
better tone in the market for
a
improvement in buying.
Domestic
advanced 3^c., following higher quotations abroad.
copper
Lead enjoyed the best week since early December.
The
uplift in the steel rate to 25.6% of capacity made a favorable
impression on traders in zinc. Tin was higher than a week
ago. Platinum and iridium prices declined. Silver advanced
in London as uncertainty over the Administration's
program
was removed.
The publication further stated:
...
June
July
August
...
September
October
Total for yr
Monthly aver.
75,369
79,693
80,634
81,562
84,855
88,617
86,046
76,482
68,744
57,527
40,700
41,308
41,308
40,672
41,733
43,103
42,965
♦38,461
inquiry here.
Domestic demand
Jan. 5
out a fair
January
40,047
61,227
87,794
46,953
24,616
°(
40,285
*35,719
42,786
♦38,289
43,635
•38,979
40,613
♦38,447
39,948
♦37.851
40,688
41,177
♦38,936
43,429
♦42,519
43,205
*42,180
81,448
46,171
*45,147
48,520
♦47,190
61,716
*49,766
82,596
50,678
♦48,110
75,086
53,202
59,635
18,183
April
62,009
56,229
13,963
43,660
•39,019
55,012
65,201
13,774
60,526
50,219
14,081
43,724
♦43,270
44,186
♦43,007
49,181
49,701
13,561
May
Salesfon Jan. 6 probably exceeded
openlbidsfon^Thursday, Jan. 6 on 1,126 tons.
June
was
...
price He. to the basis of 10Hc., Valley.
2,000 tons.
The Navy will
The industry is fully alive to what
is|happening
gain in domestic stocks for December is
regardedfasjaf certainty,
buyers appear to be ready to take>n copper
ment in the
Washington outlook.
a
large
totaled|'4,215
July
—
yet some
onjany indications of improve¬
Domestic sales reported by the Copper
Association for the week ended Jan. 4
Domestic sales of copper
statistically, for
11,227
47,737
13,517
40,345
25,817
32,676]
42,534
49,511
49,350
61.151
►
♦46,311
64.776
48,812
*45,704
*46,168
49,300
*46,192
48,339
October..
52,645
49,393
December—.
51,787,
29,5451
Total for yr.
689,9321
active.
Russia has
yesterday
was
been
a
steady purchaser.
Business
booked| abroad
usual!ports,
at prices ranging from 9.926c. to 10.250c„ c.i.f.
Monthly avge.
49,1611
47,509!
the top figure obtaining late In the day.
92,319
570,1111
long ton, effective
buying^Jan. 5, quite
106,187
60,643
►
quotation has been revised to 0.350c.
Foreign sales by the Cartel have been large, with
59,209
48,309
November....
per
67,143
60.027
f
Owing to the advance in the freight rate of SI
89,846
♦38,417
August
against 21,035 tons in November.
Jan. 1,1938, our differential between the c.i.f. basis and the f.o.b. refinery
76,544
77,969
September
tons.
during December amounted to 26,604 tons,
78,626
46,199
♦45,175
50,163
♦48,387
51,809
♦49,860
50,324
♦47,552
33.775
February
sufficient to advance the
on
,75,891
37,915
March
rising'prices brought
40.125
40,642
*38,538
41.638
35,968
28,370
27.090
44.468
65,173
64.064
60,513
1937
Copper
Continued activity in copper abroad at
38,135
38,358
38,326
39,157
42,219
56,829
►
►
\
•
Equivalent retorts computed on 24-hour basis,
in total shipments.
.
a
46.383
Export shipments
are includde
of Coal for Month
Preliminary Estimates of Production
of December, 1937
Chronicle
Jan. 8, 1938
ing the Panhandle District and Grant, Mineral and Tucker
Arizona, California, Idaho, Nevada and Oregon,
d Data
Financial
186
counties,
Carolina and
made by the United
According to preliminary estimates
c
Includes
for Pennsylvania an¬
of the Bureau of Mines, s Alaska, Georgia,' North
South Dakota included with "Other Western States."
* Less than
thracite from published reports
1,000 tons.
National Bituminous Coal
Commission, bituminous coal output during the month of
December, 1937, amounted to 36,226,000 net tons, com-
'.
.
'
.
■
■
■ ■
States Bureau of Mines and the
Eared with 45,756,000 net tons in the correspondingAnthra¬
ist year and 36,255,000 tons in November, 1937.
month
production during December totaled 4,752,000 net tons,
against 4,947,000 tons a year ago and 4,302,000 tons in
November, 1937.
The consolidated statement of the two
aforementioned organizations follows:
as
Working
Month
Days
(Net Tons)
36,226,000
26
1,393.000
440,265.000
182.800
50.091,000
5,412
by nearly 6%, but was below the tonnages produced
in 1928 and 1929, which amounted respectively to 49,865,185
3,159,700
1937 (Prelim.)-
December.
Bituminous coal, a
....
Anthracite, b
....
4,752,000
26
Beehive coke
....
140,700
26
1937 (Revised) -
Nmember,
24
170,400
26
6,554
45,756,000
26
1,760.000
434.070.000
Anthracite, b
4,947,000
26
190,300
54.760,000
Beehive coke
245,300
26
9.435
1,706.100
...
Beehive coke
'....
Bituminous coal.a
....
Includes for purposes of historical
report stated that the total production of soft coal
during Christmas week is estimated at 6,072,000 net tons.
This is in comparison with 8,104,000 tons produced in the
PRODUCTION OF OPEN HEARTH AND BESSEMER
INGOTS—JANUARY, 1936, TO DECEMBER, 1937
Weekly
in its weekly report
parison with the daily rate of output obtained in the six-day
decrease of 5.8%. Production
week of Dec. 18, there was a
corresponding week of 1936 was 852,000 tons.
The consolidated report of both of the above-mentioned
organizations follows:
in the
ESTIMATED UNITED STATES
COKE
*4,724,894
4,413,832
81.43
*1,066,567
4.43
84.25
1,103,458
4.00
March
*5,216,243
*89.90
*1.177,481
4.43
*14,354,969
85.23
*1,116,250
12.86
April.
*5,070,445
*90.24
*1,181,922
4.29
tMay.
*5,149,851
4,183,762
*88.76
*1,162,495
975,236
4.43
74.46
quarter
*14,404,058
*84.53
*1,107,153
13.01
First six months
*28,759,027
*84.88
*1,111,675
25.87
*4,556,001
*78.48
*1,030,769
4.42
4.43
First quarter.
June-
Second
1936
Dec. 26,
Dec. 18, 1937
c6,072,000
cl,214.000
d8,860.000
1,477,000
4,875,671
83.79
1,100,603
*76.46
*1,004,288
4.28
*13,730,026
*79.61
*1,045,699
13.13
*42,489,053
83.10
*1,089,463
39.00
October
3,392.691
58.31
765.844
4.43
2.153.781
38.22
602,047
4.29
December.
8,104,000
1.472,241
25.36
333,086
4.42
7,018.713
40.67
534,149
13.14
49,507,766
72.39
949,516
62.14
3,039,804
2,956,891
3,333,853
686,186
714,225
4.43
64.53
67,46
752,563
4.43
9.330,548
54.80
717.734
13.00
3.032,606
4,037,375
3,975,569
69.99
914,593
911,371
4.29
Second quarter..
11,945,549
First six months.
1,621,000
930,000
Dally average
Pennsylvania anthracite; b
Total, including mine fuel
186,000
1,185,000
197,500
852.000
Dally average
Commercial production. 1...
886,000
1,129,000
811,000
27,900
32,000
50,600
10,120
Nine months.
170.400
Beehive coke:
United States total
1929
1936
1937
Calendar Year to Date f—
Bituminous coal:
5 333
5,580
average
Fourth quarter.
Total.
a
440,768,000
429,920,000
1,445,000
1,411,000
532,591,000
1,738,000
h48,864,000
h53,723.000
h72,236,000
164,200
Total, including mine fuel
180,600
242,800
Dally average
Pennsylvania anthracite:
1936—
January..
b
Total, including mine fuel
Dally average
March
First quarter.
3,135,300
6.396,100
20,902
1,762.100
10,246
United States total....
5,758
Dally average
April.
Includes for purposes of historical comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from authorized
a
Subject to revision,
May.
June.
f Sum of 52 full weeks ended Dec. 25,
data not yet
d Revised,
52.39
4.14
g
g
g
Commercial production.!
February.
Beehive coke;
c
4.29
*4,298,354
August
September.
a
Total, Including mine fuel
operations,
Month
(Gross Tons)
of Capacity
1937—
PRODUCTION OF COAL AND BEEHIVE
Dec. 25, 1937
Number of
Weeks in
Calculated
Per Cent
November.
Bituminous coal:
P
a
February.
January..
(IN NET TONS)
Week Ended—
of the
Production
Production
Gross
Tons
The United States Bureau of Mines
STEEL
Calculated Monthly
,
corresponding week last year.
places production of Pennsylvania anthracite for the week
ended Dec. 25 at 930,000 tons, an average of 186,000 tons
for each of the five working days of the week.
In com¬
at 84.53%.
(Calculations based on reports of companies which in 1936 made 98.29%
open hearth and 100% of the Bessemer Ingot production)
Commission in its weekly
coal
of
4,424,367 gross tons.
Weekly Coal Production Statistics
The National Bituminous Coal
P Dally
equivalent to (25.36%
79.61%. Fourth quarter
operations declined to 40.67% of capacity.
The tonnage produced in December represented a decline
of nearly 32% from the November total of 2,153,781 gross
tons, and was 67% below the December, 1936 output of
MONTHLY
w
was
The rate in the third quarter was
comparison and statistical convenience, the
production of Ignite and of anthracite and semi-anthracite outside of Pennsylvania,
b Total production, Including colliery fuel, washery and dredge coal, and coal
shipped ny truck from authorized operations.
ifjNote—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
a
December
85.23% of capacity , and during the second quarter
1936 (Revised) -
)> December,
in
capacity, while for the year, steel operations averaged 72.39%
of capacity.
In 1936 the industry operated at 68.36% of
capacity.
In the first quarter of 1937, the industry operated at
179,300
4.302.000
Anthracite, b
54,312,279 tons.
Production
1,4§0.000
24.5
36,255,000
Bituminous coal.a........
total of 46,807,780
1937 exceeds the 1936
The total for
tons
tons and
D
the third greatest annual
the American Iron and Steel
tonnage in history, according to
of December
(Net Tons)
(Net Tom)
■per
tons of open-hearth and
gross
Institute.
Year to End
Day
of
Working
1,472,241
output to 49,507,766 gross tons,
Calendar
Average
Number
for
of
Production
Months—Year's
Bessemer steel ingots in December, although representing
the lowest monthlv output in 39 months, brought the year's
cite
Total
in December Lowest in 39
Total Is 6% Over 1936
Steel Output
1937, and corresponding 52 weeks of 1936 and 1929.
g Comparable
h Sum of 51 weeks ended Dec. 18. 1 Excludes mine fuel.
69.58
*
4.43
926,706
4.29
70.10
918,182
13.01
70.75
21,276,097
62.45
817,997
26.01
July
3.914,370
67.61
885,604
4.42
August
4,184,287
4,151,388
72.11
944,534
4 43
74.05
969,950
4.28
Third quarter
12.250,045
71.23
932,981
13.13
Nine months
33.526,142
65.40
856,570
39.14
4,534,246
4,323,025
4,424,367
78.15
4.43
76.94
1,023,532
1,007,698
76.42
1,000,988
4.42
Fourth quarter.
13,281,638
77.17
1,010,779
13.14
Total
46,807,780
68.36
895,329
62.28
available,
ESTIMATED
PRODUCTION OF COAL.
(IN THOUSANDS OF NET TONS)
WEEKLY
BY
STATES
and river shipments
receipt of monthly production reports from district
(The current estimates are based on railroad car loadings
and
September.
subject to revision on
and State sources, or of final annual returns from the operators.)
are
Week Ended—
Dec.
State
1935
1936
1937
1937
2
3
289
Dec. 21,
Atge.
1929
Dec. 18. Dec. 11, Dec. 19, Dec. 21,
1923
November
December....
238
•
October
2
280
283
Arkansas and Oklahoma
122
110
Colorado
180
192
1
1
1,382
1,490
1,400
1,199
1,511
1,535
456
493
449
Alabama..
Georgia and North Carolina
niinols
93
163
1
349
417
138
63
190
*
83
253
268
8
8
*
Revised.
a
The percentages
396
420
514
80
Indiana
85
90
98
110
121
1,309,784 gross tons based on annual capacities as
178
205
174
157
155
159
Open hearth and Bessemer ingots, 68,475,509 gross tons.
584
Iowa..
■
Kansas and Missouri..
4.29
s
8
3
Alaska
750
878
840
671
959
258
327
252
202
338
35
38
42
38
60
37
9
12
17
13
12
21
Montana
81
85
82
61
83
64
35
35
43
36
49
56
calculated on weekly capacities of
of Dec. 31, 1935, as follows:
204
Maryland
Michigan
of capacity operated are
Kentucky—Eastern
Western
Mexico
New
75
65
North and South Dakota
41
51
869
Tennessee
628
606
491
572
599
1,950
2.623
2,009
2,756
2,818
110
Pennsylvania bituminous
140
136
111
118
—
Utah
Virginia—Southern
Northern b
Wyoming
Other Western States c
15
15
17
16
21
91
82
95
115
100
276
Virginia
302
306
220
274
193
35
42
35
60
57
1,573
1,675
1,998
1,600
2,047
1,132
561
715
676
492
666
692
141
150
133
125
138
173
2
1
1
s9
s5
35
Washington
West
103
18
87
Texas
a
—
*
-
Total bituminous coal
8,860
10,014
10,622
8.586
11,360
9,900
Pennsylvania anthracite d
1,185
1,141
1.035
891
1,785
11,155
11,657
9,477
13,155
11,706
Starts
Steel
with
The "Iron
New
Ingot
Output
at 253^%
Capacity
Age" in its issue of Jan. 6, reported that the
production at 25%%, a
Year starts with steel ingot
week, but with prospects still
Whatever hopes have been en¬
tertained for at least a fair recovery this month from the low
operating rate of December must be tempered in view of the
moderate
shrouded
gain over last
uncertainty.
in
recalcitrant attitude of the
business.
ment
at
needed.
Federal Administration toward
speeches has been discourage¬
opposite influence was sorely
The "Iron Age" further reported:
The effect of recent
a
time
when
the
1,806
10,045
Year
of
s27
548
1,596
Ohio
New
All coal
a
and
Includes operations on the N. & W.;
on
C. & O.; Virginian; K. & M.; B. C . & G.
b Rest of State, includ-
the B. & O. In Kanawha, Mason, and Clay counties,
in the Pittsburgh district, where this week's
district, with
Cleveland-Lorain area, where the average is
end; at Youngstown, which has gone to 22%
Best gains in operations were
rate is 28% against
a
rise from 22 to
19% last week; in the Wheeling-Weir ton
44%; in the
25% against 14% at the year
Volume
from
Chronicle
Financial
146
Reflecting the small amount of automobile buying, the De¬
15%.
troit ingot rate is 22%, which is entirley Ford
Jan.
Jan.
on
the daily rate of 47,705 tons, and the
Jan.
The
1935.
January,
Jan
V
»
tons, was 28.7%
year's output was 36,599,836 tons, a
below that of November based
lowest since
production.
1,478,843
Pig iron production in December, at
gross
Feb.
Feb.
There was a loss of 20
gain of 19.5% over the 30,618,797 tons in 1936.
Feb.
Feb.
furnaces, leaving 93 in blast on Jan. 1.
With
ber fell below that of November.
and distributors have
to the undertainties in the
Mar.
Mar.
months,
Mar.
expected immediately owing
'r
Mar.
been considerably reduced in the past few
great amount of replenishment buying is
no
Mar.
orders for steel products in Decem¬
Although inventories of many consumers
few exceptions, the volume of
a
Apr.
general business picture.
Apr.
buying, though much below normal for this time of year, is
Railroad
nevertheless
of the current bright
one
27,500 tons of rails, of which 14,700
has allocated
by Carnegie-Illinois, 9,600 tons by Inland and 3,200 tons by Bethlehem.
tons of rails to
total
business is
automobile industry this month is so
attacks
to be due to
prices by Administration spokesmen.
on
believe
was in
public jobs, a bridge over the Mississippi River at La Crosse,
two
Wis.,
for
taking 3,300 tons, and a high school building in Milwaukee, calling
The outstanding private project awarded was a power plant
2,210 tons.
work
project.
the largest new
A bridge at Hennepin, 111., 2,000 tons, is
market.
into the
came
industry whose prospects
expansion is shipbuilding.
early
for two tenders that
these jobs will come
bids
are
promising for
Jersey has
total of 60,000 tons of steel, to four
In addition, the Navy is expected to place a contract shortly
shipyards.
the 12 ships for the Maritime Commission,
be taken early in February.
to
On. top of
will require about 20,000 tons of steel.
on
as
.
manufacture and oil well drilling and pipe line construction.
Philadelphia
50c. rise at
Philadelphia and Chicago, but are
tive
brought about mainly by purchases for
was
The "Iron Age" composite price has risen to $14, fifth consecu¬
export.
Scrap exports for
weekly gain.
months
11
are
reported
officially
3,776.123 gross tons, assuring a record-breaking total for the year of
at
4,000,000 tons or more.
and
Iron
about
steel
of 3,165,343
tons in the
period indicate
same
One week ago
"IRON
COMPOSITE
AGE"
PRICES
/'■
■■
steel
bare,
beams,
tank plates
pipe, sheet3 and hot
These products represent
85% of the United States output.
High
2.605c.
Mar.
9
2.330c.
Mar.
1936
2.330c.
Dec. 28
2.084c.
Mar. 10
2.130c.
—
1932
Oct.
1
2.124c.
Jan.
Apr.
24
2.008c.
Jan.
2
2.015c.
Oct.
3
1.807c.
Apr.
18
1.926c.
Feb.
2
1.945c.
Dec. 29
-
—
1.977c.
-
Oct.
4
-2 037c.
-
1931
Jan.
13
Iron
Pig
Jan. 4.
8
;y..
(Based on average of basic iron at Valley
$23.25j furnace and foundry Irons at Chicago,
One month ago
23.251
-
One year ago
20 2 5(.
-
Philadelphia,
Buffalo,
Valley
Southern Iron at Cincinnati.
+
Mar.
and
—-
—
-
Nov. 24
18.73
Nov.
5
17.83
May 14
17.90
1935.
$20.25
18.84
—
—
1934......
May
1
16.90
Jan.
27
Dec.
5
13.56
Jan.
needs in
car
an
Aug. 11
Jan.
5
13.56
Dec.
6
14.79
Dec.
15
One month ago
13.081
One year ago
17.921
and Chicago.
—
—-
—
-
1934
—.
1933..
Mar. 30
$12.92
17.75
Dec. 21
12.67
June
13.42
Dec.
10
10.33
Ap., 23
13.00
Mar. 13
9.50
8e
12.25
—
—
Aug.
8
6.75
Jan.
Jan.
12
6.43
July
5
6
8.50
Dec.
Yet
some
the next Tew months.
cover
,
rail and
to foreshaddow a favorable decision on rates.
With¬
v
Much
of
this is
of
public nature, by States, cities
a
and the Federal Government.
However, without general participation by miscellaneous
large production will be possible.
no
consumers
of
It does not appear likely this
class of buying will be resumed promptly and as a result it is believed the
early months of this year will bring only
Steel production seemed to
ceding week.
moderate upturn in demand.
a
be scraping bottom
approximated 21% of capacity,
as
the year ended and
drop of 2 points from the pre¬
a
Lack of tonnage for continued rolling and interruption by
the holidays accounts for the further decline.
stiffening of schedules.
This week promises a slight
At Pittsburgh the rate
rose
1 point to
15%, in
Eastern Pennsylvania 5 points to 30%, at Buffalo 2 points to 16% and at
Birmingham 18 points to 63%.
The rate at Chicago dropped 1 point to
22.5%, at Youngstown 4 points to 14, at Cleveland 6 points to 18, New
The rate at Wheeling
33%.
—
Iron
_
and
11.33
Steel
Jan
Institute
on
Jan.
Nov
3
16
9
t. 26
3
unchanged at 19%, and Cincinnati 30%.
The estimate gives General
Ford each 20,000, with Chrysler
entirely idle and all other
>r<
r;
^Various influences are centering in the scrap market, all tending to
strengthen the situation and increase prices.
Melters in general seem well
supplied to meet needs of the present low rate of production
and efforts
are
by apparently
being made in various
obtain tonnage at these levels without causing an advance.
of this situation is that prices are edging upward
is set for a
decided advance
as soon as
ways to
Supplies are
light and holders of scrap are not eager to sell at the market.
The result
gradually and the stage
mills enter the market for substan¬
Meanwhile considerable influence is exerted in the East
tial tonnages.
by export buying, with a large tonnage remaining to be covered by brokers
will be made cautiously over a period
to
of several months in the effort not
strong advance.
cause a
This takes the market back to the level of early
of scrap
17c. last week to $13.75.
November.
The influence
prices increased the iron and steel composite 2c. to $38.92.
The
finished steel composite remains unchanged at $61.70.
in
mi"i
—'
i
M ii—
mfwet
jimrewoy"*■ tmmmmmmw —mm ii,*ihh. —■ 11 e
Ingot output for the week ended Jan. 3, is placed at 20%
of
according to the
capacity,
"Wall
Street Journal"
of
This compares with 22lA% in the previous week
and 27% two
weeks ago. The "Journal" further reported:
tf. S. Steel is estimated at a shade below 203^%, which virtually is un¬
Leading independents are credited with 20%, against 25% in the preced¬
ing week and 27 Yi % two weeks ago.
The following
table gives
telegraphic reports which it has received indi¬
cated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 25.6% of
capacity for the week beginning Jan. 3, compared with
19.2% one week ago, 27.5% one month ago, and 79.4%
one year ago.
This represents an increase of 6.4 points, or
33.3%, from the estimate for the week ended Dec. 27, 1937.
Weekly indicated rates of steel operations since Jan. 4,
1937, follow:
The Week with the Federal Reserve Banks
During the week ended Jan. 5 member bank reserve
balances increased $88,000,000.
Additions to member bank
reserves arose from decreases of $61,000,000 in money in
circulation, $13,000,000 in Treasury deposits with Federal
Reserve banks and $16,000,000 in nonmember deposits and
other Federal Reserve accounts, and an increase of $5,000,000
comparison of the percentage of production
a
with the nearest corresponding week, of the previous year, together with
the approximate
changes, in points, from the week immediately preceding.
Industry
an-
nounced that
was
Automobile production for the past week is estimated at 45,000 units,
29
8.50
1932
American
for higher rates.
over
changed from the week before, and compares with 26 H% two weeks ago.
Low
High
$21.92
1937
The
the request
would be difficult for many lines to finance the cost.
advances.
season
Jan. 6.
4, 1938. $14.00 a Gross Ton*
(Based on No. 1 heavy, melting steel
One week ago
$13,754
quotations at Pittsburgh, Philadelphia
Jan.
—
on
and this promises to give some aid to the general situation as the
ume
6
Jan.
Steel Scrap
1931
back
Building construction continues fairly steady, though not in heavy vol¬
,
14.81
1931
-
This is distinct from the
effort to spur general business indicates need for more equip¬
seems
out the latter it
3
Feb.
15.90
1932
1935
confidence restrains
Proposals that railroads make immediate commitments to
.
1933
1936
of
both naval and merchant
as
ing is light, and the composite was increased
16
9
16.90
—
lack
and
Continued steady rise in steel making scrap continues, even though buy¬
Low
High
$23.25
19.73
1937--1936
the steel industry
participating in the recent sale to the European entente, whose purchases
1938. $23.25 a Gross Ton
One week ago...
■
2
—-2.199c.
—
-
1933
'
years
moderate tonnages of rails and steel for rolling stock continue to be placed,
current prices are tempting
Low
1937—
1934
of the iron and
\
certain outlets for steel mill products show
aiding in establishing backlogs for delivery
Motors and
rolled strips.
-2.330c
_
.v.'"":sJ
1935
'
producers a total of 5.000 cars.
on
wire, rails, black
2,605c.
One month ago.
■
Based
1938, 2.605c. a Lb.
2,605c.
One year ago
summary
compared with 67,230 the preceding week,
Finished Steel
Jan. 4,
restricted
is
state Commerce Commission
Tin plat© ship¬
322,975 tons are the largest on record.
THE
July
3—25.6%
England 9 points to 19, St. Louis 3 points to 12 and Detroit 19 points to
exports
3,500,000 tons for the year, highest since 1920.
ments of
July
July
planned and some of the steel placed.
last week
marking time at Pittsburgh pending the outcome of bids on railroad lists.
A
June
July
'
1933—
74.4%
4—66.1%
Oct. 11
63.6%
Oct. 18
55.8%
Oct. 25—52 1%
Nov.
1.
48.6%
Nov.
8
41.0%
Oct.
Railroads, usually large buyers about the year end, are holding
manufacture, farm implement and tractor manufacture, can
Scrap prices are up this week at
June
77.4%
76.2%
76.6%
21.
75.9%
28——.75.0%
5
67.3%
1282.7%
19
82.5%
20—...84,3%
7
14
business
general
are
steel
whole has not been materially dimmed by recent events are shipbuild¬
a
Jan.
June
purchases until they have better income, dependent on action of the inter¬
which
Industries in the metal working fields for which the outlook for the year
ing, airplane
Sept. 27
May 31
June
from the government.
Standard Oil Co. of New
12 tank ships, requiring a
awarded
are
29.6%
Deo.
6
27,5%
Dec. 13—27.4%
Dec. 20
23 5%
Dec. 27.-...19.2%
of
ment and also
.
A branch of the construction
31.0%
Nov. 29
general business situation and depends to considerable degree on subsidies
Less than 9,000 tons of new
Mich., requiring 1,525 tons.
Lansing,
At
36.4%
Nov. 22
83.2%
83.8%
Aug. 30—84.1%
Sept. 7—71.6%
Sept. 13
80.4%
Sept. 20
76 1 %
Among these shipbuilding looms large,
ships
Structural
lettings in the week were 11,700 tons, nearly half of which
steel
Nov. 15
.84 0%
indications of requiring fairly heavy tonnages over a large portion of the
year.
not counting very much on business
source.
In the construction field there is almost a stalemate, which many
85.5%
9
Aug. 10
Aug 23
buyers from covering freely,
:
The extent of the activity in the
from that
While
tons of rails, and some additional
expected.
uncertain that the steel industry is
2
Aug
creasing demand.
Iron & Railroad Co. has recently ac¬
bookings of 120,000
cumulated
Aug
.91.3%
.92.3%
3.....91.0%
May 10
.91.2%
May 17.
90.0%
May 24
91.0%
faces the new year with hopefulness and discerns signs of a gradually in¬
domestic mills and the Pere Marquette will buy 3,380 tons
The Tennessee Coal,
in Canada.
Apr. 19
Apr. 26
Although operating at the lowest rate in several
Plate and Pere Marquette will award about 12,350
In addition, the Nickel
1937—
May
4
79.4%
11..—.78.8%
18—.80.6%
25—77.9%
1—79.6%
8—80.6%
15
81.6%
22
82.5%
1
.85.8%
8—87 3%
15
88.9%
22
89.6%
29
90.7%
5
89.9%
12
90.3%
Cleveland, in its
steel markets, on Jan. 3, stated:
will be furnished
tons
1937—
1937—
"Steel"
& Ohio
The Chesapeake
spots.
187
1937-r-
1938
—
20
—
1937—
1936--
—
—
79
-
48
-—
1934
s
U.S. Steel
20 y2
+11
68
1
41
—
—
—
—
+
2%
36
31
+
+'
1
14
+
2%
i y2
6
43
W
62
1932
22
36
1930
59H
1929
—
—
—v-'-
1927
20
—
—
88
1
54
—
22
+
15
Independents
+12
—
28
1931
1928
2V2
41^
1935
1933.
—
+3
5
+10
1
+2
46
+
33
+2
16
+3
21 y2
l}4
+
2
+7
32
+
6
2
58
—
+1
82
—
84
+
1
85
67
—
3
70
—
3
64
75
+
5
82
+
5
683^
2}4
+1
—
3
+
4
offset in part by an increase of $7,000,000 in Treasury cash other than inactive gold.
Excess
of member banks on Jan. 5 were estimated to be
in Treasury currency,
reserves
approximately $1,270,000,000,
an
increase of $110,000,000
Inactive gold included in the gold stock and
in Treasury cash amounted to $1,223,000,000 on Jan.
5,
a decrease of $5,000,000 for the week.
for the week.
Financial
188
follows:
securities
Industrial advances (not including
913,000,000 commltm'ts—Jan. 6)
Other Reserve bank credit..
credit...
Total Reserve bank
Gold stock
Increase
+ 134,000,000
+ 6,000,000
2,603,000.000
....12,756,000,000
2,639,000,000
+ 1,000,000
—6,000,000
+6,000,000
+139,000,000
+1,484,000,000
Money In circulation
+108,000,000
+ 88,000,000.
6,510,000,000
3,622,000,000
127,000,000
Treasury cash. ............. ......
with F. R. bank—
Non-member deposits and other Fed¬
—61,000,000
+2,000,000
—13,000,000
+444,000,000
+37,000,000
+1,227,000,000
—105,000,000
+127,000,000
—16,000,000
666,000,000
Other
purchasing
for
loans
828,000,000
8,018,000,000
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
rent
OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
1,116,000,000
2,881,000,000
5,427.000,000
355,000,000
1,886,000,000
U. 8. Govt, direct obligations
Reserve with Fed. Res.
banks
Jan. 6
Jan. 5
Dec. 29
Jan. 6
1937
1936
1937
1937
1936
9
1,937
624
9
8,679
3,576
9
7,857
3,513
9
7,776
3,417
Assets—
9
2,122
635
9
1,925
641
and
Industrial,
agricultural loans:
Commercial,
223
227
*
1,523
1,560
*
30
385
34
395
*
*
Open market paper
191
192
*
27
27
*
Loans to brokers and dealers.
674
719
38
39
214
217
74
75
128
38
129
34
13
1
13
1
On securities
Otherwise secured & unsec'd
1,042
banks
deposits—adjusted
Time deposits
United States Government deposits
carrying securities....
......
Loans to banks
*
130
28
♦
233
193
239
196
21
35
21
36
3,031
3,597
,958
926
1,124
375
932
366
947
2,586
2,553
450
1,056
2,469
102
253
582
28
94
269
539
36
190
73
Otherwise secured & unsec'd
*
*
*
*
Cash in vault
56
61
58
Balances with domestic banks..
73
73
467
82
489
169
463
58
102
256
595
34
169
59
6,367
602
204
1,417
465
1,457
455
1,551
456
65
65
72
2,432
379
557
5
532
6
Comparable figures not available.
Reserve with Fed. Res. banks..
Other assets—net
Liabilities—
.
5,664
652
5,731
660
365
364
2,034
2,005
Borrowings
404
7
403
4
Other liabilities
347
360
329
15
19
23
Capital account
1,481
1,484
1,464
250
248
239
Demand deposits—adjusted
Time deposits
United States Govt, deposits—
Inter-bank deposits:
Domestic banks
Foreign banks
♦
Comparable figures not available.
Returns of Member Banks of the Federal
System for the Preceding Week
Complete
Reserve
As
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously
the
with
for
figures
Reserve
the
them¬
banks
selves, and covering the same week, instead of being held
until the following
plan, 53,007 of the bonds have been drawn for redemption
are payable on or after Jan. 15, 1938, at their face value
the offices of the Banca Commerciale Italiana,
agency in New York.
York
Co.
Trust
the
entire
Federal Reserve
the
close
The
leading
Dec.
condition
cities
the
shows
Decreases
29:
York, announced on Jan. 3 the resignation of the New
York Trust Co., New York City, as co-depository for the
Committee, effective immediately. The resignation followed
a number of conferences
between the Committee and the
Trust Company.
The Corn Exchange Bank Trust Co.,
formerly co-depository for the Committee is now sole de¬
pository.
Certificates of deposit heretofore issued by the
New York Trust Co. need not be exchanged as they will be
honored by the
increases
Reserve
banks,
in
brokers
and
of
principal
in
Odd-Lot Trading on New York Stock
Week Ended Jan. 1
and
member
dealers
in
balances
in
domestic
with
banks,
in
STOCKS,
increased
$7,000,000
declined
$5,000,000
York
City,
in
in
New
York
York
City
and
$14,-
for
reporting
all
the
week.
member
Deposits
No. Ord.
Value
Shares
No. Ord.
12,076
Shares
Value
Dec. 28
19,920
18.761
504,273
Dec. 30
7.825
482,048
191.353
Dec. 31
7,421
357,487
Jan.
7,356
4,468,031
$6,402,176
398,195
13,751
5,721
5,014
441,214
139,263
11,314,836
11,089,499
3,264,386
2,943,709
123,405
Closed
Exchange
1
212,282
12,577
$8,738,715
14,237,555
12,942,990
5,293,967
311,062
1,846,223 $45,681,258
66,003
f Total for week__
44,419
1,314,359 $35,014,606
Value
of
Listed
increased $6,000,000.
in
the
Hold¬
Philadelphia
City and $10,000,000 in the
Stocks
on
New
York
Stock
Exchange Jan. 1, $38,869,140,625, Compared with
$40,716,032,190 Dec.
1—Classification
of Listed
Stocks
As of Jan. 1,1938, there were
1,259 stock issues aggregating
the New York Stock Exchange
with a total market value of $38,869,140,625, the Exchange
stated on Jan. 5.
This compares with 1,252 stock issues,
aggregating 1,408,078,066 shares listed on the Exchange
Dec. 1, with a total market value of $40,716,032,190, and
with 1,212 stock issues aggregating 1,360,349,902 shares,
1,412,002,738 shares listed
banks showing a net increase of
credited to domestic banks increased
$33,000,000 in New York City, $12,000,000 in the Cleveland District, and
$48,000,000 at all reporting member banks.
Borrowings of weekly reporting member banks amounted to $9,000,000
on
Dec. 29, an increase of $2,000,000 for the week.
District,
$8,000,000
{Customers' Orders to Sell)
Dec. 27
City
$10,000,000 in the Cleveland District, and declined $18,000,000
the New York District outside of New York
Boston
PURCHASES
{.Customers' Orders to Buy)
in
Other loans for purchasing
"other securities" declined $4,000,000.
deposits-adjusted
increased
$20,000,000
Demand
District and
WARRANTS ON
Trade Date
Loans to
Government direct obligations declined $15,$12,000,000 in the Chicago District, and
Holdings of obligations fully
guaranteed by the United States Government
of
AND
$48,-
$49,000,000 at all reporting member banks.
ings
RIGHTS
EXCHANGE—WEEK ENDED JAN. 1, 1938
Market
loans
securities
New
and
banks.
agricultural
securities
Holdings of United States
000,000
AND SPECIALISTS IN
THE NEW YORK STOCK
ODD-LOT TRANSACTIONS OF ODD-LOT DEALERS
balances with Federal
reserve
$7,000,000 at all reporting member banks.
carrying
101
in
changes for the week ended
industrial and agricul¬
declined $10,000,000 in New
000,000 at all reporting member banks.
or
banks
City and $16,000,000 at all reporting member banks.
and
Commission made
On Jan. 6 the Securities and Exchange
public a summary for the week ended Jan. 1, 1938, of the
daily corrected figures on odd-lot transactions of odd-lot
dealers and specialists in stocks, rights and warrants on the
New York Stock Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended Dec. 25 appeared in these columns
of Jan. 1, page 35.
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. 1:
of
holdings of United States Government direct
in
Exchange During
commercial,
to domestic
deposits credited
industrial
reporting
$92,000,000
$61,000,000
000,000
York
Corn Exchange Bank Trust Co.
Dec. 29
following
obligations, and
Commercial,
Committee for Republic of Colombia,
The Bondholders
System respecting the
reporting member banks
weekly
of $16,000,000
tural loans and $49,000,000 in
New
of
29:
of
for
New
of the Board
System for the week ended with the
statement
Co-Depository
as
SALES
body
business Dec.
of
Resigns
Colombian Bonds
compiled.
of Governors of the Federal Reserve
of
Republic 5% gold bonds of 1925
of the amortization
and
Monday, before which time the statistics
In the following will be found the comments
returns
of 1925
'of $50 each, at
covering the entire body of reporting member banks in 101
cities cannot be
.
have been notified that, under the terms
614
5
United States Government
Other securities
—2,000,000
+ 2,000,000
—.
Drawing of Chinese Republic 5% Gold Bonds
for Redemption Jan. 15
*
3,052
On securities
—919,000,000
+15,000,000
—14,000,000
+ 48,000,000
442,000,000
9,000,000
Foreign banks..
New
14
5
+ 8,000,000 —1,140,000,000
+ 4,000,000
+138,000.000
+ 2,000,000
—11,000,000
5,090,000,000
Domestic Danks
Borrowings
51
Other loans:
U.S. Govt, direct obligations...
Obligations fully guaranteed by
—78,000,000
—459,000,000
Inter-bank deposits:
Other loans for purchasing or
Real estate loans
—122,000,000
—382,000,000
+ 264,000,000
+ 6,000,000
—4,000,000
14,431,000,000
5,205,000,000
691,000,000
The holders of Chinese
Dec. 29
1937
Loans—total
+ 92,000,000
—12,000,000
+ 61,000,000
«
by
guaranteed
United States Government
——Chicago
Jan. 5
Loans and Investments—total..
—1,000,000
*
—49,000,000 —1,223,000,000
+ 9,000,0000
Liabilities—
of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the Chicago member banks for the cur¬
New York City
—1,000,000
—5,000,000
+10,000,000
*
—
Otherwise secured and unsec'd
Demand
Below is the statement
ASSETS AND LIABILITIES
—14,000,000
Other loans:
fully
*
635,000,000
1,165,000,000
66,000,000
737.000,000
Loans to banks
Obligations
*
—395,000,000
or
carrying securities
Real estate loans
Cash In vault
Banks in New York City and
Chicago—Brokers' Loans
+ 7,000,000
securities
Balances with domestic
Returns of Member
—11,000,000
894,000,000
*
*
+ 3,000,000
—19,000,000
461,000,000
Open market paper
Loans to brokers and dealers In
Other securities
eral Reserve accounts.
9
—78,000,000 —1,529,000,000
—31,000,000
+198,000,000
579,000,000
4,022,000,000
Otherwise secured and unsec'd
On securities
Treasury deposits
9
9
On securities
—6,000,000
+6,000,000
7,071,000,000
(—)
Dec. 30, 1936
Commercial, industrial, and agri¬
—2,000,000
18,000.000
9,000,000
Member bank reserve balances.....
Decrease
or
Dec. 22. 1937
29, 1937
21.402,000,000
9,387,000,000
Loans and investments—total
+ 8,000,000
—2,000,000
....
(+)
Since
Dec.
cultural loans:
—2,000,000
....
Treasury currency
Jan. 6. 1937
for the
member banks, together with changes
year ended Dec. 29, 1937, follows:
week and
of the
of the principal assets and liabilities
summary
reporting
Loans—total
9
9
U. S. Government
(—
or Decrease
Since
Dec. 29, 1937
1937
6.
11,000.000
1,000.000
2,664.000.000
Bills bought
J*n. 8, 1938
Assets—
(+)
Increase
Jan.
Bills discounted
A
tho veek ended Jan. 5 in com¬
The statement in full for
parison with the preceding week and with the corresponding
date last year will be found on pages 234 and 235
Changes in the amount of Reserve bank credit outstanding
and related items during the week and the year ended
Jan. 5, 1938, were as
Chronicle
with
1937.
a
total
market
on
value
of
$59,878,127,946
on
Jan.
1,
In its announcement of Jan. 5 the Stock Exchange
said:
As of Jan. 1, 1938, New York
Stock Exchange member total net borrow¬
ings in New York City on collateral amounted to
of these member total borrowings to
on
this date, was therefore
1.70%.
down to separate those only on
$659,219,305.
The ratio
the market value of all listed stocks,
Member borrowings are not broken
listed share collateral from those on other
Volume
146
Financial
Chronicle
collateral; thus these ratios usually will exceed the true relationship between
i3
borrowings
side
on all listed shares and their market values.
be
to
of
business
Finally,
As of Dec.
1, 1937, New York Stock Exchange member
borrowings in New York City on collateral amounted
to $687,786,579.
The ratio of these member total borrow¬
ings to the market value of all listed stocks, on this date,
was therefore
1.69%.
'
In the following table listed stocks are classified by
leading
industrial groups with the aggregate market value and
average price for each:
the
important;
total net
centered
in
and
in
confidence
will
have
York
is
low.
to
The
and
the
on
invest,
is
attention
public
is
other
and
Evidently
influence
are
existing.
spend
situation,
involved.
is
important
difficulties
relationships
will
public utility
policy
an
principal
the
manifestly
the
government
the
the economic
confidence,
of
taxation,
upon
which
Obviously
itself,
factor
and
Washington
New
189
anticipated.
questions
developments
in
business sentiment.
upon
Stock
Exchange
Reports
Outstanding
at $659,219,305 Dec.
31—Decrease
$28,567,274 from Nov. 30 and $392,205,856 from
Dec. 31, 1936
Brokers'
Loans
of
Jan. 1, 1938
Dec. 1, 1937
Market
Aver.
Market
Price
Value
Price
%
Autos
and accessories
...
Chemicals
Building
17.49
54.48
27.83
276,860,987
30,533,117
1.423,800,448
1,617,315,341
4,612,945,686
287,924,588
1,802,359,291
3,218,884,064
1,995,762,736
199,095,038
Farm machinery
Amusements
Land and realty
.
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
„
Gas and electric (operating)...
Gas and electric (holding)
23.61
912,094.785
2,516,293,932
288,451,442
633,180,950
Rubber and tires..
Textiles
2,737,885,903
15.44
4,768,563.045
640,428,078
1.676,977,080
2,612,714,810
330,928,679
633,555,342
319.811,553
6.11
32.465,959
6.49
16.22
1,561,445,705
1,625,327,487
4,674,178,321
335,291,477
24.85
18.89
$189,219,404 and $282,985,819, respectively,
24.49
1,939,724.579
26.60
a
27.35
3,443.811,550
29.26
40.22
2,039,973,933
180,446,429
41.39
1,788.621,496
1,323,456,175
8,281,504,786
141,631,545
225,302,340
25.20
;
Electrical equipment manufacturing..
Foods
Machinery and metals
Mining (excluding Iron)
$
19.92
16.31
2,309,660,158
850,783,472
4,740,707,834
484,246,926
1,639,451,091
...
Financial
22.75
42.49
27.31
47.16
22.58
24.81
24.00
15.23
1,677,159,705
1,169,280,890
23.63
3,162,283,606
84.26
129,276,808
11.86
286,192,996
12.46
...
Communications (cable, tel. & radio).
Miscellaneous utilities
Aviation
Business and office
Outstanding brokers' loans on the New York Stock
Exchange decreased during December to $659,219,305 at the
end of the month, the Exchange made known on Jan. 4
in issuing its
monthly compilation. This figure is $28,567,274
below the total for Nov. 30 of $687,786,579, and $392,205,856 below the Dec. 31,1936 figure of $1,051,425,161.
During
Aver.
Value
equipment
12.04
31.33
47.38
Nov. 30 and $768,439,342 Dec. 31, 1936; time loans at the
latest date amounted to $147,331,000 as compared with
24.93
24.35
15.68
contracted for and carried in New York
13.25
1937 aggregated $659,219,305.
9.81
320,604,141
3.75
8.73
85,139,995
157.509,750
(2)
53.14
13.22
12.89
23,950,196
17.68
25.21
601,172,873
952,899,285
24.81
38,869,140,625
27.53
40,716,032,190
28.92
business, Dec. 31,
Demand
,
Time
14.27
564,654,556
973,070,721
of the close of
Net borrowings on collateral from New York
banks or trust companies
$481,931,505 $145,931,000
Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
others in the City of New York
29,956,800
1,400,000
23.07
1,414,324,150
„
(1)
14.37
22.95
52.08
as
The detailed tabulation follows;
:
28.30
7.857,392
26,433,351
is the compilation made available by the
Jan. 4:
on
New York Stock Exchange member total net borrowings on
collateral,
13.63
9.00
month and
a
year ago.
The following
Exchange
87.43
156,855,474
Garments
U. S. companies operating abroad
Foreign companies (incl. Cuba & Can.)
All listed stocks
reported
by the Stock Exchange at $511,888,305 against $498,567,175
17.84
1,385,727,777
21,643,527
Leather and boots..........
Tobacco
December demand loans were above Nov. 30, but below
Dec. 31, 1936, while time loans were below both a month
and a year ago.
Demand loans on Dec. 31 were
43.47
28.90
2.95
26.75
303,008.421
6,172,634
27,266,461
78,289,948
Shipping services
Ship operating and building
Miscellaneous businesses
54.84
25.83
18.82
„
_
$511,888,305 $147,331,000
J
Combined total of time and demand borrowings
$659,219,305
Total face amount of "Government securities" pledged as
collateral for the borrowings included in items (1) and
(2) above
$36,513,950
♦Revised.
The scope of the above compilation is exactly the same as in the
-
We
give below
two-year compilation of the total
a
value and the average
price of stocks listed
on
market
Below
furnish
we
two-year compilation of the figures:
a
Loans
Demand
Market
Average
Market
Average
Value
Price
Value
Price
1936—
1937—
Jan.
Time Loans
$
31
Feb.
1936—
29
Mar. 31
1
$46,954,581,555
$35.62
Jan.
1
$59,878,127,946
$44.02
Feb.
1
60,164,457,052
37.98
Feb.
1
61,911,871,699
45.30
May 29
Mar.
1
38.61
Mar.
1
62,617,741,160
45.46
June 30
Apr.
1
51,201,637,902
51,667,867,515
47,774,402,524
49,998,732,557
50,912,398,322
54,066,925,315
54,532,083.004
55,105,218,329
58,507,236,527
60,019,557,197
38.85
Apr.
1
62,467,777,302
46.26
July 31
Aug. 31
May
1
1
June
July
1
Aug.
1
Sept.
1
Oct.
1
Nov.
1
Dec.
i.„.
35.74
May
37.35
June
38.00
July
1
40.30
Aug.
67,962,789,210
57,323,818,936
54,882,327,205
59,393,594,170
56,623,913,315
49.034,032,639
1
1
1
40.56
Sept.
1
40.88
Oct.
1
43.36
Nov.
1
44.26
Dec.
1
41.27
Oct.
Dec.
.....
31
27.53
38,869,140,625
1
768,439,342
Revised.
719,105,327
27
734,435,343
792,419,705
804,749,884
777,836,642
818,832,335
836,864,420
872,462,148
732,505,016
493,340,168
,:
Mar. 31
30
i
May 29
July
Bank of New York Views Business
"Flattening Out"—Developments in
Washington Regarded as Having Important In¬
City
Decline
fluence
as
Business
on
Sentiment
"The business recession has continued during December,"
the National
Observes, "although
fall months,
is flattening
City Bank of New York
the rate of drop has been slower than in the
and a few signs have appeared that the decline
out."
"Even in good years," the bank goes on
31...
Aug. 31
Sept. 30
Oct.
30..i
Nov. 30..
times
In its
is usually
the curtailment
bad
are
extensive."
January "Monthly Letter" the bank also states that
in some lines have picked up moderately,"
"new
orders
This
modest
commodities,
for
keeping down
No
one
when
income.
well
over
sooner
been
has
the
sufficient
are
York
with
Jr.,
improvement
the
decline
on
in
will
hold,
employment
the nearby prospects.
or
and
How¬
would naturally
stability
to
exhaust
themselves,
leveling out should
the bank
natural
cooperation
facilitated?
President
these
business
the
recessions?
And
how,
through
can
sion
proceeds it tends gradually to become immune to further contraction
and
responsive
State
"and
products
forever
The supply of
unused
labor
come
and,
currently, in
situation
on
as
a
may
the
market.
Buyers
know
that prices
will
not
the markets decline, gradually become more willing.
fall
Con¬
truly flexible system, wages and prices are adjusted as the
require in
order to restore the flow of trade.
downward movement in business
ends and recovery begins.
At present the cost of capital is already low to
strongly-situated borrowers, but a broadening of the capital markets is
needed.
No great destruction of bank deposits through retirement of debt
This
is
the
natural
way
in
which
a
number of
the
in
de¬
date
that
on
amounted
individual accounts
the
to
were
$5,291,259,241."
also healthy,
he
Dock
banks
of
mutual
savings
equivalent
to one
depositor out of every two
statistics,
of
accumulations
life
it
banks
the
in
is not
system,
thrifty,
inhabitants
the
of
for
savings
bank
in
accounts
York
New
State
inhabitants.
is
This
depositors is the most significant of all savings
is indicative of the tremendous responsibility of
6,084,276
of
mutual
the
say:
number
figure
It
influences.
and
savings
account.
Mr. Mills, who is also President of the Dry
Savings Institution of New York, likewise had the
per
Most
favorable
total
of
reports, adding that the average savings amounted to $853
and
to
increases
Banks Association of the
issued Jan. 2, in which
been a continued growth in both
Savings
year
have
the
The sizes of
and the cost of employing them decreases; efficiency
improves; idle bank deposits accumulate; fixed charges are reduced by
debt retirement and refunding; replacement demands build .up; and new
capital
past year
Andrew Mills
ended Sept. 30.
"Total deposits in
increased by some $68,200,000," he said,
for the
positors,
one
the natural adjustments be
important questions.
As the reces¬
involved,
are
Recession
the
over
of satisfaction," said
"there has
volume
dollar
The
to
back
look
can
the
of
noted that
the
roughly
Checks
banks
amount
State of New York, in a statement
following to
come.
stop
everyone
Obviously
the
adds:
influences
of
and the sharper the recession
savings
certain
a
the
this
halt
to
optimistic
not
Natural
What
in
whether
positively
men
of
tend
In part,
the
change
no
reflects a need for the
the prevailing policy of
be expected after a drop of
25% in industrial production in four months.
All movements
period
business
of
state
become
Business
a
ever,
there
evidently
buying
in
forward commitments.
can
will
it
improvement
687,786,579
Continued
"The
he
and says:
725,622,872
659,219,305
Growth and Deposits and Number
Depositors Savings Banks Can View Past Year
with Satisfaction, According to Andrew Mills Jr.,
President of Savings Banks Association of New
operations are likely to slacken toward the yeardue to the holidays and the inventory period; and
when
1,152,212,988
1,186,327,581
1,173,757,508
1,186,449,148
1,039,120,516
of
dustrial
end,
1,187,279,384
374,376,346
367,495,246
336,893,088
313,987,000
306,615,500
232,282,704
189,219,404
147,331,000
511,888,305
With
1,026,372,092
1,074,832,139
1,158,684,205
382,529,500
,
498,567,175
Dec. 31
"in¬
to say,
971,531,244
974,928,018
984,004,702
1,051,425,161
307,266,765
340,396,796
366,264,500
' ■■■
1937—
June 30
National
988,543,241
973,784,584
282,985,819
30
Feb.
28.92
969,997,839
967,381,407
275,827,415
Jan.
35.07
♦31.77
♦44,669,978,318
40,716,032,190
Apr.
*
708,177,287
31
1,063,950,736
381,878,415
372,679,515
313,642,415
598,851,729
Nov. 30
40.51
243,792,915
375,107,915
410,810,915
407,052,915
396,076,915
661,285,603
......
Sept. 30
39.21
42.30
1938-—
Jan.
*
■.:■■■■
$
;
924,704,335
924,320,544
996,894,018
292,695,852
571,304,492
591,906,169
41.80
30
\
•
324,504,713
753,101,103
688,842,821
559,186,924
581,490,326
Apr.
Total Loans
$
600,199,622
631,624,692
Jan.
'
loan
report issued by the Exchange a month ago.
the Exchange;
of this
this continued
not
but
also
only
as
as
safe
a
vital
a
depository for
force
in
the
the economic
State.
growth alone that we look
for satisfaction.
the trustees and officers
of our savings banks are taking in affairs which have an effect upon the
economic status of our depositors.
Savings bankers find themselves taking
a
important
leading part
moratorium
to
take
a
and
housing.
taking
a
interest which
growing
the
in the determination of such questions as the mortgage
deficiency judgments.
Likewise, they feel a responsibility
constructive
better
position
More and
on
more,
matters
the
men
such
in
as
tax
the savings
adjustments
bank
field
and
are
broad community view in addition to their efforts for the thorough
protection
During
is
of
the
depositors'
year the
funds.
...
surplus
accounts
in
our
banks
have
increased
generally, providing still stronger protection for the savings of the people.
Financial
190
The
and
mortgage
considerable improve¬
has shown
estate situation
real
investments in general are still low. It is the
consensus
among savings
banks tlxat depositors still look to them more
for the safety of their funds than for a high rate of return.
There are
many agencies through
which those to whom income is paramount may
although yields from
ment,
The savings banks must continue
as
in
the past to provide security first, and second, a rate of return
compatible with that security.
York Superintendent of BanksCooperation of Bankers with
Law-
Annual Report of New
Commends
Recommends Changes in
Laws—Banking Board Brings Up Ques¬
Bodies—Report
Making
Banking
tion of Chain Banks
banking depend in a large
the capacity of government and business to
resolve their differences and thus pave the way for an
increase in trade and an expansion in industry, Superin¬
upon
William
Banks
of
tendent
White said in his annual
it.
report to the Governor and the Legislature, made public at
Albany, N. Y., on Jan. 5.
"We know from experience," said
Mr. White, "that such a program is practical and that in
field where it was tried the
outstanding."
In part, Superintendent
least one important
at
been
have
results
White
few years have been largely due to the combined efforts of
and bankers.
The constructive steps which have been taken
ment
of
enactment
the
made in our banking system in the
govern¬
improvements which have been
The
the main they have
in
but
the adoption
through
of new policies of super¬
require no discussion.
approved all new legislation
not
have
Bankers
tions,
laws and
new
and regulation
vision
but
affecting their opera¬
cooperated with law-making 'bodies and
supervisory agencies in carrying out a
program
which they have regarded
unimproved and unproductive prop¬
taking mortgages upon
erty.
Savings Banks
"The
greater
folios
part
remained
has
of the savings bank mortgage port¬
substantially unchanged for eight
years," the Superintendent's report stated, and lie said that
"to some extent this has been due to the mortgage mora¬
prevented savings hanks from procur¬
has
which
torium,
reductions
ing
of
marginal loans where taxes and
In part, Mr. White also said:
many
interest have been paid."
the inoet
State of
New York has recognized a large number of railroad securities as eligible
investments for savings and trust funds.
Yet in December, 1932, of the
seven
billion dollars of railroad securities on the legal list, five billion
would have been ineligible for investment had it not been for the so-called
The
problem
railroad .obligations continues to be one of
investors.
For many years the
of
institutional
confronting
waived
moratorium
which
earnings
certain
requirements
the ratio
relating to
of
fixed charges.
to
would
ceeding year
It
in conditions more
result
favorable to the railroads.
however, that we have been waiting for improved business con¬
to the railroads a financial stability which can only be
appears,
ditions
annually in the hope that each suc¬
renewed
been
has
moratorium
This
restore
to
accomplished by
combination of more profitable business and
a
the solution
to the entire industry.
.
.
.
Questions have been raised from time to time relative to the prevailing
rate of
dividend paid by savings banks.
While the 2% rate does not, in
most cases, require the distribution of all earnings, it is to the best interest
problems which are fundamental
of
added:
past
owned,
serious
profits and stability in
Future
measure
banks specific power to improve real estate
would prohibit savings banks from ,bereafter
savings
give
that character.
of
investments
for
turn
Jan. 8, 1938
Chronicle
of
The
income.
general,
in
reserves,
several
customary
for contingencies be made from
being credited to surplus and
not greater in proportion to deposits than was
ago when
the dividend rate was considerably
provision
fullest
the
that
depositors
current
currently
amounts
are
years
higher.
Liquidation
constructive.
results achieved in the field of
fundamentally
as
The
to
business
and
ment
the important gains which have been
banking structure since the low point of
difficult to preserve
ingly
strengthening
our
the de¬
State banks and trust com¬
In his comments Mr. White
•000,000 above those of 1935.
important respect banks and trust companies are better fortified
adverse market conditions than would have been the case a few
one
meet
to
The periodic analyses of bond accounts made by this depart¬
ment show a steady improvement
in the quality of the securities held.
Examination reports for the first half of 1937 revealed that the average
State bank or trust company had 87.7% of its portfolio in United States
Government bonds, municipals, or other bonds
in the first four grades,
ago.
for
fallacy
of
preferring income
service
to
the importance
bonds
rated
have been
half of
first
1936 and 80.4%
markets during 1937 have again
declining security
The
the
for the
1935.
of
half
last
83%
with
compared
.as
that we
should
find
low-grade
in
were
honored place in their
an
Examination
the first
for
reports
emphasized the
principal.
Those who gave lip
continued to buy or hold poorly
in for a prolonged bull market
Few voices are now heard arguing that
bonds for the purpose of yield, or that
rudely awakened.
invest
to safety of
of quality but
the theory
on
should
11 institutions in liquidation owed
$2,000,000 which had been advanced
has
portfolios.
half of this
year
been
advanced
institutions in liquidation by
to 26
from
owing
remains
his
trials,
of
Report
that
tem.
such
continued
resulted
in
more
Examination
yield on assets suitable for bank
attention being paid to bank earnings.
low
1936 showed that, on the average,
reports for
40% of the
income of banks and trust companies came from interest and
dends on
investments, 34% from interest on loans and mortgages,
gross
service
commissions,
and
charges
8% from
trust departments,
foreign exchange, and the balance from
from
real
loan
divi¬
8%
7%
personal
departments and miscellaneous sources.
estate, 2% from
close
of
requirements of banks and
between reserve requirements
non-member institutions. "Under
ordinary circumstances, the Board belieyes that such uni¬
formity would be in the public interest," the report of the
Board says.
The Board further said:
The
legislation conferring authority upon this Board to increase the
uniformity
substantial
rates
reserve
Shortly
now
thereafter
specified
as
in
effect on June 30.
entire subject of the proper
banks and trust com¬
the banking law took
careful study
be applied
a
requirements
reserve
to
of
the
to non-member
decided upon the basis of its Btudy
appropriate for an
increase
in reserve requirements.
Since that time a further decline in
business activity and bank deposits has taken place.
The Board is of
the opinion that under such conditions it Is inadvisable to make any change
in the reserve requirements now applicable to non-member institutions.
was
other
The Board
completed.
facts
re¬
investment has
the
applicable to member and
The Board
in
its
possession that the time was not
also called to the atention
establishment
the
of the Legislature
in 1934, limits
banks and trust com¬
the Stephens Act, passed
the fact that while
The
of
the Banking Board
companies not members of the Federal Reserve Sys¬
In making this recommendation it was explained that
an
amendment would enable the Board to maintain
trust
five
years.
RFC, approximately
as
A separate report of the Banking Board accompanies the
Superintendent's report to the Legislature. It recalled that
the report for last year recommended that the Board be
panies
8.2% miscellaneous.
Segregation according to maturities
43.2% matured in 10 years or less and 27.8% within
and
vealed
liquidations
year.
and
showed that the
Dur¬
past
$1,100,000
this
banks
portfolio of banks and trust companies included 39.6% of gov¬
ernments, 16.8% municipals, 14.2% rails, 13.2% utilities, 7.9% indus¬
dividends.
facilitate the prompt payment of
12 months, this indebtedness was reduced approximately
$930,000, which included $151,245 in the form of final payments on
loans made to five institutions.
Of the total amount of $11,961,381 which
the
stocks
average
from
1936,
year
Corporation
to
given power to increase reserve
said:
years
the
Finance
of loans
form
the
of
close
in
Mr. White said that at the close of business,
Sept. 30, 1937, 296 institutions reported deposits of $8,435,000,000 as compared with $8,067,000,000 reported by 299
institutions on Sept. 30, 1936.
This decrease of $232,000,000,
however, he stated, seems comparatively slight when it is
remembered that the 1936 figures were more than $1,100,-
Bureau,
institu¬
...
the
At
Reconstruction
panies,
In
tions.
ing
Discussing the condition of
of
dividends
paid
realized
pression.
1937 the department, through its Liquidation
$7,809,558 to depositors and creditors of 26
During the year
Unless such a program
business.
in
objectives has hindered the sound development of
is soon adopted we shall find it increas¬
common
upon
agree
banking should encourage govern¬
leaders to cooperate in other fields where the failure
of
branches
by
panies, there is no legislation restricting the establishment
and extension of systems of chain banking by the holding
methods, and it cites "the possible inconsistency
establishment of bank and trust company
branches while permitting the unrestricted acquisition of
additional units by chain bank holding companies."
company
in
limiting the
Changes in the Banking Law
work
The
of
recodifying
the
banking
law,
which was
Current Joint
a
nearly
six months'
work, in which
been ably assisted by Professor Paul R.
again
Law
versity
sideration
of
articles
at
School,
the
we
expect
present
the banking
session,
law,
the department has
Hays of the Columbia Uni¬
to submit to the Legislature for con¬
bills embodying revisions of five other
relating respectively to the powers and duties
Superintendent, private bankers, agencies or foreign
the
of
of
result
rations,
savings banks, and
Clarification,
including
and
savings and loan associations.
the elimination of ambiguities
banking corpo¬
and conflicting
reduction
provisions,
to
are
of
a
in volume through the repeal of obsolete or
the main purposes of all of the bills which
There are, however, certain proposals for changes
provisions
overlapping
are
submitted.
be
substantive nature.
Among
tendent
are
an
Banking Board from
nine to 10, the additional member to
appointed by the Governor to represent the savings and
loan associations of the State.
He also recommends that
be
industrial banks be given the right to
trust companies in the selection of
candidates for appointment to the Board by the Governor.
The proposed revision of the savings bank article would
private bankers and
vote
with
banks
and
with $528,079,535 Sept.
30
joint statement of condition issued Jan. 3,
resources of J. P. Morgan & Co., New York, and Drexel &
Co., Philadelphia, at the end of 1937 amounted to $457,111,632, as compared with $528,079,535 Sept. 30, the date of the
last previous statement, $608,333,024 on June 30, and $550,338,618 at the close of 1936.
In the latest statement—for
Dec. 31—cash on hand and on deposit in banks is shown at
$91,709,066, against $116 993,721, $122,997,394, and $89,657,159, respectively, at the earlier dates.
Holdings of
United States Government securities as at the close of 1937
According to
are
of substance listed by the Superin¬
increase in the number of members of the
the changes
Co. and
of $457,111,-
J. P. Morgan &
of Dec. 31—Resources
as
632 Compare
added:
As
Statement of
Drexel & Co.
will be carried on, said Mr. White, who
initiated last year,
a
reported at $260,597,362, in
comparison with $286,182,-
$342,700,266 six months ago and
$297,243,312 a year ago, while holdings (Dec. 31) of State
and municipal bonds and notes are shown to be $18,724,210,
compared with $39,305,157 Sept. 30 and $42,460,041 June 30,
and with $63,318,110 of State and municipal bonds and bills
966
three
months
ago,
held Dec. 31, 1936.
Deposits at the end of 1937 totaled $394,997,148.
On
30 the deposits were in amount of $461,931,708; on
June 30, $542,015,746, and on Dec, 31, 1936, $478,922,407.
Sept.
Volume
Financial
146
191
Chronicle
The President's
Capital of the two firms remained unchanged throughout
1937; surplus and partners' balances decreased to $21,792,981
at the year-end, from $22,776,514 Sept. 30, $22,661,593
June 30, and $24,547,588 at the close of 1936.
proclamation follows:
Relating to Newly-Mined Domestic Silver
By the President of the United States of America
A PROCLAMATION
.
Whereas, by Proclamation of the 21st day of December, 1933,
$153,977,000 Received to Offering of $50,000,000 of 91-Day Treasury Bills Dated Jan. 5, 1938—
Tenders of
Total
at
for coinage and addition to the monetary stocks of
total of $153,977,000 was
Total accepted —
$153,977,000
applied for
accepted bids:
mined subsequent to
States
or
99.979
99.984
Average price
modified states in part that:
as so
December,
1937, unless repealed or modified by act of Congress or by
subsequent proclamation." and that
"Notice is hereby given that 1 reserve the right by virtue of the authority
vested in me to revoke or modify this Proclamation as the interest of the
United States may seem to require."
Now, therefore, finding that the interests of the United States require
further modification of said lYoclamation of the 21st day of December,
modified; by virtue of the power in
as so
cited
in
said
recovery, and
350,000,000
me
1933
vested by the Act of Congress
designated for national
Proclamation, and other legislation
by virtue of all other authority in
I, Franklin D.
do
me
vested;
Roosevelt, President of the United States of America,
hereby further modify the said Proclamation of the 21st day of December,
1933,
Low
place subject to the jurisdiction thereof; and
"Tnis Proclamation shall remain in force and effect until the 31st day of
Equivalent rate approximately 0.032%
Equivalent rate approximately 0.083%
Equivalent rate approximately 0.065%
99.992
any
the United States silver
Dec. 21, 1933, from natural deposits in the United
Whereas, such Proclamation
Range of
High
modified
days of April, 1935, the United States coinage mints are directed to receive
Average Rate of 0.065%
tendered to the offering of
$50,000,000, or thereabouts, of 91-day Treasury bills dated
Jan. 5, 1938, and maturing April 6, 1938, it was announced
on Jan.
3 by Secretary of the Treasury Morgenthau.
Of
this amount, Mr. Morgenthau said, $.30,000,000 was ac¬
cepted.
The tenders to the offering of Treasury bills were received
at the Federal Reserve banks and the branches thereof up
to 2 p. m. Eastern Standard Time Jan. 3.
Reference to
the offering was made in our issue of Jan. 1, page 39.
The
following regarding the accepted bids to the offering is from
Secretary Morgenthau's announcement of Jan. 3:
Accepted
$50,000,000
A
as
by Proclamations of the 9th day of August, 1934, and the 10th and 24th
that the
so
December,
shall remain in force and effect until the 31st day of
same
1938, and
that
so
the
of deduction
amount
for seignorage,
brassage, coinage and other mint charges from the monetary value of silver
delivered thereunder which has been mined
on or
after Jan. 1,1938, shall be
50% of such monetary value; and I do proclaim and direct that, with respect
of $50,000,000, or Thereabouts, of 91-Day
Bills—To Be Dated Jan. 12, 1938
New Offering
to all silver received
ury,
$1,000,
of
$10,000,
tenders for
less such deduction of 50%, and
of
the
December, 1933,
There
heretofore and hereby modified shall remain in force
of December, 1938, unless repealed or further
vested in
me to
revoke
modify this Proclamation as the interests of the
or
United States may seem to require.
In witness whereof, I have hereunto set my hand
and caused the seal of
the United States to be affixed.
Done at the City of Washington this 30th day of
bearer form only, and in amounts or
$100,000, $500,000. and $1,000,000
of Our Lord, Nineteen Hundred and
December, in the year
Thirty-seven, and of the Independence
of the United States of America the One Hundred and Sixty-second.
amount less than $1,000 will
be considered.
Each
D. ROOSEVELT
(Signed) FRANKLIN
By the President:
(Signed)
CORDELL HULL,
be used.
Secretary of State.
without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
A
applied for, unless the tenders
guaranty of payment by an incorporated
face amount of Treasury bills
accompanied by an express
Washington dispatch
of
"Herald Tribune" commented
for receipt of tenders on Jan. 10,
1938, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on Jan.
for
a
came
the New York
follows:
1932, and immediately after
Government silver purchase program in
the New Deal
to
the proclamation as
Silver interests began their campaign
beginning tomorrow, Jan. 1, 1938.
Immediately after the closing hour
Dec. 31
on
be paid for newly mined metal offered to the Treasury
The new price will
bank or trust company.
into power in
and silver to the Agricultural
1933 a group of inflationists added gold
Adjustment Act.
Returns to 1933 Level
The Dec. 21,1933, Silver Proclamation set a price
domestic
which
at
offered
miners
their
metal
of 64.64 cents an ounce,
to
the
quotation to 77.57 cents an ounce.
This price has been in effect for more
silver until it had one ounce for every three ounces
and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes.
(Attention is invited
to Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift tax.)
No loss from the sale or other disposition of the Treasury
bills shall be allowed as a deduction, or otherwise recognized, for the pur¬
bills will be exempt, as to principal and.interest,
of any tax now or hereafter imposed
the fact that
Circular No. 418, as amended, and this notice
amount
currency
Treasury
Under the Act the Treasury can issue $1.29 worth of
Tonight the London silver agreement
Newly-
The agreement, ratified by the
Cents an
Ounce—Proclamation Effective Until End of 1938
country, Canada, Mexico,
expired and it will not be renewed.
United States on Dec. 21,1933, pledged this
Peru and Australia to absorb about 35,000,000
production annually.
own
silver stocks, such as India,
In addition, large holders of
Spain and China, agreed not to sell metal in the
world market above set quotas.
Following an announcement on Dec. 30 by Secretary of
Treasury Morgenthau that the Treasury Department
had agreed to continue its purchases of silver from Canada,
China and Mexico, President Roosevelt on Dec. 31 issued a
The
the
proclamation reducing the Treasury's price for newly mined
to 64.64 cents,
which was the price fixed by the Treasury in 1933.
The
price at which the Treasury buys foreign silver under agree¬
ments with Mexico, Canada and China is approximately
45 cents an ounce.
The new proclamation covers the period
until Dec. 31, 1938, but the President retained the power
to extend its provisions at the expiration date.
The reduc¬
tion in the price for newly-mined domestic silver was brought
about by increasing the seignorage charged by the Govern¬
ment to 50% of $1.29, at which price the Government is
authorized to issue silver certificates.
The former seignorage
charge was 40%.
Secretary of the Treasury Morgenthau revealed on Jan. 3
that the President's proclamation followed an "exhaustive
study" of the domestic silver situation by the Treasury.
He added that the price which the Treasury pays for foreign
silver will remain on a 24-hour basis.
of their
ounces
Silver Agreement Expires
United
States and the other signatories to
hoped by these steps to stabilize the market
soon
after the accord was roached the price
of 80 cents an ounce.
the expectation
on
domestic silver from 77.57 cents an ounce
Because it has felt that it
certificates up to the full amount prescribed
by the act, the Treasury has declined to do so.
Price for
Mined Domestic Silver from 77.57 to 64.64
—London
inasmuch as it pays for the metal with silver
backed by the metal it buys, and only in the total
purchased.
would be inflationary to issue
Cuts
rendered the program ineffectual.
Purchase Act.
certificates for every ounce of silver it owns.
and govern the conditions of their
♦
Roosevelt
Despite
been bought, the huge
Under the Sliver Pruchase Act It costs the Treasury nothing, theoretically,
for its huge silver acquisitions,
by the United States or any of
issue.
President
ordered to acquire
of gold held.
Under the circumstances a total of $1,450,000,000 worth of silver is needed
to fulfill the ratio of the 1934 Silver
certificate
Department
1,399,412,500 ounces of silver have
inflow of gold into the United States has
its possessions.
prescribe the terms of the Treasury bills
Sub¬
than two years.
Under the 1934 Silver Purchase Act the Treasury was
The Treasury
Treasury.
sequently, on Aug. 9, 1934, and on April 24, 1935, the President raised the
12, 1938.
Treasury
of the United States, the
that the said Proclamation of the 21st day
Notice is hereby given that I reserve the right by virtue of the authority
Tenders will be accepted
poses
therefor, in standard silver dollars,
(Seal)
an
Fractions must not
are
by the Government
modified by Act of Congress or by subsequent proclamation.
of $1,000. The price offered must be expressed
basis of 100, with not more han three decimal places, e. g., 99-125.
of 10% of the
as
and effect until the 31st day
tender must be in multiples
on
1938, from natural
1,
monetary value of the silver so received (that it, $1.2929, per fine ounce),
(maturity value).
No
after Jan.
or
shall be 50% and there shall be returned
maturity of similar securities on Jan. 12 in amount of
$50,022,000.
In his announcement of Jan. 6 Secretary
Morgenthau had the following to say:
They (the bills) will be issued in
which such mint,
place subject to the jurisdiction thereof,
silver certificates, or any other coin or currency
a
denominations
on
or any
the deduction for seignorage and services performed
Time, Jan. 10, was an¬
of the Treasury Henry
Morgenthau Jr.
The tenders will not be received at the
Treasury Department, Washington.
The Treasury bills will be sold on a discount basis to the
highest bidders.
They will be dated Jan. 12, 1938, and will
mature on April 13, 1938; on the maturity date the face
bills will be payable without interest.
is satisfied has been mined
deposits in the United States
up to 2 p. m., Eastern Standard
nounced on Jan. 6 by Secretary
is
United States coinage mint under the provisions of
subject to regulations prescribed hereunder by the Secretary of the Treas¬
offering of 91-day Treasury bills to the amount of
$50,000,000, or thereabouts, to which tenders will be re¬
ceived at the Federal Reserve banks, or the branches thereof,
new
amount of the
a
the said Proclamation of the 21st day of December, 1933,
Treasury
A
by
of still higher prices inundated the market with
offerings.
with the United States controlling
price level.
In the place of the London
.
advanced and reached a level
Subsequently, it declined and holders who bought
The silver boom came to an abrupt end,
the
the London agreement
for the metal and for a time
individual agreements
Silver Pact the United States has reached
with Canada, Mexico and China.
Canadian agreements are
The Mexican and
for January only and pertain to the amount of
purchase from these countries.
The price is
silver which the Treasury will
expected to be about 45 cents an ounce.
Treasury announcement as to the agreement to
purchases from Canada, China and Mexico,
referred to in our issue of Jan. 1, page 40.
Under date
The
continue silver
was
of Dec. 27 press
advices from Washington said:
A tentative agreement has
been concluded between the United States and
Mexico under which purchases
the
same
This is about 44
compared with 77.57 cents paid for domestic silver.
The agreement was
drawn up by Eduardo Suarez, Mexican Finance Min¬
ister, and United States
It
of Mexican silver during January will be at
price paid during 1937, it was learned today.
cents an ounce,
Treasury officials during a series of conferences.
represented the first phase of the 1938 silver program to become known.
Financial
192
days remaining before
only four
with
expiration of the domestic silver
London agreement.
and the international
purchase proclamation
President's proclamation Associated Press
Dec. 31 said in part:
reduction affected silver mines and many other kinds of metal mines
produce silver as a by-product in a dozen Western States.
These
Incident to the
advices from Washington
The
which
approximately 400,000 persons.
who had been confident that the price, unchanged
since'April 24, 1935, would not be modified, had declared that a lower price
would make operation of many mines unprofitable.
.
•
Neither President Roosevelt nor Secretary of the Treasury Morgenthau
made any explanation of the reduction, but it was noted they returned
the silver price to the identical quotation fixed on Dec. 21,1933, when the
mines employ
Western Congressmen
of paying a^premium above the world price was initiated.
Early in 1935, the>orld priceClosed the gap and successive increases
program
domestic price on
made in the
were
lOfand 'April 24 of that year. After a
the worldj'price fell back to about 45 cents,
April
spectacular surge to 80 cents,
where it had been before but no change was
made in the domestic price. . .
mined after tonight. Silver mined
still be turned into the Treasury at any time at
will affect only silver
The new price
few weeks may
in the last
the old price.
Roosevelt Urges Cooperation Between
President
Busi¬
Controlling Industrial
Production—At Press Conference He Asks Econo¬
mic Planning, but Warns Against Assuming He
Government
and
ness
Intends to Revive
in
be
conference on Jan. 4, said
highly desirable objective if a method
a
under which the heads of companies in an
could be devised
would sit around a table with Government rep¬
resentatives and regularize their activity by figuring prob¬
industry
purchases, inventories and consumer
able
demand without
prosecution under the anti-trust laws. He cited what
called actual illustrations of industrial and labor abuses
fear of
he
inventory
salesmanship and
high-pressure
criticized
and
of business slumps and labor's juris¬
dictional disputes as crippling legitimate business.
Mr.
Roosevelt's remarks were reported as follows by Albert L.
Warner, in a Washington dispatch of Jan. 4 to the New York
buying
as precursors
"Herald Tribune":
plight of the country he
linked, at least by full-fledged implication, certain
business leadership.
Whether his special message to
Congress on business evils would
contain
suggestions for carrying out these ideas, he could not say.
The President's reassertion of his thesis on the regularizing
of industray—
days—caught his listeners entirely by suprise
NRA
into utter confusion those
assumed a new attitude on
interpretation of recent Administration
generally regarded as sure to throw
was
saying the Administration has
who have been
The almost unanimous
economics.
and big business has been that a
of NRA days had been adopted.
in¬
regulation through collaboration between Government and in¬
speeches against price fixing, monopoly
position diametrically opposite to that
Roosevelt
Mr.
dustrial
dustrial chiefs.
At
his
.
.
major principles of the NRA involving
espouses
now
.
conference the President gave attention to labor as well
He hit at jurisdictional disputes and declared there
press
to industrialists.
as
would
be
accounting of funds made by the Ladies Garment
York
example of growing responsibility.
one
as
He cited the public
Workers Union in New
labor.
in organized
responsibility
more
the President that the Hudson Motor Car Co.
hired soon.
low-priced car. with 6,000 more men to be
An $11,000,000
plant expansion was envisioned.
Mr. Roosevelt said this was an excellent
announcement, and he wished
*
there would be more like it.
said, that last autumn he was talking in a little
This reminded him, he
village with
a
fellow who runs the garage there and is agent for one
automobile companies.
of the
He and the President used to play on the same
ball team.
Mr. Roosevelt asked his friend how he was
he
was
cars
in
getting on.
use
in the
Is about one new car for each owner every
about 3ft
The
62
motorcar
new cars
agent told
his
yesterday.
message
manship
Then
the
1937,
I'll be lucky to sell 10 or 15 new cars.
was
was
an
illustration of an evil he mentioned
He probably alluded to high-pressure sales¬
creates
re-enactment of the NRA.
But it was a fact, he said, that under the NRA
legal for the heads of companies to sit around the table with the
Government.
With the Government, he said, they could figure out the
probable demands of consumers on the basis of the companies' statistics
those of the Government for six months or
said the President, gave them a
to estimate
When
The firms
as
can
there is no
that
way
this
a year
ahead.
and
This,
much more intelligent grasp of the situation
procedure is
perfectly legitimate,
find out their needs and do not overproduce.
he said.
Just so long
price-fixing or driving competitors out of business, this is a
good things, according to the President.
measure
perhaps
purchases and needed inventories in the industry.
done
The President was asked
rates
to
Members of an industry can
demand, purchasing power and inventories.
newspapers
subsidy of the press through
handling by the Post Office
whether he favored
and magazines in their
He was reminded that last year
Department.
it cost the Government
through the mail, while the return in
For the same period, he was informed it cost
$33,000,000 to carry magazines, while the return was
$38,000,000 to carry newspapers
postage was only
the
Government
$9,000,000.
$9,250,000.
healthy thing, but suggested
other than the Government.
He pointed out that the practice of giving low rates to newspapers and
magazines began in the early days, and was based on the theory that many
communities had no other means of receiving the news.
Mr. Roosevelt then was asked why the Post Office Department of all
all Government departments was expected to pay for itself.
He replied
because it possessed a business monopoly.
Other Departments, he said,
could not be made self-sustaining because of their heavy financial outgo.
The President
that the reform
observed that it was not a
be undertaken by some agency
Congress Convenes in Regular Session—Leaders Plan
to Speed Enactment of "Big Navy" Program—Also
Seek to Prevent Consideration of Ludlow Anti-War
Proposal
Referendum
regular session on Jan. 3, and
Roosevelt's message both
the House and Senate resumed consideration of legislation
which was unfinished during the special session which ad¬
journed in mid-December.
Congressional leaders decided to
speed up the enactment of a "Big Navy" program in ac¬
cordance with the President's recommendations, and at the
same time
they planned to prevent the Ludlow anti-war
referendum proposal from reaching the House floor for con¬
sideration.
Associated Press advices of Jan. 2 from Wash¬
ington outlined the status of the Administration's legislative
program as Congress opened as follows:
Congress convened for its
immediately after hearing President
Control—Passed by Senate and House and
committee seeking to adjust differences.
Government
under study by a con¬
Reorganization—Passed in part by the House and scheduled
consideration.
and sent to conference.
before committees.
and Hour Regulation—Passed by the Senate: pending in a House
Housing—Passed by both chambers
Regional Planning—Pending
Wage
committee.
Tax revision,
the stage of public hearings by a
expected that the President will add
another major issue, is near
committee;
It is generally
anti-trust legislation to
his program tomorrow.
Washington dispatch of Jan. 3 to the New York
described the opening of Congress in part as follows:
A
"Times"
President's voice died away when the
legislative program, agreed that the 1939
Naval Supply bill would be considered late next week in the House, or earlier
if it is possible for the Appropriations Committee to report what may
amount to a record peacetime authorization for the navy.
Speedy consideration of the navy bill hinged upon the success of Rep¬
resentative Rayburn, the majority leader, in mobilizing his forces to prevent
the Ludlow proposal from being brought out of the Judiciary Committee
and onto the floor.
A few days after the U. S. S. Panay was bombed by
the Japanese, Representative Ludlow of Indiana succeeded in getting the
218 required names to a petition which automatically brings to a House
vote next Monday the question of whether the House shall consider the
Hardly had the echoes of the
leaders, mapping the immediate
felt that speedy consideration
that Congress was behind the
Administration's foreign policy, and that defeat of Mr. Ludlow's efforts to
get his petition before Congress would further show a determination by
the Nation to' 'command respect for the rights of ourselves," as the President
No secret was made of
of the navy bill would
the fact that leaders
be notice to the world
said.
The naval
appropriations subcommittee has
practically completed hear¬
which the Bureau of the Budget was un¬
derstood to have recommended about $565,000,000, an increase of about
$47,000,000 above current appropriations.
Today, however. It was learned
that preparation of the bill probably would have to await one or two sup¬
plemental estimates which may bring the recommendations close to the
$600,000,000 mark.
It was believed that these estimates could be studied
and included in a bill in time to report it by the middle of next week.
Representative Taylor of Colorado Chairman of the Appropriations
Committee, assured the leadership that supply bills would begin moving
to the floor just as fast as they could be considered.
ings
on
"I sold over half myself,"
overproduction—an item in yesterday's listing.
President cautioned against writing that he was advocating
which
other sugjects
remedies, Mr. Roosevelt
replied he had not yet.
the 1939 Supply Bill, for
Anti-Lynching Bill up in
pride, "but they had no business buying 62
doing much too well this year."
This, said the President,
it
That means
the President that this year, meaning
had been purchased in the town.
Next year will be bad.
new cars.
in
The average turn¬
three years.
new cars a year.
said the salesman with some
I'm
The man replied
There were about one hundred pleasure
village, he explained.
The owners keep their cars for two
getting on well, too well.
three, four, five and six years before buying new ones.
over
conference, discussing among
of pushing sales too fast.
had proposed any
petition.
Detroit paper telling
had just announced a new
conference started with a reporter for a
The press
hopeful of receiving suggestions
discussions were not ended.
but made it clear their
Asked whether Mr. Knudsen
House
theme in
Washington in reporting this
pointed out that he was
He said he had a pleasant
the question
for early Senate
and price fixing avoided under such
an arrangement,
Mr. Roosevelt insisted.
But spurts of production and
buying at levels that could not be kept would be eliminated, he argued,
with direct reference to the current economic slump.
To this present
and
The President
from Mr. Knudsen,
Crop
Competition could be maintained
favorite
The United Press from
Corp.
continued in part:
ference
planning was possible.
a
Yesterday (Jan. 7) President Roosevelt indicated that he
have further conferences concerning the business
recession, when he was asked concerning his discussion on
Jan. 6 with William S. Knudsen, President of General Motors
admonished his auditors
his press conference,
he was advocating the
Administration.
1938
would
re-enactment of the National Recovery
But under the NRA, he pointed out, such economic
The President, speaking at
not to write
8,
NRA Codes
President Roosevelt, at a press
that it would
Jan.
Chronicle
Senate
Supply Bill for 1939 will be
reported after the budget message is read to Congress on Wednesday and
Representative Rayburn has set it down for consideration Thursday.
The Senate, meanwhile, will take up the Wagner-Van Nuys Anti-Lynch¬
ing Bill under a previous order.
The bill originally was debated late in the
regular session last year and became the target of a filibuster during the
special session.
It was displaced by the Crop Control Bill.
Senator Wagner said today that he would insist that the measure be
kept under consideration until it came to a vote.
The leader of the op¬
position to the bill, Senator Connally of Texas, declared today that "a
number of Senators undoubtedly will want to make extensive remarks con¬
cerning the bill."
This statement, taken together with assertions by
Senator Connally during the special session, was regarded as a mild filibuster
threat which may delay a vote on the bill until late in the month.
It was
not known whether Mr. Connally would undertake to organize a filibuster
against the measure, which he threatened several weeks ago.
On his return
to the city today he said that he "might" confer with others before con¬
The
$1,400,000,000
Independent Offices
sideration of the bill started.
y
Volume
Financial
146
decided to
apply only to corporations with net incomes of
less, in the proposed tax changes.
This is learned
from an account from Washington Jan. 3 to the "Times"
which also had the following to say:
Action
by House Subcommittee on Tax Revision—
Tentatively Agrees on Changes in Capital Gains
Tax—Proposed Change as to Undistributed Tax
Provisions
to
Include
Personal
Corporations—
Said to Affect Enterprises
'
In
$25,000
of Henry Ford Type
Chairman
the Revenue Act, the sub¬
House Ways and Means Committee in¬
cluded in its draft
a
section defining the status for
"Now
in
The
litigation
as
Mr. Vinson then quoted a short table to show
terprises
the Ford (Motor
as
Co.
a
speech
Mr.
the
apply in the
and under
the express purpose
paying the surtax
must have
conferred at the White House
class of corporations by the new Section I
the amount of dividends paid out.
upon
held corporations have been
Quoting
Vinson
(B), as'it is known, depending
cluding
that
said
the
statutory standards
where two persons
he said.
persons,
65%;
seven persons,
sons,
ies at the depth
"in¬
persons,
68%; eight persons, 71%; nine persons 74%; ten per-
Before
Vinson Details Provisions
Representative
Vinson explained that the
the
tax
extra
I
.
(B)
section
whichever
and the amount retained would be subject to flat taxes
For
of
20%,
or
which
on
apply
net
would be paid.
effective
under
rate
total retentions
House sub-committee
in
competition
manufacturers to be
jof 20%.
that date,
Mr.
Vinson
"would be
added,
just slightly less than the rate under the present law.
so
with
Jan. 4
Representative
direct sales by manu¬
retailers
was
declared by
broad that it would virtually bar all
reporting this added:
In¬
"may"
requiring abandonment of the house-to-house method
dianapolis, cited the bill's prohibition against sales practices which
lessen competition as
plan,"
on
Ralph Bamberger, general counsel for the Real Silk Hosiery Co.,
(beRetained,
The special tax of 20%, therefore; would
this
the corporate treasur¬
United Press advices from Washington on
factory sales.
income of $100,000,
Of the $80,000 remaining, $40,000 could
$20,000.
a
facturers
the greater
retained, would have to pay an undistributed profits tax
was
no tax
corporation with a
a
would permit
was
of income produced,"
greatly accelerated by the
of the depression,"
Patman's bill which would prohibit
the remaining $40,000.
on
"The
on
he said,
example,
all of which
•
imposed on this group of $40,000, or 80%
of the adjusted net income of the corporation,
1930
Opposition. Voiced Before House Committee to Patman
Bill Prohibiting Direct Sales by Manufacturers in
Competition with Retailers—Mail Order Associa¬
tions, Publishers and Others Present Objections
75%.
retention from
that from
closely-
on
person,
56%; four persons, 59%; five persons, 62%; six
"The process of recovery was therefore
distribution of these surpluses which still remained in
without family connections owned as much as 53%;
three
said
it is obvious that disburse¬
ments would have been limited to the actual amount
of the stock; corporations
family," controlled more than 50%
a
which one
Celler
"In the absence of accumulated surpluses,
Also, new definitions of closely
written into the biU which is being drafted.
would include corporations in
corporations
figures,
Department
of that produced by $22,000,000,000.
60% of income and (3) corpora ions not closely held.
Representative
held
Commerce
through 1933 "income disbursed by these large corporations was in excess
(1) corporations of net income of less than $50,000; (2) corporations
are
which distribute
all
Such implication is sheer absurdity."
corporations typify wickedness itself.
The corporations not affected by the new "third basket," Mr. Vinson
said,
There should be no discrimination in favor of
the great body of medium sized and large cor¬
goodness is typified by small corporations, while medium sized and large
third
new
destroy the confidence so
Capital, wherever employed,
In the Vinson proposal there is clearly the intimation that
porations.
dividends."
be imposed on this
equal treatment.
small corporations against
Representative Vinson, "is be¬
Maximum rates reaching to 32.5% would
$25,000
Nov. 27 issue page 3428.
our
badly needed by business at the present time.
of avoiding taxes; that is, to protect the individual from
on
noted in
The Vinson plan, Mr. Celler said, "will tend to
taken soon after Mr. Vinson and Rep¬
specify to be using the corporate device for
we
was
respecting the rates to
of corporations with net incomes of
Celler ^Democrat) of New York
Representative Vinson for
graduated revision of the undistributed profits tax and said
he intends to press his own bill for repeal of the measure.
United Press advices from Washington Jan. 4 in which this
was reported, further said:
Democrat, of North Carolina, Chairman
"This third group of corporations," said
case
On Jan. 4, Representative
with President Roosevelt and obtained his approval of the scheme.
lieved under the standards
interest
declared against the proposal of
tinued:
of the full Ways and Means Committee, had
Vinson said that in computing operating losses tax exempt
The subcommittee's earlier action
6 to the New
described by
Representative Fred M. Vinson, Democrat, of Kentucky,
Chairman of the subcommittee, is, in effect, the same un¬
distributed profits tax of existing law, with its penalty pro¬
visions concentrated on this limited group, as against the
relief provisions already approved by the committee for other
corporations.
In part the "Herald Tribune" account con¬
was
Thus a company shwoing
of $100,000 the next year, in which it
would be taxed on $10,000 as undistributed profits.
would be included in gross income.
To quote from a Washington dispatch Jan.
York "Herald Tribune" the new proposal, as
The subcommittee's action
loss of $10,000 one year and profits
had distributed $80,000,
proposal as "making a goat of Henry Ford."
resentative Robert L. Doughton,
permitting corporations to
operating loss for one year in making out their tax returns
under the undistributed profits tax provisions.
precipitate a con¬
during the day by Representative Lamneck of Ohio, who denounced
flat 16% as against the 20% charged
The Committee also took up the question of
carry over an
'
flict when the bill reaches the House, a prediction buttressed by a
Corporations earning
the next $15,000 and 16% on the last $5,000.
than the $25,000 net would pay a
under the present law.
500 to 1,000 corporations, including such en¬
This feature of the law is expected in some quarters to
on
more
aver*
.;-kh
The section would affect
how the proposed changes
Corporations in this class would pay 1234 % on the first $5,000 of income,
In most cases the levies would be slightly-
to actual status.
"The pro¬
Joint Stock Land Banks whose income is less than
$25,000 net."
14%
lower.
regard to corporations
he added.
and in receivership,"
bankruptcy, insolvency
in the law would work.
>
to give a definition that would
legislation seeks
proposed
of 16% against the net incomes of
have tentatively agreed upon rates in
we
visions will also apply to
tax-paying
purposes of personal corporations, giving them, said Wash¬
ington advices to the New York "Times" no relief such as
has been promised to other types of corporations.
These
advices likewise said:
Committee sometime ago had decided
Vinson said that the
such corporations.
buted profits tax provisions of
the
or
to write into the bill a maximum rate
virtually completing on Jan. 6 revision of the undistri¬
committee of
193
Chronicle
6
of seUing.
W.
E.
•
..
Malzahn, representing the West Bend Aluminum
Co. of West
worthwhile purpose,"
vast number of companies which
For example, an income of $1,000,000—on the basis of total retention, the
Bend, Wis., testified the bill is "aimed to accomplish a
rate of the
but would upset
For
new
plan would be 31.2% as against 32.3% under existing law.
50% distribution
the
on
same
income the tax rate would be 19.4%.
The last reference in these columns to the tax revision bill
appeared in our issue of Dec. 25 page 4045.
Under date of
special advices to the "Times" stated that in a further
effort to provide relief for taxpayers subject to the capital
gains and losses levy, the Subcommittee tentatively agreed
pn that day on legislation to permit carry-overs of capital
losses from one year to the following year.
It was further
Jan. 6
stated in these advices:
On
the
basis
of returns
for
the
taxable
year
1936,
heAnor Treasury experts had
save on
any
Vinson
Chairman
of the committee said, taxpayers would save about $24,000,000.
Neither
estimate as to what taxpayers would
last year's transactions.
Six weeks ago the committee agreed to changes in the capital gains and
losses tax law designed to accelerate profit-taking transactions and aimed
specifically at relieving the large investor from unduly heavy exactions
through giving the taxpayer the option of segregating capital gains into
class of income
two
a
by itself.
Under the plan
now
groups or types
tentatively accepted, the law would provide for
of carryover for losses for one
term" losses, or those incurred on assets held
for
year,
one
for "short-
a year or less, and
the other
for "long-term" losses, or those on assets held for more than a year.
Taxpayers in
both
groups,
Mr.
the taxpayer would carry it over into
In the
case
the following taxable
of
year
a
and use it
The taxpayer taking a "short term" loss, however, would be permitted
apply it only up to the amount of his net income from all sources except
a
taxpayer
with
a
could apply only
carry over
weigh the Administration's proposal for a general review
anti-trust legal structure.
The
witnessess on Jan. 4 are reported as saying that the measure
preventing manufacturers under certain circumstances from
selling their products at retail would "upset" the traditional
merchandising system of the whole country.
*
Appearing before the sub-committee on Jan. 5 George C.
Lucas, Executive Secretary of the National Publishers
Association in commenting on the provisions to prevent
manufacturers from selling their products at retail in the
localities where retail dealers sold the same products if
competition would be lessened thereby, stated that such
prohibition might result in making illegal the present methods
of distributing both periodicals and newspapers in interstate
commerce.
a
dispatch Jan. 5 to the New York "Times" we quote:
"Publishers," the witness declared, "must use every proper
conducting their sales.
We sell through wholesalers to news¬
mail effort running into millions which
dealers and also there is a large direct
might be classed as retailing."
said, which defines unfair competition,
subject to prosecution for violating the Act.
that it shall be defined as unfair competition
and sell at retail to consumers any of the commodities
of short term capital gains, of $20,000,
The section says in part
and
a
$20,000 of capital loss against capital gains.
law, to deduct $2,000 of the loss from income and then
the remainder of the loss to offset capital gains of the following
"to
offer for sale
produced or manufactured by such
manufacturer, where the effect of so
offering for sale and selling such commodities at
be substantially to lessen
retail to consumers may
competition between such manufacturer and his
customers."
year.
'
Mr. Lucas said that a retailer might well appeal to the
undergoing financial
difficulties, the subcommittee on Jan. 3 agreed to apply to
them the lower corporate tax rates which it had tentatively
With
a
view to aiding corporations
method in
Their profits are based on advertising and ad¬
might well make publishers
year
Taxpayers in the "long term" group would be permitted, as they are
under the present
Representative
and revision of the whole
net
capital loss of $25,000 in one
income the following year, exclusive
date
to
Section 3 of the bill, Mr. Lucas
his short term capital gain.
Thus
hearing
vertising is based on circulation.
to^offseo capital net gains.
to
the
from Washington to
the New York "Times," questioned the value of considering
the measure at this time when Congress was getting ready
From
net loss,
retail channel possible."
on the same
Wolverton of New Jersey said advices
During
Vinson explained, would figure their
total capital gains against total capital losses.
the sales practice of a
"for years have tapped every
Commission under this clause in
subscribe direct for a periodical instead
store or
newsstand.
Federal Trade
the law if some of his customers should
of continuing to purchase it at the
He added that any unfair practices
Harrison-Lea bill
ment and relief, and he voiced the hope for a "Spring
recovery," for which he said his corporation is preparing.
Mr. Knudsen told the Committee that his "one hope" for
immediate stabilization of work was that "the people gener¬
that might arise were covered in the
calenders of both Houses of
which already was on the
Congress.
At
a
hearing before the sub-committee
last month (Dec. 14)
ally will feel
including large and small mail
order houses, entered opposition to the bill, it was noted in
Washington advices to the "Wall Street Journal" which said:
the Mail Order Association,
year
different
four
that
what the Batman bill means. He
who favored the bill had given four
witnesses
our
year after," said
Jan. 1 issue, page
Mr. Knudsen, who as we
44, announced on Dec. 28
1 lay off about 30,000
due to declines in sales
during November and December.
In a statement presented to the Senate Committee on
Jan. 6 Mr. Knudsen said that "the drop in sales in so short
of its purpose.
separate interpretations
and the
assurance
that his corporation would about Jan.
workers at its plants, the action being
by its members was to find out exactly
said
more
noted in
little more confident of the future." "We
all the way down the line about this
a
need
said the chief problem faced
Kile, representing the Association,
O. M.
Jan. 8, 1938
Chronicle
Financial
194
*
Douglas of SEC Before House Committee
Chairman
York Stock Exchange
New
Hope
Expresses
General Motors.
Enable
Reorganization
To
Background
Satisfactory
Effect
Government to Move Into
In
Subcommittee of the House Ap¬
statement before a
a
period is the most severe experienced in the history of
It was wholly unexpeted and entirely
beyond our control." According to Associated Press advices
from Washington Jan. 6 Mr. Knudsen blamed the decline
not on car prices, but on a view held by the "average man"
that "work is going to be slack."
"Even if he has the
means," Mr. Knudsen said, "the average man won't permit
himself a car under such circumstances."
From the Associ¬
ated Press accounts from Washington Jan. 6 we also quote:
a
Wil
propriations Committee last month, (more public this week)
William O. Douglas, Chairman of the Securities and Ex¬
change Commisson, indicated, (aeccrcing to the "Wall
Street Journal") that no further progress had been made
toward a decision in the controversy between the Com¬
mission and the New York Stock Exchange over the question
of satisfactory reorganization of the latter institution.
The
paper from which we quote in its advices (Jan. 7) from its
Washington advices added:
/
On the stand Mr.
reasonably steady.
ment
Citing the President's informally discussed proposal for gearing produc¬
tion to consumption estimates
hope that adequate self-regulatory machinery could be worked out by the
committee chairman, Senator
that the Government could move further and further into the
so
whether
But, he declared, "we would be recalcitrant in our performance of the
obligation imposed
on us
by the Congress under the Exchange Act if we sat
Idly by, knowing the exchanges were not themselves on the job."
Chairman
Douglas told the "Wall
unchanged to-day.
Senator
be frank
about the
Chairman
entire matter.
come
program
Mr.
for
back here in another year with blueprints covering an enlarged
us
the
"My philosophy
organized
was
as to
and is that the national securities exchanges should
be able to take
on
the job of policing their members
would be unnecessary for the Government to interfere
so
with that
business, and that they should demonstrate by action that they were
that
is
something
more
than
cooperation.
That is
Exchanges take the leadership with government playing
a
residual
role.
Government would keep the shotgun, so to speak, behind the door—loaded,
There
what
was a
an
some
To this end the program of the SEC for
of Chairman William O.
1938, looking toward fulfillment
Douglas' desires that the Commission be regarded
the "investors' advocate," takes on the following shape:
Issuance of the
belated
regulations defining pegging and price sta¬
.
Revision of existing rules governing the solicitation of proxies to re¬
information being given to investors.
Simplify and shorten prospectuses
vestors with all necessary
of
so
as
to
provide prospective in¬
information concerning issues of securities stripped
superfluous verbage.
4.
to
as
A program of regulation of investment trusts.
move
slowly in its "reform"
have the Government do?" asked Chairman
This matter is
Washington Jan. 6 the New York
House, accompanied by his close friend.
Biggers, director of the unemployment census.
D.
the President.
They passed 20
Afterward Mr. Knudsen said he had called
before, and
get acquainted with Mr. Roosevelt, never having met him
men
In reply to
a
question,
Motors' 30,000 laid-off
back to work.
Testimony before the Committee
Jan. 4 by Marriner S.
on
Eccles, Chairman of the Board of Governors of the Federal
Reserve Svstem is noted in another item in this issue.
+»
X
,
Reserve
Rate
Chairman
Eccles
Only
Says
Govern¬
Can Halt Recession—Tells Senate Committee
of
Production
Decline
Has
Been
Sharpest
Record—Says Billion Dollars Spent Now Might
Start Recovery
The sharp drop in consumer purchasing power, reflected
by the sharpest "rate of decline in production on record,"
can only be halted by Government intervention, Marriner SEccles, Chairman of the Federal Reserve Board, told the
Senate
Committee on Relief and Unemployment at a
hearing on Jan. 4.
He expressed the opinion that "a billion
dollars of increased spending" might act as a necessary
stimulus to stop the recession.
Mr. Eccles said if there
was some way for a general all-round readjustment, by an
acceptance of lower prices on the part of business and by
an
acceptance of lower wages on the part of labor, "we
could get forward with very little effort on the part of'
Government."
program
and nothing is expected
constitutionality has been definitely and finally
now
rrom
he said that he had not been asked to put General
A
before the Supreme Court for argument at
a
later date.
Washington dispatch of Jan. 4 to the New York "Herald
quoted Mr. Eccles as follows:
Tribune"
With the present contraction of private
regards the stricter enforcement of the Public Utility Holding Company
Act until the question of its
cleared up.
you
he had told the President about his sales difficulties.
Because of the inactivity of the capital markets, the sharp decline in new
financing and the depressed state of business generally the Commission is
expected to
would
long pause.
advices
minutes with
relaxation
supervision failed to disclose that the Commission has been swerved
more
"Doesn't the
effect on any psychology of
on
law, at least for the present.
3.
Republican, of Massachusetts, inquired:
Immediately after the session convened Mr. Knudsen paid a brief and
John
of present rules or changes in the law which would narrow the field of Gov¬
quire
whether business is
do.
its
Federal
from its original course of enforcement of the spirit as well as the letter of the
2.
way we can say
Government have profound
unexpected visit to the White
account from
Inquiries made of the Commission whether there might be
1.
the
"Herald Tribune" said:
Washington bureau said in part:
bilization
Knudsen
Motors share
Finally Mr. Knudsen replied that be did hot know what the Government
should
ment
The New York "Journal of Commerce" in
as
that "the only
never
have to be used."
ernment
General
Byrnes.
so
letting the
well-oiled, cleaned, ready for use—but with the hope that it would
its
that
time
"Yes, sir," Mr. Knudsen answered.
organized.
"Now
first
Knudsen that "nothing could have more effect on
Lodge,
of the
"Then
In
made public Jan. 6.
Mr. Douglas is quoted in press accounts from Washington
Jan. 6 as having stated before the Committee:
that it
50% drop in
Mr.
fear?"
job, and do it well," he declared.
mony was
so
the
December,"
in
"1 have hopes that the national securities exchange may take
These comments by Mr. Douglas were made before the
Commission on Dec. 1, and the report embodying his testi¬
be
for
Mr. Knudsen replied
with Justifications therefor."
Douglas made clear that the Commission was not asking for any such
program now.
over
disclosed
had
we
good or bad is whether we sell more, or less cars."
for controlling and super¬
vising their own members better than has been done in the past, we may
have to
as
little confidence in the future that it lays off 30,000 men."
Douglas declared "1 do not think there is any question but that, unless the
national securities exchanges can evolve a system
such
feeling of the country than to see one of the biggest corporations have so
attitude
to
weeks,
Clark, Democrat, of Missouri, discussing the General Motors
layoff, told Mr.
Senator
desire
a
three
in
Knudsen
Mr.
quote:
we
for forecasting car
power
earnings amounted to $4.48 for 1937, compared with $5.35 in 1936.
•
by Mr. Douglas followed a reminder,
uttered by him before the subcommittee when appearing
before the subcommittee a month ago that the Commission
expects prompt reorganization in accordance with its new
standards.
From the "Wall Street Journal" (Jan. 7) as to
Expressing
estimating purchasing
.»"I don't think there is a way in God's world to forecast a
The above comments
this
in advance, tho
replied.
pressed before the subcommittee hearing on the SEC 1939 appropriation
were
officials in
or a year
for the motor industry to cooperate with
sales.
business
Street Journal" that his views ex¬
made six months
Byrnes, Democrat, of South Carolina, asked
be possible
would
it
Government
background.
forecast a sudden sales
The General Motors chief said he knew no way to
drop such as that of November and December.
York Stock Exchange and their representatives of his earnest desire and
exchanges
suggestion
industrial production as a way of keeping the level of employ¬
for planning
Douglas recalled his repeated expressions to members of the New
Mr.
Knudsen declined to approve, as far as its affect on
the automotive industry was concerned, Mr. Roosevelt's current
lifting of purchasing
power
business, Mr. Eccles said, the
must be achieved through a joint effort on the
part of private capital and labor or the Government would be compelled
to
do
it.
He
expressed the opinion that
"a billion dollars of increased
spending, if it worked quickly enough and in such a manner as to increase
buying
William
S.
Knudsen
of
General
Motors
Corp. Before
Unemployment Relief Looks
for "Spring Recovery" In Business—Recent Decline
In
Corporation's Sales Worst In Its History—
Senate Committee
Concedes
Attitude
on
of
"Psychology of Fear"The belief that
Government
Has
Effect
on
only
expressed by William S. Knudsen, President
Corp., in appearing on Jan. 6 before the
Special Senate Committee, named to investigate unemploy¬
temporary,
was
of General Motors
and
would act as the necessary stimulus and stop recession."
frankness
numerous
questions
which
were
asked
by
Senator
James F. Byrnes, Chairman of the committee, and other committee mem¬
bers.
In
the
course
of his
testimony
Mr. Eccles cited six contributing
factors to the present business recession. as follows:
The advance of costs and prices.
Increase In business inventories by 35% in September,
-
the present recession in business is
power,
Mr. Eccles testified for two hours and a half and answered with great
detail
1937,
over
those
of the
previous September.
Decrease in building trades as a result of increased costs.
Changes and reduction in Government spending.
Accentuated difficulties in situation of the railroads.
Failure of public utilities to
felt conditions
were
favorable.
expand as much
as
they would have if they
Volume
Financial
146
Chronicle
When pressed for an opinion as to the Federal Reserve's role in curbing
the recession, Mr. Eccles replied:
sole factor
the
as
to stabilize
an
"I think if
While not specifically advocating that provision be made for assigning
judges to
look to monetary policy
we
you
suggestion
any
what
to
as
Congress
can
judges of circuit
this time?" asked Senator Byrnes, the Chairman.
recovery at
"The most important thing at the moment is to sustain consumer buy¬
ing power," Mr. Eccles said.
lower
"So long
of balance
out
are
Mr.
their
on
as an
Northern Georgia, Eastern Louisiana, Western Louisiana, Southern
Texas, Eastern Michigan, Northern Ohio, Western Washington, Southern-
workers,
California, Kansas, and three for the District of Columbia.
Mr.
that he had never regarded increased
Jointly for eastern and
southern Florida
"Increased wages and shorter hours, when they limit or actually reduce
are
situation to increase prices far beyond increased labor costs, such
sighted and of an indefensible policy from every standpoint
"Wage increases and shorter hours
when
they result from increased
production
better distribution of the profits of industry.
and prices into
prosecution
Require
can
be
as
Permit comment
disastrous as the downward
capital would be better off if they took
a
was some
"Labor
both
the
undistributed profits and
while saying he favored modifications in both
taxes,
the
defended
Treasury's sterilized gold amounted to
that the Federal Reserve's
excess reserves
000,000, and present excess
of credit to six
or
reserves
Government bonds
were
He said
measures.
order
•,
In its morning session the committee heard Isador Lubin, Commissioner
of Labor Statistics; W. Frank Persons, Director of the United States Em¬
ployment Service, and Corrtngton Gill, Assistant Administrator of WPA.
Mr. Gill placed the low point
of
September, 1937,
or
the present emergency
rolls, he pointed
of WPA employment at 1,450,000 at the end
1,585,000 below the peak of February, 1936.
He said this figure was expected to increase to
would reach
With
1,900,000 in February.
Commissioner Lubin informed the committee that 800,000 persons had
lost jobs between October and
at
another 675,000 jobs had
least
that
this
more
industries
two-month
which
mid-November, and it
has
W. S.
were
showing
a
decline
now
the country in recent
than in
was
complaint
on
an
1932.
of the city of Indianapolis, fixed new
Following complex legal maneuvers, the
injunction finally
was
dismissed by the District
Court, and the company appealed to the Circuit Court.
That tribunal remanded the
mission appealed
not have
case
for further proceedings, and the Com¬
the high court on the ground the Circuit Court did
to
jurisdiction to hear the company's appeal.
Black Dissents
He said
1929 and that
"than
greater
Chief Justice Charles Evans Hughes read the Court's decision.
In
any
years."
of
Knudsen, President of General Motors Corp., testi¬
fied before the Committee
mony appears
Commission,
Court
Circuit
estimated that
been lost by mid-December.
decline in industrial employment
occurred in
was
Seventh
a
company's suit for
After that the limits of present ap¬
propriations would require new reductions.
Affirms Order of Lower
in
rates for the company in
»
1,800,000 this month and
of
The
requiring an increase of 350,000 persons on WPA
that 1,677,000 represented the new total for Jan. 1.
out
test the
Supreme Court affirmed ail
of Appeals calling for
further proceedings in the Indiana Federal District Court
in the case of the appeal of the Indianapolis Water Co.
against rates proposed by the Indiana Public Service Com¬
mission.
United Press accounts from Washington Jan. 3
appearing in the Indianapolis "News" had the following
to say regarding the action:
sufficient to permit expansion
More than twelve billion dollars in
.
to
On Jan. 3 the United States
held by 85% of the country's banks last summer,
he added.
instituted
defendant from one district to
Commission
of present date totaled $1,200,
were
eight billion dollars.
a
Hearings In Indiana
Appeal of Indianapolis Water Company
Opposing Rates Proposed By State Public Service
Court
capital gains
than one billion dollars;
more
testify.
proceedings
corpus
United States Supreme Court
Court
Directing Further
would be inevitable.
Eccles
habeas
He said if there
labor, to institute price and wage readjustments, forward progress
Mr.
the defendant's failure to
warrant for the removal of
a
another.
the whole building industry, including steel and organ¬
way to get
on
in
appeals
validity of
as
reduction where prices
fixed in order to put us back to the level of 1936."
are
ized
defendant who proposes to rely on the defense of alibi to give
the prosceution notice of that fact before trial.
The upward spiral of wages
When asked what Congress should do now, Mr. Eccles said:
as
by information.
a
Abolish
inflationary price levels
California*,
Pennsylvania,,
eastern
Permit the defendent to waive indictment by grand jury and consent to-
.
spiral of deflation."
well
New York,
sothern
The Attorney General also recommended enactment of measures, now
capita and represent a
per
western districts of Arkansas, northern
jointly northern and southern Florida, northern Illinois.
New Jersey,
pending in Congress, which would:
action
justifiable and wholly desirable
are
additional Associate
also an
jointly for eastern, middle and western Tennessee, and western Virginia.
When wage increases are passed along to
public and particularly when industries take advantage of any existing
is short
or
Massachusetts,
not at this time in the inteiest of the public in general or in
the real interest of the workers.
and
these
judges for:
He read into the record excerpts from his statement of last March 15, when
the
Cummings recommended
Justice for the Court of Appeals for the District of Columbia and district
unmixed blessing in the Nation's economy.
he said:
production,
These
districts:
When they think prices will go
purchasing power."
Eccles emphasized the fact
and shorter hours
wages
courts and the Chief Justice of the United States.
additional circuit judge for each of the Second, Fifth, Sixth and
an
Seventh Circuits, and additional district judges in each of the following
What we ought to do is to put a
bottom to and lift up the buying power of farmers and organized
who
were
people think prices are going
as
they want money instead of things.
lower, they want to use their money.
no
additional judges recommended by Mr. Ommings had been
suggested last September by the judicial conference—composed of senior
facilitate
do to
needed.
was
Sixteen of the
appointed."
"Have
districts to hear especial cases, Mr. Cummings said greater
any
"flexibility"
we're going to be terribly dis¬
economy
195
on Jan. 6; reference to his testi¬
in another item in this issue.
dissenting opinion Justice Hugo L. Black said: "I believe the State
a
Indiana
has
the right
free from interference
He
contended
want of
In
to regulate the price of water
Indianapolis
in
by Federal courts."
the
court
should
order
of the
dismissal
litigation
"for
jurisdiction."
directing
further
by the district
proceedings
Chief Justice
court.
Hughes said:
"Petitioners
Attorney General Cummings Urges Changes in AntiTrust Laws—In Annual Report He Asks Congress
to Bring Sherman Act Up to Date—Seeks
Larger
Personnel for Justice Department
Court of
(the
Indiana
Appeals has referred
enactment
in
undergone
many
1890.
In
the
Law
had
been made
has
modifications
by judicial interpretation,
and "our economic and social structure has undergone a vast
change."
Other portions of Mr. Cummings's report were
described in the following Associated Press Washington
dispatch of Jan. 3:
Mr. Cummings did not go Into details of inadequacies he said existed in
the present law.
He presented with his report, however, one from Assistant
Attorney General Robert H. Jackson, in charge of anti-trust prosecutions,
which criticized court interpretations of the present statute.
in recent
weeks has apcused
Mr. Jackson
big business of contributing to the present
business recession by monopolistic practices.
The
of the opinion.
hearing
anew in
the district
court, and upon that hearing all questions pertiment to the issue of con¬
may
The economic changes to which the Court of
affect income
as
well
as
values.
"In the instant case, we do not have a situation in which rates as
by
Commission have been enjoined.
a
fixed
Here the rates prescribed by the
Commission's order have been in effect all through this litigation and are
now
since its
meanwhile, he added, it
that the
specific application of that trend.
"The reversal of the decree requires that a
fiscation, should be open.
Sherman Anti-Trust
urge
"The Appellate Court took judicial notice of an upward trend in prices
but did not attempt to make a
date.
the
Commission)
We do not think that this is the necessary import
cation.
eral
in
Service
Appeals has virtually required the district court to find confis¬
Revision of the anti-trust laws to bring them "into harmony
with present needs," was urged on Jan. 3 by
Attorney Gen¬
Cummings, in his annual report made public on that
He said that the statutes in their present form are not
adequate for the purpose of dealing with the many ramifica¬
tions of the problem, and he pointed out that no basic
change
Public
A decree for injunction could operate only as to the future.
in effect.
"Another special circumstance is that the decree
of the District Court
expressly provided that the value it found was the value as of the date
the decree, Nov. 29,
to
of
1935, although the evidence before the court related
April 1, 1933.
"A decree speaking as
have
a
of the later date and operating thereafter should
basis of evidence.
"On the hearing required by the Circuit
court
company's
business
during
the intervening
the light
years
and thus to base its
those years which may show clearly,
decree upon known conditions as to
in
Court of Appeals, the district
have been the actual results of the
able to ascertain what
will be
of the economic changes which have occurred, whether the
prescribed rates
are or are
not of a confiscatory character and whether an
injunction restraining the enforcement of the rates should be granted or
denied."
Attorney General recommended also Congressional action
to
expedite
administration of justice in the Federal courts, asserting delays were due
insufficient personnel,
to
a
tolerance of technicalities and
a
lack of efficient
Supreme Court Unanimously Upholds PWA
He proposed authorization of 27 additional lower court judges, promulga¬
tion by the Supreme Court of uniform rules of practice for Federal courts
and provision
for
Two suggestions
of President
after
a
in
Roosevelt's
court
reorganization
bill, defeated last
summer
fight which split the Democratic Congressional majority.
These provisions were for a proctor who would advise the Chief Justice
on
a
shifts of judges when dockets were crowded and for the Chief Justice to
have power to assign
to hear
especial
district
or circuit
judges to other districts
circuits
or
cases.
Mr. Cummings's report, recommending an administrative officer whose
functions would be similar to those proposed by the President for
a
proctor,
said:
"It is highly desirable that provision be made for a permanent administra¬
tive officer with adequate assistance to devote his entire time to supervision
of the administrative side of the courts; to studying and suggesting improve¬
ments in the matter of
handling dockets; to assembling data and keeping
abreast of the needs of the various districts for temporary assistance, and to
ascertaining what; judges are available for such assignments, as well
as per¬
forming other incidental functions.
"Such
under
an
Sutherland
permanent administrative officer.
which he advanced in this connection recalled provisions
officer should be appointed by the
the supervision of the Chief Justice."
Supreme Court and act
Loans to
Municipalities for Construction of Publicly-Owned
Electric
Plants—Decisions
Rendered by Justice
administrative methods.
Regarded
as
Victory for Government
Utility Program
Court, in two unanimous de¬
rendered by Justice Sutherland on Jan. 3,.
ruled that the Alabama Power Co. and the Duke Power Co.
The United States Supreme
cisions which
were
did not have standing in court to challenge
Federal loans and grants to municipalities for
publicly-owned
garded
as
an
electrical plants.
the validity of
construction of
The decisions
were
re¬
important victory for the Administration in¬
cident to its power and utility program.
Secretary Ickes*
commenting as Administrator of the Public Works Ad¬
ministration, said that the Court's action ended a three-year
fight by the power corporations and released $109,700,000
which had been intended for 61
up
projects but had been held
by injunctions in 23 States.
The Court's decisions in these two cases were
follows in
"Times":
a
reported
as
Washington dispatch of Jan. 3 to the New York
Financial
196
Justice Black, newest
of
attitude
The
member of the Court, toward
seemed to stamp him as the bench's most
pronounced opponent of private power interests where they might conflict
with Governmental policy.
Not only did he object in the Indianapolis case;
he merely 'concurred" in the Alabama Power, Duke and Pacific Gas cases,
this being taken to mean that he would have gone even further than the
older liberals,Jjwho agreed with the majority conclusions.
Justice Cardozo was absent from the bench due to his continued illness.
the
States Supreme Court Decision in California
Utility Case Seen as Opening Way to Adoption of
"Prudent Investment" Theory for Rate Making—
United
.various utility [[questions,
bitter controversy over the legality of Public
and grants to municipal power plants, the real
Although there has been a
Works Administration loans
issueldecided. was whether the Alabama Power Company
Company had legal right to complain of competition.
Rules Out
palities had a right to
the case
which
upon
of his opinion, agreed that munici¬
accept the money from the PWA; but the point
hinged, as Administrator Ickes later stated, was
corporations had proper
whether the power
and Duke Power
Companies' Standing
Sutherland, in the course
Justice
Government experts said
standing in court. However,
if the loan-and-
the result would be the same as
been the focus of attack.
agreed with the District of Columbia Appellate
unnecessary to consider the validity of the loans and
grant plan had
The
Court
opinion
grants
of the power companies
had been invaded.
Justice Sutherland said the Supreme Court agreed
that the companies had no standing to oppose the PWA financing.
Justice Sutherland ruled that the four Alabama towns concerned in
one suit and the Buzzard
Roost project of Greenwood County, S. C.,
had a perfect right to accept the PWA money, even though it was used in
that it
was
and that the issue
was
whether the legal rights
"lawful destructive" competition.
Mellon, he held that,
although the power companies considered themselves taxpayers, "the
interest of a taxpayer in the moneys in the Federal Treasury furnishes no
basis for an appeal to the preventive powers of a court of equity."
Asserting that the legal rights of the Alabama Power Company were
Then citing the
not invaded
famous case of Massachusetts vs.
by competition, Mr.
"If its business be curtailed or
palities, it will be lawful
he
But
went
further.
Sutherland said:
destroyed by the operations of the munici¬
competition from which no legal wrong results."
He said that the power company anticipated
"namely, a right to be im¬
mune from lawful municipal competition."
Then he asked:
"Can any one who will suffer injurious consequences from the lawful
use of money about to be unlawfully loaned maintain suit to enjoin the
loan?
An affirmative answer would produce novel and startling results.
"And that question suggests another: Should the loan be consummated,
may such a one sue for damages?
If so, upon what ground may be sue
either the person making the loan or the person receiving it?"
He remarked further that the "supposition opens a vista of litigation
something it did not possess,
damage from
hitherto
unrevealed."
Reference
Justice Sutherland
in the District of
to
TVA
explained how the Alabama Power suits were
Columbia District Court, which decided that
brought
the company
challenge the validity of the loans and grants, but
injunction and dismissed the suit on the ground that the
had legal standing to
declined to issue an
Act was constitutional.
found it unnecessary
the validity of the loans and grants and affirmed the decrees of
court dismissing the bills on the ground that no legal or equitable
The Court of Appeals in
to consider
the district
the District of Columbia
right of the power company had been
without standing to
was
invaded, and the company, therefore,
Ickes's
challenge the validity of Administrator
actions.
"With that view we agree," said Justice
"unassailable," Justice
make
coercion by the Government to
accept Tennessee Valley
the Alabama towns build plants or to
Authority
power.
Company of California, to
Gas and Electric
instead of the 39-year old theory
I>urposes,
reported as
Washington dispatch of Jan. 3 to the "Wall
of
because
follows in
Decision in
a
order consenting to
Anticipate
Supreme Court on Jan. 3 issued an
and Share Co. to test the
the
company
anxious to advance agruments
reported in Washington that a decision might be ex¬
was
Government
pected by Spring which would end the long
effort to compel
the
to place itself under the
company
juris¬
Commission.
A
Washington dispatch of Jan. 3 to the New York "Times"
discussed the implications of the order as follows:
diction
of
the
Securities
Exchange
and
The Department of Justice and the Security
last month with the defendant company in
ment contending that until all
up
doubt
on
Exchange Commission joined
asking the review, the Govern¬
the points raised was finally
cleared
effective administration of the Act would be delayed, and public interest
mission would use
of the 292 electric
utilities engaged in Interstate
some
Administration
quarters
and drag-out battle over the
it
is
believed that the knock-down
Utility Act will be terminated if, as officials
hope, the high court upholds the rulings of the Federal Court
ern
for the South¬
District of New York and the Second Circuit Court of Appeals, that
Sections 4 and 5 of the Act, calling for registration
by utility holding com¬
Investment
Prudent
Hope for Peaceful Negotiation
This, it is felt, would pave the way for more peaceful
tween the utility companies
and the SEC
as to
negotiations be¬
other provisions of the Act,
including Section II, calling for simplification of corporate structures
and as
advisability or desirability of any modification of that section.
Pending review by the Supreme Court the Government
has been able to
obtain from the lower courts in most instances delay of suits brought
it by other utility
against
holding companies to test the constitutionality of the Act.
Proceedings against Electric Bond and Share to compel compliance were
begun by the Department of Justice and the SEC in New York
Judge Mack Nov.
being named
as
before
26, 1935, numerous subsidiaries of the company also
defendants or permitted to intervene.
From the first the
Government sought to have the case restricted to the registration
while the utility sought a
espoused by the Power Com¬
Pacific Gas & Electric Co. case which the court
mission in the
determine
whether
yesterday
California Federal District Court for proceedings
remanded to the northern
to
Theory
prudent investment theory had been
The
the rate order of the California
not
or
Railroad
Commission was confiscatory.
overruled the opinion of the Circuit Court below that
because it had been based on prudent investment
and had failed to take into account the
The Supreme Court
the order was confiscatory
of the P. G. & E. in its gas property
reproduction cost new.
The decision was read by Chief Justice Hughes.
McReynolds dissented and Justice Black concurred
Justices Butler and
intlie majority opinion.
Sutherland to participate resulted in the case
The failure of Justice
being
decided by a 6 to 2 vote.
of the California Railroad Commission which the
It involved a rate order
utility argued was
confiscatory and unconstitutional because valuation was
of reproduction cost new as the utility believed
fixed without consideration
required by the Smyth v. Ames decision
was
of the Supreme Court ap¬
proximately 40 years ago.
Confiscation
Dealt
Not
involved, and that the court was
for further proceedings.
therefore remanding the case
The
court
was
procedure,
its
procedural due
the Commission in
of its order upon
rights, failed to satisfy the requirements of the
only with the "question of
concerned
Hughes said,
"that is whether
distinguished from the effect
Mr.
process,"
as
respondent's property
Federal Constitution."
opinion said that the error,
The
with
district court did not deal with the issue o
The Chief Justice said the
if there were error, in the Railroad
reproduction cost new "was
Commission's refusal to give consideration to
of due process."
not a denial
The
Opinion
Dissenting
that the Com¬
making a finding
"In the instant case," it went on to say, "we cannot say
historical cost as the rate base was
without evidence and
therefore arbitrary."
Hughes remarked that P. G. & E. "utterly
Mr.
fails to show that in the
due process of law."
of Justice Butler held that the lower court opinion
procedure of the Commission it was denied
because of failure to consider
reproduction
should be affirmed.
new
Justice Butler said the
fundamental principles
"conflicts with
condemned the company's
method the Commission followed
established here in that it
existing rates as excessive and
prescribed lower ones without any basis
of
action".
fact to warrant that
National
broader review.
provisions
Census
Mid-November
in
Indicated
Unem¬
ployment Between 7,800,000 and 10,870,000—Latter
Figure in Report by Director Biggers Based on
Door-to-Door "Sampling" Method—Greatest Num¬
ber of Jobless in New York
Unemployment
between
totaled
of
National
the
Unemployment
reported to President Roosevelt on Jan. 1, in the
a
series of analyses of the nation-wide voluntary
of
first
in the United States in mid-November
7,822,914 and 10,870,000 persons, John D.
Administrator
Biggers,
Census,
registration and sample enumeration taken by the govern¬
ment between Nov. 16 and 20.
Cards were delivered to
32,000,000 homes throughout the country, and 7,822,912 men
and women
reported that they were wholly unemployed.
A later door-to-door canvas, covering 1,950,000 persons in
the voluntary census had
1,864 sample areas, indicated that
been
Mr. Biggers said that allowance
variation would give a "projected maximum total"
only 72%
for this
complete.
10,870,000 who regarded themselves as
the
census
A
was
unemployed when
taken.
supplemental report made public on Jan.
State as having the largest number of
York
2 listed New
unemployed,
Pennsylvania, Illinois and Ohio.
provisions of Mr. Biggers's report were
summarized as follows in a Washington dispatch of Jan. 1
to the New York "Herald Tribune":
The voluntary registration, which produced the smaller figure, showed a
total of 2,001,877 workers on rolls of emergency relief agencies, including
the
Works Progress Administration, National Youth Administration
and
followed by
The
panies, are valid legislation.
to the
transmission or sale at
wholesale of electric energy.
of
damaged.
In
Chair¬
Power Commission announced that the Com¬
the prudent investment plan for valuing the property
Seavey of the Federal
of 1935.
and the Government were in accord
which the lower courts have upheld the law.
in the case, in
the Pacific Gas case,
Immediately following the court's opinion in
man
validity of the registration pro¬
with this action, since they are
It
Final
was
Street Journal":
review the petition by the Electric Bond
visions of the Public Utility Holding Company Act
Both
The decision
illness.
Utility Case by Spring
States
The United
Co.—Officials
Share
Validity
Electric
from the
Justice Cardozo was absent
majority opinion.
bench
of reproduction
dissented from the
Justices Butler and McReynolds
cost.
cost
United States Supreme Court Agrees to Review
of SEC Registration Provisions in Suit by
determine if
by the California Railroad Commission were
confiscatory.
Government officials interpreted the ruling as
opening the way to adoption by State Commissions of Presi¬
dent Roosevelt's "prudent investment" basis for rate-making
holding the rate confiscatory
and
of 6 to 2 on
tribunal the case of the Pacific
the rates fixed
The dissenting opinion
Bond
Lower Tribunal to Decide
Confiscatory
Supreme Court by a vote
The United States
Jan. 3 returned to a lower
mission in taking
Sutherland.
Accepting the findings of fact of the trlai court as
Sutherland agreed that there was no
Ruling Returns Case to
Whether Rates Were
confiscation, which was the main issue
Seen
Power
Jan. 8, 1938
Chronicle
principal
Conservation
Civilian
339,433
work,
Corps
Of
rolls.
these,
1,662,444
were
men
and
women.
others
All
classified
numbered
as
totally
5,821,035.
unemployed, able to work and wanting
Of these,
4,163,769 were men and 1,657,266
women.
Thus,
the
voluntary
registration,
including emergency workers,
jobless men and 1,996,699 women.
Biggers frankly told the President that
listed
5,826,213
Mr.
accuracy" for
either of the
total figures
he did not claim "probable
presented, but emphasized that
Volume
the
with
care
Financial
146
which
passed
expectations.
report,
made
the
"reflects
the
Such
It
should
unemployment
recession,
cross-sectional
a
be
obtained
picture
but
he
for
filled out
were
said,
the
the
during
that
the
present
Nov.
stages
of
organization
census
budgeted for the
The
his
message
the
this
Jan.
13,
drawn
conditions
of
WPA,
CCC
NYA,
working
with
they
as
and
that
his
between Nov.
situation"
as
287,530
were
were
working for
For
projects.
Connecticut
the
as
figures
employed
18,206
The
in order of their
70,354
Illinois,
with
87,782,
totaled
459,743,
Ohio,
and
409,867.
Reference
questions
the
to
unemployed
be answered
to
by
14
bearing
cards
census
unemployed
persons
par¬
or
tially unemployed, and carrying a message from President
Roosevelt
asking that the questions be filled
in our Nov.
ately, appeared
20 issue,
immedi¬
cut
3277.
page
V
House and Senate Investigations of TVA Are Proposed
•—Actions Follow Reports of
Dissension Among
Directors—Authority Issues Report
Reports of dissension
announcement on Jan. 4 by
an
Representative A. J. May of the Millitary Affairs Com¬
mittee,
he planned to introduce
that
House authorizing a
Senator Norris
which
conduct
on
a
resolution in the
Congressional investigation of the TVA.
Jan. 3 introduced
authorize
would
the
a
Federal
resolution in the Senate
Trade
Commission
to
inquiry into the work of the TVA to determine
whether it has been handicapped in carrying out its duties.
an
The Norris resolution
described
was
as
follows in
Commerce":
inquiry
by
Senator
George
Norris
(Ind.,
and
referred at
mittee for report.
discussions
in
kept
in
TVA
the
the
his request
to the
He said he made the
.
Neb.),
Senate Agricultural Com¬
The
Motor-
on
a
The Board
on Jan. 5
rejected the Ford petition and officials
they would ask the Federal Circuit Court of Appeals
said that
an
order to enforce the Board's decision that the
com¬
had violated the law and
should reinstate 29 em¬
ployees, who had allegedly been discharged for union activity.
On the same day the company issued a statement assailing
findings of the Board oas "unjustified by the facts and un¬
supported by the evidence," and announced that it would
not comply with the NLRB orders.
pany
The company on
Jan. 3 asked that new hearings be opened
into the charges.
The petition was outlined as
follows in United Press Washington advices of Jan. 3:
to
inquire
NLRB officials said that the petition
and
Washington.
They said that
was
because
filed coincidently in Detroit
of this
action
by the
Ford
attorneys, the NLRB would withhold filing of a petition for enforcement
Previously it had been expected that this petition would
be presented before a Circuit Court of Appeals today.
The
upon
(Dem.
a
Ky.)
who has
came into opera¬
Ford
petition
contended that the
misapprehension of Ford policy.
union activity
decision
After
a
against
it
based
was
lengthy NLRB hearing of
In the petition asking
The "unlawful violation" of the statute requiring submission to Con¬
annual audit of TVA books by the Comptroller General.
5. Expenditures and activities to "lure" industries to the TVA territory;
"untrue and misleading, open and secret, propaganda" in the press; inde¬
pendent analysis of engineering plans.
gress of an
the
approval
Louis J. Colombo Sr.,
The NLRB exceeded its statutory and constitutional authority.
Its findings of fact were unsupported by substantial evidence.
2.
Facts presented at
3.
the NLRB hearing
were
insufficient to support
the Board's decision.
4.
The
decision
and
order
were
based
upon
misapprehension of Ford
Motor Company policy.
5. The decision reflected a failure of the
conditions existing in Michigan last May.
Board
to
take into
account
Ford workers satisfied with their jobs made right and proper
arations to resist planned invasions of Ford property by the U. A.
6.
Audit Failure Charged
requires
that the order be vacated,
Ford attorney, cited the following reasons:
1.
Apparent conflicting estimates on the plans for the Gilbertsville,
dam,
2. Why TVA "has flaunted" the statutes that created it and "arro¬
gantly ignores the will of Congress" in failing to submit to Congress an
allocation of cost to the various activities under its supervision and control.
3. The truth
of "generally whispered charges of financial favoritism
to political favorites."
resolution
and to reinstate 29 workers allegedly fired because of their
union membership.
resolution of investigation.
1.
of
both
the
Senate
is eloquent in itself that the Ford
against union members.
discharged
were
discriminate
and
The Federal Trade Commission, which he proposes shall make the investi¬
appropriation of $200,000 to conduct the inquiry and
"in prosecuting or defending any litigation necessary in aid of the powers
conferred hereunder."
prep¬
W. to
prevent a strike.
7. The fact that only 29 workers out of 80,000 in the River Rouge plant
The petition
House and the signature of the President before the inquiry is authorized.
an
Company
Jan. 3, filed with the
petition asking the Board
to set aside and vacate its unanimous decision
accusing the
company of violating the Wagner Labor Act, and ordering
it to cease any attempts to discourage membership in the
United Automobile Workers Union, an affiliate of the Com¬
mittee for Industrial Organization.
The NLRB decision
was
issued on Dec. 23, following a long investigation of
charges by the union that the company was impeding union
activity, contrary to the Wagner Act.
The Board declared
that the company had employed workers using methods to
intimidate union members, and said that the company is
still engaged in violations of the law.
Ky.,
gation, is given
Ford
National Labor Relations Board
Workers, the Board two weeks ago ordered Ford to desist from its anti¬
move
Representative May
Mr. May said that the inquiry he will propose would cover the follow¬
Norris
It
Rejects
ing matters:
The
Ruling that
charges brought against the car manufacturer by the United Automobile
.
tion, said that he too would offer
4.
NLRB
because of complaints and
.
running fire attack on the Authority since it
up a
Appeals from
principally with regard to reports of dissension
press,
board.
♦—i—
■.
Co.
Petition
father of the TVA, in a resolution introduced at the opening of the regu¬
lar session
Motor
of its decision.
proposed
was
into the continental United
Violated Wagner Act—Denies Charges of
Coercing
Workers
and
Asks
Re-hearing—Board
Wash¬
a
ington dispatch of Jan. 3 to the New York "Journal of
The
'y,"
Ford
for
the directors of the Tennessee
among
Valley Authority brought
Activities
on
sugars,
as
employment besides New York
total
750,451,;
with
Pennsylvania,
with
ing direct-consumption
unemployed,
work relief.
on
States
large
fair and efficient distribution of the 1938
a
quotas among persons who market sugar locally in
Puerto Rico and those who bring Puerto Rican
sugar, includ¬
the
69,576 of the registrants totally unemployed and wanting work, and
were
culture to make
20, and showed
who registered
persons
public hearing will be held at Washington,
a
States.
New York State, of whom 763,322
were
Hearing on Allotment of Puerto
Sugar Quotas for 1938
sugar
be presented.
work, and 206,518
wanted
Public
according to the provisions of the Sugar Act of 1937 in order
to recive evidence which
may enable the Secretary of Agri¬
be delayed until
16 and Nov.
yet unauthorized.
as
Agricultural Adjustment Administration announced
Dec^ 31 that
D.
like the original report made public yesterday,
were
electricity totaled $5,056,195.
before
appearance
unemployment
pan
of
$9,000,000.
a
and
tomorrow,
totally unemployed and wanting work and
as
relief
on
public
records
from the sale
than
C., on Jan. 14, 1938, with regard to the allotment of the
Puerto Rican sugar quotas for the calendar
year 1938.
The
hearing, scheduled to open at 10 a. m. in the auditorium of
the United States
Department of Agriculture, was called
the unemployment
on
Hold
to
Rico
other work relief projects.
or
there
including 217,176
the
of
the
of
969,840 unemployed in
New Jersey
In
for
supplemental report as follows:
unemployed
totally
Mr.
the figures
dispatch of Jan. 2 to the New York "Times"
'The supplemental report,
total
Biggem said
picture
breakdowns
A Washington
covered
date because,
Appear Before Senate
entire
AAA
unem¬
$5,000,000
the
for Unemployment and Relief will
"the
various
summarized the
a
made
more
authorized!by Congress and three proposed but
The
be
will
announced,
Committee
that
so
from
than
State totals
The
Administrator
reason,
Senate's
less
its scheduled
of
revenues
The Authority has four dams completed, four under
construction. One
♦
elaborating the figures will follow from day to day.
To
For
1937, the TVA's
with total income of
census.
advance
Monday.
Congress
of reports
in
came
the
197
trend."
the President wanted the advantage of
Biggers
Mr.
census,
eeries
to
the
of
purpose
today
report
Biggers explained,
substantially
for
Chronicle
20
Mr. Biggers added, could be carried
through with the aid of the Post Office Department by the existing
ployment
sur¬
ended
week
earlier
subsequent
the
not
enumeration,
cards
also,
noted
the basis of results
on
business
current
unemployment Teport
Company does
not
explained the Ford labor policy.
It asserted that the firm and its founder had been "pioneers in the pay¬
ment
of high wages, reduction in the hours
of working conditions."
out
without
of labor and the improvement
The petition said that the policy had been carried
compulsion from an outside force and
of the
that adoption
policy antedated the National Labor Relations Act.
It stated that Henry Ford and the company recognizes the right of every
The
TVA
Jan.
on
2
issued
a
"Review
of
Progress" in
which it said that it entered 1938 well advanced
on a
unified
of flood control, navigation, power development
agricultural planning.
Associated Press advices of
Jan. 2 from Knoxville, Tenn., gave the following extracts
program
and
employee "to join a union or not, as he
that
The ruling
of hydroelectric
power
12 proposed dams on the Tennessee
struction
were
in operation at three
River and its tributaries, while
of
con¬
(of the unified program) is, of
"With consistent allotment of funds
would end about 1945 or 1946
dependent
upon
completion of the Gilberts¬
the
close
of the last
obligations totaled about
on
fiscal
year,
the Authority's expenditures and
$188,000,000, including $31,300,000
the war-time Wilson Dam at Muscle Shoals,
of general equipment
valuation
A network of electric power lines spread over the
TVA's domain from
Norris Dam, on the Clinch River in upper East Tennessee, 500 miles
now
across
had 36,000 residential, commercial and in¬
dustrial consumers of its surplus electric energy, Including
and
15
cooperative power associations.
The
petition
agreed
employees of the company are
During NRA days Ford refused to comply with the
successfully.
domain over
Ford Company comes
labor disputes affecting interstate commerce.
From
1934
18 municipali¬
until
Nov.
30,
The
under that classification, according'to the Board,
The Board's decision asserted the company deliberately built up a special
service
department to intimidate union members and charged it with in¬
to distribute
at
U. A. W. members who sought
printed pamphlets at the gates of the vast River Rouge plant
Dearborn, Michigan.
Text of Board's Ruling
It ordered
the State to Memphis, and into parts of Alabama, Georgia and Mississippi.
ties
has full
Ala., and $700,000 worth
and inventories.
The Authority said it
pleases "
marked the second clash between Henry Ford and the Fed¬
government.
spiring "unbelievably brutal" attacks on
ville, Ky., dam."
At
"that the
automobile code and carried his defiance through
for the purpose, the construction
upon
of the opinion
The decision was based on a Supreme Court ruling that the Labor Board
course,
appropriation of the necessary funds by Congress," the Authority said.
program
eral
progressed rapidly on four other dams.
"Completion
was
In describing the NLRB ruling on Dec. 23, a Washington
dispatch to the Chicago "Journal of Commerce" said:
from this statement:
Giant generators
Ford
better off outside a union than in one."
that the company:
1. Cease discouraging membership in the U. A. W. by discrimination,
discharge or intimidation,
.•
2. Stop alleged domination of an independent union, the Ford Brother¬
hood of America, Inc., which the Board held, owes its existence to Ford
sponsorship.
3. Cease "organizing, maintaining, supporting or assisting
similar groups" for the purpose of coercing employees.
vigilante
or
198
4.
Financial
Chronicle
Desist from distributing "propaganda disparaging or criticizing labor
union,
discharged for similar
were
Board
The
Orders 60-Day Notice
f
6.
That 60-day notices be posted in all departments of the Ford plants
at Dearborn and Highland Park, Michigan, "stating that the respondent
will cease and desist in the manner aforesaid."
N 7. That the company notify the regional director of the NLRB for the
seventh region, in writing within 10 days,
been taken to comply with the order.
The decision
was
considered
down by the Board J.
informing him what steps have
of the
one
most
important
ever
handed
It culminated a series of hearings conducted under
Knapp, NLRB
supervision of Laurence A.
attorney,
on
formal
a
com¬
If the company deems the ruling
unfair it
enjoining it until the issues have
can appeal
for
been decided by the
an
injunction
courts.
Board
St.
Louis and
Ford empire.
Strikes now
effect against plants at
are in
Kansas City and the union has ordered workers at Long
Beach, Calif,, to stand ready for
afforded
the
of
The
by
the
of
New
indicates
recession
that
the
previous
period
of
heavy expenditures by the
in
industrial
works,
public
non-economic
and
and the role of
behind domestic recovery,
world trade
expenditures
expanding
attained
character of the recovery in various parts of the
uneven
world, the lag of
rearmament
activity.
in
coun¬
many
stability
Economic
is
never
bank credit for
adjustment, which today finds its true basis in the widening of
by
economic
substituting
markets
the removal
and
expenditures
government
barriers.
trade
of
and
"the causes for the recession
be found in monetary factors.
The low levels of
According to Mr. Aldrich,
cannot
bank
strike call.
a
Bank
United States Government
which
were
designed to increase "purchasing power" and which were
financed through the commercial banking system were neither normal nor
Further evidence of the artificiality of the recovery period is
desirable.
Labor leaders here said the decision would accelerate U, A. W. efforts
to unionize the
National
Chase
the
in business activity was based in part at least on certain artificial
circumstances.
the
officials said they expect such action and are prepared to fight it.
Mr. Aldrich, who is Chairman of the
of
to say:
on
sharpness
recovery
tries,
plaint issued last June 26.
In part,
Directors
of
York, went
dismissed.
reasons, were
lost."
were
organization."
H 5. That it re-instate with back pay, 29 employees allegedly discharged
for union activity.
Cases involving six others, who, it was claimed by the
Jan. s, ms
lending rates, which persisted despite the increase in
requirements and the continued' sterilization of
reserve
gold,"
United States System of Taxation Criticized by George
O. May—Tells New York Chamber of Commerce
that
Even
Would
Repeal of Undistributed Profits Levy
Repair Damage It Has Already Done
Not
An attack
he says,
credit
strain."
the
themselves sufficient to promote
in
"The business figures
the United States system of taxation,
the undistributed profits tax, was
launched on Jan. 6 by George O. May of Price, Waterhouse
& Co. in an address before the monthly meeting of the Cham¬
ber of Commerce of the State of New York.
Mr. May said
that even if Congress now repeals the undistributed profits
tax it could not repair the damage done to the course of re¬
covery by its enactment.
He added that "we seem to face
the discouraging prospect that we may fail to take advantage
of our opportunities through lack of the cooperation, good¬
will and resulting confidence that are necessary for their
realization."
In discussing tax abuses, Mr. May said in
mittees of the Congress are at
part:
tax
and
upon
particularly
upon
■
Heavy taxation is, with
comparatively
us, a
have been developed hastily and
to finance
upon
great
a
scarcely four years old.
war
problem.
new
unscientifically.
when
our
Under the stress of
war we were
faced
emergency
reduced to
were
the depression it
us in
that we should resort to the
During the '20s
moderate levels, but when
more
was
forced to propose
steeply progressive taxes on incomes and inheritances.
these taxes
Our tax laws
The country was called
Federal income tax system
domestic
a
was natural and almost
inevitable
had been employed to meet
same measures as
look unpromising
which is
Retail
In
recovery."
available in December,"
are
which
dropped
relatively
to
this
not been
There
the
the
the weakening
for
time
of
of
savings
the
of
is
gone too
The
hopeful
sign.
slow
a
for the
or
and
prolonged
involved.
encouraging political developments.
are
a
far, and in any case there
which
have
rapidity
extreme
itself
in
of the financial structure
people
would
dimensions
same
Continuing, he said:
high.
level
lines the decline has certainly
exhaustion
decline
continues
have
we
out—at a level which
when we reached it in 1935 but
the less much too low."
none
distribution
many
has
which
business curve is flattening
the
not
with
no
Mr. Aldrich, "suggest that the decline has ceased and
says
that
did
there was
"Recessions," he adds, "may occur despite
of low money rates, and low money rates
existence
not
are
definite "evidence that
gave
hour bill
The wages and
has, for the present at least, been defeated, the responsible financial com¬
and
Efforts
approval.
has announced
all
to
respect
lead
rely
to
made
work
to
private
upon
out
these matters.
that only
early
an
between
adjustment
an
The Secretary of the Treasury
capital
to
balance the budget by
rather
Federal
than
pump-
The political situation is not clear with
But there is evidence that Washington is
revival.
convinced
increasingly
can
to
business
for
being
are
the purpose of the Administration
and
economies
plans for revising the capital gains
on
and the public utilities.
the Administration
priming
work
undistributed profits tax, apparently with the Administration's
the
reversal
.
an
the
of
adequate dealing with the problems
business tide.
On the other hand,
the external crisis, so that our taxes on income again reached levels as
high
as those in the time of the
great war.
adequate and prompt dealing with these problems will lead to fundamental
^Even
improvement. Vv.
concerned,
were
losses
while
losses
as
form
as
far
as
the effects
on
and
the
credit against income of subsequent years—provisions which
a
or even
unjust taxes upon people in Industry is
similar measures have at
time generally recognized as one of great emergency.
highly important that
reduction
as we
in
began to
emerge
Government
It
a
therefore,
was,
from the depression, with the
spending,
the
tax
laws
should
be
past
far
so
as
might be compatible with the vitally important objective of bal¬
ancing the
budget.
me to
understand how the President and
the Secretary of the Treasury were persuaded to
adopt the proposal of an
undistributed profits tax at the stage which we had reached in 1936, be¬
it has seemed to
cause
policies.
The tax
itself, but it
that
that such
me
was
not
was even more
proposal
a
contrary to their major
ran
was to
be continued and carried to further lengths when the
emergency was
passing, and when, in the Administration's view, we were well on the road
to recovery.
There
the
Secretary
to me to be much evidence to suggest
were
influenced in large
measure
by
that the President and
erroneous
and wrongly-
period covering
and
years
many
different administrations, and
are,
therefore,
No one in touch with affairs
can fail to recognize the extent to which the
of statistics has
grown, the power for good or evil that lies in their use,
or the extreme
difficulty of
use
arriving at statistical figures that
and
ernmental
holders.
are
informative
It cannot be disputed that the Government
trustworthy.
owes to the
standard of responsibility for statements
regarding Gov¬
accounts and statistics as
corporate executives owe to stock¬
same
As
executive
certain
(1)
the
tax;
recession
the year,
hand,
causes
profits
and
existing
was
tax
further
future of
ambitious
disturbance
(4)
field;
to
industrial
of
Death
Louis
Recession
Analyzed
Chamber
by
of
vinced -That
in
Relation
Government
Policy
Adequate
Dealing
with
York
Con¬
Problems
increasingly evident
cited
what,
for checking
corporations;
(2)
in
its
recovery:
the capital
threatened government competition
gains
stability and
fear regarding
setback
the
in
the
budget
to business
progress.
Franck—Governor
of
National
Bank
Louis
Franck, Governor of the National Bank of Belgium,
31 of a heart attack. He was 69
years old and was to have retired from his post.
On the day
of his death, according to a wireless account from Brussels
died in Belgium on Dec.
Dec. 31 to the New York "Times" which said:
Mr. Franck
1924.
was
born 1868 at Antwerp.
A lawyer and professor of law,
and was Minister of Colonies from 1918 to
He had been Governor of the bank since 1926 and in that capacity
Commission.
to
President
Aldrich
of
New
Commerce—Sees Washington
became
Chamber
of Belgium
many
Mr. Franck
Business
it
the
responsible
♦
international financial conferences.
From the "Times"
to assert.
on
widespread
cooperated in
as
legislative proposals,
and the
the dollar, and (5) Federal legislation on labor, particularly the
Labor
Relations
Act
as
it
has been
taken advantage of
by
union leaders to bring about labor warfare with the resultant
utility
shall be omitted from them which is
necessary to prevent them from being
misleading.
That this standard has been maintained under
any adminis¬
rash
as
at
undistributed
(3)
of
five principal
the
were
The
public
half
latter
business
he entered politics as a liberal
so
or
From the statement of Mr. Aldrich we also quote:
During
have emphasized, that standard requires not
only that statements made shall be literally true, but also that
nothing
tration, of whatever party, few would be
"Frequently,
practices clearly against the public interest or
accomplish the desired result."
laws
recent
welfare
to
en¬
tirely non-political.
people the
fail
National
seems
interpreted statistics.
Before discussing this suggestion further, I should
like to avail myself of this
opportunity to make some observations which
are the result of a
study of Government statistics over a
many
involved
would
injurious
symbol for it seemed to indicate
the
give its approval and support to those
consideration, that the method proposed was impracticable
opinion,
as a
of
purpose
only discouraging to saving and initiative in
policy bound to impede the development of private industry, which
had reluctantly but necessarily been
adopted in a time of great stress,
an
opposed them because it was convinced, after the fullest
that
a
that
view
which it felt were detrimental to
which it believed were sound and beneficial."
or
It has always been difficult for
the
however," he stated, "the Chamber, while in sympathy with
has
more
in
right to criticize those measures and policies of
of the Nation and to
the
eliminate the
converges
the Chamber of Commerce has freely exer¬
year
government
obvious injustices which a great emer¬
so as to
opinion
In his statement Mr. Aldrich points out that "throughout
the
gency had created, and also that the taxes themselves should be lowered
amended
business
best
the
that
cised the
of any just system of income taxation.
the effect of high
resulting
are
forward of business
carrying
different in normal times from that which
very
saving and initiative
the elimination of provisions allowing deduction of capital
taxing capital gains,
essential part
an
SfcNow,
important,
more
think
I
was
a
Other
we
also quote:
founder and president of the International Maritime
posts which
national law at the University
national
Law
he held were a professorship of inter¬
of Brussels, a vice presidency in the Inter¬
Association of London,
honorary presidency of the
Inter-
Parliamentary Conference of Commerce and membership on the board of
the International Bank at Basle.
Will Lead to Reversal of Business Tide
"Overshadowing all
has
been
the
very
other domestic
acute
recession
in
developments in 1937
business,"
says
Win-
throp W. Aldrich, President of the Chamber of Commerce
of
the
State
of
New York, in an analysis of the business
relation to government
policy.
Presenting his
views under date of Jan. 3, Mr. Aldrich observes that
"the
recession
in
J. P.Kennedy
Nominated Ambassador to Great Britain
Named Ambassador to Germany
W. E.
Dodd, Retired—J. E.
Davies
Transferred to Belgium and N. H. Armour to Chile
—H.
to
R.
Wilson
Succeed
the sharpest on record," and he
says "in
of four months most of the recovery gains
President Roosevelt yesterday (Jan. 7) announced several
appointments and changes in the Diplomatic Corps.
The
President sent to the Senate the nominations of Joseph P.
Kennedy, Chairman of the Maritime Commission, to be
Ambassador to Great Britain; Hugh R. Wilson, Assistant
in current volume of production of the
preceding two years
Secretary of State, to be Ambassador to Germany; Joseph E.
decline in general industrial activity from August to Decem¬
ber
was
the
short
one
of
space
Volume
Financial
146
Davies, Ambassador to Soviet Russia, to be Ambassador to
Belgium, and Norman H. Armour, Minister to Canada, to be
Ambassador to Chile.
Mr. Kennedy, who prior to becoming Chairman of
Maritime Commission, had headed the Securities and
the
Ex¬
change Commission, will succeed the late Robert W. Bing¬
ham, whose death on Dec. 18 in Baltimore was referred to in
■our issue of Dec. 25, page 4052.
Mr. Kennedy is at present
in San Francisco where he arrived yesterday.
Assistant
Secretary of State Wilson was nominated by President
Roosevelt to succeed William E. Dodd, who resigned from
the Berlin post early in December.
Mr. Dodd had held the
post for four and a half years.
He returned to New York
and
was scheduled to leave this city last night for Washington.
Mr. Davies will succeed Hugh Gibson as Ambassador to
Belgium sometime next Spring, and it is rumored that Mr.
Gibson will be transferred to Spain as American Ambassador
there.
As Ambassador to Chile Mr. Armour will replace
on
Kennedy, 49-year-old native of Boston, long has been a close friend
Mr.
■of the President.
His
colorful
was a
poration executive between his
career
in business as a banker and cor¬
1937 to
marine
the difficult task of building up the nation's merchant
assume
Mr. Davies
for
Post,
some
seeking
was
transferred from Moscow to Paris.
was
a
There had been
|£Mr. Wilson is 52 and
diplomatic career man.
a
After serving three years
chief of the division of current information at the State Department,
he
was
secretary of the conferences for limitation
from 1928 to 1930 and was a delegate to
at London in 1932.
He is
Mr. Armour also has
of armaments at Geneva
the general disarmament conference
land, in 1887, he took degrees at Princeton and Harvard and later
law in New
practiced
Jersey before entering the foreign service in the American em¬
(Democrat) of Texas (Chairman of the Com¬
mittee) to fill the vacancy on the Supreme Court created
by the retirement of Justice Sutherland.
Federal
He has been counselor of embassies at Tokio and Paris and was Minister
Haiti five years ago.
He is
a
He
was
of
Bank
Reserve
New
York
Makes
Several
Promotions in Personnel
The Federal Reserve Bank of New York
announced
yes¬
terday (Jan. 7) the appointment of Norman P. Davis, who
has been employed in the Division of Security Loans, as
Manager of the Security Loans Department, the appoint¬
ment of Horace Sanford, Assistant Secretary, as Manager
of the Research Department, and the appointment of Insley
B. Smith, Special Representative, Bank Relations Depart¬
ment, as Manager of the Bank Relations Department._ Mr.
Sanford, the announcement said, will continue as Assistant
Secretary. The announcement continued:
Mr. Davis has been
member of the staff of the Bank since
a
1932; has
having to do with Regula¬
(Extension and Maintenance of Credit by Bankers, Dealers, and
tions "T"
Members of National Securities Exchanges) and
"U" (Loans by Banks for
Carrying Stocks Registered on a National
Securities Exchange), since 1934;
and has been In direct charge of the work
of the division since October 1936.
Mr. Sanford has been
January 1936 he
member of the staff of the Bank since
a
employee in the Research Department since
was
1918, and
1930.
In
appointed Assistant Secretary of the Bank, while con¬
tinuing his work in the Research Department, and he will now combine the
Research Department and Assistant Secretary.
The office of Manager of the Research
October 1936 when it
Mr.
occupied
was
Smith has been
Department has been vacant since
by Harold V. Roelse, now Assistant Vice-
an
employee of the Bank since 1922, working in
operating departments until 1926, since when he has been in
various
the
becomes Manager. He suc¬
Manager of the Bank Relations
Bank Relations Department, of which he now
ceeds
bassy at Vienna.
to
tive Sumners
Born in Brighton, Eng¬
long diplomatic record.
Judiciary Committee
On Jan. 6 the members of the House
President.
native of Evanston, 111.
a
a
important decisions.
suggested to President Roosevelt that he name Representa¬
duties of Manager of the
named Minister to Switzerland in 1927.
He
Roosevelt would
administration would
Mr. Sutherland named by President
any successor to
undoubtedly sympathize with New Deal ideas, the
has been the senior
transfer.
Roberts
<•
.
have at least five "friends" on the tribunal in
Davies, whose wife is the former Marjorie
time that Mr.
ground.
the Purpose of Purchasing or
named to the Russian post more than a year ago when
was
William O. Bullitt
was
It As
while Chief Justice Hughes and Justice
"liberals."
as
have occupied a middle
been employed in the Division of Security Loans,
1936 to return to private business, but was chosen early
Administrator of the new subsidy act.
as
rumors
as
described
graduation^from Harvard in 1912 until Mr.
Roosevelt drafted him to organize the.SEO in 1934.
He resigned in
Brandeis, Stone, Cardozo and Black are generally
In contrast. Justices
Jan. 6 aboard the United States liner Washington,
Hoffman Philip, of Washington, recently retired.
The
following Associated Press account was from Washington,
last night (Jan. 7):
in
199B
Chronicle
Mr.
Herbert
S.
Downs, who
was
Department until his death in July 1937.
named Minister to Canada on May 29,1935.
resident of New Jersey.
C.
V.
Appointed Assistant Secretary of
President Roosevelt to Succeed
McLaughlin
Labor—Named by
Justice Sutherland Retires from U. S. Supreme
Court
Takes Advantage
—Member of Conservative Group
of
Van
Act—Justice
Sumners
Who
Devanter
Retired in June Presides in Federal District Court
E.
F.
McGrady
Charles V.
McLaughlin, of Omaha, Vice-President of the
Firemen and Enginemen, was
Brotherhood of Locomotive
President Roosevelt that he would retire from the United
appointed Assistant Secretary of Labor by President Roose¬
yesterday (Jan. 7).
He will succeed Edward F.
McGrady, who resigned several months ago to become
Director of Labor Relations for the Radio Corp. of America.
States
Mr.
York
New
in
velt
Justice
Associate
George Sutherland
Jan. 5 notified
on
Supreme Court on Jan. 18. Justice Sutherland, who
old, has been a member of the Supreme Court for
15 years, and in voting on important cases he
was generally aligned with the so-called conservative group.
It is anticipated that if the President appoints in his place
some one in sympathy with the major policies of the Admin¬
istration, the so-called liberal bloc will be in the majority.
Justice Van Devanter, another conservative, retired from
is 75 years
more than
the
Supreme Court last June, as noted in the "Chronicle" of
3771.
This week Justice Van Devanter
presided in the United States District Court in New York
•City under assignment from Chief Justice Hughes.
June 5, 1937, page
Justice Sutherland told the President in
a
letter that he
desired to take advantage
from
of the Sumners Act and retire
"regular active service."
His letter follows:
Jan. 5, 1938.
My Dear Mr. President:
Having reached the
mission
as
age
of
Associate Justice
more
on
than 75 years, and having held my com¬
the Supreme Court of the United
-and served in that court for 15 years,
McGrady's resignation
Sept. 11, page 1683.
Meeting of New York State Society of Certified Public
Accountants to Be Held Jan. 10
Dr. Marcus
avail myself of the
rights, privileges and judicial service specified in that act; and to that end
hereby retire from regular active service on the bench, this retirement to
be effective
and after
on
Tuesday, the 18th day of January, 1938.
Very respectfully
GEORGE
President Roosevelt in
at New York
yours,
SUTHERLAND.
acknowledging the letter of Justice
Dr. Nadler is the author of
Securities"
and co-author of "International Money Markets" with John
T. Madden, Dean of the Schoobof Commerce, Accounts and
Finance of New York University.
He will discuss the sub¬
ject "The Problem of Inflation as it Affects Business To¬
day."
Hotel, New York, at 7.45
numerous
ITEMS
regular active service
"May I send
"May I also
we
on
of your proposed retirement from
the bench, this retirement to be effective on and
1938.
felicitations on your many years of public service ?
you my
express
the sincere hope of Mrs. Roosevelt and myself that
shall have the pleasure of seeing you and Mrs. Sutherland at the dinner
at the White House on
January twentieth?
"Very sincerely yours,
"FRANKLIN
A
D.
ROOSEVELT."
Washington dispatch of Jan. 5 to the New York "Times"
from
Lewis
Sutherland
as
Wood
discussed
the
retirement
of
Justice
follows:
The President, it
was
retirement immediately,
The
p. m.
articles and books including "Foreign
New
ABOUT
statement
York
City,
TRUST
BANKS,
of
as
condition
of
the
COMPANIES,
National City
&c.
Bank,
of Dec. 31 shows $1,711,522,124 in de¬
$1,812,30, the
high up to that time.
Resources are reported at
$1,899,316,432, a decrease as compared with the Sept. 30
figure of $2,011,517,708 and that of June 30 of $2,006,169,217. According to the statement, the principal assets at the
posits,
compared
040,914
close
"My Dear Mr. Justice Sutherland:
-after January 18,
University, will address the meeting of the New
York State Society of Certified Public Accountants to be
held on Jan. 10 in the Starlight Roof of the Waldorf-Astoria
Sept.
30
with the all-time high record of
and with $1,807,822,047 on June
record
Sutherland, said:
"I have received your letter telling me
Nadler, Research Director of the Institute of
and Finance
International Finance and Professor of Banking
under the Sumners Act of March 1, 1937, entitled 'An Act to provide for
I
noted in these columns of
States,
and thus being eligible for retirement
retirement of Justices of the Supreme Court,' I desire to
was
stated at the White House, did not accept the
of
December
were:
Cash
and
due from
banks and
$549,793,277,
respectively, Sept. 30 and June 30; United States govern¬
ment securities, $482,958,934, compared
with $447,508,653
and $419,401,465; State and municipal bonds, $76,494,889, in
comparison with $102,580,485 and $92,891,746; other bonds
and securities, $130,806,877, against $138,473,877 and $140,441,109; and loans, discounts and bankers' acceptances,
$609,441,410. as compared with $686,474,187 and $710,217,bankers
081.
$516,778,467, against $549,266,058 and
Undivided profits of the
bank at the end of the year
reported at $14,314,079; undivided profits on Sept. 30
totaled $14,682,376 and on June 30, $13,746,581.
Capital of
the bank was unchanged at $77,500,000, while surplus stood
were
$44,250,000, unchanged from Sept. 30, but above the June
figure of $43,750,000.
Earnings
of
The
National City
Bank
during
1937
amounted to $1.84 a share on its capital stock as compared
with earnings of $2.24 a share in 1936.
Last quarter earn¬
at
but will act later.
30
Held
an
"L/ltra-Conservative"
Retirement of Justice Sutherland leaves the
Supreme Court in control
of liberals, with every likelihood, observers say, that the
New Deal
program
will be vindicated in virtually all respects.
Mr. Sutherland has long been regarded as one
The only justices in this category
and
Mr.
Butler.
left
on
of the ultra-conservatives.
the court
'are Mr. McReynolds
ings
for 1937 were 48 cents a share as compared
share in the fourth quarter of 1936.
cents a
«
with 67
200
Financial
Deposits of the City Bank Farmers Trust Co., New York,
of the National City Bank of New York, totaled
affiliate
$73,396,510
of
on
condition
as
Sept. 30 and with $10o,996,460 on June 30.
Undivided profits at the latest date were $4,120,759, a de¬
crease from the Sept 30 and June 30 figures of $4,263,581
and $3,798,220, respectively, while capital and surplus re¬
mained unchanged at $10,000,000 each.
Total resources at
the end of 1937 were shown at $100,632,530, compared with
$101,746,639 and $132,979,476 on the earlier dates. Cash on
and
banks at
due from
the latest
date
amounted
At
«
meeting of the Board of Directors of the City Bank
a
Farmers Trust
bull
M.
Co., New York, held Jan. 4, John L. TurnC. Jordan were elected Vice-presidents.
Charles
and
Martin
Scovell
elected
was
Trust
Officer,
Crosby
T.
Smith, Assistant Trust Officer, and G. Warfield Hobbs 3d,
Assistant
sistant
Mr.
Secretary.
In
Turnbull
Mr.
formerly
was
As¬
an
Vice-President, Mr. Jordan was Trust Officer, and
Martin
the
was
Trust
Assistant
of
statement
Chase
the
Officer.
Bank
National
of
compared with $2,128,875,000
Sept. 30, 1937, and
209,000 on Dec. 31, 1936. Total resources amount to
379,000 compared with $2,422,152,000 on Sept. 30 and
182,000 a year ago; cash in the bank's vaults and on
the
Federal
on
Reserve Bank
and
other
banks
$2,286,$2,375,$2,562,deposit
$708,-
at
040,000 contrast with $708,884,000 and $669,418,000 on the
respective dates; investments in United States Government
securities are $603,362,000 against $575,011,000 and $780,030,000; loans and discounts, $728,522,000 compare with
$817,313,000 and $772,031,000.
On Dec. 31, 1937, the capital
of the bank was $100,270,000 and the surplus $100,270,000,
both amounts being unchanged from Sept. 30, 1937, and
Dec. 31, 1936.
The undivided profits on Dec. 31, 1937, were
$31,121,000 compared with $25,888,000 on Sept. 30, 1937, and
$26,464,000 on Dec. 31, 1936.
The
statement
New York
of
condition
of
of
as
Dec.
of
the
Guaranty
Trust Co.
31,
1937, published Jan. 4, shows
and total resources of $1,781,-
deposits of $1,449,807,513
934,938. The company's capital and surplus are $90,000,000
and $170,000,000,
respectively, and undivided profits are
$11,690,064 as compared with $9,356,562 on Dec. 31, 1936, an
increase of $2,333,502 for the year.
The statement shows
cash
hand, in Federal Reserve Bank, and due from banks
and bankers, $478,270,301; United States Government obli¬
on
$540,506,068,
and
loans
and
bills
purchased,
$623,244,877.
'
Guaranty Trust Company of New York announces the
appointment of A. Harvey Batten and Theodore V. Kruckel
gations,
Assistant
as
Secretaries.
'
The Fulton Trust Co. of New York reports net operating
income for the year ended Dec. 31, 1937, of $251,611.
After
payment
of
added
undivided
$200,000
dividends, the sum of $51,611 was
profits, capital, surplus and undivided
profits at the year-end totaled $4,889,969.
Total resources
to
of
the company, which is engaged exclusively in personal
trust and banking business, are reported as $28,784,100 on
Dec. 31,
1937,
as
compared with $29,177,436 at the end of
1936.
Cash items, United States Government securities and
demand loans secured by collateral, together aggregated
$17,303,226
compared with $16,950,158
as
Hold¬
a year ago.
ings of State and municipal bonds declined during the year
$5,565,800 to $3,107,241.
Other items in the invest¬
from
ment
portfolio
of
the
company
on
Dec.
31,
1937,
$2,117,473 short-term securities, not shown separately
ago,
and
other
securities
totaling $3,910,337
with
$3,932,745 on Dec. 31, 1936.
Deposits
$23,627,831 as compared with $24,026,456.
were
a year
compared
as
are
reported
as
♦
The statement of condition
of Manufacturers Trust Co.,
New York City, as of Dec. 31, 1937, shows
deposits of $610,292,530 and resources of $731,853,276.
This compares with
deposits of $599,246,977 and resources of $719,466,641 shown
Sept. 30.
Cash and due from banks, according to the
on
statement,
are
$222,004,463 against $182,236,486
Sept. 30.
United States Government securities stands at $134,970,507;
three months ago the figure was $126,920,776.
Loans and
bills purchased are reported as $231,644,434, which
compares
with $260,254,434 at the end of the
previous quarter.
Pre¬
ferred stock is shown as $9,421,020, a decrease of
$241,500
from the previous quarter, due to the purchase of shares
in
the
stock is
open
on
market and consequent retirement.
Common
$32,998,440, unchanged from the last quarter.
Sur¬
plus and undivided profits are reported as $45,129,357 as
compared with $44,247,014 three months ago.
Adding divi¬
dends paid on common stock, and allowing for adjustments
to
undivided profits resulting from preferred stock retire¬
indicates net operating earnings for the quarter of
ment,
$1,922,127 after dividends
on
preferred
stock.
This
Reserves
$10,799,752.
*
The Grace National
of condition
Bank of New York,
of Dec.
as
I.; '
..
in its statement
31, 1937, repotted cash in vault and
with banks of
$11,715,051; demand loans to brokers, secured,
reported as $2,760,000; United States Government securi¬
ties, it is announced, amount to $3,390,079, and State,
are
municipal and other public securities to $4,330,706.
Undi¬
vided profits are shown as $440,390, deposits as $26,157,131,
while the surplus stands at $1,500,000.
•
The
Trust
^ v"•"v
annual
Co.
•
statement
New
York
—•—
'v.-'';y:'
the Sterling National Bank
of
Dec.
&
1937, shows, it is
stated, increases in cash holdings and in loans and dis¬
counts, but reductions of security holdings as compared with
figures of a year ago.
Loans and discounts aggregate $11,985,262 compared with $11,008,600 on Dec. 31, 1936, while
cash and due from banks total $12,408,464 compared with
$8,945,558.
Holdings of United States Government securi¬
ties have been reduced to $5,202,169 from $7,216,356 a year
ago, and holdings of State, municipal and corporate securi¬
ties have been cut to $975,958 from $3,799,450 at the end
of 1936.
Deposits, now at $27,136,292, compare with $27,822,335 a year ago, while resources aggregate $30,971,286
compared with $31,745,303.
of
as
of
31,
New
York for Dec. 31, 1937, made public Jan. 4, deposits of the
bank at the end of the year are shown as $2,069,990,000
with
appear as
to
$34,183,863, compared with $29,594,088 Sept. 30 and $47,654,882 June 30; holdings of United States government se¬
curities, $31,740,359, against $35,379,199 and $45,046,502,
and loans and advances totaled $10,296,214, in comparison
with
$7,355,711 and $6,693,557.
Jan. 8, 1938
with $1,852,627 shown for the third quarter.
pares
Dec. 31, according to the bank's statement
of that date. This compares with deposits
of $75,094,539 on
hand
Chronicle
com¬
A statement
York
of the Continental Bank & Trust Co. of New
31 shows capital funds of $8,158,687 com¬
pared with $8,095,263 on Sept. 30 and $7,974,462 a year ago.
for
Dec.
Collateral
loans
$9,083,379
at
increased
to
$9,460,636 as compared with
call loans to brokers,
$6,313,928, compare with $8,683,581 on Sept. 30. Loans and
discounts are $8,798,565 as against $10,627,523, while hold¬
ings of United States Government bonds are $7,005,625 com¬
the
quarter,
pared writh $7,080,625.
while
New York
State holdings increased
from
$6,861,508 to $7,951,041.
Deposits
against $64,797,612 on Sept. 30.
are
$59,715,259
as
•
In its statement of condition
Trust Co.
of New
York
as
of Dec.
reports an
31, 1937, Clinton
increase in total assets
to
$9,444,745 from $9,299,291 reported on Sept. 30.
Loans
discounts
of $2,710,681 compare with
$2,806,306 on
Sept. 30; cash on hand and due from banks amount to
$2,562,828 against $2,265,913, and investments in bonds,
$3,634,077 contrast with $3,656,486.
Deposits increased to
$8,144,413 compared with $7,982,387 three months ago and
$7,294,488 a year ago.
An increase of more than 30% in
the number of deposit accounts during the year is reported
by the institution.
Capital stock and capital notes remain
unchanged at $600,000 and $150,000, respectively, and sur¬
and
plus and undivided profits are unchanged at $502,624.
The Jan. 1 statement of the United States Trust Co., New
York, shows total resources of $117,966,643, against $105,643,546 on Oct. 1 and $118,253,844 on July 1.
Cash in
banks at the latest date totaled $47,284,210, compared with
$37,384,627 Oct. 1 and $40,289,484 July 1, while holdings of
United States Treasury bills were $3,828,000 in comparison
with $2,660,000 and $3,901,000 three and six months ago.
Holdings of $10,000,000 of United States Treasury notes
reported three months ago did not appear in the Jan. 1 state¬
ment.
Loans were given in the latest statement as $30,635,330, as against $34,679,328 and $37,466,108 in the earlier
statements.
At the beginning of 1938 the bank had deposits
of $85,482,588, which compares with $73,202,321 Oct. 1 and
$85,591,791 at the half year.
Capital and surplus are un¬
changed at $2,000,000 and $26,000,000, respectively, while
undivided profits increased to $2,760,935 Jan.
1 from
$2,725,598 and $2,715,276.
♦
.
As of Dec. 31, 1937 the Corn
Exchange Bank Trust Com¬
of New York City reports total deposits of $292,526,346, its total resources on that date standing at $325,972,477.
At the end of June 1937 deposits were $295,920,011, re¬
sources
on
that date totaling $328,929,134.
Holdings of
pany
Government securities
Dec. 31
are
shown
as
$131,350,000
Cash in vaults and
due from banks at the end of the year is reported as $78,279,075.
Capital is unchanged at $15,000,000 and surplus and
undivided profits increased to $18,052,039 from $17,508,860
against $129,700,000 six months
on
ago.
June 30, 1937.
♦
Resources of the Public National Bank & Trust Co., New
York, amounted to $179,932,465 on Dec. 31, compared with
$172,601,330 on Sept. 30 and $170,385,037 on June 30. Cash
and due from banks totaled $58,283,492 at the end of De¬
cember, in comparison with $44,740,157 and $44,239,271,
respectively;
on
the earlier dates, while holdings of United
States Government securities
were
Dec. 31, against
in amount of $35,290,476,
$17,971,263 and $19,644,649, and State,
municipal and corporate bonds $20,499,748, compared with
$24,748,182 Sept. 30 and $25,755,345 June 30. Loans and
discounts dropped to $61,140,553 at the year-end from $80,362,191 and $74,539,183.
The bank's capital and surplus
were
unchanged at $7,000,000 each, while at the end of
December undivided profits of $1,949,941 were above Sept.
30 of $1,665,861 and June 30 of $1,616,694.
In the latest
statement deposits are given as $159,989,995 as against
$152,484,708 and $148,942,128.
Volume 146
Financial
The financial statement of Brown Brothers, Harriman &
Co., New York, private bankers, as of Dec. 31, 1937, shows
increase in deposits to $58,799,155 compared with $57,589,991 a year ago. As of Sept. 30 deposits stood at $64,669,423.
Capital and surplus increased to $13,025,283 compared
with $12,503,651 at the end of 1936 and with $13,001,379 on
Sept. 30, 1937. Total assets of $89,431,555 at the year-end
compared with $90,354,215 a year ago and $98,123,742 three
months ago.
Loans and advances of $19,521,678 showed
an increase over a year ago when they stood at $18,168,966
but were belowr the Sept. 30 figure of $22,793,913.
Other
asset items in the year-end statement compared as follows
with the figures for a year ago and three months ago:
an
$18,548,450
Cash,
$15,620,293
against
United States Government securities
$16,075,125,
and
respectively;
(valued at lower of cost
or
market),
$17,341,454 against $16,826,386 and $19,605,182; marketable bonds and
stocks (valued at lower
and
of cost
or
market), $8,511,541 against $12,221,301
$9,455,817; customers' liability
$15,989,585 against
acceptances,
on
$18,178,610 and $18,673,258.
:"-V;
31
Dec.
The
•
of
statement
the
Irving Trust Company
of
New York City shows total assets of $650,226,936 and total
$519,097,285, comparing with $678,722,418 and
Sept. 30. Cash on hand and due from banks
is shown as $213,435,179 as against $243,035,-
deposits of
$545,513,508
Dec.
on
920
on
31
Sept.
United
30;
States Government
securities
at the
close of the year are shown as $192,375,669, contrasting with
$143,459,286 Sept. 30; government guaranteed securities at
$5,000,000 is the same as three months ago. Capital stock
and surplus are unchanged at $50,000,000 and $55,000,000,
undivided profits
Sept. 30.
respectively, and
reported
Dec. 31 total
on
pared with $576,394,985
at
and
due from banks was $262,548,353, against
$283,462,464;
exchanges for clearing house $57,568,449, against $35,017,797;
United
States
Government
securities
$343,935,274,
against
$348,171,848; demand loans $59,246,989, against
$69,905,720, and time loans and bills discounted $185,131,887,
against $195,401,040.
The
statement
of
Brooklyn, N. Y.,
as
total cash
Company of New York City
of $598,804,851 as com¬
resources
of
Sept. 30.
on
Total
the
$88,664,626 Sept. 30. Cash on hand and due
$208,867,187; six months ago, June 30,
1937, the amount was $189,505,554. The combined capital,
surplus and undivided profits is $74,625,894, of which $20,000,000 represents capital, $45,000,000 surplus and $9,625,paring
from
with
banks
totals
894 undivided
profits.
'
Ridley Watts, a Director of the Chemical Bank and Trust
Co., New York, and Chairman of the Advisory Board of its
branch at 320 Broadway, died on Dec. 31 at the Beekman
Street Hospital, New York City, after a brief illness.
He
was 65 years old.
A native of Newport, R. I., Mr. Watts
in 1890 entered the cotton
goods commission firm of Grinnel,
Willis & Co., and remained with that firm and its successors
until October, 1920 when the house became Ridley Watts
Co.
He continued as head of the firm and a leading
figure in the textile business in this country until his retire¬
&
ment in
At the time of his death Mr.
1929.
Director of the
The
Watts
was
a
following organizations:
Continental
Insurance Co.;
the Industrial Cotton
Mills,
Inc.,
of
Rock Hill, S. C.; the Marion Manufacturing Co., of Marion, N. C.; the
Wallace Manufacturing Co., of Jonesville,
S. C.; the Piedmont Manufac¬
turing Co., of Piedmont, S. C.; the Morris town Trust Co.; the Morristown
Securities
Corp.; the New York Life Insurance Co.; the Mortbon Corp.
of New York; and the Victor Monoghan Co. of Greenville, S. C.
Deposits
New
the
of
York, totaled
resources
the
on
figure compares
due from
and
Central
date
same
with
Bank
and
$934,773,786.
were
$921,432,624
in
banks
Hanover
Trust
Co.,
Dec. 31, 1937, $831,259,130 while total
on
the latest
on
Sept. 30
statement
The latter
last.
shown
are
$313,446,253, whereas on Sept. 30 the amount reported
was $321,696,191.
Loans and bills purchased aggregate un¬
der the latest date $212,614,650, compared with $253,308,527 on Sept. 30. The capital is $21,000,000, the surplus $60,000,000, while undivided profits have increased to $10,476,231, from $8,756,128 Sept. 30.
♦-—
the end
of
the
year
hand and due from banks of
on
Trust Co.,
shows
$46,071,005, which
on Sept. 30 last.
Total deposits
$114,514,936 against $112,605,210 three months
Decreases, it is stated, are shown in all categories
loans
as
compared
with
30,
Sept.
and
in
holdings
of
other than
United
States
Governments.
Call
loans and bankers' acceptances now total
$6,614,000 against
$10,304,725;
demand
and
$12,440,539 against
are
chased
indicated
are
time
loans
secured
by collateral
$15,281,358, while total bills pur¬
as
$14,108,325 against $14,664,665.
Holdings of United States Government securities
end
at the year-
$26,446,813 against $25,602,813, while State and
municipal bond holdings were $3,429,885 against $4,211,437.
Other
securities
totaled
$11,074,451
against
$12,312,734.
were
The statement shows surplus of $4,300,000 against
$4,250,000
on
Sept. 30, while undivided profits
on Sept. 30.
given
are
as
$1,369,947
of
Brooklyn,
against $1,354,995
statement
in
the
Kings
County
Trust
Co.
1937 the First National Bank of
$41,247,957, according to the
This compares with $35,540,064 on
just issued.
June 30 last.
is
Assets during the same period increased, it
from $43,073,596 to $48,868,219.
The statement
stated,
shows cash on hand amounting to
$2,454,914 as against
$3,122,726, while cash due from banks amounted to $13,928,357 as against $8,320,387.
Holdings of United States
Government bonds showed
a
slight decline, being recorded
$10,054,950 compared with $10,260,810, while obligations
of New York City and State increased to
$3,749,099 from
$2,880,336.
Undivided profits during the calendar year in¬
creased
by $77,237, amounting to $207,131 as against
$129,894 for 1936.
Per share earnings during 1937, it is
as
announced, amounted to $175.17
as
against $155.18.
Divi¬
dends to stockholders during the year amounted to $80
per
share.
Also during 1937, $398,644 was transferred from
undivided
profits to
reserve.
The First National Bank of
Boston, Boston, Mass., in its
Dec. 31, 1937, covering all
offices and foreign branches, reports total deposits of $615,939,169 and total resources of $720,348,364, as compared
with $638,227,466 and $740,731,272, respectively, on June
30, 1937. Cash and due from banks in the current statement
total $222,460,548 (comparing with $186,770,939) and loans,
discounts and investments, $276,663,117 (against $285,111,787), while United States Government securities stand at
$154,982,886
(against $195,830,272).
The institution's
capital remains unchanged at $27,812,500, but surplus and
undivided profits have increased to $51,514,821 from $50,109,276 on June 30. The figures of Old Colony Trust Co.,
which is beneficially owned by the stockholders of the First
National Bank of Boston, are not included in the above
of
statement
condition
as
statement.
The
statement
resources
June
•
Fidelity Union
as
against $267,974,467 at the end of the last
United States government securities held now to¬
tal
At
Brooklyn
issued Jan. 4,
securities
Cash
$342,480,367,
quarter.
the
are
before.
of
of
with $35,989,171
compares
now
condition
of Dec. 31, 1937,
N. Y., on Dec. 31 amounted to
V/.
.
deposits at the
year are shown
as
$506,375,322, as against
$483,435,881 on Sept. 30. The Government obligations held
by the bank Dec. 31 are reported as $106,644,944, this com¬
close
on Dec. 31, as against $26,151,376 three
earlier, while capital and surplus were unchanged
$25,000,000 and $50,000,000, respectively. Cash on hand
Deposits
♦
The Chemical Bank and Trust
$26,932,372
were
months
compared with $6,140,087
.v-'O'-'v
201
$6,732,194,'
at
now
are
Chronicle
of
of
condition
/<
'
■
Trust Co.
as
of
<
of
Dec.
Newark, N. J., in its
31, 1937, reported total
$160,503,954 (as compared with $160,132,490
30), of
which the
$52,569,271
counts,
of
chief items
(comparing
are:
with
Loans and
$49,221,848
at
on
dis¬
the
earlier date) ; United States Government
obligations (direct
and fully guaranteed), $37,440,726 (down from $46,621,488),
and cash and due from banks, $33,187,293 (up from $26,316,263 at the earlier date). On the debit side of the report,
total deposits are shown at $143,393,689 (conqparing with
$142,726,371 six months ago).
The bank's capital is shown
$8,207,633, after pro¬
viding for the dividend of $2,500,000 payable Jan. 3, 1938.
at
Undivided profits as now shown, have increased during the
profits stand at $1,804,034 (as compared with $2,022,207).
New York reports undivided profits of
year
from
1936.
The
statement
$6,960,885—the latter
loans
and
discounts
being
of
the
the
total
bank
in
Dec.
the
31,
are
securities
the amount
total
total
at
the
time
present
$236,109,877,
comparing with $235,596,464 Dec. 31, 1936.
resources
of the bank at the close of 1937
are
The
shown
$578,601,460 while deposits aggregate $455,755,944. The
capital is $10,000,000 while the surplus stands at $100,000,as
000.
of
The bank's cash
cash
and
due
from
account at the
Federal
end
Reserve
of
1937 consisted
bank,
$121,057,065,
exchanges $28,608,925, and due from banks $5,493,326, a total
of
The Mellon National Bank of
latest
$55,264,400 compared with $66,406,000 on
Sept. 30 last and $70,538,121 a year ago. Holdings of Gov¬
ernment
$7,500,000
(comparing with $8,000,000), and surplus
at $6,000,000 (against $5,500,000), while undivided
account
$155,159,316.
♦
According to the Dec. 31 statement of condition of the
Bankers Trust Co., New York, resources of the institution
dition statement
shows total assets
resources
Pittsburgh, Pa., in its con¬
Dec. 31, 1937,
of $319,253,049 (as compared with total
as
at the close of business
at the close of business June 30 last of
$73,961,214 represents cash and due from banks
(against $71,777,823 on the earlier date); $182,999,868,
United States obligations (against $199,831,889); $40,739,162, loans and discounts ((comparing with $38,410,096), and
$17,038,072, other bonds and investments (against $17,473,870 on June 30).
Deposits are shown in the current state¬
ment as $276,688,487,
comparing with $290,271,414 six
months ago.
Capital remains the same at $7,500,000, but
surplus account has risen from $20,000,000 to $22,500,000,
and undivided profits are down from $2,513,464 to $901,435.
♦
The
totaled
Philadelphia
National
$975,069,368 at the year-end and deposits, including
outstanding and certified checks, amounted to $852,796,841,
its statement
comparing with $1,002,728,028 and $880,038,434, respectively,
deposits of $370,312,761 and total
on
Sept. 30.
Undivided profits, according to the statement,
$332,136,407)
of which
as
Bank,
Philadelphia, Pa., in
31, 1937, shows total
resources of $423,027,158
compared with $444,170,123 and $497,391,836 on Dec. 31,
of condition
as
of Dec.
Financial
202
Cash and due from banks on Dec. 31 amounted to
$137,062,925, down from $181,890,952 on Dec. 31 last year.
The bank's holdings of United States securities fell to $128,-
1036.
the earlier date, but loans and
discounts rose from $84,662,712 last year to $92,817,165.
The bank's capital remains the same at $14,000,000, but
surplus and undivided profits have risen to $24,378,827 from
$22,506,936.
The Philadelphia National Bank was organ¬
ized in 1803.
Joseph Wayne Jr. is President.
220,284 from $149,368,688 on
Dec. 31, the Pennsyl¬
Lives & Granting Annuities,
Philadelphia, Pa., shows total resources of $251,569,343 as
compared with total resources of $264,283,561 on Sept. 30
last, and total deposits of $224,403,782 as against $235,928,724 on the earlier date.
The chief items making up
the assets are:
Cash and due from banks, $86,080,210
against $85,800,744; United States Government securities,
$41,685,284, down from $48,087,830; other loans upon col¬
lateral, $35,773,208, down
from $38,123,143; commercial
paper, $28,283,572, down from $28,515,112, and other invest¬
ment securities, $21,743,045, up from $19,962,347 on Sept. 30.
On the liabilities side of the statement, capital stock and
surplus remain the same at $8,400,000 and $12,000,000, re¬
spectively ;
undivided profits at the latest date are
$2,548,595. C. S. Newhall is President of the company.
In its statement
Co.
vania
for
of condition as of
Insurance
on
Bank of Philadelphia, Phila¬
condition statement as of Dec. 31, 1937,
shows total resources of $67,135,226 as against total re¬
sources of $64,009,055 on Sept. 30, 1937, of which the prin¬
cipal items are:
Cash on hand, in Federal Reserve Bank,
and due
from banks, $18,795,286
(against $15,360,867 at
the earlier date); time loans and
discounts, $22,462,672
(compared with $22,799,408) ; demand loans, $8,552,056
(against $8,166,611), and United States Government securi¬
ties, $8,391,611 (compared with $8,166,611).
On the debit
side of the report deposits are given at $55,437,866 as com¬
pared with $51,967,725 on Sept. 30, and undivided profits
are shown at $2,087,506, up from $1,956,595 on the earlier
date.
Capital and surplus remain unchanged at $3,040,000
and $5,000,000, respectively.
Archie D. Swift is President.
The
Central-Penn National
delphia, Pa., in its
statement of the Fidelityof Philadelphia, Pa., shows total
resources of $130,054,619 (as compared with total assets of
$132,626,437 on Sept. 30, 1937), of which the following are
the chief items:
Cash on hand and in banks, $33,542,325
(comparing with $31,213,957 on Sept. 30) ; State, county and
The
31,
Dec.
Philadelphia
1937, condition
Trust Co.
municipal securities, $28,179,533 (down
the
earlier date);
loans, $23,096,829
from $32,199,943 on
(down from $23,-
;
other investment securities, $20,433,092 (down
$20,664,103), and United States government securities
Home Owners' Loan bonds, $15,553,229 (comparing with
(up from $40,170,988 on
and
$15,811,813
on
On the liabilities side of the
Sept. 30).
deposits are shown at $104,145,512, comparing
with $106,508,465 three months ago.
The trust company,
which was founded in 1866, is capitalized at $6,700,000,
statement,
with surplus
man
fund of $15,000,000.
of the Board, and
In its condensed statement
the
Cleveland
Trust
William P. Gest is Chair¬
Marshall S. Morgan, President.
Co.,
of condition as of Dec. 31,1937,
Cleveland,
Ohio,
shows
total
deposits of $347,218,076 and total resources of $385,088,986
as against $341,269,315 and $381,785,608, respectively, on
June 30 last.
Cash on hand and in banks on Dec. 31 totaled
$91,950,025 (down from $96,461,462 on June 30); United
States Government obligations, direct and fully guaranteed,
$116,749,396 (up from $100,046,760) and loans, discounts
and advances, less reserves,
$140,757,458 (down from $146,-
174,600). The trust company's capital structure is given as
$32,087,676 (against $32,396,484 on the earlier date).
Harris Creech is President of the institution.
In its condition statement as of Dec.
31,1937, the National
City Bank of Cleveland, Ohio, reports trust funds and pub¬
lic funds and other demand and time deposits of $138,236,939
as against $139,323,924 on June 30 last, and total assets of
$153,896,134 as compared with $158,569,392 on the earlier
date.
The principal items making up the resources in the
present statement are:
Cash and due from banks, $43,258,480 (as against $45,961,332 on June 30); United States
Government obligations, $48,979,315
(up from $47,173,339
at the earlier date), and loans and discounts, $41,948,129
PRICES IN
the
mains
same
June 30).
The bank's capital re¬
$7,500,000, but surplus and undivided
at
profits have increased to $3,125,000 and
$3,063,000 and $1,086,612, respectively, six
In its Dec. 31 statement
$1,143,909 from
months ago.
of conditionlthe HarrisjTrust^&
Bank of Chicago, 111., reports total resourcesjof
$231,069,295 (as compared with total assets of $224,722,175
on June 30, last), of which the principal items are: Cash on
hand, in Federal Reserve Bank and due from banks and
bankers, $79,651,593 (comparing with $70,214,213 on the
earlier date) and time loans and bills discounted, $51,685,678
(against $46,889,212).
On the debit side of the statement,
deposits are given at $210,118,022 (up from $194,025,884
six months ago).
The institution's capital and surplus
remain
unchanged
at
$6,000,000 and
$7,000,000, re¬
Savings
spectively.
»
its
In
condition
statement
as
of
Dec.
the Northern
31,
of $335,June 30 last. The
principal items making up the assets in the current state¬
ment are: Cash and due from banks, $100,628,830 (against
$92,437,717 on June 30); United States government securi¬
ties, $122,978,236 (up from $114,918,985) ; other bonds and
securities, $70,911,570 (down from $78,294,091) and other
loans and discounts, $23,279,703
(down from $27,141,089
six months ago). On the liabilities side of the report, total
deposits are given as $313,543,614, comparing with $311,759,505 on June 30, while undivided profits are shown at
$3,795,529, as against $3,540,594 at the earlier date. Capital
stock and surplus fund remain unchanged at $3,000,000 and
$6,000,000, respectively. Solomon A. Smith is president of
Co. of
Trust
Chicago, 111., reports total resources
847,598, comparing with $334,255,093 on
the
company.
A
In its statement of
tinental
condition as of Dec. 31, 1937, the Con¬
Illinois National Bank & Trust Co.
of Chicago re¬
total assets of $1,133,180,037
(as compared with
$1,232,513,014 on Dec. 31, 1936), of which $366,106,554 rep¬
resents cash and due from banks (against $335,804,629 a
ports
$487,578,442 represents United States govern¬
direct and fully guaranteed
(against
$558,185,309 at the earlier date), and $209,465,220 loans and
discounts
(against $261,704,545 at Dec. 31, 1936). On the
debit side of the statement total deposits are shown at
$1,006,694,791 as compared with $1,109,980,394 on Dec. 31,
1936. The bank's capital at $75,000,000 (of which $35,000,000
is preferred stock)
remains the same as a year ago, but
surplus and undivided profits now stand at $17,500,000 and
$14,121,019 respectively (comparing with $15,000,000 and
$14,402,000, respectively, at Dec. 31, 1936).
year
ago);
ment
346,830)
from
Jan. 8, 1938
Chronicle
obligations,
The First National
Bank of Chicago, Chicago, 111., in
statement of condition as of Dec.
its-
31,1937, shows total assets
$940,025,309 as compared with total resources of $953,on June 30 last, of which the chief items are:
Cash
and due from banks, $296,872,861 (down from $308,813,887
on
June 30); United States obligations, direct and fully
guaranteed, $292,744,832 (up from $275,319,626), and loans
and discounts, $276,723,130 (down from $283,165,433 on the
earlier date).
On the debit side of the statement, total de¬
of
227,273
posits are shown as $870,994,243 (comparing with $884,943,361 on June 30).
The institution's capital and surplus
remain the same, viz., $30,000,000 each.
John P. Oleson is
Chairman of the Board of Directors and Edward E. Brown,.
President.
Total
ment of
resources
of $437,648,673 are shown
in"'the state¬
Detroit,
condition of the National Bank of Detroit,
(comparing with $424,655,552 on June 30 last), of"
$148,695,639 represents cash on hand and due from
other banks (against $142,153,025); $198,000,659 United
States Government obligations (against $198,875,851), and
Mich.,
which
$66,311,853. loans and discounts (comparing with $62,408,-974 on June 30).
Total deposits on Dec. 31 are shown at
$405,605,825, as against $393,189,983 at the earlier date,,
while the bank's capital structure is given as $28,946,933 as
against $28,115,723 on June 30. James Inglis is Chairman
of the Board of Directors, and Walter S. McLucas, President.
The former National Bank of
Adrian, Mich., recently paid'
depositors approximately $90,000, representing a divi¬
dend of 15% on the assets that were segregated after the-
its
(Continued
on
page
225)
1937 AT THE NEW YORK STOCK EXCHANGE
and highest prices at the New York Stock Exchange Railroad, Industrial and Miscellaneous bonds and stocks and also of Government and State securities,
for each month of the past year.
The tables are all compiled from actual sales.
Under a resolution of the
The tables
on
the following pages show the lowest
of
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 havebeen on a new basis.
The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"'—that is, the price included all accrued interest.
Income bonds,
and
bonds.upon which interest is in default
are
still dealt in "flat."
Volume
146
Financial
COURSE
OF
PRICES
January
BONDS
Low
OF
AND
203
MISCELLANEOUS
BONDS
FOR 1937
March
February
High Low
RAILROAD
Chronicle
High Low
June
April
May
October
July
November
August
September
December
High Low
High Low High Low High Low High Low High Low High Low High Low High Low
High-
RAILROAD AND INDUS TRIAL
COMPA NIES
Abitibi Pow «c Paper 1st 5s. 1953
84
9812
Adams Express col tr g 4s..1948 104% 106
Coll trust 4s of 1907
1947 104
105^4
97
915s 95*2 91
101*4
104*4 105*2 10414 105*2 100
104*4 105*2 104*4 105*4 100
10-year deb 4J^s__„
4J4s stamped
1946 103*8 103*8
1st
cons
95
90
1943
B
warrs
76
assented....1948
74"
"74"
69
Albany & Susq 1st guar 3M® '46 10678 107
105*4
100% 100
Alleghany Corp coll tr 5s...1944 100
Coll &
conv
58......
1949
Coll &
conv
5s
1950
96*2
85*8
94
89
66*2
94
88
5s Stamped....
;__1950 62
Allegh & West 1st g guar 4s. 1998 102*4 102l2
Al!egh Val gen guar 4s
1942 111*8 112*2
Allied Stores Corp deb 4J^s_1950 100*4 101*2
4M» debentures
1951
Allis-Chalmers Mfg conv 4s. 1952
AIplne-Montan Steel 7s
Am & Foreign Pow deb
Amer Ice
1955
93%
5s..2030
8034
1953
f deb 5s
s
Amer I G Chem
conv
Amer Int'l
conv
Corp
94% 100*4
99
74
96*4 99*4
95
9934 101*2 101%101%
97
99*2 10134 10034 10134
100% 100*4 102%
103
87
5M»--1949 108
5 M®--1949 105
62ig
101
109
100
100
*97"
94
83
87*4
9312
91*2
10914 108*8
10634 105*4
Amer Tel & Tel—
20-year s f 5M®-----
1943
Conv deb 4M®
1939
3M« debentures.
.....1961
3J^s debentures.
1966
Am Type Founders S f debs
2H-5s..
1950
94*2 100
101
98*4 101
99l2
8658
83*4
89
84
100
96
57%
85
56
68*4
49
63
101
94*4
96
90
90
90
92
101%
90
97
91%
93
89*2
90%
95
97
96
99
105%
l02f2 105"
102%
93*4 100
80
83%
78
85
76
"78" 84"
85
77
80*2 77
11412 114*2
110%110% 111*4 112% 113*4 113*4 113*2 113*2 113
113
109
107*2 107*2 10578 106*4 107% 108
108
108
16I" 105% 102%
107% 108*8 107% 108
103*4 107
70
72
65
70
59
71*2
63
63
66
67
51
54
62% 67
68*2
58%
64
66
66
67
69*4
657s 69
67
69
67
67
"61% 61% 57
61% 57
102
101
104
103
103
106
103*4 104*4 104% 103% 105
103
97
100
103% 104
104% 100*4 102%
96%
101*8 9658 101
95
95*2 98*4
100
98*2 100
74
93
71
86
95% 98% 90*2 96*4
73
80*2
68%
96
95
91
87*4 92*8 90
90*4 95
94% 86*2 9234 84*4 86%
59
72
60
72*2
60*4 80% 62
83
93*2 91
84l2 86*2 83*2 86
83
93*2
79
92
81
54
40
54
54
81
38
37
40
61
69
60
69
65*4 61
65*4
57*8 65*2 58
25
72*2 56
63%
45*4
35*2 57
24*2 31% 29*2
100
102*4 98
93*8 95
95
97
9412 96
93% 96% 9334 95
80
93% 95
109
111*4 107*4 109*2 107*8 109
10978 108%109
108
110
108%109
108% 109
108*4 108% 10734 108% 107%
99
100*2 99*2 100*4
99*a 98*4 997s 99*2 100
92
93
100% 100% 9934 100*2
91
98% 99*2 92% 99
97
100«4
98*4 100*2 97*4 99
98*4
97*2 99% 98
97
94
99
99*4
98% 89*4 98
87*2 90*4
82*2
103*8 10434 96
105% 100*4 104% 101%
fob" "99" 99
"99% 100% 160% 100% 102% 102% 102% 102% 101 104
98
100
85*2
75
76*2 79*4 77
77*2 85
81*2
78%
70
55
63
71
77% 80%
74%
81%
54*4 65
"51%
97
96
92*2 95*4 94
93*2 93
97
95% 96% 95
99
90
100
95
96
96
99*4 100
94*4
109*4 106*4 109*2 105*8 107*2 105*2 107
106
107
106% 107
106%107% 104*4 106% 99
105*2 102*4 104% 102*2
106*4 10334 106
104l2 105*4 105*8 106
103*4 105% 10434 106
105
10534 103*4 105% 86% 103% 95% 97
92%
86*8
8978
80
84
114l2114l2 114*2115
108
109
108*2 110
108*2110"
Albany Perf Wrap Paper 6S-1948
6s with
102
101
79
1st 5s. ser A....1943
4s series
101*2 100
987g 104*4
100
1946
Adriatic Elec Co extl 7s. ...1952
Ala Gt Sou
101
109*4
101
10178 100
103;
100
101*2 102
111*4 112
76
70
77*4
109
103*4
57
57
98
76%
68
37
37%
80
108%
95
86*2
103*4
60~
97%
104%
97%
111*8
108
110% 113
100^8 1027g
99*2
100*2 10284
99*2
112
112l2 113*4 112*4 114
113*8 11234 114
113*4 111*4 113
111%113*4 112% 113% 112% 114
112% 114
112% 113
111*4 105*8 109
104*4 106*2 104l2 106
104*4 105% 103*4 104% 103% 104*4 101%104
100'ie 103*4 100 100**1*
102% 105
101*2 97*2 100*2 96*4 98*2 97
99*2
98*4 9934 99*4 100*4 99*8 100%
99
100*8 97% 100%
99% 100*2 100
101%
98
101»4
97*8 100*8 96*8 98*s 9658 99
99% 98% 100
98
100*4
97*4 99% 96*4 100*8
99% 100*2 100
101%
169
200
185
174
139
164
120
143
125
95
110
110*2 107*4 109*4 103
109*8 103
106*2 105
50
79
8612 95
5234 5234
77*8 95*4
50
87*8 9412 77*8 9414
76*2 51*4 51*4
84l2 91
105
105*4 106
104*2 105*4 104*4 106
104l2 106
108
10334 107*2 106% 108*2 IOI84 107%
91
101%
106
105% 106% 105% 106*2 104% 106
99% 10534 100
169
187
13878 152
145
129% 130
105
122
103
110
105
109
Amer Wat Wks & Elec—
1975 10934 110*2 108
Deb g 6s ser A
Am Writ
68 stamped
69*4
94
70
1947
Pap 1st 6s
Certificates of deposit
94
..1947
Anaconda Cop Min 4J^s....l950 105*4 107
Anglo-Chil
36*2
39
3612 38*2 38
4212
Ann Arbor 1st g 4s
70
74
72*4
July 1995 70
7358 69
Ark & Mem Ry Bdge & Ter 5s '64 104*8 105
10378 10378 103*8 103*4
Armour & Co 1st 4M®
1939 103*4 104ig 1038s 10478 103
103*2
1st 4s series B (Del)
1955 99*8 100*4
99*8 100*4 94l2 9934
4s series C
...1957
95
98*2 99
99*2
Armstrong Cork 4s
1950 106" fob"" 10512 10678 10378 105*4
Atch Top & S F gen gold 48.1995 113*2 116
110*2 113*4 107*4 111*2
107
Adjustment g 4s
July 1995 10978 110*8 106*2 108*4 102
112
102
105*4 109
Stamped
...July 1995 108
107*2
Conv g 4s of 1909
10978 1065s 108
1955 107*4 108*4 109
110
Conv g 4s of 1905
108
108
10978 107
1955 107
1960 105
Conv deb 4
—1948 110*4
Rock Mtn Div 1st 4s ser A. 1965 106*4
Trans-Cont Short L 1st 4s '58 11134
Cal-Ariz 1st & ref 4 Hi ser A '62 113
Atlanta Knox & Nor 1st g 5s 1946
Atlanta & Char A L 4H* ser A '44 in%
1st 30-year 5s ser B
1944 11418
Atl Coast Line 1st g 4s July 1952 103*4
Gen unified 4M® ser A—1964
97*4
Loulsv & Nashv coll g 4s_1952
95*4
10-year coll trust 5s......1945 105*8
Atlantic & Danv 1st g 4s—1948
5678
Conv g 4s of 1910
1948
4s
Atl Gulf & W I SS L coll tr 5s '59
36*2
67*4
102
39*2
70
33
37*4
66*4
66%
35
60
65
63
101
102
103
97*2
97
105
36
37*2
72%
Bait & Ohio 1st g 4s
Refund & gen 5s ser
1948
A..-1995
,1st gold 5s
1948
Ref 8c gen 6s series C_,
1995
P L E & W Va Sys ref g 4s 1941
32*4
58
102
23
58
45
101
54
38%
100
9934 100
30
98
96
97%
97*4
96%
104
96
103
106
111*4 109*4
106*4 104%
106% 104%
107*4 107%
107% 107%
104*4 105*4 104*2
no" 108*4 108*4 108%
105*4 105*2 105*4 105
98*2
98%
105
108
105*2 107
fff% ill" ffl% 110 111 108 108*4
115*2 112*4 116
111*4 116
110*4 110*4 110
111% 110% 112%
99
102
10478 100*2 104
105*4 103
101% 103% 101% 103
9978
95*8 98*g 92l2 97
88*2 95
91% 93%
87*2 92%
90
93
96
9912
95*4 98*8 95
96*4
94*4
91*8 94%
106*4 105*2 106
10212 105*4 103
104*4 103*4 104% 104% 106%
58
46
50
60*2
50
57*8 59*2 54
49*2 54
53%
51
52*8 46*2 5078 42
51*4 54
46*2 42% 46
43% 48
79
80
82
75
76
8378
74
74
75
74i2 80
75*2
106
Ref 5s series D
895s
10878 105*4 108
99*4
.2000 89*4 93*2
79
1960 75
F..1996 89*4 93*2
Bangor & Aroostook 1st 58.1943 115*2 116
Con ref 4s..
.......---1951 110*8 110*4
Stamped
113*4 116*2
Battle Creek & Stur 1st gu 3s '89
76
77*2
Beech Creek ext 1st 3 M«—1951
90%
93*2
Convertible 4 M®--
76*8
Ref & gen M 5s series
935g
80
93*2
...
.................-
Bell Tel of Pa 1st & ref 5s.. 1948
120" 12"l"l2
—1960 130
1st & ref 58 series C
Berlin City Elec Co 6M®
131
1951
1959
20*2
1955
20
Berlin Elec Elev. 1st 6^8—1956
21
21*2
D....1960 105
106*4
Debenture 6M®
Debenture 6s
-
Beth Steel 4J4* series
Cons mtge 3M® ser
18*2
23
2134
21
E
114
115*2
1095g 110*8
112*8 115*2
98*2
94*8
99
85*2
96*4
75*2
95%
9784
98%
93%
98*2
86
95*2
80
95
108
1966 97*8 99*2
110
—1944 11158 112
83*4 89*8
865s
1st Mtge 5s ser 11
88
—1955 85*4 89*4
1st gold 4?4"s ser J J
83
1961
79*2 84*4
Boston & N Y Air Line 1st 4s '55
27%
26*8 29
39
36
Botany Consol Mills 6J$a__1934 34
Certificates of deposit..
33*2 38*2
35*2
Bklyn City RR 1st 5s
1941 100
101*8
9878
Brooklyn Edison 3*^8
1966 103
105*4 101
Bklyn & Man Tr 4*^s
1966 103*2104
100*4
80
83
77
Bklyn Q Co & S gu g 5s stpd 1941
1st 4s
110
107
107
89*4
855s
90
82
91*8
85
86
91
82%
82*2
85*8
78
107
Brown Shoe
s
f deb
—1950 105
106*4
no"
Buff Roch & Pittsb gen g 5s 1937
Consolidated
4 Ms
1951
Burl Ced Rap & Nor 1st 5s. .1934
Certificates of deposit
Bush Term 1st 4s
90
92*2
27
30%
30*8
28
---1952
85
87
1955
5s
66
83
Bush Term
Bldge stpd 1st 5s '60 61*2 70%
By-Prod Coke 1st 5M® A...1945 102*8 103
Calif Gas & El unif & ref 5s. 1937 103*8 103*4
Calif Pack conv deb 5s
1940 104*8 105
Camaguey Sugar 7s ctfs
1942 32
42
Canada Sou cons guar 5s A.1962 119
11978
Canadian Nat gold 4M®
1957 11.3
116
Guaranteed gold 5s. July 1969 116*4 11834
Guaranteed gold 5s..Oct 1969 119
121
Guaranteed gold 5s
1970 118% 121
Guar gold
32*4
27
41*4
24%
30*2
34*2
34
40*2
33
41*2
25
100*8
95
96
87*2
87%
107*2 106
104
108*4
106*4
113
112%
111
107
104
100
110% 107% 109%
100% 102% 103%
102% 104%
106*2 105
106
107% 104% 106% 104*4 105*4
104
101
113
113
113
113
111
111*4 112% 110% 112% 111
106
97
103
95
88
76
70
85
75
83
29
37
99% 105*2
102
102% 104
91
101% 82
62*4 75*4
98*2 106%
41*4
7384 88*4
88*2 100*4
83
96%
54
78%
68
72
88
103
98
66*4
73
83*4
79*2
74
74%
81
97%
74
77*2
76*2
86*4
90
27
36
30
36
28
31*4
26
32
61*2
64
57*2
61%
25
33
16%
26
99*4
99*4
102
102
102
76*8
37%
78*s
94*4
73%
83*2
66
40
51%
102*2
79
89%
79%
46
67*2
58*s
78*4
43
92*2
86%
51
69
58
78
50
55*4
52*2
36*2
68*2
98*2 102l2
98*2 102*4
77*4
85*2
80
78%
23%
80*2
74%
27%
23
79*2
27*2
25
29
18
26%
29
18%
25%
73
94*2 88*2 90*2
101
97*4 100*4 100
91
99% 89*8 95
83*4
84*2
74
98*4 101
90
60
75
84%
102
87*8
55
75*4
65%
56
46%
41
46%
112%
106*4
108%
101" foY
76
72
75
39%
100% 101% 100*4 101% 100% 101% 100
58
85
90% 75% 89
63*4 77*4
60
55
"98" 103%
10834 103*8 106*8 98*2 106
115
114
117*8 112
112% 114%
112% 114% 111
113
126
119% 121% 118% 11934 117
119% 113
99
104
96
90
106
9084 94%
95*2 9934
106
108*8 105*2 107% 105*8 106% 103
103% 106
103*2 105*2 103% 105% 104% 105% 104% 106
102% 106*2
102
102
102
102
101*4 101*4
101*4 102
113
102"
102%
81
47%
120
117% l"l9% 117% 118*2 117% 118% 117% 118*2 117*4 119
127
126
126*4 126
126% 125
127% 126
127% 126%127%
27*2
25*2
25*8 26%
27*2 28
20*4 27*2 22
25*8 27
21
25*2 24*4 27
19*4 26
20% 20%
22% 21% 22%
26
21
26
26%
19*4 25% 20
20% 22
21% 23%
25
25
22*4 23
22% 23
104
105
105% 102% 104*2 99% 103*2 ~99% 102% 99% 100%
96%
96% 97%
91% 94
92% 93 93*2 96% 89*2 95
107*4 107% 107*4 107*4
41
48
54
53
77% 81%
60% 74*4 48
63%
74*2 77%
75
79% 82%
49% 64*4 48
54*4 44% 54%
77% 80*2 63
44
40
60
49
70*2 46
73*4 77%
50%
69% 72*2 60
20
2434
9% 16*2
15% 22
8%
8% 11%
23*4 24*2
11%
22
19*8 25
7-4 13%
23*4
11*4 21
8*4 11
5*4
9*4
6
20
12
20
24*2 21
7% 13%
8*4
9*4
23*2
11%
108
84*4
82l2
73*2
102
98
104%
95%
73*4
60*2
76
113
112*4
92
72*2
75*4
85
101
105
107% 104% 106*2 104*4 106
105*8 106*4 105*8 105*4 103
105%
85%
74
75
90
10334
102*4
102
42
103*4
72*2
57
64%
44%
57*2
90
81
85
74
79
106*2 114
106
55
99
103
101% 101% 102
112%116
114
118
88
100*4
78
115
112*4 114*4 112
115
120
112*4 115
108%
110% 112% 100*4 106
79
92*2 9434
87*4 93*2
82% 91% 65
94
106*4
105*4 106*4 105*4 106*2 104
95%
103*2 87
105
106
106% 107
105% 106% 105% 10584 105% 106
106% 107
101*8 102
100
100
100*8 100*8
110
108*4 109*2 10878 109*8 108% 109*4 108% 109% 109% 110
110% 109% 110*2 109% 110*4 109" l'lT" ill" 112% iio" 111%
104*4 105%
100*5,6 101
100*8
100*2 IOP'32 100**32100*4 100% 10034 100% 100% 100
47
85
93
90*2 93
76*4
75*8 80% 63
69% 45
57*4
39% 48*2
82% 87% 85% 87% 80*2 86*2 80*2 85
9
15
9
15
10
10
28*8 32
17
26*2 30
15% 17
17% 17%
2418 27
20*4 16% 18
20% 24
9
17
7
17%
27*4 30*2 26*2 31
14% 14%
20
20
9*2
9%
8*8 10
24% 25*2 20*8 25
87
88
85
85
85
85%
88
89
66
72*2
67
72l2
59
67
73*2
63
67
65*4
60*4
70
63
103
103*4
1025s 102*4
104l2 105
30*2 35*2
115*8 119
11078 11378
114*4 117
116
119*2
116
11878
4M®~June 15 1955 116*4 118*8 113*4 116*8
1956 113*4 116*2 111*2 114*8
1951111358 116
85%
85%
99*4 102
65%
24
28*4
Guar gold 4M»
a
38%
43
99%
104*8 100% 104
107
109% 109% 107
111
112
109% 111*2
97
102% 89*2 99
82
92*2
90*2 75
84*4
86
95%
89*2 79*2 88%
105
99*2 103*2 98% 101
39
44*4
49*2
33*2 40%
31
46% 36*2 43
36%
63
73*2 65*2 71
65*4
104««8 105% 99% 105*2
76
74*4 85*4
84*2
74*4 78*2
110*4 114
109% 112*4 105*4 110*4
87% 97% 89% 95*4 87*4 91
102% 103*4 102% 104
99%103%
101% 104%
95
101% 105
101%
89
93
91
88*2 92*2 89
108
33
80
93
101*4 10384
103*4 107
"81*4
87*4
82%
34*4
Guar gold 4M®
Note—Superior figures denote 32ds of
107
40*4
103*4
28%
30*2
39
76*2 "61*4 74"" 38% 64
50%
52
56
62*2 33
67
35*4 44% 30%
77*4
61% 75% 38% 64*4 39*2 50% 37
111%112% 112% 113*4 113
113% 112% 113% 112% 112*4 112% 112% 111%
106
108
106
109
107% 109
105*4 106*2 105% 106
108*2 109
104%
110
112
112
109% 113
110% 106% 109
112*4 108
105% 108% 105*4
71
71
60
60
74%
72% 72%
Bklyn Un El 1st g 5s
1950 113*2 115*2 112*8 11438 107*4
Bklyn Un Gas 1st ext g 5s.. 1945 120
122*8 117*8 119*2 114*4
1st lien 8c ret 6s A
1947 131*4 132*4 127*2 13178 120*4
Conv deb 5s
......1950 1041s 106
104
1045a 103*2
1st lien & ref 5s ser B
1957 108*4 109
108
108*2 107*4
Buffalo Gen Elec 4 Ms ser B. 1981 109*8
Buffalo Niagara Elec 3 M® C 1967
107
9334 85% 91
84% 88
113*4 110
113% 113
114%
103
97
100% 97
99%
10478 102
103% 102
104%
103
101% 105
106
104%
95*2 91% 94
91*4 92*4
89*8 93
83*2 89
83*4 86*4
78*4 82*2 73*2 80*8 75*4 77%
89
93*8
8334 893g 82*4 87
114
114*4 111
111*2 111
111%
105
106
110*2 103
104% 104
110*4 112*4 110
111
110*2 110
95*2
101% 104%
111%113
88
93
89*4
90
92% 96
103*2 104% 103%
46
51*4 44%
44
48
44*2
78'
78*2 76*2 77
74*4
102"
102*4 103*2
102% 10212
115*4 120*8 117" II8I2 115*4 117% 117
118% 117
119% 118
127
121
125*4 130*2 120
123*8 123*4 125
124% 125% 124%
26
25
21*4 24*4 20
20*2 2114 21
24% 22*4 25
22
20*8 24
19*4 25
19% 21
20*2 22
24*2 25
22
18*4 24*2
20*4 24
193g 21
20% 2234
24% 24
22
24
20
24
' 25
24*4
20*8 20*2 20*4 21
104
101
105*8 102*8 105
101%
103*8 102*4 104% 100% 104
95*4 98*4 93*4 98
92% 95
94*4
94% 96*8
93% 96*4
Boston 8c Maine 1st 5s A C.1967
Brunswick & West 1st gu 4s 1938
106*4 104l2 107% 106
38*2
40*8
98
110
112
111*4 108*4 110*4 107*4
105% 104% 105*4 102
103*8 102%
106
103% 106*4 102
104% 100
108
106
109%110
112% 113
102% 104
73
99*4
32
92
103%
106% 107% 106
104*2
111
108*2 110*4 108*4 109*4 108" 109*2 108*4
109% 108% 109% 106%
105
106*4 106*2 107
106
106*2 106*4 105*2 106
105%
110
113
111*2 111
114
111*2 110*2 111*4 110
111*4 110% 111% 112
il284 113*2 112*2
113
112
11212 111
111*2 111*2 111
111% 112% 112%113% 112*2 113*4 112
113*4 111*4
118*4 118*4
108
105*8
91*4 94
89*8
110
1133s116*2 lllSglH
99
100*210312 1005s 103
104
10478 102*4
10312 105
Southwestern Dlv 1st 5s.. 1950 105
10778 104*8 106*2 102l2
Tol & Cln Dlv 1st & ref 4s \ '59
97
88
99*4
9578 98
Consol
104
36*4
101
37*4
162*332" 103
97
98
97%
95%
105*2 103%
106*4 110
108% 110% 108%
102U 104*2 104
106*2 104%
103
102*8 105
105% 103*4
107
106
107*8 104*4 106
103*4 108*4 104
106% 106*2
95*4
95*2
33
101
103*8
102**32 103
31
Atlantic Refg deb gold 5s __ 1937 101*4 102
101%101»,6 1007S101732 100*732l00«* ,«10Q3|6100' iJZ99%107*4
Auburn Auto conv deb 4H» '39
82
75
75
75
83*8 84*4
68
68
85*8
83*4
31
70
34
37
52*2 69*2
Austin & N W 1st 5s
1941 107*4 107*4 107*4 107*4 105*4 107*4 105*2 105*4 106
106
105% 107
106*2 107% 105*2 107
105*2 106
Baldwin Loco Wks 1st s f 5s 1940 106*4 106*4 106*2 106*2 106*2 10678 105*8 106*8
105
105
104
104
5s assented.
—1940 105*8 106*4 106*8 106*2 106
104
106*4 105*8 105*4 105" 105" 103
104
104*2 103*4 104
5s stamped
1940
Big Sandy
97*8
Nitrate
Sinking fund income debsl967
2d
93
65% 58
62*2
102*4 1033s 102%102732
102*2 102*2 101% 102
lOl'tsIOl'te
103*8 104*2 103
105
104*2 105%
31
22
27*8 3212 24
27*4
115
115
118*2 112
116% 113
110
111
10978 112
110*4 112*2
113
115*2 113% 114% 113% 115%
114% H63i 114% 116% 115%117%
116
114%116% 115
116%117%
112% 114% 112*4 113*4 113% 115*4
110*4 112% 110% 111*4 111*8 113*4
111*4 11358 110% 112
point: viz.:
110*4 111*4 111
105*s=J05'5j2.
88%
88%
95%
88*2
58%
64
66*4
90*4
90*4
62
58
59
88*4
46*4
65
89
58%
62*2
93%
77
65%
70
64%
88*4
56
68
101*4 101*4 100*4 100% 100*8 100% 100*,«100%
104% 103*2 104*4 103* 104%
104% 105% 104
12% 24
20
21*4 26)4
24% 21% 24%
117
117
113
118*4 115% 117%
114*4 115
112% 112% 113*4 112% 113
112% 112*4 112
115
117
115*4 H6% 115% 117% 115% 116%
118%
117% 118% 117*4 118% 118% 119*4 117
118
118*4 118*4 117% 118%
118% 117%118
115% 116% 115% 115% 116% 116*2 115%116
87
87
83
85
83
43*2
4934
45
47%
37
44
57
66
55
60
53
66
100%»100'«
102% 104*2 103% 104% 103% 104
7*2 14%
9% 12%
8% 11%
106
107
108*2 110
108% 104
111
113
114
111% 113% 113
114
115*4 114*4 116*2 115*4 116*4
119
115*4 11784 116%118% 118
116% 117% 117% 118
118% 118%
114% 115% 115% 116% 115%116%
113*4 112
112*4 113*4 113% 113% 113*2 114*4 113
112% 113*4 111
113*2 112*4 113% 112% 113% 113*4 114
a Deferred delivery.
r
Cash sale.
83
113% 112
113
114% 113%114%
111*4 113*4 113% 113*4
204
Financial
Chronicle
Jan. a, 19S8
1937—Continued
March
October
June
February
Ajrril
November
May
September
December
July
August
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
BONDS
Low
Can Northern deb
1946
120*2 124
123*4 121*2 124
123*4 125
124*4 125*8 122*2 124*4 120
80
90*4 55*4 88*2
93*4 95*8 9312 95*4 94
95*4 89*2 95*2
8512 87*2
100
103*8 997g 103i2 100*2 101V
103*2 1057g 103*8 104*4 104
104*4 103*4 105
11158 114*2 109*2112*2 111*8 112*2 111*2 114
114i2115
113*8 114*8 11438 115
106
104*4 108*8
98*4 10478 101*4 103*4 100
1067g 108
107*2 1065s 108
102l2
90*4 99*g 96*8 99
IO2I4 104
96*4 98
102*4 103*8 102*2 1033s 99*2 1027s
55
55
50
65
65
50
50
70
70
50
73*8 78
70*4 73
103
103
101*8 10178 101*2 101*4
10412 103
103*2 1025g 1035s! 1023s 1035g 102
1st 5c con 6s, series A....1952 109i2lll
110
111
108*4 109*2 10912 111
10812110
10958 110*2 107*4 110*4] 107
110% 111*8 11078 111*4 110*2 111
107*2 107*4 108*2
Car & Gen Corp deb 5s ww 1950 105
106*4 106
106ifi 105
106*8 104
102
100
83
897g 95
106*4 1017g 1037g 100
97*2 101
101*4 100*8 101
87*s
85
71
85
9112 93
91i2 92I2 89*4 90*8
78
81
71
60
Carthage 5c Adiron 1st gu 4s *81
82
63
85
82
83
1261* 128*2 123ig 127
1215$ 123*4 12214 124*2 123*112412 123*8 125
92
92
98*4 99*2 95U 99V 8018 96
96*4
9434
103
104
102l2 104
103*8 104V 104*8 105
1946 10212 104
114
110
114*8 llO^s 113*4 11338 115
5% equip trust ctf...
1944 114U 115*4 113
Coll trust gold 6s.......1954 109lg 110l4 107*2110V] 107*4 108*4 107*2 108*4 106*2 109
Collateral trust 4 J^s
104*2
1960 104% 105V 10312 10514 101
9978 102*8 1005g 103
Carolina Cent 1st con g 4s 1949
83*2 83*2 76*8 80
72i4 72l4
Caro Clinch & Ohio 1st 5s..1938 105
105*4 105" 105V 104*8 1047g 103l2 104*4 103*4 104*4
Canadian Pac 4% coup deb stk
Coll
trust
4H«
Celotex Corp deb 4
w w. -1947
Central Branch Un Pac 1st 4s *48
39*4
35*4
37
78*8
78V
78V
78*8
31*4
18*4
18i8
2912
34*s
32*«
36
31
36*2
30
327g
Ref 5c gen 5^s series B..1959
Ref 5c gen 5s series C
1959
Chatt Dlv pur money g 4s 1951
22*8
18*4
18*4
22
20*4
19V
23*2
23*4
19*4
19*8
22
19
22*4
38*4
22*8
18*4
39*8
40
38
39
Macon 5c No dlv 1st 5s...1946
24
31
Middle Ga 5c Atl dlv 5s...1947
19*4
23*8
22 lg
20*8
21*8
Mobile Dlv 1st gold 5s....1946
30
34
32
22*8
3378
22
31
31
242*2 210
125*4 110
Cent Hud Gas 5c Elec3K>-1965 108% 109
107*4
Cent 111 E 5c G Est 5s
1951 1035s 104*2 103*4
Central Illinois Light 3>4s..l966 108*8 108*8 105*2
240
215
244
79*2
32
25
21
16
20*4
15
5s*37
94
95
93*2
94*4
125*2
125*4 125*2 123
Certaln-teed Prod 5 34s A--1948
947g 96*4
93*8 95
107
107i2
Champ Pap 5c Fib deb 4*fs,1950 107*4 108
154
144*2 153
Chesap Corp conv 5s..May 15 '47 146
137
12734 134
10-year conv 5s
....1944 130
Ches 5c Ohio 1st cons g 5s..1939 108*8 109
107*4 109
Gen gold 4>*s
128*2 120
1257s
1992 123
Ref 5c lmpt mtge 3V£s D—1996 100*8 102*4
97*8 101*8
Ref 5c lmpt mtge 3J^s E..1996 100*8 10278
97*4 101*2
110*4 110*4
Craig Valley let g 5s.....1940 110*4 111
Potts Creek Branch 1st 4s 1946 111*8 111*8
Rich 5c Alleg Dlv 1st con 4s '89 119
120*4 116*2 117*8
2d cons gold 4s..
115
112*4 114
1989 115
Warm Spg Val 1st g 5s...1941
Chic 5c Atl RR ref g 3s
56
58*4
1949 55
58*2
Chic Burl 5c Q —111 Dlv 3 ^s 1949 109*4 109*8 107*4 110
s
f 8s—...1941
General
4s..
1st 5c ref 4tfs ser B
1st 5c ref 5s series A
Chi 5c East 111 1st
con
6s
Chic 5c E 111 (new co) gen 5s.1951
Certificates of deposit.. —.
29*4
31
196
198
150
88
95*2
123*2 125
88*g
155
887g
92
123
123*4 124
34
415g
30*2
39*2
131
156
129
.1989
May 1989
Gen 4H* *er E
Gen
ser F
May 1989
Chic Mil St P 5c Pac 5s A...I975
Conv adj 5s
.......2900
Chic 5c No West genl g 3 H*-1987
General 4s..
.........1987
Stamped 4s...
...1987
Gen 43i> stpd Fed Inc tax 1987
Genl 5s stpd Fed Inc tax..1987
4Mb stamped
....1987
15-year seicured g 6J^s
1936
1st 5c ref g 5s
May 2027
1st 5c ref 43£s stmp..May 2037
1st 5c ref 4348 ser C..May 2037
Conv 434s ser A
.1949
61
120*2 137
114*8
1065s 108
106*8
110*2 121*8 116*2
95
95
99*2
95*4 99*2 95*4
113*2 116*2 108
108
44*4
20
21
106*4 100V
647g
56*4
62
64*2
56
57*4
54V
66*2
695s
66*8
05*4
60V
44
68*4
0812
69*2
3412
12*4
47l2
49*2
52
50*4
52*2
49*4
54ig
50*2
52ig
53*4
50
51
56
61*2
55
47
51V
66*4
70
36*8
68*2
32*4
10
12*8
49*2
447g
48*4
49*8
9*4
48
2914
29
29
25
25
12
11*4
13
13
10
20
88
90
123*4 122
124
90
160
160
100
66
697g
30*2
10*4
41*2
45V
40
19*4
9*2
20*2
12
7
7
12*2
7*4
18
100*4 114
90
10*4
75*4
24*4
19
5
4*4
1412
9*4
9*4
12
69
100 V
105
68*2
69*2
49
54
48
51
45
46*2
104
95*2
6912
60*8
107
106
98
96
68
55
55
38
48*2 106*2
43
50*2
28
44
32
39
42
35
38
257g
al03
104
104
93
96
80
93V
90
88
a103
104
88
95*4 98*4
897g 92
89*g 92
122*2 124
71
29*4
935g 1043s
104
86*8
66*8
77*2
76
41
"
69*2
106
98
106*;
30
45*2
37*4
27
30
96*8 100
977g 98
77
08
887g
20
102
105*2 1055s
65
108*4 1105s 106*4 10978 106 V 109*4 100*4 107V
104
67
106
102"
38
70
10
18
113*2 101*2 110
80
79
81
97
101*2
86*2
106*2 105*4 106*4 105*2 106*4 105V 106
122*2 117*2 120
116
11634 117*8 11684 117
81
55
67
58
70*2 57
107*4 104*2 10534 104*4 105*8 105
78
116*4
60*2
105*2
107
105*4 1063s 105V 106*4
121
117*2 118*4 118
93l2 95*g 94
96*4
96V 935g 95*4 93*8 96*4
118
96*2
105*4
113*4
111
111*4 112*2 111
108
108
108*8 108*8
51
57V 51
55*4
53*4
33*2 42
47*8 50*? 41V 47 4
106
107
108*2 107*2 108*2 107*4 109*8 100*2 108
107V 107
112
110 V 109*4 110*2
110*4 112*4 111
111V 110 V 112*4 109
111*2 111
113*8 111
112V 110V112V 109*4 110*4 108VH1
112
109V1HV 109*2 111*2 109
110*4 107*4 109*4 102V 110
112
116*4 110
117*2 116*8 117*2 114*4 117
114*4 110
113*4
101*4 101*4 101*4 101*4 101V 101*4 101*4
97*2 98
18" 28" 10
28
30
36
40V 30*2 39
21V
31*2
9
18
27
30
39*2 30*4 37V 29*4 34
25*4
20*4
118
118V 120 V 118V 118*8 118*2 119*4 116*4 118*2 110V117V
38
41V
36
40
2534
29*2
30
22
36*8
22*2
27V
27*2
15*2
25*8
27V
26
27V
27*2]
22
23
25
20
22
27
16
18
11
18V 21*s
17V 11*4
127g 14*4
14
17
18*8 21*8
13
16
13
16V 18V
15*2
102V 100*4 102V 102*4 103
104
103
103
104*8 103
103*2
110*4 110V 110*4 110*4 111*2 111V
111*2 111*2
66
47
56*8 61*8 56
58*8 47
55*4
48*8 50V
49*2
57*4
50
50
46
40
52ig 55
52*8 53
47*2 48*4
65
08*4 63
54
60
67V 60
50*2 55V 49
50V
64
67V 61
65*2 54*2 58
52*2 52*2 48*4 52
69
64
06
71*2 04
27 V 32*8
35
28
31*4 21V 30
22*8 26*2 20*4 25V
127g
9*8 11*4
7
9*8 10*2
9*4
6*4
7V
8*4
8V
45
40
41*g 36V 39V 33
30V 32V 35*2 32*2 34
41
50
43
34
46*4 40
38V 34V 38V 34*8 37*2]
47
40
40
40
34
43*2
38V 35*8 30*2 35*2 37V
51*2 45*4 45*2
39
39
42
43*2
48*4
46
49
'53V 01"
49 V
54
46
50*2
40
37*4
28V
32V
31
18V
29*4
29*4
20*8
45
37*8
43
15
28*8
16
22*8
22*8
25
51
70*2
8*2
14
90
100*8 102*4 1017g 103i2 101
103*4
104
1037g 104*2 104
10458 104*4 105
37
40
8V
11*8
9V 13V
98
103V
38
45
40*4
40
40
41*8
147g
5
106*8 100*8
113*4 113*2 113V 113V
109V 109*4
22
34
104
107
108V110V
107
109*4
101V 100V
104*2 111*81
88
92
90
12V
17
14*4
11V
15V 14
107*8 113*4 107
15~
5*8
0*2
97*4
112V
27V
27V
"lY"
21V
15
19*2
17
13
11*8
13V
15
13
10*4
5*8
5*4
13
11
10V
7V
9*8
7*4
97*4 93
93V
112V 112V 112V
37V 26V 30V
25
31
29
33
24*4
25*4
27*2
33*t
40
31
38
28
33
25*4
33V
44
38*4
41
28*4
31*2
28
33*2
13*4
21*4
7V
28
30*4
30*2 ,34V
8
17*8
9
12
3
6
18
28
10
19
14
19
19
30
17
20
16*4
21V
3V
4*2
30
19*8
29
18
19VI
18
21
31*4
22
23 V|
17*4
21V
16
22
32
21
31
18
21V
16
23*4
32
40*2
21
25
22
25*2
21V
19*4
20V
24V
25V
20*2
24
12V
18
21*4
13*4
24*4
24*2
20V
20
15*4
14*4
15V
16*4
13*4
16*4
64
66
66
33
62V
30*4
30*4
20
15*4
17*4
30
30*8
3078
36*4
27
31V
34*2
30V
36*4
28
31*2
187g
3078
17*4
3078
16*8
24*2
21*8
247g
17*2
21V
17
75*4
40*8
40*4
20*4
70
75*4
4234
37*4
31*8
36
41
41
38
34V
33V
38V
42
70*2
35*4
35V
74V
39V
40*8
19*g
83*2
43*2
4212
23*4
80
247g
22
19
23*8
20
37V
22i4
16 V
21~
18
20*4
18*2
22
19V
26*4
22*2
17
17
19*2
22*4
20*4
12*8
20*8
2412
20
19*4
I8I4
22
20
17
19*8
22
19V
12*4
25V
22V
14*4
15V
17V
19*2
18*4
20*2
23*4
20V
65*2
31*4
31*4
10*4
14 V
17
19*4
15
18
15
4V
31V
42V
30*4
3
31*8
41
25V
23*8
23*8
9*4
30
44*4
31V
30*4
13V
13V
7V
7V
25
39
31V
5*8
5*8
28
40*4
20*2
25*2
35*2
345s
18
15*4
12*4
37
61
18*2
107
40
37
38
90
29
40*4
58
25*4 30
108*4
107*4 110*8
107V 109*4
101V 105V
105
110 V
105
31
38*4
6l"
55*2
30
71
103
106
24V
52
69l4
68
15*2
15*4
86*4
24*2
110*8 110*4 109*4 111
108
55
68
14
18
71
83
88
67
82
74*4 83
85*2
80*4 84
105*4 105*4 1055s 106
1055s 106*2 10638 107%] 106
126*8 134
123*4 109*8 1177g
107*2 107
107*2 106*8 107*2 106*2 107*8 1005s 107*8 106*8 1067g 105*4
117
121
20
122
119
117*8 120*8 116*2
118*4 12312 119*4 122
96
96*4
97*4 96*8 98*2
97
98
94*4 97
90*2 98*4
935g
97
96*2 96*8 97V 90*2 98*4 97*8 98
98
947g 97*4
9212
107*2 107*2
108
108
105*4
115
109V
113V
110*2 11078 111*4 114*2 114V 116*8 113
35
31*2
17*2
96*8
25
79*4
24*8
15*4
140
124
26*4
26*4
18
21*4
74*4
16*4
105g
97g
855s 95*2 85
105*2 107*4 105*2 107
113*8 109*4 111
1st 5c gen 5s, ser A.......1966
22
26
21*4
1st 5c gen 6s, ser B
May 1966 21*4 26*2 22
Chic Indiana 5c Sou 50-yr 4s 1956 106
107*4 103*4
Chic Lake Sh 5c East 1st 4
*69 11078 11U2
General 434* series C
10*8
79*2
27*2
20*8
40
4034
36*g 41*4 36
40
41
44*4
4534 36
36*4
118
118
117
Chicago
1205g 124
120V 118
Chic Gas Lt 5c C 1st gu g 5s.1937 102
102*4 101*8 101*4 101*g 101V 100*4 100*4 100V 100V 100*4100*4
Chic Gt Western 1st 4s
1959 47*8 50*2
47*8 60*2 40V 51*g
43V 47*4 42*4 40V 36*4 43*4
Chic Indianap 5c Lou ref g 6s '47 37l2 44*4
41
35
37
38*4 43V 36
30
32
29V 31
43
40
Refunding, gold 5s B....1947 39
41*2 42*8
40*2
34
38*2 36*2 39*4
Refunding 4s, series C...1947 36
32
32
25
30
36*4 387g 34
35*4
5c Erie 1st gold 5s..1982 122
Chic Milw 5c St P gen 4s A.. 1989
Gen g 3
ser B
May 1989
16*8
9*2
8*4
27*8
79*2
24*2
14*2
24
19*4
55
58*4
52*4 57lg 55
106V 108*2 104*8 106V 104V
109
110*4 108*4 110
109
1958 115*8 117*4 111*8 115
107*4 112*4 107*4 109V 107V
1977 113*4 116*4 113*2 114*2 109*4 1147g 106*4 109V 107
...1971 118*8 119
114
115*4 118*8 114V 117
115V 114
1934 100
100
100
101
101
100*8 101
101*4 101*4
...1949 111
Illinois Division 4s
72
82
25
17*8
19
27*4
140*4 142
125
110
125
100
109*2 100
103*2 96
102*2
102
107*4 102*2 106
104*8 103lg 105
105*2 106*4
104*4 102*2 104
99*2 10212 100
101*2 9978 102
108*8 10078 106
100*4 10278 1027g 103*8 103*8 104V
72
69
63
73
Cent New Engl 1st gu 4s..1961
745g
75*2
71
66*2 7112 66
67*2 73
85
Central of N J gen gold 5s.. 1987
65
88*2
82*2 87
69l2 83
63
74*4
62*4 70*8 48
75
General 4s
57
1987
78*2
7278 78
6678 72*4
62*8 57
5758 46
55*4
Central Pacific 1st ref gu 4s 1949 109*4 112*2 107*2 110*4 1067g 110
106*2 1087g 107
108*2 106*4 1083s
107
101
105
104
Through Short Lt 1st gu 4s *54 108*2 108*2 107*2 107*2 104
104
102*4 104
99
Guar gold 5s..
97
100
98
10414 101*4 104
103*4
100
95
99
1960 103
Cent RR 5c Bkg of Ga coll g
5s ext to May 1 1942
80*8
24*2
97*2
24
2534
27*8
7912
29*»
183g
36
24
Central Foundry 1st M 6s..1941 172
.107
General mtge 5s
— .1941
25
81*4
80
27
31*4
27
14*4
29
80
34
80
20
36*2
81
2478
11*4
40
78*4
Central Steel 1st
75
96
36
Cent of Ga Ry 1st g 5s.Nov 1945
Consol gold 5s......
1945
16*4
21V
10*4
33
20
19
9*4
24
11*2
16*4
18*4
9*a
24V
20
9
17*4
9*4
11
8V
13V
13V
20*4
13*4
9
17*2
10*4
9
11*2
8*4
8*2
13*4
9
65
60
62V
50
58
34
23
31
16V
27
31V
24*4
12V
24*4
15 V
20*8
18*4
16
7V
14
14
15*2
10V
14*4
0*4
18*4
16
18*4
liv
16
17
15
16*8
11
15
5*2
5
8
41*4
5*2
Chicago Rys 1st 5s stpd
Feb 1 1937
Chic R I 5c
25% part paid. 1927
Pac Ry gen 4s...1988
Ctfs of deposit
.......
Refunding, gold, 4s...
1934
Certificates of deposit
Secured 434s series A....1952
Certificates of deposit
81*2
39
Conv
g 434s
."...I960
10*4
1034 16
Chic St L 5c N O gold 5s
1951 113*2 113*2 112*4 113
Gold 334s
1951
Memphis Dlv 1st 4s
1951
975s
Chic Terra H & So'east 1st 5s '60
98*2
97*4
9634
99
96
1960
86*4
89
87
1944
Income guar 5s
105*8
111*8
10834
1055s
105*4
Chicago Union StationGuaranteed
4s
1st mtge. 4s ser D
1963
First mtge 3^s series E..1963
Guaranteed
Chic 5c W Ind
334s
cons
1951
50-yr 4s 1952
IO6I4
113
111*4
10878
108*4
1037g 105l2
43
18
15*4
11*8 14i4
11V
9
9V 12
9V 11*4
11*4
110
110
109
108*8 110
109*4 109
109
109*4 109
109*2 105
94V 94V
91
93
97V
98*2 91
91V 91*2
90V 91*2 ~90" "91*2
91
94
99V
92*2 99*4
90V 92V 88
99V 87V 91*2 89
90V
91
84
80
90*8
83*4
77*4 80
75V 78*2 76*2 83
78*4 78V
13
106*4 106*2 10434 106
109
108*2 111V 107
106*4 109l2 103
104*2 106*2 103
104
104*2
103*8
105*4 101V
108
10534
108
1047g
103*2
10334
434s D....1962
105V 100*4 106
106*4
107V 109
108*4 110
104*8 107*4 107
108*8
102*4 104*4 104
105V
102*4 104
103*4 104V
101
103
102V 101
18V
17*4
7*4
21
16
18*4
15V
18*4
12V
6V
9
6*4
6*2
13
8
10*8
7*4
7
12
7*8
9
6*4
4V
6*8
0*8
90
1st mtge 334s
1967
Cln Leb 5c N 1st con gu 4s..1942
Cln Union Term 1st M 5s C..1957 108
1st mtge guar 334 s ser D.1971
85
90
78
82*4
59*4
60
ser
series C
s
A
3348 series D
1942 113
90*2
80*8
35
s
f series B
1st s f guar 434s ser C
Coal River Ry 1st guar 4s
Income mortgage
Note
110*8 111
110
99*4 101
105
104*4 1057g 103*2 105V
95
98
96*8 100
92*4 96V 9134 94*4
58
69V 55V 68
15
100
101*4 101*2 102V 102V 103V
104V 105*2 106
107
106*2 106
107*8 109*2 107*4 109*4 107*2 109
103
105
104V 105*4 104V 107*4
104*2 104*2
91*4
97*4
82
89
83
90*8
67
76
69*8 86
68*2 75*8
103V 103*4 102*4 102*4 102V 102V
89V 91*8
"94*8 94V
84V 85""
104
101*8
166" lOO"
106
106*8 104V 104*4 105
110
109*4 110 V 110*4 HI
109V 109V
107
105
116*4 113*2 11412 108V 113
109
110
113
110*8 115*4 110*4 HIV 110VH2
1047g 108
105*8 100*8
1977 104l2 105*2 10334 105
100
105
99V 103
1945 11078 11212 111*2 111*2
110*2 110*2
1073s 107V 107V 107*4 108
8934 92l2 90
96
91*2 96
of .a
point; viz.:
100
107
80
105*5=105''32.
I
a
109*2 109V 109*2 109V
107
108*2 108*2
106*2 106V 106V 100*2 105
106
109 V 110 V 111*2 112
HIV
107
106 V 106 V
UOV
109*2 111*4 108*2 112*4 108
105*4 106*4 105*4 107*4 105
100*2 102*2 100*8 102*4 100V
109
104
86*4
109
105
106V 106V 106
...1973 108*2 111*8 105V 109
1970
60
15
99*4 100*4 100V 101V 100V 101*4
110
111*2 111*2 110V110V
Superior figures denote 32ds
72V
50
110*4 110*4
113
Colorado Fuel 5c I gen s f 58.1943 106
5s
55
35
101V 103
105
General 434s ser A
1977
Cleve Short Line 1st 4^8..1961 115
Clev Un Term 1st s f 534s A. 1972 112
1st
68
48*2
106*4 107*4 106*4 107V 107*4 107*4 100V 107
107*4 106
107*4
109 V 110*2 107*4 110*2 108
110V 109
110*2 109*4 110
109*4 110
106
106
109
107V 105*4 107*4 106*8 108
108*4 106*4 109
39
..1948
1950
90
107
104
White Wat Val Dlv 1st 4s.1940
103
103
102
102ig 102*8 102
101
101
103
103
103
103
101*8
101*4 101*4
Cleve-Cliffs Iron 1st M 434s.1950
107*8 IO734 107*2 108
107*8 107V 107
107V 107*8 107V 107*2 107*2 106*2 108
106V 107*2 105V 107*2 104*2
Cleve Elec Ilium 334*
1965 109*8 11178 107*2 1097g
105*4 109*8 106*8 107*4 107
108V 107V 108*2 108*2 110*4 109*4 UOV 109
109*8 108*4
Cleve 5c Pitts 434* ser B
1942
434*
8*2
9V
8*2
5*8
107
107
108*8 108*g 107
104*8 105
109*4 107V108V 107V 108
107*4 109V 107V 108V 107
108
105*8 107V 106*8 108*4 107*4 108*2
108
101
106*2 110*2 105
106*2 101
102V 102V104V 104*8 106
105
107
103*4 105*4 103 V 104V
Clearfield 5c Mah 5s
...1943
104V 104V
104*2 104*2
Clev Cln Chic 5c St L gen 48.1993 104
10734 103
104*4 99*4 103V 97
99*4
97*4 101
100
97*4 100*4
101*2 100
102*2 100V 102
General 5s series B
...1993
118
118
117
117
115*2 116
Ref 5c lmpt 6s. series C...1941
105*4 105*8 104*2 105*4 103V 104V 103V 103*4 103*2 103V 103', 6103*5,6
Ref 5c lmpt 5s series D...1963
103*8 105
101*2 104*4 102
104V 102*8 105*4 1059321059,6 105 105"32
Ref 5c imp 434* series E..1977
97
96
98*8
9734
91V 96*8 91V 97
93V 96*4
83V 91*4
92V
90*2 9434 91*2 94V 90
Cairo Dlv 1st gold 4s
1939 105*2 106*8 105*2 105*4
103V 103V
103*4 104
1031s 103*8 103*2 104
Cln Wab 5c M Dlv 1st 4s..1991 102
103
99*2 100
95
97V 98*4 93
104
94V 94
93
95
91*4 94*2 93*2 93*4 104
St Louis Dlv 1st coll tr 4s. 1990
103*8 10434 101V 103
97
95
100
99
99
98*2 99
98*2 99*4 98V 100
99*4
Springf 5c Col Dlv 1st 4s..1940
334
4
10
90
105*4 106V 104*2 106*4 104V 105*4 103V 105
95
103
104
105V 103*8 104*2 101*2 103*2
102
93*8 100
101*4 102V 99
55
72
70V 85*2
87*8 82V 85*4 83*4 87*8
99 V100V
8
80
85
Chllds Co deb 5s
10
90
86
35
104*g 106*2 100*4 105*4 100 V
1017g 105*4 99*2 102V 99V 101
92
1943
94
8934 927g
85*4 92V
85*4 91
Choctaw Okla 5c Gulf cons 5s '52
38
38
38
40
40
40
40*2 38
Cln Gas 5c El 1st m 334s A.. 1966
1017B 10434 100*4 103*8 98*4 102
97V 100
1st 5c ref mtge
34V
47V
20*4
77
110
108
103
r
105" 106""
112 V 108*4 111
108
105
109*2 UOV 106V110
99
103*4 107*4
106*2 108
102
103*2]
104
106
99*4 102V
103
104
108*8 102*4 104
107V 100
106V 100*4 106V
104
97
95V 102
103*2
98
94*2 100*4 90
90
96V
109
105*2 104V 105*2 104*2 105
81
77
86
76*2 80
Deferred delivery.
III"
107
105*4 106*2 106V
107*8
83*2
Cash sale.
86
103*2105
73
84*4
103
104
65
74
99*2 101V 100
59
63
59
100*4
63*4
Volume
Financial
146
Chronicle
205
1937—Continued
March
October
June
November
December
April
February
May
September
August
July
High Low High Low
High Low High Low
High Low High Low
High Low High Low High Low High Low
High Low
High
January
BONDS
Low
Colo & Sou gen M 4 ^s ser A 1980
75
77*2
70
76
105*4 10334 10434
104% 103*4 105
Debenture 5s
105*4 103*2 1 0434
Col & Hock Val 1st ext g 48.1948 114*4 114*4 110*4 112*4
Columbus & Tol 1st ext 48.1955 115
115
111*8 111*8
Columbus Ry Pow & Lt 4s. 1965 106
10834 105*2 107*4
Commercial Credit 3)48
1951 99
1007s 9734100
Columbia G & E deb 5s May 1952 104
Apr 15 1952 104
Jan 15 1961 104
Debenture 5s..»
2Jis
54
63% 6978 62
57
73*2
65*4
597g 68%
56% 62%
61%
104% 101% 103% 101% 10378
9478
97%101% 98
101% 100% 102
98
101
101% 103% 100
103%
100%101% 95%
98% 101
100% 104% 9934 10278 9934101%
96*2 99%
99*2 100% 92
97% 99%
109
109%
111%111% 111% 112%
112
112
112
112
112%112%
102
106% 103*s 105% 105
106% 104% 106% 105% 106% 106
106% 104*2
94
96
96% 96*2 99
99
94% 9834
97% 98*2 96%
9634 97%
48%
58
90
967b
49
95
49*2
10134
38%
91%
40
102
93%
97
102%104
101%
92%
97%
92%
94%
92%
100
90
95
..1942
debentures
101% 101
99% 102% 100
105*2 10134 103*4
106
10534 10534 104% 104% 104*2 104%
111
10578 106% 106%
11212 11212
10734 10734 105*2 10634 104% 105% 10578 105'8 105%
Stamped guaranteed
..
105
10078 103% 104
Connecticut River Power 3^8 '61 10534 108*2 104l2 10534 101
106
102% 104% 103*2
Consol Edison (N Y) deb 3J^s '46 104*2 10634 10434 106*2 103
10578 10178 103% 101
103
102*2
Debenture 3}^s
1956 I037s 107% 103
Com'l Invest 1
r
—195
deb
103
Conn & Pasumpsic Rivs 1st
111
4s'43
& ref g4^s '51
102% 100%103
Consol Hydro Elec
95
93% 91
927g
111% 113% 111% 11278
89
110*2 111%
106
106% 102% 1057g 105
105% 106%
9778 94*2 97%
94% 98
94% 96%
99% 101
98% 100*2 99*2 100
100
102
101% 103
1017s 102%
101% 102% 102% 1027g 100% 103
106
Conn Ry & Lt 1st
6212
69*2
105
106*2 al0634al06%
106% 106
107% 107
104
105% 101% 105
104
105
106%
106% 107
105
104%105% 104% 105% 103
105% 10378 10578 104*2 106*4 104% 106
103% 105% 103
103% 102% 104% 103*2104% 103%105% 103% 104% 99%
107%
166% mi
104
104
104
101
101
107" 10*7%
106% 107% 107%
105% 104% 105% 105
106%
105% 104% 105% 103% 1047g
101
10?
104% 102% 104%
Works of
7s..1956
Upper Wuertemburg
..1951
3Hs---1951
Consol Ry non-conv deb 48.1954
Non conv deb 4s J & J—1955
Non-conv deb 4s A & O—1955
Non-conv deb 4s
—1956
Consol Coal sink fund 5s—1960
Consumers Pow Co 3%s
1965
1st 1 & unif mtge 3^8
1965
1st mtgu 3% s
197(J
Consol Gas deb 4^8
Consol Oil conv deb
2214
22l2
2234
107*2 106
10412 10734 104
106
40*2
40
36
35*2
35*2
35*2
40
3534
36
18% 21
25
19% 23
21% 20% 20*2 20% 21
227g 18% 18%
26
25% 21
25% 25% 20
108
107% 106% 107%
105% 107% 105% 107% 107
105% 1077g 107
106% 108*2 106% 107% 105 >s 107% 105% 106
106*2 102
105*4 100*2 103% 10034 101% 100% 101*2 100% 103% 102%103% 98%102%
92% 99%
94*2 97
95% 97%
35
15
22
41
23
15
28
32
37% 34% 35
33
4112 37
18
17% 19
3478 40
31% 36
34
34
35
15
21
41
38
16
40
33
41%
36% 37
33
18% 19
17
20% 27
33% 36
107
36
40
36
40
40*4 40*4
64% 71*8
63*2 697g 63*2 6834
105% 106*2
106*8 110*2 105*2 108
1043g 10778 102*4 10538 9978 103%
104
99% 103
108*4 10134 105*4
1st mtge 3)4.8
........1966 1025s 103% 101*4 103% 97% 10134
104
105
104l2 102
104%
Container Corp 1st 6s
1946 104
15-yr deb g 5s with warr._1943 10134 103*4 102*2 103*4 10134 10278
102
100% 9934 100*8 100
Copenhagen Tel 5s..Feb 15 1954 100
10038 101%
97% 10078
Crane Co s f deb 3^s
1951 1013s 103
107
106*4 10634 105% 106%
Crown Cork & Seal s f 4s...1950 106
104*4 105
104% 105
Crown Willamette Pap 6s. .1951 104l2 106
101*2 101*,6101*4
Crown-Zellerbach deb 6s. .1940 100
Cuba Nor Ry 1st 5J^s
Cuba RR 1st 50-yr 5s g
1st lien & ref 7J^s ser
1942
1952
A..1946
Certificates of deposit..
1st lien s f 6s ser B—
1946
35*2
38*2
36
34%
35
"34"
65
71
68
27
35"
35"
27
26*2
40
2?
15"
"17*
19**8 "17% "l9
"17%
50
61
49
55
52
58
60*2 68
70
108
105
103% 105% 104% 106
104%106
105%107
106% 108%
107% 107
105% 107% 105%107
102
100% 102
103% 100%104
102% 104
102
102% 104
103% 104% 103% 105%
104% 1027g 104%
U3
98% 101% 100% 103% 100
103% 101% 104
103% 101% 102% 101% 103% 101
102% 100*2 103
98
96%
99% 101% 98% 10178
100% 99% 100*2 99*2 100*2
97*2 101
98*2 100
99% 101
70
63%
69
65
67*8
68
102% 103% 103% 104
103
102% 101
10078 100
102
102% 100
100
101%
103%104% 104% 105
104% 105*2
101
101% 100% 101% 101
101%
102
101
102
102%
97
99% 98*2 99%
98% 101
100*2 101% 101%102%
104
105% 10434 105*2 105%106
105% 106*2 105% 106*2
104
103*2 104% 103% 106
105% 104% 105*2 105
105%
101
100
48
102
100*2 100% 102
105
101% 104% 102% 103% 10278 104
97%
86% 92
87% 91
100% 100
100*2 100
100%
97*2 100
98*2
99
104
106*2 10378 105% 104% 105% 105% 106
104
104% 105*2 101*2 104*2 103
103% 104
97% 101%
797g
97% 101
51*2
55
45
50%
46
50
38
47
30
44
36%
44
35
43
46%
49*2
50*8
45%
47%
47
52
48
54
45
50
35
49
42
48%
4178
43%
62
64
56
60
57
61%
60
62*2
53
58%
42%
52
46
46
44
4778
52
55
48
52*2
42
46
35
42
6034
65
58
61
53
58*2
47%
6034
64*4
56*2
62
56*2
62*2
72*2
62
6534
63*4
59%
65*2
63
55%
58*2
64%
70
71*8
60
65*2
62%
65
62
66
60
62
60*8
65*8
60
62*2
61
59
60
55
57
53
53
53
53
56
59
66
66
59*2
Certificates of deposit
108
104
106% 101% 10478
Dayton Pow & Light 3^8.-1960 106
89*2 94%
Dela & Hudson 1st ref 4s...1943
91*4 95*2 9234 9434
54%
102"
88%
104
104
103% 104% 103
104% 103% 105
85
89*% 91%
88% 91% 87
91%
92
105% 104*2 106*2 104
68
85
88% 78
1937 1003S 101*4 100*4 10078 100*41007,4 99*5,6100732
105
104
107
107
105% 105*2
Del Pow & Light 1st 4^8-1971 105
104% 105% 105
105*4 105*2 106
106% 106% 105%107
103
102
103% 102
102% 102% 102*1 102% 103
103% 102% 103% 103
1st & ref 4^s
101% 104
1969 101 a4 10234
105% 105%
1st Mtge 4^8
106% 106% 104*4 106% 104*4 104% 104% 104% 105% 105%
..1969
105*2 106
82%
60%
107% 106% 107%
47
70
64%
Gold 5^s
5s..1951 1067s 107"
1067s 107
...
33
3678
Consol gold 4Hs
1936 33*4 37
Den & Rio Gr W gen 5s Aug 1955
1812 22*2
18
Assented (subject to plan)
2134
29
Ref & Impt 5s ser B_.Aug 1973
327S
Des Moines & Ft D 4s ctfs._1935
6*4
9
Dec Plaines Val 1st gu 4^8.1947
Det Edison Co 4j^s ser D
1961 114*4 116*4
Gen & ref 5s series E
1952 108
1105s
Gen & ref mtge 4s ser F..1965 10934 111
Gen & ref mtge 3)^ s ser G 1966 107*8 109*2
Denver G & E 1st & ref
Stamped as to Pa tax
Den & Rio Grande 1st cons 4s'36
107
107% 107% 108
106% 107
32%
36*4
33
36
'32%
34
29
38
26%
17
19*2
23
18*4
22
2234
18%
21%
16%
28*2
878
32
27%
32%
24
9%
12
113%115% 111%114
108
107% 108*2 107
108
110
106% 109*2
104%107% 101
105%
4s
8%
60
45
106% 107%
103*8 105% 1031s 105%
105% 107
10534 106%
108
107
106% 107*2 107
107*2 108% 107% 108*4 107% 107% 167" 10734 107
107% 108
107
107% 108
107% 108*4 107*2 107% 106*2 107% 106% 106% 106% 107% 107
107*4 107%
11
13
157g
21%
10%
26*2 29% 26% 32
17% 24%
24% 27
14%
26% 28%
16
11
20
13
19
21%
12%
34*2 27% 31% 27% 32
27% 29
14%
28% 29*2
5
15
12
7
19%
7%
5% 10
16*2
9% 12
5%
15% 18
15%
1478 16
4
10
5
5
9
7
7%
12%
19% 15
17%
14% 16*2
10% 15%
14% 16
19
26
27
29% 22
7% 15%
9% 12
7%
11%
16% 19% 13% 16%
18% 21%
7
4
7
6
6
3%
7
2%
4%
5%
3%
3*8
11%
4%
9%
6%
7%
57*8 57% 51% 51%
111% 113% 111% 114%
107
108
10634 108
105%108% 108% 109%
101
103% 103% 104
42
50*4
5578
42
112
114% 112% 113% 112% 1137s
106*2 107% 106% 107% 106%107% 106*2 107% 1067S 108% 107% 109% 108%110
108*2 10978 109% 111%
108% 109*2 108% 111% 108%110% 108% 109% 108% 110
1047s 105%
104*2 104*8 105
102%104
103% 105*8 103% 104*2 103
103*2105
114
115
113% 115
60
60
65
50%
113% 115
65
45
113
114
53
53
60
60
61
48
55
1995
assented...
gold 4s
1995
Second 4s assented....1995
Second
105% 107
33
Det & Mackinac 1st lien g 4s 1995
First
103
106%108
107%108
36%
18
10*2
107
48
37
41
43
43
45*8 47
111
112% 109% 111% 10734110
113% 112% 114
111% 114% 113% 114% 114% 114% 112% 114% 111
Det River Tun 1st 4^8
1961 117*2 11878 117%118
11178 115
101
101
101% 102% 10278
101% 100% 101% 100% 101% 101
Dow Chemical deb 3s
1951
101% 102% 101
100 %2100 %2
Dul & Iron Range 1st 5s—1937 102% 10234 102s,6102% 102% 102% 101% 101% 101*%2101*%2 101*8 101%
36
21
30
45
54
20% 27
37% 39*2 29
54% 56
42% 44% 34% 44
Dul So Shore & Atl g 5s
1937 61
72i8 6312 69% 61*2 67% 54% 63
104
10678 106% 107
106% 104
106% 108%
110
105% 107% 102
106% 102% 104% 103% 105
105% 104% 106% 105% 106% 105
Duquesne Light 1st 3)48—1965 107
Eastern Cuba Sug 8
41%
44
50
55
47
48%
49*2
45
f 7^8.-1937
Certificates of deposit
41%
45
108
108
107
107
al04% 104%
113
113
113
114
113% 104% 113% 103% 105%
113% 113
112% 113
115% 114% 115% 112
104% 103% 104
103%105% 104% 104% 104%104% 104% 104% 104*2 104% 103% 104*2 104
131
131% 131%
133
133
135
135%135% 132%132%
135
99
103%
110
109
108% "97% 106%
109% 104
111
107%110% 108
109% 108
110% 108
110% 110
110%
112
111% 110
110% 111% 111
111
112% 111
108% 110
110% 111
110% 111
Elgin Jollet & East 1st g 5s.l941 113*2 113*2
103
103% 101
103
1 0434 103%104% 101%105
102% 103% 104*2 104% 104*2 105% 103% 106% 101
100% 102% 102
El Paso Nat Gas 4^s ser A..1951 104
140
149
157
148%
Convertible deb 4%s
1946 159*2 172*2 156% 165
106% 107
108
109
III" lTl
106% 108
108*2 109
11078 112
El Paso & S W 1st & ref 5s__196»
95
95
105
105
106" 106
106% 106*2 106%106% 106%106%
5s stamped
1965
105%105%
103
105
105%105% 10434 104% 105% 105%
103% 103%
10578 106
Erie & Pitts gen gu 3^8 B..1940
107
104*2 104% 104*2 105*8
10578 10578 103% 103%
Gen guar 3)^8 series C—1940 107
95
80
93
88%
98% 85
98*s 100
105% 98*2 103
97*2 99% 98% 99*2 98% 100%
98% 99*2
Erie 1st con g prior 4s
1996 10534 10678 102
73
52
75
62%
76
77
82
77% 66% 74% 52
83*2
85
88
80% 85% 82% 84%
1st cons gen lien gold 4s.. 1996
89*2 92% 88% 91
108
111
No Div 1st 48.1948
East T Va & Ga 1st 5s
1956 11538 116*4 115%115% 115
105% 105
Ed El 111 Bkn 1st cons g 4s. .1939 10534 107*2 105
138
Ed El 111 (N Y) 1st cons 5s..1995 139*2139*2 135
133%
110
Electric Auto Lite 4s
1952
East Ry Minn
50-year con g4s series A..1953
50-year con g 4s series B..1953
Gen conv 4s series D
1953
Ref & impt 5s series
Ref & impt
5s
ser
1927.1967
1930
1975
6s...1955
Erie & Jersey 1st s f
Genesee Riv RR 1st s f 68.1957
N Y & Erie 1st 4s
1947
3rd 4^8....
1938
Ernesto Breda Co 1st M 78..1954
91*4
94%
64%
94%
93*4
89
72
1956 104% 105
Fed Lt & Trac 1st lien 5s...1942 103
103%
5s International series..1942 101% 101%
1st lien s f 6s stpd
30-year deb 6s series B
Flat deb
s
f 7s
1942 102% 103%
.1942 102% 104
1954 10278 104%
1946
1943
Florida East Coast 1st 4}4s.l959
1st & ref 5s series A
1974
93*2
91%
84%
91%
74% 7978
66% 80%
103% 104*2 101% 103%
102% 103*2 102% 103
102% 102%
103" 103% 102 -103%
103% 104% 102% 103%
100
104% 105
104%
90
90
96
81*4
82
Fla Cent & Pen con g 5s
81%
82
81%
87"
80
1578
19%
15%
19%
15*2
19%
16
19
938
Certificates of deposit
85%
87
87
82%
86*2
86%
82%
83*2
83%
80
82*2
81%
76%
75*2
80
69
74*2
52%
52*4
60%
68*2
70
47%
47%
66*4
56*8
105
978
72
101
74
72
102% 101%
102
103% 102
101%101% 101%
102
103
102*4
102
103% 10234
100
100%
96%
71% 70
102
101% 102
102
102% 102
102% 102
101%
101*2
102% 161% 102% 100*2
103*2 102%
103% 101
98*2 96% 98% 96
72
96
"98%
101%
109
109
10178 102
102% 102%
82
54%
51
"so"
82%
16% 20%
16% 20
96
81%
74
78
73
75*8
14
17%
17
12%
15%
15
13%
"78%
12%
78%
60
72
76*2 65% 71
101
103
104% 102*2 104
102% 98*2 102% 98% 100
98% 98*2
101%
100%
10234 160" 101% 100
103% 103% 103% 102% 103%
76*2
96%
94%
94%
89
92
81%
95
70
90
87
91
90
94
78%
60*8
9%
78%
78
78
70
64
7278
70
72
1278
12%
10%
9%
12%
12
11
14%
14%
98
102
99%
9*2
10%
86%
61%
53%
55
51%
51%
106%
104
107
100
61
"99"
102
101% 100
95*2 98% 95% 97
97% 100%
99% 102
88% 90
91% 94
97
95
93%
70
63"
98J
97
98% 102
97
98% 100*2
93
"62%
¥3"
86
88
94%
95
94%
94%
55
92%
73
68
99
107
95% 98%
103*2 103%
50%
82
80
69% 74
82
78
85
91
93
84%
58
58
60%
67
63% 40% 51% 40
68
67% 41
71% 58
79%
70*4 757g
85*2 88% 82% 88
79% 83% 78% 82
85%
66
63%
40% 50% 3984
68
67% 40
71% 57
79
83
85
89
78% 70% 75%
85% 88*2
77% 81%
82% 88
115% 10434
115% 117% 105
118
117%118% 116%118
118%119
114%118% 114%117% 117% 117% 117% 118% 118
118% 119
116% 112% 112% 104
118
116% 118% 114
117
118*8 118% 118%
117% 116*4 117*4 116% 117% 116%117% 117% 117% 117%118%
107
109
109
114%114% 113% 113% 112% 112%
100
100% 100
91%
91
Fairbanks Morse deb 4s
1st lien s f 5s stamped
90%
105
55
45
49
60
60%
56
5778
8%
8%
6
8%
5%
7%
2%
2%
9
13%
5%
10%
9%
13
6
10
6*2
6%
4
258
2%
Fonda Johnst & GIov 4>^8__ 1952
Proof of claim filed
9%
9%
6%
5
9
9%
4
4
4
5
5
3%
4
3%
4
4%
5
4*4
5*4
3%
4
4*8
4%
3%
4%
378
4%
3%
4
4%
1941 107*4 107*4
108
Framerican Ind & Dvd 7^8.1942 108
108%108% 109% 110%
108% 108% 108% 107% 108*2 107*2 108% 108
67
70
69
73
83
83
72
Francisco Sugar coll trust 6s 1956
87*2 80
73*2 75
74%
76% 80
92
92*2 92% 95
Galv Hous & Hend 5*^8
1938
97*4 100%
97% 9978 96*2 98% 95*2 96
93% 93%
Gas 8c El Bergen Co con 5s..1949 121% 122% 121%121%
101% 1013s 101%
Gen Am Investors 5s ser A..1952 101% 102% 101
1<#78 101
101% 100% 101% 100% 101% 101
Gen Cable 1st s f 5*^s A
104%105% 104% 106%
1947 105*2 106% 105% 106
10534 106% 103% 10534 104% 105
(Amended) 2-4s cl'm filed 1982
Certificates of deposit..
Fort St U D 1st g 4Hs
'45
1940
1948
Gen Elec (Germany) 20-yr 7s
Sinking fund deb 6)4*
Sinking fund deb 6s
39*2
40
39*2
39%
40
38%
39%
40
40
30%
30%
30
31%
30*8
33
32
32%
32
39%
32
30
31%
30
29%
33*2
31%
34
32
32%
34%
32%
32%
32%
32%
32%
32%
32%
3
3%
2%
3%
106% 106%
108
66*2
94%
3*2
2%
■
4*2
4
110% 107% 108
66%
65%
95%
90
69
92%
2%
107
5078
108
60%
1%
2%
1%
3
102% 104%
107
107
107
52
52
45
109
50%
100
101%
100*2 100% 101
99% 10178 99
102
102
9634 99
105% 97
105*2 106% 105% 106
3834 38%
40*2 44
38% 417S 37% 40
36% 40
38%
37% 40
38% 41% 38
36% 36*2 39% 39% 40
39
44
38% 44
37% 39
36% 37% 38% 40
36
101% 102
36
Gen'l Motors Acceptance Corp—
10-year debentures 3s
1946 103
105
102%
98%101% 101% 102% 101
99% 100% 100%101%
102
102
102
102%
82
85%
81% 89
40
41% 34% 34*8 32% 33%
44
40
39
45
40% 41% 30% 39
OQ
09
28%
28*2 28% 25
30*2
107
104% 106% 104% 105% 103% 105%
97% 100
99% 101
101%
99% 100%
103
106
105
104% 103% 10434 104
102% 103% 100% 102%
98% 101
99% 101%
15-year debentures 33^8.. 1951 101%105% 101% 103
Gen Pub Serv deb 5)4*
1939 102% 103% 10178 103
101% 102
101% 103
93
88
92
Gen Steel Cast 5)48 with war '49
96%
95% 97%
91% 9434
42
4378 40*2
42% 44%
40
1934 49% 52
26" 26% 27%
26
26
Good Hope StI & Ir sec 7s.. 1945
105
Goodrich (B F) conv deb 6s_.1945 105
105% 105% 106
1st mtge 4%s_
.1956 100% 101% 100% 101% 98%
103% 104% 103%
Goodyear Tire & Rub 1st 58 1957 103% 105
99
98
105
101
95% 98
Gotham Silk Hos deb 5S...1946 103% 107*4 104
100%
99% 104%
Gouv & Oswegatch 1st gu 5sl942 103% 103%
111
Gr R & I ext 1st guar g 43^8.1941 111
108%109% 108% 109% 10878 109
109%111
Grays Point Term 5s
1947
96
98
97
91
94
90
94
9434 98% 94
Gt Cons EI Pow (Japan) 7#_1944
92% 95
91
92
87% 90
95%
1st & gen sink fd 6^8
93% 92
86*2 84% 86*2 87
1950 85
Ga & Ala 1st cons 5s__.Oct 1945
Georgia Caro & Nor 6s
Note—Superior figures denote 32ds of a point; viz.;
105«=105,5j2.
a
Deferred delivery.
102% 104% 101%103% 102
101% 103
101% 102*2 101% 102% 100% 101% 101
10178 10178 100
102% 102%
76%
84*2
"79"
.
82%
60
79
54
637g
41%
66
30
28
33
20
28
19
30
30
"34~
104*2 101%104% 101% 10278
102% 100% 102% 100% 102%
92
98
95% 96
101
30
20
20%
22
217g
23%
34""
4534
19%
19%
57
22%
20%
30
21% 21% 24% 25% 24% 25%
"28" 28*4 30
99% 94
95%
103% 89
104% 104% 104% 997s 1047g 90
89
99% 90% 9578
101% 94% 99
100% 101% 10034 101% 97
100
105
104
100% 10378 101
103
105
10334 105% 103% 105
78
89
89
90
90
88
95
98
98% 93
98% 100
162%
108% 108% 108% 109% 108% 109
95
93%
87%
r Cash
98
93%
sale.
96
91%
108% 109
106% 106% 105% 105%
95
95
69%
70
74
81
69
74
71
77%
74
76%
61
74%
72
74
95
71%
62%
76%
70
Financial
206
Chronicle
Jan. 8,
1938
1937—Continued
'
October
November
March
June
December
September
February
May
July
August
January
April
High Low High Low
High Low High
High Low
High Low High Low
High Low
High Low
High Low High Low High Low
BONDS
Low
114%116% 113
117*2
B..1952 11078 119
1973 114l4 11534 114*4
General 4M« series D....1976 1081 n 109*4 107
Gt Nor 1st & ref 4ser A..1961
General gold 5 Ms ser
General 5s series C
Gen mtge 4s series H
115*4 110*2 114*2 108
108% 103% 108% J007g
106% 100*4
1977 100*4 108% 1047a 1067g 102
121*4 125*2 123*2140
123*4
1946 118%124
946 108
109*4 108*2 111% 108*4 111% 106
Gen mtge $%s series I
1967
General 4M« series E
Gen
series G.
mtge 4s
112
113% 114
110*2 112*2 112% 113*2 113*2 115
113% 115
117% 118% 117%117% 115*2 118*4 114*4 117*2 100*4
99%
112% 104% 109%
112*4 110
112*8 109
108*4 112% 109
91%
99*2 104
1037g 103*2 105% 104% 106*4 104*2 106% 103*2 105%
99% 104% 89
103
105*4 102% 105% 103*4 104*4
102% 104% 103
120*2 98%
135*4 130% 1417g 117*2 136*2 122% 131% 119% 130*2 111
112
115*2 110% 114-% 110
119% 114% 118% 115%117% 116% 118
111
108% 107*4 110% 107% 11 l*g 109
12
Debenture certificates B
Greenbrier Ry 1st gu 4s
15
12*8
1478
11
106
1940
Gulf Mob & Nor 1st 5 M» ser B '50 1041", 10012
1st m 5s ser C
1950 100
102*2
16s"
106% 105
102
103*4
99
13
10
94
12%
92*4
10*4
94*2
12
93
110% 107
109% 104% 107%
94*2
12
10%
93
95%
65
60
12%
11*8
12
89
88*4
93
106
"8% "l"l"*4
8334
907g
50
65
10%
95*2
96
65
92%
114% 108
113*2 108*4 11078
1157g 104*2 107*2 102% 105%
97
97
10134
106
98%
89
100*4
88*4 91%
94%
87
91
92
100% 87
100
107
102% 107
117
92
98*2
94*4
77%
85
75%
97*4
81
50
7*2
10
"~7% Tl" "9"
"if"
106*2
106*2 104
103
104% 101
97% 99*2 96
101
99
101
100% 103% 101*2103
97%
95% 100
99*2
95*2
102
97*2
99*2 102
90*2 100%
83
84
80
83
88
83
75
86
78
82
96
93
Gulf & Ship Is 1st ref & ter 5s '52
90
91
91
91% 91% 91% 92%
96
98
96*2 99?g
99%
95*2 97*4 "93% 96%
99*4 103%
99% 101
103% 104%
100% 101% J01% 102%
10.5*4 102% 103*2 103
103*4 103% 104*4
10-year deb 4M»--1946 104% 105*2 104*2 105% 103
106
106
108
Hackensack Water 1st 4s
1952 107*4 107*2 107
107*4 105*4 106% 106
106% 106%
25
27%
Harpen Mining 6s with war. 1949
115
124
126*4 120
114% 120
117% 115%116
118%120
Hocking Val 1st con 4M8---1999 124
84
87
88
Hoe (R) & Co 1st mtge
897«
91*4 96*4
97*2
94% 88*4 91
88% 90*4
1944
80
Housatonic RR con 5s
1937
86*4
83% 86
80% 84*4
79*2 80
Houston & Tex C 1st 5s Int gu'37 101*4 102*8 101% 101%
100i8 100's 99*5,6100*16
Houston Belt & Term 5s__
'37 101*4 1017s 101% 101*4 100% 101
100% 100% 100% 100*4 100
100%
101
103
Houston Oil s f 5M*
101*4 102%
1940 102*4 103*4 102% 103*4 101% 103
102*2 102
Hudson Coal 1st s f 5s A
1962
40
48
45*4 49
50*2 57*8
45% 53
46% 55*2 44% 49
Gulf States Steel lstmtge4Ms'61
Gulf States Utll 4s
90
98*4
997s
1st g 5s
Adjustment income 5s
1957
32*8
Illinois Bell Telep 3M» ®er B '70 107*4
Illinois Central
1st gold 4s
1951 105*8
gold 3M*
1st
1951
Extended 1st gold 3>^S-«_195l
1st g 3s sterling
10578
92%
"91*2
~ "66%
88
93
92*8
1955
9178
85*4
85*4
1952
88
83%
95
92%
89
92
91% 93
96
85% 87
90*4
80% 88*4
Collateral trust gold 4s. .1953
84*4 90
83% 88%
86% 89
Refunding 5s
1955 102J« 104*4 100
102% 99%102%
74% 79*2
40-year 4 Ms
...Aug 1 1966 73*4 80
75*4 79
107
107
107
109
107
Cairo Bridge gold 4s
1950 107
95
95
Litchfield div 1st gold 3s. 1951
97
98
97*8 97%
Refunding 4s
Purchased
lines
3M»
28
118%119% 118
89
94*2
94
62*2
66
65
Louv div & terml g 3M>--1953 101*8 102*8
101*4 101*4
98% 101*4
1951
87
89*4
86
88
85
90
92*4
92
92
91%
98*g
97
98
96*2
97*2
87*4
85
87
82
80
85
82%
99*2 98
99%
777g
72% 76
al03*4al03*4
93
93*2
84
97%
81%
95
95
92%
97
"96%
90*4
85%
83%
87
81%
81%
87
82%
80%
Omaha Div 1st gold 3s
Gold
3M»
1951
Springfield div 1st g 3M»-1951
Western Lines 1st gold 4s 1951
166*4 ioi%
100*4 100*4 100*4 100%
96
98
100*4 100%
106% 105*2 106*2 105*8 107% 107
110*4 110
110%
96
100*4 100*4
104% 100*2 101
108
96
101*4 101*4 100*4 100*4
75
81
67
79*g
64
75
76*2
74%
74%
94
95*4
95
96
"95*4
67
53
57
5078
56*2
67
44%
56*2
47
71
71
55%
49
41
5478
"41*4
74*2
81
70%
78*2
71
73
63%
70*4
54%
64
99%
90
98
85
89
80
85*2
78
8078
57
65
56
73%
63
70*2
62
64*4
45
62%
37*2
54
36*2
46*4
32
105
"93%
105
94
94
96*8
99
93%
97
96%
104
"97"
104
95*4
58*2
56
53
51%
63%
43
103
"93% "93%
"84"
86" _80"
80"
70
82%
93*2
95
93%
93*2
90
90
90
70
8378
837g
88"
95*4
103
"9784 "96% 97"
90
88
96*4
98
96*2
66*4
82*2
"94%
107% 108*2
97
97
93
93
98
105
73*2
81
82
102
99
100
98*2 100
102*4
96*4 102*2
29
34
28
28*S 33%
41*2
39*2 43
46
118%119% 119% 121
121% 119*2 120*4 118*8 120
75
48
50
56
51% 54*g
59*4
56*4
67*2
23
29
14
16
17% 19%
23*4
18*4
33
74%
85
77
75
86
87
St Louis div tic term g 3s..1951
79%
96*2
71%
88*4
23
22
22
23
23*4 24*2
28
115
117% 117% 118*4
120% 116% 117% 115%117
61
63
88
62% 65*2
78*2
93*2 75
95%
43
47
65
60
60
50
50
42
4434
101*4 102*4 102*4 103
120
1951
Collateral trust gold 4s..1952
92
92*2
92*2 93% 9212 92*4
93% 93%
96
83% 86%
8334 90
98*4
95% 98% 86*4 93
97% 99
103
98*4 101*4 101
100*2 103% 101*4 103% 101
102% 97% 102
103% 102% 103%
103% 104*2 104*8 104*2 104% 104% 1027g 1047g 103
1 0734
106*2 106% 107% 108
106%107% 107% 107*2 107
38
47*4
41%
120
120% 120
122% 116*2 118% 116%117% 117% 120
120*2 120
82
85
65
69% 75%
61*2 66*2
71*2 78
63% 69*2
77% 84
29
36*8 33
35*2
32% 36
32% 27*4 31
21*4 26%
22% 29*4
27*2
110
101*4 104-% 104i8 1057g 104% 106% 105% 106*4 105%
105%108% 101*4 107
110
110
110
111
110
110% 110
110% 110*2 110*4
110% 110% 111
104
102
104
105% 106*8 102*2 102*4 102
107*4
104*2
102
102*4 102
10434 104% 104
107*2
104% 106% 102
124
1949 124
Hudson tic Manh 1st & ref 5s '57
80% 85*4
Hudson Co Gas
~98*4
G...1966 103*2 IO.5I4
ser
98%
94
96%
90
90
50
63
84*4
84*4
Illinois Cen & Chic St L & N O
Joint ISt 5s series A..
1963
1st ref 4M» series C
1963
Illinois Steel deb 4M»
Indianap & Louisv 1st gu 4s 1956
B..1986
ser
Inland Steel 3%a series D..1961
Interboro R T 1st tic ref 5s..1966
»
Certificates of deposit
10-year 6% notes
1932
Certificates of deposit
10-year
conv
87
81*s
87*4
83*8
91%
85%
72
85
70
60
85% 91% 82*4 87% 81*4 8434
80*2 69*2 76
79% 85%
77*2 83
76% 80
69% 78%
66% 76% 66
70*2 56
106*4 107% 106*2 107% 106%107% 106*4 107% 106*4 107% 107
107% 107
7% notes... 1932
Certificates of deposit
Interlake Iron 1st 5s B
1951
96
102
101*4 100%1007g 100
101
98% 103
Int Agrlc Corp 1st 5s stpd..l942 101*4 102
Internat Cement 4s....
1945 145*8 162
Int tic Great Nor 1st 6s A..1952
34*8 38
100*4 101
165
38
101
82%
36%
89%
35%
79*4
36*4
90
33
Internat Hydro Elec deb 68.1944
76*2
Int. Mer Mar 1st coll tr
72
78
76%
81
78
86
80
99
102%
99
35*2
Adjustment M 6s series A. 1952
11
13*2
11%
15
1378
1st 5s series B__
1956
34
36*4
32
36
35
1956
34
f 6s_'41
IntPaplst&refconv5s,A&B.'47 101
102*4 101% 102%
Ref s f 6s ser A.
.1955
98*4 101*4
98*4 100
Int Rys Cent Am 1st 5s B..1972
92*4 93*2
93*4 95
1st col tr 6% notes.______ 1941 102
103
1st 1 & ref 6Ms
1947
99% 102
Int Tel & Tel deb g 4Ms
Conv deb 4Ms__
Deb
34%
13%
33*4
3334
72
397g
15%
38
82%
1955
75
89
79*2
97%
92
87
90
85
94
71*2
3
6
4*2
9%
3%
8%
6%
8%
97
9978 102%
97% 93*2 96*2
100% 94
& Laughlln Steel 4M« '61 104%106
100
100% 104
103% 105
102%
Kan City South 1st g 3s
1950
Ref and lmprov 5s..April 1950
Kansas City Term 1st 4s... 1960
Kansas Gas & El 1st 4Ms
1980
Karstadt Rudolph 6s
Ctfs w w stpd (par $645)
Ctfs
w w
Ctfs
w
61
108
104
65
60*2
60
62
59
93
95
8978
93
86%
25
96*2
30
57%
89*4
89*4 94
106
107%
103
104
41
40
40
20
18
18
31
31
27
27
22
22
35
"
25
35
27%
25
14*4
98*4
88*2
1st & ref 6Ms
99
97*4
104" 104"
Convertible 7M8
1936
102
97%
1097g 108
98*2
105%
97*4
3 Ms coll trust notes.
29
33
28
73
78
74*2
77
71
85
75*2
81
71%
28*2
99% 102% 100
95*2 100
96%
83
85
87
30
34
102
85%
74*4 79
100% 102
31
17
25
10%
29%
21
30
25
29
31%
20
29%
16*4
22*2
6
21
20
69
81*4
61% 74
97% 102
46
73
62
69
51
64
93
99
4778
90*2
7
4*4
8*4
17*4
434
16%
97
99%
83*g
977g
76*2
90*2
577g
95%
80*2' 8934
85%
99%
85*2
95
95
95
96%
66
65*2 72
80% 90%
90%
71
67*2
71% 76
7%
8
5%
7%
5%
9434 96*2 94% 96%
94*2
101% 102*4 102% 103% 103%
101% 101% 101% 101*4 102%
56
46
5178 56% 47
50
54
42% 51% 43*2
84
85*2 887g 82% 87
89
79
80
91*4
89*g
106%109
107*4 108*4 107*4
104%105
102*4 104% 103
40
40
40
40
40*4
12
13
1134 12
11*4
63%
79
95*2
7078
84*4
75*2
87%
86
88%
82
86
80%
98*4
108
"98% 99""
108%109%
97*4
109
44% 46%
98% 101
1960
65
Coll trust 68
ser
A
1942
63%
Coll trust 68
ser
B
1942
68
1941 106
1937
5s 1937 ext at 3% to
1947
Lake Shore & M Sou g 3M8.1997
Lautaro Nitrate Co 6s.....1954
Certificates of deposit
99*4 100*8
82
17
4%
16*4
16%
64
44%
84
68
80*2
2178
6%
21
207g
74
94
97%
61*4
91%
66
55
92
82*2
80*2
97
97%
94
96*2
94
97*2
56%
66
38%
60
5134
60
56
74
88
78»4
89*2
70
78
60*2
89*4
70%
40
64*8
4
91*4
54%
63*4
278
87
81
3%
8434
98
101*4
91%
92%
987g
92%
86
60
2*2
79%
94
7*2
5%
5%
3%
5%
93
96
93*4
95*4 90
105
103% 104% 101
104%
102
102*2 102
2%
97%
97%
50
49
52*2
"35"
48"
26
38
28
47
45*4
82%
48
34
28
37
25
86
77*2
45*4
83%
69
78*2
74
16%
16%
43% 4534
98% 100%
65% 70*8
65
69%
3
82
98
35
"24% 35 ~
22
2884
2934
68% 73*2
69% 76
71
80
82
85
89%
58*2 66*4
58*2
59*2 68*s
109% 108% 109% 108% 109% 107% 109% IO684 10834 108
109
104
10334 10434 103
103*4 105
104*2 103% 104*2 104% 106
41
44
42
40% 44
86%
11*4
12
19
21
21%
21%
27%
99
100
"98% IOO" "95%
110
109%111
98%
23""
99%
10934 110
"9l"
96"
108*2 109
89*2
100%102%
90%
92
92
99
99
98%
16%
17%
24
91
14%
82%
85%
30
85%
12%
25
30
"23"
108*2 108*4 108*2 108%
99%
100
100
100
149
"95% "9*8%
95
108
113" 116"
151
97*4
108
112% 113
150%
94*2
81"
83% 86*2
83% 84% "78"
10534 10534 105
106*2
99% 101
997g 101
112% 112% 112% 112% 105
107
104
104%
9984 9934
98*2 99%
98% 101%
85
103% 103% 100
104%
106
105
108% 104
101% 105
102% 104% 103
104%105
97
10178 102% 98
101%
98*2 100*2 99*8 100
99%
44%
46%
45*4
977g
90%
49%
95
49
90
56%
66%
58
61%
58%
56
57
61
57
57
51
50%
93%
60*2
60%
53%
55
55
65
67
56
65%
61%
70
66
67
60
67
106
106
55
91
106% 105% 106% 100*4 105% 100%101
25
997S 102%
99
103%
98
90
95%
90
29
31%
30*2
97%
90
60
67*4
59*8
32%
95%
65
29
95
60%
50
67
56*4
60
49
28*4
9®
60*4
60
50*4
49
49
49
49
49*4
105% 105*4 104% 105
104
50%
25*4
92
94
57
61
57
60%
93*2
58%
58%
50
51%
104
100
150% 152% 150% 150% 150
98
102%
102% 100
96% 99%
93*4 85% 91
101%
2378
34%
95
92
5378
66%
64
93%
67%
64*4
54
66
63
56
43
56*2
49
104"
34%
89
26%
84%
29%
57
68
67
56*2
67
52
537g
52
55
54
55
54
56*8
56%
104% 100% 103
95
98
90
91
92
100% 102*4
104% 109% 1027g 105*2
37% 40
37% 41%
37
l0478
f 4M s A '54
1954 104
3978
98
40*2
104"
44
100
98% 101
37%
37
43*2
43%
36%
98
99*2
98% 99*2 98% 99% 96
98% 91% 95*4
102
101*4 100% 103% 101% 103
102
103% 101%103
103%
39
106*4 102
Note—Superior figures denote 32ds of
57*2
76"
83
mtge income reg Dec 1975
con s
50
"69%
73
40% 40% 437g 38
37% 38%
31% 34% 30% 34% 31% 35% 33% 35
29*4 35%
94
94
97
96
94
96
88
104% 92% 99%
105% 99
94% 96%
937g
Cons s f 4M« ser C
92
91
92
104*4 102% 104
987s 102% 90
94*4 95
93%
98% 93% 95
9178 92
Lehigh & NewEngRR4sA_1965 104% 104*4 104% 105% 1007g 102% 100*4 102
100
100
101
100% 103*4 101*2 103*4 100
101% 100
Lehigh & N Y 1st gu g 4s
1945
86
92% 94%
86
87
87
87
71
66
66
91% 94% 90*2 93
86*g
81% 81% 70
Leh Val Coal Co 1st tic ref s f 5s.'44
99*4 100*2 100
97
100
98
96
97% 98
96% 97*4 96
95% 95% 93% 95
93*2 93*2
1st & ref 8 f 5s...
1954
75
59
77*2 78
59
51
52
77% 66*4 747g 63
67*2
62*2 63
61% 62%
63*2 59
1st tic ref 5s.
1964
72
77
67
54
56
65
37
46
717g 59% 68*2 57
56% 58*2
57*2
57*2 46% 52
1st & ref s f 5s.
1974
69
71*4 75
72
55
57
60
63%
56*2 57*2
68*2 57
51% 55
47% 53*2 36
46%
Sec 6% gold notes
1938
99*4 100
95
99
95
95
94
99*4 100%
90
99%
99*2 100
95% 99
97%
94*4 90
Leh Val Harbor Term 1st 5s. 1954 105
1 057g 105*4 107
102
100
101
101
95
100
105% 102
1047g 101
102% 98
98*4 101
1st
Lehigh C & Nav
60
94%
96*4 100%
110
99%
109
109% 106% 108% 104
Col & ref 5Ms ser D
1st gold 5s
19%
49%
66
21
21
166" 166" 161%
70%
70*2
68*4
Lake Erie & West 2d 5s
57
55
14%
87
97*4
27%
21
10778 llll2 108
119
65
47*4
92%
77%
Kreuger & Toll—
5s uniform ctfs of dep__.1959
46*4
102% 103
1947
Laclede Gas Light ext 5s...1939
Col & ref 5Ms ser C
1953
18%
i02*4 105
72
9934 102
1951
1945
27
27
32
31%
10178 10178 101% 101% 101% 101% 101% 101%
150
150
1487g 14878 146% 146*2 151% 151%
104% 106% 102*4 103*4 100% 101
99% 101*4
111%111%
109*4 110%
119% 115%115% 112% 112% 113
113% 112*2 113%
102
102
102
102
101%101%
101%
1941
Koppers Co 4s series A.
30%
11*4
28%
9%
109% 109% 109% 109%
...1954
Kresge Foundation 4s
28*2
934
26%
43^s unguaranteed
1961 108
108% 107% 107%
Kings Co Elec L & P 1st g 5s_'37 102% 102% 102
102%
Purchase money 6s
...1997 161
161
15578 156
Kings Co Elev RR 1st g 4s..l949 107*8 10878 106% 107*4
Kings Co Ltg 1st & ref 5s...1954
114
114
Kinney (G R) Co 5 Ms
25
9%
32*4
11
34*4
12%
33
27*4
27
97
30
98%
98
98%
Kentucky & Ind Term4Ms.l961 100*2 101*8
Stamped
.1961 106*2 107*4
1961
86
60*2
18
1948 102*4 103*4 1017g 102%
1987 115*4 115*4 109
109
115
Plain
90%
98%
104
40
"29%
(par $925)
Keith (B F) Corp 1st & ref 6s.'46
55%
5334
25"
~25_
w
64%
61%
97% .100
92%
97% 99%
107*4 109*4 106*8 107% 106*2 108
102*2 10378 102% 103% 102% 104
.1943
stpd (par $925)
Kendall Co 5 Ms series A
Kentucky Cent g 4s
66*4
64
62
59*4
1936
36
997g
102*4 102% 102% 102% 102%
98
96% 98*2 94
99*2
67*4 73
75
63% 68*2
86
80
89*2
81% 89
85*2
72
73
77*4 80*4
78*2 67
75
Kanawha tic Mich 1st gu4s.l990 108
33
97%
1951
K C Ft S & M Ry ref g 4s
Certificates of deposit
38
97% 100%
James Frankl & Clear 1st 4s.'59
Jones
3434
12%
33
36
38
82*4
71% 79*4
89% 76
82%
101% 100% 101%
96%
70
1939
5s
"l2%
102
1952
Iowa Central ref gold 4s
103% 103% 104*4 103*4 103*4
96*2 96*2
20
20
14
25
29% 31
103%
100
100
100
101% 101%
99% 100
101% 100
103% 10534 102
105*2 103*4 105*2 105% 106
104% 102% 104%
60
52
70*2
68*2 60% 69
52% 6434 50
64*2
58*4
60
61
50
66*2 62
67*4
56%
66% 52*4 61% 49
21
25
18
24*4
21% 28%
21%
13% 21
18*4 23%
23
21*4
16*2 20
18% 24% 21
62
71
71%
59*4 67% 54% 65%
67% 73
56*2 62%
62
66
53
65
69*4
57
61
69%
71% 59% 66
100
68
81
100% 67
104% 92
94*2
94
99%
96% 100*2
101
100% 101% 100
100% 101
99*2 100*2
100% 101
98*2 99*2
166
34
42*4
17%
407g
4078
87
s
40% 52*4 40*2 51%
65
46*2 59*2 37% 49
36*4 49
107% 106*4 107% 106%107% 106*4 107%
101
107
106
105% 100*2 102
106*4 105
102% 103
37
41
35
43
37% 43
37% 38% 36
4112
105*4 105*4 104*4 105
103% 103*4 103% 103% 103%
103*4 105l2
~98*4 102% 98*4 98*4 101% 102
99*4
105*4 108
1037g 101
103% 103% 105
102% 106*4 101
103*4
92
95
55
94i2 97
96*4
96% 71% 93*2 70% 77
91
95
70
93*4 95*4
94% 95%
92% 68% 75%
53*2
24
49
53
41*4 497g 26% 43
28*4 20
48i2 56
46
44
48
18
5212
40*8 45
25% 35*2 21% 26
89
85*2 89%
9U2
83*2 877g 73% 84% 72% 79
61%
83
86% 73% 82%
88*2 91
8534 89
70% 77*2 61
102% 102 1027^
102% 102
101*8 102*2 102
Convertible debenture 4s .1947
1st 58 series C.
71%
104I2 104i2
1950 107
Ind 111 & Iowa gold 4s
Ind Union gen & ref 5s ser B 1965
3j^s
9134
1940 107*8 107i2 107% 108
Ind Bloom'g'n & W 1st ext 4s '40
Ref & impt M
85
a
point; via.:
105'»=105'5j2.
a
Deferred delivery.
r
Cash sale.
85% 91%
98% 103
99% 102*2
21%
31*4
25*4
85
70%
30*2
757g
27*2
8078
69
72%
58
32
71%
65*2
97
"99% 101"
60
98
98
94
80
85
76
80
69
73
35
37
35%
37
37
37
30
37
27%
34
20
36
30
34
26%
25*8
86
87
80
87
68
30
30
75%
85
92
75
77
62
62
Volume
Financial
146
207
Chronicle
1937—Continued
March
February
High Low High Low
January
BONDS
Low
Leh V (N Y) 1st gu g 4>$s._1940 102
Lehigh Val (Pa) gen con 4s.2003 66
103*4 102% 103% 100
63
67% 72
69*4
April
High Low
103
100
June
May
High Low
High Low
102*4 101% 102% 101
58
64%
62% 50
7184
62% 66*4 53
December
October
November
September
August
High Low High Low High Low High Low High Low High
July
High Low
102
97%101% 93
51% 5734 45%
55% 61% 49
Gen con
76
71
82
2003
86
80
84
63
78%
71% 75
71% 62% 67% 57
Leh V Ter Ry 1st gu g 5s
105
109
1941 108% 109
107*2 109
106% IO784 107% 108*4 10634 107
104% 106*4 103
125
116
124% 125
Lexington & East 1st gu 5s.1965 128*2129% 125
121
118% 118%118% 118*4 120
119%121
131
13434 129% 133
Liggett & Myers Tob 7s.
12934 130
1944 134%136
12934 131
129%132
129%
12934 131
5s
123
119
1951 125
123
123
124
125% 121% 123*4 117
126*2 121
121
125
121%
Liquid Carbonic 4s conv deb '47
General
consol 4K*.
5s
2003
Little Miami gen 4s ser A... 1962 108
Loew's Inc deb
75%
71%
76%
3J$S-._.__1946 100% 101*4
Lombard Elec 7s ser A
1952
69% 78
Long Dock Co 3&s
1950 106% 106%
99% 101
76
79%
Unified gold 4s
1937 I01't6 101% 100% 100%
Guar ref g 4s..
1949 105
106*4 104% 10534
4 8 stamped
1949
103% 104*2
Lorlllard (P) Co 7s
1944 13218 135
129% 132%
5s.
1951 122% 124% 120*2 122%
Louisiana & Ark 1st 5s ser A.'69
97*2 100*2 97% 100
Lo & Jeff Bridge Co gu g 4s.1945 110% 112% 109%109%
Louisville Gas & Elec 3 J^s
1966
Louisv & Nash gold 5s
101
1937 101
101% 101
Unified gold 4s
..1940 107*8 109% 106% 107%
1st & ref 5s ser B
2003 109
111
107%110
1st & ref 4hs ser C
2003 1057s 108% 10534 107
1st & ref 4s series D
2003 101% 10378
99% 103
94
1st & ref 3J£s series E
96%
2003 95% 98
Paducah & Mem Div 4s
1946 111*4 111% 109% 111
St Louis Div 2d gold 3s__.1980
92
96
9534 96%
Mobile & Montg 1st g 4Hs_'45
"99%
Southern Ry jt Monon 4s. 1952
100%
Atl Knox & Cin Div 4s
1955 114%115
Lower Austria Hydr Elec 6 M s '44
93
93
McCrory Stores Corp
f deb 5s '51 104
s
106
& Robblns 5Ms_1950
103*2 104%
1945 104% 105*4
1960 81
84%
1942
80*8 90
Maine Central RR 4s A
Gen mtge 4}^s ser A
Manati Sugar 1st s f 7Y>s
Certificates of deposit:
80
Certificates of deposit
4s
2013
54%
90%
57%
50
Manhat Ry (N Y) con g 4s__1990
53
30*4
33*2
82*4
82*4
Manila El RR & L 1st & coll 5s. '53
Manila RR Sou Lines 1st 4s. 1939
1st extd
97*2 100
73
78*4
.1949 10584 108
20-year deben 5s.
2nd
71%
76*2
85%
1938 103% 1037s 103% 103% 102*2 103%
IO484 105
Long Island gen g 4s.
McKesson
6984
4s
1959
77
77
Man G B & N W 1st part g 3 J^s '41
Mfra Tr Co ctf of part in A I
40
41
97*8
97%
98
99
Namm & Son 1st
f 6s
s
Marion Steam Shovel
1943
f 6s. 1947
s
57*2
65%
59%
98*2
52%
56%
63*2
105%
87
94
38% 46
42% 49%
48% 56%
99% 101
121
100*4 100%
100
105
97%
9834
98
99
98%
73
74
72
74*8 72%
101*4
101% 102% 102% IO284 102%
10234 104% 106%
lOO'je 1003,6
101*2
100% 103% 161% 103% 100*4
100% 103% 101% 103
127%127% 127% 128
127*8
117% 11784 117%118
118%
82
90*2 96*2 92% 95
100
104%
127% 130
116% 118%
94% 99%
106
108*4 106
107
107
100% IOO84
105% 108% 105% 107
107
110
106% IO884
104
106
9934 104*2
96
98% 102%
9934
91% 95*4 90*4 92%
109%110
105*2 IO684
87% 93
8534 87
106
108
102
98%
107
100
98*4 100
73
7384
73%
101*4
102% 102*4 102*4
98
99*4
98
99
98
99%
96
100
Metro Wat Serv & Drain 5^® '50 103% 104% 101
104
100% 102%
14
14
14
16%
14% 15%
(Chic) 4s '38
Met-West Side Elev
Mex Inter 1st
98% 10134
90% 98
100
102%
10334 105*4
106% 108*2
101
102%
12% 14
4%
4%
106% 106% 107%
109
107% 109
103
105
105
99% 97
9884
92% 91% 92%
106% 106% 106%
89% 87% 89%
110% 110% 111
98
96% 97%
112
113
113
11
3
13
73
11
102% 103
88% 97%
99% 101%
105%
106% 108%
102% 103%
104
13
24%
4%
28
105%105% 104% 104% 104
103% 104% 103
1971 104% 105
104% 101% 104% 100% 103
95
97
97
4H«
1939
Mil Spar & N W 1st guar 4S.1947
86
41%
91*2
46*2
Milw & State Line 1st gu 3H® *41
Minn & St Louis 5s ctfs
1934
57
ioi%
28
97
103
103*8
128%
120
88
109%
102%
98
113% 113%
99
99
104*2 105%
104%
102*2 104%
78% 79%
104
15
& refund,
1st
gold. 4s_._1949
87
84
36%
40%
35%
84%
39%
7
5
1934
1434
17*4
1946
25
30
.....1949
25
93*2
28*2
95%
48
52
Missouri Kan & Tex 1st 4s.. 1990
94*2
Mo-Kan-Tex RR 5s, A
83*2
70*2
74
3%
34
99
90
91
85
42
4434
3934
43
20*2
16%
2184
10
8%
28
25*4
6
28*4
36%
Minn St P & SS Mcons 4s stpd'38
1st consol 5s
1938
106
4%
32
26
9
6'
34%
6*4
5*2
59
37
48
38
43%
35%
42
37%
35
25
30
23
29
35%
34%
23
33
48*s
32%
31%
22%
15
17
16%
17
12
16
83
83%
69*2
83
69%
70
100
10.3*2
88
106"
96
100
"8l"
77
32%
36%
32
37
3l"
13%
16%
12
11
"33"
88
35%
26
27
98
101%
98
101
98
97
101
97
100%
97*2
5%
8
5%
6%
458
5
6
5
6
3
6*4
4%
33
23*2
25*8
20
23%
19*4
19
20
28*2
25*2
23
28
35%
22
23
18
20
18
19
18%
19%
23%
18%
4%
4
4%
4
20*4
32
6%
3*2
2%
15%
11%
4%
3*4
21
3%
2%
8
4
3
3*2
9
16
18
8
15
20%
16%
13%
17*4
25*2
20*4
19
22
18
16
16
18
15
18
15
17
16
12%
14%
83%
80
83
12%
75%
15*4
86%
14%
82%
81
95
61
56%
61%
57"
59"
55%
58
52
57
96;
88
91
95*2
86
88
79%
68%
86%
77
68%
60*4
76%
65%
58
76
85%
75*4
6358
84*4
72%
81%
69*2
93%
87%
75
52
79
763s
79%
74
69
70
69
69
70
80
73
42%
4834
4434
483
42
44
45
43*2
1975
15%
18%
49
19*2
4134
69
39%
37%
18
42*2
45*2
2334
47*2
63*2
34*2
35*4
15%
ser F...
.1977
Certificates of deposit
44*2
1634
4434
47
43
45*2
40
33%
33*4
40
42
68*2
40
37%
19
40*2
38%
37%
34
44*2
44*2
41%
40*2
40
34*4
40
34*2
32%
37*2
34
10%
34%
10%
12%
7
35*4
38%
33
13%
40
37%
34%
40
3412
34%
36%
33
16
22%
83%
86
54%
85*4
59
8884
78
60
89
83%
75
79
6SI4
7134
69%
74
65%
69
84%
73%
63*4
71
72
59-W1
64
70*2
45%
6534
39
68*2
44
31%
39*4
42
24
18
21%
47%
39
45
37
42
38%
36%
45
18*8
40%
37%
40%
41
39
40
15
17%
14%
16%
42
45*4
47%
4434
18%
47*4
39%
45
40
44
31%
40*2
4134
42
47%
36*2
40%
37*2
41
32
39
45
40
44
31%
39%
37%
40%
39%
46
3734
43
37*2
39*4
30
38*4
99
42%
48%
13
4534
14%
99
54*4
47
47
34*4
39*4
34
38%
30%
34
39%
35
3834
31
48%
46*2
49%
4384
4434
47%
45*2
18*2
4784
45
47*2
42
47
43%
45*2
Missouri Pac 3d 7s. est at 4%' 38 100
97
Mobile & Ohio gen gold 4s. .1938
100
42
Certhicate8 of deposit
1st & ref 5s
ser
1981
I
Certificates of deposit
Montgom Div. 1st gold 5s. 1*147
Ref &
1977
1938
Impt 4^S
42%
Sec 5% notes
Moh & Mai 1st gu gold 4s..1991
42%
43%
30%
31
133s
44%
"93"
97
49%
36
36%
98%
4634
16%
55*4
86%
9
13
10
14
7%
1965 108
84
95
55
57%
88*4
77%
66*4
63*2
33
*21
44
40%
43*4
14%
31%
31%
31%
"16"
"1*5*4
Gen 8c ref
99%
77
60"
14%
17%
5
6%
2%
4
3
3
16
13
16%
10%
12
10%
67%
76
66
96
35"
32
85
72%
81%
71
69%
61%
43
63
44%
37*2
77%
51
38%
54
37
43
51
63
42
54%
38
44%
26%
12
6%
512
49
44%
30%
47%
33%
40
27%
38%
27%
29%
45%
41%
31
34*2
68
44%
37%
38*4
60
67
22*2
46%
21
38%
46*2
28*2
58*8
34*2
34%
20
33
19
33
36
26
33
20
14
16*2
38*2
35%
10%
27*2
14%
35*4
5%
19%
18%
6%
34%
26
33
19
38%
28
20
35
26
34%
31*2
10%
29*4
12
32%
31%
31%
20
24
5
9
27
35
20
32%
18%
22%
19
26
20
29
21*4
20%
18%
20%
18%
19%
18*2
22%
20%
8*4
22%
18
21
18%
22%
19
19
19%
5
6%
20%
4%
38%
36*4
92%
27%
31%
35*4
32
27*2
33
19%
19%
17%
18%
31%
18*2
22%
21%
36
40
29*8
34%
18*2
29
17
22
19%
27
8%
22
12%
17
26%
27*2
30
27
31
34
35
32
9*2 22
12% 17
30% 22
29% 34
83
81
86
80
82
83
88
84
90
88*2
90%
87*2 89
89% 85
I OS
107% 109
106% 110*8 106
107% 106% 107
107% 109
106% IO.584 106% 107
35*2
101
102% 101% 103
103% 101
110*4 10734 10934 105% 109% 10134 105«4 102
33%
104% 102% 105% 105% 106
103
101% 102*4 102
103
15%
9*8
9%
70
70%
18
6*8
18%
17%
74
44*2
31
14%
11%
96
35"
8
106*2 102
94
99% 102%
104
19%
13*2
40
73%
50%
42
45
25%
24%
22%
8%
24%
23
24%
23*
6%
24%
22%
25
23
75*2
21%
16%
13
17
78
78
106% 107*4
104% 102% 104% 102% 104%
90
95
89% 94%
1st guar 6s. 1937 102% 102% 101%102%2 101932 10134
s
f 5s
ser
A.
1955
Gen 8t ref
s
f 5s
ser
B
a
f 5s series D..1955
84
8334
Prod
deb
with warrants..
9
59%
95
94*2 96*4
100% 101%
79%
80
79%
80*4
119
111
9534
87*2
102
97
98%
63
60
6234
95
99
99
102%
96
97*2 9134 9534
101*4 101% 10034 10034
58
61
50
57%
91*2 95
89% 92*2 88*2 91%
99% 10034 100
100% 100*4 101*2
80
80
87
90
99% 100
80
74
79*8
80*4
93*4 85% 89*2 88*4 91
96% 99
9734101% 97*2 99%
97
90% 95*2 88% 93*2 87% 91
115
114
11234 11314 114
117% 113*2 115
106*2 106*2
110% 110%
96
Naahv Ft & Shef 1st gu 5s..1937 101%
Nassau Elec RR 1st g 4s stpd '51
Nat Acme 4^8 ext
..1946
85*4
86%
80
Mutual Fuel Gas 1st gu g 5s 1947 118
Mutual Union Teleg 5s
1941 111
Namm (A I) 8c Sons—See Mfrs Tr
1978
94%
99
8334
84
85%
86%
Morris 8c Essex 1st ref 3%s..2000
95% 97% 92*4
Constr mtge 5s ser A
1955 100% 101% 101*4
Constr mtge 4ser B...1955
93
96
94
Nash Chatt St L 1st 4s
92*8
79%
84
f 43^8 ser C...1955
s
83
1955
Gen & ref
.Gen 8t ref
Dairy
100*4
6
3
93"
100273210P16 100,73290233? 100**3200*'32
1st guar, gold. 5s.
.....1937 lOP'st 102% 101%101«32 101*.il017t« 10034100*sJ6 100*32100* *3
92
92
Montana Pow 3^8
94% 9334 95
97%
9484 99% 93
1966
97% 99
100*4 101% 98*2 100%
Montreal Tram 1st 8c ref A 5s '41 103% 104% 1033.1 104
10134 102% 101% 102
Montana Cent
10
18
92*2
88
97
94
97*2 91% 93
107*4 105
Monongahela Ry 1st m 4s A.I960 110% 111*4 10634 110% 105
Monongahela West Penn P S—
First mtge 4>£s
1960 106% 108% 104*1 10684 101% 106% 100
6s debentures
40*8
82%
95
41%
ser
82*2
15
4%
2*4
2%
11%
9%
12%
7*2
96
52
1941
....1949
H
1980
104
90
88
35
79
18
5^a
1st & ref gold 5s
102
60"
S3
20%
1st & ref gold 5s ser G
1978
Certificates of deposit...
102"
90%
19%
Conv gold
106%
77
90
20
4s
12
88
85
27
1st & ref 5s
70
104% 103*2 104% 103% 103% 103% 103% 102
17
General
90
70
102% 103% 102% 103% 103% 104
1022»j2103%
90
96
80
70
77
80
68
70
71% 75
95
85
94
79
84
99% 88
95*2
104*2 105
102% 104% 93
102% "97% 100% 96
98%
107% 108% 108% 109*4 102% 108% 104% 107% 107% 109
101% 102% 101
102
103*2 101%101% 100
102% 101
8%
9
7%
1
5%
6
8%
2
2%
2%
2% "~1% "l%
21
24
24
25
26
27% 27% 26
18
Certificates of deposit
70
14
84
83
29%
26%
14%
12
34
23*2
69
93
25
21%
88
Missouri Pac RR 1st 5s. A..1965
99*4
99
67
14*2
5*8
5%
21%
7984
7734
47%
44%
90
a96
46%
28%
26*2
24
..1978
1967
96%
71
31%
4H» ser D
Cum adj 5s. ser A
97
67
17
Prior Hen
a96
41
15%
5%
4%
21%
75%
87
40
22
86
87
55
27
1962
1962
106*4 108
111*8 111%
84% 85
111
111%
46
26
Prior Hen 4s, ser B
75
102% 103
40
24
92*2
1959
70
106% 108
48
22%
...1978
118%121
25
23
A
89
89
127%
69
29
ser
85
49
26*2
95
1st ref 5J^s ser B
1st Chic Term s f 4s
86
125
70
99% 103%
101%
65
109*2 108% 109% 107% 108*2
90
90% 87
111% 111% lii%111%
92
86
9334 96
92% 86
112% 113% 112% 113% 112% 113
95
98
98% 99
99*2 98
102% 104% 99% 103*2 98% 100%
102% 104% 99
103% 95% 102
99
102% 97% 99
90*2 97*2
71
55
60
78% 57% 62
27
Mo-Ill RR 1st 5s
88
106
104
105
107% 105% 106% 103
103
108
107% 98
102% 99% 102
104*2 93
102% 93% 98% 92% 93%
96
90
99% 93
92% 85
89*2
93% 83
89%
81% 86% 79
82%
24
5s guar as to Int. 1938
39*2
101
93
98% 89% 95%
94
98
90
94%
126% 126*4 125% 126*4
119
120% 118% 119% 118
119%
75% 84% 67% 80*4 70*2 74*2
109
109
108*2 109% 106% 111
101% 102% 100% 102
101%102%
20%
92*2
cons
38
95%
127
353t
1st
1st & ref 68, ser A
60
30*2
33*4
117%
117*4 117% 116
128%131
127% 129
122
124
122% 123%
106*2
100*4 106*2 102
98%101%
98
100%
126
30%
38
25-year gold 5
Nat
100
57
57
16
98%
90
99%
91%
13*2
4^4
37*2
32
41%
1962
34%
38%
67
104% 104
90
57
11*4
90
57
1939
Ref & ext 5s, ser A
100
83
(1880) '34
Con ext
65%
33
24%
27*2
88
59%
25*2
27%
32%
99% 96
99% 95*2 98%
69
60
67
73% 69
100
99% 100
101*4 100
102% 101'»«101% 101*4 102
101% 101% 100% 100%
100
100
94% 98
94% 94% 84% 84%
75
89
90
Sag g 3Hs--1951
107
108
1st gold, 3H»
104%105
108*4 108%
107%108
110% 108*4 109% 106% 10884 10434 105
1952 110
Ref & impt 4M* ser C
108
105
103% 101*4 105
103% 106
107% 104% 10534 101
103% 106
104% 105% 102
104%
1979 107
56
42
70
70
35
55
35
89
Midland of N J 1st ext 5s..l940
61*4
41% 43
41% 41%
89*2 90*2 88
104 ~ 100
Mil El Ry & Lt 1st 5s. B
103% 101
10284 100*2 101% 100*2 103% 101%103% 101
10334 104% 102
102%
1961 104% 105
4^s
96
103
98% 100
71% 75
102% 103
Jack Lans &
1st extended
33%
118% 120
106*2 107*2 106% 108% 106
10784 109% 106
107%110
104
103*2 107
105% 99
100% 95*2
97% 100% 99
91% 95% 92% 94% 88%
107% 109*2 109*8 109% 109*2
87% 89% 89% 90*2 89*4
100*2 101% 100% 103%
91
94
87*4 92
99
100
99
100*4
103*4 105
103% 105%
106% 108% 106
106%
103
101*4 102% 102
24%
con g 4s asstd. 1977
3%
4%
3*2
5%
26*2 26*2
Miag Mill Machy 1st s f 7s.. 1956
24% 25~
Michigan Central-Detroit &
10334 104
Bay City Air Line 4s
1940 104% 104% 10434 105*4 103% 105
1st mtge 5s
85
44%
4784
52
29
130
131% 130" Hi" 126
125% 118%121% 121% 124
99% 100*4
106% 103
103*4
103%
103
10034 103% 101
102
103% 100%
128% 126*2 130% 127%
119% 118% 120
119%
93*2
84*4 90% 82%
108
108% 107%108% 108%
99% 99% 100% 102% 101
90%
106%
87%
114% U5
110%
112% 112%
99
96
98
98%100% 95
94% 95
95
114
114% 112% 11334 109% 112% 111
112% 113*4
96
96
99
99
99
99
93% 9734
104
102
104
102% 10384 103% 105*8
104% 105% 103% 105 ~ 103
104
10234 104*4 103
103% 104
10234 104% 102% 105*4
103% 104
104
100
102% 102% 104
103% 104% 101
3.02% 104% 102% 104
78
86
7984 82%
79% 83
77% 80
8234 86*2 80
8H4
74
68
70
73%
55
66
77% 67
80*2
55% 60*8 63
68
55
74
61
63
71
80
77*4
66*4 73
54
67
46
51
56
33
32
50*2 38% 48%
34% 41
46*4
38%
30
42% 46*2 34% 43% 30*2 3534 27% 33
41%
47% 51
31
30
24% 27*2 20
21%
19
16% 21
20%
92% 92% 92% 92%
"92% 92% a92 a92
83
83
a90
84*4
90
a90
84% 90
78
76
75
75
78*4
76%
32
37
37% 37*8 37
37%
102
Market St Ry 1st 7s, ser A..1940 102
102
103
103
102%
Mead Corp 6s with warr
107
1945 105% 106% 105*2 107% 105
Metro Edison 1st 4 J$s ser D.1968 109
106*4 109%
109% 109% 109%
Mllw & Nor RR 1st 4^s
68
26
108
f
s
73%
86
80
85%
78%
95*2
82*2 87% 83% 86*4
114% 114%
114%115
92
95
85
93
75
82
85%
75*4
82%
87
92
87%
90%
93*2
97%
74
73*2
77%
70
74*2
77%
64
70
59
70
74
89*2
79%
88%
85%
87%
63
78
114
115
58
64
47% 61%
113*2 113% 113% 114%
106" 107"
106% 106%
92
95
90
90%
91
94
90%
92*2
89
90
83%
85%
72%
81
70
72
47%
51%
39
40%
38
42
34
43
31%
35%
24
34
27
33
22is
27%
101
101
100
100
99% 104
101% 104
103
104% 106
104% 106
99*2 100%
100% 100%
101
101
3^8
;
1951
106
Nat Distillers Prod deb 4H> '45 105
104
102% 104% 103
105% 107
102% 106
103%105
105% 103
105*4 103*4 105
106*2 105
107
104% 100
103*2 96
100
105% 106*4 103% 106
101% 95*4 100% 97% 99%
104% 101% 103% 101% 105
Nat Ry of Mex prior i 4Hs
Jan
1914 coupon on
July 1914 coupon
4M® July 1914
on
coup
1957
Ass't cash war8cscr ret No.4
on
2%
4%
«%
4%
5%
4%
6*4
4%
5%
1977
Note—Superior figures denote 32ds of
a
point; viz.:
4*8
4%
3%
4
4
3%
3%
1*4
1%
1%
1%
1%
2*4
2%
1%
1%
2%
3%
4
3%
3%
2%
2*4
3%
3%
4%
4%
3%
3*4
3*2
3
3*4
4
4'4
4*4
4%
4
Guar 4s Apr 14 coup on..1977
Assent cash warr and sec
receipt No 5 on
2%
1957
off...1957
3«4
105,s=105,532.
a
Deferred delivery
r
Cash sale
1*2
2%
1%
2*4
Financial
208
Jan. 8, 1938
Chronicle
1937—Continued
Low
1 4M»-1926
Nat RR of Mex prior
Ass't cash war&scr ret
Aasent cash
warr
December
November
October
September
June
August
July
March
May
April
February
Low
High Low High Low High Low High
Low
High Low High Low High Low High
High Low High Low High Low High
January
BONDS
No.4
4
.1951
receipt No. 4 on..
Nat Steel 1st coll m s
f 4s...1965 IO6I4
77
Naugatuck RR 1st gold 4a. 1954
Newark Cons Gas cona g 5a. 1948 12212
5s...1945 76
Cons guar 4s
-.1945 6812
New Engl T & T 30-yr 5s...1952 125%
1st gold 4^» «er B
1961 12334
New England RR cons
5
5%
3%
4%
378
478
378
5%
102% 104%
102% 106
1073s 104% 107
86
86
87
87
88
90
93%
122% 121% 121%
77
77
76% 76%
80
77% 82
73
66% 08%
70% 73
74%
73>2
118% 122% 118% 119%
127% 121% 126
125% 118% 124% 116% 120% 116%118
100% 100%
105
107%
104% 107
107% 105% 107
93
94%
94% 98
95% 97
97%
4^8
47
Certificates of deposit
43^8 series D...
5^8 series A
Certificates of deposit
1st
1st
40i4
1956
1954
8478
97% 102
79%
5114
51%
4%
534
5%
86
119
66
70
57
63%
55
119% 122% 122% 126
117% 118% 118%121
124"
119
107
80
86
88%
94%
98%
98% 100
93
95%
94%
9634
94%
983g
98
99%
92
94
93%
92
84%
95%
88
96
95%
95
90
78
79%
75
35
33%
33%
28
96%
78%
29%
48
54%
53
46%
48
49
59%
54
59%
50
51%
53%
54%
53%
57%
54%
60
55%
48%
50
52%
48
62%
53
59%
52
54
47
52
55
49%
57
110
48%
91%
92
91
92%
90%
92%
47
47
48
49%
46%
44
44
35
52%
49
50%
46%
48%
52
44
48
30
45%
33
37
3334
49%
48%
52
52
52
47%
48
35
35
32
32
32
50
56%
48
54
43
45
35
45%
32
34%
34
38
36%
3734
49
473s
53
48
51
40
39
53%
51%
60%
55
50%
59%
45
47%
51%
30
55%
30
47%
"33"
45
45
38
38
110
110%
127% 104
121% 101%104
95
98%
97%
95
96
97%
99% 101% 101% 102% 101
84
93%
91% 97%
99
96% 98
104% 102% 104% 98% 102% 92% 99%
59% 83%
78% 87
86% 89
87% 90
68
93
90% 99% 96% 98% 88% 97
99% 105% 83% 102%
105% 108%
100% 109
94% 96% 92% 96%
98%
96% 98% 96
107% 104% 106% 101% 105%
105% 106% 106
59% 83%
78% 87
86% 88%
87% 90
85
89%
87% 89
91%
89% 91% 88
40
32
37%
77%
83%
793s
85
86
95
80%
91%
61%
73
64
72
69
80
71%
793g
81%
90
9434
80
87
92%
95%
84
88%
89%
97% 103
95
97%
73
84%
64%
72
80
80
84%
80%
84%
78%
79%
69
78%
72
78%
57%
66%
60%
07
61%
993%2I01»« 9915^9931,2
82
96%
73%
71%
83%
53
87%
77%
90
83% 75
93
92
90
95% 87
108% 108% 107% 10834 107% 108
108% 109
109
109
108% 109%
48
47
52
48
52
50%
47% 58
42
43
50
43
60
48%
37% 51
44
46
43
45
47
55% 40% 41
102
10134 103%
100
101% 101
101% 100
88% 95
98% 103%
100% 101%
123% 121
77%
85
99%
71%
99% 101% 101
122% 122
114% 113% 114% 112% 114% 112
99
99% 98
102
103
102
123
123% 121%122% 122
113% 112%114% 112% 114%
84
93
82
85
98
98%
94%
95
105%
22%
21
1934
17%
21%
21%
21
96
97
98%
98%
103% 103% 103% 101
98
102
95%
99
96%
101%
101
101% 102
100% 107% 106%107
106%
98
Y 8c New Eng (Bost) 4s_.1939
39
123% 122
89%
35
32%
111%
97
88%
35
"37"
32%
105%105% 105%105% 105% 105% 105% 105% 105% 105% 105
'43 106% 106% 100% 106% 105% 105% 105%105%
N Y N H 8c H non-cony 4s..1947
110% 110
30
102% 102
122
122
119% 123% 121
122% 116% 120
125% 122% 124% 120
Purch money coll tr g 4s. 1949 11578 117% 113%115% 110% 115% 109% 112% 112% 113% U234 113% 113%
99
97%
99%
9734 98
N Y 8c Greenw L gtd g 5s
1946 10078 101% 100% 101% 99% 100% 99% 100
102
107
99% 101%
N Y & Harlem gold 334s...2000 106% 106% 106% 107
97
96
98
98%
94% 98%
100%
102%
N Y Lack 8c West 4s A
1973 102% 105% 102%104% 99
104% 103
104% 103%
109
107
105% 104
108% 105
434* series B
1973 109% 109% 108
102
102
102
102
99%
N Y L E 8c W Coal 8c RR 5^8 '42
106
99%
87
N Y Gas El Lt H 8c Pow Co 5s '48 124
98
89%
96
92
N Y & Erie—See Erie RR
N
90%
92%
50
108
51%
97%
97%
93%
49
55%
47%
107
58
48
94%
53%
108
58
50
70
98
94%
11478 111% 135% 112
108% 108
75%
45
77
90%
93
86% 92
87% 90% 84
95% 90% 95
96%
43^8 series A.2013 94
96
99
98%
94% 98%
99%101% 97% 101% 94
series C...2018 100% 103
104
109%
108% 105% 109% 105
Convertible secured 3}*s..l952
94
94% 98
9434 96% 95% 97%
100%
100% 103
New York Cent & Hud 334 s-1997 10212 105
30-year deben 4s 1912
1942 107% 108% 107%108% 107% 108% 105%107% 105% 107% 104%105%
85
90%
93
87% 90%
86% 92%
95% 90% 95
93% 96%
Ref & Impt 43^s series A.2013
95
91
9
90% 92% 89% 92%
94%
88% 91%
96-% 98%
Lake Shore, coll gold 334s '98
89
90%
91
91
89% 91
96
88% 91% 89
9378 88
93% 96% 89
97%
Mich Cent coll gold 334«.1998
100»»« 101 100% 102%#
101
101% 100% 102
N Y Chic & St L 1st g 4s... 1987 10134 10278 I01'5,6l02>32 101%101,5is 101% 102
98
100
95% 98% 96% 100
92% 98%
103
101% 104% 97% 101%
1U48.J 103%105
Ref gold 534s series A... 1974
86
89
82% 86
86
82% 87
80% 88
90%
89% 94
93% 9578
Ref 434 8 series C
1978 92% 95%
99%
100%
99
97% 99% 90
99% 100% 99
99% 100%
100%
3-year 6% gold notes
1938 9.8% 10034 99% 100%
104% 103% 104% 103%105% 102% 105%
103% 103
105% 102M 104% 100
Collateral trust 4s
1946 10334 104% 102
108*4 109%
106
107%108
107% 1073s 108% 108% 109% 108% 109% 108% 109
N Y Connect'g RR 1st 4348 A '53 107% 109
109% 109%
109
109
109
1st guar 5s series B._
1953 109
57% 60% 58% 61
58% 63%
55% 61
06% 70% 63
07% 61% 64%
67% 72%
N Y Dock 1st gold 4s
1951
56
60
55
59%
58% 62
58% 63
56% 65%
65% 6978 00% 68
63% 72
Serial 5% notes
....1938
60
60
55% 55% 55% 56%
Certificates of deposit
101%
97
100
99% 100% 99%100% 100% 101% 100
105% 101% 10378 98% 102%
NY Edison 1st 1 & ref 334 s D.1965 103
101% 100% 101%
99% 100% 100
99% 100%
97% 99%
105% 101%103% 98% 102%
1st Hen 8c ref 334 « series E 1966 103
108
~
75%
70
73
Ref & impt 5s
N Y 8c Long Branch gen 4s_1941
105%107% 100% 107
79%
70
76
79%
75%
Ref & Impt
N Y L E 8c W Dock 8c impt 5s
100
105%107
73
95
96% 102
104
10378 100% 1037s
108% 106
25%
79
50
110
120% 120
77
92
51%
116%116%
122% 125
123% 122% 123
120% 120% 121% 120% 122%
123% 122
100
106% 105%107% 105% 106% 107
88
90
85
88%
93% 84
49
110
116% 117
25
125% 123% 124% 122
120% 120% 121% 120
101
51%
59
55%
62%
55
75
•65
118" u¥%
2%
2%
1%
2%
2%
106% 104% 107%
55
101
91%
2%
2
3%
56
106
97%
56%
55
66
2
2%
2
2%
105% 106% 104% 106% 103
2%
80
52
52%
66
63
55
2%
5%
119% 119% 1193s 118% 119%
94
52
4%
80
119
94%
90%
55%
5%
86
118
48
64
110
104
0%
3%
4
3%
3%
3%
3%
3%
106% 104% 106% 104% 106% 106% 107
79%
98
79
97% 101%
52%
57
55
6978
~48% 5284
52%
51%
.50U
55
54%
52
517«
112% 113% 110
Npt & On Bdge gen gu 4^»s '45
N Y Central RR cony 6s
1944 1O012 1123a 106%
Consol 4s series A
1998 103% 100% 100%
10-year
s sec sink fund 1946 103% 1037S 102%
1956
1st 58 series C
3%
6
48.^1986
1960 106%
94%
New Orl Great Northern 5s. 1983
83
81
85%
84%
N O 6c Northeast 4>£s ser A. 1952
99% 103% 100% 102
New Orl Pub Serv 1st 5s A..1952
99% 102
1st & ref 5s series B
1955 9914 103
97% 99%
97% 100%
New Orl Term 1st 4s ser A..1953
49
51%
44i8 48
New Orl Tex & Mex 5s ser A. 1935
1st 5s series B
1954 48% 52S4 64% 57%
N J June RR guar 1st
N J Pow & Lt 1st
5%
5%
5%
5%
5%
7*4
51?
on
and aec
42%
3934
39%
43
43%
45
47
41
41%
35
43
35
33%
33%
26
29
20%
26
22
37%
38%
44
43%
37
39
37
40%
35
35
32
32
26
31
21
21
19%
37
38%
38%
36
40
35%
37
35%
38%
31%
27
31
19%
22
19%
40
40%
42%
35%
32%
27%
33
18
4s..1955
40
46
40
46
40
42%
37%
40%
35
20
18
23
407g
42
46
40
43
36%
40
35
42
37%
32%
25
31
31%
27
43%
33%
33%
36%
18%
40
34%
34%
34%
20
22%
Non-convertible deb 4s..1956
46%
44%
47%
47
20
23
1634
2234
Convertible
deb
334s
1956
45
39%
43%
35
39%
38
39
34%
42
33%
37
33
34
25
32
20
16%
2034
deb
6s
1948
46%
49
60
49%
57%
45
51 >4
44
48-%
38%
39
42%
36
39
23
20
25
01%
65
63%
71
63
70
60
65
GO
68
61
56%
64%
53
55%
35
41
35
40
32
3734
19
36%
53%
18%
30%
1940
29%
40%
14%
20%
6s.
47%
69%
21
26%
15%
Convertible
39%
50%
38
26%
25%
19
36
29
35
90%
93
20%
14
18%
8%
16
9
11%
14
10%
13
6%
10
5
8
Non-convertible
334»
35%
*947
Non-convertible deb 334®- *954
36
Non-convertible deb
Collateral
trust
1st 8c ref
35
31%
25%
25%
18%
21%
18%
46
53
41%
49
42
46
38
46
38
42
35%
95
99%
96
98%
94
96%
90%
92
9234
93%
91%
9434
94
94%
42%
46%
32%
4278
30%
27%
29%
20
24
20
22
20
38%
32
23%
23
42%
36%
23% 283$
101% 101%
91%
18%
38
...1955
N Y Prov 8c Bos gen 4s
14
21
12%
16%
12%
14%
13
1942
20
m
m
-
100
m
1st
mortgage
1st
mortgage
con
93%
gu g 4s'98
95
10678 107% 106% 106% 106%107% 106% 107%
1951 106% 107
107
106% 107% 106% 107%
107% 107
106% 107
1956 106
79
79
79
83
82
76% 89
92%
5s
5s
N Y Susq 8c West 1st ref g 5s '37
2nd
gold
General
434s
Terminal
....
87
1937
6978
79%
51%
81
68%
~58*
s
00
l94o
94%
98
104% 106
Certificates of deposit
Norfolk 8c South 1st g 5s
1941
29
29
19
20%
93
90
93
83
87
84
85
83
90
83
84%
83
96
92%
95%
90
93
y034
93
89
90%
89%
90%
85
32%
23%
31%
26
31
26%
2978
22
09
SO
80
82
25
23
80
81%
112
112% 118
21%
25
20%
2434
86%
90%
80
89
75
80
1IS78 122
North Amer Co deb 5s
.1961 105
106%
No Amer Edison deb 5s ser A '57 103
105%
Deb 534» series B..Aug 15 1963 103% 106%
1969 105
75
78
70
76
105
106
100
104
13%
15
8%
50
65
106"
68
97%
68
sub
67
90
91%
98
94%
99
15
7
10
101
103
101% 101%102
81
83
85
85% 77
90
85
86%
78% 85
8
43
107"
11%
46
106% 107%
102% 103% 103% 105
80
80
71%
77
68%
Yd"
30%
29%
82
4%
117% 116%118
105
102% 105% 104
104
102%
103%
99% 104% 100% 102% 102% 104
120% 120% 121
124% 125% 125%
103
117% 116%
117% 116
116%118 " 116
100
102
97
103
104% 101
104%
100% 102% 100%
98% 103
104% 102% 104
104% 102% 104U 102% 1041 102%
103% 105
103% 105% 103
98
98
100
104
95% 102
100% 103% 103% 104% 100
120
102
121
120
120
120
119
120
118% 116% 114% 117
105% 103% 104% 102%104
103% 105% 103% 105% 103
101
103
104% 103% 104% 102% 104%
104% 102% 104
103
102
104
104%
103% 104% 102% 104% 101%104
117%120
114
100
124
115
104
80
83
81
80
80
87
80
coupons..'45
80
80%
79
75
80
75
72%
100
70
72%
70
9134
9734
63%
87
80
80
102
sale of April 1
Oct 1 1933 8c Apr 1 193o coups
80
81% 81%
1997 108% 112% 107
80
104%
109% J01%107% 102
75%
77% 81
69% 77% 73
80% 82%
Ref 8c Impt 43$s A
97% 100
103%
103% 104% 98
2047 104% 106
Ref 8c Impt 6s, series B
111
111% 109% 111% 110% 111%
2047 1J1% 112
Ref 8c Imp 5s, series C...2047 108% 110
108
103
109
108% 102% 103
103
Ref 8c imp 5s, series D...2047 108
109
105
109% 108
108% 102
Nor Pac prior lien g 4s
g,
7
65
96%
sale of Apr 1 Oct 1
as to
10S4
98
106% 106% 107%
50
107% 106% 108% 106%
12
16%
Gen 8c ref 434 s ser A
1974
Northern Ohio 1st gu g 5s__1945
1933 8c Apr 1 '34 coupons..
5%
103
106% 104% 107
Nor Cent gen 8c ref 5s A...1974
Oct 1935 ord
7%
120
Nor 8c West Ry 1st con 4s..1996
5s series C..
32%
30%
79%
10%
20
4
6
6%
4%
9%
8% 10%
11%
17%
13%
10% 12%
104
104
104% 104% 107
102% 104
101% 103
103% 104% 103% 104% 102
10734 108%
107% 108
107% 107% 107%108
107% 106% 107% 107%108
107% 106
93
95%
94%
89% 91
103
100
103
94% 101% 75
103% 100% 102% 100
98
100% 97% 99%
103
99
97% 103% 95% 100%
98%107%
97% 100
106%
10
9
18
10%
1234
25
25
12%
27
30
25
27%
17% 25
28% 31%
10
9%
1134
8% 10
17
22
15%
23
28
22
23% 24
26%
20% 29%
55
60
55
55
45% 52
79
80
81
77
80
78
82%
79%
13
14% 18%
22%
17% 21%
102% 102%
104% 100
107% 10.1
107% 107
J.07% 107
107% 107
103
104
103% 100% 103% 102
109% 104
108% 106% 107% 105%
23%
9
lu6% 107% 10634 107%
103% 106% 105% 106% 105% 107% 107% 108
106
105
105% 105% 106%
105% 105
98%106% 104% 105% 104%105% 103
98
106% 100% 105% 104%105% 103% 105% 104% 105% 104% 105% 105% 10534
14
18
13
21
20
28
10% 16%
30
46
28
32
29% 34
10
11%
16
20
92
23
Norf 8c Sou 1st 8c ref 5s A..1961
lien
104% 106
90
N Y West 8c Bost 1st 434# serl'4tt
15%
16% 20
109% 103%
Niagara Palls Pow 334»
1966 107
107
Niag Lock 8c Ont P 1st 8c ref5s'55 100% 107
103% 103
Niagara Shares deb 534«
1950 103
Nord Ry extl s f gold 634s..1950 102% 100
104%
Gen
104
101
90
91%
11
104% 104% 105% 104% 105% 104% 105% 105
91
105
102% 91% 93%
102% 103% 99
104
1967
6s stamped
Stamped
79
16%
Ref mtge 334® series B
as to
79
—
N Y Trap Rock 1st 8 f 6s...1946
Stmpd
83%
107%
.
1st gold 5s
N Y Tel 1st 8c gen
....
89
58
80
13
194u
8
98
65
106
101
102
4>~
100% 100%
106% 104
1943 106
f 434s.l939 108% 109% 107% 108% 106% 108% 106% 107% 107% 107% 106%107% 106% 107% 107
5s
gold
19%
39%
92%
15%
29%
7%
100% 100%
100
"84% 86%
86% 89%
83% 86
86% 93
94% 95
103% 104% 103% 104%
Y 8c Queens E L 8c P 3)48.1965 107% 109% 104% 107% 101% 103% 101% 104
105%
105% 105
Y Rys Corp 6s stamped
105'% 105% 10578 10538 105% 105% 105% 105
1958 105
58% 64%
Income 6s Jan
61% 07%
...1965
57% 65%
107
106
J0734 107
106% 108% 10634 107
106% 107
Y 8c Rich Gas 1st ref 6s..1951 106% 107
107
108
108% 107
108% 102%107%
107% 108% 108
Y Steam 1st 6s ser A
1947 106% 108
N Y 8c Putnam 1st
N
30
55
45%
General 4s.
N
37%
46%
25%
Harl Rlv 8c Ft Chest 1st 4s '54
N
25%
29
1957
N Y Ont 8c Western 1st g 4s.1992
N
28%
48%
27
434s series 1927.1967
Debenture 4s..
38
3s
Jan 2047
No Ry of Cal guar gold 5s.. 1938
72% 72%
72% 72%
103
102% 105% 103%106% 103% 105% 103
105% 101% 103% 98
61
72
72% 75
73% 75
72% 75
73% 75% 69% 74
80
97
89%
97
84% 95
95% 98%
99%
94% 97% 94
88
105%
110
111% 110
110% 109% 110% 100% 110%
110% 112
102
99
102
85% 93%
103
104
103%
99%101% '88% 99%
86
94
102% 103% 102% 103% 100% 102
99%101% 91% 100
103
103
104% 104% 104% 104%
90%
98%
61
65
60
70
80
73
77 <
83
94%
86
76
82
76%
9034
81
76
85
16%
18
10
14
77
81%
102% 102%
Nor States Pow (Minn) 5s A. 1941 103
103% 10234 103%
1st 8c ref 6s series B
1941 103% 10378 102%103%
Ref mtge 4 3$s series B
1961
Ref mtge 5s
1964
Northwestern Teleg 434s...1944
105% 105% 105% 105%
107% 108% 107% 108
107
103% 100% 103% 100%101
104% 100% 101% 101% 103% 102% 105% 103
Norweg-Hydro El Nit 53$s..l957 102% 103% 100
24
20
21
28%
20% 23%
21% 22% 22
Og 8c L Ch 1st gu g 4s
1948
27% 33%
27% 31
26% 28% 22
48 stamped
1948
107%
100
101
16
18
14
16
11
9%
14
1134
Ohio Connecting Ry 1st 4s. 1943 109% 109%
Ohio Edison 1st mtge 4s
1st
mtge
33*8
Ohio Pub Service
101% 1053s 101% 103% 102% 105% 103% 105% 103%104% 103%105% 100% 104%
1946 112
1947 112
Okla Gas 8c Elec 33*8.
con
113
111% 112% 112
112% 11138 112% 110% 112
1946
Ontario Transmission 5s
Ore RR 8c Nav
112
1966
debentures
Ontario Power N F 1st 5s.
g 4s
..
1943 114
103
102% 100% 102% 101
100% 101%
97%
91% 97% 95
96% 96
96
96% 99%
97% 100
98% 99% 98% 100
109% 112
109%111
109% 109% 1093sl09i%i
109%111% 111% 112
111% 111% lll'ulllSs 110"»2lll3s 110ii«110% 109" 109**
100% 102
100%
99% 100
100
99% 100% 95
100%
97% 101% 100
101% 9934 102
10«i
103% 101% 104
111
110% 112
110% 114% 110
113% 114
111% 11484 112
113% 110% 112% 110% 112% 110% 112% 111% 112% 112% 113%
115
115
115
115
11134 111%
111%115
111
112
113
112%115
110% 112% 110% 110% 107%110% 110% 111% 111
110% 112% 109%111% 108% 1121 108% 109% 107% 109% 107% 109% 107% 10938
108% 109% 111
112% 113% 107% 112% 106
1972
734s A
1st 8c ref 7s, ser B
4s
L04% 106% 103% 106
....1967
4s
1st
196*
115
1945 113% 114
.1946 113%114
111% 112
111% 113
110% 111
111
112
\—
Note— Superior li?ures denote
32ds of
a
point, viz..
I05,i=l0515iz
a
Deferred delivery.
\
r
Cash sale.
Volume
Financial
146
209
Chronicle
1937—Continued
Low
Ore Short L 1st
1st
con
December
November
October
June
May
March
September
July
August
April
February
Low
High Low High
High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
BONDS
g 5s.—1946 120
cons
5s guaranteed
1946 122
118
123
121
Oregon-Wash RR & Nav 4s. 1961 106U 10734 10534 107
Oslo Gas & El Wks extl 5s.1963 102
Otis Steel 1st
m
6s
1962
Pacific Coast Co 1st 5s.
Pac G
& E 1st & ref 4s
10212
9934 101
1941 10U2 10212 102
A
ser
1st mtge 4^8 A
1946
ser
G.1964
1st & ref mtge 3?<s H
1st & ref 3Hs ser I
1961
..1966
Pac RR of Mo 1st
ext g 4s...1938
2d extended gold, 5s
1938
Pacific Tel & Tel 3Ji» B
1966
Ref mtge 3J*s series C—.1966
Paducah & 111 1st s f 4^8.
1955
117
118i2 115
119
120l8 118
116
119
117i2119
1185s 117i2 11834 118
119
120
119i2 119U 11934 119i2 11934 118
10758 10478 IO684 10312
104
10718 106
10412 10658 105i2 107l2 106
106i2 103*2 105
101
10U8 101
101% 101% 10234 10214 103i8 101
10034 1017g 10U2 10212 101% 102
12U2 11612 12034 116
118
11712 117
1161s 118
1175s 118
118
117
119
120
78
78
7934
1063s 104i2 107
100i8 1005s
10258 100«4 101
102
8712 9114 8912 92l2 9014 92
65
67
6834
68i2 72i2 68
1053s 10712 IO684 10778
10712 1031*4 10*5*84 104l2 106
1077s HI
10512 IO8I4 103
104
995g 104
993410112 101% 10278 IOOI4 10314 IO2I4 10334
10778 10214 105
9714 995g 98i2 100
9612 1001s
9434 97i8 9678 98
997s
97i2 98
10U2 9934 100i8 98
10H2 10U2 10U2 100
100l2 102i2 100
9978 997g
100% 102
102i2 1015s 102
100i8 10212 101
100* 1*0*1*18 1661*4 1*0*1*12
99
1005a 10014101
99'4 103
1035s 1055g 10178 104i8
101
102
IOOI4 IOII4 100l2 IOI84
9858 100»4 100
9914 103
104i8
76*4
117U
1165s 115
117l2 118%
118
106i2 104
747g
90
67
106
1077s
10278 1043g
98
IOOI4
98U
9734
96i4
101
90*34
86
9214
67
82
74
65
77
7U2
86U
697g
54
55i2 55i2
10684 1061s 1075g 1071*4 10*8*34
10178 10378 100l2 10314 1.025s 104l2 10334 10558
100
9984 101%
9934 99
983s 99i2 97
84
84
92
90
85i4 90
9784 90
54
105* 1*0*6*84
104
95
9738 95
10U2 10034 IOU2 100
IOO84 IOI84 100U 10114 100
10134 10112
10*238
1017s 101% 102
102
1043s
IOI84 10412
108U IO8I4
__
Pan Am Pet Co(of Cal)conv 68*40
50
58
5is4
55
48
483g
37
38
4634
575g
45
57
5712
487g
Certificates of deposit
6s stamped
1940
Panhandle East Pipe Line 4s A'52
4314
53
47i2
48
43l2
43l2
54
54
4534
473s
387g
98
98
40i4
42l2
42
3878
42
36i4
98i4
9914
99% 101
66
6678
6512 67i8
9934101
6658
9312
9714
8434
9358
40i8
3658
100
1015s
97
67i2
97
98l2
62l2
100
62
6312
Paramount-Broadway Corp
74
75
73U 7514
7384 75
1013s
f__1955 100i8 10034 1003s 105i2 100
1st mtge s f g 3s loan ctfs.1955
Param't Pict Inc 6s deb
s
3J£s convertible deb
Paris-Orleans RR extl
1947
f
5H8 '68
Park-Lexington 6>^s ctfs_..1953
s
Parmelee Trans deb 6s
1944
Paterson & Passaic G & E 5s '49
Paulista Ry 1st & ref 7s
Penn Co col tr 3^8, ser
1942
100
100
103
39l2
7334
122
102l2 100i8 101
7214
723g 7384 68
10012
9912 100i2 100
91i4 9134
100
IOU4
4612 50i2
46
7712
75i8 7612
122l2 12112 121l2
48
50
48
50
72
7634
69
74
90
*85*
*9*0*"
85
86
90
1
69
II6I4II6I4
89
90i2
*8934 *90 *
102* 102*"
106
1941 10614 10634 10634 10634 106
104
104
Guar g 3j^s tr ctfs ser C..1942 10634 10634 107
107
104
104
106
Gu, g, 3><j s, tr ctfs, ser D. 1944 10714 107l2 10714 10714 104
Guar 4s, series E
1041*2 1*0*5*"
1952 109is HO
108ig 109's 10634 IO8I4 10412 105
10 U2 1023g
100
102
09>4 104
28-year 4s
1963 10478 10678 103i8 1053g
Gu
3Ms, coll tr ctfs B
9958 101
1013g
993g 102
99*8 10U2 100
Penn Glass Sand 1st M 4^8.1960 105% 10558 105i2 105i2 104l210512 10312 10514
Pa O & Det 1st & ref 4^ s A. 1977 104
IO6I4
105'8 104i2 105io 10334 10514 105
109
4J^s series B
1981 109
109ig 10918
Penna P & L 1st 4%s
10412 10512
10434 106
1981 10512 IO6I4 1053g 106
Penn RR con g 4s
112
108
110i2 108i4 110
1943 11278 11278 111
Penn-Dixie Cement 6s A
1941
113
Con gold 4s
1948 11514 116->g
Sterling stmpd dollars bds. 115
116*8 114
11514 HU2II4I4 109
115
11234 114
10918 114
Gen mtge 3 %s series 4'C".1970
Consol 4J^s
I960
1007g
96i2 993g
IO2I4 97
lOllg-10312 99
119l2 12212 11558 12U8 11534 118l2
122l2 126
General 4^s, series A....1965 112
107
109
11534 110'8 11314 10634 111
General 5s, series B
115
1968 120U123
120i2 II3I2II6I4 11312 11534
Deb g 4)4 s
1017810512 985s 106l2 993g 10158
1970 10412 107
Gen 4Mb series D
1981 108
UU2 10558 10938 1033g 107i2 103i8 106
4%8 series E
1984 IO8I2HD2 10512 109
103i2 1073g 1035S 106
Convertible deb 3^s
106
11U8 10534 10978
1952
Peoples G & Coke 1st con 6s'43 12118 12188 1191*2 1*2*11* 119l2 11934 11712 11988
114
Refunding gold 5s...
1947 11514 11712 11334 115i2 11214 114i8 112
Peoria &East 1st
cons
4s..;. 1940
97i2
96 ig
99
98
94
9614
93
9414
1956
98
987S 101
9958
9434
9812
55
104
105
104
118
923s
*64*12
1974 128
129
125
128
116
119
117
119
115
117
114
114
85i2
111
109
11212113
113
110
11358
113i8113i2
99
100i8
119i2121i8
llOU 112
11658 11858
11534 118i2 H8l2119i2
112
108
11034 110
115% 1173s 116l2118i2
100
10018 103
102l2 9912 103
106i2 108
10414 107
106
10478 10634 10578 10734 106
108
1163s
1123s
9178
9612
9378
95i2
99%
94
10912 109
111
111
111
99
10512 102
105i8 10514 105
10534 IO6I4 104
10478 106
105
112f4 109
111
Pitts Va & Char Ry 1st gu 4s '43 1121»113
Pitts & West Va 1st 4^s
96
1958 94
1st
m
4)4
s
1st
m
4)4
s,
109
95
102i2 104
106l8 1005g 105
96i2 10114
10912 109i2 109l2
113i2 11334 11134 11284
11234
11312 112
11234 11312 111
98l4 100i8 9714 9958 8934 983g
117
119
121
119
11958
1201?
110l2
1087s 110l2 101
10914 112
11558118i2 1141211658 10678 116
IOOI4 10134
109
1131*2 1*1*3*34
88
99
98
98
99
99
99
101
112
112
110
109
11212 113
94i2 99i2 87
161" 1*0*1*
96i2 100
89
80
IO2I4 10418
101
104
99% 10*118 IOOI4 IO2I4
110
10834 ly9% 110
115
112
112l2 111
110i2115
10934 11234
91
913s 9434
9518
11712 11714 120U
10034 10578 10U2 10612
105%11134 10658 113%
8678 9134
9834 865s 95
106ig 95U 10212 9638 103
9634 103
10578 95i2 IO2I4
117
109
110
111% 109
107
110
11334 108i2 109
9018 94
983g
90i2 94
112
106l2
10412 10438 10538 105
103i2 10412 103
13
1438 16i2
1958
2U2 15
2012 2514
334
558
5i8
6i2
4l8
818
7U
11%
10
1238
8
912 1238
2014
143g 227g
108
10978
106U 1075s 107i2 109
IO6I4 108
101
102
102
102
*87* "8*9*" *75* *7*5* "
99
100l2 9312 98
108
10834
108l2 10734 10858 10734 108
1085s 1087« 108
11U8 1107S 1115s 11018 11078 1105S11034
IIOI2HU8 111
IIU4IIU4 111
111
111
106
Q3
110i2
110% 110%
111
110
—
....
Ill
11118 HI'S
109
110i8
117
111
115i2
11414 11712
114i2116i2
105i2 10784
115i2115i2
11514 H6I4
115
,1167s
1065s 10718
94
96i2
92
96*14
9034
92
90
9334
96
92
96
93
933g
89
8934
1960
series C
89
111
10U4 103
110
1959
series B
1027S
84
89
8234 10138 8312 93l2
105U 10734 103U 106i8 97i8 104
11634 11634 II6I4II6I2
116i2118
118
119
11634 119
117i8n8
119
110
11U2 10812 10984
11334 109
11212 11414 1131*2 1*1*4*8 11312 114
11414 1123s 114
60
69
71
80
6OI4
86
91
92
90i8 72
9U2 9358 90
92l2 90
6
8
6I4
8%
16
17
514
9
758 14
1514 1638
18
105
105
107
107
107
111
108
108is 108)8 165" 112*3s
7734 85l2
"94" i~o"o~% 80
9414 76i2 87
1*66" 1027s 100 103 100 103
104
69
77
70
75
85
76l4
92
94
9214 9512 81
9U4 9414
94% 91
68
80
8D4
86l2 69
91
84i2 93i2 71
98
93i2 9534
9434
9Us 96
100
103
97% 10234
1113g II9I4 11334 118% 107U 11438 97l2 108
I067s 111
110i2 1091811118
11212 108is IIU4 10912 110l2 109
110% 11038 11078 11078 11158 112
118
116l2 II8I4II8I4 117
118i2118i2 116
123i2
12134 121l212U2 121
1251*4 1*2514
118
118is
11812 113
12019
124i8 118
il334 117%
124
117U122
1975 121
12312 1171S 12134 1133* 11738
1977 IO6I4 10738 106'8 107is 10434 1065s
43^8 series C
9934
109
111
Con guar g 43^s, series J__ 1964 122
General 5s series A
1970 121
Gen
9714
IOD2
100i2 103i8 95
1087s 10534 108i2 10412 106i2
10414 IO6I4
108% 10512 108
111
109
1141*2 l"i4i2
1960
General M 5s series B
102
105
108* 1*0*8* *
1957 1141211412
4>£s, series I..1963
106
9514101
88
9834 100
87
1953
Con guar g
95
10978 10312110
95
3)^s, series E.1949 11178112l2
Con guar g 4s, series G
Con guar g 4s, series H
80
*9*5*14
45
10434 106
9634 993g
109
10934 11212 112i2 1127S
97
99i2
99i2 98
93
3784 42l2
119l211958 118i2 II8I2
42
105
10914 10912
100
1047s IOOI4 10134 10012 103
108
90
103% 103l2
9934101 s4
108
94
105
105* 1*0*7*12
108
7512
92%
10312 105
104
107ig
98
Con gu g 4s series F
*88*
9U2
71
104
Pitts Coke & Iron conv 4J^s A'52
108
io«i210914 10858 1091s
IO8I4 108
P C C & St L gu g 4M«, ser A '40 111 3g 1113g ilU2llll2 10734 10812 108
Con guar g 4)^8, ser B....1942 113
112l2 10934 110l2 10734 110l2 10938 10912 1097s 110l2 IIOI4 110i2
113J4 110
111
111
109
Con guar g 43^ s, ser C
11358 1135s 1111211U2 109
1942
Con guar g 4s, series D
1945 I13l2113l2
Con guar g
50
88I4
104l2 105U 102i2 103
114
Pirelli Co (Italy) conv 7s...1952
40
63
99
80l2
10412 10412 103l2 10412 104% 105
118
1981 116
9258
10034 1031,.
120
1977 119
9878
40ig
5714
85i2
963g
119i8 1183s 119
95
95l2
96
119
12178 12034
114
1143s 11412 11438 1165s
112
115
II3I2IHI4 112
112
113
11238 113
11158 113
10878 111
IHI4 11.134 112
9334 9834 9834 100
105i2 9938 105i8 9178 10078
Phila Co ser 5s series A
1967 10512 106l2 10534 106i2 102i2106i2 102
Phila Elec Co 1st
1967 10518 1055S 10478 10534 1042332042832
1st &ref4s
1971 10234 10312 1025g 10234 I02«»» 1023s 102'53a021s32
102
10314 10412
10314 1025s 104
1st & ref 3^8
1967
25i2
28
2212 2684 23
3212 22i2 2834
Phila & Read C 8c I ref s f 5s 1973
3978 313g 38%
50's 37
4413 48i2 38
10
10
1214
12
14
1134
978 1212
16
1312 17
Conv deb 6s
1949
1834
1514 2658
22i2 26
2U2 2614 2318 2734
18i2 26
2414 28
30
2458 28
2334 2612 25
Philippine Ry 1st 30-yr s f 4s '37
I87g 28
IO8I4
107
108
107i8 108i2 10712 IO8I4 10634 107i2 107
107
IO6I4 1065g IO6I4 107
Pillsbury F1 Mills 20-yr 6s...1943 106
Gen 5s, series B
Gen g 4^ s series C
4>^s series D
48
7214
59
89
100
90
9714100
74
67l2
1057s
104
*57*
92
IOOI4
106
92
107
4634
6478
9214
98
106
108
107l8 105
102
103
10134 103i2
995g IOOI4 9934 100l2 977s 100
105
104
104i2 105i8
10414 104
10378 10634
10412 10512 10478 107
18
16I8
2U2
18
26i2 20i2 257S
.,.1990 .1714 2078
11012 108
Peoria & Pekin Un 1st 5^8.1974 113
113
112i8 109
112i8112i8 112
101
105
106
Pere Marquette 1st 5s ser A.1956 10434 106
10512 1005g 10512 100i2
1st 4s, series B
4212
89i2
104
Income 4s
96
101
1st 43^8 series G
10334 IOOI4 103
1980 102
Phelps Dodge conv 3^8 deb.1952
Phila Bait & W 1st g, 4s
1943 113U 11312 112i2 H3I4 I12i2 113
993410138
883s 9634
90
9512
104
1105s 113
114
9U2
118
1175s 1175s 118
90
90
9018 92
100l2 100i2
104
10U2 102
101i8 IOU4 IOD4IOU4
A..1937
48
65
86
93l2 100
45
4914
5914 687s
9834 100
4414
6512 68
9984 100i2
92i2
96
92
9714
90
94
89
89i8
89i4
91
9114
91
9134
il7i8 117iS
118
116
118
116i8 1177s 116
11634 1173S 11634 11834 II6I4 11734
107
10734 107
107l2
10758 107
1175s 1175s 11678 11678
87
87
8412
85
90i2
*84*
8434
85*12
87
84
84i2
85i2
II§34 120""
117
115
116
115
116
64i2
*75*
7412
"8*3*"
82
7934
65
65
63
7534
62
63
65
76-2
61
64i2
Plttsb Youngs & Ashtabula—
1st gen 5s, series B
...1962 124ii 1*24*14 1231s
Port Arth Can & Dock 6s A. 1953 105
1053s
124*12
108
109
11012110l2 109
123i8 123's I193g 12314 122
111
ill" 1*1*1"
116* 1*1*6"*
116
119
11112 lWa 1125s
11278 115i8 109
-11212 11518 11034 11U2 10878 113
105's 10158 10434
IO6I4 10714 103
106i2 101
117
84l2
83
88
87
109
117
*59*
*6*0*"
60
6278
10884 109%
109
123
....
....
4812 57
5312 59
58
63 58
6012
59i2 64
6312 6734 5914 65i8 5818 6134 54i2 60
66I4 74
7578
105
10414 10478
10638 104
1063s 106)4 106% 10638 10612 104
106
106i8 106
106i8 106
106
105% 106
106
106'8 108's IO8I4 106
47
5U2 52i2 42
6134
74
62I2 74ig 48
7534
74i8 7412
78
80
74i2 78'4
78i2 81
80ig 8512
Porto Rican Am Tob conv 6s '42
84i2 88
80i2 8Si2
10
13
11
1438
912 16
18
33
2138
19
1318 1858
26i2 20
241.4 2834
40
Postal Tel Cable coll 5s
1953
3812 43ii 3214 393s 263s 33
45l2
103l2 10412
10212 104
102
10U2 102i2 10134 103i2 10234 10312 10314 10334 10234 103l2
102l2
Potomac Elec Pow 1st M 33^s '66 10434 106
10314 10514 ioi7810314 100 10212
70
85
751S 76
85
907g
90
95
95
9434
9638
963s
93
96
94l2 96
92
9634
9334 98M
Pressed Steel Car deb 5s
1951
9612 100
963g 9834
5i2
73g
7%
73g
7i8 Ids
934
934
20
13l2 1312
20
28
28
20
20% 28
20
2834
2138
Providence Secur deb 4s
1957
Port Gen Elec 1st 4)^8
5s extended to 1950...
1960
41
54
57i2
72ls
89i4 90
8512 89
11834 10934 11512 116's 11712
12412 U0
1287« 117i213178 117®s 127I4 114
1950 120
10714 1125s 11412 115
1950
105
1 053s
10318 104
104U 1047g 10318 10414 10234 104
10414 105
434s without warrants...1950
1 02,932l02z,32
4)^8 ex-warr drawn bonds. 1950
99
*9634 *9*8"
98's 100i8 9778 9914 97
9912 101
99
99l2 10034
IOOI4
Purity Bakeries 8 f deb 5s..1948
Providence Term 1st 4s....1956
Pure Oil 15-yr 4J4s w w
43^8 w w drawn bonds
*9634 *9*8*14 *92*
*9*8" *85*
94"" *85*
*8*8*12 *84*
*8*5*14
Radio-Keith-Orph pr pd ctfs for
deb 68 & com stk (65% pd).
113
118
124
125
112l2120
Debenture g 6s
1941 116
98
98i2 IO2I4
Read Co Jersey Cent coll 4s. 1951 10212 10434 10H2 104
1073g 10518 10634 105
106*s 108ig 106
Gen & ref
117l2 10534 114l2
98i2 8978 9734
1 077s 106i2 I07i8 10534 107
4)4s ser A.....1997
106
1065s
10512 106l2 10514 1073s 106i2 107
105i2 10738
Gen & ref 4)4 s ser B
1997 10678 108
109
IO534 1075s
105
10734 106
Rem-Rand deb 43^8 w w
1956 109i2113i2 11212 11514 105i2 11414
112
Rens & Saratoga 20-yr 6s..l941
15412 15038
Rep Steel Corp 4)4s ser A..1950 127
97i2
9734100
Gen mtge 4 348 ser B
1961
110
10878
Purch money 1st 534 s conv '54 108
98
100
98i2
1956
10314
1956 10434 106
25i2
253g 26ig
1946
Gen mtge 434» series C
Revere Cop
& Brass 4J4s
Rheinelbe Union
s
f 7s
1953
18
23
Rhine-Westphalia El Pow 7s '50
22
24
1952
1953
20
24l2
20
2412
1955
20
24lo
2212
225g
2118
1944
58i4
66
5834
5212
66
5112
Rhine-Ruhr Wat Serv 6s
Direct mtge g 6s
Con
m
6s of 1928
Con m 6s of 1930 (w w)
Richfield Oil of Calif 6s
Certificates of deposit
6s
1914
2412
5212
1944
stamped..
Richm'd Ter Ry 1st gu 5s
1952 1Q312 103i2
Rima Steel 1st s f 7s
1955
Rio Grande Jet 1st guar g 5s '39
West 1st g 4s.. 1939
1st cons & coll tr 4s ser A. 1949
Roch Gas & El 4 34s ser D...1977
Rio Grande
Gen mtge 5s ser
E.
...1962
911*8 "9"l~l 2
91
84
5234
78
8112
4834
1081*2 l"0*8i2
Note—Superior figures denote 32d3 of a
*55*
113
124
7512
100
88
10758
10?78 111
92 I8
9634
9334 97
1063s 107l2 10534 10712 103% 106
1053s 111
943g
106is 10714 1063s 107
106
108
108iS 107
84
103
93
104
106i8
9612 10534
76i2
84i2
8412
101
107%
88
9U2
96
80
93
95
106
103
100
75
87
80
74
95l2
95'S
8878
89
78iS
9358
93l2
9812
91
94
112
112
117
112
118
110
121
151
149
159
184
178i2 125
17612 14312 164
203i2
156'4 212
166
77
8558
7314 84
96
84i2 91
947s 973s 955g 9738 89
95
97l2 95% 97% 9412 9714
99i2 95i2 99i8
105
106l2
107l2 105
120
10914 116l2 993s 112
119
116i2 12134 116
109i2 11878 115
1157g 124
11378 130i2
115
75
78
8434
8612
92l4
97
98l4 9018 97ig 85
96
98% 9634 9878 9512 97i2 9534 9814
99%
99i2 96
10012
97l2 10212 98
101
104
103i2 IOO78 10214
1027s 10334 102
10434 100*4 103i2 10258 103i2 I00i2 1035s
10514 101
22
26i2 2658
31
31
2412 24s8 28
31
31
27
31
24
32
2434 26i2 2534 2714
28
20
20
21
20
21
2114
24
22
2514 2538 2618 'l934 2*5**
2414
1934 23
1858 1934
18l2 24l2
23
30
30
2112 2414 30
25
2434 2434 2612 2612 2714 2714 20
203s 20% 24
19
26
1934 2014
26ig
2858 30l2
25
25ig 30
25
2714 2118 26
26i8 275s
2614
2014 23i2 22% 2412
1934 21
19l2 26
2412
29
3012
22
26ig 30
2812 21 ig 25
245g 263s 2558 28
2134 25
2034 21
19i2 21
1912 26 I8
26
27
22
28l4 3012
3034
28i4
27% 28
243g 26
20
21
20% 2314 2314 2414
19i2 26'8
257g
35
39
44
48
4034 42
52
56
5214 56l2 45
6112
147
168
65l2
6512
52i2
*5*6"I2
*45*
*4*5%
45
48
104ig 104
10312 10312 IO3I4 10334 10334 104U 104
60
57i2 60
53
55
57l2 58
53i2 54l2
104
4812
50i8
6012
60
48
56i2
44l2
51
4034
4134
*841*2 92* *84*
5478
104
55
91
7334
70
4U2 47l2
46l2 5134
485g 5134
ll6i2116i2 1161211612
i0734 10*8*12 108 108% 1083s 1085s
38
8H2
poiDt: viz.:
7314
79
72
105i5=105iSj2.
7314
4212
6934
76
70
73
70
34
393g
335s
3714
32
II6I2 116i2 117
1*081*2 1*0*8*%
a Deferred
delivery.
*91*" "87U *9*0*12
7314
5478
36
255s
104
5312
104
63
50
5718
325s
1834
285g
49i2
18i2
53
2U2
104
48
10U8 104
5312
104
50
45
104
60
45
40l2
46U
19
22
117
1085s 10914 10914 10914 10938 1095g 10914 10912 10878 10914 10812 109
r Cash sale.
Financial
210
Chronicle
1937—Continued
January
February
High Low High
BONDS
Low
R I Ark & La 1st
4>$8
1954
..1948
Ruhr Chemical
Rutland-Canadn 1st guar 5s *49
March
December
November
October
June
September
April
May
July
August
Low
High
High Low High Low High Low High Low High Low High Low High Low High
High Low
Low
12%
28%
23%
27%
25%
29%
21
23%
20
17%
19%
16
18
10%
15%
25%
20%
25%
22
25%
1934
25%
22
25%
25
23%
23%
22%
23%
24%
19%
23%
20%
17
21
29%
21%
20%
27%
21
28
19
21
18
19
13
18
30
34 U
31
34
29
31
26
29%
23
25
24
25%
22%
24%
20%
23%
18%
19%
13%
9
10%
22
8%
24
2212
32%
23%
28
22
20%
20%
14
14%
15
15
8
9%
18
191*
221*
21%
9%
Stamped.
Rutland RR 1st
g 41941
cons
15
4^8 stamped.......
..1941
Safeway Stores a f deb 4s—1947
Saguenay Pow Ltd 1st M 4y±a '66 103% 104%
St Jos & G Is* 1st g 4s
1947 112% 112%
St Jos Ry L H & P 1st 5s...1937 100%101»J2
St Law 8c Adlr 1st g 5s.....1996 103
1037g
2d gold 6s
102
1996 102
84
88
St LI Mt&Sou—R&G dlv 4s.'33
Certificates of deposit
StLPeo&NW 1st 5s
1948
St L R Mtn & P 1st 5s stpd.1956
St L-San Francisco pr 14s A
1950
Certificates of deposit
1950
Prior Hen 5s ser B
Certificates of deposit.
Cons mtge 4>$s ser A
1978
Ctfs of deposit stamped....
St Louis Southw 1st g 4s—1989
2d
g 4s inc bd ctfs..Nov 1989
1st term &
1952
unify 5s
Gen & ref 5s
1990
A..
ser
83%
42%
48
82
85
87%
100
103% 99% 101% 99% 101
104% 100
109
109
108
107
108%110
99
97
100% 98% 100
99% *97*
103
112
112
101% 101%
100
100
100
81
88
81
75
79
1946
.........1950
..1949
djustment 5s...._.
Refunding 4s..
..1959
Certificates of deposit
1st 8c
6s
cons
ser
1945
A
1084
11
15
18
1184
16
12%
16%
11
14%
1034
15
13
10
14%
13%
71%
32%
1734
25
20%
29
20
25%
21
20
25
18
23%
19
2334
87
91
80
80
85
83%
64%
64%
54%
46%
363s
48%
42%
29
20%
29%
201*
33%
30%
24
87%
92
46%
90%
73%
05%
52%
08
70%
58%
48%
04%
09%
59%
32%
29%
99%
74%
03%
54
49
53
109% 109
109
90
39%
44
21%
20%
38%
14%
16
11%
22
29
18%
10%
10
15%
14%
12*
8234
20%
24%
27%
2434
25
17%
12
8234
26%
25%
26%
33
15
10%
18
82%
21%
28%
9%
15%
75
83
32
34%
12%
18%
74
82
32
30
70
82%
25%
90
70
58%
20%
24%
20%
24%
24%
22%
30%
20%
30%
27%
18
43
47%
30%
40
39%
71
61
60%
59
45%
51%
48%
38%
44
33
37
38
33
50
65
107
20
32
30%
9%
10%
15%
18%
17%
12%
11%
13%
20%
10%
15%
19%
20%
28%
8%
14%
20
23%
114
2434
22%
14%
19%
25
1434
21
23
14%
20
16
20% 24%
14
20%
17
19
19
9
84
74
83%
49%
42%
36
49
47
13%
82%
47%
38%
30
33%
23
30
29
22%
85%
5234
14
24
24
21%
21%
18%
15%
18
10%
32%
12
27
9
110
27
31%
31
31
25
26%
21%
23
19
28
25
24%
20%
17
26
10
10
6%
11%
10%
27%
9%
16%
1478
18%
17%
15%
16%
14
13
14%
18
22%
17%
20%
12%
11%
30%
9%
7%
15
12
14%
12%
1434
18%
7%
9
5%
12%
15%
9
12
14%
18'%
8
12%
12%
8%
14%
13%
1734
17%
234
5
534
0%
6%
113%
24%
4s...1933
17%
30
Sllesian-Am Corp col tr 7s..1941
Simmons Co
conv
08
09
70
82%
73%
71%
69%
72
69
71%
....1952
1951 101% 102% 100% 102
100
107% 104
Socony-Vacuum Oil deb 3^8*50 105
97% 100%
97%
99%
97%
99%
130
....1962
3ha,
Southern Calif Gas 43^s..._1961
ref 4s
105% 105% 105
104%105% 103
1965
74
77%
66
37
40
29
25%
33
22%
17
24%
15%
29%
21%
"9%
T0%
96
102
8
8
9%
10
8%
10
72
72%
7078
73%
1003s 102%
7134
70% 78
94% 100%
13
16
11%
101
101
117
119
79% 85
109% 109%
109
110
112
112%
~16~
20%
28%
25%
32
26
15%
17
16%
14%
18%
5
4
10%
6
7%
684
9%
6
19%
4%
4%
7%
10%
10%
2134
534
4%
96
6%
14%
13%
22%
7%
634
6
8
7%
21
434
9%
734
10%
934
23
334
3%
584
98%
97%
98%
70%
59%
2O84
61%
59
22%
20%
77%
65
71
76
75
80
85
97%
84
5%
60%
20%
79%
93%
'76%
102% 106% 100% 104% 10334 105%
120
118% 120
123%123% 118
106%107% 106% 107% 105% 107% 105*32 10534
123
5s.. 1963 129%130
Southern BellT 8c T 1st s f 5s '41 107% 108
So 8c North Ala con gu
1st mtge 8c
71
deb 4s—1947
Debenture 4s
Skelly Oil deb4s_._.
9
64
3%
21
14
15
17%
16% 1934
17%
18% 22% 17% 22
17
23
28
30
20
35
34
30%
30% 27
37% 32% 30% 31
30% 34
10
3%
8%
7%
9%
6%
634
8%
8% 10%
734 10%
9% 12
11%
11% 13%
11% 13%
5
6
; erles B ctfs of dep
12
10
11
13
13
834
734
7%
...1935 12% 14%
11%
7% 10%
684
8%
934
7%
112
Sharon Steel Hoops conv 4y?s '51 112% 113% 112
105% 104% 105%
1053s 106% 105
107% 109% 106
115% 109% 110
115% 113%117% 110
93
98
99%
Shell Union Oil deb 3^s
99%
96»4 99%
97% 100
97% 100
1951 99% 102
99% 100
99% 95% 98
97%100% 96
62
54% 61%
69%
83% 88% 66% 85%
82% 88
85%
84% 82
84% 85% 85 ' 89%
Shinyetsu El Pow 1st 6^8.1952 81
100
100
100
Siemens 8c Halske s f 7s
1935 100
61
66
59
65
64
60
62%
65* *73*" 65
Deb s f 6^8
03
61% 60
60% 62
67%
1951 50% 57% 54
24
24
19
22
20
19% 20%
23
20
23
Silesia Elec Cor s f 6^£s....l946 21
21% 23% 24
25% 25% 20
18% 24%
Certificates of deposit.....
Atlanta 8c Birm 1st
Seaboard All Fla 6s A ctfs.. 1935
11%
102
102% 104% 102% 102%
104% 104% 105
119%
119% 117
120% 119
11984120% 119
82
89
96
100
9234
101% 94% 100%
111
108% 10984 109% 110
110% 110% 110
109
108
108% 108
10784109* 107% 108
112
111% 111%
113% 112
113% 113% 113
20
27
27
24% 19% 19%
24% 28
19
25
26
19% 22%
27% 24% 20%
28
31% 28% 32
31% 32
28% 31
32
32
28
31% 32% 26
30% 31
24
13%
9%
8%
65
1*0*1% 10*1«32
30%
18%
17%
15
38%
15% 24%
100% 102
10
15%
7% 12
1584
113% 114
*3034 3*1%
35
71
22
21
17%
16%
64
82%
21%
19%
22%
103% 103%
104% 104% 104% 107
118
120%
116% 119
IOO84 102%
101% 102
110
110% 109% 110%
105% 108% 107% 109
10712 109% 108% 109
110
110
113% 11334
113% 113% 113% 114
27
2634 2034 26
32% 32% 30% 35
30
36
25% 27
24% 27%
32% 36
2884
32% 34% 30% 33
27% 27% 28
2834
30% 35% 26
27% 25
32% 36
33
22%
21%
77
1934
42
29
19
79%
23
67%
55%
106
39%
74%
72%
33%
82%
22%
82%
50%
4234
41
Stamped...
39% 42%
43% 37% 39%
114
Scioto V 8c N E 1st guar 4s.l989 119%121
114
117
115%120
Seaboard Air L Ry 1st g 4s.1950
31% 34% 32% 35% 32
35% 32
Stamped
18
82
83
29%
44
14%
82%
33%
42%
21
85
2812
25%
28%
41
20
83
24%
79%
36
37%
33%
30%
39%
59
23
36
San Diego Cons Gas 8t EI 4s. 1965 109
109
110% 108%109% 106
S Fe Presc 8c Phoen 1st 5s..1942 114%115
114% 11478
35
Schulco Co guar s f 6^s._.1946 30% 41% *40% 41%
39%
f 6'Aa ser B
59
28
41%
33
35
31% 34
*34% 37
28% 29
23
23
20% 23% 27
20% 21% 23% 20% 23%
1943 103% 103% 102% 103% IO2%102Z%2 102%2l02'5« I01»i6l02%z
Mont Ext 1st gold 4s
1937 101% 101% 101 101*32 100'S32lOI*,6 100516100-'|« 100 100*32
Pac Ext sterling guar 4s. 1940 100% 100%
105
105
101% 103%
124
113
118
St Paul Un Dep 1st 8c ref 5s. 1972 121
116% 118% 118
118%
115% 122
S A 8c A P 1st guar g 4s
100
103
102
103
1943 102
103% 99% 101% 100% 102%
San Antonio Pub S 6s ser A.1952 111% 112% 110% 112% 109
110% IO884 109% 109% 111%
s
59
24
39%
4^s...1941
amped (July *33 coupon).
68
33
45
St Paul Min & Man 5a
S
63
31%
82%
39
St P E GrTrunk 1st gu 4H«-1947
Guar
92
73%
7234
47
28
100
77
67%
67%
85%
27%
64%
96
96
75%
74%
44%
31
28%
20%
79%
81%
32%
36%
30
75
96
92
82
73%
74%
100
77
47%
30
55
10%
15
934
96
100
32
36%
33%
35%
96
100
88%
80%
85%
42%
82%
32%
30%
15
12%
100% 101%
103% 99% 103% 100% 102
10234103% 102
97
101% 99% 100% 9934101
100% 102
101
101% 100
10034102
108
109'4 108
109% 109% 109
109
109
109
109% 10834 109
*99" 98% 100% 9934100% 99% 100
99% 99%
98% 101%
79% 83
80% 82
100% 101
82%
32%
28%
32%
28%
31%
27%
32%
29%
31%
St Paul & Duluth 1st cons 4s '68 108
St P 8c K C Sh L 1st
12
105
10584 105% 107
105% 101% 103% 102% 104%
107
Southern Colo Pow 1st 6s A. 1947 105% 100% 10512 100% 104% 106% 103*4 105% 10484 10534
Southern Kraft Corp 42^8.-1946
85%
94
99
101
97%
98% 100
10038 101% 98% 100% 9434 98% 94% 9734
106%
106% 105
103% 105% 105
106% 104% 105% 104% 106% 105% 10034 106
122
122
118% 118%
122% 122%
123% 123%
105
i6034 102
99% 1003s
105% 98% 100%
102
101
*98% 10T"
9934 IOO84
106
108%
106%107% 106% 107% 106% 107% 107
107-% 105% 107% 100%107
104
107%
106% 107% 107
10634 1063s 107% 106%107% 106% 107
1043s 100
100
106
102% 98
100% 10434 100
105%106% 105
10534 106% 1033s 106
91
94%
100
97% 100% 89% 98% 90% 95%
100%
Southern Natural Gas—
100
Pipe Line 4^8—1951 100%101
98% 99% 95%
99% 100% 98%
Gold
94%
4^s
..1968 94% 98
Gold 4^s with warr May 1 '69
94% 97% 94%
Gold 4^8
1981 94% 97% 94
10-year secured 3% 8
1946 100% 102% 100
San Fran Term 1st 4s
1950 100% 109% 1O034
South Pac of Cal 1st con gu 5s'37 103% 103% 102%
Sou Pac RR 1st ref gu 4s...1955 100
108% 103%
4s Stamped
1955
100%
1st mtge
So Pac Co Cent Pac coll 4s. 1949
1st
4^s (Oregon Lines) A. 1977
...
1~12%
Southern Ry 1st con 5s
1994 110%
Devel 8c gen 4s series A..1956
78% 82
Devel 8c gen 6s
1956 98% 103
Devel 8c gen 6^s series A. 1956 101% 105
Mem Dlv 1st gold 5s
1996 102
105
St Louis Dlv 1st gold 4s..1951
98% 103
East Tenn reorg lien 5s.. 1938 104% 105
Mob 8c Ohio col tr gold 4s 1938
92
94%
Southw Bell Tel 3 Jtfs ser B..1964 108
S'western Gas & El 4s ser D. 1960 103
109%
106%
Spokane Internat 1st g 5s. 1955 33
Staley (A E) Mfg 1st M 4s...1946 106
106%
Standard Oil of N J deb 3s. 1961 100
Staten Island Ry 1st gu g 4H«'43
37
102
101%
99
100%
9034
96%
90%
97% 100%
94% 97%
95% 99%
91% 97%
90% 95%
90% 96
98% 101
or
B
1947 104% 105%
Gen ref s f gold 4s
1953 109% 111%
Texark 8c St Smith 1st 5^sA '50 107% 108%
Texas Corp deb 3}4*-1951 102% 105%
5s_1943 106%110
Texas 8c Pacific 1st gold 5s.2000 126%128%
Genl 8c ref 5s series B....1977 105% 100
Genl 8c ref 5s series C....1979 106% 108
Genl 8c ref 5s series D
1980 107% 108%
Tex Pac-Mo Pac Ter 5J^s er A '64 108% 109%
Third Avenue 1st ref 4s
1960
67% 72%
Adj inc 5s tax ex N Y_.__.1960 38% 4184
Third Ave RR 1st gold 5s... 1937 101
101%
Tidewater Assoc Oil deb3 2^8. .'52
Tokyo
1st
Light
Elec
m 6s
Co
9734
93%
94%
96
92%
92%
87%
87%
91%
88
90%
81
87
91%
91%
983.,
97%
88
90
87%
99%
96%
95%
90%
90%
98
101
94%
92
9134
9578
89%
89%
90%
84
94% 97%
98%100% 94% 98% 94%
81
85% 65
76% 66% 70%
93% 72
70
69% 75%
87% 6884 80
81% 91
95
59% 67%
7734 58% 69
82% 64
86% 71
68
71
7734 58
69% 59
82% 63
85%
69
58
67%
77% 57
71% 8134 63
85%
94
99% 88% 96% 84% 92% 82% 88%
100%
103
101
108% 103% 107% 103% 106
108% 106
100% 100% lOO'ialOO'ie
10*7 " 102 104% 94% 103% 85% 98% 89% 943s
100% 101%
92%
82%
89%
120
141% 116%130
102% 106% 104% 107%
160
160
140
141%
108
126
105
117%
105% 105% 104'*321053,6
120% 117
94
98% 102
56
' 7034
99%
79
87%
81%
43%
62
45
55
75
9234
60
80%
53
69%
47%
59%
79
94
63
86
55%
74
60%
87%
57
71
76
95%
92
93%
66
72
102
103
96
100
102
118
86
105
106
115
99
119
122
119% 120%
103% 10334 103% 10334 103% 104
85
93
86% 95% 89% 95%
106
106
106
107%
107% 107%
115
116
117
116
115% 116% 116% 116%
107
108
108
108
109
109
1093s 108% 110
109% 105
104% 105% 104% 10534 10434 106
107%108% 10334 107% IO384 105% 104% 106
102
10184 103% 102^8 104% IO384 1043s 103% 1043g
102% 104% 100% 103% 100
105
105
107
108
1073s 1083s 108
107%108
108% 108% 106
118
121
118
122
125
120
11*8% 121% 119 123 121% 12238 120 122
101
103% 101% 104
100% 101
104% 101% 1033s 101% 104%
105%106% 103
101
105
106
103% 101% 10334 100
10384 100
103% 100% 104
106% 103
1O034 100% 104% 101% 104% 100
106% 107% 104
10378 100% 103% 101% 104%
10834 109% IO884 109% 109
110%
10834 108% 107% 10S«4 107% 10834 10834 109
61
71
46
67
71% 60
66% 48
49% 40% 50
73%
52% 45
14
15
20
39% 46% 37% 4034 30% 30% 2334 32%
26%
14% 1034
84
89
90
95
101% 101% 100% 101% 99V 100%
89% 92
9734 98% 98% 100% 100
100% 100% 101
100% 101%
118% 120%
103
10334
87% 96%
106
106% 10034
115
115
115%
108% 10734 108%
100
100
103
108
119
104
100
103
87
115
122% 122% 119%119%
118% 118% 115
97
100
100%
93% 102% 97
103% 104
80
81
86%
82% 85% 83
85% 90
107% 107%
106% 106%
106% 107
11534
116% 116% 116* 116% 115
109* IO934 108%110
108%109% 108% 109%
88
91
83
87
97
1053s 89% 97%
104
10534
100% 104% 103% 105
102%104
107
108
107
107
110% 116% 113
115%
117% 11934 115%118
90
85
95
89%
95% 83
101% 90
90
97
82
88% 82
88%
95% 101
91
80
9034 81% 92
88%
95% 101
109% IO984 109% 110% 109% 109%
40% 31% 37% 28% 33*"
35% 43% 30
6
8%
5%
7%
5% 11%
8%
13%
75
77
85
76% 79
79% 80% 79
99% IOO84 96% 100% 99%100% 9934 IOO84
51
62
62%
59
64
99% 10234
97
10134
60
73
78
77%
80% 77% 79%
7734 80% 79% 81% 73% 80
75% 83
.1960 105% 108% 104% 107
102
101
103
104% 103% 10534 104%106
101% 105
Tol St L 8c West 50-yr g 4s..1950 101% 103
102
99
100
97% 98% 98% 9
102% 100% 102%
Tol W V 8c O 1st gu 4s, ser C '42
59
55
77%
103% 105% 103
Toronto Ham 8c Buf 1st 4s. 1946 107
1033410334 104% 104% 104% 10434 104
117
119
119
118%
112
113
115
115% 104
107% 105
107% 10434 105% 104% 104% 102% 102% 102% 102% 104
Trenton Gas 8c Elec 1st 5s. 1949
118
118
116
Trl-Continental Corp 5s... 1953 121
122
121% 119
118%123
conv 6V£s '43 101% 103
103
102% 103% 103
93
95
100
Tyrol Hydro Elec Pow 1st 7H«'55 90
95% 96
117
118% 110
104
117%
Traux-Traer Coal
sec
a
t 7s
.....
UJlgawa Elec Pow s f 7s
Union Electric (Mo) 3%s
1952
1945
90%
8534
117
115
115% 113% 116
98%
95
95
95
90
92
103% 1022*32 103
9
99% 96
93% 95% 94% 94%
90%
801?
90%
87%
90%
92%
95
95%
92%
94%
97%
95
98%
9734
94%
97%
98
96%
94%
100%
121
121% 119
117% 119% 116% 117% 116%117% 117
1952 102% 108% 107%111% 111% 114% 109% 112% 109% 111% 108
viz..
96
103%
96
98
96'2
9
95
101
99
96
97%
95
97
74%
79
75
Union El L 8c P (Mo) g m 5s. 1957 105% 106% 105% 107% 105% 106
106
107% 104% 107% 10334 104% 103%104
Union Elec L 8c P (111) lst5Hs'54 105% 106% 105% 106% 104% 106
104
105% 1022732105%
22
23
23
19
14
14
20
2034
19% 21
19%
16% 18
point;
97
97
100
95%
104
a
66
10334 102
98% 101%
1962
Note -Superior figures denote 32% of
99
96
105% 105%
104% 103% 103%
110
105
109
103
Union El Ry (Chic) 1st 5s
1945 20
Union Oil Cal 6s series A...1942 121
3>£s debentures
100
83
58% 70*"
108% 59% 93% 65
105% 104% 1O034 10484 106% 104% 106%
Ltd
$ series. June 15 1953
Tol 8c Ohio Cent 3Hs
Guar
100
85
77% 85*
91% 78
82% 90% 80
105% 10658 105% 107% 1073s 108% 107% 108%
100% 102%
100% 103% 98% 101% 99% 102
15
14% 15%
11% 17% 1234 16%
20%
102%
104% 10034 102% 101
104%105% 101
99
97
98% 99% 98% 100%
9734 97
105% 107% 106% 1073s 10484 107
142
147%
110
114
H384 121
101
118
105
119
123
1951 124%126
120%
Tenn Cop 8c Ch deb 6s B...1944 104% 105
104% 104% 103
Tenn El Pow 1st 8c ref 6s..1947 100% 104
98%100% 97
Ter Assn of St L 1st g 4J^s_1939 108% 109% 10734 108
106
1st con gold 5s..... 1894-1944 118% 118% 116% 117% 117
cons
96%
95
103
Tenn C I 8c RR gen 5s
Texas 8c N Orleans
99
81
84
81%
80% 89
83% 88% 81%
102
99*8 99% 100% 97% 100% 9878 100% 9884
107% 108
10734 108% 10734 108% 107%
108
100% 108% 107% 108
101
101% 101% 101
10234 102% 102%
10534 107% i0334
106% 103
106% 103% 1Q0% 104% 105% 104% 100
100%
108
100
109
112
104% 107
107% 104
104%
107% 110% 105% 108% 104
72
77% 70% 7434
7884
77% 79% 71
80% 85% 80
85% 77% 83
97
92
99
105
102%
97% 91% 94%
9734
100% 89
101% 105% 101
95
100% 93% 98a4
100% 10284 91% 101%
104% 110% 104
108% 101% 106
103% 103% 103%
105% 102% 102% 101% 102% 103% 103% 102
103%105% 104
95
98% 96
98%
100% 1013s 98% 101% 97% 99% 97% 98% 93% 99%
102
102
103
102% 103% 102% 102% 103
10134 104% 101%101%
88
94
95
94
88
93
92% 89% 93%
9531
95% 93* *94** 93
107
104% 105% 104% 10534 105
102% 105
106% 10584100%
105% 1083a 102
103% 104% 99
103% 99% 102% 10034102% 100% 101% 1003« 103% IO284 103%
33% 28% 32% 22
25% 20% 2234
28% 23
34% 39% 30
33% 40
100
106% 104% 100% 101% 104% 10334 104% 10384 104% 104% 105% 1053s 105%
96
98
98
96% 98
97% 98
96%
100% 96
99% 95
97% 98%
Studebaker Corp conv deb 6s '45 112% 136
135
156
130% 159
Swift 8c Co 1st m 3Ha..
1950 105% 107% 105% 106% 103% 107
195
175
Symington-Gould conv inc ww'56 157
189
175%192
Without warrants
..1956 121
143
127
138
125% 141
Tenn Cent 1st 6s A
97%
91%
92%
!05'*=t05'*j2.
a
118
111
Deferred delivery.
105
85%
97
97%
98%
96%
96%
95
95
73
72
78
75%
77%
102«2 10584 105%106% 105»4 107%
69
11
11
13
14
14
14«4
11%
8%
8%
11%
117
118
116%118
117% 118
118%118% 117% 118% 117%118
101
10734
107% 104% 106% 105
109% 111
109% 111% 105%110
r
Cash sale.
Volume
146
Financial
Chronicle
211
1937—Continued
March
January
June
February
May
April
October
December
November
July
August
September
High Low High Low High Low High Low
High Low High Low High Low High Low High Low High Low High Low High
BONDS
Low
Union Pac 1st & Id gt g 4s. 1947 114% II6I4 113i81147g 110
11412 HOI4HH2 110*2 114
110*2 11334 11258 11488 113*4 114*4 1107s 113
111*8 113
11034 112% 111»4 11434
1st & refunding 4s
..2008 108
1097S 10712 109i8 105
105i2 10378 106*2 105*2 107*2 106
1083s 103
103
108
10734 106*4 108*8 105*2 107
107*4 104
107% 105
1st & ret 5s
2008 111%114% 11112 11212 11178 113
113
116
115
114
115
1155s 115*8 116*2 114
116
114*2 115*2 115
11534 113%115% 114*4 115%
99
34-year 3J^s debs
97
1970
95
100
IOU4
96
983g
95
93*4 9514 94ls 97
91
95*2 97*8
98*2 93*4 96
97*8
95*2 90% 94% 9214 95*4
35-year 3j^s debs
..1971
99l2 10H2 97l2 9984
945s 9R5s
96
9234 95i2 9378 96
95*2 96*2
United Biscuit of Am deb 5s '50 107% 10784 106*4 107*4 1065s
10734 10554 10714 105*2 107*4 106*2 109
1065s
United Cigar-Whelan Sts 5s 1952
United Drug Co (Del) 5s...1953 102
1035s 10l34 1033s 100% 10234
United N J RR & Can gen 4s '44 11418 114ls 113
114
United Rys St L 1st g 4s
1934 35
363s 33% 35l2
U S Pipe & Fdry conv deb 3 )^s'46 148
161
U S Rub 1st & ref 5s ser A. 1947 IO6I4 107
United Steel Works
A. 1951
22
157
155*4 167
35%
28
3214
170l4
106
28l4
9712 100i2
107% 10512 10612
23% 30
2414 33l2
2 712 27%
241 z 32i2
105*8
1065s
2514 26
2514 25i2
24
24% 30
32l2 2514 26
Utah Lt & Trac 1st & ref 5s. 1944 10334 105
1035s 104*4
9912 10514
975s 100i2
Utah Pow & Lt 1st 5s
1944 10514 1065s 104% 106
10078 106
101*8 10378
60
Utilities Pow & Lt deb 5^8.1947
69
62% 67
6134 6512
56*8 62
58
Deb 5s with warrants
1959
55
67i4 60
64%
61*4 6412
6II4
Vanadium Corp of Am conv 5s'41
98*4 105
101% 108% 10334 108l2 10212111
Vandalia con sol gold 4s
..1955
11038 1103s
Consol 4s series B
1957 113is 11318
110l2 H012
110l2112
Vera Cruz & P asstg 1st 4^8 '34
4
4
5i2
4%
458
334
4*8
412
4
July coupon off
4
Sec
s
f
63^s ser C__
.1951
63^8 series A.....1947
S f deb
"22"
95*2 100
111
32i4
23
275s
9512
111
111
33*2
97*8
955s 98*4
112
111*4 111
25
1942
Va Elec & Pow 4s A
Va & Southwest 1st gu 5s__2003
1st consol 58
1958
Virginian Ry 3%s series A.-1966
Wabash RR 1st g 5s
1939
2d gold, 5s
1939
1st Hen 50-yr g term 4s
1954
Det & Ch Ext 1st g 5s
1941
Des Moines Div 1st g 4s..1939
Omaha Div 1st g
3^8
1941
Tol & Chicago div 1st g 4s 1941
Wabash Ry ref & gen
Ctfs of deposit
5*^
s
A 1975
Ref & gen 5s B
1976
Ctfs of deposit
Ref & gen 4£jjs series C..1978
Certificates of deposit
Ref & gen 5s series D....1980
Certificates of deposit
Walker (Hiram) G & W 4^8.1945
Walworth Co 1st 4s
1955
68
debentures
1955
Warner Bros Plct deb 6S....1939
Warner-Qulnlan deb 6s..
1939
Warren Bros Co deb 6s
1941
Certificates of deposit...
ser
E.1963 121
12314 1177s 120i2 117*4 118
117
117l2 117*2 119
119
119
...1961
33^8 series I
Western Pac RR 1st 5s A
1946
36i8
4014
36
21*8 24*2 2158 26
10734 10834 108*8 109
55
60
51*4 58
30-year 5s
40*4
1960 107i2l09l2 10512 IO8I4
Westphalia Un El Pow 6s..1953
36i8
40%
34
37
32*8
35*4
20l2 23
9714 100*4
94l2 96
105
Convertible debs 3%s
20*4 23l2
9612 100
23
26
28
24
106
86*2
6634
14*4
9% 1234
8%
12
108% 108*4 109% 109
10934
48
45
106*2 106
106
103
103
103
84
88
105*2 10358 10484 102
105*2 104
92
82
93*2 83
84*8 69
79
64*2 67
54% 83*8 44
105
106
93*2
97*8
104
8
2434
IO884 106
45
106
95
1058
107
96*2
89*2
8978
•
45
45
52
103
58"
104" 104%
82
65
72
46
30
38
59*4
104% 105
6438
73
34
40*2
45
-
-
-
60
—
60
45
45
45
40
60
40
1434
12
9%
11%
15%
11%
60
60
61%
60*2
6H4
30*4
34%
31*2
26%
29
18
26*4
25
25
20*2
21
26%
28%
16*2
2558
28%
33%
28%
25
25
28*2
33
25
27%
16*2
28%
30
23%
23%
29%
33*4
26*4
28
28
28
29
28
10%
21*4
11
10
11
10*2
2034
1034
14%
12
18
25
10*8
20
21
21
12
17
1034
16*2
26
10*2
20
10%
9%
"16*4 "l4
1034
14
15%
12%
10*2
15
12"
15%
10
10
12*2 12l2
9%
10
106% 107*2 104*2 10678 103*2 105*2 100
104% 101
103%
79
66
71
81% 85%
82*4
845s 67*2 79*4 68*4 75
104% 107
78
95
96*2
94%
95%
46
49
56
62%
96*2
95%
95
97
83
93
78
86
74%
78
84
95
70
87*2
77
85
72
80
46%
52
98
93
5212
49
54
5212
5334
58
35*2
52
30
44
35*2
47%
38
47
28*8
1185S119
11858 1193s
109l2 109*2 110*8 110*8
104i2 107
10558 106*2
101*8 10334
9778 10134
106*2 10734 106
107*2
108*s 10938 10938 110*8
29
33*2
30*2
32l2
32l4
30
3234
27
30
1936
22
25*s
22i2
Certificates of deposit
Wor & Conn East Ry 1st 43^s '43
23
24
22
25I4
23*8
100
101*2
107
107*2 107*2107% 107% 107%
109
108*2 109
109%
107
105" 105%
105% 106
10678 106
II884 121i8 120% 12178 121%121% 121% 121*4
101
9638 100
9934101
102%
118*8 120
119*8 121
119% 120
120% 121%
110*8 111*8 109
110*2 110
110%
105
106
1063S 10514 107
10734 107% 108%
9658 100*8 89*2 99
88*2 9534 89% 94
103*2 106*4 98
103%
96*2 100*4 94% 9734
107
10734 109
10834 107
10784 107% 108
24
17
20
2934 16*2 25%
1934 18
24
29*2 16*2 25*2 17
19% 17% 19%
100
98
100
100*8 101
98*2 100%
100%
73*2 87
65*2 80
66*2 72% 5834 07%
70
80
66*2 89*4
70% 76% 5934 7134
10678 107
106
87
101*4
88
897g
63*2
88*4
65
74
51*2
69
24
25
25*2
1934
19%
20
23
90*8
92%
9234
86*8
75
88
78
70*8
86
87*2
85
87
91*4
82%
20%
71%
22
9212
2038
9158
83*4
78*2
21
67%
24*4
93%
25*2
86
22
89
7434
81
68
73
67
107
107
92
96
92%
107*4 101
10434
98*2 10134
1947
Certificates of deposit
87
30"
19
Winston-Salem S B 1st 4s..I960 11312 115
llll2112l2 10678 110
105i8 10512
Wiscon Cent 1st gen g 4s
32
1949 30% 3512 30
26*2 3H2
2658 29
Sup & Dul div 1st 4s
72*8
"25"
91*4
19
21
25%
20*8 23
9712 90*2 93*2 91*8 93*4
92
Registered
2361
96
86I4 92l2 86i2 88
86*2 87
Wheel & L E 4s series D
1966 I06i8106l8
105
106
106
106
10512 105
Wh & L E RR 1st con g 4s..1949 11278 113
107
112% 113% 109
1075s 110
112l2 106
Wheeling Steel 4>£s A
1966 101
99*4 102
103i2 10H2 103
97l2 100*4 98*8 101
White Sew Mach deb 6s
1940 10384 10412 104
103
104*8 104*8 105
104l2 102*2 103
Wickw Spencer St Corp 1st 7s '35
Ctfsof dep Chas Nat Bk
3434 39*8 38% 40*8
40*2 47
37l2 42*4 32i8 3878
Wickw Spencer St Co 7s ctfs '35
35
37
39
4034
39i2 38
39*2 47
42*4 31
Wilk & East 1 st guar g 5s..1942
50
54l2 62
2738 35*2
54%
40*8 4934 375s 41
Willmar & S F 1st g 5s.....1938
10378 1037S
1037s 1037s 1035s 103*8
Wilson & Co 48 series A
1955 IO214 10338 10134 10314
99" 1~0~2% 99 101
9934101
2361
27
50
Ak ssou ted
36
3512 39% 3512 3958
32*2 35
355s 39l2 34
2938 3158
28*2 3234 29*4 32
West Union Teleg coll tr 5sl938 103i2 104i2 10134 103*4 10258 103*8 10134 102*8 10134 10234 100*4 102
100*2 10138 101
10138
Fund & real est 4*^s gold. 1950 107l211178 106i2 109
90
93
10412 107i2 103*8 106
98*8 10212 89*2 101
84*4 91*8
Gold 5s
1951 106
105
106*8 10434 10578 101
10712 105
9834 1027g
88*4 10234
89*2 96
88% 91
West Shore 1st 4sguar
945g
III84
26
48
100
101*4 101*4 101*4 101*2 100
106
1 0734 106*8 107
107*8 109
110*2 110*2
106
107*4 108
107*2 106*4 1063. 10634 10634
118*2 1185s II884 11934 11978 120
120*4 121
107
107
1085b 10634 108
IO8I4 108
109*4 10858 109*2
10912 109
104
106
1966 10734 109% 10518 107*4 102
10214 105
104*2 10412 106
West Maryland 1st gold 4s..1952 10434 10612 102l2 105l2
99*4 103*2 100l8 104
103*8 1 0434 10134 104
1st and ref 5J^s A
106
1977 IO5I4 10734 106
106*4 10534 107
107*4 106*8 107*2 107
10858
West N Y & Penn gen g 4s
1943 I1034 111% 10978 111
10914 111
10734 108*8 106
108*8 10758 108*8
1st mtge 4s series H
1st mtge
99
32
85
111
93*2
"27*2
28
91% 94% 92% 95%
105*2 106*4 105% 106%
51
64% 50*2 70%
80
73% 82% 73
109
108
109
110%
80
80
7714 78i4 80
102l2102l2 101*2 102i2 10H210112
Wash Term 1st gu 33^s
1945 110i2 110*4 109*s 110l2 10834 109
104i2 106*2
1st guar 40-yr 4s
...1945
11234 11234
Wash Water Pow 1st ref 5s.1939 10834 108*4 108i8 108is 10478 106
105*4 107i2
Westchester Ltg 5s stpd gu. 1950 126% 12718 12158 122
120
120
116
118
Gen mtge 33^8..... ——1967
West Penn Pow 1st 5s
95*2 91*2 95
107
107*4 106
106
130
128*2 130
12284 109
114*8 106% 110% 108% 112%
105
107*4 10634 107*4 10434 107*8 103*2 10578 100
10434 102
31
30*2 313s 23*2 26*2 23
2458 24% 27
25% 28
24
31
31
28
23*8 24
25% 25% 26
24
30*2 "3O84 31**2 24
19*2 24
22*2 27
24% 28%
100*4 98
9934 91
99*4 88
9434 86
92% 8484 8884
10278 10078 10278 93*4 101*4 88*2 9434 84
8884
94% 86
50
57
50
51
50
42
55
49
58*2 41
50*2 43
50% 54% 50% 51*2
49
49
55
50
41
55
49*2 58
50*4 43
4834 42
50*4 51%
50*4 54
102
105
100*2 10338 100
81
84
10334 10178 106
95*8 102*2 89
98*8
81% 89
111
111
107*4 107*4 108
108*4
111*2 111*2 111*2 111*2
110
110
110
110
116% 110%
3
3*4
2
378
334
*3*8 "3*2
23s
3
358
2% "i34 ""2*4
1%
2
41% 30% 353s 27
32*4 24
31l2 21*4 275g 20
24l2
10934 10512 109
104l2 1 083s IO6I4 107l2 10678 1083s 107*2 109
58
67
64
57
62
60
6212 6278 60
59*2 58
110
110
110
103
103
110
103
103
103*4 105
166" 101% 100 101*4 99 10034 94
9714 94*4 97*4
95*2 97*2
10434 10714 102% 10634 10134 10478 101
103% 103*8 10434 103, 105*8
103i8 10378 10278 1035s 100
101
87
103*8 92
90*2 95
94l2
93
96i4 9878 96
9712
93*2 81*2 84*2 80
80*4
97i8 84
85
86
82i2 86
8312 84l2
102l2 102l2 106is 106i8
100
97
97
102l8
80
81
80
7812 78i2 80
7434 7434
69
64
6912 7114 67
69*4 62*4 64
62i"8 63
99
9734
99*4
99*4
35
43
393s 4214 39
40
4234
4184 4478 38
2934 35
38
32
32
3934 37
3912 3934 41l2 3412 34l2
39
42
37
37l2 42
40
40*4 44
4214 "34"
2934 3438
32
3712 3934
35*4
3912 41
3312 36
38" 4F% 40
43 78
3714 41
29" 33
3212 38*4
3534 41
35
39
38i2 3812 38
3934 32
37*2 30*4 30*2 27*2 27*2
38
42
37
42
41% 39
4078 44
34*2 40
30*8 35*2
37
35
40
35
35
40
35
3712 37
3812
28*2 28*2
105
1063410878 106*4 109
109l2 104
106*4 104*2 105*4 104l2 105*8
90
80
8334 88I4 86
88
78i2 83*2 77*2 81*2 77*2 80
95
96i4 99
96i2 98i2
99*2 94
95*2 96*2
9578 94% 96*8
99
IOOI4
9734100
94*4 98*4
9334 98
94*s 95*8
93*4 955s
5012 5534
5112 5478
49*2 5312 4518 52
44r>s 49
4634 49
72
76
62
65i2 725s
667s 72*4
68I4 73
61*2 0734 55
70
7634 6512 71
77
933s
107
120
120
128*s
107*8 106*4 107*4 106*2
25*2 28*s 28*8 30
30*2
26
26
31
29*4 30
25*2 28*8
28*8 2934 2934
96*2 99*8
975s 100*4 98
98
101
98*2 102
100*4
65i4
Warren RR 1st ref gu 3>£ s ..2000
Wash Cent Ry 1st g 4s..-.1948
98
1061*2
1955 107i2
Va Iron Coal & Coke 1st g 5s '49
27
285g
32
Vertientes Sugar 7s ctfs
95
97*8
107*4 IO684 107*2
2414
19*2
21*4
24
29
25
2534
2434
24l2
2212
18
1912
17
16*8
16*2
17
107
107
8038
1087s 109*2 111*8 111 ^4 11134 11234 IIO84 111
99% 101
9834 100
100i2 10138 93*4 101
103*8 103*2 1025s 103*4 103*2 104l8 10278 104
38
34
78*4
68*2
107% 107% 107
107%
11034 111% 111% 111% 11034 111
85
95*4
84% 93% 83% 89%
107
97
107
102%
92%
37
39*2 36*2 42*2 27*8 38*4 12*4 20%
1234 15%
34
3S78 3434 39*4
36*2 42% 2578 39
12% 26
17% 2334
1234
19%
15
15
7
2214
16*8
958
6*8
8%
8*2
1758 12
12*4
8*2 1034
10334 105
103*4 10334 103*4 103*2 10212 10212 102
102% 101%102
1013s 10134
92
103
100*4 1015s 101
101*4 104*8 100*4 10278 97% 100%
9734 93
99%
94
90
91
IOO84 10034 95
76% 85
100*4 89
109
108*8 108*8 108*4 108*2 109
108% 108*2 108% 108*2 108*2 109*2
22
29
26
13
21*2 24
10*2
1834
15*2 223s
12*2 15%
16*4
21*? 23*2
25
25
21
11
26*8
20*2 22
1134 14%
22*8
15*4 20*8 1234 18*2
14%
15
11
7
20*2
1478 16
16*2 18*4
18*2
6%
11
834 10
9%
15*8
16
17
15
15
14
15
7
1734
15*8 15*8
10*4
10*4
8%
7
7
6%
6%
Youngst Sheet & Tube—
Convertible
deb
33^s
1st mtge s f 4s series C
1951 12378 133
19611104
105
Note—Superior figures denote 32ds of
a
144
133
130% 137*2 132*8 162l2 135
151*2 132
12512 137
149*2 141*8 150*2
102
105
98i2 103
10H2 10034 104
9912 101*4 10034 101*2* 100
102*2 10334 101
point; viz.;
105*3=105*532,
a
Deferred delivery.
103
96
101*2
96
100%
96
98
Cash sale.
r
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT N. Y. STOCK EXCHANGE IN 1937.
March
June
January
February
October
November
December
May
July
April
August
September
High Low High Low High Low High Low
High Low High Low High Low High Low High Low High Low High Low High
BONDS
Low
Agric Mtg Bank s f 6s
Feb
6s
1947
1 coupon on
April
1948
coupon on
Akershus
(Dept) 5s
.1963
Antioquia (Dept) col 7s A 1945
External
Extl
s
f 7s
s
f 78
ser
ser
2.534
2534
27%
27%
25%
25%
30
25
27
25
30
25
27
98
9834
99
99*2
98*s 100
15
16*4
14% 16*2
22%
97%
13%
13*4
14*2
14%
20*2
16
18%
1945
20
15%
18%
1945
B
C-.
15
20
16
18%
14%
14%
12%
12%
17
14%
1384
26%
25%
23%
2434
23
23
24
24
23
23%
99
97
9834 100*2
16
16
12%
16
13
98*2
15
14*i
1434
13
16
18%
20*4
16*4
16% 1234 14%
13% 16%
17*2
14%
11%
12% 15
13%
15
13
15
13% 16*4
16%
13%
12%
13
13
Extl 8 f 7s 3d series
1957
15
16% 13% 16
14% 13
12%
13%
101
98*s 9934 99% 100*4 100*4 10034 100
Antwerp (City) extl loan 5s '58
100% 101%
Argentine Govt Pub Wks 6s '60 102
102% 101% 102% 101% 102% 1012*32102',6 I01'532l01«32
100% 101% 100% 101
Argentine 6s of June 1925..1959 101% 102
10()732l00",6 99*'32100932
Extl s f 6s of Oct 1925
101
1959 101% 103
102*4 101% 102*4 1012%2102'16 101'532l012*32
S f g 6s series A
102% 1013*32102*4 101%10|2532 101'161017,6
1957 10134 102% 102
Extl s f 6s series B
1958 101% 102
100% 101% 100*2101*32 100*32 101
99**32100*4
Extl I f 6s of May 192>...1960 102
103*4 100*2 102*4 101*2 102*4 101% 102*4 101*932l02
Extl s f 68 (State Ry)
10234 10134 102% 1015,6 102
1960 10134 102% 102
101',6101"32
Extl 6s San Wks (Feb '27). 1961 102
102% 101% 102% 101% 102
100**32 101% 100",6 00*5,6
Pub Wks extl 6s (May '27) 1961 102
102% 101% 102% 101% 102% 101% 102
10234 101
Pub Wks Extl SVxe
1962 10134 103
10138 102% 101% 101% 100%101532 100«,6100%
Sink fund extl 4H«
1971
97*2 100
99%
96*4 99% 9734 9934
Extl
Extl
2d
s
f 7s series D
7s
1st
1945
series
.1957
series trust receipts
1957
14%
13
12%
Sink fund extl conv 4s Feb 1972
S f extl
conv
4s
..Apr 1972
Australia 5s
Extl
Extl
5s of
s
Austrian
Bavaria
1927
July 15 1955 109*4 110*2 106*4 10934 10434
June 1957 108%110
106% 109% 104%
f 4Hs of 1928
(Govt)
(Free
s
f 7s
1956 101% 10234 100% 102%
1957
102%
99% 101% 101
19
22
20*2 24
99*2
98
State) 6HS..1945
18*2
Belg (Klngd)25 yrext 6*^8.. 1949 108*2 10934 108*4 109% 108
External
s
f 6s
1955 105% 107
105*4 107% 107
External
s
f 7s
1955 115%117
116
Bergen. City of (Norway) 5s 1960
99
102
Note—Superior figures denote 32ds of
117*2 116*4
101% 102*8
a
'
point; viz.:
99
11*2
13*2
12
13
11%
11%
13
13
23%
24
23*4
24%
23*2
23%
99
99
99% 100*s
14
13*2
12%
12*2
12*2
12%
24
24
23
23%
23%
23%
99*4 100*2
12
13*2
12
13*2
9*2
9*s
12%
12%
9%
12
11*2
11%
11%
10*4
10*4
11*2
101%
12
13*2
12*4 13*2
8%
12
10% 12%
8%
11*2
13
12
11% 12%
11*2 12%
8*s
10*4 12%
11% 1234
11*2 12%
8%
102
100*2 101*2 100
10034 10134 100
101% 101*2 100253S 01"« 100**3» OO2232 99**m 101
101%10P532 100233C 01*32
11
10*4
21
99
22%
23%
100*2
6%
9%
6
8*4
6
9
6
9*2
6
7%
7%
8
7%
6*4
22%
99
9*2
6%
6%
6%
8%
8
5*s
6
8
6*s
99
102
5*8
97
■
7*2
99%
17%
20%
18% 21
99% 101
5%
5%
6
5%
7
7
7*4
7%
5
6
5
5%
5
97
6
100*4
100**32 00**32 99**32lOO»3J
100"16101*32 100%«100% 100
100®32
101'7321012932 101*ul01% 10034 101*32 100%100*'i« 99**32 100*32
100", 6101*32 100%«100% 100',el005i«
100*32 100*4
i0V732l02%2 101 *8101**32 100% 101*8 100%100*'ie 99**32 100*2
I0093z100% 99**32 100*I«
100
10134 100*4 101*2 101*8 103
100% 103*4
98*2 103%
93% 95*4
90% 92
91% 93*4
89*2 94*8
93% 95*s
90
93% 94%
94*4
106
106*4 105
105% 107
106*2 109*2 105% 108
105%107% 106*4 108
104% 106*2
106
106*4 104% 106
106*2 108% 104*2 107*2 104% 106
107% 106*8 107% 105*2 107
100
102
101% 101
101
101% 103*4 101*2 102% 102
103% 100% 102% 100
101%
102
99
103
104
104
101*2 100*2 102% 103% 104
104*2 103
104*8 103% 104*2
25
25*2 18% 19% 19%
25*4
25*2
19% 20*4 25*4 24
19% 24%
19% 20
111
110*4 108*2 109*8 109
110
109*4 110% 109% 110% 109
109% 109
108*2 110%
109*2 108
109% 108
108*2 108% 110% 109% 110
108% 110% 108% 109
103% 109
118*4 116%118% 116% 117% 117% 118% 117
118% 117*4 118*8 116*4 H7% 112% 117%
101
99
103
100
100
101
102
101*2 102% 102
100*2 99
103*? *100
103%
105'*=105'5j2.
21
23%
23%
100*2
22%
a Deferred delivery.
r
Casb sale.
88*4 100% 93
96%
80
91% 84% 89
80
91% 85
89%
104% 10534 104% 105*2
103% 106
104*4 105%
99% 101
99% 100*2
103
103% 104
104%
20
21% 19% 20%
105% 108
106*2 107%
101%106
10218 104%
110*4 113% 10934 115%
99*2 100
99% 99%
Jan. 8, 1938
Chronicle
Financial
212
1937—Continued
December
November
October
September
August
Juno
July
March
May
April
February
Low
High Low High Low
Low
High Low High
Low
High Low High Low High Low High
High Low High Low High
January
BONDS
Low
6H»
1950
.....1958
Braxil (U S of) extl 8s
1941
Extl sf6Hs of 1926
1957
Extl a t 6H® of 1927
1957
Cent Ry 30 year 7s......1952
Brisbane (City) a f 5s—...1957
Sinking fund gold 5s
1958
20 year s f 6s
1950
Budapest (City of)—
6s June coupon on
1962
Buenos Aires (City) extl 6)£s '55
Extl s f 6s ser C 2..
1960
Extl sf 6s ser C 3
I960
Buenos Aires (Prov) extl s f 6s '61
Stamped (Sept 1 1933 coup)
External s f 6^s stamped. _ 1961
2Il2
597g
47
41
24l2
52
4678
40l2
47
41
41%
101*4
101*4
103l2
28*8
31*4
28*8
30
26*4
1934
19*4
24
20%
22%
50
4234
37%
24*2
49
54«4
42*2
23*2
23%
46%
40%
40
24*2
45
55%
23*2
20*4
46
20*8
20*2
19*4
19*8
44%
101*2 102
28%
29*4
28%
29l2
33%
100*4 101% 101%
100
101*4 100%
85
88*4
100% 102
99*4 101*2 100*4 10212 101*2 102
98
101
101
101*4 101*4 101%
97*4 98*4
103
87
84
88
91%
84
86
8212 84
84*4 88*e
85*4
77%
89%
8578
78i8
78*4
83*8
81%
85i4
6478
100
101*8
100
102
100
86
78*2
83*2
64*2
50
60*4
56%
705g
80*8
91
91
92
89*2
91%
91%
81
84
82%
92
84
76"
85
77
1967
1954
f 7s..l950
6s Farm loan
July 15 1960
6s Farm loan
..Oct 15 1960
Farm loan 6s series A
1938
Chile (Rep) 20 yr extl s f 7s 1942
76%
83*2
85%
83
84%
78
83%
7134
65%
76%
68%
88
80
86
73
81
67
80
70*2
58*4
56%
59%
6334
67*4
61*2
56
58%
48*8
57
50
56*4
87*2
6434
85%
28
27
83%
88
65%
79*8
60%
20*2
21%
19*4
18%
19
16%
16*8
18
2158
18
19
16*2
15*8
15*4
19*2
18
21%
18%
20
17%
19
16%
19*2
18
22
18*4
1934
19
16%
18%
18%
16%
18
16
17%
15*2
6734
66*2
68*2
70
70*4
69*2
19%
19*4
24
23
24
30%
36
38
44
19*4
197g
25*8
24
18*8
18*4
23*4
19*4
19*4
24
18*4
23*2
24
23*2
Sept 1961
1962
19*4
24
19*4
24
External sinking fund 6s 1963
19%
24
6*^s June 30 '57
16*4
20
18*8
18*2
18*4
18*2
15*4
6%s of 1926...June 30 1961
1961
16i2
16»2
16%
19*8
20
15
18%
15
17*4
17%
21*4
18
53*2
19*8
55
55
65
05
66*2
19*4
24*2
18*2
2012
18*4
External
s
f 6s
Jan 1961
Ry external s f 6s
Extl
s
f 6s.
External
s
f 6s
Chile Mtge Bk
S f
Guar g 8 f 6s
Guar
8
1962
f 6s_.
1960
Chinese Gov Hukuang Ry 5s'51
Chilean cons munic 7s.
53*2
19%
1950
of'280ct '61
Cologne (City) Ger 6)4 s
Colombia (Rep of) 6s
1946
Sf 7s of 1927
1947
99
97
9758100*2
99
96
9734
99%
93
94*2
96
99
95
97%
96's
96*2
98*2
90
80's
86
79%
74
77
74
Costa Rica (Republic)—
78 May 1,
1936 coupon on 1951
Extl 58 of 1914
External 434»
28
.1949
30 yrsf534s
1953
Public works 534» June 30 '45
Czechoslovak (Rep) extl 8s 1951
Sinking fund 8s series B—1952
Denmark(Kingd)20 yr extl 6s'42
Extl gold 534s
1955
External gold 434«
1962
Deutsche Bk Am part ctf 6s '32
Stamped ext to Sept 1 1935
Dominic Rep Cust Admr 5)4s'42
1st ser 534s of 1926
1940
2d series s f 534»
1940
Customs Admin 534» 2d...1961
534» 1st series
1969
534 » 2d series
1969
Dresden (City) extl 7s
1945
El Salvador (Rep) Customs 8s '48
98
—
103
100*2
100*4 101*4 100*8 101
99*2 100*4
45
50
74l2
81
76
82
807g
72
80*8
75
82
797g
73
80
75*4
82
78
23
23
23
12%
23*2
23*2
13%
15%
15%
18
21
24
20%
19%
22%
24
12*4
20%
17%
24
21
24
18%
2034
20*4
100*2
98
99*2
98% 100
94%
75
74
85
83
83
8234
80
70*2
75
69%
73%
f
sec
7s.......1964
Secured 6s.
1968
6s part paid
Hungary (King of)
Irish
s
f 734s..1944
1951
Italian Cred Consort 7s B..1947
Japanese Gov ext
Extl
s
s
1952
f 634s... 1954
f 534 8
1965
78 unmatured coupons onl957
25
21*8
19*8
'75"
79%
76~
76"
78
75
75
75*2
79
78
81
20*g
76
76
66%
58
99
98
61%
80
65%
77%
69%
74
65
70
75%
70%
71%
79%
75
70
70*8
70%
59%
75*4
77*2
75*2
65
71
"55"
77
73
77
71
71
55
59
75%
76*2
77
25*2
71
75%
70"
74""
59
65
59
59
73
77
69*2
70
20%
61
61
25*2
26
25
73
76
19
20%
63%
"26"
21
64"
20%
40
44
56*2 56%
56*2 57%
56% 58
56*2 57
55% 56*2
99
10034
99
99*2 100
99*2
99
99
100
99*4
98
99*2
107
108
105*2 10734 105% 107*4 IO684 108
106% 10734 10534 107
20
21
19% 21
18*4 20%
1934 24*2
23
24% 25*4
24%
23
103% 107
102% 106
102% 107
102
104
119% 105
109% 107% 110
93
100*4
97
103
99*2
92% 98
102*2 98
105*4 100
111*4 98
113
109
107%113
111% 108
107% 116
105% 106%
119
100
101
102
100
102% 101
100
110
100*4 ioo"*4 100
118% 105
61%
99
107% 107*4 109
24
21%
116
110
27
23%
26%
31%
26
29
28%
26*4
25%
27
23
25%
21%
28*g
26%
30*2
28%
23%
25
2834
27%
30*4
21%
30
2884
23*2
20*8
22
28*8
22
25%
22
24%
25%
30
2434
29
34
30*2
36
35*4
35%
26%
33
24%
28*4
29*4
2934
24%
30%
23
32
25*4
29%
27%
36
30%
29%
23*2
36
30
33%
28*2
27%
23%
24%
25*4
21%
21%
29%
24%
23%
21%
3134
2534
24%
26
29
28*4
30
29*2
34
28*2
32%
29
31%
28%
29%
28%
29%
36
36
33%
34%
33%
30*4
37*2
33
3534
25%
36*2
37
42
34
36
29*4
3434
33
33
33
35
3034
32%
29%
29
26
30
27%
25*2
26*2
87
96%
18%
19%
2234
27
24
23*2
29%
23%
33*2
30*2
33*2
23*4
28*4
19*4
2378
25
24
30*2
24%
32
33
36
35*2
41
36%
38
33
99
98
34
98
100
30
28*4
31%
98
99
99%
983g
28
28
29*2
35%
100
99*2 100
101*4
106"
17
25
1734
19
23*2
19*2
17
105% 107
2534
30*4
30*4
"25%
23*2
24*4
23
23
27%
51
47*2
50
50
115
20*2
105*2 105
23*2
25
24
24
26
25
25
25*2
35%
99%101%
29%
98*4 100*4
24% 25
24
20
20
20
105% 105
105*8 105
23%
23%
25*2
25*2
25*2
25%
23*2
2234
2434
24
32
20%
22%
27
27
24
49
51
25
28
25
28
97
100*4
98*g 100*4
20
18*8
17*4
105*2 104
23*8
22%
72
88*4
87*4
87
94
99
17%
19%
19%
71*2
76*4
82*8
71%
80%
72%
93
99%
95
97*2
93%
9634
93%
77
95%
79*2
85*4
80*4
82*2
80
82*2
79%
81*4
243g
99
76%
-
77%
94%
98%
75
9734 100%
81*2
86*4
85%
71%
92%
77*2
71*4
89%
74
99%
87
40%
20%
20%
20
20
13%
1678
5*2
7*2
7*4
5%
7*4
8
8
8
10*4
7%
7%
10
7%
8*4
7%
7%
7*2
18
18*4
57*2 62%
11434 114% 11434 11434
73
82%
78*2 78
58*4
73
73
78
82
57
65%
60
67%
96*4
76*4
78%
74%
82
71%
83%
63
86*2
69*2
67%
82
52*2
63%
62
70
63
68*2
39
39
39*2
40*2
20*4
20*2
20%
21%
40*2
20%
43%
20*4
97
97
98%
98%
40*8
39%
42
40
41%
41
42
38%
20*4
24
24
26
26
24
24
20%
41%
20%
98% a98
a98
14
5%
11
12
9*4
11%
7%
8
18
18*4
18%
56%
61
7%
17
20
18
71*4
5*2
13
20
18
1734
63
97*4
'25
18%
20%
7334
1134
40*4
20*4
20%
1734
68
20*4
33*2
24
19%
18%
75
39%
39%
21
32%
24
21*4
72%
6%
37
19%
39
2934
2O84
18
18
17*4
17% 17%
105
104% 105
105*4 104
49%
85*4
80*s
84
30
19%
22% 2234
24% 25
56
58
58
59*2
58% 60
55
62% 60% 62
56
113*2 114
114
113% 114% 114
112
113
114*4 115*4 113% 114%
114*2 114% 115
65% 84
88
85% 8634 80*8 85%
85
87% 85
92
82% 88*2 85*2 87*4
65
78
76
83%
82
84
84
85
89
89
85% 83*2 85%
92% 85
27%
51
113*2 113*2 111
88*4 93*2 80
105
106
23%
24
27%
25
19
23%
26%
25
19
23*2
19%
23*4
24
30%
24
21%
105
24
23
22
18
105*4 106
23
213s
21*8
21%
48*4
1834
18*2
17%
31%
28
26*4
31
31*8
96%
35
100
27*8
29
71%
7%
7
8*2
10
11%
9
11%
10
11
...
95
97
98
13
15
12%
16
5%
"7% "8
5%
8*s
6
7
3%
3%
2%
2%
5
6%
6
7%
6
6%
4*4
3%
4*2
3%
4
7
7%
9*2
6%
6*8
4
3*2
334
3
3%
4
4*2
2%
2%
2%
3%
3*2
3*2
3*4
4%
4
4%
6*2
5*4
534
7*4
6%
6
4%
5*4
3%
5
2
3*4
234
3*2
534
5
5%
5
6
5
5%
4
5
2%
3%
6*4
4*4
5%
4%
6
4%
5*8
3*8
4%
1%
3*4
3*4
3
5%
2%
3
9%
8%
8%
7%
9*4
4%
4*2
9%
734
734
7%
8*2
2%
4%
7%
9%
6
7*2
6%
9*4
6%
634
Assenting 4s of 1910 small
6%
9
5%
7*2
6
6%
6
6%
11
834
9
8%
11
9
9
8*g
viz.:
9
2%
4%
5%
Assenting 4s of 1910 large..
Note—Superior figures denote 32ds of a point,
4%
5
5%
5%
5*2
9%
4%
6
2%
6
6*4
11
12%
5*4
6
13
11*2
5%
7
13*4
100*8 100%
4*2
4*2
7
6
12%
1234
6*i
6%
7
734
13
11
6
6
6%
60*2
77%
75*2
77
60
75%
75*4
7534
25*2
20*8
76
65*2
74%
20
19%
33%
60
78%
78*4
9
Treas 6s of'13J uly'24coup. I'ge
Small
56
76%
9%
1954
51
78*4
7*2
Assenting 4s of 1904
63*2
79%
78
74*4
25*4
11
..1954
68%
76%
81%
7
4s of 1904
82
60*8
75
81
78
1934
31*8
27*2
24*8
10%
1945
Assenting 5s large...
Assenting 5s small..
89
80%
78
7934
81
26
23*4
23*2
18*8
Mexico(U S of) ext 5s of '99 £ *45
Assenting 5s of 1899—
97%
82
81*g
78
78*8
8l5g
81
95
(Munic) extl 6348.1954
Mexican Irrigation 434 s
1943
95%
94%
80*4
53%
76
82
Unmatured coupons on
Medellin
97%
84
82
78
Jugoslavia (State Mtge Bk)
Leipzig (Germany) s f 7s...1947
Lower Austria (Prov) sec 734s '50
99%
96*2
78%
25*4
20*2
.1937
78 series A
Italian Pub Util extl 7s
96
94%
74
124*4,117*4 12178
1960 .115
Free State 5s
Italy (Kingd of) extl 7s
96
77
65%
20
20
20*2
Hamburg (State) 6s
1946
15*2 18*8
Heidelberg (Ger) ext 7)4s... 1950
Helsingfors (City) ext 634 s 1960 105*8 106
105*4
Hungarian Munic Ln 7)4 s. 1945
22
21 *2
Unmat'd coups attached...
2434
7s unmatured coupons onl946
2H2 25*4
22l2
Hung Land Mtg Inst 734s..1961
S f 7)4s series B
1961
21
78*4
79%
81%
1968
1952
22%
80
1964
Haiti (Rep of) customs 6s
98*4
9534
28
32% 33%
34% 3334 3434
101% 10334 104
102% 102% 100*8 101
Germ Prov & Communal Bks—
s
2234
99*2
50
76*g
77*2
78%
74
(Cons Agric Loan) 6)4s-._1958
23
21
77%
26
67*8
33%
20%
1434
33*8
109*2
1187g 11878 115*2 117*4
119*4 119*2 117
118
7)4s unstamped
120% 121*4 117*4
130
External 7s of 1924 stpd—1949 128
125*4 128*2 112*4 125l2 11934 123
117*4 11934 118% 118% 118%
11934 124
123*4 1235g 123*8 123*2
7s unstamped
German Govt International—
7s part paid
19%
15%
12*4
10
50
Certificates of deposit (new)..
Greek Govt
33%
80
80
1949
12%
11%
39%
82%
80*2
78 unstamped...........1949
13*4
9
78
98
99
100
99
100*4
99
98*2 99
Estonia (Rep of) 7s
.1967 98
107
Finland (Rep of) extl 6s
1945 106*4 107*4 106*4 107*2 10534 107*2 100% 107%
19
18*2 19%
18
20
17*4 24*8
Frankfort (City of) s f 6348 1953
19*2 24
116
11S34 115
117
121
12058
French
German Rep 7s stamped
11%
13%
80
80
35 yr 5)48 stamped...
1965
5)4s unstamped
1965
5K sstpd (Canadian holders)'65
11
15%
8%
97%
97*2
50*8
Rep extl 7)48 stpd—1941
1534
9*4
60
31
98*4 100*8
45
Certificates of deposit
934
81*4
57
62
56*2
58*2 63*2
105*2 104*4 105*2 10378
105*s 105*2 104*4 104*4 10378
105
105*2 105
105*8 105
105
9978 1007S
1734
1734
15%
15%
13
82*2
10178 101*8 102*4 101*4
98
98
9812 98
104
103*4 104*4 104
1949 101
A
---
15%
50
103*2
1904.....1944 104*4 105*2
ser
13*4
14%
12%
12%
12%
17*4
1734
17%
1734
15%
15*4
15*4
17% 20*2
20% 29%
25% 30
104*4 105% 105*2 103% 10534 10234 103%
104% 104% 103% 103%
102
10234 103%
102
102% 102
102
100% 101
10034 101*4 101" 101% 102
98*4 100% 101*4 102
9734 98
103
104*4 101% 10334
103*2 102
103
104
10434 103
102*8 105
103% 104
61% 73%
56
63
55% 66
47% 6134
59
61*4 67
6834
57% 61%
105
103*2 103% 103
10434 103% 104% 103% 104
104
105
104
105*2 104
103
IO384
104*8 104
104% 103% 103*2 103*2 104
104
104
104
104*2 104
104% 105% 10434 106
10434 106
105*4 106*4 105*2 106*4 105*4 107*4 10534 107
100% 102*4 100% 10134 100*2100*2
103% 101*4 103*8
101
101% 10034 10234 102
9884 100%
98% 101*4
99% 101%
9934101%
100% 101*4
101
98*4 98% 101% 100
34%
33% 31
102*2 103*4
102% 104
104
102*4 102% 102% 10134 102*4
98
98
99*2 100
99
104*2 102*4 103% 102% 104%
61% 66%
64*4 61*4 68
104*4 10334 10434 103% 10434
10334 105
105*4 10334 104
105*2 104% 105*8 10434 105*4
101
102*4
100% 102
102
36*4
33*2
34*2
13
17%
16
15*4
27
23*4
23*2
23%
101*4
100
96*4
85
78*2
Stamped
13
11
10%
12%
77*2
9734
85
80
11
1734
1734
24
23*2 2334
23*4
99% 10034 100*2 101*2
99*4 100*2
97% 99*2
95% 96*4
95*2 97
23*8
98*4 101*4
93% 98%
77
99
12
14%
15*2
84
22%
93%
97
99
20
12*4
12%
23%
23*8
23%
97
17%
1784
14%
15%
2334
23*4
22%
12
17%
30%
24%
19%
25
15
15
19
23%
23%
23%
12%
23
27
23
17%
13*4
2334
22
11%
20
29%
25
20
1734
20
2334
23%
23%
25
17%
23%
26%
23
12
17%
14%
23 *g
20
19%
12%
12%
19%
28*4
28*4
20
12%
17%
22
23
20%
18
12
27
25%
25%
28*2
26*4
18
12
19%
20*8
24
20l4
12
20
34%
3334
34
23%
32
24
20
31%
12%
31%
30%
28%
31
31%
32%
25*2
33
30*4
32%
30*4
2034
32%
2458
31%
26*2
24%
29
25*8
27
38*4
29%
a24
29%
25
32*4 32%
27%
33
28%
32%
14%
15*4
15% 114%
14%
15%
14%
15
30
40
67
a24
70*4
Cuba Rep of 5s of
66
36*2
27i2
2914
15
36*4
27l2
27
17%
32*4
f 7s...1957
Cordoba (City) extl s
17*2
18%
17%
73
33
26*8
100
18%
1634
38
9712
1953
434s
Cordoba (Prov) Argen 7s... 1942
17
18%
18*8
18%
18%
15%
26%
30*4
99*4 101
97*8 99*2
99
Copenhagen (City) ext 5s_.l952
20%
17%
1734
1634
32
28%
21%
3034 34
29*2 30*4
29*8 2834 29
32% 33% 32% 33*4
32
31% 32%
107% 108%
10734 105% 107% 106% 108
112
112%
11334 10934 112*4 111*4 112%
99
100*2
98% 99%
98*2 99*2
99%
9934100%
98% 99*4
96% 99%
99%
99
99*4
98
98% 99%
99%
99
93% 95%
92% 93%
93%
93% 91
46*4 56%
49
48*2 54% 45
58
35
38*2
38
38*4
42
32% 36
39%
21
18%
18*2
19%
16%
19%
21%
18*4
18%
18%
18%
38
31*8
31*8
34*4
23*2
2312
2312
1947
Sf 7s of 1926
Gold
34*8
2914
29*4
April 1,1935 coupon on..
July 1, 1935 coupon on
Colombia Mtge Bk 634 s
20
23
70%
71%
72%
53%
84*4
82
22%
19%
19%
36*2
25
0734
82
19
29
.1960
...Feb 1961
70
64
85%
21%
18%
29
f 6s
80
86%
215«
36
26%
s
80*2
67
78
24*4
44
31
External
80*2
77
77*8
79
2478
40
3012
5078
s
79
87
63%
79
18
52*8
38
26*4
(Ger)
84
78%
79
82
21*2
52*2
51
35
Cent Agric Bk
f 8s
80
77%
79*4
21*4
....1944
—
s
87
8884
76
25
7-yeai 2Ms....
30-year 3s
103%
69
104ia
Canada, Dom of 30 yr 4s... I960 108% 110% 106*2 109*4
111
113*2 111
30-year gold 5s...
1952 113*8 11478
97
10 year 2)£s
Aug 15 1945 100% 101% 99*4 101
100
100*4 965s
25-year 3)£s
1961 100% 103%
Carlsbad (City of)
9934 102*4 101
83
24*8
26*4
100
98% 100
07%
83%
19*8
1978
24
24
23
99
97*4 IOO84
83
93%
913g
84*4
23
23
25
18
97% 100%
85
89"
89
77%
23
24*4
22
30%
31%
77%
77%
79
76
26
28*2
27% 20
24% 26
25i2 24*4 25
30
29
30
28
27*4 28% 27% 30
20i2 25% 27*4 25
107
107% 106*4
10634 106%107% 106% 107% 106% 107%
1077g 105
11234
113% 113%114
113
111*4 1125g 111*4 112% 111*4 112% 112
98%
99*2 100%
97
98*4 98% 99% 98*2 99*2 993g 100
100*8
99% 100% 98«4
99%
9934 99
99
98% 99% 99
100*2 97
98%
98% 99*4
98*4 99*2
98% 99
93% 95
92%
9434
92% 93*2 93
57
60
57% 57*2 54%
57
56
57
57
55
57
52*8 53
42% 4734 34
50
48
53*2 51% 54%
47
47
50
42*4 48
28
37
40
39% 40
33% 37
325a 37*2 30*2 36*2 32*4 35
27%
38*4 40*8
37
40
34
33% 37
29% 36% 31
32*2 38
32
39*4 41
43
38*4 4134 41% 43
46*4 42
4478 48*8 41
20
20*2
17*4
19% 21
19% 21%
2134 25*2 20% 22*2 20% 21%
17*2
19% 20%
22
19% 21
19*2 21%
21*4 22*4 20*2
21% 25
17%
19% 20%
21*4 2234 20*4 21% 19*4 21*4 1934 21
21% 25
17%
19% 20*2
19% 21
215J 247g 21% 22% 20% 2134 19*4 21%
17%
19% 20%
2112 24*4 21*4 22% 20*4 21% 19% 21% 1934 21
19% 20%
17%
21
21*4 22% 20*4 21% 1934 21% 20
21%
7>£s May coupon off.....1968
18
18
58*8
80
60*2
80*2
78
July coupon off—
30%
18
21
20%
25%
23*4
23»4
81*2
8378
837g
80*4
83l2
40
26*4
88
89
78%
21%
27
7512
75*4
82*4
8434
85
7778
777g
78*4
83*2
76*4
80l2
80
7778
79*8
787s
82*s
60
837g
88*8
19%
22
High
19*4
18*2
20%
18%
18%
22
21% 23%
2212 26*4 22% 24
28
29%
100
100% 100.1100.9
100
101
102% 101% 101% 101% 101%
101% 100*4 100*4 100*4 100*4
101% 100% 100% 99**18 100%
100
106*4 106% 100
106
106
28%
102% 10134
101
21
20
20%
24%
42%
48
39*2 25*8 34%
39% 25% 36%
39*8 25% 3484
99*2 102%
103
103% 9934101%
102%
103% 101
1934
28
27*4
30
29
1013g 100% 102
1007g 101*2 100
100% 101
101*2 101*2 101*2 102
102
100
100J4 102
100
102
4K-4%a—1977
Refunding 4% 4)4s
..1976
Extl readjust 4?%a 4%s_.1976
Extl sf 4)^8 4%s doll bonds'75
3% ertl dollar bonds—-.1984
Bulgaria (Kingd) s f 7s
1967
25
18*8
4878
41*4
24%
613g
35%
39
39*4 44%
4434
35
4118 35*4 38*4
44
4778
35%
39% 44*4
38% 45
35
37%
42i2 35% 39
43*2 46*2 41*8
34%
39% 44
36% 4034 39*4 45*4
37% 41
41*2 45*8 35*2 42
42*8 46*4
47%
101
100% 101% 101% 102% 101% 103% 101%
100% 100
103% 100*8 102*4 99*4 101*4 100
102% 103% 101*4
100*4 101*4 101*4 103
9934101
100*4 102*4 99*4 101*8 9934101
103
103*4 102% 103*4 102
101% 103% 102
102%103
101*8 103
103*2 101*8 102
105*4 101
50
Readjustment
18
25
23*4
53*8
207g
19*2
50*8
21%
191*
18%
Berlin (Germany)
External • f 6s
20
25
19*4
19%
30%
24
25%
25
24
105«=105»ji.
a
Deferred delivery,
r
Cash sale.
Volume
Financial
146
213
Chronicle
1937—Concluded
December
November
October
June
March
September
July
August
May
April
February
January
High Low High
High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low
BONDS
Low
Milan
78%
71%
75
72
74%
70%
73%
7034
72%
71%
7634
67%
7334
26% 34
34
33%
32% 26% 31%
27i2 33
67
65% 67%
67%
66% 67
60% 63
62% 63
61% 64
104% 105% 104% 105% 101% 103%
103
105
101% 103%
104% 105
106% 107% 106%lO7% 104% 107
107%
106% 107% 106
106% 109
102%104% 102% 103% 102% 103%
26%
26%
28%
29%
25
25%
25%
27%
27%
26%
30%
27
30
2584
25%
68%
67
72
72
74
74
25%
26
76
61
62
60%
67
62%
28%
28%
75%
21%
21%
67
24%
65%
27%
27%
62%
63%
(City.Italy)extl bj^a 1952
7084
7512
75%
82
70%
Minas Geraes (State of)—
6J^s Sept
6>^s Sept
off
off
coupon
coupon
1958
1959
Montevideo (City of) g 7s
Extl 8 f g 6s series A*
1952
1959
New So Wales (State) ext 5s 1957
External s f 5s
Apr 1958
Norway (Kingd of) ext
s
f 6s *43
External
s
External
4>£s
..1956
4^8 sink fund..1965
f 6s
External
1944
f
s
External 5s
s
31%
31%
101
100% 101% 100
102
f 5s '70
18%
20"
Oriental Develop Co g 6s...1953
Extl deb 5Ms.
1958
75%
80%
71%
76%
Oslo (City) 4^8 ext'l
99% 100
Nuremburg (City) extl 6s...l952
1955
Panama (Rep) ext s f
Extl
f 5s
s
5Hs.._ 1953 105% 106
82% 85
A...May 15 1963
73% 76
ser
Stamped
101%
100
100'32100%
102% 102% 102% 102%
17
24%
19% 22%
1963 100% 102
...Mar
Municipal Bank extl
27
103
102
102% 102% 103% 102%103%
102% 103% 102% 103% 102% 103%
105
107
106% 10478 106% 106
105% 107
106% 107% 105%106%
101% 103% 102% 105
102% 104%
99% 100% 100% 102% 101% 103
96
98% 97% 98%
95% 96
102% 103% 102% 102% 102% 103
24
19
22% 22
19% 20
78% 80
79% 82 %
82% 85
71%
75%
67%
73%
64%
67%
66
24
30%
22%
21%
26%
25%
22%
21%
23
20%
19%
30%
28
26
19
26
59
70%
60%
65
69
105%
104%
10ia4
99%
10234
105S4 107%
103% 104%
101%102%
98
99%
102% 103
24% 25%
Pernambuco, State, ext 7s. 1947
25
24%
21%
21
21
23%
20%
1834
18%
28
22%
20%
20%
25%
20%
18%
17%
18%
25%
15
20
14
27%
18%
1961
19
29%
23%
22%
22%
21%
25%
19
27%
23%
22%
22%
13%
18%
Poland (Rep of) gold 6s
1940
Stabilization loan s f 7s_1947
58
61
54%
62
47
54
48%
51
47
51
49
51%
51%
58
58%
21%
19%
1934
62%
58
60%
76%
78
68
80
60
65
61%
65%
60%
65%
63
66%
64%
74
74
77
72%
57%
60%
46
64
47
54%
45%
49%
45%
47%
46
48%
47%
54
5234
58%
50%
75%
53%
27%
26%
32%
30%
29%
27%
32%
31
31
33%
30
30%
29%
28
30
27%
28
Prague
92
98
27%
26%
96%
Prussia (Free
17%
33%
33
30
33%
26
31%
26
29
26%
27%
32%
25%
29
22%
26%
24%
36%
32%
30%
34%
31
30%
29%
33
29
29%
24%
29
2378
31%
27
25
28
25%
74%
35
25%
September coupon off
Peru (Rep) ext s f sec 7s
Natl Loan extl
s
Natl Loan extl
1959
s
f 6s
Extl sf gold 8s
20%
1960
f 6s
18%
1950
19
19%
23%
17%
2078
21
23%
19%
17%
17%
1778
Porto Alegre (City of) s f 8s 1961
June coupon off
coupon off
1966
(Greater City) 7^s '52
St) ext s f bf^a '51
S f gold 6s
1952
12%
11%
10%
10%
5334
20%
15%
14
1034
8%
11%
16
11
11^
13
54
58
12
12
67%
63
58%
73%
13%
12%
12%
57%
65
69%
70
82
48%
54
51
54
55
63
934
934
14
9%
9%
11
14
20
10
13
20
26%
3134 2584 28% 24
938
16%
11%
13% 20% 10
25%
29% 25% 27% 21
96
97
99
9734 98% 94
96% 95
99% 97% 9934
1934 20s4
24% 24% 2534 19% 24% 19% 20% 1984 2234
20% 20
22% 19% 2034
23% 24% 24% 25% 19% 24% 20
108
109
110% 10984 1103s 108% 110% 104% 106% 106% 107% 107
110
107% 109
109% 111% 11134112% 109% 111% 106% 109% 106
20
20% 22
25% 2434 2434
32% 32% 32% 32%
27%
25%
94%
23%
25
27
27% 25
26%
98
94% 98% 95% 96%
98% 100
99
19% 24% 22
23%
18% 24%
19% 20
21% 20% 23
20
18
19% 24% 21% 23%
24% 19
16% 21% 19% 24
110% 111%
109% 112% 109% 111
Queensland (State of) extl 7s *41 112
113% 112% 113% 110% 113
111
External s f 6s
110% 109% 110% 109% 111%
113
1947 112
112% 109% 112% 109
31
32
Rhine-Main Danube 7s A
1950
21% 23% 23% 23%
23% 24% 26% 27
7><js July
66
9% 12%
2184 10% 19
9%
16
1234
21% 1034 18
58 161
65% 7184 59% 67
67% 56^57%
64% 68% 60
i01%
102% 101
101% 102% 100
101
102% 100
102% 100% 101%
105% 107%
105% 107% 105% 107
107% 106% 107%
105% 10734 106
103
103% 104%
106% 103% 105
16%
105% 107%
108
106%
106% 105
103% 101% 104% 10134 10334 102% 103% 102% 103%
102% 101% 102% 10184 102S4
101% 100% 101% 101
104
104% 102% 102%
10234 10234 10234 10234 103
20
20
20% 19% 21
2434 25% 20% 20% 20
58
63
647s
59
52% 62% 60
79% 60% 86
76% 83
5734 60% 54% 61
77
62%
47% 59
79%
7234 77% 53% 74% 55
102% 101% 102
10134 103% 100% 102% 100
99%101% 100% 102% 101% 103
105% 103% 105
106%106% 105%106% 103
104%106
106%106% 106% 107
40
54
68
67
68
70
68
6284 55
55% 40
68%
68% 76%
42
56
4178
50% 36
61
69
61% 43
6034 6234 56
60% 64
76
77% 80%
81%
72
75
71%
72% 75% 75% 77
75%
98
100
100% 9778 99% 99
99% 100%
107
105% 106
106% 106% 105
105% 106
83
83
82
85
74% 76
75% 77
25%
70%
66 •
64
65
67%
64
103% 103% 10434 102% 10434
10234 104% 103% 104% 102% 104%
10734 105% 108%
10584 106% 106
63%
60
Rio de Janeiro (City) s f 8s. 1946
28%
8s April coupon off
6s June coupon off
28%
40
34%
24
1968
7s May coupon off
31
32%
30%
1946
34%
26
April coupon off..
bVia August coupon off..1953
Rio Grande do Sul (State of)—
33
29%
26%
26%
26
26
30%
' 30%
32% 29% 32
26
26
29
31%
26% 32% 29
72% 78
72% 77% 76% 83% 72% 81
101
Rotterdam (City) extl s f 6s 1964 105% 108
102% 100% 101% 100% 100%
32
Rumania 7s Aug coup off. 1959
34% 33% 36%
31% 32%
25% 32%
Saarbruecken (City) 6s
23% 23% 21% 21%
1953
21% 21% 24% 27
San Paulo (City) (Brazil) 8s '52
30
34
May coupon off
31% 35% 30% 35% 30% 32
28
32
30% 25% 28%
6H« May coupon off
1957 26% 34% 30
1966
7s June coupon off
Rome (City of) extl
1967
6j^s.._1952
San Paulo (State) ext
July
coupon
8s July coupon
34
2834
24%
33%
28
24
18%
13%
26
20%
20%
10%
18%
10%
8%
1284
21
28%
25%
11
29%
31
34%
29
33%
27
28%
15%
25
32%
26%
19
25
14
25
28%
20
25%
16%
1134
9%
10%
21%
1834
19
11%
9%
934
14%
11%
12
28%
28
29%
29%
27
27
26%
25%
25%
26%
25
25%
25%
25%
28%
2034
24%
15
27
20%
21%
20%
11
19
9%
76
72%
75%
72%
75
73%
77
68
7434
60
71
61
65%
61%
12%
70%
37
37
38
37%
40%
39%
41%
40
41%
3734
43
36
39%
20%
41%
20%
37%
23%
21
21
10
13%
12
27%
27%
27
25
27
25%
33%
29%
27
30%
25
27%
21%
1934
17%
24%
20%
21
24%
27%
25
13%
25
28%
27%
10%
17
38%
41
37
38
34
38
30%
37
25%
31
2 8«4
97%
25
31
27%
18%
26%
17%
12%
13%
3734
23%
2134
21%
25%
15%
91
97
79%
26%
24
21%
92
27%
off
,
40
44
43
43%
39
40
36%
39%
36%
38%
38
42
1950
34%
36%
30%
34%
29%
32
31
34
32%
40%
35%
32
28%
43%
34%
43%
37%
37
off..
28%
33
28
297#
25
28%
26%
29
30%
28%
27%
34%
30
33%
26
31
26%
29%
24
27%
25%
27
25%
95
98
95%
97%
91
97
91%
93%
92
94%
93%
96
94%
37
32%
29%
97
1956
68 July coupon off
1968
Secured
1940
f 7s
22
24
22%
22%
Dec 1946
6>£s
22
22
22
21%
21%
21%
25
19%
19%
2434
96%
203s
25
25
1945
Saxon State Mtge Inst 7s
S f gold
27%
2534
10
1962
25%
31
29%
31
27%
30%
28%
52
53%
45
54
40%
31%
31%
44
2878
24
30%
30%
29
1962
f 7s..1958
28%
42%
Silesian Landowners Assn 6s'47
30
33%
36
36
34%
39%
36%
29%
45
36%
8s Nov 1
1935 coupon
7s Nov 1 1935 coupon on
(Prov)
extl
s
Styria (Prov) extl 7s
19%
10%
45%
20%
19
15
1334
13
82%
24
45%
53%
22%
17%
13%
12%
11
25
Serbs, Croats & Slov(King)8s'62
Silesia
9%
11%
f 8s 1936
s
7s Sept coupon off
s
29%
26%
23%
.
27%
27%
30
27%
26
44%
32
29
3034
31%
31
28%
27
30%
29%
33
30%
28%
2734
25
28%
24%
33
57
50%
4784
50
51%
60
32
32%
32%
28
53%
3234
2934
52%
29
52%
283s
53%
26%
54
32
48%
32%
29%
29%
48
28
45%
29%
27%
29%
29%
42%
28
28
.1946
95
98
98% 98%
95% 95% 95% 95%
93% 93%
90% 92
104
104%
105% 103
104% 105% 104% 105
10434 105% 104% 106
104
104% 105% 101% 104% 101% 104% 102% 105% 104% 106
1955 104
55
49
59
61%
57
64
57% 62
76
72
76
74% 77
78%
71% 7634 56% 75
73% 75% 73% 75
71% 76%
1971
50
53
50
54
67
65
69
69
49% 50
67% 54
58%
65
73%
67%
73% 73%
Tokyo (City) loan of 1912 5s'52 67% 68% 67% 67%
59
50
60
64% 56% 6434
77
74
79% 56% 76% 55% 63%
External s f 5>£s guar
75% 78%
80%
74% 75%
74% 76
73% 76
72% 78
1961
100
102
100
102
9934101
100
102
102% 100
10034 101% 100% 102% 10034 102
102
102
100% 102
99% 103
Trondjhem (City) 1st ext 5J^s '57 100% 102
53%
65% 45
6034 52
64% 70% 50
66
69% 72
67
69
68% 63% 67% 65% 71
6934 72
68
70
68% 65
Uruguay (Rep) extl 8s
1946
49
64% 46% 59% 49% 627g
67
64
69
65
63% 68
65% 70%
67% 69% 66% 69% 63
External s f 6s
68%
1960
68%
67% 69% 67
59
49
49% 53
64% 47
63
68
66%
69% 67% 69
Extl s f 6s
65% 70%
65% 68% 64% 68% 63% 68
68%
67% 69% 67%
May 1 1964
47
52% 48% 52
3^-4-4yt% extl readj
.1979
81
81
78
80
79% 80
Venetian Prov Mtge Bk 7s. 1952
82% 78
83% 80
February
coupon
Sydney (City)
s
off
f g 5j^s
Taiwan Elec Pow 5>£s
Vienna (City) extl 6s
Unmat
coupons
1952
91%
93
95
98
96
98
95
95%
46
51
44
54
39%
45%
43%
77%
attached
Warsaw (City of) extl s f g 7s'58
Yokohama (City) extl 6s
1961
82%
79%
83%
81
84
81%
45
84%
95%
41%
83%
of Emergency Relief Bureau in New York
City Terminated Dec. 31—Activities Transferred to
Department of Public Welfare
Existence
It
indicated
was
in
the
New
"Times"
York
of
Dec.
31
that
Mayor La Guardia decreed on the previous day that
the emergency phase of relief administration in this city
would end at midnight Dec. 31, when it was planned to
transfer the staff and functions of the Emergency Relief
Department of Public Welfare.
Bureau to the permanent
The
of
out
and
existence
at
since
its
time
when
new
a
1934, will go
unemployment is adding more than
organization
funds
city
1,000 persons a
week to the home relief rolls.
ERB lists, as of
Dec.
all
of
in
The 173,355 cases on the
17, included about 600,000 men, women and children,
will receive aid from
the Department of Public
Welfare.
99
54
49%
57
99% 100%
49% 53
46%
79
85
56%
80
60%
67%
61%
the
as
voted
meeting yesterday,
city
persons,
of these
the needs
was
a
home-relief budget
will provide $5,638,200
of $9,956,250 for January.
toward this sum, the balance being paid
by the State Department of Social Welfare.
At the same time the Board
appropriated
third
cr
$750,000
a
Brehon
Low
Works Progress Admin¬
authorized
appropriation
costs
attendant
on
the New Setup
Ilodson, who headed the Department of Public
Welfare through
will continue as Commissioner of the
reorganized department, Mr. La Guardia announced.
The four incumbent
members of the governing board of the ERB were designated members of
the
Mayor's
first
committee
advisory
an
administration,
of New
"to
act
in
consultation
with the
Mayor of the
York and the Commissioner of Public Welfare."
Butler, Professor of Law at Fordham University
Borgia
and
Secretary of the ERB, will serve as Chairman of the new Advisory Board.
Other members carried over from the ERB are Leo Arnstein, importer;
Rev.
the
Charities.
Dr.
and
A
John
H.
Mrs.
Mary
fifth
pastor,
Johnson,
Childa
member
will
St.
Martin's
President,
Draper,
be named
later
Protestant
Brooklyn
by the
Episcopal
Bureau of
Mayor.
MISCELLANEOUS STOCKS FOR 1937.
November
December
October
September
June
March
July
August
May
April
February
Low
Hifjh Low High Low High Low High
High Low High Low High Low High Low High Low High Low High Low High
*
65%
17%
80%
19%
80
74
15
67
183#
74%
*
18%
*
25%
27%
25
28%
24%
25%
36
32%
34%
3134
22%
27
33%
4%
80%
73%
25
-
Adams Express
.
Addressograph-Muitigraph -.10
Ad vance-Rumely
*
*
Air Reduction Inc
6384
33%
3%
75
4
5%
*
Alabama & Vlcksburg Ry Co 100 100% 100%
14% 15%
Alaska Juneau Gold Min
.10
Air-Way Elec Appl Corp
..
E: -dividends,
y
Ex-rights.
16%
84%
21%
27%
74
80%
4%
4
79
5
"l4% "1534
"67"
16%
18%
15%
24%
22%
2934
25%
32%
28
2%
67%
234
76
74%
78%
4%
2%
68%
234
32%
3%
77%
3%
97
3%
Noti—Superior figures denote 32ds of a point, viz.:
t
67%
$ per share $ per share
Par % per share $ per share $ per share $ per share I per share % per share $ per share $ per share % per share % per share
43% 36
48
38% 36% 38%
47% 38
49% 40
49
52
4534 50
5034 55
46% 4934 44% 47
*
40
37
49
40
56
57
62%
61
67
67
59
69
60
63
58
66
Abbott Laboratories
Abraham & Straus
Cash sile.
60
January
STOCKS
Adams-Millis
Somervell, local
B.
Executives in
COURSE OF PRICES OF RAILROAD AND
Acme Steel Co
99% 100
5234 62
made clear.
not
for
William
Church,
$4,500,000,
95% 100
50
52%
6034 65%
by the Board of Estimate set aside
the distribution of surplus commodities
to relief recipients in January.
The municipal government's share of this
appropriation will amount to $88,000.
A
$130,000
Edmund
the Board of Estimate, at a special
53%
6134
city's contribution to the cost of
Lieut-Col.
Mayor and
istrator,
City
To meet
r
99%
48%
Works Progress Adminis¬
tration materials and supplies for the period ending June 30, 1938.
Under
a
stipulation entered by Comptroller Frank J. Taylor, the money will be
made available subject to the same conditions and terms as obtained in
1937.
How this will affect the new financing plan worked out by the
$9,956,250 Voted for Month
The
97
86%
month,
June,
henceforth
whom
100
98
49
83%
ERB, which has supervised the distribution of $519,539,512 in Fed¬
State
eral,
100
88
96%
44
98
46
85
97
97
97
97
15
11%
14%
1134
12%
"45"
72
8234
16%
22%
19%
24%
17%
19%
12%
17%
2234
21
25%
17%
30%
2%
29
33
30%
2534
34
23
z32%
2%
69%
7534
06%
2%
1%
2%
12%
9%
12%
60
78
65%
13
9
44
7%
59
11%
4334
47%
8%
1%
1%
48%
«4
10%
20%
23%
1%
5434
1U
12%
1084
12%
19
21
1734
16%
1%
2234
26%
1%
21
19%
1%
24%
134
53
65
44%
56%
97
14%
"79% 85"
75"
17
25%
3
z71%
3%
3%
30%
105»*=105»«.
234
3%
* No par value,
2
2%
n
73
2%
2
2%
2%
2%
2%
12%
11%
1234
11%
t Reported in receivership,
2%
73
134
60
2%
68
%
8
1%
12%
f Called for redemption,
1
10%
a Deferred delivery,
Jan■ 8> 1938
Financial Chronicle
214
1937—Continued
Low
share $ per share $ per share
Par $ per
Albany & Susquehanna
RR.100
shart
378
453g
53s
5934
334
4%
58
46%
44
59
53
57i2
46
54%
54%
-
Pref series A $30 ex-warr.-lOO
43
48
4312
5814
50
54
47J4 415g
40i2 z37
58l2
6218
61
4112
44i2
61
40
45%
2%
34%
46
35
44%
29%
3
36%
51%
34
44%
36
43%
29
36%
50
43%
40
44%
34
44
29
36
35
3 934
36
43
29
37
13%
1734
36%
33
36%
24%
4%
43%
44%
49%
35
*
Alleghany Steel
*
*
Alleghany & W Ry 6% gtd.-lOO
$2.50 prior conv pref
Allen Industries Inc
103
Allied Mills Co Inc..
35
33%
19
21%
18
19
17%
218
$6 preferred..
American Brake Shoe & Fdy
Preferred
American Car & Foundry
Preferred
5%
20%
18%
20%
11
183s
74
78
76%
79%
77
80
64
7334
50
62
6534
57
62%
60%
7134
63%
73%
52%
63%
34
5534
51%
3734
387s
30%
34%
27%
4%
38%
29%
23
26%
23
26%
37
5%
40%
6%
40
21%
4%
80
95
85
25%
6%
38%
97
17
4%
3934
76
8312
7112
795g
30%
3934
35%
393g
35
4%
3414
16%
8'4
638
714
4834
4112
44
114
95
3912
75%
71
71 ?s
69
143
734
38
43%
95
10834
90
4%
6%
41
101%
38%
*95
90%
3%
2
34
32
19
2384
20
22
67%
90%
59
76
51%
64%
51%
65
60
64%
54
6084
8%
1%
86%
96
29
8334
94
86
92
86%
95%
93
98%
72
93
53%
77%
25%
21%
26%
20%
30%
25
29
1734
25
10
19%
12%
16
10%
143g
63
61
64
20%
59%
24%
59
64
60
64
59
61%
59
61
56
59
54
58
50
54
76
57%
64%
67%
58%
6534
42
58%
28
48
28%
127
131
61
617s
130
128
150
125
61
58% 65%
64%
12634 132
*128% 134% 132
134% 123% 148
12U2 119U 131% 124
103l2 100
102
98
61
29
27
125% 128
131
126
135
23"
19%
163s
21
24%
25%
30%
29%
94%
8%
97%
12%
13%
14%
2834
335s
99
1312
265s
293g
2634
30
32%
28
3134
97l2
97
99%
10l2
99
1314
17
1534
17
2914
..100
9612
818
13
*17"
11%
"714 "1334
11
13
15%
14
5114
4934
3%
17's
13%
4l8
2534
16
23
15i8
167S
5378
52
587s
23
*
2234
113s
25i8
*
13%
12
American Metal
*
5014
6534
603s
124
128
100 125
preferred
13%
8%
5
7
7%
47%
20
51
37
44
37
42%
41%
38
48%
22
3234
17
16%
7%
39%
20%
10%
52%
12%
4%
39%
44
16%
634
40%
20%
48%
42
45
52%
434
27%
1734
15%
48
56%
120%
114
25%
29%
72
6718
64
75
62
1178
1278
145S
8114
12%
14%
79
16i2
87i8
66
76%
1434
7
834
15%
678
17%
5%
18%
16%
734
41
3634
1034
7
8%
10%
14%
16%
6%
8%
43%
41
44
39
7%
434
30%
105
107
.
Snuff
~6334
25
$6 preferred
6812
.100 14312 146
American Steel Foundries
144'2 148
100 111% 115
14234 146
71
6312
25
Sugar Refining...100
Preferred
2612
5284
*
567s
..100 140
4434
4234
45%
51%
132
63%
52%
57%
133
48%
xlY
56%
37
52%
111% 109% 110% 110%111'53Z 109'3i6111%
2%
3%
2%
3%
17
20
15% 19
24%
19% 22%
26
45
37
46
523g
43% 47
47% 51% 45
124%127% 126
130
133% 125%130
140% 130
59%
58%
48%
25%
5034
14334 140
263S
5334
143
18%
21%
4934
130
15
17%
43
4434
233s
25
Class B
$6 preferred
American Type Founders
Amer Water Wks & Elec
$6 1st preferred
9334
*
American Woolen
*
Preferred.
Writing Paper Co Inc.
$6 preferred
Amer Zinc Lead & Smelting
$6 preferred
conv.
Cap Corp
II4
134
634
934
6%
9
1
100
25 100
12l8
7314
H4
1438
7838
1%
7
8i2
20
778
125
99
103
11%
14%
54%
48%
66
54
62%
49%
57
58%
65%
4734
55%
48
55%
52%
79
90
80
8434
7934
82%
2334
79
70%
78%
1%
6234
534
7%
14%
18%
3%
12%
3g
99
12%
94%
8%
72
734
54%
9%
9
Archer-Daniels-Midland
Preferred
52
57i2
49
793g
60%
74%
53
663s
59%
69%
84
9478
87
97
85%
1934
95%
23%
5
7% preferred
119i2 119i2 12H4 12D4 119
7
10%
918
8134
90i2
88I4
100 100
Armstrong Cork Co
5
59%
126
6512
7% preferred
100
Associated Dry Goods
1
1__
7% 2nd preferred
100
100
Associated Investment Co
5% pref with warrants
5% pref ex-warrants
lot
10C
2f
pref series A
Atlas Corp
6% preferred
'
Atlas Powder
10C
.1
50
"
5% preferred
19's
98
100
Atlas Tack Corp
*
t Auburn Automobile
"
96
64l2
1334
99
104
693J
1134
96
*99
65
103
70%
114
Ex-dlvldends.
14
16%
225S
14'8
I6I4
14
17%
13
16%
97^}
95
100
60%
101% 101
6634
103
105
57%
65%
2334
20%
12%
10%
14%
12
12%
13%
10
12%
97
2038
99
101
98
116
116
"54"
105
57%
106
59%
49%
100
2434
101
125
545}
105
11
834
98
94
31%
19%
25%
16%
24
70
91
24%
20
38%
70%
18%
82%
22%
16
31%
63%
17%
75%
19%
14
28%
7%
27
70%
45%
12%
25
22%
755,
44i8
485}
273<
15%
.
8%
24%
58
44% 52%
126%
133% 122
41
140% 123
133
4938
48
46
51
5034
52%
125
128
130
133% 125
26% 3534
22% 3034
37%
13
10%
15%
7%
9%
8% 12%
10% 1334
24
28%
28
33
28% 36%
106
110%
104% 115% 107%118
1634 18
14
17% 19%
20
2034
23%
14234 152
163
140% 154
156% 16734 140
57
67
66
77
65% 713«
70% 78
5834 6934
6734 7334
68% 78%
70% 7934
137
139
136%139% *137 139
136% 138
5
7%
6%
8%
4%
9%
8%
1234
15
12
44%
35%
121
13%
17%
1434
10%
163s
10%
1434
85
91
82
86
82
85
87
8734
9%
62
3%
30%
7%
49%
12%
6%
71%
9%
7334 *63
44%
884
173s
13%
14%
8
3%
63
73
45
60
58%
5438
633s
36%
5434
2434
85
82%
85%
51
70
9%
4%
26%
5%
6%
4034
8%
105
70%
54%
723s
773}
100l2 104
4634
513,
75% 875}
100% 103
47% 55%
12%
10%
98
12
10
100
103
63
14%
11%
16%
1734
16
18%
16%
19
98
92%
94
89%
90
87
87
115
112
56
51%
65
97
99
9334
~
28
3934
52%
24%
32%
28%
34
39
40
51
42
49%
2034
10
20%
15%
106% 102% 105%
96
2434
17%
28%
12
7%
4
38
43
20
634
43
7
2%
31
97
53%
92
95
75%
89%
97% 102
44% 51%
23
25%
35
40%
29% 34%
82
9434
72%
98% 100%
93
46
46%
17%
51
"52% 53"
92
95
85%
53%
105
100
6434
4534
14%
If
58%
8%
12%
834
103
59%
5%
13
834
95
105
15%
5
39%
97
100
15%
18%
19%
M)5
101% 105
4
15%
4%
13%
34
12%
26
30
10%
1734
86
22
88
2%
2%
15
5
28
"94% 99~"
5%
684
57
68
48%
10
3234
44%
6%
9
534
30
42%
6%
334
80
534
8
3'
4%
~~8%
80
82%
11
~~6~
71
77
58
83
"l7% "19%
82%
4%
34%
103
95
96
44
40
42
84
74
81
7134
79
73
75%
70
75
~~6% "l2%
75
51
52
43%
53%
35
93
95
84
93
82%
82
107
85
87
85
76%
86"
71%
823s
54%
97%
99%
93
99%
87%
4934
54
44%
53
31%
88
100
103
107
112
51
7
40
100
20%
51%
4%
4%
29%
36
*27%
2%
153g
115
25%
45
21
102
3%
175
60
95%
88
69i2
IOH4 103
87
73g
"33"
70
*40
"
"35" 59" 32% 433s 34
43%
72
67
71
78
88
75%
82%
96
21
18
28%
22% 29%
37%
45%
5.
5
6
634
8%
9%
16
Q
13
9
11% 17
1434
22%
18
18% 213s
1934 24
24%
27%
104% 102% 104% 104% 104%
1083s 102
7%
8%
7% 12%
8% 10%
15
40
3934 42
44%
39% 47%
50
38
38% 46%
50%
7134
40% 62
8%
19
20
14% 18
1934 24
19
255« 27
24% 29
13%
22
37
2034 25
30%
30% 35
22% 2834
383s 41%
41%
22%
32
37
28
26% 30%
31%
3234 351}
27% 30% 28% 32
1013s
108
110
111
112
112
115
107
111
115
109% 109
11134 107
114i2 116% 111
15
14% 15% *123g
15%
15%
15% 15%
16% 18
16%
1778 183} *17% 18%
50
46%
5034
51
50% 5084
51% 52%
51%
50% 51%
50% 50%
5138 52
56
75
80%
70
76
73% 82
68% 7334
69% 76
7214
7934 85
78% 94
851}
101
112
115
117
11234 115
119% 121
120
122
119
123
114
119
125
128
130
133
11334 116
11334 126
12634 130
434
6%
5%
7%
4%
8
634
10%
14
10% 13%
16
11%
1234
11% 13%
16%
12%
14%
14% 17%
18i{
15l8 173}
8
1034
3%
8%
12
16
6% 13%
15
21
31
30
33
363/
21% 29%
15% 21%
28% 323/
27% 33%
13% 23
25
41
44
30%
357}
Noti—Superior figures denote 32ds of a point, viz.:
15%
119
120
120
119%
120
120
120
120
119% 119% 11634 119% 119% 11934 119% 120
97% 99%
104%
108% 93
109% 107% 109% 1083s 1093s 104
109% 110% 108% 110% 106
*5%
7%
4%
9
8%
11%
10
12
11%
12%
10% 11%
11%
1234
10% 12%
1334
65
76
74
64% 74
8934
90
92
88
9634
9234
8934 95%
87% 91%
99% 93
96
101
161
153
150
150
152
140
34%
121
10(
Atl Gulf & West Ind S S Lines."
5% preferred
1736
100
Atlantic Coast Line RR Co.. 10(
Atlantic Refining
16
....
*
Atch Topeka & S Fe Ry Co.. 10C
preferred
14
1514
*
Artloom Corp
*
92
56%
1%
Arnold Constable Corp..
fCftsheaJe.
11%
62%
Rights
conv
92
21
24%
19%
18
18% 22%
18% 21%
2458 215s 2338
105
105
105
110
106% 106% 107
108%110
108%110
10812 IO8I4 111
* 106
22
28
18
20
22
24
32
29
21%
24%
35
3534
30i2 37i2 31
7
7
8
8
7%
7%
7%
834
7%
8%
*
734 IOI4
8%
5i2
10
41
40
44
43
42%
41
39% 43%
*
41% 43% 40
4534
45% 4278 46
preferred...........*
non-cum
3%
21
100 10734 110i2 10914 110's 109%111
Armour of Illinois
$6 1st preferred
32%
175
52i8
100
Armour (Del) 7% pref
4%
8%
Mining Co....20
A P W Paper Co
5%
88
5934
9%
44l2
*
94
1%
5%
16%
1334
1
88
9734
10%
65%
97%
11%
185
*
$6.50 convertible pref
conv
79
1
*
__
10334 107
50
Anaconda Wire & Cable
$6
64
1438
25
pref
Anaconda Copper
Andes Copper
106
95g
100
Amer
Anchor
102
13% -WW
14% 20%
2384
10%
12
12%
3%
4%
4%
21
25
25%
10%
13%
25%
17%
28
9%
19
5%
32%
40
2%
55% 46
127% 128
32
121
123%130
American Telep & Teleg...._100 18134 187
American Tobacco
734
2%
44%
50
55% 57%
52% 57%
131% 133% 132% 133% 127
57%
2134 2334
2i% 24
21% 25% 21% *23% 2134 23%
2578 *23% 2412 21% 2334
172% 166% 172%
162
171
15934 170% 165
17414 184i4 168% 180% 160% 172
75
78
75% 82%
82%
7334 78
83%
74% 80%
93
99
78% 94%
99
77
84
76% 8334
74% 82% 74% 7934
25
9514 9934 9414 9978 80% 95% 80 1 85%
140% 136%140
128%135
128% 13434 13234 136% 134
150
128% 143
100 147
15012 142
12%
14%
12%
14%
11%
14%
13%
17
13%
15%
16% 19
1714 20%
1612
183S
10
1634 21
1634 22%
18% 23%
1634 20%
15% 19
*
22% 26%
25i8 29i2 2514 27%
American Sumatra Tobacco...*
21%
14%
26%
11434 110
111
Rights
American Stores
133
133
6934
57%
534
3
10618 10634 106% 10634 *105% 107% I05'316105%
4%
7%
3l2
6
59
64
60%
57% 60
63
6514 *60
7314
5918
*
Preferred..
55%
68
63
72l2
29
6658
*
6
"5% "3% "5"
"4*
33
37%
38%
4034 44
2
1%
1%
2%
1%
2%
3
2%
3
3%
2%
3%
2%
3%
3%
4%
16
14
1534
18
18%
19%
21
19% 2334
25%
2334 22
23% 27
20% 25
21% 25
534
8%
634
9
13
6% 10%
93g 13
1434
12% 14% 13% 15%
13% 14%
133g 1634
16
22
18% 24%
14% 28%
39
48
37
47
23% 44
44
44% 51%
53% 42% 49%
60
81
61
81
53
81
108
83%
109
115
103
108
1 0934 101% 110%
110%
115% 107
12
153g
13% 15%
10% 17
14% 19
1834 2034
18% 21
19% 21%
20% 23
21% 26
3%
53s
3
7
434
63s
5%
8%
9
9
8%
9%
734
9%
8%
9%
10%
11%
27
34
29
2434 35
38%
50
58
36% 50%
4634 52%
45% 52% 43% 52
46% 63
101
105
100
105
105
110
108
112
117
115
116
119% 119% U984 106
120% 115*117
57
68
59% 63%
53
65
*63
69
64
72
5834 65
63
64
60% 64
62% 71
26
31%
5%
8
3
5%
8%
7%
7
634
9%
9% 1134
8%
8% 12%
8% 10%
9% 1238
40
35% 48%
5034
31
50
53
45% 59
57% 66%
51% 67%
49% 60
66%
59% 70
29
39
4534
43% 33
50% 26
49% 56% 39
0% 50% 45% 5834
4334 57
51% 61
1134
15
11% 15%
9% 1434
21
19% 22%
19% 22% 13% 1934
18% 22%
25%
20% 23
45
42
6434
Amer Rad & Stand Sanitary
257s 29l2 24% 28
2478
*
154
156
153
156
157
158
157
158
156
160
156% 156
162
169
164% 153
170
Preferred
100 164
28
37
3534 40%
34% 3834
31% 36% *31% 36%
36
45% 33% 41
3834
American Rolling Mill
25
3318 3534 34
98
97% 101% 86
4M% conv pref
100
27
27
29
28%
22% 27
28
31
28
32
2634 30
31
3434
32
American Safety Razor
3384 36
3434
18.50
25% 27% 17% 27
2334 2534
24% 28%
2434 28% 22% 25% 22% 26
American Seating Co.
*
2318 265s 25l4 29
35
48
47
5084
44
52
*45
41
52
52%
48% 5234
41
44
41
45
American Ship Building
41% 58
*
87
99%
67% 88
American Smelting & Refining *
89
985g 88I4 9978 92% 10534 81% 98% 79% 91% 8034 91% 84% 95
140
140
140
143
14434 138
143% 140% 46
147
138% 145% 142
Preferred
154
100 147
1461215134 143
$5 preferred
16
8178
5%
6%
33s
7
6%
5%
32%
19
4434
6%
9%
7%
10%
187
2%
29%
11%
11% 13%
133s
59% 6834
6778
129i2 122% 124
74
1034
96
23
77s
1634
5%
5%
4
6
59
*
$6 preferred
2
784
11%
4%
28%
*
Light
8%
13%
12%
80
19%
65
*
New
13%
12%
86
47
*
American News Co.
11%
18
80
57
11%
24%
2714
Amer Machine & Foundry
Amer Machine & Metals
10%
14
88%
8%
28
47%
16%
5534
334
414
27&S
125
I2H4 116
100 114
Preferred
46%
18%
83s .7%
41
43
46%
52
42
*
._*
95
50
21
714
8%
12%
2634
88
2234
19
100
19
95
8%
52
22
38%
Corp
27%
90%
1834
914
47l2
Preferred.
15%
25%
94
4734
20%
American Locomotive
22%
27
90
7%
9%
16%
54
18
2l2
26
25
93
934
6%
12%
5%
24%
Amer-Hawaiian Steamship...10
American Hide & Leather
1
47
21%
28%
88%
9%
18%
53%
20
J
23%
25
6
20%
45
56i2
*
20%
16%
24%
8%
91%
24
11%
52
American Ice
14%
5%
101%
23
60%
587g
American Home Products
16%
25%
28%
96
10%
12%
22%
25%
92%
95
30%
49
37l2
17
"l4%
88
97%
25%
10
17%
20%
7%
*
50
14
2534
14
22%
51%
2134
36
6% preferred
2534
"16% "19%
100
95
92
95
23%
107%
29
13%
H&t
612
"94%
29
64%
10
13l2
3il43VT*27*2
$6 preferred
101% 108% 108%112
25
175
3812
_*
*
131
105
*106
225
225
100
*
58%
2014
$5 prior
115
86
145
101
25
99
27
263s
$7 2nd preferred A
American
3934 31% 47%
120
128% 109
90
86
150
132
141
125
132% 137
102
29
1051s 100
10
$7 preferred
If
234
34is
*64%
Alcohol...20
American & Foreign Power
.
14%
12%
2%
19
101
23%
3034
American Express Co
Rights.
12
18%
334
17%
5
38%
21
3%
88
1634
American-European Securities *
American
4134
28%
8034
142l2 160
534
87s
6214
10434 1147s
6%
4114
9%
54%
54
6%
49
273I
%4
29
American Power &
117S
59%
49%
734
1338
6%
17
81
58%
American Encaustic Tiling....1
conv
%
78
135s
Amer Crystal Sugar Co..
6%
18
%6
70%
29
Amer International
19%
6%
8%
7% 11
11
6% 13
16%
17% 19%
19
153
169
145
168
150
197
227
241% 183
2397s 225
9
10
7%
10
11
14
14
16%
16% 17%
10%
14%
10
1134 15%
18%
22
16% 22
25%
25%
19%
83
10
6% 1st preferred
14%
15%
6334
J).25
Colortype.
Comm'l
12%
17
2178
79%
* 101
American
15%
12%
16%
21%
85
773«
100 115
Am Coal Co of Alleg Co (N
12%
20%
25%
13
18l4
*
American Chicle
American
16
*
'.....
preferred
conv
20
10%
H
17I6
lis
1%
69
87
80% 9234
102
79% 99%
112% 92% 10134
95% 110
90% 99%
97% 108% 95% 10134
1053s 11H2 105% 113
25 1073s 121
160
167
157%163
156
159
151%156
157
161
154% 157
15534 157
152% 156
15234 157
164
16734 153% 161
174
100 168
22
28%
1834 25%
26
15% 31%
46
57
41%j
42% 52
48% 54%
60
50% 57
70% 51% 63
56
6434
6412 71
*
433s 54
36
57
37% 47%
50
72
73
80
77
88
91
87%
87
78% 83
9834
104% 9234 100%
93% 96% 97
100
90
93
90%
99% 86
9034 79
72
80
76% 873s 80
13%
18%
14% 19
29
11% 24
3334
22% 31%
28
3234
28% 32%
American Can.......
New
10
19
18
18
18%
8134
100 139
5^% conv pref
12%
12%
197s
...10
American Bank Note
15%
84
11078 106%
* 101
83
101% 85l2
*
3812 413S 34l2
74
69%
50 66
Amer Agric Chem (Del)
1634
13
17
50
Amerada Corp
12%
20
81
1
Preferred
21
11
1734
*
Portland Cement
Amalgamated Leather..
Alpha
11
8434
-*
Allis-Chalmers Mfg Co
29
29
24
29
3334
16i8
6314
1«4
15
14%
81
♦
100
5% preferred
21
24
20
15
27%
*32
17%
22%
732
Rights
Allied Stores Corp
231% 218
215
234
27%
24%
29
26
3114
28i2
33
303s
30%
23%
246
258% 224
233
242
2 385s 232
225
37%
2%
4
104
20
*
5
.*
Kid Co
Allied
2%
3%
33
43%
35%
45%
3914
41%
110
110
.1
Allied Chemical & Dye
36%
514
~"l% "
52
234
50
Pref series A $40 warrants. 100
434
4934
48l2
43g
High
High Low
High Low
$ per share $ per share $ per
$ per share $ per share $ per share $ per share $ per share $ per share
146
146
166
166
1
1%
1%
1%
2%
2%
3%
43%
4334
Alleghany Corp..
*
Pref series A *30 warrants.100
December
November
October
September
June
July
August
March
April
May
February
Low
Low
High Low High Low High
High Low High Low High Low High Low High Low High
January
STOCKS
y Ex-rights,
10515=10515ii.
* No
par
value.
J Reported in receivership,
f Called for redemption,
-
a
Deferred delivery.
Financial
Chronicle
1937—Continued
January
Low
February
High Low
March
April
June
May
High Low High Low
High Low High
High Low
July
August
i per share $ per share % per share
$ per share $ per share $ per share
8
7i8
9i8
6
9i2
734
9i2
6%
3914
48i2
46
634
914
IU4
8
8
7U
8I4
7ig
9i2
52
46
9%
107g
5212
734
87g
10*8
8
9i2
7%
87g
39
83s
49%
678
32
39
6%
87S
5%
7%
6%
5%
93s
734
6%
5%
5%
30
734
6%
$ per shore $ per share $ per share
6
35
534
434
3434
39
5%
32%
2
6%
36%
7%
3%
6%
3%
4%
20%
5%
3
73
8634 106*12 106* 120
110
120
89
100
92% 117
*70* 93 "
120
88i2106i2 106
110
120
9234 117
9234 99% 73% 93%
79
88
205s 2334
2214 28i2 27i8 40% 31% 38% 30% 35% 24% 3134 2578 30
3338 38i4
3514 42
38'8 4734 3534 43% 36% 40% 2734 36
297S 34?
41
44
43i2 45
4234 4414 40
43% 38% 42
39% 42
40% 43
105
10612 1063s IIOI2 107
110% 10434 10734 100% 103% 102% 104
103
107
36
357S 403g
42l2 373g 433g 41
40% 29% 34% 27% 32%
2534 32
2714 30l2 27% 3078 253s 30% 24% 28% 22 - 26%
118i2 127
*38* 4*0*84 *38% "4*1*34 *38% "4*1"" *381*4 *3*9* " *34* 38%
39i2 42
26is 34% 2912 35U 29l2 3412 27% 3378 24% 29% 23%
277g
16 i8
1778 2014
15
I8I4 1934
18*8
1778
14% 16
1378 15%
112
113
112
114
112
114
112is 112ig 11134 112
111
112
111
1121
25
27l2
25% 2834 25
27% 2334 27
22% 25
21% 23
22% 271
10134 103
102l2 105
102% 10534 102% 103% 102% 103% 101
103
103
1031
40l2 42
43
43U 4314 43
41% 41% 40% 42% 41% 41%
41
42
105
10734 111
109
107
112
107
10934 108% 109% 107% 110% 112
1143
13
1434
12
13*8 1534
13% 14*8
12
1384
13%
11% 12%
1178 13
84
84i2 853s 853g
86ig 87
86% 86% 86% 86%
25
2814
2678 30% 25ig 28
20% 25%
19% 22
*18% 20*34
217fi 2334
2112 22% 20*8 2134 20% 22% 20% 21% 20% 21
56
56l2 6234
56
55
59%
6234
58%
50% 53
47% '50
73
8314
8034 953g
91% 105%
77
81% 9834
8734
76% 87%
185s 20
187g 1934
187g 19l2
18% 19% 18% 19
17
187S
17% 19
125
1275g 127i2 129i2 120% 1277g 117
124
11534 118% 108
11534 115
2334
68
64l2
6934
56
64
52
60
3314
2284
30l4
38
33
37
30
36
28
33%
263g
2538
283g
2534
297g
22
2878
32l2
28
30%
2934
31%
28%
31%
*51%
57%
51%
26%
22%
3134
24
54%
29*8
25%
22%
25%
22
24
23
241
79
82
75
82
92
94l2
92
93
90
94i2
87
90
33*g
39
35
48%
40%
4934
34%
4134
31%
39
27%
4078
85%
43
88
45%
37
44
*85% *90*
1%
41
45
43
48%
41l2
4712
4078
4634
88
93
88
93
85%
85%
4234
4534
43
453g
4138
90
45
90%
46%
20%
10%
87
99
60
60
5
3%
20*2
37g
263g
434
418
""934
12*8
72
100%
2%
15%
2%
68
rn.mm.rn.
*13*
28%
15%
2334
28%
33
10
23
16
44%
20%
34%
27%
42%
43
30
36%
34
104
99
22%
110
106
101
8%
101
28
3134
17%
28%
10%
24%
27%
15
23%
9
40%
22%
1334
25%
16%
22%
16
11
14%
115
112
114
103% 103%
«
«•*"'
_
112
J_»
113% 107% 107%
12
9
13%
11%
88%
1834
87
1884
21
1858
1112
33%
"30*12
1838
9%
13%
95
33
1484
13%
11034
III84
12
20%
99%
34%
18
94
3012
9034 100
73g
87
14%
1734
44%
65%
88*8
21%
10
108
17
223g
99% 10258
25%
23%
112
90
16%
*29% "37"" *28*
*38%
18%
97U
103s
838
82l8
13*g
im'mm
8%
15%
21
15
20
18ls
57
3734
49
36
9134
41
70%
63i8
19
16% 18%
116
120% 103
20%
14
17%
15
87
107%
95
22%
56
60
91
102
18%
115
ll.n
82
*28*
4"2"34
2*7*
22%
15i2
6034
26%
67
42
28%
18
27
2134
12%
22%
24
25%
25%
20
23
18
76
80
66%
76
66
30%
90
42
64
35%
27g
43%
85%
53
6%
5%
434
86
256
64
5%
33%
23%
6
5
6
6%
6%
584
4%
October
September
High Low High Low
High /
Low
36%
21%
31%
16
2734
45%
*21*
"3*5%
5738
*43% "4*6*" *32*
13%
9
1634
13i8
20
*
18
663s
50
x
3334
26l4
7214
28
26i2
767g
83%
2638
77
8*8
28
1078
10
27*8
83*2
8I4
3^8
412
312
1634
2038
1914
33g
1
1534
43g
24%
26%
77
43%
11
1334
*28%
234
3%
24
26
*40% *4*7* "
12
2%
21%
z41
187g
225s
15
25
9
11
9%
278
1%
2%
1934
15%
17%
15%
1778
46%
46%
4234
378
17%
2534
54
5978
4514
553s
45'
53%
4378
49
45%
,316
5034
5034
41%
487S
45
46*8
48%
39%
44%
44
46%
4H2
534
44
738
36i4
41
43
41
45
39
8
23%
46%
12%
47
4212
63g
3414
4912
2434
13%
6734
4934
5114
684
3334
7*8
33*8
32
39
24i4
1134
38i4
45
13i2
2914
53g
31
83s
2734
33
35*2
14i2
3034
7is
28%
84
91
83
27
30i2
47
2714
4212
314
2i2
6is
16
4
6%
3%
17%
5
234
15%
4234
1518
9
3658
31
35%
26%
II84
9%
33
29
3434
8%
2978
34%
16%
3278
18%
36%
3178
1378
29%
9U
3158
578
27
8%
3334
87
81
90
31%
29
48%
39%
43
37
43
37
30%
41%
50
7is
91
7634
83
89
40
43%
39
41%
4H2
25
18
23
15
193g
14%
23
25
20%
233g
17%
2234
50%
"4*8" *24%
40%
8
■
934
5%
8%
2%
1%
31%
1834
1%
25%
11*8
48%
29%
47
25
51
36
41%
35
334
17%
2
2
16%
1834
39%
42
3
41
34
16%
Z3734
3%
1534
18%
7%
934
32%
24%
39%
11%
11%
23
57
68%
28%
30
43%
45%
17
19
16%
19%
101
104
9
79
88%
8
5%
54
9
534
678
%
5034
50%
5034
50%
50%
3%
3%
12
12%
15
26
4%
1534
2934
24
28
45%
1738
40
7
3134
10%
3334
25%
7%
2734
7
1334
10
43
18
34%
26*12
50
33
42
30U
39
29
35%
3134
1
3%
17
3%
13%
6%
12
19%
8
53%
35
15%
43%
28%
43%
19%
27
21
37
40
3612
17%
173g
9%
79
6
6%
1234
94% 100
7
2%
35
8
27
2%
37
29
1678
13%
2834
22%
33%
7%
29
75%
83
434
2078
67%
343s *28%
32
27%
4%
42
10%
24%
7
30
22%
3%
28
5
1%
4
27g
11
I6S4
834
1134
884
14%
1034
24%
31
30%
5
27
291
534
18%
25
26
1278
14%
13%
161
15
16%
2934
29
321
3234
5
534
23
70
29%
17%
68%
25%
35%
50%
27g
36*8
27%
2712
3278
28%
38%
25%
35%
25%
30%
23%
60
60
60
57
57
55*
"55""
15*8
60i8
173s
14
12%
14%
6034
52%
15%
53
12%
57
17%
58
55%
12%
60
61
1618
6112
48
50
44
15
18
16
17i8
52
16%
18%
14%
50%
15%
51
13%
48%
97%
56
137g
45%
1434
51
97%
96
99
51
521,
_50
99
99"
101
106
103
50%
102
100
105
100
17
52
50%
52
100%
9934
9934
102% 10034 103
100" 1*0*1%
'
7534
7*8
68
78%
74
86%
62%
80%
60
6934
10
17
1514
5%
16%
2%
12
2584
878
2114
378
7%
4
1934
6
14
61
21*8
68%
11
70
51
68
24
51
27%
33%
29%
37%
19%
2634
23
26
35
12%
20%
52
52
52
62%
71
6%
30%
50%
51%
4978
3%
1
14%
4
2%
IO84
22
29%
24
167g
I6I4
52%
*4*5* *
2%
9%
16%
33%
27%
14%
23%
10%
9%
55%
1138
57
12*
54
56
56%
13g
56%
45
11%
113g
48
44
1234
46%
9
46
36
443g
14%
151.
13%
15
47
48
47
47%
94%
96
96%
31%
99
34%
678
7%
2712
a
24
8%
26%
8%
7%
21%
3%
10%
834
25%
2%
684
5%
1934
point, viz.: 105"; =105»ii.
3%
2%
278
8*8
6%
5%
8
7
7%
24
18
20
* No par value,
14
96%
90
36%
99
110
39%
4034
111
75
31
634
97%
18%
1134
41
13%
473s
a.
90
32
22
115
76%
41
95
30
122
*60% 6*9% *64%
2
»
112
9%
4%
*37g
—
184
4334
78%
337g
8
102
21
14
10%
35
3
43
-
161
21l2
1934 23%
17% 21% 16% 20%
13
15
14% 1734
11% 17
71
76
72% 82
79% 68% 75% 60% 71
48% 65%
52% 56%
110l2 110%111
109
111
108
110
108
107
109
109% 107%110
35% 5234 43% 50% 4534 5834 51
z60% 53% 59%
56
61
55% 63%
41
44
39
42
42% 48
30
38
1678 28
14% 20%
15% 20
85
8934
85% 89%
7834 90% 79% 86
67
69
77% 86
z79%
8034
63l2 68I4
63% 6734 5784 68%
56% 62
51
547g 59% 50% 59%
57%
96
100
91
96
95
93
97
94
98%
98%
3
234
3*8
4%
334
434
3%
4%
2%
334
2%
3%
27g
278
678 11%
13%
9%
9
11%
13%
11«4
9%
834 1034
6%
7%
8%
4
23g
3i2
27g
334
3%
2
3%
2%
2%
2%
3
2%
278
135g 1634
12
14% 17% 15% 18%
16
12
10
14%
834 1234
1234
8I4 1138
834 1034
8
9%
9%
9
8
7
8
12%
7%
9%
3034 32
27
30% 3134 28% 32
29% 24% 28
24% 26
24% 277g
2
2
2i2
234
3%
2%
2
2%
2%
2%
1«4
2%
17g
2
434
578
47g
7%
7%
6%
4%
6%
4%
5%
3%
434
3%
47g
312
438
4
37g
6%
6%
5%
3
5%
4%
5
4%
3%
4
16
1112 1512
1234 19%
19%
1134 15%
10
127g
12% 16
9% 1234
23
32i4
28% 33
257g 32% 21
29
23
29% 23
25% 23% 27
61% 70%
63% 6834 6334 67
58% 64% 5534 64%
54% 57%
3%
10%
884
5
6%
7%
164% 191S4 126
102% 105
47g
1112
3734
2014
2312
4%
3%
zl4%
2934
22%
_
-
67S
33
6%
934
38%
884
33
40
90
96%
30%
88%
89
18
24%
684
2%
165
2
9iS
15%
884
31
63s
3712
90
89
5%
135
120
120
110% 118% 109
71
93
91% 100
53% 78
104
1
105% 104% 105
104% 105
17
30
35% 39% 27
35%
104
105
108%110
108% 100
42
37
28
32%
38% 21
61
76
52
75% 78
6478
30
24
32% 29% 32
30%
4
7
2
5
634
8%
100
102
101
102% 97% 101
8
17
16
19% 20%
20%
4
12% 13%
7% 13%
8%
8
8
9%
9%
6%
3%
95
9934 95
98%
68
69
76% 49
40% 6884
12% 14%
7% 12*8
834
3%
50
51
55% 30
18% 34
109
1
110
108
107% 10934 105
42
5084 59
5234 29% 46%
5
13
1634 20%
1034 16
65% 71
49% 61% 41% 54%
47
63% 38% 4734 31
43%
90% 94
90% 92% 89% 90
3
2%
2%
1%
2%
h
4
2
6%
734
6%
47g
1
2%
1%
1%
1%
1%
3
8% 11%
8%
734
5%
5
5
5
8%
8%
4%
21
26% 18% 23% 10% 18%
2
1%
1%
1%
138
%
4%
3%
2%
3%
27g
1%
3
1
3%
2%
3%
2%
3
10% 12
6% 103s
734
22% 26«4 15% 23%
684 17%
45
-
153g
231
5
109
2%
634
534
19
1834
3
30
35%
8i4
8%
734
8
9%.
734
634
9%
8%
138
1 6334 160
176i2 149
16834 148
174
170% 154
170% 155
12434 12934 12412 127i2 116
123
127% 119
123% 122
113% 123
85i2 99
9514100
87% 9934
94
85% 94% z87% 93% 95
104% 105
26*8 31*8 2884 36% 31% 36% 32% 39% 36
41% 34% 4078
10612 108i2 108% 112% 108% 113% 108
112
111
113% 111%115
3612 42% 41% 47% 41% 48% 39
46
40
3834 4278
46%
79
783s 8212
76
82%
75
78
82% 7434 78
7334 78
36
34i2 3914 34
36
33
36
33%
31
34
30
33%
83g 12*8
10
10% 12%
12%
7% 10%
6%
77g
7%
834
106
10714 104
104
106% 102
101
96
100% 104
103
102%
38
34
3712 4134
4134
33
41% 28
18
25% 3034
24%
19
17
2434
17% 20
19%
11
13
1434 18%
12% 16%
12
10i2 11%
10%
12%
14% 11% 13% 10% 12
8% 10%
111
111
I08i2115
106
105% 106
106
103
103
8i4
2284
778
25
%«
48%
15%
12
2638
65
3078
6034
14l2
15
3034
534
18%
37%
50%
3034
12%
26
14%
28%
15
37S
54%
32%
25
3738
31
rights.
4%
3434
10
32%
15%
31
6%
2434
74
20
J2ds ol
578
50l2
35%
16%
17
73s
9%
22
26
3234
27i2
8i2
6%
IOI4
85
58%
15
8%
3378
234
161
33
17%
28
20i8
2%
678
6I4
24i2
1238
218
8I4
11
37%
27%
5%
17%
33
67i4
I6I4
6778
1
217«
54%
2678
7%
5%
19%
7
5
1%
26%
31
22%
4%
23g
15U
32i4
104
29'ia
18%
101% 104
10%
3
18is
X
15%
35
27
82
42%
1%
3812
36l2 28
2234 29
17
191
24
46
53
48
50% 40
32% 42% 25% 34%
18%
100*8 IO2I4
97
102
9912 102
86% 97
72
87%
6534 75
4812 5234 z46
50% 3914 4612 32% 40% 3 1
28
33
3434 26% 31
4734 50
48i2 4934 45l2 48*8 4534 48% 45% 48
44% 46
2OI4 24l2 20% 227g 2012 23% 18
22% 17% 2034
1634 19%
20
2434
213g 25% 19l2 243g 1678 21% 1578 187g 1434 1678
110
117
11512 113
IO8I4 117% 108
103
116% 10678 109
103
102% 108
1214 143g
9
12ig 14
1134 1378
1178
8% 10%
7%
9%
7% 11
75
90:
84
9178 98
80
8934 73
71
75
58
67
65
881
9i2 1H4
10
8
10% 13
11*8
8
10%
9%
7%
9
734
93
51
59
58
6412 5234 65% 50% 60
51% 56% 50% 5734
52% 571
3484 4514 39% 44
38
43
31
36
32
31% 41
38*
3Q34 36%
313s
89
44%
31%
2314
1
48
45
42
447g
42
82%
3878
8034
43
84%
23
43
8*5*"
1678
412
;oo
l00
64
.OU2
1934
92
2612
64
29l2
418
.02%
III4
77g
538
4434
93s
36i4
.05
32l2
87g
4812
40
90
H2
418
H2
578
314
1214
H8
214
214
6
1234
311*2
2%
6%
2
284
40%
2%
2%
1%
2%
1
1®4
13g
5
634
434
6%
3%
5
158
4%
6
4
6
4%
5%
2%
4%
13
3%
234
17%
39%
14
16%
13
t Reported in receivership.
17
35
10%
44%
29%
1
6%
38
3%
11%
If Called for redemption.
978
rery.
Jan. 8, 1938
Chronicle
Financial
216
1937—Continued
December
- - --
47
11078 124%
123
RR 6% pref.50
City in vesting
City Stores
Clark Equipment
preferred
Wi%
18%
---■—
~~
—
—
122%
Commonwealth & Southern...
$6 preferred.
*
*
Cigar
& Lighting
1% % pf 100
26
21%
25
5178
43
483s
30
24
24%
28%
23%
29
25
26
26
27%
30
2834
2134
25%
67
58
63
85
70
82%
70
70
68
70
4%
31%
7%
43%
67$
734
634
48
*40
"5"
100% 100%
IOO"
3
4%
22
31%
17%
24%
179
~
102
108%
10478 107% 106
19% 2812
23
30%
108
106%109% 106
108% 111
23
36
43
30% 43
48%
82
85% 85% 82
88
86% 87%
49
48% 48%
*49%
50%
28% 37
108
47
50
24
59
20%
56%
•l«
138
160% 126% 153%
156% 162% 150
57
58%
5734 58%
57% 58%
38
31
35%
3234
9334 131
58%
14%
56%
8%
97
107% 119%
1097$ 122
57
58
57% 58%
85$ 10%
9% 12%
1025$
2034
39
15
18
15%
19
23
23%
15%
21%
14%
19
15%
17%
21%
17
37%
18%
20
10%
17%
20%
13%
18
25
20%
25
12
*277$
32
31%
2378
2.3%
90
86
89
87%
83%
87
9H2
89%
90%
458
94
89
95
14%
"83%
91
334
14%
40%
3
12%
34
105
103
32%
28%
3634
34%
37$
10
31%
99%
100
*
Fibre—5
20%
39%
3734
"32%
4%
5U
2P4
4234
"23%
4034
234
358
3%
42%
41%
263s
45%
32
637$
103
25%
42%
37g
45%
20%
38%
3
72%
40%
Refining.....25
100
....
27$
50%
6334
24%
4134
"26"
36%
2%
384
41%
45%
35%
73%
71
60%
87
5284
22%
1934
39%
3%
47%
34%
7034
35%
2
3934
21 "
18%
37% *3534
234
2%
45% 40%
30% *25
28
27%
28
32% 30%
63
67%
62%
62%
72
77
6734
547$ 59%
5678
57% 67%
71% 657$ 7034 66%
15578
160
165% 153 *157% 154% 156
168
171% 163% 168%
7%
8%
634
7%
9%
7% 10%
6
8
678
8%
42% 48% 40
56% 5084 55% 46% 527$
46
5434 50
113% 118
116
11534 116
119
121
120% 120% 116% 116%
104% 105
100%
"12
>%2
%4
32
30% 31% 2878
3578 29% 33
36
36% 30
3534 37
18%
18% 22%
19% 2334
23% 26%
24% 27
21% 2834
68
70% 79% 71% 7834
88
85
10078 78
74% 93
41%
50% 52% 47% 50% *45% 48
56%
547$ 67% 52
39
40
42
41
43%
457$ 47% 43% 46% 43% 44%
11734 121
11734 122
109
111
18" 21% 16%
19
19% 25%
22%
17
19% 24%
24%
99
101
100% 10834 99% 104% 97%
58
58
6634
62
78
58
75
73% 8134
51
59
67
--*
Crane Co
25
7% preferred
100
5% convertible preferred. 100
—
Rights
*
*
Crown Cork & Seal... —
*
$2.25 conv preferred w w...*
Preferred ex-warrants
_*
Crown Willamette 1st pref ._.*
Crown Zellerbach Corp
5
ctfs
Crosley Radio...
,_
$5 conv preferred
America—100
120
125
128
135
122
133
...—..100 120% 123
2
134
2%
2%
2%
234
2%
3
Cuba Co (The)
*
12% 14% 11% 13
Cuba RR 6% preferred
100 137$ 17% 12% 15
934 117$
12%
11% 12% 10
113$ 14%
Cuban-American Sugar Co...10
110% 122
112
121
110% 120
127
Preferred
...100 110
3834 *40
40% 43
Cudahy Packing
-.50 39% 42% 41% 42%
14% 17%
17% 19%
18
18% 20%
20%
Curtis Publishing Co (The)...*
92% 9934
Preferred
* 101% 109% 101% 106% 9978 103
7
5%
7%
7
8%
734
6%
778
Curtiss Wright Corp
1
Class A
1 19% 22% 20% 22% 20% 2384 18% 21%
73
80
81
85
82
85
86
Cushman's Sons 7% pref
100 80
Crucible Steel of
Preferred
*
preferred
*
*
Cutler-Hammer, Inc
New..
49
82
55%
87
53
85%
115
1%
9
8%
111
123
118
120
87%
7234
62
55
62
48
55
49
50
90%
81%
9078
76
82
73%
76
5%
7
1734
934
15%
9%
16%
18%
16
15%
18%
16%
14%
y
point, viz.: 105l*=105"ii.
Ex-rights.
85
87%
3%
24
9%
9%
18%
1734
12%
10%
21
203$
65
87
18
2534
17%
I
165$
11%
20
20%
65
76
75$
1634
75
99
185$
243s
10
20%
14%
18%
1034
16
39%
27
36
30
31 s4
2534
28%
10%
117
97g
*45$
12
884
925$ *68%
82
85
82
47%
63%
qq
90
61%
39%
95
1384
5
10
17$
41
7%
70
40
84
38%
88%
48%
80
83
34
100%
86
46%
96
97
1
27
37%
21
30
11
12
10
10
14%
634
83$
5
7
27%
10%
20
25
8
9
10
12%
1234
20
8
16
12%
10%
55$
9%
434
134
6
11%
8%
39%
22
8%
4%
46%
38
9%
23$
45%
634
15$
2%
45%
11
934
2%
77$
11
34
25g
53
30%
6934
100%
103%
99
79
64%
76%
54
927$
54%
33%
oa
47%
72
353$
80%
71%
45%
81%
82
80
7%
11
8
7%
57$
11%
13%
8%
70
70%
65
68
63
80
683$
18%
87$
6
66% *68
85
10%
834
70%
Yl"%
"76"
86
10%
1%
14%
135$
17$
83%
43%
20%
2734
213$
37g
93%
33$
2
1534
23$
10
25$
84
90
935$
80
90
65
81
74
5234
59
56%
607$
50%
57
41%
54%
40%
"14% "19%
23%
3
90
55%
107$
30%
15$
1434
5%
13%
"§"
"l"l"%
32%
265$
313$
2
1%
24%
125$
15$
35
167$
51%
27%
12%
3234
17
47
50%
90
98
885$
93
21
2434
21
234
2478
13%
21
278
21% 18% 20%
38%
37% 39
37% 36% 3934
2%
27g
23$
234
2%
2%
36
43
49
44
42% 487$
4434
17
25%
265$ 31% 257$ 30%
29%
53
63
63%
64% 62% 64% 6134
55
63%
64
68%
61% 605$ 6534
16034 161%
158
159% 162
156
158
5%
784
8
8%
7%
634
734
337$ 48%
40% 5134 4634 52
46
11634 U6»1» 116«u 117
11634 U6"i«116»u
1047$ 1115$
104% 1017$ 114% 1117$ 115
7%
1
2%
15$
69%
37%
81
52
1067$ 108%
23
7s
24
38%
185$
9%
7%
2684
8%
2934
1
1%
27
66% 4634
575$ 6334
59%
63% 53
163
166%
163
161% 163
47$
3%
6
4%
6
23
287$
3534 22% 32%
90
105
47%
50%
155
3
"32
32
21
287$
31%
28
30%
25
2778
19
227$
18%
21
13
18%
7
13%
734
10%
72%
85
73
313$
28%
46
48
44
40
37%
40
44
42
34
47
38
4534
5034
4134
38%
85
477$
31
72%
4034
75%
403$
38
40%
37
39
35
38
33%
30%
39
33
33%
40%
22%
15%
2l"7$
~8% "1(534 "95$
145$
87$
86
99
70
863$
64%
797$
57%
69
43
68%
21
4634
26
3434
29%
39
108%
80
95
83
85%
1%
8%
5
7
5%
8
53$
33$
47$
20%
99%
63%
123
"l834
"175$
197$
94%
99%
96% 100%
62
73%
68%.
120
1%
1%
978
834
78
110
127
129% 127
1
13$
15$
134
934
12%
11
6
119
2134
90
5$
1%
10%
6% 10
834 10%
97$
85g
9
104
114
*110 123
11934 1097$ 115
39
19% 38
39% *377$ 38% 38
634 10
9% 1034
97$ 11%
8% IIS4
55
70^2
76
65
71
88
747$ 80
334
55$
6%
53$
634
5
5%
57g
12% 18%
18% 20%
173$ 207$
16% 187g
67% 69
71
7234
415$
465$ 47% 30
47% 54
49% 50
54% 77
74
74% 7734 7334 7984
80%
38
15
* No par value.
5%
8
3778
95
10
18%
Note—Superior figures denote 32ds of a
Ex-dividends,
99"
1434
19%
12%
85S
2784
27
13
14%
9
' 17
734
94%
6%
1934
74%
16%
5%
113
15
21%
11
11%
81
9
39%
11
77
1%
1%
11%
10%
377$
14%
76
mm
*
257$
99"
~
98% 102
13%
3
26%
X Reported In
6%
7
75
91
76%
78%
70
16
23
157$
19
12
234
9%
125$
84
%
%
84
4%
89
734
1634
8%
15%
51
46
2
*11
32%
395$
23%
34
625$
27
6
10%
63$
39%
48%
3%
12%
1634
54%
67$
534
60
4%
484
54%
4
48%
13% 16%
*127$ 14%
12% 15%
15
17%
18
19%
Davega Stores Corp..
...5
19% 207s
19
19% 2034
2034
20%
20% 2378 19
22% 24
Convertible 5% preferred..25
103
102% 104% 100% 102% 96% 1021
99%104% 100
10234 102% 103%
105%106% 10334 105% 100
106% 109*
68% 113
97% 127
14184
Dayton Pr & Lt 4^ % pref..100
124
135
129% 143% 130
118
135% 117% 137% 123% 13434
Deere & Co
—* 104% 123% 117% 12834
23% 25%
New
26% 29
25% 29
30% 26% 297$
8
16%
29% 31% 29% 3134 29
1434 195$
Preferred
20 2934 30%
18% 223$ 19% 21%
177$ 20
1934 22
25%
26% 20
25% 2734 22
23
33%
Deisel-Wem-Gllb Corp (The).10 26% 29
353$ 4034 32% 3884
44%
41% 4734 33
10
14
42% 53% 48% 52«4 48% 58% 42% 53
Delaware & Hudson
100
1334 163$
15
17%
17% 20% 1334 18%
17% 19% 177$ 22% 20% 24% 17% 21%
25$
45$
6
Del Lackawanna & Western..50
434
6
4
4%
6%
6%
77$
6%
9%
8
834 1034
98
105
1078
77$
934
110%
11534 110
112
118% 110
fDenver Rio Gr & West pref. 100
113
123
1107$ 115
126
137
135% 120
5
7
14434 125
142
146%
10
13
16
16
Detroit Edison
—.100
16% 1934
16
12
22
177$
938 12
12
12
1034 11% 10
19
19
12% 13
19
19
Detroit & Mackinac Ry
.100 11
20
22
20% 25% 27% 30
23
26
60
60
38% 41
Preferred
-.100
61%
597$ 6234 59
60
59% 61
63%
63
73
"67" 76% "69" 74"
61
68
22% 26%
Devoe & Raynolds class A.....*
26% 28
2984
26% 28
31
34% 28% 33% 26
34% 32% 36% 30% 33%
34
33% 37
Diamond Match
* 31
34
33% 35% 33
36%
34% 37
36% 3934 36% 37
*3834 40%
107$ 1534
Participating 6% pref.....25 39% 70
18
15% 16%
15
20% 227$ 20% 23%
20% 2634
25
28% 24% 2634 247$ 29
24
15% 21
Distill Corp-Seagrams Ltd..—*
21% 235$ 207$
80
88
86
91
923$ 84
92
96
93
70
84
60% 74
94% 90
86
5% pref with warrants
100 91
85% 88% 83
I884 23 * 17% 19% *1434 1784
17% 19%
Diamond T Motor Car Co.....2
19% 197$
1934 20%
18
20%
1934 22
22
24% 20% 22%
32
35
2084 23% 22% 25
37
35
Dixie-Vortex Co
*
34% 3634
34
36%
36
39
40
41% 39
41% 39
28
35
41% 40
Class A
* 39
35
39% 37% 387$
3734
35% 41% 35
35
45
40% 4634 38% 44% 3634 42%
36% 44%
Doehler Die Casting Co
*
39% 41% 39% 4284
38% 41% 38% 42
48% 38% 46%
4684 5034 45
534
7
4734 51
6%
7
9%
Dome Mines, Ltd
.*
85$
934
834
9%
934
97$ 11
10
12%
Dominion Stores, Ltd
* 10% 11% 10% 11% 10% 12%
17
Cash sale.
98
18
86
83% 85%
68
68
81
83
7834 80
85
83
86
1
1%
2% ""I" "T%
2%
3%
3%
27$
35$
25$
6
9
5%
8%
4%
9%
1134
11% 13
105$ 14
13
21% 27
22
3034 23% 283$
29% 34%
41
3334 3834
35% 33%
95% 101%
92
98%
93
99%
*99% 103%
10334 102% 103% 10234 103%
4
5%
4%
534
6
3%
7
8%
9%
83$
85$ 1034
10%
8%
97$
834 11
7
123$
11% 14%
15% 16% 14% 16
16
100
100%
104% 100% 101
104
1045$ 104% 10484 102
105
105
105%
3%
4%
35$
434
25$
5%
4%
6%
6
67$
73$
4%
6
H
%
3$
%
h
%
%
34
34
58
7$
H
%
4
334
5%
57$
3
7%
6% 10%
9% 115$
105$
87$
107g
16
20
16
223$
16
30
29
43
37
42% 37% 48
45%
7934 86
88
89% 80% 847$ 81% 86
92
92%
1134 1434
125$ 18
1034 207$
1934 28
co to ■£<
26% 30%
31% 28%
26% 18%
3%
2%
98% *81
57
50
278
109%
59%
36%
2I84
"23"
117$
80
26%
ni6 1*16
30
32"
4%
97% 103%
47g
2884
12%
79
88%
2%
37%
30%
3234
27%
293s
115$
80
88
85
5
1027g 10858 107% 10934
593$ 63%
61% 69ls
—20
1234
97$
88
843s
80
12%
17
IOO* 103"
30
15%
17
~
13%
3
Insurance...-.2.50
Motors......
1
Delaware.,5
Continental Steel Corp;
*
Corn Exch Bank Trust Co....20
r
95
96
35
95%
235$
31
32
39
177g
19
80
17»4
41
27%
34%
24%
9234
84
85
15%
37$
23%
2%
26
"2
179
a48
a48
8%
7%
834
45
38
39%
36
80
1878
29"
Continental Oil of
$8
57
63
82%
74
13%
Continental
Cream of Wheat
633$
63
183s
84
11%
Continental
T
22
45
20%
class A—*
Preferred
20%
4734
2434
........
*
Coty Inc.
13
78
17%
9%
9% 11
14%
14% 16%
15
177$
1578 1734
15% 17%
157g 17U
10434 105% 10434
10434 105
1057$ 10578 10578 10578 105% 10534
4%
5%
7%
6%
834
734
884
7%
10
9
1058
%
%
1
1
%
1%
1%
7$
1%
7g
1%
9
10% 13% 10% 12%
8% 1234
8%
978
8% 10
43% 51% 37
43% 5234
33
40
34% 51
34
403i
—100
Corn Products
24
35%
.....20
*4.50 preferred
Continental Diamond
33
20%
37
*4.50 pref *
Class B
11%
70
1434
74
72
92
90% 91
4%
5% "3% "4%
5%
"B" "534
13
15%
15
17%
1678 17%
16*8 I884
40%
39% 43% 37
43% 4978 4134 4778
104% 107
105% 10734 104% 107
106
108
9% 1134
11
13% 1034 13%
9% 125s
Corp..-----5
*
$5 preferred
*
Cons RR of Cuba 6% pref... 100
t Consolidated Textile
♦
Consolidation Coal (Del) vtc.25
8% preferred
Continental Can
121$
80
58%
58
36
2978
883g
.
Rights
Continental Baking
16
19
162" 152%164
45
4.5%
29
80
Consolidated Oil Corp
Power Co
58%
28
165$
Consol Laundries
5% prefvtc
57
58
11
118
119
123% 116% 124
111
119% 113
117i2 I2334 115%124% 112% 125% 112% 12534
28% 34%
2834 31% 25% 31
*3434
31% 35% 31
3434 39i2 35% 39% 3234 39
41
4284
4178 43%
42
43
43% 38% 42%
44
42
4578 4178 45% 41
46i8
10
12%
11
15% 11% 1484
11% 14%
12% 1534
17
15% 18%
183g
17^8 2078
92
94%
80
87
82
91
87
95
9334 9734
97% 104
100 -4 102
101% 108
81
8934
84
84
75
80
8934 8934
91
94
91
95
90% 95
92
101
57% 63%
59
63% 61% 66
58
64%
5634 64%
5678 6278
58
67
6434 69U
104
110
106
104% 106
101
107
104%10634 100
10178112
100
104%
6684
63% 68%
63% 677g 60
111 114
69% 7734
66% 7134 63% 69% 63% 6884
7312 80% 106%117 104 109 104% 107% 10378 108 105 107 105 107 105 107%
143$
13%
13% 1534
13
14%
116% 120
13% 16%
14% 18%
18
20
18% 2034
3
18i8 2II4
2%
3%
2%
2
2%
2
27g
3
2%
3%
33s
3%
3%
33s
4'8
57%
483$ 5934 53
46
55
4734 56%
50
59
56
64
59
69
13
11
67i2 75%
13% 14
13% 15%
15
17%
13% 16
15
17%
16% 19%
135$ 3714
365$ 387$
363$ 39
34
37
36
40%
45% 37% 42
39% 443s 40
15
15
3634 4114
1234 15
12% 12%
14% 16
15
16%
17% 183s 16% 18%
14
I8I4 1914
14%
13% 14
12
13%
1334 14
16% 18%
17
19%
183s 20%
18i2 22
20% 2384
2134 26
Corp...l
--*
7% preferred
100
prior preferred
100
6M% prior pref ex-warr.,100
Consol Film Industry
1
$2 participating pref
*
Consol Edison Co of NY Inc..*
*5 preferred
*
Container Corp
573s
2934
Consolidated Aircraft
Consolidated Cigar
Consumers
57%
1734
*27
100
Comm'l Investment Trust
*
$4.25 conv pref ser of 1935—*
Commercial Solvents
—*
Conn Ry
57
607$
14
13% 16%
135$ 17%
13% 19%
2834
16% 25%
25
297$
2334 28%
110% 12034
123% 127
1297g 12734 128
125% 126% 129
13278 125% 130
1307$ 130
142% 170% 149"
263s
preferred
Congress
57l2
141" 141" 167"
2434
100
Publications
Congoleum-Nairn Inc—
129%
45
46%
70
94
85%
45
75%
84
16
133"
21
—
Nast
95%
*12814130" 127" 12V" 128"
447$
5%
1®0
Commercial Credit...... — -10
Conde
82%
96%
45
52%
31
Columbia Gas
43i% conv
1307s
49"
"49"
47%
26
Corp vtc..*
pref
& Electric
series A
preferred
88%
98%
8234
" 130"
"47%
45
917$
17%
40%
90
50%
43%
52%
80
8%
35
4%
36
38
175$
1912
t c
$2.75 conv
7
367$
12%
7
87
534
11%
70
"9%
32%
sharei
14
634
per
16%
3
9%
52%
108%
18
9
55
59%
59% 64
119%
94% 116% 107
114%
12
High
share
12%
13%
35$
53$
per
56
-
6% pref
"7"
16
sharei
per
sharei
18%
per
16%
103
--*
5% preferred
100
$5 convertible preferred
*
Colonial Beacon Oil Co
*
J Colorado Fuel & Iron
--*
Colorado & Southern.....--100
4% 1st preferred
100
4% 2nd preferred.
...100
Columbia Broadcasting Sys 2.50
Class B
2.50
Columbia Pictures
10%
363$
sharei
18%
per
10
13% 17%
17%
18
20
19%
177g
19% 22%
197$ 247$
19% 21% 20% 2534
21 s8
1027$ 103% 102% 1027$
102% 103
103
102% 103% 102
103% *102% 103% 102% 103
104l2 103
35
48
47% 567$
47% 52% 49% 57
51% 5734
54% 60% 51% 5934
5634 6234
6214
110
11034
11012 11312 109% 113
160" iTo"%
107% no" 10884 112
108" 109"
110% 11234 108% iTo"% 109" 112%
±
Aikman
Columbian Carbon v
129
57
Colgate-Palmolive-Peet Co---.*
6% preferred,.
100
Collins &
834
90
*9012
78
—"A
65
32%
49
90
----*
126"
..100
(The)
9%
38ig z3334
94
65
62
65
70
10%
3778
~ioh
90
-
Coca-Cola Co
Class A
87
sharei
16% 19
11%
■per
9%
12% 13%
14%
157$
64
51% 55
80
68%
13478 109% 124% *106% 117
71%
187$ 1978
20%
21% 19
84
83% 86
8934
9034
12%
166" 100 " *100 103% "98 ~ 100%
104
105
109
10634 108% 10634 107% 10284 107%
107
110
109% 113
39
38
42
37
42
35
36% 4034 37% 4124 3578 4434
3734
88
87
87%
86
86
5%
Rights...
85%
60
& St Louis Ry Co
100
preferred....
-100
Ilium *4.50 ser pref-*
Clev Graph Bronze Corp (The) 1
Cleveland & Pitts 7% gtd
50
Special gtd 4%
---50
Climax Molybdenum Co
*
Cluett.Peabody &Co
*
19%
213,}
92
19U
8634
~9~
Clev Elec
Preferred
20%
3212
C C C
New..
13%
65
135% 120%
71%
85
®
--*
«c Fuel-.
147„
64
13%
153S
51
12i2
46%
25
-- j>
--*
100
100
City Ice
share
17%
13
51% 54%
S per share * per share * per
Par $ per share * per share $ per share
16%
1534 18
1734 187$
18% 20%
19
2134
20% 22is
-.10
Chile Copper
Chrysler Corp
Cln Sand & Clev
High Low
Loto
Oll--
Chickasha Cotton
Chllds Co
November
October
September
August
July
Low
High Low
High Low High Low High
High Low High Low
June
May
March
April
February
January
Low
High Low
High Low High Low High
stocks
4%
3%
137$
4%
24
32%
24
25
18%
2534
225$
26
634
9%
135$
147$
6%
13%
98
10034 100
7%
14%
102
19%
20%
27
20 84
263$
23%
2184
23%
13
15%
10
1584
14%
1934
14
19
93$
6%
3%
7
1%
2%
90% 100
885$
7
mm
mm
9%
2 34
99
8'2
13
—
34
41
20
22%
33%
30%
13
29%
20%
39
31
3234
223$
8%
10
534
14
18
1284
1634
65%
75%
65%
70%
7%
15%
16
17%
15
31
33
31
3234
18%
44%
24
17%
23
49
47
57%
5
63$
53$
6%
receivership. 1 Called for redemption, a Deferred
delivery,
Volume
146
Financial
Chronicle
217
1937—Continued
January
STOCKS
March
February
April
June
May
December
October
July
November
August
September
High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High Low High
Low
Par $ per share $ per share $ per share I per share $ per share
$ per share $ per share 5 per share $ per share $ per share $ per share $ per share
•
69i4 77U
62% 7234 6OI4 69i2 49*2 62
47*8 56*4 54
56
51
6078
6178
59*4
32% 51% 26% 41
29% 3634 32
417g
*
135
135
94
115
85
101
11534 14334 117% 12634 103
117%
79*2 95
*
5078 55
5378 5434 49
45% 49*4 46
49*8
35
37
21
29
5318 45*8 50
30
30
34
47*2 49»4 43% 45
31%
*
35% 39% 33
29
37%
3214 36
33*2 28*2 30% 24*2 28*4
26
9
28*2 25
2734
18%
15*2 2434
10*2 14*2
8% 11*2
100
1
1
34
13s
l*s
%
34
1
U8
*2
Douglas Aircraft Co Inc
Dow Chemical Co
.
Dresser Mfg Corp class A
Class B
t Duluth S S & Atlantic
6% preferred.
Dunhlll International Inc
Duplan Silk
100
1
*
_
214
314
212
3l2
2i2
33g
718
8I4
6*4
77g
6I4
714
17
15% 1712 16
1538 16
118% 118% 116i2 120
12112122
8% preferred
100
Dupont de Nem (E I) 8c Co...20 169
6% non-voting del/
-.100 133
$4.50
preferred
Rolling Mills Co(The),5
Eastman Kodak Co of N J
£121*2
1U2
* 167l2
6% preferred
Eaton
234
434
6*2
16
112
17834 148*2 16434 150
1341? 13178 133*8 131
11512 113" mil
1378 I6I4
165s
17518 1693s 17514
173
4
5
3834
Preferred..
100 111
161
3414
123g
3712
42
45l2
1438
114
.3
Amer sha..
Electric Power 8c Light
$7 preferred-.,
*
$6 preferred
12
1113s 11H2
1414
1234 16
518
21%
6'S
55s
714
265s
2178
2412
82
Electric Boat
Elec 8c Musical Ind
160
3534
1418
4338
1178
Electric Auto Lite (The)
163
3234
*
92i4
79
86
112" lT3*34
~
15
17
n2% 114
1134 15
151
66
74
59
69*2
39
41
37
3978
Endlcott-Johnson
7512
86i2
44l2
41l2
43%
40 ig
7912
4234
H8
5i8
134
U4
134
1*8
1*2
1*8
13s
514
7i2
514
7%
4*4
6*4
378
5
2612
2434
2734
237g
267g
2158
26*4
22%
5512
2
8
29
57l2
1%
50
.......
Preferred
87
41%
*
...3
El Paso Natural Gas Co
69
25*4
57
5578 60
60
5634 58
5634 58*8
11512 110
11334 1083411112 110
111*2 10834 111
153s 1734
13l8 16
11
10*4 1134
8*8 10*4
14la
59
70i2 78i4
7414 77
63
66*2
6078
747g 64
79
80
77
81
70
71
66
68
79
69*2
82l2 8414 83
86i2
76
76
72
72
80
*82
100 112
Engineers Public Service
1
$5
conv preferred
$5.50 preferred with war
$6 cum preferred
.*
*
*
Equitable Office Building
*
834
100
1378
100
26i4
100
22
934
I6I4
30 •
2414
50
80
80
5
1238
Evans Products Co
5
28i8
Exchange Buffet Corp..
*
5
Erie RR Co
1st preferred.
4% 2nd preferred
Erie 8c Pittsburgh RR Co
Eureka Vacuum Cleaner
Fairbanks Co.......
25
3i2
100
8% preferred
Fairbanks Morse 8c Co
2ll2
*
66
6% preferred
100 201
Faj ardo Su g Co of Puerto Rlco20
59
Federal Light 8c Traction—..15
8*8
9%
17i8
16
2212
3178
26
14i8
13
32i2
2914
55s
1634
75s
2U2
2934
24
31
2312
28i4
21
24l2
1418
12*4
14
11
10
11
33%
29*4
5*4
34*4
6%
2634
12*2
32
4
5
4
53S
47g
23% 27
2ll2 26*2
7178 6II4 69i2 56
63*2
21014 183 *200
150
150
3*4
2034
24l2
33g
3*4
26
23
51
61
49*2
287g
4*2
4*4
277g
57
28i2
634
255s
6I4
712
28
70
56
66
53*4
293s
25
2734
22
Screw Works
5i2
8i4
8%
43s
6
of New York
2.50
20%
2434
295g
19*2
z75%
2334
76
5412
59*4
53
58*4
20
23
19%
20*2
93
95
88*2
90
150
125
135
1273g
1034
434
11*2
110
136
58*2
32i2
1
conv
.*
American
26
$6 pref-.* 105
3
Gar Wood Industries Inc
Investors..*
15i8
12i8
* 103
$6 preferred
67
38
1*4
52
20
88*2, 88*2
45*2
1634
*2
78
2%
1
1%
4%
128
130
7
6
3*8
34
97
100
100
100*2 102
7
9*2
8*4
6*4
73s
9
6*4
778
6%
73g
3
5
3*2
438
3%
3834
32*2 36
3178 34
78
68
77%
44
68*4
24
3434
37
1%
57g
34
37
28%
34
2%
2034
35%
1%
4%
26
52%
22
1
49
10278
95*8
997g
1
1*4
5*4
52%
93
38
51
47*2
52
1778
21%
17
20%
12%
167g
90
93
90%
90*2
85
89*2
126
136
~6% ""8*4
95*8
31%
92*2
1914
15i8
10514
.9
General Baking Co
5
1634 19l2
.* 145
152
150
$8 1st preferred
General Bronze
,
70l2
79
153
145
149
145*2 148
139
139
135
5
7% preferred
11%
14
317g
1212
3212
11*8
26%
103g
28*4
83g
29%
23*2
30*2
22
9*2
2634
20
54
60%
54
62
57
65
47l2
6O84
45
54
38
38
Preferred (7)
134
4034
..*
General Foods
Gen Gas-$t Electric class A
preferred series A
A
5234
*
39i8
2%
*
*
.*
(7)
Preferred A (8)........
8*4
73s
45*8
113
1034
57
27*8
106*2
61*2
28*2
5*8
141
8%
25
49
126% 11212 122*2 113*2119
113*2 120
48
39
47
39*4 42*4 34*2 40*2
146
6478
4334
58%
64%
54*4
42%
58
234
63%
69l2
70
70
44%
3%
64i4
703g
41
334
64i2
72
77
76
76
59
625g
4334
3
635g
68
68
136
140
50*2
5778
497g
39
425s
36
56
25g
61*8
64*2
49%
36*2
134
5434
3978
2%
—
*
—*
Common
*
56
60%
53
1278
15i8
76%
133g
1514
75
80
69
56i2
1
New
4934
125g
*7534
52
*2
30%
78
3%
3534
2334
*2
2%
17%
49
33
27*2
%
24%
*2
34%
26
45
26
40*2
1234
27
13%
8*2
77
85
74
78*2
7234
75
60
68
7%
97S
6*4
3%
85
123
70
80
60
80
100
101
90
96
94
33%
12%
95
6*2
7*4
4
2
7
8%
4%
3*4
4%
2%
1*4
32
35%
2%
21%
94
96
83
39%
40
31
4%
53s
27g
3%
2%
2
4%
434
234
2%
3*4
3
4
17
24%
48
5234
38%
100
45%
110
83
17%
65*4
23
*65
74
66
2%
18%
70%
22%
33
27
1*2
1434
34%
26%
30
27%
30%
26
20
20
16%
19%
25%
18%
21
90
92
90
30
36'4
20»4
26*2
14%
91%
3234
1934
mm
36
40*
30
2884
97*2
37*2
18
27*
11%
20
137g
3534
46
31
36
29
37*2
22
31
31
22%
1*2
26
17%
2%
23
15
3
2
£18%
234
3284
98
2%
103
37
91
3%
27
98
37
36
47
19
109
112
90
103%
5% 10
39
27
35*2
28
80
90*2
85
87%
85
90
14%
20%
66
72
11%
25%
15%
22
70
88
68
80
4
11
978 11
234
5%
5*2
64
62
72
45
667g 67% 57
55%
18
26
3078 28% 32% 24% 28%
20*2 24
109
102
109
112
104
108
112% 110
104%109
45
25
40
23
32
48% 47% 48
20*2 29
25
12
31
3334 24
24*8
6% 17
10% 16*2
5
2
5%
434
234
3%
234
4%
5%
1*8
7
12% 15%
634 1234
778
12% 14%
3%
484
29
33
35
20
36*2 38% 32
281? 20% 24
25%
24% 2534 23
17% 23*2
10% 18
14% 16%
90
96
88
91
9934101
99% 100*2 93% 96*
4
6
7% 11
11% 14
1034 13*2
77g
6
13%
14%
87g 13
1078 13%
5i2
9%
734
99
94
94
98
91
100%
100*8 100% 100*8
96%
63
7034 61
69% 47
62*2 38% 5134
31% 41
9
5
11*4 13%
11%
984
11% 12%
7%
9
117
118
134
125
125
137
132
134% 12834 130
734
9
2%
5
4%
8
378
5%
77«
87g
12
23
27
24%
6*4 16%
934 137g
2234 27
26
50
55
5434 48
47*2
14% 32
19*2 28
114
101
100
80
87
118*2 117%121
116% 66
32
36%
34% 40
25% 3134
22% 28%
22% 26%
128
130
110
122
110
122
122
111% 110
110%
34
51
58% 41% 52%
45%
52*8 59
36% 44
3634 387g
33*4 35%
28% £34
357g 38
28% 32%
I84
134
2%
1*4
1%
17g
2%
34
1%
1*8
50
40
33
33
52% 47
50% 46
47*2 38
9%
58
30
63*2
27%
4%
45%
23%
3%
40
20%
104
106
2I84
884
is4
30%
15
2%
3
5%
13
22%
15%
90
90
11%
434
5*2
92%
2:37*2
67g
118
6»4
7
92%
4634
8%
121%
3%
4*2
934
19*2
13%
27
75
90
22
25%
106
110%
40
45%
28»4
32%
70
178
1*2
50
23g
55
—
General Printing Ink...
10
112% *112 112
106% 121%
134
131
132%
112
1097g 111
67*8
69
2l2
55
40*2
6% preferred-
General Outdoor Adv A
*%
78
3%
12%
125
101
9134
*
64" 61*2 6534 62
60% 6578 60% 65l2 60"
65*2 60% 64
100 11884 123% 12034 124
117
117*2 121*4 117*2 120
119*4 117% £120
General Motors Corp........10
60% 69
64% 70*2 61*8 683g 553g 6212 54*4 6038 48*8 5534
Preferred (5)
* *119% 122% 120
122% 116*4 12034 114*2 117
116*2 118*4 11334 118*4
General Mills.
*4
*2
2
26
134
..*
....
%
1
3%
12%
140
31% 33*4
32% 34%
104
103*2
101*2 103% 103
42
42
3934 42% 40
31*2 28% 3234 2634 33%
46
50
56*8
48% 51
32
34% 35*2 31
5
"6*2
334
5
52*4
54
4934 53% 47
119
119*2 109
114% 117
39*2
..100 117% 123
11412122t4 122
*
44
49% 52%
4612 50
143
147
100 147
152
145
General Cigar Inc
General Electric
133s
2578
*
Class A
11
*
...
General Cable—
%
1
2%
11%
140
333s
2834
IO6I4
%
1*4
3
101
8
4*2
35*2
97%
13*8
£39*4
27
32i2 25*2 30*2 22
2212 26
23*2 26*2
105
95
106
102
100
102
106% 105
100*2 102
177g 19%
1278
12*4 14*2 11
157g 187g 13*2 17
137g 1458
10*2 12*2 10*2 12*4
13% 1512 11*2 14*8
103
105
101
101
101
104
103*4 101
99% 100*8
78
86%
74*2
65*2 7138 62% 70*4
7034 8H4 68
1634 18ig
12*2 163s
1514 175g
12l2 1334 1034 1278
33
*4
*2
1*2
63
94*4 129
4558
Gen Amer Transport Corp
Preferred
34
1%
5*4
*
Gannett Co Inc
conv
34
1%
4%
----
8c Rubber....10 Z3234
Gamewell Co (The)..
$6
34
134
5*4
3
.....
General
*2
1*2
37g
27«4
78
4*a
3
2
3
4*8
4%
1*2
2212 25
21
23% 2478
14% 22
2334 27*4
16% 19%
55
57*8
54
37
45
53
48
33
55%
56*8
40% 33% 35%
105*2 109
108
111% 109
100
103
109*2 10734 109
106*2 108
106*2 100
8
8*2
3
6
834 12%
7*2
6*4
9%
934 11
8%
378
7*2
59*2 62
59
61
41
48
55
58
42
48
45
53*4 60
50*8
6334 64
54
63
60
60
62*2
61%
46% 53*2 45
51% 47
53%
66
65
51
51
*52
52
63*2 66
"~4% " 6~" "5" ~6%
3
5%
4%
4%
1%
3%
2%
3%
1%
27g
15
13*2 17*2
17*4
934 1378
1334 16
4% 1138
634
9%
57g
8%
19*2 2658 2034 25*2 2034 24
13% 1978
8% 17%
1034 15
8% 13%
5
14*4 19*2 16
11
8
18%
11%
10% 14
14% 18
6% 10
76
76
77
7534 76*2 77
3
"7*4 "10*8
3
7*2
834
734
8*2
47g
734
6*2
4*8
5%
4*4
18
26
7
197g 23*2
1578
19*2 22% 13% 19*4
934 13%
6*2 11%
2
3
234
3%
238
234
3*2
234
3%
1*4
2%
1*2
1*4
1%
3
334
3
1
2
3
3»4
3%
I84
3*4
2%
2%
134
1*2
22
25*2 21% 26
11
22
7*2 14*2
2I84 25
8% 127g
7% 12
51
5734
53
23
59*4
56*2
23*2 4234 24
5534 6234 39
267g 31%
-
40
425g 44
39*4 36*2
44% 3712 41*4 36
3934 3934
3912 39*2
35
34l2 387g 35*2 "4l"% 33
39% 323g 357g 31
6% preferred series A
100 105i2 IO6I4 *105 10712 103*4 106l2 102*4 105*2 102
104l2 101*8
First National Stores
*
4f
40
483s 50l2 4812 52
45*8 39l2
46*2 52*4 45
Flintkote Co (The)...
44
* 41
42i8 46% 40
457g 32*2 4218 29*8 35*2 26*4
Florence Stove Co
..*
48
53
46
51
55
53l2 58l2 50
5134
5334 50
Florsheim Shoe class A
*
34
35
35
3734
36*2 33*4 36
36*2 39*2 35
t Follansbee Bros
7
9
6%
878
734
97g
75g
9l2
658
8
""4&S
Food Machinery Corp
10
51
58
50
4712 5434 50i2 54
5734 53
54l2 49l2
118
4Vi% conv pref
100 116i2 122
119i2 116*2 126
108
120*2128
4>£% conv pref new
100
Foster-Wheeler Corp........10
43
5312 4734 54i2 43
53*2 44ig 52
38*2 4712 37*2
135
7% conv preferred..........* 124
118
123
120
120
127i2 135
100
12984 106
Francisco Sugar Co..
14
*
12
10
183s
133g 1512
143g
127g
1234 15%
778
Franklin Simon preferred...100
76
80
70
67
72
60
68
76l2 83
55
80*4
Free port Sulphur Co.—
10 2634 3214 28i2 3114 265g 303g 2534 295s 2414 27l2 25
115
6% conv preferred
100 10912 110
11512 113l2117
110
117
10812 112
105*8
Fuller Co prior pref
.......*
67
65
68
73
53
58
47
60
63
5212 45
$6 2nd preferred
*
4312 36
34
41% 48l2 40
3512 27
41*2 26
25*2
Gabriel Co (The) class A.—..-*
6
458
55s
514
6
434
7
5*4
6
7*2
4*2
Gair Co Inc (Robt)
1
1134
$3 preferred
10
38*4
Filene's Sons
Firestone Tire
4214
5*4
438
4*4
5*2
17
99
85g 1034
578
47g
5%
Federated Department Stores.*
36i2 4212 37ig 40
38*4 4334
4M% preferred
100 10212107l2 103l2106l2 102
1087g
Fidelity Phenix Fire Ins Co
.*
6*4
59*4
25%
$6 preferred
*
97
103
99
100
93
Federal Mining 8c Smelting..100
142
69
66l2 72
130
Preferred.
100 105
120
110l2 115
120
Federal Motor Truck
*
97g 115g
8l2 1058
9
Federal Water Service A
7
9
2358
353g
15
4%
164
50
—
2"
U2h 115 " U034 ]i~4~" 112" il3~*2 116" 114*2 I13" 115
113
115
109%115
110% 115
10*4 1278
9*4 113g
10*8 13*2
8%
2%
11*2 137g
7% 1134
47g
7%
434
6%
155l2 173
167*2 17234 172
167
175
144
169
198
18134 180
184*2 145
*148% 167S4
157
157
150
152
150
152
16112 150
154
158
163
158
158
161
160
164
153 *158
160% 158
32
32*2 3534 29*2 34
3618 3134 36*4
26
31*2 36*2 32
35%
32%
15% 28*8
18% 24%
15% 20
14
16
1134 153g
11*8 13
1034 133g
3
1138 13*4
11*4
13*4
6*4 11*4
7%
3%
57g
234
4*2
38i2 4434 3434 4034 36*8 39*4 35*2 4034 35*2 3978
15% 31%
37*2 417g 28% 3734
18% 2534
147g 20»4
llli211158
934 1138
1258 155g 10*2 1234
9*4 11*8
9
9*2 11*8
10*2 12%
7% 11%
334
8%
534
6*8
834
4%
57g
4%
5i2
5*4
6i4
412
5
*4
434
5%
478
4%
5%
3%
434
534
4%
3%
4*4
175g 2312
15*4 2078 14*8 18*8
22i2 26
17% 24
13% 20*2
1934 23%
6% 15%
1034 15
1034 14*2
69
75
62
77
86
62
70
81*4
27
71
66*2 81
80*4 46*2 73
56*2
36% 50*2 35*2 48
14l4
159
80l2
t Elk Horn Coal Corp
6% preferred
1*4
378
14i4
15
14
12
15*8
16
10
13
15*8
14*2
115
115*8 112
116
112*2 114*2 115
116%116% 112% 116% 106
16U2 149*4 158
151
154
98
164*4 152*4 164*2 136
113% 146
133
130*4 133
130
1303s 134*4 134*4 135*2 132%135
134*2 131
107*2 10934 109%
*
Electric Storage Battery
Federal
2*4
5*4
4l2
156
180% I69I4 177
135
131% 135% 132
_100 159
Manufacturing Co
Eitingon Schild
4%
2
15
*
Duquesne Light 5% lstpref.100
Eastern
27'
15
57
45*2
50
1434
10*2
127g
42i2
87g
46
113g
44
9%
1
33
1%
34
60
50
54
63
56% 61% 48
617g 63
50*8 56
120
118
120
*118 11884
120% 118% 120% 118
120% 118
31% 4978
57%
53% 60*8 46% 54
31% 42% 28% 3684
113
118
116
119% 111
11634 112
117% 120% 116
11234 116%
52
50
27
48%
53% 30
43*4 5434
35
34% 28
21% 34
7
1178
9% 11%
11*2
97g 117g
3%
7%
4%
6
4%
534
61%
119
487S
79
12
1778
1578 17
16%
8% 137g
10% 127g
16% 177g
8% 10»4
108
110
——* 107l2 110
109
110
108
10834 106*2 108% 106
*99
10834 10834 10834 107*2 1087g 105% 109
10334 106
104% 105
104*2
*
4%
538
4%
5%
43g
5*4
334
4i2
17g
3%
1%
3%
3*2
4*4
178
2%
3*4
4%
3%
37g
27g
3*2
1%
2%
General Railway Signal
*
53
62
42
54
17
65i8
5634 63i2 60
26%
41*4 4758 4112 46*4 43*4 4834 38% 4484 25*4 38
17% 24
18*2 24%
Preferred
100 114
117
94
94
114
85
90
117i2
117*2 111
104
108% 104l2 104%
iioi2111
General Realty 8c Utll Corp—1
1
2
3
3
3
4
414
534 ""47g "5%
3
2
4*4
53g
4l2
334
3%
2%
334
3%
37g
1%
2%
1*4
14
39
6% preferred
* 4312 4878 40% 46
44*2 35
15
42*2 34
37*2 31
20% 30%
2284
35*4 31% 37
1634 23
30% 35
18»4
General Refractories
*
63
18
57
65
57
60
37
20
70*4
55
61
65i2 70
29
60*4 6878 58*2 65
53%
30*4 23
53% 5934 33
General Steel Castings $6 pref *
74
80
88
55
59
50
61
53
20
28
73% 8634
31
6334 30
21
83*2 62l4 75
13% 37
65*2 48
59*4
Gen Theatres Equipment Corp *
28
17
333g
2914 3334 30
31% 23
25%
30*2 2234 26
21% 25%
9*2 20
22% 26%
20*4 24
12% 15% 11
15%
37
Gen Time Instruments Corp..*
40
37
42
33
37
20
25
40
4378 38
20
3734 4112 36
19% 25
16
28*2 3334
34% 38
34% 36
95
95
6% preferred
100 105ig 105ig
95
95
17*4
19
17%
16
15*2
173g
16*8
15
16%
14*8
1534
14%
15%
14
1434
1034
14
8
80
85
80
81%
7734
73
77*2
65
70
56
20*8
827g
24*4
2134
22
85
80*2
42l2
51*2
46%
53*2
4034
25
85
47%
80*2
4234
79*4
24%
84%
4534
49%
20%
52
55
52
53
43
$6 preferred
General Public Service
General Tire 8c Rubber Co
5
Gillette Safety Razor
*
—*
Gimbel Bros
$6 preferred
.L.
1514
$5 conv preferred
....
Glidden Co (The)
.*
*
50
4Yi°7o conv preferred..
Rights
Gobel (Adolf)
Goebel Brewing Co
Gold 8c Stock Telegraph
Goodrich (B F)
$5 preferred
^ $7 2d preferred
8712
23%
43%
55ig
87l2
5112
58ig
17
187g
153s
88ig
85
87*4
83
1758
84i2
223g
84ig
273g
88
25*4
293g
23
27
865s
90*4
83*4
88
47
61%
58
445s
493g
3978
4634
55
57
52*2
57
54l2
237g
24
16
24
19%
2334
127g
81
85
62
41%
5078
44
52%
31%
1934
80*8
42
45
53
8
1234
734114%
10
984
60
1434
12
67
8%
12%
50
97g
5334
24%
30*2
19%
29
49*2
45
47*2
4684
50
»u
%«
3%
2%
478
4
3
3
100
100
105
10734 100
110*2 114*4 110*2110*2 110% 112®4 105
35*2
4114 483g 39
4512 37*4 44% 37% 41% 3412 4278 23
79
80
80
83
7934 85*4
79*2 80% 6778 79*2
777g 8134
34ig 42% 39
3784 42%
3778
39*4 453g *35% 423g 35% 41
38% 44% 27
128
116
132
111
111
113
135*2 153l2
* 114% 125% 125% 144
120'4 114
96% 114%
• 100
127*2 117*2 141
118" 135" 108 12534 111% 111%
111% 109
96
96
13
55%
2634
69%
15%
54%
22
60*8
16%
30%
18
25
634
100 111
*
6%
112
112
31
34%
79i2
2734
84
3478
a
684
32%
825g
678
8%
115
42%
87%
point, viz.:
534
634
113
67g
734
4*4
63g
6
7*8
4*2
534
5%
678
4
5%
478
6*2
4%
5*2
5%
<
4*8
47g
*114
3978
8434
50*2
8734
473g
105ll=1051*»i.
* No par value.
$ Reported In receivership.
47g
5%
2%
3%
77
10%
68
33
1*8
6%
8
13*2
60%
60
2
1
9%
884
6684
53
4%
6i2
;
171
70
%
3%
Note—Superior figures denote 32ds of
Cash sale.
* Ex-divldends.
y Ex-rights.
207g
».»
.....*
Goodyear Tire 8c Rubber.
*
$5 preferred
18ig
86%
1934
84ig
20%
833g
102
T Called for redemption,
6%
%»s
178
234
*83*2
78% £92
a
1234
46
16%
72*2
%•
2%
3*4
85*4
18%
56%
23
87
Deferred delivery
Financial Chronicle
218
J*"■ s> 1938
1937—Continued
Gotham
Low
High Low
High Low
11%
13>2
100
93
96
1
5
3
412
15
1078
Motors
6i2
434
3%
9%
Rights
Grand Union Co trust ctfs ...1
2112
Granite City Steel
(W T)
-
Great
Ry pref
Northern
Preferred
4614
2118
43
34
"34"
3812
73
81
434
59
—
28%
47
55%
37%
4%
3%
3%
3%
8%
4%
10%
8%
934
9
40
45%
3434
40%
37%
35
40
37%
23%
52%
36
20
20%
47%
27%
54%
23%
6684
48
1334
1534
65%
52
70
81%
78
3334
3434
35
20%
31
32%
33%
34
34%
16%
20%
2834
34
Preferred A
25
32SS
36
33%
10
13l2
16
15%
*
2734
.^25
Water—
Watch
46%
27%
10634 108
26%
106
108
108
2%
29%
"l2% "14%
11%
47% 63%
95% 103
32
32%
26% 34
14%
1834
warr
Hayes Body Corp
Hazel-Atlas Co
Hecker Products Corp v X c
Helmc (G W)
2%
New
11%
13%
47
51
30% z31%
31
32
15
17%
140
140
34
135
"31%
2
234
14
18%
32%
10
2%
15%
16%
24
3034
37%
25%
14%
20%
10
3538
40
22
2334
1%
2234
16
1134
30%
28%
3334
70%
67
80
1434
14%
10%
11%
2%
1634
11
3
13%
10%
2%
16%
10%
2%
41
50
42
46
37%
43%
25%
35%
12
28
29%
3234
12%
29%
29%
331•>
15%
31
29
30
26%
27%
32%
33%
31%
33
*l6"
"12%
2%
44
51
10%
43%
12
45%
27
30
28
30"
31
30
34
16%
28
13%
27%
15
31
z29%
13%
z26%
103
103
106
155
153
155
25
z24
28%
27% 30
153
144% 155% 148% 154
9
9%
10%
1%
26%
2%
44
6
11
9
8
12
7%
102
100
45
"l2%
7%
434
41
101
1%
28
3%
101% 100
9%
2634
104
92
40
123
9734
18
129
3034
131% 128
9
11% 12
934
%
12
106
130
12%
7%
105
46%
128% 132
135% 128% 133
3034
132
Hershey
90
preferred
& Son
7% preferred
Homestake Mining
New
58%
36
37
48
100 366
*
Class B
380~
415
409% 355
431
337
2334
Household Finance part pref.50
Common ttock
*
65i4
5% preferred-
767s
~4~1~
■40%
4"f" "xZ7~
27%
80
73
2434
27%
22%
25%
66%
70
57%
67%
94
17ig
7334
14%
71%
4%
13%
20%
2%
16'%
8934
90%
100
25
12l2
.5
t c
v
Howe Sound Co
6234
100
4
100
1258
*
18i«
10
2's
Hudson & Manhattan RR
5% preferred
Hudson Motor Car
Hupp Motor Car Corp
New
57s
157S
2212
2%
40%
410
336
399
133
127
129% 133
13%
75
4%
5-%
3%
12%
14%
9%
19%
2234
17%
1%
5%
15
23%
2%
2%
1%
136
144
* 130i2 136
135
135
137
.100 137
* 112i2 118l2 114% 124
6% preferred.
Inland Steel
21
22i2
0
5%
X Interboro Rapid Transit.. 100
11%
d Inter Chemical
Corp
Rubber
*
5
*
Interlake Iron......
16r'8
6U
1934
*
5
8
42
58
* 180
International Harvester...... * 103
preferred
100 160
Int Hydro-Elec series A
Internat Mercantile Marine
International Mining Corp
Internat Nickel of Can
Preferred
434
18%
189
111%
162
25
878
1678
*
6%
1534
85g
1884
*
62 I8
6458
..100 1325S 13534
*
1634
2138
Class B
__*
1138
14i2
Class C
*
534
7i2
7% preferred
100
New
conv
*
Preferred
1%
1%
133s
2134
8%
1634
12%
20%
44
34
43
63
92%
13%
16
14%
16%
70%
74
83
3
334
234
78%
33s
3
93%
16%
84%
4%
92
17
7934
91%
13%
75%
3%
85
13%
70
9%
7
9
10%
13%
7
10
1%
3%
15
4
8%
1634
90% 1085s
234
6%
14
3%
3
3%
3%
35
%4
*16
28% 3234
21
2234
95
8%
58
2%
1334
77
3
63
2%
1634
934
15
3%
4%
2%
4
26%
21%
25%
14%
8
17
16%
4
1%
46
36
42
28
16
28
58
62
57
52
41
51
39
17
13
61%
1534
50
14%
9%
14
6
19%
15
1834
13
15%
12%
14
13
1634
13
9
13
5%
39
47%
38%
44%
33
40
35%
39%
37
14%
39%
734
22
834
59%
125
134
129
126
135% 135
119
124
132% 125% 132
143
143
108% 107
119
135%
32%
5%
12%
11%
28%
%
7%
1%
4%
6
10%
10
5
984
16
6%
7%
9%
24%
5»4
31%
17
15
5034
2
5%
8
8
734
20%
96% 11434
"94"
'%6
316
2434
19%
253s
20%
4%
738
6%
18%
Hz
534
30
128
80
106
72
86
138
132
132
132
132
132
64
91
70
64
76%
13%
4%
634
2934
9%
z3%
2%
13%
2034
25%
117%
98
106%
23%
4%
6%
55%
25%
5
24%
29%
13%
25
5
53%
53
6%
3%
16%
4%
6%
35%
5
5
4%
4%
434
5
434
4
1%
7%
9%
634
8
5%
6%
8%
7%
46% 20
55% 34
56% 47
57% 62
54% 58
106
100
110
10534 100
111% 104
107% 109% 108% 110% 110
2%
4%
3%
6%
6%
8%
6%
7%
634
8%
5%
7%
10%
6
15%
1234 20
19% 23%
18% 21%
17% 19%
2658 16% 20%
5%
11%
,S3Z
9%
121%
5834
73%
86
132
38
17%
102
96
108%
95
108
96% 1031? 100% 110%
3%
32
137
X86%
149%
634
5
8%
4934
135%
12%
834
4%
75
9%
3%
4%
24
98
102
3%
8%
438
11%
92
4
434
100
3%
4%
8%
1034
334
2%
4"%
2%
3"
21
2734 18% 26
37%
139
147% 127% 141% 130
63
53% 7734 6034 72%
95%
110
138
150% 140
14634
15334 146% 152
3
6%
8%
8%
5%
8%
12%
4
3
6%
1%
6%
434
93g
6
734
9%
9%
7%
9%
11%
39
46% 41
47%
61% 3934 52%
132
132
134%
13534 132
538
43
149
2
.
18%
132
18
13
634
101%
19%
58%
45
45
6
142% 142% 138
91
104
120
129% 139
51
104% 101
37%
78%
39
2%
141
135
133% 137
115
131% 110
7%
22%
28
14%
41
434
37
68%
7%
36%
9%
16%
62% x3834
143g
53%
6%
29%
10%
4438
64%
4334 46%
zl09% 111% 110
111% 109% 111% 107% 110%
8
9%
9
5%
7%
7%
8% 10
6%
834
6%
7%
7%
834
6%
7%
48
54
46
.100
53
57% 5034 56
51%
27
26U 2834 27
28% 26
25% 26%
*
48
49S8 47% 48»4 45% 48% 43% 46%
100
39
49
3134 4034
40% 49% 43% 52
95
90
97
97
110
100
100% 107
104%
*
1134 137S
12% 15%
10%
12% 14%
12%
100
Internat Rys of Cent Amer
Voting trust certificates
5% preferred.
International
Salt
International Shoe
International
Silver..
7% preferred
International Tel & Tel
Foreign share ctfs
*
*
6
6%
7%
5%
6
6%
51
44
37%
26
44
43%
91%
96
88
43%
25%
42%
934
1134
6%
6
Preferred
36%
106
36
33% 31
103% 105% 103% 107
31
24%
1934
26l2
23%
1
25%
2834
26
$6 preferred
1 121
Jewel Tea Inc
*
Johns-Man ville
79
* 143
Preferred
100
Rights
& L 1st pref serB*
Ry__100
4% preferred..
100
$12.50
Kayser (J) & Co
.5
Keith-Albee-Orpheum pref..100
Kelsey-Hayes Wheel conv cl A_1
Conv class B
.1
Kelvinator Co
*
Kendall Co $6 part series A
*
Kennecott Copper
125
125
.87%
155
12312126
6%
6
2519
22
42%
4334
44%
51%
40
44
29
88
99
97
80
10%
12%
101%
12%
94%
10
28%
101%
15
41%
44
41%
44%
40%
38
95
11%
24
25
104
26%
28%
125
20
24%
27
29
125
17%
27%
126% 125
20%
30
10
7%
*
2%
126
1
19%
17
18%
2984
27%
28«4
76
17
28
125
122% 124%
71
78% 83% 78% z81%
79% 72
134
125
148% 125% 143
134% 150
122
126
125% 124
123% 125% 120
"69%
64
58%
65%
60
693s
51
05%
51%
76%
70
129% 124
134% 120
124
123%124% 123% 125
59%
52%
98
60
5634
6I84
124
125
point, viz.:
6
2%
44
25%
19%
22%
20
42%
30
41
32
45
16
3134
18
65
81%
72
80
6%
6%
10%
77%
8%
8%
16%
68%
512
634
8%
80
70
24%
98%
4
9%
72%
8
8
18%
83
3%
53%
34
40%
22
20
21
37
31%
24
16%
3384
19%
72
7%
8%
13%
75%
121
125
9%
20%
13%
25
9
21%
"52% ~6~i%
74
102
122
125
13%
24
118
118
49%
65%
122
9
20%
10
23%
117
117
49
55
76
86
123% 120
124
55
89
122~34 72 105% 64% 82"
6534 75
130% 105
xl8
32
24%
15% 19%
33% 24% 30
15%
18
120
119% 119% 11734 11734 118% 118% 118% 118% 118
5
9
11%
7%
10%
1534
7%
9%
16% 18%
28
14% 21%
16% 20% 18
17% 26
2034
2934
121
28%
30
23%
2134
101
101
22
17%
90
17%
14%
11
106%
57% 64%
15%
12
103
10515=105lsn
* No par value.
J Reported in receivership.
d Change of name from International Printing Ink Corp.
a
83%
2%
53
1134 15%
1534 17
18%
29% 27% 28% 24% 28
Xll6 124%
127
126% 127
74U
57% 64%
67% 70%
95
125
136
12634
138%
4%
5'i6
4s,6
6%
129
126
130i2 130% 136
133% 124
Zll7% 124 118
128% 120% 125
34
28
46
38
45
34
33
28% 34%
4234 45
40% 32
117
117
121
117
120
120
117i2 120
115% 120
116% 120% 118% 119%
21
29
15
20
23% 22
23l2
163s 19%
25%
21% 26% 21
21%
25
42
32
35
36
40
4218 447s
43% 40
44%
25% 33
36%
35
25
30
28is 30
28%
28% 31% 30
32% 27% 30
27% 27
25
26
x23
20
21
20% 22%
2714 25% 2634 24
25% 20% 22%
100
110
110
103
110
96
98% 106
99% 101
99% 100
14
1914 2238 "20% 23% 1734 20%
173s
12% 17%
16% 18% 16% 1734
15
1634 19l2
10% 13%
17%
9% 12
17% 19%
14
13% 16% 12%
21% 2338
103
107
104
101
106 101% 102i4 103
104%
109% 104% 106% %1~02
106
6634
2234
6%
35
53
2
1%
18
27%
44
Superior figures denote 32ds of
Cash sale,
x Ex-dividend8.
y Ex-rlghts.
4%
43
pref.100 123
Kalamazoo Stove & Furn Co. 10
Note
4%
7
53
24
1
*
Island Creek Coal
City Southern
7%
5%
36
9%
6
49%
25%
32
20% 2734 20% 24% 23% 27%
100
104
107% 100
102% 101% 103%
Rights
Intertype Corp
Kaufmann Dept Stores
738
6%
52%
46
6%
29%
100 105
Jones & Laughlin Steel
534
6
48%
25%
*
Interstate Department Stores.*
Kansas City P
2%
55
pref...j;......... 100
Printing Ink
134
65
15
Internat
6%
3%
61
90
61%
93%
5
6
5%
6%
6%
53s
6%
7%
9
45
52
47
52
58% 48
63% 46% 55% 43% 56
150
162
161
157
176
182
146% 15134 151
159%185
166% 149% 160
110% 120
11034
10934 Zl0138U234 105% 116
99% 109% 102
102% 108% 101
146
147
146
146
152
148
145% 152% 152% 154
153
162
144%152
12% 14%
9% 12%
10% 14%
1234
12% 15%
9% 15% 10
13% 1634
8
9% 11%
10
10%
7% 11%
734 13%
93g 1138
15%
7%
9%
12
10
11% 14
13%
1234
10% 12%
14% 17%
11% 15
1534 18
61
58
66%
66%
62% 72% 66% 73% 55% 68% 57% 62% 55% 60%
130
129
131
130
132
130%
131% 133
128%129% 127% 130
133% 135
1734 20%
16% 19
23%
16% 1934
17% 24% 1634 20
16% 19% 17
12% 15%
12
1134 1334
11% 14%
11% 17%
14%
12% 18
10% 13%
6%
7%
6
7
6%
73s
6%
8%
6%
7%
6%
9%
6%
7%
6%
62
1
Int Paper & Power class A
11%
834
52%
23g
7%
9%
59
92%
15%
87%
4%
12%
21%
61
91%
41
5%
10%
100
Business Machines
7%
6%
41%
1%
5%
52%
83
7«4
59%
88%
65
19
516
Prior preferred
88%
10
58%
82%
48%
82
48%
80%
61
3634 2:3934
Rights
Internat Agricultural
56
59
44%
100
Intercontinental
113s
44
61%
60%
13%
25%
1034
21%
53«4
53
6
25
103%
734
1834
27
21%
12%
18
95
7%
63
33%
~
49
19
11%
46
87
18
21
62
27%
5%
16%
1334
46
6
84%
53
6
57
r2%
130
28%
22
92%
48
22%
135
125
"39%
10
33%
16%
66%
16
"50% 6~4~"
24
30%
25%
13%
6034
129
47
43%
37
19%
95
24
127
17%
49%
36
21
3
92
21
121
5'A
18%
*
6% preferred
26%
128
63
1334
32i2
21
7
21
100
31
46%
2334
%
Insuranshares Ctfs Inc
95
92
128
5%
48
50%
35%
19
Rights
Inspiration Cons Copper
97
55
19%
18%
39%
2%
Rights
99
67%
70
16%
In ger soli-Rand
95
25%
60
65
1834
16%
36%
1734
6934
51
72
1434
2214
33
21
18%
56
68
40%
25
32
8%
24%
65
46
1234
23%
33
57%
100
36%
27%
6%
9%
1634
28%
*
25
♦32
21%
36%
30%
__10
6%
2384
28%
46
23%
Rayon Corp
4%
1334
28%
2578
Indian Refining.
7
22
23
4734
35%
21%
2%
4
716
5
14
38
22l2
A..1000
1%
3%
%6
9%
1%
24
Z3934
50%
8%
15%
7%
1%
16%
Z391
37
885s
9
134
49
56
42% 50
58% 57% 59% 50
83
93
88
94
94
103
104
102% 105% 101
21
24
20
21%
32% 32% 3234 3334 32% 3234
24
40
38
15% 30%
18% 2434
x46%
393s 43
93
105
94
105
98%
101% 10534 104% 10534 98
10
10
1334
18%
16% 23%
23% 26% 2234 24%
21
30
24%
15% 24%
29% 32%
28% 32% 23
109
110
111
111
111% 109% 10934
11034 11034 110
57%
18
60
"19"
""§34 "1Y34
18
128% 126
3%
23
23%
16%
...100
ser
125
20%
20%
90%
100
Leased line 4%.
RR sec stock ctfs
6%
57%
35
"37%
13%
Rights
6% preferred series A
367
129"
'
38%
38%
79
1
Illinois Central
"37"
15
11%
95
47%
16"
*
Internat
61%
61%
108% 103% 107%
107
12.50
Houdaille-Hershey class A
Industrial
109
58
* 112
Holly Sugar Corp
Houston Oil of Tex
100
65%
102% 108
61
47
49% 49% 48
35% 4134 35% 41
6234 47
5H2
106
111
118
106-% 109% 102% 108%
105%110
120i2 110
26
24% 2734 23
5 21
24l2 22% 25% 24% 30% z25% 30
3234 35% 31% 3534 31% 35% 32% 3534 29% 33%
* 3412 4312
111
111
112%
114% 114% 110% 111% 111
100 11234 11312
*
preferred
Hollander (A)
67%
110
58
10
Holland Furnace
conv
60
130
4%
4%
* 64l2 6734
108
* Z107 111
Chocolate
conv
Hinde & Dauch Paper Co
Kansas
130
130
15%
30
5
7
5
9
534
7%
11%
90
90
55% 60%
7134 75
70% 71
134
23s
1%
3%
2%
3
2%
4%
5%
93% 9234 98%
102% 81
117% 116
117% 99% 112% 89
6
11
9%
5%
7
6%
7%
9%
113s
12%
12%
89
92
100
101
92% 86
98% 100
101
963g 101
129
155
155
132% 131% 136
152% 152% 1.54
~\Y 23% 14
31%
28
19% 12% 18%
353S 23% 30
123
165
160
163
135% 105t» 124
160% 105
.93%
5%
*
66
9%
8%
1%
50
xl28 125
125
2734
60
60
14%
10%
19
25% 29%
103% 105% 101
105
22%
24
30%
52% 36% 47% 23% 40%
25
27% 30
35
23% 31%
35% 30
129
133
135
131% 133
135
137% 135
50% 50%
50% 51
50% 6034
85" 2334 3134 15% 26% 16% 22% "l6~
13
10%
28
11%
20%
14%
17
22
19%
32%
134
13%
13
2%
15
27%
65%
2
1%
12
14%
24%
*
RiOhta
r
3
4634
60
50i4
100 12934 133% 131
6% preferred
5%
11%
138
60
45
25% 29% 26% 29
105
106
104% 108
150% 148% 149
166
158% 160% 149
..100 160
* 3314 3712
34% 39% 31% 37% 28% 33
166 zl75% 155
165
170
185
* I60l2 182
—
Hercules Powder
10%
41
137% 132
129
..........100
Corp class A
...1
Hercules Motors
33
19%
48%
34%
99
99
103
101
101
103
105
103% 98
103% 105
42
40
47
4634
6334 43
52% 58% 43
55
52% 57
133
133
140
135% 128
136% 136%
13412 140
"l6%
15
14% 16
1734
12% 14% "12% *14%
10% 13
16'2 1734
91
106
102% 105
101% 101% 93% 9834
1 10314 10512 104% 106% 104
4
4
v
7
4%
6
5%
4'%
6%
534
578
8
6%
7%
2
103% 102%
103
102% 10934 10258 10634 102
105% 100
25 101
102% 107
11%
14
12% 14%
11% 13% 11% 13%
15%
13% 15
* 1314 15%
111
115
99%
100
110
126
100% 101
111% 118
125% 112
25 120
*
Walker Refrac
6% preferred
blA% preferred with
2934
100 10514 107
* 101l2 105
6% preferred.......
Hanna (M A) 35 preferred
15%
11%
3%
63%
14%
10%
53
17%
59%
21%
54%
35%
1734
52
34
1338
52
Hall Printing
7%
34%
2034
35
11%
4%
15
3%
21%
17
33
16%
13
234
20
40
1434
5512
56
72%
3412
6% preferred
Gulf States Steel
3%
17
33
81
48%
234
19%
36%
1%
11%
1934
3%
2%
17
35%
5114
100
40
3%
11%
9%
3734 z32
76
*
48i2
3%
3%
22%
3158
3
4%
10
70
82
81
3%
19%
98
4
8 534
35
39%
16%
3%
81
41
91
—100
Gulf Mob & Nor KR
7% preferred
9034
2334
34%
41%
14%
8% preferred
$5
4734
47
9
7%
82
33
90
15
1634
334
$4
3
11
1434
-10
*
.100
5H% preferred
Guantanamo Sugar
Hat
4%
12%
7«
36%
75
Greyhound Corp (The)........
Harbison
3%
6%
'l2l
3%
434
19%
25
4%
1234
9%
9334
373» 34% 30%
35% 38%
35% 4214
135
135
138
142
144
144
139% 145% 137% 139
100 139
63
64% 59% 60
60
62l2
...
Green (H L) Co
.....-__.l
Greene Cananea Copper
100
Hamilton
734
9034
23%
35
Green Bay & Western RR Co 100
Hackensack
38%
42%
24%
49%
19
443S
1914
40%
_*
100
Great Western Sugar.-..--.--*
Great Nor Iron Ore Prop
23%
42
48
475s
41%
3%
2734
48'S
4
26
4312
5%
223s
44%
5%
438
*
—*
10
$3 Conv preferred series.
1214
95%
12%
95%
13%
4
9%
91%
10%
92
1214
94
11%
92i2
-*
Granby Cons MS&P
Grant
share $ per share $ per share % per share
3%
434
4%
534
3%
6%
8%
56
60
61
55
68
58%
80
1%
2
2
1*4
2%
1%
2%
3%
3
7
3%
434
3%
5%
5%
93s
Par $ per share $ per share $ per share $ per share $ per share % per share $ per share % per share $ per
6
884
9%
8% 10
Silk Hosiery...
Preferred
Graham-Paige
December
November
October
September
June
July
August
April
May
Low
High Low High Low High
High Low
High Low High Low High Low High
High Low
High Low
March
February
January
STOCKS
29
20%
101
15
14%
S234
7
15%
113s
4
loo
103*%
92
44
583g
8%
303s
23%
18%
90
13%
10%
100
46%
H Called for redemption,
17
20%
16%
15%
13
13
14
,
80
87
80
83
'
11
7
734
4%
4
934
6%
95
90
28%
a
734
18 g
80
80
363a
333g
39%
Deferred delivery
Volume
146
Financial
Chronicle
219
1937—Continued
l
January
High
STOCKS
Low
.
8% preferred
2%
47%
56
51%
70
60%
71
57%
70%
59
63%
27%
27%
24%
24%
11%
14%
8%
25%
12
2134
1134
28%
15%
25
.1
29%
15%
100 zl27
*
147
43
12%
127
138
Lane Bryant..
*
18%
15%
15
16%
Lee Rubber & Tire
5
17
25
23%
2738
3834
51
45%
51%
Kroger Grocery & Baking
Laclede Gas Light
5% preferred
*
22
.100
23
100
37
(The)
Lehigh Portland Cement
4% conv preferred
Lehigh Valley RR Co
25
201
100 160
50
17%
*
Lehigh Valley Coal..
6% conv preferred
2%
16%
50
Corp (The)
19%
334
18%
* 118
Lehn &
Fink Products Corp..5
Lerner Stores Corp
*
Libbey-Owens-Ford Glass
*
Libby McNeill & Llbby.
.__*
Life Savers Corp
5
Liggett 8c Myers Tobacco
25
Series B
.25
100
.
Lily Tulip Cup Corp
*
Lima Locomotive Works
*
Link Belt Co
*
Liquid Carbonic...
*
New..
130
18
41%
22%
44%
24
23%
2178
22
26%
21
23%
20
32
37%
32
23%
20%
15%
24%
45%
35%
24
17%
27%
49%
25%
19%
20%
196
18
2%
13%
120
52
20%
58%
54
67%
79
14%
76
22%
203
194
21%
3%
17%
131
121
*
$6.50 preferred
44
21%
31%
20%
10%
22%
25
18
20
3078
19%
16%
23
2178
32
22
15%
23%
18%
12%
137
1%
10
6
14
9
8
23
18
21%
32
39
32%
30
341
20
30
14
110
101
13%
1734
14
1%
21%
2%
12%
1%
11
16%
2%
10%
15%
2%
11%
42%
15
45
71
1234
49
56%
74%
48%
71%
13
15
13%
72
79%
117% 123%
16
17%
46
50%
63% 71
11% 13%
15%
28
26% 27%
19%
52%
61%
*
Certificates of deposit
7% preferred
100
64%
13%
15%
53
61
6%
7%
13%
5434
5%
67%
19%
90%
34
33%
130
24
99
41%
34%
130
54%
62%
51
58%
19%
22
86%
91%
38%
31
32
130
47%
46%
34%
130
19%
87%
29%
41
22%
30%
44
44%
19%
82%
22
93
34
29%
33
32%
130
59%
53
11%
13%
12%
14%
55
63
46
61%
6
7%
24%
20
30
21
16%
14
15%
39
33
35
1334
13%
Manhattan
Shirt
...25
Maracalbo Oil Exploration....1
23%
16
29%
Marine Midland Corp.
Market Street Ry Co
10%
16%
28%
6%
12%
2%
20
5
4%
100
......
2
100
Prior preferred
16%
35%
.100
2d preferred
7%
7
27
5%
16
21
15
_
5
6%
24%
36
_
39
27
5%
6%
12%
14%
13%
130
88%
31
31%
130
130
50%
4038
48%
;
44
47
47%
21%
15%
30%
14
14%
20%
27
19%
4%
12%
3%
5%
10%
12%
2
2%
15%
32%
5
35
37%
30%
4%
37
6%
26
2
13%
19%
3%
10%
17s
47
61
46
51%
41
46
21%
20%
25%
24%
30%
22%
25%
2234
23%
9%
11%
9
10%
9%
%
13%
%
8%
28%
29%
11%
65
54%
Martin
(Glenn
Martin Parry
L) Co
Corp
*
Rights
Masonite Corp
_*
III*
7% preferred.
May Dept Stores
Maytag Co (The)
10
*
warrants..
McCall Corp
*
*
*
*
_
McCrory Stores A
1
pref
conv
60
71%
.100
McGraw Electric Co
5
New
41%
165
59%
*
84
_
New
%
6638
38
%
74
40%
63
71
3%
55
7
834
11
9%
1%
10%
2%
9%
59
36
8c
28%
42%
92%
26
39%
82%
27%
41%
23%
38%
25%
89%
81
...5
preferred
conv
McLellan Stores
preferred
conv
Mead Corp
Preferred
*5.50 pref series B with
10%
1%
13
28%
20
234
39%
4%
Melville Shoe Corp
20%
*33%
23%
3978
conv
12%
81
86
77%
81
1
1st pref
11%
15
13%
16%
lbs" 133"
100
7% pref ctfs of deposit
100 117%134
39
41
106%
5
59
5
16%
Mid-Continental Petroleum--10
29%
38%
Miami Copper
Midland Steel Products
8% 1st preferred
*
100 117%
Milwaukee Elec Ry 8c Lt pref 100 103%
Minneap-Honeywell Reg Co
* 102
4% conv pref series B
100 116%
Minn-Moline Power Imple
Preferred
*
11
*
88%
1%
3%
Minn St Paul 8c S S Marie...100
7% preferred
100
4% leased line certificates. 100
Mission Corp
*
26%
6%
24%
*
Conv preferred
100
3
7
9
30%
40%
10
94% 101
Montgomery Ward 8c Co
_*
53%
1%
Morrell (J) 8c Co
Morris 8c Essex RR Co..
*
42%
*
Motor Products
*
34
Motor Wheel
5
21%
32%
36
Mueller Brass Co
133
38
147
~
147
13%
16%
7%
19%
338
934
1%
12
19%
3%
8
42%
26%
24%
10%
48%
32%
55
35%
50
21%
35%
17%
34%
36%
15%
34%
37%
13%
4234
15
44%
12%
14%
22%
19%
18%
32%
22%
16%
35%
33
31%
31%
13%
42%
12%
13
39
14%
44
45%
12%
14%
98
104
45%
13%
39
23%
20%
8%
27%
24%
10
25
28
17
1934
25%
7%
9%
14%
4%
57
50
conv
preferred
Munsingwear
65
1%
<
95
95
100
100
26%
30%
25
29
26
31
96
94
97
94
97
12%
15
70%
12%
47%
41
80%
135
1
4
23-%
10.%
24
20
97
101
100
83S
1%
4%
638
3034
12
28%
2%
%
7%
1
5
22%
8%
27%
23
27
11
54%
2434
20%
7%
35%
27%
51%
3534
9%
10
1%
20
18
19
4%
37
9%
12%
3%
26%
7%
21%
31%
35
26%
1078
14%
2%
15%
15%
4%
35%
25%
4
21
12%
17%
18"
14
33
36%
3234
17%
37%
30%
3438
38%
2534
13%
44%
14%
9
45%
39
13%
95%
15%
96%
9
25%
34%
13%
4?%
13%
9
19%
*15%
38-%
13%
8%
35%
11
15
7%
36%
11%
4078
18%
6%
17%
10%
19%
53S
29
33
40%
10%
6
11%
20%
*8%
33%
7%
39%
25%
10%
37%
9%
24
28%
6%
82
878
33%
8%
80
73
75
6834
11%
13%
43%
34
39%
9%
7334
67
76%
12%
934
35%
1178
40%
41
92
95%
79
82%
80
28l2
17%
25%
11%
16%
10
95%
88
94
80
20%
85%
11%
*95
73
80
66%
14%
70
93%
70
78
62
79
59%
60
50
61
58
42
56
37%
48
7
3%
16%
53s
22
1678
42%
9%
69%
934
74
1134
5434
68
10
50
3
7%
34%
39
28
35
20
29%
11%
40%
99
26%
10
12%
34%
38
8%
30%
89
95
85
1078
36%
92%
10%
6
8%
28
34%
29
34%
63s
3034
85%
91%
85
91
90
8%
8%
36%
104
19
23
18
19
15
17%
14
45%
10%
34
50%
36
21
33%
7%
17%
19%
44
33
59
17%
29%
46% 30
41%
117% 108
115%
97
100
103%
82
114
119
118
105% 115
14%
7%
12%
108
78
104%
1%
%
1%
2%
334 "~1% "2%
29% 18% 25%
7%
3%
6
25% 13
21%
3%
1%
3%
6%
7%
35%
32
102% 107%
56%
64%
59%
69
52%
62%
48
56
49%
55%
5434
64%
58%
65%
46
45%
41
41
39
41
37%
40
31
37%
6534
66%
41%
63%
66%
61
64
59
62
55
58%
3%
2
2%
37%
1%
38%
26
1%
31%
%
33%
23%
3%
37
24%
5634
1%
62
1%
32%
54%
1%
30%
35%
.27%
20%
23%
20%
22%
51
41.
48%
40
44%
17%
3734
35
35
56%
1%
37%
22%
41%
31
36%
31
39%
28%
36%
24%
30
20
12
15%
88
89%
22%
*
95
98
92
96%
27%
30
29%
36%
26
66
21%
45
*
434
20
137
60%
7%
36%
92%
6%
78%
137
136
77%
14%
46%
31%
21%
1%
1%
91%
29%
99%
32%
93
97
90
94%
28%
32
27%
30
a'point, viz.: 105"=105»m.
* No par value.
80
24
1%
28
3 73a
32
26%
25
22
45%
26%
14%
92%
27%
20%
41
19%
39%
33
2034
13
Note—Superior figures denote 32ds of
z Ex-divldends.
y Ex-rights.
Cash sale,
20%
37
93%
.
r
19
38% z36%
1
Mullins Mfg Corp class A..7.50
Class B
1
6
19%
8234
46
Mother Lode Coalition
58%
2%
45%
66%
2
38%
24%
50
100
15
36
*
__
23
33%
14%
36%
58%
11%
26%
5
10%
15% 18
21% 17% 20%
14% 19
16% 19
49
70
82
49
56
73
88
48% 61
15
15
31% 38
22% 32%
13% 26%
19%
20%
31
30
31
32
31
31% 33
2834 32
2634 30
129
127% 127% 127% 130% 128% 128% 123% 123% 123%125
19
48
25
41% 46% 29
41%
18% 32
17% 23
51% *44% 48% 36% 45% 27
30%
38% 27% 35% 25
"j»
«n
34
1%
lis4
11% 1438
9% 11
10% 1234
8% 12%
934 1134
49% 48% 50% 31
22% 27%
43%
18% 32% 24
2938
6
7
6%
3%
6
1%
4
2%
284
1
6
5%
1%
638
1%
134
6
20"
13
21%
17% 19% "9"
8% 1034
Q
9
19
19
19
7
9
"5% " 8~~
10% 13
12
6
7
13%
12% 1234 12
6%
8%
6%
7%
14
10
11
17
17
15
28
19
1634
6
5
7
12
"9% To%
9%
4%
8%
6%
9-%
15
20% 18% 20
10
9% 15%
9% 11%
18%
13%
434
3%
43s
2%
4
1%
1%
3%
1%
1%
2%
6
10%
934 10%
7%
9%
5%
8;%
678
6%
8
1
1
134
1%
134
1%
1%
%
1%
1%
1%
12
3
9
3
5
7
9
9%
8%
5%
8%
12
17
22
9
13
24%
6% 10%
17%
9% 14%
3%
2%
3
1%
3
1%
2
1%
1%
1%
2%
44
33
' 40
26
24
28
31
33
42% 40
33%
8934
34
30
32
35%
38% 35% 37
23%
58
68
58
59
66
64% ~58~
66% 72%
68%
63%
58%
22
20
25%
15% 18%
14% 23%
15% 18%
26%
17%
19%
17%
35% 28% 34%
27% 31% 25% 29%
31% 30% 32% 31
27% 3234 28
38
45% 34% 41
48%
33% 38%
3434 4134 3934
42% 40% 47% 41
117
118
108
115
113
116%120
119% 114
122
118% 120
109% 115
94
105
105
106
100% 100% 99% 101
98% 9834
96% 96
97
96
108
99
111
107* 120" 100 115
106
110
108
117% 113%
110
114
124
113
115
118
*117
108
113
11434 120
122
114% 112
12
13
15%
11% 13%
16%
11% 13%
14%
12% 15%
12% 15%
12%
90
94
95% 90
93%
92% 101
95% 92% 99% 92% 98%
1063s 103
2
2
2%
1%
1%
1% ' 1%
1%
1%
2%
2%
1%
2
1%
4
5
3
4
3%
3%
2%
4%
4%
5%
2%
2%
234
2%
5
3%
2%
6%
4%
5%
4%
6%
234
4
234
5%
6%
3%
25
29% 26%
29% 27
25% 30
23% 29
29% 27% 33% 27% 34
6
7
6
7
7%
8%
7%
7%
8%
7%
9%
8%
5%
7%
27
22% 2634 21
27% 24% 33% 29% 34% 25% 30% 26% 31% 21
3
3
5
3%
4%
4%
6
3%
4%
6%
4%
5%
4%
3%
63%
26
20
100
Mohawk Carpet Mills
Monsanto Chemical Co
preferred
5
100
Missouri-Kansas-Texas RR
5% preferred series A
t Missouri Pacific RR Co
77
41%
50
Preferred
Merch 8c Miners Transp Co
Mesta Machine Co
8
7
14%
23
90
*
Mengel Co
$7
434
5%
16
221.1
*
war
2334
7
87
41
40% 42% 31% 41%
133s 14%
13% 16%
13% 15%
14%
45
47
*
47% 45% 47% 45% 47% 45
1
1378 1638
16% 19
16% 18%
16% 18%
103
105
109
100 108% 112% 107
105% 107
27
31
*
25% 32% 29% 3338
26% 34%
*
95
98
95
99
99
101
99% 99%
Robbins.,
35
34
3
1038
1%
7%
14%
11%
16%
155
io
McKesson
31%
12%
9%
18%
24%
108
4%
21
38
*4.50
44
6
12%
1%
10%
39%
14
41%
17%
5%
934
64
23%
.5
5%
15%
1
Mclntyre Porcupine Mines
McKeesport Tin Plate.
6%
42%
9%
39%
13%
40%
8%
1%
13
16%
,
McGraw-Hill Publishing Co...*
$3
19%
14
22
33
38
23
39% 3578 38% 32% 37%
35% 37%
22% 28%
142
163
155
155
145
142
145
145
146
157
155
155
148
155
145
152
157%158
145
147% 155
61
56
56
64
62% 53
36
34
60% 63
51% 57%
61% 66
60% 65
46% 61%
511?
46% 33% 39%
14
12
8
10
9% 10%
9
5
15% 14% 15%
14% 10% 13
934 10%
9%
4%
6%
638
9
4%
6%
738
34
35
42% 44
42% 43% 41
43% 39% 42% 35% 39
36%
36% 35% 36% 28
36% 24% 30
23% 2534 20% 24%
45
45
35
35
36
36
44-% 44'%
43% 45
105
"97" 101% 103 105 100% 10334 93% 95% 93
106%111
108% 106
75
106% 104
94
108% 110% 108% 109% 108
75%
33
35
30
27
z29% 31% 27
32% 36
30% 33
13
2484 273s 21
11% 13%
21% 23% 17% 21%
13% 17%
15%
12
143s 17%
8
18% 21
15% 17
20% 24%
18% 22% 16% 1978
16% 18%
1634 18%
7% 11%
17%
734 14
11%
95
86
102
100
104
100
88
75
98% 101
106%
92% 82
85
88
71
86
76
*66
75
78
86% 89
76%
52
48
44
50
54
51
42% 54% 49% 53% 49
40% 42% 41% 44
50% z48% 50
38%
100 163
$3 preferred ex-warrants
$6 1st preferred..
6%
5%
1
...
Mathieson Alkali Works
$3 preferred with
4%
6%
4
25%
29
51
18%
17%
20
29
4
44%
47
13%
3%
24%
3%
42%
100
15
18%
13
Marshall Field 8c Co
~16~
22
4%
10%
Marlin-Rockwell Corp (Del) ..1
6
10%
43
4%
14
24
14%
2%
12
434
10
41%
45%
50
3%
"l4_
8%
129
10%
17
18%
1934
82%
31%
30%
42
21
12%
24
17
6%
17
27
16
4%
14%
Z50%
15%
16%
35
14%
9
3%
25
14%
29%
11%
6%
13%
3%
19
2%
6%
12%
45
>
5
*
18%
16
25% 26% ~23% 26% "§6"
25% "14"
21%
16% '19% "l7% "l9%
74
81% 75% 84% 74% 81%
73% 82%
53
76
85% 79
43% 54
87% 65% 80%
7238
45% 64
106% 107% 105% 106
106%107
105%106
*105 107
103% 105%
104% 105% 101
106%
105%106
9934 104
3
1
3%
2%
3
2%
1
2%
3%
1%
2%
1%
1%
1%
1%
2%
134
1%
1'%
134
69% 50% 58% 51% *60% 52% 57'% 51% 56% 38
42
66% 75% 52
41
51% 32
32% 43% 32
7
7
8% 10%
978
8%
4
534
7%
3%
5%
8
6'%
6%
733
3%
4%
2%
4%
4%
37% 40% 34% 38% 32% 34% 28% 32%
18
19
28% 31% 28% 29%
26%
2534 29
17% 19%
20%
106
108
110
106% 107% 105
101
10734 110
105
106
102
105%zl07% 105
103%
106% 105
102% 103
22
23% 26% 21% 24% 21% 22% 20
19
20% 22%
15% 17%
2034 22
20%
15% 20%
16% 18%
140
138% 141% 130
128
138%146% 138%143
*134 140
125
139
135
125
135% 134
132% 129% 135%
14%
62%
7
t Manhattan Ry Co 7% gtd__100
Modified 5% gtd
100
Preferred
20%
201*
24%
61%
593s
54
66
34
68
48
33% 41
6434
38%
15%
12%
11%
12
5
13%
7%
9% 13%
8%
7%
9%
2634 28% 25% 27% 25% 26% 26
2534
29
24
28% 28
25% 27% 23
2634 24% 26%
108
113
97
102
93
95
99
110% 113% 100
110%
99%
96
89
98
99%
100% 89% 95
82% 87% 84% 9034 82
110
114
106%114
100% 112% 96% 103
94% 99% 94% 10034
96% 102%
99
100
86
85% 90%
93
10234 88
83% 94
171
175
153
151
161
158
163% 167% 159
156% 156%159
161
158
156% 15934 159% 161% 158
160
*160% 165
160% 158
21% 22% 21% 22% 22% 23
21% 22% *18% 23%
1834 2138
19
20% 21% 21
22%
20%
15% 16%
15% 19
17% 17%
59
62
69
59
6534 66% 83%
70% 81% 60% 72%
68
27
34
22
68% 60
54% 68
31
18% 41
37% 50%
58
52
59
54% 61
60%
51% 55% 51% 57
5178 58
35
48
53% 60
43
58% 63
52% 33
40%
■59% 37
48
43% 52
47% 51%
49% 49% 53% 47
52%
48
46% 49
52%
9%
100
Preferred ctfs of deposit..100
Mandel Bros
*
18%
2
1%
10%
9%
43% 39
15%
14%
43% zlO
68
58%
12
1238
2734 26%
15
10%
17
23
1834
11%
18
15
1%
1638
37%
15%
6%
13%
10
35
14
8%
23
21
21%
25%
»36
10
26
18%
28
978
15
27
20%
13%
130
22
33%
108
118
6
29
19%
14%
21%
22%
17%
16%
6
5
22
14
21%
2%
17
18%
15%
1534
26%
36
35%
25
11
18%
7%
28
12
4678
.35%
20
17
20
2334
15%
31
25
14.%
15%
17%
Rights
10
30% *25
2034
14%
9
3
22
25
194
24%
3%
16%
4
30
21%
20%
3434
22%
21
28%
16%
20%
12%
2534
21%
14%
2278
16
_
100
33
12
23
15%
26
20%
106%110
106% 107%
Loft, Inc
*
2%
3%
2%
3%
Lone Star Cement
56
6534 64% 70%
Corp.
*
Long Bell Lumber A
*
8
6% 1034
10%
Loose-Wiles Biscuit Co...
25 *42
43% 39% 42%
5% preferred
100 107% 109% 107
108
Lorillard (P) Co
10
2234 24% 23% 28%
Preferred
ioo 142
147
14734 146
X Louisiana Oil 6X% pref-_100
28
3 534
28% 32%
Louisville Gas 8c Elec A
*
23% 2834 23% 26
Louisville 8c Nashville RR...100
88% 94% 88% 93%
Ludlum Steel
l
29% 32% 32
37%
MacAndrews 8c Forbes
.10
34% 35% 34% 36
6% preferred
132
100 132
131% 132%
Mack Truck Inc
*
4234 49% 46% 60%
Macy (R H) Co Inc.
*
50% 54%
51% 57
Magma Copper
J Manati Sugar
36
20%
25%
4034
19%
13
18%
*
Madison Square Garden
51
45
49
2934 45
18
29%
35% 29
33%
24% *22% 24%
19% 225«
11%
934 11
6%
9%
140
125
127
137% 140
1834
15%
9%
22
21%
56%
78%
19%
*
Loew's, Inc
20%
2%
13%
34
40%
59%
35
20%
9
10
10%
115
106% 110% 115
39% 31% 33% *33
8%
105
"40% 44" "34"
48%
35
*
47%
24%
27%
41%
21%
16%
Preferred
June
May
December
October
July
November
August
September
High Low
High Low High Low High Low High Low High Low High Low High Low High
27%
»
Kress (S H) & Co
Lehman
April
High Low
10
$5 prior preferred
Kresge (S S) Co
Kresge Dept Stores
8% preferred.
Lambert Co
March
H gh Low
Par $ per share $ per share $ per share $ per share $ per share $ per share $
per share $ per share $ per share $ per share $ per share $ per share
*
17*4 20
17% 19%
17% 20%
15
15% 19
16
16% 19%
7
14% 16%
15% 17
8%
1134 15%
5% 1234
73s 10%
42
*
46
39% 44
39% 43% 38% 46% 39
43% 38% 40
37% 41
17% 21
39% 4134 28% 3884 22% 31
19% 26
1
5%
714
6%
5
7%
6%
6%
8
6%
8%
5
93s
6%
5%
5%
6%
1%
2%
3%
5%
134
3%
Keystone Steel Sc Wire.
Kimberly-Clark
Kinney (G R)
February
Low
88%
28%
87%
1934
20%
J Reported in receivership.
4%
14
11%
25
15
3234
88
110
91
21%
31%
95%
93
100
8934 "53" ¥9""
57% 70%
103
105
98% 109
101%104
6%
4%
9%
8%
53s
7%
60
65
87
%
1%
%
16%
78
1*4
2%
21%
54
%
1%
1%
15%
2
5%
1%
1%
14%
2934
32
24%
50
56
45%
%
22%
16%
1%
32W
20
35%
13%
7%
17%
18%
87
92
91
87
60
50
1
1%
2
19%
334
12%
2%
4
4%
2%
16%
8%
2%
1%
3%
6%
4%
234
24
22% 33
15% 21%
86
104
88
79% 9534 *71
105
108% 107%109
108% 109
44
5934 30
48% 31% 43%
25
7
10%
2234
25%
1
15
2%
7%
1%
2%
12%
76
~30% 37%'
21
23%
36%
42
15%
23%
9%
12%
8%
18%
4%
9%
69%
15
16%
11%
17
75
80%
63
75
4%
58%
15%
20%
12
16%
11%
1 Called for redemption,
18%
3%
11%
2%
3%
17
88%
48%
1
25%
23%
39%
*%
1
1%
2
25
29%
51
1
25
17%
29
%
57
%
%
7%
a Deferred
%
14%
15%
4%
50
978
%
22%
12%
21%
6%
62%
127*
delivery
Jan. 8, 1938
Chronicle
Financial
220
1937—Continued
Low
-.100
5% preferred--.----
®J6
Rights
10
17
20
5858
62
2034
70%
24%
18%
.*
of America
Myers (F E) & Bros—
Nash-Kelvinator Corp
Nash Motors Co
Nash Chatt & St Louis
Murray Corp
59«4
22%
17-% *24%
5
*
100
---1
-.10
10
19%
13%
71
60%
2034
24%
19
1134
2,32
15%
10%
12%
10%
13%
11%
13%
63
67%
62
67
62
64%
64
70
54
19%
14
®16
2532
15%
65
17%
68
22%
38%
1812
—100
6% preferred B
61%
54
& Steel Cast Co.*
National Power & Light
Nat Malleable
14%
2%
1
11%
of Mexico 1st pref--.100
1%
5% 2nd preferred
100
National Steel
25
National Supply of Delaware.25
%
New--
—---
60%
13%
1%
2%
1%
%
%
94%
8434
93%
66
11%
14%
27%
150
2834
97%
17%
47%
9
50
10%
11%
13%
15%
12% 16% 11
9% 12%
10% 14%
7% 10
7
8%
10
11%
17
19%
18% 23% 18% 22
23
27%
23
25
27% 22
22%
157%
150
153% 152
154% 154% 154% 154% 149% 152%
149% 152
151%154
18
16
19% 13
16
22%
19% 26%
25
25% 28% 25% 27%
26%
90
90
90
95% 95% 90
93% 97%
40
42%
*39% 44
39
45
57% 46% 51
38
32
33
32%
33%
20
17%
20%
13%
25%
18%
12%
22%
14%
20%
22%
11%
13%
15%
6%
22
10
30%
21%
12
8
16%
6%
52
"44"
54
~5~1%
1034
1%
8%
%
%
%
1
72%
8434
96%109%
50
53%
12
1%
10
11%
%
%
93%
1%
%
81
1%
74
%
%
%
%
55
55
18
33
31%
22%
26
19%
26%
17% *24
24
pref
pref__—-100
6% prior preferred
100
National Tea Co....
*
Natomas Co—
*
Nelsner Bros Inc
1
4H% conv serial pref
100
Newberry Co (J J)
*
5% pref series A
100
t New Orl Tex & Mexico
100
Newport Industries Inc
.1
30
23
29%
20%
80%
70
79
63% *71
73
N Y Central
10
1134
12%
12%
53
55
54%
10%
57%
12
12
50%
19
40
41
100
83
55
99%
—50
.*
X N Y Investors, Inc—
N Y Lackawanna & Western 100
1%
100
5%
5% preferred
Co
10% non-cum pref..
JNYNH&Hartford
97
5%
1634
Norwalk Tire & Rubber
Preferred
....
51%
3%
*
.*
Northwestern Telegraph
53%
Ohio Oil Co (The)
Oliver Farm Equipment
53%
5%
34%
76%
80%
4834
34%
45%
74%
35%
68
48%
60%
48%
29
79%
90
79%
21%
27%
21
1534
19%
1634
8
20
9%
19%
59%
37%
19%
62%
17%
55%
2034
131
131
934
6%
1%
8%
23%
28
19%
6534
60%
*
13%
.._*
Otis Elevator
35%
135
100
6% preferred...
16%
Otis Steel
2634
*
70
Outlet Co—
.;
.
75
_
19
32%
10%
22%
13
74%
45
65
36
48%
29
25%
35%
15%
28%
16
21%
16%
2034
53
27
43
14
32
25
84
55
77
31
63
32
49%
24%
21%
26%
15
25%
25%
43s4
2434
18
22%
17%
30%
19%
19%
25
11%
10
Pacific Coast Co
*
2nd preferred
*
Pacific Finance Corp (Calif)..10
25%
1st preferred...
21%
30%
25
3434
Pacific Lighting Corp....
*
49%
Pacific Mills.
*
3834
Pacific Gas & Electric...
...
100 14834
Pacific Telep & Teleg Co
100
6% preferred
10
*
Pacific Western Oil
Packard Motor Car
Pan-American Petrol & Trans.5
*
100
^Panhandle Prod & Refg
8% conv preferred
*
Paraffine Co Inc
4% conv preferred...
Paramount.Pictures Inc...
100
1
6% 1st preferred.........100
6% 2d preferred
Park & Tilford Inc
10
....
1
148
22%
10%
16
;
Parker Rust Proof Co
76
4%
42%
Transportation.....*
*
.......
24%
6
9%
14%
Patino Mines & Ent Cons
3
3%
60%
....
97
Penney (J C) Co
Pennsylvania Coal & Coke... 10
5
Penn Dixie Cement
7%
88%
8234
Rights
5%
44%
28
7%
10%
1634
4%
64
102%
6%
12%
64
50
75
22
Series A
Penn Glass Sand Corp v t C.¬
Pennsylvania RR Co
r
66
68
114
92%
92%
95
92
96
102%
98
19% *21%
11% 1434
1%
18%
15%
1834
122
75
81
80%
26
23
24%
24%
55%
54%
64%
96% 85
20% *17
52
8%
93
91
34
45
5
33
20%
2%
27%
14%
33%
18%
15
60
68%
40%
61
122
60
27%
3934
43%
68
81%
80%
4%
41%
26%
6%
834
14%
4%
58
34
8%
4434
29%
7%
10%
20%
7%
62
9784 10234
484
5%
9% 12%
67
76%
24% 2934
41% 44%
...
%
5%
25
5%
55
94%
19%
88
*99%
3
4
17%
5%
5234 61
98% 10334
4%
5%
9% 10%
66% 73
55%
1234
14%
46%
63
70%
96
10
41
80
99
19%
14%
18
9%
434
15%
10334
7
29%
18%
32
5%
94%
3%
7%
64%
26
29%
2234
43
50%
41%
®1S
®16
1051*=1051,ti.
10%
66%
26
47%
6%
38%
5%
39%
26
5
7%
17%
7%
46
141
4
5%
39%
27%
36%
38
23
24%
4%
36%
23%
2%
6%
14%
4%
7%
16%
6%
14%
9%
16%
6%
4%
3
4%
39%
41
40%
85
92
7%
46%
98%
4%
8
6
6%
3%
4%
3%
4%
7
8%
5%
7%
6
100
61
87
51%
69%
59
9%
14%
10
13
*9%
6%
4
12%
1634
12
17
7
10%
16
27%
5%
10%
25%
9%
15%
27%
13%
4
10%
17%
13%
28%
41
24%
35%
20
11
31
22
45%
36
31
17
143% 130
4
19
17
42% *3434
10%
26%
144
120
1134
18
132
11
5%
7%
27%
110
40
17
122
35
11%
110
534
38%
14%
116
138
133% 134% 134
136% 140% 133% 139
1134 14%
12% 18% *12% 16
23%
22% 27% 16
4
5%
4
434
6%
7%
8%
634
9%
8%
7
9
7%
9%
8%
9
884 11%
11% 12%
1
1%
1%
1%
134
1%
2
2%
1%
2%
35
29
45%
69
39% 62
93
100
89
50%
38
53%
32%
95%
95%
18%
95%
8%
80% 121
8 • 16%
18%
24%
11
44
95%
15%
81
23
4%
1
2%
3%
40
33%
39%
28
35
29%
29%
23
28
12
23%
17
34
23%
8%
10%
534
15
6%
46
4
58
45
52
43%
54%
25
27%
45
24
27%
25
28%
34%
41%
35%
40%
34
2
634
1%
9%
4
8%
8
13%
7%
48%
40
47
81
9734
334
6%
7%
52
38%
27
2%
4%
26
2%
3%
11
5
3%
15%
6%
17%
97% 101
484
3%
50
3
39%
2%
37%
65%
1%
2%
15
5%
9%
2%
30
16%
1%
2%
1%
5%
7%
12%
434
10
334
5
41
"884 "13"
14
25
10%
23%
26%
3%
4%
34%
89% 110
38%
6%
46%
23%
41%
54
23
61%
86%
3%
87
154%
2%
22
26
143
8
7%
32%
42
27
138
90
74
43%
7%
44
17%
2
121
634
15
98
5%
48
19
17%
139
135
139%
135% 135
25% 21% 23% 23% 27%
8%
9%
7%
9%
10
11
13
10% 11%
11%
69
20%
7
52
100%
5%
8%
92
115
134% 141
83
7
9%
1534
30%
93
4%
6%
50
25
141
4%
102%
14%
94
92%
13
36%
6%
9%
23%
7%
8%
90
99
14%
10
48
22%
5%
14%
99%
11
15%
99%
52
33%
45%
4
11
65
28%
24%
4%
6%
14%
35
13
6%
2%
21%
21%
37%
24
1384
33%
48
22
30%
44
6
46%
11%
24%
58
20%
28%
40%
27%
14
55
1334
19%
29%
40
11
14%
18
72
4%
15%
55
14
25
16%
9
35
144
15%
38
16
24%
56%
13
27%
21
1%
82
24%
25%
18
10
'
7%
24%
30
141
30%
42
3
17%
50%
7%
38
2
63
25%
11
37
3
1%
4%
138
9
15%
1434
34
88
26
28
70
80%
"l3%
10%
40
36
134
6%
8%
"io"
21%
9%
82%
23%
134
128
23%
20%
99%
96%
45%
10%
11
3
27
32
19
25%
31
46%
2 934
103% 105%
19% 24
18% 24%
51
52%
52% 50
6%
9%
6%
8%
97 *101%
96% 98%
21%
48%
10%
98%
9
31
93
14%
54
17%
26%
15%
22%
28%
41%
144% 135
138% 135
92
24%
99% 100
100
1%
198
108
97
34%
22
48%
41
103
31%
85%
33%
180
19%
7
184
201
210
105% 108
180
18
26%
59
115
26%
100
%
1%
%
1%
50
28%
55
12%
100
4%
30%
87%
23
17%
%
1%
242
249% 212
107% 103% 105
87%
21%
12%
1734
98% 100
102% 102%
184%
Note—Superior figures denote 32ds of a point, viz.:
* Ex—dividends,
y Ex-rights.
Cash sale.
50%
90
634
20% 30% 21% *2734 21% 27
*38% 43% 27% 38
44
126
130
125
128
127
132
130% 131
131
131% 127
8% 11%
9% 13
6% 13%
11% 18%
18% 21%
17% 20%
87
114
170
40
88
7%
38%
84
60
70
41%
86
94% 102%
2%
14%
117
114
4%
36%
3
2%
2%
2%
112
90
102%
50
73
69%
63% 71% 69
67
82% 90
88
100
*95
100
100
99
100
101
99% 100
105% 100
105
105
109%109% 105
106%109
16% 21%
18% 23% 20% 24%
16% 19%
17% 22%
20% 26%
23% 2834 23% 28% 2234 26%
152
14834 168% 119
130
131
165
126
155% 121
166
186% 140% 184
19934 161
200% 168
1434 19%
18% 21%
17% 21%
*15% 17%
16% 20
18% 23%
20% 2434
21% 2634 21% 26
25
26
22% 25
27
24% 27
30%
27% 30%
28
31
30
34% 29% 32
28% 32
234
*
2.50
Pathe Film Corp
Penick & Ford
2434
22
8%
46
85
92
40%
14%
90 "
24%
68
916
Peerless Corp
84%
934
14
30
29%
37% 36% 40
32
22
16%
26%
26
27% 22
24
26% 30%
3234 29% 32
*31% 36% 29%
38
32% 35
50
43% 47% 44%
5334 46
33%
44% 37% 42% 3434 40
140
147
150% 142% 150
152
133
140
155
149
144% 148
23
28
2534 29
26% 24
9%
12%
10% 11%
11% 11
16
17%
1634
1134 15% 11%
4
3
4
3
234
4%
60
1
Parke Davis & Co
Parmelee
97
4%
30
10%
131% 132% 126
133
132
3%
5%
82
91
12%
17
16%
134
22%
15%
9
60
44
101%
44
32%
21%
70%
4%
3
101
85
75
1934
12%
Rights
Park Utah Cons Mines
107
6%
11%
65%
37%
13
95
35
43%
2234
99%
12%
41%
14% 16%
13% 16%
101%
99% 104% 100
14
16
15% 16%
19%
*82%
23
57%
14"
"l9%
.12.50
20%
68
3%
104% 104%
12% 14%
16%
40% 33% 40%
114
Pacific Amer Fisheries Inc
20%
56%
71
17134 16734 200
160% 159
25 150
17%
19
20%
134
27%
2634
100
Preferred
Owens-Illinois Glass Co
—
28
75
5
3%
16%
2434
15%
37%
12
64
46%
4%
29%
27
133
133
127%138
139% 137%140
2134
19% 24% 17% 22
1834 18
117% 12734
100 112% 115
90%
80% 79
* 75
Ti Prior preferred
$5.50 conv 1st pref
Outboard Marine & Mfg
4%
31%
5%
33%
21%
2%
36
46
51
3%
334
37%
2234
19%
42%
106%
51%
103
3%
47%
53
26%
22% *18%
58
73
6%
4%
6%
3934
49
53
51%
53%
17%
110% 114
16%' 1534 19%
45% 40% 4334
80
37
103
9%
434
4
2%
6
7%
6
7%
8%
9%
9%
734 11
5
8% 12%
14%
17
20%
10% 17%
16% 19%
19
112% 118
110
119
121
120% 110% 118
122
127
130
121
126% 122% 125% 127
113
120
127
127
127%127
125
126
""% " %
%
!
%
%
%
%
%
1
1
%
1
%
1
1%
54% 54%
69
73
85
85
91
91
90
90
2%
3
2
3%
2%
"3" "4%
3%
4
4%
378
5%
3%
5%
5%
7%
6
4%
7%
7%
4%
9
7% 12%
14%
12% 16% 12
12% 18%
15% 21
1
1%
1
2
1%
1%
1%
2%
2%
2%
2%
3%
2%
2%
2%
4%
21%
1
56«4
26%
24%
Oppenheim Collins & Co...
New-
23%
18%
*
100
Preferred A
62
12%
Rights
Omnibus Corp (The) v t c
62
6%
17
11
8
17%
130
33
70
70
35
24%
125
434
538
28%
40
17%
4%
87
65
77
93%
30%
2
52%
25
46%
85
17
53%
52
22%
32
37%
40
100%
99% 100
11
13% 11
11% 15%
17%
38
31% 40
.......
—100
50
*
50
28
19%
21
26%
Conv preferred
100 16% 18%
4%
5%
5%
6%
5
6%
5%
t'N Y Ontario & Western
100
5
5
5%
5%
4%
5%
N Y Railways preferred
*
9
12%
10% 11% 10%
10
8% 11%
13%
12
1134 14%
15% 133s 15%
N Y Shipbuilding part stock-.l
59
55
59
56
61
62% 57
70
75
62% 70
70
75%
76% 72
7% preferred
—100
85
79
91
98
63% 101
10234
96
102
100
98
101
9834 100% 95
N Y Steam $6 preferred
*
$6 pref ctfs of deposit
109" fib" 107% 10934 107" lTl% 109% 112% 173" 110" 99" 101% 95%
7% 1st preferred
* 108% l'fo"
$7 pref ser A ctfs of dep..
2
1%
2%
2%
3%
2%
3
2%
3%
2
2%
434
2%
338
3%
242
X Norfolk Southern.........100
243
237% 242
248% 240
250
262
23634 255% 237
260
270
Norfolk & Western.........100 259% 272
104
104
106
103
106
103%106
102
10534
109
111% 10534110
Preferred
100 111% 114
26%
22% 29% 24%
2734 22% 26% 21
26% 30% 24
North American
* 30% 34% 29% 32
52% 55% 52%
51% 53% 53% 54% 48% 54%
53% 56%
6% preferred
50 55% 57% 55% 57%
11
10%
12%
10% 12%
9% 12%
11% 14%
13% 16%
15% 17%
13% 17%
North American Aviation.....1
98%
97% 99
97% 100%
99% 100% 98% 100%
103
104% 97%102%
North Amer Edison $6 pref
* 102% 104%
99
99
99% 100
99%
97
99
98% 99 '
93
101
99
105
Northern Central........
50 103% 105
25% 34
27% 31% 26%
31% 36% 28% 34% 32% 36%
27% 30% 27% 33
Northern Pacific
26%
12
18%
32%
25%
137
8
9%
26%
6%
29%
84%
59
97
6%
34%
4%
32%
22%
36%
23%
36%
80
42%
19%
31%
94%
132
1%
22
2 934
22
137
2
1%
2
17
8%
23%
43
53%
105%106
106
26
10%
10%
21%
28
52
53%
50
105
85
21%
8
9% 12
12%
18
25% 19% 24%
100
130
130% 135
12958 135
50
100
53%
57
89
58% 72
91% 100
29% 31%
61%
91
61%
100
*
50
103%105
105
3
9%
39
29
®16
72
64
20%
100
N Y & Harlem RR
75
4%
8%
5%
10
6%
9%
*8%
9%
42
4
3%
6%
5
7%
9%
39%
10%
44%
37
42%
7
I
9%
85
®32
6% preferred series A
39%
57
57%
78%
9%
48
42
50
47
5534
7
8%
10%
6%
9%
10%
10
109
3434
NY Chicago & St Louis
Purchase warrants
10%
13
7%
10
12%
8%
10%
9%
11%
13%
54% 61% 59% 6434 54% 60% 54
100
103% 103
10734 109
103% 107
2438 3334 20
29
2434 29
26
37
29
34%
41% 35% 40% 33% 38% 28
75
73% 86%
82
94
84
98%
83
44% 55% 4434 51% 43
44% 41% 46%
55
107
-
City Omnibus Corp
24%
75
*
*
N Y Air Brake
NY Dock
%
68%
120
92
127%
5H% conv prior
Y
%
58
67%
103
95
35% 39% 32% 41% 24
31% 36%
110
135
127%137
128% 124
129% 121
125
9%
%
%
76%
%
91%
25
7
7%
%
%
136%
16%
25%
*8%
1
%
99%
90%
18
5
132
135
132
33
21%
10%
7%
%
%
80%
%
78%
138
48%
33
52%
9%
%
46
9%
130
135
134% 130
128
135
127
140
Co (The) Penna
Rights
6%
44
46
15%
5
4%
7%
5%
8%
58
47
66
10-year $2 conv
N
High
16% 21% *14% 18%
13
25%
32% 35% 32% 36% 22% 33%
35% 30% 35%
1234 15%
12
18
*13%
16%
16% 19%
18% 21% *19% 21
23% 18% *22%
*108 111% 106% 108
108
110
110
112% 108% 111
112
112% *107% 109% 109
109
104% 107% *105% 109 106
107% 108
107% 110
112
108% 109% 108% 111
5%
8%
6%
9%
5% 11%
17
15
17% 19% 10
18%
15
17%
18%
4%
4%
4
5%
5%
6%
5%
6%
6%
7%
6%
7%
6%
7%
734
19% 24
24%
17
27% 20
28
31
28% 31% 29% 31% 26% 30
31%
1734 19%
18
20%
18
23
25
30
32
29%
30
33
31
31% 29
6%
8%
5%
9%
4%
7%
6% 11%
13
11% 13%
12
15%
15%
17%
24% 30
33
20% 28
35
40
29% 35% 18
32% 38%
35% 30% 35
154
154% 154% 156%
153
156
156
156% 155
160
157%158% 155
157% 157
1%
130
129% 125
126% 121% 127% 123
123
20%
834
1%
1%
%
%
80% 90%
84% 10234
2
%
90%
71%
%
79%
6434
934
17%
19%
3
11%
7%
30
39
49
55%
48
56%
12%
48%
11%
80%
67%
62
10
100
...
Preferred
Nat Supply
70
56%
12%
17
18%
16%
20%
17%
17%
43I2
22%
18%
161a
42% 35
39% 43% 40% 47% 36
18
18% 21%
20% 24
20% 23
National Acme
11%
1234 16%
15% 17%
15% 17%
135s
National Aviation Corp
2434
2934 33% 25% 30
1
32% 305s 3234
National Biscuit
14834 153% 145
15734 160
161% 167
165%167
7% preferred
100
27
30% 25% 29% 26%
31
33% 29% 33
Nat Bond & Investment Co—*
96% 98% 96%
99% 102% 99% 103% 99% 100
5% pref series A with warr.100
Nat Bond & Share Corp
*
*34% 38% 2934 3534 30%
National Cash Register
* 29% 35l2 34% 38%
23% 26% 23% 25% 22% 24% 21%
National Dairy Products Corp.* 23% 24%
112% 109
110
112
*109% 112% 108
110
112
7% preferred class A
100
108
109
107
108% 108
108% 109
7% preferred class B
100 107% 109%
16%
17% 2134
18% 23% 20% 24%
17% 20%
National Dept Stores
—*
6%
6%
8%
8% 10%
7% 10%
6% preferred
10
29% 34% 27%
27% 31% 29% 35
Nat'l Distillers Products
* 27% 29
32
35
31%
34% 38
30
37% 34
Nat'I Enameling & Stamping--*
1434
15% 18%
National Gypsum Co
---1
3184
31% 40
35% *44
National Lead
10 33% 37% 34% 37%
154%
162
167
169
165% 15434 157
7% preferred A
100 168% 171
133
147% 140
146
148
146
148
144
150
Nat Rys
High Low
$ per share
$ per share $ per share $ per share
$ per share $ per share % per share % per share $ per share
50
56
50
62
Par $ per share $ per share $ per share
52
65%
75
81
65% 77
67
76
70
73
73
81
76
90
*
78% 83
102
105
76%
70
105
107
73i2 72
106
108
108
107
107% 107
107
105% 107
106
107% 103
102
106
108%
108% 106
107
108i2 106
(G C)
Murphy Co
December
November
October
September
August
July
Low
High Low
High Low High Low High Low High
June
May
March
April
February
Low
High Low High Low
High Low High Low High
January
STOCKS
9%
4
98%
11%
24
2%
32%
I884
2
6%
1434
434
42%
37
4134
40
44
86
57%
81%
2%
534
28%
60%
72
13%
20%
234
2
5%
3%
27%
19%
*1734
2334
14%
19
14
16
28
34%
20
30
20
25%
2
3%
15%
3
5
24
15%
2334
%
* No par value,
t Reported in receivership.
H Called for redemption,
a Deferred delivery,
Volume
Financial
146
221
Chronicle
1937—Continued
March
June
July
February
May
April
High Low High Low High Low High Low High Low High Low High
January
STOCKS
Low
September
August
100
100
Peoria & Eastern Ry Co..
100
..100
100
Pere Marquette Ry_Prior preferred
Preferred
*
_
100
-
Pet Milk
*
Petroleum Corp
Pfeiffer Brewing Co
5
*
—
Rights
Phelps Dodge
.25
....
Rights
...
Philadelphia Co 6%
pref
50
$6 preferred...
1 Phila Rapid Transit
50
7% preferred
50
Phila & Reading Coal & Iron.-*
Philip Morris & Co Ltd Inc—10
Phillips-Jones Corp
*
86I4
*
87*4
53*2
49*2
82
82
75
75
75*8
5212
58*2
53
7
57*2
8*4
525g
9i2
100
Preferred
Phillips Petroleum
6*2
175g
203g
3*2
30*8
71*2
19*4
4
3112
58
73g
59*2
29
53
56
5234
-5
8
100
70
7412
58*4
Pierce Oil Corp 8% conv pf.100
Pierce Petroleum
*
163s
19*2
17
3i8
334
Plllsbury Flour Mills
25
Pirelli Co of Italy A
Pitts C C & St Louis RR Co. 100
28i2
33 38
53 >4
Pittsburgh Coal (of Pa)
100
I6I4
6% preferred
Pitts Coke & Iron Corp
*5 conv pref
Pitts Ft Wayne & Chic
100
73
Phoenix Hosiery
Preferred.
.
Preferred
15
1534
73*2
60
*
1734
2434
2914
100 103
2034
1478
173s
1434
16*2
1578
2834
30*4
2812
30
283g
30
2838
51
53
53
53
49
49
40
45
109
16*2
1834
27*4
33
108*2 112
39 4
55
35
42
69
3934
12*2
17&8
52
30*4
41*2
16
938
1478
15
13
14*2
10*2
12*4
10*2
121g
5
6
3
634
61
66*2
63*8
68
55
64
165
185
3134
46
24*4
33
18*2
2634
23*4
29
3788
40
35
377s
3412
39
34l2
38*2
62
62
2
3*4
2*4
*2
5*2
4i2
7*8
79*2
8*4
94*2
69
72
64
69
50
64
45
57*2
30*8
503s
3658
46
4
6*2
234
4*4
1*4
1334
-
1
23
28
20*2
Zh
7*4
3*4
1
%
%
*2
34
70*2
8534
74*4
8478
8
7*2
8*4
55S
45
27
9
12
4
105g
20*4
3
25*2
35
"2l"2 ~3~~
245g
2812
*
20
20
*
2538
2884
1178
*
212
834
Pressed Steel Car..
1
2558
1st pref
5
2514
2d pref
Procter & Gamble
,.50
conv
*
67
5512
..100 117
5% preferred
Pub Serv Corp of N J
$5 preferred
*
4734
* 1083s
6% preferred
7% preferred
8% preferred
100 10934
100 138
14*4
33
43
31
37
106
122
98
110
37g
15*2
27*2
33
18
22
3
23&S
4
684
10*8
52
11*4
57
2934
6*8
12
11
1458
16*4
28*2 32
93*2101*2
5312
63
14*
12*2
45
25
56
9*;?
4*2
1334
95*4
60
9*8
145«
47g
24l2
24l2
31
17
21
94
86
30*8
9434
2758
84
87
92*
72
90*8
59*2
2*4
18*8
238
19
2*4
16
23S
17*2
23g
2
4*4
2?8
20
53g
14
9
312
45s
4*2
7*4
29
3678
2*2
2978
15s
1
1%
25*2
215g
17
1«4
28%
19*4
2734
105
110
2184
38
1612
4
53
1*2
14
1
2*4
100
4*2
121*
29
31*
1*2
28*8
1*4
24*2
18
243«
1738
17
15
203«
2538
20*4
12
19
6
5
141
273g
16*2
1712
1678
2138
2234
28*4
4*4
5*s
8*8
6%
2I2
1%
2
112
8
7
8*2 1138
9%
19*4 24*4
17l2
223g 2678
22
23
18
23
26*2
63
61*2 64
7112
59
58% 6234 5578
63l2
115
114*2117
11778 11512
37s8 43
3634
4078 453s
100
101
105
104*4 101
'18
115
120
118*2 113*2
127*2128*2 128*2 128*2 124
26
578
2U2
178
178
9*8
7%
18*2
1912
285g
8*2
258
33*8
1034
3*2
147g
27
3134
7*2
9*2
2*2
3
11
l338
26*2 3178 25*4 3034
26
26*2 31
3038
70
86
70
81*2
7134
61
64*4 5678 6278
65l2
11778 11412 118*2
118i2 117
475g 5258 43
4734
5234
105*4 112*4 100*4 1 0534
112
124*4 11978 121l2
128*2 119
140
130
13734
140*8 138
273s
2234
6
155l2
11234 11134
57ig
61*4 71
18*4
19l2 2278
107
101
11214 109
106
102
111*4 112*2
55-*8 60*4
64i2
17*4 203g
22*4
111
10334
109*2 111
99
102
'}■
57*4
60*4
117*2 1165g
38*2
39*2
9934
102*8
112l2
115
1%
2
6*2
8
18
21*8
205g 20
50
57*8
62l2 58*2
11838 117
44*2 Z3978
101
102
115*4
12634 125
130
59
4834
166
Z7*8
6*4
958
10*2
14
76*4
50
55
2334
19*2
23*2
1534
17
173g
18*2
16*4
16
107g
125g
11*4
12l2
11
18
1234
85g
95g
32
767g
8*4
34*4
7958
9*2
36
76
79*2
734
31*2
3478
68*4
8*8
29*4
$ Radio-Keith-Orpheum Corp.*
Raybestos-Manhattan
*
34l2
Rayonier Inc
9*4
12
43
5
Real Silk Hosiery
Preferred
12
1338
80
83
74
Reis (Robt C) & Co
9
417g
4712
4534
49
4334
17
11*2
*2
1*8
58
1
58
*>8
13
21*8
16*4
20
16*2
19*2
14*2
15
12'%
15
9
9*8
52
7
1434
8*8
11*8
5
1*2
378
2*4
35g
1*8
15g
138
1
1*4
4*4
7
34
2*2
5*8
5*2
53g
358
5*4
13*2
7*2
10*2
11*8
18*2
107*2 111% 109
102
99*2 101
145s
20
36
25
32
22i2
33
43*4
5334
45ig
5234
44*4
47*2
115
118
102
5058
1878
17*4
1378
17*8
1334
15
18
15*4
8*2
97g
734
9*8
1734
r
1634
11*2
17*8
8*s
9*8
12
858
75*4
10*8
65*4
734
66*4
34
29
70*8
8
34
67s
8*4
34
75s
31*2
135
138
27g
47
37
41l2
47
4812
45
47
41*%
42
38
4112
14*8
17
11*2
14
112*4 112*4
293g 36*2
10*2 1238
14*4
3234
7*4
7434
8*4
,
3578
2*4
20
6*2
31
2578
334
29*2
40
32
3434
28*4
32*2
21
29
18*2
26
18*s
22&8
45*4
47
45*4
38
42
36*2
40
36
37
36
38
34
357g
30
31
38
40
36
39
34i2
3534
35
37*
31*2
2434
26
23
9
30*2
3*8
32
8
33*2
7*2
64*2
66
2*2
61
50
58
29
22
22
20
22
20
22
1778
21U
35
2534
8578
17
20
16*2
18*2
17*2
1758
22
25
22*8
26*8
21
24l2
225g
20*8
23*2
263g
16*4
24*2
18*2
12
80
84
80
85
82
87
88
84
88
62
78
106*4
97
99
101
97
99*2
92
85
92
797s
84
25g
23
3*4
23*8
3*8
26*2
20*2
19
223g
21*2
26*8
25*4
2834
183g 12*4
3412 35*2
2338 2:29*8
27l2
21
80*2
9414
88*2
9334
84
81
334
10
100 100
100
108
110
106
93
109
"
99
1078
64
3*2
65g
6*8
8l2
9*2
784
9
7*4
3478 47*4 36*2 4518
34l2 333a 37
124
120*4 114
100 109
119*2 11538 119*2 115
110
Conv prior pref series A
105
99
110*4 105
100
101*2 101*4 108
Revere Copper & Brass...
36*4 4634 4134 48*2 38*2 4938
5
33*2 397g
80
98
74
Class A
97
71
10
93*2 86
79*2
131
139
135
132
Preferred
100 128*2 133
135*4 132
94
91
9334 9434 9334 94
5J4 % preferred
...100
93*2 9534
27
2634
Reynolds Metals Co..
*
287g 25*2 28*2 23
26*8 303s
107
112
109*4 109*4 107
107*2 103
5H% conv preferred
100 110
5
5
27*2
Rights
8*4
64
2*4
25
9
65
2%
25
Common
10
29*8
557g
3414
58
2958
23
27
57
2478
5034
3058
55
56
50
67
67
65
65
62
62
60
52*2
61*2
14
1334
1334
1278
13*2
1134
1134
27
777g
26
31*2
25*4
27*2
24
26
23
23
7734
84l2
74
86*2
60
76*2
63
69
Rhine Westphalia El Power
Richfield Oil Corp
Ritter Dental Mfg
33
7*2
65
2
8*8
65
2*4
2
17*2
7*2
49
5134
60
61*2
9*
5
59
1
158
15
8
11*4
12
1734
8*2
934
14*2
13*8
1
20
12*2
2*8
18
New
72
3*2
1*2
10
1
134
11
24&s
4*8
40
39
---
1*4
7*2
734
8*8
10*8
85g
12*8
934
1134
1534
66*4
11%
15
61*2
62
69
79
80
69
10
11*2
2*4
338
12*4
25*2
15*2
2038
15*2
118
88
112
72
96
69
87
65
87
104
90
10334
67
77*2
60
71
9
21
6734
127g
78
3434
18
11*2
16
35
42
26*2
3734
26
32l2
90
L12
95
96
7634
92
60
65
6*8
3978
40*4
8O84
127
3*2
2212
1778
114
5*4
343fl
124
104
4
2
65
90
273s
134
17*4
100
247g
103
75
1234
20
14*2
193g
14
18
93
93
80
81
85
90*8
.
-
-
-
1#3S
12
9
2112
13
1778
8
49*2
53
51
53
47*2
5134
43
15*2
497«
43
4738
40*4
45
60
66
60*2
65
5938
65
55
64
59*2
63
57*2
60
1134
51*2
62
1134
12*2
12*2
11*2
12
10*4
4*2
10*4
19
21
19*4
21
173g
20*4
15
17*8
643s
653j
63
67
68
7634
63 84
73
32*2
38
5*2
62
3*4
67s
33*2
37*2
4i2
5478
484
6334
2i2
3
6*2
49*8
59*2
mm
4*8
24*4
•
5
78*2
25g
19*>8
*
*
Roan Antelope Copper Mines..
8*8
4
5*2
1234
100*2
5*4
5*2
638
5*2
5*4
6*2
678
32*4 393g 3138 36*8 353s 41*8 33*4
113
116
11634 114
11378 II8I4 110
99
99
101
106
105*2
9714 103
34
35
38
3734
33*2 4112 32
75
76
75
7278
75*2
82*2 75
134
12634 12634 12634 12634 127
13412
89
90
8934
91*2 92
24**2 26*78 2434
22*2 2634 23*8 2634
101
104
106
102*2
102*2 105*2 104
"ai
9i6
*2
19
22
24
1778
22l2
2:16*2 21
14
Reynolds Spring Co
1
Reynolds (R J) Tobacco cl B—10
22l2
32
24
29
Reo Motor Car
5*8
1 y*2
6*8
36
4*8
30
3
1834
Republic Steel Corp
6% conv preferred
73g
4114
38
62
25
Rensselaer & Saratoga
53*8
on
70
83g
Hlg
27
$6 preferred
98
....
70
934
...1
Remington-Rand Inc
87S
96*2
8*8
97*2 115
16
44
58
20*2
68
638
13*8
534
15
48*4
412
10
48*2
"9*2
Z1334
6*4
16
434
105
62
5*2
27*2
"534 To"*?
78
12
41*4
*
*
140
113
27
l8
9*2
175g
3034
136
111
39
25*2
834 157g
10*4
110*4 11234 108'j 111**16 111" 83 1112*32 lll"ii 1I1**U
94
95
93*2 95*4
96*2
9734
101*2 85
16*2
9*8
3378
140
133
143
3434
14*8
15*8
69
117*2 115*4 118*2
110*4 111
5634
1734
1734
63
115
118
30 58
37
3234 3934
3558 40*2 303S 3834
93
99
91
9412 97*4
100*2
10038 10212
110
106*2 10934
112*2 115*4 103*2 112l2 106
123
127
117
125
125
120
123*2 125
2034 *16*4
17
1734
71
734
1
4*4
IO84
10&8
59*4
132
101
75g
44
117
110
99
3
10*4
1238
3*8
34
49*2
zl29%131
50
2
34*8
116"
110*4 11034 llll2
53*8 58*2
5134 57*4
19
2134
16% 18%
8*4
125s
12
11*2
56
45*4
49
43*2
100
1st preferred
Reliable Stores Corp
Reliance Mfg Co
183s
19*2
1*4
26
100
.
2*4
100
**""""**
__50
50
2d preferred...
1*4
10
134
8*2
105
4234
4734
4212
11*4
50
30
45
8
278
__25
1st preferred
8*4
13*4
48
34
10
2
3*2
'• tmrn"
2834
1
?634
9
13
13s
13g
3*4
103
80
34
5412
«•'
172
172
84
150
22*2
20*2
147*2149*2
iTI"34
5
150
158
1934
* 103
$2 preferred
6
17*4
AJI
Reading Co
35
4
7*2
176*2 177
1*2
99
115
16
33*2
25*4
19
3
2234
1878
76*4
77g
6*2
57g
5
6
6
12
884
53
64*8
44*8
50
4934
1
3*4
2l2
3
4434
26l2
1*4
234
9*2
16
9
9*4
18*8
1034
56
19*2
—
Ruberoid Co (The)
cap
stock.* 117
Rutland RR preferred
St Joseph Lead
127
.100
7*8
10
t St Louis-San Francisco
4334
8*2
483g
3
4
100
125
130
129
7
73s
934
44*2
57*2
54*2
33g
412
37s
7130
xZ8
136*8 109*2120
3*2
6
6*4
634
73g
50
49% 5934
575s 52i2 5934
3
3
23g
3*8
378
4*s
124
140
9*4
65
434
11
6*2
4
5334
2%
5*8
12*2
100
42*2
158
4*8
56
258
2734
1
178
438
6*4
5% preferred
6% preferred
7% preferred
Savage Arms Corp
Schenley Distillers Corp
preferred
t Schulte Retail Stores
8% preferred
Scott Paper........
11
80
3
3434
1^8
33s
7*4
3934
42
*
2*8
1*2
15g
31*4
27*8
1278
1534
13*8
31
1578
11
Note—Superior figures denote 32ds of a point, viz.:
Ex-dividends,
y
Ex-rights.
305s
1412
3334
17
26
15*2
Fie
32*8
17*4
78
155g
885s
28*4
913g
28
634
175s
84*4
1
8*2
34
87*4
*
77s
81*4
83*2
8
...
1*8
385s
953g
11*8
Servel Inc
1%
6*8
46*4
87
*
39*4
1*4
8*8
Seagrave Corp (The)
Sears, Roebuck & Co
42
4%
36%
11*4
4534
Shattuck (F G)
38*2
8*2
8*8
4014
81
4134
1?8
7*8
54*8
9*8
91
63g
47*4
Rights
-
-
4034
39
4034
39*4
1*8
4*8
39%
1*2
578
46*4
1*4
458
7*2
8*2
955g
43
375g
42
3534
39*2
34
1*2
5*8
43*4
8*2
41
*
*2
134
2
8*2
50*2
6
*
7*8
39*2
40*2 a:43
65g
4234
178
100
Seaboard Oil Co of Del
...
»
847S
45*4
Rights
x
1
134
-
* *38
*
New
Cash sale,
2i2
2812
37*4
28*2
41*2
X Seaboard Air Line
434% preferred
r24
20
2*4
2
5
53g
1*2
334
3*2
7
434
7*2
6*2
9
85s
834
7*8 11*8
8*2
6
6
10
12
3*2
934
5*4
11*2
13
13
12
12*2 12
13*2 15
1434 1634
1734
16*8 20a4
15*4
12
10
18
18
18
20
20
22
26
37
26
35
35
37*2 31
31*2 35
22
26
18
29*4
243g
27% 3334 21
3l" 35**8 3178 37**4 3334 36
31
42
38
4538 40
42*4
453g 37
46
92
70
85
92
95
95
92l2
95
96
95
98
96*2
100
97*2 102*2 97
99*2
10212
99*8 101*2 101*4 103
100
97*2 100
90
93
86
93
96
98
98
99
104
104*2
10434 105%
109
111
106*8 110
106*2 111
110*8 111*2 109*4 111
100 10934 113
100
104
101*2105
L0234 x98
109
107*2 109
HOlglll
104*4 111*4 107*2 109*2 108
110
112
110*8 111
..100 111*4 112*2 110*2 113
11
17
19*2
1334 18
13*2 18*4
24*2
19
20*2 2634 24*2 27
183s 22
2534 z2034 233s
17*2 2412 24l2 27*2
*
14*8 18*4
22
34
24*4 30
4078
24*2 37*4
30*4
4578
3834 4484 4 1
40*2 45*4 385g 42*4
5134
42l2 4834
425g 483g 47
5 42l2 4534
71
92
88
74*2 80
77*2 87*2
76*2
91
9434
94
9334 95
95
97
96*2
9334 95
9734
9778
97*4 98*4
100
9434 98
1
13g
*2
1*2
«4
34
1%
158
1*2
2*8
1*2
2*8
1*2
2
2
3
1*2
2
178
25g
2*2
3*4
2*2
3
..1
8**8
5*8
8*2
434
7*2
3*2
7*2 11*4
13% 16*4
16
21
13*2 16*2
12*2 14
13% 16%
17
21
19*2 235g
1834 23
100
6% preferred..
$ St Louis Southwestern...100
5% preferred
100
Safeway Stores
*
r
25
36
49*2
8
55g
884
17
8
30
100
1*8
2534
21
10534 105
19
28
18
.....
183s
3*2
73g
36
578
105g
1
4H2
152
99
238
98
111
pref
304
6
8*8
20*4
31
80*2
15*8
98
28*s
*
$5 preferred B
413g
2734
36
231?
6*2
8*2
A
176
13
35*2
20
13
....
40
10*4
46
6*2
14i2
29
12
42
134
2534
159
100
-
21
45
9
153
58
1034
52
2834
44
44
166
97*4 113
2*8
24*4
113
...
«
-
36*2
1%
3*2
117
176
36
27g
267g
21
67*4 72*8
66*4 71
*
19*2 2438
1934 23*4
.....100 108
111*4 110*2 11234 110
i
2*2
2*8
245g
187g
162ig 157
Quaker State Oil Refg Corp.. 10
Radio Corp of America
1
-
6*2
167
* 112*4 113*8 113
..100 15912
Public Serv El & Gas $5 pref
Pullman Co..
Pure Oil Co
534%
6
37
25
43
165
20
3*4
3*2
22
20*2 23*2
6
8^
838
129
137*2 129
3834 37*4 47*4
538
4
4*4
90
65
334
40
56
-
2
134
3*4
4*2
78
174*8 17558
3
234
5*4
4*2
23
4
5
135«
11
30
3
1034
conv
30
72
pf_ 100
25
Bakeries
49
2034
4*2
4*8
13
165g
38
9
55
30*8
55
16*2
67
24
65
17
31
37*2
11*4
16
6*2
49
112
18*4
67s
734
41
12
3
6
112
114
30*8
4*8
6
100
pr
J Postal Teleg & Cable pref..100
1st
1534
6
High
5*4
4
81
13*8
Porto Rlcan-Amer Tob cl A.
Class B
$3.50
51
166
Pond Creek Pocahontas...
Poor & Co class B
6% preferredRights.
48
11
187*2 175
130
Purity
45"
16*2
182
100
pref
44"
10*2
166
167
conv
51
17*2
175
Conv pref (unstamped)
100 107l2 13712
Pittsburgh & West Virginia.100 31*2 36
H8%
50
1412
190
Pitts You & Asht Ry
7% pref.100
Pittston Co (The).
*
Plymouth Oil
5
conv
51
57*8
14
I8I4
7612
*
100 175
6% preferred
Pittsburgh United
5%
50
52
7i2
117
50
.100 185
_
5A % 1st pf ser conv
Pitts Terminal Coal-
64
7*2
583g
Low
High
*
110*4 113*2 110*4 110*2 114
33
35
41*2
45*4 22
72
5478
52l2
6*8
*
Pittsburgh Screw & Bolt
Pittsburgh Steel Co...
7% pref class B
5% pref class A.__.
5%
X\
72
83
59*4
712
65g
High Low
$ per share $ per share $ per share $ per share
33
27
34
46
39
38
35*2 38
share $ per share $ Per share $ per share $ per share $ per share $ per share $ per
49
51
47
47
53
63
50
58
51
52
5812 57
47*4 51
4934 51
113
115
112
113
113
115
11634 1137g 116
112*2 114*2 114 115
113i2 11634 116
44
52*2 4534
54l2 65*2
46*2 5384
44*4 50
43*2 4734
52i4 60
48*2 573s
9
11
8
12
17
9*2
8*2 1634
8*2 12*2
734
4ig
9
24
47
30 s4 34
34
39
3958 43*2 "3l" "35"
48*2 44
37*2 47*2 45
75
72
73
76
75
72
85
84
87
74*2 71
7812
82i2 84l2 84
: 87
80
75
77
75
86
81
85
81
75
80
89
91
867g 85
19
20
19
21
20
19
24
24
25
19
21*2
2034
24i2 24i2 21
1634 2l3g
1638 1878 16*4 177g
17*8
17*2 20
1834 205g
18*2 215g
17*4 2014
12
11
97s 11*2
73g 105g
734
13*4
125g
8*4
8*8
834
ID4 13
'32
*4
*128
*16
54
52
59
40
47*4
4434 5234 46
505g 5978 46*2 5534 2:43*4 50
523s 575g
*4
716
43
40
52
4958 38l2 43
4278
5234 54l2 x51
5412 49*2 51*8
54i2
76
76
77
79
78
98
100
9834 90
95*2 8878 91*4 3:87*2 907g 76
IOOI4
5
4
5
5
6
4*4
6*8
7
6*2
6*4
6*2
712
5*4
534
7
8
8
12
14
10
12
14
958
834 lli8
8*8
9
7*2
105s 1234
1
1*8
1*2
1*4
1*8
1*2
3*8
15s
2*4
178
1*4
1*2
15s
2i8
234
72
74
76
74
81
8034 75*4 87*2 8634 95*4
84*4
71*4 8134 70
13
13
16
1134 13
13*2
1938
14i2
1312 20
1434 15*4 12*4 1484
Par $ per
Peoples Drug Stores Inc
6% conv preferred-Peoples Gas Light & Coke
December
November
October
High Low
Low
105*5—105u«.
* No par value,
4
1%
5
43
84*4
8*2
8978
87*4
27*4
30*8
28*2
12
14
1238
3034
145g
138
2612
89*2
1*2
5*8
4234
878
985g
70*2
91
57
77
27*4
32
19*2
28
13*2
22*8
13
1334
36
8*2
t Reported in receivershio.
3
6
934
434
36
7%
133g
1*2
16
3*2
6*2
378
30*2
6
11
t Called for redemption,
212
19*4
3*2
4934
3%
25
2i2
1978
3*2
25
a
3*2
45g
53*4
637g
183g
784
4*2
70*4
1284
15V8
9*4
7
8^8
Deferred delivery.
Jan.
Chronicle
Financial
222
1938
8,
1737—Continued
December
November
October
September
June
July
August
May
Low
High Low
High Low High Low High Low High Low High
High Low
April
High Low
High Low
High Low
Low
March
February
January
STOCKS
High Low
High
$ per share
$ per shore $ per share $ per share $ per share
Par $ per share I per share $ per share $ per share $ per share $ per share $ per share
15
15% 20
26%
15% 22%
33
34
36% 33% 37% 22% 35
29
42% 31% 38% 30
29% 34
35% 33% 38% 36
Sharon Steel Corp.
——*
60
65
63
74
70
83
80
100
103
105
100
107
95
102
100
103
100% 108
102
106% 110% 107% 120
109%
$5 conv preferred—....
.*
4
5%
4%
6%
3%
7%
6% 10
10
11%
9% 11%
9% 11%
9% 11%
10% 12%
10% 12%
Sharp & Dohme
* 10% 13% 11% 14
44
53
47%
44% 50
5612 47
56
56
57% 54
61
58%
60
62%
60
64
59% 60% 59
58% 58%
61% 65
Conv pref series A....
-*
25
30
24% 27%
31% 24% 29%
34
35
40
38% 32% 35% 30
37% 42%
39% 41% 38% 40
'0% 43% 38% 44
Sheaffer (W A) Pen Co
16% 18%
14%
19%
Shell
33%
27%
25%
33%
27%
Simmons Co..
Rights.
%2
3%
.
Simonds Saw & Steel Co
4
3%
4
3%
4%
3%
10
*
Slmms Petroleum
16
*128
4%
3%
'
12
{6 preferred...........
Smith (A O) Corp
Smith & Corona
Snider Packing
*
—10
48
26%
*
34
155
29%
42%
24
47%
55%
9%
.....100
..100
Mobile & Ohio ctfs
104
120
107
65%
65
62%
10%
9
10%
68%
102
8
54
64
64
11%
77%
9%
77
8%
66
31
93
22%
26
Comm
Tobacco
41%
31%
&
.*
*
12
50
47%
50
69%
48%
38
43
15
12%
14%
19%
12%
13%
10
15
40
43%
39
40%
11
8%
8
10%
8%
11%
28%
57%
65%
3%
'
19
7%
5%
9%
9%
6%
5%
8%
7%
8%
6%
16
9
10%
24
7%
75%
9%
13%
9%
7%
18
33
41%
39
46%
37%
52%
36%
45%
40
42%
3
3
43%
40%
22%
37%
43%
3
6%
4%
18%
5
13
35%
10
28
52
14
33%
7%
912
20%
23%
4%
6%
1334
3134
21
2%
1%
134
1%
28%
3634
28%
1%
3334
%
4234
4334
47%
36%
44
26%
31
36%
27%
32%
35%
36%
34
35
34%
3534
34
32%
34
33%
43
72%
63%
70%
5234
65%
42
53%
41
44
32
3812
42%
22%
40%
35%
57%
34%
20
28
47%
23%
66
54%
63
54
5834
42%
19%
53%
7%
6%
48
40%
45
44%
49
43%
48
42
46
49%
44%
42%
32
30%
31
33%
33%
34
76
64
73
30%
63%
33%
68%
68%
63%
67%
65%
37
45%
2%
2%
41
1
39%
48
39%
43%
40
38<%
74
65
71%
65%
69
63%
67
62%
67
62%
64
60
18%
17%
20%
17%
19%
17
18%
17
19%
18%
12
17%
5%
1434
9%
13%
17%
15%
17%
15%
14%
14
16%
14%
15%
14%
15%
11%
14%
834
12
934
29
32%
25%
19
17
26
14
21
20
16%
20%
12%
25
16
72%
76%
68
73%
68
1434
72%
8%' 13%
6234 67%
10%
17%
8%
77%
26%
17%
71%
17%
24%
16%
15%
21%
14%
16%
33%
20%
17%
31
19%
64%
16%
68%
21
124
16%
12
20%
14%
19%
14%
12%
14%
65
68%
65
67
67
69
*67
118% 122% 119
124
118
124% 122% 125
60%
7%
42%
56%
6%
38
61%
7%
45%
49
6%
41
35%
60
7%
47%
39%
27
41%
4%
46%
30
36%
6
34%
37%
11%
50%
56%
8%
14%
55%
Co.IIII*
7%
9%
43
*
OillZIIIlO
13%
11%
43%
37%
..III..*
64
_*
IIIIIZlOO
11%
91
10%
......_.__1
pref.IIIIHIIIIio
Co.__I_IIIioO
55
7%
12
I.II.*
IIIII*
III" ~ 100
Oillll.lO
25
6%
100
..100
*
..5
5
*
*
100
;
*
*
Preferred
*
30
35
24%
30
18
16%
23%
17%
16%
17%
24%
19%
2634
23%
18%
434
12%
14%
9%
7%
16
12%
12|B
10
11%
10%
11%
11
12
8
10%
4%
6%
52%
48%
51%
49
50%
52
52%
4734
50%
44
6%
10%
7
5%
634
4
11%
7%
13%
13
12
56%
62%
55%
60%
5834
57%
7%
8%
6%
13%
51%
15%
62%
10%
57%
65%
2%
9
42
48
48
1%
9%
44
16%
14%
54%
46%
62%
13%
89%
11%
47%
42%
62%
13%
93%
88%
92
87%
12%
10%
13%
10
8%
7%
13% *12
14%
11%
28%
9%
23
38
29%
17%
2%
2%
27%
10%
19%
9
8%
6%
•
6%
7
7
1334
6%
12%
14%
65
58%
65
11%
7%
9%
6%
35%
11%
8%
6
7%
36
35%
12%
43
11%
42%
14%
10%
51
46
48%
39%
49%
44%
44
35%
39
32
36%
62
63%
62
62
62
62
16%
38%
15%
12%
33%
12%
10
15%
11%
6%
7%
8%
6
7%
15%
26%
7%
22
23%
16%
19%
28%
79
17%
22%
18%
28ia
73%
17
21%
21
26
20%
25%
9%
9%
21%
34%
42%
13%
38%
17%
33%
43%
13%
85
94
83
47%
4%
6%
91% 100%
91
64
63
68
434
Z734
4%
49
118
120%
15%
23% 32%
2%
2%
12% 16%
17% 21%
12
10%
•
18%
16
27
22%
8%
9%
48
6%
10
934
8%
7%
44
42
4%
6%
5%
8%
45%
8
1234
5%
44%
7%
6%
58%
3434
51%
35%
34
40
37
62
62
61%
1334
10%
10%
14%
2
4%
33%
3%
434
28%
32%
9%
---
17%
2434
10%
8%
6%
6%
41
712
37«4
10%
7%
9%
8%
9%
8%
9%
4%
6%
12%
26%
3
4
3%
4%
3%
4
7%
9%
9%
8%
8%
23
5%
22
65%
15%
25
18%
24
55
55
55
56
7
5
6
75
55
4%
1%
6%
19%
834
83
8
3%
8%
18%
15%
17%
21%
15%
97%
23%
94
98
93
97%
96%
98%
87%
95
17%
24%
23%
26%
55%
65%
61% *69%
15%
52%
13%
24
55
23%
61%
20%
63%
17%
18%
91%
21%
60%
13%
13%
22%
18
7%
16%
96
21%
60%
25%
14%
18
66
9%
23
5%
22%
16%
9%
26%
6%
23%
27
17%
3%
26
6
23%
27
26
28%
3%
70
2%
5%
634
73
3%
5%
3%
56
2%
5%
57
4%
z40
7%
24%
4%
19%
16%
29%
20%
13%
434
24
62
83
11%
4
27
55
85%
9
10
19
62
9
10%
89%
8%
834
2234
7
28
83
9%
16%
734
22%
62
87%
30%
7
6%
24
10%
4
26
15%
62%
10%
89%
7%
3%
43
9
38%
10
11%
'
5
5%
31
4434
87%
8%
2334
5%
7%
46
4%
5%
16%
10%
38
11%
87
12%
8
29
89%
85
9%
6%
37%
12%
85
9%
9%
40
4%
32
40
44%
.T3734
15%
12%
13%
10%
48% 40
34%
28
"1% "2% "2" "2% "l% "¥%
434
10
7
22
334
5%
23
4%
5%
3
20%
22%
12
16
19
19%
6%
13%
14
21%
81%
89%
4%
1%
17%
4
5
4%
12%
5%
17%
2%
9%
13%
4%
17%
10
15
16
1334
16%
77
85%
12
2%
72
1578
3%
84
15
19%
11
15
62
36
54%
39
56%
38
44
16
10
13%
10%
12%
10%
11%
834
9%
15%
12%
13%
12%
13%
15%
17
15%
13
15%
13%
16%
11%
16
8%
1234
4
10
6
734
5
6%
20
16
18
17%
20
18
934
16%
5%
3%
11%
7%
9%
6%
8%
3%
4%
83%
*17
9
8
9
8%
7%
8%
8%
7%
8% 10%
9% 11%
102
102
105
101%105% 101% 102
106%108% 104% 106% 105
9
1034 12
1134
10%
9% 12
10%
8% 10%
9% 12
14
16
16
15% 17
17% 19
18%
17% 24
22% 26%
38%
30% 37% 32% 37% 35
34% 40% 36% 40% 35% 39
47
43
39
50
44% 46%
46%
44% 48
46%
43% 50
10
9
9% 11
8% 10%
9% 12%
9% 11%
12% 14%
73
77
66
70
66
78
90
78
69% 76
86%
68% 75
25
16% 19
18
18
17% 20%
20%
16% 19%
24% 25
4
3
3%
2%
3%
3%
4%
2%
2%
3%
4%
5%
6%
87
80
91%
73
81
91%
90%
90% 76% 90%
99% 85% 96%
82
76
z81%
76
85%
80% 77% 71
90% *76
91%
67% 66
10%
109% 108% 109
10%
24%
5834
11%
9%
1534
6%
44%
3%
8%
38%
12
22%
31%
44
63%
16
28%
32%
15%
54%
8
62
18%
16%
22%
6%
5%
7%
31%
50
44
24%
72%
10%
14%
50
39
7%
16%
2034
19%
12%
64
33
734
32%
11%
41%
10%
23%
13%
11%
49
40%
18
15%
22%
31%
18%
26
17%
14%
3%
13
30%
13
69%
25%
3%
21
15
14%
10%
23%
37%
46%
16%
5
734
9534101
8
10
27%
34
10%
13
534
37%
6
9
50
66
12%
1634
2
3%
68
90
60
90
534
97%
9%
3%
5%
11
8
30
19%
37%
25
40
54%
7
13%
1%
57
7
2%
71%
5
92
86
4%
7%
18%
25%
234
7%
10
484
45
7%
2
46%
25%
30%
82
5%
7
19
25
6%
3
54%
10%
2%
39
71
46%
7
1%
7
8
2234
*28%
5%
52
9%
2%
55%
76%
9
8% 10%
18%
17%
9% 1234
67
7834
90%
97%
61% 79% x6S
95
104%
10334
101%
111
95% 102
103%
102% 110% 95
20
18% 2O84
24%
17% 22%
18% 21*4
25% 27% 24% 28% 24% 27% 24% 27% 23% 25% 22% 24% 23% 26% 23% 26
90
96
81
80
86% 106
122
133
115% 127% 101%116
139
145
138
132
122%140
148%
126% 132% 128% 136
148%
80
78
89
81
85%
88%
88
91«4
90
93%
93
90% 93
98
9!
91% 94%
90% 93% 91
96%
95% 99% 93
22
23
24
22
25
29
25% 28% 26% 27% 24% 2634 22%
24% 28
26% 29% 28% 31% 27%- 30% 26% 29% 27
27
19
27%
16% 20% *19
31
1034 2334
23% 27% 23% 27% 27% 31% 26%
27% 31% 29% 32% 29% 35% 24% 31
83$
6%
9
93g
14%
5% 12
634
15% 18%
14% 16% 15% 18% 13% 17%
16% 20
20% 24% 20% 23% 19% 23
9
11
7
12
7% 10
15
16%
21
21
21
17
17
21
25
25
19%
19%
27% 25% 31% 24% 28% 20%
15
21
16% 18%
20
22%
17% 21
22% 23%
22% 24
22% 24%
23% 26%
24% 27%
28% 30% 28% 29% 26% 29
113
114
110
114
112% 112% 113
115
11734 113% 115% 112
117
115% 115% 113% 115% 115
115% 117
114%117% 113% 115
55
73
84
45% 64% 3684 477$
90
80
80
84
83% 8834 69
79
91
80
89% 8)
86% 69% 83% 73% 84%
20
25
33
25%
17% 23
28% 22
33
3234 34
29
30% 32%
34
29% 32% 31
29% 32% 30
33% 32% 35
3
2
3
4%
4%
4%
3%
6
3%
4
4%
6%
4%
4%
5%
6%
4%
6%
4%
8%
6%
7%
6%
7%
29
28
34%
34%
33
36%
25% 34
36% 41%
38
36% 41%
46
41 % 44%
43% 37% 41% 32% 39%
43% 46% 43
6
9 '
5
7%
8%
6%
8% 10%
10% 12%
12%
12% 15
12% 13% 10% 12% 11
14% 15%
14% 15%
14% 16
13%
99
101% 105% 105
Union Oil Co of California...25
35
31
1%
4%
31%
19%
11%
12%
1
^
30
3
20
15%
96
32
* 108
Underwood-Eliiott-FisherllH.
x!on
& Paoer
*
20%
2%
5%
12%
10%
32
21%
15%
13%
54%
7%
14%
12%
Bearing...
*
Transamerica Corp
*
Transcont'I & West Air"fncIIIl5
Rights
Union Carbide & Carbon.....
34%
8
17%
33% *30%
14%
75
Ulen & Co
18
31
24%
12%
14%
25%
*
43%
19%
16%
16%
16%
70
.»
32
3734
534
35%
23
31
12%
22
100
50%
4%
31%
44%
29%
17
16%
14%
C0..IIII1O
Truscon Steel Co
I
10
Twentieth Cent Fox Film Corp *
41%
38%
4-%
24%
23%
*
*
14%
16
33%
8%
35%
19% 21%
20% 21% 20% 21%
100 105% 108
106% 106% 10693z106 %6
*
13%
21%
29%
16%
14%
125
120
15%
18
19%
15%
28%
125
59%
9
36
6%
25
Fgll*
35%
118
11%
5%
48%
19%
24%
30%
16%
12%
5%
32%
123
9%
60
12%
18
17
32%
51%
40
45
121% 119
15%
6%
3
54
19%
20%
23%
23%
17%
15%
67%
14%
1»16
7%
37%
4%
28%
31%
1234
24%
2834
43%
42%
120
6
8%
17
42%
124
3%
29
18%
119
3%
2%
1%
36%
49%
54%
2%
45%
47%
122
107%
29
44%
2%
39%
234
4%
2%
2%
234
5%
11%
24%
70%
37%
9
7%
*46%
3%
3
7
834
75
38%
11%
8%
104% 103% 104% 104
9%
22%
44%
7
18%
13
44
15
3%
3
17%
8%
12V\6
43%
Note—Superior figures denote 32ds of a point, viz.: 1051*
Cash sale,
x Ex-dividends,
y Ex-rights.
11%
17%
20%
5
Tim ken Roller
r
*38
13%
26%
40
125
Inc
11%
28
49%
24
45%
31%
3012
45
8
*
Durg
15%
14%
40
17%
32% *30%
16
19%
17
29%
31
46%
46%
55%
5
Third Avenue Ry
United
10
49%
23
42%
13%
United-Carr Fastener Corp
United Corp
17%
31
8
49%
15%
..50
United Carbon
12%
22%
9
22%
17%
19%
16
70%
13%
Preferred
23
10%
65
9
United Amer Bosch Corp
United Biscuit of America
20
27%
62
14%
United Aircraft Corp...
United Air Lines Trans
25
18
54%
3%
30%
19%
Union Pacific RR Co
20
5%
11%
68
17%
4% preferred
Union Tank Car
28
3%
2%
41
59
2%
32%
Texas Pacific Land Trust ctfs
Texas & Pacific..
100
New
24
3%
11%
10
60
23%
$1.50 preferred.........
Twin City
Rapid Transit
Preferred
Twin Coach Co
75
2%
24
54%
4
18%
14%
"
75
5
45%
12%
72%
31%
....
8
75
11%
65
Rights
$6 preferred
14
1%
41
25%
31%
*
Truax-Traer Coal...
7
75
6%
13
14%
1
Tri-Continental Corp..
19%
73%
46
32%
...1
Transue & Williams Steel
4%
12%
73%
11%
37%
12%
24%
Axle
90
39
31
12015.C 127 121
19%
preferred
76
45
7%
23
84
98
12%
11%
125
3%
39
89
57%
28%
Timken-Detrolt
20%
37
35%
50
16%
conv
6
22
40%
60
62%
25%
$4.50
96% 101%
3
36
42
67
49
19%
Tidewater Associated
6% preferred
96%
4%
74
28
Preferred
93
6%
35
3
4%
49
1%
55
17%
conv
993
20%
30
10%
84
26%
$3 dlv
60
7%
15%
40
17%
22%
35
Thompson (JR)
Thompson Products
Thompson-Starrett
62
6%
23
30
31
6%
60
5%
15
22%
23%
15%
23%
17%
10%
14
39%
Thermoid Co
4%
62
8
19%
20%
70
20%
27%
The Fair Co
8%
49
53%
2234
32%
9
89%
13
preferred...
46%
52
51%
8%
6%
17%
17
24%
39%
26%
38%
48
25%
25%
Texas Corp (The)
1st paid receipts
50
20%
28%
17%
25%
39%
50
32%
84
32%
5)4% preferred
Telautograph Corp..
Tennessee Corp
39
26"
22
25
Talcott Inc (James)
25%
24%
50
Without warrants
38%
20%
27%
4%
10
Symington-Gould Corp
"24"
14%
85%
42%
Swift & Co
Swift Internat Ltd
3%
34%
13%
21%
14%
37
100
7% preferred
30
18
112
112% 110
110% 113% 112
2%
3
2%
3%
1%
3%
2%
3%
4%
20 % 29%
23% 27% 22% 27%
36% 28% 36
130
132%
132
137
130
130
141
141
18%
112
111
112
112
13
20%
16%
19%
Sweets Co of America
conv
27
19%
23%
30%
54
1
$3.60
17%
22%
23%
14%
24%
17%
*
Thatcher Mfg
20%
19%
19%
40% *51
6%
5%
33
42%
33% 39%
17% 17%
Superheater Co (The)
Superior Oil
Superior Steel
Sutherland Paper Co
Texas Pacific Coal &
12%
10c
...
Texas Gulf Producing
Texas Gulf Sulphur
10%
lt%
9%
100
26%
11%
100 122
6% preferred...
19
73
5
1
....1
Sunshine Mining Co
14%
21%
23%
15%
28%
13%
*
10
Webster
23%
10
21%
10%
71%
Studebaker Corp
Sun Oil
15
18
14
17%
50
24% 28% 23% 27%
111%
110% 111% 110
32
Stone
23%
13%
10%
49
14%
67%
34%
71%
17%
15%
Stokely Bros & Co Inc
16
21
30%
12%
31
*
Inc....
22
13
101
10
Products
13
27%
19%
33%
50
42% 47% 42% 48%
14% 16
15% 16%
127%
128% 124% 128% 124
25
*
Stewart Warner Corp
27
20
16%
16%
25
Sterling
20
32
44%
17%
45%
Stand Oil of New Jersey
*
Starrett Co (The L S)
35
27
81
35%
32%
10%
$7 prior preferred
Stand Oil of Indiana
25
69%
100
26%
46%
—
Stand OH of California...
110
18%
49%
*
preferred
97
47%
48
_* 126
Investing Corp
107
44
30
Stand Oil of Kansas.
$6 prior
106% 100
49%
32%
8%
25%
55%
65%
3%
43%
46%
$4 preferred
100
48% *45%
34
23%
29
;_*
1
J Standard Gas & Electric
107
106
30%
19%
33%
15%
.
105
100% 100
27
23%
30%
1
1
91
5%
17%
6%
20%
6%
$4.50 preferred-.,
—
93%
67
31%
21%
32
Standard Brands
preferred
88
107%
28%
46%
23%
100 zl06 112
Square 1) Co class B_.
94
70
34%
21
34%
48%
36
20%
.
1 0)4% preferred stock
92
99
100
3
22
33
92%
81
15%
28%
18%
35
28%
* 48% 50
109% 120%
Spiegel Co Inc
........ ..*.2
22% 25%
New... .......-i....1...v.—*
49
41
100
6%
66%
98
75
29%
25
33%
*
1
63
20
94
31
Spicer Mfg Co.........
$3 conv pref A
75
88%
26
24%
2%
149
60
"8% "8%
26%
19
28%
18%
100
49
10%
2%
25%
37%
2%
72034
26%
3
100
96
55
74%
102% 100
103% 100
101%
5%
9%
7%
7%
8%
23%
92
92
$5.50 preferred-.-..-.......*
Spencer Kellogg & Sons
Sperry Corp (The) vtc
104
101
9%
28%
25
34%
60%
49%
60
56%
17%
100
99% 101% 100%102
148
168
177
150% 145
37
45
32
27
32
38%
29% 36
40% 51
31
33
31% 36
29% 33
40% 31% 37% 30% 35
26%
21% 24
21% 23
19% 21% 20% 22%
29" 26% 29% 23
18
19%
19% 22
17% 19%
18% 20%
17% 19%
17% 19%
18
115
110% 111
113
110% 112
113% 113% 112
112% 112% 113% 110
5
6
3%
4%
5
3%
3%
4
6%
5%
3%
4%
5%
34% 39%
34% 40
33% 37% 32% 35% 32% 35%
42% 34% 38
142
142
142
148
141
145%
154
155
149% 145
155
147% 141
24
26%
30%
25% 27
22% 26% 23% 25%
26% 29%
32% 28
50%
52% 61% 52% 60% 40% 52% 42% 51
46% 55% 54% 65%
28% 35%
41% 34% 40 %
25% 38%
28% 28% 35% 31% 43% 35
40
45
48%
50
55%
59%
45% 52% 37% 51
52% 60%
53%
*
74
100 70
104%
Spang Chalfant & Co pref
100 101
9%
7-%
Sparks VVithington
*
26
Spesr & Co
....—..1 23
Spalding (A G) & Bros
1st preferred
Standard
56%
98
7%
20%
103
5%
3%
95% 100
6%
9
91
10%
34%
3%
97
44
3
3%
3%
3%
*3%
53
47
54%
8% preferred.......---..-100
Southern California Edison..25
Southern Pacific Co
100
Southern Ry Co
...100
5% preferred
3%
3%
27%
49%
43
50%
37%
Typewriter._*
*
South Porto Rico Sugar
Standard
44
20%
15%
19% 2434
29% 24% 28%
105%
104% 104% 104% 103
13
9% 13
15%
15%
24
106
16%
Socony Vacuum Oil Co Inc—15
Solvay Am Inv Corp 5)4% pf.100 111%
4%
South Amer Gold & Platinum.1
$4.50
47
42
5.534
42
47
52% 60% 51% 60% 52
46% 43
99
98% 100% 98% 100
102% 100% 101%
101% 101
145
183
151
138
168
145
197
126
143
85*4 138
115% 114% 115% 114% 118%
............100 111
Preferred
Preferred
12%
42%
'l6
3%
14%
99
6% preferred.
-100
Sloss-Sheffleld Steel & Iron. 100
104
105
104
25
Skelly Oil Co
*26%
30
26%
31
* 26% 29% 27% 34%
102
104% 102
104% 102% 104%
100 102% 105% 102% 105%
15% 17%
12% 17
12% 14%
Mines—5 12% 15% 12% 16%
47
y45
55% 40
44% 55% 50% 55% 51% 58
—.— *
Union Oil
Conv preferred...
Sliver King Coalition
I1051***.
* No
par
value.
96
J Reported in receivership.
83%
T Called for redemption,
a
Deferred delivery.
Volume
146
Financial
223
Chronicle
1937—Concluded
December
March
June
November
January
October
February
May
April
September
July
August
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS
Low
United
Par $ per share $' per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per
7
21
24
12
18% 2534 21% 24
10
20
23
2214 25% 20% 2634
243g 20
8% 12
20%
6% 15%
19% 22
Dyewood
Preferred
106
99% 100S4 106% 104
8%
73s
9
734
912
98
100
..5
7%
s8
9%
138
1
46%
49%
477g
6078
55
63
48%
57%
*
United Electric Coal Cos.;
9634
80%
1434
85
17
8U2
1434
85i2
1534
82
8634
79
857g
14
15i8
13%
14%
6
Rights....
United Eng & Foundry
United Fruit
United Gas Improvt Co.
Preferred.
United
Pa per board
*
_._* IIH4 1137S 111% 112% 110U 11158 110% 112
...10
Co
U S & Foreign Secur Corp
*
Preferred-.____i._.___
__*
U S Distributing Corp
*
Preferred
100
U S Freight
*
7% preferred
U S Hoffman Machinery
con*
preferred...
U S Industrial Alcohol
U S Leather
Class A
Prior preferred
*
17
14U
20%
96% 100
3
35s
18
20%
30
34%
12i8
19i2
16i8
22 I8
99
100i2
2%
3i8
1512 1914
29
89
104
100
20
*
60l2
69U
65i2
1634
193s
15%
*
4414
5534
5314
100
U S Pipe & Foundry
U S Realty & Improvement
92i2
8314
7218
99i2
9214
96i4
86I4
75
97U
U S Rubber
8% 1st preferred
U S Smelt Ref & Mining
Preferred
50
50
U S Steel
100
7538
100 13934 150
21
98
2i2
1512
253s
15i2
2434
100
234
1734
3U8
105
93 78 91
71
72
7212 69
95% 114i2 11058 12612
167
1
*
$6 conv preferred
...___*
Univ Cyclops Steel Corp
1
Universal Leaf Tobacco
*
Preferred
144
144l2 150
1297g 135
169
Corp
100
80
86
79
85
161%164
158
161
7
81
*
100
Vanadium Corp of Amer
VanRaaiteCo
*
134
48
28%
2%
58%
32%
149
75%
81
zl52 158
Universal Pictures 1st pref.,100 100
108
100
105
X Utilities Power & Light cl A.l
378
47g
3%
4%
Vadsco Sales Corp
Preferred
17
26
105% 120%
156%165
2058
19
23
59
68%
34%
41%
8
15%
13
21%
8234 *98%
69
71%
9834 120%
136
145%
124
131
*131%136
147
155
160%165
7
6%
8%
8'g
9U
434
6%
6%
734
8ig
83l2
79% 80% 76% 7834
734
8412
778
1%
13%
98
2%
167
734
834
8112
9's
1734
95%
16%
2134
108
108%
10?% 112
6734
7134
64% 72% 53
11% 15%
183S
1358 17%
7238 52% 7078
6138 57
102i2113i2 89%108%
118
133
United Stores A.
12
104
* 131
Preferred..
Stockyards
1312
31%
100 167
7% preferred
U S Tobacco
United
6I2
116
128
13112 12412 137
20 122
169
166
172
162
169
100 167
17
1934
18U 205s
1858 2312
5
58
70
5358 5914 57i2 61
50
*
37l2 41i4 3858 435g 38i2 4178
*
6%
9
7% 15%
7i2
812
16
*
22%
1314 1734
1458 1714
U S Gypsum Co
514%
100
82
3%
2
102
4
2%
101%102
534
100
7%
100%
5%
634
98
100
7%
6%
Preferred
..100
j
30
1234
37
100
71
76
Preferred A
,.100
Preferred B.......
100
70
2%
88
3%
70
70
73
2%
2%
1%
50%
26%
1%
54
30%
40%
65
«•
34%
31
393g
26
35%
38%
43% *36
4134
43%
86
9
26%
131
70
9
12%
10%
734
12
10
69%
1%
10%
1%
1%
*
12%
6%
*
31
*
35%
35%
5
Wayne Pump Co
__.*
734
1%
Wells Fargo & Co
1
Wesson Oil & Snowdrift
*
48
*
81
*
98
conv
preferred
West Penn Electric Co A
West Penn Power pref
100 120
7%
6% preferred
100 114
10
;
Supply Co
Western Maryland
2nd
1%
63
72
1%
1%
49%
24%
64
75
55
2%
1%
2%
1%
1%
13*
35
2%
51%
84%
102
7%
1%
46
81
9934
48
51
48
28S4
31%
30%
32
54%
29
37%
9%
18%
10%
2238
2%
3%
100
*
7%
77%
48%
50 145
50 151
Westinghouse El & Mfg
7% 1st preferred
33%
37%
35
38%
26
40%
42%
40%
42
103% 105
40% 42%
38
170
Westvaco Chlorine Prod
30%
37%
26
34%
*
...30
preferred
Wheeling & Lake Erie
conv
33
163
26%
3634
24
33%
169
33g
1134
23%
434
157
168
26
34%
'31% 34%
100
100
100 114
115
116
118
37
28%
37%
26
38
100 103
8%
15%
3
10%
20
4%
10
74
53
46% 45
10734 103% 110
147
156
23%
26%
37%
38%
28%
lis" 120"
2%
93*
16%
3%
65
conv
120
112% 114%
27
*29%
114
24
29%
24
115
105
108
111
120
122
11934 123% 120
43
50% 44
120
99
110
103
preferred
Wooiworth (F W)
2134
40%
101
51%
*110
'
«r
•
119
..
*.
-
-
119
m
118
1934
41
■
M
mm
3534
4%
3%
47g
30
2034 2634
108
108% 106
3
4
4%
4?g
12
16%
10% 1234
3%
20%
105
113
55
65
120
120
«•
m,
38
2
334
5%
278
5
3%
4
4<%
8
9
2%
67g
187g
23%
18%
21
78%
7184
6%
39%
18%
834
2%
74%
*9%
36%
5%
41%
8%
33
42
*74
7
38
18
18%
11
15
3
4
42
42
634
38%
3%
35%
23
32
234
31%
85
93
55
19
38%
21
85
85
75
89
60
70
327g
9934 114%
9034
73
10
834
5%
6%
6%
4%
10%
10
12%
10%
12%
8%
8334
8234
8934
87
9134
82%
10%
*83*
87
78
834
9%
8434
10«4
82%
9
10%
77
8134
5
14
21
16%
27%
2%
1%
91
75
1
5%
3%
85
102
90
4%
4%
12
74%
88% 100
92% 103
84
97%
117g
4
534
4%
18%
26
23
5%
4%
5
27
43
75
17
20%
234
4%
29
3%
1%
8%
33
26
39%
25
18
3%
11%
16%
1234
23%
2%
1%
234
1%
257g
73%
37
33
40
47g
2434
1034
3934
38
634
42%
43
14
9
24
2%
5%
9%
19%
137g
19%
4%
6%
4434
5%
46
28%
4
6%
10%
*38
16
5%
5%
14%
4%
27%
58
........
3%
25%
3%
5%
32%
5%
18%
113
234
67g
6634
37g
30%
11
30
73%
14%
248*
70
95
90
90
30
2038
27%
75
90
90
60
66
55
60
15
16
14%
15%
8%
9%
134
11%
9%
9%
1%
3%
mm
mm
13%
12
27g
11
5%
2%
5%
2%
2%
2%
6%
4%
5634
10%
6%
7%
5%
11%
16
234
2%
3
4
2
3%
8%
678
4%
617g
14"
22%
3%
1*4
9%
11%
.21%
70
4
12
35%
1534
26%
-a.-..
126
54
63
48% 61%
114
126%
105% 121
107
120% 119% 125%
50
mrnrnm
s
4%
4%
28%
16%
2634
38%
91% 96%
86
80
76
957g
100%
120
120
120% 118
12l7g 1174120% 118
111
113
113
11334
114% 112
114% 112
23
16
14% 17%
24%
16% 20%
26%
5%
3%
5%
6%
4%
734
534
2%
884
97g
6%
734
9%
12%
5% 107g
1
1%
is4
1%
1%
1%
2%
1%
2%
334
37g
2%
1%
534
3%
3
29
22% 28%
457g
25% 34% 25% 32%
23
27%
263g 38%
1734 29% 23% 29
145
110
90
114%
120% 87% 10634 97
117
130
122
113
148
124% 124%135
13
13
25
16%
1734
1034 18%
17%
33g
6
39%
18%
4934
19
434
684
6
10%
7934
77%
78
69
52
10
60%
34%
7734
65%
47
9934
54%
62%
5134
57%
48
40%
46%
98%
35
47
34%
93
93
112%
98
54%
41
112
44%
50%
32%
38%
98
4334
30%
4734
44%
50%
35%
33%
41%
92% 109
109
105% 106
91
126%
87%
9034
88
100
82
94
84
91
7634
86%
39
40%
4578
35
43%
35%
41%
43
24
37%
12
29
16%
22%
14%
112
74
103%
54%
78%
59
72
63
105% 112
70
101
55
79
62 s4
62%
45%
77
91%
87
93
75
80
40
90%
87%
92
87%
87%
50
-
•
124% 116% 128
99" no"
90"
102%
90
50%
•
59
mm mm
•
34%
73
76
71%
49%
20%
62%
29%
56%
27%
73
6034
68%
53
56
68%
48%
37%
30%
35%
23
71%
105l«=105"«.
96
70%
68%
70%
66
7012
69
7034
5934
63
52%
32%
49%
20%
53
26%
48
52
56%
213
22%
26%
49%
20%
55%
24%
35%
13%
124
123
134
129
123
130
139
142
136%141
7% preferred..
100 128
46%
37% 40%
40% 43
43% 46% 40
Young (L A) Spring & Wire...* 42% 46
79% 90%
82%101% 83% 95%
Youngstown Sheet & Tube
* 75% 83% 81% 8634
104% 105% *9934 101% 99% 100% 9934100% 9734
5)4% preferred
100 1084*115
3834
32% 36% 30
Zenith Radio Corp
37%
36% 40% 33% 39% *31
..* 33
6
4%
5%
0%
7%
7%
8%
Zonite Products Corp
7%
834
1
7%
9%
Note—Superior figures denote 32ds of a point, viz.:
94
* No par value,
65%
110
124
129
123% 128
3834 4034 31%
36% 40%
82%
99
98
34
3234
6
5%
93%
100
3884
6
34
54
3934
70
5034
69
65
4034
51%
89%
68S4
58%
6834
59
63
28%
7%
37%
6134
22%
9%
6334
50
30
2134*27%
7% 11%
90
21%
125%
95
1534
109
85
127g
102
68
101
39%
21
3234
21
26%
12%
85%
9434
5434
85%
35
59
34%
44%
3434
22%
44%
98%
36%
99%
4334
94
98%
70
84
75
83%
75
77
31
43%
12
35
5%
17%
27g
23
5%
1178
23g
19%
3%
t Reported In receivership.
•
40%
38
101%
110
19%
67
....
-
45
lie"
95
Ex-rights.
34
50%
37
82%
* 118
55%
1334
104
Prior pref
%
973^ inn
106%
36%
12%
y
1%
17
29%
97
8%
1%
17
100
100
Ex-divldends.
37
29
_3034
34%
insb
1434
18%
81
*
36
17%
12
30%
100
100
Cash sale.
50
140
14%
14%
1
11%
934
18
16%
16%
23%
6% preferred B
6% pref B stamped
r
13
55% 48
1397g 135
13%
15%
Yellow Truck & Coach cl B
50
23
14%
25
1%
9%
14%
1634
32%
7% preferred A
7% pref A stamped
Yale & Towne Mfg Co
4%
2%
4%
30
16%
4)4% series
100
Prior pref 4)4% conv serieslOO
Wrigley (Wm) Jr
*
150
148
20%
6
Wright Aeronautical Corp
105
111%
118%120
22
14%
..10
6138
19
19%
Worthington Pump & Mach.100
68
27
23
*
73
58
51%
25%
14%
$6 preferred
Woodward Iron Co
6%
29%
59%
21%
43%
57%
33
19
2834
*
70
31%
4
16
26%
15%
Wilson & Co
734
24%
48%
20%
33%
6%
5
65
37
20
27
4%
9
36
22%
684
9%
18%
%
2234
...5
74%
165
534
2978
%
21%
Willys-Overland Motors
62
160
1%
24%
23%
2534
15%
2834
46%
9%
1%
2134
14%
21%
21%
14%
23%
15%
40
1%
8%
84
20%
*
1
5
7
1
1%
22%
Conv preferred
70
50
50
30
5%
7%
5%
70
1%
24%
*
*
11%
106
37g
1%
20
White Sewing Machine
conv
35
84
%
20
White Rock Min Spr tr ctfs
....
*59%
10
102
1S4
1%
9034
50
Wilcox Oil & Gas...
121%
"
32
White Dental Mfg Co (The SS)20
6%
118% 121
112
prior pref
White Motor
■
94
103
2
30
48
92
96%
7%
13%
20
62%
108% 110% 106% 107%
50
81
8%
834
7%
7%
834
14% 16
1634
3
2
2%
2%
3%
6
734
534
7%
7%
9
5%
8
52
45% 50%
54% 63% 41% 59% 45
45% 38
42%
42% 47
*40% 45% 41
131
141
132
156% 144
159%
144% 140
162
149
143
145
150
1.50
154% 162%
25
24
22
23 % 26
21
24% 22
39
39
3534 37% 37% 38
3734 3734
22
1934 21%
21% 21
19% 21% 19
31%
29% 31%
29% 31% 29% 30% 30
8%
10
Preferred certificate
$5
«•
54
I
66
112
23%
110
.....*
Preferred.
9%
20
29%
37%
27%
90
100
preferred..
Wheeling Steel Corp
26
36%
23%
29 i
41%
9034
7%
8% 11%
7% 10
59%
7034 80
71% 80
5734 41% 50%
51% 56% 49
135% 15734 130% 144%
167% 151% 165
*
Class A
96%
8%
83%
5234
*
Weston Elec Instrument.
47
24
10%
100
41%
87
87
9334 83
93
99%
119
122
120% 119%120% 118% 121
123% 118
122% 119
114
114% 111
115% 11334 114% 114% 115% 110% 115% 112
20%
3
6% preferred
-
«.
39
1
108
90
8%
Western Union Telegraph
conv
39%
17%
2%
100
1%
59
2%
1%
49%
3434
.»«*•» <*
.100
Westlnghouse Air Brake.
5)4%
38
9%
38
63
134
13g
7
8
9%
238
5%
8% 1234
8%
9%
7%
434
9%
7%
8%
52
52
51
74%
59%
51%
51% 60% 48% 59%
59% 33%
18% 36%
111
111
110
107
109
111
111
112% 105
111% 107
11334 11134 113% 110
7
8
4%
6%
7%
3%
4%
834 12
6% 10%
734
6%
8
7%
934
11%
8
26
33
28
1434
21% 26
20% 23%
21% 23% 22
15% 20
26% 35
33
1103y. 1 245o
127
124 ' 128% 125
128
127
128
128
131
135
133
1233g 126
75
52
70
81
87
80
84% 80
90% 65
83% 90
85% 83
75% 74% 98
121
121
118
119
118% 120%
118% 118%
11734 118% 120%
2
4
T *8%
6%
6%
334
7%
2%
3%
4%
6
3%
4%
4% 10%
5%
12%
7%
2%
5%
lis* 15
7%
4%
8% 12
.7%
8%
18'% 12% 1534
14% 13
5
43g
2%
12
6% 113g
6%
7%
4%
10% 11%
11% 16
11
13
11
12
9
9%
13% 14% "l3" "14%
7%
16%
11% 13%
15% 19
19%
18
29
24%
26% 29% 24% 26% 25% 29% 25% 28% 217g 27
49
31%
47% 28
116% *112% 115% 113% 11334 113% 113%
86
75
887g
84% 84% 85% 89
883* 92% 85
14
16%
14%
3% 10
13% 16%
8%
14% 16%
13% 1534
15% 1834 13% 17%
17
4.2
32
46
51%
38%
48%
46% 44% 48%
4734 51
48% 45% 49% 42% 46% 43
19
17
19%
1934
19%
19% 19% 19% 1984 1834
1934
19% 1934 19% 1934
20
33
30
47
28
30
42
2934 3234 24
7% 16%
25% 27% 14
48%
50%
2
6
7%
4%
5%
5%
3%
9%
6%
5%
738
5%
5%
6%
8% 1034
1034
45
40
75
75
53
92
80
75
78
77%
67%
99
67% 70
94% 99% 80
934
14%
434 11%
12% 15%
12% 15%
11% 13%
1134 14
13% 15%
1334 16%
17%
55
36
40
62
47
56
58
58
59
61
64
68
62%
3a
7o
J5q
s4
34
34
1
%
%
%
34
%
1»4
9%
7%
2%
5%
834 11%
634
8%
334
8% 10
7%
8% 10%
11%
14
11
25
15
32
2534 24
21% 24% 11
24% 29% 26% 30% 26% 26% 22
10
31
37
41
34
42
46
29% 38%
3334 42
38% 4418
38% 40
45% 41
27
32
31
37
11% 217g
28% 33% 2834 31% 26% 31
28% 32% 19% 28%
38%
20
45
50 34
39%
32% 46
42% 48% 43% 48%
4
I
334
5%
438
4%
2%
4%
434
2%
4%
4%
5%
7%
634
7%
934
1
1
1%
1%
1%
1%
1%
1?4
1%
1
1%
1%
1%
2
1%
2%
2%
45
443g 4638 40
28% 40% 23% 33
46% 5334 43% 50% 43% 50
50% 49% 56
75
75
80
76%
80%
84
80% 82% 80% 82
82%
81% 82% 80% 82
84% 80
97
84
89
101
100
108
97
*90
94
95% 103
93
9034 98
101% 93
102
105
88
92
91
99
101
102
102%
108% 98
103
107
101% 10634
90% 96
109
..100
Ry Co
preferred
Western Pacific RR Corp
5%
24
105%
..100 104% 108
100 95 *100% 97%
7% preferred
6% preferred
Western Auto
35%
4134
1
Webster Eisenlohr
$4
63
65%
*
Waukesha Motor Co
6%
28
86
*
preferred
«
*.
66
30
16
*
17%
16%
*
37% 39% 39
114
f 0)4% preferred
100 11434 118
4Ys% pref with warrants. 100
Walworth Co...*.Jj,j...»
11% 15% 14%
Walker(H) Gooder & W Ltd...* 45% 4834
45%
Preferred
*
19%
19% 19%
Ward Baking class A
* 42
47% 43%
Class B
._.*
634
8%
8%
98
94
7% preferred
100 94
Warner Bros Pictures
5
14% 18
1434
conv
«
mmmm
49%
Walgreen Co
$3.85
-
-
,
57
Waldorf System.:
J Warner-Quinlan
J Warren Bros
Conv preferred
Warren Foundry & Pipe
~
68
46
50
65
50
:<m
65%
11
19
19% 21
18% 20%
11% 16%
19% 20% *18% 19% "I534
69
50
68
69
68
74
78
63
47
76'4
73
75%
73% 59% 7234
145
135
142
142%145% 142%146
148%150
144%155
146% 150
147% 138
79
10%
82
434
6%
.
52
122% 11734
100 118
3%
4%
100
3%
....
4%
6%
m
-
51%
ll4% 113% 115
100 127% 130
2%
8%
share
74
82%
80
90
1
24
5234 45% 48%
46
56
3634 2834 37
49% 54% 36% 48
77
75
71
52
82% 75% 80%
80%
52% 6O84
69%
71%
7834 64
12
11
9
12% 13% 11
14%
10% 12%
12%
127g
11%
1234 14
103
108
107%111
106
*102% 106
102%109
107% 10834 103% 106% 101
<
9
6
7
12% 14%
12%
47g
7%
9% 11%
9%
3%
8% 1138
9
15% 18% 15
17%
6%
9%
16%
6% 10%
1534 19
16% 18%
96
70
92
93
96
80
80
96% 92
85%
92% 9638 89% 90
2
1
1%
2%
1%
1%
1%
1%
84
1%
1%
I84
2
1%
18
15
15
15
11% 18% 14
438 11
5% 10
1634
1734
9%
17% 22
10
15% 18%
7% 1034
16%
16% 1934
14% 18
5% 11%
107
116
119
62
75
108
118
*103% 110 106
68%
101%
79% 53
156
158
161
164
160
163
154% 159%
158%163
158% 161
15434 159
11
1834 20% 15% 19%
18
18
7% 10%
16% 20
19%
6% 13%
*34
62% 62%
56
50
60%
43% 35
37%
57% 60% 43
"28~ 34% 29% 34% 32
23
3234 37
37
32%
16% 26% 18% 22%
8
6
834 1034
7%
47g
9%
334
6%
8% 1034
8% 11%
97g
15% 18% 1434 17
7% 10%
15% 1934
16%
16% 20% 1034
6% 12%
108
111
102
109
mi-'m
105
107% 110
106% 85
106%
52
24
49
5634 44% 53%
33
3834 2534 34
49% 55
49% 57
10
5
10
12%
7%
12%
11%
7%
6%
3%
10% 13%
10% 13%
20
52% 61% 53
40% 22% 30%
54%
60%
56% 67% 53% 64% 36
84
48
90
9534 81% 92
89% 101% 6934
72% 45% 58%
8934 95
79
57
79
86
89% 78
8834 *83 % 93
85%
953g 70%
52% 70%
63
70
63
67
6734 69% 66% 70
70
68%
67%
6834 71% 66
91%105% 92% 10234 99
119% 107-% 121% 77% 107%
51% 81% 48% 62%
131
137% 126% 13634 *130 137
100% 123
10112 114%
127% 135% 119% 129
120
128
114
123% 128
127%129
128% 129% 11934 126
120% 115% 120%
150
152
149
150
149
149
156
155
161
161
148% 154
7
734
73g
5%
478
*5%
7%
27g
5%
434
6%
4%
6%
7
1
2
5
3%
5%
5%
3%
434
5l2
2%
5%
3%
3%
4%
!
Virginia Ry Co pref
Vulcan Detinning
7% preferred
J Wabash Ry Co
82
96
89%
5%
3g
2
52
5
39% 44% 40% 43% 1 40% 43%
7% 1st preferred.........100 114
114
11334 11434 111%115
5, 42%
46%
46% 43% 4434 43
Vicks Shrevep & Pac Ry Co.. 100c86% 86%
80
80
91
85
"87" 88" 85
5% non cum preferred
100 a91
8
Virginia-Carolina Chemical
*
9%
83S 12%
7%
9%
6834
54% 61% 54% 60% 56
6% preferred
100
* 113
100
9%
97
9%
47
2%
57
1%
Vick Chemical Co
Virginia El & Pow 6% pref
Virginia Iron Coal & Coke
95%
7%
3%
5%
2%
414
1 Called for redemption,
4%
a Deferred delivery,
to
o
to
Ci
to4
O
to
§
to
n>
52
fcO
£3
99.24
99.21; 100.2 99.23 99.30
99.31 99.30
101.2 101.2
10 .30 10 .31 99.20 99.20
99.26
100
10 .10 99.18 10 .10
100.6 10 .16 100 10 .10
10 .1 101.10 100.9 101.10
101.10 101.1
100.4 10 .24
101.1 102 101.1 102
101.31 102.5 101.2
102
10 .28 99.6 10 .2
10 .28 101.20 10 .28 101.20
101.2 101.2 101.8 101.1
102.6 102.7 101.8 101.2S
101.30 102.31 101.30 102.31
102.29 103.2 102.28 102.29
1942-4
102.30 102.31 102.18 102.19
102.20 102.25 102.12 102.16
102.15 102.15 99.18 99.21
99.13 98.16 99.12
Loan Corp. H». 1949
103.2 103.2 102.21 102.23
102.20 102.30 102.15 102.20
102.18 102.20 99.24 99.24
99.20 98.28 99.21
105.3 104.21 104.24
104.24 105.1 104.17 104.21
104.21 104.23 10 .26 10 .28
10 .16 101.2 99.24 101.3.
Federal Farm Mtye. Corp. Hs, 1942-47
104.10 104.10 103.26 103.31
103.31 104.2 103.26 104.1
103.31 103.31 10 .23 10 .24
99.20
Federal Farm Mtye. Corp. 1942-47
105.21 105.23 104.30 104.30
105.2 105.12 105.2 105.4
105.3 105.7 102.14 102.14
Home Oioners'
Loan Corp.
Hs.
2
I
toners'
Home
O
Home
Owners'
2
Loan Corp. 3s, 1952
2
3s.
105
V©
►n
99.14
100
99.18
10 .20
99.9
100
100.4
10 .16 99.12 10 .13
10 .12 10 .18 99.30 10 .17
10 .17 10 .31 10 .14 10 .23
10 .24 101.10 10 .21 101.9
99.25
10 .15 10 .26 99.31 10 .2
10 .23 101.10 10 .21 101.5
101.6 101.27 101.2 101.27
102.12 101.20 102.12
102.1 102.29 102.10 102.25
102.25 103.26 102.23 103.26
10 .17
103.4 102 103.3
103.2 103.5 101.2 101.23
101.28 102.12 101. 5 102.4
101.12 102.S 101.12 102.8
102
102.5 102.17 101.12 101.12
101.10
101.2 101.17
101.15 101.16 101.12 101.14
101.18 102.12 101.18 102.8
102.8 102.21 102.8 102.13
104.8 103 104.8
104.5 104.9 102.12 102.12
102.9 103.8 102.9 103
102.26 102.19 102.26
102.29 103.20 102.17 103.16
103.21 103.16 103.24
102.9 103.12 102.9 103.12
103.7 103.10 101.23 101.23
101.29 102.14 101.16 102.13
102.12 102.13 101.24 102.10
102.10 102.30 102.10 102.27
102.27 103.23 102.27 103.19
104.2 102.31 103.28
103.24 103.26 102.12 102.12
102.14 103.2 102.26
102.24 P 102.20
102.25 103.14 103.15 103.8
103.10 103.30 103.10 103.23
103
102
102
103
104
r
Federal Farm Mtye. Corp.* 49
1944
105.17 105.17
105 105
104.30 105.1 104.30 105.3
105.2 105.4 101.13 101.13
10 .2 101.30 10 .1 101.21
101.IS 102.1 101.18 102.10
102.14 102.19 102.4 102.10
Federal ml Mtye. Corp. *s. 1964
105.30 106.10 105.25 105.31
106.3 106.3 105.20 105.23
105.23 105.25 102.9 102.9
101.16 102.26 101.7 102.4
102.16 103.2 102.12 103.2
103
3s,
Far
3
103.3 102. 1 103
103
102
103
103
Treasury Ms. 1945
101.27 102.21 101.27 102.18
2
97.2S 98.4 96.6 97.14
97.14 99.31 97.11 99.31
97.30 97.30 97.13 97.24
97.26 99.2 97.23 99.2
99.1 99.4 97.16 97.22
97.21 98.8 97.9 97.29
97.27 99.9 97.3 98.5
98.6 99.2 98.3 9S.29
98.31 99.30 9S.29 99.22
99.16
99.15 99.27 99.8 99.25
99.21 99.22 99.4 99.15
99.17 99.15
10 .14 10 .17 98.31 99.5
99.5
99.22 98.25 99.14
99.14 99.24 98.24 99.22
99.22 99.16
100.8
10 .12 101.5 10 .10 10 .30
99.13 99.27 98.30 99.19
99.20 99.31 99. 99.29
in
,
99.31 99.27
10 .26 10 .19
100.
10 .18 101.8 IS 101.4
TreasuryHs.1949-53
101.15 101.21 101.6 101.8
101.10 101.2 101.10 101.14
101.14 101.14 97.28 97.2S
Treasury Hs. 1956-59
103.1 103.9 102.26 103
103
103.18 103.16
103
103.14 103.14 99.7 99.10
Treasury Hs. 1951-54
103.10 103.16 103.1 103.4
103
103.17 102.31 103.15
103.14 103.14 99.12 99.13
Treasury Hs. 1948-51
104.1 104.16 103.31 104.2
104.1 10 103.24 104.4
99.30
104.1 104.1 99.31
100
TreasuryHs, 1945-47
106.15 106.16 105.13 105.18
105.18 105.27 105.9* 105.14
Treasury%s. 195 -60
104.2 104.26 104.5 104.8
Treasury 3^s, 194 -46
2
2
99.28 99.23
10 .18 10 21 99.9 99.12
10 .2 99.2 100.2
100.2 10 .25 100.2 10 .24
10 125 10 .25 10 .10 10 .15
10 .15 101. 9 10 .15 101.18
101. 8 101. 9
100.4
100
10 .20 99.24 10 .16
10 .16 10 .29 99.28 10 .23
10 .21 101.14 10 .21 101.9
101.14 102.9 101.10 102.3
105.12 105.15 101.2 101.2
101.20 101.28 10 .18 101.14
101.14 101.14 102.29
102.19 102.31 102.7 102.18
102.19 103.12 102.12 103.1
103.10 103.13 101.29 102.1
102
102.15 101.19 102.14
102.12 102.27 101.30 102.19
102.20 103.13 102.20 103.7
103.10 104.4 103.4 103.25
104.7 104.30 104.7 104.29
104.23 104.28 100.8 10 .10
100.6 101.3
10 .15
10 .12 10 .28 100.9 10 .25
10 .2 10 .25 100.4 10 .1
10 .13 101.16 10 .13 101.16
101.16 101.17 99.30 100.6
100.3
10 .24* 9 .25' '10 .13
10 .13 10 .23 99.24 10 .19
10 .2 ? 101.14 10 .16 101.10
101.9 102.6 101.8 101.29
109.25 109.25 108.16 108.18
108.19 108.26 108.10 108.14
108.1 108.1 105.1 105.5
105.2 105.10 104 105.5
105.5 106.14 105.3 106.1
106.14 106.16 105.29 106.3
106.3 107 106.3 106.29
106.27 105.20 105.20
105.25 106.1 105.7 106.7
106.8 106.20 105.26 106.13
106.13 106.13 106.26
106.24 107.8 106.20 107.2
Treasury Ks. 1941
108.2 108.24 107.29 108.7
108.8 108.8 107.2 107.26
107.23 107.23 105.26 105.26
105.10 106.2 104.24 106.2
106.6 106.20 106.4 106.16
106.20 106.20 105.31
106
106.4 106.19 106.1 106.19
106.19 106.23 105.26 105.30
105.21 106.16 105.15 16
106
106.15 106.20 106.2 i106.15
106.17 106.28 106.16 106.23
106.20 107.6 106.20
Treasury 3H®, 1949-52
108.15 108.18 108.4 108.6
108.6 108.9 107.28 108
107.30 107.31 103.24 103.24
103.4 104.8 102.24 103.16
103.13 104.18 103.13 104.18
104.15 104.20 104.9 104.13
104.24 105.20 104.2 105.20
105.14 105.20 104.1 104.1
103
104.7 104.20 25 104.13
104.10 104.2 103.26 104.16
104.15 105.14 104.10 105.9
105.13 105.29 105.12 105.2
Treasury Hs. 1946-49
108.24 108.24 108.3 108.3
108.4 108.9 107.30 108
107.31 103.25 103.26
103.12 102.20 103.18
104
103.18 103.18 ;
104.31 104.31 104.6 104.17
104.16 105.2 104.15 105.21
105.21 105.26 104.8 104.9
104.8 104.25 103.24 104.25
104.23 104.30 104.4V 104.261
104.25 105.19 104.25 105.13
105.17 106.1 105.17 105.30
Treasury Hs, 1941-43
108.23 108.24 107.31 108.7
108.5 108.8 107.30 107.30
107.29 107.29 105.27 105.27
105
106.2 104.24 106.2
106.2 106.25 106.2 106.21
106.16 106.19 106.4 106.4
106.7 106.2 106.7 106.18
106.17 106.24 105.28 105.28
105.20 106.15 105.16 106.13
106.12 106.24 6 106J15
106.16 106.27 106.16 106.2
106.19 107.4 106.19
TreasuryHs. 1940-43
107.27 107.27 106.31 107.9
107.8 107.10 106.30 107.1
106.29 106.29 105.16 105.20
105
105.2 104.20 105.14
105.25 105.26 105.12 105.26
105.2 105.24 105.1 105.1
105.12 105.12 105.30
105.26 105.16 105.16
105.S 105.25 105 105.24
105.2 105.29 ,105.2 105.21
105.20 106.1 105.20 105.28
105.28 106.9 105.28 106.3
Treasury 1946-48
107.30 107.30 107.6 107.6
107.12 107.14 107.5 107.8
107.6 107.6 103.12 103.12
103.13 103.13 102.10
103.3 104.14 103.1 104.14
104.14 104.15 103.24 103.27
103.31 105.2 103.29 104.30
104.31 104.31 103.18 103.19
103.24 104.5 103.4 103.30
104.6 104.15 103.28 104.15
104.15 104.271104.9 104.27
104.28 105.14 104.21 105.10
Treasury 1951-5
106.18 106.28 106.12 106.15
106.13 106.27 106.13 106.26
106.27 106.27 102.4 102.8
102.10 102.28
102.9
102.9 102.29 102.2 102.27
102.27 102.28 102.8 102.13
102.18 103.20 102.18 103.20
103.12 103.2 102.8 102.12
102.14 102.24 101.27 102.20
102.19 102.30 102.28
102.26 103.26 102.26 102.30
103.18 104.7 103.18
Treasury 3H«. 1943-47
1 0.17 1 0.18 109.5 109.8
109.2 109.12 108.30 108.31
108.31 108.31 105.28 105.28
105.4 105.26 104.28 105.15
105.2 106.28 105.19 106.28
106.18 106.10 106.10
106.17 106.15 106.17 107.1
107.12 107.20 106.18 106.18
106.3 106.28 105.27 106.26
106.25 107.2 106.18
107
106.31 107.15 106.31 107.15
107.17 107.21 107.1 107.16
TreasuryHe. 1946-56
114.9 114.9 113.8 1 3.10
113.3 1 3.15 1 2.27
1 2.29 1 2.29 108.24 108.24
108.16 107.12 108.6
108.4 110.1 108.4 110.1
109.30 109.30 109.15 109.15
109.20 1 0.29 109.18 1 0.29
1 0.25 1 0.31 110.4 110.4
109.7 109.24 108.19 109.20
109.18 109.27 109.6 109.27
109.30 110.8 109.26 110.7
1 0.12 1 0.2 110.7 1 0.18
1 1.21 1 1.21
1 1.15 1 1.2 111.3 111.8
1 1.10 1 2.13 111.9 1 2.13
1 2.14 1 2.18 111.2 111.5
111.3 1 1.20 1 0.13 1 1.14
1 1.10 1 1.25 1 0.28 1 1 .13
1 1.16 1 1.29 1 1.13 1 1.28
1 1.30 1 2.10 1 1.27 112.4
106.17 106.2 105.29 106.3
106.9 107.2 106.6 106.30
107
107.1 105.2 105.23
105.15 106.13 105.9 106.13
106.10 106.2 106.5 106.19
106.18 106.18
107
116.2 1 5.12 1 5.13
1 5.16 117.2 1 5.16 117.2
117.2 117.3 1 5.29 116
1 5.30 116.1 1 5.13 1 5.26
1 5.18 1 5.25 1 5.14
1 5.17 1 6.14 1 5.15 1 6.13
3
3
3
3
3s,
3s,
3
104
99.11
108
113
108
99
101
100
103
105
105
103
107
10 .20 10 .18
100
107
106
106
106
102
106.28'
99.30 99.30 99.13 99.26
2
COURSE
10 .14
99.10 99.31
2
fCompiled
10 .16 10 .14
99.16
2
OFPRICES tfahOrmoTemdlw
98
100
98.4
100.1 99.17
2
GSFYT1OEOCVE9OHURRANIMFR7T dQ3SYENeuapraxomp2octctofhiendisnrfwgtke.lesl.
99
107
107
104
¥
Treasury 194 -54
1 5.20 1 5.20
114 114
1 4.3* 1 4.23 114.3 114.9
114.9 1 4.10 1 0.16 1 0.24
.1093 1 0.13 109.12 110.5
Treasury 3K*. 1943-45
109.25 109.26 108.16 108.18
108.19 108.27 108.9 108.1
108.1 108.1 105.4 105.6
104.28 105.15 104.2 105.8
105.6 106.16 105.6 106.16
TreasuryHe,1947-52
121.14 121.14 120.5 120.5
1 9.31 120.10 1 9.18 1 9.2
1 9.19 1 9.19 1 4.26 1 4.30
1 4.26 1 3.16 1 4.10
1 4.13 116.3 1 4.1 115.3
4s,
4
Janury— Openi g Closing. Februay— Openi g
High Low
High
Low. Closing
March—
Openi gHigh.. Closing
Low
114
April-
Openi g. High.
Low
Closing
110
May—
110
116
Augst—
Septmbr—
,
115
October—
Openi g Closing June— Openi g Closing July- Openi g Closing Openi g Closing Openi g Closing Openi g
High Low
High Low
High
Low
High
Low
High
Low
High
Low
Closing
\
107
Novembr— Openi g
High
Low
107
Closing
107.1 106.28 107.3
1 6.15 1 6.28 1 6.1 1 6.21
Decmbr— Openi g Closing.
High
Low
Oo
Volume
Financial
146
(Continued from
closing
of tlie
institution
in
page
202)
ning of the
1933, it is learned from the
"Michigan Investor" of Dec. 25, which said that the current
dividend
is
the
third
that
depositors
have
received
and
brings the liquidation of the old bank to 80% of the com¬
losses
to
compromise
a
Guardian
offer
settlement
Detroit
Union
claims
assessment
F. Marschner
by
by
Group,
receivers
Dec. 28 approved
on
stockholders
Inc.,
and
of
the
Detroit,
Mich., of
conservators of six
State-chartered bank and trust company units of the Group.
The Detroit "Free Press" of Dec.
29, in stating that Judge
Marschner, in his order, reserved until Jan. 15 the right to
to
move
Claims
vacate
the
$950,000 will be from
of
the
funds accumulated by Receiver Alex J.
The amount approximates
Group.
Commissioner
The
added, in part:
order,
aggregating $6,964,700 are to be settled for $3,280,240, of which
Charles
T.
Fisher
involved
institutions
Jr.
Guardian
Groesbeck,
made by Banking
estimate
recoverable
Union
the
are
the
of
assessment
Trust
claims.
Detroit,
Co.,
$4,927,300; Union Industrial Trust & Savings, Flint, $1,965,900; Guardian
Bank
of
of
State Bank
of Six Lakes, $8,500;
State Bank
Stanton, $15,000, and State Bank of Vestaburg, $8,000.
full
The
a
$40,000;
Trenton,
share
interest,
Detroit Union
would
approximate
$3.50
it
.
.
.
as
bring suit
recalcitrant
against
the
shareholders who
fail
to
the
under
come
without
depression
the issuance
of any
Bank of America deposits reached
$1,357,000,000,
an
increase of $58,402,000
Earnings totaled $19,203,000, equal
amounted to
There also
was
a
special Christmas distribution of $400,000 to em¬
ployees.
The sum of $4,800,000 was added to surplus and
undivided profits after provision of $3,277,000 reserves for
depreciation on banking premises, amortization of bond
premiums, &c., and $2,646,000 reserves set apart to reduce
carrying value of assets.
Total resources of the bank main¬
tained an upward trend and now stand at the new high
of $1,493,373,000, a gain of 4.40% for the year.
Loans made
by the bank also increased $98,592,000 over the Dec. 31,
1936, total.
During 1937 the number of Bank of America
branches in California rose to 491, serving 306 communities.
$4.80
a
share,
Sixteen
ices
of
than
paid
bank
12
to
new
facilities in metropolitan
out
the year before.
branches had been added,
new
the
dividends
and
higher
extending the serv¬
and augmenting
communities
centers.
C.
National
Colt,
Vice-President and a director of the First
Portland, Oregon, for the past thirteen
a
Bank
of
planned to retire on Jan. 1, it is learned from Asso¬
Portland on that date. Mr. Colt
years,
ciated Press advices from
President
of
the Oregon Bankers Association in
1933.
this
date, and Judge Marschner set
the deadline for voluntary payment at the compromise rate.
the court's order, the right is reserved for Receiver Groesbek to
Under
On Dec. 31
$8,800,000, 10%
was
contemplated that the drive would be completed
was
necessitated advancing
delays
reinstated,
the record of 1936.
C.
Group stock.
share, with release from further liability.
per
Although
month,
been
$5.47
by a stockholders' committee, headed by
Smith, represents the voluntary settlement offer of 1,655 share¬
whose holdings aggregate 617,750 shares.
It involves payment
H.
May 1
plus
made
compromise offer
holders,
of
obligation,
Guardian
the
on
The
Hal
assessment
called upon for absorption of
were
the historic mark of
,
Circuit Judge Adolph
have
stock.
new
This, it is stated, means that all capital
year.
funds which
over
claims.
mon
225
Chronicle
settlement plan.
Royal Bank of Canada (head office Montreal) an¬
that Frederick T. Walker, who has been their senior
agent in New York for the past twenty years, has retired as
of Dec. 31,1937.
The
nounces
.««««««■««««««»
♦
Total assets of $48,016,398 and total deposits of $44,166,329
the condition
shown in
are
statement of
the
Omaha
National Bank, Omaha, Neb., as of Dec. 31,1937, as against
$47,223,631 and $43,537,271, respectively, on June 30 last.
The
principal items comprising the resources in the current
statement
Cash
are:
hand and due from Federal Reserve
on
Bank and other correspondent banks, $16,127,174
(up from
$16,059,659 on the earlier date); loans and discounts, $15,089,139 (up from $14,337,295), and United States Govern¬
ment obligations, $7,925,023 (up from $6,580,000).
The
bank's capital at $2,250,000, remains unchanged, but surplus
account and undivided profits have risen to $1,000,000 and
$208,078, respectively, from $750,000 and $201,607, re¬
spectively,
on
June 30.
The Commerce Trust Co. of Kansas
City, Mo., in its
with total
con¬
resources
of
Cash and due from banks and
$180,785,807 at the close of business June 30 last)
which the
principal items
are:
securities, $99,657,525 (down
30); loans and discounts, $33,909,025 (up from $27,985,273) and State, municipal and
Federal Land bank bonds, stock of Federal Reserve Bank,
and other bonds and securities, $30,338,692 (down from
$34,924,038 on the earlier date). On the liabilities side of the
report, total deposits are shown at $156,955,891 (as against
$170,832,512 on June 30) and capital structure at $10,079,496, (comparing with $9,801,133). The company was estab¬
lished in 1865.
J. M. Kemper is President.
United
Government
States
from $114,521,770 on June
As at the close
Bank in
tional
Dec. 31, 1937,
of business
the
First Na¬
Louis, St. Louis, Mo. reported total de¬
St.
posits of $223,501,202 and total resources of $243,635,308,
as compared with $210,653,725 and $230,211,753, respectively,
at the close of business June 30 last. The principal items
in
the
the
on
statement making1 up
current
due from other
and
Cash
(against $76,294,648
the assets are:
banks, $78,398,791
earlier date) ;
United States government securities,
(down from $68,758,077 on June 30), and loans
and discounts, $73,024,087 (up from $60,644,363).
Capital
remains unchanged at $10,200,000, but surplus and undivided
$61,298,662
have
profits
to
increased
$8,015,163
from
$7,561,760
on
June 30.
»
Consolidation
the
of
Royall National
Bank of Palestine,
Tex., and the Robinson Bank & Trust Co. of that place, two
of the oldest banking houses in East Texas, was announced
by officials on Dec. 31, the merger becoming effective im¬
mediately under the title of the Royall National Bank. Z.
President of the Robinson Bank &
Trust Co., and an official of that institution for 51 years,
has become Vice-President and Manager of the enlarged
L.
Robinson,
is
former
Royall
Tucker
bank.
also
serving
as
the First National
is
President
Chairman
of the
institution
and
of the Board of Directors of
Bank in Dallas.
total resources and capi¬
National Trust & Savings
All-time high marks in deposits,
tal
funds
of
Association
Bank
of
America
(head office San Francisco,
Calif.) at Dec. 31,
1937, have placed the institution on a higher footing even
than in 1929.
A year-end statement of condition just re¬
leased shows that on Dec.
31, 1937, capital funds stood at a
$109,104,000, highest mark in the 33-year history
of the bank, and an increase from $105,024,000 at the begin¬
total
of
EXCHANGE
markets
were
were
closed
on
Jan. 1 in observance of New Year's
Day.
Curb
prices moved smartly forward during the opening
Monday but considerable selling appeared toward
some of the early gains were can¬
celed.
The public utilities, mining and metal stocks and
industrial specialties attracted some speculative attention
during the forenoon, and while some of these shares were
able to hold their gains against the last hour of selling, there
was a substantial amount of price shading apparent as the
market closed.
Among the strong features were Colt's
Patent Firearms, 5 points to 55^; National Steel Car, 5
points to 35; Quaker Oats, 3 points to 98; Aluminum Co. of
America, 1
points to 7734; Babcock & Wilcox, 134 points
to 83; Jones & Laughlin Steel, 134 points to 3134 > and Newmont Mining, 1 point to 56.
Substantial rallies all along the line were apparent as the
market opened on Tuesday. The volume of trading was not
particularly large and as there was little profit-taking ap¬
parent, most of the advances were held until the close.
Industrial specialties were in good demand and there was
considerable activity among the oil stocks and mining and
metal shares.
Public utilities were moderately active but
the changes were generally in minor fractions. Outstanding
among the issues closing on the side of the advance were
American Laundry Machinery, 2 points to 18; Brown pref.,
334 points to 26; Childs pref., 3 points to 3134; Lion Oil,
2 points to 2134; New Jersey Zinc, 2 points to 60; Mead
Johnson, 3 points to 99, and Pepperell Manufacturing Co.,
3 H points to 71 %.
Further gains were recorded during the early dealings on
Wednesday, and while the advance was halted by a moderate
amount
of realizing that developed around midsession,
there were 178 gains and 83 declines recorded as the session
closed.
Industrial specialties were the strong stocks, but
there was also a fair amount of interest apparent in the
on
the end of the session and
dition statement at the close of business Dec. 31, 1937, shows
total assets of $167,092,519 (as compared
CURB
registered by many leading Curb stocks
this week. The gains were not particularly large but they
were fairly well scattered through the list.
Industrial special¬
ties were strong and a number of the more active shares in
this group recorded gains up to 2 or more points. Mining
and metal issues were substantially higher and a few selected
oil stocks moved upward.
Public utilities were active but
the gains were less numerous.
The New York Curb Ex¬
change, the New York Stock Exchange and commodity
hour
«
of
THE
Higher prices
mining and metal shares and oil issue.. Prominent among
the stocks closing on the side of the advance were American
Potash & Chemical, 3 points to 30; Gulf States Utilities 6%
pref., 4 points to 81; Long Island Lighting pref., 334 points
to 403^; Pepperell Manufacturing Co., 2% points to 7434;
Safety Car Heating & Lighting, 3 points to 85, and Valspar
Corp. pref., 4 points to 30.
Industrial specialties moved to the front on Thursday and
registered substantial gains in an otherwise quiet market.
Mining and metal stocks were slightly stronger and some of
the oil shares showed modest advances.
In other parts of
the list prices were mixed but with a strong tendency toward
higher levels.
The total transfers for the day were 210,495
shares with 357 issues traded in.
The advances included
others Aluminum Co. of America 4 points to 85;
points to 86; Consolidated Mining &
Smelting 7 points to 61; Newmont Mining 434 points to
61 34; Pa. Salt 5 points to 145; Sherwin Williams 234 points
to 83 34 and Valspar Corp. pref. 5 points to 35.
among
Babcock & Wilcox 3
Financial
226
Chronicle
The trend of the curb market continued to
point upward
Friday, and while the gains were well scattered through
the list, they were largely fractional.
Specialties were in
light demand and mining and metal stocks attracted some
buying at higher prices.
Oil shares were quiet and public
utilities were without noteworthy movement.
As compared
with Friday of last week prices - were generally higher,
Aluminum Co. of America closing last night at 83 against
76 on Friday a week ago; American Cyanamid at 24 against
22%; Carrier Corp. at 30% against 28%; Creole Petroleum
at 25% against 23; Electric Bond & Share at 9% against
8%; Gulf Oil Corp. at 40 against 37%; Hudson Bay Mining
& Smelting at 25% against 22; Niagara Hudson Power at
8% against 7%; and Standard Oil of Kentucky at 17%
against 17.
TRANSACTIONS
THE
AT
NEW
YORK
CURB
EXCHANGE
Closing prices of representative stocks
Foreign
of
Shares)
Jan. 7, 1938
Domestic
Foreign
Government
$13,000
135
784,000
16,000
$31,000
10,000
165,230
209,670
832,000
16,000
31,000
83,000
(5%)
15,000
801,650
$4,048,000
$143,000
$136,000
$4,327,000
Week Ended Jan. 7
Sales at
1938
951,000
1937
121
119
120
126
127
125
146
145
146
129
129
129
129
113
114
114
114
127
160
161
163
163
Gesfuerel (6%)..
146
147
148
148
150
Hamburger Elektrlzitaetswerke (8%)
151
153
153
152
153
81
81
83
118
117
118
Farbenlndustrie I. G.
(7%)
day
Hapag
80
..
Manneeinann Roehren
.......
-
-
117
115
(4>£%)
-
209
210
210
85
209
210
233
232
(8%)
164
83
81
...
-
3,734.405
$4,048,000
104,178,804
•
177
176
176
176
209
208
208
210
Course of Bank Clearings
pared with
based upon
$15,568,000
143.000
832,000
$419,861,000
12,658,000
decrease
com¬
Preliminary figures compiled by
a year ago.
$790,556,000
19,202,000
136,000
403,000
9,842,000
13,292,000
$16,803,000
$442,361,000
$823,050,000
bank clearings from all cities of the United States
it is
possible to obtain weekly returns will be
below those for the
Our
preliminary
there is
a
corresponding week last
stands
total
$6,889,823,428 for the
same
at
summary
year,
$6,772,876,890, against
week in 1936.
for the week ended
loss
comparative
At this center
Friday of 1.6%.
Our
for the week follows:
Per
Clearings—Returns by Telegraph
1938
1937
$3,376,012,643
Week Ended Jan. 8
documentary
or
clean drafts drawn
us,
telegraphic advices from the chief cities of the
134,843,049
$4,327,000
We collect
-
177
208
Bank clearings this week will again show a
1.7%
Total
119
-
135
146
Jan. 8)
1936
Ron ds
Foreign government..
Foreign corporate
120
125
from which
Domestic
166
119
country, indicate that for the week ended today (Saturday,
Calendar Year
1937
801,650
165
119
119
Gas
810,000
New York Curb
Stocks—No, of shares-
135
166
119
123
145
Deutsche Erdoel (6%)
129
Deutsche Relchsbahn (German Rys pf 7%)Dresdner Bank (4%).....
Holi¬ 313
1.052,000
911,000
39,000
25,000
Exchange
135
165
119
(6%)
(5%)
Deutsche Bank (5%)
879,000
930,000
177,380
Total
135
164
Berliner Handels-Gesellschaft
Berliner Kraft u. Llcbt (8%)
Commerz-und Privat-Bank A. G.
$635,000
129,910
Thursday
Friday
7
122
IIOLI DAY
$591,000
119,460
......
Jan.
Total
Corporate
IIOLI DAY
Saturday
Monday
Tuesday.
Wednesday...
6
Par
121
121
Saizdeturth (6%).
Siemens & Halske (8%)
(Number
Jan.
5
121
Allgemelne Elektrlzltaets-Gesellschaft
Retchsbank (8%)
Week Ended
Jan.
3
-Per Cent of
Rhelnlsche Braunkohlen
Bonds (Par Value)
received by cable
Jan.
Jan.
1
Nordeutscher Lloyd.._
Stocks
as
4
Jan.
Deesauer
1938
8,
STOCK EXCHANGE
BERLIN
THE
on
DAILY
Jan.
Cent
on
New York
—1.6
Chicago
U ni ted States and on foreign countries.
328,787,986
$3,430,809,700
294,155,483
+ 11.8
Philadelphia
any part of the
361,000.000
373,000,000
—3.2
221.294,763
89,635,939
84,700,000
144,628,000
123,257,492
104,504,086
85,365.251
228,572,000
89,102,111
82,600.000
—3.2
127,695,000
+ 13.3
136,632,046
—9.8
99,101,031
+ 5.5
79,231,935
+ 7.7
64,491,083
64,094,363
+0.6
$4,983,677,243
$5,004,993,669
—0.4
•—6.8
Boston
TRUST
MANUFACTURERS
COMPANY
Kansas
City
■
St. Louis
FOREIGN DEPARTMENT!
PRINCIPAL
OFFICE
AND
55
BROAD
STREET. NEW YORK
San Francisco........
-
—
Pittsburgh
Detroit
Cleveland....
Member Federal Reserve
System
........
Baltimore
+0.6
+ 2.5
Member New York Clearing House Association
Eleven cities, five days
Member Federal Deposit Insurance Corporation
Other cities, five days..
—
FOREIGN
EXCHANGE
927,053,499
994,471,657
....
$5,910,730,742
$5,999,465,326
862,146,148
Total all cities, five days
890,358,102
All cities, one day
RATES
—1.5
—3.2
'
Pursuant to the requirements of Section 522 of the Tariff
of 1930, the Federal Reserve Bank is now
certifying
Total all cities for week
$6,772,876,890
—1.7
$6,889,823,428
Act
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
a
We
record for the week just passed;
EXCHANGE
RATES
CERTIFIED
BANKS TO TREASURY UNDER
JAN.
1,
1938 TO JAN. 7,
BY
FEDERAL
TARIFF ACT
1938
OF
RESERVE
1930
INCLUSIVE
In the elaborate detailed
1
Europe—
Jan. 3
Jan. 4
Jan. 5
$
$
Jan. 6
Jan. 7
9
S
.188900*
.189000*
.189000*
.188916*
.169671
.169656
.169636
.169615
.169657
.012725*
.012725*
.012725*
.012600*
.012600*
Czechoslo'kla, koruna
Denmark, krone.
England, pound sterl'g
.035095
.035137
.035112
.035110
.188916*
.035110
.223377
.223360
.223190
.223068
.223179
5.004333
.003916
5 .001291
.997500
:.999958
.022095
.022131
.022085
.022084
.022100
France, franc
.033978
.033949
.033925
Germany,
.402773
.403050
.402934
.402776
.402837
.009157*
.009167*
.009157*
.009153*
.009160*
.198375*
.198375*
.198375*
.198375*
Italy, lira
.052611
.052609
.052607
.052606
.052609
Netherlands, guilder.
.557064
.556939
.556803
.556532
Norway, krone
.556700
.251400
,251412
.251275
.251077
.251208
Poland, zloty
Portugal, escudo
.189533
.189566
.189833
.189800
.189950
.045283
.045316
.045266
.045216
.045250
Rumania, leu
Spain, peseta
Sweden, krona
.007350
.007357*
.007350*
.007350*
.007353*
.061375*
.061375*
.061375*
.061375*
.061375*
.257916
.257937
.357775
.257585
.257716
.231410
.231546
.231451
.231453
.231532
.023170*
.023170*
.023140*
.023170*
.023190*
.294750
reichsmark
Greece, drachma
Hungary,
pengo
Switzerland, franc...
Yugoslavia, dinar...
Asia—
.033966
.033937
.198375*
HOLI¬
China—
DAY
Chefoo (yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tlentsln(yuan) dol'r
Hongkong, dollar..
week
the
For that week there
|
Austria, schilling
Belgium, belga
Bulgaria, lev
Finland, markka
for
results
Unit
Jan.
statement, however, which
we
present further below, we are able to give final and complete
Noon Buying Rate for Cable Transfers in New York
Value In United States Money
Country and Monetary
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
.294750
.294750
.294645
.294645
.294750
.294750
.294750
.294645
.294645
.294750
.294750
.294750
.294645
.294645
.294750
.294750
.294750
.294645
.294645
.312187
.312656
.312421
.311984
.377712
.377918
.377712
.377400
.291222
.291200
.290972
.290752
.587250
.586437
.586125
.586500
ended
Jan.
1.
clearings for the whole country having amounted to
$5,432,632,087, against $6,759,787,703 in the same week in
1936.
Outside of this city there was a decrease of 17.1%,
the bank clearings at this center having recorded a loss of
22.4%. 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) there is a falling off of 22.0%, in the Boston
Reserve District of 17.1% and in the Philadelphia Reserve
District of
18.1%. The Cleveland Reserve District suffers
12.9%, the Richmond Reserve District of 27.3%
15.9%. In the Chicago
Reserve District the totals are smaller by 19.0%, in the St.
Louis Reserve District by 9.6% and in the Minneapolis
Reserve District by 11.2%.
In the Kansas City Reserve
District there is a decrease of 11.0%, in the Dallas Reserve
District of 12.7% and in the San Francisco Reserve Dis¬
trict of 9.9%.
In the following we furnish a summary by Federal Reserve
a
loss of
and the Atlanta Reserve District of
.290672
.586750
week
decrease of 19.6%, the aggregate
.377431
Japan,
a
of
.312265
British India, rupee..
previous—the
was
yen
Straits Settlem'ts, dol
Australasia—
Australia, pound
New Zealand, pound.
North
Newfoundland,
South
1st
Boston
2nd
New
3rd
PhiladelphialO
4th
Cleveland..
5th
6th
Atlanta
10
7th
Chicago ...18
8th
St. Louis...
4
9th
Minneapolis
.999807
.999807
.999567
.999166
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.996875
.997031
.997324
.997285
.997031
Argentina, peso
Brazil, mllrels
.333541*
.333775*
.333483*
.333258*
.333320*
.052200
.052700
.052683
.052100
.052250
Chile, peso—official.
.051680*
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
549500*| .549500*
.549500*
.549500*| .549500*
"
"
export-
*
1938
Richmond .6
.999543
America-
Colombia, peso
Uruguay, peso
1,
4.958281* 4.958437*4.954531*4.951484*4.953046*
.999166
.
End. Jan.
Federal
.999350
dollar
OF
BANK
CLEARINGS
Inc.or
Week
4.015937*4.016830*4.014322*4.011822*4.012604*
America—
Canada, dollar
Cuba, peso
Mexico, peso..
SUMMARY
1928
1937
Dec.
1936
$
S
%
$
1935
3.986875* 3.988177 * 3.985357* 3.982723 * 3 983125*
Africa—
South Africa, pound..
districts:
.040000*
800000*
.657378*1
a
a
!
**
Reserve
DIsts.
12
cities
5
$
241,483,788
291,271,418
—17.1
309,136,476
253,796.363
3,196,723,588
4,100,630,040
—22.0
4,070,815,205
3,630,746,346
44
330,270,742
403,026,553
—18.1
403,934,817
350,985,551
44
302,007,977
346,683,860
—12.9
266,748,100
229,742,564
122,064,545
167,860,687
—27.3
113,802,865
44
146,446,863
174,100,822
—15.9
142.447,001
122.395.493
44
463,169,568
572,042,136
—19.0
487,157,597
399,552,977
44
135,920,342
150,278,057
—9.6
128,325,704
116,470,915
York. 13
109,359,989
7
44
89,235,674
100,453,943
—11.2
80,217,169
74,817,176
10th Kansas City 10
44
122,407,444
137,591,285
—11.0
132,740,680
105,871,137
11th Dallas
6
44
54,901,617
62,896,221
—12.7
54,566,050
45,673,878
Fran.. 11
44
12th San
Total
112 cities
Outside N. Y. City
227,999,939
252,952,681
—9.9
223,916,896
190.113.494
5,432,632,087
6.759,787,703
—19.6
6,413,808.560
5,629.525,883
2,358,283,641
2,797,677,873
—15.7
2,498,439,070
2,117,733,736
291,974,737
312,778,319
—6.7
336,126,388
369,251,028
Nominal rates: firm rates not available.
Temporarily omitted.
Canada
32 cities
Volume
Financial
146
We also furpish
today
a summary
Our usual monthly
of the clearings for the
For that month there was a decrease
month of December.
for the entire
body of clearing houses of 16.3%, the 1937
aggregate of clearings being $28,646,741,055, and the 1936
aggregate $34,206,866,886.
In the New York Reserve Dis¬
trict the totals show a loss of 20.9%, in the Boston Reserve
District of 17.1%, and in the Philadelphia Reserve District
10.6%.
In the Cleveland Reserve District the totals are
smaller by 9.7%, in the Richmond Reserve District by 4.5%,
and in the Atlanta Reserve District by 1.4%.
In the
Chicago Reserve District the totals show a falling off of
11.9%, in the St. Louis Reserve District of 8.9%, and in
the Minneapolis Reserve District of 5.4%.
The Kansas
City Reserve District shows a decrease of 7.5% and the
San FYancisco Reserve District of 2.1%, but the Dallas
Reserve District records an increase of 3.6%.
227
Chronicle
detailed statement of transactions on
the New York Stock Exchange
The results for
is appended.
December and the 12 months of 1937 and 1936
Month of
follow:
Twelve Months
December
Description
496,046,869
409,464,570
48,600,177
28,422,280
Stocks, number of shares.
~
1936
1937
1936
1937
Bonds
$282,033,000 $2,097,109,000 $2,899,372,000
358,615,000
346,778,000
50.468,000
25,054,000
318,887,000
348.644,000
23,378,000
10,736,000
Railroad & misc. bonds.. $162,209,000
State, foreign, &c., bonds
U. S. Government bonds.
$197,999,000 $355,879,000 $2,792,531,000 $3,576,874,000
Total bonds....
The
following compilation
the clearings by months
covers
since Jan. 1, 1937 and 1936:
MONTHLY CLEARINGS
December
December
Inc.or
December
December
1937
1936
Dec.
1935
1934
$
$
%
$
$
Clearings Outside New Yort
Clearings, Total All
Month
Federal
1st
Reserve
Boston
Dists.
14 cities
1.041,415,675
1,162,117,033
—17.1
1,018,402,047
1,185,031,134
$
%
%
+8.2 12,400,970,597 10,876,517,032 + 14.0
9,502,491,474 + 13.1
+8.2 10.750,471,638
32,233,110,651 28,937,366,633 +11.4 13,244,083.177 10,465,721,409 +26.5
I
$
York. 15
"
16,727,282,951
21,158,511,959
—20.9
16,070,708,177
14,993,281,068
Philadelphia 17
2d
"
1,775,914,097
1,987,000,765
—10.6
1,616,128,789
1,393,712,352
—9.7
1,155,691,170
941,601,825
Feb... 26,070,426,220 24,084,886.600
469,337,853
Mar
New
3d
1936
1937
1930
1937
4th
Cleveland.. 19
**
1,499,500,438
1,661,100,751
5th
Richmond .10
"
676,213,177
707,948,295
—4.5
6th
Atlanta
16
"
756,917,917
767,357,136
—1.4
605,873,416
Chicago
31
"
2,272,395,023
2,579,475,238
—11.9
1,976,116,026
1,618,216,797
8th
St.
7
"
665,691,940
730,872,208
—8.9
575,201,868
481,351,933
—5.4
29,924,287,813 27,663,352,857
522,116,446
7th
$
Jan...
526,161,165
..
365,905,158
409,407,968
Minneapolisl6
"
485,067,402
512,716,231
10th KansasCity 18
"
808,999,021
874,436,531
—7.5
739,021,218
600,477,351
11th Dallas
11
"
536,548,219
517,892.561
-)-3.6
418,744,364
330,887,512
Fran. .20
"
1,260,090,837
1,308,139,536
—2.1
1,086,104,114
88,227,824,684 80,685,596,090
+9.3 36,395,525,412 30,844,729,915 + 18.0
April.. 28.818,231,387 27,067,061,596
May.. 26,605,325,643 24,779,150,469
June.. 28,697,184,405 28,699,694,452
+6.5 12,744,647,797 10,863,640.546 + 17.3
+ 7.3 12,037,903,347 10.326,237,123 + 16.5
2d qu. 84,120,741,435 80,445,906,517
9th
Louis..
+4.6 37,203,519,223 32,464,138,522 + 14.0
1st qu.
926,956,501
12th San
'
+0.3 12,420,968,079 11,274,260,853 + 10.2
28,646,741,055
We
26,365,189,409
23,665,246,843
—8.9
10,818,159,213
9,113,393,259
6
1,762,872,845
-6.2
1,515,942,099
1,474,978.978
28,792,060,433 27,302.371.638
July
Aug... 24,766,234,335 23,667,963,759
Sept.. 20,773,041,608 26,404,298,953
+5.5 12.691,807.678 11,854,065,151
+ 5.1 11,645,643,008 10,789,275,911
+ 1.4 12,064,287,840 11,117,622,413
+7.1
+7.9
+8.5
3d qu. 80,331,336,376 77,274,634,350
+4.0 36.401,739,126 33,760,963,475
+7.8
9
Canada....
—16.3
13,724,785,358
1,653,414,836
City-
34,206.866,886
12,497,996,695
Total.......194 cities
Outside N. Y.
+6.0 110000 783,761 97,069,831,912 + 13.3
32 cities
append another table showing the clearings by Federal
Reserve districts for the 12 months for four years:
12 Months
Federal
1st
2d
Inc.or
Dec.
1935
$
$
Boston
New
Deities
York. 15
"
4th
Cleveland.. 19
5th
Richmond .10
6th
13,817,133,037
193,342,655,354 199,681,390,197
—3.2
20,867,872,825
19,810,968,155
"
17,639,522,096
15,498,116,955
"
7,622,630,175
6,905,373,211
+ 13.8 -12,119,967,349
5,815,926,338
+10.4
+ 14.1
+ 8.6
+6.8
+8.6
Atlanta
16
"
8,500.239,904
Chicago
31
"
27,259,768,038
25,110,563,783
St.
7
"
7,728,174,846
7,239,321,043
flth
Minneapolisl6
"
5,742,461,478
5,286,467,352
10th KansasCity 18
11th Dallas
11
"
"
6,073,586,065
5,218,927,273
"
14,521,869,792
13,113,443,808
5,335,677,790
mos
32 cities
4,160,160,815
8,148,325,808
6,931,394,176
4,235,969,205
3,727,272,991
11,477,857,599
9,925,187,182
The
course
of bank clearings at
18,849,552,327
19,203,324,678
16,927,457,721
leading cities of the country
in each of the
for the month of December and since Jan. 1
last four years is shown
+1.5 297,039,343,808 251,359,277,832
+ 8.7 115,488,335,445 99,852,482,609
—1.8
+ 8.7
5,422,573,564
in the subjoined statement:
CLEARINGS AT LEADING
(000,000
■
CITIES IN DECEMBER
——Jaw. 1 to Dec. 31
'—December-—
■■'
1937
1936
1935
%
$
$
15,953,488,513
^ 3
1934
1935
3
1930
«
1937
1934
$
omitted)
Canada
—3.2
+ 1.5 146517929,718 134797031,556
333257707,239 328345828,983
BANK
Total....... 194 cl ties 333,257,707,239 328,345,828,983
Outside N. Y. City..... 146,517,929.718 134,797,031,556
89,939,692,026 —10.4 36,517,145,957 37,727,199.644
5,475,162,878
17,404,549,334
4,767.297,866
+8.4
9,212,121,290
4th qu, 80,577,804,744
12
—0.3
—8.9
5,193,382,429
6,189,041,291
+10.7
9,987,800,720
10,311,541,484
20,891,647,701
+ 16.4
12th San Fran. .20
7,452,002,879
15,163,257,683
17.631,127,89}
7th
.
11,349,934,224
12,369,774,982
+ 0.4
—3.9 12,676,020,156 12,621,381,158
—9.9 11,343,129,106 11.381,033,128
28,646,741,055 34,206,866,886 —16.3 12,497,996,695 13,724,785,358
24,390,053.855 27,076,974,030
..
Dec...
$
187,056,729,985 166,294,861,072
+5.3
252679902,495 238406136,957
Oct... 27,541,009,834 28,655,851,110
1934'
*
%
+1.1
8th
Louis..
mos.
Nov
13,971,125,946
"
..
12 Months
12 Months
1936
Reserve Dists.
Philadelphia 17
3d
12 Months
1937
+7.0 73,599,044,635 63,308,868,437 + 16.3
172348 566,119 161131502,607
mos-
++':
3
496
415
193,549 181,551 161,507
15,728 13,195 11,194
11,863 10,646
9,843
18,745 16,909 14,515
4,498
3,941
3,452
7,387
6,664
5,246
4,465
San Francisco
733
733
610
Baltimore..
323
340
Cincinnati
263
295
259
233
509
233
193
7,914
3,643
3,230
7,230
3,349
2,881
6,469
2,911
2,466
5,258
4,769
4,348
York........16,149 20,482 15,547 14,552 186,740
1,427
1,613
1,246
1,040
17,013
Boston
988
1,203
1,021
875 11,914
Philadelphia
1,669
1,882
1,550
1,335 19,724
St. Louis
404
442
360
302
4,815
New
The volume of transactions in share properties on the
New York Stock Exchange for the
1934 to 1937 is indicated in the
Shares
No.
Shares
......
Pittsburgh
1935
1936
1937
No.
12 months of the years
following:
Chicago
No.
1934
No.
Shares
Shares
Kansas
718
018
City
449
411
387
312
5,475
2,640
2,124
3,619
Cleveland
451
455
334
265
5,128
4,265
3,417
2,979
54,565,349
Minneapolis......
304
321
233
56,829,952
New Orleans
183
174
256
142
3,686
1,973
3,337
1,706
3,045
1,434
2,704
1,251
29,900,904
Detroit.
471
559
435
Louisville
160
168
3,575
1,189
147
58
102
5,351
1,631
1,647
539
1,027
1,693
1,290
1,481
4,523
1,395
134
130
136
44
77
5,868
1,786
Omaha......
1,503
460
829
1,473
1,375
411
695
1,342
1,034
60,884,392
51,016,548
19,409,132
14,404,525
15,850,057
159,265,706
179,102,685
49,663,714
141,296,205
34,606,839
39,609,538
22,408,575
29,845.282
18,549,189
16,449,193
Month of January..
20.613,070
30,439,671
22,330,422
25,335,680
58,071,416
February
March..
_
50,248,010
50,346,280
_
First quarter............
67,201,745
Providence.......
Month of April
....
May
56
Milwaukee.......
97
115
338
108
106
38
62
112
92
1,611
571
1,095
1,887
1,348
Second quarter.
.....
69,605,221
21,428,647
81,651,855
16,800,155
71,981,117
75,184,668
170
132
St. Paul
123
128
Denver
June
140
147
102
121
100
1,666
80
88
63
52
191
196
153
138
95
113
83
73
956
2,112
1,043
153
112
1,986
Buffalo.
150
_________
Indianapolis..
Richmond
228,870,927
260.754,540
124,848,382
213,277,322
20.722,285
17,212,553
34,793,159
26,563,970
29,427,720
42,925,480
33,854,188
30,872,559
34,726,590
21,113,076
16,690,972
12,635,870
71,789,026
92,229,688
107,079,790
50,439,918
300,659,953
352,984.228
231,928,172
263,717,240
51,127,011
43,995,282
46,658,488
15,659,921
29,254,626
28,422,380
50,467,182
48,600,177
57,459,775
45,589,317
108,804,617
143,062,641
149,707,580
60,119,394
12 months.
409,464,570
496,046,869
381,635,752
323,836,634
1,050
724
597
1,863
1,697
1,558
1,036
828
760
1,184
20,870,861
Fourth quarter
1,171
1,264
802
Six months...^...........
Memphis.........
August.....
September
.
Salt Lake
City..._
Hartford
Total
Third quarter
Nine months
Month of October..
November
December
...
Other cities_______
162
138
1,727
1,460
84
80
65
56
857
756
648
549
44,
Seattle
Month of July
56
56
45
605
591
558
445
25,901 31,281 24,176 21,811 301,816
2,746
2,926
2,189
1,854 31,442
Total all.......28,647
Outside New York. 12,498
34,207 26,365 23,665 333,258 328,346
13,725 10,818
9,113 146,518 134,797
23,588,612
We
add
now
for each city
two years
our
detailed statement showing the figures
separately for December and since Jan. 1 for
and for the week ended Dec. 31 for four years:
Week Ended Jan. 1
12 Months Ended Dec. 31
Clearings at—
1937
1936
Dec.
S
%
$
$
%
1938
$
1937
$
1935
1936
Dec.
$
$
%
District— Boston—
663,262
—36.7
639,660
33,358,823
+ 2.5
453,990
717,412
9,709,698
11,395,622
—14.8
109,334.858
111,233,922
—1.7
2,597,118
+0.4
—18.7
268,833,347
218,628,249
—11.0
11,913,702,225
36,199,025
2,206,216
251,483,228
2,102,501
—17.9
2,012,075
204,440.399
701,081
—8.8
1,202,920,774
3,391,951
686,086
+ 2.3
657,908
680,621
294,462
329,753
—10.7
2,511,080
Portland-
3,348,105 —25.0
34.199,369
1,630.575
1,790,794
—8.9
20,140,258
11,862,695,393
33.788,745
19,002,584
1.509,428
1,691,800
4,053,237
16.003,041
—10.8
20,361,209
18.532.496
+9.9
—23.5
37,171,351
36,876.820
+0.8
578,666
887,020
161,541,023
+5.8
2,847,483
3,337,338
—12.0
110,507,152
94,883,369
+ 16.5
1,620,489
—21.4
604,794,404
591,262,442
+ 2.3
10,603,963
2,340,991
10,873,039
—0.3
223,383,309
204,753,776
+ 9.1
4,126,158
4,702,531
—6.2
90.274.000
+ 14.2
—4.5
570,601,300
79,031,000
539,411,600
+5.8
13,377,100
3,215,158
10,266.124
56,182,531
19,810,791
8,040.800
58,376.100
4,144,005
—22.4
29,520,955
30,761,044
—4.0
1,162,117,033
1,401,415,675
—17.1.
13.971,125,946
13,817,133,037
+ 1.1
Mass.—Boston
Fall River
3,019.876
...
Holyoke
.........
3,098,711
14.628,251
New Bedford
Springfield
9,031,645
Worcester.....
44,146,542
Conn.—Hartford
18,557,510
New Haven
Water bury
R.
Dec.
987.795,859
Me.—Bangor
Lowell...
1936
$
ve
Inc. or
Inc. or
Inc. or
1937
First Federal Reger
297,039 261,359
115,488 99,852
MONTHS 1937, AND FOR WEEK ENDED JAN. 1
CLEARINGS FOR DECEMBER, 12
Month of December
300,078 274,111 241,532
28,268 22,928 19,827
7,538,800
....
55,723,900
I.—Providence
N. H.—Manchester...
K Total (14 cities)
—8.6
170,930.531
+ 7.1
+ 6.0
367,419
319,289
—34.8
648,633
—14.7
3,483,386
—30.8
-
2,147,680
13,954,647
606,964
2,915,231
1,609,218
11,035.363
—12.3
4.362,628
4,455,369
+ 1.5
9,783,500
253,796,363
—2.5
*,m
+
m.
427,322
13,184,000
523,804
—18.4
11,394,600
520,405
241,483,788
291.271,418
—17.1
309,136,476
525,781
Financial
Chronicle
CLEARINGS
228
(Continued)
Jan.
1938
Week Ended Jan. 1
12 Months Ended Dec. 31
Month of December
8,
Clearing! at—
Inc. or
1937
46.341,424
4.828,607
150,368,419
2,273,865
Buffalo.
Elmira
3,541,084
Jamestown
16,148,744.300
York
36,400,241
20,905.000
3,438,267
17,300,385
21,871.993
2,030,706
96,400,873
107,453,505
5,192,102
Rochester..
Syracuse
TJtica
Westchester County.
Conn.—ntamford
N. J.—Montclalr
Newark
;..
Northern N.J
Oranges
Dec.
1937
1936
Inc. or
%
$
$
%
Dec.
1937
1938
Dec.
4
1935
1936
$
$
%
District —New York—
erve
Blnghamtcm.
New
$
S
«
Second Federal Res
N. Y.—Albany
1936
Inc. or
50.817,916
—8.8
5,379,310
170,000,147
2.897,470
3,777,590
20.482,081,528
37,180,317
19,150,349
3,028,347
15,330,850
19,223,733
444,645,929
59,205,340
—11.6
1,886,835.575
33.807,398
1,692,936,197
34,500,601
31,587,550
193.548,797,427
394,483,742
212,275,449
38,662,229
169,992,869
193,376,084
20,098,762
1,012,825,606
1,780,702,955
46,639,457
—3 2
1,376,291
27,900,000
643,103
991,842
—34.5
640,649
513,880
3,074,348,446 3,962,109,830
6,447,113
7,932,707
—22.4
—27.9
35,700,000
549.013
+ 14.0
-20.9 193,342,655,354 199,681,390,197
—22.8
6,498,334
1,132,894
32,400,000
423,770
649,331
+ 11.5
—21.5
—6.3
39,808,449
—21.2 180,739,777,521
—2.0
426,604,215
+9.5
250,245,451
44,009,794
191,010,128
229,478,310
21,989,501
1,057,365,635
1,801,449,760
47,961,799
—5.2
+ 12.9
+ 13.8
2,011,888
+0.9
109,436,020
—11.9
233,028,088
4,496,400
—28.1
+ 15.5
+9.0
—2.0
+26.2
—3.5
+8.1
+ 17.9
6,364,447
7,795,000
1,437,018
32,800,000
755,142
+22.3
7,947,509
816,804
+ 14.0
—10.2
507,071,433
64,520,385
—9.2
3,915,369+90 3,511,792,147
8,049,027
8,653,247
3,669,149
+29.4
4.080+09
—18.7
4,815,234
3,721,669
+ 12.7
3,316+47
2",383",729
1,441*709
3,768,637
411,332
21,974,753
39,404,212
2,207,188
3,861,925
+50.3
+ 18.7
—2.4
3,274,245
2,729,236
*500,000
—17.7
496,521
280,000
22.026,001
53,398,637
—0.2
19,579,601
—20.2
73,550,154
18.721,175
47,206,182
3.196,723,588 4,100,630,040
—22.0
+6.2
+4.4
+ 1.2
+2.8
t
Total (15 cities)
16,727,282,951 21,158.511,959
Thlrd]Federal
•ve
Pa.—Altooua
District—
1.933,053
*1,900,000
1,800,231
10,940,713
6,629,129
2,042,177
1,889,549
1,099,000,000
Bethlehem
Chester..
Harrlsburg
Lancaster
Lebanon
Norrlstown
Philadelphia
6,290,072
Reading...
Scranton
11,438,670
4,365,987
Wllkes-Barre
York
7,813,008
1,598,579
755,956
2,988,650
24,039,523
20,576,200
Pottsvllle
Du Bols
Hazleton
_
Dei.—Wilmington.
N. J,—Trenton
Totai;(17.cltles).
1,775,914,097
Fourth Federal Res
9,831,143
262,966,539
+ 7.8
+0.1
—2.3
—31.1
—11.3
+ 1.0
—15.1
—17.2
26,399,698
28,041,620
17,050,791
120,061.078
73,194,243
24,855,096
23,232,010
19,724,000,000
76,507,766
127,521,224
+ 15.3
55,860.619
90,441,534
18,134.203
7,452.158
3,283,080
—9.0
34,538,941
18,802,440
20.259,900
+ 27.9
+ 1.0
193,184,244
220,801,000
1,987,000,765
-10.6
20.867,872,825
—2.5
+2.1
—13.6
23,763,964
24,430,800
+ 11.1
307,694
509,128
—39.6
384,608
*500,000
—23.1
+0.2
+ 14.0
+9.9
312,495
289,554
+ 7.9
407,277
449,305
283,476
459,439
+ 14.8
16,627,048
105,298,948
"Vol",031
1,243,779
—27~6
1,352,524
1,022,104
384,000.000
1,703,334
—16.7
—31.7
—31.2
+ 15.6
1,452,747
*1,200,000
1,551,814
388,000.000
1,293,310
3,564,884
1+51,158
1,577,183
338,000,000
2.069,944
—3.2
320,000,000
1,049,348
1,823,345
825,374
60,005,541
21,461,140
—16.5
+5.2
+ 14.4
—0.5
+4.6
219,439,000
3,214,100
9,359,000
—65.7
5,555,700
4,186,000
+5.3
330,270,742
403.020,553
—18.1
403.934,817
350,985,551
126,093,320
3,229,607,260
5,128,345,199
644.080.100
28.073.487
19,589,112
101,770,891
153,227,452
77.627,067
104.127,192
2,880,749.980
4,205,016,595
+ 12 1
54,460,483
95,576,114
62,356,800
—12.7
—9.4
10,247,700
12,424,000
—17.5
51,013,976
87,105,560
10,838,800
46,422,506
105,534,728
1,518,992
1,729+32
—12" 2
1,326+10
1,171,901
292,140,128
11,821,783
X
X
+ 21.1
—12.6
975,862
642,211
1,066,201
544,797
+ 17.9
703,762
617,511,992
7,417,087
772,616
—1.1
—14.0
—19.5
79.323,644
108.830,769
8,603,387
70,053,399
98,259,160
+ 11.2
8,372,471
718,364,318
7,699,177
10,710.190
745,237
13,115,095
10,396,160
1,499,500,438
1,661,100,751
-9.7
17,039,522,096
15,498,116,955
+ 13.8
302,007,977
346,683,860
14,735,052
+32.1
267,161
2,394,000
38,568,448
1,059,552
313,582
3,026,000
53,558,747
1,318,190
Pa.—Beaver County..
Franklin
Greensburg
Pittsburgh
Erie
Oil City
11,188,752
Warren...
844,491
Ky.—Lexington
W. Va.—Wheeling
11,927,414
District
ve
W. Ya.—Huntington..
Va.—Norfolk
1.516.307
13,318,000
190,797,292
5,404,369
....
p^Rlchmoud
C.—Charleston
Columola
2,709,137
1,327,350
8,736,855
13,080,122
—2.8
+ 15.1
—16.2
—14.4
—8.9
—8.5
—3.7
+4.5
+ 13.3
—9.1
6,348,650
9,013,511
7,387,019,411
89,422,718
137,843,231
9,566,363
Md.—Baltimore
Frederick
D. C.—Washington...
Total (10 cities)
20,440,216
13,370,607
79,667.144
+ 27.7
139,392,654
+ 9.9
66,003,107
+ 17.5
252,965,251
9,759,217
5,747,133
7,786,417
6,063,998,001
78,278,207
116,934,868
X
X
X
+ 15.5
X
X
-
"
"
+ 19.1
+ 10.5
+ 15.8
140,204,688
+ 10.8
164,638,600
—14.8
116+02,954
110,829*693
266.748,100
229,742,564
+ 14.2
+ 17.9
----
+ 13.2
+ 10.8
1,001,238
—8.7
14,615,000
—8.9
144 ,259,000
131,899,000
+ 9.4
—2.7
1,862,526,216
59,708,967
93,460,031
57,624,677
+ 13.4
—8.3
2,111 ,801,349
70 ,398,304
19
,403,533
—2.7
100 ,847,185
6,392,040
—30.6
60 ,723,976
21,772,842
340,492,350
1,550,537
109,547,663
—12.7
195 ,375,855
707,948,295
19,240,368
9,625,400
+6.2
+ 17.8
—12.9
—14.8
192,344
112,098
—20.9
—28.0
2,639,000
30,703,463
2,160,000
29,368.915
—19.6
1,212,358
1,061,998
61,192,599
+ 7.9
+5.4
—5.2
3,642 ,964,591
190,441,284
3,349,477,081
+ 8.8
59,788,850
84,131,595
—28.9
61.050,376
+ 11.5
20 ,805,470
17,510.681
+ 18.8
—1.9
1,255 ,990,900
1,127.930,222
+ 11.4
19,986,534
25,512,573
—21.7
18,005.324
15+04,379
1.5
7,622,630,175
6,905,373.211
+ 10.4
122,064,545
167,860,687
—27.3
113,802,865
109,359,989
+5.6
174,993,018
809,122,151
+ 16.1
3,670,976
4,781,882
—23.2
18,739,140
—17.8
12,745,238
2,601,000,000
+ 10.7
15,395,917
54,000,000
1,208,184
70,300,000
—23.2
50,300,000
1,026,049
—25.7
55,300,000
1,144,401
-19.8
203,163,433
933,702,393
2.879.900,000
66,170,323
47,090,276
52,518,895
—19.7
813,747
+ 7.3
920.545,262
—14.3
16,829,000
783,181
16,068,000
—9.4
—2.4
16,171,812
—33.3
1,388.099
+ 2.6
District— Atlanta—
FedferalJReser
61,093,604
+ 40.5
196,119,247
5,891,976
9,904,790
676,213,177
N. C.—Durham
610,964,300
+20.2
+5.4
Richmond-
9,637,502
4,435,177
19,006,864
322,956,751
1,729,106
107,411,749
Greenville
*
3,166,043
1,363,210
12,108,801
7,196,190
3,950,353
4,006,000
4,710,000
—2.2
59,080,000
49,388,000
+ 19.6
7,292,557
+ 2.3
83,111,013
75,420,977
+ 10.2
1,332,422
824,875
173,672,789
+ 7.5
17,560,767
16,359,272
+ 7.3
783,314
183,220,505
—5.0
8,909,209
7,997,368
+ 11.4
+ 5.5
1,972,629,039
1,706,496,246
+ 15.6
123,184
34,021,822
36,312,306
756,917,917
.
18,219,392
82,415,995
270,500,000
7,086,045
4,266,097
5,527,331
77,746,720
6,823,930
95,400,079
7,360,540
4,178,364
7,462,591
1,431,882
.
Nashville..
767,357,136
—1.4
8,500,239,904
7.452,002,879
+ 14.1
146,446,863
174,100,822
+ 14.3
20,739,219
5,868,433,887
64,545,320
165,393,450
25,380,654
84,055,161
34,847,527
36,069,468
60,188,095
183,001,777
956,086,589
78,871,025
265,073,402
58,435,038
1,095,427,491
25,372,949
37,173,779
6.021,948
18.791,653
+ 10.4
308,930
101,193,453
631,663
—41.6
596,700
510,378
149,628,286
—32.4
120,963,626
88,650,923
2,416,949
3,791,805
—36.3
2+87,306
1,872,027
*1,300,000
1,625,547
—20.0
1,458,867
1,000,239
78,724,050
Ga.—Atlanta
,
Augusta
Columbus
258,300,000
5,739,657
3,906,580
Macon
4,431,936
83,440,585
Fla.—Jacksonville
Tampa
6,181,017
Ala.—Birmingham
88,302,983
Mobile
Montgomery
Miss.—Hattlesburg
•
Meridian
Vlcksburg..
La.—New Orleans
cities)
Seventh Federal Re
Mich.—Ann Arbor....
serve
Detroit
District
2,124,061
470,786,858
5,337,288
Flint
Grand Rapids
13,359,503
2,021,393
7,520.855
2,787,638
3,174,085
5,339,700
13,861,208
79,521,942
Jackson
Lansing
Muskegon...
Bay City
Ind,—Ft. Wayne
,
Indianapolis
South Bend
Terre Haute
Wis.—Madison
Milwaukee
--------
19,810,968,155
26,807,101
Gary..
1,340,173
.
7,110,431
30,741,164
Toledo
Jackson
1,255,600
+0.1
+ 12.6
+3.4
6,474,188
Newark
Tenn.—Knoxvllle.
—6.4
1,728,831
2,755,617
+ 20.2
—18.0
Youngstown
Fifth Federal Reser
—38.4
—
72,535,500
Mansfield
Totai;(19;cItles)
237,781
+ 15.8
27.810,394
18,745,000,000
66,850,995
128,129,487
57.734,005
78.250,662
17,332,177
6,198,074
34,497,276
171,538,044
455,473,014
Lorain
^
+ 20.5
—1.0
Hamilton
,
—13.6
—10.9
Columbus
Total (16
2,090,420
2,743,250
1,882,000,000
0,230,844
13,479,758
5,275,091
7,650,990
1.849,864
655,520
—16.1
10,087,242
295,280,079
Cleveland
Sixth
2,303.861
*2,200,000
1,498,517
10,153,805
6,522,753
451,057,457
59,460,300
2,634,224
1,527,880
7,323,495
11,714,009
Cincinnati
S.
Philadelphia
District —Cleveland—
erve
Ohio—Canton
4,070.815,205 3,630,746,346
...
Oshkosh
Sheboygan
Watertown
Manitowoc..
Iowa—Cedar Rapids..
Des Moines
Sioux City
Ames
111.—Aurora
Bloomlngton
Chicago
Decatur
Peoria
-19.0
—8.4
—7.4
—2.2
—5.5
1,858,563
558,764,290
5,574,954
10,908,457
2,187,250
8,160,905
3,300,843
3,400,843
5,491,666
16,051,301
—15.7
—4.3
—21.3
—7.6
—7.9
—15.5
—6.7
—2.8
—13.6
6,770,465
24,286,808
4,938,329
97,195,746
2,150,426
2,709,301
511,011
1,440,310
4,964,677
7,213,611
25,740,751
5,167,459
101,596,972
—6.1
41,607,925
14,336,083
*725,000
3,114,779
16,727.000
+ 13.8
18,810,392
1,339,388
19,264,559
2,009,261
—5.6
—4.4
—4.3
—4.2
—10.5
16,230,318
5,210,670
—4.8
43,076,421
—3.4
58,461,120
455,110,296
16,042,126
—10.6
743,682
2,579,475,238
5,777,777
+22.1
+ 5.3
1,432,297
19,522,000
—19.4
2.272,395,023
Springfield.......
Sterling.
*1,150,000
3,361.622
541,281
1,609,089
518,732
10,875,321
+ 8.6
65,162,890
1,055,022,308
89,733,507
45,334,589
62,232,159
38,782,679
48,363,664
754,015,099
61,854,935
927,378,113
73,453,058
45,139,540
2,243,704
2,079,629
2,521,779
1.613,215,864
4,890,326
21,361,758
6,053,188
6,430,187
601,047
1,906,211
1,426,554,508
4,382,939
+ 15.4
+ 6.3
788,392
+23.0
+ 22.2
15,532,297
1,409,894
+ 0.4
X
X
113,328
X
X
X
—6.3
153,633
34,735,028
128,076
23,913,636
—15.9
142,447,001
122.395,493
+ 8.7
—Chicago—
—9.6
5,734,138
—4.5
88,003,000
Rockford.
Total (31 cities)
—4.5
—5.6
5,350,618,257
+9.7
57,307,814
+ 12.6
149,606,126
+ 10.6
22,611,590
76,792,248
30,157,931
30,306,872
55,515.438
147,972,857
862.322,000
66,182,040
250,390,993
48,220,037
1,026,855.064
22,975,541
35,744,519
5,826,381
15,782,332
54,376,032
'
1,090,703
1,048,261
+4.0
901,188
727,988
16,337,000
1,151,368
17,514,000
—6.7
13,065,000
1,877,157
5,943,187
—38.7
5,450,964
—8.3
16,269,000
1,050,930
5,928.935
19,016.632
19,93S" 415
—4*6
18,299,195
14,430*510
1,117,513
8,715,911
3,032,741
6,626,965
+24.1
672,819
4+45,061
+ 21.2
862,486
l",053*867
—18*2
434.723,450
8,673,230
174,550,808
3,041,889
8,704,954
3,019,242
—0.4
—2.5
164,903,506
9,456,141
+49.8
33,654,577
20,804,501
—22.0
22,266,884
199*062
904,790
—79+
778+92
424*336
15,727,768.033
43,189,615
224,850,073
56,479,149
63,150,087
295,964,889
825,808
3,131,544
348.794,078
—15.1
259,787.317
951,007
4,304,298
—13.2
299,367,558
751,048
—27.2
1,060,760
1,067,593
—0.6
1,083,901
1,186,986
—13.7
22,616,003
17.013.474,941
49,986,550
217,650,361
73,209,927
71,817,324
7,480,195
-11.9
27,259,768,038
25,110,563,783
572,042,136
—11.6
—10.4
—21.0
—5.3
—10.1
I
+ 0.7
*645",158
2,366,290
7,792,016
"
6,620,842
"
"
"
—8.7
3,199,002
959,174
1.280+11
537,667
2.396,311
537,960
856,028
—19.0
487.157,597
399,552,977
...
+8.6
463,169,568
Volume
146
Financial
Chronicle
CLEARINGS
Month of December
229
(Concluded)
12 Months Ended Dec. 31
Week Ended Jan. 1
Clearings at—
Inc. or
1937
1936
Dec.
$
$
%
v:\
Eighth Federal Res
District
erve
Mo.—St. Louis
-St.
403,852.277
Cape Girardeau
Independence
Ky.—Louisville
476,870
159,989.849
Tenn.—Memphis
94,844,817
111.—Jacksonville
347,817
Total (7cities).
Ninth Federal Rese
665,694,940
4,497,830,366
+ 7.1
42,467,526
6,210,417
37,840,603
+9.5
+0.7
+ 7.4
+6.3
—8.3
31,167,000
3,396,902
27,337,000
+ 14.0
440,000
—8.9
7,728,174,846
7.239,321,043
+6.8
—6.0
189,674,147
155, 717,562
3,336, 540,866
15, 707,777
1,289, 777,170
+ 21.8
—5.3
18 ,535,239
9,422,703
—15.6
902,000
+6.1
12,071,000
10 067,000
—15.1
9 ,109,789
3,038,338
8,774,399
619,300
3,063,840
3,570,388
13,016,978
6,296,463
641,800
3,053,989
(16 cities)...
Tenth Federal Rese
District-
—18.1
—3.9
—13.5
—1.6
—2.5
—28.2
.
+3.6
—0.3
108 322,047
23,96l"580
16,312,873
15,399,335
523,000
—15.9
434,000
410,000
150,278,057
—9.6
128,325,704
116,470,915
2,614,354
67,828,328
2,591,711
+ 0.9
66,339,742
—12.8
2,137,828
52,484,458
2,250,643
48,021,182
23,892,308
25*.9*64*756
—8*6
20,448*063
19,945"6O7
1,652*542
+4.5
1,6*32*966
+i"2
1,808*346
1,426,983
X
+ 11.5
36,630,721
+2.6
+ 8.3
*
-
"513*444
*475*853
'536*742 —11*3
*297,382
"*3*01*626
2,258,845
2,883,215
—21*7
2,547*582
2,405,563
+8.6
89,235,674
100,453,943
—11.2
80,217,169
74,817,176
—7.2
5,780,845
6,574,057
146,074,547
1,646,788,876
153,774,148
6,069,089
9,235,578
111,380,296
164,494,117
24,038,673
4,768,638,222
162,350,688
6,852,188
435,631,190
33.601.462
1,480,896,087
—4.5
92,946
86,447
104,808
+ 7.5
102,176
—7.5
2,481,459
—11.2
104,160
2,750,013
30,345,768
—14.8
29,847,716
86,838
81,082
2,003,573
24,236,386
2**9*4*6+66
513,651
—9.3
—
—3.5
1,610,593,487
199,899,968
544,342
+6.0
+4.6
—10.2
—0.3
6,974,124
—8.9
9,274,696
—6.9
116,235,352
180,126,205
+9.1
96,964
—5.0
2,203,670
25,867,140
—2.2
+30.0
Parsons
752,202
546,088
825,789
Topeka
9,884,512
15,086,958
10,619,931
18,152,112
—16.9
2,232,026
2,330,844
—4.2
411,352,414
448,846,501
—8.4
12,976,251
15,508,101
563,105
42,803,091
3,194,838
147,222.624
—16.3
2,862,002
1,385,062
—13.1
+ 12.8
34,845,146
1,665,857,014
33,537,057
16,234,337
874,436,531
—7.5
9,987,800,720
9,212,121,290
+ 2.0
73, 591,466
62,830,872
+ 1.5
56, 006,072
+ 1.8
+0.3
+ 12.4
41,*119*260
442,745
Carthage
44,885,998
ColoColoradoSprlngs
2,950,627
139,532,697
Denver
2,486,631
Pueblo————
1,562,266
Wyo.—Casper
808,999,021
(18 cities)
Total
Eleventh Federal R
eserve
Distric
Beaumont
Dallas ----------- -
6,339,516
4,362,279
234,611,559
20,864,806
34,091,209
12,787,000
181,684,732
El Paso.---------
35,314,751
—
13,922,000
191,303,611
2,391,828
4,724,389
1,597,724
16,666,854
Galveston
Houston.---
-
Port Arthur
Wichita Falls--Texarkana
La.—Shreveport
—7.6
—5.2
35,727,764
14.213.463
536,548.219
+3.6
2,699, 944,350
240, 023,454
412, 283,932
+ 8.9
146 200,000
+5.3
2,165, 962,723
+ 19.4
25 610,960
1,795,657
15,511,031
20,929,348
Ft. Worth.
+ 4.9
2,004,001
3,840,771
238,805,699
-
—21.4
25,376,321
5,258,142,334
160,608,436
6,457,219
512.145,985
+ 14.9
+0.4
+4.4
2,146,730
l",761*590
+21*9
1,9*36*998
+9.5
2,926,143
3,521,606
—16.9
2,660,299
2,467,439
95,276*715 —1*0*3
91,34*7*, 105
70*.148*,268
—9.8
2,947,352
2,692,624
+5.6
+ 10.3
85*,490*,749
—1.1
2,684,069
2,976,614
—5.8
+ 17.6
+3.7
*4*8*0*860
"474*614
1*4
"450*664
+ 12.5
—6.1
418,173
*5*6*8*264
—2*6*4
594,797
748*476
+8.4
122,407,444
137,591,285
—11.0
132,740,680
105,871,137
+ 17.1
+ 21.8
1,219,293
1,533,855
—20.8
882,078
1,037,039
48*.6*9+998 —1*5*6
41,8*21*,174
35,945*685
+
""4*60*291
"
+ 14.2
-Dallas—
6,463,366
4.428,649
Texas—Austin
*466*778
Kansas City-
Manhattan--------
St. Joseph
*4*93*516
1*7
5,286,467,352
138,799,707
Okia.—Tulsa
+
2,925,014
139,845,138
—6.9
Kansas City
" 504*877
5,742,461,478
41,602,370
+0.8
—6.4
Mo.—Joplin
\
—5.4
—4.1
586,782
Wichita
X
—10.5
7, 205,488
12,855,230
147,343,565
18,277,215
------—— -
27**6*7*8*831
—23.0
135,920,342
+4.5
87 003,766
12,038,322
133,608,101
17,639,821
Hastings
Omaha
—9*9
22,367,339
.
—0.5
32 ,110,879
546,435
Kan.—Kansas City
34,487*718
17,220,025
+ 10.5
77,833,905
7,392,910
5,520,136
7,173,196
—
31,060,317
—7.5
476,673
Neb.—Fremont
Lincoln
76,700,000
276.723
485,067,402
rve
83,900,000
33, 833,785
39, 249,071
133, 650,063
3, 258,237
256,082
Lewis ton
Total
—6.1
512,716,231
3,423,501
13.116,529
Helena
92,900,000
+ 18.6
2,963,024
10,803,287
35,789,837
87,200,000
•
+ 19.9
946.722
Huron..
Great Falls—
$
—0.9
—15.9
804,000
Mont.—Billings
1935
$
—0.6
6 378,613
—4.8
957,000
.
D.—Aberdeen
1936
%
+ 10.5
1,631,057,919
1,036,239,585
—4.7
603,440
Grand Forks
Sioux Falls
or
Dec.
+ 12.2
5,618,668
1.786,445,321
1,043,272,740
3,609,981
—16.9
7,952,815
__
Fergus Falls
N. D.—Fargo
S.
4,815,001,861
593,613
St. Paul—
1937
$
%
3,686,111,280
15,630,019
1,348,159,284
18,423,391
6,324,037
113,245,138
District—
1,363,463
123,302,554
Rochester
Inc.
1938
Dec.
730,872,208
Minneapolis—
15,792,475
320,800,188
1,663,985
128,280,079
1,944,673
14,852,370
303,808,497
Minneapolis
Minot
1936
1,681,702
rve
Minn,—Duluth
Winona
—8.7
323,996
2,671,000
2,449,000
Qulncy
1937
Louis—
442,176,748
4,493,761
500,414
167,970,784
112,735,505
3,734,310
...
...
Inc. or
—11.0
17 ,516,202
+ 7.5
187 ,357,390
45,982,307
2,401,917,089
203,789,582
328,269,894
130,036,000
1.808,758,478
19,475,929
40,310,614
15,548,582
162,007,926
+3.6
517,892,561
+23.0
49 089,516
+ 17.8
+25.6
+ 12.4
+19.7
+31.5
5,874,355
6,459,781
—*9 +
5*."3*64",895
4+3*0,'2*8*4
2,753,000
2,613,000
+9.6
3,321,000
2,411,000
""907*,942
"*642,136
+*4*1*4
542,773
+ 15.6
3*.0*27*767
3*."0*55*457
—0.9
2,634+30
2,149,870
54,901,617
62,896,221
—12.7
54,566,050
45,673,878
+ 21.8
X
+ 12.7
6,073,586,065
5,218,927,273
+ 16.4
*2,400,000
2,681,877
—10.5
26,551.163
—13.0
—^w-'-
153,123,828
—5.4
1,986,377,848
+ 15.0
29*. 750* 074
32*,"696*666
—9*0
29*.3*6*9*354
23*,*291*936
Spokane-..—-----
37,796,848
161,797,000
49,154,000
4,657,346
30,505,738
1,727,459,279
—23.1
481,017,848
484,631,000
—0.7
49,189,433
+ 15.9
9,648,000
903,928
8,726,000
—13.1
797,802
8,294,000
583,086
6,642,419
—9.2
62.414.637
10,488,000
+9.5
24,13*0*,154
27*.*478*153 —12*2
22*.*43*7*577
26,355*380
17.3*02*,785
16*.*181*616
13*843; 517
11,303*496
+32.0
56,988,773
68,315,456
13,101,000
1,651,542,959
41,045,064
856,541,593
190,352,270
99,898,625
7,145,000
785,887
—25.9
+ 0.7
—7.0
260,773,787
—0.5
2*,*932*088
+ 14.3
218,923,045
47,142,343
—7.5
209,351,235
45,619,759
7,913,846,281
(11 cities)
Total
Twelfth Federal Re
Wash.—Belllngham
serve
...
District
-San
Franci SCO
-
Seattle-
4,688,794
6,031,479
Yakima.
Idaho—Boise
1,041,000
127,631.859
Ore.—Eugene
Portland--------—
995,000
137,446,600
4,487,694
80,215,734
3,961,234
Utah—Ogden
Salt Lake City
84,114,143
14,847,474
+ 4.6
—7.1
—11.7
+ 4.9
—18.9
Berkley
12,111,354
21,514,019
Long Beach
19,599,331
Modesto
3,962,000
17,481,342
18,299,468
9,171,828
23,137,628
19,707,385
3,467,000
18,902,713
3,706,613
732,978,403
3,998,846
—7.3
732.740,948
+0.1
12,667,932
7,442,709
10,525,409
+ 8.2
11,391,360
1,280,090.837
1,308,139,536
Ariz.—Phoenix
-
Calif.—Bakersfield
Pasadena..
Riverside
—
San Francisco
13,707,129
San Jose—
8.002,627
Santa Barbara
Stockton
+24.9
1,471,756,115
40,385,430
+ 12.2
755,931,770
+ 13.3
+ 14.8
+ 1.6
154,757,584
79,435,269
+ 12.6
+ 7.1
2,615,898
+ 7.5
+8.2
165,762,278
72,663,623
225,071,465
205,623,861
38,648,581
181,250,449
42.570.638
7,230,151,707
137,438,473
74,188,822
120,287,890
107,312,509
+ 12.1
2,190,761
2,130,910
1,140,240
2,125,491
-2.1
14,521,869,792
227,999,939
252,952,681
+
6*9
+
+37.5
+ 15.9
3*528*968
3*431*893
2*8
3*.*529^922
+ 15.5
2,920*604
3,377,756
—13*5
3,345*094
2,607*053
+ 7.2
+ 9.5
136*,371*654
153* 83*9* 29 4
—1*1*4
136,408*292
116*,54*5*856
+22.8
+ 10.4
2,534,163
1,405.028
+3.1
1,520,147
1,653,453
990,382
1,556,776
—9.9
223,916,896
190+13,494
+ 6.5
+ 22.0
1.258,808
13,113,443,808
+ 10.7
Grand total (194 cities) 28,646,741,055 34,206,866,886
—16.3 333,257,707,239 328,345,828.983
+ 1.5
5,432,632,087 6,759,787,703
—19.6 6,413,808,560 5,629,525,883
12,497,996,695 13,724,785,358
8.9 146,517,929,718 134,797.031,556
+ 8.7
2,358,283,641 2,797,677,873
—15.7 2,498,439,070 2,117,733,736
Total (20 cities)-——
Outside New York
CANADIAN
CLEARINGS FOR DECEMBER,
Month
12 MONTHS 1037, AND FOR WEEK ENDED DEC. 30
Week Ended Dec. 30
12 Months Ended Dec. 31
of December
Clearings at—
Inc. or
Inc. or
1937
Dec.
1937
1936
Dec.
$
Canada—
1936
?
%
%
$
%
568,841,260
622,322,242
—8.6
533,716,007
526.513,041
+ 1.4
138,063,599
200,986,444
92,415,721
97,255,751
—31.3
12,437,311
10,953,410
+ 13.5
Hamilton
25,364,871
22,882,595
+ 10.8
6,397,987,564
5,874,146,518
2,030,163,981
975,233,058
1,091,883,247
264,680,505
134,094,626
285,024,414
Calgary...
26,254,604
26,964,613
—2.6
306,818,675
Toronto
i.-----
Montreal
Winnipeg
78+86+24
Vancouver
Ottawa
114,098,280
24,805,529
....
Quebec
Halifax
_
_
__
—15.4
+ 17.3
23,982,811
+3.4
—
111,143+28
93,515,041
2,925,627,890
—30.6
22,031,482
36,515,667
953,566,363
1+32,979,501
+ 2.3
—3.6
13,533,757
14,175,617
222,901,251
119,545,816
+ 18.7
4,288,736
+ 12.2
2,158,446
236,482,873
+20.5
306,317,532
4,939,284
4,098,985
16.452,668
15,122,615
4,301,028
1,801,571
3,869,128
4,238,565
1,531,854
1,484,931
2,256,039
3,378,069
4,158,047
—33.9
1,877+58
3,567,751
5,205+30
1,455,481
1,179,835
3,099,039
3,778,764
3,322+87
268,247
—9.7
254,867
+ 1.2
90,730,398
—10.4
84,982,678
87,484,888
—2.9
1,552+23
—4.3
146,861,077
+1 +
—11.3
+4.6
2,041,832
3,183,510
—19.8
206,183,407
186,954,510
145,222,921
197,022,172
218,683,821
16,404,775
24,005,888
—14.5
2,748,315
+3.3
242,332
+5.1
390,337
Brandon
1,536,909
Lethbridge
2,554,007
2,288,000
+ 11.6
Saskatoon
5,767,677
2,780,101
4,732,480
3,624,510
3,153,241
Moose Jaw
Brantford
Fort William
—
—2.0
16,950,884
25,229,839
373,267
+4.6
385,167
1 + 76+59
—30.4
1,407,555
483,656
—3.3
561,072
4,424,817
+ 7.0
784,329
+5.4
50,506,997
40,556,659
+ 11.4
3,439,843
+6.9
706,277
621,408
Sherbrooke
3,185,677
5.012,693
+ 16.8
+9.0
32,166,198
12,367,705
—2.2
32,347,673
3,900,687
4,228,871
342,592
388,394
1,403,065
563,499
1+02,567
564,584
'
536,395
676,354
741,879
+ 18.6
612,023
515,607
+ 18.7
585,351
500,916
—2.4
56,542,065
29,959 + 26
54.834,962
+3.1
954,370
943,122
+ 1.2
1+60.642
+3.7
161,779,776
142,249,058
+ 13.7
3,660,744
—7.3
—15.3
18,048,670
17,814,601
+ 1.3
297,368
—22.7
3,257,852
317,185
41,517,849
—1.4
660.548
425,574
+ 9.8
548,667
515,636
483,734
+ 22.5
476,030
550,000
+5+
358,986
443,693
886,977
308,761
890,690
—0.4
839,362
665,986
291,974,737
312,778,319
—6.7
336,126.388
369,251,028
29,466,619
37,250,498
28,025,965
+ 11.5
+ 6.9
31,711,834
25,865,396
+ 22.6
Sarnia
2,388,049
2,336,463
+2.2
25,205,942
23,754,493
+ 6.1
324,539
4,455,686
4,603,533
—3.2
50,746,390
46.338,501
+9.5
1,653,414,836
1,762,872,845
—6.2
18,849,552,327
19,203,324.678
—1.8
+5.1
154,746
1,067,404
1,934,737
319,088
590,929
+ 15.6
—0.1
3,383,561
—0.7
2,524,566
550,476
1,779,243
3,762,491
4,521,586
1,672,354
1,533,577
498.535
3,136,002
not available.
+ 4.5
3,766,204
+2.8
3,706,626
Figures
912,112
546,835
594,679
15,074,634
4,216,745
261,039
2,699,031
3,624,134
x
+ 8.0
+27.6
41,183,821
—24.9
3,701,632
1,642,838
726+65
553,721
S
146,182,626
121,658,518
187,852
Chatham
15,877,012
1,391,050
.
1934
141,000
494,919
3,395,000
229,830
615,518
467,281
592,609
Estimated,
—5.8
818,382
33,244,953
35,528,450
♦
+ 4.5
—9.5
467,576
—1.2
Total (32 cities)
—0.4
—1.8
2,859,976
2.726,462
5,134,613
15,305,253
—
—3.3
—9.1
2,827,054
Sudbury
+ 27.7
77,033,722
Peterborough
—
+ 19.8
31,587,919
45,356,164
37,944,011
12,092,715
Kingston
—0.3
41,157,169
17,340,483
45,956,585
4,053,549
70,019,705
—15.0
Moncton.
—6.3
31,006,707
1,023,987
Windsor
—17.7
—9.9
870,477
Prince Albe*t
84,157,751
—15.2
35,055,324
Kitchener
106,215,406
+ 7.8
—39.7
6,803,596
+4.9
Hat
1,526,297
—8 +
3,086,936
3,004,576
New Westminster
$
102+40,587
100,811,059
8,263,559
16.323,858
Reginia..
1935
+ 9.1
8+51,323
16,767,228
_
%
—1.0
13,301,259
99,326,689
Dec.
5.386,188,857
+0.2
+9.5
18,911,685
20,352,322
1,567,982
Edmonton.
%
6,465,263,740
8,247,690
.• -
London..
1936
$
7,402,428
12,724,627
St. John
Victoria
Medicine
Inc. or
1937
624,079
Financial
230
THE
following from the weekly circular of
written under date of
Samuel Montagu & Co. of London,
Quotations of representative stocks as received by
each day
gold reserve against notes amouJted to £326,15 showing no change as compared with the previous
Bank of England
The
** •*
market about £2,75d,000 of bar gold changed hands at
dally fixing during th<} week: the amounts available were readily taken
the Continent at prices ruling from 7d. to 8*4d. over dollar parity.
b In the open
Ounce
17
Dec
Dec. 18
Dec. 20
Dec. 21
Dec.
-
22--
of £ Sterling
12s.
12s.
12s.
12s.
12s.
12s.
9*4d.
9d.
9*4d.
9*4d.
9d.
8d.
139s.
139s.
139s.
139s.
139s.
139s.
Dec. 16
The following
£1,719,338
144,905
18,290
25,056
194.199
A
Tanganyika Territory
Kenya
British India
Australia
New Zealand
Switzerland
Yugoslavia
Algeria
China
—
Hongkong
Other countries
111,444
5,697
7,149
3.786
28,906
-
British GuianaVenezuela
Nethlernads
—
France
200,482
15,000
4,000
5,375
4.835
—
5/6
5/6
£25%
£25%
75/46/6
77/6
46/9
Metal Bo*
Rand Mines
RloTlnto
£29*4
68/6
£8*4
£19
18/6
91/10*4
18/3
90/-
Roan Antelope Cop M.
Shell Transport
Triplex Safety Glass
Ltd
Molasses
"Meters
£12*4
£12*4
106/9
16/21/6
6/6
2/3
25/9
150/7*4
£29*4
70/-
106/916/21/3
6/6
2/3
26/-
£8*4
£19*4
19/3
92/6
25/3
26/3
£40*4
£4"i»
50/37/9
25/9
26/9
£8*4
£8*4
£41
£4*4
£40*4
£4,,«
50/38/24/9
26/-
Royal Dutch Co
Unilever
25/3
150/-
£8*4
£19
Rolls Royce
United
£12*4
106/15/9
21/3
6/6
2/3
50/38/-
80/7*4
48/£13
78/1*4
47/6
107/-
15/10*4
21/7*4
6/6
2/3
25/9
153/1*4
£28*4
68/9
152/6
£29*4
70/£8*4
£8*4
£19*4
£19*4
19/6
19/6
91/10*4 91/10*4
£41*4
£41*4
£4'*x»
£4*4
50/50/6
38/9
36/6
26/26/6
26/6
26/10*4
Wltwatererand
Feet
£8*4
Areas
£9*4
£9
137,766
Belgium
Other countries
16,455
from Bombay on Dec. 18 carries gold
The SS. Strathmore which sailed
about £69,500.
to the value of
BANKS
NATIONAL
£3,195.175
£2,412,991
£8.297.101
346,576
British West Africa
Department:
VOLUNTARY
Amount
£16,642
951.894
471.875
New Zealand
24.503
581.200
Canada
M
«•
«,
m
mm
m ** m
m
m
m
m>
Netherlands.-
Belgium
France
Switzerland
1.446.963
628,680
379.312
1,122,339
114,409
Portugal
Syria
Yuygoslavia
3506.
No.
40,000
No absorbing or
PREFERRED
STOCK ISSUED
Morgantown,
RFC, $50,000; class B sold locally,
Dec. 29—The First National Bank of Morgantown,
A sold
Class
Va.:
to
$100,000
$100,000
CAPITAL STOCK INCREASED
COMMON
141
16,9u2
202,502
106.094
71.698
33.375
charter
Corsicana,
m
4,969.577
51,045
23,373
Germany
Texas,
succeeding bank.
W.
'mmmm
"
'
,
Finland
of
mmrn.
m
30.433
Y 00021161ft
m
~ m mmm <m
m — mmm mm* mmmm mm mm
Central & "South" American (foreign) —
Dec. 28—The Frost National Bank, Frost, Texas
Effective Dec. 6, 1937.
Liq. agent: The First National Bank
m
151,828
1,014,042
United States of America.-
_
m
16.546
British West India Island & British Guiana._
$25,000
Liq. agent: H. O. Sanderson, Diagonal,
Succeeded by: First State Bank, Diagonal, Iowa.
Iowa.
32.577
British India
Australia
LIQUIDATIONS
Effective Dec. 10, 1937.
28,980
Tanganyika Territory
Kenya
of the Currency, Treasury
Dec. 27—The First National Bank of Diagonal. Iowa
560.794
Southern Rhodesia
banks is
following information regarding National
The
from the office of the Comptroller
The following are the details of United Kingdom imports and exports of
gold for the month of November, 1937:
Imports
Exports
Ami.
National
First
Dec. 29—The
Bank
of Increase
Tuskaloosa.
Tuskaloosa,
of
$150,000
From $75,000 to $225,000
Ala.
Dec. 29—The First National Bank of Morgantown,
Morgantown,
100,000
From $100,000 to $200,000
W. Va.
31,879
'
y
mm
m'mmm
m
232,707
' '
22,298
15.228
£12.947,172
£9,046,341
Other countries
SILVER
the 16th inst. with a fall of %d. in the two months
quotation, the fixed prices at 18 ll-16d. for cash and 18 l-16d. for two
months delivery showing a difference of %d., which was the widest since
Jan. 17,1924.
An interesting feature was that at this low level for forward,
some purchases for that delivery were made by America.
The difference remained at %d. for three days, but then narrowed by
The week opened on
degrees to 3-16d., a demand for forward arising to cover recent bear sales.
Indian Bazaars both bought and sold and America was willing to pur¬
chase cash silver in the afternoons.
The tone seems rather steadier at the
end of the week, but uncertainty is likely to continue pending the announce¬
ment regarding American silver policy which is now expected to be made
■
Dec. 30.
on
5/6
£25%
25/6
149/4*4
£29*4
68/9
Imp Tob of G B A I_. HOLILondon Midland Ry_.
DAY
£1.483,827
1,013.499
207,500
260,657
France
Belgium
Ltd
Hudson Bay Mln A Sm
Exports
J moor Is
British South Africa
British West Africa
Beers
Gaumont Pictures ord.
were
5/£25*4
74/4*4
46/9
£11*4
106/15/9
21/3
6/9
2/3
Electrlc A Musical Ind.
the United Kingdom imports and exports of gold,
registered from mid day on the 13th inst., to mid-day on the 20th inst.:
p
£66
5/-
Invest.
Conr Goldfleids of 8 A.
Ford
£66
Jan. 7
47/7%
108/1%
£66
£05%
Jan. 6
£24*4
Canadian Marconi
Central Mln A
Fri.,
Thurs.,
47/3
108/1%
45/10*4
48/107/6
107/6
£66
British Arner Tobacco.
Cable & Word
De
Wed.,
Jan. 5
45/6
107/6
Distillers Co
1.85d.
1.90d.
1.85d.
1.85d.
1.90d.
1.98d.
12s. 1.89d.
139s. 9.08d.
Average
Jan. 3
1
Boots Pure Drugs
Courtaulds 8 A Co.—
Equivalent Value
Per Fine
Quotations:
the
for
Tues.,
Jan. 4
Mon.,
Sat.,
Jan.
GOLD
406,625 on Dec.
W©d Dcsdcty*
cable
of the past week:
1937:
Dec. 22,
1938
LONDON STOCKJEXCHANGE
THE
MARKETS
AND SILVER
GOLD
ENGLISH
reprint the
We
Jan. 8,
Chronicle
DIVIDENDS
Dividends
first
are
bring
we
current week.
we
show
the
grouped in two separate tables.
together
Then
we
dividends
In the
all the dividends announced the
follow with a second table in which
previously announced,
but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our
News Department"
"General Corporation and Investment
in the week when declared.
The dividends announced this week
are:
United Kingdom Imports and exports of silver,
registered from mid-day on the 13th inst. to mid-day on the 20th inst.:
The following were the
Per
Name
Exports
Imports
United States of America.
£22,487
10,585
x3,565
x4,666
y5,800
1,632
Japan
Australia
British West Africa—
Belgium
Irish Free State
Other countries
Share
of Company
Union of South Africa
17,774
13.328
3,106
2,700
3,463
2,336
1,190
x9,295
xl0,741
4,269
Germany
France
Switzerland-
Norway
Denmark
Anglo-Egyptian Sudan..
Aden & Dependencies
Egypt
Other countries
Adams (J.
Amerada
15c
Coin of legal tender
y
IN NEW
-Bar Silver per Oz. Std.Cash
2 Mos.
Dec. 21 —18^d.
Dec. 22—18 ll-16d.
Average-.18.875d.
18
18
18
18
YORK
(Per Ounce .999 Fine)
Dec. 15
16
Dec. 17
1-16d.
7-16d.
5-16d.
9-16d.
45 cents
Dec
Dec.
45 cents
45 cents
18—
45 cents
Dec. 20
45 cents
Dec. 21
18 9-16d.
18*4d.
18.406d.
45 cents
The
highest rate of exchange on New York recorded during the period
from the 16th December to the 22nd December was $5.00 and the lowest
$4.99*4.
ENGLISH
FINANCIAL MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Jan. 1
Mon.,
Jan. 3
19*4d.
Silver, per oz_.
Tues.,
Wed.,
Jan. 4
139s. 5d.
139s.
Consols, 2%%.
£75%
£75
6d.
Thurs.,
Jan. 5
19 9-16d.
Gold, p. fineoz.
British
Jan. 6
19 9-16d.
139s. 9d.
£75
Fri
19 7-16d.
Jan.
,
7
19%d.
139s.4*4d. 139s. 9d.
£74 13-16 £75
3% %
War Loan
Holiday £101*£
[£102
£102
£102
£102
British 4%
£112%
£113%
£113%
The
£113
price of silver per ounce (in cents)
States on the same days has been:
£113*4
in the United
BarN.Y. (for.)
Holiday
44%
44%
44%
44%
44%
U. S. Treasury-
Holiday
50.00
50.00
50.00
50.00
50.00
U.
8.
15 Jan.
15 Jan.
6
American Cities Power & Light, class A (quar.)_
75c
Feb.
1 Jan.
12
Payable in class B stock or cash.
American Home Products (monthly)
American Machine & Foundry Co
American Reserve Insurance (s.-a.)
20c
Feb.
20c
Feb.
Jan.
15
50c
Feb.
Jan.
15
25c
Feb.
Feb.
Jan.
15
Holiday
Jan.
6
14*
Jan.
21
$1*4
Feb.
Jan.
25
10c
5c
Feb.
Feb.
Feb.
Feb.
1
30c
Feb.
Jan.
15c
Jan.
Dec.
10
15
25c
Feb.
$1*4
$1*4
Feb.
Jan.
15
Feb.
Jan.
Mar.
Feb.
15
5
Jan.
Jan.
15
Archer-Daniels-Midland,
pref.
$1*4
(quar.)
Assoc. Standard Oilstocks Shares, series
A
18.077c Jan.
Inc., cl. A
Barnsdall Oil Co. (quarterly)
Beatty Bros., Ltd., 1st pref. (quar.)
Beatty Bros., 1st pref. (quar.)
Blue Ridge Corp., $3 pref. (quar.)
Payable in common stock or cash.
Bon Ami Co., class A (quar.)
Class B (quarterly)
British Columbia Telep. Co. 6% 1st pref
6% 2nd preferred (quarterly)
Brooklyn Borough Gas Co. (quar.):
Brush-Moore Newspapers, Inc
7%, 1st & 2nd pref. (quarterly)
Burdine's, Inc., $2.80 pref. (quar.)
Calamba Sugar Estates (quarterly)
7% preferred (quarterly)
Canadian Dredge & Dock (s.-a.)_
Central Franklin Process Co., 7% pref. (quar.)..
Central New York Power Corp., 5% pref
Central Power & Light, 7% pref.
6% preferred
Century Ribbon Mills, pref. (quar.)
Cerro de Pasco
Copper Corp
Chase National Bank (N. Y.)
Cluett, Peabody & Co., Inc., common (quar.)__
Columbia Gas & Elec. Corp., 6% ser. A pf. (qu.)
5% cum. preferred (quarterly)
5% cum. preference (quarterly)
Community Public Service
Consolidated Royalty Oil (quarterly)
Corn Exchange Bank Trust (auar.)
Davidson Bros, (quar.)
De Met's, Inc., $2.20 preferred
Deposited Insurance Shares, series A
Series B
Dixie-Vortex Co.
Treasury
(newly mined)
12
Jan.
Commonwealth Edison
1960-90
15
IS*
Jan.
Extra
LONDON
Dec. 18—18 15~16d.
Dec. 20—19d.
1 Jan.
25c
Extra
Baltimore American Insurance Co. (s.-a.)
Dec. 17—19 l-16d.
31 Jan.
Feb.
20c
American
Atlas Powder Co., preferred (quar.)
Quotations during the week:
Dec. 16—18 ll-16d.
1 Jan.
Jan.
Bankers Industrial Service
£291,152
Coin not of legal tender in the United Kingdom,
the United Kingdom.
IN
Feb.
50c
Corp. (s.-a.)
Alliance, Inc. (quarterly)
Bangor Hydro Electric
£48,735
x
Holders
70c
D.) Mfg. Co. (quarterly)
Corp. (quarterly)
Amerex Holding
Extra
n
When
Payable of Record
£222,950
64.64
64.64
64.64
64.64
64.64
(quarterly)
Class A (quarterly)
75c
$1
62*4c
$1*4
$1*4
75c
$1
Jan.
1
13
15
Jan.
Jan.
Jan.
Dec.
17
Feb.
Jan.
17
Jan.
Dec. 31
Jan.
$1*4
Jan.
Dec. 31
40c
Apr.
Apr.
Mar. 15
35c
$1
Jan.
Jan.
18
$1*4
$1*4
$1*4
$1*4
-
Jan.
70c
Jan.
Dec.
13
Feb.
Jan.
10
Feb.
Jan.
15
Feb.
Jan.
$1*4
Mar.
Feb.
15
18
J1
Feb.
Jan.
70c
Feb.
Jan.
15*
25c
Feb.
Jan.
21
$1*4
$1*4
$1*4
31*4c
Feb.
Jan.
Fe^.
Jan.
20
20
Feb.
Jan.
Feb.
Jan.
50c
Feb.
Jan.
5c
Jan.
Jan.
75c
Feb.
Jan.
Jan.
Jan.
21
Feb.
Jan.
Feb.
Jan.
31
3
Feb.
Jan.
3
Apr.
Apr.
Mar. 10
t55c
4*4c
5*4c
37*4c
62*4c
Mar. 15
18
20
15
25
15
20
Mar. 10
Volume
Financial
146
When
Per
Name
Share
of Company
Feb.
18
Aluminum Industries (quar.)
Jan.
17
Amalgamated Sugar Co., pref. (quar.).
Feb.
1
Jan.
American Can Co. (quar.)
American District Telegraph of
Feb.
15 Dec. 31
1 Jan. 17
15 Jan. 25
Jan.
15 Dec.
$1
—
Jan.
20
23 Dec.
3 Dec.
29
Jan.
20 Jan.
10
25c
Jan.
20c
Jan.
15 Jan.
75c
Jan.
31
90c
Feb.
—
40c
Jan.
20 Jan.
14
20 Jan.
14
...—
Properties
Co
60c
(quar.)
Feb.
60c
Preferred (quarterly)
Jan.
30c
Avon Geneseo & Mt. Morris RR.
Axelson Mfg.
Extra
Feb.
1
Jan.
14
Feb.
1
Jan.
15
50c
Feb.
1
Tan.
15
25c
Feb.
1
Jan.
15
1
Mar.
SI H
12Hc
Feb.
15 Jan.
5
Jan.
15 Jan.
8
25c
Feb.
1 Jan.
14
1
Blauner's,
Mar. 14
SI
Apr.
50c
Jan.
SI H
87 He
15c
Feb.
Feb.
$4
Feb.
15 Feb.
1
$4
S2H
S2H
Aug.
15 Aug.
1
Feb.
15 Feb.
15 Jan.
Tan.
1
Tan.
18
1 Jan.
22
15
7
24
50c
Jan.
Tan.
8
Dec.
28
Jan,
Jan.
Jan.
Dec. 20
Jan.
Jan.
6
1
10
Mar. 10
Feb.
Feb.
Feb.
Jan.
Mar.
22
31
Jan.
Dec.
Jan.
Dec.
Jan.
Dec. 21
Jan.
Dec. 31
ordinary.
14
3 Dec. 22
Dec. 31
1
Apr
14
Feb.
15
Dec. 31
Jan.
California-Oregon Power Co.. 7% pref. (qu.)
6% preferred (quarterly)
6% preferred series of 1927 (quar.).
California Packing (quarterly)
...
Preferred (quarterly)
Canada Cement Co., Ltd., 6 H% preferred.
7
Feb.
1 Dec.
31
Feb.
1
Jan.
15
SI H
Feb.
1
Jan.
15
25c
Feb.
1 Jan.
20
$1
Feb.
1 Jan.
14
7 He
S25
Jan.
SI H
Feb.
1
Jan.
15
Canadian General Investment Ltd., reg.
Bearer (quarterly)
S1H
Feb.
1 Jan.
15
Canada Northern Power Corp., Ltd.
25 Dec. 31
7% cumulative preferred (quar.).
$1H
Jan.
15 Dec. 31
1 Dec. 28
25c
Jan.
5 Dec.
SI H
50c
Feb.
1 Jan.
10
Feb.
1 Jan.
15
Jan.
3 Dec.
24
Feb.
15 Feb.
1
Canadian Car & Foundry. 7% pref (uuar.).
Canadian Fairbanks Morse, pref. (quar.).
10c
Feb.
15 Feb.
1
Canadian Tube & Steel Products,
$1.18% Feb.
Feb.
SI %
Feb.
$1 H
1 Jan.
15
1 Jan.
15
75c
Jan.
15 Jan.
15
7
75c
—
Extra
National Tea Co. (pref. div.
Neisner Bros., pref. (quar.)
15 Tan.
S3
75c
10c
6% conv. preferred (quarterly)
Jan.
15 Jan.
7
Feb.
1
Jan.
31 Jan.
31 Jan.
14
21
15
11
■--
1 Jan.
Dec. 31
Dec. 31
Feb.
Feb.
15
Jan.
10 Dec. 27
15 Dec. 31
15 Jan.
5
20 Jan. 10
pref
—
Dec.
cum.
pref. (qu.)
-
Jan.
1 Jan.
15
Feb.
1 Jan.
15
Feb.
1 Jan.
15
Feb.
15 Feb.
1
Feb.
10 Jan.
25
Jan.
24 Jan.
18
Jan.
24 Jan.
18
Coast Breweries, Ltd. (quar.)
SI %
Jan.
24 Jan.
18
SI %
Jan
24 Jan.
18
75c
(quarterly)
10
SI
1st preferred
7
31 Jan.
75c
2nd preferred (quarterly)
Pacific Lighting Corp. (quar.)
Pacific Public Service Co., 1st pref.
15 Jan.
Jan.
SI %
30c
(quarterly)
Jan.
Feb.
15 Jan.
20
6H% pf. (qu.)__
Commercial Alcohols. Ltd., 8% pref. (quar.) —
Commercial Discount (Los Angeles), 8% pref—
7% preferred (quarterly)
Commonwealth Utilities Corp. 6%% pf. C (qu.)
Connecticut & Passumpsic River RR. Co.—
6% preferred (semi-annual)
Connecticut River Power Co. 6% pref. (quar.)_.
Consolidated Car Heating Co., Inc. (quar.)
Consolidated Cigar Corp. (resumed).
.
15
32 He
Feb.
1 Jan.
75c
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)-_
Public Serivce Co. of Colorado, 7% pref. (mo.). 58 l-3c
Apr.
1 Mar. 15
Feb.
1
Jan.
15
50c
Feb.
1 Jan.
15
41 2-3 c
Feb.
1
15
(quar.)—
6% preferred (monthly)
5% preferred (monthly). —......—— —
Public Service Co., Nor. 111. (quar.)
Jan.
75c
1 Jan.
25
Feb.
1
Jan.
25
Feb.
1 Jan.
1
Jan.
1 Jan.
20
90c
Jan.
3 Jan.
1
SI
50c
Feb.
1 Jan.
15
1
Extra
interim)
Saguenay Power Co.. pref. (quar.)
San Carlos Milling Co., Ltd. (mo.)
Santa Cruz Portland Cement Co
Shell Transport & Trading (interim)
Skelly Oil Co., preferred (quar.)
Solvay American Corp., 5H% pref. (qu.)
Southern Calif Edison Co., Ltd
15
Jan.
15 .Jan.
6
15 Jan.
6
Feb.
1 Jan.
17
Jan.
15 Jan.
3
50c
,quar.)
Jan.
20c
(quarterly)
Jan.
25c
20c
$2 preferred
Rochester American Insurance
Jan.
15 Jan.
5
Feb.
6%
Royal Dutch Co.
$1%
—
Is. 6d.
SI H
Feb.
1 Jan.
SI %
37 He
Feb.
15 Jan.
15
Feb.
15 Jan.
20
Extra
25c
Feb.
15 Jan.
20
5% cumul. partic. pref.
25c
—
Apr.
15 Mar. 19
$1%
Jan.
10 Dec.
25c
(extra).
7% pref. (quar.)
South Franklin Process Co.,
Spiegel, Inc. (quarterly)
Preferred (quarterly)
Springfield City Water Co., 7% pref.
6 % preferred C (quarterly)
Sun Ray Drug Co. (quarterly)
14
Feb.
S1H
Sl%
SI H
1 Jan.
31
15
Mar. 15 Mar
1
31 Jan.
Clinton Water Works Co., 7% pref.
Consolidated Laundries
Mar.
'Jan.
Jan.
10,Dec. 31
lljan.
llJan.
20 Jan.
• -
Jan.
27 Jan.
17
Jan.
27 Jan.
17
37 He
(quarterly)
si k
(Chicago), pref. (quar.)
58 l-3c
Toledo Edison Co., 7% pref. (monthly) —
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
37 He
Transamerica Corp. (new) (s.'a.)
20c
Tung-Sol Lamp Works, pref. (quar.)
50c
Walgreen Co. (quarterly)...
$1 %
$4H preferred (quarterly)
50c
Washington Oil Co
SI H
West Jersey & Seashore RR. (s.-a.)
—
SI M
Weston, Geo., Ltd., pref. (quar.)
37 He
Westvaco Chlorine Products, pref. (quar.).....
Jan.
we
17
Jan.
20
Feb.
1
Jan.
15
Feb.
1 Jan.
15
Feb.
1
Jan.
15
Jan.
31 Jan.
15
Feb.
1 Jan.
Feb.
1
Jan.
19
Jan.
15
Feb.
25
10 Jan.
6
Mar. 15
July
1
June
15
Feb.
1
Jan.
15
Feb.
1 Jan.
14
weeks
give the dividends announced in previous
The list does not include dividends an¬
this week, these being given in the preceding table.
and not yet
paid.
Holders
Name
of Company
Abbott Laboratories,
preferred (quarterly)
Affiliated Fund. Inc
Air Reduction Co.
(quar.)
RET Co. preferred
Mining (quar.)
Alabama Great Southern
Alaska Juneau Gold
Extra
Albany & Susquehanna
RR. (special)
of Record
Jam
3~
Dec. 31
Dec. 31
Dec. 31
Jan.
4
Jan.
5
Jan.
5
Dec. 20
-A
$6 pref
27
5
7
14 Jan.
1 Feb.
15
15 Dec.
20
15 Jan.
13 Jan.
3
3
20;Dec. 31
1 Jan.
14
15 Dec. 31
15|Feb.
1
^5, Jan.
10
Jan.
10
Dec. 31
Jan.
Dec.
15
31
Jan.
8
Jan.
15
Jan.
6
Jan.
preferred
4
Jan.
4
Jan.
8
15
Dec. 31
Dec. 31
Jan. 22
Jan.
Jan.
Jan.
Dec.
5
5
31
Dec. 31
Jan.
Feb.
Jan.
(quar.)
31
Jan.
(quar.)
6
Dec.
H.), 7% pref. (quar.).
Extra-------
21
15 Dec.
20 Jan.
5% preferred (quarterly)
Freeport Sulphur Co.. pref. (quar.)..
Froedtert Grain & Malting Co., Inc.—
Fyr Fyter Co., class A
4
20
1 Feb.
Fidelity Phenix Fire Insurance (s.-a.).
Special year-end (dividend)
Filene's (Wm.) & Sons, pref. (quar.)
Fireman's Fund Insurance (quar.).
Firestone Tire & Rubber Co
Partic. conv.
24
15 Jan.
1 Jan.
Ely & Walker Dry Goods, 1st pref. (s.-a.)
2nd preferred (semi-ann.)
Exolon Co. (quarterly)
Fibreboard Products. Inc., 6% pref. (quar.)
Fishman (M.
31
31 Mar. 21
$5 preferred
.
3
15 Dec
1 Jan.
Dodge Mfg. Corp. (irregular)
Dome Mines, Ltd
Dominion Tar & Chemical, pref. (quar.)
Dominion Textile Co., Ltd., preferred (qu.) —
Duplan Silk (semi-annual)
Du Pont de Nemours (E. I.) & Co. debenture..
$4H preferred-.
—
Duquesne Light Co., 1st 5% cum. pref. (qu.)..
Duro-Test Cop
Early & Daniel Co
East Pennsylvania RR. 6% gtd. (s.-a.)
Eastern Steel Products, Ltd
Electric Bond & Share Co., $6 preferred
El Paso Electric Co
22
22
3
15 Jan.
(quar.) —
prof, (semi-ann.)
6H% Pref. (quar.)
50c
3
15
16
15 Dec. 31
10 Dec. 31
Detroit Gasket & Mfg. Co. (quar.).
Detroit River Tunnel (semi-ann.)
Match <k>.,
3
15
31
5
15
15
Jan.
(s.-a.).
(s.-a.)_
Special year-end dividend
Coon (W. B.) Co. (quar.)
7% preferred (quar.)
Corn Products Refining Co
Preferred (quarterly)
Cosmos Imperial Mills 5% preferred
Crowell Publishing, pref. (s.-a.).
Crum & Forsterpref. (quar.)
Darby Petroleum Corp. (s.-a.)
Davenport Water, 6% pref. (quar.).
Derby Oil & Refining Co.. $4 prefDetroit Edison Co. (final).
20c
1
1 Feb.
15 Dec.
15 Jan.
Continental Insurance Co.
Diamond
27 Jan.
15
1 Jan.
14 Jan.
Feb.
Diamond 8tate Telep.,
Dobeckmun Co
Feb.
3
llFeb.
Feb.
1
3
10 Jan.
17 He
si k
(N*. Y.), pref. (quar.).
Corp., pref. (quar.)
Consolidated Oil Corp. (quar.)
Consolidated Traction Co. of N. J.
20
Preferred
15
16 Jan.
10 Jan.
Jan.
20
The Fair,
3
14
1 Jan.
(quar.)
Consolidated Edison Co.
28 Dec.
———-
21
21
15 Jan.
1 Jan.
31 Jan.
Columbus & Southern O, Elec.
28 Dec.
—
24
20
1 Jan.
5% preferred (quar.)
Dec.
Extra
1
1 Jan.
6 H % preferred (quarterly)
City Baking Co. 7% pref. (quar.).
City Water Co. of Chattanooga. 6% pref. (qu.).
Cleveland Cincinnati Chic. & St. L. Ry
Dec.
A. & B
5
15 Jan.
20
Feb.
common
Cincinnati Postal Terminal & Realty Co.,
15
Feb.
7.5c
—
Feb.
75c
30c
25c
Common (no par) (quarterly)
Quarterly Income Shares (quar.)
Raymond Concrete Pile Co. (quar.)
K Preferred (quarterly)
Reliable Fire Insurance Co. (Ohio) (qu.)
Rhode Island Public Service, class A (quar.)__
31
Dec. 31
preferred (quar.)
41 2-3c
Extra
Dec.
20 Jan.
Central Hudson Gas & Electric Corp. com.
SI H
58 l-3c
Feb.
10
10
31
20 Jan.
—
50c
—
20
20
1 Jan.
75c
6% preferred (monthly)
5% preferred (monthly)
5H% 1st preferred (quarterly)
Outboard. Marine & Mfg. Co
20
1 Jan.
(quarterly)
Common (quarterly)
Chilton Co.
-
15 Dec. 31
Stamped
cum.
Dec. 31
_
Common (interim)
Preferred (quarterly)
6%
28
Jan.
Canada Southern Ry. (s-a)
Canadian Breweries, Ltd., preferred.
Canadian Bronze Co., JLtd., common.
Central Power Co., 7%
31
31
28
Jan.
Additional.
Carolina, Clinchfield & Ohio (quarterly)
omitted)
Newberry (J. J.) Realty, 6%% pref. A (qu.)
6% preferred B (quarterly).
North Boston Lighting Properties (quar.)
Voting trust certificates (quar.)—.—
6% preferred (quarterly)
Northern RR. (N. H.) (quar.)
Ohio Public Service Co., 7% pref. (monthly)
nounced
Jan.
3
Dec. 23
Jan.
Jan.
37 He
National Liberty Insurance of Amer
Below
8
15
Dec. 31
Brooklyn-Manhattan Transit—
Preferred (quar.)
...........
Preferred (quar.)
Brown Fence <fc Wire Co., pref. A (semi-annual)Buffalo Niagara & Eastern Power, 1st pref
1
13 Jan,
Jan.
Jan.
Jan.
common
Bower Roller Bearing Co., common.
Brazilian Traction Light & Power Co.,
1
Aug. 15 Aug.
Jan.
5
Jan.
Jan.
—
Dec. 24
Jan.
Jan.
Co. (quar.)..
British-American Tobacco Co.. ord. (interim)
British Columbia Power Corp., class A stock
Jan.
50c
Jan.
Bridgeport Hydraulic Co. (quar.)
90c
SI H
Dec. 81
Feb.
Preferred (quarterly)
Boston Edison Co. (quarterly)
10
1
Feb.
Feb.
Jan.
(s.-a.).
Backstay Welt Co. (quarterly)
Baldwin Rubber Co. (quarterly)..
Bayuk Cigars. Inc.. 1st preferred.
Belding-Heminway Co
Bell Telephone of Canada (quar.)_
Bell Telep. of Penna., 6%% pref. (quar.).
25
Jan.
30c
Lehigh Portland Cement Co., common
Preferred (quar.)...
—
Lerner Stores Corp. (quar.)
Preferred (quar.)
Lincoln Printing, pref. (quar.)
Loew's Boston Theatres Co. (quar.)
Louisville Henderson & St. Louis RR
Common (semi-ann.)
5% preferred (semi-ann.)
5% preferred (semi-ann.)
Lowell Electric Light Corp. (quar.)
Macy (R. H.) & Co
Marathon Paper Mills, 6% pref. (quar.)
Massachusetts Power & Lighting Assoc.—
$2 preferred (quar.)
- —
Massawippi Valley Ry. Co. (s.-a.)
Maytag Co., $3 pref. (quar.)
1st 86 preferred (quarterly)
McGraw Electric (quar.)
Melville Shoe Corp. (quar.)
Preferred (quar.)
Michigan Central RR. (semi-ann.)
Michigan Public Service Co., 7% pref. (qu.) —
6% preferred (quarterly)
Milwaukee Electric Ry. & Light Co—
6% pref. (quar.)
Mode O'Day Corp
National Automotive Finance, 6% pref. (qu.)__
National City Bank of N. Y
National Guarantee & Finance Co.,
5jJune 25
5'June 25
20
Jan.
SI H
Johnson, Stephens & Shinkle Shoe Co
Kennedy's, Inc
15
15
15 Dec. 31
25 Jan.
28^
37 He
25c
^Preferred (quar.)
15 Dec.
Feb.
Asbestos Mfg. Co., $1.40 pref. (quar.)._.
Atchison Topeka 8c Santa Fe, pref. (s.-a.).
Atlantic Refining Co., pref. (quar.)
Dec.
11 Dec. 281
1
llJan.
Feb.
Jan.
Jan.
15
1
15,Dec. 20
July
July
Preferred (semi-ann.)
8
Mar.
l'Jan.
Feb.
Jan.
15
15
1 Jan.
Feb.
Feb.
Jan.
50c
ljJan.
14
8
Arlington Mills
14
1
Jan.
SI H
6% preferred (quarterly)
(Chas. E.) Co., class A (quar.)
Homestake Mining Co. (monthly)
Hydro-Electric Securities, pref. B (s.-a.)
Illinois Northern Utilities, 6% pref. (quar.)
International Cigar Machine Co., com..
Jantzen Knitting Mills (quar.)
Hires
Jan.
15 Jan.
5
15 Jan.
Feb.
American Rolling Mill, preferred (quar.)
American Ship Building Co
American Telephone & Telegraph (quar.).
Amoskeag Co., common (s.-a.)
18
15 Jan.
Jan.
Preferred (quarterly)
6
15
Jan.
American ^ight & Traction (quar.)
6
14
Jan.
4 Jan.
Jan.
$1%
Extra
Halle Bro.. Co., preferred
Heldsick (John) Co..
15 Jan.
New Jersey—
Preferred (quarterly)
Jan.
(quar.)
Jan.
American Fork & Hoe preferred (quar.)
American Furnace Co., 7% pref. (quar.)
American Gas & Electric Co. pref. (quar.)
13
50c
...
Great Western Sugar
Jan.
1
Feb.
Dec.
1
Feb.
$1 %
25
15*
SI H
(qu.)
Green (H. L.) Co. (quarterly)
Outlet Co.
1
31
Feb.
—-
;
Holders
,
Jan.
75c
Great Northern Iron Ore
When
Payable of Record
Mar.
S2
Franklin Process Co
Great American Insurance Co.
Share
Name of Company
25c
...
Extra
Per
Holders
Payable of Record
25c
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.)
Gordon & Belyea, Ltd., 6% 1st pref.
Grant (W. T.) Co
1
231
Chronicle
Jan.
13
15
20
15 Dec. 20
Jan.
Dec.
—
Gardner-Denver Co. (111.) preferred
(quar.)
Feb.
1 Jan.
20
Financial
232
When
Name of
(quar.)
Feb. 18
May 20
.
7% preferred (quar.)
General Mills, Inc. (quar.)
General Motors Corp. preferred (quar.)-..-.
General Shoe Corp..—
.....
General Telep. Allied Corp., $9 pref. (qu.)
Georgia BR. & Banking Co. (quar.)
Gillette 8afety Razor Co. $5 conv. pref. (quar.).
Gimbel Bros.. 6% pref. (quar.)
Globe Knit Works 7% pref. (s.-a.)
Gotham Silk Hosiery Co., Inc., pref. (quar.)
Gray Telep. Pay Station (quar.)
Guarantee Co. of North America (quar.)
Jan.
10
15 Jan.
1 Jan.
3
15
1
3
25 Jan.
10
1 Jan.
25
1 Jan. 12
15 Dec. 31
15 Dec. 31
15 Dec. 31
—
%
20 Jan.
15 Jan.
1 Jan.
Harbison-Walker Refractories Co., pref. (quar.)
Hawaiian Sugar (quar.).
Hecker Products Corp. (quar.)
Hercules Powder Co., pref. (quar.)
Extra
,
International Nickel of Canada, preferred
Investment Foundation, Ltd., preferred..
Dec. 31
15
15
10 Dec. 31
15 Dec. 31*
15 Dec. 31*
Preferred (quarterly)
Joplin Water Works, 6% pref. (quar.)
Julian & Kokenge Co., common
Kaufmann Dept. Stores, Inc. .quarterly).
Kellogg Switchboard Supply (quar.)
Preferred (quar.)
50c
SI H
87 He
40c
Kentucky Utilities. 6% pref. (quar.)
M
t50c
—
—
Class B
25c
SI
MX
Link Belt Co. (quar.)..
Preferred (quar.)
Lone Star Gas, 63-6% pref. (quar.)
50c
.
MacAndrews & Forbes Co., common
Extra....
Preferred (quarterly)
Mahon (R. 0.) Co., preferred A (quar.)
in¬
Margay Oil Corp
Mas back Hardware Co., Inc., 6% pref...
Massachusetts Investors Trust (quar.)
15 Dec. 31
15 Dec. 31
Lighting Cos., £8pref. (quar.).
$6 preferred (quarterly)
Massachusetts utilities Associates—
5% participating preferred (quar.)
May Department Stores (quar.)
This div. is in lieu oi the div. usually pay¬
able Mar. 1, 1938.
McCall Corp., common (quar.)
McColl Frontenac Oil preferred (quar.)
McCord Radiator & Mfg. class A (stock div.)
Hot 1 sh. of funding stock for each cl. A held.
McCrory Stores Corp., pref. (quar.)
Mc Graw Hill Publishing-..
McLellan Stores, 6% pref. (quar.)
Merchants Refrigerating Co. 7% pref. (quar.)..
Michigan Baking, Inc.
$7 preferred (quar.)
Non-cum. prior pref
3
82Xe
Jan.
75c
Jan.
37^c
$1^
Feb.
Jan.
Jan.
15 Dec. 31
20 Jan. 10
1 Jan.
15
15 Dec. 31
10 Dec.
1
1 Jan.
20
Jan.
4
$1H
$1x
Jan.
Feb.
14 Jan.
25 Jan.
20
1 Jan.
22
10c
Jan.
Feb.
15 Dec. 24
1 Dec. 24
Dec.
25c
Feb.
ux
$2.65
Jan.
13 Jan.
24
2
Jan.
20 Jan.
3
mx
Jan.
15 Dec. 31
mx
Jan.
Jan.
Jan.
June
Dec.
Jan.
Dec. 31
Dec. 31
50c
Monsanto Chemical Co. $4H class A pref. (s.-a.)
Montreal Light, Heat & Power Consol. (quar.).
Montreal Telegraph
Montreal Tramways (quar.)
Morris (Philip) & Co.,Ltd., Inc
Montana Power Co., $6 pref. (quar.
Mountain States Telep. & Teleg. (quar.).
.
Mutual System, Inc. (quar.)
Extra.
__
Nevada-Calif. Electric Corp•, 7% pref....
New Brunswick Telephone Co.
(quar.)..
Norfolk & Western Ry., pref.
(quar.).
North American Edison Co., preferred........
Northern Central Ry. Co
Northern Oklahoma Gas, 6%
pref
Northern States Power (Del.), 7% pref. (quar.).
6% preferred (guar.)
Northern States Power (Minn.), $5 pref. (quar.)
Oahu Sugar Co. (monthly)
_____[
Ohio Telephone Service Co., 7% pref.
(quar.)..
Pacific American Fisheries, Inc
Pacific Gas & Electric (quar.)
Pacific Lighting Corp., pref. (quar.)
I
Pacific Tel. & Tel. Co. pref. (quar.)
Pan America Airways
Paraffine Cos., Inc., pref. (quar.)
Parker Rust-Proof Co. common ($2H
par)_Z.
Common (no par) (quar.).
Payable at such time as said stock is turned
in for exchange into $2H par com. stock
Peninsular Telephone Co. 7% preferred
(quar.)_
Pennsylvania Power Co., $6.60 pref. (monthly)
$6.60 preferred (monthly)
$6 preferred (quar.)
Penn Traffic Co. (semi-ann.)
...
_
Extra
common
(quar.)......
Jan.
Jan.
4
75c
Jan.
Jan.
M
Feb.
Jan.
Jan.
3
12
lc
...
Philadelphia Co.
Jan.
I68c
3
10
May 10
t$2X
5c J
7% preferred (quarterly).
National Bond & Share..
National City Lines, $3
pref. (quar.).
National Distillers Products (quar.)
National Fuel Gas Co. (quar.)
National Lead Co. pref. B
National Power & Light Co.,
$6% pref. (quar.).
National Steel Car Corp
15
5
—
15 Dec. 31
20 Dec. 28
.
$6 preferred (quarterly)
.
Security Storage (quarterly)
Shawinigan Water & Power (quar.)
.
Extra
.
...
...
50c
25c
75c
an.
Jan.
Jan.
Dec. 31
Nov. 30
Nov. 30
Dec. 31
Jan.
Feb.
Dec. 31
Jan.
50c
Feb.
25c
Jan.
$1H
Feb.
Feb.
Jan.
20
15
Dec. 31
Jan. 21
Dec. 27
Dec. 31
50c
Jan.
IS
Jan.
Dec. 30
Dec. 31
SI
Feb.
Jan.
Mar.
Jan.
Feb. 15
Dec. 31
Feb.
Jan.
Dec.3l"
$1
iV4
$i x
Feb.
Jan.
mx
Jan.
20c
Jan.
nx
Feb.
30c
Jan.
50c
Jan
31
Dec. 31
Dec. 31
Jan.
5
Dec. 24
Jan.
3
$1X
$1X
Jan.
25c
SI
Feb.
Jan.
Dec. 31
Dec. 31
Dec. 31
Jan. 20
Jan.
3
Mar.
Feb.
37Hc
37Hc
$1x
55c
55c
$1H
7Hc
7Hc
25c
Jan.
Feb.
10
10
Feb.
Feb.
5
Jan. 20
Feb.
Mar.
Feb. 21
Feb. 21
Mar.
Jan. _„Jan. 10
Jan. 25lJan. 10
iJan. 25 Dec. 31
1 Jan.
1 Jan.
10 Jan.
15 Jan.
15 Jan.
20 Jan.
Tacony-Palmyra Bridge, preferred (quarterly)..
Telautobraph Corp. (quar.)Thatcher Mfg. Co., conv. preferred
15
15
19
15
15
15
15
15
15
.
Dec. 20
Dec. 20
Dec. 31
Dec. 31
Jan. 31
Dec. 20
15 Dec. 31
6
15 Jan.
34%c
37Hc
37 He
37Xc
-
m
75c
$1H
MX
.
30c
1
15 Mar.
15 Dec. 31
15 Dec. 30
15 Jan. 29
15 Dec. 31
1 Jan.
7
31&
t435?c
t43$|c
3
3
10
1 Jan.
7
1 Jan.
,
7
15 Dec. 30
15 Jan.
25c
12c
25c
25c
5
15 Dec. 31
18 Dec. 31
18 Dec. 31
1 Dec. 17
1 Jan.
15
15 Jan.
90c
31
8
15 Jan.
1 Jan.
Truax-Traer Coal Co
Tuckett Tobacco, Ltd., pref. (quar.)
United Biscuit Co. of America, pref. (quar.)
United Bond & Share Ltd., common
31 Jan.
15 June 30
Dec. 20
15"
-
1 Jan.
pref. (mo.)
.
.
(quar.)
(quar.)
1 Jan.
.
Upper Michigan Power & Light Co., pref
Vermont & Boston Telegraph Co
...
Virginian Ry., pref. (quarterly)
Vulcan Detinning pref. (quar.)
Preferred (quarterly)
(quarterly)
(quarterly)
prior preferred (quar.)..
Prior preferred (quar.)
Prior preferred (quar.)
Warren Foundry & Pipe (quar.)
Warwick Co., voting trust certificates
Washington Gas Light (quar.)
Cum. conv. preferred (quar.)
Western Grocers, Ltd. (quar.)
Preferred (quar.)
Western Tablet & Stationery Corp.. com
Westinghouse Air Brakes (quar.)
—
Quarterly
-Quarterly
Quarterly
Westminster Paper Co. (semi-ann.)—
West Penn Electric Co., 6% preferred
7% preferred
West Penn Power Co., 6% preferred
7 % prcfcrrGcl
————— ——— —
Wichita Union Stockyards, 6% pref. (s.-a.)
Wilson & Co., preferred (quar.)
Wright-Hargreaves Mines, Ltd., interim (spec.)
Wrigley (Wm.) Jr. Co. (monthly)-—
Monthly
—
Monthly
,
...
—
———— ———
*
1 Feb.
15
15
15
15
1 Mar. 15
1 Jan.
.
15
1 Feb. 15
1 Mar. 15
10 Dec. 2P
15 Dec. 2''
1 Jan. 21
15 Dec. 10
15 Dec. 28
15 Dec. 15
15 Mar. 15
15 June 15
15 Jan.
15 Jan.
1 Jan.
United Stockyards
(guar.)
Preferred (quarterly)
Universal Leaf Tobacco Co.. Inc
Waltham Watch Co.
1 Feb.
1 Mar. 15
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United New Jersey RR. & Canal (quar.)
United Securities, Ltd. (quar.)
United States Hoffman Machinery preferred
United States Smelt., Ref. & Min. Co. common.
Preferred (quar.)
United States Sugar Corp pref. (quar.)
Preferred
5
21
15 Dec. 31
1 Jan. 18
15 Dec. 31
15 Mar. 21
7% preferred (monthly)
7% preferred (monthly)
Preferred
5
Jan.
Feb
Mfg. Co
Trade Bank (N. Y.) (quar.)
Preferred
6
25
25
Jan.
Towle
Preferred
20
20
5
20 Jan.
15 Dec. 31
Pittsburgh Water Co., 7% pref. (quar.)..
Common
United Fruit Co. (quar.)
United Light & Rys., 7%
5
15 Dec. 31
,
...
Missouri River-Sioux City Bridge Co.
7% preferred (quar.)_
Monongahela Valley Water Co.—
7% preferred (quarterly)
Montgomery Ward & Co., Inc
22
1 Jan.
15 Jan.
15 Jan.
Common
Feb.
15c
mx
RR. Co
26 Jan.
Jan:
Corp. General. $7 pref. (quar.)
Ex-warrants
10
Feb.
Jan.
6% preferred (quarterly)
5% preferred (semi-ann.)
Southern Calif. Edison., original pref. O (quar.)
Original preferred (quar.)
;
Southern Calif. Gas, pref. (quar.)
Preferred A (quar.)
Southern Canada Power Co. common (quar.)..
Southern Canada Power Ltd., 6% pref
Southern New England Telephone (quar.)
Spicer Mfg. Corp., $3 preferred
Standard Brands, Inc., $4H cum. pref. (qu.) ..
Standard Oil of Ohio preferred (quar.)
Standard Wholesale Phosphate & Acid Works..
Stanley Works (New Britain) preferred (quar.).
State Street Investment Corp. (quar.)—..—
Steel Co. of Canada (equalizing dividend)
Quarterly
Preferred (quar.)
Stetson (John B.) Co. preferred (s.-a.)
Superheater Co. all outstanding stock (quar.)—
Supervised Shares, Inc. (quarterly)
Symington-Gould Corp., with warrants
31
19
Jan.
South
19
>2
20 Jan.
1 Feb.
Jan.
15*
12
15
13
15 Jan.
15 Jan. 10
1 Mar. 10
1 June 10
19 Dec. 18
Apr.
July
—
31
31
31
31*
31*
31*
31
Dec. 31
15 Dec. 31
10 Dec. 20
15 Dec. 30
20 Dec. 31
convertible preferred (quarterly)
Manufacturers Trust Co. preferred (quar.)
10 Jan.
Jan. 13 Dec. 23
Simon (H.) & Sons Ltd., com. (interim)
7% cumulative preferred
Smith (Howard) Paper Mills, pref. (qu.)
10 Tan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
(quar.^
25 Dec. 31
1 Dec. 27
Jan.
Jan.
—
14
1 Feb.
25
Feb.
Jan.
Preferred (quar.)
San Diego Consol. Gas & Electric Co.—
Preferred (quarterly)
1
Jan.
20 Dec. 31*
Feb.
$1H preferred (quar.)
Pendleton, Inc. (quar.)
Quarterly
Rolls-Royce, Ltd., ord. reg. (interim)
Amer. dep. rec. for ord. reg. (interim)
Roos Bros., Inc. (Dela.) $6H Pref. (quar.)
Royal Typewriter Co., Inc., common
,3
Dec. 31
Feb.
Jan.
Rochester Capital Corp
Roeser &
Jan.
Jan.
Mar.
Securities
15
15
15
15
15
15
15
15
5% preferred (quar
Jan. 31
Jan. 15
Feb. 28
Feb. 15
Rochester Button Co
11
1 Mar. 15
Loomis-Sayles Second Fund, Inc
Louisville Gas & Elec. Co. (Ky.), 7% pref. (qu.)
Jan.
Saratoga & Schenectady RR. (s.-a.)
Sears, Roebuck & Co. (extra)
1 Jan.
20 Dec. 31
15 Jan.
3
15 Dec. 31
15 Dec. 31
10 Dec. 24
15 Dec. 17
15 Dec. 31
15 Dec. 24
Jan.
Jan.
....
3
15 Jan. 10
10 Dec. 31
10 Dec. 31
10 Dec. 31
i2m
25c
(quar.)
6% preferred (quar.).
Jan.
Quaker Oats Co. pref. (quar.)
Quebec Power Co. (quar.)
Railroad Employees' Corp., preferred (quar.)—
Railway Eequipment & Realty Co.—
6% preferred (quar.)
Railway & Light Securities, preferred (quar )—
Reading Co
2nd preferred (quar.)
Regent Co., voting trust certificates
1 Jan,
22 Jan.
iyd
Feb.
1 Jan. 10
Jan, 10 Jan. p3
Feb.
Jan. 20
Jan. 10 Dec. 31
Jan. 20 Dec. 21
Jan. 20 Jan. 10
Jan. 15 Jan.
3
Jan.
Jan.
1 Jan.
15 Dec.
$1X
When
Holders
Payable of Record
Jan.
Jan.
Premier Shares, Inc
Procter & Gamble, 8% pref. (quar.)
Public Service of N. J., 6% pref. (monthly)
Prudential Investors $6 pref. (quar.)
10
31 Jan. 11
15 Dec. 27
2 Jan. 20
1 Jan. 20
10 Dec. 31
1 Jan. 20
%ik
Kresge Dept. Stores, Inc., 1st 4% pref
Kroger Grocery & Baking Co. 7% pref. (quar.)..
Lane Bryant, Inc., 7% pref. (quar.)
Langendorf United Bakeries, Inc., class A
Lee Rubber & Tire Corp
Lehigh & Wilkes-Barre Corp. (quar.)
Lewis (Edgar P.) & Sons, Inc., common
Lincoln Telep. & Teleg. Co. (Del.) A (quar.)
Pittsburgh Screw & Bolt Corp. pref. (quar.)
Plymouth Cordage Co. (quar.)
Portland Gas Light, $6 pref. (reduced)—... - - Power Corp. of Canada, Ltd., 6% cum. pf.(qu.)
6% non-cum,preferred (quarterly)
----Preferred Accident Insurance (N. Y.) (special)..
Premier Gold Mining (quar.)
15 Jan.
62He
....
4
25 Jan. 15
15 Dec. 31
15 Dec. 31
1 Mar. 15
?1K
Philadelphia Electric Co., $5 pref. (quar.)
Philadelphia & Trenton RR. (guar.)
Phillips-Jones Corp., preferred-.-Phoenix Finance Corp., 8% pref- (quar.)
Piedmont & Northern Ry. (quar.)
Pittsburgh Cincinnati Cnicago & St. Louis.
28 Jan.
31 Jan.
15c
Kokomo Water Works Co. 6% pref. (quar.)
Navigation
Per
Share
Name of Company
20
15 Dec. 20
3
1 Jan.
15 Dec. 31
15 Dec. 31
3
15 Jan.
t$ik
Mill Creek & Mine Hill
Mission Oil Co.
10
1 Jan.
1 Jan.
15 Jan.
International Business Machines (stock div.)—
International Harvester Co. (quar.)
Q% preferred
5
Jan.
,
...
Klein (D. Ernil) pref. (quar.)
6
15 Feb.
4
15 Jan. 25
15 Jan. 25
Jan. 25
Hershey Chocolate Corp
Conv. preferred (quarterly).,—
Additional dividend
Holeproof Hosiery Co. 2%% pref. (quar.)
Holly Sugar Corp
...
Preferred (quarterly)
Honolulu Plantation Co. (monthly)—-Household Finance Corp., com. (quar.)..
5% preferred (quarterly)
Hussman-Llgonler (quar.)
—_—
Hyde Park Breweries Assoc., Inc
Idaho Maryland Mines (extra)
Insurance Co. of N. Amer. (semi-ann.)--
Massachusetts
10
Jan.
15 Jan.
...
Jan. 8, 1938
Holder$
Payable of Record
Company
General Cigar Co., Inc., 7% preferred
Extra...
Chronicle
3
3
12
27
1 Jan.
1 June 15
1 Jan. 15
20 Jan. 10
20 Apr.
20 July
20 Oct.
2 Mar.
2 June
26
25
3 Sept.
1 Jan.
15 Jan.
1 Jan.
15
18
15
11
11
10
24
10 Jan. 3
15 Dec. 20
15 Dec. 20
15 Feb.
4
31 Dec. 31
30 Mar. 31
30 June 30
31 Sept. 30
1
15 Jan. 21
15 Jan.
1 Jan.
21
5
1 Jan.
5
15 Jan.
1 Jan.
10
15
15 Dec.
1
1 Jan. 20
1 Feb. 19
1 Mar. 19
Transfer books not closed for this dividend,
t On account of accumulated dividends.
i
Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
reduction of
Volume
Financial
146
Chronicle
Weekly Return of the New York City
Clearing House
The
weekly statement issued by the New
Clearing House is given in full below:
OF MEMBERS OF THE NEW YORK CLEARING
ASSOCIATION FOR THE WEEK ENDED FRIDAY, DEC. 31,
*
Surplus and
Condition of the Federal Reserve Bank of
New
York
STATMENT
following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 5, 1938,
in comparison with the previous week and the corresponding
HOUSE
date last year:
1937
Net Demand
Deposits,
Deposits,
Average
*
Time
Undivided
Capital
York
The
City
Profits
*
Clearing House
233
Average
Members
Jan.
1938 Dec. 29, 1937 Jan.
5,
6, 1937
Assets—
Gold certificates
Bank of N Y A Trust Co
6,000,000
13,252,400
142,236,000
Bank of Manhattan Co.
20,000,000
77,500,000
25,804,400
391,393,000
National City Bank
Chem Bank A Trust Co.
58,932,400 al,433,935,000
54,330,900
429,832,000
180,657,900 61,260,769,000
44,247.000
444,852,000
20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,661,000
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
21,000,000
68,756,100
691,219,000
242,789,000
412,527,000
456,934,000
38,088,000
126,158,500 cl,844,188,000
3,529,900
48,765,000
76,151,400
<2724,497,000
17,632,600
10,000,000
105,095,400
50,000,000
61,140,100
4,000,000
4,095,300
100,270,000
Fifth Avenue Bank
500.000
Bankers Trust Co
25.000,000
Title Guar A Trust Co.
Total
Total
2,637,000
43,846,000
12,500,000
7,000,000
7,000,000
28,125,700
10,269,000
37,393,000
2,872,000
8,665,900
91,716,000
276,568,000
75,757,000
81,498,000
894,916,300
9,100,719,000
7,976,700
NOT
FOR
3,854,000
1,577,000
212,000
4,382,000
1,006,000
4,577,000
5,917,000
216,771,000
333,142,000
189,641,000
216,814,000
333,211,000
189,679,000
359,907,000
739,554,000
739,704,000
652,260,000
747,339,000
749,141,000
660,854,000
68,000
Total U S. Government securities..
as
follows:
a
$280,578,000; 6 $91,447,000;
Total bills and securities
69,000
84,000
10,433,000
174,802,000
10,134,000
9,878,000
Due from foreign banks
"Times"
number
of
IN
HOUSE
WEEK ENDED
AND
Federal Reserve notes of other banks.
banks
CLEARING
THE
NATIONAL
3,191,000
bills discounted.
Treasury notes
Treasury bills
publishes regularly each week
and trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended Dec. 30:
BUSINESS
3,596,000
258,000
1,010,000
385,000
Bonds
$115,221,000; d $52,506,000.
INSTITUTIONS
2,806,000
567,000
1,100,000
United States Government securities:
52,322,000
National, Sept. 30, 1937; State, Sept. 30, 1937; trust
companies, Sept. 30, 1937.
Includes deposits in foreign branches
a
obligations,
684,970,000
As per official reports:
of
Govt,
S.
Bills bought In open market.
Industrial advances
2,586,000
9,061,900
Publio Nat Bk A Tr Co
returns
U.
9,345,000
5,000,000
York
by
direct or fully guaranteed
Other bills discounted
13,156.000
Comm'l Nat Bk A Tr Co
The New
3,682,600,000 3,638,388,000 3,540,709,000
reserves.
Secured
1,301,800
.
Totals
3,596,835,000 3,556,816,000 3,469,087,000
1,124,000
1,303,000
1,318,000
70,319,000
84,641,000
80,254,000
notes
t
Bills discounted:
523,431,000
Marine Midland Tr Co.
C
Other cash
10,000,000
.
New York Trust Co
♦
Redemption fund—F. R.
51,144,000
15,000,000
Irving Trust Co
hand and due from
on
United States Treasury.*
52,625,000
25,132.000
4,672,000
5,872,000
First National Bank
Continental Bk A Tr Co
Chase National Bank
12,112,000
39,351,000
171,147.000
10,981,000
56,135,000
94,529,000
STATE
WITH
THE
THURSDAY,
BANKS—AVERAGE
CLOSING
DEC. 30,
6,582,000
148,643,000
9,973,000
10,972,000
Uncollected Items
Bank premises
All other assets
Total assets.
OF
131,686,000
160,667,000
4,546,000
177,089,000
9,969,000
11,169,000
4,606,177,000 4,590.371,000 4,406,894,000
1937
FIGURES
Liabilities—
F. R. notes In actual circulation
Loans,
Other Cash,
Disc, and
Including
Investments
Bank Notes
Manhattan—
Res.
N.
Dep.,
Banks and
Gross
Trust Cos.
903,645,000
951,772,000
953,606,000
Deposits—Member bank reserve acc't.. 3,126,502,000 3,041,232,000 2,952,954,000
U. 8. Treasurer—General account....
16,766,000
116,354,000
42,021,000
Foreign bank
64,455,000
62,453,000
34,783,000
Dep. Other
Y. and
Deposits
Elsewhere
Other deposits...
$
$
$
Grace National
20,499,800
Sterling National...
18,652,000
605,000
Trade Bank ofN Y__
4,359,301
328,302
6,465,300
386,700
103,000
118,600
$
3.009,500
4,882,000
206,061
26,790,100
27,510,000
6,658,255
1,525,600
367,000
7,833,100
Capital paid in....
Surplus (Section 7)
730,000
410,000
5,564.000
Surplus (Section 13b)
4,907,000
Reserve for contingencies
All other liabilities
TRUST COMPANIES—AVERAGE
Loans,
142,345,000
51,079,000
51,943,000
Dep. Other
Banks and
Deposits
$
$
%
Empire
$
Fulton
Lawyers
United States
12,777,800
Ratio
15,843,820
41,737,000
74,000 114,292,000
12,264,937
39,647,888
3,928,300
1,873,336
15,520
678,000
1,712,858
2,533,051
713,000
949,600
of
total
Commitments
to
reserve
deposit
and
Kings County
*
3,717,000
2,349,856
Includes amount with Federal Reserve
as
84.8%
84.7%
382,000
to
make
industrial
623,000
85.9%
ad-
vances
4,703,000
4,555,000
t "Other cash" does not Include Federal Reserve notes
or a
8,450,000
bank's
own
Federal
Reserve bant notes.
Brooklyn—
Brooklyn
1,515,000
7,744,000
9,260,000
4,606,177,000 4,590,371,000 4,406,894,000
liability on bills purchased
for foreign correspondents...
69,963,000
10,878,396
12,490,196
23,935,800
37,767,400
86,057,483
76,812,000
30,739,106
Fiduciary
3,100,000
Contingent
53,689,100
*9,976,500
9,075,706
203,300
11,047,342
*1,333,140
19,867,100
*6,825,500
28,318,100 *10.512,900
67.907,741
32,409,790
Federation
51,169,000
51,474,000
655,000
F. R. note liabilities combined
$
163,178,000
51.059,000
51,474.000
7,744,000
9,117,000
Gross
Trust Cos.
Investments
Manhattan—
171,116,000
8,210,000
Total liabilities
Res. Dep.,
N. Y. and
Cash
114,818,000
3,392,429,000 3.343,155,000 3,218,909,000
Deferred availability items
FIGURES
Elsewhere
Disc, and
197,449,000
7,744.000
Total deposits.
Brooklyn—
Lafayette National..
People's National...
184,706,000
$
7,023,100
6,948,000
2,916,279
*
These
over
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan.
31, 1934, devalued from
are
100 cents to 59.06 cents, these certificates
being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
follows:
Empire, $7,732,100; Fidu¬
ciary, $946,841; Fulton, $6,498,000; Lawyers, $9,795,800.
under the provisions of the Gold Reserve Act of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve
System, giving the principal
items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks
themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the
figures for the 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.
Commencing with the statement of May 19, 1937, various changes
described in
an
made in the breakdown of loans
April 20, 1937, as follows:
were
announcement of the Federal Reserve Bank of New York of
as
reported in this statement, which were
The changes in the report form are confined to the classification of
loans and discounts.
This classification has been changed primarily to show the
amounts of U) commercial, industrial and
agricultural loans, and (2) loans (other than to brokers and dealers) for the
purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans
to brokers and dealers in securities located in New York
City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted"
with "acceptances and commer¬
cial paper bought in open market" under the revised
caption "open market paper," instead of in "all other
loans," as formerly.
Subsequent to the above announcement it was made known that the new items
"commercial, industrial, and agricultural loans" and "other loans'
each be segregated as "on securities" and "otherwise secured and
unsecured."
would
A
more
ASSETS
detailed explanation of the revisions
AND LIABILITIES
was
published in the May 29, 1937, issue of the "Chronicle," page 3590.
OF WEEKLY REPORTING MEMBER
BANKS IN
Federal Reserve Districts—
ASSETS
Total
Boston
Phila.
%
$
New York
101 LEADING CITIES
Cleveland Richmond
BY
DISTRICTS, ON DEC. 29, 1937 (In Millions of Dollars)
Atlanta
Chicago
St. Louis
S
%
$
Minneap. Kan. City
Dallas
San Fran.
$
$
21,402
1,198
8,725
1,110
18,28
645
556
2,973
658
387
672
509
9,387
644
2,141
3,957
458
712
257
295
Commercial, Indus, and agrlcul. loans:
On securities.
981
324
179
278
253
1,049
579
38
241
45
43
15
12
55
Otherwise secured and unsecured..
50
10
18
11
41
Loans and Investments—total
Loans—total
...
$
S
$
S
$
$
4,022
260
1,684
169
243
100
149
543
151
79
158
Open market paper
150
461
336
79
203
18
17
15
4
47
10
Loans to brokers and dealers
7
21
3
37
894
30
733
21
24
4
6
47
5
1
4
Other loans for purchasing or carrying
securities
3
16
635
34
293
36
39
19
15
90
12
9
13
15
60
1,165
83
236
59
175
30
27
87
47
6
21
21
373
66
5
35
2
3
2
2
5
8
On securities
737
62
270
50
125
30
26
46
12
11
Otherwise secured and unsecured..
78
828
Real estate loans
Loans to banks
1
3
Other loans:
13
14
53
262
58
43
42
54
61
29
54
28
United States Government obligations
39
105
8,018
402
3,244
299
796
279
153
1,408
194
154
235
178
676
Obligations fully guar, by U. S. Govt.
1,116
23
415
91
62
46
32
190
46
13
Other securities
45
28
125
2,881
5,427
129
1,109
2,678
262
258
63
76
394
94
41
114
50
291
314
239
345
130
107
807
141
73
161
113
319
355
40
80
20
43
20
13
73
12
6
13
12
Balances with domestic banks
1,886
115
154
146
188
103
98
324
105
80
222
158
193
Other assets—net
1,267
80
539
89
105
36
37
90
23
16
23
28
201
14,431
966
6,267
792
1,070
404
321
2,182
408
261
488
391
881
5,205
268
1,069
272
733
193
183
872
183
121
145
128
691
40
1,038
375
25
20
14
18
89
10
2
14
22
62
5,090
198
2,068
259
316
203
190
723
240
113
349
191
442
240
10
405
3
1
Reserve with Federal Reserve Bank..
Cash in vault
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account.
2
7
1
..
23
13
_
9
1
4
2
2
843
26
373
26
20
25
6
23
8
8
3
6
319
3,626
238
1.615
227
349
93
89
371
90
56
92
82
324
Jan• 8> 1938
Financial Chronicle
234
of Governors of the Federal Reserve System
of the Federal Reserve System on Thursday afternoon, Jan. 6,
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 hederai
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."
Weekly Return of the Board
following
The
RESOURCES AND LIABILITIES OF THE
COMBINED
Three ciphers
issued by the Board of Governors
was
(000) omitted
due from U. 8. Treas.x
Redemption fund (Federal Reserve notes)
Dec. 15,
1937
1937
9,120,391
9.913
Nov.
17,
6,
Jan.
1937
1
9
9
10.
1937
1937
1937
Not.
9,124.891
8,851.383
9,121,907
8,920
9,120,390
9,436
Nov. 24,
9
9
9
9
9,119,892
1938
THE CLOSE OF BUSINESS Jan. 5.
Dec. 1,
1937
Dee. 8,
*
$
ASSETS
FEDERAL RESERVE BANKS AT
Dec. 22,
1937
29,
1937
1938
Gold ctfs. on hand and
9.912
9,121.907
9,121.905
9,122,402
9.123,898
9,088
9,787
9,940
9,287
9.381
12,533
322,264
319,183
325,221
306.008
278,370
362,631
330.544
283,366
313,180
311,282
9,413,668
9.442,877
9,453,956
9,451,525
9,458,406
9,142,286
9,460,848
9,444,007
9,440.280
9,491,959
11,699
4,422
12,210
5,180
12,072
11,597
4.206
14,414
2,191
9,340
3,507
12,004
14,711
7,096
4,282
0.265
850
18,696
20,970
3,041
Other cash *
Total reserves
Bills
Dec.
Jan. 5,
discounted:
by
Secured
U. S. Government
—
Other bills discounted
Total bills
obligations,
guaranteed
direct or fully
3,984
—
discounted
12,847
16,121
15,772
17,390
17,033
15,863
2,828
2.828
2,831
3,089
2,825
18,380
2,825
18,450
18,464
18,589
19,256
19.332
24,328
17,894
2,827
18,291
2,825
18,432
2.832
540
751,539
1,154,997
657,479
751,539
1,154,997
657,479
751,539
771.539
738.073
738,073
738,073
1,154,997
1,134.997
1,108,463
657,479
057,479
1,168.463
057,479
738,073
1,168,463
657,479
1,168,463
657,479
Industrial advances.—
United States Government
securities—Bonds..
Treasury notes
Treasury bills
738.073
490,643
1,158.463
040,054
1,340,963
048,179
2,564,015
2,554,715
2,530,590
2,430,227
2.601,295
2,595,498
2,579,730
2,460,685
598,621
2,564,015
2,564,015
2,664,015
2,564,015
2,564,015
2,593,529
2,697,980
2.601.341
2,601,044
2,602,680
2,602,340
"""181
"'"181
181
"'"173
"""22O
179
23,358
26,314
25.784
25,892
25,427
774,034
669,040
730.957
638.847
681,498
589,718
37,361
25,740
685,237
45,235
37.802
21,629
23.785
27,441
12,832,932
4,257,846
securities..
2,564,015
"~179
Total U. S. Government
Other
4,961
11,080
...
—
market
Bills bought In open
3,768
securities
Foreign loans on gold..
Total bills and securities
Gold held abroad
Due from foreign
banks
Federal Reserve notes of other banks
Uncollected
Bank
Total assets....
45,284
45,269
45,344
45,305
45.365
45,251
30,066
44,101
43.850
42,470
41,720
36,956
40,223
34,381
660,987
46,146
37,727
12,923,974
12,732,584
12.841,932
12,757,802
12,902.650
12,771.542
12,382,432
12,800,624
4.293,307
4,294,885
4.279,489
4.204,829
4.249,618
4,277,419
4,242,336
4,346,383
6.884,407
231,540
0,830.282
0.906,472
0,948,927
0.879.403
6,627,004
241,843
170,637
113,302
139,237
232,287
188,837
210,438
225,938
272,492
270,008
LIABILITIES
Federal Reserve notes In actual
circulation
6,854,904
280,868
202,583
219,700
186,855
214,742
7,601,886
Foreign banks......
6,982,752
139,604
172,634
239,983
0,922,400
135,165
200,227
237,178
228,428
Deposits—Member banks' reserve account
United States Treasurer—General account..
Other
'""l75
4,283,385
45,021
—
178
12,863,021
637,442
Items
premises
All other assets
178
670,245
45.268
7,477,202
7,534,968
7.523,703
7,542,456
7,547,039
7,634,973
609,928
595,428
7,071,249
126,896
175,313
.......
...
deposits..
Total deposits
152,593
272,742
95,601
209,879
182,021
7,500,970
7.501.201
7,136,913
042,771
657,442
132.541
131,704
145.854
145,854
27.615
27,190
36,248
Deferred availability Items
628,339
681,839
625,146
744,682
660,213
132,737
145,854
27,615
35,673
10,945
132,619
145,854
132,550
132,518
132,505
132,927
147,739
27,683
33,052
3,460
132.534
Capital paid In
145,854
27,015
35,697
9,301
145.854
145,854
145.854
27,015
27,015
27,615
742,234
132,505
145.854
27,015
35.733
35,734
35,709
35,709
35,742
11.987
8,338
8,823
8,151
8,339
4,745
12,841,932
12,757,802
12,902,050
12,771.542
12,382,432
80.3%
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All
other
liabilities
27,615
35,673
10,032
12,832,932
12,853,021
12,800,524
12,923,974
79.9%
80.0%
80.1 %
79.8%
80.0%
80.1%
79.6%
80.1%
80.0%
Total liabilities...
12,732,684
1,888
2,109
2,486
2,586
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
liability
on
bills
purchased
for
1,466
1,696
1,680
1,785
13,137
13,249
13,522
20,640
12,955
13,431
12,780
12,841
13,310
12,792
15.349
14,889
18,533
2,615
13,326
13,903
10,697
13,061
16,903
8,966
381
180
704
826
247
395
914
478
314
604
628
420
143
582
434
625
403
972
277
347
251
426
428
383
414
275
237
437
760
933
966
14
758
679
759
748
808
682
Commitments to make Industrial advances...
1,083
17,033
15,863
18,696
20,970
3,041
232
527
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
681
61-90 days bills discounted
'
Over 90 days bills discounted
16,121
12,847
17,390
15,772
1,269
11,080
Total bills discounted
1,545
"""438
16-30 days bills bought In open market
138
31-60 days bills bought In open market
262
400
"""268
61-90 days bills bought In open market..
140
1,989
1,288
540
2,827
2,825
767
586
485
1,269
1-15 days bills bought In open market
1,451
1,990
173
1,107
539
485
1,451
174
2,825
.
544
18
1,919
233
315
615
"""791
""353
297
196
2,014
2,825
2,828
2,828
2,831
2,832
3,089
1,226
1,032
925
409
Over 90 days bills bought In open market.
Total bills bought In open market
1-15 days Industrial advances
1,201
1,334
1,305
921
1,037
1,091
922
337
563
596
288
302
271
323
538
244
16-30 days Industrial advances
866
916
577
584
758
842
319
751
31-60 days Industrial advances
799
515
802
791
1,100
438
392
689
624
471
624
61-90 days Industrial advances
15,576
15,878
16,187
16,256
21,350
24,328
Industrial
544
15,212
15,749
15,675
18,380
18,432
18,450
18,464
18,589
19,256
19,332
18,291
46,083
28,285
38,083
28,285
23,809
57,681
147,816
2,283,632
54,053
141,932
79,000
2,203,067
141,932
70,582
2,279,085
2,295,657
31,255
32,103
51,768
145,392
2,294,197
12,940
26,333
33,103
41,783
72,582
259,626
2,171,341
49,011
24,385
63.926
180,299
2,246,394
31,370
24,385
33,296
68.350
265,085
2,172,899
26,333
2,277,987
2,256,462
2.564,015
2,564,015
2,564,015
2,564.015
2,564,015
2,554,715
2,530,590
2,430,227
2.564,015
4,665,962
4,623,603
363,539
371,077
344,114
4.608.797
343,968
365,825
4,609,218
331,799
399,709
4.669,198
375,891
4,609,640
4,683,094
4,709,922
4,615,443
4,623,282
365,436
4,293.307
4,294,885
4,279,489
4,264,829
4,277,419
4,242,336
4,283,385
4.346,383
4,249,618
4,257,846
4,735,132
4,730,632
4,690,632
4,644,632
15,118
20,000
15,293
4,654,132
18,195
4,582,838
2,331
11,950
4,705,632
14,801
4,643,132
4,685,632
9,538
25,000
1-15 days U. S. Government securities
15,640
2,564.015
advances
15,626
17,894
Over 9C days Industrial advances....
Total
.
20,000
20,000
20,000
101,000
4.079.925
4,692,327
4,683,575
4,686,169
27,720
16-30 days U. S. Government securities
...
31-60 days U. S. Government securities
61-90 days U. S. Government securities
Over 90 days U. S, Government securities
Total U.S. Government securities
32,746
27,720
66,471
240,424
'
147,937
57,016
58,015
1-15 days other securities
16-30 days other securities
31-60 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
la actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Treas..
By eligible paper
United States Government securities
Total collateral
4,720,170
25.000
4,772,082
♦
"Other
*
These are certificates given by the United States Treasury for the
cents on Jan.
oro visions
cash"
does
not
Include
Federal
Reserve
notes,
4,765,750
20,000
20,000
4.645,632
16,450
20,000
4,740,433
4,727.309
4.682,082
20,443
f Revised figure.
gold taken over from the Reserve
31, 1934, these certificates being worth lees to the extent of the difference,
of the Gold Reserve Act of 1934.
16,677
367,304
banks when the dollar was devalued from 100 cents to 59.00
having been appropriated as profit by the Treasury under
the difference tself
Volume
Financial
m
235
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS Jan. 5, 1938
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
Phila.
RESOURCES
S
%
$
$
Gold
certificates
on
hand
and
S
Atlanta
Chicago
St. Louis
%
%
$
5
9,119,892
495,296 3.596.835
656,643
498,689
9,436
notes..
*
Total reserves..
Bills discounted:
804
1,124
501
659
921
362,631
Redemption fund—Fed. Res.
$
San Fran.
Dallas
Minneap. Kan. City
%
%
<
due
from United States Treasury
Other cash
Cleveland Richmond
35,552
84,641
28,445
29,855
25,004
224,919 1,764.778
695
1,535
18.441
44,226
531,652 3,682,600
527,635
687,157
311,649
244,895 1,809,699
9.491,959
285,724
681,108
1,180
280.414
792
440
543
236
16,355
9,090
24,125
14,141
32.756
297,561
195,086
287,150
201,831
715,044
160
185,650
187,454
262.482
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
7,096
491
2,806
340
851
150
71
144
17
3,984
95
385
1,638
1,249
428
Other bills discounted
189
165
624
76
1
172
904
26
98
11,080
586
3,191
2,887
617
505
1,475
226
72
172
1,048
43
258
Total bills discounted
Bills
bought in
540
16
38
2.709
4,382
3,552
867
1.766
128
700
235
631
458
945
55.174
216.771
62,025
74,168
39.950
82.771
33,555
24,400
38,721
29,243
84,796
333,142
95,323
113,985
61,397
127.207
51.568
59.507
44,941
48,269
189,641
54,262
64.885
34,950
72,412
29,355
37,500
21,346
1,621
63.263
97.224
657,479
31,498
48,407
27,556
33.875
25,583
55.345
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
2,593,529
191,575
747,339
218.104
254,572
138,591
109,083
283,381
114.788
84,051
133,625
100,771
217,649
market
Treasury notes
Treasury bills
Total U. 8. Govt, securities
Total bills and securities
Due from foreign banks...
Fed. Res. notes of other banks
Uncollected
212
50
55
23
65
19
3
2
16
13
179
68
18
17
8
6
21
3
2
5
5
411
6,582
987
1.616
2,332
1.695
1.377
1.566
948
3.214
65,085
148,643
57.522
55,811
84.424
29.418
16.560
35.848
28,505
35,050
45.021
3,001
6.215
2.700
2,341
1,477
3.153
1.281
3.346
2,317
3,626
4,183
2,321
2,119
1.462
4,589
37.361
9,973
10,972
55,246
4.826
2,605
25.330
4,108
637,442
items
13
27,441
Bank premises
All other resources
Total
41
17,894
751,539
1,154,997
open
Industrial advances
U. S. Government securities—Bonds.
3,437
1,422
1,330
1.701
1,360
3,230
810,442 1.011,282
513,412
385,500 2.189.659
447,228
299,883
463.048
334,701
977,546
12,832,932
resources
794,054 4,606,177
LIABILITIES
F. R. notes in actual circulation
4,257.846
283,225
951,772
316,391
431,564
207,285
161,551
988,572
181,196
137.652
167.911
86,318
344,409
7,071.249
401,739 3,126,502
4.527
16,766
387,265
226.414
175,350
991,500
207,290
162,499
236.164
191,966
539.138
858
3,774
2,761
7.282
6,072
57,565
20,124
6.213
7.460
5.205
3,990
5,031
6,534
5,031
12.317
1.693
1,056
6,675
3.180
564
2,900
16,456
186,889 1,070,245
224,383
136,430
249,041
206,431
574,335
31,236
3,869
16,526
36.178
34.681
4.093
4,667
2,892
3,153
30,993
3,892
3,613
3,892
9,805
545
1,001
1,142
2,121
1,215
1,949
934
1,270
1,776
Deposits:
Member bank
reserve account
U. S. Treasurer—General account-
126.896
Foreign
175,313
12,665
64,455
2,210
17,002
461,422
11,982
15,961
228,428
3,904
184.706
1,041
3,550
3.703
422,835 3,392,429
Other
bank
deposits....
Total deposits
6.424
407,518
492,915
238,435
Deferred availability Items
628,339
64,021
142,345
54,022
54,905
24,325
86,381
Capital paid in.
Surplus (Section 7)
132,927
147,739
9.387
12,258
13,466
13,125
4,402
9,900
51,079
51,943
52.826
4.897
27,683
2,874
7,744
4,411
Reserve for contingencies
All other liabilities..
33,052
3,460
1,448
8,210
2,000
3,176
4,964
3,409
1,401
5,626
Surplus (Section 13-B)
14,323
1,007
1,603
12,987
22,387
1,429
7,340
364
655
376
267
195
374
318
117
280
136
129
249
810,442 1,011,282
513,412
385,500 2,189,659
447,228
299,883
463,048
334,701
977.646
51
39
49
49
121
176
51
109
269
2,95?
7,601,886
Total liabilities
12,832,932
Contingent liability on bills purchased
for foreign correspondents
Commitments to make Indus, advs
*
794,054 4,606.177
730
1,466
124
382
166
156
73
1,670
4,703
173
727
1,612
197
59
12,792
345
"Other cash" does not include Federal
STATEMENT
RESERVE NOTE
FEDERAL
i
Federal Reserve Bank of—
Total
Issued to F. R. Bank by F. R. Agent
New York
Phila.
%
$
$
and
Total collateral
States
St. Louis
$
4,623,282
365,436
320,351 1,069,532
37.126
117,760
338,610
461,749
$
$
30,185
15,308
283,225
951,772
316,391
431,564
207,285
341,000 1,080,000
347,000
467,000
223,000
1,876
512
181,196
Government
quoted
520
3,146
166,000 1,035,000
200,632
226
72
1,245
12 1938
Securities
following
on
348.876
the
467,512
Feb.
Feb.
0.8%
0.11%
0.11%
0.12%
0.12%
0.12%
0.11%
0.11%
June
81938
16 1938
Mar.
2 1938
Mar.
9 1938
Mar. 16 17 18419 1938
Mar. 23 1938
Mar. 30 1938.—
April
6 1938
April 13 1938
Bid
1 1938
9 1938
Feb.
Feb. 23 1938
...
187,245 1,035,226
223,505
at
the
New
each
0.11%
41938
May 11 1938
PARIS
Jan. 4
Jan. 5
Jan. 6
Jan. 7
Francs
Francs
Francs
Francs
6,200
6,100
6,100
1,068
404
6,200
1,095
403
Bank of France
0.13%
May 25 1938
Banaue de Paris et Des Pays Bas
June 15 1938
0.13%
0.14%
0.14%
0.14%
June 22 1938
0.14%
Cle Generale d'Electriclte...—
June 29 1938
0.14%
0.15%
0.15%
Cle
July
July
July
61938
13 1938
201938
Banque de l'Unlon Parisienne—
Canadian
Generale
Figures after decimal point represent
or
more
32ds of
point.
•
Int.
15 1939—
June 15 1941—
Mar. 151939...
Mar. 15 1941...
Int.
Bid
Atked
Maturity
101.4
1016
Mar. 15 1940...
100.20
100.22
Mar. 15 1942...
101.14
101.16
Dec.
101.14
15 1942
101.16
Sept. 15 1942...
101.4
1016
June
101.14
101.16
Sept. 15 1938...
15 1939
101.20
101.22
June 15 1940—
1 H%
101.23
101.25
June 15 1938...
Dec
1 H%
101.22
101.24
Mar. 15 1938...
151940—
1H%
Feb.
1 1938...
Rate
1H%
1 H%
1«%
2%
2H%
2K%
2H%
2H%
3%
Bid
Atked
101.31
102.1
102.6
102.8
102
102.2
103.6
103.8
102.14
102.16
102
101.30
100.3
101.21
I0L23
101.11
101.13
1,390
1,180
271
473
1,370
1,190
279
484
1,190
37
428
660
170
208
610
619
1,040
777
788
371
24
1,890
1,070
783
800
371
24
1,939
70.40
1,040
5.960
1,879
-
Saint Gobain C & C
..
1,018
63
99
...
Societe Francaise Ford
Sodete Generale Fonclere
Lyonnalse..—.
Marseillaise
Tubize Artificial Silk preferred..
1,200
35
180
1,370
1,180
605
1,040
776
783
371
25
1,865
70.10
67.90
66.80
75.70
73.30
94.60
Schneider <fc Cle
Wagon-Lite
1,390
1,200
280
480
217
439
585
606
HOLIDAY
Liqulde
Union d'Electrlclte..
438
674
160
1,380
1,210
278
480
Lyonnaise cap
Pathe
Societe
439
36
435
674
170
Lyonnalse.
Lyon (P L M)
Nord
Ry
Society
25,600
215
439
__
6%
Capital
Pechlney
Rentes, Perpetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4^%, 1932, A
Rentes 4^ %, 1932 B
Rentes 5%, 1920
Royal Dutch
235
25,400
445
Orleans Ry
one
231
25,300
602
1,210
37
450
660
180
220
——
.
Coty S A
L'Alr
235
601
1,200
1,210
Transatlantlque..
_
228
25,300
588
Comptoir Natlonale d'Escompte
0.15%
1,064
400
225
Cle Distr d'Electrlclte
Citroen B
408
25,300
Pacific
Canal de Suez cap
Jan. 7
Dec.
BpURSE
6,200
0.13%
May 18 1938
Quotations for United States Treasury Notes—Friday,
15 1941...
251.
Jan. 3
Energie Electrlque du Littoral._
Dec.
page
Francs
Kuhlmann
Sept. 15 1939...
Exchange,
1
Jan.
Credit
Rate
Stock
Francs
Energie Electrlque du Nord
1H%
1 H%
1H%
1 H%
1 H%
1 H%
404,25s
day of the past week:
0.11%
0.13%
May
Eaux des
Maturity
99,543
York
Averages—See
Credit Commercial de France._
Dec. 15 1938—
145,606
200,704
Quotations of representative stocks as received by cable
Atked
Courrierea
a
258
Daily, Weekly and Yearly—See page 251.
Atked
June
2 1938
404.000
43
Treasury Bills—Friday, Jan. 7
April 20 1938
April 27 1938
26 1938
106
5,000
Transactions
New
page.
0.10%
0.10%
0.10%
0.8%
08%
0.8%
19 1938
Jan.
99,500
183,029
140,500
,20.000
THE
Jan.
344,409
1
for discount at purchase.
are
Bid
Jan.
86,318
'
-
Stock and Bond
United States
46.015
182,000
1,029
137,652
390.424
9,950
due
York Stock Exchange—See
Rates
%
96,268
167.911
5,094
988,572
San Fran.
$
178,424
10,513
142,746
15,065
505
341,520 1,083,146
$
$
196,261
161,551
Dallas
Minneap. Kan, City
182,040 1,024.284
20,489
35,712
222,593
22,219
4,720,170
hand
on
Chicago
$
%
4,685,632
9,538
25,000
In actual circulation
Collateral held by Agent as security
for notes Issued to banks:
Atlanta
Cleveland Richmond
4,257,846
Held by Federal Reserve Bank....
United
Boston
$
Federal Reserve notes:
from United States Treasury
Eligible paper
U. S. Government securities
2,000
Reserve notes.
Three Ciphers (000) Omitted
Gold certificates
10,046
70.30
68.00
67.10
76.10
74.70
94.90
6,070
1,900
1,030
68.20
67.00
76.10
74.80
95.00
5,990
1,948
1,060
772
770
371
24
1,865
70.10
67.80
66.60
75.80
74.50
94.75
6,080
1,895
63
98
1,040
60
98
1,020
63
1,215
1,190
1,200
474
474
139
144
142
375
375
369
84
85
86
86
70.10
67.80
66.70
75.90
74.50
94.70
6,120
373
137
373
371
1,185
474
....
60
95
...j,
/a°-
236
Stock and Bond
=8
Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
account la
the New York Stock Exchange
furnish a daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
bond™ on the New York Stock Exchange duringofthe voint. week.
current
Aortmnl mnrm.t. rp.nre^e.nt
32ds
a
Securities
on
we
»w
Corporate
one
u™
Jan. 3
1
Jan.
U. S. Bond Prices
Daily Record of
116.28
116.26
116.27
116.27
116.30
116.26
116.28
116.31
116.30
( Close
16
1
44
1
1
\Low.
107.12
107.3
107.2
107.8
107.9
107.10
107.3
107.4
107.12
107.9
107.10
4
7
(High
-j Low.
I Close
26
9
10
112.2
112.9
112.12
112.8
112.6
112.8
Cloae
112.2
112.9
112.10
112.8
*
5
(High
102.19
102.16
102.27
102.29
102.17
102.14
102.27
102.27
102.19
102.16
102.27
102.29
11
9
133
1OI0S6
Total sales in $1,000 units
5
104.15
104.9
Federal Farm Mortgage
104.12
104.2
104
104.7
104.9
104.10
104.2
104.7
104.15
104.12
105.10
105.10
105.15
105.17
105.15
105.17
105.16
105.10
105.15
105.17
105.16
2
22
25
6
Federal Farm Mortgage
105.16
105.6
105.10
12
106.7
106.9
106.7
104
106.9
106.7
----
107
103.25
103.27
103.27
103.26
103.28
103.30
4
31
50
(High
103.30
1
104.6
104.2
104.6
104.2
(High
102.19
102.19
102.19
3
Close
105.28
105.28
106.1
106.7
1
6
105.19
106
105.31
105.22
105.19
105.30
105.31
106
105.22
105.19
105.31
105.31
106
1
25
75
5
103.28
103.29
103.24
103.22
103.25
103.27
103.28
103.24
103.22
103.28
103.27
103.28
11
2
46
26
13
(High
101.25
101.24
101.27
101.27
101.28
1939-49.-iLow.
101.23
101.22
101.25
101.27
101.28
101.23
101.24
101.25
101.27
101.28
5
8
14
6
1
101.8
101.14
101.14
101.15
101.8
101.9
101.11
101.14
101.8
101.14
101.14
101.15
41
26
9
Home Owners' Loan
106.1
105.22
103.28
3s, series A, 1944-52
100
Close
103.24
Total sales in $1,000 units...
106.4
$1,000 units—
(High
iLow.
103.26
(Close
106.4
Low.
12
52
iLow.
(Close
Home Owners'Loan
106.7
106.7
2Hs, series B,
Total sales in $1,000 units—
25
107.4
107.4
107.8
107.4
107.4
107.8
Close
107.4
107.4
107.8
—
(High
2Hs, 1942-44
101.8
iLow.
(Close
Home Owners* Loan
Low.
101.6
101.8
3
Total sales in $1,000 units...
3
4
*
107.5
107.8
107.10
107.1
107
107.5
107.7
107.8
107.1
107.3
107.8
107.10
107.8
107.3
13
2
High
i^w-
t Deferred delivery sale.
Note—The
101.31
101.30
102.5
102.7
5
Treas.
101.27
101.25
101.31
102.3
102.4
1
Treas.
(Close
101.29
101.28
102.5
102.8
46
49
High
104.3
104.2
104.4
includes
only
of
sales
coupon
Ws, 1943-47.. 107.15 to 107.15 11 Treas. 3j^s, 1944-46.. 106.30 to 106.30
3T6s, 1949-52..105.20 to 105.20 11 Treas. 2%s, 1955-60.. 101.24 to 101.24
102.5
$1,000 units...
table
above
Transactions in registered bonds were:
bonds.
13
56
Odd lot sales,
107.8
(High
iL?w-
(Close
$1,000 units...
104.4
104.4
2
(Close
106.7
106.1
$1,000 units...
103.30
103.30
4
Total sales in $1,000 units...
106.1
$1,000 units—
104.2
103.30
2Hs. 1942-47
7
4
104.6
104.5
103.30
103.30
iLow.
Federal Farm Mortgage
107.1
11
103.30
(Close
107.1
107.4
103.28
Total sales in $1,000 units...
107.1
107.4
(High
103.26
103.25
3s, 1942-47
1
1
24
103.25
103.25
106.6
106.9
104.2
11
(Close
106.6
DAY
104.2
104
DAY
iLow.
Federal Farm Mortgage
105.28
1955-60
Total sales in
HOLI¬
Total sales in $1,000 units...
3s, 1944-49
106.6
HOLI¬
[High
2 %s,
(High
iLow.
18
105.28
Total sales in
1944-64
(Close
5
8
12
27
3 Ha,
14
104.3
104
Total sales in $1,000 units...
105.28
1944-46
^Low.
27*8, 1945
High
I,
99.31
99.31
105.28
Total sales in
99.21
31
99.31
3
Low.
3Hs. 1941.
99.30
101.3
99.29
104.2
$1,000 units...
Total sales in
99.23
101.1
22
104.2
Close
1949-52.
99.23
101.5
101.6
99.29
High
3 Ha,
22
100.29
101.6
99.31
104.4
Low.
Total sales in
2
62
9
$1,000 units. —
1946-49...a
100.26
3
101.8
99.25
1
(High
3H8.
100.26
100.31
21
101.7
101.6
99.26
107.26
C1086
1941-43.
100.27
(High
2Hs, 1949-53
107.26
Low.
100.27
Total sales in $1,000 units...
107.24
[High
374 s, 1940-43.
100.31
38
107.19
$1,000 units...
Total sales in
101.15
129
99.23
105.10
3 Ha,
101.13
101.16
6
99.18
107.20
IS
Total sales in
101.10
101.10
42
41
107.20
$1,000 units.
Total sales in
101.7
101.3
99.22
107.18
IS
^
101.3
*4
iLow.
(Close
107.18
High
'«•
101.15
Total sales in $1,000 units...
107.18
$1,000 units...
Total sales in
101.16
110.30
Close
'S65
101.10
110.30
Low.
1943-47.
53
101.5
110.30
5
[High
3':
102.10
15
110.27
$1,000 units...
Total sales in
102.10
102.14
110.27
High
3HS.
102.9
102.9
110.27
[High
(gj;
Total sates in
2Hs, 1956-59
12
8
7
1
$1,000 units—
1946-66
iLow.
2Hs, 1951-54
112.10
112.2
3H«.
102.7
102.1
101.4
(Close
107.12
107.4
High
in
101.30
Total sales in $1,000 units...
"
Total sales
102.12
100.31
(High
107.7
$1,000 units—
1944-54
4s,
Jan. 7
102.15
101.4
107.10
Low.
Total sales in
Jan. 6
102.9
23
.Close
■
Jan. 5
Total sales in $1,000 units...
2Hs, 1948-51
High
3H».
I
(High
116.26
116.22
$1,000 units—
Total sales
Treasury
Jan.
Daily Record of U. S. Bond Prices
116.30
102.3
102.2
Jan. 7
Jan. 4
102.1
Jan. 6
Jan. 3
102.2
Jan. 5
116.22
Close
,
more
117
Low.
1947-52
Jan. 4
or
116.22
High
Treasury
4KB.
the only tranaactiona of the day. No
diaregarded in the day'a range, unleaa they are
for the year.
United States Government
TCftl
Page One
Pages
Occupying Altogether Sixteen
deferred delivery aalea are
taken of auch aalea in computing the range
NOTICE—Cash and
102.8
29
12
120
103.26
103.25
Low.
103.25
103.25
103.31
104.2
103.25
103.25
104.3
104.2
104.4
Total sales in $1,000 units...
12
2
United States Treasury
104.4
Close
2HS. 1945-47.
21
9
30
United
States
Bills—See previous
Treasury
Notes,
page.
&c.—See
previous
page.
New York Stock Record
LOW
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
HIOH
AND
TtfTFW
XiJuVV
Monday
Tuesday
Wednesday
Thursday
Friday
the
Jan. 1
Jan. 3
Jan. 4
Jan. 5
Jan. 6
Jan. 7
$ per share
$ per share
$ per share
$ per share
$ per share
lUttlx
On Basis of
DlUUA
Week
$ per share
VHRTf
Shares
37*
*367s
43*
*27
"43*
43*
8*
878
*44*
87g
19*
*37*
*
19
20
-
*1*
49
1
Stock
*
Exchange
37*
3734
38*
38*
*27
43*
*28*
43*
*28*
38*
43*
50
*4478
55
*44
50
*44
50
37*
9*
934
1934
1934
1934
20*
1*
20
20*
19*
20
1*
1*
50
50
9*
1934
20*
1*
1*
9*
1934
9*
*18*
20
51
51*
51*
1*
1*
51*
1*
1*
53*
*1*
1*
72
"n*
37*
43*
*
1*
72
xir
11*
11*
1*
*
72
"16*
11*
*
11
Par
Acm«
2,100
Adams-Millie
1,300
700
1*
11*
1,000
M
~
--
1*
Day
*11
15
17*
*7*
8*
159* 163
*83g
9*
12*
12*
6*
*47
7
49*8
Aug 13
59
Apr
44* Nov 24
i2 Oct 19
80*
5*
Jan 25
2
100*
Jan 22
91
Mar
1534 Feb 25
13
July
par
10
No par
Air Reduction Inc
No par
A
Appilance.-JVo par
RR Co.-100
97
Mar 11
10
8
Oct 19
100
146
Vicksburg
Alaska Juneau Gold Mle
Oct
5
22* Mar 11
9* Apr
74*
Nov
Feb
16*4 Nov
28* Feb
3
177g June
35*4
Feb
36
9
22 ig
37*
Oot
4*3
166
Jan
Jan 26
Jan
7
Aug 10
Jan
xl* Jan
68
Apr
Jan
178 Aug
211] jan
8flii Nov
6*
103
Apr
Nov
171] Sept
195
Mar
1*
1*
1*
1*
5,800
No par
1
Oct 19
6*8 Feb 18
2*
14*
14*
15
15*
3,100
5H %Pref A with $30 warlOO
11
Oct 19
59*4 Feb 11
12*8
15
*11*
15
14
14
300
11
Oct 20
59
Jan
*11
15
13*
13*
15*
100
5H %Pret A with $40 warlOC
5H%Pref A without warlOO
5* Nov
81* Nov
60* Nov
15
*13*
*13*
15*
15*
10
Oct 19
581, Feb 17
12is
Jan
60
1434
14
14
14
1434
1434
16
900
$2.50 prior conv pref. No par
10* Oct 19
27
Apr
54* Nov
18
17*
18*
18
18*
18*
1834
52* Feb 18
45* Mar 15
.
17*
*7*
162
*8*
13
8*
164
9*
13
7
6*
49*
49*
*7*
164
8*
13*
634
*47
48*
47*
487g
12*
13*
47*
12*
2*
*12*
2*
2lo
2*
21*
*18
8*
169
8*
13*
8
1*
8
167* 171
9*
9*
13
9*
13*
13*
1,600
7*
77g
15,300
48*
48*
200
48*
1234
234
*19*
49*
23,100
65
65*
*48*
50
49*
12*
2*
22*
4734
*12*
49*
2*
234
*19
*18*
58*
60
60
62i,i
63
65
*57*
58*
60*
60
60
*60
11
12*
12
12
12
12*
4978
50
50*
50*
5134
52
Bid and asked prices, no sales on this day.
300
4,200
*9*
51
58*
173*
7*
634
21*
8
8
170
3,400
1334
7
57
85
1*
1*
12*
2*
*
4334 Dec 29
778 Nov 23
17i2 Oct 19
16* Oct 19
112 Oct 15
share
70
13*
12*
46*
*18
Mar
*14
15
17
42
*12
15
*13
6
per
8
Mar
*12
13
*11
New Year's
Mar
69
Highest
14
1*
1*
13
55
No
Albany & Susq RR__
Closed—
8
Nov 26
No par
Express
Air Way Ei
share $
Nov
Advance Rumely
Aia
_
9,700
per
37
Address Muitlgr Corp
1*
55*
72
$
share
per
36
.26
2034
"ir
$
share
JVc par
Bteei Co.
Adams
21
*
_
Straus
3,400
3,800
per
No par
Abbott Laboratories.
Abraham A
-
$
Lowest
Highest
Lowest
"166
934
934
*19*
2034
1*
53*
1*
1*
72
~Io*
-
Year 1936
100-Shart Lots
EXCHANGE
500
—
Range for Previous
Range for Year 1937
STOCKS
fflr
JUT
Saturday
13*
22
65*
64
12*
1284
*5034
52*
13
234
22
64
*60
13*
12*
*49
t In receivership,
52
a
200
500
1,700
Allegheny Corp
Allegheny Steel Co
Allen
Inc
145
Allied Mills Co Inc
10
No par
Allied Stores Corp
No par
Oct 19
83i2
8* Oct 19
39*4
Def'd delivery,
stock,
Cash sale,
23
Aug
Aug
34
Nov
20* Nov
90
Jan 22
35*8
Jan
Jan 28
19*4 May
6*4
4
Oct
81
Nov
Deo
34* Nov
Oct 20
5214 Mar 15
1147g Mar 11
31* Nor
75
Jan
IOH2 Jan 22
49
July
36
Dec
55*
Apr
65
Jan
73
Nov
19
10
x
Oct 19
50
50
r
Oot
245
87# Mar 13
51* Nov 23
53* Oct 19
Cnem iDel).-JVc par
American Bank Note
10
n New
85
157" "Jan
1* Oct 19
6% conv preferred..
50
..No par
Preferred
Nov
Jan
9
34
Amerada Corp
6%
40*
Jan
6
Mar
No par
Am Agrlc
250
267g July
69
217g Mar
Dec 29
A'o par
Amalgam Leather Cos Ine
1
9
17i8 Aug 14
33is Jan 16
49
Alpha Portland Cem
2,800
Oct 19
6* Oct 18
12U
237s Apr 12
258i2 Mar
100
preferred
AUls-Chalmers Mfg
5%
_
Nov 23
7* Dec 28
__5
Allied Kid Co
Oct 19
6* Oct 19
1
Aided Chemical A Dye.No par
2,700
400
industries
13
No par
Feb 11
Apr
Jan
Dec 30
Ex-dlv.
y
41*8
J&n 16
75ig Feb
Ex-rights.
4
5*4
Dec
39* Dee
125* Mar
89
Nov
Called for redemption.
t
Volume
LOW
AND
New York Stock Record—Continued—Page 2
146
HIGH
SALE PRICES—PER
Sales
NEW YORK STOCK
the
CENT
NOT PER
STOCKS
for
SHARE,
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 1
Jan. 3
Jan. 4
Jan. 6
Jan. 6
Jan. 7
g per share
$ per share
f per share
I per share
$ per share
Range for Year 1937
Shares
On BatU of
Week
Jf-
per share
42
41
42
42
41
42%
42%
41%
42%
40%
*115% 123% ♦115% 123% *115% 123% *115% 123% *115% 123%
75
77
79
70%
72%
74%
75%
72%
79%
75%
*165
163
167
163
167
*163
167
*164
*153% 167
24
25
26
25%
25%
24% 25%
24%
25% 25%
48
45
47
44
47
47
*42%
*43%
*45% 47
15
15
15
17
15%
16%
14%
15%
1578
15%
*95
1
■L
*92
*
150
95
25
"*6~
11%
13%
*80
*95
95
*
*95
150
95
25
6%
~~6%
11%
14%
14%
13%
87
*80
12
12%
14%
*80
87
*95
97
*96
*
25
"7"
6%
11%
*95%
*
150
7
*
12
15
87
*80
tharaOct la
6
per
S
share
S0«4 Feb 18
40
Apr
1
160
Feb 18
124
May
121
Jan
9
110
Dec
15178 Oct 22
100
174
Jan
9
162
May
174
71
Feb
4
30% Apr
67
Apr
100
Dec
120*4
Dec
Dec
American Car A Fdy—Ao par
Preferred
100
36
Am Chain A Cable Inc. A* par
11% Oct 19
104% Feb 4
3334 Aug 25
86
Oct 19
150
Apr 25
90
Oct 19
112
Aug 12
Jan 25
5% preferred
American Chicle
900
7%
12%
Am Coal Co of N J(Alleg Co)25
American Colortype Co
1C
2,000
1,700
85
4,100
Am Comm'l Aloobol
600
2,700
Oct 19
20% Dec
5% Oct
8% Oct
12% Oct
Corp..20
10
30
19
19
19
29
23% Mar
Nov 29
Oct 19
13% Jan 28
5
Oct 19
17
175
Oct 19
225
Amer A Forn Power...No par
$7 preferred
SI
2d
99% Mar
2
Jan 18
4
Mar
2% Oct 19
1384 Jan 22
17% Dec 29
68% Jan 18
634 Oct 19
...No par
oreferred A...No par
27
Nov
7% July
2
100
87% May
20% July
16% Jan
89
Apr
3% Apr
80
Express Co
Nov
3
—100
1st preferred
111
3084 Mar 31
33% Jan 21
American Encaustic Tiling. .1
Amer European Sees..-No par
Amer
6,400
No par
American Crystal Sugar.
6%
4
4
4
4
4
4
3%
4%
4%
4%
8
9
8
8
9
*5%
*5%
♦5%
*534
*5%
♦176% 300
♦176% 300
*176% 300
*176% 300
*176% 300
4
4
3%
3%
3%
4%
3%
3%
3%
4%
19
20
19
20
20
21
*20
21
21%
19%
9
9
9
9
8%
9%
8%
9%
9%
v.-'
9%
15% Oct 19
100
200
Highest
share S per share
per
Dec 29
69
600
5,300
15%
*80
85
28
109
...25
Can
Lowest
Highest
3,200
"
12%
per
—100
pre!
conv
Preferred
200
"
15
12%
15%
6H%
25
"7%
7%
*6%
12%
15
American
6
Am Brake Shoe A Fdy_ A» par
6,600
97
97
96%
25
Par
Year 1936
100-Sharo Lots
Lowest
3,500
150
*95
150
Range fm Previous
EXCHANGE
Saturday
4
237
984
175
Jan
Oct
Dec
70%
141
Dec
137% July
60%
Dec
Dec
113% Oot
35*4 Dec
16%
Dec
35% Nov
32
Aug
101
Sept
8%
Dee
14%
175
Feb
Oct
6% Apr
29*4 Jan
9% Mar
60% Dec
38% Jan 22
12
Apr
22% Deo
58% Jan 22
25
Apr
60% Deo
5
13
Jan
21% July
1
15
15
•15%
♦10%
3%
17
16
16
11%
3%
10%
3%
10%
*10%
3%
3%
*21%
16%
16%
11%
378
*16
19
400
*10%
11%
300
S6 preferred
..No par
Amer Hawaiian Stt Co
10
3,300
American Hide A Leather... 1
25
♦23
25
34%
1%
*15%
7%
20%
65%
13%
4%
35%
34%
900
American Home Products
1%
700
American Ice..
♦10%
3%
*22
24
*21
25
33%
1%
♦15%
33%
*33%
34%
34%
3478
34%
34%
1%
17%
1%
♦15%
*1%
16%
2
*134
2
6%
6%
19%
1%
17%
6%
19
19
63
*63
13
13
13
19%
66%
13%
19%
63
1
11%
3%
30
♦101
3%
6%
3%
3%
32
31%
119
*101
♦26%
5%
37%
27%
5%
38%
26%
5%
30
30%
12%
30
11%
♦157
165
37
12%
♦157
•21
6%
2078
*66
66%
14%
13%
4
4
4%
33%
33
♦101
34%
119
18%
*15%
67g
19%
7
20%
66%
13%
32%
*101
7%
14
4%
35%
119
267fi
6%
37%
27%
57g
35%
27%
5%
36%
30%
29
30%
12%
13%
12%
165
165
-
27%
6%
37%
30%
13%
169%
20%
*163
1,550
15,000
2,500
22,700
20%
19%
20%
19%
66
66%
70
72
72
72
72
73
73
17%
17%
17%
17%
18
18%
18%
19
*80
4
4
28%
New Year's
88
28%
5%
4%
*29
28%
5%
*30
31%
43
Day
27%
32
43
30%
*41
88
4%
*2%
*24
12i2
*1112
5
*3
26
*119
*95
5l2
58
*
*6%
3%
*
534
58
6
*32
"§212
618
3i2
*
*80
4%
28%
4%
86
478
28%
7%
29
1,400
1,120
26,300
-
-
-
800
4,900
66 1st preferred
Woolen
9512
57S
95%
6
Preferred
60
60
*62
3414
634
3312
6i8
4
3i2
714
*
92
"73s
6I4
4
712
62
4
K
6i2
"~7~
7l2
*58
67
*58
67
67
82
*70
82
*70
"7",900
40
34
34
*33i8
35
*3314
3412
*74
8OI4
*74
8OI4
*74
8OI4
*74
75
*70
21%
3514
*5%
22
22%
6%
*9%
*66
9%
*40%
42%
7%
41%
42%
105
70
23
*5%
6%
9%
9%
20%
20%
104% 104%
20
20%
104% 104%
7%
7%
105
*70
"3634
40%
42%
*105
8
40%
42%
10
10
8
*40%
8%
41%
8%
41%,
46
108
*5
3%
2%
3%
2%
16
4%
3%
5%
3%
3%
16%
3%
*2%
4
*2%
16%
*16%
23
4%
4%
4
10
*5
5%
3%
4%
-
-
2,800
41%
300
46
200
10
5%
5%
700
4
4%
3,800
*2%
3%
100
*16%
23%.
4%
20
4
11%
8
8
8%
10%
9
9%
12%
10%
11%
7%
7%
8%
7%
8%
8%
9%
8%
9%
9%
19,100
12
77,500
12%
11%
*30
35
*30
35
9%
*30%
35
*30
35
*85
90
*85
90
*85
90
*82%
90
89%
16%
8%
16
13,000
89%
17
14%
.
11,500
8%
9%
15%
15%
15%
8
8
8
*22
28
*22%
28
13%
14
8%
15%
8%
15%
8%
11%
16
8%
12%
*31
35
9%
May
Jan
Feb 23
35
Jan
Oct
Feb
Feb
7% Mar
50
Deo
66% Nov
111
43
Nov
7
Nov
Jan
22
Illinois
Dec 28
11684May
100
93
....No par
57
Dec 29
96
Feb
30
Oct 19
2% Oct 19
Nov 27
6
Dec 29
80
100
Dry Goods
4
47g Oct 19
...No par
1
97
2484 Aug
111
46
111
126
70
Dec 16
3278 Nov 23
2484 Mar
6
Jan 28
Mar
9
106
88
Feb
9
7
65% Mar 17
Oct 19
29
9
Oct 19
18
Oct 19
26
Mar 13
44
Jan 18
37
Mar 11
6
6
52% Mar 10
101% Sept 29
116% Feb
7% Dec 29
39% Oct 19
60
6% prelerred
18% Nov
22% Feb
May
27% Nov
108
95
Dec
112
Oct
98
Feb
124
Oct
69
Jan
90%
Jan
107
Oct
21% Apr
11
Apr
13% Apr
26% June
49
Deo
June 29
9484 May
104
Oct 19
100
12% Apr
Jan
Deo
62% Mar
Feb 18
6
4% conv pref series A...100
Atlas Corp
1
Jan
84
128
67% Feb 18
18
5% prererred
Jan
Aug
Jan
Jan
Atl G A W I SS Lines..As par
Atlantic Reflulng
66%
104
7%
8%
Dec 23
66% Dec 27
Jan
Jan
4% June
95
33
..100
Jan
110%
7%
16% Feb 27
17% Jan 21
July 23
101
7184 Dec 22
6
100
125
Deo
60
122
Jan
Feb
9
58
Apr
May
47%
Nov 20
preferred
Jan
37
105%
70% Mar 13
83
2d
Jan
89% Dec
26% Mar
118
Feb 18
Mar
13*4 Feb 27
99% Mar 1
100
100
1st preferred.—
15%
121% Feb
Oct 18
4% Oct 19
6
109
Sept
88% Aug
31% Oot
64*4 Nov
35% Apr
118% Deo
18% Mar
No par
38
Nov 26
94
Mar 11
48
Jan
84
Nov
6% conv preferred.— ..100
Atlas Tack Corp
No par
JAuburn Automobile..Ac par
101
Dec 30
133
Jan 13
xll2
Jan
131
Nov
9
2
14
June
Atlas Powder
3% Dec 29
2
Sept 25
3
2% Oct 19
9% Jan 12
Works..Ac par
3% Sept 10
3
Sept 11
15
No par
Corp of Del (The)
Loco
Vot
Baltimore A Ohio
Barber Co
1,500
Barker Brothers
28%!
Oct 19
9% Jan 30
2384 Aug 18
Oct 19
40% Mar 17
100
10
60
100
preferred
4,000
Jan 29
6
100
4% preferred
Conv 5%
11%
8%
13
ctfs
tr
18% Jan
3684 Feb
9% Feb 1
52% Mar 26
Ac par
$5 prior A
Avla'u
4% Oct 19
Dec 29
Austin Nichols.
Bangor A Aroostook
_
10
9%
*23%
^
28
11%
70%
July
Assented
7%
24
27%
109*4 Sept
3
Baldwin
9
79% Feb 23
Atlantic Coast Line RR—100
'
400
108
41%
*44%
*105
~
400
8%
8%
-
5,400
107
'
*40%
-
19% Apr
92*4 Jan
7% Sept
62% Sept
3% July
10% Feb 10
6% preferred
6,700
•.
21%
21%
8%
200
•
Deo
2% Dec 29
par
Atch Topeka A Santa Fe.-lOO
15,800
24%,
61?
*105
11
*43
4%
3%
10
22
20%
20%
20%
*105
107
104% 105
*10
61?
Mar
18
Jan
May
65 pref without warrants 100
23%
*5%
241?
6%
Feb
150
June
5% pre! with warrants.. 100
38%
70%
*66l4
22%
*5%
*5%
*105
3%
4
73
46
2%
3%
23%
*66
110
3%
16
66
"""260
8OI4
3614
Feb 23
104
Jan
0
6%
7%
*70
387a
*43
*2%
18
66
36
*105
5
*16
38%
110
5
4%
80%
*70
3514
22
*74
20
Jan
Feb
8% June
88% Mar
136
69% Mar 10
Assoc Investment Co.-No par
100
34i2
34i2
1
Feb
14% Jan 18
79
Jan 12
102%
97
Associated
82
*31
107
26%
190% Nov
Feb 13
Preferred
67
*70
4
20% Feb 3
29% Jan 13
Mar
37% Jan 12
Artloom Corp
600
714
67
82
99% Feb
160% Jan 26
87
Oct 19
66 conv pref
85
*58
149% Apr
Jan 28
Oct 26
7% preferred
100
Armstrong Cork Co.—No par
Arnold Constable Corp
.-6
1,300
4
4
¥
20% Mar
8
Jan
Jan
Oct 19
20
Armour&Co(Del)pf 7% gtdlOO
"8,666
634
6i2
4
26% Jan 25
Deo
63% Aug
145
Sept
7
Copper Mining
Paper Co
No
Armour A Cool
1,100
3534
Jan
64
36
10
As par
7% preferred
92
~35%
35l2
85
"Y
64
*63
¥
92
"33%
8
129
73% Jan
146% Dec
96
a.
Archer Daniels Mldi'd.As par
22,200
634
24% Nov
Jan
20% Apr
24% Deo
48% Apr
Nov
15284 Mar
66.60 con? preferred-No par
700
6
jr27% Oct 19
133%
46% Deo
103
Oct 20
Andes
30
*96% 102
¥
6l8
85
119
6%
6H2
62
6
Oot
Anchor Hock GlassCorpNo par
""260
119
*9534
34
Feb
6684 Jan
136% Jan
67% Mar
Nov
39
A P W
102
25% Dec 15
3% Oct 19
..100
LeadjA Smelt
1
26
Anaconda Copper Mining—60
140
119
6i2
Oct 19
Oct 20
3% Oct 19
65 prior conv pref.
1,600
119
6i8
8
82 *
No par
700
46l2
1612
1612
10334 10334
15
16%
478
*3%
*28
3234
5884 Dec 28
128%May 13
4% Oct 19
100
10
No par
Anaconda W A Cable,
96
148
99
American
400
26
Jan 28
68% Jan 29
187
Am Water Wka A Elec.No par
46i2
*25
Jan
Oct 19
13,100
46%
*119
26%
Dec 28
25
*44
26
Mar 19
57
6% preferred
4434
*3%
2534
68
IO684 Mar 11
154
140
Common class B
43%
1478
478
26i2
2884 Nov
100
Am Type Founders Ine
165% Aug
Apr1
....25
Amer Telep A Teleg Co
American Tobacco
Amer Zinc
Oct 19
14
Am Sumatra Tobacco.-No par
Jan
18
14384 Jan 13
100
167
Feb 20
10478 Oct 11
11,000
1,300
4,400
14% July
87% Sept
74% Sept
27% Jan
29
100
45
16
Nov 16
Preferred.
400
34-% 126,900
103
125
Feb
Feb
7%
43
36% Feb
I884 Apr
39%
American Sugar Refining.. 100
33%
13i2
Oct 19
100
3378
16
46
No par
32
*70
72
....26
Snuff
2
Dec
Feb
July
37
73% Jan 21
500
103
7
Nov 23
122
15
54% Nov
134
Dec
26% Jan 20
56% Jan 11
8
*15i4
16i8
*10138 103
12i2
1212
478
*3i8
41
100
32%
12i2
478
24% Dec
Smelting A Refg.No par
Jan
15% Nov
48% Dec
122% Nov
29% Jan
31
7% Dec 29
24
Dec 28
38
67
37
Amer
24
3
22% Oct 19
7
82
35%
Amer Ship Building Co-No par
Jan
23»4 July
American Stores
38
*58
*70
7% Oct 19
Jan 21
45% Mar 11
101% Aug 18
Amer Steel Foundries. .No par
35
*70
*66
American Seating Co.-No par
6% preferred
-
34
6%
Feb
170
900
4%
29%
4%
36
15% Oct 19
900
17,200
86
*80
15% Dec 29
American
100
*»
87% Jan 18
72% Jan 12
29% Feb 3
63% Dec 29
Preferred
34
6%
Dec
American Safety Raxor..18.50
1,400
2,100
34,400
28
Apr
Apr
118
9% Oct 19
140
Oct 23
31%
85
"7"
6%
88
May
25
100
4H% conv pref
2% Sept
16% Sept
9% Apr
10
100
31%
92
60
*
32%
e%
314
85
6%
95
5%
92
"32"
*24l4
27
6
32
*119
97"
4%
28
15 %
16
16
16%
1077s 107% *1013s 103
*11
*80
Oct 19
Oct 19
Preferred
900
11
11
11
11
10% ♦10
12
12%
1278
29
31
30
28% 29%
31%
30
30%
29%
30%
44% 46%
45*4
48%
47%
49%
49
51%
52%
50%
♦126
128
*126
130
*124% 129
133
*128
134
*128
*49
51
*49
51
*49
50%
50%
51%
50% *50%
*125
133% *126
133% ♦126
133% *126
133% *126
133%
31
33%
31%
32%
32%
31%
32
32%
31%
33%
*8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
25
25
26
*25
26
26
26%
26%
26%
27%
109% 109% *108
109%
108% 109
*108% 109%
109% 109%
*17
19
*17
19
♦16%
18%
17%
17%
*17%
18%
144
149
146
148
144% 147
14734 149% 147% 149%
63
63
65
66
60%
60%
67
67%
67%
67%
65
67
68
63%
67%
63%
68%
6978
69% 70%
*138 1 139
139
139
139
139
139
139
*138% 139%
6
6
5%
5%
5%
5%
6%
6%
6%
6%
12
12
12
11%
11%
11%
12%
11%
12%
12%
Oct 19
26
American Rolling Mill
13,200
10
Dec 29
3
31
S5 preferred
No par
Am Rad A Stanu San'y_ No par
1,300
17
26
No par
S6 preferred..
20
19%
Nov 20
Amer Power A Light...No par
4,300
19%
100
6% conv preferred
100
American News Co new No par
m.
61% Nov
6% Jan
27
129% Feb 1
31% Deo 9
16% Jan 13
tm
Jan
21
68<4 Mar 10
-
46
37
8
2434 Nov 22
-
Oct
6
Amer Metal Co Ltd...No par
tm
31%
Feb
8,400
119
Oct
29% Mar
125
13% Jan 20
18%
4
Oct 19
Oct 19
3
8% Mar
4%
23% Apr
66
Apr
10% Oct 19
18%
*80
53
100
11% Mar 13
55>4 Mar 13
52% Mar 3
484 Mar 16
27% Feb 16
1784 Mar 11
68% Feb 4
Amer Mach A Fdy Co..No par
Amer Mach A Metals.-No par
17
Closed—
Preferred
600
Oct 20
684 Dec 29
14% Oct 19
Feb
1,800
2,000
66
Exchange
14
100
American Locomotive..A# par
17%
Stock
pref
Amer Internet Corp...No par
8,500
Oct 19
Oct 19
Oct 19
21
36%
12%
13%
165
non-cum
No par
Dec 29
Oct 19
Oct 19
4%
30
♦157
6%
1
2,000
66%
13%
6%
6%
100
60
7%
37
29
12%
18
27
26%
6% preferred
mmmm--
21%
*101
35%
26%
5%
37%
30%
165
16%
63
4
119
25
4
3%
14%
7»4
2%
20%
32%
1%
30
Oct 19
89
Dec 22
110% Feb
10% Oct 19
43% Mar
10
Inc..
Oct 19
734 Dec 29
No par
26% June
6*8 June
29% June
3
Apr
2% July
2% July
15% Apr
47«4 Mar 17
21
Apr
Feb 11
39
Dec
45
8
9
32
Jan 21
42
24% Nov
30% Feb
64% Mar
10%
Jan
46%
Jan
7% Mar
11% Dec
9%
Deo
"27%
Nov
41% Oct
49%
Feb
38% Dec
2% Nov
Jan 21
13%
Jan
'
13
*10%
*110
13%,
10%
112
*14%
15%
93%
93%
♦
42
*96
97
7%
7%
*83%
85%
10%
11%
16%
16%
29
14%
29%
61%
15%
91
92
57%
*22
*14
11%
*15%
*40
15%
10%
112
15%
10%
♦110
15%
*95
96
42
*28
97
97
*96
*
*7%
*83
11%
17%
7%
85%
12%
*95
*7%
*83
17%
12%
17%
31
31
59%
15%
28
14%
10%
112
*23%
14
*10%
*110
28
15%
15
14%
11
11
112
*110
17,200
300
11%
112
17
*16%
17
300
95
95
*80
99
200
42
*28%
42
97
*96%
97
42
*28%
*97% 105
7%
7%
*83
85%
13%
13%
7%
85%
13%
7%
*83
13%
17%
31
31%
31
61%
60%
15%
62%
15%
61%
15%
92
92
92%
93
24%,
*22%
24
24
24
14%
*14%
7%.
85%
13%
17%
17%
17%
31%
63%
31%
31%
61%
15%
63
15%
15%
60
20
Nov 24
8
preferred.
Oil Co
10
Oct 19
Barnsdaif
9%
Bayuk Cigars
J no
No par
preferred
100
Beatrice Creamery
26
$5 preferred w w_—As par
108
1st
*15%
16%
96
17%
Beech
f.m.
Beldlng-Hemlnway
m «
-
-
35
Feb
13
Dec
Bendlx Aviation.....
88% July
4
83
June
7% Oct 19
82% Dec 10
8% Oct 19
(Del).As pa'
20
100
6% prelerred
700
Bigelow-Banl Carp Inc.A# par
16
1,100
Black A Decker Mfg Co No par
12%
6,300
Blaw-Knox Co
17%
*15%
17%
*15%
17%
*15%
17%
*15%
17%
64
*40
64
42
42
35
33%
34%
32%
33%
65,500
26
*24%
26%
26%
26%
200
Bid and asked prices; no sales on this day.
*40
64
1 In receivership,
a
4584
29
2434
33%
105% Mar 11
Oct 19
Ac par
1534
12%
♦40
Oct 19
14
Best A Co
24%
♦24
Jan
1,200
2,400
12%
64
Jan
20
Oct 19
12
34%
21%
Dec 29
30% Feb 11
2384 Jan 5
62>4 Jan 8
15
2,000
1,400
10
Def. delivery,
7% preferred
a
New stock,
r
Oct 19
29% Mar 10
32% Jan
7
94% Jan 16
4984 Mar 3
48% Feb 13
15% Dec 13
60
Dec
3
-.5
16
Oct 19
6
21
Oct 19
Cash sale,
Jan 18
129% Feb 16
6984 Feb 10
9
Btoomlngd&le Brothers. Ac par
Blumenthal A Co pref.....100
Boeing Airplane Co
20
85% Nov 24
22% Dec 30
13% Nov 24
Ac par
Bohn Aluminum A Brass
Feb
41
...6
15%
23%
Jan
Aug
85
12%
33%
23%
18
100
8
15
34%
9
8
15»4 Feb
11%
23%
28«4 Feb
IO684 Mar
43% Feb 19
12%
31%
Oct 19
11484 July 14
15
24%
15%
May
Oct 19
96%
*95
Jan
16*4 June
110
90«4
12
12
94
Aug 16
29% Dec 29
Ac par
Belgian Nat Rys part prel
Bethlehem Steel
20% Jan 17
115
14%
Nov 10
Beneficial Indus Loan..Ac par
157,700
1
20
Beech-Nut Packing Co
17,600
13%
92
Oct 19
Oct 20
35% Feb
60
Creek RR
100
300
15%
93%
24%
15%
*22%
•
*10%
*110
*23%
13%
x
Ex-dlv.
y
38
Jan 21
Ex-rlghts.
48
16%
Jan
Apr
Apr
107% July
28% Dec
22% Nov
115
Dec
28% Nov
105
42%
112
July
Oct
Dec
16% Mar
89% May
32% Oct
25% Oct
72
77%
20
Nov
Dec
Deo
135% Nov
23
Jan
65%
Dec
28%
Deo
x34%
24%
Deo
Dec
14% July
18% May
77% July
38% Nov
120
Oct
16%
Apr
37%
40%
Dec
63% Mar
Dec
1 Called for redemption
LOW
Tuesday
Wednesday
Jan. 3
Jan. 4
$ per
89
89
89
*85%
397s
12i4
17's
22fy
3%
*%
♦1678
7h
1934
♦22i2
*39
♦12
14
1814
2334
*34
17*4
8i4
17U
23
23
30
31
9i4
29i4
19is
334
26l2
712
5
4
414
26
27
1678
738
161g
I6I4
734
*1534
714
758
173g
2's
1734
2ig
18
2i4
♦712
I8I4
214
16ig
17
2
♦712
3i2
314
19i2
3i2
9
834
9
*3034
36
15'4
36l2
1578
15i2
16
19
19-%
*19i2
*4778
21
52
19
*18
*3
85g
*30 ]4
»477g
52
10
48
29
57«
45
♦
134
90
80
20
4
*
92
22
New Year's
Day
*56
"2334
2734
To"
5
•89
*78
*234
*1
33g
*2l2
3478
90is
34
89
89
38
238
25S
*89
1
3i2
*2l2
5
III4
113g
IH4
1
1
H2
l's
1'2
H8
158
1*4
314
314
3*2
h
1018
1014
IOI4
1012
30
•26
*h
2i4
*134
9i2
♦12i2
334
*3514
46*g
*26
30
*28
30
1
1
1
1
1
2*s
1®4
2
2
l7s
214
2i4
134
10
10
12i2
9i2
13
12*4
4
414
50
123g
4i2
*38i2
49*2
12*2
4i2
50
*37
50S4
1*2
*9*2
5078
48*2
11*2
*5
10434
100
32
500
83g
8iS
43
4314
1,600
3414
347g
12,600
100
90'8
*89
Us
900
234
*34
234
Fs
234
114
1,400
600
114
*ll8
8,000
4
378
4
512
*212
123a
*78
134
114
35s
107S
*28l2
297g
1
1
1218
1
158
114
358
1034
30
*9
12*2
512
123s
12*2
""800
1
1,400
134
3,500
114
35g
6,200
11*4
*2*4
*1*4
2*8
12*2
4*2
30
3434
11
50
1,270
43
1
*38*2
4,700
104
*28*2
93i8
4l2
8
28
*
8,000
29l8
734
8
30
44
4134
42l2
8
51*4
100
514
*95
512
4,400
1,300
.
2,000
2*4
1,300
*9*2
10
300
13
13
1,200
4*8
4*8
53*2
51*8
*123S
3*4
18*4
334
3*4
37*2
33
14
14
111
111
113
113
*57U
85s
*95
21
*
58
884
*1218
15i4
38i4
14
.
*112
434
2,100
19*8
30
15I2
6
1,600
12*4
110
1,400
334
20U
900
106*2 106*2
24*8
2378
70
20
153g
30
*9478
2
ll2
*
*14"
16*4
16*4
7
9l2
*7*8
19*4
17i8
17i2
18
67
67
67
12
12
12 lg
1234
33
*277g
8
*72
*-.-.
"§2"
31is
*81
90
*82*8
36
37
37
*857g
73g
Fs
39i2
93
78
2
40
*867g
7*2
1*4
39i2
18i2
39
40*4
6% prior preferred
100
ChampPapAFlbCo6% pf 100
50
1,900
*14"
17
17*8
29
17*8
«.
«.
«. -
M —
2,200
734
8
8
10*2
*10
1134
Chesapeake Corp—
Chesapeake A Ohio Ry
Preferred series A
9*8
*8*4
9*2
10
20*4
20*2
2,700
No par
100
OH—No par
Colo Fuel A iron Cor p.No par
100
100
4% 2d preferred
100
Columbia Broad 8ysIncclA2.50
this day.
9
24,100
*72*2
75
100
6% preferred series A...100
67
20
36*8
*82*2
95
38*2
*91
2
38*4
8*4
134
38*4
39*2
93
2.50
t c—No par
*30*2
8*8
"35*s
3934
l's
40
{ In receivership,
5,800
8*4
178
39*4
a
8*2
11,400
2
16,700
39*4
10
Dee
Aug 28
45
Feb
"3" "Feb
3*4 Apr
.* 19*4 Jan
32*s
Oct
173s Sept
30*4
J&n
Deo
8*4 Mar
Jan
Jan
15*4
Jan
23
Jan
89*4 Nov
Feb 18
74
July 15
48
1
Aug 10
Oct 18
179
Oct 18
15612
113
Jan
7
107*4
7278
10*8 Mar
Jan
Jan
July
200
Oct
111*4
Dec
47*2
Oct
Deo
Feb
90
51
2978 July 15
48
Apr
Oct
Dec 24
41
77*4
"Dec
1327gJune
3
124
Jan
129
July
170*2 Apr
2
84
Jan
134
Nov
June
9
55*8
Jan
58
Nov
69
25*4 Mar 19
13
June
21*4
Deo
100
Aug
106*2
Feb
104*2
27*4 Mar
29
5
39*2
8*4
19
Jan 14
19*8
16
Aug
30
Oct
48
Dec
36*4
Feb
Dec
Jan
Jan
36
377$ Mar
Mar
2
125*4 Apr
Jan
66*4 Nov
2
31*2 Aug
Apr
28*4 8ept
Jan 25
30
32
136*2 Aug
1
94
Jan
Oct 19
39*2 Jan 20
31
May
2534 Dec 28
x4% Oct 19
z68*2 Oct 19
64i2 Dec 28
303s Dec 29
46*8 Jan 20
207g Jan 14
108
Jan
8
39*2
Dec
14
Jan
90*2
Jan
23*8 July
108*4 Oct
Jan 14
80*4
Jan
103
44
Jan
10
1
34
Oct 19
1
46*8 Mar
Mar
Dec 29
5
No par
Jan
48
7% Dec 29
1634 Dec 29
16*8 Dec 28
65
Nov 23
86
$4.25 conv pf ser '35.No par
Solvents.-No par
Commonw'lth A Sou
No par
13*2 Nov
23*4
82
517g Feb 10
Dec 21
Commercial
Jan
Jan 14
Oct 19
8
Nov
50
4*4
50*2 Feb 26
90
Jan 18
5i4 Dec 29
Nov
48*8 Aug 16
11*4
Dec 29
9834 Nov 24
Mar
45
Deo
51
138*4 Nov
33
Jan 6
62*4 Feb 13
112*4 Mar 11
45
Apr 12
Dec 21
14*4
85*2
92
95
July
25
Oct 19
8
Jan
8
Jan
Dec 21
Oct 19
Oct
8
7
Dec 31
Dec 28
rCashsale
247i
8
27*2 Jan 14
22*8 Jan 29
1578Mar 3
80
Mar 11
135*4 Feb 11
21*8 Feb 18
34
Newstock.
Oct
12*2 Apr
Oct 19
Comm'l Invest Trust.-No par
n
12*8
1*2 Apr
Dec 14
series
47g
6*4 May
3*2 Apr
80
$6 preferred
Feb
2*2 Apr
3*8 Mar 17
100
1,000
Def delivery
100
4K% conv preferred
100
9234
*91
8*2
40*2
5,300
67|
4
26
No par
$2.75 conv preferred .No par
Columbia Gas A Elec.-No par
*83*2
Feb
7*4 Mar 17
6*8 Mar
18
100
6% preferred
Commercial Credit
Jan
278
Apr
27$ Apr
19*2 Feb 17
33
Feb 9
47ig Mar 31
24i2 Nov 26
13i4 Dec 29
110*2 Dec 28
9334 Oct 19
56i2 Jan 29
8*2 Oct 19
Colgate-Palmolive-Peet No par
Class B
12
337$ Nov
10*8 Feb 19
82
Co—No par
100
No par
1st preferred
May
1*2
3*4 Mar 18
19l2 Dec 29
Co (The).l
gtd.60
A Southern
Jan
6
25*8 May
10234June21
100
95
Deo
Dec 28
179
33
37
14*8
4
18*4 Mar 6
123gMay 19
32
Jan 20
1714 Dec 29
30
"34*4
Oct 15
2
30
*
Feb
11
Columbia Plct
87g
Deo
1*8 May
58
Columbian Carbon v t c No par
79
Jan
8*8
2*8
Mar
67
No par
100
100
5
No pa;
Collins A Alkman
77*4 Nov
3*4
Oct 19
6% preferred
Nov
100
Jan
46*8 Dec 29
2,400
67
Jan
Apr
36
26
6
1,700
8
Jan
51
1*4
Oct 19
14*4
*72*2
59
278
Oct 19
70*2
*
6
8
3
20
33
Apr
4
612 Oct 19
1334
*29
69*8
4*4 Mar 16
1
Coca Cola Co (The)
v
Jan
15g Oct 19
Special guar 4%
50
Molybdenum ..No par
600
Deo
22*4
Feb 13
13*2 Mar 17
2834 Dec 14
34 Dec 28
1978
20
38*4
Oct 19
78 Dec 29
258 Dec 23
634 Oct 19
Co—100
4%
Aug
6878 Mar 4
Mar 11
5g Dec 28
U8 Oct 19
pt-No par
Beacon
Mar
19
90*2 Mar
12
Class A
Deo
101
100
10
Clev El Tllum J4.50
72*2 Deo
111
4
Feb
Oct 19
10
No par
City Stores
Clark Equipment
57*2 Sept
Feb 10
63*4 June 10
No par
Colorado
Nov
19*4 Mar
3
100
100
Co
Corp
City Ice A Fuel
% preferred
City Investing Co
Colonial
Oct
74
Jan 14
82
2i2 Dec 28
preferred...No par
Preferred
108
8*4 June
6*2
84 Oc? 19
{Chic Rock Iti A Pacific... 100
Clev Graph Bronxe
97*2 May
47*4 j an
23*g Feb 10
35
3
1
100
Chllds Co
Dec
2
Chicago Pneumat Tool .No par
6% preferred
Chicago Yellow Cab
Chlckasha Cotton Oil
Dec
9*i
86*8 Mar 10
Oct 19
7% preferred
37*t
Feb
Dec 15
Preferred
Jan
6*8 Nov
25%
Nov
Nov 24
70*2
D4
38*4
86
Deo
Sept
12
89
1338
8i2
397s
57
31
70^2
93
Deo
110
Apr
*40
12*4
8
Jan
32*4
Apr
100
69
*877S
May
No par
25
*19*2
93
54
48
1234
39l2
7
Oct 19
12*4
37*4
Apr
6
{Chic A East 111 Ry Co.-.100
6% preferred
100
{Chicago Great Western.. 100
4% preferred
100
{Chic Ind A Louisv 4% pf.100
Chicago Mall Order Co.
6
{Chic Mil St P A Pac-.Na par
5% preferred
100
{Chicago A North West'n.100
160
938
38
Dec
19
111
5% conv preferred
9*2
67
106
8
2
25*8 Nov 23
No par
5
Common.......
Checker Cab
98
7
35i2
on
95
24*8
*
9
86
3912
29
17
200
6,800
978
34i2
178
98
8l2
8712
9
115
10312 Dec
20*4
20*4
8
Nov
June
14i2 Mar
3434 Dec 29
3*8 Oct 19
1812 Oct 19
19*2
1912
68*4
*72l2
*91
21*4 May
12*8 Jan 28
107*4 Jan 26
Sept 23i
95
Clev A Pitts RR Co 7%
340
86
8*4
95
23*2
95*2
23*2
*14"
33*8
87*8
Bid and asked prices;uo sales
1,900
82
7*2
*
July
48U Mar
116
3i2 Oct 19
Mills.-No par
100
Copper.No par
Certain-Teed Products
1
Preferred
*18l2
67*2
8i2
87*2
67
22
1612
*6
7
*9478
*
30
8*8
9i2
67
»
95l2
23
98
♦7*8
35
Century Ribbon
Cerro de Pasco
Cluett Peabody A
*9
*2778
8ig
72i2
64i2
Central
3,100
10
18
Central
14
14*2
14
14*4
14l2
1378
14*8
11978 *112*8 11978 *11238 1197g *11238 1197g
*118
11978
11738 120
115l2 115l2
58
58
58
58
58
*57*4
103s
10*4
958
10U
9*8
978
39
39*4
June
143
Jan
54*4
I
Feb
100
19i8 Dec 29
No par
Climax
98
*13*2
Dec 21
6,500
*83g
*75g
17i2
17ig
18
+
82
95*2
2U2
95*2
90
C C C A St Louis Ry
600
*21
100
prior pref_
Celotex Co
7%
Chrysler
1,000
♦
41*4May 20
186
Jan
105*4 Aug 11
Dec 29
40*8
38
39
8
9i2
♦
82
Dec 15
13
Chile Copper
113*2 113*2
58
*57*4
9
9*8
9578
2H2
98
*
Nov 22
97
53*4 102,200
*1 si
107*2 107*2 *106*2 107*2
233g
22*4
2U2
23*4
82
40
Feb
9*4
Jan
116
129*4 Jan 22
100
No par
49
*37
49
75
21
Dee 16
92i2
3
191*4 Aug
Nov 23
Oct
Deo
103*4
6*4 May
9i2 Apr 20
Oct 19
27g
80
6% preferred
100
Celaneee Corp of Amer.Ns par
Preferred
Caterpillar Tractor
J3 conv
"l~2o6
23s
62
20*2
Jan
Jan 15
62
»
91
2
Jan 11
*56
82
Jan 18
35*8June
24*4
12*8
2014
106
41*4
75
20
Jan *100
Oct 19
63
*
87
Oct 19
I84
11*2
18*4
8
4
95
48*2
Nov
63
Jan
Feb
1312 Nov 19
5
Feb
18*2
12*4 May
45*4
102
Nov 12
85
1
100
68*4 Nov
8
Oct
90
8
600
73s
7
7
""ioo
To"
*9U
9I4
12
17*8
45g Dec 29
37i2 Dec 16
100
107b
37
6
9
18i2 Mar 11
52i4 Jan 2
Nov 24
Central Vloleta Sugar CO...J9
*103
"
61
107
Aug
Feb
17l2 Mar
61 >2 Jan
Oct 19
67g
28
June 29
*56
17*2
Jan
Apr
16
96
59
107
60
Jan 14
61
6
97
Central
75
19
Jan
Dec
37g
414
59
*1718
Deo
54
44
Jan
*56
*105i2 107
30*4
Jan
*8
Jan 12
2*8
I84
3l2
10*8 Apr
82*2
75
3*8
*18*4
38*4 Mar 19
39*4
62
3
Apr
9i2 Oct 19
Oct 19
*56
3
40*4
Oct 19
*58
3
16*2 Nov
Jan
Oct 21
75
3
Jan
30
2
1
12l2
Nov
6
37*8 Feb 13
Oct 19
9,200
62
12
3
Oct 19
Dec 28
1
4ig
*56
1134
Deo
24
*58
1134
Oct
48*4
2
52*8 Sept 29
6*8 Feb 25
20*8 Jan 12
52
*2712
2
Deo
33*4
48*4 Feb
Apr
30*4 Apr
22
2
100
Assoc.-No par
Foundry Co
1
111 Lt 4H% pref-.JOO
RR of New Jersey. 100
*34
234
*118
314
*2i2
1112
*7g
H2
118
358
10i8
1
5
314
10
3
1
3i2
3ig
*2ia
113s
78
I3g
Deo
88*2
6% preferred
42i4
3334
1*8
3I4
29*8
4
1
Stamped
6*8 Mar
16*2 Apr
54*8 June
Jan 11
Central Agulrre
*89
*258
1,600
2512
Jan
20
8
7U
43
33i2
H2
1*8
3i2
9i2
7U
7
100
92
"25"
29l2
2634
1037g 10378
*2812 32
31
4U2
1
3
*29"
34
*
2*g
300
734
35
5
11?
1*8
8
28*4
10378
4314
3i2
*78
75g
2718
♦
5,700
33*4 Nov
59
4058
40*4
1612
16
16*« Nov
Dec
27i2
*5
3414
11
11
39
800
Dec
59
95
*67g
4314
8i2
4314
3478
90i8
Us
334
I's
5
2,000
Apr
13*8
29*8
2712
*65g
95
*8884
430
52
14*8
18U Mar
5834
914
7
5
♦8884 10434
37
371«
38i2
35i2
734
734
634
7l2
26
2634
25i2 27
*
103
1037s
10378
*28i"2
*103
"¥84
*914
*614
102
5112
10012 IOO84
46U Feb
36*4 Mar
2712
384
378
300
I6I2
16i2
25
5834
*27
*103
634
95
*678
4212
33ig
2314
384
35g
28
230
78
31*4 Nov
Oct 19
10
$3 preferred A
10
Carolina Clinch A Ohio Ry.100
95
*76*2
4
92
62*2
*2612
28
*
16
*
92
"23*4
*4l2
Capital Admin class A
102
63
*4i2
Cannon Mills
100
45
102
lOOU IOO84
5014
5112
4912
4958
IOO84
100U 100l2 *100
16
1538
153s
1434
2784
*6
300
6
*534
♦38
Case (J I) Co
22
*914
Canadian Pacific Ry
31
31
578
IT,800
Jan
Jan
497g Dec 28
.100
26
No par
Canada Sou Ry Co..
7*8
712
Dec
8*4
2*2
18*4 Dec 2 9
1
Cop..6
Campbell W A C Vdy.-No par
Canada Dry Ginger Ale
5
44
*4088
Mar
1
34*8 Mar
Callahan Zinc-Lead
12,300
Oct
9
33*2
Feb
Oct 19
Carpenter Steel Co
Carriers A General Corp
*26
"13"
1534
34*8
12ig
1.100
*5614
95
15
Apr
91
3,500
28
67g
6ig
J33g
Deo
25
35*8 Feb
Oct 19
Calumet A Hecla Cons
7,200
Deo
Oct 19
4
62
*6
16,900
69*8
35*2
6
92
207g
*914
California Packing
15* 100
9l2
1414
Jan
Apr
24
No par
100
No par
preferred
Mar
14
Apr
11*2
20*4
5ig Oct 19
16i4 Oct 19
2i4 Oct 19
30
6
Byron Jackson Co
115*2 Sept
2
1
2
3
9*4 Feb 25
33*4 Mar 9
6% preferred
52
214
Oct 19
10
10
M)
Sepl
157g May
Jan 18
183s July 14
584 Dec 14
ctfs 100
4
28
3i2
*102i2
Byers Co (A
Jan
115
45*4
66*4 Mar
24i4 Dec 29
10U Oct 19
15
Dec
8*8
Feb 15
13
21*4
Jan
85
39
92
*56
3i2
3,500
Partlc
14*8 Jan 11
98
Jan 7
212 Oct 19
Deo
107*1 Sent
9*8 Jan
117f« Mar 12
Oct 19
Jan
22*8
uuL^nai
Dec 2 7
35
65*8
87g
3
214 Oct 19
76
Oct
57
Sept
8*8 May
Jan 11
24*2
24*4 Feb
Feb
45
134 Oct 19
Butler Bros
100
Oct 19
58*4 Sept
106
Oct
44*2 May
7
60
7,100
10
85g
31
4
Jan
6i2 Dec 31
6% conv preferred
Butte Copper A Zinc
2
734
85
Jan 14
50
9
11*4 Jan 29
9134
4
52*4
No par
{Bush Term Bldg gu pf
100
*477g
2
77l8
102*2
6i2 Oct 19
12*4 Mar
51*2 Mar
Jan
97*4
2
Dec 28
100
2,100
700
Jan
60*2 July
Jan
40*4
15l2 Dec 28
Dec 29
Jan
Dec
4*2
33
No par
8
2034
4U
900
16
15l2
88i2
*
3i4
*102l2
9*8
2234
95
21
Apr
69
41
38it Jan 14
53
Jan 12
Dec 28
1
Debentures
1312
22
"77"
"2078
Closed—
{Bush Terminal
700
217g
*100
92
2,700
1,400
45
*
4
lOOig 10019
14l2 1434
92
4,300
23g
18l2
578
77
15i2
85
98l4 100
49
4834
9814
47
48i2
*9934 100i2
14
14l2
1934
32
*38
85'
4
82
84l2
Burlington Mills Corp.
18l2
44
7
Feb
187g
Dec
47
Jan 13
8
512 Dec 29
Burroughs Add Mach_.No par
31
*30
578
95
177s
♦1514
4
4
79
32
"77"
2,600
18
52
Oct 19
No par
No par
No par
Watch
Bull&rd Co
36
*4012
712
45
♦
90
7*s
87g
1334
1534
75g
*3634
1.100
978
48
*514
57g
45
18'4
384
1158
*29
3438
Bulova
19
714
14
75g
Budd Wheel
2,700
IOI4
145s
75g
3,800
*20U
384
12
♦385s
4l2
2634
73g
23g
Dec 28
1
100
7% preferred
30
46
18
19i2
28
53i2 Feb 13
47
Jan 23
No par
414
2612
17l2
7*8
597g Feb 11
6
Jan
647, Mar
23*4 Feb 23
Oct 19
100
7% preferred
Budd <E G) Mfg
11*2
yl2*g July
43U Apr
Oct 19
Dec 29
7
6
Bucyrus-Erle Co
20
Apr
5*2 Nov
34
46
438
27i2
20'4
14
48
6,400
734
1138
11
14l4
4.500
734
8.
80
*i47g
52
1*8
8
7l2
♦287g
♦518
*36 84
29
*434
»36«4
*477g
134
♦375s
734
7i2
2134
8
10ig
1334
143a
*37i2
*20
1*2
1012
13t2
8%
80V
514
5'8
8
16l2
7
1*8
714
l'«
67g
35
16i2
83g
20*4
3*2
9*s
*31l4
17*2
*21 *8
*477g
134
91
*31
2,200
6
1*8 July
18
No par
Bruns-Balke-Collender.Ns par
914
32*8 Aug
4i2 Jan 11
Aug 14
22
Brown Shoe Co
80*8
47
7*4
1312
7%
734
20*2
384
400
9
1312
7»4
14
*1234
75g
1934
3%
9ig
734
19i2
714
2,500
36
*35
1,500
21
214
*7l2
1312
2l4
5,200
287g
1934
Jan
34
1578 Dec 29
Brlggs
1,300
25%
1634 Mar 23
12 Oct 19
No par
Manufacturing.#* par
Brlggs A Stratton
Nc par
Bristol-Myers Co
6
Brooklyn A Queens Tr.No par
S6 preferred
No par
Bkiyn-Manb Transit
No par
$6 prerfered series A .No par
Brooklyn Union Gas
No par
Nov
47
50% Aug 25
Oct 19
3
Bridgeport Brass Co
800
914
9*8
*27
514
73g
I8I4
2i4
18l2
714
13
13
13
7j8
714
7i4
714
7
1212
5*8
»4312
414
26*2
16*s
46
♦41
378
27
26
14,000
82
*78
16
100
1834
1012
233s
400
share
per
100*4 Apr
June
39
4612 Apr 13
2234 Dec 29
5
Corp
Maine RR
7g
9,500
80*g June
Jan 18
{Botany Cons Mills class A.60
Bower Roller Bearing Co. 17
9
83
8
8i2.
84
Dec 28
share S
per
Aug 16
300
9l2
8*s
25
28
Boston A
134
*634
35*2
834
Dec 28
500
19*8
35
11
1834
914
227g
29
35
Oct 19
4U
7
19
47g
46
35g
3%
2412
1534
300
29
*7712
434
*40
46
*40
500
I84
7
914
912
8%
8'8
84
412
45g
4l2
3414
39
414
78
17g
2914
19*4
*34
8i2
8ig
77S
28
*32
7
35
*75
84
*27
*31
7*4
187g
712
32
7
29
1*75
878
*1»4
1878
8i2
Borden Co (The)
Borg-Warner
2134
25*4
lh
29
85S
7%
5,900
8,400
93
7634 Oct 19
No par
1
15
B
Bond Stores Inc
35*2
18
Fa
1858
*34
I8I2
27
Class
26*2
378
78
1734
958
23
28
7g
17*2
9ig
22
2512
32
27*2
8i2
^4
*2334
1818
35
I8I4
263g
312
9U
9
300
18
7i2
7*4
14
14
I8I2
2
♦178
*12i2
2438
85g
2034
26
*34
40
*17*2
8i2
2034
9
40
320
*1214
33g
h
20
89
4012
$
share
Jan 22
per
Highest
Lowest
Highest
f
share
per
No par
Bon Ami class A
80
89
4012
S
Range for Previous
Year 1936
100-Share Lou
Lowest
Par
90
90
338
24
312
78
*3'8
$ per share
2478
175s
23
2
7'4
♦17S
♦578
85s
Exchange
S per share
On Basts of
Week
Shares
13
183«
*12i4
177g
30
30
Stock
Jan. 7
40*2
40
40
125g
17i2
24
2%
%
1978
8%
21*4
26
♦39
\
$ per share
*89
90
S per ihare
$ per share
share
Thursday
Jan. 5
Jan. 1
NEW YORK STOCK
EXCHANGE
the
Jan. 6
Monday
Saturday
STOCKS
for
Friday
1937
Range for Year
Sales
SHARE, NOT PER CENT
AND HIGH SALE PRICES—PER
1938
Jan. 8,
New York Stock Record—Continued—Page 3
238
101
69*4
114
Jan
8
Jan 12
100*4 July
z45*2
51*4
Jan
Jan
Aug
847, gept
128
Nov
91*4 Nov
80*4 Jan 26
Jan 25
55
Jan
97
Jan
Oct 19
21*4 Jan 21
14*4 June
24*8
Feb
Oct 19
4*8 Jan 13
2*4 Apr
5*2
Feb
Ei-dlv.
y
120
75%
Ex-rlg hta
Jan 13
59*4
Apr
136
82
1 CaUed for redemption
Nov
Feb
Volume
LOW
AND
New York Stock Record—Continued—Page 4
146
SALE PRICES—PER
HIGH
SHARE.
NOT PER
Sales
CENT
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Jan. 1
Jan. 3
Jan. 4
Jan. 5
Jan. 6
Jan. 7
t per share
$ per share
$ per share
f per share
$ per share
Range for Year 1937
On Basis of
STOCK
Week
% per share
YORK
*5%
21*4
7i2
*6
1734
73s
6634
*70
*534
7
2212
734
Sh
19
7i2
6634
22i2
*7i2
6i2
18i2
205s
*
72
*8
*378
*15
835j,
2314
612
6l2
235s
8
8
*6i8
23i4
*7i2
*634
18is
6i2
8
*6
18U
65g
193g
634
*60
67
*61
68
71
71
72
*71
*6i8
1758
*65s
*
'
6
6
6
6
618
618
700
235s
96
434
225s
95l4
434
23i2
24l8
23,200
95l2
478
*9434
478
95io
5
1,200
934
10
9578
2234
9512
434
45g
914
93g
*9834 104
4
*4
414
912
93s
10 ♦
*9834 104
*100
1043f
4
3s
38
24
412
h
12
4
4i8
*100
18,300
104
578
612
712
12,266
%
4l4
3s
3s
12
1,300
412
5
434
2,400
100
65
Oct 18
87
Mar
w w
100
63
Oct 21
95
Mar 11
1
1
Oct 19
4U
Oct 19
12 partlc pref
No par
Consol Edison of N Y..No par
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
15 preferred
Nt par
Consol RR of Cuba 6% pf.100
^Consolidated Textile.-No par
Consol Coal Co (Del) v t C..25
15g Jan
6714 Jan
63>4 Dec
3912
107
778
2834
U4
29i2
14
51l2
59i8
5812
*164l8
378
378
"4
5918
*16378
334
24
22
24
23
92
»9118
*2U4
92
27
92
*23
27
*79
80i8
6,100
77g
2834
H4
305s
4134
13s
138
4,000
Continental
Continental Oil of Del
32
3178
3214
8,400
15l2
5H2
15l2
15l2
800
5034
53
53
130
59
5978
60
61
2,300
164
164
4
4
2314
25
2414
92
*9218
95
*92ls
24
23
23
414
4l8
2314
9l2
37l2
33
*31
32
*32
34
*31
33
*31
912
1012
IOI4
11
1012
70
66
66
*683s
75
3634
383s
3712
39
90
87
87
*87
1
1
*631*
06
3414
*8314
*8
684
43g
37is
*6438
3534
3734
90
*83
90
*8
684
b
7
41*
4l2
87
*75
♦84
7
1514
5b
1014
10l4
65a
40
534
40l4
414
60
*4818
*2212
23's
.
22i2
7
534
*1314
14
102i2 102i2 *10212
21
22i8
2l3g
12
23i2
6i4
1334
----
2314
23
13
14l2
0l2
7i8
17fi
Is
100
*96
11
1884
«...
*12
12
15
178
60
23
2234
143s
012
434
17U
*47s
*
145s
034
2
»4
7i2
03s
4l2
4l2
85
87
3978
43g
1034
1012
*4
h
10i2
57s
4134
45g
105s
*4818
*221*
1714
47s
1712
55
11
44
458
I6I4
478
167g
478
17lg
54
*95l2
2
I884 *..—
3,700
1,100
Cudaby
30,700
50
Feb 27
30i8 May
27
Oct 29
18b
Ian 10
1212 Oct 19
24
Feb
109
Jan
6
Deere A Co new
19i2Nov23
2058 Nov 20
27
fDenv A Rle Gr West 6% pf 100
Detroit Edison._—......100
Dlesel-Wemmer-Gllbert
*14
14l2
683S
147s
16
1578
75
*677s
70
68
68
*68
75
10i4
*15
16
*1512
157s
157g
16
*1534
1658
200
*32
35
*32
33i2
*32
33
33
33l2
*33
3410
1934
*18i2
193g
56i4
19l2
20
21
2034
1,300
11,800
5434
658
*6
18U Apr
9
93
9
19
Oct
27
Oct 19
4114
Jan 25
40
Aug
55
100
634
947S
*2H8
96
32,400
1,000
100
21
10
10b
IOI4
10b
h
*'4
h
600
24
100
1
*12
3
3
3
3
*10
13
♦10
11
*10
12
*10
12
*10
Doehler Die CastlngCo No par
Dome Mines Ltd...—No par
*112
115
*112
115
*112
115
*112
115
*112
*132
13412
111
111
111
*111
xlll
111
114
114
*11134 114
6
514
163i4 163i4
5">s
160
161
*153
159
1512
3'2
1534
*153
16's
1018
I6I4
3'2
155s
85s
3'2
159
I6I4
578
618
167
165
167
164
157
157
*153
160
*153
17
Jan
7
Jan
5
s8 May
100
h Oct 19
ll2 Oct 19
3i2 Feb 19
1'8 Jan
478 July
6%
87S
334
83S
334
87g
1178
123s
3912
40'4
36
3712
2034
267s
334
334
113s
36
12U
3814
37
39
33
36
36
36
3914
36l2
26i4
*b
26i4
3412
26i2
*'2
27
27
27
*4
*2
h
27S
18i2
35l2
*1712
*34
347s
3478
*102i2 104
*10212 104
4
4ig
45s
4*4
12
58
*238
1734
35i2
104
41s
2712
*i2
34
*214
*37
403s
*102i2 104
438
478
4b
*3914
35i2
104
48ls
*45
52
*45
4734
55
*49
55
*48
51
*48
*54
62
♦54
62
*54
62
*54
4734
4734
1834
122
Jan 19
114
Feb
Nov 24
ISO's Jan 18
133
Apr
100
130
Oct 20
1351* Feb 19
129
Feb
47
2i2
518
734
734
2l4
2*4
378
4
4l8
2*4
412
43g
2i2
534
97s
6l2
7*4
65s
7b
8
834
434
35s
7b
1%
7
43g
5
478
334
4
4
41g
778
75g
13s
1'2
*13S
Vs
8's
15g
178
9l2
5i2
43g
8I4
15s
178
034
2934
9
9i2
29
2734
30
16
*2884
11
74
158
29
*96
70
105
*9i8
*
2934
10
7334
*60"
♦94
984
934
9b
lh
8
87g
9
15ft
*ll2
*ll2
15g
*ll2
30
*9«4
74
♦70
preferred
Nt
$0 preferred
No
Elec Storage Battery..N"
J Elk Horn Coal Corp-No
6%
-
150
5%
•»
+
*
m.
x
30
11
-
70
*60
70
*95
3'8
3'4
1*2
15s
16
3i8
*3
1^8
1014
35s
3b
15g
16i2
BW and asked prices: no ealee 011 this day.
3%
314
15s
16
par
22
Oct 19
44b Jan 16
29'2
3938
Dec
i2
Jan
2
8
Jan 18
29
Jan 18
60
Feb 11
4
3i2
lh
16l2
33
334
35g
*134
1634
t In receivership,
334
Nov 24
1(0
50
100
Nov 30
3
1
Oct 19
Oct 21
178*
J so 16
Nov
81
Feb 19
48
Jan
89i* June
61
Nov 23
86b Feb 10
55
Jan
97
158 Dec 28
4U Oct 19
8U Oct 19
—
1st preferred
4% 2d preferred..
Eureka Vacuum Cleaner
100
100
5
Oct 19
5
3
Oct 19
5
012 Dec 29
1U Oct 14
Evans Products Co—
Exchange Buffet Corp-No par
1
25
8%
preferred
100
7>2 Oct 18
23i2 Oct 19
100
150
26
Oct 18
7i2 Oct 19
Jan 16
11
Mar 17
10
Mar 17
0«4 Jan 21
53s Jan 28
28
Jan 28
7178 Jan 15
210U Jan 14
70
Jan 11
293s Jan 18
103
6b
Mar 17
14is Jan 21
34U Mar 3
7234 Dec 28
Jan
Apr
Apr
Apr
29
157s Aug
23's July
438 Jan
2*8 June
8ij Apr
3484 Jan
122i2 Jan
315s Feb
1884 Apr
4
84
Jan
160
Mar 11
37
Aug
129
Apr
Federal Motor Truck..Nt par
2
Oct 19
097s Mar
73g Jan
2U Oct 19
600
Federal Screw Works..No par
Federal. Water Serv A ..No par
U4 Oct 19
1,100
Federated Dept Stores. No par
1434 Dec 29
»
New stock
f Gash sale,
t
Ex-dlv.
y
111* Feb 25
6
Jan 14
43«4 Mar
Ex-rights.
4
Oct
Oct
Jan
Oct 19
lib Feb 19
107i Dee
18U Sept
34i*
Jan
Nov 29
2
Oot
June
1134
00
Jan
8484
12
90
100
1,500
delivery.
984
235g
353s
28b
45i|
100
preferred
Preferred
2"200
Mar 31
78b Jan 30]
Federal Mln A Smelt Co—100
$6
'
Oct 19
17
a Def.
115b Jan 19
112 Jan
2284 Nov
53i2 July
110
Aug
7b Jan
41
2
35g
Jan 19
Jan
45
preferred
Fairbanks Co
«• -»#
Jan
0
i2 Oct 19
100
m
Feb 23
7b Feb
li2 Oct 19
14i2 Oct 19
3
130
•» «.
10
par
Corp
4%
105
3'4
8
600
105
158
Jan
87
Equitable Office Bidg-.No par
100
74
*95
Jan
Oct 19
preferred..
100
Fajardo Sug Co of Pr Rico.20
Federal Light A Traction.. 16
*60
Dec
24
0%
70
6
03g
par
Fairbanks Morse A Co.No par
105
10
Apr
Apr
Apr
3284
560
*60
584
3084
16
No par
conv
Erie Railroad
36,100
11,000
5,900
1,200
3,500
.
Jan
Mar 17
45b Feb 11
%5H preferred w w..No par
$6 preferred
..No par
$5
"2,200
1034
July
7
4,200
3H2
Apr
152
28i2
60
preferred
150
92b Jan
33i2
3034
*934
4
Oct 19
32l4
*70
Nov
27
Engineers Public Service
*96
74
104
rlllb June
6b July
par
preferred
Endlcott-Johnson
200
2
Apr
6
Aug 10
205s Jan 14
El Taso Natural Gas
1,400
198
Oct 19
-.3
Am shares—
$7
Nov 24
Dec 29
Oct 19
Oct 19
9i2
3234
*
Nov 18
Mar
37b Feb 11
No par
(The)
6
Boat
17
Dec 29
Dec 29
178
10b
9
9
3034
4b
*95
278
6b
*112
*96
29b
6l4
4i4
6i2
4i8
70
3U
16
2914
*70
534
4ig
55«
105
3
16
812
2984
*96
Electric
Elec & Mus Inc.
2i2 Oct 19
1514
234
I47g
334
35g
0i8
4
Electric Power A Light-No par
300
62lg
2i2
Schlld
Eltlngon
Electric Auto-Lite
18,600
*55
614
*96
u
13i8 Aug
Nov 20
98
53
2l2
17g
•
478
*51
57s
2
-
4038
62
,
-
Jan
106
6% cum preferred
400
»
5'2
100
preferred
Eaton Manufacturing Co
1,700
31,000
2,200
1,300
1,000
4734
4i2
8b Jan 16
17b Jan 19
150
106
104
Oct 19
100
34
27g
10
144
1,500
13,200
22,000
19
52
3U
8
2734
*i2
278
18i2
*46
*13g
37b
*2l8
18s8
278
18
*44
2
*36
334
No par
Eastman Kodak (N J)-No par
1914
123s
3934
334
—1
Dunhlll International
2,200
*338
1834
312
preferred
112
312
Jan
Jan 10
50
19
29
Jan
13s
6% non-voting deb
$4.50 pref
2,400
33g
18is
8i2
334
113s
383s
Jan
Apr
65
115b Jan 22
19
41b
7i2
605s
39b
107l2 Oct 21
160
3i2
1834
87s
37s
Ills
27S
3'4
Dec 24
10912 Oct 27
183s
17i2
7912 Nov 26
21
77U
No par
1812
17l2
2
4,300
164
1738
8i2
334
113s
3834
18
57s
Dec
Duquesne Light 6% 1st pf.100
Eastern Rolling Mills
5
50
*11134 114
638
6I4
6I4
165
3'2
17's
878
334
117S
9
112
5714 Dec 28
123s Mar 8
Jan 25
14384 July 13
5
14 Oct 25
400
114
Oct 19
35
26i2 Oct 19
8U Dec 28
400
111
4034 Feb 17
fDuluth S 8 A Atlantic... 100
Class B_
8%
11134 11134 *112
10i2 Oct 19
Dec
Du P de Nemours (E I)& Co 20
22~2o6
132
112
No par
Oct 19
No par
Dresser (SR)Mfg conv ANo par
Duplan Silk
117
112
11012 11434
133l2 133l2 *13238 135
114l2 11534
No par
Douglas Aircraft
Dow Chemical Co
115
1,500
3i8
Stores Ltd-.No par
Dominion
300
12
No par
Class A
1,300
132
Oct
Oct
Apr 10
Feb
21
11112 114l4
23
Mar 17
*96
1143s
13218 13218
534 Dec 29
Motor Car Co. .2
Jan
37i2
Mar
9
111
Occ 15
June
90
42
3>8
30
13
42
30ig
29
94
3's
25
6% participating pref
Oct 19
May
Apr
25
21
3l8
May 13
30
18U
ft"
4
May 19
70i8 Feb 19
36b Feb 2
40 b Feb 4
No pur
4
i28
Jan
22
Oct 15
9
3>s
1078 Feb 18
1161*
Oct 19
10
4018
1
5
15
92
*l2
134 Oct 19
88s8 Dec
Jan
6012 Oct 20
*18
*14
1478 Apr
5% prex with warrants-.100
Dlxle-Vortex Co
Nt par
91
*2
24b Mar 17
Distil Corp-Seagr'« Ltd No par
21
1
Oct 19
500
91
*12
Apr
2,300
*15
1
19b
8684
Jan
15l2
90
h
5
683$ Mar 17
Diamond T
21
*l4
29
Oct 19
1,600
90
*2
Jan
Oct 19
8
*18
38
27
12ig Oct 15
Match
Diamond
Dec
1
5
29i2 Dec 29
110
*18i4
5434
*6's
3834
Apr
75g
107
Nov
5% non-cum preferred..100
*6838
*15's
Jan
Jan
Sept
31«4 Mar
Devoe A Raynolda A..No par
1834
400
423s
—20
Preferred..
Det A Mackinac Ry Co...100
34i2
984
No par
100
*33i8
758
15i4
8'2
*l4
pref
800
33l2
734
834
5%
25s
32
4
10b
5
90i2 Oct 21
Conv
98l2
11
0
Dayton Pow A Lt 4^ % pf. 100
*2
3H2
*0
9912 Mar
62
Oct 19
*97
32
54
4
Nov 20
0
5
31b
413g
88s Mar
2384 Mar
6
..26
Delaware Lack A Western..50
*3034
6]4
127s
65g
6
18U Nov 23
No par
7,700
100
55
1
205s Feb 11
24
preferred
$8
7i8
1,000
4234
Mar
43
109>2 Jan
9
Sept
6ig Jan
03b Jan
35b May
167s June
69
8
2234
*6
Jan 11
Jan 14
13
3734
4Hs
143s Jan 12
80
10
400
*22
6
4
173s Jan
127
28
Apr
95i2 Apr
114 Sept
6418 Dec 20
Oct 19
100
20i2
5438
Jan 11
2
Delaware A Hudson
I884
8184 Mar 3
MarlO
8i8 Oct 19
7i2
*
Deo
7b May
1
A
4,400
*5U
44
1
Class
121o
15l2
738
*34"
4l5g
Oct 18
123g
15l8
22
6
Dec 29
4
13
3734
55
12
3912 Dec 29
15l2
2134
*32l2
734
1514
40i2
60
No par
Curtlss-Wright
900
*35
6'2
Packing
Dec 22
Curtis Pub Co (The)—No par
Preferred
Oct 19
284 Oct 19
70
2334
217s
55
100
24
37
417s
3
100
10
Sugar
Preferred
Davega Stores Corp
2H4
19*2
5414
No par
165s Mar
435g Jan
46b July
108b Apr 16
3
300
*
47U Jan 28
25b Apr 13
i2 Dec 30
(The)
Cuba RR 0% pref
24
8
Jan 15
135
2278
234
28«4
Oct 19
2312
94
Jan 16
Nov 26
Cutler-Hammer incnewNo par
22
677s
34
37
21
20
36
13i2
Mar
6
Nov 23
80
1,100
*20l2
*3012
634
714
Oct
35
885s Dec
57l8 Dec 2 8
1,200
*3§r2
7
July
100
7
33
634
Aug
4
41
30i2 Dec 29
8i2 Oct 19
54
22l2
23ig
21b
6'4
168
1014 Mar 16
No par
pref
Apr
035„ Aug
Cushman's Sons 7% pref.. 100
70,100
2034
*34
conv
Dec
55U
60i2 Feb 3
115
Aug 13
5
Preferred
25
Oct 19
3
Crucible Steel of America. .100
21,900
137g
1378
IO284 10234
-»»
$5
17b June
35b Apr
2i8 Apr
28i8 June
22i2Nov 20
2378
*478
1834
800
6:
*6i4
14
»
94
8
23
7
*214
98i2
*5
*48ig
22l2
31
23
*6
No par
Crown Zsllerbach Corp..
20
20
618
71i4 Jan 15
17H2 Jan 14
8
Cuban-American
44
8
Feb 13
77
3
6,200
*18
July 19
355s Mar
60i2 Jan
w..No par
53s
85
5012 Oct 20
153
Apr 14
49
10078 Feb
w
Cuba Co
478
Oct 19
9i2 Oct 19
46'4 Nov 27
12b June
2
2584 Jan 23
4234 Jan 23
378 Feb 11
Dec 21
$2.25 conv pref
978
834
24
9
6l2 Dec 29
28U Nov 23
par
Crown Cork A Seal ....No par
4,100
1,420
H4
78 Oct 19
69is Jan
108i2 Dec
Crosley Radio Corp...No
100
1812
23i2
034
*6l4
1358
1334
*13U
102i2 10212 *10212
22i8 23b
22l2
23
23
237s
*12
13
*12l4
15
1378
1334
7
7
6b
*2212
16,700
90
*75
105s
*48l8
*22i2
22l2
100
Oct 19
10934 Feb 17
21
100
4012
0i4
4234
014
4234
434
25
Pref ex-warrants
5" 500
IU4
23
5U
0
Cream of Wheat ctfs._-No par
100
77
3812
5
18
014
*68
2,000
10,100
85
*75
43
1078
8i4
734
45»
484
2
98i2
78
85
.
lli8
100
No par
Co
6% conv pref
500
200
25
Preferred
Crane
3284
9U
9
38l2
6
Coty Inc
5,100
Oct 18
1
Corn Products Refining
100
*28
834
363s
Motors
Continental Steel Corp .No par
Com Excb Bank Trust Co..20
2,200
414
25
95
2314
984
3878
65
1067s Dec 17
5l2 Oct 19
$4.60 pref...
No par
Continental Diamond Fibre. .6
Continental Insurance...$2.50
30
Oct 19
3712 Dec 28
600
300
1
20
1
*15
8i2
100
1,700
2314
8I4
preferred
Continental Can Ino
8I4
2914
8
29l8
♦161U
...
8%
100
v t 0
2914
*"77s "
8
2878
U4
14i8
5U2
59
5% preferred
300
4234
76
40
42
40
10712 *106l2 10734
37
278
June
I684 May
1038 Jan
*34
*3
2
Jan 15
37
*60*
0
373s Apr 13
37*4 Jan 14
73
2l8
*35
*94
8s May
712 Oct 19
73
1434
2
38
*28l2
*834
13U Apr
62*4 Apr
5b Sept
1034 Oct 19
1414
14
178
37
*
Oct 19
Jan
4
15s Feb 27
Continental Bak class A No par
Class B
No par
1334
14i2
36
*734
Oct 19
101
Apr
Apr
Container Corp of America. 20
1334
12l2
178
73i2
*34
27
3
16
Jan
378
lli2
4,700
8,900
10,100
13
3778
H2
105g Jan
102
92i2 Aug 10
37
*2
Dec 23
25s Oct 19
«s Oct 16
Jan
33b
Jan
7934 Dec 28
34U
18
100
Jan 12
13i2 Feb 20
177s Apr 5
10578 Jan 23
Deo
Jan
4b Sept
15U Apr
27U Apr
Consumers P Co$4.50pfNo par
37
*2
Oct 19
4978 Jan 23
108
72b
100
8
8
7
9
100
35
5
Nov 26
3U Oct 19
I884 Jan
16b
6684 June
87
37
*110
92
2
Jan 20
21
*7i2
*2l2
2H8 Dec 29
634
*18
5914
834
b
preferred
*85i2
14
"33"
June
19|
507S
*47s
Aug
8
88
14
*95
15
July 7
1878 Jan 15
*18
507s
*
Jan 14
20
Oct 19
434 Oct 19
*8514
14
2234
22
8
No par
Jan
17
51
*018
*1314
2584 Mar
July
86
1»4
221*
44b
16
Consol Film Industries
7%
7
307« Aug
7i2 Dec 31
578 Dec 20
17
13i2
1234
4
t per share $ per share
*85
158
1534
*4818
*2212
share
per
19
1214
5
1
$
19is Feb 11
45i2Marll
1914 Jan 23
Dec 23
87
13
15
% Dref. 100
Consol Aircraft Corp
Consolidated Cigar
share
4l8 Oct 19
20
*17
134
39
No par
$ per
»8312
3334
*3212
•
Cigar
Conn Ry A Ltg
par
17
13
87
Year 1930
.
Lowest
Highest
835s
*164l8
Day
900
518
518
h
4i8
Congress
6H % prior pref
"""700
No par
Congoleum-Nalrn Jnc_.No
40
68
15s
23i8
Conde Naat Pub Inc
72
*70
15s
414
878
5918
New Year's
800
158
9578
14
Closed—
20
30,300
'
50
Exchange
300
158
22
123s
13i8
1118
11*4
ll2
158
*6978
73
*69i2 72
38 I2
39i2
3834 39
*105
I07i2 ♦10534 10714
7i2
76s
75g
7i2
29
*28
*2818
29i8
U4
H4
ll4
1*4
2834 2934
29i2 30U
Stock
Par
100
2,000
134
11»4
*21
*7i2
Lowest
Share
7
235g
8i4
734
1838
678
Range for Precious
100-Sftar« Lots
EXCHANGE
158
15g
534
1034
U2
4
*612
233g
72
1&8
534
12i2
23i2
91t2
7
23i2
8i2
8
1858
634
67
*70
*112
1«4
6'2
5i2
217S
23
96i2
96i2
414
414
87g
9is
*9834 104
37S
378
6i2
22i2
8i4
612
19
65g
239
3
Apr
2b
20i*
Jan
Jan
407s
Jan
8U Mar
484 Mar
25
Deo
71«4 Dec
210b Deo
011* Deo
2784 Deo
10H* Deo
92
Mar
1231* Nov
12U Mar
0
Deo
0
Oct
40i4 Nov
5 Called for redemption.
New York Stock Record—Continued—Page 5
240
Saturday
Jan. 3
t per short
28i2
28
*
30
"l9"
6778
29%
677,
♦28%
♦12%
zl878
69*4
•68%
19U
28
29
Fidel Phen Fire Ins N
*10%
30
*7
30
193s
1934
1934
20%
20%
2034
3,000
90%
90%
90%
90%
90%
500
2934
30
90%
30%
91
3034
30
17
16%
1034
31
31
0% preferred series
Stores.-No
Fllntkote Co (The)
No
Florence Stove Co
No
Florehelm Shoe class A. No
First National
1,900
♦25
29
15%
*25%
30
*28
32
*28
34
*28
35
*17
21
*17
21
21
21
*20
22
*20
22
*31
32
900
90
91
30
30
30
31
2%
31%
31
89
95
89
89
90
90
89
22
Dec 22
par
15
Dec 16
27
58
Apr
80
98
Sept
110
*106
110
♦100
110
♦21
25
*21
25
*21
25
*13*4
16%
*14
89%
89%
5%
*85
89%
5%
401*" 42
42
334
4
35,
10%
10
10
*205,
21
*64
73
10»4
2034
20%
30
30i2
U4
Us
1%
1%
120
30
*205s
478
*918
*53%
300
20
87
87
16
247,
24%
25%
24%
26%
25
25
26
25
27
*1134
12%
12%
12%
*18%
20
20
20
*85%
1%
23*4
25%
24
24
11*4
11*4
12
18
12
*17
99
*15
1%
20
20
*
105
*
105
105
Exchange
"16%
10*4
11%
"Ii%
9%
9%
9%
9%
Closed—
9i8
*53*4
59%
734
*5334
59%
"ii"
10
8
8
51
61
51
*50
2078
20%
2034
678
2014
7%
9,100
27
12%
1234
21
59%
8,200
X50%
23
23%
2,800
50
50
50
*4834
51%
2%
2%
2%
2%
2%
2%
2%
2%
2%
3
3
3
3
3%
3%
3%
3%
3%
*
46%
47
♦45
1714
76
1%
1%
4%
19%
20%
19%
20%
15,800
76
76
77%
77%
300
1U4
11%
2
58
14
15
*1358
15
1334
*24l2
25
24%
1334
24%
20
20
1%
20
13%
13
13%
2234
21%
26%
22%
28
*123
*40
16*8
127%
04%
1638
9i2
978
8
26%
*123
127%
*40
64%
16%
16%
9%
9%
8
i%
1%
6
*45s
16
15i2
*24
34
19%
*95
97
21*4
♦5l2
75
2
*136
13
129
84is
84is
85
834
*101
...
5284
*21
8U
4812
*79
6I4
4112
*H2
*43S
21
*101
53
25
8%
4812
83
6%
44
134
534
65s
7U
1*8
52%
*21
8%
46%
*7934
6%
4234
*1%
*4%
7%
1%
1758
*38
*5i2
1758
39
6i2
Bid and asked prices;
9%
9%
9%
11,700
8%
8%
8
8%
1,900
1%
1%
1%
900
1%
67,
7
1,100
20
*17%
20
100
*95
96
*92
99
*95
99
5%
*55%
2%
*91
60
*86
148
*134
*134
85
*16%
*42
85
86
18
*17%
19%
19%
*
100
"~9%
9%
"9%
21%
21%
21%
....
*101
53%
53
24%
*23
9
53%
*23
934
4734
48
984
5,600
7%
90%
------
140
*134
—---
"16"
10
22%
22%
-
-
*101
10%
2,200
48
10%
2,000
2,000
—
—
------
-
11,100
53%
25
------
10%
*81
5,900
700
49
49
85
------
23
—'
53%
*23%
10%
53%
24%
——————
20%
82
*80%
7
8%
45
48%
*1%
*4%
2%
*1%
2%
*15,
2%
------
534
9%
1%
*5
6
*434
6
------
1%
838
16%
36
*5%
sales on tnls day.
984
16%
37%
6%
t
9%
1%
87,
4,200
9%
1%
1%
13,100
32,400
13,
13,900
10%
9
9%
------
8%
4934
784
48
7,900
10%
10
17
1734
*17%
18%
400
35
37
*35
36
330
'
*5%
6%
6%
In receivership
f
a
6%
I>ef
100
delivery,
Jan
z255s Nov
475s Jan 6
22l8 Dec 10
28i2 Mar 8
66«4May 20
42i2 Jan 2
145i2 Mar 2
64U Mar 10
39i2Mar 10
167s Feb 8
111* Mar 18
434 Jan 11
6*s
44
Dee
281*
Jan
521* Nov
Oct
16
Jan
22*8
321,
Jan
46*8
Oct
31
Jan
421*
Deo
136
Jan
501* Mar
1491* Aug
Oct
65
22
Apr
397* Nov
14*4
Deo
177* Nov
15s July
July
24
4*4
66
Deo
Dee
621*
8
30
Jan
347*
7
33
June
69
Jan
30
Jan
0
37
Oct
Dee
Aug
161* Deo
205, Feb 10
31
Feb 10
14
Jan
preferred
100
Hanna (M A) Co 35 pf.No par
Harbison-Walk Refrac. No par
95
Nov 26
108
Feb 18
zl04
Dec
1251* Nov
92
Oct 26
105
Jan 22
100
June
1051* Mar
18
Oct 19
100
1
100
2
121
Dec 23
58i2 Mar 5
Feb 20
120
Jan
5
Oct 19
12
Jan
104
Nov
10
1734 Dec 29
No par
Hamilton Watch Co
0%
6% preferred
Hat Corp of
America cl A
634% preferred w w
Hayes Body Corp
55% Dec 30
li2 Oct 19
81
Nov 23
26
Hazel-Atlas Glass Co
Jan 14
45,
995,
157a Jan 25
Feb
9
55s Dec 29
Dec 28
120
Nov 24
166
-No par
11
Oct 19
39u Dec 29
83
Nov 26
Chocolate...-No par
34 conv preferred
No par
Hlnde A Dauche Paper Co. 10
Holland Furance
No par
6% conv preferred..No par
Hollander A Sons (A)..
6
Holly Sugar Corp
No par
100
7% preferred
Homestake Mining
16*8 Dec 29
15% Oct 19
93
Nov 19
784 Dec 29
15i2 Oct 19
Oct 19
109
z39»4
Oct 19
21
Dec 29
No par
6
Oct 19
Household Fin com stk. No par
44
Oct 19
12.50
Houdallle-Hershey cl A.No par
Class B
78% Dec 29
434 Oct 19
37
Oct 19
100
preferred
Texas v t C—25
Co
5
Houston Oil of
Howe Sound
A
8
1171* Aug 13
86
6% cum preferred
Hudson
107
129
Preferred
Hupp Motor Car
Illinois Central
1
Corp
100
preferred series A.-.100
Leased lines 4%
100
RR fleo ctfs series A
1000
6%
n New stock,
r Cash
sale
*
32
Nov
Deo
55
1361*
Dec
18U Nov
116
Jan
Apr
9
Mar
Dec
133
Mar
125, Aug
21**
Jan
May
141
Jan
6
15014 July
105
Dee
395, Feb 11
64
Dec
6
26i* Apr
41
Jan
117
2
120"
07*4 Jan 21
Jan 19
102
135% Feb
111
June
6
4
Apr
130
587* Sept
Sept
80
Jan
119
Feb
4
52*4 Feb
Oct
"
Aug
37
120%
Jan
30i*
Jan
108
June
9
Jan
49*4
124
Deo
Dec
33*4
Oct
427*
Dec
9
7
3
108
Feb
115
Oct
6334 Dec 27
407
Dec
544
Feb
30*4 Mar
43i2 Jan
II484 Mar
19U
Jan
5
397, June
277s Feb 11
73
Jan 11
22% July
41
94
Jan
54*4 June
441*
33
Feb
Mar
x785* Nov
Mar 20
Jan 22
6*,
Jan
137,
Dee
90% Mar 10
48*4
Jan
05
Dee
67*
17*8
Feb
171*
Jan
D8 Oct 19
67,
Jan 21
3i, June
3i2 Oct 19
Manhattan....100 A
5% preferred
100
Hudson Motor Car—.No par
Jan
30is
Jan 11
Feb 26
1784
25
c.No par
Helme (G W)
5%
140
100
Hecker Prod Corp v t
100
237,
llU Mar
Apr
10
Apr
241* Aug
Jan
23% Dec 28
26% Apr 17
484 Oct 19
25
Hershey
100
1«8 July
3i8
301*
128
203,
Feb
Jan 12
65, Jan 22
16
59i2Mar
3434 Feb
*125
*18
Dec
41*
Oct 19
12
Nov 24
♦
Dee
145,
90i* July
19*4 Mar
May 22
203,
1057s
Jan
50
25
801* Nov
317* Apr
9U
125
500
Oct
Dee
35i*
6
6
Motors
863,
Feb
Feb
71*
lOU
118
9
Powder new..No par
863,
Deo
Jan
Hercules
86
June
Jan
56
17% Mar
Hercules
10
2
Nov
5514
3U Oct 19
Oct 15
1,600
447,
38
75s Dec 29
7, Oct 19
12
5,600
83%
7%
9
8
15%
7
.
Dec
55
50%
9
Dec
15
*42
Jan
81* Apr
1
52
50%
77
215, July
Deo
8
15%
128
zlOO
13i| Jan 18
96
Jan
6
48is Feb
60i28ept 14
1612 Oct 19
7% Oct 19
25
7% preferred class A
Hall Printing
473s Mar 11
Mar 11
22
100
preferred
74
27«4 Feb
129
Jan
Sept
135,
Oct 19
Oct 19
Jan
Feb
8734 Mar 11
Dec 29
10
92
0U Nov
13
20% Dec 29
23% Oct 19
Oct
Jan
Oct
50% Mar 11
434 Feb
19*8
90
271* Nov
37,
10
3
44i* Nov
Jan
110
141
1934 Dec 27
Aug
84
814 Feb 19
Feb 17
72% Dec 29
3% Dec 29
Oct 19
Dee
371* Dec
62U Sept
Jan 18
07s Feb 25
18s Oct 19
Dee
6*4
115
Oct 19
Deo
89
31*4
July
70
9
58is
Oct 19
71
13&S June
1
6U2 Jan 28
lla Oct 19
Deo
4?s
481* Deo
Aug 30
90% Mar
5284
4284
18
6%
*101
9%
44
584
5334
25%
4784
*80%
48%
8234
67,
134
----
300
.
100
9
9%
*5%
19%
*
*125
50%
21
8%
1%
3684
no
*41%
1,100
92%
92%
140
14%
5134
2%
*86
90%
10
60
x7
7
634
700
2%
92
92
634
90%
6
*55
2%
2%
3,800
------
57,
60
60
2%
92%
6%
*86
1%
♦17
5%
10
99
128
*121
5%
------
2234
2234
227,
128
*121
100
*92
96
96
22
2234
128
5
634
Apr
4
9
Oct 25
Feb
Dee
1181* Mar
17
293, Mar
No par
400
34
1051s Jan
June
6*s
32i* Apr
6
88is Feb 23
100
6%
Jan
2
207s Feb
10
preferred
Jan
z83% Dec 30
1234 Dec 29
40
Dec 28
10ig Oct 19
1
6% preferredHackensack Water
34
67
261* May
33U Apr
24
100
*18
110
106
19% Dec 29
RR Co. 100
Gulf Mobile A Northern..
6%
487, Jan
70% Feb
Ha Oct 19
20
19%
117% Jan
534 Jan
Oct 19
3
300
34
Jan
105
4
22
20
7
4
Oct 19
1
5
6%
*17%
8
65
22
*31
1231* Nov
691* Deo
15*4 Deo
31* Apr
321* Apr
Jan 19
651, Feb
6*4 Dec 29
49% Oct 19
par
Jan
Mar 20
53, Jan 13
Oct 19
2
Oct
Jan
Jan
5*4
8
par
par
par
5
-
19
110
Jan
18*8
8
par
*17
-
537*
118
60
1
1
100
5
70
Nov
437, Feb 11
22
15%
Jan
77
301* July
5
15%
Aug
par
par
Greyhound Corp (The).No par
8%
123
88
(H L) Co Ino
6)4%
Oct
33>4 Jan 25
100
Guantanamo Sugar..
10
9% Oct 19
16
Dec 16
Nov 29
05
Sugar.-No par
100
Green Bay A West
701*
13i2 Oct 19
20
Western
July
par
43
Feb
Jan
4*s
71
68
9
1
15% Feb
Deo
14
1
6012 Jan
Nov
7*
70% Feb 11
1225, Feb 2
Oct 19
Nov 16
Oct
Feb
Dee
44
par
5% pref
Green
124
1
55
Oct 19
*18
3334
*92
Oct 19
162
Feb
Jan
33*8
64i2 Jan 29
657s Jan 18
Nov 16
Jan
34i* Apr
140
9
384 Jan 18
44U Feb
Oct 19
Great Northern pref
Preferred
691* June
Dec 16
ll2 Dec 27
Gt Nor Iron Ore Prop.No par
Great
128*4 Nov
Deo
647s Jan 21
No par
No par
10
(WT)
Grant
Jan
49
Oct 19
1
Oct
701*
Dec 16
48
Jan
17
18
MSA P
Granite City Steel
4
34
33
1041* Apr
14
Grand Union Co tr ctfs
33 conv pref series
Deo
4
Mar
65
2818 Nov 23
84 Oct 19
5
27
50%
Gran by Consol
605*
32>2Mar
6
Motors
Dee
145, Nov
Jan
1205s Mar 31
100
1
Preferred
Graham-Paige
Jan
28
z99
18
*25
9%
914
3,200
*32
100
"9"
914
------
187,
18%
18
1934
*
2034
64%
*40
1834
17%
27
18
19
19
2012
127% 127%
*40
64%
*25
85
*16
25
100
127% 127%
120
*16
634
*41%
19
800
17
142
50l2
*10
30%
27
93
*41%
*
2934
15
15
14%
14%
53
52%
51%
52%
128
127% 127% *125
13%
53
*125
28
*2478
92
*136
5114
28
*15
2%
*86
148
5,000
17,200
5
60
6%
6%
98
14%
23%
9
1%
1734
534
92
92
6
♦86
14
227,
934
22
2
*87l4
20
14%
2334
27
*121
*55
2
20
13%
21%
8%
1%
22
*5%
♦50
2,100
20
20
64%
1734
128
2134
*121
6
700
27
9%
99
*92
22%
16
x27
96
*95
128
1,600
16
26
63g
18%
18%
99
*92
*121
16%
15%
26
34
*6
6
*18
300
13%
15
1534
*31
6
*31
300
27
1534
*2378
29
6,200
184
13%
8
6
*458
5%
1%
14,300
137g
17
25
*18
25
*18
5
1«4
125
125
1%
*1%
47,
1%
*13%
------
22%
*40
8
8
1%
4%
157g
25%
20%
13%
2034
26%
*26
1%
1%
2
20%
13
205s
*55%
1%
4%
15%
25%
20
1,500
58
*55%
58
700
4%
37,
334
334
37g
*55%
1%
4%
*1%
4%
*1%
167,
52
334
1%
4%
*12
16%
52
*12
u2
418
♦15,
2
16%
52
81
1834
58
*55
65
♦55
8,500
15%
Co
Goodrich Co (B F)
No
6% preferred
—No
Goodyear Tire A Rubb.No
35 conv preferred—..No
Gotham Silk Hose...--No
Gold A Stock Telegraph
11*4
Jan
8i2 May
42% Apr
52% Jan 23
162
Jan 13
50
Goebel Brewing Co
Oct
5*4
Dec 29
par
preferred
Gobel (Adolf)
------
52
*75
334
*3%
37g
*3*s
19
81
*75
conv
1,600
3%
1578
47%
19%
47
46%
17&s
1834
76
434 %
1,300
2%
92
*75
92
*75
92
15%
15%
14%
1434
*75
92
*75
92
"l3*4
200
7
22
Co— 6
Razor.-No par
35 conv preferred—No par
Glmbel Brothers
No par
36 preferred
No par
GUdden Co (The)
No par
400
Feb 11
14
Gillette Safety
200
87,
50%
8%
Nov
156
2% Oct 19
0% Oct 19
14% Oct 19
66
Oct 25
100
6% pref..
4,100
Dee
20
Jan
153
General Tire A Rubber
3,700
10
69
22%
50
300
...
12%
978
51%
*48
f Day
1,100
105
"12%
No
General Refractories—No
Gen Steel Cast 36 pref.No
Gen Theat Equip Corp.No
Gen Time Instru Corp .No
76
10*4 Apr
Oct 13
100
1
Utilities
Gen Realty A
36 preferred
420
22
*19%
*
65
*52
50
26%
25
59%
8%
8%
8%
22
50
2534
12%
*67
65
21%
700
10
934
62
*57
12,200
177* Nov
141
Oct 19
85
1051* Aug
Deo
4
5
May
Nov
15U
Feb
80if Feb
117
Nov
30
IDs May
100
19i2 Jan
105% Jan
16
Railway Signal
Feb
97
16i2 Mar
6
Nov
x99
0% preferred
20
1%
I884
1%
*16
105
"11%
11%
Gen
Deo
7*s Aug
1
9
6
17
14
19i2 Feb
285s Dec 29
111
Oct 25
21% Oct 19
3% Oct 19
8% Oct 19
Gen Public Service
2,200
99
*87
17
*15
*
21%
1%
1%
1%
$6 preferred
Feb
Apr
531*
Jan
3>4
Jan 16
33
No par
No par
General Printing Ink
600
2
21%
99
15%
23%
2334
210
2
22
*85%
1%
u2
15
1,900
3U2 Apr
100% Jan 28
Ne par
... 1
Common
8
117
No par
A ...No par
15 preferred
1,800
9
103
17,
22
2l7g
534
104
*5%
87s
87,
102
*1%
Gen Outdoor Adv
------
4
512 Oct 19
10
General Motors Corp
30
365g
Jan
Oct 19
No par
33% 115,800
1,200
327,
*27
5%
478
87g
------
11234 11334
32
99
*46
55
113
1934
u2
♦17
50
*118% 119
113
102
2,800
1%
1%
-
♦30
3384
31%
-
54,700
3,700
31%
20
15
Christmas
31
*27
1%
20
20%
-
31%
1%
*118% 119
102
1%
1»4
*1%
1*4
*n2
185s
*85i2
87S
120
43%
4%
9%
4%
102
103
*101
27%
600
4284
1%
31
*20%
100
31
32%
31%
112% 112%
9%
9%
914
2,200
90
43%
53
5
*4%
47S
103
5,200
23%
42%
53
112% 112%
31
♦20%
12%
25%
*106
*100
43%
307,
1%
52
32%
30%
31%
295g
1,400
26
118
118
118
119
*
*2434
26
118
53
10
*70
52
*51%
112*4 112*4
Stock
70
*30
50*4
♦101
12
2384
70
50
50
50*4
♦118
107g
22%
*30
*30
4,100
121%
4%
4%
11%
4%
4%
50
60
*30
*115
1,400
8%
8%
121% *118
23i2 July
Oct
97*4
Nov xl36
78
47*8 Jan
3U2Nov 22
Transportation
July
*39%June 21
91
preferred
Feb
108
7% Mar 3
153s July 19
4
Investors—No par
—No par
6
General Baking—...
6
18 1st preferred
No par
General Bronze..
6
General Cable
.—No par
Class A
No par
7% cum preferred..
100
Genera] Cigar Inc
No par
7% preferred
100
General Electric
Ns par
General Foods
No par
Gen'l Gas A Elec A
No par
16 conv pref series A.No par
General Mills
No par
6% preferred
100
16
Gen Am
Dee
45*s
127
481! Jan
88
Gen Amer
......
44%
44
8%
8%
2,000
98
*91
44
43
120
4178
30%
1%
31
6%
6%
98
June
241, Apr
95*4 July
lli2 Dec 28
10% Oct 19
Nov 23
No par
pf--No par
Wood Industries Inc
3
Gar
32
3
9
ll8 Oct 18'
3
Dec 28
10
preferred
2,400
67,
6%
07,
034
0
*6%
*91
S3
Deo
Deo
11*4 Mar
48i2 Deo
37, Aug
32% Jan 13
Mar 26
73
Gannet Co conv 16
2478
24%
4234
41%
30%
4214
30
75
*106
120
*100
120
40i2
90
*88
Dee
56*4
3414
03
0% Oct 19
Gamewell Co (The)
89
4%
11%
22%
10%
22%
25
*23%
24l2
24l2
♦100
30
•
118
*05
75
*64
Galr
700
8
118
3%
35s
3,100
15
43
734
4%
16
1334
4%
42*s
Dec
183, Jan 12
Jan
9
20% Oct 19
Gabriel Co (The) cl
4%
14%
6
43
1,200
685, Nov
25i2 Mar
45
117
A—No par
Co Ino (Robert)—
1
2
2
2
Dee
105*4 Nov
Apr
30% Sept
40
83
Oct 19
102
No par
16 2d preferred
16
98
77«
112%
121U *115
♦115
6
42
778
7*4
71*
980
16
57,
67s
95
*90
15%
*91
534
534
5*4
980
12%
89
16%
95
25
11%
2
♦1334
5i2
5%
55,
♦90
25
11%
4%
15%
10
6% conv preferred
100
Fuller (G A) prior pref-No par
*14%
*1434
4
378
15%
3%
89*4
♦85
2 1
378
*14
35*
13i2
I6I4
3i2
2
2
2
2
13i2
Sulphur Co
Free port
3,000
2434
25
11
2
No par
7% pf 100
Francisco Sugar Co
110
*2134
11%
11
10®4
10%
1012
9U
FOt'n Simon A Co Inc
400
*106
Dec 23
2*4 Oct 19
40
Dec 10
18
Oct 19
66
preferred—No par
$7 conv
36U
Jan
Feb
100i2
54% Feb 3
135
Jan 14
ni2 Oct 19
10
Foster-Wheeler
46
23%
1% Oct 19
Oct 19
Oct 20
100
4)4% conv pref
------
110
*106
♦106
♦
11% Oct 19
par
share f per short
106
Dec 1158s NOV
38
49*4 NOV
Apr
40i2 Dec
20U Jan
per
*247,
107i2 Feb
20i2 Dec 29
par
Food
6,700
4%
*41
237g
23%
23%
22%
40
*41
40
*41
22%
22%
2212
22l2
46
*40%
46
♦40
300
19%
4%
4%
*4
100
75
♦60
75
*60
334
18%
18%
17%
16%
334
3%
3%
312
3l2
2%
75
*60
75
♦56
76
16%
16%
15%
1514
1412
♦50
2®s
2%
2%
------
2%
*2%
2%
317g
*89
214
*21,
30
3934 Feb 19
413s Mar 11
9
62i4 Mar 1
40% Feb 6
5812 Feb 5
39% M&r 9
9?s Feb 1
10i2 Oct 19
Nov 8
par
160
16
151,
1087s Mar 9
455s Jan 18
2212 Oct 19
20
Dec 29
t Follansbee Brothers..No par
Machinery Corp
100
9,500
17%
16«4
17%
16%
------
share
Oct 19
90
Fed Dept Stores iH
600
%
share
per
Highest
Lowest
Highest
S
per
A—100
100
30
19
30
91
3
Z05
72
30
30
*10%
Par
% pt-,100
Y..2.60
Fllene's (Wm) Sons Co.No par
Firestone Tire A Rubber.—10
*69%
Range for Previous
Year 1936
100 Share Lots
Lowest
Share
$ per share
29%
29%
On Basis of
Week
30
91
♦89*4
29
29
the
Jan. 7
$ per share
*69
69%
$ per share
75
*08%
$ per share
S per share
NEW YORK STOCK
EXCHANGE
Friday
6
Jan
Jan. 5
4
Jan
Thursday
Wednesday
Tuesday
Monday
Jan. 1
STOCKS
for
4
1937
Range for Year
Sales
PRICES—PER SHARE, NOT PER CENT
HJOH 8ALE
LOW AND
Jan. 8, 1938
157,
Jan 21
81, Apr
23 % Feb 17
131* May
225, Nov
Apr
291* Oct
54*8 Sept
4
Oct 19
U8 Dec 30
414 Aug 17
Mar 17
8
Oct 19
38
185,
16
Oct 19
30
June
34
Dec 28
671, Mar 11
72
Jan 20
68
Jan
5
Dec 29
251, Mar 11
11
May
Ex-dlv.
y Ex-rights
7314
Oct
20
Oct
T Called tor redemption.
T
Volume
LOW
AND
146
New York Stock
HIGH
SALE PRICES—PER
Record—Continued—Page 6
Monday
Tuesday
SHARE,
Wednesday
NOT PER
Thursday
Sates
NEW YORK STOCK
the
CENT
STOCKS
for
Saturday
EXCHANGE
Friday
Jan. 1
Jan. 3
Jan. 4
Jan. 5
Jan. 6
Jan. 7
$ per share
$ per share
9 per share
$ per share
$ per share
Range for Year 1937
Shares
On Basis of
Week
I per share
*6*8
*6
7
678
17*2
67g
71S
7i2
7i2
18*2
*73g
16
16i2
80 1
80
*76
88
*79
89
*81
89
138
*135
138
*135
138
138
138
*135
*135
69*2
978
37a
*3%
71
70
1034
378
378
24
*22 *4
*95
*3*2
9
2*2
103s
*378
314
lUs
37g
1158
3i8
33g
4
72l2
1H2
*378
3i4
72l2
1234
4
800
384
4
2,100
*22l2
24
300
24
24
94
95
2*2
10
20
3
3*4
23
25
♦136U 140
60
62
63*2
63*2
*14212 144
*142l2 144
6
65s
578
6*2
33s
35s
314
378
778
8
*75s
8*4
140
63i2
453s
445g
*125
132
132
30%
7
7*4
3134
140
65l2
6414
142l2 142l2 *14278
634
7
3U
334
65s
312
8
463s
678
140
8
8I4
46*4
*125
47
8*8
31*4
384
35*2
4*8
33*2
40
40
93
94
60
378
*358
378
11*4
1034
1U2
384
3U
314
25
25
2434
140*4 *140*2 142
66
65i2
66l2
146i2 *143l4 147
7
71s
73g
35s
378
4
9
9
87s
100
31,700
6,100
1,800
300
11,800
200
Indian Refining
10
Industrial Rayon
Ingersoll Rand__
6%
Dec 29
Nov 24
132
Oct 16
preferred
10s,
No pari
Inspiration Cons Copper
3*s
3*8
40
40
21
21
*20
32
32
3134
16
16
16
65
65
6
7
93s
70]4
*934
2134
*116
5038
76*2
10
10
Interlace
No par
6
Oct 19
2
Oct 19
Iron.
Internet Agricultural. .No par
Prior preferred
100
Int Business Machines _2Vo par
Internat Harvester
33*2
35*4
9,900
.15
No par
No par
117
*1078
12
100
Intertype
23
*22
2234
200
Island Creek Coal
117
*116
117
*116
117
*116
19*2
70*2
*17
19*2
*118*8
~~8~~
1334
7*4
43s
70*4
17*2
678
*17*2
20
1634
17
13*2
13*2
*16
*218
3734
8
778
*2058
*15
2
48
12
*115s
1534
12*4
14*2
15
16
*5
15*4
*14
16
16*4
*160
*1512
28*2
*36*2
17*2
45
*105
1*8
170
16*2
2934
38*s
17*2
46
*92
78
4
534
*34
78
378
378
26
25
35
35
35*4
36*4
3734
16*2
16*2
18
18
29*2
*36*2
18*2
37*2
47*4
4634
105
10584
1*4
34l2
94*2
16*2
30*4
37*2
1884
475s
105
1*4
3412
35s
934
4
78
4l2
2638
26
978
a:24i2
38
978
25
397s
884
35s
34*2
378
1,800
5,000
1,400
1,200
5,700
2,300
26*2
27
*26*s
27
300
943s
*94
97
700
94*2
96
96
1,100
94*2
1*4
*15*2
32
37*2
167
838
*162
16*2
*16
32%
325g
♦386s
37*2
18
18
47
18
*15s
♦6*8
12*8
6
634
*6
12*8
6*2
10
10
17s
6
**2
*3*2
7*4
*1*2
*23*4
734
20*s
26*
317*
*5*2
*6*s
*10
2i2
7
684
13
*134
34
5
7*2
17s
28
8*s
21*2
3
*584
6*2
10*2
2
6*2
*%
*3*2
734
*1*2
*23*4
8
205s
*25*
1*8
3414
2*2
17*
*2*8
5
*20*s
*78*2
13*4
75*
*73
♦
36
35*2
5
*5
25
*21
80
13*4
8
79*2
80
*13*2
734
*7278
6*8
Dec 29
Oct 19
Oct 19
24*4 Jan 14
2778 Jan 14
4H2 Jan 14
*534
*6*8
35
200
2*4
2*2
28
88s
5
600
60
5,300
1*2
*23*4
8*4
28
8*2
21*2
20
3*8
33*2
3
3
34
35
23
23*4
36*2
5*4
24
21%
*25
8*4
20
10
3684
5*8
*2138
*154
157
*154
38
38
£38
preferred
800
100
878
1978
3*2
3634
2434
8,800
36,600
1,800
2,900
800
157
38*2
578
25
23*2
*22i2
90
*78*2
90
15
15
1,700
800
25
*80
80
1378
14*4
8*2
79*2
*727*
1,800
28
5*2
14*4
8*2
79*2
day.
14
884
*727*
1478
884
79*2
8*2
*7278
t In receivership,
May 20
7%
1718 Dec 29
101
153s Mar
2
7
29
5
4
25
May
97
Mar
Aug
113*4 Feb
114
Jan 28
175
Jan 13
May
9784 Mar
160
Oct
884
90
900
2,500
delivery,
Oct 30
19
Apr
65
13
31*8
115
Nov
Nov
Jan
Jan
116*8 Jan
170*4 Dee
23*4 Feb
631* Nov
55
Deo
No par
Sugar....
110
May 12
Dec 29
4l»4 Mar 11
Feb 11
36
132*2 Feb
9
62*4 Mar
68*4 Mar
8
8
168s Jan 20
63
1
Oct 15
7
Oct 16
30
Jan 11
5l2 Dec 28
MarlO
77S Jan 12
211* Apr
40*s Apr
8&s Jan
34*2 Jan
IBs Jan
"7*4 "Jan
June
Dec
298s
684
14*4
3*s
Jan
Feb
Feb
Mar
30
17
13
29
20
Jan 21
39
Jan 20
24
Dec 28
714 Dec 29
10
Oct 19
184 Oct 19
20
Oct 18
22
Dec 29
142
7% preferred
100
May Department Stores...10
Maytag Co—
No par
May 17
3384 Dec 29
4*2 Oct 19
20*4 Dec 29
S3 preferred w w
No par
$3 preferred ex-warr.No par
$6 1st cum pref..——No par
McCall Corp
No par
35
75
266
x
678 Mar 27
5184 Mar 4
307* Mar lu
29*4 Apr 30
137t Jan 10
74
Feb
8
41
11*8
May
Jan
6*2 Apr
165
Jan 25
66*4 Mar 11
15*2 Jan 11
44
Jan 13
"27**
Apr
1537* Jan
43*4 May
13*2 Apr
43*2 Deo
3
45
Jan 13
44
Nov
111
Jan 22
103
Jan
2
29
Oct 19
Ex-dlv.
67
Nov
9
Dec
35** Deo
18
57*4
23*4
Nov
Jan
Feb
24*4 Deo
684 Mar
1284 Aug
3*s Mar
23
Nov
45
Nov
7** Deo
56** Nov
25*s Nov
"12"
Mar
"428*
Nov
6
4184 Jan
17** May
2*4 Jan
8*2 Apr
1*8 Jan
6*2 July
I884 Jan
2*4 July
Nov 21
June
III4 Deo 28
784 Oct 19
1
Jan
49*4 Oct
65*4 Nov
158s Deo
7
Oct 19
.1
Feb
42
Jan
127* Deo
34 Dec 28
Marshall Field A Co...No par
35
134** Nov
32
3
Martin-Parry Corp—.No par
Masonlte Corp
No par
Mathleeon Alkali Wks.No par
Jan
Oot
Oot
6
684 Dec 29
18g Oct 19
Corp.—...1
151
30*4
102%
Jan
9i2 Oct 19
1*4 Oct 19
5i2 Oct 19
6
Cash gale,
Oot
16*2 Jan 20
7
Oct 19
100
r
33
4*4 Oct 19
Shirt......—.25]
New stock,
22*4 July
127*2
278s
167s Jan 11
Jan 14
Dec
6% preferred—.100
6% prior preferred
100
6% 2d preferred..—....100
a
57*2
39
6
McCrory Stores Corp
Jan
Sept
Jan
26*2
Mar 30
6
...100
100
..100
Co..
45
113
Dec
10
Martin (Glenn L)
Oct
May
211* Apr
May
Jan
—No par
Marlln-Rockwell
107
20
Mar 17
814 Oct 19
18*2 Oct 19
lit Oct 19
100
Market Street Ry—
*3884
140
t Manhattan Ry 7% guar. 100
Modified 5% guar.
100
Manhattan
3&s Feb
617* Deo
8*8 Mar
99
25
No par
Certificates of deposit
Apr
Jan
Jan
2884 Jan 13
Macy (R H) Co Inc
preferred
Feb
35*2
38*
Jan
378 Feb
19
Mack Trucks Inc....—No par
1
10
MacAndrews A Forbes
A04**
2
75*4 Mar 11
io84 Jan 26
43U Jan 8
110
24
19
20
19
173s Dec 29
Ludlum Steel
23
67*s Deo
1087* r'_ly
285s Feb 8
14784 Jan 20
14l2 Oct
481s Nov
1318 Oct
2684 Oct
123*8 Nov
100
6% conv preferred..... 100
79*2
a Def.
Aug 14
15-'% Dec 29
125
Oct 29
100
preferred
June22
Oct 19
2>s Oct 19
100
Pref ctfs of deposit
130
20
5*2
80
14
...10
6%
Mandel Bros
........
2
5*2
*2212
80
8*2
13*2
240
37
5*8
151
Magma Copper...........10
240
35*2
*2458
Oct 19
Dec 28
83l2 Oct 19
Madison Square Gard—No par
34
157
*154
23
25
Biscuit
Loose-Wiles
Lorillard (P) Co
2,500
5
24i2
80*4 Nov
32
4,800
4,300
3,000
8*2
35
Jan 16
Corp No par
Long Bell Lumber A...No par
6%
8*2
*1*4
3478
79
Oct 19
82
Maracalbo Oil Exploration.. 1
24*2
12384 Nov
2184 Nov
1
Marine Midland Corp
3*8
Jan
9934 Nov 24
1,400
884
May
12
No par
Inc
6,200
19%
89
6
Louisville Gas A El A..No par
500
Oot
387s May
47*4 Jan
9
16,50 preferred......No parr
Louisville A Nashville
400
Feb
19
Jan
877g Aug 11
900
5.700
Oct
4
267s July 26
7
878
205*
Apr
Nov
22
585s
435g Dec 29
Inc
2*4
3
3
9*>8
180
Oct 19
No par
Loew's
634
*5g
28
15*2 Apr
94*2 Apr
8*2 Jan
2
July
43 *2June 10
213s Feb 11
335s Dec 28
Liquid Carbonic Corp.No par
2*8
28
Jan
July
Oct 19
Nov 24
Oct 19
600
♦35s
2
26*4 Feb
18** Nov
i884 Deo
451* Nov
7*s
Nov
23
Lone Star Cement
5
34
*3*2
8*8
*1*2
18** Jan 18
157s July
12
51
8
2284 Dec 29
No par
3,700
8*8
34
7*2
1*2
384 Jan 18
100
Loft
7
'684
12
34
*4
58 Dec 29
278 Dec 29
25
3,200
1,200
Jan
Nov
Jan
Apr
1*4
61
oot
Deo
Jan
43
1,000
15,100
248*
46*2
78g
05*4 July
Jan
July
18
Oot
638s Nov
June
4434
*11
7*2
34
245s Mar 17
Liggett A Myers Tobacco..25
Preferred
Jan
Jan
32
36
11*2
11*2
2*8
684
4U Oct 19
No par
B.
107
Nov
28
257S
'
658
1
50
50
1
Corp
5
Lerner Stores Corp
No par
Libbey Owens Ford Gl. No par
Llbby McNeill A Llbby No par
Lite Savers Corp
5
28<s
24?s
3378
63
7
2*8
Feb
110
328g NOV
18** Nov
23**May 5
83*2 Feb 15
7
7
6
17»4 Mar 1
277g Mar 11
51 ** Feb
1
203
Deo
Apr
26
Apr
48*2 Aug
36*4 Nov
33*4 Feb
20*2 Apr
45s Apr
1512 Oct 19
18*4 Oct 19
7
2
Mar
50*4
121
35*4 Aug
19*8 June
20*2 Apr
33
6*2
11
984 Oct 19
24
Jan
37a May
30
Apr
Link Belt Co
634
2
Dec 30
18*2
Lima Locomotive Wka. No par
13
65g
5
*534
*6*8
5
28*4 Jan
17*4 June
Lily Tulip Cup Corp...No par
13
11
784
7
634
10*8 Dec 29
Feb
200
*12*8
2
Bid and asked prtoes; no sales on th**
7
684
13
65s
33
317*
2234
2234
228* 23
*153*2 157
*153*2 157
3484
*5*2
*6*8
*12*8
10*2
17s
6%
1578 Jan 16
47*2 Jan 23
8
..5
87
200
48*4
49b8
10534 10534 *105*8 106*2
1*4
100
2
Oct 19
Dec 29
6
No par
Jan
19*4 Deo
17*2 Dec
Sept
938fe Nov
6
14
Lehn A Fink Prod
Series
Feb 30
4
No par
Preferred
*4*4
36*2 July
295s Jan
22
6% conv preferred
Lehman Corp (The)
X Manatl
2*2
71
Dec 29
80
2,000
1
*1*2
Dec 28
11
.....100
4% conv preferred
Lehigh Valley RR
Lehigh Valley Coal
20** Mar 8
4634 Apr 14
93s Mar 30
2378 Deo
3258
4834
1*8
preferred
Jan 14
166*2
16*4
33*2
34*2
33*2
35i2
4
4
4%
378
4*8
384
*3*2
19
19
18
18
1834
1834
183s
183s
18*4
18*4
103*2 1035s
*103*2 106
*103*2 106
103*2 103*2 *103*2 106
17
17*4
1678
1658
17*4
165s
I684
1634
1634
16*2
132
*132
*131
132
135*4
135*4 *132
135*4 *132
135*4
17
17
17
1734
16
16
*1634
17*8
17*8
*16*2
52
*53
55
51
54*4
54*4
51
54*4
51*4
*52l4
19
17
18
177s
16
16
17*4
18*4
17*4
157s
31
31
*29
305s
30*2
*30*2
31*2 *30*2
30*2
30*2
*1216» 125
♦1216s 125
*12158 125
*12158 125
*1216s 125
20
21%
?1*2
18
2112
20*2
19*2
187g
19*4
18*2
29
28
27
2934
30*4
2978
26
2734
2634
26*s
11*2
10*4
10*2
10*4
10*4
10*8
10*8
*10*8
*10*8
10*2
25
25
2734
2958
275g
255s
2578
*24*s
23>4 24
32
300
8
*162
167
167
167
9*2
*94
94
9412
10,100
778
8
27*2
*92
90
92*2
60
6
78
25
*26
17*2
5%
Lambert Co (The)
27U Jan 18
110
20
Kroger Grocery A Bak.No por
Laclede Gas Lt Co St Louis 100
Lane Bryant
100
534
25
784
17
*92
100
24
73g
25*4
13
47«
24
30*2
1*8
*17
5
25
2934
37*2
45*2
1*4
378
18
123s
18*8
25*8
9*2
*23
10584 *105
12%
100
4*2
*34
9
*16
*534
2434
9*4
9
*160
109*2 Feb 4
6938 Mar 10
Oct 19
?8
334
2434
91
Dec 31
Doc 31
*34
88*2
9034
80
14
1
90*4
Kendall Co $6 pt pf A.No par
Kenneoott Copper
No par
97
1178
6*2
Jan
19*2 Jan 14
100
*26*2
1178
Jan
17
Oct 19
15*2 Dec 29
Jan
19*4
4
Lehigh Portland Cement...25
13
28*2
11*2
*5*4
13
1
700
*92
6
Mar 17
447S Jan 16
238s Feb 11
13*8
11*2
1,900
29
Nov
35
Oct 19
Kresge Dept Stores....No par
Kress (S H) A Co
No par
Deo
116
Nov 20
Lee Rubber A Tire
78
33s
*88
400
Deo
75*s May
39*2 July
133
Mar 17
Nov 20
500
*1678
25*4
89*2
300
126
121
7
1784 Dec 29
184 Oct 19
Dec
Feb
121*4
13
28I4N0V 8
512 Oct 19
152
2
80
Keystone Steel & W Co No par
Klmberly Clark
..No par
Kinney (G R) Co
1
$8 preferred..
No par
$5 prior preferred
No par
Kresge (8 8) Co
10
126
Jan
...6
Oct
Jan
May
Feb 15
5
107
Oot
Feb
31*8 Nov
136
Mar
531*
22*4 Apr
126
6
80
Jan
88
Kelth-Albee-Orpheum pf_.100
Kelsey Hayes Wheel oonv cl A1
Class B
Jan
15
58*2
Jan
Apr
11*2 Oct
10*8 Oot
61** Nov
248g Aug
113
Apr
8
46
Jan
Jan
82
5
Oct 19
2,500
*27*2
35
11*4
17
25*2
2,900
26*8
Oct 19
1178
6*2
*26
35
5*4
*2434
*5
*24l2
4
3
Jan
15
80
96
73s
5
14ia Oct 19
16*2
2958
16
734
17
538
5
26*8
Aug
87»s Jan
127
64>4 Nov 24'
1518 Dec 28
11512 Apr 8
100
6
26i2 Jan 30
30
Apr 15
Mar 18
16
95
3384
110
107i2 Apr
155
16*2
478
34
50
14
preferred
Dec 28
16
534
3384
7*2
1678
14
Nov
16
5*2
*23
*24
300
87?
17
11*4
334
1634
5
26*8
*53s
*1158
24
13
2l2
Feb
108s Apr
17
7
3*2
243s
9*4
24*4
*12
5
*24
11*2
878
12l2
1,200
25
212
125g
*1212
1678
Nov
19*4
1534
*5*4
2378
48
87S
*21
93
17
11*8
1634
1,500
223s
2*4
June
ll*s Sept
15*2
5i2
100
534
40,600
50
8&S Nov 10
36*8 Jan 18
10
65l2 Nov 22
100
Kayser (J)&Co
*2058
*2*8
*12*4
15
Southern
700
4078
87S
22
Kansas City
300
39*2
9
Feb 19
167s Feb 19
,100i 120
13*2
*7434 100*2
9
*8*4
403s
110
Oct 19
49
Kaufmann Dept 8toree.fl2.50
38*2
8*8
Oct 19
85g Dec 29
No par
300
38*2
8*8
Nov
Dec 28
500
20
36
Nov 29
5,000
80
Apr
9
8
80
Oct
15
70
18*4
534
47
63s Oct 23
Jones A Laugh Steel pref.. 100
Kalamazoo Stove A Furn
10
4%
23
4
Mar 11
par
20
*16*4
13*2
147s Deo
8*8 Deo
4
Kan City P <fe L pf ser B No par
*118*8
7*2
*17*2
668$ Nov
136
Nov
65
..No par
Preferred
Feb
Deo
493s Jan
17
11*4
16
100
preferred
8
18*4
52
20i2 Oct 19
-.1 *116
Sept 23
Jewel Tea Inc
Deo
Oct 19
..1
Johns-Manvllle
Jan
194
105*2 Deo
160
Apr
10*2 Deo
Oct 19
15*2
35
11*4
18*4
$6
..No
Jan
Sept
57s Deo
18*4 Deo
57s Mar
7*4 Deo
384
15*2
11*8
*5*4
*11*4
12
5*2
—
Corp
Jan
18g
112
19*4
6
17
*25
*26*2
47g
~
74
72l2
*1734
80
16*2
5
5*2
*7434 100*2
778
778
—
800
380
80
2
*12*4
12*4
24
~~7h
«.
9,500
200
82
*80
2*4
48
24
17
13*2
13*2
*7434 101
75g
75g
45g
45g
22
12
15
*118*8
19*4
*20*4
1534
5*2
19*2
~~7~h
3784
24
73
6*2
3634
75s
*20*2
*5
70*4
*1734
m
124
124
18*2
37*4
24
7012
17*2
*118*8
85
778
79*2
124
«,
50*4
80*2
50*4
8H2
~~8~"
73s
*82
2*4
5034
78
123
124
117
5034
*18*2
19*4
*15*2
18*4
1384
*13*8
*7434 101
7*4
7*4
412
4*4
88
21
50*2
80*2
75
*70
2*4
24*4 Deo
778 Jan
187s Jan
^884 Nov
Feb 16
Dec
100
1358
*21
75
70
No
Preferred
*10
70
87
*96
3,000
preferred
Jan 5
19USept22
18
Apr 6
9V Apr 6
681* Sept 22
Feb
8A Jan 30
57U Feb 16
2884 Jan 25
34
Foreign share ctfs
No par
Interstate Dept Stores. No par
*70
124
4*4
Day
11
7%
Inter Telep & Tel eg.
135s
124
7
New Year's
113s
10
15,700
1,700
75
123
17
15*2
73S
23
50
*13
Closed—
658
7
678
73g
1U2
634
*21
78
*7434
Exchange
63s
634
11*4
*10
5034
*15
*2
6*2
73s
11*4
23
79
20
*7*2
*20*2
par
74
76
20
Stock
100
*65
5034
71
~3478
16
74
7834
124
*
30
100
*65
503s
71
19i2 Oct 19
No par
74
*70
43*4 May
125*4 Feb
No par
*65
2>4 Apr
4*2 Jan
tfarlO
Shoe
600
167s Jan 29
15U Apr 9
73»s
International Silver
1,000
18
Jan
13584
International
300
32
*1678
Jan
Nov 23
International Salt
20
3134
17
Apr
98s July
27S July
22ti July
138s Dec
29
3134
May
2*2
7
310
20
37
107
Jan
720
17
Oct
18«4
4
31*2
5
107s Deo
12778May 27
6U Dec 29
884 Sept 13
4i2 Sept 10
29l2 Dec 29
214 Oct 19
4i8 Sept 25
100
*21
70*4
10*s
Oct 19
39
20
Jan 18
Jan
4
18
6
13*4 Jan 20
64 *4 Apr 20
111»S July 16
Ills Mar 16
281* Mar 11
9*s Apr 14
63i2 Apr 14
Apr
39
32
Nov
568$
148*2
4
21*4
Deo
122
160
41
*31*2
♦165s
140
5
4
*20
Aug
888s July
6*s Jan
4
.100
5% conv pref
Internat Rys of Cent Am.. 100
Voting trust certlfs—No par
100
5% preferred
3178
16*2
125
Jan 18
37
357*
143
July 30
13114 Mar 6
33*8 Feb 23
Jan
Oct 19
Preferred
147
Aug
l?s Oct 19
I5*s Nov
418s Nov
May
120
6
inter Pap & Pow Co
Class B
Jan
106
162
3
18,000
4*s
258s May
5
Feb
189
1
80,910
47i2 Apr 20
144
Highest
9 per share 9 per share
12712NOV 22
Internat Mining Corp
132
8 per share
22U Jan 20
53i2 Nov 22
138 Nov 30
No par
100
Preferred
*40
438
40
6*4
7%
1034
I8I4 Oct 19
Int Hydro-Elec Sys cl A...25
Int Mercantile Marine. No par
21*4
6*2
7*8
IO84
70*4
10*8
Deo 29
21C Oct 19
878
4884
Oct 19
92
No par
*116
70*4
10*8
2134
*123
*16*8
*118*8
758
6*8
7*8
20
Interoont'l Rubber.
838
475s
*125
23
19
19
19
11,600
6,600
2,300
66
♦
6*2
73s
4
1
t Inter bo ro Rap Transit...100
Intercbemlcal Corp
No par
0% preferred
100
Class C
39*2
6884 Nov
6I4 Oct
37s Oct
li2 Oct
20
Insuranshares Ctfs Ine
343s
36
5is Oct 19
15
72
Inland Steel
Lowest
Highest
share
par
No
878
485s
132
per
No p&r
8*4
*125
87g
%
Int Nickel of Canada..No par
4678
132
834
1,900
44,900
4
24
*35s
10i8
3i8
24l2
70
...
312
100
3i2
10i8
3i8
23l2
100
4l2
24
3i2
934
2,000
89
74
13»4
*90
35s
18
73i2
12i2
24
9
20
43*4
73
100
*3i2
140
*125
7234
71*2
1U4
4
33s
18
24
334
98s
25S
20
1814
*95
100
*133
1734
Par
Range for Previous
Year 1936
lOti-Share Lots
Lowest
700
778
18*2
*85
17*2
241
36
Jan
Feb
24*s Feb 11
2*4 May
2
June
106*4 Mar
tEx-rlghts.
163
Deo
70
Nov
2H* Feb
55
Feb
50** Apr
110** Oot
37
Deo
23** Nov
101*2 De
'< tiUdfor redemption.
New York Stock Record—Continued—Page 7
242
LOW
AND HIGH SALE PRICES—PER
Sales
SHARE, NOT PER CENT
STOCKS
fOT
NEW
JUT
Saturday
Tuesday
Wednesday
Thursday
Jan. 1
$
Monday
Jan. 3
Jan. 4
Jan. 5
Jan. 6
* per share
13
*11%
$ per share
$ per share
? per share
per
share
*11%
87f
X8%
40
40*4
9%
40%
19.%
6%
20
20
♦29
684
30
684
30
7
7
»
80
"ii%
*9%
40%
20%
6%
30%
6%
7%
«
80
■
13
100
McGraw EJec Co
10
10
300
9,400
21%
22%
7%
31%
23
3,400
6,800
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
7%
31
7%
32%
"1314
60%
"12%
*49
60
*40
41%
4%
*41%
4%
42
42
42
*42%
43
43
18
18
484
19%
19
*15
37%
7%
18%
*15
16%
37%
8%
38
8%
5
4%
,16%
39%
8%
40
20
20
20%
21%
22%
21
21
96
*91
96
*93
100
*93
41%
9
16
978
400
5%
21%
5%
21
2,200
21%
22%
20%
22%
23
23%
96
96
96
30
10%
21%
24
♦102
6%
52
%
%
%
*%
1%
34
%
1
1
15%
2%
8%
*1%
234
13;%
15%
84
*100
16
*1
16%
♦15
%
2%
2%
8
1%
2%
*1%
8%
1%
2%
*1%
234
1334
85%
14%
14%
7%
%
1%
*1%
16%
2%
8%
1%
2%
15
3
2%
15
16
,
%
1%
27g
9%
1%
3
15
88
88
88
89
88
91
111
111
111
*110
113
31
24%
*21%
36%
36%
%
%
33
16%
1034
17%
5
5
*50
54
*11
11%
*11
61
*9834 105
33
%
32
%
18
18
5
53
517«
103
103
*
78
*
*
83
*
83
.
21
22
*155
♦
20
136
*128
12% Dec 28
40% Jan 23
578
83
41%
17%
1478
"""366
30
108% 108%
7
6%
1,300
22%
136
*100
14
*11
100% *100
14
36%
100%
*11
12%
14%
34
10%
1934
32
34%
32%
33
20
20
20
20%
14%
13%
14%
36
13%
34%
36
34%
1734
16%
17%
21
19
19
334
334
123
*111
_J2
57
*53
2%
5%
1%
834
54
2%
4%
1
J'8
52
95
20
34
32
21%
21
4
*3%
8%
*111
%
57
*54
2%
5%
1%
8%
8%
57
*53
,
2%
4%
5
2%
5%
1
%
8%
53
52
•
8%
8%
*50%
54
36%
100
99
*98%
99
*93
96
10%
29
1%
22
9%
*28
2
*2
22
*16
*15%
1234
12%
2 534
25
9%
9%
94
*90
6
*6
22%
127
22
127
22
*14%
12%
12%
27%
26
10
10
98
*90
758
*5%
22%
2158
*
127
10%
16%
49
50
*50
13
13
*12%
15
*13%
51%
14%
*44
45
*44
45
*44
*114
59%
*9%
*4
*12
6
Bid
45
....
60%
9%
*114
59
934
*9%
4%
*4
14
6%
13
*6%
*114
60%
*62 ~
9%
4%
*4%
5
13%
13%
7%
7
*6
on
9%
this day.
8
Oct 19
24
:
6% Oct 19
17
Dec 28
10
100
145
May 18
Nat Bond & Invest Co.No par
13
Dec 29
5% pref ser A w w—100
Nat Bond & Share Corp No par
No par
90
39
Aug 20
Oct 19
13
Oct 19
12
Oct 19
7%
cum pref
7% pref class A..
7% pref class B
Nat Depart Stores
6%
10012 Dec 20
104i2 Oct 19
5i4 Oct 19
100
...100
No par
Mar
9
18% Jan 21
33% Mar
2
Jan 18
167
3384
Jan 13
9%
28%
Apr
Oct
Deo
15% Mar
3078
Oct
38%
Jan
153
164%
Deo
Dec
37%
Deo
Jan
100
Dec
107% Dec
21
21
Apr
Apr
107%
Oct
32% Nov
28% July
112% Mar
107
Deo
112
10
Apr
26% Feb
8
112% Mar 11
112 May 20
24% Mar 9
Oct 19
No par
17
June
24% Nov
10% Jan 28
Oct 19
35
Mar 17
25% June
1734 Dec 13'
4ia Oct 19
38
Mar
28
10
18
44
1
preferred A._
100
153
0%
preferred B
100
127
Nat Mall & 8t Cast's Co No par
Oct 19
Oct 19
July
9
1012 Dec 29
National Power & Lt—No par
Nat Rys of Mex 1st 4% pf.100
6
Oct 19
%Sept
9
3
Apr
377S
18% Apr 22
Mar 11
26% June
36% Nov
171
Jan 22
155
Oet
171
Deo
150
Jan 29
137%
Jan
147
Nov
54
Dec
61%
9% May
1478
01% Jan 22
14«4
Jan 14
Deo
Feb
7g
Jan
3
Feb
Jan 18
%
Jan
1%
Feb
99% Aug 14
26% Nov 12
57%
Apr
17% Dec 29
30
55
Oct 19
1
80%
75
Deo 14
75
3
Dec 28
2218 Dec 29
12% Jan 15
13% Feb 25
57% Feb 13
4M % conv serial pref...100
Newberry Co (J J)
No par
6% pref series A
100
t New Orl Tex & Mex
100
62
87
Newport Industries
10% Oct 19
No par
.1
6% Oct 19
Dec 28
32
9
Dec 29
Deo
Oct 30
Dec 14
7% July
10% June
3234
Apr
41
Apr
12% Nov
13%
60
Jan
Nov
Sept 21
"64%
Nov
110
Nov
10%
Feb
43
Apr
41»4 Jan 18
9
Apr
40
Deo
Deo
6434 Mar 10
8
109
Jan 11
Nov 24
37
Mar 17
9912Nov
78
Oct 29
63% Dec 20
No par
Natomas Co
33% Mar
1
2% Jan 18
14 Sept 11
—100
100
National Tea Co
Oct
20% Dec 29
6% 2d preferred
100
National Steel Corp..
25
National Supply (The)PcnnalO
S2 pref.
40
NeJsner Bros Inc
47%
19%
3
4
Lead
5^% prior pref
6% prior pref
62% Nov
20% May
12% Apr
57% Aug 17
38% Feb 25
103% Feb
10
preferred
Nat Distillers Prod
22% Mar
Jan
104% Apr
55% Mar 171
2784
Jan
49%
Oct
20%
20
20
34
34%
21
21%
900
5,200
1,700
37g
4
150
8%
9
500
*111% 115
100
37g
8%
*111
%
123
67
*53
"i",906
57
2%
534
2%
"2,400
5%
5%
1
1
1
3,300
10,200
2%
8%
8%
*50%
63%
8%
55
8,200
430
22
98
*90
*90
6%
2178
*
"10%
14%
107g
54%
14%
45
45
*50
Jan 20
119
Jan
150
Oct
50
113
Mar 12
138
Sept
Nov 24
137
% Oct 18
2
54% Dec 31
2
1NYNH4 Hartford—100
Conv preferred
Jan
3
Apr
7%
Apr
6%
18%
July
7%
1
Oct 19
6% Feb 11
Oct 15
19% Feb 11
Oct 19
N Y Steam $0 pref
76% Jan 22
IO284 May 3
112%May 5
4
9% Apr
Mar
104
Jan 14
210
Jan
Jan
8
105
May
18,200
500
North American Co
0%
8
Apr
14% Oct 19
48%June18
No par
preferred
9
60
4% Mar
34% Jan 14
57% Feb
3
17% Jan 21
100
30
1
3
Oct 19
No Amer Edison *0 pf_ No par
93
Oct 27
104% Jan
Northern Central Ry Co.—50
44,200
91
Oct 14
105
North Amer Aviation
Northern
Pacific
Northwestern
9% Oct 19
100
30
Telegraph...50
Preferred
No
par
12,100
.
30
400
*14
15
200
*45
48
30
Otis Steel.
900
5%
20
15%
100
130
delivery
48
Dec 31
1234 Dec 29
No par
44
100
Outlet Co
Nov 10
6% Oct 19
No par
*5.50 conv 1 st pref. .No par
Outboard Marine A Mfg
5
Preferred
4,900
125
100
114
Dec 21
May
4
Owens-Illinois Glass Co..12.50
51% Nov 20
Pacific Amer Fisheries Inc.—5
z9% Dec 31
2% Oct 19
7% Oct 19
Pacific Coast
10
1st preferred
2d
n
No par
pref
New stock
4
No par
r
Cash sals,
x
Oct 19
Ex-dlv.
y
Jan
2
114
19
Feb 13
19% Mar
1
45% Jan 21
140
Nov
109% Aug
2%
Jan
310%
Oct
115
Oct
35% July
59
June
14%
Dec
Jan{ 106% July
23% July
50
Aug
3
22% Apr 5
73
Apr 20
26% Feb 16
5% Oct 19
20% Oct 19
No par
Elevator
0% preferred
6%
98
Jan 18
6% Mar
Oct 19
Nov 19
23% Apr
5234 Feb
30% Mar 11
53% Jan 22
40
90
Apr
1% Aug
97% Apr
Oct 19
24 Nov 23
6% Oct 19
93%
Jan 28
9
No par
Oliver Farm Equip
8
15
50
Ohio OH Co
Dec 28
1% Oct 19
Norwalk Tire A Rubb.-No par
3
Feb
15% Mar
Sept
83
114
June
Dec
Deo
99
272
pref
73
Feb
99% Sept
May
102
$7 pref series A
2%
57
100
11
7
90
8
100
54%
Def
Feb 10
984 Mar
26% Feb 25
3
Adjust 4%
~Io%
a
Jan
Norfolk A Western
*48
7
Jan
1
30
Otis
7
97
29% Nov
125
1NY Ontario A Western.. 100
N Y Shlpbldg Corp part stk._l
7% preferred
100
10,000
t In receivership
Oct 15
10% May
7
Jan
4% Oct 19
100
"""266
10%
25% Jan 22
par
10% pref
IN Y Investors Inc...No
6%
15%
3% July
135
2278
126%
*5
12% Jan 22
Oct 19
6%
10%
31% Mar 19
300
*114
5%
Nov
Oct 19
2»4 Oct 20
% Oct 19
180
Oct 19
98
14
15
15
Omnibus Corp(The)vtc No par
10
Oct
Sept
110
9,000
1,600
934
95
50
N Y & Harlem
io~«od
4%
13%
63%
Jan
Oct 19
141.1
63
Jan
36%
5
28%
63
17»4
Jan 22
No par
5% preferred
8% preferred A
.100
Oppenheim Coll A Co. .No par
*
Mar 17
63%June 14
300
62%
61%
NYC Omnibus Corp..No par
New York Dock
No par
22%
6%
23%
126%
72
100
14
100
22" 400
10%
Oct 19
30% Nov 24
preferred series A... 100
No par
No par
22
*16%
13%
27%
10%
6%
t Norfolk Southern
10
20
11%
\
*2
N Y Chic A St Louis Co... 100
500
31%
2%
11%
*28
1
N Y Lack & West Ry Co.. 100
%
%
137g
7
47% Mar 11
43
15% Oct 191
*114
9%
13
and asked prices; no sales
60%
Oct 20
1
No par
28%
10%
10%
6%
10
Mar
New York Central
13%
23
126%
1078
49
934
Nashv Chatt & St Louis.. 100
71
69,900
27
98
*45
,
10%
13%
27%
10%
x24% Jan 28
Corp
1778
96
11%
Oct 19
Dec
17%
*93
29
Oct 19
Dec 24
5
Dec
79% Aug
18
94%
11%
31%
2%
2
3
36%
108
83
*94
10%
108% Jan 26
20*4 Feb 11
Jan
96
29
8
Apr
32%
99
2
102
101% Nov
98% Feb 10
*95
10%
Jan
4478 May
102% July
14
Apr
Nov 20
99
29
May
21
Mar 13
90
29
*95
2
934
9
*94
70
Nov 23
No par
98%
*28
11%
24%
22
98%
99% Mar 19
36% Feb 11
N Y Air Brake
92
95
95
88%
88%
*88
*89%
*
100
*.... 100
100
*97% 100
1
*%
*7«
1
1
%
%
192% 192% *188% 192% 190
190
192
192
*190% 198
*104
108% ♦105
108% *105% 108% *105% 108% *105% 108%
19%
20%
20
19% 20%
21%
20%
21%
21%
20%
60
50
*50%
60%
54
50%
50%
50%
50%
*51%
9
934
9%
10
9&s
10
.9%
10%
978
9%
93
90
15% Aug 16
Dec 29
978 Dec 13
36
100
*90
414 Oct 19
27,400
2,100
%
*98%
B...1
16%
36%
*80
100
%
"""166
12
Oct
Nov
15%
35%
%
2%
%
16%
123
*111
%
36%
100
*11
*111% 115
123
*38
63
27
Jan
21%
*3%
9%
100
3,600
16'«
Feb 13
34
*19%
*111% 115
123
*%
1678
32%
3%
17%
20
9
8%
*834
112% 112% *11134 115
35%
14%
34%
400
43%
2% Nov
Jan
Mar 15
7%
"2",000
28% Apr
44
National
23%
*61
12
16%
8
24
70
*11
class
Nat Gypsum Co
3%
8%
Feb
38% Jan 15
6
9^806
""
Feb
71
No par
Nash-Kelvlnator
4,700
20
1978
3%
8%
23%
*34%
36%
100% 100%
12
21
19
59*4
Jan
51
Nat Enam & Stamping.No par
74%
100
*
5,700
"
90
*11
*5%
30
Dec
60%
84
26
Nat Dairy Products...No par
100
41%
8% Oct 19
8,800
5
Feb 17
66% Jan 18
3% Feb 26
15i4 Dec 28
Nat Cash Register
*70
100
30is Dec 28
% Dec 29
12iz Oct 19
107% Aug 27
1
3,100
*69%
*61
Co
Nov 23
5
....
Co
National Biscuit
100
90
70
40
9,100
69%
*34 38
Dec 10
1
11,500
1,600
*63
21
No par
~6~, 200
70
Nov
National Acme.—
61%
36%
68
Nat Aviation Corp
20%
*33
Mar
Jan
2,100
23
*63
103
35»4
2,400
600
Feb
Deo
MarlO
50
Myers F & E Bros
90
Feb
7*4
33%
Sept 24
20
6,400
4
Jan
19% Aug
79
May
69
103
ll",900
Feb
109
50
6%
Jan
Sept
Feb
Oct
Oct 19
Co (G C)...No par
5% preferred... ^
—100
Murray Corp of America...10
11%
14%
1178
3%
Dec
9%
33%
Oct 19
Murphy
50
2
Feb
0%
29%
Jan
Feb
5%
30
400
19%
22%
71
Mfg
5%
14%
Deo
2»4
2% Aug
234 Jan
1034 June
105
Essex
Wheel
Mulling
94
Jan
1% July
z71
53
60%
37
Motor
12% Mar
10
Mother Lode Coalition.No par
Motor Products Corp..No par
Mueller Brass
34
Jan
No par
*4.50 preferred
50
61
26
20
*7 conv pref erred ...No par
Munslngwear Inc.—..No par
90
197g
22%
*21%
Mohawk Carpet Mills
Monsanto Chemical Co
100
19
*32%
*16
3,300
22
*61
1%
3,300
1,800
3,100
60
9
Preferred series A
tMissouri Pacific
100
27,600
61
25
5
6% Mar 17
19%
22%
9
Apr
12% Mar 17
110% 110%
3%
87g
Jan
34% Mar 17
59%
18%
21%
26
0%
15s Oct 19
%
3%
8%
*22%
h Oct 19
4
8
1% Dec 28
*%
69
100
5% Mar
5% Oct 19
%
*70
% Dec 16
s4 Dec 28
131% Mar
57%
2% Jan 23
100
7% preferred
4% leased line ctfs
100
100
90
Minn St Paul & S S Marie. 100
3
Aug
100
%
72
50
par
5% conv preferred.... *.100
600
60%
19%
21%
3% | 3%
8% 1 9
preferred.No
conv
Feb
6%
16% Mar 11
2,700
1,200
1,800
778
72
10.60
Jan
8,800
%
4
100
934 Mar 17
*%
59%
3%
1st pref
Oct 19
%
*70
9%
108
7%
90
29
Dec 28
%
72
*98
Dec
Minn Mollne Pow lmpl No par
%
*334
834
*21%
*88
120
7%
*70
1%
8%
51%
Dec
*%
*%
*68
5
119
7%
90
*%
*5258
2%
MarlO
*5g
♦%
65
*111
Nov
124
7%
65
*3%
Sept
98% Oct 19
4% Oct 19
%
*70
3%
8%
*21%
109
112
cum
12%
*4%
22%
110
Apr
56
*128
2
Mar1'
7%
18%
87
Deo
88
*%
21
48% Sept
z05
7%
19%
Jan
Jan 22
1,300
4,300
22
21%
5
Mar 17
19%
58%
1834
*2034
48% Mar
120
18%
%
Oct 19
106
19%
59
15
1084
122
19%
7%
%
No par
Nov
65
Oct 20
7%
%
*%
*%
30% Nov
Dec 28
*18
136
19
Apr
2
136
*128
35% Mar 10
15
136
19
*17%
.7%
Oct 19
No par
13%
20%
14%
"45" "Oct
14
Jan 10
72% Mar
No par
136
2634
*17%
6%
6%
28%
41
3
Dec
Mo-Kan-Texas RR
21
*18%
22%
6%
7%
7%
7%
7%
27% 28%
28%
29%
28% 28%
158% *155
158% *155
158% *155
158%
22%
14
Mission Corp
*1784
6%
27%
6%
10i2 Dec 28
Nov24
25
17
Dec
Nov 24
350
91
"41%
Oct
12
Nov
91
1,600
34%
*_...
91
53
300
*13%
11%
10%
10%
20%
19%
156% 150%
15%
16%
83
122
65% Jan
0% May
pf..l00
8%
300
27%
158% *155
6%
9
1,000
6%
Jan
Dec
6,600
16
11%
1234
8
3
*43
42
*4l"
43
*40%
"42% 42% *42% 42%
14%
15%
1534
15%
15%
16%
17%
16%
14%
13%
13% 14
14%
13%
13%
13%
Closed—
111
*108
*108
*107% 111
111% *108
110%
106% 106% *106% 108% *1065S 1085g 106% 106%
New Year's
*6
7
5%
5%
5*8
5%
6%
6%
5
5
5
*4%
*4%
458
4%
*4%
20
21
Day
23%
21% 22%
22%
22%
22%
*14%
103s Feb
4734 Mar
*100
Exchange
Jan 13
86
Oct 19
53
5
6
6
5%
5%
6%
*41
50
*44
50
50
*42
50
♦40%
10%
934
9%
10%
10%
10%
11%
10%
13
14
*11%
1434 *11%
*13
12%
11%
11
10%
10%
10%
10%
10%
11%
11%
10
9%
10
9%
10%
9%
10%
10%
18
1734
18%
18%
18%
19%
19%
19%
*155% 160
*150% 160
*156% 160
*156% 159
16
15
15
*14%
14%
14% *15
15%
v
z95
49% Nov
21% Nov
108% Deo
2834 Dec
Dec
93% Aug 13
9%
17s
56
103
Feb 16
101
2,500
534
517«
z95
1484 Nov
10
19%
*51
112% Jan 14
3434 Apr 19
27g
*11%
Jan
8% Apr
3784 Jan
11% Apr
Jan
13
6
Dec
49%
Jan
18%
12
24%
Oct
Jan
Morris &
55
June
584
xl7%
100
12
10
38%
31%
260
53
8
Jan
share * per share
40%
19,800
12%
19
Highest
per
5
%
19%
55
*100
3
28% Jan 19
42% Jan 14
42% Mar 24
16% Mar 17
47% Jan 12
I
20
17
25
19
5%
3712 Dec 14
5
33%
12
Dec 30
21
share
Sept 21
26% Feb 23
Copper.
%
18
Dec 29
per
33*4 Nov 23
4% Oct 19
32%
11%
55g
50
Merch & Mln Trans Co.No par
Mesta Machine Co
..5
Miami
1
6612 Dec 22
..50
%
18%
5%
pref
247«
327g
19%
12%
55
1st
conv
Oct 19
*
Minn-Honeywell Regu.ATo par
4% conv pref ser B
100
1%
91
*11%
12%
10
par
No par
MJlw El Ry & Lt 6%
1%
33%
11%
56
No
Mont Ward & Co lno_.No par
Morrel (J) & Co
No par
%
18%
5%
20
*110% 113
34
18
53
*50%
»9884 105
5%
5%
4%
56
32%
*22%
25
17%
IO84
17%
10%
.
32%
%
1634
33%
*22%
35
%
16
32
32%
24%
Corp
Midland Steel Prod
"2~ 100
1
*1%
16%
234
878
1%
*2%
15%
0
7812 Dec
$5.50 pref ser B w w'sNo par
Melville Shoe
No par
Mengel Co. (The)
1
Mid Continent Petrol..
96
*%
*7g
V
1%
16%
*100
32%
50
%
1%
1%
16%
2%
8%
1%
1%
2%
30%
*21%
1534
10%
16%
%
1%
1%
2%
8%
111
*95
♦93
100
*94
100
*94
100
61
6134
61
61
61%
58%
60%
102
105
*100% 105
♦100% 104% *100% 104%
5%
0%
63s
7
6%
6%
7%
67g
*52
57
67
*53
55
57
61
*55
105
684
*50%
*91
281* Dec 29
1
100
2,300
60%
6134
No par
preferred
7,400
100
60
•
1,500
21,100
41%
—5
$6 pref series A
340
16
9%
21%
Mead
Dec 28
7h Dec 15
30% Oct 19
I8I2 Dec 29
5% Oct 19
Stores
conv
60
100
44%
16%
41%
41
9%
20%
*91
5%
2", 100
53
21
*16
40
8%
20
19
5
20
19%
16%
*15%
69
Year 1930
Lowest
Highest
share
per
11
1
__
preferred
conv
6%
13%
66%
12%
66%
60
13%
$3
McLellan
80
*60
60%
3,300
new
McKesson & Robbing
800
7%
7%
*
80
41%
4%
Stock
13%
32
7%
7%
*
*50
18
*
McGraw-Hill Pub Co..No par
41%
50
12
Par
41%
22%
7%
66%
11%
*
Shares
10%
*12
Range for Previous
100-SAare Lou
Lowest
41%
~50~
11%
66%
*50"
Week
7
% per share
53
*
.
On Basis of
41
*12
80
"l2%
Jan
Range for Year 1937
STOCK
YORK
EXCHANGE
*10
12%
10%
41%
21%
7%
30%
7%
12%
9%
6%
29%
0%
♦
13
41*4
20%
the
Friday
Jan. 8, 1938
Jan
103
Nov
Feb
36%
57
Mar
4% Mar
Aug
12% Aug
24% Jan
32
59%
Deo
17
July
25%
Mar
107
Jan
8
Jan
24% Apr
Nov
18
Dec
115% Feb
19% Nov
3984 Nov
Feb
3
24% Mar
8
12% July
20«4 Mar
97
8
79
83% Deo
28
75
115
Mar
123
Jan
Dec
136
June
Jan 26
Jan 12
June
9
47
Jan
70
Nov
114
July
114
July
13
July
10334 Aug 11
23
Jan
7
15% Feb
1
3%
40
3
8% July
2
4%
Mar
27% Feb
Ex-rlgtots"
Jan
Jan
22
Dec
15
Dec
32%
29%
Deo
Deo
T Called for redemption
Volume
LOW
AND
New York Stock
146
HIQH
SALE PRICES—PER
SHARE.
NOT
PER
Record—Continued—Page 8
CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Jan. 1
Jan. 3
Jan. 4
Jan. 5
Jan. 6
Jan. 7
$ per share
$ per share
I per share
% per share
YORK
Range for Year 1937
On Basis of
STOCK
Week
S per share
Shares
S per
share
*1138
27%
35%
135s
114
H34
2778
35%
113s
2784
1178
277g
36i4
1412
3712
37i2
14is
*14
ll4
*35
*
978
1284
4l2
95s
1*4
*85
36
*
16
16
247g
212
3138
17i2
214
313s
17l2
23g
3138
17i2
2
13s
*42ig
36
IOI4
87
10*2
*22
2334
37
*
*90
10*4
*23
13g
44
10*2
100
31%
32
1812
1734
19
2
43
66
17
14
14
21
22
*25
27
3
2118
*28
14
217g
514
22
30
4
21
30
36
11
5,400
2334
3%
32%
19%
11
5*2
5%
*42%
66%
2%
*2l4
414
1914
4%
*19*2
15i2
*14i4
2H4
22*4
*30
36
2%
4%
*2%
4%
24
21
17
*14%
22
*30%
5%
5
5
2634
2738
*32
37
*35%
37
*35
37
*36
*64
65
65
65
*63
65
6%
287g
65
65
*134
2
*17g
2
2
2
178
178
*3*4
%
334
*3%
*%
82%
*5%
4
3%
3%
33g
33s
82
%
8234
*5*2
*51
8
*28
%
%
86%
*578
88%
8
68
38%
*2%
*28%
6%
3934
3934
4034
40%
423g
3%
3%
*23g
3%
21%
*2%
*28%
634
21%
21%
46
*36
46
3
35
6%
20%
20%
*36
21
*36
46
*534
,<
5%
*47
*173%
7%
10%
33%
6%
6%
*5%
*26
3434
5%
6%
*173%
7%
10%
10%
*4
«*«
7%
11%
68
35
67g
634
26%
7%
50
1%
♦34
1%
*60
95
*60
95
*60
95
*1234
14
13%
**2
1
*%
95%
95%
10734
10734
*123% 130
136
*112
2934
11
94
7%
*15
136
113%
17%
17%
18%
11
11
10%
2%
*34
*3%
8%
8%
*25
25
32%
1
12
2%
834
3134
13%
*9%
834
11734 11S*4
*%
10
334
46
1
17
1
45%
12%
13%
984
*2%
*34
3%
1%
4
10%
234
1%
3%
9%
30%
11%
*93
94
12%
*%
*15
177g
95
7%
7%
*15
95
7%
16
25%
60
18%
1434
*10
11
*34
3%
1%
11%
953g
2%
9
93s
9
9
118
3378
9634
108
130
4
200
2,000
300
2%
*84
334
3%
27%
47%
11
3,900
6
45
37g
*19%
6%
6%
6%
*59
71
4634
45
4%
20%
*20
71
46
4
23
23
23
26
26
18%
19
*18%
22
*25
30%
*24
30
*24
30
*24
30
*334
1%
*7
*7%
*3%
434
*34
39
27
46%
1%
......
1,400
9%
5,500
9
6,600
27%
47%
1,400
3,800
23%
26
*26
434
39
18%
*34
24%
*384
*35
47
4%
20%
23
27%
1834
29%
24%
434
39
6%
*60
*96%
108
32%
7,400
12%
1234
1234
95%
95
8%
*15
23,800
95%
600
87g
4,200
16%
400
70
2%
*
70
"*2%
2%
*64
23g
13
70
2%
678
71
48%
48,200
......
483g
48
4%
600
*23%
243g
28%
20%
28%
400
19
20%
1,000
*26
29%
29%
29%
100
*24
25%
24
24
200
*37g
39
*8%
12
*60
23%
28%
19
1%
68
6%
678
71
23
*27
9%
*8
*8
127g
*60
*64
2%
434
39
*43g
*35
1%
1%
5
44
1%
9
*8
9
878
*8%
9
11%
13%
70
70
*9%
13%
*62
*64
11%
13%
70
...
_
4,200
......
234
7,900
18%
1834
72,400
18%
1834
1778
74%
*66
71
67
67
*67
74%
100
*60
65
*60%
65
60
61
*61
70
100
13%
14
14%
15
15%
153s
17
5,600
2934
3134
3134
33
34
500
81
2934
*81%
81%
81%
*81%
90
63
*61
63
63
*61
63
17
17
100
*85
13%
31
81
*60
*81
90
*60
63
16%
16%
*15%
*81% 100
15%
*81% 100
*7
43
*50
5%
*9
7%
4378
56
5%
6%
43%
*55
534
7
45
60
534
16%
*85
7%
4334
*51
578
90
16%
100
7%
45
11
19
19
19%
21%
1934
1034
21%
3
2
2
30%
31%
3134
1%
1%
1%
*1
234
*2%
234
2
22
*20
1%
2%
21%
*1%
31
*1%
2%
2%
35
1734
200
1,400
100
100
No par
4% Oct 19
9%
45
*51
5,200
60
7%
5,700
11,800
to®
11
200
20
20
1,200
IH
*21
*15s
34
2134
2%
36
100
200
4,600
par
5
60
No par
1%
*1%
1%
400
2%
2%
2%
1,500
37%
2
7% June
18%
Deo
35% Apr
77
Dee
Feb
187
7% Apr
23*2 Deo
1378
Deo
29
Deo
110
Deo
Dec 29
190
Jan
7
20
Mar
8
8
Oct 19
43
Mar
8
32
Dec 29
122
MarlO
23
Dec 17
30
Dec 28
45
Dec
176
49
Jan
4
Jan 12
28
Jan 12
1% May
14
58%
Jan
21
Jan
9% Apr
112% Nov
41% Apr
3% Feb
2978 Apr 22
22% Aug 30
1% Apr
1178 Jan
20
May
33% Feb
12
1% Oct 19
«4 Oct 19
2% Oct 19
5% Oct 19
6% Oct 19
20
Oct 19
43% Oct 19
114% Mar 25
30% Oct 19
Oct 20
6
Jan 12
4
117S Jan 22
378 Jan 22
15% Jan 20
Jan
4%
Jan
1%
Jan
684 May
17*2
Oct
31
Feb 10
1784
Oct
80
Feb 11
67*2 Oct
40*4 May
317« Feb 11
05% Jan 16
118*2 Jan
4
5284 Jan 21
112% Feb 8
Deo
Mar
Deo
Deo
Deo
13% Deo
28% Deo
28% Deo
73% Deo
26*8
29%
11%
384
66
Dee
116%
Deo
122*8
Feb
39
Apr
103*2
Feb
50% Nov
113
July
113%
130
July
144% July
10312 Oct 19
117
Oct 25
Sept 29
140%
128*2 Jan 21
Jan 20
Jan 25
128
132
102%
140
Apr
Apr
Apr
164
July
15.No par
110
June 17
113% Jan 25
112
Jan
114
Apr
25% Oct 19
884 Oct 19
107i2June 28
24% Feb 3
112% Feb 27
100
100
85
684
Nc par
Purity Bakeries
Oct 18
Oct 19
13% Dec
15 preferred B
No par
S3.60 conv 1st pref._No par
96% Dec
1
434 Oct 19
44
tRadio-Keith-Orph_._.Na par
Manhattan.No par
Rayonler Inc
1
$2 preferred
25
Reading
60
Raybctos
...
.60
..60
4% 1st preferred
4% 2d preferred..
Real Silk Hosiery...
A Co
1st preferred
Reliable Stores Corp
Reliance Mfg Co
Remington Rand
6
Preferred with warrants. .26
6
Car
..No par
6% conv preferred—.
100
6% conv prior pref eer A. 100
Revere Copper A Brass
6
Republic Stees Corp
2%
8
Dec 28
Oct 19
19% Dec 19
72% Feb
107
4
3078
Jan
247C Mar
103
May
133% Apr
117% Mar
Feb 15
91% May
9% May
10% Oct
984 May
115
Nov
5
83*2
Jan
Jan 15
08*2
Apr
10% Apr 19
37% Aug 25
6
Jan
2878
Jan
80
20
Dec 28
26
26
Dec 28
7% preferred
5K% preferred
Reynolds Metals Co
30
Dec 23
23
Dec
3%
8
Oct 19
Mar
49
8
Jan 11
43% Jan
8
Corp
50
Deo
Jan
47
Nov
978
Jan
65*8
17g
Apr
Mar
5
12% May
22% Feb
8
10
Aug
"17%
Aug
Jan 20
4% Mar
7% Dec 28
30
734 Dec 31
984 Oct 19
Oct
8%
Oct 19
61% Nov
69
8
Dec 30
29% Mar
9
Jan 30
81
Feb 18
94%
110
90% 8ept
I84 Oct 19
9% Feb 18
Oct 19
47% Mar 11
12%
65
Dec 28
124
60
Dec 29
110% Mar 10
Apr 23
Dec
4% July
167,
77
Apr
May
78% May
Apr
10
100
100
7634 Dec 28
139
60
100
10
J St Louls-Sao Frandaeo.. 100
6% preferred
100
—
.
Cash s de
1
10%
100
Jan
Deo
4% Deo
31
Deo
35% Mar 31
24% June
Rutland RR 7% pref
Oct
Jan
5
13% Jan 16
83
50%
Jan
49% Apr 14
No par
Roan Antelope Copper Mines
Ruberold Co (The)
No par
July
35*2
98
Dental Mfg
80
107, Nov
38% Nov
37
Oct 19
No par
Oot
39
Dec 29
100
19%
14% Jan
108% June
Dec 11
47
9
Reyno ds Spring
1
Reynolds (R J) Tob da* B.10
Common..
.......-10
20*8 Nov
29% Dec 13
18% Dec 29
26
No par
Dec
Aug
23% Feb 25
187* Jan 21
12% Mar 0
697t
16
10
Class A
r
27%
100
..100
..100
Nc par
Lead
Deo
30% Deo
Oct
8% Feb 1
141
July 14
47% Mar
4%
June
2%
1% Oct 19
x97% Apr 29
8% Oct 19
% Oct 19
3
Oct
2
Dec 28
8
Quaker State OH Ref Cor p.. 10
Radio Corp of Amer
No par
OH
Jan
02% Aug
Dec 11
30
91
...No par
%8% conv preferred
6% preferred..
St Joseph
Deo
Dec
Deo
4% Oct 19
Oct 19
Pullman Inc........—No par
Rltter
Feb
18%
76*2 Jan 22
Dec 30
Richfield
Deo
Jan
14% Aug 16
100% Aug 14
2
7
Motor
Deo
84
Oct 19
9
Pure OU (The)
Reo
Mar
11%
Dec 29
Creek Pocahon..No par
t Postal Tel A Cable 7% Pf-100
Pressed Steel Car Co Inc
1
Mar
5% July
4
4834 Dec
Oct 19
Porto Ric-Am Tob cl A.No par
Oot
12
1078 Mar
3% Jan
101% July
Nov
25
13
No par
102%
10
Feb 17
18% Jan
Deo
52%
Apr
May
60
Dec 14
6
5H% conv pref
100
45
678
11
297g
60
10%
30%
2%
45%
*978
*2
87S
038
10%
30%
*1
44%
6
*18%
*2
73g
*51
18%
21%
27g
*20
*85
6
*9%
*20
16%
60
9%
*18%
*61
Conv pref unstamped
Pittsburgh A West Va
Rensselaer A Bar RR Co. —100
70
Mar
18% Deo
88
64
784
68
27%
4984
Dec 29
100
66
Nov
Jan
6
20% Oct 19
Sept 11
......
87% Jan
84 Nov 24
26
Procter A Gamble
1
Jan 10
8
1
...100
6% conv 1st pref.
5% conv 2d pref
20
2084 Apr 6
33% Jan l8
1
*67
*26
100
Corp No par
No
3% Feb
95% Aug 31
81% J an
3% Jan
8% Jan
1% July
July
39
70
13
100
Class B
2
36
26
Poor A Co class B
8
Jan 12
70
Oct 19
Plymouth OH Co
14
38%
4
(The)
106% Jan
7% Feb
12%June
July 20
9*2 Jan 20
74% Jan 13
30% Oct 19
178 Dec 31
100
75
31
Nov 22
No par
100
No par
10
1
*60
1234
50
Preferred
2%
2%
Oct 15
Oct 19
5% Oct 19
Reis (Robt)
*65
*25
%
05
10
19
17%
134 Dec 31
2% Oct 19
200
18
17%
Dec 11
62
8% conv pref... 100
Pub Ser El A Gas pf
100
9
1234
64% Aug
Oct 19
6% preferred..
7% preferred...
8% preferred.
...
5,300
17,700
*8
*60
66%
Jen
18*2 Nov 22
34% Nov 26
27
500
108
*12,3% 130
4%
*1%
13
19% Mar
Jan
45*2
6
$5 preferred
217g
*7
12
10*8 June
25%
54% Jan 14
No par
300
97%
*21
1%
72
Oct 19
6% pf (set ol Feb. 1 '29). 100
438
8
1234
3
21% Mar 11
13% Feb 19
597g Mar 10
Pub Serv Corp of N J_.No par
21%
9
♦8
Oct 19
340
4
46%
8
*60
9%
2,400
*21
*7
1234
Nov
34
8
*1%
11%
Deo
31
118
31%
33
16
1%
72
90
33
137% 138%
137%
113%
113% *112
8
9
10%
*60
2%
16%
4
20%
*22%
634
71
122
Jan
118
70
16
*1%
*7%
*10*2
12%
*62
46%
4%
21
26
*30
6%
*60
Jan
Jan
6% preferred
Pittsburgh United
Pond
Oot
16
100
Plttston Co
1
183g
10%
234
31
220
1334
18
1434
834
2,700
68
7*2 Feb
40*2 Aug
64%
5 H 1st scr conv prior pref
'
95
*%
Apr
60
Pitts Term Coal Corp
1%
12
1234
38
7
100
Coal of P»
6% preferred
60
*60
69*8 Nov
I1084 June
8
10
Pittsburgh
210
41
42
1
Feb
Mar
Jan
Pirelli Co of Italy "Am shares'
25%
Oot
30
Jan 11
No par
7% preferred
Phillips Petroleum
30
Deo
Jan
No par
Phillip Morris A Co Ltd
Preferred
'
*60
Phila A Read C A I
500
45
87
Phoenix Hosiery
6%
10% Mar
74
27% July
25
60
Phillips Jones Corp
...
Feb
91
No par
60
7% preferred
35
73
112% Nov
078 Jan
Oct 15
5
J6 preferred
3%
Apr
Apr
17% Nov
384 Deo
Dec 29
Corp of Am
tPhila Rapid Tran Co
18,200
1178
11
Pfelffer Brewing Co
No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref
60
77
10
30% Dec 29
Petroleum
1,300
13,300
Jan
par
No
3,300
42
10%
*2%
*10
2584
16
Milk
Deo
100
100
6% Prior preferred
5% preferred
Pet
Deo
110
30
170
100
Deo
37%
5%
9
Mar
Jan
170
Deo
2284
11034 Jan 27
65*2 Feb 6
Apr
28
12%
Apr
4
45
95
28%
Jan
June
25%
7% pref class B
100
6% pref class A........100
100
*60
17
5
8
2
63
28%
4
100
2
2
Mar
Plllsbury Flour Mills
*7g
12*2 Feb
3% June
4% Jan
17
130
*9
Mar
48% Mar
1,300
178
Jan
Aug
Oct 19
22%
1%
1%
00
09
Oct 19
22%
12
Jan*
6% June
Oct 15
3,400
178
4*8
10% May
8
76*2 Feb 1
29»4 Feb 10
60% Mar 17
25
174
32% Nov
Apr
9
Jan 23
Jan
4% Apr
74*2 Apr
97*2 Feb
109*2 Deo
23
Jan
0%
Deo
Oot
47% Mar
103»4 Mar
64
23*a
13%
20%
40s4 May
3
172
*34
7% Feb 18
284 July
9
Pittsburgh Steel Co....No par
*9
7% Jan 14
10*2 Jan 6
237gMar 11
June
8*8 Aug
17*2 Jan
22
22%
41
4484 Feb 3
29% Aug 25
69
100
Pierce Oil
44
34% Jan 5
8% Feb 25
7*8 Aug
100
4,400
27
96
7%
7%
16
Dec 29
$5 conv pref
No par
Pitts Ft W & Chi pref
100
Plttsb Screw A Bolt...No par
2538
11%
27
110% Sept 27
6% conv preferred
...100
People's G L A C (Chic)..100
Pitts Coke A Iron
834
1134
No par
Oct 19
370
9
12
Oct 19
20
50
800
834
32%
15
13% Dec 29
200
45
Oct 19
2% Oct 19
par
No par
v t cNo par
1,700
*5%
Nov 23
1%
4
8%
31
Corp
73s
634
2% Oct 19
37
67% Nov 23
30
S34
31%
pref ser A
1% Oct 19'
4
47
46%
47%
4634
4534
118
118
118
H784 118
32
327g
327g
33%
32%
*95
96
*9434 9634
9634
108
106% 10638
*105% 108
*123%
*123% 130
*123% 130
136
*134
139
136
137%
*112
113% *112
113% *112
31%
11%
..2.60
Oct 19
18% Oct 19
30
87g
27
Oct 19
Peoples Drug Stores
200
46
Oct 19
12
73g
*36
8
28
7%
46
Apr
July
6
*25%
2
234
*29
67
No par
10
Jan
103
Oct 19
3
90
18%
MarlO
1
par
May 13
2884 Jan 28
200*2 Jan 28
2634 Jan 28
1
No par
Jan 25
121
II84 Apr
07s Jan
12% Aug
1% Jan
1097g Mar 18
32% Nov 23
Sept 30
8% Oct 19
80% Oct 19
CM
No
Jan 20
z96
1
C)
6
Feb 18
Peoria A Eastern
3
42%
Oct 19
30
*40
12
9
41%
*2%
Oct 19
Apr
Pere Marquette
4
%
1
29
29'4
12%
17%
4%
100
27,300
88%
Oct 19
48
41
2
10
*51
10
Oct 19
7
*5
26
*9
17%
35
%
8734
*578
100
4
48
40
*a4
1%
25
*25
26
40
2
8%
8%
6%
38
12
9
*36
2434
38
2
9%
*2%
*34
3%
22%
33
38
*9
17%
7
33
■
2
17g
*29
77
*178
*3%
30
49
48%
*171% 173
173% 173% *171% 173
8
734
83g
7%
734
8%
12
13
1234
13%
13%
11%
50
12
*8
*51
24%
34
26
47
26%
7%
50
:> 7%
*30
6%
30
*4%
50
49%
*21
*s4
35
*51
8
*51
6%
Day
%
867S
3938
*2%
Closed-
%
85%
*5%
8
68
38
*26
%
8634
6%
28%
1
1134 Dec 29
500
69
*64
534
27%
100
Pennsylvania RR
*3*366
37
534
28i4
July
3,500
478
514
Deo
162
Coal A Coke Corp
Penn-Dlxle Cement
No
100
Deo
153
Jan
Penn
17,500
47%
Jan
Oct 19
conv
July
58% July
140
Oct 19
$7
41
118
Inc
Penn Gl Sand
39% Nov
2
4
(J
Jan
4
8
Penney
Dec
44% Deo
14% May
Jan
No par
Penlck A Ford
300
2678
37i2
3084
Jan 12
53% Jan 14
447g Jan 9
Jan
Peerless Corp
300
36
30
Patlno Mlnee A Enterprise par
1,200
1634
223g
32»4 Jan 14
38
Oct 19
Parmelee Transporta'n.IVo par
Pathe Film Corp
No par
100
21
10% Dec 29
22
x3484 Oct 19
10% Oct 19
Highest
share I per share
149
10
Parker Rust Proof Co.
100
2%
434
Utah
per
152
Corp
Parke Davis A Co
900
4,700
434
27
Park
2,700
67%
2534
*30
Exchange
*18*500
43
*10912 114
*109l2 114
♦10912 114
*109*2 114
*109% 114
32
32
31*2
34
3H2
31*4
3234
32i4
33*2
*32%
*3i2
3i2
4i2
312
47g
*3%
*3%
*314
47g
4%
12
12
12
*11
13
*1138
13
♦113s
*11%
147g
34
34
♦32
34
*32
34
34
35
34
35%
*31
3734
3212
3212
33*2
*33U
3734
33*2
34% 35
17
♦14 •
14
15
17
*13l2
15
15i2
*135s
*1378
11 '8
12
1078
12
III4
1078
11%
113s
11%
12%
Stock
Park-TUford
3
Apr 28
6% 1st preferred
6% 2d preferred
1,900
6334
17
100
share
Nov 22
4% conv preferred
Paramount Pictures Inc
2,800
2,500
43
13
94
Oil
Parafflne Co Inc
700
48*800
6,300
64
*2i4
414
19U
*14i4
21'8
11%
per
133
JPanhandle Prod A Ref No par
8% conv preferred
100
30
Lowest
Highest
$
shart.
110
No par
Pan-Amer Petrol A Transp._6
400
38*2
Western
per
100
Packard Motor Car
500
534
43i2
214
334
*1778
Pac
25,000
23g
*41i2
5
"*500
5
8%
1%
42
$
.—100
14
11%
43l2
6334
214
5*4
107g
No par
_
6% preferred
2%
1034
627g
Pacific Telep A Teleg
140
5%
107g
10i2
434
62
190
•
25
No par
Pacific Mills
534
514
10i8
45g
*41l2
4l«
27g
Corp (Cal).lO
Corp
700
2*8
434
43
10%
32%
*1884
3212
514
*87
*23
18*2
500
100%
103g
2384
27g
3178
2
37%
*
10*2
2l2
5
40*4
37
2i2
•Ha
47g
8*4
1%
95g
Ids
4%
10
*13%
5
100*2
•97g
11434 115
*134
1334
23s
2
*112
138
10*4
103s
1334
434
*8
42
87
100
*22
13%
478
8l4
10012
97g
10
62l2
25s
35s
*40
10
10i2
514
*2
4%
*778
*1%
38
2478
62
1278
42
100i2
914
88
978
4I2
*4118
1434
115
37
100i2
5
1434
140
*39
*ll2
Pacific Ltg
115
112
40
218
313s
17l2
Pacific Gas <fe Electric
1,100
*124
1234
414
*22
2,900
3884
140
*8
10l2
123g
2734
38*2
115
9%
*82
27%
115
43s
Pacific Finance
12
38
*134
12
Lowest
Par
28
*12
Range for Previous
Year 1936
100-Share Lots
EXCHANGE
11%
115
4
918
14
the
Friday
2784
37l2
*133% 140
*712
*ll4
*3812
*3414
*
Thursday
1178
28
36i4
*112
*13312 140
12
lUs
27i2
1434
114
Wednesday
243
12»4
80
4%
Apr
Mar
Deo
Deo
Oot
Deo
Dec
90
Apr
9584 Jan 26
92
Dec
98
Nov
Oct 19
30% Jan 14
22% May
34
Feb
117
Jan
105
Apr
34% Jan 22
25
July
68
Jan
50
Apr
Oct 19
67
Jan 26
Oct 19
6% Oct 29
31*2 Feb 4
Nov 12
18% Dec 29
17% Oct 19
Oct 19
26% Nov 24
1
Oct 19
1%
Oct 15
Ex dlv
Nov
90*8 Nov
Nov 19
834 Dec 29
1
*25*
114
8%
297,
128
104%
39*4
79%
138
Apr 14
Apr 17
578 Dec 28
40*4 Dec 7
65
24% Nov
112
Jan
8
8
Oot
587g Sept
36% Nov
60% Nov
65% Feb
19*8
35
Feb
Mar
19*2 Dec 21
38
June
4
9% Feb 19
65
Mar 11
484 Mar 17
11%
Feb 25
5% June
22
July
10*2
Feb
60%
Dec
1%
Jan
3% Mar
23*
Jan
6*4
Deo
New York Stock Record—Continued—Page 9
244
Jan
Jan. 1
$ per share
Jan
Jan. 4
3
*518
714
*5%
Jan. 6
Jan. 7
Week
$ ptr share
% per share
% per share
S per share
Friday
the
5
.
7
7
18
*5i8
*8%
18
*8i2
18
2U4
21
21
2,700
73
130
*5%
*8
18
*8
18
20i2
72i2
21U
2034
21
*8t2
20%
21
21
*72i8
73
73
74
*73
75
73
88
88
*88
93
*88
93
100
100
100
100%
73
♦88
93
100
93
*88
100
,
*100
10178
100% 100%
18
1934
19
1812
18%
183g
25
18%
2484
19
24
25l2
26
27
27
2712
♦74
75
75
75
75
761*
78
70
7612
78
%
5i2
38i2
55g
38i4
55g
78
*5%
37i2
%
78
6%
5%
37%
37%
78
1
78
3834
%
«4
«4
23,800
23g
2178
2314
23g
235g
4,400
4
4
458
400
21
57
5734
378
17*4
17%
434
60i2
484
*60
4i«
44i2
44%
*44
45
♦44
25
*237s
2434
24i4
5
10i2
16i2
17
9834
*9714
19i2
*9714
65s
19i2
3
3
3
17>8
97
678
3
7
10'8
18
28*4
9058
61
61
5%
514
45
*44
45g
5834
1412
778
1812
8%
18l2
61
*6U2
*44
2434
17
1734
99
9714
9814
1714
98l4
8
8
20%
3
3
18l2
29i2
2434
2134
3
16,500
6,400
85«
4,000
Shattuck (F G)
19
21
3
1,200
5%
1,100
45%
2434
200
81m ms Petroleum
905«
500
3014
32
*19%
32%
21
30%
33
2,200
91
91
91
*90
96
78
40
19
100
*97
100
*97
100
*97
100
*19
20
*18%
12%
*1134
I8I4
12
12
11
11
214
2%
22
22
*128
131
23s
*2234
128
2214
2238
17l2
19%
1U8
12%
18i2
195s
1734
1U8
UJI4
22
*22
23s
878
*7l2
*19%
1658
1212
22
*39
41
*
♦191*2
1812
13i8
1212
*39
858
938
53%
53l2
19i2
18i2
8
734
*106i4 IO684
3i8
*234
4%
4i8
8i2
18i2
18i2
22
23
938
*1
12
1214
11%
1434
15i8
114
*110
212
2i2
24
*23
128
128
1912
12%
1234
1134
1U2
153s
1134
15%
15%
147«
1558
*112% 114
*11212 114
25g
25g
258
2%
2l2
24
24
2434
25%
25%
128
*128
19
1778
183g
113s
1934
105S
12l2
1158
193s
177s
1914
123s
19%
1978
12
1734
19l2
187g
27
*24
314
3l2
42
*37
234
234
*7
8
22
*19%
18i2
1314
13i8
41
*39
938
914
*24
3%
*33g
42
*37
278
234
8
75
*.
1914
27
*7
*
22
19%
14%
18%
14
39
39
39
1058
10%
56
58
19
1914
19
1834
19%
8I4
838
85«
'
*1
*1
114
30%
3414
35%
*31
42
44l2
*2084
46
46i8
4712
22
22
22
22
*54
5412
54l2
5412
55
55
878
9%
8i2
3338
*25
9
87{j
7i2
7i2
*758
934
10%
934
458
*4714
121
478
51
121
lll2
13i8
27
27
2i2
2i2
13i2
14i4
*17i2
*8l2
16i2
2314
21
30%
3358
*25
93S
778
478
51*
52
*47l2
12D4 I2D4
13
125g
z27% 2712
2l2
2l2
15
14i2
*48
123
1284
21
*19
1812
23%
2314
2334
24
24l2
25
25
9
87s
9
634
7%
7
73s
7
*6i2
*41
49
6i2
*42
434
*4l2
*4l2
6
6i8
38
3934
3812
358
27i2
27
73s
758
8
8ig
I8I4
8%
18%
35s
27
6
358
19
19
8l2
1878
*19i8
*55
63
*55
4
4
*4
*56
63
*56
*
35
~*D8
2
41*
12
212
*1038
14
*82
3
3%
314
4'8
12
25g
13
143s
88
*
*4i8
12i2
2l2
*11
14
*83
10i2
IO84
ioi8
39%
41
4178
1078
11
57„
*678
35g
*81%
558
*634
19%
2612
4i8
*35i»
7%
612
7
4
88
4i8
38i2
778
2
*1%
50
*7l2
1912
26i4
43s
2712
50
938
10%
72
74
1812
8U2
82i2
*80%
22l2
25i8
19
82
2212
267s
4
28
36
8
*158
*50
934
7278
1912
8U2
*81
223g
2514
8%
*43%
*434
478
634
7
41%
40
4
412
834
2058
21
818
87g
*195g
2114
*55
63
*55
63
4%
*384
63
*56
3U
338
*
9%
414
*56
3%
35
"2"
*4
60
312
¥
63
4I4
35
*2"
2i4
4%
*414
434
4%
12l2
234
127g
13%
27«
*1314
27s
*1214
1384
1358
13
1434
84
378
88
1484
*83
11%
278
13
15
1478
15l2
84
84
84
Jan
10
Oct 19
65
14
Oct 19
728a Jan
Jan 12
7
24*« Apr
26*4 Apr
J an
62
Deo
72U Deo
3*4
47%
Jan
Feb
48i* Deo
31
Deo
70*8
Deo
40*4
Oct
25
9
6
651* Jan
24*4 May
600
Sterling Products Inc
10
75
Jan 29
65
Jan
781* Nov
5
53i2 Dec 29
6i2 Oct 19
21
Feb 11
161* Apr
241* Apr
10,500
Stokely Bros A Co Inc
1
Stone A Webster
No par
6=s Dec 29
6i2 Oct 19
335s Jan 29
17,700
Studebaker Corp
3
20
Stewart-Warner
2,100
500
No par
100
3,300
Feb 17
77i2 Jan 11
4412 Dec 16
118
Aug 6
125
Jan
4
10
9
Oct 19
Oct 19
01«4 Feb
3
7»4Mar
2
1% Oct 19
8
Oct 19
47U Mar 11
Co
10
(The)—50
'7i2 Dec 28
-7*4 Oct 19
2j% Jan 20
26
1
5U Oct 19
214 Oct 19
4*4 Oct 19
..1
418 Oct 19
Sweets Co of Amer
»
Swift & Co
6,400
Swift International Ltd
900
Symington-Gould Corp ww
Without warrants
Tennessee Corp
4,600
37,500
10,100
Texas Corp (The)
Texas
"166
41
285s Mar
1584 Jan
Oct 19
5%
"301*
Deo
Jan
157*
70
Deo
91
Mar
118
Jan
126
Nov
918
Oct
Oct 19
153s Mar
2
Co
1
155s Nov 19
18% Dec 29
65
93.60 conv pref.....No par
10
100
26
93 div conv pref
Oct
13i2 Nov
20U Apr
281* Apr
26*8 Nov
15
Nov
12*8 Nov
6*4 May
65s Apr
6
Nov
Jan
6
71* Jan
9U June
28
Jan
48
Feb 19
337* Apr
64
Jan 13
59
1
Nov 23
93i8 Jan
2% Oct 19
36
Sept 25
U2 Oct 19
1
Deo
3778
Jan
05$
33
Mar 30
13«4 Mar
1318 Feb
4
3
2
55
100
Thermotd Co
*40
Sept
Deo
0*4 Mar
Jan
23
Jan
5414 Mar
Oct 19
"06"
425s
287*
3% Oct 20
..No par
The Fair
3
165s Jan 22
158s Jan 28
65g Oct 19
100
No par
Thatcher Mfg
Jan
95* July
44
Oct 19
53s Oct 19
Texas A Pacific Ry
3
6518 Apr 22
95sMar 16
23»4 Oct 19
Texas Pacific Land Trust
"27" "Jan
357*
Jan
203* Deo
151* Deo
8
67i2 Feb 3
88s Jan 12
3434 Oct 19
Co No par
No par
Guif Sulphur
8
3378Mar3l
23>4 Jan 20
17«8 Jan 21
Dec 28
4
Texas Pacific Coal A OH... 10
Texas Gulf Produc'g
Preferred
"4",000
3°7g Jun 25
6% Dec 29
9
50
...6
6
25
634% preferred
_
"liig "Jan
20i2 July 12
18
Sutherland Paper
400
Mar
17i2 Jan 20
Oct 19
Superheater Co (The) ..No par
Superior Oil
1
Superior Steel
100
1,100
5,500
-
1
0% preferred
Sunshine Mining Co
10,200
*.
(The)
Sun Oil
90
8i2 Jan 13
2%
100
Third Avenue Ry
4%
300
Thompson (J R)
4
Dec 29
lS^Mar
14
800
10
Oct 19
287a Feb 11
3
3
2,000
13
13
200
Thompson Prods Inc.-No par
Thompeon-Starrett Co.No par
93 60 com pref
No par
Tide Water Assoc Oil..
10
U8 Oct 19
6% Oct 19
1318 Oct 19
1014 Jan 25
4084 Jan 25
No par
72
Dec 29
287a Feb 11
Mar
8*4 June
85
Oct
9*8
Jan
13
Deo
651*
Deo
878 Deo
44*4 Nov
15U Feb
14*a Mar
49
July
487a Nov
631* Oct
10
Nov
110
Feb
81* May
125* Mar
314
8U
Jan
"91* "Fob
Jan
Jan
Jsd
Jan
135*
32*4
81*
39*4
2184
Nov
24*8
47*
Dee
98i2 Aug 13
834 Oct 19
147g
15%
*83
90
10,400
100
94.50 conv pref
Axle......10
215a Feb
5
4
11
11%
1178
1178
1134
121
4,500
Tim ken Detroit
42l2
44
43
44i2
44%
44%
12%
3,100
Tlmken Roller Bearing .No par
36
Oct 19
79
12
6,500
Transamerlca Corp
2
Transcont A West'n Air Inc.5
Transue A Williams St'l No par
Tri-Continental Corp ..No par
10
Oct 19
4
Oct 19
618
Oct 19
No par
No par
82
4U Oct 19
12
Mar
3
10
7
265s Mar
8
26
14*4
121*
Apr
July
Mar
Feb
Deo
Jan
277*
Apr
741* Nov
Jan
27*s Apr
221* Deo
17
IPs
1134
1178
12%
63s
65g
7%
658
65g
63g
658
5,000
8
8l2
8%
8%
600
714
378
4
♦8D2
88
4
*8U2
4
85
4
4
4,900
96
85
*81%
6%
*55s
6%
6%
1,660
8
*7
8
7%
7%
200
2l3g
22%
6,600
20i4
43s
27l2
31
1,000
36
37
4%
85s
*184
*50
10
2034
27%
4i2
38%
834
2
53
1038
74
7234
7478
20
2012
82l2
82
*81
82
9i2
8
*6%
1934
10%
Apr
8
Dec
*55g
53
Sis
325gMar
Mar
6i8
914
20%
2
8
Oct 19
Mar
6
8%
13*4 Mar
97* Feb
277* Deo
148s Mar
5
48
35
~*2_
2
9i2 July
8
70
60
*
43*4 Nov
18i* Nov
488s Mar
8
Oct 20
2l2 Oct 19
2i2 Oct 19
1
Telautograph Corp
37g
21*4 Apr
14*8 Apr
Nov
7% Oct 19
101
No par
No par
No par
No par
Talcott Inc (James)
4%
10U Jan 20
107i2 Dec 23
12>s Jan 22
10
1
43
63
35g
3l2
5384 Mar
95i2 Apr 28
Nov 24
400
*56
60
Jan
28*4 Feb 11
Nov 23
19% Dec 29
22
*4
44
Jan 18
8i8 Dec 29
49
Nov
42
*55
2U4
50
Dec 29
37
305sMay 14
100
9%
39
Jan
Jan
10
22
412
278
11%
par
Oct
241* Aug
Starrett Co (The) LS..No par
22
9
Dec 29
Oct
921*
3684
Standard Oil of New Jersey.25
*20
93g
21
10
Apr
Standard Oil of Kansas
7,300
7,300
18,700
1,300
434
2
par
23S4 Jan 12
35
Aug 14
Oct
9*4 Mar
27
600
100
9
Oct 19
May
Oct
117* Nov
82
31,800
3034
43g
297g
9ig
10
June
Feb
75«
42
2
Aug
427g
434
75g
7»2
4234
2
Jan
Jan
2
2,300
2,600
434
Feb
36
Apr
32*4
7%
434
94
912 Jan 28
June
35
47
*43%
5
0*4 July
9
7&s
9%
*7
7i2
47
2978
19
20
25
73g
59
34
775a Mar 17
Jan 11
27«
*24%
9%
7i2
4
83s
21
9
912
28
28*4
2034
*28
*4%
37
834
*134
54
978
215g
30
47g
37
87s
2
54
10
*28%
47s
47g
400
37
150
834
9
2,100
*184
2
37
Union Bag A Pap
7434
2038
84%
2034
86
1,700
82
807s
81
81
81
300
223g
2612
22l2
*22%
25%
23
22i«
22i8
26
273s
27
X In receivership,
2634
a
600
60,800
Del. delivery.
Nov 23
284 Oct 19
Dec 29
94
Jan 20
7
Oct 19
25
U8 Oct 19
t>7a Jan 25
46% Nov 24
new.No par
100ia Jan 8
188s Sept 17
87S Dec 29
61% Nov 23
Union Tank Car
United Aircraft Corp
»
New stock,
r
17% Oct 19
Feb 20
28I4 Feb
4
Oct 19
22
Nov 24
3U2 Feb
4
IO84 Oct 19
r
Nov 23
78
..No par
6
Cash sale,
111
80
.100
7i8
93
Jan
12
Jan
110
Feb
Oct
9*a Nov
28
Deo
385* Nov
47*4 NOV
171*
Deo
Mar 29
Carb.No par
Union OH California
25
Union Pacific
100
4% preferred......
103* May
65U
Mar 13
39
Union Carbide A
147S
17ia Jan 22
Dec 29
50
5,300
56
478 Jan
7i8 Apr
22i* June
31*8 Apr
8*4 May
407a Mar 13
""266
85
109U Jan 21
18l2 Oct 19
105g
84
Dec 15
25
76
84
278s Jan 22
11«8 Mar 8
No par
Trans..No par
Preferred
.....100
Twin Coach Co
1
91.50 preferred
Twin City Rap
55
16,000
3,000
4
20th Cen Fox Film CorpNo par
10%
*52
2034
265s
Truscon Steel
No par
Under Elliott Fisher Co No par
75l2
2034
22%
preferred
Truax Traer Coal.
Feb
Aug 2
225a Jan 11
318 Dec 29
Ulen A Co
73l2
2012
Bid end asked prloee.: no sales on this day
*7
712
47
20
7
9%
21
334
7
55s
65s
40
28%
8%
9%
11%
6%
6
*458
4012
1078
4234
1158
65g
334
*8U2
*42
434
6%
35
"*158
*634
6i2
47
834
7%
Jan
6518 Jan 20
117s Mar 16
19
Feb
8%
*8%
18%
7 '8
Oct
20i2 Dec
6414 Dec
12*4 Apr
Feb 26
No par
prior pref
Jan
23i2
r 1
433s Mar 17
601* Mar
6
31
No par
97 cum prior pref
Jan
OS's M,
1
Square D Co class B
Mar
321* July
U2 Oct 19
par
160
Jan
55g Dec 29
73^8 Sept 20
1914 Dec 27
par
July
71* Feb
361* Aug
Feb
1
par
Deo
17i| Nov
30%
114
25
Feb 19
16
10l2
47*8 Deo
150
4
28%
18
Jan
Oct
Jan
2
Jan
par
No
94.60 pref
378 July
Apr
26
63U
6*4
072
735s
29*4
157g
13*8
2
Standard Brands
200
10i2
Oct 19?
Oct 19
1% Oct 19
35U Oct 19
100
Spiegel Inc
Conv 94.60 pref
Mar
60
50%
122%
18
14i2
487a
6*4
32i2 Jan 13
165
Oct 25
17*4 Oct 19
17
110
50
50%
*8%
1758
9
i2 Dec 28
6%
1712
June
Sept
12i2 May
23% Aug 14
115
"2l"
20i2 Oct 19
10%
19%
10%
1834
Jan 11
27i8 Dec 28
578
19
127i2 Nov
8
25
8%
934
20
Oct 19
Mar 18
4
Standard Oil of Indiana
6ig
15%
Jan
Standard Oil of Calif..No par
812
16
19*4
Stand Investing Corp..No per
..
103g
13
8*4 July
10,900
35
278
Dec
102
12,600
10
1658
7
1%
32%
35%
1278
13
64i2
Dec 29
preferred
Sparks Withlngton
No
Spear A Co
95.60 preferred
No
Spencer Kellogg A Sons No
Sperry Corp (The) v t o
Splcer Mfg Co
...No
93 oonv preferred A ..No
500
28
"72" "Jan
27
1st
4,500
*1
278
40% June
110
Spalding (A G) A Bros .No par
500
24
1314
Nov
Oct 18
cum
10%
884
4,000
17,400
20
2712
Apr
85
9
240
23%
1258
132
16
96
1078
67s
60
18,400
9%
258
9
400
912
155g
22i2
878
100
51,600
20
2612
258
15l2
*19%
*8i2
19i2 Jan
975s Dec
54
Sept
100
preferred
122
605s Apr 22
100
94
124
Deo
z3% June
100
6% preferred..
JStand Gas A El Co
124
Nov
28U
4U Apr 21
20
Oct
8
Southern Railway....
Stand Comm Tobacco.
*18%
*8i2
12l2
__
22%
28%
2i2
300
49%
13
28
15
100
22i2
5512
123
Deo
46
177g Mar 11
58
Marie
Southern Pacific Co
7,800
1,700
51
64
Nov 26
Mobile A Ohio Stk tr ctfs 100
31,800
20,800
6OI4
52
104i2 DeO
IU4 Deo
2i2Nov 4
1534 Dec 29
26l2 Dec 29
25
Southern Calif Edison
9,500
50%
22%
5034
Jan
4*4
43ia Jan
30% Apr
14*4 Apr
612 Oct 19
1712 Oct 19
91
130
..100
8% preferred
20
2,700
3514
10%
584
5l2
8
08g Feb 26
48%
22I2
54I2
9i2
*778
95s
55s
*48i2
778
912
10
Feb
July
89
3484 Feb 19
1058s Feb 2
4212 Jan 12
3,900
5634
44
U2 Oct 19
*25
95g
2418 Dec 30
1478 Nov 22
20it Oct 19
3
*25
Jan 21
South Am Gold A Platinum .1
45g
31%
1
Feb
66
So Porto Rico Sugar...No par
10%
34%
MarlO
14
2
700
934
U4
120
Dec 15
2,500
4%
35
1984 Nov
327a Deo
Jan
40is Feb 16
278
3134
Deo
3188 Nov
29«4 Feb 16
934
34%
Deo
Jan
Oct 19
458
30%
Deo
Jan
3*4 Oct 19
Snider Packing
27fi
*1
48%
22
29i8
2is
87g
44
11%
20*4
Dec 28
96 preferred
Smith (A O) Corp
438
9i8
20l2
2412
Apr
155s
42i2 Mar 10
9»4 Oct 19
0% preferred
234
2234
Oct 19
13
24
9
9
87g
8l2
107
106i8 100% *106
20
6% Oct 19
10
45,200
1934
18l2
8
2
Jan
Corp...No par
Socony Vacuum Oil Co Inc. 16
Solvay Am Corp 5M% pref 100
60
18
Feb
695s
Smith A Cor Typewr..No par
■
11%
Mar
20i2 Feb
175s Feb 10
12*4 Dec 27
Dec
Nov
985s Aug 18
34
Feb
4
49*4 Nov 23
15
Oct
778 Nov
10H2 Nov
Mar
39
9%
55%
3i2 July
120
14
934
1
300
187g
*19%
11U Mar
June 17
75
187s
*1314
39
3% Oct 19
96
m
2,600
"22"
30i2 Aug
8i2 Jan
No par
10
7%
*
2
2
5
2% Jan
MarlO
mum
3
7
Jan
541a Apr
102U Feb
10
278
7s
Oct 19
197
3%
8
Mar
Nov
77a June
Nov 24
42
278
Nov
114i2
177g
5578
101*4
414
Dec
Oct
495a Nov
45U Jan 14
li2 Oct 19
16
10
Skelly Oil Co
27
*33g
*37
19l2
1314
IO6I4 IO6I4 *106l4 107
3
27g
278
234
43g
4i8
438
414
9
93S
884
8I4
20
*18
19i2
19%
23
22
2212
2212
U4
312
75
55
3312
*24
27
42
114
235s Feb 10
Nov 23
300
20%
12%
19%
Aug
June
15s May
67
"
23
Dec
93
88
130%
22
55
29%
23
23
22l2
00
*54
13012 *128
2284
99
9
25
100
12%
114
1%
2978
3334
35l2
473a
2858
33i8
•
;
22l2
2212
75
1834
812
Day
*38
2i4
75
New Year's
*3%
3l2
38
2l4
*0i2
♦
*21
27
*3
38
*18%
100
Dec
11
1,600
13
18%
11%
*97
96
Sloes Sheff Steel A Iron... 100
19%
1234
18%
1U4
77%
7712
July
98% Mar 15
34i2 Nov 26
»4 Oct 19
Slmonds Saw A Steel..No par
300
19
18%
*70
18
Closed—
600
8,900
27
0
37
Dec 29
3U Feb
share
15
Jan
778
377g July
% Oct 19
3% Oct 19
No par
Shell Union Oil
1,900
*97
Exchange
50
Mar
per
Jan
18
Dec 29
00
5,100
76
*11%
1478
11018 Sept
9
per
27i2 Mar 2
6184 Mar 17
44
2134
3%
76
*110
108
3
6 H % conv preferred
100
Silver King Coalition Mines.6
Simmons Co
No par
76
1478
6
Feb
No par
15 conv pref
4,200
*75
114
Jan
113
Sharpe A Dohme
No par
93.50 conv pref ser A.No par
Sheaffer (W A) Pen Co. No par
175s
98%
87«
75
1458
113
Dec
No par
No par
Sharon Steel Corp
100
70
5U
514
45i2
2434
2414
17i8
7i2
60%
1478
Seagrave Corp
No par
Sea re. Roebuck A Co..No par
Servel Inc
—1
75
*110
Dec 20
100
4-2% preferred
2,500
*89
28i4
905s
18
23
59i2
1434
3
18
28
5758
13l2
83s
18!2
20%
20
10i8
'
38
39
7%
2U4
684
28
♦87
86
x98
Seaboard Oil Co of Del.No par
8%
*2318
10i4
9634
612
18i2
No par
No par
2%
1384
4*4
8% preferred
Scott Paper Co
1 Seaboard Air Line
%
884
*5714
400
103
71
23g
1384
60%
1,100
Dec 22
22
%
8%
*5714
1
534
70
5
100
1
100
23g
22%
378
5834
1378
884
13fts
17
1,500
3712 Mar 11
46
Jan 13
Oct 19
58
8»4
17
7634
18
Nov 10
Dec 28
11
2%
213s
378
*38%
1334
*16
6,000
3% Oct 29
10
par
78
55i2
734
378
7634
*7g
534
2,500
2634
100
100
100
212
13
♦3i2
18l2
2634
20
180
19
5% preferred
6% preferred
7% preferred
Savage Anns Corp
No
Scbenley Distillers Corp
634% preferred
JScbulte Retail Stores
Highest
\ per share I
share
20*4 Mar 5
$
$ per share
X St Louis Southwestern-.100
5% preferred
100
Safeway Stores
No par
320
38
54%
20
234
205s
v
5i2
512
®8
214
20%
*3i2
55i8
78
♦2i2
Stock
Shares
$ per share
7
Par
Lowest
Highest
Lowest
*5%
7
Year 1936
100-Share Lou
EXCHANGE
Thursday
Wednesday
Tuesday
Monday
Saturday
On Basil of
STOCK
NEW YORK
for
J
1938
Range for Previous
Range for Year 1937
STOCKS
Sales
SALE PRICES—PER SHARE, NOT PER CENT
AND HIGH
LOW
Jan. 8,
85ia Mar
5
Ev-dlv,
y
148*4 Mar 16
99*4 Jan 13
Ex-rights.
Jan
27* June
745* June
"715* "Jan
20*4 Aug
1081* Jan
901* Jan
22*a Jan
20*8 Apr
109
Deo
8*8 Jan
1028* Dec
1051*4
281*
Nov
Feb
149*4 Aug
100
315*
32*a
Juno
Fob
Feb
T Called for redemption.
Volume
LOW
New York Stock Record—Concluded—Page 10
146
HIGH SALE PRICES—PER
AND
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Jan. 1
Jan. 3
Jan. 4
Jan. 5
$ per share
% per share
$ per share
Thursday
$ per share
7h
81*
16i8
*113
8
8i2
163s
8
834
778
81*
734
*8
812
*8
8i2
8i2
17i2
*165ji
163s
163s
171*
116
*113
116
*16
314
2834
6i8
*712
*77
5i8
30i2
56J4
10i2
106
*43s
*113
116
40
39
40
401*
40i2
19
39l4
*16
19
*17i8
3i2
18i2
358
6I4
*3012
5612
58
*6
8*4
70
4i2
6I4
*71
*84
1*2
714
*6*4
81*
878
32
2012
634
*28
20i2
51*
8i2
8
8
75
*63
26i8
4i8
2214
45l2
57l2
26i2
434
24%
26
63
7
81*
814
6978
*16518
50i4
6OI4
641*
*62
5778
119
414
4la
178
178
478
2384
62l2
*6U8
76
500
35S
19,200
3l2
3&8
31
3012
658
6i2
4i8
414
2
2
ll2
7h
*8l2
714
9
*8i4
*65
*34
•
*165lg
71*
738
-
-
700
6i8
9U
938
912
75
*65
1,000
5
24*8
521*
63
65
65
*60
65
*62
5914
5714
5878 155,210
2,000
11078 111
400
12012 12012
121
~
~
5714
538
57g
6,500
26
253g
2658
26,700
5478
53
55l2
67l2
671*
2,000
111
111
*120
121
*148
162
200
65
162
*148
140
140
*140
*97
105
*97
*97
41
41
*40
*97
105
40
40
49
8% 1st preferred
*978
400
55
40
1475g
80
*4018
4i8
105
*97
105
41
40
40
*119
43g
121
♦119
121
Jan 21
Jan 19
153
108
Jan 18
60
Preferred
741*
73s
7412
73s
4U2
41*4
42
421*
4358
1834
♦181*
1U*
284
187g
18l2
1234
1878
*36
41
578
36
3i2
10i8
I684
13i2
*24l2
21S
3
10
934
234
214
*36
683
6i8
38
*37
334
31*
63s
61*
36
40
31*
31*
11
101*
19
19
1978
18
1312
•135s
25
25
2i8
2l8
*u8
2714
*731*
Us
27
212
*10
10i8
27
*73
10l2
40
74
312
1US
1978
*10
2U2
2i2
2412
99
104
*U8
295g
♦731*
*901*
118
113
133
24
24
*130
141*
32*4
•121*
»23i2
281*
105
*
95
96
100
95
98
*91
98
119
119
120
mmmm
1534
334
73g
*u4
*23s
2514
257s
102
*133
16
1612
4
2638
26U
26
27g
105
mmmm
...
-
*32*4
3478
3478
1314
300
25i2
24
I27g
2418
13
251*
90
*24
*
105
*85"
90
63
*57
63
*57
62
*57
16
*14
16
14
14
*14
2512
9i2
IOI4
2
1478
131*
131*
214
2i4
♦23s
2l4
45g
5i8
2i4
212
2i2
47g
5is
514
5ig
5i8
512
3
241*
9*4
*10
2
1478
♦21*
21*
2512
*
105
*85"
2434
90
253g
10
7,800
1231* Mar
100
Co.—10
100
100
1101* Apr
9
14l2 Dec 29
25g Oct 19
51* Oct 19
30
Oct 19
Nov 23
$5 conv prior pref
No par
WhiteDent'lMfgCo(The 88) 201
1
55
Dec 29
900
White Sewing Mach
No part
700
$4 conv preferred
Wilcox Oil <fc Gas
No par
White Motor Co
100
3,900
8,100
13
135s
1378
131*
1312
'""900
$6 preferred
Woodward Iron Co
37
3734
37
3734
39*8
39
Woolworth (F W) Co
167g
39i2
18*8
10,800
161*
381*
171*
17
18
*60
100
*60
100
60
*45
60
*45
3,000
------
60
*45
60
*45
*30
37
*30
37
*30
34
331*
3312
♦30U
3878
100
*36
45
*371*
44
*3712
441*
40
40
*42
45
100
*45
80i2
85
82
63
6214
871*
63
23
83g
*6812
13U
23
91*
8U*
1314
87
621*
88
621*
Oot
3978
Deo
109U
Feb
June
Apr
Apr
47
Jan
Jan
40
Oct 19
34
Dec 29
3984 Dec 2 9
Oct 19
38
34i« Nov 24
No par
1178 Dec 29
2i8 Oct 19
3,600
39*4
4178
413g
33,000
Youngstown S A T
15*8
7,700
Zenith Radio Corp
3is
2,400
Zonlte Products Corp
Oct
Nov
Apr
No par
100
1778
401*
1734
403s
27g
91
6*8 June
66
Oct 19
47
2
70
231*
12
541* Oct 20
I2i2 Dec 29
1778
this day,
35U
Apr
Jan 22
Dec 29
cl B—1
100
15*4
27g
Jan
July
Apr
Jan
44$t
34
Young Spring A Wire.-No par
Yellow Truck A Coach
15
Bid and asked prices; no sales on
Jan
32
Feb
1334 Dec 13
653* Jan 20
1121* Mar 25
100
MarlO
40*4 Deo
1
54
Nov
5
62*8
1434
80
Oct
39
63
131*
14ig
27g
July
91*4 Mar
7
600
*75
33*4
7
7
12U Feb 27
6
410
141*
27g
2*4
Jan
33,900
80
16
Mar
105s
14
3U
76
2784
*73i2
18*8
160
13*4 July
621* Jan 27
8D2
14
84
128
10i8
80
Jan
211* July
58i2 Oct 19
81
*731*
131*
27g
Feb
July xl20
1012 Dec 28
2184 Dec 29
7i2 Oct 19
68
Dec 29
103s
14
99
25
8U*
80
Sept
34
4934 Dec 30
100
10
10
Wright Aeronautical...No par
9*4
13
5i28ept
12
94i2 Jan
1231* Jan
22*8 June
35i* Oct
19*4 June
31*4 Nov
Wrigley (Wm) Jr (Del)-No par
8U*
16i8
40U
»73i2
46is Jan 4
6I4 Jan 25
Feb
978
x5078 Deo
1531* Oct
900
10
42
6*4 Mar 22
4
Jan
34*4
700
25*4
39
23i*May 15
33*8 Feb 16
1878 Jan 25
23U Sept
9618 Nov
87
80
91*
Mar 11
12614 Aug 14
9084 Aug 31
12ig
Apr
721* May
63
24*4
91*
2314
29
6
Feb
Apr
178 Nov
5i8 Aug
621*
80
87g
♦26
I84 Oct 19
Dec 27
438 Dec 29
45s Oct 19
65
Aug
81*
15
8314
8U2
23
*71
40
234
63
Oct 19
2
_
Yale A Towne Mfg Co
37
2*4
91
*61*8
897g
*60i8
11
WorthlngtonP&M (Del)No par
Preferred A 7%
100
Preferred B 6%
100
Prior pref 4 H % series
- -10
Prior pref 4H % convserieslO
60
18l8
Oct 19
15g Oct 19
No par
Wilson A Co Ino
Oct 19
812
6
6% conv pref
58
100
6
1
10
Willys-Overland Motors
13
*60
_
14l2 Oct 19
-
*54
100
2714 Feb 23
19
1334
*60
Jan 22
30*8 Jan 22
39
May 6
75
58
16
170
100.
Preferred
*12l2
100
1678s Jan 22
126
*54
16
6
6
17
17
22
5734 Mar 6
Dec 10
218
58
Jant 116*4 Deo
Dec 17
2l8
*5518
111*4
12
70
White Rk Mln Spr ctf—No par
58
8
29i* July
11*4 Mar
23i2Mar
434 Mar
lD4Mar
831* Jan
90
conv
300
534
Jan
115i2 Jan
preferred—100.
Wheeling Steel Corp.—No par
5% conv preferred
IOI4
51*
Oct 18
1161*
Wheeling A L Erie Ry. Co.100
1334
3634
16
*60
87l8 Nov 23
113
Jan
9
3478 Jan 7
115
Apr 13
58
36
U* Oct 19
22l8 Dec 29
1734 Oct 19
2U8 Dec29
IOI4
534
Oct 15
Westvaco Chlor Prod--No par
*12i8
518
1
3112 Nov 19
1034 Oct 19
-
*50
5
*
Jan
Oct 19
No par
2,700
Feb
117U
6,800
3
Aug
pref-100
"""166
6l2
78
Feb
60
5lg
5U
*55*8
1
33*8 June
87
15l8
27g
4
Aug 26
1012
534
6
Mar 17
103
62
258
214 Jan
6i8 June
Oct 23
10
*21*
1
76
*57
278
5*4
56
841* Feb
1034 Oct 19
100
234
Apr
9*4 Feb
98
*14
16
191*
Jan
91*4
15ls
IOI4
*14i4
Apr
MarlO
Feb 11
62
1478
21
46
Aug 26
105
2
Oct 19
109
*85
101*
Apr
Jan
108
100
5H%
Apr
Jan
Apr
Jan
Apr
Oct 20
1st preferred
500
mmmmmm
177*
107*
2i8
47*8
9U
Oct 25
preferred
Class A
Jan
261* Apr
45s
1578
Weston Elec Instrum't.No par
20
1314
*3234
127g
51*
Jan
Apr
84
Western Union Telegraph.100
10
30
44
73*8 Nov 20
Westlngh'se Air Brake.No par
Westlnghouse El A Mfg
60
21,600
-
91*
88
6,700
3234
*14
1378
105
Jan
4i| June
35U Jan 16
100
6%
5
6O84 Aug 10
2,900
200
*57
13i2
278
23g
434
2634
261*
Maryland
2d preferred
Aug
214 Aug
Nov 24
3814 Feb 19
Western Pacific
1,800
1434
105
*12*8
*2i8
2I4
434
4%
400
3
preferred
Western
300
13s
*1414
*85
2
1,500
10,500
81*
15
105
2
103
*133
6%
Western Auto Supply
120
1214 Jan 25
Oct 19
100
100
preferred
preferred
West Penn Power 7%
150
*14
*85
2
11278
4
95
2
150
*71*
*U4
*212
26i2
24
914
mm~m~~
I6I4
95
10
98
5
May
21141* Jan
70
Aug
691* Jan 23
218 Oct 19
1
July 15
23U Oct 19
$4 conv preferred
No par
West Penn El class A..No par
7%
6%
41* Jan
28*4 Aug
Dec 16
^
lUg Oct 19
Wesson oil A Snowdrift No par
250
8
20
200
80
8I4
13s
2214
IOI4
96
IOOI4
4]8
105
9
112
150
Apr
Apr
1
1,900
7334
*119
1111* 11278
*80
2414
*8912
Us
30
15
105
*85"
90
76
991* 101
11278 113
151*
1512
4
31*
714
*6*8
U8
Us
2
25S
26
2478
2514
25i2
IOOI4 104*4
1534
301*
Jan
Feb
40
16
1
u*
291*
21*
Apr
Mar
Mar 17
Jan
June
16U
28*4
xllOU
4
921* Aug 18
18»4Marll
616s July 15
1978 Jan 8
503s Feb 1
10«4 Feb 26
99ia Mar 2
18
30
14
Mar 12
Feb
Jan
July
5
198* F*b 11
49
1
7
1221* Jan 11
10]8Mar 16
183* Mar 16
16
Jan
31*
109
6
Waukesha Motor Co
Wells Fargo A Co
238
98
Feb 15
Mar
9
No par
Us
29l2
7334
13i2
8*4
Warren Fdy A Pipe
u*
*1212
*95s
1,200
74
12
9i8
IOI4
22l2
74
U*
12
8I4
*912
178
400
2714
34*4
2334
14
116
Apr
678s
25s Oct 19
X Warren Bros
No par
$3 convertible pref—No par
74
*3234
22
22
2214
2,900
33
No par
$3.85 conv pref
150
4
6
Warner Bros Pictures--
Oct 19
261* Dec 22
434 Oct 19
100
-Nn par
3434
"90"
*10
14
40
2
No par
Wayne Pump Co
*32
*231*
3*4
77s Oct 19
No par
Class B
Webster Elsenlohr
u4
*
4
Oct 20
Preferred
100
24,200
Oct 19
17
Ward Baking class A
4,300
7
32
No par
800
15
90
*36
40
1,100
33g
41
Oct 19
18
7134 Dec 28
3U Oct 19
Ltd No par
1,000
♦145s
105
65s
634
14
Walk (H) Good A W
Preferred
1,800
15
*85"
314
41
Walworth Co
100
658 Dec 15
No par
9,200
2
Oct 16
2i2 Oct 19
2i8 Oct 19
.No par
15
*14
♦
13
1234
1878
Dec 28
2
with warrants 100
1,400
778
43
50
117*4 Feb
..No par
Co
4 H % pref
Dec
113
100
100
100
27
7
133
100
Preferred
121
15
2l2
21*
245g 257g
2478
2478
10034 10514
*130
4
26l2
21*
U8
2412
Mar
1578
4i8
1%
135
2634
2l2
7
..
9
100
15
4
2l2
2512
2378
1534
71*
Jan
26
97
4i2
37
15i2
101
16
12»4 Jan
Oct 20
261*
21*
2i8
*92
*4i8
*6i4
13g
71*
4212
*1858
3
*36
334
*100
*15
8
41
6I4
36
Dec 20
25i2
*2i4
*D8
281*
*14
15
25*4
97
97
102i2
102
102i2 *100
97
98
9734
*921*
*117
117
119i2 120
♦111
*75l2
3
658
100
113
78
*38
2*4
102
*112
20
7514
1134
3
Walgreen
20
May 12
12«4 Apr 6
743s Apr 6
8
100
20
5
6% preferred—.
100
Virginia Ry Co 6% pref—100
Vulcan Detlnnlng
100
600
8
Mar
Virginia Iron Coal A Coke-100
78
1914
8
8
47
181* Oct 19
100;
70
2018
27g
71*
115
June 29
110
234
71*
Oct 19
105
700
714
71*
No par
-
8
*678
7*8
Chem
preferred
Va El A Pow $6 pref—No par
314
67g
278
718
*278
Day
393s Mar 11
445g Jan 20
3534 Nov 24
23g Oct 19
5
10
*278
3
681* Jan 20
97
100
Vlck Chemical Co
6%
Oct 19
9U Oct 19
14U Oct 19
—.6
7% 1st preferred
Va-Carollna
47S Jan 13
25j} Jan 20
16
100
Van Raalte Co Inc
314
3
«4 Oct 19
6s Oct 19
1
Vanadium Corp of Am .No par
5% preferred A
5% preferred B
Waldorf System
314
314
9'4 Dec 2 8
No par
3,000
3
19
Sales
31*
33s
39
*119
841* Jan 11
29
33s
3U
278
*36
Oct 25
Apr
67*4 May
Universal Pictures 1st pref.100
314
New Year's
I884
46
Oct
5
May 17
tWabash Railway
2
1834
5
86
8,200
u*
7414
8i8 Feb
21
2
2
73«
160
9
Oct 19
164
134
178
4U2
5
1
Jan 22
Nov 29
Oct 20
preferred
17g
214
158
3i8
*278
4lg
43g
2
19
9
Jan
1
150
135
mmmmmm
300
Jan
914 Feb
753s Jan 18
100
8%
50
1,300
Jan
27g Oct 19
Dec 28
Nov 26
futilities Pow A Light A
*119
*181*
*72i4
7i8
4U*
58
Aug
7214 July
68i2 Jan
46*8 Jan
1151* Jan
131
Apr
47
Vadsco
4
♦3i2
4i8
*3l2
18
16
♦IOI4
*10i4
*11478 118
*11478 118
57
*491*
*49i2 57
18i2
Mar 11
No par
Universal Leaf Tob
3,600
74
Feb 18
105
Mar
1,600
11,800
1812
*7214
678
*4014
*18*8
9i2
234
118
5212 Nov 23
169
2,900
414
125
431* Dec 29
136
7S
10,000
Jan
723s Mar 31
Apr 29
u4
175g
47
Oct 19
147
7»
20*4
Jan
Apr
100
Us
28
Aug
31U Aug
414 Oct
10
9
1261* Mar 11
34
1714
49
21i2
75s
16*8
193s Jan 12
20
8OI4 May
May
878 Jan
71
Oct 18
314
No par
19*8 Jan
113U July
160
Mar 30
72U Mar
Oct 22
96 conv pref. A
Nov
Apr
2414 June
223s Mar 17
112
Oct 19
114
Us
2014
9
4812 Nov 23
100U Oct 19
84
21l2
16l2
191*
*22
Mar 22
15i8 Mar 13
Dec 14
100
Us
1714
70
4358 Feb
24
100
361*
20
3
--No par
S Tobacco
341*
2U2
Feb 10
231* Mar 22
60
Preferred
10
40
Feb
172
65
Universal-Cyclops Steel Corp 1
1034
137
50
Preferred-
87
Jan
201* Jan 19
347S Jan 13
100
U S Steel Corp
Doc
0'4 Nov
10
20
U S Smelting Ref A Mln
Preferred
June
8U
f
Jan
2
100
No par
291* Aug
105
Apr
91
4
534 Dec 29
2978 Dec 27
16i8 Oct 19
334 Oct 19
6i8 Oct 19
class A .No par
13
3
35* Jan 28
Nov 23
53
154i8 Nov
5
U S Rubber
200
49
*40
25
27
27
271*
271*
263s
109*4
10934 *108
*108i4 109*4 *108
4
4 ig
4
4i8
*312
*3i2
16
16
16
*1134
♦lU*
♦111*
118
118
118
*116
*11514 118
57
57
*491* 57
*49i2
*491*
*119
Oct 20
6i2 Oct 19
United Stores class A ..No par
*40
9
2484 Mar
1001* Feb
43g
20
conv
Jan
558 Dec 29
Nov 23
34 Oct 19
No par
100
109
Feb
9U
487S Aug
161* Feb
8
100
Corp
Jan 14
16i8 Feb
70
No par
preferred
17
11378 Jan 14
Oct 19
3i2
No par
100
1,800
*51
125
Oct 19
Oct 20
214
54
4
9
101
2ig
54
43g
66i2 Jan
14i8 Nov
2i8
54
2714
8684 Mar 19
2ig
54
108
Oct 19
2lg
49U
54
35s
52
United Stockyards Corp
54
24
Oct 19
1,500
50
108
24
45g
1034
358
6
412
*978
2234
Jan
No par
mmmmmm
8
Jan
4'2
1034
113
16
July
32i8 June
*414
*978
3l2
2234
4678 Jan 14
Jan
117
4
4l2
1034
*108
81* Jan 14
Oct 19
15
Prior preferred
U
35i8 Nov
93
U S Pipe & Foundry
U S Realty A Impt
6,300
66
5*8
96*4 Nov
228s Jan
53s Apr
4014 Apr
10*4 Apr
91* Mar 11
63
Mar 2
preferred—
Partlc &
Jan
26*4 Apr 19
10
S Freight
338* Nov
Oct
68
106U Feb 26
5H% conv pref—
60
U 8 Industrial Alcohol-No par
U S Leather
No par
1,600
4,700
24U Mar
111
Oct 19
No par
U S Hoffman Maoh
mmmmrnrn
30
5i8
25i8
521*
29ig
37U Nov
Dec 22
25g Oct 19
U S Gypsum
2.500
25i* Sept
6i2 Oct 19
6
share
Jan
161* Apr
3
Oct 19
No par
preferred
7%
13
No par
United Paperboard
U S & Foreign Secur
Conv
Highest
share $ per
6
Mar 17
Mar
per
74
10
United Gas Improvt
$5
Jan 11
Feb
5
2
100
Fruit
U
m'm'rnmmm
29
United
50
6U
3014
117«4 Feb
2514
5
United Electric Coal Cos
United Eng & Fdy
1,000
34
75
United Drug Ino
United Dyewood Corp
Preferred
1,700
1,100
Oct 15
35
9
734
Oct 19
1712 Dec 2 9
140
mmmm
15
110
$
share
243s Jan 12
3D4 Feb 10
United Carr Fast Corp No par
United Corp
No par
S3 preferred
No par
$6 first preferred..
714
Oct 19
per
91
U S Dlstrlb Corp
ll2
7
$
3634 Dec 17
400
1,100
21
14758 *139
14758 *139
1475s
*30
*32
3412
*3D8 33
3412
1
1
1
Us
Us
U8
®8
%
34
34
34
84
32
*20
20i2
*2014 24
203s
15
16
1612
1634
17ig
165s
I8I4
183s
1914
18l2
181*
18*4
Closed—
2,700
12,900
2712
*139
Exchange
500
6
50
Stock
10
21
*978
4U2
1,100
4,400
*29
32
11
*40
1,500
2Us
40
105
634
Lowest
Highest
$ per share
63s Oct 19
No par
71l2
70
72
•
*934
49U
2,700
31
100
United Carbon
90
*71
90
40
*40
"3", 100
285s
56l8
583g
10934 111
*118
*148
*148
9
884
*65
Un Air Lines Transport
_6
United Amer Bosch
No par
United Biscuit
No par
Preferred
I8I4
*6712
*165i8
600
18
7U
*2714
2078
6i8
914
50
108i2
81*
6978
mmmm
6
60
5458
7
2II4
49
119
17i2
18*2
*84
34
834
108
17l2
42
*71
ll2
6
5812
56*8
90
2014
491*
119
300
Par
116
612
*27
5i2
65
21,000
9
41
33s
7U
23*4
45s
8
9
*113
30
63s
7
2078
75
35S
778
1712
Range for Previous
Year 1936
lOO-Share Lots
Lowest
41i2
116
*17
7
634
28
*148
1?8
*34
2734
434
243g
105l2 105*4
*4
*71
7
32
Week
8U
8i2
40i2
Range for Year 1937
On Basis of
STOCK
Shares
9
9
Q
Q
834
9
*74i2
81
*74i2
81
*7412
81
5l2
578
5i2
578
5U
5i2
*33
3334
3214
3214
33U
3314
62
63
591S
601*
60l2
63
11 ■" 1U4
1078
Ills
1034
113g
105l2 *10414 105
1051* 10512 *104
478
5l8
*41*
5
*45s
47g
*634
738
61*
678
7*8
7*8
U*
72
514
*63
53
90
166
21
*116
41*
6I4
70
6i2
6l2
*27i4
t
1078
166
70
*166
5is
32
,59
1058
6
90
514
1055g 10558
5
6
80
5i8
1034
106
93S
80
5U
3U2
*113
31
683
6U
*8i2
93S
31
31
6I4
80
*71
*34
3l2
33s
*2934
30
Jan. 7
share
YORK
EXCHANGE
$ per share
Jan. 6
f per
the
Friday
245
*26
*75
153g
147g
3
3
t In receivership,
Preferred
5H%
80
a Def. delivery.
preferred
nNewstock.
rCashsale.
70
1
x
Oct 25
Ex-dlv.
37*8 Feb 16
142
Jan 23
46*8 Feb 15
1017* Mar
115
6
Jan 27
43*4 Aug 31
9U Jan 16
y Ex-rights.
Aug
Apr
8*4 Jan
33*8
831* Jan
42U July
41*4 Jan
105
Jan
111*
Jan
6*4 July
5 Called for redemption.
Jan.
246
STOCK EXCHANGE
YORK
NEW
Bond Record, Friday,
unless they are
the only transactions of the
No account Is taken of such sales In
occur.
Friday
Bid
A
Asked
STOCK EXCHANGE
Week Ended Jan. 7
Y.
Price
•
High
TjOW
BONDS
N.
for Year
Y.
Low
-<A.
63
117
O
116.30 116.22
1943-1945
1944-1954
1946-1956
1943-1947
1951-1955
1946-1948
1940-1943
1941-1943
1 946-1949
1949-1952
Aug. 16 1941
15 1944-1946
15 1955-1960
15 1945-1947
15 1948-1951
15 1951 1054
15 1956-1959
15 1949-1953
Deo. 15 1945
A
O
107.10,107.2
107.12
56
104 .2
112.8
112.12
28
Treasury
Treasury
Treasury
Treasury
Treasury 3%s
Treasury 3%s_..Apr.
Treasury 2%s.--Mar.
Treasury 2%s._.Sept.
Treasury 2 %s_._ Sept.
Treasury
2%s
June
Treasury 2%s—Sept.
Treasury 2%S—Dec.
Treasury 2 %s..
J
D
J
110.30,110.27
110.30
8
107.18
107.26
15
M
3s
3s.--.
104 .28110.18
106 28
104.15
70
101
105.17
67
102 .10107.30
7
104 20107.27
106.6
106.6
106.9
19%
*14
19
J
D
107.4
12
116
102 .20108.24
♦Costa Rica (Rep of)
106.1
131
102 .24108.18
F
A
107.8
107.4
107.8
8
104 .24108 24
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
101
99 2
104.16
101.15,100 31
1100.26
202
98 .4
103.17
lOl.a
MS
J
101.8
65
99.311 99.18
99.31
102.29 102.14
-98
168
102.29
167
D
D
J
22
101
104.2
1104
104.3
35
101.7
106.10
Sinking fund 8s ser B
Denmark 20-year extl 6s
101.28
34
98.28103.2
88
98.16102.31
16%
*14
17%
30
18%
16%
20
30
101
97
101%
6
6%
6%
5%
20%
5%
20
6%
6%
6
20
6
J
101
6%
6%
5%
20%
9
6
17%
♦External
sec s
*5%
8
♦External
sec s
f 7s 3d series. 1957
5
a 98
1958
Argentine (National Government)—
8 f external 4 %s
1971 M N
1972
F
1972
—.1955
95%
87%
87%
104 %
104%
100%
A
A
O
J
1957 M
1956
1957
X
S
M N
a97%
5
a98%
100
96%
88%
88%
104%
104%
100%
103
103
95
87
87%
104%
104%
5
2
70
127
37
73
9
32
16%
5
1
16%
97
102
88% 103%
80
95%
80
94%
104% 110%
104% 110
1945
1949
F
A
20%
M
S
106%
1950
104%
106%
114%
114%
2
100 %
100
100%
3
"20%
♦External sinking fund 6s.—1958
D
♦Braxll (U 8 of) external 8s....1941 J
D
22%
O
19%
19%
♦External
♦External
s
a
f 0%s of 1928—1957 A
f 0%s of 1927—1957 A
1952
1957
M
1958
F
Sinking fund gold 5s
20-year s f 6s
S
A
18%
99%
100%
99%
100%
S
8
f 4 >*8-4 His
1976
1976
1975
Extl re-adj 4%s-4%s
Extl s f 4%s-4%s
3% external s f % bonds
Bulgaria (Kingdom of)—
F
A
O
*70
M N
47
38
18
47%
97% 103%
7
106
*60
61
S
55
55
A
O
*50
51
Customs Admins 6 %s 2d ser. 1961 M
.....1969
5 %b 1st series
J
1968
Canada (Dom of) 30-yr 4s
1960
A
O
1952 M N
5s
93%
78%
125
()
J
7s unstamped
German
.
♦5%s of 1930 stamped..
108
25
98
98
_
84%
85%
86%
124%
92% 119%
105% 130
3
107
101
100
33%
109
25%
D
♦6a part paid..
31
31
26%
27
2
*
1952
A
25
35%
4
25
28
84%
85
2
87
19
85
O
1946 A
O
19
9
17
*
J
J
♦Heidelberg (German) extl 7%s '50
Helslngfors (City) ext 6%s
1960 A O
Hungarian Cons Municipal Loan—
J
♦7 %s secured s f g
1945 J
J
♦7s secured s f g
1946 J
,
—
m
-
—
*18
23%
s f
6s
Italy (Kingdom of) extl 7s
*18
19%
M N
----
*18
19%
*57%
59
1960 M N
1951 J D
114%
F
78
s
f 7s
1947
F
78
-
81
133
64%
*19
71%
20
67
88
♦Assenting 5s of 1899
53
10
48%
65%
31%
33%
4
21%
34
♦4s of 1904
33%
29
22
33%
♦AssentlDg 4s of 1904
♦Assenting 4s of 1910 large
108%
112%
109%
56
1945 Q
1945 Q
—
—
6
5
5%
3
7%
——
113
113
25
100%
100%
19
100%
2%
6%
----
Jan 1961 J
♦Extl sinking fund 6s_.Sept 1961 M
♦External sinking fund 6s...1962 M
78
101%
96% 103%
98
99%
95%
A Apr 15 1938 A O
1942 M N
♦External sinking fund 6s... 1960 A
♦Extl sinking fund 6s...Feb 1961 F
97
34
95%
96
64
91
95%
♦Sec extl
s
3%
*2%
59
59
5
45
60
♦Sec extl
s
36
36
*27
33
*27
12
64%
26%
40
26%
33
30%
17%
32%
30%
2
16%
17%
40
40%
28%
----
3
11%
11
3%
17%
16%
17%
42
12
17%
8
12
17%
17
12
16%
17
19
11%
24%
24%
24%
24%
21%
21%
21%
S
17%
16%
17%
4
12
17%
16%
17%
11
12
15%
14%
15%
10
10%
15%
14%
15%
5
15%
14%
15%
10
1961
J
D
1961
A
O
1962 M N
...
15%
1960 M
f 6s
♦Chinese (Hukuang Ry) 5s
13
1951 J
♦Cologne (City) Germany 6 His. 1950 M
1958
1959
♦Montevideo (City) 7s
♦6s series A
1952
S
14%
11%
*20
D
16%
42
13
12
35
11
9%
9%
8%
33%
38
-
-
-
6
----
----
-
63%
65%
49
9%
65%
8
M
S
10%
6
J
10%
F
i
O
A
—
-
101%
102%
D
A
8
104% 108%
9
105% 109
15
103%
11
102%
*103
102%
63
20%
56%
59
55%
-
-— —
25%
52%
85
4
47%
79%
102
1
104%
104%
1
35%
9
102%
86
-
9%
99% 104%
95%
17
2
102
N
_
101% 106%
102% 104%
103%
35%
102
M N
8
105
6
55
56%
O
M
100
33
20%
—
M N
♦Pernambuco (State of) 7s-...
105%
105%
104%
A
M
76
100
101%
106%
M
f 5s ser A.
33
08%
100%
103
F
s
34
58
6
104%
J
♦Extl
9%
,82
101%
106%
F
D
9%
9
13
101
104%
O
J
59
9%
13%
50
103
S
A
A
60
106%
A
M
4s s f ext loan.
2
8%
2%
9
9%
105%
A
F
2
60
*55
D
10%
60
60
26%
12%
12%
M
A
73
18%
8
J
F
22
21%
*1%
O
1959 M N
New So Wales (State )extl 6s.. 1957
25
17%
16%
16%
17%
J
2%
Mlnas Geraes (State)—
25
A
S
♦Chilean Cons Munlc 7s
Milan (City, Italy) extl 6%s.—1952 A
25%
O
2
1%
48%
12
♦External Biasing fund 6s... 1963 M N
♦Chile Mtge Bank 0%s
1957 J D
♦Sink fund 0%a of 1926
♦Guar s f 6s...
J
f 6%s
36
8
11%
5%
D
f 6 %s
59
8%
3
D
1954 J
1954 J
♦STreas 6s of '13 assent(large) '33
J
♦§8mall
100
17
4
*2%
J
100%
100%
----
*2%
J
♦Assenting 4s of 1910 small
99%
100
43%
26
95
2%
*
J
89%
19%
104%
2%
♦Assenting 5s large
♦Mexico (US) extl 5s of 1899 £
52%
29%
----
6%
7%
D
♦Medellin (Colombia) 6%s_.__1954 J
♦Mexican Irrlg assentlDg 4%s.l943 M N
82%
67% 100%
69
22
♦
94
57
11
*42%
A
93%
65
---
64
59%
60%
D
Lower Austria (Province) 7%s_1950 J
81%
62%
115%
65%
62
80%
76%
79%
F A
s f 6 %s.—1954
M N
Extl sinking fund 5%s
1965
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
Japanese Govt 30-yr
27%
111
2
114%
64
64
J
30%
47%
*78
S
30%
30%
18
....
Italian Cred Consortium 7sserB,"47 M
Italian Public Utility extl 7s...1952 J
♦Leipzig (Germany)
18
17%
-----
M N
20%
107
17%
2
18
18
25
104
1
105
105
101%
15%
19
—
A
♦Hungary (Kingdom of) 7%s..l944
34
42
32%
25%
*26
A
1968
Haiti (Republic) s f 6s ser A
Irish Free State extl
23%
29%
29%
----
30%
36
30%
25%
1968 F
♦Hungarian Land M Inst 7%s.l961
♦Sinking fund 7%s ser B
1961
25%
23
29%
*29%
*29%
1964
♦Sink fundsecuredOs
18%
21%
27
f ser 7a. .1964 M N
s
♦7s part paid.
16
30%
30%
1958 J
♦(Cons Agrlc Loan) 6 %a
23
31%
28%
2»%
*20
O
♦Greek Government
46
22%
25%
D
1965 J
♦5%s stamp(Canad"an Holder)'65
70%
72%
104% 110%
109% 114%
124
25%
92
63%
102
9
4
106
25%
17%
105%
*99%
D
J
1949
105% 109
10
....
98%
102%
105%
D
J
66%
100%
98
100
108
108
26
19
*18
S
♦German Rep extl 7s stamped. 1949 A
♦7s unstamped
1949
German Prov A Communal Bks
65%
100%
♦Chile (Rep)—Extl s f 7s
Colombia (Republic of)
♦6s of 1928
40
*99%
J
M
M N
1965
♦5%s unstamped
17
100%
A
♦Carlsbad (City) s f 8s
♦Cent Agrlc Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s..July 16 1960 J
♦Farm Loan b f 6s
Oct 15 1960 A O
s
3
Govt International—
64
1967 J
1954 J
7-year
♦Guar
61
30
27
J
81%
81%
81
2
*18
J
1948
Estonia (Republic of) 7a
1967
Finland (Republic) ext 6s
1945
♦Frankfort (City of) s f 6%s
1953
French Republic 7 %s stamped. 1941
7 %s unstamped
1941
External 7s stamped
1949
23
1961 J
1944 J
Aug 15 1945 F
3%s._
2%s
30-year 8s
26-year
f 8s
33%
97% 106%
59
----
51
A
32%
72%
M N
ser
99% 105%
21%
55
2
58%
5%s 2nd series
1969
♦Dresden (City) external 7s...1945 M N
70
69%
82
O
1
----
♦Assenting 5s small
1967 J
f 7a._
10-year 2 %■
97% 103%
79
85
"70%
82
55
A
53
'70%
J
1984
69%
69%
82%
59%
86
83
47%
*70
70%
A
♦Stabilization loan 7%s
s
18
18
2
*80
25
52
11
S
25%
18%
105% 111
101% 110%
109% 118%
99
103%
18
25%
68
22%
A
♦Ry ref extl
9
19%
100%
19%
19%
19%
19
104 %
69%
102%
1977 M
♦Farm Loan 6s
18%
98
20%
22%
1961 F
f 4%s-4%a
s
49
102%
1961 M
stamped
♦Secured
22%
80
63%
57
-
99% 103%
18%
D
♦0%s stamped....
s
11
D
Extl
Refunding
1
20%
1950
♦Buenos Aires (Prov) extl 6s...1961 M
s
20%
1962
♦Budapest (City of) 6s
♦6s
20%
20%
21%
100%
O
D
♦7s (Central Ry)
Brisbane (City) s f 5s
1
14
O
A
2
114%
J
External s f 6s
1955
D
External 30-year s f 7s
1955
Bergen (Norway) extl s f 5s.-.I960 M S
♦Berlin (Germany) s f 0 3^s
20%
107
6
45
22
65
♦Hamburg (State) 6s
103
J
97% 101%
33
57
♦EI Salvador 8s ctfs of dep
101 ^
104% 107%
100% 103%
*50
1940
1940
2d series sink fund 6%s
101.15
3
70
57
1st ser 5%s of 1926.
101.15 101.6
101 %
8
-
105%
100%
105%
O
-
105%
99%
A
Dominican Rep Oust Ad
104.10
101.28 101.22
103
103
101%
105
105%
-
73%
47%
1
103
M
105 23
99.6
99.24105.3
J
102
101% 105
104
6%s..l942
101.8
J
J
103
O
^Stamped extd to Sept 1 1935..
100.11105.17
3
A
O
86
72
J
A
A
S
89
F
385
M
104.6
98
13
74%
*103
1951
1942
Apr 15 1962
6s...1932
103.30
10.5.29
102%
Deutsche Bk Am part ctf
104.2
103.28 103.22
.
100
103.30 103.25
M N
101
71%
—
A
S
102.19
97%
*96
102%
■■
102%
O
J
102.19
A
100% 105%
101
104%
3
mmmm
A
J
103.30
F
7
18%
103
1955 F
External gold 5%s_
M
6
Belgium 25-yr extl 8%s
36%
102%
102%
*103%
1942
Czechoslovakia (Rep of) 8s
M N
*5%
♦Bavaria (Free State) 6%a
17%
17%
S
A
103.18
96 6
101. 27102.21
1957
f 7s 2d series. 1957
7s—
99
M N
M
1949 F
1949
♦Public wks 5%s
External g 4 %s
S
1945
External g 4%s of 1928
82
103
102.15
101.16
100 .18106.16
♦External s f 7s 1st series
Austrian (Govt) 8
2
74
102.10 101.30
1945
External 6s of 1927
82
J
S
D
1963
Australia 30-year 5s
80
82
D
74
♦Antloqula (Dept) coll 7s A.—1945 J
♦External s f 7s series B
1945
S f extl conv loan 4s Feb
51
June 30 1945 J
256
104.4
J
1951
1944
90
30
Sinking fund 5%s—Jan 15 1953 J
102.8
103.25
A
Antwerp (City) external 6s
100%
77
60
External loan 4%s
107.10
101.25
104.4
O
^External s f 7s series D
101 %
93
53
104.30
107
102.5
S
A
♦External s f 7s series C
96
41
98%
....
am m
—
109.25
107.8
S
M N
Akershus (Dept) Ext 5s
29
100%
62
-
99
O
M
1948
♦Gtd sink fund 6s
-
*55
82
—
104
87
A
M
M
7s
31
30%
30%
18%
...
104 .24 108.24
106.21
....
.
60
J
105.19
97%
98%
A
105.28
99%
100
M N
♦7s stamped....
107
Agrlcultura JMtge Bank (Colombia)
♦Gtd sink fund 6s
1947 F
8 f extl conv loan 4s Apr
High
17%
22
*14
....1957 F
Cordoba (Prov) Argentina 7S..1942 J
♦Cordoba (CUy) 7s.
106
8
& Municipals—
Govt.
Foreign
Low
18
♦14
A
108.4
1942-1944
2kb series 0
Year
1937
High
O
F
D
1 1939-1949
2%s series B__Aug.
25-year gold 4%s..._
D
1 1944-1952
May
1952
..1953
1957
Copenhagen (City) 5s
J
Home Owners" Loan Corp—
3s series A
for
©"S
A
A
J
M
1 1942-1947
Mar.
107 .12114.9
105.16 10o.6
D
J
M
2%s
C
F
109.26
104.12 104
S
D
J
-Mar. 15 1944-1964
May 15 1944-1949
Jan. 16 1942-1947
3%s
1112.8
S
D
M
Mortgage Corp—
Federal Farm
Range
2!
Asked
M N
109 .12115.20
Treasury
A
Low
113 .16121.14
A
15
15
15
15
15
15
15
15
15
15
Treasury
Bid
1
15 1947-1952
Dec.
Mar
June
3s
..Sept
3s.-.-.June
3%s
June
3%s.__Mar
3Ha
June
3%s
Dec.
Price
Foreign Govt. & Mun. (Cora.)
Treasury 3%a_..Oct.
Treasury 3%s
Friday
High
Treasury 4%s.._Oct.
Treasury 3%fl
Range or
Sale
©
—
tt t-
Week Ended Jan. 7
1937
No.
STOCK EXCHANGE
Week's
Last
«
»-
«
Range
I:
(J. S. Government
Treasury 4s
Friday
••
Range or
Sale
which they
shown In a footnote In the week in
Week't
Last
disregarded in the week's range,
Cash and deferred delivery sales are
week, and when selling outside of the regular weekly range are
computing the range for the year.
Friday
BONDS
N.
Weekly and Yearly
for Income and defaulted bonds.
NOTICE—Prices are "and interest"—except
1938
8,
—
--
-
1
5
9%
97% 103%
103
107
40
85
36
76
12%
14%
35
Jan 1961 J
14
13
14
27
38
8%
11
30%
28
M
S
*11%
15%
D
11%
9%
110
9%
26
A
O
11
9%
11%
11%
59
9%
20
A
O
66
65%
28
47
A
O
80%
67%
82%
9
00
67%
82
♦External sink fund g 8s
13%
J
♦Poland (Rep of) gold 6e
♦Stabilization loan s f 7a
♦6s extl s f g
Oct 1961 A
J
J
59%
62
32
45%
64
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s 1st ser..
♦Nat Loan extl
For footnotes see page
251.
a f
6« 2d ser..
59%
-
--
-
Volume
146
New York Bond Record—Continued—Page 2
Friday
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Bid
D
J
1952 A
QueeDaland (State) extl a f 7a..1941 A
25-year external 6a
1947 F
O
f 6a.
O
11
♦78 extl loan of 1926
96
96
1
92
20 h
20 h
20%
5
17%
25%
20%
8
16%
25%
"20%
25
O
12
10 %
A
10 H
1946 A
O
D
Rome (City) extl 6 Ha.
..1952 A
♦Roumanla (Kingdom of) 7a...1959 F
♦Saarbruecken (City) 6a
1953 J
Sao Paulo (City of, Brazil)—
♦88 extl aecured s f
♦6 Hsextl aecured
San Paulo (State of)
a
O
A
{♦8s extl loan of 1921
1936 J
1950 J
J
1956 M
S
♦68 extl Dollar loan
1968 J
J
Secured
1940 A
O
f 7s._
J
1945 J
6%s
11%
9%
9%
33
9%
32%
70%
113
38
10
11
9%
2
18
13%
12%
13
13
12
11
11%
11%
20
10
46 %
47%
66
A
A
32%
"T%
8
83%
43
27
35%
34%
•45%
Brooklyn City RR 1st 58.
Bklyn Edison cons mtge 3%s._1966 M N
Bklyn Manhat Transit 4%s—1966 M N
Bklyn Qu Co A Sub con gtd 6s,1491 M N
1st
5s
44
Debenture gold 5a
34%
98
a
f deb
23
25
33
116
24
33
40%
60
28
39%
tBush Term Bldgs 5a gu
98%
CalPack
101% 106
6a....
conv deb 5s
A
D
57
51%
60%
54
53%
49%
50%
52
24
49
4
54
5
52
65
73%
50
80%
99% 103
48%
72
50%
1
50
52
7
47
70%
70%
62%
*65
80
78
83%
*99%
100
88
100%
60%
58%
62
20
39%
62
58
58
61%
38
51%
86%
51 %
46%
47
INDUSTRIAL
Canadian Nat gold 4%a
Guaranteed gold 5a
COMPANIES
59%
53%
"96"
—1947
90
10-year deb 4%s stamped.. 1946
Adriatic Elec Co extl 7s.
Ala Gt Sou 1st
1st
cons
cons A
100
..1952
5a
*106%
103%
103%
1943
with
6s
assented
warr
1946
71
101
110
6
51
76
1
57
74
5s
71
37%
1950
Allegh A West 1st gu 4a
Allegh Val gen guar g 4s
31%
60%
37%
31%
29%
i
1998
108"
"i09"
1942
"104%
..1955 M
2030 M
S
American Ice
1953 J
f deb 5b
109
29
93% 102%
51%
87%
Am Intemat Corp codv 5H8--1949 J
56
57
D
1949 M N
2
3
*96%
'i04~
103%
J
94
105%
alOO
57%
98
104%
59
130
"2
90
al00
68% 101%
96%
93%
72%
80
102%
107% 112%
91
101%
82% 100%
96
105%
1
84
103%
8
Am A Foreign Pow deb 5s
a
10
62
90
AUla-Chalmera Mfg conv 4s—1952
Amer I G Chem conv 5Hs
"24
82%
1951
Alplne-Montan Steel 7a
96% 107
75
Allied Stores Corp deb 4 Hs—-1950
4 Ha debentures
97%
70
1950
conv
115
57
1949
♦5a stamped
109
54
*60
Alleghany Corp coll trust 5a...1944
♦Coll A
89% 105%
93% 105%
76
99%
53
1948
Coll A conv 5a
106
2
22
37
24%
87
"55
95
8
100
99
109%
86% 106%
Amer
Telep A Teleg—
20-year alDklng fund 5 Ha—1943 M N
3%s debentures—
1961 A O
3%s debentures
♦Am Type Founders
1966 J
conv
Amer Wat Wks A Elec 6s
deb. 1950 J
ser A.
D
J
1975 M N
Anaconda Cop Mln s f deb 4 Ha 1950 A
O
113
112%
100%
100%
101
101
105
105
95%
93%
104
104%
113
101%
101%
67
191
69
111% 114
96% 102%
96% 102%
Jan
1967
30
30
{Ann Arbor 1st g 4s
1955 q
Ark A Mem Bridge A Term 6s. 1964 Ml
Armour A Co (Del) 4s series B.1955
F
J
General 4s.
1996 A
O
Adjustment gold 4s
Stamped 4s
1995 M N
-.1955 J
..I960 1
D
1965 J
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4a...1958 J
Cal-Arlz 1st A ref 4 Ha A—.1962 M
At! Knox A Nor 1st g 5s......1946 J
1944 J
1944 J
Atl A Charl A L 1st 4 Ha A
cons
J
J
D
103
111%
111%
alll% alll%
*114
J
*
99%
100%
107
110
114
110% 113%
3
118% 118%
97
111%
99% 116
87
J
Atl Gulf A W I SS coll tr 5s
75%
75%
27%
J
'~60~
76%
20
74
99%
26
29
23
27
60%
29
26
54
58%
60
"3
20
20
1
*76
92
{♦Auburn Auto conv deb 4%s.l939 J
J
1941 J
J
Baldwin Loco Works 5s atmpd.1940 M N
Bait A Ohio 1st g 4s......July 1948 A O
*102
Austin A N W 1st gu g 5s
85% 105%
73%
99%
86% 106%
*24
J
1959 J
5
20
69
57%
83%
16%
85%
99% 107%
102
78%
39%
227
79
104
Refund A gen 6a series A
D
1st gold 5s
O
74
68
82%
139
73% 108%
37 % ; 94%
78% 116%
D
43
32%
65%
45
199
43
70
38
1995 J
July 1948 A
1995 J
Ref A gen 6s aeries C
1941 M N
P L E A W Va Sys ref 4s
Southwest Dlv 1st 3Ha-5a..l950 J
Tol A Cin Dlv 1st ref 4a A...1959 J
4Ha——
J
"51%
S
A
31%
1996 M
S
37%
24%
28
1943
4s
stamped
1951
For footnotes see page
1960
251.
51
107%
50
99%
36%
93%
34
864
39
211
37
112
8
111
116
105
14
103
110%
30%
32
31
90%
37
83
53
73%
102% 105%
42
7%
104
119%
109% 116
113
118%
114% 121
114% 121
112% 118%
110% 116%
110% 116
128%
120
80
99%
99% 105%
109% 115%
98% 110%
90% 105%
50
83%
101% 105%
107
111%
83
30
106%
A
1959
*25
5%
*
"ig"
*
*60
*106%
A
con
1941
1948
g 5a
1939
S
95%
95%
102
107%
22
51
31
73
58
62
105%
119%
"19
58
"38
88%
78%
93% 112%
97% 108%
66% 104%
88
76
17
95%
92
1
125%
55
96%
104% 108
105%
105%
37
105% 109
121
30
116% 128%
93% 102%
49
31
108
92% 102%
107% 111
105% 111%
108
120%
*114%
J
M
28
116
95%
95
109
104%
25%
95%
95
90
100% 108%
38
75%
122%
*106%
*106%
-1989 J
1941
60% 125%
93
105%
105%
120%
May 1940
1989
34
244
104
"70%
*116
61%
23%
18
90
90
M N
S
10
13%
112
97%
*
Potts Creek Branch let 4a...1946
4a.
31
28%
M N
M
23%
40
24
95
"73"
lH
4%
12
98
*
M N
w
con g
97
30%
F
3
42
81%
36%
23%
24
*25
Guaranteed g 5s
"l3
*107
95
97%
40
71
70
*42%
Through Short L 1st gu 4a...1954
Central Steel 1st ga f 8s__
Certain-teed Prod 5%s A
6
6%
93
18
28
*105"
97%
70%
23
*12%
1961
1960
11
5%
5%
M S
60
10
63
10
"l6%
1959
1
9
56
75
21%
.1945 M N
A O
{♦Cent RR A Bkg of Ga coll 5a 1937
5a extended to May 1 1942
A
Chlo A Alton RR ref g 3a
1949
Chic Burl A Q— 111 Dlv 3%i—1949 J
1949 J
1958
1977
1st A ref 5a series A
.
1971
M
109% 115
S
{♦Chic Ind A Loulsv ref 6s
108
*107%
J
118
118
7
126%
126%
126%
8
120
131
26%
106%
J
S
"108%
25%
26%
106%
109%
111%
107
A
103%
108%
103%
109
F
A
108%
107%
109%
90%
O
105
6
22
108%
6
104
23
94
107
52
101% 116%
104% 119
103
16%
N
S
90%
1
88
15
16%
23
10
15
N
15%
4
9
108
2
107
18
135
15
107
18
15%
58%
110
107% 113%
117%
101%
46%
45%
124
61%
1947 J
J
*10
20
11%
J
J
*10
20
13
43
1947 J
J
10%
10%
10%
39%
M N
5%
5%
26%
5%
26%
♦Refunding g 5s series B
♦Refunding 4s series C.
♦1st A gen 5s series A—
1966
1947
♦1st A gen 6s aeries B_.May 1966 J
Chic Ind A Sou 60-yr 4a
Chic L 8 A East 1st 4%a
O
F
{{♦Chicago A East 111 1st 6a...1934 A
{♦C A E 111 Ry {new Co) gen 5s. 1951 M
♦Certificates of deposit..
M
Chicago A Erie 1st gold 5a
1982
M
{♦Chicago Great West 1st 4s
1959
1956
1969
J
J
5%
J
J
D
*85
6
6
44%
93
107%
110% 112%
90%
*110%
Chic Mllw A St. Paul—
♦Gen 4s aeries A
J
May 1 1989
May 1 1989
J
♦Gen 4%s series E—May 1 1989
♦Gen 4%a series F___May 1 1989
29%
J
28
J
♦Gen 4%s series C
♦Conv
adj 5s
Jan 1 2000
{♦Chic A No West gen g 3%s..l987
A
O
M N
1987 M N
1987 M N
M N
D
30
28
28
10%
12%
16%
16
3%
16%
18%
25
66
29
24%
25%
69%
5
25%
4
28
8
....
312
8
16
3
16%
10%
12
14
18%
1
20
4
23
17
57%
69%
71%
30%
12%
49%
52%
62%
64%
191
4
*16
16%
18
11
6
66
16%
1
18
19%
23
16%
18%
61
11
11
2
9%
38
10%
.....
16
16%
20
"19%
D
♦1st A ref 4 %s ser C.May 1 2037 J D
♦Conv 4%s aeries A
1949 M N
39%
29%
12%
3%
4s
1987 M N
♦Stpd 4s non-p Fed lnc tax 1987 M N
♦Gen 4%a stpd Fed lnc tax..1987 M N
.1936
May 1 2037 J
♦1st A ref 4Hs stpd.May 1 2037 J
"28%
28%
♦General
{♦Secured 6%a
♦1st ref g 5s—
29%
.
"29%
J
A
{♦Chic Mllw St P A Pac 5s A..1975
♦Gen 6s stpd Fed lnc tax
105% 116%
60
78%
101
103%
115% 121%
7
56
75
A
♦4 %s stamped
100
"~2
50
101%
20
O
82%
106
69%
49
75
1987
93%
166"
E
Bell Telep of Pa 5s series B....1948
1st A ref 5s series C
113
227
loo"
105%
Battle Creek A Stur 1st gu 3s.. 1989
1951
67% 105
107%
104%
105%
Con ref 4a—*—...........1951
Beech Creek ext 1st g 3 Ha
103%
38%
50
"28~"
"37"
1960 F
..
Ref A gen M 5a series F
Bangor A Aroostook 1st 5a
45
t
J
2000 M
Ref A gen 5s series D_.
Conv
29
38%
31
20
♦Gen g 3 %a serlea B__May 1 1989
69
22
113%
101%
D
1987
4s
103
87
1948 J
4a
4%s series B
5
87
147
72
A
A
1st A ref
11
May 11946 M N
2
18
101%
D
Cent Pacific 1st ref gu gold 4s. .1949 F
General
108
150
20
1948 J
gu
...
101
77%
Atl A Dan 1st g 4s
Second mortgage 4s...
{♦Cent New Eng 1st
Central of N J gen g 5a
General 4a
103% 110
104% 111
76
8
/•
83
1941
Illinois Division 48
27
34
108% 112%
104% 105%
93
39%
106% 116
112
94
113%
124%
108
Cent Hud G A E 1st A ref 3 %a. 1965 M S
Cent 111 Elec A Gas 1st 5«
1951 F A
Cent Illinois Light 3%a
1966
104% 109%
92%
75%
Oct 1952 MN
99%
100
100%
6
12
114%
*80%
Craig Valley 1st 5a
13
92%
119
117
107%
74
112
100%
8
D
42%
105
100
116
25
119%
97%
97
N
M S
General gold 4%s
1992
Ref A lmpt mtge 3%s aer D..1996 M N
Ref A lmpt M 3%s ser E
1996 * A
1
104%
77
116%
88
101%
113%
100%
97%
1946
2d consol gold 4a
Warm Spring V 1st g 5a
106%
103%
101%
113%
101%
1941
R A A Dlv 1st
101
86
♦Mid Ga A Atl Dlv pur m 6s.l947
♦Mobile Dlv 1st g 5s
Central Foundry mtge 6a
Gen mortgage 5a
75% 100%
105%
88
♦Chatt Dlv pur money g 4s..1951
♦Mac A Nor Dlv 1st g 5a
1946
80
J
LAN coll gold 4a
♦Consol gold 58
♦Ref A gen 5%a series B
♦Ref A gen 6a serlea C
63
S
General unified 4 H8 A
10-year coll tr 5a
30%
4a July 1952 M S
1964 J D
1st 30-year 5s aeries B
23
93
I"
*l66"
31
113%
*101%
{♦Central of Ga 1st g 5a..Nov 1945 F
48
105%
103%
111%
5
6
D
M
103%
104%
2
11
1938 J
M N
102%
109
7
10%
107%
J
Chea A Ohio let
82
106
87
9
103%
J
Champion Pap A Fibre deb 4%a '50
99
*"
D
110%
40
*
1954 J
6s aer A.Dec 15 1952 J
92
D
1948 J
Conv gold 4s of 1910
Conv deb 4 Ha
cona g
J
200
109%
65
103% 107
83
61
113%
116%
118%
118%
116%
113%
113%
123%
113%
113%
124%
95
103
122%
100% 132%
9
38
106
'110%
A
Carriers A Gen Corp deb 5s w w 1950 M
Cart A Adlr 1st gu gold 4s
1198 F
Celotex Corp deb 4%s w w
1947 J
J
♦Cent Branch U P 1st g 4a
1948
92%
m
D
99% 107
109
83
115%
106
10
85%
10
A
1955 J
1956 F
91
103
12
7
"43% '141
37
113%
116%
119%
1970 F
19
104
110%
1949 J
86%
D
O
10
31
57
1960 J
%s
guar 4s
88
D
1955 J
Conv gold 4s of 1909
Conv 4s of 1905
Atl Coast Line 1st
Deo 1
trust 4
92
109%
J
1969 A
1944 J
92%
1995 Nov
J
1969 J
81
*30%
1957 J
1st M a f 4s ser C (Del)
Atchison Top A Santa Fe—
J
105
*93
A
94%
105%
57
95%
104%
♦Anglo-Chilean Nitrate—
5 f Income deb
5
2
74"
109%
"3
109
103%
49
67
Albany Perfor Wrap Pap 6a...1948
Alb A Susq 1st guar 3 Ha
92
100%
82
1943
4s series B
38
90
61%
*91%
33
104%
71
103%
....1946 M S
Coll trust 4 %a
5s equip trust ctfs
1st A
Coll trust 4a of 1907.
108
*8%
10%
107%
Guaranteed gold 4%a..Sept 1951 M S
J
Canadian Northern deb 6%s... 1946 J
Canadian Pac Ry 4% deb stk perpet J, J
Caro Clinch A Ohio 1st fta...
{{♦Abitlbi Pow A Paper 1st 5a. 1953
5
35
38
1957
July
Guaranteed gold 5a
Oct
Guaranteed gold 5a
Guar gold 4%s
June 15
Guaranteed gold 4%s
{♦Car Cent 1st
Adams Express coll tr g 4s—.1948
55 ;
76
*7%
1962
5a A
cons gu
172
6
60
*84
1942
2
29
51%
34%
41%
41%
39% 101%
97% 105%
44% 104
5%
78%
49%
*62
103
♦Camaguey Sugar 7s ctfa
11
*106%
"43%
O
1955
8%
"~43
8
110
no"
1940
104%
Conaol
10
93%
105%
1960
90%
1
A
{{♦Burl C R A Nor 1st A coll 5a 1934
♦Certificates of deposit...
{Bush Terminal 1st 4s
1952
91%
85%
44%
71
A
Buffalo Gen Elec 4 %a ser B
1981 F A
Buff Nlag Elec 3%8 series C..1907 J D
Buff Roch A Pitta consol 4 %s. .1957 M N
Coll trust gold 5s
AND
93%
1950 F
40
"74%
71
1957 M N
3%s
26
107%
104%
1947 M N
1950 J D
1st lien A ref 5s series B
Brown Shoe
90
44%
40
*
76
112
41
21
103%
48%
*
J
A
105
41
8%
103
50%
107
43%
44%
v
40
l03%
1945 M N
let lien A ref 6s series A.
43%
35%
Collateral
RAILROAD
1941 J
1950 F
stamped
Bklyn Union El 1st g 5a
Bklyn Un Gas 1st cons g 5a
25
103
99% 106%
89% 99%
94
*108%
j"j
1941
25
55%
55%
103
103%
8
8
Canada Sou
3%-4~4% % extl readj
1979 M N
Venetian Prov Mtge Bank 7a..1952 A O
Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7a...1958 F
Yokohama (City) extl 6s
1961 J
{♦Boston A N Y Air Line 1st 4a 1955 F A
{{♦Botany Cons Mills 6 Ha
1934 A O
♦Certificates of deposit
37%
*8%
19%
53%
..I960 M N
...1964 M N
6a
37%
A
1961
22
103%
1952 M
External s f 5 Ha guar
1961 A O
Trondhjem (City) 1st 5Ha
1957 M N
♦Uruguay (Republic) extl 8a...1946 F A
6s
103 h
1971 J
Taiwan Elec Pow s f 5 %s
Tokyo City 5s loan of 1912
O
1st g 4%s series JJ
*19
32%
58%
31%
1955 F
25
42
*19
32
s f
10
15
10
31%
58 h
s I
25%
20%
11%
31
•External
11
30
60
13
*25 h
*100
27
26%
20
40%
40
32
-.1946 F
103%
28"
18%
18%
42
11%
High
22%
22%
23%
42
12%
Tjow
20"
1944 J D
1967 MS
1955 M N
6
1937
No.
26%
94
Boston A Maine 1st 5s A C
1st M 5a series II
11H
A
High
1966
Big 8andy 1st 4a
for Year
22%
22%
23%
100%
92%
22%
ser D..1960
33
32
•JSyria (Province of) 7a
Sydney (City) a f 5%s
4%s
Cons mtge 3%a aeries E_
34%
13%
13%
D
♦Silesia (Prov of) extl 7s...
1958 J
♦Sllesian landowners Assn 6a..1947 F
cons M
Range
22
Asked
32%
13h
12%
46 h
Beth Steel
8%
13h
12 %
D
dt
26%
♦Berlin Elec EI A Undergr 6 %s 1956
10%
16
9%
Bid
......1955
20
"3
11%
♦Debenture 6s
19
1962 M N
sec extl
♦External
113
Belvldere Delaware cons 3%a..l943
♦Berlin City Elec Co deb 6 %a..l951
♦Deb sinking fund 6%a
1959
82
Serbs Croata A Slovenea (Kingdom)
♦8b secured extl
1962 M N
♦78 series B
104% 113%
11%
10%
*18%
D
1946 J
♦Saxon State Mtge Tn8t 7s
g
100
36
70 h
36
Range or
Friday
Sale
Price
Low
12
m
1957 M N
♦88 external
♦Sinking fund
31
—
♦7s extl Water loan
s
33%
9%
*934
9 %
68%
m
"ion
Last
EXCHANGE
10%
11
J
1952 M N
f
"~2
25
10
106
108%
9%
12%
1968 J D
...1966 M N
5
108
107%
STOCK
Week's
High
96
1953 F
1967 J
26
Loto
6
*106 %
25
S
NO.
10%
A
1950 M
♦7a municipal loan..,
11
Y.
Week Ended Jan. 7
10h
10%
Rio Grande do Sul (State of)—
♦8a extl loan of 1921....
♦6a extl 8 f g
Hig
BONDS
N.
1937
10%
1946 A
♦Rhlne-Maln-Danube 7a A
♦Rio de Janeiro (City of) 8a
♦Extl sec 6 Ha
Asked
&
Low
Prague (Greater City) 7%a
1952 M N
♦Prussia (Free State; extl 6 %a_ 1951 M S
s
for Year
Friday
Range
Friday
Price
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City of) 8a
1961
♦Extl loan 7%a
1966
♦External
Range or
Sale
Week Ended Jan. 7
247
Week's
11
23
8%
30%
10
11
18
8%
30%
24%
5%
6%
10
398
5
52
Jan. 8, 1938
New York Bond Record—Continued—Page 3
248
Friday
Week's
Last
Range or
Range
Sale
Friday
for Year
BONDS
N
Y.
STOCK EXCHANGE
Price
Week Ended Jan. 7
D—1961 F A
1952 A O
1965 A O
G—1966 M S
Gen A ref 6e ser E
Gen A ref mtge 3*s ser
♦Detroit A Mac 1st lien g
%AlLROAD 'BONDS
♦1st 4s assented
Chicago, III.
East Ry Minn Nor
Friday
Week's
Last
Range or
Sale
Friday
BONDS
STOCK EXCHANGE
Week Ended Jan. 7
n. Y.
Price
Bid
108*
J
j
J
1
103
j
108*
102*
103*
11
Dlv 1st 4a__1948 A O
1956 MN
J
4s
1939 J
5s stpd
18
1988
| ♦Refunding gold 4s
♦Certificates of deposit
1934
A
§ ♦Secured 4*s series A
♦Certificates of deposit
1952
ms
♦Conv g 4*s
1960
41*
43*
42*
15*
---.
62
9*
8
9*
6*
8
54
6*
9*
8
9*
34
6*
6*
6*
9
6*
M N
1944
.—1963
1963
1951
Chic & West Indiana con 4s—1952
1st A ret M 4tfs ser D
1962
Chllds Co deb 6s
1943
{♦Choc Okla A Gulf cons 5s.—1962
Cincinnati Gas A Elec 3*s
1966
1st mtge 3 *8
1967
Cln Leb A Nor 1st con gu 4s...1942
Cln Un Term 1st gu 5s ser C—1957
1st mtge guar 3 *s series D..1971
Clearfield A Mah 1st gu 4b
1943
D
3*8 series E
guaranteed
4*
15
4*
4*
♦
94*
j
D
j
D
j
D
------
j
D
67
66
M
S
51
51
------
"86""
4
A
90
18
48*
91
104
107*
"u
1927
of 1930
N Y A Erie RR ext 1st
,
4a
109*
109
105
105
105
9
98
98
100
34
M
J
D
103*
------
M N
------
m N
22
108*
91* 105*
10
55
1
14
107*
107*
108*
108
-----
107*
*
104* 108*
----
117
105* 109*
101
110*
104* 104*
25
14
90*
82
69
73*
102*
*..._.
85*
86*
------
---»
♦101*
O
Conn A Passum Rlv 1st 4s
84* 104*
104
104
103
100
----
105
12
104* 108
110*
110*
25
105*
/*
♦109
111*
*** /I
110* 110*
109* 113
♦109*
108
108"
108
108
8
~
107
109
105
111*
105
2
*106*
107*
....
"104*
104*
100
105*
100
14
60
46
43*
109
46*
94*
112*
99* 108
59
96
38*
77*
20
43
95*
94
94
90
5
92*
----
-----
105*
92* 105
89
105*
26
-----
92
92*
105*
3
60
------
90
1
60
95
95* 111*
-----
100*
100
113
50
92
*109*
100
27
102*
91
91*
------
102* 116*
104*
105
105
j
----
------
106
105* 112*
106*
"ei
f 6s
,
1960
IVI N
Consumers Power 3*s.May 1 1965
1st mtge 8 Ha..
May 1 1965 IVI N
1st mtge 3 He
1970 M N
1966
1946
15-year deb 5s
1943
^Copenhagen Telep 5a.Feb 15 1954
M N
F
A
Crane Co
F
A
lBt mtge 3*s
Container Corp 1st 6s_.
f deb 3 Hs
1951
D
D
1950 M N
f 4s
Crown Willamette Paper 6s....1951
Cuba Nor Ry 1st 6Hs—
1942 j
234
16
2
17
—
—
15
j
21
58
----
102
103* 110*
100
103*
......
......
100
......
106*
104
14
99* 107*
101*
102
46
100
100
19
103*
103*
98* 108*
96* 103*
101* 105*
79* 103*
88*
*87
----
1
100*
100*
99*
*106
-----
----
104
6
27
37*
36
99* 102*
12
100
103*
37*
3
97
a
j
j
41*
1952
45
7*a series A extended to 1946...
D
6s series B extended to 1946
Dayton Pow A Lt 1st A ref 3 Ha 1960 A
O
Del A Hudson 1st A ref 4s
1943 IVI N
Del Power A Light lat 4 Ha
1971 J
1969 j
j
1969 j
J
1st A ref
4*s
1st mortgage 4 Hs
Den Gas A El 1st A ref
s
{♦Dee M A Ft Dodge 4s ctfa...1935
4*8—1947
For footnotes see page 251.
------
46
D
D
N
47
65
104*
104
107*
----
106*
11
107*
1
—
— -
101* 108
95*
107*
*107*
55
47
106
"13*
64*
62*
6
106*
-
-
11*
13*
14
15
-
—-
57
101* 105*
104* 107
106* 108*
106* 108*
10*
36*
5
11
38
7
6*
7*
12
5
23
6*
5*
6*
31
4
22*
9*
8*
9*
21
3
3
3
7*
2*
32*
12
15
s
*19*
95
91*
94*
96*
104
103*
80
Hudson Co Gas 1st g 5s
A—1962
.1949
1957
Hudson A Manhat 1st 5s ser A.
♦Adjustment Income 5s Feb
1957
j
...
*8*
40
52
30*
21*
"95"
18
89
107
96*
104*
60
89
101*
78
100
80
1
106
78
107*
103* 103*
105* 111
95
95
72
2
69
98*
33
61
95*
111*
2
108
116*
104
9
100* 119*
98
99
42
90
10
89*
70
103*
281
"~88~"
88
103*
102*
94*
78*
77*
104
93
*50
......
8*
79
42
9
82
2
91
92
7
85
88
33
101
102
24
103
103*
5
118*
9
118*
55
*31
99*
29*
30
103*
*120
93*
99*
83*
97* 105*
102* 105*
22
*18
A
75
90"~
105* 108
*107*
60
15
106*
2
91*
103*
65
106*
80
91
102
96
106
"96"
~82*~
91*
75*
"l9
*105*
*
115*
88* 109*
87
108*
98* 141*
89
111*
97
50
60
60
4
44
100
30*
121*
*11
17
61
116* 124
48
92
14
107*
108*
2
*98
103
54
20*
18*
108*
97*
42
86*
96* 103*
28
57*
20*
52*
28
114* 126*
*35
"52*
gold 4s
B...1970
1951
1951
88
"88
3*8......1951
*-_,
1st gold 3s sterling...
1951
*1
Collateral trust gold 4a.
1952
"i9*
Refunding 4s
1955 MN
46*
48*
*
Purchased lines 3*8—
.1952 j
Collateral trust gold 4a..
1953
40*
41*
Refunding 5s
1956
50
51*
40-year 4*8
Aug 1 1968
30
36
Cairo Bridge gold 4s
*
1950
Litchfield Dlv 1st gold 3s
1961
*
Loulsv Dlv A Term g 3 *8—1953
*65
Omaha Dlv 1st gold 3s
1951
*
St Louis Dlv A Term g 3a—1951
*
Gold 3*8
1951
*
Springfield Dlv 1st g 3 *8...1951
Western Lines 1st g 4b
1951
"73""
1st gold
3*s
....
89
85*
36*
57*
101* 110
97
"2
111
93
107*
107*
96
99
18
92*
50*
93
54
48*
59*
21
44*
96
93
49
95
90*
"41
41
55
28
56
37
40
32
80
103
109
44
103
82
80
80
75
80
-
42
44*
19*
88*
......
1
97*
19
70*
98*
D
O
41*
102
102
IVI N
A
3
60
HI
O
F
98* 105*
92
103*
71*
j
M N
44
55
69
o
M N
41*
98* 105
*80
j
5*s A..1940
44
30
29*
71
*106*
j
1949
Hocking Val 1st cons g 4*8
1999
Hoe (R) A Co 1st mtge
1944
{{♦Housatonlc Ry cons g 6s...1937
30
4
104*
O
j
2
"I
*18
O
1961
1966
90
100*
121* 122*
99
102*
96* 106*
10
25
50
j
o
Hudson Coal 1st s f 5e ser
95*
53*
20*
95*
j
Feb
39
*10
"5§"
D
j
42
6*
5
102* 107*
107
110*
45
87*
90
101*
98*
43*
9*
1*
1*
60
102*
A
j
a
9
2*
103
......
j
6
103
56
52
106*
*103
5
107*
107*
42 *
35
20
102
D
1946
Illinois Central 1st
35
----
106*
1951
♦Assented; subj to plan)
♦Ref A impt 5b ser B___Apr 1978
gu
52
45
5*
102*
O
1952
Illinois Bell Telep 3 *s ser
8
41*
41
20*
6
102*
j
10-year deb 4*a
101* 106
5
40
*37
107*
{|*Den A R G 1st cons g 4s...1936
f*Consol gold 4*8
1936
{♦Den A R G West gen 5s.Aug 1955
{♦Dee Plains Val 1st
107*
------
f 58... 1951
Stamped as to Penna tax
------
5*
103
Extended 1st gold
Cuba RR 1st 5s g
39
39
j
O
Gulf States Utll 4s series C
Houston Oil sink fund
87
6*
42
j
A
Gulf States Steel s f 4*8
103* 107
30
a
j
♦Harpen Mining 6s
106*
98
*39*
N
1952
40*
71*
33
100*
98*
j
M N
Hackensack Water 1st 4s
49
j
j
Feb 1952
Stamped
15
----
81*
58
2
118
D
j
1960
C
Gulf A 8 11st ref A ter 5s
40
96*
45
104
*
A
1950
Gulf Mob A Nor 1st 6*s B
41*
105
82
57*
*1*
*60
D
1940
4b
15
----
86
~6
2
*44""
O
Feb
27
----
—— —
41*
103
106*
J
D
99
*15*
*15*
*15*
*52*
1955
1956
97*
16
99
98* 104*
107
MN
j
26
105* 108*
92* 107*
107*
106*
6
6*
*
j
j
99* 107*
98* 102*
103*
97
"4
60
"57*
80*
105
95* 103*
17*
j
103*
99
86
94*
114*
100*
60
60
"98~"
100
118*
107
100
97
*1*
...1976
..1977
General mtge 4s series G
1946
Gen mtge 4s series H
1946
Gen mtge 3*s series I
1967
♦Green Bay A West deb ctfa A
1st mtge 5s series
1955
♦Debenture 4s
M s
—1973
50
18*
*60
D
D
General 4*s series E
Greenbrier Ry 1st gu
31
99
94*
General 4*8 series
102* 106*
..
*95*
I
Great Northern
100* 108*
102*
89
104
62
101*
*95*
D
1950
39
*
Wuertemberg 7s_—1956
Consol Gas (N Y) deb 4*8
1951
Consol Oil oonv deb 3*8..——1951
{♦Consol Ry non-conv deb 4s._ 1954
of Upper
J
♦Debentures ctfs B
♦Consolidated Hydro-Elec Works
1
3
#
6*s
106*
104*
103
85
s
A..1938 a
j
Gas A El of Berg Co cons g 5a—1949
F
Gen Amer Investors deb 5b A.. 1952
Gen Cable 1st b f 5*8 A
1947 j
♦Gen Elec (Germany) 7s Jan 151945 j
♦Sinking fund deb 6*a
1940 j
♦20-year s f deb 6b
1948 M
f
Gen Motors Accept Corp deb 3s '46
15-year 3*8 deb
....—1951
Gen Pub Serv deb 6*s
1939
Gen Steel Cast 5*8 with warr.1949
{♦Ga A Ala Ry 1st cons5a Oct 1 '45
{|*Ga Caro A Nor 1st ext 68—1934
A
♦Good Hope Steel A Ir sec 78—1945
Goodrich (B F) conv deb 6a....1945 j
1st mtge 4*s
..—1956 j
IVI
Goodyear Tire A Rub 1st 6s—1957
IVI
Gotham Silk Hosiery deb 5s w w '46
Gouv A Oswegatchle 1st Be
1942 j
Grand R A I ext 1st gu g 4*8.-1941 j
Grays Point Term 1st gu 5s
1947 j
F
Gt Cons El Pow (Japan) 7b—1944
8
104* 107*
35
s
Galv Hous A Hend 1st 5 *s
1
105
94*
89
39*
104* 119
100*
S
trust 6a—1956
107*
103*
103
99* 105*
101
----
-----
105*
103*
98* 101
37
102*
101
42* 1607
93*
40
828
100
*
j
General 5s series C
99*
43
94*
58
85
166"
s
47*
47*
29
100
j
N
1941 Y'j
100*
102
80
IVI
7 *s 1942
108*
♦107*
107*
1951
Stamped guar 4*s
1951
Conn Rlv Pow s f 3*8 A
1961
Consol Edison (N Y) deb 3*8-1946
3 Ha debentures
1956
♦Debenture 4s
4*s
94
Conn Ry A L 1st A ref 4*s
♦Debenture 4s
♦Certificates of deposit
110* 115
*
85
MN
102
102*
27
j
{|*Proof of claim died by owner.
(Amended) 1st cons 2-4a
1982
MN
{|♦Proof of claim filed by owner
33
------
"23*
"27""
5*
20
61
206
1952
96*
100
103* 107
80
106*
52
92*
140
60*
♦Certificates of deposit
Fonda Johns A Glov 4*8
107*
114*
"70*
36*
23
Ml
j
106* 112
95
106*
102* 106
104
51
O
IVI
1974
95*
100
j
1943
N
IVI
1943
4*8—1959
106*
109
100* 106*
338
*
S
1st A gen s f
103
53
A
Francisco Sugar coll
108* 113*
1
30
34
o
D
Framerlcan Ind Dev 20-yr
139*
97* 111
4
"98*
32*
35*
o
F
{♦Fla Cent A Penln 5s
{♦Florida East Coast 1st
131
74
109
28*
39*
O
j
96*
------
*112*
♦109*
62
68*
J
111
95* 116*
103* 107*
*103*
J
110
105
95
106*
98
*103*
j
4*s series A..1961
General 5*8 series B—
1962
O
D
j
IVI
1954
1956
1st 5e 1942
5s International series
1942
1st lien s f 5s stamped
1942
1st Hen 6s stamped
1942
30-year deb 6s series B
1954
Flat deb s I 7a
1946
107*
a
A
98*
105"
103
72*
20*
*
*
Fairbanks Morse deb 4s
Fort St U D Co 1st g
102* 106*
89* 104
----
100
------
M N
4s
1965
3*8...1951
2*s debentures
1942
Commercial Invest Tr deb 3 Ha 1951
12
-----
♦
O
Commercial Credit deb
67
----
------
Debenture 5s
Jan 15 1961 j
ColumDlft A H V 1st ext g 48.. 1948 A
Columbus Ry Pow A Lt
21
102*
o
Columbus A Tol 1st ext 4b....1965 F
107*
115* 118
------
109
O
♦1st A ref 5s series A
104* 107
100*
89*
40*
97* 104*
----
-----
94
16
31
103*
j
j
92*
103*
♦106*
♦101*
107*
IVI N
95
61*
14
IVI N
a
111*
101* 108*
57
61*
F
103
91*
------
a
109*
97*
55
102
*131*
D
.—.1938
73d mtge 4*8
7
26
98*
Federal Light A Traction
107*
104* 113
33
j
M
j
Apr 15 1952 a
a
4s series D
Genessee River 1st s f 6s
99*
110
109*
------
Columbia GAB deb 5s—.May 1952 M N
Crown Cork A Seal
conv
Erie A Jersey 1st 8 f 6s
98*
68
54*
*105*
j
D
4b...1993
D
1993
j
Ref A impt 4*s series E—1977
j
Cairo Dlv 1st gold 4b_.
1939
j
Cln Wabash A M Dlv 1st 4s. 1991 j
St L Dlv. 1st coll tr g 4s
1990 M N
Spr A Col Dlv lBt g 4s
1940 M S
j
W W Val Dlv 1st g 4b
1940 j
Cleve-CllffB Iron lot mtge 4*8.1950 MN
j
Cleve Elec Ilium 1st M 3*s_..1965 j
Cleve A Pgh gen gu 4*s ser B.1942 A O
Series B 3 *s guar.....
1942 A O
Series A 4 Ha guar
1942 j j
Series C 3 *s guar...
1948 M N
Series D 3 *s guar
—1960 F a
A
Gen 4*s aeries A
—1977
j
Gen A ref mtge 4 *s series B.1981
O
Cleve Short Line 1st gu 4*8...1961
O
Cleve Union Term gu 5*8
1972
o
1st s f 58 series B guar
1973
o
1st s f 4 *s series C
1977
D
Coal River Ry 1st gu 4s..
1945
A
Colo Fuel A Iron Co gen s f 5s.. 1943
♦6s income mtge
1970 a O
Colo A South 4*s series A
1980 Ml N
s
B
Ref A Impt ofl
94*
10
General 5s series B
s
Gen
113*
67
79*
"
Series
16
86
5
4a
Conv 4s series A
Ref A Impt 5s of
90
----
86
♦
Cleve Cln Chic A St L gen
♦Consolidation Coal
Series C 3*8
22*
------
3*a ser B
lBt consol gen lien g
A
1965 A
1940
—1940
1996
1996
—1953
1953
1953
1967 IVI
1975 A
1955 J
1957 J
1947 IVI
Erie RR 1st cons g 4s prior
26*
22*
25*
7*
j
F
1951 j
1965 A
El Paso A S W 1st 6a
Erie A Pitts g gu
J
23
108
*107
Ml N
Ernesto Breda 7s
Chicago UDlon Station—
Guaranteed 4s.-—.—
Debenture 5s
83*
16
11
18
47
8
1951
Gold 3*8
June 15 1951
Memphis Dlv 1st g 4s
1951
Chic T H & S'eastern 1st 5s... 1960
Inc gu 5s
Dec 1 1960
1st mtge
O
1
50
17*
♦15
------
Ch St L A New Orleans 5s
1st mtge 4s series
50
50
{♦Chic R I A V Ry gen 4s
♦Certificates of deposit
3*8
High
5s 8tamped
paid
Feb 1 1937 25% par
Low
High
1996
1952
1941
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4 *s ser A
1937
21*
*89*
*103*
48
107* 118*
100* 102*
107*
23
107*
65
37
108*
60
45
"55"
D
D
Electric Auto Lite conv 4s
109*
60
75
*35""
4*8—1961
1951 J
Ed El 111 (N Y) 1st cons g 5s..
Range
Asked
A
Low
H*Cblcago Railways 1st
.
for Year
101
63
Ed El 111 Bklyn let cons
3
12
*35
East T Va A Ga Dlv 1st 5a
•
106* 110*
105* HI*
105*
D
{|»Dul Sou Shore A Atl g 5s...1937
Duquesne Light 1st M 3*s
1965
Randolph 7711
111* 116*
9
17
D
IVI N
Dow Chemical deb 3s
Teletype -y Cgo. 543
1T. 1-761 A* Hell System
23
109
110*
105
1995 j
Detroit Term A Tunnel
135 So. La Salle St.
Connections
T>Igby 4-5200
113 *
i
High
Low
108*
j
...1995
♦Second gold 4s.—..
♦2d 4s assented
'Private Wire
No.
109*
"110
D
4s—1995 j
1995 j
1937
Asked
High
112*
113*
Detroit Edison Co 4 *s ser
Gen A ref M 4s ser F
T^erv York, CN<. Y.
d
Low
Bennett 'Bros. & Johnson
One Wall Street
bid
"75"
93
90
104*
98
80
102*
70
89*
92*
98*
88
90
100* 100*
83* 101*
Volume
New York Bond Record—Continued—Page 4
146
BONDS
N.
Y.
8TOCK
Last
EXCHANGE
Week Ended Jan.
Ranee
Sale
7
249
Week's
Friday
Range
or
Friday
Bid
Pries
<k
Low
for Year
Asked
£3
1937
BROKERS IN BONDS
Low
High
High
111 Cent and Chic St L A N
Joint 1st ref 6s series A
44 %
1963
1st A ref 4%s series C
Illinois Steel deb 4%s
39 H
40 H
1963
38%
107
1940
45 H
40%
40%
{♦Ind & Louisville 1st gu 4s
Ind Union Ry 3%s series B
1986
Inland Steel 3%s series D
♦86
1950
1956
1961
1966
} Interboro Rap Tran 1st 6s
12%
104% 104%
96% 107
f*10-year
conv
Interlake Iron
deb 4s
32
48%
49%
170
46%
97
48
48
47%
95%
16
18
13%
56
O
49%
51%
49%
50
50
72
77H
♦1st g 6s series C
100 %
17
18%
4%
1956 J
1956 J
♦16%
16%
53
46%
46%
48
23
44%
86%
92%
35
84
77%
20
"77%
70
*80%
A
J
J
J
89
1955 F
A
M
James Frank A Clear 1st 4s—1959 J
60%
86
80%
94
94
56%
88%
60%
57%
J
57%
89
38%
75
89%
157
74
61%
72
40
94%
80%
3
8
O
79
{|*K C Ft S & M Ry ref g 48.1936
S
gold 3s
97%
96%
"24%
Kansas City Term 1st 4s
23
1960
J
D
108%
105 H
w w
15
70
5
23
*14%
108%
38
105%
47%
16%
13
J
Kings County El L A P 6s
1937
A
1954
1st A ref 6%s
Kinney (G R) 5%s ext to
*151%
*76
J
1941 J
3%s collateral trust notes—1947 F
100%
104%
*.
*98"
D
Koppers Co 4s ser A
1951 M N
J
Kresge Foundation coll tr 4s..1945 J
"79%
100%
J
1954
Kings Co Lighting 1st 6s
101%
100%
99
99
A
58%
106
109%
102% 106
44
86%
31
35
78
108%
99% 114
104
101
101%
99%
25
99
107%
109% 109%
100
108%
146% 161
99
O
Kings County Elev 1st g 4s—1949
95
100
115%
89% 101%
J
1961
Metrop Ed 1st 4%s
Metrop Wat Sew A
119%
98% 102
24
25
99% 104%
1959 M
Laclede Gas Light ref A ext 6S.1939 A
Coll A ret 5 Ha series
S
28%
28
28%
12
O
88
21
59%
58%
41
85
59
57
1960
Coll & ref 6 Ha series D
86%
1953
C
57
56%
20
Coll tr 6a series A
1942
*49
51
43
—1942
*49
62
49
2d gold 5s
1941
*95%
100
100
85%
90%
99%
102
95
43
98
Lehigh C A Nav
s
f 4 Ha A
J
1954
Cons sink fund 4 Ha ser C—1954
s
f 5s
♦4s (Sept 1914 coupon)
♦Mlag Mill Mach
Michigan Central
1st A ref
s
f 58
1964
§3ecured 6% gold notes
21
21%
30
"97
General
General
cons
cons
105%
66
69
94%
100%
31%
31%
35
78
26%
77
20
75
76
97
68
100%
62
62
107
57
103%
*43
J
1940 J
2003 IVI N
30%
27%
52%
30%
2003 M N
31%
30
32
5s
2003 M N
38%
38
38%
cons g
4s
r
O
Lex A East 1st 50-yr 6s gu
O
1965 A
Liggett A Myers Tobacco 7s—1944 A
6s
1951 F
Liquid Carbonic 4s conv debs..1947 J
Little Miami gen 4s series A
1946 F
A
1952 J
1950 A
1949 IVI
-.1949 M
4s stamped
S
Louisiana A Ark 1st 5a
"86"
A
120
J
71
85
S
1945 M
S
136
126%
100% 106%
1959 J
Mo Kan A Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A..-1962
40-year 4s series B
♦Cum adjust 5s ser A
{♦Mo Pac 1st A ref 6s
♦1st A ref 5s series F
86
87%
85
106%
125
104%
103
105
52
103
102
5
98
111
1st A ref
2003 A
79
80%
21
79
*107%
112
110%
82
111%
93
99%
99
99
91
♦4s April
♦Assent
For footnotes
see page
251.
20%
9
19
48%
18%
7%
22%
5
18
45%
5%
18%
24
5%
5%
19%
19%
18%
22%
*..
43
110
141
-
-
^
-
21
20%
18%
5%
21%
7
47
19
45%
18%
48%
18%
48%
17%
46%
18%
49%
„
m-mmm
-
111
22%
17
20
18%
47
92% 100
■mm
74
7
19%
17%
19%
13
13%
11
14
13
14
33
78
17
8%
9%
97
54%
39%
39%
98%
107%
3
105
111%
102%
103
78
107
103%
12
100
90
88%
19
90
100%
77%
108%
89% 110%
26
91
68%
'52"
75%
71%
59
68%
87
mmmm
-
-
68
J
22%
*97%
99%
104%
....
86%
80%
74
40
70
6
59
27
52
114%
47%
84
97%
102
97
112% 119
10
70
12
68
22%
100
85%
74
80
...
106
D
99%
98% 104%
79%
60
49%
*113%
A
J
49
17%
18%
35
13%
*
J
80
4%
75
*.
18%
90
88
*
22%
95
„
100%
82
106
63
99%
99%
91%
5
39
97
99%
106
111
98%
63%
101
95% 107
100
106%
48
26%
22%
*12%
"58
1
12
33%
80
92%
82%
69%
92%
90
78%
25
12
41
"99"
85
4
4
1%
.
mmm
4
1%
4
1%
*
4
1%
2%
1%
6%
2%
*2%
*2%
4
*1%
2%
1%
6%
2%
2
7%
1%
6
*1%
O
*1%
♦Assent warr
Nat Steel 1st coll
s
f 4s
-
*1%
1965 J
D
IVI N
{♦Naugatuck RR 1st g 4s...-.1954
Newark Consol Gas cons 6s...1948 J
107%
*
16
80
D
*117
J
*20
50
J
*21
33
J
D
97
A.. 1952
1st g 4 %8 series B
1961
J Junction RR guar 1st 4s.. 1986
J Pow A Light 1st 4%s
1960
New England Tel A Tel 6s
N
N
New Orl Great Nor 6s A
1st A ref 6s series B
1983
1955
New Orleans Term 1st gu 4s...1953
IVI N
F
A
-
-
2%
107%
107
{♦New England RR guar 6s.-.1945 J
♦Consol guar 4a
1945 J
95% 105%
105%
86%
*1
A
1951
off.-.1951
A rets No 4 on '61
63
♦
79%
23
♦4s April 1914 coupon
22%
J
76
38
♦4s April 1914 coupon on
N O A N E 1st ref A Imp 4 %s A 1952
{♦ManG B A N W lst3Ha. —1941 J
37
*2%
New Orl Pub Serv 1st 6s ser A..1952
*70
43
7
6
J
57%
1959 IVI N
58
38%
*99%
J
A rets No 4 on.1926 J
90%
1st ext 4s
61%
96%
88%
68
40
O
warr
23
.
1
96
32
40
45%
A
♦Assent
25
85
28%
95%
95
67
19%
A rets No 6 on *77
O
*72
66
Nat RR of Mex prior lien 4%s—
98
115
warr
♦Certificates of deposit
{♦Manhat Ry (N Y) cons
4s. 1990 A
S
7%
22%
O
90
D
1
62
41%
18%
6%
19%
O
25
1953 IVI
5%
32
30
20%
18%
89%
A
1977
55
2013 J
28
8%
43
O
1914 coupon on...1977 A
90
f 5s
6%
*34%
♦4% July 1914 coup off
♦Assent warr A rets No 4 on *57
1
8
10
65
W mm'mm
1957
1957
1957
1
♦8econd 4s
8
24
3%
.
105%
♦4%s Jan 1914 coup on
♦4 %s July 1914 coup on
2
Manila Elec RR A Lt
28
62
A
1978 F
55
Manila RR (South Lines) 4s... 1939 IVI N
""3%
1955 M N
45
22%
37%
5%
5%
79
55
of deposit
9
7«
12%
3%
82%
45
♦Certificates
10
103
10
57
21%
2%
2%
10%
*-._.
D
24
8
6
6%
10
1955 A
O
*42%
46%
3%
8%
9%
1955 A
Gen mtge 4Hs ser A
1960 J
|{♦Manatl Sugar 1st s f 7 Ha—1942 A
25%
14%
3%
*
2000
85
99%
91%
57
2%
*.«.
C..1955
77
60
_
Nat Distillers Prod deb 4%s.__1945 IVI N
103%
84% 100%
109% 115
111%
A
99%
28
9
2%
100%
105% 111%
85%
96%
t
91%
"2%
M N
109%
85
i
A
m
-
1
17%
1955 A
1951
1946
Nat Dairy Prod deb 3%s w W..1951
92% 108%
112"
ser
♦4s April 1914 coupon off
16
McKesson A Robblns deb 6H8.1950 IVI N
Maine Central RR 4s ser A
1945 J
D
f 5s series D
m
55
*6
20
Nassau Elec gu g 4s stpd
Nat Acme 4%s extend to
106
15
f deb 68.1951 IVI N
15%
90%
90
k
74%
60
*
MN
1965 A
Morris A Essex 1st gu 3%s
Constr M 5s series A
99% 103
112%
109%
90
s
17%
gen
Montana Power 1st A ref 3%s.l966 J
Montreal Tram 1st A ref 5s
1941 J
135
93%
McCrorj Stores Corp
95
*40%
*18
A
gold 4s...1938 M S
♦Montgomery Dlv 1st g 6s.. 1947 F A
♦Ref A lmpt 4%s
1977 M S
♦Secured 5% notes
1938 M S
Mohawk A Malone 1st gu g 4s. 1991 M S
Monongahela Ry 1st M 4s ser A '60 M N
Monongahela West Penn Pub Serv
1st mtge 4 %8
I960 A O
116% 124%
67% 100%
102
1955 IVI N
105
105
National Rys of Mexico—
127%
120%
92%
Atl Knox A Cln Dlv 4s
1949 IVI N
1980 A O
Nash Chatt A 8t L 4s
103%
79%
98
18%
♦Certificates of deposit
f 5s series A
26
97
*18
1981 F
68 debentures..
3
33
1978 M N
60
79%
99% 106%
89
Lower Austria Hydro El 6H8--1944 F
8
..1977 M
Mo Pac 3d 7s ext at 4% ..July 1938
110%
85% 108
29
*77
♦Certificates of deposit
♦1st A ref g 5s series H
♦Certificates of deposit
90
3
18%
1965
6%s
105%
100
21
100% 103%
84% 108
102
J
A
88
37%
38%
90
108
2003 A
J
ser
♦1st A ref 5s series G
s
6%
28
101%
45%
1978
Jan 1967
8
Gen A ref
16%
102
89%
67
♦Certificates of deposit
♦General 4s
...1975 IVI
s
104%
18%
1962
Prior lien 4%s series D
....
104
99
J
Constr M 4%8 series B
1955 M N
Mutual Fuel Gas 1st gu g 5s...1947 M N
Mut Un Tel gtd 68 ext at 6%--1941 IVI N
108
20
2003 A
4s—1952
1949 M S
1978 J
J
1941 M N
5%s
♦1st ref 5%s series B
Hist Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
Gen A ref
5%
100%
100%
100
J
95% 101%
110%
98%
1st A ref 4 Ha series C
1st A ref 4s series D
South Ry Joint Monon
J
f 4%s series
103%
1946 F
J
1946 J
f 5s series B
72
*107
1980 IVI S
1945 M S
1938 J
{♦Mobile A Ohio
93
107%
102% 109%
102
89
F
1938 J
s
86
103
Louis A Jeff Bdge Co gu 4b
Paducah A Mem Dlv 4s
1962 Q
5s
s
64
80"
t
127%
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4 Ha
8
♦25-year
Louisville A Nashville RR—
3Ha series E
1949 M
5a gu as to Int
Gen A ref
*100%
S
1940 J
—2003 A
cons
cons
gold
103
Itt
100%
60
"86
96%
1966 M
1st A ref 6s series B
J
♦1st A ref 6s series A
Gen A ref
126
1951 F
Unified gold 4s
D
1971 J
J
♦1st
129%
117
Louisville Gas A Elec 3 Ha
*_.,
*102%
89%
O
1961 J
4s int gu '38 J
109
88
1
O
A—1969 J
con g
♦1st
76%
116
13
1944 A
ser
1940 A
♦1st A ref gold 4s
♦Ref A ext 50-yr 5s ser A
♦Conv
100
21
*
J
{♦Mil Spar A N W 1st gu 4S...1947 M~S
{♦Mllw A State Line 1st 3%s..l941 J
J
{♦Minn A St Louis 5s ctfs
1934 M N
86
131
*107
87%
J
1939
32%
106
1949 M
Lorillard (P) Co deb 7s
5s
1979 J
Con ext 4 %s
f *M St P A SS M
High
68
79
100
....
*20
{ 5*MllwANo 1st ext 4 %s(1880) 1934 D J
1st ext 4%s
D
1939 J
151
"4
4
1937
Low
*2%
D
1951 M S
1952 IVI N
{♦Mid of N J 1st ext 6s
Mllw El Ry A Lt 1st 6s B
1st mtge 5s
i
72
125
"98%
S
1940 J
24%
27%
82
118
25
108
102
for Year
Detroit A Bay
49
131
D
Unified gold 4s
Guar ref gold 4s
238
106
106
Of
1938 J
•
D
Long Dock Co 3%s ext to
Long Island gen gold 4s
•
----
124
A
1962 M N
f deb 3Hs
-
117%
O
D
Lombard Elec 7s ser A
s
94
59%
Leh Val Term Ry 1st gu g 5s—1941 A
Loews Inc
58
35
31%
80
4H8
Lehigh Val (Pa)
60
35%
106%
104%
76
*22
1954
Leh Val N Y 1st gu g 4 Ha
31%
71
66
"31%
1938
1956 J
1st gold 3%s
Ref A lmpt 4%s series C
106%
109%
62%
76
1974
Leh Val Harbor Term gu 6s
1977 M
1st s f 7s
City Air Line 4s
Jack Lans A Sag 3%s
99%
95
1954
1st A ref s f 5s
70
*65%
O
Lehigh A N Y 1st gu g 4s
1945 M S
Lehigh Val Coal 1st A ref s f 5s. 1944 F A
1st & ref
71
J
1965 A
Lehigh A New Eng RR 4s A
30%
98
97
27
9
D
♦1st A ref 5s series I
31%
1975
----
88
2
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg
76%
*6
ser
D 6%s
♦Certificates of deposit
90
1997
97
No.
*1%
Lake Erie A Western RR—
Lake Sh A Mich So g 3 He
84
f? 2
03^
5{*Met West Side El (Chic) 4s. 1938 F A
♦Mex Internat 1st 4s asstd
1977 M S
70
6s 1937 extended at 3% to..1947
*66%
88
Range
Asked
High
dk
107%
*101%
68%
Coll tr 6s aeries B
Bid
8
96% 111%
23%
50%
84% 101
53%
70%
54
70%
Price
O
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
Friday
1950 A
85% 102%
86%
A
Range or
Sale
1968 IVI
108
1961
1961
64
68%
Last
EXCHANGE
Marion Steam Shovel s f 6s
1947 A O
Market St Ry 7s ser A
April 1940 Q J
Mead Corp 1st 6a with warr.. 1945 IVI N
82% 100
85%
108%
98%
4%s unguaranteed
22
66%
25
*82%
108%
1987
24%
STOCK
Low
91% 106
11%
*27
Plain
9%
21
Kentucky A Ind Term 4%s—1961
...
2%
40
*23
♦Ctfs with warr (par $925)-.1943
Keith (B F) Corp 1st 6s
1946
Stamped
"22
62
*37
stmp (par $925)-.1943 M N
Kentucky Central gold 4s
25
108%
105%
♦Karstadt (Rudolph) 1st 6s—1943 M N
♦Ctfs w w stmp (par $645) ..1943
♦Ctfs
"27
70
J
Kansas Gas A Electric 4%s—1980
58
59%
O
..I960
Apr 1950
97%
95
102
Y.
Week Ended Jan. 7
92% 108
"27"
25
of deposit.
Ref A lmpt 5s
YORK
Week's
N.
79% 102%
O
A
1
3
D
Jones & Laughlln Steel 4%s A..1961 M
Kanawha A Mich 1st gu g 4a..1990 A
68
89%
102%
101%
94
"94 "
{♦Iowa Central Ry 1st & ref 4s. 1951
♦Certificates
90
17
72
4%s__1952
..1939
Debenture 5s
Kan City Sou 1st
46
16%
18
17
68%
1947 F
1st lien A ref 6 %b
NEW
A. T. A T. Tele. N. Y. 1-1598
BONDS
42%
17%
40%
40%
4%
71%
Int Rys Cent Amer 1st 5s B—1972 M N
Conv deb 4%s
17
18%
5%
A
1944
Internat Paper 6s ser A & B—1947 J
Ref s f 6s series A
1955 M
Int Telep & Teleg deb g
67
104%
98% 102
77%
100%
1941 A
Internat Hydro El deb 6s
Int Merc Marine s f 6s
St.
Telephone WHltehall 4-2900
91
100%
♦1st 5s series B
Wall
63
91%
49%
O
1947 A
Int Agrlc Corp 6s stamped
Members New York Slock Exchange
108
"51%
M N
1942
J
{♦Int-Grt Nor 1st 6s ser A
1952 J
♦Adjustment 6s ser A-.July 1952 A
conv
98% 105%
101
50
1932 M S
7% notes
105%
48
♦Certificates of deposit..
D. H. SlLBERBERG & Co.
43
100%
104%
48%
1932 A
f MO-year 6s
12%
12%
100%
105%
♦Certificates of deposit..
BANKS AND DEALERS
36%
87%
106% 108
Ind Bloom & West 1st ext 4s..1940
Ind 111 A Iowa 1st g 4s
FOR
91%
107
96
106%
120%
*..
106%
60
*45%
119%
-
....
.
~
.
.
-
-
.
52
82
25
74%
118% 127%
3
116% 125%
121
-
-
r-
-
107
6
61
10
52
116% 122%
16
97%
95
102% 107%
65
93%
m
+
100
58
45
m
101
104% 108%
98
85%
98
98%
58
90%
103%
96%
98%
53
89%
103
75
76
75
100%
2
New York Bond Record—Continued—Page 5
250
N.
STOCK EXCHANGE
Week Ended Jan. 7
Y.
sfl.
Range
Sale
\ 3
Range or
Friday
Bid
A
Atled
for Year
Price
High
TjOW
.-1964
♦let fie serlee B
♦Certificates of
deposit
♦let 4Mb serlee
D——-—1956
1964
A
O
♦1st 6Xs serlee A
32
32
49
•
•
•
78X
A
O
A
O
A
—1946
2013
series A
•
*110
1998
O
35X
Ref
3-year 6a
64 X
185
69 X
71
65 X
212
68
83
72
80
94
44
J
95X
10
89 X
95
108X
O
95 X
63
92 X
95 X
58
64 X
112
59 X
96 X
81X
81X
1
♦81X
85 X
A
A
O
M S
A
O
91
95 X
71X 100 x
10
87
105 X
General fis series B
106
109 X
General 4X0 series D
Gen mtge 4Xs series
97 X
105
63
10
12
48
46
O
1966
A
50 X
7
49
9
37 X
1
40 X
46
O
46
108 X 109X
47
72 X
72
60
102 X
103 X
30
97
103
103 X
Pennsylvania RR cons g 4s
Consol gold 4s
4s sterl stpd dollar
103 X
13
97 X 105 X
105 X
123
A
123
2
113 X
D
fie-1948
gold 4s——1949
113X
7
.April
4e
N Y Lack A West 4s ser
A... .1973
80
116X 125X
109X 117 X
*102 X
78
M N
.1973 M N
4Xs series B
N Y L E A W Coal A RR
6Xs
fie
97 X
♦I
.1942 MN
—
80
13
93 X
100
.1943
J
M S
100 X
N Y A Long Branch gen
A
M
S
M
S
A
O
J
J
105
100
O
*18X
17
17
98
21
08
19 X
18
47
17
24
17
101X
99 X 107
105 X
94X 109 X
82
99 X 102
106 X
101X 108 X
104 X
.1941
4s
{♦NYANE (Boat Term) 4s_. .1939
.1947
{♦N Y N H A H n-c deb 4s—,
N Y L E A W Dock A lmpt
103 X t07 M
mmmm
101
36
100
12
80
79X1
'mm
104 X
44 X
47 X
3Xs~ .1947
♦Non-conv debenture 3X8-. .1954
♦Non-conv debenture 4s— 1955
1966
♦Non-conv debenture 4s
M N
1956
J
17
16
17X
14
15 X
mm
Pere Marquette 1st ser A
1st 4e seri'36 B
18
J
21X
20
21X
24
20
60
34 X
34
34 X
Geneial 6
78
23
108
112X
M N
U3X
113X
109 X
114
8
109
116X
mm
—
-
*113
"94
116X
95X
94
115X 126
100X 115X
105X 123
86 X 107
95 X 111X
20
106
95
111X
24
100 x
100 x
ioix
100 x
84 X
101
38
95 X 111X
87 X
173
116X
116X
1
109 X
nox
28
82 X 111X
116X 121X
108X 117X
89 X
87 X
mmmmmm
*
71
61
"ex
mmmmmm
92
91
mmmmmm
107
80 x
'
mm
99
26 X
113
76 X 106
31
69
74 X
74 X
76
43
105 X
102 X
*109 X
106
117
68
103X
97X 119X
110
mmmm
107
113X
....
116
129
109
119
107
117
mmmmmm
75 X
1974 F
A
*114
J
J
108
123 X
108
J
D
109
109
1967 J
D
mmmmrnm
1
101
94
93 X
95 X
56
87
106X
106
106 X
78
102
106 X
16 X
13
13
60 X
4X
41
3X
33
8
3
106
{♦Phlla A Reading C A I ref 5s .1973
16X
105 X
15 X
1949
4X
4X
(♦Philippine Ry 1st s f 4a
1937
Plllsbury Flour 1 till* 20-yr 68—1943
Pirelli Co (Italy) conv 7s..
1952
Pitts Coke A Iron conv 4Xs A. 1952
5X
105
'
"2
r82X
74
74 X
60
"2
6X
*101
r82M
956
9
89 X 103 X
100 x
Phlla Electric 1st A ref 3 Xs—-1967
♦Conv deb
81
120 X
111X
1980
Phlla Co sec fifc series A
109X H6X
mmmm
111X
89 X
mmmm
"l05
1990
1977
1981
96 X 106X
120 X
104 X
'
m
conv
General g 4 Xs series C
Generaj 4X* series D
109X 111
....
101
109 x
6s—-1956
series B
102
105X
100X 107
100 x
3 Xb deb—1952 J D
Phlla Balv A Wash 1st g 4s
1943 M N
Phelps Drdge
'mmmmrn
80
102
m
104 X
m mmm
110
95X 106X
11
12
12
26 X
30
45
1948
'm
1974
1st g 4Mb series C
*
N Y A Greenwood L gu g 60— .1946 M N
.2000 rvi n
N Y A Harlem gold3Xs
mmmm
mmmmrn
-
109 X
Peoria A Eastern 1st cons 4s—1940
♦Income
96
107
"106 X
—1970
1981
1984
1952
6s
1943
1947
Peoria A Pekin Un 1st 5Xs
RR
N Y Gas El Lt H A Pow g
80
101X 106 X
104
M N
E
Conv deb 3X8.
Peop Gas L A C 1st cons
Refunding gold 6s
77 M
116X 122 X
mmmm
mrnmmm
mm'
*103
1968
Debenture g 4X8—
7
47
A
E
95X
98 X
109X
79 X
1981
4Xs series B
21
108
m m
99 X
"Ioix
Pennsylvania PAL 1st 4Xs—- L981
77
107 X
109
'm
mm
mm
1st M 4X8—1960
62
95 X
95X
1938
1st lien & ref 3Xs ser
Purchase money
'
80
69
*164""
'
96 X
103
ioix ■>:1
"
78 X
28
mmmm
90
37 X
102 X
"99 x
Pa Ohio A Det 1st A ref 4 Xs A.1977
90
56
75X
74
ioix
Penn-Dlxle Cement 1st 6s A—1941
Penn Glass Sand
mmmm
79 X
*
1963
28-year 4s
118X
mmmmrnm
m
7
41X
*
1952
25
92
91X
38 X
*116
1944
74
56 X
108
deposit—.
D
1965
Guar 3Xs trust ctfs D
Guar 4s ser E trust ctfs
1943
1948
May 1 1948
Gen mtge 3Xs ser C
1970
Consol sinking fund 4Xs
1960
Genera) 4 Mi series A
1965
68
68X
88 X
N Y Edison 3X0 ser
109 X
105
conv
88 X
81X
A
1946
1st mtge 3Xs extended to—1947
N Y Connect 1st gu 4Xs A
1953
1st guar fis series B
1963
NY Dock 1st gold 4s
1951
N Y A Erie—See Erie
96 X
103
81
4s collateral trust—
Serial 6% notee
Certificates of
67
♦Paullsta Ry 1st ref s f 7s
1942
Penn Co gu 3Xs coll tr ser B..1941
Guar 3X8 trust ctfs C
...1942
A
1974
------1978
Oct 1 1938
A..
4Xs series C
Pat A Passaic G A E cons fis—1949
68
N Y Chic A St Louis—
Ref 5 Xa series
65 X
70
f
71
62 X
93
F
88X 105 X
8
30
81X
J
8
73 X
92
J
M N
—1052
Y Cent A Hud River M 3 Xs -1997
Debenture 4s
—1942
Ref A lmpt 4Mi ser A
2013
Lake Shore coll gold 3X8
1998
Mich Cent coll gold 3X8
1998
91X
41X
69
High
90
73
1944
91X
Low
91X
1968
113X
NO.
73
Parmelee Trans deb 6s
77 X 106 X
86
104X
High
1955
64X
110
91
1937
aj <3
1947
Paramount Pictures deb 6a
32
111 H
for Year
"S
0
Asked
A
law
3Xs
Range
3
Friday
Bid
Price
60
91
91X
63X
Sale
EXCHANGE
30
22
45
82
STOCK
debentures
Paris-Orleans RR ext 6Xs
J
serlee C...r—2013
Conv secured 3X8
N
54
35
HH
4X81945
10-year 3X« sec e f
Ref A lmpt 4 Xb
69 X
A
♦Certlflcatee of deposit
Ref A lmpt fie
61X
30
*
F
Newport A C Edge gen gu
N Y Cent RR 4s series A
28
28
Y.
High
37 X
28
--
...1956
1
Low
*34
28
O
N.
Week Ended Jan. 7
*30 X
O
A
♦let fie eerlee C
No.
Range or
BONDS
1937
^35*
A
5s—1935
{|»N O Tex A Mex n-c Inc
1
Week's
Last
Week's
Last
BONDS
Jan. 8, 1938
Friday
Friday
♦Non-conv debenture
♦Conv debenture 3X>
♦Conv
debenture 6s
♦Collateral trust 6s
1940 A
♦Debenture 4s
♦1st A ref 4Xs ser of
17
19
18
1927...
1st 4s.
♦Harlem R A Pt Ches
D
M S
{♦N Y Providence A Boston 4s.l942
4s—1993
37 X
65
77
5
75
99 X
10
66
O
*59 X
107
"69"
107 X
4
92 X
93 X
10
94 X
94 X
1
94 X 108X
105 X
106 X
106 X
23
102 X 108 X
106 X
4
98 X
105 X
105 X
1
98
106 X
MN
J
J
F
F
"14"
A
14X
A
t
.....
MN
J
J
J
7 ,,;i
5
98
16
65
10
16X
8
101X
95
101X 109 X
90
105X
107 X
107 X
92 X
10X
91
10
7
69 H
43
104 X
D
45
36
106
106 X
109 X
44
101
105
1st 4Xs series D
>
79
77
69
"l
4X
5
25
4
20
68 X
94 X
98
A
No Am Edison deb 6s ser A
1957 M
S
Deb 5Xs series B
Aug 15 1963 F
A
Deb 6s series C
Nov 151969 NM
*117
122
113
*116X
'mmm
125 X
124 X
M N
J
D
A
O
J
J
M N
64 X
96 X
70
60
96
A
O
*53 X
70
50
97 X
D
*109 X
108
110X
J
1st 5s 1935 extended to 1950
Porto Rlcan Am Ton conv 6s..1942 J
{♦Postal Teleg A Cable coll 5s. 1953 J
J
24
11X
21
10 X
2
95X 109 X
9
32 X
31
8X
Purity Bakeries s f deb 5s
45 X
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s A com stk (65% pd)
104
103
104
42
105
103X
105
13
100X
100
100X
9
82 X
98 X 105 X
101X 106 X
95 X
Gen A ref 4Xs series A
1997
1997
Gen A ref 4Xa series B
D
72 X
83
70
87
72 X
91X
93 X
151
61X
61
62 X
47
81X
90 X
112X
60
J
J
74
74
74 X
6
70
82 X
106
J
J
86
85 X
87X
84
83
112
78 X
78 X
1
J
J
76
76 X
4
A
0
♦102X
J
J
J
9X
102X
J
♦11
2
9X
9X
108 X
2
102
102 X
62
101X
9
96X
97X
23
9X
1946 J
D
99X
Ontario Power N F 1st g 5s
1943 F A
Ontario Transmission 1st 5s... 1945 M N
101
99 X
101X
9
99X
12
112
5
111X
3
109
109 X
5
•116
117X
111X
111X
D
J
J
118
117X
118
"3
J
106
105
106
62
8
J
100 X
100 X
67 X
71
100 X
71
mm
''mmm
74
mm
1
l
86 X
84
28 X
90
101
1
b- N
"l7
75
22
J
89 X
89
93
23
92 X
91X
92 X
15
86 X
5X
' '■
S
J
mmmmrnm
100
"9
mm
84 X
1
"73"
""75"
*2
5X
'''
45 X
106
93 X
178
75"
126X
74
104X
84 X 108 X
84 X 108
gu—1941
Gen mtge 4Xa series B
1961
Purch money 1st M conv 5Xs *64
Gen mtge 4Xs series C
.1956
Revere Cop A Br 1st mtge 4XS.1956
m
'
*
"28
115X
112
110
212
78
86 X
103
M N
1106 X
106
80
106 X
87
69
73 X 100
99 X 130 X
75
100
100
100 x
82
97 X 106
M N
J
*87
J
..
28 X
22
21X
28X
21X
9
121X
2
18
26 X
30
30
2
19
30
*27
30
19 X
30 X
M N
F
O
M
28X
A
A
18
*'28 X
S
*37
28X
""I
32
19X
30X
.9X
30
30X
Richfield OllCorp—
4s s f conv
debentures.......1952
90 X
94
95
37
*104
Rlchm Term Ry 1st gen 5e
1952
14
♦Rima Steel 1st s f 7s
1955
A
*45
55
{♦Rio Grande June 1st gu 6s—1939
gold 4s..1939
D
*26
68 X
40 X
18
J
♦Rio Grande West 1st
84
92
101X 104X
33 X
109 X 109X
96
106X
88
112
'
113X
86 X
J
s f 7s
..1946 J
J
♦Rhine-Ruhr Water Service 6s. 1953 J
♦Rhine-Westphalia El Pr 7s—.1950 MN
1952
1953
1955
110
112"
~U2X
A
F
♦Rheinelbe Union
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
♦
M N
48
60
45
91X
84
52 X
40 X
n
40 X
11
18 X
M S
119
20 X
119
1
116X 117
M
S
108 X
108 X
1
S
9X
iox
21
107 X
8
109 X
M
♦Ruhr Chemical s f 6s
1948 A
O
20 X
25 X
98 X 104
115
110
♦Rut-Canadian 1st gu g 4s
1949
107 X 115
114
106
♦Rutland
115
*i09*x«
"ioix
1962 J
11
m
84
J
121X
Safeway Stores
117
123
Saguenay Power Ltd 1st M 4X8 '66
100X IOIX
91X 100
J
A
D
1963 M
13
101X
J
1961 J
110
109X
102 M 104 X
107
107X
108 X
'97"
76
mm
9X
107
Republic Steel Corp 4X8 ser A. 1950 M S
93
■
m m
m
100
70
17
80
"~86X
Rensselaer A Saratoga 6s
J
'm
111
104 X
J
120
F
m
84
88 X
J
119
70
'
108X
42
O
119
*70
m
75X
104
A
S
♦70
5X
m
4l"
1
13
12X
104
119X 124X
2
46
*75X
5X
D
—
f ♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 48.1951
M
J
104 X
12 X
J
{♦Providence Sec guar deb 4s..1957 M N
{♦Providence Term 1st 4s
1956 M S
J
-.1948 J
Remington Rand deb 4Xs w w.1956 M
J
"*53X "79
104 X
46
46
99
122
110X
~50X
mmmmrnm
J
98
106 X
....
——
104 X
97
112 X 113
mmm
65
mmmmrnm
112
m
*52 X
*52 X
J
77
m
108 X 124
108X 123 X
101
107 X
D
J
70
"55
O
125X
Oregon RR A Nav con g 4s._.1946
Ore Short Line 1st cons g 6s... 1946 J
Guar stpd cons 5s
—.1946 J
mmmmmm
104 X
*106
"l9
104 X
♦110X
A
120
J
mm mm
104X
114X
J
125
B..1947 F
m
m
111
mm
112X
112X
112
mmmmrnm
1951 J
23
1943 M S
1965 MN
1967 M S
Otis Steel 1st mtge A 4X8
A
Pressed Steel Car deb 5s
102 X
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s.
Oslo Gas A El Wks extl 5s
114X
F
Potomac Elec Pow 1st M 3Xs-1966 J
119X
J
Ore-Wash RR A Nav 4s
109
104
102
111
109
*111
8
1st mtge 3X8
1972 J
lOhlo Indiana A Weet 5s. Apr 11938 Q
110
*110
A
108X
118X
mmmm
100X
107X 111*
109 - 113X
106
113X
110X H3X
108
112X
F
75
*47
mmmm m
------
Port Gen Elec 1st 4Xs
2
110X
"
D
M
J
110X
*110X
♦liox
85 X 102
75
6
109X
M N
106
118X
102 X
1948 J
4s debentures
1st gen 5s series B
108 X
mmmm
A
J
10X
♦Og A L Cham 1st gu g 4s
♦Stamped
1966
mmmmrnm
M N
100
107X
sale of April 1 '33 to
Oklahoma Gas A Eleo 3X8
AO
M N
1
107
107 X
94 X
♦Oct 1937 and sub coupons..1945
ser
108 X
16
106
♦Oct. 1 1934 A sub coupons. 1945
Ohio Public Service 7s
O
95
106
98
108 X
S
A
10X
1961 F
April 1 1937 lncl coupons—1945
North Pacific prior Hen 4s
1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
♦75"
100 x
80
*
M
F
108 X
mmmmrnm
22 X
109 X
~94X
A
|{#Norfolk A South 1st g 5s...1941 MN
Norf A W Ry 1st cons g 4s
1996 O A
1st mtge 4s
M N
.1962 F A
1974 J D
1977 J D
1960 M S "52 x
1st gen 5s series C
105
108 X
108X
Pitts Y A Ash 1st 4s ser A——1948 J
107
_69_"
North Amer Co deb fis
2047
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 6s series D
—.2047
Nor Ry of Calif guar g 6s
1938
Northwestern Teleg 4 Xs ext.—1944
...
106 X
104 X
107
1946
Ref A lmpt 4Xs series A
Ref A lmpt 6s series B—
1940
Series E 4Xs guar
1942
Series C 4Xs guar
1942
Series D 4s guar.
1946
Series E 3X9 guar gold
1949
Series F 4s guar gold
1953
Series G 4s guar
1957
Series H cons guar 4s
1960
Series I cons 4Xa
...1963
Series J cons guar 4 Xs
1964
Gen mtge 5s series A
1970
Gen mtge 5s series B
1976
Gen 4Xs series C
1977
Pitts Ya A Char 1st 4s guar
1943
Pitts A W Ya 1st 4Xs ser A—.1958
1st mtge 4Xs series B
1959
1st mtge 4 Xs series C
1960
Pitts C C C A St L 4 Xi A
*35 X
M N
|{»Norfolk South 1st A ref 6s.. 1961 F
♦Certificates of deposit
as to
46 X
42 X
A
{§*N Y Weetch A Boat 1st 4Xsl946 j"~j
Niagara Falls Power 3Xs
1966 M S
Nlag Lock A O Pow 1st 68 A...1955 A O
Niagara Share (Mo) deb 5X8—1950 M N
Nord Ry ext sink fund 6 Xs——1950 A O
♦Stpd
7
7X
♦99 X
106 X
1974
1974
♦{Northern Ohio Ry 1st guar 5s—
71
7X
20
O
M N
North Cent gen A ref 6s
Gen A ref 4Xs series A
32
10
59
8X
107 X
6s stamped
29
10 X
22 X
A
A Pow 3 Xs-1966 M N
J
IN Y Rys prior lien 6s stamp-1958 J
1961 M N
N Y Steam 6s series A
...1947 M N
-
47
76X
9X
N Y A Rlchm Gas 1st 6fl A
1951
1956
{♦|N Y Susq A West 1st ref 6s.l037
§♦26 gold 4X8
1937
♦General gold 68
1940
♦Terminal 1st gold 5s
1943
N Y Telep 1st A gen s f 4Xs—1939
ref mtge 3Xs ser B
1967
N Y Trap Rock 1st 6s
1946
16X
6
N Y Queens El Lt
1st mtge 6s
1st mtge 5s
3
X
18
D
-—1955 J
N Y A Putnam 1st con gu
19
"7
10
"22X
1954 M N
{♦N Y Ont A Weet ref g 48—1992
♦General 4s...
O
19X
20X
1957 M N
1967 J
*15X
19X
30
46 X
11
46
109 X 112X
102
95
103 X 107 X
99 X 103 X
♦1st
con
1949 A
A coll trust 4s A
Roch G A E 4X8 series D
Gen mtge 5s series E
1977
1962
({♦R I Ark A Louis 1st 4XS-1934
O
*19
10
*11
♦Stamped
f deb 4s
103X
...1947
mmmmmm
1st,4s.—1947
5s
1996
1966
65
92 X
54
82
♦§Rlv A G Dlv 1st g 4s
103
111
mmmm
ioix
*
109 X
94
mmmmmm
*11—1
♦Certificates of deposit
~8
103 X
*108
St Jos A Grand Island
St Lawr A Adir 1st g
2d gold 6s
12 X
100 x
,
13X
*9X
ioix
1st con 4Xs—1941
s
32 X
mm'
iox
*9X
♦Stamped
RR
23
98 X
m
m
mm
36
17
mmmm
m
m
32 X
9X
12
34 X
9X
mmm
mm
....
28 X
13
10X
15
99 X 103X
97
104X
107
112 X
96
103X
92
102
St Louis Iron Mt A Southern—
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G„.1964
58
1st A ref mtge 3Xs ser H...1661
1st A ref mtge 3Xs ser I
1966
Pac RR of Mo 1st ext g 4s
1938
82
*
s f g
1955 F
3s loan ctfs
For footnotes see page
251.
109 X
46
105X
65
101X
91
82
104"
104
104
104
104 X
199
♦103
8
"165"
7
85
104
Paducah A 111 1st
1st M
101
101X
2d ext gold 5s
—1938
Pacific Tel A Tel 3Xs ser B...1966
Ref mtge 3X8 ser C
...1966
s f g 4Xs
1955
Panhandle Eastern Pipe L 4s__ 1952 M
Paramount Broadway Corp—
108 X
104 X
105X
99X
60
94 X 101X
84
102 X
99
102 X
105 X
98X 104 X
108X 108X
97
100
59 X
28
59 X
20
35
55
62
62
5
59
88 X
16
17
6
14X
48
*65
73
13
14
lix
101X
59
75 X
{♦S L Peor A N W 1st gu 5s—.1948
St L Rocky Mt A P 5s
stpd—.1955
{♦St L-San Fran pr Hen 4s A—1950
♦Certificates of deposit
♦Prior Hen 5s series B
1950
♦Certificates of deposit
1978
deposit stamped—..
♦Con M 4Xs series A
♦Ctfs of
A
64
12 X
89 X
99 X 107 X
95
~~8
1933
63 X
M N
14
.11—
70
"35
35
85
10X
37 X
10
33 X
36X
33 X
iox
14
6
11X
13
"12 x
13X
13
1
10X
11X
9X
12 X
55
9 X
33 X
iox
27
8X
30 X
Volume
New York Bond
146
Friday
N
Y.
STOCK
Range or
Friday
EXCHANGE
Sale
Week Ended Jan. 7
Price
1989
♦2d g 4s inc bond ctls.__Nov 1989
{♦1st terminal & unifying 68.1952
♦Gen & ref g 5s series A
1990
M N
66
J
J
J
J
30 H
4s (large)
gu
6%s
1946 J
♦Guar
s
f 6 He series B
80
110
112%
112%
110
27%
20%
19%
1946 A
O
25
25
27%
*23
30
25
*116
"23"
*14
4
4%
1959 A
O
7%
;::vJ 7
7%
18
1945 M S
9%
8%
6%
9%
110
9
7%
9%
19
6%
'{Siemens 4 Halske
F
1935 F
A
S
1952 J
4H
4%
98
J
64
1946 F
Slleslan-Am Corp coll tr 7s
1941 F
deb 4s.
Skelly Oil deb 4s
1952 A
88
1951 J
Socony-Vacuum Oil 3 Ha
98 %
1950 A
107
77%
79%
97%
106%
102%
South 4 North Ala RR gu 6s—1963 A
South Bell Tel 4 Tel
3%s
1962 A
Southern Calif Gas 4 Ha
1961 M
1st mtge 4 ref 4s
1965 F
Southern Colo Power 6s A
120%
101%
107
107%
1947 J
99
1946 J
1951 A
62
116
62%
136
83%
103%
54
81%
103
So Pac RR 1st ref guar 4s.
1st 4s stamped
J
A
O
1955 J
103 H
92
H
91%
1955 J
Southern Ry 1st
cons g 6s
Devel 4 gen 4s series A
Devel 4 gen 6s
Devel 4 gen 6Hs
Mem Div 1st g 5s
St Louis Dlv 1st g 4s
1996 J
1994 J
1956 A
60
62%
23
93
116
"38
80%
83
42
47%
63
214
1956 A
63
60
64%
.",9
1938 M
S-western Bell Tel 3 Hs ser B.. 1964
S'western Gas 4 Elec 4s ser D..1960
♦{Spokane Internat 1st g 5s... 1956
Staley (A E) Mfg 1st M 4s
1946
D
D
1943 J
ser
ser
1947 J
103
"~6
101
171
103
106
79%
79%
106%
*115
108
107%
•
105%
-r
'
v>
105%
68% 100%
58%
98
58
97%
57
97%
82% 102%
101
109%
85% 108%
100% 100%
79
112%
43%
85%
53
105%
55% 110%
101% 105%
103
100
105
77%
102
95%
95
102
103
58% 159
102% 107%
126
80
106%
106
105
110% 128%
83
106%
115
115
115%
87
87
87%
87%
87
1980
85
Tex Pac Mo Pac Ter
5Hs A...1964
1960 J
J
O
Jan 1960 A
1937 J
J
J
D
J
6%
*72%
100%
D
A
6%
lOl"
J
1952 J
31
O
1953
Tol 4 Ohio Cent ref 4
Imp 3%s 1960
Tol St Louis 4 West 1st 4s
1950
Tol W V 4 Ohio 4s ser C
.1942
M
J
58
7%
25
69
85
101
J
J
.1952 F
s
f 7s
51
Union Electric (Mo) 3Hs.-... 1962 J
{{♦Union Elev Ry (Chic) 6s....1945
Union Oil of Calif 6s series A....1942
J
101%
13
97
103
35-year 3Hs debenture
102% 107%
United Biscuit of Am deb 6s__. 1950 A
Un Cigar-Whelen Sts 5s
1952 A
United Drug Co (Del) 6s
1953 M
U N J RR 4 Can gen 4s
107
113%
113%
107
107
93
72
S
78%
J
107%
9%
117%
107%
114%
107%
93
6
106%
l«t mtge
110
4
107%
108
15
108
91
89%
91%
98%
97
167%
107%
4
10
gen
109%
88% 106%
9
107%
19%
94% 108%
106
111%
7
8
"26"
17
20
62%
59%
62%
66
61
66
50
21
21
72
75%
16%
40%
16%
39%
58% 111%
59% 107%
58% 109%
87
D
J
65%
9
65%
21
79
4
19
27
67
*107""
89%
32
91%
92%
J
J
2
*15%
13%
16
92
s
16
12%
47
6%
62
10l"i«
5
100%
99
82%
82
84
101% 104
92
104%
76% 100%
106% 116
23
109%
4
14
15%
56
10%
14-:>
14%
15
11
7%
1
*14%
1949
14
•:
7%
IVI N
96%
25%
7
20
98%
35%
32%
6%
*5%
J
1961 IVI N
47
6
30
109
.1960
f 4a ser C
105
12%
6%
101®u
84
106
19
6
6%
"99%
107%
113%
83% 103%
3
110%
96
105
H6%
85
110%
88%
25%
70% 100%
73
1940 MN
4s
123%
106% 111%
79
18
%s series A—1966
8 B 1st 4s
117
102
24
6%
98%
49
96
7
105
e
Cash sales transacted
during th- current w ek
and not included In the
yearly
range:
No sales.
r Cash
sale; only transaction during current week, a Deferred delivery sale; only
transaction during current week,
n Under-the-rule sale; only transaction during
current
week,
x
Ex-Interest.
{Negotiability impaired by maturity
{Accrued
Interest payable at
exchange rate of $4.8484.
1 Bonds called for redemption or nearlng maturity.
{ Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the
Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price. No sales transacted durlDg current week.
Bonds selling flat.
Deferred delivery sales transacted during the current week and not included
In the yearly range:
No sales
♦
1
Transactions
at
the
New
York
Stock Exchange,
Daily, Weekly and Yearly
Stocks.
Week Ended
Jan. 7, 1938
Railroad dk
Stale,
United
Total
Number of
Shares
Miscell.
Municipal dk
States
Bond
Bonds
For'n Bonds
Bonds
Sales
Saturday
HOLI DAY
Monday.;
Tuesday
36
37
103
8%
7
70
72
37
78%
40
25%
108%
103%
28%
28
"25%
28
1
879,000
994,000
Sales at
23
109%
111% 116%
90% 101%
91% 101%
105% 109
50%
70%
Exchange
998,000
603,000
5,605,000
1,035,000
348,000
7,468,000
8,118,000
6,988,000
$27,103,000
$4,480,000
$2,179,000
$33,762,000
1938
Stocks—No, of shares.
Calendar Year
1937
1937
1936
5,267,030
12,261,803
409,464,570
496,046,869
$2,179,000
$6,554,000
17,734,000
68,610,000
$348,644,000
346,778,000
2,097,109,000
2,899,372,000
$2,792,531,000
$3,576,874,000
Bonds
Government
State and foreign
4,480,000
Railroad and industrial
Total
27,103,000
$92,898,00o'
$33,762,000
$318,887,000
358,615,000
114%
36%
170%
107%
22
33%
23%
32%
19%
32%
84% 105%
84
106%
Stock and Bond
100
2
703,000
6,517,000
New York Stock
106
2
$227,000
$4,983,000
298,000 ■> 6,205,000
Week Ended Jan. 7
23
1
70
13
5,771,000
72% 103%
108
108%
104%
28%
28%
$574,000
5,028,000
5,267,030
....
97%
116% 121%
101
114%
110
116%
1
$4,182,000
100
69
1
11
HOLI DAY
915,050
942,080
1,150,940
1,205,240
1,053,720
Friday
102% 107%
76
28
"28%
110
110%
Youngstown Sheet A Tube—
123
119
31
*108
104%
106
J
J
80
102%
108% 112%
104% 108%
116
127%
96% 102%
105%
121%
102%
120%
102
76
77
120%
102
{♦Wor A Conn East 1st 4
%s._.1943 J
101%
104
94%
105%
{{♦United Rys St L 1st g 4s
J
1934 J
U 8 Pipe 4 Fdy conv deb
3%s. 1946 IVI N
U 8 Rubber 1st 4 ref 5s ser A.. 1947 J
♦Un Steel Works Corp 6 Hs A.. 1951
♦Sec 8 f 6 Hs series C
1951
♦Sink fund deb;6%s ser A... 1947
72
*92%
O
*121%
J
100%
100
IVI
2361
♦
90
108%
*114%.
S
1944 M
106%
117%
O
*107%
*109%
105%
99%
30
70
A
90
70
62
1950 IVI N
Certificates of deposit..
I'Sup A Dul div A term 1st 4s *36
♦Certificates of deposit.....
Wednesday
Thursday
116
100
70%
1971 M N
F
40
109%
74%
"32
99%
WJimar A Sioux Falls 5s
1938
Wilson A Co 1st M 4s series
A.. 1955
Conv deb 3%s
1947
90
108
*9
3 Hs debentures
1952
Union Pac RR 1st 4 Id gr 4s... 1947
lst lien 4 ref 4s
June 2008 M S
1st lien 4 ref 5s
June 2008 M 8
34-year 3 Hs deb..
1970 A O
80
77%
42%
Q-M
F
44
10%
108%
96
*
107%
66
A
♦C tfs for col A ref
conv 7s A.1935 MN
{♦WUkes-Barre A East gu 5s...1942 J D
83
105% 105%
8
5
68
1946 IVI s
{♦WirKwire Spencer St't 1st 7s. 1935
'
Otf dep Chase Nat Bank.....
Total
UJlgawa Elec Power
100
40
1946 IVI
White Sew Mach deb 6s
46%
101%
96% 101%
88
*103%
*116%
108%
F
1949
73%
60%
A
.1945 M
28%
5%
67
S
M N
41
1977 J
1943 A
RR lft consol 4s
{♦Wis Cent 50-yr 1st
20
67%
*74%
74%
"77%
Registered
2361
Wheeling A L E Ry 4sser D... 1966
Winston-Salem
"20
75
"71
88
S
S
1952 A
assented...
g Steel 4
41
108
101
D
M
O
J
West Shore 1st 4s
guar
80
108%
107% 110%
104
29
30%
110
82
85%
*95
.....
1955 A
67%
J
WheeUr
44
43%
39%
9%
103
103
O
1939 M
6s
12%
103%
11%
*10
D
1955 A
25-year gold 5s
1951
30-year 5s
i960
♦Westphalia Un El Power 6s... 1953
104
109%
118%
105% 111%
83
108%
100
105%
115
81
12%
deposit
debentures
♦5s
"27
98% 106%
40
11%
93% 105
106
O
50
"28
86
106%
10%
Western Union g
4%s
100% 106%
82%
108
12%
1980 A
West N Y A Pa
gen gold 4s
{♦Western Pac 1st 5s ser A
109%
115
120%
1977
7s
12
122
2000
Toronto Ham 4 Buff 1st g 4s...1946
Trenton G 4 El 1st g 5s
.1949
Trl-Cont Corp 6s conv deb A...1953
Tyrol Hydro-Elec Pow 7 Ha
.1955
94% 101%
65
99%
105
.1979
{♦Third Ave RR 1st g 6s
Tide Water Asso Oil
3%a
Tokyo Elec Light Co Ltd—
1st 6s dollar series
106%
% 100%
100
117
1943
Third Ave Ry 1st ref 4s.i
>;3
16
106%
*120%
120%
O
Texarkana 4 Ft S gu 5Hs A—1950
Texas Corp deb 3 Hs
1951
Gen 4 ref 5s series B
Gen 4 ref 5s series C.
Gen 4 ref 6s series D
6
"67% "26
62
106 H
1944
♦AdJ lnc 6s
109%
S
D
1953
Tex 4 N O con gold 5s
Texas 4 Pac lBt gold 6s
7
100%
*100%
"67 H
S
g 4 Hs.—1939 A
1st cons gold 5s
Gen refund s f g 4s
101
J
C...1944 M
A
80
102%
*13%
102%
D
Tenn Coal Iron 4 RR gen 5s.—1951 J
Tenn Cop 4 Chem deb 6s B... 1944 M
5
109
A
♦Studebaker Corp conv deb 6s. 1945 J
J
Swift 4 Co 1st M 3%s„.
1950 M N
Tennessee Corp deb 6s
109
98
66
97%
79
J
F
62
97%
M N
J
1961 J
Standard Oil N J deb 3s
Staten Island Ry 1st
4Hs
*60~
S
J
.
43
80
1951 J
1938 M S
108%
101% 107%
24
1956 A
East Tenn reor lien g 5s.
Mobile 4 Ohio coll tr 4s
Tenn Elec Pow 1st 6s
Term Assn of St L 1st
101
45H
58 H
58
98% 102
41
75%
59
81%
97%
66%
130
105
30
64
1946 J
118
43
93
74
61H
1950
9
107%
64 H
62
San Fran Term 1st 4s
17
96%
62%
102%
100% 107%
16
97 H
1969 M N
_..
94
102%
107%
11%
13
13
Western Maryland lst4s_
1st A ref 5 %s series A
76% 102%.
26
100
...1981 M N
82%
50
1
73%
60%
59%
Gold 4Hs
25%
98%
136
"n%
Gen mtge
3%s
1967
West Penn Power 1st 5s
ser E..1963
1st mtge 4s ser H
1961
1st mtge 3%s series 1
1966
73
88
120%
O
Westchester Ltg 5s stpd gtd...1950
89%
68
1
107%
1978 A
Warren RR 1st ref
gu g 3 %s...2000
Washington Cent 1st gold 4s... 1948
Wash Term 1st
gu 3%s._
1945
1st 40-year guar 4s
1945
Wash Water Power
s f 6s
1939
100
50%
18%
77%
91%
So Pac coll 4s (Cent Pac coll)-.1949 I
1st 4%b (Oregon
Lines) A...1977 (VI
Gold 4 Ha
.......1968 M
Gold 4Hs
10-year secured 3 % s
64%
71%
99%
44%
41%
"12%
s
100
62%
A
Simmons Co
Southern Kraft Corp 4%s
Southern Natural Gas—
1st mtge pipe line 4 %s
1
64
61%
40
97%
10%
9%
10%
9%
10%
*9%
12
1941 IVI
102
81
40
69%
"l2""
Warner Bros Plct deb 6s
93
60
12%
{♦Warren Bros Co deb
14%
45
45
"12"
23%
22%
3%
30
97
A
20
1
90
4
14
deposit
of
101%
107%
103%
98%
101
68%
*25
Walker (Hiram) GAW
deb 4% s. 1945 J
38%
14%
32
110
58
67%
31
*
5%
17
66%
67
103
28
1976 F
Walworth Co 1st M 4s
6s
45
60%
105
*35"
6%
6%
3%
4%
64
♦Certificates
....
"60%
104%
41%
104% 109%
9
102
*
104%
High
8
17
45
deposit..
of
25
1937
Low
94
5
4
100
of
10%
109%
*
13%
20%
53
4%
*98%
1951 M S
2%
11
22
4%
4%
100
D
1935 J
♦Debenture s f 6 %s
♦Silesia Elec Corp 6%s
22
A
1951 M
f 7s
s
M~S
♦Certificates
36%
3
17%
s
1939
♦Ref A gen 5s series D
35%
10
6
4H
6s series A
♦Certificates
No.
1941
♦Ref A gen 4 %s series C
121
13
17%
A
♦Series B certificates
sec a f
110
O
-
43%
High
10
1939 IVI N
1939 F A
♦Ref A gen 5s series
B_
44
O
..Oct 1949 F
Shell Union Oil deb 3 Ha
Bhlnyeteu El Pow 1st 6 Hs
Guar
115
<§3
44
♦Omaha Div 1st g 3 %s
1941
♦Toledo A Chic Dlv g 4s
1941
{♦Wabash Ry ref A gen
5%s A. 1975
♦Certificates of deposit
43
i-V'.-
Asked
dk
109
1954
g 4s
41%
16
''
"20%
10%
109
J
1958 A
1966 IVI
Range
for Year
Friday
Bid
S
2003 J
♦2d gold 5s
♦1st Hen g term 4s
♦Det A Chic Ext 1st 5s
♦Des Moines Dlv 1st
79% 103%
108% 112%
105% 110%
110
1949 IVI
{{♦Wabash RR 1st gold 5s
124
110
♦
Range or
Sale
Price
D
1955 M N
gu 4s
106%
113
81%
Week's
Low
Virginian Ry 3%s series A
27
101
118%
if
1942 J
1st cons 6s
37
7%
102
Friday
Last
EXCHANGE
Va Iron Coal <fe Coke
1st g 5s
Va A Southwest 1st
109%
:
8
109%
J
♦Certificates of deposit
{♦Alt 4 Blrm 1st gu 4s
1933
{♦Seaboard All Fla 6s A ctfs.._1935
,
96
6
STOCK
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s ser A
74%
65%
54
110
♦Certificates of deposit
cons
29
22%
15%
"~2
8h
80
Y.
Week Ended Jan. 7
100
A
♦Adjustment 5s
§ ♦Refunding 4s
N.
'
Scioto V 4 N E 1st gu 4s
1989 M N
I {♦Seaboard Air Line 1st g 4s._1960 A O
{♦Gold 4s stamped
1950 A O
♦1st 4
9%
7%
J
♦Stamped
251
« T3
High
66
"ll
9%
J
J
r
♦Stamped
4
17
117%
San Antonio Pub Serv 1st 6s. .1952 J
J
San Diego Consul G 4 E 4s—1965 (VI N
Santa Fe Pres A Phen 1st 6S..1942 M S
{♦Schulco Co gu
30 h
25 h
♦101
a943 J
Low
4
*98
8h
1972
S A 4 Ar Pass ist gu g 4s
NO.
66
30
1940
St Paul Un Dep 5s
guar
6
BONDS
1937
HlO5
*20%
15%
"l7~"
J
Range
for Year
Asked
dk
66
J
St Paul A Duluth 1st con
g 4a._1968 J D
{♦8t Paul E Gr Trk 1st 4%s—1947 J
J
{♦St Paul 4 K C Sh L gu 4%S-1941 FA
St Paul Minn 4 Man—
{Pacific ext
Bid
Low
{St L SW 1st 4s bond ctfs
Record—Concluded—Page
Week's
Lent
BONDS
Utah Lt 4 Trac 1st 4 ref 5s
Utah Power 4 Light 1st 5s
85
86%
1944
84
83
1947
50%
50%
87%
50%
79
{♦Utll Power 4 Light 5 Hs
13
41
69
1959
50%
50%
50%
20
41
Below
are
the
daily closing
stocks and bonds listed
as
on
Averages
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
67%
{♦Debenture 6s
1944
Vanadium Corp of Am conv 6s. 1941 A
O
Vandalla
A
Cons
s
cons g
4s series A
f 4s series B
1955 F
J
83
2
109%
109%
"l%
"1% ""~5
1
J
81
111
Dale
1
Stocks
Bonds
4
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Ralls
ties
Bonds
102.15
Total
5%
4
20
Rail¬
trials
113%
1%
10
30
Indus¬
107% 111
110
1%
:
10
1957 M N
{♦Vera Crua 4 P 1st gu 4Hs—1934 J
{♦July coupon off
J
83
21
Jan. 7..
128.21
30 47
21 38
42.47
106.01
Jan.6..
128 97
30 58
21.43
42.68
105.99
102.24
58.51
103.55
Jan. 5__
92.57
124.66
29 17
20.93
41.20
105.64
102.58
57.06
103.48
92.19
Jan.4..
124.61
29 80
20.91
41.37
105.25
102.60
57.83
103.55
92.31
Jan.3..
120.57
29.35
20.46
40.24
104.73
103.16
58.60
103.50
92.50
Jan.1__
HOLI DAY
58.74
103.54
92.61
range unless they are the only transactions of the week and when selling outside of the
No account Is taken of such sales In computing the range for the year.
sales are disregarded In the week's
In a footnote In the week In which they occur
NOTICE—Cash and .deferred delivery
reguiar weekly
range are shown
beginning on Saturday last (Jan. 1, 1938) and ending
from the daily reports of the Curb Exchange itself, and is
which any dealings occurred during the week covered:
week
Week's Range
for
Salt
of Prices
Low
High
Week
STOCKS
Price
Air Investors
"2*066
134
Oct
6
Mar
400
1434
Feb
38
May
534
Dec
22
Feb
Oct
4
May
200
34
134
100
7
1
common...*
1%
*
14%
34
1,500
47
4934
100
49
Dec
80
June
04
90
55
Oct
87
Jan
62
77
Jan
Brazilian Tr Lt A
Jan
Breeze
34
.....
Southern..50
Ala Power $7 pref
*
$0 preferred.
...
*
Alles A Fisher Inc com...*
Alliance Invest common..*
Allied Internat Invest com*
$3 conv pref
*
Allied Products com
10
Class A
25
Aluminium Co common..*
6% preference
100
Alabama Gt
6034
234
100
234
Sept
1054
Q
Q
83
105
534
Nov
200
105
14
Oct
Oct
5534
Nov
140
Mar
Dec
131
May
common...
B
Common class
S3 preferred
pref
15.50 prior
25
400
"27""
20
24%
134
4,900
1134
200
2734
1234
6%
034
1
Oct
Jan
Jan
Apr
7934
34
Oct
82
19
Dec
1
1,500
3
4,900
.__.*
Dec
Oct
300
400
1
Oct
4
4
100
234
Oct
10
10
100
834
Oct
30
10034
Oct
34
334
3%
1,100
34
3%
334
234
334
634
2
434
70
66 34
3%
1
2,000
4
334
Oct
Jan
Cent Hud G A E
4,400
700
Oct
1
'
*u
...
134
732
Jan
Feb
May
Mach..*
5
734
734
100
9
Dec
•u
Dec
900
134
100
634
Dec
Oct
Oct
6
2934
354
Mar
Mar
Feb
9
1154
1654
13 34
75
86
83
Mar
Aug
Dec
43
60
Oct
156
,
Jan
Jan
434
Purch warrants for com..
334
434
Barium Stainless Steel...1
Bath Iron Works Corp._.l
1,100
234
7,000
*6%
"634
3*400
T
Baumann (L) & Co com
..100
Beaunlt Mills Inc com.. 10
6
6
6
17
Dec
"i'x
Bell Aircraft Corp com...l
1
Bellanca Aircraft com
400
15
434
134
15
334
134
16
Oct
15
Aug
Oct
5
Mar
IK
Oct
8
Feb
Dec
21
Feb
3%
434
Oct
Dec
1134 June
1134 Aug
Oct
6
Dec
434
July
34
Oct
"466
1,200
8
Oct
2,500
2
Oct
15834
100
'110" ,11754
634 % pf.100
Benson A Hedges com
*
Bell Tel of Pa
20
Nov
11334
June
103
zl8
Jan
May
2734 Aug
43* May
1854 July
834 Mar
170
Sept
12534
Mar
1
10
1034
200
234
Feb
15%
Mar
Oct
3734
Feb
Machine Co com
com..
Bliss (E W) new com
Bliss A Laughlin com...
200
034
12
*
034
257.
734
2,000
1734
1
For footnotes see page
834
*
1 734
75
434
15
500
7
14J4
July
Oct
15
8ept
Oct
2434
Oct
41
Oct
June
15
Mar
57
Mar
Oct
Dec
105%
Mar
Jan
Dec
19
Oct
96
Feb
Nov
90
Dec
2234
9134
634
Feb
Jan
Jan
*1134
"no
Jan
124
Dec
82 34
Dec
634
Nov
1
Oct
Apr
Jan
800
""
634
1334
2,000
34
Oct
500
234
Oct
234
2734
200
7
Oct
52
Oct
Jan
Oct
3334
2634
234
Oct
7
Mar
5
Dec
19
May
X
1234
4
900
8
300
100
166" ""ISO
166"
Dec
1634
Feb
Dec
2734
Sept
9534
Oct
40
200
32
Oct
9
9
200
7
Oct
34
30%
134
34
3434
2
3934
36
100
tii
Sept
225
2734
Dec
20,500
3,200
134
134
$6 preferred
534
25
33
434
534
2,100
Oct
Oct
Nov
28
Oct
Oct
4
334
3
Clayton A Lambert Mfg..
3334
33
*
434
com..
334
Cllnchfleld Coal Corp. .100
"Too
7634 May
1834 July
Apr
AH Feb
Jan
Jan
60
5%
3034
Jan
58
Jan
7934
Feb
76
Feb
1534
Feb
Feb
4%
Apr
40
Jan
334
Oct
34
6,000
Claude Neon Lights Inc..
Sept
Dec
17
Apr
123
Oct
Oct
15
13
33
*
City A Suburban Homes. 10
Clark Controller Co
1
Jan
6 34
40
Cities Serv P A L $7 pref.*
City Auto Stamping
Jan
1534
.734
734
24
1034
Dec
4834
Mar
Jan
Jan
5
400
2
Oct
16
Aug
334
134
100
3
Oct
9
Apr
2%
Mar
134
200
Oct
134
34
Club Alum Utensil Co
100
8%
22
9
9
Dec
Cockshutt Plow Co com..*
6
Dec
3
234
334
5
9%
854
4%
24%
7434
Feb
6
034
Cohn A
200
10434
10%
Jan
Rosenberger Inc
Colon Development ord...
0% conv pref
£1
Conv 5%
*6*
2,900
2
Sept
334
100
3
Oct
634
1,800
1,100
2%
Oct
5534
..1
434
5834
5734
preferred..100
Columbia Oil A Gas
60
3.34
125
454
4,400
2734
1,100
Columbia Pictures com..*
Commonwealth Edison..25
Blrdsboro Steel Foundry A
Blauner's
"66"
Columbia Gas A Elec—
Oct
Oct
Dec
3
Preferred BB
Jan
Dec
3034
pref..
1234
634
*
*
4
34
9
4234
10%
2
100
100
334
Colt's Patent Fire Arms.25
Oct
1,000
Purchase warrants
Blckfords Inc common...*
1334
Feb
34
700
3834
3
6
19
Sept
5%
1434
Oct
0
1,700
434
534
5
10
Cherry-Burrell com
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chic Rivet A Mach
..4
Chief Consol Mining
1
Chllds Co preferred
100
Cities Service common
*
Cleveland Tractor
Feb
Feb
July
Oct
June
Jan
234
"16
Strip Co
Ilium
Jan
Aug
"l*34 "2"
2
Charts Corp
Cleveland Elec
97%
0734
10
600
234
234
100
'29.100
*
Preferred
Feb
Oct
74
Dec
Dec
10
Berkey & Gay Furniture
300
12
6X
Colorado Fuel A Iron warr.
3
»
Conv pref
5
2234
20
Beech Aircraft Corp
$2.50 conv
Nov
7434
234
6
Barlow & Seellg Mfg A
Bell Tel of Canada
Sept
734
734
234
BardBtown Distill Inc...
$1.50 conv pref
10
134
634
Baldwin Rubber Co com
7% l8tpref
Oct
2
1034
30
preferred
634
3%
10254
Sept
23 34
74
1
Preferred B
Locomotive—
4,500
4,300
Chamberlln Metal Weather
4,200
10
3134
Oct
75
30
80
"*88~
89
Feb
Mar
Jan
Oct
34
Jan
35
Oct
19
July
834
Oct
334
100
2834
1234
1334
5754
4
Oct
Oct
69
Centrifugal Pipe
Oct
Oct
34
3,300
22
Sept
Oct
34
Oct
6
200
434
100
Conv preferred
Oct
34
3134
Feb
834
Jan
734
Jan
3%
Jan
2334 May
254
Jan
2634 July
78
234
6% pref without warr 100
7% preferred
Oct
28
90
Tobacco
Babcock & Wilcox Co..
7%
134
734
134
Class A common
Baldwln
20
1134
5
Automatic Products
Axton-Fisher
Jan
20
Oct
1,200
*
_..*
Cent States Elec com
34
3
10
1,700
1134
34
*
Austin Silver Mines.
Avery (BF)
Cent A South West
Mar
Oct
1434
10
134
6
Oct
500
1
434
Nov
Feb
Feb
2034
1034
Dec
28
"is
Corp
Automatic Voting
Jan
Sept
80
4
2034
534
32%
2,800
334
134
3034
100
Utll 50c
534
3934
1%
A
28
Oct
80
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref.100
Cent Ohio Steel Prod
1
Conv pref opt ser
434
Jan
434
""*75
134
1034
134
20
134
com
Cent P & L 7% pref
Oct
Dec
32
34
Atlas Corp warrants
Atlas Plywood
Oct
534
Assoc Laundries ol Amer.
Coast RR Co pref...
134
69
1st preferred
1
200
8
Oct
100
20
"22"
334
1
*
10
1
Feb
Jan
Mar
Oct
15
Carter (J W) Co common.
1554
834
Mar
Dec
Mar
Jan
Mar
1,200
134
134
134
*
*
Oct
3
3834
34
5%
Oct
2
Jan
5
Oct
Aug
234
$7 dlv preferred....
1334
Oct
134
*
-_25c
Casco Products
Oct
Dec
334
Jan
Oct
100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
90
12%
Sept
3034 Mar
5134
Feb
25% Mar
10634
Jan
3134 Aug
11
Feb
Jan
Nov
Option warrants
100
2,400
17
20
96
34
$5 preferred
Oct
*21*
Oct
934
734
Apr
Dec
14
Feb
Apr
534
9
134
Oct
100
7
70
Oct
20
7% 1st partlc pref
100
Celluloid Corp common. 15
200
734
Jan
Oct
Celanese Corp of America
1034
134
1234
34
Catalin Corp of Amer
34
134
*1534
28%
Oct
234
Feb
1034
Class A..
Oct
Dec
4
36
1034
$6 preferred
Carrier Corp
June
2
600
Feb
£1
34
134
Atlanta Birmingham
Jan
Mar
85
350
134
Castle (A M) com
Jan
934
34
1234
1334
1054
Assoc Gas & Elec—
V tc common
Jan
Feb
39
Dec
32
134
6
Common
Jan
Jan
3
Oct
200
71
71
1,700
8,000
19
Feb
2%
Nov
Sept
1,000
"17"
434
3%
10
pref...*
Amer deposit rets
Dec
Feb
Jan
Industries
Elec
2134
A....*
Class B
*
Carnation Co common
*
Carnegie Metals com
1
Carolina P A L $7 pref
*
Jan
Feb
Oct
634
34
X
Feb
600
Carman A Co class
5934
434
554
834
4234
11034
Dec
103
103
103
32
334
1
Marconi
Carlb Syndicate
99
334
2
334
1%
......
Co
Dec
634
334
300
15
15
15
*
5
Anchor Post Fence
*
ADgostura Wupperman..l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
{Arcturus Radio Tube...l
Arkansas Nat Gas com...*
Common class A
*
Art Metal Works com
H
Jan
Oct
39
2134
22
10034 10034
3734
com..*
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
B non-voting
*
Capital City Products
3
33
600
234
334
pref shs £1
Estate..20
Apr
Oct
Mar
Dec
3
Canada Cement Co
Jan
1034
Oct
Amer dep rets
Calamba Sugar
Canadian
10
Nov
834
Mar
25
300
Cables A Wireless Ltd—
Jan
53
Oct
2,800
Mar
234
Sept
25
150
Mar
254
59
2634
Oct
Warrants
Feb
2634
2834
5434
75
Preferred
Ashland Oil A Ref
38
Oct
Oct
10
00
534
234
(E L) Co
14
Oct
Mar
20
Mar
734
8
30
234
2%
37
Oct
Mar
650
5
May
10
Feb
1234
31
Dec
May
100
21
26
2934
Jan
Oct
1634
1
32
134
8%
77
50
834 May
Oct
500
30
8 34
Oct
4
22
33
8
34
30
334
7%
1634
Burry Biscuit Corp.-1234c
Cable Elec Prod v t c_
*
4,000
24
Oct
Burma Corp Am dep rets..
100
100
22
234
400
Oct
Mar
Aug
Jan
Oct
Feb
Feb
Mar
2534
Feb
15
24
10834
Oct
Oct
Mar
25%
Feb
25
X
Dec
2
1934
42
1,000
%
Oct
85
700
85
21
3034
400
1334
7
260
3
900
28
Oct
23
1834
1234
83
Oct
*734
Oct
100
18
13 X
1,400
434
954
334
*20
American Thread pref
-
Jan
Jan
8
3034
1434
534
21%
7
334
22
2234
100
25
12
10
Amer 8eal-Kap com
2
Am Superpower Corp com*
Preferred
Jan
Jan
Mar
Jan
Jan
34
134
1034
Buckeye Pipe Line.:
Mar
12
Nov
4
Jan
Feb
4854
11234
Dec
1254
Nov
*83*"
27
Republics
Arkansas P A L $7
Oct
300
434
25
Co
preferred
Oct
99
200
434
2134
4,000
434
24
Dec
11
Aug
37
Oct
Oct
1
11034
2534
25
1
Meter Co
*
Pneumatic Service.*
Potash A Chemical.*
Associated
2734
110
1
1
Preferred
1st
Bruce
1134
com.50
*
Laundry Mach...20
Lt A Trac com
25
American
Jan
Aug
(111) com
Amer Maracalbo
Amer
8
37
1734
IX
1054
834
Brown Rubber Co
Oct
Dec
Dec
634
50
300
634
com—1
5
50
Buff Nlag A East Pr pref25
$5 1st preferred
*
Bunker Hill A Sullivan 2.50
Burco Inc common
*
$3 convertible pref
*
Jan
2
300
Oct
800
*
25
47
Oct
%
734
2%
32%
134
A.*
*
$6 preferred
Jan
Dec
7
.334
*
Distillery. 1
IX
134
*
General Corp 10c
0% preferred
Amer Mfg Co common
Brown Forman
Nov
34
Oct
34
600
134
Brown Fence &
Class A pref
Jan
Feb
19
Ltd—
300
334
2734
2134
24
10
Pow warr...
Fork A Hoe com...*
Gas A Elec com
*
Amer Invest
Mar
July
4134
28
$2.50 preferred
Amer Hard Rubber
Amer
Oct
3
|2 preferred
Amer
2334
22 34
24
28
Preferred
Amer
Oct
2733
25
Class B n-v._
Amer
134
554
warrants 25
Cyanamld class A. 10
American
42
8934
5634
7
11
§Brown Co0% pref
100
Wire com. 1
Feb
Dec
Dec
Jan
11
Oct
9
200
ord reg. - 10s
Class B__
Feb
154
Jan
Jan
Jan
Dec
234
£1
British Col Power class
Oct
11
ord bearer£l
British Celanese
Mar
2034
100
-
Dec
10
—*
Amer dep rets reg
Apr
0,800
234
134
2%
Am dep rets
Jan
11
1,200
British Amer Tobacco—
Am dep rets
Dec
Nov
4
134
*
coupon..*
Registered
Mar
61
Amer Foreign
Amer
Oct
1
Class A..
Amer
5
100
23
23
__...—*
*
Class B
Amer
48
34
10c
10c
Centrifugal Corp-.-l
Cities Power A Lt—
Class A with
2454
30
8%
2 34
Amer
Am
75
Dec
Capital—
A
Class
Dec
3234
354
000
50
734
Oct
%
American Beverage
British Amer Oil
Jan
734
:"l~5o6
"iik" "~9X TY%
48
Class A..
Feb
434
450
3434
7
100
*
7% preferred
Brlllo Mfg Co common
Jan
500
434
48%
4334
Oct
34
*
Class A...
Mar
100
95
com..l
American Book Co
100
Arner Box Board Co com.l
Brill Corp class B
Mar
11954
1754
1434
Dec
100
15 34
534
7334
1534
70
73 %
common.*
Dec
7234
3,100
80
105
77
105
2634
17734
Feb
134
334
*
100
*
*
Bright Star Elec cl B
July
800
1034
»x«
—1
Preferred
High
Low
Shares
1534
1534
1034
Aeronautical—1
Bridgeport Machine
1634
534
634
Pow...*
Corp
Brewster
Jan
24
Oct
1234
150
13J4
13
Dec
5
500
2d preferred
Jan
Dec
1st preferred
7%
Mar
5
34
0% preferred
100
American Airlines Inc... 10
American
534
Dec
1
Industries com*
Aluminium Ltd
120
Oct
234
Jan
3754
3834
*
*
100
100
Bourjois Inc
Bowman-Blltmore com
Jan
134
Dec
34
Jan
534
345*
Dec
Sept
5434
52
Mfg...*
Aluminum Goods
Aluminum
1,000
1,900
7
634
%
1%
14%
Conv preferred...
Warrants
Jan
Year 1937
Week
154
3834
634
134
l
*
♦
Bohack (H C) Co com...*
7% 1st preferred
100
Borne Scrymser Co
25
fBotany Consol Mills Co.*
Corp com
$3 opt conv pref
Blumenthal (S) A Co
Sept
24
27 34
23
Corp com
Air Devices
Oct
Price
Blue Ridge
"334 "3%
3%
27 34
of Prices
Low
High
Par
5634
Dec
10
Agfa Ansco Corp com
1
Alnswortb Mfg common—5
24
50
26
26
20
Aero Supply Mfg class A.*
Class B
*
t c com
Acme wire v
Week's
Sale
Range for
for
Range
Last
High
Low
Shares
Sales
Friday
STOCKS
Continued)
1937
Range for Year
Last
Par
the present Friday (Jan. 7, 1938). It is
intended to include every security, whether
Sales
Friday
Exchange for the
compiled entirely
stock or bond, in
transactions on the New York Curb
furnish a complete record of the
extensive list we
In the following
Jan. 8, 1938
Exchange—Weekly and Yearly Record
New York Curb
252
2634
Commonwealth A Southern
34
Warrants
Feb
Community P A L $0 pref *
Community Pub Service 25
Community Water Serv_.l
Oct
57
Sept
234
Oct
X
3
Feb
Apr
Jan
Jan
2034
Oct
33
Aug
34
Sept
•,«
Oct
1,700
100
19
Feb
39
'ji
Jan
234
Jan
13
19
Feb
June
29
Commonw Dlstribut
Aug
«:
41
Mar
300
Oct
64
18
Oct
34
34
Oct
2%
Jan
Jan
Mar
Volume
New York Curb
146
Friday
STOCKS
Last
{Continued.)
Sale
Par
of Prices
Price
Exchange—Continued—Page
Loto
High
for
Week
Shares
Low
1946
Cities Service Co.
High
*
Consol Biscuit Co
1
%
X
60
Oct
60
110
Oct
500
1
61
IX
Oct
5
2,300
2X
Oct
75
25
69 X
3%
17%
1023*
2%
26%
IX
3%
"ex ~~8~x "2,799
"994
~~9~x "m """166
4
6%
8X
"i'x ""ex
"e%
"Ik "2"
2%
Oct
5%
7%
Nov
IX
Oct
94%
5%
Dec
28
Nov
X
5
2534
2334
ex
7
Oct
29 H
4,800
Oct
14%
1%
38%
Oct
20
900
H
7X
he
3
3%
434
434
200
10
Crown Drug Co com..25c
Preferred
25
Crystal Oil Ref com
'in
10
194
10
,*
434
8X
300
IX
"I
954
3X
334
2,200
994
3X
Darby Petroleum com
5
Davenport Hosiery Mills. »
8%
1,000
12 X
200
9
Nov
8%
12%
500
5
Oct
Defiance Spark Plug com »
Dejay Stores
1
Dennlson Mfg 7% pref. 100
Derby Oil <fe Ref Corp com*
»»•
6
3X
334
3X
"9"
2%
7X
2%
1X
2%
3
18X
IX
10X
Jan
900
15
Oct
64
Feb
3%
"566
Oct
May
Nov
100
Dec
50
IX
100
65
"i'x ~"~ix
64
65
100
Oct
Dec
"loo
100
1M
52
*
8X
Oct
11
8,100
7
Oct
2%
3
700
2
Oct
10H
5034
27
100
9%
8%
5094
2734
500
IX
IX
1H
Dec
3
Oct
700
9%
854
9%
37,400
56%
3%
~5§"
""600
3%
100
~29X ~32% —if 5
1
2X
1%
pref w w
*
Elec Shovel Coal <4 pref..*
5%
1,300
234
Empire Gas & Fuel Co—
6% preferred
100
634 % preferred
100
7% preferred
....100
8% preferred
100
Empire Power part stock.*
Emsco Derrick <k Equip. .5
Equity Corp com
10c
Esquire-Coronet
75X
250
Oct
Jan
Hartford Elec Light
Hartford Rayon vtc
Jan
14
Jan
Jan
IX
100
20
Oct
Oct
Oct
22
22
50
IX
300
85
1934
1934
250
2094
34
934
2094
134
200
934
1534
Dec
25c
Rubensteln
5
47
11934
40
Mar
Jan
100
10
200
»16
X
%
9X
100
Feb
Oct
77
Mar
26
Oct
81
Nov
7
Oct
2,800
9X
Feb
74
22
36
934
7234
Oct
24
35X
Oct
26%
10
X
Oct
24 X
Oct
8
3,200
*
»>«
Oct
X
Aug
3,100
100
10
8
3
11
10
1
11X
11X
1,100
4,400
500
3X
3X
3%
7
...1
7
7
200
1
5
1
22%
Fldello Brewery
Fire Association (Phlla)
Flsk Rubber Corp.
1
si«
60
1
6
100
5%
Oct
Oct
Dec
7X
10C
7X
Dec
200
15X
Oct
X
1,300
X
Oct
6X
4,130
3,900
41
3X
50
Feb
92
Oct
4X
60
Jan
Nov
Oct
IX
'"166
X
Feb
Mar
Oct
Oct
2234
22
55
X
7
16X
7X
10
Oct
5
Feb
3134
1994
294
11X
4734
134 Feb
3%
Feb
4534 Mar
2794 Mar
894
Feb
1194 Mar
2534 Aug
1734
Feb
1534 Mar
4734 Feb
134
Jan
8294
Jan
1834 Mar
5
"5"
"5
*
Fedders Mfg Co
Ferro Enamel Corp
Oct
Oct
48
11934 11934
31
"534
5
31
34
5 94
34
Dec
300
8
400
434
Dec
800
4534
Dec
100
100
600
11034
34,700
-
Mar
Oct
Oct
4
Oct
Oct
34
3734
40
7,600
Oct
27
3
40
33
Deo
Oct
07
"81"
"H"
""20
"2% ""234
Nov
78 34
7
Nov
"360
234
53
1%
194
194
Dec
Oct
434
1534
434
1594
434
1534
034
694
500
100
"934
"I'x "9%
Oct
5
Oct
Dec
534
4%
6%
Oct
Oct
Dec
Oct
034
Dec
20
600
31
Oct
Nov
36
Jan
8
Dec
1334
Oct
Oct
594
1594
1834
9
10
1334
Oct
600
(Henry) & Co cl A..*
(Geo A) Co com.*
(A C) Co com
1
*
Oct
J%
*
Hoe (R) & Co class A—10
Horn
7
3,800
10
Holllnger Consol G M—5
Holophane Co com
.*
Dec
30
6
Heyden Chemical
Hires (C E) Co cl A
Oct
334
300
694
*
com
Dec
34
X
*
Hewitt Rubber
Dec!
IX
1,200
Heller Co com..2
Preferred ww
25
Hubbell
25 X
36
934
594
50
Class A
5%
Feb
Feb
Mar
Oct
Sept
34 June
2734 Dec
234
Dec
2034
Dec
pref erred... „._.100
23
9894
2394
9894
600
Deo
10
(Harvey)
Inc—5
Hud Bay Mln & Smelt--
2534
Humble Oil & Ref
♦
65
Hummel-Ross Fibre Corp 5
Hussman-LIgonler Co
6
"22k ~26k ■ilW
6434
534
234
1834
Oct
96
Dec
1034
23
Dec
Oct
5,100
1534
5434
Nov
6 34
1,200
434
Oct
X
400
66
13
Oct
Dec
jHylers of Delaware Inc
Common
European Electric Corp—
Option warrants
Evans Wallower Lead
Oct
Oct
34
934
*
preferred
Jan
60
Oct
100
34
1
*
Dept Store com..5
6%
Jan
7%
9894
22J4
1794
534
4034
60
Oct
150
1234
Hormel
80
Oct
Oct
Oct
24
30
1234
1
Hat Corp of Am cl B com.l
Holt
Oct
IX
5
25
Hartman Tobacco Co
Harvard Brewing Co
Jan
Oct
Oct
Oct
Dec
1,100
Sept
Jan
IX
2X
534
8
Feb
2X
22
July
Hamilton Bridge Co com.*
80
8734
1134
994
5
1
f6 preferred.
Jan
Oct
Nov
10
IX
50
Fanny Farmer Candy
Fansteel Metallurgical
4%
28%
5%
300
Electrographlc Corp com.l
Electrol Inc vtc
1
Elgin Nat Watch Co
15
Empire Dlst El 6% pf.100
Falrchlld Aviation
Falstaff Brewing
Oct
22 X
75
conv.
7% preferred
Ex-Cell-O Corp
Mar
32
Dec
Horn & Hardart
Common
com
Jan
24
10
40
534
Oot
Oct
11
Hecla Mining Co
23
Nov
6
29
*
Helena
Jan
50
Sept
5
Jan
Jan
Nov
47 X
4%
Hall Lamp Co
Haloid Co
Jan
Oct
50
1
Eureka Pipe Line
Oct
Dec
534
...»
Hazeltlne Corp
16
Oct
Dec
32 34
05
100
& Alabas..*
Hearn
'57"
*
86 preferred....
Jan
H
warrants
*
Grocery Sts Prod com__25c
Jan
700
Oct
Oct
734
25
Guardian Investors
.1
Gulf Oil Corp
25
Gulf States Utll S5.50 pref *
Feb
16
Electric Shareholding—
100
2634
634
8234
82J4
13%
19
1
Jan
7% 1st preferred
Gt Northern Paper
Greenfield Tap & Die
71
*
com
Jan
Feb
*
80
12 X
Edison Bros Stores
.2
Elsler Electric
Corp
1
Elec Bond & Share com..5
Mar
Dec
Oct
834
5
*
stock
Dec
400
3%
Mar
Oct
Nov
1
100
200
694
40
*
S3 preferred
Gorham Mfg Co—
Gypsum Lime
3734
76
094
*
Dec
375
3%
Jan
May
Feb
'12
10
5494
S7 preferred...
Dec
21
134
13
75
Gray Telep Pay Station .10
Apr
Dec
Nov
85
Goldfleld Consol Mines. .1
Goodman Mfg Co
50
Gorham Inc class A_;
*
com
Oct
94
100
45
*
48 %
21
134
1234
*
Class B
25%
18
134
13
Godchaux Sugars class A_*
Non-vot
Oct
1034
600
75
*,
Glen Alden Coal.
75
18 X
1934
Easy Washing Mach B
*
Economy Grocery Stores.*
Elec P <fe L 2d pref A
Oct
Oct
34] 4234
Gilchrist Company
*
Gladdlng-McBean & Co..*
200
7
*
Class A
4
300
Dec
19
Great Atl & Pac Tea—
Feb
7%
8%
694
834
10%
6% preferred
*
694
79
100
1834
1234
X
4,100
42
4234
Grand Rapids Varnish—*
Jan
1%
7%
10%
27%
6X
*
15 preferred
96
42H
111
Oct
Oct
X
1
16 preferred
Dec
14
104
18
Oct
50
Vtc agreement extend.*
Grand National Films Inc 1
July
Aug
Mar
Apr
Sept
1
0534
134
10
434
Jan
17 X
49 X
18
Eastern Malleable Iron.25
Eastern States Corp.....*
$7 preferred series A
*
$6
Dec
10
100
400
*
Jan
10%
2994
534
22%
28X
300
"l5%
434% prior preferred-100
Option
Oct
16
Duval Texas Sulphur
»
Eagle PIcher Lead
10
East Gas & Fuel Assoc—
Elec Power Assoc
Apr
Dec
2%
1034
83
10
f6 preferred series B
30
Dec
9 34
100
Apr
Nov
8
Dec
7534
2
com
S3 preferred
Sept
Sept
35%
15
3X
"15"
7% preferred
100
Dublller Condenser Corp. 1
Common
Feb
19
3X
5% % preferred
100
Douglas (W L) Shoe Co—
7% preferred
100
Draper Corp
*
com
11
July
Sept
25%
£1
com
3X May
Oct
Dec
9
Dominion Steel & Coal B 25
Domln Tar & Chem com.*
Duro-Test Corp
Oct
Feb
2
2854
19X
16
Dlvco-Twln Truck com__l
Dobeckmun Co com
1
Duke Power Co
Durham Hosiery cl B
19% May
20
2
10
Driver Harris Co
Dec
Nov
700
Diamond Shoe Corp com.*
Distilled Liquors Corp
5
*
Aug
2,400
1,100
10
Distillers Co Ltd.
Jan
Jan
X
Georgia Power S8 pref—*
July
Dec
Dec
Rubber-
85 preferred
Gilbert (A C) com
Preferred
Apr
89
&
Feb
May
8% July
Oct
Tire
Jan
Apr
87
Nov
166
IX
2%
2X
1534
IX
294
6% preferred A
Gen Water G & E
i'ii
Nov
12
*
Feb
16
Oct
8
11
1234
Warrants
Gen Outdoor Adv
6% pflOO
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock—*
Feb
33
14
200
1834
General Telephone com.20
S3 conv pref.—..—-
Feb
550
10
*
General
Dec
52 X
700
$6 preferred
Jan
Feb
1434
Oct
Oct
3 34
'
June
50%
198X
16X
%
18%
15%
28%
200
134
15
Dec
50
Preferred
...»
Detroit Gasket & Mfg_...l
6% pref ww
20
Detroit Gray Iron Fdy
1
Det Mich Stove Co com..1
Detroit Paper Prod
1
Oct
Jan
434
934
7534
General Alloys Co
Gen Electric Co Ltd—
13
Oct
8
8
35
Detroit Steel Products
De Vllblss Co com
Preferred
Aug
16
12 J*
Dayton Rubber Mfg com_»
Class A
x7
8 X
Dec
Sept
2%
Dec
75
General Investment com.l
Feb
Oct
10
634
1
Mar
Sept
14
100
5
Amer dep rets ord reg.£l
Gen Fireprooflng com
*
Jan
*If
ex
5,600
Aug
2,300
Oct
Nov
234
5
Franklin Rayon Corp
1
Froedtert Grain <fe Malt—
Common
1
Conv preferred
15
Fruehauf Trailer Co
Jan
5
2134
Fox (Peter)
Brewing
Gamewell Co $6 conv pf..»
Gatlneau Power Co com
•
6% preferred
100
Feb
400
1434
934
1634
534
1694
1634
434
*
100
Amer dep rets...100 frcs
Mar
Feb
10
16
Jan
Low
36
534
1534
1634
5%
16
Ford Motor of France—
July
July
5
100
Curtis Mfg Co
5
Cusi Mexican
Mining..60c
16
May
Sept
100
Jan
25
50
100
Class B
Range for Year'A 1937
Shares
38
Am dep rets ord reg_.£l
Ford Motor of Can cl A..*
Jan
Jan
Price
*
Feb
1%
8X
Oct
Florida P & L *7 pref
Ford Motor Co Ltd—
Mar
Dec
Nov
634 % preferred
Feb
Sept
"260
Par
Jan
Jan
12
Oct
1
1,600
Oct
Dec
Dec
1054
"l~
t o.»
3
500
4X
1
Crowley, Mllner & Co..
Crown Cent Petrol
(Md)*5
Crown Cork Internat A..*
v
25%
Mar
Jan
May
Oct
£1
6% preferred
52%
IX
60
Week
Apr
2
Cramp (Wm) A Sons com.l
Cuban Tobacco com
Cuneo Press Inc
1854
34
500
for
of Prices
Loto
High
35
10%
19X
"Ik "2
1
Week's Range
Sale
Oct
Oct
700
N. Y. 1-1943
Sales
Last
Oct
Oct
4",600
Friday
STOCKS
Jan
63
2X
Teletype:
(Continued)
Feb
4H
»
INC.
Street, New York City
Jan
15
Nov
l'.iOO
Wall
2-5383
Jan
21%
61%
Dec
60
HA
Mar
Mar
3X
17X
600
20
1
Creole Petroleum
Crocker Wheeler Elec
Croft Brewing Co
Oct
Jan
Mar
19%
Oct
854
....
Corroon <fe Reynolds—
...
100
Oct
52
834
,__*
6% conv preferred.
Courtaulds Ltd
Nov
Dec
4
..10
com
4%
Oct
834
5
Cosden Petroleum
Oct
WILLIAM P. LEHRER CO.,
Mar
Dec
200
x.
•
18 preferred A
115
135
1
75
»
Common
Jan
Dec
5
Continental Secur Corp..6
com
UX
89%
83 X
194
*
Cord Corp
11
Oct
200
60
3
Cook Paint «k Varalsn
*
14 preferred
...»
Copper Range Co
Cop per weld Steel
Oct
2X
3X
~8i)i ~8l% ""*"16
10
com
100
BOUGHT—SOLD—QUOTED
X
48 X
60
100
S3 prior preference
16,600
\
Preferred
Oct
3%
5%
400
and
Jan
38
6734
114 J* 114}*
11434
Cont G A E 7% prior pf 100
Continental Oil of Mex___l
Cont Roll & Steel
Fdy___*
Cooper Bessemer
3X
434
6734
594
67 34
Consol Gas Utilities
1
Consol Mln <fc Smelt Ltd .6
Consol Retail Stores
1
8% preferred
Consol Royalty Oil
Consol Steel Corp com
17%
Oct
38
Consol Copper Mines
5
Consol G E L P Bait com *
5% pref class A
100
Common
Oct
8X
Conn Gas & Coke Secur—
S3 preferred
253
Range for Year 1937
Compo Shoe Mach—
v t c ext to
2
Sales
Week's Range
94
7% pref stamped
100
7% pref unstamped.. 100
Hydro Electric Securities
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co—*
494
194
100
494
2 34
800
"3 34 "I"
i",266
Oct
Nov
4*4
Nov
1
X
Oct
3434
4
Dec
Oct
50
1534
594
1434
5 34
800
2 34
8
5 94
500
334
Oct
1034! 11
4834 14834
200
934
Dec
Illuminating Shares cl A.*
Imperial Chem Indust—
Am dep rets ord reg..£l
Imperial Oil (Can) coup.-*
Registered...
Imperial Tobacco of Can.5
Imperial Tobacco of Great
and
Dec
6
8
11
Preferrred
Ctfs of deposit
Illinois Zinc
Britain
34
1534
25
Sept
834
1,700
200
Ireland..£1
794
734
200
Dec
Oct
Oct
3534
1 834
1734
14 34
1434
1234
17 34
1734
1834
Indiana Pipe Line..
10
Indiana Service 6% pf.100
7% preferred
50
Oct
Oct
Oct
5 94
1034
"13"
100
"l3
"16
Oct
Oct
10 34
Oct
84
Indpls P & L 634 % Pref 100
Oct
Indian Ter Ilium Oil—
Non-voting class A—
Class B
1
*
134
134
100
Dec!
134
Dec
Industrial Finance—
Vtc
common
1
7% preferred
100
Insurance Co. of No Am. 10
For footnotes
see
page
257.
34
8 34
5794
55
8 34
58
25
400
Oct
634
Oct
46
Oot
Jan. 8, 1938
Exchange—Continued—Page 3
New York Curb
254
Sales
Friday
Sales
Friday
STOCKS
(Continued)
of Prices
High
Sale
Par
Price
Week
Internat
International Petroleum..*
Registered
International Products.—*
Internat Radio Corp
1
Internat Safety Razor B-*
3,600
100
28 A
29%
29*
2%
7*
A
29A
2%
5*
A
2A
7*
Class
$1.75
28
*
$3.60 prior pref
serieeof 1940..
'u
Vitamin—1
Interstate Home Equip -.1
Interstate Hosiery Mills..*
Interstate Power $7 pref-*
Investors Royalty
1
Iron Fireman Mfg v t O..10
Irving Air Chute
1
3*
3A
3A
Warrants
International
26A
5A
A
13 A
1,600
2A
Oct
100
25
1A
A
11A
8A
Oct
800
50
600
Italian
Central Pow & Lt—
2 A
2 A.
31A
37 *
37A
2,200
Leonard
Lion Oil Refining
1A
Lockheed Aircraft
Lone Star Gas
Corp
Dec
Nov
IA
3,500
2 A
i»,6
Oct
Oct
Feb
Dec
200
Mar
Oct
IA
Oct
87*
Dec
10
Oct
2%
2A
A
12 A
Bu
10*
Oct
Sept
Oct
*
13*
19*
3,400
Oct
6*
Jan
80
Jan
Dec
Oct
A
100
Oct
Oct
Oct
Oct
Nov
Dec
OA
Jan
4
Dec
1*
14 A
17
Dec
4*
Oct
A
4A
300
OA
7A
800
14 A
300
4
OA
300
20
20
14
13*
x52
Dec
Nov
2*
10%
10A
99
10A
99
50
4A
4
500
300
Oct
7*
Oct
17 A
17 A
4A
3A
17 A
4A
200
400
"766
"~2A "1
A
200
A
A
16
A
75
1*
*
27
North Amer
82
Jan
Class B
16*
Apr
25* May
Jan
10
33*
22*
3*
16*
25*
4
Mar
Jan
Mar
Aug
55* May
14* Feb
44* Feb
7
Jan
73
Apr
Oct
Oct
Nov
Oct
53*
7
Mar
Jan
11*
2*
80*
2*
5*
Jan
Jan
Feb
Feb
100
94
Feb
Dec
79*
Aug
Feb
OA
"31A "33*
36
A
Engineering..*
Novadel-Agene Corp
*
.100
Ohio Power 0% pref.. .100
Ohio P S 7% 1st pref.. .100
100
40
63*
71*
50
72
6% 1st preferred
*
"II* "I2 "
7
Feb
Pan-Am or Airways
2
Feb
Oct
10
Jan
Pantepec Oil of Venez
Paramount Motors Corp.l
Oct
24
Mar
Patchogue-PlymouthMills*
Pender (D) Grocery A
*
13
Aug
1*
Mining Corp of Can
*
Minnesota Mining A Mfg.*
25
60
Minnesota P A L 7% pf 100
3*
Missouri Pub Serv com___»
Oct
5
Feb
Dec
43
Jan
Oct
98
Jan
Dec
4
Oct
1
Molybdenum Corp
5A
7
5A
5A
Oct
16*
11*
12
OA
2,60
Oct
25
3,100
1
Oct
100
2
400
1,200
5*
2*
Oct
Feb
Apr
5
17*
Peninsular Telp com
Oct
OA
Oct
Oct
Oct
106
2*
'2I8OO
Oct
6
Jan
Nov
10
Apr
200
2*
Oct
10*
Feb
Dec
"i",666
26*
Oct
Oct
29*
Feb
50
98*
Nov
107*
Jan
51
10
50
Nov
5
500
2*
Oct
8*
100
14*
24*
Oct
24*
Jan
Dec
Mar
Apr
54*
106*
21*
30
l03*
4*
17*
17*
Preferred
Montgomery Ward A
Montreal Lt Ht A Pow..
*
.
Pennroad Corp vtc
Pa Gas ft Elec class A
1
For footnotes see page
16*
17
Jan
Nov
157
Feb
Penn Traffic Co
37
Jan
Pa Water ft Power Co
22
25
20
Dec
44
Jan
Peppered Mfg Co
27
Oct
Aug
Perfect Circle Co.
145"
145"
60
180
Aug
'138* 140"
5
Nov
Sept
4*
Feb
45*
184
Apr
17*
500
24
24
24
50
4
4
200
Jan
Jan
Aug
20*
Sept
9*
6*
Feb
14*
20
3*
Dec
Oct
30
30*
Dec
53
Oct
43
Dec
Oct
Oct
Nov
Jan
July
Feb
Feb
Feb
Mar
Apr
42*
Mar
72
Mar
Oct
Sept
110
Nov
2*
12*
30*
Jan
Feb
Mar
17*
2.50
*
72
"90*
145
1*75
Jan
25
Jan
86
Oct
113
79*
"90"
145
100
89
Oct
9*
5,200
Feb
Oct
3*
2*
Aug
Oct
49*
2*
Jan
Feb
3*
14*
109* May
2*
July
32*
2*
xl5
21
*
Nov
-----
257.
200
Pa Pr ft Lt $7 pref
Sept
2
*
100
1,300
36,500
4*
19*
1
27*
2
Moody Investors pref
6*
4
*
120*
2
2*
1*
28
130
1A
139
5
17*
100
250
1A
10
Montana Dakota Util
6
Penn Edison Co—
30
1A
Feb
9*
*
22
Monogram Pictures com.l
Monroe Loan Soc A
1
Feb
19*
19
29 A
Monarch Machine Tool
Jan
Feb
150
4
—•
$6 preferred
*
Penn Salt Mfg Co
50
Pennsylvania Sugar Co. -20
May
Sept
Jan
111*
104*
300
4
Class B
$2.80 preferred.
$5 preferred
Dec
1,200
10
Penn Mex Fuel Co
Voehrlnger
90
112
8*
23
51
Parkersburg Rig & Reel—1
Nov
Jan
111*
June
9*
103*
18*
Parker Pen Co
8
102*
Mar
Nov
103
67
110
101*
Oct
Oct
Jan
Jan
Oct
4*
*
Mar
Jan
Feb
Nov
300
28*
pf.25
6*% 1st preferred
25
Pacific Ltg $0 pref
♦
Pacific P & L 7% pref.. 100
2*
Mar
Feb
25*
_
700
4*
14*
35*
7
Oliver United Filters B
2,000
90
Dec
89
"2
3A
Oct
37
"3 A ""3*
100
1
6% conv pref
Oldetyme Distillers
Jan
Oct
Dec
85
50
$3 preferred
8
Dec
Jan
6*
10*
28*
8
23
Oct
1
12*
100
200
Jan
41
Oct
250
95
Jan
May
Oct
92
10
Jan
Feb
Oct
32*
9*
Oklahoma Nat Gas com. 15
2*
0*
""366
Apr
96*
103*
7
90
100
53
3",200
91
94*
...5
Ollstocks Ltd com
Nov
Aug
4*
6*
*
5*
"9A "II
.100
3A
50
Dec
*
65*
*
110* 110*
*
600
Sept
108* 109
91A
Ohio Edison $6 pref
$1.30 1st preferred
Pacific Tin spec stock
500
Oct
31
Ohio Brass Co cl B com..*
*
7A
Oct
18*
"12"
Pacific Public Service
80*
1A
A
3*
*
4
*
Feb
1A
51* June
Oct
100
800
*
*
"ll
Jan
50^
100
71*
Jan
77
Dec
500
3*
*71 *
JNor Texas Elec 6% pf.100
Ohio Oil 6% pref
Oct
Jan
Dec
20*
64
Mar
7A
Feb
17*
18*
21*
3*
X
Jan
1 A
Aug
37
20
*
3*
7A
15
47*
50
Securities.*
Nor Cent Texas Oil
5
Nor European Oil com___l
Nor Ind Pub Ser 0% pf. 100
7% preferred
100
Northern Pipe Line
10
Nor Sts Pow com cl A.. 100
Nov
10
Dec
250
36
0% prior preferred
No Am Utility
Jan
50c
Aug
8
2,400
20*
"21A
*
com
3A
10*
Apr
62
7*
Jan
3
98
Oct
Oct
4*
Oct
Feb
16
Sept
1*
Dec
11*
18*
Feb
Feb
30
2,800
Pacific G ft E 0% 1st
Oct
Oct
*
2*
1 *
1*
80A
Oct
1*
Oct
80 A
Dec
4*
500
Feb
115
1*
*
•
*
91*
Pacific Can Co com
2*
Midwest Piping A Sup.
Oct
Feb
63
Page-Hersey Tubes Ltd.
Mid-West Abrasive
Class A 7% pref
69*
50
1
*
Rayon cl A..*
Jan
1,100
Feb
75
61*
3*
11*
Jan
Midland Steel Products—
Moore Corp Ltd com
10,700
Sept
Oct
3
Midwest Oil Co
Feb
1*
10
Common
8*
2
.5
300
$2 non-cum dlv shs
Mid vale Co
16*
2*
Feb
3,400
Midland Oil conv pref
Jan
Oct
4
800
37
A
A
65
200
106
Middle States Petrol—
Jud,
33 A
A
*
12*
5*
Dec
78
5A
OA
A
v t c
Dec
14*
"266
•
v t c
Oct
3*
10
4*
Oct
Oct
Mar
Feb
Mar
Jan
100
4*
3*
Overseas Securities..
*
*
Michigan Steel Tube..2 50
Mar
31*
5
4 A
Mar
Mar
98
Common
$6 preferred
Jan
-4%
A
A
Dec
Feb
34
15*
115*
105*
3*
Nov
1
78
Michigan Bumper Corp__l
Dec
Nov
Jan
Mar
16
Oct
8
90*
Nor Amer Lt ft Pow—
Oct
Oct
*
♦
Oct
1
Jan
Aug
Feb
0*
Oct
22
Apr
93
*
Nlles-Bement Pond..
Noma Electric
July
Oct
20*
*
Mar
37
61
5
Niplsslng Mines
125
Dec
3*
1,300
45
45
A
135*
Oct
78
78
100
Class A pref.
Jan
Nov
2*
24
"2 A
Jan
Nov
600
19
A
Feb
Mar
2A
7*
Niagara Share—
Jan
Oct
90
68
Metropolitan Edison pref.*
Mock,
7
8*
Mar
50*
40
98
4*
Northwest
Metal Textile Corp com..*
Class B
97
Mar
5
200
10
88
140*
30*
94*
Oct
50
24*
Mar
1 *
1,300
Nineteen Hundred Corp B1
7A
Nov
*
Dec
6*% A pref erred... 100
Class A
2*
Dec
Jan
Apr
35
Oct
53
63*
89*
6*
Oct
Nov
Nov
1,700
19
100
100
100
100
Class B common
6*
15*
2*
55*
6*
10*
Oct
80*
Dec
Oct
Oct
Jan
Jan
9*
Jan
12* May
3* Sept
3* Feb
28* Apr
2*
Jan
112*
Feb
59* Mar
80* Apr
19* Feb
19*
Jan
2*
Jan
23*
Jan
Nov
8*
450
7
1*
OA
Participating preferred.*
Michigan Sugar Co
9
64
56
98
28*
7A
Dec
98
140
100
9
100
100
Oct
6
100
OA
24*
4,100
1A
Oct
Nov
1*
9
8A
June
20
Mar
"~4 A
Preferred
30
1*
93
17
1
102
100
63*
Dec
*
Michigan Gas A Oil
10
35
9
32
32 A
Oct
*
111
35
60
200
Jan
Oct
58
1A
42
34 A
Ine
Mexico-Ohio Oil
Oct
97 A 102
1
*
1
preferred
10*
14
13
5A
Memphis P & L $7 pref..*
Partlc
Oct
200
*
13*
4*
1,700
20
1
Oct
*
~
300
5*
1,400
*
Mesabi Iron Co
TA
1*
100
2
63
A
Scott *
Sept
8*
1*
OA
7A
$4 preferred w w.
..*
McCord Rad & Mfg B__
Merrltt Chapman &
Warrants
6*
225
3
Oct
8A
A...1
28
78*
4
32 A
Mercantile Stores com..
Mar
Dec
111
1,400
1A
Memphis Nat Gas com..
Mar
1,300
8
35
7A
*
*
Class B opt warr
Oct
Oct
7*
57*
Class A opt warr
Feb
Sept
Jan
Oct
"35*
*
10A
7A
36 A.
*
100
"160
5*
"13*
10
Apr
14*
5
5% 2d pref cl A.
5% 2d preferred
5 % 2d pref cl B
Feb
19
25
*
*
1
5% 1st pref
Jan
91*
12*
Oct
3*
Common
Feb
Dec
3*
Jan
Feb
47
Oct
65
3*
2
9A
Communicationordreg£l
Dredging
"160
8*
9*
39 A
Dec
.....
4*
10
10*
Mead Johnson & Co
Mar
Aug
Oct
Oct
Niagara Hudson Power—
18*
16*
14*
July
13*
19*
13*
2*
900
2*
"35"
"35*
Aug
Oct
July
45
*
39
21*
18
Oct
12
N Y Water Serv 6% pf.100
Nov
Oct
Oct
6*
400
7*
7*
*
New York Transit Co
Feb
July
35
1T666
Jan
30*
Dec
*
50
37
....
8A
10
Massey Harris common..*
Master Electric Co
1
9*
Oct
14* May
3*
Jan
10* May
1,200
"56* "50*
Feb
Oct
2*
Mass Util Assoc vtc
100
Oct
17*
10
10
N Y Pr ft Lt 7% pref..100
$0 preferred
*
N Y Shipbuilding Corp—
July
Oct
Dec
4
4*
»!•
2*
Apr
13
1*
23
5
Y City Omnibus—
Founders shares
Feb
Dec
1,300
6
37
13*
2*
34
1A
Marlon Steam Shovel
Jan
Oct
6
Feb
Jan
Nov
7
N. Y. Merchandise
Feb
Dec
500
13*
*
N Y ft Honduras Rosario
Nov
9*
5
Margay Oil Corp
Feb
12*
""800
Dec
8*
20
Nov
June
155*
28*
Warrants
Feb
200
"in "2a
2 y8
N
12,400
21
3
Dec
Dec
*
*
N Y Auction Co com
11A
10 A
Dec
7*
4*
1
New Process common
Jan
•'
Dec
*
123*
100
*
Newmont Mining Corp. 10
Jan
10*
4*
Oct
2 A
1
Feb
23 A
18 A
23 %
100
Jan
110
Oct
1,600
12A
4
A
3A
3%
New Mex ft Ariz Land
Jan
78*
59*
9*
45*
1,300
42*
Merchants & Mfg cl
Feb
21
Dec
7~7O6
2A
Oct
*
McWllllams
Apr
45
"52A ~52*
52 A
Mapes Consol Mfg Co...*
Marconi Intl Marine—
Mills
Jan
21*
100
Manischewitz (B) Co ._..*
Hosiery
Feb
Oct
600
Lucky Tiger Comb G M.10
May
Feb
0
Oct
8A
*
$5 conv preferred
Mar
10* Sept
Oct
OA
200
7A
Louisiana Land ft Explor.l
Lynch Corp common
Majestic Radio & Tel...
Mangel Stores
Jan
13*
17*
111*
12*
6
100
100
Loudon Packing
Feb
8A
.....—*
preferred
6% pref class B
7%
28*
3*
88*
65*
8*
8*
1*
30
Long Island Ltg—
Common
Dec
8A
8*
*
5
1
*
Locke Steel Chain
Dec
4,100
2A
4
1A
Jan
Aug
14*
3A
Jan
Mar
12
27*
2A
Jan
9*
126*
114*
Dec
10
4
1
26
Lit Brothers com
Nov
A
31
Feb
100
Oct
Dec
600
2%
Inc.-l
*
.*
0% preferred
Jan
9 A
31
*
Lipton (Thos J) cl A..
Jan
96*
100
10*
1
Oil Develop...25
Le Tourneau (R G)
89
5A
1
*
Line Material Co.
Oct
350
6
6
Mach-.l
.
Jan
Nov
Langdendorf Un Bak A.__*
Lefcourt Realty com
1
Preferred
14
105
10
J)-100
Ltd—1
Lehigh Coal & Nav
Oct
Nov
7% pref.-lOO
Lane Bryant
2*
*
18*
Feb
Feb
Oct
1A
27A
100
Lackawanna RR (N
Lakey Foundry &
Sept
81
00
85
84
Naumburg—2.50
Jones ft Laughlln Steel-100
Kansas G & E 7% pref-100
Kennedy's Inc..
5
Ken-Rad Tube & Lamp A *
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
5% preferred D
100
Kingston Products
1
Klrby Petroleum
...1
Klrkl'd Lake G M Co Ltd.]
Klein (D Emil) Co com..*
Klelnert(I B)Rubber Co. 10
Knott Corp common
1
Koppers Co 6% pref--.100
Kress (S H) & Co
10
Kreuger Brewing Co
1
Jonas ft
Lake Shores Mines
Nov
1
72
6% preferred
7%
Jan
32
63 A
100
100
preferred..——100
6*% preferred
200
8
25
Nat Rubber Mach
*
Nat Service common
..1
Conv part preferred
*
National Steel Car Ltd...*
National Sugar Refining..*
National Tea 5* % pref. 10
National Transit
12.60
Nat'I Tunnel ft Mines
*
Nat Union Radio Corp
1
Navarro Oil Co
*
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref-100
Nehl Corp common
*
1st preferred
*
Nelson (Herman) Corp..6
Neptune Meter class A...*
Nestle-Le Mur Co cl A.._»
Nev-Calif Elec com
100
7% preferred
100
New Bradford Oil..
6
New Engl Pow Assoc
*
6% preferred
100
New England Tel ft Tel 100
New Haven Clock Co
*
New Jersey Zinc
25
Jan
Oct
*
5
National Refining Co
Feb
Feb
10
National P ft L $0 pref...*
Jan
1A
1
Co...-.-*
Jersey
Mar
«ib
A
'
1,100
Co
Jacobs (FL)
July
7*
9*
4
27*
18*
Nov
Oct
*
National Oil Products
4A
Warrants
Jeannette Glass
Nat Mfg ft Stores com
Oct
1
icts—20 Lire
Superpower A
*
Amer dep
4*
5
•
National Fuel Gas
Sept
Dec
1,200
4%
*
7*
Mar
42*
24*
Oct
210
May
_ .
Feb
7
Dec
3A
400
Franschlnl Co—
Isotta
*
7*
Oct
Jan
13
9*
National Container (Del).l
38
*
10 A
9
10*
Dec
500
*»«
3*
3%
26A
6
A
13 *
A
Oct
Dec
1,000
i*i«
»n
5
Oct
Power..*
Aug
8
9
9
*
B.__-1
Preferred
—'
Class A
Dec
4*
5
Feb
Feb
Sept
Mar
8* Apr
15* May
1* Feb
21*
3*
16*
1*
3*
"5* "OA
"OA
*
Muskegon Piston Rlng.2*
Nachman-Springfllled
*
Nat Auto Fibre com
1
National Baking Co com.l
Nat Bellas Hess com
1
National Candy Co com
•
National City Lines com.l
$3 conv pref
50
38
900
8JOO
Murray Ohio Mfg Co
Mar
Feb
8
Oct
1 *
Mountain Sts Tel ft Tel 100
Sept
39*
Dec
7
200
Mountain States
Jan
9
Oct
A
100
International Utility—
Jan
2*
Oct
4
1,800
Mtge Bk of Col Am shs..
Mountain City Cop com 6c
Mountain Producers
10
Feb
1 *
1 *
Moore (Tom) Distillery.. 1
Feb
44
Oct
Oct
Dec
Oct
Nov
Oct
31A
200
500
4,700
15*
2*
29 A
Dec
9A
A
1A
23*
16 A
"T* ~~2%
50
A Btock purch warr
iDternat'l Paper A Pow war
28*
4*
Oct
1A
Hydro-Eleo—
13.60 series
High
Low
18
300
1937
High
Low
Shares
Low
IPrice
Range for Year
Weet
of Prices
High
Sale
Par
for
Weet's Range
Last
(Continued)
Shares
19 A
19
International Cigar Mach *
Internet Holding ft Inv..*
Pref
for
STOCKS
Year 1937
Range for
eft Range
Last
Oct.
112
Jan
Oct
179
June
115
24*
Nov
24*
4*
Nov
Mar
2
76*
68*
72
77
100
625
Sept
02
Oct
95
Feb
Nov
151
Apr
Oct
37
Feb
68*
25
New York Curb
Volume 146
Friday
STOCKS
Last
(.Continued)
Sale
Par
Pharts Tire A Rubber
*
com
Phillips Packing Co
500
6X
25
Conv pref series A
Oct
34
Oct
15?*
2X
17?*
Oct
11?*
Mar
Dec
40
Mar
6X
Oct
33?*
5X
*
6
7
8X
Dec
Feb
2H
Oct
Jan
500
4X
Oct
"966
8X
58 X
62
BX
B2X
170
86
87
6
Powdrell A Alexander
5
Power Corp of Can com..*
Pratt A Lambert Co
*
3X
Dec
19
2X
Oct
Oct
6?*
4?*
12?*
33?*
Oct
41
Oct
Jan
Oct
4?*
35?*
Oct
»i«
Dec
17?*
11?*
14?*
200
X
Oct
3X
Oct
20 X
200
2X
1,200
"~~x
*7#
""800
Tx
5X
7X
5X
7X
15
IX
16
5*
100
98
Common
98
7X
Dec
6
Dec
25
98
98
400
Sept
24?*
12X
25?*
25X
13X
Jan
22
Oct
68?*
10X
Oct
Oct
41
Mar
98
Jan
Oct
93
Feb
74
M
28
30?*
150
26
15X
12
16
250
10 X
"98"
138?* 138?*
i?
4?*
Jan
90?*
60?*
14?*
124?*
Jan
Jan
Feb
150
Jan
Oct
91
70
Oct
Oct
OX
"
"95"
100
Jan
Oct
30
Pyrene Manufacturing..10
Quaker Oats com
*
Nov
Jan
125X
Apr
15?*
80
Nov
25?*
Jan
Dec
28?*
1?*
9
Utll Invest A.
Rainbow Luminous Prod—
Class A
•
Class B
*u
*n
Dec
X
Nov
*
14
13
14
2,500
24?*
100
21
X
X
3,800
4BX
com
X
3X
Relter-Foster Oil
Reliance Elec & Engln'g .5
Reybarn Co Inc
1
Reynolds Investing
X
1?*
32?*
Apr
Mar
Dec
X
H
Oct
Dec
Dec
IX
3,600
BX
400
4
Oct
13 X
IX
2
600
1
Oct
7 J*
H Sept
95?* Nov
104?*
X
X
200
X
110
Oct
112
12
Nov
15
Dec
26
June
27?*
15?*
4?*
13?*
Aug
6
100
BX
Oct
1
1?*
300
1
Oct
3
3?*
1,700
2
9
1
100
6
Root Petroleum Co
11.20 conv pref
9
3X
20
100
Oct
32
42 X
40X
42X
400
~~7~X "I'X
TS06
.....
1
*
Anthony Gold Mines.
~~3X ~~3X
IX
IX
82
ix
85
wo
1,500
4 75
1,100
*
50
3X
5
7% preferred
-.100
Samson United Corp com.l
Sanford Mills com
•
58
3
3X
68
68
2X
2X
7,100
100
Scranton Spring Brook
Water Service pref
200
26
400
*
17X
25
6X
IX
500
1
1
1
IX
2X
2Xv
2X
6
Warrants.
Securities Corp general
*
1,600
1,300
Apr
IX
1
5
IX
8X
1
7X
IX
8X
200
56
50
£1
1st preferred
Apr
Jan
Nov
6 J*
Jan
BOX
Jan
4?*
93*
Mar
X
Oct
Dec
X
Dec
Oct
30
4?*
Dec
28 X
52
Dec
101?*
Dec
104
Jan
X
Oct
2?*
1?*
Feb
Jan
Jan
Mar
Mar
June
Feb
Jan
IX
IX
1?*
2,900
BX
X
X
«i«
1,400
2,100
X
2X
X
2X
2X
3X
2,700
7
3%
1st $7
4,000
3X
Oct
"84"
1:666
72?*
Nov
Mar
30
106?*
Oct
114
Feb
*
BX
BX
300
BX
Dec
Slmmons-Broadman Pub—
21
IX
224"
IX
2.100
Nov
238X
'""60
IX
Dec
4X
Nov
2.1X
Nov
4?<
Oct
28?*
1
10?*
35
7X
13?*
370
Apr
Jan
Aug
Feb
Feb
July
Jan
Apr
Oct
Feb
Nov
Feb
6
7
4?*
3
100
3
80C
2
7?*
7?*
7?*
600
0?*
1,000
1
Oct
Oct
1
'II?* "l2
7
rx
7%
2X
3
v-'8>' r8
'"260
600
2,000
13
Oct
Oct
Dec
2
Oct
31
Dec
10
Oct
44
Apr
5?*
uox
4
4X
29
29
4?*
29
25
1,200
Oct
200
98
Jan
3X
25%
Deo
Nov
X
uox uox
Nov
J
Oct
Oct
IX
17X
BX
101
1?*
16?*
5?*
300
1?*
18?*
3,600
5?*
4,700
100?* 101
Oct
Oct
*18
July
70
90
Nov
1,000
2
Oct
10X
11
100
9
Dec
7X
8
600
2?*
3?*
4
41
I*
55
2
2,500
Oct
Nov
Apr
Oct
14?*
99
52
99
'"150
'""26
1?*
32?*
Oct
90
44?*
Oct
Oct
95
Oct
Oct
hi
Dec
"566
X
Dec
2X
2,700
OX
3,200
IX
4?*
Nov
I»i,
900
X
Oct
6?*
Nov
"~X "~X
9
30
7?*
25
9
2,100
30
400
6?*
25
Oct
Oct
Dec
2?*
2X
2X
1,000
5?*
Oct
2X
IX
IX
2X
100
1?*
Dec
1?*
IX
IX
100
1?*
Oct
500
X
11?*
Dec
1?*
1?*
Oct
Oct
4?*
X
12
10
12 X
1,400
11?*
10X
12?*
11,000
3?*
200
Apr
9?*
Oct
85
Oct
Jan
4
Oct
X
•it
2
Oct
45
3
Dec
X
7,500
X
600
X
*11
"4%
5
4X
99% 100
iV.ioo
3
78
900
»ii
74
2X
4%
3X
3,800
4?*
400
22?*
21%
4%
23X
3,700
Oct
Oct
400
1?*
3
Dec
Mar
1
$0 1st preferred
*
United Milk Products...*
Dec
Sept
10?*
5?*
200
•
United G A E 7% pref. 100
com A.*
Common class B_.
*
Oct
1?*
2?*
14?*
Nov
Dec
Oct
Oct
Oct
17
OX
OX
100
"X "'x
100
Preferred
.—25
United Specialties com___l
1
May
5?*
244
Jan
Oct
%
Oct
8
10
United Shipyards cl A—1
Class B
-1
United Shoe Macb com.25
Nov
55
Am dep rets ord reg.
United N J RR A Canal 100
United Profit Sharing...-•
U S Foil Co class B
6?*
93H
4?*
warrants
Preferred
Dec
Oct
2?*
$3 preferred
United Molasses Co—
Nov
Dec
3
pref non-voting.*
9X
Option
Oct
2?*
4X
*
United Lt A Pow
Sept
"n
107
Cigar-Wheien Sts,.10c
Corp warrants
Dec
X
Dec
r.;':
15?*
3?*
United
Mar
Jan
Feb
Feb
100
6
400
"12"
—
6
X
BX
Oot
6
Warrants...
United Chemicals com...*
Un
Oct
Oct
200
*
Union Oil of Calif deb rts..
Union Premier Foods Sts.l
Union Stockyards
100
United Aircraft Transport
United Elastic Corp
United Gas Corp com
Oct
Oct
6% preferred
2
Unexcelled Mfg Co
10
Union Gas of Canada....*
Union Investment com..*
12?*
0?*
28?*
33?*
15*?*
Oct
X
Dec
1
200
T'
.
Oct
"s"
9X
14%
2d
Trans Lux Plct Screen—
Dec
17
Oct
7% preferred A..—100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.lj
Dec
X
For footnotes see page 257.
Oct
100
Todd Shipyards
Corp
Toledo Edison 6% pref.100
X
X
'238X
10
25
09%
IX
IX
Am dep rets ord
reg—£1
Am dep rets def
reg—£1
1.200
...25
Amer dep rec ord reg.£l
Oct
"260
99X
Tobacco and Allied Stocks*
Tobacco Prod Exports...*
Tobacco Securities Trust—
2,600
Shreveport El Dorado Pipe
IX
8
'19 X ~20X
Roofing Inc
Tlshman Realty A Const. *
$3 cum A part pref
Oct
100
1,100
Tllo
2
6
9
M)0
12 >*
17%
4?*
Teck-Hughes Mines
1
Tenn El Pow
7% 1st pf-100
Texas P A L 7% pref.-100
Texon Oil A Land Co
2
Thew Shovel Co com
2X
108X 109
Conv pref
*
Simmons Hard're A Paint *
Simplicity Pattern com
1
12
12
Oct
Taggart Corp com
1
Tampa Electric Co com.
Rights
Tastyeast Inc class A..
Taylor Distilling Co
1
Technicolor Inc common.*
100
18
"84"
Sherwin-Williams com..25
12
Oct
$3.30 class A
participate
Swan Finch Oil
Corp...15
Swiss Am Elec pref
100
OX
5% cum pref ser AAA 100
Sherwln Williams of Can. •
Oct
17
Sunray Drug Co
*
Sunray Oil....
1
6?* % conv pref
50
Superior Ptld Cement B.
3?*
9
16
Oct
Stetson (J B) Co com
Stlnnes (Hugo)
Corp
Stroock (S) A Co
Sullivan Machinery
X
*
2
100
17?*
Sterling Aluminum Prod..
Sterling Brewers Inc
1
Sterling Inc
2
1
19?*
12?*
80c dlv preferred......*
Ulen A Co 7?*% pref--25
Nov
7
12
Oct
19 J*
8
Tung-Sol Lamp Works—1
Dec
Dec
Sept
20
Oct
Dec
1?*
?*
14
3
Mar
54?* May
Oot
30
55
Feb
Oct
May
200
4?*
109
1
Oct
Nov
16?*
100
Dec
78?*
7?*
35
—50
preferred
X
IX
Seversky Aircraft Corp___l
Shattuck Denn Mining..5
Shawinlgan Wat A Pow__*
Singer Mfg Co
..100
Singer Mfg Co Ltd—
6?*% preferred
Sterchl Bros Stores
Oct
13
Trunz Pork Stores
,...*
Tublze Chatlllon
Corp—1
Class A
1
Dec
400
•
Jan
May
Dec
38
600
Starrett (The) Corp vto.l
20
Dec
Dec
16
16?*
6
Sept
Oct
0?*
?*
2X
4?*
3X
1,100
X
6?*
69
100
7
4%
4
2?*
Dec
Oct
Dec
20
10
Steel Co of Canada ord.
Stein (A) A Co common.
Nov
July
1%
Common..-1
IX
1
preferred
Oct
2
4%
OX
38
Transwestern Oil Co
10
Trl-Continental warrants.
Jan
Apr
0?* July
53
56
25
Allotment certificates.
com
Nov
148
Jan
Oct
25 X
100
27X
65
Apr
22?*
2,000
Inc
Oct
1
117 x
Oct
»H
Dec
Oct
Jan
Dec
7
2?*
Nov
11?*
16?*
100
%
153*
38?*
11?*
Apr
Dec
16?*
*
Convertible Stock
Jan
141
67
3
A Acid Works
com...20
July
1
com...*
Common
6?*
29
H'ware.-^—l
Selby Shoe Co
Selected Industries Inc—
61
Oct
Oct
23?*
Standard Invest
$5?* pref*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5% preferred
100
Standard Pow A Lt
1
Common class B
*
Preferred
*
Standard Products Co
1
Standard Sliver Lead
1
Standard Steel Spring....5
Standard Tube cl B
1
Standard Wholesale
Phosp
Jan
Nov
M
4X
27X
2X
700
*
Seeman Bros Inc
Dec
Mar
July
Apr
73
36 J*
17X
Oct
65?*
110?*
14?*
17?*
Mar
109
*
Scullln Steel Co com..
13?*
25
Manufacturing. .25
Scranton Elec $6 pref
*
Scranton Lace Co com...*
13
Nov
8
1
13X
Oct
Sept
Jan
Dec
50
*
Jan
1
1
5
Scovlll
18
Oct
2X
300
...
Schlff Co common
5
34?*
"~3X
1
Savoy Oil Co
35X
BX
Aug
Feb
Jan
Dec
OX
5ie
Rotallte Oil Co Ltd
Ryan Consol Petrol
*
Ryerson A Haynes com__l
Safety Car Heat A Lt ...*
X
Mar
Feb
July
Feb
July
13
Rossla International....
12.50 conv pref
Feb
Oct
13
1
2?*
Feb
Jan
6
5
$5.60 prior stock
Mar
5
Roosevelt Field Inc
Selfrldge Prov Stores—
Amer dep rec
Sentry Safety Control
Serrlck Corp cl B__
Sept
2
Roeser A Pendleton Inc..*
Rolls Royce Lta—
Amer dep rets ord reg_£l
Rome Cable Corp com...5
St. Lawrence
Corp Ltd
$2 conv pref A
St Regis Paper com
211*
46?*
8?*
*
Valley Gas CoVoting trust ctfs
1
Rochester G A E 6 % pf D100
Rochester Tel 0?* % pf.100
Rustless Iron A Steel
Dec
1
Rio Grande
Royal Typewriter
Russeks Fifth Ave
Mar
Feb
8X
2X
IX
Feb
53?*
7?*
Oct
2
24?*
Jan
X
Oct
1
*
Reed Roller Bit Co
2
Mar
Dec
Nov
Mfg com...50c
Rice Stlx Dry Goods
Richmond Radiator
Jan
49
11
30
1,500
*
Red Bank OH Co
Conv
2d
Raymond Concrete Pile—
Common
*
preferred
Dec
4X
27X
Standard Dredging
Corp—
$1.60 conv preferred..20
Jan
com..
Railway A
Line stamped
SIlex Co com
Jan
Jan
Jan
*
com
Mar
Feb
*
6% preferred
Feb
Jan
109
74
100
*
105
110
Oct
33?* Sept
Standard Brewing Co
♦
Standard Cap A Seal com. 1
Oct
60
16 preferred
Stahl-Meyer
June
650
1?*
1?*
♦
Jan
103
800
Am dep rets ord
reg..£l
Am dep rets ord
bearer £1
Feb
Oct
IX
BX
3
"3"
South Penn Oil
25
So West Pa
Pipe Line. .50
Spanish A Gen Corp—
Spencer Shoe Corp
08
JPub Utll Secur 17 pt pf.
Puget Sound P A L—
preferred
Apr
July
Jan
Feb
100
$7 prior pref
16 preferred
*
Pub Serv of Nor 111 com..*
Selberllng Rubber
Nov
1,200
X
16 preferred
*
Pub Ser of Col 7% 1st
pf 100
0% preferred
100
Public Service of Indiana—
Seton Leather
Nov
11
Providence Gas
Prudential Investors
Oct
7
IX.
*
116?* Mar
16?* June
147?*
Feb
2?*
Jan
Nov
77
800
3X
X
4%
3X
20
Premier Gold Mining
1
Pressed Metals of Amer..*
Producers Corp
1
Segal Lock A
Nov
'"*766
8
7H
2X
»u
42?*
27?*
Jan
Apr
Feb
IJOO
87?*
IX
'T*
*j
9?*
Nov
OX
25c
class B
1
100
1,000
39
Pleasant Valley Wine Co.l
Plough Inc
Polaris Mining Co
Potrero Sugar com
1
Apr
July
IX
BX
IX
Southern Calif Edison—
5% original preferred.25
6% preferred B
...25
BX % pref series C
25
Southern Colo Pow cl A. 25
7% preferred
100
South New Engl Tel... 100
Southern Pipe Line
10
Southern Union Gas
*
Southland Royalty Co—5
3X
Low
2
South Coast Corp com—1
50
300
1
Range for Year 1937
10
1
1,900
3
for
Week
Sfiares
98
1
2X
Feb
of Prices
High
—.1
17 X
12X
"ax
Pittsburgh Forglngs
1
Pittsburgh & Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
St.
Feb
2X
Pitts Bessemer A L ERR 60
Reeves (Daniel)
Solar Mfg Co
Sonotone Corp
17X
UX
1
Pioneer Gold Mines Ltd__l
Pltney-Bowes Postage
Meter.
Raytheon
Feb
Mar
2h
•
conv
116?*
'l2ii
10
Pierce Governor com
Pines Wlnterfront
f3
Jan
June
Week's Ranoe
Low
Price
Sioux City O AE
7% pf 100
Skinner Organ com
•
Smith (H) Paper Mill
•
July
20
Dec
111
2
1
Quebec Power Co
Ry. A Light Secur
8?*
255
Sales
Sale
Par
Boss Mfg com
Common
$5
Dec
30
31
Last
High
3
*|
Phoenix Securities—
Prosperity Co
200
OX
31
STOCKS
(Continued)
Low
3%
3%
OX
Phlla Elec Co $5 pref
•
Phlla El Power 8% pref. 25
Range for Year 1937
for
Shares
4
Friday
Weet
of Prices
High
Low'
1
Philadelphia Co
Price
Exchange—Continued—Page
Sales
Week't Ranoe
Dec
IX
Dec
72?*
"~B%
6
2?*
IX
"800
X
Oct
71
72?*
300
63
Oct
39
2?*
39?*
90
37?*
Apr
200
4?*
Dec
4
Oct
2?*
1?*
5?*
5?*
5?*
6
500
1,200
Sales
Friday
Sales
Friday
Last
Week's Range
for
(Concluded)
Sale
of Prices
Week
For
U
U
U
U
U
34
54
Securities.-*
let pref with warr
*
8 Lines pref
*
8 Playing Card......10
8 Radiator com
1
8 Rubber Reclaiming-_*
8 Stores Corp com
*
17 conv 1st pref
*
U 8 and Int'l
5034
300
134
49
"*3)4
"600
200
1%
134
2 )4
2
234
1,100
3,500
"l"k ""334
Oct
Dec
134
Oct
2*.200
"7H
'4"
654
134
34
"it
200
134
Oct
1,800
34
Oct
350
1134
Oct
Oct
Crucible Steel 5s
Feb
Cuban Telephone 734 s 1941
Cuban Tobacco 5s
1944
Jan
Delaware El Pow
2 34
3 34
1,300
34
34
Oct
Nov
1034
Apr
13)4
734
1354
10254
2134
534
2)4
2 34
3
2 34
334
400
2
Oct
600
234
Oct
101
Feb
Dec
20
76
Oct
117
Mar
19
Nov
z32
Feb
July
9
June
Aug
62
634s series A
9534
Mar
134
Oct
534
Mar
634
Dec
Oct
1234
134
934
5
5
400
334
334
34
400
2
500
ht
Nov
i'td
1,100
34
Dec
34
10
234
234
2
534
4 34
5 34
634
634
634
95
Oct
1234
434
5
Woolworth (F W) Ltd—
2334
6c
734
734
734
10,000
5 34
Oct
2034
1934
21 34
1434
Nov
3034
154
134
134
Oct
434
1953
1967
634s '54
15,000
103
Dec
68
4,000
62
Dec
Jan
10434
10234
Oct
103)4
Aug
Sept
105)4 Mar
10554 June
93
6634
68
101)4
{10234
stpd...l961
Jan
Oct
10334 104)4
10134 10134
42,000
99
Sept
101)4
10454
Jan
Jan
10134 10134
5,000
2,000
74
Dec
Jan
Jan
Jan
1,000
82
Dec
8,000
5834
70)4
10254
10154
10134
104)4
99)4
Jan
72)4
Oct
74
Oct
58
Oct
10534 10534
1956
10434
1941
10134
Deb 6s series B
1941
1940
"73"
General Bronze 6s
73
A. 1956
1948
8734
7134
"72"
7234
{72
♦General Rayon 6s A.
7634
Gen Wat Wks A El 5s. 1943
'*75*34
75
8634
84
Georgia Pow A Lt 5s.. 1978
♦Ge8furel 6s
1953
6434
66
1965
"67*34
Glen Alden Coal 4s
Gobel
(Adolf) 434s—1941
58
{3134
6634
5634
91,000
Alabama Power Co—
1946
1951
1st & ref 6s
1st & ref 5s
1*1*666
58
11,000
1,000
92
1956
1st & ref 6s
1968
83
1st & ref
1967
7834
4)4s
Amer G & El debt 5s. .2028
434s._1947
Amer Seating 6s Btp..l946
Appalachian El Pr 5s. 1956
Appalachian Power 6s. 1941
Jan
Jan
♦Hamburg Elec
2,000
105)4
9954
Jan
"~S5~"
9134
78
9,000
85
Oct
78)4
19,000
51,000
71
Apr
23,000
51,000
"12*666
10434 10534
{10734 10734
6,000
108)4 June
Jan
10634
Oct
68
Nov
106)4
108)4
Jan
Dec
81
Jan
107)4 June
Oct
104
103)4
Jan
95
Oct
102
Mar
Oct
105)4
107
May
Oct
103)4
June
Oct
110)4
11954
10254
10434
Oct
6754
Jan
"l.OOb
109
Mar
98
Oct
89
A St Ry
1947
7s.-.1935
1949
6s series B
III Pow A Lt 1st 6s ser A '53
let A ref
Jan
1st A ref 5s
C
1956
Oct
10734 10734
96
9734
1.000
106
Jan
108
39,000
8434
Oct
10634
Feb
9034
8434
9034
9,000
8334
Oct
106 34
Jan
8734
67.000
79
Oct
Jan
8034
5,000
74
Oct
104)4
9954
83
*8634
84 34
2,000
82
Oct
105
Jan
8534
Oct
106)4
70
Oct
22,000
28
30,000
55
Oct
23)4
Oct
62)4
Jan
20)4
Oct
61
Jan
Indiana Gen Serv 5s. .1948
65)4
6554
Jan
Indiana Hydro Elec 5s
1958
25
{79
Jan
Indiana A Mich Elec 5s '55
{107
Conv deb
62
65
Conv deb
{28
30
Conv deb
.1968
534s.....1977
Atlanta
Gas
Baldwin
Lt
Locom
Convertible
28
27
28 34
*1*9*666
3334
31
3334
42,000
22)4
Oct
30)4
2934
32
43,000
22
Oct
36
36
36
72
7434
2,000
12,000
32 54
7434
.
{9234
43^ s. 1955
Oct
Oct
9254
95
69
Dec
69
9154
10534
1950
6s
7134
1955
1st M 5s series B...1957
1st M 5s series A
i960
5s series C
11334
11934
12134
Birmingham Elec 4)4 s 1968
Canada Northern Pr 6s '53
♦Canadian Pac Ry 6s. 1942
10734
Carolina Pr & Lt 5s. ..1966
9534
74
Indiana Service 5s
1950
5734
Jan
1st lien A ref 5s
1963
58
Nov
Ind'polls P L 5s ser A. 1957
International Power Sec—
{5434
{60
65
114)4
Mar
125
Jan
7s series F
12134 12134
1952
Oct
145
Jan
International Salt 5s. .1951
108.34
Oct
99
Jan
Interstate Power 5s
1957
..1952
4434
ser
84 34
4,000
{10334 10334
10634 10734
101
*4*666
102
9634
30,000
91
9434
Jan
Mar
8854
10154
10434
Aug
Oct
114)4
Jan
Sept
10554
Jan
56
Dec
83)4
Dec
Jan
58 series
4348 series F
1958
Dec
105
Jan
Iowa Pow A Lt 4348.. 1958
Iowa Pub Serv 5s
1957
91
9134
86)4
Oct
1952
98
9934
95
Oct
Jan
Isotta
Fraschinl
9134
Cent Ohio Lt & Pr 5s.
.
{91
1950
Cct
88
Oct
Italian Superpower 6s.
Jan
Feb
6634
66 34
68
"4*666
63
Oct
Cent Pow & Lt 1st 5s. 1956
88
8634
8834
22,000
73
Oct
99
Jan
Cent States Elec 5s
1948
39
3734
39
4,000
Jan
534 s ex-warrants
1954
4034
3734
4034
Cent States P & L 5)48 '53
4534
D..1957
46
10534 10534
Chic Dlst Elec Gen 4Hs'70
6s series B
4434
66
Oct
72)4
31
Oct
7234
Jan
434s series C__
29,000
1,000
33
Oct
75)4
Jan
Kansas Elec Pow
{10534 108
1961
{9134
1956
91)4
9234
Chic Jet Ry & Union Stock
5s
Apr
107
Sept
Mar
107
June
Dec
10634 10634
1940
10,000
10534
Nov
4934
21,000
39)4
Dec
4934
47
Cincinnati St Ry 634s A '52
87
86
87
7,000
86
Dec
1955
90
8934
90
12,000
87
Dec
{♦Chic Rys 5s ctfs
6s series B
1927
For footnotes see page
257.
7634
6954
70
7,000
62
Oct
96
6534
6634
8,000
5834
Oct
88)4
Jan
9834
14,000
92
June
9 6 34
10634 10634
10234 102 34
5854
60
5,000
92
July
10454
104)4
Feb
Feb
1961
334 s. 1966
Kansas Gas A Elec 68.2022
Kansas Power 5s
1947
100
Jan
1st mtge 5s ser
110
Jan
634s series D
5348 series F
84
ioi)4
10554
Jan
Feb
Jan
5b series I
Jan
Jan
Jan
Apr
10654
Dec
2,000
99
Oct
54
Oct
10534
7954
Feb
71
Oct
80
Feb
Feb
7,000
10454
Jan
78
12,000
3,000
4134
43
55,000
32)4
Oct
71
36
36
1,000
35
Oct
5654
Jan
5,000
103
Mar
10554
10554
Apr
Jan
10534 10534
'l04*
10334 104
99
99
11434 11434
9934 100
Kentucky Utilities Co—
Chicago & Illinois Midland
Ry 4)4s A
"42"
Jersey Central Pow A Lt—
58 series B___
1947
31
May
Oct
Oct
78
5834
36
Stamped
32,000
103)4
104)4
1963
109
Mar
18
Jacksonville Gas 5s... 1942
94
ser
7s
Jan
Feb
69
1942
90
104)4
104)4
103)4
10454
Isarco Hydro Elec 7s.
9834
27,000
20,000
6,000
Jan
F.1967
9134
Feb
81
32
102 34
11334
83)4
105
96 34
Oct
77
Oct
1,000
97
Feb
Jan
Oct
Nov
77,000
9634
99)4
Jan
28,000
9734
11134
Jan
Apr
4434
2734
4334
1961
5s series B
23,000
87)4
53)4
78
82)4
10654
{59
64
10834 10834
Iowa-Neb L A P 5s... 1957
40,000
93
53
Mar
2534
1956
D
10354
52
Interstate Public Service—
10134
1981
"21*666
5634
1957
12,000
Oct
Oct
63
{45
10534 10634
1955
5734
Dec
Jan
Dec
7s series E
Debenture 6s
June
43
634s series C
73)4
Jan
101
10754
48
Jan
8234
Jan
Dec
10854
111)4
7934
45
Jan
80
Jan
99
Feb
10,000
124
128
Jan
Mar
14,000
11534
27,000
2,000
14,000
Aug
10534
58
Mar
130
Oct
5734
Mar
115
434s series II
55
Aug
Feb
Feb
88)4
8634
10934
113
..1968
4^8
10534
81
{11134
5534
10654
78
10734
110
99
5s series G
1,000
4,000
115
'53
9*666
26,000
10034
6s series E
72 34
11234 11334
11934 120
Central 111 Public Service—
Yards
1957
5s
"
10834 10834
72
Feb
1956
Cedar Rapids M & P 5s
Cent Power 5s
1951
Nov
84
Birmingham Gas 5s...1959
Broad River Pow 5S..1954
5s series C
9234
{9034
1953
59
72
5534
'*82*
634s series B
91,000
67
130
1998
Bethlehem Steel 6s
Jan
Corp—
1947
♦Indianapolis Gas 5s A 1952
Works—
Bell Telep of Canada—
1st & ref
8354 May
Nov
Dec
3834
Associated Gas & El Co—
Dec
9534
Dec
36
Electric
Dec
97
Sept
2734 Aug
10434
Feb
10534 Sept
103)4 June
33)4
Apr
8034
"97*34
534s...May 1957
6s series A
Mar
81
6,000
Jan
Oct
Feb
63
9134
Indiana
Jan
20)4
10234
3734
6034
3834
Debenture 5s
Nov
25
93
Assoc T & T deb 53^8 A'55
78
107
1,000
Arkansas Pr & Lt 5s. .1956
1950
Apr
9,000
Associated Elec 4)4s__1953
Conv deb 5s
102
6234
93
5)4s
1938
4)4s C...1948
Conv deb 4)4 s
1949
1,000
4.000
62 34
27,000
39,000
Sf deb
Jan
7534
23
62 34
9934 100
Jan
Jan
62
80
{17
6134
6234
5348 ser B.1954
ser
Dec
94)4
Oct
8334
100
Ark-Louisiana Gas 4s. 1951
10734
Oct
30
—
Jan
Jan
Dec
28
{9734 100
111 Northern Utll 5s... 1957
Jan
Feb
105
"2*666
10234 10234
634s with warrants. 1943
♦Hungarian Ital Bk 734s*63
Hygrade Food 6s A... 1949
Jan
89)4
Dec
Nov
43
{
1943
Jan
1,000
{2234
.1938
534 s
Houston Gulf Gas 6s..
Jan
89)4
67
{32
Heller (W E) 4s w W..1946
Jan
Dec
10634
♦Hamburg El Underground
11034 11034
10434
7634
Rail Print 6s stpd
105
Oct
79
2024
Debenture 6s
10854
Oct
10634
{106
37
36 34
10534 10534
Oct
7634
78
Amer Radiator
Guardian Investors 58.1948
8.000
10734
97
105)4
31)4
88
53
86
81
7734
10634 10734
10634 10734
10734
Am Pow & Lt deb 6s..2016
65
87
83
Aluminium Ltd debt 6s 1948
65
{51
97
9134
1st <fe ref 6s
107
Mar
Mar
5434
90
stpd._1950
Grocery Store Prod 6s. 1945
Jan
Jan
77
88
60
90
Hackensack Water 5s. 1977
Oct
Jan
Oct
2134
6734
Grand Trunk West 4s. 1950
9834 $10,000
92
1,000
9734
97)4
Apr
9,000
.
Gt Nor Pow 5s
10454
Jan
102
{9834 102
1942
3*666
87
62
Sept
~
7534
Georgia Power ref 5s.. 1967
96
Oct
4,000
73
8734
General Pub Serv 5s. .1953
Gen Pub Utll 634s
83
83
Deb gold 68. June 15
Gatineau Power 1st 5s
Mar
BONDS
Jan
82
10534
Guantanamo A West 6s '58
Abbott's Dairy 6s
Dec
Jan
1,000
Sept
134
1,900
1,100
£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..*
Yukon Gold Co
5
Feb
Mar
73)4
10834
9354
83
Apr
Jan
634
834
10334
9334
Jan
Oct
{56
60
10334 104
Gary Electric A Gas—
5s ex-warr stamped. 1944
Jan
Apr
6
Dec
100)4
Feb
Oct
1534
Oct
84
65
Oct
Jan
100
Oct
77
104 J4
72
Feb
Dec
834
1834
54
8734
Jan
Dec
66",000
Jan
Oct
1,400
1
10
Oct
2,000
32,000
>-■'
73
'*84*34
Jan
Jan
84
Florida Power A Lt 5s. 1954
Jan
2
200
100
Feb
4,000
2,000
Jan
6
234
2,000
9654
115
{94
100
8434 8734
July
Feb
61
♦
pref. 100
Wolverine Portl Cement. 10
10234
10534 10534
1634 May
Nov
8,000
10134
101
Jan
109
54,000
69
First Bohemian Glass 7s *67
May
24
Dec
834
*
1
6% preferred
934
Oct
May
Dec
Jan
Jan
Mar
Mar
Jan
Firestone Tire A Rub 5s *42
June
14
Oct
4
Mar
64
10434
104
87
Dec
100)4
2,000
83,000
5734
6734
69
Firestone Cot Mills 5s. 1948
Oct
400
10734
34
20.000
134
76
67
10734 10734
Residential Mtge
Banks 6s-5s
Apr
7434
.*
dep rets
Erie Lighting 5s
Federal Water Serv
Finland
Dec
Elec Mfg—
Ercole Marelll
65
1
134
1952
Empire Oil A Ref 534s. 1942
Mar
Dec
1,000
1354
,12)4
454
4)4
9554
Oct
334
134
134
'*76**
Empire Dlst El 5s
Jan
4
4
2,000
2,000
434
4
134
1950
El Paso Elec 5s A
Mar
65
234
Oct
7,000
434
334s '65
Light 58.2030
Mar
8
IWil-low Cafeterias Inc-.l
Amer
Apr
*100
234
Oct
9734
Elmlra Wat Lt & RR 5s '56
8
60
97
Aug 1 1952
Elec Power A
8
834
16,000
10034 101
Edison El 111 (Bost)
Oct
Oct
10334 10434
105)4
Jan
109)4 Mar
107)4
Apr
10634 May
Jan
♦Certificates of deposit
434
5
106
101
Eastern Gas A Fuel 4s. 1956
Aug
Nov
104*34
Feb
954
300
Oct
♦Certificates of deposit
♦Deb 7s
Oct
534
Oct
9834
8,000
1,000
Aug 1 1952
♦634s
Aug
6
534
52
10034 103
10834 10834
.1950
5
<
92
16,000
103
A. 1947
5s 1st series B
Jan
434
Jan
1134
2)4 .Jan
Oct
6
*700
"134 " "1*34"
Jan
1,000
53
53
Detroit Internat Bridge—
Aug
98
Oct
100
7
7
Dec-
-
com
Det City Gas 6s ser
1
5
Bros-Brower_.l
Wellington OH Co
1
Wentworth Mfg
1.25
Western Air Express
1
West Cartridge 6% pi.100
Western Grocery Co...20
Western Maryland Ry—
7% 1st preferred
100
Western Tab & Stat
*
Westmoreland Coal Co
*
West NJ4 Seashore RR 60
West Texas Utll 16 pref. *
West Va Coal & Coke
*
Weyenberg Shoe Mfg
1
Williams (R C) & Co
*
Williams Oll-O-Mat Ht..*
Petroleum
Denver
Jan
23
Welsbaum
Wood ley
Jan
Feb
83
July
80
993a
100
53
166"
534s 1959
Gas A Elec 58.1949
18)4
Dec
101
o.OOO
100
10234 10234
1940
10
100
11
Wayne Knit Mills
Wolverine Tube
9)4
354
Oct
Mar
Jan
July
6034
Feb
Oct
93)4
98 34
104)4
60
Apr
Nov
Oct
Oct
Oct
11,000
41,000
73
134
12534
7934
33
634
109)4
Apr
6334
Dec
72 34
Jan
Jan
Apr
July
9834
78
Dec
"iy< "in
134
Jan
Feb
Jan
118
7,000
62
1234
Oct
130
105
20,000
7934
24
34
101
104)4
6334
A stamped
ser
200
"566
Dec
Aug
86
1943
6s
700
Dec
Oct
104)4 June
90)4
Jan
56
12354
Cont'l Gas A El 5s...1958
Jan
1,200
3
62
Feb
14
234
Deo
Oct
{12034 125
35
234
Dec
10754
9934
Consol Gas Utll Co—
Mar
Dec
10834
102
5,000
13,000
3,000
10334 10434
1954
1334
1
Winnipeg Electric cl B
Gen mtge 434s
11234
Oct
10034
10634 10634
26
Class B.
Wlllson Products
Jan
Apr
Mar
10734
96
1939
2
234
35
6
Tool.6
Venezuela Mex Oil Co.. 10
Venezuelan Petroleum—1
Va Pub Serv 7% pref.. 100
Vogt Manufacturing
*
Waco Aircraft Co
*
Wagner Baking vtc
*
7% preferred
.100
Wahl (The) Co common.*
Waltt & Bond class A—*
Wilson-Jones Co
Feb
5h
10)4
Sept
1
17
17
17
Jan
Sept
July
3.000
131
104
(Balt! 334s ser N—1971
Consol Gas (Bait City)—
Jan
Dec
11334
11234
60,000
14,000
Consol Gas El Lt A Power-
2
11354
11034
11034
10734
104
Jan
Jan
Jan
Apr
1,000
1,000
2,000
109
{12634
Jan
6)4
134
334
28)4
74
9434
7s A '51
Conn Light A Pow
8954
Dec
Dec
Dec
5934
"96"
Community P 8 5S-..1960
Apr
6
34
Jan
70
104
Community Pr A Lt 5s '57
4034
80
10534 10634
Jan
50
34
134
si«
Oct
46)4 June
104
Feb
200
44
54
Oct
36
10634
Sept
Dec
3634
14,000
108
z2 54
2
4234
5234
108
3554
Dec
Apr
27,000
104)4
7954
112*"
80)4
454
134
Oct
1981
334 s series H
Oct
34
92
11234 11234
11234
112
Dec
1
150
Jan
17,000
11234 11234
11234 11234
Oct
1,300
Jan
103
1956
1957
4348 series C
434s series D
1st M 4* series F
Jan
Jan
83
Oct
11234
Com'wealth Subsid 534s '48
1234
134
37)4
pref
Wise Pr <fe Lt 7%
1st
Jan
19
134
1
preferred
1st
Apr
Oct
82
Oct
88
1965
July
334
Oct
42
{70
1953
B...1954
1st M 5s series
834
2234
3434
5234
54
45
102
5434
5434
101
54 ?4
1st M 58 series A
Jan
Oct
1)4
9434
102
7,000
Edison—
Commonwealth
Feb
Feb
Nov
"560
9634
High
Low
5934 147,000
24,000
97
6234
6034
5634
Commerz A Privat 634s'37
Jan
18
Oct
59
1949
5348
Jan
6
134
37 A
Van Norman Mach
Conv
Mar
,
1)4
18)*
1)4
434
Oct
xl 34
Feb
934
100
com__l
Walker Mining Co
Mar
14
8
*
-.6
pre!...*
Utah Radio Products
*
Utility Equities Corp
*
Priority stock
*
Utility & Ind Corp com...6
Conv preferred
7
JUtil Pow <fc Lt common.. 1
Vot tr conv
16
Oct
H
1)4
Utah-Idaho Sugar
Utah Pow <fe Lt 17
Valspar Corp vtc
Oct
June
1
Universal Products
B
Mar
134
234
2%
*
Exten—60c
United Wall Paper
2
Universal Consol Oil.... 10
Universal Corp vtc.
1
Universal Insurance..—8
Universal Pictures com.._l
preferred
454
3454
234
2%
"3"
3 54
United Verde
7%
Oct
34
19
United Stores v t c
Class
Jan
Oct
200
134
9354
1937
Week
Shares
High
Low
6234
5s
Conv deb 5s
Nov
47
1966
1950
Cities Service Gas 5348 '42
Cities
Service-Gas
Pipe
Line 6s..
1943
Cities Serv PAL 534s. 1952
Cities Service
Mar
3
Oct
34
1,100
of Prices
Price
Range for Year
for
Week's Range
Sale
(Continued)
High
Low
Shares
High
Low
Price
Last
BONDS
Year 1937
Range for
STOCKS
1938
Jan. 8,
Exchange—Continued—Page 5
New York Curb
256
12,000
1,000
1,000
9854
Nov
9334 June
11034
Nov
10,000
98
Nov
65
Oct
H...1961
1948
7534
76
2,000
94
95
8,000
93
Oct
3,000
Oct
1969
75
90
7534
85
1955
8734
65)4
Oct
13,000
99
Dec
121)4
104)4
Jan
9954
10754
103)4
99)4
Jan
Jan
Jan
Jan
Jan
Volume
BONDS
Week's Range
Last
Sale
(Continued)
Price
3% 8 *66
Lehigh Pow Secur 6s. .2026
♦Leonard Tietz 7%s..l946
Lexington Utilities 5s. 1952
Llbby McN & Llbby 5e '42
Long Island Ltg. 6s
1945
Lake Sup Diet Pow
93
103
J233$
96%
1023$ 103
95
95
l04~"
5%sl951
75
Range for Year 1937
103% 104
75
75
13",660
12,000
2,000
9,000
3,000
Jan
101%
99%
Oct
111%
Jan
Mar
26%
July
♦7s without warr'ts.1941
Oct
105
Jan
Ref M
106
Feb
Ref M
Dec
107
May
106%
May
97
Oct
102%
87
July
Jan
105
179
8,000
12,000
60
60%
9,000
1,000
9,000
89%
89%
3,000
90%
723$
73%
7,000
2,000
14,000
1,000
11,000
104
105%
753$
753$
"603$
4%S—1967
4%s
1978
1st <fc ref 5s
1955
Mississippi Pow 5s
1955
Milw Gas Light
89%
.
73 %
1957
116"
Missouri Pub Serv 5s.1960
Montana
82
99
85%
85%
109% 110
683$
167
Nov
104
Jan
Oct
104
Jan
Dec
118
Apr
107%
99%
97%
Dec
106%
Jan
Jan
Mar
Feb
Oct
102%
Jan
Nov
100%
75
Dec
62%
Dec
87%
86
90
95
1944
♦Munson SS 6%s ctfs.1937
Nassau A Suffolk Ltg 5s '45
91
Nat Pow A Lt 6s A...2026
84
2030
Deb 6s series B
2022
84
11,000
72%
73%
44%
73 3$
{♦Nat Pub Serv 5s ctfs 1978
6s series A
83
3% 2 4
Nebraska Power 4%s 1981
44%
109% 109%
115
115
"723$
189
71%
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
95
5,000
4,000
1,000
913$
New Amsterdam Gas 5s '48
115
21,000
2,000
2,000
20,000
72 3$.
1116% 118%
Dec
107
Jan
71
Oct
107%
97%
Feb
Jan
Oct
67
May
51
Jan
June
110
May
44
1063$
106%
Oct
Dec
69
Oct
Apr
"54%
56
49",000
47%
Oct
54%
563$
Oct
57
17,000
60,000
27,000
24,000
45
54
44
Oct
79
80%
53%
78
1954
80
81
New Eng Pow Assn 5s. 1948
Debenture 5%s
54%
833$
126%
Jan
110
Jan
99%
121%
84%
Jan
85
Jan
Jan
Jan
Jan
Dec
84%
101%
Dec
102%
Jan
Jan
New Orleans Pub Serv—
68 stamped
1942
89%
♦Income 6s series A. 1949
167%
}99
N Y Central Elec 5%s 1950
...
Oct
95%
Jan
Oct
92
Jan
99
683$
85
60
3,000
90%
Nov
104%
Feb
N Y State E A G 4%s 1980
101
162
108
94
104
N Y A Westch'r Ltg 4s 2004
Debenture 6s
100
107% 108%
92%
943$
1954
158%
Nov
109%
Jan
104
2,000
100
Apr
104%
Dec
Jan
Nov
1103$
70,000
15,000
1112%
Nippon El Pow 6^8..1953
Apr
113%
Dec
104%
90
Oct
Dec
65
64
Oct
78
75
Dec
1083$
104%
86%
Feb
1956
77%
5% 8. .1948
No Indiana G A E 6s. 1952
393$
5%s series A
Nor Cont'l Utll
4,000
3,000
39% 40
107% 107%
1,000
35
106%
100%
Oct
69%
Jan
Jan
Jan
108%
Nov
97%
99
97%
97
923$
91
98%
92 3$
1966
C
series
1969
5sserie8 D
1970
N'weslern Elec 6s stmpd'45
4%s series E
1945
1st A ref
107
Jan
Oct
105%
Jan
Oct
104%
105%
Jan
Jan
1,000
5,000
4,000
10,000
8,000
1,000
9,000
101%
104%
Jan
108
103
Feb
106%
Dec
92
Oct
100%
Jan
116% 116%
5,000
105
863$
105
105% 1063$
105
4%s ser D.1956
4%s._.1951
97
1946
89
6s conv debs
Oct
95
89%
101%
86%
105
Ohio Power 1st 5s B..1952
Okla Nat Gas
95
103% 103%
N'western Pub Serv 5s 1957
Ogden Gas 5s
27,000
7,000
30,000
1,000
2,000
103% 1033$
105
Pacific Coast Power 5s '40
97%
88
89
73
Okla Power A Water 5s '48
96%
73
81
Oct
Dec
Oct
105
Jan
111%
Jan
Nov
Pacific Invest 5s ser
1941
A. 1948
116%
Pacific Pow A Ltg 5S..1955
"65"
63
1938
Park Lexington 3s
1964
*30
43$s. 1977
83
Penn Cent LAP
65
1979
191
86
86
Deb
197
A....
1950
5%s series B..1959
88%
Penn Pub Serv 6s C..1947
6s series
1106% 107
1102
104
1954
D
Penn Water A Pow 5s. 1940
107%
107% 107%
"9*606
1981
873$
{♦Peoples Lt A Pr 5s_.1979
Phlla Elec Pow 5%s__1972
Phlla Rapid Transit 6s 1962
Pledm't Hydro El 6%s '60
8%
8
87%
83$
111%
111
1113$
4s series
B
Pittsburgh Coal 6s... 1949
87%
78
106%
78
57%
58 3$
106
98
Pittsburgh Steel 6s... 1948
♦Pomeranian Elec 6s.. 1953
106%
99
120%
*4*.660
155%
107
4%s series F
"
2",660
Power Corp
♦Prussian
(Can)4%sB '59
57
100%
Electric 68.1954
Mar
95%
Mar
40
Oct
96
Mar
39%
Oct
96
Jan
Mar
44
45
3,000
37
Apr
2d 8tamped 4s
2d stamped 4s
1940
6s series A
m,'m
-
.
51
Oct
Mar
Oct
83
Dec
Oct
84%
Nov
93%
103
Jan
Aug
5%s '52
ser
103%
1st A ref
43$s
ser
D.1950
Nov
106
Feb
92
Dec
113
Feb
Oct
104%
Jan
Jan
109
Apr
80
3,000
107% 108%
62
63%
40
62
34,000
55
Oct
31
Oct
55
111
Mar
Jan
94%
1,000
40
*58
.
106%
5,000
Jan
mm'mm
mm
mm
mm
June
117%
79%
Jan
Feb
8,000
493$
Oct
24%
5,000
Mar
27
July
24%
68%
24%
Mar
28
Aug
47
Oct
72%
74%
100%
4,000
12,000
14,000
20%
19%
53
Oct
6,000
97
Dec
61%
Oct
1945
24%
71%
1974
74%
100%
1959
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
99
713$
783$
76%
77%
39,000
89%
94%
Jan
Jan
Jan
107
96%
Jan
Jan
115
...1952
105
105%
7,000
102
6s series A
...1973
67
673$
52
Oct
74
Dec
103
Jan
102
Jan
Jan
Jan
4%s
1944
Va Pub Serv
6s
89%
82
Dec
87
15,000
85
Oct
84
8,000
81
Oct
104%
102%
75
78
9,000
75
Oct
101
14%
1946
1,000
82
m'mmmmmm
81
83%
85%
m>
743$
3,000
3,000
81
"
5%s A.. 1946
1st ref 5s series B... 1950
Dec
72
Utah Pow A Lt 6s A..2022
♦5s Income deb
1954
16
Wash Gas Light 5s... 1958
Wash
Ry A Elec 4s... 1951
West Penn Elec 5s
16
20,000
11
Oct
105
1053$
106% 1063$
105% 105%
"106%
m
2030
mm
mrnmm mm
103% 103%
853$
84%
_
85
West Newspaper Un 6s *44
West United G A E 5%s '55
38%
105
Wheeling Elec Co 5s-.1941
WIsc-Mlnn Lt A Pow 5s '44
105%
1966
92%
5,000
104%
4,000
105%
1,000
103
Nov
Apr
June
6,000
102
100
102
West Penn Traction 5s '60
West Texas Utll 6s A 1957
Jan
Jan
383$
36%
104% 105
93
Oct
1,000
101
Nov
40,000
75
Oct
11,000
35
Dec
7,000
102%
Oct
Jan
Jan
Feb
Jan
Feb
108
Apr
Dec
Nov
893$
Nov
1073$
102%
104% 105
26,000
71
5,000
Dec
107%
100%
Jan
70
1946
..1947
*14
*14
20
18%
Dec
30
20
17
Dec
29%
1951
21
21
18
Sept
*76
85
1937
"To"
6,000
103% June
73
Jan
Jan
Agricultural Mtge Bk (Col)
♦20-year 7s
♦20-year 7s
♦Baden 7s
Buenos Aires
106
Oct
105%
May
100% May
107%
Dec
109
Jan
Apr
106%
111%
Mar
109
Dec
76
Oct
100
Jan
5%
Oct
108%
Mar
30%
113
Jan
Oct
73
Dec
99%
52
Oct
77
Feb
105
Jan
Mar
Dec
108
96
Oct
107
Jan
Apr
25
Aug
105%
Dec
94%
Aug
80
80
"2",000
80
Dec
96
Sept
7
7
7
7,000
6
Nov
21
Feb
27
27
27
1,000
19%
Apr
29
Sept
25
25
2,000
20
Mar
1,000
99
Apr
97
Apr
..195!
1947
1948
♦Prov Banks 6s B..1951
1952
♦6 series A
80
1955
5% 8
5s
100% 100%
1953
Danish
*99% 102%
External
"20%
20%
♦Hanover (Prov)
mm
Jan
108
July
Oct
107%
103%
Oct
101
100%
102
3,000
17
2,000
17%
13%
33,000
Mar
13
Apr
Sept
25
July
♦Issue of May
♦Issue of Oct
*14
*14
*143$
1927.
1927..
♦Mtge Bk of Chile 6s. 1931
6s stamped
1931
147
Jan
mmm-mmmmm
93$
66%
m, mm
mm
mm
Mar
Oct
Mar
Oct
Mar
112%
105%
Oct
33
July
Oct
21
Feb
Dec
96%
Apr
Nov
July
104% June
104
*93$
Oct
11,000
64
663$
71,000
60%
Oct
62%
62%
623$
1,000
57
Oct
96
57%
603$
25,000
54%
Oct
92%
Dec
1,000
95%
9%
Apr
Dec
Dec
9
6,000
"5",000
%
3$
%
%
%
17,000
%
Oct
%
3$
2,000
%
Dec
62%
""""%
Dec
Oct
"11% "13""
36",000
10%
Jan
Nov
.1961
12%
9,000
9%
Nov
11%
12%
34
Jan
35%
Jan
Apr
2
1%
1%
1%
81%
20%
20%
Apr
Apr
Apr
Mar
Mar
Mar
Jan
82%
22%
mm mm mm
July
27% Feb
27%
Feb
213$ Mar
13% Aug
100% June
Jan
59%
■^m
11%
78
......
Nov
66
10%
103$
%
♦6%s
1921
♦5%s certificates...1921
105% May
94
"3,000
■rnmmmmmmm
Dec
Oct
11
18%
99%
9
Aug
Mar
7
20%
22
18
t X6
+ 72
Aug
Apr
105
23
98%
''
Aug
25%
29%
65
21%
mm
9,000
*5
"l6%
26
20%
22
Mtge Bk of Bogota 7s. 1947
128%
100
Aug
Aug
203$
65%
Jan
3,000
25%
25%
213$
*12%
*7%
85
Feb
Jan
13
1958
Dec
77
Jan
17
20%
♦Medellln 7s series E.1951
♦Maranhao 7s
Apr
17
21%
203$
—
July
Jan
Feb
50
21
203$
1947
20%
1939
6%s_1949
♦Lima (City) Peru 6%s.'58 rnrnim-mm
♦Secured 6s
♦Hanover (City) 7s...
27%
102%
101%
"2~O6O
68
*58
1952
6%s
♦German Con Munlc 7s '47
Mendoza 4s stamped—1951
Mar
Feb
Cent Bk of German State A
Jan
Jan
1,000
Feb
Mar
25
(Province)—
Mtge Bk of Denmark 5s '72
7,000
Jan
104%
{York Rys Co 5s
Mar
Oct
80
18
1,000
15,000
2,000
27,000
3,000
105%
1143$
99%
79%
105%
Feb
105%
Yadkin River Power 6s '41
♦7%s stamped
56
10,000
Jan
Deo
1,000
Wise Pow A Lt 4s
♦7s stamped
18%
6,000
108
107%
106%
27,000
Danzig Port A Waterways
16,000
16,000
1,000
10,000
3,000
32% June
1073$ 1073$
105% 106
92
923$
♦7s.
1966
Puget Sound P A L 53$ s '49
1st A ref 5e series C. 1950
102
60
♦Cauca Valley 7s
Pub Serv of Oklahoma—
4s series A
43,000
2,000
97
Jan
24%
f 6s
Jan
4,000
102% 1033$
106
59%
6%s.
5% 8
103
130
104% 104%
33,000
Oct
102% 104%
62
United Lt A Pow 6s... 1975
Jan
Jan
Jan
104 3$
983$
923$
Feb
1956
♦United Industrial
105%
105%
Feb
104
80
6%s.'41
United El Serv 7s
Nov
Mar
104
Oct
97%
Conv 68 4th stamp. 1950
United Elec N J 4s... 1949
37%
81
103% 103%
Oct
53
FOREIGN GOVERNMENT
104
110% 111
105% 1053$
Nov
55
AND MUNICIPALITIES—
109
103%
70
3,000
Jan
Oct
105%
3,000
15,000
8414
Jan
Apr
1978
1980
F.1981
.1960
Jan
78
82%
Jan
Dec
1966
Aug
Sept
59
1979
117
57
1956
Jan
49%
106%
106%
98%
85%
60
95
102%
Oct
Nov
96
1st A ref 5s
Mar
57
104%
Pub Serv of Nor Illinois—
43$s series D
43$ s series E
1st A ref 4%s
43$s series I
Mar
Jan
104
5s series C
May
July
60
94
119
1,000
1313$
10,000
1,000
Jan
56
78
1962
Twin City Rap Tr
Ulen Co—
s
105
j
Toledo Edison 5s
♦1st
1053$
105
2022
Tide Water Power 5s.
Tietz (L) see Leonard
37
102
102%
4,000
40
105
mm
""57"
'
131
39
40
105%
Texas Elec Service 58.1960
Texas Power A Lt 5S..1956
108
Public Service of N J—
6% perpetual certificates
Mar
:
44%
Oct
"3", 000
57
95
Oct
23,000
53
Oct
Oct
100% 1003$
21% 213$
57
Oct
42
51
16
113%
105
7,000
1107% 110
1961
Potrero Sug 7s stmpd. 1947
107
42
4,000
52%
47,000
8,000
102
89
58
Potomac Edison 5s E.1956
52
523$
52'VV: 52
10,000
52
Jan
105
"7",066
25
Portland Gas A Coke 5s '40
Mar
23
Jan
95
1108% 109
43$ s series B
1968
Peoples Gas L A Coke—
Mar
95
213$
100
30
100
91
95
Oct
51
108%
Penn Ohio Edison—
6s series
Oct
42
22%
Dec
99%
98
1971
1st 5s.
Penn Electric 4s F
17,000
32
84
40
1,000
♦Starrett Corp Inc 5s_1950
Stlnnes (Hugo) Corp—
Nov
111%
1100% 101 3$
Palmer Com 6s
i2~666
52
96
72
84
186% 893$
1112% 115
Pacific Ltg A Pow 6s.. 1942
54
52
Oct
79
Pacific Gas A Elec Co—
1st 6s series B
Jan
50%
52
Wash Water Power 5s 1960
Northern Indiana P 8—
6e
106
Waldorf-Astoria Hotel—
No Amer Lt A Pow—
75
Oct
68 series A.
New York Penn A Ohio—
Ext 4%s stamped.. 1950
N Y P A L Corp 1st 4%s *67
Jan
Jan
993$
105U
Dec
35
Tenn Puolic Service 5s 1970
Terni Hydro-El 6%s_.1953
95
Jan
104%
75%
102
Feb
2%
m.m.mmmm~
Jan
104
54
1946
Super Power of 111 4%s.'68
1st 4% s
1970
Tennessee Elec Pow 5s 1956
Jan
793$
87
103%
Dec
Dec
Nov
100%
14%
97%
Nov
67
109%
Oct
95%
Oct
90
18,000
1102
Nov
87
93
*77%
97%
Nov
51
15,000
55%
1053$
9,000
Feb
1948
1950
Conv deb 5e
63%
*89%
Jan
Jan
Jan
19,000
Nov
N E Gas A El Assn 6s. 1947
5s
102%
723$
51%
78
113
2l",606
1,000
52%
Jan
88
93
105% 105%
Jan
110%
69%
48%
Jan
Dec
108
Mar
50%
99%
100%
91
108
Apr
99%
99%
52
106
Jan
Mar
104
49,000
70%
Oct
75
Aug
High
Standard Investg 53$s 1939
{Standard Pow A Lt 6sl957
Oct
Dec
107%
9,000
Debenture 6s. Dec 11966
95
65%
Mar
8,000
{♦Stand Gas A Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s
1935
♦Certificates of deposit
Debenture 6s
1951
68
107
103
108% 109%
So'west Pow A Lt 6s. .2022
So'west Pub Serv 6s. .1945
77
Jan
19,000
104% 105
1951
S'western Assoc Tel 5s 1961
Aug
109%
105
Sou Indiana Ry 4s
Aug
27%
Oct
Low
1083$
4%s 1968
101
Dakota Power—
5^8
Sou Counties Gas
77
105
1960
Dec
95%
76
90%
983$
105%
Minn P & L
Miss River Pow 1st 5s. 1951
81
81
81
1st A ref mtge 4s
77,000
95
106% 106%
104% 105
106%
S'western Lt A Pow 5s 1957
94%
81
Memphis P & L 5s A-.1948
Mengel Co conv 4%s.l947
Metropolitan Ed 4s E.1971
Middle States Pet 6%s '45
Midland Valley RR 5s. 1943
2,000
83
179
McCord Rad & Mfg 6s '43
Memphis Comml Appeal
Deb 4^8
1952
Miss Power & Lt 5s
97
97
3%s
1945
3%8-May 1 1960
3%s B.July 1 '60
eek
Shares
92
92
Debenture
Nov
93
101%
22% May
123
4% s. 1952
Southeast PAL 6s.-.2025
Sou Calif Edison Ltd—
Range for Year 1937
for
of Prices
High
Low
Price
Mar
93
Week's Range
Sale
(Concluded)
Mansfield Mln <fc Smelt—
Marlon Res Pow
Last
BONDS
I
High
Low
18%
2,000
22,000
29
95
102%
for
Week
Shares
953$
102
103
Louisiana Pow «fc Lt 5s 1957
♦Manitoba Power
of Prices
High
Low
Sales
Friday
Sales
Friday
257
Exchange—Concluded—Page 6
New York Curb
146
100% 1013$
105%
98%
Jan
Jan
Queens Boro Gas A Elec—
53$ s series A
1952
♦Ruhr Gas Corp 63$s. 1953
♦Ruhr Housing 63$ 8. .1958
Safe Harbor Water 43$s '79
{♦St L Gas A Coke 6s. 1947
*85
26%
Sauda Falls 5s
108%
111
♦Saxon Pub Wks 6s..1937
*26
Servel Inc 5s
101
46
Sou Carolina Pow 5s. 1957
104"
104%
Jan
7
Oct
28%
25%
109%
18%
18
100%
125
107%
22
28
Mar
Apr
Jan
Dec
range,
Mar
Apr
107
Jan
Nov
132
Jan
Feb
112
Nov
Mar
35
Sept
Dec
47
Mar
105%
Apr
107% May
13",000
101%
105
103% 103%
4,000
101 %
103% 104
62
633$
73% 733$
3,000
101%
58%
Oct
Oct
Mar
44
103%
46
6,000
1,000
42
70
Nov
Dec
103%
45
104%
105%
No par value,
Deferred delivery sales not Included In year's range,
the rule sales not
104""
•100% 101
•
Aug
Aug
22%
94%
22 3$
*107%
1948
43$s '67
1st 43$s series B
1968
1st 43$s series D
1970
Sheridan Wyo Coal 6s. 1947
2,000
8,000
1,000
5,000
107
2,000
8,000
12,000
22%
♦Schulte Real Est 6s.. 1951
Shawlnlgan WAP
111
103% 1033$
*129% 132
112
*110
6s B '52
1955
Scripp (E W) Co 53$s.l943
Scullln Steel 3s
1951
213$
108% 1083$
21%
San Antonio P S 5s B.1958
San Joaquin L A P
89%
263$
e
Dec
72
Mar
Oct
101
Jan
year's
Cash sales transacted during
the current week and not
week
Included In weekly or
No sales j
Dec
Feb
July
n Under
yearly range:
Jan
Feb
a
Included in year's range,
r Cash sales not Included In
Ex-dlvldend.
v Ex-Interest.
* Friday's bid and asked price.
No sales were transacted during current
♦
Bonds being traded flat.
{ Reported In receivership.
? Called for redemption.
x
V
Under-the-rule sales transacted
during the current week and not Included
In
weekly or yearly range:
No sales.
1
Deferred delivery sales
transacted during the current week and not
included
In weekly or yearly range:
No sales.
Abbreviations
Used Above—"cod,"
certificates of deposit;
'eons," consolidated
"cum," cumulative; 'conv," convertible; "m," mortgage; "n-v," non-voting stock
"v t c," voting trueti ertlfloates "w 1." when Issued; "w w," with warrants ;"x-w.r
without warrants.
258
Financial
Chronicle
Jan. 8, 1938
Other Stock Exchanges
Sales
Friday
Last
Orders Executed
Baltimore Stock
on
Exchange
Stocks (Concluded)
Torrington Co
Stein Bro s sJ3 oyce
Established 1853
Calvert St.
s.
39
baltimore, md.
Broadway
Louisville, Ky.
Baltimore Stock
to
Jan. 7,
Arundel Corp
Shares
Low
15%
190
14
Oct
50
22
Nov
54
83
Nov
3
%
188
1%
Dec
9
CHICAGO
Dec
38
20
40
20
Dec
25
67%
40
62
Oct
89%
114
114%
72
110%
Oct
7%
7%
16%
7%
16%
505
5
Oct
50
10
Oct
48
20
"93 %
91%
89
Oct
136
Finance Co of Am A com 5
9%
9%
93%
9%
40
9%
Cyl
115
Dec
14%
1
14%
300
14
22
Dec
46
Feb
$5,000
61
Dec
89
Feb
Unlisted
Chicago Stock Exchange
Chicago Curb Exchange
St., CHICAGO
Jan
Aug
Jan
Chicago Stock Exchange
Jan.
1
Jan.
to
7, both inclusive, compiled from official sales lists
2%
2%
2%
2,265
2,294
2
Oct
2%
2
Oct
35
14
Dec
11
22
2%
Mercb A Miners Trans p..*
15%
15%
Monon W
25
25
10%
11%
1%
PennP87%pf-25
New Amsterdam Casualty 5
No American Oil com
1
Northern Central Ry...50
94%
94
Owlngs Mills Distillery... 1
Seaboard Comm'l Pref—25
37
0*^
35
37
U 8 Fidelity & Guar
15%
13%
15%
33
33
457
33
1%
1%
875
20
23%
4%
4%
Friday
Last
Week's Range
for
of Prices
Low
High
Week
Aug
Jan
Apr
Stocks—
r
Par
Jan
27%
18%
Feo
*
Jan
Common
*
(new)
38%
37%
9
5%
6%
2
Sept
3%
3%
6%
Oct
104
Feb
1
Feb
>
2
Western National Bank. 10
Oct
%
1%
50
34
Dec
1,626
11
Oct
29%
Apr
Jan
15%
Oct
37
Jan
15
45
7
10
6%
$
23
23
24%
26%
SI 1,000
7,100
22 %
25
Oct
41%
48
Jar.
Feb
17%
12%
Feb
Nov
3
Oct
12%
5%
Oct
14%
Mar
May
Dec
17%
13%
4%
57%
200
6%
1%
9
100
4%
5,530
450
Oct
Oct
33*
Dec
Jan
Apr
Feb
Mar
33
100
3%
1%
4
450
3%
Nov
17
Jan
1%
100
Oct
9
Mar
2%
2%
50
1%
2%
Dec
9
Mar
11%
4
pref...
Feb
Jan
Oct
55%
Dec
4%
36
32%
»
conv
Nov
8%
10
1
Auto Washer
Bait Transit Co 4s (flat) '76
A 6s flat
1975
High
20
400
38%
5%
1%
Bonds—
Low
1,750
1,000
7
5
*
525
Range for Year 1937
Shares
9
6%
Adams Mfg (J D) com
Dec
90
Price
Sales
Abbott Laboratories—
41
Oct
Oct
8%
1%
Apr
Mar
13%
Oct
2%
Common class A
Jan
10
Sale
100
Feb
Jan
30%
Houston Oil pref
Mar Tex Oil
Apr
19%
12%
SECURITIES
10 So. La Salle
Eastern Sugar Ajbsoc—
—1
60
130
Oct
Pml H.Davis &®o.
Nov
20
65
Preferred
Dec
Members
New York Stock Exchange
New York Curb (Associate)
Jan
20
Fidelity & Deposit
Dec
7
2%
Listed and
Jan
13%
57%
100
100
160
150
6
May
2% June
Oct
8%
103
7
58
Apr
280
2
15%
Brager Elsenberg Inc com. 1
6% preferred
2,050
3%
20
103
58
Jan
23%
Consol Gas E L & Pow—•
Common.—i-1
1
90C
20
Mar
1
14%
Jan
Jan
195
*
High
16
2
—*
Black A Decker com
98
46%
416
3%
20
Range for Year 1937
28
%
1%
Oct
Sept
73%
40%
Bonds—
15%
1
64%
37%
51c
71%
Eastern Mass St. Ry—
Series A 4%s
1948
28
28
Bait Transit Co com v t c. *
41%
Week
Low
*
Atlantic Cat Line (Conn) 50
1st pref v t c
fen
of Prices
High
Price
Dec
38%
Sales
Week's Range
Sale
Par
24%
73
103
High
753
39%
Warren Bros Co.
Year 1937
Low
26%
25%
1
Warren (S D) Co
Range for
Shares
Exchange
Friday
Stocks—
26
1
both inclusive, compiled from official sales lists
Last
Price
Vermont A Mass Ry Co 100
Waldorf System Inc.—..*
York, Pa.
Members New York, Baltimore and Chicaso Stock Exchanses
Chicago Board of Trade
New York Curb Exchange (Associate)
Jan. 1
Week
*
Utah Metal A Tunnel
new york
Hagerstown, Md.
(new)
for
of Prices
Low
High
United Shoe Mach Corp.25
Preferred
25
.
6
Par
Week's Range
Sale
Bastian-Blesslng Co
com.
250
9
10%
11
100
9%
Dec
22
13%
750
8%
Oct
7%
800
30%
14%
11
11
23%
Oct
Feb
Aug
Feb
7%
Established
r
i
Member 9
150
5%
Dec
14%
Feb
18%
700
16%
Oct
43%
Mar
22%
26%
1,700
22%
Dec
50%
15%
30%
Mar
13
July
18%
36%
Mar
5%
6
350
5
Oct
8
8
50
6
Oct
4
4%
450
4
Dec
6
Burd Piston Ring com...
New York Curb Exchange (Asso.)
UNLISTED TRADING
Oct
6%
16%
Feb
Borg Warner Corp—
1887
New York Stock Exchange
Boston Stock Exchange
4%
6%
and Tyson
18%
26%
Townsend, Anthony
11%
6%
4
7%
8
5%
2,050
Oct
Aug
Feb
20%
7%
19
20%
600
17
Oct
22
19
22
600
17
Dec
43
July
13%
DEPARTMENT
14
110
12
Oct
19
Feb
5
150
4
Dec
19
46
Dec
Mar
Private Wire System
Boston Tel. LAF 7010
30 State St., Boston
Bangor
N. Y. Tel. CAnal 6-1541
Portland
Lewlston
Central Illinois Sec—
5
48%
Boston Stock
Jan. 1
to
Jan. 7,
Exchange
Week's Range
for
of Prices
Low
High
Shares
Price
Amer Pneumatic Serv com*
Anier Tel A Tel
51c
55c
100
147%
143% 149%
Blgelow-8anf Carp pref 100
Boston A Albany
100
"94"
91%
94%
118% 122%
48%
56
Boston Edison Co
Boston Elevated
94
100
100
Boston-Herald-Traveller
120
53
94
150
2,686
8
177
641
Preferred stamped
East Gas A Fuel Assn—
Common
Mar
10%
2%
12
14%
10%
302
Dec
66%
Mar
3%
245
Dec
20
151
3
824
1,050
200
50
51%
27
29
78
6
6
50
3
38
20
50
20
20
15%
15%
2%
General Capital Corp....
Gilchrist Co
___♦
Gillette Safety Razor
*
2%
28
7%
9%
100
2%
Oct
Oct
50
100
13%
7
"24
1
4
Nat Ser Co com tc
1
National Tunnel A Mines.*
New England Tel A Tel 100
101
Dec
48%
7
2%
20
Oct
Dec
Nov
7
25c
35c
13
15%
Jan
Jan
100
Oct
96
22%
1,280
2
100
4%
14
60
22%
3%
25
Reece Buttonhole Mach.10
Shawmut Assn T C
*
20
20%
2%
19%
Suburban Elec Sec 2d pref *
261,
6%
8
Oct
37%
60
Nov
10
10%
150
6%
Oct
2,250
1%
Oct
1
Oct
1%
2
1%
150
26%
27%
6,100
17
19
2%
60c
5
14%
22%
3%
20
100
3%
3%
500
5
6%
1%
2%
300
OITOI
^1W..JIUU
5
2
64%
21
8%
97%
1%
61
1
97%
250
10
2
1,350
65
170
Dexter Co (The) com...,
Dixie Vortex Co com...
Class A
......
2%
5
14%
20%
19
Feb
May
27%
5%
2%
Mar
Dec
33%
48%
Aug
Feb
11
Oct
2
5
2%
%
97
14%
Oct
6
Dec
Dec
Oct
Jan
Jan
•>.
3%
105
Jan
July
Sept
Aug
Apr
56
Oct
6%
Feb
Dec
1H
110%
Mar
8
33%
5
140
3
15%
33%
13%
5%
16
350
15
33%
150
19
Dec
31
19
16
*
3%
13%
3%
28%
11%
28
Oct
19
'
17%
Apr
Jan
Mar
Jan
Oct
25
Feb
Oct
41
Feb
100
12
Dec
26%
Aug
100
18%
Dec
2%
Dec
41%
12%
Aug
1,100
Oct
40%
Mar
20
Jan
Jan
Feb
Elgin Nat Watch
Fltz Sim A Cor DAD cm.*
Fuller Mfg Co com
1
Gardner Denver Co—
Jan
New
15
22
22
23
7
2%
.♦
common
7
2%
11%
11%
1
3%
Dec
2%
Dec
2%
56
Goldblatt Bros Inc com..*
Gossard Co (H W) com..*
Great Lakes DAD com..*
22%
20%
8%
Mar
Hall Printing Co com... 10
6%
600
21
50
5
Oct
200
2
Dec
5% May
23% July
5% May
Jan
50
9%
Dec
500
3%
Oct
2%
22%
5,800
Oct
10%
42%
Mar
100
1%
19%
5%
Oct
8%
Oct
July
Oct
12%
29%
Dec
20%
Feb
Dec
20
Mar
11%
13%
Mar
4
Gen Household Utll—
Oct
Feb
11%
Dec
1
Oct
x6
Nov
142
%
Apr
Common
Mar
198
Harnlschfeger Corp
1%
Oct
9%
Mar
36c
Dec
2%
Mar
Jan
Oct
29%
44%
Oct
50
Mar
Mar
2
Dec
11%
25
20
650
9
6%
250
6%
Hibb Spencer Bart com..25
Hormel A Co com A.
*
905
14%
6%
6%
110
5%
5%
6%
6%
350
5
14%
Heileman Brew Co G cap.l
Hein-Wern Mot Pts com.3
Dec
550
5
13
Jan
Jan
Mar
3,800
Jan
Nov
9
10
25%
Jan
226
9%
Dec
16%
Feb
9%
10%
767
8%
40%
8
Oct
Nov
40
70
Oct
600
21
Oct
350
3
21
24% May
3%
Jan
10c
3%
10%
19%
8%
3
3%
98
71
....
13%
110
45
Mar
77
Oct
20%
15%
1,510
1%
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
555
513
750
3%
Eleo Household Utll cap. 5
40%
9%
9%
*
Dec
10
10
6
Gen Finance Corp com
4
%
1%
1
9%
61%
1%
Mar
Jan
24
42c
150
Mar
Jan
1%
2
1%
26%
2%
10
60c
2.50
Mar
47
2
1%
102
Mar
12
53 %
Oct
Dec
%
77
Aug
Oct
5%
1%
Oct
D Mets Inc pref
25%
26
99
35
Cudahy Pack'g Co pref. 100
7
3%
700
19
com.
Jan
7
23
41%
Jan
1%
t c__*
Feb
38%
27%
Consolidated Biscuit
VUUVU1VUTO
A
100
48
Oct
dlson—
New
Cord Corp cap stock
10%
Oct
27c
Sept
Mar
6%
Dec
1%
Jan
81
Oct
247
26%
1%
30%
2
Jan
Dec
6
40
9%
50
250
10%
20%
17%
Dec
8%
6%
,
Jan
Jan
32
1%
Mar
49
Oct
35c
For footnotes see page
3%
4%
Dec
35c
Mergenthaler Linotype..*
Narragansett Racing Ass'n
Stone A Webster
63
Sept
15
27c
Pennsylvania RR
Quincy Mining Co
3%
27
—_...*
Old Colony RR
Pacific Mills Co
2%
10
5
c~__—III
N YNH&HRR
North Butte
3
415
28
Hathaway Bakeries—
Loews Theatres (Boston) 25
Maine Central—
7,150
2
Jan
Mar
32
1
9%
6%
29
*
18%
2%
3%
Oct
15% Dec
75
110%
20%
9%
Feb
East Steamship Lines com*
Preferred
*
120
com.
Mar
Dec
46
51%
...100
4%
Oct
61%
Jan
Dec
3
100
...100
Z
160
100
Employers Group
Inc
Dec
3%
4%
4
'
Chicago Towel Co
Jan
6%
Oct
6%
Oct
78
18%
Mar
9
v
Jan
30%
6%
30
100
Feb
147
69%
25
Common
115
Oct
25
Mass Utilities Asso
Oct
Dec
Dec
Copper Range
Class B.
Helvetia Oil Co t
87
88%
115
18%
75
200
Jan
47
75
4,000
97
Jan
663
Calumet & Hecla
Preferred B
2%
187%
248
65
Jan
Feb
41%
Dec
Oct
139%
2%
12
*81%
32
Preferred.
3%
100
Prior pref
100
Class A 1st pref stpd.100
Boston A Providence. ..100
6% preferred
East Mass St Ry—
51c
High
Commonwealt
100
2%
30%
95
2%
Low
19%
19
1%
1%
30%
Range for Year 1937
Boston A Maine—
Common
2
Week
3%
_*
400
4
Sales
Sale
Par
48%
96
Preferred
Prior lien pref
Last
Stocks—
4%% prior pref
Common
both inclusive, compiled from official sales lists
Friday
46%
Central 8 W—
com. 10
6%
42%
16%
Houdallle-Hershey cl B
*
Hubbell Harvey Inc com.5
Hupp Motor
com
(new)__l
Illinois Brick Co cap
IH North UtU pref
16%
8%
10%
1%
10
6%
5%
42%
50
30
50
16%
9%
100
11
100
1%
6%
400
150
5
Oct
3%
Oct
40
16
7%
10
Nov
Jan
52% May
Oct
23
Dec
27%
Feb
Dec
13
Dec
1%
Dec
4%
Oct
4%
19%
111%
Jan
Aug
Jan
107
107
40
92
Oct
t c..*
26
26
100
21
Nov
49
1
6
200
.4%
Nov
10% May
100
107
Aug
'
33%
Jan
Indep Pneum Tool
56
FeJ
Indiana Steel Prod
v
com
6%
Mar
Volume
Financial
146
West's Range
for
Sale
of Prices
Low
High
100
Oct
Oct
1
1,250
3%
Dec
400
20 X
5
4
5
7X
10
10 X
300
27 X
28 X
130
7
7
v
Rapid
U S Playing Card
Mar
Feb
Oct
Dec
Oct
43 X
IX
High
11X
Nov
Jan
90
22
Oct
38
Feb
25
22X
21X
19X
Oct
34X
6X
Feb
♦
2
2
2
75
1
Oct
100
9
9
10
110
9
Dec
U S Printing
Wurlitzer.
—
——.
26
300
3X
Oct
1
1,100
X
Oct
1*4
Jan
3X
Aug
13 X
Feb
Ubby McN & Llbby—.10
Lincoln Printing Co—
Members Cleveland Stock Exchange
4
450
9
300
7X
Dec
19X
July
8X
400
5X
Oct
15X
Mar
3X
350
2 X
50
25X
8X
7X
3H
Common
3
30
*
27
30
23 X
53.50 pref.
20
23X
Oct
12 X
Dec
45
Jan
14
15
Nov
33X
July
2
Oct
6X
18
WOODcVk
Jan
20
2
GILLIS
Jan
550
250
2
Loudon Packing com
Feb
May
Ohio Listed and Unlisted Securities
Oct
3
9
10
com
22X
21X
22%
21X
25
•
Year 1937
Low
Mar
Jan
19
3X
Common
Lion Oil Ref Co
*
.10
3
3
3
Range for
Shares
High
4
3X
X
La Salle Ext Unlv com...5
Leath & O—
com
Low
Jan
7X
3X
Week
100
Kerlyn Oil Co cl A com„5
Kingsbury Breweries cap.l
Le Rol Co
Feb
Feb
5
450
10X
28
pf 50
cum
51
9X
'
Kellogg Switch A Sup com*
Ken-Rad T & Lamp com A*
Kentucky Utll Jr
Randall B
16X
12X
28X
for
of Prices
*
Feb
29*4
Week's Range
Price
Par
Stocks (Concluded)
High
13 H
19 X
17 X
20 X
*
com
Katz Drug Co com
Low
Shares
16 X
1
Jefferson Elect Co
Year 1937
West
Price
Jarvts (W B) Co cap
Last
Sale
Range for
Last
Par
Sales
Friday
Sales
Friday
Stocks (Concluded)
259
Chronicle
14
Union TrHit Building, Cleveland
14
McCord Rad & Mfg A—*
Manhatt-Dear'nCorp com*
4X
3%
1
2X
Corp cap
6
Stock purchase warrants
6X
2%
5%
2%
7
IX
IX
—*
Marshall Field com
Mer & Mfrs Sec cl A com.l
Oct
48 X
Feb
100
X
Oct
4X
8,450
1
8%
4%
%
7Va
7X
3X
Dec
30 X
Jan
Mar
Nov
1,900
7
Feb
5
Jan
Cleveland Stock
Mlekelberry's Food Prod
Common
Oct
Oct
15 X
X
Oct
7X
Jan
Jan
H
Oct
IX
Jan
Oct
12 X
Dec
46 X
Jan
Jan
550
IX
3X
1H
13,400
3,100
XX
Middle West
200
Conv
450
IX
Sales
Friday
Range for Year 1937
Last
_—*
—
Exchange
inclusive, compiled from official sales lists
Jan. 1 to Jan. 7, both
*
•
preferred A
Modlne Mfg Co com
6
24
4%
21%
24
20
400
Preferred-———--
40
*
-
139"
Montg Ward A Co cl A—*
180
40 H
Dec
50
July
Nov
40 X
120
170
140
139
J 66
Feb
Natl Rep Inv Tr conv
*
6 •
*
*
3%
20
2
Oct
12 X
Jan
100
18
Oct
36 X
Feb
Cleveland Ry.....
19X
18 X
20
1,200
17
Dec
58
2X
Noblltt-Sparks Ind com. .5
Nort Amer Car com
20
2X
200
2
Oct
Northwest Bancorp com..
Northwest Utll 7% preflOO
7%
10
2%
8
7
10
12H
9%
9%
*
^
Oct
16 X
Jan
64
Jan
12
Oct
54
Oct
24X
Mar
Oct
17 X
35
Jan
IX
Oct
*5
Jan
137
Oct
99 X
Jan
Interlake Steamship...
Nov
125 X
Jan
40
121
Apr
Jan
Dec
62X
31X
300
58
188
29%
17X
1,045
14
Oct
50
34
105
Aug
117
61
30
15X
109
109
500
16
Pec
37 X
'
650
IX
Oct
600
X
Oct
7X
3X
36 X
Feb
Feb
150
_*
_
*
*
18c
34,199
Dec
20
10
10
100
99
99
6
Oct
60
10
100
Nov
Jan
Apr
111
Rollins Hos Mills—
X
Sangamo Electric Co
10
60
60
115
20
Oct
49 X
7
150
77%
Dec
23%
35
35
50
33
Dec
50
100
6
Dec
18
1,695
40
Nov
43
43
5X
43%
15
15
5X
5X
Nov
July
10
30
Preferred
Sou Colo Pow A com
4X
4X
4
270
4%
4
4
25
Ohio Brass B
Dec
31
31
7
11
11
11
5
-—w.
18%
4*4
18%
5%
—
17
300
3X
%
100
'
3%
%
28%
10%
17%
Peerless Corp
200
10
10
10
150
34X
3%
305
12 X
200
11
Dec
28 X
Feb
4
4X
950
4
Dec
14X
Mar
25
15
24
Dec
100
12
Oct
Jan
May
2
Oct
750
2X
Oct
9X
Oct
Jan
5X
50
20 X
10
4%
100
4
Dec
6
6
150
OX
Dec
9
Dec
Nov
33 X
15
25
9X
23%
9X
25%
400
22 X
Swift & Co.
Mar
20X
Mar
Oct
34
Oct
Nov
30
57 X
Mar
Dec
9%
64%
Aug
17
17
10
16
Dec
11
11
243
10
Sept
4
4
4
35
4
*
10
10
10
2*4
110
Mar
Sept
31
*
Feb
7%
18
Dec
17
-
Feb
67
Oct
34X
2%
-
-
Feb
Oct
8% cum preferred — lido
—1
S M A Corp
1
Troxel Mfg..
Seiberiing Rubber
Union Metal Mfg....
1
10
28
6X
2%
6X
Van Dora Iron Works.
2
6%
2%
Vlchek Tool—...... •
6
6
6
85
Mar
Mar
28 X
Swift International
100
Nov
5X
15X
350
9X
Mar
:
Feb
12X
2H
2X
Apr
19
Jan
Oct
10X
Apr
Aug
21%
13%
Mar
Dec
Dec
14
Dec
Oct
15X
5%
Feb
26
Mar
3
2%
AX
Sunstrand Mach Tool com5
35
27 X
7
12
2%
Storkline Furniture com 10
20
.
18H
5%
Mar
60
Dec
8%
Nov
—3
58%
Oct
3
Reliance Electric & Eng—5
23X
Patterson-Sargent
8% June
Nov
16
31
—
Jan
27
*
Nestle LeMur A
14
Dec
30
29%
*
Dec
3%
25
29X
16X
3%
X
-25
National Refining
Mar
4
Jan
300
12
Standard Gas & El com...*
Apr
73X
Feb
Apr
26
2X
*
Convertible preferred.20
Feb
30
2X
42
24X
14
25
Standard Dredge com
Feb
May
Dec
12%
83 *4
Slgnode St Strap Co—
So Bend Lathe Wks cap__6
Aug
25
16X
Oct
12
4%
1
Dec
100
67
Dec
X
1,650
26
Schwltzer-Cummlns cap,_l
Serrlck Corp cl B com
1
60
X
60
*
Jan
6
Richman Bros
...1
Jan
150
Dec
10c
18X
29X
16X
3%
M
"*
Medusa Portland Cem
Packer Corp.
Common
Feb
Mar
Mar
66
*
McKee (AG) B
X
St Louis Natl Stkyds cap.*
Dec
40X
101X
63X
Mar
2X
IX
150
12
Lamson & Sessions
1754
50c
Preferred
17
35
Kelley Isl Lime & Trac
16X
5
150
19X
6X
#
86
Raytheon Mfg—
6% preferred vtc.
Reliance Mfg Co com
Feb
66
"
.
Lima Cord Sole & Heel —1
Common vtc
Feb
21
18
17%
Electric Controll & Mfg—*
_*
Federal Knitting Mills.
"*
Foote-Burt
100
Halle Bros pref_
66
81X
100
137
40
Dec
17
17c
50
98
Rath Packing Co com—.10
Dec
12X
109
Rights
390
81X
100
Preferred
*
138%
*
-
9
11
10
11X
31
:ioo
-
Harbauer Co
•
Common.......
50
260
10
62X
_
Public Service of Nor 111—
Quaker Oats Co com
14%
Jan
11
60
30
28
28
Dow Chemical pref.
100
32
12X
Penn Gas & Elec A com..*
Perfect Circle (The) Co
Cliffs Corp vtc
Feb
10
32
Penn Elec Switch conv A 10
Prior lien preferred--100
10
10
Feb
9X
Dec
5X
1,950
10
Dec
18
100
Feb
5%
6
12X
Cleveland Cliffs Iron pref. *
20 %
3%
High
Low
Shares
40
6
10
Apex Electric Mfg
City Ice & Fuel
20
pf.. *
Week
Price
Clark Controller
National Standard com. .10
for
of Prices
Low
High
Par
StocksAkron Brass Mfg
Monroe Chemical—
Week's Range
Sale
Midland United Co—
Common
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
Warren Refining
2X
2X
2%
48
26
18 X
16 X
18 X
1,400
16X
Oct
28X
4X
4X
Dec
15 X
550
IX
X
Oct
Dec
4X
Apr
100
2
Jan
600
IX
Oct
6X
Nov
24X
Feb
*
Weinberger Drug Inc.
19
18
19
Feb
60
2
410
56
14%
5X
m
5X
2
17%
Mar
Feb
Jan
Jan
July
Mar
IX
4%
IX
X
IX
350
Utah Radio Products com »
4%
IX
———
Mar
Mar
Thompson (J R) com...25
Upson-Walton.
Utll & Ind Corp com
Convertible pref
X
6
7
X
IX
Viking Pump Co—
16
IX
16X
IX
"20 X
18X
10X
20X
11
Williams Oil-O-Matlc com *
"~3X
3X
8X
50
Wisconsin Bank she com.*
4X
5X
1,200
2
5%
4X
3X
2X
Dec
15 X
13X
1,300
11X
Dec
43 X
48
48
43
Dec
81X
Jan
New York Curb Associate
Chicago Stock Exchange
Exchange
Aug
48
Members
New York Stock
Feb
15%
4X
15X
750
Corp com-.*
Watling, Lerchen & Hayes
Wahl Co (The) com
*
Walgreen Co common
*
Wleboldt Stores Inc com.-*
Woo da 11 In dust com
Zenith Radio
16
16
*
Common
100
Oct
x
I
900
18
Oct
300
10
Dec
Jan
5
49 X
26 X
2X
Oct
12 X
4
Dec
12
Detroit Stock Exchange
Feb
DETROIT
Buhl Building
Dec
Feb
Telephone: Randolph 5530
Mar
Detroit Stock
Bonds—
Chic City Ry ctfs
5s..1927
51,000
Jan.
1
to
Jan. 7, both inclusive,
Exchange
compiled from official sales lists
Sales
Friday
Range for Year 1937
Last
Members Cincinnati Stock Exchange
Par
Stocks-—
Active
for
of Prices
Low
High
Week
Price
Allen Electric
Burry Biscuit
*
com—12Xc
Bower
7%
Chrysler Corp com
.-5
Consolidated Paper com. 10
Tel. Cln. 363
Cincinnati Stock Exchange
Jan. 7,
both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Week's Range
Sale
Stocks—
of Prices
Price
18X
Amer Ldry Mach..
Low
High
18
18%
20
Champ Paper & Fibre——*
29
29
29
100
104
104
104
Champ Paper pref
Cin Gas & Elect pref
97X
100
300
.100
CNO&TP
Cin Street Ry
4X
79X
8X
7X
50
Cin Telephone
50
*
Crosley Radio
*
Crystal Tissue
Preferred
_
_
101X
lix
...100
*
Formica Insulation
Gibson Art
5
*
Dow Drug
Hobart A—
98X
300
300
4X
75
7%
7X
4X
79X
8X
7X
5
4%
101X 101%
11%
1IX
223
29
16
High
com.l
Detroit & Cleve Nav comlO
Detroit-Edison com—100
Detroit Gray Iron com.--6
Detroit-Mich Stove com—1
Detroit Paper Prod com--I
Dec
34%
Feb
Dec
63
15
104
Dec
111
Jan
139
94
Oct
108
> Jan
26X
June
15
528
303
232
45
145
4X
75
6X
6X
3X
Nov
10X
Dec
100
Dec
28
Jan
Jan
>
Dec
9X
Dec
9
D3C
25
Jan
Mar
52%
4%
Feb
Dec
8%
65X
Feb
Jftn
Mid-West Abrasive
32X
Dec
262
14
Dec
24
Jan
35
97
Oct
106
Mar
Magna vox
65
65
ix
47X
IX
45%
*
P & G
.---.--100
For footnotes see page
211
261.
X
211
200
65
148
Oct
36
Feb
49X
Feb
1
2
47X
211
IX
98
3
Oct
Feb
July
15X
56 X
Feb
Mar
Nov
7%
34%
132 X
Mar
550
19
Nov
2X
225
2
Oct
18X
18 X
220
48
53
2,019
47
Dec
14X
520
14
Dec
IX
IX
94 X
IX
IX
98
IX
2X
400
IX
Oct
3 X
Feb
755
IX
Dec
3%
145X
Mar
3 X
May
lsx
Jan
Aug
442
44
Oct
25
211
Feb
215
Mar
Kingston Products
Murray Corp com
75
com50c
10
Dec
90
Oct
2
Oct
11
Feb
2X
Dec
10
Jan
Dec
14
200
3X
7 X
386
8
2X
3
905
4
4X
400
Dec
"i%
11X
8
8
Feb
Feb
4,142
Dec
70
Feb
3,090
2X
Oct
8
Feb
2,335
IX
Oct
200
X
Dec
3X
Nov
Feb
4X
Feb
2X
5X June
IX
X
16X
200
1
513
15
Nov
22 X
July
10X
535
8
Dec
27X
Feb
9X
7
9
5,976
4
Oct
23
Feb
Oct
IX
Feb
Oct
8X
Feb
15 X
Dec
29 X
600
X
Oct
IX
25
18X
Dec
»16
X
X
400
2%
2X
2X
3,305
16X
16X
X
19X
IX
X
488
IX
ht
X
Jan
2X
19X
3X
4
Mar
Oct
3
4
Jan
27 X
23
Oct
8X
3X
Oct
.
4X
28 X
4,474
X
33 X
IX
5X
29 X
500
IX
6X
33 X
IX
6X
Jan
IX
3
lix
Jan
1,350
IX
2
11X
22
4,135
IX
2X
.
Dec
24
Mead
-
Houdaille-Hershey B
*
Car com..*
Hurd Lock & Mfg com.—1
Hudson Motor
IX
70
55
16
Hoskins Mfg com
IX
Jan
32X
99X
X
2.50
pref.—*
Moores Coney A
*
Dec
22 x
16X
com—1
Kresge (S S) com----—10
Kinsel Drug com
-1
Mahon Co (R C) A pref--*
Masco Screw Prod com. ..1
McClanahan Oil com
1
McClanahan Ref com
1
Michigan Sugar pref
10
11
24
15
50
450
2,115
8
Jan
5
110
5
Ex-Cell-O Aircraft com. -3
Federal Mogul com
-*
Frankenmuth Brew com—1
Gar Wood Ind com
3
General Motors com
10
Goebel Brewing com—-.1
Graham-Paige com
1
Grand Valley Brew com—1
General Finance com
1
-
32
99
8% pref
Low
Shares
24
16
—
Little Miami Guar
1X
;
2X
14
"l8X
Eureka Vacuum com
24
99X
X
Kroger
High
Dec
2X
Range for Year* 1937
for
Week-
32
———*
Low
•x
X
5X
21X
Continental Motors
to
7
2,765
CINCINNATI
BLDG.
Phone Cherry 6711— Bell SyB.
1
'!«
»1«
—
com——1
Brlggs Mfg com
BALLINGER & CO.
TRUST
X
1
Auto City Brew com
Baldwin Rubber
Jan.
Shares
Trading Markets in
and Ohio Listed and Unlisted Securities
UNION
Week's Range
Sale
X
19X
IX
»«•
X
3 X
Tx
IX
ex
5X
1,610
3,100
X
2
28
IX June
Oct
X
2X
IX
Jan
Jan
Apr
Feb
Jan
X
3X
400
X
Oct
2X
Jan
690
3X
Oct
7X
Mar
IX
6X
1,660
3,202
IX
Dec
4X
Jan
Oct
20X
Feb
4
Financial
260
Last
Week's Range
of Prices
*
*
Parker Wolverine com
5
ex
TomJMoore Dlst com
1
Union Investment com...*
United Shirt Dlst com
*
Universal Cooler A...
*
B__.————*
ax
2
2%
5
....
2
2%
3X
4
3X
Aug
2
Dec
5%
DeHaven & Townsend
Feb
Feb
19 X
Aug
3X
13
Oct
Members
New York Stock Exchange
Feb
Philadelphia Stock Exchange
IX
Dec
aX
Jan
771
2
Oct
9%
Feb
PHILADELPHIA
NEW YORK
500
2X
Oct
5X
Feb
1513 Walnut Street
30 Broad Street
1,050
3X
Oct
aX
Jan
.100
Dec
22
175
35
Mar
2,885
2
Dec
10X
Jan
771
10
Dec
28 X
Feb
4%
IX
4.099
5,882
2
Oct
10
Feb
IX
Dec
8
Feb
200
5
Nov
13
Jan
Friday
3X
ax
4
785
3X
Dec
11
Feb
Last
Week's Range
for
4X
4X
300
4%
Oct
9%
Feb
Sale
of Prices
Week
400
IX
Oct
8X
Mar
2
Oct
7X
Feb
X
2%
Oct
Oct
IX
7X
Jan
Feb
American Stores
X
21X
July
»i«
Feb
Barber Co
Feb
Bell Tel Co of Pa pref-100
"4'x
3X
IX
IX
6
"4%
2X
2X
600
1
IX
"i«
IX
2,400
Wayne Screw Prod com..4
2%
2X
2X
200
1
8ie
X
X
17 X
600
Wolverine Brew com
44 X
Dec
3
11%
2X
IOX
Walker & Co B——-*
Warner Aircraft com
12X
Oct
9%
710
22
22
T"
Oct
28
2X
3X
2
%
Prudential Investing com.l
Rlckel (H W) com
—.2
River,Raisin Paper com—*
Scotten-DiUon com.——10
Standard Tube B com
1
Tlmken-Det Axle com.-10
Tivoli Brewing com
1
983
100
9%
*
Pfelffer Brewing com
2,845
3.455
SIX
11
13X
Young (L A) BpI&jWire..*
415
44
Nov
Philadelphia Stock Exchange
Jan.
1
to
7, both inclusive, compiled frcm official sales lists
Jan.
Stocks—
Par
*
Lot Angelet
.....50
Mitten Bank Sec Corp..25
Natl Power & Light..
1
Pennsylvania RR
Los
Jan.
1
to
7, both inclusive, compiled from official sales lists
Jan.
Sales
Friday
Last
Par
StocksBandinl Petroleum Co
Consolidated Oil Corp
Creameries of Amer vtc.l
90c
Apr
200
%
Oct
3%
7%
Jan
95c
1.00
2
200
1.10
Oct
51%
7%
4%
4%
77%c
33%
7%
4%
20%
200
48%
ax
7%
Dec
Oct
Oct
.35
Oct
7
2
4
400
400
300
62%c
30%
7%
4%
18%
76
76
30
28%
9%
*
4
76
Hudson Motor Car Co...*
26
29
2,400
1
50c
1%
30
Dec
70
100
8
Dec
18%
11%
200
4%
Dec
16% Sept
132% Apr
*
46
50
United Corp com....
Preferred
United Gas Improv com..*
*
Preferred
oct
10c
Dec
1,000
10c
Oct
60c
200
5%
1%
Oct
Oct
16%
5,400
90c
4c
5c
3,000
lc
65c
1,600
50c
Oct
14c
4%
Jan
60c
6%
Oct
4c
1.25
1,500
u.mhflr.
Members
Mar
Dec
UNION
Mar
45c
1,700
12c
Dec
25c
30c
600
24c
Dec
80c
Feb
1.15
1.15
200
70c
Jan
2.00
Mar
5%
Dec
18
Dec
32
Jan
Pacific Clay Products
Pacific Finance com
*
5
5
5
100
10
12
12
1,200
Preferred CT.
com.
Pacific Indemnity Co
Pac Lighting Corp com
Republic Pet Co
9
...10
Pacific Gas & Elec
.26
*
1
Richfield Oil Corp com
*
Roberts Public Mark Inc.2
Ryan Aeronautical Co...1
Safeway Stores Inc
*
3%
700
1.50
2,600
100
2%
100
25
28
6c
7%
7%
22%
37
115
11c
400
7%
800
29
29%
500
29
32
900
31
10%
18%
200
2%
2%
20%
7%
5%
23
7%
32
500
3,400
12%
20%
2,700
3.50
Feb
Mar
2
Oct
Feb
56
Jan
15c
Aug
Dec
14%
32%
Jan
Oct
Dec
Nov
Oct
Dec
Oct
41
Oct
Oct
7
7%
200
5
Oct
5%
5%
1,100
5
Oct
3%
l%c
3%
l%c
7c
7c
9c
Jan
Feb
29%
28%
31%
49%
Jan
Mar
Feb
Feb
Feb
5
Mar
Nov
1%C
1
52%
Jan
13%
Feb
10% May
9%
Jan
25%
3%
Dec
Dec
29%
9%
17%
16%
28%
18%
13%
Aug
Feb
July
Apr
Mining—
Consol Chollar G & S Min 1
3%
Imperial
Development.25c
Zenda Gold Mining Co
1
300
1%
Apr
2,000
12,100
lc
Dec
9c
Feb
4%c
Mar
15c
Jan
Oct
5
Curtlss-Wright Corp
1
Electric Bond & Share Co .5
Montgomery Ward Inc... *
N Y Central RR__.
*
North American Aviation. 1
Packard Motor Car Co.
Texas Corp (The)
US Steel Corp...
12
30%
4%
4%
9%
34%
17%
100
4%
9%
1,200
2X
400
34%
700
8%
30%
200
16
17%
3%
10
1,400
4%
6%
5
500
4
6%
6%
100
5
9
*
_*
Warner Bros Pictures Inc. 5
24%
3%
1%
400
9%
9
9
100
7%
100
41 %
300
49%
5%
5
..25
12
200
2
4%
9%
31%
17%
10
300
12%
32%
4%
2
2
._
Radio Corp of America
Standard Brands Inc
12
33%
4%
41%
56%
6%
41%
56%
6%
41%
56
6%
200
1,765
19%
109%
11
105%
2%
1%
3%
3%
28% 30%
10%
11%
105% 106%
6%
7
Dec
23
Nov
18
213
1
to
Jan. 7,
301
650 SOUTH
LOS
ANGELES
SPRING
Oct
Nov
Oct
Oct
Oct
Dec
Dec
Oct
Oct
Dec
Oct
Dec
Oct
Nov
Oct
&
Co.
EXCHANGE
STREET. LOS ANGELES
Telephones VAndike 2201
SAN
STOCK
FRANCISCO
Teletypes LA 477
SANTA
ANA
146
162
899
261.
Oct
Feb
Jan
5%
50%
117%
35%
7%
13%
Apr
Mar
Feb
Apr
Feb
Jan
Oct
20
Jan
Oct
45%
Jan
Oct
Feb
Oct
118
8%
100%
7%
8%
46%
17%
Oct
114%
Jan
$5,000
5%
Oct
16%
Mar
124
4,240
Oct
25
Oct
Jan
Jan
Jan
CO.
A. T. & T. Tel. Pitb-391
Sales
Stocks—
Par
Week's Range
for
Sale
Allegheny Steel
com
of Prices
Low
High
Week
Price
Preferred..
100
Armstrong Cork Co
Blaw-Knox Co.
Byers (A M)
_.
—
Clark (D L)
*
*
com...
Carnegie Metals
*
...1
1%
Candy Co.„*
Columbia Gas & Electric. *
Consolidated Ice Co pref 10
Duquesne Brewing Co...5
Follansbee Bros pref... 100
Fort Pitt Brewing...
1
Home (Jos) com
100
Lone Star Gas Co.
Nesta Machine Co
12
102%
7%
5
Mountain Fuel Supply.. 10
Natl Flreproofing Corp... 5
Pittsburgh Brewing Co...*
Pittsburgh OH & Gas.....5
18%
6%
6%
35%
12%
8%
1%
3%
8%
2%
12%
8
75c
Jones & Laughlin St pf 100
Hoppers G & Coke pref 100
17%
6%
6%
32%
11%
8%
1%
3%
8%
2%
12%
____.*
Arkansas N atural Gas.... *
75c
71%
71%
100% 102%
7X
7%
37%
40%
6
2
"l%
6%
2%
3
6%
374
3
1%
86
Pittsburgh Screw & Bolt— *
7%
17%
1%
86%
7%
17%
29%
68%
9%
5%
8%
27%
68%
54%
17%
12%
12%
16
64%
17%
17%
Feb
Mar
Jan
Jan
Mar
50
1.800
90c
Oct
100
3%
4%
1%
Oct
Oct
Feb
445
521
342
73
Feb
Mar
Mar
Jan
Feb
Jan
Oct
Oct
Oct
Oct
Oct
Jan
11%
Aug
1
70
Dec
97
100
Apr
1%
11%
50
1,599
51
1,924
756
300
111
50
665
111%
Feb
14%
72%
Mar
Oct
12%
Oct
10
Oct
Feb
4%
12%
20
Nov
Oct
Oct
Dec
95c
2
Nov
Jan
Mar
Feb
:
5% Mar
147%
Feb
19% Mar
29%
Apr
2% Mar
4% May
Dec
7%
7
Dec
Nov
15%
61%
6%
1%
56%
166%
Dec
5%
2%
30%
1%
33%
1%
152
60c
60c
1,000
26%
100% 104%
373
18
Oct
105
89
100
Jan
8%
2%
1
6% Preferred...
10
United Engine A Foundry 5
United States Glass Co..25
1,000
Jan
Sept
Oct
80
100
Jan
Aug
Oct
3%
1%
2%
1%
179
107
Feb
Nov
5%
35
710
1
24
Feb
Feb
50
60c
2
60c
July
24%
5
1
1
Mar
5
11
2
Westinghouse Air Brake..*
Westlnghouse El & Mfg. 50
Feb
Jan
Mar
4
10
*
Victor Brewing Co.
12%
10%
70%
29%
21%
276
200
1
3
Mar
8%
20%
10
83
5
Shamrock Oil & Gas
High
43
Oct
Dec
Dec
Dec
Plymouth OH Co
com
Low
14%
3%
5%
30%
9%
5%
12
12
Range for Year 1937
Shares
8
75c
Pittsburgh Plate Glass. .25
23%
Oct
2
Oct
60c
Oct
Jan
Feb
Mar
Feb
Feb
Mar
Jan
Unlisted—
Pennroad Corp vtc
2%
1
2%
140
Mar
Jan
July
July
Feb
St. Louis Stock Exchange
Jan.
1
to
Jan.
7, both inclusive, compiled from official sales lists
Sales
American Inv
Par
Range for Year 1937
com
...
Brown Shoe com
for
of Prices
Low
High
Week
Price
*
35%
"28"
*
25
Ely A Walk D Gds IstpflOO
118
Falstaff Brew
com...
1
com
*
26
23%
118
6%
27%
14%
High
36
106
30
5
28
337
24%
25
551
118
20
19%
118%
Jan
40
4%
Oct
34
.
Low
20
20%
30
Shares
10
20%
*
Burkart Mfg com
*
Coca-Cola Bottling com—1
Dr Pepper com
Week's Range
Sale
Hussman-Llgonier
see page
Oct
1%
1%
1,055
Last
Griesedleck-West Brew cm*
For footnotes
Oct
Dec
Jan
Apr
PITTSBURGH, PA.
BLDG.,
Friday
Stocks—
MEMBERS
Oct
1%
2%
5%
35%
Last
Revel Miller
Oct
Oct
30
Feb
Mar
both inclusive, compiled from official sales lists
STOCKS
BANK
ANGELES
Oct
Dec
Feb
41%
13%
24%
4%
5%
14%
Oct
I
590
396
139
Dec
3%
4%
%
Jan
Curb Exchange (Associate)
Friday
LOS
Feb
Pittsburgh Stock Exchange
Jan.
Reyner & Bros
Aviation Corp (The) (Del) 3
Cities Service Co
..*
2
70%
100
Renner Co
Unlisted—
Amer Rad & Std Sanitary *
Anaconda Copper Min..50
3,104
Feb
Dec
Dec
2c
34%
25%
23%
27%
27%
800
12
Union OH of California..25
Universal Consol OH
10
95c
225
37%
27%
Mar
Jan
Dec
1.05
20
19
25
Dec
Oct
Oct
Oct
400
32
Sunray OH Corp
...1
Superior Oil Co (The)..25
Transamerica Corp.....
4
23
29%
31%
2%
Sou Calif Gas 6% pref A.25
Standard Oil Co of Calif..*
Oct
35%
2X
4%
8,450
26%
24%
37%
27%
25
25
.....
300
1,600
6,000
21%
23
25
—
35
1.25
11c
.25
Wellington Oil Co
15
21%
2%
...*
Orig preferred
10%
37%
400
7
5%
3%
10% May
24%
Oct
28
Sou Calif-Edison Co Ltd 25
5% % preferred C
4
11
100
27%
20%
37%
4%
1.50
Sierra Trading Corp...25c
6% preferred B
27%
20%
37%
21%
2%
Samson Corp 6% pref
10
Secur Co units of ben int..
Sontag Drug Stores
100
9
9
27%
20%
37%
4%
6%
3%
10
com
11%
2%
2%
20% 22%
114% 116
29% 30%
2
1%
3%
3%
11% 13
37% 39
Oct
Dec
12
453
Feb
Mar
263
40
Jan
13
134%
44%
BROADWAY, NEW YORK
Feb
20c
2%
3%
30%
Oourt-6800
6,000
19c
1
5
Oct
Dec
Specialists ia Pittsburgh Listed aad Unlisted Stocks aod Bonds
Feb
14c
20c
344
New
120
Jan
30c
1
29%
344
Oct
Mar
Apr
1.15
Olinda Land Co
189
520
127%
14%
23c June
97% c
5
14c
425
1,331
Jan
Mar
I Pittsburgh Stock Exchange
,
BANK
Tel.
Jan
Occidental Pet Corp...__ 1
Oceanic Oil Co
...1
Nordon Corp Ltd
May
H. S. EDWARDS &
Feb
Feb
18c
2%
1%
112
2.055
El & Peoples tr ctfs 4s 1945
Feb
10
162
Feb
43
Bonds—
Feb
Jan
s%
Oct
*
...*
Mar
750
2
Oct
Feb
200
18
39
187%
10
Mar
14c
65c
Mt Diablo Oil Mln & Dev 1
1
Nov
15
Feb
600
200
Jan
Mar
9%
10
2%
1%
Menasco Mfg Co...
1
Mid-Western Oil Co...10c
12%
17%
Oct
Jan
139%
27%
22%
22% c
16c
10
2
__50
26%
Feb
12c
16c
Lockheed Aircraft Corp.. 1
2,800
4
Jan
9%
14c
Lincoln Petroleum Co.. 10c
Los Aug Indust Inc
Oct
7%
4%
20%
Goodyear Tire & Rubber. *
Goodyear T & R $5 pref._ *
com
35c
77%c
33%
.1
General Paint Corp com..*
Globe Grain & Mill Co._25
KInner Air & Mot Ltd
1,000
45c
4
Gen Motors Corp com.. 10
Hancock Oil Co A
9%
42c
49%
7%
7% pref
Salt Dome Oil Corp
Scott Paper
Union Traction
Oct
300
51%
7%
4%
Phila Elec Pow pref..!
25
Phlla Rapid Transit....50
2%
22%
115%
29%
373
High
Dec
High
2%
3%
2
—5
com
Shares
•3%
1.00
Claude Neon Elec Prod
Exeter Oil Co A
High
Low
Low
45c
Bolsa Chlca Oil A corn..10
Chrysler Corp....
Week
3%
1
....
Range for Year 1937
for
of Prices
Price
1
Barnhart-Morrow Consul. 1
Berkey Gay Furn Co.
Week's Range
Sale
50
Phlla Elec of Pa $5 pref... *
Angeles Stock Exchange
1%
7%
*
Pennroad Corp vtc
-
mmmmm'm
—.25
Preferred
Teletype L.A. 290
Los Angeles
■
-
5%
Lehigh Valley
San Francisco Stock Exchange
Stock Exchange
23
mm.'
Low
7%
140%
33%
102
102%
23
23%
3%
3%
6
4%
%
%
1%
1%
7
7%
29%
m
420
27%
4%
3%
49%
26%
"27%
Horn A Hardart (Phil) com *
Horn & Hardart (NY)com*
Chicago Board of Trade
8%
149%
16%
118%
5%
4%
53%
Raigefor Year 1937
Shares
2%
2%
46%
21%
5%
4%
10
Lehigh Coal & Navigation *
New York Stock Exchange
"lis"
*
Gen eral M otors
MEMBERS
144%
16%
116%
10
Budd Wheel Co
High
8%
8%
147%
American Tel & Tel.._. 100
Chrysler Corp
5
Electric Storage BatterylOO
WM.CAV\LIER & Co.
Sales
Low
Price
*
—
Budd (E G) Mfg Co
523 W. 6th St.
1874
High
4
5
33
11
2%
4%
31X
2
1938
8,
1937
Established
Low
High Shares
Low
Price
Penin Metal Prod com .—I
Reo Motor com
Year
Week
Packard Motor Car coin—*
Parke-Davis coin
Range for
for
Sale
Par
Jan.
Sales
Friday
Stock* (Concluded)
Chronicle
6%
31
14%
Dec
25
34
Dec
29
Dec
49% Feb
29% Mar
39% May
Oct
Oct
75
24
Oct
100
12
Nov
Aug
48
Mar
125
June
11%
40%
Mar
23
July
Apr
Volume
261
Chronicle
Financial
146
Sales
Friday
st. louis markets
(Concluded)
Pacific Can Co
5%
110
18%
Feb
28%
2,095
23
Oct
38
Jan
25
25
com
*
6% preferred
*
Pac Pub Ser (non-v) pref. *
MEMBERS
29%
29%
29%
1,209
27%
Oct
32%
Jan
27%
26%
27%
38%
871
25%
Oct
29%
Jan
510
35
Dec
53%
Jan
104%
17%
17%
50
98
Oct
17%
Dec
100
134
134
134
10
133
Nov
150
Jan
34%
Dec
87
Feb
780
475
preferred.
5%%
-..*
Sale
Landls Machine com
-
_ ».
St Louis Car pref
10
5
12
Oct
17
July
15
15
11
11
25
Nov
Dec
"~5%
30
23
5%
1%
5%
25
100
100
32
12%
12%
1
354
20%
22
Mar
69%
July
Soundvlew Pulp Co com..5
100
80
77%
81%
254
80
Dec
Sou Calif Gas 6%
29%
28%
29%
330
27%
Nov
30%
Aug
19%
750
17%
Nov
65%
Mar
%
600
%
Oct
2%
Aug
31%
13%
1,972
27%
Dec
49%
Feb
32%
Mar
Feb
22
Preferred
pref...25
*
%
18%
%
30%
29%
Super Mold Corp of Cal.10
13%
13%
19%
Co.__100
Southern Pacific
So Pac Golden Gt A
•
105
Oct
11
200
Transamerlca Corp.
2
12%
10%
12%
8,360
9%
Mar
Union Oil Co of Calif
25
20%
19%
20%
681
17%
22%
22%
100
17
Dec
Oct
2
13%
117%
55
5
70
Sept
40
50
40
Dec
Union Sugar Co com
25
Universal Consol Oil
10
8
Co 20
(R) 8% pref 100
U T.100
37
270
60
121
117% June
Oct
5
22%
Mar
Sept
90
6%
Apr
48%
Dec
Mar
5
134
2%
Dec
15%
13%
Sept
110
457
Dec
18%
20%
17%
July
21% June
Mar
135
6%
6%
%
150
2,810
20%
Feb
Jan
Jan
July
Walalua Agricultural
Mar
Yosemite Port Cem
37
270
28%
28%
Feb
Oct
Oct
19
July
35
Dec
75
Jan
265
Dec
350
380
266
Aug
16%
Oct
4%
1,900
35
Oct
Sept
6.1
Feb
16%
20%
799
16
Oct
50%
31%
31%
31%
30
28
Dec
3%
3%
100
3
Nov
Mar
64
3%
Yel Checker Cab Co A..50
Mar
a
8
6%
20%
Wells Fargo Bk &
11%
128
pref.10
Jan
4%
July
100
1.00
1.00
1.23
390
Dec
90c
Dec
23%
25%
613
19
Oct
49%
Feb
25%
25%
15
10% May
Aug
24%
Warrants
Oct
June
21
120
Scullin Steel com...
19%
70
Oct
50c
Apr
Oct
4
6,618
1
%
Feb
13%
50
9%
Mar
280
100
5%
Oct
Dec
2%
105
7
5%
7
Scbleslnger Co (B F) com. *
Weill & Co
120%
30
35
12%
20%
49%
40
1
Wagner Electric com
4%
4
4%
35
21
55
100
Dec
26%
5
100
5
Dec
31%
Nov
24%
5%
1%
Jan
27%
Dec
Dec
10%
24%
24%
5%
100
100
Sterling Alum com
31%
100
121
Securities Inv com. ______*
S'western Bell Tel pref.
10
555
11
com..25
Natl Bearing Metals com.*
National Candy com
*
Nicholas Beazley Airpl cm5
Rice-Stix Dry Goods com. *
_
Nov
8
9
10%
16%
15
Mo Ptld Cement
1st preferred_..
28%
Standard Oil Co of Calif..*
20
25
Laclede Steel corn-
High
Low
Shares
32
9
31%
>10%
16%
32
18%
Dec
25
26
Week
of Prices
High
Low
*
Knapp Monarch com
Dec
26
80
23
Signal Oil & Gas Co A...*
Huttlg S & D com__
6
International Shoe com—*
4%
20%
1,293
1,480
5%
25
1
50
1
*
Petroleum
preferred
Richfield Oil Corp com
Year 1937
5
5%
237
38%
38%
38%
28%
Rheem Mfg Co com
Sales
Price
Par
Stocks (.Concluded)
Jan
108
Ry Equip & Realty com..*
Rayonier Inc com
Range for
Jan
152%
475
Republic
for
Jan
24
Oct
11%
115
Paraffine Cos com..
3360
Week's Range
885
107
112
Cumulative preferred
Last
103
114
6%
St., St. Louis, Mo.
Friday
38%
38%
104%
Dec
4%
Pacific Tel & Tel com..100
New York Curb (Associate)
Stock Exchange
Chicago Board of Trade
Chicago Stock Exchange
Telephone Central
5%
27%
preferred
Pacific Lighting
Southern Securities
315 North Fourth
5%
27%
6% 1st pref
New York Stock Exchange
St. Louis
Jan
*
5%
Enquiries I netted on all
Mid-Western and
High
22%
Nov
10
240
10
10
10
L010
Shares
Pacific Gas & Elec com..25
Established 1874
Business
Week
5
&CO.
I. M. SIMON
for
of Prices
Low
High
Price
Par
Pacific Amer Fisheries
Week's Range
Sale
Stocks
Year 1937
Range for
Last
25%
25%
2,000
23
Dec
33
1,000
23%
Dec
36%
90c
Bonds—
t City & Suburb P S 5s'34
f United Railways 4s. 1934
May
Co.
Schwabacher &
Jan
Members New
York Stock Exchange
111 Broadway,
New York
Oortlandt 7-4150
8c Co.
Dean Witter
Exchange, Chicago BoardofTraie
New York Curb Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Members NewYork Stock Exchange, San Francisco Slock
San Francisco
Oakland
Portland
Tacoma
Seattle
Fresno
Stockton
Sacramento
Barbara
Santa
Del
—
Monte
New York Honolulu
Los Angeles
long Beach
Ppsadena
Beverly Hills
Francisco Stock Exchange
to
Jan. 7, both inclusive,
compiled from official sales lists
Sales
Friday
Week's Range
Last
Sale
Price
Par
Stocks—
Alaska
Par
Week's Range
of Prices
High
Low
for
Week
11%
10
11%
14
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Inc...10
14%
3%
3%
Eng
5
California N A..80
7%
7%
Atlas Imp Diesel
Bank of
*
Byron Jackson Co
190
190
18%
16%
11%
9%
Oct
15%
Feb
13%
200
Dec
31%
Feb
7%
Mar
14%
1,356
3%
7%
150
2
Oct
113
4
Oct
5
190
18%
100
Bridge..-.-—1
"is"
Anglo National Corp
3.50
Argonaut Mining
5
20
7%
preferred.—20
20
20
181
Dec
230
13
Oct
20%
20%
20
465
20%
Dec
18%
180
20
Jan
3.10
Nov
85
Aug
350
40
Sept
256
141
Oct
186%
70c
1,100
Oct
97c
Feb
Nov
27%
Feb
Jan
45
65c
90
55c
12
13
13
3.50
4.00
175
1.80
Oct
11%
9%
9%
289
9%
Jan
3%
4%
16%
3,184
3%
Oct
13%
184
13%
Oct
31
Jan
15%
Feb
25
July
214
34%
—
Nov
Oct
32
4%
1
10
Bancamerica-Blalr
Bunker Hill&Sull
16%
13%
8
8
50
6
Dec
25%
Feb
65
65
10
60
Dec
95%
Mar
25
26
3,100
15
Dec
50
July
18
16
19
1,300
10
Oct
82
Feb
2.30
pf '27100
Calif Ore Pow 6%
Carson Hull
Mar
%JjMar
23 % H
Mar
*
100
12%
Mar
11%
11%
11%
400
10%
Dec
46 %
[Mar
com..*
20%
19%
20%
744
18%
Dec
48
%A Feb
50
Calif Water Serv pref. .100
49
49
49
10
49%
Nov
53
91%
94
Nov
Caterpillar Tractor com..*
Preferred
100
48%
49%
378
40
Nov
100%
30
Dec
1
1
Cardinal Gold
2
Central Eureka...*
Cities Service
2.10
%
1
Jan
40C
Jan
2.30
300
1%
Oct
5%
Jan
1%
1%
9,550
2
1.65
-
600
70c
Jan
3%
Mar
Aug
10
Oct
Jan
Aug
26
Calif Art Tile A
2
2
Calamba Sugar com
High
Low
45c
144% 149%
148
Baltimore & Ohio
Alaska Juneau Gold Mln
900
1.50
43
Anglo Amer Mining
Amer Tel & Tel
Range for Year 1937
for
Shares
High
Low
Shares
High
1.40
25
Treadwell
official sales lists
Week
of Prices
Low
Price
Amer Toll
Range for Year 1937
Exchange
Sales
Friday
Sale
1
Los Angeles —
Beverly Hills
—
both inclusive, compiled from
1 to Jan. 7,
Last
Jan.
—
Hollywood
Francisco Curb
San
Jan.
Stocks—
San
—
Private Leased Wires
BONDS
MUNICIPAL AND CORPORATION
San Francisco
Private wire to own offices In
Calaveras Cement com—
Calif Cotton Mills com.
Calif Packing Corp
Preferred
4
4
91%
100%
91%
48%
100
200
4
3
97%
Claude Neon Lights
Electric Bond &
99%
Feb
2
104%
Aug
Hawaiian Sugar Co
2
53%
1,050
__5
52
50
1st pf d 100
Cons Chem Indus A
*
Creameries of Amer Inc__l
Crocker First Nat Bk_.100
Crown Zeller Corp com—5
Preferred
*
103
103
103
30
30
30
170
D1 Giorgio Fruit com
10
100
4%
4%
320
320
11
9%
71
64%
4%
3%
4%
Oct
100
Dec
27%
125
Oct
3
15
320
Dec
46%
10
Chrysler Corp
Cst Cos G & E 6 %
Dec
310
4%
3,969
8%
Oct
470
11%
71
57%
Dec
2%
[Oct
579
*
60
26
125
Mar
106%
Mar
Apr
46
6%
2
Apr
17%
11%
1,129
9% [Oct
24%
4%% cum pref ww...50
Ewa Plantation Co
20
32 #
28%
32
%j f Dec-
47%
431
»
43
110
1
43
26
10
44
721
180
66%
31%
250
27
72
Food Macb Corp
com—10
Foster & Klelser com...2%
31%
2
2
2
225
Galland Merc Laundry.__ *
22
22
22
50
10
General Paint Corp com..*
Golden State Co Ltd
*
Hale Bros Stores Inc
*
33%
31%
33%
12
*
Hawaiian Pineapple
*
Home F & M Ins Co—.10
Honolulu Oil Corp
*
Hudson Motor Car Co—*
Hunt Bros com
-.10
28%
Hancock Oil Co
867
11%
12
350
28%
29
325
Feb
27%
Dec
26%
22%
26%
2,356
22
Dec
36%
33%
33%
33%
100
35
I Oct
44%
Sept
Mar
17%
17%
17%
170
16
1 Oct
31
Jan
"30"
82
Feb
Aggreg-.IO
1.70
Occidental Pete
Pacific Coast
Preferred
5
9%
9%
510
Nov
23
1%
1%
1%
100
% LOct
4%
12
12
137
10
6%
6%
210
22%
465
16%
2
Feb
United Corp of
Jan
Jan
42
Feb
10%
%
2,480
5
Oct
16%
%
9%
%
1,142
%
Dec
(I) Magnln & Co coW
11%
11%
11%
135
10%
Dec
14
14
14
715
11% fOct
'5%
6
1,290
8%
8%
9
595
6% I Oct
North Amer Inv com.. 100
4
4
4%
200
4
10
11
10%
11
211
9%
10
O' Connor Moff att & Co AA *
Oliver United Filters B___*
27
26
27
50
6
9%
9%
9%
6
5%
6
10
230
5
Dec
Dec
Nov
20% lOct
Oct
9%
4%
Oct
5
23%
Mar
Feb
10
| Oct
Feb
33
Mar
16%
Mar
32
16%
Feb
Jan
5%
Oct
12%
19%
23%
Oct
32%
Jan
Oct
28%
Mar
Jan
27%
57
1,500
36
Dec
270
Mar
30
30
400
30
Feb
130
Feb
6
145
Aug
267
270
25%
Oct
29%
Jan
271
4%
Dec
1.20
1.20
575
75c
Oct
3.75
Feb
26%
453
19%
Oct
29%
Aug
3%
150
Oct
8%
3
95c
1.35
1.35
100
57%
58%
55
2.50
2.50
100
1.00
6%
475
4%
2.50
6
51
Jan
Oct
2.90
Feb
Nov
126%
Mar
Oct
3.50
Nov
Oct
18
Feb
FJan
28
13%
12%
37%
25
1
100
25
5
Warner Brothers
9%
Feb
Feb
4%
Dec
Sept
4%
20
26%
3%
Vlca Co common
45%
Feb
48
1
U 8 Petroleum...
Oct
Feb
26%
Del
Dec
1%
Jan
8%
60
24%
United Air
14
Nov
4.15
Oct
Dec
Dec
27%
5%
Texas Cons Oil
Feb
34
64
-
-
100
TOct
90c
1.60
44
Jan
"25"
6%% preferred
25
6% preferred
25
Stearman-Hammond. 1.25
Sterling Oil & Dev
1
2
502
2%
250
295
5
22%
25
So Calif Edison
16%
2%
2
176
146
17%
6%
Radio Corp of Amer
tm
8
4,914
1.80
1.70
45%
17%
20
35
Occidental Ins Co
1.40
45
1,200
30
25
—
16%
North Amer Oil Cons
v
1.65
Cem-.lOO
100
35
*
25
Aug
9%
Mar
94
2
Stude
Jan
50c
31
31
Feb
22
72c
Oct
Oct
Pioneer Mill Co
Oct
Dec
10c
Dec
Packard Motors
Oct
5c
300
30%
16%
Natomas Co
1.35
2,000
13
35
Nat Automotive Fibres..*
15c
Mar
Jan
.10
Inc—1
Lockheed Aircraft
1
Magnavox Co Ltd
2%
Marchant Cal Mach com.5
14c
15c
Mar
7%
Mar
U S Steel common
*
12c
1.85
Oct
4.80
Mar
%
-
12c
Jan
1.45
17%
12
LeTourneau (R G)
6,075
5,677
17%
Langendorf Utd Bak A..*
B
*
Leslie Salt Co..
3.20
5%
Oct
Mar
9
Jan
28
6
34
2.40
Oct
7
19%
7%
Oct
40
Apr
17%
Apr
75c
Dec.
[Jan
Dec
4%
Pacific Portland
8%
468
5%
3.60
4%
2
18%
4
Mar
300
100
57%fMar
2% [ Oct
8
3%
Mar
5%
60% I Jan
70%
160
241
96% Fjan
1 Oct
8
Oct
1,280
Dec
7
4
50
6%
I Dec
205
8
1,200
9%
P*
General Motors com
76
1.35
18%TDec
Dec
28%
1%
Mar
5%
[Oct
|
69
29%
Fireman's Fund Insur—25
Oct
48%
9%
Oahu Sugar Co
11%
10%
Dec
9%
Mar
Mar
11%
Jan
Dec
6%
North Amer Aviation
Co—_*
6%
32
1
20
1
Mountain City
Emporium Capwell Corp.*
Doernbecher Mfg
300
28
1
2
Mar
22% [ Oct
Dec
3%
7%
Mar
28%
Copper..5c
Menasco Mfg Co
Mar
Sept
225
Oct
54
10
9
4%
25%
26
Kinner Air & Motor
59
4%
preferred
6%
3.00
1
1
pref
Kleiber Motors
Italo Petroleum
108
Mar
34
6
Apr
9%
505
28
Nov
8%
5%
International Cinema—1
25
108%
Oct
71
Idaho Maryland Mining. 1
2
2%
7
20
1
20
Development
327
4%
$3
May
Holly
770
34
General Metals
Honokaa Sugar Co
250
4%
9%
9%
Share._.5
Apr
106%
Dec
25
4%
1
Curtlss Wright Corp
30
28
28
Coen Cos IncA
*
12%j[May
c
Cash sale
a A.
M. Castle & Co. split Its common
stock one
9, 1937
b Ex-stock dividend.
d Stock split up on a
two-for-one basis.
0
Stock dividend of 100% paid
r
Cash sale—Not Included
t
Listed,
Jan
Apr
No par value,
two-for-one basis on March
Sept. 1, 1936.
In range for year,
z
Ex-dlvldend.
t In default.
t Company In bankruptcy,
receivership or reorganisation.
y Ex-rights.
262
Financial
Chronicle
The great^ -than-usual seasonal decrease in farm Income from October to
Average Price of Raw and Refined Sugar in 1937 Below
November
*
_L936
modities
The average
and
price for raw sugar, cost and"freight basis"at
duty, during 1937 was 2.543 cents per
pound as against 2.694 cents per pound during 1936, a de¬
crease of .151 cent per pound, or 5.6%, according to Lamborn
& Co., New York.
The average for 1937 recorded the first
decrease since 1932, when the all time record low annual
average price for raw sugar of .93 cent per
pound was
attributed largely * ) the sharp decline in prices of farm
,s
well
as
meat
beets,
was
an
was
World Coffee
Half of
1937—Visible
5,293,267
bags
against
4.694,741
in
1936,
an
increase
of
12.7%,
or
Consumption of coffee in the United States during the last half of 1937
bags against 5,756,829 in the 1936 period, a decrease of
115,553 bags or 2%. However, deliveries of Brazilian coffees were 3,122,009
totaled 5,641,276
against 3,741,088 in 1936,
a decrease of 619,079 bags or 16.5% whereas all
enjoyed distribution 25% ahead of the 1936 period with
other countries
distribution of 2,519,267 against but 2,015,741 in 1936
The world's visible supply of coffee on Jan. 1, the
Exchange
said, stood at 6,986,419 bags (exclusive of stocks held back
in the interior of Brazil) against 7,822,282
bags at the
beginning of 1937, a decline of 835,863 bags. The Exchange
A
large
a
were
1,209,419 this
decrease of 228,863 bags while European supplies
dropped
opinion, reflects two important
facts: First, the reluctance of roa ters
throughout the world to replenish
stocks because of the general belief t.iat still lower
prices will be seen, and,
secondly, the tendency of producers
to
become
more
chary sellers at the
lower levels.
1937 cotton
Farm
to
Since Summer of 1936
demand and price situation,
Economics, United States De-
Sartment of Agriculture, advancedmay have been checked.
the suggestion that the
ecline in farm commodity
prices
"Based on
preliminary indications for December and the
price outlook for the several commodities in January, it seems
probable that the general level of prices received by farmers
during those months will be little changed from November,"
an
on
cotton,
Its comments
were
announcement issued
Dec. 17:
further summarized
by the Department of
represented
a
farmers under the
payments to
year earlier.
107—-the lowest figure
a
year.
Cash farm income this December
"may be somewhat less than in Decem¬
ber, 1936," the Bureau pointed out, "since
prices of products will be sub¬
stantially lower and the volume of livestock marketings will be less.
Al¬
though the volume of crop marketings
probably will be larger this Decem¬
ber, the greater volume is likely to be offset
by lower prices."
The Bureau said that
"marketings of important crops will be larger dur¬
ing the first part of 1938 than in the same months this
year; marketings of
meat animals, though less than in the
early part of 1937, will be larger than
in recent months.
Marketings of poultry products may be smaller than a
year earlier, but marketings of dairy
products may be slightly larger.
November
therefore
was
moved
in
a year
Government
into
In November 1,852.000
Agricultureal Conservation
in November last year.
farm marketings from
was
$716,000,000 compared
and
77.5 in
November,
1936.
$19,000,000
$768,000,000
average, compared with 77.5 in October
As indicated
index, the decrease in income from October
usual in the
with
After allowing for the usual seasonal changes in
October to November, farm income in November
73.5% of the 1924-29 monthly
by the seasonally adjusted
to
November
was
greater than
of crops.
Income from livestock and livestock products
made the usual seasonal change from October to November.
case
For the first 11 months of this year cash income from the sale of farm
products has reached $7,445,000,000 compared with $6,853,000,000 for the
same period in 1936, a gain of $592,000,000, or
9%.
In addition to income
from sales of farm
products farmers received during this period $359,000,000
Government payments compared with $251,000,000 in the same
period
as
last year.
In the monthly crop report issued
of farm products
Dec. 17 cash farm income from sales
for the entire calendar
120,000,000 compared with
marketings in December is thus indicated
000 compared
with
ments to farmers
compared
1937
year
$7,633,000,000 in
$725,000,000 in
to total
estimated
was
1936.
at
Income from
$8,farm
approximately $675,000,-
December, 1936.
Government
pay¬
tentatively estimated to reach $380,000,000 for 1937
$287,000,000 in 1936.
This year's payments consisted
with
are
largely of the agricultural conservation payments in connection with the
1936 program.
Closing bid and asked quotations, Friday, Jan. 7
Far
Administer edFund2ndlno*
Affiliated
Amerex
Amer
Fund Inc...
1M
Holding Corp
*
Shares.50c
Business
Amer A Continental Corp
Amer Gen Equities Ino 25c
Am Insurance Stock
Bid
Ait
12.03
12 86
4.10
4 51
Series B-3__
14.01
15.38
78c
Series K-l
15.42
16.77
9
Series K-2
10.26
11.23
63c
71c
14.34
15.72
4.94
5.40
\X
6X
6X
2X
3X
Inc.
3.37
15.74
16" 83
28c
43c
22.71
24.29
1
13X
145^
Canadian Inv Fund Ltd-.l
3.65
4.05
*
20.96
22.54
Bullock Fund Ltd
...
Century Shares Trust
Cash farm income from sales
during the first part of next
therefore, be about the same as in the
year may.
corresponding period this year."
♦
Farm
Income
Reported Below Month
and Year Ago by Bureau of
Agriculture Economics
—Estimated at $713,000,000
income
$713,000,000, it
from
was
marketings
estimated
on
in
Dec.
November
22
by the
Bureau of Agricultural
Economics, United States Depart¬
ment of Agriculture.
The November income from market¬
ings compares with $907,000,000 in October, and was
5%
smaller than in November,
1936, the Bureau said.
It
further reported:
the first month in the
past three years in which income
from farm marketings did not exceed the
income in the
was
corresponding month
of the previous year.
Except for 1936, however, income this November
largest for the month since 1929.
was
10.45
24.08
21^
4 X
Fund
Ask
9.84
22.03
8
Corp *
Industry Shares..10
Bid
1
Keystone Cust Fd Inc B-2
19M
Assoc. Stand Oil 8hares._2
Bankers Nat Invest Corp *
British Type Invest A
1
Broad St Invest Co Inc..5
Par
Investors Fund C
71c
Series 8-2
Series 8-4
Major Shares Corp
Maryland Fund Inc
Mass Investors Trust
Mutual Invest Fund
Nation
*
2 X
10c
5.87
6~52
1
19.63
20.83
10
10.62
11.60
Wide Securities 25c
3.28
Voting hares
National Investors Corp.l
New England Fund
1
1.24
1.37
5.00
5.25
12.28
13J21
3.38
N Y Stocks Ino—
3.24
3.47
Agriculture
8.38
9.06
pf.100
7X
8X
Bank stock
8.14
8.81
Corporate Trust Shares.. 1
2.17
Building supplies
6.90
7.47
7.68
8 31
8.11
8.77
Series A A
.1
2 10
Accumulative series... 1
,
2.10
2 57
Series
AA
mod
J
Series ACC mod
Crum A Forster
1
2 57
10
22
.100
25
mmmm
.mmmm
com
8% preferred
7% preferred
100
Cumulative Trust Shares. *
Deposited Bank Shs ser A1
Deposited Insur Shs A
109
4.47
1.60
2.69
Deposited Insur Shs ser B1
Diversified Trustee Shares
2.47
Eaton A Howard
25c
25
Machinery
7.98
8.63
Metals
8.18
8.85
9.13
9.87
Railroad equipment
2«
mm
»m
mm-
m
mmm
■
mm
m
m
mm
7.65
8.28
8.10
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953. »
8.76
53 X
2.05
Series 1955
1
2.51
Series 1956
1
2.46
Series 1958
1
2.26
mm
mm
mm mm
mm
Pacific Southern Inv pref- *
Class A
*
3.55
26
28
7Vx
8X
5.35
5*95
J.-3
1.33
18.55
26.55
28.53
24 X
18.77
27X
20.20
2.60
2.86
Selected Income Shares...
3.96
3.12
3.43
Sovereign Investors
Spencer Trask Fund
69c
76c
14.66
15.33
Manage¬
ment Fund series A-l
Equit Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Fidelity Fund Inc
*
Fiscal Fund Inc—
Class B__.
10c
Insurance Btk series. 10c
Fixed Trust Shares A
10
8.80
____
.*
Plymouth Fund Inc
10c
Quarterly Inc Shares. _10c
6% deb series A
Representative TrustShslO
Republic Invest Fund.25c
Royalties Management-.1
Selected
Bank stock series
B
—
17.27
j
Dividend Shares
Electrical equipment
Insurance stock.
Steel
1
3.50
-
Oils
mmmm
mmmm
114
Crum A Forster Insurance
Common B shares
10
mmmm
Amer
Shares. 2}$
*
X
IX
42c
50c
10.K6
11.89
96
9.48
101
9.98
34c
39c
45c
60c
9.18
10.01
_
_
...10
6.96
Standard Am Trust Shares
2 50
Foreign Bd Associates Inc.
7.73
8.37
Standard
53c
57c
Foundation Trust Shs A_1
3.80
4.05
State Street Invest Corp. *
80
83
Fundamental Invest Inc.2
Fundamental Tr Shares A2
15.96
16.97
Super Corp of Am Tr Shs A
4.55
4.14
5.13
B
Utilities Inc.50c
AA
-
2.70
3.05
2.01
mm
mm
B
General Capital Corp...*
General Investors Trust.*
Group Securities—
Agricultural shares
Automobile shares
3.17
BB
"
November
and
as
Total income from marketings and Government payments
D
drop of 16 points since summer,
drop of 24 points from the seven-year high of 131 in
January of this
cash
materially lower than
program were only $3,000,000 this November compared with
C
The Bureau's index of
prices for November was
since the summer of 1936.
It
Cash
was
however,
greater than last year's income.
was
Continental Shares
In its December report on the
the Bureau of Agricultural
the Bureau said.
of
Commonwealth Invest.-.1
Commodity Prices Appears
Checked
United States Department of Agri¬
culture—Bureau's
Index
for
November
Lowest
According
totaled
well
as
have been included in the estimates of
receipts from marketings.
Boston
♦
Farmers'
vegetables
bales of cotton moved into Government hands for wb ch the loans
aggre¬
gated more than $81,000,000.
The moneys received oy growers as loans
Basic
November
of
sales of cotton and moneys loaned to farmers
by the Government on their
year against
from 3,126,000 at the start of 1937 to 2,664,000 at the
beginning of 1938.
Stocks in Brazilian ports stood at 3,113,000
against 3,168,000 a year ago.
Thus after two months of a "free" market, less coffee is
available in the open
market than before.
This condition, in trade
a
con¬
Investing Companies
Supplies in sight for the United States
and
sugar
prices
The reduction in income
of hogs, cattle, wool,
case
as
and
year
lower; this decline in prices
November, 1936. level.
amount
further announced:
follows in
crops which
earlier
year
hands under the 1937 cotton loan provisions, so that the total income from
this
Deliveries of Brazilian grown coffee were 6,197,009
during the period,
which marks the first half of the current crop year, against
7,369.088 in
1936, a decrease of 1,172,079 bags or 15.9% whereas deliveries of ail other
as
a
Compared with last
Income from sales of cotton in November
earlier.
Consumption During
Supply Jan. 1 Below
World consumption of coffee declined 573,553
bags, or
4.8%, during the July-December, 1937 period when com¬
pared with the same period in 1936, the New York Coffee &
Sugar Exchange announced on Jan. 5.
Deliveries to con¬
suming channels were 11,490,276 bags for the last half of
1937 against 12,063,829 bags during the 1936 period, the
Exchange said, adding:
Agriculture
than
Income from farm marketings in November totaled $713,000,000 com¬
pared with $907,000,000 in October and $749,000,000 in November, 1936
Year Ago
in
decrease.
particularly noticeable in the
Government
Decline
lower
important factor in reducing income from fruits,
meat animals below the
pointed out.
Noted in
Latter
1,438,282 last,
of the miscellaneous
some
was
potatoes, apples and sugar beets.
Lamborn firm
598,526 bags
seed,
farm commodities in November averaged 11%
The 1937 average price for refined sugar, net cash at New
York, excluding the processing tax of .535 cent per pound
which went into effect on Sept. 1, 1937, was 4.551 cents per
pound, the firm said.
This compares with 4.691 cents
per pound in 1936, a decrease of .14 cent per pound, or
approximately 3%. Including the processing tax, the 1937
average price for refined sugar was 4.729 cents per pound, the
were
clover
and
tributed to the November
established.
growths
Income from
usually in the last two months of the year—such
peanuts
com¬
more-than-usual decrease in marketings of tobacco
as to a
animals.
marketed
are
New York, excluding
Decrease
Jan. 8, 1938
2.01
mmm
m
29.13
31.32
C
5.55
mmmm
4.66
5.07
D
5.5
mmmm
Supervised Shares
1.13
76c
Building shares
Chemical shares
■mmmm
1.23
84c
1.21
1.32
1.16
1.27
3
9.35
10.13
Trustee Stand Invest Shs—
Series C
1
2.27
mmmm
Series D
1
2J23
mmmm
Trustee Stand Oil Shs A_1
6.28
mmmm
5.86
mmmm
Food shares
75c
Investing shares
Merchandise shares..
Mining shares
73c
81c
Trusteed Amer Bank Shs B
62c
86c
95c
Trusteed Industry Shares
U S El Lt A Pr Shares A..
92c
1.01
13
13 X
Petroleum
1.10
RR equipment shares
Steel shares
1.18
Tobacco shares
94c
com. *
Holding Corp
Incorporated
1.17
78c
w
Huron
1.13
1.07
shares
Guardian Inv Trust
83c
X
33c
Investors..*
86c
Group shares
Insurance Group Shares
Insuranshares Corp (Del)l
Invest Co. of Amer
♦
No
par
com.
value,
e
10
B
1.91
87c
Voting shares
1.03
Un N Y Tr Shs
X
73c
1.18
1.31
1.20
1.33
X
IX
32
.
Un N Y Bank Trust C-3-*
16.58
Ex-coupon
1
1.29
Institutional Securities Ltd
Bank
Series B
36
x
ser
F
Wellington Fund
2X
♦
1
1
12.79
70c
2.01
95c
3X
IX
14.10
Investm't Banking
Corps
Bancamerica-Blalr Corp.l
Central Nat Corp cl A
*
class B
*
First Boston Corp
3X
35
2
40
5
10
12 H
14H
10c
IX
2X
Schoelkopf, Hutton A
Pomeroy Inc
Ex-divldend.
v
com
Ex-Stock dividend.
Volume
Financial
146
263
Chronicle
Canadian Markets
ANT
LISTED
Provincial and
UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, Jan. 7
5s
4%s
110% 111%
116% 117%
153
55
5s
—Oct
11956
Oct
.
1942
1
,
1 1948
Jan
fb \
63
6s
...Sept 15 1943
5s
...May
1 1959
119
1 1962
107%
108%
5s..
4% 8
Oct
99% 100%
1 1953
48-—.-
94
July 12 1949
95%
4%S
15 1961
...Jan
114% 116
'I'/ •'
,
Aug
1 1941
88
92
6s
June 16 1954
84
87
5s
Dec
2 1959
85
106
109
...Feb
1 1958
107
...May
1 1961
108
48
4%S
Prov of New Brunswick—
4%s
Apr 15 1960
Apr
102% 103%
15 1961
Prov of
Sept 15 1952
Mar
1 1960
107
Noranda
115% 116%
Bid
♦
V 4
73
75
Quebec Power
72%
74%
Regent
1 1951
—Oct
4%s
July
1 1944
Hi
Sept
1 1946
Deo
1 1954
—July
1 1960
ioi %
97
4%s
102
97%
Bid
Ask
5s
Asl
6s.
Oct
1
1969
58.
Feb
1
1970
11948
July
6%s
123 H 124%
113%
86
101
101
Jan
37
Feb
Oct
300
Mar
Nov
82
Nov
99
Jan
3
May
103
May
;
28%
Oct
4,285
11%
Dec
48%
30
45
Dec
79
16%
110
15
Oct
25%
9%
480
14%
9
mm
■
98
98
98
Feb
33%
16
48
16%
' \*m
Nov
27%
103
778
13%
14
15
435
40
12
Oct
7%
Oct
95
Apr
Mar
Jan
11
June
103%
Apr
Dec
15
15%
14
17
1,460
12
Oct
39%
Apr
45%
45
46
1,770
35
Dec
98
Aug
Shawlnlgan W A Pow. -.-*
20%
20%
20%
533
17%
Oct
33%
Feb
13%
13%
13%
10
Apr
9%
13%
10
10
68
68
69
650
63
62
61%
62
110
3
25
15
15
10
147
147
2
*
preferred
5
4a
Jan
1 1962
3s
—Jan
1 1962
107% 108%
96%
96
4
*
Simon (H) A Sons
Southern Canada Power..*
*
Steel Co. of Canada..
mmmrnmm
mm'mm
;
".".25
mm
*
"ioo
Preferred
Tuckett Tobacco pref. .100
*
Unlted Steel Corp
'mm
m
m
mm
147
4%
5%
19
Dec
30
7%
Nov
16
11%
Sept
18%
Feb
Oct
96%
Mar
49
Oct
88%
Mar
3
Aug
5%
Feb
16
Sept
13
155%
Jan
1,225
3
Oct
27
19
50%
Jan
Jan
34%
Feb
159
Mar
11%
June
70
Feb
Jan
8
Jan
8
150
9
Sept
23
Jan
3
450
2
Oct
10%
Jan
2%
12
12
Preferred
35
Feb
4
2%
*
Nov
70
55
2%
mmmrnmm
19
17
4
>•& 8
•
B
25
Apr
4
50%
mmm•-m■
100
Winnipeg Electric A..
5%
3%
4,070
13%
50%
mmmrnmm
.
♦
5%
3
*
Western Grocers Ltd
Preferred.
Grand Trunk Pacific Ry—
114
Feb
10%
170
47
14%
m
Windsor Hotel
116% 117
116% 116%
118% 119%
118% 119%
5
115
29%
Wabasso Cotton
Canadian Northern Ry—
113% 114%
*
Oct
63
29
86
*
Preferred..
Bid
113%| 114
.
29%
Sherwin Williams of Can 25
101 % 102 %
Government Guaranteed Bonds
Sept 1 1951
June 15 1955
Feb
1 1956
July
1 1957
July
1 1969
4%s
4% 8
4%s
4%s
14
83
37
2,021
230
225
High
Low
St Lawrence Paper pref 100
113% 113%
Canadian National Ry—
i
14
m
V
"50
A
5s
4%s
57
mmm'mmm
pref— ".100
Tooke Brothers
Dominion
m
*
Knitting
Saguenay Power
Canadian Paclflo Ry—
5s
m
"ioo
Preferred
71
Ask
88
perpetual debentures.
6s
m
Ottawa LH&P pref— .100
Nov 15 1946
—
Bid
87%
Sept 15 1942 /107% 108
100
100%
Dec 15 1944
4e
m
230~~
Power Corp. of Canada..*
»
Price Bros & Co Ltd.;.
Railway Bonds
Pacific Ry—
m
Shares
High
55
57
Ottawa L H & Power._ .100
St. Lawrence-Corp
Canadian
Low
Price
N S Steel & Coal pref. lioo
Year 1937
Week
*
Mines..
...June 15 1943
5%S
4%8
108%
107%
Saskatchewan—
58
Province of Nova Scotia—
109%
Range for
for
of Prices
109% 110%
88
4%s
Par
Stocks (Concluded)
Week's Range
Sale
'
•
(New)
Province of Quebec—
Mar
2 1950
4%S
4%s
4%s
•
Ogilvle Flour Mills._. ...*
Province of Manitoba—
6s
-•
K.,
120%
June
Prov of British Columbia—
Sales
Last
Ask
Bid
Province of Ontario—
Ask
Bid
Province of Alberta—
Exchange
Friday
18
Oct
10
Jan
50
12
1.85
12%
Oct
43
Jan
60
June
Banks—
C anada
1
to
both inclusive, compiled from officiaj talet lists
Jan. 7,
Sales
Friday
Range'or Year 1937
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Price
Low
High
H
Low
Shares
100
2%
12
12
110
1%
555
110
....—
5
Jan
11
Dec
Dec
5.75
3.660
1.30
25
2,683
104
30
Oct
5%
22
4
Nov
3%
105
2
Oct
10
40
5%
3%
48
48
10
11%
98
99
18%
2%
8%
18%
2%
38
10%
*
11%
-.100
■«.
Canada North Pow Corp.
18%
Canada Steamship (new).
2%
Preferred
—_
Preferred 7%
Rights
—
*
100
*
7%
26
16%
22%
Oct
178
9
Oct
38
60
33%
Dec
11
4.305
5%
Oct
22%
625
12%
Oct
17%
1,085
15%
Oct
20
*
9%
9%
25
7%
7%
7%
1.786
8%
8%
55%
61%
1.992
*
59%
■
A
Oct
7%
7%
34%
1
2%
Enamel & Heating Prod..*
Oct
69
Nov
135
.
Dec
Oct
1
85%
149
Apr
July
Nov
20
Apr
24
Jan
35
:%
2
Oct
28
Oct
25
8
Dec
14
260
137
4
40
16%
Mar
July
Jan
Oct
9
10
8%
%
31
Apr
Oct
14
Aug
77
150
76%
Aug
8
t.332
Dec
18
16
180
16
Dec
61
7
Dec
16%
15%
7%
mmmrnmm
7%
7%
6%
7%
1,105
8%
8
8%
565
55
7%
5%
Oct
Oct
Dec
Feb
49
Howard Smith Paper
5
*
13%
13%
13%
12
25
Intl Nickel of Canada
*
Internat-Pet Co Ltd——*
14
Preferred
Power.....*
100
Jamaica Pub Serv Ltd
Lake of the
Woods
Lake Sulphite
*
*
*
—*
Oil...*
Mtl LH4P Consol— ..*
Mont Loan & Mortgagees
Montreal Telegraph....40
Montreal Tramways—100
National Breweries
*
Preferred
25
National Steel Car Corp..*
Massey-Harris
McColl-Frontenac
98
Oct
14%
uct
25
3,262
13%
13%
2.015
12%
Oct
22%
22%
22%
30
22%
Dec
27
27
44
48%
11,295
36%
N"V
28%
29%
720
23%
Oct
4%
105
4%
77
25
36
77
mmmmmm
34
16%
100
34
mmmrnmm
J6%
7
1
Cndn Pow & Paper Inv— *
Can Vlckers Ltd
*
7% cum pref.
100
City Gas & Electric Corp.*
Commercial Alcohols Ltd. *
Preferred
—6
Consolidated Paper Ltd.*
10
6%
80
Apr
Apr
68
53
60%
1,230
4%
100
5%
796
4
Oct
6
132
Dec
132
Dec
Dec
9
Apr
70
3%
'"*5%
136
5%
135
135
6%
5%
6%
60
20%
20%
21%
811
10
10
67%
34
1.50
67%
34%
103
1.50
16
5
17%
40
3%
4%
Nov
Oct
122%
Dec
12%
9%
Apr
Jan
16%
Oct
26%
Mar
10
Dec
22
Mar
60
Apr
82%
Aug
181
32
Oct
39
Apr
80
109
Jan
112
26
100
36
4.00
Jan
12
Oct
23%
Aug
3%
6%
1.25
50
1.00
Oct
1.25
25
1.60
1,100
1.00
Dec
Jan
Jan
7.75
6
7
765
2
Oct
16
21
25
100
10
Oct
65
150
50c
10
1.25
55c
55c
1.25
1.25
4%
130
6%
20,391
6%
6%
4%
6%
6%
5%
*
5
6
5%
6
6
5
6%
4%
Feb
Nov
1.20
1.25
•
28%
10
Dec
Nov
Mar
Oct
Oct
30%
Falrchlld Aircraft Ltd
Jan
Fraser Cos Ltd
|06
24%
15%
22%
28
73%
39%
12%
98
38
43%
27
—*
4%
16
Can A
*
14
Nov
Oct
1
Jan
5
Oct
Dec
24%
6
Jan
Mar
4.00
2%
Jan
t
2.50
5
Aug
Apr
cmpf 100
Frelman (A J) 6%
Mar
Mar
Inter-City Baking Co--100
Internatl Utilities Corp B.l
Dec
Lake St John P &
Dec
Loblaw
P.——*
Groceterias B
*
MacLaren Pow &
Mar
Jan
Massey-Harr 5% cum pflOO
McColl-F Oil 6% cum pflOO
Jan
May
Jan
Aug
4%
Oct
16%
Apr
15
Mar
Oct
36%
Jan
19
Apr
13
4
Dec
10%
29%
125
720
25
14%
11%
Oct
Dec
60
Dec
50
Apr
Apr
49
[Jan
4,435
6
32
10
22
Dec
22
80c
70C
Oct
39% rjan
3%i Feb
22
Dec
87
21%
Dec
22%
455
12
Dec
46
135
32%
37% f Jan
73% Mar
87
20
88
1.50
24
30
21%
21%
14
17
44
87
46
300
670
25
Oct
Dec
t Aug
[Jan
Mar
100%
June
9.00
Feb
[Oct
9%
Feb
2%
6%
Feb
Nov
16
11%
Jan
July
2%
37
6%
6%
76
13
13%
175
1.00
1.00
26
14
14
25
13
.Jan
91%
91%
130
80
Nov
110
108
5
7% [Oct
1.40
Jan
Jan
30
2.00 May
17
May
-
Mar
8%
25%
14%
Apr
Oct
Oct
38
80c
Melcbers Distilleries
Ltd.*
Preferred
100
Mitchell (Robt) Co Ltd—*
Mtl Refrig & Stor vot tr—*
$3 cum pref—
*
13
5
16%
19%
5
3
2,085
12%
22
30
16%
Paper.
Mar
4%
16
Oct
512
2,140
38
15%
Voting trust ctfe
July
710
11%
29%
34%
Dec
A
B
Apr
520
7
11
3%
76
685
12%
11%
28
Donnacona Paper
Ford Motor Co of
Apr
Oct
Dec
18%
12%
Apr
79%
14
5
1
15%
Fleet Aircraft Ltd
15%
34%
10%
11%
98
mmmrnmm
Apr
80
1.40
3,342
18
Preferred
Apr
49
710
1.445
17%
47%
15%
Dec
6,410
19
18
Canadian Marconi Co
Mar
90
98
.
*
Dec
2.25
15%
18
Canada Malting Co
18%
Oct
Dec
18
Preferred
International
15
49
13%
100
Preferred
Imperial Oil Ltd
*
Imperial Tobacco of Can. 6
Intl Bronze
*
1937
High
Low
2%
17%
Can & Dom Sugar Co
18%
5
'
Holllnger Gold Mines
for
Week
Shares
Mar
16
7%
High
Range for Year
Mar
75%
7%
77
16
*
Gypsum Lime & Alabas..*
Mar
Oct
500
9
Beld-Cortlcelll7%cm pf 100
Brewers <fc Distill of Van.-5
Mar
Nov
7
13%
14
Mar
6% cum pref..—...100
Pref ctfsof dep
100
Asbestos Corp Ltd
*
Bathurst Pr & Pap class B *
Beauharnols Pow Corp...*
Jan
5%
82
.....—
Jan
12%
7
B
Abttlbl Pow & Paper
145
32
mmmrnmm
22%
100%
Co..*
Jan
126
7%
Range
of Prices
Uv>
103
ft
16
Stocks—
Price
*
*
Can No P Corp 7% cm pflOO
Canadian Breweries Ltd— *
Oct
10
£ %
83
*30
05%
148
Sale
Par
Aug
520
65
Feb
Mar
official sales lists
Sales
Week's
«
19.344
7%
148
and
Industrial Bonds
7, both inclusive, compiled from
Brit Amer Oil Co Ltd
16%
65%
Jan.
British Columbia Packers*
14%
10
to
Mar
Oct
SO
Public Utility
Montreal
Mar
Oct
15
100
Feb
58%
23%
28%
18%
-1
Preferred
226
Mar
140
Rights
Gurd, (Charles).
Dec
29
1.200
General Steel Wares.....*
165
Oct
26
Gatlneau
51
10%
32%
7%
1
31
Oct
15%
mmmrnmm
,
186
Jan
Montreal Curb Market
Jan.
32
Oct
20
*
Mar
1883
Lati
i%
31
English Electric A.
340
Friday
#
'■
20
*
Nov
330 Bay SI, Toronto
C tawa
~.,
Feb
Oct
15%
80
Sparks
Jan
Oct
32%
7%
56
Jan
Apr
t
Dominion Bridge
—
290
Feb
0
Dominion Coal pref
Electrolux Corp
45
Aug
Mar
Dietin Corp Seagrams
Dryden Paper.....
Feb
300
182
255 "t. .'ames St.,
Apr
Mar
595
15%
29%
6%
18%
61%
21%
8%
7%
23%
17%
14
80
111
22
145
Dominion Textile.
214
Apr
126
185
*
Nov
Jan
Oct
Dec
19
3%
Dom Tar & Chemical
193
Jan
Oct
100
9
*
*
.25
Dominion Steel & Coal B 25
67
161%
Municipal
Jan
5%
160
195
105
3%
Con Mln & Smelt new—.25
Nov
9
1,525
1.435
Cockshutt Plow
204
300
300
ESTABLISHED
Mar
July
19
19
*
73
2
4%
Canadian Locomotive
211
Oct
65
HANSON BROS Canadian Government
Mar
Oct
86
225
4%
3%
Class B
Jan
Nov
204
mmmim
100
Loyal
160
150
58
Feb
30%
39%
11%
11%
Nov
20
105
mmmmmm
4%
Canadian Pacific Ry
1,675
170
Apr
Nov
10%
16%
mmmrnmm
Canadian Induat Alcohol.*
May
157
9%
20%
——25
Canadian Celanese
1.00
38
—-50
Preferred
.100
mm
12
242
Jan
9
10%
307
Mar
Apr
DlC
164% 165
12%
10%
32%
32%
B.
Preferred
.100
59
Jan
16
110%
23%
108%
9%
11%
*
IN'on treat
177
161
172% 177
mmmrnmm
oh
7
Oct
1.30
9%
Canada Cement
.100
Week
2%
Building Products A
.100
( cmmerce
ft ova Scotia
Jan.
58
160
59
—
Canadlenne
Montreal Stock Exchange
3.357
Page-Hersbey Tubes Ltd.*
Sou Can Pow 6% cum pf 100
Mar
'
104% 104%
4
104%
Sept
1.60
210
1.00
Oct
3%
Jan
July
Feb
29
29
12
29
Jan
31
Feb
Walkervllle Brewery
Ltd.*
1.50
62
62
70
56
Oct
65
Feb
Walker-Good & Worts (H) *
40%
42%
20
32
Oct
61%
87
87
88
12
80
May
100
Feb
Walker-G & W J1 cum pf.*
18%
18%
25
17%
Oct
20
Feb
39%
37 %
39%
900
33
Oot
42%
Feb
Weston Ltd (George)
11
11
25
10
Nov
18
Apr
40%
10
36
Oct
43%
Feb
36
40%
35%
36%
2,390
57%
Jan
-
17
Oct
•
No par value.
*
Chronicle
Financial
264
Jan. 8, 1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Last
Sale
Price
Par
Stock* (Concluded)
1
Sales
Friday
Week's Range
of Prices
High
Low
Low
Par
Stocks (Continued)
High
53c
57c
6,900
30c
Oct
1.90
Feb
23c
100
16c
Dec
65c
Feb
Bunker
"22c
20c
22c
3,700
19c
Sept
65c
Feb
Bidgood-Klrk Gold——J
Big Missouri Mines Corp.l
25c
35c
61c
Dec
Nov
Aug
40c
37 He
32c
79c
51c
3,500
14,000
Bobjo Mines
1
Bouseadlllac Gold Mines. 1
12c
12c
12c
500
12c
Sept
11c
3,800
9,820
Price
Aldermac Copper
56c
Corp—*
48
Base Metals Mining-.-
Beaufor Gold
—
*
1
10c
10c
7c
5c
7c
(1936)—1
Bulolo Gold Dredging—6
Can Malartic Gd M Ltd..*
Brownlee Mines
715
26 H
1.00
27
1.04
400
Txc
7%c
9%c
11,500
7Hc
7Hc
27
Capltol-Rouyn Gold
.1
Cartler-M alar tic G M Ltd 1
Central Cadillac G M Ltd 1
7c
Nov
2H
Nov
20
Oct
72c
Feb
20 He
1.14
Mar
*
Hill
22
2.96
72
Nov
18c
Aug
7c
Dec
47 He
22c
Sept
65c
Mar
Central Patricia Gold..—1
400
2.00
Oct
5.15
Feb
1
31c
*
54 %
6.55
Feb
Oct
1.75
Mar
25
88
Dec
Mar
It
42
Nov
103 H
59 H
30c
Feb
Oct
23
35
65
Oct
98
Feb
148
150
20
137
Nov
160
July
3
25
2
Oct
7
Apr
8
July
11H
362
7%
Apr
Jan
10,050
Apr
Oct
72
9%
Canada Steamships
2.40
Feb
44 H
70
Canada Permanent--. .100
7 He
39c
1.15
23c
Dec
21
74%
Sept
3
Feb
35c
8,162
44
11
2.28
2.40
62c
High
Nov
10c
14,050
44
Canada Cement
38c
3.10
92
Canada Packers
2.40
2.80
56c
90c June
6%c
Mar
39
124
92%
*
Mar
22 H
92 H
*
6%c
63,200
60Hc
5(1
Jan
2c June
30
48
10(1
B
Feb
Lou
37,600
19c 20Hc
...1
Oils
Canada Bread A
Feb
13c
30
5%c
Shares
21H
19c
-.25
(FN).
*
Calgary & Edmonton.
Calmont
4c
4c
Burt
27c
Week
♦
products
Building
23c
for
of Prices
Low
High
*
Buffalo-Canadian
Mines—
Range for Year 1937
Week's Range
Sale
J
Shares
Sales
Last
Range for Year 1937
for
Week
Exchange
Friday
Consol Chibougamau
31c
32c
2,000
4,950
Nov
20c
2.70
Can Steamship
Canadian
36H
Oct
6c
6c
6c
6,100
5c
Sept
50 H
15c
1
Eldorado Gold M Ltd
1
Falconbridge Nick M Ltd. *
Francoeur Gold M Ltd—*
Hudson Bay Mln & Smelt *
J-M Consol Gold
1
Klrkland Gold Rand.
1
1.05
1.24
20,500
60c
Oct
2.03
Jan
East Malartic Mines
555
55
Jan
2d
Preferred.
2.49
3,000
1.45
Oct
3.60
Apr
260
4.70
Oct
12.75
Feb
Canadian Dredge
7,028
33c
Feb
Canadian Ind Alcohol A..*
Nov
200
15 H
Oct
41%
Feb
15c
17c
5,000
17c
Dec
57c
Feb
18c
500
18c
Nov
45c
Apr
Canadian
1.35
1.43
2,700
97He
Mar
1.64
Apr
Canadian Oil
52%
52 H
52%
13 He 13 He
1,025
Sept
1,000
40%
10c
Oct
30c
-
Macassa Mines
5.20
1,000
l%c
Oct
7Hc
Jan
Cariboo Gold
5.20
1,200
3.95
Oct
8.50
Jan
Carnation pref
Jan
Castle
-
59
Jan
*
*
Wineries
500
2Hc
Oct
10c
Feb
Chromium
*
2 He
5.40
6,060
2.45
Oct
13 H
Jan
Commonw'lth Petroleum.*
7%
7%
3
6,500
4.05
Jan
20c
Oct
1.10
Mar
7Hc
Nov
42c
Feb
1.70
Oct
2.15 June
43c
2.21
3.80
Feb
1.85
2.43
12,225
1.25
Oct
6.50
Feb
Consumers
1.02
1.14
3,900
60c
Oct
2.51
Jan
Cosmos
Pickle-Crow Gold
1
5.15
Placer Development
1
1
55c
5.15
800
4.30
Sept
16H
5.05
16
500
12c
Oct
65c
500
30c
Oct
4.50
40c
2%c
4.25
42c
6c
6c
2Hc
2HC
6c
9.10
Feb
17c May
85c
Feb
Oct
6.85
Sept
2.00
Feb
Distillers Seagrams
Preferred
5c
Nov
22c
Feb
Dome Mines
*
2c
Oct
16c
Feb
Dominion Bank.
Dominion Coal pref...
Dom Foundry & Steel.
Feb
22c
23c
5.900
20c
Dec
1.13
Feb
1.46
1.28
1.56
8,796
97c
Oct
4.00
Feb
SIscoe Gold Mines Ltd
1
3.30
3.25
3.40
Nov
6.65
Jan
1
1.04
94c
1.10
3,580
17,100
2.25
Sladen Mai
74c
Oct
2.50
Jan
Dominion
28c
Mar
Dominion
Tar
2.25
Jan
1
4.70
Feb
PreferredDorval Siscoe
5.60
225
4.50
Oct
5.10
Feb
~32c
32c
38c
17,135
16c
Oct
2.15
Jan
East Malartic
1
Easy Washing
7H
*
-1
1
East Crest Oil
1
35c
Wood Cad
55c
3,000
39c
Dec
1.95
Feb
6.80
25
4.00
Oct
8.40
Aug
35c
39c
21,500
19c
Oct
73 He
Apr
25c June
2.95
53c
12,300
1,785
7%
40
Aug
Oct
28H
Mar
Dec
66
Fanny Farmer
*
15c
15c
500
*
3.00
2.85
3.10
3,225
1.25
Oct
6.40
Feb
Federal-Klrkland
*
70c
70c
2,250
38c
Oct
3.60
Feb
Firestone Petroleum..
36
Oct
51
Jan
198
194
Nov
250
Feb
270
17
Oct
24
Mar
43 H
19%
345
7%
24
Oct
77
28
30
Dec
96
Mar
Nov
12H
Mar
6H
Nov
18
Apr
Nov
116
Feb
81
12
15
28,650
10c
Nov
72.800
60c
Oct
2.17
4H
4
75
2.50
62,235
Apr
28%
Nov
1.25
Aug
Oct
16c
1.05
44
10
5H
100
4
Nov
1.50
Oct
1.22
45c
Feb
Feb
2.05
Jan
9%
Feb
3.65
Apr
20
28
Oct
5H
5H
10
10
June
6.10
5.40
6.15
7,505
4.75
Oct
21%
20 H
21 %
1,827
16H
Oct
6 He
Sept
54c
Jan
16c
Oct
26c
Oct
29 %
Julv
Jan
32
32
1
13c
11c
13c
63,900
25c
21c
20c
21c
4,000
5,990
15%
18
*
A
Feb
30
8,715
7,800
2.41
1
Calgary & Edmonton
94%
70
56
20
1.20
*
Dalhousle Oil Co
Jan
Oct
10H
80
*
7c
Feb
20
16H
*
English Electric A
Ford
Nov
14
1
,
15c
Anaconda Oil Co
8 He
80
*
Eldorado Mines
B
Oct
7,400
16H
100
Falconbridge
Oil-
14c
205
54H
6
*
2.90
Oct
Oct
54c
Mar
27 H
205
Nov
6.80
Mar
211
6H
80c
55c
100 H
Oct
11,155
2.60
Towagmac Exploration.. 1
Ventures Ltd
Oct
Nov
16H
400
Feb
19
30
4,895
Jan
Feb
2.70
45
14H
1.01
2.14
23
192
30
3.20
Oct
29
15H
95c
20c
25
30
*
1.00 May
Nov
15
2,721
28
3.05
5.60
Jan
61H
*
1.00
Sylvanlte Gold
Teck-Hughes Gold
Thompson Cad
312
7,300
50
3.20
44c 106,300
2,600
33c
16
200
19%
.25
,
Stadacona-Rouyn
*
Sullivan Cons Mines Ltd. 1
30c
1.70
15
19H
25 H
Stores
33c
13
54 H
,25
Dom-Scot Inv pref.-.
Dom Steel Coal B
1
.
49Hc
15
68 H
-1
Shawkey
Sherrltt-Gordon
12c
205
.
1.47
199 %
21
55 H
198
51c
*
20c
Oct
Feb
14c
*
2.25
Jan
Mar
21
1
1,500
2,000
Feb
43c
95c
59 H
9,235
4,500
5.25
22%
199H
Davies Petroleum
Oct
Oct
Oct
5
Mines
Jan
1.85
7HC
Oct
*
Darkwater
1.66
15c
100
Gas
Jan
Feb
Oct
7H
30c
1.13
1.75
107
Jan
Mar
1,040
1.55
2.30
Mar
4
7,310
14%
2.30
Oct
16,150
30c
_1
1
Oct
1%
43c
1.64
1
__
3
5
18H
17H
46c
14%
Cons Chibougamau.
Cons Smelters
5,006
Jan
Feb
9
♦
Bakeries
Dec
Jan
2.30
40c
*
Cons
10
7H
23
8
Conlaurum Mines
Perron Gold Mines Ltd.-l
3c
Ritchie Gd Mines Ltd—1
Jan
41c
*
8Hc 110,530
2.30
1,700
4c
4.45
Jan
9
Cockshutt Plow
29,200
25
12
38
3,000
2 He
5.15
3.05
Oct
Nov
85c June
5,800
15c
39c 46 He
3%
7%
13,835
"5". 35
3.60
31,062
2.40
lOHc
Mining
101
91
1.05
2.35
2.38
1
42
3%
10
9%c 10Hc
—.1
Central Porcupine
1
Jan
Oct
Trethewey
Central Patricia
1
Mar
8%
Oct
Jan
—*
46 H
Oct
1.30
Mar
Red Crest.
Oct
97 %
46c
45 c
Read Authier Mine
20%
3%
20
1.19
Reward Mining
32
2,800
Oct
Quebec Gold.
Oct
6,500
Oct
Pato Gold...
13
1.74
Nov
Pend-Orellle
Feb
98 H
65c
5c
4.00
Jan
12H
21H
1.65
30 %
25c
46Hc
20 H
Oct
98 H
55c
265
_.l
Parkh111 Gd M Ltd new.. 1
805
Oct
Oct
5H
.
1.74
2,600
Ltd *
60
4%
Jan
6H
17
315
98 H
1
100
15c
Pandora Cad
Mar
35
3
7%
25
P R
Canadian
36c
Pamour Porcupine M
10H
140
12
12
40%
1
Oct
22
1.00
40%
1
Mines.....--—.1
3
965
3%
8%
*
Malartic
30 He
15c
O'Brien Gold.-
30
210
1.05
*
B
5
Montague Gold
Aug
9
4%
McWatersGoldMlnes.Ltd*
Murphy
23 H
33 H
*
—.1
Mclntyre-Porcupine
Oct
1.00
Jan
2%c
4.95
48c
26
C
Lee Gold
-
18H
3H
Apr
Nov
12
11
4H
Canadian Locomotive- .100
2Hc
1
Lebel Oro Mines Ltd
~
16H
4%
17%
3€
20%
*
1.58
18c
"l~35
22
25
5.50
45c
15c
17H
8H
9%
8H
2.20
24
26
54
713
10%
17H
20
preferred
Can Car & Foundry..
5.50
2.42
-.1
1
1
1
Klrkland Lake Gold
54%
9
155
15
4%
1st preferred
Mar
1.22
Lake Shore Mines
16H
Canadian Canners
Duparquet Mining Co—1
Dome Mines Ltd
*
Preferred
Feb
9
140
9
pref.. ..50
Breweries..
18H
15
40
16 H
July
Feb
12.90 May
25 H
Aug
*
Royal Ite Oil Co
1.35
*
Pacalta Oils
*
1.30
11c
"45 %
44
1.40
4,535
80c
Oct
4.10
Feb
11c
2,000
9 He
Oct
16c
Sept
Foundation Pete
*
19c
19c
19c
1,700
16c
Deo
1.25
1,485
24c
Oct
59 H
Mar
Francoeur..
*
45c
44c
50c
27,550
32c
Nov
1.58
Feb
FontanaGoId
Home Oil Co
1
18c
17c
19c
9,500
18c
Dec
20c
Dec
Gatlneau Power
*
46
Toronto Stock
Jan.
1 to Jan. 7, both
Exchange
Range for Year 1937
Last
Par
Stocks—
ADltlbl
*
6% preferred
Week's Range
for
Sale
of Prices
Week
Price
2.25
1
Alberta Pac Grain pref-100
A P Cons Oils
1
Aldermac Copper
Alexandria Gold
Amm Gold Mines
.1
24c
35 He
56c
1
*
Anglo-Can Hold Dev
Anglo-Huronlan
*
*
Argosy Gold Mines
1
Ashley Gold
2,055
3c
2,100
10H
100
"l9"
3.55
15H
80
Apr
Apr
14H
Dec
2c
Sept
10HC
57c
Jan
Jan
Oct
Feb
Grandoro
Oct
1.89
Feb
4%
Jan
Oct
31c
Nov
2.00
Dec
8.75
Feb
Nov
35c
5,700
22
9c
10c
13,225
7 He
July
22c
72 %
100
72 H
52 H
Oct
97H
Oct
57
11c
72%
25,869
12c
Dec
1.42
Feb
6,900
9,100
17,700
18c
Dec
1.15
5c
Sept
15c
Feb
Hamilton Theatres...
3c
Oct
25c
Feb
8c
237,455
Jan
5He
6c
6Hc
4Hc
25c
38c
7c
7c
50
59 H
1
23c
Bankfleld Cons
100
-
Bank of Nova Scotia
1
205
68C
59
21 He
202
68c
300
100
100
'245"
Barker's Bread.
*
5H
Base Metals Mln
*
34c
26c
Bathurst Power A..
*
9%
9H
Bank of Toronto
B
Beattle Gold
*
245
5H
4
*
1.35
2d pref
1.29
Beauharnols
15
*
100
*
Bell Tel Co of Canada. 100
101
5%
59 H
23c
205
70c
300
•
62
11,775
8
36,399
3
Jan
Oct
27c
16c
Feb
56
Oct
14 He
Nov
190
Nov
53c
286
Sept
Nov
60
49c
241
165
2H
.» m m.
1.85
340
Hargal Oils.
*
5
65c
Feb
Dec
24 %
Apr
Apr
1.50
3.00
July
Oct
Oct
3.44
Jan
34c
34c
1,150
17c June
38c
Feb
11c
12c
13,400
8c
Oct
33c
Feb
10c
Oct
90c
Mar
Apr
Imperial Oil
Feb
Imperial Tobacco
1.45
28,525
96c
Oct
12%
1.75
25
13
Oct
21H
Jan
101
103 H
48
99
Nov
105 H
Mar
5
5%
1,262
Oct
9%
164 H 165 H
316
15
5
30
31
33
65
4H
29c
8
8.85
9.00
2,425
24
30
10H
13
4,402
5
6H
344
Feb
6%
Oct
176
40
29c
31c
37c
18,700
2c
Oct
87c
Jan
28c
30c
21,100
21c
Oct
72c
Jan
66
66
66
13H
100
8
8
208
8
18H
210
17H
13H
99
8H
18H
13%
100
27
20
11
6,322
66
6H
195
14H
Dec
Nov
Nov
Oct
50
12
Oct
30
97
Nov
116
7
Oct
22%
95
15H
240
Jan
Jan
Jan
June
Mar
May
24 H
Mar
15H
Mar
105
Feb
Jan
00
28,759
36%
Nov
19H
73%
30
2,789
23 H
Oct
39H
Mar
Mar
Feb
7%
75c
*
9.00
.
.
Jan
Jacola
7%
20
Dec
21H
80c
200
65c
Oct
3.25
Feb
36c
44c
3,900
34c
Oct
1.62
Mar
Mar
7
J
Feb
Kelvinator
M Consolidated
.100
Jan
Mar
Apr
Klrkland TAka
26 H
1.10
Mar
Oct
Brown OH
*
54c 68 He
96.650
23c
Nov
Dec
Apr
Jan
65o June
75
12.50
Oct
Feb
Laguna
1
Lake Sulphite
No
par
14c
Dec
53c
86,890
60c
Oct
2.15
17c
21,750
17o
Dec
59c
15
90
Oct
39
Feb
106
15
11%
104%
Nov
108
Mar
14H
value.
M
—
—
106
Feb
Feb
59,670
1.40
Oct
3.30
1.18
1.50
15,475
75c
Oct
2.65
1.35
1.27
1.43
71,805
90c
Feb
1.70
Apr
30c
1
Gold
Lake Shore
♦
14,666
71c
1.34
Kirk Hud Bay
9H
Oct
20c
lie
28c
31c
8,900
25c
Oct
1.10
Feb
52%
12H
52 %
52%
8,526
45%
Oct
59%
Jan
10%
13
Dec
27
Aug
1.97
Kerr Addison
26H
30 %
11c
17c
61c
15c
1
*
Oct
16H
19c
62c
Cons..
Jelllcoe
Jan
1,500
43c
1
Mines
Jan
Jan
Dec
/
33c
28Hc
1
10
8.25
405
1
Jack Walte
22%
60
Oct
28%
16H
3,189
45
80
30
Oct
15c
9,775
7,160
♦
Intl Utilities B
15c
15c
1.40
International Pete
Intl Utilities A.
20H
70
1.30
Jan
Jan
15c
61 He
65
15%
180
Feb
20%
13 He
Oct
43
Feb
6.40 May
4H
9%
47%
72c
Oct
80
Oct
4,244
*
1.70
3H May
30
9Hc UKc 221,000
14
13H
International Nickel..
Dec
Apr
35c
16
5
100
...
6,800
Jan
13
100
Intl Mining Corp
20c
7
15
*
Nov
154
18 He
.100
Imperial Bank..
Dec
•
18H
Nov
100
Nov
*
14Hc
Oct
70c
*
20%
12c
B A Oil
1
5H
3H
Howey Gold
4
24
100
7%
1,190
1.50
*
Huron & Erie
8%
British Dominion Oil
Preferred
Jan
6%
5
1
25
21 %
Buffalo-Ankerlte
Dec
1.25
350
1
315
4
11%
6%
Sept
12
55c June
60,000
Homestead Oil
Preferred
Brazilian
5
Dec
9,350
3%
Home OH Co
50,760
325
Brantford Cordage pref. 25
Dec
2
11H
8O0
1.38
12c
4
21,974
Brewers & Distillers
Apr
Aug
3%
Jan
34c
10 H
8.95
Jan
26%
53%
1.10
*
10
9H
*
15
110
18c
Oct
Oct
1.50
Apr
Mar
10 %
Mines
2H
12
7
23 H
3%
..1
1.33
June
*
Bralorne
9%c
1.30
.
♦
15
l
31
2H
11
7
13H
273
Big Missouri
11 He
Nov
75c
5
Dec
Biltmore Hats
*
«.
Highwood Sarcee
Nov
51c
1
-
Hoilinger Cons
5
39c
50
4Hc
6H0
80c
Hlnde & Dauch
234
25c 37Hc 147.200
Bobjo Mines
-
Jan
71
51c
Blue Ribbon pref
Feb
196
Feb
100
29c
Blue Ribbon..
Feb
57c
300
Apr
5H
245
1
Bloodgood Klrkland
63c
Oct
12
*
Intl Milling pref
Beatty Bros A
Nov
4 He
33
Harker
Bank of Montreal
4c
3,700
42,178
10
Hard Rock
500
Jan
500
6c
28
*
Harding Carpets
Apr
Apr
Aug
Feb
25c
39c May
68
6c
12
*
Oct
54%
33
1
.
Mar
Jan
53 %
*
Gypsum Lime & Alabas..*
14c
3Hc
Bagamac Mines
89
12c
49
5Hc
mm
♦
21c
6c
Bank of Canada
72
Oct
6c
«.*»
♦
Mines
20c
4c
35c
30c
30 He
Preferred
10c
""26c
30c
32c
(B) Greening WireCo.
Gunnar Gold...
3.40
Jan
1
..1
Great West Saddlery..
Nov
1.00
912
Jan
1.02
15
Great Lakes Paper...
Nov
93,400
5,800
July
19,900
1,700
54%
18c
3.70
40c
30c
68,329
Preferred
1H
21H
July
65c
Goodyear Tire
30c
165
Dec
3 He
65c May
20 He
Graham Bousquet—. —1
1
Granada Mines
1,000
3.55
Aug
Dec
19c
*
4,955
16H
4,500
14
75 H
lie
30c
54.000
2Ho
4 He
Oct
Oct
7H
58
46c
.
37c
35c
300
64c
—
47c 56 He
Sept
289
16c 109,900
20c
*
Gold Eagle.
Goodflsh Mining
Jan
22Hc Sept
9
4Hc
Gold Belt.
High
Dec
10c
10
77
8%
76
....1
God's Lake Mine
43 H
95o
150
150
Low
125
4,000
36c
1
Auglte-Porcupine Gold__.l
Aztec Mining
50c
3,046
19 H
-——1
As torla-Rouy n
Shares
24c
2 He
1
ArntfieldGold
2.25
10H
1
Ajax Oil & Gas
High
1.75
15Hc
1
Goldale Mines.-
15H
2%c
100
Afton Mines Ltd
Low
Gillies Lake Gold——
1
Glenora..
Sales
Friday
8%
76%
Preferred
inclusive, compiled from official sales lists
Feb
•
1.84
2.01
325
9
Apr
Feb
Volume
Financial
146
Chronicle
265
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Last
Par
Lamaque Contact
Week's Range
of Prices
Week
Price
*
4%C
Low
High
334c
434c
Range for
15,820
3c
Nov
55%
Jan
33o
Oct
100
55
55
60
1
46
4734
48
29,450
Laura Secord
—*
Lebel
63 J*
1-05
6334
6334
1
99c
1.05
6,555
1
Gold
Oro
12 %c
1234c
14c
24,233
2c
234c
Lee Gold
1
Leitch
1
Sales
Range for Year 1937
25
Last
Stocks (Concluded)
High
Low
Shares
Lapa Cadillac
Lava Cap
Year 1937
Par
Mar
75
I 33
Jan
Shares
Price
Towagmac Exploration..l
Ucbl Gold
for
of Prices
Low
High
Toronto General TrustslOO
Toronto Mortgage
50
Jan
28c
Week's Range
Sale
9Q
Landed Banking
Exchange
Friday
for
Sale
Stocks (Continued)
Toronto Stock
Exchange
Friday
1
Jan
85
120
52c
58c
10
1.00
900
1.00
1.30
July
Union Gas
*
13%
12%
10c
Oct
30c
Jan
United Oils
*
23 He
2c
Dec
7%c
Jan
United Steel.
*
35c
Oct
4 00
Oct
77
High
77
Nov
110
Feb
126
Mar
110
Sept
9,050
15,800
58c
68c June
58
Low
5
85
120
Wee
34%c
Nov
2.00
Feb
1.10
Aug
50o June
Jan
13%
964
11%
Oct
23c 24 %c
9,400
12o
Oct
70c
Feb
5%
4%
5,810
2%
Oct
11%
Mar
6
19
Little Long Lac
*
5.40
5.50
1,500
64,550
6,870
Oct
8.40
Jan
Ventures
*
7.00
6.00
7.20
3,491
3.30
Oct
9.10 May
Loblaw
*
23 %
23
2334
470
22
Oct
25
Feb
Vulcan Oils
1
1.20
1.15
1.25
Sept
2.25 June
21%
2034
2134
599
19 %
Oct
23%
Aug
Walte Amulet
*
1.74
1.59
1.84
2,410
23,051
90o
.«
1.00
Oct
4.65
Feb
_*
52%
July
5.05
4.95
5.20
14,625
3 70
Oct
8.60
42%
18%
Oct
.1
Oct
20
Gold
A
B
95c
95c
5.15
1.03
1.35
Jan
Walkers
Macassa
Mines
Jan
Preferred
*
MacLeod Cockshutt
1
1.47
1.37
1.54
Oct
4.85
Jan
1
33 %c
33c
35c
60,914
14,700
80c
Madsen Red Lake
32o
Dec
1.20
Mar
Manitoba A
*
2%c
234c
234c
19,300
2c
June
16c
Feb
Westflank Oil
634
234
18
Jan
Dec
Westons
"2k"
634
234
East
Maple Leaf Gardens pref 10
Maple Leaf Milling
*
Maple Leaf Milling pref..*
3
3
155
5
1
~9%C
*
7
634
100
46
4154
47
*
11
11
1134
8634
87
4034
4134
3,450
1.03
1.10
16,235
1434c 1534c
4,400
13,050
Mines
Maralgo
Massey Harris
Preferred
McColl Frontenac
100
Preferred
9c
934c
734
Oct
7%
II
Nov
12%
Jan
8o
Oct
36C
4%
16%
Oct
74
%
3
5,800
1,945
785
18%
13,700
16c
16c
4
30c
Mclntyre
Mines
5
McKenzle Red Lake
1
1.03
McVlttle-Graham
1
McWattere Gold
*
14 %c
32c
32
1,972
8%
June
32
Merland OH
Mlnto
*
83 %
Dec
Jan
Mar
101
Preferred—.
100
West Turner Petroleum50c
82
Whitewater
—1
105
14c
46,300
13%e
Dec
17c
Dec
6%c
5c
6%c
8,500
5c
Oct
28c
Mar
1,000
l%o
Dec
3c
Dec
*
l%c
1
*
4c
l%c
4%c
2,000
2%
2%
7
5,600
21,110
21,300
A
146
1
Murphy Mines
1
National Grocers
*
26c
24c
28c
Feb
Feb
Dec
20c
I,500
6,800
3c
17%c
Nov
66c
July
2.38
60,337
95o
June
1.98
Apr
Oct
45%
Aug
33
345
60
146
25
2%e
7%
Oct
12,200
14%C
Dec
88c
Feb
254c
3c
4,000
2 He
July
10c
Feb
734
Oct
11
13%
120
Dec
21%
_1
25c
22c
30c
59,900
20o
Oct
1.05
Feb
*
334C
334c
334c
2,500
Dec
12C
Feb
New Golden Rose
1
30c
26c
32c
2 Ho
24c
Dec
1.49
Jan
Nlplsslng
6
1.95
1.89
2.10
1.55
Sept
3.60
Feb
....♦
6634
*
93c
83c
1.00
3c
334c
13c
13c
63c
62c
67c
1.40
1.40
100
Noranda Mines
*
Normetal
Norgold Mines
13%
1234
53
..1
Nordon Oil
1
North Canada..........*
North Star Oil
57
6
12
20,400
1,855
4,203
37,409
5,000
Feb
83
36 H
Oct
65c
Nov
2.23
2 Ho
14c
Oct
16% 0
Jan
750
Dec
490
Feb
22,900
57c
Dec
95c
Apr
1.00
Oct
4.00
Feb
Feb
July
Preferred
5
~3k
334
334
730
3%
Aug
4%
O'Brien Gold
1
5.35
5.15
5.45
Oct
13.25
Jan
*
2.18
2.00
2.25
18,365
23,950
2.50
Okaita Oils
66c
Oct
4.10
Feb
Olga Oil & Gas.....
5c
»
Omega Gold..
534c
3834c 4334c
..1
Orange Crush
4c
17,700
23,864
lc
Oct
12o
Jan
30c
Oct
1.28
Jan
1.50
Dec
3.50
Apr
10
Jan
1.50
*
1.50
25
534
Preferred
Oro Plata
*
65c
Pacalta
*
13c
Oils
534
5
65c
73c
12,800
60c
Dec
11c
14c
31,050
8o
Nov
4
Oct
2.20
o
Mar
Feb
92
91
*
3.80
3.65
4.10
64,529
1.90
June
4.00
Jan
Pandora-Cadillac
1
45c
45c
45c
1,000
34c
Nov
42c
Nov
Pantepec Oil
1
534c
6c
720
2%
Oct
9%
14c
16c
16,850
13c
Dec
36
Jan
July
40
Feb
Payore Gold
_1
1434c
An
92
120
Oct
81
118
Mar
Parkhlll
1
54,300
7Hc
Nov
1
1234c
334c
734c
9c
Partanen-Malartlc..
13c
5c
Oct
410
Apr
Paulore Gold
1
16c
15c
16c
56,800
7,650
8o
Oct
46c
Jan
33o
Oct
1.38
Jan
50 He
Oct
2.50
Jan
Paymaster Cons.
1
60c
56c
Perron Gold
1
1.12
1.02
134c
Pet Cob Mines
.1
5.10
1
Pickle Crow
Pioneer Gold
Porto Rico pref
Powell Rouyn
3.20
15,195
134c
2,000
r. ss
14
5.10
12,322
3.00
3.25
4,465
97
100
Power Corp..
67C 180,295
1.15
9734
85
1.93
27,050
5.00
1.80
14
14
lc
4.10
2.35
96
Dec
Oct
Oct
Dec
3%c
9.20
6.85
103
12
June
2.20
Oct
750
Jan
Brett Trethewey
77c
Feb
8.10
Jan
18o
Oct
52c
Feb
Sales
Week's Range
for
Sale
Par
Oct
Oct
compiled from official sales lists
Last
Stocks-
20c
5.80
Exchange—Curb Section
Jan. 7, both inclusive,
Friday
of Prices
Low
High
Week
Price
1
7c
9c
Range for Year 1937
Low
Stores
9%C
High
Oct
3c
53,350
21o
Feb
Bruck Silk
*
4
4
15
4
Dec
12
Jan
*
9
9
45
7
Oct
10%
Apr
Canada Malting
*
Got
38%
Feb
Dec
21
Feb
Jan
Feb
Feb
Sept
Feb
33%
Feb
26c
34c
32C
34c
5,700
15c
Oct
2»c
July
Premier...
1
2.05
2.00
2.10
4,400
1.50
Oct
4.50
Jan
Preston E Dome
1
1.10
1.05
1.20
II,130
60C
Oct
1.47
Marconi
Canadian
Wirebound.
Consolidated Paper.
.1
70c
6c
8c
4.36
4.30
4.55
37c
45c
20c
22c
2,800
2,300
14,950
2,800
29,950
35c
53c
2,000
2
234
15
*
Dominion Textile.
Honey Dew
3.50
1,228
1.95
Oct
10.00
Feb
1%C
1,000
10
Oct
3%c
Jan
6%
5,661
5
Dec
10
80
Dec
19% May
95% Mar
5%
69c
65c
8%
32%
66
8
60c
300
*
_.
*
8
*
*
Inter Metals A
Feb
Feb
58%
Apr
Oct
18%
Apr
1.75
Feb
5
40c
Oct
125
7%
Sept
26
3,734
15%
7
20c
3
3
3
1,500
Apr
Oct
41%
Feb
Oct
18%
70
35
74
20c
......
15
7
135
7%
72
74
—
*
Langley's
Malroblc
3.60
22%
Oct
22%
25%
100
...1
Townsite
Oct
Nov
24
14
*
Preferred
75
12
*
Hudson Bay MAS
35c
225
50c
Jan
25
8
Jan
3%
25
7%
820
66
15
3,637
8
31
65c
_
Preferred
82
8%
*
Hamilton Bridge
Dec
32%
*
Dominion Bridge
Oct
19%
82
82
*
Oil.
DeHaviland
1.00
25
OH
__
Corrugated Box pref.. .100
Dalhousie
165
1HC
-.1
10
1.25
19%
2.60
3.50
15%
1.15
*
5
Cobalt Contact
30%
19%
1.25
...1
Coast Copper
240
34%
Dec
5
Jan
Mar
108
Oct
14%0
55C
6
4% May
Apr
Feb
1%C
1%C
1%C
2,000
lc
Nov
4%0
Feb
•
17c
17c
17c
500
10c
Nov
69o
Jan
Montreal L H A P
*
29%
28%
30
482
26%
Oct
37%
Jan
National Steel Car
*
35%
33%
36%
670
Oct
57%
Oil Selections
*
4c
4c
500
18%
3%o
Oct
12c
Jan
Pawnee-Kirkland....
1
l%c
lc
i%e
3,000
1%C
Dec
6c
Feb
Pend Oreille
1
2.30
1.85
2.40
37,670
1.25
Oct
6.65
Feb
Feb
1
Mandy
Ritchie Gold
2%c
2%c
1%C
1
Robb Montbray
Robt Simpson pref— .100
♦
Rogers Majestic...
3%
»
Standard Paving
20%
♦
Shawlnigan W A P
3%
.100
%C
3,000
107
125
20%
Jan
122
Feb
17%
2%
10
Jan
8%
Oct
19
579
20
16c
12%o
2% June
35
4%
20
39
1%0
10
3%
Oct
Oct
Dec
2c
3,000
1 %C
20%
2%
20
100
Preferred
2
110
110
Jan
Dec
34
Oct
Feb
9%
Mar
Oct
58o
Mar
Oct
62%
Jan
Jm
Jan
Quebec Mining
Quemont Mines
34%
15%
*
Canada Vinegars
Canadian
Kirkland
43%
•
Page Hersey
Pamour Porcupine
Jan
Feb
Canada Bud
Newbec Mines
National Sewerpipe
Naybob Gold
470
1 to
June
190
140
16c
734
Toronto Stock
Jan.
33% o May
Apr
Feb
*
5c
17c
10
Dec
Jan
Oct
15c
100
-
Ymlr Yankee Girl
2
Feb
Oct
Mar
2.24
Kirkland
Jan
57c
1.18
Oct
12c
24c
39C
2.30
3134
2.03
850
63c
19c
Moore Corp
7.75
5.00
4c
33
39c
7.50
Oct
334c
1734c
1
*
35c
7.55
Nov
3%c
Moneta Porcupine
35c
*
Sept
26c
Monarch Oils
I
Wright Hargrenves—
42%
6c
*
Gold
Dec
13c
Jan
Oct
30
75
*13 %c
White Eagle
13c
1,200
Oct
Nov
Wiltsey-Coghlan
Winnipeg Electric A
1.25
2.10
m
Jan
Aug
Jan
Mar
25o
Mar
Mar
1,100
1.73
*
Deo
12%
36% o
18%
106%
9%
Mar
14%
15,230
2.05
Corp
Morris
37C
1734c 1734c
734c
734c
Mercury Oil
Mining
320
22o
Dec
865
11
78
Dec
4
10,100
34c
10%
Jan
16%
16Hc
50
Wood Cadillac
41%
553
18c
4
11
31
2,299
4
30c
*
43%
18%
Mar
Oct
Wendlgo Gold
1
Western Canada Flour...*
41
*
Prairie Royalties
65c
*
Read Authler
1
Red Crest Gold
*
Red Lake G Shore......*
Reeves-Macdonald
Reinhardt Brew
_20c
*
...
Reno Gold
58c
Riverside Silk
*
Roche Long Lac
1
Royal Bank
100
Royalite Oil
25
11J4C
185
1
St Lawrence Corp
12c
4534
70
12c
12,700
25
85c
Oct
8c
Sept
48C
Jan
Oct
6.85
Feb
20o
Sept
1.95
12c
Nov
1.78
Feb
Oct
1.52
25c
2
July
57c
22
Nov
Dec
17,900
7c
Oct
13
164 H
4
1.35
33
48% c
Jan
Feb
Feb
Dec
227
Mar
578
24
Oct
60
Government
25
56
Jan
78
5
97
Nov
118
10,000
12o June
32c
3%
Oct
10
14 %
Oct
14%
36%
1.55
18,005
1.19
Oct
2.40
7,000
20c
Dec
1.10
1.27
1.50
44,985
90c
Oct
3.95
1.00
1.00
150
1.00
Dec
2.00
3
;
New York • HAnover 2-6363
NY 1-208
( V
V.C'lltl
3
6
634
88
85
88
100
3
Dec
32
5
Deo
225
78
Dec
.J*
110
Bonds
Closing bid and asked quotations, Friday, Jan. 7
Feb
bid
Oct
Abltibi P A Pap ctfs 6s '63
Sept
Alberta Pac Grain 6s.1946
Jan
Beauharnois Pr Corp 5s '73
Feb
Bell Tell Co of Can 5s. 1955
1
3.30
3.20
3.40
Nov
6.65
Jan
1.02
87c
1.08
22,015
94,825
2.40
...1
74c
Oct
2.49
Jan
1
Siscoe Gold
•
Industrial and Public Utility
Feb
*
Corporation
Bell System Tele.
Jan
23c
100
*
York, Montreal and Toronto
Apr
21c
Preferred......
SECURITIES
Municipal
wwwwwww twrv www
Aug
1.35
Simpsons B
30
Jan
200
1634
23c
1.43
16o
153
June
1.45
*
15,500
Royal Securities Corporation
30 Broad Street
Apr
I
...
•
Private wire connection between New
Mar
1
Sherritt Gordon
25c
40
39
CANADIAN
Apr
San Antonio
Silverwoods
19c
24c
.
June
Shawkey Gold
Silverwoods pref
.
United Fuel pref
Feb
1334c
534
5
50
Temiskaming Mines
Jan
27c
2.25
1634
._*
A.
185
10334 10334
.100
St Anthony.
,
12c
70
100
Preferred
182
60c
25
10C
4534
■«
Russell Motors
58c
25
315
lie
10c 1134c
9,300
10c
Dec
2.50
Feb
3,500
5c
Dec
19c
Aug
Canadian Inter Pap 6s '49
2,350
25c
14,000
45c 822,320
151
6934
40c
Oct
2.00
Feb
Canadian Lt A Pow 5s 1949
Burns A Co 5s.
.
1958
/58%
66%
69%
Bid
Ask
59
67%
70%
112% 113%
60%
MacLaren-Que Pr 5%s '61
Manitoba Power
5%s.l951
Ask
103% 104 %
75
78
97h
98%
Maple Leaf Milling—
2%s to '38—5%s to '49
Massey-Harns Co 6s.. 1947
40
Slave Lake
Southend Petroleum
Southwest
7c
65c
20c
*
itadacona
*
Steel of Canada
32c
*
Preferred
66c
*
Petroleum
Spy Hill Royal
10c
25
30c
6734
'6234
60
6234
1434c 1534c
Calgary Power Co 5s. -1960
Canada Bread 6s.
1941
94%
McColl Frontenac Oil 6s '49
108
Minn A Ont Paper 6s. 1945
103% 104%
36% 37
Canada North Pow 5s. 1953
Bladen Malartlc
103% 103%
Montreal Island Pr 5%s '67
103
94%
95%
96.%
102
94
26c
Dec
Canadian Vickere Co 6s '47
93
28
Nov
2.85
Apr
Cedar Rapids M A
96
Feb
Consol Pap Corp
173
Nov
88
Mar
5%s ex-stock
P fis '53
5%s 1961
1961
113% 115%
Oct
/54
/45
23c
Dec
Straw Lake Gold
•
15c
22,500
9Hc
Oct
15% 0
Oct
Dom Gas A Elec 6%s. 1945
Sudbury Basin....
Sudbury Contact
*
3.45
2.95
3.60
6,350
1.75
Oct
6.90
Feb
15c
1234c
15c
9c
Oct
40%O
Jan
Sullivan Cons
1
1.00
97c
1.02
80c
Oct
3.25
Jan
East Kootenay Pow 7s
Sylvanlte Gold
1
3.10
3.05
3.20
9,200
5,220
11,250
2.50
Oct
4.80
Feb
15
1434
570
10 %
Dec
Tashota
1
334c
3c
334c
3,540
3c
Oct
16%
28% c
Jan
Feb
Teck Hughes
*
5.60
5.50
5.70
11,770
4.25
Oct
6.00
Jan
Int Pr A Pap of Nfld 5s
Texas Canadian
*
1.30
1.31
9,900
Jan
Lake St John Pr A Pap Co
Tip Top Tailors.....
*
13
45%
Donnaconna Paper Co—
1
Tamblyns
Preferred
1.20
1234
106
100
15
2.35
10
Feb
16
Aug
5
106
Dec
110
June
Oct
Nov
46
1
2.50
2.30
2.55
1534
1534
16
Oct
80
Toronto Elevators—..—*
To burn Gold
1.00
13
106
4,240
85
1.79
16
4.65
Jan
Apr
1939
3%s
1956
3%s
1973
Montreal Tramway 5a 1941
Ottawa Valley Pow 6%s'70
Power Corp of Can 4%s '69
par
52 H
55
78%
79%
1958
72
73
1942
95
97
1949
Fraser Co 6s—Jan 1 1950
Gatlneau Power fie
1956
47
50
---
Montreal L H A P (150
5s
value) 3s
Dec
1
1967
104%
*47
Saguenay Power 4%s A '66
4%s ser B
....1966
Shawlnigan WAP 4%s *67
Smith H Pa Mills 4%s '51
Gt Lakes Pap Co 1st 5s '55
94%
95%
'68
...
95%
96%
99% 100%
105% 106
100
101
102%
101
United Grain Grow"5s.l948
101%
50%
101% 102
50
4s
Eastern Dairies 6s
97%
104
98%
Provincial Pap Ltd 5%s
102
1961
96
6s
1951
68
...
.
-
103
103% 104
103
United Secure Ltd 0%s '62
65"
Winnipeg Elec Os.Oct 2 '54
5%s—
«
100% 101%
76%
.—
65%
...
Financial
266
Quotations
New York
Jan. 8, 1938
Chronicle
Over-the-Counter Securities—Friday Jan. 7
on
Ask
983*
97 J*
1003* 102
1 1977...
a3s
Jan
a33*s
a33*s
a33*s
o33*s
a33*s
a3?*s
1 1975—.
July
1 1964...
May
1 1954...
Nov
1 1960...
Mar
15 1976...
Jan
1 1975...
July
«4s
May
Nov
1 1958
1033* 104
a43*s
a43*s
a43*s
a43*s
a43*s
a4>*s
a43*s
102
103
105
108
1093*
,—
1123* 113 3*
1123* 11334
114
11434
1133* 11434
113?* 11434
114
1153*
1 1963.
1 1977...
108
109
Oct
1 1980...
109
110
a43*s Sept.
1 I960—
a43*s Mar
a43*s Mar
1 1962...
1103* 1113*
1103* 111**
110?* 1115*
City (National)
123*
Commercial National.. 100
First National of N
140
146
800
100
Y..100 1780
Fifth Avenue
850
Peoples National
Public National
1820
Sterling Nat
35
45
Trade Bank
100
National
Flat bush
62.65 less 1
62.75 less 1
3a 1974
3a 1981
World War Bonus—
62.10
43*8 April 1940 to 1949.
Improvement—
4« Mar A Sept 1958 to '67
Canal Imp 4s J&J '00 to '67
Barge CT4s Jan '42 & '46
Barge C T 43*s Jan 1 1945.
Highway
Canal & Highway—
1964 to *71
4^8 Sept '03
Canal Imp 4?*s Jan 1964..
Can & High Imp 4Ma 1965
5s Jan 6c Mar
Highway Imp
62.90
130
...
130
127
---
National Bronx
New York Trust
100
365
Irving
8
90
95 3*
46
53
58
13
16
New York
113*
13
Title Guarantee
53
54
23
—.10
-
Manufacturers
York1 1975.
3?*s '65
Gen A ref 3d aer 33*s '76
Gen A ret 4th »er 38 1976
Gen A ret 33*s
1977
George Washington Bridge
43*8 aer B 1940-53.M N
104
1013* 103
973*
903*
983*
98
1938-1941
1942-1960
105
1133*
43*8 ser E
M&S 50.50
M&S 111
...
Allt
to
Pari
160
Northern Trust Co...
185
SAN
1013* 103 3*
216
212
——
Par
43'
45
Homestead Fire
26
273*
593*
623*
183*
203*
5
10
Newark...23*
American Re-Insurance. 10
American Reserve
10
American Surety
25
Automobile
10
253*
263*
Lincoln Fire
American Home
>S8
10
12
Bid
Philippine Government—
43*8 Oct
43*8 July
1013*
100
4a 1946
Alt
Bid
32
34
Maryland Casualty
1
Mass Bonding & Ins._ 123*
Merch Fire Assur com
5
22
Merch & Mfrs Fire
53 50
Honolulu 6s
1959.
102
102
Govt of Puerto Rico—
5s
Apr
1955.
5»
Feb
103 3*
1033*
1003* 102
105?* 107?*
1083* 1103*
1952.
53*8 Aug 1941.
Hawaii 43*8 Oct 1956.
114
5s
July
107 3* 109
—
1103*
1083* 111
108
U 8 conversion 3s 1946
Conversion 3s 1947—
116
Boston
Carolina
City of New
63*
723*
18
20
18
193*
18
York......10
555
193*
263*
Life...10
Continental Casualty
6
243*
233*
253*
23*
Employers Re-Insurance 10
33*
43*
Connecticut Gen
Eagle Fire
Federal Land Bank
Bonds
J&J
J&J
3s 1958 opt 1946
M&N
33*8 1955 opt 1945..M&N
1945
3s 1956 opt 1946..
3s 1955 opt
'Bid
Ask
Bid
1023* 102?*
1023* 102?*
1023* 102?*
All
1'OH
110 H
1944
1958 opt 1938
J&J
101 »„
4s
M&N 100">t«
uVH 1033*
43*8 1958 opt 1938..M&N
4a 1940 opt
•
100
99
Atlanta 3s
Bid
Louisville 5s
97 3*
100
New York 5s
Burlington 5a
/45
55
100
102
North Carolina 5s
Ohio-Pennsylvania 5s
Oregon-Washington 5s
Pacific Coast of Portland 5s
Pac Coast of Salt Lake 5e._
Pac Coast of San Fran 5s..
99
...
6?*
Chicago 4J*a and 5s
/5?*
Dallas 3s
993* 101
963* 973*
Denver 5a
91
893*
First Carollnas 5s
102
43*8..
100
First of Montgomery 5s...
94
96
First of New Orleans 5s
973*
993*
First Texas of Houston 5s.
973*
99
First of Fort Wayne
First Trust of Chicago 4
101
99
3*s
100?* 102?*
Fletcher 33*s
Fremont 4?*s and
Greenbrier 5e
i
Providence-Washington
Fran25
5
—6
71
Iowa of Sioux City
253*
Corp5
313*
333*
19
21
Fireman's Fd of San
83*
Firemen's of Newark
82
93
96
La Fayette 5s
993*
Lincoln 43*s
62
5s—
6
7
10
203*
22 3*
203*
22 3*
76
23
Stuy vesant...
10
5
Home
Y).2
Republic (Texas)....
Revere (Paul) Fire
20
38
133*
25
293*
106 V*
7b
983*
973*
5s
13 3*
97
99
99
Virginia-Carolina 3s
101
101"
103 3* 106 3*
450
643*
U S Fire
54
56
U 8 Guarantee
263*
283*
Westchester Fire
Bid
Allied
.4
10
2.50
1953
"53
'63
Associated Mtge Cos Inc—
Debenture 3-6s
1953
Coot' Inv Bd Corp 2-5s '53
44
Series A 3-6s
82
Ah series 2-5a
Arundel Bond Corp 2-5s
54
Series B 2-58
7u
Deb Corp 3-6s
Arundel
100
50
60
New York
Atlantic
100
38
42
North Carolina
16
493*
423*
443*
293*
303*
2-5s'55
1953
Nat
Bid
A st
...100
9
12
44
-
-
100
42
46
74
Pennsylvania.
100
22
10
15
Potomac
..100
65
100
50
San Antonio
..100
33
37
First Carollnas
2
5
Virginia
13*
Virginia-Carolina
5
100
1
Fremont
100
100
Lincoln
100
433*
463*
'53
433*
463*
..1953
433*
463*
Deben¬
ture Corp 3-6s
1953
Potomac
Realty
Atlantic
Deb Corp 3-6s
1953
Realty Bond & Mortgage
deb 3-6s
1953
Unified Deben Corp 5s 1955
433*
FYanklln Deb Co
3-6s
47 3*
72
—
Potomac Maryland
84
—
/26
72
43 3*
29
...
46 3*
71
44
32
75
Des Moines
40
Nat Deben Corp
1953
3-6s.
20
....100
series)
2-5s '53
3-6s.l953
Funding
72
Corp—
1953
Potomac Cons Deb
-
---
Potomac Deb Corp 3-6s
32
Ask
533*
(all
Corp
Issues) 2-5s
46
part ctfs
Bondholders
(Central
Nat Cons Bd Corp
Bond
Potomac
77
Corp—
1954
1954
...
Potomac
1945
Inc 2-5s
Atlanta
143*
47 3*
Bid
Nat Union Mtge
Mortgage Bond Co of Md
Joint Stock Land Bank Stocks
Par
6
Bonds and Debentures
ASk
Mtge Cos Inc—
2-38
A si
28
423
233*
293*
Empire Properties Corp—
71
Bid
26
5
623*
ConL Inv DebCorp 3-6s'53
70
/12
43*8
103*
20
413
Sun Life Assurance
Surety Guaranteed Mortgage
Interstate Deb Corp
Par
83*
7
63*
189
400
273*
22
93*
5
53*
180
"...—5
100
Travelers
100
U S Fidelity & Guar Co..2
.......
803*
Reinsurance Corp (N
113*
83*
87 3*
76 3*
10
70
63
...
10834
99 3*
Southern Minnesota 5s
78
107
5s
Southwest 5s
122
843*
263*
73
183*
36
Republic
s.eambouer...
.
10
Rhode Island.
5
Rossia...
,.*—5
St Paul Fire & Marine.-.25
Seaboard Fire & Marine. .5
Seaboard Surety
10
Security New Haven
10
Springfield Fire & Mar..25
Fire.——....5
5
Globe & Rutgers Fire...15
2d preferred
...15
Great American
...6
Grear Amer indemnity
1
Halifax
10
Hanover......
...—10
Hartloru lire.
10
Hartforo
Pacific Fire
213*
10
27
Union of Detroit
43*s...
243*
101
San Antonio 3s
143*
763*
263*
40
101
'24
65
Kentucky 5s
133*
73 3*
mmm
100
St Louis
263*
42
mmm
Potomac 5s
1003*
Illinois Midwest 5s
99 3* 101
100
100
253*
403*
373*
73
..
55
113*
15
613*
—
99
105
102
99
/ 5
99
.003*
100
5s
60
....
3*
9)3*
106?*
Pennsylvania 5s
Phoenix 43*s
100
5s
Greensboro 3s
9'
si
1 >2
1
California 5s
Atlantic 3s....
1
73*
112
103*
29
58
Globe &
10C
108
27
93
Preferred Accident
Jlbraitar Fire & Marine. 10
Ask
553*
10
Fidelity & Dep of Md—20
Fire As8n of Phlla
10
96
Glens Falls
Bid
533*
63*
13
Phoenix
Georgia Home
Bank Bonds
173*
5
Northwestern
53*
333*
General Reinsurance
Joint Stock Land
6
4
117
42
4?*
313*
P-nnklin Fire
1033* 103?*
93*
83*
National.25
25
10
40
...5
10
Excess.
Federal
'
42
153*
2.50
North River
43*
40
i8
Merchants
69 J*
3 3*
33*
37
National Casualty
545
6
10
Camden Fire
New'kS
(Providence)..5
10
National Fire
10
National Blberty
2
National Union Fire
20
New Amsterdam Cas
2
New Brunswick
10
New Hampshire Fire
10
New Jersey
20
New York Fire
2
Northern
12.50
403*
263*
53*
23*
25
...—100
Bankers & Shippers
103*
23*
5
253*
Baltimore Amer
3.50
d3.70
1958
1948
43*8 July
83*
58
553*
93*
383*
118
114
1961
U S Panama 3s June 1
1952.
3.00
203*
.
153*
73*
Knickerbocker..
American of
2 3*
13*
143*
10
25
Ask
Bid
.10
Home Fire Security
..10
...
American Alliance
Bonds
51
Importers & Exporters...5
Ins Co of North Amer
10
Aetna Life
Agricultural
Ask
4y
I
American Equitable
1103* 112
300
'510
Companies
93
89
10
.....-10
10
Ast
I
,85
—123*'
A Sl
Bid
Aetna Caa & Surety
Aetna..
FRANCISCO
Bk of Amer NT&SA
Bid
2/5
00
100
Harris Trust & Savings, i
Insurance
11234
D
M&S 50.75 to 1.25%
108 34
M&S 107
United States Insular
1470
1420
Banks
Ask
Bid
Bank
& Trust
100
Continental Illinois Natl
Bank & Trust—-33 1-3
First National...;
100
1.50%
Inland Terminal 43*8 ser
1938-1941
73*
90
80
100
100
Chicago & San Francisco
Par
1942-1960
513*
96
6?*
mmm
Bid
Holland Tunnel
1083* 1093*
39
49 3*
93
122
Ask
Gen & ref 4s Mar
37
1103*
York Authority Bonds
Gen A ref 2d ser
.20
20
25
& Tr—20
Preferred-——.
American National
Port ol New
1650
33
Lawyers.
*
Bid
12 H
11?*
28
United States
Par
Port of New
220
260
1600
Underwriters
22
Empire......
122
Ask
Bid
200
255
983*
44
...100
21
100
——25
Kings County
6
85
20
Trust-10
Clinton Trust
50
Colonial Trust
25
Continental Bank & Tr.10
Corn Exch Bk & Tr
20
27
17
100
100
...-10
Guaranty
513*
493*
33 3*
25
Par
Fulton
106
355
12
65
Companies
Ask
Bid
Par
14
>
313*
25
Bank & Tr 25
123*
Central Hanover
Ask
54
Penn Exchange—
xMerchants Bank
125
Chemical Bank A
Bid
60
293*
Brooklyn
Ask
10
28
Bankers—10
Bronx County
7
Bid
45
12
10
National Safety Bank.
55
95
Italians-100
Bk of New York A Tr..l00
Bonds
40
123*
353*
48
-. .
Banca Comm
New York State
100
Bank—50
15
33 3*
1153* 117
117
11834
1 1979.
65
100
2-3
50
13.56
Bank of Yorktown..66
Bensonhurst National
115
1 1967.
15 1971.
100
21?*
Chase
Ask
Bid
Par
National
Kingsboro
233*
Bank of Manhattan Co. 10
1143* 11534
11634
1 1965.
May
a4s
113
112
1 1957.
a4s
1 1964—
1113* 11234
111** 112?*
1 1957.
1083* 1093*
1083* 1093*
112
111
1 1960
Apr
Apr 15 1972
1 1974
June
15 1976.
Feb
1 1977.
Jan
Nov 15 1978.
1 1981.
Mar
103
1 1959...
May
a4b
105
104
1 1957...
a4s
103?* 104?*
Ask
Bid
Ask
Bid
Par
Bid
Bank Stocks
New York
City Bonds
Denver
71
.100
Dallas
3*
55
Telephone and
13*
65
3
Par
Am DlstTeleg (N
Preferred
J) com.*
100
Bid
Telegraph Stocks
Par
Ask
90
86 3*
112?* 114?*
New York Mutual
20
25
*
14
Telegraph
Canada... 100
163
165
Pac & Atl
pref...l00
Cuban Telep 7% pref..l00
117
118
Peninsular Telep com
Bell Telep of
Bell Telep of Pa
42
Federal Intermediate Credit Bank Debentures
...
Emp & Bay State
Bid
Bid
Ask
Ast
53 3*
58 3*
Franklin Telegraph
32
38
*
86
88 3*
100
Tel.. 100
75
80
118
121
Gen
Tel.. 100
100
Telep Allied Corp¬
se preferred
15
15
FIC 13*8...Mar 15
FIC 13*8—Apr
15
FIC 13*8—May 16
FIC 1>*8
Jan
F I C 13*8.—Feb
1938
1938
1938
1938
1938
5
.25%
6.30%
6.35%
6.40%
6.40%
FIC
13*8... June
FIC 13*s.. .July
FIC 13*8... Aug
FIC 13*8...Sept
15 1938 6.45%
15 1938 6.50%
15 1938 6.50%
15 1938 6 .55%
For footnotes see page
So & Atl
269.
107
100
110
Engl Telep
Ask
25
17
263*
1103*
,
25
100
pref. 100
Telep 7% pf.100
Telegraph
8'western Bell Tel
Wisconsin
23 3*
100
Telephone—
16.50 1st pref
Sou New
Int Ocean Telegraph...
Mtn States Tel &
Preferred A
Rochester
Bid
Tel. 100
.
...
16
20
146
148
1193* 1213*
1163* 1183*
Volume
146
Financial
Quotations
on
Chronicle
267
Over-the-Counter Securities—Friday Jan. 7—Continued
RAILROAD
Guaranteed Railroad Stocks
bought
.
sold
.
.
quoted
Earninga and Special Studies
3o$epb Walkers Sons
Mcmbtn N<rw York Stotk
Extbamgt
Dealers ill
120 Broadway
JOHN
Tel. REctor
41 Broad St.. NY.
2-6600
STOCKS
Bulletin
E. SLOANE A CO.
Members New York Stcuriiv Dealers Association
GUARANTEED
NEW YORK
Monthly
Request
on
-
HAnover 2-2465
-
Bell Syst. Teletype
NY 1-024
Since 185SL,
Railroad Bonds
Guaranteed Railroad Stocks
Akron Canton A Youngs town 5 Ms
1945
/47
49
1945
/47
49
1953
80
...1939
45
47
1957
94
97
94 m
96
.
Augusta Union Station 1st 4s
Dividend
Bid
Far in Dollars
Asked
Alabama A Vicksburg (Illinois Central)
loo
6.00
|63
68
AiDanv a Susquehanna (i>i«ware A Hudson)
AL-^oeny f. Woe tern ^ml Roch A Pitts)
100
10.60
115
125
100
0.00
50
61
32
Boecu Creek (New York Central)
Boston A Albany (New York Central)
2.00
29
.100
8.75
93
96
Boston A Providenoe (New Haven)
100
8.60
70
70
Canada Southern (New York Central)
100
2.85
40
43
% stamped .100
Cleve Clnn Chicago A St Loula pref (N Y Central) ..100
Cleveland A Pittsburgh (Pennsylvania)
60
6 00
*77
80
..60
...
......
Carolina Cilnchfleld A Ohio Commons
6.00
80
88
3.60
77
80
stock....................
60
2.00
47
60
Delaware (Fennsylvau a)
...
Fort Wayne A Jackson pref (N Y Central)
25
2.00
39
42
100
6.60
68
03
Georgia RR A Banking (LAN-AC L)
Lackawanna Rlt of N J (Del Lack A Western)
100
10.00
*170
176
100
4.00
42
45
Betterment
New York Central)
Michigan Central
Morris A i^sex (De
New York nacku >vann» A Western
Northern Centr
Northern RR
100
jxik A Western)
<
D L A W)
(Pennsylvania)
.
6.00
35
57
4.00
Pittsburgh Bessemer A Lake Erie (U S Steel)
90
30
35
4.50
60
93
4.00
60
(Erie)
(Del Lack A Western)
>swego A Syra :use
1000
32 h
63
3.875
N J
c
900
00.00
60
100
43
48
50
1.50
60
3 00
75
80
Pittsburgh Fort Wuyne A Chicago (Pennsylvania)..100
7.00
105
168
100
7 00
170
175
100
6.82
865
70
100
100
6.00
137
142
3.00
68
72
100
0.00
137
142
100
Chenango A Susquehanna (D L A W)
100
Va ley (Delaware Lackawanna A Western)
100
Vicksburg Shreveport A Pacific (Illinois Central)... 100
10 00
235
235
0.00
67
03
Preferred
....
....
Preferred
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st p ef (Terminal RR)
Second
preferred
....
Tunnel RR St Louis (Terminal RR)
United New Jersey RR & Canal (Pennsylvania)
U
lea
Preferred
War
en
RRoi N J (Del Lack A Western)
WOjI Jersey A Seaehor
37
38M
6.00
60
5.00
50
65"
5.00
100
54
58
Baltimore A Ohio 4Mb
Birmingham Terminal 1st 4s
Boston A Albany 1st 4Mb
Boston A Maine 3s...
April 1, 1943
60
3.50
29
32
3.00
68
01
1950
40
45
1942
42
48
48
53
Convertible 6s
1940 45
47
53
1901
-
89
93
Buffalo Creek 1st ref 50
Chateauvay Ore A Iron 1st ref 6s
/30
42
00
05
1995
65
72
1945
34
39
Goshen A Deckertown 1st 6Ms
1st 6s
..1978
80
Hoboken Ferry
...1940
55
Kansas Oklahoma A Gulf lat 6s
...1978
8
88
1949
85
87
1955
93
97
Little Rock A Hot Springs Western
lat 4s
Macon Terminal lat 5a
■
Maryland A Pennsylvania lat 4s
03"
9
1939
Long Island ref mtge 4s..
60
1951
46
Meridian Terminal 1st 4*
1955
85
90
Minneapolis St Paul A Sault Ste Marie 2d 4s
1949
31
85
Montgomery A Erie 1st 6s
1950
80
._
New York A Hoocken Ferry general 6s
1940
50
00
1906
90
92 m
..1951
69
01
1945
83
86
1957
7u
..1951
87
..1955
83
90
1965
46
53
Southern Illinois A Missouri Bridge 1st 4a....
Toledo Terminal RR 4Mb
1951
7C
Toronto Hamilton A Buffalo 4Mb..
1900
Washington County Ry lat 3 Me
1964
Piedmont A Northern
Ky
1st
trnge 3 Mb
Portland RR 1st 3 Ms
Consolidated 5s
Rock Island
...
Frisco Terminal 4M-»
St Clair Madison A St
Louis 1st
m
Shreveport Bridge 4 Terminal lat 6s
Somerset Ry 1st ref 4a
Far'
...
Bid
64 M
7 -i
74
3m
$7
6M
preferred
*
6m
Atlantic City El 0% pref.*
110
Bangor Hydro-El 7% pf 100
80
110M
108 m
81
1967
87
50
47
Ask
62 M
Original preferred
$0.60 preferred
91
Utility Stocks
Arkansas Pr A Lt 7% pref *
Associated Gas A Electric
Stroud & Company Inc.
67
1949
Georgia Southern A Florida 1st 5s
Alabama Power %7 pref.
Quotations-Appraisals Upon Request
73
1942
.1905
Choctaw A' Memphis 1st 5a
Cincinnati Indianapolis A Western 1st 6s
Cleveland Terminal A Valley lat 4s.
Public
EQUIPMENT TRUST CERTIFICATES
85
...1944
Prior i»en 4s
Prior ben 4M«
.,
50
(PenD ylvanla)
Asked
Bid
(Guarantor in Parenthesis)
7M
7M
115
Par
Mississippi P A L $6 pref.*
Miss Rlv Pow 0% pref.100
Missouri Kan Pipe Line..6
Monongahela
West
Penn
Pub Serv
25
7% pref
Bid
58
103 M
100
6M
6M
24 M
26 M
Mountain States Pr com..*
H
1M
10 M
19M
121
7%
preferred
100
62
0«~"
Nassau A Suf Ltg 7% pf 100
17 M
21M
22
Nebraska Pow 7% pref.100
Newark Consol Gas
100
109 M
25
Carolina Pr A Lt $7 pref..*
83m
85 M
78 m
80 m
7%
Private Wire* t* New York
75 m
77
$0
65
67
79
81M
Birmingham Elec $7 pref
Philadelphia, Pa.
All
50 M
Buffalo NiagaraAEastern—
$1.60 preferred
19 m
111
120
New EngG AE5M% pf-«
Railroad
Bid
62.25
gg
'
3 m S~dei
m
64.00
m
"l 1936-19441._
4.00
3.00
64.00
Boston A Maine 4mb
1.50
4.00
64.50
5s
3.00
64.00
3.00
63.50
2.75
Bid
Missouri Pacific 4mb
5s
3.75
64.25
3.75
2.60
preferred
100
Dallas Pr A Lt 7% pref. 100
Derby Gas A El $7 pref..*
5s
62.00
1.25
64.00
6s
3.00
3.50
Essex
3.50
3.00
Northern Pacific 4mb
61.75
1.20
62.00
1.25
2.00
61.60
1.00
62.90
2.00
61.75
1.00
4b series
60.00
5.00
E due
66 00
5.00
66.50
5s
6.50
Pere Marquette
6.50
Dec 1 1937-50
St Louis Southwestern 5s..
3.50
3.50
U5Ms
64.50
3.50
64.00
2.60
64.00
Northern 4Mb
3.60
62.80
....
2.16
61.80
Slnois Central 4mb
wi* |
1.25
61.75
5s
Hocking Valley 5b
1.00
64.50
3.25
3.25
Internat Great Nor 4Mb..
64.50
64.50
Long Island 4 Mb
63.40
2.60
5s
—
3.50
98
3.75
Central 5s
5 ms
178
*
100
preferred
7% preferred
7%
108 M 110M
23
25
4m
6M
100
37
39
Jamaica Water Supply—
7M%
preferred
60
62
85
63.60
2.50
Long Island Ltg 6% pf.100
32 m
34 M
62.75
2.00
63.25
2.50
63.25
2.50
7% preferred.:
100
Memphis Pr A Lt $7 pref.*
Mississippi Power $0 pref.*
$7 preferred
*
38 m
Texas Pacific 4s
5s
62.25
Vlrglnla'Ry
4 mb 1111111
5s.-_
Wabash Ry 4mb
5s
_
.
1.00
1.00
61.70
Far
*
90
1.10
100
96
63.00
108
7% pref
(Minn) 6% pref
100
,-._*
Ohio Edison $6 pref
$7 preferred
*
98 m 100
71
73 m
91M
92
91 m
93
100m 102 M
109 m
lllm
80 m
preferred
100
Okla G A E 7% pref...100
Pacific Pr A Lt 7% pf-.lOO
Penn Pow A Lt $7 pref..^*
Queens Borough G A E—
0% preferred
100
94 M
88 m
90 m
101M
Republic Natural Gas
1
98 M
50M
62 m
90
91
37 M
39 M
3M
•±M
Rochester Gas A Elec—
preferred C
100
Sioux City G A E $7 pf.100
6%
94
96 M
84
87
25M
26M
Calif Edison—
6% pref series B
25
South Jersey Gas A El. 100
Tenn Elec Pow
0% pf.100
preferred
100
7%
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A.100
178
40 m
53
61
Utah Pow A Lt $7 pref..*
53 m
56M
Virginian
45
49 M
100
98 M
46 M
51M
101M
99 M
United Gas A El (Conn)
50
47 m
Bid
preferred
7%
100
74
36M
100
140
Par
Ry
Ask
7
9
77
Bid
77
38
152
Kress (S H) 6% pref
Ask
85
1M
2
*
10
10M
*
3.75
64.50
i._*
2.25
64.60
7%
30
32
Miller
11M
(I) Sons common..*
6M% preferred
100
Murphy (G C) $5 pref.100
4
21M
12
9
28
3.75
3.00
209.
(Del)
90
•
2H
3M
100
7%
14M
100
Kobacker Stores
7%
preferred
Reeves
(Daniel) pref
100
98
102
100
18
95 M
..*
For footnotes see page
7% cum pref erred... 100
Northern States Power—
Chain Store Stocks
1.00
90
5 mb
106
100
Minn St P A S 8 M 4s
93 M
»
1.00
61.70
90
Western Maryland 4Mb
Western Pacific 6s
50 M
91M
$0 cum preferred
1.60
61.60
61.50
Union Pacific 4mb
5b
34 m
54
83m
Southern Ry 4Mb
6s
4mb
■3M
49 M
Southern
Utilities—
preferred
33 M
90
3.00
104
30
6 Ms
3.00
100
Kings Co Ltg 7% pref..100
6b
64.00
27
2.40
3.00
1.10
63.75
24 m
2.00
2.60
63.75
22 M
24
62.60
64.00
61.75
5a
22 m
63.00
6Ms
*
New Orl Pub Serv $7 pf..*
New York Power A Light—
7%
Jer Cent P A L 7% pf-100
Kan Gas A El 7% pref. 100
Southern Pacific 4Mb.-.
60 m
Idaho Power—
Iowa Southern
64.60
23 m
69 M
Ohio Power 0% pref...100
Ohio Pub Serv 0% pf._100
120
Interstate Power $7 pref..*
61.75
I-
*
*
preferred
2.50
63.40
68
Loulsv A Nash 4Mb
cum
2.50
97
3.50
64.60
...
.
2.50
64.50
08
$7
Interstate Natural Gas...*
95
5b
H?rr6H9....
33 m
178
Gas A Elec of Bergen.. 100
2.50
94
4Mb
64.50
28 m
78 m
115
21
$6 cum preferred
$0.50 cum preferred
2.00
63.10
St Louis-San Fran 4s...
64.50
100
62.75
62.10
90
6s
Denver a R G West 4Ms~
Gas
63.25
4mb
6b
87
Trustees' ctfs 3 Ms
Hudson
$0
Reading Co 4mb
66.50
_
Chicago R I A Pacific—
112
Hudson County Gas...100
2Mb series G non-call
Jan A July 1937-49
Chu MUw A St Paul 4Mb
6s
76 m
Federal Water Serv Corp—
64.50
6s
6M
45
95
3.00
64.50
N Y N H & Hartf 4 Ms
5s
Pennsylvania RR 4mb
6s
7%
64.00
2.75
2.70
62.75
Chicago A Nor West 4mb.
5
40
93 m
Continental Gas A El—
03.25
64.00
New On Tex A Mex 4Ms.
New York Central 4mb..
22 M
N E Pow Assn 0% pref.100
New Eng Pub Serv Co—
$7 prior lien pref
preferred
100
preferred
100
Cent Pr A Lt 7% pref._100
Consol Elec A Gas $0 pref. *
Consol Traction (N J). 100
Consumers Power $5 pref.*
64.25
4 Ms
Maine
3.75
63.25
Cheeapeake A Ohio—
Great
8.00
64.00
63.50
68
Canadian Pacific 4mb
Cent RR New Jersey 4Ms.
4mb
5s
Ask
64.00
5 mb
N Y Chic & St L 4Mb
Canadian National 4 Ms
preferred
Central Maine Power—
Ask
64.50
Atlantic Coast Line 4Ms..
Baltlmcre A Ohio 4)48
0%
Equipment Bonds
7
9
*
12
18
100
74
82
United
$5
Cigar-Whelan Stores
preferred
♦
20M
22
Jan.
Chronicle
Financial
268
1938
8,
Securities—Friday Jan. 7 -Continued
Quotations on Over-the-Counter
Water Bonds
Public Utility
Utility Serv
Conv deb
Conv deb
Conv deb
Conv deb
87
Green Mountain
Pr 5s.l948
102
44
Kan City Pud
Kan Pow A Lt 1st
59
61
5)4s._1955
Edison 4e ser G '65
Missouri Pr A Lt 3 )4s. 1966
Metro p
91
90
92
75
Narragansett Elec 3 )4s '66
26
28
22
27
Newport N A Ham
27
28
27
30
37
27
Secured notes 3 )4s—1947
28
27
37
99
99)4
Old Dominion par
108)4
5s.. 1952
Pennsylvania Elec 5s. 1982
1st 4s '65
87
89
77
81
Peoples L A P 5)48—1941
Public Serv of Colo 68.1961
64
66
Pub Utll Cons
69
10l"
105)4 106)4
76)4
/74)4
71
58
2%
fVA
with stk '52
37
38
5s..l958
5s..l957
1946
Western Pub Serv 5)4s '60
Wisconsin G A E3)4s_1966
Wis Mich Pow 3)48-1961
Western Mass Co 3)4s
105
6s...1953
Consol E A G 6s A
1962
Is series B
1962
Cumberl'd Co PAL 3 )4s *66
Utlca Gas A El Co
38
39"
37)4
39)4
98)4
99
3 )4«. 1967
1961
1st mtge 48
64
63
121
2360
85
83
102)4 103
103)4 104
105)4 106 H
Dorset (The)
1st 68...1941
m
/34
/20
mm
36
N
22
1st A gen
36
35
55
58)4
51
51
N Y
53)4
47
1947
Eqult Off Bldg deb 6a. 1952
Deb 6s 1952 legended
60 Bway Bldg 1st 3s lnc '46
5)4
53
...
mmm
1949
52d A Madison Off Bldg—
Nov 1947
Film Center Bldg 1st 6s '43
/46
/40)4
1958
1939
40)4
6s
42 Bway 1st 6s
'
,
m
m m
3Hs-6H8Stpd..l948
1st
Sept
Fuller Bldg deb 6s
634s
1 1941
1944
1st 2)4-48 (w-s)
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s. 1951
35)4
1st 6s
Oliver Cromwell
38
38)4
36)4
41H
40)4
55)4
57)4
35
37)4
71
69
34
36"
49
mmm
Lewis Morris Apt Bldg—
Apr 16 1937
Savoy Plaza
6)48.1940
mmm
47)4
•
/49
/38
/45
47
59)4
61)4
1947
82
84
London Terrace Apts 6s '40
/36
38
Income 5)4s w-s... 1963
(ws).1956
32
10
■mmm
/23
mmm
53
62
1948
83
86
Metropolitan Corp (Can)—
6s
1947
87
91
62
Wall A Beaver
of
Schaumburg,
1%
—-
Cos., $8 preferred
118
——
—
92
8)4
31M
51)4
—
———
$27.50---—
-
RR., par $100
$5
Co..
66)4
2)4
10)4
— —
—
$12.50
—
—
6
—
7)4
—
—
3
.....
Corp.; 50
.$11 lot
31)4
Crouch-Bolas Aircraft Corp., par $1
Co., par $25...
—
6)4
—
—
—
Philadelphia:
$ per Shar9
31)4
144
2d
mortgage 6s,
due April 1, 1939.
Registered
—
$100 lot
Mackey Renominated as President of New
and Sugar Exchange—Election to Be
A.
•
Jan.
York
Held
20
_______
55
52
"
Oct 19 1938
St Corp—
m
•
m
1951
20)4
22)4
leasehold 4s '48
67)4
...
The Nominating
Committee of the New York
Coffee and
A.
Sugar Exchange announced on Jan. 4 that Chandler
Mackey had been selected to serve for a fourth consecutive
term as President of the Exchange.
F. Shelton Farr and W.
Pinney were also nominated to succeed themselves
Vice-President and Treasurer, respectively.
Richard
W.
man,
as
L.
Lamborn, Hutchings & Co. and Geo. V. Christof Little & Christman, were nominated as new members
while H. L. Bache, M. E. Rionda,
Nelson were nominated to serve a
further two-year term.
E. L. Lueder and Jerome Lewine
will retire as members of the Board.
A Nominating Com¬
of the Board of
New York City, have issued
underwritten and publirly offered
1936, to October, 1937.
Managers,
Russell and P. R.
also selected, consisting
C. H. Middendorf, W.
mittee for 1938 was
Harry A. Grove, formerly partners in
Rebhann & Lynch, announce the
Lynch & Co., as municipal
Railway, par $100
Spinning Associates, common
College,
(April and Oct. 1)
mmm
70
notices
-Hartley Rogers & Co., Inc., 14 Wall St.,
September,
Wednesday
,
Lamborn, of
tabulation of 26 common stock issues
—Thomas M. Lynch and
SALES
Service Co., preferred, par
Beaver
F. C.
from
269.
Bond—
$1,000
C.
Westlnghouse Bldg—
current
a
101)4 104
National Bank, par $10—_—
—— — ...
National Bank, par $20———— — - — --——-—-——
—.101
Pennsylvania Co. for Insurances on Lives A Granting Annuities, par $10-- 28
Glrard Trust Co., par $10-,
—
84
Minehill A Schuylkill Haven RR. Co., par $50— 48
Pennsylvania Salt Manufacturing Co., par $50 — —
—
mmm
38)4
1958
lBt 4)4s w-s
1st fee A
104)4
1
Coffee
1939
Bldg 1st 4s 1941
1st 6)48
...
41
38
Walbrldge Bldg (Buffalo)—
1942
1st 6)48 (L I)
1936
Metropolitan Chain Prop—
8s
10
25
18
Ludwig Bauman—
1st 6s (Bklyn)
100
15 Central-Penn
25)4
23
/16
1st 3-58 (w 8)
2 Park Ave
101)4
104)4
1949
Stocks
Shares
Trinity Bldgs Corp—
1st 5)48
1956
1960
5s series B
5 Philadelphia
Textile Bldg—
Loew's Theatre Rlty Corp
5s series C
6s series A
By Barnes & Lofland,
mmm
Lincoln Building—
1
—
10 Stanley Engineering
52
1956
(Newark) 6s *37
634a'38
61 Broadway Bldg—
3)4-5s with stock—1950
Syracuse Hotel (Syracuse)
1st 6)48
Oct 23 1940
mtge.5)48
••
Sberneth Corp—
3-5Kb deb lnc
103
)4 Post Office Square Co
50
616 Madison Av 1st
...
89"
87
8 United Elastic Corp
60
Corp—
3s with stock
99
1st
Manufacturing Co., par
20 Berkshire Fine
■
/44
60 Park Pi
40
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
1st fee A l'hold
100
Welfare Trust A
20 Haverhill Electric
1961
Realty Assoc Sec Corp—
5s income
1943
92
97
mmm
40
5)4s stamped
87
III
17 Merrirnac Mills Co., common, par
mmm
70
90
1951
1950
$ per Share
25 Providence Gas
..1951
103 E 67th St 1st 6s...1941
165 Bway Bldg 1st 6)4s '51
1950
1st mtge 5s
Stock
16 Dwight
P
95
6s series B
Cordage, Co., par $100—.
Corporation
Shares
(The)—
Nov 15 1939
1st 6s
90
85
103)4
4 Providence & Worcester,
Roxy Theatre—
'42
Hotel
1st 68
21
41)4
Prudence Co—
6
/5
Lexington 1st 6s '43
Hotel St George 4s
1950
Hearst Brisbane Prop 6s
1st 6)48
/19
(Phlla)
July 7 1939
103
98)4 103)4
By Crockett & Co., Boston:
49)4
mmm
Fox Theatre A Off Bldg—
100)4 102)4
104
$ per Share
3 Draper
50
34)4
5)4s series F-l
5)4s series Q
101
100
Stocks
10 Rhode Island Public
/47)4
102)4
103"
securities were sold at auction on
28)4
/32)4
/47)4
/39
43
61)4
1400 Broadway Bldg—
1st
27)4
2d mtge 6s
33
27
104
100)4
92
90
101
AUCTION
20 American Public
1956
Co—
1 Park Avenue—
600 Fifth Avenue—
1949
105
...
103
104)4
6 Plymouth
56
39
40 Wall St Corp 6s
23
19th A Walnut Sts
/4)4
6s series A
101
101
2 Massachusetts Lighting
5)48 series C-2
mmm
53
6Hs stamped
23
5)4s series BK„
33
/30)4
f27
102)4
By R. L. Day & Co., Boston:
Majestic Corp—
4s with stock
N Y Title A Mtge
72
82
1960
1960
99 H
Shares
59
/21)4
/20)4
82
102
97)4
103)4
100 Northampton Street
stpd A reg '55
6s
1946
77
67
1st A ref 5s
5s series B
of the current week:
Alt
57
A—....1967
97
104"
5s series A
1958
The following
Y Athletic Club—
1st mtge 2s
East Ambassador Hotels—
1st A ref 5)4s
1945
77
105
1957
For footnotes see page
Metropol Playhouses Ino—
100
1961
Water Service 5s.
109
Monongahela Valley Water
1950
n y 1-588
102
.1958
...
102)4
Monmouth Consol W 5s '56
Bell System Tel
S f deb 5s
98)4 102)4
104)4
1955
Lexington Wat Co 5 )4s '40
Bid
.
86
1st mtge 5s
Indianapolis W W Secure—
5s
1958
Kokomo W W Co 5s
Alt
Bid
1941
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 2s—1956
B'way A 41st Street—
1st leasehold 6)48—1944
Broadway Motors Bldg4-6s
1948
Chanin Bldg lnc 4s... 1945
Chsebrough Bldg 1st 6s '48
Court A Remsen St Off Bid
1st 6s
Apr 28 1940
Alden 1st 6s
97
104)4
93
Long Island Wat 5)4s.l955
N. Y.
108
99
94)4
Indianapolis Water—
1st mtge 3)4s
1966
Title Co. Mortgage Certificates
Real Estate Bonds and
100)4
101)4
Middlesex Wat Co 5)4s '67
w
,
102
104)4
4)4s.
6s..
INCORPORATED
B
102
99
92
99)4
1942
1942
196*
1954
1954
6s
1962
Illinois Water Serv 5s A *52
103)4 104)4
Estate Securities
150 Broadway,
98
97)4 101)4
Huntington Water—
6s series B
Utilities—Industrials—Railroads
4CA
100
103)4
62)4
94
1952
...1952
Hackensack Wat Co 5s. '77
5)4s aeries B
1977
AMOTT, BAKER A CO.
BArclay 7
91
96
59
5s aeries B
Reports—Markets
Public
89
99
Joplln W W Co 5b
Real
83)4
78)4
4)4s—1966
Peoria Water Works Co—
1st A ref 5s
1950
1st consol 4s.......1948
1st consol 58
1948
Prior lien 5s
1948
101
55
68 series A
Wisconsin Pub Service—
105)4 106
100
State Water—
Greenwich Water A Gas—
98)4
Tel Bond A Share
Central Public Utility—
95
106
57)4
6s aeries D
97)4
104)4 104)4
105
99)4
6s series B
Sou
103)4
103
77)4
72)4
'53
104)4
5s series A
60
Sioux City CAE
4s..1966
Cities Utll 5s A...1958
101
97
1953
5s_1958
Ore-Wash Wat Serv 5s 1957
E St L A Interurb Water
104)4 105)4
5)48—1948
...
100)4
B
aeries
74
Consol Water of Utlca—
100
Parr Shoals Power
mmm
53)4
93
Penn Telep Corp
Power
6)4s
104)4
105"
(Chattanooga)
Water
6s
92
50)4
5s '51
1st coll trust
101
99)4 100)4
4s..1962
5s—1951
Ohio Pub Service
102)4 104
4)4s_.1962
194
series
6a
31
31
Central New York Power—
103
99)4 100
North'n States Pr 3)4s '67
23
New York Wat Serv
Penna
195
City
104
91)4
Ohio Water Service
104)4
A
195
City of New Castle Water
5s
North Boston Ltg Prop's—
22
79
86)4
Ohio Valley Water 5s. 1954
102
102
90
oo (n
h
102% 103)4
1965
4s
74
Ohio Cities Water 5)4s
103
t-*
Citizens Wat Co (Wash)-
N Y State Elec A Gas
31
r4
5)4a
100
1951
103)4
80
5s. 1944
Corp
69
New Rochelle Water—
Newport Water Co 5s
104 H
95
105)4 106 H
99)4 100
1st 68.1938
...
101
26)4
25)4
108)4 109
63
Keystone Telep
Mtn States Pow
.1966
Cent Ark Pub 8erv 5s. 1948
Central G A E 5)48—1946
1st lien coll trust 6s. 1946
Cent Maine Pr 4s ser G '60
Dallas Pow A Lt
Serv 4b. 1957
4)4b *65
53
57
El 6s 1958
A E 4s 1965
102)4
102)4
r
32
55
Calif-Oregon Pow 4s.
Colorado
98)4
53
Bellows Falls Hy
Income 5 Ms
97
Idaho Power 3)4s
Iowa Sou
51
1983
Sink fund lnc 4)48—1983
Sink fund lnc 6s
1983
Sink fund lnc 5)48-1983
Sink fund lnc 4-5s-.1986
8 f lnc 4)4s-6)4b—1986
Sink fund lnc 5-68—1986
S f lnc 6)4-6)48 —1986
Atlantic City Elec 3)4s '64
General mtge
1967
Utll 5)48—1950
101
101)4
28)4
30)4
Sink fund lnc 4s
103
100
1951
5)4s
101
27)4
88
104
1950
New Jersey Water 5s
101
i
104)4
29)4
89
Ait
103
58 series B
1
104
26)4
Assoc Gas A Eiec Co—
Cons ref deb 4)4s—1958
Morgantown Water 5s 1965
Muncle Water Works 5s '65
9fl XZ
OK]/
8-year 8s with warr.1940
8a without warrants-1940
Bid
Atk
104)4
)
103)4
)4s '66
Houston Lt A Pow 3
3)4s—1978
4s——1978
4)4s—1978
4s
1973
4)4s
1973
6s
1973
5)4s
1973
Blackatone V G
Federated Utll 5)4s—1957
85
42
deb
Income deb
Income deb
Income
64
61
97)4 100)4
7
63
62)4
68-1964
Wk A El 6s *76
Associated Electric 58.1961
Assoc Gas A Elec Corp—
Income deb 3)4s
1978
Amer Wat
Bid
A sk
Bid
Atk
Bid
Araer
Bonds
the firm
formation of T. M.
bond brokers, at 52 William St., New
York City.
R.
E.
Atkinson,
of R. T. Harriss,
Murphy, H. H.
Pike Jr.
The members
will vote on the
nominations on Jan. 20.
Volume
Financial
146
Quotations
Chronicle
269
Over-the-Counter Securities—Friday Jan. 7- Concluded
on
Foreign Stocks* Bonds and Coupons
Inactive Exchanges
WALTER E.
52 William
BRAUNL
Tel. HAnover 2-5422
St., N. Y.
Foreign Unlisted Dollar Bonds
Bid
Bid
Ask
/2 0*
22*
/15
Antloqula
20
/15
20
/20*
22
/18
change Bank 7s
Industrial Stocks and Bonds
Bid
Ask
*
*
25
__100
49
55
10*
UK
American
Book
4*
Pathe Film 7% pref
Conversion
American
pref
22
25
Hardware
Amer Maize Products
*
39
3*
25*
27
*
*
Scovlll Manufacturing..25
Singer Manufacturing..100
82
100
23
14*
Singer Mfg Ltd
17*
70
75
45 *
47 X
16*
18
Bankers Indus Service A.*
Belmont Radio Corp
*
"I K
Beneficial Indus Loan
52
5*
Sylvan la Indus Corp
16*
53 K
*
2
*
6
9
Trico Products
1
5
8
Tublze Chatlllon cum pf.10
100
55
Corp
10
Columbia Baking com
*
SI cum preferred......*
Crowell Publishing com..*
S7 preferred
..100
Dennlson Mfg class A... 10
60
3*
3
37*
85
32
Preferred
Warren
109
$3
IK
Devoe A Raynolds B com *
32
36
Dictaphone Corp
39*
43
*
Preferred
Dixon
100
(Jos) Crucible...100
116*
47*
Douglas Shoe preferred. 100
Draper Corp
*
Federal Bake Shops
Preferred
*
$3
94 X
Chile Govt 6s assented
K
*
14*
87
96
2K
12
23
25
Worcester Salt
51
*
43
45
*
17*
1
*
6 K
York Ice
Machinery
*
11K
12 K
4K
5K
7% preferred
Young (J S) Co com
7% preferred
..100
100
100
72 K
88
75 K
98
Graton A Knight com
Preferred
5
41*
30
Harrlsburg Steel Corp
Klldun Mining Corp
King Seeley Corp com
32
30 *
100
Great Lakes SS Co com..
Great Northern Paper
25
44 K
K
1
5
3
)
6Ks.
Am
K
16K
100
Macfadden Pub common.*
1
Preferred
*
Merck A Co Inc common. 1
preferred
176
5*
40
94
31
Con v deb 6s.
10
*
44
*
Nat Paper A Type com
91
1955
1937
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co-
113*
Muskegon Piston Ring .2*
Casket
90
93
lBt 3*s
Deep Rock Oil 7s
Martin
47
N Y
161
171
1946
/16
21
Shipbuilding 5s..l946
83
88
6~~
*
4
22
25
Scovlll Mfg 5Ks
«
19
21
1945
1942
100
65
72 K
WestVa Pulp& Pap
Northwestern Yeast... 100
Norwich Pharmacal
5
46
49
Wltherbee Sherman 6s 1944
33
35
Ohio Leather
12
17
*
common
Ohio Match Co
*
6K
1st 68.....1962
2d
7K
conv
Income 5s__1962
Oberpfals Elec 7s
65
Oldenburg-Free State
18
115
lib
18
Panama
18
Panama 5%
Poland 3s
4s
.
7*
/6*
121
120 X
/20K
23 K
f22
101K 101
/20K
/20K
120 *
-
-
mmm
22*
22*
100 K 102 K
88
92
63
1945
22*
/20
/22
26
1956
/35*
38*
1968
City 6*8
/20*
1952
to
/20*
/8
scrip
Protestant Church
many) 78
(Ger¬
1946
27
9
/20
/24
/24
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
mmm
102*
...
mmm
mmm
1941
/19
Rhine Westph Elec 7% '36
6s
1941
22*
101
7
3
German
/99K
/99K
/99*
/23*
/50
/19
Rio de Janeiro 6%
Rom Cath Church
/8
/20K
/20*
58
1933
6*s '46
R C Church Welfare 7s '46
Royal Dutch 4s
1945
9
22*
22
130
/21
Saarbruecken M Bk 6s '47
/20*
...
/20
27
/17K
18*
/13
14*
7%
1957
7s ctfs of deposit. 1957
...
4s scrip
1948
/30
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)
/25
8s.
---
Building &
---
8%
3
/30*
30*
3
/85
95
/9
ii
/64
67
1947
Santa Fe 7s stamped. 1942
e
180
Scrip
mmm
Santander (Colom) 7s. 1948
7*
18
9
Jan to June 1934..
/40
....
July to Dec 1934
137
mmm
Jan to June 1935
/35K
July to Dec 1935.
/34
Jan to June 1936
July to Dec 1936
/32*
/31
Jan to June 1937
/26
28
July to Dec 1937
German scrip
/25
22*
/21
23
Slem A Halske deb 6s.2930
/370
390
58
6*s
27
mmm
"■mmm
mmm
Mtge Bk Jugoslavia
6s
1956
2d series 5s
1956
/56
m
/61
/ll*
/13K
/42
/21
Stlnnes 7s unstamped. 1936
/61
4s...1936
/49
/59
/47
Oct 1935
6K
9*
18*
1937
Stettin Pub Utll 7s... 1946
/6*
12
German Young coupons:
to April
Certificates
7s unstamped
Graz (Austria) 8s
1
Great Britain & Ireland-
107
1946
Certificates
4s—1946
22*
14*
Toho
...
Electric 7s
1955
1947
Tolima 7s
112* 113*
1960-1
58
Coupons—
ISH
/17*
4s
State
1951
Oct 1932 to April 1935
mmm
23
/21*
/20*
Saxon State Mtge 6S..1947
Saxon Pub Works 7s. .1945
/58
July to Dec 1933
/6*
Sao Paulo (Brazil) 6s..1943
37 K
/35*
60
1946
Porto Alegre 7s
-
German Dawes coupons:
107
/98K 100
....1947
7s
/21
4
Woodward Iron—
5*s '52
39*
/18
1948
Salvador
Standard Textile Products.
1st 6s assented
Preferred 6*%
80
1939
100
preferred
New Britain Machine
New Haven Clock—
15
/13
(Glenn L)—
Nat Radiator 5s
109
76*
.1948
-t
Conv 6s
11
/74*
/18
1962
/18
/37*
/62
2
French Nat Mall SS 6s
85
Cudahy Pack conv 4s. 1950
7
44
Hungary 7*s
/94
/94
National Hungarian A Ind
Mtge 7s—
118
3
83
1940
Panama
15*
5
7s
94
f 6s
15*
Bank
67
7
7s.
86*
90
s
(A A B) 6*8.1946-1947
(C A D) 6*8.1948-1949
Nat Central Savings Bk of
7
3
95
85*
1st conv
Nat
5
120
/I8
126
3
Cont'l Roll A Steel Fdy—
200
75
Preferred
Wire Fabrics 7s..1942
Chicago Stock Yds 5s_1961
115
100
5%
109
Bethlehem Steel 3*8.1952
110
29
6% preferred
100
Mock Judson A Voehrlnger
1
5
106
22*
'
5
6s..
American Tobacco 4s. 1951
7X
*
14*
2d 8% preferred
>
6s..
'
6*
Lawrence Portl Cement 100
Lord A Taylor com
100
1st 6% preferred
100
National
126
Bonds—
9K
K
1
Lawyers Mortgage Co..20
7%
100
33
8K
5
1
8*
/15
7
18 K
Extinguisher
Good Humor Corp
24
61
/25
North German Lloyd 6s *47
8K
Garlock Packing com
/21
6*8 *38
/64
J
56
7K
Gen
Fire
Nassau Landbank
City Savings Bank
15
WJR The Goodwill 8ta__6
17
22*
Recklinghausen 7S..1947
8
/13 *
IK
2
4K
8*
/13*
1961
16
White Rock Mln Sprlng-
Munlc Bk Hessen 7s to '45
/59
/20K
/20*
14
l| /22
7s assented
Chilean Nitrate 5s
96
1
Foundation Co Forshs...*
American shares
*
193'
3
2*
13
30
Madgeburg 6s
18 X
$7 1st preferred
100
Wlrkwlre Spencer Steel._*
Wilcox A Glbbs com
50
*
...
n*
13
5s.
1
c
preferred
cum
Merldlonale Elec 7s... 1957
Munich 7s to
1945
59
/6
105
.100
West Dairies Inc com v t
18
56
—
17 X
15
16K
/21
/21
1948
III
)
100
23
/21
Costa Rica funding 5s.
preferred
7%
/42
lunlclpal Gas A Elec Corp
4K
13
West Va Pulp & Pap com
si"
15
41K
(Northam)—
preferred..
54
/58
Luneberg Power Light &
/56
/U6
1
3K
conv
Preferred
52
3*
100
Welch Grape Juice com__5
2K
20
/22*
8*
K
12
29
1*
1*
7K
United Piece Dye Works.*
5
10
3
35*
United Merch A Mfg com
4K
12*
80
United Artists Theat com. *
Chic Burl A Qulncy
Co common
Chilton
22
Leipzig O'land Pr 6Ks '46
Leipzig Trade Fair 7s_1963
...
/28
18*
11
*
Steel common
100
common
/59
/25
8
Central German Power
Tennessee Products
pf_*
1st preferred
7*8
196
Brown Coal Ind Corp—
6Ks
196
7
Taylor Wharton Iron A
Hotels
I2l
Nov 1932 to May 1935
Nov 1935 to May 1937
Water 7s
29
6
*
1943
Land M Bk Warsaw 8s '41
54
53
Coupons—
/17
7K
5K
Koholyt 6*8
38
5*
26*
22*
53
4*
4*
/19
6s.
7
Stromberg-Carlson Tel Mfg
Art Metal Construction. 10
4*
/21
11*
10
British Hungarian Bank
240
4*
American Mfg 5s pref.. 100
Andlan National Corp
*
Burdlnes Inc
4K
235
Skenandoa Rayon Corp..*
Standard Screw
20
Bowman-Blltmore
5K
36
Remington «.rms com
American Hard Rubber—
cum
4
Publication Corp com
5% conv pref-__..-.-10
8%
1
*
Petroleum Heat & Power.*
American Cynamld—
100
97
*
1
Petroleum
Ask
Bid
Par
30
3*
/4K
/6
36*
/52
1'
18*
/20K
7s.
6s.
Par
/24
1936
/16*
no
/8K
/4*
/4K
7s.
American Arch
/95
/20K
/18
15
Bavarian Palatinate Cons
Alabama Mills Inc
1939
20
/15
/12
7s.
Ask
/80
6s unstamped
/64
/6 *
70
7*
Onion of Soviet Soo Repub
1943
186.92
91.54
/40
50
/21
23
120 X
22*
Vesten Elec Ry 78
1947
/21
23
90
Wurtemberg 7s to
1945
/20K
22
7% gold ruble
Unterelbe Electric 6a__1953
68.
Miscellaneous Bonds
Bid
90*
Bear
Ask
Bid
Federal Farm Mtge
1*8
Sept
Home Owners' Loan
99
2s
Corp—
1
A prill
4s
1953
1016
1939
101.9
1955
Corp
101.2
101 6
June 1 1939
101.5
101.8
Reynolds Investing 5s_1948
IKs
April 1938
1*8
July 1938
100.10 100.13
4s
2s
Dec 1940
1012
4s seria. revenue 1942-68
100 10
Trlborough
101.15
s
/ Flat price.
104*
Aug 15 1938
IKs
Federal Home Loan Banks
100.7
Ask
Henry Hudson Parkway—
91*
Mountain-Hudson
River Bridge 7s
80
67*
Bridge—
f revenue 1977
CURRENT
—Announcement
AAO
106* 107
52.40 to3.70
Was
Preferred
1
made
of the
formation
of the firm
Bid
11
6K
16
with the bond departments
Par
Ask
Bid
13
Haytlan Corp Amer..
»
8*
17 K
Savannah Sug Ref com
1
Corp..l
No
par
/ Flat price,
dividend,
v
value,
a
3
Interchangeable,
b
Basis price,
n Nominal quotation,
to I When Issued,
Now selling on New York Curb Exchange,
d Coupon.
w-a
t
4
Ex-rlghw
With stock.
H. Rollins & Sons.
He
t Quotations per 100 gold rouble bond, equivalent to 77.4234
I
was connected
announce
that Harold I. Thorp, who has been associated with them since
*
Ex
Laurence
M.
Marks
&
Co.,
Mr. Thorp
was
Bank & Trust Co. in the security research
with the
Before joining
Central
Hanover
department.
Ex-stock dividends.
—Donald M. Hazeltine has been admitted to partnership in the firm of
t Now listed on New York Stock Exchange
Mr. Safford
—Laurence M. Marks & Co., members of the New York Stock Exchange
K
«
O.
The
of both organizations.
1935, has been admitted as a general partner in the firm.
•
James
Ask
30
West Indies Sugar
of
formerly Assistant Cashier of the Bank of the Manhattan Co. and
prior to that was associated with E.
Sugar Stocks
Cuban Atlantic 8ugar___10
Eastern Sugar Assoc
1
is
Safford & Co. to deal in municipal and general investment securities.
firm will maintain offices at 90 Broad St., New York City.
i
Par
NOTICES
70
grams
of pure gold.
Bacon, Whipple & Co., 135 South LaSalle St., Chicago.
Financial
270
Jan. 8, 1938
Chronicle
Investment News
General Corporation and
UTILITY—INDUSTRIAL—MISCELLANEOUS
RAILROAD—PUBLIC
Change in Personnel Announced—
Chairman, announced Jan. 6 the election
Robert R. Young,
A.
of George
of the corporation, succeeding
of Cleveland as President
Bradley.
Mr. Young also announced the election
Tomlinson
Charles L.
RIGHTS-SCRIP
to the board of Mr. Tomlinson,
Frank F. Kolby, who was
Fitzpatrick and Robert McKinney.
Herbert
associated with Mr. Young in the latter's acquisition of the Alleghany
from Mr. Ball and his associates, retired from the board.
Mr. Tomlinson's entrance as an officer, it was said, does not
Specialists since 1917
affect
Corp.
of Allan R. Kirby in the Alleghany
Young's interest or that
Mr
Corp.
the management were announced following a meeting
of Alleghany's board.
The setting up of an executive committee for the holding company also
was disclosed.
Mr. Tomlinson was elected its Chairman, other members
being Mr. Young, Herbert R. Neff, Colonel Leonard P. Ayres and Mr.
These changes in
McpONNELL&fO.
Members
S.
Darwin
Telephone REctor 2-3816-30
York
Bell
Kirby.
New York Curb Exchange
New York Stock Exchange
120 Broadway, New
Teletype NY 1-1640
Barrett, Treasurer, was elected Secretary: J.
appointed Assistant Secretary, and
named Assistant Secretary.—V. 146, p. 98.
Assistant Treasurer, was
Kinney was
Co., Philadelphia—Larger Dividend
its capital stock, par
Alliance Insurance
paid a dividend of $2 per share on
The company
FILING
OF
REGISTRATION STATEMENTS
SECURITIES
The following
UNDER
ACT
filed with the Securities and
Exchange Commission under the Securities Act of 1933. The
total involved is approximately $2,198,000.
General
$10, on Dec. 30 to holders of record Dec. 29. Previously regular semi-annual
dividends of $1.50 per share were distributed.
In addition, an extra
dividend of 25 cents per share was paid on Dec. 30, 1935.—V. 141, p. 4157.
additional registration statements CNos. 3567
3571, inclusive have been
to
Brewing Corp. (2-3567, Form A-2) of San
Francisco, Calif.,
shares 6% cumulative
first to common stock¬
price.
Statement also
reserved for conversion
of the preferred.
Proceeds will be used to reduce bank loans and debt and
for working capital.
There is no underwriter.
E. S. Selvage is President
a registration statement covering 50,000
convertible preferred stock, $10 par, to be offered
holders at $10 each, and then to public at same
covered 50,000 shares common stock, no-par, to be
K. Enslow,
Robert Mc¬
Amerex Holding
Corp.—Larger Dividend—
declared a semi-annual dividend of 70 cents per share
stock, par $10 payable Feb. 1 to holders of record Jan. 12.
This compares with 50 cents paid on Aug. 2 and on Feb. 1, 1937, and on
Aug. 1, 1936, this last being the initial distribution on these shares.-r-V. 145,
P. 99/
'
'
' v
■
'y/,,?■/
,
The directors have
the capital
on
•
has filed
of the corporation.
Filed Dec. 30, 1937.
Terminal Refrigerating & Warehousing Corp. (2-3568, Form A-2) of
Washington, D. C., has filed a registration statement covering $800,000
415-year 1st mortgage bonds, due
1953.
Offering will be made at par.
registered, $690,000 will be offered first in exchange at par
for outstanding mortgage obligations.
Y. E. Booker Sr Co. will be under¬
writer.
Proceeds will be used to retire mortgage debt and bank loans.
Wrisley Brown is President of the corporation.
Filed Dec. 30, 1937.
Service National Life Insurance Co. (2-3569, Form A-l) of Washing¬
ton, D. C., has filed a registration statement covering 2,000 shares common
stock, $100 par.
Company plans to issue 1,000 shares at $150 each and
1,000 shares at $250 each to Service Insurance Associates, Inc.
Proceeds
Of the bonds
capital and paid-in surplus. E. B. Plotts Jr., Is President
Piled Dec. 30, 1937.
Emerson Electric Manufacturing Co. (2-3570, Form F-l) of St. Louis,
Mo., voting trustee, has filed a registration statement covering voting trust
certificates for 175,230 shares of common stock, $4 par.
Filed Dec. 31,1937.
will be used for
of the company.
Corp. (2-3571, Form A-l) of Los Angeles, Calif.,
has filed a registration statement covering 49,800 shares 60 cent class A
preferred no par value stock and a like amount of 60 cent class B common
stock, no par value.
The shares are to be offered in units of one share of
the preferred and one share of the common at $10 a unit.
Proceeds will be
used for reconditioning of vessels and for working capital.
No underwriter
is named in the registration.
C. Schilling is President of the corporation.
Maritime Investment
The directors have
addition
to
capital stock, par $10, both payable Jan. 15 to holders of record Jan.
Similar payments were made on Jan. 15, 1937 and 1936.—V. 144, p. 269.
of the appli¬
consented to the withdrawal of the following
registration statement:
Ohio Finance Co. (3393)
Filed Sept. 2, 1937.
covering 28,086 shares common
withdrawn in the
case
profits for the first eight months of 1937 amounted
$93,467, as against $63,677 for the entire year of 1936, according to
Markel, President of the company.
The company has reported an
underwriting profit each year since it was established in 1926.
During
the year 1937 the company has become licensed in a number of additional
States including New York, Pennsylvania, Michigan, Illinois, California,
Oregon, Arizona and Nevada, and is now licensed in 28 States.
The
company plans to enter a number of additional States in 1938, Mr. Markel
A.
said.
Mr. Markel
said that he regards the present recession
in the history of
to
Initial Dividend—
Directors have declared
the common stock for
quarterly dividend of 15 cents per share on
a
p.
Filed Aug. 20, 1937.
The last
in
our
1937.
This represents the first dividend
since its issuance in July, 1937.—V. 145,
269.
Furniture
American
Inc.,
Co.,
previous list of registration statements was
issue of Jan. 1, page 98.
given
Martinsville,
$295,817
48,256
242,659
Depreciation
Dividends paid
Income taxes, 1937
44,090
■
Deficit
30, 1937
Liabilities-
Assets—
16,812
x246,158
Accounts receivable
Inventory.........
528,177
.......
31,000
1,436
y647,226
Stocks In domestic corps.....
Unmat'd int. on notes
p.
recelv'le
Permanent assets
houses sold..
Res. for social security taxes..
for Fed.
Res.
taxes for
& State income
for doubtful
After reserve
x
American Gas &
Period End. Nov. 30—
x
1937—Month—1936
1937—12 Mos.~ 1936
$400,000
$413,500
$5,347,500
$5,239,800
149,200
210,700
2,456,700
2.625,700
x Includes other income and is after operating expenses and development
charges, but before depreciation, depletion and Federal taxes.—V. 145,
p. 4106.
Period End. Dec. 31—
*
Profit
Algoma Consolidated Corp.. Ltd.—Removed from List—
Common stock ($1 par)
378,227
Maintenance
821,487
D epreciation
882,192
—
$2,392,046
Operating income
Dr2,418
Other income
from unlisted trading privi¬
and the 7% preferred stock, $5 par.
leges
the common stock, no par,
142, p. 770.
on
$2,389,628
Total income
893,542
417,884
Int. & other deduc'ns—
Pref. stock dividends—
Alleghany
Corp.—F. F. Kolbe Says Sale of Stock Was
Any Interest in Seaboard Co., Ltd.—
Balance
Bona Fide—Disavows
Frank F. Kolbe, a member of the original syndicate that purchased the
control of the Alleghany Corp., the top holding company or the old Van
Sweringen railroad system, said Jan. 3 he had no interest in the Seaboard
Co., Ltd., a British company incorporated in the Bahamas, which recently
acquired a substantial part of the Alleghany Corp. stock of which he had
y
-
Bal. of sub. co. earns..
Int. from sub. cos
stock
divs.
Pref.
$6,199,610 $74,240,222 $69,908,143
1,882,713
22,964,641
21,755,477
4,248,466
3,947,997
327,392
9,838,381
9,107,661
769,761
10,207,050
9,519,873
865,042
$2,354,701 $26,981,683 $25,577,132
50,093
176,950
489,962
$2,404,794 $27,158,633 $26,067,095
941,896
10,812,396 11,243,740
417,883
5.014,398
5,014,391
$1,045,013 $11,331,838
$9,808,962
$1,078,201
$1,045,013 $11,331,838
$9,808,962
287,445
265,358
from
159,170
159,170
14,490
4,491
—
Mr.
Kolbe explained that the sale
of his stock in the AUeghany Corp.
bona fide and that it was not made for
tax-evasion purposes.
[The New York "Times," Jan. 3, said in part:
'The results of a secret investigation purporting to show that the so-called
Young-Kolbe-Kirby syndicate of New York recently took steps to place
control of the Alleghany Corp. top holding company of the old Van Swer¬
ingen railroad system in a Bahama corporation for tax-evasion purposes
were made public today by the Senate Interstate Commerce Committee,
which has been investigating rail financing.
The inquiry disclosed, accord¬
ing to the Committee, that Frank F. Kolbe, a member of the syndicate,
transferred a substantial portion of his stock in the top holding company
on Sept. 13 to the Seaboard Co., Ltd., a British corporation incorporated
in the Bahamas, and that in the transaction Mrs. Robert R. Young, wife
of Kolbe's associate, and her daughter, Eleanor Jane Young, appeared
as recipients of a portion of the Alleghany securities disposed of by Kolbe.
The investigation conducted by a subcommittee concerned the sale and
disposition by Kolbe of his interest in the syndicate, which he acquired
last May for $300,000 and sold, according to the report, for $205,000 net,
taking a loss of $95,000."h
x
Inter-company items
Electric
220,853
629,333
2,562,801
2,133,738
$1,081,752 $11,471,739
$1,169,262
Balance....
...
1,910,050
171,166
786,168
$9,993,821
213,566
177,811
170,853
177,811
Pref. stock divs. to pub.
„
1,910,050
2,091,529
2,133,738
32,990
Cr10,704
-
Int. & other deductions.
3,379,828
„„„„„„
$1,506,121 $16,483,175 $15,319,694
$1,507,223
Total income
Expense
3,070,120
„
_
disposed.
was
After reserve for
$1,078,201
subsidiary companies.
Other income..
y
Electric Co. (& Subs.)- -Earnings—
1937—Month—1936
1937- -12 Mos.—1936
$6,415,526
1,941,572
Taxes
$1,640,291
Total
accounts of $15,000.
Subs. Cos. Consolidated—
Operating revenue
Operating
-
145, p. 2999.
The New York Curb Exchange has removed
—V.
44,090
814,900
446,492
179,786
100,258
fiscal year 1937
Preferred stock.............
$1,640,291
Total
depreciation of $628,167.—V.
Co.—Earnings—
Gross income
1,068
2,322
...
Capital surplus
4106.
Alaska Juneau Gold Mining
$51,375
$122,446 Res., payrolls, comma., &c.._
47,036 Int. def. incl. in notes for
..
Prepaid items___
Alabama Power
preceding page.—V. 145,
$39,188
-
Surplus
Co.—Supreme Court Upholds PW A Loans
to Municipalities for Construction of Publicly Owned Electric
Plants—See under "Current Events and Discussions on a
Va.—
Ended Nov. 30, 1937
Earnings for the year
Cash
exercise of warrants.
1937, payable Jan. 10,
the quarter ending Dec. 31.
1938 to holders of record Dec. 21,
declared on the new common stock
Notes receivable
stock (par $1) reserved for
in general business
temporary and contemplates that 1938 should be one or the best years
the company, particularly since its business is not subject
violent fluctuations in its underwriting or earnings.
as
registration state¬
Retail Druggists Display Corp. (3360) covering 350,000 shares ($1 par)
20 cents class A common stock with warrants and 325,000 shares common
.
Inc.—Earnings—
Net underwriting
S.
stock (no par).
of:
6.
to
Balance Sheet Nov.
Stop order proceedings dismissed and
ment
Fidelity & Casualty Co.,
American
Earnings for Year
The SEC has announced that at the request
it has
declared an extra dividend of 20 cents per share in
dividend of 25 cents per share on the
the regular quarterly
Filed Jan. 4. 1938.
cant
Co., N. Y.—Extra Div.—
American Alliance Insurance
eliminated,
y
Applicable to American Gas &
Co.
Note—Figures for periods prior to
purposes.—V. 145, p. 3809.
American
Machine
&
Jan. 1, 1937, restated for
comparative
Foundry Co.—To Pay
Smaller
Dividend—
The directors have declared a dividend of 20 cents per share on
stock, no par value, payable Feb. 1 to holders of record Jan.
Previously regular quarterly dividends of 25 cents per share were
common
the
15.
distributed.
—V.
145,
p.
1247.
Volume
Financial
146
American Reserve Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular semi-annual dividend of 50 cents per share on the
capital stock, par $10, both payable Feb. 1 to holders of record Jan. 15.
Similar extra dividends were paid Aug. 2 and on Feb. 1, 1937, Nov. 2 and
May 1, 1936, and on Nov. 1, 1935.—V. 145, p. 269.
American Rolling Mill Co.—Dividend Omission Discussed
—Unexpected Recession in Business Responsible—
In
letter to stockholders
a
explaining the dividend policy of the directors
last year, which eventually resulted in the omission of the 50 cent payment
due on Jan. 15, next Charles R. Hook, President, explains that the un¬
expected recession in business, which prompted the board's action, evidently
due to the accumulative effect of a number of things such as the undis¬
was
Chronicle
and
and services.
.
"Actual experience under certain laws enacted with the best of intentions
has proven
that their operation has seriously retarded the flow of private
savings into industry and thereby created business recession and unemploy¬
145, p. 3965.
ment."—V.
American
Water Works
& Electric Co.,
Inc.—Regis¬
Under Public Utility Holding Company Act—
tration
H. Hobart Porter, Chairman, has authorized the following statement:
"We have examined the report and order of the Securities and Exchange
has found that our
electric and gas properties con¬
stitute a single integrated system and that we have the right to retain our
water works and transportation properties.
The Commission also found
that after the consummation of the plan of reorganization, and a few modi¬
fications which we believe can be effected satisfactorily, this company's
Commission
"The
registered under the Act, that
we
we
could develop a satisfactory plan of
reorganization which would assure the continued existence of this company's
Hocking Glass Co.
was
organized
Appalachian Electric Power Co.—Sale Affirmed—
the Kentucky & West Virginia Power Co., Inc.
The transfer was authorized to simplify the corporate structure of Ameri¬
Gas & Electric Co. to meet requirements of the Federal Holding Com¬
can
pany Act.
The American had been top holding company,
in turn, owning the two companies sold.
The
with Applaachian
deal, was made by the transfer of
Appalachian company bonds owned by the American to Appalachian, the
latter to cancel the bonds.—V. 145, p. 3338.
transaction,
an
inter-company
Armour & Co. (111.) —Listed on Amsterdam Stock
The
Exchange
$6 cumulative convertible prior preferred
and common stock was
Exchange in the form of Dutch
bearer certificates issued by the Administratiekantoor associated with the
banking firm of Labouchere & Co., N.V.
This is the first official intro¬
duction on the Amsterdam Stock Exchange of any American security since
1933.—V. 146, p. 100.
listed
Jan.
6
on
the
Amsterdam
Associated Dry Goods
Stock
Corp.—President of Sub. Resigns—
See Barker Brothers Corp., below.—V.
Associated Gas & Electric
145,
p.
f
3338.
Co.—System Output—
For the week ended Dec. 31, the System reports net electric output of
81,462,920 units (kwh.).
This is 2,759,493 units, or 3.3% below the corre¬
sponding figure for a year ago.
Gross output, including sales to other
utilities, amounted to 85,272,263 units.—V. 146, p. 100.
Atchison Topeka & Santa Fe
Ry.—Merger of Bus Lines
Authorized by ICC—
The Interstate Commerce Comm.ssion has authorized the Santa Fe Trail
Transportation Co., a subsidiary, to acquire control of Central Arizona
Transportation Lines, Inc., and Rio Grande Stages, Inc., by purchase of
their capital stocks from Santa Fe Trail Stages, Inc., for $150,000.
At the
same
time the
Commission
authorized
merger
into the Santa Fe
Trail Transportation Co. of five subsidiaries,
including the two companies
being acquired.
The companies to be included in the merger are Santa Fe Trail Trans¬
portation Co., the principal unit, Santa Fe Trail
Stages, Inc., Central
Arizona Transportation Lines, Inc., Rio Grande Stages, Inc., Cardinal
Stage Lines Co., and Western Transit Co.—V. 146, p. 100.
,
Baltimore
American
Insurance Co.—Extra
Dividend—
The directors have declared an extra dividend of 5 cents per share in
addition to the regular semi-annual dividend of 10 cents per share on the
capital stock,
par $5, both payable Feb. 15 to holders of record Feb. 1.
Similar payments were made on Aug. 16, and on Feb. 15,1937, and on Aug.
15 and Feb. 20, 1936.—V. 145, p. 270.
Baltimore & Ohio RR.— To Receive RFC Loan—
system will conform to the requirements of Section 11 of the Public Utility
Holding Company Act.
Accordingly this company will not be subject to
the so-called 'death sentence' clause.
"The Commission's action confirms the belief that we entertained when
The
145, p. 3490.
The State Corporation Commission of Virginia announced Jan. 3 that
final authorization had been accorded to the company to sell to the American
Gas & Electric Co. the Kingsport Utilities, Inc., of Kingsport, Tenn..
Commission with respect to the reorganization plan, filed in accordance with
the provisions of the Public Utility Holding Company Act, and find them
most satisfactory.
Salem Glass Works in! 1895.
in 1905.—Y.
tributed profits tax, the capital gains tax, labor disturbances, continued
increase in govermnent debt, &c., which developed
widespread lack of
public confidence and brought on a severe decline in the securities markets.
Regarding the future, Mr. Hook says:
"A careful analysis of the business situation throughtout the Nation
clearly indicates that, what was at first thought to be a temporary reces¬
sion has developed into the beginning of what may become a real depression
unless Congress takes prompt action that will indicate to the public a more
friendly attitude towards business and a determination to make a real
start in the reduction of governmental expenditures.
This we believe to be
of primary importance because no individual, corporation or govermnent
can for long continue a policy of spending more than they receive without
disastrous results.
The President has stated his intent to push for a
balanced budget, and he should be supported in this move by all of our
You can give that support by clearly and constructively trans¬
citizens.
mitting your views to your Senators and Congressmen.
"While the balancing of the budget is of very great importance with
respect to the future, there are a number of things that should be done—
and done promptly.
"The gainful employment of men and women in private enterprise is
dependent upon the free flow of private savings into the production of goods
271
H. Jones, Chairman of the Reconstruction Finance Corporation,
announced Jan. 5 that the RFC would lend $6,000,000 to the road and also
provide for $2,223,000 of maturing equipment trust certificates, subject to
the approval of the Interstate Commerce Commission.
Mr. Jones made public the following letter to Daniel Willard, President
Jesse
system under the Act.
"The Commission and its staff have shown an eminently constructive and
of the carrier:
proceedings.
Commission to approve at this time a
to carry out the plan of reorganization.
such plan to the Commission for its
approval when the details have been developed and when market conditions
the RFC will lend the Baltimore & Ohio RR
cooperative attitude throughout the
The company did not request the
financial plan which will be required
The company proposes to submit
"Subject to the prior approval of the Interstate Commerce Commission,
up to $6,000,000 for its current
needs
on
collateral
now
held and such additional collateral
as
we
have dis¬
cussed and which may be required by the ICC.
the $2,223,000 equipment trust
next."
W
will also provide for
certificates maturing Feb. 1 and March 1
favorable."
are
$8,233,000 RFC Loan—
Weekly Output—
The Interstate Commerce Commission on Jan. 6 approved
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ending Jan. 1, 1938 totaled 36,991,000
kilowatt hours, a decrease of 15.6% under the output of 43,821,000 kilowatt
hours for the corresponding week of 1936.
Comparative table of weekly output of electric energy for the last five
years follows:
:vv
1936
1935
1934
1933
47,537,000
44,253.000
35,363.000
32,793.000
49,479,000
44.254,000
36,799,000
33,240.000
50,201,000
45,349,000
38,198,000
33,687,000
1938
1937
1936
1935
1934
Jan.
1.-.*36.991,000 x43,821,000 x39,207.000 x32,741,000 x28.997.000
x Includes Christmas.
* Includes New Year's Day.—*-V. 146, p. 99.
1937
43.911,000
42,701,000
Dec. 25-— x38,240,000
Week End.
Dec.
11-..
Dec.
18.—
American Yvette
Co., Inc.- -Earnings-
Years End. Aug. 31—
Excess of sales
Gen. & admin, expenses-
76,120
115,212
Depreciation
on
$157,838
81,109
128,057
$156,462
ating costs
Loss
1935
1936
1937
1934
over oper¬
$171,017
93,419
$172,269
85,952
131,980
142.219
6,568
fixed assets
21,828
Taxes
Net
$8,233,000 to the company by the Reconstruction Finance Corporation.
The report of the Commission says in part:
By our previous reports and certificates we approved loans to the appli¬
cant totaling $137,125,000.
Advances were made on the foregoing loans
in the amount of $87,110,399, of which $12,150,476 has been repaid, leav¬
ing outstanding $74,959,923.
By appropriate supplemental reports and
certificates the terms of certain of these loans have been extended or modi¬
fied by us.
Of the original advances, $13,155,000 was refinanced through delivery
to the Finance Corporation of $13,490,000 of the applicant's five-year
notes due Aug. 1, 1939, issued pursuant to our authorization of $50,000,000
of such notes.
The remaining five-year notes were sold to the public.
On account of this transaction, although the advances outstanding are
$74,959,923 under Section 5 of the Reconstruction Finance Corporation
Act, the obligation of the applicant is actually $75,094,823, of which $55,600,400 will mature on Aug. 1, 1939, and $19,494,423 will mature in 1942.
The
Application
,
.
The applicant requests an additional loan of $8,233,000 to mature Sept. 1,
1942, for maintenance of its railroad and purchase of equipment therefor,
as
follows:
For maintenance:
$51,328
$56,698
loss.
conditionally
loan for railroad maintenance and purchase of equipment of not to exceed
a
$54,382
(1) To apply to payrolls of maintenance forces for second half
of December, 1937, and for the months of January and
February, 1938—
$4,000,000
(2) For materials charged to maintenance expenses incident
to the employment of such labor, provided that the value
of the materials off-set against the proceeds of this loan
shall not be in excess of the amount paid for maintenance
$62,469
.
Balance Sheet
Furn., fixt. & ei.
—
$25,000
468,215
468,215
32,503
32,744
37,163
34,465
21,339
4,172
37,165
c
10,582
Acer, salaries, com-
938
_
37,236
Prepaid expenses._
7,723
d3,926
Misc.
1936
$25,000
Common stock-
$452,257
19,145
Mdse. inventory-
Notes payable
Accounts payable.
mis'ns & exps—
contracts
36,374
72,873
Other liabilities
254,975
242,882
609,086
Deficit
450,061
586,703
609,086
527,833
$945,068
$975,575
Total.
The applicant avers
in
-
$945,068
$975,575
Total
_r
After depreciation of $696,776 in 1937 and $629,187 in 1936.
b Repre¬
sented by 36,357 no par shares,
c Represented by $1 par value shares.
d After reserve for uncollectible receivables of $21,974.144, p. 762.
a
Anchor Cap
Corp.—New Name—
See Anchor Hocking Glass Corp., below.—Y.
Anchor Hocking
145, p. 3490.
Glass Corp.—New Name—Officers, &c.
The Anchor Cap Corp. on Jan. 3 acquired all of the properties and assets
of the Hocking Glass Co., in accordance with the plan approved at the
meeting of the Anchor Cap Corp. stockholders held Nov. 18, 1937.
The name of Anchor Cap Corp. has been changed to Anchor Hocking
Glass Corp., and 441,852 shares of common stock have been issued for
the Hocking properties, as a result of which the total number of shares of
common stock outstanding will be 715,550.
Anchor Hocking Glass Corp. will, directly or through subsidiaries,
operate glass container factories at Winchester, Ind., Salem, N. J., and
Connellsville, Pa., and closure cap plants at Long Island City, N. Y., and
at Toronto, Canada.
It will also operate the tableware plants formerly
owned by the Hocking Glass Co. at I ancaster, Ohio.
It wih have total
assets of a book value of approximately $22,000,000.
At the directors' meeting of Anchor Hocking Glass Corp. held Jan. 3,
I. R. Stewart of New York City, heretofore President of Anchor Cap Corp.
was elected Chairman of the Board of Anchor Hocking Glass Corp.; I. J.
Collins and Willim V.
Fisher, of Lancaster, Ohio, former President and
Vice-President and a General Manager of the Hocking Glass Co., were
elected to the same offices in Anchor Hocking Glass Corp., and Thomas C.
Fulton, of Lancaster, Ohio, were elected Vice-President.
Messrs. Collins.
Fisher and Fulton were also elected members of the board of directors and
the executive committee.
Anchor Hocking Glass Corp. was organized in 1928.
It owns all of the
of Anchor Cap & Closure Corp., Anchor Cap & Closure Corp. of
Canada, Ltd., Capstan Glass Co. and Salem Glass Works.
Anchor Cap
& Closure Corp. has been engaged in the manufacture of caps and closures
for glass containers since 1914.
Capstan Glass Co. was organized in 1919,
stock
15, 1937
2,000,000
1,483,000
750,000
$8,233,000
that it cannot secure the necessary funds in whole or
part from any source other than the
1
Total
— ---—
(3) To meet equipment trust maturities of Feb. 1, 1938
(4) To meet equipment trust maturities of March 1, 1938—_
69,795
Capital surplus
450,061
and locations—
material subsequent to Dec.
-
For purchase of equipment:
16,8bl
Deferred liabilities
receivables.
Leases,
1937
b Preferred stock_
$426,040
—
Accts. receivable.
Liabilities—'
1936
1937
Assets—
a
Cash—--
-
Aug. 31
Necessities
of the
Finance Corporation.
Applicant
compared with the last six months
in railway operating revenues from
$89,526,654 to about $80,955,351; and a decrease in net railway operating
income from $18,071,050 to about $10,377,789.
In the month of Decem¬
ber the decrease in railway operating revenues was from $14,686,817 to
about $11,255,000; and the decrease in net railway operating income from
$2,613,352 to a deficit of about $65,000.
In November 1937, there was a
deficit in net income of $240,367 and in December, 1937, a deficit in net
income of about $1,685,000.
The deficit in net income for the^six months
was about $1,363,760.
During the period July 1 to Dec. 23, 1937, cash
was reduced from $7,691,389 to $6,414,199; and there was an increase in
unpaid vouchers of about $4,000,000.
It was expected that by the end of
the year the cash balance would be further reduced to $5,799,343, with
interest and principal payments of $2,153,150 due on Jan. 1, 1938, leaving
available cash amounting to $3,646,193 to begin the year.
The applicant forecasts that without the loan applied for, and without
the increase in freight rates requested in the pending Ex parte 123, avail¬
able cash will be reduced to $191,735 on Feb. 1, 1938; and a shortage of
available cash of $5,433,407 will result by June 1, 1938.
The projected
balance for June 30, 1938, is a deficit of $3,543,752 without either the loan
or the requested increase in freight rates; or a balance of $1,856,248 without
the loan but with the increase in freight rates approved effective as of
During the last six months of 1937, as
of 1936 the applicant suffered a decrease
March 1, 1938.
„
,
proceeds of the loan of $8,233,000 requested would produce an esti¬
of $5,568,293 and after providing for the interest
due June 1 of $2,768,700, would leave available cash
of $2,799,593.
The forecast takes in the value of all material to be used,
including that for maintenance, a large proportion of the material for main¬
tenance having been purchased and now carried in the asset account "ma¬
terial and supplies," and reflected in the increased balance in that account
of $4,000,000 roughly to be paid through operation.
The request for the
loan for maintenance provides for the application of material already pur¬
chased and on hand, and this use of material will reduce the material on
hand balance approximately $3,000,000 and strengthen the cash position
to that extent over the amount shown in the forecast.
The cash forecast
The
mated cash balance June 1
and other payments
Financial
272
March
1938. the total will be
1,
which would be an addition to
June, inclusive,
We conclude:
.
Income Account 9 Months
.
,
.
A
for railroad maintenance and purchase
Finance Corporation of not to exceed
$8,233,000, for a period ending not later than Sept. 1, 1942.
(2) That the applicant should deliver to the Finance Corporation,
as
collateral security for the loan approved herein and previous loans, an as¬
signment of its interest in the collateral securing the $50,000,000 of its se¬
cured notes maturing Aug. 1, 1939, and the following additional security:
Par Value
bonds..
RK.—Kef. & gen. mtge. series C 6%
Kef. <fc gen. mtge. series E 6% bonds
Pittsburgh Lake Erie & W. Va. mtge. 4% bonds
Baltimore & Ohio
Preferred stock —
---
—
—
Phila. & Reading Coal &
Iron Co.—Conv. deb.
Pitts. Ry.—Preferred stock
Susquehanna RR. Corp .---Preferred
bonds 6%- — -.
Buffalo Roch. &
Buffalo &
$400,000
3,601,500
209,000
1,136,800
2,425,000
48,500
13,800
stock.
Docks Co.—8tock__.__—...— —
Western RR.—5% bonds
F'airport Warehouse & Elevator Co.—Stock...
Fruit Growers Express Co.—Stock..
Marley Neck-Patapsco Co.-—Preferred stock. —
99,700
1,000,000
Charlotte
Cincinnati Indianapolis &
Mortgage notes 6%
Philadelphia Perishable Products Terminal
Reading Co.—First preferred stock
Second
.....
296,800
26,500
—
1,000,000
1,000,000
2,000,000
3,250
120,000
—
Co.—Notes 4%
.....
preferred stock
stock...
....
——
Terminal RR.—Stock
Union Stock Yards Co.—Stock.......
Common
2,500
644,300
396,500
......
Toledo
Total
.$14,424,150
--
-
-
(3) That the applicant should agree that all collateral security now de¬
posited by it with the Finance Corporation, and the additional security to
be deposited in accordance with the provisions of this report, shall apply
equally and ratably to secure all loans, now or hereafter outstanding, by
the Finance Corporation to the applicant pursuant to the provisions of
Section 5 of the Reconstruction Finance Corporation Act; Provided, however,
that pledge may be made of the same securities or any of them, if, when,
and to the extent required by the Finance Corporation, to secure, equally
and ratably with such loans to the applicant, all loans by the Finance
Corporation for which the applicant has assumed or shall assume, with the
approval of this Commission, obligation and liability in respect of the pay¬
ment of principal and interest, as obligor, guarantor, or otherwise, and to
similarly secure any renewal, extension or modification of all or part of such
loan or loans, or any of them.
Commissioner Mahaffie, dissenting, said in part:
I am unable to concur in the report, or to join in what I consider essential
findings.
approved by the majority is intended, in part, to pay for
performed, and for materials already purchased.
A
The loan here
maintenance already
certificates.
applied, or
on hand, can be considered "maintenance of" the railroad, while not en¬
tirely clear, is a possible construction of the Act.
I am, however, unable to
agree that the payment of maturing equipment trust certificates is a "pur¬
chase of equipment" within the meaning of the law.
Consequently, it is
necessary, as I see it, that we make the certificate referred to above if the
loan is to be approved.
In making such a certificate I think we are limited
portion of the loan is to meet maturities of equipment trust
That payment of vouchers for maintenance materials already
to consideration
of the elements stated by Congress, e. g., present
and pros¬
pective earnings.
We may not properly consider in that connection the
adequacy of the collateral offered, the existing loans held by the Govern¬
ment and the desirability of protecting them, the public advantage of in¬
creasing employment, nor the possible
of the carrier to meet its obligations.
If the statutory requirement
as
effect on general credit of the failure
to our certificate is
restrictive, it should be changed by the Congress
considered unduly
rather than by us.—V. 145,
3967; V. 146, p. 100.
p.
Ended Sept. 30, 1937
$4,999,599
3,911,731
freight, returns, and allowances
Cost of goods sold
Selling, general, administrative, &c. expenses
Gross sales less
„
(1) That we should approve a loan
of equipment to the applicant by the
[Including Belden Realty Co.]
the cash.
Conclusions
1938
Co.—Earnings—Rights—
Belden Mfg.
requested is approved, effective
$5,400,000 for the four months March to
in freight rates as
shows that if the increase
Jan. 8,
Chronicle
$636,216
operations
Net profit from
Other income
451,652
—
23,685
59,673
Income deductions
$659,902
120,045
58,252
Total income
Provision for Federal income
and profits taxes
contingencies
Provision for
$421,931
Net income to surplus
record Dec. 1 were given the right to subscribe for
22,412 shares of common stock at par ($10) in the ratio of one new share
for each 10 shares held.
Rights expired Dec. 30.
Shares were not under¬
The stockholders of
At
written.
par
shares of common stock at
time company offered 3,476
same
to approximately 60 executive and supervisory employees, except the
Rights expired Dec. 30.
Proceeds will be applied to additional
President.
145, p. 3647.
working capital.—Y.
Telephone Co. of Pa.—Earnings—
Bell
1937—11 Mos.—1936
1937—Month—1936
Period End. Nov. 30—
Operating revenues
Uncollectible oper. rev..
$5,800,722
24,554
$5,627,648 $63,089,005 $59,824,273
14,504
188,314
156.532
Operating revenues
Operating expenses
$5,776,168
4,104,097
$5,613,144 $62,900,691 $59,667,741
3,726,866 42,927,363 40.317,881
$1,672,071
446,514
$1,886,278 $19,973,328 $19,349,860
481,231
5,352,334
4,602.231
$1,225,557
$1,405,047 $14,620,994 $14,747,629
Net oper. revenues..-
Operating taxes...
Net oper.
—V. 145, P.
income....
3811.
Ld.—Extra Dividend—
Biltmore Hats,
declared an extra dividend of 12K cents per share
dividend of 25 cents per share on
stock, both payable Jan. 25 to holders of record Jan. 20.
4110.
The directors have
addition to the regular semi-annual
in
the
common
—V. 145, P.
Bloomingdale Brothers, Inc.—Court Approves Terms—
Court Justice Salvatore A. Cotillo on Jan. 4 approved the
Supreme
terms of a
settlement voted at a special meeting of
stockholders, concerning
employment contract with Samuel J. Bloomingdale and Hiram C.
Bloomingdale, dated Jan. 31, 1930.
The contract has two years to run.
Under the terms of the settlement the compensation of Samuel J. Bloom¬
an
ingdale will be reduced from $75,000 a year to $25,000 and that of Hiram C.
Bloomingdale from $50,000 yearly to $15,000.
They also agreed to extend
for an additional five years from Jan. 1, 1940, their obligation not to com¬
Bloomingdale Brothers under the name Bloomingdale.—V. 145,
pete with
4110.
p.
,
,
Guarantee Co.—To Be Liquidated—
Bond 8c Mortgage
directing the liquidation of the company has been signed
An order
by
On Aug, 12, 1933,
George E. Brower in Brooklyn.
Supreme Court Justice
placed in the custody of the State Insurance Department
the company was
for rehabilitation.
Application for the order was made by Louis H. Pink, State Superinten¬
forth in his petition that further efforts to re¬
futile and hazardous alike to the mortgagecertificate holders, policy holders, general creditors and the public."
The company has liabilities exceeding current assets by more than
$52,000,000, it stated, although Mr. Pink in his petition declared that the
assets could not be totaled with accuracy at the present time.
The com¬
dent of Insurance, who set
habilitate the concern "would be
pany
759.
still has outstanding guarantees on mortgages amounting to $620,694,Of that amount, it stated, $317,423,244 represents certificated
public has subscribed.—V. 145, p. 4110.
mortgages to which the
Bangor-Hydro Electric Co.—Dividend Increased—
The
directors
declared
have
a
V.
p.
1937—12 Mos.—1936
1937—Month—1936
Period End. Dec. 31
stock, par $25, payable Feb. 1 to holders
145,
Gas Co.—Output—
Boston Consolidated
dividend of 30 cents per share on the
of record Jan. 10.
Pre¬
viously regular quarterly dividends of 25 cents per share were distributed.—
common
1,301,351
Output (1,000 cu. ft.)..
3812.
12,377,047
1,244,957
12.566,872
—V. 145, p.
3810.
Bankers Industrial Service,
Co.—$5 Dividend—
Bradley Knitting
Inc.—Extra Dividend— PI
dividend of 15 cents per share in
addition to a semi-annual dividend of like amount on the class A stock.
The semi-annual dividend was paid on Jan. 1 to holders of record Dec. 15
and the extra payment will be made on April 1. next.—V. 145. p. 2064. j
The directors have declared an extra
The company
paid
a
dividend of $5 per share on account of accumulations
stock on Dec. 22 to holders of record Dec. 21.
the old 7% first preferred
—V. 143, p. 4146.
on
British Columbia Power Corp., Ltd.—Earnings—
1937—Month—1936
1937—5 Mos.—1936
$1,267,410
$1,254,235 $6,201,021 $6,064,207
Period End. Nov. 30—
Gross earnings.
Corp.—New President—
Barker Brothers
who has been President of James McCreery & Co. since
Jan. 3 to become President and a director of Barker
Brothers Corp. and of Barker Brothers, Inc.
His resignation, effective
Feb. 1, was mailed from Los Angeles, where he had been conferring with
El von Musick, Chairman of the Board of Barker Brothers, Inc., and was
accepted with regret by Oswald W. Knauth, President of Associated Dry
Goods Corp.
The duties of President of James McCreery & Co. will be
assumed by Dodderick Olson, who is Chairman of the Board.
Mr. Petree succeeds Paul Quatlander, who resigned because of ill-health
after three years as President of Barker Brothers.—V. 145, p. 3967.
Neil
Petree,
1931, resigned on
Baton
1937—Month—1936
$149,684
$175,357
Operating
Operation
revenues
99,061
6,310
a22,895
Maintenance
Taxes
88,413
7,171
17,371
Net earnings
-V. 146, p. 102.
—V.
922,616
72,839
210,548
1,003,256
92,610
a243,149
$47,089
Drl,452
$36,727
1,546
$585,949
4,314
$503,845
39,168
$45,637
$38,274
$590,263
$543,013
13,784
Net oper. revenues—
13,712
165,222
164,530
Balance
Interest & amortization,
&c.
(public)
—
Note interest (Engineers
Public Service Co.)
433
363
—
$31,488
Appropriations for retirement reserve.
Preferred dividend requirements
Balance
$24,561
a
profits, since any
Operating
-
232,421
zl52,786
Federal taxes
Divs.
on
Shares
common
Earnings
x
per
stock—
share
61,419,218
1,024,574
56,350,657
1,034,690
$419,401
26,556
$1,851,382
157,605
$1,641,983
149,612
$445,957
85,358
$2,008,987
383,898
$1,791,595
364,302
$279,615
378,040
$360,599
377,725
$1,625,089
$1,427,293
377,725
$0.42
$0.57
$2.92
378,040
,
$2.03
Includes estimated surtax on undistributed profits.—V. 146, p. 100.
yl28,362
46,000
$847,608
837,912
$600,200
458,261
45,449
$249,664
259,268
13,124
15,132
422
$2,122,645
bl5,750
$1,685,942
28,536
60,035
169,774
$1,103,910
a76,023
189,974
$522,056
$1,427,596
$837,912
$11.88
$458,261
$4.11
58,084
448,203
pref. stock.
$1,600,608
x$4.58
x$5.74
63,794
3-for-l stock split up.
y Income and excess profits
taxes,
z $130,336 for normal income taxes and $22,450 for surtax on undistriouted profits,
a Amount segregated and set up as capital sin-plus
representing the excess of stated value of capital stock purchased in prior
years over cost of such stock of $76,023.
b Excess of cost over stated value of 2,114 shares of preference stock
purchased during the year.
x
After giving effect to
Assets—
.-»*•
Cash
Sheet
Cash
value
$364,000
Nov.
30
Liabilities—
1936
1937
$151,149
Trade accts. pay..
Accrued
1937
1936
$38,946
$68,383
15,467
10,452
508,945
851,563
Income and excess
71,743
of
536.134
1,113,423
Receivables
Inventory
66,273
Comp. ins. res've.
462
175
250
c
Preference stock,
672,775
d
Timberl'ds at cost.
8,000
15,278
696,363
158,022
5,539
619,925
Common stock..
135,819
1,600,608
19,514
162,000
135.819
628,960
20,043
bldgs., ma-
chin'y, eq., &c__
expenses.
prof, taxes (est.)
life
Traveling advances
1,427,596
Unexpired insur'ce
premiums,
^Net income
yl63,363
$679,917
1,427,596
Miscellaneous credits
b L'd,
x
$320,889
25,226
Balance
$349,615
70,000
Total Income
$732,720
4,158
profit
Previous surplus
Earns, per sh. on com..
$322,168
27,447
Other income
Cr6,495
Net
insurance
P* Profit
$1,004,474
inc. taxes (est.)
a
15,279,742
233,550
1,896,317
46,607
3,058
Co. (& Subs.)—Earnings—
Cost, exp., ord. tax, in¬
terest, &c
16,909,871
350,309
33,439
$835,762
$193,728
1937—3 Mos.—1936
1937—12 Mos.—1936
$17,464,460 $15,932,693 $64,295,174 $59,027,330
Depreciation
430,600
33,909
State
Fed'l &
for
Prov.
Period End. Nov. 30—
Net sales
530,321
32,310
net
$217,948
Jan. 1, 1937, changes were made in accounting procedure,
figures for some items in the income statement are
comparable.—V. 146, p. 100.
Beatrice Creamery
1934
$2,263,813
Common dividends
of the year.
Note—On
1935
$1,116,468
profit
$378,482
147,500
37,254
hence previous year's
not exactly
1936
$1,468,983
Depreciation
$424,607
169,404
37,254
been made for the Federal surtax on undistributed
liability for such tax cannot be determined until the end
1937—6 Mos.—1936
$1,409,055
$1,443,533
1937
$1,398,393
sales....
Cost of goods sold, sell,,
admin. & gen. exps
Total surplus
Miscell.
deductions.—
No provision has
Co.—Sales—
1937—Month—1936
$153,960
$167,335
Surplus..
Balance for common dividends and surplus
3,424,415
$2,639,792
145, p. 3968.
Other charges,
Non-oper. income (net)_
IB
3,597,564
$2,603,457
(F.) Burkart Mfg. Co.—Earnings—
Net
1937- -12 Mos.—1936
$1,709,849
$1,924,965
691,433
$562,802
Brown Fence & Wire
Period End. Dec. 31—
Sales
Years End. Nov. 30—
Rouge Electric Co.—Earnings—
Period End. Nov. 30—
716,419
$550,991
Operating expenses
Total
a
&c._
.$2,569,312 $2,482,501
$2,569,312 $2,482,501
Total
doubtful, &c.» of $12,592 in 1937 and $15,000 in
b After allowance for depreciation of $590,951 in 1937 and $565,615
After allowance for
1936.
\
Volume
Financial
146
c Represented by 24,797 no par shares in
1937 and 26,911 no
shares in 1936.
d Represented by 135.819 $1 par shares.—V. 145,
p. 4111.
in
1936.
par
Butler's, Inc.—Sales—
Period End. Nov. 30—
Sales..
1937—11 Mos .—1936
1937—Month—1936
$79,819
$87,837
$888,744
$1,080,501
—V. 145, p. 3190.
"If the
shares.
same
period
paid in wages practically $100,000, or
We have about
120,000 customers, which
The sales expansion
represents more than
has been rapid
500,000
and should continue to
long as we can give adequate service, quality products, diversity
of products and good values.
The company is owned by about 2,100 shareholders.—V. 145, p.
increase
as
3968.
Canada Northern
Period End. Nov. 30—
Gross earnings
Ltd.—Earnings—
1937—Month—1936
1937—11 Mos.—1936
$444,103
$398,907 $4,548,453 $4,156,395
Power Corp.,
Operating expenses
186,812
158,411
1,897,396
1,597,857
Net earnings
-V. 145, p. 3647.
$257,291
$240,496
$2,651,057
$2,558,538
recommend
its abandonment
to
and directors of the Celotex
the stockholders
Dahlberg Replies to Banker Critics—
Ry.—$50,000,000 Bond Issue Planned
$50,000,000 of
Subscriptions will be taken on Jan. 10 on a new issue of
bonds, guaranteed by the Dominion of Canada, according to an
ment by Finance Minister Dunning.
The issue will be used to
the Canadian Government for advances made since 1932, which
for redemption of debt and for
This new issue will be made
announce¬
reimburse
were used
capital expenditures.
in two maturities consisting of four-year
1938, and maturing on Jan. 15, 1942, and 13-year
1937, and maturing on Dec. 15, 1950.
The fouryear bonds will be non-callable and the 13-year callable at the option of the
road, as a whole only, on or after Dec. 15, 1945.
The price of the four-year
bonds is 99.25 and accrued interest, to yield about 2.20%, and of the 13year bonds 97 and accrued int., to yield about 3.29%.
These bonds will be offered by the Bank of Canada and will be guaranteed
unconditionally both as to principal and interest by the National Govern¬
ment.
The principal and interest is payable in Canadian funds.
2% bonds dated Jan. 15,
3% bonds dated Dec. 15,
Earnings of System for 10
Responding to the attack made on the company's plans by Distributors
Groups, Inc., he disclosed the fact that he personally negotiated the terms
the Certain-teed acquisition and reaffirmed his judgment that the
proposed acquisition on the designated terms is a constructive business
act that will bring material benefits to the stockholders of Celotex.
"Your objection to the proposed action rests upon two grounds," he
said in a letter addressed to Herbert Anderson, Vice-President of Dis¬
tributors Group, Inc. First, you suggest that the proposed terms represent
an excessive premium over the stock market quotations of
shares on Jan. 3.
Second, you suggest that Celotex should not consider a
costly outlay of $567,760 during the next five months because the business
outlook is disturbed by uncertainty.
1
"You agree that the purposes we seek, are, in your own words 'excellent
objectives which could bring substantial advantages to the Celotex Corp.'
"I cannot resist the conclusion that the difference between your judgment
of
$4,722,048
Gross earnings—
and mine lies in the fact that you are
"I
am
right
Stock
refer
time
represent thelreal value of an issue.
"I cannot concur in your implied suggestion, that because the business
outlook is disturbed by uncertainty, we, as.business men, must put into cold
storage, plans for expansion in which we.,have every reason to have con¬
quotation does not necessarily
fidence.
"I intend to continue to
$388,576
$5,110,624
enefits business plans to handle Celotex operations so as to bring workers.
Eendableto Celotex stockholderslandjimproved employment for itsincreased
of the
$3,859,000
103.
IficTEdsc
1936
the
factors
The
dividend of $4 per share on the common
holders of record Jan. 3.
A similar dividend was
paid on Jan. 5, 1937; Jan. 4, 1936; Jan. 3, 1935; Jan. 25, 1933, and on
Jan. 22, 1932, prior to which annual payments of $6 per share were dis¬
The directors have declared a
Texas, and contemplates
—V. 146, p. 103.
stock, payable Jan. 3 to
Celotex
farsighted investment for
corporation has purchased the
Co. of Houston, Texas.
Co.—Annual Dividend—
consideringlthe total advantage to
entire capital stock of the
"
Corp.—Underwriter Opposes Corporation's Pur¬
Certain-teed Products Stocks from Phoenix Corp.—
It was disclosed Jan. 5 that Distributors Group, Inc., as underwriters
of an issue of $4,000,000 10-year 4^% debentures (with stock purchase
warrants) of the corporation offered to the public last March, have sent
letter to security dealers who participated in that financing enclosing a
copy of a letter dated Jan. 4 sent by Distributors Group to B. G. Dahlberg,
a
opposing the proposed purchased by Celotex
from Phoenix Securities Corp. of the latter's holdings of Certain-teed
Products Corp. preference and common stock.
In the letter to Mr. Dahlberg congratulating the management on the
results achieved in its fiscal year ended Oct, 31, 1937, Distributors Group
states its position with regard to the proposed purchase as follows:
"You have advised us that the principal reasons in favor of this proposed
President of Celotex Corp.,
building
purchase are to broaden the activities of Celot.ex Corp. in the
supply field and to secure for Celotex the use of present excess plant facilities
of Certain-teed.
It is readily apparent to us that, in themselves, these are
excellent objectives which could bring substantial advantages to the Celotex
Corp., provided any such arrangements are on a reasonable basis.
"we feel, however, that the proposed terms are not favorable to Celotex,
in that an excessive premium over market values is being paid by Celotex
to Phoenix for advantages that should be obtainable, or approximated,
without such payment.
"The terms of the deal, as given in the letter to stockholders, dated Dec.
Net
$280,334
203,011
$77,323
Total income
$17,141
33,658
$38,496
43,197
18,384
Deferred charges..
$569,760 in cash, our understanding being that
the preference stock of Certain-teed is included in tne transaction because
the common stock cannot be acquired without it.
It is our understanding
that Certain-teed is not now earning the dividend on the preference stock,
nor is it currently being paid.
We see, therefore, no justification for an
asking price of $60 per share in cash for this stock which has no practical
value to Celotex except in its association with the common to be acquired.
"With respect to the common stock, which represents approximately
17% of the outstanding common stock of Certain-teed, we understand the
basis of the transaction to be to issue one share of Celotex common for each
2)4 shares of Certain-teed common to be acquired.
Based upon closing
prices on the New York Stock Exchange on Dec. 20, the date of the com¬
pany's letter, this resulted in a premium of $229,656, in addition to the
substantial premium above referred to in connection with the preference
stock.
the stock is currently
earnings.
earnings deficit for the present
Securities Corp. has apparent
fiscal year.
working control of both com¬
proposed transaction, the control by Phoenix of Celotex
would be increased from about 20% to approximately one-third of the out¬
standing common stock through which it would still be in a position to
exercise the same control, through Celotex, of the Certain-teed stock
formerly owned directly by Phoenix.
Under the terms of the proposed ac¬
quisition, we fail to see that there is any effective change in the control of
the two companies and therefore conclude that there is no justification for
the substantial premium which is being paid to Phoenix, nor for the belief
will show an
"Phoenix
Under the
that Celotex can secure
through the purchase any more
favorable business
should presently be available to it.
proposed transaction greatly fortifies
the control by Phoenix of Celotex, and that this fact should be given weight
in comparison with the control value assigned to the Certain-teed common
proposed to be acquired.
relationship with Certain-teed than
We think it fair to point out that the
6,658
15,199
taxes &exps_...
776,550
16,961
deps.
12,933
10,574
on
10,043
containers
3,659
Note
Res.
14,697
2,500
payable.....
for contract
5,321
1,514
contingency
1st mtge. note pay.
150,000
150,000
2d mtge. note pay.
108,000
573,530
113,000
c
Cap. stock.....
Operating deficit.
$885,578
Total
Total...
$910,983
1936.
reserve for dountful accounts
b After reserve for depreciation,
1936.
c
a
After
Represented by 114,706 shares
_
573,530
85,936
69,376
80,936
,$885,578
Capital surplus....
$910,983
64,249
of $7,430 in 1937 and $3,793 in
$229,026 in 1937 and $162,826 in
outstanding.—V. 144, p. 100.
Exemption—
Central Ohio Light & Power Co.—Note
subsidiary of Cresent Public Service Co., has been granted
necessity of filing with the Security Exchange Com¬
mission a declaration under the Utility Act covering the issuance and sale
of $93,215 6% promissory notes.
The notes are to be issued in part pay¬
The company,
exemption from the
ment for
follows: $15,210 to Combustion Engineering
Ingersoll-Rand Co.; $49,857 to General Electric Co., and
Pittsburgh Piping & Equipment Co.—V. 145, p. 39b0.
electrical equipment as
Corp.: $9,696 to
$12,451 notes to
Gold Mines, Ltd—Earnings—
Months Ended Oct. 31, 1937
exps. & Fed. income charges, but before
Central Patricia
Earnings for 10
NeTincome after
oper.
Federal surtax on
Earnings per sh. on
—V. 145, p. 2385.
undistributed profits
2,500,000 capital shares
,
reported earnings of $4.17
selling at about five to six
Certain-teed common, we understand,
ended Oct. 31, 1937, Celotex
per common share, and
times its last reported
2,500
Accrd. income tax
Cust'rs
2,623
739,414
24,299
enue stamps
$2,583
487
Due to o ffleers
rev¬
b Fixed assets
1936
2,500
44,630
16,4-52
21,097
supplies
Inventory of
1937
$7,745
payable.
Note payable
Accrd. wages, Int.,
Inv. of materials &
Inventory of beer.
$0.58
Oct. 31
Accounts
Accts. rec.—oust
prof$66,330
Nil
stock
Liabilities—
1936
1937
hand & in
banks
a
>,126
--
Assets—•
on
—
114,706 shares common
Balance Sheet
Cash
66,200
& confers
loss
Earns, per share on
20,056
1,370
61,853
10,574
125
Interest on current loans
prices on the New
through this expenditure of
—
deprec. on plant, mach., equip.
Reserved for Federal income tax—
$160,183
$79,291
18,093
—
notes.
Prov. for
226,677
1,968
-
Interest & discount on mtge.
paid by Celotex of
$518,097.
"Although it is not so Specified in the company's letter to common stock¬
holders, you have advised us that the basis on which the terms of the deal
are computed involves the payment by Celotex of $60 per share in cash
for the 9.496 shares of the 6% prior preference stock of Certain-teed (a total
of $569,760, the entire cash payment involved) although the stock closed
yesterday (Jan. 4) on the New York Stock Exchange at $26.50 per share.
We understand that this preference stock has no present vote and that the
amount involved represents only about one-eighth of the total preference
stock outstanding.
There is thus no control advantage to be secured
$155,626
4,556
deprec.).
profit from opers. (before
20, 1937, are for the acquisition by Celotex from Phoenix Securities Corp.
of 9.496 shares of 6% prior preference stock and 109,360 shares of common
stock of Certain-teed for 43,744 shares of Celotex common stock and
$569,760 in cash.
Based on Dec. 20 closing market
York Stock Exchange, the deal involves a premium
$382,303
Other income
Net
1936
1937
Years Ended Oct. 31—
Celotex
Gulf Gypsum
Inc.—Earnings-
Central Breweries,
Gross profit on
chase of
best
stock
stockholders.'
The latter has large gypsum deposits at Falfurias,
building a large wall board mill on the Gulf Coast.
sales (before depreciation)
Selling, delivery & admin, expense
tributed.—V. 145,p. 600.
Celotex
Certain-teed* connection! can bring, it is my
the price to be paid for the I Certain-teed
Buys Gulf Gypsum Assets—
$86,000
$3,773,000
.—
(William) Carter
of the whole program,
new
business judgment that
i epresents
a sound and
Dec. 31
•
Traffic earnings
and'submitlto'stockholders or directors,
time, as Ithave in this instance, de-
be appropriate, from time to
may
"As part
Earnings for Period Dec. 21 to
1937
develop
as
Ry.-r—Earnings—
Canadian Pacific
stock market
thinking in terms of the
thinking in the terms of a productive industrial operation.
particularly to your apparent feeling! that it cannot be
to pay an average of $12,476 per share for* stocks! quoted on the
Exchange on a particular day at an averagejof $8,557.
Maybe the
has come for some business man to say that ajgiven day's stock market
while I
T^prren HP
1 QQfi
—V. 146, p. 103.
panies.
proposed
Certain-teed
of
In a spirited reply tolbanking interests who are opposing the
acquisitionlby the corporation!of a substantial stock interest in
Products Corp., Bror Dahlberg, president, accused his banker critics
judging the merits of the company's expansion plans by the day-to-day
fluctuations of the stock market.
Days Ended Dec. 31
1QQ7
"For the year
Corp.
Certain-teed
Canadian National
~
—V. 146, p.
Distributors Group, Inc., "inadvisable at this time."
In
justification of their comment on the plan on which "no information was
given us prior to the public announcement," and on which "our opinion has
not been asked," the underwriters point out that the holders of the de¬
bentures which they distributed have a distinct interest in the welfare of
the company "not only as its creditors but because of the common stock
purchase warrants applicable to the debentures they own."
Distributors Group, Inc., concludes: "In view of the reasons enumerated
in this letter, we feel it our duty to express to you
our opposition to
suggested plan of acquisition, with the urgent request that you
11% more than in the
a year ago.
consumers.
between
not be
in the opinion of
in part:
31. During this
period working capital has been increased, there has been a slight further
reduction in our bonded indebtedness, sales have been increased both in
volume and in value.
Profits have been increased.
Surplus, prior to divi¬
dends, has been increased $105,000.
Dividends of $68,750 have been paid.
These comprise current dividends in full on the first preference and class B
preference shares, together with 25c. per share on arrears of class B pref¬
We have
be¬
than a working arrangement
more
no
developed under the present ownership situation without a purchase of
stock which requires payment by Celotex to Phoenix of $569,760 in cash
for the preference stock which does not influence control, and in addition
a premium of some $229,656 for the common stock."
The commitment to pay out $569,760 in cash, in view of the uncertainties
of the business outlook and for "the intangible benefits to be gained" is,
C. H. Carlisle, President, in letter to stockholders says
The first half of the company's fiscal year closed Dec.
erence
involves
situation
companies, we fail to see why working arrangements
Celotex and Certain-teed, advantageous to both companies, might
tween the two
Ltd.—Earnings,&c.—
Canada Bread Co.,
273
Chronicle
—
^
®A
•?£
$0.17
Bonds—
Chicago & Alton RR.—Distribution on
Trust Co., as trustee, is notifying holders of Chicago
314% first lien mortgage gold bonds that there has been de¬
posited with the Clerk of the U. S. District Court for the Northern District
of Illinois, Eastern Division, sufficient funds to pay on these bonds and
coupons their distributive share of the proceeds of the sale of the Properties
of the Chicago & Alton RR.
Holders will receive the sum of $799.96
upon presentation of the outstanding bonds with coupons maturing Jan. 1,
1923 and subsequently to the Clerk of the court, Federal Building, Chicago.
City Bank Farmers
& Alton Ry.
—V. 135, p.
3854.
Chicago
Rock
Island
&
Pacific
Ry.—Bond Group
Overruled—
Commerce Commission in a decision made public Dec. 31
overruled a motion by a protective committee for holders of bonds of the
Rock Island Arkansas & Louisiana and Louisiana & Arkansas RR. for a
The Interstate
separate
consideration by the
Commission of the reorganization of the
&
Rock Island Arkansas & Louisiana RR. from the other debtors In the
pending reorganization proceedings.
The Commission held that it would consider the reorganization of the
Rock Island Arkansas & Louisiana as a part of the proceeding for the
reorganization of the Chicago Rock Island & Pacific, to which the Chicago
Falls
Salmon
Electric
Gas &
Co.
Co.
Public Service Co.
The securities are to be acquired from Twin State
All the companies are affiliated with New England
The securities are to be acquired for $499,000 cash.—
V. 145, p. 4115.
Corp.—Earnings—
Cummins Distilleries
Rock Island & Gulf is a party.
Month
$100,567
91,849
Period Ended Nov. 30, 1937—
Tenders—
Sales
Cost
National Bank of Chicago, trustee under trust Indenture dated
July I, 1937, under which the 10-year secured 3H% certificates are issued,
invites written proposals for the sale to it on or before Jan. 31, of as many of
the certificates as will exhaust the sum of $1,147.975, now on deposit in
the sinking fund.—V. 146, p. 105.
The First
-
5 Mos
Period—
Cuneo Press,
Community Public Service Co.—To Pay 50-Cent
4115.
Div.—
Dallas Power & Light
declared a dividend of 50 cents per share on the
(represented by voting trust certificates), payable Feb. 15
to holders of record Jan. 25.
Extra dividends of 25 cents per share in addi¬
tion to regular quarterly dividends of 25 cents per share were paid in each
of the four quarters of 1937.—V. 145, p. 4114.
directors have
Co.
Power
&
Light
$6,413,354
3,298,636
644,884
$6,170,991
3,249.461
684,813
$216,455
$192,203
$2,469,834
Dr81
160
716
$2,236,717
3,939
$216,374
46,667
x32,202
Net oper. revenues—
43,279
$192,363
60,208
4,417
$2,470,550
699,417
xl93,476
$2,240,656
722,500
89,738
$137,505
of
$127,738
$1,577,657
$1,428,418
Other income
1937—11 Mos.—1936
1937—12 Mos.—1936
$20,804,670 $24,714,226 $22,759,173
8,288,340
8,962,810
662,642
751,412
781,423
187,000
281,593
215,464
1937—12 Mos.—*1936
46,506
Operating revenues
Oper. exp.f inc. taxes—
Prop, retire, res. appro—
Subs.)—Earnings—
Rev. from electric saies.$22,609,241
Rev. from gas sales,
8,136,852
Rev. from steam safes
638,966
Co.—Earnings—
1937—Month—1936
$521,707
$520,738
258,746
285,256
Period End. Nov. 30—
capital stock
Period End. Nov. 30—
appproved for listing 8,535 additional
official notice of issuance.—V. 145,
shares of common stock, no par, upon
p.
Electric
$3,192
Inc.—Listing Approved—
The New York Curb Exchange has
$24,151
$3,641
—V. 145, P. 2690.
Gas
profit for period.
$13,663
10,471
Year End.
Sept. 30. *37 April 30, '37
Federal income
charges but before undistributed profits tax
Consolidated
224,009
-V. 145, p. 3651.
Net income after oper. expenses &
Baltimore (&
$237,672
$4,001
Expenses—net.
-Earnings—
Co.-
3 Months
$8,719
4,718
Gross loss
Net
Climax Engineering
The
Jan. 8, 1938
Chronicle
Financial
274
303,641
MiscU. operating rev—.
Int. on mortgage bonds.
Other int. & deductions.
9,108,337
Div. appl. to pref. stks.
for the period, whether
revenue.a$31,572,060b$30,037,246c$34,643,913b$32,952,576
Operating expenses
16.482,890
15,960,116
18,121,301
17,494,104
Retirement
expense-2,559,504
2,261,582
2,785,068
2,484,393
Total oper.
Taxes
'
4,597.784
"
"Operating income
Non-operating income-.
3,863,014
5.003,251
$7,952,533
335,907
$8,734,290
607,632
$8,753,150
383,881
Other deductions
$8,473,516
2,434,182
60,530
$8,288,440
2,486,962
10,985
$9,341,923
2,697,428
61,496
$9,137,038
*2,714,267
11,703
Netincome
Pref. stock dividends—
Common stock divs
$5,978,803
1,022,372
3,852,410
$5,790,492
1,022,372
3,852,410
$6,582,998
1,115,315
4,202,629
$1,104,020
stk
$4.25
$915,710
$1,265,054
$4.68
Balance
x
Earns, per sh. of com
$4.08
to date for 1937.—V. 145. p.
Dallas Ry. &
an
additional amortization of $27,000
1937—12 Mos.—1936
$2,977,064
$2,961,621
2,247,024
2,114,653
138,895
169,089
1937—Month—1936
$243,531
$263,305
190,282
200,026
12,974
8,085
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
$4.54
3815.
Terminal Co.—Earnings—
Period End. Nov. 30—
Note—Operating revenue affected by reductions of electric rates in 1936
rates in 1937 as follows:
a $1,001,694;
b $353,646;
c$l,082,6l3.—V. 145, p. 3006.
Consolidated Rendering
plus
and $135,000 for 12 months ended current month.
Note—Includes provision made during December, 1936, of $28 for Federal
surtax on undistributed profits for 1936.
No such provision has been made
$40,275
15,505
$55,194
15,505
$591 145
186,063
$677,879
186,063
$24,770
2,333
$39,689
1,042
$405 082
14,146
$491,816
15,000
mortgage bonds.
$27,103
23,853
Other int. & deductions.
1,994
$40,731
23,853
1,984
$419,228
286,230
25,530
$506,816
286,230
25,452
$1,256
$14,894
$107,468
$195,134
Net oper. revenues
and electric and gas
Rent for lease of plant-
Operating income
Co.—Bonds Called—
This company called for redemption on Jan
1, 1938, at 102
issue of $1,319,000 first mortgage 5s of 1941.—V. 145, p. 1736.
507,386
$921,032
Includes amount required to amortize debt discount and expense over
the life of the outstanding debt
$1,093,122
Balance
------
for current month
$6,411,067
1,115,315
4,202,629
Gross Income—
Fixed charges
507,386
$1,070,271
paid or unpaid
4,220,922
$7,931,881
541,635
-
Other income
its entire
Gross income
Int
Crowley, Milner & Co.—Initial Preferred Dividend—
on
The company paid an
preferred stock
on
initial dividend of $3 per share on the 6% prior
Dec. 28 to holders of record Dec. 28.—V. 145, p. 107.
Cuban American Sugar
General Statistics
Raw sugar produced:
Total bags—
Total in tons
Refinded sugar
Net
x
Co.—Earnings—
income
Dividends applicable to preferred
stock for the
103,901
1936
1935
1934
991,488
999,329
1.007,591
161,492
143,854
144,992
146,190
output-415.038.311 389.410,703 391,108,397 169.818.632
Consolidated Income Account for
1937
Years Ended Sept. 30
1936
1934
1935
Sug.& molasses produc-$21,067,076 $18,217,980 $17,879,988
Interest received
57,860
61,581
98,938
Prof, realized on sugar &
molasses of pr. years—
255,828
304,583
185,219
Non-recurring income.y42,213
Miscell. income (net)-311,374
237,741
190,177
Balance
.
Dividend^ accumulated and unpaid to Nov. 30, 1937, amounted to
Latest dividend, amounting to $1.75 a share, on 7% preferred
was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $32 182 made during the 12 months ended
Nov. 30, 1936, for Federal surtax on undistributed profits.
No such pro¬
x
$424,262.
stock
1937.—V
vision has been made for
145, p. 3494.
$9,488,758
160.734
De
353,541
Met's, Inc.—Accumulated Dividends—
The directors have declared a dividend of 55 cents per share on account
of accumulations
-
187,366
payable Feb.
on
stock, no par value,
Jan. 31
Similar distributions have
preceding quarters.—V. 145, p. 2542
the $2.20 cumulative preferred
to holders of record
1
been made in each of the seventeen
$21,734,351 $18,821,885 $18,354,322 $10,190,399
Prod. & mfg. costs, sell¬
ing & general
19,643,022
16.529,184
16,149,351
$2,292,701
948,410
$2,204,971
1,012,490
67,171
113,033
65,841
.,278,521
.,070,165
40,000
159,736
46,002
(W. S.) Dickey Clay Mfg. Co.—Earnings—
8,911,878
$2,091,329
462,243
expenses
1937
$2,638,388
Depreciation.
Disct. on bonds & notes.
Interest on bonds
Other interest.
Non-recurring
expenses.
21,688
al24,260
18,862
Loss due to cyclone
Miscell. losses (net)
U. S. & Cuban inc. taxes
Z240.000
Net profit
$1,243,137
Previous surplus
16,442,299
Write-off of goodwill
Divs. paid on 7% cum.
12,577
182,707
xl77,169
$1,148,260
15,294,039
pref. stock
95;737
179,785
$751,152 loss$312,903
14,542,887
18,785,130
3,929,340
1,317,924
Cost of sales (excl. of prov. for deprec.
x
share
per
$0.74
$0.65
$0.24
Nil
Cuban
consumption^tax not recoverable from customers of $27,169.
Non-recurring income, including duty refund and distribution from
non-consolidated affiliate in liquidation,
z Includes $1,625 undistributed
profits tax (subsidiary companies), a Non-recurring expenses in connection
y
with the transfer of assets and liabilities of certain subsidiaries to another
subsidiary, &c.
Consolidated Balance Sheet Sept. 30
1937
1936
$
$
Assets—
x
Lands, buildings,
machinery, &c..20,949,132
Adv. to colonos.&c 2,453,699
z Investments
537,376
21,288,886
3,260,534
533,569
Planted and grow¬
ing
1937
Liabilitise—
$
Common stock... 10,000,000
Preferred stock
1936
Interest
112,182
& censos—
381,914
Accounts payable.
Salaries and wages
636,409
552.563
116,591
depletion.
profit
mort¬
302,455
597,216
577,936
1,734,735
3,380,592
3,099,102
1,588,150
Res. for inc. taxes.
Raw & ref'd sugar.
Cash
4.525,877
Res. for sp'l ins...
Reserve
for
con¬
Cash fund for sp'l
Insurance
27,000
U.S. Treas. bills..
1,498,704
1,499,680
Accts. & bills
1,608,505
1,416,460
129,805
Inventory
of
ree..
Deferred charges..
accrued
1,251,662
tingencies
117,897
Assets—
Surplus
15,652
__
16,578
240,000
27,000
150,000
621,041
898,482
16,367,512yl6,442,299
Liabilities—
1936
1937
$285,253
a
rec.
sold
$568,578
197,558
256.647
32,800
Receivables
32,500
1937
Notes payable
commis'ns
—36,299,919 36,375,0121
Bonuses payable..
949,221
1,019,019
23,900
72,350
-,™,After depreciation
Sink, fund depos..
Investments
180,613
43,930
exps.
def'd charges...
<
Plant & equip...
Abandoned
43,920
on
5% notes
note
and
35,178
2,738,615
31,782
25,869
(current)..
Funded
and
108,738
76,144
1
1
...
Corp.—Acquisition
he acquisition b\
he company of 9,770 shares
$224,00 J 6% Is & ,-efund.ng mtge bonds of Berwick
25.868
lOO.OOi)
long-
term debt......
2,094,242
24.813
4o.630
302,618
521.367
1,689,800
1,685,800
Res.
for
reval.
non-cum.conv.
A stock
cum.
6%
(par $1)..
105,613
d Common stock..
Earned surplus...
$4,595,796 $5,056,968
2,30)860
of
plant and equip.
Class
36,299,919 36,375,012
Total
_08,9i9
Res. for conting's.
2,956,015
pl't &
c$l
Cumberland County Power & Light
37,493
1st mtge. prop.pur.
Prepaid
Accrued liabilities.
for prop.
reserve of $10,562,759 in 1937 and $22,540,317 in
The SEC has approved
of common stock and
23,849
Prepay, due Jan. 1
Goodwill
1936.
y Earned surplus is restricted in the amount of $169,000, repre¬
senting the value at which shares of the company held in the treasury are
carried in the books, z Includes 5,720 shares of preferred stock $20
per share
and 18,500 shares of common sto-dc at $3 per share held in
treasury.—V
145. p. 1415.
54.204
18,234
24,855
139,476
(non-cur.).
rec.
sold
equipment, &c..
Total
$39,309
pay.
pref. stock
Total
1936
$60,000
Accounts payable-
Payroll & salesm's*
for prop,
(current)..
Inventories
Notes
...
Interest accrued
raw
materials, &c
.
Notes
295,961
cane
Livestock & equip.
x211,225
-
$105,613 paid in cash and $105,613 paid in class A stock (105,613 shares
of $1 par;,
y Before deducting special charge (loss on liquidation of in¬
ventories at abandoned plants in excess of reserve provided at date of re¬
organization)
Note—No provision has been made for Federal income taxes as the com¬
pany in its tax return claims a deduction for depreciation based on original
cost that is substantially greater than the provision for depreciation shown in
the above profit and loss account, which is based on values determined at
the date of reorganization, and also claims a deduction for losses on aban¬
doned plant ana equipment, which are charged to reserve for revaluation
of plant and equipment.
Balance Sheet Oct. 31
36,877
estate,
gage
$220,130
109.738
deductions
22.064
x
384,414
Real
$469,942
119,414
130,398
y$370,981
(net).
Provision for depreciation and
$
7,893,800
$447,877
$592,901
Other income
10,000,000
7,893,800
478,566
$566,960
25,941
.
Net
Includes non-recurring expenses, including net loss on insurance claims
and
$926,443
532,799
Selling, general and administrative expenses.
Preferred dividends
$15,294,039 $14,542,887
981,500
981,500
1,572.197
$1,099,760
& deple )..
.
------
P. &L.surp. Sept. 30_$16,367,512 $16,442,299
Shs.com. stock (par $10)
981,500
981,500
1936
$2,498,640
1,538.628
Years Ended Oct. 31—
Net sales
•
Net profit
Earnings
$91,233
for Years Ended Sept. 30
1937
1,113,053
Total-
103,901
$3,567
period, whether paid or unpaid
Total
518
130,450
518
def 5,574
$4,595,796 $5,056,968
a After reserve for bad debts of $25,019 in
1937 and $21,237 in 1936.
b After reserves for depreciation and depletion of $307,040 in 1937 and
$220,247 in
1936.
c
Represented by 211,255 (210,725 in 1936; no par
d Represented by 51,806 no par shares at stated
shares at stated amount,
amount.—V. 145, p. 3007.
-
Volume
De Havilland Aircraft of
$2,097
30,683
$4,977
37,946
622
447
432
loss$6,567
sur2,242
900
3,186
Prov. for income taxes..
_
818
3,000
""448
Duty claims written off.
Extraordinary exp. ex¬
changes on staff
Written off inventories.
4,413
27,026
.
$37,945
$30,683
$28,600
$25,262
Total loss
770.
(Jacob) Dold Packing Co. (& Subs.)—Earnings— V
Earnings for the Fiscal Year Ended Oct.
30, 1937
$36,246,586
Gross sales
1,492,871
2,587,651
Prepaid freight and other deductions
Interplant sales
Cost of sales........
30,585,972
,
$1,580,090
1,996,587
Operating gross profit
Selling. administrative and general expense
$416,497
Operating net loss
131,448
Other income...
$285,049
127,726
167,653
6,812
Operating net loss after other income.
Interes
bond discount and expense
Deprejiation
Miscellaneous
Ne. locs to
charges
$587,240
surplus
Consolidated Balance Sheet Oct. 30,
Cash
¥856,314
xl,318,214
8,440
2,423,106
753.104
-
Accounts
receivable..
bonds—
Accrued interest on
Inventories
Other
assets
38,868
Prepaid taxes, insurance, &c.
Discount on
23,634
6,850,515
i:onds
Fixed assets
$300,000
banks
payable
Notes payable,
Accounts
Accruals *
136,304
5,476
........
Fed'l
assessments of
Reserve for taxes, incl,
Income
tax
260,113
prior years
Reserves.
...........
1st mtge. 20-year, 6%
fund
....
$100)
Total
$12,272,1961
.......
surplus
Total
1
x
After
reserve
for
accounts of $52,871.
doubtful
$12,272,196
Represented by
124.
22,500 no par shares.—V. 142, p.
Duke Power
y
1,575,600
4,500,000
y22,500
1,078,120
Common stock......
Capital
4,394,083
sinking
gold bonds.
Preferred stock (par
Co.—Supreme Court Upholds PWA Loans to
Municipalities for Construction of Publicly Owned Electric
Plants—See under "Current Events and Discussions" on a
preceding page.—V. 145, p. 3652.
Duluth & Iron Range
See Duiuth
Duluth
RR.—Control Approved-
Missabe & Iron Range RR.—V. 144, p. 2995.
&
Missabe
Proprietary Company
Iron
Range
Ry.—Acquisition
of
Authorized—New Bond Issue Approved—-
Commission on Dec. 28 approved the acquisi¬
of control of the Duluth & Iron Range RR. and the
by purchase of their stock.
The Commission also
authorized the company to issue not exceeding $30,000,000 of first mtge.
3 H % bonds, and to assume obligation and liability in respect to $8,151,000
of first mtge. bonds of the Duluth & Iron Range RR. and $1,000,000 of
♦ irst mtge. 5% gold bonds of the
Interstate Transfer Ry.; $20,000,000 of
the 3 H % bonds to be exchanged for all the outstanding capital stock of the
Duluth & Iron Range RR. and of the Interstate Transfer Ry., and the
remaining $10,000,000 of such bonds to be sold at not less than par and the
proceeds used to pay and redeem, in part, the outstanding bonds of those
companies and of the Spirit Lake Transfer Ry.
The report of the Commssion sayc in part:
The applicant, a Minnesota corporation, was formed July 1, 1937, by
consolidation of the Duluth Missabe & Northern Ry. and the Spirit Lake
Transfer Ry.
We authorized the applicant to issue $4,112,500 common
stock and to assume obligation and liability in respect of $1,000,000 first
mortgage 5% gold bonds of the Spirit Lake and $3,780,000 of equipment
trust certificates of the old Missabe, in connection with the consolidation.
In addition to operating the properties of the constituent companies,
the applicant operates under lease, as successor to the old Missable, the
railroad properties of the Interstate and the Iron Range.
Acquisition by
the old Missabe of control, under lease, of the properties of the Iron Range
was approved and authorized Dec.
11, 1929. The constituent companies
were
subsidiaries of the United States Steel Corp., and that company
controls, directly or indirectly, all the other corporations mentioned.
The present proposals are intended as a further step toward unification,
for ownership, of railroad properties that have been thus unified as to
management and operation since 1930.
The Iron Range owns certain
noncarrier lands.
It was testified that as soon as an election can be made
between several alternative methods of proceeding, application will be
made for authority for the applicant to acquire at least the railroad proper¬
ties of both lessor companies.
Meanwhile the leases are not to be dis¬
The Interstate Commerce
tion by the company
Interstate Transfer Ry.,
turbed.
The applicant urges that the intermediate step now proposed is in
harmony with and in furtherance of the Commission's plan for the consolida¬
tion of railway properties, and is in the public interest because it will result
in a substantial reduction in fixed charges, taxes, and accounting and over¬
that, for
head expose, and will give unity of control to railroad properties
numbe
of years, have been operated as a single system through
a
lease
Pissible decreases in tax revenues is one of the results
authorities, but they contend that there will be no benefits
advantages other than those heretofore realized through unification of
arrangements.
feared by State
or
operation.
Taken together the ines of the applicant and the lessors embrace 368
miles of main line and 151.57 miles of branches; total, 519.57 miles, or, all
tracks, about 1,200 miles.
The applicant also operates under trackage
rights, over 17.78 miles of lines of other carriers.
Provision for acquisition of all the outstanding stock of the lessee com¬
dated Aug. 9, 1937, one, with the Minne¬
$6,500,000 of stock of the Iron Range to
exchange for $19,500,000 of the proposed first mtge. bonds,
panies is made in two agreements
the transfe- of
sota Iron Co., for
the applicant in
and the other with the
Minnesota statutes, to $19,500,000,
and decreasing the surplus account by
Under the laws of the State of Minnesota such a transfer
upon appropriate resolution of the company's board of
directors. A certified copy of such a resolution has been filed in this applica¬
tion, but nothing herein is to be construed as authorizing or approving the
proposed adjustment.
The applicant's proposed bonds will equal in prin¬
cipal amount the stated capital of the Iron Range, as that term is defined
by the Minnesota statutes, and the par value of the outstanding stock of
the Interstate, for which they are to oe exchanged.
After such unification as is here assumed, there would be outstanding
$4,112,500 of capital stock, and $33,780,000 of funded debt, the latter
consisting of $30,000,000 of proposed first mtge. bonds and $3,780,000 of
equipment-trust certificates, a total of $37,892,500, which would indicate
that the surplus account would be represented by approximately $30,328,002
of capitalizable assets, without giving effect to the $500,000 premium on
capital stock and to the $4,794,410 amortization fund which would be
acquired as part of the assets of the Iron Range. While the ratio of funded
debt to capital stock in the event of unification would appear to be dis¬
proportionate, if consideration be given to the large amount of capitalizable
surplus which may be allocated as a part of capital stock account, such
discrepancy would not appear to be of sufficient importance to be con¬
trolling in the disposal of this application.
From the foregoing, it appears that the applicant has ample capitalizable
assets to support the proposed bond issue, and that it would acquire a
considerable amount of noncapitalizable assets, principally from the Iron
Range, which would justify the payment for its stock of $19,500,000 in the
applicant's proposed bonds plus the assumption of the matured funded
$13,000,000.
be
may
made
debt of $8,151,000.
Annual interest charges at 3H% on the proposed $30,000,000
will be $1,050,000.
Of this amount of bonds, $1,000,000 will be
of bonds
used to
redeem
a
like
amount
of bonds
of the Spirit
Lake, which
would make
the proposed acquisition of the stock and the
assumption of the bonds of the Iron Range and of the Interstate $1,015,000.
The applicant is now paying $1,321,876 fixed annual rental for the lease of
these two roads exclusive of depreciation.
The proposed acquisiton would
indicate, therefore, an annual saving in fixed charges of $306,876 in respect
of these two railroads, and an annual saving of $15,000 by the reduction
in interest charges from 5% to 3M % in the case of the redemption of the
Spirit Lake bonds.
The savings would be somewhat reduced by the pay¬
ment of 2
% redemption premiums on the bonds of both the Interstate
and the Spirit Lake.
The proposed sinking fund payments, ranging from
$1,260,000 to $1,200,000 annually are designed to pay off the entire debt
in 25 years, the due date of the proposed bonds.
The ultimate result will
be the retirement of the bonds and elimination of interest thereon.
interest charges applicable to
1937
Liabilities—
Asse-
The Iron Range balance sheet shows a corporate surplus of approxi¬
Prior to the delivery of its stock for the applicant's
proposed bonds, the Iron Range will transfer $13,000,000 of its surplus to
capital account, thereby increasing its stated capital, as defined in the
mately $16,000,000.
1934
1935
1936
$4,409
28,600
Previous deficit
Profit on red. of shares.
Canada, Ltd.—Earnings—
1937
Years End. Sept. 30—
Net profit after ail ch'ges
-V. 144, p.
275
Financial Chronicle
146
Agate Land Co., for a similar exchange or $500,000
lor a like amount of the bonds proposed to be
The applicant's income available after fixed charges for the years 1932
1936, inclusive, and for the first six months of 1937, in order, were
$2,956,212 (deficit), $10,684,913, $1,346,452, $2,600,907, $6,937,650 and
$4,411,164.
In regard to the $10,000,000 of proposed bonds which are to be sold to
provide funds to pay or redeem the Iron Range, Interstate, and Spirit
Lake bonds, it is stated that the Steel company will purchase them at par
upon our approval of this application with the understanding that if they
are sold by that company in whole or in part at a profit, such profit will be
paid to the applicant.
Any difference between the proceeds from the sale
of the bonds and the amount required to retire the outstanding bonds will
be obtained from the applicant's surplus funds.
The incidental expenses
for the redemption of the bonds of the Spirit Lake and of the Interstate is
represented as nominal, as the bonds are held by the Steel company and the
Carnegie Pension Fund.
'
„
The Iron Range first mtge. bonds, ($8,151,000) matured Oct. 1, 1937.
The bonds of the Iron Range have already matured, and pending the
granting of authority requested herein, the Steel company, or some third
party, either has purchased them and will hold them until the new financing
is completed, or has advanced the funds required to pay them, after which
they will be held as collateral security for the redemption of the advances
so made.
Upon the acquisition of the stocks of the Iron Range and of the
Interstate, the applicant proposes to pledge them as part of the security
for the proposed bonds.
The assumption of obligation and liability in respect of the Iron Range
and Interstate bonds by the applicant was approved by resolution or its
board of directors and no further contractual action is proposed.
Upon
to
the
the
of
106.
the acquisition of the stocks of the Iron Range and of the Interstate,
applicant will make a contribution to capital of these companies in
amounts of $8,151,000 and $1,000,000, respectively, for the purpose
furnishing a portion of the funds required to pay the bonds.—V. 146, p.
been notified by the Union Trust
under the first mortgage and deed of trust
and supplemental indenture dated July 1, 1935, secur¬
ing first mortgage 3
% bonds of the Duquesne Light Go. .that a promissory
note of Ilarwick Coal & Coke Co. in
the amount of $96,250 has been de¬
posited as additional collateral under said mortgage and deed of trust.
York Stock Exchange has
of Pittsburgh, as trustee
dated April 1, 1927,
Net oper. rev. (before approp.
Other income (net)
$10,000,000 of proposed first mtge. bonds are to be sold
proceeds used for the purpose of providing a portion of the
required (a) to redeem $1,000,000, first mtge. 5% gold bonds issued
by the Spirit Lake, payment of which was assumed by the applicant pur¬
suant to authority granted June 28, 1937, and which will mature on July 1,
1946; (b) to pay $8,151,000 of first mtge. bonds of the Iron Range, which
matured on Oct. 1, 1937, authority for assuming the payment of which is
requested; and (c) to redeem $1,000,000 of first mtge. 5% gold bonds of
the Interstate, which will mature on July 1, 1945, payment of which the
applicant also requests to assume.
The theoretical balance sheet of the applicant, giving effect to the pro¬
The remaining
and taxes
for retire.
Net oper rev. and other income
for retirement reserve) —
res.)_.$15,899,158 $14,943,664
517,693
883,080
-
(before approp.
Gross
S16.416.851 $15,826,744
2,473,156
Appropriation for retirement reserve
2,172,35$
$13,943,695 S13,654,391
180,577
179,053
income
electric properties
(net)
and expense
Rents for lease of
2.443.720
315,946
2.459,252
Amortization of debt discount
Appropriation for special reserve
Other income deductions
500,000
125,317
500.UUU
<4,547
Interest charges
316,4yd
$10,378,134 $10,125,046
Net income
—V. 146, p.
106
East Kootenay
Power Co.,
Period End. Nov. 30—
Gross earnings
Net earnings
-V. 145, p. 3652.
Eastern
Ltd.—Earnings—
1937—8 Mos-—1936 ^
$?H'ooo
ini'vtn
16,802
114,283
101,756
1937—Month--1936
$46,743
$37,699
14.732
Operating expenses
$22,011
Operating revenues
Operating expenses
$257,507
$20,897
Steamship Lines, Inc.
Period End. Nov. 30—
$206,398
(& Subs.)—Earnings1937—11 Mos.—1936
.674,154
$8,821,187
1937—Month—1936
$559,788
$485 677
688 807
641,935
8,630,525
x
8,340,133
$190,662 x$ 1,334,021
10,884
13,304
$129,019
1 033
Other income
$156,258
998
53,462
52,015
607.695
562,074
$181,448
Deficit
for cash, and the
1937
*936
$30,914,454 $27,154,409
15,015,295 12,210,745
Years Ended Oct. 31—
Operating revenues
Operating expenses, maintenance
of stock of the Interstate
issued by the applicant.
Co.—Note Deposited—
Duquesne Light
The New
Co.
$207,275
$406,149
x$785,251
Other expense
_
funds
posed acquisition of stock of the Iron Range and Interstate, shows invest¬
road and equipment $49,632,241, improvements on leased railway
ment in
property
$182,330,
miscellaneous
physical property $635,477, invest¬
companies $20,040,400, other investments $3,739,121,
$9,782,697, of which $993,163 is cash, $3,419,427 is demand
loans and deposits, $2,944,603 is special deposits, and $1,586,231 is material
and supplies,
deferred assets $4,167, unadjusted debits $10,227,830,
capital stock outstanding $4,112,500, premium on capital stock $500,000,
funded debt unmatured $34,780,000, current liabilities $1,485,417, deferred
liabilities $29,864, unadjusted credits $17,301,046, of which $4,476,252 is
accrued depreciation—road, and $9,348,989 is accrued depreciation—
ments
in affiliated
current assets
equ.pment, and corporate
surplus $36,035,436.
Deficit
is after depreciation, interest, rentals and
local taxes, but before Federal income tax, capital stock tax, capital gains
or losses and other non-operating adjustments.
The Merchant Marine Act, 1936, canceled all mail contracts with steam¬
ship companies as of June 30, 1937, regardless of the unexpired term of
jVojes—The above statement
Steamship Lines had two contracts, under
John were constructed, and
to run at the time of cancella¬
tion.
An agreement was granted by the U. S. Maritime Commission in
June, 1937, for the six months from July 1 to Dec. 31, allowing a period
during which negotiations for a settlement of mail contract claims and ar¬
rangement of future subsidy contracts might be carried out.
The tem¬
porary six-month agreement provided, among other things, that in the
event the claims could not be settled and a subsidy contract negotiated, the
company had the right to rescind the temporary agreement, return to the
Government all moneys paid under mail contracts or as subsidy for the
period from Feb. 1,1937, to the end of the year, and enter suit in the Court
each contract.
one
of which the
that contract
The Eastern
steamships Acadia and Saint
had approximately five years
Financial
276
of Claims.
The company has not been
offered a settlement of its claims and
future subsidy agreement which it
considers at ail justifiable or adequate
and thus haslbeen compelled|to return moneys re¬
ceived since Feb. 1, and filed suit on Dec. 30.
The company having ex¬
pected during the previous months of the year that an adequate adjustment
of its affairs with the Government would be forthcoming, the monthly
subsidy earnings were included in revenues; but as those moneys have had
to be returned to the Government, to,protect its rights, thejrevenues have
been eliminated from income and the company's statementiat the end of
November has been adjusted accordingly.
m
The moneys actually received asimail and subsidy earnings, and which
were paid back to the Commission on
Dec. 30, amounted to $206,980.
In addition to this, there were accruals of subsidy due from the Commis¬
sion amounting to $62,808, which are also now eliminated from income.
Thus November income was reduced by $8,048 and the first 11 months by
$269,789.
a
in the circumstances,
The company now has another temporary subsidy contract for 90 days
from Jan. 1, 1938, but the outcome of further negotiations is manifestly
very
doubtful.—V. 145, p. 3816.
Eastern Utilities Associates (&
Period End. Nov. 30—
Subs.)—-Earnings—
1937—Month—1936
1937—12 Mos.—1936
$694,343
$738,463
$8,583,778
$8,486,629
Retirement res. accruals
345,381
a26,386
a63,718
Taxes
b87,372
341,719
30,584
60,416
89,568
4,319,548
a300,486
a751,901
bl ,094,507
4,225,466
341,259
725,000
1,011,442
Operating revenues.....
Operation....
_
Maintenance
(incl. income)....
$171,484
Dr9,390
$216,174
1,599
$2,117,334
80,906
$217,773
43,603
$2,198,240
528,743
$2,322,281
527,379
$118,296
$174,169
$1,669,497
77,652
$1,794,902
77,652
Applicable to minority interest.....
$1,591,845
24,961
$1,717,250
30,400
Applicable to E. U. A.....
Earns, of sub. cos. applicable toE. U. A
Non-subsidiary income
$1,566,883
1,566,883
309,824
$1,686,850
1,686,850
309,824
$1,876,707
$1,996,674
123,137
Net oper. revenues...
Non-oper. income (net).
Balance
Int. & amortization....
Balance
Pref. div. deductions—B. V. G. & E. Co
....
Balance
Total
Expenses, taxes and interest
cl35,783
...
Balance...
$1,740,923
Amount not available for dividends and surplus__
252
$1,873,536
753
Balance available for dividends and surplus....
$1,740,670
$1,872,783
......
The accruals for retirement
a
reserve
not
paid; on securities held by the public and give no effect to preferred
dividend arrearages for prior periods.
The "portion applicable to
monority interests" is the calculated portion of the balance of income apor
Slicable tointerests have not by thechargedof common stocks of income
Iinority minority holdings been public with deficits where susidiaries.
ac¬
counts of subsidiaries have so resulted.
The' 'net equity of electric Power &
Light Corp. in income of subsidiaries" includes interest and preferred divi¬
dends paid or earned on securities held, plus the proportion 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 period is entirely in¬
dependent of the statement for any other period.
Comparative Statement of Income (Company Only)
certain charges heretofore included in maintenance which are now
being
to the reserve.
Also, since Jan. 1, 1937, accrued depreciation of
transportation equipment amounting to $28,765 has been apportioned to
other accounts,
b The subsidiary companies are of the opinion that there
Is no liability for Federal surtax on undistributed net income for the
year
1937.
c
Includes accrual for two-thirds of the estimated Federal surtax
undistributed net income for the year 1937.
on
not
exactly comparative, especially between operation and non-operating
income (net).—V. 146. p. 10T.
Ebasco Services,
Inc.—Weekly Input—
For the week ended Dec. 30, 1937, the kilowatt-hour system
input of
the operating companies which are subsdiairies of American Power &
Light
Co., Electric Power & Light Corp. and National Power & Light Co.,
compared with the corresponding week during 1936, was as follows:
—.
Operating Subs, of—
1937
American Pwr &Lt. Co.100,326,000
Elec. Pwr. & Lt. Corp.. 44,444,000
National Pwr. & Lt. Co. 69,516.000
.
—V. 146
p.
1936
100,465,000
45.635,000
75,053 000
■
i
in
i
■...
as
Per
1,191,000
5,537,000
2.6
7 4
Electric
and
The U. S. Supreme Court granted on Jan. 3 a review of lower court de¬
cisions
upholding the registration provisions of the Public Utility Holding
Company Act in the Electric Bond & Share case.
This action gives rise
hope that a decision in the Spring may end the long fight over the
Government's effort to compel the great public
utility system to place itself
under jurisdiction of the Securities and
Exchange Commission.
The Department of Justice and the SEC
joined last month with the
defendant company in asking the review, the Government
contending that
until all doubt on the points raised was finally cleared
up effective adminis¬
tration of the Act would be delayed and public interest
damaged.—V. 145,
p. 4115.
to the
Electric Power &
Light Corp. (& Subs.)—Earnings—
1937—3 Mos.—1936
S%LuS%d%(LT%CS^mmm
Operating
res.
1937—12 Mos.—1936
$27,146,702 $24,322,508 $108765,669 $92,832,917
bl2.817.799 c57,719,547 d48.170.402
revenues
appropriations...
3,895,625
2,804,643
14,967,866
10,678,447
Rcmtfcfor leased?^ants $8'566'624 S8'700'066 $36'078'256 W3.984.068
<net)-
;
'
1,124
Operating income.... $8,565,500
240,923
Other income
Other income deductions
145,701
Grossi income------
$8,660,722
3'158'972
Cr2,538
8,928
Cr4.161
$8,702,604 $36,069,328 $33,988,229
95,590
893,342
410 550
133,589
e913,191
52M42
$8,664,605 $36,049,479 $33,872,337
3'241'901
12'863'731
*******
OthOTdeductionsV.": 111
384! 561
Int. charged to constr..
157!l?2
2'904,674
031,035
Cr9,568
CV123.436
Balance-.
g
...------
$4,621,651
Pref. divs. to public-.
1,977,992
$1,734,422
211,283
387,500
387,500
1.550,000
1,550,000
9,743
debt
of
9,744
38,974
38,974
loss$55,201
$151,942
loss$65,835
disct.
ear.
surplus
Includes provision
of $129 for Federal surtax on undistributed profits
1936, but includes no provision for 1937.—V. 145, p. 4116.
for the year
El Paso Electric Co.
Period End. Nov. 30—
Operating revenues.....
Operation
Maintenance-
.....
Taxes
Net oper. revenues
Non-oper. inc. (net)..
Balance
Interest & amortiz. &c_.
(Del.) (& Subs.)—Earnings—
1937—Month—1936
$277,938
$263,532
113,718
110,867
15,549
22,517
28,901
25,531
$3,115,647
1,333,446
184,750
a368,670
$2,921,410
1,339,061
185,127
337,127
$119,770
Dr.6,682
$104,615
1,729
$1,228,778
Dr.23,345
$1,060,094
36,247
$113,087
37,549
$106,344
37,539
$1,205,432
436,846
$1,096,341
437,022
$68,804
$768,586
375,194
$659,319
335,000
$393,391
46,710
182,972
$324,319
46,710
182,972
Balance
$75,537
Appropriations for retirement reserve.
Preferred dividend
requirements of subsidiary Co_
E1 Paso Electric Co. (Del.)
Balance for
common
dividends & surplus
1937—12 Mos—1936
$163,709
a
Includes $45,136 Federal income taxes, of which
Federal surtax on undistributed profits.
$94,637
$945.42
(credit) is
Note—The subsidiary companies
on Jan. 1, 1937 adopted the Federal
System of Accounts, hence previous year's figures are
146, p. 107.
Power Commission
not
exactly comparative.—V.
See list
given
on
Mfg. Co.—Registers with SEC—
first page of this department.-—V. 145,
p.
4116.
Equitable Fire Ins. Co. (Charleston, S. C.)—Extra Div.
The directors have declared an extra dividend of 50 cents per share in ad¬
dition to the regular semi-annual dividend of $2.50 per share on the com¬
stock,, par $50, both payable Jan. 3 to holders of record Dec. 23.
July 1, last; an extra of $1 was paid on Jan. 2
1937, and extra dividends of 50 cents per share were paid in each of the
seven preceding 6-month periods.
In addition a special extra dividend of
$1 per share was paid on Dec. 23, 1935.—V. 144, p. 4343.
2
726',979
Cr38,565
$4,774,579 $20,278,595 $18,278,833
1.983,627
7,928,873
71934,507
RR.—Bond Interest Due Jan. 1 Not Paid—
Erie
The company
Jan. 3 failed to pay interest due on its bond issues
unable to meet current expenses.
Each of the issues
grace period.
A statement issued following a directors' meeting, Jan. 3, said;
"Officers reported inability of the company to meet conditions imposed
by the Interstate Commerce Commission and the Reconstruction Finance
Corporation for the proposed loan of $6,006,000.
Without the proposed
loan from the RFC, the cash available to meet interest coupons due today,
matured bills for materials and supplies, payrolls and other operating ex¬
penses is insufficient."
A condition of the proposed loan to the Erie was that the Chesapeake &
Ohio guatantee principal and interest.
Charles D. Brooke, President of
the C. & O., confirmed reports that the latter had refused to guarantee
the loan interest payment.
The company notified on Jan. 3 the New York Stock Exchange that it
would be unable to meet the interest coupons due on several of its bond
issues.
The Committee on Securities of the Exchange then ruled that
and
reported it
affected carries
on
was
a
six-months'
these issues be dealt in
on
a
flat basis.
which the railroad notified the
Exchange it would be unable
requirements are: Erie prior lien 4s, 1996, $35,000,000 outstanding; general lien 4s, 1996, $35,885,000 outstanding; Erie &
Jersey first 6s, 1955, $6,460,000 outstanding: Genessee River first 6s, 1957,
$5,237,000 outstanding; New York, Lake Erie & Western Docks & Impt.
5s, 1943, $3,396,000 outstanding.
The first step in the company's effort to prevent reorganization under Sec.
77 of the Bankruptcy Act was a new application to the Interstate Commerce
Commission for approval of $6,006,000 RFC loans.
The new loan applica¬
tion is understood to ask that the C. & O. guaranty be eliminated.
Its
other terms were not revealed.
Hope for the new loan was dimmed
somewhat when Chairman Jones of the RFC backed up the ICC position
that C. & O. assistance was an essential to any Government loan.
The issues
on
to meet Jan. 1 interest
C. E.
Denney, President of Erie, conferred Jan. 4 with Jesse H. Jones,
of the RFC. but received no encouragement in his efforts to
Chairman
obtain
»
$1,934,548
al93,632
Similar payments were made on
& Share
Co.—Supreme Court Decision
the Holding Company Law Next Spring—
Period End. Oct. 31—
$390,520
48,477
—
5%
exxense
Balance carried to
Bond
on
$438,540
44,954
_
_
mon
—V. 145, p. 3816.
Expected
$1,732,079
2,343
1.4
1937—Month—1936
1937—12 Mos—1936
$2,385,131
$2,108,555 $23,765,865 $19,689,865
...
614
Emerson Electric
Cent
139,000
Stores, Inc.—Sales—
Period End. Dec. 31—
Sales
$1,933,934
256
loss$3,657
Total
Amortiz.
1937—12 Mos.—1936
$390,264
......
Exps., incl. taxes
Int. on gold debs.,
series, due 2030
-
Amount
107.
Edison Bros.
$438,540
Other
Balance.
Note—Blackstone Valley Gas & Electric Co. on Jan. 1, 1937 adopted the
Federal Power Commission system of accounts, hence previous year's figures
are
1937—3 Mos—1936
Period End. Oct. 31—
Gross income: From subs
have been increased to provide for
made
1938
8,
stock
a
....
Jan.
provision of $552,288 for Federal surtax on undistributed profits in 1936,
and $448,790 in 1937.
d Includes provision of $285,800 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 provision
for 1937.
f Includes provision of $129 for Federal surtax on undistributed
profits for the year 1936, but includes no provision for 1937.
g Full divi¬
dend requirements applicable to respective periods whether earned or un¬
earned.
h Based upon holdings by the public of common stocks of sub¬
sidiaries at end of each of the respective periods.
Note—All inter-company 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
$2,183,461
138,820
$162,094
43,797
Chronicle
a
$6,006,000 loan.
Mr. Jones said after the conference that he again had insisted that
the C. & O. guarantee payment of the Erie loan.
Asked if the loan were definitely out unless the C. & O. guaranteed it,
Mr. Jones said:
"I guess that's right.
The situation is not changed one
bit.
I do
the loan."
not
expect
further
conferences with
Mr.
Denney regarding
Port^^"applicable" to 82'643'659 82'790'952 *12.349.722 *10,344,326
minority interests
h
Mr. Jones issued a statement last night in which he said failure of the
Erie to pay bond interest aggregating $1,800,000 was caused entirely by
refusal of the C. & O. to assist the Erie.
43,318
200,571
1,069,952
1,001,783
Net equity of El. P. &
L. Corp. in income
S2'690-381 SI 1,279.770
2'600'341
Expenses
$2,600,341
incl
taxes...
Int. & other deductionsBalance carried to
44,954
397,243
2,590,381
11,279,770
256
Other income...
Total.
$9,342,543
614
$2,590,637 $11,280,384
48,477
fl93,632
397,244
1,588,974
9,342,543
2,343
$9,344,886
211,283
l,588i974
sur
$2,158,144
$2,144,916
$9,497,778
$7,544,629
Includes provision of $89,599 made in August and October for
Federal
profits in 1937 and a net credit of $142,000 in Sepfeomer to adjust overaccruals in previous months,
b Includes provision
of $90,700 for Federal surtax on undistributed
profits in 1936.
c Includes
a
surtax on undistributed
status
and
meet
believed the Erie will continue under its current
running expenses, payrolls, &c., out of available cash
resources.
I
,
Chairman Jones Blames the C. &. O.for Present Situation—
Jesse H. Jones, Chairman of the RFC, issued the following statement
Jan. 3:
"Failure of the Erie RR. to pay its bond interest of approximately $1,800,000 which matured today is due entirely to refusal by the Chesapeake &
Ohio Ry. to assist the Erie by lending it securities to the value of $2,500,000
deposit with the RFC to additionally secure a loan of $6,006,000 to
Erie, which the ICO approved upon the condition, and properly so,
ownership in the Erie, the C. & O. either
guarantee payment of the Erie loan or deposit collateral which, taken with
the Erie collateral offered for the loan, would be acceptable to the RFC.
"I have stated that the RFC was
prepared to assist roads which find
themselves short of cash, pending a decision by the ICC on the application
for rate increases and a probable upturn in traffic, my thought being that
for
the
con¬
solidated earned
Jones in blaming C. & O.
For the present it is
Net equity of El. Pow. &
inC< SUbs"
President Roosevelt on Jan. 4 joined Chairman
for failure of the Erie to meet bond interest.
that because of the C. & O.'s large
Volume
Financial
146
question has been decided we can all better determine the
with reference to those roads that are on the border line
as to earning their charges.
The Erie comes under this heading.
It has
earned its fixed charges for the period 1930 through 1937, but little more.
"When questioned at a recent press conference, President Roosevelt
confirmed my statement and the situation so far as the RFO is concerned
has not changed.
"It is well known that the C. & O. is easily able to assist the Erie in
this small way, and its failure to do so brings into serious question its right
to own control of the road.
"According to a published report the CJ. & O. has invested approximately
$45,000,000 in the capital stock of the Erie, but is unwilling to lend it
$2,500,000 or $3,000,000jin securities to protect its credit.
This
standing that in the 10-year period 1928 to 1937, inclusive, the C. & O.
has paid dividends to its stockholders averaging more than
a
year and had undistributed earnings in addition to these dividends, after
interest charges, of more than $10,000,000 a year during the same
"The Chairman of the board of the C. & O. in a telegram to me declining
to assist the Erie states that the board regards that its first and most im¬
portant duty to the public and to its security holders is to miantain
paired the Chesapeake & Ohio's resources, especially in view of the un¬
certainties of business conditions and their relation to the railroad situation.
"During 1937 $29,000,000 cash dividends were paid by the C. &
$13-000,000 of which was declared as late as Nov. 16.
In addition to
the cash dividends, $15,000,000 in 4% preferred stock was declared in 1937.
Probably if the directors of the G. & O. were as interested in protecting
the Erie as they are the Alleghany Corporation, which receives a large part
of the C. & O. dividends, their course might be different."—V. 146, p. 107.
when the rate
course to
pursue
Federal Knitting Mills Co.—To Preserve Name—
which voted to liquidate its business has filed incorporation
in Columbus, Ohio, to preserve its right to the name.
Herbert G.
Goulder and Louis C. Seldon, officials of the company, are two of the
incorporators. Capitalization is listed at five shares of no-par common stock.
—V. 145, p. 3816.
{
This company
papers
(M. H.) Fishman Co., Inc.—Sales—
1937—Month—1936
$679,234
$647,642
unim¬
O.,
—V.
Costs of
Operating revenues
Operation
Maintenance
836,758
$130,947
108,947
.
$22,000
23,516
'■
■
££ £:
i
Other., income
.'i
-■ vi...
-
i'-W.
Total income........
Fixed bond interest.....
.....
Interest on bank loans, notes payable,
$45,516
30,485
_
Miscellaneous charges
- - . .. . -.
5,020
1,185
28,790
20,164
&c
(net)
Depreciation of plants, equipment and patents.
Depletion of timber rights based on cost thereof.
Loss for the year
Balance
Inventories
Notes &
$295,336
xl79,094
.
aects.
receivable
7,475
claims
10,873
Cash in banks and on hand
4,955
denture..
13,280
investments
491
;
Investm't in & rec. from Holly¬
80,425
wood-Beaufort Pack. Corp..
_
.
_ .
_
.
8,725
.
bonds in de-
on
1935..
7% sinking
gold bonds, due Sept. 1,
with
holders who have not already
v
12,306
$650,155
Net sales
402,705
sold--
Cost of goods
500,000
z330,640
Capital surplus
profit
profit
1937
......$1,518,576
Total
Co.—Earnings—
108.
Years Ended Oct. 31
1936
1935
in
practically every part
$6,235,774
399,765
484,555
$8,471,098
1,086,334
$6,720,329
976,482
1,735.618
1,157,151
Other deduc'ns, incl. inc.
taxes & minor, int. in
2,172,630
2,082,203
307,040
125,000
Liberia develop, exps...
res. for conting
Add'ns to
$9,269,177
2,796,804
4,831,713
$5,649,146
2,796,309
751,575
$4,154,656
2,799,604
772,588
$1,640,660
40,513,342
.
Previous surplus
$9,142,654
2,796,776
1,725,083
$4,620,796
36,330,897
$2,101,262
34,429,746
L
Charge
resulting
from
cancel, of empl. stock
-v
**
The New York
Cr31,958
1,941,303
$3.33
(par $10)—
Earns, per sh. on com...
a Summarized as follows:
wOU »OOv fO*? 4
General Water, Gas &
12 Months
1,866,007
$1.53
1,932,497
$3.28
1,897,597
$0.71
$39,923,247 $38,282,587 $34,525,117 $32,423,855
stk. on present empl
2,396,378
stock contracts
1,805,780
2.230,755
2.005,892
$
$
Assets—
bldgs.
&
Cash......
10,714,036
61,451,704
11,279,479
Inventories
52,314,227
43,762,364
equipment...
68,508,213
&c.
25,304,629
Deferred charges
6,078,281
1,597,959
accounts,
y
20,651,677
6,815,388
1,398,631
Devel.
Co...
1,746,088
1,675,137
46,613,400
19,324,970
Bds. of sub. cos.
13 ,300,000
Res. for invest..
1 ,500,000
14,650,000
630,000
res've
600,000
600,000
646,340
724,708
6,610,982
12,000,000
Min. stockhldrs.
int. in subs.
Accts.
.
_
payable.
166,192,483
147.105,332
Total
8 ,274,727
27 ,500,000
6 ,025,361
5,437,930
40,513,341
..166,192,483 147,105,332
depreciation of $30,679,648 in 1937 and $28,761,648
y After mortgages thereon and accrued interest of $22,718 in
1937 and $28,022 in 1936.—V. 146, p. 108.
x
in
before prov. for
—
deprec
Other income
Interest
-
and miscellaneous
Total------
depreciation-------subsidiaries' funded debtInterest on unfunded debt
Amortiz. of subs, debt & pref. stk. disct. & expense
Provision for amortization of deferred charges
Provision for
After reserve for
1936.
subsidiaries'preferred stocks
lstllien & collateral trust bonds
15-year 5%
June 1, 1943
Federal income tax
series A, due
Provision for
(estimated)
Net income
Non-recurring income
deducted above
Balance
— - — - —
Earned per share
42 ,319,624
Acer, taxes & int
Surplus
Total
$
6% pf.stk.ser, A 46 ,613,400
Common stock. 19 ,413,030
Notes payable..
Firestone Park
1936
$
Liabilities
Insurance
Customers' notes
Otherassets
x
------------
Federal income tax)
Net oper. revenues
Int. on
1937
1936
1937
Land,
(other than
Dividends on
Comparative Consolidated Balance Sheet Oct ,31
x
-
Interest on
issuance of common
i
Electric Co. (&
Ended Nov. 30—
Maintenance-------------------
AeU 37« ('lO
from
arising
Dec. 31, against
present and for¬
stockholder.
held liable to
alleged that a suit
corporation to recover
and Wallace Groves
York
brought
liability.
temporary
settling, prosecuting
defendants from
them
the claims
Total operating revenues
Taxes
VFfUUO
sale of $17,000,000
charged in a
Central RR. & Terminal Co. was
equity filed in the Suffolk Superior Court, Boston,
the General Investment Corp. of Boston and a group of its
mer directors by Frederick S. Burorughs of Sparta, N. J., a
In his action Mr. Burroughs seeks to have the directors
the corporation for losses of about $1,000,000.
He also
recently filed in the New,York Supreme Court by the
$756,519 from Ernest B. Warriner of Madison, N. J.,
of New York, directors, and Philip De Ronde of New
was
"collusively and with intent to release the defeandants from
On Mr. Burrough's petition, Judge Joseph Walsh issued a
order enjoining the corporation from compromising,
or dismissing the New York suit; from releasing any of the
liability, or making any agreements not to prosecute
on
set up in the su!it.—V. 145, p. 113.
Operation
Dr200,lll
Cr424,975
OUA*
General surplus
"Times" Jan. 1 had the following:
of $435,000 in connection with the
Buenos Aires
bill in
Common shs. outstand'g
Surplus
Corp.—Sued on Sale of Assets—
.
C/T65.623
where
Granted—
Corrupt expenditure
notes of the
$582,463
33,815,325
$42,154,002 $40,951,693 $36,531,008 $34,397,788
Total surplus
Injunction Is
and Canada.
Hag from Battle Creek
located.—V. 145, p. 4117.
Investment
General
1934
$8,071,333
.$12,618,260 $12,342,521
1,176,454
1,117,664
of the United States
continue to ship Kaffee
division is also
-
$121670,572 $99,130,244
.$11,839,383 $11,531,131
778,877
811,391
.
Corp.—Registers with SEC—
of this deparmtnet—V. 143. p. 2838.
given on first page
General Foods Corp.—Acquisition—
President of this corporation, announced on Dec. 31
the purchase by this company of the Kaffee Hag business of the Kellogg
Co. at Battle Creek, Michigan.
Kaffee Hag is a decaffeinated coffee and
the purchase includes the equipment, inventories, and supplies used in the
business together with the trade-mark, going business, and goodwill.
General Feeds will operate the Kaffee Hag business in conjunction with
the business it already enjoys on Sanka coffee, which is also decaffeinated.
One or the other of these two brands has a substantial consumer acceptance
its cereal
87,090,175
5,804,295
.
$74,533
—
Clarence Francis,
$156,823,095 $135701,916
Net profit
Dividends—6% pref
15,266
Federal and State taxes
Provision for
See list
exps.139,036,826 117,855,418 107,100,988
5,946,886
6,315,367
6,498,251
subsidiaries oper
20,942
—
profit-.-.—-i-—.---—--•--.-^-$103,378
Extraneous expenSes—13,580
835,991
Consolidated Income Account
Interest
165,012
$82,437
.
Total
General Foods will
Total income.
$247,449
profit on sales
General administrative, selling expenses
Gross
Extraneous income—
406,800
After reserve for depreciation of $806,212.
Firestone Tire & Rubber
Other income
$680,384
17,923
Freight outward
871,000
...
8% cum. pref. stk. (par $100)Common stock (par $5)......
Representing appreciation of timber rights and real estate as shown by
appraisal as at June 30, 1923, less depletion and other items charged there
against $299,240, and arising from change of capital stock without par
value to $5 par value, $31,400.—V. 138, p.. 155.
Balance
Ended Sept. 30, 1937
Earnings for 9 Months
Net operating
y243,060
1,133
40,137
of $246,858.
Depreciation
accepted.
curtailed for a
the trans¬
to this
income
241,271
cost
amortiz.
Net sales.
one
During the third quarter, production was drastically
period of approximately four weeks as a result of a breakdown in
former serving the main melting furnace.
The loss incurred due
cause was adequately covered by use and occupancy insurance the
from which is shown in the profit and loss statement.
76,213
z
Mfg., adm. & sell,
Co.—Offer Extended—
General Brewing
Total......$1,518,576
reserves
cannot be de¬
1, 1936
class
A preferred stock have accepted this offer and acceptances are coming in at a
satisfactory rate. Cash is available for the acceptance by preferred stock¬
—V. 146, p.
Deferred charges..
After
undistributed
401,047
appraised June 30,1923 with
subsequent net add'ns at cost
Pat. rights, at cost less
$35,319
$46,435
$2,710
$2,552
income.
warrant, in payment of the accumulated dividends through Dec.
has been extended to May 12, 1938.
Holders of more than 66% of the
values as
Plant & equipment, at
$35,319
No provision has
Net
30,1923 with subsequent net
add'ns at cost, less depletion
Real estate, at sound
$49,190
2,755
General Alloys
appraised at June
at values as
x
int.
_
Operating deficit.
1938-51
Timber rights expiring
fund
$2,710
Henry H. Harris, President, says in part:
offer made to class A preferred stockholders in accordance
notices of June 14, Aug. 13 ana Nov. 12, of $1 per share in cash and
mtge. 20-year
1943
Cash held in sinking fund for
first mortgage bonds..
1st
$35,319
employees' liability
insurance..... i
Accrued
$44,756
4,434
The
^
109,190
default since Sept. 1,
Cash held by trustee under in¬
Miscellaneous
payable
payable and accrued
$51,999
Accounts
Reserve for
of Workmen's Compensation
18,629
$2,710
Returns and allowances
liabilities
Cash held in trust for payment
v
Notes
32,198
Sales
31,1937
Liabilities—
Assets—-
1.567
equip, notes
$40,136
...
....
Consolidated Balance Sheet Aug.
-
$2,552
Non-oper. income (net)-
$967,705
-t • 'Profit.
$249,516
163,369
26,592
11,847
a29,573
$2,946
393
Net oper. revenues.__
Net
$294,519
181,750
been made for the Federal surtax on
1937, since any liability for such tax
termined until the end of the year.—V. 145, p. 2845.
1
operations
Selling, administrative and general expenses
1,531
a2,734
Retirement accruals
Taxes
on
1937—12 Mos.—1936
1937—Month—1936
$25,026
$20,413
15,458
13,572
2,357
2,563
net income for the year
goods sold
Gross profit from
Co.—Earnings—
Galveston Electric
Period End. Nov. 30—
Int.
$4,085,329
108.
146, p.
a
Co. (& Subs.)-—Earnings—
Consolidated Statement Year Ended Aug. 31, 1937
Farmers Mfg.
Net sales
1937—12 Mos.—1936
$3,929,873
Period End. Dec. 31—
Sales
notwith¬
$20,000,000
all
period.
277
Chronicle
before non-recurring income:
$3 pref. stk. (average
Common
number of shs.outstanding)
stock
Subs.)—Earns.
$2,805,273 $2,741,470
931,938
878,351
.140,169
127,004
294,414
261,606
$1,438,750
71,662
104,944
$1,474,508
122,850
46,459
$1,615,357
280,737
453,199
35,764
38,966
34,424
36,685
$1,643,817
268,734
470,778
6,324
35,053
30,953
82,125
263,889
53,450
282,109
66,444
$418,241
18,481
$401,295
42,916
$436,722
$444,212
$5.48
$0.88
$5.25-
$0.80
non-recurring.
Note—The operating revenues for both periods are stated after deducting
$120,000 in respect of estimated reduction which will result in the event
that a rate case decision of the Public Service Conunission of the State of
New York affecting Consolidated Water Co. of Utica, N. Y., a subsidiary,
is upheld on appeal new pending before the United States Supreme Court.
Effect has also been given to the resultant reduction in the provision for
x
After deducting
Federal income tax.
proportion considered as
Financial
278
1937
1937
1936
$
%
Assets—
Liabilities—
1936
$
$
15,957,600
23,671,685 Funded debt
367,391
34,391 Note pay.—bank,
secured
295,000
89,440
570,000 Accounts payable.
150,000
146.303
636,539 Acer. Int. A taxes.
616,741
fixed capital...20 ,227,790
s
Misc.
Investments
Reacquired
sec.—
value
par
Special deposits...
A Gas Corp....
tax
1.428,782
on
hand
613,467
451,383
117,383
Dlv.
108,296
rev.—est
168,139
111,869
$3
on
57,116
funded
debt
called
or
for redemption.
4,733
6.233
Other current llab.
2.638
70.057
73,685
87,361
115,850
Consumers' A otb.
incl.
deposits.......
from
Res. for rate reduc¬
brokers in respect
expenses.
49.636
50,553
44,749
Deferred charges—
163,805
965,193
of secur. sold...
tion in litigation
Res.
520,000
400,000
201,831
for
290,000
int.
stk.
A
in
1,314,950
com.
surp.
of
Earned surplus
c Treas.
pref. stk
25,533,268 27,582,214
i
Beardsiee
C217.615
426,862
on
Jan. 3 elected
elected Assistant Secretary.
President Knudsen Estimates 1937 Profits at
$4.48
a
Share—
Net profits in 1937 were equivalent to $4.48 per common share, William
8. Knudsen, President, told the Senate Committee on Unemployment and
Relief in Washington Jan. 6.
The profits compare with $5.35 a share in
1936 apd $3.69
Mr.
a
share in 1935.
Knudsen's estimate of the year's results indicates that the fourth
quarter, the initial marketing period for General Motors' 1938 models,
yielded net profits of about $1.02 a common share.
In the fourth quarter
of 1936 General Motors' indicated net profits were $63,283,801, equivalent,
after preferred dividends, to $1.43 per common share, as compared with
$52,743,584, or $1.18ashare, in the final quarter of 1935.—V. 146, p. 108.
Georgia & Florida RR.—Earnings—
Period End. Nov. 30—
Railway
Railway
1937—Month—1936
$86,731
$100,082
87,660
92,413
oper. revenue..
oper. expenses.
1937—11 Mos.—1936
$1,208,955
$1,089,266
1,069,106
1,003,565
$338,996
271,014
Consolidated Balance Sheet Nov. 30. 1937
Cash
Liabilities—
band A In bank
$342,867
Accounts payable—trade
receivable—trade
X598.362
Accrued
on
753,467
68,951
Cash surrender value—life Ins.
Misc. assets,
Fixed assets
12,176
69.466
116,378
...
y595,136
5,185
...
After
Total........
Jan.
a
final dividend for the year ending Jan. 31,
1, last.—V. 145. p.3818.
Grant
Building, Inc., Pittsburgh, Pa.—Reorganization
The holders of all classes of securities of the corporation are advised
1937, has been declared in effect with the approval of the representatives of
the first mortgage leasehold bondholders, as provided in the plan, as at the
close of business Dec. 31, 1937.
The various clauses of securities outstanding, with the amounts deposited
and the percentage of the deposits to the total outstanding, are shown below:
Cr99
Preferred sotck
Common stock
$2,703
1,490
$2,663
sur$43,858
14,862
$10,527
14,465
$1,212
$1,401
918
963
sur$58,720
10.360
sur$3,938
10.675
$2,131
$2,364
sur$48,360
$6,737
Gross deficit
Deficit
-V.
146,
p. 109.
Glidden & Co. (&
Subs.)—Earnings—
by
W. J. Strassburger, President, that the plan of reorganization dated. July 28,
Dr21,299
Deductions from incomei
T.
Final Dividend—
$69,705
Dr4,422
Dr21,424
1,261
......$2,561,988
trade discounts, returns and advertising al¬
After reserves for depreciation of $373,344.
z Rei
y
The directors have declared
$568
Drl,302
£>rl,929
Net ry. oper. deficit..
1,203,307
79,605
1938 of 50 cents per share on the common stock payable Jan. 20 to holders
of record Jan
10.
A quarterly dividend ot 35 cents per share was paid on
def$3.618
C'r2,858
Drl.943
Non-operating income..
aDr 110,095
(W. T.) Grant Co.—Sales-
$85,700
75,028
$10,673
z1,152,990
...
Period End. Dec. 31—
1937—Month—1936
1937—12 Mos.—1936
Sales...
$16,616,148 $16,872,744 $99,359,519 $97,896,582
$139,849
70,143
income
19,317
eign exchange
Common stock
resentec^b3^230,598 no par shares, a Represented by 13,787 shares.-
$7,668
7,099
oper.
8,000
16,000
Deferred liability
Reserve—for fluctuation In for¬
for losses,
reserves
2,689
Ry.
74,882
Real estate contract payable—
current maturity
....$2,561,988
Total..........
80,125
foreign
Earned surplus
def$929
Joint facil. rents (net)..
and
Paid in surplus
from ry. oper.
Equipment rents (net)..
Federal
Treasury stock at cost
Railway tax accruals...
rev.
$37,856
commissions,
income taxes
interest receivable..
Investments........
Accrued
and
notes, accts.
wages,
taxes, Interest and expenses-
Total
Net
6,725
65,007
Net profit for period
Dividends paid
x
Secretary of this corporation
14,377
2,991
43,958
31,184
Depreciation
Unemployment insurance and old age benefit taxes
Printing, auditing and legal expense in connection with listing
and registration of the company's stock.
Provision for income taxes on current earnings
lowances of $92,145.
to succeed the late Thomas S. Merrill, according to an announcement by
Alfred P. Sloan. Jr
Chairman.
Mr. Beardsiee will make his headquarters
in New York.
was
for uncollectible accounts, adjust¬
miscellaneous)
ment in values of securities and
Interest.
in 1937 and after reserve
1936.
b Represented by
shares in 1936.
c Repre¬
cost.—V. 145, p. 3817.
91,816
$503,237
.
Trademarks
Corp.—New Secretary—
was
Total income.
Income charges (provision
Prepaid value A def'd charges3.034.183
$411,421
...
purchases, interest earned, profit
on
foreign exchange and miscellaneous)
25,533,268 27,582,214
a After reserve for depreciation of $3,690,030
for depreciation and depletion of $4,728,180 in
76,288 no par shares in 1937 and 76,372 no par
sented by 1,114 shares of $3 preferred stock, at
General Motors
12,340
3,818.605
401,357
Dr41,218
.
Total
Operating profit.....
Income credits (discount
Inventories
20,919
b $3 cum. pf. stock 3,814,400
Com. stk. (par $1)
217,622
Paid-in A capital
surplus
3,344,989
F. Power
$1.900,735
1,489,315
--
Selling, advertising A administrative exps., incl. discts. on sales.
Accts.
subs.
A.
Months Ended Nov. 30, 1937
Assets—
—publicly held.
Mln.
Lisle Ii.
Consolidated Statement for 12
Gross profit from sales..
301,523
conting.,
Ac..
Pref. stocks of subs
Total
(H. W.) Gossard Co. (& Subs.)—Earnings—
on
108.808
mat'd
rec.—non-
Prepaid
3,383
pay. on com.
Subs,
current
due
3,383
.
37.685
pay.
Dlv.
19,090
recelv.
amt.
.
Stock:
Inventories...
assets
98.273
pref. stock
Dlvs. A accrued int
Accts.
71,901
stock
306,052
319,762
book value
less reserves....
Other
490,000
93,521
362,967
Acer. dlv. on 33 pf.
Accts. & notes rec.,
Unbilled
(estimated).
on pref.
stocks of subs
763,509
356,636
at
sec.
Jan. s, ms
reduced from $44.51 to $44.14 for each share of
common stock; (c) in the case of conversions occurring after Jan, 1, 1942,
the conversion price has been reduced from $49.35 to $48.89 for each share
of common stock.—V. 145, p. 3345.
Acer. dlvs.
Cash In banks and
Mktable
16,646.300
Prov. for Fed. Inc.
Invest. In States El
Chronicle
conversion price has been
Consolidated Balance Sheet Nov. 30
First mortgage bonds
Second mortgage bonds
..
Note
Total
Deposited
Deposited
Outstanding to Dec. 31, '37 to Dec. 31, '37
.$3,246,000.00 $2,645,100.00
81.5%
608,000.00
608,000.00
100.0*
39,632.25
39,632.25
100.0*
28,200sh.
25,520.00
90.5'
45,000sh.
44,500.00
98.9%
Under the plan, interest on the new collateral trust bonds accrues from
April 1, 1937, and when the necessary legal details have been completed,
the six months' fixed interest which fell due on Oct. 1, 1937, on the newcollateral trust bonds will be paid promptly, less such portion of the Penn¬
sylvania loans tax as is required under the law to be deducted by the
company from Pennsylvania residents.
The holders of securities that have not yet been deposited under the re¬
organization plan are requested to make prompt deposit with PeoplesPittsburgh Trust Co., Pittsburgh, Pa., or Chemical Bank & Trust Co.,
New York, both of which institutions are acting as depositories for the
company.—Y. 145, p. 3498.
Consolidated Income Account Years Ended Oct. 31
Sales (net).
Operating profit
Other deductions
Interest, &c
Depreciation
...
Federal income taxes
Net profit
Prior pref. dividends
1937
1936
1935
1934
$54,052,233 $44,580,959 $39,528,739 $29,820,274
b3,628,703
b4,240,922
b3,809,898
2,529,705
a104,386
48,971
138,718
244,436
220,521
607,735
527,871
542,735
478,473
429,204
474,000
392,000
194,000
$2,542,793
$3,085,469
449,920
2,080,126
341,250
112,505
1,576,924
_
Conv. pref. dividends
Common dividends
_
Balance, surplus
com. out. (nopar)..
per share
Shs.
Earnings
*
$12,747
799,701
$2.62
$1,054,790
800,000
$3.29
$2,645,590
455,000
$1,532,324
1,081,526
746", 160
$1,109,064
753,881
c$2.91
$345,818
650,000
$1.68
440.346
d Includes other income (net) per$447 of share
$59,543 in 1935.
c Earnings
on
average number of shares (678,883)
At end of July
company issued 103,881
outstanding during
additional shares.
$3.23.
year was
Condensed Consolidated Balance Sheet Oct. 31
1937
Assets—
1936
1937
$
$
1,234,818
1,376,057
ceptance, receiv. 4,375,543
Inventories
11,778,663
10,106,827
Cash
Accts., notes A
Miscell. current
„
ac¬
ac-
counts
Invests. In sub. &
affil. cos
Cash
surr.
649,302
1,659,981
value
life insurance
399,629
Miscell. notes and
accounts, Ac...
225,735
4,297,960
dividend of 20 cents per share in
quarterly dividend of 25 cents per share on the
$5, both payable Jan. 15 to holders of record Jan. 6.
Similar payments were made on Jan. 15, 1937 and 1936.—V. 144, p. 280.
addition
Liabilities—
$
Notes pay., banks 3,750,000
Accts. pay., trade,
Ac
1,373,904
1936
$
800,000
1,340,635
Accrd. llab., taxes,
interest, Ac
859,184
927,403
216,152 Res've for conting.
67,886
67,886
4Yt % conv. pf. stk 9,997,000 10,000,000
1,728,820 x Common stock.. 4,006,705
4,000,000
Capiltalsurplus... 7,520,063
7,524,344
366,674 Prof. A loss surplus 6,319,469
6,306,722
Treas. com. stock.yDr36,403
199,626
to
the regular
capital stock,
par
Great Northern Iron Ore
dividend of the same amount
50,725
72,887
plant &
equipment (net) 12,944,075 12,014,382
Intangibles
95,214
104,848
Deferred assets
544,123
482,755
paid.
The directors
on
Jan. 5 declared
a
See also V. 145, p. 3818.
Pay 90-Cent Dividend—
dividend of 90 cents per share on the
stock, no par value, payable Feb. 4 to holders of record Jan. 18.
A regular quarterly dividend of 60 cents per share was paid on Jan. 3.
last.
A special dividend of $1.30 was paid on Jan, 25
1937.
Frank A.
Kemp, President and
General Manager also announced
common
authorization of
an improvement program to be completed prior to the next
campaign, which, he stated, "would involve replacement and improvement
of equipment in a number of the company's 22 factories and will give em¬
ployment to a substantially larger number of men in tne different factory
towns than are normally engaged in the inter-campaign period."
John C. Kistler, Assistant Secretary and Assistant to the Auditor of the
company, was appointed Auditor, succeeding the late Sherman P. Saunders,
and will continue as Assistant Secretary.—V. 144, p. 3334.
Gulf States Utilities
Period End. Nov. 30—
Operating
Operation
revenues
Maintenance.
.
_
Taxes
Co.—Earnings—
1937—Month—1936
$513,772
$445,839
210,011
204,267
25,977
21,913
a62,644
42,479
1937—12 Mos.—1936
$6,402,907
$5,854,432
2,534,498
2,514,230
303.870
232,338
a680,514
491,574
$215,138
Dr5,444
....
Int. & amort., &c
$177,178
7,933
$2,884,023
38,970
$2,616,289
181,136
$209,694
80,832
Net oper. revenues
Non-oper. income (net).
Balance
banks
was
Great Western Sugar Co.—To
Deposits in closed
Property,
Properties—75-Cent Div.—
The distribution of 75 cents declared by the trustees on Jan. 31 to holders
of record Jan. 41.
On Dec. 24, last
of certificates of beneficial interest
year, a
After deducting $7,268 in 1934 ($110,886 in
1933) for discount on 5H%
f2LdIno^,Pu£chased and 1936 and
77 in 1937, $149,890 in retired,
Great American Insurance Co.—Extra Dividend—
The directors have declared an extra
$185,112
82,274
$2,922,993
978,689
$2,797,425
1,156,274
$102,838
$1,944,304
749,420
567,183
$1,641,151
$627,699
$323,967
Balance
$128,861
Appropriations for retirement reserve.
Preferred dividend requirements.
...
750,000
667,183
Total
x
.33,857,808 30,966,9891
Total....
33,857,808 30,966,989
Represented by 800,801 (no par) shares in 1937 and
800,000 (no par)
y 1,100 shares.—V. 145, p. 2694.
shares in 1936.
Goldblatt Bros., Inc.—Conversion Price Lowered—
Holders of $2.50 cumulative convertible preferred stock
are being notified
that, effective as of Jan. 3, 1938, the conversion
prices of the $2.50 cum.
conv. pref. stock have been reduced, pursuant to
the provisions of the articles
of
incorporation, as amended,
ou
,or
from $42.09 to $41.76
as
follows! (a)
In the
case
of conversions
*Jan«each
1. 1939, the conversion price has been reduced
for
share of common stock; (b) in the case of
conversions occurring after Jan. 1, 1939 and on or before Jan.
1, 1942, the
Balance for common dividends and surplus
a
made for the Federal surtax on undistributed
liability for such tax cannot be determined until the end
No provision has been
profits, since any
of the year.
Note—The company on Jan. 1
1937, adopted the Federal Power Com¬
mission system or accounts, hence previous year's figures are not exactly
comparative.—V. 146,
p
109
(H. L.) Green Co., Inc.—SalesPeriod End. Dec. 31—
Sales
1937—Month—1936
1937—11 Mos.—1936
$5,489,933
$5,842,412 $31,678,923 $30,689,121
Volume
Financial
146
share
of the recession
Extra Dividend—
The directors
on
it
Jan. 6 declared an extra dividend of 60 cents per
regular quarterly dividend of 40 cents per share on the
stock, par $1, both payable Jan. 20 to holders of record Jan. 14
are in lieu of dividends usually declared payable on Feb. 1.
in addition to the
common
These dividends
The next quarterly dividend date will be May 2.
An extra dividend of 75 cents in addition to the regular
listribution.was paid on
The
Interstate
40-cent quarterly
Commerce
Western
Commission on
RR.—Abandonment
Dec.
22 issued a certificate
permitting abandonment by Howard S. Palmer, James Lee Loomis, and
Henry B. Sawyer, trustees of the company, of part of a line of railroad in
Litchfield County, Conn., and abandonment of operation by them as
trustees of the New York, New Haven & Hartford RR. of a portion of that
line.
The road extends from
a
point 6,200 feet west of Winsted to a
about 2,550 feet east of East Canaan station,
all in Litchfield County, Conn
Files Reorganization
point
approximately 15.12 miles,
Plan—
Western.
Jn lieu of an exchange of one share of new common stock of the reorgan¬
ized New Haven for three shares of Connecticut Western, proposed in the
Haven
plan,
it
is
that stockholders of the Connecticut
stock for three shares
proposed
Western shall receive one share of new first preferred
of Connecticut Western stock.
"The minority
stockholders of the Connecticut Western as sellers
of an
equity in terminal properties and trackage which are deemed to be of distinct
advantage to the system of the principal debtor, should receive in fairness
and equity, a type of security having a clear preference and priority over
the new common stock of the reorganized principal debtor and affording at
least some reasonable prospects or return thereon," says the statement.
the New Haven
be either adjudicated or compromised and that the stockholders of the
Connecticut Western shall receive their pro rate share of the amount at
which the claim is allowed in new second preferred stock to be issued by
The
new
plan proposes that the unsecured claim against
the New Haven.—V. 145. p. 3657.
Hearst Consolidated
Publications, Inc.—Receiver Asked
Dec. 30
receiver for
Rudolph Kohlroser of 2050 29th St., Astoria, N. Y. City, on
began suit in the U.S. District Court for the appointment or a
"More jobs and larger payrolls, together with increased purchases, are
coming for the many companies, located in many different States, which
supply us with materials.
..
lf
"More sales increased profits and increased activity all down the line
will be made all over the country
Hudson management, will measure up
Total
expenses—
oper.
$34,826
3,033
$27,808
3,598
$361,880
36,081
$302,909
32,881
from oper—
$37,858
12,130
$31,406
$335,790
85.871
Net
rev.
7,711
11,796
140,904
8
Cr109
312
1,128
1,952
9,829
3,125
$12,024
Taxes assign, to ry. oper.
$397,962
95,902
$9,939
$151,415
$116,728
20
4
Interest
12,571
Depreciation
Profit and loss
Replacements
Net
....
revenue.
-V.
145,
129,754
3657.
p.
Hotel Governor
Clinton, Inc.—Plan of Reorganization—
The amended plan of reorganization dated Dec.
1, 1936 with modifica¬
tions through July 1, 1937, has
been confirmed by order signed by
Robert P. Patterson, Judge of the U. S. District Court for the Southern
District of New York, under date of Sept. 10, 1937.
The
new
corporation provided for under the plan has been formed with
the name of Governor Clinton Co., Inc., and the new securities to be issued
pursuant to the plan will be ready for distribution shortly after Jan
10.
1938.
In accordance with the plan, holders of series A bonds with all interest
coupons maturing on and after April 15, 1931 attached thereto, upon the
surrender and cancelation of said series A bonds and coupons, are entitled
A bonds, mortgage bonds of the new
corporation in like principal amount, and voting trust certificates represent¬
ing two shares of the capital stock of the new corporation
Holders of series A bonds in $500 principal amount will likewise receive
a proportionate share of mortgage bonds and voting trust certificates for
capital stock.
In order to obtain the new securities, series A bonds (with all interest
coupons maturing on and after April 15, 1931 attached thereto) or certifi¬
cates of deposit therefor should be surrendered as promptly as possible at
the office of the Sterling National Bank & Trust Co., 122 East 42nd St.,
New York City, which has been appointed trustee under the new indenture
and agent and depositary under the voting trust agreement.
General creditors and claimants (other than the holders of the Building
Construction note and Canabbe Holding Corp. indebtedness, M
Cantor
and tenants) will be paid in cash to the extent of the amount of any indebted¬
ness or claims allowed by the court.
The court has found the debtor
insolvent and that the claims of other general creditors and claimants of
the debtor, the holders of series B bonds and the holders of the common
stock and preferred stock of the debtor are of no value.—V. 145, p. 3198.
to
receive for each $1,000 of series
operation and the fine car features provided to its owners.
Commenting on the introduction or the new car President Barit said:
"By entering the lowest price field our dealers will be able to cater to all
groups from the very lowest to the high medium-price field because of the
wide range which we are now covering.
With the addition of this new
companion car to our present line, I am sure I need not comment about
the security that such diversification brings to any dealer."
Announces Prices
Hudson's
have
tax.
new
The company paid a dividend of $2 per share on its common stock on
Dec. 27 to holders of record Dec. 18.
This is the first dividend paid on the
shares since Dec. 30, 1921, when a regular quarterly distribution of
common
$1 per share was made.
Company recently paid
5H% preferred stock.—V. 145, p. 282.
Hudson
&
Manhattan
up
all accumulations
on
its
who were
the new
Hearing Postponed—
The Interstate Commerce Commission has further
postponed to Feb 16
hearing in the investigation of the company's proposal to increase from
6 to 10 cents passenger fares from Manhattan to points in New Jersey
Hearing has been scheduled at New York City before Commissioner Porter
and Examiner Koch.—Y. 145, p. 4118.
Hudson Motor Car
Co.—Rehiring 6,000 Men—Resuming
Full Production with New Car in Lowest Price Field—Spending
Si 1,000,000 for Tools and Materials—
Hudson will double its working force to 12,000 and step up to
production, President A. E. Barit said Jan. 4.
full time
part of a plan to put "man and money back to work" Hudson is
starting production this week on a new car in the lowest price field, Mr.
Barit announced.
Speaking before a group of editors and publishers gathered from all parts
of the country Mr. Barit said: "Hudson's manufacturing plana call for the
6,000 employees to work during the next few weeks.
These are
employed.
Plans also provide for an
in addition to an equal number now
gathered from all parts
car
in Detroit.
_T.
r
Hygrade Food Products Corp.
31,*36
$839,794
$527,868
Accts. payable
1,613,789
1,454,455
—
Inventories...
Other assets
296,133
1,489,934
1,757,755
258,246
b Land, buildings,
eq.,
Goodwill....
Deferred
an
upward trend for business.
Oct. 31/36
$533,816
$802,133
,
&c. 4,584,553
1
4,529,800
196,600
132,829
charges.
1
Prov. for Fed. Inc.
taxes
&
295,000
contgs.
Hy grade Fd. Prod.
2,665,599
Corp. 1st 6s
2,762,539
Cap.stk.(par $5) 1,383,048
Capital surplus—. 3,840,821
1,383,048
3,893,340
d44,884
el67,298
c
Deficit
..$8,673,399 $9,008,358
a After allowance for doubtful accounts, discounts, &c., of $94,619 in
1937 and $107,551 in 1936 but including $33,317 ($38,339 in 1936) miscel¬
laneous.
b After allowance for depreciation of $1,564,016 In 1937 and
$1,456,192 in 1936.
c Authorized 500,000 shares, of which reserved for
conversion of series A and.B bonds 52,382 (54,986 in 1936) shares; issued,
Total—
$8,673,399 $9,008,358
Total
300,709 shares, including 349 (384 in 1936) shares reserved for final settle¬
ment under plan and agreement dated Nov. 1, 1928, 22,775 shares re¬
acquired and held in treasury and 1,324 shares held by the trusteesin con¬
nection with conversion of series A bonds,
d Deficit since Nov. 2, 1935.
a Earned
surplus.
.
_
The income statement for the year ended Oct. 30 was published in v.
146. p. 110.
Idaho Power Co. —Earnings—
$399,368
219,006
54,000
1937—12 Mos—1936
$5,267,313
$4,722,133
2,399,884
2,670,181
465,000
445,500
$126,362
$2,151,632
157
Net oper. revenues
$469,941
231,353
25,000
$213,588
Period End. Nov. 30—
Operating revenues
Oper. exps., incl. taxesProp. retire't res. approp
591
Dr495
Dr667
1937—Month—1936
Other income (net)
$1,857,249
$2,151,137
65,431
8,363
$126,953
54,167
6,369
$1,856,582
667,647
100,917
Cr44,548
650,000
68,941
Cr296
$139,951
$66,417
$1,427,121
$1,137,937
preferred stocks for the
period, whether paid or unpaid..
414,342
$213,745
Int. on mortgage bonds.
Other int. & deductions.
,
Int. charged to constr—
Net income
Dividends applicable to
Balance.
$723,595
$1,012,779
.......
_
414,342
Note—Includes provision of
12 months ended
$27,600 made during the
30. 1937, and $10,600 made during the 12 months ended Nov.
1936, for Federal surtax on undistributed profits.—V. 145, p. 3819.
Nov
Illinois Bell
Period fnd
No
>.
30.
Telephone Co.—Earnings—
30—
Operatinjrevenues
1937—Month—1936
$7,356,970 $6,949,007
_
16,398
17,705
-per, rev..
1937—• 11 Mos.—1936
$79,986,041 $74,247,066
187,961
179,729
Operating revenues... $7,339,265
Opera* ng ex enses
...
4,992,895
$6,932,609 $79,798,080
4,579,642 54,111,687
$74,067,337
49,626,592
y.,346,370
924,51s
s2.§62,967 $25,686,393
8i>9.458 12,022,995
^4,440,745
$1,421,852
$l,-t53 509 $13,663,398
$12,997,602
Net oper. revenues...
.....
Net operating income.
—V. 146, p. 11J.
The Bankers Trust Co
11,443,243
/
Interborough Rapid Transit
Co.—Note Interest
holders of the 10-year secured
1932 states.
p...
in a notice ^o the
convertible 7% gold notes, due Sept. J,
Pursuan' to an order dated Dec. 28,
1937 entered by the U.S. District
Court for
he Southern District of New York, the receiver has paid to> the
trustee, the interest due Jan. 1;
938, on the f irst & refunding mortgage
5% bonds pledged as security for the notes.
By order of the court dated
Dec. 16, 1935. distribution of the funds representing such interest has
been authorized as or Jan. 1
1938 on the basis set forth below
The sum so received is sufficient to make payment on account _ol.toe
amount due on the notes of the sum of $43 per $1,000 note and appurtena,nt
Sept. 1, 1932 coupon and $1.45 per $35 coupon, which is at the same rate,
upon the outstanding and unpaid coupons maturing prior to Sept; l . ljoz.
aPKsu1antgto°order o^f0the court
upon
the trustee, wil' allocate
its records as follows:
Principa
$1,000
costs.
editors, who gathered at Mr. Barit's invitation,
interested in the
significance of a move calling for expanded activity and employment as
well as in a preview of the new car.
The keynote of the meeting wa. con¬
tained in a speech by Mr. Barit who said:
"It has become increasingly clear to us that with business slowing down
as it has been recently, we were in a position to do more than announce a
new automobile.
We could in a way set the pace in the matter of putting
man and money back to work—something which is sorely needed at the
present time.
"While there are confidence-inspiring moves of a general nature that
can and should be made, there is one specific job for industry—that is
to put men and money to work wherever possible.
"The automobile industry was credited a few years ago with leading the
toward
Oct. 30,'37
and
accrued accts.—
Notes and accts..
mach.,
Consol. Balance Sheet—
Liabilities—
Oct. 30,'37 Oct.
Note
The meeting was attended by over 100 of the country's leading publishers
way
.
_
for the three-passenger coupe.
The Victoria
four-passenger coupe is priced at $740 plus local tax, fully equipped a,nd
delivered in Detroit.
This is the lowest price offered in the entire industry
for a four-passenger coupe.
This model is the only four-passenger coupe
offered by the industry in which all passengers ride inside.
The Detroit
delivered price.of the fully equipped six-passenger sedan is $755 plus local
tax.
No price has yet been announced for the convertible brougham, the
fourth model in the new Hudson 112 line.—V. 146, p. 110.
The factory $11,000,000 for tools
Xnditure estimated at payroll will be increased $1,250,000materials and
production per month "
and
.
112, will
delivered in Detroit, plus local
Jan. 6 to Hudson distributors
of the United States for the unveiling of
_
.
As
return of
'
field, the new Hudson
The base price of $694 is
Operating taxes
RR.—Fare
of New Car—
entry in the lowest price
base price of $694 fully equipped and
Prices of the new line were announced
a
Uncollectible
Howe Scale Co.—Resumes Common Dividend—
of lowest price
its
receivable
Net rev. from transp_
Rev. other than transp..
to every tradition
cars in economy of ownership and operation.
It is claimed to set new,
standards in the amount of room it makes available, in the smoothness of
a
1937—11 Mos.—1936
$1,074,653
$922,243
712,772
619,333
1937—Month—1936
$100,917
$85,318
66,091
57,510
"m:\
■
starting immediately and formal announcements of the
during the first week of February.
While details are not available at this time, the new car, according to the
Production is
Assets-—
Rapid Transit Co., Ltd.—Earnings—
,
them."
Cash
Honolulu
„
m
.
for the 5,000 organizations throughout the world which sell our products-—
our distributors and dealers and the many thousands more who work for
corporation nampd and private Hearst companies which
Period End. Nov. 30—
Gross rev. from transp—
•
which we estimate will
$11,000,000. has come or is coming.
rials and other costs, of approximately
disadvantageous to the former.1—V. 144, p. 4347.
are
I put it this way:
coming as soon as our
12,000 men and women at that time.
"An increase of $1,250,000 in our monthly payroll.
"Also an additional estimated expenditure, for tools, production mate¬
this company, an accounting to the corporation from its directors, the can¬
cellation of 2,000,000 shares of common stock, and the voiding of any con¬
tracts between the
able to lead the way out of the depression
do something about leading the way out
consist of
cars
The company has filed with the Interstate Commerce Commission a plan
of reorganization proposing minor modifications of the New Haven plan
relative to the treatment of minority stockholders of the Connecticut
New
"If the automobile industry was
reasonable to expect It to
seems
"Suppose instead of saying 'a new car Is coming,'
"Jobs for 6,000 more Hudson factory workers are
production line can absorb them.
"Full time operation for our factory organization,
Jan. 21, 1937.—V. 145, p. 3818.
& Connecticut
Hartford
279
Chronicle
Balance due Jan. 1, 1938 (incl.
from July 1, 1937)
interest at 7%
'
^
said distribution
of:
$35
Coupon
Total
$938.22
$32.86
$971.08
31.73
9.82
1.11
.34
32.84
10.16
$41.55
$1.45
$43.00
896.67
-
31.41
928.08
Eleventh Distribution $43—
Applicable to post-due interest
Applicable to principal
Total
....
distribution
Balance due after distribution
(as of Jan. 1,
made to the holders of such
notes whether or not
uo..
1932
and of such coupons maturing prior to Sept. I, 1932, respectively,
presentation thereof, for appropriate stamping, to the Bankers Trust
trustee, 16 Wall St., New York.
In cases where coupons are held
aoupons,
cpon
registered as to principal, and of such Sept. I,
Financial
280
payment will be made
pCart rom the notes, proportionate
V. 146, p. 110.
Chronicle
Jan. 8,
Iowa Southern Utilities Co. of Del.
separately.—
Period End. Nov. 30—
Gross oper. earnings
Indianapolis Water Co.—Rate Case—
Oper. exp., maint. & tax
seven-to-one decision the fight of the Indiana Public Service Com¬
the Indianapolis Water Co. was returned to lower courts in
U. S. Supreme Court, this time to see
whether rising price trends had proven confiscatory the rates prescribed by
the Commission.
Further details are given under "Current Events and
Discussions" on a preceding page.—V. 146, p. 110.
By
a
Net oper.
mission against
a
decision handed down Jan. 3 by the
4,785
$1,667,164
84,788
$1,645,940
114,649
$1,751,951
702,234
151,054
90,138
318,750
$1,760,589
702,234
151,496
94,785
315,000
International Rys. of Central
Gross
America—Earnings—
1937—Month—1936
$509,126
$426,881
Income.-
Before fixed
3.067,135!* 2,769,777
$224,807
a
a
270,237
$489,774
$497,074
$156,644
$2,312.1151 $1,880,874
on
mortgage bonds.
$155,908
58,519
on
other funded dt.
12,585
Amort. & other ded'ns..
6,701
30,000
$159,399
58,519
12,602
7,948
26,250
$48,102
$54,079
Total net
charges and without provision for undistributed
Net
the Federal surtax on undistributed
profits applicable to income included therein for 1937, since the amount
thereof cannot satisfactorily be determined at this time.—Y. 145, p. 3820.
profits
Kansas Gas & Electric
Shoe
Mo.—Financia
Louis,
St.
Co.,
Statement—
Period. End. Nov. 30—
Operating revenues
Oper. exps., incl. taxes.
Amort,
and W. H. Moulton, President state in part
$88,278,810 compared with $84,856,709 last
year. Exclusive of canvas rubber soled shoes our factories produced 44,480,224 pairs of shoes, against 43,968,507 pairs last year.
Subsidiary plants (sole leather and upper leather tanneries, textile mill,
factories making all leather counters, heels and soles, rubber heels and soles,
welting, box toes, cartons, containers, chemicals, cements, &c.) produced
during 1937 shoe materials and shoe supplies amounting to $49,114,942,
which, combined with our sales, made an aggregate of $137,393,752 business
1937—12 Mos.—1936
$6,165,277
$5,793,061
3,303,284
2,963,301
limited-term
of
431
389
res. approp.
50,000
50,000
600,000
600,000
Net oper. revenues.__
$201,836
$208,649
Dr72
253
$2,261,562
17,457
:$2,229,371
13 866
1$2,243,237
720,000
180,000
90,884
Cr528
Prop, retire,
338
Other income (net)
liabilities
of more than $7,500,000 over the corresponding period
of last year, and its net income for the nine months was also above that of
the corresponding period in 1936. A drastic reduction in buying by retailers
took place in the last three months, during which period, particularly in
November, declines in the prices of hides and leather were the greatest in
our experience since 1920.
The company manufactures most of the materials from which its shoes
are made and this necessarily calls for fairly large stocks of raw materials.
A
desire to furnish as steady employment as possible during the past few
months has resulted in somewhat larger inventories of both materials and
finished shoes than a year ago.
These inventories have been valued at
market prices on Nov. 30, which are, in most instances, the low for the
$201,764
$208,902
$2,279,019
mortgage bonds.
60.000
60,000
Int. on debenture bonds.
15,000
7,829
15.000
Other int. & deductions.
'
Company's current assets of $61,606,060 are 15 times its current
of $4,014,752, which include a reserve for income taxes of $1,515,000.
No
undistributed profits tax is payable.
At the end of the third quarter of its fiscal year, the company had an
Int. charged to constr'n.
CY208
Cr94
720,000
180,000
106,423
C'r2,135
$119,143
$126,420
$1,274,731
Gross incomeInt.
on
Net
Balance
Note—No
provision
made for Federal surtax on undistributed profits
undistributed adjusted net
No such provision has been made to date for 1937. —
was
Kelvinator of
Canada, Ltd.—To Retire Preferred—
G. W. Mason, President, says:
15, 1938, it is planned to call and retire ail of the outstanding
As of Feb.
charges
stockholders.
Income Account
1934
1935
1936
1937
sales of shoes &
other manuf. mdse__.$88,278,810 $84,856,710 $83,073,460
b Net
$77,168,682
76,428,072
1,677,679
d2,912,112
73,601,318
71,701,729
64,978,757
1,661,173
1,667,644
1,652,380
$7,260,946
zl935
$766,017
$898,400
$605,407
$626,090
sals. & ail other exps__
526.520
481,423
466,931
2,354
474,897
4,368
$9,594,218
177,227
discounts
&
$9,704,087 $10,537,545
327,513
328,721
$7,394,495
1,127,503
$9,771,445 $10,031,600 $10,866,266
1,354,518
1,489,637
1,899,242
$6,266,992
6,678,175
$8,416,927
7,516,400
$8,967,024
6,671.742
$2.00
$2.25
$2.25
$2.00
Surplus for year
def$411,183
Shs. com. outst. (no par)
3,350,000
Earnings per share
$1.87
$900,527
3,350,000
$2.51
$1,031,351
3,350,000
$2,295,282
3,350,000
$2.67
Total income
Prov. for income taxes..
See y
See y
Directors' fees
Int.
_
133,549
zl934
zl936
profit (after de¬
duct'g sales taxes)
Selling, service, admin,
(net)
Cr 8,031
C/-19.971
497
407
56,481
less other income
Operating profit—
Other income
Years Ended Sept. 30 {Incl. Subs.)
xl937
Gross
Cost of shoes & mdse.
sold
520,784
$732,097
for 1936, inasmuch as the company reports no
Consolidated Income Account—Years Ended Nov. 30
Misc. deductions
$1,252,881
$753,947
.
__
income for that year.
V. 145, p. 3500.
present decline, and the resulting adjustment from cost to market of total
and purchase commitments amounted to $2,912,112, as re¬
Deprec. of physical prop.
.
520.784
period, whether paid or unpaid
inventories
flected by the income account.
income
7.576
Dividends applicable to preferred stocks for the
increase in net sales
c
Co.-—Earnings—
1937—Month—1936
$528,873
$508,739
250,090
276,699
investments
Frank C. Rand, Chairman,
Net sales to customers were
transacted.
income
Note—No provision has been made for
tax.—V. 145, p. 3658.
International
earnings—
Prov. for retirements
1937—11 Mos.—1936
$5,379,250 $4,650,651
284,319
revenues
Oper.exps. and taxes...
Int.
Int.
Period End. Nov. 30—
1937—12 Mos.—1936
$4,039,994
$3,898,039
2,372.831
2.252,098
$151,467
7,931
$151,123
earnings
—Earnings—
1937—Month—1936
$353,442
$351,463
202,319
199,995
Other income
1938
96,966
28,677
30,493
Prov. for British & Dom.
income taxes
$115,925
$339,982
$106,947
$191,047
34,720
34,720
34,720
34,720
125,000
100,000
xlncluding Kelvinator Ltd., England, Leonard Refrigerator Co. of Canada,
Ltd and Refrigeration Supplies Co. Ltd.
y Included in the costs and
Net profit
Preferred dividends
_.
_
Common dividends
Net income
a
Common dividends...
Ratepershare
$8,541,962
7,510,611
$2.55
a Excluding dividends on common stock held in treasury amounting to
$21,825 in 1937, $21,100 in 1936, $26,890 in 1935 and $28,258 in 1934.
b After deduction of returns and allowances for repayments,
c After
maintenance of physical properties, selling
administrative and warehouse expenses and credit loss (less discounts on
purchases), d Provision for decline from cost to market at Nov. 30, 1937
in inventory values ($2,722,783) and purchase commitments ($189,329) .
charging operating
expenses for 1937 are the following:
remuneration to executive officers,
Ltd.
1937
1936
Cash
Com. stk. capital & sur¬
x
Net
$79,183,655 $78,283,129 $77,251,777 $74,956,495
income
ended
for
Nov.
year
30
$169,879
212,354
183,851
2,072
6,266,992
Divs.
on
common
8,416,927
8,967,024
8,541,962
pref.
$85,450,647 $86,700,055 $85,793,739 $83,923,519
6,700,000
7,537,500
7,537,500
6,700,000
in treasury
Cr21,825
a
Cr28,258
Cr26,890
Common stock capital
a
CV21.100
244,349
Divided
& surplus as at Nov.30$78,772,472
as follows:
$79,183,655 $78,283,129 $77,251,777
1937
1937
$
$
bPhys. property.20,021,099 21,141,358
a
Inv.
&
Accounts payable.
other
Dividend payable.
In
stocks
bonds
of
companies
Cash...
132,906
263,276
..15,161,215
18,986,231
ployees*
rec.
248,176
15,162,347
stock.50,250,000
and
d Co'sown com.stk
Accts.
Common
& adv.
248,176
13,792,847
Officers'
and
50,250,000
2,408,800
3,206,128
837,500
em¬
10,658
deposits
Reserve for taxes
90,952
.
243,463
1,515,000
1.725,000
Inv. in 5% debs. &
Res. for market de¬
cap. stk. of asso¬
cline in par com¬
mitments
189,329
Insurance 'reserve-
648,527
ciated companies
c
Empl. notes
1,085,000
1,075,000
78,045
376,304
rec.
Inventories..
32,651,999 28,132,149
Def. charges, &c_.
Total
a
453,795
.....83,625,081
Surplus
..83,625,081 85,797,596
Represented by 3,350,000 shares of no par value, b Physical properties
shoe factories, supply departments and sales branches after
Jepreciation of $22 880,270 in 1937 and $21,551,667 in 1936.
common stock,
d
c
Secured by
Consists of 9,700 shares
422,741
company reports net asset value of its common stock
as
of Dec. 31,
1937, was $35.07 a share with securities adjusted to market valuations.
This compares with $59.87 on Dec. 31,1936, and $37.76 on Nov.
30,1937.—
145,
p.
3820.
Johns-Manville
Corp.—New Official—
J. L. Pichetto has been elected Assistant Secretary and will act as
general
assistant in the Presidents' office, Lewis H. Brown, President, announced
on Jan. 5.
Mr. Pichetto was formerly Assistant Treasurer.
J. S. Crawford, formerly General Auditor, has been elected Assistant
Treasurer, and Donald L. Greaves has been promoted to the position of
General Auditor.—V. 145, p. 3820
162,191
422,741
$1,668,940 $1,575,402
reserve
$1,668,940 $1,575,402
Total
for doubtful accounts of $17,258 in 1937 and $18,750 in
After reserve for depreciation of $153,705 in 1937 and $133,423 in
1936.
z Represented
by 100,000 no-par shares,
a Including Kelvinator
Ltd., England, Leonard Refrigerator Co. of Canada, Ltd. and Refrigeration
Supplies Co., Ltd.—V. 146, p. 111.
Key West Electric Co.—Earnings—
1937—Month—1936
$12,206
5,417
635
1,883
$6,407
Dr423
$4,270
$66,995
489
348
$5,984
1,973
$4,760
2,140
$67,344
25,105
$63,443
$4,010
$2,619
$42,238
20,000
24,374
$36,491
20,000
24,374
$2,135
$7,882
Maintenance
Taxes
1937—12 Mos.—1936
$150,666
$140,788
55,280
58,382
8,479
8,123
al9,911
18,804
$12,367
4,606
509
843
Operating revenues
Operation.
_
Net oper. revenues
Balance
Interest & amortizat., &c
Appropriations for retirement reserve.
Preferred dividend requirements.;
$55,478
7,965
26,951
deficit
Federal income taxes, of which $3,062, is Federal
profits.
Note—On Jan. 1, 1937 changes were made in accounting procedure,
hence previous year's figures for some items in the income statement are
not exactly comparable.—V. 146, p. 112
a
Includes
$5,138
surtax on undistributed
King Edward Hotel Co., Ltd.—Reorganization
Investment Co. of America—Asset Value—
V.
131,393
193,626
sur¬
y
Balance,
Total..I
at tanneries,
4,800 (44,740 in 1936) shares of
common stock.—V. 145, p. 117.
Consol. earned
..28,522,472 28,933,655
412,755
85,797,5961
11,832
sell,
&
Balance
601,849
500,000
156,286
Commonstock..
plus account
Non-oper. income (net).
balance
496,000
500,000
(par
ing fund
chgs.
_.
Liabilities—
$
5
1936
stock
Cap. surp. re sink¬
Period End. Nov. 30—
1936
z
goodwill,
After
1936.
Common stock capital$50,250,000 $50,250,000 $50,250,000 $50,250,000
Earned surplus
28,522,472
28,933,655
28,033,129
27,001,777
Consolidated Balance Sheet Nov. 30
147,890
supplies,
Total...
x
21,665
war¬
$100)
fixtures.
develop.
for
ranty contracts.
mach'y& equip.,
tools, def.
40,279
51,719
&
7% cum. sink, fund
leasehold
stock
Assets—
432,635
121,226
40,211
496,000
Charges
premises, bldgs.,
rights.....
Common dividends
41,562
606,886
inventories
.
127,351
income
Res. for guar. serv.
Detroit
Patents,
above)
Dom.
sales taxes
Kelvinator Corp.
$102,646
for Brltisn &
Res.
receivable
furn.
1936
1937
$103,746
accrued charges.
$334,890
Notes & accounts
Land,
a
Accts. payable and
&, travelers' advs
(as
1936), legal fees,
30
Liabilities—
1936
band and
on
Factory
Total.
($44,728 in
-
Receiv. from Nash-
y
plus begin, of year:
Common stock capital$50,250,000 $50,250,000 $50,250,000 $50,250,000
Earned surplus
28,933,655
28,033,129
27,001,777
24,706,495
•
al937
In banks
30
1934
1935
$48,938
Consolidated Balance Sheet Sept.
Assets—
expenses,
Consolidated Common Stock Capital and Surplus Account Nov.
Directors' fees, $3,225 ($2,982 in 1936),
$2,102 ($2,655 in 1936), and depreciation, $23,283 ($21,782 in 1936). z In¬
cluding Kelvinator Ltd. England and Leonard Refrigerator Co. of Canada
Planned—
In a letter to refunding mortgage bondholders of the company , from the
reorganization committee, there is outlined a plan of reorganization which
proposes formation of a new corporation, a lease of the realty which is
owned by the Metropolitan Life Insurance Co. for a period of five years,
with arrangements to be made on completion of the plan whereby United
Hotels Co. will again assume or supervise the operation of the hotel.
In addition to leasing the realty for the term of five years the plan also
proposes that the new company also lease
and furniture for a like period, paying as
bondholders $25,000 a year for
in the hotel.
from the receiver the furnishings
rental to the refunding mortgage
the use of the furniture and furnishings now
The plan indicates that within five years the new company will endeavor
purchase from the Metropolitan the realty, providing the necessary
capital for such purchase and on such sale being consummated the new
to
Volume
146
Financial
Chronicle
company will purchase from the refunding mortgage holders the
personal
property at a price of $500,000, paying therefor $50,000 in cash at time of
purchase and $50,000 a year until purchase
price is paid in full.
It is proposed that the
Metropolitan expend an amount of $160,u00
necessary to put the real estate in a satisfactory condition, while the new
company would expend an amount of $100,000 to purchase and instal in
the hotel additional furniture and
the conversion
Lamaque Gold Mines—Earnings—
3 Months Ended—
15,789
yl8,641
year_*_,
$75,666
$112,078
Dividends paid
Shs. cap. stk. (par $5)-Earnings per share
$83,135
Consolidated
70,653
Net profit for
,
.
70,931
$1.58
5,590
expenses,
$1.08
71,126
$1.16
After deducting all discounts and cost of sales,
x
Net sales.
Cost of goods,
undistributed profits.
Note—Provision for depreciation
V :
on
Interest
Loss
and
7,727,647
6,565,438
$723,801
46,834
$788,729
55,909
on
2,620
.,274.853
3,614
$770,635
2,383
23,891
13,829
7,000
$844,638
2,210
4,989
501,584
252,962
bll6,705
4,969
402,418
210,826
89,200
325,505
190,509
20,592
$596,319
1,598,402
$563,825
1,161,612
$184,586
1,110,585
paid...
dispos. of assets
Claims paid
Miscellaneous
Federal excise taxes
Liabilities—
Oct. 30, *37 Oct. 31, '36
Com. stk. (par $5)
$360,000
$360,000
Accounts payable.
72,282
95,783
Bank loans
1,000,000
400,000
buildings,
mach. & fixtures
Tr.-mks.
&
$447,865
$452,910
good-
wili
1
V
1
Other loans
156,000
......
797,107
/ 671,560
1,500,146
terest, &c......
146,522
69,909
88,668
90,970
Surplus for
Accrd. payrolls, in¬
1,751,365
Notes & accts.rec
Cash....
Deferred charges..
Fed.
tax
provision
.$3,231,529 $2,785,4961
16S.386
18,520
457,275
Adjustments—debit
'Add'l State tax assess-
1,142,246
Dr26,516
Drl2,714
.
Treas.stock....
Total
Excess of prov. for Fed'l
inc. tax over amt. paid
15,000
462,287
1,142,246
Earned surplus:
a
by U. S. District Judge William H. Kirkpatrick.
He warned all parties in interest to
speed up
p.
Ry.-— Sold to Ohio Utilities Finance
The sale is
subject
subsidiary, the Sandusky Fre¬
Ry., which operates a 22-mile line between Sandusky
bid was $105,000.
The latter line has $847,986 of
mortgage bonds and $15,380 of receiver's certificates.
Buses are expected to replace the
present rail operations if Court approval
is given to the two sales.—V. 136,
p. 842.
Southern
The
1937
Property acct
Cash
x
1936
$1 ,350,905 $1,299,338
38,361
113,884
Accts. receivable..
187,074
73,883
Inventories
321,701
7,437
8,147
......
Other assets......
Deferred ch arges
.
16,020
_
$438,338
385,857
__
for
31,500
....
57,329
Paid-in surplus...
839,416
Total...
y
$1,916,782 $1,780,353
After
depreciation of $1,237,147
Represented by shares of $1 par.
surplus...
Total
in
1937
and
1937
by other prod, (net)
Port operations
Commercial oper. (net),
b Exchange differences.
Interest earned—invests
and deposits
Int.
rec.
Int.
on
Art. 27 indebted
account
adjusts,
sponding
to
£547,440
4,299
21,327
6,312
2,303
4,163
4,373
30,666
(net).
1936
£451.705.
3,148
in
1936.
published
1935
1934
£416,522
2,009
£374,748
6,876
~
4,713
3,390
6,801
35,481
407
238
842
to
952:157
17,440
12,944
28,347
1,167,956
Accrued
Reserve
for
15,660
Total
£621,750
Approp. to wkg.
cap. res
Oficina stoppage exps
applic.
to
sales
126,121
9,044
for mfg. purpose
Deferred charges..
47,793
48,098
2,004
25,953
Investments
independ'ts.
37,851
iodine
$9,922,599 $9,515,955
on
May 1, 1931
dated Nov. 15
The
86,068
4,497
Lehigh
on
30,000
20,000
675
19,954
21,887
sales
corporation (net)
~2~569
37,766
682,190
44,509
688",906
conversion of assets &
liabilities, &c
Spec,
non-recur.
Net deficit
a
To
and
charges
138,336
prof£450,490
£271,295
£250,920
£621,626
participation in profits declared by, the sales corporation
production, nitrate and iodine, less cost,
b Arising from
In respect of new
25-cent dividend
stock.—V. 145, p. 2552.
Negotiations are understood to be in progress among the company and
banking interests for the sale by the road of a subsidiary, the
Wyoming Valley Water Supply Co.
The price, it is said, will be likely to
approximate the par value of the subsidiary's stock $1,600,000.—V. 146,
p. 112.
Corp.—Sales—
Sales..
1937—Month—1936
1937—11 Mos.—1936
$6,004,378
$5,867,050 $37,534,093 $35,061,663
145, p. 3976.
Liquid Carbonic Corp.—Gives Stock Options to Officers
Employees—
This corporation has granted to 26 of its executive officers and employees
five-year options to buy a total of 23,400 shares of its capital stock for cash
at $20 a share.
Application is being made to list that additional number
of shares on the New York Stock Exchange.—V. i45, p. 3501.
Ltd.—Earnings-
1937—4 Weeks—1936
$1,809,930
90,192
1937—28 Weeks—1936
$1,556,708 $11,079,444
$9,541,076
88,047
461,510^^439,840
145, p. 3822.
Net profit
x After charges and income taxes.—V.
Lehman
Corp.—Semi-Annual Report—
Semi-annual report of the corporation for the period ended Dec. 31,1937,
696,613
28,347
6,427
10,979
Exchange differences..
Exch. diff. arising from
e
par
New York
x
1,696
Int. on fd. and def'd debt
d Interest
the $50
Loblaw Groceterias,
1,194
567
charges
$9,922,599 $9,515,955
1937.
Period End. Dec. 11—
expenses
and provision therefor
Other
Total
Valley Coal Co. and Lehigh Valley RR. have declared the
Sales
Int. in acct. current with
Treasury stock._Drl63,363
Notices are being sent to registered owners of certificates of deposit
requesting them to surrender their certificates on and after Jan. 14, 1938,
to the depositaries or sub-depositary.
Upon surrender of certificates!of
deposit holders will receive in return therefor notes as represented byl each
certificate of deposit and to each note there will be attached an extension
Wfl
agreement, interest coupons and the guaranty of Lehigh Valley RR.
Noteholders who have not as yet deposited their notes may become
parties to the plan by depositing their notes prior to the close of business on
Jan. 15,1938, with Drexel & Co., Philadelphia, or J. P. Morgan & Co., New
York, depositaries, or Miners National Bank, Miners Bank Building,
Wiikes-Barre, Pa., suo-depositary.
The interest due Jan. 1, 1938, on the five-yearksecured 6% notes, due
Jan. 1, 1938, is being paid.—V. 145, p. 420.
1,249
2,337
1,057
1,598,402
Drl68,363
..
x
plan effective.
and
1,261
9,004
Lehigh Valley Coal Co.—Note Extension Plan Effective—
£453,026
119,079
other than nitrate and
Reorganization
5,361,384
It was announced, Jan. 6, that holders of over 95% of the $4,640,000
five-year secured 6% notes due Jan. 1, 1938, have deposited or signified
their intention to deposit their notes under the plan and deposit agreement
£633,184
.
405,975
Capital surplus.-'- 5,364,384
Surplus
1,769,546
common
£612,681
Amt.
ceded to
89,200
289,933
Reserves.........
,-V'/ :1';V.
—V.
on comm'l oper
Trustees' fees and exps..
Prov. for taxes on profits
229,329
Lehigh Portland Cement Co.—To Pay 25-Cent Div.—
£395,410
57,616
Loss
331,882
all6,705
Represents 42,535 (45,535 in 1936) reacquired capital stock at cost,
y Represented by $5 par value shares and includes 42,535 (45,535 in 1936)
shares of stock in treasury,
z After reserve for depreciation of $3,172,254
in 1937 and $3,160,100 in 1936.
a Including surtax on undistributed profits.
—V. 146, p. 112.
£453,654
179.530
110,784
541.; 068
x
£556,662
56,019
110,748
9,126
15,830
75,000
61,034
461,436
Fed'l
income tax..
and employees..
1936
75,000
expenses.
3,336,361
Real est. not used
Total
1937
Capital stock...$1,500,000 $1,500,000
Mtge. payable....
Accept's payable..
Accounts payable.
salesmen
Lerner Stores
Co.'s propor. of service
"I
1,008,070
1,096,054
Period End. Dec. 31—
c
'
3,806,980
rec.
Inventories
Advs.
867
£621,750
Liabilities—
y
"
Lehigh Valley RR.—-Seeks to Sell Unit—
corre¬
Total
Oth. credits (non-recur.)
1936
equipment. $3,904,095 $3,964,685
cash..:::::;:::;
"10,643
29,467
1937
Notes & accts.
previous
operation
years
was
current
with sales corp.
Sundry
$1,166,758
31, 1937,
Co., Ltd.—jEarnings-
a Proceeds of sales.
Other operating income.
Prof, on nitrate mfd' for
or
72,801
61,085
839,417
13,500
$1,916,782 $1,780,353
The income statement for the year ended Oct.
in V. 146, p. 112.
Lautaro Nitrate
1,200
35,758
30,120
Long-term indebt.
Earned
$1,110,585
254,465
$1.28
last previous distribution on the common stock was the
Federal
Reserves
;■ r,
$1,161,612
254,465
$0.72
paid
15,000
30,323
expenses.
Income tax.....
>
$2.19
39,823
1936
$438,338
311,366
16,097
1st mtge. note....
Accrued
Prov.
$1,598,402
254,465
39,866
1937
Capital stock.
Accounts payable.
Notes payable....
277,664
2,721
Liabilities—
y
$1,769,546
257,465
share.
The directors have declared a dividend of 25 cents per share on the
stock, par $25, payable Feb. 1 to holders of record Jan. 14.
Four
quarterly dividends of 37 H cents per share were paid during 1937.
A
special dividend of $1 was paid on Dec. 21, 1936; a quarterly dividend of
25 cents in addition to an extra of 50 cents per share was paid on Nov. 2,
1936, and a quarterly dividend of 25 cents per share was paid on Aug. 1,
1936, this latter being the first payment made on the $25 par stock.
The
Lakey Foundry & Machine Co.—Balance Sheet Oct. 31Assets—
Dr3,809
Drl01,906
Plants, real est.
and
company's mortgage indebte-
$8,168,000 and $96,518 of receiver's certificates.
to approval of U. S. District Court at Cleveland.
The same company also bid in the line's
x
z
2133.
The company, which operates a 114-mhe line between Toledo and
Cleve¬
land, has been sold for $812,015 at a foreclosure sale to Ohio Utilities
Finance Co., which has a large claim on the
&
per
Assets—
acceptable plan as he
an
144,
Fremont.
Dr127,232
Pafonffl
Neither of two plans, which have been
submitted, can pass because one
group controlling the majority of stock and the other the
majority of bonds
have blocked acceptance of either plan.—V.
mont
Drl28,233
....
said he would not allow the case, which has been in the
courts already for
18 months, to drag along for the two years it would take to
get the question
of stock ownership decided.
and
Drl3,231
Dr411,944
a After all discounts
and allowances,
b Includes $17,927 surtax on un¬
distributed profits.
/ "v i
^
vV.''- -W.
Consolidated Balance Sheet Oct. 31
La France Industries—Petition to Foreclose—
of
,
$2.31
Total surplus.
Shs. cap .stk.out. (par $5)
A petition by minority bondholders that
proceedings to reorganize under
Section 77-B of the Federal
Bankruptcy Act be dismissed and bondholders
allowed to foreclose on their mortgage has been taken
under advisement
ness
6,327
;
$3,231,529 $2,785,496
Earnings
$326,870
889,430
Cr 1,198
<
ment, prior years....
Dividends paid
a 1,640
shares in 1937 and 1,069 shares in 1936.
b After deducting
$418,241 reserve for depreciation in 1937 and $396,580 in 1936.
c After
deducting $96,815 reserve for bad debts return allowances and cash dis¬
counts in 1937 and $84,184 in 1936.—V.
144, p. 283.
Lake Shore Electric
year
Previous surplus.
206,230
Paid-in surplus
Total
Depreciation..
Prov. for Fed. inc. tax..
15,875
2,383
316,399
180,902
"2* 33 9
__
Inventories
c
Oct. 31,'36
^
.,214,070
60,783
...
Oct.30/37
$7,354,167
v
Prov. for loss on real est.
Prov. for contingencies.
equipment
Comparative Balance Sheet
Assets—
1934
$8,451,448
;
$1,475,177
...
Total income...;
Nil
included in the statement for 1937 amounted to
$21,661.
b Land,
31
71,214
•
plant
property,
Oct.
1935
$1,400,148
75,029
Operating profit
Includes $1,200 surtax
y
on
[
&c
Ended
1936
..$13,769,152 $10,599,693
general
\
12,369,004
9,385,623
Other income..
70,360
Corp.—Earnings—
income Statement—Years
1937
a
$131,512
$0,043
$0,074
Lee Rubber & Tire
loss$25,735
V
Aug. 31 '37
$668,473
536,961
$221,886
share
per
'37
$768,280
546,394
i
Net profit...
747.920
Interest paid
Federal taxes
Nov. 30
Expenses, &c
Earnings
867,894
6,096
13,200
half-year ended June 30,
corporation,
d Corresponding to
Gross bullion production......
event of success¬
920,507
8,414
18,000
For
1934, of the 5% income debs, of sales
1933-34, 1934-35 and 1935-36 Article 27 indebtedness,
e On
sales
exchange as compared with closing rates.
Years Ended—
Oct. 30, _'37 Oct. 31. *36 Nov.2, '35 Nov. 3, '34
x Gross
profit
$1,113,257
$1,058,999
$970,325
$727,774
Admin. & gen. exp., &c.f
1,003,160
c
years
(B.) Kuppenheimer & Co., Inc.—Earnings—
less miscell. income
and liabilities,
of currencies at different rates of
—V. 145, p. 3975.
furnishings.
To provide the latter sum,
which it is indicated present
refunding mortgage bondholders are unwilling
to furnish, it is proposed that the new
corporation to be formed make avail¬
able to the refunding mortgage bondholders the A and B debenture holders
and the stockholders of the
King Edward Hotel Co. the opportunity of
participating in the ultimate equity of the property in the
ful reorganization.—V. 144, p. 109.
281
of assets
shows that
23.9%
of gross assets is represented by cash and receivables
S. Government securities, the total of which at market, was $14,977,896, equal to $7.20 a share on the 2,081,580 shares of stock outstanding.
On June 30, 1937, these items represented 3.3% of gross assets, or $1.40
a share, and on Sept. 30 last, 10.5% of gross assets or $3.97 a share.
and U.
Net asset value as of Dec. 31 was approximately $29.28 a share.
Cor¬
responding net asset value as of June 30, 1937 was $40.18 after deducting
$1.61 a share for taxes and management compensation computed on
unrealized appreciation as of that date, and on Sept. 30 last, net asset value
was $35.88 a share after deducting 26 cents.
•
i
Automotive and rail groups experienced the largest volume of selling,
but steels, building, manufacturing and merchandising groups were also
,
Financial
282
utilities groups were practically un¬
Dec. 31 last, approximately 189,000
purchased.
sold.
Holdings in the oil and public
disturbed. In the three months ended
shares of stock were
sold and 22,000 shares
Months Ended Dec. 31
Income Account for 6
1934
1935
1936
1937
$167,419
1,976,954
92,031
$223,276
1,069,706
$300,647
976,630
2,520
"2,965
*9",786
$1,883,045
$2,238,926
$1,295,947
$1,287,063
329,952
80,000
333,523
725,000
313,639
398,239
227,703
50,000
337,865
76,803
367,631
$842,537
4,624,042
$507,266
2,725,725
$1,009,360
793,056
2,043
25,139
8,328
7,691
60,570
$1,849,051
1,561,185
$5,474,271
2,734,528
$3,295,604
921,645
$287,866
$2,739,743
$2,373,959
$1,011,614
x2,081,580
$0.89
683,632
$8.01
681,700
$4.82
681,700
$2.68
$145,083
1,631,688
106,274
Interest earned
Cash dividends
Taxable divs. in sec
Miscellaneous income—
stock taxes
Prov. for income taxes
Agreement.
$1,473,093
1938
8,
Jan.
Chronicle
Long Island Lighting Co.—Change in Personnel—
Russell F. Van Doorn as Vice-President and Treasurer
Long Island Lighting Co. in conjunctoin with his retirement from
active service under the company's retirement annuity plan was announced
on
Jan. 3 by PJdward F. Barrett, President.
Mr. Van Doorn also has
resigned as Treasurer of the Nassau & Suffolk Lighting Co.
"Both resignations were accepted by the boards of directors of the re¬
spective companies with expressions of sincere appreciation of his long service
The resignation of
of the
with these organizations," Mr. Barrett stated.
Robert G. Olmsted has been elected Treasurer
ceed Mr.
of both companies to suc¬
Van Voorn.
Henry R. Frost has been elected Secretary of the Long Island Lighting
Co. and, with a view toward uniformity of action and centralization of work,
he also has been named Secretary of Queens Borough Gas & Electric Co.,
Co. and Long Beach Gas
Nassau & Suffolk Lighting
Co.—V. 145, p. 3501.
Los Angeles Ry. Corp .—Capitalization Reduced—
Application of this corporation to the California Railroad Commission
for an order authorizing a reduction in capitalization has been granted.
The hearing was held in Los Angeles, Dec. 8, and the petition was taken
under advisement at that time by Examiner Frank Hauser.
The order authorized the company to issue 200,000 shares of no par com¬
mon stock
with a stated value of $2,000,000, in exchange for the out¬
standing $20,000,000 common stock issue of 200,000 shares of $100 par
value.
Profit
Dividend payable
Surplus
stock c
standing (no par)
Earns.per sh.on cap.s
x Par $ 1
$1,827,554
815,940
Shares capital
-.
depreciation of the corporation's assets on
Dec. 31, 1937, based on market quotations or, in the absence of market
quotations, on fair value in the opinion of the directors, was $9,905,407.
The net unrealized appreciation on June 30, 1937 was $13,072,385 after
deducting an allowance thereon of $3,345,000 for taxes and management
compensation.
No provision has been made for any Federal surtax on undistributed
profits.
:v..
Notes—The net unrealized
to
$22,941,862 from road
through the $18,000,000 reduc¬
plus a $2,i59.391 reduction in
corporate surplus and the balance through an adjustment in the accrued
depreciation account from $17,537,470 to $16.994,874.—V. 145, p. 118.
The change in stock was asked so as
revaluate its fixed assets.
It is planned
(R. H.) Macy Co.—Advances Dividend Date—
T^he directors on Jan. 5, declared a dividend of 50 cents per share on the
stock, no par value, payable Jan. 24 to holders of record Jan. 14.
The company issued the following statement:
"This dividend is in place of the usual dividend which would have been
declared at the regular meeting of directors on the third Wednesday of
common
view or the
Cash in banks
1937
%
Liabilities—
existing tax laws and of present uncertainty as to
145, p. 1264, 1103.
sees,
Dividend payable.
3,017,989
cost)—-..,...12 578,217
Res.
owned
pensation
1
105,638
Profit
240,676
288,945
b Treasury
Receivable for
&
loss acct.
14,824,337 15,079,633
Dr162,125
deficit
accrued..
337,865
...
3,434,500
2,086,884
Capital surplus.. .83,673,396 81,358,448
and int.
rec.
260,025
68,800
72,668,706 73,065,126
Total
a Capital stock outstanding 2,086,884 shares par $1 in 1937 and 686,900
(no par) shares in 1936. b Represented by 5,304 shares at cost in 1937 and
3,268 shares in 1936.
c Includes special dividend of $1,025,448 payable
Jan. 8, 1937.
Note—The corporation has
purchased commitments under which it may
make investments which will not
exceed $15,000.—V. 145, p. 2851.
1937
1936
$
$
b Comrnonstock
$
$
bldgs.,
41,166,811
38,154,431
12,920,229
12,920,229
16,039,388
16,872,053
13,864,000
1,363,700
4,072,348
745,686
2,756,638
71,988,704
27,737
4,303,142
5,044,649
71,768,430 c$6.50 cuin.pfd.
Inventories
3,022,786
38,470,519
Investments, &e
14,843,146
2,452,078
35,634,587
10,887,551
mach'y, &c._
eCash
....
U.S. Govt,
secur
For. Govt,
stock
32,562
Bonds
4,776,634
secur
1,357,400
Accts. pay. curr.
6,250,535
Notes pay. curr.
573,394
3,647,503
1,318,423
Fed. & State tax
>Sink. fd., &c-.
174,904
1,912,059
3,474,747
58,576
anticipated
Deferred charges
1,535,711
3,249,054
Accrued
Deferred
142,544,024 138,562,712
Total
1,326,376
250,000
500,000
317,552
1,241,514
322,167
1,310,706
44,354,274
44,354,379
Res. for conting.
interest
credits
Surplus-..
Total
13,107,000
Sub. stk. outst'g
Skg. fd. require,
Advances
mtges.
Debenture bonds
183,763
Accts. and notes
receivable
&
of subs
7,265,397
...142,544,024 138,562,712
a After
depreciation of $26,508,650 in 1937 and $25,431,436 in
b Represented by 1,599,053 no par shares in 1937 and 1,512,985 in
1936.
1936.
Represented by 136,722 no par shares,
d Sinking fund and instalment
payments on long-term debt due within one year,
e Including $1,428,089
($1,278,456 in 1936) in foreign banks subject to export restrictions.
c
_
The income statement for the years ended Aug. 31 was published in
V. 146,
p.
112.—
To Vote
Upon New Compensation Contracts—
stockholders, Nicholas M. Schenck, Presi¬
of 11 personal service contracts and renewals
with leading producer executives or officers of the company, as recently
authorized by the directors subject to favorable action by the stockholders
at a meeting to be held on Jan. 25, 1938.
The letter to stockholders was accompanied by a copy of the company's
annual statement, which indicated earnings of $8.62 per share of common
stock outstanding during the fiscal year 1937, as against $6.79 in 1936 and
$4.53 in 1935.
In the fiscal year 1937 the company paid dividends aggre¬
gating $8.50 per share on the common stock.
Under the proposed agreements, in pursuance of a policy which has been
followed by Loew's Inc. since 1924, according to Mr. Schenck, compensa¬
tion of key men will be made partly dependent upon the success of their
efforts.
He states that while the new contracts include 11 individuals,
instead of the three formerly entitled to share in the company's profits,
the same aggregate percentage of profits formerly allocated to the three
officials will now be divided among 11 whose producing and managerial
talent or executive ability has, in the opinion of the directors, been prin¬
cipally responsible for the success of Metro-Goldwyn-Mayer Pictures.
These producer-executives and officers are: Louis B. Mayer, J. Robert
Rubin, Edgar J. Mannix, Samuel Katz, Alexander Lichtman, Benjamin
Thau, Hunt Stromberg, Bernard Hyman, Lawrence A. Weingarten, Harry
Rapf, Mervyn LeRoy.
Formerly, percentages of profits were allotted to three individual execu¬
tives of the production department, namely, Louis B. Mayer, J. Robert
In
dent,
a
letter sent on Dec. 31 to
urges
their approval
,
Rubin and the late Irving G.
Thalberg.
Simultaneously, the contract with David Bernstein, Vice-President and
Treasurer, has been extended for five years.
The proposed contracts provide for compensation based in part upon a
percentage of Loew's share of the combined annual net profits of Loew's
Inc. and all subsidiaries, after reserves, interest, taxes, depreciation on the
company's properties and after deduction of cumulative dividends on all
present or future preferred stock of Loew's Inc., and after deduction of $2
per annum for each share of outstanding common stock (other than shares
issued as a stock dividend), the last representing $2,612,424 per annum on
the common stock now outstanding.
In his letter Mr. Schenck states: "It is my firm opinion that the deter¬
mining factor in the success of a motion picture enterprise is the man-power
which operates it.
In harmony with that belief, 1 have endeavored as
President to obtain the best men available in the industry and to hold them
firmly in the company's service."—V. 146, p. 112.
Long Beach Gas Co.—New Secretary
See
Long Island Lighting Co.,
below.—V. 14c
p.
761.
Matson Navigation Co.—Extra Dividend—
paid an extra dividend of 9 cents per share on its capital
no par value, on Dec. 23 to holders of record Dec.
18. A regular
quarterly dividend of 25 cents per share was paid on Nov. 15, last.—V. 144,
p. 4184.
The company
stock,
Melville Shoe Corp.— Prices
Reduced—
men's shoes from $3.50 to $.->.30 was put into
by the 673 Thorn McAn shoe stores, it was announced by
Ward Melville, President of the company.
Simultaneously, the prices of
Liabilities—
1936
1937
Corp.—Registers with SEC—
first page of this department.
A reduction in the price of
[Including wholly owned subsidiaries]
Assets—
Land,
113.
146, p.
effect on Jan. 3
Loew's, I nc.—Consolidated Balance Sheet Aug. 31
Due fr. affil. cos.
—V.
See list given on
.72,668.706 73,065,1261
196
200
McLellan Stores Co.—Sales—
Period End. Dec. 31—
1937—Month—1936
1937—11 Mos.—1936
Sales
$3,903,230
$3,998,941 $21,392,030 $20,744,099
Maritime Investment
sold-...
a
1937—Month—1936
1937—12 Mos.—1936
$6,763,051
$6,714,420 $41,001,242 $40,235,112
operation
—V. 145, p. 3822.
stock. Z)r87,710
sec.
Total
Sales
Stores in
Capital stock
1
Loans and adv
1,560,349
stock, no par,
McCrory Stores Corp.—Sales—
Period End. Dec. 31—
1,300,078
managem't com¬
a
8,375
Equities in real est.
ex¬
accr.
and taxes
Ltd.—Removed from List—
Curb Exchange has removed the common
from unlisted trading privileges.—V. 145, p. 3822.
Reserve for accrued
4,984,599
Pref. stocks
5,588,374
3 463,505
Com. stocks
49 072,602 54,291,505
Inv. in real estate. 1 025,688
2,509,036
4 178,358
Bonds.
Divs.
for
penses
(at cost):
McColl-Frontenac Oil Co.,
The New York
77,550
520,395 cl,538,172
purchased
U. S. securities (at
Other
$
Payable for securs.
2,019,014
2 ,032,483
1936
$
1936
$
Assets—
This action is taken at this time in
tax legislation
1938.
January for payment March 1,
during the coming year."—V.
Balance Sheet Dec. 31
1937
to allow the railway company
to write off
and equipment and adjust the balance sheet
tion in stated value of the common stock
boys' and little men's shoes were dropped from $2.50 and $2 to $2.45 and
$1.95, respectively, as also were those for misses and growing girls. Women's
priced at $3.50, to which level they were reduced on Sept. 22.
shoes remain
To
Pay$ 1 Dividend—
The directors have
stock, no par value,
declared a dividend of $1 per share on the common
payable Feb. 1 to holders of record Jan. 14.
Four
quarterly dividends of $1.25 per share each were paid during 1937 and
on Nov. 1,1936; $1 paid on Aug. 1,1936; 87 y* cents per share paid on May 1,
1936; 75 cents on Feb. 1, 1936 and on Nov. 1, 1935; 62H cents on Aug. 1,
1935; 50 cents per share paid in each of the four peceding quarters and in
addition, an extra dividend of $1,123^ was paid on Dec. 23, 1936, and
50 cents per share was paid on Feb. 1, 1935.—V. 145, p. 3661.
Mercantile Arcade Realty
Corp.—Deposits—
Guaranty Trust Co. of New York, depositary, is now accepting certifi¬
of deposit for first mortgage 53^% sinking fund gold bonds due
June 1, 1953, when surrendered for exchange for the new securities deliver¬
able thereagainst pursuant to the plan of reorganization dated March 1,
1936, as modified.—V. 146, p. 114.
cates
Mengel Co .—Listing-—
The
New
York
the listing of 14,104
Stock Exchange has authorized
1st pref. stock (par $50) on official notice
additional shares common stock (par $1) upon official
notice of issuance, and 42,312 additional shares common stock upon official
notice of issuance upon conversions of the 14,104 shares of its 5% conv.
cum. 1st pref. stock; making the total amounts applied for to date 80,000
shares of 5% conv. cum. 1st pref. stock and 908,885 shares of common
additional shares 5% conv. cum.
of issuance, 50,000
stock.
Directors determined
that ownership
of stock in the company
would
provide an additional incentive to officers, managers and keymen of the
company to increase the profits of the company by contributing their
to
utmost
its
greatest
success.
Accordingly directors
approved a, plan
and sub¬
whereby stock of the company would be offered to such persons
mitted a plan to the stockholders of the company who approved the same.
Under the plan the company is offering 14,104 shares of its 5% conv. cum.
1st
pref. stock and 50,000 shares of its common
of the plan follows:
stock.
A brief summary
Subscriptions to the stock may be made by such persons during the
period beginning June 30, 1937 and ending June 30, 1942, and payments
therefor may be made on the instalment plan.
Subscriptions are to be
received at a price of $50 per share for pref. stock and $12.50 per share
for common stock and after the payment of 80% of such subcription price
by the subscriber, the company
will contribute the balance
of 20% of the
representing
of the subscription.
Delivery of stock certificates
subscriptions will be made on June 30, 1942.
During the period of the subscription the company has
amount
such
the right to
paid and also may cancel the
the employ of the company either
voluntarily or involuntarily.
No dividends shall be paid on the stock
subscribed for until the stock has been issued, but during the period prior
to the issuance of the stock the company will allow interest in instalments
cancel
the same if any
instalment is not
subscription if the subscriber leaves
his
paid at the rate of 5% per annum.
The subscriber may withdraw
subscription at any time and receive the cash paid in by him without
interest.
The subscriber can also, at any time, upon five days' notice,
order sold a sufficient amount of the stock for which subscription has been
to pay part or the
of the subscription made.
The plan contemplates
made
entire balance of the
.
,
indebtedness on account
.
,
.
received by the company
will be received through instalment subscription over a period of a number
of years
Accordingly, it is not possible for the company to determine
with accuracy at this time the purpose for which said proceeds are to be
used.
However, it is the present intention of the company to use the
proceeds to retire its 1st mtge. 4H% conv. sinking fund bonds.
If all
of the stock being applied for hereunder is subscribed and paid for by the
subscribers so that 80% of the purchase price will be paid by the sub¬
scribers and 20%
will be contributed by the company, it is estimated,
after deducting such contribution by the company and estimated expenses
that the net proceeds realized by the company will be $1,053,920.
An offering of stock was made under the plan on Aug
2, 1937, and
subscriptions have been made for an aggregate amount of 9,165 shares
of 5% conv. cum. 1st pref. stock.
No subscriptions have been received
for common stock.
that the proceeds
Volume
146
Financial
Chronicle
Consolidated Balance Sheet
Sept. 30 •37 Dec. 31 '36
Assets—
$
LiaMlilies-
on
hand
722, 662
1,020, 932
491,621
864,955
Inventories..
2,821, 338
2,899,345
386, 735
356,533
496, 613
620.422
Invest'ts
&
Purch.-money
in one year-.—.
25,000
257,438
25,000
361,778
Accrued expenses.
279,738
275,720
103,397
40,000
100, 000
2,561 824
2.437,900
324 794
380,041
71,164
66,875
Sink.
timber, at cost. *
Land, bldgs.,ma¬
589, 246
672,759
4,992,420
fd.
payment
due July 1,
1938
Funded debt.....
deferred charges
Reserves....
__
260,568
rentals
5%
(Wm. R.) Moore Dry Goods Co.—Pays Extra Dividend—
The company paid an extra dividend of $4
per share on its common
par $100, on Dec. 22 to holders of record Dec. 22.
v The
regular quarterly dividend of $1.50 per share was paid on Jan. 2,
last to holders of record same date.
An extra dividend of $2
per share was paid on Dec. 21, 1936, and an
extra dividend of $10
per share in addition to a stock dividend of 10% was
paid on Jan. 1, 1935.—V. 144, p. 943.
—
...
North American Match
collected
1st
conv. cum.
7%
curnul.
z
3,360,300
320,041
7,680,472
Earned surplus
Pref. stock held in
_
treasury
11,453,359
11,158.6251
85 200
416 409
Capital surplus. 3,552 330
366 467df4,012,141
w
...
Total
_.
£>r27,361
....
*.—.11,453.359
11,158,625
x After reserve for
doubtful accounts and notes, &c., of $51,450 in 1937
$35,869 in 1936.
y After reserves for depreciation accumulated since
1921 $4,473,895 in 1937 and
$4,478,888 in 1936.
z Arising from reduction
in capital amount of
common stock less
charges thereto (subject to writeoff of a portion of
recapitalization and refinancing expenses).—V. 145,
and
V
• 1
'
,
'
Metropolitan Industries Co.—Accumulated Dividend—
The directors have declared a dividend of
25 cents per share on account
of accumulations on the
50%'paid allotment certificates of
6% preferred
stock, payable Feb. 1 to holders of record Jan. 20.
A similar amount was
paid on Nov. 1 and on Aug. 1 last, and
compares with $1.50 paid on April
20 last, and a quarterly dividend of 25 cents
paid on Feb. 1, 1937.-—V. 145,
2398.
p.
v
company—commonly
known
Federal Court at Minneapolis,
Section 77 of the
Bankruptcy Act.
as
a
the
tion under Section 77-B of the Federal
Bankruptcy Act, holders of
stantial total of the company's first
mortgage bonds have formed
tective committee headed by H. S. Payson
Soo
petition
Line—filed
to
reorganize
Dec.
on
pursuant
Greatly reduced earnings, increased taxes, labor and other
heavy bond maturities in 1938, including a $70,009,000 issue in
costs
31
and
July, forced
Chairman of the board, said.
Nordbye scheduled a hearing for Jan. 29,
when trustees will be
appointed.
The appointees must be confirmed by
the Interstate Commerce Commission
and the road must file a plan of
financial reorganization within six months.
Operation of the Soo Line and its subsidiaries will be continued with¬
change, Mr. Jaffray said.
The proceedings will not affect the sub¬
sidiaries, as one, the Wisconsin Central Ry., is in receivership, and two
others, the Duluth South Shore & Atlantic and the Mineral
Range, are in
bankruptcy.
The company has filed with the
ICC a copy of its petition to the Federal
/Court for authority to reorganize.
The action of the
company means that virtually the entire system oper¬
ated by the Canadian Pacific
Ry. in the United States west of Lake Michi¬
of
line,
Mont.
or
receivership.
The Soo owns more than 3,000 miles
which extend from Chicago and Sault Ste. Marie to
Whitetail,
Its assets amount of
$170,000,000.
Canadian Pacific has controlled the Soo since 1888 and owns
$12,common stock and $7,000,000 of its
$12,603,000
723,500 of its $25,206,000 of
Preferred
4% bonds.
8t°ck,
besides
$3,993,000
'^V;'
Munson
of its
first
consolidated
mortgage
The WiSconsjn Central, which is leased to the Soo, entered
The Soo owns $16,000,500 of the Wisconsin
Central's
of common stock and all of
the latter's
bankruptcy
$16,126,300
$11,256,400 of preferred stock.
The Duluth South Shore & Atlantic
Ry., which is operated as integral
part of the Soo went into bankruptcy on Jan. 2,1936.
The Canadian Pacific
owns
$6,100,000 of the South Shore's $12,000,000 of common stock and
$5,100,000 of its $10,000,500 of preferred stock.
The Mineral Range RR.
of whose
$1,500,000 capital stock the South Shore owns $751,995, went
.
bankruptcy last June
Interest Payments,
1.
result of a
petition filed by Edward P. Farley and Morton L. Searey, re¬
organization trustees.—V. 145, p. 4122.
Nassau & Suffolk Lighting Co .— Treasurer
See Long Island Lighting Co., above.—V.
National Cash Register
Period End. Dec. 31—
Gross domestic orders—
—V. 145, p. 3824.
&c.—Ruling by Stock Exchange—
on the guaranteed first consolidated mort¬
4% bonds, due July 1, 1938, will be paid by the Canadian Pacific
Ry. pursuant to its guarantee,
Securities of the New York Stock Exchange rules that
the bonds shall be dealt
The committee further
that in settlement of all contracts in said bonds on
which interest
ordinarily would be computed through Jan. 3, 1938, interest shall be com¬
puted up to but not including Jan. 3, 1938.
The interest due Jan.
1, 1938 on the first refunding mortgage 6% series A
bonds, due 1946, will not be paid.
The Committee on Securities rules that
beginning Jan. 3, 1938, and until
further notice the bonds shall be dealt
in "flat" and to be a delivery must
carry the Jan. 1, 1938, and
subsequent coupons.
The Committee further
rules that in settlement of all
contracts in the bonds on which interest
ordinarily would be computed through Jan. 1, 1938, interest shall be com¬
puted up to but not including Jan. 1, 1938.
The Committee on Securities rules that
beginning Jan. 3, 1938, and until
further notice, the 25-year
5Yi% gold notes, due 1949, shall be dealt in
flat
and to be a delivery must
carry the March 1, 1938 and subsequent
coupons.
The Committee further rules that in settlement of all
on
beginning Jan. 3, 1938, and until further notice
"flat" and to be a delivery
carry no coupons.
in
rules
said
contracts
notes
which interest ordinarily would be
computed through
Jan-3, 1938, interest shall be computed up to but including Jan.
3, 1938.
£e interest due Jan. 1, 1938 on the guaranteed first refunding mortgage
5H% series B bonds, due 1978, will be paid by the Canadian Pacific
Ry.
pursuant to its guarantee.
The Committee on Securities rules that
beginning Jan. 3, 1938, and until
further notice the bonds shall be dealt in "flat"
and to be a delivery must
carry the July 1, 1938 and subsequent
coupons.
The Committee further
rules that in settlement of all contracts
in the bonds on which interest
ordinarily would be computed through Jan. 3, 1938, int. shall be
computed
up to but not including Jan. 3, 1938.
The interest due Jan. 1, 1938 on the first
consolidated mortgage 5%
coupon bonds, due July 1, 1938, "plain," will not be
paid, but the interest
due Jan. 1, 1938, on the first consolidated
mortgage 5% coupon bonds,
due July 1, 1938,
guaranteed, will be paid by the Canadian Pacific Ry.
pursuant to its guarantee.
The Committee on Securities rules that
beginning Jan. 3, 1938, and until
further notice, the bonds shall be dealt in "flat" and to
be a delivery the
"plain" bonds must carry the Jan. 1, 1938 coupon and the
guaranteed
on
bonds carry no coupons.
The Committee further rules that in settlement of
contracts in "plain"
bonds on which interest ordinarily would be
computed through Jan. 1,1938,
interest shall be
computed up to but not incl. Jan. 1, 1938, and in the settle¬
ment of contracts in the
guaranteed bonds on wnich interest ordinarily
would be computed
through Jan. 3, 1938, int. shall be computed up to but
not
1937—12 Mos.—1936
$1,998,575 $28,510,950 $26,560,525
Co., Ltd.—Dividend Plan Voted—
Common and preferred shareholders at a special general
meeting held
Jan. 4 approved a plan of arrangement designed to eliminate the arrears
on the preferred stock, which totaled $26.25 a share on Oct.
1, 1937.
Under
the terms of the plan there is to be paid $4 in cash on arrears with balance
be extinguished and,
to
in effect, funded by issue of rights to preference
common stock at $1 a share for
shareholders to subscribe for three shares of
each preferred share held.
The plan does not affect dividends accruing on
the preference shares after Oct. 1, 1937, and on which the usual
quarterly
dividend
was
declared payable on Jan. 1, 1938.*—V. 145, p. 3978.
Nash-Kelvinator
Corp. (& Subs.)—Earnings—
Earnings for the Period from Dec. 1, 1936, to Sept. 30, 1937
[Including Kelvinator Division from Jan. 4, 1937, to Sept. 30, 1937J
Net sales..
—
—
Cost of goods sold
$80,553,801
66,345,343
-
...
—
—
Operating profit..
gage
in
Co.—Domestic Orders—
1937—Month—1936
$1,517,400
National Grocer's
Resigns, &c.
145. p. 2855.
Selling, advertising and administrative expenses..
The interest due Jan. 1, 1938,
The Committee
Steamship Line—Filing of Claims—
Federal Judge Alfred Coxe has reopened and extended to Jan. 15 the
time for filing claims against the company upon the
company's 6% secured
gold bonds and 6^2% gold debenture bonds.
The Court's action was a
in 1932.
into
pro¬
The letter notes that the petition for reorganization followed withdrawal
of the company's plan for
refunding the bonds at maturity, Jan. 1, due to
failure to receive approval from the requisite public bodies for the issue of
the new securities involved in that
plan.
Earnings of the company are
reported to have covered interest requirements by a substantial margin
last year.—V. 146, p. 115.
"
out
bankruptcy
sub¬
The committee states that it has been advised that funds have been de¬
posited for payment of Jan. 1,1938 interest on the company's first
mortgage
bonds and advises holders to deposit for collection the
coupon due on that
date. "
to
the road to this step, C. T.
Jaffray,
Federal Judge Gunnar H.
gan is in
a
a
Rowe, Manager of the bond
department of the Massachusetts Mutual Life Insurance Co.
Other insur¬
ance companies are
represented on the committee by Julian D. Anthony,
Assistant Treasurer of the Columbian National Life Insurance
Co., Boston;
T. A. Phillips, President of Minnesota Mutual Life
Insurance Co., St. Paul,
and E. B. Sherwin, Vice-President of the California
Western States Life
Insurance Co., Sacramento.
The committee also includes W. H. Duff,
partner of the Chicago firm of Duff & Phelps,
security analysts, and F. T.
Pratt, trustee, of Boston.
C. B. Higgins, 111 Franklin St., Boston, is
Secretary and Ropes, Gray, Boyd en & Perkins are counsel.
In a letter to
bondholders, the committee requests powers of attorney
to act in connection with court
hearings and other matters but does not
ask for deposit of the bonds.
The letter points out that execution and
delivery of such powers "does not impose upon bondholders any individual
liability, or any obligation to deposit or retain their bonds, or any obliga¬
tion to approve
any plan that may be proposed."
■
Minneapolis St. Paul & Sault Ste. Marie
Ry.—
Bankruptcy Plea Filed by Company—Low Income, Taxes and
Labor Costs Given as
Reason—Hearing Set for Jan.,29—
Tlie
in
par,
Mountain States Power CoProtective Committee Formed
Following the filing Jan. 31 by the company of a petition for reorganiza¬
prefd.
($100 par).....
Com. stk. ($1 par)
Corp.—Removed from List—
The New York Curb Exchange has removed the
capital stock, no
from unlisted trading
privileges.—V. 143, p. 120.
pref. ($50par).. 3,209,600
P. 3350.
now
stock,
Deferred income—
405, 687
in advance
Total
independent
for holders of bonds of the road in
reorganization
pending before the Commission.—V. 146, p. 114.
committee
,
State inc. taxes.
and
chinery & equip. 5,010, 147
Prepaid exps. and
y
protective
proceedings
¬
Prov. for Fed. and
in operations...
Timberlands
250,000
Accounts payable.
not used
The Interstate Commerce Commission has refused for the
second time
to permit Charles A. Beard and two others to
intervene as an
$
100 000
ob¬
ligates due with
other
assets
Properties
$
Notespay.—banks
Receivables
x
Missouri Pacific RR.—Denies Committee*s Plea—
Sept. 30 '37 Dec. 31 '36
$
Cash in banks and
283
—
... —...
—
-
Dividends received from controlled companies
on sale of U. S. Government securities
—
—
-124,280
...
Profit
Interest
on
957.960
347,240
249,478
U. S. Government securities.
Sundry other income.
Total income
10,110,222
$4,098,236
refrigerators
Sundry income deductions—..
Income and excess profits taxes..---Wi------------i-------Surtax on undistributed profits..
$6,077,193
908,600
702,846
745,000
80,000
Net profit.
Dividends paid.
$3,640,748
3,193,560
-
-
-
Provision for five-year warranty on
.
.
-
-
-.— ——- --------- -
......
-
-
—
-
-
-
-
Note—Provision for depreciation in the amount of $977,421 has been de¬
ducted in the above statement.
The corporation's proportion of the net income of unconsolidated sub¬
sidiaries, in excess of dividends received from such subsidiaries, amounted to
$147,967 for the period of 10 months ended Sept. 30, 1937 (unconsolidated
subsidiaries of Kelvinator Corp. are
4,1937, to Sept. 30,1937),
and loss statement.
included only for the period from Jan.
which amount has not been included in the profit
.
Consolidated Surplus Accounts
Capital surplus, balance at Dec. 1, 1936 (being the capital and
initial surplus shown at that date by the consolidated balance
sheet of Nash Motors Co. and its subsidiary. Seaman Body
Corp.)
$1,416,923
Excess of the capital and capital surplus accounts of Kelvinator
Corp. at Jan. 4, 1937, over the aggregate par value of 1,645.600 shares of capital stock, $5 par value, issuable in exchange
for outstanding stock of Kelvinator Corp. at date of merger.
5,753,462
Excess of the capital account of Nash Motors Co. over the ag¬
gregate par value of 2,730,000 shares outstanding at Jan. 4,
1937---237,000
Excess of the consideration received on re-issuance of 16,093
1
sharis of treasury stock over the par value thereof
36,615
.
—
-
-
...
Total.....
-
$7,444,001
—-
Reduction of 128,294^ shares of treasury stock of Nash Motors
Co. & Kelvinator Corp. at date of merger to par value thereof
Capital surplus—Sept. 30, 1937
surplus, balance at Dec.
tfS
i
1,125,835
$6,318,165
1936 (being the amount
balance sheet of Nash
Body Corp.)
17,63u,908
Add earned surplus of Kelvinator Corp. at Jan. 4, 1937......
3,550,508
Earned
—
—......
1,
shown at that date by the consolidated
Motors Co. and its subsidiary, Seaman
—
including Jan. 3, 1938.
$21,181,416
Vice-President Resigns—
Net
F. R. Newman, Vice-President in
charge of traffic, has resigned from the
service of the company effective Jan.
1, according to an announcement by
G. W. Webster, President.
Effective
jurisdiction
profit for the period from Dec. 1, 1936, to Sept. 30, 1937
(incl. Kelvinator division from Jan. 4, 1937, to Sept. 30, 1937)
Dividends paid—75 cents a share
Less:
Merger
...
expenses
of Jan. 1, Edward G. Clark, freight traffic
manager, will have
over
the freight traffic department and
Harry M.
as
General Passenger Agent, will have
jurisdiction
department.—V. 146, p. 114.
Lewis,
over
—
__
3,640,748
3,193,560
250,192
$196,996
the passenger traffic
Earned surplus—Sept. 30, 1937—
Montana-Dakota Utilities Co.—Removed from List—
The New York Curb Exchange has removed the
6% preferred
$100 par, from unlisted trading privileges.—V. 145, p. 3824.
—
stock,
Total surplus.
$21,378,412
.$27.696',577
Surplus is restricted in the amount of $561,0u7 representing the par value
of shares held in the treasury.
Financial
284
Consolidated Balance Sheet Sept. 30,
on
hand <fc
deposit
on
U. S. Govt. sec.
Accrued expenses....
825,000
3,587,186
—estimated
10,012,141
prices $10,080,354)..-....
Reserves........-.-.--.i—
Notes, acceptances, drafts <fc
*4,699,399
Capital stock ($5 par)
Treasury stock
21,883,020
accts. receivable—trade...
Capital surplus...
the lower of
Inventories—at
584,128
—^-
Fed. <fc State taxes on Income
accrued Int. (quoted market
cost or market
Earned surplus
Investments In & advances to
...
21,878,000
X>r561,008
6,318,165
21,378,412
...
4,088,127
unconsolidated subsidiaries
Cash
of $205,000
Mlscell.
notes,
z831,591
2
496,322
—
Total........
After
x
....
947,619.
z
i
.....
National
Total...
.....
.......
;
Insurance
23,687
$16,022,676
Co.
of
paid
A similar
Aug. 15 and Feb.
on
Aug. 16 and on Feb. 15, 1937 and on
Aug. 13, 1934,—V. 145,
on
National Tea
286T
p.
1
preferred stock at this time.
common payments were stopped.
Dividends
par
Action
are
Naval Stores Investment
Co.—Pays Extra Dividend—
The
regular quarterly dividend of 24 cents per share was paid on Dec. 1,
V. 144, p. 2311.
See also
Nevada-California Electric Corp. (&
which was to have filed a plan of reorganization in Federal
Court, Jan. 3, has been given until Jan. 24 to file a plan.
Counsel for the
debtor asked the Court to allow the corporation to continue in possession
of its estate for at least eight weeks owing to the fact the corporation has
about $100,000 worth of orders to fill.
The Court indicated it would allow
the request.
The mill employs 400 hands and has a payroll of $8,000 a
week.—V. 145, p. 3824.
National Investors
Period End. Nov. 30—
$421,179
231,308
48,121
$410,337
243,415
41,169
Net oper. revenues
Other income
$141,749
4,801
as general distributors throughout the United States and Canada
public offering through investment dealers of stock of the corporation
at asset value plus b% of the offering price.
It is expected that this offering
will be made shortly after the registration statement covering the proposed
issue, now on file with the Securities and Exchange Commission, has been
finally amended and becomes effective.
Dividends—Corporation is pursuing the policy of distributing to stock¬
holders approximately all interest and cash dividend income after deducting
expenses, and irrespective of security profits or losses.
Distributions made
from such net Income in 1937 were 5 cents per share paid July 29, 1937 to
holders of record June 30,(covering the three months from commencement
of business on April 1, 1937 to June 30, 1937) and 17 cents per share paid
Dec. 23, to holders of record Dec. 14, 1937 (covering the six months from
July 1, 1937 to Dec. 31, 1937).
A quarterly basis of dividend payments
will be inaugurated in 1938.
In addition it is contemplated that a large
proportion of any net security profits realized will be distributed each year,
solong as the present provisions of the Federal Revenue Act of 1936 relating
to mutual investment companies and the surtax on undistributed profits
are in effect.
A net loss on sale of securities was reported for the period
April 1, 1937 to Dec. 31, 1937.
Eearnings, April 1, 1937 (Commencement of Business) to Dec. 31, 1937
Income—cash divi dends...
$989,106
Deductions—Management exp, (salaries, rent, traveling exp., &c)
$95,711; Stock transfer, issue & redemption exp., $15,367; Ac¬
countants' fees, $6,720; Legal exp., $12,240; Custodians' services
$2,560; Stockholders' reports, cost of dividend disbursements &
other corporate expenses, $15,835..
148,432
Taxes—Federal capital stock tax, $43,250; New York State fran¬
chise tax, $3,753; New York City excise tax, $16,225; Federal
& New York State social security taxes, $1,818; Other taxes,
N et income
67,769
$772,905
750,194
......
Dividends paid
Change in Net Assets, April 1, 1937 (Commencement of Business)
to
Dec. 31,
1937
Total
Income & security profits or losses:
Net income per income account...
for tax.)
loss
res.
realized
common
& increase in
on
Per Share
and
Net
a
*
.
a
treasury)..
$16,022,676
I,
computed
on
April 1, 1937 (less
Excess of recorded value
common
.
stocks at Dec
'
over
on
Dr2,254
Cr27,082
Dr3,263
$10,090
$807,603
dividends, &c.
$840,454
Dr.1,119
statement properly omits extraordinary credits and debit,
surplus arising from sale of property, amortization of pension fund, &cs
from adoption
Jan. I, 1937.
Comparisons with earlier periods will be approximately accurate.—V. 145,
p. 3824.
•
New
Niquero Sugar Co.—Earnings—
Years Ended July 31—
Sugar and molasses produced.
1937
$983,958
1935
1936
$667,270
5,034
37,865
$850,530
6,476
27,843
$1,032,218
$884,850
Prod. & mfg. costs & sell. & gen. exp.
901,495
Provision for depreciation...54,934
766,404
$699,253
667,218
22,384
Interest and discounts received
Miscellaneous income (net)..
Total
10,395
...
.—
income
Amort. of exp. on gold bonds extended
Interest on sinking fund gold bonds..
Int.
bills, drafts & loans payable._
Loss on sale of sugar stabiliza'n bds.
Net inventory adjustment
Net profit
Profit
on
of prior crop, &c.
...
880
879
20,046
44,365
20,195
50,197
'
—
—.....
' •'
.
11,992
•
x4,417
$10,478
$9,113
21,072
loss$73,612
21,797
$10,478
$30,185
612,282
...
...
sugar
44,043
2,367
19,985
38,543
on
26,948
642,467
def$51,815
590,651
.
Balance carried to surplus account.
deficit
•-
Previous
Deficit at July 31-----...
$601,804
$612,282
$642,467
x Net
inventory adjustments on sugar and molasses carried over from
previous crop, and other prior year adjustments (net).
Note—The Federal income tax return, filed by the company, showed no
tax
as
payable for the current fiscal year.
This return, however, is subject
to adjustment in respect to the provision for depreciation which
revised to conform with Government regulations.
Whatever this
is being
revision
the provision shown above is not now
known.—V. 144, p. 2838.
Susquehanna & Western RR.—-Trustee—
Interstate Commerce Commission has ratified the appointment of
Kidde
as
sple trustee of the property of the company.
He was
sole trustee by the Federal District Court for New Jersey on
formerly co-trustee.—V. 146,
as
116.
.
,
holders
This is
By this method of refinancing not only will the certificate holders in these
in full of principal and interest on their claims
creditors of the company will materially
against the company, but the other
4.80
to
$3,365
$244,000 for
unrealized profit)
$7,886,443
market value of investments
.
liquidation).
cash payment of full principal and interest to
$1,650,000 of certificates guaranteed by the company.
involved
of Business)
Fed. inc. tax basis
31.1937
some
six issues receive payment
reserve of
Amount.apphcable to adjustment of reserve for taxes
in
3,095,042
$10,981,485
203,000
Decrease in unrealized profit (after reserve for taxes) and in¬
crease in unrealized loss
$11,184,485
(net)
possibje by a loan from the Reconstruction Finance Corporation se¬
cured by a pledge of mortgages and properties collateral to the six issues
Excess of market value over recorded value of investments in
New York State franchise tax
Dr 14,577
made
1937 (Commencement
Dec. 31, 1937
.
$858,296
C'r68,395
The plan involves a
Dr.750,194
sale of sec.
$712,124
Dr96
_
The slight change in presentation of this statement results
of Federal Power Commission uniform system of accounts
of
Dr .3.006,478
or issuable, excl.shs held in
on
$12,440
of
of six certificated issues of the company (in
Net assets, as reported at Dec. 31, 1937 (3,344,228
stocks at
92,370
12,800
14,742
York Title & Mortgage Co.—Issues Refinanced—
•^Superintendent of Insurance Louis H. Pink announced Jan. 3 that Hon.
Alfred Frankenthaler, Justice of the New York Supreme Court, has ap¬
proved a plan submitted to him by the Superintendent for the refinancing
"$14,171,617
common
84,731
"*New
,
Loss realized
7,109
1,227
„
Dividends paid..
April
6,996
1,237
Note—This
to
P.
in
....Dr.11,184,485
Accounts,
$2,311,811
1,348,345
the death in November of Hudson J. Bordwell,
...
shs issued
$2,160,308
1,348,710
Earned surplus..—
$21,300
Available for redemption of bonds,
designated
changes;
Security Profits
$132,279
111,501
$22,420
—
retirement
on
New York
paid in on sales of capital stock.. Dr. 3,516,7 55
Adjust, of res. for pur. warrants,
organization exp. & New York
State franchise taxes.
Cr.510,277
tn
$2,265,730
46,080
t
The
Excess of amounts paid out or pay.
on red. of cap. stk. over am'ts
.p..
income
bonds & debentures.
Walter
Dr .$10,414,945
Capital
103,367
expenses
Profits
$7.83
$30,194,293
un¬
investments
stocks
$2,056,940
will result in increasing or decreasing
$772,905
Dr .3,365
Loss per security profits account..
Decrease in unrealized profit (after
$125,752
6,527
-
'
Net assets, as reported at April 1,1937 (3,860,313.561 shares issued or issuable, excluding shares
held in treasury)
2,927,149
597,725
Miscell. income deduc'nsi
credits to surplus
a
.
.
3,042,301
575,035
$146,550
115,896
Interest
will act
.
..
...
Other miscell. debits and
Corp.-—Annual Report—
$2,722.,.
Subs.)—Earnings
1937—12 Mos.—1936
$5,674,277
$5,790,605
Amort, of debt discount
Fred Y. Presley, President, says in part:
Public Offering of Slock—Corporation is entering into a contract under
which Don C. Wheaton & Co., Inc., 15 Exchange Place, Jersey City, N. J.
for
1937—Month—1936
Operating revenues.....
Oper. rev. deductions
Depreciation
Gross income
Neild Mfg. Corp.—-Time Extended—
The corporation
1937—12 Mos,—1936^
$3,778,359 $23,237,672 $21,732,675
$3,854,349
—V. 145, p. 3824.
at a
The company paid an extra dividend of 50 cents per share on its common
stock on Dec. 22 to holders of record Dec. 20.
Inc.—Sales—
1937—Month—1936
Sales
respecting the preferred payment was taken, according to an
official statement, in view of the fact that the company is operating
loss and directors wish to conserve working capital.—V. 145, p. 3978.
last.
Neisner Brothers,
Period End. Dec. 31—
cumulative.
3,09o,042
$16,022,676
—V. 145, p.3978.
_
5}4% $10
Last June
market value of in¬
Balance
Co.—Preferred Dividend Omitted—
W Directors have omitted the dividend of 13 % cents due on the
$19,117,718
over
vestments in common stocks
the capital
on
Extra dividends of 5 cents were paid on Aug. 15 and Feb. 20,
1936.
1935, and
22,710
Dr.3,365
'
Deduct—Excess of recorded value
stock, par $2, both payable Feb. 15 to holders of record Feb. 1.
20,
3,149,073
$19,098,372
'
addition to the regular serai-annual dividend of like amount
$3,822,661
18,424,784
Income surplus
Security deficit—(Loss per security profits account)...
America—Extra
extra dividend of 10 cents per share in
an
'
$22,247,44 5
'
•
Dividend—
¥ The directors have declared
23,000
-
72,905
'
extra was
17,100
redemptions of capital stock
Less—capital stock held in treasury—478,433 shares
....$61,796,393
of
Liberty
on
Total
.$61,796,3931
$150,273.
y After reserve for depreciation of $9.After reserve for depreciation of $557,087.—V. 145, p. 3662.
reserve
7,625
Represented by:
Capital stock of $1 per value—
Authorized 10,000,000 shares, of which 24,404 shares are
reserved for exercise of outstanding purchase warrants of
predecessor companies;
Issued or issuable 3,822,661 shares (including 478,433 shs.
held in treasury)
Capital surplus
885,668
Not used In operations-...
_
Reserve against purchase warrants
63,777
Deferred charges.
liquidate
($40,667)
Net assets
Property, plant
equipment
used in operations
yl3,974,775
Patents and goodwill
$18,493,255),
Accrued expenses
Provision for taxes
ac¬
counts and advances......
cost,
tax
15,398,214
Deduct—Payable
303.129
Invest'ts,
inc.
$16,159,368
real estate
Traveling advances & accts.
—employees and officers..
Fed.
market value.
128,895
value of life Insur.
surr.
Land contracts &
held for sale.
at
Participation certificate in corporation formed to
closed bank, carried at remaining amount of claim
less allowance for possible loss ($33,042)
84,289
-
$704,104
49,425
Cash...
Dividends receivable.
Com. stocks (recorded
Balances in closed banks, less
reserve
1938
Assets—
$7,786,510
Accounts payable—
$4,345,257
at cost plus
Jan. 8,
Balance Sheet Dec. 31, 1937
Liabilities—
Assets—
Cash
Chronicle
1937
In the first place,
the title company's liabilities will be reduced by the
redeemed,and in the second place the company's in¬
amount of the certificates
$2,170,000 in these issues, which heretofore has been subor¬
dinate to certificates held by public investors, may now be realized upon.
terest of about
The following issues are
involved, the dollar amounts being the amounts
of the respective mortgages:
B-ll
$841,500
3100
_
,
/
Ocean Parkway, Brooklyn.
1641 Ocean Avenue, Brooklyn.
960 Grand Concourse, Bronx.
BX-14
N.W.C. 187th St. and Marion Ave., Bronx.
N-70
307-17 West 38th St., Manhattan.
N-74
41 West 86th street, Manhattan.
,
The two latter certificated issues, namely, Series N-70 and Series N-74,
have been reduced to real estate through the foreclosure of the first mort¬
gages.—V. 146, p. 116.
KG-3
BX-11
298,500
445,000
416,070
1,209,000
638,500
Volume
146
Financial
New York Lake Erie & Western Docks &
The interest due Jan.
1, 1938,
the first mortgage bonds extended at
See Erie RR. above.—V. 97, p. 370.
on
(J. J.) Newberry Co.—Listing of Additional
Stock—1,000 Shares Placed, Privately—
Preferred
The New York Stock Exchange has authorized the listing of 1,000 ad¬
ditional shares of series A 5% preferred stock (par $100) on official notice
of issuance and sale for cash,
making the total amount applied for 50,986
shares.
The 1,000 shares of series A 5% preferred stock are to be issued and sold
to the Hartford Fire Insurance Co., for
$lul,000, cash, to supply the com¬
pany with additional funds for its general corporate purposes.
Company
will pay Kidder, Peabody & Co., New
York, and Stevenson. Gregory & Co.,
Hartford,
total of $1,000,
a
as
a
connection with such sale.—V.
commission for their services rendered in
145,
New York City Omnibus
3824.
p.
1936
1937
$972,282
225,813
181,955
Net after Federal income taxes & depreciation....
x Net income
After interest
$903,320
319,314
213,547
(a) "with April 1, 1935, and subsequent coupons"; (b) "with April 1, 1938,
bids and offers shall be considered as
being for bonds "with April 1, 1938, and subsequent coupons," option
(b), unless otherwise specified at the time of transaction.—V. 144, p. 2839.
and subsequent coupons"; and that
Northern States Power Co.
with the corresponding week last
year.—V.
Years Ended Oct. 31—
146, p.
117.
Selling and admin,
Operating profit
$1,976,439]
$2,182,177
1,719,924
expense
1,509,291
$467,148
29,033
$250,077
791,340
2,878
$360,494
601,298
$286,117
497,894
$1,044,295
y236,490
1,319
zl27,738
$961,792
X165.804
4,648
$784,011
xl82,712
HI"III!
$678,749
77,510
$791,340
$601,298
75,707
-
>
_
_
—
Provision for income taxes
-
Previous surplus
Divs. on common shs. held by co..
monthly instalments.—V. 145, p. 3663.
New York New
The
south
of the road
petition
service
Providence
its
on
of
Haven
Warren-Bristol
Riverside
for
& Hartford
RR.—Loses Plea to
Add'l Fed. inc. taxes paid for prior yrs
Line—Appeals Decision—
asking
permission
Warren-Bristol
freight service,
was
to
abandon
all
track
State
granting permission
for filing of a new petition seeking curtailment of certain
trips during mid¬
day and off-peak hours.
New
Haven claimed
that the consolidated line could
not
be
oper¬
ated except at a substantial loss and that its discontinuance would not
affect the public interest.
It did not ask discontinuance of freight service.
Current losses in freight service were attributed to adverse business con¬
Capital surplus
Total surplus-.
77,621.
—
Consolidated Balance Sheet Oct. 31
'
Assets—
The company has appealed to the Rhode Island
Supreme Court from the
decision.
The road claims the Public Utilities Division order violates the
States
constitution
that
in
it
deprives
the
petitioners
their
"of
property without due process of law" and the Rhode Island constitution in
that it takes "private property for public use without just
compensation."
II ousatonic Bondholders to Intervene in
Certain
owners
Interstate
of Housatonic RR.
Commerce
Commission
to
Reorganization—
bonds have been authorized by the
intervene in the New Haven re¬
organization proceedings, in which treatment of their securities is involved.
Principal intervenor is Oscar Lasdon of the firm of Gutenstein & Lasdon,
New York.—V. 146, p. 116.
New Orleans Public Service
Period End. Nov. 30—
Operating
revenues.....
Oper. exp. incl. taxes-.
Prop, retire, res. approp.
1937—Month—1936
$1,502,432
1,071.293
177,000
Net op,r. revenuesRent from lease of plant-
Cash
on
1937
Notes
in banks.
$153,633
Marketable
secure
1,237
2,636
711,868
2,085,055
1,588,272
Accts.
682,781
Inventories.;..
Long
term
notes
_
own
15,000
16,800
143,982
249,913
37,589
76,363
Acer, local taxes—
23,221
21,200
salr.
wages,
profit-sharing
82,076
74,146
14,911
.
12,413
outside
&
retirement fund.
Divs. payable....
Prov.
28,591
for
6,200
45,151
433,300
413,256
Prop., plant and
equipment.....
for
$270,745
■Hi'H
—
$3,725,783
purch.
on
Dr66
cornm
40,000
1,500,000
362
cum.
7%
cum. pref.
5,993
will....
7M%
'
15,828
pref. stk.
5%
tr'mark & good-
$3,200,303
cum.
733,800
263,700
stk.
pref..
Common stock..
Earned surplus...
438,165
y
Operating income
Other income (net)
...
Gross income—
$271,107
charged to constr...
$3,725,717
21,613
23.720
Net income$34,935
$42,604
$3,216,902
2,534,520
223,733
$1,056,591
$271,966
205,642
202,841
19,427
Ct. 1,718
$3,206,296
$3,747,330
2,455.176
240,637
Cr. 5,074
859
$255,485
Int. on mortgage bonds.
Other int. & deductions.
Int.
$254,139
1,346
$458,649
10,606
Capital surplus.
Total......
x
in
period, whether paid or unpaid
544,586
544,586
y
Represented by 175,266
Ohio Bell
Operating
$512,005
x
Dividends accumulated and unpaid to Nov. 30, 1937, amounted to
$2,609,475.
Latest dividend, amounting to 87Kc. a share on $7 preferred
stock, was paid April 1, 1933.
Dividends on this stock are cumulative.
► Note—Includes provision of $16,800 made during the month of November.
1937, and $14,100 made during the month of November, 1936, for Federal
surtax on undistributed
profits.
Includes provision of $406,700 made
during the 12 months ended November 30, 1937. and $299,900 made during
the 12 months ended Nov. 30, 1936, for Federal surtax on undistributed
profits.—Y. 145, p. 3825.
..$3,702,024 $3,113,534
Total
no-par
shares.—V.
..
.
1937—Month—1936
1937—11 A/ox.—1936
$3,373,956 $38,436,505 $35,834,881
9,528
67,969
84,866
$3,525,051
12,457
53,512,594
2,301,348
$3,364,428 $38,368,536 $35,750,015
1,811,209
24,065,220
21,373,064
Net oper. revenues.
.,211,246
455,776
$1,553,219 $14,303,316 $21,373,064
502,158
5,282,861
5,093,831
$755,470
$1,051,061
.
Operating taxes
Net
—V.
oper.
145,
Ohio
income..,
3825.
Finance
Co.—Registration Statement
1937
...
Net oi>er. rev. (before approp. for retire't res.)..
Life
$6,049,397
m
$6,040,076
3,184
Other income...-Net operating revenue
1,650
and other income (before
appropritation for retirement reserve).
$6,052,581
Appropriation for retirement reserve..
1,200,000
$6,041,727
1,167,917
$4,852,581
1,727,139
271,366
56,475
$4,873,810
2,220,759
375,360
28,705
$2,797,601
$2,248,986
—.—
Gross income- -:—
Interest charges
National
1936
$13,051,934 $12,456,083
7,002,538
6,416,007
Operating revenues
Operating expenses, maintenance and taxes
Line Co.—Trustee—
P The Marine Midland Trust Co. of New York has been appointed trustee
under the equipment trust agreement and lease dated as of Dec. 1, 1937,
to secure $780,000 principal amount of 3H%
series K equipment trust
certificates and $200,000 principal amount of 4% second lien series K-2
equipment trust certificates.-—V. 145, p. 4123.
Northwestern
Withdrawn—
Co.—Earnings—
Year Ended Nov. 30—
F Objection to the plan of reorganization and request to file amendment to
the plan has been filed in U. S. District Court for the Eastern District of
Virginia by Bamberger Brothers, owners of more than 30,000 common
shares of the road.—V. 146, p. 116.
$9,283,120
department.—V. 145, p. 3505.
Oklahoma Gas & Electric
March.
$9,020,455
p.
See list given on first page of this
RR.—Hearing Postponed—
bond and mortgage holders scheduled for Jan. 4
inJFederal District Court at Norfolk, Va., has been continued until February
North Western Refrigerator
($743,026
145, p. 289.
Operating revenues.
Operating expenses--
W The hearing of stock,
or
438,165
791,340
122,991
def$85,937
r
Norfolk Southern
77,510
Telephone Co .-—Earnings—
revenues..
Uncollectible oiier. rev..
Balance-....-.-....
678,749
...
After reserve for depreciation and amortization of $798,146
1936).
Period End. Nov. 30—
Dividends applicable to preferred stock for the
x
$3,702,024 $3,113,534
98,531
84,338
sundry
other taxes payRes. for poss. losses
Lasts, dies & pat't,
$254,139
67,531
Wis. Inc. taxes..
Prov.
26.171
employees
50,000
capital
stock and Fed. &
17,930
Notes rec'ble from
x
trade
pay.,
356,624
Acer,
Due to Nunn-Bush
Prepaid expenses..
in
$200,000
creditors, &c__._
com.stk.
held for resale..
Value of life ins...
Invest,
$450,000
and bonuses....
_
receivable
Co.'s
1936
1937
bank
pay.,
and broker...
$260,147
Accts. receivable—
Real estate
1937—12 Mos—1936
$1,447,056 $18,045,036 $16,931,500
999.311
12,195.253
11,607,197
177,000
2,124,000
2,124,000
Liabilities—.
1936
hand and
corps, at cost...
Inc.—Earnings—
122,991
$756,258
$914,331
$677,006
x First
pref. stock $55,672 ($75,287 in 1935); 2d pref. stock $22,531
($92,836 in 1935) and common stock $87,601 ($14,589 in 1935).
y 5% cum.
pref. stock $33,542; 1st and 2d pref. stock—redeemed or converted during
year $39,219 and common stock $163,728.
z Includes premium on pref.
shares redeemed $99,495,
expenses and underwriters' commissions $72,413,
and dividends required to be
paid on pref. stock redeemed from date of
redemption to July 31, 1937, $5,933; total, $177,841 less charged to capital
surplus $50,104; balance (as above), $127,738.
ditions.
United
Reported
passenger
line, retaining only one
denied Dec. 27 by the
Division of Public Utilities of Rhode Island.
The Division, in a statement issued, described at length steps of toe rail¬
road to compete with itself through operating its own bus service.
It also
rapped the railroad's failure to arrange its morning train trips so that com¬
muters could lie assured of being at work in Providence on time.
A loophole was left the railroad however, the Division
The
Not
$462,253
5,379
104,719
40,000
62,077
-
Other deductions, net
Adjustment of inventory
Res. for possible future inv. losses-__
'
Discontinue
1935
1936
1937
Gross profit-
Note—Net income for October, 1937, and 1936 is before deduction of
$19,353 and $1,441, respectively, charged to income in respect of provision
for amortization of amount to be amortized on basis of
recapture contract
in
(Del.)—Output of System—
Electric output of the Northern States Power Co. System for the week
1, 1938, totaled 25,097,459 kwh., an increase of 3.4% compared
ended Jan.
Charges arising from refinancing
equipment obligations, interest on bonds assumed from
New York Railways Corp., amortization and other charges, but before
any provision for Federal surtax on undistributed profits or excess profit
on
tax.
continue to be dealt in "flat" and to be a delivery in settlement of trans¬
actions made beginning Jan. 6, 1938, must carry the coupons as follows:
Nunn-Bush Shoe Co. (& Subs.)—Earnings—
(Incl. Madison Avenue Coach Co., Inc. and Eighth Avenue Coach Corp.)
x
Notice having been received that the coupon due Oct. 1, 1934, (from
bonds dealt in under option (a), is now being paid and that the coupon
due Oct. 1, 1937, (from bonds dealt in under optio. (b), is now being
purchased, from the guaranteed first mortgage 5% gold bonds, due 1945,
the Committee on Securities of the New York Stock Exchange rules that
the bonds be quoted ex-interest 2^ % on Jan. 6, 1938; that the bonds will
Corp.—Earnings—
Month of November—
Gross
285
Northern Ohio Ry.—Interest—
Improvement
Co.—Interest—
5%, due 1943, is not being paid.
Chronicle
Insurance
Co.—Balance
—
-
—-
-
(net)
...
....
Amortization of debt discount and expense
Other income deductions
—
■
.
Sheet Dec. 31—
1937
Re sour a a—
.
Cash
U.
S.
and
:
1936
S
%
2 ,744,919
2.737,350
bonds..i..19 ,585,363
16,961,372
.....
..
..
Govt.
.
sees.
1937
472,089
Other bonds
...22 ,829,943
1st
113,199
Res. for claims
20,633,641
reported
Present
....
value
4,726,046
9 ,358.072
2 ,884,193
9,203,906
2,788,626
89,898
79,264
1 .948,498
1,795,785
in advance.....
648,975
Res: for taxes pay.
Other reserves..
Real estate sold un
Prems. due & def'd
<fc other assets..
633,863
75,000
Other income
in iastall'ts 3,104.089
Prems. <fc int.
1937—12 Mos.—1936
1937—Month—1936
$65,521
40.379
11,140
$65,031
37,013
12,435
$763,386
475 915
133,324
$735,740
$14,002
1,710
$15,583
2,325
$154,147
30,182
$164,750
29,939
$15,712
3,950
$17,908
3,950
60
Operating income
and other claims
pay.
Int. due & accrued
75,000
death, disability
-
der contract
Orange & Rockland Electric Co.—Earnings—
Operating revenues
Oper. exps., incl. taxes.
a Depreciation
52
$184,329
47,400
1,574
$194,689
47,400
2,206
120,452
of
4 ,378,793
Real estate.......
179,670
un¬
bonds..
)
3979.
Period End. Nov. 30—
.
Policy loans......
mtge.
—V. 145, p.
on
received
444,553
$
pollcies.50 455,202 46,454,895
Claims
reported,
but
proofs
not
Canadian Govern-
P ment securities.
1936
$
Liabilities—
Res've
Net income
2,804,823
Gross income
paid
344,279
312,146
347,095
Int. on funded debt
326,785
Other
interest
Other
deductions
,533,773
2.336,485
policyholders...
413.093
Misc. contlng. res.
,228,522
1,229,747
253
84
Cr282
6,637
6,694
79,920
2,981
84.501
$4,812
$7,128
$55,717
$57,591
2,080.937
—
Profits for dist. to
Divs. accr. on
pref. stk.
1
Gen, contin.
x
holders-.......
Total
x
64,898,095 60,047,054
Total
— —
3,318,792
3,211,617
.64,898.095 60,047,054
Including $1,100,000 paid-in capital.—V. 144, p. 620.
Balance
1,000.000
res.,
Surplus to policy¬
a
.....
Excluding depreciation of transportation, shop, stores and laboratory
equipment and depreciation of non-operating property, such depreciation
being distributed among the various operating property, operating expense
or other accounts applicable.
Note—Federal income taxes included in operating expenses.—V. 146,
p.
117.
Financial
286
Outboard Marine & Mfg. Co.—
The directors have declared
a
To Pay 30-Cent Dividend
dividend of 30 cents per share on the com¬
stock, payable Feb. 10 to holders of record Jan. 25.
with $ 1 paid on Sept. 25 last; 75 cents paid on Aug. 10 last;
May 10 last and an initial dividend of 30 cents per share
1937.—V. 145, p. 4124.
mon
Outlet
This compares
45 cents paid on
paid on feb. 10
Company—To Pay Extra Dividend—
Jan. 8,
1938
Co.
Other members of the group headed by Mr. Kleinbaum are M. S,
Goldnamer of E. M. Rosenthal Jewelry Co. and Martin Tow of American
Alfred W. Kleinbaum, 30 Broad St., New York, is Sec-
Bantam Car Co.
retary,
bondholders the group expresses its dissatisfaction with the
In a letter to
present status of the reorganization proceedings and states that it will
devote its efforts to bringing to an end the 2 3^-year period of inaction and
delay which, in its opinion, has resulted in the unneceeasry loss of approximaterly $3,000,000 of bondholders* money.
_
The directors
have declared an
extra
dividend of $1
share in ad¬
per
stock,
both payable Jan. 24 to holders of record Jan. 18.
A special dividend of
75 cents was paid on Jan. 28, 1937 and one of $2 was paid on Dec. 10, 1936.
dition to
See V.
a
quarterly dividend of 75 cents per share on the common
144,
—V. 144, p.
p. 288 for detailed record of previous dividend payments.
3346.
i""/'N'
Pacific Gas & Electric Co.—Rate Case—
Without deciding the legality of President Roosevelt's theory of a "pru¬
dent investment" as a basis in valuing utilities for rate-making purposes
the U. 8. Supreme Court on Jan. 3 returned the casfs of the company to
the lower courts to see if rates prescribed by the California Railroad Com¬
mission
confiscatory.
were
Events and Discussions" on a
"Current
Further details are given under
preceding page.—V. 145, p. 3354.
Includes operations of
1937.—V.
145,
p.
3826,
Net oper. revenues...
Rent for lease of plant..
Operating income....
Other income (net)
$1,210,229
$1,297,020 $14,081,158 $14,170,567
1,711
1,776
20,931
$1,210,229
......
9,832
Gross income..
$1,220,061
Int. on mortgage bonds.
453,750
Int. on debentures
50,000
Other int. & deductions.
28,827
Int. charged to constr'n.
54
116,028
bl88.209
.
_
__
J
.
or
$6,391,570
556,257
$592,520
330,356
$7,210,585
3,847,384
$6,947,827
3,854,543
$262,164
>
Balance
$303,349
Appropriations for retirement reserve.
Balance
$7,258,258
Dr47,673
$3,363,201
1,492,436
$3,093,284
1,454,427
$1,870,764
550,000
1,583,970
$1,638,856
550,000
1,583,970
$495,113
$642,550
Drl8,356
$624,194
320,845
_
$554,090
38,430
$263,205
_
_
_i...
..............
...
Prior preference dividend requirements.
Preferred dividend requirements..
Balance,
deficit
Includes non-recurring revenue of
$27,633 from sale of electric energy
b No provision has been made for the Federal surtax on un¬
distributed profits, since any liability for such tax cannot be determined
a
$1,312,358 $14,291,090 $14,376,022
453,750
5,445,000
5,448,942
50,000
600.000
600,000
17,944
221,456
210,572
Cr958
Cr22,380
Crl4,732
Note—The company on Jan. 1, 1937 adopted the Federal Power Com¬
system of accounts, hence previous year's figures are not exactly
comparative.—V. 146, p. 119.
v
$8,131,240
$8,047,014
3,846,546
3,846,543
$4,200,468
$4,284,697
unpaid.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.—
V. 145, p. 3827.
utility,
a
until the end of the year.
mission
Queens Borough Gas & Electric Co.—New Secretary—
See Long Island Lighting Co., above.—V. 145, p. 3507.
Radiomarine
Corp. of America—Earnings—
Period End. Nov. 30—
Teleg.& cable oper revs.
Total telegraph & cable
operating expenses...
1937—Month—1936
1937—11 Mos.—1936
$1,224,510
$951,123
$109,719
$96,702
83,116
69,749
833,284
732,965
$26,602
$26,953
Net telegraph & cable
Valley Crude Oil Corp.—EarningsEarnings for 5 Months Ended Nov. 30,
x$32.638
$3,034 and
a
development
Peoples Drug Stores, Inf.—Sales—*
Period End. Dec. 31—
sales
Net
—V. 145, p. 3827.
1937—12 Mos.—1936
$2,408,094 $22,428,658 $21,121,553
per
share
on
$218,158
2,750
43,905
$20,007
$20,957
$307,681
371
„
512
5,505
$171,503
1,693
$21,469
$313,185
$173,196
—V. 145, p. 3829.
Druggists Display Corp.—Registration Withdrawn
See list given on first page of this
Extra Dividend—
paid an extra dividend of $2.62M
$391,225
2,750
80,795
$20,378
Operating income„
Non-operating income
Retail
/
Perfection Stove Co .—Pays
250
5,746
Uncollec. oper. revenues
Taxes assignable to opers
Gross income
1937—Month—1936
$2,426,993
...
250
6,345
oper revenues
1937
income..
x Excluding a small drilling company profit of
company loss of $7,258.—V. 145, p. 2703.
The company
_
$1,326,441 $16,713,557 $14,850,454
6,236,899
5,711,416
563,626
1,181,557
869,379
69,657
b2,036,842
1,878,087
139,067
468,078
Non-oper. income (net).
Balance
1937—12 Mos.—1936
1937—Month—1936
a$l ,414,867
to
Balance
Net
...
$1,295,309 $14,079,382 $14,149,636
17,049
211,708
226,386
Net income..$687,430
$791,622
Dividends applicable to preferred stocks for the
Penn
_
Int. & amort., &c
Period End. Nov. 30—
1937—Month—1936
1937—12 Mos.—1936
Operating revenues.
83,286,853
$3,278,001 $38,502,470 $36,700,052
Oper.exps.,incl. taxes..
1,866,624
1,820,981
21,806,312
20,615,485
Prop, retire, res. approp.
210,000
160,000
2,615,000
1,914,000
filed by attorneys for the
for permission to resign
Puget Sound Power & Light Co. {& Subs.)—Earnings
Period End. Nov. 30—
Operating revenues.
Operation
Net oper. revenues.
x$131,798
Resign Trusteeship—
trustees, has asked Federal Judge Alfred O. Coxe
as a trustee.—V. 145, p. 3665.
Klectrogas division since acquisition on Aug. 21,
Pennsylvania Power & Light Co .—Earnings—
period, whether paid
Former Governor Smith Seeks to
Former Governor Alfred E. Smith, in a petition
Taxes...
Earnings for Eight Months Ended Nov. 30,1937
Net income after operating expenses and Federal income taxes,
but before Federal surtax on undistributed profits
Union
to the
hearing, whereby such sale should meet with the approval
of the governmental authorities.
court at the next
Maintenance
Payne Furnace & Supply Co.—Earnings—
x
The group advocates a sale of the Postal properties to Western
and has instructed Percival E. Jackson, its counsel, to present a plan
its common
stock, par $25, on Dec. 24 to holders of record Dec. 21.
A regular quarterly dividend of 37H cents per share was paid on Dec. 31,
last.
An extra dividend of $3.25 per share in addition to the regular quarterly
dividend was paid on Dec. 23, 1936, an extra of 75 cents was paid on June
30, 1936, and an extra distribution of $1 per share was made on Dec. 31,
1933.—V. 144, p. 288.
&c.—
p.
1434.
The directors have declared an extra dividend of 15 cents per share in
addition to a quarterly distribution of 15 cents per share on the common
stock, par $5, both payable Feb. 1 to holders of record Jan. 11.
Similar
amounts were paid on Feb. 1, 1937.—V. 144, p. 290.
Ritter Dental
Stockholders at
Petroleum Conversion Corp .—New Chairman,
department.—V. 145,
Richmond Insurance Co. of N. Y.—Extra Dividend—
a
Mfg. Co., Incf.—-Capital Changes Voted—
special meeting held(Jan. 4 voted to retire 5,000 shares
Dr. Alfred R, L. Dohme, formerly President of this
company, has been
elected Chairman of the Board, and Allison L. Bayles, formerly Executive
of 7% cumulative preferred stock at 105 with treasury funds, reducing the
number of shares outstanding to 20,000.
At the same time a proposal to
issue 20,000 shares of 5% cumulative convertible preferred to replace the
Vice-President, has been elected President.
The following new directors
elected: Frederick K. Barbour, Thatcher M. Brown Jr., Albert G.
Dickinson and Christopher L. Peirson.—V. 145, p. 3827.
20,000 shares outstanding was approved as was an increase in common
shares to 240,000 from 160,000.
The new 80,000 shares of common will be reserved for conversion by pre¬
were
ferred stockholders, the new preferred being convertible on a basis of four
Philadelphia Co. (& Subs.)—Earnings—
shares of
[Not including Beaver Valley Traction Co. (in receivership) and Its Subs.)
'
Years Ended Oct. 31—
Operating
Operating
1937
1936
$55,812,116 $51,030,952
/
revenues
expenses, maintenance and taxes
31,751,024
common for each one of preferred.
Upon completion of this financing there will be 20,000 shares of 5%
cumulative convertible preferred outstanding and 240,000 shares of common
authorized, but of which only 160,000 will be currently outstanding.—V.
145, p. 3666.
27,114,052
Net operating revenue (before appropriation for
retirement and depletion reserves)
...$24,061,092 $23,916,900
Other income (net)
136,817
190,451
Rochester American
common
Net operating revenue & other inc. (before
appropriation for retire. & depletion reserves)..$24,197,909 $24,107,351
Approp. for retirement & depletion reserves
7,501,026
7,107,490
Gross income$16,696,883 $16,999,861
Rents for lease of properties
989,383
989,936
Interest charges (net)
6,168,831
6,201,492
Amortization od debt discount and expense......
539,715
539,300
Guaranteed dividends on Consolidated Gas Co. of
..
stock, both payable Jan. 15 to holders of record Jan. 6.
paid on Jan. 15, 1937 and 1936.—V. 144, p. 290.
Rochester
&
Lake
the issue each year during the extended period.
New York Water Service owns $765,000 of the bonds outstanding,the
remainder is
publicly^held.—Y. 145, p. 3020.
Rochester Telephone
Period End. Nov. 30—
The Interstate Commerce Commission on
Dec. 31 found the company
public interest at this
not to be in need of financial
reorganization in the
time and approved conditionally the extension of time of
payment for a
period ending not later than Dec. 31, 1938, of loans by the Reconstruction
Finance Corporation in the amount of
$3,725,207, maturing Dec. 31, 1937.
The extension was approved,
provided, that the loans to banks are ex¬
same or a
Extension and Renewal of
later date.
Promissory Notes—
The Commission at the same time authorized
the company to issue two
promissory notes, one for $1,050,000, and one for $261,314, in renewal or
extension of existing notes of like face amounts and
to pledge as collateral
security for the last named note company's equity in
$1,788,000 of firstmortgage 4^ % gold bonds, series D and in $8,047,000 of
general
now
pledged with the RFC.—V. 146,
mortgage
p.
118.
Plymouth Oil Co.-—Registrar-—
Telegraph
&
Cable
Corp.—Advisory
Group
The organization of Postal bondholders'
advisory group representing the
holders of approximately $1,000,000 of
5% bonds of the corporation was
announced Jan. 4 by Elihu N. Klembaum, a
partner of
Loewi &
SchatzSn,
Corp.—Earnings-—
$399,780
Uncollectible oper. rev._
$424,040
478
1937—11 Mos.—1936
$4,579,021
$4,347,576
4,159
3,909
Operating revenues
Operating expenses
$423,562
314,956
$399,780
295,085
$4,574,862
3,278,696
$4,343,667
3,194,273
Net operating
Operating taxes
revs...
$108,606
49,365
$104,695
28,241
$1,296,166
502,049
$1,149,394
357,261
Net operating income.
$59,241
$76,454
$794,117
$792,133
Operating
revenues
1937—Month—1936
-V. 145, p. 3666.
Royal Dutch Co .—Interim Dividend—The directors have declared an interim dividend of 6% payable Jan.
An interim dividend of 5% was paid a year ago.—Y. 145, p. 1751.
Rutland RR.—Interest
The City Bank Farmers Trust bo. has been
appointed registrar for 1,050,000 shares of common stock.—V. 146, p. 118.
'
Formed—
Corp.—
The
granted,ofin return forbond, and the companycompensated with $50 cash
which the company agreed to retire $100,000 of
olders
each $1,000
Extended—
6% gold bonds,
Service
$8,402,452
Pittsburgh & West Virginia Ry. —Reconstruction Loan
the
Water
$8,108,202
Net income.....
on
Ontario
Seeks Extension of $2,000,000 Bonds—
69,192
500,000
297,489
a For
dividends on preferred and common stocks held
by public and
minority interest of subsidiary companies and dividends on preferred and
common stocks of
Philadelphia Co.—V. 146, p. 118.
*
tended to mature
Similar
was
69,192
500,000
321,559
;.
.....
Other income deductions.
Postal
extra
corporation has applied to the New York P. S. Commission for
permission to extend further the maturity of $2,000,000 5% first mortgage
bonds.
The company proposes to continue payment of 5% interest on this
issue, but would set up a sinking fund to retire all bonds in the hands of
the public at the end of the 13-year extension asked.
The bonds, totaling $2,500,000, originally dated March 1, 1903, were to
have matured on March 1, 1933, but at that time a five-year extension was
Pittsburgh preferred capital stock....
Appropriation for special reserve
a
Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of 20 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
II.
Payments—
Payment of $6.75 per $1,000 bond is being made on presentation for
stamping of the coupon due Jan. 1, 1938, from 1st consol. mtge. gold
bonds 4)^%, due 1941, stamped.
Payment of $6 per $1,000 bond is being made on presentation for stamping
of the coupon due Jan. 1, 1938, from Rutland-Canadian RR. 1st
mtge.
gold bonds 4%, due 1949, stamped.
Payment of $6 per $1,000 bond is being made on presentation for stamping
of the coupon due Jan. 1, 1938, from Ogdensburg & Lake Champlain Ry.
1st mtge.
gold bonds 4%, due 1948, stamped.—V. 146, p. 160.
Volume
146
Financial
Chronicle
Safeway Stores, Inc.—Sales—
Period End. Dec. 25—
1937—4 Weeks—1936
$
8£?-V
1937—52 Weeks—1936
$
$
$
29,147,814
v
27,400,666 380,320,284 340,024,344
H5°pera38°29"
—V
St.
3,286
3,364
..The Central Hanover Bank & Trust Co. has been appointed trustee for
thesenal notes dated as of Jan.
1, 1938, due serially Jan. 1, 1939, to Jan. 1,
1943.
Authorized issue $800,000.
e
.
Period End. Nov. 30—
Operating
Operation
Taxes
Guaranty Trust Co.
of New York has been appointed trustee under
1, 1937, pursuant to which $5,625,000 principal
—VU146
^"stmortgage hoods, 4H% series due 1947, have been issued.
St. Paul
Balance
Retirement
Ry.—Receivership Sale—
1937—12 Mos.—1936
$1,844,879
704,882
111,172
a260,656
$1,716,373
602,290
$60,433
Dr. 12
114
$768,168
3,864
$788,783
4,090
$46,993
7,051
$60,547
8,333
$772,033
93,119
$792,873
100,000
$39,942
10,729
$52,213
10,487
$678,914
129,695
$692,873
125,953
$29,212
_
accruals
Gross income
Int. &
amortization, &c_
Preferred di vs. declared
Common di vs. declared
$41,726
$549,218
209,613
139,050
$566,920
209,226
257,500
No provision has been made for the
Federal surtax on undistributed
net income for the
yeqr 1937; since any liability for such tax cannot be de¬
termined until the end of the
a
year.
Irwin Arnovitz, special
master, will offer the road for sale Jan. 26 at the
upset price of $640,000.—Y. 142, p. 2684.
Note—On Jan.
mission
1, 1937 the company adopted the Federal Power Com¬
system of accounts, hence previous year's figutres are not exactly
comparative.
Savannah Electric & Power Co.Period End. Nov. 30—
Operating
revenues
Operation
Maintanance
Taxes
-
Net oper. revenues
$88,087
Figures
Earnings—
1937—Month—1936
$189,973
$175,473
72,401
62,616
8,163
14,024
a21,320
16,880
$2,158,196
a231,361
$1,941,360
734,576
113,796
206,231
$975,965
9,142
$886,757
23,363
836,645
114,223
Non-oper. income (net).
33
Balance-.
Interest and amort., &c.
$88,121
31,704
$83,373
31,479
$985,107
379,756
$910,121
378,370
$56,417
$51,893
$605,350
248,444
$531,751
202,500
$356,906
149,114
60,000
$329,251
149,114
60,000
$147,791
$120,136
—
Appropriations for retirement
reserve
Balance
Debenture dividend requirements
Preferred dividend requirements
Balance for
common
divs. and surplus
....
aN°
provision has been made for the Federal surtax on undistributed
profits since any liability for such tax cannot be determined
until the end
of the year.
Note—Jan. 1, 1937 changes were made in accounting procedure, hence
figures for some items in the income statement are not
exactly comparable.—V. 146, p. 121.
previous year's
Scullin Steel
common
stock,
no
and warrants to purchase common stock,
time within five years from May 1, 1937, at
par,
no par,
of the company at any
the price of $10 per share.
The warrants shall be dealt in on the basis of each four
warrants entitling
the holder thereof to
purchase one share of common stock of the company.—
—V.
145,
p. 4128.
Otis A.
Glazebrook Jr. of G. M.-P. Murphy & Co. has been elected
Grayson M.-P. Murphy as a member and Chairman of
bondholders protective committee, for the 1st & consol.
mtge. 6%
gold bonds.
The committee, it is said, representing more than
$20,000,000
of bonds
deposited with it, intends to participate actively in any discussions
looking towards a reorganization plan.—V. 146, p. 121.
to succeed the late
Sears, Roebuck & Co.—Sales—
Period End. Dec. 31—
Sales
1937—4 Weeks—1936
58,443,560
...
145,
p.
1937—48 Weeks—1936
59,911,712 543,239,325 495,715,293
3982.
Safety
Razor
Co.,
Inc.,
Razor Co.
Contending that the plaintiff was the originator of one-piece razors
utilizing double-edge blades, the complaint alleges that the defendant and
its,parent company wilfully and deliberately set about to appropriate the
plaintiff's business.
If is further charged that the two named Gillette
companies previously had attempted to enter this field by means of a
patent
application, filed by one of their employees, for a double-edged one-piece
1936, according to
an operating report prepared by Amott, Baker & Co., Inc.
Under a reorganization plan
approved in court in March, 1936, assenting
bondholders received for each $1,000 bond a new
$1,000 15-year income
mtge. bond plus 10 shares of voting trust common stock
representing in
aggregate the entire equity.
Non-assenters received $332 per $1,000 bond.
Gut of earnings for the year ended Sept. 30, 1937, $10,441 was available
for bond retirement, and $17.50
per $1,000 bond was distributed as interest,
„
(L.
C.)
Smith
When they failed to establish patent rights, the com¬
plaint states, they assigned the application to the plaintiff Segal
company.
A
preliminary and
the profits
permanent injunction as well as an accounting
and the damages inflicted by the defendant's acts
earned
vious year in this company's
Years Ended Oct. 31—
1937
sales
Earns,
sh.
per
on
14,745
shs.
1936
$10,546,090
Iossl0,444
Nil
$7.01
Nil
F. A. Seiberling, President, says:
Debentures maturing Nov. 15,1937 have not as yet been paid or
extended,
but a plan is being developed for
reconstructing our financial structure
which, when completed, will broaden company's opportunity to
strengthen
its position in the
industry and conduct a profitable business, thereby
advancing the time when company will be able to resume dividend pay¬
ments.
At the present time general business conditions are
considerably unsettled,
f present conditions are long continued, the business outlook for
the com¬
ing year will be seriously affected.
to
1937
Cash.
a
1936
&
1,122,270
1,150,095
Inventories
1,216,448
376,993
1,046,739
379,441
182,204
175,388
Invest, at cost
Inv. in & amts. ditf
cos..
Claims agst. closed
banks, less
b Plant and
c
res.,
506
1,078
equip.
1,754,631
337,430
21,166
1,895,270
1
1
Unused real est..
Deferred charges..
Devel. & patents..
a
conservative astimate for the month of
over
370,893
21,376
$129,109
225,928
69,161
119,072
381,531
10,003
8,132
6% deb.notes,cl. A
174,849
2,350,000
5,864
169,634
2,350,000
5,225
Inc.
$5,153,365 $5,242,1131
&
excise
taxes pay able..
.
Other accts. pay..
Accrued expenses.
Pref. stk. 8% cum.
(par $100)
1,474,500
1,501,800
Dr27,300
271,106
271,106
347,018
357.463
32,251
26,251
Treasury stock
d Common stock
_
-
Surplus
for
branch
a
1936
$142,771
Fed.
ins.
on
invent..
Total
....$5,153,365 $5,242,113
After reserve for bad debts of
$317,203 in 1937 and $280,000 in 1936depreciation of $2,906,012 in 1937 and $2,670,844 in
in 1937 and $215,752
d Represented by 271,106 no par shares.—V. 143, p. 4167.
b After reserves for
1936.
c
inil936.
After reserve for depreciation of $230,312
Service National Life Insurance Co.See list given on first page of this department.
December, sales will amount
$13,400,000."
mate being made for the month of December, the profit will be in excess
of $1,000,000, or the equivalent of approximately $3
per share on the
present issued and outstanding shares of common stock.
"I am looking forward to a continuation of good business for 1938."
—V. 145, p. 3830.
Co.—Earnings-—
Earnings for 32 Weeks Ended Dec. 11, 1937
Net sales
.
$226,200
.
Net income after operating expenses and Federal income charges,
but before provision for Federal surtax on undist. profits
Earnings
per
share
on
26,589
$0.21
129,640 shares
—V. 146, p. 122.
Southern Canada Power Co.,
Period End. Nov. 30—
Gross earnings
Operating
1937—2 Mos—1936
$211,227
90,637
Net earnings........
$195,080
80,098
$413,461
177,473
$384,431
159,793
$120,590
expenses
—Y. 145, p.
Ltd.—Earnings-
1937—Month—1936
—
$114,982
$235,988
$224,638
3983.
Southern Ry .—Earnings
—Fourth Week of Dec.—
1937
1936
Gross earnings (est.)....
—V. 146, p. 122.
$2,789,928
Jan. 1 to Dec. 31
1937
1936
$3,500,344 $131,281,607 $127,245,747
:-Ak. ;V
-'K\
Co.—Earnings—
Uncollectible oper. rev..
1937—Month—1936
1937—11 Mos.—1936
$7,293,318
$6,845,621 $79,057,706 $73,178,343
25,388
20,601
281,548
285,002
Operating revenues...
Operating expenses
$7,267,930
4,801,343
$6,825,020 $78,776,158 $72,893,341
4,518,035
50,719,878
46,912,379
Net operating revs
for lease of oper.
$2,466,587
$2,306,985 $28,056,280 $25,980,962
Operating revenues
Rent
property
Operating taxes
Net operating income.
-V. 145,
3,908
733,000
877,457
$1,589,130
9,886,437
43,142
7,896,000
$1,570,077 $18,169,843 $18,041,820
p.3669.
Gas
&
Electric
Co.—Restatement
of Policies
and Aims—
1937
Accts. pay., trade.
Res.
Total
31
Deferred income..
$201,831
accts.
ft receivable
p from affil.
Oct.
Liabilities—
Trade accept, pay.
$141,716
Notes
Sheet
history, shows that unit sales of these principal
well ahead in 1937, the gain being approxi¬
"Consolidated profit after all taxes, including provision for undistributed
profit tax, in 1936 was $798,773 whereas taking into account the actual
figures for 11 months of 1937 on the same basis, with a conservative esti¬
Standard
Consolidated Balance
Assets—
Inc.—Had
\
.'l
"Consolidated sales of all products for the 12 months of 1936 amounted to
on the basis of actual figures for 11 months of 1937,
Period End. Nov. 30—
1935
$8,545,129
103,385 loss$639,480
v'".'
are
Southwestern Bell Telephone
8%
preferred stock
Typewriters,
l>;
$11,566,121 whereas
with
is
Seiberling Rubber Co. (& Subs.)- -Earnings—
Net profit after charges & Fed. taxes.
years,
Corona
Hurlbut W. Smith, President, commenting on the
company's operations
during 1937, stated:
"A comparison of the 11 calendar months of 1937
with the same period of
1936, during which year more L. C. Smith type¬
writers and more Corona portable
typewriters were sold than in any pre¬
of
sought, with the further request that the profits and damages be increased
three-fold by reason of their
alleged wilful and deliberate nature.—V. 145,
p.1113.
Gross
&
Record Sales in 1937— ;■■
blade holder.
razor
Dec. 21,
62 West 47 th St.
Corp .—Earnings—
Earnings for the period of approximately one year from Oct. 14, 1936
Sept. 30, 1937, before bond interest and amortization, were $22,628,
or at the annual rate of
2.17% on the $1,044,100 of outstanding 15-year
l%-4% income mtge. bonds, as compared with $8,087, or 1.16% on the
outstanding bonds, on an annual basis, for the eight months ended Aug. 31,
Solar Aircraft
by Segal Safety Razor Corp. against
alleging infringement of five patents
relating to one-piece razors, it was announced Jan. 3 by Saul W. Goodman
of 270
Broadway, counsel for Segal Lock & Hardware Co., who own the
plaintiff company.
The defendant is a subsidiary of Gillette Safety
Gillette
on
to
Segal Lock & Hardware Co., Inc.—Patent Suit—
Suit for damages in excess of
$1,000,000 has been filed in the U. S. Dis¬
trict Court for Southern New York
Stock Exchange that
capital stock of Wappat, Inc. at the time of the sale.—V. 145,
3358.
products of Smith-Corona
mately 17%.
I* Seaboard Air Line Ry —Committee Member—
—V.
.The company has notified the New York
Co.—Listing and, Registration—
York Curb Exchange has admitted to
listing and registration
mortgage bonds, 3% fixed and 3% income, due Oct. 1, 1951
(interest dates
,
1937 all of the assets, less the
liabilities, of Wappat, Inc., outside of advances
to the Simonds Saw and Steel
Co., the parent company, were sold to the
Mall Tool Co. of
Chicago, 111.
The Simonds Saw and Steel Co. owned
being the first payment in many
The New
A.-O.)
on
Simonds Saw & Steel Co.—Shares
of Affiliate Sold—
,
p.
-
:
appearing in this statement
the books of the company and
have been compiled from those
its former parent company, Sierra
Pacific Electric Co., after
intercompany eliminations.
All figures give
effect to the merger of Sierra
Pacific Electric Co. into Sierra Pacific Power
Co. pursuant to
agreement of consolidation, effective for accounting pur¬
poses as of the close of business July 31, 1937.—V. 146,
p. 121.
shown
1937—12 Mos —1936
$81,951
1,422
Balance-
83,987
241,312
$47,005
inc. (net)
Net income.
Bridge & Terminal Ry.—Acquisition—
The Interstate Commerce Commission
on
Dec. 27 issued a certificate
authorizing acquisition by the company of the railroad properties of the
St. Paul Union Stockyards Co.—V.
138, p. 3453.
Salt Lake & Utah
Net operating revs
Non-operating
Co.—Earnings-
1937—Month—1936
$161,442
$145,703
78,696
63,345
11,706
7,748
a24,033
14,176
revenues.
Maintenance
Joseph Ry., Light, Heat & Power Co .—Trustee—
the indenture dated Dec.
287
Sierra Pacific Power
-Registers with SEC
The
was
following statement, prepared by Bernard W. Lynch, President,
under date of Dec. 31 as a year-end
sent to all investors of the company
statement.
"As another year draws to a close, it seems appropriate that we devote
a restatement of policies and aims, as well as to a brief message
this time to
of hope.
VBusiness everywhere is facing demands for a change.
These demands,
dislocations or differences in thinking
and, wherever justified, they must be
met.
Experience teaches that fundamental
changes must be gradual
or
they become revolutionary.
However, they cannot be indefinitely
deferred.
Therefore as business progresses, it must constantly scrutinize
its organization, its practices and its policies and, whenever these are out
of keeping with well founded public opinion, it must correct them.
"This company and the operating public utilities in the system have
earnestly considered these demands and have made many changes that
are in the public interest, while at the same time having due regard for the
necessities of those companies and the rights of their investors.
Let us
briefly set forth some of the concepts of sound utility operation to which
our companies are conforming.
We believe:
(1) In the freedom of our operating companies from banking control.
There are no bankers or bankers' representatives on the board of directors
of Standard Gas & Electric Co. or any of its subsidiary or affiliated cor¬
porations, neither is there on any such board a representative of a company
engaged in supplying electrical equipment to public utilities.
whether they result from economic
or other causes, must be considered
Financial
288
(2) In strong, self-contained operating companies, with full authority
vested in the local executives and with a majority of their directors inde¬
pendent of holding company affiliations.
(3) In the maintenance of sound capital structures.
Numerous impor¬
tant changes have been brought about in this direction.
(4) In the elimination of interlocking directorates,
A total of 160
resignations from boards of directors and official positions have been
obtained to accomplish this end.
(5) In a centralized service company as a helpful agency in bringing about
economy and efficiency in the operating companies of this system which
centralized service shall operate without profit to the holding company.
Our service corporation is a mutual organization owned by 13 of the oper¬
ating companies.
(6) In liberal maintenance policies and adequate reserves for replace¬
Jan.
Chronicle
of Income (<Company Only)
1937—Month—1936
1937—12 Mos,—1936
Statement
Period End. Oct. 31—
DafnlSS.P.UbU--Ut-'--y
bank balances--
on
on
secure.
Int.
and to investors.
Fed. & State tax
In rates that are at all times fair and that will be reduced progressively
earnings increase and business conditions justify.
(9) In the regulation of our charges, service and practices by competent
public agencies,
(8)
as
on
interest
$7,032,894
280,335
$631,636
368,247
10,903
int.
on
$7,182,608
254,310
$6,928,298
4,418,970
47,987
4,418,970
127,099
_
$640,451
368,247
7,269
funded debt
on
Other
110
— — -
$653,314
21,678
Gross income--
( 7) In furnishing utility service to the greatest possible number of people
consistent with the obligations to the public, to labor,
428,455
---—
-----
—-—
—
at the lowest rates
420,238
<
Expenses and taxes
ments by all operating companies.
$6,124,624
302,144
ion'oof
------
-----
redemption of
by an affiliate-
Total
$6,221,343
410,402
3o,550
35,550
indebt. of affils--
on
Int.
Profit
$581,826
25,053
$581,826
33,403
10,885
Divs, from others-----Int. on fund. dt. of affils.
Int.
1938
8,
*
„
Arnort. of debt discount
•
__
oon
60,220
72,338
6,069
5,954
funded debt
_
,N—
in¬
.
r.,o
.
17,806
17,806
213,672
213,441
$241,175
$228,611
$2,175,331
$1,932,829
Louisville
and expense
.....
Net
a0) In the maintenance of the highest standards of public relations.
1) In open and above board dealings and full upblicity through frequent
regular statements to security holders and the general public.
^'We believe these concepts are not incompatible to the general welfare
and that they meet every demand of the critics of the industry.
"With the passing of 1929 the electric utility business completed one
of the most important chapters of its history as a major industry.
It
marked the end of an era or amazing progress, made significant by revolu¬
tionary technical changes and the development of far-reaching social forces.
That period, not unlike the early ones of other industries, was marked by
incidents and practices which, while later condemned, in the light of
greater experience, were perhaps frequently justified because of the neces¬
sities and problems of those times.
While certain of those practices have
been questioned, the fact cannot be overlooked that there has been de¬
veloped one of the greatest and most progressive industries in the country,
bringing new life to the homes of America and permanent employment to
countless men and women.
"The present public utility controversy grows out of the fact that in
almost every instance the criticism directed against the industry relates
to acts and practices of the past which were vastly different than those
that
on
—
-
do not include dividends
above figures
The
on
such stock included therein are $35,323 for
the months of Oct. 1937 and
1936, $317,911 for the 12 months ended
Oct. 31, 1937, and $423,882
Oct.
for the 12 months ended Oct. 31. 1936.
'
...
,
.
(2) Dividends on the prior preference stocks have been paid m full to
Sept. 30, 1933, and for the 12 months ended Sept. 30, 1934, were paid at
30% of the cumulative rates, and since the latter date none has been de¬
clared or paid.
Dividends oh the $4 cumulative preferred stock have been
paid in full to Feb. 28, 1933, and since that date none has been declared or
paid on this stock.
The aggregate amount of dividends in arrears at Oct.
31, 1937, on the 368,348 shares of prior preference stock, $7 cumulative,
outstanding at that date was $9,755,083; on the 100,000 shares of prior
preference stock, $6 cumulative, outstanding at that date was $2,270,000;
and on the 757,442 shares of $4 cumulative preferred stock outstanding at
that date was $14,138,917, a total of $26,164,000.
S£r
Weekly Output—
Recent legislation has definitely made impossible the
prevail.
now
recurrence
income
Notes—(1)
Gas & Electric Co. (Del.) class B common stock owned by Standard Gas &
Electric Co. for the three months Dec. 1936 to Feb. 1937, incl
Dividends
..
Electric output of the public
of these situations but the criticism of the utilities has not fully
utility operating companies in the
.
Standard
This industry desires peace; it seeks a prompt end to this con¬
troversy so it can concentrate the full strength of its energy and progressiveness to the aid and support of recovery.
A lasting solution of this problem
can be effected only by a willingness of all concerned to cooperate to that
desirable end.
We will welcome a solution .that will safeguard the bext
for the week ended Jan. 1, 1938 totaled 1,705,391
kilowatt hours, a decrease of 3.5% compared with the corresponding week
last year.—V. 146, p. 122.
interests of the
Company to Build 12 Tankers—
subsided.
"Such
public and the security holders in this industry.
settlement would result In
a
numerous
benefits to
the country.
would do much to restore confidence to business and investors alike:
would permit an important industry to proceed with assurance and
hope; it would bring activity to many industries wherein the business
recession is most severe; it would stimulate employment; and lastly, it
would bring to a close a conflict which if continued may conceivably cloud
It
it
the future of
private enterprise.
"Our hope is that the new year may witness the end of this uncertainty
and that the utilities may be restored to a position whereby they may be
able to render to the public a greater service than ever before.
Given this
opportunity,
we
will look to the future with
more
confidence."
Gas & Electric Co. system
Oil
Standard
Co.
J.)-
(N.
Maritime
Commission and
announced Jan. 3 the immediate construction
high-speed tankers to meet the urgent requirements of the navy for
These tankers will be built jointly by the Standard
Oil Co. of New Jersey and the Commission, it was stated.
Under the agreement, Chairman Kennedy said, the company will build
the tankers ana maintain them in an operating condition at its own expense
for the next 20 years, while the Commission will pay outright the increased
cost involved in equipping them with auxiliary features necessary to the
The Maritime Commission
of 12
auxiliary vessels.
national defense.
At the same time
the Commission announced that contracts for the
vessels had been awarded to four shipbuilding com¬
They are the Newport News Shipbuilding & Drydock Co., the
Bethlehem Shipbuilding
Corp. (Baltimore yard). Sun Shipbuilding &
Drydock Co. of Chester, Pa., and the Federal Shipbuilding & Dry Dock
Co. of Kearny, N. J.
Total cost of the tankers will be $37,566,004, of which the Government
will pay $10,563,000, thus reducing the company's outlay to $26,993,004.
—V. 145, p. 2864.
construction of the
panies.
Earnings for Period Ended Oct. 31 (Including Subs.)—
(Exclusive of Deep Rock Oil Corp., debtor under Section 77-B of the Federal
Bankruptcy Act, as amended, and the Beaver Valley Traction Co.
(subsidiary of Philadelphia Co.), in receivership, and the sub¬
sidiaries of such companies)
Period End. Oct. 31—
Subs. Pub. Util. Cos.
1937—Month—1936
Operating revenues
$8,344,259
Oper. exps., maint. & tax
4,875,245
1937—12 Mos —1936
$8,221,651$102,476,487 $95,959,905
4,343,912
56,492,835
50,310,746
Sterling, Inc.—Earnings—•
1937
1936
$299,295
$266,944
operating expenses and Federal income charges, but before
provision for Federal surtax on undistributed earnings.—V. 145. p. 1915.
6 Months Ended Nov. 30—
x
Net
x
Other income (net)
-
_.
_
$3,469,014
11,474
.
$3,877,739 $45,983,652 $45,649,159
45,011
145.937
144,987
$3,480,488
Approp. for retire. & de¬
pletion reserves-
1,020,186
1,017,442
12,838,067
3,083
3,083
37,000
.
Amort,
of
Stern Brothers—Removed
The
Net oper. revenue and
other income
—-
$3,922,750 :$46,129,589 $45,794,146
12,157,085
$2,457,219
Rents for lease of prop's101,627
Int. on funded debt
970,850
,
37,000
$2,902,225 $33,254,522 $33,600,061
102,274
1,226,813
1,229,352
1,012,155
11,712,839
12,718,993
and expense-_
112,162
15,701
119,758
10,899
1.369,429
141,756
1,334,646
130,786
guar, by sub. co_.
Approp. for special res—
Fed. & State tax on int.
5,766
41,667
5,766
41,667
69,192
500,000
69,192
500,000
on funded debt—
Amort, of flood expense.
Other income deductions
33,014
42.000
11,520
Cr22,819
35,723
387,462
167,000
108,915
0146,038
—
—
Int. charged to constr'n.
Balance
Divs.
—
_
—»■
capital stocks
held by public---Minority int. in undist.
$1,145,731
3,922
07,807
39", 022
057,176
$1,577,868 $17,717,154 $17,258,314
from List—
Exchange has removed
from unlisted trading
certificates for common stock, $1 par.—V.
trust
Co .—Preferred Dividend—
of record
of accumula¬
27 to holders
Accumulations after the current payment amount to
Dec. 24.
$20 per share.—Y. 128, p. 418.
Stutz Motor Car Co. of America,
Inc.—Delisting—
The Securities and Exchange Commission on Dec. 31 issued an order
granting the application of the Chicago Stock Exchange to strike from list¬
ing and registration the no par common stock of the company.
In its
application the Exchange stated that delisting was sought because the
Chicago transfer office of the company is being discontinued pursuant to
court order in reorganization proceedings in bankruptcy.—V. 145, p. 622.
Sun Ray Drug
Co.—Extra Dividend—
The directors have declared an extra dividend of .50 cents per share in
addition to the regular quarterly dividend of 20 cents per share on the
$1, both payable Jan. 27 to holders of record Jan. 17.
common stock, par
—V. 145, P. 3830.
on
net income.
—
767,025
767,030
8,939,169
92,493
452,024
688,259
|
$718,345
$8,325,961
$7,728,562
33,403
25,053
410,402
35,550
420,238
428,455
$433,367
$778,948
$9,156,601
$8,459,271
110
Exps. & taxes of Stand.
21,213
21,678
254,310
Other interest
& State
tax
—
Expense on outside properties
exploration work—
$8,902,291
—
per share on
(par $1) capital stock.
145, p. 2707.
$8,178,936
106,112
$1,173,434
33,872
$1,093,139
489,096
$1,211,859
428,607
92,033
115.808
$1,207,306
439,683
107,508
60,960
58.946
64,123
5,025
13,822
$444,688
$603,473
$582,167
$0.12
$0.12
—V.
368,247
7,269
368,247
10,903
4,418,970
47,987
Tennessee Public Service
4,418,970
127,099
int. on funded debtof debt disc't
and expense---
5,954
6,069
72,338
17,806
213,672
60,220
17,806
-
$12,878
-
213,441
,
$354,245 x$4,149,324 x$3,359,206
Operating revenues.
Oper. exps., incl. taxesProp. retire, res. approp.
Co.—Earnings—
$3,737,241
2,616,530
378,738
$3,352,750
2,404,807
364,903
$74,336
8,341
$62,096
8,181
$741,973
98,473
$583,040
98,479
$70,277
$840,446
Net oper. revenues—
Rent from lease of plant-
1937—12
Mos.—1936
1937—Month—1936
$321,100
$301,807
214,291
208,349
32,473
31,362
$82,677
Period End. Nov. 30—
on
-
103,658
$1,183,650
28,208
and
(est.)
4,807,144 shs.
Earnings
$757,270
Amort.
Consol. net income-
Total gross earnings
108,501
$1,070,570
22,569
280,335
Consol. net inc. beforei
Fed.
-
88,900
17,212
6,361
-----
Development, mining & milling exp - _
Insurance and taxes.
General expense, including marketing
bullion and assaying
;
—
Balance to surplus account
$412,154
1935
91,540
12,118
$0.09
tonnage milled------.
—
—
Gas & Elec. Co--____
deduc. of inc. chgs_
Income charges of Stand.
Gas & Elec. Co.:
Int. on funded debt-
_
Gross value of bullion—
302,144
35,550
1936
15,671
.
Income from investments—.
-
•
Dry tons of ore treatedDrytonsof old tailing re-trca ted
Total
$364,414
Other interest--..
Total
1937
92,830
3 Months Ended Nov. 30—
Gas & Elec. Co.:
Divs. fr. non-affil. cos.
Int. on indebt. of af¬
filiates
Teck-Hughes Gold Mines, Ltd.—Earnings-—
8,841,493
14,292
.
Bal. of inc.of sub.pub.
util. cos. applic. to
Stand. Gas & El. Co
Other income of Stand.
x
voting
Strathmore Paper
376,932
_
Curb
York
The company paid a dividend of $1.75 per share on account
tions on its 6% cumulative preferred stock, par $100, on Dec.
Amort, of debt discount
Other interestDivs. on pref. capital stk.
New
privileges the
142, p. 2342.
contractual
capital expenditures-.
income
After
For the 12 months ended Oct. 31,1937. includes
approximately $1,974,-
000 of undistributed earnings of subsidiary companies applicable to capital
stocks held by Standard Gas & Electric Co.
Of this amount
approximately
$1,260,000 is not available for distribution to Standard Gas & Electric Co.
in the form of dividends on common stocks of certain of the
subsidiary
companies, due principally to accumulation of dividends on preferred stocks
in prior periods and to the retention of
surplus for other purposes.
Com¬
parable amounts for the 12 months ended Oct. 31, 1936 are approximately
11,426,000 and__$644,000. respectively,^
'
Note—For comparative purposes the above figures"'have been revised to
reflect certain changes in classification, due to the uniform system of
accounts which became effective Jan. 1, 1937, and for the 1936 periods
have been further revised to reflect equalization of adjustments recorded
subsequently, but which
are
applicable to such periods.
I
Operating income
Other income-
-
Gross income—
1.284
—
on mortgage bondsOther int & deductions
.
Net
income.-
14,164
$71,206
32,417
$854,610
389,000
\
381
5,135
$690,158
389,000
4,203
$51,155
$38,408
$460,475
$296,955
297,618
297,618
$162,857
def$663
Dividends applicable to preferred
period, whether paid or unpaid
Balance-----
—
—
$681,519
8,639
389
—
Int.
x
929
$83,961
32,417
_—
4
stock for the
— —
-
x
Dividends accumulated and unpaid to Nov. 30, 1937, amounted to
$806,049.
Latest dividend amounting to $6 a share on the $6 pref. stock
was paid on Dec. 12 1936.
Dividends on this stock are cumulative.
,jj
Volume
146
Financial
Note—No provision was made for Federal surtax
for 1936, inasmuch as the
company reported no
net income for that
on
Chronicle
undistributed profits
undistributed adjusted
No such provision has been made to date for
year.
1937.—V. 145, p. 3671.
Terminal
for 1937.
Refrigerating & Warehousing Corp.—Regis¬
with SEC—
ters
'
V'
"
Texas Power & Light
Period End. Nov. 36—
i
where income accounts of subsidiaries have
Net oper. revenues..-
$398,839
$427,350
$4,585,891
363
429
9,100
Other income (net)
Gross income—
$399,202
177,708
10,000
$427,779
177,708
10,000
14,121
$4,594,991
2,132,500
120,000
228,705
Net income
$191,539
$225,950
Dividends applicable to preferred stocks for the
period, whether paid or unpaid....
$2,113,786
Int.
on
mtge. bonds....
on
subsidiaries and interest-bearing obligations of the
company and subsidi¬
aries held by the public, and
give no effect to preferred stock dividend ar¬
rearages 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 subsidiaries at the end of each
respective period.
Minority interests have not been charged with deficits
Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$963,158
$894,830 $11,002,895
$9,937,473
452,994
420.725
5.512,142
4,618,278
111,325
46,755
904,862
555,074
Operating revenues
Oper. exps.,incl. taxes..
Prop, retire, res. approp.
Int.
Notes—(1) All inter-company transactions have been eliminated from the
above statement.
Inferred dividends of subsidiaries and interest deduc¬
tions of both the
company and subsidiaries represent full requirements for
the respective periods (whether
paid or not paid) on preferred stocks of
y
See list given on first page of this
department.
deb. bonds
Other int. & deductions.
19,955
*
in the above statement.
$2,358,296
gas
....
____
....
United States Government bonds
...
State and municipal bonds
Other stocks and bonds.__________
Demand
or
_
______
short-term loans secured
_____
...
......
Depositors' overdrafts..
Advanced
as
Bonds and
________
...
mortgages.
Real estate—Acquired for
company's offices._____
Acquired for other corporate purposes..
Acquired through foreclosure...
Mortgage partic. certificates & int. in real estate..
y
.......
Title insurance reserve fund..
Stocks of associate companies
Other assets—
Cust'ts liab. for accepts. & letters of credit
(contra)
Total
...
1,904,489
2,769,710
392,637
$6,326,930
565,650
$5,592,090
146,863
$1,727,448
95,987
$1,170,807
90,033
$6,892,580
a731,888
$5,738,953
360,887
$1,631,461
$1,080,774
$6,160,692
$5,378,066
$1,592,866
451,468
$1,080,774
443,797
$6,122,097
1,767,556
$5,378,066
2,681,163
$1,141,398
$636,977
$4,354,541
$2,696,903
1,877 ,479
4,759 ,810
301
trustee.
Interest receivable
$5,404,805
650,000
2,846,001
843,125
___.
t
......
90,488
174,384
6,110,245
6,537,641
2,168,467
5,999,311
4,890,209
274,818
218,982
682,241
174,578
.$42,116,968 $47,354,062
_
_
...
surplus..
Includes provision of $320,177 for Federal surtax on
undistributed
profits for the year 1936, but includes no provision for 1937.—V.
145, p.4130.
.
....
Union Premier Food
Period End. Dec. 31—
.
x
$42,116,968 $47,354,062
After deducting mortgages amounting to $384,000—V. 144,
p. 293.
y
_______
Transamerica Corp .—To
The
directors
37y* cents
per
on
share
Jan.
3
new
holds,
an
initial
semi-annual
dividend
of
$2 par capital stock payable Jan. 31 to
approximately $12,500,000, or $1.12 a share outstanding.
In addition,
totaling $7,200,000, or $0.64 a share outstanding, were credited
to the earned surplus of subsidiaries whose accounts
are not consolidated
in the annual statement of Transamerica
Corp.
In commenting upon the earnings of the
corporation for the past year,
John M. Grant, President, said, "for each
year prior to 1937 there was
included in the net profit of Transamerica
Corp. and subsidiaries practically
100% of the net profits of Bank of America N. T. & S, A. by reason of
Transamerica's holdings of practically
100% of the bank's stock. Since the
recoveries
distribution to Transamerica stockholders on July
31, last of 58% of Trans¬
america's holdings in the shares of the
bank, 58% of the dividends paid by
the bank and 58% of the net profit of the bank in excess of
dividends, is
paid or accrues directly to the individual stockholders of the bank, while
42% is paid or accrues to Transamerica Corp. No part, however, of the net
the year 1937."
On Sept. 14, 1937, Bank of America N. T. &. S. A.
Increased its annual
dividend rate from $2 to $2.40 a share. On the new dividend basis both for
the bank and Transamerica
Corp., the cash return for the
year
36.66% in regular cash dividends.
During the year the corporation acquired and retired to treasury 390,784
shares of its capital stock, leaving 11,200,000 shares
outstanding in the hands
of the public.
The annual meeting of the stockholderx will be held on
March 31, next in Wilmington, Del., and the directors have called a
special
meeting for the same date to consider and take action upon a
proposed
reduction of capital by the cancellation and extinguishment of all shares in
treasury.—V. 145, p. 2090.
Subs.)—Earnings-
1937—3 Mos.—1936
Oper. exps., incl. taxes.. a5,489,244
Prop, retire. & depletion
reserve appropria'ns..
2,078,731
Net oper. revenues...
Other i ncome
$3,429,501
215,219
Other income deductions
128,508
Gross income.
Int.
on
Int.
on
Other
$3,516,212
mortgage bonds.
182,108
debentures
405,063
interest
1937—12 Mos.—1936
$9,334,477 $47,060,978 $36,905,128
4,344,885 b22,611,743
16,461,079
1,206,608
$3,754,749 $15,672,576 $15,415,579
223,120
810,899
940,586
405,368
1,620,250
540,386
&
77,448
72,525
70,951
40,478
45,204
17,107
91,821
long-
readjust,
67,025
v
_____________
x
$364,973
$167,846 loss$58,400 loss$126,702
Including share of undistributed profits or losses of affiliated companies
100% owned: $193,872 net profit in 1937, $10,372 in 1936, $10,342
loss in 1935 and $84,482 net loss in 1934.
net
Consolidated Balance Sheet Aug. 31
1937
Assets—
Cash
Due from affiliated companies
Cash surrender value of life insurance policies
Investment securities
Theatre investments
excess
1936
$485,883
12,710
10,121
Cash in escrow for payment of real estate taxes
Accounts and notes receivable.
117,839
:_
of inv. in sub. over book value..
deposit
135,374
20,044
6,394,729
1,164,232
147,333
Unamortized portion of lease and long-term debt
readjustment expense
Other deferred charges
55,042
-■
''
'
'''
•
J;,"
''.V
1'i
'
Real estate taxes due
or
••
$166,310
$77,246
66,997
70,634
50,870
accrued
95,563
_
one year
Def. credit arising from release of rent guar., &c~-
5% cumulative preferred stock
7% cumulative convertible preferred
107,995
2,500
2,384,221
130,655
3,000,000
stock
Common stock and surplus
Total
$8,015,837
■'1
income taxes accrued
Long-term debt items due within
Due to affiliated companies
Long-term debt
x
92,709
48,552
$8,590,491
Total.
x
,__
2,636,252
$8,590,491
Represented by 500,000 no par shares.—V. 144, p. 4201.
United
8,513
98,593
252,033
27,889
6,331,729
520,648
169,333
47,183
Accounts payable and sundry accruals
Federal
$460,859
4,978
___
Gas
—
74,845
7,528
1,856,967
152,353
3,000,000
2,725,394
$8,015,837
Improvement Co.—Weekly Output—
Week Ended—
Electric output of system (kwh.)
Jan. 1 '38
Dec. 25 '37
Jan.
86,361,909
90,120,098
88,458,258
2
'37
Mayor Wilson Forbidden to Seize Gas Plant—
Mayor S. Davis Wilson of Philadelphia was forbidden Dec. 31 by the
Pennsylvania State Supreme Court to carry out his announced intention
of seizing the city-owned gas plant at midnight (Dec. 31) on the advent
of the
new year.
The Court acted
through a restraining order after the Mayor had issued
proclamation declaring a "state of emergency" in Philadelphia, per¬
emptorily reducing the gas rate to 50 cents per 1,000 cubic feet, and holding
out a promise of a 5% *pay increase for employees at the gas works.
a
Universal Pictures Co.,
Inc.—New Officials—
The directors at their
meeting held Jan. 6 elected three new Vice-Presi¬
Scully, general sales manager; Mathew Fox, Assistant to
the President; and J. H. Seiddhnan, who is joining the company under a
long-term contract.
Mr. Seidelman was also appointed general manager of all foreign activi¬
dents:
William
ties of the company.
Nathan J. Blumberg,
who recently assumed office as President of Uni¬
on Jan. 6 was elected a director of both Universal
Corp., top holding corporation in the new Universal setup, and of Uni¬
versal Pictures Co., Inc.
Ottavio Prochet, a director of Universal Corp.,
versal Pictures Co., Inc.,
was
added to the board of the Pictures company.—V.
146, p. 123.
Virginia Electric & Power Co.—Earnings—
Period End. Nov. 30—
1937—Month—1936
Operating revenues—_ $1,495,792
Operation
569,870
Maintenance
129,572
Taxes
a!77,905
1937—12 Mos.—1936
$1,416,931 $17,695,094 $16,226,359
535,109
6,722,571
6,427,955
106,537
1,431,546
1,150,635
176,980
a2,187,112
1,976,052
(notes,
462.580
143,952
Int. charged to constr..
Cr 5,457
7,808
Cr6,876
Portion
4,922,354
,
486,596
Balance
divs. to
subsidiaries
8,741,608
$3,782,984 $15,707,627 $15,521,695
74,120
800,045
307,432
102,355
c835,096
413,548
loans, &c.)
Other deductions
Pref.
215,820
less than
1938 to the
Transamerica stockholder on the equivalent of 200 shares of the old no
par
value stock will be $123, namely. $75 on 100 shares of the new
$2 par value
stock and $48 on the 20 shares of Bank of America N. T. &
S. A. received on
200 shares of the old no par value stock.
This compares with $90 paid in
cash in 1937 on 200 shares of the old no
par value stock—an increase of
$10,997,476
237,203
iBkNet income
excess of dividends paid to Transamerica Corp., has
included in the net profit of Transamerica
Corp. and subsidiaries for
United Gas Corp. (&
236,633
1934
mgfl
profit of the bank, in
Period End. Oct. 31—
231,409
exp. & excess of in v. in
subs, over book val__
Prov. for Fed. inc. tax__
Lease rent
The management reported to the directors that the
net prof't of Trans¬
Corp. and subsidiaries for the year 1937, subject to audit, was
Total oper. revenues
lease
debt
term
america
been
$247,964
1935
of theatre lease¬
Unamort.
Pay 3734-Cent Dividend—
declared
the
on
holders of record Jan. 15.
$328,446
87,332
1936
.
.
Total....
$598,492
82,584
Deprec. of theatre bldgs.
and equipment
Amort,
Circuit, Inc.—Earnings—
1937
$821,126
74,772
Net income
Interest
"
.___
This figure is for 53 weeks of 1936.—V.
145, p. 4130.
Years End. Aug. 31—
x
1937—52 Weeks—1936
$745,030 $13,790,324 x$8,716,589
$1,236,891
United Artists Theatre
/
«
Stores, Inc.—Sales
1937—4 Weeks—1936
Sales
105 ,962
.$10,000,000 $10,000,000
1,265,171
2,500,000
Undivided profits..
238,601
Secured debenture notes
8,373", 670
8,913,105
Notes payable in instalments
116,637
265,507
Reserve for contingencies
3,236,253
4,668,762
Reserve for title insurance
231,469
274,818
Res. for taxes, int., exps. & unearned income...
209,666
196,498
Deposits
17,886,691
19,136,175
Certified apd officers' checks
575,684
953,485
Acceptances and letters of credit (contra)_______
250,462
178,378
______
Bal. carried to earned
455 ,679
963
223 ,979
6,417 ,316
6,623 ,620
2,168 ,467
6,263 ,083
4,744 ,518
231 ,469
193 ,938
674 ,062
220 ,462
——
a
2,649,325
Liabilities—
Capital
Surplus.
$38,595
$1,142,357
28,450
Interest
$5,156,900
75,000
2,031,107
740,631
1,724,829
by market¬
able collateral.
Other loans and discounts (less prepaid
interest)..
Accounts receivable
$38,595
Gross income—
1936
hand, due from Federal Reserve Bank and
—
95,000
$1,548,533
178,915
Title Guarantee & Trust Co.—Balance Sheet Dec. 31—
____
1937—12 Mos.—1936
$1,394,513
1,338,108
Other income (net)—
1937.—V. 145, p. 3671.
on
pre¬
;
Total other income...
Other income deductions
Note—No provision was made for Federal surtax on undistributed
profits
1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
other banks.
Figures
Other inc.—From subs.
From others
for
Cash
(2)
been rearranged
cases
Net oper. loss—natural
865,050
1937
resulted.
■<
Period End. Oct. 31—
1937—3 Mos.—1936
Oper. revs.—natural gas $1,394,513
Oper. exps., incl. taxes.
1,338,108
Prop, retire, res. approp.
95,000
$1,493,246
Assets—
•
Comparative Statement of Income (Company Only)
$4,772,276
2,132,500
120,000
161,480
865,050
so
viously published for prior periods have in certain
$4,764,121
8,155
$1,248,736
Balance
Call loans
289
adjust over-accruals in previous months,
b Includes provision of approxi*
mately $410,000 for Federal surtax on undistributed profits for the year
1936 and $82,990 in 1937.
c Includes provision of $320,177 for Federal
surtax on undistributed
profits for the year 1936 but includes no provision
$2,303,950
1,947,244
164,951
Cr56,147
2,759,857
101,458
Cr21,563
$2,662,749 $11,185,379 $11,094,855
Net oper. revenues.__
$618,444
Drl5,476
$598,304
6,333
$7,353,863
Drl70,811
$6,671,715
137,811
$602,968
144,712
$604,637
145,582
$7,183,052
1,743,298
$6,809,527
1,778,341
Balance
$458,255
Appropriation for retirement reserve
Preferred dividend requirements
$459,055
$5,439,753
2,036,666
1,171,617
$5,031,185
1,899,999
1,171,555
Non-oper. income (net).
Balance
Int. & amortization, &c_
public—
applicable
6,585
12,220
43,247
48,881
17,822
29,603
44,640
76,816
to
minority interests
Balance carried to consol. earned surplus. $2,279,543
$2,620,926 $11,097,492 $10,969,158
a Includes provision of $56,400 made in
Aug. and Oct. for Federal surtax
on undistributed profits in 1937 and a net credit of
$164,500 in Sept, to
Balance for common dividends and surplus
$ 2,231,470
$1,959,630
a No provision has been made for the Federa 1
surtax on undistributed
profits, since any liability for such tax cannot be determined until the
end of the year.
Financial
290
Jan. 8,
Chronicle
31
Balance Sheet Oct.
Federal Power Com¬
year's figures are not exactly
1, 1937, adopted the
Note—The company on Jan.
mission system of
accounts, hence previous
$756,206 $1,032,953
Cash
comparative.—V. 146, p. 124.
Cash
List—
Virginian Ry.—Removed from
removed from unlisted trading
privileges the voting trust certificates for common stock, $100 par.—
V.
has
Exchange
Curb
York
New
The
146, P. 124.
Further Interest Payments on Bonds—
Equipment Loans—No
the U. S. Court at St. Louis made Jan. 4, the receivers
were directed
to make no payment on account of the balance of 20%
remaining unpaid on interest due May 1, 1937, and subsequently on 1st
mtge. bonds and divisional mtge. bonds until further order of the Court.
There will be no further instalment of interest due on any of these
bonds earlier than March 1 next, and under the provisions of the order
the receivers are directed to make no further payments of such interest
without further order of the Court.
The Court directed the receivers to make no payment of interest on
2d mtge. bonds due Aug. 1, 1937, and Feb. 1, 1938.
,
It is understood that under existing Court authority the receivers will
continue to pay interest on their equipment trust obligations, but in their
report to the Court filed Jan. 4 the receivers stated that should traffic
conditions fail to improve they may be obliged to ask for authority to
negotiate with holders of equipment trust obligations for a deferment of
principal payments pending a reversal of the present unfavorable economic
trend.—V. 146, p. 124.
Under an order of
JWfi«MiW».30.19J7-
COM-"—""-""-------"---
345.421
-
$396,425
255,101
$29,166
$141,323
1,647
-
profit
-
—
-
Co. (& Subs.)—Earnings—
1937
$3,921,048
Walker Mfg.
Years Ended Oct .31—
Sales.
_
--
and allowances, freight
Returns
Net sales.
—
of expenses in strike period
Selling expense
Administrative expense
408,798
124,195
...
Profit
210,187
Other income
$1,924,651
1,451,211
301,996
89,374
$149,349
24,878
(& Subs.)—Earnings-
1937—12 Mos.—1936
1937—Month—1936
$9,586,295
$836,534 $11,492,132
6,741,820
4,959,719
424,546
1,006,790
958,012
87,253
_
$3,743,522
33,838
$3,668,564
31.012
$326,545
82,963
1,653
$3,777,360
995,550
56,874
Cr. 13,438
$3,699,576
$241,929
$2,738,374
$2,669,239
applicable to preferred stock for the
period, whether paid or unpaid—
622.518
622,518
$2,115,856
$2,046,721
$341,466
1,670
82,963
4,716
$255,457
-
_
_
Gross income
$324,735
$o43,136
Net operating revs
Other income (net)...
Int. on mtge bonds..
Other int. & deductions.
1,810
Net income
-
995,550
34,787
Dividends
Balance.
1936, of $1,500 for Federal
No such provision
Note—Includes provision made during Dec.,
surtax on
undistributed profits of a subsidiary for 1936.
1937.—Y. 145, p. 3673.
been made to date for
Earnings for Fiscal Year End. Sept. 30, 1937
$101,690
6,705
Gross profit on
$171,635
17,478
2,145
sales before depreciation ana taxes—
Depreciation
Property taxes
Gross profit on sales.
Selling expense
Franchise and payroll taxes.
General and administrative expenses
$152,011
4,075
10,991
42,321
—
$82,070
$174,227
20,537
-
Accrued
Wayne Screw Products Co.—Earnings—
$3,647,565
2,965,223
-
x
1936
273,483
Cost of sales, exclusive
$6,141,186 $6,098,444
Total
$924,439
499,382
83,591
Operating revenues
Oper. exp., incl. taxes.
Prop, retire, res. approp.
$2,134,838
cash discount and
excise tax
1,666,459
632,750
Represented by 134,854 (no par) shares
local and social security taxes.—V. 144, p. 795.
Washington Water Power Co.
has
3673.
—V. 145, p.
3.365,300
y
Period End. Nov. 30—
1,817,463
32,481
profit
Expenses—Net—.
Net
gj&ggl
75,706
64,752
$6,141,186 $6,098,444
Afrer deprec.
State,
56.581
2,597.948
67,393
Deferred assets...
Total
75,780
116,471
1,714,632 5% cum. pref. stk. 3,365,300
33,017 y Common stock. 1,666,459
601,413
Earned surplus...
2,508,777
...
$225,869
135,874
Income taxes
138,634
chinery, &c
x
Dividends payable
Accrd.bondint.,&c
1,994,065
23,350
life insurance...
inventory
Other assets
1936
1937
$191,651
109,493
z70,996
payable-
Accounts
Int. charged to constr
Inc.—Earnings—
(Tom) Walker,
Gross
value of
xLand, bldgs., ma¬
Hope to Continue Payments on
Ry.—Receivers
Wabash
surr.
538,672
652,761
Bills & accts. rec..
Liabilities—
1936
1937
Assets—
1938
19,620
Net profit from
$94,625
1,540
operations.
Discounts on purchases
Total income
Interest
Loss
.....
—
418
sale of capital assets
on
Non-recurring
expense.
74,670
4,607
- - - - - -
—
x55,206
and Federal income tax
Provision for State
5
Miscellaneous income
$96,170
Total
11.050
Cash discounts allowed.
6,877
Transfer fees and organization expense—
394
Interest paid..
$98,483
-
Surplus at Oct. 31
$15,290
Addition to reserve for doubtful accounts.
362,285
Net income
403,290
Provision for Federal income taxes
400
Adjustment of reserve for Canadian exchange
Transfer of res. for contg. created in prior years—
10,419
—
Federal and State income taxes
the year
Discount
paid applicable to
1,612
1935
on treas.
pref. stock resold
12,500
-
Surplus at Oct. 31
$362,285
$414,563
-
undistributed profits.
depreciation and amortization
included
Accts.
$49,171
$12,144
hand
on
a293,438
d405,471
(net)
tomers
rec.—sund
acceptances
Trade
1,052,671
Inventories
pay.—trade
pay.—other
Pay, warr'ts outst.
Accrued payroll..
10,418
69,057
780,565
1,561,200
34,100
34,100
&
21,554
20,300
Unemploym't com¬
m
m
m
—
8,178
2,846
53,402
5,441
Fed. inc. & cap.
-
stock taxes
9,176
26,453
charges.
mm
Acer. int. on notes
Patents—net book
4,667
4,667
13,771
Pref. div. declared
Notes pay. to bank
—due July, 1939
400,000
400,000
(par $50)
980,550
Common stock..
725.500
918,050
725,500
362,285
Pref. stk.
c
414,563
Surplus
reserve
for
doubtful
accounts
b After reserve for
of $1,361.
depreciation of $810,155 in 1937 and $818,778 in 1936.
c Represented by
50,400 no par shares,
d After reserve for bad debts of $3,000.—V. 145,
2561.
■Consolidated Balance
Wauregan-Quinebaug Mills, Inc.
April 30, 1937—
Sheet
Notes
$162,933
Accounts rec.—less reserve...
Accounts
of
266,693
Investments,
Accounts
notes
unexpired
premiums,
-
wages,
Capital surplus
&
&c.—
*
Operating deficit
$200,000
43,541
76,031
308,933
654,800
x6,962
27,385
105,705
44,577
receivable
334,851
Property, plant and equip
Supplies,
money
Common stock
or
market
for
Preferred stock (par $100)
943
cost
banks
Reserves
92,783
lnv
Accounts rec.—for ins
to
payable
Accrued taxes,
Notes rec. for sale of mdse.
inv.—lower
payable
borrowed
280,-512
The Riley Co., Inc.:
Miscell.
on
Liabilities—
$19,913
hand and in banks
x42,018
receivable
Other accounts receivable.
2,665
...
Investments stocks (at cost)
-
10,600
-
y303,401
Property, plant and equipment
Organization
expense,
6,442
22,333
taxes
400,000
Common stock (par $4)
Surplus, Sept. 30, 1937
23,881
taxes,
19,243
Insurance, &c
$487,480
Total....
After
reserve
$487,480
Total
for discounts and bad debts of $4,375.
y
After reserve
for depreciation of $30,193.
Wayne United Gas Co.—To Redeem Bonds and Notes—
York is notifying holders of
6.50% sinking fund convertible gold bonds and 5-year con¬
of the amount due
$1,000 bond and a
proportionate sum for each $500 bond; and, as trustee under the agreement
under which the notes are outstanding, will pay on account of the amount
due for principal and interest on the notes and appurtenant coupons matur¬
ing on and subsequent to June 1, 1932, the sum of $11,601 for each $1,000
note and a proportionate sum for each $500 note.—V. 135, p. 2177.
1st mortgage
vertible 7 % secured gold notes that it will pay on account
for principal and interest on the bonds, $774,604 for each
West Penn
Rys.—Declared Not Holding Unit—
Securities and Exchange Commission
that the company, a subsidiary of American
An
Power Co. not to be its subsidiary.
The Commission dismissed the latter
application without prejudice to its renewal at any future date.—V. 145,
p.3515.
Western Public Service Co.
Period End. Nov. 30—
Operating revenues
Operation
1
$1,211,947
Total
Stationery Corp.—Earnings 1937
$760,822
5,234
Interest
11,435
19,591
$64,841
Dr6,076
$50,912
,2089
$762,514
Dr45,696
$700,497
59,284
$58,765
28,840
$53,002
29,265
$716,817
34,774
$759,781
350,447
$29,924
Non-oper. income (net).
bds. redeemed
.
Interest & amortiz., &c.
$23,736
$367,042
$409,334
224,570
119,451
228,708
119,452
$23,020
$61,173
1934
1936
$609,983
22,915
8,870
$639,948
54.267
79",390
83*591
$536,606
88,962
30,000
Amort, of bond discount
-
135,874
Federal tax
14,342
65.000
Prov. for inventory price
145,651
31,655
118,041
...
$474,063
8hs.com.stk.out.(no par)
134,854
$467,152
134,854
$2.27
$2.22
$354,048
118,110
$1.00
declines
Earnings per share
1937—12 Mos.—1936
$2,175,603
$2,145,354
1,075,888
1,128,672
146,554
119,577
al90,646
196,606
99,726
12,908
al6,549
Taxes
Balance.
Western Tablet &
Years End. Oct. 31-
Net income
(& Subs.)—Earnings—
1937—Month—1936
$191,066
$181,666
96,766
Net oper. revenues
and expense
order, issued Jan. 3, declared
Water Works & Electric Co.,
Inc., is not a holding company within the meaning and for the purposes of
Section 11 (B) (2) of the Utility Act.
That section of the law requires the
elimination of more than one tier of intermediate holding companies between
28,655
$1,211,947
on
9.824.
Reserve for Federal and State
Represented by 6,962 no-par shares.—V. 135, p. 4050.
Prem.
$25,000
payable—Bank
payable
Accrued payroll, &c
89,640
Inventories
Maintenance.
insurance
&c
Total
x
Notes
Accounts
Customers accounts and notes
the top registered holding company and its public utility subsidiaries.
The company originally filed for an order of the commission declaring
it not to be a holding company and for an order declaring West Penn
Liabilities—
Assets—
Cash
Mdse.
Cash
$3,118,389 $2,720,913
Total
$3,118,389 $2,720,913
After
Balance Sheet, Sept. 30, 1937
The Chase National Bank of the City of New
payable
8,481
.16,460
value
a
$0.60
stock (par $4)
Reserve lor State &
9,891
assets)
Total
$23,881
Surplus, Sept. 30, 1937
x
pensate payable
(arising
from sale of plant
Deferred
personal prop¬
erty taxes
cash surr .value.
rec.
J79.945
\20.984
$10,231
13,650
...
Accrued real estate
Corporate insur.—
Acct.
11,943
10,287
commissions
Acer,
1,542,793
b Land, buildings,
machinery, &c._
103,927
143,352
Accts.
125
3,064
Accts.
28,115
Due bank
Accts.
rec.—cus-.
$50,000
$250,000
pay.—bank
Notes
Cash in banks and
Addition to surplus for the period
Surplus, Sept. 30, 1936
Assets—
1936
1937
Liabilities—
1936
454
68
Depreciation reserve adjustment for prior years.
above
Consolidated Balance Sheet Oct. 31
1937
Assets—
Dividends paid
—
Income tax for prior years in excess of reserves..
Earnings per share on 100.000 shares common
xIncludes $15,000 for surtax on
Note—Provisions for
amounted to $143,412.
$60,754
50,001
Net income
$418,980
55,083
$471,188
44,125
Total
Preferred dividends
2,632
14,463
Balance
Appropriations for retirement reserve
Preferred dividend requirements
Balance for
common
dividends and surplus
a No
provision has been made for the Federal surtax on undistributed
profits, since any liability for such tax cannot be determined until the end
of the year.
$368,302
118,110
$1.12
Note—The companies on Jan. 1, 1937 adopted the Federal Power Com¬
mission System of Accounts, hence previous year's figures are not exactly
comparative.—V. 146, p. 124.
Volume
146
Financial
i
Williams Oil-O-Matic Heating Corp.Years End. Oct. 31-
1937
Returns, sales allow., &c
See
Cost of sales
Selling
1935
$2,771,794
1,888", 267
1934
$2,059,734
See
x
$1,634,741
See
x
x
708,356
Total income
Fed. inc.taxesaccrued,.
Other expenses
Net profit.
1,237,759
586,272
1,001,962
578,830
$260,213
58,419
$235,703
35,580
$53,949
23,604
$81,654
8,105
21,921
Other income
1,751,289
760,291
$31,389
50,265
expenses
Operating profit
$318,632
44,534
14,598
$271,283
22,051
35,288
Dividends paid
22",007
$51,627
322,500
$259,500
322,500
$213,943
com.
$0.60
$0.49
1937
Perm't assets...
1936
$738,683
1
1
Engineering, experi¬
256,318
Cash
begun."—V. 145,
Wilson-Jones Co.-—Earnings
3 Months Ended Nov. 30—
sales
Cost of sales and expenses
1936
Capital stock...$2 ,150,000 $2,150,000
Accounts payable.
54.867
27,143
32,664
3"l~89i
322,502
Accruals
140,000
232,132
30,215
Customers'&dealers
*238,860
1,071,373
44,534
18,79!
Fed'l income taxes
1937
accts.
Accts. pay. officers
25,756
Other reserves
42,002
43,554
73
400,000
$184,562
10,227
$67,493
5,250
$194,789
25,112
25,800
$29,689
418,484
$143,878
321,296
$448,174
136.400
$465,174
204,600
$311,774
478,285
$260,574
478,285
$790,059
$0.10
$738,859
deductions.
314*159
320,005
Capital surplus...
46,998
46.998
2,210
.....
Net income........
Earned surplus, beginning of year............
Total....
_,.J
Dividends paid in cash..
______
...
.
Earned surplus, since Aug. 31, 1932Capital surplus
279,909
i
Uvd/i
.......
cdpiotii surpiuo duct earned surplus jnov. o u
L-
Earnings
per
share
on
Assets—
$2,862,256 $3,050,570
Total
$2,862,256 $3,050,570
Wheeling Steel Corp.—Conversion Time Extended—
has advised the New York
1936
$326,355
Liabilities—
$711,073
$0.52
accruals
less reserve
612,014
Inventories, at cost 1,571,320
Invest., less res've
15,001
601,439
1,190,283
15,001
18,187
Plant &equip't_.
1,196,064
recapitalization dated June 8, 1937 has been extended up to and including
Jan. 31, 1938.
The corporation has further notified the exchange that upon
each surrender during the period from Jan. 1, 1938 to Jan. 31, 1938, both
inclusive, of 6% preferred stock for conversion into $5 prior preferred stock
and common stock pursuant to the
plan, there shall be payable to the
corporation as a condition precedent to such conversion and for the purpose
of effecting an equitable adjustment of dividends on such conversion, an
amount equal to 50 cents
per share of 6% preferred stock so surrendered.
—V. 145, p.3675.
Idle
plant,
18,923
1,200,939
243,932
Deferred charges..
113,487
Pats., less amort..
10,659
Total
on
3,000,000
311,774
income
Capital stock
260.574
76,779
478,285
Earn, surplus since
Aug. 31, 1932..
254,980
42,203
7,887
Total
$4,107,020 $4,042,728
for depreciation of $1,710,204 in 1937 and
$1,615,734
After reserve for loss on disposal of $587,689 in 1937 $617,099
1936.—V. 145, p. 2871.
x
in
83,426
3,000,000
478,285
Prov. for Fed. tax,
$4,107,020 $4,042,728'
After
$227,090
less
depreciation....
in
1936
$233,536
Capital surplus...
notes & accts...
x
y
1937
Accts. payable and
Accts. & notes rec.,
Stock Exchange that the
1936.
Corp.—Earnings—
reserve
y
Winnipeg Electric Co.—Earnings—
Consolidated Statement for Year Ended July 31, 1937
Period End. Nov. 30—
Entire
Circuit
Companies
$146,231
30,677
1937—Month—1936
Gross earnings.
Oper. exps. & taxes
Consolidated
Sundry income.
1937
Cash.
Officers' & empl's'
time within which 6% preferred stock may be exchanged for $5 cumulative
convertible prior preferred stock apd common stock under the plan of
Wilmer & Vincent
272,800 shares capital stock.
Comparative Balance Sheet Nov. 30
Represented by 430,000 shares of no par value at declared value of $5
per share,
y After reserve for depreciation of $504,499 in 1937 and $496,415
in 1936.
z Accounts receivable only.—V.
145, p. 2411
corporation
989,411
32,553
Provision for Federal income tax.
400,000
x
The
$58,621
8,872
275,461
1,017,339
Earned surplus
Paid-in surplus...
Prepaid expenses &
supplies
Total
$1,173,974
/_
....
Other assets
1936
$1,188,640
1,130,019
....
91,878
deposits
and notes recelv.
(less reserve)...
Inventories
;
—
Net
...
Customers'
>
x
35,900
77,752
Investments
964.
p.
Total income
127,425
Collateral loans
significance other than the management's
the management and board will be better -able to
judge business conditions
and the prospects for earnings for the new fiscal year which we have
just
Other
1937
Dealers' deposits..
mental & devel.
no
Net profit from operations..
income
Liabilities—
$738,258
Patents
has
Other
Comparative Balance Sheet Oct. 31
y
stock dividend
a time of a general downward trend in business, common
prudence suggests that consideration be deferred until a later meeting, when
$0.13
stk.(no par)
Assets—
common
feeling that during
$55,546
Earns. per sh. on 430,000
shs.
quarterly dividend on the common stock was paid to stockholders
Dec. 1, 1937.
The next quarterly dividend would not be payable until
March 1, 1938.
The fact that no action was taken at this meeting on the
$77,553
$0.12
\
291
"A
-Earnings—
1936
$2,628,012
Chronicle
$118,619
26,798
1937—11 Mos.—1936
$582,052
326,529
$6,100,565
3,586,409
$5,979,205
3,439,655
$255,523
Net earnings
$574,428
315,462
$258,966
$2,514,156
$2,539,550
-V. 145, p. 3675.
$176,908
162,686
Administrative expenses.
Income taxes accrued...
$145,417
163,761
12,791
11,795
Profit after income taxes
Share of minority and associated interests
$2,427
2,705
loss$31,134
loss 14,089
Wilmer & Vincent share loss
Wilmer & Vincent share—extraordinary charges..
$278
63,351
$17,045
63,351
$63,629
$80,396
...
Wilmer & Vincent share of loss and charges
Witherbee-Sherman
Corp.—Reorganization Approved—
A reorganization plan whereby the corporation and its
subsidiary, the
Port Henry Mining Co. may reorganize has the approval of Federal
Judge
Frederick H. Bryant.
Judge Bryant said that under the plan the debtor corporations may
reorganize so that a 30-year lease on the debtors' iron mines at Port Henry,
fiven the Republic Steel Corp. may be superior to existing
mortgages,
lis approval, he added, does not affect creditors of stockholders of the
company.—V. 145, p. 3362.
Consolidated Balance Sheet July 31, 1937
Assets—
Stocks and bonds of,
$99,456
Bonds,
com¬
panies not consolidated
Miscell.
Land,
investments
buildings
714,785
(at cost)
and
37,470
mortgages
,201,119
Goodwill
1
Sundry deposits and advances
;
10,010
Deposits in closed banks, less
and
135,151
other
secured debt
Minority
2,088,645
.
.
„
.
in
on
to
a dividend of $1.75 per
share on account of
the 7% cumulative first preferred stock, par $100,
pay¬
of record Jan. 20.
Like amounts were paid on
holders
1, Aug. 10 and May 1 last.—V. 145, p. 2250.
(F.
280,193
capital
surplus
95.658
W.) Woolworth Co.—Sales—
1937—Month—1936
Period End. Dec. 31—
Sales
—V.
5,875
50,217
.
Nov.
1
15,626
reserves
interests
Feb.
able
■
reserve
accumulations
Wilmer & Vincent Corp. capital
and surplus..
x2,389,934
and
Deferred charges...
The directors have declared
$113,725
Due to associated enterprises.
Contingent
equip¬
ment, less deprec. reserves.
Notes and accounts payable..
Accrued Interest, taxes, &c
and ad¬
associated
to
vances
Wood, Alexander & James, Ltd.—Accumulated Dividend
Liabilities—
Cash and other current assets.
....
145,
p.
47,181,651
1937—12 Mos.—1936
45,505,958 304,775.189 290.378,407
3833.
Youngstown Steel Car Corp.—Initial Dividend—
Total
$5,118,932
Total
$5,118,932
Representing 47,522 shares preferred stock $950,440; 100,088 shares
common
stock $1,033,220; earned surplus $362,925; appraisal surplus,
$5,865, and capital surplus $37,485 —V. 141, p. 3878.
x
Wilson & Co.,
The directors
Inc.—Dividend Action Explained—
The company paid an initial dividend of 10 cents per share on Dec. 23 to
holders of record Dec. 21.-—V. 145, p. 965.
Zonite Products
Corp.—Subsidiary Dissolved—
has notified the New York Stock Exchange thai, Zonite
Corp.—a wholly owned subsidiary—was dissolved on Dec. 31, 1937
and that Zonite Products Corp. has succeeded to all of the assets and as¬
sumed all of the obligations of said subsidiary.—V. 145, p. 3362.
Corporation
Dec. 28 declared the regular quarterly dividend of $1.50
per share on the $6 preferred stock, payable Feb. 1, 1938 to holders of record
Jan. 15, 1938.
Officials of the company also announced;
•
on
Sales
-
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY
and
COMMERCIAL EPITOME
GOODS—WOOL—ETC.
freight offers from Brazil were unchanged to 10 points
higher with Santos 4s at from 6.95 to 7.20c.
Friday Night, Jan. 7, 1938
Coffee—On
the 3d inst. futures closed
points higher, with sales of 29 lots.
I to 3
special feature and
was
confined
positions for the larger part.
unchanged to 2
The Rio contract closed
points off, with sales of 5 lots.
to
Trading
the
was
March
13^ francs lower in quiet trading.
without
and
The Havre market
was
May
1 to
On the 4th inst. futures
closed
II
unchanged in the Santos contract, with sales of only
contracts.
The opening Santos range was 6 to 2 points
off from the previous finals.
neglected.
Trading
was
Rio contracts
practically at
a
were
any
weight market wise.
was
entirely
standstill, reflect¬
ing the apathy in the actual market and the lack of
news
of
off 200 reis to 12.8 milreis per 10 kilos.
tinued to be
In Brazil the spot Rio No. 7 price
The milreis con¬
officially quoted at 17.27 to the dollar.
Milds
were
steady with Manizales for shipment at 9H*c. to 934c.
Cost
Havre futures
were
unchanged to 1 franc lower.
oth inst. futures closed 20
points
up
In
On the
in the Santos March de¬
livery and 13 to 14 points net higher for the rest of the list in
the
Santos contract,
with sales totaling 93 lots.
contract closed 8 to 10
With the brakes
The Rio
points net higher, with sales of 61 lots.
applied
on new
purchases from the interior
by Brazilian exporters, available supplies at ports for export
have been reduced and selections have become
so
much
meet
so
that
some
notably
poor,
of the coffee being shipped might not
exchange deliverable standards.
That prospect forced
aggressive short covering in the March position today, and
other months went higher in sympathy.
In the rally of 20
points March advanced to
represented
a
a
close of 6.54c.
That
price
net gain from the record November low of 89
Financial
292
points.
On
Other positions are 54 to 60 points over the lows.
futures closed 12 to 5 points net higher in
the 6th inst.
The
Rio contract closed 1 to 2 joints net lower, with sales of 22
contracts.
Santos contracts opened 10 to 6 points up, the
the Santos contract, with
March option
scoring
an
sales totaling 68 contracts.
advance in the later trading of 14
However, Rios were 5
points lower, March moving down 10 points from the early
points above the previous close.
level to 4.45c.
Brazilian cost and freight offers were un¬
changed, with Santos 4s. at from 6.90 to 7.20c. Nothing
much was being done.
A good trade in spot Golombian
coffees
was
reported, with Manizales selling at 93d2 to 9%c.
Today futures closed 10 to 6 points net higher in the Santos
contract, with sales totaling 136 contracts. The Rio contract
closed 2 points down to
unchanged, with sales of 7 contracts.
Further covering by
trade and commission house sources
brought additional gains to coffee futures.
Santos contracts
opened 10 to 13 points higher, and in early afternoon were
holding gains of 10 to 14 points, with March at 6.80c., up
14 points.
Rios were 1 to 9 points higher, with September
at 4.25c., up 9 points.
During late November and early
December a fairly large quantity of Brazilian coffee was sold
here for shipment in even monthly instalments throughout
1938.
It now appears that shippers are anxious to have the
contracts amended due to the difficulty in getting coffees
down into port
made.
for export in compliance with the contracts
Prompt Brazilian cost and freight Santos 4s. were
reported to have sold at 7c., while the range generally is
between 6.90 and 7.30c.
Havre futures were 13^ to 43^
francs higher.
Rio coffee
prices closed as follows:
March
—
Santos coffee
4.16
...4.47 September
4.25
4.16
May..
July
prices closed
December
as
.4.14
^
follows:
March
6.76 September
May
July—
6.42
6.33
6.31
.....
December
-6.29
Cocoa—On the 3d inst. futures closed 2 to 9
points net
lower.
The opening range was 9 to 3 points below the
previous finals.
Transactions totaled 199 lots or 2,667 tons.
London came in 13^ to 4^d. lower on the Terminal Cocoa
Market, with 650 tons trading.
Local closing: Jan., 5.54;
March, 5.54; May, 5.58; July, 5.66; Sept., 5.72; Oct. 5.77.
On the 4th inst. futures closed 2 to 4 points net higher.
Trading was light but the tone of the market was firm, prices
standing 2 to 4 points net higher during most of the session.
Sales to early afternoon were 40 lots.
Warehouse stocks in¬
creased 4,200 bags, but afloats from Africa totaled only 4,800
bags compared with 137,200 bags at this time last year.
Accra cables said that farmers were exercising unusual care
in drying the crop to enable them to hold it.
Transactions
in
the
local futures market
totaled
128
contracts.
Local
closing: Jan., 5.59; March, 5.58; May, 5.62; July, 5.69;
Dec., 5.91. On the 5th inst. futures closed net 7 to 8 points
higher for the day. Opening sales were effected at gains of
9 to 5 points.
Transactions totaled 244 lots, or 3,270 tons.
The market was sustained by further covering of hedge lines
and a moderate volume of new support. London reported the
outside market 6d. to 3d. firmer and futures
on
the Terminal
Cocoa Market 9d. to 43^d. higher,
Local closing: Jan., 5.66; March,
with 1,290 tons trading.
5.65; May, 5.70; July,
5.77; Sept., 5.85; Oct., 5.89; Dec., 5.99.
On the 6th inst. futures closed 9 to 5 points net
higher.
Speculative demand for
cocoa continued and some manufacturer buying also was re¬
ported, with the result that the futures market crept quietly
higher. This afternoon prices were up 2 to 4 points, these
gains being increased as the session drew to a close. Ware¬
house stocks decreased 10,700 bags.
The present total is
1,093,000 bags against 514,927 bags a year ago.
Local
closing: Jan., 5.74; March, 5.74; May, 5.77; July, 5.83;
Sept., 5.90; Dec., 6.09.
Today futures closed 13 to 14
points net higher. This market continued to advance under
persistent accumulation, which is based on the African hold¬
ing movement. Private reports say that it is as determined as
ever.
The market advanced 7 to 11 points with March
going to 5.81, up 7 points. Trading was fairly active with a
total of 250 lots to early afternoon.
In the meanwhile ware¬
house stocks had a sharp decrease over night of 16,000 bags.
They now total 1,077,379 bags, off about 320,000 bags from
the peak on October 16th.
Local closing: Jan., 5.87; March,
5.87; May, 5.90; July, 5.97; Sept., 5.04; Oct., 6.08.
Transactions totaled 188 contracts.
Sugar—On the 3d inst. futures closed unchanged to 1
point lower.
Sales were only 73 lots, or 3,650 tons, half of
were in March at 2.26c. and 2.25c.
The general un¬
certainty that prevails is causing traders generally to take to
the sidelines until something of an encouraging nature
develops.
In the market for raws it was reported that one
refiner for nearby sugar would pay 3.20c., but the interest
which
otherwise
was
not
better than 3.18c.
Sellers
were
asking
3.20c., and for that reason it was believed that a sale to the
one refiner showing interest at that level
may have been
effected.
The world sugar contract closed unchanged to
3^-point higher, with sales totaling 31 lots.
London terme
prices were 3^d. to y2d. higher, with raws there 6s. 3d.,
equal to 1.19c., f. o. b., Cuba, with freight at 18s., an
Jan. 8,
Chronicle
advance of 6d.
1938
the last quoted rate.
On the 4th inst.
point net higher in the domestic contract.
over
futures closed 1
opening range was unchanged and later stood unchanged
point higher throughout most of the session.
The raw
appeared slightly better, with refiners- displaying
interest at 3.18c., while sellers were holding offers at 3.20c.
Refined withdrawals were showing some slight improvement
The
to 1
market
the
from
nounced
the
a
yesterday.^ Savannah an¬
price of 10c. to $4.75 per 100 lbs., at
spotty appearance of
reduction in
time cancelling as of Dec. 31, all undelivered con¬
balances.
This afternoon the American Sugar Re¬
same
tract
fining Co. followed the cut.
World sugar contracts recovered
a
full point after opening 3^-P°int higher.
One block of
3,100 tons of July was recorded at 1.22c., up 34-point from
last night.
In London futures were M to fid. lower in quiet
trading, but raws were still held at 6s. 3d. per cwt.
On the 5th inst. futures closed 2 to 3 points net higher.
The
market received its chief stimulus from a longshoremen's
strike in Puerto Rico in effect since Monday, which is seri¬
ously interfering with the loading of steamers, particularly
San Juan, where it was impossible to load and where
in
settlement discussions ended in
a
deadlock.
Transactions in
the local domestic market totaled 7,600 tons.
In the raw
market four sales were effected at 3.20c. delivered, or the
equivalent of 2.30c. for Cubas.
McCahan bought 4,000
tons of Philippines, due Jan.
14; Rionda, 1,500 tons of
Philippines, due Feb. 16; Revere, 25,000 bags of Cubas for
first-half February shipment, and an operator a cargo of
Cubas for second-half January shipment.
At the close
further buying interest existed at 3.20c
but sellers advanced
,
their ideas to 3.23c. and 3.25c.
closed
The world sugar contract
unchanged to A^-point lower, but the market for a time
had
been ^ to 1 point over the previous closing levels.
Sales in this contract totaled 94 lots.
London terme prices
were
unchanged to 3^d. higher.
London
raws were
held at
6s. 3d.
On the 6th inst. futures closed 2 points up to 1 point down
in the domestic contract, with sales totaling 136 contracts.
This market turned slightly easier after opening 1 to 2 points
higher.
In the raw market 5,000 tons of Feb. shipment
Philippines and 6,000 tons of Feb .-March shipment were
sold to operators at 3.23c., up 3 points.
Further Philippines
and one lot of 20,000 bags of Jan .-Feb. shipment Cubas
were offered at 3.25c., while refiners were buyers at 3.20c.
The longshoremen's strike in Puerto Rico was reported to
have assumed serious proportions.
The world sugar con¬
tracts reflecting the weaker tone in London, were y to 1
point lower, with sales totaling 136 contracts.
London
futures were %d to Id. lower, while raws there were valued
at 6s. 13^d. per cwt.
Today futures closed unchanged in
the domestic contract, with sales totaling 7 contracts.
The
world sugar contract closed ]/2 to 1 point higher, with sales
totaling 84 contracts.
Domestic sugar futures were quiet
and unchanged to 1 higher, with May at 2.31c., up 1 point.
The raw market was deadlocked at 3.20, with all eyes turned
to Puerto Rico where the longshoremen strike had tied up
shipping from all ports.
With refiners fairly well covered
for this month and a good part of February, it is believed
that some new development will be needed to bring immediate
further large purchases of raws.
World sugar contracts on
an expanded volume of trading opened
y2 to 1 point lower,
and then rallied to stand ytoiy points higher in early after¬
noon, with March, 1.173^c., up y2 point.
In London futures
were yd. either way, while raws there were still valued at
6s. iyd., although very little business was transacted.
Closing quotations were as follows:
2.26 July
2.28 September
230 December
January
March
May
2.31
2.32
Lard—On the 3d inst. futures closed
unchanged to 2 points
opening range was 2 to 5 points lower than the
previous finals.
Trading -was relatively light and without
particular feature. Lard stocks at Chicago increased 9,562,000 pounds during the month of December, the latter in¬
crease being considerably above expectations.
Total stocks
at Chicago on Dee. 31 were 21,128,000 pounds, against
11,566,000 pounds a month ago and 80,528,000 pounds on
Dec. 31, 1936.
Hog prices at Chicago closed 15c. to 25c.
lower, owing to the heavier hog marketings than anticipated
by the trade. Total receipts for the Western run were 90,200
head, against 115,100 head for the same day last year. The
top price reported was $8.40 and scattered sales ranged from
$7.10 to $8.35.
Liverpool futures were unchanged to 3d.
On the 4th inst. futures closed 5 to 10 points net higher. The
lower.
The
opening was unchanged from the previous close. Speculative
buying was the chief factor in the day's advance.
Heavy
export shipments of lard from the Port of New York were
reported, clearances amounting to 883,340 pounds, destined
for London, Liverpool and Hamburg.
Liverpool lard futures
were unchanged to 6d. lower.
Western hog receipts were
moderately heavy and totaled 80,600 head, against 110,500
head for the same day last year.
In spite of the fairly heavy
marketings prices advanced 10c. to 15c. at Chicago, the top
price being $8.45, while the bulk of sales ranged from $7.50
to $8.45.
On the 5th inst. futures closed 7 to 12 points net
higher. At one time prices scored gains of 10 to 15 points.
Trading w^as fairly active, but without special feature. Hogs
closed very steady with prices 5e. to lc. higher.
Western hog
marketings wrere quite heavy and totaled 70,000 head,
against 65,000 head for the same day a year ago.
The top
Volume
price
Financial
146
hogs at Chicago was $8.45. Liverpool lard futures
quite firm, with final prices Is. to 9d. higher. Export
today were
reported as 574,480 pounds, destined for Aberdeen, Hull and
on
were
clearances of lard from the Port of New York
New Castle.
4';(
.
On the 6th inst. futures closed 12 to 17
points net higher.
Opening prices were 5 to 7 points lower, due to scattered
selling influenced by the heavier hog movement.
A sharp
rally followed this setback and as a result prices advanced
20 to 25 points above the lows of the day, which improve¬
ment was sustained to the close.
Hog prices at Chicago
ended 10 to 15c. lower, the top price registering $8.40, while
the bulk of sales ranged from $7.90 to $8.40.
Total receipts
for the Western run were 111,300 head, as against 72,100
head for the same day last year.
Liverpool lard futures
were
unchanged to 3d. higher.
Today futures closed 30
points down on the Jan. delivery, and 15 to 10 points net
higher for the rest of the list.
DAILY
CLOSING PRICES
SaC.
OP LARD
FUTURES
IN CHICAGO
Thurs.
Fri.
May
—
July.
Tues.
Wed.
8.07
8.12
O
March
Mon.
H
January
8.35
8.45
8.20
8.57
L
8.65
8.77
8.77
8.87
8.85
9.00
8.45
8.80
9.10
9.25
8.25
8.75
8.97
9.15
Pork—-(Export), mess, $27.37% per barrel (200 pounds);
family, $28.37% (40-50 pieces to barrel), nominal, per
barrel.
Beef: (export) steady.
Family (export), $27 per
barrel (200 pound), nominal.
Cut Meats: Pickled Hams:
Picnic, loose, c.a.f.—4 to 6 pounds, 13c.; 6 to 8 lbs., 11 %c.;
8 to 10 pounds., 11 %c.
Skinned, loose, c.a.f.—14 to 16
lbs., 17c.; 18 to 20 lbs., 15%c.
Bellies: Clear, f.o.b. New
York—6 to 8 pounds., 19c.; 8 to 10 lbs., 18%c.; 10 to 12 lbs.,
173^e.
Bellies: Clear, dry salted, boxed, N. Y.—16 to 18
lbs., 13%c.; 18 to 20 lbs., 13%c.; 20 to 25 lbs., 13%c.; 25
to 30 lbs., 13%c.
Butter: Creamery, firsts to higher than
extra and premium marks—2934c. to 33 %c.
Cheese: State,
held '36, 22c. to 24c.
Eggs: Mixed colors, checks to special
packs—1934c. to 26 %c.
Oils—Linseed
oil market relatively quiet, with prices
lb. in tank cars and 9.6 to 9.8c. in tank wagons.
Quotations: China Wood: Tanks .04)4; Pacific Coast, .03%
to .03%.
Corn: Crude, west tanks, nearby, 0.6%. Olive:
Denatured, spot, drums, $1.10 to $1.15; new crop, 85c. Soy
Bean: Crude, tanks, west, forward, .05% to .06%; L.C.L.,
N Y.—.07)4.
Edible: 76 degrees, 10%c.
Lard: Prime,
ll%c.; extra winter strained, 10%c.
Cod: Crude, Nor¬
wegian, light filtered, 35c.
Rosins: $5.55 to $9.00.
Tur¬
pentine, 31%c. to 3534c.
9.6c. per
Cottonseed Oil
Crude, S. E., 6c.
January.-..February—
March
April
—
...
—
sales, including switches, 205 contracts.
Prices closed as follows:
7.27@ 7.35 May.—
7.30@
n
June—
7.38®
July
7.40@
n
August-
-
7.39@
7.40@
7.43 @
7.43 @
Rubber—On the 3d inst. futures closed 42 to 54
net lower.
n
--
n
points
The opening range was 29 to 36 points below the
previous finals.
Subsequently there was a rally but later on
prices slipped back and closed at the lows of the day.
Trans¬
actions totaled 2,870 tons.
Business in the outside market
again was almost at a standstill and many offerings from the
Far East were reported as going back unsold.
Complete
lack of factory interest, in view of the poor 1938 outlook for
the automobile industry, is the main reason behind the dis¬
appointing action of the crude rubber market, according to
well-informed circles.
Local closing:
Jan. 14.00; March
14.19; May 14.31; July 14.42; Sept. 14.52.
On the 4th inst.
futures closed 16 to 14 points net higher.
Transactions
totaled 304 contracts.
The market was firm throughout the
forenoon on buying which was attributed largely to sym¬
pathy with the strength of the stock market. Factory
buying was said to be at a minimum.
The London market
closed quiet and steady, unchanged to 3-16d. lower.
Singa¬
pore also was steady.
Sales of futures on the New York
market totaled 2,000 tons to early afternoon.
Local closing:
March 14.35; May 14.45; July 14.57.
On the 5th inst.
futures closed 6 to 8 points net higher.
Transactions
totaled 2,580 tons.
The opening range was 13 to 23 points
above the previous finals.
A considerable amount of com¬
mission house buying was in evidence at the opening.
How¬
ever, selling by dealer interests against purchases of shipment
rubber was sufficient to supply the needed contracts and
prices began to drift lower when the President's budget
message failed to stimulate outside buying interest.
Local
closing: Jan. 14.25; March 14.43; May 14.52; July 14.65;
Sept. 14.75; Oct. 14.80.
On the 6th inst. futures closed 15 to 8 points net higher.
Transactions totaled 203 contracts.
The market
was
firm
throughout the forenoon, although trading was very light,
with a total of 950 tons to early afternoon.
The fact that
cables were higher and that offerings at primary points were
rather light, contributed to favorable sentiment.
London
closed unchanged to %d. higher.
Singapore also showed
some gains.
Local closing: Jan., 14.40; March, 14.53; May,
14.65; July, 14.73; Sept., 14.83; Oct., 14.88.
Today futures
closed 1 to 6 points net higher.
This market was firm
throughout the forenoon after opening 13 to 20 points net
higher, although January was set back by issuance of 12 ad¬
ditional transferable notices, making 74 so far.
Cables were
firm and c. i. f. offerings were light.
In early afternoon
March stood at 14.63, up 10 points, and May at 14.76, up
11 points.
London closed unchanged to %d. higher. Singa¬
Chronicle
293
also was slightly higher.
Local closing: Jan., 14.42;
March, 14.56; May, 14.66; July, 14.76; Sept., 14.89.
V
Hides—-On the 3d inst. futures closed 1 to 7 points net
higher.
The opening range was from 10 to 21 points off.
Transactions totaled 3,400,000 pounds.
The upward move¬
ment in the securities market acted as quite a stimulus to the
hide market, and in the consequent rally prices recovered
all the early losses and closed slightly above the previous
close.
No new developments were reported in the domestic
spot hide situation.
Local closing: March 9.98; June 10.30;
Sept. 10.68; Dec. 10.98.
On the 4th inst. futures closed
40 to 42 points net higher. Transactions totaled 91 contracts.
Like most other commodity markets, hides futures were
strongly affected by the rise in the stock market.
However,
the trade also heard somewhat more encouraging reports on
the shoe industry.
In the early afternoon the market was
27 to 30 points net higher on sales of 2,520,000 pounds.
Local closing:
March 10.38; June 10.72; Sept. 11.10.
On
the 5th inst. futures closed 16 to 20 points net lower.
The
market opened firm with fairly substantial gains of from
10 to 13 points.
Heaviness prevailed throughout most of
the session and prices closed at the lows of the day.
Trans¬
actions totaled 5,800,000 pounds.
No new sales were re¬
ported in the domestic or Argentine spot hide markets during
the course of the day.
Local closing: March 10.20; June
10.58; Sept. 10.91; Dec. 11.21.
On the 6th inst. futures closed 38 to 32 points net
higher.
The advance in this market continued, with gains ranging
frofn 4 to 11 points during the early afternoon.
In the later
session the market developed exceptional strength and closed
at near the highs of the day.
Transactions totaled 123 con¬
tracts.
In the spot market a sale of 16,000 calf skins by
Swift & Co. at 16c., an advance of one-half cent, was re¬
ported.
Local closing: March, 10.58; June, 10.90; Sept.,
11.24.
To-day futures closed 12 to 9 points net lower. Raw
hide futures had a steady tone on news of recent spot hide
sales at steady prices, but trading was inactive, totaling
only 1,760,000 pounds to early afternoon.
March sold at
10.60c., up 2 points, and June at 10.90c., unchanged. Sales
of 21,100 spot hides in the domestic market were reported
overnight, with butt branded steers bringing 14c.
Local
closing: March, 10.46; June, 10.80; Sept., 11.15.
pore
Ocean Freights—Demand for tonnage was fairly active
during the past week.
Charters included: Grain booked:
Two loads New York to Liverpool, Feb., 3s. 7%d.
Three
loads New York to Rotterdam, Jan., 17c.
Fifteen loads,
Montreal to Antwerp, May, 3s.
Ten loads, Montreal to
Antwerp, May 15 to 31, 3s.
Grain: Gulf to United King¬
dom and Ireland, Feb., 4s. 3d.
Gulf to Antwrep or Rotter¬
dam, Jan., 3s. 7%d., option United Kingdom, 3s. 10 %d.
Atlantic range, to Antwerp-Rotterdam Jan -Feb., 3s. 1 %d,
Montreal to Antwerp-Rotterdam, May, 3s.
Gulf to United
Kingdom, Feb. 5-25, 3s. 10 %d.
Baltimore to AntwerpRotterdam Jan., 3s. 3d. Trip: Trip across, delivery Halifax;
redelivery United Kingdom-Continent, Jan. 15-31, $2.50.
Scrap: Providence to Rotterdam, Jan., 21s.
,
Y Coal—A better feeling
circles.
Several
interests
appears
stated
to prevail in bituminous
they had expected the
demand for bituminous to continue dull for at least
a
month
It is
reported that while activity is not at all
marked, business has been coming in this week.
The in¬
crease in steel operating for the current week will probably
result in a proportionate increase in coke consumption, some
observers assert.
The total production of anthracite (which
includes colliery fuel) for the week ended Dec. 25, as esti¬
mated by the United States Bureau of Mines, totaled 930
net tons.
This is a decrease, as compared with production
of the preceding week, of 225,000 net tons, or 21.5%.
Pro¬
duction during the corresponding week in 1936 amounted
to 852,000 tons.
Authoritative sources state that shipments
of anthracite into eastern New York and New England for
the week ended Dec. 18, have amounted to 1,876 cars,
against 2,076 for the same period in 1936.
or
more.
pi Metals—The report of Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the department headed
"Indications of Business Activity," where they are covered
more fully.
wool circles is becoming decidedly
Renewed confidence in the worth of wool
is seen in the substantial buying of wools in Texas at prices
fully equal to the slow firm spot market in the Boston dis¬
trict.
Texas hitherto had been a favorable field for interests
seeking comparatively cheap wools.
The situation has
changed there very materially, it now being apparently a
Wool—The feeling in
more
optimistic.
sellers market instead of the reverse.
At the start of the
the undertone of the wool market is decidedly firm,
with original bag territory at 73 to 75c., clean, for the best
class 3 wool.
Scattered purchases are being made in fleece
wool, fine clothing Ohio bringing 26 to 27c. in the grease.
Ohio delaine is being offered at 31 to 32c. in the grease,
three-eighths blood Ohio sells occasionally at 31 to 33c. in
the grease, and quarter-blood at 30 to 32c. in the grease.
Reports indicate that 12 months wool has risen from the low
of 24c. in the grease to 27 %c., and the short wools from
20 % to 24c. The high price to, 27 %e. on a purchase of 50,000
pounds for a Boston wool house.
At Sydney, Australia*
recently, offerings totaled 11,800 bales, of which 9,200 bales.
year
Financial
294
sold.
was the chief buyer and other Conti¬
generally quiet.
It is reported that
domestic manufacturers and topmakers during 1937 con¬
sumed about 144,000,000 pounds of foreign shorn wool, as
well as a fair quantity of foreign slips or pulled wool.
were
Germany
sections
nental
were
Silk—On the 3d inst.
The
lower.
futures
closed 1%?. to 2%}. net
lc. to 2c. lower, with the
the morning, The consumption
of 21,982 bales for December, released today by the Com¬
modity Exchange, Inc., was the smallest in 16 years, and
playea no little part in the heaviness displayed in the futures
market.
In the afternoon, influenced by a stronger securities
market, the downward trend appeared to be checked.
The
average quotation of double crack extra remained the same
at $1.57.
The Japanese markets remained closed yesterday
and will reopen on the fifth of this month.
Local closing:
Jan., 1.44% March, 1.44; May, 144% July, 1.44; Aug., 1.43.
On the 4th inst. futures closed 1%?. to 2%}. net higher.
Trading in silk futures was fairly active and prices were
strong in sympathy with other markets.
The opening was
14 to 1%j. above the previous finals, these advances being
more than sustained throughout the rest of the session.
The
price of crack double extra silk in the New York spot market
declined %?. to $2.56H a pound.
Japanese markets re¬
mained closed.
Local closing: Jan., 1.46; April, 1.45%
May, 1.45; June, 1.45% July, 1.44% Aug., 1.45.
On the
5th inst. futures closed %?. higher to lc. lower.
The opening
was 1%!. higher throughout the list.
Transactions totaled
180 bales.
The average quotation of crack double extra ran
%3. weaker at $1.56.
Traders were obviously holding off,
waiting for the reopening of the Japanese markets today after
their annual holiday of more than a week.
Local closing:
Jan., 1.47% March.,
1.45; May, 1.44% July, 1.45;
Aug., 1.45.
On the 6th inst. futures closed 3 to lc. net higher.
The
market opened 3^ to 2c. lower, but showed a steady tone
throughout the morning in dull trading. Sales to that time
totaled only 370 bales.
As the afternoon session progressed,
however, the market became stronger and closed at the
highs of the day. The price of crack double extra silk in the
New York spot market declined 2 cents to $1.54 a pound.
After having remained closed for several days the Yokohama
market reopened.
It closed 11 to 17 yen lower, while in the
outside market grade D silk dropped 10 yen to 665 yen a
bale.
Local closing: Jan., 1.48; March, 1.48; May, 1.46%
July, 1.46; Aug., 1.46. To-day futures closed unchanged to
opening
was
range
market ruling heavy most of
Transactions totaled 91 contracts.
lc. lower.
Chronicle
After open¬
ing unchanged to 1%}. decline, the market held fairly steady.
The price of crack double extra silk in the New York spot
silk market advanced 2c. to $1.56 a pound.
Reports from
uptown were rather favorable, especially from the hosiery
industry. Yokohama cables were 16 to 20 yen higher. Grade
D silk outside advanced 10 to 675 yen a bale.
Local closing:
Feb., 1.48; March, 1.47% June, 1.46; July, 1.46; Aug., 1.45.
comparison may be made with other years,
give below the totals at leading ports for six seasons:
42,005
39,548
New
3 ',365
Sat.
2,417
3,491
7,999
4,283
80
109
390
"614
3",563
9,611
261
1,192
2,376
1,097
1,079
67
754
46
12
443
407
913
1,042
"145
906
"268
906
"380
"861
52
38
106
418
580
438
2,234
1,052
423
803
New Orleans
Mobile
Savannah
Thurs.
Charleston
Fri.
Norfolk
"380
Baltimore
Total
3,579
9,914
Lake Charles
Wilmington
The
5,739
2,805
23,062
38,388
12,310
18,073
27,693 125,265
following table shows the week's total receipts, the
1, 1937, and the stocks tonight, compared
1937-38
1936-37
This
Since Aug
Week
Houston
1. 1937
Y.661
897
99
138
263
1,298
841
530
1,599
618
656
~~2~ 921
2~289
"2",055
"5",378
10*. 755
96,101
98,804
55,462
105,070
168,774
.
Norfolk
N'port News.
All others
"2",099
Total this wk.
125,265
"
~
.
Since Aug. 1.. 5.619,186 5,053,017 5,451,281 2,305,654 5,592,961 6,113.990
The exports for the week ending this evening reach a
Since Aug
1, 1936
Week
175,740 bales, of which 52,024 were to Great Britain,
20,221 to France, 18,107 to Germany, 19,594 to Italy,
18,949 to Japan, 1,395 to China, and 45,450 to other
destinations.
In the corresponding week last year total
136,231 bales.
Fori the season to date aggregate
exports have been 3,404,431 bales, against 3,017,212 bales
in the same period of the previous season.
Below are the
exports for the week:
exports
were
Week Ended
Exported to—
Jan. 7, 1938
Exports from—
Great
Ger¬
Britain
Galveston
France
2.377
Houston
5,775
3,615
8,221
Beaumont
309
578
2,690
8,049
817
7",296
8~266
Los Angeles
7,139
1,726
28,264
lO'.lll
72,870
1,830
1,321
20,221
23",669
8,424
New Orleans-.
19,594
18,949
1,395
45,450 175,740
26,638
89,853
550
21,255 136,231
2,966
28,128 228,369
15,306
17,009
7,811
28,078
40,175
32,223
6,946
From
Exported to—
Aug. 1. 1937, to
Jan.
7,
Great
1938
Exports from— Britain
Galveston
Italy
many
211,315151,188
182,275130,857
186,572
87,994j 70,061
3,716
61
295,719185,467
Houston
New Orleans.
Japan
Lake Charles..
14,749
MoDile
69,670
Jacksonville
Savannah
14,055157,522
123,81L
76,432
32,266
10,980140,176
54,208
52,438
25,677
12~509
696,797
56,796
«
350,730
300
6,777
93,001
66~905
1,200 128,170
782,971
599
1,284
18,582
29,334
7,100
11,446,
40,902
133,206
60
1,014
"112
10,810
"lOO
243
42,292
28,6611
648
4,096
80,540
3,147
115,312
67
83,409
28,756
1,000
F943
3,772
Gulf port
4,348
300
769
Boston...
420
168
5,261
6,471
250
"118
515
322
1,682
2,100
18,413
1,162
1098,658577.188
600,403
70
200
8,914
Francisco.
5,276
1936-37.
1935-36.
7,741
1,727
2,882
200
63,800
188,081
...J
44,238!
60,030
....»
36,983
2,775
..
306,425j 150.979
29,991640,787 3404,431
422,799168,318 824,868
506,844210,476 1045,772
684,401510,125
846,567500,603
to
11,583
70
58,609
..
20,927
"""9
132
'
Baltimore
.
1,000
1,541
950
13,251
2,157
4,128
New York
Los Angeles
3,556
860,746
5,688
15,656
Norfolk
San
Total
40,090
47,135
Charleston
Wilmington...
Other
99,954
887
31,027
&c
Philadelphia
China j
2,700
Corpus Christi.
Beaumont
Pensacola,
Ger~
|
France |
13,997392,7043017.262
21,580581,1123712,954
Canada— It
has
never
been
our
practice
to
include in
reports from the customs
districts
on the
Canadian border
are always very slow in coming to hand,
in view,
inquiries we are receiving regarding the matter, we will
say that for the month of October the exports to the Dominion the present season
have been 49,053 bales.
In the corresponding month of the preceding season the
however, of the
numerous
exports were 37,574 bales.
For the three months ended Oct. 31, 1937, there
65,401 bales exported, as against 61,882 bales for the three months of 1936.
On
1938
Shipboard Not Cleared for—
Jan. 7 at—
Leaving
Great
Britain
Galveston
10,200
12,269
8,456
Houston
New
Orleans.
_
Ger¬
3,200
2,086
14,465
Other
Coast¬
many
France
Foreign
wise
3,200
1,847
2,176
19,400
9,324
5,124
2,000
1,712
Stock
Total
38,000
27,238
30,221
Savannah
Charleston
3",004
4",292
1,288
Norfolk
Other ports
Total
1938--
Total 1937
Total 1936
33,929
26,011
45,288
19,751
24,366
11,118
7,223
6,586
13,602
35,136
94,817
70,081
•
877,963
846,142
814,876
152,802
74,491
69,284
32,401
154,489
3,712 99,751 3,022,448
6,715 158,495 2,439,786
2,900 142,989 2,451,647
cotton for future delivery the past week
quite active, with the trend and tone of the markets
excellent, especially the latter half of the week.
1937
vanced to
Prices ad¬
highs for the current movement, setting new
number of 1938 deliveries, and the highest in
new
18",964 1,154",042
873,380
560,607
59,887
26,545
over
693,107
117,914
ton, had much to do with the market's recent firmness.
378
37",432
2,234
1,052
,558,223
168,324
63,594
3,489
116,343
170,647
75,103
12,351
40,929
841
279,959
11,871
1,445,765
184,279
82,722
3,607
104,229
144,112
53,701
17,807
23,986
803
11,978
2,532
18,014
30,365
4,243
2,805
lake Charles..
._
were
In addition to above
exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
39,548 1 ,462,930
390
386,469
914
Charleston
the
above table reports of cotton shipments to Canada, the reason
being that virtually
all the cotton destined to the Dominion comes overland and it is
impossible to give
returns concerning the same from week to week, while
836,983
Pensacola, &c_
Jacksonville..
Savannah
40,553
18,107
47,662
-
31,853
569
52,024
Total 1937
Total
9,937
370
1,261
Total 1936....
Other
China
2,476
3,146
14,473
Savannah
Total...
Japan
8,638
61
32,717
New Orleans
Italy
many
2,072
915,963
8,643
Mobile
total
of
24,617 1,528,923
Beaumont
906
4,971
3,881
1,577
4
897
New York
50
65,543
15,757
845,097
73,576
13,801
3,466
152,802
74,491
36,128
15,295
32,401
6,584
2,448
153,623
62,042
19,361
21,836
32,859
100
125,265 5,619,186
557
3,449
Boston
Totals
1,572
2,234
1,052
275
Wilmington.
was
This
Texas City...
Corpus Christi
Baltimore
"2",938
42,005 1,541,063
Galveston
Norfolk
"""774
43,821
70,160
32,768
4,879
2,776
Speculation in
Stock
Receipts to
Wilmington
572
"1,577
42,005
39,548
total since Aug.
with last year:
Jan. 7
970
"2",805
Mobile
Totals this week.
3,114
1,244
22,461
33,233
914
616
Wed.
201
Corpus Christi..
35,060
4,243
17,160
13,841
16,189
1932-33
914
30,365
4,243
35
5", 3 59
Houston
6,611
15,885
14",815
Galveston
Tues.
21,399
Receipts at—
Mon.
1933-34
30,576
27,588
36,145
1,187
1,468
Savannah
Brunswick
Charleston
NOTE—Exports
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 125,265
bales, against 141,563 bales last week and 139,333 bales
the previous week, making the total receipts since Aug. 1,
1937, 5,619,186 bales, against 5,053,017 bales for the same
period of 1936-37. showing an increase since Aug. 1, 1937,
of 566,169 bales.
1934-35
1935-36
24,617
18,964
37,432
4,971
3,881
Orleans.
Mobile
Total
of the
The Movement
1936-37
1937-38
Receipts at—
Galveston
Houston
Total
Friday Night, Jan. 7, 1938
1938
In order that
we
Total
COTTON
Jan. 8,
2,701
95C
1,075
96,101 5,053,017 3.122.199 2,598,281
peaks
in
a
three
months
in
the
sentiment, together with
a
nearer
positions.
Inflationary
sharp revival in exports of cot¬
On the 3d inst. prices
closed 2 points up to 3 points off.
fairly active despite the many uncertainties
in the air.
Offerings were relatively light and hedge selling
was of insignificant
proportions.
This was believed to in¬
dicate that cotton was still going into the government loan
instead of into trade channels.
In fact the Commodity
Credit Corp. announced that 4,303,865 bales had
gone into
The market
the
was
loan through Dec. 30 and that the amount of loans
aggregated $188,855,078, representing an average loan price
Volume
of 8.37c.
Financial
146
pound. Houses with foreign connections were
buyers early and during the day there was a fair
of trade price fixing as well as New Orleans and local
a
moderate
amount
buying on the advance in the stock market, but as stock
prices reacted, commission houses took the selling side, and
towards the close values were on the down grade. Southern
spot markets as officially reported, were unchanged from
Friday, with middling quotations ranging from 7.83 to 8.68c.
compared with 8.28, the closing price for the March position
in the local contract market.
On the 4th inst. prices closed
8 to 13 points net higher.
At the high of the day prices were
14 to 20 points above the closing level of Monday.
At that
time May sold at 8.51c., when the market encountered in¬
creased selling from the South, and subsequently prices
reacted to 8.24 for May. There was some hesitation about
following the market above the old higlis, but contracts dur¬
ing the day were scarce until near the close, when selling
pressure increased through profit taking by earlier buyers.
There were no important developments in the cotton situa¬
tion to explain the sharp upward movement, which carried
prices for some of the active months $1 a bale from the lows
to the highs.
Lack of pressure from the South again con¬
firmed reports that farmers were not selling, and many were
still disposed to place their cotton in the government loan.
The market for spot cotton was not noticeably changed and
mills were not buying freely.
Southern spot markets were
5 to 10 points higher, middling quotations ranging from
7.92 to 8.77c.
On the 5th inst. prices closed 1 to 4 points
net higher.
The market rose sharply in the early trading,
scoring at one time advances of 9 to 10 points, reaching new
high levels for the movement.
Subsequently most of the
gains were lost. The market opened steady at 6 to 10 points
advance in response to higher markets in Liverpool and
Bombay and on active foreign buying both from these
markets and from the Continent.
A show of early firmness
in outside markets also contributed to the advance.
On the
bulge
there was considerable hedge selling through spot
houses.
Following the announcement of the coming retire¬
ment of Justice George Sutherland and the publication of the
President's budget message, the market developed a reac¬
tionary tendency, and at one time values were down to about
the previous closing levels.
Southern spot markets, as
officially reported, were unchanged to 5 points higher.
Average price of middling at the 10 designated spot markets
was
8.43c.
On
inst.
prices closed 10 to 8 points net higher.
The market continued its upward
trading
though
days,
has
advance
since
the
sent
latter
prices
part of
trend of the past several
relatively
was
of
futures
light.
to
The
current
highest
the
levels
last
September.
At the close of
dealings the list was substantially higher than the previous
finals.
The Continent and Liverpool were on the buying
side in
moderate way.
a
in the March and
professionals
strength in
There also
May deliveries.
New
and
was
and
price-fixing
some
Commission houses, local
Orleans
supplied
The
contracts.
the securities market played its nart as a
tributing factor in the day's advance.
wrould
have
no
control
acreage
that government would not
con¬
Reports that Egypt
coming season,
during the
buy either spots
or
futures,
Today prices closed 1 point up to 3 points down.
Cotton
interest.
with
read
were
values reached into
new
high ground during the early deal¬
the market holding barely steady throughout the
ings,
The market had
Jan. 1 to Jan. 7—
8.58c.
.13.07c.
1928
.17.05c.
-19.95c.
.19.65c.
1927.... -13.10c.
.
...
1935
1934...
1933
1932...
1931
...
.
...
....
192#
1925
1924
.
Thurs.
Frl.
8.48
8.58
8.58
1922.
1921
1920.
1919.
1918
19171916.
1929
.10.75c.
6.25c.
6.45c.
-10.25c.
...
Wed.
8.46
Quotations for 32 Years
1930
.11.80c.
.12.85c.
...
1937
1936
Tues.
8.38
Hoi.
New York
1938
Mon.
Sat.
Middling upland.--.
-26.65c.
....
1923
.23.95c.
-35.40c.
,26.60c.
18.75c.
1914
1913
1912
16.75c.
—39.00c.
31.60c.
32.55c.
18.75c.
12.55c.
8,00c.
1909
1908
Market and Sales at New York
The total sales of cotton
week at New York
For
the
each day during the
convenience
which show at
closed
the spot
on
indicated in the following statement.
are
on
a
of the reader, we also add columns
glance how the market for spot and futures
days.
same
Futures
Market
Closed
Spot Market
Closed
Saturday
Monday
Tuesday
SALES
HOLI DAY.
Steady, unchanged. Steady
Steady, 8 pts. adv.. Steady
4,500
Wednesday. Steady, 2 pts. adv.. Steady-_
Thursday
Steady, 10 pts. adv. Very steady...
Friday
Steady, unchanged. Steady.
I
1
rutures —lhe
highest, lowest and closing
New York for the past week have been as follows:
Saturday
Jan.
1
Monday
Jan.
Tuesday
3
Jan.
Wednesday
4
Jan.
Jan.
Range..
8.20- 8.25
8.21- 8.35
8.33-
Closing.
8.21
8.29
8.33
8.31-
8.39
Range
—
Closing.
8.24n
8.32n
8.35m
Range..
8.23- 8.34
8.28- 8.45
8.37-
8.46
8.39-
8.49
8.46-
8.52
Closing.
8.28
8.36-
8.38- 8.39
8.48-
8.49
8.48-
8.49
8.31n
8.40n
8.42m
8.51M
8.30- 8.42
8.33- 8.52
8.44- 8.55
8.45- 8.58
8.52- 8.60
8.35
8.45
8.46- 8.47
8.55-
8.55-
8.50m
8.59m
8.38
April—
Range..
Closing.
Range..
Closing.
HOLI¬
June—
8.37n
8.48n
Range..
8.37-
8.48
8.39-
Closing
8.39-
8.41
8.52
_
8.59
8.50-
8.53-
8.64
8.56
8.63-
8.64
8.60
Aug.—
Range..
Closing
8.41n
.
8.54n
8.57m
Range..
8.43n
Closing.
8.56m
8.59m
Range.
8.44-
.
8.52
8.45
Closing.
8.45-
8.65
8.57-
8.58
8.60
—
8.59-
8.69
8.67-
8.72
8.68-
8.67
8.69
8.69-
8.70
Nov.—
Range..
8.47n
Closing.
8.61m
8.63-
8.63m
Range..
8.47-
8.57
8.52-
Closing.
8.50-
8.51
8.62
m
8.65
8.72
1938—
Orleans
wire
Liverpool
reported
futures
no
were
„
option:
Feb.
7.50 Oct.
9 1937 13.94 Ajpr.
5 1937
Mar. 31 1937
8.20 Jan.
3
8.43
Jan.
6
7.69 Nov.
3 1937 13.85
8.23 Jan.
3
8.52 Jan.
7
7.39
Dec.
3 1937 13.97 Apr.
7.60
Oct.
8 1937 12.96
9.63
7.65
Aug. 27 1937 11.36 July
Oct.
8 1937 11.36 July
27 1937
27 1937
8.72 Jan.
71938
8.75"
7 1938
1938—
Dec. 29 1937
New
8.72m
Range Since Beginning of Option
Rangefor Week
Option for—
Jan.
Nov.
there.
8.75
8.69-
Range for future prices at New York for week ending
Jan. 7, 1938, and since trading began on each
7.85
A
8.72
Nominal.
8.37"
issued
8.70m
8.70m
8.62- 8.71
8.60m
Dec.—
7
report from the New York Cotton Exchange Clear¬
House.
8.66m
8.66m
Oct.—
7
notices
8.63m
8.64m
Sept.—
8.75~
a
8.6i
8.57-
8.55-
—
8.61
8.72 Jan.
issued
against January contracts for delivery at Galveston, accord¬
ing to
8.57m
July—
3
been
8.56
Range..
3
Bombay brokers,
had
8.58
DAY.
8.44 Jan.
notice
8.51m
May—
8.47*
One
8.45m
8.45M
7
Street.
8.42- 8.43
8.43
March—
8.67 Jan.
Wall
8.42
8.42
3
and
7
Feb.—
8.37 Jan.
trade
Jan.
6
./an.(1938)
1938-
by
Friday
Thursday
5
7
done
"400
1
4,900
4,900
33,717 115,300 149,017
8.60 Jan.
was
"400
«I I
Total week.
Since Aug. 1
3
buying
4,500
1fil t1t II1 11t
__
8.30 Jan.
the
Total
Contr'ct
Spot
May 1938—
June 1938
of
13.20c'
9.50c'
15.00c'
15.60c'
9.25c'
11.30c'
10.85c'
1907
1915-
Commission house liquidation, heavy hedge selling
selling by Liverpool were attracted bv the slight ad¬
Most
12.30c
1911
1910
Mar. 1938-
vance.
ing
quotation for middling upland cotton in the
active opening, with prices 1 to 3 points
an
higher.
the
The official
New York market each day for the past week has been:
re¬
mainder of the day's session in a limited volume of business.
and
295
Closing.
6th
the
Chronicle
Apr.
.
July
5 1937
1938
Mar. 21 1937
Aug. 1938
Oct.
1938-.
4 1937
Nov. 1938
Dec.
1938-
Jan.
Jan.
Jan.
January
quiet
and
steady at the close.
Premiums and Discounts for Grade and
Staple—The
gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on Jan. 13, 1938.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over Jjj-inch cotton at the 10 markets on Jan. 6.
table below
Volume of Sales for Future
Deiivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table. The
figures are given in bales of 500 lb. gross weight.
Open
Contracts
Dec.
31
Jan. 1
Jan. 3
Jan. 4
Jan. 5
Jan. 6
Jan. 6
New York
15-16
Inch
1 In. <k
%
Inch
Longer
Inch
15-16
Inch
1 In
*
Longer
Spotted—
White—
.90
on
.14
on
Good Mid
St. Good Mid-
.58 on
.83
on
.07
on
St. Mid
.14 on
.05 off
Good Mid
.50 on
.75
on
.99 on
Mid
.64 off
.35
.61
Mid. Fair
.65 on
on
.84 on
Mid
Basis
.25 on
St. Low Mid-
.61 off
.36 off
.48 on
.18 off
1.38 off 1.22 off
St. Mid
—
on
.33
on
.54
.15
on
.36 on
on
.43 off
.23 off
•St. Low Mid- 1.47 off 1.31 off 1.17 off
•Low Mid
2.24 off 2.14 off 2.06 Off
.12 oft
Good Mid
.04 off
St. Mid
2.76 off 2.74 off
.72 off
•Mid,.
.99 on
.84 on
•St. Low Mid.. 2.30 off 2.23 off 2.16 off
•Low Mid
2.89 Off 2.83 off 2.80 off
Yet. StainedGood Mid
•Good Ord
Extra White—
Good Mid
.50 on
.75 on
St. Mid
.35 on
.61
MM
Even
.25 on
.48
.61 off
.36 off
.18 off
St. Low MidLow Mid
...
on
on
1.38 off 1.22 off 1.12 off
•St. Good Ord. 2.15 off 2.10 off 2.04 off
•
Good Ord.— 2.76 off 2.74 off 2.72 off
•St. Mid
•Mid
Good Mid.....
•Mid
.45 off .29 off
.13 off
.71 Off .53 off
.36 off
1.49 off 1.38 off 1.26 off
1.22 off 1.05 off .93 off
1.71 off 1.51 off 1.42 off
2.40 off 2.27 Off 2.21 off
700
1,600
17,200
9,700
May
July..
14,200
Holi¬
day
16,300
12,200
18,100
2,700
26,800
34,100
26,400
900
25,600
30,900
22,800
1,000
14,000
730,900
17,100
984,200
21,900
25,400 1,062,600
All inactive futures.
New crop (1939):
October..
4,700
3,700
2,900
December
2,300
13,700
2,400
14,300
8,100
10,500
2,500
355,200
35,400
Total futures.
53,300 106,100 105,000
50,300
76,000 3.182.300
New Orleans
Current crop (1938):.
January...
....
March
1,300
550
150
150
1,450
7,050
8,900
5,550
6,500
10,000
8,150
4,950
6,650
8,250
8,650
11,100
1.850
2,358
4,950
2,000
100
300
3,350
1,250
90,850
800
32,800
22,150
25,900
29,050
461,650
100
1,700
May
13,600
Holi¬
July..
14,750
day
1,350
92,450
105,350
166,450
All inactive futures.
New crop (1939):
Gray—
St. Mid
•.Sot deliverable on future contract.
(1938):.
January
March
Tinged—
•St. Good Ord. 2.15 off 2.10 off
Low Mid
Current crop
.56 off .86 Off
.19 off
.80 off .59 off
.43 off
1.40 off 1.26 off 1.15 off
October
December...
Total futures
27,550
5,100
Financial
296
Chronicle
The Visible Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
the
.baies.
Stock at Bremen
Stock at Havre
Stock at Rotterdam..-
1936
811,000
1935
632,000
94,000
16,000
65,000
18,000
9,000
-
28,000
11,000
7.000
198,000
20,000
63,000
78,000
9,000
4,000
643,000
534,000
636,000
^
Stock at Barcelona—
726,000
264,000
—
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste—-
—
give below
—
statement showing the overland movement
a
for the week and since Aug. 1, as
made
from telegraphic
up
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
82,000
920,000
205,000
258,000
25,000
bales less than
week last year.
same
We
1934
848,000
109,00(3
—1,108,000
230,000
305,000
Britain
Great
Total
1937
919,000
189,000
—
1938
8,
Overland Movement for the Week and Since Aug. 1
are
Jan. 7—
Stock afc Liverpool
Stock at Manchester.
18,735
receipts of all the towns have been
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
Jan.
1937-38
Shipped—
Week
Via St. Louis
930,000
4,831
Via Mounds, &c
326,000
173,000
27,000
79,000
64,000
15,000
7,000
1936-37
Since
Jan. 7—
691,000
12,143
4,675
1,974
3,546
-
Via Rock Island
Since
Aug. 1
Week
Aug. I
91,785
76,066
97
190,046
101,942
3,371
----
Via Louisville._.30
2,573
4,325
39,664
460,327
6,117
8,000
101,814
369,520
._52,396
720,136
31,032
772,994
803
2,532
203
3,788
11,978
4,616
114,196
11,646
18,014
6,658
232,186
4,794
130,790
14,474
256,858
.47,602
589,346
>16,558
516,136
Via Virginia points
Via other routes, &c
6,301
87,4il
Deduct ShipfnenlsTotal Continental stocks—
._
Between interior towns..
Total European stocks—
.1,751,000
India cotton afloat for Europe...
75,000
American cotton afloat for Europe
Egypt, Brazil ,&c.,afTt for Europe
1,454,00
1,362,000 1,621,000
124,000
117,000
102,000
444,000
313.000
384,000
Stock in U.S. interior towns
U. S. exports today
Total visible supply
*
,
.
Manchester stock
136,000
Bremen stock
291,000
48,000
foregoing shows the week's net overland movement
has been 47,602 bales, against 16,558 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 73,210 bales.
<
follows:
are as
199,000
280,000
84,000
444,000
152,000
Havre stock
222,000
Other Continental stock
37,000
American afloat for Europe
313,000
U. S. port stock
3,122,199 2,598,281
U. S. interior stock
2,619,799 2,180,501
U. S. exports today... — —
22,966
58,526
-
331,000
252,000
67,000
53,000
201,000
267,000
183,000
146,000
121,000
116,000
384,000
209,000
2,594,636 2,904,891
2,337.209 1,851,022
31,910
16,108
year
,
1937-38
Takings
East Indian, Brazil, &c.—
Liverpool stock
Manchester stock
Bremen stock
.
Havre stock
Other Continental stock
....
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt..
Stock in Bombay, India
Total East India, &c
Total American
Total visible
53,000
31,000
25,000
24,000
75,000
122,000
354,000
592,000
520,000
61,000
53,000
36,000
34,000
124,000
128,000
382,000
728,000
.
301,000
27,000
63,000
15,000
53,000
117,000
135,000
334,000
509,000
596,000
29,000
59,000
27,000
76,000
102,000
157,000
325,000
602,000
-.1,659,000 2,066,000 1,554,000 1,973,000
7,443,964 5,900,308 6,250,755 5,815,021
9.102.964 7,966,308 7,804,755 7,788,021
supply.—
Middling uplands, Liverpool
Middling uplands, New York....
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
4.97d.
8.58c.
9.64d.
4.15d.
6.22d.
4.30d.
C.P.Oomra No.l staple,s'fine,Liv
Continental imports for
above figures for
7.lid.
13.01c.
6.07d.
7.18d.
11.90c.
12.70c.
1130d.
5.89d.
9.78d.
5.49d.
9 Old.
I
5.91d.
.
-
excess
Southern
_
5.93d.
North, spinn's' takings to Jan.
the
movement—that
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
corresponding period of the previous year—is set out in
detail below:
Tovms
Movement to Jan. 8, 1937
Ship¬
Ala.,BIrmlng'm
Season
528
Stocks
ments
Receipts
Week
Jan.
Week
Receipts
53.962
201
9
9,461
2,005
45,542
8,384
Montgomery.
282
43,500
763
52,705
Selma
124
364
Eufaula
Ship¬
Season
163
Stock
Jan.
Week
61,632
1,357
1934—Jan. 13
Bales
8,450
406
39,572
2,863
64,949
20
997
67.305
2,112114.885
617
338
Forest City..
164
43,925
947
32.817
34
31,479
661
Helena
713
80,635
1,158
39,076
195
57,194
2,077
52
63,750
27,710
162
53,434
868
Jonesooro...
157
31,230
26.597
24
18,789
Little Rock..
2,063
134,448
2,692 104,045
301
1,540
40,059
159.201
248
58,457
Newport
Pine Bluff
Walnut Ridge
Ga., Albany
181
384
90.306
12,623
25,119
16,456
10,883
1,720
171,208
15
27,225
632
15,813
2,381
89,813
2,256
119,097
4,686
72,166
302
35,774
45
42,948
13,018
1,457
372
17,491
19,232
190
25,560
590
28,072
14,096
1,936
48
16,143
18,729
820
Athens
3,210
26,944
243
"350 36,116
4,855 151,224
15
Since Aug. 1—
Bales
9,983,702
6,602,158
9,479,725
1935
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
principal cotton markets for each day
Below
Southern and other
\; :.;A1
Closing Quotations for Middling Cotton on—
Week Ended
Jan. 7
Saturday
Monday
Tuesday
Wed'day Thursday
3,714117.864
1,490
39,493
125,561
139.736
ColumDUs
600
19.400
500
Macon
223
39,983
750
36,178
366
214,696
154,214
11,625
35,760
985
40,749
40
16,127
275
22,224
205
20,298
200
8.23
8.32
8.35
8.45
8.45
New Orleans
8.50
8.60
8.60
8.70
8.68
Mobile
8.30
8.40
8.43
8.50
8.53
8.50
8.61
8.63
8.74
8.50
8.74
HOLI¬
8.60
8.60
8.70
8.70
DAY.
8.38
8.45
8.48
8.60
8.68
8.77
8.78
8.88
8.65
8.88
8.20
8.25
8.30
8.40
8.40
Houston
8.28
8.37
8.40
8.50
8.50
Little Rock
Dallas
8.15
8.20
8.25
8.35
8.35
7.83
7.83
7.92
7.93
7.93
8.03
8.13
7.92
8.03
8.13
Norfolk
Montgomery
Augusta
Memphis
for
539
75.731
136
99,033
4,485
22,467
3,241
141,349
202,358
2,675
Mlss.Clarksdale
6,168
81,245
35,075
2,592
5,308
38,951
34,127
7,959 125,444
3"oei
146,507
37,488
244,890
57.841
15,672
closing quotations
leading contracts in the New Orleans cotton market for
week have been as follows:
the past
Monday
Saturday
Jan.
1
Jan.
Jan.(1938)
February
Tuesday
Jan.
3
8316- 833a
Wednesday
4
Jan,
8426- 844a
Thursday
Jan.
5
6
8406- 843a
Friday
Jan.
7
8486- 852a
.
March
8386- 839a
8.50
8.48
8.60
8.46- 8.47
8.59
8.57- 8.58
8.67- 8.68
8.51- 8.52
8.64
8.62- 8.63
8.74
8.69
8.67
April
May.....
HOLI¬
June...-.
DAY.
July......
AugU8t
...
September
October
8.56
_.
8.77
November
32,207
La., Shreveport
Friday
Galveston
10,172
59,945
52.879
165,839
Hope
I
years:
117,745(1934
181,06411933
51,030
61
67,751
143,461
Ark.,BlythevlUe
8
500
>
1,035,325
New Orleans Contract Market—The
ments
Week
7
10,335,977
78,158
previous
218,365
8
1935—Jan. 11
Fort Worth
Movement to Jan. 7, 1938
....
721,033
11,371
.
Movement into sight in
Savannah
Towns
11,046,099
7-
Week—
1936—Jan.
past'week have been 112,000 bales.
1938 show a decrease from last
of 36,815 bales, a gain of 1,136,656 over 1937, an
increase of
1,298,209 bales over 1936, and a gain of
1,314,943 bales from 1935.
Interior
875,378
162,913
Decrease.
week
the
408,315
...
The
At
8,464,153
996,446
*69,746
239,318
of the week:
8.54d.
2327659
mill
Came into sight during week
Total in sight Jan. 7
*
5,053,017
516,136
2,895,000
8,828,532
1,809,252
277,867
$38,549
takings
consumption to Ded. 1
V
of
96,101
16,558
120,000
47,602
Total marketed
Excess
Aug. 1
5,619,186
589,346
2,620,000
7- .105,000
Southern consumption to Jan.
Since
Week
Aug. 1
125,265
Net overland to Jan. 7
over
383,000
-
Week
:
Receipts at ports to Jan. 7
7,443,964 5,900,308 6,250,755 5,815,021
1936-37
Since
In Sight and Spinners'
Interior stocks in
Total American
:
The
_
536,000
bales.
Liverpool stock
296
Including movement by rail to Canada.
this
9,102,964 7,966,308 7,804,755 7,788,021
totals of American and other descriptions
Of the above,
American—
-
Total to be deducted-—
209,000
122,000
128.000
135,000
157,000
354.000
382,000
334,000
325,000
592,000
728,000
509,000
602,000
3,122,199 2,598,281 2,594,636 2,904,891
2,619,799 2,180,501 2,337.209 1,851,022
22,966
58,526
31,910
16,108
Stock in Alexandria, Egypt.
Stock in Bombay, India
Stock in U. S. ports
.«•
Inland, &c., from South..
Atlanta
4,100
Augusta
Rome
Columbus
179
2,678 144.859
3,305
36,730
262,316
Jackson
312
61,551
773
Natchez
51
17,188
467
Greenwood.
.
741
34.650
400
33,865
12,021
165
958
24.732
317
39.818
2,356
3,537
13
Vicksburg—
724
Yazoo City..
Mo., St. Louis.
1,734
45,779
67,874
4,676
91,526
1,725
4,835
N.C.,Gr'nsboro
307
3,240
58
15
12,143
347
37.880
51,041
189,570
6,367
6,261215,302
8,890123,892
100
50
11,610
75,010
1,097
23,389
336
1,905
3,665
13,434
1,850
16,360
12,143
1,402
139
2,957
Oklahoma—
15
towns
8. C.,Greenville
Tenn.,Memphis
7,156
462,977
3,433
74,068
54,640 1,719,426
14,599 207,415
3,194 79,934
70,533 677,826
1,588
168,827
3,687
131,752
70,427 1,925,498
36,700
3,416 100,205
3,841 83,061
93,107658,621
408
43,864
330
8,640
151
37,736
512
Austin
4,741
60
50
38
55
1,782
2,991
43
Brenham...
16,700
13,239
15,849
5,975
""91
2,222
5,172
89,777
251
24,331
Texas, Abilene.
20
1,157
December
8586- 860a
8716- 873a
Quiet.
Steady.
Steady.
8.80
Quiet.
Steady.
.
Steady.
8.70
—
Tone—
Spot
Options
Barely stdy
Steady.
Steady.
Steady.
Cotton Loans of CCC Aggregated $188,855,079 on
4,303,865 Bales Through Dec. 30—The Commodity Credit
Corporation announced Dec. 31 that "Advices of Cotton
Loans" received by it through Dec. 30, 1937, showed loans
disbursed by the Corporation and held by lending agencies
on
4,303,865 bales of cotton.
The amount of the loans
aggregated $188,855,078.78 and represented an average loan
pound.
Figures showing the number of bales on which loans have
been made by States are given below:
of 8.37 cents per
Stale—
Bales
State—
Alabama.-.
———
681,512
Bales
Missouri----.———.——
Paris
100
Robstown...
San Antonio.
Texarkana
_.
Waco
90,337
15,657
1,159
75,107
1,222
10,802
74,340
652
25,931
397
68,400
1,408
8,409
5
923
1
13,697
32
464
3
7,947
10
543
50
8,533
100
765
99
40,839
85.654
488
21,334
65
34,409
580
10,006
9
21,104
360
76,891
1,151
4,969
559
Total, 56 towns 100,743 4,916,229139,292 2619799 119,4784,773,880 185,093 2180501
•
Includes the combined totals ol 15 towns In Oklahoma.
The
above
decreased
totals
show
during the week
that
439,298 bales less than at the
the
38,549
same
interior
bales and
New Mexico——
28,999
North Carolina
67,584
Florida
490,263
14,584
952
South Carolina
199,247
Georgia
382,420
Tennessee
216,090
Louisiana..-—--.--
208,520
Texas
Mississippi-
Dallas
449,190
Virginia—
Arizona
Arkansas
.
———
California-..
—
—
-
...
27,860
Oklahoma
74,569
1,380,080
New Member of New York Wool Top
7,655
Exchange—At
a
meeting of the Board of Governors of the New York Wool
stocks
have
tonight
period last year.
The
are
Top Exchange held Dec. 31, Ervin S. Dunn, Treasurer of
Dunn Worsted Mills of Woonsocket, R. I., who are
the
manufacturers of worsted
goods,
was
elected to membership.
Volume
Financial
146
Returns by
Telegraph—Reports to^us^by'telegraph this
evening indicate that thus far not much plowing of land has
been done in preparation for the new season.
is still
Some cotton
being picked here and there in the interior of the cotton
Chronicle
297
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:
India Cotton Movement from All
of Indian cotton at
belt.
1936-37
1937-38
3
0.49
0.02
0.56
0-44
0.44
65
56
64
64
76
46
22
38
32
50
2
0.22
70
48
59
Dallas..
Del Rio.........
2
0.60
64
2
El Paso
2
0.12
0.16
Huston
4
38*
36
30
40
38
42
42
1935-36
Jan. 6
56
39
51
48
63
51
49
46
56
52
55
55
Texas—Galveston
Amarillo
Austin.
2
1
1
—
Abilene..
Brownsville---
2
Corpus Christi
Palestine.
...
Port Arthur
2
2
San Antonio
2
—
...
62
62
72
66
68
68
2.52
0.57
1.69
0.44
Since
Since
Receipts—
Week
Bombay
Week
Aug. 1
503,000 183,000
62,000
Since
Week
Aug. 1
Aug. 1
119.000
961,00(
759,000
Since Aug. 1
For the Week
Exports
From—
Great
Bombay—
Contl-
Britain
Total
China
Japan &
nent
Great
\ Contl- Jap'n&
Britain\ neat
China
t
'
5,OOo|
Total
91,000
153,000
253,000
1
0.01
58
24
41
1936-37-
l'.OOO
5,000
18,000104,000 123,000
9,000
Oklahoma—Oklahoma City—
19,000
116,000
Arkansas—Fort Smith
Little Rock..
1
0.80
44
45
55
4.000
14,000
21,000
118,000
552,000
339,000
478,000
0.02
1.02
30
32
44
1935-36-
1
58
58
66
Other Indla-
2.36
1.00
0.58
65
58
56
42
30 '
32
54
1936-37-
44
44
1935-36-
Louisiana—New Orleans
2
.
Shreveport
...
Mississippi—Meridian
Vicksburg.
5
2
2
—_
*
1937-38-
1937-38—
7,000,
1.84
69
39
54
1
2
0.76
0.74
58
62
32
38
45
50
1937-381936-37-
3",666
Florida—Jacksonville
Miami
4
1.90
0.03
0.70
54
68
55
37,000
3
42
56
44
1935-36-
2
66
80
66
60
41
32
68
Pensacola
Tampa..
Georgia—Savannah
3
0.48
76
4
Atlanta.......
Augusta
1
2
0.12
0.64
73
56
64
...
Macon.
South
0.60
32
62
72
0.94
2
0.42
34
42
34
0.10
54
24
39
1.12
60
34
47
2
66
61
34
50
2
1
0.58
0.33
0.82
56
34
30
47
43
1
0.10
56
26
dry
Wilmington—.
Tennessee—Memphis.
v.-hattanooga-_
Nashville
>.
Alexandria
Above
zero
of gauge-
41
zero
of gauge-
zero
of gauge-
zero
of gaugeof gauge-
15.9
12.0
18.5
Nashville
Shreveport
Vicksburg
Above
...Above
zero
previous two
from
Plantations-—The
the
1937-38
Since Aug. 1
-
Southern
figures
do
not
consumption; they
are
simply
a
nor
Week
which finally reaches the market through the outports.
Stocks at Interior Towns
Receipts at Ports
Received from Plantations
Ended
1937
1936
i
1935
1936
1937
1936
1937
1935
1935
Oct,
8-. 441,721
15.. 379,060
1935-36
330,033387,0601,715,6931,980,3361,990,723 666.850 478,343 593,294
370.723372,94511.904,0352,098.733j2,132,345 696.889 489,120 514,506
22.. 323,319 378,683 405,164 2,051,912 2,179,663 2,220,751 471,196 483.163 493,570
29_. 313,437 385,111372.1492,129.8042.266,3712,253,100391.329 471.919 404,498
250,000
This
Since
Week
Aug.
1
Week
280,000
6,247,323
This
Since
Aug.
Since
Week
1
1
Aug.
94,020
6,000
89,362
9,000
19,000 360,716
12,950
1,000
6,000 108,957
10,000 106,206
17,000 307,827
2,000 18,313
122,462
9",600 84,057
19,000 367,108
19,310
35,000 557,048
35,000 541,303
28,000 592,937
To
Liverpool
To Manchester, &c
_
_
To America
statement of the
weekly movement from the plantations of that part of the
crop
6,542,000
This
following table
include overland receipts
1936-37
290,000
6,209,506
—
To Continent and India
The
766,000
Jan. 5
This week
indicates the actual movement each week from the planta¬
tions.
339,000
years:
Exports {Bales)—
Receipts
294,000
Receipts (cantars)
3.2
22.6
45.3
14.2
16.6
20.0
423,000
905,000
133,0001
1
and
Receipts
Alexandria, Egypt,
Jan. 8, 1937
Feet
6.4
Above
...Above
Memphis.
532,000
Shipments—We now re¬
of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
153,000
298,000
42,000104,000149,000
48,000 37,000122,000
ceive weekly a cable of the movements
The
Jan. 7, 1938
Feet
214,000
135,000,
I
121,000 bales. Exports from all India ports record a decrease
137,000 bales during the week, and since Aug. 1 show a
decrease of 542,000 bales.
46
1
Raleigh
56,000
.
—!
12,000
of
48
57
1
North Carolina—Charlotte
Asheville
176,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
57
44
48
58
2
Carolina—Charleston..
123,000
182,000
112.000
12,000
—
47,000
116,000
67,000
—
Total all—
170,000
298,000
288,000
7,000
26,000
—
2~6OO 24,000,
34,000,
33,000
3
...
667,000
1
Birmingham
Montgomery
Alabama—Mobile
55,000
37,000
Total exports.
Egyptian bales weigh about 750 lbs.
for the week ended Jan. 5 were
290,000 cantars and the foreign shipments were 35,000 bales.
Note—A cantar is 99 lbs.
This statement shows that the receipts
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady.
Demand for India is improving.
We give prices today below and leave those for previous weeks
of this and last year for comparison:
Nov.
1936
1937
203,1821259,641363,680 2,226,9232,301,78412,287,5541388,719 295.054 398.140
245,6881264,096 330,485!
12,342,8862,316,7831406,3351305,198 359,714
19.. 195,034i251,440271,99312,459.0942.373,757 2,321,538:267,158282,311 270,748
20-. 160,500217,563222,432 2.601,5592,397,1882,350.425:202.425240.994 251,319
5„.
12..
Dec.
32s Cap
8X Lbs. Shirt¬
ings, Common
Middl'g
32s Cap
Twist
to Finest
Upl'ds
Twist
Cotto
8X Lbs. Shirt¬
ings, Common
to Finest
-
Cotto
Middl'g
Upl'ds
•
3_.
10-.
169.362 211,898:258.9502,545,9082,360,6172,358,279:213,711 181,327 266,804
105,506 133,018:177,455,2,610,8502,327,95312,369,180230,448 94,354 188,356
17..
169,711 143,595H88,143:2,640,423 2,290,467 2,371,801:199,284 106,109 190.764
24.. 139,333 119,319158,8122,663,852 2 253,71511,911,138102,762 82,507 169,268
31.. 141,663 117,505, 99.705 2,658,348 2,250,247:2,361,505147,067 112,749 78,953
d.
8.
d.
d.
d.
d
s.
s.
d.
d.
s.
e.
Oct.
11
4.89
4.83
10J*@12
10 J* @12
4.55
11
4.63
11
10X@10
IX
IX
IX
4.55
11
9 10^@10
IX
4.64
11
9
IX
IX
IX
9
10H@10
10^@10
10}*@10
5..
10?* @12
9
10X©10
12..
10J$@12
9
10X@10
19..
1054@12
10H@12
9
9
4}*@10
@10
9
@11
7X
0.99
6
6.96
0
0.81
3
4.82
9
@10
6.80
10
IX
IX
IX
UX@12X
llJi@12H
15..
22..
29..
9
3
0
11
9
@10
@12 X 10
10
@12
4.75
11H @12 J4
8-.
10
Nov.
Jan.-
1938
7-125,265
1937
1936
96,101
1938
1930
1937
i
1938
1937
98,8042,619,7992,180,5012,337,209: 86,716
1936
20,355
74,508
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1937, are 7,340,005 bales;
in 1936-37 were 6,041,934 bales and in 1935-36 were 6,636,927
bales.
(2) That, although the receipts at the outports the
past week were 125,265 bales, the actual movement from
Slantations was 38,549 bales during the at interior towns
bales, stock week.g
aving decreased 86,716
26-.
@11
0
6.72
4.65
10
9
@11
0
6.81
4.70
11K@12H 10
9
@10
dX
0.93
4.81
nx®\2%
10
6
@10
9
6.88
ix
4.88
6
7.01
4.84
@10
@10
9
IX
nx@i2% 10
UX®12X 10
9
7.10
IX
4.97
ll%@12%
9
6
7.11
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
3_.
10H®10
10X@10
10..
\ox®nx
9
17..
10X®HH
24-
10X@UX
10!4@UH
9 10X@10
9 ioxmo
31..
9 10X@10
9 10^@10
or
from which statistics
6
9
amounts gone
out
of
previous page, the
the past week have
in detail, as made
from mail and telegraphic reports, are as follows:
Bales
Shipping
News—As
shown on a
exports of cotton from the United States
reached 175,740 bales.
The shipments
up
1
1937-38
Week
Season
1936-37
Week
Season
1,038—Dec. 31—Boschdijk,
Havre—Jan". 3—Effingham, 1,772
300--—----------------3—Effingham, 390---Dec. 31—Clara
To Dunkirk—Jan. 3—Efftogham,
Visible supply Dec. 31
Visible supply Aug.
1
American in sight to Jan. 7
Bombay receipts to Jan. 6
Other India ship'ts to Jan. 6.
Alexandria receipts to Jan. 5Other supply to Jan. 5 *5
9,066,149 m
4,339,022
239,318 11,046,099
62,000
503,000
170.000
7,000
58,000
1,235,200
8,000
199,000
8,002,244
9,440,467 17,492,321
8,439,157 18,058,435
9,102,964
9.102,964
7,966,308
337.503
236,503
101,000
8,389,357
6,019,557
2369,800
To Rotterdam—Jan.
4,899",258
162,913 10,335,977
183,000
971,000
26,000
298,000
50,000
1,310,200
15,000
254,000
Hugo Stinnes, 212;
To
To
To Venice—Dec.
Total supply—
Deduct—
Visible supply Jan. 7
Total takings to Jan. 7-a
Of which American
Of which other
7,966.308
472,849 10,102,127
300,849 7,526,927
172,000 2,575,200
♦
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a
This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 2,620.000 bales in 1937-38 and 2,895,000 bales in 1936-37
—takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 5,769,357 *bales in 1937-38 and 7,207,127 bales in
1936-37 of which 3,399,557i,bales and 4,631,927 bales American
Boschdijk, 737-------
31—Alberta, 2,719--
-
409
717
2,188
-
2,719
Gdynia—Dec. 29—-Agra, ^,506—Dec. 31—Sahale, 1,326.
To Gothenburg—Dec. 29—Agra, 922
To Susak—Dec. 31—Alberta, 600-- -—
To Bremen—Dec. 31—Sahale, 3,234—-Jan, 5—Gongenheim,
To
2,541
To Genoa—Jan.
5—Monfiore, 3,731—
31—Ruth Lykes, 140
—
To Buena Ventura—Dec.
31—Ruth Lykes, 491-
SAVANNAH—To Liverpool—Dec.
31—Shickshinny, 517
31—Shickshinny, 744
Hamburg—Dec. 31—Shickshinny, 569-.
To Manchester—Dec.
To
BEAUMONT—To Liverpool—Dec.
To Manchester—Dec.
-
..........—
30—Dairen, 168.
30—Dairen, 141——
To Havre-—Dec. 30—Oakman, 61
——
3,832
922
"00
5,775
—-
To Porto Colombia—Dec.
9
-
-
-
1,487
1,772
300
1,339
2,368
iverpool—Dec. 31—Clara Stinnes, 2,368—
Hugo Stinnes, 9- Antwerp—Dec. 31—Boschdijk, 409--.
Copenhagen—Dec. 29—Agra, 717
Trieste—Dec. 31—Alberta, 2,188
-
To I
To Manchester—Dec. 31—Clara
To
578
Maru, 578--------.--.-.-----
To Ghent—Jan. 3—Effingham,
449
To
2,476
4—Kimikawa Maru, 2,476
To China—Jan. 4—Kimikawa
6 76
19 37
19 38
Jan.-
GALVESTON—To Japan—Jan.
Cotton Takings,
Week and Season
b Estimated.
6.71
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
9
Dec.
7— 10}*@12
World's Supply
692
@12}* 10
@12}* 10
7xmo iox
9
@11 0
3
@10 0
10
@12
@12X 10
3,731
140
491
517
744
569
168
141
61
-
Financial
298
5.394
4—North Cornwald,
HOUSTON—To Liverpool—Jan.
Dec. 3—Str. Clare. 2.561
Jan. 8, 1938
Chronicle
OF FLOUR (NUMBER OF BARRELS)
PRODUCTION
Bales
7,955
-
To Bremen—Jan.
Month
1,726
2,690
6 Months Ended Dec. 31
of December
1,420
To
3—Gonzenheim, 1,420
Hamburg—Jan. 3—Gonzenheim, 1,726.
Genoa—-Jan. 4—Monfiore, 2,690-.—
—Varna—Jan. 4-—Monfiore, 500
...—-Manchester—Dec. 3—Clara Hugo Stinnes, 266
Rotterdam—Dec. 3—Clara Hugo Stinnes, 550
Enschecie—Dec. 3—Clara Hugo Stinnes, 60
To
To
To
To
To
500
266
550
60
8,409
Japan—Dec. 31—Kimikawa Maru, 8,049
—
817
To China—Dec. 31—Kimikawa Maru, 817
96
To Manila—Dec. 31—Kimikawa Maru, 96
32
To Antwerp—Dec. 30—Winnipeg, 32
—
488
To Ghent—Dec. 30—Winnipeg, 488
3,120
To Havre—Dec. 30—Winnipeg, 3,120
495
To Dunkirk—Dec. 30—Winnipeg, 495_.
W
new ORLEANS—To Manchester—Dec. 30—Aquarius, 8,775--.
9,650
Dec. 31—City of Alma, 875
To Liverpool—Dec. 31—North Cornwall, 5,898; City of Alma,
23,067
1,645; Planter, 15,524
To
Rotterdam—Jan. 4—Boschdijk,
1,548—Jan. 3—West
Madaket,
1,315...Dec. 31—Hanover, 703—-Dec. 31—
5,240
Bredijk, 1,424
Dec. 23—Wakure, 250
6.283
To Genoa—Dec. 31—Mombaldo, 6,283
1,983
To Naples—Dec. 31—Mombaldo, 1,983
50
To Tallin—Jan. 4—Boschdijk, 50-.
250
To Havana—Jan. 1—San Tanarba, 250
To Antwerp—Dec. 31—West Cobalt, 500; Hanover, 100—1,035
Dec. 30—Vermont, 385—Dec. 23—Walkine, 50
2,519
To Ghent—Dec. 31—Hanover, 2,519
To
Havre—Dec. 31—West
Cobalt, 6,470—Jan. 3—West
11,459
Madaket, 1,969—Dec. 30—Vermont, 3,020
5,012
To Bremen—Dec. 30—Crefeld, 5,0122.284
To Hamburg—Dec. 30—Crefeid, 2,2846
To Copenhagen—Dec. 30—Talra, 6—
3,014
To Dunkirk—Dec. 30—Vermont, 3,014—
1936
1937
1937
1936
1,140,446
1,005,307
7,197,101
7,846,420
2,020,029
2,130,700
13,214,023
13,183,183
1,725,587
409,734
1,691,771
10,621,626
10.894,704
198,199
2,708,501
2,385,756
5,295.7"6
5.025.977
33.741.241
34.310.063
Northwest..
Southwest
—
Lake, Central and Southern
Pacific Coast
To
—
To Oslo—Dec. 30—Talra,
100
100
540
Gdynia—Dec. 30—Talra, 540
30—Talra, 278
To
To Gothenburg—Dec.
278
50
50
—
To Abo—Dec. 30—Talra, 50—
31—Bredijk, 50
LOS ANGELES—To Liverpool—Dec. 31—Deftdijk, 1,355; Chat¬
tanooga City, 5,784
To Tallin—Dec.
7,139
Japan—Dec. 31—Kunikama Maru, 1,701
Jan. 2—Presi¬
8,424
3,281—Montevideo Maru, 3,442
1,625
India—Dec. 31—Kunikama-Maru, 1,625
Bombay—Dec. 31—Nailsea Court, 11,044; Falsterbo, 11,000 22,044
1,321
Bremen—?—Elbe, 1,321
To
dent Taft,
To
To
To
175,740
cotton from New
Freights—Current rates for
Cotton
York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
ard
ard
Density
ard
Density
Stand¬
High
Stand
High
Stand¬
High
Density
Inc., are as
.52c.
.67c.
Trieste
d.45c.
.60c.
Piraeus
.85c.
1.00
Manchester. 62c.
.67c.
Flume
d.45c.
.60c.
Salonlca
.85c.
1.00
Antwerp
.52c.
.67c.
Barcelona
d.85c.
1.00
Havre
.62c.
.67c.
Japan
Liverpool
.67c.
Genoa
d.45c.
.60c.
Bombay
.58c.
.73c.
,63c.
.78 c.
Oslo
Stockholm
*
No
quotations.
*
Venice
*
*
Shanghai
*
*
Rotterdam ,52c.
*
♦
Copenhag'n.57c.
Naples
d.45c.
Leghorn
d.45c.
Gothenb'g .57c.
.50c.
.65c.
Bremen
.52c.
.67c.
Hamburg
.52c.
.72c.
.60c.
.60c.
.67c.
x
.72c.
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:
Total stocks
54,000
46,000
42,000
54,000
982,000 1,054,000 1,101,000 1,108,000
672,000
559,000
663,000
635,000
64,000
120,000
91,000
80,000
38,000
51,000
98,000
52,000
225,000
247,000
213,000
259,000
154,000
141,000
190,000
150,000
-
Of which American
Total imports
Of which American
Amount afloat
Of which American
Jan. 7
Dec. 30
Dec. 24
Dec. 17
Forwarded
-
The tone of the
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday
Friday
More
More
Quiet.
demand.
Wednesday
Tuesday
Monday
Thursday
demand.
Spot
Market.
12:15
Quiet.
P. M.
HOLI¬
Futures.
4.97d.
4.90d.
DAY.
{
Quiet, un¬
Firm,
Quiet,
Steady,
changed to 5 to 6 pts. 3 to 6 pts. 6 to 7
Market
opened
(
1 pt. adv.
Market,
4
M.
6
to
Prices of futures at
Jan. 1
Sat.
2 to
7 pts.
Tues.
3
pts. 2
to
are
pts.
givbn below:
Thurs.
Wed.
3
advance.
decline.
advance.
Liverpool for each day
Mon.
Quiet,
Quiet,
Steady,
pts.
advance.
pts.
decline.
decline.
advance.
Steady,
4
P.
4.92d.
4.83d.
HOLI¬
DAY.
Mid.Upl'ds
Fri.
to
Jan. 7
Close Noon
New Contract
d.
d.
| Close
I
Noon Close Noon Close Noon Close Noon Close
d.
d.
d.
d.
October
This amount was in marked contrast
reported bought yesterday. On the
other hand, world-wide scantiness of readily available sup¬
plies was emphasized by a forecast that Australian shipments
this week would be small, and by the fact that arrivals of
wheat in Chicago were reduced to almost the vanishing
point, only three carloads.
On the 6th inst. prices closed 2 to 3c. net higher.
The
chief factor in today's sharp rise of wheat values on the
Chicago Board was the spectacular action of the Winnipeg
market.
Five-cent jumps to the season's new peak price
for wheat at Winnipeg lifted prices on the Chicago Board
a maximum of 314c.
Reports that Canada may soon have
to import United States wheat in quantity, owing to scanti¬
ness
of
supplies available,
were current.
The markets
leaped forward in such a way that many stop-loss buying
orders were uncovered, which, of course, accelerated the
advances.
Winnipeg dispatches emphasized that remaining
supplies of wheat in Canada were extremely limited.
It
was added that exporters and millers were actively compet¬
ing for this supply, as indicated by prevailing premiums.
Today prices closed unchanged to %c. net higher.
Late
rallies of Chicago wheat prices today more than overcame
downturns of about lc., due to selling to realize profits.
Export purchases of United States wheat were finally esti¬
mated at 750,000 bushels and Canadian wheat at 1,000,000
bushels.
Today's volume of Chicago trading in wheat
hard winter
4.79
4.85
4.82
Oct. 13.
4.89
4.86
4.92
4.90
4 93
4.98
4.95
4.89
4.93
4.95
4 92
-
-
-
-
-k
-
-
July
-
-
«•
—
4.88
4.91
4.98
4.98
*
4.99
«.
.
.
5.00
5.01
5.03
5.05
5.03
5.05
5.06
4.96
4.98
4,98
5.03
...
4.96
5.00
-
4.93
recent
5.04
5.06
October
early
an
were
in
North
Downturns
bulge.
the
face
American
of
wheat
CLOSING
PRICES
oped
sharply.
No large
volume
local
of bakery
flour
business
prices
devel¬
result of the price increases, although some im¬
provement marked sales of nearby shipment.
Family flour
as
a
sales, however, are believed to have reached
a
large volume
recently.
December
Flour
Production
Statistics
General Mills, Inc., summarizes the comparative flour
production as totaled for the mills reporting in the following
milling centers.
These mills annually account for approxi¬
mately 65% of the total estimated United States flour pro¬
duction.
OF WHEAT
bushels.
IN NEW YORK
Sat.
Friday Night, Jan, 7, 1938
lull,
1.000,000
totaled
today
Furthermore, United States and Australian spot wheat de¬
liveries at Liverpool were quoted 4 to 5c. a bushel higher.
Open interest in wheat was 89.929.000 bushels.
DAILY
Wednesday's
of the Chicago wheat market
that export purchases of
estimates
DAILY
CLOSING
PRICES
OF
Mon.
Tues.
HOL.
No. 2 red
Flour—Following
yester¬
Profit-taking that resulted from an advance of 7c.
week led today to price setbacks after
breadstuffs
rose
below
but
average,
here for wheat this
4,87
4.86
4.88
-
above
well
was
day's turnover of 52,461,000 bushels, the largest total since
4.83
4.82
4.85
m
grades.
with 2,000,000 bushels
4.83
4.80
4.82
m
May
Abrupt curtailment of export purchasing of North American
wheat today more than wiped out brisk new price upturns of
134c. a bushel.
Exjjort dealings today in wheat from North
America totaled but 350,000 bushels, most of it United States
4.86
4.75
4.79
4.85
>+
March
importing countries were reduced to perilously low levels.
was also given to the fact that the United States wheat
visible supply was decreasing at an amazing rate, with the
total now only 29,000,(XX) bushels more than at this time last
year.
On the 5th inst. prices closed unchanged to %c. lower.
The market was surprisingly backward today in view of the
world-wide wheat situation, which is anything but bearish.
4.78
4.74
4.79
DAY.
day.
December
January (1939)..
^c.. to %c. net
prices closed
of
4.79
4.79
4.76
HOLI-.
d.
inst.
Notice
4.82
4.77
4.71
March
May
d.
d.
3d
the
4.76
4.72
4.68
Holi¬
Wheat—On
higher.' The market reached its peak today when President
Roosevelt's message to Congress had been made public,
values scoring a maximum gain of l^e.
At this level, how¬
ever, much profit taking developed, which resulted in about
half the gains being erased.
Contributing to the late setback
was
disappointment over North American wheat export
purchases estimated as totaling less than 200,000 bushels.
Absence of selling pressure rather than aggressiveness of
buyers was responsible for the upward movement of wheat
prices.
The apparent hand to mouth policy of European
buyers appeared to be a depressing influence.
A handicap
to well sustained advances in the Chicago market was the
fact that the Liverpool wheat market, due l/± to %c. higher,
closed today unchanged to only He. up.
On the 4th inst.
prices closed 2%c. to 334c. net higher.
The spectacular
advances in grain values today were the result largely of
sensational Liverpool price jumps and the effects of President
Roosevelt's message here and abroad, reports stating that
his speech had a most reassuring effect abroad.
In some cases
wheat prices this side of the Atlantic skyrocketed 5c. a
bushel.
The maximum rise on the Chicago Board was 334c.
Further accelerating the rise in values was the enlarged
European demand both for wheat from North America and
for United States corn.
A further stimulus to wheat values
was in the form of cable advices that world wheat supplies
futures
d.
d.
January (1938)-.
July.
Grand total of all mills report'g
106
109
WHEAT
Sat.
H
O
L
May
July
September
Season's
May
July
September
High and
122%
105%
89%
Wed.
FUTURES
Mon.
Thurs.
Fri.
111%
111 %
108%
IN
Wed.
Tues.
85%
When Made
I
Season's
July 29. 1937 [May
Sept. 28, 1937 I.Tuly..
Jan.
7, 1938 {September
93%
87%
CHICAGO
Thurs.
93%
96%
87%
89%
86%
90%
88%
and
Low
Fri.
96%
90
88%
When Made
Nov.
8,1937
81%
Nov.
86%
Jan.
8,1937
6, 1938
85%
DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
May
July.
H
O
October
L
125
128% 128%
116% 120% 120%
98%
98%
Corn—On the 3d inst. prices
closed %c. to Ha. net lower.
Despite
Chicago
120%
111%
125%
116%
4c. jump of corn prices at Buenos Aires, the
market turned weak in late dealings.
Export
a
Volume
146
Financial
purchases of United States
about 250,000 bushels.
to
134c. net higher.
On the 4th inst. prices closed J^c.
Export business in
today was
estimated at above 1,000,000 bushels.
This together with
the pronounced strength in wheat markets and the stock
market, had a highly stimulating effect on corn values.
The Chicago corn market closed at about the highs of the
day.^
On the 5th inst. prices closed unchanged from the
previous finals.
There was very little feature to the trading
corn today, the volume being
relatively light.
The under¬
tone of the market, however, was steady.
Corn export
purchases totaled 1,000,000 bushels.
This should have
served as quite a stimulus to values, but the market proved
disappointingly backward.
On the 6th inst. prices closed *4c. off to %c. up.. In spite
the
the
sharp advances and activity in the wheat markets,
market
corn
tone
fairly
higher.
This
session.
in
ruled
steady.
comparatively dull, with the under¬
Today
Export demand for
totaled
corn
DAILY
Open interest
continues.
corn
50,094,000 bushels.
PRICES OF CORN IN NEW YORK
Sat. Mon.
Tues.
Wed.
Thurs.
CLOSING
No. 2 yellow
HOL.
DAILY CLOSING PRICES
May
July.,
September
Yi to %c. net
throughout most of the
closed
prices
steady
ruled
grain
OF
H
O
L
—
_
76%
—
61%
60 X
62%
61%
62#
61X
61
Season's Low and
When Made
.55%
July 29, 1937 May
66 X
Sept.30. 1937 July
Jan.
6, 1938 September..
60%
Season's
High and
May
74
July
665*
September
62%
62%
61 ji
61 %
Fri.
62%
62%
62
Made
When
Nov. 30, 1937
Nov. 30. 1937
Jan.
6, 1938
—
.
—
Oats—On the 3d inst.
prices closed 34c. lower.
Trading
There was nothing of interest in this market.
On the 4th inst. prices closed 34c. to %c. net higher.
This
firmness was almost entirely in sympathy with the vigorously
strong action of wheat and corn markets.
On the 5th inst.
prices closed 34c. to 24c. net higher.
The firmness in oats
was rather surprising especially in view of the comparative
was
very
On the 6tli inst.
Corn
bush 56 lbs
Chicago
Minneapolis
153,000
markets.
corn
CLOSING
PRICES
Sal.
....
— _
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
Mon.
H
O
L
_
High
30%
29
31%
29%
28%
31%
29 X
——
When Made
I
Season's Low and
July 29. 19371 May.
28%
Oct.
2, 19371 July
-.28
Jan.
7, 19381 September.... 28%
and
33%
32%
30
32%
30 X
30
32
30
29%
Made
Oct. 13. 1937
Nov. 6.1937
Jan.
6, 1937
When
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
HOL.
May
July
...
*
.
Milwaukee...
-
1,300,000
373,000
25,000
514,000
137,000
191,000
«
„
581,000
175,000
51,000
2,000
183,000
482,000
124,000
29,000
13,000
38,000
27,000
343,000
34,000
4,000
26,000
10,000
72,000
10,000
2,000
Toledo.
33,000
67,000
Indianapolis..
12,000
434,000
168,000
2,099,000
33,000
18.000
578,000
647,000
484,000
16,000
115,000
780,000
92,000
Peoria.......
Kansas City..
Omaha
1,000
74,000
100,000
70,000
9,000
St. Louis,...
'
a
St. Joseph...
33,000
66,000
109,000
201.000
3,000
104,000
165,000
■
699,000
176,000
76,000
48,000
2,201,000
2,073,000
7,781,000
2,914,000
2,381,000
1,228,000
921,000
246,000
395,000
353,000
1,270,000
680,000
1,237,000
1
Wichita.....
City...
-J '
Buffalo......
Total week,'37
Same week,'36
297,000
358,000
282,000
Same week,'35
1,831,000
20,000
"
3~O6O
8,000
1,164,000
Since Aug. 1—
1937......
1936
8,400,000200,038,000126,857,000
9,391,000149,438,000 87,387,000
1935/....
8,413,000 239,637,000
61,422,000 19,600,000 57,454,000
45,852,00010,543,000 58.031,000
87,405,00013,809,000 52,420,000
70,475,000
Total receipts of flour and grain at the seaboard
ports
the week ended Friday, Dee. 31, 1937, follow:
|
Flour
Receipts at—
New
York
Oats
bush 32 lbs
Rye
for
Barley
bush 56 lbs bush 48 lbs
106,000
31,000
138,000
2,000
161,000
93,000
18,000
Philadelphia,.
66,000
150,000
761,000
121,000
295,000
170,000
14,000
572,000
48,000
158,000
"9" 000
"s'ooo
7,000
......
Baltimore
New
i
Com
bush 56 lbs
Wheat
bbls 196 lbs bush 60 lbs
Orleans*
24,000
Galveston
St. John, West
"~2~665
Halifax......
18,000
4,000
73,000
58,000
8,000
7,000
31,000
325:656
60,666
St. John, East
Total week,'37
199,0001
1,058,000
49,000
Since Jan.l '37
14,200,000103,833,000, 35,652,000
6,491,000
112,000|
383,000
6,765.00012,309,000
Week
234,000
986,000
15,233,000 140,947,000
69,000
7,932,000
4.581,000
1936...
1,737,000!
493,000
13,066,000
23,000!
3,000
3,917,000
*
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from
the several seaboard ports for the week
Friday, Dec. 31, 1937, are shown in the annexed
ended
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from—
New York
230,000
Philadelphia
260,000
60,770
49%
47
48%
45%
—
49%
46%
50%
47%
49%
46%
250,666
Port Arthur
205,000
572.000
158,000
West—
Halifax
64,000
392,000
"
2 .666
..
1937
7,000
60:666
.
1936—
9,666
18,000
48,000
Total week
325:666
5,666
180,000 1,398,000
367,000
.
Same week
"s'.ooo
l"29~,666
New Orleans
St. John, East
67,000
2,000
Galveston.
St. John,
56,000
1,000
....
Baltimore......
OATS
OF
—
.
May
July..
September
Barley
403,000
-.
Duluth
Sioux
Rye
statement:
sympathy with corn and wheat.
May__
July
September
180,000
Oats
bush 32 lbs bush 56 lbs bush 48 lbs
prices closed % to %c. net higher.
This
firmness was largely in sympathy with the vigorous upward
movement in wheat.
Today prices closed Ys to %c. net
higher.
Trading was light, the upward trend being in
Season's
Wheat
bush 60 lbs
light.
dullness in wheat and
DAILY
Flour
bbls 196 lbs
78%
77%
77%
77%
CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
_
299
Receipts at-
corn
in
of
Chronicle
today amounted to only
corn
—
1,687,000 2,210,000
88,770
16,000
—
1,497,000
86,645
2,000
The destination of these exports
July 1, 1937, is
for the week and since
below;
as
Flour
Wheat
Com
Exports for Week
Rye—On the 3d inst. prices closed 34c. to 24c. higher.
Trading was very light and without special feature.
On the
4th inst. prices closed
lJ4c. to 234c. net higher.
The
activity and strength in the wheat markets together with a
good spot demand for rye, were the contributing factors in
thr upswing of rye values.
On the 5th inst. prices closed
unchanged to 34c. higher.
This market was dull, though the
undertone was steady.
On the 6th inst. prices closed 2c. net higher.
This was a
real response to the marked rise in the wheat markets.
Trading was fairly active in rye, especially on prospects of
substantial
demand
for export
sooner
or
later.
Today
prices closed V8c. off.
Trading was relatively light and
without
DAILY
PRICES
OF
RYE
July
September
DAILY
When Made
I
Season's
Aug. 10. 1937(May
Oct. 21, 1937 July
and
84
...70
PRICES
RYE
OF
CLOSING
Low
and
When
63%
Nov.
62
Nov.
76%
70%
Tues.
78%
78%
Made
8,1937
8.1937
—.....
FUTURES
Mon.
HOL.
May
July
Fri.
76%
70%
(September
—
CLOSING
Thurs.
74%
68%
IN
WINNIPEG
Wed.
83%
83%
Thurs.
81%
81%
Fri.
84
83%
83%
83%
PRICES OF BARLEY FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
HOL. 63%
60%
May
July
65%
62%
63%
61%
64%
61%
64%
61%
1937
1937
Barrels
United
July 1
1937
Dec. 31
1937
Barrels
Bushels
Bushels
Bushels
Bushels
10,910
15,185
So. & Cent. Amer.
11,500
266,106
325,500
West Indies.
38,000
661,000
2,000
13,175
2,682,151
2,882,432
Kingdom.
Brit. No. Am. Col.
Other countries-..
Total 1937
Total 1938..
—
86,645
.
Hard winter
straights--—5.65@5.85
..5.85@6.05
Hard winter patents
Hard winter clears
4.70 @4.90
Coarse
Fancy
pearTNos.2,4&7
6,517,000
170,000
1,469,666
1,687,000
1,497,000
1,000
STOCKS
Com
Oats
Rye
Barley
Bushels
United States—
B^ishels
Bushels
Bushels
Bushels
2,000
3,000
313,000
29,000
985,000
1,509,000
Boston..
-
New York
Philadelphia.
— —
—
1,162,000
1,000
30,000
267,000
112,000
553",000
~2~6~666
31,000
2,000
24,000
39,000
92,000
1,000
106",000
Galveston—
2,711,000
397,000
1,395,000
13,000
Fort Worth.........—
5,336,000
207,000
Baltimore
292,000
New Orleans
Wichita
1,000
"
9^000
8,000
6,000
1,158,000
Hutchinson
3,568,000
St. Joseph...
Omaha
3,902,000
715,000
79,000
24,666
8,000
17,235,000
1... 4,496,000
3,050,000
836,000
4,978,000
1,130,000
2,520,000
1,020,000
89,000
7,427,000
1,238,000
189,000
331,000
76,000
189.000
18,000
104,000
11,000
6,000
1,175,000
;
Kansas City..
......
........
Sioux City
520,000
—
St. Louis.
—
4,232,000
1,524,000
Indianapolis
10,000
Peoria
9,905,000
—-
afloat
Minneapolis
9,157,000
3,022.000
215,000
8,421,000
5,045,000
Detroit.....—.
-
Buffalo
"
afloat
—
26,000
161,000
457,000
57,000
17,000
3,000
3,134,000
835,000
472,000
486,000
131,000
779:066
2,535,000 13,808,000
3,272,000
2,000
5,000
1,947,000
704,000
1,263,000
994,000
2,000
382,000
5.166,000
133,000
179,000
1,261,000
1,950.000
65,000
Duluth..
4 00
5.25@5.60
4,000
3,580,000
Wheat
Milwaukee
Rye flour patents
5.05 @ 5.20
Seminola, bbl., Nos.1-3. 7.45
Oats, good.
2.50
Cornflour
2.10
Barley goods—
""4,666
25.000
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Friday, Dec. 31, 1937, were as follows:
"
Spring oats, high protein -6.55@6.85
Spring patents
—6.05 @6.25
Clears, first spring
5.80@6.10
Soft winter straights -«._-4.95@5.25
2,763,000
71,541,000 2.210,000
79,761,000
13,000
2,000
visible
The
afloat.......—
FLOUR
July 1
39,061,000 1.502,000
29,999,000
704,000
987,000
165,736
88,770
900,000
772,000
1,261,809
Continent
Chicago
Closing quotations were as follows:
Since
Dec. 31
1937
afloat
Sat.
DAILY
74%
69%
Week
July 1
31
CHICAGO
IN
Wed.
Tues.
72
67%
H
O
L
;—
_—
FUTURES
Mon.
Sat.
High
Since
GRAIN
CLOSING
May
Week
1937
Dec.
July 1 to—
feature.
May
July......
September..
Season's
Since
Week
and Since
173,000
3,401,000
1,084,000
197,000
1,462,000
200,000
940,000
1937.-86,863,000 34,803,000 24,809,000
4,666,000 9,827,000
Note,—Bonded grain not Included above: Barley—Duluth, 110,000 bushels: New
York, 35,000: total, 145,000 bushels, against 5,808,000 in 1936.
Wheat—New York,
2,901,000 bushels; New York afloat, 116,000; Philadelphia, 4,000; Buffalo, 330,000;
Albany, 276,000; Erie, 1,077,000; total, 4,704,000 bushels, against 27,045,000
Total Dec. 31,
GRAIN
Wheat.New York—
No. 2 red, c.i.f., domestic...108%
Manitoba No. l,f.o.b. N.Y..167
Corn, New York—
No. 2 yellow, all rail
.
77%
All the statements below
Oats, New York—
No. 2 white
45%
Rye, No. 2. f.o.b. bond N. Y.. 87%
Barley, New York—
47% lbs. malting..
63%
Chicago, cash
40-60
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 Friday and since Aug. 1 for each
of the last three years:
bushels in 1936.
~
Wheat
Com
Oats
Rye
Bushels
Canadian—
Bushels
Bushels
Bushels
Barley
B*tshels
Lake, bay, river & seab'd. 14,331,000
Ft. William & Pt. Arthur. 10,633,000
858,000
1,083,000
elev—27,709,000
7,407,000
319,000
2,339,000
1,025,000
6,817,000
1937.-52,673,000
9,348,000
1,278,000
10,181,000
Other Can. & other
Total
Dec. 31.
48,000
911,000
Summary-
American
Canadian
Total Dec, 31,
86,863,000 34,803,000 24,809,000
...52,673,000
—
9,348.000
4,666,000
9,827,000
1,278,000 10,181,000
1937-139,536,000 34,803,000 34,157,000
5,944,000 20,008.000
Financial
300
The world's
shipment of wheat and corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Dec. 31, and since July 1, 1937, and July 1, 1936, are
shown in the following:
Dec.
1937
July 1,
1936
Bushels
Bushels
Bushels
97,720,000 121,850,000
55.986,000 41,168,000
20,970,000 35,277,000
40,758,000 36,052,000
6,880,000
11,104,000
11,840,000 13,432,000
3,035,000
North Arner.
Black Sea...
488,000
Argentina...
1,110,000
Australia
3.172,000
...
1.
July
31,
1937
India
160,000
Oth. countr'B
440,000
8,405,000 238,378,000 254,659,000
Total....-
Dec.
July 1,
1936
Bushels
Bushels
1,
World
1,940,000
34,000
994,000
58,795",000
1,000
6.085,000
2,877,000 12,307,000
3,134,000 171,585,000 209,549,000
13,183.000
6.102,000239,252,000235,040,000
000 Bushels
supplies may tend to offset the effect
Hemisphere wheat which usually comes to mar¬
in volume during January, the Bureau of Agricultural
Small world wheat
of Southern
Economics, United States Department of Agriculture, said
Dec. 23 in its current summary of the wheat situation.
on
estimated at about 3,779,000,000 bushels.
Russia and China are excluded from this
figure.
This represents a reduction of about 29,000,000
is
World wheat production
now
month ago, this being largely
the result of downward revisions in the estimates for Argen¬
tina and the United States.
The Bureau's previous estimate
was referred to in our issue of Nov. 27, page 3413.
An an¬
nouncement by the Department of Agriculture bearing on
the Bureau's summary had the following to say:]Hiaj|gasS«|
bushels from the estimate of a
The crop in
Argentina has suffered severe frost and drought damage and
of this damage can not be reckoned at this time, the
while the full extent
crop
by the Bureau at about 185.000.000 bushels.
Is tentatively estimated
This is about 65,000,000
bushels less than last year's harvest in the Argen-
Argentine wheat is a hard bread wheat
ne.
similar to our hard winter
by European countries for mixing with soft wheats
export type: it Is needed
in milling
and a reduction in the crop may result in an
United States wheat, according to
increased demand for
the Bureau.
States crop, the Dec. 1 estimate placed It at
to the United
In respect
This represented a downward revision of 13,000,000
873,993,000 bushels.
wheat.
Supplies of hard red spring wheat
take care of prospective requirements in
this country.
Supplies of hard and soft red winter and white wheats, on
the other hand, remain considerably in excess of domestic needs, the Bureau
bushels. mostly in hard red spring
however, still appear ample to
said.
The world crop as now
of the year, gives a
indicated, added to the carry-over at the beginning
total supply for 1937-38 (excluding Russia and China)
the very small supplies In 1936-37.
Dec. 17 amounted to about
30,000,000 bushels, suggesting that total exports for the season, from that
country, may not exceed 40,000,000 bushels.
Last year total exports from
Russia were only 4,000,000 bushels; but In 1935-36 and the previous year,
when large crops were also harvested, exports amounted to 29,000,000 and
only about 25,000,000 bushels larger than
Exports from Soviet Russia from July 1 to
34,000,000 bushels, respectively.
Weather
Report
for
Week Ended Jan.
5—The
the
the
was characterized by moderate to abnormally high tempera¬
mostly scanty precipitation, and more than normal sunshine in
The week
the far North¬
the Mississippi
local and generally
most parts of the country.
Rainfall was fairly frequent in
west and the Gulf sections and was rather general east of
River
on
1, but otherwise the falls were
Dec. 31-Jan.
ight.
The weekly mean temperatures were abnormally high in
tions of the country, the only areas having relatively cool
nearly all sec¬
weather being
Lake region.
Rather generally
from the Appalachian Mountains westward to the Pacific Coast and from
the northern Plains to the Gulf temperatures averaged from 4 degrees to
as many as 15 degrees above normal.
Freezing weather extended only to
the northern portions of South Carolina and Georgia, central Alabama,
northern Arkansas and northwestern Texas, while readings as low as zero
were confined to the Northeast and some central-northern districts.
The
lowest temperature reported was 14 degrees below zero at Greenville, Me.,
the
extreme
Northeast
and
the
upper
Jan. 1.
on
Precipitation
was
fairly heavy from the lower Mississippi Valley west¬
ward to the lower Rio Grande Valley, and was moderate to fairly heavy in
the far Northwest and the Northeastern States.
Between the Appalachian
Mountains and Mississippi River the amounts were
mostly light to moder¬
ate, while an unusually large area of the interior, extending from Oklahoma
and eastern New Mexico northward, had practically no precipitation during
The heaviest rainfall reported was 3 8 inches at Corpus
Christi,
Texas.
The abnormally warm weather and absence of harmful temperatures in
portions of the country made a generally favorable week for agricul¬
Because of the warmth considerable snow disappeared in
all
tural interests.
interior and
snow
cover
east
of the Rocky Mountains at this
time is
confined to tne more northern portions of the country where it is light to
only moderate, except for
New York and in extreme
heavy blanket in New England and northern
north-central districts, principally the northern
a
Lake region.
In the central portions of the country, from the Mississippi Valley east¬
ward, fields are wet and soft, but in the Southeast outside operations made
good progress, while truck crops responded favorably to the warmth.
In
the central and west Gulf area the soil is mostly too wet to work and sea¬
sonal field operations are backward; winter crops, however, made fair to
good progress.
The mild temperatures were especially favorable to livestock through¬
out the great western grazing area.
December brought good snows in the
mountains of Wyoming and Colorado and the storage is above normal in
the far Northwest, but in most other western sections the stored snow at
the beginning of the new year is below normal, much below in the southern
Rocky Mountains.
East of the Plains States soil moisture is ample'for
present needs, with the subsoil well supplied in most eastern sections.
However, it continues dry in much of the Great Plains, especially the
central and southern portions.
In the Pacific area there were some damaging heavy rains locally in the
north, but, in general, conditions are satisfactory, with decided improve¬
ment reported in much of California.
Citrus fruits are doing well generally
but some ungathered cane has been further damaged in Louisiana and some
unpicked cotton in the north-central portion of the Cotton Belt has become
badly discolored.
In the South Atlantic area lower temperatures are needed
to retard growth of vegetation.
Small Grains—Except in western New York where the
insufficient to afford
protection, the week
was
snowcover
was
generally favorable for small
most eastern sections.
Condition is generally fair to good,
although there has been some slight damage from freezing and thawing
grains
fields.
Damage in Illinois is apparently not
conditions of recent weeks; in Missouri
only fair, with moisture sufficient for immediate needs,
unusually dry in the west and north.
Prospects in
Kansas are not encouraging; the southwestern part of that State
Oklahoma, Arkansas and the Gulf
fair to good though rain is
wheat pastures are generally
short.
Rain is needed in the Southwest, but moisture conditions are ex¬
cellent in most of Colorado.
More snowcover is needed in Utah, where freezing ground is endangering
winter wheat.
In the Northwest the week was decidedly favorable, with
melting snows penetrating the soil, and wheat reported in very good to
excellent condition.
Oats and rye are doing well in most central and
more
southern sections, eastern
States, progress and condition are generally
needed in central and eastern Oklahoma and
eastern
sections.
THE DRY GOODS TRADE
New
in
Ydrk, Friday Night, Jan. 7, 1938.
Hampered by unusually mild temperatures, retail business
during the past week gave a rather spotty account.
While
continued promotional efforts in many retail establishments
helped somewhat to sustain the volume of sales, neverthe¬
less moderate declines were reported in many sections,
and reduced
the buying
In most of the rural sections the vol¬
notably in those districts where unemployment
payrolls are exerting a detrimental effect on
power
ume
of consumers.
of sales held up encouragingly, and not in a
substantial gains over last year continued to
few instances
be recorded.
Early estimates for the year 1937 forecast an average gain
of 6% over the previous year, although it should be taken
into account that retail prices averaged higher by approxi¬
mately the same ratio.
Trading in the wholesale dry goods markets gave indica¬
tions of an early gain in activities as inventory taking is
approaching its completion, and merchants displayed more
willingness to enter the market with moderate replenish¬
ment orders.
Inventories in general are expected to show
substantial reductions and while no rush for goods is antici¬
pated, in view of the many uncertainties surrounding the
business outlook, it is known that the previous reluctance
of merchants to cover spring requirements will necessitate
early purchases in many lines.
A feature of the week was
the reduction in denim prices, amounting to lc. a yard, fol¬
lowing which a substantial number of
market for these
goods.
orders came into the
Business in silks expanded moder¬
ately and buyers encountered some difficulty in obtaining
constructions.
Trading in rayon yarns continued
desired
quiet, although a slightly better tone manifested itself as
weaving mills displayed more interest in forward contracts.
Producers' surplus stocks at the end of the year were re¬
ported to have increased to a figure equaling a 2}^ months'
supply, while current operations are estimated at approxi¬
mately 75%.
1
markets
Goods—Trading in the gray cloths
seasonally quiet although indications
Cotton
continued
increasing that an early resumption of buying opera¬
on a larger scale may be anticipated.
Encouraged by
substantial improvement in the inventory situation, the
were
tions
persistent steadier trend in the raw cotton market and a
moderate improvement in the flow of finished goods, users
showed more interest in offerings, although relatively few
transactions were consummated as mills as well as second¬
hand holders showed increasing unwillingness to accede to
concessions demanded by prospective buyers.
The
displayed by the security markets also helped
to improve sentiment.
Business in fine goods remained
quiet, but growing interest was shown in lawns, pongees
and piques, and it was expected that following the inventory
period an increase in buying activities will materialize.
Closing prices in print cloths were as follows: 39-inch 80's,
6%c.; 39-inch 72-76's, 5% to 5^c.; 39-inch 68-72's, 5^c.;
38^-inch 64-60's, 4^c.; 38H-inch 60-48's, 3^c.
price
better tone
JR Woolen Goods—Trading in men's wear
fabrics continued
preoccupation with inventory matters interfered with
course of business.
While prices held steady
and a number of mills were reported to have resumed opera¬
tions, no early large-scale buying on the part of clothing
manufacturers is anticipated until the general business sit¬
uation becomes more clarified.
A fair call continued to
exist for tropical worsteds and gabardines and some replen¬
ishment buying was done in fancy materials such as herring¬
bone cheviots and chalk stripes.
Reports from retail cloth¬
dull
as
the
the week.
the
been
Domestic
the
general summary of the weather bulletin issued by
Department of Agriculture, indicating the influence of
weather for the week ended Jan. 5, follows:
tures,
has
is very dry.
In
Bushels
favorable; the snowcover has been deficient and
insufficient precipitation, although mild weather has re¬
Plains are not so
Great
there
moved most of the ice from
Agricultural Economics Lowers Estimate of
Wheat Production—Now Placed at 3,779,-
Bureau of
ket
but are
western
1937
July
31,
1937
portions of the belt.
Plants are small in the eastern Ohio Valley
apparently wtll-rooted; in southern portions of the Valley, grains
growing slowly and are in good condition, including late seedings.
mt
Conditions in the upper Mississippi Valley and the central and northern
in eastern
are
the crop is mostly
but the subsoil is
Since
Si ice
Week
Since
Since
Week
Exports
1938
extensive from ice and other adverse
Com
Wheat
fan. 8,
Chronicle
normal
ing centers made a spotty showing as the unseasonally mild
weather retarded the flow of heavy winter apparel.
Busi¬
ness in women's wear goods turned fairly active, with shetlands, fleeces and tweeds continuing to move in good volume.
Goods—Trading in linens remained in¬
confined to occasional small fill-in
orders on dress goods for the winter resort and cruise trade.
Reports from foreign primary centers explained the present
inactivity of U. S. importers in part with the desire to await
the expected enactment of the proposed British-American
tariff revisions.
Business in burlap turned slightly more
active as consumers entered the market with small shipment
orders.
Prices ruled easier in line with the Calcutta market,
where the sharp increase in stocks exerted a depressing influ¬
ence on sentiment.
Domestically lightweights were quoted
Foreign
Dry
active and business was
at
3.65c., heavies at 4.95c.
Volume
Financial
146
301
Chronicle
ately after the Federal Reserve Board had decreed (on
31) a sharp increase in reserve requirements of member
banks.
This was particularly unfortunate insofar as the
municipal bond market was concerned, as investment bankers
were undertaking at that time the distribution of over $200,000,000 of new issues which were acquired during January.
The contraction in credit supply, coupled with a resultant
hardening of interest rates, occasioned a serious problem
insofar as liquidating the exceptionally large available supply
of municipals was concerned.
Although investment bankers
resorted to sharp price reductions; in order to stimulate
investment demand, their efforts were somewhat fruitless
as a series of
subsequent upheavals in the Treasury bond
Jan.
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS &, CO., Inc.
105 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST. LOUIS £
market served to further
SALES
MUNICIPAL BOND
YEAR
THE
The
closing
month
increase in the output
following
of
a
IN DECEMBER AND FOR
1937
of
witnessed
a
considerable
of State and municipal bond issues,
period of several months during which financing
down to negligible proportions.
The extent of the greater
activity during December is amply
that the
disposals in that month, at
$83,947,370, greatly exceeded the volume of sales for any
preceding period since July, when the total was $84,519,511.
Moreover, the largest total established in any of the interven¬
ing months
was no more
than $53,103,277, this figure having
been reached in August.
Among the issues which contri¬
buted to the larger volume of
those of
by the State of New York, $10,000,000 by the City of
Chicago, and $6,650,000 by the Philadelphia School District,
Pennsylvania.
Although, as we have said, there was a marked increase
in output during December, the relative lack of activity
throughout the year as a whole served to reduce the grand
1937 below the totals established in
each of the
preceding three years.
Our records show that
the disposals in the recent calendar year aggregated $902,404,895.
This compares with awards of $1,117,351,518 in
1936, $1,220,150,097 in 1935, and $939,453,933 in 1934.
Sales in the earlier years were only $520,478,023 in 1933,
$849,480,079 in 1932, $1,256,254,933 in 1931, and no less
than $1,487,313,248 in 1930.
While figures include issues
originally acquired by the Public Works Administration
and the Reconstruction Finance Corporation which were
subsequently absorbed in the market, they do embrace
such of the loans still held by those agencies.
A record in
tabular form of the yearly emissions since 1892 appears
further
The
on
in this article.
restricted
of municipal issues during 1937
grand
aggregate of $902,000,000, no less than $207,228,381, or
almost 25%, represented financing completed during the
month of January.
It is to be noted too, that in continuance
of the trend which began only in 1932, refunding issues made
up a large portion of the loans placed on the market.
The
amount of such financing last year totaled $175,172,885.
Comparable figures for prior years of the low-interest rate
period were $382,442,632 for 1936, $365,150,304 for 1935,
$136,475,679 for 1934, $37,080,049 for 1933 (this being the
year when the grand total of sales was only slightly more
than $520,000,000), and $87,000,429 in 1932.
These figures
attain added significance when it is considered that in the
period from 1924 to 1931, when the annual output of muni¬
cipals averaged $1,400,000,000, refunding issues accounted
for a yeai-ly average of about $30,000,000.
Thus, when the
amount of refunding done in recent years is added to the
volume of maturities retired other than by refinancing in the
same period, it is to be noted that there was
only a slight
net increase to the grand aggregate of State and municipal
indebtedness since 1932.
This, of course, is in sharp
output
becomes further evident when it is recalled that of the
contrast
to
the continuous rise in
Government in the
the debt of the
Federal
period.
Conditions for the sale of municipal issues during 1937
were unquestionably not so favorable as was the case in the
two preceding years.
While expanding money rates was
naturally reflected in an increase in the cost of tax-exempt
financing, this was not of such nature as to cause great
concern to those units seeking to
dispose of new offerings.
The lessened volume of emissions was due, in considerable
measure, to a decline in investment demand which had its
inception in the latter part of January and continued, with
only minor interruptions, throughout the entire 12 months.
Despite the fact that tax collections and other factors bear¬
ing on municipal credit continued strikingly favorable, there
nevertheless developed a sharp reluctance on the part of
investment sources to absorb new offerings on a scale com¬
parable to the unsatiable demand which prevailed in 1936
and 1935.
The falling off in demand, as previously noted,
had its inception in the opening month of the year, immedi¬
same
evidenced
in
main
the
for
maturities
Although
of
a
year,
com¬
paratively phort-term duration and, moreover, obtained
principally for only high-grade obligations.
The extent of
the advance in municipal bond yields during the past calendar
year
is attested in the fact that the return
on
a
list of 20
representative issues increased from 2.62% at the beginning
of the year to 3.17% at the close of 1937.
The
were
issues of
as
$1,000,000
or
more
sold during December
follows:
$11,210,000 New York.N. Y., various purposes bonds, due serially from
1939 to 1953 incl., were awarded to an account headed by
Halsey, Stuart & Co., Inc., New York, as 2^s, at a price of
100.618, a basis of about 2.42%.
Reoffered. for public In¬
vestment to yield from 1% to 2.90%, according to maturity.
10,000,000 New York (State of) grade crossing elimination bonds, ma¬
turing annually from 1938 to 1987 incl., were purchased by
the Bank of The Manhattan Co. of New York and associates,
emissions during December were
$11,210,000 by the City of New York, $10,000,000
total of emissions for
was
1937
that character was.held
indicated in the fact
this
aggravate the situation.
improvement in demand developed later in the
some
2^s, at 100.69, a basis of about 2.47%.
Reoffered
yield from 0.40% to 2.50%, according to maturity.
as
10,000,000 Chicago,
to
111., refunding bonds of 1938, due annually from
1941 to 1948 incl., were taken by a syndicate headed by the
Chase National Bank of New York, at 101.14, a basis of about
2.83%.
Reoffered to yield from 2% to 2.95%, according to
maturity.
6,650,000 Philadelphia. Pa;, school bonds, issued for funding purposes
and due serially from 1939 to 1957 incl., were awarded to the
State Public School Employees Retirement Board, as 354s,
at 100.428, a basis of about 3.70%.
Two banking groups
also competed for the issue..
3,700,000 Cuyahoga
County,
Ohio,
Main
Ave.
bridge
bonds,
due
semi-annually from 1939 to 1963 incl., were sold to a group
headed by Blyth & Co., Inc., New York, as 3^8, at 101.40, a
basis of about 3.37%.
Reoffered to yield from 1.50% to
3.35% according to maturity.
3,599,000 Tennessee
(State
of)
funding and
county
reimbursement
bonds, due in 1947 and 1948, were awarded to a syndicate man¬
aged by Halsey, Stuart & Co., Inc., at a price of 100.06 for
2Mb and 3J4s, a basis cost of about 2.93%.
Reoffered to
yield 2.80%
and 2.90%, according to interest rate and ma¬
turity.
County, N. Y., various purposes bonds, due an¬
nually from 1938 to 1957 incl., were purchased by the Chase
2,500,000 Nassau
National
of New York and associates, at a price of
combination of 354s and 3.90s, the net interest
Bank
100.0002 for
a
being about 3.26%.
Reoffered to yield from 1%
according to maturity.
to 3.30%,
2,410,000 Cincinnati. Ohio, bonds and notes were sold as follows:
a total of $1,410,000
various purposes bonds, maturing an¬
nually from 1939 to 1963 incl., were purchased by Blyth & Co.,
New York, as 2s, at 100.157, a basis of about 1.98%.
Re¬
offered to yield from 0.75% to 2.20%, according to maturity.
The balance of the city's financing constituted the private sale
of $1,000,000 1H% water improvement notes, due Feb. 1, 1940,
callable Feb. 1, 1939, to Lazard Freres & Co., Inc., New York,
and Braun, Bosworth & Co., Toledo, jointly, at 100.37, a
basis of about 1.06% to maturity.
2,250,000 Mississippi (State of) highway notes, due from 1957 to 1961
and bearing interest at 3 >£ % and 4 %, were sold to a syndicate
neaded by John Nuveen & Co. of Chicago, at 100.068, a basis
of about 3.785%.
Reoffered at prices of 99, 102 and 103, de¬
pending on interest rate and maturity.
1,912,000 Syracuse,
N. Y., various purposes bonds, due serially from
awarded to a group headed by Lehman
1938 to 1957 incl., were
Bros., New York, as 2.20s, at 100.289, a basis of about 2.17%.
Reoffered to yield 0.50% to 2.40%. according to maturity
Temporary financing by States and municipalities during
month of December involved the disposal of issues
the
aggregating $113,973,305. Of this amount, $83,047,000 was
accounted for by the City of New York.
The State of
California also contributed substantially to the month's
total, having disposed of a series of warrants in the
total
principal sum of over $7,000,000. Allegheny County, Pa.,
negotiated a loan of $5,500,000 during the close of the month.
Although most of the temporary borrowing in the recent
year was done at a higher cost than was true during 1936,
the increase in the main was comparatively small and was
principally the result of a moderate hardening in money rates.
Issues brought out by the Province of Nova Scotia and
the City of Toronto, Ont., made up in the main for the total
of $8,818,900 of Canadian municipal financing completed
during December.
None of the issues was placed in the
United States.
The Province disposed of an issue of $5,135,000, while the financing attributed to the City of
Toronto included $2,438,000 for the city's own account and
$650,000 on behalf of the Toronto Harbour Commission.
The Dominion of Canada issued $50,000,000 Treasury bills
for refunding purposes.
in this country by United States Posses¬
comprised the award of $500,000 Honolulu (City and
County), Hawaii, 4% sewer bonds to Phelps, Fenn & Co.,
New York, and associates, and the sale of $75,000 Puerto
Rico (Government of) 3^% refunding bonds to Hawley,.
Huller & Co. and Hayden, Miller & Co., both of Cleveland.
Public financing
sions
Financial
302
Below we furnish a comparison of all various forms of
obligations sold in December during the last five years:
Chronicle
Decisions
of
Jan. 8, 1938
United (States
the
Supreme
Court
today upholding the
Federal Emergency Administration of Public Works power program opened
the way to
proceed with 61 projects in 23 States having an estimated total
$146,917,808 for which PWA has allotted $61,225,644
construction cost of
1937
$
$
$
as
1933
$
83,947.370
96,994,934 133,567,228 121,702,118
45.217,320
Temp. mun. loans,
80,940,500
113,973,325 121,007,701
Canad. loans (temp.)
50,000,000
50,000,000
Canad. loans (perm.)
Placed ln Canada.
26,320,150
8,818,900
None
20,000,000
13,095,600
132,000
40,383,275
10,000
None
None
None
None
None
None
None
None
575,000
Bds .ofU .S.Possess'ns
None
None
None
400,000
40,000,000
257,314,575 294,322,785 287,603,328 221,157,216 295,490,620
Total
*
59,071,823 249,731,300
None
Placed ln U. 8
Gen.fd.bds.(N.Y.C.)
temporary securities issued by New York City in December, $83,"
1937; $41,000,000 in 1936; $62,350,000 in 1935; $35,875,000 in 1934;
Includes
047,000 in
$241,378,800 in 1933.
of
number
The
number of separate
349 and 403,
municipalities emitting bonds and the
issues made during December, 1937, were
This contrasts with 304,351 for
respectively.
November, 1937, and with 379-428 for December, 1936.
The following table shows the aggregate of State and
municipal permanent issues for December, as well as the
12 months for a series of years.
The 1937 figures are subject
to revision by later advices:
Month
For the
Month of
12 Months
$403,246,518
1910
36,621,581
339,424,560
227,643,208
1,117,351,518
1935
1,220,150,097
1934
121,702,118
939,453.933
1933.......
45,217,320
117,952,271
520,478,023
1909
849,480,079
1908
1932
1931
1913
1912...
396,859,646
313,797,549
45,760,233
186,773,236
1,256,254,933
1,487,313,248
1907.
13,718.505
1930
1906...
21,260,174
1929
290,827,938
1,430,650,900
1905.......
8,254,594
201,743,346
183,080,023
1928
149,428,822
1,414,784,537
1904...
9,985,785
250,754,946
1927
111,025,235
1,509,582,929
1,365,057,464
1,399,637,992
1,398,953,158
1903
13,491,797
11,567.812
132,846,535
149,498,689
1901
15,456,958
131,549,300
1900
22,160,751
145.733.062
1926
144,878,224
1925
157,987,647
1924.......
93,682,986
113,645,909
1923..
mechanics were
1902
For three years, mines, factories, and
kept out of Work.
have been prosperous and busy making materials stood
heard about how the utilities wanted to help re¬
covery and for three years, the communities lost, the workmen lost, the
stockholders lost and the people lost.
Now the story is complete.
The
mills which might
idle.
320,036,181
31,759,718
28,050,299
final decision
386,551,828
1911
27,657,909
36,028,842
12 Months
$902.404,895
1936
For the
of
December
>44,635,028
December
$83,947,370
96,994,934
133,567,228
1937
blocked through court ac¬
by utilities all over the country for nearly three years pending
as to the legality of municipalities deciding that they wished
local public control and ownership of their electric power and distributing
facilities with the aid of PWA loans and grants.
Over 100,000,000 manhours of employment is released by the verdicts.
Public Works Administrator Ickes today said:
"Construction will proceed.
"This decision appears at the end of a long trail on which certain selfish
corporations sought to block the will of the people.
The people have won,
"The lawyers in these cases were smart enought to keep the Government
in trouble but not wise enough to get business out of trouble.
All that they
have accomplished for their huge fees is an accumulation of a vast amount of
ill will for their clients, the dissipation of perhaps millions of dollars of
stockholders' money for legal fees and court costs, delay in the execution
of the registered will of the citizens of many communities expressed through
their local governments, and the flouting of the will of the nation expressed
through Congress,
"This issue has been dragged back and forth through all the courts to
which the obstructionists could appeal.
Chief Justice Taft once said
'Justice delayed is justice denied.'
This has never been truer than in the
case of the attempted legal assassination
of the PWA power program.
For over three years, these upholders of the Constitution have pursued their
harassing tactics.
Finally, they had to face the issue on the facts and the
law.
The result is that the Supreme Court finds that they had no right
to sue in the first place.
"It took over three years to find this out.
For three years, craftsmen and
a
(United States)
loans and $38,412,408 as grants.
This section of the PWA power program was
tions brought
loans,
mun.
(United States)...
*
1935
$
Prem.
1936
1934
For three years we
lawyers have lost for their clients in the Court of last resort but they
still
li3iV6 their fo&s
decided should be done both in their communities and
now be done."
"What the citizens
in the nation can
Lined up
behind the Alabama Power Co. and the Duke Power Co. suits
enjoin the advancement of funds by the PWA to communities, which had
for public ownership and had qualified for PWA aid, are a large
number of similar suits in the District Court of the District of Columbia as
well as in Federal courts in other parts of the country.
All of these suits
to
voted
bills for injunctions brought against both the municipality and the
by utilities and all will be affected by the United States
Supreme Court rule.
The suit of the Duke Power Co. to prevent the advancement of approxi¬
mately 2million dollars to Greenwood County, S. C., which had voted to
undertake construction of a county power generating and distributing
system, was instituted in the Federal Court on Nov. 7, 1934, after the
utility had failed in State Court attempts to block the county.
The suit of
the Alabama Power Co. in the Decature case was started in May, 1935.
are
Government
1,063,119,823
1899.......
4,981,225
118,113,005
1922
66,049,400
1,100,717,313
1898.......
103,084,793
1921
220,466,661
1,208.548,274
1897
7,306,343
17,855.473
1920
55,476,631
62,082,923
683,188,255
691,618.914
1896
10,664,287
106,406,060
The Duke
1919
1895
8,545,804
114,021,633
Judge in August, 1935.
1918
22,953,088
296,525,458
1894
13,486,375
trict reversed this decision and
451,278.762
117,176,225
77,421,273
1917
32,559,197
35,779,384
34,913,362
29,211,479
1916.......
1915
...
1914
1893
17,306,564
457,140,955
1892
498,557,993
474,074,395
1892
137,984,004
3,297,249
3,297,249
83,823,515
83,823,515
case
was
decided adversely to the Government by the
District
The Circuit Court of Appeals for the Fourth Dis¬
held for the Government in February, 1936.
The Duke case was treated as a test case and action in all of the other pend¬
ing cases was held up pending final decision by the Supreme Court.
In
December, 1936, the case went before the Supreme Court and was argued
an opinion was awaited.
Instead of deciding the case on its merits,
Supreme Court handed down a per curiam opinion refusing to decide
merits and sending it back to the District Count for retrial be¬
cause of certain technical errors in trial procedure.
The case was retried in the District Court in February, 1937, and on June
and
the
The
monthly output in each of the
is shown in the following table:
1937
1936
$207,228,381
42,987,742
98,045,427
59,345,983
1936
$48,435,338
$158,784,553
28,097,090
83,194,067
Nov
47,496,174
64,855,702
Dec
83,947,370
96,994,934
$89,523,614
Feb
128,568,023
...
1937 and 1936
1937
Jan
March
years
April
83,973,804
84,558,867
May
51,219,386
105,152,749
June
112,050,839
Sept.
Oct.
July
84,519,511
108,597,733
42,306,168
Aug
53,103,277
56.769,681
Total
Average
$902,404,895 $1,117,351,518
$75,200,407
$93,112,627
The total of all
municipal loans put out during the calendar
$2,489,063,235. including $902,404,895 of
long-term bonds by the States, counties and
minor civil divisions of the United States, $1,060,407,627
temporary municipal loans negotiated, $520,875,713 obliga¬
tions of Canada, its Provinces and municipalities (not in¬
cluding $540,000,000 temporary issues), and $5,375,000
bonds of United States possessions.
In the following table
we furnish a
comparison of all these forms of securities put
1937
year
new
was
issues of
out in each
case on
1, 1937, the District Court handed down a decision in favor of the Govern¬
This was affirmed by the Circuit Court of Appeals for the Fourth
on Aug. 6, 1937, and this decision is the one that has been finally
affirmed by the Supreme Court.
Prior to the Supreme Court finding PWA had been upheld in all five
United States Courts of Appeals that had heard the issue and in many
ment.
Circuit
more
District Courts.
Supreme Court based its decision on the ground that the plaintiff
had no standing to question the validity of the proposed
because the competition of the municipalities was legal.
The record on this question was different in no essential particular on this
last appeal than when the case was before the Supreme Court in November,
1936.
The net effect of the refusal of the Court to dispose finally of the
issue in December, 1936, was an additional year's delay in getting the
projects under construction.
There are many public power projects which have not been thrown into
litigation as yet, which will be favorably affected by today's decision.
Also utilities have withdrawn legal obstructions to other PWA power proj¬
ects which have been completed and are serving their communities or are
under construction.
,
All Power Projects
1935
1934
$
$
$
939,453,933
520,478,023
Russell ville—Federal
—
Guntersville—Federal....
987,590,375 1225,456,354
432,725,713
88,250,000
248,481,673
PlacedinU.S.
48,000,000
389,369,367
116,000,000
Bds. U.S.Poss's
5,375,000
3,325,000
11.696,000
Gen. fd. bonds.
(N. Y. City)
None
None
522,261,774
60,000,000
None
1,500,000
None
None
2489,063,23" 2301,455,961 2772,553,239 2499,306,082 2216,269,866
.seuuiiues issueu m iNew xom uity as ionows:
«oSi
3o8,802 In
®i8Z,64/,uuo
,488,000 ln 1936: 5496.810,100 In 1935; $526,089,100 in 1934; $801,1933,
Owing to the crowded condition of
our
columns,
we
...
-
35'QQQ
69,000
48,000
$52,000
81,000
?I'999
56,454
39,272
329,091
181,000
148,091
1,238,182
29.000
681,000
16,000
557,182
13,000
$1,297,000
$973,999
100,000
'90,000
2,760,000
1,518,000
1.242,000
277.800
102,009
477,000
420,000
347.000
231,000
130,000
189,000
$319,000
Idaho—
Illinois—
Centralia—Federal
...—
Jacksonville—Federal
$897,000
$578,000
Lamoni—Federal.
97,000
73,000
Hopkinton—State
30,600
are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
$269,000
Arkansas—
Paragould—Federal.:
California—
Imperial I. D.—Federal.
Coeur d'Alene—Federal
,
Grant
190.000
...
—
408,835,489
50,000,000
None
Loan
379,809
City—Federal.....
Courtland—Federal
(permanent):
$52,000
350,000
60,000
125,454
87,272
$2,270,999
Tarrant
Bessemer—Federal
Canadian loans
Total
---
„
Hartselle—Federal
(U. 8.)
902,404,895 1117,351,518 1220,150,097
Temp, loans,
(U. S.)
1060,407,627 884,297,770 1035,337,775
Placed ln Can
-
Decatur—Federal
$
Permanent loan
x
and which will
in Litigation Dec. 14, 1937
Allotment
Sheffield—Federal
'
$
the locations of
Alabama—
1933
(
......
The blockaded PWA power list of projects, together with
the projects and the sums involved, which are in litigation
be affected by today's decisions, is as follows:
State, City and Court—
1936
„
power companies
loans and grants
of the last five years:
1937
,
,
The
per
month...
the
Iowa—
24,000
30,600
$127,600
PUBLIC WORKS ADMINISTRATION
U.
S.
Supreme Court Upholds Municipal Power Projects—The power and
utility program of the Federal Government,
instituted under the
auspices of the New Deal, was given a
decided impetus
_
Menominee—Federal
>.—
Court, rendered
at its
opening session of the
new
year
on
Court
s
decisions:
by the PWA to the
high
61,909
125,000
31,455
$291,900
$224,364
117.899
120,000
Aberdeen—Federal
—
by the plaintiffs, the Alabama
announcement of the
291,900
64,844
66,000
63.055
54,000
$130,844
$107,055
71,735
51.200
39,000
32,735
$259,735
$110,200
$149,535
__
StiSwn^fceral
immediately following the
57,000
$356,000
$237,899
Federal Government
through the PWA, for the construction
or
publicly owned electric systems competing with private
press,
145,000
$836,500
67,909
416,900
31,455
Janes ville—Federal
represented
91,000
$516,264
The unanimous
decisions, given by Justice Sutherland,
upheld the right of municipalities to obtain funds from the
as
84,500
214,500
Minnesota—
Eveleth—Federal.....
Power Co. and the Duke Power Co.
The following statement was issued
103,000
588,500
187,500
803,000
202,000
.
Glenwood—Federal
enterprise,
67,500
$1,192,500
Dowagiae—Federal
by two rulings of the United States Supreme
Jan. 3.
$54,650
82,500
91,000
Middles boro—State
Bessemer—Federal
$73,000
150,000
Hoisington—Federal
Kentucky—
Tremun—Federal
Lpiaw-F^raV.v;:::::
Thayer—Federal.
-
88.000
100.000
___
88.000
as.soo-
Volume
Financial
146
State, City and
Nebraska—
Allotment
Court—
Chronicle
303
The issues involved
Grant
Loan
issues
by Palm Beach County,'Fla., School Dis¬
5, 6 and 9.
according to the Palm Beach County Refunding Agency,
beneficially affects nearly all refunding bond issues by school districts in
were
tricts Nos. 3, 4,
Platte Valley—Federal
10,165,000
8,700.000
30,096.000
180,000
,
Loup River—Federal
Tri-County (2)—Federal
.
.
Columbus—Federal
7,585,000
6,525,000
16.553,000
2.580,000
2,175,000
13,543,000
180,000
The decision,
the
State
of
Florida.
With the exception of District No. 5, the refunding plan has been declared
operative.
$49,141,000 $30,663,000 $18,478,000
Nevada—■
112,909
The exchange agent, however, will accept bonds of that District
pending commitment of the necessary additional bonds to the plan, and
pay interest at the refunding rate upon receipt of the bonds.
Validation
of
Las Vegas—-Federal
New York—
112,909
New Hyde Park—Federal.
300,000
520,000
165,000
286,000
135,000
No. 3, dated July 1, 1925, will be appealed to the Supreme Court of the
State of Florida to establish the joint liability of Martin and Palm Beach
234,000
counties.
$820,000
$451,000
$369,000
Plattsburg—Federal
The
refunding
refunding
bonds for that issue
2,595,000
2,595,000
.
Ohio—
146,000
320,000
1,515,000
.
1,085,000
50,400
320,000
430,000
$1,981,000
Wapakoneta—State.
Columbus—Federal.
$1,180,600
$800,400
Pennsylvania—
Myers town—Federal.
95,600
68,715
6,000,000
2,195,000
5,775.000
657,000
225,000
$8,852,000
$7,970,000
$882,000
2,600,000
2,000,000
55,000
112,000
2.382,000
600,000
45,000
92,000
1,948,000
3,092,000
2,852,000
Santee-Cooper—Fedei
.
South Dakota—
76,000
76,000
Flandreau—State
Lewis burg—Federal
Chattanooga—Federal
Memphis—Federal
—
100,000
204,000
4,330,000
3,092,000
& State
Newbern—Federal
Paris—Federal & State
59,000
135,000
33,000
—
26,000
135,000
52,727
29,000
663,500
364,000
23,727
299,500
67,050
112,500
Columbia—Federal-
City—Federal & State
Jackson—Federal
67,050
Fayetteville—Federal & State
112,500
Clarksville—Federal & State
$11,415,777
$4,975,000
$6,440,777
15.000,000
95,200
10,500,000
68,200
32,727
221,818
122,000
4,500,000
27,000
32,727
99,818
$15,349,745 $10,690,200
$4,659,545
Texas—
-Federal
Lower Colo. R. A.
-.
Leonard—Fed eral.
....
-.
Virginia—
Totals (61)
148,000
148,000
South Norfolk—Federal.
$99,632,952 $61,225,544 $38,412,408
-
In connection with the above report
was
issue
of
School
District
the hope that the refunding
15, 1938.
be delivered prior to March
Suggesting a constitutional amendment would be required for the exemp¬
tion, the Executive recommended that the law makers "find the necessary
means
to make possible the lifting of all taxes,
State, County, District
Municipal,
the following state¬
released from Washington as of Jan. 4:
from
"I realize that
the
home."
obligation of outstanding (county and local) bonds con¬
be respected until paid," he said, "but my
recommendation would extend to taxes for all current purposes and would
prohibit the imposition of any such burden on homes for all future time."
At the same time, the Governor urged that the State ad valorem tax
levy maximum be fixed at six mills, the minimum at two, compared with
the present eight-mill maximum and four-mill minimum.
T*PYtY! P<i*lPP
Knox ville—Federal.
ment
expressed
the
Tax
stitutes
Greenwood County—
Electra—Federal
agency
replace
Asks Legislature to Enact Home¬
Exemption Plan—Governor Hugh L. White has
asked the Mississippi Legislature to find some means to
exempt homes from all taxation.
stead
and
68,715"*
South Carolina—
Liberty—Federal
to
Mississippi—Governor
North Carolina—
High Point—State.-
Lenoir
can
bonds
a
an
contract which must
Mississippi—-Statistical Information Prepared
on
Highway
Notes—A bulletin of statistical information and chart of
turities
ma¬
highway notes of the State is being issued to in¬
dividuals and firms interested in such obligations, by Scharff
& Jones, Inc., Whitney Bank Building, New Orleans, La.
The chart shows a tabulation of outstanding notes by years,
also the call price as of Oct. 1, 1938, 1939 and 1940.
The
grand total of notes issued is put at $23,000,000, while the
grand total outstanding as of Jan. 1, 1938, is shown as
$21,217,000.
on
Municipal Bond Outlook Surveyed—The threatened
scarcity of long-term municipal financing will tend to sus¬
tain the price structure of the municipal bond market, ac¬
cording to Bernard J. Larkin, Vice-President of Halsey,
Stuart & Co., Inc., New York and Chicago investment^
dealers.
The restricted total of this type of financing in the
final quarter of 1937 merely emphasized a tendency, which,
to some extent, had been evident over a considerable period,
he points out.
required notice can be given.
It is desired that all the projects should
under construction by early sp.-ing.
each case where an injunection has been given, the private power
company has had to put up bond.
The Government has not yet decided
to what extent it will press its claim against these bonds, but that matter
a special article on "The Outlook for Municipal Bonds," Mr. Larkin
only points to the decreased total of State and municipal borrowings
but also analyzes the figures to show that the net addition
to the State and municipal debt has been surprisingly small compared with
the amount of financing done.
"Authoritative figures indicate that the total long-term State and mu¬
nicipal borrowings (exclusive of government aid) for the years 1932-36
were roughly $2,500,000,000 less than in the corresponding period of 1927-31
and $1,500,000,000 less than in 1922-26 period," he says.
"In the first
11 months of 1937 the total was about $200,000,000 less than in 1936.
The recent reduction is the more significant because of the extremely favor¬
able interest rates which have for some time been available to municipal
is
borrowers and the eagerness with which such
In
Public Works Administrator Ickes announced today that he had asked
Department of Justice to follow up the Government's victory in the
Alabama and Duke power cases by securing the dissolution of all temporary
the
injunctions that have been issued against the 61 PWA power allotments.
The decision of the Supreme Court will be the controlling precedent in these
other cases and it is expected that the injunctions will be dissolved as soon
as
be
In
being given consideration at the present time.
not
in recent years
offerings have, for the most
part, been taken up.
"Nor do these figures tell the whole story.
substantial part was for refunding purposes,
News Items
Alabama—Bond
Fund Proposal Approved by
by W. W. Brooks, Financial
Graves, that the Governor has
Retirement
announced
is
Governor—It
Governor
approved a report of the Committee on Public Credit of the
Alabama Bankers Association recommending the establish¬
ment of a sinking fund for the retirement of the Renewal and
Funding Bonds of the State.
Secretary
The
to
Committee
is
of W.
composed
C.
Bowman,
President
of
First
National Bank, Montgomery, and First Vice-President of Alabama Bankers
Association; J. C. Persons, President of First National Bank, Birmingham;
H. A. Pharr, Vice-President of First National Bank, Mobile and President
of Alabama Bankers Association; M. L. Robertson, President of Parker
Bank
&
Co.,
Trust
and
Association,
Cullman,
M.
H.
and
Sterne
of
Past
President
Ward,
Sterne
of Alabama Bankers
& Co., Birmingham,
Chairman.
period 1932-37 was about 20%.
In contrast to the substantial refundings
during this period, the total for the six preceding years was quite negligible—
less than 3%, to be exact."
In an analysis of the gross and net increases in permanent municipal
indebtedness—based on figures published in the "Commercial and Financial
Chronicle" over a 13-year period—Mr. Larkin shows that while total fi¬
nancing in the 13 years reviewed aggregated almost $16,000,000,000, net
additions to debt, according to this calculation, were less than $9,500,000,000.
"It is significant of the increased use of the serial maturity plan that
retirements in recent years have constituted a much larger percentage
of the total emmissions than in the Twenties," he comments.
"In the threeyear
of about $4,000,000,000
of Alabama
properly set up to mature in
for debt service being
approximately equal each year, except the three issues which come forward
from the debt settlement of 1876, representing the adjustment of the State
debt after the native whites regained control of the State Government
from carpetbagger administrations.
These issues are as follows:
State
net increase in debt
and retirements of less than $900,000,000, leaving
for that three-year period of over $3,000,000,000.
"If to retirements resulting
is as follows:
of the
period 1934-36, for instance, total emissions aggregated some $3,200,-
000,000 and retirements roughly $2,200,000,000, leaving a net increase of
about $1,000,000,000.
In contrast, the 1924-26 figures showed a total
a
The report
"All bonds
Of the 1932-37 total a very
such refunding adding little
nothing to the actual debt of the Issuing communities (nor to the amount
of outstanding securities), while, in most cases, reducing the interest charge
to the borrowers.
In 1936, for instance, over one-third of the total was for
refunding purposes: in 1935, aimost 30% and the average for the five-year
or
are
annual serial instalments, with the amount required
$966,000 3j^% renewal bonds due.Jan. 1, 1956
7,137,000
4% renewal bonds due July 1, 1956
454,000 4J^% funding bonds due Jan. 1, 1950
from maturing debt are added replacements
through refundings and both items
deducted from the total of municipal
supply are found to be un¬
believably small."
Considering the five-year period 1932-36 on this basis, Mr. Larkin finds
that there had been an actual increase In the market supply of only about
emissions, the recent net additions to market
$279,000,000 in long-term municipal obligations in that period.
Turning from the supply to the demand side of the municipal bond market,
Mr. Larkin declares that this market since its revival in activity in 1934 and
1935 has been
largely an institutional market, with the primary absorption
by insurance companies, banks and other institutional
of new issues being
$8,557,000
that some provision has not already been made for
sinking fund to retire these bonds.
Sound finance requires
which incurs a debt be taxed to pay the debt.
This
having been followed in the past, it seems fair that the
burden of paying this debt be made to fall as lightly as is consistent with
good practice on the revenues of any one year.
"The annual interest charge on the outstanding renewal and funding bonds
is $339,720.
If the Legislature will appropriate $425,000 per year for the
payment of principal and interest on these bonds, beginning in 1938, and
the amount in excess of the interest be invested to yield 3% per annum,
"It
is
unfortunate
the creation of
a
that the generation
sound principle not
by July 1, 1956 prqvision will have been made for the retirement of all but
$6,400,000 of the bonds.
By continuing to appropriate approximately
$425,000 a year for debt service, assuming that in 1956 refunding bonds can
be sold on a 3% yield basis, the entire debt can be discharged by 1976.
"We recommend that Governor Graves, in pursuance of his program of
some
improving the financial structure of Alabama and its political subdivisions,
recommend that the next Legislature enact a bill providing for an annual
appropriation of $425,000 for the payment of principal and Interest of
and funding bonds.
"An appropriate bill will be drafted at the proper time."
In approving the report, Governor Graves said:
"I approve this report and shall recommend the enactment of the neces¬
sary legislation to the next Legislature, except that I shall recommend
$500,000 annually for debt service."
renewal
Florida—Court Ruling Viewed as Aid to School District
Refundings—A Supreme Court decision on the issuance of
refunding bonds by a certain school district and its possible
effect on similar issues by school districts throughout the
State, was discussed as follows in the "Wall Street Journal"
of Jan. 6:
Court of the State of Florida has handed down a decision
upholding the right of the Palm Beach County Board of Public Instruction
to issue bonds under terms of the refunding plan dated April 13,
1937.
The Supreme
buyers.
A recent compilation of purchases of municipal bonds by 45 lead¬
ing insurance companies indicates that such purchases totaled more than
$200,000,000 in 1937, he says.
v.
,
u
«
Mr. Larkin also anticipates that the limitations on bank buying of
corporate bonds, coupled with the new importance of bank bond accounts
resulting from prolonged scarcity of commercial borrowing, will tend to
assure the diversion of some funds to the municipal bond market.
Hampshire—Ruling Given on Taxability of Certain
Supreme Court on Jan. 4 ruled that
trust funds established by living persons for future heirs
come under the provisions of the State inheritance tax law,
according to an Associated Press dispatch from Concord.
New
Trust Funds—The State
New Jersey—Revised Index to Laws on Municipal Finance
Compiled—A new tabulation in pamphlet form of the laws
in this State dealing with municipal finance and those regu¬
lating investments by savings banks and trustees in muni¬
cipal bonds has been prepared as of Jan. 1 by Colyer,
Robinson & Co., Inc., 1180 Raymond Boulevard, Newark.
The aim of the pamphlet is to present a brief summary of the
major laws governing the issuance of obligations by local
units of government, entirely without interpretative com¬
ment.
New
York,
N.
Y.—Mayor La Guardia Sworn in for
La Guardia was sworn in for his second
Second Term—Mayor
four-year term as the city's Chief Executive shortly after
mid-night on Jan. 1, with Justice Philip J. McCook, of the
Supreme Court, officiating.
Financial
304
first official act under the new terra the Mayor
twenty-odd members of his official family, among
which were the five members of the new City Planning Com¬
mission, the new Commissioner of Housing and Buildings,
and the City Treasurer.
As his
in
swore
Estimate Board Votes
correct the
called
a
Original Budget—In a surprise move to
"budget-less" condition of the city, the Mayor
special meeting of the new Board of Estimate on
Jan, 3 and asked the members to
adopt his original executive
budget of $589,152,051.15 as the tentative budget for 1938.
This action was taken with only a single dissenting vote on
the matter.
The Mayor's budget eliminates 65 county jobs
rejected budget after the Mayor had removed
the appropriations for the job holders.
The approved budget
also repeals the much disputed $12,000,000 water rate reduc¬
tion adopted by the defunct Board of Aldermen over the
restored in the
Mayor's veto.
Council
to
Act on
Budget—Despite Mayor
appeal to the City Council to adopt at once the
Refuses
La Guardia's
city budget approved by the Board of Estimate, as
noted above, the Council voted on Jan. 5 to defer action.
The Mayor had warned that if action is not taken right away,
there will be no funds legally available to meet the city pay¬
roll for this month.
However, the Council adopted a resolu¬
1938
tion, calling upon Corporation Counsel Chanier to render
written legal opinion as to the status of the new budget
a
before any definite action is
then recessed until Jan. 10.
The budget session
taken.
was
Chronicle
Jan. 8,
1938
Supreme Court declared the Sinking Fund Consolidation
Act, under which municipalities were authorized to con¬
solidate their sinking funds, to be unconstitutional, according
to press advices from Philadelphia.
It is said that the effect
of the ruling will be to require the City of Philadelphia to
include in^the 1938 budget an additional item in excess of
$7,000,000.
The Court, in a second ruling, authorized the City of
Philadelphia to pay in 1938 another $1,000,000 on account of
the $5,667,015 deficiency due the sinking fund for 1935.
It was reported that provision for the $1,000,000 item had
been
provided for in the budget.
•
{<% Port of New York Authority—Record Traffic Reported
for 1937—All records for New York-New Jersey vehicular
traffic were broken in 1937 on the bridge and tunnel facilities
of the Port of New York Authority, according to an informal
preliminary report made public by Frank C. Ferguson,
Chairman.
The total figure-soared to the lofty peak'of 22,635,415, an increase of
2,289,647, or 11.3%, over 1936, and of 3,602,439, or 16% over two years
ago.
Every crossing, including the Holland Tunnel, the George Washington
Bridge and the three spans between Staten Island and New Jersey, shared
in the upward movement.
Several facilities went far beyond all previous
tops in their respective histories.
The Holland Tunnel for the first time inTits successful decade as a public
highway went over„theH3,000,000 Imark; the George Washington Bridge
was close to 45%
over 1932, the first full calendar year of its operation;
the Bayonne Bridge jwas higher than at any time since its dedication in
1931; the Outerbridge Crossing and the Goethals Bridge, both made appreci¬
able strides in regaining their pre-deprassion popularity.
An analysis of the traffic, it was stated by the Chairman, would show a
general gain in all classes of traffic, including passenger cars, buses, and
trucks.
York
New
Submits Program to Legisla¬
Jan. 5 opened the 161st session
State—Governor
ture—Governor Lehman
on
Legislature calling upon the two houses to enact
a broad housing, labor, agricultural and insurance program
designed to encourage business recovery.
The Governor,
personally delivering his message, pointed out that the
"Legislature can contribute materially toward rekindling
business recovery."
Though he devoted much of his address
of the State
the current business recession and actions to restore re¬
to
he also called for an end to conflict between capital,
covery,
labor, government and other groups.
Each must realize,
he said, that their well-being is mutual and each "must
trust in and cooperate with government and with each other."
Governor Lehman requested the authorization to the State
a revolving fund from which loans could be made
municipal housing authorities and to limit dividend public
housing companies.
He likewise asked that the Legislature
be* empowered to grant sibsidies in limited amounts to
municipal housing authorities.
He recommended that life insurance companies be author¬
ized to invest their funds for a limited period and a limited
amount for the acquisition of land and construction of apart¬
ments or other dwellings.
As part of the extensive program which he outlined the
to establish
to
Chief Executive called also for an amendment to the unem¬
ployment insurance law to bring in all employees, no matter
how large their salaries; for milk cooperatives to serve as
"yardsticks" on milk prices, and for achievement of low-cost
insurance by permitting mutual savings banks to establish
insurance departments.
Highlights of the Governor's message can be summarized
follows:
as
confronted with a business recession, the extent
That business recession, I believe,
by a policy on the part of Government which will
promote greater cooperation and understanding between business, the
working man, the farmer and the consumer.
Government must instill In all groups faith and confidence in the future.
In turn, each of thase groups mustfrust in and cooperate with Government
Business—We
of which
can
it is
are
now
difficult to determine.
The 75,000 cars
Tunnel
had
added in the closing days of December by the Lincoln
the effect of swelling the grand interstate total for the year,
but apparently made no
or the Holland Tunnel.
impression on either the George Washington Bridge
The George Washington Bridge was up 46,400,
9%, in December, and the Holland Tunnel jumped 50,000, or 5%, in
December over the corresponding month of the previous year.
Little change, if any, is expected in the official re-checked figures for 1937,
as compared with the totals contained in Mr. Ferguson's
preliminary state¬
ment.
The latter showed the following:
Holland Tunnel, 13,090,085, an increase over 1936 of 1,202,781, or 10.1 %;
George Washington Bridge, 7,950,876, an increzse of 893,493, or 12.7%;
Goethals Bridge, 643,488, an increase of 37,963, or 6.3%; Bayonne Bridge,
539,543, an increase of 46,941, or 9.5%; Outerbridge Crossing, 336,280,
an increase of 33,327, or 11%.
or
United States—Local Taxes Show Four Billion Increase in
Five Years—From
a
depression bottom of $8,300,000,000 to
aggregate of $12,500,000,000 for the year just ending,
estimated tax revenues of local governmental bodies within
an
the United States have shown
an
increase of $4,200,000,000
in the last five years.
At the samefvtime, the five-year period of 1932-37, the Federal Govern¬
ment's sharetof tax|revenuejhasiincreased, while that of local governments
has decreased, according tO;the Federation of Tax Administrators.
In that
connection, however, it s pointed out that the percentage of local revenue
coming from the|FederaliGovernment rose from nothing in 1932 to 24.5%
in
1935,tand stillpnore in 1937.
StateJrevenuesJfrom the Federal governments increased from 12.5 in
The Stares, according to the Federation, since 1932
have consistently^collected aboutJ20% of the American tax dollar. In 1935,
under emergency fcircumstances, Federal grants and aid to the States
reached $653,000,000 and to local subdivisions $1,557,000,000.
Division of thejAmerican tax dollar in 1937 compared with the split in
1932 to 22.2 in 1935.
1932
as
follows:
Tax
1GQO
10^7
Federal*Government
$5,500,000,000 $ 1,900,000,000
2,500,000,000
1,700,000,000
4,500,000,000
4,700,000,000
State governments
Local^governments
Totals
$12,500,000,000 $8,300,000,000.
By percentage, the respective figures were; 1937: Federal, 44%; States,
20%; and localities, 36%. 1932: Federal, 23%; States, 20%, and localities,
57%.
For the intervening year of 1935 the figures were:
Federal, 37%
States, 19%, and localities, 44%.
best be overcome
Bond
Proposals and Negotiations
stud, each other
Labor—The enlightened employer in this State now accepts the principle
that the worker has a right to invoke collective bargaining and to demand
that it be carried
on by his own chosen representatives.
enlightened .wage-earner realizes that the greatest gains that labor
has achieved have come through the support of public opinion and that
public opnion will demand that every reasonable effort be made to adjust
The
difficulties
We
can
without
conflict
or
stoppage.
be grateful that the State has
ALABAMA
HUNTSVILLE, Ala.—BOND SALE—The $75,000 issue of school bonds
offered for sale
146, p. 136—was purchased by the Hen¬
Huntsville, as 4%s, paying a premium of $100,
equal to 100.13, a basis of about 4.72%.
Dated Dec. 1, 1937.
Due from
Dec. 1, 1940 to 1962; callable on and after Dec. 1, 1942.
on
Dec. 30—V.
derson National Bank, of
initiated liberal, progressive and
humanitarian policies
(in labor and industrial relations).
We must, how¬
ever, solidify the great gains we have made.
Agriculture—Much of the distress and disaster which New York farmers
have experienced in recent years can justly be attributed to overemphasis on
milk and too great specialization in dairying.
The permanent remedy
does not lie in legislative enactment or State assistance.
Rather, it may
be found in a return to the sound principle of diversification, which holds
for agriculture the promise of greater security and greater stability of in¬
come.
Rogers-Allen Milk Law (Permitting Bargaining Between Milk Producers
Dealers for Prices Paid -to fcProducers)—An opportunity has been
and
afforded to determine its workability and the necessity for correction of any
defects.
Whatever changes Uhis experience indicates may be necessary
will be suggested byfhe industry itself.
But the changes which it may
recommend should be considered
by you with the particular intent of pro¬
benefiting producers.
tecting the interests of consumers as well as
Milk
Advertising—With the uncertainty
surrounding the
general eco¬
picture, and the dairy industry in particular, its stabilizing influence
seems especially necessary the coming year.
I recommend the continuance
of advertising.
nomic
ARIZONA
MESA, Ariz.—PRICE PAID—It is now reported by the City Clerk
that the $125,000 electric light refunding bonds purchased by a syndicate
headed by Seasongood & Mayer of Cincinnati divided into $60,000 as 4Hs
maturing $12,000 from Jan. 15, 1948 to 1952, and $65,000 as 4Ms maturing
$13,000 from Jan. 15, 1953 to 1957, as noted here recently—V. 146, p. 136
sold for a premium of $125.76, equal to 100.10, a net interest cost
on the two rates of about 4.35%.
—were
SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER
DISTRICTtf(P.
O.
Phoenix),
Ariz.—BOND
SALE POST¬
exceed 5%
3—V. 146,
PONED—It is reportedjthat the sale of the $3,197,000 not to
semi-ann. corporate bonds,*which had been scheduled for Jan.
6 ated Oct. 1,1937. Due from Jan. 1,1948 to 1964; redeemable on and after
136—was postponed for flOidays due to an error in the notice of sale.
Jan.
1,
1948.
^CONFIRMATION—The offering date of Jan. 11 for the above bonds
has been confirmed by A. W. McGrath, Secretary of the Board of District
Directors.
Housing—1 am convinced that government can best contribute toward
the stimulation of business in this period of recession by promoting a farflung program of public low-cost housing.
This can be achieved only by
direct participation in a joint partnership between Federal, State ana
local governments.
I recommend that life insurance companies be authorized to invest their
funds, for a limited period and in a limited amount, in the acquisition of
land and construction of apartment or other dwelling houses.
I recom¬
mend that the State (Housing) Act be ^broadened to permit counties,
towns and villages to establish Housing Authoties where advisable.
Law Enforcement—We should have a State Department of Justice modeled
upon that of the Federal Government.
I urge we provide that the people
have the right in a criminal proceeding to appeal a court decision.
The
(women jurors) system should be made mandatory.
Unemployment Insurance—I recommend an amendment to Increase the
coverage of our (unemployment insurance) law so as to include all em¬
ployees up to the first $3,000 of their wages as a substitute for the present
provision limiting coverage to employees receiving $3,000 a year or less.
Pennsylvania—State Supreme Court Holds Sinking Fund
Act Invalid—In a ruling handed down on Jan. 5 the State
ARKANSAS BONDS
Markets in all State,
County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST.
LOUIS
MO*
ARKANSAS
ARKANSAS, 1 State fof—SPECIAL
TAX REVENUE SHOWS 11N¬
CREASE—On thejbasis of $23,364,908 collected to Dec. 23, the Arkansas
department of revenue estimates 1937 special tax income at $23,700,000.
Volume
Financial
146
which would be
increase of $3,764,778 over the 1936 total of
Chronicle
305
$19,935,221.
The department report also gives the
four-year total of special tax revenue
at $71,239,838, of which 63% represented special taxation of motor vehicles.
In three years the sales tax has produced $9,586,825 including $4,841,947
VENTURA COUNTY (P. O. Ventura), Calif.—NORDHOFF SCHOOL
BONDS OFFERED—L. E. Hallowell, County Clerk, will receive bids until
in 1937 to Dec. 23.
1938.
an
Gasoline tax for the current year to Dec. 23 totaled $9,872,745 and boosted
four year total to $35,275,446.
Motor vehicle license currently has
produced $3,057,471 and its four-year total is $10,321,765, and bridge tolls
amount to $597,015, with the four-year total at $2,111,085.
Other special tax figures include cigarette tax at $1,369,158, compared
to $1,176,238 for all of 1936,
severance tax at $400,310, compared to
$362,363, income tax at $691,567, compared to $405,896, liquor tax at
10
a. m.,
hoff
Jan. 17 for the purchase of an issue of $35,000 3% bonds of NordGrammar School District.
Denom. $1,000.
Dated Feb. 1,
Union
Due Feb.
1, 1950.
Cert, check for 2%, required.
$43,000; assessed valuation of taxable property, $2,654,822.
Bonded debt,
its
$1,272,402 compared to $871,138, and beer tax at $339,230 against $229,715.
r
LITTLE
ROCK,
Ark.—VOTE SCHEDULED
ON CITY MANAGER
GOVERNMENT—At
an election to be held on Feb. 14, it is reported that
the voters of the city will pass on a proposal to install the city manager from
of government to replace the
present Board of Aldermen by a Board of
COLORADO
COLORADO (State of)—WARRANT SALE—The Deputy State Treas¬
urer reports that approximately $1,250,000 4% deficiency revenue warrants
have been sold to a syndicate of Des Moines bankers, at par.
Between
now and July 1, 1938 an additional $1,000,000 warrants will
probably be
issued to the
same
bankers.
WELLINGTON,
Colo.—BONDS
AUTHORIZED—An
ordinance
has
been passed authorizing the issuance of $35,000 water refunding bonds.
Control;
It is said that Mayor R. E. Overman, who favors the city manager plan,
in favor of studying a proposal to establish a municipally owned
CONNECTICUT
also is
natural gas system.
CALIFORNIA
BUTTE COUNTY (P. O. Oroville), Calif.—BANGOR SCHOOL BOND
SALE—The $5,500 issue of coupon Bangor School District bonds offered
for sale on Dec. 27—V. 145, p. 3998—was purchased by local investors, as
5s at par.
CALIFORNIA, State of—BOND SALE—The $3,000,000 issue of 2%%
on Jan. 6—V. 145, p. 3688
—was awarded to a syndicate headed by Smith,
Barney & Co. of New York,
paying a premium of $120,500, equal to 104.0166, a basis of about 2.20%.
semi-ann. Veteran's Welfare bonds offered for sale
Dated Jan. 1, 1938.
Due from Feb. 1, 1939 to 1954 incl.
The other members of the syndicate were:
Lazard Freres & Co.,
R. W. Pressprich & Co., both of New York; Harris Trust & Savings
Inc.;
Bank
of Chicago; Mercantile Commerce Bank & Trust Co. of St. Louis; F. S.
Moseley & Co. of Boston'It. L. Day & Co.-, and the Lee Higginson Corp.,
both of New York; Wells-Dickey Co. of Minneapolis; First National Bank of
St. Paul; Foster & Co., Inc.; Hannahs, Ballin & Lee, both of New York;
Mississippi Valley Ttust Co. of St. Louis; Newton, Abbe & Co. of Boston,
and E.
H. Rollins & Sons, Inc. of New York.
BONDS
OFFERED
successful
INVESTMENT—The
FOR
bidders
offered the above bonds for public subscription at prices to yield from
to
re-
0.50%
2.35%. according to maturity.
CALIFORNIA
(State
of)—BOND
nounced that the Teachers'
chase for investment
committee of the
on
TENDERS
SOUGHT— It
is
an¬
Retirement Investment Fund Board will pur¬
CONNECTICUT (State of)—PLANS $15,000,000 BOND
Connecticut Bonding Committee, a group specifically created
Legislature to handle bond matters, has gone on record in
issuance this year- of $15,000,000 building and refunding
authorized.
NORWALK, Conn.—OTHER BIDS—In connection with the previous
report in these columns of the award of $325,000 Concord-Knudsen School
bonds to Phelps, Fenn & Co. of New York, as 2 Ms, at par plus a premium
of $2,523.30, equal to
ing list of other bids:
p.
to
the
(P. O.
FERRY
"Wall Street
body to include abandonment of the Sausalito-San Francisco ferry route
condition to refinancing the San Francisco-Oakland Bay Bridge bonds.
Purchase of the ferry company's San Francisco-Oakland route is being
negotiated by the State body, which controls the San Francisco-Oakland
Bridge, elimination of any competition with this bridge being the objective.
Refinancing this bridge's bonds then may be accomplished at the lowest
possible interest cost.
Golden Gate Bridge directors seek elimination of San Francisco-Sausalito
ferry service, which competes with the Golden Gate Bridge.
Directors of
the bridge, however, have not undertaken to purchase the route from the
ferry company.
The resolution indicates the directors hope the State may
be influenced in accomplishing the objective.
The State has no jurisdiction
over the Golden Gate Bridge.
Southern Pacific Golden Gate Ferries operates both ferry routes.
as a
T751T ANGELES COUNTY (P. O. Los Angeles), Calif .—TEMPLE
SCHOOL BONDS OFFERED—As previously reported in these columns—
reporte
137—L. E. Lampton, County Clerk, will receive bids until
2 p. m. Jan. 11 for the purchase at not less than par of $100,000 building
bonds of Temple School District.
Bidders are to specify rate of interest,
not to exceed 5%.
Denom. $1,000.
Dated Jan. 1, 1938.
Principal and
semi-annual interest payable at the County Treasurer's office.
Due $5,000
yearly on Jan. 1 from 1940 to 1959.
Cert, check for 3 % of amount of bonds
bid for, payable to the Chairman of the Board of Supervisors, required.
p.
SCHOOL
DISTRICT
BOND
OFFERING— L.
E.
Lampton,
County Clerk, will receive bids until 2 p. m. Jan. 18 for the purchase at
not less than par of $12,000 building bonds of Garvey School District.
Interest ratq is not to exceed 5%, payable semi-annually.
Denom. $1,000.
Dated Jan. 1,1938.
Principal and interest payable at the County Treasury.
Due $2,000 yearly on Jan. 1 from 1939 to 1944.
Cert, check for 3% of
amount of bonds bid for, payable to the Chairman of the Board of Super¬
visors, required.
SAN
JACKSONVILLE-*
a.
BERNARDINO
of
an
m.
issue
Denom.
incl.
on
COUNTY
(P.
O.
San
Bernardino),
Calif.—
Jan.
17, by Harry L. Allison, County Clerk, for the purchase
of $175,000 4% Upland Elementary School District bonds.
$1,000.
Dated
Feb.
Prin. and int. (F. & A.)
1, 1938.
Due from Feb. 1, 1939 to 1958
payable at the office of the County Treasurer.
Said bonds will be sold for cash at not less than par and accrued interest to
date of delivery,
and each bid must state that the bidder offers par and ac¬
to date of delivery, and state
separately the premium, if
offered for the bonds for which bid is made.
A certified or cashier's check for a sum not less than 3% of the par value
crued interest
any,
of the bonds bid for,
must accompany
payable to the order of the Treasurer of the County,
each bid, as a guaranty that the bidder if successful, will
accept and pay for said bonds in accordance with the terms of his bid, and
such check shall remain in the hands of said Treasurer until all of said
bonds
are
for.
paid
Said bonds shall be ready for delivery on or about
be delivered at the office of the County Tresaurer.
Feb. 1, 1938, and will
The
Upland Elementary School District has been acting as a School
District under the laws of the State of California continuously since July,
1907.
The assessed valuation of the taxable property
in said School District for
of bonds previously
the fiscal year 1937-38 is $5,143,190, and the amount
issued
and
includes
an
at
present outstanding is
area
$70,000.
of approximately 26 M square
The said School District
miles, and has an estimated
population of 6,000.
SAN
FRANCISCO,
Calif.—NOTE SALE—On Jan.
3
?
Building
-
-FLORIDA
-
Branch Offices TAMPA
First National
Bank
Building
T.
S. Pierce, Resident Manager
FLORIDA
READY FOR DELIVERY—The
29,
the
refunding bonds issued under the plan of June 29, 1937, are ready for
delivery through the Continental Illinois National Bank & Trust Co.,
Fla.—NEW BONDS
DEERFIELD,
County Bondowners' Association, in a letter dated Dec.
announced to holders of certificates of deposit on Deerfield bonds, that
Broward
231 South La Salle St., Chicago, 111.
FLORIDA,
State of—BOND TENDERS RECEIVED—W.
he received sealed offerings from
State Treasurer, reports that
V. Knott,
22 holders
unmatured road and bridge or highway bonds, time warrants,
certificates of indebtedness, and (or) negotiable notes of various counties
and special road and bridge districts.
of matured or
JACKSONVILLE, Fla.—CITY'S FINANCES TERMED EXCELLENT
"Times-Union" of Jan. 1 carried the following report:
The City of Jacksonville wound up its 1397 fiscal affairs in a highly
satisfactory manner, City Auditor J. E. Pace reported yesterday afternoon.
With all of its bills paid and accounts balanced, the city government
begins the new year today with a small cash balance to cover incomplete
contracts, the Auditor said.
"H
Because of this fine record, it was not necessary for the city to resort
to any borrowing to finish out the year's operations, Mr. Pace emphasized.
The Auditor's report pointed out that the citys' utilities, including
—The Jacksonville
the electric light plant, water
department and radio station, have had a
set up in the budget,
successful year and have made all of the transfers,
in addition to providing added funds to carry out
for various needs as outlined by the Commission
thM?0lffiice
said the city had
bonds and interest at maturing
to
be refunded
recent appropriations
and concurred in by
followed its established custom of paying
dates, and such bonds as were contemplated
at exceptionally low rates of
have been sold to investors
interest
"This
should be
very
gratifying to our citizens," he added,
only through their cooperation has this been made possible."
Finance Commissioner Fred M.
Valz expressed gratefulness
"splendid cooperation given by
heads and employees, who have
a successful year."
MADISON,
"because
_
for the
the Commission, Council, departmental
contributed their assistance to make this
„
Fla.—BONDS AUTHORIZED-On
resolution authorizing the issuance
Council adopted a
bonds.
,
,
Dec. 7 the Town
of $175,000 refunding
PALATKA, Fla.-—BOND TENDERS RECEIVED— In coimection with
refunding bonds, dated July 1, 1935, and maturing on
1965. received up to Jan. 4, as noted in these columns in December—
UPLAND SCHOOL BOND OFFERING—Sealed bids will be received until
11
2,957.18
2,596.75
Clyde C. Pierce Corporation
137—was not sold.
Directors of the Golden Gate Bridge & Highway District have adopted
resolution to the California State Toll Bridge Authority requesting that
GARVEY
4,520.75
BONDS
FLORIDA
Geo. M. Furneaux
to cancel the offering calling for the sale of $93,000
146,
COMPETITION—A dispatch from San Francisco
Journal" of Jan. 4 had the following report to make:
146,
4,615.00
1
(P. O. Stafford Springs), Conn.—BOND OFFERING
L. Andrews, Town Clerk, reports that an issue of
$100,000 high school bonds will probably be offered for sale on Jan. 17.
Dated Feb. 1, 1938 and due $5,000 annually.
Legality to be approved
by Day, Berry & Howard of Hartford.
Barnett National Bank
GOLDEN GATE
BRIDGE AND HIGHWAY DISTRICT
San Francisco), Calif.—STATE ASKED TO ELIMINATE
V.
Premium
$1,693.25
11 about $300,000 in bonds.
The executive
will meet in office of State Controller Harry B.
explains it was necessary
bonds, which is in excess of the limit of $88,000 which the district may issue
at this time, the assessed valuation of property having dropped from a
figure of $1,863,184 at the time the bonds were voted to a figure of $1,776,155
for the year 1937-38.
He states that a new offering will be arranged for
the sale of $88,000 bonds.
a
give the follow¬
Rale
Jan.
Board
4—V.
we
Int.
PLANNED—Harold
FRESNO COUNTY (P. O. Fresno), Calif.-—FOWLER SCHOOL BONDS
NOT SOLD—The issue of $93,000 Fowler School District building bonds
Jan.
basis of about 2.17%,
STAFFORD
1, 1944.
on
a
Halsey, Stuart <fe Co., Inc., and R. F. Griggs Co-. 2M%
Day, Stoddard & Williams, Inc., and First Boston
Corp...
2Yi%
Putnam & Co., and Estabrook & Co
2M%
Brown Harriman & Co., Inc., and Charles W. Scran •
ton & Co
2M%
R. L. Day & Co
2M%
DALY CITY, Calif.—BOND SALE— The $3,000 coupon Colma Area
fire prevention bonds offered on Dec. 29—V. 145, p. 4147—were awarded
to Kaiser & Co. of San Francisco as 3Ms, at par plus a premium of $6.50,
equal to 100.216.
Dated Jan. 1, 1938.
Interest payable Jan. 1 and July 1.
offered
100.77,
Bidder—
Riley at 11:30 a. m.
Bids will be received by Byrl F. Babcock at the
Controller's office.
Offerings should be firm from 11:30 to 2:30 o'clock.
Due Jan.
SALE— The
by the State
favor of the
bonds.
The
current debt of the State is placed at $12,000,000 and this is expected
to be reduced by $5,000,000 before the bonds are issued.
Pending the
permanent financing, it is believed that short-term notes may be sold.
At the last session of the Legislature a bond issue of $25,000,000 was
the call for tenders of
Julv 1
V.
stated by R. M. Ingram
received for sales of bonds.
145, p. 3848—it is
satisfactory bids were
ST.
AUGUSTINE,
Fla.—ISSUANCE
OF
Jr., City Clerk, that five
REFUNDING
BONDS
City Commission is reported to have adopted a
authorizing the issuance of $3,121,000 refundingbonds to
refinance outstanding general bonds
water bonds,
fridge bonds, and
to pay off several judgments.
All the bonds are to be dated July 1, 1937,
mature July 1,
1967, and bear an average interest rate of 4% over the
AUTHORIZED—The
resolution
3°Anaunnaiddinterest
refunded at its face value into non-interest-
will be
bearing delinquent tax notes dated
These notes shall be callable at any
Details of the plan were handled
tine, and approved by L'Engle
Bondholders' Committee.
SUMTER
COUNTY (P.
RECEIVED—In connection
July 1,1937, maturing July 1, 1942.
t>meat
£ u £iZfiUr-n <it Anc-nst
by the R. O. Hoi ton Co., St.^ August»
& Shands, attorneys for the I
hiladelphia
O. Bushnell), Fla.—BOND TENDERS
with the ^11 for tenders on Jan. 4, of the
dated July 1 1932, of County-
county road and bridge refunding bonds,
wide District No. 2, noted in these columns
Roy Caruthers,
several satisfactory bids.
it is stated by
recently—V. 145, p. 4148—
Clerk of the Circuit Court, that he received
the Board of
IDAHO
Supervisors awarded an issue of $2,000,000 tax anticipation to notes to the
American Trust Co. of San Francisco on a .45% interest basis, plus a pre¬
mium of $31.
The notes are to mature May 15, 1938.
The Wells Fargo
Bank & Union Trust Co. of San Francisco bid. .50% interest, plus a premium
COTTONWOOD, Idaho— BOND ELECTION—At a special election
set for Jan. 31 a proposition to issue $20,000 sewer bonds will be submitted
of $286.73.
to a vote.
(P. O. San Jose), Calif.—BOND
ELECTION—We are informed by W. L. Bachrodt, Superintendent of
Schools, that an election will be held on Feb. 1 in order to vote on the is¬
suance of $1,800,000
in not to exceed 3% school building construction
bonds.
Due in 20 years, without opinion or prior retirement.
SAN
JOSE
SCHOOL DISTRICT
GRANGEVILLE, Idaho—BOND SALE—An issue
bonds was sold recently to local investors.
system
of $9,000 6% sewage
^
*^l
IDAHO, State of—BONDS SOLD—It is reported that $47,000 4%
bonds, authorized by the State Board of Education for the con-
semi-ann.
Financial
306
gymnasium at the Lewiston Normal School, have been
purchased by Murphey, Favre & Co., and Ferris & Hardgrove, both of
Spokane, jointly.
struction
of
a
MOSCOW
INDEPENDENT SCHOOL DISTRICT NO.
5 (P. O.
Moscow) Idaho—BOND SALE—The $175,000 issue of coupon high school
building bonds offered for sale on Jan. 3—V. 145, p. 3849—was awarded to a
syndidate composed of Paine, Rice & Co. of Spokane, Brown,Schlesrnan
Owen & Co. of Denver, the Wells-Dickey Co. of Minneapolis, and E.M
Adams & Co. of Portland, paying a premium of $501.00, equal to 100.286,
a net interest cost of about 3.21 %, on the bonds divided as follows:
$31,000
as 3s, maturing, $2,000, July 1, 1938, and $2,000, Jan. and July 1, from
1939 to 1944, and $2,000 Jan., and $3,000, July 1, 1945; the remaining
$144,000 as 3maturing on Jan. and July 1, beginning with Jan. 1,
1946, and final maturity on Jan. 1, 1958.
The purchaser also agreed to pay the cost of printing the bonds.
Chronicle
bonds
Jan. 8,
1938
bid for,
payable to the Board of Commissioners of Lake County,
required.
(The above issue was originally sold November
15 to the
Bancamerica-Blair Corp. and C. F. Childs & Co., both of New York,
jointly, as 2%s, at 100.072.
Sale was not consummated.)
STEEN
TOWNSHIP
SCHOOL
(P.
O.
Wheatland),
OFFERING—Sealed bids addressed to Trustee H.
Ind.—BOND
R. Basinger will be re¬
ceived until 1 p. m. on Feb. 4 for the purchase of
interest refunding bonds.
Dated Jan. 1, 1938.
$8,000 not to exceed 5%
Denom. $1,000.
Due
$1,000 on Jan. 1 from 1940 to 1947, incl.
Bidder to name a single rate of
interest, expressed in a multiple of M of 1%.
Interest payable J. & J.
The bonds are direct obligations of the township, payable from unlimited
ad valorem taxes on all of its taxable property.
Township will furnish
at its own expense the approving legal opinion of Matson, Ross, McCord
& Clifford of Indianapolis.
No conditional bids will be considered.
VINCENNES,
Ind.— WARRANT OFFERING—Joseph
I.
Muentzer
City Clerk-Treasurer, will receive sealed bids until noon on Jan. 22 for the
ILLINOIS
TOWNSHIP
CLOVER
The issue of $65,000 road
>enom.
Eur chase$1,000. Due $25,000 on July 1, 1938, and $25,000 loan warrants.
of $50,000 not to exceed 6% interest temporary Dec. 31,1938.
(P.
O. Woodhull), 111.—BONDS SOLD—
bonds approved at an election last October has
11. Bloomberg, Township Clerk.
been sold, according to
111.—COURT INVALIDATES
Judge Edmund K. Jarecki
objections to more than $7,600,000
of the 1935 tax levies of major governments in Cook County.
The order,
according to Chicago press advices, followed completion of rate case hearings.
The objections upheld by Judge Jarecki were equivalent to 39 cents of
the $8.37 city tax rate for 1935, or 4.77% of the aggregate levies for the city,
school board, county, sanitary district, park district, and forest preserve
district.
Objections sustained by Judge Jarecki against the 1934 levies
COUNTY
COOK
Chicago),
O.
(P.
Payable at the office of the Clerk-Treasurer.
The city will furnish the
successful bidder with approving legal opinion of Matson, Ross, McCord
& Clifford of Indianapolis.
IOWA
PORTION OF IjOCAL TAX LEVIES—County
entered
a
formal order recently sustaining
totdflod 4 %
*
Although nearly $8,000,000 of 1935 levies were held invalid, few taxpayers
will benefit from the rulings.
The reductions apply only to taxpayers who
•
-
took their protests to court.
Those who paid their 1935 taxes in full without
protesting will get no rebate and no reductions will be given to delinquent
taxpayers who did not make protest.
For this reason, it is estimated the losses in revenue to the local govern¬
ments involved will be less than a third of the total invalidated.
Much
of the illegal taxes already have been collected.
Judge Jarecki ruled against all objections to the 1935 levies of the sanitary
and forest preserve districts, but upheld objections to $5,325,714 of the city
levies, approximately $1,000,000 of the park district, $763,000 of the school
board, and $565,000 or the county.
The governments are expected to
appeal from the adverse ruling, while attorneys for objecting taxpayers say
they will appeal on objections turned down by Judge Jarecki.
COUNTY
(P. O. Chicago), 111.—HIGHER BUDGET AP¬
PROVED—The 1938 budget and appropriation bill, as submitted recently
to the Board of Commissioners by its Finance Committee, calls for total
expenditures of $21,423,445 in the corporate fund, compared with $18,545,335 for 1937, an increase of $2,878,110.
The proposed total, according to
report, is the largest since 1930.
Of the increased amount $650,000 is due
to the
restoration of the balance of the 15% reduction in the salaries of
employees which was effected five years ago.
Half of the cut was restored
two years ago.
Passage of the budget ordinance is expected by Jan. 5.VI
COOK
PENDLETON TOWNSHIP (P. O. Belle River), III.—BOND SALE
4M% gravel road bonds sold sometime ago to
Lewis, Pickett & Co. of Chicago, as previously noted in these columns,
mature as follows:
$2,000 from 1939 to 1943, incl. and $3,000 from 1944
to 1948, incl.
Bankers paid par for the issue.
MMMMMU
DETAILS—The $25,000
ALBERT
water works
held
on
Iowa—BONDS VOTED—A proposal to issue $14,000
improvement bonds was approved by the voters at an election
CITY,
Dec. 23.
BELLE PLAINE INDEPENDENT SCHOOL DISTRICT (P. O. Belle
Plaine), Iowa—BOND OFFERING—It is stated by Ross Ii. Bailey, District
Secretary, that he will receive bids until 8 p. m. on Jan. 17, for the purchase
a $23,400 issue of coupon school bonds.
Bidders to name the rate of
interest.
Denom. $1,000, one for $400.
Due on Dec. 1 as follows: $5,000,
of
Prin. and int. payable at the District
Legal approval by Chapman & Cutler of Chicago.
1948 to 1951. and $3,400 in 1952.
Treasurer's office.
FALLS, Iowa—BOND SALE DETAILS—It is now reported
by H. B. Philpot, City Clerk, that the $25,943.12 street improvement bonds
purchased on Dec. 22 by the Carleton D. Beh Co. of Des Moines, as 5s,
at a price of 100.03, as noted in these columns—V. 145, p. 4149—are due
on May 1 as follows: $2,000, 1938; $3,000, 1939 to 1945, and $2,943.12 in
1946, giving a basis of about 4.99%.
CEDAR
COUNCIL BLUFFS, Iowa—BONDS SOLD—It is reported that $12,600
semi-annual funding bonds were purchased recently by the First
3lA%
National Bank of Council Bluffs.
GLADBROOK, Iowa—BOND SALE—The two issues of bonds aggre¬
gating $9,500, offered for sale o<i Jan. 3—V. 146, p. 138—were awarded to
the Carleton £). Beh Co. of Des Moines, as 3s, at par, plus expenses.
The
issues are divided as follows: $6,000 improvement fund, and $3,500 grading
fund bonds.
IOWA
CITY, Iowa—BOND SALE DETAILS—It is now reported that
improvement bonds purchased by the First Capital
Bank & Trust Co., both of Iowa City,
jointly, as noted in these columns recently—V. 145, p. 4149—were sold
the $15,059.99 street
National Bank, and the Iowa State
as
5s at par.
$30,000
PERRY, Iowa—BOND SALE—The $11,000 coupon sewer bonds offered
Dec. 30—V. 145, p. 4149—were awarded to the Carleton D. Beh Co.
of Des Moines as 3Ms, at par plus a premium of $40, equal to 100.363.
Denoms. $500 and $1,000.
Dated Jan. 1, 1938.
Interest payable Jan. 1
and July 1.
Due serially to 1956.
July 16, have since been taken by contractors.
Purchase of the block of
$30,000 is subject to approval of issue at an election to be held Feb. 15.
offered
PLYMOUTH, 111.—BONDS SOLD—The $38,000 water bonds, including
revenue and $8,009 general obligations, which failed of sale on
WILLIAMSON COUNTY NON-HIGH SCHOOL DISTRICT NO. 202
(P. O. Marion), 111.—BONDS SOLD—An issue of $30,000 school bonds
Speer & Sons Co. of Chicago, at a price of par.
has been sold to the H. C.
WOLD
Union
LAKE
County,
HIGH
SCHOOL
DISTRICT <P.
O. Jonesboro),
111.—BONDS SOLD—The Chicago State Teachers' As¬
purchased last year an issue of $10,000 5)4% building bonds.
Due $1,000 on Jan. 1 from 1941 to 1950 incl.
Payable at the City National
Bank & Trust Co., Chicago.
sociation
on
SIOUX CITY, Iowa—BONDS NOT SOLD—The $100,000 airport bonds
on Jan. 5—V. 145, p. 4000—were not sold.
The Carleton D. Beh
Co. of Des Moines submitted a bid of par plus a premium of $2,025 for 3%
bonds, and the White-Phillips Corp. of Davenport offered a premium of
$2,000 for 3s, but the city rejected these offers.
Dated Dec. 1, 1937.
Due Nov. 1 as follows:
$5,000. 1939 to 1946: and $6,000, 1947 to 1956.
WOODBURY COUNTY (P. O. Sioux
Jan.
County Treasurer, will receive bids until 2 p. m.
purchase at not less than par of $100,000 coupon funding
Bidders are to name rate of interest.
Dated Jan. 1,1938.
Princi¬
14 for the
bonds.
pal and semi-annual interest
Treasurer's office.
INDIANA
BENTON
SCHOOL
from
TOWNSHIP
(P. O. Unionville), Ind.—BOND
Chitwood, Township Trustee, will receive bids
until 2 p. m. Jan. 25, for the purchase of $8,000 school building bonds.
Interest rate is not to exceed 5%, payable semi-annually on Jan. 1 and
July 1.
Denom. $500.
Dated Jan. 1, 1938.
Due $500 each six months
from Jan. 1, 1940 to July 1, 1947.
Certified check for $150, payable to the
trustee, required.
1940 to
quired.
furnished
OFFERING—Michael E.
BENTON TOWNSHIP
(P. O. Unionville), Ind.—BOND OFFERING
Jan. 25 on an issue
—The Township Trustee will receive bids until 2 p. m.
of $8,000 bonds.
Denom. $500.
1945.
(Jan. 1 and July 1) payable at the County
Due $10,000 Jan. 1, 1939, and $15,000 yearly on Jan. 1
Cert, check for 2% of amount of bonds bid for, re¬
Approving opinion
by the county.
of Chapman
Dec. 29—-v. 145, p. 3849—were awarded to the City Securities Corp. of
Indianapolis
a
2%s, at
as
basis of about
2.70%.
plus a premium of $218, equal to 100.436,
Dated Jan. 1, 1938.
Due each six months as
par
follows:
$l,u00, Julv 1. 1939 and Jan. 1, 1940; $1,500, July 1, 1940 and
Jan. 1, 1941; $500, July 1, 1941; $1,500, Jan. 1, 1942 to Jan. i, 1948, and
$2,000, July 1, 1948 to Jan. 1, 1954.
EVANSVILLE SCHOOL CITY, Ind.—BOND OFFERING—As pre¬
viously reported in these columns—V. 146, p. 137—R. A. Putnam, Assistant
Superintendent in Charge of Business Affairs, will receive bids until 11a.m.
Jan. 12 for the purchase of $250,000 coupon school building bonds.
Bidders
are to name rate of interest, in a multiple of M %. but not to exceed 4M %
Denom. $1,000.
Dated Feb. 1, 1938.
Principal and semi-annual interest
(Jan. 1 and July 1) payable at the Citizens National Bank of Evansville.
Due each six months as follows: $5,000, Jan. 1, 1940 to July 1. 1941;
$7,000 Jan 1, 1942 to July 1,1954, and $8,000, Jan. 1. 1955 to July 1, 1957.
Approving opinion of Matson, Ross, McCord & Clifford of Indianapolis
will be furnished by the School City.
&
Cutler
of Chicago
will be
KANSAS
ATCHISON COUNTY (P. O.
Atchison), Kan .—BOND OFFERING—
Andy Clark, County Clerk, will receive bids until 2 p. m. Jan. 10 for the
purchase of an issue of $12,000 2)4% bonds.
Denom. $1,000.
Dated
Jan. 1, 1938.
Interest payable J. & J.
Due serially on Jan. 1 from 1939
to 1948.
Certifiea check for 2%, required.
ELLIN WOOD, Kan.—BOND
DECATUR, Ind.—BOND SALE—The $50,000 school aid bonds offered
on
City), Iowa—BOND OFFERING
—Van W. Hammerstrom,
SALE— The $31,500 street improvement
to the Vernon H. Branch Co. of
by the State School Fund Com¬
bonds recently authorized have been sold
Wichita.
The sale is subject to decision
mission not to take the issue.
INMAN, Kan.—BOND OFFERING— Jno. C. Klassen, City Clerk, will
Jan. 6, for the purchase of $35,000 2)4% internal
bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Interest
payable March 1 and Sept. 1.
Due as follows: $3,000, 1939 to 1943, and
$4,000, 1944 to 1948.
Certificates check for 2% of amount of bid required.
receive bids until 8 p. m.
improvement
LEAVENWORTH, Kan.—BOND SALE—The city has sold an issue of
of Stern Bros.
Co., Estes & Co. and the Brown-Crummer Co., all of Kansas City, Mo.
$290,000 water works revenue bonds to a group composed
&
•
FRANCESVILLE.
ceived by Town
Ind.—BOND
OFFERING—Sealed,
Clerk-Treasurer H. H. Weaver until 8
the purchase of $27,000
bids
p. m. on
will
be
4%
must
accompany each proposal.
The approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the suc¬
cessful bidder.
HANCOCK COUNTY (P. O. Greenfield), Ind.—BOND OFFERING—
The
County Treasurer will receive bids until 10
a. m.
Jan. 20 on
an
MANHATTAN, Kan.—BOND ELECTION—A special election will be
of voting on a proposition to issue $200,000 city
re¬
Jan. 12 for
water works revenue bonds.
Dated Jan. 1,
1938.
Denom. $500.
Due Jan. 1 as follows: $500 from 1940 to 1945 incl.
$1,000 from 1946 to 1957 incl. and $1,500 from 1958 to 1965 incl.
Interest
payable J. & J.
A certified check for $500, payable to the order of the
town,
LIBERAL, Kan.—BONDS PUBLICLY OFFERED—A $23,000 issue of
3)4% Board of Education refunding bonds is being offered to the public by
Beecroft, Cole & Co. of Topeka.
Denom. $1,000.
Dated Jan. 1, 1938.
Due on Jan. 1 as follows: $2,000, 1942 to 1948, and $3,000, 1949 to 1951.
Prin. and int. (J. & J.) payable at the State Treasurer's office.
Legality
approved by Stone, McClure, Webb, Johnson & Oman, of Topeka.
issue of
$5,442.02 ditch bonds.
INDIANAPOLIS, Ind.—LOAN OFFERING—The City Controller will
held Jan. 8 for the purpose
hall and auditorium construction bonds.
MORROWVILLE, Kan.—BONDS TO BE SOLD—It is stated
City Clerk that $6,000 water works completion bonds approved
voters on Dec. 2, will be sold to a local bank.
POTTAWATOMIE
COUNTY
by the
by the
RURAL HIGH SCHOOL DISTRICT
NO. 7 (P. O. Onaga), Kan.—BONDS SOLD—It is
Board of Education that $25,000 school bonds
the
stated by the Clerk of
have been purchased
by Beecroft, Cole & Co. of Topeka, as 2Ms. at par.
Dated Oct. 1, 1937.
Due $2,500 annually over a 10-year period.
(This sale is said to cancel a loan of $33,000 approved by the Public
Works Administration in August.)
rective bids until 11
a. m. Jan. 10 on a temporary loan of $750,000.
be addressed to H. M. Tebay, Deputy City Comptroller.
The loan is dated Jan. 12, 1938 and due May 11, 1938.
SABETHA, Kan.—BOND SALE—The city has sold an issue of $55,000
Bids should
JOHNSON
The $33,000
TOWNSHIP
bonds offered
the Bank of Versailles
as
(P.
on
O.
Versailles;,
Jan. 3—V.
Ind.—BOND SALE—
SALINA SCHOOL DISTRICT
145, p. 4000—were awarded to
follows:
$22,000 Johnson School Twp. school building bonds were sold as 2%s
at par plus a premium of $80, equal to 100.27, a basis of about
2.71%.
Due as follows:
$1,760 Jan. 1, 1940, and $880 each six
months from July 1, 1940 to July 1, 1951, inclusive.
11,000 Johnson Twp. community building bonds were sold as 2Ms at
par plus a premium of $65, equal to 100.59,
a basis of about
2.66%.
Due $1,000 annually in from 2 to 12 years.
LAKE COUNTY (P. O. Crown Point), Ind.^-BOND OFFERING—
Joseph E. Finerty, County Auditor, will receive bids until 11 a. m. Jan. 25,
for the purchase at not less than par of $300,000 tuberculosis sanatorium
extension No. 3 bonds.
Bidders are to specify rate of interest, in a multiple
of M%, but not to exceed 4%.
Denom. $1,000.
Dated Dec. 1, 1937.
Interest payable Jan. 1 and July 1.
Due $30,000 on Jan. 1 and July 1 in
each of tne years from 1942 to 1946.
Certified check for 3% of amount of
refunding bonds to Beecroft, Cole & Co. of
will bear interest at 1)4% at part at 2 % %.
Topeka
Part of the bonds
(P. O. Salina), Kan.—BOND OFFER¬
Reynolds, Clerk, Board of Education, will receive bids until
the purchase of $25,000 2)4 % refunding bonds. Denom.
$1,000.
Dated Jan. 1, 1938.
Interest payable Jan. 1 and July 1.
Due
serially in 10 years, beginning Jan. 1, 1939.
Cert, check for 2% of amount
of bid, payable to the Clerk, required.
ING—F.
L.
4 p. m. Jan. 10 for
WHITE CLOUD, Kan .—BOND
is
OFFERING—E. W. Rose, City Clerk,
3% coupon street impt. bonds.
Int. payable M. & N. 1.
Due in 1957.
calling for bids on an issue of $13,300
Denoms. $250, $500 and $300.
KENTUCKY
KENTUCKY, State of—BOND OFFERING^It is stated by Robert
Humphreys, Commissioner of Highways, that he will on Jan. 20, at 10 a. m.,
receive and publicly open sealed competitive bids for the purchase of bridge
revenue. Project No. 14 bonds in the amount of $885,000, to be issued and
Volume 146
Financial
sold pursuant to the provisions oi Chapter 172. Acts of 1928, and Chapter
157, Acts of 1930, General Assembly of Kentucky, to provide funds with
which to acquire by purchase all outstanding interests in the vehicular and
pedestrian bridge across the Big Sandy River between the towns of Catlettsburg, Ky., and Kenova, W. Va., now being operated by the Midland and
Atlantic Bridge Corp.
Dated Jan. 1, 1938.
Denom. $1,000.
Due July 1, 1945.
All of said
Commonwealth of Kentucky bridge revenue bonds, Project No. 14, will
be redeemable on any interest payment date on 30 days' notice at par,
and
premium of 2H% of the principal amount thereof if redeemed on
a
or prior to July 1,
1940, and a premium of 2% of the principal amount
thereof if redeemed thereafter and on or prior to July 1,1941, and a premium
of 1 % of the principal amount thereof if redeemed thereafter and on or
prior to July 1, 1942. and
premium of H of 1% of the principal amount
thereof if redeemed thereafter and on or prior to July 1. 1943, and without
premium if redeemed thereafter and before maturity.
Both principal
and interest will be paid in lawful money at the Chemical Bank & Trust
Co., New York City.
The bonds will be subject to registration in the
name of the holders as to
principal alone.
All of said bonds will bear
interest payable semi-annually on Jan. 1 and July 1 at the same rate not
exceeding, however, 3% in a multiple of % of 1%, and each bid must
specify interest rate, and the price bid for the bonds of this issue.
The
bonds will be sold at par plus accrued interest and any premium which the
a
bidder will pay.
Said bonds shall be secured by a trust indenture to be executed by and
between the Department of Highways, an agency of the Commonwealth
Chronicle
307
insufficient, then the State Treasurer is directed and authorized by Act 71
of the Regular Session of the Legislature of 1936 to use such other revenues
of the Louisiana Highway Commission as may be
necessary to pay said
bonds and interest thereon.
In addition to the above, the full faith and
credit of the State are irrevocably pledged for the amount of the
principal
and interest on said bonds at maturity.
All bidders must agree to accept
delivery of the bonds in Baton Rouge, and to pay the purchase price thereof
not later than March
21, 1938, upon tender of the bonds by the State,
together with the opinion of Thomson, Wood & Hoffman, Esqs., of New
York approving the validity of the bonds.
Enclose a certified check for
$10,000, payable to the State Highway Commission.
SPRING HILL, La—BONDS VOTED—At the election held on Dec. 28
145
p. 4150—the voters
approved the issuance of the $100,000 in
sewer system bonds by a count of 82 to 14.
Due in from
1 to 10 years.
The sale of these bonds will be handled by Leonard J.
Daniels, First National Bank Bldg., Shreveport, La.
—-V.
6% semi-ann.
WEST CARROLL PARISH CONSOLIDATED SCHOOL DISTRICT
NO. 2 (P. O. Oak Grove), La.—BONDS NOT SOLD—'The $25,000 issue
of school bonds offered on Jan. 4—V.
145, p. 4000—was not sold.
The
Bank of Oak Grove submitted a bid of par for 6s, but the School Board
rejected
bonds.
the offer, and is now inviting proposals for private sale of the
Dated Jan. 4, 1938.
Due from Jan. 4, 1939 to 1963.
'
MAINE
of
Kentucky, and a trust company qualified to act and hereafter to be
selected by the Department of Highways as trustee, as provided by Chapter
157 of the Acts of the General Assembly of Kentucky at the 1930 session
thereof,
which trust indenture shall contain substantially the same pro¬
visions and covenants as the trust indenture heretofore executed by the
Department of Highways, dated Dec. 1, 1937, securing the Commonwealth
of Kentucky bridge revenue bonds of Project No. 13. insofar as such proAisions and covenants shall be applicable, with the additional provisions
that the same shall be subject to the provisions of the agreements dated
Oct. 13, 1937, between the Ohio Valley Bus Co., Ohio Valley Electric
Ry. Co. and the Commonwealth of Kentucky, acting by and through the
Department of Highways of the Commonwealth of Kentucky as the ad¬
ministrative agency of the Commonwealth of Kentucky, which agreement
is on file with the Department of Highways and will be subject to inspection
by prospective bidders.
If the definitive bonds shall not be prepared and ready for delivery on
Feb. 1, 1938, the Department of Highways will issue temporary printed
bonds of the same denomination which will be exchangeable for definitive
bonds when the latter are ready for issuance and delivery.
All bidders must agree to furnish and pay for the cost of printing the
trust indentures, and the printing and (or) engraving the bonds as fur¬
nished by the Department of Highways, the form and terms of which
shall be substantially the same as the Commonwealth of Kentucky bridge
revenue bonds,
Project No. 13, now outstanding, except the paragraph
thereof relating to the redemption thereof prior to maturity, which para¬
graph of said bonds shall be in conformity with the notice of sale.
En¬
close a certified check for 1% of the amount bid for, payable to the State
Treasurer.
Offerings Wanted:
LOUISIANA
MISSISSIPPI
&
MUNICIPALS
Bond
Bell
Raymond 6409
LOUISIANA
ABBEVILLE, La.—BOND OFFERING—J. C. Broussard, Town Clerk,
receive bids until Jan. 11, for the purchase of an issue of $65,000
sewerage bonds of Sewerage District No. 1.
Interest rate is not to exceed
5%.
Denom. $500.
Dated Jan. 1, 1938.
Interest payable Jan. 1 and
July 1.
Due serially on July 1 from 1940 to 1963, incl.
Certified check for
$1,000, payable to the sewerage district, required.
will
(P.
O.
offered
merce
on
PARISH
Crowley),
on
FIFTH
WARD
DRAINAGE
La.—BOND SALE—The
Dec. 31.—V.
DISTRICT
$15,000
5%
coupon
NO.
2
bonds
145, p. 4149—were awarded to the Bank of Com¬
& Trust Co. of Crowley at par.
1 from 1938 to 1953.
"
Dated Dec.
1, 1937.
Due serially
Dec.
ERATH, La.—BONDS DEFEATED—At the election held
—V.
in
145,
water
p.
on Dec. 28
3850—the voters turned down the proposals to issue $15,000
construction and street improvement bonds, according
works
will be received until Jan.
11, by R. Moses, City Clerk, for the purchase of
$10,000 issue of fire department bonds.
These bonds were approved by
an
election held
on
Nov. 30.
LA SALLE PARISH SCHOOL DISTRICT NO. 21
(P. O. Jena), La.
Secretary-Treasurer, Parish
—BOND
OFFERINGS.
D.
Russell
Jr.,
School Board, will receive bids until Jan. 29 on an issue of $25,000 school
building bonds.
Int. rate is not to exceed 6%.
Denom. $1,000.
Dated
Jan. 1, 1938.
Due serially on Jan. 1 from 1939 to 1944.
Certified check
for $720 required.
Legality approved by Chapman & Cutler of Chicago.
LIVINGSTON PARISH (P. O. Springville), La.—BOND OFFERING
a. m. on Jan. 22 by E. P. Guitrau,
—Sealed bids will be received until 9
Secretary ofjhe
court
A.
&
Police Jury, for the purchase of
house and jail bonds.
O.
Denom. $1,000.
an issue of $100,000
Interest rate is not to exceed 6%, payable
Dated Oct. 1, 1937.
Due in from 1 to 21
The bonds will not be sold for less than par and accrued interest,
provided for in Act 46, of the State Legislature, approved on Nov. 16,
The policy jury will furnish the purchaser with a certified trans¬
cript and the approving opinion of the attorney for the parish.
The
bonds are issued under authority of a special election held on Jan. 5, 1937,
and will be delivered and must be paid for at the Whitney National Bank,
New Orleans.
A certified check for $1,500, payable to the police jury,
must accompany the bid.
(These bonds were offered for sale without success on Oct. 13, 1937.)
years.
all
NOTE
ISSUES—We
are
reported that they had been awarded to E. H. Rollins & Sons, Inc., Boston,
0.465% discount.
A new offering is expected soon.
Other bids at the
offering
were:
Bidder
Discount
Wrenn Bros. & Co
Frederick M. Swan & Co.--
—
—
—
■-
_
—0.48%
0."565%
——
_
BANGOR, Me.—NOTE SALE—The $600,000 notes, maturing Oct. 5.
1938, offered on Jan. 6, were awarded on a .149% discount basis, to the
Merchants National Bank and the Merrill Trust Co., both of Bangor,
each
taking half the loan.
DEER ISLE-SEDGWICK BRIDGE DISTRICT (P. O. Stonington),
Me.—PRICE PAID—The Philip H. Morton Co. of Auburn, in purchasing
recently at private sale
an issue of $490,000 bridge bonus, as previously
reported in these columns—V. 145, p. 4150—-paid a price of par and a
premium of $2,000 for 4s, equal to 104.08.
Dated Oct. 1, 1937 and due
serially from 1940 to 1967 incl.
MARYLAND
MARYLAND
(State
OFFERING—Hoover
of)—CERTIFICATE
8.
Miles; State Treasurer, will receive sealed bids until noon on Feb. 1 for
the purchase of $1,031,000 certificates of indebtedness.
Dated Feb. 15,
1938.
Denom. $1,000.
Due Feb. 15 as follows:
$66,000, 1941; $68,000,
1942; $70,000, 1943; $72,000, 1944; $74,000, 1945; $77,000, 1946; $79,000,
1947; $81,000. 1948; $84,000, 1949; $86,000, 1950; $89,000, 1951; $91,000
in 1952, and $94,000 in 1953.
Bidder to name the rate of interest, in
multiples of %' of 1 %.
The certificates will be Issued in coupon form,
registerable as to principal only.
A certified check for 5%, payacle to the
order of the State Treasurer, must accompanj each proposal.
FRAMINGHAM, Mass.—NOTE OFFERING—John P. Dunn, Town
Treasurer, will receive bids until 11 a. m. Jan. 10 for tht purchas
at dis¬
count of $500,000 revenue anticipation temporary loan notes.
Patyable
$400,000 Nov. 8,1938 and $100,000 Nov. 22,1938, at Boston or New York,
at buyers option.
This loan will be made up of 10 notes of $50,000 each, or in such demons,
as may be agreed upon; and will be ready for delivery on or about Jan. 14
or as soon as they can be registered and certified by the Department of
Taxation and Corporation of the Commonwealth of Massachusetts.
These notes will be made on the standard engraved forms as prescribed
by Chapter 616 of the Acts of 1910, and will bear the certificate of the
Division of Accounts, with whom a copy of the vote authorizing this issue
,
will be filed.
MASSACHUSETTS (State of)—DIRECT DEBT REDUCED ABOUT
$4,500,000 LAST YEAR—SIMILAR AMOUNT IN GENERAL FUND—
Massachusetts closed its books for the fiscal year of 1937 with a sum of
$4,533,326.11 in the general fund, the largest amount of unobligated cash
on hand since the fiscal year of 1930.
George E. Murphy, State Comptroller, said Dec. 31 that it should be
borne in mind that as there had been no legislation to authorize the writing
off of deposits in closed banks, $1,363,138.54 of such deposits were in¬
cluded in the fund.
He also disclosed that there was "free cash" amounting to $970,674.76
JENNINGS, La.-—BOND OFFERING—It is reported that sealed bids
the voters at
FOR
at
recent
to report.
a
REJECTED
MASSACHUSETTS
BANK
ORLEANS, LA.
Teletype N. O. 182
ACADIA
Me.—BIDS
informed that the city rejected all bids for the $375,000 tax anticipation
notes, due Nov. 3, 1938. which were offered on Jan. 3.
It was previously
Department
WHITNEY NATIONAL
NEW
AUBURN,
now
as
1921.
LOUISIANA,
State
of—BOND
OFFERING—Sealed
bids
will
be
received until 11 a. m. on Feb. 9, by L. P. Abernathy, Chairman of the
State Highway Commission, for the purchase of an issue of $1,000,000
State Highway Fund No. 2, Series C, coupon or registered bonds.
Interest
rate is not to exceed 5%, payable J. & J.
Denom. $1,000.
Dated Jan. 1,
1938.
Due $50,000 from Jan. 1, 1942 to 1961, incl.
The bonds will be awarded to the bidder offering to pay not less than par
and accrued interest, and to take the bonds at the lowest interest cost to the
State.
The amount of any premium offered will be deducted from the total
be paid by the State at the rate or rates of interest
specified in the bid, in determining the best bid submitted.
No bid for less
amount of interest to
than the entire issue will be considered and no
bidder will be allowed to
This issue of bonds will be marked
State Highway Fund No. 2, Series "C," merely for purposes of identifica¬
tion.
Principal and interest payable in lawful money at the fiscal agency of
the State in New York, or at the State Treasurer's office.
The revenues
dedicated under the provisions of Act 71 of the Regular Session of 1936 to
State Highway Fund No. 2, being a sum equal to 50% of the licenses
imposed and collected on farm trucks, and $7.50 per truck on all other
trucks, and a sum equal to 25c. per horsepower on the rated horsepower of
all automobiles, shall be deducted and set aside out of funds collected under
the Constitution and laws of the State from licenses imposed and collected
on
motor vehicles in the Parishes of Orleans,
Jefferson,
St. John the
Baptist, St. Charles, Tangipahoa and St. Tammany, and dedicated and
paid into the State Highway Fund No. 2, shall continue so long as any of
these bonds are outstanding and shall primarily be dedicated to the retire¬
ment of said bonds and interest thereon subject always to the prior charge
on said tax of the bonds issued under the provisions of Act 18 of the Extra
Session of the Legislature of 1918, Act 179 of the Regular Session of the
Legislature of 1924, but if by reason of any emergency or exigency, the
funds specifically pledged for the retirement of said bonds should prove
designate more than three coupon rates.
in the highway fund.
These balances were due, he said, in great part to
the fact that revenue receipts were larger than had been anticipated.
The net direct debt of the State was reduced during the year by $4,481,-
516.96,
so
that
at
the end of the
year
it totals $26,639,085.37.
This
1919 of $40,433,204.61,
compares with the peak of the net direct debt in
and the low of $9,811,039.82 at the end of 1930.
NATICK, Mass.—NOTE SALE—On Jan. 6 an issue of $200,000 notes,
maturing Nov. 4, 1938, was awarded to the Merchants National Bnak of
Boston on a .28% discount basis.
Washburn & Co. of Boston bid .31%
discount for the notes.
NORTH
ADAMS,
Mass.—NOTE
OFFERING—Adrien
Bonvouloir,
City Treasurer, will receive bids until noon Jan. 12 for the purchase at dis¬
of $100,000 revenue anticipation temporary loan notes, maturing
Nov. 25, 1938.
The notes will be payable at the Merchants National Bank
of Boston, issued in such reasonable denominations as the jpurchaser may
desire and will be delivered at the Merchants National Bank of Boston for
Boston funds.
The Merchants National Bank of Boston will certify that
the notes are issued under the authority of an order of the City Council of
North Adams, the legality of which has been approved by Storey, Thorndike, Palmer & Dodge of Boston, and that the signatures thereon are genu¬
ine.
Legal papers incident to the issue will be filed with the Merchants
National Bank of Boston, where they may be inspected.
count
SPRINGFIELD, Mass.—NOTE SALE— On Jan. 7 an issue of $500,000
notes was awarded to the Merchants National Bank of Boston
.23% discount basis.
Dated Jan. 10, 1938 and payable Nov. 8, 1938.
revenue
on a
WATERTOWN, Mass —NOTE (SALE—The $300,000 notes, maturing
which were offered on Jan. 5—V. 146, p. 139—were awarded
National Bank of Boston on a .236% discount basis.
Chace,
Whiteside & Co. of Boston bid .267% discount.
Nov. 25,1938,
to the Second
Other bids:
Bidder—
Shawmut National Bank—
Bancamerica-BJair Corp
Union Market Natioonal Bank
First National Bank of Boston
Frederick M. Swan & Co
—
Discount
—0.28%
0.29%
—0.31%
—--—0.38%
0.42%
,.-—0.43%
—0.429%
— —
— -—
Merchants National Bank of Boston
Washburn & Co
-- — —
.
—
—
— —
—- —
—
WORCESTER, Mass.—NOTE OFFERING—J. J. Tunison, City Treas¬
10 for the pur¬
dated Jhn. 11,
1938 and payable Nov. 4, 1938.
Denoms. 7 for $50,000, 8 for $25,000 and
urer, will receive bids by mail or telegraph until noon Jan.
chase at discount of $600,000 revenue anticipation notes,
^
Thesenotes will be certified as to genuineness by the First National Bank of
Boston, upon opinion of Storey, Thorndike, Palmer & Dodge of Boston,
to legality.
Payable at the First National Bank of Boston or at The
Central Hanover Bank and Trust Co., New York City.
These notes are exempt from taxation in Massachusetts and are free of
Bids to be made upon basis of discount in advance
Federal Income Tax.
from date of delivery to date of maturity, actual days, 360 to the year.
Delivery to be made Jan. 11, 1938.
Taxes of 1937 are about 78% collected.
Taxes of 1936 are over 99.7%
collected.
Taxes of 1935 are over 99.9% collected.
No taxes of 1934 and
1*^
lui -a
previous years remain unpaid.
as
Financial
308
Chronicle
were
at
We
plus
premium of $157, equal to 101.57, a basis of about 2.30%.
1938.
Due $2,000 yearly on Jan. 1 from 1939 to 1943.
a
1,
Other bidders
were:
Int.Rate
234%
Name
MICHIGAN MUNICIPALS
First National Bank, Rochester
$72.00
40.00
71.80
WYKOFF, Minn.—BOND SALE—The $8,500 issue of coupon funding
on Dec. 30—V.
145, p. 4151—was awarded to the
First State Bank of Wykoff, as 3s at par, according to the Village Clerk.
The same bid for 3 34% bonds was submitted by the Justus F. Lowe Co.
bonds offered for sale
DETROIT
A. T. T. Tel. DET 347
Telephone CHenry WJW
Premium Bid
234%
234 %
Bigelow, Webb & Co., Minneapolis
Sinking Fund Commissioners, Rochester
Petter
Cray, McFawn
1938
8,
awarded to the Northwestern Naional Bank of Minneapolis as 234s
par
Dated Jan.
Buy for Our Own Account
Jan.
of
Minneapolis.
MISSISSIPPI
MICHIGAN
DETROIT, Mich.—MAYOR ELECT PROMISES FURTHER REDUC¬
TION IN DEBT—RESUMPTION OF
REFUNDING PLANNED—Mayor
Richard W. Reading, in his inaugural address to the City Council, pledged
his administration to a further reduction in the city's bonded debt and an
economy program
in city expenditures.
Refunding operations to reduce
annual interest charges, he said, will be resumed "as
Nation's financial
the
conditions here and in
markets permit."
will approximate 90%
of the last levy and old de¬
linquencies are in process of liquidation, according to the Mayor.
The
city's credit condition has improved to the extent that "we have lately
borrowed short-term money at the low interest rate of 0.75%," he said.
Total net bonded indebtedness of the city is $272,976,826, the Mayor
stated.
This is exclusive of $95,392,000 of water and street railway bonds
currently outstanding.
Current collections
ABERDEEN, Miss.—BONDS SOLD—It is reported that $25,000 334%
semi-annual street paving bonds have been purchased at par by O. B. Walon & Co. of Jackson.and Scharff & Jones, Inc., of New Orleans, jointly.
COUNTY
BOLIVAR
(P.
Cleveland),
O.
Miss.—BONDS OFFERED
of Memphis is offering to
1.50% to 3.30%, an issue of $142,000 3 34%
refunding bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Principal and
semi-annual interest (Jan. 1 and July 1) payable at the Central Hanover
Bank & Trust Co. of New York.
Due serially on Jan. 1 as follows: $12,000
1939 to 1941: $13,000, 1942 to 1948, and $15,000, 1949.
FOR INVESTMENT—'The First National Bank
investors at prices to yield from
HARRISON
COUNTY
(P.
O.
Gulf port), Miss.—BOND SALE IN¬
JUNCTION SOUGHT—It is reported that local taxpayers have again filed
an injunction against the sale of a $19,000 issue of refunding
bonds, the validity of which was sustained recently by the Chancery Court.
suit to obtain
RAPIDS TOWNSHIP
(P. O. Grand
Rapids), Mich.—
OFFERING—Earl D. Hulliberger, Township Clerk, will receive
10 a. m., Jan. 5, for the purchase of $12,000 4% coupon,
registerable as to principal, special assessment district bonds.
Denom.
$1,000.
Dated Dec. 1, 1937.
Interest payable June 1 and Dec. 1.
Due
on June 1 as follows:
$1,000, 1940 to 1947; and $2,000, 1948 to
1949.
Cert, check for 2% of amount of issue, required.
SCHOOL DISTRICT (P. O. Belzonia),
is stated by E. C. Sample, County Superin¬
that the $25,000 school bonds offered for sale without
success on Nov. 2, as noted here—V. 145, p. 3693—have been sold to the
Citizens Bank & Trust Co. of Belzonia.
Due from 1938 to 1957.
NEWAYGO, Mich.—BOND SALE— The $12,000 4% community build¬
ing bonds offered on Jan. 3—146, p. 139—were awarded to the First State
Bank of Newaygo.
Dated Jan. 1. 1938 and due Jan. 1 as follows: $1,000
from 1939 to 1946 incl. and $2,000 in 1947 and 1948.
semi-annual refunding bonds purchased by Leftwich & Ross of Memphis,
as noted in these columns last November, were sold at par and mature on
GRAND
BOND
bids until
Mich.—BONDS DEFEATED—OFFERING
NILES,
On
sewer
WITHDRAWN—
the
$280,000 self-liquidating revenue sewage disposal plant and
bonds.
The offering of the bonds which was to have taken place
Dec.
issuance
Jan. 4
28 the voters of the city rejected a proposition calling for
of
has been withdrawn.
Mich.—BONDS
WARREN,
CONSOLIDATED
ISOLA
Miss.—BONDS SOLD—It
tendent of Education,
COUNTY
LAFAYETTE
TAILS—It is now reported
Nov. 1
as
(P. O. Oxford), Miss.—BOND SALE DE¬
by the Chancery Clerk that the $30,000 5%%
follows: $1,000, 1938 to 1947, and $2,000, 1948 to
par
now
COUNTY
value of refunding bonds, dated March 1, 1935, there being this amount
on hand for that purpose.
Tenders will be received up to noon on
said date.
EXCHANGED—R.
G.
Village
Parrott,
Clerk, reports that the following bonds were exchanged with holders of the
original obligations:
$48,000 refunding bonds.
Due Sept. 1,1966, with option of prior payment.
6,830 interest refunding certificates.
Due Jan, 1, 1947, with option of
prior payment.
Each issue is dated Jan. 1, 1937.
1957.
(P. O. Pontotoc), Miss .—BOND TENDERS
INVITED—It is stated by G A. Young, Clerk of the Board of Supervisors,
that the Board will on March 7 purchase for retirement a total of $60,000
PONTOCOC
,
WINONA, Miss.—BOND SALE— The $33,000 railroad refunding bonds
on Jan. 4-—V. 146, p. 140—were awarded to Scharff & Jones, Inc.,
and the P. H. Saunders Co., Inc., both of New Orleans, as 4 34s, at par
plus a premium of $100, equal to 100.333, a basis of about 4.22%.
Dated
Feb. 1,1938.
Due on Feb. 1 as follows: $1,000,1942 to 1951; and $2,000,
offered
1952 to 1961.
MISSOURI
MINNESOTA
HOLDEN,
BIWABIK, Minn.—CERTIFICATES .SOLD—'The $11,000 certificates
of indebtedness offered for sale on Dec. 31—V. 146
ELECTION—The City Council has called a
Mo.—BOND
special election for Jan. 18 at which a proposal to issue
$23,000 water works
bonds will be submitted to a vote.
tejl
ma*
140—-were a warned
to the State Bank of Aurora, at 434 %•
The certificates are divided as
follows: $1,000 general fund, and $10,000 road and bridge fund certificates.
BOND SALE DETAILS—It is stated
ADDITIONAL CERTIFICATE SALE—The $9,000 issue of certificates
on Jan. 3—V. 146, p. 140—was purchased
by four local investors, at 4%, according to Henry Robinson, Village Clerk.
and mature in from 1 to 20 years.
p.
of Indebtedness offered for sale
Due in
The
1 year.
$11,000 issje sold
on
Dec^31jaIso matures in 1
year.
ClTrA~CITy7minn'—MWD^SOLD—A $10T000 Issue*of"3~%"semiannual sewage
disposal plant bonds was awarded on Jan. 3 to the Clara
City State Bank and the Citizens State Bank, both of Clara City, jointly,
at par, according to the President of the Village Council.
Denom. $1,000.
Dated Jan. 1, 1938.
Due $1,000 from Jan. 1, 1939 to 1948, inclusive. « -4
COSMOS, Minn.—BONDS VOTED—At
voters
of the village gave their approval
issuance of
an
election held
on
Dec. 28 the
to a proposition calling for the
$12,000 waterworks system bonds.
DISTRICT (P. O. Keytesville), Mo —
by the District Secretary that the
$12,500 auditorium bonds purchased by Bennett, Piersol & Co. of Kansas
City, as noted here recently—V. 146, p. 140—were sold as 434s. at par
SCHOOL
KEYTESVILLE
MISSOURI, State of—BONDS OFFERED TO PUBLIC— Offering wsa
$700,000 issue of 234% road bonds due from June 15.
by Goldman, Sachs & Co. of New
York, the Boatmen'sjNational Bank, the Mercantile-Commerce Bank &
JTrust Co. and the Mississippi Valley Trust Co., all of St. Louis.
made on Jan. 7 of a
1955 to 1957, at prices to yield 2.15%,
^
ST.
^
MARY, Mo.—BONDS SOLD—'The Mississippi Valley Trust Co. of
$5,000 3 34% semi-annual water work
St. Louis, is said to have purchased
bonds.
Dated Dec. 1, 1937.
"WASHINGTON
DISTRICT (P. O. Washington), Mo.—
3% coupon semi-annual school bonds
145, p. 4152—was awarded to the Bankers
Bond & Securities Co. of St. Louis, paying a premium of $682, equal to
101.89, a basis of about 2.80%.
Dated Nov. 1, 1937.
Due from Feb. 1,
SCHOOL
BOND SALE—The $36,000 issue of
GOODRIDGE, Minn.—BOND OFFERING—J. A. Christianson. Clerk,
will receive bids until 8 p. m., Jan. 10 of an issim of $2,500
334% refunding
bonds.
HUTCHINSON INDEPENDENT SCHOOL DISTRICT NO. 2 (P. O.
Hutchinson), Minn.—MATURITY— It is reported by the District Clerk
that the $50,000 3% semi-annual building addition and remodeling bonds
purchased by the State, as noted here recently—V. 146, p. 140—are due
as
follows:
offered for sale on Dec. 30—V.
1939 to 1957.
The next best bid
of St.
Louis,
,
was an
Minn.—BOND
OFFERING
DETAILS—In
connection
follows: $5,000, 1938 to 1947, and $25,000 in 1948.
Of these bonds a
block of $40,000 is to be delivered and paid for forthwith and $35,000 will
be delivered and paid for April 1.
It is said that these bonds are to be
as
general obligations of the city and the obligation of the water fund of the
city.
Bonds are not to be sold for less than par and accrued interest.
MARSHALL, Minn.—BOND SALE DETAILS—The City Clerk reports
that the
$20,000 swimming pool bonds purchased by the State, as noted
here recently—V. 146, p. 140—were sold as 3s at par and mature in 1953.
MINNEAPOLIS, Minn.—BOND OFFERING—It is
stated
Link, Secretary of Estimate and Taxation, that he will receive sealed
25, at 10 a. m., for the purchase of two issues of
bonds aggregating $955,000, as follows:
,
$500,000 public relief bonds.
Due $50,000 from Feb7Tri939 to 1948
Issued to provide funds to be used by the Board of Public
Welfare of the City in the division of public relief.
455,000 permanent improvement (work relief) bonds.
Due on Feb
1 as
follows: $45,000, 1939 to 1943, and $46,000, 1944 to 1948.
Issued
to provide funds to be used by the
City Council, the Board of
Education, the Board of Park Commissioners, and the Library
inch
Board of the
(P. O. Lewiston), Mont.—BONDS CALLED—
called for payment as of Jan. 1: Nos. 131 to 140,
of 5)4% high school bonds, dated Oct. 1. 1919, and Nos. 105 to 109, of 6%
highway bonds, dated July 1,1920.
FERGUS
COUNTY
The following bonds were
DISTRICT NO. 44 (P. O. Belgrade),
District Clerk that the
$11,075 refunding bonds purchased by the Belgrade State Bank as 334s
(not 334s) at par, as noted here recently—V. 146, p. 140—are due on
GALLATIN COUNTY SCHOOL
Mont.—MATURITY—It is now reported by the
Jan.
1, 1947.
city to meet the city's portion of requirements for
Works Progress Administration projects.
Interest rate is not to exceed 6 %, payable F. & A.
Rate to be in multiples
or l-10th of 1%, and must be the same for all of the
bonds.
In addition to the purchase price, the successful bidder will be
required to
—BOND SALE— The $2,400
3852—were awarded to the State
bid of par for 5s.
p.
NORMAN
COUNTY COMMON
NEBRASKA
COLUMBUS, Neb.—BOND SALE—On Dec. 20 the city sold an issue
$43,000 2 34% general obligation refunding bonds to the GreenwayRaynor Co. of Omaha at par plus a premium of $326, equal to 100.7o8.
Dated Feb. 1, 1938.
Due $2,000 yearly beginning Feb. 1, 1939; optional
after 1943.
LYNCH,
Clerk
that
August,
as
Neb.—BONDS EXCHANGED—It is stated by the Village
the $22,000 5% semi-annual refunding bonds authorized last
noted here, have been exchanged for the old bonds.
Neb.—BOND SALE—The village has sold an issue of $9,000
POLK,
334 % refunding bonds to the State Board of
NEW
DISTRICT NO.
8
(P.
O.
Minn.—BOND OFFERING—'Sealed bids will be received until
8 p. m. on Jan. 8. by Taylor, Efteland, District Clerk, for the purchase of a
$15,000 issue of 334% semi-ann. school bonds.
Denom. $1,000.
Dated
Jan. 3. 1938.
Due $1,000 from Jan. 3, 1939 to 1953 incl.
(This notice supersedes the previous report given in these columns under
School District No. 81, Minn."—V. 146, p.
,140.)
the caption of "Shelly
NORWOOD, Minn.—BOND OFFERING—Ernest Meyer, Village Clerk,
will receive bids until 8 p. m. Jan. 10 for the purchase of $10,000 funding
bonds.Bidders are to specify rate of interest, not to exceed 4%.
Dehom
•a$l,000.
Dated Jan.
1,
1938.
Interest payable semi-annually
Due
$1,000 yearly on Jan. 1 from 1940 to 1949.
Certified check for $200, pay¬
able to the Village, required.
The village will furnish the executed bonds
and the approving opinion of J. J. Fahey of Chaska.
ROCHESTER, Minn.—BOND SALE—The $10,000
mprovement revolving fund bonds
offered
on
Jan,
coupon permanent
3—V.
146,
p.
140—
Educational Lands and Funds.
HAMPSHIRE
GRAFTON COUNTY (P. O.
Plymouth), N. H —NOTE OFFERING—
Harry S. Huckins, County Treasurer, will receive bids until noon Jan. 14
purchase at discount of $200,000 tax anticipation temporary loan
notes.
The notes will be dated Jan. 20, 1938, and payable $50,000 Nov.
for the
29, 1938, $100,000 Dec. 21, 1938, and $50,000 Jan. 20, 1939, at the
Na¬
tional Shawmut Bank of Boston, in Boston, and will be ready for delivery
on or about Jan. 20 at the National Shawmut Bank of Boston, in Boston.
Notes will be issued in denomination of $50,000.
Said notes will be certi¬
genuineness and validity by the National Shawmut Bank of
advice of Storey, Thorndike, Palmer & Dodge, and all
fied
SCHOOL
Shelly),
Board of Land Commissioners on a
of
pay the said Board $1.30 per bond to
apply on the expense of the Board in
issuing and transporting the bonds to the place of delivery.
Delivery will
be made in Minneapolis, Chicago or New York
City, at a national bank
acceptable to the purchaser. Any charge made by such bank for delivery
service to be paid by the purchaser.
The bonds may be registered as to
both principal and interest upon application to the
City Comptroller
The
approving opinion of Thomson, Wood & Hoffman, of New York will be
furnished the purchaser.
A certified check for 2% of the amount of bonds
bid for, payable to the City Treasurer, is required.
DISTRICT NO. 18 (P. O. Havre), Mont.
refunding bonds offered on Dec. 31—V. 145,
HILL COUNTY SCHOOL
George
by
M.
and auction bids until Jan.
_
submitted by Stix & Co
MONTANA
$3,000, 1943 to 1952 and $4,000, 1953 to 1957.
MANKATO,
with the offering scheduled for Jan. 11 of the $75,000 filtration plant bonds,
as noted in these columns recently—V.
146, p. 140—it is stated by F. W
Bates, City Clerk, that sealed bids will be received until 9 a. m. on that
date.
Interest rate not to exceed 234 %, payable M. & N.
Due on Nov. 1
offer of $567 premium,
Mo.
as
ton
under
to
incident to this issue will be filed with said
inspected at any time.
papers
HILLSBOROUGH
COUNTY
(P.
O.
Bos¬
legal
bank, where they may be
Manchester),
N.
H.—NOTE
SALE— The
$300,000 notes offered on Jan. 4—V. 146, p. 141—were
awarded to the Merchants National Bank of Boston on a 0.44% discount
basis.
Due
Dec.
7,
1938.
Whiting,
Weeks &
Knowles of Boston
bid
0.45% discount.
Other bids
were:
Bidder—
First Boston Corp
Wrenn Bros. & Co
Lazard Freres & Co
Discount
0.497%
Frederick M. Swan & Co
0.515%
0.53%
0.53%
E.
0.54%
H. Rollins &
Sons, Inc
Jackson & Curtis
-—
0.57%
Volume
Financial
146
PORTSMOUTH, N. H.—NOTE OFFERING—Remick H. Laighton,
Oity Auditor, will receive bids until 11 a. m. Jan. 11, for the purchase at
discount of $300,000 revenue anticipation temporary loan notes, payable
$200,000 Sept. 15 and $100,000 Dec. 15, 1938.
The notes will be payable at the Merchants National Bank of Boston,
issued in such reasonable denominations as the purchaser may desire and
will be delivered at the Merchants National Bank of Boston for Boston
funds.
The
will
notes
be
certified
to
as
their genuineness by the
Merchants
approved by Storey, Thorn-
National Bank of Boston and their legality
dike, Palmer & Dodge^of Boston, whose opinion will be furnished the
purchaser.
Legal papers incident to the issue will be filed with the Merchants
National Bank of Boston where they may be inspected.
revised
A
New Jersey
Laws
INCORPORATED
MArket 3-1718
Raymond Blvd., Newark
A. T. k T. Teletype
NWRK 24
Yerk Wire:
New
REctor 2-2055
DUNELLEN,
addition
Jan. 14.
N. J .—BOND ISSUE APPROVED—The State Funding
approved the proposal providing for the issuance of $48,000
ELMER, N. J.—BOND PROPOSAL REJECTED—In voicing its disap¬
proval of a proposal of the borough to issue $13,000 refunding bonds,
the State Funding Commission declared that it would not approve bonds
running beyond l3 years and suggested that the borough incorporate a full
cash basis in the ordinance "inasmuch as but little has been done with re¬
collections, &c."
LAKE WOOD TOWNSHIP, N. J.—SINKING FUND
APPROVES REFUNDING—The
a
COMMISSION
O. Cold Spring), N. J.—BOND OFFERING
—Bertram Snyder, Township Clerk, will receive bids until 8 p. m. Jan. 12
for the purchase at not less than par of $35,000 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
LOWER TOWNSHIP (P.
?roduceNov. 1,equal to the amount of the issue, plusinterest (May $1,000.
)ated
a sum 1937. Principal and semi-annual an additional 1 and
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 Messrs. Hawkins, Delafield & Longfellow
of New York City, to this effect will be furnished to the successful bidder.
1)
NEW
JERSEY,
UNIT
of—TAX
State
URGES
USE OF'MOTOR
Press dispatch from Trenton
REVENUES FOR RELIEF—An Associated
on Jan. 3 reported as follows:
1938, announced here today, the New Jersey Tax¬
payers' Association urged the elimination of all dedicated State funds,
proposed that motor vehicle moneys be considered general revenues and
advocated "diversion of these revenues for relief necessities, rather than
any imposition of new taxes."
The association's statement was the first definite public position taken
this year by any organized group urging that, if relief necessities still exist,
diversion of highway revenues for relief purposes be continued in 1938,
instead of the passage of new State taxes.
"We urge action on the recommendation of the Princeton Survey with
respect to reorganization of the State Motor Vehicle Department and
reissuance of drivers' licenses, vehicle registrations and plates by mail,"
Kin its platform for
read the association's 1938 declaration.
►TFaSSAIC~COUNTY
(P.
o.
Paterson), N. J .—NOTE SALE—The
$75,000 1M % temporary loan notes
County Treasurer has sold an issue of
to thejPaterson Savings Institution.
RARITAN
(P. O. Metuchen), N. J.—BOND SALE—
4% sewer bonds was sold to the State Sinking Fund
TOWNSHIP
An issue of $85,000
Commission.
TEANECK TOWNSHIP (P. O. Teaneck), N. J.—BOND SALE—
$113,500 coupon or registered bonds, including $100,000 park and
$13,500 street improvement assessment issues, offered Jan. 4—V. 145,
p. 4152—were awarded to II. B. Boland & Co. of New York as 3Ms at
a price of 100.16, a basis of about 3.47%.
All of the bonds are dated
Aug. 1, 1937 and mature Aug. 1 as follows:
$7,000 from 1938 to 1943 incl.;
$6,500 in 1944, and $5,000 from 1945 to 1957 Incl.
Among other bids
The
were
these:
FREE
SCHOOL DISTRICT
(P. O
NO. 28
N. Y .—SEWER DISTRICT BOND
ISSUE AWARDED
District No. 1
awarded to the
basis of about 3.26%.
price of 100.399
March 1 as follows:
Dated Jan. 1, 1938 and due
Among
1960, incl.
H. Rollins & Sons,
m*
Inc., New York.
LEWIS'COUNTY (P. O. Lowville), N. Y.—BONDS AUTHORIZED—
Dec.*t21 the Board of Supervisors authorized the issuance of $40,000
On
highway bonds.
MALONE, N. Y.—BOND SALE—The $55,000 coupon or registered
public welfare bonds offered on Jan. 5—V. 145, p. 4153—were awarded
to the Harris Trust & Savings Bank of New York on a bid of 100.117
for 1.60s, a basis of about 1.47%.
Dated Feb. 1, 1938. Due $11,000
yearly on Feb. 1 from 1939 to 1943.
_
Tnt~R,ate
*1"
Bidder—<
1.70%
1.75%
1.80%
Gertler &*Co
Adams, McEntee & Co
White, Weld & Co
R. D. White & Co
Premium
$151.25
38.50
82.50
1.80%
1.90%
45.10
94.50
Peoples Trust Co.
Halsey, Stuart & Co
J. & W. Seligman & Co
Manufacturers & Traders Trust Co—.
1.90%
2.00%
69.85
63.80
2.10%
2.20%
60.50
37.95
Sage, Rutty & Co
2.20%
Nassau, as 3.40s, at par
56.55
of
of
basis of
about 3.28%.
1938 to
J.
&
Seligman & Co
W.
-
MILLERTON, N. Y.—BOND SALE—The issue of $2,500 coupon
registered improvement bonds offered Dec. 30 was sold to John L. Bame
plus a premium of $7, equal to 100.28, a
Dated July 1, 1937 and due $500 on July 1 from
1942 incl.
NEW YORK, N.
Y.—DECEMBER FINANCING—In addition to
public award of $11,210,000
bonds to Halsey, Stuart & Co., Inc.,
the
New
December to
serial bonds.
Corporate stock in the amount of $37,000,000 matures Dec. 1, 1977, and
$41,290,000 of bonds are due annually from 1939 to 1978. incl.
The sink¬
ing funds also purchased % $7,500,000 4% assessment bonds, including
$5,000.000?due on or before Dec. 22, 1947, and $2,500,000 maturing on or
before Dec. 27, 1947.
Other financing in the recent month represented
York, and associates—V. 145, p. 4005—the city sold during
its own sinking funds $78,290,000 3Y\% corporate stock and
issuance of the
following obligations, aggregating
$10,000,000 2%
5,000,000 2%
5,000,000 2%
5,000,000 2%
2,750,000 2%
20,000,000 2%
1,000,000 2%
7.500,000 2%
$82,547_,000:
special corporate stock notes. Due June 9, 1938.
special corporate stock notes. Due June 14, 1938.
special corporate stock notes.
Due June 22, 1938.
special corporate stock notes.
Due June 27, 1938.
special revenue bonds of 1937.
Due Dec. 14, 1938.
special revenue bonds of 1937.
Due June 14, 1938.
tax notes of 1937.
Due Dec. 14, 1938.
work and home relief certificates of indebtedness.
Due
June 14,1938.
2,500,000 2% work and home
June 27,1938.
relief certificates of indebtedness.
Due
23,797,000 1M % temporary revenue notes exchanged for a similar amount
of revenue bills.
These mature as follows: $7,747,000 March
15. 1938; $3,850,000 June 15, 1938: $2,500,000 Sept. 15, 1938;
$2,000,000 Dec. 15, 1938: $1,750,000 March 15, 1939; $1,500,000 June .15, 1939; $1,200,000 Sept. 15, 1939; $1,000,000 Dec.
15, 1939; $1,000,000 March 15, 1940; $750,000 June 15, 1940,
and $500,000 on Sept. 15. 1940J
^EV/~Y6RKTNTY^CX)LLECTION~OF 1937 TAXES AT RECORD
HIGH—According to City Treasurer Almerindo Portfolio, collections of
the current tax levy in 1937 were the best since creation of the greater city
in 1898.
Almost 90% of the 1937 levy was in hand at the close of the year,
he said, adding that payments of the first and second half levy
to 92% and 86M%, respectively.
Mr. Portfolio also noted that tax an¬
ticipation securities were outstanding in the amount of
being the smallest total of that type of obligation for several years.
ergency relief tax collections during the year reached $71,759,560, of
amounted
$63,519,000, this
Em¬
which
the sale tax
produced $48,280,902.
Current
amounted to $14,035,522.
and delinquent public utility
tax collections
Int. Rate
Bidder—
3M%
Colyer, Robinson & Co., Inc
Schlater, Noyes & Gardner, Inc
2>%%
Campbell, Phelps & Co
—
H. L. Allen & Co.
B. J. Van Ingen & Co., Inc
WEST
UNION
$1,000 from 1939 to 1954,"incl. and $1,500 from 1955 to
other bids was an offer of 100.33 for 3.40s made by E.
State Sinking Fund Commission has ap¬
proved the plan of the township to issue $750,000 refunding bonds to pro¬
vide for payment of State and county taxes and to repay $271,000 borrowed
from the school reserve fund for teachers' salaries.
In announcing approval,
State Treasurer Albright declared that the State agreed to participate
"in whole or in part" in the bond issue at an interest rate of 4M%.
The
bonds, as previously described in these columns, will be dated Dec. 1, 1937
and mature serially on Dec. 1, from 1938 to 1952, incl.
Nov.
Catskill), N. Y.—BOND SALE POST¬
not to exceed 4% interest county home
originally scheduled for sale Jan. 7, was postponed to
$25,000'coupon or registered Indian Lake Sewer
sanitary sewer bonds offered Jan. 4—V. 146, p. 142—were
Manufacturers & Traders Trust Co. of Buffalo, as 3.30s, at a
funding bonds.
gard to the enforcement of tax
COUNTY (P. O.
of $200,000
bonds,
—The
TOWNSHIP, N. J.—BOND ISSUE APPROVED—The
State Funding Commission has approved of the issuance of $35,000 funding
bonds of 1937.
's
CHESTER
Commission has
GREENE
PONED—The sale
INDIAN LAKE,
JERSEY
NEW
furnished by the county.
HEMPSTEAD
Cotyer, Robinson $ Company
1180
COUNTY
Long Beach), N. Y.—BOND OFFERING—James J. Morrison, District
Clerk, will receive sealedtbids until 10 a. m. on Jan. 14 for the purchaseof $25,000 not to exceed 6% interest coupon or registered school bonds.
Dated Jan. 1, 1938.
Denom. $1,000.
Due Jan. 1 as follows:
$2,000
from 1941 to 1951 incl., and $3,000 in 1952.
Bidder to name a single
rate of interest, expressed in a multiple of M or 1-10 of 1%.
Principal and
interest (J. & J.) payable at the Marine Midland Trust Co., New York
City.
The bonds are direct obligations of the school district, payable from
unlimited taxes.
A certified check for $500, payable to the order of
Frank G. Waldron,<[District Treasurer, must accompany each proposal.
The approving legal opinion of Clay, Dillon & Vandewater of New York
City will be furnished the successful bidder.
Municipal Finance
available
now
(P. O. Catskill), N. Y.—BOND OFFERING—
William H. Freese, County Treasurer, will receive bids until 1 p. m. Jan. 14
for the purchase at not less than par of $200,000 coupon, fully registerable,
general obligation, unlimited tax, county home addition and bridge bonds.
Bidders are to specify rate of interest, in a multiple of H or 1-10%, but not
to
exceed 4%.
Denom. $1,000.
Dated Jan. 1, 1938.
Principal and
semi-annual interest (Jan. 1 and July 1) payable at the County Treasurer's
office, with|New York exchange.
Due $10,000 yearly on Jan. 1 from
1939 to,1958.
Certified check for $4,000, payable to the county, required.
Approving {opinion of Clay, Dillon & Vandewater of New York will be
GREENE
index to
on
309
Chronicle
NEW
YORK,
u
3M%
3^%
3^%
Prem.
$144.94
919.35
828.44
612.90
437.37
N. 3.—BONDS AUTHORIZED—The Board of
Commissioners on Dec. 82 authorized tne
issuance of $150,000 relief bonds.
ORANGE, N. 3.—BOND OFFERING—Ronald C. Alford, Town
Clerk, will receive sealed bids until 8:15 p. m. on Jan. 18 for the purchase
of $233,000 not to exceed 6% interest coupon or registered sewer funding
bonds of 1938, part of an authorized issue of $298,000.
The bonds offered
will be dated Feb. 1, 1938.
Due Feb. 1 as follows: $15,000 from 1943 to
1957 incl. and $8,000 in 1958.
Prin. and int. (F. & A.) payable at the
First National Bank, West Orange, or at holder's option at the Chase
National Bank, N. Y. City.
Rate of interest to be expressed in a multiple
of M of 1%.
A certified check for 2% must accompany each proposal,
the approving legal opinion of Hawkins, Delafiled & Longfellow of N. Y.
City will be furnished the successful bidder.
WEST
NEW
YORK
BUFFALO, N. Y.—BOND SALE—The
$1,400,000 coupon or registered
offered on Jan. 4—V. 145, p. 4153—were awarded
syndicate headed by Salomon Bros & Hutzler of New York and incl.
the Manufacturers & Traders Trust Co. of Buffalo; L. F. Rothschild & Co.
and Eldredge & Co. of New York; Washburn & Co. of Boston and the
Illinois Co. of Chicago, on a bid of 100.279 for 3Ms, a basis of about 3.45%:
bonds described below,
1948,
Due $100,000 on Jan. 15 from 1939 to
inclusive.
400,000 city contribution-relief project
from 1939 to 1948, inclusive.
All of the bonds will
bonds.
Due $40,000 on Jan. 15
be dated Jan. 15, 1938. Denom. $1,000. Principal
payable at the City Comptroller's office, or at the
and interest (J. & J. 15)
Central Hanover Bank & Trust
The bankers are now offering
from 1M % to
Co., New York City.
the bonds to investors at prices to yield
3.35%.
Second high bid for
New York, offering a
the bonds was submitted by Phelps,
premium of $3,864 for 3M% bonds.
YORK,
State
of—MAYORS' CONFERENCE SUBMITS RE¬
,
the
studied
More
equitable distribution of alcoholic beverage taxes to villages.
of gasoline and motor vehicle taxes to cities and villages
in construction, reconstruction and repair of roads, removal
and traffic regulation,
t
Fair distribution
for exclusive use
of snow
The report was signed by
recently retired as President.
former Mayor
Charles Stantion of Rochester,
,
ONONDAGA COUNTY (P. O. Syracuse), N. Y.—BOND SALE—
$1,707,000 coupon or rgeistered bonds described below,
on
jan q—v
145, p. 4153—were awarded to a syndicate headed by the Harris
Trust & Savings Bank of New York and including the Marine Trust Co.
of Buffalo; F. S. Moseley & Co. of Boston; Estabrook & Co., and Stone
Webster and Blodget, both of New York, on a bid of 100.027 for 2.10s, a
basis of about 2.09%:
<*4
*1
offered
The
to a
$1,000,000 home relief bonds.
NEW
COMMENDATIONS TO LEGISLATURE—The State Mayor's Conference
asked the 1938 Legislature on Jan. 6. either to permit cities to tax utilities
for another year to finance unemployment relief or impose a State-col¬
lected, locally shared levy.
/
,
„
.
Localities' permission to levy a 1% tax on gross receipts of utilities expires
next June 30, along with 1937 law under which the State imposes a 2% tax,
unless the Legislature grants extension.
Imposition of a State-collected, locally shared tax in preference to
utility levy was recently suggested by a legislative committee which
the State's fiscal policies for six months
,
The conference also recommended: That the State's 40% reimbursement
of relief funds to cities include relief hospitalization.
State aid for kindergartens.
.
Fenn & Co. of
&
$100,000 general bonds of 1938, series A.
Due Feb. 1 as follows:
from 1939 to 1942 incl. and $20,000 in 1943 and 1944.
36.000 general bonds of 1938, series B.
Due Feb. 1 as follows:
from 1939 to 1942 incl. and $4,000 from 1943 to 1948 incl.
450,000 county road bonds of
from 1939 to 1943 incl.
1938, series A.
$15,000
$3,000
Due $90,000 on Feb. 1
35,000 county road bonds of 1938, series B.
Due $7,000 on Feb. 1 from
1939 to 1943 incl.
35 000 highway bonds of 1938.
Due Feb. 1 as follows: $2,000 from 1939
to 1953 incl. and $1,000 from 1954 toJ1958 incl.
58 000 bridge bonds of 1938.
Due Feb. 1 as follows: $3,000 in 1939 and
1940, and $4,000 from 1941 to 1953 incl.
Financial
310
57,000 county jail bond# of 1938.
Due Feb. 1 as follows: $7,000 in 1939.
and $5,000 from 1940 to 1949 incl,
500,000 Ley Creek sewer bonds.
Due Feb. 1 as follows: $20,000, 1939;
$18,000, 1940; $17,000. 1941 and 1942; $16,000, 1943; $18,000,
1944 to 1948 incl.; $17,000. 1949; $12,000, 1950 to 1953 incl.;
$17.000,1954 to 1958 incl.; $18,000 in 1959 and 1960; and $17,000'
from 1961 to 1968 incl.
436,000 refunding bonds of 1937.
Due Feb. 1 as follows: $20,000 from
1939 to 1951 Incl.; $25,000 from 1952 to 1957 incl., and $26,000
in 1958.
All of the bonds will be dated Feb. 1, 1938.
Denom. $1,000.
Prin. and
(F. & A.), payable at the First Trust & Deposit Co., Syracuse, or at the
Guaranty Trust Co., N. Y. City.
The bankers are now offering the bonds to investors at prices to yield from
.50% to 2.30%, according to maturity.
int.
BUSH
PINE
FIRE
O.
(P.
DISTRICT
Pine
Bush),
N.
Chronicle
NECHE,
Jan.
8,
1938
Dak.—BOND
OFFERING—R. A. Vaaler, Village Clerk,
m. Jan. 18 on an issue of $1,600 4% water re¬
N.
will receive bids until 2 p.
Denom. $200.
servoir bonds.
RANSOM COUNTY (P. O. Lisbon), N. Dak.—BOND SALE—The
$60,000 coupon courthouse bonds offered on Jan. 6—V. 145, p. 4154—
awarded to Bigelow, Webb & Co.. Inc., Piper, Jaffray & Hopwood.
and the Wells-Dickey Co., all of Minneapolis, as 3 Ms, at par pi us a premium
of $300, equal to 100.50, a basis of about 3.70%.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows: $3,000. 1939 to 1954; and $4,000. 1955 to 1957.
The First National Bank & Trust Co. of Minneapolis submitted the second
high bid, offering a premium of $296 for 3H% bonds.
were
SARGENT COUNTY
(P. O.
Forman), N. Dak.—BONDS AUTHOR¬
IZED—The County Commissioners have adopted a resolution authorizing
the issuance of $39,000 debt funding bonds.
Y.—BOND
$3,000 registered fire apparatus bond issue offered Jan. 4
145, p. 4153—were sold to the National Bank of Pine Bush as .3 Ms
par.
Dated Jan. 1, 1938 and due Oct. 1 as follows:
$500 from 1938
1941 inclusive, and $1,000 in 1942.
SALE— The
°HIO
—V.
at
to
JERVIS, N. Y.—BOND OFFERING—John F. Cleary, City Clerk,
2 p. m. on Jan. 12 for the purchase of $50,000
6% interest coupon or roistered refunding bonds of 1938.
Dated Feb. 1, 1938.
Denom. $1,000.
Due Feb. 1 as follows: $2,000 from
1939 to 1948 incl. and $3,000 from 1949 to 1958 incl.
Bidder to name a
single rate of interest, expressed in a multiple of M or 1-10th of 1%.
Prin¬
cipal and interest (F. & A.) payable at the office of the City Treasurer or,
at holder's option, in New York exchange.
A certified check for 2% must
accompany each
proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
PORT
MITCHELL, HERRICK & CO.
will receive sealed bids until
not to exceed
bidder.
AUTHORITY, N. Y.—BRIDGE AND TUN¬
PORT OF NEW YORK
NEL TRAFFIC SETS RECORD IN 1937—Frank C.
of the Port Authority, in a preliminary
Ferguson, Chairman
informal report, disclosed that the
volume of traffic in 1937 on bridge and tunnel facilities of the authority
connecting New York and New Jersey was the highest on record.
The total
MUNICIPALS
700 CUYAHOGA
CANTON
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
OHIO
COUNTY
ATHENS
(P. O. Athens), Ohio—BOND OFFERING—
R. W. Wilson, Clerk, Board of County Commissioners, will receive bids
until noon Jan. 20 for the purchase of $33,300 6% poor relief bonds
Interest payable semi-annually.
Due March 1 as follows:
$5,100, 1938;
$4,100, 1939; $4,300, 1940; $4,500,
1941; $4,800, 1942; $5,100, 1943,
and $5,400, 1944.
Certified check for 1% of amount of bonds bid for,
payable to the Board of County Commissioners, required.
for last year,
Over
at 22,635,415, represented an increase of 2,289,647, or 11.3%,
1936, and of 3,602,439, or 16 %, over two years ago.
All of the facili¬
Bridge, and
Island and New Jersey, shared in the in¬
CINCINNATI, Ohio—COURT OUTLAWS ASSESSMENTS AGAINST
GOVERNMENT—United
States
District
Judge
John
H.
on Dec. 28 issued an injunction restraining officials of the
city and
Hamilton County from carrying on their records two assessments totaling
$109,000 against the Federal Government and from making any attempt
toward
collection.
The assessments were the result of improvements
made in connection with a new Federal building.
In passing upon the
matter, at the instigation of the Treasury Department, Judge Druffel
ties, including the Holland Tunnel, the George Washington
FEDERAL
the three spans between Staten
creased volume of traffic.
Druffel
POTSDAM,
N.
Y.—OTHER BIDS—The $54,000 street improvement
bonds awarded Dec. 31 to J. & W. Seligman & Co. of New York, as 1.90s,
plus a premium of $59.40. equal to 100.11, a basis of about 1.86%,
previously reported In these columns—V. 146, p. 142, were also bid for as
at par
as
follows:
Int. Rate
Bidder—
-
"because
of the
102.00
76.68
Tiffin), Ohio—BOND SALE—The issue of $30,000 school building bonds
75.06
19.50
offered Jan. 3—V. 145, p. 4006—was awarded to Seasongood & Mayer of
Cincinnati, as 3s, at par plus a premium of $324.85, equal to 101.082, a
basis of about 2.89%.
Dated Feb. 1, 1938 and due Nov. 1 as follows:
-
.
54.00
81.00
70.20
follows:
CLEVELAND, Ohio—BOND
nounces
3.80%
4.20%
Traders Trust Co
100.50
*00.399
improvement bonds.
Dated Feb. 1, 1938.
One bond for $500, others
$1,000 each.
Due Feb. 1 as follows: $4,500, 1939; $4,000 from 1940 to
1951 incl. and $5,000 from 1952 to 1954 incl.
Bidder to name a single rate
of interest, expressed in a multiple of H or l-10th of 1%.
Principal and
interest (F. & A.) payable at the First National Bank & Trust Co., Tuckahoe, with New York Exchange.
The bonds are general obligations of the
village, payable from unlimited taxes.
A certified check for $1,350, pay¬
able to the order of the village, must accompany each proposal.
The ap-
Sroving legal the successful bidder.
furnished opinion of Clay, Dillon & Vandewater of New York City will
e
UTICA, N. Y.—CERTIFICATE OFFERING—1Thomas J. Nelson, City
Comptroller, will receive sealed bids until noon on Jan. 11 for the purchase
of $1,000,000 tax anticipation certificates of indebtedness.
Dated Jan. 1,
1938.
Denom. $50,000.
Payable July 12, 1938, at the Chemical Bank &
Trust Co., New York City.
Legality approved by Clay, Dillon & Vande¬
water of New York City.
Delivery to be made on Jan. 12.
CLINTON
VESTAL CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Vestal),
N. Y.—BOND OFFERING—Victor B. Taylor, District Clerk, will receive
bids until 4 p. m. on Jan. 11 for the purchase of $546,000 not to
exceed
5% interest coupon or registered school building bonds.
Dated
1938. Denom. $1,000.
Due July 1 as follows: $17,000, 1939 and
1940; $19,000. 1941 and 1942; $20,000 in 1943 and 1944; $21,000, 1945 to
1947 iml.j $23,000 in 1948 and 1949, and $25,000 from 1950 to 1962 incl.
Bidder to name a single rate of interest, expressed in a multiple of
or
l-10tn of 1%.
Principal and interest (J. & J.) payable at the Endicott
Trust Co., Endicott, with New York exchange, or atht eh Guaranty Trust
Co., New York City.
The bonds are direct general obligations of the
District, payable from unlimited taxes.
A certified check for $11,000,
payable to the order of Fred Fedora, District Treasurer, must accompany
each proposal. The approving legal opinion of Clay, Dillon & Vandewater
of New York City will be furnished the successful bidder.
Jan. 1
$10,000
5i/4s
1952-53 @ 4.60%
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va. 83
RURAL
SCHOOL
DISTRICT
(P.
O.
CONVOY, Ohio-—BOND SALE—The issue of $7,000 4%
sewage
dis-
Eosal revenue at par. offered Dec. 20—V.received. 3697—was purchased
145, p. Dated Dec. 20, 1937
y the village bonds
No other bid was
Dec. 20 from 1940 to 1953 inclusive.
HEIGHTS SCHOOL DISTRICT CP. O. Cuyahoga
Heights), Ohio—BOND OFFERING—JT. C. Lang, Clerk-Treasurer, Board
CUYAHOGA
of Education, will receive bids until noon Jan. 24 for the purchase of $500,000
5 % school building bonds.
Denom. $1,000.
Dated Feb. 1,1938.
Princi¬
pal and semi-annual interest (June 1 and Dec. 1) payable at the Cleveland
Trust Co., Cleveland.
Due serially on Dec. 1 from 1939 to 1953, $33,000
in each of the years 1939, 1940, 1942, 1943, 1945, 1946, 1948, 1949, 1951
and 1952, and $34,000 in each of years 1941, 1944, 1947, 1950 and 1953.
Cert, check for 1% of amount of issue, required.
Approving opinion of
Squire, Sanders & Dempsey of Cleveland will be furnished by the Board of
Education.
FINDLAY,
Ohio-—BOND
OFFERING— Charles
E
.Simpson,
City
Auditor, will receive sealed bids until noon on Jan. 20 for the purchase of
$80,000 3%% first mortgage sewerage system and sewage treatment plant
bonds.
Dated Dec. 1, 1937.
Denom. $1,000.
Due Oct. 1 as follows:
$3,000 from 1939 to 1958 incl., and $4,006 from 1959 to 1963 incl.
Bidder
may name another rate of interest, provided that in the case of a fractional
rate said fraction is expressed in a multiple of % of 1 %.
The city reserves
the privilege and right to retain, not to exceed $30,0( 0 of the bonds that
will mature on Oct. 1, 1955 and thereafter.
A certified check for $800
payable to the order of the city, must accompany each proposal.
Approving
legal opinion of Squire, Sanders & Dempsey of Cleveland will be furnished
at the successful bidder's expense.
Bonds will be delivered outside of the
city at the expense of the purchaser.
JOHNSTOWN, Ohio—BOND SALE—The issue of $4,000 first mortgage
sewer
bonds offered Dec. 31—V, 145, p. 4154—was sold to the Johnstown
Bank
as
to
CAROLINA
5s, at par.
Dated Jan. 1, 1938 and due $500
on
Jan. 1 from 1940
1947, Inclusive.
OAKWOOD (P. O. Dayton), Ohio—BOND SALE—The issue of
500 coupon storm sewer bonds offered Jan. 6—V. 145, p. 4006—was
awarded to George T. Lennon & Co. of Columbus, as 2Ms, at a price of
.
100.16, a basis of about 2.73%.
Dated Jan. 1, 1938 and due Sept.
follows: $2,500 in 1939, and $4,000 from 1940 to 1963 incl.
PARMA
1 as
Brooklyn Station), Ohio—BOND TENDERS IN¬
VITED—John M. Graham, City Treasurer, gives notice that there is
available in the sinking fund approximately $125,000 applicable to the
payment of outstanding refunding bonds, dated Oct. 1, 1936.
Tenders
of such bonds will be received up to noon Jan. 15 by the City Treasurer.
(P.
O.
PIERPONT TOWNSHIP SCHOOL DISTRICT (P. O. Pierpont),
Ohio—BOND
SALE
DETAILS—'The
$15,000 school building bonds
reported sold in these columns recently—V. 145, p. 3856—were taken by
the State Teachers Retirement System, Columbus, as 3Ms, at par plus a
premium of $150, equal to 101, a basis of about 3.10%.
Dated Oct. 1,
1937.
Denom. $500.
Due $1,000 annually.
Interest payable A. & O.
Coupon bonds.
PLEASANT CITY, Ohio—BOND OFFERING—Frederick A. Meecham.
Jr., Village Clerk, will receive bids until noon Jan. 22 for the purchase of
$2,000 4% municipal building bonds.
Denom. $200.
Dated Jan. 1,
1938.
Interest pavable semi-annually.
Due $200 yearly on Oct. 1 from
1939 to 1948.
Certified check for $200, payable to the Village, required.
ST.
NORTH
•.
TOWNSHIP
$1,500 from 1939 to 1950. incl. and $1,000 from 1951 to 1962, incl.
sealed
Due March 1,
Fund.
Rale Bid
TUCKAHOE, N. Y.—BOND OFFERING—John C. McDonnell, Village
CHATHAM COUNTY, N. C.
SALE— Mayor Harold H. Burton an¬
relief bonds has been sold to
that an issue of $400,000 4% poor
the Sinking
and due $5.Ju on
Int. Rate
-
—
Clerk, will receive sealed bids until 3p.m. (eastern standard time) on Jan.
17 for the purchase of $67,500 not to exceed 5% interest coupon or registered
BERNARD, Ohio—BOND SALE DETAILS— The $120,000 2%%
improvement bonds purchased last July by VanLahr, Doll & Isphording, of Cincinnati, as previously noted in these columns—V. 146, p. 144,
were sold at par plus a premium of $195, equal to 100.162, a basis of about
2.72%.
Dated July 15, 1937 and due $12,000 on Sept. 15 from 1938 to
1947, inclusive.
street
DURHAM, N. C.—BOND
ELECTION—We are informed by C. B.
Alston,City Clerk, that an election will be held on March 1 in order to vote
on the proposed issuance of $300,000 in airport bonds.
GOLDSBORO, N. C.—BOND ELECTION—An election will be held on
Jan. 20, according to report, to vote on the issuance of $115,000 in water
supply bonds.
JACKSON COUNTY (P. O. Sylva), N. C.—BONDS AUTHORIZED—
On Dec. 21 the County Commissioners adopted an ordinance
authorizing
the issuance of $496,000 refunding bonds.
^
made
2.25%
2.70%
2.90%
Bidder—
Manufacturers &
been
2.20%
-
TRENTON, N. Y.—BOND SALE—The issue of $30,000 coupon or
registered water bonds offered Dec. 31—V. 145. p. 4154—was awarded to
J. & W. Seligman & Co. of New York, as 3.40s, at par plus a premium of
$78, equal to 100.26, a basis of about 3.35%. Dated Nov. 1, 1937 and due
Nov. 1 as follows:
$700 from 1940 to 1949 incl., and $1,000 from 1950 to
Sherwood & Co.-...
have
68.04
-
Canton Savings & Loan Association
were as
should
$32.40
—
Other bids
never
2%
2%
2.20%
2.20%
Manufacturers & Traders Trust Co..
1972 incl.
the assessments
—
-
-
Halsey, Stuart & Co., Inc—
Sage & Rutty—
that
1.90%
....
Marine Trust Co—
-
held
legal fact that taxes may not be assessed against the Government by any
State or political subdivision thereof."
—
Adams, McEntee & Co., Inc.-...
R. W. Pressprich & Co
Sherwood & Reichard
Gordon Graves & Co—
Premium
TRANSYLVANIA COUNTY (P. O. Brevard), N. C.—BONDS AUTH¬
ORIZED—The County
Commissioners recently adopted four ordinances
authorizing the issuance of a total of $1,683,092.63 refunding bonds.
SOUTH
EUCLID,
Ohio—TO
REFUND
SPECIAL
ASSESSMENT
BONDS—According to Village Clerk Paul H. Prasse, a total of $379,401.19
special assessment bonds now in default will have to be refunded.
Bond
interest is current, and no delinquency has occurred on general obligations,
according to Mr. Prasse.
UTICA, Ohio—BOND SALE DETAILS—In connection with the pre¬
vious report in these columns of the sale of $36,000 sewer bonds to the
Banc Ohio Securities Co. of Columbus, we are advised that the purchase
price
par and accrued interest.
Bonds are dated Nov. 1, 1937 and
$1,500 annually
Denom. $1,000 and $500.
Interest payable
was
mature
M. & N.
NORTH
_
DAKOTA
WINCHESTER.
HATTON, N. Dak.—-BOND ELECTION—An election
Jan.
10 at which the voters will be asked to approve
$30,000 water system extension bonds.
a
OFFERING—Earl H. King, Village
Jan. 24 on an issue of $2,200 5% fire
Dated Dec. 1, 1937.
Interest payable
semi-annually.
Due $200 each six months from June 1, 1939 to June 1,
1944, incl.
Certified check for $25, payable to the Village, required.
Ohio—BOND
Clerk, will receive bids until 8
is scheduled for
proposal to issue
apparatus bonds.
p.m.,
Denom. $200.
'
Volume
Financial
146
311
Chronicle
of meeting interest and principal
of its bonded debt without the delay of
a single day."
He added that "no one can remember a time when the
city failed to meet those obligations when due."
Its bonds, he con¬
tinued, "are a mighty sound investment."
R. J. EDWARDS,
Inc.
PHILADELPHIA, Pa .—HOUSING AUTHORITY BORROWS $2,000,000—The
Board of City Trusts has made a loan
of $2,CCO,OCO to the
Philadelphia Housing Authority.
This will supply the required 10% of
project costs.
The Federal Housing Authority has earmarked $12,000,000
Municipal Bonds Since 1892
Oklahoma
AT&T
Ok
for
unit.
only,
1
as
1944; $2,000,
OKLAHOMA
MARLOW, Okla.—BOND SALE DETAILS— It is stated by the City
by Calvert &
Canfield, of Oklahoma City, as noted in these columns recently—V. 146,
p. 144—were sold at par, as follows:
$15,000 as 2Ms, due $3,000 from 1941
to 1945; $18,000 as 4j^s, maturing $3,000 from 1946 to 1951; $9,000 as
4Mb, maturing $3,000 from 1952 to 1954, and $13,000 as 4s, maturing
Clerk that the $55,000 electric light system bonds purchased
$3,000, 1955 to 1957, and $4,000 in 1958.
MAYES COUNTY SCHOOL DISTRICT NO. 7 (P.
O. Pryor), Okla.
building bonds offered for sale
Dec. 14—V. 145, p. 3856—was purchased by the First
on
National Bank of
Pryor, as 3s, paying a premium of $5, equal to 100.10, a basis of
2.99%. Due $500 from Jan. 1, 1941 to 1950, inclusive.
about
sewtr
follows;
COUNTY
SCHOOL
DISTRICT
NO.
47
(P.
O. Tulsa),
the $8,000
Okla.—PRICE PAID—It is stated by the District Clerk that
building bonds purchased by R. J. Edwards, Inc., of Oklahoma City, as
noted here recently—V. 145, p. 144—were sold for a premium of $2, on
the bonds bearing four different rates of interest, averaging 3.40%.
Due
$500 from Jan. 1, 1941 to 1956 inclusive.
The second
highest bid
was
submitted by C. Edgar
Honnold of Okla¬
homa City, giving an average interest rate of 3.45%
Okla.—BOND OFFERING CANCELED—We are
build¬
noted in these columns—Y. 145, p. 4007
informed by the Superintendent of Schools that the sale of the $17,000
ing bonds scheduled for Dec. 21,
—was
as
not held because the issuance of these bonds would have
the legal
exceeded
Interest
ceases
bonds.
$2,000.
RHODE
about 4.42%.
ISLAND
NEWPORT, R. I .—BOND OFFERING—B. F. Downing, City Treasurer,
5p.m. Jan. 13 for the purchase at not less than par of
$150,000 coupon garbage incinerator bonds.
Bidders are to specify a single
rate of interest for the issue, in a miltiple A %« bi t not to exceed 2^%.
Denom. $1,000.
Dated Feb. 1, 1938.
Principal and semi-annual interest
(Feb. 1 and Aug. 1) payable at the City Treasurer's office or at the First
National Bank of Boston, in Boston, at holder's option.
Due $10,000
will receive bids until
yearly on Feb. 1 from 1939 to 1953.
are to be engraved under the supervision of and authenticated
genuineness by The First National Bank of Boston; their legality will
The bonds
to
be approved by Ropes, Gray, Boyden and Perkins,
furnished the purchaser.
The original opinion and
proceedings covering all
whose opinion will be
complete transcript of
details required in the proper issuance of the bonds
will be filed with The First National Bank of Boston, where
they may be
Iusp6ct6(i
OREGON
Financial Statement, Dec. 31, 1937
CALL—It is stated by Paul H. Hasner, City
Treasurer, that the city has elected to call for redemption at his office on
Feb. 1, refunding improvement bonds bearing Nos. 1 to 108, issued under
1, 1935.
Detwiler,
purchaser on or about Tuesday, Feb. 1,
at The First National Bank of Boston, 17 Court Street Office, Boston.
Ore.—BOND
date of Feb.
Benjamin
Bonds will be delivered to the
debt limit of the district.
SALEM,
—
The bonds were sold as 4 As, at a price of 100.656, a basis of
Due $800 each Dec. 1 from 1938 to 1957 incl.
as
VERDIGRIS CONSOLIDATED SCHOOL DISTRICT NO. 19 (P. O
Claremore, R. R., 1),
OFFERING
WILLI AMSTOWN, Pa .—BOND SALE—The Williamstown Bank pur¬
chased on Dec. 1 a total of $16,000 bonds including $5,000 funding, $6,000
swimming pool and $5,000 trunk line sewer obligations.
that all plans for the issuance of the $46,000 stadium bonds
have been deferred for the present.
TULSA
BOND
1945; $3,000,
MUSKOGEE SCHOOL DISTRICT (P. O. Muskogee), Okla.—BOND
ELECTION POSTPONED—We are informed by the Clerk of the Board
of Education
—
Dated Feb.
1, 1938.
Denom. $1,000.
1941; $3,000, 1942; $2,000. 1943; $3,000,
1946; $2,000, 1947; $3,000, 1948; $2,000 in
1949. and $3,000 in 1950.
Bidder to name a single rate of interest making
choice from the following:
1M, 1%, 2, 2A. 2H, 2*A, 3, 3A and 3X%.
Interest payable F. & A.
The borough assumas and agrees to pay any tax
or taxes, except succession or inheritance taxes, now or hereafter levied or
assessed on the bond interest under any present or future law of the Com¬
monwealth of Pennsylvania.
A certified check for 2% of the amount bid
for, payable to the order of the Borough Treasurer, must accompany each
proposal.
The bonds are issued subject to approving legal opinion of
Townsend, Elliott & Munson of Philadelphia.
principal
Due Feb.
—BOND SALE—The $5,000 issue of school
Pa.
Borough Secretary, will receive sealed bids until 7 p. m. on Jan. 24 for the
purchase of $25,000 not to exceed 3A% interest coupon, registerable as to
Loos Distance 158
Oy 19
the local
ROYERSFORD,
City, Oklahoma
on
$76,763,300.00
Assessed valuation for year 1937
$303,000.00
207,847.92
Sinking fund bonds
Less sinking funds
95,152.08
date called.
Seria' bonds (including this issue)
TOLEDO, Ore.—BOND SALE—The $16,000 issue of refunding bonds
offered for sale on Dec. 28—V. 145, p. 4155—was awarded to Conrad,
Bruce & Co. of Portland, as 5s at
par.
No more bids were received,
according to the City Recorder.
Dated Jan. 5, 1938.
Due from Jan. 5,
1,848,000.00
Net bonded debt
1,943,152.08
No water bonds.
Population, 1936—29,202.
Tax rate, 1935—$24.00; 1936—$24.00; 1937—$24.00.
1939 to 1947 incl.
SOUTH
CAROLINA
CHARLESTON COUNTY (P. O. Charleston), S. C.—BOND SALE—
The $100,000 3% county bonds offered on Jan. 4—V. 146, p. 145—were
awarded to R. S. Dickson & Co. of Charlotte and G. H. Crawford & Co.
of Columbia at par plus a premium of $329, equal to 100.329, a basis of
about 2.95%.
The bankers are reofferlng the bonds to investors at prices
yield from 2.15% to 3%.
Dated Dec. 1, 1937.
Due on Dec. 1 as
$10,000, 1940 to 1946; $5,000, 1947 to 1949. and $15,000 in 1950.
to
fol¬
lows:
SOUTH
CAROLINA
(State of)—CERTIFICATE SALE—The $1,350,000 State certifs. of indebtedness offered on Jan. 5—V. 145, p.4009—
were awarded to a syndicate headed by Lehman Bros, of New York and
including Phelps, Fenn & Co. and Estabrook & Co. of New York, R. S.
Dickson & Co. of Charlotte, the Robinson-Humphrey Co. of Atlanta,
Johnson, Lane, Space & Co. of Savannah, the Equitable Securities Corp.
of Nashville, G. H. Crawford & Co. of Columbia, and Frost, Read & Co.
of Charleston.
The successful bid was 100.479 for 3s, a basis of about
The bankers are now offering the
2.93%.
certificates for investment at
Jan. 1
Freres
prices to yield from 0.85% to 3%.
Dated Jan. 1, 1938.
Due on
as follows:
$100,000, 1939 to 1951, and $50,000 in 1952.
Lazard
& Co. of New York and associates bid a premium of $5,778 for 3s.
SUMMERVILLE, S. C —BOND SALE—The $28,000 4% water works
bonds, sale of which was postponed from Dec. 31 to Jan. 7—V. 146,
145—were awarded to the G. H. Crawford Co., Inc. of Columbia, at
par plus a premium of $429.08, equal to 101.532, a basis of about 3.87%.
Due $1,000 yearly on Jan. 1 from 1941 to 1968; callable at 101 after five
revenue
p.
years.
SOUTH
DAKOTA
BENNETT COUNTY (P. O. Martin), S. Dak.— WARRANTS
PENNSYLVANIA
—It is
BANGOR, Pa —BOND OFFERING—William J. Sleeman, Borough
Secretary, will receive sealed bids until 7:30 p. m. on Jan. 17 for the purchase
2, 2A, 2A, 2% or 3% coupon, registerable as to principal
only, bonds divided as follows:
of $104,000
$64,000 refunding.
30,000 improvement.
10,000 fire equipment.
All of the bonds will be dated Jan. 1.1938.
Denom. $1,000.
reported that J. W. Snyder, County Treasurer,
Dec. 27, 1937, the
TRIPP, S. Dak.—BONDS SOLD—It is stated by
Due Jan. 1
follows- $2,000. 1944 to 1946 incl.; $7,000 in 1947 and 1948; $8,000 from
1949 to 1954 incl. and $9,000 from 1955 to 1958 incl.
Principal and in¬
terest (J. & J.) payable at the First National Bank, Bangor.
A certified
check for 2%, payable to the order of the Borough Treasurer, must accom¬
pany each proposal.
The approving legal opinion of Townsend,
& Munson of Philadelphia will be furnished the successful bidder.
Elliott
CHESTER, Pa.—TAX RATE UNCHANGED—The tax rate for 1938
$1.15 per $100, unchanged from 1937.
Although the current year's
requirements are $54,000 higher, the city finished 1937 with a cash surplus
of $70,000, or $18,000 above the previous year's.
is
TENNESSEE
Pa.—BONDS SOLD—An issue of
JOHNSON CITY, Tcnn.—BONDS PUBLICLY OFFERED— The Cum¬
berland Securities Corp. of Nashville is offering for public subscription a
of $315,000
coupon waterworks refunding bonds, priced at
104.50 on the earlier marurities and at 104.00 for the later due dates.
Dated
block
March 1,
Clearfield.
TOWNSHIP
NORTHAMPTON SCHOOL DISTRICT, Pa.—BOND SALE
DETAILS
funding bonds sold during December to Chandler & Co.
100.789, as reported in these columns at the time—
V. 145, p. 3857—mature Dec. 1 as follows:
$3,000 from 1940 to 1942 incl.
and $2,000 from 1943 to 1955 incl.
—The $35,000 3%
of Philadelphia at
PHILADELPHIA,
Pa .—CONSOLIDATION
OF
SINKING
FUNDS
5 ruled invalid an
Legislature under which all sinking funds for outstanding bonds
Purpose of the measure, according
to report, was to permit City Council's appropriations to the fund to be
spread over a number of years.
Previously, a separate fund was estab¬
lished for each loan.
Six trust companies, the Board of City Trusts,
and individual bondholders joined in the attack on the constitutionality
HELD INVALID—The State Supreme Court on Jan.
Act of the
of the
be consolidated into one fund.
measure.
PAYS OVER $17,000,000 IN DEBT CHARGES—Payment of $11,783,199.75 in semi-annual interest and retirement of $5,875,000 bonds
was announced Dec. 31 by Mayor S. Davis Wilson.
In announcing the
payments, the Mayor
stated that "as usual, the city keeps intact its record
Denom. $1,000.
Trust Co., New
York, N. Y.
Legality approved by Chapman & Cutler of Chicago.
These
bonds are said to be secured by a first lien on water revenues and an un¬
limited tax.
(This is the second offering of bonds of this issue and repre¬
sents the unsold balance of the $1,124,000 bonds to be issued.)
SOLD— It is stated by J. R.
$50,000 Improvement District and city im¬
recently, will be purchased by the Water
KINGSPORT, Tenn.—BONDS TO BE
Pecktal, City Treasurer, that
CHICHESTER
(P. O. Marcus Hook), Pa.—
BOND CALL—Ross L. Elliott, Township Secretary, announces the call for
payment at the Marcus Hook National Bank, on Feb. 1, of $60,000 4%
street improvement bonds.
Dated Feb. 1, 1928.
Denom. $1,000.
Due
Feb. 1, 1958; redeemable on Feb. 1, 1933, or on any interest payment date
at par and accrued interest upon 30 days' notice.
were to
1937.
Due from March 1, 1950 to 1967, incl.
(M. & S.) payable at the Chemical Bank &
Prin. and int.
$8 ,000 school building bonds has been sold to the County National Bank of
LOWER
P. J. Hofer, City Audi¬
for sale with¬
purchased by
tor, that the $15,000 4% semi-annual refunding bonds offered
out success on Oct. 28, as noted in these columns, have been
the Northwestern Security National Bank of Sioux Falls.
ai.
COALPORT SCHOOL DISTRICT,
CALLED
called for payment
following warrants:
General, registered, Nos. 2283 to 2326.
Salary, registered, Nos. 523 to 535.
on
provement bonds authorized
Department Sinking Fund.
MONTGOMERY COUNTY (P. O.
—It is stated by
Clarksville), Tenn.—BOND CALL
John T. Cunningham, County
Judge, that 5% highway
improvement bonds, numbered from 106 to 145, series No. 2, aggregating
$20,000, are being called for payment at his office on April 1.
Denom.
$500.
Dated April 1, 1913.
Due on April 1, 1943; caiable on April 1,1938.
TENNESSEE
(State
$21,000,000—Kenneth
of)—RULING ON POWER LOANS RELEASES
Markwell. State Public Works Administration
Administrator, said on Jan. 3 that the Supreme Court's upholding
and grants for publicly owned power plants would release
loans
$21,000,000 to
cities for construction of distribution systems.
which will receive loan grants, withheld because of litigation, are
11
Tennessee
Memphis, Chattanooga, Jackson, Columbia,
Paris, Newbern, Lenoir City and Lewisburg.
The cities
Knoxville,
Fayetteville, Clarksville,
TEXAS
BURKBURNETT SCHOOL DISTRICT (P. O. Burkburnett), Tax.
—BONDS VOTED—At an election held on Dec. 28 the voters of the district
approved a proposition to issue $50,000 school
building bonds.
CHEROKEE COUNTY ROAD DISTRICT NO. 5
Texas—BONDS SOLD—It is stated by the County Judge
(P. O. Rusk).
that the $25,000
Financial
312
road bonds approved by the Commissioners' Court in November, as noted
in these columns—V. 145, p. 3539—were sold on Dec. 6 to the State Board
of Education, as 3H» at par.
Due on Jan. 1, u.948.
DALLAS, Tex.—HIGH BID—AWARD DELAYED—Award of the
$950,000 coupon sanitary sewer and sewage disposal plant bonds offered on
Jan, 7—V. 145, p. 4009—has been delayed to Monday, Jan. 10. High bids
were submitted by an account managed by Brown,
Harriman & Co. of
New York and including the Mercantile Commerce Bank & Trust Co. of
St. Louis, Kelley, Richardson & Co. of Chicago and A. W. Snyder & Co. of
Houston. This group submitted alternate bids of 99.8199 for 2s and 98.5399
for 1 %s.
The bonds are dated Feb. 1, 1938 and will mature $95,000 yearly
Feb. 1 from 1939 to 1948.
on
HOUSTON, Tex.—BOND OFFERING DETAILS—In connection with
Jan. 11, of the various issues of bonds aggregating
$2,822,000, noted in these columns recently—V. 145, p. 4009—it is stated
by Mayor R. H. Fonville that bids are requested on all issues or none and
also on all issues except the $840,000 city hall bonds.
the offering scheduled for
HOUSTON, Texas—BOND OFFERING CHANGE— In connection with
the offering scheduled for Jan. 11, of the various issues of bonds aggregating
$2,822,000, noted in these columns recently—V. 145, p. 4009—it is stated
by H. A. Giles, City Comptroller, that the maturity of the $216,000 con¬
crete street bonds, part of the offering, has been changed from 1942 to 1958,
to 1941 to 1958.
LAMPASAS, Texas—BONDS SOLD—It is stated by Kyle Oliver, City
Secretary, that the $95,000 4% % semi-ann. bonds approved by the voters
held on July 14, as noted in these columns at that time,
have been sold to R. A. Underwood & Co. of Dallas.
The issues are divided
as follows: $65,000 school; $15,000 water, and $15,000 street bonds.
at the election
ODESSA INDEPENDENT SCHOOC-DISTRICT (P. O. OdTslSt
Texas—BONDS SOLD—The $225,000 (not $222,000) 3% semi-ann. school
building bonds offered for sale without success on Dec. 27, as noted here—
V. 146, p. 145—were purchased on Jan. 3 by the State School Board.
PITTSBURG, Tex.—BONDS SOLD—It is stated by E. F. Garr^on,
City Secretary, that $20,000 of the $50,000 5% semi-ann. sewer system
revenue bonds offered on July 20, have been sold to local purchasers at par.
It is said that $15,000 will be sold after the first of the year and the balance
about May 1.
ROSCOE
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Roscoe),
Texas—BONDS SOLD—It is stated by E. J. Worthy, Secretary of the
Board of Trustees, that the $44,000 4% semi-ann. construction bonds ap¬
proved by the voters on Sept. 25, as noted in these columns, were purchased
by the State Board of Education.
Due on Dec. 1 aS follows: $500, 1938
to 1949; $1,000, 1950 to 1955; $2,000, 1956 to 1965, and $3,000, 1966 to
1969..
WEATHERFORD,
Texas—BOND
LEGALITY
CONTESTED—The
Texas Public Utilities Corporation is reported to have filed a suit in the
local district court, contesting the legality of the election held on Nov. 23,
1937, at which time the following bonds were approved by the voters:
$350,000 water system, and $250,000 light plant bonds.
City Recorder, states that the $1,250,000 tax anticipation notes sold
recently, as noted in these columns—V. 146, p. 145—were purchased by a
syndicate composed of the First Security Trust Co. of Salt Lake City,
Edward L. Burton & Co. of Salt Lake City, R. W. Pressprich & Co. of New
York, the First National Bank, the Walker Bank & Trust Co., and the
Continental National Bank & Trust Co., all of Salt Lake City, at a price
of 0.60%.
Dated Jan. 1, 1938.
Due on Jan. 1, 1939.
VERMONT
St.
Albans,
which
purchased
in
joint
account
on
$800 from 1938 to 1943 incl. and $700 in 1944.
VIRGINIA
MARION, Va.—BONDS VOTED—At
system
a
WEST VIRGINIA
WEST
VIRGINIA, State of—BOND OFFERING—Sealed bids will be
received until 1 p. m. (Eastern Standard Time) on Jan. 11, by Homer A.
Holt, Governor, for the purchase of a $500,000 issue of road bonds. Bidders
are to name rate of interest, not to exceed 4%, in a multiple of %%, pro¬
vided that the bidders may name one rate for the entire issue, or one rate
for one part of the bonds and another rate for the remainder.
Coupon
bonds are in the denomination of $1,000 each, and registered bonds in the
denoms. of $1,000 and $5,000.
Dated May 1, 1937.
Principal and semi¬
annual
interest (May
1 and Nov. 1) payable at the office of the State
Treasurer, or at the National City Bank in New York, at holder's option.
Due $20,000 yearly on May 1 from 1938 to 1962, inclusive.
To secure the payment of these bonds, principal sum and interest, when
other funds and revenues sufficient are not available for that purpose, it
is agreed that, within the limits prescribed by the Constitution, the Board
of Public Works of the State of West Virginia shall annually cause to be
levied and collected an annual State tax on all property in the State, until
fully paid, sufficient to pay the annual interest and the principal.
Each bid must be accompanied by a certified check upon a bank or trust
company for two per centum of the face value of the bonds bid for, payable
to the order of the State of West Virginia.
Delivery will be made in New York City, about 10 days after date of sale.
Interim certificates will be furnished purchasers.
The purchaser or purchasers will be furnished with the final approving
opinion of Caldwell & Raymond, 115 Broadway, New York, but will be
required to pay the fee for approving said bonds.
WISCONSIN
DANE COUNTY (P. O.
Madison), Wi
ISSUE DISCUSSED
informed by Austin N. Johnson, County Clerk, under date of
Jan. 5 that the construction of a belt line highway around the City of
Madison, with the initial units estimated to cost about $1,500,000, has
been discussed, but the County Board has not signified its approval of the
—We
are
program nor
have any steps been taken to authorize the issuance of bonds.
DOUGLAS
COUNTY
(P.
O.
Wis .—BONDS
Superior),
OFFERED
FOR INVESTMENT—John Nuveen & Co. of Chicago is offering for general
subscription an issue of $150,000 %%% poor relief bonds which was sold
on
Dec. 21, as already described in these columns—V.
14.5, p. 4156—
Dated Jan. 2, 1938.
Due $15,000 from Jan. 2, 1939 to 1948, incl.
The bonds are offered at prices to yield from 1.75% on the earliest ma¬
turity up to 3% on the 1948 due date.
DRESSER JUNCTION, Wis.—BONDS SOLD— It is reported that the
$11,000 water works bonds offered for sale without success on Nov. 16, as
noted here at the time, have been sold to the State Land Office Com¬
mission.
of voting
purpose
on a
proposal calling for the issuance of $40,000 building
bonds.
i?
RACINE COUNTY (P. O. Racine). Wit.—BOND SALE—'The $275,i000
relief bonds offered on Jan. 6—V. 146, p. 146—were awarded to a group
including Brown, Harriman & Co., John Nuveen & Co., A. S. Huyck & Co.,
and Farwell, Chapman & Co., all of Chicago on a bid of 100.768 for 2%b,
a basjs of about 2.61 %.
The bankers are reoffering the bonds to investors
at prices to yield from
1.30% to 2.70%.
Datea Jan. 1, 1938.
Due
$27,500 yearly on July 1 from 1939 to 1948.
chase
Dec. 28 an issue of $5,500 3% refunding bonds, paid a price of 100.83, a
basis of about 2.77%.
Dated Dec. 1, 1937 and due Dec. 1 as follows:
voters apprdved
^
In connection with the above award we
■//
ST. ALBANS SCHOOL DISTRICT (P. O. St. Albans), Vt.—BOND
SALE DETAILS—The Montpelier National Bank of Montpelier and the
of
1938
8,
Wis.—BOND
CITY, Utah—NOTE SALE DETAILS—Ethel MacDonald,
Peoples Trust Co.
Jan.
TACOMA, Wash.—BONDS CALLED—O. V. Fawcett, City Treasurer,
is said to have called for payment , the following bonds: ■■
J
On Dec. 29: Nos. 26 to 29, of Local Improvement District No. 4261.
On Dec. 30: Nos. 138 to 168, of Local Improvement District No. 4082, and
Nos. 36 to 46, of Local Improvement District No. 5144,
MILLTOWN UNION HIGH SCHOOL DISTRICT (P. O. Milltown),
ELECTION—An election will be held on Jan. 10 for the
UTAH
SALT LAKE
Chronicle
an election held on Dec. 23 the
proposition calling for the issuance of $55,000 sewer
are
informed that the actual pur¬
made by Brown Harriman & Co., Inc., and Farwell, Chapman
Chicago, but since John Nuveen & Co., and A. S. Huyck & Co.,
both of Chicago, had submitted a tender only two dollars below the succes¬
sful bid, the four houses combined in the disposal of the bonds.
was
& Co. of
WAUWATOSA, Wis.—BOND OFFERING— Sealed bids will be received
until
noon on Jan. 18, by W. T. Whipp, City Clqrk, for the purchase of a
$278,850 issue of school, Twentieth Series bonds.
Interest rate is not to
exceed 3%, payable M. & S.
Denom. $1,000, one for $850.
Due on
March 15 as follows:
13,850 in 1938 and $14,000, from 1939 to 1957,
incl.
Delivery will be made at the First National Bank, Wauwatosa, or
at the Wauwatosa State Bank.
bonds.
WYOMING
NORFOLK, Va .—BOND SALE—A syndicate headed by Phelps, Fenn
& Co. of New York and
including Stone & Webster and Blodget Inc., New
York, Paine, Webber & Co., Boston, Mason-Hagan, Inc., Richmond,
Mackey, Dunn & Co., New York, and Thos. A. Bain & Co., Norfolk, was
awarded the $1,000,000 coupon or registered general improvement bonds
offered on Jan. 4—V. 145, p. 4010.
The successful bid was 100.11 for 3s,
a basis of about 2.99%.
The bankers are now reoffering the bonds to in¬
vestors to yield 1% on the earliest maturity to a dollar price of 99% on the
last maturity.
Due on Jan. 1 as follows: $32,000, 1939 to 1943; and
$56,000, 1944 to 1958.
5)rumblbr, EtoMman & JDhib
ESTABLISHED
NORTHWESTERN
AND
1921
SPRINGS, Wyo.—BOND OFFERING—At 7:30
p. in. Jan. 17
the City Council will offer for sale an issue of $3,000 4% street improvement
bonds.
Denom. $500.
Dated March 15, 1938.
SHOSHONI, Wyo .—BOND SALE DETAILS— In connection with the
sale of the $37,000 refunding bonds to the State of Wyoming, as 4s at par,
as noted in these columns in November—V. 145, p. 3388— it is reported
that the bonds mature
as
follows:
$1,000, 1938 to 1948, $1,500, 1949 to
1956, and $2,000, 1957 to 1963.
SWEETWATER COUNTY SCHOOL DISTRICT NO. 25
(P. O.
Bairoil), Wyo .—BOND SALE—The $10,000 issue of building bonds of¬
on Jan. 4—V. 145, p. 3858—was purchased by George W.
Vallery & Co. of Denver, as 5s at par, according to the District Clerk.
No other bids were received.
Dated Dec. 1, 1937.
Due from Dec. 1,
fered for sale
1939 to 1943 incl.
CANADA
MUNICIPAL
CORPORATE SECURITIES
Exchange Building
ROCK
SEATTLE
Washington
(Dominion of)—$50,000,000 DOMINION-GUARANTEED
RAILWAY BONDS TO BE OFFERED SOON—Finance Minister Dunning
CANADA
has announced that
of
subscriptions will be received Jan. 10 for
issue
a new
$50,000,000 in Canadian National Rys. Dominion-guaranteed bonds.
The issue will be used to reimburse the Government for advances made
since 1932 for
WASHINGTON
DAY,TON, Wash.—
BOND
naeD—GNIREFFO City TreasL. Wallace,
will receive bids until 7:30 p. m., Jan. 18 for the purchase of approx¬
imately
$50,000 coupon
general obligation
bonds.
Interest payable
semi-annually.
Cert, check for 5% of amount of bid, payable to tne city,
urer,
required.
EAST
WENATCHEE,
Wash.—BOND
SALE—The $3,000 issue of
145, p. 4156—was purchased
by the State of Washington.
No other bid was received, according to the
Town Clerk.
Due in from 2 to 20 years after date.
sewer
bonds offered for sale
on
Jan. 3—V.
ISLAND COUNTY (P. O. Oak Harbor), Wash.—BONDS CALLED—
The County Treasurer is reported to have called for payment on Jan. 3, the
following bonds: Up to and including No. 104 of Drainage District No. 2;
up to and including No. 95 of Drainage District No. 3, and up to and in¬
cluding No. 91, of Drainage District No. 4.
SKAGIT COUNTY SCHOOL DISTRICT NO. 317 (P. O. Mt. Vernon)
Wash.—BOND SALE—The $10,000 issue of school bonds offered for sale
on Dec. 31.—V. 145, p. 4010—was awarded to Paine, Rice & Co. of Spokane
as 4s, paying a premium of $12.00, equal to 100.12, according to the
County
Treasurer.
Due over a period of 20 years; optional after five years.
redemption of debt and for capital expenditures by the road,
the Finance Minister said.
The issue
Dec. 29 granted the request of Superintendent J. D. Ross for the sale
of $898,000 additional city light bonds and accepted a bid for the entire
issue, according to Seattle news advices on Dec. 30.
This block of bonds was sold to a syndicate headed by the BancamericaBlair Corp. at a price of 94.00 for 4%s.
These bonds are said to be the
last of a $ 13,500,000 total authorized in 1927 for city light construction work.
BOND SALE—The City Council has agreed to issue $750,000 light
plant bonds to the Municipal Employees' Pension and Retirement Fund.
BONDS NOT SOLD—It is
reported by H. W. Carroll, City Comp¬
troller, that at the meeting of the City Council on Jan. 3 all bids received
for the $500,000 municipal water extension bonds, 1937, series No. 1,
offered on Dec. 31—V. 145, p. 3540—were rejected.
The highest bid
received was an offer of 98.57 on 3s, submitted by Grande, Stolle & Co.
of Seattle and associates.
Due serially on Feb. I from 1945 to 1948.
now
in
two
maturities
consisting of four-year 2%
bonds dated Jan. 15, 1938. and 13-year 3% bonds dated Dec. 15, 1937.
The four-year bonds will be non-callable, but the 13-year bonds
will
be callable at the option of the railway company as a whole only on or after
Dec. 15, 1945.
LIVERPOOL, N. S.—CORRECTION— Cornell, Macgillivray, Ltd. of
Halifax, in purchasing recently an issue of $65,000 3% and 4% school
bonds, paid a price of 99.09, not 98.09 as was inadvertently stated in our
recent report of the sale—V. 146, p. 146.
Other bids were was follows:
Bidder—
Rate
Royal Securities Corp., and
Dominion Securities Corp
Irving, Brennan & Co___
R. A. Daly Co
T.
M.
Bell
Johnston
&
&
Eastern
Securities
Co—
—
..
....
—
_■
Bid
99.03
98.53
98.16
98.16
Co
Ward,
98.13
and J.
C.
Mackintosh
&
Co.......
96.16
STE.
ANNE, Que.—INTEREST PAYMENT AUTHORIZED—'The
Quebec Municipal Commission has authorized payment of coupons of Jan. 1
and May 1, 1935; interest from July 1,1934, to Jan. 1, 1935, on bonds ma¬
tured Jan. 1, 1933, and 1934; interest of Nov. 1, 1934, to May 1, 1935, on
bonds matured May 1 and Nov. 1, 1933 and 1934.
SCARBORO
SEATTLE, Wash.—CITY LIGHT BONDS SOLD—The City Council
on
made
will be
TOWNSHIP, Ont.—CURRENT POSITION BETTER—
beginning of December was about $10,000 compared
Bank balance at the
with
overdraft of $225,546
on Jan. 1,
1937.
No debenture principal
been paid, however, since the beginning of 1932, and no interest in
1934 and following years.
Debenture principal owing to Dec. 31, 1936,
was $1.1 millions, and interest at contract rates was $507,909.
To meet
these debts, a maximum of $1,643,901 is available in cash, tax arrears col¬
lectible and seized property.
Unmatured debenture principal and loans,
an
has
payable after Dec. 31, 1936, which would have to be included in
financing plan, amount to $3,351,966.
any re¬
VANCOUVER, B. C.—PAYMENTS INTO SINKING FUND HIGHER
—Approximately $350,000 was paid into the sinking fund account by the
end of
1937, compared with $175,000 in 1936.
Debenture debt is about
$900,000 less than a year ago.
Ail bonds which have matured have been
paid off, and sinking fund earnings will be sufficient to meet all maturities
to
1941.
@FedFRASER